## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **UNAUDITED FINANCIAL STATEMENTS**
## **29 FEBRUARY 2025**
**CHARITY REGISTRATION NUMBER: 223894**
**Amlshouse association (Membership No 121)**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **FINANCIAL STATEMENTS**
## **YEAR ENDED 28 FEBRUARY 2025**
||**PAGE**|
|---|---|
|Trustee's annual report|**1**|
|Independent examiner's report to the trustee|**8**|
|Statement of financial activities|**9**|
|Statement of financial position|**10**|
|Notes to the financial statements|**11**|
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **TRUSTEE'S ANNUAL REPORT**
## **YEAR ENDED 28 FEBRUARY 2025**
The trustee presents his report and the unaudited financial statements of the charity for the year ended 28 February 2025.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Registered charity name** United Charities of Nathaniel Waterhouse **Charity registration number** 223894 **Principal office** The Warden's House Waterhouse Homes Harrison Road Halifax West Yorkshire HX1 2AZ **The trustee** Christopher A Reynolds (Resigned 8 July 2024) John W Asquith (Resigned 8 July 2024) Wendy Astin (Resigned 8 July 2024) Rev Canon Hilary Barber (Resigned 8 July 2024) R Pool (Resigned 8 July 2024) Lucy Armitage (Chair) (Resigned 8 July 2024) F M Berry (Resigned 8 July 2024) R Rosborough (Resigned 8 July 2024) J M Walker (Resigned 8 July 2024) P Dorset (Resigned 8 July 2024) Waterhouse and Mackintosh (Appointed 8 July 2024) Trustee Limited **Bank** CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ **Independent examiner** Mrs E A Short FCA Equitable House 55 Pellon Lane Halifax West Yorkshire HX1 5SP
**- 1 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
**TRUSTEE'S ANNUAL REPORT** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **INTRODUCTION BY THE CHAIRMAN OF TRUSTEES, LUCY ARMITAGE**
I am pleased to introduce this report which covers the period from 1 March 2024 to 28 February 2025. A summary of the Charity's activities and our financial standing during this period is given in the reports from the Finance, Residents and Personnel and Premises sub-committees. These reports demonstrate how we are fulfilling our charitable objectives by providing elderly people "in need" with comfortable, safe and supported accommodation.
I would like to thank all our trustees who give their time, skill, care and expertise to supporting the Charity. Thanks also go to John and Cath Giddings, our excellent Scheme Managers who go above and beyond to support our residents and the work of the Charity.
I would particularly like to recognise and thank George Pickles, our Clerk who retired at the beginning of the financial year. George's involvement with the Charity began more than forty years ago when his father Richard Pickles was the charity's surveyor. George used to stand in for him on occasion and so his involvement began. George took over from his father as surveyor and became the Clerk in the late 1990s. George's priorities always have been the welfare and happiness of our residents and the continuous improvement of the homes. He also had a huge amount of respect for our founders and the Almshouse movement in general. Our thanks to him for his dedication over so many years.
We have been working on a project to update the Charity Scheme and to establish a Corporate Trustee model. This work has now been concluded and the Charity now has a corporate trustee (Waterhouse and Mackintosh Trustee Ltd) with the former individual trustees now Directors of the corporate trustee.
During this time, we also sold Bankhouse Woods as it no longer met our charitable objectives.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The charity is managed by the corporate Trustee, Waterhouse and Mackintosh Trustee Limited, established in July 2024
The Charity is organised so that the directors of Waterhouse and Mackintosh Trustee Limited meet quarterly to manage its affairs. Recruitment is by word of mouth, advertising and networking at community events.
Recruitment is by word of mouth, advertising and networking at community events.
New Trustees are given a programme of induction by the existing trustees and additional training events are available to all Trustees.
All members of the Board of Directors give their time voluntarily and receive no benefits from the Charity.
The Trustees follow the requirements of the 1960 scheme - a Private Act of Parliament Act and also refer to the guidance contained in the Almshouse Association 'Standards of Almshouse Management 2019' and on the Charity Commission website. It has been recommended to the Board that they formally adopt the Charity Governance Code for Small Charities.
**- 2 -**
**UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **TRUSTEE'S ANNUAL REPORT** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
The Board currently consists of twelve Trustees, and is responsible for making all decisions. The Board has sub-committees to oversee finance, premises, governance and compliance, data protection, health and safety, residents, personnel and the review of the Charity Scheme. The sub committees meet at least quarterly with the Chairs reporting back to the main Board; all meetings being well attended.
The Charity conforms to the standards and methods of practice of the Almshouse Association. (Membership no. 121).
## **AIM AND PURPOSE OF THE CHARITY**
Nathaniel Waterhouse was an early and very successful Halifax entrepreneur supplying the textile trade. He was married but had no children and left his considerable estate to charity for the relief of poverty and the advancement of religion and education in the Parish of Halifax.
