Charity registrdtion number 218376 CLIFTON PARISH HOUSES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CLIFTON PARISH HOUSES LEGAL AND ADMINISTRATIVE INFORMATION Trustse$ Mr K Cahill Mrs L Palmer MrA Harri5 Mr D Prit¢hard Mrs Cwhite Charity numbèr 218376 Principal address The Old Granary Iboume Road Clrfton upon Ounsmore Rugby WaTwickshire CV23 OBB Independent examiner Cottons Ac￿ur1t8nts LLP Chestnut Field House Chestnut Field Rugby Vwdrwickshire United Kingdom CV212PD Solicitors HCR Hewitsons Lancaster House Nunn Mills Road North8mplon Northamplonshir¢ NN1 SGE CLIFTON PARISH HOUSES CONTENTS Paye Report of the Irusleès Independent examiner's 18port Slalement Qf finan¢ial a¢tivities Balance sheet Notes to the finanaal slalements 7-13 CLIFTON PARISH HOUSES TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and finanaal statements for the year ended 31 March 2024. The finan￿al statements have been prepared in accordan￿ with the accounkn.ng poliiies sel Dut in note 1 to the financial statements. Objectives and activities The object of the Charty is the relief ol poverty andlor sickness by the prov¢sion of housing accommodation for persons who ar¢ inhabitants of the Parish of Clifton-upon-Dunsmore gr whose spous¢, parent, i*ild, brother or sister shall resÉde in the a￿8 of ben¢fft on lemis a¢¢ording lo their mèan$. The Chanty currenly has sixteen properties under rnanagement and maintenance contributions are subsidised from the gains eamed on the CharWs current asset Investments. The total market value of these investments al 31st March 2024 was £236,741. The surplus for the year amounted to £55,9C6. Aehièvèmènts and pèrfomianeè Finaneitl revrew It is the ptslicy of the Charity that unrèstrieted funds which have not been designated for a spec￿¢ use should be maintained at a levèl èquivalènt to belween three and six month's expenditurè. The Trustees Consider that reserves at this level will ensure that, in the event uf a significant drop in funding, they will beable to continue the Charty's ¢urrent activities while consideration is gwen to ways in whEch addili¢nal funds may be raised. This level of reseNes has been maintained IhToughoul the year. Metrrcs The Regulator of Social Hoysing requires all Housing Associations l(> follow a standard set of calojlations refers lo as the 'V8lue for Money S18nd8rd'. Thè standard uses the Regulator's trwn metric definitions lo provide nsisten¢y 8crtsss the sector and it does not pemirt Housing Assoryations to amend those definitionsto suit their own circumstances. 2024 2023 2022 2021 Reinveslmenl 0.0% New supply delivered O.O°/o Gearing 0.0° EBITDA interest cover {MRII o.ooA Headline social housing costs per unit £2,698 Operating margin (social hc>ugng lettiftgsl 66.94 Operating margin {overalll 66.9, ROCE 3.7% O.O'lo o.o/ 1.8°A 30.867_30QA £1,904 67.30 67.3° 4.7, o.oa O.O°/o 1.8°/. 5.276.8Q £2,035 80.OY¢ 80.OD/. 4.2% o.oo 0.0010 3,572.5tsA £1,552 272.2% 5.30 The abLTrve m?trtGs dg not r¢adily ￿rnpaTe to the sector medium for Smaller RegIsle￿d Promders due to the following-. 1. As a prowder of 16 units. small changes in ￿$ts can have a drèmatic effect of the metrics 2. The ch8rity operates with a stable number of units and has no boTrowin9S The Trustees continue to keep under review ways Én which they may be able lo achieve lower uperating costs in futurè years, such as morè proa¢tiv¢ maintenanc? plafts to reduce the risk ot unexpe¢Eed repair bills. CLIFTON PARISH HOUSES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The regulator asks providers to lay out melrfcs of their own that they (xn measure theMse￿e5 against. WÈ have selerted metrics which best reflect the outcomes we are seeking to deliver in line with our business plan for our Almshouse Charity. The regulator has also suggesleé that Almshouses who are sooal providers fomi benchmarking groups to enable them to measure their Vfm against other comparable organisations. In futu years Clifton Parish Houses is very willing lo participate any benchmarking group that Comes lo the Trust's attenlion within a sirnilar are8 of operation. 