E W KINC MEMOIUAL HOMES FINANCIAL STATEMENTS YEAR EF4DED 31 OCTOBER 2024
E W KING MEMORIAL HOMES YEAR ENDED 31 OCTOBER 2024 CONTENTS Pages Charity Inforn]ation Tntee8, Armual Report 2&3 Ststement of Tslee8. Responsibilities Indepenikllt Examiner's Report Income and Exp¢Ddityre A¢count Balance Sh¢et Noies to the Financial Stakmenis 8 to 11
E W KI.P4C ,MEMORIAL HOMES CHARITY If4FORNIATIO YEAR E,NDED 31 OCTOBER 2024 TRUSTEES.. Mrs E Rutkin P Miller LRDay Mn A A Curnell CLERK TO'fiiF. TRUSTELS: LRDay REGISTERED CHARII'Y NUMBER 219582 PRINCIPAL ADDRESS E W King Limited Monks Farn] Coggeshall Road Kelvedon ssex COS 9PG INDEPENDENT EXAMINERS A.S.A.P. A¢LolI]ng Servi¢es Ltd Chartered Accountants Th¢ Old Canlodge Warrens Fann Great Tey Colchester F.ssex C06 IJG BANKERS: Barclays Bank PLC l Bank Street Brainiree Essex CM7 IUQ Page I
E W KINC,MEMORIAL HOMES TRUSfF.ES' ANPILTAL REPORT FOR THE YEAR KNDED 31 OCTOBER 2024 The Iru5tees present their report and the fillan¢ial statements of the charity for the year ended 31 Ocitsber 2024. The'frustees have adopted the provisions ot-Il?e Statement of Recommended PraL'lice (SORP) 'Accoui)ting and Reporting by Charities, issued in Mar¢h 2005. REFERLNCE AND ADMJNISTRATIVE DETAILS E W King Memorial Home$ Regislered Charlty number 219582 Prlnelpal 4ddress E W King LimId Monks Fann Cogge&hall Road Kelvedon C05 9PG Trustee5 The Injslees during ihe year under review were.. Mrs F. Rutkin- Chairnia P Miller LRDay Mrs A A Cornell The Clerk lo the Trustees is.. I.RDay STRUCTURL GOVEILNANCE AND MANAGEMENT Governing dorment E W King Memorial 14omes was established by a deed of tmst and wa8 wnsrituted on 25 October 1932 by the Charity Commission. Re¢Yuitment and Appointment of neTrv trustees All trnstees are briefed on th¢ir responsibilities a5 tsNstees prior to their aceeptance of the rol¢. Organisation41 strCture The trustees hold meeiings regularly at which dectsions kre made. Rlsk maiiAgen)ent The trnstees have a duty ttTr identify and review the risks to which th¢ charity is exposed and to ensure appropriaie controls are in pla¢c to provide reasonable assurance against fr&ud and error. OBJECTIVkS AND ACTIVITIES Oblectlves and alnis for the public benefit The prirtcipal activity 18 to own and manage eight Almshouses for elderly people. The Ord¢r directs. thai Almspeople should be FX)or people of good char4Cler who from a¥e, ill health, ¥¢cident or infirniity are unable to niaintain them&elves by their own exertions and who have lived in Coggeshall for ai least 2 years. In Ihe eveni ol'a vacallcy. it is advertised and applications are invited. The Tnte¢S then decide. using the above criteria, before making an appointment. Al the presenr liine all the Almshou&es occupied by persons of low incorne all of whom are at le8Bt in their seventh decade. Page 2
W KING MEMORIAL HOMES TRUSTEES. ANIYUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 OWECTIVES AND ACTIVITIES (CONTINUED) Trnstees have revi¢wed th¢ outcome5 dnd acliievements of our obj¢ctive5 and activities for the yeaT, to ensure they T¢main focused on our charitable aims, and continue to deliver benefits io the public. We have compli¢d with the duty Lujder the ClnI1¢S Act 2006 to have due regard to public benefit gUidaT¢ published by th¢ Commission. ACHIEVEMENT AND PbRFORMANC£ Cliarltable activitie5 Eabh o¢Lupier is r¢quired to make a maintet]an¢e contrtbution. Iliere is no other SOLwce of in¢om¢ apart from Bank interest and investment dividends. For the y¢ar ended 31 October 2022 Ihere wa8 4 dttlicii alier a larg¢ amount of expenditure was incurred on the car park And property renovaiion. FIIYANCIAL REVIEW Reserves lleY The total incomiiig resoum for th¢ year amounted to £34.79812023 - £35,465). Expenditure for the year aniounied to £13,U45 (2023 £11,616) which brought a profil for the year