BAKERS, BENEVOLENT SOCIETY REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 CONTENTS Pag¢ Legftl and Administrative Informatlon Report of The Trustees AeeountaDts' Report Statement of Compreh¢n$iv¢ ltteome St8tement of Changes Ill Re5ervey St¥tement of Financial Positio Notes to the Accounts 10-17 Registered SociAI Hou$lng Provider Number A1072 BAKERS• BENEVOLENT SOCIETY LECAL AND ADllaNISTRATIVE INFORMATION FOR THE YEAR ENDED 29 FEBRUARY 2024 The manageinent committee a¢ls as trustees for the Charity and manage the resources of the society in accordance with their obje¢tiv¢s. President Mr J R¢nshaw Vlee Presldents Mrs J Springett (died 02 May 2024) Mr A Wood MS D Cassey Mr G Rowledge Mr P Renshaw Mr P Hey¥ate Management Committee The members of the Management CoJnmittee who served during the year were: Mr C Tomkins (Chairman) Mr C B¢aney (Deputy Chaiman) MrA Hume Mr D Hume (resigned 28 June 2023) Mr D Hall Sir G HiCkin￿ttoM MT P Wilkins Ms O Tomkins (appointcd 28 Jiine 2023) Clerk to the Society Mrs S Pitts Bsc (Hons) Cert. EOLC Registered Address The Mill Holise 23 Bakers Lane Epping Essex CM16 5DQ Reporting Accountant Lorraine Cathei'ine Purdy FCCA Clay Ratnage Sirev¢ns & Hills Chartered Accountants Siiite D, The Business Centre Faringdon Avenue Romford Essex RM3 8EN BAKERS, BII NEVOLCI NT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 The Trustees, present their report together with the financial slalem¢nts for the year ended 29 Febriiary 2024. RecruitmeDt attd Appointment of the Offieers and Management Commlttee The Society shall consist of a President, Vic¢-Presidents, Chaii. of Trnstees, Clei'k and Management Committree tsf Trnstees. Th¢ President shall be ¢l¢ct¢d for a terni of1-7 year5 at an Anniial General Meeting (AGM) and may be re- ¢l¢¢ted for a successive period L_ -7 years. Vi¢e Presidents shall be elected at an AGM to hold office for a lenn of 5 years and may be re-elected for successive periods of 5 years. The Management Committee shall cons1$1 of not more than 18 Trustee Members. Members shÉtll be appointed by Ihc swiely at AGMS to hold O￿l¢e for 3 yea13 and any m¢mbermay be re-electcd for siiccessive pei'iods of 3 years. Any vacancy on the Management Committee may be filled by the Manag¢tn¢nt Committee, any sucli appointment being siibject to ratification at the next AGM of ihe society and to subsist only for the unexpired portion of the term of the original appointment. A member of the Management Committee May be reJnoved by resolution of the Manag¢ment CommiÉtee or by a resolution of the society passed at an AGM provided that th¢ member is given not less than 21 days, notice of the inlenlion. Trustee Inductioll Tralning All trustees are familiar with the work of the society before election and undejsland what is required before their election. Risk Mhnagement The managem¢nl committee has conducted a review of the major risks to which the society is exposed. Each yeara comprehensiv¢ business plan is prepared. The plan covers wide ranging issues such as Trqealth & Safety lo challenges facing Ihe society. This strategic planning process ensur¢s that significant risks are identified, and steps taken to mitigatc them. lllve$tment Policy Th¢ society's fLinds will, in the short terni, provide financial support to ils benericiaries in accordance ￿11th the society's objectives. Investment also continiies to ensure that the so¢iety's existing Iiousing sIL￿k omplies with the Decent Homes Act and funds the conlinued prograrnmc of refurbishment work. R¢serves Policy The Teserves of the society consist of th¢ general incotne and expenditure reserve. The society has a policy to ensure that the society has siifficienl funds in order that predicted works can be completed and also that the level of reserves Comply with the Alms-hol￿e Association's recommended practicc. BAKERSJ B£NEVOLETrrr SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR EfqDED 29 FEBRUARY 2024 Objeetives and Activitles The objective of the society is lo provide sheltered a¢commodation for r¢tired people of limited means who