Chorfty number.. 219916 vlggin Cottuge Hom•s Trustee¥ repcyt und financial stotements For the yeor ended 31 March 2024 INS
AUDIT
ggln C¢ttOgo Homes Cont•ffts Poge Referen¢• ond admlnlstrotlve detglls of thè Choritu. Its Trustees ond odvis•rs Trvste•s' r¢port Indtrpend•nt èxomln•r's report St<rt•m•nt of flnancial attivili•s ealance sh••t Not•$ io the flnanclal statements 8-15
ggln Cottoge Hom•s R•f•r•ncè anfj f>Jmknistrative detals of the Chorltu. its Trustees ond ojvL%ers For the yeor •nd•d 31 Morch 2024 Twsteeg B H E ggirn. ChoSrman B Toner J 8ennett Chorlty r•glsi•red numbgr 219916 PrInCoI offi¢• Unit S. Woterside Busines5 Park 1649 Pershore Ri)ad 51irchley Birminghom B30 3DR countunts Dains Audlt Llmlted 2 Chombedoin Squore Pcradlse Blrminghom 83 3AX Page 1
Wl9gln Cottugè Homes Trustee5' rèport For the yeur end•d 51 March 2024 The Trust8es present their onnuol report together wlth the linonclol stotenienls ol the Charlty for the yeor 1 April 2023 to 31 Morch 2024. Structure. go¥manc• and monug¢m•nt u. Constitfftn The Chorlty was Created by Sir Henry Wiggin Bt. by o deed doted 21 December 1899 under whlch freehold wopeny ot Horborne w05 glfted to the Trustees lor the use of such Oged or Inflrm persons as the Trvstees considered deserving in occordonce with the objects of chority. Under a separote deed d(rted 8 Jonuory 1900 certoin flxed Intest secvrttles were tronslerred to the Chorlty. Th15 deed directed Ihal invesrment Income and nI1 income should be used firstly to pou for necessary repa5rs to the Chorltu property ond for Insvrlng the property. The lote Trust Deed was reglstered with the Charlty Commlsslon on 2 November 1994. ggln Cottoge Homes is o reolstered chorbty, number 219916. b. Orqanlsotlonal struciure and dedsknn-making polld•s The monagement of the Chorw Is the responslblllty of the Trustees who ore eleded and co-opted under the terms of the Trust deed. The Boord consists of at leost two volunteer Trustèes. who meet iwo tlmes per yeor. ond rely on thelr monoglng agents, 8roodening Cholces lor Older People. to ensure they com with oll required legislotion ond best prottice. receiving quarterly updotes between Boord Meen0$. Obj•ctiv•s and octbwties Prlncty)al urtfvlty and oblKtlv•s The Chorlly's Pflnclwl actitY Is the runnfng of slx aImsVSe5 in Birminghom. Its charitoble objecte$ ore to provide o friendly. homely environment fcjr its almshouse tenonts th respett for their prlvocy. The freehow propertu ot Horborne was gifted to the Trv5tees for the use of such aged or infirm persons os the Trustees considered deservln9 In accordance with the objects of the Chority. The deed d1Cted thot investment income reniul Income shoJld be used flrstly to pay lor necessary repolrs to ihe Chority property ond Irisurlng the property. In settlng objectives and plannlng for actlvltles, the Trustees have glven due consideration to generol guidan published by the Charr(y Comml¥lon relotin J to public beneflt. Includlng the guldonce 'Publlc nefit.. running o charity (PB2y. Page 2
