HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2024 Housing Corporation No: A0458 Registered Charity No: 217193 HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY CONTENTS PAGE Board Report Independent Auditor's Report Statement of Con)prehÈn5ive Income {IncludiTrg Income & Expenditure Acctsunt) 8alance Sheet Slalement of Changes in Reserve5 Note5 to the Financial Statements 8-11 HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY BOARD REPORT FOR THE YEAR ENDED 31ST MARCH, 2024 on5ibilities of the Board Housing Association and Charity legislation require Trustees to prepare Fii)ancial Statements for each financial year, which give a true and fair view of the slate of affairs of the Chaiity as at the end of the financial year and of the surplus or deficit for that period. In preparing the Financlal Stalemenls, suitablo accounting policies have been adopted anij con5151enlly applled, to the best of the Trustees, knc>wledge and belief, by referen￿ to reasonable and prudent judgements and estim3tes. Applicable accounting standards have been followed. The Trustees are responsible for maintaining adequate accounting records, for safeguarding the assets of the Charity and for preventlng and detecting fraud and other irregularitie5. The Trustees are also required to indicate where the Flnanclal Statements are prepared other than on the ba￿S that the charity is a golng concern. The trustee5 of the Charity regularly review the Charity s finances to delermine the mlnimum amount of rese￿eS required for the day to day nianagement of the Charity in order to provlde for tlie future. Any arnounts over and above thls n)inlmum are invested back Into the Charity in the furtherance of its (IbjeLtives sel out in ils Scheme. The Charity is conslituted under a Scheme of 5 February 1999, which has been reglstered with the tharity Commission. The Charity is required to work withln the parameleis of ils Scheme in respect of how and where il can recruit new Trustees, A5 part of the Management Agreement between the Charity ar)d GreenSquareAccord, the Bppointed managing agent for the Almshouse, one of tlie Se￿1￿5 GreenSquareAccord provides 15 advice and support lo ensure tlie Charitys aC$heren￿ to its constituling Trust Deed and Scheme. This includes training and administrative support in appointment of new trustees. Review of o erations The Charitys objeds are to provide Home or Homes for poor or infirtTr persons who are irihabilanls of the Borough of Walsall. In the case of appointments lo the Almshou5e5 known as Marsh's Almshouses preference shall be given to persons meeting the above reqijiremenls who are of the Protestant faith, The thaiity owns Almsliouses, situated at Hdon Street, Crump House, Bath Street and Bath Road, Walsall ai)d comprise of thirteen unitg lor occupation by persons who are poor aged or infirm, subject lo the discretion of the Trustees. The Iruslees have had due regard to gu￿anCe published by the Charity Commission on public benefit. The (harity is registered with The Charity Cornmissioners (Number.. 2171931, and ¥vith the Homes and Communities Agency (Number.. A40581, and constituted by a Deed of Trust dated 6th October, 1980 and 16th May, 1995 and a scheme dated 5 February, 1999, The day-lo-day m8nageMent and administration of the Alm51iou5es 15 carried out by GreenSquareAccord are overseen by the Board, which consists of the Trustee5 of the Charity. The free reserves of the charity, after deducting fixed assets and related Social Housing Grarit liability, amounted to £175,689 (2023.. £152,816). The trustees consider this is adequate to meet unexpected outlays. The perfowmance of the charity is as di￿oSed in the financial st3temenls on pages 5 to 11. The Trustees consider that the charity 15 in 3 Sound financial posltion at the year-end, DISCLOSURE OF INFORMATION TO AUDITORS So far as Ihc Irustccs arc aware there is no relevant audit Information of which the charitys auditors are unaware, and each trustee has taken all slep5 that he or she ought to have taken as a trustee in order to make himself or heiself aware of any relevdnt audit informalion and to establish that the chaiily's auditors are aware of that Inforn)ation. The Trustees who have seNed the Chèrity during the year are as follows.'