THE WILLIAM HOLMES ALMSHOUSES CHARITY
REGISTERED CHARITY NO: 214712
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31[ST] MARCH 2021
THE WILLIAM HOLMES ALMSHOUSES CHARITY
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2021
CONTENTS
| Page | |
|---|---|
| Annual Trustees’ Report | 1 - 2 |
| Statement of Trustees’ Responsibilities | 3 |
| Accountants’ Report | 4 - 5 |
| Balance Sheet | 6 – 7 |
| Notes to the Financial Statements | 8 – 11 |
| Income and Expenditure Account | 12 |
THE WILLIAM HOLMES ALMSHOUSES CHARITY
TRUSTEES’ ANNUAL REPORT
William Holmes Almshouses, Nottingham Road, Ripley, Derbyshire, were built in 1926 using a bequest made by William Holmes, a provision merchant of Shirley Road, Ripley, who died in 1922, for the benefit of needy people who lived in the Ripley area. It is a registered Charity, number 214712. The Almshouses comprise of six one-bedroom bungalows on the corner of Nottingham Road and Fletcher Street, Ripley, Derbyshire, DE5 3AS. The bungalows are large enough for two people to live in comfortably, with a large kitchen, lounge and bedroom. They are kept to a high standard with any repairs done promptly. All bungalows have a “Life Line” call system in case of emergencies.
The properties were modernised in 1984 – 1985 new bathrooms and toilets were installed as was central heating. Front storm porches were also added at that time, this obviously made the bungalows warmer. The bungalows were further improved in 2006 with the installation of double glazing on all windows & doors and the fascia’s were also cladded. The Association has all of the gas appliances in the bungalows checked for safety annually. The checks are carried out by a “Gas Safe” registered gas engineer.
The Association is run by a voluntary Committee comprising five Trustees, two of whom have to be nominated by Ripley Town Council every four years, (although not necessarily Councillors), and three Co-opted Trustees who are appointed on a five-yearly basis.
The current Trustees are:
Ripley Town Council Nominees: Cllr Ian Fisher
Cllr Roland Emmas-Williams
Co-opted members: Liz Bowley Cllr Isobel Harry Mick Hooley
The day to day running of the Association is carried out by a Clerk appointed by the Trustees: The present Clerk is Hannah Curzon.
-1-
Annual Report April 2020 to March 2021:
Due to Covid-19, the Quinquennial Inspection was postponed from April 2020 to October 2020. The report said that the Almshouses are in a reasonable/good state of repairs. The report also alerted us to important maintenance work that needed to be carried out, mainly plumbing, and building work. The charity appointed a local plumbing company to carry out all the required plumbing work at the bungalows. This work commenced in March 2021 and will continue throughout the year.
For the first time in the charity’s history, the Clerk became a formal paid member of staff. A Clerk’s contract was formalised and an account with HMRC was actioned to enable the correct procedure for tax payments and formal payslips. The Pension Regulator was also informed of this change, however the Clerk doesn’t qualify for pension contributions.
The charity is now able to conduct banking and paying invoices in a swift manner via HSBC online banking. Statements can be checked online too, should they need to be accessed.
The Association is in a very sound position financially and deals with any repairs or issues quickly and efficiently. It is hoped that the Association will be able to provide another bungalow in the future. The financial accounts and statements are checked for accuracy on a regular basis by the Chairman, Ian Fisher, and the Annual Accounts are independently checked by Stephen Foulkes of Mabe Allen, Chartered Accountants, Derby Road, Ripley, Derbyshire.
To the best of the Trustees’ knowledge, all the statutory and legal requirements of William Holmes Almshouses Association have been fulfilled.
By order of the Board of Trustees
Councillor Ian Fisher Chairman of the Board of Trustees
May 2021
-2-
THE WILLIAM HOLMES ALMSHOUSES CHARITY
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
Homes England and Charity legislation require the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Private Registered Provider of Social Housing and of the surplus or deficit for that period. In preparing these financial statements, the Trustees are required to:
-
. Select suitable accounting policies and then apply them consistently;
-
.
