STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Contents Pagè Reglstered Social Housing Provlder Information Report ofthe Tru51ees Independent Auditor's Report Slalemenl of Comprehensive Income Statement of Financlal Position Notes to the Fin8n¢ial Stslemenl8 10 12
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Reglstsred Charlty number 223691 Regulator of Soclal Houslng reglstratlon number A3911 Trust88s of tho Charlty Cllr. Mr. N. P. Mannion {Chair} Mrs. D. 8enlley Smith Mr. P. Tyrrell Mr. E. Hunter Manager Ms. F. Wi130n R9gister&d office 2 Sherwood Road Macclesfi&ld Cheshi SK117RR Audltor Harts Ltd Weslminsler House 10 Weslminsler Rd Macclesfield Cheshire SK10 18X Solicltor Wains Solicitors 39 - 43 Churchside Macclesfield Cheshlre SK10 1HW Banke Natwest Bank 2 Cheslergate Macclesfield Cheshire SK116BS
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES REPORT The Board of Trustees of Stsnley & Brocklehursl Amshouses presents their report and the audited finan¢lal statements of the Registered Provider IRPI for the year ended 31 March 2024. structur&. governance and management The Trustees of the board who have served during the year were as follows.. Cllr. Mr. N.P. Mannion Mr5. D. Bentley Smlth Mr. P. Tyrrell Mr. E. Hunter The Trust is governed by a Charity Commission scheme dated 26 March 1991 and Is a Registered Charlly. 11 1$ also a Registered Social Housing Provider. Oblactlves and activltles Stanley & Brocklehursl Almshousès Is a Registered Char5ty and a Registered Social Landlord. The charity provides accommodation for poor married couples and single people 55 years of age and over. The charity operates exclusively wthin the Borough of Macc1esfield las al 31 March 19741 and the civil paTishes of Adlinglon, Bolllngton. Henbury, Hurdsfield. Preslbury and Sutton. The charity owns and malnlains twelve bungalows. specifically deslgnaled for elderly people The weekly maintenance contribullons from the residents are the only Source of funds available lo the Trustees lo provide a safe envSronmenl for polenllally vulnerable people, to maintain and improve the properties and lo perform slalulory safely checks. There is additionally a small investment income from fund5 held in the COIF Charities Deposit Fund. The Trustees of the charity maintain that they have complied with the duly described in section 4 of the Charities A¢1 2011 to have due regard lo public benefit guidance published by the Commisslon. The Trustees have considered Ihls and believe that the chaTily prgvides public benefit by maSnlaining 12 almshouses as quality housing for elderly people al a cost well below market levels. Achievom&nt$ and performance The charity continues lo provide twelve units of a¢cornmod8tion in a listed development in the centre of Macclesfield. Overall, the financial results show a surplu8 and the medium term business plan showy the charity belng cash positlve for the foreseeable future. New gas boilers have been installed al every property at S&B Court. New radiators were also required at 2 and 7 S&8 Court and re-connectlon of gas for Cooking al 2, 5 and 7 S&B Court. New secondary glazing has been installed al 1. 8, 10 and 12 S&B Court and will be installed at all Almshouses. As part of the work lo reduce ulilily bills. loft insulallon has been upgraded at all properties al S&B Court. Delays in awaiting planning permission for the installation of the new boilers and secondary glazing led to higher than usual void losses as tsvo Almshouses remained uno¢cupied awalling planning permission,
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES REPORT Flnanclal rèvlow Trustees have a reasonable expectation that the charity has adequate resources lo continue operallons for the loresee8ble future. Resetves are held in view ol the high interest mortgage loans still being repaid and also lo manage Ilu¢tualions in income due to voids. Whilst the Almshouses are generally fully occupied 81 present there have been periods when empty Properties have resulted in a significant reduction of income. Some reserves are also needed for repair work which Is done en bloc lo minimise scaffolding costs. Anal1$ uslng flnanclal and non-flnanclal k&y pgrformance Indicators The figures (expressed as £OOO} in the table below are tsken from the Annual Report & Financlal Slalemenls for the year ended 31 March 2024. 2024 | 2023 7 51.7 Turnover Adminislralive expenditure Op&rating surplus Interest receivable & payable and other charges Tot81 comprehenslve Incom8 for th& yaar 167.71 13.1 Income & exp.endlture reserve 733.0 As8&$sment of how we are achievlng value for money Includlng performance metrics Trustees believe that the quality ol workmanship from their selected local contractors to be important for Ihelr Client group. 2024 | 2023 0% 0% 55%). , 162Ohl Ovo £9.495 £3.640 1131%L 160A I 1106%1 210 (6%1.L 1D Reinvestment % New Supply (Social houslng unilsl% New Supply_INon-social hoUsinun1Is)A EBITDA MRI interest cover % Headline social housing cost £ Operating_margin (social housing lellings}% j Operating margin]overa1110 Return on capital employed % Major Rlsks and uncertalntles oro consldgrod lo b&: The homes no longer provlde acoommodation or facllilies suitable for our c11ent group b. There are slgnifi¢anl changes to the housing benefit system HM Government forces rent reductions onlo the supported housing sector d. The age of the properties necessitates sigriificanl expenditure The Trustees lose key members and are not able lo replace them with members with relevant skills Asse8ymgnt of compllance wlth the Governance and Flnanclal Vlablllty standard Trustees have developed a medium li.e. five yearl financial model which shows that the charlly remains cash Positive. Code of Governance Trustees have adopted the Charity Commission Good Governance Code.
