2024-03-31-accounts - Tonbridge United Charity

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Registered Charity number: 209100 Registered Housing Association number: A2079

TONBRIDGE UNITED CHARITY

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

TONBRIDGE UNITED CHARITY

CONTENTS PAGE

	Page
Charity Information	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

TONBRIDGE UNITED CHARITY

CHARITY INFORMATION

Trustees Mrs D. M. Huntingford Mr C. J. Warner (Retired: 14/12/2023) Ms V. M. C. Branson Mr N. V. Charlesworth Mrs F. R. Taylor (Resigned: 19/03/2024) Manager and Charity manager Mrs G. Cooper (Resigned: 30/09/2023) to the Trustees Mrs C. Towner (Appointed: 01/11/2023, resigned: 05/02/2024) Mrs S. Grigor (Appointed: 09/04/2024) Registered Charity number 209100 Registered Housing Association number A2079 Address 24 Haydens Mews Tonbridge Kent TN9 1PZ Independent Examiner J. R. Mathieson FCA Lindeyer Francis Ferguson Limited North House 198 High Street Tonbridge Kent TN9 1BE

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

TONBRIDGE UNITED CHARITY

The Trustees present their report and the unaudited financial statements for the year ended 31 March 2024.

The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102)).

Charity information set out on page 1 forms part of this report.

Structure and governance

The charity is constituted by a Charity Commission Scheme dated 8 October 1971, and amended on 22 June 2021. The charity is registered with the Charity Commission and with the Homes and Communities Agency as a Registered Social Landlord. It is governed by the Board of Trustees who appoint a Charity Manager to carry out the day-to-day administration of the charity.

Trustees

The Trustees who served during the year were:

Mrs D. M. Huntingford Mr C. J. Warner Ms V. M. C. Branson Mr N. V. Charlesworth Mrs F. R. Taylor

The body of Trustees shall consist of not less than three and not more than six persons being two Nominative Trustees (appointed by Tonbridge and Malling Borough Council) and one to four Co-optative Trustees residing or carrying on business in or near the Ancient Parish of Tonbridge.

The Board currently consists of one Co-optative Trustee and two Nominative Trustees.

The objectives and activities of the charity

The objectives of the charity are the provision of accommodation for people “who from age, ill health, accident or infirmity are wholly or in part unable to maintain themselves by their own exertions” – this being in accordance with the Charity Commission Scheme.

The charity’s main activity is the management of the six Gabled cottages at Church Street, Tonbridge for the benefit of persons in the Ancient Parish of Tonbridge who are in condition of need, hardship or distress.

The Trustees have had regard to the Charity Commission’s general guidance on public benefit in reviewing the charity’s objectives and activities. The Trustees are looking to follow ‘The Charity Governance Code’ and are reviewing ways to implement key recommended practices.

TONBRIDGE UNITED CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

Achievements for the public benefit and financial review

All six of the Gabled cottages were occupied for the whole year.

The charity’s work provides beneficiaries with comfortable, affordable accommodation in a secure and friendly environment.

The result for the year was a surplus of £35,224 (2023: deficit of £7,573). Unrealised gains on investments were £22,260 (2023: unrealised losses of: £1,824).

Total funds held at year end were £448,446 (2023: £413,222).

The charity’s free reserves, excluding those represented by tangible fixed assets, were £296,494 (2023: £256,351) at the balance sheet date. The trustees’ policy is to accumulate free reserves of £400,000 in order to (a) cover unexpected maintenance or repair costs, (b) provide sufficient operating working capital and (c) enable the charity, in the longer term, to acquire an additional unit for the provision of affordable accommodation in line with its charitable objects.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the detection and prevention of fraud and other irregularities.

This report was approved by the Board of Trustees on 26 November 2024 and signed on its behalf by:

Mrs. D. M. Huntingford Trustee

TONBRIDGE UNITED CHARITY

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF TONBRIDGE UNITED CHARITY FOR THE YEAR ENDED 31 MARCH 2024

I report to the Trustees on my examination of the accounts of Tonbridge United Charity for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

J. R. Mathieson FCA Dated: 20 December 2024

Lindeyer Francis Ferguson Limited North House 198 High Street, Tonbridge Kent TN9 1BE

TONBRIDGE UNITED CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Note Income from: Charitable activities Almshouse maintenance contributions Investments Bank interest received Dividend income Total income Expenditure on: Charitable activities 2 Total expenditure Net gains / (losses) on investments 5 Net income / (expenditure) Reconciliation of funds: Total funds brought forward Total funds carried forward	2024 £ 34,092 371 1,096 35,559 22,595 22,595 22,260 35,224 413,222 448,446	As restated 2023 £ 29,616 65 998
		30,679
		36,428
		36,428
		( 1,824) ( 7,573) 420,795
		413,222

There were no restricted funds during the current and preceding period.

