Charity number: 225826 THE GEORGE WOOFINDIN ALMSHOUSES TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE GEORGE WOOFINDIN ALMSHOUSES CONTENTS P3ge Referènce and administrative details of the Charityi Its Trustees and advisers Trustee5' report Independent examlner's report Statement of financial activities Balance sheet Notès to the financial statements 9-22
THE GEORGE WOOFINDIN ALMSHOUSES REFERENCE ANO ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustee5 G Connell O Cooke M B N Howard IresiEned 17 May 20231 N J A Hutton MBE (resigned 17 May 20231 S M Kendall, Chair S Chufungleung (appointed 17 May 20231 C Nye lappointed 21 November 20221 Charlty reglstered number 225826 Principal office Fowler Sandford 4th Floor Abbey House Letspold Street Sheffield 512GY Secretary J N Robinson MRICS Bankers National Westminister Bank plc 42 High Street Sheffield SI 2GE Sollcltors Knights plc Commercial House 14 Cornmercial Street Sheffield SI 2AT Independent examiner Rachel Heath FCCA DChA BHP LLP 2 Rutland Park Sheffield SIO 2PD Page I
THE GEORGE WOOFINDIN ALMSHOUSES TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their annual report together with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of the Statement of Recommended Practice.. ISORPI "Accounting and Reporting by Charities" IFR51021 in preparing the trustees, report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policie5 set out in note 2 to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 IFR51021 published in October 2019. Trustees The trustees who have served during the year and since the year end were as follows.. G Connell O Cooke M B N Howard Iresigned 17 May 20231 N l A Hutton (resigned 17 May 20231 S M Kendall Chair S Chufungleung lappointed 17 May 20231 C Nye (appointed 21 November 20221 Objectives und ¢7Ctivitie5 a. Pollcies and objectives The objects of the charity are subject to the payments of management expenses, the trustees shall apply the income for the benefit of the residents in the Almshtsu5es of the charity in suth a rnannei a% the trustees think fit from time to time. b. Strategies for achieving objertive5 The charity does not actively fundraise, but appreciates the donations from the public. The charity does not use any professional fundraiser or commercial participator to carry out activities on the charity's behalf. Due to the low level of fundraising the charity undertakes, the charity is not a participant of a voluntary scheme for regulating fundraising, or any voluntary standard of fundraising for the activities carried out on behalf of the charity. Should the charity at some point in the future undertake a specific fundraising campaign or start to generate more income through fundraisin& the trustees will look to sign up to a voluntary fundraising code. c. Artivitie5 undertaken to achieve objective5 To provide accommodation in accordance with the aims and principles of The George Woofindin Almshouses. The almshouse complex offers housing to between 2Q to 40 residents who are elderlv. Page 2
THE GEORGE WOOFINDIN ALMSHOUSES TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Oblectlves and actlvltles Icontlnuedl d. Main activities undèrtakèn to further the Charity's purposes for the public benefit The Trustees have referred to the guidance on public benefit issued by the Charity Commission when reviewing the charitvs objectives and aims. The charity has continued to meet its objettive by providing Almshouses atcommodation. Within the constraints of its governing document the charity and its attivities are of benefit to the general public of Sheffield. e. HCA derègistration The charity dere81Stered from the Hornes and Communities A8ency IHCAI on 15 January 2013. As part of this deregistration, a charge was placed on the properties held by the charity dated 20 November 2012. This charge was one of the conditions for deregistration and is the result of the confirmation from the HCA that all previously received grant monies could 'rem3in in the ground, and is not recoverable by the HCA in the future. The Almhouses are therefore shown as a restricted fund. Achlevements undperfomiance a. Key performance Indlcators The managing agent monitors the quality of service delivery by regular contact with residents. Finunciol review a. Going concern After making appropriate enquiries. the trustees have a reasonable expectation that the Charity has adequate resources to Continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. b. Financial review The results for the year are set out in the Statement of Financial Activities on page 7 and the position at the year end is shown in the Balance Sheet on page 8. Income for the year totalled £130,35712022'. £125,159), an increase of £5,198 due to increased rental income in 2023 and increased income from investments held. Expenditure for the year totalled £97,972 12022.. £116,641), a decrease of £18,669, which is mainly due to reduced repair costs. Net intorne for the year before investment gains and losses was £32,385 12022.. £8,5181. The net movement in funds which includes both reali5ed and unrealised 8ain5 and losses on investment assets was a deficit of1£14,214112022.' £55,354). At 31 March 2023 funds totalled £1,968,225 12022.. £1,982.4391 of which £299,58712022.. £295,439) are unrestritted funds, £1,126,84812022.. £1,108,064) are restricted funds and £541,79012022.. £578,936) are endowrnent funds. The trustees consider the state of affairs of the charity is satisfactory and that it is a going concern. Page 3
