MISS HANNAH LEVICK'S CHARITY
REPORT AND FINANCIAL STATEMENTS
31 DECEMBER 2022
LEMANS
CHARTERED ACCOUNTANTS
NOTTINGHAM
MISS HANNAH LEVICK'S CHARITY
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
| CONTENTS | PAGE |
|---|---|
| Charity Reference and Administrative Details | 1 |
| Trustees report | 2 |
| Independent Examiner’s report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the accounts | 7 |
MISS HANNAH LEVICK'S CHARITY REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
CHARITY REFERENCE AND ADMINISTRATIVE DETAILS
STATUS
Miss Hannah Levick's Charity is a charity whose registration number is 217557. The Charity was created under the terms of the will of Miss Hannah Levick.
TRUSTEES
Reverend C D Harrison (Ex-Officio as Rector of St. Peter’s Church, Nottingham) Mrs J Hopewell – Chairman
Mrs J Huckle Mr I Wright (appointed 16 May 2023)
Four vacancies at 31 December 2022
Mr K R Charter, Clerk to the Trustees
ADDRESS
Levick Court Launder Street The Meadows Nottingham NG2 1HL
CORRESPONDENCE ADDRESS
9 Queensbury Avenue West Bridgford Nottingham NG2 7GE
BANKERS
TSB Bank plc 11 Low Pavement Nottingham NG1 7DQ
INDEPENDENT EXAMINER
Karen Mealand Lemans Chartered Certified Accountants 29 Arboretum Street Nottingham NG1 4JA
MISS HANNAH LEVICK'S CHARITY
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
TRUSTEES' REPORT
The trustees present their annual report and financial statements for the year ended 31 December 2022. The Trustees have adopted the provisions of The Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ in preparing their accounts. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with The Charity’s governing document, The Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommend Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
OBJECTIVE
The provision of accommodation for people over 60 years of age domiciled in Nottingham with proven limited means and a housing need.
PUBLIC BENEFIT
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. The objective of the charity and details of who and how the charity has helped can be found in this report.
REVIEW OF THE YEAR
The Trustees continued to manage 12 warden-assisted almshouse flats at Levick Court for men and women who qualify for assistance under the terms of the Trust Deed dated 9 June 1983. In addition to the criteria set out in the Trust Deed for the issue of Licences to Occupy flats at Levick Court, Trustees policy remains to only make suitable appointments to retain a proper level of community spirit within the Court. There were two vacancies at the end of December 2022 (three at the end of 2021), two new Licences to Occupy having been granted in 2022, one of which was revoked at an early stage of occupancy. In addition, Trustees have not been able to take possession of another unoccupied, but fully furnished, flat due to a Court of Protection process ongoing since November 2021 while the ex-resident is in a care home. The part-time appointments of a Clerk, non-resident warden and gardener/handyman remained in place throughout the year.
Trustees continued to fulfil their statutory obligations as set out by The Pensions Regulator and other statutory bodies. They also continued to work in partnership with the Decent and Safe Homes Service (DASH), with whom they are accredited, and all twelve flats have a Licence issued under Nottingham City Council’s Selective Licensing scheme. The policy of planned maintenance remained in place with the aim of ensuring a suitable condition level for the whole estate under management. The programme of securing Electrical Installation Condition reports for all flats was complete at the year-end apart from the flat subject to the above-mentioned Court of Protection process. Trustees commissioned the annual gas engineer inspections and reports both for the safety of residents and also to comply with a requirement under the 10-year warranty for the boilers installed between November 2019 – August 2020. The external locks for each flat were replaced with ones embracing upgraded security. Three of the four rotary washing lines were replaced. Repayments were met for the twice-yearly instalments due under the 60-year mortgage taken out in 1982 and therefore payable until 2042.
FINANCIAL REVIEW
In line with Charity Commission recommendations, the Trustees have set the minimum level of unrestricted reserves at an amount sufficient to cover all normal operating expenses for a year. At the end of the year, the Charity has more in reserves than this policy demands.
