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2024-03-31-accounts

Wakefield Charities’ Homes TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2024

AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES

The Charity’s objectives are the relief of poverty by the provision of housing accommodation and to provide relief to persons in the Wakefield area in need, hardship or distress.

This is achieved through the provision of 31 Almshouses. These properties provide good quality accommodation at an affordable price to those in financial need who have a strong and continuing connection with Wakefield. Residents must be over the age of 50 years, with a preference for those over 55 years old.

The Charity also manages a relief in need scheme that offers vouchers, or as a last resort, grants, to residents of Wakefield who have either applied directly for need or who have been referred for support.

The Trustee ensures that through a managed programme of repair and refurbishment all properties conform to the Decent Homes Standard.

Vacancies are kept to a minimum to ensure that public benefit can be maximised. Though some planned vacancies are required at times to undertake significant refurbishment works.

Residents pay an annual maintenance charge to occupy the property. Maintenance charges are kept at a level sufficient to meet annual overheads but do not allow for the cost of significant structural repairs and maintenance to the almshouses buildings, all of which are listed and are over 50 years old. These costs are met from the investment income of the Charity.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

During the year, there has been good occupancy rates across the portfolio of properties. Unplanned vacancies are minimal as the Charity operates a waiting list for available properties. During the last quarter of the year, refurbishment of the four George Street properties commenced and was part complete at the year-end. Work includes structural repairs, stone work and roofing repairs, insulation, heating, glazing and security improvements and a full internal refurbishment including new kitchens and bathrooms. The properties have been vacant during these refurbishment works. The refurbishment is due to finish in Summer 2024 when the properties will be re-let. These significant works have secured the properties for the long term and the improvements made will be a significant benefit for residents.

A programme of both planned and responsive maintenance has been undertaken in the year across the portfolio of properties. Maintenance costs are the highest area of cost for the Charity.

Trustees ensure that reputable suppliers who can demonstrate good value for money are utilised. Trustees are also aware of the vulnerability of some of our residents and so ensure that appropriate measures are in place to manage suppliers undertaking work in our properties.

Employees of Wakefield Grammar School Foundation manage the day to day operations of the Charity. This includes being a point of contact for residents and management of the estate. Whilst our properties are not supported accommodation, we are aware of the needs of residents and signpost to and liaise with support services if needed.

INVESTMENT POWERS AND POLICY PERFORMANCE

The Governors are permitted to invest available funds at their absolute discretion. The Governors delegate the management of the Foundation’s investments on a discretionary basis to Julius Bär International Ltd who provide regular reports to the Foundation’s Investment Committee, and report in person every other quarter. Their reports include performance comparison and sector bench-marking. The Committee has set out its

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Wakefield Charities’ Homes INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF WAKEFIELD CHARITIES’ HOMES FOR THE YEAR ENDED 31 MARCH 2024

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustee’s Responsibilities Statement set out on page 9, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustee, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

Further the charity is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements; through a significant fine, litigation or restrictions on the charity’s operations. We identified the most significant laws and regulations