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES REPORT Board's responslblllties The Board is responslble lor preparin9 the report and financial statements in accordance with applicable law and regulations. Registered social housing leglslation requires the Board lo prepare financial $latemen15 for each financial year which 9ive a true and fair vlew ol the slate of affairs of the association and of 118 In¢ome and expenditure for that perlod. In preparfng these financial statements, the 8oard Is required lo.. select suitable accounting policies and then apply them consistently., make judgements and esllmates that are reasonable and pwdent.. slate whether applicable accounting standards have been followed. sublecl to 8ny material departures dls¢losed and explained in the financial slatemen18', and prepare the financial statements on the going concern basis unless il 18 Inapproprfate to presume that the associatlon will continue in business. The Board is responsible for keeping proper accounting records which disclose with reasonahle accuracy al any lime the financial position of the associallon and enable il lo ensure that the financial slalemenls comply ¥Mlh the HDu5ing and Regeneration Ad 2008 and the A¢¢ounling Direction for private registered ProderS of soclal housing Sn England 2022. 11 has general responsibility for taklng reasonable steps 10 Safeguard the assets ol the as50ciatlDn and lo prevent and detect fraud and other irregul8rilies. The Board is responsible for the maintenance and inlegrlty of the corporate and flnancial information included on the association's website. Legislation in the United Kingdom governing the preparation and dlsseminallon of financial slalements may fjiffer from legislation in other jurisdictions. We, the Trustees of the Board who held offlce al the fjale of approval of these Financial Slalements as yet out above each Confirm, so laT as we are aware, that.. there is no relevant 8udil infomalion of which the company's auditors are unaware-, and we have taken all the steps that we ought lo have taken as Trustees in order lo make ourselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. By order of I e Board Cllr. Mr N. P. Mannion, Chalr of Trustees Dated '.
STANLEY & BROCKLEHURST ALMSHOU.8ES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT Oplnlon We have audited the financial statements of Stanley & Brocklehursl Almshouses for the year ended 31st M8r¢h 2024 which comprise the Slalement of Comprehensive Income. the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparallon is appllcable law and United Kingdtsm Accounting Standards Iunlled Kingdom Generally Accepted Accountlng Pra¢lice} including FRS 102 "The Financlal Reporting Standard applicable in the UK and Republic of Ireland" In our opinion the financS81 statements.. 91ve a true and fair view of the stsle ol the charily's affairs as al 31GI March 2024, and of its incoming resource5 and application of resources, including ils income and expendlture, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Ac¢ounling Practice., and have been prepared In accordance with the requlremenls of the Charllies Act 2011, the Houslng and Regeneration Acl 2008 and the Accountlng Dlreclion for private registered providers of soclal housing In England 2022. Basls for opinlon We ¢onducled our audit In accordance with Inlernalional Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audllorfs responsibilities for the audit of the flnanc,ial statements section of our report. We are independent ol the association Sn accordance w51h the elhlcal requirements that are relevant to our audit of the financlal statements In the UK, including the FRC'S Ethical Standard, and we have fulfilled our olheT ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and approprlale lo provide a basis for our opinion. Con¢lu$lons relatlng to golng concgrn In auditing the financlal statements, we have concluded that the board's use of going concem basis of accounllng In the preparation of the financlal sttaemenls is appropriate. Based on the work we have preformed, we have not identified any material uncertainlles relating lo events or conditions that, indivldually or collectively, may c8sr signthi¢ant doubt on the associallon's ability to continue as a going concern for a period of al least twelve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the board with respect lo going concern are des¢Tibed in the relevant se¢lions of thls report. Other Inform4tlon The Board Is responsible fDr the other information. The other Information comprises the infomialion Included In the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial slalemenls does not cover the other information and, except lo the exlenl otheiSe explicitly slated in our report. we do not express any form of assurance conclusion Ihereon.