MISS HANNAH LEVICK'S CHARITY
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
TRUSTEES' STATEMENT OF RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP 2019 (FRS 102);
-
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 operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (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.
RECRUITMENT AND APPOINTMENT OF TRUSTEES
The charity welcomes eligible people who have an interest in helping the organisation achieve its objectives by becoming a Trustee
Those eligible must:
-
be over the age of 18
-
not be undischarged bankrupts
-
not previously have been removed from trusteeship of a charity by a Court or the Charity Commissioners
-
not be under a disqualification order under the Company Directors’ Disqualification Act 1986
-
not be disqualified by the Charities Act 1993 (Section 72) from acting as a charity trustee
INDUCTION AND TRAINING OF NEW TRUSTEES
To ensure Trustees are fully competent, the charity will:
-
Support induction, in a manner tailored to the experience of the individual, by the use of a ‘buddy’ system whereby each new Trustee is guided by an experienced Trustee or recently retired Trustee
-
Provide access to – and where appropriate cover the costs of – induction training
-
Provide a job description for honorary officers
…………………………………….
Mrs J Hopewell
2023
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
MISS HANNAH LEVICK'S CHARITY
I report to the charity trustees on my examination of the accounts for the year ended 31 December 2022 which are set out on pages five to twelve.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
Accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
The accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Karen Mealand FCCA Lemans 29 Arboretum Street Nottingham NG1 4JA
Date
MISS HANNAH LEVICK'S CHARITY
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2022
| Note 2022 £ £ INCOME Maintenance charges receivable 38,471 Investment Income: COIF Charities Deposit Fund 205 CBF Investment Fund Shares 4,706 _ 4,911 Other income 150 __ TOTAL INCOME 43,532 EXPENDITURE Direct Property Management costs 9 23,884 Administration costs 10 10,878 Loan Interest – Orchardbrook Ltd 5,402 TOTAL EXPENDITURE 40,164 _ NET INCOME/(EXPENDITURE) BEFORE GAINS ON INVESTMENT ASSETS 3,368 (Loss)/gain on revaluation of investments 3 (21,079) ___ NET INCOME - NET MOVEMENT IN FUNDS (17,711) TOTAL FUNDS AT 1 JANUARY 2022 230,878 TOTAL FUNDS AT 31 DECEMBER 2022 7 £213,167 |
2021 £ £ 36,797 2 4,430 _ 4,432 150 41,379 21,286 8,816 5,445 35,547 __ 5,832 21,908 _ 27,740 203,138 ____ £230,878 |
|---|---|
| MISS HANNAH LEVICK'S CHARITY BALANCE SHEET- 31 DECEMBER 2022 Note TANGIBLE FIXED ASSETS Freehold Almshouses 2 Less: Housing Association Grant INVESTMENTS 3 TOTAL FIXED ASSETS CURRENT ASSETS Debtors and Prepayments Investment - COIF Deposit Accounts 4 Cash at bank CURRENT LIABILITIES Creditors - Amounts falling due within one year 5 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 6 NET ASSETS TRUST FUNDS (ALL UNRESTRICTED) 7 Capital Account Revenue Reserves Designated Reserves 8 Investment Revaluation Reserve TOTAL FUNDS |
2022 £ 1,910 21,256 11,247 _____ 34,413 4,344 |
6. 2021 £ £ £ 151,008 153,748 90,979 90,979 __ 60,029 62,769 161,059 177,432 _ 221,088 240,201 1,309 21,050 9,347 __ 31,706 _ 2,618 30,069 29,088 _ 251,157 269,289 37,990 38,411 _ £213,167 £230,878 (21,425) (21,425) 119,685 114,698 26,874 28,493 88,033 109,112 ___ £213,167 £230,878 |
|---|---|---|
The financial statements were approved on 2023 by the Trustees and are signed on their behalf by:
Reverend C Harrison
Mrs J Hopewell
MISS HANNAH LEVICK'S CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
The Charity constitutes a public benefit entity as defined by FRS102.
The accounts have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011, the Church Accounting (Amendment) Regulations 2006 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements include all transactions, assets and liabilities for which the Charity is responsible in law.
