## **ROGER WILLIAMS AND QUEEN VICTORIA MEMORIAL ALMSHOUSES**
**ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31st December 2024**
## **ROGER WILLIAMS AND QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
For the year ended 31st December 2024
||Page|
|---|---|
|Officers and professional advisers|3|
|Report of the Trustees|4 - 6|
|Independent Auditors' Report to the Trustees|7 -11|
|Statement of Comprehensive Income|12|
|Statement of Changes in Reserves|13|
|Statement of Financial Position|14|
|Statement of Cash flows|15|
|Notes to the financial statements|16-22|
|**The following pages do not form part of the**||
|**statutory financial statements:-**||
|Statement of Comprehensive Income (detailed)|23|
|Notes to the Statement of Comprehensive Income|24|
## **ROGER WILLIAMS AND QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **OFFICERS AND PROFESSIONAL ADVISERS**
For the year ended 31st December 2024
|National Assembly for Wales||
|---|---|
|Registered Number:|A070|
|Registered Charity||
|Number:|219137|
|Trustees:||
||Melin Homes Limited (resigned 1st April 2025)|
||Tai Hedyn Limited (appointed 1st April 2025)|
|Clerk to the Trustee:|Tom Broadhead (to 31 March 2025)|
||Joanna Fairley (from 1 April 2025)|
|Registered Office:|Ty'r Efail|
||Lower Mill Field|
||Pontypool|
||Torfaen NP4 0XJ|
|Managing Agents:|Melin Homes Ltd|
||Ty'r Efail|
||Lower Mill Field|
||Pontypool|
||Torfaen NP4 0XJ|
|Auditors:|Menzies LLP, Statutory Auditors|
||5th Floor Hodge House|
||114-116 St Mary Street|
||Cardiff|
||CF101DY|
|Bankers:|National Westminster Bank plc|
||High Street|
||Newport|
||South Wales NP20 1GG|
|Solicitors:|Hugh James|
||Two Central Square|
||Cardiff|
||CF10 1FS|
||(Property deeds (No.2508) are deposited here)|
## **ROGER WILLIAMS AND QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **REPORT OF THE TRUSTEES**
Year ended 31st December 2024
The Trustees present their report and the audited financial statements for the year ended 31st December 2024.
## **Trustees**
The present Trustees are set out on page 1. The present Trustee is Melin Homes Limited; as from 1 April 2025, Melin Homes has been subject to a merger, the trustee is now Tai Hedyn Limited.
## **Organisation and Structure**
The Roger Williams and Queen Victoria Memorial Almshouses is registered with the Welsh Government as a Registered Social Housing provider governed by a trust deed. The Trustees aim to continue to let the 9 self contained units to the elderly or residents’ relatives. The Almshouse employs no staff as it is fully managed by Melin Homes Limited. The Trustees are responsible for the running of the Almshouses, however the administration and maintenance is delegated to Melin.
## **Risk Management**
The Trustees review the Almshouse’s activities at Board meetings and they have assessed the risks to which the Almshouse is exposed. As part of this process, the Trustees have implemented a risk management strategy which comprises both financial control and stock maintenance.
The Trustees acknowledge their responsibilities for ensuring that the Almshouses has in place a system of controls that is appropriate to the business environment in which it operates. These controls are designed to give reasonable assurance with respect to:
- (a) The reliability of financial information used.
- (b) The maintenance of proper accounting records.
- (c) The safeguarding of assets against unauthorised use or disposition.
The Trustees have adopted a reserves policy considered sufficient to fund future repairs to the properties. The Trustees are satisfied that adequate resources are available to continue in the foreseeable future and at present see no reason for the situation to change.
## **Objectives and activities**
The objective of the almshouses is to benefit the almspeople being poor persons of good character who (except in special cases to be approved by the almshouse trustees) reside in the area of benefit. The area of benefit being a ten mile radius of Newport Civic Centre. The activities this year continued to reflect the aims and objectives of the Almshouses. Central to this ethos was keeping rent/service charge
4
levels at affordable levels, the properties well maintained and retaining a high occupancy rate, whilst maintaining the financial well being of the Almshouses. In 2024 there were no voids. The Trustees intend to continue running the Almshouses in accordance with its aims and objectives as outlined above.
