**WALKER BARSTOW HOMES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
**Charity Number 222564**
## **WALKER BARSTOW HOMES**
|**I N D E X**|**P A G E**|
|---|---|
|__________________________________________________________________________________||
|TRUSTEES REPORT|1-5|
|INDEPENDENT EXAMINER’S REPORT|6|
|STATEMENT OF COMPREHENSIVE INCOME|7|
|STATEMENT OF CHANGES IN RESERVES|8|
|STATEMENT OF FINANCIAL POSITION|9|
|STATEMENT OF CASH FLOWS AND NOTES TO STATEMENT OF CASH FLOWS|10|
|NOTES TO THE FINANCIAL STATEMENTS|11-20|
## **WALKER BARSTOW HOMES TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
**Charity Number** 222564 **Registered Address** Mulberry PM 11 Walmgate York YO1 9TX **Principal Address** Carmeron Walker Court Bishopthorpe Road York YO23 1LD **Trustees** Mr C W Birch Mr S Arden Mr K MacDermott Mrs L Kelsey Mrs L Lacy Ms J Dean **Property Agents** Mulberry PM Ltd 11 Walmgate York YO1 9TX **Principal Bankers** The Co-Operative Bank Plc Lloyds Bank Plc **Insurance Broker** Grout Insurance Brokers Ltd
Mulberry PM Ltd 11 Walmgate York YO1 9TX The Co-Operative Bank Plc P O Box 250, Skelmersdale, WN8 6WT Lloyds Bank Plc 65-68 Briggate, Leeds, LS1 6LH Grout Insurance Brokers Ltd Woolwich House, 43 George Street Croydon, Surrey, CR10 1LB
## **Independent Examiner**
F Howard FCA Fortus Limited Equinox House Clifton Park York, YO30 5PA
1
## **WALKER BARSTOW HOMES**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)**
The trustees present their report and financial statements for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) for Social Housing Providers 2018 and applicable accounting standards, the details are set out further in the basic of preparation and accounting policies in note 1.
## **OBJECTIVES**
The stated objective of the trust is to provide accommodation to needy persons who are resident within a radius of ten miles from the General Post Office, York at the time of appointment. There has been no change in this during the year. The trust operates purely for the benefit of the public as stated above.
The trust's aims are:
- ‘To provide and maintain high quality housing and support for people of need in York.’
- ‘To create a secure, supportive environment for such people to live independently and with dignity.’
The objectives for the year were the continued maintenance and modernisation, where possible, of the buildings and grounds and of the residents' accommodation.
The Walker Barstow Homes accommodation consists of 16 self-contained residential flats and 3 self-contained residential bungalows together with a communal lounge, laundry facilities and gardens for the use of the residents. The main premises of Cameron Walker Court are comprised of a two-storey building of 12 flats, 3 bungalows and a communal lounge. Two close-by satellite properties of 1 Aldreth Grove and 10 Cameron Grove are each split into two flats. All properties are situated on Bishopthorpe Road, York.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
The trustees continue to review and redraft the trust's policies and procedures and the residents' handbook has been kept up to date.
The premises received a quinquennial inspection in May 2022 with no major items requiring attention. A plan of maintenance is in place to address items identified in the report, with many already completed.
## **ACHIEVEMENTS AND PERFORMANCE**
A maximum of 19 residents were provided with accommodation during the year. The resident make up has stabilised now after a period of significant change
Expenditure in 2023 has concentrated on routine and cyclical maintenance and safety checks. Again, expenditure has returned to more normal levels after a period of high flat vacancies and consequent refurbishments. The continuing maintenance of the gardens provides the residents with an attractive and safe external environment in which to socialise.
With the ongoing monthly hosting of a residents’ coffee morning in the communal lounge, the residents are now starting to generate more interaction as a group. This has been given impetus by trustees conducting 1-to-1 meetings with residents to understand their needs and canvass their ideas for encouraging the resident community to use their communal lounge more.
Data security has ben stepped up during the year through the implementation of an online database for hosting all the Trust’s documentation and the papers for trustee meetings. This has dispensed with the need to distribute sensitive information and also ensures that the latest version of policies etc. are the ones being viewed.
