REGISTERED CHARITY NUMBER: 220843 Unaudltad Flnanclal St•teM￿ for th• Yoar Ended 5 April 2023 W H Hlrnt D•ceas•d Tru•t M8lkY O￿and LLP Chartered A¢o)untsnts Hine Housg 25 Regent Street Nottingham NG1 5BS YI H Hlrnt l)eceawd Trust Contents of the Flnanclal Statement• for th• Y￿r Ended 5 •N>ril 2023 1 to 3 Independent Ex•mln•rf• R•port Balanc• She•t 6 to 7 Notes to the Fln•ndal Stat• 8 to 14 15 TnMt••s' Report for tho Y•v Endod 5 *•ri12023 The truglees pregenl thdr report with the financw slatements of the eharfty for the year ended 5 Apnl 2023. The trustees have 0￿pIed ihe proVisK￿S ol Accounting and Re￿￿'ng by CharitM". Statement of Recommended Practu apthble to ch8rtUes weparfng their accounts in a￿Ordan￿ with the F￿￿￿jaI Rrfthng Standard awliozble in UK and Repubiic of Ir01and {FRS 102) leffecli¥t 1 January 2019). OBJECTIVES AND ACTNMES Hl¥tory. obhctlves and activlties By hi5 Wlll dated 19 January 1944. Wllllarn Henry Hirsi left the residue of his estate for the acquisition of land and 8r8ctKJn thereon of Almshouses. and the provlsion of a fvnd for their ongoing maintenance. Subsequenuy land was pwchased at Hir5t CreswiL Wo118kn. Nottingham. whwe AlfftsPK)U8es have tJU1￿ in Ihe form flats and LwroJalM. During 2003 the Trust awuired propety and in￿$1m￿￿ kty)wn as Wilknughby Almshousés Cossall. in the Borough of 8roxt(Ywa. Nottingh8rnshire. be￿ formerty owned by ihe Willou9hby AEmshouses, charity number 214252. These were sokl during 2017 and the proc88d5 invested. The Trust is a registered charity. number 220843. kno￿￿ as ts Charity of William Henry Hltst. and is a registered sc¢lal larm11￿d wilh Regulator of SOC4￿ HrAWry {￿rnber A1328) under the name William Henry Hirst Memorid Homes. The prtmary purFose of the Trust is to manage and maintain Ihe properties and ensure that the residents of the Almshouses enjoy a high quality of Itfe during ihelr retsrement. The Almshouses a￿ allocat￿ to potential residents at ￿ dIThti￿ of the Ifustees as they see r M•nagoment and govornanc¢ orrang•m•nts A list of Twstees. logelher with other relevanl wJanlsation8 is gr¥en on page 2. The prirripal a*Jdress is ￿ sam8 as that of the sol￿tiN$. Trustees are appointtsy in a¢tordanc8 with Cla￿ 17 of the said Wlll of the late William Henry Hirst. The Trustees carry out an annual review of risks lo the charity. The main risks. Nthich relate to the mynagement of the Investrnenls, have been mitigated by professi￿al advice arKI a diversir portfolio. V•lue for mon•y In order to ensure that the Trusiees obtain good value for nKThy, any major renovation Works and projects undergo a tender process. All moinlenance requests from resldents are assessed and dealt wlth In accordance wth their perceived level of urgency in order lo ensure that funds are expEnded wisety throughout ￿T. The Trustees. logether V•ith their approved maintenanc8 contractors Visit the site regufarly to Ihe PffjFerties and identfy any maintenanc8 requir￿1. Forn￿1 inspections by qualified surveyors atso take place on a ￿riOdi¢ basls. The TrusteM revi8W the maintenance contrit￿1￿￿ &ch ￿ar. In order to ensure that the Charitvs irwrne keep5 pace WFlh the rdte of inflation of o)sts. ￿thift the limits ifflpK￿d by the RBgulatotrs guidelines. The Value for Money Standard and arthmpanysng Code of Practi￿ issued by the Regulator of Social Housing in 2018. intrcKluced a