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2025-03-31-accounts

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Homes and Communities Agency Number A2920 Registered Charity Number 221005

Wakefield Charities’ Homes

STATUTORY FINANCIAL STATEMENTS

for the year ended 31 March 2025

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Homes and Communities Agency Number A2920 Registered Charity Number 221005

Wakefield Charities’ Homes

FULL DETAILED FINANCIAL STATEMENTS

for the year ended 31 March 2025

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Wakefield Charities’ Homes TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustee presents its annual report for the year ended 31 March 2025 under the Charities Act 2011, together with the audited financial statements for the year, and confirm that the latter comply with the requirements of the Act, the Trust Deed and Reporting by Charities: Statement of Recommended Practice 2019 applicable to charities preparing their accounts in accordance with the Financial Report Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

REFERENCE & ADMINISTRATIVE INFORMATION

Wakefield Charities' Homes (the Charity) was incorporated on 21 February 1989 under a revised single Scheme of Management which combined the charities of Major Barker Homes, in the Ecclesiastical Parishes of Thornes and Christ Church, Wakefield, regulated by a Scheme of the Charity Commissioners of 12 October 1961 and Consolidated Charities, in the former County Borough of Wakefield, regulated by a Scheme of the Charity Commissioners of 6 September 1961, and as amended on 15 March 2016 following a merger with Dr Crowther’s Almshouse Charity. Wakefield Charities’ Homes is a registered charity No. 221005 and a registered social landlord No. A2920.

The Charity’s principal address is: Governors’ Office, Green House, 158 Northgate, Wakefield, WF1 3UF.

GOVERNORS

The Trustee of Wakefield Charities’ Homes is Wakefield Grammar School Foundation. The Governors of Wakefield Grammar School Foundation as at the year-end and subsequently are:

Mr M Shevill (Chair of Governors)

Mrs A Ali Mr S Butterworth Mrs F Galbraith Revd K Goldsmith Mrs C Harrison Mr J Jeffries Mr J Lewis Mr I A McKinlay Mrs K Morgan Mrs P Plumpton

OFFICERS AND KEY MANAGEMENT PERSONNEL Company Secretary:

Mrs J Cocker

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Wakefield Charities’ Homes TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2025

ADDRESSES Address of Charity: Wakefield Charities' Homes Governors’ Office Green House 158 Northgate Wakefield WF1 3UF Address of Homes run by the Charity: Horne Street Wakefield WF2 8EA Holmfield Avenue Wakefield WF2 7AF Westfield Road Wakefield WF1 3RB George Street Wakefield, WF1 1NE PROFESSIONAL ADVISERS Bankers: Barclays Bank plc Trinity Walk Shopping Centre Teall Way Wakefield WF1 1QS Auditors: Saffery LLP 10 Wellington Place Leeds LS1 4AP Solicitors: Newtons Solicitors Unit 8, Calder Close Wakefield WF4 3BA Investment Managers: Julius Bär International Ltd The Platform New Station Street Leeds, LS1 4JB

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Wakefield Charities’ Homes TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

GOVERNING DOCUMENT

The Charity is governed by the provisions of the Trust Deed, which was last amended on 15 March 2016 following the merger of the charity with Dr Crowther’s Almshouse Charity.

GOVERNING BODY

Wakefield Grammar School Foundation (the Foundation) is the Corporate Trustee of the Charity. The governance of the Charity is delegated to the Board of Governors at the Foundation. Governors are elected at a meeting of the Board of Governors to ensure, through careful selection, that the Board comprises Governors with appropriate skills, experience and the dedication necessary for the operation of a charity. The Board currently consists of eleven Governors. Governors normally serve a four year term of office with a maximum of three terms permitted.

TRUSTEE TRAINING

New Governors are inducted into the operation of the Charity, including its Policies and Procedures, and appropriate trustee training is organised for all Governors.

ORGANISATIONAL MANAGEMENT

The Governors meet as a Board a minimum of three times a year to determine and review the general strategy of the Charity and to review its overall management and control, for which they are legally responsible. The day-to-day running of the Charity is delegated to the Director of Finance & Operations, supported by the Foundation’s Estates and Administration departments.

