REGISTRATION NUMBER: A3205 CHARJTY NUMBER.. 209211 Report of th¢ Trnsiees, and Financial Statements for the Year Ended 31 It t)ecemher 2024 for Elizabeth Huggins Cottages Charity
Elizabeth Huggins Cottages Charity Contents of the Financial Staiements for ihe year ended 3 1st De¢ember 2024 Page Charity Information Report ot the ITU5tees Independent Examination Report Statement of Comprehensive Income Statement of Financial Position Statement ()f Changes in Reserv Cash Flow 5taieTnEnt io Notes to the Cash Flow Siaternent Notes to the Financial Statements 12 D¢tailed Income and Expendilur¢ Account 19
Elizabeth Huggins Cottages Charity Charity Infomiation for the year ended 3 1st December 2024 TRUSTEES: Mr A R Pritchard {Chairnianl Mr E Brook (Vice Chair8) Mr5 K Hurdle (Treasurer till July 21)24) Mr David Hurle} Isecreiary) Mrs K Toor MrN Wilde Mr D Baber (Treasurer from July 2024) SECRETARY: Cllr David Hurley TREASURER.. Mrs K Hurdle (till July 2024} Mr D Baber (frorn July 2024) REf.JSTERF.D ()FFif.F.: CILI firavp.qham Rnrni)8h fnijnr.il Committee and Electoraj Services Civic Centre Gravesend Kent DA12 IAU REGISTERED NUMBER: A3205 CHARtTY NUMBER: 209211 INDEPENDENT EXAMINERS: Beak KeTnm¢noe Chartered AccounrJnts 1-3 Menor Road Chaiham Kent ME4 6AE BANKERS: Barclays Bank Plc Dartford Kent DAI 2DE Page I
Elizabeth Huggins Cottages Charity Report of the Trustees for the year ended 3 1st Decetnber 2024 The Trustees present their report and the finCial statements for ihe year ended 31 D¢¢ember 2024. PRIIYCIPAL ACTIVITY The Association is governed by a Trust Deed dated 18th January 2000 where the Trn5t was created to provide Housing fOr'necessius persons injured. incapaciiared or invalided in the services of the naval. military or air forces of the Crown." To thi5 end the TsS administ¢r the complex at Wroiham Road GrdV¢5¢nd. The dwellings W¢Te built in 1923 and the 13 units have served reliablj for circa 100 years,. they are being redeveloped into a more Mern complex of 41 mixed units which will also b¢ r¢stricied to ex-milirary and their dependanis. So far 14 of thes¢ have been built and are currently occupied. PUBLIC BENEFIT The trnsiees are satisfied ihai ihe work ofthe Trust and Its pollc1¢5 and procedur¢s aLLuid wilh ils siktLriJ ubjrilivilirs diid provides tangkble public benefi1. REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS The Trust ha5 coniinued iu ptuvidr ihr upkyrp ov¢i'all Matiag¢iii¢iii (pf tli¢ Iiou5in8 iP1¢X, and is pursuing the redevelopment During the year of 2024, the building confractor for phase l of the redevelopment Ceased trdding, and a5 a cgn5equence some landscaping issues involved some unforeseen costs and rectification. There were also s¢vera] 'tsne off payments to soli¢itors. surveyors and outside contraciors, su¢h expenses are not expected to reoccur. The occupation of the original cottage5 by GBC homeless has worked 5ucce5sfi]Ily. they have provided addilion81 in¢ome which has prov¢d u5¢ful in ac¢ommodotin8 the'one expenses after th¢ d¢mise of the phasE l ¢ontrxtor. Looking ahea(L the Trust is Starting enquiries on the procedures needed to become incorp)rnted 2nd to this end are looking to create a Charitable Inrporated Organisation {CIO) in ord¢r to give them a better position to secured fure funding. GOING CONCERN -I'he trust¢es have noted the successful ¢Kcupation of phase l and the ever-inaSing waiting list for 8Y vacani unit5. The income now being received ivill allow us to commence ihe ¢reation of a reserve fund io ensure the financial Security of the future. the Trnsi is also pursuing a new fijnder for the redevelopmeni. which can be engaged as s¢)on as the 8SP¢Ct of incorpordtion is final2sed. To this end the actounts have been prepared on the going concern basts. INVESTMENT REVIEW Investments have been reviewed and the trustees have deterniined that all investments should be pled sn low-risk ash-based deposits. Page 2
