Chgrity R¢gistratioii Niimber.. 2206¥0 Hoines alld cOmL111e$ Ag¢iicy Rcgistratioi) Nllber.. A401S0 The George Newton Trust Annual Report and FinL4ncial Stat¢m¥nts for the Yeor Ended 31 (kiober 2024
The George Newton Trust Contents (Continued) Ijoard Report I to2 li)dcpendent Auditoi's, R¢port 3to5 stateInlt of Comprehensiv¢ In¢ome Bal1¢t Sheet Casli Flow Statenient Statement of Chan8e5 in Reserves Notes to the Financial Stat¢tneAIIs IOtol4
The George Iyewlon Trust Board Report Ulie trhtslees present the al)nU repori together wit]i the fmaiici81 st@temeJit5 olthe Chariry for the yeAr ended 31 Oclober 2024. Structure? goverDAnce manAgement Tiiistcc% are appointed from within the local comjnunity. All new Trustees pi'ovided with charity Coimni55lOI) piiblication CC3 'The Essential Trustc¢- wh#t you Jieed to kllow, gnd CL 10 rhe Halimdrks of ali Effectivc Charity,. Ti'ustees are also givcD an introduLtion by existing In]s(ees to the specific rules relating to so¢ial houslllg along with an ovctwiew of the chority's opejylions. Thc Tn281ees remain comjnittcd to their aim of providing a hi st#ndard of acxoinmodation at an affordable weekly coutribution in 01.der to coinpctc with other s(xial housing providers. Truslee5 IIDd offlLer$ The Stee5 and officcrs.serYing dui'ing the year and since tl)¢ year end were as follows: Board.. K Parker A J Bradley D Am)wsmith F Hanson A Cathey R Grassckniiidt J Andertl Scnior Management l Leadership Tegln: C Sttxiion The'l'rustees of the Charity usually mcet at l¢ast twice 8 year. The Charily is th¢ owier of ei8ht bung&low$ ai Newton Close, Silsden. Obj¢ctlvts, #etlvltles and perform#nLe The Trnst is for the 'needy' of Silsden, and all trustees need to have a local k]Jowledgc of the arca. When a vacancy o¢cuIE for a Trnsiee, exi51ing Trusiees are askcd for suilable Siiggestions, and these are discuss¢dldiscardedlaccepted at TSlee meetin& tb¢n an approach is made to the per50n(5). We have had 4 meelillB5 this year. Two were in relation to completing the eompliant handlit]g eode annual submissio form and memb¢i% ljealth cheek re #lmshouses. The Chaityerson and Tnistees have remaiEied rhe 5am¢. The Twstees decided io in¢re&se the mauileiianc¢ ch8fBe this year. Geneiyl repairs have been Carried oul aciD55 the bungalows this year. All the biuigatows have beei) occupied agiti thi5 yeai. and the bank balance CltInueS to iinprove. Meetin85 have re¢oinineneed at the liome o£Mrs. CIyi5tine Stratton. l)age I
The George Newton Trust Board Report (contRnued) Publlc benellt The Trustees pay duc regards to th¢ Chariry Commission guidance on Ptiblic Benefit and believe ihal th¢ provision of SOC181 housing within the local coinmiwity Conf$ with this guidance. Finaneial revlew Tile Trust has spent £1.344 on repairs this yeor. The bal balances have incyeased by £16,302, and the Tnjstees feel that the Tivst is in a good position fwancially. The TiSteeS continue io build up the eharily's r¢serve5 as and when possible and uscs the routine maintenance for renewals and regular m8intenance. The surplus for the year was £13.215 (2023.. £8,141) and th¢ total resetves of thc Charity at 31 October 2024 were £260,706 (2023.. £247,491). Statement of Boards RespoDslblllilcs The Board is tegponsible foy preparing the Report and the fjnancial StateentS in accordanee with the epplic4)ble law and regulations. The Co-operaiive ConmLunity Benefit Societies Act 2014 and ttgist¢red social housing legislatioll require the BoaiQ tg pi'ep*)re fuiancial stalements for each funCIal ycar which give a ttve and fair view af the siaie of affairs of Uie associaiithi ld ol its 1cO]n¥ at)d expelldiiLtre for that period. In pi'eparin8 ihese fanCi siatements. the Board is