Company registrdtion number: 00461376 Charity registration number: 213320 Frank Hodson Foundation Limited (A company limited by share capital) Annual Report and Financial Statements for the Year Ended 5 April 2024 RWB CA Limited Northgate House North Gate New Basford Nottingham NG7 7BQ
Frank Hodson Foundation Limited Contents Reference and Administrative Details Trustees, Report 2to4 Statement of Trustees, Responsibilities Independent Auditors, Report 6t09 Statement of Financial Aetivities Balance Sheet Notes to the Financial Statements 12to25
Frank Hodson Foundation Limited Reference and Administrative Details Trustees J A Lawrence J Ball FCA S Perkins Bsc (Hons) R H Pascual MRICS A J Belfield JRBall A P Kingswood A-M Pric¢ S Snaith Secretary J Ball FCA Charity Registration Number 213320 Company Registration Number 00461376 The Charity is incorporated in England & Wales. Northgate House North Gate New Basford Nottingham NG7 7BQ RWB CA Limited Northgate House North Gale New Basford Nottingham NG7 7BQ Taylor Rose MW 58 Borough High Street London SEI IXF Registered Office Auditor Solicitors: Bankers Lloyds Bank PIC Old Market Square Nottingham NGI 6FD Page I
Frank Hodson Foundation Limited Trustees, Report The trustees, who are director5 for the purposes of company law. present the annual report together with the financial statemenls and auditors, report of the Charitable company for the year ended 5 April 2024. Referen¢e and administrative details Reference and administrative details are shown in the schedule of member5 of the board and professional advisors on page l of the financial statements. Governing document The charity is registered as a limited company with share capital, governed by its Memorandum and Articles of Association. Trustees The trustees retire on a rotstional basis every three years. The trustees have a range of professional and business skills and experience appropriate to the needs of the Foundation. Full trustees, meetings are held al least six monthly with the day to day operations being delegated to sub groups as appropiate. New trustees are sought in the event of a cuent trustee retiring and invited lo join the Trustee body if they can fill any necessary professional skills gaps. New trustees are provided with a copy of the Memorandum and Articles of Association, the latesi financial statements and the Charity Commission publication 'The E55ential Trustee: What You Need to Know,. The trustees are en¢ouraged to undetake the appropaile training and are giv¢n the opportunity to visit ihe Foundation's properties and meet the residents. The company provides trustee indemnity insurance for all trnstees. Risk review The Trustees have assessed the major risks to which the charity 15 exposed, and are satl5fied thal Systems are in place to mitigate exposure to those risks. The effect of Covid-19 continues lo have an impact on the charity's income. As explained within the inv¢stmenl policy, dividend income is expected to remain subdued in line with economic conditions but the Trustee5 are confident that the re5erv¢s held by the charity are sufficient to enable its continued operations. Objective5 And Aetivities Under its Memorandum the Foundation is empowered to provide homes, hostels and other establishments to care for the poor or sick. to promote healthcare and to give other assistance in cash or otherwise to such persons. Rent fr¢¢ acwmmodation is provided for persons who are 60 and over, independent, but of limited means and able to care for themselves. Further assistance may be given to r¢sidenls by way of grants and other benefits. The obj¢¢tiv¢s of the Foundation are within the Charity Commission's guidance on public benefit. The ciimpany is managed by the trustees, three of whom have executive roles, lssisted by two welfare officers. Fundraising disclosures The charity does not carry out significant fundraising a¢tivities that require disclosure under the Charities Act 2011. Page 2
Frank Hodson Foundation Limited Trustees, Report Public benefit The trustee5 confirni that they have complied with the requiremen15 of section 4 of the Charities Act 201 I to have due regard to the public benefit guidance published by the Charity Commission for England and Wale5. Aehievements and performance The rent free accommodation has remained full and there is a waiting list for most properties. The welfare officers Continue to make regular visits to the beneficiaries and respond to their property needs and provide support as appropriate. Financial review Th¢ foundation continue to spend substantial amounts on refurbishment of retained properties ewhen they b¢¢ome vacant. The net incomel (expenditure) for the year was £212.614 (2023-. £95,224). How¢v¢r. the current year includes a gain on freehold land & buildings plus investment assets of £315,573 compared to gain of £95.325 in 2023. Reserv¢$ policy After deduction of fixed assets from total reserves there are free reserves of £711,412 (2023.. £291,281). The trustees will review the level of reserves annually when approving (he annual accounts and five year plan. Investment policy There are no reslri¢tions on the Foundation's power to invest. The trustees will deierniine the requirements of the Foundation in the short, medium and long tem. It will make. change or maintain its investments in the light of these requirements and ihe advice of suitably qualified advisors. The investment in property and stock market investments will continue. The latter is in medium risk stocks and shares with no individual holding excessive in relation to total investment. The fair value of the charity's quoted investments has recovered some of the loss that was incurred in the previous a¢¢ounting period and this is reflected in the financial statements as at 5th April 2024. As expected dividend in¢om¢ has been reduced in this accounting period and is unlikely to recover to previous levels during the next year. Page 3