Eltzabeth Huggins Cottag¢s Charity Report of the Tru5tee5 for the year ended 31 si December 2024 VALUE FOR MONEY STATEMENT In preseniins a Value for Money Staremeni for 2024, Elizabeth Huggins Chariry has adopted the Value for Money Statement Metrics iniroduced bj ihe Regulaior of Social Housing, which are shown below. Reinvestment /• IIoTks to exi51ing prop¢nies Houslng properties at valuaiion 2.972,123 2,972 123 New Supply d¢livered O/r* al Sociul Housing Units I'Dtal Sotial Housill8 units developed or aCqUid in ihc i'car bl Non-social Housing Units Total Non-social Housing units d¢Y¢lop¢d QUIr(d in th¢ )'e2r Total Social Housing lJniLs Managed al period end 23 Total Social Housing Units Managed al period ¢nd Toral Non-social Hougin&i Unit$ ManagLd ai end 23 23 23 AID Gearing Short l¢rm loans Housing properties at 2,972.123 Long term loan Cash and equivalen 2,323.286 195.9321 2 227,354 A 2.972.123 74.94% Earnings before Interest, Tax. Depreclation. Amortlsatlon. Major Repalrs Ineluded (EBITDA MRI) Interest Cover°/ Operat1Tr8 surplu(der1CI1) + Inicttsi receiv8ble 1108.7871 Inierest capitalised 1.201 Inicr<si payablc and rinancing costs 96,140 + Total dcprcciation Lharg¢ 55,537 52,049 96.140 Page 3
Elizabeth Huggins Cottages Charity Report of the Trusrees for the year ended 3 1st Decetnber 2024 VALUE FOR MOIYEY STATEMENT (CONTINUED) Headline Soeial Houslng Cost £ Manag¢m¢JJt rosts 45,399 Total Social Housing Unil% Manag¢d at period end 23 SLrvice charBe costs Rep&iT5 & maiiitenance costs Oih¢r Iwrial housing lellingl costs 1.727 1&205 65,329 23 £2 Operating Margin • al So¢ial Housing lettin85 Operditng SurplU[derICIt) from social housing lettings bl Overall 77,992 Operatin8 121,5281 Turnover fTOTll social housin8 l¢tting5 143,321 Turnover lovera]l) 143.321 54.42'h 7. Return on Capital Employed Op¢rnting 1108.7871 'urpluJldofL¢III Told &sseis less curreni 3,150.212 3,150.212 3.45 Elizabeth Huggins Cottages Charity aitns to deliver Value for Tnoney, while striving to provide quality of service. The trust does noi Currently have borrowings and as a result 50rne of the minimum required disclosur¢s above to do rtot provide figures. The trusi Continues to be mtijdful of the costs it incurs wilh a vtew to being a5 efficient as possible, along with making savings where it can. TRUSTEES The tnjstees shown below have h¢ld otTice durin8 the whole of the period from Isi January 2024 to the date of this Mr A R Pritchard Ichaimianl Mr E Brook (Vice Chaimianl Mrs K Hllrdle (Treasurer to July 2024) Mr D Hurley Mrs K Tuvr Mr N Wilde Mr D Baber {Trea5urer from July 2024} Page 4
Elizabeih Huggins Cottag¢s Charity Report of the Trustees for the year ended 31 si December 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Covernlng doeument and obJe¢ts orth¢ charity The object of the Chart is laid down by a Trust Deed dated 18th January 2000 and 15 the provision of housing for "neces%itous persons injured. incapacitated or invalided in the seThices of the naval, militory. or air forces of the Crown." Trus*e aDd induction trnlning Advice for trnstees published by the Charity Commission is given to new board m¢rnb¢rs and new guidance i5 notified and made available at Board meetings. Trustees have free acce55 10 all members of stsff ensure thai they can be fully aware of the activities and methods of the chariiy. StAtemellt of rlsks and mitigation The irustees have r¢viewed the major risks to which the charity is exposed and establkshed systems of procedures to manage those risks ReqerveA Pnlicy Three months working expenses are to be held as a reasonable resetve to maintain the charity's services. Approved by order of the board of trustees on io and signed o 'ts behalf by.. A R Pritchard Chairan D Baber Treasurer Page 5
