## The George Newton Housing Trust ## ANNUAL REPORT ## NOVEMBER 2022 TO OCTOBER 2023 Trustees Report for The George Newton Housing Trust – year ending 31[st] October 2023. The Trustees of the Charity usually meet at least twice a year. The Charity is the owner of eight bungalows at Newton Close, Silsden. The Trust is for the ‘needy’ of Silsden, and all trustees need to have a local knowledge of the area. When a vacancy occurs for a Trustee, existing Trustees are asked for suitable suggestions, and these are discussed/discarded/accepted at a Trustee meeting, then an approach is made to the person(s). We have had 2 meeting this year. The Chairperson and Trustees have remained the same. The Trustees decided to increase the maintenance charge this year. A new resident moved into number 2 at the beginning of the year. Number 6 has recently had a new bathroom suite installed. This means that all the properties now have a new modern walk in shower, raised toilet and easy to use taps on the wash basin. Number 3 had the old storage heaters taken out and more efficient and cost effective electric heating installed. Electric inspections were carried out on all the properties which is required by law every five years. All the bungalows have been occupied this year again and the bank balance continues to improve. Meetings have been held at the home of Mrs. Christine Stratton. Chw'ity Registration Number.. 220680 HL)mes and Communities A8¢ncy Regi5lration Number= A4080 The George Newton Trust Annual Report and FinaD¢ial Statements for the Y¢ar Ended 31 October 2023 The George Newton Trust Conlents (cotttlnued) Board Report 1¢02 Independent Audiiors. Report 3105 Statement of Comprehensive Income Balance Sheei Cash Flow Slatement Statement of Changes in Reserves Notes to the Financial Sialements Iotts 14 The George Newton Trust Board Report Tlic ITUStees preseni the annual report together with lh¢ linancial Statem￿t5 of the charity tOT the year ended 31 O¢iober 2023. Structure* governanee and man#g¢ment Trustees are appoinled from ivithin the local comrnunitv. All neiv Tnjstees are provided ivith Charily Commission publication CC3 'The Esscntial Tru4ee' Ivhat you need io know. and CCIO 'The Hallmarks of an Effective Charity.. Trustees arc also givet) aty intiY)duction by exisiinB trustee5 10 the specific rules relating io social housing along with an overvieiv of the chariiy's operdtion& The -fTUSl¢e5 Temain ctsmmitied to their alm of providing a high stsndard of accommodalkon al an affordable iveekly contribution in orderto compet¢ with oiher social housing providei3. Trustet$ and officer5 The trustees and officers serving during the year and since the year end w¢re a5 follows: Board.. K l>arker A J Bradley D ATrowsmiih F Hanson A Caihey R Grosschmidt J Anderion Senioi. Management l Leadeiship l-eern.. C gtrdtton The Trustees of the Charity usually meet at leasr iwice a year. The Chariiy 15 the owner of eight bungalows at Neivton Close, Silsden. Obj¢ctlves. gctlvltfftts And performan¢¢ l-he is foi. the 'needy' of Silsden, and all trustee5 need io have a local knowledge of the area. When a vacancy QCCUls for a Trustee, exisiing TrLJsiee5 are asked for suiiablc sugge8lion5, and Ih&s¢ aiE di5cussedldl￿arded￿aCCepttd ai a'l'ru5t¢e me¢tin& ih¢n an approach is made to lh¢ person(s}. We have had 2 meetings this year. The Chairperson and TTU51ees have ￿rna1ned the 5am The Trustees decided to increase the maintenance charge this year. A nciv r¢sid¢Dt moved into numbcr 2 at the beEinnin2 of the yeai.. Number 6 has i'ecently had a new bathroom 3uile installed. This means that all the pix)periies noiv have a new m)d¢rn walk-in showei., raised toilet and easy to use laps on the wosh basirt, Number 3 had th¢ old storage heaters taken out and mon efficicnt and Cosi-effective heating in*alled. Electric inspeclion5 iyere carried out on all the pi'operties which is required by law every 5 years. All the bungaloivs have been occupied ihis year again and ihe bank balance roniinues to improve. Meetinss have recommenced at the home of Mrs. Christine Stratton. Page I The George Newton Trust Board Report (continued) Public benefit The Trustees pay due regards to the Charity Commission guidallce on Public Benefit and believe that the provision of so¢ial housing within the local community conforms with thib guidan¢e. FinAnel81 review Th¢ Trust has 5p¢nt £2,607 on repatrs thi8 year. The bank balanc¢5 have inci¢as¢d by £7,178, and the Trustee8 feel that the Trust l5 in a ¥ood position financially. Th¢ Tn￿te¢S Continue to butld up the chaiity'5 reserves as and when possible and us¢s the routine maintenance for renewals and regulai maintenance. The surplus for the year was £8,141 {2022.