2
## **WALKER BARSTOW HOMES**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)**
## **VALUE FOR MONEY METRICS**
This is a requirement of the Housing Association:
||**2023**|**2022**|**NHF***|
|---|---|---|---|
|**Business Health**||||
|Operating Margin (overall) %|26%|(30)%|20%|
|Operating Margin (social housing) %|26%|(30)%|22%|
|EBITDA MRI-% of interest cover|252%|(79)%|182%|
|**Development & Capacity**||||
|New Supply–social housing units %|-%|-%|1%|
|New Supply–non-social housing units %|-%|-%|-%|
|Gearing %|40%|37%|36%|
|**Outcomes**||||
|Reinvestment %|12%|11%|6%|
|**Asset Management**||||
|Return on Capital Employed|5%|(6)%|3%|
|**Operating Efficiency**||||
|Headline social housing cost per unit|£3,853|£5,727|£4,230|
*figures taken from NHF report 2023
## **FINANCIAL REVIEW**
The total comprehensive income was £24,189 (2022: expenditure of £23,523) for the year. Turnover was £94,895 (2022: £85,852) with a surplus for the year on ordinary activities of £23,921 (deficit of 2022: £21,077).
The trustees review the major risks which the trust faces on a regular basis with the trust's managers and believe that maintaining the trusts unrestricted reserves as shown below, combined with a regular review of the trust's finances and financial controls will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the trust and confirm that they have established systems to mitigate any significant risks.
These include an annual inspection of the stair lift equipment, together with PAT testing all electrical, warden call, fire detection equipment in the properties and obtaining annual gas safety certificates. The structural and safety state of the trust's property is assessed through a quinquennial review process.
The trust's principal source of income is the weekly maintenance contributions from residents. These are kept under review with yearly budgets prepared to ensure the continuing maintenance schedule and basic underlying costs are met. The local rent officer is also periodically consulted to ensure the contributions are kept below market rents.
The trustees have assessed the major risks to which the trust is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
The trustees review the major risks which the trust faces on a regular basis with the trust’s managers and believe that maintaining the trusts unrestricted reserves as shown below, combined with a regular review of the trust’s finances and financial controls, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the trust and confirm that they have established systems to mitigate any significant risks.
3
## **WALKER BARSTOW HOMES**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)**
## **RESERVES POLICY**
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to six month's core expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The balance of unrestricted funds at the year-end had decreased by £14,608 then £4,345 is transferred to the extraordinary repair fund leaving £341,691 (2022: £360,644). The designated funds are at £23,370 (2022: overdrawn by £22,992). The restricted fund for extraordinary repair is at £101,076 (2022: £104,296).
## **PLANS FOR FUTURE PERIODS**
The trustees will continue to expend most of the trust’s total income on the necessary and ongoing maintenance and refurbishment of the properties owned by the trust for the benefit of both current and future residents.
The trustees will also keep their number and knowledge under review to provide as broad a spectrum of skill sets and expertise as possible.
Further upgrading of the property is to be reviewed and planned for financially to keep the premises up to modern requirements. This programme of work will be informed in part by the recent quinquennial survey and report.
The Charity’s scheme document is being reviewed as with the passage of time it is becoming less appropriate.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Walker Almshouses York Charity Scheme commenced in 1912 having been founded in 1909 in Bishopthorpe Road with property acquired from the Estate of Charles Cameron Walker.
Barstow's Hospital was founded in 1702 by the widow Alice Barstow with buildings in Blossom Street York these were sold in 1859 and land promptly acquired in Caroline Street where homes were completed in 1860, becoming a recognised charity in 1921. Barstow's Hospital Homes were demolished in 1967.
The Walker Barstow Homes trust was established by a charitable trust deed and the amalgamation of The Walker Almshouses York and Barstow's Hospital on the 14th February 1974, by a scheme approved by the Charity Commissioners for England 8 Wales. Registration Number 222564.
This scheme was amended and approved by the Charity Commissioners on 9th September 1980.
The Walker Barstow Homes is registered with the National Almshouse Association. Registration Number M1100. The Walker Barstow Homes is a Registered Social Landlord registered under The Housing and Regeneration Act 2008. Registration date 26th January 1976. Registration Number A1276.