requir8ment all swal housing pmviders to pu￿ detsils of perfomiance u$irwJ a Blandard set of mottK¥ and Ihese afv detailed in Note 4. for th• Y￿1 Ended 5 Aprll 2023 ACHIEVEMENT AND PERFORMANCE hievements and p•rforman The Trustees have rEferred to the Charity Commission's General Guidance on Public Benefit, when reviewng Ihelr aims and obj'ectives in planning future aclswb'es. taking into account any specific pknned xtvibes. The Charitys purp09es as set above are to provKle and mainlaln the Almshouses al Hirst Crescent, Wollalon, Nottsngham. The sate proceeds of the Wiuoughby Almshouseg were reslricled. in Ofder that those funds may be used to wrchase further Amshouses or upgrade those it glready owns. To date the fvrKls have been used io upjrade the Amshouses already owned. FINANCIAL REVIEW Investment poli¢y and owothv The Trustees have pows to inbEst in suth stry￿s. shares and inve5trwnts as they thlnk fit and have engaged Brewn Dolphin as investrnent managers. The poliry is io adopt a medium rlsk investment strategy bgsed on maximisirvJ Incorrn. Separate In¥wlment wrfollos are maint8ined for the restrict8d ond unfeslrlcted funds. t)uring the year tho lotal invesiment Ino)me wa8 £10,337 (2022 £9,265). RMer¥os poIIcy The Trustees have examined Ihe Ch8ritfs requirnment tr Teeepm. kn Ihe light of Wts'al rlsks. As a result they have establlshed a pollcy Such that th8 Cl*r4ty aims to IM￿d sUffiC￿nt unreslri¢led and unin¥esled funds to IX>V8r up to 8ix M(￿thS of ￿01r￿j exp8nditiAre. STRUCTURE, GOVERNANCE MANAGEMENT Governlng document The charity is ￿ntrOlled by the tfft of the trust, 8nd an UnI￿rated charty. R￿rUftrnent and appolntmont of trustO•8 The Charity is governed by Trustees 85 required by teffl￿ of Ihe trust. Tr Trus* pro￿de their service8 on a ¥duntary ba*. When there is a requirement io fecruli new Trustees this is by applicallon from Ihctrge expresslng an interest. gNing details of their ￿$0￿s. skilb and exp8￿(% Candidates are InteN8wed by the 8￿Sting tnJstee5 and rf appropri* are applynied. REFERENCE AND ADMINISTRATIVE DEfAILS Roglstered Charlty number 220843 Prfndp•l addre Pennine House 8 Stanford Street Nottingham NG17BQ Tvu8t• S C Anelay M M Jenkinson P M Wheeler J E C Gregory (ap￿rnted 27.7.22) C J Straw (appoutted 27.7.22) Page 2 for tha Y••r Endod 5 Awll 2023 REFERENCE AND ADMINISTrATIVE DETAILS Independent Examiner D L C8ine FCCA CTA ACA Mellor Oxland LLP Chartered Accojntants Hine House 25 Regent Street Nollingham NG15BS Sollcltorn Nelsons Pennine Ho 8 Stanford Str88t Nottingham NG1 7BQ Bankern Lloyds Bank 12-16 Lower Parliament Street Nottlngham NG1 3DA 14th Dewnber 2023 Approved by order of the board of truste8s on ............. behalf by.. . and sign8d on its S C Anelay- Trustee In(hpend•nt ExamIn￿* R•port to th• Tnwteès ol W H Hlrnt O•C￿l•d Tn*t Indepen￿nt •xarnlnrf• r•port lo th• truBlw• of W H Hlr•t D•¢••••d Trust I report lo Ihe th8rity Irt￿ on my examinaticm of the acc￿nts of W H Hir8t Deceased Tru8t (Ihe Trnst) for year ended 5 April 2023. RMpon•lbllltléi and bas1• of report AB the tharity trustees ol the Trust am responsiblè for the preparakn of the accounlg in accordance with t￿ requirements of the Charities Art 2011 rthe kv). I report In respect ol my oxamlnalkn of Trust's aco)unts carrfwj (#rt under S8ction 145 of the Act and In rArrying out my examinatton I hav6 follcM*d all