Wlgtyn Cottag• Home$ Trvstèès, rOrt (contlnued) For th¢ Year ended 31 Morch 2024 hlèvom¢nt$ ond performarKe a. RèvlÈw of uctlYld•s The Choirty Continues to operote un5 that ore owned {2023- six). FkKJnclal r•vl•w o. R•vl•w of financlal actlvltlgs The surplvs for the yeor ended 31 Morch 2024 amounted to £31.445 (2023- £29,053). Totol funds os (rt 31 M¢Jrrh 2024 omounted to £441.428 (2023- £409.983). The Trustees belleve the flnoncial position at the yeor Ènd Is edequate to meet the Charli$ objectsves for the forthcorfng yeor. Res*rws poll¢u At 31 Murch 2024. the Chorlty had endowment funds of £58,852 (2023- £58,852X unrestrlcied funds of £289,92612023 - f258.481) orKI restricted funds of £92.650 {2023- £92,650). Aeserves are belng molntalned to fund the choritoble actlvSty of runnlng the olmshousès c. FanCIal r mgnqg•m•nl obl•¢tlv•s ond policlos The Trustees hove considered the major risks to whlch the Chorlty is expKxed and hove establlshed systems ond internol controls to MIgOte them. d. Investment policy and r•turns The Trustees continue to review Investment policy on o regulor bosls. •. Going concern After muklng opproprlote enqulrles. the Twsiees hove o reosgnoble expectatton thut the Chorty htrs ¢dequote resources to continue Sn Dperolonol exmence for the foreseeoble f(rture. For ihls ason. theu continue to odopt the golng concern basls In preporlng the finonciol statements. Further details regording the odopiion of the going concern b051s con be found In the accounting FM)Ile& f. Future developm•nts The mnoglng agent. Broadenlng Cholces for Older Pettpl4 wlll continue to molntoin the Chodty's property and Invest in ony improvements thcrt are required so as to be able to continue to provlde a frlendly. homely envlronmem for Its olmshouse tenonts. uslng the knnggln Cottage Homes funds ovoiloble. Page 3
Wiggin Cottoge Homes Trustees, report (coniinu•d) For th• year erbded 31 March 2024 Stutemènt of Trvste•6' respOnslIleS The Trustees ore responsible for preparing the Trustees, rewrt and the flnoncial stotemenls in accordonce wlth oppllcoble law ond Unlted Klngdom Accountlng Stancjords (United Kingdom Generollu Accepted AccountiThJ Practice). The law optAicoble to charities in England & Woles requires the Trustees to prepare finonciol stotements for eoch finonciol year whlch glve a true and fa5r view of the stote of offalrs ol the Chorlty ord of It5 incoming resources and oppIKation of resources Includlng tts Income tsnd expendlture, for thot pedod. In preporlng these flnonclol 5tutement% the Trvstee5 ore required io.. select sultable uccountin9 pollcles ond then opply them cons15tently'. observe the methocls ond ulndples of the Chartties SORP (FFiS 102).. moke judgemellts and accounting eswmoles that ore reosonoble ond prudent.. state whether oppiicable UK Accounfjng Standards {FRS 102) hove been followed. Subject to ony rnoteriol deportures disclosed and exploined In the flmnciol stotements. prepore the flnanclol statements on the gthng concern basis unless it Is Inopproprtotè to prewme thot the Chorlty VAII contknue in bu51nes8. The Trustees ore responble for keeplng odequate occountlno records thot ore sufficient to show ond exploln the Chority's tronsactions and disclose wY(h reasonable occurocy ai ony time the finonciol poslllon of the Chorltu ond enoble them to ensure that the Flnonclol stotements comply wirh the Chorltles Act 2011, Ihe Chorlty (AccoLJnts and Reports) Regulations 2008 ond the prOvon5 of the TrJst deed. They ore a150 SPOnbIe for sofeguordlng Ehe 05sets of the Chorlty ond hence for toking re(550noble steps for the pventIOn and detectk)n of froud ond Oiher Irregularicles. Approved by order ol the members ol the trd of Trustees ond signed on their behalf by.. B H E Wlggln Trustee 8 Toner Trustee Dote.. Page4