-
Make judgements and estimates that are reasonable and prudent;
-
. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Private Registered Provider of Social Housing will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Private Registered Provider of Social Housing and enable it to ensure that the financial statements comply with the provisions within the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019. They have general responsibility for taking reasonable steps to safeguard the assets of the Private Registered Provider of Social Housing and to prevent and detect fraud and other irregularities.
-3-
Accountant’s Report to the Trustees on the unaudited accounts of The William Holmes Almshouses Charity
We report on the accounts for the Year Ended 31[st] March 2021 set out on pages 6 to 11.
Respective responsibilities of the Trustees and reporting accountant
The Trustees of the Private Registered Provider of Social Housing are responsible for the preparation of the accounts, and they consider that the Private Registered Provider of Social Housing is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.
Basis of Opinion
Our work was conducted in accordance with the Statement of Standards for Reporting Accountants and so our procedures consisted of comparing the accounts with the accounting records kept by the Private Registered Provider of Social Housing and making such limited enquiries of the Trustees of the Private Registered Provider of Social Housing as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.
Opinion
In our opinion:
-
. the Income and Expenditure Account and Balance Sheet for Year Ended 31[st] March 2021 are in accordance the accounting records kept by the Private Registered Provider of Social Housing under section 135(2)(a) of the Housing and Regeneration Act 2008;
-
.
On the basis of the information contained in the accounting records:
-
. The Income and Expenditure Account and Balance Sheet comply with the requirements of the Charities Act 2011;
-
. The Private Registered Provider of Social Housing has satisfied the conditions for exemption from an audit of the accounts for the Year Ended 31[st] March 2021 as specified in section 136(3) of the Housing and Regeneration Act 2008;
-4-
Accountant’s Report to the Trustees on the unaudited accounts of The William Holmes Almshouses Charity
Continued….
Opinion (continued)
- the accounts comply with the requirements of the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019.
Mabe Allen LLP Chartered Accountants 3, Derby Road Ripley Derbyshire DE5 3EA
Date……………………………
-5-
| THE WILLIAM HOLMES ALMSHOUSES CHARITY BALANCE SHEET AT 31ST MARCH 2021 2020 £ Notes FIXED ASSETS 38,022 Freehold Housing, Land and Buildings (8) FIXED ASSET INVESTMENTS 69,966M & G Investments 107,988 CURRENT ASSETS 344 Debtors 526 Payments in advance Investments – redeemable within one year: 7,702 National Savings - Investment Account 21,351 Cash at Bank - HSBC Community A/c 7,903 - HSBC Money Manager A/c 37,823 Creditors:Amounts falling due within one year: 2,850 Accruals Other creditor 1,575 Almshouse Association loan (9) 1,401 Income received in advance ______ 5,826 31,997 NET CURRENT ASSETS 139,985 TOTAL ASSETS LESS CURRENT LIABILITIES CAPITAL AND RESERVES 100,659 Designated Reserves (10) 39,326 Income and Expenditure Account 139,985 -6- |
£ £ 41,002 89,913 130,915 - 475 7,758 31,321 7,907 47,461 2,850 43 - 1,416 _____ 4,309 43,152 174,067 97,784 76,283 174,067 |
|
|---|---|---|
THE WILLIAM HOLMES ALMSHOUSES CHARITY
BALANCE SHEET AT 31[ST] MARCH 2021
(CONTINUED)
The Trustees are satisfied that the Charity was entitled to exemption under section 136(3) of the Housing and Regeneration Act 2008 and that neither the Trustees nor the Homes & Communities Agency have required an audit in accordance with the Act.
The Trustees acknowledge their responsibilities for:
-
i) ensuring that the Charity keeps accounting records in accordance with Social Housing and Charity legislation; and
-
ii) preparing accounts which give a true and fair view of the state of affairs of the Private Registered Provider of Social Housing as at the end of the financial year and of its surplus or deficit for the financial year in accordance with the requirements of this Act relating to accounts, so far as applicable to the Private Registered Provider.
