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2024-07-31-accounts

Charity Commission Reference No. 225510

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

CHARITY INFORMATION

Trustees
Trustees Rev R Peet (Chairperson)
Mrs A Beale
Mrs A Ongley
Councillor C Williams
Ms B Tuis
Mr D Lettington
Ms G Cresswell
Mr L Chapman
Clerk J Collier
Registered Charity Number 225510
Regulator of Social Housing Reference A3564
Registered address 7 The Hawthorns
Aylesford
Kent
ME20 7LJ
Accountants Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge, Folkestone
Kent
CT18 7TQ
Bankers National Westminster Bank Plc
3 High Street
Maidstone
Kent
ME14 1XU

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

CONTENTS

Page
Trustees' report 1 - 2
Accountants' Report 3
Statement of comprehensive income 4 - 5
Statement of financial position 6
Statement of changes in reserves 7
Statement of cash flows 8
Notes to the financial statements 9 - 14

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2024

The trustees have pleasure in presenting their annual report and financial statements for the year ended 31 July 2024.

Objectives and Activities of the Charity

The charity's objective is to provide almshouse accommodation for aged poor and deserving persons within the parish of Aylesford in accordance with the Trust Deed dated 22 July 1960. The charity is registered with the Charity Commission (registration number 225510), and with the Regulator of Social Housing (registration number A3564). The activities for the year are set out on pages 4 and 5 in the Statement of Comprehensive Income.

Structure, governance and management

The board of trustees consists of a maximum of three ex-officio trustees, being the vicar and churchwardens in the parish of Aylesford, two nominative trustees appointed by Tonbridge and Malling Borough Council for a four year term, and three co-optative trustees appointed for a five year term at a meeting of the trustees. They are local people, often but not always with some connection to the church, who are thought to be suitable on account of their skills and interests. At induction, new Trustees are given copies of the minutes of recent board meetings and a copy of "The Essential Trustee" produced by the Charities Commission and dated May 2018.

All decisions are made by the trustees at meetings held several times a year.

The following trustees held office during the year and since the year end:

Rev R Peet (Chairperson) A Beale A Ongley C Williams B Tuis Mr D Lettington G Cresswell L Chapman

Achievements and Performance

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission for England and Wales. During the year, in accordance with the Charity's aims, the charity's principal activity for the public benefit was to provide supported housing consisting of eleven single flats and three double flats. All of the flats were occupied for the whole year.

The surplus for the year amounts to £30,659 (2023 - £12,239) and the detail thereof is set out on pages 4 and 5.

Risk management

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate the exposure to major risks.

Value for money statement

The Trustees’ strive to achieve and demonstrate value for money in all the operations of the charity.

THE HOSPITAL OF THE HOLY TRINrrY. AYLESFORD TRUSTEES. REPORT {CONTINUED FOR THE YEAR ENDED 31 JULY 2024 Flnancial Review Policy on r•ser￿S There is no formal policy. The trustee5 have to be p￿p￿8￿ to meet an Lmexpeded o¥i5i8. althoLffjh the buildings and contents are insured appropriately. The cyclul maintenance fund is desvJned lo meet the cost of rouiin& mainlenancE and repairs. whereas the extraordinary repair fund is designe(I lo meel the costs of unexpected repairs and other woth. At Ihe year end the tharity's reserves arrKJunled lo £633.59712023- £602.9381 consisting of a tyclical maintenance reseNe of £34,OtMJ12023- £34,000), an extraordinary repair fund of £83.26212023- £83,262} and in¢onw ond expenditure re8eNes of £516,335 {2023- £485,676). By order of Ihe board Rev R Peet {Chairper8on> Tru8tO0 Date..

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

ACCOUNTANT'S REPORT TO THE BOARD OF TRUSTEES ON THE UNAUDITED ACCOUNTS OF THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

We report on the accounts for the year ended 31 July 2024, set out on pages 4 to 14.

Respective responsibilities of the Board and reporting accountants

The Board of the Registered Social Housing Provider is responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.

Basis of opinion

Our procedures consisted of comparing the accounts with the accounting records kept by the Registered Social Housing Provider and making such enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.