THE GEORGE WOOFINDIN ALMSHOUSES TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 c. Reserves pollcy The trustees have examined the charity's requirements ftsr reserve% in light of the main risks to the org3nisation, the aim being that the organi5ation will hold reserves to a level, which would enable the organisation greater stability and that stability is to the benefit of our organisational goals and our clients. The trustees feel that the organisation should aim to hold 12 months operating costs in reserves as a minimum bearing in mind its obliEations as a property owner. The target level of reserves based on current levels of operating tost5 15 therefore £65,000. At 31 March 2023 free reserves, which are rnade up of the unrestricted fund5 not tied up in fixed assets and excluding designated fund5 were £138,05312022.. £168,905). It should be noted that £211,948 12022.. £226,479) of investment assets are included within unrestricted reserves, the income from which is used to fund the charity's expenditure. The trustees consider it appropriate to hold this level of reserves because it helps safeguard against uncertainty. Structure. qovernqnce gnd manaqement a. Methods of appointment or election of Trustees New trustees are recommended by fellow trustees. Proposals for new trustees are considered at trustee meetings by all trustee5, following which appointments are made by the Chair. The induction process for any newly appointed trustee comprises discussion with the trustees regarding general policy, powers and responsibilities. On appointment copies of the Eoverning documents together with trustee guidance published by the Charity Commission are provided. b. Or8anisational Structure and decision-making policies The charity is governed by a charity commission scheme dated 6 February 1981. It is registered charity number 225826. The tharity is administered and Managed by its board of trustees who meet at least twice per year. Trustees are appointed for a five year period. c. Pay policy for key management personnel The trustees consider the Board of Trustees, its secretary and its managing agent comprise the management personnel of the charity in charge of directing, controlling, running and operating the Charity on a day to day basis. All trustees give their time freely without remuneration. Details of the managing agent charges are set out within the notes to the accounts. d. Flnanclal rSsk management The trustees have assessed the major risks to whith the Charity is exposed, in particulèr those related to the operations and finances of the Charity, and are satisfied that Systems and procedures are IN place to mitl8ate exposure to the major Page 4
THE GEORGE WOOFINDIN ALMSHOUSES TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Statement of Trustees, responslbllltSes The trustees are responsible for preparing the Trustees, report and the fin3neial statements in accordance with applicable law and United Kin8dom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial vear which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resource%, including its income and expenditure, 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 principles of the Charities SORP 2019 IFRS 1021,. make judgments and atctsunting e5timate5 that are reasonable and prudent,. state whether applicable UK Accounting Standard5 IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial 5tatements,' prepare the financial statements on the 80in8 concern basi5 unle55 It 15 inappropriate to presume that the Charity will continue in operation. 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 3nd Report51 Regulations 2008 and the provisions of the Trust deed. They are a150 r8sponsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of trustees and signed on their behalf bv.. S M Kendall Date: Jan 4, 2024 Page 5
THE GEORGE WOOFINDIN ALMSHOUSES INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Independent Examlner's Report to the Trustees of The George Woofindln Almshouses I'the charlty'l I report to the charity trustees on my examination of the accounts Of the charity for the year ended 31 Marth 2023. Responsibilities and Basis of Report As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111.the 2011 Act'l. I report in respect of my examination of the charity's account5 tarried out under Section 145 of the 2011 Att and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examlner's Statement Your attention is drawn to the fatt that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and ReportinÉ by Charities= Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after I January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting record5 were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the account5 do not accord with those record5', or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charitie5 (Accounts and Reports) Regulations 2(X)8 other than any requirement that the accounts give 'true and fair, view which 15 not a matter considered as part of an independent examination. I have no concerns and have corne across no other matters in connection with the exarnination to which attention Should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. Dated.. 3010112024 Rachel Heath FCCA DChA BHP LLP 2 Rutland Park Sheffield SIO 2PD Page 6