appltcable DireclKms given by the Charlty Comfflission urKJér Section 145(SXb) of the Act. Indopondent OX4mln•f• •tat•m•nt I have com ￿eted my examinaticm. I conllmi that no materfal mattèrn have c(Mne lo my atten￿on in conne¢lion with the examlnath)n gllryng mg causa to txlleve thal in any malerlal respect.. a¢countkng re(xirds not k•pt In ra¥F￿1 crf Tnjst aj req￿r•d by Sactlon 130 of tho Act.. or the accounts do not accord *ith Ihose records; or the s￿oUn￿ do ftot compty wlth applicabl• r￿Ul18m•nI8 (1￿cernIng the lom and conlenl of acciyjnts set oul In lh8 charit1￿ (A￿vnI8 and Ropc*ts) Regulations 2008 Ot￿r than any requirement th81 the accounts give a trw arttl falr whlch is rK*t a matter consldered as part of an Independenl examlnation. I h8ve no C%N￿M8 and have o)me no other mattors in connection with the oxamlnatbn lo Ich allentlon should be drawn In this rewt In wlor to onablg a propgr underntandlng of tho D L Calne FCCA CTA ACA Mollor Oxland LLP Chartered Attounlaftls Hlne Housa 25 Regent Street Nollingham NG15BS Pago 4 W H Hirnt IY•co•••d Tnmt for the Y•w End•d 5 *•rt12023 2022 Total funds 85 restsled Total funits fvnds furMI INCOIAE AND ENDOWMENTS FIrf>M Charltable aGtlvlll Hir5t Almshouses 60,782 59,242 Investment income 4.758 5.579 10,337 9.265 65.540 5,579 71.119 68.507 EXpEND￿uRE ON Ch¥ritabh adlvltles Hirst Amshouses 55,456 2.514 51.970 58,428 5.742 5.742 2.828 Total 61,198 2.514 63,712 61,254 Net galnsl(losses) on in￿StMents (13.361> {18.078) (31,4391 9.555 NET INCOMEIIEXPENDrruRE) (9.019) {15.013) (24.032) 16,808 RECONCILIATION OF FUNDS Total funds brought lopKard 248.070 293,392 541.462 524,654 TOTAL FUNDS C*JiRIED FORWARD 239.051 278,379 517,430 541,462 The rrtx￿ ftym pfirt of these IlnafKi81 slatanents W H Hlrnt D•¢•Mod Trnst 5 Aprll 2023 2023 2022 as restated FIXED A8SErs Tangible assels Investments 49.193 445.086 52.019 476.21)0 494.279 528,219 CURRENT ASSErs Debtors Cash at bank 11,679 47,788 20,424 31,972 59.467 52,396 CREDITORS Amounts falling the *itlun ono (2,916) {3,843) 56.551 TOTAL ASSETS L&88 CURREKr UABILITIES 550.830 576,772 CREDITORS Amounts falling due after mcn on 10 (33.400) (35,310) NET ASSErs 517.430 $41.462 The n(rt85 fom part of these fin8ncial ststem8nts Pagè 6 conllnued... W H HiY•t D•c••god Tru¥1 5 Awll 2023 FUNDS Unrestricted furKIs Restricted funds 12 239,051 278,379 248.070 293.392 TOTAL FUNDS 517.430 $41,462 The flnancial staleffents were 8PPfoved ty Ihe BoaFd ￿ Trustees arxl auth(Ylsed for iSSL40 on 14U).P&R¢Enb*i.lQ2I............... and wwe signed on Its behalf by: S C Anelay- Tri stee M M Jenki on . Trustee W H Hlr8t Do￿al•d Tiu•t Ilot•s lo th• Flnancl•l Statom•nt• for th• Ya•r Ended 5 Aprll 2023 AccoupmNG POLICIES Ba8ls of proparfng the finandal statem•nts The finan¢ial statements of the charity. which is a public benefft entity uthr FRS 102, have been ￿Pared in acc(Kdonce with the Chwities SORP (FRS 1021 'Accounting and Reporting by Charitw: Statement of Recommended Practi￿ appliCa￿e to charities preparing their accounts in accordan￿ with the Fina￿al Reporting Standard appllcable in tre UK and Republ¢¢ ol Ireland {FRS 102} leffectNe 1 January 20191.. Finan(id Reporting Stsnoard 102 The Financial ReFM)rting Slandard applThble in the UK and Reputitc of Irelanrj, and the Charities kl 2011. The finarrial statements have been prepared under Ihe historical cost