ORGANISATIONAL STRUCTURE AND RELATIONSHIPS

The Charity manages 31 dwellings, 17 at Horne Street, 4 at Holmfield Avenue, 6 Almshouses at Westfield Road and 4 Almshouses at George Street, all within the City of Wakefield.

Under the terms of the revised Scheme, Wakefield Charities' Homes are administered by the Governors of Wakefield Grammar School Foundation. A management fee is paid to this body for the provision of management and estates services.

RISK MANAGEMENT

Trustees examine the principal areas of the Charity’s operations and consider the major risks faced in each of these areas. Risks are rated according to severity and probability.

The principal risks facing the charity are:

In the opinion of the Trustee, the Charity has put in place policies and procedures, and has reviewed systems which, under normal conditions, will allow these risks to be managed at an acceptable level in the day-today operations of the Charity.

These measures include maintaining a funded reserve for extraordinary repair, undertaking appropriate surveys and property checks, and undertaking a regular programme of maintenance and repair.

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Wakefield Charities’ Homes TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2025

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 based on affordable rental values. Service Charges should meet the day to day operating costs of the charity but income from service charges 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 year, refurbishment of the four George Street properties was completed. Work included structural repairs, stone work and roofing repairs, insulation, heating, glazing and security improvements and a full internal refurbishment including new kitchens and bathrooms. Following completion, the properties have been relet. 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 Finance 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 TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2025

investment principles, the specific long-term objectives of which are the achievement of a balance of income and growth with annual total returns at least matching the performance of the FTSE WMA index.

The Charity’s investment portfolio benefitted from market gains of £16,409 (gain of 1.7%). Excluding the COIF shares held, investment gains were slightly higher at 3.8% (after allowing for net disposals of £501,292). During the year, the charity withdrew £400,000 from the investment portfolio to fund the refurbishment project at George Street. This resulted in an overall decrease in the value from £982,942 to £633,195. The COIF shares decreased by 9.4% from £265,058 to £255,314.

Given the medium risk profile which has been adopted and the portfolio’s long term track record, Governors are satisfied with the return for the year under review. However, Governors continue to explore all investment options available, with a view to obtaining the best returns within the Charity’s investment principles.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Income

Total income for the year was £107,092 (2024: £117,465). Of this £90,323 (2024: £88,659) is derived from income from the letting of the Almshouses. Charges made to residents were not changed in the year; the increase in income relates solely to the level of vacancies as the refurbishment project of the four George Street properties completed in the year and new residents moved into the homes.

Expenditure

Total expenditure relating to charitable activities for the year was £196,937 (2024: £194,212). Of this £148,641 related to estates costs (2024: £147,278). £34,631 (2024: £29,734) was expended on management including the cost of services supplied by the Foundation.

The net outgoing funds before investment gains/losses for the year were £92,796 (2024 outgoing: £84,877). Including investment gains/losses, the net movements in funds was a deficit of £98,861 (2024: surplus of £5,045). The Trustee considers this to be a satisfactory result for the year given the focus on refurbishing and maintaining a number of the properties. A return to a positive net current assets position is a positive reflection on cash and creditor management. Residents’ service charges have been reviewed and increased from April 2025 to reflect the improved accommodation at George Street and higher operating costs.

The net movement in unrestricted funds after investment gains was a deficit of £98,016, resulting in a decrease to unrestricted funds from £2,149,122 to £2,051,106. The Trustees are satisfied that reserves remain appropriate and sufficient to cover future costs.

Value for Money

Wakefield Charities Homes assesses how it is achieving value for money in delivering its purpose and objectives, in accordance with the regulator’s standard on value for money. This means managing resources economically, efficiently and effectively to provide quality services and homes. The trustees review target rents, investment performance, expenses and the charity’s resources while seeking to achieve decent homes standards and maintain the level of service expected by residents.

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Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2025

Value for Money Metrics

Wakefield Charities Homes is a small provider for the purposes of disclosure of Value for Money Metrics.