Independent Examiner's Report to the Board of Trusiees of Elizabeth Huggins Cottages Charity I repon io ihe trustees on my examination of the accounts of Elizabeth Huggins Cottages Charity (the trust) for the year ¢nded 31 DeceTnber 2024. Respon51bllStles gnd b8S15 of report As the charity trusiees of the tTUSt, you are resporksible for ihe preparaiion of the accounts in accordance with the requirements of the Charitie5 Act 2011 ('the Act'l. You ar¢ a150 responsible in ensuring that the Registered Social Housing Providtr is exempt from an audit. I report in respect of my exatnination of the trusiees. a¢counis carried out under 5eCtson 145 of the 2011 A¢t and in carrying OUÈ my examination I have followed all the applicable Directions given by the Charity Commis5itsn under section 14515)Ib) of the 2011 Act. Independent examiner'5 5tat¢m¢Tht I havc coiiiplctcd niy cAaMiat70n. l ¢onfimi that no malcrial rnattcr3 havc com¢ to my att¢t)iion in ¢onn¢¢tion with the examinaiion giving me cays¢ to beli¢ve ihat in any Marial respect.. Accounting record5 were not kept in Tesp¢ct of the tn]st as required by section 130 of che Act., or The accounts do not accord with those r¢¢ords,' or Tre accounTS do not comply wlih the appliLiibl¢ rrquir¥m¥nis LIlLrIllIl Ilir fuijij ioiJl¢llt of Ili¢ ac¥ouJits s out In the Charities (Accounts and R¢port51 Regulation5 2008 other than an), requiTem¢nt that the accounts give a 'true and fair view. which is not a matter considered as pan of an independent examinatEon; or The accounts for th¢ year ended 31 December 2023 are not in accordance with the accounting records kepi by the R¢gist¢red Social Housing Provider under paragraph 13512Ka) of the Housing amd Regenerntion Aci 2008. I have no concern5 and have come across no other matters in connection with the examination to which attention should be drawn in this report in OTder to enablt a proper understsnding of ihe accounts to be reached. In our oplnion The Registered Social Housing Provtd¢r has satisfied the conditions for exemption from an audit of the aecounts for the year ended 31 December 2024 specified in seciion lJ613) of the Housing 2nd Regeneration Act 2008. The accounts COTnply wilh th¢ 4u1¥YTnv[Iib uf Ilir HuusiJi¥ uiid Rr¥rJiria14011 A¥t 2008 aiid tlie Accovntins Direction for private registered providers of social housing in England 2019. Natalie Harrison FCA FCCA CTA TEP Beak KeTllTnenoe Chartered A¢countant5 1-3 Manor Road Chaiham K¢nt ME4 6AE Date: IO-09- Page 6
Elizabeth Huggins Cottages Charity Statement tsf Cotnpr¢hensive Income for the year ended 3 1st December 2ff24 2024 2023
$ re5tsted
Notes TURNOVER 143,321 68.603 Administrative expei)ses 252,108 208,685} OPERA TING (DEFICIT)tsURPLUS {108,787) {140.082) Other income 58,760 Interest receivable and similar income 1,284 RETAINED SURPLUSIIDEFICIT) FOR THE YEAR (48.826) 1138.798) Unrealised movernent on investment revaluaiion 3,688 2.908 (DEFICIT)ISURPLUS FOR THE FINANCIAL YEAR 45.138) 135 890) Page 7
Elizabeth Huggins Cottages Charity (Registered number.. 209211) Statement of Financial Position 3 151 December 2024 2024 2023 89 restated Notes FIXED ASSETS Tangible assets Inv¢stm¢nts 2.972,123 38,238 3,(Tr27,660 3.010,361 3.062,210 CURRENT ASSETS Debio Cash at bank 52,188 17.929 120.080 1411,IlV 138,(M)9 CREDITORS Atnount5 falling due within one year io 4.523) NET CURRENT ASSETS 139.851 133,486 TOTAL ASSETS LESS CURRENT LIABILITIES 3,150,212 3,195,696 CREDITORS Amounts lalling du¢ att¢r more than one year 2,323.2861 2,323.632) NET ASSETS 826,926 RESERVES Property revaluation reserve Designated reserve5 Investment revaluation reserves Income and expenditure account 398,798 9.156 26,915 392.057 398,798 9,156 23,227 440,803 826 926 872.064 The financial statements wer¢ approved by the Board of Twstees and outhoris¢d for issue on lo signed on its behalf b},: 2fjand were A R Priichard- Chairman er- Treasure The notes form part of these financial statements Page 8
