REGISTERED CHARITY NUMBER: 217544 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY Wallace Crooke Chartered Accountants & Registered Auditors College House St. Leonards Close Bridgnorth Shropshire WV16 4EJ
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 MARCH 2024 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activities 10 Balance Sheet 11 Cash Flow Statement 12 Notes to the Cash Flow Statement 13 Notes to the Financial Statements 14 to 23 Detailed Statement of Financlal Activities 24
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2024 3113124 Total funds 3113123 Total funds Unrestricted Restricted funds fund Notes INCOME AND ENDOWMENTS FROM Charitable activities Rental and associated income Other 413,913 613 413,913 613 389,205 763 Investment income Other income 19,067 1,452 19,067 1,452 19,782 17,058 Total 435,045 435,045 426,808 EXPENDITURE ON Charltable activities Expenditure on charitable activities 397,196 397,196 407,234 Net gains/(losses) on investments 46,460 46,460 (39,457) NET INCOMEI(EXPENDITURE) 84,309 84,309 (19,883) RECONCILIATION OF FUNDS Total funds brought forward 12,534,927 12,534,927 12,554,810 TOTAL FUNDS CARRIED FORWARD 12,619,236 12,619,236 12,534,927 The notes form part of these financial statements -10-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY BALANCE SHEET 31 MARCH 2024 3113124 Total funds 3113123 Total funds Unrestricted Restricted funds fund Notes FIXED ASSETS Tangible assets Investments 13,005,792 756,625 13,005,792 12,985,573 756,625 699.684 10 13,762,417 13,762,417 13,685,257 CURRENT ASSETS Debtors Investments Cash at bank and in hand 11 12 14,797 4,307 35,938 14,797 4,307 35,938 28,514 4,109 79,855 55,042 55,042 112,478 CREDITORS Amounts falling due within one year 13 (71,107) (71,107) (72,888) NET CURRENT ASSETS (16,065) (16,065) 39,590 TOTAL ASSETS LESS CURRENT LIABILITIES 13,746,352 13,746,352 13,724,847 CREDITORS Amounts falling due after more than one year 14 (1,127,116) (1,127,116) (1,189,920) NET ASSETS 12,619,236 12,619,236 12,534,927 FUNDS Unrestricted funds 17 12,619,236 12,534,927 TOTAL FUNDS 12,619,236 12,534,927 The financial statements were approved by the Board of Trustees and authorised for issue on 19 September 2024 and were signed on its behalf by: y - Chair an - Trustee The notes form part of these financial statements -11-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY CASH FLOW STATEMENT for the Year Ended 31 MARCH 2024 3113124 3113123 Notes Cash flows from operatlng activities Cash generated from operations Interest received 25,551 (199) (27,842) (144) Net cash provided by/(used in) operating activities 25,352 (27,986) Cash flows from investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Sale of intangible fixed assets Sale of fixed asset investments Transfer of current investment Interest received Dividends received (20,219) (11,549) 1,452 1,068 (48,203) (12,261) 17,058 53,419 50,000 148 19,634 195 18,872 Net cash (used in)Iprovided by investing activities (10,181) 79,795 Cash flows from financing activities Loan repayments in year (59,088) (57,422) Net cash used in financing activities (59,088) (57,422) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (43,917) (5,613) 79,855 85,468 Cash and cash equivalents at the end of the reporting period 35,938 79,855 The notes form part of these financial statements -12-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 MARCH 2024 RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 3113124 3113123 Net incomel(expenditure) for the reporting period (as per the Statement of Financial Activlties) Adjustments for: (Gain)/losses on investments Profit on disposal of fixed assets Interest received Dividends received Decrease/(increase) in debtors Decrease in creditors 84,309 (19,883) (46,460) (1,452) (195) (18,872) 13,717 (5,496) 39,457 (17,058) (148) (19,634) (9,103) (1,473) Net cash provided byl(used In) operations 25,551 (27,842) ANALYSIS OF CHANGES IN NET DEBT At 114123 Cash flow At 3113124 Net cash Cash at bank and in hand 79,855 (43,917) 35,938 79,855 (43,917) 35,938 Llquld resources Deposits included in cash Current asset investments 4,109 198 4,307 4,109 198 4,307 Debt Debts falling due within 1 year Debts falling due after 1 year (56,677) (1,189,920) (3,715) 62,804 (60,392) (1,127,116) (1,246,597) 59,089 (1,187,508) Total (1,162,633) 15,370 (1,147,263) The notes form part of these financial statements -13-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Critical accounting judgements and key sources of estimation uncertalnty The preparation of the financial statements requires the trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported of income and expenses during the year; however, the nature of estimation means that actual outcomes could differ from those estimates. The following areas of judgements (apart from those involving estimates) and estimates have had the most significant effect on amounts recognised in the financial statements: Tanglble fixed assets The charity carries its tangible fixed assets at valuation, where they were acquired prior to the latest professional valuation, with changes in fair value being recognised in the Statement of Financial Activities. The trustees review the carrying value of the tangible fixed assets at each year end taking into consideration recent professional valuations and market trends Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Freehold land and buildings are stated at cost or valuation. Housing properties are included at valuation unless acquired after the latest valuation, in which case they are valued at cost. The value being based on existing use value for social housing. Full valuations are undertaken at least every 5 years, and an interim valuation is carried out in year 3. The trustees have not accounted for depreciation on its housing properties as their estimated remaining useful economic lives exceed 50 years. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. -14- continued..
