**Charity Registration No. 215491**
**GRANTHAM'S ALMSHOUSES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **GRANTHAM'S ALMSHOUSES**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr B Lowe Cllr R Shepherd Rev S Cleaton Mrs P Taylor Mrs L Croft Mrs S Campbell Ms Kate Storr (appointed 27 April 2023) **Charity number** 215491 **Principal address** Newchase Court Business Centre Armstrong Street Grimsby North East Lincolnshire DN31 1XD **Bankers** Barclays Bank plc **Independent examiner** A P Robinson & Co (Grimsby) LLP Chartered Accountants 107 Cleethorpe Road Grimsby North East Lincolnshire DN31 3ER
## **GRANTHAM'S ALMSHOUSES**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance Sheet|5|
|Notes to the financial statements|6 - 11|
## **GRANTHAM'S ALMSHOUSES**
## **TRUSTEES REPORT** _**FOR THE YEAR ENDED 31 December 2023**_
The trustees present their report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).
## **Objectives and Activities**
## **Objectives and aims**
The charity's objectives are to provide affordable living accommodation to the vulnerable local elderly.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and Performance**
## **Financial review**
The charity made a surplus during the year ending 31 December 2023 of £2,185 (2022 deficit: £6,306).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a similar level. The trustees consider that the reserves at this level will ensure that in the event of any significant costs to the properties they will be able to continue the charity's current activities. This level of reserves have been maintained during the year. Unrestricted reserves amount to £149,225 (2022; £147,040), designated reserves being £19,856 (2022; £19,856). This level of unrestricted general funds and total funds is considered vital considering many of the charity's income sources are received in arrears.
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
1
## **GRANTHAM'S ALMSHOUSES**
## **TRUSTEES REPORT**
## _**FOR THE YEAR ENDED 31 December 2023**_
## **Structure, governance and management**
The charity is an unincorporated company.
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr B Lowe Cllr R Shepherd Rev S Cleaton Mrs P Taylor Mrs L Croft Mrs S Campbell Ms Kate Storr (appointed 27 April 2023)
The recruitment of trustees is by local advertising. Any interested parties are then invited to be interviewed by the board of trustees.
None of the trustees have any beneficial interest in the company.
The trustees report was approved by the Board of Trustees.
## **Mrs L Croft**
Trustee Dated:
2
## **GRANTHAM'S ALMSHOUSES**
## **INDEPENDENT EXAMINER'S REPORT**
## _**TO THE TRUSTEES OF GRANTHAM'S ALMSHOUSES**_
I report to the trustees on my examination of the financial statements of Grantham's Almshouses (the charity) for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) 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 concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Andrew Robinson BCom (Hons), FCA
A P Robinson & Co (Grimsby) LLP Chartered Accountants 107 Cleethorpe Road Grimsby North East Lincolnshire DN31 3ER
Dated:
3
## **GRANTHAM'S ALMSHOUSES**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**Unrestricted**
**funds**
**2023**
**Notes**
**£**
**Income from:**
Charitable activities
3
21,997
Investments
4
6,496
**Total income**
28,494
**Expenditure on:**
Charitable activities
5
26,309
**Total resources expended**
26,309
**Net outgoing resources before transfers**
2,185
**Net income for the year/**
**Net movement in funds**
2,185
Fund balances at 31 December 2022
166,896
**Fund balances at 31 December 2023**
169,081|**Total**
**2022**
**£**
20,755
2,214|
|---|---|
||22,969|
||29,275|
||29,275|
||6,306)
(
6,306)
(
173,202|
||166,896|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
4
## **GRANTHAM'S ALMSHOUSES**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2023**_
|**Notes**
**Fixed assets**
Tangible assets
8
Investments
9
**Current assets**
Debtors
10
Cash at bank and in hand
11
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds
