Charity registration number 225257 HULL CHARTERHOUSE TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
HULL CHARTERHOUSE TRUSTEES LEGAL AND ADMINISTRATIVE INFORMATION Tru5tses Mrs S E Whiltaker MBE Hon. Aldeirnan Mrs A Stanley Hon. Alderman J L Fareham Revd J Hargreave CoLJncillor C Randall Mr P Mann Mr I Shepherd Councillor T Neal Councilloi J Connor (Appointed 6 June 20231 (Appointed 19 May 20231 (Appointed 19 May 20241 Charity number 225257 Auditor Srnailes Goldie Regent's Court Princess Street Hull HU2 8BA Andrew Jackson 15A Marina Court Castle Street Hull HU1 1TJ Solicitors
HULL CHARTERHOUSE TRUSTEES CONTENTS Page Trustees, report Statement of Iruslees, responsibilities Independent auditor's report Slalemenl of financial activities Balance sheet 10 Notes to the financial staiements
HULL CHARTERHOUSE TRUSTEES TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financial statements for the year ended 31 Decembei 2023 The accounls have been prepared in accardance with the accounting policies sel oul in nole 1 to the accounts and comply with the charity's Iiusl deed dated 7th December 2015. the Charities Act 2011 and the Charity IAccounts and Reports) RegulatlOn5 2008. Objectives and activities The charity's obiecis 3re to provide Almshouses to 'poor persons of good character ivho are not les5 than sixly years of age The policies adopted in furtherznce of these objects are sel down in the scheme deed as revised and 3pproved by the Board on 7th December 2015 and there has been no change In these during the yeai. The aim of the charity is lo continue lo provide 'Alms' to the residents of the City as requested by the benefactor Michael de13 Pole In 1384. The Iruslee5 have pa1d due iegard lo guidance issued by the Charity Commission in decidin9 what activities the chsrily should undertake. Residents have the Ljse of various communal facilities and landscaped 9ardens. As the Charterhouse is a ieligiou5 loundalion, the residents are expected to attend services In the ¢hapel. These are perfoitned by the Master who musl be 'a cleigyman of the Church of Englancl and over thirty year5 01 age" The Master Is iesponsible for the day to day adminislralion ol the Charterhou5e and report5 to the quarterly meetings of the Irustees. A continual support service Is provided lor the residents by Ihe Master, Warden and staff some of whom live on the premises Olher charity adminislralion Gonlinues lo be out-s0urd lo local professional practices. The Charterhouse continues to provide and maintain accommodation for those individuals who qualify undèr the Criteria con131ned within the scheme constitution. During the year Master Greenwell relired from his post on 30 Seplernber 2023 and an interregnum followed during which the process ol seeking the next M3Stei commenced. Follo%vin9 3 well sub5ciibed Interview process the Trustees were delighted to appoint Rév Gloria Naylor lo becorne the 40th Master ol the Charterhouse which she accepted and will take up her posl eaily in 2024.
HULL CHARTERHOUSE TRUSTEES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and pÈrtomance Mrs S E INhitlaker MBE wa5 ie-elected as Chair for the year 3nd served lo Chair all meetings held in the year. The Charterhouse has continued to provide a¢cofflmodation ol good quality for 115 residents, all of whom Bre over sixty years of age. of good characiéi 3nd ill need of such accommodation. There has beeii an average ol forty residents throughout the year and no long term vacancies.. the Iruslees have followed their planned maintenance progiamme so Ihal Individual properties are maintained lo the agreed standard. There was a good spirit In Ihe House during Ihe year The Chapel provides seNices for the residents and staff. Residents have regularly used the Hall and when weather has perinilted the garden. The Trustees hzve rnade their usual giant to residents social activities The Chapel and garden were open lo the public during National Heritage Weekend. Parties of visitors have also been welcorned al other times. the bLJilding$ and garden ol the CharterhoLJse 3re among Hull's linesl and altracl wide and grov¢ing Inteiesl. The film Fawley Judge & Easton continues lo act as Cleik to the Tiustees In accordan with SeGlion 21121 ol the Charity Cominission's scheme dated 7th December 2015. They continue lo acl as Agent lo the Trustees, In accoidance with Section 21111 of the Scheme 111 respect ol all adminislralioii aiid fiiiaiice matters. The Trustees rnel in lull sessitsn loui Illnes In the course ol the year and at Other times as required. The Master ol the Gharterhouse attended all their meetings All residents had also the opportunity lo meet Trustees Informally to discuss matters ol the iesidenls, own choice. The outcorne of that meeting sugoesled a high level of satisfaction wilh life In this community. The Trustees count il a privilege to have coDlinued lor another year lo ensure that the Charterhouse provided the best 3ccommodation it can afford lor those who nowaday5 correspond with those persons 'ol good character poor and old, for whose benefit the Founcler enL1owed It, six hundred and forty years ago, with the property which they administer today. The continued the ongoing planned maintenance pro9ramme which had been approved by the Board. Flat refurbishment5 compii5ed the largest proportion ol these works Financial revièw The unrestricted and designalecl funds accounts ended the year with an operational deficit of £79,276 12022 £92,214), prior to revaluation of investments This was an improvemenl on the prior year and emphasises Ihe continuing repair expenditure and rnainlenanoe of high level staffing on the Almshouse aiTrd also the reduction on investment Incoime due to changing financial markets. Given this the truslees are pleased Ihal the retnaining Inootme and expenditure were within budget expect3tions. The iiustees continued to have the fixed asset Investments managecl by Titan Asset Mana9ewenl Ltd. The annual review of the reserve slruclure was cornp1eled and together with the arinual Investmenl review Il ensures a reserve poli¢y slructiiie that meets the requirements of the Trust in future years. Reserves are held for the following reasons", to provide In¢orne to contribute to the Trust's annual running costs,. arid lo provide the lund5 to m31nt31n and modernise the ac¢omrnodalion to a high standard. The Trustees nieet the cost of n)aintaining Its Almsfvouse property out ol the Income of the Charity but Is reqUred to maintain ar) Extraordinary Repair Fund which Is designed lo Ineet such exlraordillary repairs as they arise. This fund was lully expended In the year. The Iruslees have as5e5sed the major risks lo which the chaiily Is exposed, and are satisfied th81 systems are In place lo miligale exposure lo the major risks. Specific311y all properly Is fully insured, prOfèssOnal advice is sought on all property, Investment and financial mallers, regular safely checks ale carried out In line with chaiity policies.
