## **HENRY BURTON ALMSHOUSE CHARITY**
**ANNUAL REPORT AND FINANCIAL STATEMENTS**
**For the year ended 31 March 2025**
## **HENRY BURTON ALMSHOUSE CHARITY**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
For the year ended 31 March 2025
|**CONTENTS**|**Page**|
|---|---|
|Officers and professional advisors|3|
|Report of the Trustee|4 - 6|
|Report of the Auditors to the Trustee|7 - 11|
|Statement of comprehensive income|12|
|Statement of changes in reserves|13|
|Statement of financial position|14|
|Statement of cash flows|15 - 16|
|Notes to the financial statements|17 - 25|
|p||
|The following pages do not form part of the||
|statutory financial statements:-||
|Statement of comprehensive income (detailed)|26|
|p||
2
## **HENRY BURTON ALMSHOUSE CHARITY**
## **OFFICERS AND PROFESSIONAL ADVISORS**
For the year ended 31 March 2025
|Welsh Government||
|---|---|
|Registered Number:|A085|
|Registered Charity||
|Number:|217319/5|
|Trustee:|Melin Homes Limited|
||as from 1 April 2025, Tai Hedyn Limited|
|Clerk to the Trustee:|Tom Broadhead (to 31 March 2025)|
||Joanna Fairley (from 1 April 2025)|
|Registered Office:|T'yr Efail|
||Lower Mill Field|
||Pontypool|
||Torfaen NP4 0XJ|
|Managing Agents:|Melin Homes Limited|
||T'yr Efail|
||Lower Mill Field|
||Pontypool|
||Torfaen NP4 0XJ|
|Auditors:|Menzies LLP|
||5th Floor Hodge House,|
||11-116 St Marys Street,|
||Cardiff CF10 1DY|
|Bankers:|Barclays Bank Plc|
||PO Box 1015|
||3rd Floor, Windsor Court|
||3 Windsor Place, Cardiff|
||CF10 3ZL|
|Solicitors:|Blake Morgan|
||Llys Tawe|
||Kings Road|
||SA1 Swansea Waterfront|
||Swansea, SA1 8PG|
3
## **HENRY BURTON ALMSHOUSE CHARITY**
## **REPORT OF THE TRUSTEE**
For the year ended 31 March 2025
The Trustee presents its report and the audited financial statements for the year ended 31 March 2025.
## **Trustee**
The present Trustee is Melin Homes Limited; as from 1 April 2025, Melin Homes has been subject to a merger, the trustee is now Tai Hedyn Limited.
## **Organisation and Structure**
The Henry Burton Almshouse Charity is a Registered Social Landlord governed by a trust deed. The Trustee aims to continue to let the 32 self contained units to the elderly. The Almshouse employs no staff as it is fully managed by Melin Homes Limited. The Trustee is responsible for the running, administration and maintenance of its properties.
## **Risk Management**
The Trustee reviews the Charity’s activities at Board meetings and they have assessed the risks to which the Charity is exposed. As part of this process, the Trustee has implemented a risk management strategy which comprises both financial control and stock maintenance.
The Trustee acknowledges its responsibility for ensuring that the Charity has in place a system of controls that is appropriate to the business environment in which it operates. These controls are designed to give reasonable assurance with respect to:
- (a) The reliability of financial information used.
- (b) The maintenance of proper accounting records.
- (c) The safeguarding of assets against unauthorised use or disposition.
The Trustee has adopted a reserves policy considered sufficient to fund future repairs to the properties.
The Trustee is satisfied that adequate resources are available to continue in the foreseeable future and at present see no reason for the situation to change.
## **Objectives and activities**
The objective of the charity is to benefit the almspeople being poor persons of good character who (except in special cases to be approved by the charity trustees) reside in the area of benefit. The benefitting areas being Caerwent, Monmouth and Newport. The activities this year continued to reflect the aims and objectives of the Charity. Central to this ethos was keeping rent/service charge levels at affordable levels, the properties well maintained and retaining a high occupancy rate, whilst maintaining the
4
financial well-being of the Charity. The Trustees intend to continue running the Charity in accordance with its aims and objectives as outlined above.
