pwh Chartered Accountants & Statutory Auditors Powell and Welch Almshouse Charity Charity registration number 218268 Financial Statements Year Ended 31 December 2023 iom. RoqvpLA FCA FMA4f FFTA PWH A¢eountsw Ltd The Countlng House High Street Lutterworth Leicestershire LE17 4AY Comwynumbvo887I789 R•yl•r•J Registerd Io C8ryLVTrauOrtwofv In UK VATrrtth 1•57Sts2 Er¥*w T 01455 243 773 ICAEW CHAR TERED ACCOU14TANr inlo@PWHaccoUntan.rn
Powell and Welch Almshouse Charity Charity giStratIon number.. 218268 Financial Statements Year Ended 31 December 2023
Powell and Welch Almshous• Charity Flnancial Statements Yèar Ended 31 December 2023 Contents Page Twstegs. Annual Roport 14 Accountants Rgport Statement of Flnanclal ActlvitSe¥ (Incorporating a Revènue Account) BalanGe Sheet Not•8 to the Flnanclol Statem•nts 8-13
Accountants Roport to the Trustees on the Unaudlted Flnancial Statements of the Powell and Welch Almshouse Charity Admlnlstratlve Informatlon The Charity is regulated by the Charity Commission and its registration number is 218268. The fvll name of the Charity is The Powell and Welch Almshouse Charity and its contact address is Ashgrove, Ashby Lane, Bitteswell LE17 4SE. The Clerk to the Charity is Mrs J Ethyards. Trustees of thè Charlty The Iruslees who have served during the year and since the year end were as follows- Mr M Gordon {Chair) Mrs J Edward$ Mr K Pallon ITaSurer} Mrs P Beason Mrs C Love Mrs B Higgins The Charity is affiliated with Ihe National Association of Almshouses. The Charity had the following professional advisers.. Reporting Accounlanls PWH Accountancy Limiled The Counting House High Street Lutterworth Lerceslershire LE174AY Bankers Bardays Bank Pl¢ Leice51er Haymarkel Towers Branch Leicester LE19 1RJ ObJ•ctlvo8 and a¢tlvltles As a modern almshouse charty. we provide affordable hwsing in a rural area for I1 people who are in need. Our residents are elderly people of limited means who are accepted as almshouse resi(Jenls due lo their circumstances and their Inability lo fund a home from their own resources.
Accountants Report to the Trustees on the Unaudited Flnancial Statements of the Powell and Welch Almshouse Charity Review of the Year- 2023 The charity has a stable tearn of Trustees who ¢arrie(l out the foll¢)wing r(Jes in 2023: Mike Gordon (Chair) Ken Patton (Treasurer) Jane Edwards Iclerk) Pippa Beason (Maintenance) Bridget Higgins Imainlenancel Carolyn Love (Resident Welfare) Nigel Byard {Reclor of Lutterworth with Cotesba¢h and Bitteswell in the Diocese of Leicesler. joins for AGM only) We have arranged for each of the six main Trustees to attend the Almshouse Association's one day training course in May. so we are up lo dale on the role of Ihe Trustee of an Almshouse charity. This training session is also being made available lo the TN$lees of the Amshouses within a 1 Okm radius of Billeswell. FSnan¢o8 Under Ken Pallon's stewardship, the Finances of the charity continue lo be in a healthy position, and the loans that were required in prior year$ will all have been fully repaid by April 2024. In view of the financial position of the Charity and the general increase in the Cost of Living, the Trustees again decided not lo raise Ihe Weekly Mainlenance Contributions IWMC'S) for residents in line with the Home$ England inflalion formula in 2022. WMC'S are Iherefoffj still maintained al their 2021 level. Malntenance and ProJ•¢ts The charity continued lo maintain all th8 properties Ihrough(yJl the yoar, using appropriate Irade$men for a wide variety of tasks lo ensure that the properties remained in good order and continue lo offer a