SEVERN ALMSHOUSES TRUST (REGISTERED CHARITY NO: 218540) FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
SEVERN ALMSHOUSES TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 CONTENTS Page Trustees, Report Statement of Trustees, Responsibilities Accountants, Report Balance Sheet Notes to the Financial Statements 8-12 Income and Expenditure Account 13
SEVERN ALMSHOUSES TRUST TRusfEES' REPORT Year Ended 31 December 2024 The Severn Almshouse5 Trust is a Charity and is registered with the Charity Commission (Charity no. 218540). The original four properties were built in 1927, on land formerly owned by the Butterley Company Limited and purchased by Franklin Severn. The Trust Deed provided for the four properties to be let to'poor people in the District of Codnorf,. The Trust is a social landlord registered wlth the Regulator of Soclal Housing. In 1980, four further properties were built at the rear of the orfjginal buildings. The Charity is admlnistered by a Board of Trustees who give their time voluntarily. They normally meet three tlmes per year to ensure that the Trust is managed in an effective manner. The cUrnt Trustees are: Mr Chris Emmas-William5 Councillor (Amber Valley Borough Council and Codnor Parish) Codnor Methodlst Church Church of England (St. James, Cr055hill) Codnor Parish Councll Councillor (Heanor & Loscoe Town Council) Mr5 Jane Bridges Mr5 Jill Sharp Mr Mick Neale Mrs Eileen Harnilton The day to day administration of the Trust is carried out by the Clerktrreasurer - Mrs Chris Slaymaker. Objectives and Activities The charity maintains 8 properties which provide housing for residents of Codnor who are aged 60 or over and who are in housing need. There have been no changes to occupancy during the past year. The residents receive regular visits from the Trustees including dellvering Christmas gifts. During the Year Ended 31st December 2024, improvernentslrepairs to the properties have included: All boi lers have been servlced and Safety Certiflcates provided Replacement of plpework and radiator5 to one property Replacement of smoke and heat alarms Ceiling repair Replatrment shower Replament themiostats The Trust Is financially sound and repair5 to the propertie5 are carrled out promptly.
SEVERN ALMSHOUSES TRUST TRUSTEES. REPORT (Continued) Year Ended 31 Dember 2024 The ClerklTreasurer prepares a Financlal Statement for each Trustees, Meeting, The Quinquennial Report, published in 2022, has continued to inform the Trustees regarding ongoing Maintenan of the properties. Additionally, Trustees have approved an updated Complalnts Pollcy. A Tenant Satisfaction Survey has been carrled out, which has informed the Trustees, Self- Assessment Form as required by the Housing Ombudsman. Future expenditure The Trustees have appmved and ordered the resurfaang of pathways around the properties to provide a more suitsble safety surface. The Trustees have d15cussed.. Installation of Solar panelling Replacing the current boilers with ground Sour heat pumps The refurbishment of any property as and when one becomes vacant. The purchase of building land in Codnor if a site becomes available To the best of the Trustees, knowledge, all statutory and legal requirernents of Severn Almshouses Trust have been fulfilled. By order of the Board of Trustees Mick Neale Chair of the Trustees
SEVERN ALMSHOUSES TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES Homes England and Charity legislatlon require the Trustees to prepare Flnancial Statements for each flnanclal year which give a true and fair view of the state of affalrs of the Private Registered Provlder of Social Housing and of the surplus or deficit for that period. In preparing these financial statements, the Trustees are required to: Select suitable accountlng policies and then apply them consistently. Make judgements and estimate5 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. and Prepare the financial statements on the going concern basis unless it is inapproprlate to presume that the Private Registered Provider of Social Housing wlll continue in buslness. The Trustees are responsible for keeping proper accounting records whlch dlsclose with reasonable accuracy at any time the financial position of the Private RegIsted Provlder of Social Houslng and enable it to ensure that the financial statements comply with the provisions within the Houslng and Regeneration Act 2008 and the Accounting Dlrectlon for Prlvate Registered Providers of Social Housing 2019. They have general responsibility for taking reasonable steps to safeguard the assets of the Private Registered Provider of Social Housing and to prevent and detect fraud and other irregularities.