convention, ¥￿th the exwitK)n of inveslments wh1(* ar8 induded at market value, as modFfied by the reValUa￿n of ¢￿tsin assets. The Trust is a public b￿efft enllty as defined by FRS 102 and has therefrye aFpFled the relevant paragraphs of the Stsndard in preparing its financial statements. There are no matsrid un(*inties aboul th8 olarili8s abllty to Ixmrtinue. Income l ino)mts is rerA)gnisad In Ihe Statement of Financlal AdNiknes On￿ Ihe charlty has entitlement to the funds, it b Probab￿ that the Income ￿11 be received and the amount can b8 measured reliably. Expondltur• Liabiltiies are reo)gni5ed as 8xper￿￿ure as soon as Ihere is a *al or ry)nstru¢llve obligatlon cornmitling the charity to that expenditure. it is probable that a transler of economlc benefits will be required in settlement ar￿ the amounl of obligation be mea8urwJ reliably. Expendlture is accounted for on an a￿u91S basis arKJ has been dassifled under headings that aggregate all wst related to the category. Where (xMts canrK)t be direcly attributed to particular headings, they been alkJc81ed to Kbvibes on a basis c¥xt$istent with the use Tanglblo flx•d amets Depreciation is provided al the folltrwirvJ annual rates kn order to ￿lIe off each asset over ils estimated useful life. Flxtures and fittirrtJs . kn acri12023 nor for tho year ended 5 April 2022. ntinued... W H Hlrnt DOC￿80d Trust lor the Y•ar Ended S Aprfl 2023 PRIOR YEAR ADJUSTMEKr Correlknns been m*Je to 2022 for the Ir￿¢*[eC¢ splii of restr¢tsd and Unrestrt￿ed funds. VALUE FOR MONEY IAEfR The Value for Money Standard and acccmpanjing Code of Practkn is$￿1 by the Regulator of Social Housing in April 2018 intrcxluwj a requirement for all social housing providers to publish details of ptrlorn￿n￿ using a slandard set of metrics. and to indude these In their Statutory atxounts. The tnjstees have c4)nsidered the requirernents therein and as the charity qual[r￿ as a small pmvrder, hav8 rdevant guidanca. The metrics which they are requirod to report are as folIcy￿. Metrlc 1 . Reinv8Stmenl 0% (2022.0%) Metric 2a - Supply {Social HousiFVJ Unlts) ￿(2022.. 0%) Melrlc 2b- Nwl Supply (Non-stsial HOU￿ Units) IYA12022: 0%) Metric 3 - Gearing-3.99%12022.'_2.37%1 Metrlc 4 - EBITOA MRI Inte￿$1 Cover NIA Metric 5 - Headlin8 Sooal Housing Cost per unit £2,59612022".£2.6361 Metric 6a- Operating Margin (Social Htsjsing Letknngs> 2.05% (2022:3.39%) Metric 6b- Operating Margin (Owall) 7.73%12022:7.8%) tric 7 . Relum on Capital Employed 1.06% (2022:0.93%) TANGIBLE FIXED A8SETS Fixlures and fittlngs Freelx>ld Totals COST At 6 ￿"12022 and S Aryil 20fJ 141.308 80,389 201,697 DEPRECIATION Al 6 April 2022 Charge for year 89.289 60,389 149.678 2,826 At 5 April 2023 92.115 152,504 NET BOOK VALUE At 5 April 2023 49.193 49,193 At 5 April 2022 52.019 52,019 Page 10 Ix)ntinued... W H Hlrsl D•c•a•ed Tru•t for thg Y•ar Endod S Wil 2023 FIXED ASSET INVESTIIEIITS Listed Investment MARKET VALUE At 6 April 2022 Additr.