Chgrlty raglstrallon numbor 223907 BEVERLEY CONSOLIDATED CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
BEVERLEY CONSOLIDATED CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Tru8tee 8overlèy Hou8hg Trusfog Llmlled {Appolnlgd 6 DeGemb6r 20231 Senlor managgm•nt R Mllg5 S Barley M Craughan P Portor E Alrd NAII8y B P&ar80n A Bowe8 P Brcsok6 J Dalton K Hurst Chalrrnan Mce Ch81rmon {reUr8d 14.Q8.23) lappolntèd 01.03.241 18PPDlnted 01.03,241 {appolnled 01,03,241 (appolnted 01.03.241 ABarb6r K Conner Chlef Execullva Officer Buslne88 Manag8r Charlty numb4r 223907 Audltor Flnnle8 Accountan1$ Umlted 4.8 Swiby'8 Yard Walkergat6 Beverley Eg8t Yorf<shlro Unlted Kingdorn HU17 9BZ
BEVERLEY CONSOLIDATED CHARITY CONTENTS Pago Chglrman% 8taternènl Chl8f ExèGuUv8'$ report TrSlee8, report 5.11 In¢Jgpondent audltorfg roport 12-14 8t8lem8nl of lknanclal aclfvllles 15-16 BalanGe ah8el 17 Slal¢menl of cash flows 18 Not88 to Ihe ffinanclol slalemBnts 19-31
BEVERLEY CONSOLIDATED CHARITY CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 I'm proud to provld8 IhlB gnnual repDrt a& Ihe Chalr of Bevedgy Consolldated Charity a$ we ¢(lInu8 our drlvo lo provld6 hIgqUalIty alfoTdabla homes for those who meal our crflerlH frorn our règlon. Over 150 people benefilled from our chorfly In the year, as th8 charlfy 8upported m8ny to Ilvp long8r, happlèr ond heallhler Iivas. Our Iru81ed team conllnued lo b8 on hand Ihiough ongolng polillcal and eeonomlc challeng88, 51gnposlng and walklng 8long8lde msldonts who ne8d8d a1Stt10 ex help along81de tha hom& we provldg. In Ihls reportlng year, a wlmory oble¢tfve has been the d8v6lopménl of for ow hl$torfcally $lgnlfbcant propeill88. Those proport188 8nd cft8h endowments alongslde tham were thè foundlng gifts whl¢h EolleollIY piovlded th8 lomialllin of Beved8y Con¥olldated Charmes, The89 8tte8 Include Charfes Warton. Ann Roulh and BEDE Homes whlth have long bggn propertl88 Ihal requlretl a gwter Inv&$tMerit dug lo Ihelr age and v&lu8 10 the are&,8 hlstory. E8ch $119 was or remalns occup and sub8a4Uonlly requlr¢d the £ODperallon of our r?dentS In the plannlng and dellvery of thè Inv8slm6nts Into eaGh 811 8 never wE8h to move Peop from th911 home8, howov&r, when wo h8V6 be8n rewlred to, Wo have wrled th18 out wllh thp grealestlovel of coro and Inv8Btad In the move costs foi ch resldenl when r¢qulred, whllst our team h8$ walked alongslde them al evèry 81oP. In addliion to th8 p081tlv8 Inv05tmanl Into hom85. we ere 60 dellghled to see the complellon of our $6areh and movo Into OLFr n$w ¢fflcès Morton Houso. A key slrateglo obSeallva of the board for $èv&ral yeers IN8 8tt9 11 now provldè the Charlly 8nd118 resldents wllh gt¢aler levels of ow&8slblllty. conlldonllalKy And growth pol8nllal, Morton Hou8e whlchlg on the tslle of the fomier ¢9tt8ge Hos181 on Morton Lane Beverléy, wa8 OTlOnally built k) be th& headquarter8 of perMmon Hom98 and wag Ideally14ld out for our use, wlh Space to bè rénled and for room8 lo ba avallab16 for communlty enlllles whlch bgneflt Ihe 05dor ro$lden18 of Beverf such 08 Mlnd, Ago U.K. tho Women8 Inslll(rte. Tho abovo Inve8lmen18 Into our colleclSvB 98lale represent good longer4emi plannlng whlch wlll conllnue to pBy the charity back f¢r many years, vllally rt also en8uro$ our boneflclary'8 eXpeOn¢ vAlh the charfly Is enhanced, Such large Inveslm6rnts do r88uII In ieduc8d cash re8ewès for the ch4rfty by the end of tho year bui wllh ntInU0d strong over8lghl from th& b08rd and good oper8tlonal Contr8, we do not fwesee thlg h1ndeng tho Chaty, Iu8t th¢ opposllg, we See thls as our purp06e and wlll continua lo h8V8 a bold ambiuon lo grow both our number of horne9 gnd rango and quallly of $eNIc08 In futur6 years, thin the roportlng year, the Trustees worklng with our profe85ion&l advl8or8 e8tab118hed a company to &ct as thg Corporate Trn8l$e of the Ch8rlty. IhlB was a furthor slraleglc of the Challty and wlll piotecl Ih? tIU8leè$ (now Dlr8clorsl from Iiablllty m8klng1180gler for recrultment and a180 for the proacllvo management and growth tsf the ¢harily for Ils benefld8rfes, The Bavgrley HousSng CharKy Tru818è Limllod18 the offldal Ill? of thg corporate Iru8tts8 and 88 8uch for repoyllng Irom the 202412b finunclal year wo 11 be knDwTh 88 t)Ireclors thIn Ihls r8POrt not Iru8te88. At th18 Ilme the Tw51ee8 4180 took tho QPPDrtunlly lo create clarlly on our &ro8 of delIV wllhln our charfly Bohame, Moving from Beverlay and nomod parf8ho$ lo the East Rldlng Df York8hlre. Th18 8nd the corporatè Iruslo& were conflrmad and ¥ealed wllh thg Charlty Commlsslon In December 2023 en9bllng us lo recrull four p$ople to ¢Jur board fom)ally In early 2024. All o11ho above see8 us maka con81deT8bl8 and purpo8eful 8tride8 toward8 ¢ur 810n of creating conneclod BBverf8y thrlvlng In 1816r Ilfe.
BEVERLEY CONSOLIDATED CHARITY CHAIRIYIAN'S STATEMENT (CONTINUEtI) FOR THE YEAR SNDED 31 JWARCH 2024 n&ty, we would Ilk0 Ip hjle oui apprètlallon to Lwr pr¢rfotsè acwuntanlg and wtsltOl8 Dultcth Wthra. For MW)y y8ar8, th& (*dilly bonbfiiiad from Ihg knowledoe dlrectlon of John Glll•ard FCA who plwd i) roltr In the wlth dwhg.110 9¢owlh. a lend&rpioow, wa wè lod(Inu I00rd ¢0 eh P41 p¢J8Kl¥o r8kn911 R MI5 tsSo(Hon8j FCA 4 06bar2024
BEVERLEY CONSOLIDATED CHARITY CHIEF EXECUTIVE'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 The last 12 month8 have beon hlghly produBttvé, vAlh 8lgnlftc8nt Investment In our gxl8llng homes and the purchaso of both new rental 8nd commarolal property whlch w6 support our long&r-lerm 8lrateglc obhctlve8 and (ulfil Duroverarchlng v18bn lo holp resjdents In 8ov¢dey and 8urroundlng argAs lo ag8 wdl. Qur Pèoplo In th& last 12 months, our tsom hgs conllnued to bè the 91ngl& mo81 Important 9$591 within our charlty. Wa regularty get leedback from our reslden18 on the dllerence Ihey make, and the compasslon and care th8y hav8 h fulfilling Ih8lr dulles. To all ¥thIn Ihe 188m, 1118 not lu81 a lob but a vocation, golng above 8nd beyond ddty to ensure our re8ldonl$"rgmain ¥af8, happy &nd w811. Our Proportl Ovèr the last threa years, we have InvoSted slgnlfl¢Ènlly In our oxlsung èstal8, instslllng a longer-tOTm plpn lor r8ftJrb18hment, and planned and wllcal malnlen8nee works, Thls pl&n Is al the èady stages ol ddlvery th15 year bul Is already beglnnlng to 8how dlvldond$ In Ihg poslllve response from rasldon18 and the reduced re4ctlvg malntenancè calls. Bgvarlgy Con8olldot8d Cherfty has operated Cllad81 Court M8n8gèment,' Ihlg management organl8ption was In place to overseg Ihe CFtadel Court 8lle of 18, 2 bedroomed flats 17 of 18 owned by Beverl8y Consdldaled whllst one propvty wa8 owned by a pN¥ale Inve8tor.11 had long been th8 slretsglc int&nt of the BLrd lo purohase the la8t r8m8lnlng lal. and through poslllve negolallon, th1$ was achlevod th18 year. Thls Is a rnalor a¢hlevemenl for the charlty, and Ihe managemgnl of Ihg Stte Wll now bg taken from tho 8ep&rat8 enllly into th core ch8rity'8 buslnosg. L18tod bulldlngg Part of thé &for6m¢nlloned plan wa8 tho malor Wk& requlr6d to brfng Charle8 Warton, Ann Roulh, and BEDE Hom&B up lo our ¢urr6nl 8tandard8 of accommodallon. Th859 three Qrade 11118ted si188 had pTevlously only had mlnor works ddlver8d over thè last 15 to 20 yoars ond needed ImpFov8menls whlBh requlre malor d18ruption to the resldenl8 or TehouBlng. Work by the te&rn and our piofe881onal advlsors has taken place In the year wp are 8180 grateful lo our resldfjnts who hava eollgboralgd wltt) us lo movè lo allarnallve accommodallon In this WOC8 N9w office A koy slrategSc alm of Iho charlty was to source Bnd purch898 Its own offlc88. provldlng a facilily1hal c8n 8UPPQrt Its longer-lerm &mblllon8, 8 slle whlrh is conduolv6 lo ¢n¥bllng our resldents.lo have servlcgs and support from OLifs8lves end partngT8. In the year we ayreed lo purchase Morton House, Morton Lène, Bevedey. The fom)er slt¢ of B8verfoy Collage Hospllal, thls offlce 1$ In central Bgveriey wllh and dSsablllly acc08S. As w¢ll as being Ideal for. our dellvèry, tha spac81s a160 large enough to le858 3010 40% of Ihg slle an gnGh lenanl alr8ady seeurod, th8 cost of running 4 larger offico l¥ mlllgaled by glvlng th& flfrxtblllty totjr chaAly lo offer arAlvlty 8PaC8 lo olhor loeal charllabb organlsalfonsfor frgB. Ourfinancl41 pgrformancè The last 3 year8 have seen malor flnanclgl Investment decSslons from Ihg TIu8leas Into thè charlly's Infra8lructure and property a8$81 bg8e. Ihls h88 88en a reduotlon In our flee r•serve$ and wlll eee us maxlmlse our p8mi8nenl endowm8nl In Iho next 3 year8 In Ilne with Ihe charlly comml8sIDn guldgllnè8. Th18 Investment wlll bè lgned wtth sliong flnanclal overslght from the I[na¥ commlttea &nd appllGpllon8 for fundlng to Homes England for the major refurblshmtsrit works. Posltlve managgmenl of our Inv&slments In Ilne th our Invè¥tmenl pollcy and lonterni 8lrat8glc plor wlll conllnu8 Iu 8UPPOrt our affordable and very falr monthly maln18nance fe& charge8 to Alm8hgus8 Ro3ldenls. Our rentsd prop8rt1è9 wlll 8e8 InGroase8 In Ilne wth Inffatlon, arKI wllh the oblocllve to en8ufe wo aré galnSng market ralum for these Inve8tm8nl propertles, 1115 recogn188d by Ihg Execudve and Board Ihal a key pOrItY[S lo roduce the number of vokl Pfoperlles w• havè. Tr18 has run at 12-15Qh acros8 the yeaT. Thls hlgher-lhgn-normal porcenlage relales lo the rgquliemenl lo èmpty malor refuiblshmenl slles and hava ollern8llvF> aceommodallon aVaIl&te. Whèn boklng al our noTr$lr&leglo vold8. Ihe88 numbers romaln 8t a conslslenl whlch Is lo be gxpected wllh our beneflciary b88e. Volds are revlewed ularly by 811 commlllee8 IDevelopmenl, Houslng, Flnance) as w8U by al tull Bowd quarterfy.