Frank Hodson Foundation Limited Trustees, Report Future developments The Foundation continues to refresh it's property holding and is currently in the process of acquiring several further properties, whilst continuing to seek appropriate properties to replace and expand the portfolio. Disclosure of information to auditor Each trustee ha5 taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit inforniation and to establish that the Charity's auditor is aware of ihat inforniation. The trustees onfimi that there is no relevant infonnation thai they know of and of which they know the auditor is unaware. Small companies provision statement This report has been prepared in accordance with the small companies regime under the Compani¢s Act 2006. The annual report was approved by the trustees of the Charity on 17 October 2024 and signed on its behalf by: J Ball FCA Trustee Page 4
Frank Hodson Foundation Limited Statement of Trustees, Responsibilities The trustees (who are also the directors of Frank Hodson Foundation Limil¢d for the purposes of company law) 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law require5 Ihe Irustees to prepare financial stai¢m¢nts for each financial year. Under company law the trustees musl not approve the financial stat¢ments unless they are satisfied that they give a Irue and fair view of the state of affairs of the charitable Company and of the incoming resources and application of resouroes, including its income and expenditure, of the charitable company for that period. In preparing these financial statements. the trustees are required to.. s¢l¢¢t suitable accounting polictes and apply them ¢on5iStently observe the method5 and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departure5 dis¢losed and explained in the finan¢ial statements. and prepa ihe financial statement5 on the going concern basis unless it is inappropriate to presume that the ¢haritable company will conlinue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any lime Ihe financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable ¢ompany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trnstees are responsible for the maintenance and integrity of the Corporate and financial infonnation included on the charitable company's website. Legislation governing the preparation and disseminp4tion of financial statements may differ from legislation in other jurisdictions. Approved by the trustees of the Charity on 17 October 2024 and signed on its behalf by- all FCA Trustee Page 5
Frank Hodson Foundation Limited Independent Auditor's Report to the Members of Frank Hodson Foundation Limited Opinion We have audited the financial statement5 of Frank Hodson Foundation Limited (the 'Charity') for the year ended 5 April 2024, which Comprise the Statement of Financial Activities, Balance Sheel, and Notes to the Finan¢ial Stalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP FRS 102 'The Financial Reporting Standard appli¢able in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the Charity's affairs as at 5 April 2024 and of it5 incoming resources and application of resour¢e5, including its income and expenditure, for ihe year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Companie5 Act 2006. BASIS for opinion We conducted our audil in accordance with International Standards on Auditing (UK) (ISAS (UK}) and applicable law. Our responsibilities under those standard5 are further described in the auditor responsibilities for the audil of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of ihe financial statements in the UK, including the FRC'S Ethical Stdard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going coneern In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not idenlified any material uncertainties relaling to events or conditions thal, individually or collectively, may cast significant doubt on the Charity's ability to Continue as a going concern for a period of at least twelve months from when the original financial slatements were authorised for issue. Our responsibilities and the responsibilities of the tnlstees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other inforniation. The other infonnation comprises the information included in the annual report, other than the financial stat¢m¢nls and our auditor's report thereon. Our opinion on the financial statements does not cover the other inforn]ation and. excepl to the extent otherwise explicitly slated in our report, we do not expre55 any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomation and, in doing so, c()nsider whether the other infomiation is materially inconsislent with the financial statements or our knowledge obtained in th¢ audit or otherwise appears to be malerially mi5Stated. If we identify such material in¢onsisten¢i¢s or apparent material misstatements, we are required to d¢terniine whether there is a material misstatement in the financial statements or a malerial tnisstatemcnt of thc other information. If, based on the work we have perfornied. we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in thi5 regard. Page 6