_ Ns K Hodson Mrs P Lane Mr S Rochelle Rev l Trood Rosalind Clewes For and on behalf of the Board: Date.. HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY Opinion We have audlted the flnanetal statements of Harpers, Marsh & Crump5 Almshouses Cliarity {the'a550cSation') for the year ended 31 March 2024 which comprise of a statement of comprehensive income, a balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporb'ng framework that has been applied In their preparation is appllcable law and United Kiiigdom Accounting Standard5, Including Fir)ancial Reportin9 Standard 102 7he Fin3nua/ Reportlng Standard appl/cbble In the YK3nd Republic of Jre/8nd (United Kingdom Generally Accepted Accountlng Practi￿). In our opinlon the flnanclal statements.. glve a true and fair view of the State of the associotions affairs as at 3A5t March 2024, aiid of it5 Incomlng resources and applltation of resources, Including its income and expenditure, for the year then ended,. have been properly prepared in accordance wlth Unlted Kingdom Generally Accepted Accounting Practi￿. and have been prepared in accordantr with tlie requlrements of the Charitie5 Act 2011, the Hou51ng Regeneration Art 2008 and the Accounting Direction for prlvate registered provider5 of soclal housing in England 2022. Basis for opinion We corKltJcted our audit in accordance with International Standards on Auditing {UK) (ISAS (UK)) and appllcable law. Our responsibllities under those standards are further described In the Audltor's rp£ponsibilitles for the audit of the finanaal statements section of our. report. We are independent of the aqsociation in accordance with the ethlcal requlrements that are relevant to our audit of the financial statements in the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethlcal responsibililles In accordance with these requirements. We belleve that the audit evidence we have obtained is sufflclent and appropriate to provide a basls for our opinion. Conclusions relating to going concern In audih'ng the financial statements, we have concluded that the board's use of the going concern basis of accounting In the preparation of the flnanclal statements 15 appropriate. Based on the work we have performed, we have not Identified any material uncertalnlles relating to events or condlknons that, Indlvidually or collectively, niay cast signlflcant doubt on the association's ability to continue a5 a going concern for a period of at least twelve nionth5 from when the financial ststements are aulhorized for issue. Our responsibilities afjd the responsibilities of the board with respect to going con￿r￿ are described In the relevant sections of thi5 report. other information The other information comprises the information included In tl)e board report, other than the flnanclal stètements and our autjitor's report thereon. The b¢)ard are re5pon5ible for the other inforniation contained within the board report. Our opinlon on the Ilnancial statements does not cover the other information and, except to the extent olheywise expliciuy 516ted in our report, we do not express any form of assurance concluslon thereon. Our responslbility 15 to read the other Information and, in dDing so, consider whether the Other Information Is materially inconslstent with the flnai)cial slatemenls, or our knowledge obtained in the coijrse of the aucllt, or otherwise appears to be tnalerially mlsstated. If we idenb'fy such materlal Inconsistencies or apparent aterlal misstatements, we are required to determine whether this gives rise to a material misstaten)ent In the ftnanclal statements themselv￿. If, based on the work we have performed, we conclude thBt there 15 a niaterSal niisstatement of this other inlormatioii, we 3re required to rep(irt that fart. We have nrithing to report in this regard. HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY Matters on whlch we are required to report by exception We have nothino to ieport in respert of the following matters in relation to which the Charities (Accounts nd Reports) Regulations 2008 require us to report to you if, In our opinlon.. the Snformation glven in the financlal statements is Inconsistent in any materi31 respect with the board report. or sufficient accouTrb'ng records have not been kept; or the financial stalements are not in agreement with the accounting records; or we have not recelved all the information and explanations we requlre for our