## **Public benefit**
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. We review our aims, objectives and activities each year. This review looks back at what we achieved and the outcomes of our work in the previous year. This review helps us ensure our aims, objectives and activities are focused on our stated purposes.
## **Investment Policy**
The Trustees have considered the most appropriate policy for investing funds and have found that specialised unit trusts designated for the Charity Sector meet their requirement to generate both income and capital growth. The investments have been valued as at the 31[st] December 2024 and in total stand at £307,990. This is a valuation £29,511 higher than at 31st December 2023. £187,541 of the portfolio is held in Accumulation Shares and £120,449 in Income Shares.
## **Plans for future periods**
There are no planned future changes in the activities of the almshouses.
## **Activities and Financial Review for the year**
There were no voids.
The surplus for the year was £23,401 (2023 surplus: £16,463).
## **Responsibility of the Trustees**
The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
The financial statements have been prepared in accordance with the Trust Deed, the Statement of Recommended Practice “Accounting for Registered Social Housing Providers” updated 2018, the Accounting requirements for Social Landlords registered in Wales General Determination 2015, the Housing Act 1996 and the Charities Act 2011.
The Trustees maintains a system of internal financial control, including suitable monitoring procedures to review its effectiveness. The system is designed to manage rather than eliminate risk of failure to achieve business objectives. However, any such system can only provide reasonable, and not absolute, assurance against material misstatement or loss.
In fulfilling these responsibilities, the Trustees have reviewed the effectiveness of the system of identifying, evaluating and managing the significant risks on the basis of the principles of corporate governance contained in Community Housing Cymru (CHC) Code of Governance and Welsh Government housing circular RSL 02/10,
5
Internal Controls and Reporting. The Trustees have considered all of the major business and financial risks.
No weaknesses in internal control have been found which would result in any material losses, contingencies or uncertainties which would require disclosure as recommended by the above mentioned circular.
On the basis that a system can provide only reasonable, but not absolute assurance and that it relates to the needs of the business, the system as a whole was found at the time of approving the financial statements to be generally appropriate to the scale of the Trustees activities.
In preparing those financial statements the Trustees are required to select suitable accounting policies, as described on page 16,17 and 18, and then to apply them on a consistent basis, making judgements and estimates that are prudent and reasonable. The Trustees must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Almshouse will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Almshouses and to enable them to ensure that the financial statements comply with the relevant legislation. The Trustees are responsible for safeguarding the assets of the Almshouses and hence for taking reasonable steps for prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware, there is no relevant audit information of which the Almshouse’s auditors are unaware and the Trustees have taken all steps that they ought to have taken to make them self aware of any relevant audit information and to establish that the auditors are aware of that information. However it should be noted that as from 1st April 2025 the Trustee will be Hedyn, as Melin has been subject to a merger with Newport City Homes.
## **Auditors**
A resolution to appoint the auditors will be proposed by the Trustee at the Board meeting of Tai Hedyn Limited.
## **By Order of the Trustees**
## **Trustee**
**______________________________** Tai Hedyn Limited 23[rd] July 2025
6
## **ROGER WILLIAMS AND QUEEN VICTORIA MEMORIAL ALMSHOUSES**
**INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES** Year Ended 31[st] December 2024
## **Opinion**
We have audited the financial statements of Roger Williams and Queen Victoria Memorial Almshouses (the ‘Association ’) for the year ended 31 December 2024 which comprise the Statement of comprehensive income, Statement of Financial Position, Statement of Cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the Association’s affairs as at 31
- December 2024 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally
- Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act
- 2011, schedule 1 to the Housing act 1996 and The Accounting requirements for Registered Social Landlords General Determination (Wales) 2015.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may
7
cast significant doubt on the Association's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on the matters prescribed under Housing for Wales Circular HFW 02/10 “Internal controls and reporting”**
In our opinion, with respect to the Trustee’s statement on internal financial control:
- the Trustee has provided the disclosures required by the Circular and the statement is not inconsistent with the information of which we are aware from our audit work on the financial statements.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Act requires us to report to you if, in our opinion:
- the Association has not kept proper books of account, and not maintained a satisfactory system of control over its transactions, in accordance with the requirements of the legislation; or
- the revenue account, any other accounts to which our report relates, and the balance sheet are not in agreement with the Association ’s books of account; or
8
- we have not obtained all the information and explanations necessary for the purposes of our audit.
