MARY PEASE ALMSHOUSES FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER ))24 CHARrrY REGisfRATION NU.MBLR 229)
.MARY PEASE ALMSHOUSES YF.AR ENDED 30 NOVEMBER 2024 INDEX t£go1 and AdMinistr1ve Detail.5 Tntte$. Rewrt Independew Examiw'% Rel Income and Expcndilurc Accouni Balance Sheet Notes io the Financi81 Ststcments 7-11
MARY PEASE ALMSHOUSES YLIR ENDED )} NOVEMBER 24 Trustee: Dariington Churches Housing A&all Limiied D8Aington Building Srtiety 21 High Row D8r]ington DL3 7QU Regi8tered Addrtss: Clo 22 Plerremont Cre8¢ent thrling14 DI.3 9PB
MARY PEASE ALMSHOUSFS TRusfEE'S ANNUAL REPORT 30 NOVEMBER 2024 Sthths The Mary Pease Almshouses Trust is a registued dwity. NumFr 225036 formed by a Deed of Trnst dated 2 June 1970 aj upjated the 14 July 1975. yncipalAddress Clo 22 Pierremont Crescent. tlIngton. DIJ 9PB Darlin8ton CThurchu Housin8 A110n Limited Bord otTrnstees: Miss U Collie Mrs M P Gibwn MrPLaw Mr D Mathie50n Mrs D Milburn Mr8 G Sanderson Mr T P Sanderson MTS A Saxby MI S M Siubbs ChÉ7rity Obieetive$ The chitrity's objectives arc to C10 io maintatD Ik wovision of high slldd almshous lor the needy Fyople of Darlingtm. A¢dvliis aftdRevlew The %urplus for the year i.s £21J62 12023.. £24,586) set out in the iocome and expendiiure account on page 4. The Trnstee has tran4(etred £11,195 to the Cyclical Rq)airs Rcgerve. and £7,170 10 EXtra(dIn Repairs Reseryes. The stttialist repai[5 reser¥&s hcld io enable th¢ continued mainlenance and updating of the trusl properties and 4UiPTnent. as and when required. The reserves are suffici1 to cover mor¢ than three years opcratin8 exFtnditure. lftpeskneni Poli The Trust's Inves1nlIt advisers are advised maintsin a FAlarthl level of irtCon aod growth cotLSiStent with the trust's objectives.
MARY PEASE ALMSHOUSES TRUSTEE'S ANNUAL REPORT (CONT'D) 30 NOVEMBER 202A Stsi¢menl of Trnslees R¢spoRsibililies Tr Trustees de-Teg1stll from Hollsin8 CotFrf)fdtion in 2(K>4, but continue lo prepare a stalement of account for egch financial which givL% a twe and lair view of the stdle of arrai of the trusi at the c1 of the year. and of its surplus or d¢fiGil in the year. ltt prep18 the SlalemenL the trusitts are Tequiroj io: seleci suiiable accounting lICAL% and apply them consistently: make judgen¢S aNJ lMat&S th¥t 4re reab]e ard pruiknL state whether aA)licable a¢cwnting standards and stathents of recommended rKactiL% have IKen lollowed subject to any material dqjarturas disclos1 and explaio¢d in the btatement of accnL8. epare the financial statements on the going C(Cern b&sis unless il is inappropriate lo presum¢ that the trnsl will ¢ontinue its owaiionii. The iruslees aTe res51ble (or kwing pro accounting which disclose with re&sonable accuracy al any lime ihe financial w%ilion of the trust at that lime and lo enable the trustees lo ensure that Iny statement of kccouni prepared by them coniplies with Schedule I to thc Housing Act 1996 and the Accountsn8 Requiretnents for Regisler¢d S11 Landlords General Detemiinati(Jn 2014. They are also reswnsible lor safegu¥xding (he a&sets' of th¢ charity gnd henc¢ (or taking re¥btinabl¢ ster6 foT th¢ kycventioft and ddeaioo of fraud other irre8ul¥riti&s. The te¢S also are expect&1 ¢0 maintain Und systsms of internal control and review them annulllly. Sigrt¢d on b¢hallol the Trns*es Date 19 Febnwy 2025
