BAKERS, BENEVOLENT SOCIETY REPORT AND filNANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 CONTEf4TS Page Legal and Administrative liifoi'matioii Report of Tlie Trustees Actount2nts' Report Statenient of Compi'ebensive liiconie Statement of Changes in Reseiyes Statement of Financial Position Notes to the Accounts 10-17 Registei'ed Social Housing Pi'ovider Numbej. A1071
BAKERS, BENEVOLENT SOCIETY LEGAL AND ADMif41STRATJVE INFORMATION FOR THE YEAR ENDED 28 FEBRUARY 2025 Tlie manageinent coininittee acts as h'ustees for the chai'ity and niaiiage the resoui'ces of the society in accordance with theii. objectives. President Mr J Reiisl)aw Vice Pj'esidents Mrs J Spi'ingett (died 2 May 2024) Mr A Wood Ms D Cassey Mi. G Rowledge Mr P Renshaw Mi. P Heygate Management Committee The ineiiibei's of tlie Managemeiit Coiniiiiltee who served duriiig the year were.. Mr C Tomkins (Chairiiiaii) Mr C Beaney (Deputy Chairillan) Mr A Hume Mr D Hall Sir G Hickinbottom Mr P Wilkins Ms G Tomkins Mr S Butcher (appointed 22 January 2025) Clei'k to the Society Mrs S Pitts Bsc (Hons) Cert. EOLC Regi5tei'ed Addres5 The Mill House 23 Bakers Lane Eppiiig Essex CM16 5DQ Repoi'ting Accoulltant Lori'aine Catherine Purdy FCCA Clay Ratiiage Sti'evens & Hills Cliarlered Aceoui)lants Suite D, The Business Centre Faritigdon Avenue Romford Essex RM3 8EN
BAKERS, BENEVOLENT SOCIETY REPORT OF I'HE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2025 The Ti'ustees, pi'eseiit their report tooetl)er iviili tl)e fiiiancial statemeiits for the year elided 28 February 2025. Reci'uitnient aiid Appoiiitnient of the Offieei's and Maiiagement Comniittee Tlie Society shall consist of a President. Vice-Presideiils, Chaii. of Trustees, Clerk and Manageinent Committee of Ti'uslees. Tlie President sliall be elected foi. a term of1-7 yeai's al an Annual General Meeting (AGM) aiid Inay be re- elected for a successive period of 1-7 yeai's. Vice Presidents shall be elected at an AGM to hold office for a term of 5 years and iiiay be re-elected for successive pei'iods of 5 yeai's. The Maiiageiiieiit Coi)iinittee shall coiisist of not more than 18 Trustee Members. Meiiibei's shall be appointed by the society al AGMS to hold office foi. 3 yeai's aiid any meinbei. may be I'e-elected foi. successive pei'iods of 3 yeai's. Aiiy vacancy on the Manageinei)I Coinniittee may be filled by the Managen)ei)t Comiiiittee, ai)y such appointinent beiiig subject to ratificatioii at the iiext AGM of the society and to subsist only foi. the unexpired poi'tion of the tei'in of the origiiial appointment. A meinber of the Mai)agemeiit Comiiiittee iiiay be removed by I'esolution of tlie Mai)ageniei)I Coiiiiiiittee or by a iesollltion of the society passed at an AGM provided that the ineiiiber is given not less than 21 days, i)otice of tlie inteiitioii. Trustee Inductioj) and Ti'ainiDg All trustees al'e faniiliar witli tlie work of tlie society before election and understand what is required before their election. Risk Mailagement The maiiageinent comtnittee l)as conducted a I'evieiv of the majoi. risks to which the society is exposed. Each year a coiiiprelien5ive business plaii is prepai'ed. The plai) covers wide rangii)g issues such as Healili & Safety to cliallenges faciiig the society. This strategic planning process ensui'es that sigiiificaiit risks are identified, and steps taken to mitigate them. Investment Policy Tlie society's fuiids will, ii) the sl)ort term, provide financial support to its beneficiaries in accordance with tlie society's objectives. Iiivestiiieiit also contiiiues to ensui'e that the society's existing l)ousing stock complies With the Decent Homes Act and funds the continued programme of refurbishment woi'k. Resej'ves Policy The Yeseives of tlie society consist of tlie gei)ei'al income and expenditure reserve. The society has a policy to ensure that the society has sufficient ndS in oi'dei. that pi'edicted works can be completed and also that the level of resei'ves comply with the Alins-house A55ociation's recommended practice.