have, during their lifetimc, worked in the Baking Industry and allied trades. The society also gives assistance to outside beneficiaries who, during their lifetimc, have worked in the Baking Industry and allied trade5. Thc society provides qLiality welfare lo its beneficiaries in a variety of ways from sheltered accommodation to financial support foi'the purchase of mobility aids and essential household items. The society also provides charitable grants to lop up beneficiaries, basic government pensions. Org8nisAtlonal Structur¢ The management committee, which meets bi-monthly is responsible forthe strategic dir¢¢tion of the society. The management coininitt¢e delegates the day-to-day responsibility to the clerk lo thc society to ensure that the service provid¢d meets the so¢i¢ty's objectives of providing quality welfare and financial support. Financial Revieiv, Aehievements and Perfornlance The results for the year are set out in the Statement of Comprehensive Income on page 7. An analysis of the society's incotne is shown in Note 3 on page 12. The trustee5, consider the soci¢ty's affairs lo be salisfaclory and in line with their expeclalions. The Trustees are pleased to report 8 siirplus of £283,971 for the year. The residents, contributions foi. accommodation hav¢ fuither improved from £465,204 to £505,359 are shown in note 3 on page 12. The Society has improved its waiting list and ils ability to fill voids as they arise. Income from Care Services have signif1¢8ntly increased by more than 700/0 as more frail resid¢nts opt to hav¢ the Society's staff provide their Ca￿ packages often fund¢d by Social Services and the NHS. The So¢i¢ty were fortunate lo receive a legacy (rom the estate of John Garner and a donation from ihe Bakery Forum who presented a cheque lo the Society for £20.000. This increase in income will bc beneficial as there are plans for improyements to Bakers Villas. Maintenan¢e costs have further reduced from £26,626 in 2023 to £12,957 in the year as the Society is fortLinate that the Chaimian of Trustces, Mr Christopher Tomkins, and a irsident at Bakers Villas, Mr Robin Hallen, are able lo undertake many maintenance and gardening lasks on & voluntary basis. Plan8 for the Future The society plans lo ¢onlinue delivering ihe services il provides in the forthcoming years. Following the expansion of it5 range of services where extra care is offered to qualifying residents, the society is focused on maintaii)ing its high standard with the Care Quality Commission. BAKERS, BENCI VOLENT SOCTETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 Plans for th¢ Future (Continued) Following the building of a miilÉi storey car park close and to the south of Bakers Villas, the Trustees have ¢ommissioned the services of an independent surveyor lo detennine the impact the build and new structure has had on the sile. The Society is committed to improving the buildings and serYice5 at Bakers Villas. The housing is now 50 years old and thei'e is a need to snvesl in new boiler sysiems for its main building, The Millhouse. which will be mor¢ than £50,000. The Fire Detection Panel is also to b¢ replaced at a cost of over £45,175 net and the warden call system needs updating al a cost of £33,282 net. The legacy received this year and improved sutplus will enable the Trustees lo Commit lo these iinpi'ovem¢nl5. Publ1¢ Benefit In setting and reviewing our aims the Trustees have given careful consideration to ihe Charity Comtnission's guidance on public benefit. Trustees Responslbllltles Th¢ Trustees are respoThsible for preparing the report and financial statements in accordance with applicable law and regulations. The Charities Aet and registered social housing legislation requires the Truste¢s to prepare accounts for each rinancial year which give a trLl¢ and fair view of the state ofihe Society's affairs and of the SUTplus or d¢ficit for that year. In preparing these accounts the committee rnembcrs are required to.. Select SLiitable accounting policies and then apply them consistently. Make judgements and estimates