Wbogln Cottoge Homes Independent exomlnerf5 report For the year ended 51 March 2024 Ind•peFKlent exgmlnerfs report to Trustees of Wlggln Cottage Homes Cthe Churltw) I report to the Chorlty Trvstees on my exominofjon ol the finoncknl stotements of the Chorrty lor the year ended 51 March 2024. whlch ore set on poges 7 to 15 R•$pon8iblhi*$ and ba$1$ of rèport the Trustees of the Chority you are resrM)n51ble for the preporotlon of the flnanclol statemeNs in otsordonTr wlth the requlrements of the Chorttles Act 2011 (Yhe 2011 Act). I report In resped of mu exomlnotlon of the Chorllu's flnonool stoiemenis Ctsrrd out under sectitsn 145 of the 2011 Act ond in corrylng Out my exominofjon I love followed the opplicable Oirections given by the Charlly Commission under setth)n 145(5)(b) of the 2011 Acr, Indopfyndent ¢xgmln•rf8 Stgtoment I hove completed mu exomlnotlon. I conflrm thot no motters hove come to my ottentlon in Connectlon wkth the examlnation glvlng me couse to belleve that In any moierlal respecr. occounff ng records were not kept In respecl of the clrIty os required by secllon 130 of the 2011 ACL. or the fSnonclal stotements do not accorcl wlth those recoids.. or the flnondol ateMentS do not comply wrth the appiicoble requirements concerning the form ond conient ol linonclol stotements sei out in the Charities (Accounts ond Reports) Regulafjons 2ooe other ihon ofty requirement ihot the flnonciol stotement$ 9lve g Irue ond folr, vlew which Is not o motter consldered os part of on independent exominotion. I hove no concefns ond hove come ucross no other rnotters in connectlon wlth ihe exominatlon to whlch attention should be drown in thls reF)Ort In orderio enoble a proper uThJetstanding of the finunciol sttttements to be reocheé. Thts report is mode solely to the Charity's Trustees. as a body. in accordance wth Port 4 of the Charities (Accounts and Report5) Regulatlons 2008. My work ha5 been undertaken so that I mlght state to the Charltu's Trustees those matters I requlred to stote to them In an Independent examlnerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or ossume responsibllKy to onyone other thon the Chorlty ond ihe Chorlty's Trustees os o body. for my work or for thls report, Signed,, Ooted.. Andrew Morri% FCA Dolns Audit Llmked 8lrmlngham Page 5
Wlg9in Cottog• Hom•s Stotemerrt of finncial artiviti•s For the year ended 51 Murch 2024 Unr•strlcted funds 2024 Ae5trictÈd funds 2024 Endowment fvnds 2024 Total f8 2024 Totul funds 2025 Note Income from- Donotions tsnd legodes Chorltoble octlvStles 501 501 49.544 49.344 46.115 Investments 1,652 1.652 5,171 Total Income 51.497 51.497 51.286 E¥pendlture on: Choritable activities 20.052 20.OS2 21233 Totol expendltur• 20,052 Xl.052 22.233 Nèt mov•m•nt In fvnds 51.M5 31.445 29.055 Reconclllutlon of funds.. Total funds brought forward 12 258.481 92.050 58.852 409.983 380.930 Net rmovement in funds S1.M5 31.445 29.055 Total funds carrl•d forwurd 12 289.926 92.650 58.852 441.428 409,983 The notes on poge$ 8 to 15 form port of tttese fSnanclol 5totements. Page 6
Wlgaln Cottoge Homes R•glst•rèd number. 219916 Bolunce sheet As ot 31 Morch 2024 2024 2023 Note Flx•d assets Tongible ossets 231,278 254.185 Current QS5els Debtors 10 212.171 177.429 Creditor& omounts foiling due thIn one ueor 1102 {1.631) Net current asset$ 210.150 175.798 Total net ossets 441.428 409.983 Charity fvnd8 Tnjst fund (Endowment funds) Restrltted fund5 12 58.852 58.852 12 92.650 289.926 92,650 258.481 Revenue reserves (Unrestrlcted funds) 12 Total funds 44t428 409.983 The fintsnciol statements were opwoved ond outhorlsed for Issue by the Truslees an¢J slgned on thelr behalf by.. 6Ht bA)IV4 H E Wlggln Trustee Toner Trustee Dute". The notes on pages 8 to 15 form port of these flnonciol stotement& Page 7