11

25 September 2024

WakefieldCharities9 WakefieldCharities9 Homes Homes Homes
INCOMEANDEXPENDITURE ACCOUNT
Fortheyearended31March2024
Not
ores		 Unrestricted
funds		 Endowed
funds		 Restricted
funds		 Totalfunds
2024		 Totalfunds
2023
£ £ £ £ £
Incomefrom:
Charitableactivities 1 88,659 4 - 88,659 93,550
Investments 2 26,132 - 174 26,306 18,699
OtherIncome 2,500 4 - 2,500 3,370
Totalincomingresources 117,291 - 174 117,465 115,619
Expenditureon:
Raisingfunds 3 8,130 - 4 8,130 6,823
Charitableactivities 4 194,212 = = 194,212 146,598
202,342 ee = 202,342 153,421
Net(outgoing)incomingfunds from (85,051) 4 174 (84,877) (37,802)
operationsbeforeinvestmentgains
Unrealisedgains/(losses)on 10 99,500 6,505 208 106,213 (38,795)
investments
Realised(losses)ondisposals (16,291) - - (16,291) (4,730)
Netmovementinfunds (1,842) 6,505 382 5,045 (81,327)
Reconciliationoffunds:
Fundbalancesbroughtforward
at
1April2023		 2,150,964 53,554 5,846 2,210,364 2,291,691
Fundbalancescarriedforward 2,149,122 60,059 6,228 2,215,409 2,210,364
at31March2024 15,16,17
ApprovedandauthorisedforissuebytheTrusteeon6 September2024 andsigned on itsbehalfby:
MrM Shevill MrS Butterworth
ChairofGovernors Governor
Mdevl!
13
WakefieldCharities9Homes
BALANCESHEET
31March2024
Notes 2024 2023
£ £
FIXEDASSETS
Tangibleassets 1,219,844 1,075,492
InvestmentProperties 80,000 80,000
Investments 10 982,942 934,132
TOTALFIXEDASSETS 2,282,786 2,089,624
CURRENTASSETS
Debtors 11 16,408 7,159
Cashatbankandinhand 12 287,451 235,101
303,859 242,260
CREDITORS:Amountsfallingduewithinoneyear 13 (371,236) (121,520)
NETCURRENT(LIABILITIES)/ASSETS (67,377) 120,740
TOTALASSETSLESSCURRENTLIABILITIES 2,215,409 2,210,364
CAPITALANDRESERVES
Restrictedreserve 15 6,228 5,846
Endowedfunds 16 60,059 53,554
Designatedreserves 17 156,109 169,035
Revenuereserve 17 1,993,013 1,981,929
2,215,409 2,210,364

WakefieldCharities9Homes WakefieldCharities9Homes
NOTESTOTHEFINANCIALSTATEMENTS
For theyearended31March2024
1 INCOMEFROMCHARITABLEACTIVITIES 2024 2023
£ £
Incomefromsocialhousinglettings 88,659 93,550
2 INVESTMENTINCOME 2024 2023
£ £
Grossinvestmentincome 25,066 16,735
Bankinterestreceivable 1,240 1,964
26,306 18,699
3. EXPENDITUREONRAISINGFUNDS 2024 2023
£ £
Investmentmanagementfees 8,130 6,823
WakefieldCharities9Homes WakefieldCharities9Homes WakefieldCharities9Homes WakefieldCharities9Homes
NOTESTOTHEFINANCIALSTATEMENTS
Fortheyearended31March 2024
ComparativefiguresforYear Ending31 March2023:
Provisionofsocialhousing Grants & Total Total
donations
2023		 2022
Manage Repairs & Other
ment Services maintenance
£ £ £ £ £ £ £
Estatescosts
Repairsandmaintenance - - 35,870 - = 35,870
24,585
Servicecontractsand 4 27,833 4 - 27,833
26,615
communalfacilities
Fuelcharges - 8,757 - ~ - 8,757
11,288
Insurance = 3,956 4 4 _ 3,956
2,332
Depreciation 4 34,096 ~ 4 - 34,096
34,148
Watercharges ~ 3,873 = = - 3,873
5,550
Propertycharges - 590 - = a 590
456
Auditandaccountancy 3,660 _ _ 4 - 3,660
3,912
Adiministrativeexpenses 21,043 4 - - 4 21,043
9,029
Subscriptions
Legalandprofessional
Bankinterestandcharges		 2,465
-
303		 =
-
-		 =
-
-		 -
4
-		 -
4
-		 2,465
_
303
2,956

7,331

66

Christmasgifts 4 ~ 4 - 1,050 1,050
930
BadDebts 901 - - - = 901 -
Other ~ - - 2,201 ~ 2,201
1,917
28,372 79,105 35,870 2,201 1,050 146,598
131,115
TheHomescomprise17dwellingsatHorneStreet, 4 dwellingsatHolmfieldAvenue, 6 dwellingsat Westfield
Roadand4 dwellingsatGeorgeStreet,allwithin the Cityof Wakefield.
Allgrantsanddonationswere madeto beneficiaries inthefurtheranceoftheCharity9s objectives.
19
WakefieldCharities9Homes WakefieldCharities9Homes
NOTESTOTHEFINANCIALSTATEMENTS
FOR THEYEARENDED31MARCH2024
£
INVESTMENTPROPERTIES
Valuation
At31March2023and31March2024 80,000
Netbookvalue
At31March2023and31March2024 80,000
Investmentpropertiesrepresenta parcelofland heldonWestfieldRoadwhichisrentedoutbythe
Charity.Thelandwasvaluedat£80,000in2016 byHodsons EstateAgents Ltd.TheTrusteebelieves
thattherehasbeennosignificantchangeinthe valueof the landat31 March2024andthereforethe
valueremainsunchangedinthesefinancialstatements.
10 FIXEDASSETSINVESTMENTS
Unrestricted Restricted Endowed Total
Listedinvestmentsatmarketvalue £ £ £ £
At
1April2023		 876,213 4,691 53,228 934,132
Additions 132,741 4 _ 132,741
Disposals (190,144) 4 4 (190,144)
(Decrease)/increaseinmarketvaluein 99,500 208 6,505 106,213
year
At31March2024 918,310 4,899 59,733 982,942
Thehistoricalcostoflistedinvestmentsis£716,828(2023:£751,282).
AnalysisofInvestments
Unrestricted
Restricted		 Endowed Total
£ £ £ £
Governmentstock 101,338 = = 101,338
Charitydeposits 236,298 4,899 59,733 300,930
Listedinvestments 580,674 = _ 580,674
918,310 4,899 59,733 982,942

