THE ROBERT SALTER CHARITY
Charity Registration Number: 225866 Housing Corporation Registration Number: A3590
Report and Accounts
For the Year Ended 31[st] March 2024
1
THE ROBERT SALTER CHARITY
Report and Financial Statements For the Year Ended 31 March 2024
| Contents | Page |
|---|---|
| Trustees’ Annual Report | 4 - 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Accounting Policies | 8 - 9 |
| Notes to the accounts | 10 - 11 |
2
THE ROBERT SALTER CHARITY
TRUSTEES’ ANNUAL REPORT
For the Reporting Date 31 March 2024
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 2024 were:
Damon Sugden – Chairman Mrs Julie Booth – Secretary Mr Graham Booth - Treasurer Peter Dodd Wendy Margaret Johnson Trish Smith Simon Seary Debra Coupar
Advisors
The Charity’s Bank:
Yorkshire Bank plc Waver Green Pudsey Leeds LS28 7BG
3
Trustees Annual Report
The Trustees present their Annual Report for the year ended 31 March 2024 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 2023/24 of £14,076 on normal activities compared with £17,996 in the previous financial year. The main differences between the figures for these two financial years were:-
-
A reduction in WMC of approximately £1,300 on WMC compared with the previous year due to a property being vacant part of the year compared against full occupancy the previous year.
-
Overall, expenditure in 2023/24 was approximately £2,600 more than the previous financial year. There were small differences for all types of expenditure mainly up but some down, but the main difference was a significant increase in routine maintenance costs for the year.
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.
4
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.
-
Major damage to properties due to fire, storms etc. (insurance is in place to mitigate this risk).
Approved by the trustees and signed on their behalf by:
Damon Sugden, Chairman
5
Statement of Financial Activities
For Year Ending 31 March 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| Note | Funds | Funds | |
| 2023/24 £ | 2022/23 £ | ||
| Income From | |||
| Charitable Activities (WMC) | 1 | 25,682 | 27,011 |
| Investments | 2 | 94 | 84 |
| Total Income | 25,775 | 27,096 | |
| Expenditure on | |||
| Charitable Activities | 3 | 11,700 | 9,099 |
| Loan Interest | 0 | 0 | |
| Total Normal Expenditure | 11,700 | 9,099 | |
| Net Income on Normal Activity | 14,076 | 17,996 | |
| Early Repayment of Loan | 0 | 0 | |
| Net overall movement in funds | 14,076 | 17,996 | |
| Reconciliation of Funds: | |||
| Total Funds brought forward | 103,690 | 85,694 | |
| Total Funds Carried Forward | 117,766 | 103,690 |
The notes on pages 10 to 11 form part of these financial statements.
6
Balance Sheet as at 31 March 2024
| Note Fixed Assets Housing Properties 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 Liabilities Creditors Amounts failing due after more than one year Net Assets Charity Funds Unrestricted Revenue Reserves 9 Designated Maintenance Reserves 10 Total Funds |
£ 1,678 65,619 |
2024 £ 15,298 790 |
2023 £ £ 15,298 790 16,088 525 87,110 87,635 332 87,303 103,391 0 103,391 61,427 41,963 103,391 |
|---|---|---|---|
| 16,088 67,298 |
|||
| 67,298 0 |
|||
| 83,386 0 |
|||
| 83,386 | |||
| 65,871 17,515 |
|||
| 83,386 |
The financial statements were approved on behalf of the Trustees on 29th[th] July 2024 and signed on their behalf by:-
7
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
8
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.
9
Notes to the Accounts
| 1. Income From Charitable Activities |
||
|---|---|---|
| 2023/24 | 2022/23 | |
| Weekly maintenance contributions received from residents | 25,682 | 27,011 |
| 2. Income From Charitable Activities |
||
| 2023/24 | 2022/23 | |
| Investment income - NAACIF – Income | 94 | 84 |
| 3. Expenditure On Charitable Activities |
||
| 2023/24 | 2022/23 | |
| Water Charges | 1,549 | 1,517 |
| Insurance | 1,235 | 1,054 |
| Routine Repairs | 6,331 | 2,940 |
| Gardening | 1,402 | 1,164 |
| Subscriptions | 579 | 519 |
| Depreciation | 0 | 1,195 |
| Sundry Expenditure | 400 | 710 |
| Empty Property Related | 203 | 0 |
| Sub Total | 11,700 | 9,099 |
| 4. Fixed Assets - Freehold Housing, Land and Buildings |
||
| Cost | 2023/24 | 2022/23 |
| At 1st April | 264,999 | 264,999 |
| Additions | 0 | 0 |
| At 31st March 2024 | 264,999 | 264,999 |
| Less: Housing Association Grants | 122,406 | 122,406 |
| At 31st March 2024 | 142,593 | 142,593 |
| Depreciation | ||
| At 1st April 2023 | 126,100 | 126,100 |
| For year | 1,195 | 1,195 |
| At 31st March 2024 | 127,295 | 127,295 |
| Net Book Value | ||
| At 1st April 2023 | 16,493 | 16,493 |
| At 31st March 2024 | 15,298 | 15,298 |
10
| 5. Investments |
||
|---|---|---|
| Summary of Movements During the year | 2023/24 | 2022/23 |
| 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 |
||
| 2023/24 | 2022/23 | |
| Prepayments | 349 | 525 |
| Debtor - TSL Almshouses re Mr Robinson's WMC | 1,330 | 0 |
| 1,678 | 525 | |
| 7. Cash at Bank |
||
| 2023/24 | 2022/23 | |
| Bank Balance as at 31 March | 65,619 | 87,110 |
| Income not | 0 | 0 |
| Total Cash and Bank | 65,619 | 87,110 |
| 8. Creditors & Prepayments- Amounts Due within one year |
||
| 2023/24 | 2022/23 | |
| Outstanding amounts due at 31 March 2024 | 0 | 332 |
| 9. Unrestricted Funds |
||
| 2023/24 | 2022/23 | |
| At 1 April | 61,427 | 53,063 |
| Surplus / (Loss) for year on normal activities | 14,076 | 17,996 |
| Early repayment of loan | 0 | 0 |
| Transfers to Designated Maintenance Funds | -9,632 | -9,632 |
| At 31 March | 65,871 | 61,427 |
10. Designated Maintenance Funds
| 10. Designated Maintenance Funds |
|||
|---|---|---|---|
| Cyclical | Extraordinary | ||
| Maintenance | Repair Fund | Total | |
| Fund | |||
| As at 1 April 2023 | 19,405 | 22,558 | 41,963 |
| Expenditure in Year | 12,661 | 21,420 | 34,081 |
| Transfers from Unrestricted Fund | 5,978 | 3,654 | 9,632 |
| Balance at 31 March 2024 | 12,722 | 4,792 | 17,514 |
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.
11