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2024 ACCOUNTING POLICIES - continued Fund accounting Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Extraordinary Repair Fund The purpose of this fund is to fund large non-recurring repairs to the charities properties Cyclical Maintenance Repair Fund The purpose of this fund is to fund foreseeable, regularly recurring maintenance work on the charities properties Capital Reserve Fund The purpose of this fund is to provide funds for capital acquisition. General Funds General funds represent the free funds of the Charity which are not designated for particular purposes. Investments Investments are stated at their market value at the balance sheet date. Gains or losses during the year have been credited or debited to the Statement of Financial Activities in the year in which the gain or loss has been made. Debtors and creditors Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Going concern The Board of Trustees has reviewed the charitys financial position and consequently believes that there are sufficient resources available to manage any foreseeable operational or financial risks. The Board, therefore, considers there is reasonable expectation that the charity has adequate reSoUrS to continue in operational existence for the foreseeable future. For this reason, the Board of Trustees continues to adopt the going concern basis of accounting in preparing the financial statements. INVESTMENT INCOME 3113124 3113123 Investment income Bank interest 18,872 195 19,634 148 19,067 19,782 -15- continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES 3113124 3113123 Activity Rental and associated income Rental income Licences and heating contributions Other Income 387,329 364,234 Rental and associated income Other 26,584 613 24,971 763 414,526 389,968 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 5) Support costs (see note 6) Totals Expenditure on charitable activities 315,785 81,411 397,196 DIRECT COSTS OF CHARITABLE ACTIVITIES 3113124 3113123 Water rates and council tax Insuran Light and heat Repairs and renewals Grass cutting and garden maintenance Mortgage interest Loan interest 24,893 8,337 26,616 179,650 9,971 2,153 64,165 22,873 7,540 25,685 209,856 12,982 2,191 56,293 315,785 337,420 SUPPORT COSTS Govemance costs Expenditure on charitable activities 81,411 Support costs, included in the above, are as follows: Governance costs 3113124 Expenditure on charitable activities 3113123 Total activities Wages Auditors, remuneration Professional charges Administrative costs 43,802 7* 3,goo 24,261 9,448 42,040 3,700 15,330 8,744 81,411 69,814 -16- continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for trie year ended 31 March 2023. STAFF COSTS 3113124 3113123 Wages and salaries 43,802 42,040 43,802 42,040 The average monthly number of employees during the year was as follows: 3113124 Management and administration 3113123 No employees received emoluments in excess of £60,000. The average number of employees is calculated on a full time equivalent basis, analysed by function. TANGIBLE FIXED ASSETS Freehold propety COST At 1 April 2023 Additions 12,985,573 20,219 At 31 March 2024 13,005,792 NET BOOK VALUE At 31 March 2024 13,005,792 At 31 March 2023 12,985,573 -17- continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY NOTES TO THE FINANCIAL STATEMENTS - contlnued for the Year Ended 31 MARCH 2024 TANGIBLE FIXED ASSETS - continued 2024 2023 Market Values: Wardle Close St Stephens Place Sevem Street 10 Church Street 3 St. Leonards Close Spinners Court Various Land 178,420 3,974,230 3,380,456 497,170 747,920 4,163,845 63,750 178,420 3,974,230 3,372,900 497,170 747,920 4,151,182 63,750 13,005,791 12,985,572 2024 2023 Historic Cost: Wardle Close St stephens Place Severn Street Spinners Court Development 156,063 108,297 2,144,721 2,550,193 156,063 108,297 2,137,165 2,537,529 4,959,274 4,939,054 All freehold land and buildings are used for direct charitable purposes. The freehold land and buildings were valued by Ress Associates, Chartered Surveyors, on the basis of open market values in August 2019. None of the freehold property that is owned by the charity has been depreciated during the year ended 31 March 2024, nor for the year ended 31 March 2023. 