￿S Disposals RevaluatK>ns Movement in (xsh fur 476.200 64,543 (57,752) (34.798> (3,107) At S Aprfl 2023 445.086 NEf 800K VALUE At S April 2023 445,086 At 5 Aprfl 2022 476,21)0 There werè no Investsnenl assets outside the UK. Investrnenls are revalued annually based on inf0M￿tion provided by the p￿1[0110 managers, B￿￿n Dolphin. The cost of investrnents bef￿ revduation is £412.94712022 £409.262). The value noted above indudes ￿$h of £13.117 (2022 £16,223). DEBTORS: AMOUNTS FALUNG DUE wmiiN ONE YEAR 2023 2022 as restated Trade debtors Other debtors Prepayments and awued income 663 19,001 760 10,868 811 11.679 20,424 Page11 continued... W H Hlrnt Doc•a¥od Tnmt for the Y￿r Ended 5 April 2023 CREDrroRS: Amoupifs F*LUNG DUE wrrHIN ONE YEAR 2023 2022 as restated 2.916 3,843 10. CREDITOR8: AMOUNTS FALUNG DUE ￿ MORE THAN ONE YEAR 2023 2022 as r8Stated 33,4(K) 35.310 11. ANALYSIS OF NEf ASSEf8 BETWEEN FUNDS 2023 20f2 8$ restated Total funds furKJ Fixed assets Invesknents Cuffent assets Current liabilities Long lerrn h'abllilies 49,193 49.193 52.019 175.451 269,635 445.1)86 476,200 50.723 8.744 59,467 52,396 {2.916) (2,916} {33,4￿> (3.843) {33,400) (35.310) 239.051 278.379 517.430 541.462 12. MOVEhlENT IN FUNOS Net rnovemenl in funds Al 6.4.22 5.4.23 Unr•strfthd fund• Capital & Accumulated Fund DeS￿nated Devek)kwnent FurKI Cydical Maintenance Fund Extraorfinary Repairs F￿ 199.357 23,241 15.621 9.851 (2.309) 197.048 23,241 8,911 9.851 (6.710) 248,070 (9,019) 239,051 Capital & AcrJJmu*ted Fu￿1 (15.013) 278,379 TOTAL FUNDS 541.462 {24,032) 517.430 Page 12 Illnu&J... W H Hlrst Decoa•ed T￿￿t for th• Ymr End•d 5 WI 2023 11 MOVEMENT IN FUNDS - eonllnued Net m0￿ment In funds. included in thè St￿0 are as Idl(￿". Incoming Resources Gains and Movement In fuDds Unrestrieted funds Capital & Accumulated Fund Cycltcal MaIntena￿e Fund (54.488) (13,361) (6,710) (2,309) {6.7101 (61,198) (13.361) {9.019) Restrictsd funds cw.tsl & AcoJmulated Fund 5.579 (2,514) 118.078) (15.013) TOTAL FUNDS 71.119 (63.712) (31.439) (24,032) Comwrallves for movwnent In funds movement In funds At 6.4.21 5.4.22 UnreStrIct￿ funds Capllal & Accumulated Fund DeS￿nat￿ Development Fund Cydical maintenan￿ Fund Extraordinary Repairs Fund 188.878 23.241 15.621 9.851 10.479 199,357 23,241 15.621 9.851 237.591 10.479 248,070 Rostrfcted fundg Capital & Accumulated Fund 287.(￿3 6.329 293.3g2 TOTAL FUNDS 524,654 16.808 541.462 Page 13 L¥￿11nUed... W H Hlr•t D•c••8•d TTU•t for tha Y￿r End•d 5 Aprfl 2023 12. IAOVEMENT IN FUNDS - c4bntlnu Comparali4• rnt mownerrt in lurmls. 1fid￿ in the 8bM wo as follo￿. Incomlno R8s(wrc8s Gains and Movement re8ouic•• expended los￿ In lund8 Unrn8trlct•d fund• Capit81 & Accumulalod Furrfl 63,649 (58.479) 10,479 R•strlct•d funds ca￿tal & ACC￿MU1￿10d Fund (2,T15) 4.246 6.329 TOTAL FUNDS 88,507 (61.254) 9,555 18,808 13. RELATED PARTY D&8CLOSURE8 Thgre ￿re no r818ted porty trangactth• for thg yo•r endod 5 ￿112023. Pag8 14 W H Hlr•t lkna•ed TnAt Detallod StJtemont ol Flnancl41 Actlvlll•• for th• Y•ar Endèd 5 P4>rll 2023 2023 as restated INCOIAE AND ENDOWMENTS Inv•slm•nt Incom• Investmenl income- diwde Deposit account interest Investmenl Income - Interest 6.405 67 3.865 5.881 10,337 Charltablo acllvlti WMC income 59,242 Total Incomlng resources 71.119 68,507 EXPENDrruRE Char5tabk act5v1t￿8 Property expenses Insurance Management charges Amortisalton ol grant 29,71e 1.943 28.221 {1,910) .860 1.967 28,860 (1.910) 57.970 55,777 other DeprecIati￿ of tangible fixed assets 2,826 Support costs Governance costs Awuntancy and kgal fees 2.916 2.651 Total resources expended 63.712 81,254 Not In¢ofn• b•lorv ylns and lo•s•• 7.407 7.253 Realised re¢ognlsed gains and l(¥s8 Realised gainslltosses) on fixed asset investrnents 3,030 N81 Incom• 10.766 10.283 Page 15