2024-04-26-accounts

The charity’s objective is the provision of Grade II Listed, two-bedroom, Almshouse Accommodation in Wilshaw to benefit low-income tenants.

Monthly maintenance contributions were first introduced in 2014 to help fund the cost of all internal and external repairs. This charge will increase on 1[st] July 2024 from £425 to £465 per month in line with the equivalent fair rent rate.

The Trustees confirm that they have had regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and when planning their activities

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

TEHT successfully collected all maintenance charges during the year and continue to maintain all properties to a good standard.

No major work is planned for the coming year. There will be general maintenance work carried out as and when required to continually improve the properties.

The Trustees revalued the properties in May 2023.

The Eleanor Hirst Trust

Registered Charity no 224048

Annual Report and Financial Statements Year Ended 26 April 2024

ESTATE OFFICE GATE 7 MELTHAM MILLS HOLMFIRTH HD9 4AR

Contents

	Page 1
	Page 3
Statement of Financial Activities	Page 4
Balance Sheet	Page 5
Notes to Accounts	Page 6

for the year ended 26 April 2024

The Trustees present their annual report together with the financial statements of The Eleanor Hirst Trust for the year ended 26 April 2024.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 (FRS102) (effective 1 January 2015) (amended 2 February 2016) as detailed in the accounting policies.

Objectives and Activities

Grade II Listed, two-bedroom, Almshouse Accommodation in Wilshaw to

benefit low-income tenants.

Monthly maintenance contributions were first introduced in 2014 to help fund the cost of all internal and external repairs. This charge increased on 1[st] July 2023 from £365 to £425 per month nearer the equivalent fair rent rate. The Trustees have communicated to residents that the maintenance charge will be £460 from July 2024.

The Trustees confirm that they have had regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and when planning their activities. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Achievements and Performance

TEHT successfully collected all maintenance charges during the year and continue to maintain all properties to a good standard. No major work was carried out within the year.

Plans for Future periods

No major work is planned for the coming year. There will be general maintenance work carried out as and when required to continually improve the properties.

Financial Review

During the year maintenance charges of £29,880 were received. Total resources of £19,574 were expended resulting in a net profit of £10,306. Main expenditure in the year was legal fees relating to a now settled court case.

At the balance sheet date the total value of investments was £105,236. A further £5,000 was invested on 10 April 2024 and the overall gain was £9,561. The investment is still considered to be the most appropriate strategy to generate capital return for the charity.

A significant point to note is the re-valuation of the Almshouses in May 2023 which resulted in an increase of £390,740.

At the year end the trusts total net assets were £1,232,622.

Structure, Governance and Management

The charity is an unincorporated charity registered with the Charities Commission on 9 September 1963 under registration number 224048.

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for the year ended 26 April 2024 (Continued)

The appointment of Trustees is under the control of the Trustees already appointed. No Trustee received any remuneration.

The trust is administered by a management committee consisting of all the trustees, which make all policy and executive decisions relating to the trust. A minimum of two ordinary meetings of the trustees are held per year.

The trustees who held office during the year and to the date of the report were:

Mrs Hilary Livingstone Mr Daniel Bamforth

Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems are in place to mitigate the exposure to major risks.

Approval

This report was approved by the Board of Trustees on

24 and signed on its behalf by:

Daniel Bamforth Chairman

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with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principals in the Charities SORP;

• Make judgements and estimates that are reasonable and prudent;

• State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on statements may differ from legislation in other jurisdictions.

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Statement of Financial Activities For the Year ended 26 April 2024

	Note	Unrestricted	Restricted	Endowment	2024	2023
		Funds	Funds	Funds
		£	£	£	£
Income from:
Charitable activities	2	29,880	-	-	29,880	25,048
Investment income - interest		0	-	-	0	2
Total income		29,880	-	-	29,880	25,050
Expenditure on:
Charitable activities	3	19,574	-	-	19,574	45,432
Other activities	4	-	-	-	-	16,800
Total expenditure		19,574	-	-	19,574	62,232
Net expenditure before other		10,306	-	-	10,306	(37,182)
recognised gains/(losses)
Gain/(Loss) on revaluation of investment		-	9,561	-	9,561	(2,252)
Gain/(Loss) on revaluation of buildings		-	390,790	-	390,790	-
Net (expenditure)/income		-	400,351	-	400,351	(39,434)
Gross Transfers between funds		-	-	-	-	-
Net Movement in Funds		10,306	400,351	-	410,657	(39,434)
Total Funds brought forward		45,079	176,885	600,000	821,964	861,398
Total funds carried forward	8, 9	55,385	577,237	600,000	1,232,622	821,964

The notes on pages 6 to 11 form part of these accounts.