Frank Hodson Foundation Limited Independent Auditor's Report to the Members of Frank Hodson Foundation Limited Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on ihe work undertaken in the course of ihe audit.. the information given in the Trust¢¢s' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matter5 OTh which we are required to report by exception In the light of our knowledge and understanding of ihe Charity and its environment obtsined in the course of the audit, we have nol identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting record5 hav¢ not been kept, or returns adequate for our audil have not been received from branches not visited by us. or the financial slatements are not in agreement with the accounting records and returns. or certain disclosures of trustees remuneration specified by law are not made: or we have not received all the inforniation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities (set out on page 5), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detern) jne is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the mislees are responsible for assessing Ih¢ Charity's ability to continue as a going concem, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees eith¢r intend to liquid&te the Charity or to cease operations, or have no realistic alternative but to do so. Auditor responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report ihat includes our opinion. Reasonable assurance is a high level of &8surance. but is not a guarantee that an audit condu¢ted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could re&sonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to which the 8udit was CApable of detecting irregularities. including fraud Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedure5 in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting itTegularitie5, including fraud is detailed below: Our audit procedure5 were designed to respond io risk5 of material misstalement in the financial statements, recognising ihat the risk of not detecting a material misstalement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inhereni limitations in the audit procedures perfonned and the further r¢mov¢d non-compliance with laws and r¢¥ulations is from th¢ cvenis and transactions rcflccted in the financial stat¢m¢nts, the less likely we are to bewm¢ aware of it. Page 7
Frank Hodson Foundation Limited Independent Auditor's Report to the Members of Frank Hodson Foundation Limited A rther description of our responsibilities is available on the Financial Reporting Council's website al: w.frc.org.uk/auditorsresponsibilities. This description forn)s part of our auditor's report. As part of an audit in accordance wilh ISAS (UK). we exercise professional judgement and maintain professional scepticism Ihroughout the audit. We also.. Identify and assess the risks of material mi5Statement of the financial statements, whether due to fraud or error. design and perforni audit procedures responsive to those risks, and obtain audit evidence that 15 sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material rnisslatement resulting from fraud is higher than for one resulting from error, as fraud may involve ¢ollu5ion, forgery, intentional omissions. misrepresentations, or the override of inlernal control. Obtain an understanding of internal Control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, bui not for the purpose of expressing an opinion on the effectiveness of the Charity'¥ internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may asl significant doubt on the Charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audilor's report to the related disclosures in the financial stateinents or, if such disclosures are inadequate, lo modify our opinion. Our Conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Charity to cease to continue as a going concern. Evaluate the overall presenlation, slructure and content of ihe financial simtements, including the disclosures, and whether the financial siatements represenl the widerlying transactions and event5 in a manner that achieves fair presentalion. Obtain suffi¢ieni appropriate audit evidence regarding the financial infomiation of the entities or business aclivities within the Charity to express an opinion on the finanei&l statements. We are responsible for the direction, supervision and perforniance of the Charity audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matter5, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable compoJ]y'S tNstees, a5 a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State to the Charity's trustees those matters we ar¢ required to state to them in an auditor's report and for no other purpose. To the fullest extent pern)itted by law, we do not accepl or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work. for this report, or for the opinions we have fornled. Page 8
Frank Hodson Foundation Limited Independen 'tor's Report to the Members of Frank Hodson Foundation Limited Neil Coupland A {S¢nior Statutory Auditor) For and on behalf of RWB CA Limited, Statutory Auditor Northgate House North Gate New Basford Nottingham NG7 7BQ 17 October 2024 Page 9
Frank Hodson Foundation Limited Statement of Financial Activities for the Year Ended 5 April 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2024 Total 2023 Unrestricted Note Income xnd Endowments from: Donations and legacies Investment income 50.582 266,743 277,990 277,990 Total Income 277,990 277.990 317,325 Expenditure on: Raising fund5 Charitable activities (119,082) (261,867) (119,082) (261,867) {87,178) 230,248) Total Expenditure Gainsllosses on investment assets (380,949) 315,573 (380.949) 315,573 (317.426) 95.325 Net income 212.614 212,614 95,224 Net movement in funds 212,614 212,614 95,224 Reconciliation of funds Total funds brought forward 14,497.949 14,497.949 14,402,725 Total funds carried forward 21 14,710,563 14,710,56J 14,497,949 All of the Charity's activities derive from continuing operations during the above NTO periods. The notes on pages 12 to 25 forni an integral part of these financial statements. Pag¢ 10