When complete the body of trustees can consist of nine persons. The minimum number of trustees to form a quorum was amended to three by a meeting of trustees held on 15th December 2015. Trustees shall be persons who through residence, occupation, employment or otherwise have special knowledge of the City of York and its neighbourhood. Trustees are recruited after a careful review of the needs of the trust and the skills and expertise which respective new trustees can provide and are appointed by a resolution of the trustees passed in a special meeting for a term of five years. Trustees are encouraged to attend Almshouse Association seminars.
It is pleasing that during 2022 the Charity was able to strengthen the trustee body against the backdrop of a general shortage of potential charity trustees. The new trustees bring welcome additional skills to the trust body.
4
## **WALKER BARSTOW HOMES**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)**
The trustees meet at least three times a year to administer the affairs of the trust and to receive reports from the Clerk, Treasurer and Property Manager. Day to day operational matters are dealt with by the Chairman, Clerk, Treasurer and Property Manager. The Chairman and Clerk have been granted the power to approve urgent funding, outside the normal trustees' meetings of £1,000 and the Property Manager up to £300. The Clerk's duties have been contracted to Mulberry Property Management along with the homes' property management duties and the Treasurer's duties. Mulberry also provides similar suites of services to other Almshouses in the York area.
## **FUNDS HELD AS CUSTODIAN TRUSTEE**
The trust occasionally holds funds on behalf of the Walker Barstow Homes Residents. These are funds the residents raise at their coffee mornings and occasional fund raising events. Residents are responsible for deciding when and how such funds are spent. Funds held at 31 December 2023 £nil (2022: £nil).
## **TRUSTEE’S RESPONSIBILITIES**
The trustees are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
The registered social housing legislation require the trustees 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 its income and expenditure for that period.
- . In preparing the financial statements the trustees are required to:-
- Select suitable accounting policies and apply them consistently;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the financial statements comply with the Housing and Regeneration Act 2008 and The Accounting Direction for private registered providers of social housing in England 2019. They have general responsibility for taking reasonable steps to safeguard the assets of the charity and detect fraud and other irregularities.
Approved by the trustees 4 September 2024 and signed on their behalf by:
……………………………………………. ……………………………………………. Mr C W Birch – Chair Mr S Arden - Trustee
5
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WALKER BARSTOW HOMES YEAR ENDED 31 DECEMBER 2023**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which comprise the statement of comprehensive income, statement of changes in funds, statement of financial position, statement of cash flows and relevant notes.
## **Respective responsibilities of the trustees and reporting accountants**
The trustees of the Registered Social Housing Provider are responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.
## **Basis of opinion**
Our procedures consisted of comparing the accounts with the accounting records kept by the Registered Social Housing Provider and making such enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.
## **Opinion**
In our opinion:
- the accounts for year ended 31 December 2023 are in accordance with the accounting records kept by the Registered Social Housing Provider under paragraph 135(2)(a) of the Housing and Regeneration Act 2008;
- having regard only to, and on the basis of the information contained in the accounting records:
- the accounts comply with the requirements of the Charities Act 2011;
- the Registered Social Housing Provider has satisfied the conditions for exemption from an audit of the accounts for the year ended 31 December 2023 specified in section 136(3) of the Housing and Regeneration Act 2008;
- the accounts comply with the requirements of the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2019.
Frances Howard FCA Fortus Limited Equinox House Clifton Park Shipton Lane York YO30 5PA
- 4 September 2024
6
## **WALKER BARSTOW HOMES**
## **STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 DECEMBER 2023**
|||**Unrestricted**|**Designated**|**Restricted**|**Total**|**Total**|
|---|---|---|---|---|---|---|
||**Note**|**2023**|**2023**|**2023**|**2023**|**2022**|
|||**£**|**£**|**£**|**£**|**£**|
|Turnover|3|94,895|-|-|94,895|85,852|
|Operating costs|4|(59,785)|(11,257)|(2,168)|(73,210)|(108,807)|
|||_______|_______|_______|_______|_______|
|Operating surplus/(deficit)||35,110|(11,257)|(2,168)|21,685|(22,955)|
|Interest receivable and similar|5|325|2,115|-|2,440|2,111|
|Income|||||||
|Interest payable and similar|5|(204)|-|-|(204)|(233)|
|expenses|||||||
|||______|_______|_______|_______|______|
|Surplus/(deficit) for the year
on ordinary activities||35,231|(9,142)|
(2,168)|23,921|(21,077)|
|Movement in fair value of
financial instruments|8|(137)|-|405|268|(2,446)|
|||_____|_______|_______|_______|_______|
|**Total comprehensive**|||||||
|**income / (expenditure) for**
**the year**||**35,094**|**(9,142)**|**(1,763)**|**24,189**|**(23,523)**|
The above figures are derived from continuing operations.