of £21.753 (2023 £23,849). The cliarkty holds reserves in order that the living siandards of the almshouses ean be maintained should tbetr b¢ a need for major returbishjllent. Reserve8 IA this context mean fund$ that are freely available tor the pwpose of the Charity after all comLi¢ have been mel. Investment pullcy and obje¢tiv¢s Reserve5 are mainlained in an Ount with Bhrclays Bank. There ar¢ investments in ihe Nalional AssoGiaiion of Almshouses Common lllvestment Fund. Grants have been received from rhe Housing Co¥pora¢ion. The charkty does not receive from. nor is it a&socaated with any other charity or oan*$all0. INDEPENDENT EXAMINER The Independent Examiners. A.S.A.P. A¢¢ount%ng Services Ltd have signified their willingness to coniinue in oftkce and a resoluiioji to re-appoint theEn will be proSed at the Annual General MeeiiJ)g. BY ORDER OF THE TRUSTEES: MN A A Cornell- Trustee Ap" 2(125 Page 3
E W KING MEMORIAL HOMES STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED JI OCTOBER 2024 Flousing Associations and Charity L4w requires the Tntstees to prepare financial statemenis for each financial year, which show a twe and fair view of the siaie of atYair8 of the Charity of the financia activities for that period. In pttparing those financial staiemenis, the trnsÈees are r¢quired io.. Sel¢ct suitable accounting policies and then apply them eonsistenily (see Nole l) Mak¢ jud8EneniS and estimates that are reasonable and pdent. S¢ate whether appliolble accounting standards are statementg of recommended praotice have been followed, subject lo any departure8 diwloses and explained in the financial staternenis,. and Prepare the financial statements on th¢ going WDcem basis unless it is inappropriate io presume that the Charity will continue it) operational exi$t¢nce. The iNst¢¢s are responsible for keeping proper ac¢ounling r¢cords which disclose with reasonable accuracy at any IiTne the ftnancial position of the ¢harity and enable them to et)SUTe that the financial siaÈements comply with Èhe Charities Aci 2011. They are Bl.%0 reyponsible for safeguardtng the s¢tS of the ChaTity and hence for taking reasonable slep8 for the prevention and detection of fraud and other irregularilies. The trust¢e8 consider that there are adequate Trds to fulfil the obligations of th¢ ¢hwily. Page 4
E W K1Tr4G MEMORIAL HOMES FOR 'fHE YEAR ENDED 31 OCTOBER 2024 Independent kx¥mlner's Report to the Trustees of E W KIDg Memorlal Ilome& We report on ihe a¢count8 of the I'ru$t for the year ended 31 (ktober 2024, which are set on pages 6 to Respective responsibiliries of tyu$tee3 attd exomiTJer The charity's Imstees CQDsid¢r thot an audit is Mot required for this year {under seLtion 144(2) of the Charities Aci 2011 (Ihe 2011 Act) and that an independent examination 1$ needed. It is our responsibtlity to.. examine the accounts (under seciion 145 of the 2011 A¢tJ'. to follow the procedure8 laid down in the General Directions giv¢n by the Charity Coinmigsion (under section 145(5)Ib} of the 2011 Aci. and to state whether particular matters have cOe to ow aiteniion. Basis of independent examiner's report Our examination was carried out in 4cc<)rdan¢e with the gener&1 direction¥ given by the Charity Cotnniission¢r. An examiiiation intludeg a review of th¢ aceountinu ordS kept by the chariiy 2nd a comparison of lh¢ accounts presented wilh those ords, It also illeludes consideration of any unusual iletns or dis¢losureq in the accounts and seeking explanations Irom you As trustees concerning any sucli niaÈters. The procedures undertaken do no provide all the ¢vid¢nce thai would be required tn an audit, id consequently we (lo not expr¢ss an audit opinion on the View given by the accounts. IlldepeDdent ex*mlDer'8 5tJtement In com]e¢lion with our examination, no matter ha$ come to our atntIon.. which