HULL CHARTERHOUSE TRUSTEES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management The Charterhouse Is a registered charity INr 2252571 and is governed In accorrjance with the Schemes established by the Charity Commissioners on 5th November 1901, 2nd April 1937. 2nd March 1962 and the 7th December 2015. The charity Is not Incorpoialed. The trustees who served during the year and up lo the date of signature ol the financial slatetnenls were.. Mis S E Whittaker MBE Hon AlJerman Mrs A Stanley Hon. Alderman J L F2reham Revd J Haigreave Councilloi R Pantelakis Councillor C Randall FrP Lamb Hon. Alderman S Chaytor Mi P Manii Mi I Shepher(I Councillor T Neal CoLJncillor J Connor IResigned 19 May 20231 (Resigned 6 March 20231 (Resigned 19 May 20231 (Appointed 6 June 20231 (Appointed 19 May 20231 IAppointed 19 May 20241 The latter scheme provided for a body ol nine trustees, six are nominative trustees. five are appointed by Hull City Council and one by the Archdeacoll of the Easl Riding and hold oftice foi peiiod5 of four years. Whilst the iemaining three Irustees are co-oplative and hold office lor five years. As vacancies arise efforls are made lo recruit suitable Individuals who IhroLJgh residence. occupation oi employment or olhetwise have special knowledge of the berielil aiea The Chairman Is Mrs S E Whittaker MBE and Ihe Deputy Chairfflan Is Councillor Mrs C Randall both were appointed al the March meeting. The 8oard met four limes during the year and al other limes lo appoint beneficiaries. The Ma51er of the Charterhou5e is appointed by the Board In accordance with the Trust Deed 3nd is responsible for the daily management ol the HoLJse aided by Ihe Warden and Relief Wardens and Estate Supervisor. Supplier payment policy The company's curient policy concerning the payment ol trade creditars is lo follow the CBI'S Prompt Payers Code (copies are available from Ihe CBI, Centre P<>int. 103 New Oxloid Street. London WC1 A 1 DUI. Th8 company's current policy concerning the payment of Iiade creditors is lo.. settle the lertns ol payrnenl with suppliers when agreeing the terms ol e3ch transaction". ensure that suppliers are made aware ol the terms of payrnent by Inclusion ol Ihe relevanl terms in contracts, aiid pay In accordance with the company's conliaclual and other legal obligations. Ti3de credilois of the oornpany at the year end were equivalent lo 14 day's purchase5, based on the average daily amount invoiced by suppliers during the ye3r.
HULL CHARTERHOUSE TRUSTEES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The l uslees, eport was approved by the Board ol Tru51ees. Mr5 S E Whillaker BE Chair of the Trustee8 15 Oclobei 2024
HULL CHARTERHOUSE TRUSTEES STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslees are responsible lor preparing the Trustees, Report and the financial statements In accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Pr3clicel. The law applicable lo charities in Englalld arid Wale5 requires the Iiuslees lo prepare financial st31em8nls loi each fir)an¢i31 year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of Ihe charity lor that year. In preparing these financial statements. the truslees are required to select 5Ultable accounting policies and then apply them con51slently-, observe the melhods and principles In the Charities SORP. make iudgernents and esliinales thal are reasonable and prudent", stale whether applicable accounting staiidards have been followod. subject lo any material departures disclosed and explained In the financial statements.. and prcpare the fir)ancial slatemei)Is on the going concern basis unless it is In3ppropr131e to presume that the charity will continue In aperalion. The Iruslees sre iesponsitile lor keeping sufficient accounting records thal disclose with reasonable accuracy 81 any tirne the financial posiliori of the charity and enable Ihem to ensure Ihal the financial s121emenls cornply with Ihe Charities Act 2011. the Charily IAccounls and Reports) RegLilations 2008 and the provisions of the trust deed. They are also responsible lor $21eguarding the assets ol ihe charity and hence for taking reasonable steps for the prever)tion and detection ol fraud aiid other irregularities.