## **Responsibilities of the Trustees**
As explained more fully in the Trustee’s responsibilities statement set out on page 5 - 6, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but, except to the extent otherwise explicitly stated in our report, not for the purpose of expressing an opinion on the effectiveness of the Association’s internal control.
9
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
- Conclude on the appropriateness of the Trustee’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Association’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Association to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the FRS 102, Charities Act 2011, schedule 1 to the Housing act 1996 and The Accounting requirements for Registered Social Landlords General Determination (Wales) 2015.Once identified, we assess the risks of material misstatements in relation to the laws andregulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:
- Discussing with those charged with governance and management which areas of the business they believe to be more susceptible to fraud, and whether they have any knowledge or suspicion of fraudulent activities
- Obtaining an understanding of the key controls put in place by the Charitable company to address risks identified, assessing the effectiveness of those and
10
discussing how these are maintained and monitored internally
- Assessing the risk of management override and review and testing of journal entries made into the accounting system
Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
## **Auditor’s responsibilities in respect of the Housing for Wales Circular HFW 02/10 “Internal controls and reporting”**
We review whether the Trustee’s statement on internal financial control reflects the Association’s compliance with the Housing for Wales Circular HFW 02/10 “Internal controls and reporting” and we report whether the statement is not inconsistent with the information of which we are aware from our audit of the financial statements. We are not required to form an opinion on the effectiveness of the Association’s corporate governance procedures or its internal financial control.
## **Use of Report**
This report is made solely to the Association’s trustees, as a body, in accordance with the requirements made under section 154 of the Charities Act 2011, schedule 1 to the Housing act 1996 and The Accounting requirements for Registered Social Landlords General Determination (Wales) 2015. Our audit work has been undertaken so that we might state to the Association’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Association and the Association’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Menzies LLP, Statutory Auditors 5th Floor Hodge House 114-116 St Mary Street Cardiff CF101DY
Date………………………26 August 2025
11
## **ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **Statement of Comprehensive Income**
For the year ended 31st December 2024
|Notes
**Turnover**
2
Less: Operating costs
**Operating surplus**
3
Movement in fair value of financial instruments
7
Interest receivable and similar income
4
Interest payable and similar charges
5
**Surplus/(Deficit) before tax**
Tax
**Surplus/(Deficit) after tax**
**Total Comprehensive Income for the year**|**2024**
**£**
41,511
(37,528)
3,983
15,188
4,230
-
23,401
-
23,401
23,401|**2023**
**£**
39,240
(45,925)|
|---|---|---|
|||(6,685)
19,213
3,935
-|
|||16,463
-|
|||16,463
16,463|
## **CONTINUING OPERATIONS**
None of the almshouse's activities were acquired or discontinued during the above two financial years.
The financial statements were approved by the Trustees on 23rd July 2025 and were signed on their behalf by:
Trustee
Tai Hedyn Limited
## **ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **Statement of Changes in Reserves**
For the year ended 31st December 2024
## **Extraordinary**
||**Extraordinary**||
|---|---|---|
|At 1st January 2024
Surplus from statement of comprehensive Income
Transfers to Restricted
Transfer of Revaluation on Restricted shares
At 31st December 2024|**Repair**
**Unrestricted**
**Restricted**
**Revenue**
**Reserve**
**Reserve**
£
£
169,646
148,889
-
23,401
5,526
(5,526)
12,369
(12,369)
187,541
154,395|**Total**
£
318,535
23,401
-
-|
|||341,936|
The use of the Extraordinary Repair Restricted Reserve is restricted by this scheme to expenditure on extraordinary repair, improvement or rebuilding of the Almshouses. The £187,541 value of the reserve is represented by a historic deficit of £8,319 and an unrealised surplus on investments of £195,860 of which a surplus of £12,369 occurred in 2024.