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Balance Sheet As at 26 April 2024

	Note	2024	2023
		£	£
Fixed Assets
Tangible assets - Almshouses	6	1,097,000	706,210
Tangible assets - Artwork	6	15,000	15,000
Investments	5	105,236	90,675
Total Fixed Assets		1,217,236	811,885
Current Assets
Cash at bank and in hand		14,968	9,432
Debtors/Prepayments		849	870
Total Current Assets		15,817	10,302
Creditors (Amounts Falling due within one year)		432	222
Total assets less current liabilities		1,232,622	821,965
Creditors		-	-
(Amounts Falling due after one year)
Total net Assets		1,232,622	821,965
Total funds of the charity
Unrestricted funds	8, 9	55,385	45,078
Restricted funds	8, 9	577,237	176,885
Endowment	8, 9	600,000	600,000
Total funds	8, 9	1,232,622	821,963

The notes on pages 6 to 11 form part of these accounts.

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Notes to the Accounts for the year ended 26 April 2024

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Charitable information

The charity is an unincorporated charity registered with the Charities Commission on 9 September 1963 under registration number 224048.

Estate Office, Gate 7, Meltham Mills, Holmfirth, HD9 4AR.

Accounting convention

The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The Charity is a Public Benefit Entity as defined by FRS 102.

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations, but which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.

The principal accounting policies adopted are set out below.

Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Permanent endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

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Notes to the Accounts for the year ended 26 April 2024 (Continued)

Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income represents maintenance charges received together with any interest accrued and is recognised over the period to which it relates.

Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for inclusive of irrecoverable VAT on an accrual basis and has been classified under headings that aggregate all costs related to the category.

Tangible fixed assets

Tangible fixed assets, which comprise the housing properties and artefacts, are measured at fair value as at 26 April 2024.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings and improvements 2% straight line basis Artefacts/Artwork 2% straight line basis Freehold land Not depreciated

The Trustees consider that the residual value of both the freehold property and artefacts owned by the charity is at least equal to cost, as a result no depreciation has been provided during the year.

Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to b s carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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Notes to the Accounts for the year ended 26 April 2024 (Continued)

Financial instruments

liabilities of a kind that qualify as basic financial instruments in accordance with section 11 of FRS 102. Basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement value.

The Trust does not acquire put options, derivatives, or other complex financial instruments.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity held for working capital.

Creditors, loans and provisions

Creditors, loans and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial liabilities are derecognised when, and only when, obligations are discharged, cancelled or they expire.

Taxation

As a recognised charity, the Eleanor Hirst Trust is exempt from taxation on its surpluses so far as they relate to its charitable objectives. It is not, however, exempt from VAT, and irrecoverable VAT is included in the cost of those items to which it relates.

Critical accounting estimates and judgements

assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Trustees have judged that there are no estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

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Notes to the Accounts for the year ended 26 April 2024 (Continued)

2. Income from charitable activity

. Income from charitable activity
	2024	2023
Maintenance charges	29,880	25,048
	29,880	25,048

All income in the current and previous financial year was unrestricted.

3. Expenditure on charitable activity

. Expenditure on charitable activity
	2024	2023
Insurance	1,440	1,412
Repairs and maintenance	5,074	45,432
Legal and professional	11,940	4,046
IT Software and Equipment	158	143
Marketing	-	-
General	962	295
	19,574	45,482

There were no staff employed by the charity (2023 no staff employed). The Trustees are unpaid and did not receive any benefits or expenses from the charity in the year (2023 - £nil).

4. Income from other activities

. Income from other activities
	2024	2023
Legal fees	-	16,800
	-	16,800

Legal fees in the prior year arose from an ongoing court case regarding access via a shared lane. This was part-won and settled in October 2022.

5. Investments

The trust held an investment in the Vanguard Life Strategy 80% Equity fund. This fund seeks to hold investments that will pay out money and increase in value through a portfolio comprising approximately 80% shares and 20% bonds and other similar fixed income investments. The fund is in line with the agreed attitude to risk of the Trustees (Medium High) and it has a low-cost Ongoing Charge Figure of 0.26%. Over the last 6 years, this fund has consistently outperformed its sector.

The investment is held in a General Investment Account with Nucleus. Nucleus are the lowest cost provider that offer the required functionality. They charge 0.35%.

Succession Wealth (was G+E Wealth Management) advised on the investment and review it annually for a fee of 1%.