The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound.
Investments
Investments are shown at fair value at the year end date. The annual surplus or deficit on revaluation is transferred to an Investment Revaluation Reserve (note 7).
Current Investments
The Charity holds cash on deposit for investment purposes, which is recorded at transaction price, in order to obtain a better rate of return, thereby increasing their income enabling them to meet their objects.
Cash at bank
The Charity holds sufficient funds in order to meet its short term cash commitments as they fall due.
Debtors and Creditors
Debtors and creditors receivable or payable within one year are recorded at transaction price.
Income
Income is recognised when it becomes receivable.
MISS HANNAH LEVICK'S CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2022
Housing Association grants
Housing Association Grants (HAG) were made by the Department of the Environment and utilised to reduce the cost of a development to an amount which it is estimated can be serviced by the net annual income of the scheme. In the balance sheet the development costs have been reduced by the amount of HAG received.
Mortgage loan
The mortgage loan is advanced by Orchardbrook Ltd (formerly the Housing Corporation) under the terms of a mortgage deed. Advances are available only in respect of those developments which have been given approval for Housing Association Grant by the Department of the Environment or the Housing Corporation.
Fixed assets
Almshouses are stated at cost less accumulated depreciation and Housing Association Grant. The development cost of Almshouses include the following:
i] Cost of acquiring land and buildings
ii] Development expenditure
Depreciation
Depreciation is charged on a straight line basis over the estimated economic life of the almshouses at 2% per annum on the cost minus Housing Association Grant received.
MISS HANNAH LEVICK'S CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2022
2. TANGIBLE FIXED ASSETS
12 Almshouses Launder Street, The Meadows, Nottingham.
| 3. | Cost - land buildings Depreciation - at 31.12.2021 charge for year at 31.12.2022 Net book value 31.12.2022 31.12.2021 INVESTMENTS CBF Investment Fund shares Balance at 31.12.2021 Re-investment of dividends into shares during year Balance at 31.12.2022 Reconciliation of movement in fair value Fair value at 31.12.2021 Dividends reinvested Transfer to revaluation reserve Fair value at 31.12.2022 |
£ 2,486 227,982 __ £230,468 76,720 2,740 £79,460 £151,008 £153,748 Units Cost £ 7,577 68,340 218 4,706 _ 7,795 £73,046 _ 177,432 4,706 _ 182,138 (21,079) £161,059 ___ |
|
|---|---|---|---|
MISS HANNAH LEVICK'S CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2022
| 4. | CURRENT ASSET INVESTMENTS | 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| £ | £ | ||||||||
| Cash held for investment | 21,256 | 21,050 | |||||||
| 5. | CREDITORS | 2022 | 2021 | ||||||
| £ | £ | ||||||||
| Amounts falling due within one year | |||||||||
| Heat and light | 64 | 64 | |||||||
| Accountancy fees | 2,758 | 1,354 | |||||||
| Orchardbrook Ltd Loan (note 6) | 339 | 259 | |||||||
| Maintenance paid in advance | 689 | 529 | |||||||
| PAYE | 494 | 412 | |||||||
| £4,344 | £2,618 | ||||||||
| 6. | CREDITORS | ||||||||
| Amounts falling due after more than one year | |||||||||
| Orchardbrook Ltd Loan | |||||||||
| The loan is repayable half yearly by equal | |||||||||
| instalments, the last instalment of which | |||||||||
| falls to be paid on 30 November 2042. | |||||||||
| Interest is payable at a rate of 14% fixed in 1982 on | the | ||||||||
| outstanding balance. | |||||||||