10. FIXED ASSET INVESTMENTS 2024 2023 Market Values: Opening values Additions 699,683 11,549 780,299 12,260 Disposals Net gains (losses) on revaluations during year -1,069 46,462 -53419 -39,457 Closing values 756,625 699,683 Historic cost 255,968 245,487 There were no investment assets outside the UK. -18- continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 MARCH 2024 10. FIXED ASSET INVESTMENTS - continued The market values of the fixed asset investments at the year end are as follows: 2024 2023 COIF Income Shares COIF Accumulation Shares M&G Charity Multi Asset Fund Income M&G Charity Multi Asset Fund Accumulation 230,028 201,235 27,114 298,248 210,935 179,397 29,166 280,185 756,625 699,683 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Rental and maintenance debtors Debtor adjustment account Other debtors Prepayments 11,449 (1,372) 14.083 49 10,494 3,888 4,720 14,797 28,514 12. CURRENT ASSET INVESTMENTS 3113124 3113123 COIF deposit Bank deposit 4,204 103 4,009 100 4,307 4,109 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Bank loans and overdrafts (see note 15) Other loans (see note 15) Trade creditors Pension due Accrued expenses 58,392 2,000 1,909 224 8,582 54,677 2,000 4,775 205 11,231 71,107 72,888 -19- continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2024 The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of the 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) (effective 1 January 2019).
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Objectives and alms (i) The objects of the charity are: (li) the provision of Almshouse accommodation for beneficiaries. and (iii) such charitable purposes for the benefit of the residents as the trustees decide. The relief of poverty (relief in need scheme) The Charity owns 79 properties throughout the Town of Bridgnorth on 5 sites. Beneficiaries of the Charity are appointed on licence using the following criteria:_ Persons in need who are inhabitants of the area covered by the former Bridgnorth District Council as at the date it was abolished and replaced by Shropshire Council (1 st April 2009) Preference shall be given to women. Trustees hold a list of people wishing to be considered for accommodation, when a vacancy occurs the Trustees consider the list and decide using the above criteria who in their opinion is most in need of the available accommodation. The Charity does not currently advertise for its waiting list. Management Trustees continue to revise and update their operational policies. The Finance Committee continues to look at the financial arrangements of the Charity in more depth. Decisions from these meetings are ratified at the full Trustee meetings. The Selections committee continue to meet on a ad hoc basis to select residents. Decisions from these meetings are ratified at full Trustee meetings. Trustees There remains 1 vacancy Mr Robert Davies resigned as Chair of the board of Trustees on 31 st March 2024. Ms Vanessa Voysey was appointed Chair of the board of Trustees from 1 st April 2024. Beneficlarles The Almshouse resident's ages currently range from 24 to 97. During the year: 2 residents moved out of the area. 2 Moved into residential care 8 internal moves to more suitable accommodation. 3 residents have sadly died 3 moved out following a change in personal circumstances We have welcomed 12 residents to the Charity from a wide section of society. We have housed people facing homelessness, the disabled and those undergoing acute financial hardship. It is the opinion of the Trustees that the charitable objectives have been met. Properties During this year 18 properties became vacant and following any works necessary were relet. Income loss during the year whilst higher than we would like, remains consistent with expectations due to the amount of work that has been undertaken.
