ROGER WILLIAMS AND QUEEN VICTORIA MEMORIAL ALMSHOUSES ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ende(131st December 2023
ROGER WILLIAMS AND QUEEN VICTORIA MEPAORIAL ALMSHOUSES ANNUAL REPORT AND FINANCIAL STATEMENTS F or the year ended 31si Deceinber 2023 Page Ofliceis aiid FKofesSIOrial ¢idvisei Reporl of IIE TrLlStees In(lopen(lonl Aijdilors, Rcwn io ihc TrLl&leeS 6- 11 Sialeniei)l of Coiiiiyel)ei)sNe Iiicoiiie 12 slflicnie.ni nf Ch¢iligCS in Reservo.5 13 Slalenie511 of Financtal Posibon 14 Slaleiiieiit of Casli flows NiJlv5 11) Iliv Iw)¢ifiLl<il slE[lIt4)I The following pages do IK)i form part of the staiiitory finaiicial stateiMenls:_ Slc?ienient of CoinprehensNe Incole (Iletciile(l) 26 Noles lo Ilie siaiemeni of Conipielieiisrve 111cle 27
ROGER WILLIANIS ANO QU£EN VICTORIA PaEf4lORIAL ALMSMOLISES OFFICERS AND PROFESSK)NAL ADVISERS RoeJi Igforl KiJi)Y)v.p NuiiibL"r 21913? J{)?Ii 4,Ir A IFiiilL ? Iiiy JiiLd 13111 Jl£'Uiiry 20231 14 J Jniw.s Iio.£ioftp(l J JTh J111. 2()?31 TS G !.Wl4 IIP.%i(JP[l i-iih Jal)IIAiy J.()AJI <.iJv¢ ol PJL'YiiyJrl {{L)ujrd 13lli J411W.Iry 20Z31 4.fr. 4A I"L¥iiJriL.J lolli J¢IlTr111' 2023) 1.1 I I.IWhpiJn Iip.w.''Trd Jl:h JaArY X)?31 Tyr EfuI Lc•rdP' Mdl i èld PLnIsiKl loilaen Nl?.l UXJ Ilithwi l.urtll' p I Id Mdl F i.l¢l ' j.'IlyrL4)1 lor11ll Nll I IJA J Clkirro'e.d plC-QUlltÈin".¥ & '¢l.'IgUfird Wi&" r.F 74 qPJ Trdiilinii.Il '. fv.lrtbr'£rfv p..Itik i". BIV14L'S '4PIl l(*(i Subciivi
ROGER WILLIAMS AND QUEEN VICTORIA MEMORIAL ALMSHOUSES REPORT OF THE TRUSTEES yp.dr pnilpd 3151 De.cember 2023 Thp Tri1..4 lirese.nl tlieir repijrl aiiil Ilip aLI(Iilp(I financial %iatptvieiils for the. year elided 31st Decei)Iber 2023. Trustees Tlie pceseiit Truslees afe sel c>ul oli tk1ge l. No Iiusiees served fo(11)e ole year" Organisation and Stmcture The Roge( Willianis cind Queen Victoria Memorial Almsho(Ises is registered Wilh Ihe Welsh Goveinment as ¢7 Registered Social HouSW provider govewned by cl Irust deed Tlie TrUeeS a¥ii lo coiltiilue lo lei ilie 9 sell cdiiiaiiied uriils 10 Ilie elderly or residents. relaiNes The Almshwse employs no staff as it is fulty managed by Nlelin Hoiiies Liiiiiie(l. I lie TrLwsiees aTe respoT)sible foi Ilie iuiiiiiiig of Ilie Alii)sliouses. l)o'.'ievei I1 adiiiiiiisliaiioii arid iiiaii)ieiiaiKe is delegaied 10 Meliii. Risk Management Thc Triislces revies11 Ilie A1rn5hoL15e's activitie5 al Board meetings and they have ,Issesse(I Ihc risks 10 i'uhich Ihe Aln15h0115c Is exposed. As PiE rl of this process, Ilie TrLislee' liave iiiipleibieiited a lisk iiiai)aoeii)eiil sri ategy %'il)idi coiiipi ises bolli Iin*inri<il coiiiiol ciiid slock JM.Iinlcni1ncc. Tlie Ti'iisiees ackiiowlèdcie tl)eii iesi)oiisil)I'.Ities for eiisLirin(J Ilial Ilie Ali)IslioLises 11<lS Iii pIIcp cl sysleni ()1 c()ntiols ¢hal Is <ll)PIC)Illl<ilc lo Ilic bLISlllP.5s eiwiioiiIMenl in ¥'•liicl) it opeiales. Tliese Coimiols ale desi(iiied lo owe reasoiiable assiiraiice i'Jiili iespc.cl In.. {a) (l)) {r.) Tlie reliabilily ol financial infoiinaiion used. Tlip. niainipi)anr.p nl prnpp.r acc(Jiiiiling recnrds. Tlip. %afF.giJariliiig (DI againsl iiiiitiJltK)rise_Il LJ¥P C)r tli4pn%ili(Jn. Tli(: Trii%le.p.s liavp adijiilvil a rpsprvvs Ix)lir.y ci)ri4itJe.rpiJ siJfli(:ivrit t() fiinil liillir (ei)airs ¢0 Ilie properlEs. Tl)e Truslees ale saiisliecl that acle(ILiai& resoLirces are ,Thvailalile lo coiiliiiue iii Ilie loreseeal)le fiil(Ire aiid al l)reseiil see iio reason lor tl)e ¢iilLJAli()11 l() (:liaiicJv.-