Approved by the trustees on 4 September 2024 and signed on their behalf by:
……………………………………………. Mr C W Birch – Chair
……………………………………………. Mr S Arden - Trustee
7
## **WALKER BARSTOW HOMES**
## **STATEMENT OF CHANGES IN RESERVES YEAR ENDED 31 DECEMBER 2023**
|**Income and**
**Expenditure**
**Designated**
**Routine**
**Maintenance**
**Designated**
**Cyclical**
**Maintenance**
**Restricted**
**Extraordinary**
**Repair**
**£**
**£**
**£**
**£**
As at 1 January 2023
360,644
12,696
(35,688)
104,296
Transfer
(54,047)
-
55,504
(1,457)
Total comprehensive
income/(expenditure) for
the period
35,094
-
(9,142)
(1,763)
______
______
______
______
As at 31 December 2023
341,691
12,696
10,674
101,076|**Total**
**2023**
**£**
441,948
-
24,189
_______
466,137|
|---|---|
|**Income and**
**Expenditure**
**Designated**
**Routine**
**Maintenance**
**Designated**
**Cyclical**
**Maintenance**
**Restricted/**
**Designated**
**Extraordinary**
**Repair**
**£**
**£**
**£**
**£**
As at 1 January 2022
356,915
26,426
(18,702)
100,832
Transfer
(4,000)
-
-
4,000
Total comprehensive
income/(expenditure) for
the period
7,729
(13,730)
(16,986)
(536)
______
______
______
______
As at 31 December 2022
360,644
12,696
(35,688)
104,296|**Total**
**2022**
**£**
465,471
-
(23,523)
_______
441,948|
|---|---|
8
## **WALKER BARSTOW HOMES**
## **STATEMENT OF FINANCIAL POSITION YEAR ENDED 31 DECEMBER 2023**
|**Note**
**Fixed assets**
Tangible fixed assets
7
Investments
8
**Current assets**
Debtors and prepayments
9
Cash at bank and in hand
Creditors: Amounts falling due within one year
10
**Net current assets**
Creditors: amounts falling due after one year
12
**Total net assets**
**Reserves**
Income and expenditure reserve
Designated funds
Restricted funds
**Total Reserves**|**2023**
**£**
303,767
48,423
352,190
3,738
119,965
123,703
(4,572)
119,131
(5,184)
466,137
341,691
23,370
101,076
466,137|**2022**
**£**
287,969
47,413
335,382
3,802
112,734|
|---|---|---|
|||116,536
(4,406)
112,130
(5,564)
441,948|
|||
364,644
(22,992)
104,296|
|||441,948|
The financial statements were approved and authorised for issue by the trustees on 4 September 2024 and signed on their behalf by:
……………………………………………. ……………………………………………. Mr C W Birch – Chair Mr S Arden - Trustee
The notes on pages Page 11 to Page 21 form part of these accounts.
9
## **WALKER BARSTOW HOMES**
## **STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2023**
|**Note**
**Net cash generated from operating activities**
1
**Cash flow from investing activities**
Payments to acquire tangible fixed assets
Interest receivable
**Net cash flow from investing activities**
**Cash flow from financing activities**
Repayment of long term loans
Rent received from investment properties
**Net change in cash and cash equivalents**
Cash and cash equivalents at 31 December 2022
Cash and cash equivalents at 31 December 2023
**Notes to the statement of cash flows**
**1. Net cash generated from operating activities**
(Deficit)/surplus for the year
Rent received from investment properties
Interest payable
Interest received
Depreciation
Accumulation investment additions
Losses/(gains) on investments
Decrease/(increase) in debtors
(Decrease)/increase in creditors
**Net cash flow from operating activities**|**2023**
**£**
**25,293**
(20,298)
2,422
**7,417**
(204)
18
**7,231**
112,734
119,965
**2023**
**£**
24,189
(18)
204
(2,422)
4,500
(742)
(268)
64
(214)
_______
25,293|**2022**
**£**
**(30,202)**
-
2,111
**(28,091)**
(233)
18
**(28,306)**
141,040
112,734
**2022**
**£**
(23,523)
(18)
233
(2,111)
2,924
(681)
2,446
2,105
(11,577)
_______
(30,202)|
|---|---|---|
||
_||
10
## **WALKER BARSTOW HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023**
## 1. **ACCOUNTING POLICIES**
## **Statutory information**
Walker Barstow Homes is a registered charity in England & Wales and registered with the housing association. The registered address is 11 Walmgate, York, YO1 9TX.