thal are reasonabl¢ and prudent. Prepare the accounts on the going ¢on¢ern basis iinless it is inappropriate to presume that the Society will continue in business. Th¢ Trustees are responsible forkcepingproper accounting records which disclose, with reasonable accuracy at any time, Ihe financial position of the society. They are also responsible for safegLiarding the ass¢ts of the society and hence for taktng re&8onable steps Eor the prevention and detection of fraud and other irregularities. In determining how amounts are PTesented within the slalement of cotnprehensive income and statement of financial position, the Inistees have had regard to the substance of the reported transaction or arrangement, in accordan¢e with generally accepted a¢¢ounting practice (IJK GAAP), including FRS 102 'The Financial Reporting Standard appli¢able in the UK and r¢public of Ireland,. BAKERS* BENEVOLENT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 This report was approved on 27 SerknMbC 2(A* . and signed. Mr C Tomkins Chairman of Trllstees Mr C Beaney Deputy Chairma ACCOUNTANTS, REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF BAKERS, BENEVOLENT SOCIETY FOR THE YEAR ENDED 29 FEBRUARY 2024 We report on the f￿ancial statements of Baker5 Benevolent Society for the year ended 29 Febrnary 2024 which re set out on pages 7 to 17. Respeetive re5PgDsibilitles of trustee5 attd reporting accoutttants Th¢ Ttustees of the R¢gislered Social Housing Provider are responsible for the preparation of th¢ accounts, and they consider that the R¢gi5tered Social Housing Provider is exempt from an audit. It is ourresponsibility to carry out pro¢¢dures designed to enable us to report our opinion. Opinion In our opinion- the aeeounts for the year ended 29 February 2024 ar¢ in aecordance with the accounting records kept by the Registered Social H(>using Provider under paragraph 135(2)(a} of the Housing and Regeneration Act 2008. having regard only lo, and on the basis gf the inforn)ation eont8ined in the a¢counting rwords.. the accounts ¢omply with lh¢ r¢quiremen¢s of the Charities Act 2011,. the Registered Social Housing Provider has satisfied the condilions for exeniption from audit of the aceoLints for the year 29 February 2024 specified in section 136{3) of the Housing and Regeneratitsn Act 2008,. the accounts comply with the requirements of the Housing and Regeneration A¢t 2008 and the Accounting Direction of the Regulator of Social Housuig 2022. Lorraine Catherine Purdy FCCA Reporting Accountant Clay Ratnage Strevens & Hi115 Chartered Accountants Suit¢ D, The BLisiness CenlTe Faringdon Avenue Romford Essex RM3 8EN Date: I OGiotse/ 8ft4 BAKERS, BENEVOLENT SOCIETY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 29 FEBRUARY 2024 Note 2024 2023 TURf40VER Operating costs OPERATtNG SURPLUS FOR YEAR 903.960 652,420 275,741 61,529 Interesi receivable TOTAL COMPREHENStVE SURPLUS FOR THE YEAR £283,971 £64,514 No operations have been dis¢ontinued or acquired during the year, and the amounts above relate entirely to coi)linuing activities. The accotnpanying notes fonn part of th¢ financial slatem¢nts. The Accounls were approved by the Trustees and signed on their behalf on by.. 21 Sefkthkkf bl*, Mr C Tomkins (ChAlrman of Trustees) Mr C Beaney {Deputy Cbairman) Ca- BAKERS, BENEVOLENT SOCIETY STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDKD 29 FEI BRUARY 2024 Income and expcnditure reserye Restrlcted reserve TolAI Balance as at l Mar¢h 2022 1,428,811 1,428,811 Tolal comprehensive surplus for the year Bal&￿te at 28 Vebruary 2023 £ 1.493,325 £ 1.493,325 Total comprehensive surplus for the year 283971 283 971 Balance a129 Febrllary 2024 £ 1,777.296 £ 1,777,296 BAKERS, BENEVOLENT SOCIETY ST ATEMENT OF FINANCIAL POSITION AS AT 29 FEBRUARY 2024 Notes 2024 2023 FIXED ASSETS Housing properties Office ¢quipment Furnittire and eqiiipmenl 2,031,153 3,833 2,058,160 423 2,116.247 2,155,274 CURRENT I.SSETS Debtors llnd prepayments Cè)sh at bank and in hand 50.841 751744 802,585 70,399 431982 502,381 Creditors- Amounts falling due within one year io