Objectives and activities Thp c)hjp(:IiVE: ()1 Ihp alrnsh(x15PS is lo hpipln ilip almspp(wlp bpincj pnor pers()n5 nl g()()Il r.liardr.tv.T b4Jh() {vxr.ppi in S.c1 c.asp4 in he api)ri)ved hy 11)P £ilinsl)()ii%e tl'Lisieesl reside ii) Ilie ai'ea of benelil. The afea of beiiefil beiii(J a ieii niile radius of Ne"Ji)¢)M CIV Ce.wilip. Tlle acliwlies Iliis yvar cijnliriijeil Iij rpllpcl Ilip aKM% an(1 objeciives of Ilie AlmshoLises. Ceniral to Ihis elhos was keepinij reiiilservice cliarcje levels ai afloi(Jable levels, the properties I'iell mainiained aiid reiaiiiin(J a liig11 ¢)ccui)aiicy r411p. whilst Illdinlairiirig Ilie firiancial well being ol I1 AlrTish(JiJse% In 2023 Ihere iliere Iwo voi(Is. one of 3 weeks aiid one of 3 ilieeks. 3 days. The Tri115 Irile.Iid lu c()riliriue riiiiiiiriy IIIE AliiislK)uses iii dLLiJriJ*SIILe i'•lli ils aiiiis diid ul)jeciivps as ()ullineil iibove. Public benefit We have referred lo Ihe gliidance coniained in the Charily Commission s general giiidance on PLiblic benefit when rev¥.11 Jc OLir aiins aiid obieciives and in plciiiiiiiig oui lului e activilies. We revÈ%•i Our aiiiis. objÈciives aiKI aciivilies eacl) year. T Iiis ieviei'o look5 bcick ril i'thai we acliieved and Ihe 1[COmeS ot oiir ivork in Ilie previous year. I'liis levie'•. lielps us eiisure tsui alli. obieclives al)d aciivilies are focubed oli our siaied Purposes. Investment Policy The TiiJ51ees h£ive considered niosl iiPTJropriclte policy for invcsling liinds cind l)ave fou1 Iliai specialised Liiiil tlusis desigiialed foi ilie Cliarily Secior iiieel 11)eii Icqijirenicni to ocncrtltc bolh income cl1 ct1pilcil growlh. Thc Inve.4imen15 hii VQ beeii valLie(l as ai Ilie 31 Deceii)ber 2023 and ii) ioial siai)d at £278.479. T liis is a valualioil £16,400 liighei Iliaii at 31si Deceiiiber 2022_ £IGg.G46 0111)e poiifolio is lie.ld in Ar.ciJiiiiJl<il11)11 Sh4ifcs Lind F.108.833 In Iiicot7ic Shrirps. Plans tor lulure periods Thv. rp <llP. no planne.d IiJlLire chit ngcs In Ihe aCliwllCS nf ihp aln15hoiJsi.:s. Activities and Financial Review lor the year Tliei'e voere loui voi(Is ai a cosi of £502 ii) void rental loss. Tlie SLiri)lus for ihe year was £16.4G3 (2022 lIcIt. £68.356). Responsibility of the Triistees Tli(: Trii%lv.p.¥ ¢lTe re%FK)nwhle f(Jr iJie[rin[j Ilip. liiiaiKi¢il %ldlf:IMpiil% iii a(:LiJr(l¢lllCV. .'Jiil) dl)IilidlJle Idiv aiiil Uiiileij Kiiiydijiii Gviiprdlly Ar.Lei)Ip¢l A(:L(ILJiiliiiy Praclicp. Tliv liii¢lllLi¢il sl¢ilEiiieril% lidve ljeeii iJrryi¢ired iii C(}r(l{lI1ce ioiili Ilip TiiJ%l Dp.v.iJ, Ihe Staleniei)l of Recomn)ended Praclice "Acco(Inling for Registered Social Flousing Providers. Iipdated 201 B. the Accoliiiiin J( Tequirenieiits for Soci¢l1 Lrindloicls iegisiered Iii Wdles tserierdl Deleriiiii)<iliuii 2015. tlie Housiiig Aci 19Y6 ¢uid Ilie Chciiilies Act 2011. Tlie Triisieès iTiaiiilciiilS a sysleii) ol iiiieiiial firiaiicicil Luiilrul. IllLludiriy suilaijle iiioiiilariiig prccediires 10 revievi lis effecliveiie5s. Tlie sysietn Is de5igiied to
InanBgp. rathe.T Ihan L.Iirriiw)alp. risk r•1 failiirp 10 .Ir.lipve biiyness nbF.clive.5. Hoi'ievec. aiiy sucli sysieiii can oiily piowde ieasoiiable. and I)1 absolLIIe, a5siJrancp agains1 nialerial nii.sstale.ment or 1055. In fulfillin Jc iliese iesi)onsibililies. Ihe Trusiees have ceviewed 11)e efleciiveness ol IIIP. 5ysiem ()f idpiitilyiiiy. evalLJaiing an(1 ni(Intiyiiig ilie %igiiiliLtaril risk% (jn Ilie hasis of (lie principles of coipoiate governance coniaine(l in Coiiiiiiuiiiiy Housiii(I Cyiiifu {CHC) Code of Governance and Welsh Governnieiii Iiousiii(J cifcLilar RSL 02110, liileriiiil Cunlr(Jl% aimj Reijijiliiiy. The TreeS lidve c()n5idpieil èall of Ilie ri)aii)r Ixisiness and fiiiaiKial risks. Nu we<ikiiesses iii iiiteri)t*l conliul Ive ell IuuiKI vthicli ¥vuuld result 111 iliiy Inaterial losses. contingencies 01 Iiiicenamiies vthich woiild requiie disclosLire (ls ieciJii)iiieiided by iiie alM)ve iiieiitsoned circulai. On ihe bclsis Ihat a SYe can provKle only ieasork1Ue. bill not absoluie ¢issiific nce ,Ind t11 It rekiles lo Ihe needs ol Ihe business, syslem £lS ci Ythole ivcls foLlI)cl tll Ilie liriie ol approviiig tl)e lsiiaricial slaieiiiei)Is lo be geilerally appiopiiaie io 11 scale ol the Triislees ii Ctiviiies. Iii piesJarii)g iliose liiiaT)cial slaleiiieriis Ilie I iustees are iequiied 10 selecl suilable ,ICCOlllllii)g FX)licies. tis describcd on Fkige 11.12 lind 13. lind Ihen io cipply iheiii oli a corisisieiil basis. iiiakiiig iudgeiiieriis atid esiiiiiaies Ilial ale prudei)i ai)(J rc47SOIIEible. The Triisie.cs mLisI a150 pfcpclic ihe Iiiiiinciiil Sl<7icnn1$ on Ihe going onccrn b4lSlS ciiiless ff 15 InÉipproprkilc lo prc5Linic IhEII Ihe AlnishoLise Kvill coiilinLIC Iri busiiiess. Tlie Tiiislees ale ie¥X>I)sible loi keepiiig pioijei accouilliiKJ records t71cli disclose Ili reasoriable accuracy ai ally liine Ilie Iiiialicl posilioii ol tlie Aliiisliouses ai)d l(J en(Ihlc 1lip.tn in msiirv Ih<ll Ihp. finiinr.lvil s1ii1?nir.1115 Cotnply wilh Ihe. rele.V<ini le(iislatJOli. Tlie TrLisiees resporisible loi safeciuai'diiio tl)e assets of Ilie Almsh(X15P% iintj hencp. fnr iaking rva5n11)l steps Ini prevpnli(Jn aiid (Iplec1ifJn ()1 Iirlll(1 .In(l ()Ihpr irrp.giJknrities. 111 sn fai a% Ihp Triis1(•p.4 alp. hwtirp. tlip.ie 1% n() rp.Ipvant aiiclit iiil()rinatii)ii n( iiilij[:h Ihe Almshouse's audit015 ale iiiiawai'e an(1 Ihe Tnislees have lakeii als siei)s 11)at Iliey ouoht 10 liave takeri lo niake ilieiii self aware ol aiiy relevaiil a11 ii)Iofiiialion iri(I l() esliiNi%li IIiAI IIIP. <iiJilili)rs Awdrp i)1 Ilial iriluiin(Ilioii. AuditOf5 Tlie ExieriiAI Aiidil serviLv. Ivill lje subieLI Iu LoiisullrilK)ri Iiruce%s dLiriiicJ 2024 ai)ti ,iii ai)i)oiniiMeni Ilien 117¢iile or)ce Ihts is comi)Sele.
8y Order of the Trustees Trustee Mel¥) Hoimes 29, May 2024
ROGER WILLIAMS AND QUEEN VICTORIA MEMORIAL ALMSHOUSES
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES
Ypdr Eii(Ip.(131' Op.r.p.iiik)pr 2023
Opinion
We liave aLidited the financial slaleffleiits ol Rwer Willicinis aiid QLieeii Victoria
Memorial Almshouses (the 'Assockilion ') for the year ended 31 December 2023
.AiiLI) LuiTiprisÈ tl)e Siaieniei)t ul L(MTiiire.lieiisive iiicoine. StiileiTlP.Ilt ()1 Finaiicial
P05111011. siaieinent of Cashftows and noies lo Ilie financial siaieiilenls. incIling a
%Ullllll£lly uf sigi)ificaiil acco11111 i)(JliLies. Tlie firiaiicial repoiliiig fi3iiievJork Ihat
h¥TrS l)eeii applre(I In (heir prei)araiion 15 applicable lai'o and Uiiiieil KinJ((loii)
Acco(inin(J Slandards, incliiding Fiikincial Reponing Sltindcifd 102 The Fii?ancial
Repoiliijg sfaiidaid applKable iii ijie UK RepublJc ol Irelai?d (Uiiiied Kiiigdoiii
Genercilly ACpted Accoiinliffj Piiylice).
Ili OLif Opiiknorl Ilie fiiiaiicial siaiei)ieillS.'
give d tiue arid f¢iir view of Ilie sldle of tlie AssoLialion s affairs ds at 31
Dccemtjcr 2023 4iiid ol lis IwKome and cxtJeFKliliJic lor Ihc yecv In ciided,.
liave l)ee41 1)ioI)eily i)iepaied Iri acc(YdaiKe iviili Uiiiied KiilCI(loiii Gei)erally
Ar.cc5ile(l AcrniJr)Iiiig Pr
ConGlusion5 relating lo going concern
Iii aLJiliiing Ihe linaiir.ial slalr.rnpnls, wp. have conr.IiJileil 111.11 Ilip inpnilJeTS' Il%V ()f
Ilie (Joiiio coiKe(i) basis ol accoLllllinq in the prepacalM)i) ol Ilie Iiiiaiicial siateiiierils
1% diiproi)rialp.
BiJSV.Il (Jri 1hp i'J()Ik l'p. liavv perfijrinpd. we. liavp n()[ i(Jeiilifiv.d ariy i?)dle.ridl
111)LV.rlairitiv% rel4iliriiJ ic) pveni% ()r c(JiidiliiJiis Ilidl, iiiilividLJally i)1 cc)Ilp(-INply, Illily
cast sigiiilicaiil doubt on tlie AssociaiK)n's abiliiy io coiitinLie as a goin(I coiicerii for
¢1 ijeri()d i)1 dl le<asI Iwplve iniiiitli% Irc)rii lihieri Ihe liii¢iiKidl slaiv.Ineiits are dljtliiiri%v.d
for Esue.
Our respuilsibililies £iiid ilie resiKH)slI1IIg ul Ilie riieiribeis wllli fespeLI lo goiriy
coi)cern are described in Ihe ielev£inl seclions ol Ihis repon.
