SCOTT GOULD HOUSE & CHARITY FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
Brunel Chartered Certified Accountants
3 Marco Polo House | Cook Way | Taunton | Somerset | TA2 6BJ T. 01823 253778 E. info@brunel.ltd
SCOTT GOULD HOUSE & CHARITY FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
INDEX
| Page | |
|---|---|
| Legal and administrative details | 1 |
| Trustees’ report | 2-3 |
| Independent examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7-9 |
| For the members and trustees only: | |
| Detail of statement of financial activities | 10 |
| Management summary of receipts and payments | 11 |
| ADDRESS OF CHARITY: CHAIRMAN VICE CHAIRMAN CLERK TRUSTEES ACCOUNTANTS BANKERS |
SCOTT GOULD HOUSE & CHARITY LEGAL AND ADMINISTRATIVE DETAILS CHARITY NUMBER: 208887 SCOTT GOULD HOUSE NORTH STREET SOMERTON, SOMERTON TA11 7NX MR JOHN SANGWINE HILLHEAD COTTAGE, NEW STREET, SOMERTON, TA11 7NS MRS CLARA JADWIGA CARLYON HOGARTH COTTAGE, NORTH STREET, SOMERTON, TA11 7NY MRS VALERIE SANGWINE HILLHEAD COTTAGE, NEW STREET, SOMERTON, TA11 7NS DR ELAINE GRIFFITHS TOLPEDN HOUSE, NEW STREET, SOMERTON, TA11 7NT MRS MYRNA HAWKINS 4 THE THATCH, BEHIND BERRY, SOMERTON, TA11 6SS BRUNEL CHARTERED CERTIFIED ACCOUNTANTS 3 MARCO POLO HOUSE, COOK WAY, TAUNTON, SOMERSET TA2 6BJ TSB BANK PLC MARKET PLACE, SOMERTON, TA11 7NB |
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Page 1
SCOTT GOULD HOUSE & CHARITY TRUSTEES REPORT
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:-
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❖ select suitable accounting policies and then apply them consistently;
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❖ make judgements and estimates that are reasonable and prudent;
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❖ state whether applicable accounting standards and statements of recommended practice have been followed;
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❖ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RISK MANAGEMENT
The Trustees have a risk management strategy which comprises:-
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❖ an annual review of the risks the charity may face;
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❖ the establishment of systems and procedures to mitigate those risks identified;
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❖ the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
Particular attention has been focussed on non financial risks of fire, health and safety of tenants and public.
A key element is the management of financial risk in the reserves policy and it’s regular review by the Trustees.
OBJECTIVES OF THE CHARITY
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a) Defraying all proper costs, charges and expenses of the administration and management of the Charity in respect of the property of the Charity.
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b) Providing funds for the maintenance of the New Street Home.
TRUSTEES AND GOVERNANCE
The body of Trustees shall consist of seven competent persons.
Page 2
SCOTT GOULD HOUSE & CHARITY TRUSTEES REPORT
REVIEW OF ACTIVITIES AND ACHIEVEMENTS
We continue to be prudent with our spending because we will be carrying out a major renovation on the outside of the building in 2025.
This year we have 3 new Trustees and we are very happy to welcome them to join us. We also are pleased to say that Mrs Angela Verley moved into Flat 1.
In April we carried out extensive damp proofing in Flat 1. We tanked the wall adjoining the Old Post Office and completely relined the extra room at the back of the sitting room and its adjoining pantry. This was necessary and could only be carried out whilst the flat was vacant.
Our accounts are healthy at the moment and our income exceeded expenditure by £5,000 approx. However we are continually aware that the planned renovation/ repointing of the outside of the building next year will be very expensive.
ON BEHALF OF THE TRUSTEES
Page 3
SCOTT GOULD HOUSE & CHARITY YEAR ENDED 31 DECEMBER 2024
Independent Examiner’s Report to the Trustees of Scott Gould House & Charity
I report on the accounts of the Trust for the year ended 31 December 2024, which are set out on pages 5 to 9.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 [the 1993 Act]) and that an independent examination is needed.