MARY PEASE ALMSHOUSES INDEPENDENT EXAMINER'S REPORT ON THE ACCOUMS FOR THE YEAR ENDED 30 NOVEMBER 2024 CHARITY REGISTRATION NUMBER 2250 I rel the on tny examination of the accounts of the alx)ve eharity for the year ended 30 Novcmkn 2024 Responslbllities and basis of report: As the chariiy's [ruS¢S you ate r&8ponsible for the preparation of the accounts in accordance with the requirements of the Charities Aci 2011 ("thc Aci) report in respeci of my examinaiion of the Trusi's Accounts carried out under seciion 145 of the 2011 Aci and in carrying t my examination. I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the ACL Independent Examiner's StAtemenl The chariiy's gm88 income exceeded £25( and l am qualified to underthke the examAnaiAon. I have compled my exatnination. I confm thai no manl maitrrs have come my attrnlion in conneciion wilh the exarninauon. I have no concerns and I have ¢ome across no other maiters in conneciion with the examination which alni10n Sh(]d be drawn in this report in order io enable a prOT understanding of the accounts to k reached Slgned:
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Date: Febrnary 2025 Nan*: Address:
MARY PEASE ALMSHOUSLS INCOME AND EXPENDITURE Accouwr YEAR ENDED 30 NOVEMBER 2024 Note 2023 Tvrnover L£&8: (¥Kraling Costs 32.283 (18.433> 30.287 112,1741 Operatlng Surplusl (Dendt)" Interest receivablc and other income 18,113 6.47.3 7.512 Surplus on Orditw Aetlvitles before T#xation TaA<ilion on Surplus on Ordinary A¢uvities 21J62 Surplu5 for the Year I'rgn$fer to: 21J62 Cyclical Repairs and Mainithance Reserve Exlmrdinary Repairs Rcsmc (11.195) (7,170) (3.(KK)) (13.3tM)) £ 8286 The results for the year relat¢ wholly to continuing activitits of the charity. STATEMENT OF REC(KNISED SURPLUSF AND DETr"Icns FOR THE YEAR ENDFD J) NOVE.MBER 2024 )2A 2023 Syrplus for the y 1997 8286 Unreaiised Surp1{DefICIl) on inveslments 15.522 (4,435) 1&519 153.486 51 149.615 Revenue Rescrve ai l Decembtr 2023 Revenue Reserve at J) November 2024 £17101LS £153,486
MARY PEASE ALMSHOUSES BALANCE SHE AS AT 30 NOVLMBER 21124 Note Flxed A Hotssillg Pr(yerti¢s 671(KKI 672.(XKI Other Fixed A&qets: Equipment Investments 3.730 177J23 4.775 155.772 io 853253 Debtors Debi(rs a1 Prepayments C&sh * Bank and in hand 832J47 2540 3J05 42 45544 49.742 Credhors Amounts fallin8 Due within one year 12 4&752 41939 Net Assets £w( £ 87788 Capltsi and R¢9erves Designaied Res¢rves Revenu¢ Reset¥e$ 13 728.IMI 171(M)5 724,LKK) 153,486 £ gYI,00S £ 8T7,486 The notes on pages 7 to I I forni part of thtse finwKial sthtements. The f104nciAI statements were appmv&l by the Trustre on 19 February 2025 and signed on its behal( by:
MARY PEASE ALMSHOUSFS NiyfES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 24 l. 1CIpal PoWes la) Bwl8of Acwunth The Financial Siatements have been pr¢par on thc basis of the hist(Kic cost conventson. in accordance with the requirements ol the Chariti&8 A¢t 2011. and the Statemeni of Recommend Practice - Accountin8 and ReFx)rting by CThaTities (SORPS FRS 102) issued October 2023. Ib) Turnover Turnover Tryrcseots. mairfttenaocc contrilwtions re]vable. (el Houslng Propertl(s and Depreciatiox The housinB prowties a included at I&si valuation figure. The propertics are subject lo a high level of maint(ance such that the useful economic life of the Se( is greater than 50 years. charge for depreciatson is therefor¢ made. Thc Property was revaluoj in and the trustee5 are of the opinion that the valuc is not materkally different io thai sted on the Ba]ance ShL (d) (Xher Flxed Awts TAngible Fixed Assets her tlwi hotssing prWie4 arn stAd cou less accumulated dweciaiion of IO Fer annum. (e) Housing A&xJciatlw