## **Public benefit**
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. We review our aims, objectives and activities each year. This review looks back at what we achieved and the outcomes of our work in the previous year. This review helps us ensure our aims, objectives and activities are focused on our stated purposes.
## **Investment Policy**
The Trustee has considered the most appropriate policy for investing funds and have found that specialised unit trusts designated for the Charity Sector meet their requirement to generate both income and capital growth. The investments have been valued as at the 31 March 2025 and in total stand at £1,132,533. This is £39,452 lower than at 31 March 2024. £527,028 of the portfolio is held in Accumulation Shares and £605,505 in Income Shares.
## **Plans for future periods**
There are no planned future changes in the activities of the almshouses.
## **Activities and Financial Review for the year**
The Almshouse continued to let all 32 units during the year with voids amounting to £1,273 (2024: £552).
The surplus for the year, was £19,290 (2024: £136,365).
## **Responsibility of the Trustee**
The Trustee is responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
The financial statements have been prepared in accordance with the Trust Deed, the Statement of Recommended Practice “Accounting for Registered Social Housing Providers” updated 2018, the Accounting requirements for Social Landlords registered in Wales General Determination 2015, the Housing Act 1996 and the Charities Act 2011.
The Trustee maintains a system of internal financial control, including suitable monitoring procedures to review its effectiveness. The system is designed to manage rather than eliminate risk of failure to achieve business objectives. However, any such system can only provide reasonable, and not absolute, assurance against material misstatement or loss.
5
In fulfilling these responsibilities, the Trustee has reviewed the effectiveness of the system of identifying, evaluating and managing the significant risks on the basis of the principles of corporate governance contained in Community Housing Cymru (CHC) Code of Governance and Welsh Government housing circular RSL 02/10, Internal Controls and Reporting. The Trustee has considered all of the major business and financial risks.
No weaknesses in internal control have been found which would result in any material losses, contingencies or uncertainties which would require disclosure as recommended by the above mentioned circular.
On the basis that a system can provide only reasonable, but not absolute assurance and that it relates to the needs of the business, the system as a whole was found at the time of approving the financial statements to be generally appropriate to the scale of the Trustee’s activities.
In preparing those financial statements the Trustee is required to select suitable accounting policies, as described on page 9, and then to apply them on a consistent basis, making judgements and estimates that are prudent and reasonable. The Trustee must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the relevant legislation. The Trustee is responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for prevention and detection of fraud and other irregularities.
In so far as the Trustee is aware, there is no relevant audit information of which the Charity’s auditors are unaware and the Trustee has taken all steps that they ought to have taken to make them self aware of any relevant audit information and to establish that the auditors are aware of that information.
## **Auditors**
A resolution to appoint the auditors will be proposed by the Trustee at the Board meeting of Tai Hedyn Limited.
## **By Order of Tai Hedyn Limited; acting as Trustee**
## **Clerk to the Trustee**
**______________________________** Joanna Fairley
23 July 2025
6
## **Independent Auditor’s Report to the Members of Henry Burton Almshouse Charity**
## **Opinion**
We have audited the financial statements of Henry Burton Almshouse Charity (the ‘Charity’) for the year ended 31 March 2025 which comprise the Consolidated Statement of comprehensive income, Consolidated Statement of Financial Position, Consolidated Statement of Cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (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 31 March 2025 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011, schedule 1 to the Housing and Regeneration Act 2008 and The Accounting requirements for Registered Social Landlords General Determination (Wales) 2015.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Parent Association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the boards' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, 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 financial statements are authorised for issue.
7
Our responsibilities and the responsibilities of the board with respect to going concern are described in the relevant sections of this report.
