Charity reglstration number 213747 IPutrlO& Iii ANN SMYfHS ALMSHOUSES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ANN SMYTHS ALMSHOUSES LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr R H Pierce Rev Canon John Thackray Mrs J M Leach Mr R Slirling Mrs E Hughes Mr B Hendley IAppoint8d 2 D8cember 20241 Charlty number 213747 Independent ex•min•r Affinia Ilpswichl 80 Compair Crescent Ipswich Suffolk UK IP2 OEH
ANN SMYTHS ALMSHOUSES CONTENTS Pag8 Trustees. report Indgpgndent examinerfs report ststem9nt of financial activities Balance sheet Notes to the financial statements 6-11
ANN SMYTHS ALMSHOUSES TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and finanrjal statements for the year ended 31 December 2024. The financial slalemenls have been prepared in accordance with the gccounling policies set out in note 1 to the rinancial statements and comply wth the charity's governing documentthe Charities Act 2011 and "Accounb'ng and Reporting by Charitlos.. Statement of Recommended Practice applicable lo charities preparing Iheif accounts in accordall with the Finanaal Reporting Standafd applicable in the UK and Republic ol Ireland IFRS 1021" leff8Ctive 1 January 20191. Oblectlves and actlvities The purpose of the charity as set out in its governing document is the provision of housing accommodation for ressdents.. and such charitable purposes for the benefit of the residents as the trustees decide. The main acttvities of the company are". provision and maintenance of self conlaingd apartments as a(wmmodation for eight women aged fity y•ars and over. who are also communicate members of th6 Church of England. prowsion and maintenance of a garden for the shared enjoyment of the residents. The trustees have p8id due regard lo guidan¢8 issued by the Charty Commission in deciding what activib'es the charity should undèrtake. as well as the Charity Commission.'s guidan(x on public benefit. Achievements and performance The charity continues to maintain the oight apartments in a rea80nable condition, providing 8 wmfortable, safe and secure home for the beneficiaries of the charity. The trustees are committed lo keeping the resident's weekly maintenanc8 contribution to a levèl that is affordable lo those with limit8d means who might otherwise not be able to afford to live independenty in the parish. In 2024 tsvo empty flats were completely redecorated prior to new residents moving in. Wot1( is continuing on the fire safety of the building and specialist advice is being sought under the guidance of an architect. Financial r•vl•w D8$Plt& tsvo flats being vg¢ant for part of the year an op8r&tional surplus of £10.106 wag achieved. The total ol £33,282 sOurceS expended included £6,927 on repairs and £9,319 on the Clerk's salary. The Clerk's salary was increased by 10°h to £9900 per annum from Seplembef 2024. Tha Waekly Maintenance Chargè was increased on 151 March 2024 to £96 per week for the seven 1 bed flats and £113.50 per week for the 2 bed property. This was lo help with increased runnlng StS that were expo¢t$d over the coming year. The total fijnds at the end of the year amounted to £225.062. The amount held on deposit al the end ol the year amounted lo £122,691. The general reserve remains at £20k. The M8jor Repairs Fund is set at £130k.
ANN SMYTHS ALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The principal risks facing th& charity are.. Expensive building repairs. Regular inspections are carried out and remedial work undertaken. The trust86s have initiated a quinquennial inspection routinè, and will review the reserves policy to help mitigate this risk. Threat lo life and property from fire, fiood or other a¢cidenl. A new Fir@ Risk assessment is being arranged. The risk of falling dèmand forAlms house accommodation. All eight ap8rtments have been fully occupied since the completion of reftjrbishment in 2003 and trustees keep a record of any declaration of interest in vacancies rgcètvèd. The flats are all currendy occupied. Structure. gov•manee and management The governing do¢um¢nt ol the charity is the Charity Commission Scheme of 2nd October 1956, as amended 20th July 1998. The chartty is ¢onstrtuted as a tharitable Iriist. The trustees who served during the year and up to th8 dat8 of signature of the financsal statements were= Mr R H Pierce Rev Canon John Thackray Mrs J M Lea¢h Mr R Slirling Mrs E Hughes Mr B Hendlgy IAppx)inted 2 December 20241 The chartty is administered by voluntary trustees: Ex officio= Vicar or Priesl-in charge and two church wardens of the parish of St Mary at the Elms, 1psWh. plus ThTee other p$rsons appointed by the Parochial Church council. The tnjstees. report was approved by th8 Board of Trustses. evarond Canon John Thsckray Chalr of Trustees Dale= . 3.1.01-. .1 ..20.2S...........