high standard of accommodatn for our resents. Pippa Beason continues to do an excellent job managing the maintenance programme$ on the properties, supported by other Trustee$. in particular Bridget Htggins, when reouired. The major project carried out in 2023 was the placeMent of the kil¢hens in the Powell Row properties. I would like lo thank all the Trustees for Iheir support for this project, particulady Brget Higgins who coordinated all aspects of the replacement work on behalf of the charity. Resldents and Wolfar• There were no changes lo the re$idenls in 2023 and the ResHJents' Handbook did not QUire any update5 during the year. The Trustee's agreed ore again lo decorate the hedges on both Se$ of the Queen's Gateway with Christmas lights. The Residents were also provided with Garden Vouchers as a Christmas present from the Trustees. Mike Gordon Chair of the Trustee$ Powell and Welch Alm5hous8 Chanty. Regislered Chartty No 218268 14 ebwary 2023
Accountants Report to tho Trusts•s on the Unaudited Flnanclal Statèments of the Pow611 and Vvelch Almshouse Charity Financial revlew Once again the external economic climate in 2023 was very difficult but, never the less. the Charity's finances were still solid and showed a healthy pvre with nel funds available of £197.501 against last year's £193,822. Funds held by M&G Mulli£harty Investrnenls amounted lo £150,106. Barclays Bank £12.275 and Charity Bank £35,000 at 31# December 2023. Inleresl free loans of £1,250 were outstanding at the year end, and they will be fully paid off by the end of March 2024. Although there were no plans for major investments in 2023, we did, in fact spend £36.000 refurbishing the kitchens of all six houses on Powell Row. Plans for futur• porfods There are no current plans for major investment in 2024, and the main driver of expenditure wlll continue lo be the implemenlalion of the recommended issu&s raised in the last Quinquennial Review Mr K Pallon ITrea$urerl Date.. ,1212
Accountants Report to the Trustses on the Unaudited Financial Statements of the Powell and Welch Almshouse Charity Trusteos, responsibilities The trustees are reSpOnb for prepariThJ the TfUStees' knual R8POrt and the finanaal statements in accord8n¢g wlth applicable law and United Kirudom Accounting Startlards IUnit811 Kingthm Generalty AccEpted AccountiThJ Pr8cti¢e). The law appliCae to chanties in England & Wal8sINothem Ireland requiS the trustees to prepare fjnancial ststements for each financial year which gtve a true and fail vi8w of the state of affairs 01 thè charity and of the incoming resour¢&s and application of resources of the charity for that Feriod. In preparing Ihese finanaal statements, the trustees 8re required to.. select suitable accountrng OKies and then appty Ihem con&stently; observe the methods and principles in the charit SORP 2015 IFRS 1021: make iudgernents and estimates that a reasonabk and prudent., state whèther applicablè accounting slandards have been fdlow8d. subject lo any m*9rial dep8rtures disclosed and explain8d in lh& financkal ststements- prepare Ihe finawal statements on the gc¥ThJ concem basis unless 11 Is inappropriate to presume Ihat the charity V11 ¢onltnue in Opefation. The Injstees are reSp$bI¢ for koepiThJ proper accounting records that disdostr with rgasonable accura¢y 818ny lime the financial tIon ol tha charity and enab them to ensure thal the finan(ial statements comply the Ch8ri1185 A¢t 2011. They are also responble for safeguardiTrJ the assets of th8 charity and horKo for laklng feasonable steps for lh& prevention and dete¢tion ol fraud and other iThegularitses.