## **Other information**
The Board is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on the matters prescribed under Housing Association Circular RSL 02/10 “Internal controls and reporting”**
In our opinion, with respect to the Board’s statement on internal financial control:
- the Board has provided the disclosures required by the Circular and the statement is not inconsistent with the information of which we are aware from our audit work on the financial statements.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Act requires us to report to you if, in our opinion:
- the Charity has not kept proper books of account, and not maintained a satisfactory system of control over its transactions, in accordance with the requirements of the legislation; or
- the revenue account, any other accounts to which our report relates, and the balance sheet are not in agreement with the Charities ’s books of account; or
- we have not obtained all the information and explanations necessary for the purposes of our audit.
8
## **Responsibilities of the Board**
As explained more fully in the Board’s responsibilities statement set out on page 10, the Board is 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 Board determines 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 Board is responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board either intends to liquidate the Charity or to cease operations, or has no realistic alternative but to do so.
## **Auditor’s 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 that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted 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 reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures 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 irregularities, including fraud is detailed below:
Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the Association. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were; Financial Report Standard (FRS) 102, Charities Act 2011, Housing and Regeneration Act 2008 and the Accounting Requirements for Registered Social Landlords General Determination (Wales) 2015.
Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
9
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but, except to the extent otherwise explicitly stated in our report, not for the purpose of expressing an opinion on the effectiveness of the Charity’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board.
- Conclude on the appropriateness of the Board’s 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 cast 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 auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to 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 presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, 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.
Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
## **Auditor’s responsibilities in respect of the Housing for Wales Circular HFW 02/10 “Internal controls and reporting”**
We review whether the Board’s statement on internal financial control reflects the Charity’s compliance with the Housing Association Circular RSL 02/10 “Internal controls and reporting” and we report whether the statement is not inconsistent with the information of which we are aware from our audit of the financial statements. We are not required to form an opinion on the effectiveness of the Charity’s corporate governance procedures or its internal financial control.
10
## **Use of Report**
This report is made solely to the Parent Association’s members, as a body, in accordance with the requirements of the Charities Act 2011, the Housing and Regeneration Act 2008 and The accounting requirements for Registered Social Landlords General Determination (Wales) 2015. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state 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 Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Menzies LLP, Statutory Auditors 5th Floor Hodge House 114-116 St Mary Street Cardiff CF101DY
Date 26 August 2025
11
## **HENRY BURTON ALMSHOUSE CHARITY**
## **Statement of Comprehensive Income**
For the year ended 31 March 2025
|**HENRY BURTON ALMSHOUSE CHARITY**
**Statement of Comprehensive Income**
For the year ended 31 March 2025|||
|---|---|---|
|Notes
**Turnover**
2
Less Operating costs
2
**Operating surplus**
3
Movement in fair value of financial instruments
7
Interest receivable and similar income
4
Interest payable and similar charges
5
**Surplus for the year before taxation**
Taxation
**Surplus for the year after taxation**
**Total Comprehensive Income for the year**|**2025**
**£**
163,329
(145,639)
17,690
(16,972)
19,641
(1,069)
19,290
-
19,290
19,290|**2024**
**£**
156,406
(133,419)|
|||22,987
96,198
18,216
(1,036)|
|||136,365
-|
|||136,365
136,365|
## **CONTINUING OPERATIONS**
None of the association's activities were acquired or discontinued during the above two financial years.
The financial statements were approved by the Trustees on 23 July 2025 and were signed on its behalf by:
Clerk to the Trustee
Joanna Fairley
The notes on pages 9 to 18 form part of the financial statements.