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDCD 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT In connecllon with our audit of the financial statements. our responsibility is to Tead the other information and, in doing so. consiijer whether the other informatlon is materially inconsistent with the financial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we Iden*ity such material nConsIstenc1es or apparent material misslatemenls, we are required to determine whether there is a material misslalement in the financial statements or 8 material misslalement of the other information. If, based on the work we have performed, we conclude th81 there is 8 material mlsstatemenl of this other Infomialion, we are requlred lo report that fact. We have nothing to report in this regard. Matters on whlch we are required to raport by exception We have nothing to report in respect of the following mallers where the Charities Act 2011 requires us to Teptsrt lo you if. in our opinion.. the information glven in the Board Report is inconsistent in any maler581 respect with the flnancial slalemenls., or sufficient accounting record5 have not been kept., or the financlal slalements are not Sn agreement the acGountlng records and returns; or we have not received all the information and explanallons we require for our audit. In addillon, we have nothing to report In respect of the followSng matter where the Housing and Regeneration Act 2008 requires u5 to report to you if, in our opinion.. a satisfactory system of control over IransaclFons has not been rnainlained. Re$ponslbllltlg8 of tho Board As explalned more fully in the Board's rosponsibilllles statement set out on page 5. the Board members (who are also the Trustees of the charity for the purpose5 of charity lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the Board determine 15 necessary lo enable the preparation of financial statements that are free from material misslalement, whether due to fraud or error. In preparfng the financial slalemenls, the Board is responsible for assessing the association's abllity to continue as a going concern, disclosing. as applicable, matters related lo going concern and using the going concern basis of 8ecDunling unles5 the Board either intends to liquidate the association or lo cease operations. or has no realistic allernatlve bul lo do so. AuditOT'S rèsponslbllltles for thfr audlt of the finan¢lal statements Qur objectives are to obtain reasonable assurance about whether the flnancial statements as a whole are free from material misststement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable 8ssurance is a high level of assurance. but is not a guarantee that an audll conducted in accordance wth ISAS IUKI wll always detect a material misslalemenl when il exislg. Misslalements can arise from fraud or error and are Considered material il, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these rinancial slalemenls.
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT The obleclives of our audit, in respect lo Iraud, are.. lo identify and assess the risks of material misslalemenl of the financial statements due lo fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks ol rnalerial rnisslalemenl due to fraud, through designing and implementing approprlale responses,, and lo respond appropriately lo fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the enlily and managemenL Our approach was as follows.. We obtained an understsnding of the legal and regulatory frameworks that are applicable lo the Charity and delemiined th81 the m08t significant are the char51$ Act 2011, and Housing and Regeneration Act 2008. We understood how Stanley & Brocklehursl Almshouses is complying wlth those frameworks by maklng inquirles of management responsible for Charity leglslalion and certification procedure8. We corroborated our enquiries through discussion with the Trustees and revlewing minutes of Iruslees meellngs to identify any non-compliance with laws and regulations. We assessed the sus¢eplibilily of the Charity's financial statements lo malerlal misslatemenl. In¢luding how fraud might occur by discussion with Iruslees lo understand where ils considered there was a suscepllbility lo fraud. We considered the controls that the Charity ha5 established to address risks identified, or that otherwise prevent, deter and delecl fraud. To address tho risk of fraud through management bia5 and override of controls, we performed analytical procedures lo identify and unusual or unexpected relationships., investigated the rationale behind 5ignilicanl or unusual Iransaclions,. and tested jOLtrnal entries to Identify unusual Iransacllons. There are inherent limitallons In our audit procedures degcribed above. The rnore removed that laws and regul3lion5 are from financial transactions, the less Ilkely il is that we would become aware ol non compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations enquiry of the Iruslees and other management and inspection of regulatory and legal correspondence. if any. Material misslalemenl that arises due lo fraud can be harder lo delecl than Ihoge that arise from error as they may involve deliberate concealment or collusion. Based on this understanding we designed OUT audit procedures to identify non-compllance with such laws and regulations Ihal could materia11y impact the financial slalemenls. Taklng into accoun15 our understanding of the Charity, our procedures Involved enquires of management and focussed lesling as appropriate with consideration lo risk assessment. A further description of our responslbililies for the audit of the financlal statements is located on the Financial Reporting Council's website al.. www.frc.or .ukJaudilorsres ons1bilities. Thls description forms part of our audilorfs report.
