THE ROBERT SALTER CHARITY
Charity Registration Number: 225866 Housing Corporation Registration Number: A3590
Report and Accounts
For the Year Ended 31[st] March 2023
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THE ROBERT SALTER CHARITY
Report and Financial Statements For the Year Ended 31 March 2023
| Contents | Page |
|---|---|
| Trustees’ Annual Report | 4 - 5 |
| Statement of Financial Actvites | 6 |
| Balance Sheet | 7 |
| Notes to the accounts | 8 - 12 |
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THE ROBERT SALTER CHARITY
TRUSTEES’ ANNUAL REPORT
For the Reporting Date 31 March 2023
Charity Registration Number 225866
Principal Address: 17 Sandringham Avenue, Pudsey, Leeds LS28 9DE
Charity Trustees
The Charity Trustees who served throughout the year ended 31 March 2023 were:
Damon Sugden – Chairman Mrs Julie Booth – Secretary Mr Graham Booth - Treasurer Mr Arthur Giles Peter Dodd Wendy Margaret Johnson Trish Smith Simon Seary Debra Coupar Mr David Dowden (until January 2023)
Advisors
The Charity’s Bank:
Yorkshire Bank plc Waver Green Pudsey Leeds LS28 7BG
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Trustees Annual Report
The Trustees present their Annual Report for the year ended 31 March 2023 under the Charities Act 2011, together with the financial statements for the year. The Board confirms that the latter comply with the requirements of the charity’s governing documents, applicable law and the Charities SORP
Objectives and Activities
The objective of the charity are the provision and maintenance of almshouses for less well-off persons over the age of 65 who are residents of the former township of Pudsey. This is achieved by the administration of the seven almshouses located at Crawshaw Avenue, Pudsey.
Achievements and Performance
The properties are considered to be in good condition.
Full occupancy has been achieved through the year.
Financial Review
The financial statements show a total surplus for 2022/23 of £17,996 on normal activities compared with £11,000 in the previous financial year. The main differences between the figures for these two financial years were:-
-
An increase of approximately £1,000 on WMC compared with the previous year due to the small increase in the charge.
-
Overall, expenditure in 2022/23 was approximately £5,000 less than the previous financial year. The main differences being a reduction of £4,760 in depreciation charged due to the early repayment of the loan during 2021/22 etc. The cost of routine repairs throughout the year reduced by approximately £800, whilst sundry expenditure increased by £550. This was due to £100 being donated towards a resident’s jubilee party, a £100 donation to the venue hosting our trustee meetings and cost of living support totalling £350 given to the residents.
Policy on Reserves
The Revenue Reserve is maintained at a level which, in the opinion of the Trustees, is appropriate to provide for the commitments of the Charity for the foreseeable future.
Structure, Governance and Management
The Charity is a charitable trust originally formed under the terms of the will of Robert Salter and is a Charity Commission Scheme of 24 August 1988. The administration of the Charity is in the hands of the trustees who meet four times a year, more frequently when required. Existing trustees of the Charity are already familiar with its governing structure, financial affairs, and activities. Relevant issues are discussed at each meeting, e.g., finance, properties, tenants etc.
The charity has no paid employees.
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Key risks and uncertainties
The major risks to the charity are:
-
Poor occupancy rates resulting in reduced income and potentially higher expenditure.
-
Loss of trustees and the ability to properly administer the charity.
-
Damage to properties (insurance is in place to mitigate this risk).
Approved by the trustees and signed on their behalf by:
Damon Sugden, Chairman
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Statement of Financial Activities For Year Ending 31 March 2023
Note Income From Charitable Activities (WMC) 1 Investments 2 Total Income Expenditure on Charitable Activities 3 Loan Interest Total Normal Expenditure Net Income on Normal Activity Early Repayment of Loan Net overall movement in funds Reconciliation of Funds: Total Funds brought forward
Total Funds Carried Forward
The notes on pages 9 to 11 form part of these financial statements.
The notes on pages 9 to 11 form part of these financial statements.
Damon Sugden, Chairman
Graham Booth, Treasurer
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Balance Sheet as at 31 March 2023
| Note Fixed Assets Housing Propertes 4 Investments 5 Current Assets Debtors 6 Cash at Bank 7 Creditors (amounts due within one year 8 Net Current Assets Total Assets less current Liabilites Creditors Amounts failing due afer more than one year Net Assets Charity Funds Unrestricted Revenue Reserves 9 Designated Maintenance Reserves 10 Total Funds |
£ 525 87,110 |
2023 £ 15,298 790 |
£ 0 68,560 |
2022 £ 16,493 790 |
|---|---|---|---|---|
| 16,088 | 17,283 68,112 |
|||
| 87,635 332 |
68,560 448 |
|||
| 87,303 0 |
85,395 0 |
|||
| 103,391 | 85,395 | |||
| 61,427 41,963 |
53,064 32,331 |
|||
| 103,391 | 85,395 |
The financial statements were approved on behalf of the Trustees on 7[th] August 2023 and signed on their behalf by:-
Damon Sugden, Chairman
Graham Booth, Treasurer
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1. ACCOUNTING POLICIES
a) Introduction and Accounting Basis
The accounts have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and the Charities Act 2011 and UK generally accepted practice.