- £5.03]) and the total reserve5 of the Charity &t 31 October 2023 were £247,491 (2022.. £239,350). Statement of Board5 Responsibilltles The Board is resJx)nsible for preparing the Report and the financial statements in a¢cordan¢e with the applicable law and re¥ul#iiotts. The Co-opei3tive at)d Community Benefjt Societies Act 2014 and registered social housing legislotion Tequjre the Board to prepare financial statemertls for ea¢h financial year which give a true and fair view of the state of affair5 of the association and of its income and expenditu￿ for that period. In preparing these financial ststements, the Bo￿￿ 15 required to.. select suitable accouTJting poli¢ies and then apply them ¢onsist¢otly' make judgements and esisinates that are reasonable and prnd¢nl' state whether applicable accounting standards have been followed, subject to any rnaterial departures disclosed and explained in the fJnan¢ial statcments., and PIEpaiE the f￿anCIal 5tat¢ments on the going ¢on¢ern basis unless it 15 inappropriate to presume that the association will continue in busines5. The Board i8 responsible for keeping proper accounting records that disclose with reasonable aecuracy at any time the fit￿ncIal position of the associalion and enable it to ensure that tbe fin#nLial staiements c¢)mply with C(>oper2live and Coininuiiity Benefit Societies Act 2014 the Housing and Regeneration Act 2008 and thc Accounting Direction for private registered providers of social housing in England 2015. It has general re5POll5ibility for takiiig reasonable steps to safeguaid the asset5 of the as50ciatLOlI ￿ld to PTCVfflit and detect fi?ud and oth¢r irrcglllarities. Thc Board is rc5ponsible for the rnAintenan¢e and integrity ofthe corporale and financial information included on the association's website. Legislation in the United Kingdom governing the pleparation and dissemination of financial Statements may differ from legi81otion in other jurisdictions. The board are responsible foT the maintenance and integrity of the corporate and flnancial infomiation includcd on the chaTitable company's website. Legislation governing the preparation And dissemination of financial statemenis may difftr from Icgislation in other jurisdictions. The annual report was approved by the board of the association on 20 March 2024 and signed on its behalf by.- J Anderton Trustcc Pag¢ 2 The George Newton Tnist Independent Auditor's Repoi* to the Member5 of The George Newton Trust Opinion We l)Jve aiKiited the financial statemenis of The George Ne￿10￿ Trusi Iihe'as50ciation'l for the year ended 31 October 2023, which comprisc the Svdiemeni of Comprehensive Income, Balance Sheet, and Notes to ihe Financial Slalements, including a summary of signiticant accounting policie5.'1'he fjnancial Itporting frameivoi'k ihat ha5 been applied in IheiL' preparation is applicable laiv and United KingdoTll Accounting Siandards. including Financial Reporting Standard 102 The financial Repoiting Standard applicable in ih¢ UK and tiepu61ic of Ireland (United Kingdom Generall>, Accepted Ac¢ouniing PraGticel. In our opinion Ihe financ5al siatements-. give 8 irue and fair view ofihe state of ihe association's affairs as at 31 Ociober 2023 and of ils intoming K8ources and application of iEsourc¢s, including ils income and expendiiuiE, for the year then ended,. have been piy)pei'ly prepared irt accordance ivith United Kingdom Gcnerally A¢¢epled A¢¢ounting Prncti¢e: and have been prepared in accordance with th¢ reqU1￿mentS of the Chariiies 2011, the Housing and Regeneration Act ?008 and tlie Accounting Direction for private registered providers of Social housing in Eng]and 2019. Basls for opinion