Charlty number: 227044 NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION CONTENTS Page R•f•ronco and admlnl$tr•tivo d•tsil$ of th• Charlty. Its Trust••s and advisern Trust•. r•port Ind•p•nd•nt audltor•' r•port on th• fin•nclal stat•m•nt¥ 8-11 Stat•ment of Iln•nclal actlvftl•s 12 Balanc• sh¢•1 13-14 Stat•m•nt of cash flows 15 Not•1 to th• flnanclal $lalem•nts 16.38
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trusteès Mr l Lavery MP. Treasurer Mr J Pease. Secretary Mr J J Gobin Mr N Partis Mr G E Wilson, Chair Mr M Fitton Mr G E Graham lappoinled 28 November 20221 Mr H Gallacher lappoinled 29 November 2022} Mr A G Sambrook lapwnlod 5 January 20231 Charlty r•glst•r•d numb•r 227044 PrSnclpal offic• 7 Esther Court Wansbeck Business Park Ashinglon Northumbfrrland NE63 8AP Ind•p•ndent audltors Kinnair Associates Limited Chartered Accountants Registered Auditors Aston House Redbum Road Newcastle upon Tyne NE5 1NB Bank•rn Unity Trust plc Four Brindley Pl¥¢ Birmingham B1 2JB Solicltors Browell Smith & Co SolicitQTS Unit 4244 Apex Business Village Annrtsford Cramlington Northumberland NE23 7BF Page 1
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY. ITS TRUSTEES AND ADVISERS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 1n¥tm•nt advl¥•rs Brewin Dolphin Time Central 32 Gallowgale Newcastle upon Tyne NE14SR Pa9e 2
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION TRUSTEES. REPORT FOR ThE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual port together with audited financial statements of thg Charity for the year from 1 January 2023 10 31 December 2023. The financial statements have been prepared in accordance with the acojunling policies sel out in the rleS to the financial stslements and Comply with the Charity's goveming document. the Charities Act 2011 and the relevant v6rsion ol the Statement of Rècommended Practice applicable to charities preparing their financial $tal8menls in arKordan¢e wth the Financial Reports"ng Slandard applicable in the UK and Republic of Iroland IFRS 102). Obl•ctlv•s and acllvltl•s • Pollclès and obJ•ctlv•s The objectives of ihe A$so¢ialion shall be to provide and maintsin homes, associaled setvices and 13cililies for the a¢¢ommodalion of Ihe residents. Regdents shall be persons over the ag8 of $9 tho have been employed in or aboul 8 C081 mine in the 8re8 ol Northumberland and the widows of such person5. In so far 86 the homè$ aro not required for red8nts haviTrJ those qualifications, they may be usgd for the accommodation of pgrsons over the ag9 0159 who have been empbyed in or about a coal mine elsewhero. or the widows of such p8rsons. Of other persons. who through ago. infimiity or èconomic ureJJmstances have need of such accommodation. Th¢ Association may provide land and bulldings to be 881 aside 8$ homes for residents and may provldg additional servicos and facilitres for the benofft of residents. The Original aims and objeclives were superseded by revised rul9$ adopled by the Association on 10ècèmber 1992 and a new sel of njles were adopted on 21 November 2022. In setting objectives and planning for aclivtties, the Trustees have given due consideration to general guidance published by the Charity Commissw relating lo public bènefit, including the gUanCe 'Public benefit: running a charity IP82)'. Achl•wm•nts and p•rforninc• • R•vl•w of •dlvltl•# Rent incoming remains at steady flow of unrestricted funds, monthly or four weokty from now and oxisling tenants. 44 coltages have been re1 and relurbishments completed to a prc*3ressNety high standard. The Parkray fire removal program has beèn successfulty completed. 23 new combi boilers were fitted. 10 cottages were fitted with new PQTth WirthV arKI doc$. A brick gateway was a180 repaired and replacement wrought iron gate fitted. • Inv•$tment pollcy and perforniance The investments held by the TrLJslees have hislori¢ally been gifted to the Association. The Trustees. policy has been lo leave the investments until tt)e cash is required. Page 3
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Fln•nclal revlew • Going conG•m The Trustees have a reasonable éxpectab'¢)n that the Charity has adequate reUle&S to continue in operatsonal existence for the loreseeable lulure. For this reason they continue to adopl a going concem basis in preparing the financial stalements. Further detsils can be found in th6 accounling policios. • R•$eNes poll¢y The gener81 resthves are revithved annvalty. including an assessment of expendrture and commitments of rese9$. The Trusiees propose that the Charity shoukl hold general reserves equivalent to approximately 12 weeks general expenditure in or(1or lo provide SLrffi¢ienl vrtjrking capitsl lo provide a cushi¢ to deal with unexpectsd emer9en¢ies. In order to cleaY idènlrfy Iho 96neral res8Th68 available lo the Charity. tho Trustees have designated funds lo an equivalenl value ol the fixed assèts hèld as these lunds cannol be realisgd wilhoul sèlling assets which are used by the Charity. The remaining general lunds are in d8ficil- The Tnjstees will be making inform6d decisions going forward, lo increase Ihe general funds, and monitor Iransaclions caiefully. They will also monitor progrgss on existing and nthv projects requiring attention. The sdar panèl knan is reviewed bi-annually lo assess progress. • FlnaTh¢l•l ov•rvl•w The principal funding Source for the Charity continues lo be the mointenance cA>ntribution paid by the residents. The charge is revigwgd annuolty