NET CURRENT ASSETS 754 284 448 402 TOTAL ASSETS LESS CURRENT LIABILITIES 2,870,531 2,603,676 Creditors.. Atnounts falling due after more than on¢ year 1093 235 1 110 35 TOTAL NET ASSCI TS £ 1,776,296 £ 1,493,325 RESERVES £ 1,777,296 £ 1,493,325 The accoEnpanying notes fortn part of the financial statements. The Accoiints were approved by ihe Trustees and signed on its behalf on by: 27 sefk￿LV tJL4 , Mr C Tomkins (Chairman of Triistees) Mr C Beaney (Deputy ChaiTman) 10 BAKERSY BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 29 FEBRUARY 2024 LEGAL STATUS The society is registered under the Chariti¢s Act (Number 211307) and is an exempt charity and registered with tl)e Homes and Communities Agency as a Registered Provider {NLimber A1072)- It was established 13 December 1832. ACCOUNfiNG POLICIES Bfj3is ofAe¢otsiiliiig The financial slalements of the so¢i¢ly are prepared in accordance with UK Generally Accepted AccoLinting Pra¢ti¢¢ (UK GAAP) including Financial R¢porting Standard 102 {FRS 102) and the Hoiising SORP 2018.. Statement of Recommended Practic¢ for Registered Social Housing Providers and Comply with thc Accounting Dirc¢lion of the Regulator of Social Housing 2022. Turnover Turnover coinpris¢s rental income receivable in ihe year, services supplied, appeal income and grants receivable. ValueAdded Tax The company is not registered for VAT and as such all expenses are shown inclusive of VAT. F14YoncialInstriimenls The company has elected to apply the provisions of S#tion I I "Basic Financial Instruments" of rRS 102 to all its finan¢ial instruments. Financial instruments are r¢¢ognised in the ¢ompany's Balance Sheet when the company bewmes party to the contractual provisions of the instrument. BAKERS> BENKVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR Ef4DED 29 FEBRUARY 2024 Accounting policies (Continued) HoH.fiiig Properlies Housing properties are principally properties available for rent and are stated at cost less any accllmulaled depreciation and iinpairmeiit. Cost includes the cost of arqitiring land and buildings, development costs, interest charges incurred during the deyelopmenl and exp¢nditiir¢ in¢urred in respect of improvem¢nls. l]nproveinenls are WOJAJ lo existing properties which result in an increase in the net rcntal incomc, including a reduction in tnainlenance ¢osls or result in a significtllit extension of tlie usefLII econoinic life of the propety Major components of housing PToperties, such as lifts and warden alam systems, have been a¢¢ount¢d for and depreciated separately from the connected hol￿]ng property. Governnienl Granls Government grants include grants receivable from the Homes and Commiinitics Agcncy, local authorities, and other govemtnent organisalions. Government grants received for hoiising properties are recognised as income over the useful life of the housing property structure aiul, where applicable, its individual components under the accNals model. Deprecloilon Depreciation is calculated to write down the cost or valuation le&8 esliEnated residual value of all tangible fixed assets by equal annual instalmenls ov¢1 their expected iiseful lives. The rates and periods geiieially applicabl¢ ar¢.. Housing Properties Office Equipment Furniture and Equipment Integrated Features 10/0 slraighi lin¢ 20Q/ts straight line 200/0 Straight line IOO/o straight line Alloeullon ofExpensÉs Expenses are allocated to management, repairs, and service costs on the basis of th¢ proportion of titne or othcr r¢l£vanl factors allribulable lo these activities. Operaciiig Leases Rentals payable under operating leases are ¢harged to income and expenditure on a slraight-line basis over the lease term. 12- BAKERS, BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 29 FEBRUARY 2024 TURIYOVER Turnover re¢eiv¢d in th¢ year: 2024 2023 Residents, contributions Residents, services Appeal and grant income 505,359 232,286 166315 465,204 151,260 £ 903,960 £ 652,420 OPERATING SURPLUS Operating surpliis is stated after charging.. 