g2ve5 us reasonable cause io believe that tn ally material respect. the tntytees have not et the requirements to ensure that.. proper accounling re¢ord8 arc kept in accordance with section 130 of the 2011 kn¢ accounls ale prepared whi¢h ogrec with the accounting r¢¢ord8 Bnd Lomply with the ccounling requirements of the 2011 AGt.' or to which, in our opinion. aiieiition should be drawn in order to enable a proper wJd¢ryt&ndiny of Ihe accounts to be reached. ASAP Acco Lll A.S.A.P. Accounting Services Ltd Chartered AL¢ountants The Old Cartlodge Warrens bann Greai Tey Lol¢h¢steT C06 IJG ILF Ap 2025 Page 5
E W KING MEMORIAL HOMES GENERAL INCOME AND EXPENDITURE ACCOUNT OR TIIE YEAR Ef4DED 31 OCTOBER 21J24 Note$ 2024 2023 I'URNOVER Lontributions from residents 27.490 28,091 EXPENSES Service8 Management Independent examiners f¢e5 Day to day mainienance Sundry expenses 3,468 4,160 804 3,707 906 3,393 4,300 792 2,563 568 10 lJ.045 11.616 OPERATING SURPLUS 14.445 16,475 Intetest receivable and oih¢r income 7.308 7,374 SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION 21,753 23,849 Tax on surplu8 on ordillary &etiviiie8 SVRPLUS FOR TIIE FINANCIAL YEAR AFTER TAXATION 21.753 23,849 RETAII%'ED SURPLUS FOR YEAR 21,753 23,849 The charity has no recognised gains or losses othu than the surplus for the curr¢nt year or the previous year, Hislorical co$t Surpluses and deficits were identical to those shown in the in¢om¢ and expenditure. Page 6
E W KING MkMORIAL IIOMLS BAI,ANCE SHEET AS AT 31 OCTOBLR 2024 Note5 2024 2023 IXED ASSEI'S Housiiig property at ¢o$l Less.. social housing grdnt 163,951 163,718) 163.951 163.718) 100,233 100,233 CURREf4T ASSETS D¢b¢or¥ and prepayments Cash at bgiik alld hand Inveslments 824 109,070 140,880 740 94,854 133,574 250,774 229,168 CREDrroRS: Amount$ falling due wlihln one year 1.682 1,829 NET CURRENT ASSETS 249,1192 227,339 NkT ASSETS 349,325 327,572 RESERVES Revenue r¢%¢rv¢ 349,325 327,572 349,325 327,572 ON BEHALF OF TIIL TRUSTEES: Mrs A A Corn¢ll- Ttee P Mill¢r- Trustee ILfr Apn 2025 Page 7
W KIIYG MEMORIAL HOMLS NOTES TO TIIE FINLNCIAL STATEMTr:YTS FOR YEAR ENDED 31 oc'foBER 2024 I. ACCOUNTING POLICIES Basls of prep&r&tlon of Ilnanclal $lalemen¢8 These financidl statement$ hav¢ be£n prepared under ihe histori¢al ¢ost ¢onventhon, applicable aecouniing standard5, the Statement of Recomrnended Practice.. accounting for registered srfial latsdlordb. and wilh 'll)e Housing As%ociation Act 1996 and coinply with The Regtslered SociAI Landlordy General Deiemiinaliun Act for 2000. Turnover Turnover rePs¢(S eontributions received from Almspeople. Flnanee The finwicial ¥tht¢inents are prepared on the basis that capital cxpenditure will be grant aided, funded by loans or met from Teserves. Soelal houslnE gr#nt8 Social Housingi Grants are made by The Housing Corporaiion aiid ar¢ ulilksed to reduLe lh¢ amounts of mortga¥t loans in respeci of an approved scheme to the amounts which il is estimaied Can be senfic¢ by the net annual ineome of the lie¢. The amouni of Social Housing Grant is talculated on the qualifying costs of Ihe sL.lienie in a¢¢ordan¢e with instNGlionts is$ved trom time to time by The Houtssnb Corporation. In accordaD¢¢ Wlth the teims ot The Registered Ilousing A&so¢iaiions (Account Requirement¥) Orders. Ihe¥¢ grants, WI received. are shown in the Balancc Sheet as a deduction from ihe eost of property. Social Housit]g Grants are repayable under cer&iin circumstances, primdrily f(¥llowing sal¢ of a property but repaynieot will nornially be regtricied lo net proceediTr ol. sale. When the amount of Sg¢ial Housing Gtanl re¢eived ¢xceeds the original costs, the surplus is credsted to the Inwme and Expeiidituic Account, thus not redueiiig the eXpendire to below cost. Houslng properly 14ousing Properly is staled at cost. These wst8 are tered "qualifying ¢o$ts" by The Housing CorporatlOD for approved Socidl Hotssing Grant schelnes and are considered for tnortgage lo15 by tlie relevont lend&n8 authorities and ar¢ m¢t out of the Society's own reserves. To the ext¢nl tIt capilal expendiiure on housin8 property does not qualify for Social Housing Gran¢s and is 4Ced from tlie Society's own re$ources, or from other charii&ble SOUTce8, an amount equal io that expendimre ha$ previously beert transferred frorn the appropriate resery¢8 of the Soci¢ty to the credit of the Property Equkty Account. In ae¢ordance with ¢urr¢Dt recominendations, this amouni has now be¢n written back 10 the revenue reyerve. Depreclation Depre¢ia(ion of housing property wab ¢alculated in accordance with that proportion of the cost not financed by Social 14ousinu Grants, but fjnanced by mort&?age loan8, and an amouni equal to the related loan principle repaynienls in th¢ year was charged io the Property Revenue Account. Thiy is no longer considered appropriate and lias been written back in full. As the propert1¢8 are maintaiiied in a slate of repair such that their estimated residual value is noi less i]ll their improvenient cost, the dnnual ¢harg¢ for depreciation would be nil. Gener81 rates Residents are responsible for their ii)dividual amounts of tax ¢harEes. V#lue added taI The Society 1$ not registered for VAT and a¢cordingly expenditur¢ in their Income and Expenditure Accounts includes the relevant VAT. Page 8
W KING MEMORIAL FIOMES NC)'I'ES To'l'llk FINANCIAL STATEMENTS FDR'I'IIE YkAR Ef4DED 31 OCTOBER 2024 I. ACCOUNTING POLICIES- Coutinufd xceptioual repAir Costs ol-extyeptional repairs, unless representing improvement to the properties, are charged to the Revenue Account in the year in whÈch they are incurred. Current Asset InvestmeTht$ Tbe inve5tmenty are slated at cost. Cash Flow Statement Under fitwicial reporting standard I, the clwity is not r¢qiiired to produec a eash tlow gtaiement. 2. OPkRATING SURPLUS Ihe operating sury)lus is slat¢d after ¢harging-. 2024 2023 liidependen¢ exatniDets feey 804 792 J. INTEREST RECEIVABLE AND OTHER INCOME 2024 2023 Dividends Bank Interesi 7,306 7,369 7,308 7,374 4. TAXATIO E W King Mernorial Ilomes is a registeTed Charity and is iherefore exempt from liabilily to t8xaiion on its income and capital gains. S. TANGIBLE FIXED ASSETS Iloudllg Property As ai l Noveinber 2023 and 31 October 2024 163,951 NET BOOK VALUE As at 31 October 2024 163.951 As ai J l October 2023 163,951 The Tnle¢s consider the market value of the eight properties to be in excess of £1.120.0(K) PaEe 9
E W KING MEMORIAL FIOMbS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDI,D 31 OCTOBER 2024 6. DEBTORS 2024 2023 Prepayments and acerned income 824 740 7. INVESTMLNTS The National Associotion of Almshouses Common Investsnent Fund 2024 2023 Number of shares at l November 2023 Purcliases in the year 5,465 5,464 Number uf %hares at 31 October 2024 5,467 5,465 2024 2023 Cost of shares at l November 2023 Purcliased in tlie year Incoine oli respect of Accumulation Shares retained in the fund l33.574 150 7,156 126,190 150 7,234 Cost of *hares at 31 Octob¢r 2024 140,880 133.574 In the opinion of the tTU8tee'$ the market value of the inveslments at 31 Oetober 2024 is at leASt equal to Ilie cost value stated on the balance sheet. CREDITORS amounts f#lllRg dut wlthln one yeAr 2024 2023 Independent examit]¢rs fees Other provisions and aren 804 878 792 1.037 1,682 1,829 Pag¢ 10
E W KING MEMORIAL HOMES NOTES TO THE FINANCIAL STATFMEP*'TS FOR TIIE YEAR ENDED 31 ocfoBER 2024 9. RESERVES 2024 2023 Revenue reserve At l November 2023 Retained surplus (deficit) for the year 327,572 21,753 303,723 23,849 At 31 October 2024 349,325 327,572 10. HOUSING CORPORATION ALLOWANCESICOSTS 2024 2023 8 Units (2022-8) Allowances 4.160 4.300 Costs 4,160 4,300 Poge 11