Wakefield Charities’ Homes NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Comparative figures for Year Ending 31 March 2023:

Designated Funds
Extra-ordinary repairs
Cyclical maintenance
Relief in need reserve
Designated Funds
General fund
Revaluation reserve		 Balance31
March
2022
£
73,163
55,330
14,161
142,654
1,777,318
311,963
2,231,935		 Incoming
resources
Resources
expended
Investment
gains
£
£
£
666
(1,760)
–
546
(7,042)
–
–
–
–
1,212
(8,802)
–
114,062
(144,619)
–
–
–
(42,824)
115,274
(153,421)
(42,824)		 Transfers
£
13,911
18,060
2,000
33,971
(33,971)
–
–		 Balance31
March 2023
£
85,980
66,894
16,161
169,035
1,712,790
269,139
2,150,964

Designated Funds are held for the following purposes:

Extra-ordinary repairs fund – to allow for future extra-ordinary repair, improvement and rebuilding of the homes. During the year under review an amount of £44,118 - all being components capitalised as assets and shown in note 9 – was transferred out of this fund and into the General Fund (less a transfer into the Fund of £30,000).

Cyclical maintenance fund – to provide for those items of ordinary maintenance and repair of the homes of the Charity which recur at infrequent intervals. During the year, £30,809 - all being components capitalised as assets and shown in note 9 – was transferred out of this fund and into the General Fund (less a transfer into the Fund of £30,000).

The Trustee has considered future major expenditure on the almshouse buildings as well as the costs of the planned continuous programme of refurbishment and redecoration, and an appropriate amount has been transferred from Revenue Reserves to the Extra-ordinary Repairs Fund or the Cyclical Maintenance Fund to allow for this expenditure.

Relief in need reserve – funds designated for the relief either generally or individually of persons resident in the district of Wakefield who are in conditions of need, hardship or distress. The transfer from Revenue Reserves is set slightly above the minimum level as required under the Charity’s Scheme of Management.

Revaluation reserve – funds representing the unrealised gains on unrestricted investment assets (combined with the general reserve in 2024).

26

WakefieldCharities9Homes WakefieldCharities9Homes WakefieldCharities9Homes
NOTESTOTHEFINANCIALSTATEMENTS
FOR THEYEARENDED31MARCH2024
20 COMPARATIVEFIGURESBY FUND TYPE
Yearended31March2023
Unrestricted Endowed Restricted Totalfunds
funds funds funds 2023
£ £ £ £
Incomefrom:
Charitableactivities 93,550 - 4 93,550
Investments 18,354 195 150 18,699
OtherIncome 3,370 - - 3,370
Totalincomingresources 115,274 195 150 115,619
Expenditureon:
Raisingfunds
Charitableactivities 6,823 4 - 6,823
146,598 - _ 146,598
153,421 - 4 153,421
Netincomingfundsfrom (38,147) 195 150 (37,802)
operationsbeforeinvestment
gains
Unrealised(losses)/gainson (38,094) (285) (416) (38,795)
investments
Realised(losses)/gainson (4,730) - (4,730)
disposals
Netmovementinfunds (80,971) (90) (266) (81,327)
Reconciliationoffunds:
FundBalancesbroughtforwardat
1April2022 2,231,935 53,644 6,112 2,291,691
__ Fundbalancescarriedforward = So OC
at31March2023 2,150,964 53,554 5,846 2,210,364