**Charity registration number 226291** **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|J S Broughton|| |---|---|---| ||A D Chaikin|| ||M Craughan|| ||D Morgan|| ||Mrs Z Towler|| ||C Waterhouse|| ||Dr P Jones|| ||Cllr L Chambers|| ||N Moor|| ||Mrs S Thompson|(Appointed 26 May 2022)| ||Rev Canon P Greenwell|| ||Cllr A Singh|(Appointed 19 May 2022)| ||Cllr C Randall|(Appointed 19 May 2022)| ||M Morgan|| |**Charity number**|226291|| |**Principal address**|Northumberland Court|| ||Northumberland Avenue|| ||Hull|| ||East Yorkshire|| ||HU2 0LR|| |**Independent examiner**|S Woolias FCCA|| ||7 The Oval|| ||Willerby|| ||Hull|| ||East Yorkshire|| ||England|| ||HU10 6PB|| ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 3| |Independent examiner's report|5| |Statement of financial activities|6| |Balance sheet|7| |Notes to the financial statements|8 - 15| ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ The trustees present their annual report and financial statements for the year ended 31 March 2023. The Trustees present their Annual Report with the unaudited financial statements of the Charity for the year ended 31st March 2022. The financial statements have been prepared in accordance with the accounting policies set out on page 9, and comply with the Trust Deed, 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 for Smaller Entities published on 16 July 2014. ## **Objectives and activities** The charity's objects are the provision of housing accommodation for beneficiaries of the charity and such other charitable purposes for those beneficiaries as the trustees decide. The policies adopted in furtherance of these objects are expressed in the trust deed and there has been no change in these during the year. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The scheme provides category 2 supported housing accommodation within its grade 2 listed building. This was built and opened as Almshouses in 1887 and underwent considerable improvement works during the 1990's, and latterly an extensive refit following the 2007 Hull floods and it now comprises 61 one and two bedroom selfcontained flats situated on two floors. Although set out within its own well maintained and landscaped grounds the scheme is located within an industrial area about one mile from Kingston upon Hull city centre. ## **Achievements and performance** The trustees realise that given its location every effort must be made to make the scheme as attractive as possible for both the existing and perspective beneficiaries. This way the trustees hope to keep voids to a minimum. The daily management resides with the Warden, Estate Manager and an Administration Support Officer together with 2 dedicated cleaning staff. The trustees are very satisfied with the team and the level of support given to the beneficiaries. Approximately 81% of the beneficiaries are in receipt of state support contribution for the weekly maintenance allowance and just under 43% have a disability has been maintained during the year. The charity is an accredited Living Wage employer. The Board is in the process of a phased programme of repairing 48 chimney stacks to there original design. Additionally following statutory approvals work has commenced on the conversion of a single 2 bedroom flat into 2 single bed units with completion expected in the late summer. The former allotment land has now been cleared, with the next works scheduled to fence the perimeter with this phase expected to be concluded by the autumn. The Trustees having engaged a professional team to develop the site are still in the process of obtaining statutory approval. As part of this process we have joined the Almshouse Association Consortium Ltd in order to progress grant funding for the new build. ## **Financial review** The trustees prepare and actively review an annual budget which at the time of preparation includes a comprehensive review to identify risks the charity may be exposed to in the next 12 months and establish policies to mitigate those risks. The Trustees continue to accrue part of the surplus towards the ongoing maintenance of the building in line with agreed policy. - 1 - ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trustees undertake to invest available resources not required immediately for the charity's purpose in such investments as authorised by the trust deed. The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. ## **COVID - 19** Covid - 19 continued to only have a minimal impact on the finances of the charity. The charity continues to purchase additional protective clothing, chemicals and change cleaning regimes as the pandemic requires. |In|respect of the new Value for Money standard recently introduced|our metrics are as follows:-| |---|---|---| |•|Reinvestment|4.6% (2022: 2.45%)| |•|New Supply Delivered|0 (2022: None)| |•|Gearing|4.53 (2022: 4.05)| |•|Interest cover|5.13 (2022:9.45)| |•|Headline Social Housing cost per unit|£4,745 (2022:£3,952)| |•|Operating Margin Social Housing|27.8% (2022:36.7%)| |•|Return on Capital employed|5.3% (2022: 7.9%)| The Trustees have considered in depth the use of assets it controls and are satisfied these are being applied and met. ## **Structure, governance and management** The charity was established by a charitable trust deed on 27th May 1913 as revised by scheme dated 8th May 2008, and is registered with the Charity Commission Nr. 226291, The Almshouse