12
## **HENRY BURTON ALMSHOUSE CHARITY**
## **Statement of Changes in Reserves**
For the year ended 31 March 2025
## **Reserves**
|**Reserves**|||
|---|---|---|
|**Extraordinary**
**Repair**
**Restricted**
**Reserve**
£
At 1st April 2024
917,985
Surplus from statement of comprehensive Income
-
Transfers to restricted
(22,480)
Transfer of Revaluation on Restricted shares
(16,972)
At 31st March 2025
878,533|**Unrestricted**
**Revenue**
**Reserve**
£
557,336
19,290
22,480
16,972
616,078|**Total**
£
1,475,321
19,290
-
-|
|||1,494,611|
The use of the Extraordinary Repair Restricted Reserve is restricted by this scheme to expenditure on extraordinary repair, improvement or rebuilding of the Almshouses. The £878,533 value of the reserve is represented by investments with a historic cost of £179,141 and an unrealised surplus on investments of £699,392 of which a deficit of £16,972 occurred in 2024/25.
13
## **HENRY BURTON ALMSHOUSE CHARITY**
## **Statement of Financial Position**
As at 31 March 2025
|Notes
**Fixed Assets**
Building Improvements
- gross cost less depreciation
6
**Investments**
7
**Current assets**
Debtors
8
Cash at Bank
**Current liabilities**
Creditors: amounts falling due within one year
9
Grants: amounts falling due within one year
10
**Net current assets**
**Total assets less current liabilities**
**Non-current liabilities**
Creditors: amounts falling due after more than one year
10
Grants: amounts falling due after more than one year
10
**Provisions for liabilities and charges**
11
**Net assets**
**Capital and Reserves**
Restricted Reserve
Revenue Reserve|6,466
197,361|
|---|---|
The financial statements were approved by the Trustee on 23rd July 2025 and were signed on its behalf by:
Clerk to the Trustee
Joanna Fairley
The notes on pages 9 to 18 form part of the financial statements.
14
## **HENRY BURTON ALMSHOUSE CHARITY**
## **CASH FLOW STATEMENT Year Ended 31 March 2025**
|**Note**
**Net cash inflow from operating activities**
**1**
**Returns on investment and servicing of finance**
Interest paid
Interest received
Tax paid
**Net cash inflow/(outflow) from returns on investment a**
**servicing of finance**
**Capital expenditure and financial investment**
Purchase of investments
Government grants received
Grants repaid
Purchase of components
Sale of investments
Sale of housing properties and fixed asset investments
Homebuy loans
**Net cash inflow/(outflow) from investing activities**
**Free cash inflow/(outflow) before financing**
**Financing**
Housing loans received
Housing loans repaid
**Free cash (outflow)/inflow from financing**
**Increase in cash**
**2**|**12m ended**
**31 Mar 2025**
36,618
(1,069)
19,641
0
**n**
18,572
(31,968)
0
0
(53,183)
54,448
0
0
(30,703)
24,487
0
(127)
(127)
24,360|**12m ended**
**31 Mar 2024**
24,730|
|---|---|---|
|||(1,036)
18,216
0|
|||17,180
(32,128)
0
0
(4,614)
15,661
0|
|||0
(21,081)
20,829
0
(116)|
|||(116)|
|||20,713|
15
## **HENRY BURTON ALMSHOUSE CHARITY**
## **RECONCILIATION OF THE OPERATING SURPLUS TO NET CASH INFLOW FROM OPERATING ACTIVITIES**
|**FROM OPERATING ACTIVITIES**||
|---|---|
|**1** Operating surplus
Depreciation of tangible assets
Surplus on sale of assets
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Increase in stock
Non cash movement in pension
Amortisation of grant
Net cash inflow from operating activities|**12m ended**
**31 Mar 2025**
**12m ended**
**31 Mar 2024**
**£'000**
**£'000**
17,690
22,987
20,443
20,443
0
0
(166)
(1,114)
13,232
(3,005)
0
0
0
0
(14,581)
(14,581)|
||36,618
24,730|
## **RECONCILIATION OF NET CASH FLOW MOVEMENT TO MOVEMENT IN NET DEBT**
|**2** (Decrease)/Increase in cash in the year
Cash inflow from changes in debt
Non cash movement on debt
Movement in net debt in the period
Net debt at start of year
Net debt at end of year|**12m ended**
**31 Mar 2025**
**12m ended**
**31 Mar 2024**
**£'000**
**£'000**
24,360
20,713
127
116
0
0|
|---|---|
||24,487
20,829
162,038
141,209|
||186,525
162,038|
## **3 ANALYSIS OF CHANGES IN NET DEBT**
|Cash in hand and at bank
Debt due in less than one year
Debt due in more than one year
Balance at end of year|**31 Mar**
**2024**
**£'000**
173,001|**Cash flows**
**Non cash**
**£'000**
**amendments**
24,360