The Trustees of the Charity are responsible for carrying out the wishes of Nathaniel Waterhouse as described in his Will of 1st July 1642 and subsequently varied by Acts of Parliament dated 1738, 1848 and 1960. The Trustees are investigating ways in which the Charity may be updated to meet the wishes of Nathaniel Waterhouse in the 21st century.
## **OBJECTIVES AND ACTIVITIES**
The Act of Parliament 1960 shows that the Charity includes The United Charities of Nathaniel Waterhouse, the Afternoon Lecturer's Charity and the Waterhouse Educational Fund.
The 1960 Act defines the Trustees' obligations, which include the requirement to apply the income of the Charity to the following objectives and activities: -
- The maintenance, upkeep and insurance of all properties including the almshouses.
- The establishment of an extraordinary repair fund for the rebuilding of the almshouses.
- The proper management of the Charity.
- The provision of annual payments to nominated vicars in the parish and to the Corporation.
- The payment of the Afternoon Lecturer appointed by the Halifax minster.
- Payments for the benefit of the poor of the parish, including for education and for the care of the old, sick or infirm.
- The investment of the endowed funds to produce an income.
Since the rebuilding of the Almshouses in 1960, the main activity of the Trustees has become the management of the 24 dwellings and the provision of support to the residents. The accommodation is provided at an affordable level and financial assistance is available where it can be justified.
The Trustees recognise the Christian intent, of their benefactor Nathaniel Waterhouse, and seek to reflect that in a 21st century context. The needs of society have changed; the role of this Charity has responded to that change and, to remain effective, is working proactively to continue doing so.
**- 3 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
**TRUSTEE'S ANNUAL REPORT** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **ACHIEVEMENTS AND PERFORMANCE**
The achievements and performance are described in reviews shown below.
Essentially the charity homes remain in demand, and residents express satisfaction.
Income from weekly maintenance contributions supports a budget which is in line with the Almshouse Association model.
Reserves are reasonable but not at a level which would enable rebuilding.
Investment income is satisfactory and has supported the payment of donations to organisations which support those in need.
## **RESIDENTS AND PERSONNEL**
The Resident and Personnel group met on four occasions during this period and ran two application process for new residents.
Following the retirement of George Pickles, Clerk, in June 2024 the majority of his duties were transferred to John Giddings, Scheme Manager. This transfer of responsibility has been very successful and we are grateful to John for his skill and enthusiasm in taking on new areas of responsibility. The Scheme Managers attended all meetings, provided updates and detailed reports. During this period eight new residents moved in. New residents were universally both grateful and happy with their new accommodation and the support provided.
A healthy list of expressions of interest regarding future vacancies exists.
The appointment process, now including home visits from John and Cath Giddings, Scheme Managers, has functioned well.
Events for Residents are advertised both in a regular newsletter and on the Charity's Facebook page.
|The following charitable donations were made:||
|---|---|
|Christ Church Sowerby Bridge|£2,000|
|St Augustine's|£1,000|
|Halifax Homeless and Community Kitchen|£1,000|
|Holy Trinity|£500|
|Halifax Minster|£1,000|
The Scheme Managers have attended training events covering dementia, first aid and manual handling. As a result of the advice received during the manual handling training the Charity has bought a Raizer lifter chair and a slide sheet to allow safe handling of Residents who have fallen.
We are very grateful to John and Carol Bassinder, retired Wardens, who have provided holiday cover for John and Cath Giddings. The Scheme Managers maintain a detailed log of out of hours calls to ensure the appropriate time is taken off in lieu.
A series of social events held in the Community Room at Waterhouse were much appreciated and included visits from the HATY youth choir and carols with BD1 Brass Other events included fish and chips supper and coffee mornings.
**- 4 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **TRUSTEE'S ANNUAL REPORT** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
The trustees would like to bring to all readers notice to the high standard of care and support being provided by our Scheme Managers. Thanks must go to members of the Residents and Personnel Committee for all their hard work during this period.
## **PREMISES**
During the past year, the subcommittee met on four occasions to discuss ongoing matters related to the Waterhouse premises. An additional meeting was convened with the finance team to review quotations received for the reroofing of blocks 1 to 12. At this meeting, a contractor was selected to undertake the reroofing work, with a projected start date in July 2025, pending the fulfilment of specific conditions set by the premises committee.
The following projects were undertaken during the year.
1. Reroofing Projects: The warden's house has been reroofed to a satisfactory standard, setting a precedent for the reroofing of the two main blocks. Guidance based on this project will inform the subsequent work on blocks 1 to 12.
2. Gardens and Greenhouse: The gardens have seen continued improvement throughout the year, with the addition of a new greenhouse, enhancing the horticultural potential and community use of the premises.
3. Pathway Safety and Repairs: Following the theft of footpath paving slabs, the rebuilt section incorporated safety improvements. Additional repairs addressed a pathway where tree roots had created hazards, ensuring safer access for all residents.