TONBRIDGE UNITED CHARITY

BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024

Note Fixed assets Tangible assets 4 Investments 5 Current assets Debtors: Prepayments and accrued income Cash and cash equivalents Creditors: amounts falling due within one year Accruals and deferred income Net current assets Total assets less current liabilities Total net assets Funds Unrestricted funds Total reserves	£ £ 151,952 231,985 383,937 1,544 66,131 67,675 ( 3,166) 64,509 448,446 448,446 448,446 448,446 2024	£ £ 156,871 208,629 365,500 2,907 47,116 50,023 ( 2,301) 47,722 413,222 413,222 413,222 413,222 2023	£ £ 156,871 208,629 365,500 2,907 47,116 50,023 ( 2,301) 47,722 413,222 413,222 413,222 413,222 2023

			413,222
			413,222
			413,222
			413,222

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 November 2024.

Ms V. M. C. Branson Trustee

Mrs D. M. Huntingford

Trustee

TONBRIDGE UNITED CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Status

Tonbridge United Charity is a registered charity (no. 209100) incorporated in England and Wales and is a private registered provider of social housing in the United Kingdom. Its principal activities are providing affordable rented accommodation to people in housing need locally. The principle office is given on page 1.

1.2 Basis of preparation of the financial statements

The financial statements have been prepared in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Tonbridge United Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

There are no material uncertainties about the charity's ability to continue, and so the going concern basis of accounting has been adopted.

The financial statements are presented in pounds sterling and rounded to the nearest pound.

1.3 Income

Income from donations and grants, including social housing grants, is recognised when the charity is entitled to the funds, the receipt is probable and the amount can be measured reliably. For donations, this is usually on receipt. For grants, this is usually when a formal offer is made in writing, unless the grant contains terms and conditions outside of the charity's control which must be met before the charity is entitled to the funds.

Maintenance contributions are recognised in the period to which they relate. Where maintenance contributions are due but have not been received, accrued income is recognised.

Interest income is recognised when receivable, dividend income is recognised when received.

1.4 Expenditure

Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be estimated reliably.

Expenditure has been classified under headings that aggregate all costs related to the category.

The 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.

TONBRIDGE UNITED CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1.5 VAT and taxation

The charity is not registered for VAT and expenditure shown is inclusive of VAT suffered. As a registered charity, the charity is exempt from liability to taxation on its income and gains.

1.6 Tangible fixed assets

Housing properties are stated at cost less depreciation and any accumulated impairment losses. Expenditure on existing properties is written off as incurred unless the replacement of a major component is identified. Depreciation is provided at rates calculated to write off the cost less estimated realisable value of each asset over its expected useful life, as follows:

Housing properties - buildings 50 years on cost Housing properties - roofs and windows 30 years on cost Computer equipment 3 year on cost

1.7 Investments

Investments are measured initially at cost and subsequently at fair value at the reporting date. One of the charity's investments is held in accumulation units, where dividends are reinvested automatically into the fund.

1.8 Financial instruments

The charity only has financial instruments of a kind that qualify as basic financial instruments. Basic financial instruments due within one year are initially recognised at transaction value and subsequently measured at their settlement value.

1.9 Prior period adjustment

During the preparation of these financial statements, it was noted that in the prior period the dividend income from the investments in accumulation shares had not been identified separately from the unrealised gains/losses on the investments. As such the comparative period balances have now restated to include £998 of dividend income and the corresponding investment addition.

2 Expenditure on charitable activities

Expenditure on charitable activities Activity: providing affordable accommodation Services Property insurance and council tax Light and heat Maintenance Major repairs and cyclical maintenance Day-to-day maintenance Support costs Honorarium received by charity manager Subscriptions Christmas gifts and donations Independent examination Examiner's fee for accountancy services Depreciation	2024 £ 1,276 457 5,059 2,836 3,650 567 1,682 1,350 300 5,418 22,595	2023 £ 1,981 384 13,055 7,301 3,575 517 2,662 1,138 452 5,363
		36,428

TONBRIDGE UNITED CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3 Trustees' emoluments and expenses

There are no key management personnel apart from the Trustees. No Trustee received any remuneration during the year. Any expenses reimbursed to Trustees were in their capacity as agents of the charity and not in their capacity as Trustees.

4 Tangible assets

Cost At 1 April 2023 Additions Disposals At 31 March 2024 Depreciation At 1 April 2023 Charge for the year Depreciation on disposal At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023	Housing property £ 259,364 - - 259,364 102,493 5,349 - 107,842 151,522 156,871	Computer equipment £ 615 499 ( 615) 499 615 69 ( 615) 69 430 -	Total £ 259,979 499 ( 615)
			259,863
			103,108 5,418 ( 615)
			107,911
			151,952
			156,871

The almshouses were constructed in the 17th century and rebuilt in the 19th century. There is no record of the original cost. The value of the almshouses at the balance sheet date is considered to be approximately £700,000 based on their investment value.

5 Investments

Investments Fair value at 1 April Change in fair value Additions Fair value at 31 March	2024 £ 208,629 22,260 1,096 231,985	As restated 2023 £ 209,455 (1,824) 998
		208,629