ANN SMYfHS ALMSHOUSES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ANN SMYTHS ALMSHOUSES l pOrt lo the trustees on my examination of the financial statements of Ann Smylhs Almshouses (the charity) for the ye8r ended 31 December 2024. Responsibilltlo$ and basis of rèport As the Iruslees of the charity you are responsible for the preparation of the financial stslemenls in accordance with the requirements of the Charities Act 2011 Ilhe 2011 Acti. l port in resp9et of my examinatson of the charity's financial ststements carried out under section 145 of the 2011 Act. In carryir*g out my examination I have followed all the applicable Directions gwen by the Charity Commission under section 1451Sllbl of the 2011 Act. Independent èxaminerfs ststemÈnt Your attention is drawn lo the fact that the charity has prepared financial statements in accordan with Accounting and Reporting by Charikn'es pparing their accotsnts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preferen to the Accounting and Reporting by ChaTilies'. Ststement of Recommended Practi issued on 1 April 2005 which is referred to in the exlanÈ regulations bLtt has n¢)w been withdrawn. l understsnd that this has been done in order for financial ststements to provide a true and lair view in accordance with GenerallyAccepted Accounting Practice effective for repx)rting periods beginning on or after 1 January 2015. I have completed my examination. I confimi that no matters have come to my attention in conneclion with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Gharity as requir8d by seciion 130 of tho 201t Act., or the financial slalements do not accord wrth those records., or the financial statements do not comply with the applicable requirements concerning the fomi and content of a¢counts set out in the Charities (Accounts and Roportsl Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concern5 and have come across no other matters in connection with the examination lo which attention should bè drawn in this report in order lo enable a proper understanding of the financial statements lo e reached. Daniel FaThow {ACAI Affinla Ilpswichl 80 Compair Crescent Ipswich Suffdk IP2 OEH UK 05/0412025 Dated-.
ANN SMYTHS ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unre8trl¢ted Unrèstrlcted funds funds 2024 2023 Not¢$ Income from: Charitable aetTrvities Investments 37,408 5,980 34.001 4.900 Total income 43.388 38,901 Expgndlture on: Charitable acts'vities 33,282 38.780 Total oxp8ndlture 33,282 38,780 Net income and movement in furFdg 10,106 121 Reconciliation of lunds.. Fund balances at 1 January 2024 613.305 613.184 Fund balan¢o$ at 31 D8cgmbgr 2024 623,411 613,305 The slalemenl of financial a¢tivi(4es includés all gains and losses recognised in the year. All InMe and expenditure derive from continuing a¢tivib'ès.