Accountant's Report to the Trustees on the unaudited accounts of SEVERN ALMSHOUSES TRusr We report on the accounts for the Year Ended 315t Dember 2024 Set out on pages 6 to 13. Respective responsibilities of the Trustees and reporting accountant The Trustees of the Private Registered Provider of Social Housing are responsible for the preparation of the accounts, and they consider that the Private Registered Provider of Social Housing is exempt from an audit. It is our responsibility to carry out procedures designed to enable u5 to report our opinion. Basls of Oplnlon Our work was conducted in accordance with the Statement of Standards for Reporting Accountants and so our procedures consisted of comparing the accounts with the accounting records kept by the Private Registered Provider of Social Housing and maklng such limited enquiries of the Trustees of the Private Registered Provider of Social Houslng as we considered necessary for the purpose of this report. These procedures provlde the only assurance expressed in our opinion. Opinion In our opinion. the Income and Expendlture Account and Balance Sheet for Year Ended 31" December 2024 are In accordance the accounting records kept by the Private Registered Provider of Social Housing under section 135(2)(a) of the Housing and Regeneration Act 2008. On the basls of the infomiatlon contained in the accounting records: The Income and Expenditure Account and Balance Sheet comply with the requirement5 of the Charities Act 2011; The Private Registered Provider of Social Houslng has satisfied the conditions for exemption from an audit of the accounts for the Year Ended 319t December 2024 as specified in section 136(3) of the Housing and Regeneration Att 2008;
Accountant's Report to the Trustees on the unaudited accounts of SEVERN ALMSHOUSES TRUST Continued,.. Opinion (continued) the accounts comply with the requirements of the Housing and Regeneration Act 2008 and the Accountlng DIreCton for Private Registered Providers of Social Housing 2019. f(C4k 410 LU Mabe Allen LLP Chartered Accountsnts Croft House 3, Derby Road Ripley Derbyshire DE5 3EA Lo Date.................................
SEVERN ALMSHOUSES TRUST BALANCE SHEEf AT 315T DECEMBER 2024 2023 Notes FIXED ASSETS 18,211 Freehold Housing, Land and Buildings (8) 18,211 FIXED ASSET INVESTMENTS 322,529 M & G Investrnents 347,909 340,740 366,120 CURRENT ASSETS 1,383 Payments in advance 1,324 9,655 441 1,479 Cash at Bank HSBC Account Epworth Cash Plus Fund 10,924 12,248 Creditors: Arnounts falling due within one year: (3,000) Accruals (2,154) 8,479 NET CURRENT ASSETS 10,094 349 219 TOTAL ASSETS LESS CURRENT UABILITIES 376 214 CAPITAL AND RESERVES 303,292 Designated ReseNes (9) 329,122 45,927 Income and Expenditure Account 47,092 349 219
SEVERN ALMSHOUSES TRUST BALANCE SHEEf AT 31ST DECEMBER 2024 (CONTINUED) The Trustees are satisfied that the Charity wa5 entitled to exemption under section 136(3) of the Housing and Regeneration Act 2008 and that neither the Trustees nor the Homes & Communities Agency have required an audit in accordance with the Act. The Trustees acl<nowledge their responsibilities for: ensuring that the Charlty keeps accounting records in accordan with Social Houslng and Charity legislation. and preparing accounts whlch give a true and fair view of the state of affairs of the Private Registered Provlder of Social Housing as at the end of the financial year and of its surplus or deficit for the financial year in accordance with the requirements of this Act relatlng to accounts, so far as applicable to the Private Registered Provider. The financial statements have been prepared in accordance with the requirements of section 135 of the Houslng and Regeneratlon Act 2008 and the Accounting Direttion for Private Registered Provlders of Soclal Housing 2019. These financial statements were approved and authori5ed for issue by the Trustees On behalf of the Board of Trustees Mick Neale Chrls Emmas-williams
