SEVERN ALMSHOUSES TRusr (REGIsfERED CHARftY NO: 218540) FINANCIAL sfATEMEpirs FOR THE YEAR ENDED 31- DECEMBER 2023
SEVERN ALMSHOUSES TRusr FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 CONTENTS Page Trustees. Report Statement of Tru5tees' Respong'blltties Accountants. Report Balance Sheet Notes to the Financial Statements 8-11 Income and Expenditure Account 12-13
SEVERN ALMSHOUSES TRUST TRUSTEES. REPORT Year Ended 31 Deomber 2023 The Charity is registered wth the Charity Commission (tharity no. 218540) and is a social landlord reglstered wth the Regulator of Soaal Housing. The orlginal four properties were L11t in 1927, on land formerly owned by the Butterley Company Limited and purchased by Frankiin Sevem. The Trust Deed provided for the four properties to be let to.poor people in the Distrltt of Codnorf. In 1980, four fvrther properties were built at the rear of the orlginal bulldings. The Charity is administwed by a Board of Trustees, bytho give thelr time voluntarfly. They norTnally meet three times per year to ensure that the Trust is managed in an effective manner. The current Trustees are: Mrs Isobel Hary Mr thris Emmas-williams - Co-OPt&J (Codnor Parish Church) - Councillor (Amber Valley Borough Coundi and C(*Jnor Parish) - Codnor Methodist thurch - Church of England (St James, Crosshill) - Codnor Parish Coundl Mrs Jane Bridges Mrs Jlll Sharp Mr Mlck Neale The day to day administration of the Trust Is cathed out by the aerktrreasurer - Mrs Chrls Slaymaker. Objectlves and Artivltles The charfty maintains 8 tKopwtie5 whld) provlde hcxjslng for residents of Codrtor who are aged 60 or over and who are in housing need. There have been no changes to occupanry during the past year. The residents receive regular visits from the Trustees indudlng delivering Chnstsnas gifts. During the Year Ended 31st December 2023, improvements to the properties have included: New bollers to 3 properties Damp proof course to one propety, which included all a5ated remedial work: replastering, skirting. redecoration and new firing. All boilers have been semced (wtth the eXpOOn of 3 new t)oilers) and &3fety Certificates provided. Smoke alamis have been replaced and carbon rrK)noxide detectors installed. Additionallyi the FI Se1 ha5 Visited the properties to provide a Safe and Well checl providing ad to the residents. There are still two properties to be visited as the residents were unavailable at the time. The Trust is financially Und and repairs to the properbes are carried out promptly.
SEVERN ALMSHOUSES TRusr TRUSTEES, REPORT (Continwl) Year Ended 31 December 2023 The Quinquennial Repor¢ published in 2022, has continued to inform the Tnjstees regarding ongoing malntenance of the properties. The aerkftreasurer prepares a nancIal Ststement for eath TrUstS, MtIng. Additionally, the Trustees have approved an utsted Criteria for Residency. Future expenditure The Trustees have disojssed: Installatson of Solar panelllng Replacing the current boiler5 With ground sourtr heat pumps Resurfaang of the slabbed pathways with a more suitable safety surfa In5ts111ng security fenang around the &te adj'ant to the cffj)en fields The purchase of building land In COdrr if a site ttcomes available. A resldent had requested Improvements to the bathrm/shoWer area. The Trustees pursued this and obtalned a quotation, but due to the eXtt of the WO required, the sIdent has requested that this Is not carried out at the moment. Followlng the out of area relcratlon of the Twsys preouS Accountsnt, the Trustee5 have agreed to the appointment of Mabe Alen LLP, Chartered Accountants, of 3 Derby Road, Ripley, Derbyshire, to prepare the Annual Accounts. To the best of the Tru5tees' knowledge, all statutory and legal requirements of Severn Almshouses Trust have been fijlfilled. Mrs Isobel Hary Chair of Trustees 1:4d Yy DATE )WE IL924
SEVERN ALMSHOUSES TRusr ATEMENT OF TRusfEES' RESPONSIBILrrIES Homes England and Chaiity legislation require the Trustees to prepare Finanaal Statements for each financial year whith give a tnje and fair view of the state of affair5 of the Private Registered Provider of Social Housing and of the surplus or defictt for that period. In preparing these financial statements, the TrLIst are required to.. Select suitable accounting polioes and then app them consistendy. Make judgements and estimates that are reasonable and prudent; stste whether applicable accounting strdndards have been followed, subject to any material departu disdosed and explained in the financial statements; and Prepare the financial statements on the going concem basis unles5 it is inappropriate to presume that the Private Registered Provider of Social Housing will continue in bu5irEss. The Trust are resp(S4b1e for keeping proper accounting records which disclose with reasonable acajrdcy at any time the finanaal rNJsibon of the l¥wate Registered Provider of Soaal Housing and enable it to ensure that the financial statements comply wth the provisions within the Housing and Regeneration Att 2008 and the Accounting Direction for Private Registered Providers of &xial Housing 2019. They have general reswnsibility for taking reasonable steps to safeguard the assets of the Private Registered Promder of )Cial Housing and to prevent and detect fraud and other irregularities.