Opinion

In our opinion:

Beresfords

Chartered Certified Accountants

Reporting Accountant 1-2 Rhodium Point Spindle Close Hawkinge, Folkestone Kent CT18 7TQ

Date: 21/01/2025

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2024

Notes
Turnover
Weekly maintenance contributions
Insurance claims received
Contributions towards expenses
Deferred grant income released
Less operating expenditure:
Direct Costs
Water rates
Insurance
Heating and lighting
Boiler maintenance
Internet
Routine repairs and maintenance
Cleaning
Gardening
Fire protection work
Bathroom refurbishment and plumbing works
Decoration
Garden project
Carpets
Co2 alarms and fire extinguishers
Roofing works
Depreciation
Gross (Deficit) / Surplus
Management costs
Clerk's fees
Sundry office expenses
Regulation fees
Membership fees
Accountancy
Charitable donations - other
Operating (deficit) / surpluscarried forward
2		 £
4,005
2,371
2,073
4,104
375
4,766
2,098
850
580
5,399
-
-
-
-
17,448
16,298		 2024
2023
£
£
£
58,323
58,323
7,828
-
-
120
8,025
8,025
74,176
66,468
3,010
2,391
1,093
3,001
344
8,263
1,887
596
233
-
4,593
20,960
753
554
7,180
16,298
(60,367)
(71,156)
13,809
(4,688)
5,250
257
300
327
1,962
150
(8,516)
(8,246)
5,293
(12,934)
5,250
290
388
476
1,962
150

THE HOSPtTAL OF THE HOLY TRINITY. AYLESFORD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Operatlng Iddklt) I surplus brcwght fowd 5.293 112,9341 Int•rest recolvablo and slmllar Income NAACIF distributions receNed NAACIF accumulated income receNed Inlere¥l received 1,042 19,926 4,205 16,406 7,TlO 25,173 Income from Inv•8thi•nts Profrt on disposal of IL8led Inv8stmer Intor•8t and flnanclng co•t• Inte￿$1 payable Surplusltotal comprfjhgnslvo Income for the ywr 30,659 12,239 Th& onty re¢ogni$ed gain or h)ss 18 the surplus for the year of £30.659 (2023- £12.239). Th8fO is no drfl8r•nce belween the re￿ted for the year a8 8tale(l abo4 and historical o)$15urpluses Cff deficAIs. The resulls rglate wholly lo continuing actmlbes. The ffin8nc1818talements were approved by the of trustees on 201£ and Signed Ly) it8 behaw by.. Rev R Peot Trustse ABea The notss on pa￿ 9 to 14 fom) part of theso FinancAal SL•mant8.

THE HOSPITAL OF THE HOLY TRINrrY, AYLESFORD STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2024 2024 2023 Flxed as60ts Housing propgrties at depreckqled cost Investments 282,910 328,628 299,208 312,222 611.538 611,430 Current ass8ts Trade and other debtors Cash and cash equivalents 3.821 166.399 3.293 143,6Y6 170,220 146,989 Crèdltors". amounts falling due wrthin one year {11.7201 111.0151 N•t Currènt a8•0ts 1 58.500 135,974 Total •s$•ts1•88 currnnt Ilabllltl 770,038 747,404 Crgdltors.. amounts falling due aler more thon one year 1136,441} 1144,4881 Total nd as*•ls 633,597 602,938 ResoThes Deswnated funds CyclKal maintenance reserve Extraordinary repair fund Income and expenditure reserve 34,CQO 83,262 485,676 83.262 516,335 633,597 602,938 The financial 8latemenls were approved by Ihe tx)anl of Irusto9$ on Is Sand si9￿d on ils bghalf by.. Rev R Peet rrustse ABea The notes on pages 9 10 14 fomi part crf these finaneAI statements.

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 JULY 2024

Balance at 1 August 2022
Balance at 31 July 2023
Balance at 1 August 2023
Balance at 31 July 2024
Transfers from income and
expenditure reserve to other
reserves
Surplus from statement of
comprehensive income
Surplus from statement of
comprehensive income
Transfers from income and
expenditure reserve to other
reserves		 Total
£
590,699
12,239
-
602,938
602,938
30,659
-
633,597		 £
34,000
-
-
34,000
34,000
-
-
34,000
Cyclical
maintence
reserve		 Extraordinary
repair fund
£
83,262
-
-
83,262
83,262
-
-
83,262		 Income and
expenditure
reserve
£
473,437
12,239
-
485,676
485,676
30,659
-
516,335

The notes on pages 9 to 14 form part of these Financial Statements.