Olher informalion
The Trijstees are respoiisible loi ihe Oiher Inform(ition. The Oiher inlorniclljon
comprises ilie inlorni£ilion incliKleO In Ihe ¢innLlcil repoll, Other ih
Ilie Associaliori lias noi kepi 0per books of acc(xini. aiid iiot n)atiiiaii)ed a saiislacioiy systeiii ol coiitrol over its (rlSal01)s. ii) accorda11 with tlie rt?qLJire.menls ol ilie legislaiion. (x Ilie reveiiue accou111. any other accounis io ¥'ihich (xir cepon relaies, and Ilie balance sheel are not in agreement wilh Ihe Associalion s banks of account: or we liave not obiained all Ihe informatton and explanaiioiis necessary for the puriiijsps uf ()ur audit. Responsibilities of the Trustees As explained niore lulty in the Trustee-s resps.1111es slalenient set 11 on P1c (Je 3 5, 11)e Truslees are iespoiisible for ilie pJepaialiOil ol rlie liwlailcial sidieiilEI)IS ciiKI for beinij Scllisfied thai they give a irLie and lair view. cifKI l(x siich inlerrkil co¥ilcol cls Ihe TrLislees determines ts necessary io enable Ihe wep<ii¢ltioii of finai)Ci*il slaieiiieiils Iliai are free fr1) iitsierial niissiaieil)eiit. i'ilieiliei due io liaud or eiror. lii ple9111 Ilie Iiiiaricial slaleiTieiilS. Ilie Trusiees ale iespoi)sil)le lor assessii)g 11)e AssoLoli0ii s abilily lo coiilinuE ds a y1)Y coriceiii. disLk)s"ing. as applic<ible, ITltitiers reltilecl lo (jn9 concerii ¢ind iisng Ihe going coiicerfj b¢lSI5 of acc(xiniing uiiless Ilie TILislees eiiliei ii)ieiids to liqiiidaie Ilie Associaiior) cy lo cease operaiioiis. 01 lias iio realisiic alteriiaiive kiLII lo do so. Auditor's responsibilities for the audit of the financial statements OLir ohjcr.Iivp5 <lff. In nl)l¢illl foi7501171 1)Ic <lSSiifiiiice iiboiji wheihpr Ilie linill)Cliil siaieiiieiils ds a shiole ale free Iioiii iiiaiei ial iiiissiaieiiieiil, Vllellier (ILie io liaud or prror, 1cnd lo issiip an audilors reF)Ort th1r I Includc.5 our opinion. Rc'<isonriblo assui'ance is a liiqli level of as&irai)ce. Ixil is iioi a (ILiaraniee tliai an aiidil coil(lucied iii accordai)ce iyill) ISA5 (UK) will always delecl a iiialerial iiiisslaleriiei)I .'Jl)ei) il px1%14. Mi%slalptnp.iils can iirise fr(?ni Iia¢itl ijr prr()r HJi(l arp r.()n5i(Ipip.(I Inaterial if. iiidwidually o( iii the aci(Jregaie. Iliey coul(l ieasoiial)ly lje exi)ecied lo Irilliipiire. Ihe. erA)11()nii IJp.ci%i01is 1)111sp.rs laken on Iliv. has1% 111 Ihp%p fiiiaiirial i)<AiI c)1 dl) Aiiilii iii aLI-(Jr(liiricp. k'JAlI 1SAs (UK), wp exeicisp. i)r(Jle.s%iiJrial jLJ<lginp.Iil .iil(I Imaiiitaiii F)rofessional scepiicisni Ihrou(Jhoiii ihe audil We also.. l(leriiily ¢lli(l Ilip. riLJ<s ul ni(Ilerial 1ii1ssldleJiieiil lif Ilip fiiidllLldl SiLiieiiierilS. s'ihellier (lue to ficiud or error. de(In and perlorin aLI(lii i)roceiliires I'esi)oiisive lo Ihose risk5. aiid obtlrll) audrt evidence Ih¢ii is siillicieiii ¢ln(I ¢ll)iJi(IiJfi<lte lu piDvide il bclSiS lof wr uiJiiii()ri. Tlie iisk i)f iiut iJelpLiiiig d Ill¢iieri¢il rriis51<ltenn1 resLilling Irom Ifaud Is liighef Ilkin lor oiie resiiiiin(J Iroiii eiroi. ds liaud iiiay irivolve c(Alusiui). IoTueiy. IriieiiliuJial uri)iSsitsiis, Iiiisieijreseiilalitsiis. or Ilie oveiride ol iriteriial cuiiirol.
Ohlain an iinderslanding nl inieiiial coiilrnl rele.vani i() Ihe. aiKlil In ni(Ip.r t() desioii aLidit procedures Iliai ale appropriale iii the ciiCLiiiisiances, 1. exceijt Io Ilie exiei)l OllieiSe explicilly stated ii) Ouf repoil. i)01 foi 11)e piirpose of expressing <?n opinion on Ihe effectiveness ol the Associtilion's Internal control. Evalliale 11)e appropiialeiiess of accouiilino wlicies usecl aiid 11)e re(14()nrihlel%$ ()1 acc(JiJiiliiig eslirridlps iiiiil rvldteil Iliscli)4iJres mddv. ljy Ill T(uslees. Conclude on Ihe approprialeness of Ihe Truslee s use of the going concern basis ot accouiiting and. based on the audi( emdeiice oblained, 4'Jhellief a Jilaierial uiice.rlaiiily exisis relciled lo eveii15 01 Ltswidili(Iiis ilial lildy cast significant doubt on Ihe Association's ablity to contmue as a going COnrn. If we concliide Ihai a malerkil Lincertainty extsis. we are re(ILiired to draiv allenlion in our ditorS report lo Ihe relaled disclosures in the financial Sl<llenienls or. if svcli disclosiires ¢1re Inir deiiLiate. 