BEVERLEY CONSOLIDATED CHARITY CHIEF EXECUTIVE'S REPORT FOR THE YEAR EAIDED 31 MARCH 2024 Wo conllnuÈ to 8nharth our offgr to our regldènts, from the Investsnanl In OUT homès, Ihe n6w offlcs and f8dllllas and Iho 8arvlc6 provlded by our ieam, Al th8 bttlllnnlng of tha yaar, wa reerulled an In-houB6 Malnt&n8nce load vthl¢h provldo8 a uraatfjr pace to reacuve wrkS and savlngs lo the ch8rfty on cyclkal and plannèd work8 h tho longertsTm. We Gontlhue to bè fvsponslva to our resldenls n60d8, en¥urlng Ihet Ifwe not hava tha &n8wer or Ihg roqu881 Is not wlthln our remll, wo cart offer pO81v& iafgrral$ to other voluntary, slalLrfory, or pdvole organlsHllon8. Wo have conllnuod to en(x)urag6 r6sFdgnts to appty for banaflts to whl¢h thèy are gnlllled duo to Ihdr flnancld or h8akh drcumstsncgs, Ihls haa gèèh resldgnls vaslly Incroase IhelrolrcumstencèB and th81rlndÉpendenoe. Through tsur home Inspecllons and regldénl$' suxvoy8, wa are d811ghled lo See that oui. work Is ntkl onty pprodatsd bul also havlng 4 real Impa¢l on how our rasldenls fvo18af8. happy, &nd wèll. OurhomeG and 88rvl¢es condnu8 lo mldgat8 lh8 8gverlty of the Impa¢l from the cost-of-lvtng crfsls In compad80n lo Ihosg Ilvlng In prtval8 ntéd accominodallon In the 8rè2. Our r8sld&nt'8 commlitea 2nd rosklgnl gV8ntS 8nsura that the volce of our dents rernalns 81 th6f¢Jreknnl of our op&ralon ftnd thIn our8trateqlc plgns. W8 are grateful lo our re8ldcnt8 lorthg poslllva feedback ableS u8 lo Imwove each yoar. Thlg Is al¢)ngsldg a hlghty 8kSlled ond 00mpq¥0n8t8 In.hou8e téam and a board of trusle8s, now dlrotttCW8 who coflectlvoly all hav ¢hartly to be & le8d6r not a folFowarln slonrlaTd8 of affordabto Ilving. A. Barber Chlgl Ex£cullvg Offir Dat8: 4 Docombor 2024
BEVERLEY CONSOLIDATED CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trJJsl8&8 presonl Ihelr annual report and flnanc4al 8ts1emenl8 forthe year ended 31 March 2024. The ffn8nclal 8tatement$ hav? boen prepared In accord8nGp wlih th8 a¢counllng pollcies set out In note 1 to th& flnanclal 8talemBn18 eomply wlth the charills Igovernlrg documenll, lh8 Gharfllès Act 2.011 and "Accountlng and Reportlng by Charfll88'. Statsmont ot Recommended Pra¢Uce oppIIc8ble lo ch8rllle8 pr¢parfng thelr accoun18 In a0rdne8 wlth the Flnanclal Roportlng Standard appIlble In the UK and Republlc of frtrl&nd IFRS 1021" {effecllvo 1 January 2019). Obl•dlvg8 aDd actlvltl•$ . Almshouses form part of a collectlve hou81ng ofler Beverf¥y. Bev8fiey Con8011daled Is an Independent charfty, not a r6gl$lor6d prowder, as SLFtrh we have our crflaa whlch allgned to our charltabjg con8tilull(m and r8vlewed annually by our Board ofTrJ518¢8. Tho core crlterl8 for ourAlmshouse prop&rtle¥, appllc8nts nggd to megt Ihe fomowlng cffterfa: B8 of stalg rotirement age (currently 86 and overl Have llv In Beverfey and the surroundlng area for at least 10 years at some polrt In thelr Ilve8 Not own Ihelr property In the UK or abroad . B8 In lin9nclal, ¥odal, or houslng nèBd'dellnlllon8 below. 'Flnanclal need., We 098es8. current In¢omg lev818 ond sqvlrgs; prlorlly 18 glven to those deem8d to have the greatest need. 'sal or houslng méj.. We wlll Bs$os8 any current 4ddlllonal needs wN¢h may show that an applloanl'8 neod18 greatèr du$ to clr¢um8tances beyond Ihelr Immedlale control Although11 Is open to the Ifustees to appolnt Sny pw80n8 naed Dur Alm8hovs&s due lo Ihelr age and If Ihay have Ilved wlthln our focus area for more Ihan 10 y8ars. If the appllconl'8 r980ur¢es ¥re In o poslllon that rn8an$ Ihwo are olhor forms of accommodatlon In the locality {whlch thgy can afford, and whkh wlll me8t th8lr needs) It Is our eurr8nl pollcy that they 11 not be prioilll8od for an Alm8hous&. hore there Is a mgthcal need the Thi&tefjs have agroed on n*ny occaslons lo move resldents from ong A'lmshou8& to another I,e., roqulrlng 81ngl&floor acoommodallon. Consldèrable &ffort and co¥1 havo been aligned th prAdIng the rfghl hom&, al the rlght Ilme of Ilfe for our resldentg. We work closely wllh the 8d8plplion 16am8 In e are4 and other locol oharllles to ensure rIdnts ere m8xlffllshg rosource8 8vall&ble lo help them lo Ilve not exlst. Key oblg¢tlvo8 for 2023124 wer&: To gmbed thé resldenl'8 volce wllhkn th& oharlly To refurt)l$h and open our naw accessibl& offlces To &xploro oxtemal fundlng for major refvrblBhment works To begln refurblshmgnl works on Dur Grad&11 Ilstgd slte8 allgned wllh ow Investment plans To Inve81 In our plann8d and cydlGal malnlenanc? re8ources To a¢hlove a 3% mlnlmum yleld on our managed Inv&slm9rt porlfollo To maln181n a mlnlnwm gross Income yleld of 3.5% from our inv98tmanl proportle8
BEVERLEY CONSOLIDATED CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Publlc bgnaflt: The Charlly now own5 136 alm3house8 and 25 rentsd propertle8, the80 are all wlthln the Beverley boundarfè8, wllh the bulk of th6 prop8rti88 wlthln a few mlnu1$8' walk from all lh& town 8mènlll88 and transport IFnks. We now house more then 1BO resldgnls, th the aver&g6 age of our re$ldent8 eurrently 78 years young. Our 8UPPOrt saves our r08ldonl8 collgctively more than £300k per year vs. current m8rkel r8nt8. Indude(J In our averagè mdntenanca fee of £480.00 per month Is Bn exc6118nl local rg8ponee 88rvlc8 Includlng at the push of a builon a lifellnè servlce, malntenance wor4(s and In many cases gardgnlng. Our realdonls regul&rly hlghllght to us that the Bafety and Becurfly of Ilving wllh us make 8 slgrlflcanl dlfferen¢• In Ihelr dally Ilves, Not havln9 lo have ¢oncerns about fraud. r(yJue Ifad8r8 or shuithold lanancy agregm&nls, as Interest ral95 Tlse, and prfvale landlords exll Ihe maH(6t. In the la81 year, we have also WQViLled support lo r081dents 8truggllng to communlcale wllh thelr anergy companles bllls Ft8é thnd Smart gro Implam&nted. A8 an A1rri8hou8e charlty we endeavour to build communwes not just homes, In provldlnu a gardonlng and wollbelng BeFvlceg, we conne¢l wltr resld8nls wgekly, 8eelng thorn whll8t worklng In Ihalr garden$ when Ihay org beglnnlng lo struggle and may noed further 8uppcJrt from our88fv88 or partner organl8allons. We again Increased our nglworklng wlth voluntary and communlty 98ctor organlsallono to enable us to make a grfyator number of po8¢llve r61èrtal8 for ow r8Bldents and Ihelr famlly memb8¥s. ThIB hos helped many re8lden18 ravlew and inttea88 flnanclal Support from sources Ch aB attendance allowance. We belleve and work to continuou¥ ImpTovemonl In our homes, advanolng the quallty 8nd 8tsndgrds of Ihg kgy a8ped$ that mak8 a hous8 a home. Wa makg gvery offort to Improve energy 8fflclonGyi carrylng Qut upJradeg Ih8t moKe a dNforoncg to the re81dgnt8 and al80 Improve our EP¢ rallngs across our 98tat&. Our CL41acte vlew 1$ affordablllty should nDt MprOMIse quallty. Thg tru¥l868 have pald duo ragard lo lance Issu8d by Iha Charfty Comm1s81on In decldlny what aelfvElle¥ the chArfty should undertake. Tho Full b08rd deleggtes résponslblllly to approprfstfr oommltte&s to en$ure pace and In4gplh knowledge ol dac181on8 In greag of Houslng. Devèlopment and Flnance. In the ygar, a 8lrateglc larg81 wa8 to fomially &ppdnl new mèmbers lo Ihl$ Struolure and ¢slabllsh key prlorflles In each area of work. The full bognl mèl fourtlme8 ¥Mlhln the year as plonned. Houslng Commrttee Mel four Ilmeg In the year, whllst also mgklnu remote declslons when requed. * Flngnce Commltto8. Mel IwEoe In lh& yè D&vglopment Cornmlltee. devobpmenl commlttee mel for the flr8t lime In Marth 2024 Commll(ee memberA by the end of 2023124 Year Tr. Mllgs (Chalrl ha8 a slwndlng Invlle lo all maetings, FInae". M. Craughan, E. Altd. N. Atley Dav8]opmenl.' P. Brookp, A Bowe8, Craughan, N. Alley Houslng: K. Hurst, J. Dalton, S. BarlBy, P. Porter All full boerd and o)mmltteè meelng8 ar8 Mlnuled, deda¥oll¢nJ of inleresl &rg record$d and acti logs are produced to ensure the Mmittee5.1he1 members Ond th8 gxooullv08 ar8 po8ItIv8ly hèld to aGcounL All full board meetlng$ are mlnuled and gcuon logs relalned lo ensure Ihal declBlon8 ol tho appolnled commllt6e$ are poslllvely held to 8ccounl, en8urlng progresslon ol pwlormsed matter8 from &a¢h full Iward mg¢Ung.