## **ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **Statement of Financial Position**
As at 31st December 2024
|**Notes**
**2024**
**£**
**Tangible fixed assets**
6
Building Improvements
- gross cost less depreciation
61,916
61,916
Listed Investments
7
307,990
369,906
**Current assets**
Debtors
8
2,155
Building Society Deposit
18,348
Cash at Bank
8,257
28,760
**Creditors: Amounts falling**
**due within one year**
9
(23,007)
**Net current assets**
5,753
**Total assets less current liabilities**
375,659
**Creditors: Amounts falling**
**due after more than one year**
10
(33,723)
**Net assets**
341,936
**Capital and Reserves**
Restricted Reserves
187,541
Revenue Reserves
154,395
341,936|**2023**
**£**
67,942
67,942
278,479
346,421
5,042
17,873
8,265
31,180
(23,949)
7,231
353,652
(35,117)
318,535
169,646
148,889
318,535|**2023**
**£**
67,942|
|---|---|---|
|||67,942
278,479|
||||
|||353,652
(35,117)|
|||318,535|
|||169,646
148,889|
|||318,535|
The financial statements were approved by the Trustees on 23rd July 2025 and were signed on their behalf by:
Trustee
Tai Hedyn Limited
## **ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **Statement of Cash Flows**
As at 31st December 2024
|**Net cash generated from operating activites**(see note 1)
**Cash flow investing activities**
Interest received
**Disposal/(Purchase) of Investments**
**Cash flow from financing activities**
**Component Replacements**
Interest paid
**Net change in cash and cash equivalents**
**Cash and cash equivalents at beginning of the year**
**Cash and cash equivalents at end of the year**
Note 1
**Operating Surplus/(Deficit) for the year**
Adjustments for non cash items:
Depreciation of tangible fixed asset
Amortisation of grant
Decrease/(Increase) in trade debtors
Increase/(Decrease in creditors)
Proceeds from Investments sale
Total
**Cash and Cash Equivalents Consist of:**
**Cash at bank**
**Deposits**|**2024**
**£**
10,560
4,230
(14,323)
-
0
467
26,138
26,605
**2024**
3,983
6,026
(2,769)
2,887
433
10,560
8,257
18,348
26,605|**2023**
**£**
1,206
3,935
2,813
-
0|
|---|---|---|
|||7,954
18,184
26,138
**2023**
(6,685)
7,615
(4,144)
(2,598)
7,018
-|
|||1,206|
|||8,265
17,873|
|||26,138|
## **ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31st December 2024
## **1 Principal Accounting Policies**
## **a. Basis of Accounting**
The Almshouses is a public benefit entity. The financial statements are prepared under the historical cost convention, except for the investments which are stated at open market value.
The statements are prepared in accordance with applicable financial reporting standards in the United Kingdom, including the Statement of Recommended Practice for “Accounting by Registered Social Housing Providers” as updated in 2018 (SORP 2018) and comply with the Accounting Requirements for Social Landlords Registered in Wales General Determination 2015.
## **b. Turnover**
Turnover represents licence and service charges receivable net of voids and grant aided repair income.
## **c. Social Housing Grants**
Social Housing Grants (SHG) are made by the Welsh Government and are utilised to reduce the amount of mortgage loan in respect of an approved scheme to the amount which it is estimated can be serviced by the net annual income of the scheme. The amount of SHG is calculated on the qualifying costs of the scheme in accordance with instructions issued from time to time by the Welsh Government. The grants are made direct from the lending authority and are reflected in the financial statements of the Almshouses only when the payment has been made and the relevant mortgage loan reduced. SHG is repayable under certain circumstances, primarily following the sale of a property but will normally be restricted to net proceeds of sale.
Grants received in relation to Housing Properties are shown within creditors and disclosed as Deferred income net of amortisation. Grants received of a revenue nature are taken straight to the statement of comprehensive income.
