STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Contents Page Registered Social HousiThJ Provider Information Report of the Trustees Reporting Ac¢ountsnls' Report Statement of Comprehensive Income Statement Of Financial Position Notes to the FinanGial Statements STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Registered Charty number 223691 Regulator of Soclal Houslng registration number A3911 Trustees of the Charity Cllr. Mr. N. P. Mannion (Chaifl Mrs. D. Benuey Smith Mr. P. TY￿11 Mr. E. Hunter Manager Ms. F. Vlfilson Registered office 2 ShenNood Road Macclesfield Cheshire SK11 7RR Reporting Accountant Harts Ltd W¢slminster House 10 Westminster Rd Ma￿lesfie1 Cheshi SK10 1BX Soli¢Ètor Wains SolicitOfS 39- 43 Churchside Macclesfield Cheshire SK101HW Bankers Nattvest 83nk 2 Chestergato Macclesfield Cheshire SK116BS STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES REPORT The Board of Trustees of Stanl8y & Bro¢klehursl AlmslK)uses presents their report and finanual stslements of the Reglstered Provider IRPI for the year end￿ 31 Mar￿￿ 2025. Structurej govgrnance and management The TNstees of the board who have served during the year wer8 as follows.. Cllr. Mr. N.P. Mannion M￿. D. Bendey Smith Mr. P. Tytrell Mr. E. Hunter The Trusl is govemed by a Charity Commission schem8 dated 26 March 1991 and is a Registered Charity- 11 is also a Registered Social Housing Provider. Objectives and activltEes Stanley & Brocklehurst Arnshouses is a Registered Charty and a Registered SocAal Landlord. The charity provides accommodation for poor married couples and single people SS years of age and over. The charity 0￿rateS exclusively wrthin the Borough of Macclesfield las at 31 March 19741 and th& civil parishes of Adlinglon. Bollington, Henbury, Hurdsfield, Preslbury and SLStton. The charity owns and maintsins twelve bungalows. specifically designated for eldedy people The weekty maintenance contributions from the residents are the only source of funds available to the Trustees to provide a safe environment for potentially vulnerable people, to maintsin and improve the properties and to perfomi statutory safety checks. There is additionalty a small investment income from funds held in the COIF Charth"e8 Deposit Fund. The Trustees of the chanty maintain that they have complied wllh the duty deseribed in section 4 of the Charities Act 2011 to have due regard lo public benefit guidance published by the Commission. The Truste￿ have considered this and believe that the charity provides public benefft by maintaining 12 almshouses as qualty housing lor elderty people al a cost well below market levels. Achievements and performance The charity continues to provide tsvelve units of accommodation in a 115ted development in the centre of MaccJes*eld. Overall, the financial resuks show a surplus and the medium term business plan shows the chartty being cash posiltve for the foreseeable future. Vvork to install new gas boilers at every propety at S&B Court was completed along with new secondary glazing and loft insulath.on al all Amshouses lo assist with reducing Utility bills. Routine maintenance has been undertaken a5 required. STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES REPORT Financial review Trustees have a reasonable expectation that the Charity has adequate resourc8s to continue operations for the foreseeable future. Rèserves are held to manage fluctuations in income due to voids. Whilst the mshouses are generally fully occupied at present there have pèriods when empty properties have resulted in a signtFicant reduction of income. Some reserves are also needed for repair work which is done en bloc to minimise scaffolding costs. Analysis using financial and non-financial key performance indicator5 The figures lexprès8ed as £OOOI in the table below s￿ tsken from the Annual Report & Finanual Statements for thè year ended 31 March 2025. 2025 2024 65.6 i 51.7 73 119.4 .1_..-17.51 ' .167.71.