It is my responsibility to:
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❖ examine the accounts (under section 43(3)(a) of the 1993 Act);
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❖ to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act); and
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❖ to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements
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❖ to keep accounting records in accordance with section 41 of the 1993 Act; and
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❖ to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Gavin Brown FCCA Brunel Chartered Certified Accountants
Page 4
SCOTT GOULD HOUSE & CHARITY STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024
| Note INCOMING RESOURCES Income from activities in furtherance of charitable objects Repaid deposit and overpaid rent Investment income TOTAL INCOMING RESOURCES RESOURCES EXPENDED Charitable expenditure 2 Grants payable in furtherance of the charitable objectives Cost of activities for charitable objectives Support costs Management and administration TOTAL RESOURCES EXPENDED NET INCOMING/(OUTGOING) RESOURCES Gains and losses on the revaluation and 8 disposal of investment assets Transfer to capital reserve NET MOVEMENT IN FUNDS TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2024 £ 33,479 - 37 –––––––– 33,516 –––––––– - 25,226 2,863 480 –––––––– 28,569 –––––––– 4,947 16,353 - –––––––– 21,300 286,182 –––––––– 307,482 |
2023 £ 32,910 - 20 –––––––– 32,930 –––––––– - 8,487 2,520 300 –––––––– 11,307 –––––––– 21,623 10,201 - –––––––– 31,824 254,358 –––––––– 286,182 |
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Page 5
SCOTT GOULD HOUSE & CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024
| Endowment Unrestricted funds funds Note £ £ FIXED ASSETS Tangible assets 6 83,888 - Investments 7 - 220,267 –––––––– –––––––– 83,888 220,267 –––––––– –––––––– CURRENT ASSETS Debtors and prepayments - 552 Cash at bank - TSB Bank - 85,620 Cash at bank - TSB Bank – A/c No.2 - 3,003 –––––––– –––––––– TOTAL CURRENT ASSETS - 89,175 –––––––– –––––––– CREDITORS: amounts falling due within one year - 1,960 –––––––– –––––––– NET CURRENT ASSETS/(LIABILITIES) - 1,960 –––––––– –––––––– NET ASSETS 83,888 307,482 CAPITAL FUNDS Permanent endowment funds 83,888 - INCOME FUNDS Unrestricted funds 8 - 307,482 –––––––– –––––––– 83,888 307,482 |
2024 Total the year £ 83,888 220,267 –––––––– 304,155 –––––––– 552 85,620 3,003 –––––––– 89,175 –––––––– 1,960 –––––––– 1,960 –––––––– 391,370 83,888 307,482 –––––––– 391,370 |
2023 Total last year £ 83,888 203,914 –––––––– 287,802 –––––––– 673 80,469 2,666 –––––––– 83,808 –––––––– 1,540 –––––––– 1,540 –––––––– 370,070 83,888 286,182 –––––––– 370,070 |
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The financial statements were approved by the Committee of Management on
……………………… (insert date)
Page 6
SCOTT GOULD HOUSE & CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements were prepared on the historical cost basis, with0 the exception of investments which are included at market value.
These accounts have been prepared in accordance with accounting standards and Accounting and Reporting by Charities - Statement of Recommended Practice (SORP 2005) and Charities Act 1993.
Housing properties
Scott Gould House & Charity almshouses were constructed in the nineteenth century and there is no record of the original cost and no value is attributed thereto. The Housing Properties cost relate to improvements carried out since 1979 which were funded by a Housing Corporation grant and from Scott Gould House & Charity’s own resources. The properties are maintained in a state of repair such that their estimated residual value is not less than their improvement cost or carrying amount.
Extraordinary repairs
Costs of extraordinary repairs, unless representing improvements to the properties, are charged to the revenue account in the year in which they are incurred.
Cyclical repairs and maintenance reserve
Scott Gould House & Charity has established a regular programme of cyclical repairs and maintenance. Costs are charged to the revenue account in the year in which they are incurred.
This reserve represents amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year.