Grants held as deferred income are released over the useful life of the component to which they relate in accordance with the depreciation policy set out below.
## **d. Housing properties - fixed asset capitalisation and depreciation**
Housing properties are stated at cost. The cost of properties is their purchase price together with incidental costs of acquisition and direct costs of the development process.
16
Depreciation is charged on the historic cost of property components. The depreciable amount is written off over the estimated useful lives from the date of purchase/build.
Following the implementation of component accounting, certain components of residential properties with asset lives which are different to the main structure, or shell, of those properties have been separately identified for depreciation purposes. On replacement of such assets the original asset is written off and the replacement asset is capitalised and depreciated over its useful life. On implementing the change in accounting policy the depreciation charges on all residential properties have been reinstated as if the policy had always been applied, replacement components previously written off as major repairs have been restated as fixed assets and components which have been replaced have been written off.
Depreciation is charged on cost on a straight line basis over the component's expected useful life as follows:
|
useful life as follows:||
|---|---|
||%|
||Applied|
|Building structure|2|
|Windows/Doors|4|
|Roofs|2|
|Bathrooms|4|
|Kitchens|6.67|
|Heating System|3.33|
|Boiler|10|
## **e. Impairment**
Housing properties are reviewed for impairment on a regular basis. Where there is evidence of impairment, properties are written down to their recoverable value.
## **f. Extraordinary Repair Restricted Reserve**
The provisions of the Charity Commission Scheme regulating this Almshouses state that a transfer to this fund out of the income of the Almshouses must be made and a corresponding investment made in accumulation shares. The revaluation element of these shares is included in the reserve. The use of the fund is restricted by this scheme to expenditure on extraordinary repair, improvement or rebuilding of the Almshouses.
17
## **g. Investments**
The investments are managed by professional managers. The portfolio is structured to provide income to help meet the objectives of the Almshouses. The investment performance is monitored each year and adjustments made to correctly reflect the current value in the accounts.
## **h. Taxation**
Roger Williams & Queen Victoria Memorial Almshouses is registered with charitable status. It benefits from corporation tax exemptions available to charitable bodies. On the basis that its activities fall within its charitable purposes and its funds are applied only for these purposes, no provision for corporation tax is made.
## i. **Basis of preparation**
The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.
18
**ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31st December 2024
## **2 (a) Turnover, Operating costs and Operating deficit**
||**2024**|||**2023**|||
|---|---|---|---|---|---|---|
||**Turnover**|**Operating**|**Operating**|**Turnover**|**Operating**|**Operating**|
|||**Costs**|**Surplus**||**Costs**|**Surplus**|
||£|£|£|£|£|£|
|Social housing licence charges|41,511|(37,528)|3,983|39,240|(45,925)|(6,685)|
|(Note 2(b))|||||||
||41,511|(37,528)|3,983|39,240|(45,925)|(6,685)|
|**Income and expenditure from social housing licence charges**|||||||
|||||2024|**2023**||
||||General||||
||||needs and||||
||||sheltered||||
||||housing|Total|Total||
||||£|£|£||
|**Income**|||||||
|Licence charge income|||38,742|38,742|35,220||
|Service charge income|||-|-|-||
|Income for support services|||-|-|-||
|Other revenue grants|||-|-|-||
|Amortised grants|||2,769|2,769|4,144||
|Rent Arrears write off|||-|-|(124)||
|Turnover from social housing licence charges|||41,511|41,511|39,240||
|**Cost**|||||||
|Management costs|||11,957|11,957|11,171||
|Service charge costs|||-|-|-||
|Routine maintenance|||10,881|10,881|8,763||
|Major repairs expenditure|||-|-|-||
|Cyclical Redecoration|||-|-|7,887||
|Bad debts|||-|-|-||
|Depreciation of housing properties|||6,026|6,026|7,615||
|Other costs|||8,664|8,664|10,489||
|Operating costs on social housing activities|||37,528|37,528|45,925||
||||||||