4. Routine and Cyclical Repairs: Ongoing maintenance included routine and cyclical repair work across the premises. Notably, flat 3 was refreshed and prepared for a new resident, reflecting the commitment to maintaining a high standard of accommodation.
Bankhouse Woods off Dudwell Lane.
Bank House Woods was successfully sold at auction, marking the favourable conclusion of a matter that had caused significant concern and expense over many years. Special thanks are extended to Rob Rosborough for the considerable preparatory work leading up to the sale. This effort was instrumental in resolving longstanding issues and ensuring a positive outcome for all stakeholders.
## **PUBLIC BENEFIT**
The very widely drawn activities of the original Waterhouse Charity have tended to narrow over the years. The power to award financial assistance to residents of the Parish of Halifax remains, and was last used in the award of assistance to residents of Mackintosh Homes, a Charity linked to the United Charities of Nathaniel Waterhouse by common management.
Residents at the almshouses are subsidised according to their circumstances and the charity pays for communal lighting, water and sewage.
Other donations to relevant organisations are listed in the accounts.
## **VOLUNTEERS**
All the members of the Board of Trustees give their time voluntarily and receive no benefits from the Charity. The Charities would also like to thank Richard Barrow and his wife for running the bi-weekly Card Club. The Charities has also benefitted from, and is grateful for, the assistance of volunteer work in the garden.
**- 5 -**
**UNITED CHARITIES OF NATHANIEL WATERHOUSE**
**TRUSTEE'S ANNUAL REPORT** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **PRINCIPAL FUNDING SOURCES**
The principal funding sources for the charity are from maintenance contributions received from the almshouses residents and income from the original endowments.
## **FINANCIAL REVIEW**
Following the retirement of George Pickles as Clerk, the accounts have been prepared by Streets Spenser Wilson (Yorkshire) Limited in conjunction with the Warden and Chair of Finance.
Income from almshouse residents' weekly maintenance contributions totalled £137,823 (2024 - £129,504), an increase of 6.45% over the previous year. This reflects the continuing ability of the charity to attract and retain residents. This is the key source of income for the charity, needed to support our main activity of managing the 24 almshouses and associated support to the residents.
Total income of the charity also increased by 6.8% to £171,826 (2024 - £160,831), helped by higher rental income, and increased investment dividends and bank interest.
Total almshouse and governance costs increased by 26.7% to £177,551 (2024 - £140,176), reflecting increased costs in a number of areas including, staff costs, routine repairs and improvements to the estate, and the significant legal fees to incorporate the corporate trustee. Donations totalling £5,500 (2024 - £9,581) represent donations made by the charity, including those to organisations for the relief of poverty and those in need, as intended by the founder.
The overall result is that the charity finished with a positive net income of £529 (2024 - £19,880), despite the higher costs. This reflected a small increase on the previous year.
The charity enjoyed a much better year with regard to its investments, ending the year with unrealised investment gains of £53,517 (2024 - £39,805). The Trustees continue to monitor the performance of all long term investments which remain invested in charity specific pooled mixed funds.
The sizeable investment gains coupled with the net income surplus have resulted in an overall surplus of £54,046 (2024 - £59,685), increasing both restricted and unrestricted reserves. The total funds carried forward now total £1,289,420 (2024 - £1,235,373). This increase has further improved the charity's financial resilience in advance of a period of anticipated spending requirements to improve and maintain the key income generating premises in good condition. This is needed to attract new residents as needed and retain existing ones in a comfortable and safe living environment.
The Trustees are able to plan ahead from a strong cash flow position with a positive balance of net current assets amounting to £136,283 (2024 - £131,254) at the year end.
**- 6 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
**TRUSTEE'S ANNUAL REPORT** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **RESERVES POLICY**
The financial accounts have been drawn up in line with the Reserves policy document.
Further work will be undertaken as part of the continuing project to consider the modernisation of the Charity scheme objectives.
The trustee's annual report was approved on .............................. and signed on behalf of the board of directors of Waterhouse and Mackintosh Trustees Limited by:
**L Armitage** Chair
**F M F Berry** Chair of Finance
**- 7 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **YEAR ENDED 28 FEBRUARY 2025**
I report to the trustee on my examination of the financial statements of United Charities of Nathaniel Waterhouse ('the charity') for the year ended 28 February 2025.