0|**31 Mar**
**2025**
**£'000**
197,361|
|---|---|---|---|
||173,001
(127)
(10,836)
162,038|24,360
0
(12)
-
139
0
24,487
0|197,361
(139)
(10,697)|
||||186,525|
16
**HENRY BURTON ALMSHOUSE CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2025
## **1 Principal Accounting Policies**
## **a. Basis of Accounting**
The financial statements are prepared under the historical cost convention, except for the investments which are stated at open market value. The statements are prepared in accordance with applicable financial reporting standards in the United Kingdom, including the Statement of Recommended Practice for "Accounting by Registered Social Housing Providers" as updated in 2018 (SORP 2018) and comply with the Accounting Requirements for Social Landlords Registered in Wales General Determination 2015.
## **b. Turnover**
Turnover comprises rent and services charges.
## **c. Taxation**
Henry Burton Almshouse is registered with charitable status. It benefits from corporation tax exemptions available to charitable bodies. On the basis that its activities fall within its charitable purposes and its funds are applied only for these purposes, no provision for corporation tax is made.
## **d. Investments**
The invesments are managed by professional managers. The portfolio is structured to provide income to help meet the objectives of the charity. The investment performance is monitored each year and adjustments made to correctly reflect the current value in the accounts.
## **e. Mortgages**
Mortgage loans are advanced by National Westminster Bank Plc Markets trading as Fresh PLC under the terms of individual mortgage deeds in respect of the housing scheme. Advances are available only in respect of those developments which have been given approval for Social Housing Grant by the Welsh Government.
## **f. Social Housing Grant**
Social Housing Grants (SHG) are made by the Welsh Government and are utilised to reduce the amount of mortgage loan in respect of an approved scheme to the amount which it is estimated can be serviced by the net annual income of the scheme. The amount of SHG is calculated on the qualifying costs of the scheme in accordance with instructions issued from time to time by the Welsh Government. The grants are paid direct to the lending authority and are reflected in the financial statements of the Association only when the payment has been made and the relevant mortgage loan reduced. SHG is repayable under certain circumstances, primarily following the sale of a property but will normally be restricted to net proceeds of sale.
Grants received in relation to Housing Properties are shown within creditors and disclosed as Deferred Income net of amortisation. Grants received of a revenue nature are taken straight to the statement of comprehensive income.
Grants held as deferred income are released over the useful life of the component to which they relate in accordance with the deprecitaion policy set out below.
## **g. Housing properties - fixed asset capitalisation and depreciation**
Housing properties are stated at cost. The cost of properties is their purchase price together with incidental costs of acquisition and direct costs of the development process.
Depreciation is charged on the historic cost of property components. Grant is allocated to the main structure of the property as well as to other components. The depreciable amount is written off over the estimated useful lives from the date of purchase/build.
Following the implementation of component accounting, certain components of residential properties with asset lives which are different to the main structure, or shell, of those properties have been seperately identified for depreciation purposes. On replacement of such assets the original asset is written off and the replacement asset is capitalised and depreciated over its useful life. On implementing the change in accounting policy the depreciation charges on all residential properties have been reinstated as if the policy had always been applied, replacement components previously written off as major repairs have been restated as fixed assets and components which have been replaced have been written off.