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Net cash generated from operating activities (see note 9)
Cash flow from investing activities
Purchase of tangible fixed assets
Proceeds from sale of fixed assets
Proceeds from sale of investments
Interest receivable and similar income
Cash flow from financing activities
Interest paid
Repayments of borrowings
Net change in cash and cash equivalents
Cash and cash equivalents at 1 August 2023
Cash and cash equivalents at 31 July 2024
Cash and cash equivalents consist of:
Cash at bank and in hand at 31 July 2024		 2024
£
13,743
-
8,960
8,960
-
-
-
22,703
143,696
166,399
166,399		 2023
£
(4,723)
-
5,247
5,247
-
-
-
524
143,172
143,696
143,696

The notes on pages 9 to 14 form part of these Financial Statements.

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

The charity is registered with the Charities Commission as a charitable trust and with the Regulator of Social Housing as a registered provider of social housing. The charity is a public benefit entity.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 - the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102), the Statement of Recommended Practice for Social Housing Providers 2018, and comply with the Accounting Direction for private registered providers of social housing 2022. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008.

The financial statements have been prepared on a going concern basis under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The accounts are presented in sterling which is the operational currency of the charity and are rounded to the nearest pound.

1.1 Fixed assets - housing property

The Hospital of the Holy Trinity was built in the first quarter of the seventeenth century. There is no record of the original cost and accordingly no value is attributed thereto.

Cost brought forward, therefore, represents development expenditure incurred on the Hospital in the late 1980s and early 1990s. Where the costs of development have not qualified for Housing Association Grants and have not been considered for mortgage loans by the relevant lending authority they have been met out of reserves.

The trustees perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value. In accordance with FRS102, cost includes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, developments costs, interest charges on loans during the development period and expenditure on improvements. Expenditure on improvements will only be capitalised when it results in incremental future benefits such as increasing rental income, reducing maintenance costs or resulting in a significant extension of the useful economic life of the property.

1.2 Component Accounting

Major components of housing properties capitalised are accounted for and depreciated separately from the connected housing property over their expected useful lives.

No separate components are accounted for on the development expenditure incurred in the late 1980s and early 1990s as the capitalised costs represent the expenditure carried out in converting the existing accommodation from single rooms with a shared bathroom and toilets to twelve single and two double self-contained flats in the late 1980s and early 1990s. The costs are therefore not separable and are depreciated as shown in note 1.3.

New boilers were installed in the year ended 31 July 2016 and depreciated as shown in note 1.3.

Roofing works were completed in the year ended 31 July 2017 and are now being depreciated as shown in note 1.3.

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1.3 Depreciation

The trustees have elected to depreciate the components of the housing properties at the following annual rates:

Component Life (Years) Depreciation
Development expenditure 50 2%
Roofing 30 3.30%
Boilers 15 6.60%

1.4 Housing Association Grant

Housing Association Grant (HAG) was paid by the Housing Corporation to reduce the cost of development and is accounted for as deferred income and as a liability due within one year and after more than one year. The income is recognised through the statement of comprehensive income over the life of the building structure for which it was received. HAG is repayable under certain circumstances, primarily following the sale of a property but will normally be restricted to the proceeds of sale.

1.5 Investments

Fixed asset investments are valued at cost less a reduction for any permanent diminution in value.

They are not valued at market value as the market is quite volatile and resultant increases and decreases in value would not aid the user's understanding of the accounts.

Investment income is credited to the accounts on an accruals basis.

1.6 Extraordinary repairs fund

This is a designated reserve and represents amounts set aside to carry out major repairs on housing property. Sums provided each year for this purpose are invested in the Charities Official Investment Fund Accumulation Shares or the COIF Charities Deposit Fund.

1.7 Cyclical maintenance reserve

This is a designated reserve and represents amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year.

1.8 Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

1.9 Monthly maintenance contributions and rental income

Monthly maintenance contributions represent the rental charges income receivable for the year from the supported housing, net of rent losses from voids, and includes Supporting People income where this has been used to reduce the rents collected from the tenant.

Rental income represents rent receivable for the year from sources other than supported housing.

1.10 Donations and other voluntary income

Donations and other voluntary income are included in the accounts in the period in which they are received.