audlt. In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you If, in our opinion.. a satrsfaclory system of control over transactloms has not been maintained. Responsibilitie5 Of the board As explained more fully in the board's responsibilities statement Iset out on page 1], the board members {who are also the trustees of the association for the purposes of charfty law) are responsible for the preparatlon of the financial statemènts and for bein9 Satisfied that they give a true and falr vlew, and for such Internal control as the board determlne is nece553ry to enable the preparation of flnandal statements that are free from material misstatement, whether due lo fraud or error. In preparing the financlal statements, the board is responsible for assessing the assooation's abillty to conllnue as a golng concerii, disclosing, a5 applicable, matters related lo going conTrrn and using the going concern basis of accounvng unless the board either intends lo liquidate the assoclatlon or to ￿ase operations, or has no realistlc alternative but to do so. Auditor's responsibilities for the audit of the financia! statements Our Dbjectlves are to obtain reasonable assurance about whether the finanaal statemer5ts as a whole are f￿e froin material misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a hlgh level of assurance, but is not a guarantee that an audit conclucted in accordance with ISAS {LIK) will always detect a material misstatement when It exists. Mlsstatements can at1se from fraud or error and ère considered materlal if, indivldLJally or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basls or these financial slatemenls. We have been appointed as auditor Ljnder sertion 1441 of the Charities Act 2011 and section 136 of the Housing and Regeneration Act 2008 and repDrt in accordance with regulations m3de under sertion 154 of the Charlties Att 2011 and secllon 137 of the Houslng and Regeneratlon Act 2008. The specific procedures for this engagement and the extent to which these are capable of detecting irregularitie5, including fraud is detailed below.. In Identifying and assessing risks of material mi5Statement In respect of irregularities, Including fraud and non-compliance with laws and regulations, we considei'ed the following- the nature of the sector, control envlronment and buslness performance. enquiries of management about their Identification hnd assessment of the rlsks of Irregularitie5,' any matters we Identified having reviewed the association5 procedures for complying with laws and regulation5, and whether they were aware of èny In51ances Of noii-complidr)ce, and any actual, suspected or alleged fraud. The key laws and regulallons we consldered in this contexi included the Charities Art 2011, and the Housing and Regeneration Act 2008. Our pra￿d￿reS lo respond to risks Identified included the following.. HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY XNDEPENDENT AUDITOR'S REPORT TO THE BOARD OF HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY revlewlng the finanoal statemeiit d15c105ures and testing to supportlng documenlats'on,. enqulring of management concerning potential lillgatlon and clalms. performing analytical procedures lo identify any unusual or unexpected relatlonships that may indicate risks of material misstaten)ent due to fraud, testing the approprlatene55 of journal entries and olhei. adjustments, assesslng whether accounting estimates were indicative of a polentSal bias, and evaluating any significant transactlon5 that were unusual or outside the normal course of business. We also remained alert to any iF)dications of fraud or non-compliance with laws and regLJlations throughout the audit. Because of the Inherent Ilniltations of an audit, there Is a risk that we will not detect all irregularltles, includlng those leading to a material misslalement in the finaiiclal stateinents or non-compllance with regulation. This risk increases the more that Complian￿ with a law or regulallon Is removed from the events and tronsaclions refletted in tlie fin8ncial statements, as we wlll be le55 Ilkely to become aware of Instances OF non-complbance. The risk is also greater regardbng Irregularities occurring due lo fraud rather thèn error, as fraud involves intention31 concealment, forgery, collusion, omission or misrepre5enlètion. A fiirther description of our responsibilities is avallable on the