Frank Hodson Foundation Limited (Registration number: 00461376) Balance Sheet as at S April 2024 2024 2023 Note Fixed assets Tangible assets Investments 13 14 7,625,000 6,374,160 6,965.303 7,241,374 13,999.160 14.206.677 Current assets Debtors Cash at bank and in hand 15 16 11,645 723,337 25,722 285,739 734.982 311,461 Creditors: Amounts falling due within one year 17 (23,570) (20,180) Net current a$set$ 711.412 291.281 Net assets 14,710,572 14,497.958 Funds of the Charity: Unrestricted income funds Callcd up share capital Unrestricted 19 14,710,563 14,497,949 Total unrestricted funds 14,710.572 14,497,958 Total funds 21 14.710,572 14,497,958 The financial statements on (ktober 2024 igned on es 10 to 25 were approved by the tSlee5. and authorised for issue on 17 ehalf by- eir ence stee 11 FCA Trnstee The notes on pages 12 to 25 forn) an integral part of these financial statements. Pagell
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 I Charity stAtus The Charity is limited by share capital. incorporated in England & Wale5. The address of its registered office is: Northgate House North Gate New Basford Nottingham NG7 7BQ These financial statements were authorised for issue by the Iruslees on 17 October 2024. 2 Accounting policies SummAry of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial slatements are set out below. These policies have been consistenily applied to all the years presented. unles5 otherwise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Sialement of Recommended Practice (applieable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) (Charitie5 SORP (FRS 102}), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation Frank Hodson Foundation Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recogni5ed at hisiorical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Goine concern The trustees consider thal th¢re are no material uncertainties about the Chariry's ability to continue as a going concern nor any signifi¢ant areas of uncertainty thal affect the carrying value of assets held by th¢ Charity. Exemption from prep#ring a cash flow statement The Charity Opied to early adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Income and endowments All income is r¢¢ognis¢d once the Charity has entitlement to the income. it is probable that the income will be r¢¢eived and the amount of the income receivable ¢an be measur¢d reliably. Page 12
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 Donations and legucies Donations are reci)gnised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to condilions that require a lev¢1 of perfom)ance by the Charity befor¢ the Charity is entitled to the funds. the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period. Deferred income Deferred income represents rental amounts received for future periods and is released to incoming resources in the period for whi¢h. it has been received. Inveslment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Other income Rental in¢ome is recognised by the charity once it becomes entitled to the income based on the specific rental agreements in place. Expenditure All expendilure is recognised once ihere is a leg21 or ConStctive obligation lo that expenditure, it is probable settlement 15 required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where ¢osts cannot be direcily attributed to particular headings they have been allocated on & basis consistenl with the use of resources. with central staff osts allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of stsff costs. Raisingfunds These are cosls incued in attracting voluntary income. the management of investments and those inCued in trading activitie5 that raise funds. Charilable aelivilies Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for ils beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. GovernaThce costs These include the costs attributable to ihe Charity's compliance with constitutional and statutory requirements. including audit, strategic management and irustees meeting5 and reimbursed expenses. Taxation The Charity is considered ¢0 pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity 15 PQt¢ntially exempt from taxation in respe¢t of income or capital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax Ad 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied ¢xclusively to charitable purpos¢s. Page 13