required io: s¢l¢¢t SULtable acrountiug policies at]d then apply them conslstently. make judgements and es(irnates thal are itasonabl¢ and prudent; slate wbeiher i]ppliLable accounting standards have been followel siibject to any material deparlilres disclosed wid explained ui th¢ financiul stateEnents,' and prep the fmancial statements on thc going conc¢m basi$ Ullless it is illappropriate to pirsume that the association will coiitiniie in bu8in¢$5. -rhe Board is responsibl¢ for keeping prOr aecounling records that disclose with reasonablc ac¢ura¢y at any tiine the tiiian¢ial position of the 88sociaiion ond enable it lo ensur¢ that the linancial statements comply with Co-oper8tive ld Commiiiiity Benefit societic ALt 2014 the Housing and Reg¢iiei'atioii Act 2008 ld th¢ Accounting Directioii for private r¢gi.%tcrcd providers of social housii)g in England 2022. It lias general rcsponsibility fov taking reasonable steps to safeguard the a55ets of the a550ciaiion and to preveDI and det¢ct fraiid and odicr irregularities. The Board is responsible fth the InainteJ)an¢e ajid Ill(e.iÈY of the corpoi?ie and fu)ancial infonnalion ii)cluded on th¢ as%ociation's web8itc. Legislation in the United Kingdosn goven)in8 the preparatio ènd disseminalion of fjnaticial staiemeiiL8 Inay differ fi'oin legislaiion in other jitri5diLiions. The bo8rd responsible for the maijitenance Bnd integrity of ihe corporate and flnancial intormation included oil the Lharitable LvillpaJLy'S website. Legi$1gtioii governing the Preparation and dissemination ol Fmancial slatemellt5 iiiay dityer from le8islation ill other jiWLSdi¢tions. The SJu]ual report was approved by th¢ board of the 8ssOCi¥tioii oii..i./ti.12.%. and siwjed on irs beholf by.. J Anderio Trustee Page 2
The George Newton Trust Independent Auditor's Report to the IVIembers of The George Newton Trnst Oplnion Wc havc audited the financial %latements of The G¢oTge Ne0Th Trust Itlie 'a550ciatiott') for th¢ y¢ar ended 31 October 2024, whi¢h eoh)pYise the Stat¢mcnl of Comprehensive In¢ome, Balance Sheet, ]d Notes to the finaIicial Stateincnt8, in¢liiding a summary of significant accouniitig policie5. The IlIa1 rep0rllt fra]nework that has been applied in their prepai'atinn is applicable law and Unitcd Kingdom Accouiiling Siand&.ds, includyig Flliancial Reporting Stat)dard 102 l.'inancs81 Reporting Sland0 applicable in ihe UK and Republir of Ir¢land (Uiiiled Kinsdottj G¢ner811y AGrEp¢rd Accountiiig Practice). In our opinioii tlie FuTIcIa1 sia(eJnents'. Jive a Irue ld Idir view of the state of the a5soeiation's affairs as at 31 October 2024 glld of its incoming r¢souites and application of resources. including its income and expenditur¢. for the year then cnded- have been properly prepar¢d in Accordance with United Kingdom GeA)¢rplly Accepted Accouiitiiig Praclice. aiid have been piEpared in accoidanc¢ with the iYquiremvAlts of the Ch#rilies Act 2011, the Hoiising aiid Rcgct)eratioii Act 2008 and tbc AcLoimting Direction foi. private registered provider5 of social hO1lg in England 2019. Bosls for upillioll We condiicted our uudit in a¢cordoiice with biternalioiial Siandards 011 Auditing (UK) {ESAs (IJK)) and applicable law. Oiw irsponsibilities those standards are lui1her d¢seribed in tbe auditoi. respon55bilities for the audit of the r]nanciAI slaternents 5eLtithi of tsur rq)ort. We air itidependeiit of the asso¢iation it] accoixlance with the ethical requiremenis that aiE relevant to our audit of the fujaticial stat¢inents in the UK, including the FRC'S F.Ihical St8ndard. and we have fulfjlled our other ¢thical respu115ibilÉtiC5 in accordance with ihc5c requircmcnts. We beli¢ve that the audit evidence we have obiained As suificient and