17
## **HENRY BURTON ALMSHOUSE CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2025
**1g. Ctd.** Depreciation is charged on cost on a straight line basis over the component's expected useful life as follows:
|**1g. Ctd.** Depreciation is charged on c|ost on a stra|ight line basis over the c|omponent's ex|
|---|---|---|---|
|||2024|2023|
|Building structure less SHG||||
|- % on cost||2|2|
|Windows/Doors|%|4|4|
|Roofs|%|2|2|
|Bathrooms|%|4|4|
|Kitchens|%|6.67|6.67|
|Heating System|%|3.33|3.33|
|Boiler|%|6.67|6.67|
Housing properties are reviewed for impairment on a regular basis. Where there is evidence of impairment, properties are written down to their recoverable value.
## **h. Extraordinary Repair Restricted Reserve**
The provisions of the Charity Commission Scheme regulating this Charity state that a transfer to this fund out of the income of the Charity must be made and a corresponding investment made in accumulation shares. The revaluation element of these shares has been included in the reserve since 1st April 1999 to comply with the Statement Of Recommended Practice. Prior to this it was included in the investment revaluation reserve. The use of the fund is restricted by this scheme to expenditure on the extraordinary repair, improvement or rebuilding of the Almshouses.
## **i. Basis of preparation**
The financial statements have been prepared on a going concern basis. The Trustee has reviewed and considered relevant information, including the annual budget and future cash flows in making its assessment.
18
## **HENRY BURTON ALMSHOUSE CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2025
## **2 (a) Turnover, Operating costs and Operating surplus**
|**Fully rented housing accommodation**
Social housing lettings (Note 2(b))|**2025**
**2024**
**Turnover**
**Operating Operating**
**Turnover**
**Operating Operating**
**Costs**
**Surplus**
**Costs**
**Surplus**
£
£
£
£
£
£
163,329
(145,639)
17,690
156,406
(133,419)
22,987|
|---|---|
||163,329
(145,639)
17,690
156,406
(133,419)
22,987|
## **2 (b) Income and expenditure from social housing lettings**
|**Income**
Rent receivable
Service charges income
Income for support services
Other revenue grants
Amortised Grant
Turnover from social housing lettings
**Cost**
Management fee
Service charge costs
Routine maintenance
Major repairs expenditure
Bad debts
Depreciation of housing properties
Impairment of housing properties
Other costs
**Operating costs on social housing activities**
Operating surplus on social housing lettings
Rent loss due to voids (memorandum note)|**2025**
**2024**
General
needs and
sheltered
housing
Total
Total
£
£
£
138,824
138,824
131,289
9,924
9,924
10,536
-
-
-
-
-
-
14,581
14,581
14,581|
|---|---|
||163,329
163,329
156,406|
||40,202
40,202
37,558
16,854
16,854
15,526
56,674
56,674
49,752
3,294
3,294
281
-
-
141
20,443
20,443
20,443
-
-
-
8,172
8,172
9,718|
||145,639
145,639
133,419|
|||
||17,690
17,690
22,987|
||1,273
1,273
552|
19
**HENRY BURTON ALMSHOUSE CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2025
|**NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2025|||
|---|---|---|
|**3**
**Operating surplus**
The operating surplus is stated after charging:-
Depreciation
Bad Debt Provision
Auditors' remuneration
- In their capacity as auditors
**4**
**Interest receivable and similar income**
Income from hire of communal hall
Income from listed investments
Income from building society account
Sundry Income
**5**
**Interest payable and similar charges**
On loans repayable in instalments
wholly or partly in more than five years|**2025**
£
20,443
-
4,380
**2025**
£
-
19,267
374
-
19,641
**2025**
£
1,069|**2024**
£
20,443
141
4,320|
|||**2024**
£
-
17,931
285
-|
|||18,216|
|||**2024**
£
1,036|
20
**HENRY BURTON ALMSHOUSE CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2025
|**6**
**Tangible Fixed Assets -**
**Building Improvements**
**Cost**
At 1 April 2024
Component Additions
Component Disposals
At 31st March 2025
**Depreciation**
At 1 April 2024
Charge for year
Component Disposals
At 31st March 2025
**Net book value**
At 31st March 2025|**2025**
£
927,191
53,183
-
980,374
602,482
20,443
-
622,925
357,449|**2024**
£
922,577
4,614
-|
|---|---|---|
|||927,191|
|||582,039
20,443
-|
|||602,482|
|||324,709|
Major works revenue items relating to existing housing stock £0
21
## **HENRY BURTON ALMSHOUSE CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2025
|**Listed Investments**
C.O.I.F
C.O.I.F.