E12zaÈ¢th Huggins Cottages Charity Statement of Changes ill Reserves for the year ended 31 si December 2024 Ineome & ¢xptndlture Property rev8luAtion reserve Designated rekrve5 Investment revaluation restrve5 Total Balance at l$t January 2023 (Deficiillsurplus from sratement of comprehensive income 579.681 398,798 9.156 20,319 1,007,954 166,745} {66,7451 Increasel{de¢rease) sn market value of investtnents Balanee at 31st December 2023 510,028 398,798 9,156 23227 941.209 Prior year adjustsnent (69,145) {69,145) Balance at 31° December 2023 (as rest&t¢dl 440.883 398,798 9.156 23,227 872,064 Surplusl(deficit) from statement of comprehensive income {45,138) (45,138) IntreH4el(dp.r.rpAse) in market value of invegiments Balance at 315t Deeember 2024 392.057 398.798 9,156 826 926 The notes form pan of these financial statements Page 9
Elizabeth Huggins Cottages Charity Cash Flow Statement for ihe year ended 31 sr De¢emb¢r 2024 2024 2023 as restated Notts Cash flowy from operniing actlvliles Cash g¢nerai¢d from op¢ratioRs Interest paid 71,137 96,140 (46,134) 48 070) Net eash from operating activities 94,204 Cxsh flows from investing #ctivlties Purchase of tangible fixed assets Interest received (873,021) 1,284 1.201 N¢t cash fro]n investing actEvilies 1.201 871.737 Cash flows from financing activities Proceeds from loans Repayment of loans 983,369 Net cash from ftnancing activities i46 983 369 Increase in cash 8Dd c95h equivalents Cash and ea5h equivalents at beginning of ye4T {24.148) 17,428 120.080 102,652 Cash and cash equiv&lent5 8t end of year 120,080 The notes forni part of th¢se financial statement5 Page 10
Elizabeth Huggins Cottages Charity Notes to the C&%h Flow Staiement for the year ended 3 1st December 2024 RECONCILIATION OF OPERATif4G SURPLUS TO CASH GEf+4ERATED FROM OPERATIONS 2024 2023 as restated Operatin¥ surpluslldeficitl Depreciation charges Interest payable Finance income (48,826) 55.537 96.140 2011 (138.798) 20,533 72.105 101,650 134,2591 3.746 (47,444) 123 Decrease/{Increa5e} in trade and other debtors IncreasellDecreasel in trade and oiher creditors Cash generated from operations 71.137 46.134) CASH AND CASH EQUIVALENTS The amounts disclosed on the Cash Flow Srament in respect of cash and cash ¢quivalenrs are in resp¢ct of these Balance Sheei amounts.. Year ended 31st December 2024 31.12.24 1.1.24 Cash and eash equivalents 95,932 120080 Year ended 31st Decernb¢r 2023 31.IL23 C&sh and cash equivalents 120.080 102.652 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash flow Ai 31.12.24 Net cash Cagh at bank 120 080 24.148) 95.932 120080 24.148) 95,93? Totsl 120.050 24.1481 The notes forni part of these financial staiemenis Pag¢ll
Elizabeth Huggins Cottag¢s Charity Notes to the Finan¢ial Statements for the year ended 31 si December 2024 ACCOUNTING POLICIES Aeeounting convention Elizabeth Hu88in5' Cottages Charity Housing Association constitutes A public benefit as defined by FRS 102. The financial 5tatetnents have been prepared in accordance with applicable accounting sthndards including Financial Rew)rting Siandard 102 The Financial Reporting Standard Applicable in the UK and Republic of Irelalld (FRS 1021, Ihe Ststement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Dircction for private registered providers for social housing in England 2019. The financial statements art also prepared under the requirements of the Housing and Regeneration Act 2008. The financial statements have been prepared on a going concern basis UDd¢r the historical cost convention. modified to include certain it¢ms at fair value. The significArtt accounring policies applied in the prq)aration of these financial staiement5 are Set out below. These policies have been ¢onsistenily applied to all years presenied unless Qtherwise stated. Turnover Turnover represents the rental incomr feL¢ivablr in Ihr y¥or. Page 12 continued...