appropriate to provide a basis for our qualified opinion. Con¢lu$lon8 relatlllg to golng coDcer In auditin8 the financial statements we havc concluded that the bogrd's use of the going concern ba515 of accouiitillg in the pi'epai'ation of the financial staiements is appropriale. Based on the work we have perfomie(L we have not identificd ally material uncertainlie5 relating to ¢v¢nts or conditions that, individually or eolleciiyely, Jnay citsi significant doubt oll the as50biation's ability to t)tInUe a going concern for a pcriod of at Icast twelve months frotn when the oi'igllial f1claI stateiiiciits weir auihorised for issu¢. Our responsibilities aiid the responsibilities of the b(wd with YeS¢t to going concern are describcd in the relevant sectiOll5 of r¢pori. Otber Information The board is responsible for the other information. The other inforn]ation comprises thc infom)ation included in the u)ual report, other th9n the fancial statell)ents and our auditor's report thon. Our opinion on the flll81)ciuI sialements does not cov. (he oth¢r ijifonnation and, except to thc exicnt otherwis¢ cxplicitly stated in our report, we do nut express any fonn of as5ui*nce ¢onclusioii Ihaton. In co]llie¢tion with ow. audii ofthe finaneial statements, our r¢sponsibility is l(Tr read the other information all(L i]i doiiig so, coiisider wliether tlic oihei. inforniation is materially ijiconsistent with the fu)allcial statemenls or our kn)owlEd8¢ obtallieil in the aiidit oi. oilierwise appca15 10 be materially mi8Staied. If we idlI11Y suLh m#lerial inconsistaicies or appaiEnt material misst8lcincnlS, we are irqiiired io detern)iiie WIIeth. there is 4 In0terial iiii5slate]llent in the filncI&l $tatemeIits or a matcrial misstatement of the othei. infomiation. If, based on the work we have perfornied. we coiicliide that tliere is a illaterial mlsstateent of this oiher infoiThutioii, we are required its irport thai fact. We have notbing to report in this regard. Page 3
The George Newton Trust Independent Auditor's Report to the Members of The George Newton Trust (continued) Matter5 on whS¢h we are required to report by exccption We have nothing to repurt in itspect of the followujg Jnalte15 in relation lo which the Chai'itl¢s (Accoiuits 8nd RepDrt$) Regulaiions 2008 require us io report lo you if, in our opinion.. the infomiation given in the fUncl1 statements is inconsistei)t ill any material re8pect with the board repoit. or sufficient accounting l'e¢%15 h&ve not becn kept. or tlie fjngncial statanen15 not iji agreeineiit with the acLoiinlitig records; or we liaye not received all the llifoiinalioii and explaiiations w¢ require lor oiir audit. IJ) additioti, we have iiothing to report iii rcspect of the lollowing mattcr whcre ihc Housing and Regeneration Act 2008 14lltres us to report to you if, our opnion'. a satisfa¢tQry Sy51em of Control over transo¢tions ha5 nut been maintgined. Responslbllltlos of bo8rd As explained more lully in the Statement ot Responsibilities (set oiit on page 2), the board members (who gre also the truslees of the as50tistioii lor the purposes ol'charity law) ait respoijsible for the pirparation of ihe fini)ncig1 statetncnts nd for beillg salisfi¢d Uiat t]iey 8sve a tnie and fair view. and for such u)I.A81 control as the board dctemine is n¢¢¢ssaiy to etiable the prepardtiott of fJnan¢ial statements that are free from material mi58t8tement, whether due lo fraiid ot. eii'or. In preparing the flnancial statements. the boa1 is rc5ponsible for assessing the association's abi]ity to con¢inue as a goiiig ¢01)cci, disc105iliSJ a$ 4pplit4)ble, mattets relatcd io goyng concem and usillg the going ¢ooeern bBsis of occoiinting uiilcss the board either