## **RESPONSIBILITIES AND BASIS OF REPORT**
As the trustee of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **INDEPENDENT EXAMINER'S STATEMENT**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mrs E A Short FCA Independent Examiner
Equitable House 55 Pellon Lane Halifax West Yorkshire HX1 5SP
**- 8 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 28 FEBRUARY 2025**
||||**2025**|**2025**||2024|
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|||
|||funds|funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|**£**|£|
|**Income and endowments**|||||||
|Donations and legacies|**4**|–|–|–|**–**|2,918|
|Charitable activities|**5**|137,823|–|–|**137,823**|129,504|
|Investment income|**6**|28,497|5,506|–|**34,003**|28,259|
|Other income|**7**|–|–|–|**–**|150|
|||-------------------------------------|--------------------------|----------------|-------------------------------------|-------------------------------------|
|**Total income**||166,320|5,506|–|**171,826**|160,831|
|||=====================================|==========================|================|=====================================|=====================================|
|**Expenditure**|||||||
|Expenditure on raising funds:|||||||
|Investment|||||||
|management costs|**8**|246|–|–|**246**|775|
|Expenditure on|||||||
|charitable activities|**9,10**|177,550|–|–|**177,551**|140,176|
|||-------------------------------------|--------------------------|----------------|-------------------------------------|-------------------------------------|
|**Total expenditure**||177,796|–|–|**177,797**|140,951|
|||=====================================|==========================|================|=====================================|=====================================|
|Net gains on|||||||
|investments|**13**|11,000|–|(4,500)|**6,500**|–|
|||-------------------------------------|--------------------------|--------------------------|-------------------------------------|-------------------------------------|
|**Net income**||(476)|5,506|(4,500)|**529**|19,880|
|||=====================================|==========================|==========================|=====================================|=====================================|
|Transfers between funds||(53,500)|–|53,500|**–**|–|
|**Other recognised gains**|**and losses**||||||
|Net unrealised gains on|||||||
|investment assets||38,610|14,907|–|**53,517**|39,805|
|||-------------------------------------|-------------------------------|-------------------------------|-------------------------------------|-------------------------------------|
|**Net movement in funds**||(15,366)|20,413|49,000|**54,046**|59,685|
|**Reconciliation of funds**|||||||
|Total funds brought forward||746,015|196,690|292,668|**1,235,373**|1,175,688|
|||-------------------------------------|-------------------------------------|-------------------------------------|-----------------------------------------------|-----------------------------------------------|
|**Total funds carried forward**||730,649|217,103|341,668|**1,289,420**|1,235,373|
|||=====================================|=====================================|=====================================|===============================================|===============================================|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 11 to 25 form part of these financial statements.**
**- 9 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **STATEMENT OF FINANCIAL POSITION**
## **28 FEBRUARY 2025**
||||**2025**||2024|
|---|---|---|---|---|---|
||**Note**|**£**|**£**|£|£|
|**FIXED ASSETS**||||||
|Tangible fixed assets|**17**||**292,668**||292,668|
|Investments|**18**||**860,468**||811,451|
||||-----------------------------------------------||-----------------------------------------------|
||||**1,153,136**||1,104,119|
|**CURRENT ASSETS**||||||
|Debtors|**19**|**10,131**||9,482||
|Cash at bank and in hand||**161,234**||162,593||
|||-------------------------------------||-------------------------------------||
|||**171,365**||172,075||
|**CREDITORS: amounts falling due**||||||
|**within one year**||||||
|Trade creditors||**2,960**||502||
|Other creditors including taxation and||||||
|social security|**20**|**281**||304||
|Accruals and deferred income||**31,840**||40,015||
|||-------------------------------------||-------------------------------------||
|||**35,081**||40,821||
|||-------------------------------------||-------------------------------------||
|**NET CURRENT ASSETS**|||**136,284**||131,254|
||||-----------------------------------------------||-----------------------------------------------|
|**TOTAL ASSETS LESS CURRENT**||||||
|**LIABILITIES**|||**1,289,420**||1,235,373|
||||-----------------------------------------------||-----------------------------------------------|
|**NET ASSETS**|||**1,289,420**||1,235,373|
||||===============================================||===============================================|
|**FUNDS OF THE CHARITY**||||||
|Endowment funds|||**341,668**||292,668|
|Restricted funds|||**217,103**||196,690|
|Unrestricted funds|||**730,649**||746,015|
||||-----------------------------------------------||-----------------------------------------------|
|**Total charity funds**|**22**||**1,289,420**||1,235,373|
||||===============================================||===============================================|
These financial statements were approved by the board of directors of Waterhouse and Mackintosh Trustees Limited and authorised for issue on ........................, and are signed on behalf of the board by:
**L Armitage** Chair
**F M F Berry** Chair of Finance
**The notes on pages 11 to 25 form part of these financial statements.**
**- 10 -**
**UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 28 FEBRUARY 2025**
## **1. GENERAL INFORMATION**
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Warden's House, Waterhouse Homes, Harrison Road, Halifax, West Yorkshire, HX1 2AZ.
## **2. STATEMENT OF COMPLIANCE**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
## **3. ACCOUNTING POLICIES**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **Disclosure exemptions**
The Charity has taken advantage of the exemption under s.7 of FRS 102 not to prepare a cashflow statement.