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2024 Renovations to some of the vacant properties taken longer than expected due to the amount of work needed. Public benefit The Trustees have reviewed the Charity Commission's guidance on the requirement to report on public benefit. The Board is satisfied that the work of the charity, described below, accords with its stated objects and provides tangible public benefit to a wide section of those who reside within the charitvs areas of benefit; the criteria used to assess those who may benefit are not unreasonably restrictive. Trustees remain committed to their charitable obligation to provide further homes whether through development of land already owned or through acquisition. FINANCIAL REVIEW Princlpal funding sources The charitys income for the year totalled £435,044 (rental and associated income £415,977 and investment income £19,067) The charitys funds applied in the year totalled £397,197 leaving net incoming reSoUrS before gains on investment and other assets of £37,849. Total net assets of the charity amounted to £12,619,236. The trustees are of the opinion that the charity has sufficient assets available to fulfil its obligations and future commitments. Investment pollcy and objectives It is the opinion of the Trustees that the investment performance has exeded reasonable forecasts. The total investment value at 31.3.2024 was £756,625 compared to £699,684 on 31.3.2023. Reserves policy The Trustees have established, by way of transfer from the unrestricted funds, a cyclical maintenance fund and an extraordinary repair fund. Details of these funds are disclosed in the financial statements. It is the opinion of the Trustees that these funds are adequate for the repairs noted on the quinquennial reports. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Following an amalgamation of the following General Municipal Charities which had been regulated under a scheme of the Charity Commissioners dated the 23rd November 1934 The Bridgnorth General Municipal Charity was formed. 1. The Almshouse Charity 2. The Charity of John Guest 3. The Charity of William Pulley 4. The Spinners Charity 5. The Charity of Walter Wrottesley 6. Reverend Francis Palmer's Hospital (incorporated 15th June 2006) The above mentioned Charities are administered and managed together as one Charity under the title of the Bridgnorth General Municipal Charity (Known as Bridgnorth Housing Trust) subject to and in conformity with the provisions of a scheme dated 26th June 1979; amended 5th January 1988; amended 21st October 1998; amended 15th June 2006; and constitutes an unincorporated charity.
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY REPORT OF THE TRUSI"EES for the Year Ended 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure There are 12 Trustees co-opted to the board for a period of 5 years. Trustees shall be persons who through residence, occupation, employment or otherwise have special knowledge of the Bridgnorth area. Day to day management and administration of the Charity is carried out by the Clerk to the Trustees, Mrs Joanne Talbot-Bibb, assisted by Mrs L Davis from the offices situated at The Office, Spinners Court, st Stephens Place, Bridgnorth, with advice from the Trustees. Risk management The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 217544 Princlpal address The Office Spinners Court St Stephens Place Bridgnorth Shropshire WV15 6AE Trustees Mr R V Davies Mrs H Howell Mrs J Durham Mr D Moorhouse Mr D Walker Mr T Brettell Mr C Rawlings Mrs V Voysey - Chairman Miss P Oakley Mrs N Cooper Mr J Gittens Auditors walla Crooke Chartered Accountants & Registered Auditors College House st. Leonards Close Bridgnorth Shropshire WV16 4EJ STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES - continued The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP" 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; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity 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 charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). Approved by order of the board of trustees on 19 September 2024 and signed on its behalf by: Mrs V Voys airman rustee
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY Opinion We have audited the financial statements of Bridgnorth Housing Trust Registered name of: Bridgnorth General Municipal Charity (the 'charity) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charivs affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for oplnion 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 Auditors, responsibiltties for the audit of the financial statements section of our report. We are independent of the charity 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 golng concern In auditing the financial statements, we have concluded that the trustees, 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 charitys ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The tiustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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 otheiSe appears to be rnaterially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and returns; or we have not reiVed all the information and explanations we require for our audit.