BEVERLEY CONSOLIDATED CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Afllllatlon8. Tho Charlly 1$ a membgr of Ihe Almshouse A880Ci4tbn, and m&mbeT8 of the tharfty are a180 Tru$tee6 of the AITnshouse Congortlum. Flnanclal Yovlgw Th& a18 Bhow an operatlng yoar d6flctt of £437,851 aoaln8t Incomo, Thls Is not a cause for concgm for the tru818es, nor Should11 bo for our beneflcl8Ao$, Ihe6e funds havè bo?n mode avallablo for Ihe Inveslmonl r8quired to 18ke the oharlly and our property 8$Sgts folward. Qolng ¢oncorn Ovor the last 5 y&ar8 Ihè ehailly has h&d 8 nel dofldl of £929,678, th18 d8ncll wa9 wlthln our pl8n8 for Inv&81m6nl into ow prop8rt1g9 In tha fom of major refurbi8hmenls, planned works and thè purchage and refurbs8hm9nl ofa new olfiGe. Th1$ has reduGed Dur froo re8erve8 and our bulldlng funds, and tho charfty plan8 to mmISe thé ¢tharlty comm1581Dn guld8llnes th8 uIIN8allon of permanent endowment fund$ 1¢ complete thèse woik¥ and reinve$l Into the purchaso of prop6rt1trs whlch fullll our charllablg cWIIvo8. The chorfty has no borrowlng8. de8plle l)81ng Ideally posllloned to mamIs9 80clal InveBITnenl and prlvala Inve$tm8nt funds, The charfly as per118 fmst debd holds an gxtraordlnary repalr fund for ¢rnergfrncy Improvgmgnl or rebulldlng of Its Alm8housos. Glven Ihg rellabillty of the ¢hsrill8 nme 6tr88ms and K8 liquld Kes&rve8. lh8 Tw8lee6 note thal the ¢harity has adequ41e resourc8s lo remajn In operallonal exlsl8nce fortho fores8eabl8 futur8. Movlng forwar(I the charily wlll look to maxlml$e118 8tr6nglh to $gcur& fundlng for mafvr works and lo also enh8nco tha rellef kn need of r881dénts In our b8n&fkiary area, Thg TnJ8lee8 a180 note continued rlslny cos18. Th1$18 across both coro operaUon$ ¥tafflng ¢on8umoble8 ¢TlY and rates, vthllst we also have 8een a conllnued rlse In eonstructlon costs de8pS1& our best efforts lo mitiggle thes? factors Ihtsl do have an tslfect on our dè¢lslon.moklng lor Malnlenanoe charges and rènt81 c0818. Re¥•rv98 poll¢y It Is th& pollcy of the chorlty that unre8trlct8d funds whlch havo not b8en d8slgnatod for 8 spedfic use $hould be malnlalnèd at a lav81 equlvalénl to FJetween three and $lx monlh'8 Qxpondllure. Tho truBlees consld&r that r6servgs al Ihls level wtll ensura that, In th8 event of a slgnlllcanl drop In fundlng, they wlll b8 abl8 lo conllnue the charfty's current a¢llvilles whlle consldarallon18 glvèn to ways In which addllignal fvnds may bg r8186d. Th18 lev61 of serVeS has been malnlalned Ihioughout the year. Th8 d•llcll1s prlmarlly #cross threo key aroa8 the Investment In refurb18hmenl8 and planned work8. In the y89r works were undèrtaken on mo8181te$, and progrgmme of replaclng hlgh.ra188d showèrs wNh w8t room8 also bgg#n 4 Increa8¢d oper81ing costs, 8alorle8, 8nd energy Inve8tment values reducing In year Th8 work undertaken In thls, and the prevlous year ha$ begun lo pay ba¢k Fn our monthty In>M8, wllh1gs8 vold5 and a greater refum from our rented propertle& In our Alm8hou80 contrfbullon8, we have pul In plac& falr 8nd affopd8bl& inGr6ase8 In our f8&5, Core opor8llng costs have Increasod year on ygar, thls Induded th• recrullmenl of a fvll-Ilm8 CEO and Bu8ln85S Managor Incre&8lng tho capaolly wlthln the team to fijllll demand. whi181 al$0 supportlny tgam mernb8r8 wlih lequ8te cov8r In g118specl$ of Iho cherlty. W8 have Ilke our pe&r$, olso seon a conllnued T188 In our co8ls of woik, and like many, wo ar& fedlng thè addlllonal cost of energy b1118 we ondeavour lo mltsgate Ihls wer& posslble by ullllslng our oapaclty lo asstr8$ all core sts 8nd axplore n¢w Incom8 Stroams.
BEVERLEY CONSOLIDATED CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Invostmgnt pollcy Wè eonlnua lo work wllh our Investment managers lo monllor the market8 In which wg aro Invested, wong vAth Invostec and CCLA In tho year. Our Inve8lmenl galn In the year lo18lled £371,115 In compadson to a nel1088 of £182,767 In Ihg w6vkus year. The trustso8 recogni8e the continued volatllily ol the m8rk8ts and have balanced our Invgslmenls acr088 8 portrollo of flnan¢lAI"and proty. The propety Inv6slmonts ar9 011 propertle8 wlihln B6verley1251 from 124) In the prevlous yoar th lh• purchase ol number 19 Cllodel Court, Th8ge properU88 are nL)I p&rt ol the Alm8hou8e8 therefore Bre t8ryeted lo galn full Mark rent. Tha Irus18¥8 wlsh to note that somo of th8 charlly'8 Iiive8lm8nlB ¢[ need lo b? Eold In the next year, In line with our plan8 for Investment In major refurblshmenl8 on oyr Gr8de11 listgd proparties and baged on our &yaar budgeL R18k Managamfrnt ' The TN81ee$ ¢onfirn7 that Ih8y h8V6 OSS0S8ed the m8ltsr rlsks lo whlch the Charfty18 6xpo8ed and that gyslom8 And procadures havè b&en 9818bllsh.gd lo m&nag6 Iho8e r18ks, Spe¢lflcalty', . All proparfle8 are fully Insured The Permanent Endovrnenl Invo$lmènl portlollo 1$ Bpread tstheen propety ond a wkle lange of Inve¥lmÈn18 RequeBl8 for propertles are ragularly ravlawed for both Alm$house8 End our Investmonl propartlas agalnst our key crlleria. . Profe88lonal a(Ivlce Istoken and ade(l upon on Inveslm8nl, property. and legal matters • The Incomo slreamls dopgndable,. th no r8llanc& placed upon fundraislng cuFrenlly All résldenls whèn needed are Ilnkod lo a Iwl aulhorlty emorgency helplln& . Thg Trustees have Igkan out aPproal Insur8nce cover for publlc liablllty rf8k and key offlcer Indemnlty . Wherever p(1851bl& In¢om8 1$ recefved by 8tandlng orderlbank erodll lo mlnlmlse cash In tran$il Carbon monoxlde d8leclor8 and 8mokB alarms ar8 fltted In all propertlés and upd&ted through our appolnlgd conlroctor$ * Gas and Nro safety checks Qre Conducted In Ilne wllh ¢uffenl regulallon8. The revlew of the pollcl88 and pro¢edur68 of the ChatY through ¢)ur ¢ommllle8 81ruduro rallllcstlon 18 complelod byth8 full board
BEVERLEY CONSOLIDATED CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 stru¢tUl>i govgrn&ncg and manag8ment Several bmallar charlllg9 wera amalgamated ènd In 1987 Ihts Beverfey Con8olldaled Charlty was formed. Tho charlty sch9me ha8 had sllght am&ndmenls ovei the yeors lo enable graaler use OT Ihg charity as8018 In Ilna wllh Changes wllhln the communmy, m08t recently the areo of b8nefil was changed from the Borough of B¢vertoy and named parishes to the East Rldiny of York8hlre, The ¢harlty'8 focus and targeted rosourc88 contlnue to be contred 8round Beverley, bul Ihl$ chang9 glves groal8r ffexlbilily for the fuluw ulllsollon of our a88818 and rgcogni888 the ongolng chang88 to our boundarfes and th n8ed8 ofour bwn8fldary base. In the last year. the chgrlly oslobllshed a corporate trustee. Th18 Iruslee Daverlay Houslng Charfty Ltd ha8 11 Twsteo5 who 45 o board act for Bev&rley Con8011dated Chartty uslng Its 88$els to ftjifii the charllable obfrctiV8 01 provldlng Almshouses provldln9 relief In need lo those who meet our CU9n1 crtl&rla. Our Vlglon Aconn&cted B&verley, Ihrlvlng In l#tsr Ilfe. M1881on We enhance the avaljal11ly and quallty of hou81ng tr Ih08e at 4 later 8tage of Ilfe from Bevertty and surruundlThJ 8r8&8. InvaBI In people not lu81 propgrtle8. SUPPOrtlng Iho¥g In a financlal poltlon. whose chaty, oan hav8 a Blgnlficanl Impact on thelr ablllty lo Ilve, not @X1. Our Valu•8 Wa Ilsten-W8 acllvely en¢ourege bgnelk19ry vol8 in 411 Ih&l we do We'Te ombltSous - E&g6rlo put our chgrlty &ndourplace Ihe fft4p, forbeslpmcfloe We'r6 colloboratlyo W& recognls& lh6 &lrgn9lh In p&rtnershlps and &m happy lo drlve partngrshlps working across seotors to &chlevg outcomes forr8$ldenls We're prof8¥slon81- W& 8¥plrg to bB a le&ding soclal buslngss, ush9 our heBd$ Just 88 trnich our h88rfs. Maklng Ihb rh1 deelslon 6ven when Rs dlm¢ull to mak8. Recrultmenl and appolntmont of trusteos Wllhln lh8 curr8nl structure, Irustses are appolnted through fh8 asBggsment of a skllls malrlx Idenllfylng gaps thIn the curenl or fttturo ne8d8d 8klll8 on th¢ board. A role d&8cdpllon Is wrillen and the p¢>811$ 8dvartlsed through our platforms and th& plallorm8 oftho voluntary. ¢ommunly and soclal en19rprt68 8e¢tor (VCSEI. Trustees are provlded wllh a thorough InductlLFn, Iralnlng, and on opportunlty lo loln a peer neiwoTk. Throuuh our membershlps and afflliallons regLFlatOry and educgllon81 malerfal 15 8har&d regularly with Iruslee8 lo ensure thgy remaln InfrJm)ad and QI tho fDrefront of professlonal 8t8ndards. rèam The Charfty h88 a full.Ilm8 CEO, Buslne88 m09er, Malntenanoo, 8nd Resldont lead8 wlthln Ils oftice structur9. S¢cond•d Yèsour¢68 The chartly mqxlm18e$ profe581onal 8kllls In the 8Tea8 of Ar¢hMeeluro, SuN6ylng Heallh & Salety. Lagal pnd Accountancy as and when requlred. Alongslde 8. a thorough tenderFng proce88 is conducted for prowiy wo$ I ne our)Inanclal pollcles and procedures. The company's current PDllcy ncem19 the payment of trade cr&dlorg18 to follow the CBI'$ Prorypl P8yer8 Code (cople8 are 8vallablo from the CBI, Cenlre P¢inl, 103 New Oxford StreeL LotKlon WCIA1 DUI. Tho ¢ompanl$ current pollcy conc8mlng1hg payment of trade ¢¥gdf(or8 IS to., settle th& terms of paymentwlth suppllgrB wh6n agreeing (he terms of eaeh Iransgolton., • 8n8ure Ihat suppllera ar8 made gware of the terms of payment by Induslon of th6 relevant terms In contro¢ls', and pay In 4wordance th the CompY'8 conlrgGlual and other legal obllgallons,