Elizabeth Huggins Cottages Charity Notes to the Financial Statsmenis- continued for the year ended 31 st December 2024 ACCOUNTING POLICIES- continued T8ngible fjxed assets Depreciation 15 provided at the following amiual rates in order to write off each asset over its estimated useful Depreciation on iangible fLxed asset5. except housing properties. is pr(>vid¢d at rat¢s Calculated to write off th¢ cost or valllaiion less residual value of each asset over its expected SefUl life, as follows: Housing Properties Housing properties are principally properties available for rent and are included at valuaiion. th¢ valuation basis being the existin8 use value for social housin8. Housing properties aro re-valued regularly. The aregated surplus or deficit on re+valuation is transferred io a revaluation reserve. Th¢ original housing properties were revalued as at l O August ?01 O the previous valuation being in December 2006. The valuation, based on EUV- SH is £795.000. With the d¢velopment of the site. the Thajority of this value is considered to be attribuiable to the land at the si. Freehold housing properties are depreciated by component on a 5traight-lin¢ basis over the estimated useful onomic lives of component ¢ategori¢$, in a¢Gordance with the prin¢iples of ¢omponellt e0tIng in SOIiP 2014. Useful economie lives for ideniified components are as follows.. Stnjciure (incl Rooo Windows Kitchen Bathrooms Healing systems SirAiBhi line over 50 years Straight lÈne over 40 years Straight line over 20 years Sirdight lin¢ oveT 30 years Straight line over 15 v¢ars Improv¢ments are works io existEn8 properti¢s which result in an increase in the net rental income. including a reduction in maintenance costs or result in a sigiiificant extension of the useful life of the property. Housing properties under consmjction. including any professional fees incurre¢ are carried forward in the balance sheet at cost. Depreciation is not charRed until the construciion is compleie and the units are available for letting. Housing #5$0ciation grants #Ad social hoy5ing grants The trust accounts for its housing properties at valuation. In accordance with rhe Housing SORP government grants are recggnised using the perfomiance model as follows- (a) A grani that does not impose specified future perfornian¢e-relaied conditions is recognise4J a5 r¢venu¢ when the grdnt proceeds are received or receivable. (bl A grant ihat imposes 5pe¢ified future performance-related conditions is recognised as revenue only when the performance-related conditions are met. (c) A ¥rant received before ihe rewenue recognitton criteria are saiisfied is recogni5ed as a liabili¢y. In certain circumstances. 5u¢h as the sales of housing properties. thes¢ Social housing grants may become repayable. and. in the ¢v¢nt, is a subordinated debt and is accounted for as soon as the liabilih. arises within creditor5'. atnounts falling due within one year. Page 13 eontinued...