BAKERS, BENEVOLENT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2025 Objectives And Activities The objective of the society is to provide sheltered accoinmodation for i'etii'ed people, who liave. during their lifetii)ie, worked in the Baking Industry and allied trades. Tlie society provide5 quality welfare to ils beneficiai'ies in a variety of ways from sheltered accoinmodatioii to fiiiancial support foi. the purcliase of Inobility aids and essential Iiouseliold itenis. Tlie society also pi'ovides cliaritable graiits to top up beneficiai'ies, basic goveriii)ieiit pei)sioii5. Organisational Sti'uctui'e Tl)e manageiiient coiiiiiiittee, which ineets bi-monthly is responsible for the strategic direction of the society. Tl)e i)iaiiageinenl coiiiinittee delegates tl)e day-to-day I'esponsibility lo tlie clei'k to tl)e society to ensui'e that Ilie service provided meets tlie society's objectives of pi'ovidiiig quality welfare and financial support. Financial Review, Achievements and Performance The results foi. the yeai. al'e set out in Ilie Stateiiieiit of Coi))prehensive Iiicoiiie oil page 7. An aiialysis of the society's incoine is shown in Note 3 on page 12. The trustees, considei. the society's affau's to be satisfactory aiid iii liiie witli tlieir expectations. The TI'iislees al'e pleased to report a surplus of £122,003 for the year. The residents, contributions for accomtijodation have fui'ilier ii)Ipi'oved froin £505,359 to £531,128 al'e shoivi) iii note 3 011 page 12. Tlie Society has improved its waitii)g list and ils ability to fill voids as tliey arise. Maiiitenance costs Iiave iiicreased froni £12,957 in 2024 to £63,661 in the year as die Society is investing in i'efurbishing properties as they becoine vacant, in lii)e with tlie De¢eiit Honies Act. There were also new boilei's ii)stalled iii the cottage block and extensive roof woi'ks wei'e conducted. The Society is foitunale that the Cliai]Iiiaii of Ti'ustees, Mi. Chi'islopliei. Tomkins. and a I'esident at Bakei's Villas, Mi. Robin Hallen. a]'e able to uiidertake many iiiaiiitenance ai)d gai'dei)iiig lasks 01) a voluiitary basis. Plans foi. the Futui'e The society plans to continue delivering Ilie sei'vices it provides iii the fortlicorning years. Following the expansion of its range of sei'vices whei'e extra care is offered to qualifying residents, the society is focused 011 niaiiitaiiiiiig its l)igli staiidard with tlie Care Quality Commission. Following the building of a multi stoi'ey cai. park close and to tlie south of Bakers Villas, the Trustees have coniiiiissioiied tl)e services of ali independent surveyor to determiiie tlie iiiipact tl)e build and new structure has had 01) the sile.