Accountants Roport to the Trustees on tho Unauditod Financial Statements of the Powell and Welch Almshouse Charity We fep(rt oft the ffinanryal statements for ts year ended 31 Decefftr 2023 set out on th8 pago5 below. Re$po¢tiv• rpOnsIbIlItIeS of the Trustees and R•portlng Acc4>untsnt The Truste88 are reSpOne for th8 Preparalion of the financial statements. and they consKJer that The Powell 8nd Wèlch Almshouse Charity is exenyt from an au¢Jt. h 15 our Tespongbility to cary pit prcKedureB designed to ènable tjs to report ovr opinion. B•$l$ ¢f oplnlon Our pro¢odure8 consisted of compariThJ the financlal statements wilh the 4)unting records kept The Pow611 and W8lch Almshouse Charity and making such enquiries of the officers of The PO%11 and Wekh Almshouse Charty as wè nsidered necessary for th& pu of this re[. Thgse prdureS prowde onty the assurance expressed in our opinion. Oplnlo In our opknion.. the financial statements fof th& yoar ended 31 December 2023 a in accordance th8 accounting rrS kept by The Powell and Welch AlmshoLsse Charity under paragraph 135(21 of ihe HousirrfJ and Reg&neration Act 2008.. h8vlng regard only to, and on the ba$ of Ihe infomiation contained in the accounting records.. the statement of ffnanclal aCtitieS and bala0 sheet compty the requirem8nts of the Charflles Act 2011., the Powell and Welch Almshouse Charity has Satisf th8 CondOn$ for exemption from an audit of Ihtr financial statements lor the year ended 31 Cttember 2023 specified In Sectlon 163(31 of th8 Houslng and Regeneration Act 2008., and the financial statements Cofrffjjty ¥th the foquirnments of the Housing R8pnerncffj Act 2008 and the Accounting Direction for Private Regisiered Pmviders for Soaal Houng 2012. PWH Accvuntsncy Llmlt•d Reporting Accountanis The Counting HoLbo8 Htgh Street Lutterworth Leiceslershlre LE17 4AY
P¢)well and Welch Almshouse Charity Statement of Financial Activities for the Year Ended 31 December 2023 {incorporatlng a Revenue Account) 2023 2022 fund5 Total Totsl Incomlng resources Incomlng resourc•s from charltable actlvitigs Maintenance contributions Incoming r•8ourc•s lorm ggnerated funds Investment income Miscellaneous income 40.988 40,988 47,371 6.3S2 21 6,352 21 642 Total Incomlng resour¢ 47.361 47.361 48,020 Ro$ourc•s exp•ndod Charltabl• a¢tivitl•s: Supported housing and housing for almhouse residents Govemance co8t$ 45,513 6,240 51.753 22,300 787 Total resouru8 •xp•nd•d 46,113 6,240 52.353 23.087 N•t In¢omel{expendlturn) 1.248 {6,2401 14,9921 24,933 Transfers b•tweon funds Oth•r rncognlsod galns: Gainsl(lossesl on Investments Net mov•mant In funds 2,431 2,431 2.431 16,2401 (2,561) 585 25,518 1,248 R•con¢lllatlon of funds: Total funds brought forward 223.355 30,087 177.546 430,988 405,470 Total funds carri•d forward 224.603 32,518 171.306 428,427 430,988 All income and expendilure derive from continuing activit$. The stslement of financial acliviltes in¢ludes all gains and losses recognised during the year.
The Powell and Welch Almshouse Charity Balance Sheet Year Ended 31 December 2023 2023 2022 Flxed assets Housing properties Investments 230,926 150,106 237,166 141.8gN) 381,032 379.056 Current assets Debtors Cash al bank and in hand 1,971 47.274 354 56,804 29,245 57.158 Crodltors: amounts falllng due wlthin ono yoar {1,850) 15.2261 Net current a88•ts (Ilabllltl•sl 47.395 51,932 Total a38Ots less current Ilabllttlos 428,427 430.988 Crndltors: amounts falllng du• aft•r moro than on• y•ar Quaker Houslng loan Net assoti 428,427 430,988 Charlty Fund• General Fund Designated Fund Reslric18d fixed asset fund 224.603 32,518 171,306 223.355 30,087 177,546 Totsl charSty funds 428,427 430.988 Approved on behaw of the board of truslees Mr M Gordon, Chairman Dale.. Mr K Patton (Treasurer) Dale: The notes on pages 8 to 13 form part of these financial stalemenl$.