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT Use of our report This report is made solely lo the assoclalion'8 Board, as a body, in accordance wllh Part 4 of the charleS {Accounls and Reports) Regulalir)ns 2008 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might slate lo the association's Board those matters we are required lo stalè 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 assoclalion and the assoclalion's Board as a body. for our audit work, for this report, or for the opinions we have formed. Melissa Bowers FCCA For and on behalf of Harts Llmiled Chartered Accountants and Slalulory Auditors We51mlnster House 10 Weslminsler Rd Macclesfield Cheshire SK10 1BX Dated '.
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF COMPREHENSIVE INCOME {In¢ludlng Income and Expendlture Account} 2024 2023 Conlnulng 0rAtn5 TOTAL Conlnuln Op•ratlons TOTAL Not• Turnover 51,670 58.823 Administrative expenditure 1119,427) 149,161) Operatlng surplus I Idoflcitl 67.757 9,662 Interest receivable and similar income Interest payable and similar charges Movement in fair value of financial instruments 13.111 4,964 12,522} 1131 12 Surplus I Ideficltl on ordinary actlvltiès for the year beforo tax 154,634) 12.091 Tax on surplus l (deficill on ordinary acllvlties Surplu8 1 Idoficltl for tho year aftsr tsx 154,634 12,091 Total comprohènslve In¢ome for the year 54.634 12.091 Dated '. Slgned on behalf f the Board of Trustees Cllr. Mr. N.P. Mannion. Chalr of Trustees Mrs. D. 8enlley Smith, Trustee 10
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL POSITION 2024 2023 Flx•d assets Tangible fixed assets Improvements to property 565.000 17.005 565.000 22,487 582,005 587,487 Current 4s8ots Current asset investments Debtors Cash al bank and in hand 665 1,863 317,533 653 2.904 365,256 320,061 368,813 Credltors: amounts falllng due wlthln one year 10 14.1811 13,7811 Net eurrgnt assets I Illabllltlg51 315.880 365,032 Total assots less current Ilabllltles 897,885 952.519 Total net assets I Illabllltlasl 897.885 952,519 Reserves Income and expenditure reserve EndoTMnent reseNe 12 12 678,378 219,507 733.012 219.507 Total Reserves 897.885 952,519 The financlal statements were approved and aulh0ri5ed for Issue by the Board of Trustees on Dated . ..%..i.{o'.y. | 2.4............ Signed on behalf of the Board of Trustees Cllr. Mr. N. P. Mannion. Chair of Trustees Mrs. D. Bentley Smith, Trustee The notes on pages 12 to 18 form part of these accounts. 11
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Summary of $lgnlficant accounting pollcles lal Ggnèral informallon and basls of preparatlon Stanley & Brocklehur81 Almshouses is a Registered ChaTily {2236911 and 8 private Registered Provider of Social Housing IA39111 in the United Kingdom. The address of the registered offlce is given in the RP information on page 2 of these financial slalemenls. The nature of the RP'S operations and principal activities are that of an Almshouse Charity providing accommodation for poor single people or married couples ol age 55 years or over ¥Mlhin the bortsugh of Macclesfield and the Pari8hes of Adlinglon. Bollington, Henbury, Hurdsfield, Preslbury and Sullon. The RP conslitules a public benefit entity as defined by FRS 102. The financial statements have been prepared In accordance with applicable accounting standards includlng Financial Reporting Standard 102 Ihe Financial Reporting Sland8rd AppIable in Ilje UK and R&public of Ireland IFRS 1021, the Statement ol Recommended Practice for Social Housing Providers 2018 and with the Acctsunling Direction for private registered provitlers of social housing in England 2022. The financial slalemenls are also prepared under the requirements of the Housing and Regeneration Act 2008. The financial statements have been prepared on a going concern basi5 unde¥ the historical cost conventlon, modified lo include certain items al falr value. The financial statements are prepared in sterfing, whlch is the functional currency of the RP, and Tounded to the nearest pound. The significant accounting poli¢ies applied in the preparation of these financlal statements are set out below. These policies have been con81slently applled to all years presented unless olhernlse slated. {b) Tanglble flxod assets Tangible fixed assets Ilncluding soclal housing properties) are stated al cost lor deemed costl or valuation less a¢cumulaled depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset Capable of operating as intended such as the c05t ol acquiring land