The financial statements have been prepared in accordance with the requirements of section 135 of the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019.
These financial statements were approved and authorised for issue by the Trustees
on……………………….…
On behalf of the Board of Trustees
……………………..
Chairman of the Trustees
……………………..
Trustee
……………………..
Secretary
-7-
THE WILLIAM HOLMES ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2021
1) PRINCIPAL ACCOUNTING POLICIES
The Financial Statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom including the Statement of Recommended Practice. The accounting policies of the charity are set out below:
-
a) Basis of Accounting: The Financial Statements are prepared on the historical cost basis of accounting.
-
b) Turnover represents social housing income receivable from tenants. c) Housing Properties: The William Holmes Almshouses were constructed in the mid 1920’s and the original cost is shown under Freehold Housing. Further costs relate to improvements carried out since 1984/85 which were funded by a Housing Corporation Grant; a mortgage loan from Amber Valley Borough Council, by a charge on housing, land and buildings and from the Almshouses own resources. As the properties are maintained in a state of repair such that their estimated residual value is not less than their improvement cost or carrying amount, the annual charge for depreciation would be Nil.
-
d) Housing Association Grant: Housing Association Grant (HAG) is paid by the Housing Corporation to reduce the cost of development and is, therefore, shown as a deduction from the cost of Housing Properties on the Balance Sheet. HAG is repayable under certain circumstances, primarily following the sale of a property but will normally be restricted to net proceeds of sale.
-
e) Other grants received Grants received relating to revenue expenditure are credited to the Income & Expenditure Account in the year when such monies are received. Grants received relating to capital items are credited to the balance sheet in the year of receipt against the applicable asset.
-
f) Cyclical Repairs and Maintenance: The Charity has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Income & Expenditure Account in the year in which they are incurred.
-
g) Extraordinary Repairs: Costs of Extraordinary Repairs, unless representing improvements to the properties, are charged to the Income & Expenditure Account in the year in which they are incurred.
-
h) Cyclical Repairs and Maintenance Reserve: This reserve represents amounts set aside for cyclical maintenance costs in excess of budgeted expenditure for any year.
-
i) Extraordinary Repairs Reserve: This Revenue Reserve represents amounts set aside to carry out major repairs on the charity’s social housing properties.
-8-
THE WILLIAM HOLMES ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] MARCH 2021
1. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
-
j) Charitable Fund Property Reserve: This represents that proportion of the cost of properties which was financed by charitable donations and the Charity’s own resources. The charitable Fund Property Reserve also includes depreciation equal to loan repayments provided in previous years.
-
k) Value Added Tax: The Charity is not registered for Value Added Tax. In these Financial Statements, where applicable, expenditure is shown inclusive of VAT.
-
l) Cash Flow Statement: Under applicable accounting standards, the Charity is not required to produce a Cash Flow Statement.
-
m) Fixed Asset Investments: Investments have been valued at market prices at 31 March 2020. Account is taken of unrealised gains and losses in the Income and Expenditure Account.
-
n) Investment Income:
-
Investment income is recognised when such income is received.
2. SOCIAL HOUSING OPERATING COSTS
| 2020 Notes £Housing Accommodation (6 units) (243) - Services 3 7,024 - Management 4 8,237- Routine Maintenance 5 15,018 |
2021 £ (151) 6,580 6,973 13,402 |
|---|---|
3. SERVICES
| (243)Communication System 4. MANAGEMENT 3,685 Secretary’s Honorarium 887 Insurance 1,500 Accountancy 537 Subscriptions & similar fees Professional fees 415Sundry Expenses 7,024 -9- |
(151) 1,912 889 1,434 532 1,620 193 6,580 |
|---|---|
THE WILLIAM HOLMES ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] MARCH 2021
| 2020 £ 5. ROUTINE MAINTENANCE 2,612 Day to Day Maintenance 5,625Cyclical Repairs 8,237 6. INTEREST RECEIVED AND SIMILAR INCOME 16 Bank Deposit Accounts 61 National Savings Bank Investment Account 2,963M & G dividend income 3,040 |
||
|---|---|---|
7. TAXATION
from liability to taxation on its income and capital gains.