Accountanvs Report to the Trustees on the unaudited acnts of SEVERN ALMSHOUSES TRusr We report on the accounts for the Year Ended 31* Dmber 2023 Set out on pages 6 to 12. Respective responsibilities of the Trustees and reportifVJ acrountant The Trust of the Private Registered Prowder of knial Housing are responsible for the preparation of the accounts, and they consider that the Private Registered Provider of S(Kial Housing is exempt from an audit. It is our responsiknlity to carry out procedures designed to enable us to pOrt our opinion. Basis of Opinlon Our work was condutted in accordance vth the Statement of Stsndards for Reporfong Accountants and so our procedures consisted of comparing the accounts with the accounting records kept by the Private RegÈstered Prowder of sxial Housing and maktng suth limited enquiries of the Trustees of the Private Registered Promder of &Kial Housing a5 we considered neSSary for the purFSe of tht5 rerL These pr[edureS provide the only assuran expressed in our opinion. Opinion In our opinion: the Income and Expendthre Account and Balan Sheet ft)r Year Ended 31° December 2023 are in accordan the accounts.ng re(Drds kept by the Prwate Registered Provider of Sooal Housing under section 135{2)(a) of the Housing and Regeneration Att 2008; On the basis of the information contained in the accounting records: The Ino)me and Expenditure Account and Balantr Sheet comply wtth the rUirements of the aritieS Art 2011. The Private Registered Provider of &)cial Housing has satisfied the conditions for exemption from an audit ()f the accounts for the Year Ended 31" Dember 2022 as Specified in section 136(3) of the HousitvJ and Regeneration Art 2008.
Accountanvs Report to the Trustees on the unaudited accounts of SEVERN ALMSHOUSES TRusr Continued... Opinion (continued) the accounts comply with the requirements of the Howng and Regenerdtion Att 2008 and the Accounting Direction for Private Registered Providers of knial Housing 2019. Mabe Allen LLP Chartered Accountants 3, Derby Road Ripley Derbyshire DE5 3EA
SEVERN ALMSHOUSES TRusr BALANCE SHEEf AT 31sr DECEMBER 2023 2022 RESTATED FIXED ASSETS 18,211 Freehold Houslng, Land and Bulldings FEXED ASSEf INVEsfMENTS (8) 18,211 303,695 M & G Investments 322,529 321,906 340,740 CURRENT ASSErs 478 Payments in advan 1,383 7,109 Cash at Bank - HSBC Account Epwoth Cash Plus Fund 9,655 Ilh79 Creditors: Amounts falling due within one year: Accruals (630) (3,000) 7,379 NET CURRENT ASSErs 8,479 TOTAL ASSEfs LESS aiRRENT UABILrriES CAprrAL AND RESERVES 284,466 Deslgnated Reserrfes (9) 303,292 44,819 Income and ExperKliture Account 45,927 34 21
SEVERN ALMSHOUSES TRusr BALANCE SHEEf AT 31ST DECEMBER 2023 (COWINUED) The Trustees are satisfied that the tharity was entided to exemption under settion 136(3) of the Housing and Regeneration Act 2(M)8 and that neither the Trusttts nor the trlomes & Communltles Agency have required an audit in accordan wth the Art. The Trustees acknedge their sponSIbl[lS for: ensuring that the tharity keeps accounting record5 in accordance with la1 Houslng and Charity leglsiatSon; and preparing accounts which give a true and falr of the State of affalrs of the Prlvate Registered Provider of Social Housing as at the end of the financial year and of its surplus or deficit for the finanoal year in accordan with the requlrements of thls Act relating to accounts, so ftdr as applicable to the Prtvate Registered Provider. The financlal statements have been pPared in accordano wlth the requlrements of section 135 of the Houslng and Regeneratlon Att 2008 and the Accountlng Direth'on for Private Reglstered Providers of Social Housing 2019. These Ilnanclal statements were approved and authorised for Issue by the Trustees 6./4/.io.2.k On behalf of the Board of Trustees Mrs 150bel Harry Chris Emmas-williams