Elizabeth Huggins Cottages Charity Notes to the Financial Statements- rontinued for the year ended 31 st December 2024 ACCOUNTING POLICIES- eontinued Designated reserves Designated Reserves are part of the unresiricted re%Yves which have been eamiarked bv rhe Trustees for a particular purpose. Such designations may be reversed by future Trustees de¢Esions. Expendithre cannot be directly set against designated reserves but is taken through the incotne and expenditure account. A transfer is Ihen made from designated reserve5 as appropriate. Detai15 of designated reserves currently included in these ac¢ounts are set out below.. Cyelieal repairs 8nd mainten2nce The irustees maintain a designated reserve fund for Cyclical Maintenance repair5 to cower the cost of a five yearly programme of exr¢rnal redecoraiion. Major pAIrS The RSL provid¢5 for tUre major repairs expenditure on all housing propertie5 uftder the 1998 Housing Act 8rrdngetnents and other properties in so far as th¢ major repairs expenditure is not eligible for grants from the Houslng Corpordrion or local auihoiitle5. Works to eIisling bou5ing propertles The RSL capitalises expenditure on housing properties which increase the net rentsl stream over the life of the property. An increase in the net rental streatn may arise through an increase in rhe rental in¢offt¢, a reduction in ruLurr IiiuitilriiiUiL¢ LVSts. vi a >ilI1r1alIt ¢xteiision of tli¢ life of thc propcrty- Other designated YerVeS The Trnstees set up teMrary reserves as required io assist with specific projects. An emergency and cyclical maintenance works reserve has been set up in th¢ cU¢t year in respect of the residential investment propertie5 h¢ld. Restricted reserv¢$ R¢sthcted reserves are those reserves held for a specific purpose upon which restriciions have been imposed by the donor or which have been raised by the charity for particular purposes. Where a restricted reserve is represented by assets that are th¢n revalued. the revaluation element is added to the restricted reserve. Property managed by agents Management fees e payable to Landbridge Limiied (previous agents Grdvesend Churches Housing Associaiion} in respect of the administration provided by the Associatiott. Wiere the RSL carries the financÈal risk on property managed by agenis, all income and expeTtditure arising from the property is included in the income and expendithre account. Page 14 continued...
Elizabeth Huggins Cottages Charity Notes to the Financial Statements- coniinued for the year ended 3 1st December 2024 TURNOVER Income from letting$ Number of units man8ged by R¢gistered Soelal Landlord at 31 Dccember 2024 23 l January 2024 23 Housing units 2024 Totsl 2023 Total Gross rents Rent losses from voids 146.490 77,948 9.3451 Totsl incorne from lettings 143.321 68,603 OPERATING DEFICIT The operating deficit is stated after charging.. 2024 2023 8$ re$tst¢d Depreciation- owned assets 55.537 20,883 4. OTHER INCOME 2024 2023 as restated Rent frorn Gravesham Borough Council During the year the charity renied out the existing cottag¢s, tho¢ have not yet been demolished. tg Grav¢5ham Borough Council, in order to provide shelier and accommodaiion for the homele55. JNTEREST RECEIVABLE AND SIMILAR INCOME 2024 2023
s restated
Deposit account inieresi Interest income 239 375 949 1.201 1,284 Page 15 continued...
Elizabeth Huggin5 Cottages Charity Not¢s to the Financial Stsitemenis- Continued for the year ended 31 si DecembeT 2024 TRUSTEES REMUNERATION AND EXPENSES Trustees received no remuneration or out of pocket exp¢nse5 Ill the year. PRtOR YEAR ADJUSTMENT The accounts have been restated to COJTect a loan repaymeni made to interest paid rather than the repaym¢nt of capital. This change has resulted in the deficit for the year increasing by £69.145. Summarv of the prior year accounting itnpact. tncrease in creditors > l year- (hher loans Reduciion in ¢reditors < l year- Other loans Overall impaet (£156,404) £87 ?59 (£69,145) TANGIBLE FIXED ASSETS Housing Properties Housing Properties {und¢r onstruction) Totals COST Ar 1st Jartuary 2024 Additions Transf¢r5 3.UJ 1.884 17,424 3.095,308 At 31st December 2024 3 077,884 3.095 308 DEPRECIATJON At I sr January 2024 Charge for )ear Disposals 67,648 55,537 67.648 55,537 At 31 st December 2024 123 185 123 185 IYET BOOK VALUE At 3 1st December 2024 2.954.699 2.972.123 At 3 1st December 2023 3 010.236 17.424 3 027.660 Page 16 continued...
