# **Powell and Welch Almshouse Charity**
Charity registration number: 218268
## **Financial Statements**
**Year Ended 31 December 2024**
**Powell and Welch Almshouse Charity**
## **Financial Statements**
## **Year Ended 31 December 2024**
|**Contents**|**Page**|
|---|---|
|**Trustees’ Annual Report**|**1-4**|
|**Accountants Report**|**5**|
|**Statement of Financial Activities (incorporating a Revenue Account)**|**6**|
|**Balance Sheet**|**7**|
|**Notes to the Financial Statements**|**8-13**|
## **Accountants Report to the Trustees on the Unaudited Financial Statements of the Powell and Welch Almshouse Charity**
## **Administrative Information**
The Charity is regulated by the Charity Commission and its registration number is 218268. The full 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 Edwards, who is also a Trustee.
## **Trustees of the Charity**
The Trustees who have served during the year and since the year end were as follows:
Mr M Gordon (Chair) Mrs J Edwards (Clerk) Mr K Patton (Treasurer) Mrs P Beason Mrs C Love Mrs B Higgins
The Charity is affiliated with The Almshouse Association.
The Charity had the following professional advisers:
Reporting Accountants PWH Accountancy Limited The Counting House High Street Lutterworth Leicestershire LE17 4AY Bankers Barclays Bank Plc Leicester Haymarket Towers Branch Leicester LE19 1RJ
## **Objectives and Activities**
As a modern almshouse charity, we provide affordable housing in a rural area for local people who are in need. Our residents are elderly people of limited means who are accepted as almshouse residents due to their circumstances and their inability to fund a home from their own resources.
- 1 -
**Accountants Report to the Trustees on the Unaudited Financial Statements of the Powell and Welch Almshouse Charity**
## **Review of the Year**
The Trustees of the charity carried out the following roles in 2024:
- Mike Gordon (Chair)
- Ken Patton (Treasurer)
- Jane Edwards (Clerk)
- Pippa Beason (Maintenance)
- Bridget Higgins (Maintenance)
- Carolyn Love (Resident Welfare)
- Nigel Byard (Rector of Lutterworth with Cotesbach and Bitteswell in the Diocese of Leicester, ex-Officio joins for AGM only)
All six main Trustees attended the Almshouse Association’s one day training course held in May 2024 to ensure that they are up to date on the role of the Trustee of an Almshouse charity.
At the AGM held on 13[th] February 2025, Ken Patton announced his intention to stand down after 9 years of service and to resign as a Trustee and from his role as Treasurer with effect from 31[st] March, 2025. The Trustees wish to extend their thanks to Ken for his service to the Powell & Welch Almshouse charity.
## **Finances**
Under Ken Patton’s stewardship, the Finances of the charity continue to be in a healthy position. The charity has no outstanding loans or other debt and at the end of 2024 had savings and investments amounting to almost £200,000.
In view of the financial position of the Charity and the general increase in the cost of living, the Trustees again decided not to increase the Weekly Maintenance Contributions (WMC’s) for residents in line with the Homes England inflation formula. WMC’s are therefore still maintained at their 2021 level.
## **Maintenance and Projects**
The charity continued to maintain all the properties throughout the year, using appropriate tradesmen for a wide variety of tasks to ensure that the properties remained in good order and continue to offer a high standard of accommodation for our residents.
Pippa Beason and Bridget Higgins continue to do an excellent job managing the maintenance programmes on the properties, supported by other Trustees when required.
## **Residents and Welfare**
There were no changes to the residents in 2024 and the Residents’ Handbook did not require any updates during the year.
The Trustee’s agreed once again to decorate the hedges on both sides 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**
## **Accountants Report to the Trustees on the Unaudited Financial Statements of the Powell and Welch Almshouse Charity**
Chair of the Trustees 25 March 2025
- 2 -
## **Financial Review**
The Charity’s income increased by £7,505 to £54,866 in 2024. Of this increase, £6,358 related to Maintenance Contributions from residents and £1,147 related to improved investment income.
As there were no major projects carried out on any of the almshouses in 2024, expenditure reduced by £34,824 in the year to £17,529.
Due to the increased income and reduced expenditure, the Charity produced an operating surplus of £37,337 in 2024.
Gains on investments held by the charity in the year were £5,349, bringing the overall surplus in 2024 to £42,686.
The Total Funds of the Charity now stand at £471,113, of which £224,686 is held in properties, £161,069 is held in Investments, with the balance of £85,358 as Net Current Assets, nearly all of which is held as cash at bank or in hand.