## **Consolidation**
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements
**- 11 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
**NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **3. ACCOUNTING POLICIES** _**(continued)**_
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustee for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
## **Incoming resources**
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- legacy income is recognised when receipt is probable and entitlement is established.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
**- 12 -**
**UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **3. ACCOUNTING POLICIES** _**(continued)**_
## **Tangible assets**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any impairment losses. The Trustees have carried out an impairment review and believe the total net realisable value of fixed assets to be in excess of the carrying value at 28 February 2025.
They believe the freehold buildings to have an estimated useful life in excess of 100 years. A valuation was carried out which accorded an estimated value of in excess of £4,000,000 for insurance purposes. The almshouse are not depreciated; any depreciation chargeable would not be material.
## **Investments**
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
## **Investment property**
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
## **Financial instruments**
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **Defined contribution plans**
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
## **4. DONATIONS AND LEGACIES**
||Restricted|**Total Funds**|Restricted|Total Funds|
|---|---|---|---|---|
||Funds|**2025**|Funds|2024|
||£|**£**|£|£|
|**GRANTS**|||||
|Grants receivable|–|**–**|2,918|2,918|
**- 13 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **5. CHARITABLE ACTIVITIES**
|**5.**|**CHARITABLE ACTIVITIES**|||||
|---|---|---|---|---|---|
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2025**|Funds|2024|
|||£|**£**|£|£|
||Almshouses residents' contributions|
137,823|**137,823**|129,504|129,504|
|||=====================================|=====================================|=====================================|=====================================|
|**6.**|**INVESTMENT INCOME**|||||
||||Unrestricted|Restricted|**Total Funds**|
||||Funds|Funds|**2025**|
||||£|£|**£**|
||Rent received||6,382|–|**6,382**|
||Income from listed investments||15,712|5,506|**21,218**|
||Bank interest receivable||6,403|–|**6,403**|
||||-------------------------------|--------------------------|-------------------------------|
||||28,497|5,506|**34,003**|
||||===============================|==========================|===============================|
||||Unrestricted|Restricted|Total Funds|
||||Funds|Funds|2024|
||||£|£|£|
||Rent received||4,942|–|4,942|
||Income from listed investments||18,796|–|18,796|
||Bank interest receivable||4,521|–|4,521|
||||-------------------------------|----------------|-------------------------------|
||||28,259|–|28,259|
||||===============================|================|===============================|
|**7.**|**OTHER INCOME**|||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2025**|Funds|2024|
|||£|**£**|£|£|
||Other income|–|**–**|150|150|
|||================|================|================|================|
|**8.**|**INVESTMENT MANAGEMENT**|**COSTS**||||
|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|||Funds|**2025**|Funds|2024|
|||£|**£**|£|£|
||Insurance|246|**246**|775|775|
|||================|================|================|================|
**- 14 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
**NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **9. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE**
||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2025**|
||£|£|**£**|
|Almshouses costs|149,076|–|**149,076**|
|Donations|5,500|–|**5,500**|
|Support costs|22,974|–|**22,975**|
||-------------------------------------|----------------|-------------------------------------|
||177,550|–|**177,551**|
||=====================================|================|=====================================|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2024|
||£|£|£|
|Almshouses costs|118,180|2,918|121,098|
|Donations|8,567|1,014|9,581|
|Support costs|9,497|–|9,497|
||-------------------------------------|--------------------------|-------------------------------------|
||136,244|3,932|140,176|
||=====================================|==========================|=====================================|
## **10. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE**
||Activities||||
|---|---|---|---|---|
||undertaken||**Total funds**|Total fund|
||directly|Support costs|**2025**|2024|
||£|£|**£**|£|
|Almshouses costs|149,076|
–|**149,076**|121,098|
|Donations|5,500|
–|**5,500**|9,581|
|Governance costs|–|
22,975|**22,975**|9,497|
||-------------------------------------|-------------------------------|-------------------------------------|-------------------------------------|
||154,576|
22,975|**177,551**|140,176|
||=====================================|===============================|=====================================|=====================================|
**- 15 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **11. ANALYSIS OF ALMSHOUSES COSTS**
||**2025**|2024|
|---|---|---|
||**£**|£|
|Scheme manager's salaries and national insurance|**37,008**|27,420|
|Scheme manager's pension costs|**2,916**|2,640|
|Warden cover|**1,435**|710|
|Clerk's salary and national insurance|**3,206**|9,159|
|Clerk's expenses|**585**|256|
|Light and heat|**5,015**|5,344|