HULL CHARTERHOUSE TRUSTEES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HULL CHARTERHOUSE TRUSTEES Opinlon We have auditèd the financial statements ol Hull Charterhou5e Truslees Ithe charily'l for the year ended 31 Decermber 2023 which comprise the statement of financiBI aclivilies, the balance sheet and the notes lo the financial slalemenls, including a summary of significanl acLuunling policies. The financial reporting framework that has been appliEd In their prepar3lion Is applicable law and United Kingdom Accounting Standards. including Financial Reportirig Standgrd 102 The Firiaiicial Roporting Standard applicable in the UK and Repiiblic of Ireland (United Kingdom Generally Accepted Accounting Piaclicel. In our opinion, the financial slalemenls.. give a true and Isir view of the stale ol the charily's affairs as at 31 December 2023 and ol ils incornino resources 3nd application of resources. lor the year then ended", have been pioperly prepared in accordance with United Kingdom Generally Accepted Accounting Practi. and have been prepared In accoidance with Ihe requirements ol the Charities Act 2011. Basis for opinion We conducted our audit In accofdance with Intérnational Slandaid5 on Auditin9 IUKI IISAS IUKII and applicable law Oui responsibililies under those standards are furthei described In the Auditoffs rosponsibilitiès for the aijclit of tlie fiiiaiicial slalen?erits sèctiori ol our report We are independenl ol the charity in accordafi with the ethical iequiiements that are relevant to our audit of the lin2ncial statements In the UK, Inclu(Jing the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities In aecordance with these requiremellls. We believe that the audit evidence we have obtained is SLsfficienl and appropriale lo provide a basis lor our opinion. Conclusions lating to going concern In auditing the financial statements, we have concluded that the trustees, use ol the going ¢on¢ein basis of accounting in the preparation ol the financial 5t3lements Is appropriate. Based on the work we have performed. we have not identified any material unrtaInlieS relating lo events or conditions that, Individually or colleelively. may cast significant doubl on the charity s sbi5ily lo Gonlinue as a going CDncern for a period ol al least twelve month5 from when the financial statements are authorised lor Issue. OLJr responsibilities and the iesponsibililie5 01 Ihe trustees with respect lo going concern are described in the relevant sections ol this report. Other information The othei Inlorwalion cornprises the information Included in the annual report other than the financial slalemen15 and our auditor's report Ihèreon. The Iiuslees ale responsible for the other Information contained within the annual report. Our opinion on the financial slatemenls does not Gover the other Information 2nd we do not express any form of a55uiaThce conclusion Ihereon. Our responsibility Is lo read the other Inloifflalion and, in doing so. consider whether thè other Information is materially Inconsistent with the finallcial statements or our knowledge obtained In the course of the audil, or othenvise appears to be maleiially rnisslaled. 11 we identify SLJch material Inconsistencies oi apparent material tnisslatetllents, we are required to determine whether this gives rise to a material misstalerneni In Ihe fillancial slateffienls themselves 11, based on the work we h3ve pertormed, we conclude that there Is a material misslalemenl of this other Inform31ion. we are required to report that facl. We have nothing lo report in this regard. Matters on which we are required to report by exception We have nothing to report in respecl ol the following marters In ielation lo which the Charities IAccounts and Reportsl Regulations 2008 require us to report lo you il, in our opinion the InfortM31ioN given In the financial slalements Is inconsistent In any tnalerial respect with the truslee5' report., or sufticient accounting records have not been kept. oi the financial slalemenls are not in agreement with the a¢¢ounting records,. or we have not received all the information and explanations we require lor our audit.