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY Responsiblllties of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine 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 trustees are responsible for assessing the charitys ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to ase operations, or have no realistic alternative bLrt to do so.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY Our responsibilitles for the audit of the flnanclal statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material rnisstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audlt 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 staternents. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 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: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and industry regulations including GDPR, employment law, health and safety and warranties. We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: agreeing the financial statement disdosures to underlying supporting documentation to assess compliance with provislons of relevant laws and regulations described as having a direct effect on the financial statements; enquiries of management including those responsible for key regulations. performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing minutes of board meetings. In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assesslng whether the judgements made In making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, Including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of Instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or mlsrepresentation as to what extent the audit was considered capable of detecting irregularities, including fraud. A further description of our responsibllities for the audit of the financial statements is located on the Financial Reporting Council's website at .frc.0rg.uldaudlt0rsreSponSlbllitles. This descrlption forms part of our Report of the Independent Auditors.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY Use of our report This report is made solely to the charitys trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we rnight state to the charitys trustees those matters we are required to state to them in an auditors, 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 and the charivs trustees as a body, for our audit work, for this report, or for the opinions we have formed. ((6bty C(LD LL Wallace Crooke Chartered Accountants & Registered Auditors College House St. Leonards Close Bridgnorth Shropshire WV16 4EJ 19 September 2024
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 MARCH 2024 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 3113124 3113123 Bank loans (see note 15) other loans (see note 15) 1,122,116 5,000 1,182,920 7,000 1,127,116 1,189,920 15. LOANS An analysis of the maturity of loans is given below: 3113124 3113123 Amounts falling due within one year on demand: Bank loans Mortgage repayable in less than 1 year Other loans 40,256 18,136 2,000 41,771 12,906 2,000 60,392 56,677 Amounts falling between one and two years: Bank loans repayable within 1- 2 years Mortgage repayable within 1- 2 years Other loans repayable within 1- 2 years 41,736 372 2,000 43,178 12,906 2,000 44,108 58,084 Amounts falling due between two and five years: Bank loans repayable within 2 - 5 years Mortgage repayable within 2 - 5 years other loans repayable within 2 - 5 years 134,709 138,522 10,936 5,000 3,000 137,709 154,458 Amounts falling due in more than five years: Repayable by instalments: Bank loans repayable after more than 5 years 945,299 977,378 16. SECURED DEBTS The following secured debts are included within creditors: 3113124 3113123 Bank loans Mortgages 1,162,000 18,508 1,200,849 36,748 1,180.508 1,237,597 The mortgage taken out by the charity is secured upon 1, 2, 6 and 32 Severn Street Bridgnorth, and their associated assets. -20- continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2024 16. SECURED DEBTS- continued The bank loan taken out by the charity is secured by way of a charge over the residential units held by the charity and located at st Stephens Place, Almhouses, 10 Church Street and Palmers Hospttal, 3 St Leonards Close. 17. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 3113124 At 114123 Unrestricted funds Revenue reserve Unrestricted Extraordinary repair fvnd Unrestricted Cyclical maintenan fund Revaluation of investment assets reserve Revaluation of fixed assets reserve 3,850,212 36,804 147,196 37,848 (23,370) (10,470) 33,840 3,864,690 26,334 181,037 454,197 8,046,518 46,460 500,657 8,046,518 12,534,927 84,309 12,619,236 TOTAL FUNDS 12,534,927 84,309 12,619,236 Net movement in funds. included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestrlcted funds Revenue reserve Unrestricted Cyclical maintenan fund Revaluation of investment assets reserve 435,044 (397,196) 37,848 46,460 46,460 435,045 (397,196) 46,460 84,309 TOTAL FUNDS 435,045 (397,196) 46,460 84,309 -21- continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY NOTES TO THE FINANCIAL STATEMENTS - contlnued for the Year Ended 31 MARCH 2024 17. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds Transfers between funds At 3113123 At 114122 Unrestricted funds Revenue reserve Unrestricted Extraordinary repair fund Unrestricted Cyclical Maintenance fund Revaluation of investment assets reserve Revaluation of fixed assets reserve 3,806,336 72,707 135,596 19,574 24,302 (35,903) 11,601 3,850,212 36,804 147,196 (1) 493,653 8,046,518 (39,456) 454,197 8,046,518 12,554,810 (19,883) 12,534,927 TOTAL FUNDS 12,554,810 (19,883) 12,534,927 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds Revenue reserve Unrestricted Cyclical Maintenance fund Revaluation of investment assets reserve 426,808 (1) (407,234) 19,574 (1) (39,457) (39,456) 426,808 (407,234) (39,457) (19,883) TOTAL FUNDS 426,808 (407,234) (39,457) (19,883) A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 3113124 At 114122 Unrestricted funds Revenue reserve Unrestricted Extraordinary repair fund Unrestricted Cyclical Maintenance fund Revaluation of investment assets reserve Revaluation of fixed assets reserve 3.806,336 72,707 135,596 57.422 932 (46,373) 45,441 3,864,690 26,334 181,037 493,653 8,046,518 7,004 500,657 8,046,518 12,554,810 64,426 12,619,236 TOTAL FUNDS 12,554,810 64,426 12,619,236 -22- continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY NOTES TO THE FINANCIAL STATEMENTS - contlnued for the Year Ended 31 MARCH 2024 17. MOVEMENT IN FUNDS- contlnued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds Revenue reserve Revaluation of investment assets reserve 861,852 (804,430) 57,422 7,003 7,004 861,853 (804,430) 7,003 64,426 TOTAL FUNDS 861,853 (804,430) 7,003 64,426 18. RELATED PARTY DISCLOSURES The charty has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,, not to disclose related party transactions with wholly owned subsidiaries within the group. There were no related party transactions for the year ended 31 March 2024. -23-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2024 3113124 3113123 INCOME AND ENDOWMENTS Investment income Investment income Bank interest 18,872 195 19,634 148 19,067 19,782 Charitable activitles Rental incorne Licences and heating contributions Other Income 387,329 26,584 613 364,234 24,971 763 414,526 389,968 Other income Gain on sale of intangible fixed assets Total incomlng resources 1,452 17.058 435,045 426,808 EXPENDITURE Charitable activitles Water rates and council tax Insurance Light and heat Repairs and renewals Grass cutting and garden maintenance Mortgage interest Loan interest 24,893 8,337 26,616 179,650 9,971 2,153 64,165 22,873 7,540 25,685 209,856 12,982 2,191 56,293 315,785 337,420 Support costs Governance costs Wages Auditors, remuneration Professional charges Administrative costs 43,802 3,900 24,261 9,448 42,040 3,700 15,330 8,744 81.411 69,814 Total resources expended 397,196 407,234 Net income 37,849 19,574 This page does not form part of the statutory financial statements -24-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY CHURCH STREET ALMSHOUSES DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2024 2024 2023 INCOMING RESOURCES Investment income Investment income Bank interest 18,872 197 19,634 145 19779 Incoming resources from charitable activities Other income Licences and heating contributions Profit on the sale of investments 613 26,584 1,452 763 24,971 17,058 28,649 42,792 Total incoming resources 47,718 62,571 RESOURCES EXPENDED Direct Charitable Expenditure Light and heat Water rates and council tax Insurance Repairs and renewals Other Gardening 9,057 1,595 732 2,181 12,365 1,487 552 23,873 Support costs Management Office and administrative costs 5,229 4,479 5,229 4,479 Total resources expended 18,794 42,756 Net Incoming Resources before transfers 28,924 19,815 Transfer to designated funds To/From Extraordinary repair fund To Cyclical repair fund From Cyclical repair fund 2,436 3,708 (1,894) 3,317 23,932) 6,144 (22,509) Net Incoming Resources for the Year 35,068 2,694) This page does not form part of the statutory financial statements 2.fj-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY ST STEPHEN'S PLACE DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2024 2024 2023 INCOMING RESOURCES Incoming resources from charitable activities Rental income Other income 134,674 125,472 Total incoming resources 134,674 125,472 RESOURCES EXPENDED Direct Charitable Expenditure Light and heat Water rates and council tax Insurance Repairs and renewals Gardening Other reliefs 612 12,850 2,604 49,085 2,162 208 11,769 2,319 34,119 7,027 55 442 Support costs Management Office and administrative costs 26,489 22,506 26,489 22,506 Total resources expended 93,802 77,948 Net Incoming Resources before transfers 40,872 47,524 Transfer to designated funds To/From Extraordinary