| £37,990 | £38,411 | ||||||||
| 7. | MOVEMENTS IN FUNDS | ||||||||
| At 1 Jan | Incoming | Outgoing | Transfers | At | 31 Dec | ||||
| 2022 | Resources | Resources | 2022 | ||||||
| £ | £ | £ | £ | £ | |||||
| Unrestricted Funds | |||||||||
| Capital Account |
(21,425) | - | - | - | (21,425) | ||||
| Revenue Reserves | 114,698 | 43,532 | 40,164 | 1,619 | 119,685 | ||||
| Designated Reserves (note 8) | 28,493 | - | - | (1,619) | 26,874 | ||||
| Investment Revaluation Reserve | 109,112 | - | 21,079 | - | 88,033 | ||||
| ______ | ______ | ______ | _ | ||||||
| £230,878 | £43,532 | £61,243 | £- | £213,167 | |||||
| __ __ | ______ | ______ | ______ | _ | |||||
| At 1 Jan | Incoming | Outgoing | Transfers | At | 31 Dec | ||||
| 2021 | Resources | Resources | 2021 | ||||||
| £ | £ | £ | £ | £ | |||||
| Unrestricted Funds | |||||||||
| Capital Account | (21,425) | - | - | - | (21,425) | ||||
| Revenue Reserves | 107,203 | 41,379 | 35,547 | 1,663 | 114,698 | ||||
| Designated Reserves (note 8) | 30,156 | - | - | (1,663) | 28,493 | ||||
| Investment Revaluation Reserve | 87,204 | 21,908 | - | - | 109,112 | ||||
| ______ | ______ | ______ | _ | ||||||
| £203,138 | £63,287 | £35,547 | £- | £230,878 | |||||
| __ __ | ______ | ______ | ______ | _ |
MISS HANNAH LEVICK'S CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2022
8. DESIGNATED RESERVES
-
i] "Capital Reserve Applied". Transfers to this fund from revenue reserves represent the proportion of development costs not financed by the Housing Association Grant.
-
ii] Extraordinary Repair Fund. This fund has been created to meet the cost of major repairs and renewals.
| Balance at 31.12.2021 Transfers to Revenue Reserves Transfers to Extraordinary Repair Fund Balance at 31.12.2022 |
Capital Extraordinary Total Reserve Repair Fund Applied _ £ £ £ 24,106 4,387 28,493 (2,399) - (2,399) - 780 780 __ ______ £21,707 £5,167 £26,874 |
|---|---|
The transfer to Revenue Reserves from Capital Reserves Applied is made up as follows:
| £ | |
|---|---|
| Amount equal to depreciation | |
| Charge for the year | 2,740 |
| Amount equal to loan repaid | (341) |
| _____ | |
| £2,399 | |
| _____ |
9.
| DIRECT PROPERTY MANAGEMENT COSTS | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| Council tax (voids) | 3,590 | 2,816 |
| Water rates | 3,990 | 3,751 |
| Utilities (voids) | 647 | 613 |
| External lighting | 616 | 886 |
| Insurance | 1,804 | 1,651 |
| Depreciation | 2,740 | 2,740 |
| Gardener/handyman’s wages | 2,614 | 2,184 |
| Day to day repairs & maintenance | 6,587 | 4,088 |
| Alarm Monitoring fee | 1,296 | 1,117 |
| Selective Licence | - | 1,440 |
| ______ | ______ | |
| £23,884 | £21,286 | |
| ______ | ______ |
MISS HANNAH LEVICK'S CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2021
| 10. ADMINISTRATION COSTS 2022 £ Telephone (Alarm line – flat 9) 55 Subscriptions - National Association of Almshouses 222 - Independent Housing Ombudsman - Wardens wages 3,984 Birthday gifts to residents 20 Clerks wages 4,386 Clerks expenses 392 Independent Examiner’s Fee 1,404 Payroll costs 302 Advertising 100 Postage and stationery 13 £10,878 |
2021 £ 151 216 26 3,240 20 3,150 450 1,278 272 - 13 £8,816 |
|---|---|
There was no Trustees remuneration, benefits or expenses for the year ended 31 December 2022 nor for the year ended 31 December 2021.
No employee received total emoluments of more than £60,000. The average number of staff employed was 3 (2021 – 3).
11. UNITS OF ACCOMMODATION
The Charity had 12 units in management at the beginning and end of the period.
12. RELATED PARTY TRANSACTIONS
There were no related party transactions in the year.