•llggln Cottage Homes Notes to th• firton¢fjol stotemefrts For the yeor ended 31 Morch 2024 Generul infttmiotlon Wiggin Cottoges Hgmes is on unlncorporoted chartty registered wtth the Chority Commlsslon lor Englond and Wole& The oddress of the Charlty's registered offlce is 7-8 Imperiol Couri 12 Sove10 Rood, Klngs Norton. "rminghom, B30 SFH. Accountlng pollcles 2.1 Bas15 of prepar(rtSon of fknan¥4ol Statements The finttnclol SteMentS hove been ppored In occordonce wlth the Chorilles SORP {FRS 102)- Accountlng ond Reportlng by Choritles. Stotement of Recommended Proctice opplicobte to chorttles preporing thelr flnonclol statements In occordonce wf(h the Fintsnciol Reportlng Standard OpIC0b1e in the UK ond Republic of Irelond (FRS 102) (effective l Janvory 2019). the Flnonclal Reportlng Standard appllcoble In ihe UK and Republlc of Ireland (FRS 102) ond the Choritles Act 2011. The Ilnonclol statements hove been prepored to give o 'true ond folff vlew ond hove deported from the Chortties (Accounts ond Reports) Regvlotions 2008 only to the extent requlred to prode o 'true ond folf vlew. Thls depurture hcs Involved folltswing the Charltles SORP (FRS 1021 pvbllshed in October 2019. ggln Cottoge Homes meets the definthon of o public beneffi entrtu under FRS 102. Assets ond Ilobiif(ies ore 5nitiJlly recogntsed ot historical cost or transactlon value unless otherwise stoted In the relevont occounting policy. 2.2 Golng concern The Trustees have considered he goln9 concern concept and any cssothted morerial uncertointies. the tmisis of any ssgnff icani judgements and the matters to consider when confirming the preporotion of the finonciol stotements (x) o golng concern bjsis ond the Trustees are comfortoble rhot rhere ore r odjustments reoulred. The Trustees expect the Chortry to conllnue In operoiion lor ot lecst 12 months from the dote of sSgning the finonaol stotement& 23 Income All Income 5s recognlsed once the Charity has ent511eÈnt to the income. It Is proboble thot the inwme wll be received and the omount of Incgme e[Voble con be meosured relbly. Incomlno resour$ from choriroble actlvltl relole to houslng benefit and rents received dlredly from tenoncles In respect of the olmshouse lenoncie& Invement income is occounted for on on accruol$ 519 Page 8
Wiggln Cottagt Homes Notes ta th• flnandol stot•m•nts For the year ended 31 Morch 2024 Accounting policie5 (continved) 2.4 Exwnditure EXendU Is recognised once there is o legol or constructive obllgotion lo transfer economic beneflt to a thlrd party. It Is prob¢Jb thot o transfer of economt beneffts wlll be requlred In settlement and the amount of the obligation con te measured reliablu. Expendlture on chorIto@ octlvltjes Is incurred on directly undertoking the octlvities whlch further the Chorrty's oblectlves. as well os onu ossodoted support costs. Govemance cOS comtyise all costs Involving the public occountobilrty of the Chorlty ond its complknnce with reguk]tion and 9ood proctice. These cosrs Include costs reloted to Independent ekuminotion. monagement and legal fees. All expendlture Is Inclusfve of irrecoveroble VAT. 2.5 Taxatkn The Chtsrtty