----- Start of picture text -----
2025 2024 2023
Reinvestment % 19.33% 19.94% 5.94%
New supply delivered 0% 0% 0%
Gearing 4.10% 4.38% 14.55%
EBITDA MRI Interest cover n/a n/a n/a
Headline Social Housing Cost per unit £13,396 £12,072 £5,633
Operating Margin – Social Housing -118.0% -119.1% -56.7%
only
Operating Margin Overall -86.7% -72.3% -32.7%
Return on Capital Employed -4.67% 0.23% -3.68%
----- End of picture text -----

The reinvestment metric reflects the recent investment in the George Street properties. The gearing metric reflects the careful management of cash and creditor balances and the absence of financial loans. This also contributes to low gearing and to the not applicable response to the EBITDA MRI interest cover metric. The return on capital employed metric reflects the deficit for the year.

RESERVES POLICY

The Trustee has reviewed the Charity’s reserve policy and it has been agreed that the Charity should aspire to retain a sum of approximately £200,000 to allow for future unforeseen events. The adequacy of reserves is kept under regular review and is amended to reflect changing circumstance.

The Charity’s total reserves of £2,116,548 at the year-end included £6,570 restricted funds, £58,872 endowed funds and £2,051,106 unrestricted funds. £1,481,187 of this represented the net book value of fixed assets, £207,758 are reserves designated for particular purposes, and £259,508 represents the value of a Social Housing Grant (repayable under certain circumstances) which leaves free reserves, excluding designated reserves, of £102,652 available at 31 March 2025 (2024: £433,661). Free reserves including designated funds are £310,410 (2024: £589,770). The Trustee is comfortable with the current level of reserves held.

PUBLIC BENEFIT

Wakefield Charities’ Homes is a charity whose primary objective is to provide good quality accommodation at an affordable price to those in financial need who have a connection with the City of Wakefield. A further objective is to provide relief, either generally or individually, to persons resident in Wakefield, including residents in the homes of the Charity, who are in conditions of need, hardship or distress, by making grants of money, or providing or paying for items, services or facilities, calculated to reduce the need, hardship or distress of such persons. When planning our activities for the year the Charity has considered the Charity Commission’s guidance on public benefit.

Residents for the Charity’s homes must be over 50 years old and have financial need. Vacancies arising in the homes are extensively advertised in the Wakefield area and prospective tenants attend an interview with the Homes’ Manager to determine their suitability and circumstances. Applicants are required to fill out a statement of their financial resources, including salary, pensions and social security benefits, and must, if not already resident in the locality, give details of their connection to the City of Wakefield.

Maintenance charges during 2024/25 ranged from £46.00 per week for a single flat in George Street to £81.94 per week, including water rates and certain energy costs, for a three bedroomed flat in Horne Street.

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Wakefield Charities’ Homes TRUSTEE’S REPORT FOR THE YEAR ENDED 31 MARCH 2025

The maintenance charges are set at a level sufficient to meet annual overheads but not the cost of significant structural repairs or maintenance which are met out of the investment income of the Charity. The charges were unchanged from 2022/23. Charges were increased in April 2025.

To maintain and improve the quality of its homes, the Charity operates a planned continuous programme of refurbishment and redecoration for its occupied homes and, when vacancies arise, takes the opportunity to carry out similar non-scheduled improvements as required. The common areas of the homes at Horne Street, its paths and staircases are kept clean by a contract cleaning company. In addition, residents are encouraged to report all necessary repairs to the Trustee.

Another aspect of the Charity’s public benefit policy is the provision of an annual sum up to £2,000 in total for the relief in need for residents of Wakefield. In addition to “Christmas Gifts” of £35 each to the homes’ residents (31 March 2024: £35 each), grants are made as a “last resort”, and anonymously as far as the beneficiaries are concerned, upon request from other charitable or public bodies such as the Citizens Advice Bureau or Wakefield Metropolitan District Council, where no other resources are available to individuals in severe financial need. To ensure that the grants are used for the purpose intended they are made in the form of shop gift vouchers or a cheque made payable to a reputable household supplier such as Argos or B&Q.

FUTURE PLANS

Our key objectives for the future are to ensure full occupancy of the Almshouses and to ensure an operating model and investment plan that provides long term sustainability for the Almshouses.