repair fund To Cyclical repair fund From Cyclical repair fund 14,197 24,103 23,050 14,156 21,558 21,351) 15,250 14,362 Net Incoming Resources for the Year 56,122 61,886 This page does not form part of the statutory financial statements 26-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY SEVERN STREET DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2024 2024 2023 INCOMING RESOURCES Incoming resources from charitable activities Rental income 83,159 81,979 Total incoming resources 83,159 81,979 RESOURCES EXPENDED Direct Charitable Expenditure Light and heat Water rates and council tax Insurance Repairs and renewals Gardening Mortgage interest 1,154 7,762 1,848 95,749 2,358 2,153 2,475 7,748 1,740 91,921 1,934 2,191 111024 108 009 Support costs Management Office and administrative costs 16,356 14,705 16,356 14,705 Total resources expended 127,380 122,714 Net Incoming Resources before transfers (44,221) (40,735) Transfer to designated funds To/From Extraordinary repair fund To Cyclical repair fund From Cyclical repair fund (44,762) 18,541 8,687 (13,793) 16,583 22,135) (34,908) (19,346) Net Incoming Resources for the Year 79,129) 60,081) This page does not form part of the statutory financial statements 27-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY THE REVEREND FRANCIS PALMER'S HOSPITAL DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2024 2024 2023 INCOMING RESOURCES Incoming resources from charitable activities Rental income 36,028 30,999 Total incoming resources 36,028 30,999 RESOURCES EXPENDED Direct Charitable Expenditure Light and heat Water rates and council tax Insurance Repairs and renewals Gardening Other 15,621 2,201 1,050 21,171 90 10,561 1,432 1,056 45,716 40 133 58 765 Support costs Management Office and administrative costs 7,086 5,560 7,086 5,560 Total resources expended 47,219 64,325 Net Incomingl(Outgoing) Resources before transfers (11,191) (33,326) Transfer to designated funds To/From Extraordinary repair fund To Cyclical repair fund From Cyclical repair fund 4,871 7,416 7,658 (25,944) 6,633 6,343 4,630 (25,654) Net (Outgoing)Ilncoming Resources for the Year 6,561) 58,980) This page does not form part of the statutory financial statements 28-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY WARDLE CLOSE DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2024 2024 2023 INCOMING RESOURCES Incoming resources from charitable activities Rental income 6,454 6,122 Total incoming resources 6,454 6,122 RESOURCES EXPENDED Direct Charitable Expenditure Light and heat Water rates and council tax Insurance Repairs and renewals 485 100 483 438 89 755 1068 1282 Support costs Management Office and administrative costs 1,269 1,098 Total resources expended 2,337 2,380 Net Incomingl(Outgoing) Resources before transfers 4,117 3,742 Transfer to designated funds To/From Extraordinary repair fund To Cyclical repair fund From Cyclical repair fund 609 927 544 829 1,536 1,374 Net (Outgoing)Ilncoming Resources for the Year 5,653 5,116 This page does not form part of the statutory financial statements 29-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY SPINNER'S COURT DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2024 2024 2023 INCOMING RESOURCES Incoming resources from charitable activities Rental income Electricity refund 127,014 119,661 Total incoming resources 127,014 119,661 RESOURCES EXPENDED Direct Charitable Expenditure Light & heat Water rates & council tax Insurance Repairs & renewals Loan interest 171 75 2,003 16,343 64,165 1,784 17,492 56,293 82 682 Support costs Management Office and administrative costs 24,983 21,464 Total resources expended 107,665 97,108 Net Incomingl(Outgoing) Resources before transfers 19,349 22,553 Transfer to designated funds TolFrom Extraordinary repair fund To Cyclical repair fund From Cyclical repair fund 12,179 18,541 10,889 16,583 30,719 27,472 Net (Outgoing)Ilncoming Resources for the Year 50,068 50,025 This page does not form part of the statutory financial statements 30-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY MANAGEMENT, OFFICE AND ADMINISTRATION COSTS DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2024 2024 2023 EXPENDITURE Office salaries Light and heat Water rates and council tax Insurance Repairs and renewals Telephone Computer costs Printing, postage and stationery Travel expenses Bank charges Audit costs Professional charges - legal Professional charges - surveyors Professional charges - payroll Bad debts Sundry expenses 43,802 2,245 758 817 575 1,357 1,021 568 42,040 2,135 546 356 683 993 406 485 800 3,900 882 3,700 24,261 416 15,330 438 892 1,819 Total Management and Administrative Costs 81,412 69,813 Allocation of Management and Administrative Costs Church Street Almshouses St Stephen's Place Severn Street Reverend Francis Palmer's Hospital Wardle Close Spinnerfs Court 5,229 26,489 16,356 7,086 1,269 24,983 4,479 22,506 14,705 5,560 1,099 21,464 Total Management and Administrative Costs 81,412 69,813 This page does not form part of the statutory financial statements