ANN SMYfHS ALMSHOUSES BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notss Fixed a3set$ Tangible assets 11 401.206 401.206 Current assets Cash at bank and in hand 225.062 215.505 Creditors.. amounts falling due wlthin one year 12 12,8571 13,4061 Net current assets 222,205 212.099 Total assets le55 eurrnnt liabilitles 623,411 613,305 Income funds Unrestricted funds 623,411 613.305 623,411 613.305 25.M4.Z.o.25 The financial statements were approved by the Trustees on .. verand Canon J Trustee ackray
ANN SMYTHS ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information Ann Smyths Amshouses is a unin¢orporaled charity. 1.1 Accounting Conventlon The financial ststements have been prepared in accoTdance wrth the charity's governlng documwt. the Charities Acl 2011. FRS 102 'The Financial Reportin9 Stsnd8rd applicable in the UK and Republic of Ireland. ("FRS 1021 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice app1i¢8ble to ¢harities preparing their accounts in accordan¢e with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. {effe¢live 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not lo prepare a Statement of Cash Flows. The financjal statements have departed from the Charities (Accounts and Reports} Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Ststement of Recommended Pr8Ctice for charities applying FRS 102 ralher than the version of the Ststement of Recommended Practice which is referred to in the Regulations but which has Sin betrn withdrawn. The financial ststements are prepared in sterling, which Is the functional currency of the charity. Monetary aOUnt$ in these financial stalem6nts are rounded to the nearest £. The financial statements have been Prepad under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Golnq concern At the time of approving the financial staternenls. the trustees have a reasonable expectation that the chartty has adeouate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopl the going conc&m basis of accounting in wepallng the financial slalements. 1.3 Charrtabl8 lunds Unrestricted funds arg available for use at the discretion of the trustees in furthefance of their charitable objectives. Restrlcted funds are subjéct to specffjc conditions by donors or grantors as to how they may be used. The purposes and usas of the Te5trictèd ftjnds are sel OLrt in thg notes to the financial statements. Endowment funds are subj1 to specific conditions by donors that tha capital must be maintained by the charity. 1.4 Incomo Income is recognised wh8n the charity 15 le9ally entitled to it after any performance conditions havo been met. the amounts (xn be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified ol the donation, unless performancg conditions require deferral of the amount. Income tax recoverable in relation to donations recewed under Gift or deeds of covenant is recognised at the lime of the donation. Legacies are recL¥Jnised on receipt or otheThvise rf the chadty has been notified of an irnpending distribution, the amount is known. and receipt is expe¢led. If the amount is not known, the legacy Ss treated as a contingent asset.
ANN SMYTHS ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policias Icontlnuedl 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, it is probable that a transfer of oconomic b8ngfits will be Tequirèd in settlemènt, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each actr'vity are made up of the lolal of direct costs and shared costs, Including support costs involvèd in undertaklng each activity. Direct Costs attrlbut8ble to a single activity are allocated directly to that activity. Shared costs which contributè to more than one activity and support costs which are not 8ttributable to 8 single activity aro apportiontrd beeen those activities on a basis consistent wilh the use of r8sources. Cèntral staff costs are allocated on the basis of time spenL and depreci8tion charges ara allocated on the portion of the asseys us8. 1.6 Tangitsle fixgd assets Tangible fixed assets are initially measured al ¢osl and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their uselul lives on the following bases.. Freehold land and tr4Jildings Not Depreaaled The gain or toss arising on the disposal of an assèt is determinèd as the drff8rence beaen the 5810 proceeds and the Carrying value of the assel, and is recnISed in the statement of financial 8Ctlvities. 1.7 Impalmient offIx assets Al e8¢h reporting en¢J dale, the charity reviews the carying amounts of ils tangible assets to delem)ine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recover8ble amount of the asset is estimated in order lo determine the exlenl of the ImpalmnI loss Irf ¥nyl- 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerni liquid investments th original rnaturilies of Ihree months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in curyont liabilitias. Baslc financial assots Basic finanaal assets, which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised c05t using the effe¢tive interest method unless the arrangement constitutes a financing transaction. where the transaction is me8sured at the present value of Ihe future receipts discounted al a market rate of interest. Financial assets Classified as receivable within one year are not amortised. Baslc finan¢lal Ilabllities B85ic financial liabilities. induding creditors and bank loans are initially recognised at transaction pricè unless the arr8ngemenl conststutes a financing transaction. Whe the debt instnjment Is measured at the present value ol the future payments discounted at a market rate of interest. Financial liabilrties dassified as payable within one year arg not amortised. Debt instwmenls are subsequently (xrried at amortised cost, using tho affective interest rate mathod. Trade creditors are obligalions lo pay for goods or Services that have been acquired in the ordinary ¢ou¥se of operations from suppliers. Amounts payable are cl8ssffied as eurrent liabllities if payment is due within one y88r or less. If not, they are presented as non-current liabiliti85. Trade creditors are r@cognised Initially at transaction price and subsequently m8asur8d at amortlsod cost using the 8ffectsve Int&st method.