8. FREEHOLD SOCIAL HOUSING LAND AND BUILDINGS
| At Cost: 3,030 6 Houses, Nottingham Road, Ripley 17,894 Improvements – 1984 80,986 Improvements – 1985 22,168 Completion – 1990 6,672 Improvements – 1994 4,099Improvements – 1996 134,849 (107,657)Less:Housing Association Grant 27,192 21,440 Improvements 2000 (19,696)Less:Housing Association Grant 3,000Improvements–2006 31,936 6,086 Improvements – 2007 Improvements - 2021 ______ 38,022 |
3,030 17,894 80,986 22,168 6,672 4,099 134,849 (107,657) 27,192 21,440 (19,696) 3,000 31,936 6,086 2,980 41,002 |
3,030 17,894 80,986 22,168 6,672 4,099 134,849 (107,657) 27,192 21,440 (19,696) 3,000 31,936 6,086 2,980 41,002 |
|---|---|---|
-10-
THE WILLIAM HOLMES ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31[ST] MARCH 2021
9. ALMSHOUSE ASSOCIATION LOAN
The Almshouse Association have provided the Charity with an interest-free loan amounting to £15,000 (plus arrangement fee) which is to be repaid over 10 years. The first repayment was on 1 June 2011 and repayments are then made half-yearly thereafter. If, during the period of the loan, the Charity ceases to be a member of the Almshouse Association, the outstanding loan must be repaid immediately under the terms of the loan agreement.
The loan provided by the Almshouse Association is unsecured and was repaid in full during the year
10. DESIGNATED RESERVES
| Extraordinary Cyclical Repairs | Extraordinary Cyclical Repairs | Extraordinary Cyclical Repairs | Charitable | |
|---|---|---|---|---|
| Repairs & Maintenance | Fund Property | |||
| Total | Reserve |
Reserve | Reserve | |
| £ | £ | £ | £ | |
| Balance 1.4.2021 | 100,659 | 7,696 | 55,844 | 37,119 |
| Transfers (to)/from | ||||
| Income and | ||||
| Expenditure Account | (2,875) | _ 62 |
(2,937) | ___-_ |
| Balance 31.3.2021 | 97,784 | 7,758 | 52,907 | 37,119 |
11. ACCOMMODATION IN MANAGEMENT
The number of units of social housing accommodation managed by the Charity as at 31 March 2021 amounted to six (2020: six).
12. MATERIAL INTEREST OF TRUSTEES
There were no contracts during, or at the year end, in which a Trustee was, or is, materially interested. (2020: None)
-11-
THE WILLIAM HOLMES ALMSHOUSES CHARITY
INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31[ST] MARCH 2021
| Turnover Operating |
Turnover Operating |
||
|---|---|---|---|
| Costs | |||
| Notes | £ Notes | £ | |
| INCOME AND EXPENDITURE | |||
| FROM LETTINGS | |||
| Social housing lettings | (1b) | 27,477 (2) | 13,402 |
| OTHER INCOME AND EXPENDITURE | |||
| Interest received and similar income | (6) | 3,288 | ___ |
| 30,765 | 13,402 | ||
| SURPLUS BEFORE TAXATION | 17,363 | ||
| Taxation | (7) | - | |
| Unrealised gain on investment | 16,719 | ||
| TOTAL SURPLUS AFTER TAXATION | |||
| FOR THE PERIOD OF ACCOUNT | 34,082 | ||
| MOVEMENT ON RESERVES | |||
| Balance brought forward | |||
| 1stApril 2020 | 39,326 | ||
| Surplus for the year | 34,082 | ||
| Transfers (to) / from: | |||
| Cyclical Repairs and Maintenance Reserve |
2,937 | ||
| Extraordinary Repairs Reserve | (62) | ||
| Charitable Fund Property Reserve | - | ||
| £76,283 |
-12-