HULL CHARTERHOUSE TRUSTEES INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF HULL CHARTERHOUSE TRUSTEES Responsibilities of trustees As explained more fully in the stalemenl ol Iru5tees' iesponsibilities. ltte Iiustees are responsible for the preparation of the financial statements and lor being satisfied that they give a true and fair view. and foi such inleinal Control as Ihe Iiuslee5 determine 15 necessary lo enable the preparation of financial slalefflenls that are tree from material missiaiemeni. whether due lo fraud or error. In preparing the fiiiancial slalements, the Iruslees are responsible lor assessing the charity's ability to continue as a going concern. disclosing, as applicable, rnatters relaled to going concern and using the going concern basis of accounting unles5 the trustees either Intend to eease operations. or have no realistic allernalive bLlt 10 do so Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of Ihe Charities Act 2011 and report in accordance with the Act and relevant regulation5 made or having effect Ihereunder. Our objectives are to obtaiii reasoiiable assuiance about whelher Ihe firiancial statements as a whole are flee from mal•ri4l misstatèmènt. whather due to fraud Of error and to 186ue an guditor's feport th81 Includes our opinion. Reasonable assurance is a high level DI assuranee but Is not a guarantee that an audit conducted In accoidance with ISAS IUKI will always detect a rnaleri81 misstatement when it ex1515. Miss131emenls can arise from fr3ud or error and are conssdered maler131 If, Individu311y or in the aggregate. they oould reasonably be expected lo influence the economic dec1510ns of users taken on the basis of these financial statements. The exlenl lo which our procedures are capable ol détecting Irregularities, 11)cluding fraud. Is detailed below. Qur approach lo Ider)tilying and assessing the Iisks ol tllalerial misslalement in respect of iriegularilies. including fraud and non-compliance with laws and regulalioiis, was focused 01) specific law5 and regulalior)s which we consiijered may have a diiecl rnaterial effect on the financial slalemenls or the operations of the charity, Including the Chaiilies Act 2011. taxation legislation, data protection, anli-biibery, employment. environmental 3nd he3I1h and safety legislation. An understanding ol these laws and regulations and the exlenl ol compliance was obtained through discussion wilh management 3nd Inspecting legal and regulatory correspondence. We assessed the susceptibility of the charity's financial Statements lo material misstatement, Including obtaining a understanding ol how ffaud might occtsr, by making enouiries ol rnanagernent and considering the Internal controls In place lo mitigate risks of fraud and non-cotnpliance with laws and regulations. To address the Iisk of fraud through manageinent bias and override ol controls. we". perforTned aiialylical procedures to Identify aiiy unusual or unexpected relatioTiships, tested iouinal entries lo Identify unusual Iransa¢lions'. assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias-. and Investigated the rationale behind significant or unusual trans¥clions In response lo the risk of irregularities and non-compliance with law5 and regulalioms. we designed procedures which Included, bul were not Iiinited to. agreeing financial slalemenl disclosures lo underlying supporting documentation-. enquiring of nianagement as lo actual and potential Iiligalion and claims-, and confirming membership with relevant re9ulators. Due to the Inherent limitations of an audit. there is a risk that we will not detect all iiregularilies, iiicluding those leading to a material misslalement In the financ131 statements or non-compliance ivith regulalion. This risk Increases the more that compliance wilh a law or regulalion is removed from the events and transactions retlecled in the rinanc5al statements. as we will be less likely to become aware of Instances ol lion-cornpllan. Audiliiig staiidards also Iimil Ihe audit procedLJres required to identify non-compliance wilh laws and regulations to enquiry of the trustees and other m3nageiNenl and the Inspection ol regulatory and legal correspondencè. Il any. The risk is also greater regardiiig irregL51aiilies occurrir)g due lo fraud rather Ihsn error, as fraud Involves Inlenlional concealment. forgery. collusion. omission, or misrepresenlalion. A further description of our re5POn51bililies lor Ihe audit ol the financial statements is located on the Financial Reporting Council's website 31 ww Irc.org.uklaudilors ie5ponsibililies. This de5cripliori forms part of our Rèport of the Independeiil Auditors.
HULL CHARTERHOUSE TRUSTEES INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF HULL CHARTERHOUSE TRUSTEES Use of our report This report is made solely lo the charity's trustees, as a body, in accordance with p3rt 4 of the Charities (Accounts and Report51 Regulations 2008. Our audit work has been undertaken so Ilat we mighl stale lo the charity 5 Iruslees those mallers we are reouiied Io stale to them In an auditor's report arid foi no other purpose. To the fullest exteiit permilted by law. we do not accept or assume responsibilily lo anyone Dlher than the charily and the ch8rily'5 tiustees as a body. foi our audit rk for this report, or for the opinions we have formed. William Cowèll, ACA (Senior Statutory Audiiorl for and on behalf of Smalles Goldie Chartered Accountants ststutory Auditor Regent's Court Princess Street Hull HU2 8BA 15 October 2024 Srnailes Goldie Is eligible lor appointnienl as auditor of the charity by virtue ol ils eligibility for appoinltment as auditor of a company Ljndei seelion 1212 of the Companies Act 2006
HULL CHARTERHOUSE TRUSTEES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Re8tri¢ted funds funds 2023 2023 Totsl Unre$tri¢ted Restricted funds funds 2022 2022 Total 2023 2022 Notès Income nd ndowments from.. Donations arid legacies Charitable activities Investments Olhei income 1.000 1.000 188.642 140.831 2.484 188.642 140.737 2.484 174,965 147.095 5,272 174,965 147,242 5,272 94 147 Total income 331,863 1,094 332,957 327,332 147 327,479 Ex enditure on: Raising funds 47,329 50 47.379 38,789 52 38,841 Charitabl8 activities 363.810 363,810 380,757 380,757 Total expènditure 411,139 50 411.189 419,546 52 419598 Nel gain5 on Investments 14 33,921 229 34.150 1182.0971 11,0201 1183,1171 Net loutgoingllin¢oming resources before transfers 145,3551 1.273 144.0821 1274.3111 19251 1275,2361 Gross transfers between fund5 95 1951 147 11471 Net loutgoingllSncoming resources 145,2601 1,178 144,0821 1274.1641 11,0721 1275.2361 Other recognised gain5 and losses Actuarial Ilossllgain on defined benefit pension schemes 2.000 2.000 Nèt movement in funds 145,2601 1,178 144,0821 1272,1641 11,0721 1273,2361 Fund balances al 1 January 2023 4.654.512 3.982 4.658,494 4,932,676 5.054 4,937,730 Fund balances at 31 December 2023 4,609,252 5.160 4.614,412 4,654,512 3.982 4,658,494 The statement of finanGiaS activities Includes all gains and losses recognised in the year. The stalemenl ol financial activities includes all gains and 1055es recognised in thè year All income and expenditure derive Iiom oontinuing activities.