2024 2023 2024 Tatyel OccAJpancy Contributions collected as 0/0 of contributions owed % of residents completing annual questionnaire °A of items raised in April questionnaire that have been dosed out during the year 100° 1000 IootsA 100.10 100% 1000 34.48°/ 100° 100Q 100• The Ttuslees have assèssed the major risks lo which the Charity is exposed, 8nd are satisfied that systems are in place to mrtigate exposure to the major risks. Structure, govèman¢e and management The charity known as Clifton Parish Houses comprised in conveyance and trust deeds dated 2nd May 1899, 4th February 1925 and 23rd Septembèr 1930 and the Charty known as the Nurses Re%dence ￿mprIse responsiblè for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irwujarilies. Publi¢ b*n¢fit The Iruslees are satisfied that the activities of the charEty meet ils ¢haritsble objectives as set out above, and therefore provide a benefit to mernber5 of the public. On behalf ofthe Trustees Mr K Cahill Ch8iman CLIFTON PARISH HOUSES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CLIFTON PARISH HOUSES I report to the TNstses on my examlnalion of the financial statements of Cliton Parish Houses (the Charity) for the year ended 31 March 2024. Responsibilities and ba$ls of report The Trustees of the Clifton Parish Houses are responsible for the preparation of the accounts, and they consider that the Clffton Parish House5 is exempl from an 2udrt. It is my responsibilrty to ¢arry out procedures designed lo en8bte us to report our opinion. Independent examinerfs statement My pro￿dUleS consisted of ￿rnpating the aceounts wth the acctjunting re¢ords kept by the Cliftot) Parish Houses and making such enquires of the offi(xrs of the Clifton Parish Houses considered ne￿$Sary tr the purpose of this rèport. Thase procedures provide the on5y assuran¢e expressed in my opinion. I have completed my examination. In my opinion.. the accounts for the year ended 31 sl Mar¢h 2023 are in accordance with the a￿OuntIng records kept by the Clrfton Parish Houses und¢r paragraph 13512llal of thè Housing and Regeneration Act 2008" having regard tsnty to. and on the basis of the informalitsn ¢onlained in the 8ccounlin9 Tecords.. - the accounts comply with IhÈ rèquirements of the Charites Act 2011., - the Clifton Parish Houses has satisfied the conditions foi exemption from an audit of the accounts for the year ended 31 sl March 2023 specified in 5e¢tion 136131 of the Housing and Regeneration Act 2008- the accounts comply with the ￿qUIreMents of the Housing and Regenerdlioll A¢t 2008 and the A¢¢ountsng Direction for private registered providers of soual housing in England 2019. I have no concems and have come a¢ross 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 finanu*l statements to be reached. Mrm WP8lmèr F.CA CottonsA¢counlanls LLP Chestnut Field House Chestnut Field Rugby Wa￿1Ckshire CV212PD Unrted Ki"ngdom CLIFTON PARISH HOUSES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr¢stri¢tsd Endowment funds funds designated Total Unrestri¢ted Endowment fvnds fund$ designated Totsl 2024 2024 2024 2023 2023 2023 Notes Charitable aCtiv￿e$ Investrnenls 83,534 1,592 83,534 1,592 78,883 162 78,883 162 Total inGome 85,126 85,126 79,045 79,045 Charitable activthès 43,552 43,552 30,874 30,874 Net gainslllosse51 on irwestments 14,332 14,332 4.883 4,883 Net movement in funds 55,906 55,906 53,054 53,054 Fund b818n¢es at 1 April 2023 851.740 178,461 1,030,201 798,686 178,461 977,147 Fund balance$ at 31 March 2024 907,646 178,461 1,086,107 851,740 178,461 1,030,201 The ststement of finanoal acts"vrtres indudes all gains and losses ￿Cognised in the year. All income and expenditure derive from ￿ntinuing a¢tivib"es. CLIFTON PARISH HOUSES BALANCE SHEET AS A T 31 MARCH 2024 2024 2023 Fixed assets Tangible assets 10 757,110 757,171 Currènt assets Debtors Investments Cash at bank 8nd in hand 1,339 236,741 93,7 1,179 222,409 51,820 12 331,849 275,408 Crodttors: amounts falling due wthin one y¢ar 13 12,8521 [2,3781 Net CUTrenl assets 328,997 273,030 Total assets less current liabilibes 1,086,107 1,030.2C11 Income funds DesigAÉted funds Unrestricted funds 14 178,461 907,646 178.481 851,740 1,D86,107 1,030,201 The financi81 stslements were approved by the Trustees on . dsl on ils behalf by.. Mr K Cahill Chaimian Mr D Prrt¢hard Trustee CLIFTON PARISH HOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aeeounting policies Chartty information The Asgoctalion is 8 registered charity and a registered soaal landlord. 1.1 Aecountiny Convention The financial statements have been prepared in accordance with the charivs goveming documents, the Charities Ad 2011 and the Slatemont of Recommended Practice'Accounling by Registered Social Landlwds 2018, and the Accounting Requirements for Registered Social Landlords General Detemiination 2006 applicable lo tharits"es. preparing their attounls in a￿OrdanCe with the Financial Report Standards appli¢abl in the UK 8nd Republic of Ireland IFRS102 1A1. The financial ststements are prepared in sterfing, which is the fvn¢tional ¢urrency ol the Charty. Monetary amounts in these financAal statements are rounded to the nearest £. 