The Governors gratefully acknowledge the work of the administrative and estates staff of Wakefield Grammar School Foundation based at 158 Northgate. This enables the Governors to continue to fulfil the aims and objects of Wakefield Charities’ Homes, as they were envisaged by their founders, William Horne, Major Barker and Dr Caleb Crowther so long ago.

AUDITORS

Saffery LLP have expressed their willingness to continue in office as auditors for the next financial year.

STATEMENT OF DISCLOSURE TO THE AUDITOR

So far as the Governors are aware, there is no relevant audit information of which the charity’s auditors are unaware. Additionally, the Governors have taken all the necessary steps that they ought to have taken as Governors in order to make themselves aware of all relevant audit information and to establish that the charity's auditors are aware of that information.

Approved by the Trustee on

26 September 2025

And signed on its behalf by

Mrs J Cocker Company Secretary

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Wakefield Charities’ Homes

STATEMENT OF TRUSTEE’S RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025

The Trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, applicable accounting regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee is responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Trustee on

Mr M Shevill Chair of Governors

Mr S Butterworth Governor

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Wakefield Charities’ Homes

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF WAKEFIELD CHARITIES’ HOMES

FOR THE YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Wakefield Charities Homes for the year ended 31 March 2025 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

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Wakefield Charities’ Homes INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF WAKEFIELD CHARITIES’ HOMES FOR THE YEAR ENDED 31 MARCH 2025

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 the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or

Responsibilities of trustee

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

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Wakefield Charities’ Homes INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF WAKEFIELD CHARITIES’ HOMES FOR THE YEAR ENDED 31 MARCH 2025

to be Building and fire safety regulations, including the Housing Act 2004 (Housing Health and Safety Rating System) and the Regulatory Reform (Fire Safety) Order 2005.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP 10 Wellington Place Leeds LS1 4AP

Chartered Accountants Statutory Auditors Date:

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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Wakefield Charities’ Homes INCOME AND EXPENDITURE ACCOUNT For the year ended 31 March 2025

Notes
Unrestricted
funds
£

Income from:
Charitable activities
1
90,323
Investments
2
14,054
Other Income
2,500
Total incoming resources
106,877
Expenditure on:
Raising funds
3
2,951
Charitable activities
4
196,937
199,888
Net (outgoing)/ incoming funds from
operations before investment gains
(93,011)
Unrealised (losses)/gains on
investments
10
(58,129)
Realised gains/(losses) on
disposals
61,874
Revaluation of land
9
(8,750)
Net movement in funds
(98,016)
Reconciliation of funds:
Fund balances brought forward
at 1 April 2024
2,149,122
Fund balances carried forward
2,051,106
at 31 March 202515,16,17		 Endowed
funds
£
Restricted
funds
£
Total funds
2025
£
Total funds
2024
£
–
–
90,323
88,659
–
215
14,269
26,306
–
–
2,500
2,500
–
215
107,092
117,465
–
–
2,951
8,130
–
–
196,937
194,212
–
–
199,888
202,342
–
215
(92,796)
(84,877)
(1,187)
127
(59,189)
106,213
–
–
61,874
(16,291)
–
–
(8,750)
–
(1,187)
342
(98,861)
5,045
60,059
6,228
2,215,409
2,210,364
58,872
6,570
2,116,548
2,215,409

Approved and authorised for issue by the Trustee on and signed on its behalf by:

Mr M Shevill Chair of Governors

Mr S Butterworth Governor

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Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes BALANCE SHEET 31 March 2025

Notes
FIXED ASSETS
Tangible assets
9
Investment Properties
9
Investments
10
TOTAL FIXED ASSETS
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
12
CREDITORS: Amounts falling due within one year
13
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
CAPITAL AND RESERVES
Restricted reserve
15
Endowed funds
16
Designated reserves
17
Revenue reserve
17		 2025
£
2024
£
1,409,937
1,219,844
71,250
80,000
633,196
982,942
2,114,383
2,282,786
12,713
16,408
248,751
287,451
261,464
303,859
(259,299)
(371,236)
2,165
(67,377)
2,116,548
2,215,409
6,570
6,228
58,872
60,059
207,759
156,109
1,843,347
1,993,013
2,116,548
2,215,409

Approved and authorised for issue by the Trustee on and signed on its behalf by:

Mr M Shevill Chair of Governors

Mr S Butterworth Governor

14

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes ACCOUNTING POLICIES For the year ended 31 March 2025

BASIS OF ACCOUNTING

These financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments and investment properties, in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Wakefield Charities’ Homes meets the definition of a public benefit entity under FRS 102.