and buildings. developmenlg costs, intere51 charges on loans during the development period and expenditure on improvements. Expenditure on improvements will only be capilalised when il results in ncremenlal lulure benelils such as increasing rental income, reducing maintenance costs or resulting in a signiflc8nt extension of the useful economic life of the property. Oepreclation is provided on all tangible fixed assets, al rates calculated to write off the cost, le8S estimated residual value, of each asset on a syslemalic basis over ils expected useful life as follows.. Housing properties, houses Improvements to property 10% on cost Major components of housing properties, such a8 propeTty Improvements and heating systern$, have been acctsunted for and depreciated separately from the connected housing property, over Ih8lr expected useful economic live5 and are included in property. plant and equipmgnl The useful economic lives of all tangible fixed assets are reviewed annually. 12
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENT Icl Debtors and creditors r&cgivable I payablè wlthln one year Debtors and creditors th no staled 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 adminislralive expenses. Rights of social landlords lo have improvement works carried out lo properties by 8 Ihlrd party (such as a local aulhorityl are recognised as prepayments where payment has occurred In advance of the works being carried out and receipts In advance from the Same third party recognlsed as Ilabilities. Assets and liabilities or income and expenditure are not offset. {dl Current a8Sg1 Investments Investmen15 are recognised initially al lair value which is normally the transaction price excluding transaction costs. Subsequently. they are measured al fair value through the slalement of comprehensive income if the shares are publicly traded or their fair value can olhetwise be measured reliably. Other investments are MeaSud 81 c051 less impaiTmenl. (el Loans and borrowlng$ Loans and borrowings are initially rewgnised at the Iransoclion price including transaction costs. Subsequently, they are measured al amortised cost uslng the effective interest rate method, less impalment. If an arrangement constilules a financlng Iransa¢tlon il is measured al present value. In Turnovgr and other Income TurnoveT Tepresenls rental and setvice charg6s income receivable in the year nel of rent and service charge losses from voids Prop8rty M8n8g8d by Agents Where the RP carries the financSal risk on property managed by agents, all the income and expenditure ari51ng from the property is Included in the slalement of comprehensive Income. Vvhere the agency carries the financlal risk, the ststemenl of comprehensive income includes only that income and expendlture which relate5 solely lo the RP. Interest and divldends receivablg Intere81 income 18 recognised using the effective Interest method and divldend Incomels recognised as the RP'S rfght lo recelve payment is establlshed. Igl Endowment Reserves EndowTnenl reserves are those reserves whlch are only expendable in accordance th the wlshes of the funder or re9ulalory body. Endowment funds represent Ihose assets which musl be held permanently, revenue and expenditure cani)ot be directly set against endowment reserves but is taken through the statement of comprehenslve Income and then a trarlsfer lo endowment reserves is made as appropriate. 13
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 2 Partlcular8 of turnover and admlnlstrallvo expendlturo from $oclal houslng 1gttlng8 2024 2023 Total Total Tumover Rent re¢elvable net of Identifiable Service Gharges 51,670 58,823 Turnover from social houslng lettlngs 51,670 Admlnlstratlye gxpenditurg Manager's remuneration Routine maintenance Garden upkeep Electricity Insurance Auditors fee Professional fee8 Subscriptions Print post aiid statlonery Rates Bad debts Depreciation of property improvements 7,020 95.333 2,245 2.418 1,841 2.448 1,962 6.500 19,550 1.998 248 1,596 2,586 195 579 208 219 10,000 5,482 32 5,482 Admlnlslrative #xpgndlture On $oclal hou$lng lettings 119.427 49,181 Operatlng surplus I Idoficit) on so¢lal houslng lettlngs 167.7571 9,662 Void losses 11.661 14