intcnd to liquidate the associolion or to L¢ase 0ratIO1)s, or hav¢ lio realistic olt¢rnative bul to do so. Auditor Re5ponslbllltles for the audit of tlie financlal statements Oiir objectives are to obtain reasoiiable a.ssurancc about whether the fmaiicial statement5 as d whole are fire froiii mat¢ri81 rnisstatement, whciher due to fi?ud or eor. and to issue an auditor's i'epoi* ihat includes oui. opillion. Rea%onable Assiirance ts a high level of a$8Urnt)cc, bui is noi a guarantee that wi aiidit conducted in uccordw)ce with ISAS (IJK) will always detect a material misstotcmcnt when it exists. Misstatements ¢gn arise from fraud or eii'or and are consideird niaÉcrial if, individually or in the aggrcgate, they could reasonably be expe¢t¢d io itttluaice t]ie econoini¢ decisions of users tak¢n on the basis of th&se fmanciol statanents. Irr¢gularili¥5, includllig fraud, gre ins1CeS of non-coinplignce with laws alld resulaliotts. We dcsigll piK)cediii'es in liiie with our responsibilities, Outliiied 8bove, lu detect malerial missid(e]nents itl Irspect of irregiilgrities, including fTaud. The extent io whiLh our procedures 8re capdble of deteclitig irtegularilies, including fraud ts detailed below.. lil plsnning and designing our Rudii les(4 we idenlify and assess Ihe ii5k5 of aterIal misstatement within the financial staiemenis, wheth. due io fixud or ern)r. Ollr sC5St¢t ol. Ihese ri8ks iocludes Consideration of the jian1 of thc iiidustsy and sector, Ihe colltsY)l enviroiuneiit aiid tlie bu5illess p¢rlonnan¢c aloiig with the resu115 of oui. enquiries of manayement, abou( Iheir own ideniifiLatioii and assesstnellt of Ihe risks of iiY¢gulai'ities. We also reqiiired to perfomi specific procedures to re$pond to the iisk of maiiagement oyert'ide. Following thxs &ssessmellt we collyidered the oppliltieS and incentives th#( Inay exist within the entity fol. fvaud 8nd identified the gre¥ies1 Frf)(ential for fiyud ill evaluating the tangible assets. We also obtained gn unikn.51andllig of the legal and regiilatory frajneworks that the eiitity opei'ates iii, thr()ugh di8CUSsions with inistees aiid olliei. man#gemeJTrl, 8iid oiw coii)InrrLial kiiowl¢dgc alld expcricilcc of the 8e¢tor iii which tlie eiitity operates, lo enable us lo Idlt1[Y ihe key laws and regulations applicable to the eiitity. We focitsed on spwifiL laws aiid I'egiilatioiis whicli we considered may have a dllrcl m8ta.ial effc¢t on the fit)ancial s18(emLnts oi. the operalioiis of ihe ei)tity, inclllding the FIou55ng and 1lcgeneratl] Act 2(108, taxation 1cgi81atioii, data protection, aiiti-bribery, thiviromnei)tal aDd liealil? aiid safety legislation. Page 4
The George Newton Trust Independent Auditor's Report to the Members of The George Newton Trust (¢onlinued} We then p.fOned aiidii procedures oller cousideygtion of the alx)ve ri8ks which incliided the followillg.. continnalioii of tlie existence of the pri)rKrties held. evaliiating thc appropriatenes8 ai)d consisiency orth¢ depteciation and arnoilisalion policies applied; enquiring of anagement ¢onCernIn actual and potential litigalion and clain)s' perfon]Jing ana1iCal prucedure% io ideiilify any iinusual or unexpccted relationships thai may indicaie risks of niuterial Iiiisstateinent due lo fLaUd; reviewing corrcspondence with 14MRC, 8nd the entily's legal adyisois. enquiring of management COnrning acttial and poteniial liligatioii and clai]ns' iyading minutes of meetings of those charged with 8oveniaiice' and in addressing (he risk uf fr8ud throiish managcmejit ovetTide of ¢ontr()1s. te51ing the appKopri*)leness of joiinial itries #nd ollier adjusimenl8, &ssessing whethcr the judgements made in making aLLounting estiii)ates are itidicative of a potential bias; and ewdliiating the bu5sne5s rationole af any significant trausaciiOi)s thal are unusual or outside the nonnal course of business. All engsgemcnt tean) members were infom]ed of the rel¢vont 12w5 and Irgulations and potential fi?Eid risks at the planniiig .