-1 Turnover Administrative e endilure Operating surplus I Interest receivable & payable and other Charges Total Gom rehenstve income for the y.ear Income & ex ndrture reserve 681.9 678.4 1 Assessment of how we are achieving valug for money including perfonnance metrics Trustee5 believe that the qualty of workmanship from their selectèd loe81 contractors lo be important for their client grou 2025 2024 Reinvestment % New Supplyssocial housing units) New Su Non-S￿la1 housin units Gearin EBITDA MRI interest cover U/ Headline social housin cost £ eralin mar social housin erats"n margin overall Return on capital employed Y. 00 570 04 1 £5,641 £9,495 (11°knL{131 Qkl_- 5% lettin Major Risks and uncertainties are Considered to be: a. The homes no longèr provide accommodation or facilities sufcable for our client group b. There are significant ehanges to the housing benefit system c. HM Govemment fOr￿S rent reductions onto the supported housing sector d. The age of the properties r¢ecessitates significant expenditure e. The Trustees lose key members and a￿ not able to rEplarE Ihern with members with relevant sknlls A55e55rnent of cornpliance vAth the Governance and Financial Viability stsndard Trustees have developed a medium li.e. five year} financial tnodel which shows that the charty remains ash positive. Code of Governance Tnjstees have adopted the Charity Commission GO￿ Govemance Code. STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES REPORT Board's responsibilities Thè Board is responsible for preparing the report and financial statements in accordance with applicable law ané regulation5. Registered social housing legislation requires the Board to Prepa￿ financial statements for each financial year which give 8 true and fair view of the stste of affairs of the association and of ts income and expendrture for that period. In preparing these financial statements, the Board is required to.. select suitable accounting policies and then apply them consistently.. make judgements and estimate5 that are reasonable and prudent., stste 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 the going concèm basis unless il is inappropriate to presume that the association wll continue in business. The Board is responsible for keeping propèr aeeounling records which disclose with reasonable accuracy at any time the financial position of the association and 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 2022. It has general responsibility for taking reasonable steps to safeguard the 8ssels of the association and to prevent and deled fraud and other irregularities. The Board is responsible for the maintènance and integrity of the corporate arvd financial infomiation includecf on the association's website. Legislation in the Unrted ￿ngdOrn goveming the preparation and dissemination of financial statements may d"rffer from legislation in other jurisdicb'ons. We, the Tnjstees of Ihe Board who held office at the date of approval of these Finanaal Slalemenls as set out above each confirm, so far as we are aware, Ihal.. there is no rèlevant aceounling information of whith the Trust's reporting accountants arg 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 accounting infomiation and to eslabtish that the Trust's rèporb.ng accountants are aware of that infomiats"on. By ordei of the Board Mr. E. Hunter, Trustee Dated '. STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 REPORTING ACCOUNTANTS, REPORT Accountants, report to the Board on the unaudited accounts of Stsnley & Brocklehur5t Almshouses We repL*t on the accounts for the year ended 31st March 2025 set out on pages 7 10 15. Respective responsibilities of the board and independent reporting a¢countsnts The Board of the Registered Social Housing Provider is 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 lo cary out procedures designed lo enable us to report Dur 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 Ihis report. These proceclures provide the only assurance expressed in our OPiAlOn. Oplnlon In our opinion.. the accounts for year ended 31st March 2Q25 are in a￿ordanCe wth the accounting records kept by the Registered Social Housing Provider under paragraph 135{2llal of the Housing and Regeneration Act 2008., having regard only to. and on the basis of the informalion contained in th8 accounting records.