THE WILLIE SEAGER MEMORIAL HOMES FINANCIAL STATEMENTS 31 MARCH 2024 CharSty Number 219008 CARSTON ETL Chartered Accountants 1st Floor, Tudor House 16 Cathedral Road Cardiff CF119LJ THE WILLIE SEAGER MEMORIAL HOMES FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CONTENTS PAGE Trustees annual report Independent examiner's report to the trustees Statement of financial activities Balance sheet Notes to the financial statements THE WILLIE SEAGER MEMORIAL HOMES TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The trustees present their report and the unaudited flnancial statements of the company for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name The Willie Seager Memorial Homes Charity règistration number 219(K)8 Princlpal office Mr5 5 Lee Aelwyd Housing 9Ty Nant Court Morganstown Cardiff CF15 8LW The trustees The trustees who served the company during the period were as follows.. Captain H Jone5 Mrs G Spencer Mr G Moore Mrs Ralph Mrs G A Phillips Lady H L Jones Ico-optative Trustee) Ico-optative Trustee) Ico-optative Trustee) Ico-optative Trustee) INominative Trustee) (Nominative Trustee) Indepèndent examiner Farzana Ahmed ACCA 1st Floor, Tudor Hokjse 16 Cathedral Road Cardiff CFII 9LI OBIECTIVES AND ACTIVITIES The Charity runs the Willie Sea8er Memorial Homes, a development of 10 'Alm5houses' in Westville Road, Penylan, Cardiff. The homes were constructed in 1996 and replaced the former Almshouses on land at the junction of Colchester Avenue and Newport R03d, Penylan, Cardiff, which had been constructed in 1939 by Sir William and Lady Seager in memory of their son, second Lieutenant William Henry (Willie) Seager of the 10th South Wales Borderers, who was killed in action at Neuve Chapelle, France on 7th February 1916. aged 23. Trustees had agreed the move to Westville Road following an approach from Culver Holdings Plc, who had owned property adjoining the 51te of the former Almshouses, and who had wanted to acquire the site, in order to expand their existing premises and procure a more prominent corner position for themselves, and who had therefore offered to acquire an alternative site, and build replacement Almshouses on that site, at no c05t to the Charity except for the loss of what had, by then, become an unsuitable site as a result of surrounding industrial and commercial pressures. THE WILLIE SEAGER MEMORIAL HOMES TRUSTEES ANNUAL REPORT I confinue YEAR ENDED 31 MARCH 2024 The Alrnshouses are available to let to infirm persons in need I'except in such special cases as the Trustees shall determine I, aged 60 and over and being either: 11 persons having a connection by resldence or otherwise with South Wales and a connection with the shippin8 indLJStry whether by reason of having earned their livelihood at sea or at the docks of South Wales or otherwise,. or 21 be the widowsJwidower5 of those qualified as aforesaid. To cover the cost of running the development, the occupants of the Almshouses pay a 'Weekly Maintenance ContribLJtion', which is reviewed annually by the Trustees. The charity objectives state that the trustees shall apply the income of the charity forthe benefit of the residents in the Almshouses of the charity or any of them in such manner as the trustees think fit from time to time. The Trustees confim that they have referred to the guidance contained in the Charity Commission's general Guidance on public benefit when reviewing The Willie Seager Memori21 Homes, aims and objectives, and in planning future activities. ACHIEVEMENTS AND PERFORMANCE Aelwyd has undertaken the following works in 202312024, on behalf of the Trustee5'. Routine maintenance of grounds & wlndow cleaning. Annual gas safety inspections. Various other repairs to some individual properties. RegLJlar scheme visits by management and maintenance staff. No cottages were re-let in 202312024 The Weekly Maintenance Contribution per cottage during 2023124 wa5 £81.28,. As at 31 March 2024 £690.55 was owed by occupants in respect of Weekly Maintenance Contributions and £527.30 was Prepaid, being 0.2/ 10.2% 20221231 of the charge which was levied throughout the year1£42,2671, Detailed final draft financial information was submitted to the meeting of the Trust held on 01/1012024 and approved by the Trustees, the resulting final versions of the Independent Examiner's report, Statement of Financial Activities, and Balance Sheet, are provided on the following pages. In summary, Trustees, thanks to the services of Aelwyd Housing Association, are continuing to irnprove the quality of life of the residents, but remain ever mindful of the need to monitor. and where necessary, address. the level of funding required to maintain such continLJity in the middle-term and lonE-term future. FINANCIAL REVIEW The Charity operated at a surplus of £29,319 for the year after a net gain on Investments of £38,067. During the vear there was £10,421 of exceptional maintenance