Walker Barstow Homes was established by the amalgamation of The Walker Almshouses York (schemes dated 1[st] March 1912 & 17[th] October 1968) and Barstow's Hospital (schemes dated 22[nd] April 1921 and 3[rd] October 1967) on the 14th February 1974, by a scheme approved by the Charity Commissioners for England and Wales. This scheme was amended and approved by the Charity Commissioners on 9th September 1980. The charity registration number is 222564.
The Walker Barstow Homes is registered with the National Almshouse Association. Registration Number M1100.
The Walker Barstow Homes is a Registered Social Landlord registered under The Housing and Regeneration Act 2008. Registration date 26th January 1976. Registration Number A1276.
## **Basis of preparation**
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 _The Financial Reporting Standard Applicable in the UK and Republic of Ireland_ (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for private registered providers of social housing in England 2019. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008.
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Within the Scheme dated in 1912 for the Walker Almshouses York, recorded the trustees intention to establish an Endowment Fund. However, trustees have been unable to identify in the charity’s records which assets should comprise the Endowment. Therefore, the trustees have prepared the accounts without an Endowment Fund but identified the components of the Endowment as unrestricted and designated funds. Trustees are resolved to continue to take reasonable steps to determine which assets comprise of the Endowment Fund.
The requirements of the SORP: Accounting by Registered Social Housing Providers 2018 relating to component accounting has not been followed by the trustees as they do not feel that it would add any benefit for the users of the accounts.
## **Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
11
## **WALKER BARSTOW HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023**
## **1. ACCOUNTING POLICIES (continued)**
## **Tangible fixed assets and depreciation**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Cost relating to the housing properties includes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, developments costs, interest charges on loans during the development period and expenditure on improvements. Expenditure on improvements will only be capitalised when it results in incremental future benefits such as increasing rental income, reducing maintenance costs, or resulting in a significant extension of the useful economic life of the property.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
|Housing properties (completed schemes)|Nil depreciation||
|---|---|---|
|Housing Association grants|Nil depreciation||
|Improvements to Property|10 years|Straight line|
|Fixtures and fittings|5-8 years|Straight line|
|Equipment|4 years|Straight line|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the statement of financial activities.
## **Investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **Impairment of fixed assets**
At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **Debtors and creditors receivable / payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses.
## **Turnover**
All income is included in the statement of comprehensive income when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
The statement of comprehensive income is credited, on an accruals basis, with the contribution from residents.
## **Operating costs**
Expenditure is included in the statement of comprehensive income on an accruals basis.
12
## **WALKER BARSTOW HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023**
## 1. **ACCOUNTING POLICIES (continued)**
## **Housing Association grants**
Housing Association grants are paid by The Housing Corporation to reduce the cost of development and is therefore shown as a deduction from the cost of housing properties on the balance sheet. Housing Association grants are repayable under certain circumstances, primarily following the sale of a property, but will normally be restricted to net proceeds of a sale.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
## **Designated funds**
Designated funds are part of unrestricted funds which have been earmarked by the board for a particular purpose. Such designations may be reversed by future board decisions. Expenditure cannot be directly set against designated reserves, but it can be taken through the income and expenditure account. A transfer is then made from designated funds as appropriate.