HULL CHARTERHOUSE TRUSTEES BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed asgets Tangible assets Investment pioperties Investments 1.843.537 675,000 2,127,094 1,875.843 675,000 2,198,152 18 4,645,631 4.748,995 Current assets Debtors Cash al bank and In hand 26,407 25,801 34,975 16 737 52,208 51,712 Creditors.. amounts falling due within one year 21 170.2421 184,9241 118.0341 133,2121 Total assets less current liabilities 4.627.597 4,715,783 Creditors.. amounts fallln9 due after more than one year 22 113.1851 157,2891 Net assets 4,614,412 4,858.494 Income funds Restricted funds 24 5,160 3,982 Designaled liinds Gener31 unreslr1cled funds 25 2.977,746 1.631,506 3,011.522 1.642.990 4.609.252 4,654,512 4.614.412 4,658.494 The accoun ed by the Trustees on 15 Octobei 2024 loT'II,( Mrs S E Whittaker MBE Trustee 10
HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity information Hull Charieihouse Trustee5 15 3 registered charity nr 225257 with an arrended trust dèed dated 7th Decemb8r 2015 1.1 Accounting convèntion The accounts have been prepared In accordance with the chaiity's tiust deed dated 7th December 2015, the Charities Acl 2011 and "Accounting and Reporting by Charities Stslement of Recomrnended Practice applicable lo charities preparing Iheii accouiits in accoidance with the Financial Reporting Standard applicable in the UK and R&publi¢ of Ireland IFRS 1021 135 amended lor accounting periods commencing from 1 January 20161. The ch3rily Is a Public Benefit Enlily as defined by FRS 102. The ch3rily has taken advantage of the provisions In the SORP lor chaiities applying FRS 102 Update Bulletin 1 not to prepare a Stalem8nl of Cash Flows. The financial slalemenls are prepared in sterling, whi¢h Is the functional currency ol the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have beeii prepared under the historical cost convenlion. Imadified to Include the revalLJalion ol freehold properties and lo Include Investment properties and ceriain financial instrumen15 al fair valuel. The principal aCCOLJnting policies adopted are sei out below 1.2 Going concern Al the time ol approving the financial statements, the truslees have a reasonable expectation that the charity as ad2quale resources to coiiliilue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis ol accounting in preparing Ihe financial slalemenls. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the Irustees In furtheiance of their charitable obieclives. Restricted funds are subject io specif1c condilions by donors Dr grantois as to how they rnay be used. The purposes and u585 of the restricted funds are sel out in the notes to Ihe financial sialemenls. Endowment lund5 are subject to specilic condilioiis by donois that the capital musl be m3intain8d by the chaiity. 1.4 Income Income 15 reco9nised when the charity is legally entitled 10 il after any performance conditions have been met. the amounts can be measured reliably, and Il Is piobable that income will be received. Cash donations are recognised on feceipl. Olhei donalions are recognised once the charity has been notified of the doiialion, unless performance conditioiis require deleri31 of Ihe atnour)l. Income lax recoverable in ielalion lo donations received under Gift Aid or deeds of ¢ovenant Is recognised at the time of the donation Legacies are recognised on receipt or otherwise If the charity has been notified ol an impending dislribulion. the amount Is known, and re¢eipl is expected. 11 the amount Is not known. the legacy Is treated a5 a contingent asset.
HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.5 Expenditure ExpendilLJre Is recognised once there is 3 legal or conslruclive obligation lo Iransfei economic bÉnefil lo a third party. il is probable th312 transfer ol economic benefits will be required ill settlement, and the amount ol the obligation can be rnea5ured reliably. Expenditure is classified by activity. The costs of e3ch gctivily are made up of the total of direct costs and shared costs, Including support costs Involved In undertaking each ac11vly. Direct Costs 8llributable lo a single actlV5ty are allocated direclly to that 3clivily. Shared costs which eonlribule lo mole than one activity and support costs which are not attributable to a single activity are apportioned between Ih05e activities on a basis consistent with the use ol resources. Central staff costs are allocated on the basis ol lime spent, and depreciation chaige5 ale allocaled 01) the portion ol the asset's use. Allocation of Resources Expended Expenses associaled with the management of the charity's Investment and property porlfolios are charged against the unre5tiicted and restricted funds as appropriate. Expenses associated with the maintenance of the Almshouse property and Ihe pastoral welfare ol thè almspersons are charged against the unreslricted fund as appmpriate. Governance cost5 Cotmprise fees for audit and legal services. Support Costs cotnprise the remainder ol all expenditure. 1.6 Tangible fixed assets Tangible fixed assets are init1311y rne3sured al cost and subsequently tneasured al cost or valuation, net ol depreciation and any impairment losses Tangible fixed 3sse15 ale slated al cost less depreciation. In this ye3r the charity reported under FRS102 and In respect of charity propety look the opportunity to reslale the charity pioperty 101 2019. The surplus was charged lo Fixed Asset Rev31u3tion Reserve. Depreciation Is piovided al rates calculated lo write off the cost less estimated residual value of each assel over Ils expected useful life, as follows. Land and buildings Plant and equiprnenl 2U/o on cost or valuation 1 on cost The g31n or loss arising 011 the disposal of an assel Is determined as the differenoe behveen the sale proceeds and the carrying value of the asset, and Is re¢ognised in the statement of financial activities. 1.7 Investment properties Investment propcrty. which Is property held to earn rentals andlor lor capital appreci8lion. 15 Initially iecognised at C05t, which Includes the purchase cost and any directly atlributable expenditure Subsequently It Is me3SLJred al fair value ai the reportlllg end dale. The surplus 01 deficit on revaluation Is iecognised in profit or loss. 1.8 Fixed asset investments Fixed asset Investments are inilially measured at transaction price excluding Ir3nsa¢iion costs, and are subsequently measured at fair value at each reporting date. Changes In fair value are recognised In net Incomellexpendilurel lor the yeai. Transaclion costs are expensed 25 incurred. 1.9 Impairnient of fixed assets Al each reporting end dale, the charity reviews the carrying amounts of its tangible a55els to determine whether there Is any indication that Ihose Bssels have suffered an iinpairmenl IDSS If any such indication exists, the recoverable amount of the asset Is eslitM3ted in order lo delefmine the extent of Ihe irnpairment loss lil any).
HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Accountiny pollcles (Continuedl 1.10 Cash and cash equivalents Cash and cash equivalenls InGlude cash In hand, daposi15 held al call with banks. othef short-leFln liquid investments with original maturities ol Ihree month5 or less. and bank overdrafts. Bank overdiafts are shown 1.11 Finaneial instruments The charity has elected la apply the provisions of Section 11 'Basic Financial Inslrumenls. and Seclion 12 'Othei Financial Inslrumenls Issues. ol FRS 102 10 all of ils financial instrument5. Financial instruments are recognised In the charity's balance sheet when the chaiily be¢ornes party lo the conlraclual provisions of the In51rumenl. Fiiiancial assets and liabilities are offset, with the net amounts presented in the financial stalemenls. when there Is a legally enforceable right lo sel off the reoognised amoLJnls and therè Is an Inlenlion to settle on a nel basis 01 lo reali58 the asset and 5etlle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are Initially rneasured al transaction piice Including transaction costs and are SLibsequenlly carried at amortised cost using the effective Interest method unless the arrangement conslilutes a financing tran5aEtion. where the transaLlion 15 measured al the present value of ihe future ieceipts discounted at a market rate ol Interest. Financial assels classified as receivable within one year are not atnort15ed. Basic financial liabilitles Basic financial liabilities, InclLJdiDg creditors and bank loans are Initially recogr)ised at Iian53Ction piice unless the arrangement constitutes a financing transaction. where the debt Instrument Is measured al the present value ol the future payments discounted at a rnarkel rale of Interest. Financi31 liabililies classified as payable within one year are not amort15ed Debt Instrumen15 are subsequently carried at 3mortlsed cost, using the effective interest rale method. Trade creditors are obligations lo pay for goods or services Ihal have been acquired In the ordinary course ol operations from suppliers. Amounts payable ale classilied as current liabilitie5 if payment is due within one year or less If not. they are presented as non-¢iJrrenl liabilities. Trade creditors are recogni5ed Initially at transaction price and SLJbsequenlly measured al amortised cost u51ng the effective interest meihod. Derecognition of finan¢ial liabilities Financial 113bililies are deiecognised when the charity's conlraclual obligaiions expire or ale discharged or ancelled. 1.12 Employee benèfits The cost of any unused holiday entitlernenl is recognised In the period In which the employee's Services arè received. Termination benefits 318 recognised irnmedialely as an expense when the charity Is dèrnonstrably committ8d lo teiminale Ihe ewploymenl of an employee or lo piovide lerminalion benèfits. 13
HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continuedl 1.13 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The Charterhouse Hull participates in the Church of England Funded Pensions Scheme lor slipendiary clergy, 3 defined benefil pension scheme. This scheme is adminislered by the Church of England Pensions Board. which holds the assets of the schemes separately from those Responsible Bodies. Each participating Responsible Body in the scheme pays conlribulions at a common oonlributlDn rate applied to pensionable stipends. The scheine is considefed lo be a mulli-employer schenie as deseiibed In SeclioT1 28 of FRS 102. This means il Is not pos&ibl8 to attribulo th• Schgrns's assets and liabi151ie$ to eaoh Fle8pon31ble Borjy, and th13 mean5 contributions are accounted for as il the Scheme were a defined contribution scheme The pensions costs Charged lo the SOFA In the year are the conliibulions payable towgrds benefits and expenses accrued In that year. Critical accounting estimates and judgemènts In the application of the chaiity's accounting policies, the Iruslees are required lo make Jud9ements, estirnales and assumptions about the carrying atMouNI of assels and Iiabililie5 that are not ieadily appareiil from Other sources. The estimates and associated assumptions ale based on historical experience and other factors that are considered lo be relevant. Aclu31 results may differ Iiorn these esiimales The estimates aiid undeilying assumptions are reviewed on an ongoing b3Si5. Revisions to 3ccouiiting eslimales are recognised In the period In which Ihe estirnale 5s ievised whefe the revision affects only that period, or In the period of the revision and future periods where the revision affects both current and lulure periods. Income from donations legacies Restricted funds 2023 Restrieied funds 2022 Donations 1,000 Charitable activities Maintenaticg contrlbuiion MaSntènan¢g ¢ontrlbution 2023 2022 Charitable Incorne - WMC 188,642 174,965 14
HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Inve¥tment$ Unrestricted Réstricted lunds fund3 Total Unreslri¢led funds Restricted funds Total 2023 2023 2023 2022 2022 2022 Commercial rental income InvestmerTrl Income from dividend5 arid interest 55.584 55,584 61,745 61.745 85.153 85.247 85,350 147 85.497 140,737 140.831 147,095 147 147,242 Other income Unrestricted funds Total 2023 2022 Other Income 2,484 5,272 15
HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Raising funds Unrestrictèd Restrictod funds fund5 Total To181 2023 2023 2023 2022 nvestment property costs Olher trading aclivities 21.566 21,566 11,105 Investm 25 763 50 25,813 27,736 47.329 50 47.379 38.841 For Ihe year ended 31 December 2022 Investment property costs Investmenl managernenl 11,105 27,684 11,105 27,736 52 38,789 52 38,841 Description of charltsble activitie$ Provision of supported accommodation lor thogÈ enlilled to benefit from the charity IrTr accordance with the criteria set out in the trust deed and the maintenance ol the trust property for this purpose. 18
HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 9 Charitsble activities Supported accommodation Property maintenance Total 2023 Total 2022 2023 2023 Staff costs Depreeialion and impairmeiit W3ter Council tax on voids Insuiarice Energy costs Respon51ve maintenance Planned maintenance Garden maintenance Serviced maintenance Clealling costs Professional fees WMG wiitten off 164,810 164,810 32,306 6,961 5,180 13.482 18,803 24.319 26.427 9.620 5124 3,762 10,238 4,406 170,949 32,306 6,525 4,505 12,358 16,553 14,381 59,714 8,778 4306 3.662 13,056 IT131 32,306 6,961 5,180 13,482 18,803 24,319 26,427 9,620 5124 3.762 10.238 4,406 213.642 111,796 325.438 346.380 Share o15UPPOrt Costs (see note 121 Share ol goverfiance costs (see nole 121 33.512 4.860 33.512 4.860 29.369 5.008 252.014 111.796 363,810 380.757 10 Nèt movement in funds 2023 2022 The Iiel movement In funds Is slated 3fter chargingllcreditingl Fees p3yable foi the audit of the charity's financial statèments Depreciation ol owned tangible fixed assets 4860 32.308 5,008 32,306 11 Trustees None of the Iruslees lor any persons connected with them) received any remuneration during the year. 17
HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 12 Support costs Support Governance costs costs 2023 2022 Basis of allocation Clerks fees Printing and stationery Telephoiie Subscriptions and donations Bank charges Sundry expenses Loan Interest 16,500 165 2,221 18,500 165 2,221 16.500 331 2.391 2,831 214 5,146 6,435 2.831 214 5,146 6,435 2.301 241 1.476 6.128 Audit fees 4.860 4,860 5.008 Governance 33,512 4.860 38.372 34,376 Analysed between Charilable activities 33.512 4,860 38.372 34,376 Goveinance cos15 Includes payment5 lo the audilois of £4.86012022- £5.0081 lor aiidit lees. 13 Employee5 Numbèr of amployees The 8verage monthly nurnber employees cluring the year was 412022 . 41 2023 Number 2022 Number Supported accomtnodalion Pastoral Employm8WIt costs 2023 2022 Wages and s8laries Social security costs Olhei pension costs 151.316 6.096 7,398 152.350 7.282 11,317 164,810 170,949 There were no employees whose annual remuneration was £60,000 or more.
HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Gains and los¥e¥ on investments Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Re$trietéd lunds funds 2022 2022 Total 2023 2022 Gainslllossesl arising on: Revaluation ol investments Sale ol investment5 161.4051 95,326 1431 272 161.4481 95,598 1182.0971 11,0201 1183,1171 33,921 229 34,150 1182,0971 11,0201 1183.1171 1 S Taxatlon The charity 15 exempt from taxation on ils activities because all Its Incorne 1s applied lor charitable puip05es. 16 Tangible fixed assets Land and bulldln9$ Plant and oqulpmqnt Total Cost At 1 January 2023 1,990,000 1 S,067 2 005,067 Al 31 Decembei 2023 1.990.000 15.067 2,005.067 Depreciation and impairment At 1 January 2023 Depreciation charged in the year 123,200 30,800 6.024 1,506 129,224 32,306 Al 31 Decembei 2023 154,000 7.530 161,530 Carrylng amount Al 31 December 2023 1,836.000 7.537 1,843.537 At 31 Decetnbei 2022 1,886.800 9.043 1,875.843 17 Investment propety 2023 Fair value Al 1 January 2023 and 31 December 2023 675,000 Investment property comprises 7 Silver Street Hull, 62 aiid 63 Maikel Place Hull, 47 Hai)ley Road Hull and 139 Spring G31dens Anlaby. The laif value of the investment property has been arrived at on thè basi5 of a valuation eariied out at 1 Oth Decernber 2019 by Elizabeth Haller FRICS ol Haller Evans Chartered Surveyors. who are not connected with the charity and additions since that dale are valued 81 cost. The valuation was made on ar) open Market value basis by reference to market evidence of transaction prices lor similar properties. The tiuslees believe that th5 valuation rernains representative ol the fa11 value at 31 December 2023. 19
HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 17 Investment property (Continuedl 2023 2022 Freehold 675.000 675,000 20-
HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Flxed asset investments Listed investmènts Cash in portfolio Totsi Cost or valuation At 1 January 2023 AdditlOn5 Valuation changes Nel Movement 2,183.783 199.325 34.150 1516.1431 14.369 2,198.152 199,325 34.150 1304.5331 211.610 At 31 December 2023 1.901.115 225,979 2,127,094 Carrying amount Al 31 Decembei 2023 1,901,115 225,979 2,127,094 Al 31 December 2022 2,183,783 14.369 2,198.152 Fixed assal Invastments revalued Where Investments are Included al revalued amounts. state the ba51s of the valLJalion 3nd the comparable amounts on the hislorical cost basis. or the difference betw8en the book value and historical cost of each Item In addition. Ivith the exception ol listed Investmen15. details are required of the years and amoun15 of the v£lualioiis aiid iii the case of inveslmcnls valued during the year. the names of the valueis loi particulars of 19 Debtors Z023 2022 Amounts falling due within one year: Trade debitsrs Prepayments and acciued Income 16.532 9.875 25.412 9563 26.407 34,975 20 Loans and overdrafts 2023 2022 Bank loans 57,065 101.075 Payable within one year Payable after one year 43,880 13,185 43.786 57.289 The long-lerm loar)s are Linsecuied and a iequiren)eiil has been agreed by the Trustees lo maintain the Inveslmenls 31 no less than £1 m throughout the duration of the loan. 21
HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 20 Loans and overdrafts Icontinuedl The Trustees, as part ol the funding loi the refuibishrnent of the Masters House agreed a 103n facility with Unity Trust Bank plc for £1 bO,UOO repayable over 84 months commencing Oclober 2C17. The interosl rale is 3.50/0 over the prevailing Bank ol England base rate. A further loan was agreed lor £75,000 wilh Unily Trusl Bank pac lo part fund the extraordinary iep3115 needed lor the Chapel. The Inlerest rale Is 3 59/0 over the prevailing Bank of England base rale and was repayable over 84 rnonlhs commencing January 2019. 21 Creditors.. amounts falling due within onè yèar 2023 2022 Notes Bank loans Other 13xatioii and socia1 security Trade creditois Olher creditors Accruals and deleried income 20 43.880 2,520 2,513 43,786 2,150 21,329 35,391 70.242 84,924 22 Creditors.. amounts falling due after more than one year 2023 2022 Notes Bank103ns 20 13,185 57,289 23 Retirement benefit 5chomes Defined contribution Schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assels ol the scheme are held separately from those ol the chaiity in an independently admin15tered fund through NEST. The charge lo profit or loss In respect of defined contribution 5ohemes was £2,11412022 . £1,994) 22-
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HULL CHARTERHOUSE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 26 Analysis ot net assets betsveen funds Unrestricted Restricted Fund Funds 2023 2023 Total Unresliicled Fund 2022 Restricted Funds 2022 Total 2023 2022 Fund balances at 31 Dember 2023 are represented by. Tangible asse15 Investment pioperties InveslmentS Current assetsllliabilitiesl Long term liabilities 1.843,537 675,000 2.122,934 119,0341 113,1851 1.843.537 675,000 2,12T.094 118,0341 113,1851 1.875.843 675.000 2.194.170 133.2111 157.2901 1,875.843 675.000 3,982 2,198.152 133,2111 157,2901 4,160 1.000 4,609,252 5.160 4,614.412 4,654,512 3.982 4.658.494 27 Related party transactions Mi A Randall holds the position of Warden aiid is the son 013 Tiuslee. This Is not a key rnanagemenl position. His appointment and any ongoing Inatters are dealt with by a foimal declaration of Inleiesl and the said Tiuslee leaving the meetin9 at which the re131ed msllers are discussed by the rernaining Board tnembers. 25