GOING CONCERN

The financial statements have been prepared on a going concern basis. The Trustee has carried out a detailed review of the Charity's resources including the adequacy of working capital for the next twelve months. The Trustee is satisfied that the Charity has sufficient cash flows and available investments to meet its liabilities as they fall due for at least one year from the date of approval of these financial statements.

INCOME

Income represents maintenance contributions and service charges receivable net of losses arising from vacancies. Credit is taken for rental income as it falls due.

EXPENDITURE

Expenditure is accrued as soon as a liability is considered probable. Irrecoverable VAT is included with the item of expenditure to which it relates.

DEPRECIATION

Major components are treated as separable assets and depreciation is provided to write off the cost of all relevant tangible fixed assets, less estimated residual value, over their expected useful economic lives or the lives of the structure to which they are related, if shorter, at the following annual rates:

Structure - 50 years Roofs - 50 years Heating system - 25 years Fire Alarms - 25 years Kitchens - 12 years Bathrooms - 15 years Air Conditioning - 15 years Windows and doors - 10 years

INVESTMENTS

General investments are stated at market value.

Investments held for the provision for extraordinary repairs consist of COIF income shares which are stated at market value at the balance sheet date.

Investment income is recognised on an accruals basis.

15

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 2025

CYCLICAL MAINTENANCE FUND

The cyclical maintenance fund recognises the Charity’s obligations to maintain its properties in accordance with the planned programme of works.

EXTRAORDINARY REPAIR FUND

The purpose of the extraordinary repair fund is to allow for the future extraordinary repair, improvement and rebuilding of the homes.

RELIEF IN NEED RESERVE

As provided in the revised scheme of Management dated 21 February 1989, after the proper discharge of the Charities' commitments, the Governors shall apply the income of the Charity to the relief of need of residents in the district of Wakefield.

RESTRICTED FUND

The restricted fund – Mrs Porter’s – is designed to make grants in the order of £200 per year to poor persons recovering from illness or accident.

ENDOWED FUND

This fund was bequeathed by Dr Caleb Crowther in 1838 for the founding of Almshouses for Dissenters from the Church of England.

KEY ACCOUNTING ESTIMATES

The key area of accounting estimation and judgement relates to the valuation of the properties.

16

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

1 INCOME FROM CHARITABLE ACTIVITIES
Income from social housing lettings
2
INVESTMENT INCOME
Gross investment income
Bank interest receivable
3
EXPENDITURE ON RAISING FUNDS
Investment management fees		 2025
£
90,323
2025
£

10,384
3,885
14,269
2025
£
2,951		 2024
£
88,659
2024
£
25,066
1,240
26,306
2024
£
8,130

17

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

4 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Provision of social housing
Management
Services
Repairs &
maintenance
£
£
£
Estates costs
Repairs and
maintenance
–
–
51,917
Service contracts and
communal facilities
–
10,057
–
Fuel charges
–
19,174
–
Insurance
–
4,395
–
Depreciation
–
56,635
–
Water charges
–
3,703
–
Property charges
–
433
–
Audit and accountancy
4,695
–
–
Administrative
expenses
29,101
–
–
Subscriptions
3,574
–
–
Bank interest and
charges
206
–
–
Christmas gifts
–
–
–
Bad Debts
629
–
–
Relief in need
expenditure
–
–
–
Other
–
–
–
38,205
94,397
51,917		 Grants &
donations
Other
£
£
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,120
–
–
–
225
11,073
–
11,073
1,345		 Total
2025
£
51,917
10,057
19,174
4,395
56,635
3,703
433
4,695
29,101
3,574
206
1,120
629
225
11,073
196,937		 Total
2024
£
63,958
29,196
11,091
4,341
33,181
5,112
399
2,625
22,974
3,082
225
1,085
828
–
16,115
194,212