%tage and reinindcd to irmain aleit to any indi¢a¢ions of fraud or iioll-compliance with laws and irgiilatlQll8 thmiighoiit the aiidit. Thc engagement partner ensured that th¢ engageineiit team collectively had the appropi'iate coinpctejice, capabilities oiid.%kills to identify such iiems. are inhernht limiiailons in our audit procedures described above. The more rernoved that laws aiid regulatians are fiM financial transactions, the less likely it is that we would beLome aware of noji-compliance. Auditing slaiidard% also limit thc aiidit procedurcs required to ideiitify null-compliiC¢ with laws and r¢ilationS to enquiry of thc IIiLEtee% and othcr magement and the inspectioii of regulatory #lid legal cotte$pldcnce, if ly. Matei'ial misstgtementy that arise due to fraud ¢gn horder ts) deteti th1 those that arise from error as they mgy involve deliberote conceaimellt or collusion. A fiwthei. description ol ow. re5poiisibilities is available on the rintclaI Reporting Council's website ar.. www.frc.org.uklauditoiwesponsibilities. Ihis description forn15 part of ow. auditor's itport. Use of repor¢ This report is Inade solely to tbe association board , a5 a body, iji a¢¢ordancc wilh Part 4 of the Charities {A¢¢oiinls and Reports) Regulaliuns 2008 and section 137 of the Hou5in8 and R¢gcncration Act 2008. Our Ltudii work has beell ILndertak¢ii su that we Inigbt state to tbe board those Matte w¢ are rcqusred to stste to thcm in an auditors, repoi'l )d foi. no other p09e. To th¢ fiillest exltnt pennitted by law, we do iiot accept or assume rcsponsibility io anyone oiher Iliall the associaiion at]d it5 boai'd as a body, foi. oiir audii work, foi. Ihis pOrt, or for ihe opinions we have foiined. Wat50n ljiickle Limited Ststuioiy Auditor & Cl)arleErd Accountants Iradrol Date.. .i..1.4.1..1.ts...... Page 5
The George Newton Trust Statement of Comprehensive Income for the Year Ended 31 Oetober 2024 (Including Income and Expenditure Account) 2024 2023 Note Turnover 28,524 27,760 Athniiiists?tive expendit¢ 18,893 (20,637) ()perating surplus Iiicoine fro] fixed asset investhients Inierest receivable and simila]. income MOvnlt5 in fair valiie of fJllan¢ial instru]nents 9,631 1.276 701 1,607 7,123 1,097 185 (264) 8.141 Surplus for tbe year 13,215 Total compreben51vt income for the year 13,215 8,141 All of the regislered social housing provid&s activitie5 derive from continuing operation% diiring the above two petiods. The notes oil page5 10 10 14 form an lllteg171 part of these Linan¢ial statements. Pose 6
The George Newton Trust BAlance Sheet as at 31 O¢tober 2024 2024 2023 Note Flxed absets langible assets b)vestmei)t5 255,277 25,995 264,170 23,112 281,272 287,282 Current #>ts Debtors Cash at bat]k and in hand 766 81,184 848 64,882 81,950 65.730 Creditors: Amounts falling due ithin one year io 16,453) 7,057 Net current assets 75,497 58.673 Total asyets loss eurrcnt Ilthbllltleg 356,769 345,955 Credlturs: Amuunts falling due after more than on¢ year 96,063 (98,464 247,491 Net 5ety 260,706 Reserves li)¢omc and expenditUTC reserve lJnre$ttllcted revaluation reserve 256,731 245,123 2,368 Total reserves 260,706 247,491 The fu)ancifjl slatements were 8pproved by the board and authorised for issue on.. 1.1.4.Is.. and signed on their behalf ILèea(Qrf K Parker 'rivst¢e deiloll Trustee The iiote5 on page$ 10 to 14 forni integral pari of these f]nan¢ial statements. Page I