THE GEORGE WOOFINDIN ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted funds 2023 Restricted funds 2023 Endowment funds 2023 Total funds 2023 Total funds 2022 Notè Income and endowments from: Charitable activities 112,056 112,056 109,846 Investments 18,301 18,301 15,313 Total income and endowments 130,357 130,357 125,IS9 Expenditure on: Raising funds Charitable activities 1,428 63,540 3,650 5,078 5.475 29,354 92,894 111,166 Total expenditure 64,968 29,354 3,650 97,972 116,641 Net incomellexpenditurel before net Ilossesllgains on investments 65,389 129,3541 13,6501 32,385 8,518 Net Ilossesllgains on investments li 113,1031 133,4961 146,5991 46.836 Net Incomel lexpenditurel Transfers between funds 52,286 148,1381 129,3541 48,138 137,1461 114,2141 55.354 14 Net movement in funds 4,148 18,784 137,1461 114,2141 55,354 Reconciliatlon of funds.. Total funds brought forward 295,439 4,148 1.108,064 18,784 578,936 137,1461 1.982,439 114,2141 1,927,085 55.354 Net movement in funds Total funds carried forward 299,587 1.126,848 541,790 1.968,225 1,982.439 The statement of financial activties include5 all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Page 7
THE GEORGE WOOFINDIN ALMSHOUSES BALANCE SHEET AS A T31 MARCH 2023 2023 2022 Note Fixed assets Tangible assets Investrnents io 1.048,848 1,045.064 li 753,738 805,415 1,802,586 1,850,479 Current assets Debtors 12 8,967 131,301 Cash at bank and in hand 167.878 175.218 140,268 Creditors.. amounts falling due within one year 13 19.5791 18,3081 Net turrent assèts 165,639 131,960 Total assets less current Ilabilltles 1.968,225 1,982.439 Total net assets 1.968,225 1,982,439 Charity funds Endowment funds lincl. revaluation reserve £92,87112022.' £103,218) Restricted funds 14 541,790 578,936 14 1.126,848 1,108.064 Unrestricted funds lincl. revaluation reserve £36,33112022.' £40,378> 14 299,587 295.439 Total funds 1.968,225 1,982,439 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. S M Kendall Chair of Trustees Date: Jan 4, 2024 The notes on pages 9 to 22 form part of these financial statements. Page 8
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 General Informatlon The George Woofindin Almhou5es is a registered charity in the United Kingdom. The address of the registered office is given in the charity information on page l of these financial statements. The nature of the charity's operations and principal activities are detailed on pages 2 and 3. Accountlng pollcles 2.1 Basls oyprepuratlon oAflnanclalstotements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 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 IFRS 1021 lissued in October 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and 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 Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The George Woofindin Almshouses meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. 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. 2.2 Going contern The financial statements have been prepared on a goin8 concern basi5 as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. 2.3 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to inve5tmenl income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 9
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Icontlnuedl 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct Costs and shared c05t5, including 5UPPOrt Costs involved in undertaking each activity. Direct Costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basi5 of time spent, and depreciation charge5 allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes invesment management fees. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support tosts. 2.5 Interest receivoble Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity.. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangiblefixed g55ets qnddepreciation Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially reeognised at tost. After retognition, under the e05t model, tangible fixed aS5et5 are measured at cost les5 accumulated depreciation and any accurnulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation 1% charged sts as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis.. Freehold propertv 50 years straight line charged annuallv 2.7 Investments Fixed asset inve5tment5 are a form of financial instrument and are initially recogni5ed at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unreali5ed, are cornbined and pie5ented a5 'gains/l105se51 on investment5, in the statement of financial Page 10
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Icontlnuedl 2.8 Debtors Trade and other debtor5 are recogNised at the settlement amount after any trade di5COUNt offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash ut bunk und In hund Cash at bank and in hand intludes cash and %hort-term highly liquid investments with 3 short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Llublllties undprovlslons Liabilities are recognised when there is an tsbli8ation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based ON the present value of those amount5, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.11 FInne101 instruments The charity only has financial assets and financial liabilitie5 of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amort15ed cost using the effective interest method. Page 11