18

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

Comparative figures for Year Ending 31 March 2024:

Estates costs
Repairs and maintenance
Service contracts and
communal facilities
Fuel charges
Insurance
Depreciation
Water charges
Property charges
Audit and accountancy
Administrative expenses
Subscriptions
Bank interest and charges
Christmas gifts
Bad Debts
Other		 Provision of social housing
Manage
ment
Services
Repairs &
maintenance
£
£
£
–
–
63,958
–
29,196
–
–
11,091
–
–
4,341
–
–
33,181
–
–
5,112
–
–
399
–
2,625
–
–
22,974
–
–
3,082
–
–
225
–
–
–
–
–
828
–
–
–
–
–
29,734
83,320
63,958


 Other
£
–
–
–
–
–
–
–
–
–
–
–
–
–
16,115
16,115
 Grants &
donations
£
–
–
–
–
–
–
–
–
–
–
–
1,085
–
–
1,085
 Total
2024
£
63,958
29,196
11,091
4,341
33,181
5,112
399
2,625
22,974
3,082
225
1,085
828
16,115
194,212
 Total
2023
£
35,870
27,833
8,757
3,956
34,096
3,873
590
3,660
21,043
2,465
303
1,050
901
2,201
146,598

The Homes comprise 17 dwellings at Horne Street, 4 dwellings at Holmfield Avenue, 6 dwellings at Westfield Road and 4 dwellings at George Street, all within the City of Wakefield.

All grants and donations were made to beneficiaries in the furtherance of the Charity’s objectives.

19

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Governance costs included in other operating expenses:-
Audit fees
5
NET INCOME FOR THE YEAR
The surplus for the year is stated after charging:
Depreciation on tangible fixed assets
Auditors’ remuneration		 2025
£
4,695
4,695
2025
£
56,635
4,695		 2024
£
2,625
2,625
2024
£
33,181
2,625

There were no employees in the current or prior year.

The Governors received no emoluments in the year (2024: Nil).

None of the Trustees (or any persons connected with them) received any remuneration during the year. Travel and subsistence expenses amounting to £Nil were reimbursed to the Trustees (2024: £Nil). The Trustees did not provide any donated services during the year (2024: £Nil).

8 TAXATION

Wakefield Charities' Homes is a registered charity and is exempt from any liability to taxation on its charitable income and capital gains.

20

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9 FIXED ASSETS – FREEHOLD HOUSING PROPERTIES

Freehold Fixtures & Total
properties fittings
£ £ £
Cost
At 1 April 2024 1,592,125 13,966 1,606,091
Additions 218,336 28,392 246,728
_ _ _
At 31 March 2025 1,810,461 42,358 1,852,819
Accumulated depreciation
At 1 April 2024 386,247 – 386,247
Charge for the year 52,431 4,204 56,635
Disposals – – –
_ _ _
At 31 March 2025 438,678 4,204 442,882
Net book values
At 31 March 2025 1,371,783 38,154 1,409,937
At 31 March 2024 1,205,878 13,966 1,219,844

At 31 March 2025 the charity owned and managed 31 units (2024: 31 units) of housing accommodation.

At 31 March 2025, the fixed assets included £Nil (2024: £171,903) assets under construction in relation to the George Street refurbishment. The project completed in October 2025 and was depreciated in the year (2024: £Nil).

EXPENDITURE ON WORKS TO EXISTING PROPERTIES


Components capitalised
Amounts charged to the income and expenditure account		 2025
£

218,336
54,244
272,580		 2024
£
180,005
63,252
243,257

21

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

INVESTMENT PROPERTIES
Valuation
At 31 March 2024
Revaluation loss
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 £
80,000
(8,750)
71,250
71,250
80,000

Investment properties represent a parcel of land held on Westfield Road which is rented out by the Charity. The land was revalued during the year at £71,250 by Holroyd Miller Estates Agents Ltd. A valuation loss of £8,750 has been recognised in the financial statements in the year (2024: £Nil).