BAKERS, BENEVOLENT SOCIETY REPORT ofi THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2025 Plans foi. tlie Futui'e (Coiitinued) The Society is coiniiiittcd lo iiiiproviiig tlie buildiiigs aiid service5 al Bakers Villas. Tlie Iiousiiig is iiow ovei. 50 years old aijd tlie me¢liaiiical woi'ks aiid boiler systeins foi. ils iiiaiii buildiiig, The Millliouse. al'e lo be i'eplaced al a cost of £150,000. Tlie Ti'ustees to coiiiinit to these iinpi'oveinents fi'oni resei'ves. Public Benefit In setting and reviewing oui. aiins the Trustees have given cai'eful consideration to the Charity Coinmission's guidaiice on public benefit. Trustees Respoiisibilities The Ti'ustees al'e responsible for preparing the report ajid financial statements in accordai)ce with applicable law and I'egulations. The Cliarities Act and registei'ed social housiiig legislatioi) reqiiii'es the Ti'ustees to pi'epare accolints for each financial yeai. whicli give a true and fair view of the state of the Society's affaii's and of tlie surplus or deficit foi. tl)at year. Iii preparing iliese 3ccouI)Is Ilie coniinittee members are required to.. Select suitable accounting policies and tlieii apply thein consisteiitly. Make judgeinents and estimates that al'e reasonable and prudei)t. Prepare the accounts on the going concern basis unless it is inappropriale to pi'esume that the Society will continue in business. The Trustees are respoi)sible foi. keeping proper accouiitiiig records which disclose, with reasonable accuracy at aiiy tinie, tlie financial position of the society. They al'e also i'egponsible for safeguarding the assets of the society and heiice for taking reasoiiable steps for the prevei)lion aiid deteetion of fraud and other irregularities. In determining how amounts are presented witliin tl)e statement of coniprel)ensive income and statenient of fiiiancial position, the Ii'ustees have liad regard to the substance of the repoited ti'ansaction oi. arraiigei)ieiit, in accordance witli generally accepted accounting practice (UK GAAP), including FRS 102 'The Financial Repoi'ting Standai'd applicable in tlie UK aiid i'epublic of Ii'elai)d'.
BAKERS, BENEVOLENT SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 202.$ Tl)is report was approved oil and sigiied. Mi. C Tomliiils Ch4lil'inai) of Ti'ustees Mi. C Beaney Deputy Cliaii'man
ACCOUNTANTS, REPORT TO THE TRUSTEI S ON THE UNAUDITED FINANCIAL STATEMENTS OF BAKERS, BENEVOLENT SOCIETY FOR TIIC YEAR ENDED 28 fEI BRUARY 2025 We I'cpoi'l on the financial statcnienls of Bakers Bciicvolcnt Society for the year ended 28 Febi'uary 2025 which are sct out on pages 7 to 17. Respective J'espoi15ibilities of ti'iistees 3nd i-epoiting 2ecouiitaiits The Ti'uslees of the Registcitd Social Hoiising Pi'ovidei. are responsible foi. the preparation of the accounts, and tl)ey coiisidci. tliat Ihe Registei'ed Social14ousing Pi'ovidei. is excnipl fiDni an audit. It is our I'cspoi)sibilit)i to carly out procedures designed to enablc us to I'epoi'l oui. opinioi). Opinioii In oui. opinion.. the accoiints foi. the yeai. elided 28 February 2025 al'e in accoi'dance ivith tl)e accounting I'ecords kept by tlie Rcgistei'ed Social Housiiig Pi'oviLlei' undei. paj'agraph 135(2)(a) of tlie Housing and Regeiiei'atioii Act 2008. having i'egard only to, and on the basis of the infoi'nialion contained in the accounting recoi'ds.. the accounts comply with the requireniei)ts of the Cliai'ilies Act 2011. the Registered Social Housii)g Providei. has satisfied the conditions foi. exei)Iption fi'om audit of the accounts foi. the year 28 FebrUY 2025 spccified in section 136(3) of the Housing and Regeneration Act 2008,. tlie accounts compl)i ivith thc I'cquii'eineiits of the Housing and Regenei'atioii Act 2008 and the Accounting Dii'eclion of tlic Regulator of Social Housiiig 2022. CrtAkn*KQ YL4 ftLH Lorraine Catliei'iile Pui'dy FCCA Reporting Accounlaiit Clay RatnAge Strevens & Hills Cliai'lered Accountaiils Suite D, Tlie Business Centre Faringdon Avenue Roinfoi'd Essex RM3 8EN Date: 111,, |u)IS