The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing these annual financial statements.
b) Income
All income received for the financial year is included in the statements of financial activities when received by the charity.
c) Expenditure
Expenditure is recorded on an accrual basis as incurred. Charitable expenditure compromises costs incurred by the charity in the delivery of its activities for its beneficiaries.
d) Fixed Assets – Land and Buildings
The housing land and buildings are stated at cost. Cost includes:
- i) Cost of acquiring the land and buildings.
ii) Expenditure on the rehabilitation scheme.
iii) Interest charged on the mortgage loan raised to finance the rehabilitation scheme.
Interest on the mortgage loan financing the rehabilitation scheme has been capitalised up to the relevant date of the interim HAG application. Interest on the residual mortgage loan after this date has been charged to the income and expenditure account.
e) Depreciation
i. Housing Land
Depreciation is not charged on housing land as it has an infinite useful life.
ii. Buildings
The original cost of the Almshouses which were built in about 1898 is not depreciated as their value is being fully maintained by expenditure on repairs and renewals.
The rehabilitation expenditure is depreciated by making periodic charges for depreciation in the income and expenditure account equivalent to related loan principal repayments in the year over the period of the loan.
f) Cyclical Maintenance Fund
Accrued cyclical maintenance, being the Charity's liability to maintain the Almshouses in accordance with the Trustees' planned programme of work, is provided for the extent that it is probable that the provision will be fully utilised over the course of the maintenance cycle. External decoration and the decoration of interiors is planned to take place every three to four
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years.
g) Extraordinary Repair Fund
This provision reflects the Charity's accruing liability to meet the cost of major repairs to the structure of the Almshouses.
h) Debtors
Trade and other debtors are recorded at the settlement amount due. Prepayments are valued at the amount prepaid.
i) Creditors
Creditors are recorded as the actual amount committed for expenditure. These are payments relating to the financial year reported on but still outstanding at that year end.
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Notes to the Accounts
| 1. Income From Charitable Actvites Weekly maintenance contributons received from residents 2. Income From Charitable Actvites Investment income - NAACIF – Income 3. Expenditure On Charitable Actvites Water Charges Insurance Routne Repairs Gardening Subscriptons Depreciaton Sundry Expenditure Empty Property Related Sub Total 4. Fixed Assets - Freehold Housing, Land and Buildings Cost At 1st April Additons At 31st March 2023 Less: Housing Associaton Grants At 31st March 2023 Depreciaton At 1st April 2022 For year At 31st March 2023 Net Book Value At 1st April 2022 At 31st March 2023 |
2023 27,011 2023 84 2023 1,517 1,054 2,940 1,164 519 1,195 710 0 9,099 2023 264,999 0 264,999 122,406 142,593 126,100 1,195 127,295 16,493 15,298 |
2022 26,045 2022 79 2022 1,488 1,229 3,761 1,120 506 5,955 160 0 14,220 2022 264,999 0 264,999 122,406 142,593 99,944 26,156 126,100 42,649 16,493 |
|---|---|---|
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| 5. Investments |
||
|---|---|---|
| Summary of Movements During the year | 2023 | 2022 |
| Investments at cost | 790 | 790 |
| Purchases during the year | 0 | 0 |
| Sales during the year | 0 | 0 |
| Investments at market value carried forwards | 790 | 790 |
| 6. Debtors |
||
| 2023 | 2022 | |
| Prepayments | 525 | 0 |
| 7. Cash at Bank |
||
| 2023 | 2022 | |
| Bank Balance as at 31 March | 87,110 | 68,560 |
| Cheque held not yet banked | 0 | 0 |
| Total Cash and Bank | 87,110 | 68,560 |
| 8. Creditors & Prepayments- Amounts Due within one year |
||
| 2023 | 2022 | |
| Outstanding amounts due at 31 March 2023 | 332 | 448 |
| 9. Unrestricted Funds |
||
| 2023 | 2022 | |
| At 1 April | 53,063 | 64,884 |
| Surplus / (Loss) for year on normal actvites | 17,996 | 11,000 |
| Early repayment of loan | 0 | -20,321 |
| Transfers to Designated Maintenance Funds | -9,632 | -2,500 |
| At 31 March | 61,427 | 53,063 |
10. Designated Maintenance Funds
| 10. Designated Maintenance Funds |
|||
|---|---|---|---|
| Cyclical | Extraordinary | ||
| Maintenance | Repair Fund | Total | |
| Fund | |||
| As At 1 April 2022 | 13,427 | 18,904 | 32,331 |
| Expenditure in Year | 0 | 0 | 0 |
| Transfers from Unrestricted Fund | 5,978 | 3,654 | 9,632 |
| Balance at 31 March 2023 | 19,405 | 22,558 | 41,963 |
The Scheme established on 24th August 1988 for the regulation of the Charity directs that a Cyclical Maintenance Fund and an Extraordinary Repairs Fund be maintained and that transfers thereto be made of annual instalments. The annual amounts transferred are in line with the guidance provided by the Almshouse Association.
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