Accum. ERF
Accum. ERF
No.
£
At 1st April 2024
1,521
390,907
Additions
-
-
Disposals
(215)
(54,448)
Revaluation
-
(7,374)
At 31st March 2025
1,306
329,085
C.O.I.F
C.O.I.F.
Income
Income
No.
£
At 1st April 2024
23,314
476,355
Additions
1,630
31,968
Disposals
-
-
Revaluation
-
(22,393)
At 31st March 2025
24,944
485,930
C.O.I.F
C.O.I.F.
Accum. CMF
Accum. CMF
No.
£
At 1st April 2024
132
34,025
Additions
-
-
Disposals
-
-
Revaluation
-
(676)
At 31st March 2025
132
33,349
M&G Charity Multi Asset Income Shares
M&G Charity Multi Asset Accumulation Shares
COIF Income Shares
COIF Accumulation Shares
Historical Cost of Investments|Accum. ERF
No.
1,343
-
-
-
1,343
Income
No.
128,464
-
-
-
128,464
At 1st April 2024
Additions
Disposals
Revaluation
At 31st March 2025
**2025**
93.08
p
12,256.35
p
1,948.06
p
25,196.01
p
£334,613
M&G Charity
Multi Asset
M&G Charity
Multi Asset|Accum. ERF
£
153,911
-
-
10,684
164,595
Income
£
116,787
-
-
2,787
119,574
Total Listed
Investments
£
1,171,985
31,968
(54,448)
(16,972)
1,132,533
**2024**
90.91
p
11,460.81
p
2,043.26
p
25,706.68
p
£357,093
M&G Charity
Multi Asset
M&G Charity
Multi Asset|
|---|---|---|
## **7 Listed Investments**
22
## **HENRY BURTON ALMSHOUSE CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2025
|**TES TO THE FINANCIAL STATEMENTS**
r the year ended 31 March 2025|||
|---|---|---|
|**8**
**Debtors**
Rent arrears
Less: bad debts provision
Service Charge Debtor
Prepayments and accrued income
**9**
**Creditors: Amounts falling**
**due within one year**
Prepayments of rent
Sundry creditors and accruals
Service Charge Creditor
Fresh PLC loan due within one year|**2025**
**£**
990
-
990
408
5,068
6,466
**2025**
**£**
10,180
47,358
-
139
57,677|**2024**
**£**
807
-|
|||807
407
5,086|
|||6,300|
|||**2024**
**£**
9,788
34,518
-
127|
|||44,433|
23
## **HENRY BURTON ALMSHOUSE CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2025
|**10**
**Creditors: Amounts falling**
**due after more than one year**
Housing loans|**2025**
**£**
10,697|**2024**
**£**
10,836|
|---|---|---|
The loans advanced by Fresh PLC to finance the improvements to the Almshouses are secured by specific charges on the Charity's properties. They are repayable as follows in bi-annual instalments over 30 and 60 years, interest being charged at varying fixed interest rates ranging from 9.375% to 9.875% per annum, the last instalments falling due between 2018 and 2048.