BAKERS, BENEI VOLENT SOCIETY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 202S P4ote 2025 2024 TURNOVCR Operating costs OPERATJNG SURPLUS fioR YEAR 800,926 687 930 903,960 628 219 112,996 275,741 Intei'esl receivable TOTAL COMPREHENSIVE SURPLUS FOR THE YEAR £122,003 £283,971 No opei'atioi)s have beeii discoi)tiiiued or acquii'ed durii)g the yeai., aiid the amouiits above relate ei)tirely to continuing activities. The accoinpaiiying iiotes forin part of the fiiiancial stateineiits. The Accouiits were approved by the Trustees and signed on tlieir behalf on by- 31 ooh49y Mi. C Tomliins (Cllaii'm n of Ti'ustees) Mr C Beaney (Deputy Chaxrman)
BAKERS, BENEVOLENT SOCIETY STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 28 FEBRUARY 2025 Income 2nd expeiiditure i'eserve Resti'icted i'esei've Total Balance as al l Mai'ch 2023 1,493,325 1,493,325 Total coiiipreheiisive sui'plus foi. the year 283 971 283 971 BAlanee at 29 Februai'y 2024 £ 1,777,296 £ 1,777,296 Total comprehensive sui'plus foi. the year 122 003 122 003 Balance at 28 Februal'y 2025 £ 1,899,299 £ 1,899,299
BAKERS, BENEVOLEI NT SOCIETY STATEMENT OF FINANCIAL POSITRON AS AT 28 FEBRUARY 2025 Notes 2025 2024 FIXED ASSETS Housiii(F propeities Office equipinent Fui'niture and equipnient 2,004,146 3,479 163 567 2.031,153 3,833 2,171,192 2,116,247 CURRENT ASSETS Debtoi's and prepayiy)ents Casli al bai)k and in liand 93,531 756 579 850,110 50,841 751744 802,585 Ci'editoi's.. Amounts falling due within one year io NET CURRENT ASSETS 810 826 754 284 TOTAL ASSETS LESS CURRENT LIABILITIES 2,982,018 2,870,531 Ci'editors.. Ainounts falling due after mol'e than one yeai. 1082 719 1093 235 TOTAL NET ASSETS £ 1,899,299 £ 1,777,296 RESERVES £ 1,899,299 £ 1,777.296 The accompanying notes form part of ihe financial statei)ieiils. The Accounts were appi'oved by tlie Trustees and sigiied on its bel)alf on by.. 31 odolrf 2ois Mr C Tomkin5 (Chaii'man f Ti'ustees) •rJ Mr C Be2ney (Deputy Chairinan)
10 BAKERS, BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR EI NDED 28 fiEBRUARY 2025 LEGAL STATUS Tlie society is registei'ed ui)dei' the Cliarities Act {Nui)Iber 211307) aiid is ai) exeinpt cliai'ity and i'egistered witli tl)e Hoines ai)d Conii)iui)ities Agency as a Registered Pi'ovider {Nuiiibei' A1072). It was established 13, December 1832. ACCOUNTING POLICIES Basis ofAecoiiiiliiig The finai)cial stateinents of the society al'e prepared in accordance with UK Gei)erally Accepted Accouiiting Practice (UK GAAP) includiiig Finaiicial Repoitii)g Siaiidard 102 (FRS 102) aiid tl)e Housiiig SORP 2018.. Statenieiit of Recoiiiineiided Practice for Registered Social Housiiig Providers aiid comply with tl)e Accounting Dii'eclion of tlie Regulatoi. of Social Hoiising 2022. T14riiover Tui'iiovei. coi)Iprises reiital iiicome receivable iii the yeai., services supplied, appeal iiiconie and grants receivable. vll114e A(Icled T(L¥ I'he company is not registei'ed for VAT and as sucli all expeiises are shown inclusive of VAT. Filiaiicial liisrfriiiiieiils The coinpany has elected to apply the provisions of Section I I 'Basic Financial Instruments" of FRS 102 to all its fiiiancial instruiiienls. Flnancial iiistriiinents al'e recognised in the coinpany's Balance Sheet when the coinpany becomes pai'ty to the coiitractual provisions of tlie iiisti'uiiient.