10 FIXED ASSETS INVESTMENTS

FIXED ASSETS INVESTMENTS
Unrestricted
Restricted
Listed investments at market value
£
£
At 1 April 2024
918,310
4,899
Additions
135,137
–
Disposals
(101,292)
–
Withdrawal
(400,000)
Realised gain on disposals
61,874
–
Unrealised loss on held investments
(44,405)
127
At 31 March 2025
569,624
5,026		 Endowed
£
59,733
–
–


–
(1,187)
58,546		 Total
£
982,942
135.137
(101,292)
(400,000)
61,874
(45,465)
633,196

The historical cost of listed investments is £257,992 (2024: £716,828). During the year, £400,000 was withdrawn from the investment portfolio to fund the development of the George Street properties.

Analysis of Investments
Unrestricted
Restricted
Endowed
£
£
£
Government stock
129,982
–
–
Charity deposits
228,920
5,026
58,546
Listed investments
210,721
–
–
569,623
5,026
58,546		 Total
£
129,982
292,492
210,721
633,195

22

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

The following individual investments constitute 5% or more of the market value of the overall investment portfolio:

nvestment portfolio:

COIF income units
COIF accumulation units
UK Gilts
Vanguard Funds		 £
167,776
82,512
35,735
81,937
286,023

There are no known material restrictions which might apply on the realisation of these units.

11
DEBTORS
Due within one year:
Trade debtors
Prepayments and accrued income
12
CASH AT BANK AND IN HAND
Capital account – deposit
Income account – current
13
CREDITORS: Amounts falling due within one year
Trade creditors
Accruals
Deferred income
Other creditors
Amounts owed to parent undertaking		 2025
£
508
12,205
12,713
2025
£
81,455
167,296
248,751
2025
£
2,521
45,643
9,301
10,913
190,921
259,299		 2025
£
508
12,205
12,713
2025
£
81,455
167,296
248,751
2025
£
2,521
45,643
9,301
10,913
190,921
259,299		 2024
£
2,970
13,438
16,408
2024
£
76,503
210,948
287,451
2024
£
19,941
99,752
8,465
9,048
234,030
371,236




248,751
2025
£
2,521
45,643
9,301
10,913
190,921
259,299

23

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14 CAPITAL COMMITMENTS

As at the 31 March 2025, there were no capital commitments (2024: £206,482 relating to the four George Street properties).

15
RESTRICTED FUNDS Mrs Porter’s Fund
Balance at 1 April 2024
Incoming Resources
Resources expended
Investment gain
Balance at 31 March 2025
16
ENDOWED FUNDS Dr Caleb Crowther
Balance at 1 April 2024
Incoming resources
Resources expended
Investment (loss)/gain
Balance at 31 March 2025		 2025
£
6,228
215
–
127
6,570
2025
£
60,059
–
–
(1,187)
58,872		 2024
£
5,846
174
–
208
6,228
2024
£
53,554
–
–
6,505
60,059

Bequeathed by Dr Caleb Crowther in 1838 for the founding of Almshouses for Dissenters from the Church of England.

17 ANAYLSIS OF MOVEMENT IN UNRESTRICTED FUNDS

Designated Funds
Extra-ordinary repairs
Cyclical maintenance
Relief in need reserve
Designated Funds
General fund		 Balance 31
March 2024
£
71,862
66,085
18,161

156,109
1,993,013
2,149,122		 Incoming
resources
Resources
expended
£
£
–
–
–
(10,126)
–
(225)


–
(10,351)
106,877
(189,537)
106,877
(199,888)		 Total
(losses)/
gains
£
–
–
–

–
(5,005)
(5,005)		 Transfers
£
30,000
30,000
2,000

62,000
(62,000)
–		 Balance 31
March 2025
£
101,862
85,959
19,936

207,758
1,843,347
2,051,106

24

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Comparative figures for Year Ending 31 March 2024:

Designated Funds
Extra-ordinary repairs
Cyclical maintenance
Relief in need reserve
Designated Funds
General fund		 Balance 31
March 2023
£
85,980
66,894
16,161

169,035
1,981,929
2,150,964		 Incoming
resources
Resources
expended
£
£
–
(44,118)
–
(30,809)
–
–


–
(74,927)
117,291
(127,415)
117,291
(202,342)		 Total
(losses)/
gains
£
–
–
–

–
83,209
83,209		 Transfers
£
30,000
30,000
2,000

62,000
(62,000)
–		 Balance 31
March 2024
£
71,862
66,085
18,161

156,108
1,993,014
2,149,122

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 £Nil was transferred out of this fund and into the General Fund. An annual transfer of £30,000 was made to bolster funds for future spend.

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, £10,126 - all being expenditure not capitalised – was transferred out of this fund and into the General Fund. An annual transfer of £30,000 was made to bolster funds for future spend.

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.

25

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

18 ANAYSIS OF NET ASSETS BETWEEN FUNDS

Revenue
reserve
Designated
funds
£
£
Tangible assets
1,409,937
–
Investment property
71,250
–
Investments
544,845
24,453
Cash at bank and in hand
63,901
183,305
Other net current liabilities
(246,586)
–

Balance at 31 March 2025
1,843,347
207,758		 Endowed
funds
Restricted
reserve
£
£
–
–
–
–
58,872
5,025
–
1,545
–
–


58,872
6,570		 Total
£
1,409,937
71,250
633,195
248,751
(246,586)

2,116,547

Comparative amounts for 31 March 2024:

Revenue
reserve
Designated
funds
£
£
Tangible assets
1,219,844
–
Investment property
80,000
–
Investments
893,532
24,453
Cash at bank and in hand
154,465
131,656
Other net current liabilities
(354,828)
–

Balance at 31 March 2024
1,993,013
156,109		 Endowed
funds
Restricted
reserve
£
£
–
–
–
–
60,059
4,898
–
1,330
–
–


60,059
6,228		 Total
£
1,219,844
80,000
982,942
287,451
(354,828)

2,215,409

Under the Scheme of Management of Wakefield Charities’ Homes, the Trustee of the charity is Wakefield Grammar School Foundation. In these circumstances Wakefield Grammar School Foundation is regarded as a related party of this charity.

During the year ended 31 March 2025 administration services have been provided by Wakefield Grammar School Foundation on an arm’s length basis, with management charges of £32,685 payable by Wakefield Charities’ Homes (2024: £22,854).

Wakefield Charities’ Homes rents out land at Westfield Road to be used as a sports field by Wakefield Grammar School Foundation on an arm’s length basis at an annual charge to the Foundation of £2,500 (2024: £2,500).

At the year-end there were amounts outstanding due from Wakefield Charities’ Homes to Wakefield Grammar School Foundation of £188,421 (2024: £233,910).

26

Docusign Envelope ID: 9E4DD7A2-5E72-45A1-875F-7EDB13F5E407

Wakefield Charities’ Homes NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20 COMPARATIVE FIGURES BY FUND TYPE

Year ended 31 March 2024

Notes
Unrestricted
funds
£

Income from:
Charitable activities
1
88,659
Investments
2
26,132
Other Income
2,500
Total incoming resources
117,291
Expenditure on:
Raising funds
3
8,130
Charitable activities
4
194,212
202,342
Net (outgoing) incoming funds from
operations before investment gains
(85,051)
Unrealised gains/(losses) on
investments
10
99,500
Realised (losses) on disposals
(16,291)
Net movement in funds
(1,842)
Reconciliation of funds:
Fund balances brought forward
at 1 April 2023
2,150,964
Fund balances carried forward
2,149,122
at 31 March 2024
15,16,17		 Endowed
funds
£
Restricted
funds
£
Total funds
2024
£
–
–
88,659
–
174
26,306
–
–
2,500
–
174
117,465
–
–
8,130
–
–
194,212
–
–
202,342
–
174
(84,877)
6,505
208
106,213
–
–
(16,291)
6,505
382
5,045
53,554
5,846
2,210,364
60,059
6,228
2,215,409

27