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 Tangible fjxed assets Freehold land and buildings is Caled at fair value, derived from the current market prices for comparable real estate detem)ined annually by internal valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, localion or condition of the specific asset. Changes in fair value are recognised in the statement of financial activilie5. Investment properties Investment property is carried at fair value, derived from the current market prices for comparable real estate detennined annually by internal valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature. location or condition of the specific asset. Changes in fair value are recognised in the statement of financial activities. Fixed asset investments Fixed asset investments, other than programme related investments. are included at market value at the balance sheet date. Realised gains and losses on investments are calculaled as the difference between sales proceeds and their market value at the start of the year, or their subsequ¢nt cost, and are charged or credited to the Ststement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value al the year end. Investments in subsidiaries and a5SOCiXtes are measured for at cost less impairnient. For investments in subsidiarie5 acquired for consideration including the issue of shares qualifying for merger relief. cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Trade debtors Trade debtors are recognised initially al the Irdnsaetion price. A provision for the impaimient of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Cgsh and cash equivalents Cash and cash equivalents comprise cash on hand and call deposiis, and other 5hort-temi highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change itl value. Trade creditors Trade creditors are obligations to pay for goods or services thal have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period. to defer settlement of the cr¢ditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are re¢ognised initially at the transaction price. Fund structure All funds held by the charity are unrestriced general funds that are available for use at the trustees's discretion in rtherance of the objectives of the charity. Page 14
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 Pensions and other post retirement obligations The Charity operate5 a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the Charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the Cuent and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activilies when they are due. If contribution payments exceed the contribution due for servi¢¢. the excess is recognised as 8 prepayment. Financial instruments Fair value measurement The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significani lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value. the fair value is estimated by using a valuation technique. 3 Income from donations #nd legaeies Total 2024 Total 2023 Donations and legacies; Donations from individuals 50.582 50.582 Pagc 15
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 4 Investment income Unrestricted funds General Total 2024 Total 2023 Interest receivable and similar income. Other interest receivable Other income from fixed asset investments Income from rents 8,662 128,857 140,471 8,662 128.857 140,471 5,656 118,844 142,243 277,990 277,990 266,743 5 Expenditure on raising funds a) Investment management costs Unrestricted Total 2024 Total 2023 General Other investment management costs: Stockbrokers portfolio management costs Management fees and expenses Propeity expenses.. Let Trustee remuneration and expenses 24,508 1,910 79,124 13,540 24.508 1,910 79,124 13,540 25,434 953 50,492 10,299 119,082 119,082 87,178 6 Expenditure on charitable activities Unrestricted fund5 General Totgl 2024 Total 2023 Welfare officers salaries Welfare officers expenses Property expense5= Rent free Gifts to residents Sundry expenses Management fees and expenses Trustee remuneration and expenses 42,180 5,227 150,328 2,300 965 9.549 36,680 42,180 5,227 150,328 2,300 965 9.549 36,680 41,887 4,086 114,270 2,280 ,812 10,481 40,475 247,229 247,229 215,291 Page 16
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 £247.229 (2023 £215.291) of the above expenditure was attributable to unrestricted funds and £Nil (2023 £Nil) to restricted fvnds. In addition to the expendtture analysed above, there are also governance costs of £14,638 (2023 £14.957) which relate directly to charitable activities. See note 7 for further details. 7 Analysis of governAnce and support costs Governanee costs Unrestric¢¢d funds General Total 2024 Total 2023 Trustees remuneration and expenses Wages and salaries Social security costs Other staff costs Audit fees Audit of the financial statements Other fees paid to auditors TNstees indemnity insurance 7.620 424 7,620 424 120 7,547 435 485 120 3.900 1,780 794 3.900 1,780 794 3.900 1.796 794 14,638 14,638 14,957 Page 17
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 8 Net incomingloutgoing resources Net outgoing resources for the year include: 2024 2023 Audit fees 3.900 3.900 9 Trustees remuneration and expenses During the year the Charity made the following transactions with trustees.. S Perkins Bsc (Hons) Management of the properties and welfare Services (payable to Simbec Properties LLP for his services) of £11,131 (2023.. £10,774) and expenses reimbursed of £328 (2023: £659). J Ball FCA J Ball FCA received remun¢ration of £15,240 (2023.. £15,094) and £240 (2023.. £969) of expenses were reimbursed to J Ball FCA during the year. The remuneration wa5 for bookkeeping, accounting and secretarial services provided during the year. A-M Price A-M Price received remuneration of £37,242 (2023- £36.894) and £Nil (2023.. £465) of expenses were reimbursed to A-M Price during the year. The remuneration was for property management service5. No tNst¢e5 have received any other benefits from the charity during the year. Page 18