## **Plans for Future Periods**
The Charity is in a healthy financial situation and has sufficient reserves to meet its future liabilities.
There are no major projects planned for 2025, although the Quinquennial Review which is due to take place in 2026 will likely create a requirement for expenditure on some or all of the properties.
**Ken Patton** Treasurer 25 March 2025
-3-
**Accountants Report to the Trustees on the Unaudited Financial Statements of the Powell and Welch Almshouse Charity**
## **Accountants Report to the Trustees on the Unaudited Financial Statements of the Powell and Welch Almshouse Charity**
## **Trustees’ 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/Northern Ireland 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 2015 (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. 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.
- 4 –
## **Accountants Report to the Trustees on the Unaudited Financial Statements of the Powell and Welch Almshouse Charity**
We report on the financial statements for the year ended 31 December 2024 set out on the pages below.
## **Respective responsibilities of the Trustees and Reporting Accountant**
The Trustees are responsible for the preparation of the financial statements, and they consider that The Powell and Welch Almshouse Charity is exempt from an audit. It is our responsibility to carry pit procedures designed to enable us to report our opinion.
## **Basis of opinion**
Our procedures consisted of comparing the financial statements with the accounting records kept The Powell and Welch Almshouse Charity and making such enquiries of the officers of The Powell and Welch Almshouse Charity as we considered necessary for the purposes of this report. These procedures provide only the assurance expressed in our opinion.
## **Opinion**
In our opinion:
- the financial statements for the year ended 31 December 2024 are in accordance with the accounting records kept by The Powell and Welch Almshouse Charity under paragraph 135(2) of the Housing and Regeneration Act 2008;
- having regard only to, and on the basis of the information contained in the accounting records:
- the statement of financial activities and balance sheet comply with the requirements of the Charities Act 2011;
- - the Powell and Welch Almshouse Charity has satisfied the conditions for exemption from an audit of the financial statements for the year ended 31 December 2023 specified in section 163(3) of the Housing and Regeneration Act 2008; and
- the financial statements comply with the requirements of the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers for Social Housing 2012.
## **PWH Accountancy Limited**
Reporting Accountants The Counting House High Street Lutterworth Leicestershire LE17 4AY
25 March 2025
-5-
**Powell and Welch Almshouse Charity**
## **Statement of Financial Activities for the Year Ended 31 December 2024**
## **(incorporating a Revenue Account)**
|Note
**Incoming resources**
**Incoming resources from**
**charitable activities**
Maintenance contributions
**Incoming resources from**
**generated funds**
Investment income
2
Miscellaneous income
**Total incoming resources**
**Resources expended**
**Charitable activities:**
Supported housing and housing
for almhouse residents
**Governance costs**
**Total resources expended**
3
**Net income/(expenditure)**
**Transfers between funds**
**Other recognised gains:**
Gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|2024
Unrestricted
funds
General
Unrestricted
funds
Designated
Restricted
funds
Fixed assets
Total
£
£
£
£
47,346
-
-
47,346
7,520
-
-
7,520
-
-
-
-
54,866
-
-
54,866
10,689
-
6,240
16,929
600
-
-
600
11,289
-
6,240
17,529
43,577
-
(6,240)
37,337
-
-
-
-
-
5,349
-
5,349
43,577
5,349
(6,240)
42,686
224,603
32,518
171,306
428,427
268,180
37,867
165,066
471,113|2023
Total
£
40,988
6,352
21|
|---|---|---|
|||47,361
51,753
600|
|||52,353|
|||(4,992)
-
2,431|
|||(2,561)
430,988|
|||428,427|
All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year.
- 6 -
**The Powell and Welch Almshouse Charity**
## **Balance Sheet**
## **Year Ended 31 December 2024**
|**ear Ended 31 December 2024**|||
|---|---|---|
|Note
**Fixed assets**
Housing properties
4
Investments
5
**Current assets**
Debtors
6
Cash at bank and in hand
**Creditors: amounts falling due within one year**
7
**Net current assets/(liabilities)**
**Net assets**
**Charity Funds**
General Fund
Designated Fund
8
Restricted fixed asset fund
8
8
**Total charity funds**|2024
£
224,686
161,069
385,755
474
85,484
85,958
( 600)
85,358
471,113
268,180
37,867
165,066
471,113|2023
£
230,926
150,106|
|||381,032
1,971
47,274|
|||49,245
(1,850)|
|||47,395|
||||
|||428,427|
|||224,603
32,518
171,306|
|||428,427|
Approved on behalf of the board of trustees
## Mr M Gordon, Chairman
25 March 2025
Mr K Patton, Treasurer
25 March 2025
The notes on pages 8 to 13 form part of these financial statements.