1.2 Going ¢on¢em At the lime of approving the financial statements, the Trustees have a reasonable expectation that the Charity has 8dequale resources to continue in operational èxistence for the foreseeable future. Thu$ the Trusteès conb.nue to adopt the gc>ing concern basis of accounting in preparing the fin8nQ81 slalements. 1.3 Charitable fvnds Unieslricted funds are available ftsr use at the dIsC￿tiOn of the Twslees In furtherance of their charitable objectives. Within the charitsble funds are inlemally restricted funds per the Charity's &verning Document. These are set aside for internal purposes and are made up of.. Propety ￿SerVe £143,470 Cydical maintenan £24.991 Extraordin3ry repairs £10,000 Total £178,461 1.4 Income Tumover represents wee￿Y Maintenan￿ contribLrtions, including the netting off of any wee￿Y maintenance contributions not re￿ived, i.e. bad debts, senrice charges receivable and revenue grants receivable from entral govemmenl and lo¢al authorities. Expenditure is recognised once there is a legal or ¢onslruGtive obligation to ts3nsfer economic benefit to a third party. il is probable that a transfei of economic benefits will be required in settlement, and the amount of thè rtjligation be measured reliably. Expenditure is classified by actNity. The costs of each activty are made up of the total of dire¢t costs and shared costs, including support costs involved in undertaknng each actiwty. Direct costs attribu18ble to a single actlvty are allocated d1￿CtlY to that activty. Shared costs which contribute to rn0￿ th8n one activity and support ￿$1$ which are not attributable lo a single a￿1Vity are apportioned belween those actiwties on a basis Consislenl with the use of resources. Central staff costs 3re allocated on the basis of time spent, and depreciation charges are alloc*ed on the portion of the asset's use. CLIFTON PARISH HOUSES NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuedl 1.5 Tartgiblè fixèd assets Tangible fixed assets are initially measured at ctrst and subsequently measured at cost or valuation, nel of depRciation and any impaiment losses. Computers Freehold land and buildings Housing as$o¢ialion grant 25D/o Straight line ODA Housing propertlè$ 8re ststed at cost less applicable grants. The provisions of Financial Reporting St8ndard 15 are a￿￿pted by the trustees. However, the trustees consider that the lives Df these ass¢ls are so long and the residual values are so high that the depreciation is not material, Grants for Capital exp?nditure are dedu¢ted from the cost of the fixed asset to whid) they relate as they becDme receivable. Grants received in advance of rèlevant expenditure are induded in current liabilities and represent amounts to be utilised in the next accounting period. Grant daims prior lo the year end. in respert of relevant ¢xponditL5re incurred, bul not re￿N8d until after the year ¢nd are included in current assets. Grants for revenue expendf(ure are credited lo Ihe income and expèndf(ure a￿oUnt as they b￿me recèivable. 1.6 Cash and cash equivalents Cash and cash equivalents include ¢ash in hand. deposits held at call with banks. other short-tÈm liquid invèstments with original maluritie5 Qf three months or less, and bank overdrafts. Bank overdrafts are shown within borrMng$ in current liabilities. 1.7 Taxation The assocAation has Charitsble status and is therefore n(>t subjetx to corporation tsx on its surplus. 1.8 Pertsion costs and othèr postthretiroment benefts The Charty participates in a defined ¢ontribution pension scheme fr)r qualifying employees. The assets of the scherne are held separately fr¢m those of the Charity in an independenly administered fund. The contributions payable by the Charity are induded withthi expenditure in the Statement of Financial A¢tiMtiÈs in the period to which they relatè. 1.9 Value added tax The charity is not registered for value added tax £nd ¢ons¢qu¢nlly, where the charity has been ¢harged value added tax by exlemal suppliers. figures wrthin these fiNan￿al ststements are reo)rded inclusive of value added tax. Income from ¢harltsble activities Unrèstricted funds 2024 UnTrstricted funds 2023 Weekly maintenance ￿ntributionS 83,534 78,883 CLIFTON PARISH HOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investments Unrestrictsd Unrnstrictèd funds funds 2024 2023 Investment income 1,592 162 Charitable activitses 2024 2023 Depreciation Gardening Light and heat Clerk's fees Bank ILian interest Cleantng Subscriptions Insurant VV*er PrDpety rnainter)anee Telephone Audit and accountancy Sundry Other charitable expenditure 380 1,325 900 7.687 252 7,081 674 6,658 157 S45 568 1,738 197 17,369 118 978 439 652 834 1,995 211 27,806 144 1,031 494 93 43,552 30,874 43,852 30.874 