BEVERLEY CONSOLIDATED CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Organl$8tlonal Structure Chalrman R. Mlles conlinua(I hls lem of office a6 Chaliman throughout the rèportlng perfod worklng th S.B4rley 48 Vice Chalm)an, ¥th Bupport from lh8 wlder Tru8ts6s and prof&s8lonal advlsors. The maln body of ThJ818e6 Superv18 the &dmlnls11811on of the Charity and mak&s the formal ded¥lons, through range of c<wnmlllee5. Dèlegallng day-104iJ&y ro8ponslblllty to th8 Chlef Ex&utlv&. Interlm manog&menl decislons aTg taken by th? Exfj¢ullvo Commlllee wllh thè Chlof EcutIVe pdIng 9ar reportlng, wh1181 In acklttlon, whe approptla18 extemal advlcè frorr profesOnal advlsors Is 80ughl Th8 Houglng Commlttee supervl8es the appoknlmenl of •lmspgr80n8 and tonanls to the CharfV$ v8rloLt8 house8, apartment8, Hnd cottagos. In the year Ihe Hou¥lng Commltlee compr48ed R. Mlleg, S, Barl8y, and P, PcKter. Thg Houslng Commlllee met bl.monlhly bul wa8 stood down sf no matters ngeded to bè oll¢nded lo. . The full body of Trustee$ mo018 8 minimum of fourlmes In the rèportlng period . The Exocutlve Commlllea hav& mel SIX Ilmes In the rèpgrllng perlod . The Hou6ing CommKi88 mel four Ilmé$ In the reportlng pgrlod All full btsaid meetlngs org mlnuted and odon loy8 ¥6 rétslngd lo ensure that dec1C$ of thg aypolnled mmlllee8. Ot8 Po811Y heEd lo aceount, en8urfnu progre88lon ot prlorttl8ed matters from each fLAI board tneellng. Afflllollong.. The Charity 1$ a member oflhe NatbnalA8se¢lallon ofAlmshou308. Tho Fln&nca, Audll and Rlsk Commlttee sup6Nlses the fflnanGtal strolegy of the chwity. over88è8 Ihet rf8k management, and supports thB CEO ard the Bu8ln688 ManBger th Ihe annu91 audll requlrements, In th8 yaar, the Flnance, Audlt and Risk Commlttee comprlsed R. Mllè8, N. All&y, and M. Craughan. The T8rm8 of Referen we agreed in Marth 2023, ready for the now ffnancial year, Publ1¢ B&ne4fll Conllmiatlon The Trusleey conflrm that they hav8 complled wlth the duly In Sectlon 17(51 oflhe Chgrt119s Act 2011 wlth regard to publlo bgn&flt guldan publlshed by the Charfiy Comm188ion. PorformHnco agalnBI ob5octlv•$'. Tha proc8ss of revlewlt)g lh¢ ¢hadty'8 Btrategy began In tha year, kn¢ludlng work wllh a wlde range of Blak0hold8r8 Inoludlno re8ldonls, gmployee8, Iru81eas. E881 Rldlng of Yorksh1 Councll, and oonlraotors. Recruilmonl to the sklll8 matrlx was progr9588d In the year and the char51y now hae 4 new board members In prevloLt8 year. A revlew of the l&am structuro wo9 B180 completed, and a now 81afflng pl4n was g)proved by the ThJsl¢es, wllh recruitrn8nl achl&ved against Ihl8 plan by Ihg Close Of the raporting yèar. Afu518udll of our exlsllng a88elg be9an In th& year, And a new office haB been Identlfled, th an offer aceopled and compl818d In Ihe year. Th8 charlty'8 current Investment pollay conllnu6s lo support 8ucceB8ful ROI y8gr.on-year and In-year poslllve capltal growth. Th18 Is r8gularly revlewed by thg full Board of Trusleè8 wlth 8UPPOrt from our Investment man8g8r8 INVESTEC. Whll81 Ihe rèntal charg05 for tsnant8d prop8rUe$ arp lovlgwed eauh Ilme on 8ssured16naw explrès, The level of r881d$nts' contrlbudonsls aosossod annualw in advanue or when a Properly Ixc¢2mes vacar*. Fundg h8ltl as cu$todlon tru8teo Ihe Charfty hold8 no 8Bsets In th1$ c4pa¢lty, 10.
BEVERLEY CONSOLIDATED CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Stattment of tru8tOO8' rg¥punslbllltl&3 Charfty law rgqulres the trustees lo prepare 6tal&mgnts of account lor each llngn¢lal year In accordancb th applicable law and Unilad Klngdom Generglly eplod AccnI!D Pr8cllce (UK GAAP). In prep•ing fho8e flnanclal Statements, the Iru¥l898 are roquired to: - 8el8Ct sultable ac¢ounllng poilcle8 and apply them conslstenlty., - ob8eiva the melhods and windp818 In the r8levant Ch8e6 SORP . make ludg8monl8 anrs e8llmale8 that ar6 rea80nablg 8tYl prudènl,, gialg whethgr applIcaa UK accounling 8tandards havè b followèd 8ubj8Gt to any malodal partureS dlsclo$ed an explalned In the financlal st8lemenl pr8parÈ tho flnah¢lal stalemants on the golng concèm b8818 vnle8811 1$ Inapproprlale to prosun* that the ch8rily WIN contknue In operatlon; The Iw8loe8 are resp¢)n81bl& for k8eplng propèr A¢counllrvJ r8cord8 whlch 8re sufflGlenl to 8how find éxplaln the chartty'9 Iransacllon8 and to dlsdo89 th r6880nab18 accuracy 01 any'time the flngno5al po8lllon of the Chorlly, and lo enable them to on8ur8 that any st418m&ntB of account mplY wllh th& requlrgmenls of th& Charllios Acl 2011, the Charity IAccoLinl8 and Reports) R&guISOn9 2008 and Ihg Stslem6hl of R8oommended Praclce ISORPI,. Accounllng and Reporung by Charlt485 preparlng aeLounl$ Ir) accordance with lh8 Flnandal Reporting Standard appllcab18 In the UK and R8publlo of Ir¢land IFRS 102} leff8cllv8 1 January 2019). They aro 81so r08ponslble for $aleouardlng tho a8gel8 of Ihg charity and h8ncè for laklng reasongble stOP8 for the prgvonllon and dele¢llon ol fraufl and other IrrfjgulalIes. Appreclallon Th6 Board would Ilke lo &xpress Ils thanks lo tho operallng for the tremendo atnounl of work eompleted In Ihg y8Br. Wo contlnue lo progress In our mOd0nSatson of gysiem8 and proce8868' howaw, the operallng &llvlty lo be d611vered to a hlgh standard. Flnally, our thank$ go lo our r&sldant8 who have Worked 4longsld8 u$ In each 81&p of our n70dernlsdon glvlng us thelr f8edbaGk and enabllng u¥ lo take exttem&ly poslllvg steps lorw8rd In such 0 8hort gpacg of Me. For the eharlty lo contlnu8 to Improve qu81ily, alongslde grh 117 the of hom85 to m8el Guvrent dèmand, tt 1$ vltal that tho relallonshlp th re$ldenls remalns al the forefront of our worf(. The Iruslagrf report Waiapproved by IJ8 Board of Tru8le88. R Mlles BSclHons) FCA On bohalf Boverley Houslng Tru81•è Lljhlted 4 Dec8mb6r 2L124 11
BEVERLEY CONSOLIDATED CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BEVERLEY CONSOLIDATED CHARITY Oplnlon We have audlled Ihfr ffinanclal stal6menls of Bev8rfey Con$olklaled Chariiy Ilhe 'charlty') for Ihe year endgd 31 March 2024 whlch Comprlse tha slotoment of flngnclal ecllvlll&s, the balance sheet, the s1ol&mènt of cash flow8 and nolos to the flnanclal 81alemènly, Inciudlng slgnlflconl ac¢ountlng poll¢les. The flnoncl&l reporting framework that has been qppli8d In thelr preparallon 18 appllcabl8 18w and Unlted Klngdom AcrJ)untlng Sland8rd8, Includlng Flnand81 R6POrtlng Standard 102 The Flnendal ROpong Stsndanl appll¢&blg In the UK gnd Republ of Irgland (Unked iangdorn Gener811yAceeptedA¢¢tsunllng Praetlce). In our oplnlon. tha flnanctgl stalem8nl8', glva a true and falr vlew of the stste oflhp charity's affgtf8 as 4131 Mgrch 2024 and of lis Incomlng re$oure88 and appli¢allon of resourc08, for the yggr then ended,. hev8 been properly w8par6d In accordance wlth Unlled Klngdom Generalty Accepled Accountlng Practlc8,' and have begn pr&pared In acLtsrdonce wlth tho requlrémonts ofthe Charflle8A£t 2011, Ba81s for oplnlon We Conduct our audll In accordancè wilh Inlemgllonal $18ndards on Audlllng (UK) IISAS IUKI) and applkgblè law. Our responsibllttle8 und$r IhoB8 8landaYd8 are furlh&r descrlb8(I In the AudiloFs SPonSIbl111}es for Ihg audlt of the Iln&nol41 $lalenp8nt$ $ecllon of our report, Wo are Independent of the Gharfly In accord8nc& with Ihfy ethk81 requlrements tha( ore relwant to our audil of th& flnancial Statements In th8 UK, Includlng the FRC'3 Eth11 Standard. and we have fulflll8d our other elhltxl responbIlItIeS In accordan¢ts YAlh Iheso requl¥amenlg. We b¢llev& thattht 8udll evld8n¢e we havg obtslned18 3uffl¢18nt and opproprfale lo wovlde o ba9 for our oplnlon. Conclu8lon8 rglbtlng to golng cOnM In audltlng the ffnanclal 6181ement8, we have conGluded that the 1ru8lee8' U80 of the golng conc6m ba81s 01 accounting In the preparallon ol th8 finoncl81 ststements 18 approprlate. Ba8ed on the work we have pfjrfomed, wè have not klenilfled any maleilsl unoortalnttgs relallng lo ovan18 or condttSons thal. IndSvtdually or collectlv&ly, rnay cast slgnlffcanl doybt on the ch8rlty'8 ablllly to contlnue as a golng crn for a perlod of at leaBI IvIv9 monlh8 from when the Ilnanc1918tat8m6n18 are aLthoTl3&d for188Ue. Our r88pon8lbll1es and Iho rospon81bllltle8 