10 niodity OLir opinion. Olir concliisi0115 (ire lSed oli Ihe ¢lLidil evideiice obl¢iinecl Lirj lo Ilie dale of 1r guditur's teport. However. fulure events or conditions may cause the Associ£ilion 10 ce¥ise lo conlin(ie cis a gng coiicern Evaluaie Ilie overall Piesei)laliOIi. Sliucluie aiKI coi)ieiil of Ilie liiiaiicial 514ltenien¢s. inclliding Ihe disclosiiies. and i'llhelher Ihe fint?ncipl sliilemeiils reFireseni Ihe iinderlymg tr(Ins47clions and events in ¢7 n)Éinner Ilkil qichieve5 lair presewiiaiioi). We COiiii))urlicaie wilh I1se diai(Jed iiiilli govei riaiice reJc ardiiig, aiiioiig Ollier iiiaiiers. Il)e plaiiiied scope aiid iiiiiiiw of tIE aiidil aiid Sigiiificani aLiiSit fiiidiiigs. InGliiOiiig illly $1gniliciinl delicicncics iii Inlcrncil c.onirol INii tdcniily dLiring nijr audil. Irrp(Jiili4rilit!s. inr.liJ(Iing frHLltI, <ire Insltinr.p% c)f nnn-ci)IMpliance wilh laws and ieoulaiioiis. We (lesigii proceduKes iii Iiiie willi Oui res•1)S1blI1lIes. otllliiied above. In iJp.Ipr.I malerkil nii55taiempnls in ie.%PeCl ()1 iiregiJlarKips, iiicl(Iding fraiiil. Thp exteni lo wliicli oiir piocedufes are car)abS of deieciiw iireoulaiiiies, iiKludino frau(l is detailed below: Oiir i)laiiniiiq proce(knres ideiitity the lecJal an(1 regLilaiory Iraineworks api)Iicable io Ilip. (11)piati(Ir14 dnd fiiidiicial slaleiiieiilts ¢)f tliv r.()niiJaiiy. Tliv.sv. arv. rvvip.weil lrilp.riii*lly iviili Ilie ¢liJ(Jil tvarii iiicliitliiig rplvvai)l iiiiliJ%lry p.xiipripiii.p. drid exi)eciaiioi)s as 44iell as exlernally .'wlli ilie cl'eni niaiicioenieiit The key labiis an(1 IvgiJlilli(Jri% wp. L()iiSKlered iii Illi% ciJi)lexl ¥'iere Ilie FRS 102, Cliarilie4 ALI 2011. sclieilLile I 10 the HoLlS11)o acl 19g6 and The Accoiiiitiiig iequiremeiils for Regisiere(I Sociic l Landlords GeiieiL21 Deierniinaiion (W¢iles} 2015 Once ideniifie(l. .'e dsse%s 11)e risk% ul ii?dieii<il ii)issldleiTieiils il) relaiitiii lu Ilip lilWS aiidregLil¢ili()1)s. Irre9Lillc rilies. iiiclLiding frciiid an(1 cl(Iiusi our tesiiiig ticc0rdlnij. Oiir clLidil ijioceduies iriclude:
Oisciissin(J sliiih ihvse r.hririJp(I wih governarKe and nianagpmf)iil ivhirli
areas ol Ilie btlsiness they belEve lo be ii)ore siisceptil)le to fraiid. aiiil
)Mielher Iliey liave any knobAedoe or suspicioii ol Iiauduleiit aciivities
01)laining dn ijiideislan(Iing Ill Ihp kry conlr(Ils pul iii plarp Iiy Ilie Cl[111)1
compaiw io aclclress risks ideiitilEd. assessiiig ilie effeciiveiiess ol Iliose ancl
disciissing liov4 these are inaiiitained and moiiitored inteiiially
A%%essing Ihp ri4k ()1 maiiagemenl Ov[1 and rp.vipw an(1 Ip.%fy"Iiy fif Jixjrnal
eiiiries Inacle inlo I1 accoLinl systeii)
Despilv. Ilie auclil k)einy Iall11 ¢1 cuixlucled Iii acC()rd¢V1 i'jttli ISAS (UK) lIre
refflaiiis ali Linavoidable risk ihai iiiaierial misslaleinenis iii the liiiancial slalemeiils
iiiay Iicjl be delecied uwiilg iu iiiliereiii Iiiiiiiati(Ins ol Ilie dll. ¢iiid Ilidl by Ilieir very
Ilalure, aiiy sucli iiisiaiices of IraLxI iiiegularites likely involve Collusi1. loiyery,
Inleiilioi)al misrepyesenlalion. or Ihe oveiiide of inlemal conlrols
A lurlher desciipiion of our fespoiisiliilitEs for Ihe alidit of the financial slalemenls is
Ioctiled
Ihe
FinaiiciLII
Reportng
Councifs
websiie
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Auditor's responsibilities in respect of the Housing for Wales Circular HFW
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conirols and reporlirlg aiid we reporl l'ilielher ilie slaleniei)l is iiol iriLorisisieiil willi
Ihc inloiinii lion ul ki0111) bve <llC Ilvliirp fr()iii our ciiidil ol Ihp Iin<incitil stillQlllQlllS. Wc
re not rcquircd lo (orm <in opinrjn on Ihc cffcclivcness ol Ihc AsSOC11c lion,
Corporate qoveiiiaiice proceduies or ils 11)ieirial liiiaiKkal COi)Irol.