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Notes to the Accounts for the year ended 26 April 2024 (Continued)

	2024	2023
Valuation brought forward	90,675	117,927
Additions at cost	5,000	-
Disposal proceeds	-	(25,000)
Change in market value	9,561	(2,252)
Valuation carried forward	105,236	90,675

6. Tangible fixed assets

	2024	2024	2023	2023
	Property		Property
Cost brought forward	721,210	-	721,210	-
Additions	390,790	-	-	-
Disposals	-	-	-	-
Cost carried forward	1,112,000	-	721,210	-
Depreciation brought forward	-	-	-	-
Depreciation charge	-	-	-	-
Depreciation on disposals	-	-	-	-
Deprecation carried forward	-	-	-	-
Book value carried forward	1,112,000	-	721,210	-

Tangible fixed assets, which comprise the permanently endowed housing properties and artwork, are measured at the fair value as at 26 April 2024.

7. Financial instruments

. Financial instruments
	2024	2023
Carrying amount of financial assets:
Financial assets measured at amortised cost	15,817	10,302
Carrying amount of financial liabilities:
Financial assets measured at amortised cost	(432)	(222)

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Notes to the Accounts for the year ended 26 April 2024 (Continued)

8. Movement in funds

----- Start of picture text -----
For the year ended 26 April 2024 Balance Income Expenditure Gains / Transfers Balance
brought (Losses) carried
forward forward
Permanent endowment 600,000 - - - - 600,000
Restricted funds 176,885 - - 400,351 - 577,237
Unrestricted funds 45,080 29,880 (19,574) - - 55,385
Total funds 821,965 29,880 (19,574) 400,351 - 1,232,622
----- End of picture text -----

----- Start of picture text -----
For the year ended 26 April 2023 Balance Income Expenditure Gains / Transfers Balance
brought (Losses) carried
forward forward
Permanent endowment 600,000 - - - - 600,000
Restricted funds 204,138 - - (2,252) (25,000) 176,885
Unrestricted funds 57,260 25,050 (62,232) - 25,000 45,080
Total funds 861,398 25,050 (62,232) (2,252) - 821,965
----- End of picture text -----

9. Net assets between funds

----- Start of picture text -----
As at 26 April 2024 Fixed Assets Current Assets Total 2024
Permanent endowment 600,000 - 600,000
Restricted funds 577,237 - 577,237
Unrestricted funds 55,385 55,385
Total funds 1,177,237 55,385 1,232,622
As at 26 April 2023 Fixed Assets Current Assets Total 2023
Permanent endowment 600,000 - 600,000
Restricted funds 176,885 - 176,885
Unrestricted funds 45,078 45,078
Total funds 776,885 57,260 821,963
----- End of picture text -----

10. Related party transactions

Towndoor Limited

During the year, the trust received recharges for expenses and time incurred of maintenance and support staff amounting to £2,542 from Towndoor Limited, a company with the same director.

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Eleanor Hirst Trust accounts 2024 Final Audit Report 2024-05-07 Created.. 2024-OM7 By.. Kelly er05ter I tIM￿j￿.￿.uk1 Status.. &gned Transaction 10.. c8JcHBC￿BAAGx715o1WsW08pl1n￿wIydWzUeWmftIa "Eleanor Hirst Trust accounts 2024" History Document created by Kelly Broster [e-mail]) 2024.0>07. 6..50..38 GMT. IP ￿dress.. 154.51.65.122 . Document emailed lo [e-mail] for signature 2024.05-07. 6".51."20 GMT Email viewed by [e-mail] 2024.05-07. 7'.05'.13 GMT- IP addr￿." 88.97.11.115 Signer [e-mail] entered name al signing as Dan Bamforth 2024-0>07- 7..06..12 AM GMT- IP Jdre5s.' 88.97.11.115 Document e-signed by Dan Bamforth {[e-mail] s￿nature Date., 2024-OM7- 7..06..14 AM GMT- Time SourL'. IP adross.. 88.97.11.115 Agreement completed. 2024-05-07- 7..06..14 ￿ GMT (jTowndoor Acmbat Sn

Engagement: Kelly Devlin Independent Examination of The Eleanor Hirst Trust 2-May-24

Direction 1

£29,880 - threshold is £25,000 for independent examination. £1m for audit Independent examination required No subsidiarys Accounts completion on Accruals basis

Direction 2

Kelly Broster No close relationships or day to day involvement Professional body - AAT Registration no: 10414143

Direction 3

Accounts saved on file with annual report Source of income: Received through tenants Use external agency to manage General expenses Small amounts in order to maintain properties - no large expendi Investments Invested report provided by Nucleus Property valuation carried out by Bramleys Confirmed and reconciled to Lloyds