We conducled OUT audit in accordance wilh Inlemational SEandard5 on Auditing (UK) IISAS IUKI) and applicable law. Our resp0115ibilities under those standards are further described in ihe auditor responsibilili¢$ for the audit of the tinancial statements seciion ot our report. We are independeni ot. the association in accordance wilh the ethical requir¢menls thai are relevant lo uui. audit of Ihe financial statements in Ihe UK, including rhe FRC'S Eihical Standard, and ive have fulfilled our oiher eihi¢al r¢sponsihilities in accordance with ihest requirement5. We believe ihat the audit evidence we have obtained is sufficieni and appropriate to provid¢ a basis for our qualified opinion. Concluslon$ r¢lAting to going ¢oneern In auditing the financial staiemenis. we have ¢on¢luded thai the board's use Of the goin8 concern basis of a¢c¢MJnting in the pr¢paiaiion of the financial siatejnenls is appropi'iale. B&%ed on the work we havc perfoiTred. we have not identitied any Inaterial uncertainties relating to events or condiiion5 that, indivioually or collectiv¢ly* may cast Slgnificant doubt on the association'5 ability to continue as a going conce foi. a pei'iod of at least l%velv¢ monihs from when the original finan¢ial siatements were auihorised for i55U¢. Our responsibilities and th¢ responsibiliiies of Ihe board with respect to going ¢oncern are described in th¢ relevani S￿tionS of ihis r¢port. Other ij)formatlon The board is responsible for th¢ othcr infonnation. The other infomiation comprises Ehe information included in the annual report, tsther than the financial staiements and our audiior'5 report therton. Our opinion tsn the financial statements does not cover the oiher information and. except to the extent otherwise expliciity stated in our rep011. Ive do not ¢xpiEss any foim of assurance conclusion Ihercon. In ¢onncction ivith our audit of the fjnuncial staiemenls, our responsibility is to read the other infoThation and, in dtsing so, consider whether the oiheT tnfoiynation is rnalerially incon515tent with the financial statcmenls or our knowledge obtained in the audit or oiherwis¢ appears to be maierially misstat¢d. If Ive ideniify such tnaterial incon515ten¢tes or apparent material misstatemen15, we are required to dctermine M,heiher there is a mateiial misstaiemenl in lh¢ financial statements or a material misstaiemeni of Ihe other information. Sf, based on the ivork iv¢ have peTforni¢d, we conclude thai iheiE i5 a material missiaienient ofthis other information, we are requircd to report that fact. We have nothing to repDrt in this regard. Page 3 The George Newton Trust Independent Auditor's Report to the Members of The George Newton Trust (¢ontlnued) Matters on whleh we are required to report by exceptlo We have noihing to report in respect of the following mat*rs in relation to which the Charities {Accounts and Reponsl Regulaisons 2008 rcquire us to report to you if. in oui. opiiiion.. the infomialion given in the financial staiements is inconsistent in any material respect with the board report,. or sufficient a¢¢ouDling records have not been k¢pl,' or the financial $tatemcnts are not agTe¢men¢ iviih The a¢¢ouniin8 records. or we have noi received all the informaiion and cxplanations we require for our audit. In addition. Ive have nothinÉ 10 report in respect of the folloM'ing matter where the Housing and Regeneration A¢1 2008 requiits us io r¢port to you if, in our opinion.. a Saiisfactor! system of¢ontrol over iransaction5 has not been maintained. Re$pon$ibilltkts of boRrd As explained more lully in the Siaiement of Responsibilities15et out on page 31, lh¢ board fftembers (who are also the Irusiees ofihe association for the PUTP05es of ¢harity law} are i'esponsible for the preparation of the financial $tatemenlS Snd for being satisfied ihat they give a true &nd fair vieiv, and foi. such internal Control as the board determine is n¢¢essary to enable the preparation of linancial slatements ihal are fite from material misslatemeni, whether duE to fraud or errol.. In preparing the financial siatement5, the board is responsible for ass¢ssing the assocRlion's ability to coniinue &8 a going concern. disclosing, as