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles Icontlnuedl 2.12 Fund occounting General funds are unrestricted fund5 which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of eath designated fund is set out in the notes to the financial statements. Cyclical Maintenance Fund This designated reserve represents amounts allocated for cyclical maintenance to meet costs in excess of future budgeted repairs expenditure. Actual expenditure incurred on cyclical maintenance is charged to the Statement of Financial Artivities as part of the operating costs and transfers of funds are made between the General Fund and the Cyclical Maintenance Fund to adjust the latter to the determined year end balance. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the tharity for particular purposes. The cost5 of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is Set out in the note5 to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. 2.13 Repairs Expenditure on cyclical repairs is charged in the Statement of Financial Activities in the year which it is incurred, with a matching transfer from the designated reserve. Critital attounting estimates and arèas of judgment Estimates and judgments are continually evaluated and are based ON historical experience and other factor5, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The tharity makes estimates and assumptions concerning the future. The resulting accounting estimate5 and assumptions will, by definition, seldom equal the related actual results. There are no estirnates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Page 12
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Income from charitable artivities Unrestrleted funds 2023 Total funds 2023 Total funds 2022 Rent 112,056 112.056 109,846 Total 2022 109.846 109,846 During the year voids totalled £6,54912022.. £5,2481. Imiestment income Unrestricted funds 2023 Total funds 2023 Total funds 2022 Dividends and interest received 18,301 18,301 15,313 Total 2022 15,313 15,313 Investment management costs Unrestrittèd funds 2023 Endowment fund5 2023 Total funds 2023 Total funds 2022 Investment management fees 1,428 3,650 5.078 5,475 Total 2022 1,665 3.810 5,475 Page 13
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 Analysis of expenditure on charitsble activities Summary bylund type Unrestricted funds 2023 Restricted funds 2023 Total 2023 Total 2022 Light and heat Repairs Gardening expenses Management expenses Insurances 3,385 3.385 2,604 20,900 5,101 15,200 5,435 6,638 462 20,9CNJ 5.101 15,2CNJ 5.435 6,638 462 47,493 4,676 15,200 5,068 546 Sundries Cleaning Monitoring expenses Depreciation Accountancy Bank charges Governance tosts (note 81 559 3,733 3,733 29.3S4 1,783 3,733 28,691 1,7S8 183 29,354 1,783 184 719 719 655 63,540 29,354 92,894 111,166 Total 2022 82,475 28,691 111,166 Governance costs 2023 2022 Independent examiner's fee 719 655 719 655 Independent examlner's fees The Independent Examiner's remuneration amount5 to an Independent Exarnination fee of £71912022.. £6551, and a charge for the preparation of statutory financial staterrents of £1,78312022.' £1,758). Page 14
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 io. Tanglble flxed assets Freehold property Cost At l April 2022 Additions 1.434,544 33,138 At 31 March 2023 1.467,682 Depreciution At l April 2022 Charge for the year 389,480 29,354 At 31 March 2023 418,834 Net book v¢71ue At 31 March 2023 1.¢)48,848 At 31 March 2022 1,045.064 Page 15
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 ii. Fixed assèt investments Listed Investments Total 2022 Total 2021 Cost or valuotion At l April 2022 Additions 771,453 61,195 147,7531 771.453 61.195 147.7531 740,098 94,765 1110,2461 Disposals Revaluations 146,5991 146.5991 46,836 At 31 March 2023 738,296 738,296 771,453 Investment cash 15,442 15.442 33,962 753.738 753.738 805.415 At 31 March 2023 Historical cost of listed investment5 624.536 624.536 627.857 12. Debtors 2023 2022 Prepayments Other debtors 1.4SO 2,017 3.873 1,341 1,765 5,861 Rent arrears 8,967 Page 16
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 13. Creditors.. Amounts falling due within one year 2023 2022 Rent in advance 1.611 7,968 306 Accruals 8,(2 9.579 8.308 2023 2022 Deferred income Deferred income at l April 2022 Resources deferred during the year Amounts released from previous periods 306 726 1.611 13061 306 17261 DeJerred Income at 31 March 2023 1.611 306 Deferred income relates to rent in advance. Page 17
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 14. statement of funds Statement of funds- current year Balance at i Aprll 2022 Transfers Inlout Gainsl (Losses? Balance at 31 March 2023 Income Expendlture Unrestricted funds De5ignotedAunds Cyclical maintenance 126.534 35,000 161,534 Generalfunds General 168.905 130,357 164.9681 183,1381 113.1031 138,053 Total Unrestricted funds 295.439 130,357 164.9681 148,1381 113.1031 299,587 Endowmentfvnd5 Investment funds 578,936 13,6501 133,4961 541,790 Restrlctedfunds Almshouses 461.802 113.3411 33,138 481,599 Fixed asset fund linc Shrewsbury Hospital Funds) Extraordinary repair fund 583.262 116.0131 567,249 63,0 15,000 78,000 1,108,064 129,3541 48,138 1,126,848 Total oflunds 1,982,439 130,357 197.9721 146.5991 1,968,225 Page 18