Bank balance

Direction 4

Funds are managed by the Trustee's - 2 at present. Any expenditure is agreed on in advance All accounting records are electronic

Direction 5

All accounting records are up to date and complete Direction 6

Comparison of previous accounting records do not show any major variances or anything unexpect Restricted and unrestricted funds are reported correctly

Direction 7

The accounts have been prepared on the accrual basis. Post period transactions were checked

Direction 8

Restricted and unrestricted funds are reported correctly The accounts have been prepared on a going concern basis

Direction 9 Any invoices will be settled Direction 10 Accounts checked and correct Direction 11 Review carried out, invoices and income stream correct No errors were found and no additional checks were required Direction 12 Annual report in line with the produced accounts Direction 13 No areas of concern

iture

ependent Examination

1. Is the charity eligible to have an independent examination?

• a. Is the gross income for the year and gross assets at the balance she

• b. Does the governing document have a requirement for audit? NO

• c. Does the charity require an audit for another reason, for example, un

2. Can receipts and payments accounts be prepared?

• a. Is the gross income for the year £250,000 or more? LESS

• b. Is the charity is a company? NO

• c. Is there a requirement for fully accrued accounts in the governing document

If yes to any of these then fully accrued accounts are required.

3. Can I act as independent examiner?

• a. Am I independent of the charity?

• I have no close personal relationships with the charity trustees

• I have no day to day involvement in the administration of the c

• I am not a major donor of the charity - CORRECT

• b. Am I suitably skilled?

• If fully accrued accounts are required, do I hold a relevant mem

• Do I have a proper understanding of what an independent exa

• Do I understand the charity’s individual circumstances? YES

• Do I have an understanding of financial record keeping? YES

• Do I have an understanding of legislation relating to charities?

4. What should I do to plan my independent examination?

• a. Do I understand the charity’s governing document and organisational struct

• b. Do I understand the what the charity is set up to do (it’s purposes)? YES

• c. Have I considered any points raised by the previous Independent Examiner

• d. Do I understand the last set of accounts? YES

• e. Have I checked the OSCR Register entry? YES

5. What should my examination involve?

• a. Review the minutes of meetings of charity trustees COMPLETE

• b. Compare the accounts with the underlying accounting records - COMPLET

• c. Test check a sample of entries in the accounting records to source docume

• d. Make sure bank reconciliations and petty cash reconciliations have been un

• e. Check significant transactions after the year end in order to identify any liab

• f. Check if funding is restricted or unrestricted so that it is categorised correctl

• g. Check expenditure is allocated correctly to restricted funds and unrestricted

• h. If fully accrued accounts are prepared check that these comply with the SO

• i. If receipts and payments accounts are prepared check that these comply wi

• j. Carry out a review of final accounts, checking that the figures are as expect

6. Considering the information

• a. Am I satisfied that the accounting records are complete and that the accoun

• b. Have I been given everything I need? YES

• c. Have I discussed my report with the charity trustees? YES

• d. Have I highlighted any areas that the charity trustees need to be aware of?

7. Completing my examination

• a. Can I sign off my report on the information I have? YES

• b. Are there any matters I need to highlight in my independent examiners repo

• c. Do I need to give a qualified report? NO

• d. Are there any mandatory matters which I must report to OSCR? NONE

• e. Are there any discretionary matters I should consider reporting to OSCR - N

eet date below the audit threshold? YES

nder other legislation or at the request of a funder? NO

t? NO

s or anyone involved in the administration of the charity – NOT CLOSE charity - NOT ADMIN/DECISIONS

mbership? AAT amination involves? YES

YES

ture? YES

r? N/A

E

ntation (e.g. payments checked to invoices or bills that the charity has received) – CHECKE ndertaken including at the year-end – CORRECT AND RECONCILE TO LLOYDS

bilities that the charity has at the year end date – NO FURTHER ENTRIES REQUIRED INTO y - CORRECT

d funds - CORRECT

RP and FRS 102 - CORRECT

ith the 2006 Regulations and that suitable notes have been prepared - CORRECT ed and compare to the previous year and seek clarification from the charity trustees as requ

nts agree to these. - CORRECT

NO

ort? NONE

NONE

ED INCOME AND EXPENDITURE

O YEAR END

uired. – CHECKED AND COMPARED

£l06.000 £104.000 £102.000 £7￿.000 £98.000 £96,000 £94,000 £92.000 £90.000 £88.000 Fri Apr 26 Portfollo 01107123 oinor23 01101124 Portfollo total

2024 toral."£105,236.27 01104124 5ourre- Nurleu5