applicable, matteTS relai¢d to going con¢¢rn and using the going ¢oncern basis of accouniing unl¢ss thc boaril eiiher intend to liquidale the asso¢iaiion or to ¢eas¢ operation4 or have no re￿iStIC altemaiive but lo do $0. Auditor Responslbllitie5 for th¢ Audlt of the finan¢lal $tatement$ Our objectives are 10 obtain reasonable assurance abolli whether the fittancial statements as a whole are free from mattrial misstaiement, Ivhether due lo fraud or error, and to issue an auditor's report thai in¢lude5 our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantce thai an audit Conducied in attorda*)ce with ISAS IUKI will always d¢i¢ct a material mis%ratemertt ivhen li exis15. Missiaiement5 can drise from fraud or ¢i'ror and are considered mai¢rial it, individually or in the aggregate, Ihey could rea$onably be expected to influence the economic decisions of users t2ken on the basis of these finaD¢ial siatemenls. ITregularilies, including frnud, are in5tanccs of non.compliance iviih laws and irgulations. We design proccdure3 in line wilh our rc5pon5ibilili¢& outlined above, 10 delect Inaterial missiatemenls in respect of irregularities, including frdud. The extent 10 ivhi¢h our procedures are capable of dtt¢Gting inE8ularities including traud is detailed below: In planning and designing our audit tesis. w¢ identify and assess the ri5k5 of material mi551atement within ihe financial 5tatem¢nt5, whether due io fraud or error. Our ass¢ssm#ni of these risk$ includes consideration of ihe nature of the industry and sector, the conirol eni'ironment and the business pei'fomiance along with the results of oui. enquirics of management. about their own identifi¢ation and asstssment of the risks of irregularili¢$. We are also r¢quired to perfoi'm specific procedures to respond io the risk of management override. Followit)g this assessment we ¢onssdered the opportunities and incentives that may exi$t %vithin the ¢Ntily for fraud and identifjed the grcatest poieniial for fraud in evaluating the tangible a￿ets. We also obtained an undetstanding of the legal and IEgulatory frJmework5 that the entity operates in, through discussions wilh trustees and other managemcnt. and from our comrnercial knowledge ¢xperience of the sector in which Ihc enlily opeTates, ro enable us to identify the key laws and regulations applicable to the ¢ntiiy. W¢ focused on specific Imws and reBiildiions which we ¢onsidered may have a direct material effect on the finan¢ial 51aternents or Ihe operations of ilie eniity, including the Housing and Regeneration Act 2008. laxaiion 1¢8islation, data protection, anti-bribery, environmcntal and health and 511teiy legislation. Page 4 The George Iyewton Trust Independent Auditor's Report to the Members of The George Newton Trust (coDtlnued) We then ptrlormed audii procedures after considcration of the above risks whih in¢luded the tollowing.. confirmation of the existence of the prop¢rii¢s held., evaluating th¢ appropTiateness and eonsistct]cy of the deprecialion and amortisation poli¢ies applied. enquiring of management concerning actual and potential litigAtion and claims., performing unalylical procedures to identify any unusual or unexpected Telationships that may indicate risks of material misstatement due its fraud. reviewing COTresponden¢¢ with HMRC, and the enliils legal advisors,. enquiring of management concerning actual and potcntial liligaiion and claims,. Yeading minutes of meeting5 ofthose charEed M'ith goveman¢e' and in addressing the risk of fraud ihroiigh managetnenl override of controll testing the appropriateness of jouma] ¢niries and other adjusimenis. assessiiig whether Iht judgemcnt5 made in making ac¢ouniing cstimates are indicative of a potential bias,. and evalualing the business rationale of any significant iransa¢Lions that are unusual or out5id¢ the normal course of biisiness. All engagement team members were informed of lh¢ relevant laws and irgulations and potential fi?ud risks at the planning stage and reminded io remain alert to any indications of fraud or non-cornpliance with law5 and re8ulalions throughL)ut ¢he audit. The engagement pailnei. ensured thot the engagemeni i¢am collethively had the appn)priaie ¢OrnPEien¢e, capabililie5 and skills io identify Such it¢ms. There are inherent limitations in our audit procedures (ks¢ribed abov¢.'Th¢ more removed that laws and regulations ar¢ from fjnancial transaLlions th¢ less likely il is that iv¢ ivould become aivare of non-compliance. Auditing 51andards also limit the audit procedures required to identify non.compliance w5th laws and regulations io enguiry of the Irustees and oth¢r management 8nd the inspe¢iion of regulatory and l¢gal ¢orrespondence, If any. Malerial tnsssiatemenls that arise due to fraud can be hardeT to detect than those Ihat arise from error as they may involve deliberate concealmeni or ¢ollu5ion. A fLlrther de5rriplion of our responsibilities is available on the Financial Reporting Council's website at.. www.IT¢.org.uklauditorsre5POt)sibili¢ies. This description fornJs pan ot our audiior's report. Use of report This Irport 15 made solely to Ihc asso¢iatiofi Lx)8rd as a body, in accordance wTrth Part 4 of the Charities (Accounts and Rcportsl Regulaiions 2008 and seciion 137 of the Housing and Regeneration A¢1 200¥. Our audit ¥vork has be¢n undertaken so thai w¢ mighi slate lo ihe board those matters v'e are required lo state 10 them in an auditOTS' r¢porl and for ne other purposc. To the fulle51 extent permitted by law. Ive do not acc¢pt or assume responsibility io aDyone other than the association and it5 bOal￿ as a body. for our audit ivork. for this report, or for the opinions we have formed. Watson Buckle Limited StatuloTy Auditor & Chaner¢d Accounianls Bradlord 20 March 2024 Page S The George Newton Trust Siatemenl ofcomprehensive Income for the Year Ended 31 O¢tober 2023 (Including Ineome and Expenditure Atcount) 2023 2022 Note Tortlover 27.760 28.021 Adinini5tralive expenditure (20,6371 121,5581 Operatlng $urplu$ Income from fixed asse¢ investmtnts lTht¢Test re¢eivable and similar income Movements in fair value of fJn8ncial inslrumenis 7,123 1,097 185 (264) 6,463 B97 16 12,3451 Surplus for the year Total ¢omprehen$5ve income for the year 5,031 8,141 5,031 All ofihe registered %Jcial housing provid¢rf5 aGlivities deL'LVe from continuing operaiÉons during the above two period The notes on pages l O 10 14 form on inlegi?I parl of these fjnancial slatemenis. Page 6 The George Newton Trust Balance Sheet as at 31 October 2023 2023 2022 Note Fixed assets Tangible assets Investmcnts 264,170 23,112 287,282 260,852 22,279 289,131 Current assets Deblors Cash at bank and in haThd 848 64,882 65,730 685 57,704 58,389 Creditors: Amounts falline due within one ye#r 10 {7.057) (7,305) Net current #Ssets 58.673 51,084 Totsl A5S¢t$ le$9 ¢Mrrttht Ilabllltl 345,955 340,215 Credltor$: Amfjunts falllng due after more than one year 98,464 100,865 Net assets 247.491 239,350 Reserv Income and expcnditurc rcserve UnTestricted revaluation reserve 245,123 2,368 236.718 2,632 Total reserves 247,491 239,350 The fjnancial statetnents were approved by th¢ board and authorised for issue on 20 Mar¢h 2024 and sigrt¢d their behalf by.. D Arrowsmith je Tn]stec J And¢rton Trustee The notes on page5 7 to I I form an integral part of ihe5e financial statements. The George Newton Trust Cash Flow Statement for the Year Ended 31 October 2023 Recon¢iliatlon of net movenheht In funds to net c*sli flow from opevAtlng Activiti¢s 2023 2022 Nei inconic Investillent in¢ome Depre¢i&tion {Profitl Iloss OD revaluation of fixed asset investment5 (Increaseydecrease in debtors Decrease in Creditors 8.141 11,2821 8,893 264 11631 12,6491 5.031 19131 8,644 1345 Net cash infloiv 13,204 14,159 Cash flow stAtement 2023 2022 Nei cash inflow from operating activitics R¢turn$ on I￿veStMentS and $ervleing of fin#n¢e Interesi received 13,204 14,159 1,282 913 Capl¢g1 expenditure and finanel#l Investment Purchase of tangibS¢ fixed assets Purchase of investment5 11,4991 {897 11,0971 17,3081 2,3961 Increast In eash In th¢ year 7,178 12,676 Recon¢lli#laom of net CJ15h flow to movement in net funds Increase in cash 7,178 12,676 Net funds ai l Novemkr 2022 57,704 45,028 N¢t funds al 31 October 2023 64,882 57,704 All of the cash flows gre derived from continuing opeiitions during th¢ above two p¢riod$. The noles on page5 10 to 14 fom