of the tru8lep8 wKh re8peci lo golng concem are doscrlbed In the ralev8nl 8eGVon$ oflNs report. Olhor Infijrniatlon The other Informatlon oompr18e8 th8 Informallm Induded In th& annual repDrt other than the finandAI $ialemenls and our audllorfs report Ihpreon. Th¢ Irusloes are re8ponslble for the other Information contolnèd wllhln the 8nnual report. Our oplnlon on the flnanclal 8tal8menl6 does not cover tha other Informatlon and we do not gxpreB6 any fom) of ES8uranoe concluslon Iheroon. Our rgspon81bllity1s to read tho olher Infoirnatlon and, In dolng $0, c0Tr51der wh8lh8r the othor Informatton l¥ malerlally IrkBonslstenl wlh the finariL4al statemÉnl8 or our knIledge ok)talned In Ihe cour¥e of the audll, or olherwl8e appears to be maledalty mlsslated. If we Idenllfy such matsrlal In¢on81StCIeS or apparont materfal mlsstalements, WO 8r8 requlr8d lo deleTmlne whether Ihls glv8s rlsé lo a materLql ml88lalemenl In the financlal otatemgnts themgelvas. If, baserl on th& work we have performed, wo concludg that Ihoro Is 8 malerlal ml$8lalemenl of Ihls other Infomiollon, we are requlred to rgport that fact. Wa have nolhlng to report In thls regard, Mattèrs on whlch wo aro requlrèd to voport by exGeptlon We have nolhlng to report r88p&el of the followlng matter8 In relati¢)n lo whlch thè Charltlg5 (Accounts ?nd RoPOrt8} Regulallons 2009 Tequlro us to r&pvrt to you If, In OUT oplnlon.. tho Informallon glven In the fi'nanclal slalomgnl8 Is Ion818t8nl In any ma19rlal r08pect wlth the Irust8e8' TaPOrt', or 3(rfR¢Sent occounllng rewTd8 have not boell kepL or Ihg finandal slateMenl8 4re not In agreemonl with Ihg accounung Tacords: or wo have not recdvod all the Informatlon and explanatlon8 we raqulre for our audlt, 12-
BEVERLEY CONSOLIDATED CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BEVERLEY CONSOLIDATED CHARITY R•spon$lbllltlo¥ of trusteos As explaln&d more fully In Iho 8lat8ment of tru'8tse8' T•sponslbllllI, the tru8t8è5 are r88ponslblo for the wepqrallr of the Inanclol Statemènts and for belng 8aHsfled Ihat thèy glve a true and falr ew. and for 8uch Intemol conlrd as the Iru8leeg del8rmlne 18 nece$8ary lo enable the preparalk)n of flnanclal 8lalemenls Ihgt are free from malerfal mlsslal8m6nt, whethèr due lo fraud or etror. In proparlng the flnanclal Statements. the Iru81ees are 188ponBlble for a$8esslng the chaHty'8 ablllty to conllnue 88 g going ¢ono8m, discloslng, a8 applicabl8, matters related lo golng coneem 8nd u8lng the golng concern ba818 of accountiru ue$S the Irv81ees 8llh8r Intend to ¢¢a8e operatlons, gr have no rea11811c 411emalFv8 bul to do 80. AudltoV8 ¥08pon$lblllth$ for thg audlt of thè fln&ncSal ststem4nts W& havo béan 8ppolnted as audllor under 8eGllon 144 of Iho Chgillle8 Act 2011 and rèport In awordance wlth the Acf and relftvant regulafjons mad• or hong effect therèunder. Our obJgCttves are to obtsln reasonable assurancè 8boul wholher the ffin8n¢ldl st8lem8nts os 8 whole Èrfy fr6e from mal8rlal Mtatem0nI, whether due to fraud or error, and to 18sue an audlloV8 r&port that Indud6$ our oplr)lon. R?oBoblfj assuran 18 a hlgh 18vel of assurance bulls not a guarantea th81 an audll conducted In aecordance wlth ISAB {UKI 11 always delect 8 materLg1 ml881al8ment when It e1$. Mlsstatem?n18 can arf3e from fraud or error &nd 8re con8lderod material If, Indlvldually or In the aggreg&to, thèy could reasonably be exp8cted to Influoncè the economlo decl8lon8 of users taken on the ba81$ of those flnanclal $1glemènl8, The exlent lo whlth our procedures are capab18 of dete¢41ng INogul#rflle8, Includlng fraud. Is detailed below. Enqulry of Managent and th08e charged wllh government 9round actual and polEnlal Illlgallon and cJalm8. DIUSsIonS vdlh management and thos9 charged th govomanGe Includlng conslderalton of known or 8uspe¢t8d In8lanc08 ofnonwcompllance wlh laws and rogulalon8 and fraud. Under8tsnding and evaluallon of the oparatlng effectlven&88 of managem8nf8 entlty lev61 cmtrols d6gned to prevent and datscl Ir¥egulaYilla8, Rgvl8wlng mlnutes of m&6t4ng8 oflhose chaigod wllh goVernc, Révlèwing ffinanctal datemènl disdo8urg5 and 168I1ng 8UPPOrtlng docuM&ntollon to 888 compll&nog wtth oppllc8blg18ws and regulalon8. Audffjng the risk of man8gemenl overrfde of confrol8, Includlny through lesllng journal èntrtes 8nd ofher &dBImentS for apwoprlatene88, and evoluallng the bune$S rallonalè of slgnllicant transadlon8 9Ut81de Ihe normal cour8è 01 buslness. Te8llng over pertod 91 adJuslmfrnl8. There Rre InheTent lirnltalions In the avdll proc8durg8 desorlbed Above. We tro less Ilkety to become aware ol nBlenc&8 of non-compll?nce wllh low8 and regulallons that are not closeFy relaled to events and Irans8Qtlon8 reflectgd In tho finandal alalemenls. Also, the r18k of not dele¢tfftg & malerfal mlsslatem&nt due to fraud Is hlgher than th8 rf5k of not delecung one resuttlng from error, gs fr8ud may Involve dollbwate con¢•almttnl tjy, for éxample, forgery or Intentional ml8represènlallons, or through collu8lon. Our audlt 16sllng mlghl InGlud8 lestlng complete populallons of certaln Iren8acllon8 and b8l&ncas, possjbly ln9 data audlllng technlquos. However, 11 lyplcally Involves $&lecllng a Ilmltod number of Items for18sllngi rather than tgsllrtg complet& populollon3. wlll often Seek 10 18rgel partlcular item8 for 1¢81ng based on Ih&lr slze 01 rlsk Gharacterlsllcs. In other ea$88, we 11 use audll s¥mpllng lo enablé us lo draw a eonolu8lon about the populaUon from which th? samplo18 88lecled. A lurther doscrfpllon of our respon3lbllllle8 18 avallable on th6 Flnanclal Reporllng Councll'8 webslte al: hllpgjl www.frc.org.ukjaudltorsresponslblllllos. Thls dawiptSon fomo parl of our audllols report, Olhfjr mattorg 13.
BEVERLEY CONSOLIDATED CHARrrY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BEVERLEY CONSOLIDATED CHARITY . Your altentl)n Is drawn to tho fact that charlty ha8 prepored flnand81 stakngnts In acoordance wllh 'Accountlng nd Raportlng by Charflle8- St8l&mont of Re¢omm8nded Pracilce gppllGabl8 lo charflles preparlng Ihelr accounts In accordance wllh the Flnanclal Reportlng Standard &ppllcgbl8 In the UK and R8publlc of Ireland IFRS 102) la8 amended) In prelerence to the Accounllng 8nd Rèportlng by Charllle8', Sklemgnt of Reoommèndad Praollce l$sued on 1 Aprll 2005 whlch 18 refarred lo In thè 8Xtanl regulallons but ha8 now b8on wlthdrawn. Thls ha8 bèen done In order for th8 finandol stalgments to provtdg a two and fAlr vEaw In accordarTh Wlh ourrenl GenerallyA¢copted Accounllng Prootl¢8. U8e ofour rgport Th18 report18 made solely to the Charlly'6 trust68s, a8 p body, In accordance wlih 5gQtlon 144 01 thè Charf1588 Act 2011 and the ragulatlon8 made under socfjDn 154 ofthgt Act. Our audll work has boen undertaksn so that we mlghl stale to tho ChaAty'8 trusleg9 th08e malt&8 we are requId to stale to them In an 8udllor'8 report and for no olh¢r PUIPOSO. To the fvlle81 axlenl perrnlttgd by law, wo do not accept or a08umo respon81b111ty to onyone othèr than Ihg Charfly and thé Charlty'$ trustees a$ a body, for our audll WDrk. ftir thi8 rèport, or for thè oplnlons w8 have form8d Flnn108 Accountants LlmTrt9d Chartorod Gortlfl•d Accountants statutory Audll( 4-6 Swabls Yard WaSkergal6 Beverfey Eg91 York¥hlre Unlted Iqngdom HUI7 98Z ..1.6." 2u<) Flnnle8 Accountants Llmlled l¥ ollglblg for appolntm8nt 88 audllor of th¥ ch8rNy by vlrtua of Ils elI11Y for appolnlm8nt as audllor of a company under sectlon q212 of the QDmpanlo8 Act 20 14-
BEVERLEY CONSOLIDATED CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Curront Ilnanfjlal y•Hr Unrostrlct•d Endowmènt Rgslrlctgd ElOWMent nds funds fund* fund6 alm8hou80 g¢n&ral 2024 2024 Total Total 2024 2024 Not•$ 24 2023 Ineomè trom: Charftable acllvlllÈg Other Irgdlng adlvlltes Inva8lmenls 11,725 5,594 334,238 809,470 400 821,195 5,994 334,238 577.886 8,716 339.539 Total Incomo and •ndowmont$ 351.567 609,870 961,427 928,141 EXpendIre on: Ra181r>g fund$ Chartlablg advhle8 68.5B4 107.372 1.773,477 14,062 70,648 37,475 1,880,849 1,183,750 Total •xpèndlture 163,956 1,773.477 14,062 1.951,495 1,201,225 Nel galnsl{1088esl on Inv&8tment8 12 1.847 1,465 387,803 371.116 {182.78 N¥t In¢omellexpendllurèl 169,448 11,183,607) 1,465 353,741 1618,953) 1437,8511 Transfor8 befv4een funds {1,2D7,238) 1.004,889 202,349 Net movomont In funds 11,017,790) {158,7181 1,485 556,090 1618,953) 1437,8511 R•con¢lllHtlon of lund8: Fund balance5 al 1 Aprll 2023 2,049.871 7,910,742 53,822 9,075,977 19,090,212 19,528,063 Fund balanc at 31 March 2024 1,032,081 7,752,024 55,087 9,632,087 11471,259 19,090,212 Th8 8tslèm¢nt ol ftnandal actlvltte8 Includ88 ftll galng and108ses Tecogn188d in the year. AJI Income and èxpgndllure dorlve from contd)ulng actlvllles. 15-