|Rates and water|**5,136**|5,590|
|Routine maintenance|**15,299**|6,582|
|Insurance|**3,604**|3,433|
|Gardener and cleaning|**8,169**|7,069|
|Legal and professional|**(2,030)**|13,449|
|Telephone and other office costs|**4,401**|3,000|
|Residents welfare|**1,752**|1,278|
|Advertising|**81**|–|
|Seminars and training|**647**|1,142|
|Cyclical maintenance|**54,049**|20,136|
|Improvements to estate|**–**|10,895|
|Extraordinary repairs|**10,803**|2,995|
||-------------------------------------|-------------------------------------|
||**149,076**|121,098|
||=====================================|=====================================|
|**ANALYSIS OF GOVERNANCE COSTS**|||
||**2025**|2024|
||**£**|£|
|Scheme manager's salaries and national insurance|**2,023**|1,480|
|Clerk's salary and national insurance|**801**|2,290|
|Clerk's expenses|**585**|231|
|Bank charges|**60**|60|
|Insurance|**381**||
|Independent examiners report|**1,030**|845|
|Legal and professional fees|**18,094**|4,591|
||-------------------------------|--------------------------|
||**22,974**|9,497|
||===============================|==========================|
**- 16 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **12. ANALYSIS OF DONATIONS**
||||**2025**|2024|
|---|---|---|---|---|
||||**£**|£|
||Almshouse Association||**–**|23|
||Halifax Opportunities Trust||**–**|5,000|
||Halifax Minster||**1,000**|–|
||Christ Church||**2,000**|–|
||Holy Trinity||**500**|–|
||Vicars||**–**|(181)|
||Mixenden Church||**–**|1,000|
||Halifax homeless and Community Kitchen||**1,000**|–|
||HATY concert||**–**|100|
||Halifax Civic Trust||**–**|125|
||St Augustines||**1,000**|–|
||John Mackintosh||**–**|3,514|
||||--------------------------|--------------------------|
||||**5,500**|9,581|
||||==========================|==========================|
|**13.**|**NET GAINS ON INVESTMENTS**||||
|||Unrestricted|Endowment|**Total Funds**|
|||Funds|Funds|**2025**|
|||£|£|**£**|
||Gains/(losses) on investment property|11,000|(4,500)|
**6,500**|
|||===============================|==========================|==========================|
|||Unrestricted|Endowment|Total Funds|
|||Funds|Funds|2024|
|||£|£|£|
||Gains/(losses) on investment property|–|–|–|
|||================|================|================|
|**14.**|**INDEPENDENT EXAMINATION FEES**||||
||||**2025**|2024|
||||**£**|£|
||Fees payable to the independent examiner for:||||
||Independent examination of the financial statements||**1,030**|845|
||Other financial services||**4,071**|2,640|
||||--------------------------|--------------------------|
||||**5,101**|3,485|
||||==========================|==========================|
**- 17 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
**NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **15. STAFF COSTS**
The total staff costs and employee benefits for the reporting period are analysed as follows:
||**2025**|2024|
|---|---|---|
||**£**|£|
|Wages and salaries|**39,031**|38,059|
|Social security costs|**4,007**|2,290|
|Employer contributions to pension plans|**2,916**|2,640|
|Warden cover|**1,435**|710|
||-------------------------------|-------------------------------|
||**47,389**|43,699|
||===============================|===============================|
||**2025**|2024|
||**£**|£|
|Warden's salaries and national insurance|**39,031**|28,900|
|Clerks' salary, national insurance and contractor costs|**4,007**|11,449|
|Employer contribution to pension plans|**2,916**|2,640|
|Warden cover|**1,435**|710|
||-------------------------------|-------------------------------|
||**47,389**
===============================|43,699
===============================|
The average head count of employees during the year was 2 (2024: 3).
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
## **16. TRUSTEE REMUNERATION AND EXPENSES**
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
No trustee expenses have been incurred.
## **17. TANGIBLE FIXED ASSETS**
||**Freehold**|
|---|---|
||**property**|
||**£**|
|**Cost**||
|**At 1 March 2024 and 28 February 2025**|**292,668**|
||=====================================|
|**Depreciation**||
|**At 1 March 2024 and 28 February 2025**|**–**|
||=====================================|
|**Carrying amount**||
|**At 28 February 2025**|**292,668**|
||=====================================|
|At 29 February 2024|292,668|
||=====================================|
**- 18 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **18. INVESTMENTS**
|**INVESTMENTS**||||
|---|---|---|---|
||Listed|Investment||
||investments|properties|**Total**|
||£|£|**£**|
|**Cost or valuation**||||
|At 1 March 2024|757,951|53,500|**811,451**|
|Additions|–|–|**–**|
|Disposals|–|(4,500)|**(4,500)**|
|Fair value movements|53,517|–|**53,517**|
||-------------------------------------|-------------------------------|-------------------------------------|
|**At 28 February 2025**|811,468|49,000|**860,468**|
||=====================================|===============================|=====================================|
|**Impairment**||||
|**At 1 March 2024 and 28 February 2025**|||**–**|
||||=====================================|
|**Carrying amount**||||
|**At 28 February 2025**|811,468|49,000|**860,468**|
||=====================================|===============================|=====================================|
|At 29 February 2024|757,951|53,500|811,451|
||=====================================|===============================|=====================================|
All investments shown above are held at valuation.
## **Investment properties**
The freehold property held for investment comprises 8 Garages at Waterhouse Homes and freehold of 6 & 8 Crown Street.