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATFMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Ac¢ommodatlon own8d Numborof units at 1. Aprll 2023 Numbor of unlts at 3181 March 2024 Completed units.. Housing for older people 12 12 Proportles managed by agants None of the properties owned by the RP are Managed by agents. Interest and othèr flnance Income and charges al Interest receivable and slmilaT income 2024 2023 Bank interest receivable 13.111 4,964 bl Intere51 payable and slmilar charges 2024 2023 Bank loans and overdrafts 2.522 Surplus I Ideflcltl on ordinary actlvltles Surplus I Ideficitl on ordlnary aclivllles is slated after charging I Icredllingl.. 2024 2023 Auditor's remuneration Depreclalion of langlble fixed assets 2,448 5,482 2,586 5,482 7,930 6.068 Board of Trustees remungratlon The lolal remunerallon for the Board of Trustees amounted lo £ nil12023 - £ nil). The remunerallon figure of £7,02012023- £6,500) is in respect of the Manager, Ms. F. Wilson who has been employed on a part time basis since October 2016. 15
STANLEY & BROCKLEHURST ALMSFIOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Tanglble flxed assets- houslng prop•rtles Houslng propert1&8 for leltlng Prop8trty Improvem8nts Total Cost-. At 1st Aprll 2023 Additions 565,000 54,816 619.816 At 31$1 March 2024 Depreciation.. Al 1s1 April 2023 Charge for year 565.000 54.816 619816 32.329 32,329 Al 31st March 2024 Net book value.. Al 315I March 2024 585 000 17,005 582 005 Al 31st March 2023 565.000 22,487 587.487 The Stanley and Brocklehurst Almshouses al 1 12 Stanley and Brocklehurst Court, King Edward Road were constructed circa 1889 and 1927 and there is no record of the original cost and no value 15 allrlbuled Iherelo. The housing properties are included ln the finanaal 8lalemenls at a market valuallon of £565,000 following a Pfolessional valuation on 10 July 1995. The Charilles SORP IFRS1021 stsles that a lan9ible fixed asset musl be depreciated over ils useful economic life. The Charity should choose a depreciation method which refiecls the use of the asset and the expected 11mSng or consumption of ils economic benefits. This resldual value of the properties has been considered and not deemed to be lower than cost, as such no depreciation has been applied. Depreciation Is provided on property Improvements al a slralghl line rale of 10% on cost. This is in ac¢ordance ¥Mth FRS102, a charity may choose to adopt an accounting policy of revaluation bul if il does so then all assets in that class musl be revalued. The net book value of land and buildings comprised= 2024 2023 Land 8nd buildings.. Freehold 582,005 587,487 16
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Currant asset Investments 2024 2023 Other Investments- NAACIF Accumulation Uni15 665 653 NAACIF Accumulation Units are measured at thelr falr value al the balance sheet date. Dgbtors: amounts falllng due wlthln one year 2024 2023 Trade debtors Prepayments 1.080 783 2.022 882 1,863 2,904 10 Credltors.. amounts falllng duo wlthln one year 2024 2023 Rents received in advance Accruals and defer¥ed inGome 1.733 2.448 1,333 2,448 11 Conllngent liabllltlo$ As at the 31st March 2024 there were no contingent liabililtes. 17
STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 12 Roserves 2024 2023 Income & expenditure reserve brought fOard Enijowmenl reserve brought forward 733.012 219.507 720,921 219,507 Balance bTOUghl fotward 952 519 940.428 Income and expenditure surplus I Ideficill al year end 154,634) 12,091 Total reserves carried forward 897.885 952,519 Shown as 2024 2023 Income and expendUre reserve lunreslriGled reserve) Endowment reserve Ireslricled reserve} 678,378 219,507 733.012 219,507 Balance carried fomard 897 885 952519 13 Averag& number of omployees The average number of employees during the year was 112023 ', 11, MS F W'lson the Trust Manager has been employed on a part time basis since October 2016. The 4 TTuslee812023 .' 41 are not remunerated for thelr services lo the Trust. 14 Rglated party transactions The Fence Trust shares the same Board of Trustees as the Stanley & Brocklehursl Alm$hou5es. The Fence Trust al80 shares the same Manager as Stanley & Bro¢klehur8t Almshouseg, Ms F Wilson is remunerated by Stanley & Bro¢klehursl Almshouse5 01 whi¢h 50% is ro¢harged lo the Fence Trust. Over the course of the year £7,020 was received from The Fence Trust in respect of Ms F Wilson's salary, there is no balanoe oulstsnding in respect of salaries at the yeaT end of 31 March 2024 {2023 - £ nil}. Sundry repairs and office items were on occaslon purchased on behalf of the Trust by the Trustees and the Trust Manager.The lolal amount of such expenses amounted lo £471 (2023 .' £1251. 15 Post balancg sheet &vgnts The board of Iruslees have confimed that there are no slgnificanl post balance sheet events. 18