BAKERS? BENEVOLEI NT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Aceounting policies (continued) Hoiisiiig Pioperties Housing propei'lies are priiicipally propeitie5 available for rent and are slated al cost less aiiy accliiiiulated depreciatioi) aijd iiiipaii'i))eiit. Cost iiicliides tlie cost of acqiiii'ing lai)d aiid buildings, developnient costs, interest charges incLlI'i'ed dui'ing Ilie developiiient and expenditure incui'red in respect of iiiiprovements. linproveinents are works to exislii)g propei'lies which resiilt in an increase in the iiet rental iiicoine, including a reduction in maintei)atiee costs oi. result in a sigi)ificant extension of tlie useful econoiiiic life of the propeity Majoi. coniponents of l)ousii)g propei'ties, sucl) as lifts and ivai'dei) alai'm syslenis, l)ave been accounted for aiid depreciated sepai'ately fi'oin tlie coiii)ected liousiiig pi'opeity. Goveriiiiieiii Graiils Governmeiit grants include grants receivable froiii the Homes and Coininuiiities Agency, local autlioi'ities, and other govei'tllnent organisations. Govei'ninent grants received foi. l)ousing pi'operlies are recogiiised as iiicome over tlie useful life of the liousing propeity structure and, wliere applicable. its iiidividual coinpoiients under the accruals iiiodel. Depreclrtftoii Depreciation is calculated to wi'ite down the cost or valuation less estimated residual value of all tangible fixed assets by equal ani)ual ii)stalments ovei. their expected useful lives. The rates and periods generally applicable are.. Housing Properties Office Equipinent Furnitiii'e and Equipment Integi'aled Featui'es l /0 Straiglit line 200/0 Straight line 20 % straight line l O % straight line Allocalioii of Eipeiises Expenses are allocated to maiiagenient, I'epaii'5, and service costs on the basis of the propoi'tion of tiiiie or other relevai)I factoi's attributable to these activities. Operotiiig Lenses Rentals payable uiidei. operatiiig leases are charged to iiicome aiid expenditui'e on a slraight-line basis over the lease tei'm.
12 BAKERS, BENII VOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2025 TURNOVER Turiiover received iii the year.. 2025 2024 Residents, contributions Residents, sei'vices Appeal aiid graiit inconie 531.128 250,533 505,359 232,286 166315 £ 800,926 £ 903,960 OPERATING SURPLUS Operhtiiig surplus is stated aftei. charging.. 2025 2024 Accountaiils, reiiiui)eralion Depreciation of owned assets 5,100 £ 53,105 5.100 £ 43.553 INTEREST RECEIVABLE AND SIMILAR INCOME 2025 2024 Bank deposlts £ 9,007 £ 8,230
13 BAKERS, BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2025 EMPLOYEES Tlie average Iiuinbei. of persoiis eniployed during Ilie year, expressed iii full tiiiie equivalei)ts (i.e.35 liours pei. week) was.. 2025 2024 Admii)istratioi) Welfare Diiiing I'ooiii Housekeeping 13 13 The full time equivalent numbei. of staff who I'eceived remunei'atioii of mol'e than £60,000 in tlie year was l (2024- 1). Einployees costs were as follows.. 2025 2024 Wages and salai'ies Social security costs Peiisioii costs- Defined Contribution Scheme 334,817 20,297 327,762 25,985 £ 366,866 £ 359,721 The Aggregate reinuneratioii for key maiiageineiit perso[e1 charged iii the year ts: 2025 2024 Basic salary Pension costs £61,012 £6,821 £61,542 £1.321 During the year, the trustees of tl)e society received I'eiiiuiiei'ation of £Nil (2024 - £Nil)
14 BAKERS, BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE yll AR ENDED 28 FEBRUARY 2025 TANGIBLE FIXED ASSETS Soei81 Housiiig Pi'opei-ties Fui'nitui'e Aiid Eqiiipmeiit Office Equipment TotHI Cost At l March 2024 Additions Disposals At 28 fiebruai'y 2025 Depi'eeiation At l March 2024 Chai'ge foi. the year Depi'eciatioi) 01) disposals 2,700,735 56,897 954 342.359 107,096 3,099,991 108,050 2 700 735 449 455 3 208 041 669,582 27,007 53,064 1,308 261,098 24,790 983,744 53,105 At 28 February 202 696,589 54,372 285,888 1,036,849 Net Book Value At 28 Febi'uary 2025 2.004,146 3.479 163,567 2,171,192 At l Marcli 2024 2,031.153 3,833 81,261 2,116,247 INCOME TAX AND VAT The society lias cliai'itable staWs and is exempt fiom Inconie Tax on the income it has received. The society is not registei'ed foi. VAT. Accordingly no VAT is charged to residents, and expeiiditure in the Statenient of Compi'eliensive Income includes the relevant VAT.