SEVERN ALMSHOUSES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 PRINCIPAL ACCOUNTING POLICIES The Financial Statements have been prepared in accordance with applicable Accounting standards in the United Kingdom including the Statement of Recommended Practice. The accounting policies of the charity a set out below: Basis of Accountin The Financial Statements are prepared on the historical cost basis of accounting. Turnover represents social housing Income receivable from tenants. Housin Pro erties.. All assets are initially recorded at cost. Other rants received Grants received relating to revenue expenditure are credited to the Income & Expenditure Account in the year when such monies are received. Grants received relating to capital items are credited to the Balance Sheet in the year of receipt against the applicable asset. C clical Re airs and Maintenance: The Charity has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Income & Expenditure Account in the year in which they are incurred. raordina airs: Costs of Extraordinary Repairs, unless representing improvements to the properties, are charged to the Income & Expenditure Account in the year in which they are incurred. clical Re airs and Maintenance Reserve: This reserve represents amounts set aside for cyclical maintenance costs in eXsS of budgeted expenditure for any year. Ma airs Reserve. This Revenue Reserve represents amounts set aside to carry out major repairs on the charity's social housing properties. Charitable Fund Pro ReseNe: This represents that proportion of the cost of properties which was financed by charitable donations and the Charity's own resources. The charitable Fund Property Resenle also includes depreciation equal to loan repayments provided in previous years. Value Added Tax: The Charity is not registered for Value Added Tax. In these Financial Statements, where applicable, expenditure is shown inclusive of VAT. Fixed Asset Investments: Investments have been valued at market prices at 31st December 2024. Account IS taken of unrealised gains and losses in the Income and Expenditure Account. Investment Income: Investment Income Is recognised when SLJch income Is received. b) d) g) h) i) k) i)
SEVERN ALMSHOUSES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 2. SOCIAL HOUSING OPERATING COSTS 2023 Notes 2024 Housin Accommodation Services Mana ement Routine maintenance 8 Units 2,238 3. SERVICES 2023 Notes 2024 (4,897) 675 Rates & water Light & heat 1,762 4. MANAGEMENT 2023 Notes 2024 1,000 Treasurerfs Honorarium Insurance Accountan Subscri tions & similar fees Sund Ex enses Bank Char 2,970 542 154 62 3,354 970 273 60 5. ROUTINE MAINTENANCE 2023 Notes 2024 C clical re airs Na orre airs Garden u kee 9,501 12
SEVERN ALMSHOUSES TRUST NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 DECEMBER 2024 6. INTEREST RECEIVED AND SIMILAR INCOME 2023 Notes 2024 19 12,294 19 Bank Deposit Account M & G Accupnulation Account M & G Income Account 18 13,227 14 7. TAXATION The Severn Almshouses Trust is a Registered Charity and is therefore exempt from liability to taxation on its income and capital gains. 8. FREEHOLD SOCIAL HOUSING LAND AND BUILDINGS At Cost: 8 Houses, Nottingham Road, Codnor, Ripley, Derbyshire £1 9. DESIGNATED RESERVES Total Cyclical Repairs & Maintenance Reserve 3,497 Major Repairs Reserve Balan l Jan 2024 Prior Year Adjustmen added to nin Transfer (to)/Frorn l & E Account 303,292 299,795 Balan 25,830 25,830 Balance 31.12.2024 10. ACCOMMODATION IN MANAGEMENT The number of units of social housing accommodation managed by the Charity as at 31 December 2024 amounted to eight (2023: eight). -10-
SEVERN ALMSHOUSES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 11. MATERIAL INTEREST OF TRUSTEES There were no contracts during, or at the year end, in which a Trustee was, or Is, materially interested. (2023. None) -11-
SEVERN ALMSHOUSES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Turnover Operating Costs Notes Notes INCOME AND EXPENDITURE FROM LErrINGS Social housing leth.ngs (Ib) 22,880 (2) (21,776) OTHER INCOME AND EXPENDITURE Interest received and similar income (6) SURPLUS BEFORE TAXATION 14,363 Taxation (7) Gain on fixed asset investments sold 29 Unrealised gain on investment TOTAL SURPLUS AFTER TAXATION FOR THE PERIOD OF ACCOUNT MOVEMENT ON RESERVES Income & Expenditure Account Balance brought forward 1st January 2024 45,927 Surplus for the Year 26,995 Transfers (to) / from. Cyclical Repairs and Maintenance Fleserve Major Repairs Reserve (25,830) -12-
Severn Almslioiises TiSt Income and Exi)endltux'e Account for the Yeai. Ei nded 31st Decellibei. 2024 31.12.2024 31.12.2023 Income Gross reiits received Iiiv¢sttneiit iiicon]e 22,880 13259 22,559 12,332 36,139 34,891 Expenditllre Rates aiid water Property iiiSLtrance H.eat & liglit Cyclical repairs Major repaii's Garden upkeep Sundry expenses Treaslirer's Iionordrium Accouiitancy Siibscription Bank ¢harges Gaiii on disposal of M & G Units 1,762 1,050 476 9,501 (4,898) 1,037 676 7,743 9,143 3,068 154 3,330 273 I,000 3,354 970 60 (29) 1,000 2,970 542 62 21,747 21,497 I XCEI SS OF COmE OVER EXPENDITURE, UP4DER TRUSTEES CONTROL 14,392 13,394 Add,. Unrealised gains on M & G investments 12,603 6,540 TOTAL SURPLUS FOR THE YEAR 26,995 19,934 -13-