an integral part of ihese fin8n¢ial statements. Page 8 Th¢ George Newton Trust Statement of Changes in Reserves as at 31 October 2023 IDcome and expenditur¢ r¢s¢rve R¢v81iiAtion reserve Totfil At l Novembtr 2022 236.718 2,632 239,350 8.405 (264} 8,141 247,491 Surplus for the year Revalu)iion of investments 8.405 (264) {264) 2,368 To¢AI eDmprehen51v¢ ineome At 31 October 2023 8,405 245.123 The notes ort pages 10 10 14 forni an integral part of these financial Malements. Page 9 The George Newton Trust Notes to the Financial Statements for the Year Ended 31 October 2023 l Ateounting policlts Cenerhl Informathon The Charity is a registered social housing provider, regisiered in England and Wales Registered ¢harily numb¢T-. 220680 Homes and Communities Agency Registration Number.. A4080 A$is of preparAtion ind st8t¢ment of cornpliante The financi&l slaiemenis have been prepared in a¢¢ordance with applicoble accounting standards including Financial Reporting Standard 102. the Siat¢ment of R¢¢ommended Pra¢ti¢e for Social Housirtg Providers 2018, and with the A¢¢ouniing Dii'ection foT privaie registered prov&ders of social housing in England 2019. The financial slatemenis are also prepared under the requirem¢nt5 of the Housing and Reg¢neration A¢1 2008. The fjnancial statements have been prepared on a going ¢oncern basis under Ihe historical cost convention. modifi¢d to include Certain items ai fair value. The registered social housing pivvider con8titute5 a publi¢ b¢nefit entity as defined by FIiSIO2. The ¢harity's functional and presentation currency is pounds sterling. The significani aecounling policies applied in the preparation of these financial stal¢m¢nts are set out beloiv. These poli¢i¢s have been Gonsisienily applied to all years presented unle55 Otherwise staled. Coing ¢on¢¢rn The board consider thai there are no matetial uncertainties about the as50¢iation's ability to continue as a going concern. Tiirnover Turnover repitsents renvdl income receivable in th¢ year net of service charge losses from voids, and revenue gran¢s from government {local autliDritie51. The registered housing provider caiyies the financial risk un Property managed by agents, therefore all the in¢ome and expenditure arising Irom ihe property is included in ihe st#iem¢nl of comprehehsive in¢ome. So¢l41 Houslng Grant Thc Social Housing Grant ISHGI was otilised io reduce the capital ¢os15 of housing propertie¥. The SHG 15 re¢ognised in income on a sysiemaiic basis over th¢ expected useful economic life ot thE pro]￿leS. Goyernrnent grants GovernTnent granis are recognised based on the accrual model and 8re measured ai the fair value ot the asset received or receivable. Gran15 are clas5ifi¢d as relatin8 either to revenue or to asscts. Grants relating to irvenue are re¢ognis¢d in incorne over the period in ivhich the related costs are re¢ognised. Grant5 reloling io assets are recognised over the expected us¢ful life of the asset. Where part of a grant relating to an asset is def¢rr¢d, it 1$ recognised a5 deferr incorne. Page 10 The George Newton Trust Notes to the Finaneial Statements for the Year Ended 31 October 2023 (contlllued) TAngible nx¢d &sstts Tangible fixed ￿setS (including social housing properties) are slated fit CO￿ or deemed cost less accumuialed deprecialion and accumulated impairnient1055es. Cost includes costs directly aiiribuiable io making ihe asset capable of operating as intended such a5 thc cost of acquiring land and buildings deirelopmenis c051s, interest charge5 on loans during the developTnetti period and expen(lilure on improi'ein¢n15. Expenditure on improvcments iwll only be ¢&piialised when li results in incr¢menlal future benefits such as incr¢asing rental income, r¢ducing mainienance costs or resulting in a significant extension of the useful cconomic life of thc properly. Depreciation is provided on tangible fixed asse15 so as to write off the cost or valualion, I¢s5 arty estimated residual value, over Iheii. expected useful e¢onomic life as follows.. A55et class DepreclAtion method and rate Rotsfs io years Doors and w?ndows 30 years Kitchens 20 yea Bathroom 25 years Boilers 15 years Ele¢iri¢al 2nd healing in5¢8llaiions 25 years