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 AdMinistr￿1ve Detail.5 Tn￿tte$. Rewrt Independew Examiw'% Rel Income and Expcndilurc Accouni Balance Sheet Notes io the Financi81 Ststcments 7-11 MARY PEASE ALMSHOUSES YLIR ENDED )} NOVEMBER ￿24 Trustee: Dariington Churches Housing A&￿￿￿all￿ Limiied D8Aington Building Srtiety 21 High Row D8r]ington DL3 7QU Regi8tered Addrtss: Clo 22 Plerremont Cre8¢ent thrling14 DI.3 9PB MARY PEASE ALMSHOUSFS TRusfEE'S ANNUAL REPORT 30 NOVEMBER 2024 Sthths The Mary Pease Almshouses Trust is a registued dwity. NumF*r 225036 formed by a Deed of Trnst dated 2 June 1970 a￿j upjated ￿ the 14 July 1975. yncipalAddress Clo 22 Pierremont Crescent. t￿lIngton. DIJ 9PB Darlin8ton CThurchu Housin8 A￿￿1￿10n Limited Bo*rd otTrnstees: Miss U Collie Mrs M P Gibwn MrPLaw Mr D Mathie50n Mrs D Milburn Mr8 G Sanderson Mr T P Sanderson MTS A Saxby MI￿ S M Siubbs ChÉ7rity Obieetive$ The chitrity's objectives arc to C￿1￿0￿ io maintatD Ik wovision of high s￿lld￿d almshou*s lor the needy Fyople of Darlingtm. A¢dvlii*s 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 suffici￿1 to cover mor¢ than three years opcratin8 exFtnditure. lftpeskneni Poli The Trust's Inves1n￿lIt 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-Teg1s￿tll 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 c￿1 of the year. and of its surplus or d¢fiGil in the year. ltt prep￿1￿8 the SlalemenL the trusitts are Tequiroj io: seleci suiiable accounting ￿lICAL% and apply them consistently: make judgen￿¢S aNJ ￿lMat&S th¥t 4re rea￿b]e ard pruiknL state whether aA)licable a¢cwnting standards and stathents of recommended rKactiL% have IKen lollowed subject to any material dqjarturas disclos￿1 and explaio¢d in the btatement of acc￿nL8. 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 res￿￿51ble (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 S￿1￿1 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 t￿￿e¢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 comple￿d my exatnination. I confm thai no ma￿n￿l 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 al￿ni10n Sh(￿]d be drawn in this report in order io enable a prO￿T understanding of the accounts to k reached Slgned: #o 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 and mainienan(r. Costs are charged to thc Revenue Account in the Ye￿ in which thcy are incurred. (g) Ex¢MTdlnary Repwbs cC￿ts 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 eA￿dilure 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 R￿erVe This represents that PTI)pffiwn of the c(Nst of the w)perties which was fJnaDc&I by Mary Pease Almshouse8' own resources. The Charl￿bIc Fund Prtwty Reserve also Included deprecation equdl io loan rcpaymcnts nude in previous ye4r (k) Value Added Tax Mary Pease AlmSh￿Se￿i is not regiS￿red for Value Athknj Tax. In th￿¢ Financial stslemen￿ where applicable, expenditure is shown ind￿1Ve of Value Add￿ T&x. (l) C￿h Flow The tru.%tees are exemN fD)m prcparin8 a cash tlow $ta*mcnt under st￿1￿ 7 for FRS 102. Im) T4xaik N'n provision has been mwje f(K C￿￿xatI(￿ T&x as th¢ TnLSt is a re8lSter&l Charity t)nd therefore cxetmpi. 2. Turnover from Lettlnp 2024 2023 Maintenance Coniributi(K L￿.. Rent Losse5 fTOU) Voids 32,841 30.287 £ 32283 £ 30287 3. Oper&tlng Co*s IkttiD 2024 2023 Housing ACcoMm￿laI10n excluding hoskls (8 units) Heat and Lighi Insurance Mandgement Sundries. Subscriptions DerffecA&ion Cleaning Covncil Ta Accountancy I￿le￿ident EAamiDation ieLret8rial Expe￿￿$ 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 En￿AUn￿nts of oifKers and Senlor Exe¢uilves The Offic¢ts and Senior Exttutives are defined &$ the TnLS*c and the Clttk io the This* None of the offiL*T5 rtteiv¢d any emolun*nts. S. Employee Infonn*t Th¢ Tn￿t oo employees but uses the &eThices of prof￿810￿￿ woFrty maoagcment ag￿ls, who retx)rt io the tTusiees ￿ a monthly b&si Interest Receivabk and Other knme 2024 2023 Building ￿l¢¢Y Inttte Inveslmeni Income 277 £7￿12 £ 6A73 7. Surplus on Ordlw Acilvliles before Ta¥ath)n 5utplus on Ixdinary aciivities l￿f0￿ 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 prO￿rtIeS 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 A5￿￿latIOn 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 TrA4u1pM￿t Al l D￿ernI￿r 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 NOVem￿r 2024 £ 39￿9 £ 39,979 Tr investmeffjts all held in the National Association of AlmSh￿Se& 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: All￿￿￿ts dDe within oDeye4T 2023 Aeernals £ 605 Cydi¢g1 Extr8 Charltable Repglrs & Ordinary Fund Revalualk￿ MaSnL Repalrs Pr￿rtY Tothl Rwve Raerve Reserwe Reserve At I Ikcember 2023 Repairs Tran.4fer ftom Income and Ex￿ndIt￿re 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 ch￿ltieS Aci 1993. The sole Trustee of Mary Pease Almshouse5 Charity is Darlington CfftU￿hes Housing A%￿latIOn Limiilxt The Housing Pro￿rtIO8 comprise eight units availabl¢ for lellin8 &8 general ne)Js housin& Thett were no d)4nges to the number of Pro￿rtIeS 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