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 10 Staff costs The aggregate payroll costs were as follows-. 2024 2023 Staff costs during the yearwere: Wages and salaries Social security costs Pension costs Other staff costs 95.346 94,445 3,445 1.803 5,521 1,841 5.467 105.791 105,214 The monthly average number of persons (including senior management I leadership team) employed by the Charity during the year expre55ed as full time equivalents was as follows: 2024 2023 Management of welfare and property Welfare officers Secretarial and accounting 3 (2023 - 3) of the above employees participated in the Defined Contribution Pension Schemes. No employee received emoluments of more than £60.000 during the year. I l Auditors, remuneration 2024 2023 Audit of the financial siatements 3,900 3.900 Other fees to auditors All other non-audit services 1,780 1,796 12 Taxalion The Charity is a registered charity and is therefore exempt from taxation. Page 19
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 13 Tangible fixed assets Land and buildings Total Cost At 6 April 2023 Revaluations Additions Transfers tolfrom investment properties 6,965.303 35,555 350,809 273,333 6,965,303 35,555 350,809 273,333 At 5 April 2024 7,625,000 7.625.000 Depreciation At 5 April 2024 Iyet book value At 5 April 2024 7,625,000 7,625,000 At 5 April 2023 6.965.303 6,965,303 Page 20
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 Revaluation The fair value of the company's land and buildings wa5 revalued on 5 April 2024 by S Perkins. a trustee of the company. An independent valuer was not involved. Had this class of a55et been measured on a hislorical cost basis. their carrying amount would have been £4,034,201 (2023 - £3.503.289). 14 Fixed asset investments 2024 2023 Investment properties Shares in group undertakings and participating interests (hher investments 2,530,000 3.275.000 3,844,153 3,966,368 6,374,160 7,241,374 Investment properties Investment properties Cost or Valuation At 6 April 2023 Revaluation Disposals Transfers tolfrom land and building5 3.275.000 70,000 (541.667) (273,333) At 5 April 2024 2,530,000 Provision At 5 April 2024 Net book value At 5 April 2024 2,530,000 At 5 April 2023 3,275,000 The investment properties are stated al market value as at 5 April 2024 as valued by S Perkins, a trustee of the company. The value of the freehold investments is £2,530,000 (2023.. £2.519.000) and long leasehold is £Nil (2023.. £650,000). Page 21
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 ShAres in group undertakings and participating interests Subsidixry undertakings Total Cost At 6 April 2023 Additions Disposals (5) (5) At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 Details of undertakings Details of the investmen15 in which the Charity holds 20 % or more of the nominal value of any class of share capital are as follow5= Country of incorporation Proportion of voting rights Principal 4nd shares held Activity Undertaking Holding 2024 2023 Associates Furlong Court (Management) Ltd Field Fann Managment Ltd England and Wales Ordinary 220/0 Property Management Property Management 1/0 England & Wales Ordinary 43Q/o Page 22
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 Other investments Listed investmen¢s Cash deposits TotAI Cost or V8luation At 6 April 2023 Revaluation Additions Disposals 3,865,032 206,637 723,823 (1,038,189) 101,336 3,966.368 206,6)7 723,823 (14,486) (1,052,675) At 5 April 2024 3,757,303 86.850 3,844.153 Iyet book value At 5 April 2024 3,757,303 86,850 3.844,153 At 5 April 2023 3,865,032 101,336 3,966,368 The market value of the listed investments at 5 April 2024 was £3.757.303 (2023 - £3,865,032). 15 Debtors 2024 2023 Trade debtors Prepayments Other debtors 7.969 1,414 2.262 24,633 1.089 11.645 25,722 16 Cash and cash equivalents 2024 2023 Cash at bank 723,337 285.739 Page 23
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 17 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Other creditor5 Accrua15 D¢ferred income 2,225 3,495 2,932 343 5,352 8,058 373 11,059 9.913 23.570 20.180 2024 2023 D¢f¢tTed income at 6 April 2023 Resources deferred in the period Amounts released from previous periods Deferred income at year end 8,058 9,913 (8,058) 5,665 8,058 5,665) 9,913 8,058 18 Pension and other schemes Defined contribution pension scheme The Charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Charity to the scheme and amounted to £1,841 (2023 - £1,803). 19 Share capital Allotted, Called up and fully paid shares 2024 2023 Ordinary of £1 each 20 Commitments Capital commitments Investment property additions Thc total amount ¢ontracted for but not provided in the financial statements wa5 £846,432 (2023 - £286.552). Page 24
Frank Hodson Foundation Limited Notes to the Financial Statements for the Year Ended 5 April 2024 21 Funds Other recognised Balance at 5 gains/{losses) April 2024 Balance gt 6 April 2023 Incoming resources Resources expended Unrestrieted General 14.497.949 277,990 (369.997) 304,621 14,710,563 Included in unrestricted funds is a revaluation reserve of £4.869.757 (2023.. £4,838,861). 22 Analysis of net *ss¢ts between funds Unrestricted funds General Total fund$ at 5 April 2024 Tangible fixed assets Fixed asset investments Current assets Cuent liabilities 7,351,667 6,647,493 734,982 {23.570) 7,351,667 6,647,493 734,982 (23,570) Total net assets 14,710,572 14.710,572 23 Related party transaetions During the year the Charity made the following relaled party transaction5- Taylor Rose (A J Belf5eld is a consultant solicitor of this firn.) During the year Taylor Rose provided services of £8.714 (2023.. £5.925) to the company. At the balance sheet date the amount due to/from Taylor Rose was £Nil (2023 - £Nil). Field Farm Management Lld (Subsidiary of the company.) At the balance sheei dat¢ the amount due from Field Fam Management Ltd wa5 £763 (2023 - £Nil). Page 25