The Trustees are of the opinion that the figure of £49,000 fairly reflects the fair value.
**- 19 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **18. INVESTMENTS** _**(continued)**_
## **Financial assets held at fair value**
|||Fair value||Fair value|
|---|---|---|---|---|
||**Cost 2025**|2025|Cost 2024|2024|
||**£**|£|£|£|
|CCLA COIF Ethical|||||
|Investment Fund|||||
|(49,629 Income units)|**82,113**|155,065|82,113|152,449|
|CCLA COIF Ethical|||||
|Investment Fund|||||
|(19,654 Income units)|**50,000**|61,408|50,000|60,373|
|Newton Growth &|||||
|Income fund for|||||
|Charities (207,280|||||
|income units)|**154,192**|377,312|154,192|343,007|
|Sarasin Alpha CIF for|||||
|Endowments (145,370|||||
|Income units)|**115,000**|189,127|115,000|175,607|
|Sarasin Alpha CIF for|||||
|Endowments (21,949|||||
|Income units)|**25,000**|28,556|25,000|26,515|
||-----------------------------------------------|-----------------------------------------------|-------------------------------------|-------------------------------------|
||**426,305**|811,468|426,305|757,951|
||===============================================|===============================================|=====================================|=====================================|
The invested funds are revalued at the balance sheet date to the mid daily value published on the providers website.
Although the Trustees have not allocated specific investments to cover the Extraordinary Repair Fund (ERF) amounting to £217,103 (2023: £196,690), they are aware that this amount is allocated to a restricted fund and is not available for general purposes.
## **19. DEBTORS**
||**2025**|2024|
|---|---|---|
||**£**|£|
|Prepayments and accrued income|**6,115**|4,432|
|Other debtors|**4,016**|5,050|
||-------------------------------|--------------------------|
||**10,131**|9,482|
||===============================|==========================|
**- 20 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
**NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **20. OTHER CREDITORS INCLUDING TAXATION AND SOCIAL SECURITY FALLING DUE WITHIN ONE YEAR**
||**2025**|2024|
|---|---|---|
||**£**|£|
|Social security and other taxes|**–**|304|
|Other creditors|**281**|–|
||----------------|----------------|
||**281**|304|
||================|================|
## **21. PENSIONS AND OTHER POST RETIREMENT BENEFITS**
## **Defined contribution plans**
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £2,916 (2024: £2,640).
**- 21 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
**NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **22. ANALYSIS OF CHARITABLE FUNDS**
## **Unrestricted funds**
||At||||Gains and|
**At**|
|---|---|---|---|---|---|---|
||1 Mar 2024|Income|Expenditure|Transfers|losses|
**28 Feb 2025**|
||£|£|£|£|£|**£**|
|General funds|415,201|166,320|(153,561)|(93,950)|49,610|
**383,620**|
|Cyclical|||||||
|maintenance fund|||||||
|(CMF)|119,679|–|(24,235)|25,100|–|
**120,544**|
|Extraordinary|||||||
|repair fund (EFD-|||||||
|D)|211,135|–|–|15,350|–|
**226,485**|
||-------------------------------------|-------------------------------------|-------------------------------------|-------------------------------|-------------------------------|-------------------------------------|
||746,015|166,320|(177,796)|(53,500)|49,610|
**730,649**|
||=====================================|=====================================|=====================================|===============================|===============================|=====================================|
||At||||Gains and|
At|
||1 Mar 2023|Income|Expenditure|Transfers|losses|
29 Feb 2024|
||£|£|£|£|£|£|
|General funds|380,704|157,913|(114,689)|(37,680)|28,953|
415,201|
|Cyclical|||||||
|maintenance fund|||||||
|(CMF)|119,679|–|(22,330)|22,330|–|
119,679|
|Extraordinary|||||||
|repair fund (EFD-|||||||
|D)|195,785|–|–|15,350|–|
211,135|
||-------------------------------------|-------------------------------------|-------------------------------------|-------------------------------|-------------------------------|-------------------------------------|
||696,168|157,913|(137,019)|–|28,953|
746,015|
||=====================================|=====================================|=====================================|===============================|===============================|=====================================|
The Cyclical Maintenance Fund, designated fund, has been increased by more than the minimum amount recommended by the Almshouse Association Specimen Budget 2025 for dwellings outside Greater London and older than 20 years of £1,066 per unit for 24 flats and the warden's house.
The Extraordinary Repair Fund, restricted fund, has been increased by more than the minimum amount recommended by the Almshouse Association Specimen Budget 2025 for dwellings outside Greater London and older than 20 years of £652 per unit for 24 flats and the warden's house.
The Trustees' policy is to keep the properties up to date, and they are currently reviewing the optimum amount that should be reserved for extraordinary repairs.