15 BAKERS, BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2025 DEBTORS 2025 2024 Relit receivable Pi'epayinents and accrued income 84,244 45,485 £ 93,531 £ 50,841 io CREI DITORS: AMOUNTS FALLING DUE WITHIN ONE YEI AR 2025 2024 Reiits aiid deposits paid in advance Oiliei. ci'editors Acci'uals and defei'red gi'ant income 7,347 1,561 8,312 1.662 £ 39,284 £ 48,301 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 Deferred grant/donation income- various Deferred grant ii)coine- Social Housii)g Graiit (Note 12) 10,990 1071729 6,868 1086 367 £ 1,082,719 £ 1,093,235 12 DEFERRED INCOME: SOCIAL HOUSING GRANT 2025 2024 At l March 2024 Grants received ii) the year Released to incoine in the year 1,101,005 1,115.643 At 28 February 2025 £ 1,086,367 £ 1.101.005 Aniouiils to be released withii) one year Amouiits to be released in Inore than one yeai. 14,638 1717 729 14,638 1086 367 £ 1.086,367 £ 1,101,005
16 BAKERS, BENEVOLENT SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2025 13 CASH FLOW FROM OPERATIVING ACTJVITJES 2025 2024 Casli floiys fi'om opei'lltiiig activities Opei'aling sui'plus froiy) Ilie yeai. Adjustmeiit for 11011-casli iteins: Depreciation of tai)gible assets (Increase) I deci'ease in trade and othei. debtoi's Deci'ease in ti'ade ai)d oiliei. creditors Interest receivable Pui'chase of tangible fixed assets 112,996 275,741 53,105 {42,690) (19,533) 9,007 108 050 43,553 19,558 {22,794) 8,230 Net change in cash Aiid cA5h equivalent 4,835 3] 9,762 Cash and casli equivalent at beginning of the yeAr 751744 431982 Cash and cash equivalellt at end of the year £ 756,579 £ 751,744 14 HOUSING STOCK Units undel. manAgement 2025 2024 Sheltered Aceommodation- Number of Units Epping Single flat Cuslomised single flat conversion Single buiigalow coiiversioi) witli bedroom Double flat Double bungalow Refui'bisl)ed flat Total uiiits 12 12 13 13
17 BAKERS, BENEVOLEf4T SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2025 15 RELATED PARTIES Tlie society paid a total of £4.649 (2024- £3,319) to DRP Plumbii)g foi. sei'vices dui'iiig Ilie year. a busii)ess coiilrolled by a I'elative of the Clerk to the society, Mrs S Pitts. 16 CONTROLLING PARTY Under tl)e Rules of tlie society, the Management Coiiiiiiittee. as appointed fi'oiii tiine to tinie, is deemed to conti'ol the society. 17 EXCEPTIONAL INCOME The Society is due to receive ai) exceplioiial oiie-off financial receipt iii the yeai. elided 28 February 2026. This I'eceipl ai'ises from a coiifidential agreeineiit, the tei'ms of which I'esh'ict furtlier disclosui'e i'egai'diiig its oi'igiii ai)d specific iiature. Tliis ii)come will be used towards tlie cost of the Millhouse boiler house i'efurbishment.