The Powell and Welch Almshouse Charity Notes to the Financial Statements Year Ended 31 December 2023 Accountlng Pollcles Introductlon and Accountlng Basis The financial statements have been prepared in a¢¢ordance with applicable financial reporting standards, the Stslemenl of Recommended Practice. 'Ac£ounling By Registered Landlords. issued in May 2005. and General Del&rminalion 2(N)6. FIX Assets Major expenditure on tangible fixed assets is capitalised. Depreciation is provided on all tangible fixed assets al rates calculated lo write off the cost les5 estimated resRlual value of each asset evenly over lils expected useful lrfe on the followin9 bases.. land is not depreciated housing properties- 2% per annum straight line
The Powell and Welch Almshouse Charity Notes to the Financial Statements Year Ended 31 December 2023 Investmont incomo 2023 2022 Divi(Jend income 5,785 642 5.785 642 Rosources expanded UN•*1j ft•Sbic&id f¢ltyl FdI D•S¥ed FLud 4sse Z023 Furdl 2022 Charltable actlvlti S•rvlco8 Water rates Repairs and mainlenan¢e Insurance 1,606 41,759 1,705 1.416 12,600 1,556 41.759 1,705 45,070 45.070 15,572 Add: Other exp•ndltur• Miscellaneous Governance Depre¢ialion 443 443 600 6,240 530 787 6,240 6.240 Total 1,043 6,240 7,283 7.557 GovèrnanG• Accountancy fees TrLtslee expenses 600 Ombudsman's fees 187 600 787
Tho Powell and Welch Almshouse Charlty Notes to the Financial Statsments Year Ended 31 December 2023 Housing properties 2023 2022 Cost or valuation.. Al 1 January 2023 Additions Al 31 December 2023 311,978 311.978 311.978 311,978 Depreciation.. Al 1 January 2023 Charge for the year At 31 December 2023 74,812 6.240 81.052 68,572 6.240 74,812 Nel book value.. Al 31 December 2023 230,926 237,166 At 31 December 2022 237.166 243.406 The charitable trust was eslabli$hed in 1847 and the original Costs for the freehold land and buildings owned by the Charity are not known. The value of land included above 1$ £63.000 10-
The Powell and Welch Almshouse Charity Notes to the Financial Statements Year Ended 31 December 2023 FSxed asset Investments NMCIF Accumul'n Shares NAACIF Income Shares Total Cost or valuatlon Al 1 January 2023 Income for the year Unrealised gainslllosses) Al 31 December 2023 128.707 5.218 2,773 136,698 13,183 567 342 13.408 141,89) 5,785 2,431 150,106 Debtors 2023 2022 Prepayments and other debtors 1.971 354 1,971 354
The Powell and Welch Almshouse Charity Notes to the Financial Statements Year Ended 31 December 2023 Credltors.. amounts falllng due wlthln one year 2023 2022 mshouse Association loan Quaker Housing loan Accruals 876 3,750 600 1.250 600 1,850 5.226 12-
The Powell and Wolch Almshouse Charlty Notes to the Financlal Statements Year Ended 31 December 2023 Fund reconclllatlons Unrestrlcted fundg Balance al 1st January 2023 Gains I (losses) Balance al 31. December 2023 Income ExdItU Transfers General Designated Reslricled 223,355 30.087 177,546 47.361 (46.113} 224,603 32.518 171,306 2,431 (6.2401 430,988 152.353) 428,427 Analys1$ of n•t as••t8 b•tw••n funds fu Total Fixed assets Investments Current assets Current liabilit 230.926 230,926 150,106 49,245 (1,250) {1.850} 136.698 49,245 1600) 13.408 Total 185.343 13,408 229.676 428,427 -1&