1.11 Resources Expended

Expenditure is included on an accruals basis

1.12 Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1.13 Judgements and key sources of estimation uncertainty

No significant judgements have had to have been made by the trustees nor have they identified any key sources of estimation uncertainty other than identifying the main components of housing properties (as shown in note 5) and estimating their useful lives (as per note 1.3).

2 Social housing income and expenditure

Social housing income and expenditure
Rents receivable net of rent losses from voids
Insurance claims
Contributions towards expenses
Amortisation of capital grants
Social housing operating costs:
Direct costs
Management costs
Operating (deficit) / surplus on social housing lettings
Memo only:
Non social housing activities
Operating surplus
Void losses		 2024
£
58,323
7,828
-
8,025		 2023
£
58,323
-
120
8,025
74,176 66,468
60,367
8,516		 71,156
8,246
68,883 79,402
5,293
25,366		 (12,934)
25,173
30,659 12,239
1,041 1,041

No segmental analysis is shown for housing accommodation as the Charity owns and manages only supported housing for older people.

3 Operating surplus

Operating surplus
Operating surplus is stated after charging:
Depreciation of tangible assets
And after crediting:
Amortisation of capital grants		 2024
£
16,298		 2023
£
16,298
8,025 8,025

During the year the charity had no employees. None of the trustees received any remuneration, other benefits or expenses in either year.

Rent losses arising from void periods in the year amounted to £1,041 (2023 - £1,041).

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

4
Tangible fixed assets
Cost or valuation
At 1 August 2023
Additions
At 31 July 2024
Depreciation
At 1 August 2023
At 31 July 2024
At 31 July 2024
At 31 July 2023
Charge for the year
Net book value		 Development
expenditure
£
563,309
-		 Roofing
£
93,597
-		 Boilers
£
28,680
-
28,680
15,296
1,912
17,208
11,472
13,384		 Total
£
685,586
-
563,309 93,597 685,586
349,246
11,266		 21,836
3,120		 386,378
16,298
360,512 24,956 402,676
202,797 68,641 282,910
214,063 71,761 299,208

There are 14 (2023 - 14) managed supported housing units.

5 Fixed Asset investments

Cost
At 1 August 2023
Additions
Disposals
At 31 July 2024
At 31 July 2024
At 31 July 2023		 £
312,222
16,406
-
328,628
Valuation
£
467,137
420,045

The net book value represents the original cost of shares in the M&G Charity Multi Asset Fund (previously the National Association of Almshouses Common Investment Fund) held by M & G Securities on behalf of the Hospital of the Holy Trinity, Aylesford.

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

6
Debtors
Prepayments and accrued income
7
Creditors: amounts falling due within one year
Trade creditors
Other creditors and accruals
Deferred grant income
8
Creditors: amounts falling due after more than one year
Deferred grant income
9
Cash flow from operating activities
Surplus for the year
Adjustments for non-cash items:
Depreciation of tangible fixed assets
Amortisation of grant
Decrease/(increase) in trade and other debtors
Increase/(decrease) in trade and other creditors
Adjustments for investing or financing activities:
Proceeds from sale of tangible fixed assets
Interest payable
Interest receivable and similar income		 2024
£
3,821		 2023
£
3,293
3,821 3,293
2024
£
798
2,897
8,025		 2023
£
380
2,610
8,025
11,720 11,015
2024
£
136,441		 2023
£
144,466
136,441 144,466
2024
£
30,659
16,298
(8,025)
(528)
705
-
-
(25,366)		 2023
£
12,239
16,298
(8,025)
(367)
305
-
-
(25,173)
13,743 (4,723)

THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

12 Related party relationships and transactions

One of the Trustees holding office during the year was a councillor appointed as Trustee by Tonbridge and Malling Borough Council under the terms of the Trust Deed. Any transactions with local authorities are at arm's length, on normal commercial terms and Trustees cannot use their position to their advantage.

During the year, the wife of one of the Trustees holding office in the year worked as a self-employed cleaner on normal commercial terms and received £1,092 for her services (2023 - £1,104).

13 Capital and other commitments

The charity had no capital commitments at 31 July 2024 (2023 - £nil). Other financial commitments at 31 July 2024 amounted to £nil (2023 - £nil).

14 Contingent liabilities

The Trustees are not aware of any contingent liabilities (2023 - Nil).