BEVERLEY CONSOLIDATED CHARITY STATEMENT OF FINANCIAL ACTIVITIES {CONTIMUED) FOR THE YEAR ENDED 31 MARCH 2024 Ftrrlor Ilnon¢lal yoar Unrgstrfctod Endowm•nt fund$ fundb alm8hous• 2023 Roslrlot•d Endowm&nt lund¥ funds genorol 2023 Total 2023 2023 2023 Not8$ Inwmè from: Charllablg aGllvlll&s Other Iradlng acttvlll&s Investmen18 577,886 712 577,886 8,71e 339,539 8,004 335,088 4.451 Total Income and •nd¢)wmenl8 343.092 678,598 4,451 926,141 Expondfture on: Ral$lng fund8 ChaAlable a¢tSvllles 23.53 60,483 13,939 37,476 1,1e3,760 1,113,287 Total expenilltur 74,019 1,113,267 13.939 1,201,225 Net galn81110s8e8} on Inv88tmert& 12 1100,339) ie.e621 156,7661 1162,787) Not Inet)mellexpgndllure)' ieB,734 534,6691 16,6621 {65.254) {437,8511 Transf6Tg bets8 fvnds (911,082) 911,082 12,441> 2,441 Ng1 movgmont in lun¢ts (742.348} 376.413 19,1031 {02,813) 1437,851) Reoonolllallon of funds: Fund balance8 at 1 Aprfl 2022 2,792,219 7,S34,329 82,725 9,138,7 19,528,063 Fund balanc95 •t 31 Mar¢h 2023 2,049,871 7,010,742 53,822 9,075,977 19.090,212 16-
BEVERLEY CONSOLIDATED CHARITY BALANCE SHEET ASAT31 MARCH 2024 2024 2013 Noto$ Flx¢d asg•t8 TangSble fj$80ts Investment property Invg8tments 14 IS 16 8,501,684 4,028,047 6,884,182 7,937,S22 3,825,698 6.344,269 Curr9nt a8$918 D$btor8 Cash al bank 8nd In hand 18,213,913 18,107,489 67,181 539,864 72.887 1,114,066 Crodltors: amuunts f&lllng due wlthln ono yfrar e07,045 19 1,186.933 1349,6991 (204,210} Nat ¢uYront asg•t8 257,346 982,723 Total a$set$10¥8 ¢urrpnl Ilab1111109 18.471,259 19,090,212 The fund¥ of th• charlty Endowment fund8- general Endowment funds. 81rn8house Reslrlcted Incom9 fund$ Unreslrfcted fund¥ 9,632,067 7,752,024 55,087 1,032,081 22 21 23 9,075,977 7,910,742 53,e22 2,049,871 18,471,259 19,090,212 The flhanclal statents wer8 approvèd by Ihe Iru8tse& on 4 Dacgmbor2024 R MIloi? On b&h8lf of 8evorley Houslng TruBteo Llmlled 17-
BEVERLEY CONSOLIDATED CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Nots8 Cash flow8 from opèr&tlng &clivlllg8 Cash 8b80Tbèd by operatlon8 26 (1,008,008> (237,37B) Invo8tlnu actlvltl¥$ Purch95e vftsnglblè ffxed a880t8 Purcha¥e of Inv68tm6nt propety Purch&88 of olhar Investments Proceeds from dl8po8al of other Inve8lmgnt8 Invesbnent Income r8celved {729,2851 1202,34P) 1347,7891 1.378,991 334,238 {698,870) {12,730) 339,S39 Ng1 ¢J8h generatod froml{used In) Invtr8tlng a¢tlvl¢les 433,806 1372,061) Not ¢atyh u¥ed In flnan¢lng actlvltlo8 Net dg¢roa8e In c8¥h and ¢osh oqulvalonts 1574,2021 {609,4391 Cash ond cash oqulvalent8 at boglmlng of year 1,114,086 1,723,505 C*Bh and eB8h eqvlvolents at gnd DI year 539,864 1,114,066 18-
BEVERLEY CONSOLIDATED CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢coLtntlng pollelès 1.1 A¢countlng convontlon The flnonclal $lalomenl8 have been prepgred In accordance th Accourfng and Rgportlng by ChwilleB: stolemenl of R8commend&d PiaGtice eppllcable lo chBrllieJ prepartng Ih&lr acGoun18 In accord?n¢e with the Flnandal Reportlng Standard applloable In the UK arKI R6publl¢ of Ireland {FRS 1021 leff8ctlva 1st January 2020) - IGharltle8 SORP IFRS 102)), Ihe Flngnolal Reporttng Standard appli¢able In fho UK and Rapubllc 01 Ireland IFRS 102} and th& GharlliesAol 2011. Bevedey Con8tslldal¢d Charity meets the dellnillon of a publio b6nofil enllty undgr FRS 102. Assgts nd Ilabllllles Inlllally recogn180d al hlsloTtcal cost or transacoon value unle88 01he86 8lai8d In the relevant a¢xounttng policy notel8) The flngnclal 8tatsman18 have departed from lh& Charillg$ (Accgunls and RgPOrt81 Reguladon8 2QO8 only lo th8 extent required lo provlde a true and falr vlew. Th1$ departum has Involvad followlng tho Statomenl ol Recommended Pracllcè for charlUp8 4pplySng FRS 102 rathar than the veislon of the Stalemgr)l of Recomm8¢¢d Practlc8 whlch Is reférrèd lo In th8 R8gulglbns bui whlth hats since beèn vAlhdravm, Tha flnandal s18lemenl8 are propared In 8l&rlng, whlch Is the 1ctIonAl currency of th¢ charlly, Monotary omounls In these Inanclal stalgment8 ar& rounded lo th& nre81 È. Th8 finan¢lg1 Glatgmenls hgve been wepaiod under thè hlstorlcal cost convenuon, mcrfllned to InLa the revAluallon of frgehold propertlos and lo In¢lude Inv8$lm8nl wopertles arhy cortaln finanal InslrLmenl8 al talr value, The prIncIr accounllng policles adopted ore set oul b•low. 12 Golng ¢oncern Al th8 Ilme of epprovlng th& ftnanclal jtstgmonts, the tru81e?s h8ve a reasonable expoclallon that the chartty ha8 adequate r88ourc88 lo ¢onllnue In operallonal exlstence for the IDrgsee8ble futur0. Thu8 the tntsleeg conllnue lo adopt the golng concern basls of aCcoUnng In pr¢parlng the fln8ndal 8lalemgnts. 1.3 Charknble fvnds Unre3lilGled funds 818 avollable tor u$8 at the dlsorsllon of the Iruslèes In fvrther4nc& of Ihglr charflable oblectlve8. Re51rfcl8d lund8 are subJ&ot lo sp&clfic wndition8 by th)nors or granlor8 as to how Ihoy may bo used, The pUo$C5 and use8 of th$ re8td¢t8d funds aro sel out In fhe notes lo tha flnanclal 81alemenls. Endowment funds ar8 subjocl lo EpedflG ¢ondMons by donors that the Gapltal musl be malnl8Sned by Ihe chorfly. IA Income Incom018 recognls8d whèn th¢ charfty Is legally enlllled lo It after any p8rformonco GondMlon8 havo bèen mel, the amounts can be m885ur&d rèliably, and11 Is probable that In¢ome vdll be recaEved. Re¥ld?nls' Conlrlbutl(s toward8 thè upkeep ol tho &lmshou8e prop*rNes are accountod for on an accrua18 basls. 11} InvpBtm8nt Ineome18 taken Into aCunt on pn 5U818 ba818 ond Include8 lox rewverable. Thor arè no rgstrlcllons on the kncome Irom pèrmanent èndowment Invsslmenls. 1111 Income from legecles Is accounted onc8 onts'llemenl ha8 been estsbllshed, the omounl ean bo reason8Y e811m8l$d and Ils r6colpt Is prok)abl8.
BEVERLEY CONSOLIDATED CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcl48 {Contlnugdl Lega are recognlsèd on recelpl or olhgrwlse If thè ¢h&dty has b88n nollfied of an Impendlng dl¥lrfbullDn, the amount 16 known, and recelpl Is expected. 11 the amow)l is not known, tho lagaty is Iroalèd as ¢onllngenl a$8et. l.J Expendltur• Expondllure 18 rècognlsed oneo there 18 a 14gal or conslructlve obllgallon lo transfer economic banelll lo a Ihlrd pprty,11 Is probable Ihgl a transfer of ectsnomlc bpfiefits 11 be requirèd In sefl1ernt, gnd the amount of Ihe obllgallon can be m6osured rellably, Exp6ndtiure 1$ classhted by actlvily. The costs of each actlvlly 416 made up of Ihg total of d11 619 and 8hgred costs, Includlng Support ¢0518 Involvad In undertaklng each actlvlty, Dlrect 815 attrl1wlaO lo a singlg activlty ere allocated dlr8clly lo Ihal actlvlty. Shared Gos18 whlch contrlbule to more than onts actlvliy ond gUPPOrt Costs whlch arg not ollrfbu18ble to 8 81ngle acdvbty are apportlonad beiwegn Ihosg actlvllbs on a basls ¢Jon81$lenl wllh th6 u8e of Tesources. Central 6t8ff costs are allocatsd on tho basls of lim8 eponl, and dFT¢clgllon charges are allocated on the PDrflon of the èa¥ol's u8q. 1.6 TfjngllJl• flxèd a58?ts Tangblo fixed as8818 ar8 Inlllally meawred at cost and sub8equ8nlly mea6ur8d at CO8t or valtIOn, nel of d8proclallon and any Impalrment losses. Depr6clatlon18 recognl8ed so A$ lo wrfle off thg c081 or valualon of a88el8 less their msldual vabe8 OV8r the U86ful1Sve8 on the followlng b88e8'. Offlco Flxiure8 and Fllllngs are dgFwedaled at 16% pw annum on wrlttgn down valug, HkTech Equlpmenl at 25Yo per onnum on eosl, plant and equlpmenl al 2U% pèr annum on cog1 and LeaB8hold Allerallon$ at 10% P8r annum Dn cost In orderto write off each a88el over Its gBtlmolad useful Imo. Freehold land and bulldlng¥ Lea66hold ImF)rovemgnts PnI and equlpmgnl 2% per annum on ¢081 Ibulldlngs ¢Jnlyl 10% per 8nnum on oosl 15% per nnll on wrlllen down le, or 25% 20% on eost. 20% pfrr annum on 0061 Molof vehldes The galn or1088 arfslng on the dlsp0891 of an ossel Is delermlmed 88 the dlffgrence belween the 8818 pred5 and the carrylng value trf the •s6el. and Ss r8cogn15ed In Ihts statement of linanclal qcllville$, 1.7 Investmpnt prope Inve8lment property, whl¢h 1$ prop8rty held lo earn rèntal$ andlor for eapllal apprtrclallon. 18 Ini118lly cogn180d at cost, whlch Indud86 the purchasè c981 gnd any dlr$ctly altrlbiilablo exp6n(Jiluro. Sub88quenlly 5118 measured at falr value al th$ roportlng end dalo. The surplu8 or deflcll on revaiualon 16 rewgnlsed In proflt OT1089, Inv08tm8nl propertle8 professlonally reval on a Irlannual b8818 And any galns or IosseB taken lo the Slalement of Fln4nclal A¢dvlll&8. As8el& for charltaNe use staled al ¢oBt, or wh8ra 81 rg¢ordg no longaf 081. al Ihelr 1998 InBvrance volue. D&preclalfon 1$ pro8d on Ihe CAisI of thg bulldlngs 80 as to wjlle them ofl over Ihelr estlmatod u8trful15vo8 al 2% per annum on cost.