SEVERN ALMSHOUSES TRusr NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31- DECEMBER 2023 PRINCIPAL ACCOUNTING POUCIES The Finanaal Statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom induding the Ststement of Recommended Prattice. The accounting policies of the charity are set out below". si ofAc ntin The Financial Ststements are prepared on the historical cost basis of accounting. Tumover represents swal housing Income receivable from tenants. Hou Pro All assets a initially recorded at cost. her ran rec Ived Grants received relating to revenue expenditure are credited to the Income & Expenditure Account in the year when such monies are recelved. Grants received relating to capitsl items are credlted to the Balance Sheet In the year of receipt against the appllcable asset. and Mainten The Charity has estsblished a regular programme of cydlcal repalrs and maintenan. Costs are charged to the Income & Expenditure Account in the year in which they are incurred. b) d) Costs of Extraordinary Repairs, unless representing improvements to the properties, are charged to the IoMe & Expenditure Account in the year in which they are incurred. C 11 al Re airs and M int ce This reserve represents amounts set aside for cydical malntenance costs In excess of budgeted expenditure for any year. or ai This Revenue Reserve represents arnounts set asj'de to carry out major repairs on the charitys social housing properties. Charitabl und Pro Thls represents that proOn of the cost of properties which was financed by charitable donations and the a)arity's own resour5. The charitable Fund Property Reserve also indudes depreciation equal to loan repayments provided in previous years. V lue Added T The Charity is not registered for Value Added Tax. In these Financial Ststements, where applicablei expenditure is shown inclusive of VAT. Fixed Investrnents have been valued at market Pr1 at 315t December 2023. Account is taken of unreallsed gains and losses in the Income and Expenditure Account. Investment Income: Invesbnent income is recognised when such income is received. g) h) i) k)
SEVERN ALMSHOUSES TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2. SOCIAL HOUSING OPERATING COSTS 2022 Notes 2023 Housin Accommodation Mana ement SeNices Routine maintenance 8 Untts 4,500 634 3. SERVICES 2022 Notes 2023 2,291 384 Rates & water Light & heat (4,897) 4. MANAGEMENT 2022 Notes 2023 TreaSUS Honorarium Insurance , Accountan ons & slmilar fees 918 523 542 154 62 73 , Bank CharLes Bank Interest 5. RoimNE MAIwfENANCE 2022 2023 dlcal re orre airs Garden u 9,143 06
SEVERN ALMSHOUSES TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ItEREsT RECEIVED AND SIMIIAR INCOME 2022 REsfATED Notes 2023 Bank Deposit Account M & G Accumulation Account l M & G Income Account 19 11294 19 12,986 18 7. TAXATION The Sevem Almshouses Trust is a Registered Charity and is therefore exempt from liabilty to taxation on income and capit35 gains. 8. FREEHOLD SOCIAL HOUSING LAND AND BUILDINGS At Cost: 8 Houses, Nottingham Road. CcKlnor £1 9. DESIGNATED RESERVES Cyclical Repairs & Maintenan Major Repairs Reserve Balan l Jan 2023 Prior Year Adjustmen( added to nin Transfer (to)/From l & E l Account 4.501 3,497 1,004 279,965 279,965 Balan 18,826 18,826 Balan 31.12.2023 795 10. ACCOMMODAIION IN MANAGEMENT The number of units of 50cial housing accommodation managed by the Charity as at 31 December 2023 amounted to eight (2022: eight). -1¢>