The George Newtoll Trust Cash Flow Statement for the Year Ended 31 Octob¢r 2024 Reeonclllali(Trn of net movement ltt funds to net ¢a8b flow from operating aetlvltles 2024 2023 Net iiicome Investm)1 illcome Depi'eciation (Profit) Iloss oil revaluation gf red 8sset investments DreaslI¢reSe) in debtor$ Decrease in aEdi(ors 13,215 {1,977) 8,893 {1,607) 82 3,005) 8,141 (1,282) 8,893 264 (163) (2,649) 13,204 Net cosh inflow 15.601 Cash flow statement 2024 2023 N¢t e#sh inflow from operating actlVLties ReturDs Investments and servI¢lg of finance Inteirst i'eceived 15,601 13,204 1,977 1,282 Capltal expeDdlturt and finatselal Invo8tm¢nt PU8St of iangible fixed asse19 Tll$fer5 froD3 itiCOll)e (6,211) (1,097 7,3a8 (1,276) 1,276 IBcrea5e In ¢¥sh In the yeur R¢¢onLllS#tlon of net cash flow to movemeDt net fundg IneTease ill cash 16,302 7,178 16,302 7,178 Net tiuKis at l November 2023 57,704 Net fvnd% at 31 October 2024 81,184 64,882 All of the ¢ash flows ar¢ derived from conlinuing opejxiions during the above two p¢riods. The iioles on pages 10 to 14 foiTr an ii)tcgral part of fjnancial slatements. Page 8
The George Newton Trust Statement of Changes in Reserves is at 31 OeÉober 2024 Jncorne expenditur¢ Yes¢rve RevAluatlon reserve Total At l November 2022 245,123 11,608 2,368 247,491 11,608 1,607 13,215 260,706 Surylus for Ilie year Revaluatioii of investmcnts 1,607 1.607 Total Comprehensive income At 31 Octub¢r 2023 11,608 256,731 3,975 The note5 on pages 10 to 14 Ioiitt an integral of these fUnCIal statements. Pa8e 9
The George Newton Trust Notes to the Finan¢Ral Statements for the Year Ended 31 October 2024 l Aeethuntlng pnllcles Ctntr*l Informutlo The chty is a registered social h(Tru5iJl8 provider, registered iii England and Wales Registered cliai'ity iiumber.. 220680 14oines and ConimuiiiÉies Agen Re815tration Number. A4080 Basis of preparation and 5tatemenl of eompliance Th¢ f{11#1 slat¢m¢nis have been prepared in aLcordan¢e with applicable Aecoilntit standards includiJ?B binlli)¢i81 Reporting Siaiidard 102, the StalesThent of IleCoJnmlded Practice for Social Hoiising I'roviders 2018, aiid with the AccoiinillW Direction for private reyisiered proyiders of social housing in L,iigland 2022. 'lkne fthanclal 5latthn¢iits ar¢ also prepared under the requiren]ents uf the Housing and RegJ¢llei'#tion A¢t 2008. The flliancial state¢ts have beell prepared on a going concern basls under the historical cost conventioii, modified to include Clali ilein5 at fair value. The registered social housffing piDvider constitutcs a public benefit elltity as dered by FR%IO2. The Cliarily's fwiLtional and pre5eniatioii ¢uiYency is p¢)uiids st¢rlitig. The si8nifica]il accountins polibies applied the preparalioii ol. these finan¢ial 8tatem¢nts &iE set Ollt bclow. These poli¢ies lidve been cunsistElltly applied to all years WEseiited Trll)le5s oth1¥1$¢ stated. Going concern The board consider that there are no rnaterial uDcertAinties gbout the association's ability to ¢Ontin1 as 9 80iJI8 concern. Turnover Tuilliovei. represents reiital ioco]ne receivable in the ye. net of service charge losses from void& and irvenue grants frojn gOVerMeI (local authorilies). The regi51ered social housing provider catyies the fancial risk on 'operty man8ged by a8enlS, therefore All the income end expenditLwe arising from the property is incliidEd the statemth)t of wmpreheiisive iiicome. Social Hou51ng Grant The soci81110118ing Granl (SHCJ) was uiilised to reduce the capital costs of housing Properties. The SHG is recognised in income on a sy8tcm8tic basis over the expected iiselul econolliic life of tbe pyoperties. Government grants Government giBnts are rccogjiised based on the ac¢tual model ojid gre [nea$ed 21 the fair value of tli¢ asset irceived oi. r¢¢esv8ble. Gronts 8re clgssifjcd as relg1in8 either lo revelliie or to assets. relatin8 to ttveniie Are i'ecowiised ui inconic over the period in which the related costs are recognised. Grants relatuig to assets are reco8lli5ed ovei. the exp¢ctcd useful life of the asset. Where port ol d gTalll I'elalill8 lo all assel is deferred, it IS IEco8n&sed as deterred Page 10