BEVERLEY CONSOLIDATED CHARITY NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Acry*unflng pollclaa (Contlnu•d 1.8 Flx?d 988&t Invoglmgnts Flxed 8S8et Investments OTe In1119ty measure(l al tran88cllon pyice &xdudlng trans&clton eoyl8. And ar gub8equenlly mea8ur8d 91 falr valu8 al oach reportlng date. Chang88 In f81r v&lu8 8ro rfrognlsed In nel IncomollexpondilLtre} for th8 year. Transadon costs are trxpen88d 08 Inwrred. 1.9 Impalmi•nt of Ilx•d a8s0ts At 8ach ropon9 end dale. tho charlty r8vlew3 the carrylng gmounts of113 tanglble 895818 lo dotemilna whother there 1$ any Indlcatlon that those a88818 have suffered an ImpAlrmonl 10$$. If any Such Indlcallon oxI81s, the rècoverable amount ol the a8sel18 98tlmthd In order lo dolerrnkne Ihg oxlenl of th8 Impalrment 1088 Ilf any). 1.10 Cash and ea$h oqulvAlents Cash and cash gqulvalenls Includ8 ca$h In hand, depo$lts held al 11 wllh b8nk8. oth8r Bhprtslerm Ilquld Inve8lments with orfglnal maturhlo8 of three month$ Dr les8, and bank prdr&fl8. Bank overdraft8 8r8 8hown Ihln borrowlng8 In current Ilablllugs, 1.11 Flnancial In$tYurn?nts The charfly has electèd to opply Ihe provt$lons of S8dlon 11 'Ba8lc Flnan¢lal kn81rum8nts' 8nd Sectlon 12 'Olher Flnaftci41 In8lruMeDts18SUa8' of FRS 102 to all ollts flnaneAal In8trumenls. Flnancial In61wmen18 aro reeogn18ed In the charlly'e bal¢0 sheet when the tharfty becom98 Porty lo the contractual provl8lons of the In81rLtmtnl. Flnancial a$sels and Ilabiiiife8 QTe offsal, wlth the nel amounts presented In thè ffnandal 8ts1eman18, when there Is alogally 8nforceable rfghl to sol off th8 reGogn18èd amounts and there 1$ an Inltnuon to 8elJe on a n&1 ba815 or lo rèallse the a89et and 881Uo the Ilablllty 81mullAneously. Ba4lc fin4nclalas8ols Bas1¢ financial asse18, whlch Include debtor8 and cash and b?nk bRIa&s, are Inlllally measured at Iran8aetlon prl¢g Includlng transacllon c08ts and org 8ub8equonlly carrlad al 8mortlsed Gosl using the gffecllva In18ffj8t method unle88 8riangemenl con8lhu195 a financlng trat)sacllon, whwe thg Iransactlon IS measud 81 the present valuè of the lulure recelpts dl3counl8d al a m8rk&l rale of InleTeSt. Flnandol 088818 da881fl$d a8 rocelwdblg wllhln on& y88r are not amortls¢d. B&8le nn8n¢lalll8bllltlès B4sl¢ llnandal1I8bllllles. Includlny credllors and bank loans org Inlli811y rgGognl8ed at Iransacllon pricg unle88 the arraTrggmènl conslilutos a flnanolng tfansactlon, where the dgbl instrurnenl 18 meaBured at the pSent Yalue of the future paymen18 dlscountsd at a market r810 of Intare81. Flnandal Ilabllillgs cla$$lfied a8 poyoblè wllhln one year ara not 8mortlséd, Dabl Instrum$nl8 subsgquenlly oarrk¢d at 8rnVtl8ed c081, uslng the effe¢tfve hler881 rqte method. Trad6 edItOrS are obllgallons lo pay for good8 or 8eNlcg8 that hav8 boen acqulred In th$ ordlnary cour88 of oporallon$ from 8uppll8rs. Amounts payablè aw cl4ssM8d 88 current Ilab1111168 If payment18 duo wlthln one y&ar oi le88, If not, they Rre presented as nonpcurrenl liabllllies. Trade credltors are rfjcognlBèd Inlually al Iranwtlon prlcg gnd sub8equerrtty megBured al amortlsgd cost t181ng tha effec14ve Inl8re8t m¢thod. Dero¢(wnltlon of 1lnanclal118ljllltleJ Flnonclal 15abllltle8 are d&recognlsgd wh8n the charlV8 ntraCtuAl obllgallon8 explre or are d18d)arged or cancelled. 1.12 Taxatlon A¥ a reglstered charlty. the Charily18 gen8rally exempt from Incomè Tax and Capltal Galns Tax, bul not from VAT. Irrecov8rable VAT Is Included In th8 C091 oflhosg ttems lo whlth11 r8lale8 21
BEVERLEY CONSOLIDATED CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 AOUntIng pollclas Icontlnuodl 1.13 Employee btneflts The cost of any unused hotlday enllllemenl Is r8oogn186d In the perlod In vjhich Ihg ornpIoy88'8 rVIce8 are reoelvod. Termlnallon bengfits 8re ¢0nISed Immediglely a8 an expen8e wh6n the ch&Aly Is demon8lr8bly comm1tt0d to termlnato Ihg employment of an 8mployeo or to provlde tsrmlnation ben&flis. 1.14 Allocatlon ot RF$our¢eB expendod Expen8e8 a¥80claI wllh the mgnag8menl of the Chath¢8 Invè8lment portfoilos 8rè chgrggd 8galn81 th6 P6rm4nenl Endowm8nl FundlReuprn8nl Fund$, as approprlAte. Expan868 a8soolaled wlh the malnlenance of the Èlms proportle8 and the wgFfare ol Ihg almsper80nB are arged ?galnst IheAlm8hou$p Endowment Fund, Expgn88s a$SDclal8d wllh the malnlen8nce of Inv&81m&ht prop&rUes ara ch8rged ggaln8t the Expèndabl& End0ent Fund as Invgstm8nt management costs. Fe88 pald lo tha Survoyor for work on property d8vebpmenl are capftaused. GoveTnan¢e c0815 Gomprfse fe88 for audit, acKount8ncy and leg818orvlcos &s8DGlal8(I wllh tho managomgnt of the Charlly, plu8 the Cost of offir9 8j Tru8tee¥ Ilablllly Insurancè. plus 90% ol the Chlef Executive's 88lary and 10% of (he Clerk'8 salary. &Jpport coslg compilse Iho romalndèr of all gXPgt)dllure. Transaotlon$ wlth Trust8as and other Connect•d Potson8 The charftylg the majority owner In a developmenl of flats and houses known 8$ Citsdel Courl whk Ar81ot both 88 Investments and a8 almshouses. A management group, The Clladd Court Management Group over8e8B thè malnlenance of communal afga8. The management conThllle& oomprlsg8 thr membors, Iwo nominp18d.by the Charlty aThJ gnè Y8prfrsenilng Ihg prfvale owllèrs. The truste8 Mrs P PortgT r8prè88nlgd the ch8rlty. Cilllcal acaountlng fj¥llmat88 and ludgomplll¥ In Ihe appllcalion of tho chadly's a¢¢gunllng pollcles. the truslfies are requlred lo make ludgemenls, esllmate8 and assumptlon¥ aboLt the CaTrylng amount of oJBel8 and Ilabllllle$ Ihot are not rea(Illy apparonl Irom olhor Bource8. The esllmales and.a880claled assumpOn5 are based on hlstorlcal experlgn¢o and olh¢r faoiors Ihal ara ¢onsld9red lo be r&16vant. Actual sUlts may differ from Ihe$e es11inoles. The esllmales and underfylng a6sumpllons aye revlewed on an ongoln9 ba818. Revlslon8 to accoLEnUng osumatas are r6Gognlsed In the perlod in"vthlch th8 esllmale 1$ le88d wheré the r8vlslon affo¢ts (fily that perlod, or In the pedod of thè rev181on gnd fulura pe¥lod$ wh&ro the revlslon aff8Ct8 both curr¢nt and future ods. 22-
BEVERLEY CONSOLIDATED CHARITY NOTES TO THE FINANCIAL STATEAfjENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from ch4rftabl• 4Gtlvltle8 Unre¥trl¢ted Endowmont fund fund8 gIMshouse 2024 Total Unre8tYlctod Endowm•nt funds fund¥ alm8hou$ 2023 Total 2024 2024 2023 2023 Income from Irodln9 aQtlvftlo8 Resldonls conlrfbutlons Charftable r¢ntul wittome 609,470 609,470 11,725 11,725 577,888 577,888 11,725 609,470 621,195 577,886 577,888 Income from othor tradlng A¢tlvttle8 Unrfj6trl¢tèd Endt)wmgnt fund8 lunds almBhw$e 2024 Totol Unre8trlct•d Endownwn¢ lunds funds almshouse 2ts23 Total 2024 2024 2023 2023 Fèed.In tarlff8 pffjd wayle8VeS 6,594 400 5,994 8,004 712 8,718 Income Irom Inv8Stmgnts Unr•¥trl¢tsd Endowmant funds funds 2024 2024 Totsl Unr95Irlct EDdowm&nt funds funds 2023 2023 Totsl 2024 2023 Othèr Incomo Interest recglv*)16 332,906 1,273 832.965 1,273 331,324 3,764 4,451 335,775 3.764 334,236 334,238 335,088 4,401 339.539 Expgndhurfr on ral8ln9 fund$ Unrestrfclod Endowmeml funds fund$ 2024 2024 Total unltrICted Endowment lund8 funds 2023 2023 Total 2024 2D23 Invgstsngnl managomonl 58,584 14,062 70.84e 23,B38 13,939 37,475 .23.