|Operating (deficit)/surplus on social housing licence charges|||3,983|3,983|(6,685)||
|Licence charge loss due to voids (memorandum note)|||-|-|(502)||
## **2 (b) Income and expenditure from social housing licence charges**
## **ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31st December 2024
|**3**
**Operating Surplus**
The operating surplus/deficit is stated after charging:-
Depreciation
Bad Debt Provision
Auditors' remuneration, including
- In their capacity as auditors
**4**
**Interest receivable and similar income**
Income from listed investments
Income from building society account
**5**
**Interest payable and similar charges**
Interest payable on bank loans|**2024**
£
6,026
-
1,991
**2024**
£
3,725
505
4,230
**2024**
£
-|**2023**
£
7,615
-
2,210|
|---|---|---|
|||**2023**
£
3,533
402|
|||3,935|
|||**2023**
£
-|
## **ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31st December 2024
## **6 Tangible Fixed Assets - Building Improvements**
|**Cost**
At beginning of year
Components
At end of year
**Depreciation**
At beginning of year
Charge for year
At end of year
**Net book value**
At end of year|**2024**
£
190,158
190,158
122,216
6,026
128,242
61,916|**2023**
£
190,158|
|---|---|---|
|||190,158|
|||114,601
7,615|
|||122,216|
|||67,942|
The cost of £190,158 (2023: £190,158) relates to building improvements only. As the building itself was gifted to the Almshouses, its cost was nil, and therefore is not included.
## **ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31st December 2024
## **7 LISTED INVESTMENTS**
|At 1 January 2024
Additions
Disposals
Revaluation
At 31 December 2024
At 1 January 2024
Additions
Disposals
Revaluation
At 31 December 2024
At 1 January 2024
Additions
Disposals
Revaluation
At 31 December 2024|Accumulation
No.
1,168
-
-
-
1,168
C.O.I.F
Accumulation
No.
157
21
-
-
178
Total Listed
Investment
Value
£
278,479
14,323
-
15,188
307,990
M&G
Charity|Accumulation
Value
£
130,874
-
-
10,496
141,370
C.O.I.F.
Accumulation
Value
£
38,772
5,526
-
1,873
46,171
M&G Charity Multi Asset|Income
No.
34,085
-
-
-
34,085
C.O.I.F
Income
No.
3,940
436
-
-
4,376
M&G Charity Multi Asset|Income
Value
£
M&G
Charity|
|---|---|---|---|---|
|||||30,616
-
-
1,026|
|||||31,642|
|||||C.O.I.F.
Income
Value
£|
|||||78,217
8,797
-
1,793|
|||||88,807|
||||||
The shares have been valued at 31st December 2024, the values used being as follows:
|being as follows:|||||
|---|---|---|---|---|
||**2024**||**2023**||
|M&G Income Shares|92.83|p|89.82|p|
|M&G Accumulation Shares|12,107.14|p|11,208.26|p|
|COIF Accumulation Shares|26,061.56|p|24,800.03|p|
|COIF Income Shares|2,029.33|p|1,984.50|p|
|M&G Income Shares
92
M&G Accumulation Shares
12,107
COIF Accumulation Shares
26,061
COIF Income Shares
2,029|M&G Income Shares
92
M&G Accumulation Shares
12,107
COIF Accumulation Shares
26,061
COIF Income Shares
2,029|
|---|---|
|The total value of the Accumulation Funds is £187,541. This represents the total||
|restricted fund accumulated for Extraordinary Repairs.||
||**£**|
|Accumulation fund historical cost|-8,319|
|Income fund historical cost|76,433|
## **ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31st December 2024
|**8**
**DEBTORS**
Arrears
Less: bad debts provision
Prepayments & accrued income
**9**
**Creditors: Amounts falling due**
**within one year**
Licence charge creditor
Maintenance and Service Charges Creditors
Audit Creditor
Management fee payable
Prepaid Income
Deferred Income net of amortisation
**10**
**Creditors: Amounts falling due**
**after more than one year**
Deferred Income net of amortisiation
Brought forward Social Housing Grant
Amortised to 31 December 2023
Amortised during year
Carried forward Social Housing Grant|**2024**
£
607
-
607
1,548
2,155
**2024**
£
1,714
10,061
2,370
6,093
-
2,769
23,007
**2024**
33,723
138,475
(95,068)
(2,769)
36,492|**2023**
£
272
-|
|---|---|---|
|||272
4,770|
|||5,042|
|||**2023**
£
1,805
10,140
2,275
5,585
-
4,144|
|||23,949|
|||**2023**|
|||35,117|
|||138,475
(90,924)
(4,144)|
|||39,261|
## **ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31st December 2024
## **11 Number of Units in Management**
|**Number of Units in Management**|||
|---|---|---|
|At beginning and end of year
All units are managed by Melin Homes Ltd|**2024**
Number
9|**2023**
Number
9|
||||
## **12 Trustees Remuneration**
No remuneration was paid to Trustees during either the current or preceding years.