is considered to poss the tests set out In Poragroph 1 Schedule 6 of the Flnonce Act 2010 and therefore It meets the definltlon of a charltable company for UK corporotlon tox pvrp05es. Accordlngly. the Chorrty is exempt from tax00 in respect of Incor or capPtol golns reeewed within cotegorfes covered bu Cthpter 3 Pcjrt 11 of the Corporatlon Tax Act 2010 or Sectlon 256 of the Taxatlon of Churgeoblè Golns Att 1992, to the extent thot svch Income or golns ore opplled excluslvelu to chorftable purpose 16 Tangible f&¥ed assets arbd depreciation Cost of the In01 constrL)rtbn ond eouipping of the Chority'5 propertle& or exten51ons thereof. a coprtolSsed and iKluded In freehold property In the balance sheet. Freehold land Is not deprecloted. DeprecIotn on housing properties Is chorged so as to ollocote the c05t less their resKluol value over their estimated useful lives In equol onnuol Instalrnents frcm the dote of complefjon of the last major refurblshment work ofter purchase. The esNmoted useful Ilves a os follow* Freehold property 100 years Imp(xrment ewS are currre¢J out annuolly ond provision mode ugalnst the corrylng volve where approprtate. 2.7 Dobtor$ Debtors ore recognised otihe settlement omount. Prepayments are volved ot Ihe amount prepald, 2.8 Llabllltl•s Llabllllles are recognised when there Is on obllgoon (Jt the Bolonce She dote os a result of o post event, is pretoble thot o tronsfer of economt benelit will be reqvlred in $2tt1ement, and ihe omount of the Settlement can estlmatEd rellobly. LlabilltSes gre recogn15ed or the amount that the Chorlty ontlclpotes it will ptty to settle the debt or the omount it hos received os tsdvarKed poyments for the goods services Tt must provlde. Page 9
gln Cottage Homtr$ Notes to the flnoncbol statements For lh• yqor •nded 31 Morch 2024 Accountlng pollcl•s Ccontlnued) 19 Flntsnclol knstrum•nts The Chorltu only hos finonciol assets ond flnonclal Ilabilblles of o klnd rhol qualffy os boslc fInaclO1 Instruments. 8osic finoncial 1nstruments are inV¥iolly recogned ttt tronsoctton value ond subsequentlu meosured ot thelr settlement volve. 2.10 Fund accountlng Unrestricted funds ore funds which ore ov011oble for use ot the discretlon of the Truste& in furtheronce of the generol objertlV85 Qf th8 Chorify ond whlch hove not been designoted lor other purposes Restrfcted funds ore funds which are to be used in occordonce wlth specific restrictlons Imposed by donors or which hove been rolsed by the Charity for ptsrticulor purposes. Restricted funds rel¢Jte to houslng grants re1ve ond ore being unwound ocross the perlod the ossodoied assets ore being deprecioted. EoWMent funds ore funds glven to be he as capltol. Investment Incorr. gal and losses are ollocoted to the opproprstite fund. Income from donotions and l¢gades Vnrstrict•d ftsnds 2024 Totol fd$ 2024 Total funds 2023 Donatlons 501 501 Incom• from charftoble UctitS UnreStrtd fund5 2024 Total funds 2024 Total funds 2023 Flenis received 49.544 49.344 46,115 Page 10
ggln Cottage Homes Not•s to the finanthl statements For the year ended 51 March 2024 Investment Income Unr•strlct•d funds 2024 Total fundB 2024 Totol fvrK15 2025 Investment income- connected thormes 1.652 1.652 5.1Tr Exp•nditur• on charhabl• o¢tlvltlg8 Tthal funds 2024 Totol funds 2023 Opering costs G()vernonce ¢0sts 12.614 16.114 7.438 &119 20.052 22.233 Governance costs colst of the Broodermng Cholces lor Older People management charge iogether whh legol fees Employees The Churttu h05 no ern Quee5. Trust••s' r•mvn•ratlon and •xp•ns•s Durlng the yeur. no Trustees recelved ony remunerotion or other benefr(s (2023- ENilJ Durlng the year ended 31 March 2024. no Truslee expenses have been Incurred (2023- £NII). Page 11