SEVERN ALMSHOUSES TRusr NOTES TO ThE FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31sf DECEMBER 2023 11. MATERIAL INTEREsf OF TRusfEES There were no contrdtts during, or at the year end, in which a Tnjstee was, or is, materially interested. (2022: None) 12. PRIOR YEAR ADJusfMEKr The prior year adjustment as stated within the accounts relates to the M & G investrnents which has been restated to market value in accordan wÉth the Charities SORP/FRS 102. The Balance Sheet figure regarding the M & G investment was previously shown at its original cost. However, this figure did not indude the amount of dimdends received and InveSted into the investrment over the years. Calculating the actual cost as at 1st January 2022 was not practicable and would be an onerous and time consuming task. indeed, it may not even be wssible to calculate in view that the reinvestsnent of the dividend income is refiected in the Pri per unit rather than the number of units within the investment. Since there are no tax implications and the current Balance Sheet at 31" Dmber 2023 follows the Chartbes SORP, there would be litde benefit to calculating this going back to l January 2022. The adjustment made to prior year figu (2022) relating to the two M & G Investsnents were as follows: Investment Income (Credtt) in(Teas&l by £12,987.29 Profft on disposal of M & G Units (Debit) re(luced by £9,182.54 Unrealised loss (decrease in market value) (Debtt) increased by £11,374.49 Retsined reserves brought forward (Credit) increased by £288,526.94 sted Investments (Debit) increased by £280,957.20 Furthennore, since one of these investments relates to firture major repairs to the Tru5Vs proFerty portfolio, the uplift in value of that invthent has been allcKated to the Major Repairs Reserve (which is a designated reserve). -li-
SEVERN ALMSHOUSES TRusr NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31V DECEMBER 2023 Turnover Operating Notes INCOME AND EXPENDrnIRE FROM LErrINGS Social housing lettings (Ib) 22,559 (2) {21,497) OTHER INCOME AND EXPENDrnIRE Interest received and similar income (6) SURPLUS BEFORE TAXATION 13.394 Taxation (7) Unrealised gain on investment TOTAL SURPLUS AFfER TAXATION FOR THE PERIOD OF ACCOUNT MOVEMENT ON RESERVES Income & Expenditure Account Balance brought fornard I" January 2023 44,819 Surplus for the Year 19,934 Transfers (to) / from: Cydical Repairs and Maintenance ReseNe Major Repairs Reserve (18,826) -12-
Severn Almshouses Trnst Income and Expenditure A£collut for the Year Ended 315t December 2023 31.1223 31.12.22 Income Gross rents rec¢iYed Inv¢strLteni income 22,559 12J32 22.037 13,009 34,891 35.046 Expenditure Rates and water Property insurance Light and heal Cyclieal repairs Major repairs Garden upkeep Sundry expenses Accountsncy Subscnptio Bank Charges Bank inicresl ProfiUL053 on dtsposal of M & G Uniis Unrealised Lossl{Pmfitl on investtnents 14J98) 1.037 676 7,743 9,143 2.291 918 384 5,946 9,320 3,193 2,381 600 524 73 1.154 2970 542 62 (67) (6,540) 11,374 14,957 36,942 EXCF.SS OF INCOME OVER EXPENDITURE 2022 - F.XPEf¥DITURE OVER P4COME 19.934 (1,896) Pag¢ 13