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 cUr￿nt 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 Repla￿ment themiostats The Trust Is financially sound and repair5 to the propertie5 are carrled out promptly. SEVERN ALMSHOUSES TRUST TRUSTEES. REPORT (Continued) Year Ended 31 De￿mber 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 RegIste￿d 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 De￿mber 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 DIreCt￿on 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