- 7 -
**The Powell and Welch Almshouse Charity**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **1 Accounting Policies**
## **Introduction and Accounting Basis**
The financial statements have been prepared in accordance with applicable financial reporting standards, the Statement of Recommended Practice, ‘Accounting By Registered Landlords’ issued in May 2005, and General Determination 2006.
## **Fixed Assets**
Major expenditure on tangible fixed assets is capitalised. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset evenly over tits expected useful life on the following bases:
- land is not depreciated
- housing properties – 2% per annum straight line
- 8 -
**The Powell and Welch Almshouse Charity**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **2 Investment income**
|Dividend income
Bank interest received|2024
2023
£
£
6,219
5,785
1,301
-|
|---|---|
||7,520
5,785|
## **3 Resources expended**
|**Charitable activities**
**Services**|**Charitable activities**
**Services**|Unrestricted
General
Unrestricted
Designated
Restricted
Fixed assets
Total Funds
2024
Total Funds
2023
£
£
£
£
£
1,892
-
-
1,892
1,606
5,033
-
-
5,033
41,759
1,614
-
-
1,64
1,705
8,539
-
-
8,539
45,070
2,150
-
-
2,150
443
600
-
-
600
600
-
-
6,240
6,240
6,240|
|---|---|---|
|Water rates||1,892
-
-
1,892
1,606
5,033
-
-
5,033
41,759
1,614
-
-
1,64
1,705|
|Repairs and maintenance|||
|Insurance|||
||||
|||8,539
-
-
8,539
45,070|
||||
|**Add: Other expenditure**
Miscellaneous
Governance
Depreciation
Total
**Governance**
Accountancy fees
Trustee expenses
Ombudsman’s fees|||
|||2,750
-
6,240
8,990
7,283|
|||600
-
-
600
600
-
-
-
-
-
-
-
-
-
-
600
-
-
600
600|
- 9 -
**The Powell and Welch Almshouse Charity**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **4 Housing properties**
||2024|2023|
|---|---|---|
||£|£|
|Cost or valuation:|||
|At 1 January2024|311,978|311,978|
|Additions|-|-|
|At 31 December 2024|311,978|311,978|
||||
|Depreciation:|||
|At 1 January2024|81,052|74,812|
|Charge for theyear|6,240|6,240|
|At 31 December 2024|87,292|81,052|
||||
||||
|Net book value:|||
|At 31 December 2024|224,686|230,926|
||||
|At 31 December 2023|230,926|237,166|
The charitable trust was established 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 is £63,000
- 10 -
**The Powell and Welch Almshouse Charity**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **5 Fixed asset investments**
|**Cost or valuation**
At 1 January 2024
Income for the year
Unrealised gains/(losses)
At 31 December 2024|NAACIF
Accumul’n
Shares
NAACIF
Income
Shares
Total
£
£
£
136,699
13,408
150,107
5,614
605
6,219
5,348
(605)
4,743|
|---|---|
||147,661
13,408
161,069|
## **6 Debtors**
|Prepayments and other debtors|2024
2023
£
£
474
1,971|
|---|---|
||474
1,971|
- 11 -
**The Powell and Welch Almshouse Charity**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **7 Creditors: amounts falling due within one year**
|**reditors: amounts falling due within one year**||
|---|---|
|Quaker Housing loan
Accruals|2024
2023
£
£
-
1,250
600
600|
||600
1,850|
- 12 -
**The Powell and Welch Almshouse Charity**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **8 Fund reconciliations**
## **Unrestricted funds**
|General
Designated
Restricted|Balance at
1stJanuary
2024
Income
Expenditure
Transfers
Gains /
(losses)
Balance at
31st
December
2024
£
£
£
£
£
£
224,603
54,866
(11,289)
-
-
268,180
32,518
-
-
-
5,349
37,867
171,306
-
(6,240)
-
-
165,066|
|---|---|
||428,427
54,866
(17,529)
-
5,349
471,113|
## **9 Analysis of net assets between funds**
||General|Designated|Restricted||
|---|---|---|---|---|
||funds|funds|funds|Total|
||||Fixed||
||||assets||
||£|£|£|£|
||||||
|Fixed assets|-|-|224,686|224,686|
|Investments|147,661|13,408|-|161,069|
|Current assets|85,958|-|-|85,958|
|Current liabilities|(600)|-|-|(1,850)|
||||||
|Total|233,019|13,408|224,686|471,113|
||||||
**-** 13 **-**