Major comw>nenis of housing propeities have bcen accounted tor and deprcciated separately from the ¢onnected housing property. over their expected useful economic lives. Th¢ wsrs of replacing ihese components are capilali5ed in full. The costs of partially replacing or repaii'ing these componen15 are charg¢d 10 the comprehensive income. Investments Investments ar¢ re¢oEDi$ed iniiially at fair value whi¢h is normally the transaction price excluding transaetiort cost& Subsequently. they are IKea5urEd at fotr value through the stai¢meni of comprehensiiJe income if the shares are publicly traded or their fair value Can oiherwise be mcasured r¢liably. Oiher inv¢51tt1enis are measured at C05t less iinpairmeDt. Governance costs Gov¢rnan¢e costs include th¢ audit of the financial 5tatement& T%x#tion The registercd saci81 housing pl￿vider 15 Considered lo pa55 the iests set out in Paragraph I Schedule 6 of the Finance Aci 2010 and thcirfore it meets the definition of a chariljble company for UK coiporation Igx purposes. Accordingly. the Charity IS Poteniially exempt from iaxalion in respeel of income or capital gains received within caiegorie5 Govered by Chapter 3 Part I l of Ihe Corpoiation Tax Act 2010 or Se¢iiDn 256 of the Taxalion of Ch8r8eable Gains A¢t 1992, to the extent that such in¢ome or gains are applied exclusively io eharilable PUTposes. Dtbtor5 Debiois are recognised initially when they become due at fhe ttansactiott price, less provision lor impairment. A proiiision for the impairment of debior5 is esiablished when there 15 objective evidence that the association will not be able io collect all amoutlls du¢ ac¢ording 10 the original terms of Ihc receivablc5. Cash Y4nd cash ¢qviv¥lents Cash and cash equival¢nt5 COtnpri5¢ ¢ash on hand and call deposits, 8nd other 5hort-ierm highly liquid inv&%lm¢nis that are readily ¢onveriible to a known amount of cash and arc subject lo an insignificant risk of change in value. Trad¢ er¢dltDr$ Crediiof8 are obligations to pay for good5 and Se￿ICe$ that have been acquired by Ihe a550cialion. Creditor5 are recognised at Ihc Irat]5actioll price. Page 11 The George Newton Trust Notes to the FinaD¢ial Statements for the Year Ended 31 October 2023 {¢onÉlnued) Fi￿￿￿¢1#1 instrnments The charit), only ha5 financial asseis and financial liabiliiie5 of a kind ihdl qualify as basic financial inssruments. Basic riDancial instrumenis ar¢ initially rec(Ignised at iransaclion value and subsequently measured at ih¢ir settlement value. 2 So¢i#l housing turnover ¢ost$ 2023 2022 Turnover Rents receivable 25.359 25.620 Atnortised government grants 2,401 Turnoyer from sociAI housing l¢ttlngs 27,760 28,021 Admlnistrative expenditure ManAgemeni Service Charge costs Eiouiine maintenance Depreciation of housing propeities Other costs (4.778) 13,936) 12,6071 18,893) 1423 {4.846) 15,796) 12,0121 18,6441 12601 120.6371 (21.558} Op¢rating surplu5 Dn s0¢ig1 bousing lettings Void1055e5 7.123 6,463 488 3 Governanct eo$ts Total 2023 Total 2022 Exiemal auditors reMuneralion' The audil ofthe chariiy's anntjal accounts 1,494 1,598 4 Accommodgtion owned in mHn#g¢m¢nt Number of units t l November 2022 Plumber of units at 31 Oetober 2023 Housing accommodation 5 Surplus on ordinary a¢tlvlt&e5 IS stated after th8rgingllcrediting): 2023 2022 Depreciation of housing properiies for letting Amortisaiion ol'goiiernmenl grants 8,893 2,4011 8,644 12,4011 Page 12 The George Newton Trust Notes to the Financial Statements for the Year Ended 31 October 2023 {eontinued) 6 Tanglble fixed gS5ets Housing properties for letting Totol Cost At l November 2022 Additions 321,691 6,211 321.691 6,211 At 31 October 2023 327.902 327.902 Depreciatio Ai l November 2022 Charge for the year 54,839 8,893 54,839 8,893 At 31 October 2023 63,732 63,732 Net book value At 31 Octob¢r 2023 264,170 264,170 At 31 October 2022 266,852 266,852 7 Board 8nd key maniE¢ment personnel remutttr#tion And expens¢$ No board or key managemeni personnel rec¢iv¢d nor waived any remuneration tsr reimbursed expenses during lh¢ ¢urrent or previous yeai.. 8 Flxed Hs5et investmtnts 2023 2022 Other investments 23,112 22.279 Otbtr investments Ll$ted InY¢5ttnents Total Valuation At l