2024 202J A¢¢ounlants' remlineration Depreciation of owned assels 5,100 £ 43,553 5,100 £ 45,902 INTEREST RECEIVABLE AND SIMILAR INCOME 2024 2023 Bank deposits £ 8.230 £ 2,985 13 BAKtRS> BENEVOLENT SOCIETY NOTES TO THE Accouwrs FOR THE YEAR ENDED 29 FEBRUARY 2024 EMPLOYEES The aveTage nUTnber of persons employed during the year, expressed in fvll time equivalents {i.e.35 hours per week) Ivas.. 2024 2023 Administration Welfare Dining room Housekeeping 13 13 The full time equivalent number of staff who received remuneration of more than £60,000 in the year was l Q023- 1). Employees costs were as follows- 2024 2023 Wages and salaries Social security costs Pension costs- Defined Contribution Scheme 327,762 25,985 329,068 24,123 £ 359,721 £ 358,792 The Aggregate remuneration for key managemenl personnel charged in the year is.. 2024 2023 Basic salary £61,542 £ 77,491 During the year, the trustees of th¢ so¢i¢ty r¢ceiv¢d r¢muneralion of £Nil (2023 - £Nil) 14- BAKFRS, BENEVOLENT SOCIFTY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 29 FEBRUARY 2024 TANGIBLE FIXED ASSETS Social Housing Properties Furniture And Equlpment Office Equipmen¢ Total Cost Al l March 2023 Addilioiis Disposals At 29 Februury 2024 Depreciation At l March 2023 Charge for the year Depreciation on disposals 2.700,735 52,371 4.526 345,977 3,099,083 4,526 2 700 735 342 359 3099991 642,575 27,007 51.948 249,286 15,430 943,809 43,553 At 29 February 2024 669,582 53,064 261,098 983,744 Net Booli Value Al 29 F¢bruary 2024 2,031,153 3,833 81.261 2.116,247 At I IVKarch 2023 2,058,160 423 96,691 2.155,274 INCOME TAX AND VAT The society has charitable status and is exempt from Income Tax on the income it has received. The society is not registered for VAT. Accordingly no VAT is Charged lo resid¢nts, and expcndittire in the Slalement of Comprehensive Income includes the relevaril VAT. 15 BAKERS, BENEVOLENT SOCIETY NOTIS TO THE ACCOUNTS VOR THE YEAR ENDED 29 FEBRUARY 2024 DEBTORS 2024 2023 Rent receivable Prepayments and accru¢d income 45,485 61,610 £ 50,841 £ 70,399 10 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Rents aiid deposits paid in advance Other creditors Accruals and deferred grant incorne 8,312 1,662 5,573 2,518 £ 48.301 £ 53,979 CREDITORS: AMOUNTS FALLING DUE AFTER MOR THAN ONE YEAR 2024 2023 Deferred graiii/donalion incoIne- various DefeiY¢d grant income- social Housing Grant (Note 12) 6,868 1086 367 9,346 1 101005 £ 1.093,235 £ 1,110,351 12 FERRED INCOMI: SOCIAL HOUSING GRANT 2024 2023 At l March 2023 Grants r¢eeived in th¢ year Released to income in the year I.IIS,643 1,130,281 14 At 29 f¢bruary 2024 £ 1,101,005 £ 1,115.643 Amounts to be released within one year Amounts to be released in more than one year 14,638 1086 367 14,638 £ 1,101.005 £ 1,115,643 16 BAKERSI BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR KNDED 29 FEBRUARY 2024 13 CASH FLOW FROM OPERATIVING ACTtvrrIES 2024 2023 Casb flows from operAtlng activities Operating suiylus from the yeai. Adjiistment for non-cash il¢ms'. Depreciation of tangible 8ssels D¢¢r¢ase l (increase) in trade and other debtors (Decrease) / increase in trade and other Creditors Inteiysl receivable Purchase of tangible fixed assets 275,741 61,529 43,553 19,558 (22,794) 8,230 45.902 21,730 (34,782) 2,985 Net ehange in c#sh and cash equivalen¢ 319,762 5&754 Cash and cash equivnlent at beginning of the year 431 373 228 Cash and cash equiv&lent at end of the year £ 751,744 £ 431,982 14 HOUSING STOCK Unlts under management 2024 2023 Sheltered Ac£ommodgtlon- Nllmber of Units Epping Single flat Ciistomised single flat conversion Single buligalow conv¢i'5ion with bedroom Double flat Double bungalow Refurbished flat Total ulllts l2 12 13 13 17 BAKERS* BENfi VOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR NDED 29 FEBRUARY 2024 15 RELATED PARTIES Thc so¢iely paid a lolal of £3,319 Q023 ~ £6,990) lo DRP Plumbing for servi¢es during the year, business controlled by a relative of the Clerk to the society, Mrs S Pitts. 16 CONTROLLING PARTY Under the Rules of the society, the Manageinenl Committee, as appointed froin time to lime. is d¢em¢d to control the society.