Flnanaal Reporting Councll's webslte. Thls description forms part of our auditor's report. This report is made solely to the association's board, a5 a body, in accordance with Part 4 of the Charlts'es (Accounts and Reports) Regulations 2008 and secbon 137 of the HoLJsing and Regeneration Art 2008. Our audit work has been undertaken so that we might state to the assooalion's board those matters we are reqLtired to slate to them in an auditor's report and for no other purpose, To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the a550ciation and the assoclation's boar(i as a body. for our audit work, for thls report, or for the opinions we have formed. Nicklin Audlt Ltd 5tat(rtory Auditor Chartered Accountant Churth Court Stourbridge Road Halesowen West Mldlands B633 Date . JYL HARPERS, MARSH & CRVMPS ALMSHOUSE CHARITY statement of Comprehensive Income {Including Income and Expendlture Account) forthe year ended 31st March, 2024 Note 2024 2023 Turnover 60,506 58,370 Operatlng Costs: Management Services Day to Day Malntenan Planned and Cyclical Maintenance Deprtcialion (17,156} (3,340) (15,884) (2,296) (18,204) (3,248) {3,839) (2,296) 247 Operating Surplu5 17,259 26,584 Interest ReceSvable and Other Income Surplus on ordinary activities before taxation 21,394 27,958 Tax on surplus Surplus for the financial year Total Comprehenslve Income for the year The Flnancial Statements were approved by the Trustee5 and signed on behalf of the Board by.. Trustee ft g QL-91 Trustee Date HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY Balance Sheet for the year ended 31st March, 2024 Note 2024 2023 FIXED ASSETS Houslng land and buildings (net of depreclètionl 339,557 344,129 Investments 339,557 344,129 CURRENT ASSETS Debtors Coif Investment Cash at Bank io 947 127,920 748 83,785 190,040 174,336 CURRENT LIABILITIES Creditors: Amounts falling due within one year li NET CURRENT ASSETS 172 999 150 126 TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: Ampunts falling due after one year 12 {201,335) 1204,428) NET ASSETS CAPITAL AND RESERVES Unrestrlcted Re5erve5 13 311,221 289,827 The Financial Stateinent5 were approved by the Trustees and signed on behalf of the Board by: Trustee s Q Trustee Date HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY statement of Changes on Reserves for the year ended 31st March, 2024 2024 Unrestricted Reserve 2023 Unrestricted Reserve At l April 2023 289,827 261,869 Total Comprehensive Income At 31 March 2024 311221 289 827 HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2024 PRINCIPAL ACCOUNTING POLICIES Harpers Marsh & Crumps Almshouses is establlshed as an unincorporated charlty under the charities Act 2011 and Is a private registered provlder of Social housing In the Unlted Klngdom. The addresses of the plaTrs of buslness are given in the review of operatlons on Page l of these financlal stètements. The nature of the charities operations and prlndpal èctivitles are to provide rellef fc>r the persons in hardship by the provision of Almshouse accommodation. The Charity constitutes a publlc benefit entity as defined by FRS 102. The Financial statements have been prepared In accordan￿ with applicable accountlng standard5 Including Flnanci31 Reporting Staiidards 102 'The Fiiiancial Reporting Standords applicable in the UK and Republic of Ireland. (FRS 1021, the Statement Of Recommended Prattice for Social Housing Providers 2014 (SORP 2014) and with the Accountlng Dlrection for private registered providers of social houslng England 2015. The Financlal statenients are also prepared under the requiremer)ts of the Housing and Regeneration Act 2008. The Financial Statemerlts liave been prepared on o golng concern basis under the hlstorical cost convention, modified to inclLJde certain item5 at falr value. The Financlal Statements are prepared In sterllng, whlch Is the funclional currency of the charlty. The significant accountlng pollcles applied in the preparation of these flnanclal statement5 are set out below. These pollcles havè been coiisistently applied to all years presented unless otherwise stated. A summary of the more important accountlng pollcle51s set out below. (a) Basis of Accounting The Finantlal Statements are prepared on the historical c05t bas15 of accounting. (b) Turnover Turnover represents rent5, and seNice charges recelvèble and amortisation of