November 2022 Revaluation Additions 22,279 1264) 1,097 22,279 1264) 1,097 At 31 October 2023 23,112 23,112 Carryirtg imount Al 31 October 2023 23,112 23.112 At 31 Ociober 2022 22,279 22.279 Thc fair value of listed inweslmenls is deiellnined by i'eference to ihe quoted price for identical 8ssets in an active market at the balanc¢ sheet date. 14i5torical costs of investments are £20,744 (2022: £19,647}. Page 13 The George Newton Trust Notes to the Financial Statements for the Year Ended 31 October 2023 (continued) g D¢btors 2023 2022 Prepèymenis other debtors 802 46 685 848 685 10 Creditors: amounts f8llillg due within one y¢4r 2023 2022 Trade ¢reditors WMC paid in advance Grdnls Acciuals 936 1.764 2,401 1,956 1,952 2,401 2,952 7.305 7,057 I I Creditors.. #mollnts fAlling due *fttr on¢ yelr 2023 2022 Gran15 98.464 100,865 The granis ar¢ r¢payable if the properti¢$ tir sold. Social Housing Grani iotalling £120,073 has been received. Thi5 will be repaid if the prop¢rti¢$ are sold. The Social Housing Grant ts being JEcognis¢d in income on a sysiematic basi$ over the expecttd useful lif¢ of the 5tru¢ture {50 ytarsl. 12 Re5ewv¢s A) Income and expenditure rt$erve The income and expendilurc reserve represenis the cumulative surplus and d¢ficits net ofoiher adjuslment5. b) Rev8lua¢ioll reserve The revaluation t¢serve represents the cuinulaie effe¢i of revaluations of the fixed asset5 investments. 13 Rel&ted PArty tr#ns*¢tion$ During the year ¢he asso¢iaiion made the following related party transactions.. R Grosschmidt (Trustce) R Grosschtnidt was paid £30212022- £2651 for Ivindow ¢leanin8 services during th¢ year. At the bal&nce sheet dale the amounl due lolfrom R (irosschmidt was £Nil12022. £Nill. Page 14 Our ref: SA/N951 24 April 2024 ## **Private & Confidential** The Trustees The George Newton Trust C/o Mrs C Stratton 8 Bracken Ghyll Drive Silsden West Yorkshire BD20 9QT Watson Buckle York House Cottingley Business Park Bradford BD16 1PE Tel: 01274 516700 Email: hello@watsonbuckle.co.uk Website: www.watsonbuckle.co.uk Dear Sirs ## **The George Newton Trust Audit year ended 31 October 2023** As part of the audit we are required to report to you on the following matters: - Where material misstatements in the financial statements have occurred; - Where our normal audit tests revealed any material weaknesses in the accounting function and internal control; - Where an actual or potential fraud has been identified; - Where we believe there to be non-compliance with key laws and regulations; and - Where we identify a material inconsistency or material misstatement of fact in the ‘other information’ connected with the financial statements. We are pleased to report there are no such issues which came to light during the course of our normal audit procedures. These procedures are designed to assist us in forming our opinion on the financial statements. Our procedures may not necessarily disclose all errors or irregularities and should not be relied upon to do so. However, if any irregularity did come to our attention during the course of the audit, we would, of course, inform you immediately. This report has been prepared for the sole use of the Trustees of the George Newton Trust and must not be shown to third parties without our prior consent. No responsibility is accepted by Watson Buckle Limited towards any party acting or refraining from action as a result of this report. Finally, we would like to express our thanks to all members of the company's staff who assisted us in carrying out our work. Yours faithfully ## Watson Buckle Limited ## **Watson Buckle Limited** Watson Buckle is a trading name of Watson Buckle Limited. Registered in England and Wales 09184284 A list of Directors is available on the website www.watsonbuckle.co.uk MGI Worldwide is a network of independent audit, tax, accounting and consulting firms. MGI Worldwide does not provide any services and its member firms are not an international partnership. Each member firm is a separate entity and neither MGI Worldwide nor any member firm accepts responsibility for the activities, work, opinions or services of any other member firm. For more information visit www.mgiworld.com/legal.