costs primarily relating to an adapted bathroom and grounds maintenance. The Trustees are satisfied that the Charity'5 own resources are SLtfficient to meet its future financial needs. The Trust has £505,964 of investments which will be used to fund future extraordinary work. THE WILLIE SEAGER MEMORIAL HOMES TRUSTEES ANNUAL REPORT (¢ontlnuwl) YEAR ENDED 31 MARCH 2024 ReseNe Policy It 15 the Trust's policy to accumulate income and build up reserves in order to establish and maintain a combined repairs fund which is used for major'one off" repairs and improvements, (such a5 re-roofing or providing a new central heating system), or for rebuilding and ordinary items of maintenance and repair which recur at infrequent but regular intervals. such a5 external and internal decoration. Total held at 31 March 2024 £31,860 12023 £31,860) Investment Policy TheTru5t continues to invest the charities capital and designated fLJnds in a balance of cash, charity fixed interest and equity. The objective of the investment strategy is to provide both income and capital appreciation. PLANS FOR FUTURE PERIODS Looking ahead to financial year 202412025, the Trustees have applied an inflationary increase of 12.30% to the weekly maintenance contributlons an increase of £10 per week per home. A number of Smaller improvements will be undertaken to enhance the scheme as well as the annual safety checks and routine maintenance of the cottages. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity is governed by a scheme approved by the Charity Commission, 3nd sealed on 19th September 1985 and amended ON 16th October 2014, and arises from a conveyance and Trust deed dated 25th March 1939. The trustees are assisted by Aelwyd Housing (Aelwydl in managing and maintaining the properties in line with a Service Agreement between the two Parties, and a150 provide accounting 5UPPOrt forthe Trust. Trustees are grateful to Martin Hughes, who has acted as Clerk in providing administrative 35SlStance for meetings. The body of Trustees shall consist of up to seven people, two nominative and five co-optative. Nominative trustees sh311 be appointed by Cardiff City Council for a term of four year5. Co-optative Trustees shall be appointed for a term of five years by a resolution of the Trustees. New Trustees are introduced to the Almshouse residents and are made aware of the Charity's objects and its operation. The Board meet5 formallv at least twice a year. Trustees, individually, visit residents and Aelwyd, through a service agreement also visit the scheme at least Monthly. New Trustees are introduced to the operation of The Willie Seager Charity and are made aware of the Charity's objects. Trustee5 are encouraged to avail themselves of seminars and training courses of relevance which are made available through the Alm5hovse Association. INDEPENDENT EXAMINER Farzana Ahmed has been re-appointed as independent eKaminer for the ensuinE vear. Si8ned by order of the Trustees Hywel Jones Chairman. Willie Seager Memorial Homes Dote . 11 02. 1015 THE WILLIE SEAGER MEMORIAL HOMES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WILLIE SEAGER MEMORIAL HOMES YEAR ENDED 31 MARCH 2024 I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 7 to 16. Rèsponsibilities and Basis of Report As the charity's trustee5 you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the AcVI- I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no materlal matters have come to my attentlon in Connection with the examinatlon givin8 me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act,. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities IAccounts and Reports) Règulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across 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 accounts to be reached. Farzana Ahmed ACCA For and on behalf of Carston ETL First Floor, Tudor House 16 Cathedral Road Cardiff CFII 9U Date= 1& 1¢7LI 2025 THE WILLIE SEAGER MEMORIAL HOMES STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Unrestricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 Note INCOME AND ENDOWMENTS Charitable activities Investment 42.435 6.766 42,435 6,766 38,688 2,928 TOTAL INCOME 49,201 49,201 41,616 EXPENDITURE Expenditure on charitable activities 617 144,5081 113,4411 157,9491 151,7511 TOTAL EXPENDITURE 144,5081 113,4411 157,9491 151.7511 Net gainslllossesl on investments 9 38,067 38,067 115,6521 NET INCOME AND NET MOVEMENT IN FUNDS 42,760 113,4411 29,319 125,7871 RECONCILIATION OF FUNDS Total funds brought forward 577,520 922,435 1,499,955 1,525,742 TOTAL FUNDS CARRIED FORWARD 620,280 908.994 1,529,274 1,499,955 The Statement of financial activities includes all gains and losses in the year. A51 the above amounts relate to continuing activities. The notes on pages g to 16 form part of these financial statements. THE WILLIE SEAGER MEMORIAL HOMES BALANCE SHEET 31 MARCH 2024 2024 2023 Note FIXED ASSETS Tangible assets Investments 14 Is 908.994 505,964 922,435 467,897 1,414.958 1,390,332 CURRENT ASSETS Debtors Cash at bank 16 S,331 111.763 80 110.380 117,094 12,7781 110,460 18371 CREDITORS: Amounts falling due within one year 17 NET CURRENT ASSETS 114,316 109,623 TOTAL ASSETS LESS CURRENT LIABILITIES 1,529,274 1,499,955 NEf ASSETS 1,529,274 1,499.955 FUNDS OFTHE CHARITY Endowment funds Unrestricted income funds 17 908,994 620,280 922,435 577,520 19 TOTAL CHARITY FUNDS 19 1.529,274 1,499,955 These financial statements were approved by the members of the committee and authorised for issue on the l%.