Use of Report
This rpport mir do solely tt) the Associ?r tion's IriJstpes*
Haines Wails Wales LLP Stalulory Aii(Iilor 7 Npptune Cc)iJrl Vaiiouacd Way Cdidiff CF 24 5PJ
ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES Statement ol Comprehenslve Ih¢ome For the ycar ended 31st 0¢mb¢r 2023 2023 2022 Notes Turnover 39.240 35.af94 Less.. Oper<?ting costs 14S.925) {90.185) Operating Surplus {6,685) {J4,591) Moveiiient in f3ir walve of finaiicial instrLimei)ts Inleresl receivable and simil¢?r Inr.omp. Iiiteresl payable and similac charges 19.213 3.93S (17,164) 3.399 Surplu51lDef icit) before lax 16.4C)3 168.3S6) Tax SurplusllDoficitl aftcr lax 16.463 {68.256) Total Comprehensive Income for the year 16.463 (68,356) CONTINUING OPERATIONS None of the almshoiise's a¢liyilEs bvere acquired or discontinued durin9 the above Iwo linancial years. Tlie firiaiiLiÈil ?*ldlerTiewiIs were dppruved by the Tiustees on 29th Nldy 2024 ¢irid ivere signed on their behalf by Trusl¥e Meliri Honies Liiniied
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ROGER LLIAMs & QUEEN VICTORIA MEMORIAL ALMSHOUSES Slal¢menl of Financial P051tion A% al 3151 Oe¢ember 2023 Notes 2023 2022 Tanglble fixed assets Buildiiig lftiprovements gros4 cosl If.s% depreci<?tion 67,942 67.942 75,557 75.557 Liste(J Irivestments 278.479 346.421 262.079 3.37,636 Ciirrent assets Deblois BLJilding Srjciely Dep()s Cash at Baiik 5.042 17.873 8.265 31.1BO 2.444 17.693 491 20.628 Creditors.. Amounts falling due wilhin one year (23 949) 116.9311 Net Current assels 7.231 3.697 Total assets less current liabllities 353,652 341,333 Credilors: Amounts falling due after more than one year 10 {35.117) <39.261) Net assets 318,535 302,072 Capital and Reserves Resl(icted Reserves Reveiiue Reserve 169.646 148.889 160.344 141.728 318.535 302,072 The linancial siaten*nls were approved by Ihe Tr(islees on 29th May 2024 and Ivere sigiied ori tkieir belialf by- Triislee leliTI Hofiies Liniiled
ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES Slatemenl of Cash Flows As al 31sl Decenibei. 2023 2023 2022 Net cash generated from operaling acllviles (see lie l) Cash flow investiiig aclivities Inieresl received Disposall(Pur¢hase) of Inveslrnenls Cash Ilow froi)) financing aciivilies Con)ponent Replacements Inleresl paid 1,206 (50.366) 3,935 2,813 3.399 35,637 (24.632) Net cliange in cash and cash equivalenls 7.954 (35.962) Cash and cash equivalents 4t beginning of the year Cash and cash e4uivalents at end of the year 18,184 26.138 54.146 18.184 Nolc J. 2023 2022 Operating Surplus1(Deficil) lor ihe year (6.665) (54.591) Ailjiisltni..nls for Tl()n r.ash itpms- Dp.i)rpr.iati()n c)1 tancjihlp. lixed a%sei Anioiiisaiioii ol (iraill Deci'easel(IilCI'ease) iii trade deblOI'S Incieasel{Decfease iii creditors) rii'oceeds li oiii Iiivestments Scile Toial (4.144) (2,fJ98} 7.018 (4 144) (801 3.302 1.206 50.3G6 Cash and Cash Equivalenis Coi)sisl of: Cash at bank Deposits 8.265 17,873 491 17.693 26.138 18.184
ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES NOTES TO THE FINANCIAL STATEMETrThS For Ihp yeAr pn(Ipil 31s1 Decpmhp.r 2023 Principal Accounting Policies Basis ol Accounting The Aiinslioiises is a pLibr benefil eniity The financial siaienienis are pieijdied uiider Ilie htorItal Li{ cuiiveritiuii. except fur Il* iiiveslriieiils wliiLII <ife Sldled al over) Jiiarkei valiie. Tlie gtateiileills ale piepared ii) (Iccordarice [17 applicable liriaricial repuf tiiig Sl¢incl¢irds Iii Ihe Uiiiled Kiiig(knn. iiicludiro Ihe Stalemeiii of Reconimeiided Praciice for -Accounting by Registered Social Housing Providers as updaled iri 2018 (SORP 2018) arid t(xiiyly wilh Ilie Accouiilirig Requifeii)ei)Is lor Social Lcindlords Regislered In hvciles Genefal Deleimintllion 2015 Turnover Tiifiiover represeiiis licerice aiid SerVe cl)arges recavable i)ei ol Voids and gi¢inl 471clccl rcp<iir Iiicoine Social HoLising Grants Social HoLisiiig Giai)Is (SHG) are iiia(le by Ihe Welsli Goveiiiiiieiii ai)(l ale ulilised lo recILI 11)e ariiouiii ol iiioil(Ja£Je loail irl fespecl of ali approved schrn lo Ilir anK)iJni iiJliich Il 15 v.siin)IllL'd r_iili sorvlcetl hy the nci iinniiiil iiicaiTrie of Ilie sclieine_ Tlie aiiiotinl of SHG is calculaied 011 Ihe qualifyiiiq costs c)f Ilie srhr.mp Iri hru)r(lancTr Nijiih InslrLiclioris 15SllLiiI frnni Iinip Iii Iinip hy th Wplsh Gr)vpiiimpnl. Thp granis alp fTMdp (lirer.t fr7 I1 Ip.iiclin(J aiiihnrily AIl(I are reflecied iii Ilie fiiiai)cial siaiemeiiis of Ilie Aliiis1tsseS Oi)ly wlieil tlie i)aynipnl hti% lJp.p.Ji nia(Ip aiiil Ilip rf4pvanl ninriga9p Iiiaii rpiliir.p(l. £HG is iepayaljle Liiicler ceilaiii cii'cliii)stan5, Plimarily followiiici ilie sale ol a Pfoiie(ly l)ul li111 iiormalty be iestricie(l io nei i)rocee(Is ol sale. Granis receivecl iii i-elaiioi) io Hrxigng ProriteS al'e showii wiihiii cre(lilOfS dl)d (Ii%LI()sp.Il ¢1% Dv.Ivrrv(l irii-()riiv. iipl ()[ aiiiurtl%<alii)ii. Grawii% rp.LViVP.d ijl d ievp.IiLIP Ildlijiv ¢irp Idkvii slr4titJlil l() Ilie %1<ilpiiieiit LUlllI)iel)eii%ive illLIJIJIP. Gr(11)Is Iield d% fvrrvd 1l1Lr)ri are Tele<e uver Ilie 11seliil hle ul tli coii)poiieiil lo hicli ilie5e ielaie Iii ¢iccordciiice witli Ihe (lei)recitilK)n i)olicy sei oiit belobv Housing propenies - fi'xed asset capitali5ation and deprecialion Hoijsiw properiies nre Sl47(ed ¢71 cosl Tlie cosi of proi)erlies is Ilieir piircl)<ise price iogeiher iyilh incidenial COSIS ol cicqiiisilion ¢ifKI direcl cosls ol Ilie developiiieiii piocess.