The George Newton Trust Notes lo the Financlal Statements for the Year Ended 31 October 2024 (continued) Taniible fix¢d assets Tangible red d55eis (including sucial housing properties) are stated at ¢ost or deetned cost less occumiilatcd depreciation and mcLiilItsttd impellt losses. Cost includes cosls directly attributable to making ihe asscl Capable of operdting as inlend¢d SULh as ihe cost of #Lquiring Iwid atid biiildinss. developments costs, interest charges on loan$ durins the development periud alld expettditure oil unproveinents. Exp¢tsditt)re on improvetiieJit5 will only b¢ apilali5¢d wheli it resu1i5 in Incr¥(1 fuiiiiy bulerls such as incrca5LDg rcntal income, reducin8 maintrrtartr¢ costs or resiilillig in a significant extension (Ifthe u$¢ful economic lite of the PrortY. Depreciation is provided on iangible fjxed 95s¢15 SO MS to write olr the cost or valualion, less any estijnatcd i'esidual value, over their cxpecled iisefiil economic life os follows- Asset cl#y5 Depreelatlon method and rate Roofs 50 years Dours and window5 30 y¢ars KilcheJ15 20 years Baihrooin 25 years Boilers 15 years FItriCAl and heating itistallations 25 year5 Major components of housing prapertie5 have been accounted for aiid dcpreciated separately from d)e conllected hO[lD8 propeity, over their ¢xp¢cted useful cconomic livcs. 'The ¢05ts of rcplacing these ci)mponents ore capitalÉsed in full. 'fhe costs of partially replacÉng or repairing these ¢omponenis are Charged to the ¢ompreh¢D5ive income. Investments Lnve.sttnents are reeognised initially at fair value which is nthrnally the trans&¢lion priee excludiiw ttansaclioii costs. Siib%equently, they ate measured at fall. valu¢ through the siatement of comprehensive illLome if the sliares are Pilblicly trad¢d or their fair Vali can otlierwisc bc ine&sured reliably. Oth¢r investrnents. #re measured at cost l¢ss impall'illeni. Governance eosts GOvmanCe costs include the audit of the fJn8ncial sthtements. Taxatlon The re8Ésicred social housing provider is considered to pS the (esis set oul iii Paragrapb I Schedule 6 01 the Fuiajice Act 2010 8nd th¢refoir it mect8 the def]niiion of a ¢ll.11able Lvmpany for UK Lorporatioii lax piwposes. Accorduigly, the Charity is potential]y exempt fi'am laxation in iTspe¢l ol ijicoiiie or Lapital gaitis received within categories ¢uvered by Chaptcr 3 Part I l of the Corporation Tax Act 2010 or Seclion 256 of the Taxation of Chorgeable Gall)s Act 1992, to the extent that such income or gain5 aTe applied exclu5iYely to rharitabl¢ purposes. Debtors l)¢btor5 are recognised initially Whe (hey become du¢ at the trans#¢lion price, less provision (or imp#irment. A provision for the impallin¢nl of dcbtOTS is established wlien there is objective evidellce that the associalion will not be able to collect all aniounts Ilu¢ aLLording to t])e oi'iélllial lemts tsfthe receivables. Casli c#sh equlvalents Co%h #nd cash equivale]it8 comprise cash on band and Cdll deposits, other short-tenn highly liqiiid iiivestments that t readily conva1ible lo a known gmount of cah and are subject to Sll ills1}ifiCit risk of thajige in vallle. Trade credllors Creditoi% al'e obligations to pay for goo(Ls and services that have been acquired by the association. Creditors are re¢ogiii8cd at (he Iransaction price. Pagell