## 2. **CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS**
In the application of the trust's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## 3. **SOCIAL HOUSING TURNOVER AND COSTS**
|Social housing lettings
Total turnover from social housing expenditure
Social housing activity expenditure
Operating (loss)/surplus from social housing activities|**2023**
**£**
94,895
_____
94,895
(73,210)
**21,685**|**2022**
**£**
85,852
_____
85,852
(108,807)
**(22,955)**|
|---|---|---|
||||
13
## **WALKER BARSTOW HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023**
|4.**OPERATING COSTS**
**Unrestricted**
**Designated**
**Restricted**
**2023**
**2023**
**2023**
**£**
**£**
**£**
Light, heat and power
6,378
-
-
Maintenance
19,151
11,257
2,168
Call system
626
-
-
Telecommunications
234
-
-
Insurances
2,585
-
-
Estate management costs
15,301
-
-
Water & sewerage
2,527
-
-
Subscriptions
1,192
-
-
Professional fees
5,383
-
-
Accountancy fees
1,908
-
-
Depreciation
4,500
-
-
______
______
______
**59,785**
**11,257**
**2,168**
Housing expenditure
**59,785**
**11,257**
**2,168**
**Unrestricted**
**Designated**
**Restricted**
**2022**
**2022**
**2022**
**£**
**£**
**£**
Light, heat and power
2,895
-
-
Maintenance
44,048
32,707
-
Call system
1,437
-
-
Telecommunications
1,429
-
-
Insurances
3,008
-
-
Estate management costs
13,741
-
-
Water & sewerage
949
-
-
Subscriptions
546
-
-
Professional fees
2,903
-
-
Accountancy fees
2,220
-
-
Depreciation
2,924
-
-
______
______
______
76,100
32,707
-
Housing expenditure
**76,100**
**32,707**
**-**|**Total**
**2023**
**£**
6,378
32,576
626
234
2,585
15,301
2,527
1,192
5,383
1,908
4,500
_______
**73,210**
**73,210**
**Total**
**2022**
**£**
2,895
76,755
1,437
1,429
3,008
13,741
949
546
2,903
2,220
2,924
______
108,807
**108,807**|
|---|---|
Void losses were £nil (2022: £7,814)
Housing accommodation units were 19 (2022: 19)
Accountancy fees includes payments to the independent examiner of £1,908 (2022: £1,800) for the independent examination and £nil (2022: £300) for other accountancy services.
14
## **WALKER BARSTOW HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023**
## 5 **. INTEREST AND OTHER FINANCE INCOME AND EXPENSES**
|**Unrestricted Designated Restricted**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**Interest receivable and similar income**
Rental income
18
-
-
Income from listed investments
102
2,115
-
Interest receivable
205
-
-
_____
_____
_____
325
2,115
-
**Interest payable and similar expenses**
_____
_____
_____
Loan interest
204
-
-
**Unrestricted** **Designated** **Restricted**
**2022**
**2022**
**2023**
**£**
**£**
**Interest receivable and similar income**
Rental income
18
-
**-**
Income from listed investments
102
1,991
**-**
Interest receivable
-
-
**-**
_____
_____
_____
120
1,991
-
**Interest payable and similar expenses**
_____
_____
_____
Loan interest
233
-
-|**Total**
**2023**
**£**
18
2,217
205
_____
2,440
_____
204
**Total**
**2022**
**£**
18
2,093
-
_____
2,111
_____
233|
|---|---|
## 6 **. TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year and the preceding year.
During the year, 2 trustees had conference expenses totalling £180 (2022: £nil) paid directly by the charity.
Insurance cover is taken out by the trust to cover the trustees from any liabilities in the event of any genuine mistakes made during their stewardship.