Grant Housing Asla110n Grant (HAG) is paid by the Housing CortM)r4ti0ft rojuce the cost of developmeni and 18. therefrffe. showrt as a deductiort from the CO of Housing PM[rtIeS on the Balance Sheet. HAG is repayable under cenain circumsian¢¢8, primarily lollowing the sale of a prOY but will llornially b¢ r¢stricd to nct sale (D Cydlcal Repalrs and MnteDnCe Mary Pease Almshou5¢5 has estsblished a Tegu]ar progrdmme of cy¢lical repJift> and mainienan(r. Costs are charged to thc Revenue Account in the Ye in which thcy are incurred. (g) Ex¢MTdlnary Repwbs cCts of Extrawdinary Repair& Tmless represet)tirt8 imwovements to the PTOWie5 are charged to the ReveDve Account in the year in wbAch they are incurred. (h) Cydirgl Repalrs and Mglntawice Re8¢rwe This rLwve represents amounts sei &side for cyclical main*nance to meet Costs in exc of budgded eAdilure for ally one year.
,MARY PEASE ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDF.D NOVEVdBb.R 2024 l. Princlpal Aryountlng Polkits (Lvnt'dl 11) Extraonlingry Rfpairs Reserve This Revenue Reserve represents amounts set &8ith carry out major repairs on Housing Pr(4)ertie& F4uipment. (J) Charitable Fund Property RerVe This represents that PTI)pffiwn of the c(Nst of the w)perties which was fJnaDc&I by Mary Pease Almshouse8' own resources. The CharlbIc Fund Prtwty Reserve also Included deprecation equdl io loan rcpaymcnts nude in previous ye4r (k) Value Added Tax Mary Pease AlmShSei is not regiSred for Value Athknj Tax. In th¢ Financial stslemen where applicable, expenditure is shown ind1Ve of Value Add T&x. (l) Ch Flow The tru.%tees are exemN fD)m prcparin8 a cash tlow $tamcnt under st1 7 for FRS 102. Im) T4xaik N'n provision has been mwje f(K CxatI( T&x as th¢ TnLSt is a re8lSter&l Charity t)nd therefore cxetmpi. 2. Turnover from Lettlnp 2024 2023 Maintenance Coniributi(K L.. Rent Losse5 fTOU) Voids 32,841 30.287 £ 32283 £ 30287 3. Oper&tlng Cos IkttiD 2024 2023 Housing ACcoMmlaI10n excluding hoskls (8 units) Heat and Lighi Insurance Mandgement Sundries. Subscriptions DerffecA&ion Cleaning Covncil Ta Accountancy Ileident EAamiDation ieLret8rial Expe$ RouliDe Maintenance 615 576 4,018 286 1,(45 223 2(K) 1.045 121 420 420 37 883 £ 1&433 £ 12,174
Y PEASE ALMSHOUSES NOTES TO THE FINANCIAL STATE'.MENTS YEAR ENDED 30 NOVLMBER 2024 EnAUnnts of oifKers and Senlor Exe¢uilves The Offic¢ts and Senior Exttutives are defined &$ the TnLSc and the Clttk io the This None of the offiLT5 rtteiv¢d any emolunnts. S. Employee Infonnt Th¢ Tnt oo employees but uses the &eThices of prof810 woFrty maoagcment agls, who retx)rt io the tTusiees a monthly b&si Interest Receivabk and Other knme 2024 2023 Building l¢¢Y Inttte Inveslmeni Income 277 £712 £ 6A73 7. Surplus on Ordlw Acilvliles before Ta¥ath)n 5utplus on Ixdinary aciivities lf0 tsxation is stated aft¢r ¢harging the following: 2024 2023 ALrounlancy Fee £420 £420 Flxed As¥ets Howlng Properties Freehold Freehold Bulldin Ai valuatiort as At l December 2023 and 30 November 2024 67101X) 141,120 5Y)080 The prOrtIeS were valued on 26 May by John A tn8ham F.R.l.C.S on an open markei b&sis. Hlstorlcal C(t Infornmtk BulJdln8S Totsl Cost of In)provements Housing A5latIOn Grant 57,047 57.047 (44 330) £ 12.717 £ 12,717 Mary pea Almshotsse5 were construcwl in the late Nin¢h Century. Therc is no record of the origittal cost artd no value is allribllted thereto. The above detaals relate to iJnprovements ctirried out since 1969. which were by a Housing Cortmration Granl of £44,330.