The George Newton Trust Notes to the Financiydl Statemenls for the Year Ended 31 October 2024 (continued) Flnanelal instruments 'rhe cli'1ty oi)ly hkL% f4claI assets and finw)cial liabilities ora kind that qualify as basic fmiancial inslrumcnt5. Ila8ie riiian¢i41 iiistruments are initially recogllised at IransaLlion valu¢ subsequ¢ntly measured at th¢ir settlement value. 2 Social houslng turDDYer and e05ts 2024 2023 Turnover Reiit5 re¢eiYable 26,123 25,359 Amorli&ed governent granls Turnov¢r from soelal hou5iDg Itttin88 2,401 28,524 27,760 Admlnl8trY4tive expendlture Mana8cmcn( Seivice charge costs Routine iiialntcn2ee D¢preciation of liousing properties oiher ¢osts (5,806) (2,469) {1,344) (8,893) 381 (4,778) {3,936) 12,607) (8,893) 423 (18,893) 120,637 Operatlng $urplus ott soclal housing letting$ Void losses 9,631 7,123 488 3 Governonce eosts Total 2024 Total 2023 Extern81 auditoys remuncration., The audit of the clwiws gnnual accounts 1,650 1,494 4 Accommod#tlon owned #nd In managemeDt Number of unlts a5at Number of unlL 88at l November 2023 31 Octhber 2024 Hol]ng #¢commod8tlOll 5 Surplus ordinary aetlvltlcs15 Stated alter eh8rgingl{eredi¢lng): 2Q24 2023 DepreLiation of housill8 propcrties for lettig AmlIsatIon ot'BovemI2]iI grants 8,893 2,401 8,893 Page l2
The George Newton Trust Notes to the Financial Statements for the Year Ended 31 October 2024 (eontlnued) 6 Tangible fixed a#stts Houslng propertle5 for letting Total Cost At l Novenibcr 2023 327,902 327,902 At 31 October 2024 327 902 327,902 Deprecla¢lon At l November 2023 Charge for the ycar 63,732 8,893 63,732 8,893 At 31 October 2024 72,625 72.625 Net bo(bk value At 31 Octob. 2024 255,277 255,277 At 3l October 2023 264,170 264,170 7 Board and key management persollllel remuncrntlon and ¢xpense8 No board oi. k¢y managcment pe(lne1 received nor waived any reniuneralion or reitnbur5ed expenses dn8 the current or prviow ye. 8 Flxed aet Énve5tments 2024 2023 Other iiiveslments 25,995 23,112 Other Invtents Ltyted inve5tmeRt5 Total Valuatlo At l November 2023 Revaliiation AdditiOll5 23,112 1,607 1,276 23,112 1,607 1,276 At 31 October 2024 25,995 25,995 Carrying amount At 31 O¢tobcr 2024 25,995 25,995 At 31 O¢tob¢i' 2023 23,112 23,112 The fair valiie of listed invesrments is detemiined by reference to the quoted pri for identical assets ll) an active niarkct at the balance sheot date. l.listori¢al ¢asLs of invesirnellts are £22.020 (2023= £20,744). Page 13
The George Newton Trust Notes to the Financial Statemenls for the Year Ended 31 October 2024 {conÉRnued) 9 Debtors 2024 2023 Prepay]neJits Otlier debtors 766 802 46 766 848 111 Credltors: amounts f#lllnR due wlthln one ye&r 2024 2023 Trade creditors WMC paid in advance Grants Accruals 936 1,764 2,401 1,956 2,072 2,401 1,980 7,057 11 Credltors: amounts falllng due after one yea 2024 2023 C7rants 96,063 98,464 The 81.auts are repayable if the properties are sold. Social Housing Grant totalling £120,073 h&$ been r¢c¢ived. Thi5 will be repoid if the properties are sold. The Social FIou5ing Grant is bein8 recognised in in¢ome ¢)n o systemali¢ basis ovei. the expe¢ted useful lifc ol the strlletttre {50 yew's)- 12 Ru¢rves a) lllcome expelldlture reserve The Inclle alld expeiiditure reserve represent5 the Cumulative surplus and deficits net of other odjustmtnts. b) RevAluatAoD reserve The revaluation reserve represents the ¢umulate eff¢¢t of r¢valllatioiis of the fixed as5¢ts inve5tment5. 13 Rel#ted party trawactlou$ During the yeor the a5s0cialion made the followi1 Telated party transactions: R CTfo¥sLhmld¢ {Trustee) R GroSschldl was paid £420 (2023 - £302} for window cleaning services during the yegr. At th¢ balance sheei dale the amount due iolfrom R GrossLh]nidt £Nil {2023 - £Nil). Page 14