%Vlggln Cottoge Homes Notes to the flnondgl stotemerrts For thè year ended 31 March 2024 Tongibl• fix•d at$ Fr•ohold property . h¢w$lng Igrtd and trAJilding$ Othèr nx•d oss•ts Total Cost or Val11n Al l Apdl 2023 290.691 9,404 500.09S At 31 Morch 2024 290.691 9,404 300.095 Depr•clatlon At l Apnl 2023 Charge for the year 51506 1907 9.404 65.910 1907 At 31 Morch 2024 59.415 68.817 Net book volue At 31 Morch 2024 231,278 251.278 At 51 March 2023 234.185 234.185 Pag8 12
Wiggkn Cattag Homès Not•$ to th flnun¢lJl $totwx¢nts For the Ye end•d 51 March 2024 10. Debtors 2024 2023 Amovnts owed by Broodenlng Chdces for (Xder People (Xher debtors 210,048 175.929 30 Prepoymems ond accrued Income Rent orrears 1028 1,575 95 212.In 177.429 Cr•ditor& Amounts falling due withln one year 2024 2023 Prepoid rent Other cdItorS ond 4xcruols 957 l354 674 2.021 1.631 P8ge 13
Wlggfjn Cottage Hom¢$ Noi•s io th? flnondgl stat•m•nts For the year ended 31 Mar¢h 2024 12. St¢rtement of funds Statement of fund5- ¢urr*nt u•or Baltsnc• ot 1 prll 2023 Balance at 31 March 2024 Income Expendlture Unrestred fvnds Revenue reserves {Unrestrtted funds) 258,481 51,497 <20,052) 289.926 Endowment fwid¥ Trust fund (Endowmeni funds) S8.852 58,852 Restrictèd funds Restritted fund5 91650 92.650 Totol of fvnds 409.983 51,497 (20.052) 441.428 siotem¢nt of funds . prior year Balance al Balanco ot Expendlture 51 March 2023 1 Apdl 2022 Income LlnrestrKted funds Revenue reserves (Unrestrlcted funds) 229,428 51.286 (22.233) 258.481 ErKlowm•nt fvnds Trust fund (Endowmeni funds) 58,852 58.852 Aestrlcted fvnd5 Mestrlcted funds 92.650 92.650 Total of funds 380.930 51.286 (22,233) 409.985 Page 14
Wiggin Cottuge Hom•s Not¢s to the flrhunctol stat•merrts For lh• y•ar •nd¢d 51 Morch 2024 15. Analysls of net assets betwe•n fund5 Analysis of net g$S b•tw••n fvnd$- current perd Vnrestrtt•d funds 2024 RÈstrkt•d Endowm•nt fund$ fund8 2024 2024 Totol 2024 Tonglble flxed tset5 Current asset5 79.776 92.650 5&852 231.278 212.1 212.1n 12,021) Credltors due wtthln one yeor (2.021) Total 289.926 92,650 58.852 44l428 Anulysis of at$ b•tw••n funds - prlor perk>d Unr•strl¢ted funds 2025 R¥5trict•d Endowment fvnds fund8 2025 2025 Totul funds 2023 TongibP¢ fixed ossets Current assets 82,683 92.650 54852 234.185 177.429 ITI,429 Credrtors (Jue wtthln one uear {1.631) 0,631) Totol 258,481 92.650 58.852 409.983 14. Related party tronwcllons At the bolonce sheet dote. the Charity hos one Trustee who acts os director for Bfoaclenlng Choi5 for Ol¢Yer People, o Charlty that octs os the monoging ogent. The management fee ehorged in the yeor was £6.086 (2023 £6.119J Broadenlng Cholces for Older People pods surplus funds with connetted partles to eosfly manage the investment portfolio. Interest is charged on the loons ot the group's depostt rote. During the year. the Chority received £1.65? 12023 £5.1n) tsn deposlts held whh BroodenlrKJ Choices for Older People. At the balonce sheet dote, £210,048 (2023- 075.929) wos due io the Charitu Irom Brtsodenlng Cholces for Older People. None of the Trustees hod ony personal Snterest In anu of the tronsothons of Ihe Chorfty during the yeor Page 15