.MARY PEASE ALMSHOUSFS NIYTES TO THE FINANCIAL sfATF.MENrs YEAR ENDED J) NOVEMBER 2024 Other FIX A TrA4u1pMt Al l DernIr 2023 Additions Di%ry)sals 10.453 As &130 NovemFw 2tr24 £ 10.453 LkprfdaUon Ai l Deconber 2023 c.harge fnr year 5,678 1.045 As At 30 h'ovember 2024 £ 6,723 Net Book Value AI 30 November 2024 £ 3,730 AI 30 November 21f23 £ 4,775 10. Investments 2024 2fj23 UK based investhien MEErket %'aiue ai l Dccember 2023 Additi(ffis Disposthls Uniealised ProfiU(Lo84) in markd value 155,772 6229 14167 6,040 15,522 (4,435) Market value at 30 November 2024 £ 177J23 £ 155,772 Historic¥1 cost ai 30 NOVemr 2024 £ 399 £ 39,979 Tr investmeffjts all held in the National Association of AlmShSe& Common tnvestment Fund. 11. Debto 2024 2023 Rent Arrears (Xhct Debtors and prepayments I,OB4 2.421 2.540 £ 2541 £ 3505 Rent arreats comprise of D]onits from the Managing Agent who xcount in full to the trusteeg once per mottth for all amounts due. io
MARY PEASE ALMSHOUSES N[ TO THE FINANCIAL STATEMENTS YEAR ENDED JO NOVE_MBER 2024 J2. Creditors: Allts dDe within oDeye4T 2023 Aeernals £ 605 Cydi¢g1 Extr8 Charltable Repglrs & Ordinary Fund Revalualk MaSnL Repalrs PrrtY Tothl Rwve Raerve Reserwe Reserve At I Ikcember 2023 Repairs Tran.4fer ftom Income and ExndItre Account 724WJ 659283 26,IJJI 26.(MI 14,365 9.195 5.170 12,717 l8.365 11.195 7.170 At 30 Noventhr 2024 £72&0 £659283 £28,th1 £28,0th) £12,717 AdDlnistratlon The Trusl is & Re8isieted Charity under w)visiTrts of chltieS Aci 1993. The sole Trustee of Mary Pease Almshouse5 Charity is Darlington CfftUhes Housing A%latIOn Limiilxt The Housing PrortIO8 comprise eight units availabl¢ for lellin8 &8 general ne)Js housin& Thett were no d)4nges to the number of PrortIeS available l¢tiin8 during the ye8r. 16. Contingent Uabili¢ies Thtte weff no outstsDdAng c(Mtin8eni li8bililias at the year end. li is anticipated the some rcpl8eement work in respect ol the UFKlatin8 of bath in some of the cottages which wus FK>slp)ned in 2024 will take place ia 2025. li