Designated funds
General unrestricted funds
The financial statements were approved by the Trustees
**Creditors: amounts falling due within one**
**year**|**£**
957
148,785
149,741
5,000)
(
19,856
149,225
on
**2023**|**£**
13,103
11,236
24,339
144,742
169,081
169,081
169,081|**£**
1,211
148,371
149,582
7,025)
(
19,856
147,040
**2022**|**£**
13,103
11,236|
|---|---|---|---|---|
|||||24,339
142,557|
|||||166,896
166,896|
|||||166,896|
||||||
Mrs L Croft **Trustee**
5
## **GRANTHAM'S ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies**
## **Charity information**
Grantham's Almshouses is an unincorporated charity.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). 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 applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
6
## **GRANTHAM ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1 Accounting policies (Continued)**
## **1.4 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can 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 of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
## **1.5 Tangible fixed assets**
Tangible fixed assets are initially measured at cost 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 useful lives on the following bases:
Plant and equipment; Fully depreciated
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
## **1.6 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
7
**2**
## **GRANTHAM ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Charitable activities**
|**Charitable rental income**|**Rental**
Rental income
**Income**
**2023**
2022
**£**
£
21,997
20,755
21,997
20,755|**Rental**
Rental income
**Income**
**2023**
2022
**£**
£
21,997
20,755
21,997
20,755|
|---|---|---|
|||20,755|
8
## **GRANTHAM ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|**4**|**Investments**|**Unrestricted**|Total|
|---|---|---|---|
|||**funds**||
|||**2023**|2022|
|||**£**|£|
||Income from listed investments|1,032|1,010|
||Interest receivable|5,464|1,205|
|||6,496|2,214|
|**5**|**Charitable activities**|||
|||**Charitable**|**Charitable**|
|||**Expenditure**|**Expenditure**|
|||**2023**|**2022**|
|||**£**|**£**|
||Insurance|1,622|1,897|
||Postage|175|9|
||Cleaning|324|324|
||Building Maintenance|12,093|15,185|
||Maintenance of grounds|2,712|2,712|
||Sundry expenses|481|601|
||Secretarial and Administration fees|6,450|6,000|
||Accountancy|2,310|2,520|
||Light, Power, Heating|-|-|
||Telephone & internet|108|-|
||Advertising|35|28|
|||26,309|29,275|
|||26,309|29,275|
## **6 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **7 Employees**
There were no employees during the year.
9
## **GRANTHAM ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
|8
**Tangible fixed assets**
**Freehold land**
**and buildings**
**£**
**Cost**
At 1 January 2022
65,743
At 31 December 2023
65,743
**Depreciation and impairment**
At 1 January 2022
52,640
At 31 December 2023
52,640
**Carrying amount**
At 1 January 2022
13,103
At 31 December 2023
13,103
**9**
**Fixed asset investments**
**Cost or valuation**
At 1 January 2022 & 31 December 2023
**Carrying amount**
31 December 2023
31 December 2022
**10**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**11**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals and deferred income
Other creditors|**Plant and**
**Total**
**equipment**
**£**
**£**
6,820
72,563
6,820
72,563
6,820
59,460
6,820
59,460
-
13,103
-
13,103
**Unlisted**
**investments**
**£**
11,236
11,236
11,236
**2023**
**2022**
**£**
**£**
957
1,211
957
1,211
**2023**
**2022**
**£**
**£**
2,334
-
2,666
3,025
-
4,000
5,000
7,025|**Total**
**£**
72,563|
|---|---|---|
|||72,563|
|||59,460|
|||59,460|
|||13,103|
|||13,103|
|||11,236
11,236|
|||**2022**
**£**
1,211|
|||1,211|
|||**2022**
**£**
-
3,025
4,000|
|||7,025|
10
## **GRANTHAM ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_
## **12 Related party transactions**
There were no disclosable related party transactions during the year (2022 - none).
## **13 Administration Costs**
Secretarial and Administration Fees of £6,450 (2022: £6,000) were paid to Able 4 Enterprise Limited.
11