*Snd are Signed on their behalf bv.. Trustee Trustee Print Name Print Name The not85 on pages g to 16 fomi part of these financÈal statements. THE WILLIE SEAGER MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The charity is public benefit entity and a reglstered charity in England and Wales and is unincorporated. The address of the principal office is Aelwyd Housing Association, Ground Floor, Unit 9 Ty Nant Court, Morganstown, CF15 8LW. 2. STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financi31 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Charities Art 2011, as well as applic3ble charity law. 3. ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared on the historical c05t basis, a5 modifièd by the revaluation of certain financial assets and liabilities and investments measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncert3inties about the charity'5 ability to continue as a going concern. Judgements and key sources of estimation uncertainty.. The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience ènd other factors, including expectations of future events that are believed to be reasonahle under the circumstances. There are no significant judgements or estimation uncertainties that would have a material effect on these accounts. Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values. Designated funds are unrestricted funds earmarked by the trustees for specific purposes. The permanent endowment fund relates to the property and depreciation of the property is charged against it. THE WILLIE SEAGER MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Incoming resources All incoming resources are included in the statement of financial attivities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants Is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliablv. legacy income is recogni5ed when receipt is probable, and entitlement is established. income from don3ted goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the c05t to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measLJred. No amounts are included for the contribLJtion of general volunteers. Resources expended.. Expenditure Is recognised on an accruals basis as a liability Is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds Includes the costs of all fundraising activities, events, non- charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, includlng those support costs and costs relating to the governance of the charity apportioned to charitable activitie5. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Dirert costs attributable to a single activity are allocated directly to that attivity. Shared costs are apportioned between the activitie5 they contribute to on a reasonable, justifiable, and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation. Depreciation Depreciation is calculated to Write off the cost of an asset, less its estimated residu31 value, over the useful economic life of that asset as follows.. Freehold property- over 93 years straight line 10- THE WILLIE SEAGER MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 6. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Endowment Total Funds Funds Funds 2024 Operation of Almshouses Support costs 43,119 1,389 13,441 56,560 1.389 44,508 13,441 57,949 Unrestricted Endowment Funds Funds Total Funds 2023 Operation of Almshouses Support costs 37.558 752 13.441 50,999 752 38.310 13,441 51.751 7. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE Activitie5 undertaken directly Support COSt5 Total Funds 2024 Total Funds 2023 Operation of Almshouses Governance costs 56,560 56.560 1,389 50,999 752 1.389 56,560 1.389 57.949 51,751 8. ANALYSIS OF5UPPORT COSTS Total Funds Total Funds 2024 2023 Support costs Governance costs 1,389 1,589 752 1.389 1,389 752 9. NET LOSSES ON INVESTMENTS Unrestrlcted Fund5 Total Funds 2024 Unrestricted Fund5 Total Funds 2023 Other gainsll105sesl on investments 38,067 38,067 115,6521 115.6521 38.067 38.067 115,6521 115,6521 12- THE WILLIE SEAGER MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Investments Unlisted equity investments are initially recorded at Cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Gains and losses arising on disposal are recognised in the Income and expenditure account. Unrealised gains and losses ère recognised in the statement of financial activities. Dlvidends, including the appropriate tax credits where applicable, are credited to the income and expenditure account when they are received. Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contraciual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Where investments in shares or preference shares are publicly traded or their fair value can otherwise measured reliablyi the investment is subsequently measured at fair value with change5 in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less Impairment. 4. INCOME FROM CHARITABLE AcfiviTIES Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Weekly maintenance contributions 42.435 42,435 38,688 38,688 5. INVESTMENT INCOME Unrestricted Funds Total Funds 2024 Unrestritted Funds Total Funds 2023 Investment income 6,766 6.766 2,928 2,928 6,766 6.766 2,928 2,928 11 THE WILLIE SEAGER MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 I O. NET INCOME This is stated after charging.. 2024 2023 Depreciation 13,441 13,441 I I. INDEPENDENT EXAMINATION FEES 2024 2023 Fees payable to the independent examiner for independent examination of the financial statements. 500 300 12. STAFF COSTS Honoraria of £546 was paid for 2023120241202212023 £6861. 13. TRUSTEE REMUNERATION AND EXPENSE5 No remuneration or other benefits from employment with the charity or a related entity were received bv the trustees. Travel expenses totalling £21 was claimed by one of the trustees for attending meetings. 14. TANGIBLE FIXED ASSETS Land & Buildings COST At 31 March 2024 1.250,000 DEPRECIATION At l April 2023 Charge for the year 327,565 13,441 At 31 March 2024 341,006 NET BOOKVALUE At 31 March 2024 908,994 At 31 March 2023 922,435 13 THE WILLIE SEAGER MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 15. INVESTMENTS Other investments COST OR VALUATION At l April 2023 Additions Net gains/llossesl on revaluations in the year ended 31 March 2023 467,897 38,067 At 31 March 2024 505,964 IMPAIRMENT At l April 2023 and 31 March 2024 CARRYING AMOUNT At 31 March 2024 505,964 At31 March 2023 467,897 All investments shown above are held at valuation. Financial assets held at falr valuatlon: Investments are stated at their fair value at the balance sheet date, based on investment performance. 16. DEBTORS 2024 2023 Trade debtors Prepayments and accrued income 163 5,168 80 5,331 80 17. cRED￿oR5. Amounts falling due within one year 2024 2023 Tr8de creditors Accrua15 and deferred income 2.778 837 2,778 837 14- THE WILLIE SEAGER MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 18 ANALYSIS OF CHARITABLE FUNDS Unrestricted Funds Balance at 31 March 2024 Balance at l April 2023 Gainslllosse51 Income EKpenditure on investment5 Transfers Comblned repalrs fund General Funds 31.860 545,660 31.860 588,420 49.201 144,5081 38,067 577.520 49.201 144,5081 38,067 620,280 Balance at 31 March 2024 Balance at l April 2022 Gainslllossesl Income Expenditure on Snvestments Transfers Combined repairs fund General Funds 31,860 558,006 31,860 545,660 41,616 138,3101 115,6521 589,866 41,616 138,3101 115,6521 577,520 Designated Reserves The trustees have merged the Cyclical Maintenance fund and the Extraordinary Repairs Fund. Thls fund has been established to provide for major repairs or rebuilding of the property and to repair its propertv in accordance with a planned programme of works. Transfers to these reserves are made in accordance with the recommended amounts issued by the Almshouse association annually. Transfers from the reserve is the amount spent during the year on extraordinary repairs and cyclical maintenance. Endowment Funds Balance at l April 2023 Balance at Transfers 31 March 2024 Income Expenditure Permanent endowments: Capital fund 922,435 113,4411 908,994 Balance at l April 2022 Balance at Transfer5 31 March 2023 Income Expenditure Permanent endowments: Capital fund 935,876 113,4411 922,435 Permanent Endowment capital must be retained. The fund was established in 1996 and represents the historic cost of the buildings gifted to the trust less depreciation. 15- THE WILLIE SEAGER MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 19. ANALYSIS OF NET ASSETS BEnAIEEN FUNDS Tangible fixed assets Current Investments Current assets Total 2024 Endowment Funds.. Capital fund 908,994 908,994 Unrestricted Income Funds: Designated funds General funds 31,860 85,234 31.860 588,420 505,964 12,7781 Total Funds 908,994 505,964 117,094 12,7781 1,529.274 Tangible fixed 3ssets Current Investments Current assets Total 2023 Endowment Funds.. Capital fund 922,435 922,435 Unrestricted Income Funds.. Designated funds General funds 31,860 78,600 31,860 545,660 467,897 18371 Total Funds 922,435 467,897 110,460 18371 1,499,955 20. RELATED PARTY TRANSACTIONS The charity was under the control of the trustees throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under Charities 50RP IFRS1021. 16-