grants received. (¢) Housing Properties Housing properties are slated at cost. Fi'eehold land is not depreciated. Depiecialion ts fieehold buildings is calculated on cost al a rate of 10/0 Straight Ilne. (d) Government Grant Government grènts, including Social 14ousing Grants {SHGI whlch was received froin the Housing Corporakn'on in respect of houslng propertlès, are recognised at the fair value of the a55et recelved or re￿1vable and accounted for using the accrual model. They are recognlsed as a liability and èmortised over the useful economic life of the asset. The amortlsalion is recognised within Turnover. {e} Investments Investments are slated at C05L (f) Cycllcal Repalrs & Malntenance The Trustees have eslabllshed a regular programme of cyclical repairs and maintenance. Costs are charged to the Reveiiue account in the year in which they are incurred. Ig) Extraordinary Repairs Costs of Ektraordinary Repalr5, unless repiesenting improveinentS to the properties are charged lo the Revenue acctsunt for the year in which they are incurred. (h) Loan issue expen5e5 Expenditure incurred in raising the loan finance has been recorded as a deduction froni gross prO￿edS of the103n and charged to the incorne and expenditure account over the loan term at a constant annual rate. HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY NOTES TO TPIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2024 I. PRINCIPAL ACCOUNTING POLICIES Value Added Tax Harpers, Marsh and Crumps Amshouse Charity is not registered for Value Added Tax. In these Financial Statements, where applicable, expenditure is shown inclusive of VAT (i) Cash Flow Statement Under FRS 102, the Charity is not required to produce a Cash Flow Statement. (k) Designated Reserves Designated reserves are part of unrestrlcted reseNe5 which have been earmarked by the Board for a particular purpose,. such deslgnation5 may be reversed by future Board decisions. EXpe￿ilure cannot be dlrecuy set agalnst deslgnated reserves but Is taken through the income and expendlttjre accour)t. A trar)sfer is Iherk made from deslgnaled reserves a5 appropriate, {1) Extraordlnary Repalr Fund Thls Designated Reserve represents amounts set aslde to carry out major repalrs on Housing Properties. 2. TRUSTEES EMOLUMENTS The Dirertors are defined as the Trustees. NcTrne of the Trustees recelved any emoluments, 3. EMPLOYEE INFORMATION The Charity employs no staff, 4. TURNOVER 2024 2023 maInteTran￿ Contn'bLrtion SeNice Charge Voids Bad Debt AmortisatiDn of Government Grants 52,493 6,559 11,2881 13501 51,831 6,688 (2,839) 5. INTEREST RECEIVABLE AND OTHER INCOME 2024 2023 Bank Interest Investment Income 6. INTEREST PAYABLE AND SIMILAR CHARGES 2024 2023 Houslng Loan Interest 7. SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION 2024 2023 This is slated after chargin9', Auditc>rs Ren)unerabon (Inc1￿lng VAT) in their capacity as Audltors 8. TAXATION Harpers, Marsh and Crunips Almshouse Charity 15 a Reglstered Charlty and Is, therefore, exempt froni Ilability lo 13xation on its Ir)come and Capital gains. HARPERS, MARSH & CRUMPS ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2024 9. FIXED ASSETS 2024 2023 HOUSING LAND AND BUILDINGS- Freehold Cost As at 1st April 2023 Additions As at 3151 March 2024 414,513 414,513 Depreciation As at I, April 2023 Charged In year As at 31st March 2024 70,385 66,185 Net Book Value At beglnning of year At end of year Land with an estimated c05t of £55,B96 Is not depreaated, 10. DEBTORS 2024 2023 Contrfbutlon In Arrear5 Provision for Bad Debt Sundry Debtors Prepayments 947 757 11. CREDITORS: Amounts falling due within ona year 2024 2023 Trade Credltors Contrlbution Prepayments Government Grants Sundry Creditors 11,692 2,659 2,690 18,940 2,580 2,690 12. CREDITORS: Amounts falling due after one year 2024 2023 Government Grants 201335 io HARPERS, MARSH & CRUMPS AIMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2024 13. UNRESTRICTED RESERVES Total Revenue Reserve At 1st April 2023 Surplus for the year Transfer to Extraordinary Repabr Fund 225,827 21,394 At 31" March 2024 Designated Reserve5 Extraordinary Repair Fund Total At 1st April 2023 Transfer froni Revenue Reserve 64,000 64,000 At 31SL March 2024 Total Unrestricted Reserves 14. ACCOMMODATION The charity manages 11 unlts of housing for older people and 2 ur)lts are managed on their behalf.