ANN SMYTHS ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountlng policies (Continued) Derecognition of financial liabilltles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or Canlled. 1.9 Employee benefits The cost of any unused holiday enbllemenl is racognised in the period in whlch the employeo's services are received. T8rmination benefits are recognised immediately as an expense when the charity is demonstrably committed lo temiinate the employment of an employee or to provide temiination benefits. 1.10 R8tlrament bengflts Payments lo defined contribution relir8m8nl b8ngfit schemes are charged as an expense as they fall due. Crltlcal •¢eountlng estSmatss and Judg•ments In the application of the charity's accounting policies, the trustees are required lo mak8 judgements, estlmates and assumptions about thè Gorrying arnount of assets 8nd liabilities that are not readily apparent from other sources. Thè astlmatas and associated assumptions are based on historical experience and other factors that ar8 considered to be re18vant. Actual results may drffer from these eslimatss. The estimates and underfying assumptions are review8d on an ongoing basis. Ravisions to accounting gstimates are recognistrd in Ihe period in which th6 estimate is revised where the revision affects only that period, or the period of the revision and future periods wher8 the revision affects both current and future periods. Charltable actlvltlos 2024 2023 Contributions from residents 37,408 34,OOf Income from inve6tmonts Unrestrlcted UnroStrl¢18d fund$ funds 2024 2023 Interest receivable 5.980 4,900
ANN SMYTHS ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charitable activities Heading
ac982
2024 Heading
ac982
2023 Dlrect costs Staff costs Hears System Almshouse Running Costs Telephone Rèpairs and Maintenance Sundry Expenses InsL¢rance 9.319 2,397 11,816 110 6,927 150 1.629 9.000 2.621 5,918 151 17.053 1.414 1.4 32.348 37,557 Share of support and governance costs (S nota 7) Support 934 1,223 33,282 38,780 Analysls by fund Unroslri¢led funds 33,282 38.780 Description of chayltable activities Charitable activity Support costs allocated to a¢tlvltlos 2024 2023 SLJbscriptions Independent Examination Fee 64 870 389 834 934 1.223 Analysed be*w••n: Charitable Acb'vities 934 1,223 Trustees None of the Irustses lor any persons connectsd with theml received any muneratIon or beneffts from the charity during the year.
ANN SMYTHS ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees The average monthly number of employees during the year w2S'. 2024 Number 2023 Number Employment costs 2024 2023 Wages and salarie5 Other p8nsion costs 9,276 43 9,000 9.319 9.000 There were no employees whose annual Temuner81ion was more than £60,000. 10 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitsble purpos8S. 11 Tanglblo flx8d assets Froeholil land and lJuildin#$ Cost At 1 January 2024 401,206 At 31 December 2024 401,206 Carrylng amount At 31 0ecemlr 2024 401.206 At 31 December 2023 401,206 10-
ANN SMN5 ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Crèditors: amounts falllng due wtthin one year 2024 2023 Trade creditors Accruals and deferred income 90 2,767 1,994 1.412 2.857 13 R8tlr8ment benefit schemes 2024 2023 Deflnéd contribution schernes Charge to profil or loss in respgd of defined contribution schemes 43 The charity operates a defined contribulion pension scheme for all qualifying employees. The assets of tho scheme are held separately from those of the charity in an independently administered fund. 14 Unrestricted funds The UnStriCted funds of the charity comprise the unexpended balances ol donations and grants which are not subject lo specffic conditions by donors and grantors as to how they may b8 used. These include designated funds which have been sel aside oul of unrestricted funds by the trustees lor specific purposes. At31 December 2024 At l January 2024 Incomlng rosources Resources expended General funds 613,305 43,388 133,2821 623,411 Provlous year.. At l January Incoming resourcès Resource expendèd At31 December 2023 2023 Genefal funds 613.184 38,901 138.7801 613,305 15 Relatsd party tran¢tIonS There were no di$closabFe relaled paty Iransaclions during the year12023- none). 11