15
## **WALKER BARSTOW HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023**
## 7. **TANGIBLE FIXED ASSETS**
|**Housing**
**properties**
**(completed**
**schemes)**
**Housing**
**Association**
**Grant**
**Improve**
**ments to**
**Property**
**Fixtures**
**&**
**Fittings**
**Equipment**
**£**
**£**
**£**
**£**
**Cost/valuation**
As at 31 December 2022
507,681
(221,142)
-
37,239
22,748
Additions
-
-
1,002
19,296
-
_______
_______
______
______
______
As at 31 December 2023
507,681
(221,142)
1,002
56,535
22,748
**Depreciation**
As at 31 December 2022
-
-
-
36,889
21,668
Depreciation charge
-
-
67
3,353
1,080
_______
_______
_______
______
_______
As at 31 December 2023
-
-
67
40,242
22,748
**Net Book Value**
As at 31 December 2023
507,681
(221,142)
935
16,293
-
As at 31 December 2022
507,681
(221,142)
-
350
1,080
The net book value of land and buildings comprised:
**2023**
**£**
Freehold
507,681|**Total**
**£**
346,526
20,298
_______
366,824
58,557
4,500
_______
63,057
303,767
287,969
**2022**
**£**
507,681|**Total**
**£**
346,526
20,298
_______
366,824|
|---|---|---|
|||
58,557
4,500
_______
63,057|
|||
303,767|
|||
287,969|
The building known as Cameron Walker Court, Bishopthorpe Road, York, can only be used as almshouses for the accommodation of residents in furtherance of the Charity's objects. The main building of 12 self contained flats, and grounds, which comprises gardens, 3 bungalows and a residents' lounge, has no historic cost and is represented in the balance sheet by cost of £221,795 which was repair and renovation work done in the early 1980's, £66,680 for the construction of the residents' lounge in 1993 and £48,564 for the renovation of the warden's bungalow in 1999. Two additional properties were subsequently acquired by the trust, both being converted into two flats each: 1983 - 1 Aldreth Grove purchase cost of £9,330 and conversion costs of £20,292 also renovated in 1997 at a cost of £22,441. 1997 - 10 Cameron Grove purchase cost of 657,664 and conversion costs of £61,115. The amount of borrowing costs capitalised is £15,074.
Housing Association grants from the Housing Corporation, totalling £221,142, have been received in the past towards approved schemes. Under certain circumstances these grants are repayable, primarily following the sale of the property, but usually restricted to net sale proceeds of the sale. Deregistering as a Social Landlord could also make the grants repayable although this decision would lie with the local authority involved due to the restructuring of the Housing Corporation. The trustees understand cases are dealt with on their own merits and no decision would be given prior to deregistering.
In the opinion of the Trustees the residual value of the almshouses exceed their historic cost.
16
## **WALKER BARSTOW HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023**
|8.**FIXED ASSETS – INVESTMENTS**
At 1 January 2023
Addition at cost
Gain/(loss) in the year
At 31 December 2023
**UK equity investments at fair value comprise:**
175 M&G Charity Multi Asset Accumulation Shares
12,414 M&G Charity Multi Asset Income Units
1,054 M&G Charifund Income Units
1,708 Charinco Common Investments Units
Historical cost as at 31 December 2023
9.**DEBTORS AND PREPAYMENTS**
Trade debtors
Other debtors
Prepayments
10.**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other loans
Trade creditors
Payment received on account
Accruals
Deferred income
Note 11|**2023**
**£**
47,413
742
268
______
48,423
19,614
11,150
15,125
2,534
______
48,423
22,080
**2023**
**£**
1,143
38
2,557
_____
3,738
**2023**
**£**
380
1,201
50
2,589
352
_____
4,572|**2022**
**£**
49,178
681
(2,446)
______
47,413|
|---|---|---|
|||
18,468
10,963
15,489
2,493
______
47,413|
|||
21,338|
|||**2022**
**£**
827
633
2,342
_____
3,802
**2022**
**£**
367
1,172
50
2,100
717
_____
4,406|
17
## **WALKER BARSTOW HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023**
## 11. **DEFERRED INCOME**
|**EFERRED INCOME**|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|At 1 January 2023|717|3,671|
|Amounts released to income|(717)|(3,671)|
|Additions during the year|352|717|
||_____|_____|
|At 31 December 2023|352|717|
The deferred income relates to residents’ contributions paid in advance.
## 12. **CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR**
|Other loans|**2023**
**£**
5,184|**2022**
**£**
5,564|
|---|---|---|
The loan includes aggregate amounts of £3,532 (2022: £3,966) which fall due after five years which are payable by instalments.
The loan outstanding at the year end is with City of York Council and is payable in an annual instalments plus interest. The loan will be repaid in full in more than five years. The interest rate on the City of York Council loan is currently 3.44% and is variable.
As a lender to the trust, City of York Council have indicated they have no objections to any de-registration of the trust as a registered social housing provider.