2024 2023 £ £ Fees for examining the accounts Fee for independent examiner’s report 480 300
2. EXPENDITURE a) Fees for examining the accounts
Page 7
SCOTT GOULD HOUSE & CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
| 2. EXPENDITURE (Continued) b) Analysis of resources expended Costs of activities in furtherance of charity’s objectives House expenses Support costs National Association of Almshouses Clerk’s honorarium and expenses Management and administration costs Accountant 3. GRANTS MADE Total grants to individuals 4. CLERK’S HONORARIUM Honorarium and expenses Average number of employees in the year |
–– | 2024 £ 25,226 343 2,520 ––––– 2,863 480 ––––– 480 - 2024 £ 2,520 1 |
–– | 2023 £ 8,487 - 2,520 ––––– 2,520 300 ––––– 300 - 2023 £ 2,520 1 |
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SCOTT GOULD HOUSE & CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| 5. | TRUSTEES AND OTHER RELATED PARTIES | ||
| There were no related party transactions | |||
| or expenses paid. | |||
| 6. | TANGIBLE FIXED ASSETS | ||
| Freehold land and buildings at cost of improvement | |||
| expenditure since 1979 | 83,888 | 83,888 |
| 7. INVESTMENT ASSETS National Association of Almshouses Common Investment Fund Accumulation shares (managed by the M & G Group) No. 1983 value Market value plus cost at 01.01.24 £ £ £ Cyclical Maintenance Fund 1,604 6,963 179,811 General Fund 202 1,542 22,645 Scott Gould Charity 13 101 1,458 –––––––– –––––––– –––––––– 1,819 8,606 203,914 8. UNRESTRICTED FUNDS TOTAL Cyclical Maintenance & Extraordinary Repair Fund £ £ Balance at 01.01.2024 286,182 179,811 Surplus on revaluation of investments 16,353 14,419 Net surplus/ (deficit) of resources 4,947 - –––––––– –––––––– Balance at 31.12.2024 307,482 194,230 |
– – |
Surplus on revaluation £ 14,419 1,817 117 ––––––– 16,353 Charity Fund £ 1,458 117 - ––––––– 1,575 |
Market value end of year £ 194,230 24,462 1,575 –––––––– 220,267 General Fund £ 104,913 1,817 4,947 –––––––– 111,677 |
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Page 9
For the Trustees only
SCOTT GOULD HOUSE & CHARITY DETAIL OF STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024
| INCOME FROM ACTIVITIES IN FURTHERANCE OF CHARITABLE OBJECTS INCOME FROM LETTINGS Rents INVESTMENT INCOME Interest received National Westminster TOTAL INCOMING RESOURCES RESOURCES EXPENDED - CHARITABLE EXPENDITURE COST OF ACTIVITIES Heat and light 8,995 Insurance 1,194 Water & Rates 3,054 Routine maintenance 11,983 –––––––– SUPPORT COSTS National Association of Almshouses - subscription 343 Clerk’s honorarium and expenses 2,520 –––––––– MANAGEMENT AND ADMINISTRATION Independent Examiner’s Report 480 –––––––– TOTAL RESOURCES EXPENDED NET DEFICIT OF RESOURCES |
2024 £ 33,479 –––––––– 33,479 37 –––––––– 37 –––––––– 33,516 –––––––– 1,354 1,143 2,591 3,399 –––––––– 25,226 - 2,520 –––––––– 2,863 –––––––– 300 –––––––– 480 –––––––– 28,569 –––––––– 4,947 |
2023 £ 32,910 –––––––– 32,910 20 –––––––– 20 –––––––– 32,930 –––––––– 8,487 2,520 –––––––– 300 –––––––– 11,307 –––––––– 21,623 |
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Page 10
SCOTT GOULD HOUSE AND CHARITY MANAGEMENT SUMMARY OF RECEIPTS AND PAYMENTS YEAR ENDED 31 DECEMBER 2024
| RECEIPTS | £ | PAYMENTS | £ |
|---|---|---|---|
| Residents’ Maintenance:- | Gas | 8,268.92 | |
| Contributions | 33,600.00 | Electricity | 725.89 |
| Interest received | 37.15 | Water rates | 1,123.50 |
| Wessex Water | 149.60 | Insurance | 1,194.46 |
| Deposit – flat 1 | 300.00 | General maintenance | 8,232.38 |
| Fire alarm | 2,344.88 | ||
| Sundry expenses | 3,547.22 | ||
| Clerk’s honorarium and expenses | 2,520.00 | ||
| Cleaning | 281.25 | ||
| Independent examiner | 360.00 | ||
| –––––––– | –––––––– | ||
| 34,086.75 | 28,598.50 | ||
| Current account 31.12.23 | 80,468.97 | Current account 31.12.24 | 85,620.07 |
| No.2 Account 31.12.23 | 2,666.11 | No.2 Account 31.12.24 | 3,003.26 |
| –––––––– | –––––––– | ||
| 117,221.83 | 117,221.83 | ||
| ‗‗‗‗‗‗‗‗‗ | ‗‗‗‗‗‗‗‗‗‗ |
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