|One year or less
Between one and two years
Between three and five years
In five years or more
**Gross grant creditor**
At 1 April 2024
Additions during the year
Component disposals
At 31 March 2025
**Amortisation**
At 1 April 2024
Credit for the year
Component disposals
At 31 March 2025
**Net grant creditor**
At 31 March 2025
At 1 April 2024
**Amounts falling due:**
Within one year or less
Between one and two years
Between two and five years
In five years or more
In more than one year
**Total grant creditor**|**2025**
**£**
139
152
771
9,774
10,836
613,792
-
-
613,792
468,387
14,581
-
482,968
130,824
145,405
14,581
14,581
43,743
57,919
116,243
130,824|**2024**
**£**
127
139
703
9,994|
|---|---|---|
|||10,963|
|||613,792
-
-|
|||613,792|
|||453,806
14,581
-|
|||468,387|
||||
|||145,405
|
|||159,986|
|||14,581|
|||14,581
43,743
72,500|
|||130,824|
|||145,405|
## **11 Provisions for liabilities and charges**
There are no provisions for liabilities and charges required in the year (2024: nil).
24
## **HENRY BURTON ALMSHOUSE CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2025
|**OTES TO THE FINANCIAL STATEMENTS**
or the year ended 31 March 2025|||
|---|---|---|
|**12**
**Number of Units in Management**
At beginning and end of year
No. of units managed by other bodies|**2025**
No.
32
NIL|**2024**
No.
32|
|||NIL|
## **13 Registration**
The Almshouses are registered with the Charity Commissioners and the Welsh Government.
## **14 Social Housing Grant**
The total cumulative amount of Social Housing Grant received by the Association is as follows:-
|
s:-|||
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|Social Housing Grant|764,224|764,224|
## **15 Trusteeship**
As the Managing Agent, Melin Homes Limited charged a total of £40,202 in fees to Henry Burton Almshouse Charity during the current year to 31 March 2025 (2024: £37,558). There was a balance owing of £39,172 as at 31 March 2025 (2024: £28,838). In total Melin invoiced expenditure totalling £162,818 to Henry Burton Almshouse Charity during the current year to 31 March 2025 (2024: £104,645).
No remuneration was paid to Melin Homes Limited for its role as the trustee during the current year to 31 March 2025 or the preceding year.
Melin Homes as the sole trustee the ultimate parent responsibility for Henry Burton Almshouses Charity.
## **16 Contingent Liabilities**
As stated in the accounting policies, social housing grant is repayable in certain circumstances and therefore any amounts written off could be liable for repayment. The amount to date that the Association may need to repay should these circumstances arise is £527,827.
25
## **HENRY BURTON ALMSHOUSE CHARITY**
## **NOTES TO THE STATEMENT OF COMPREHENSIVE INCOME ACCOUNT**
For the year ended 31 March 2025
|**Notes**
**Income**
Turnover
2
**Operating costs**
Management fee
40,202
Water Rates
-
Day to day repairs
56,674
Major Repairs
3,294
Service costs
16,854
Cyclical maintenance
-
Bad debts
3
-
Depreciation
3
20,443
Insurance
3,254
Audit fee
3
4,380
Legal Fees
-
Subscriptions
441
Advertising
-
Minor Scheme Inventory <£100
-
Sundry Charges
97
Operating surplus
**Interest receivable and similar income**
Miscellaneous Income
4
-
Interest from investments
4
19,267
Bank & Building Society deposit interest
4
374
Sundry Income
-
**Interest payable and similar charges**
5
Surplus for the year
Movement on fair value of Financial Instruments
7
**Surplus / (deficit) for the year**|**2025**
£
163,329
163,329
145,639
17,690
19,641
37,331
(1,069)
36,262
(16,972)
19,290|37,558
-
49,752
281
15,526
-
141
20,443
2,324
4,320
2,441
541
-
-
92
-
17,931
285
-|**2024**
£
156,406|
|---|---|---|---|
||||156,406
133,419|
||||22,987
18,216|
||||41,203
(1,036)|
||||40,167
96,198|
||||136,365|
This page does not form part of the statutory financial statements
26