Association Nr. M911 and The Homes and Communities Agency Nr. A0132 . The trustees who served during the year and up to the date of signature of the financial statements were: J S Broughton A D Chaikin M Craughan D Morgan Mrs Z Towler C Waterhouse Dr P Jones Cllr A Harrison (Resigned 19 May 2022) Cllr G Lunn (Resigned 19 May 2022) Cllr A Akbar (Resigned 19 May 2022) Cllr L Chambers N Moor Mrs S Thompson (Appointed 26 May 2022) Rev Canon P Greenwell Cllr A Singh (Appointed 19 May 2022) Cllr C Randall (Appointed 19 May 2022) M Morgan At regular intervals new trustees are sought to cover vacancies which arise with in the board. Candidates who apply will be interviewed and offered an induction prior to appointment and they will have the skills identified as being required by the board. - 2 - ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ The board of trustees has the overall control and management of the charity. It comprises of no more than 15 trustees which can include at least 3 nominated by the local authority. The board members are encouraged to attend the regular National Association of Almshouses seminars held normally during each year, The charity oversees the management of the Alderman Cogans' School Fund, Alderman Cogans' School Foundation and Alderman Ferries' Charity (Hull United Charities). The trustees' report was approved by the Board of Trustees. ## **M Craughan** Chairman of the trustees Dated: 29 August 2023 - 3 - ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient 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 and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - 4 - ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** I report to the trustees on my examination of the financial statements of Almshouse Charities (Hull United Charities) (the charity) for the year ended 31 March 2023. ## **Responsibilities and basis of report** As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Certified Accountants, which is one of the listed bodies. Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 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: - 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. S Woolias FCCA 7 The Oval Willerby Hull East Yorkshire HU10 6PB Dated: 29 August 2023 - 5 - ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ |||**Unrestricted **|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2023**|**2022**| ||**Notes**|**£**|**£**| |**Income and endowments from:**|||| |Charitable activities|**3**|430,431|415,457| |Investments|**4**|4,597|235| |Other income|**5**|5,613|6,210| |**Total income**||440,641|421,902| |**Expenditure on:**|||| |Charitable activities|**6**|341,813|283,339| |**Net incoming resources**||98,828|138,563| |**Other recognised gains and losses**|||| |Revaluation of tangible fixed assets||-|(45,238)| |**Net movement in funds**||98,828|93,325| |Fund balances at 1 April 2022||1,744,615|1,651,290| |**Fund balances at 31 March 2023**||1,843,443|1,744,615| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 6 - ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **BALANCE SHEET** ## _**AS AT 31 MARCH 2023**_ |**Notes**
**Fixed assets**
Tangible assets
**11**
Investments
**12**
**Current assets**
Debtors
**13**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**15**
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**16**
**Net assets**
**Income funds**
Unrestricted funds
General unrestricted funds
Revaluation reserve|**2023**
**£**
**£**
1,735,000
22
1,735,022
7,970
539,049
547,019
(63,000)
484,019
2,219,041
(375,598)
1,843,443
1,060,837
782,606
1,843,443
1,843,443|**2022**
**£**
**£**
1,735,000
22
1,735,022
8,816
453,247
462,063
(52,763)
409,300
2,144,322
(399,707)
1,744,615
962,009
782,606
1,744,615
1,744,615| |---|---|---| The financial statements were approved by the Trustees on 29 August 2023 M Craughan **Trustee** - 7 - ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** ## **Charity information** Almshouse Charities (Hull United Charities) is a charity established by a charitable trust deed on 27th May 1913 as revised on 8th May 2008 and is registered with the Charity Commissioners Nr. 226291. It is registered with the Almshouse Association Nr. M911 and Homes England Nr. A0132. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. - 8 - ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** **(Continued)** Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. ## **1.5 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 costs, including support 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 basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **Planned repairs** There is an established regular programme of cyclical repairs. Costs are charged to the income and expenditure account in the year in which they are incurred and an equivalent amount is released from designated reserves, as appropriate. ## **Major repairs** Costs of major repairs, unless representing improvements to the properties, are charged to the income and expenditure account in the year in which they are incurred and the equivalent amount is released from designated reserves, as appropriate ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Land and buildings shown at valuation Fixtures, fittings & equipment 20% of cost The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## **1.8 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). - 9 - ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.10 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.11 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. - 10 - ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Charitable activities** ||**Weekly**|Weekly| |---|---|---| ||**contribution**|contribution| ||**2023**|2022| ||**£**|£| |Weekly maintenance contributions|430,431|415,457| Voids for the year amounted to £8,942 (2022: £7,624). The number of units let 61 (2022: 61) ## **4 Investments** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Interest receivable|4,597|235| ## **5 Other income** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Other income|613|1,210| |Management charges received|5,000|5,000| ||5,613|6,210| - 11 - ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **6 Charitable activities** ||**Supported**|**Supported**| |---|---|---| ||**housing**|**housing**| ||**2023**|**2022**| ||**£**|**£**| |Staff costs|95,954|89,485| |Water rates|14,452|12,280| |Heating and Lighting|29,155|38,355| |Insurance|13,727|12,635| |Routine maintenance|67,008|53,690| |Garden upkeep|8,983|9,147| |Contracted services|7,353|463| |Security costs|1,991|2,274| |Planned maintenance|46,604|21,196| |Cleaning|4,278|1,598| |Bank interest payable|23,890|16,368| ||313,395|257,491| |Share of support costs (see note 7)|16,152|15,882| |Share of governance costs (see note 7)|12,266|9,966| ||341,813|283,339| ## **7 Support costs** |Office and computer costs
Telephone and fax
Sundry expenses
subscriptions
Bank charges
Independent Examination
Trustee expenses
Other professional costs
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
9,191
-
2,735
-
2,181
-
1,432
-
613
-
-
4,836
-
731
-
6,699
16,152
12,266
16,152
12,266|**2023**
**£**
9,191
2,735
2,181
1,432
613
4,836
731
6,699
28,418
28,418|**2022 Basis of allocation**
**£**
9,966
2,958
470
1,976
512
5,520 Governance
510 Governance
3,936 Governance
25,848
25,848| |---|---|---|---| - 12 - **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration during the year. ## **9 Employees** The average monthly number of employees during the year was: |Direct Charitable
**Employment costs**
Wages and salaries
Social security costs|**2023**
**Number**
4
**2023**
**£**
93,718
2,236
95,954|**2022**
**Number**
4| |---|---|---| |||**2022**
**£**
87,142
2,343| |||89,485| There were no employees whose annual remuneration was more than £60,000. ## **10 Taxation** As a charity it is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that those are applied to its charitable objects - no tax charges have arisen in the charity. ## **11 Tangible fixed assets** |**Tangible fixed assets**|||| |---|---|---|---| |**Cost**
At 1 April 2022
At 31 March 2023
**Depreciation and impairment**
At 1 April 2022
At 31 March 2023
**Carrying amount**
At 31 March 2023
At 31 March 2022|**Land and**
**buildings**
**£**
1,735,000
1,735,000
-
-
1,735,000
1,735,000|**Fixtures,**
**fittings &**
**equipment**
**£**
72,608
72,608
72,608
72,608
-
-|**Total**
**£**
1,807,608| ||||1,807,608| ||||72,608| ||||72,608| ||||1,735,000| ||||1,735,000| - 13 - ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **11 Tangible fixed assets** ## **(Continued)** The property was re-valued at £1,735,000 on 25th March 2022 by Bradley Hall, Chartered Surveyors using an existing use value for social housing and in accordance with RICS Appraisal and Valuation Manual. There are no records available of the original cost of the property but the last improvements completed in the 1990's totalled £1,868,266. ## **12 Fixed asset investments** ||**Unlisted**| |---|---| ||**investments**| ||**£**| |**Cost or valuation**|| |At 1 April 2022 & 31 March 2023|22| |**Carrying amount**|| |At 31 March 2023|22| |At 31 March 2022|22| |**13**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
**14**
**Loans and overdrafts**
Bank loans
Payable within one year
Payable after one year|**2023**
**£**
7,970
**2023**
**£**
406,498
30,900
375,598|**2022**
**£**
8,816| |---|---|---| |||**2022**
**£**
430,607| |||30,900
399,707| The bank loan is secured against the property with Unity Trust Bank. Repayments continue until 2039 at an interest rate of 3.5% over Bank of England Base rate, currently 0.5%. - 14 - ## **ALMSHOUSE CHARITIES (HULL UNITED CHARITIES)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **15 Creditors: amounts falling due within one year** |**Notes**
Bank loans
**14**
Trade creditors
Other creditors
Accruals and deferred income
**16**
**Creditors: amounts falling due after more than one year**
**Notes**
Bank loans
**14**|**2023**
**£**
30,900
15,907
5,530
10,663
63,000
**2023**
**£**
375,598|**2022**
**£**
30,900
11,181
20
10,662| |---|---|---| |||52,763| |||**2022**
**£**
399,707| ## **17 Financial commitments, guarantees and contingent liabilities** The trustees have confirmed that there were no contingent liabilities which should be disclosed at 31st March 2022. ## **18 Capital commitments** The trustees have confirmed that there were no capital commitments at 31st March 2022. ## **19 Related party transactions** The association is controlled by the same trustees who act for the following charities: Alderman Cogan's School Charity Alderman Cogan's Fund Alderman Ferries' Charity During the period the association received management charges as follows: 2023 2022 Alderman Cogan's School Charity £3,000 £3,000 Alderman Cogan's Fund £0 £0 Alderman Ferries' Charity £2,000 £2,000 - 15 -