## **13 Registration**
The Almshouses are registered with the Charity Commissioners and The Welsh Government.
## **14 Social Housing Grant**
The total cumulative amount of Social Housing Grant received by the Association is as follows:-
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Social Housing Grant|158,453|158,453|
## **ROGER WILLIAMS AND QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31st December 2024
## **15 Contingent Liabilities**
The Association has adopted the revised Statement of Recommended Practice (SORP) 2018.
As required by SORP 2018 the Association amortises its grant over the useful economic life of its properties.
As stated in the accounting policies, social housing grant is repayable in certain circumstances and therefore any amounts written off could be liable for repayment. The amount to date that the Association may need to repay should these circumstances arise is £121,961.
## **16 Related Party Transactions**
During the year the association made the following transactions with the Trustee
|
the Trustee||
|---|---|
|Management charges|£11,957|
|Purchases|£14,981|
|Amounts due at balance sheet date|£13,027|
## **ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **NOTES TO THE STATEMENT OF COMPREHENSIVE INCOME ACCOUNT**
For the year ended 31st December 2024
|**Notes**
**INCOME**
Income
1
**EXPENDITURE**
Management fee
Rates
Day to day repairs
Major Repairs
Cyclical Redecoration
Bad Debts
Service costs
Depreciation
Insurance
Audit fee
Subscriptions
Miscellaneous
2
**Operating surplus / (deficit)**
**Add: Other Income**
Income from investments
3,725
Building Society deposit interest
505
Movement on fair value of Financial Instruments
**Surplus / (deficit) for the year**|**Notes**
**INCOME**
Income
1
**EXPENDITURE**
Management fee
Rates
Day to day repairs
Major Repairs
Cyclical Redecoration
Bad Debts
Service costs
Depreciation
Insurance
Audit fee
Subscriptions
Miscellaneous
2
**Operating surplus / (deficit)**
**Add: Other Income**
Income from investments
3,725
Building Society deposit interest
505
Movement on fair value of Financial Instruments
**Surplus / (deficit) for the year**||**2024**
£
41,511
41,511
11,957
0
10,881
0
0
0
4,615
6,026
1,593
1,991
412
53
37,528
3,983
4,230
8,213
15,188
23,401|3,533
402|**2023**
£
39,240|
|---|---|---|---|---|---|
||||||39,240|
||||||11,171
0
8,763
0
7,887
0
6,490
7,615
1,518
2,210
235
36|
||||||45,925|
||||||(6,685)
3,935|
|||||||
||||||(2,750)
19,213|
||||||16,463|
This page does not form part of the statutory financial statements
## **ROGER WILLIAMS & QUEEN VICTORIA MEMORIAL ALMSHOUSES**
## **NOTES TO THE STATEMENT OF COMPREHENSIVE INCOME ACCOUNT**
For the year ended 31st December 2024
|1
**Income**
Gross contributions receivable from occupants
Less: Voids
Grant Amortised
Rent Arrears write off
2
**MISCELLANEOUS**
Flowers for Residents
Vouchers
Postage
TV Licence
Taxis|**2024**
£
38,742
-
2,769
-
41,511
**2024**
-
-
-
53
-
53|**2023**
£
35,722
(502)
4,144
(124)|
|---|---|---|
|||39,240|
|||**2023**
-
-
-
36
-|
|||36|
This page does not form part of the statutory financial statements