18
## **WALKER BARSTOW HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023**
|13.**ANALYSIS OF FUNDS**|||||||
|---|---|---|---|---|---|---|
||**Balance**|||||**Balance**|
||**b/fwd 1**
**January**|**Income**|**Expenditure**|**Transfers**|**Revaluations**|**c/fwd 31**
**December**|
||**2023**|||||**2023**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**|||||||
|General funds|360,644|95,220|(59,989)|(54,047)|(137)|341,691|
|**Unrestricted funds - designated**|||||||
|Routine maintenance|12,696|-|-|-|-|12,696|
|Cyclical maintenance|(35,688)|2,115|(11,257)|55,504|-|10,674|
||______|
______|______|______|______|_______|
|**Total designated funds**|(22,992)|2,115|(11,257)|55,504|-|23,370|
|**Restricted funds**|||||||
|Extraordinary repair|104,296|-|(2,168)|(1,457)|405|101,076|
|**Endowment funds**|||||||
|Repair fund|-|-|-|-|-|-|
||______|
______|______|______|______|_______|
|**Total funds**|441,948|97,335|(46,564)|-|268|470,137|
||**Balance**|||||**Balance**|
||**b/fwd 1**
**January**|**Income**|**Expenditure**|**Transfers**|**Revaluations**|**c/fwd 31**
**December**|
||**2022**|||||**2022**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**|||||||
|General funds|356,915|85,972|(76,333)|(4,000)|(1,910)|360,644|
|**Unrestricted funds**|||||||
|Routine maintenance|26,426|-|-|(26,426)|-|-|
|Cyclical maintenance|(18,702)|1,991|(32,707)|26,426|-|(22,992)|
|Extraordinary repair|100,832|-|-|(100,832)|-|-|
||______|
______|______|______|______|______|
|**Total designated funds**|108,556|1,991|(32,707)|(100,832)|-|(22,992)|
|**Restricted funds**|||||||
|Extraordinary repair|-|-|-|104,832|(536)|104,296|
|**Endowment funds**|||||||
|Repair fund|-|-|-|-|-|-|
||______|
______|______|______|______|_______|
|**Total funds**|465,471|87,963|(109,040)|-|(2,446)|441,948|
19
## **WALKER BARSTOW HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023**
## 13. **ANALYSIS OF FUNDS (continued)**
Routine Maintenance - the objective is to maintain a suitable fund to cover routine maintenance such as the Quinquennial inspection, EICR and other similar tasks.
- CMF - the objective is to maintain a risk-free sum to enable regular maintenance (such as replacement of kitchens and bathrooms) to be undertaken as they become due. The transfer represents the purchase of fixed assets, and a transfer in of £70,000 to clear the negative balance from the previous year.
- ERF – this fund is a requirement under the constitution for the purpose of providing for the extraordinary repair, improvement or rebuilding of the almshouses belonging to the charity. The M&G Charity Multi Asset 175 Accumulation shares are held as part of the Extraordinary Repair Fund. The transfer represents the purchase of fixed assets and the charity’s annual contribution to the fund.
## 14. **ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Unrestricted Designated**
**Restricted**
**£**
**£**
**£**
Fund balances at 31 December 2023 are
represented by:
Tangible assets
303,767
-
-
Investments
28,809
-
19,614
Current assets/(liabilities)
14,299
23,370
81,462
Creditors: amounts falling due in more than
one year
(5,184)
-
-
______
______
______
Total net assets
341,691
23,370
101,076
Fund balances at 31 December 2022 are
represented by:
Tangible assets
287,969
-
-
Investments
28,945
-
18,468
Current assets/(liabilities)
49,294
(22,992)
85,828
Creditors: amounts falling due in more than
one year
(5,564)
-
-
______
______
______
Total net assets
360,644
(22,992)
104,296|**Total**
**£**
303,767
48,423
119,131
(5,184)
______
466,137
287,969
47,413
112,130
(5,564)
______
441,948|
|---|---|
## 15. **RELATED PARTY TRANSACTIONS**
There were no disclosable related party transactions during the year (2022: none).
20
## **WALKER BARSTOW HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023**
## 16. **CONTINGENT LIABILITY**
Housing Association grants from the Housing Corporation, totalling £221,142, have been received in the past by the trust towards approved schemes. Under certain circumstances these grants are repayable, primarily following the sale of the property, but usually restricted to net proceeds of the sale.
Deregistering as a Social Landlord could also make the grants repayable although this decision would lie with the local authority involved due to the restructuring of the Housing Corporation. The trustees understand cases are dealt with on their own merits and no decision would be given prior to deregistering. The trustees are currently exploring the possibilities of deregistration as a registered social housing provider.
21