Depiecialioii is cliarqed on ihe liislOI'iC cosl ol Property coiiiijoiieiits. Tlie clepre.r.iabtp ain(JiJiil Is wriiieii ()11 ()ver ihp. eslimaie(111seliil lives Irciin Ihp. (l¢llV c)f i?iirr.liaspltxiild. Fi)11()wii)g Ilip iinplpiTipritalinri ijf compunp.iil accniinliiig, ce.rlairi c()miJ()iipiii% i)1 resideiiiial properiies .'Iilli assei INes ¥ghl7 are (Iiffeieiii to ihe iiiaiii slrLlCtLire. or sliell. of Iliose i)ropeities have been separately Ideiitilietl lor dei)reciaiion ijuii)()ses. Ori Tei)knLp.iiieril ¢)1 %iJLI) asseis Ilie ijiigiridl (i%sel is iioirfleii ()11 ili)d Ihe replaceimenl a5sel is capilalised and depiecialed over ils iiselul life. On iiiiFileiTieritirig 11)e cliale ir) accouiiliiig pulicy Ilie deprecia11) Lliargps oi) all iesidenlial Properlies liave tjee.ii ieiiislaied as if Ilie policy Iiad always ljeei) applied, replacement coniponenis Pfewotisly wriiien off as niaiof cepciirs hcive beei) reslaied as fixed asseis atid c(N)Ipui*ills wliiLli liave beeii replaced liave een wriiiei) oll. Depiecialiaii is cliarged oli cosi oli a sliaiglii line basis ovei Ilie coriipoiieill's expected usefiil bfe as folky.'•s: Applied BLJilding sirniclLiro Wind(IvislDoor5 Rotsls F3¢iihroon15 Kilcl)eris Healii)o Sysierii B(iilvr 6.67 3.33 io Impairment HousiiKJ propenies are reviewed foi iini)aiiineiit oli a ie(Jiilar basis. Wliere Iliere 1% pviilpnr.p (If iinpairiTierN, pr()pp.rlips arp wrille.ii (k.•1) ic) IlipK rec()VPTi)lJlp value. f. Extraordi1rY Repair Resiricted Reserve Tlie iJr(Jvisioiis ul tlip Cliililly LI)IFIlTllS%i(Mi Silienie rpyLJldliiiu Ili1% Alii)tslN)IJ%p.4 slclie tliat a Iraiislei io this liiDcl OLII of Ihe iiicoiDe ol Ilie AliiislioLJse5 11)LJSt be IIIdd aiid d Lurrp%i)()ridiiig ii)vesttTipiII ITldde iii <lLLLJriiul<ili()1i slidrps. Tlie revit Iuéilioii elenieiil of Iliese 5h2L res is iiicluded 11) Ilie ceserve.. Tlie L15e of Ilie fLiiid is resiiicied by ihis schenie to expenthiijre oli exlfaor(liii¢lly rep¢llr. Iiiipr(IveiiiÈYii (Jr rebuildiriy uf Iliv Alii)sliuuses_
Investments The inve51fflpnis ale managed by pfnfpssK)nal managers. The p()rifolio Is striir.tiJrpil Ii) pr()viile 1Cle i(J hplp fflppt Ilip (Ihjectivps [)[ tlie Almshi)Ii5PS. The iiweslnieiii perloriikqnce is nioiiiiored ead) soar and adjustiiienis made 10 cijrre.cily rpllvcl tlip cijrrent value in Ilie acc(JiJill%. Taxalion Rogef Williaiiis & Queen Victofia Memoiial Almshouses is iegtstered iyilli cliarildl)le sialus. It ble1 frDiii c()rp()ratiixi lax exeii)PliDIIS <*vail<ibltt 10 Lli&qlltdble Ix)dies. IF bilsis Ilial its aLlivilies fall williiii lis cliarildble puiposes and Ils funds afe api)l¢ed oiity lor these trpOseS, no provision for coiparaliori lax is iiiade. Basis of preparation Y lie fiiiaiiLial sialeiiieiiis liave ljeeii prepared Ori a Jc Oii)g Coriceii) basis. Tl)e rLislees Iiave ieviei'.'ed aiid Coilsidered relevarii ii)foiii)aiiOI). ii)Llud¥ig Il)e ,Inniiiil biidgei Iliiiire C<ish llo1. In mqikiiKJ their ¢issessn)eni The TlsIee$ liave coiicliided Iliai Iliey car) Coilts'iiue to adoi)I Ilie IJOii)g coiicerri basis iii prcpiiiing ihc ciniiijcil rcporl lind il CCOiinlS.
FIOGÉR %VILLIAMS & QUEEM VICTORIA MEMORIAL ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS 01 Il'ie )'Dcif ci?(IV.kn Jlsi L)LcciiilJer 2O2.J 2023 2022 Twnoyrr Op•ialino Operary Turn01 Opprating Opoialing Co515 Cos15 Svrplus knr.ial l)QlJqiiiiJ 39.241) 1.5 B?5) 211>) InEvmi¥ iil?rl iixNindrfi¥¢.liom sOC411 hviisin4 li..¢¢ ch¥g¢5 iQ23 20Z2 uii'or %c.ci.Il J'eiieictl S,,1)i)oritd IiCrtis11)lJ ,'L)r.11 112.".1 Cosi SQ i?r) 7.891 7.83? pi)ri)Ciai 01 liriLI% IiiJi O;IILp¥ CQSIs Y.6l5 10.-18.? 10..189 10 2f> l4:9.'.1114 C.O%.l {)11 SOj.thl l)NJ%rf)(J ii£fi¥' C)L' Its5 .14iifÈililS tsÈi l)r5lLxirw II•PI)- 1 Ch,¥ge.% 16 1¥.1,SUI'. 12.