- the accounts comply with the requirements of the charib.es Act 2011", e Register￿ Swal Housing Provider has satisfied the conditions for èxemption from an audit of the account5 for the year ended 31st March 2025 specffied in section 136161 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 provider5 of Social housing in England 2022. Melissa Bowers FCCA For and on behalf of Harts ￿Mited Chartered A￿ountants and Stslutory Auditors Westminster House 10 Westminster Rd Maccl¢sfield Cheshire SK10 1BX Dated '. STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF COMPREHENSIVE INCOME {Including Incorne and Expenditure Account) 2025 2024 contin￿ing Continuing YOTAL TOTAL Tumover 65,659 S1,670 Administrative expendtture 173,1691 1119,4271 Operating surplus I Ideficiti 17,5101 IS7,7571 Interest receivable and similar incDme Irrterest payable and sirnilar charges Movement in fair value of financial instruments 10,955 13,111 15 12 Surplus I Ideficitl on ordinary activities for the year before tax 3,460 154,6341 Tax on surplus l (deficill on ordinary a¢tEVities Surplus I Ideficitl for the year after tax 3,460 154,6341 Total comprehensive income for the year 3.460 154,634 Dated '. L4 Signed on behalf of the Board of Trustees Mr. E. Hunter. Trustee MIS. D. Bendey Smith. Trustee STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF FINANCIAL POSITION 2026 2024 Fixed assets Tangible fixed assets Improvements to propety 585,000 11,523 565,000 17,005 576,523 582,005 Current assets Current asset investrnenls Debtors Cash at bank and in hand 680 2,735 330,397 665 1,863 317,533 333.812 320,061 Creditors: amounts falling due within one year 10 18,9901 14,1811 Net current assets I Iliabilitiesl 324,822 315,880 Totsl assets less current liabilities 901,345 897,885 Total net assets l {liabilitiesl 901,345 897,885 Reserves Income and expenditure reseNe Endowment reserve 12 12 681,838 219,507 678,378 219,507 Total R¢serves 9Q1,345 897,885 The financial stslements were approved and aulhorised for issue by the Board of Trustees on Dated - Signed on beha￿ f the Board of Trustees Mr. E. Hun , Trustee Mrs. D. Bentley Smith, Tntslee The notes on pages 910 15 form part ofthese a￿O￿nts. STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS Summary of significant accounting policies (al General inforniation and basis of preparation Stanley & Brocklehurst Almshouses is a Registered Charity 12236911 and a private Registered Provider of Social Housing {A3911) in the United Kingdom. The address of the regislered office is given in the RP information on page 2 of these financial statements. The nature of the RP'S operations and principal a￿[VitIeS are that of an Almshouse Charity pro￿ding accommodation for poor single people or married couples Df age 55 years or over wrthin the borough of Macclesfield and the Parishes of Adlington, Bollington, Henbury, Hurdsfield, Prèstbury and Sutton. The RP constitutes a public benefit entity as defined by FRS 102. The financlal slatemènls have been prepared in accordan￿ with applicab￿ accounting standards including Finaneial Rèporting Standard 102 the FinanGial Reporting Standard Applicable in the UK and Republic of Ir&l8nd IFRS 1021, the Statement of Recommended Practice for Social Housing Providers 2018 and wth the Accounting Direction for private registered providers gf social housing in England 2022. The financial ststements are also prepared under the requirements of the Housing and Regeneralion A¢1 2008. The financial statements have been prepared on 8 goiri9 concern basis under the histor￿31 cost convention, modified lo indude certain items at fair value. The financial statements are prepared in sterfing, which is the functional curren¢y of the RP, and rounded lo the nearest pound. The signrfi￿nI a￿ountIng poliues applied In the preparab.on of these financial statements are set out below. These policAes have been consislenlly applied to all years presented unless otherwise slated. Ibl Tangible ftxed assets Tangible fixed assets lineluding social housing properbgsl are stated at cost lor deemed co$ll or valuation lass accumulated depreciation and aceumulated impaimient losses. Gost includes costs difedy attributable trj making th8 asset Capable of operab.ng as intended such as the cost of acquiring land and buildings, developments costs, interest Charyes on loans during the development period and expenditure on improvements. Expenditure on improvements wll only be capitalised when it resutts in incremental future beneffls such as increasing rentsl income, reducing rna1ntenan￿ costs or resulting in a significant extension of the useful economic life of the propety- Depreciation is provided on all tangible fixed assèts, at rates ¢alculaled to write off the cost, less estimated residual value, of each asset on a systematic basis ovpr its expected useful life as follows.. Housing properties, houses Improvements lo propety 10% on cost Major components of houslng propertles, such as propety improvements and heating systems, h8ve been accounted for 8nd depreciated separately from the connected housing property, over their expected usefijl economic lives and are included in propety, plant and equipment. The usefijl e￿n￿MI¢ lives of all tangible fixed assets are revtewed ann¥Jalty. STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 NOTES TO THE FINANCIAL STATEMENTS (cl Debtors and creditors receivable I payable within one year Dèbtors and creditors wFth no statsd interest rate and receivable or payable within one year are recorded al transaction price. Any losses arising from impaiment a￿ recognised in th& stal@m&nt of comprehensive income in other administrative expenses. Rights of social landlords to have improvement works ¢arrted out lo properb.es by a third party (such as a local aulhorityl are reeognised as prepayments where payment has ocCUr￿d in adv3nce of the works being carried out and re￿ip1S in advarKe from the same third paty recognised as liabilities. Assets and liabiltiies or income and expenditure are not oftset. Id} Current assèt investments Investments are recognisèd initially at fair value whith is nomialty the transaction prfce excluding transaetion costs. Subsequèntly, they arè measured at fair value through the statement of comprehensive income if the shares are publicly Iraded or their fair value can otherwise be measured reliably. Other investments are measured al cost less impaimient. le) Loans and Ix)rrowings Loans and borrowings are initially recognised at the transadion price including transaction cnsts. Subsequently. they are measured al amortised cost using the effèctivè interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at Pfesent value. lfj Turnover and other Income Tumover represents rental and service charges income receivable in the year net of rent and service charge losses from voids p￿pertY Man8g&d byAgenls Wnere the RP carries the financial risk on propety managed by agents, all the incorne and expenditure arising from the propety is induded in the statement of comprehensive income. Vvhere the agency carries the financial risk, the statement of comprehensive income includes only that income and expendtture which relates solely to the RP. Inte￿$1 and dwidends rec8iV8ble Interest income is reeognised using the effeciive inlèrest method and dividend income is recognised as the RP'S right to receive payment is estsblÈshed. (g) Endowment Reserves Endowment reserves are thosè rèserves which are only expendable in accordance with the wishes of the fvnder or regulatory body. Endowment funds represent those assets which must be held pernianenlty, revenue and expenditure cannot be direcuy sel against endowment reserves but is taken through the statement of comprehensive income and then a transfer to endowmènt reserves Is m*e as appropriate. 10 STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 2 Particulars of turnover and admlnlstrative 8xpènditure from soclal housing lettings 2025 2024 Total Total Turnover Rent receivable net of identifiable service charges 65,659 51,670 Turnover from social housing lettings 65,659 51,670 Administrative expendlture Managerfs remuneration Routine maintenance Garden upkeep Electricty Insuran Accountancy fees Professional fees Subseriplions Print post and slalionery Rates Bad debt5 recovered DepreGiation of property improvements 7,410 50,722 3,674 270 1.941 2.232 743 506 12 1,177 11,0001 5.482 7,020 95,333 2,245 2,418 1,841 2,448 1,962 646 32 5,482 Administrative oxpenditure on soclal housing lettings 73.169 119,427 Operatlng surplus l {deficitl on social housing lettings 17,5101 167.7571 Void losses 11.661 11 STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS Accommodation owned Number of units at Number of units at 31 March 2024 2025 Completed units: Housing for older people 12 12 Properties managed by agents None ofthe properties owned by the RP are managed by agents. Interest and other finance income and charges a) InÈrest receivable and similar income 2025 2024 Bank interest ￿CeIVable 10,955 13.111 b} Inltsrèst paysble and similar charge5 2025 2024 Bank loans and overdrafts Surplus l {deficit) on ordinary activities Surplus l (deficit) on ordinary activities is stsled aftor Charging I Icredttingl- 2025 2024 Acco￿tanCY fees Depreci*ion of tangible fixed assets 2,232 5,482 2,448 5.482 7,714 7,930 Board of Trust&¢s remuneration The total remuneration for the Board of Trustees amounted to £ nil {2024 - £ nil). The remuneration figure of £7,41012024 - £7,020) is in respect of the Manager. Ms. F. Wilson who has been employed on a part time basis Sin￿ October 2018. 