Net movement in funds 2024 2023 The net movement in funds ts stated after chargingllcredrfcingl= Depre¢la￿ft of owned tsngible fixed assets 380 252 CLIFTON PARISH HOUSES NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Trustees There were no Irustee8' Temuner*ion or other beneftts for the year ended 31 March 2024 nor for year ended 31 March 2023. Trustees. expenses There were trustees, expenses lotalling £772 for the year ended 31 March 2024. These expenses were reimbursed to one trustèè and the natufe of them was waste disposal, subscriptions and printing. Trustees expensès for the year ended 31 March 2023 totslled £3￿. ￿penSeS were reimbursed to one twsiee and the nature of them was waste disposal and subscriptions. Employees The average fflonthly number of employees during the year was.. 2024 Number 2023 Number There were no employees whose annual ￿mUneratiOn was more thart £60,OQO. Gains and losses on investments Unrestrkted Unrestricted funds funds 2024 2023 GaIn￿(lO$Se$l arising on.. Rev#lualion of investments 14,332 4,883 Taxation The charity is exernpt from tsx on income and gains falling Wlthin section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its ¢haritabl¢ objects. 10 CLIFTON PARISH HOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Tangible fixed assets ComputstB Freehold land and building$ Housing ossts¢lati 9raErt Total Cost At 1 April 2023 Aijdthons 1,410 319 847,660 {91.4921 757.578 319 At 31 March 2024 1,729 847,660 (91,4921 757.897 Depreciation and impairnient At 1 April 2023 Depreualion Charged in the year 407 380 407 380 At 31 March 2024 787 787 Canying amount At 31 March 2024 942 847,660 (91.4921 757,110 At 31 March 2023 1,003 847,660 (91,4921 757,171 Vvhilst the propèrtie£ a￿ stsled at historical cost of £756,1e8 and the Trustees do not believe that the cost of a professional valuation is necessary, they do have the properties insufed for reslalement putposes wlh a Totsl Sum Insured value of £2,6*,550. 11 Debtors 2024 2023 Amounts falling due within one year. Trade debtors Prepayrnents and accrued income 325 854 789 1,339 1,179 12 Current asset invesknents 2024 2023 M&G Charity MultiA￿et Fund 236,741 222,409 Therè w8r8 no withdrdwls from th8 in￿tment during th8 year12023 NIL). Nothing12023 £30,000 for future refurbishmènt ¢ostsl was invested durin9 the year. The investment has bèen revalued to be induded at market value at 31s1 March 2024. The market value of thè investment has increased by £14,￿2 this year. 11 CLIFTON PARISH HOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Creditors: amounts falling due wthin one year 2024 2023 Trade creditors Other creditors Accruals and dèferred income 1.091 680 1,253 1.421 2.852 2,378 14 EndowTnent funds- These are endÈ)wment funds funds which are material to the Charity's a¢tivities. At 1 April At 31 Mareh 2023 2024 178.461 178,461 Previous year. At 1 April At 31 March 2022 2023 178.461 178.461 15 Unrestricted funds The unreslricteé funds ofthe charty cumprise the unexpended balances of donations and grants which are not subject to specific ¢onditions by donors and grantors as to how they may be used. These indude designated funds whith have beèn set aside out tsf unrestricted funds by the Iruste&s for specffjc purposES. Gains and At 31 March losses 2024 At l April 2023 Incoming resources Resources expended General funds 851,740 85,126 143,5521 14,332 907,646 Previous year.. At 1 April 2022 Incoming resour¢es Resources expended Gains and At 31 March losses 2023 General ￿ndS 798,686 79,045 130,8741 4,883 851.740 12 CLIFTON PARISH HOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Analysis of net assets betsyeen funds Unrestricted funds Material funds Endowment 2024 Totsl 2024 2024 At 31 March 2024: Tangible assets Currenl asselsllliabilttiesl 757,110 150,536 757,110 328.997 178.461 907,646 178,461 1,086,107 UnrÈstrictsd nds Matsrial funds Endowmènt 2023 Totsl 2023 2023 At 31 Mar¢h 2023: Tangible assets Current assetsllliabilitiesl 757,171 94,569 757,171 273,030 178.461 851,740 178.461 1,030,201 17 A¢¢omodation in management 2024 2023 Housing properties 16 18 Average maintenance contribution 2024 2023 Pe￿entage Increase Average weekly maintenance contribulion 100.40 94.81 5.900 19 Commltments The TTUStees auth0ri5ed for the charity to transition to a Charitable Incorporated Organisation ICIOI, Legal and Accountancy fees totslling £15,000 ar¢ anticipated lo be expensed in the year ending 31 March 2025. 20 Contingent liabilities In the opinion of the Trustees there We￿ no ￿ntingent liabilthe5 at 31 March 2024 or 31 March 2023 likety to crystsllise within 12 months ofthe approval of the these aLrounts. 13-