**- 22 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
**NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **22. ANALYSIS OF CHARITABLE FUNDS** _**(continued)**_
## **Restricted funds**
|**Restricted funds**|||||||
|---|---|---|---|---|---|---|
||At||||Gains and|
**At**|
||1 Mar 2024|Income|Expenditure|Transfers|losses|
**28 Feb 2025**|
||£|£|£|£|£|**£**|
|Extraordinary|||||||
|repair fund (ERF)|196,690|5,506|–|–|14,907|
**217,103**|
|Community|||||||
|Foundation for|||||||
|Calderdale|–|–|–|–|–|
**–**|
||-------------------------------------|--------------------------|----------------|----------------|-------------------------------|-------------------------------------|
||196,690|5,506|–|–|14,907|
**217,103**|
||=====================================|==========================|================|================|===============================|=====================================|
||At||||Gains and|
At|
||1 Mar 2023|Income|Expenditure|Transfers|losses|
29 Feb 2024|
||£|£|£|£|£|£|
|Extraordinary|||||||
|repair fund (ERF)|186,852|–|–|–|10,852|
197,704|
|Community|||||||
|Foundation for|||||||
|Calderdale|–|2,918|(3,932)|–|–|
(1,014)|
||-------------------------------------|--------------------------|--------------------------|----------------|-------------------------------|-------------------------------------|
||186,852|2,918|(3,932)|–|10,852|
196,690|
||=====================================|==========================|==========================|================|===============================|=====================================|
The Cyclical Maintenance Fund, designated fund, has been increased by more than the minimum amount recommended by the Almshouse Association Specimen Budget 2025 for dwellings outside Greater London and older than 20 years of £1,066 per unit for 24 flats and the warden's house.
The Extraordinary Repair Fund, restricted fund, has been increased by more than the minimum amount recommended by the Almshouse Association Specimen Budget 2025 for dwellings outside Greater London and older than 20 years of £652 per unit for 24 flats and the warden's house.
The Trustees' policy is to keep the properties up to date, and they are currently reviewing the optimum amount that should be reserved for extraordinary repairs.
Incoming resources comprises Weekly Maintenance Contributions, interest and dividends (allocated between restricted & unrestricted funds).
The Community Foundation for Calderdale fund is provided to assist with costs towards reducing the carbon footprint of the charity.
**- 23 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **22. ANALYSIS OF CHARITABLE FUNDS** _**(continued)**_
## **Endowment funds**
|||At||||Gains and|**At**|
|---|---|---|---|---|---|---|---|
||1|Mar 2024|Income|Expenditure|Transfers|losses|**28 Feb 2025**|
|||£|£|£|£|£|**£**|
|Permanent||||||||
|Endowment Fund||292,668|–|–|53,500|(4,500)|
**341,668**|
|||=====================================|================|================|===============================|==========================|=====================================|
|||At||||Gains and|At|
||1|Mar 2023|Income|Expenditure|Transfers|losses|29 Feb 2024|
|||£|£|£|£|£|£|
|Permanent||||||||
|Endowment Fund||292,668|–|–|–|–|292,668|
|||=====================================|================|================|================|================|=====================================|
## **23. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
||Unrestricted|Restricted|Endowment|**Total Funds**|
|---|---|---|---|---|
||Funds|Funds|Funds|**2025**|
||£|£|£|**£**|
|Tangible fixed assets|–|–|341,668|**341,668**|
|Investments|594,365|217,103|–|**811,468**|
|Current assets|171,364|–|–|**171,364**|
|Creditors less than 1 year|(35,081)|–|–|**(35,081)**|
||-------------------------------------|-------------------------------------|-------------------------------------|-----------------------------------------------|
|**Net assets**|730,648|217,103|341,668|**1,289,419**|
||=====================================|=====================================|=====================================|===============================================|
||Unrestricted|Restricted|Endowment|Total Funds|
||Funds|Funds|Funds|2024|
||£|£|£|£|
|Tangible fixed assets|–|–|292,668|292,668|
|Investments|614,761|196,690|–|811,451|
|Current assets|172,075|–|–|172,075|
|Creditors less than 1 year|(40,821)|–|–|(40,821)|
||-------------------------------------|-------------------------------------|-------------------------------------|-----------------------------------------------|
|**Net assets**|746,015|196,690|292,668|1,235,373|
||=====================================|=====================================|=====================================|===============================================|
**- 24 -**
## **UNITED CHARITIES OF NATHANIEL WATERHOUSE**
**NOTES TO THE FINANCIAL STATEMENTS** _**(continued)**_
## **YEAR ENDED 28 FEBRUARY 2025**
## **24. RELATED PARTIES**
During the year £nil (2024 - £5,000) donation was made to John Mackintosh Memorial Homes a charity under the common control of the trustees.
During the year £15,806 was paid to Pickles Architecture, a company connected to George Pickles, the former Secretary.
On 8 July 2024 Waterhouse and Mackintosh Trustee Limited became the sole trustee of the charity. All trustees resigned on that day and became directors of Waterhouse and Mackintosh Trustee Limited.
**- 25 -**