12 STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS Tangible fixed assets- houslng propertles propwtt•s for l#ttlng Prop•rty Tmwowmonts Totsl Cost.. At 191 April 2024 Additions 565,000 54,816 619,816 At 31 st March 2025 565,000 54,818 619.816 Depreciation.. At 1* April 2024 Charge for year 37,811 37,811 At 31st March 2025 43.293 Net book value.. Al 31￿ March 2025 565,000 11,523 576,523 At 31st March 2024 565,000 17.005 582,005 The Stanley and Brocklehursl Amshouses at 1 12 Stanley and Brocklehursl Court, King Edward Road were constructed circa 1889 and 1927 and there is no record of the original cost and no value is attributed thereto. The housing properties are included in thè financial statements al a market valuation of £565,000 followng a professional valuation on 10 July 1995. The Charities SORP {FRS1021 stales that a tangible fixed asset must be deprecialed over tis useful economic life. The Charity should choose a depreciation method which reflects the use of the asset and the expected timing or consumption of it5 economio benefits. This residual value of the properties h8s been ¢onsidered and not deemed lo be lower than cost. as such no depreciation has been applied. Depreciation is provided on propety improvements at a straight lin& rale of 10% on cost. This is in accordance wrth FRS102, a charity may choose to adopt an a¢¢ounling policy of revalualicn but if it does so then all assets in that dass nust be revalued. The net book value of land and buildings comprised.. 2025 2024 Land and buildlngs- Freehold 576,523 582,005 13 STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS Current asset Investments 2025 2024 Other Inveslmen15- NAACIF Accumulation Units 880 665 NAACIF AccLtmulation Units are measured at their fair value at the balance sheet dat8. Debtors: amounts falllng duewithin oneyear 202S 2024 Trade debtors P￿paYmentS 1,934 801 1,080 783 2.735 1,863 10 Creditors: amounts falling due within one year 2025 2024 Rents recesved in advance other creditors Accruals and defe￿ed inwme 2,347 4,543 2,100 1,733 2,448 8,990 4,181 Contingent liabilities As at the 31￿ M8rch 2025 there were no contingent liabilities. 14 STANLEY & BROCKLEHURST ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 12 Reserve$ 2025 2024 Income & expenditure reserve brought forward ErEdowment reserve brought forward 678,378 219,507 733,012 219.507 Balance brought forward 897,885 952,519 Income and expendilure surplus I (deficit} at year end 3.460 154,6341 Total reserves carried forward 897,885 Shown as 2025 2024 Income and expenditure reserve lunresth.cted reseNel Endowm8nt reserve (restricted reserve) 681,838 219.507 678,378 219,507 Balance ￿rried forward 901.345 897,885 13 Average numberofemployÉ•s The average number of employees during the yèar was 112024 .' 1), Ms F Wlson the Trust Manager has been employed on a part time basis since October 2016. The 4 Trustees12024 '. 41 are not remunerated for their services lo the Trust. 14 Relatsd paity transacllons The Fence Trust shares the same Board of Trustees as thè Stanley & Brockjehurst Almshouses. The Fence Trust also shares the same Manager as Stanlèy & Brrxklehursl Almshouses, M5 F Wlson is remunerated by Stanley & BroGklehurst Almshouses of which 500h is recharged to Fence Trust. Over the course of the year £7,410 was re￿iVed from The Fen￿ Trust in respect of Ms F Wlson's salary, there is no balance OLrtstanding in respect of salaries at the year end of 31 March 202512024- £ nil). Sundry ￿PairS and ¢ffice items were on occasion purchased on behalf of thè Tnjst by the Truslees and the Trust Manager. The total amount of such expenses amounted to £1212C124 .' £471)- 1S Post balance sheet events The board of Iru5tees have GDnfimied that there are no signifi(2nt post ba5ance sheet events. 15