ROGER WILLIAMS & QUEEN vicfoRIA MEMORIAL ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year elided 31si Deceinber 2023 Operating Surplus 2023 2022 The oper¢111ng siirpliisldeficil 15 Staled aftei chclf. Depiecialiuii 7,615 5.152 Elad Debl ProvFSiOI) Aiidilows renNinercll1011, iiiclii(hng In Ilieir C<iPticiIy 175 (iijdilors 2,210 2,633 Interest rcccivable and similar income 2023 2022 Incoiiie from lisied iiiveslilieiils Inconie froiii biiildiiiq soaely accouiit 3.533 402 3.320 79 3.935 3.399 Interest payable and similar charges 2023 2022 Iriieivs11)ciyakAe 011 baiik Iodlls
ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year elided 31si Deceiiiber 2023 Tangible Fixed Assels - Building Improvemenls 2023 2022 Cost Al bÈgiiiiiiiig ol year Coinponenis Al èiid of yeai 190.158 165.526 24.632 190.15S 190.IS8 Depreciation Al bcginning of yciir Ch47rgc lor yC<ir IL4,601 7.615 109.454 5.147 At cn(l ol yeo?r 12?..216 114.601 Net book value eiid of year. 67.942 Tlie cost of E190.158 (2022 £190.158) relales lo Ixiildiiig iiiiproven)eiitS Diily As ilie bLiildin(J iiself 4iias giiied 10 Ilie Alii)sliouses. Ils cosl was nil. and Ilierelore Is iiol Included.
ROGER WILLIAMS & qiIEeN VICTORIA MEMORIAL ALMS&5£5
NOTCb TgTHE f.INANflAL STATEMENTS
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ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSÉS NOTES TO THE FINANCIAL STATEMENT5 Fi'¥ Ilio. yPl1 r P.1.(1 -41.ql DE3tP.irt)th JO?.4 DEBTORS 2023 2022 Afiears LÈ%. Iiul Ilplxs prTrJi%ioJ) 272 397 272 4.110 5.042 397 2.0.11 2.444 Piei)aynieiilS & ncciijod iiitrjrne Crediiors: Amoun15 lalling due within one year 2023 2022 LILeitL¥ Lliiir(J¥ Lre(lioi 14Liinien£iiice ai)d Senrice Charqcs CredilOIS 10,140 6.160 lÉlllLTrgonieiil Ice pas¢iL 5.5115 2.711 (13 Doloi red Iiiconio noi ol .InioriisalitMi ,1144 23.949 16.931 io Credilors: Amounls lalling due altey Morè Ilian ane year Delerred Inconie net ol anrtIallOn 2023 2022 III'oiK31)I fi)ii ..11cI .1<17 HnElSii)9 (il<lnl Inoi115e(I 10 31 Deceiiil)er 2022 Aino(IiqQ(I fliJlll)(J }'P.11 L<llli?Il lorsvtlfd sDr.Ili l HLj.9 tsrrWI 1:4tl.415 {90.924} (86.7801 [4.i44 43 4115 41.114
ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
Foi IliÈty yP-It l 9.i)clpd 31st l)p.c.wiil)pi 202.1
li
Number ol Uniis in Maagenie•ll
2023
2022
Nurnl)or
Ai be.ginniry a1 ond of sar
11 iiiiiis ale Iri¢lli¢llJV(I l)y Meliii HuiTies Ll
12
Trustees RemunLYation
No lcinuncr
'ROGER WILLIAMS AND QUEEN VICTORIA MEMORIAL ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS Fi)r Ilit: yV•*ir pn(Iv(13141 Dpcpmhp.r 2023 IS Contingent Liabilities Tliv Assi)Liciliuri lid% d(k)i)led tlie ievisEd Sldieiiierii ()1 Rec<)[rTie11ded Pril(:IiLe {SORP) 20111. A% required l)y SORP 2018 Ilie Ass¢)Liiilii)ii 1{)[11ses ils yr<ifii c)ver 11)e uselul economic life of lis proper(ies. As siaied ij) 11)e accuui)lii)g piLies. s()Cidl IuSI1)g graiil is iei)ay<ilJle iii ceriaiii Lircuiiisiarices aiid Ilierefore aiiy an)ouiils wiillei) oll ctsuld lje liaEJle lor repayiiierii. ar)ul)I io dale Ilial Ilie Associatioil iiiay iieed io rep¢iy shoiil(I Ihese urcLinistciiices i?iise is E119, 192. 16 Related Party Transaclions L)uriiig Ilie year 11)e assock41ioii riiade ille lollo'•aiig liarisactioiis ivojili Ilie fiusiee Kliificl(Jcnienl c1147rge5 £11.171 P(Irch4lSCS £25.382 AnioiJl115 (Jijc 471 b%ilcincc 5hcol dcilc F12,681
ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES NOTES TO THE STATEMENT OF COMPREHENSIVE INCOME ACCOUNT For il yeai elided 31st DeLeiiibei 2U23 Notes 2023 2022 INCOME Incame 39.240 35.594 39.240 35.594 EXPENDITURE MLlna Jc eiiieni lee 11.171 10,846 Oay 10 da}i ieslairs M1( jot. Rei)[IllS Cyclictil Re(leco(<l[101) 8¢iiJ Debis SpriJice cosls Oei)recicillOI) 8.763 50,726 7.887 13.207 6.490 7.615 1.518 ?.?LO 235 3G 5,B90 5,152 1,444 Aiidil lo.p Slil)sLripli7 Misf.pll¢1noaLI 224 45.925 operating siirplus l (deficit) (6.G115) (54.J91) Add: Otlior Inconie IilioiTrie fioiii iilvvsiiiierlls iILiildiiiJ( S1)civl} ii)0sil Iiileiesl 3.533 402 3.320 19 3,3CJ¢J 12.750) (51.192) movenip.iil nii lJr valur ol Financial In[i1rneniS 19.213 (17.IfA) Siiri)liis l ((leficit) for tlie year 16.463 (68,3 JI 6) Thiq )Il e doe.s noi foi iii -irt of ttie SiaiiilOI IHiaii¢ial siaieniei)IS
ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES NOTES TO THE STATEMENT OF COMPREHENSIVE INCOME ACCOUNT FDr the yeai. e{ed 31s( Deceinber 2023 Income 2023 2022 Gr05s conlributions feceivi¢ ble Ironi OCCUPcints 35,722 Less.. Voids 1502) Grcini An10rSed 4,144 Reril Arrears lIe ofl 124 39.240 33.978 (2.528) 4,144 35,594 MISCELLANEOUS 2023 2022 Vi)IKhe.r Postalie TV Liceiice Taxis 36 63 36 63 This e does not form In of the staiiito Iiiiaiicial atemen15