BEVERLEY CONSOLIDATED CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expendllure gn ¢h4rltabie actSvltla$ Total Support Total Tot41 8upport 08ts 2023 Totol 2024 2024 2024 2023 2023 Dlrect ¢o$ts Dppredauon and Impalrrnent CharItae eXp$ndur8 Propety refu¥blshm&nl Properly Insurance Ulillly co$18 Resldenls welforo 185,123 265,165 923,759 20,898 36,540 27,437 165,123 256,185 023,759 20,898 36.540 27,437 162,053 279,605 320,480 15.498 26,029 26,478 162,053 279,605 320,480 15,496 28,029 26,478 1,428,922 1,42B,922 830,143 830,143 Share of suppt)rt gov•rnance ¢OBts180o hot• 8) SuppDr1 344.555 Governance 344.556 107,372 283,124 283,124 50.483 107,372 50,483 1,536,294 344,555 1,e80,849 880,628 283,124 1.163,750 Analy815 by fund Unre8tr1eled fFJnds Endowment fund$- almshouse 107,372 107,372 60.488 50.483 1,428,922 344,555 1,773,477 830,143 283.124 1,113,267 1,538,294 344,OB5 1,880.849 880.828 283,124 1,163,760 Governanco costs Total 2024 Totgl 2023 Staff ¢08ts Insurance Audll and aecounlancy fee8 Legal fees 86,664 1,083 19,626 29.370 1,337 15,788 3,98B 107,372 bO,483 Nèt mov•m&nt In fund8 2024 2023 Tho not movem6nt in h4nd$18 st81ed 8fteT chaiglngl{credlllng)'. Fe88 payable for the audll of th& ¢ha¥llls ftnandol statements DOwallOn of owned tangible flxed asso1$ 19,625 165,123 15,788 162,053
BEVERLEY CONSOLIDATED CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Tru8¢ee8 None of the Iru8lee8 (or £ny pw80ns connectgd th them) receW$d 8ny remunrallon or bnefil$ from the charfly durlng the Or, 11 Employees The avgrag& rnc¢ntrily numbarof employ¢os durFng the year wa&.. 2024 Numbor 2023 Numbèr Employment ¢98t$ 2024 2023 Wage8 And 8&18rf95 247,388 133.787 The number of empl9y0 0$e annual remun&ratlon w88 mor& thon £60,0( 18 a8 follows.. 2024 Numbor 2023 Numbgr £70,000- £80,000 R4munerollon of koy manaoemgnt perstrnn81 The r¢munOTallon of key management personnèl wa8 as follow3.. 2024 2023 Agor8galfy remunoratlon 74,428 19,330 -2O-
BEVERLEY CONSOLIDATED CHARITY NOTES TO THE FINANCIAL STATEMENYS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tax#tlon The ch8rtly 1$ exempt from taxallon on its tIVItIeS bocau8e al118 Income 1$ applled for ¢haritebl¥ pwpo8e$. 14 Tanylblg flxed a88ets Fr••hold 14Md Lga8•hokl anLI bulldng$ Improv£m&ntg Totsi •quFpmwt vehlclgs Co¥1 At14Drll 2023 Addlllon8 10.802.950 729,285 29.173 25,368 22,388 10,679,889 729,286 At 31 MArch 2024 11,532.236 29,173 25,358 22.388 1q,609,1 S4 Dèpre¢lation and Impairn7ent Al 1 April 2023 Depredallon eharged in the year 2,892,208 158.718 29,172 1 B,727 1.927 2,239 2,942,347 4,478 165,123 At 31 March 2024 3,050,928 29,173 20,654 6,717 3,107,470 Gatrylng amount Al 31 March 2024 8.481,309 4,704 15,071 6,501,884 At 31 March 2023 7,910,742 6,631 2Q,149 7,937,522 In ordBr to Gomply wllh rgvl8ed reporung requlramenl8 the olm8hou50s Ir81 Includ6d In the finaral slalemenl$ In 1996. Due lo the length of tlme for whlch 80m& of th& prop8rtles have baèn owned r8cord8 of Ihelr co81 no longer exlsl. Where thls18 Ih8 ca88 the propvrt1&8 hav8 been Inc4ud6d * th811996 v8lu$ lor Insurante puip¢se8, Tho cost 88 al 81 March 2024 thereforè Include$ properties Included al In8uranc¢ va9 t¢)talllng £1,303.79312023 £1.303,7931. 15 InVtMent propèrty 2024 Falrvalu Al l Aprfl 2023 Addtllons Ihyough extemal acqublllon 3,825,898 202,34g Af 31 Maroh 2024 4,028,047 Inve81m8nt properlies are sublect lo a pn)fe8slong1 v81ul8lon on a Irlennlal basls ty Stanllord8. Chartered Survgyor8. ThB last appralsal wqs on 241h May 2023 4nd Iho r¢valu8llon h88 baen rgmected In th9 flnanclBI gleleTnenlB for the year. -27-
BEVERLEY CONSOLIDATED CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Flxud a886* Invg$lmonts Llstad Unllstodcash awaltlng Inve$tm•n18 Invèstments Invèstmènt Total Cost or valuatlon At f Aprll 2023 Addttlon6 Valuatlon changes Tran8fer8 Dlsposa18 2,601,903 347,789 65,154 122,363 (1,378.995) 3,592,107 150,259 6.344,269 347,789 371,115 305,961 (122,863) 11.378,995) At 31 Mar¢h 2024 1,758,214 3,898,¢A8 27,898 5,884,178 Garrylnu amount At 31 Maroh 2024 1,758,214 3,898,006 27,896 5,684,178 At 31 March 2023 2,601,903 3,592,107 150,259 8,344,269 17 Flnonclal Instrm?nts 2024 2023 Carrylrtg amount of fln&n¢lal as¥gts In81rument8 m8a$urèd al f&lr valu6 Ihrough profft or10s8 3,898,068 3,592.107 18 Dobtorn 2024 2023 Amounts falllng due whhln ono yeay: OtherdebtOf8 Pr¢payments and accwed Income 25,072 42,109 25,072 47.700 67,181 72,867 19 Crèdltor8'. am<wnts falling wlthln on& Hr 2024 2023 Oiher t8xallon and Soclal 8ecudly Trade credllor8 Other credllorB Acauals and deferred Iwmo 5,521 235.774 26,426 81,979 5,432 42,845 28,384 120.549 349,699 204.210 28-
BEVERLEY CONSOLIDATED CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 20 Endowm•nt fundg Endowment fund8 repre8Bnl 8s8¢ts whlch rnu81 be h8ld pemianenlly by the charlly. Incom6 ailslng on Iho ondowmenl funds can be used In BGcordanc& wlkn the objects oflhe ¢haHly and18 Included unre8lrfct8d In¢ome. Any capllal gains or10586s arfslng on th6 a88èts foirn p&rt of the fvnd. At l Aprll 2023 Incomlng Yesourc0S Ro8ourceB expad Transfer8 Galn8 and At 31 Mor¢h Ioss•8 2024 Pemian8nl ondowmenl8 9,075,977 (14,0821 202,349 867,803 9,832,0S7 Pr•vlou8 ythv,, At 1 Aprll 2022 Incomlng R980urces r080urc•8 oxpgndgd Tran8f•r8 Galn$ and At 31 March 2Q23 Permanent 8ndowmenl3 9,138,790 4,451 113,9391 2,441 155,766) 9.076,977 21 Rgstsl¢tgd fund¥ Th6 re8tr1Gted fund% of the charlty ¢ompdse the unexponded b8lance¥ of donall¢)ns ond grant8 hgld on trust sublect to specSfic condlllons by donors 48 lo how Ihey may be used. At l Aprll 2023 Transfè OAln¥ and At 31 March 109S•8 2024 ExtMOTdln8ry reP8lrfnd 63,622 1,485 55,087 PMvlouB yaar: At 1 Awll 2022 Transfvr8 GAln8 and At 31 Mareh lo¥o98 2023 ExliAordlnary ropAlr fund e2,725 12,4411 6,8621 53,622 29-
BEVERLEY CONSOLIDATED CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 22 Endowmènt funds- &lm¥hou¥ Th are endowment funds funds leh arè m818rlal to th¢ ch&rfty'8 ocIMII88, At 1 Aprll 2023 In¢¢mlng rosgwr¢e8 Rosourc6$ axpended Transfers At 31 March 2024 Alm8housg enl)0nt 7,910.742 609,870 11,773,477) 1,004,889 7,752,024 Provlou8 y•ar: At l Aprll 2022 In¢omlng r880urc98 R•sour¢es frxpendfrd TranBfvr8 At 31 Mar¢h 2023 M81u89 enduwmenl fund 7,634,329 878,698 (1,113,267) 911,062 7,910,742 23 Unr•strlctod fund8 Thg Te81cted funds of tho Charlty comprfse the un8xpended balance$ of Ilonatlons and grants whth aro not subjactto spwffic ttJndllJon3 by donors and grantors QB lo how they may b8 Used. Th9so Includg 9gnatsd funds whlch have be8n set aside out of unrestrlcted funds by the truste68 for spbdff¢ purp06èS. At l Aprll 2023 Incomlng Resources resoufcgs OXP9ndod TrRnsfvrg Galns and At 31 March Ios$èB 2024 Gon8ral lund8 2,lJ49.871 351,657 {183,9561 (1,207,238) 1,847 1,032,081 Prevlous year: At 1 AprH Incomlng 2022 rgsourcos Resourue8 8xpended Tran8fer8 Galns and At 31 March 10¥868 2023 G8nèral fund8 2,792,219 343.092 174,019) {911,082} 1100.3391 2,049,871 24 Anaty81s of net as5at8 b&tW89n lund8 Unr•strlctpd Endowm•nt funds funds alm$hou8e 2D24 RoBlrletsd Endowment funds fund gftn$ral 2024 Total 2024 2024 2024 At 31 Mérch 2024: Tanglble a&19 Inv88tmenl proport188 Inv681menl8 Current as$&lsllllabi11118s} 749,660 7.752,024 8,601,664 4,028,047 6,884,182 257.348 4,028,fJ47 5,620,095 126.0761 65,067 282,421 1,032,081 7,752,024 55,087 9.632,087 18,471,259 -30-
BEVERLEY CONSOLIDATED CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 An•ly818 of not a680ts bBtw¥n fund• {Contlnuodl Un1Cted ÈndowmoNt fund8 fund8 alm8hou$¢ 2023 Rès(rf¢l Endowmgnt lund nds gènoral 2023 Total 2023 2023 2023 Al 31 Ma 2023: Tanglble a8sets Inve8hnenl prop¢rtle¥ Investments Current a$selsIOlabllloB> 26,780 7,910,742 7,937,622 3,825,698 6,344.269 982,723 3.825,698 5,275,352 125,073) 1,010,296 1.Q07,79 53,822 2.049,871 7,910.742 53,622 9,075.977 19,090,212 25 R•latgd party tranya¢tlon$ There were no dlsclos&bl¢ related potytran8aotlong dwlng th& year (2023. nong). Cash géngrated l¥om op•ratlons 2024 2023 DeflGII for Iha yèar 1618,953) 1437,851) AdsIMOni$ for.. Inve81tnent lllcgme recogn18eil In statement Of flnanclal actlvllle8 Falr valL¢O galns ond losses on Invg$lMènts Dèprodallon ond Impalrment of lenglble fixed a8sef8 ovamgnts In wotkln9 cap5ts1: Decfea$e In d8blor8 Increas* In creditors 1334,2381 1371,115) 165,123 {339.5391 182,767 162,053 5,688 145,489 161,857 53,335 Cash ab8offtJed by opoiatlon {1,008,0081 P37,3781 27 Anatysls of chAnge8 In not fvnd¥ Tha ¢harfty had no mateilol debt duAng the year. 31