Elizabeth Hug8llls Cottag¢s Charity Notes to the Financial Statement5 - contitLu¢d for the year ended 3 1st December 2024 TANGIBLE FIXED ASSETS- continued The fre¢hold property relate5 to housing propertie5 held for re-letting. The accounts show the value of the properties to be £795,000 before the addition of replaced components. They were revalued by the District Valuer at the l O August 201 O on the basis of the Existing Use Value for Social Housing IEUV-SHI, and in accordance with the Rtcs Appraisal and Valuation Manual. Had Ihe housing properties not have been Tevalued. they would have been shown in the acc4>unts at £193,635. The dwelling5 were refurbished in 1984 with the asSiSLCe of a housing association grant in the sum of £171.349. All windows were replaced in 2000 with UPVC frames and a local auihoriry grant of £41,949 was received towards the totsl costs of £48,792. In addition the comporients replaced have been Show as addition5 to hoysing properties. A prior year adjustment was made ro account for comwnents previously written off to the income and exp¢nditure aceounts_ Assets held at waluatlOD The carrying amount of assets held at valuation is a5 follows.. Housing Properties Total 2024 Total 2023 2024 Amount of revaluation Historic cosi 398.798 375 502 398.798 375 502 398,798 375.502 774.300 774 300 774 300 FIXED ASSET INVESTMENTS Lisied investrnent5 COST OR VALUATION Ai I si January 2024 Revaluattons 34,550 Ai 3 1st December 2024 38,238 NET BOOK VALUE Ai 3 1st December 2024 38.238 Ai 3 1st Deeemb¢r 2023 34.550 Pa¥e 17 continu¢d...
Elizabeth Huggins Cottages Charity Notes to the Financial Statements- continued for the year ended 31 st December 2024 FIXED ASSET INVESTMENTS- continued Hlstorieal cost information 2024 2023 The hisiorical Cost of inv¢5trneHt5 held at valuation is as follows.. Histortcal cost 11.323 1.323 DEBTOR5: AMuuf+4I) Tr.ALL16 IPVL WI"J"HAN ONE YEAR 2024 2023 85 restated Reni ledger Ulhei debiors Prepayments and CTU£d income 11,961 37,337 5.318 52.188 17.929 In¢luded in the rent ledBer are arrears of £5.996 {2023.. £2.598). CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 85 restated Other loans Rent l¢dger in advance Aceruals and deferred income 2,725 5.544 827 4.523 The average number of days between receipt and paJTrent of purehase invoices is less than 30 day5. 12. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR 2024 2023 85 restated OtheT loaTh$ 2,323.286 2 323 632 In the unlikely event of the charity not being able to repay the loan back to Gravesham Borough Council then ownership gf the unit5 would transfer to Gravesham Borough Council. 13. RELATED PARTY DISCLOSURES At the date of these financial statements, rwo irusrees were councillors of related Local Auihorili¢s. In addition, on¢ of the trustees is also the directt)r of the new managing ageni appointed ihis year. All trdn5actions were carried out at arnis length. Page 18
Elizabeth Huggins Cottages Charity Income and Expenditure Account for the year ended 31 st DecembeT 2024 2024 2023 a5 restated Turnover Dwelling rents 143,321 68,603 143.321 68.603 Other ineome Deposit account interest Rental in¢ome from Gravesham Borough CouDciI Inierest income 239 58,760 962 335 949 203.282 69.887 Expenditure Monosemellt Fee on Rent Collection Management Fee on Maintenance InsuTanoe Light and heat Ground Mointenance R¢pairs & Maint¢nan¢o Compensation for residents Sundry expenses Accountancy Itjdependent Examlnation Fee Subgcripiions Consultancy Legal and Professional Inter¢5t Payable Housing properties depreciation charge (Prnfit)Ilnq4 nn haiising pmpertieq AiqpLi%AI 14,375 3.384 4,970 1,727 8.188 1.204 4,070 2,544 5.414 18.7ti6 44, Ilx) 251 1.008 840 14,819 35,100 2,414 1.008 840 22,495 7,207 72,105 20.533 21,794 96,140 55.537 252 208) 208.685) NET SURPLUSI {DEFicrr) 48.826 138 798) Page 19