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 14. statement of funds Icontlnuedl Statement of funds- prior year Balance at 31 March 2022 Balance at l April 2021 Transfers in/out Gainsl (Losses) Intome Expenditure Unrestricted fund5 DesignottdAunds Cyclical maintenante 91,534 35,000 126,534 GeneralAunds General 164,622 125,159 184,1401 149,9061 13,170 168,905 Totul Unrestrlcted funds 256,156 125,159 184,1401 114,9061 13,170 295,439 Endowmentfvnds Investment funds 549,174 13,8101 1941 33,666 578.936 Re5trictedfvnds Almshouses 476,983 115,1811 461,802 Fixed asset fund linc Shrewsburv H05Pltal Fund51 Extraordinarv repair fund 596,772 113,5101 583,262 48,000 15.000 63.000 1.121,755 128,6911 15.000 1,108.064 Totol ofAunds 1,927,085 125,159 1116,6411 46,836 1,982,439 Page 19
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 14. statement of funds Icontlnuedl De51 nzted funds Cycllcal malntenance fund The cyclical maintenance fund represents funds set aside by the trustees from income for the purposes of providing for those iterns of ordinary maintenance and repair of the alm5hou5es and other property belonging to the charity which occur at infrequent intervals. Endowment funds Endowment funds comprise investments which are held by the charity as permanent endowments in accordance with the charity's trust deed. Restricted funds Almhouses Almhouses represent the initial vesting of the properties from George Woofindin and subsequent monies granted from the Homes and Communities Agency toward5 the upkeep of the Alm5hou5es. Amounts released represent depreciation. Shrewsbury Hospltal Fund Shrewsbury H05Pltal Fund represents grant monies receivable for the renovation of the Almshouses. No work was completed during the year. Extraordlnary Repalr Fund The extraordinary repair fund is a reserve fund for the purpose of providing for extraordinary repair, improvernent or rebuilding of the almhouses and other property belonging to the charity. Annually, the trustee5 approve transfers of sums of not less than £945 as required by the charity's trust deed. Transfers between funds A transfer of £15,000 has been made to the extraordinary repairs fund in accordance with charity's trust deed. Transfers of £35,000 have been made to the cyclical maintenance fund in accordance with current guidelines from the Almshouses AsSOClation. A transfer of £33,138 has been made from unrestricted to restritted funds to represent the extent to which the charity fund5 are invested ON the Almhou5es. Page 20
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 15. Summary offunds Summary of funds- turrent year Balance at i Aprll 2022 Transfers Inlout Gainsl (Losses? Balance at 31 March 2023 Income Expendlture Designated funds General funds 126.534 35,000 183,1381 161,534 168.905 130,357 164.9681 13.6501 129.3541 113.1031 133.4961 138,053 $41,790 1.126,848 Endowment funds 578.936 1,108.064 Restricted funds 48,138 1,982.439 130,357 197.9721 146.5991 1,968,225 Summary of funds- prior year Balance at 31 March 2022 Balance at l April 2021 Transfers in/out Gainsl (Losses) Incorne Expenditure Designated fund5 General funds 91,534 164,622 35,000 149.9061 1941 15.000 126,534 168.905 125.159 184,1401 13,8101 128,6911 13,170 Endowrnent funds 549,174 1,121,755 33,666 578,936 1,108.064 Restricted funds 1,927,085 125.159 1116.6411 46,836 1,982.439 16. Analysls of net assets between funds Analysis of nèt assets betwèen funds- current year Unrestrirted funds 2023 Restricted funds 2023 Endowment funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments 1,048,848 1.1)48,848 753,738 211,948 97,218 19,5791 541.790 Current assets 78,000 175,218 19,5791 Creditors due within one year Totul 299,587 1,126.848 541,790 1.968,225 Page21
THE GEORGE WOOFINDIN ALMSHOUSES NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2023 16. Analysls of net assets between funds Icontlnuedl Analysis of net assets between funds- prior year Unrestricted funds 2022 Restricted funds 2022 Endowment funds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments 1,045,064 1,045,064 805.415 226,479 578,936 Current assets 77,268 18,3081 63,000 140,268 18.3081 Creditors due within one year Total 295,439 1,108.064 578,936 1,982.439 17. Related party transactlons The charity is managed on a day to day basis by Fowler Sandford who as manaeing aeents are deemed to be related parties. Creditors as at 31 March 2023 include £2,550 12022.. £2,550) due to Fowler Sandford. Management charges include £10.20012022-. £10,200) charged by Fowler Sandford. Mr N R B Robinson, previous secretary to the charity charged £5,00012022'. £5,000) in relation to management charges during the year. Creditors as at 31 March 2023 include £1,25012022.' £1,250) due to N R B Robinson. Taxation The charity 15 considered to pass the tests Set out in Sch. 6, para. l of the Finance Act 2010 and therefore it rneets the definition of a charity for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Income Tax Act 2007, Part 10 s521 s537 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied eKcIu5ively to charitable purpose5. Page 22