to ensure that il continues to be adequate lo meet the objectives of the Associallon. The contributions received in Ihe year were £1,244,70612022. £1,191,310). Total inwrning rescMJr¢68 increased from £1.353.234 10 £1,397.145 and ihe Charity's total expenditure Inueased from £1,361,564 10 £1,411.712. Nel oul90ing resources before inveslmènl, revaluation and pension gains or losses as rgportod in the Stalomont of fin•neial activities was £14,56712022-. nel outgoing resource8 01 £8.330}. Nel galns on Investments amounted to £30.341 12022.. losses £48,740) and the actuarial loss was £114,000 12022.. actuarial loss £7,000) resulting in nel de(nase in funds of £98.22612022.. decrease of £64,070). Total funds carried foard decreased from £33,$58.371 to £33,460.145. A breakdown of the Charity's reserves can be found in note 22 to Ihe financial statements. The balance on the unrestricted general fund h8s incre8sed from a deficit balance of £65,323 al 3111212022 to a P05Ftive balance of £23,150. We do not anlicipale any shortage of potenli81 applicanls, for the cLJttages, as the maintenance contributions are currenlty substantially lower than cornparab social housing or private renta15 in the area. Page 4
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 • Prfn¢lpal rlsks and un¢•rtalntl The Tntstees confirm that the maior risks lo which the Charity is exwsed have been reviewed and Systems are In the process of being PLrt in place to mibgate those risks. The principal risk of the Charity is that demand for th6 properties by eligible lenants could wane with demise of the coal industry in Northumberland. Howèver, al present. the waiting lists fof each group of cottages do not Sndicale any problem for th8 foieseeable future. • Flnanclal rlsk manag•mttnt obJ¢dlv•s and pollcl•s The Twslees perform an annual review of the risks lacing thè Charity. Ihe eslablishmenl of systems and procedures lo mitigate Klenlifiable risks and the implemenlalion of procedures deslgned lo minimlse any potential impact on Ihe Charity should any of these risks malerialise. Structur•* gov•rnanc• and manag•m•nt Constltutlon Northumberland Aged Mineworkers. Homes Association INAMHA) is a registered charity. number 227044. and 18 consblute(l under a Trust deed. NAMHA was formed In 1900 and was govemed by ils revised bye Lqws dated 1 December 1992 untll a new sel of rules were adopted on 21st November 2022. The Charity is also a momber of the National Association of Almshouses (number 17991. Over the years the Associats'on has taken over a numbgr of similar chafllies, some of lch rem8in registered with with the Charity Commission as $ub$idiaries of NAMHA. These subsidiary charities are completely absorbed into the managernenl and adminislralive structure of NAMHA and th) nol prepare accounts in thèir own right. • M•thods of appolntm•nt Of •l•ctlon of Trust••$ Any vacancy on the Board of Trustees 1$ flNed in lino the currenl rules of the Association. • Organlfjatlonal •trncthr• and d•clslon4naklng pollchs The Association is managed by a Board of Trustees elected in line with the rules of the Association. cpIed members are selected by the Board for their professional expertise in their own particular field and attend meelings in an a¢Jvisory capacity and are not involved in policy making deusions. There are al least four mèetings per annum of the full Board of TnJ51ees when all major policy decisions are made. Where necessary, additional special meetings of the full board are convened. In addition. various su committees foimulate new policy and make recommendats.ons to the fvll Board. The day to day management of the Charity is dekgated by the ChariWs Twslees to the manager who can be Contacted al the registered office as shown on page one. Page 5
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OECEMBER 2023 Stru¢lurn* govern•nt• •nd manag•m•nl {¢ontlnuedl • PolScS08 adopt•d for inductlon •nd trnlnlng of Tru$t• New Tnjslees attend an induction meeting Wrth the Chairmon. Hryrary President and Treasurer ¥there they are made aware of the aims and oblts ol Ihe Assoaalion. Any spe011$1 training which may be requirod is provided by an appropriate member of slaff. • Pay pollcy lor kèy m•nag•m•nt p•rsonn•l RemuneratSon for key managèment personnel is reviewed on an annual basls based on a formal appralsal system. Plans for futur• p•rfod$ Extensivè damp proofing of four prop8rtiOS 15 to be rried will involve exlemal brick work repairs and insidg tanking 8n¢J replaslering. Exlemal wall lo ten cottagos Is lo replaced to comtAy wilh Hoatth aThl Safety requirements. Rgpla¢èmènl windows are required for a Stroet of èight eottag8s. Fencing at a row 5 Cottages Is to be renewed and additi¢)nalty at a row of four cottaggs. Stat•m•Dt ol TrustMs' r•spon•lbllltl•s The Trustees af8 responsiblè for pr8parh)g the Trvsle8$' feport and the financial slotement$ in aordanCe with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted A¢wunling Practice). Tho law applicable lo charities in England & Wales rgquirès the Truslegs to Prepa financial Ststements lor each financial year which give a tfue and fair vigw of thè state of affairs of the Charity and of ils incoming resources and application of resources. including ils income and expendrture. for that period. In preparing these financl81 slalemenls. the Trustees are requlred to: select suitable accounting policies and Ihen apply them consistently.. obserye the methods and principles of the Chanties SORP {FRS 1021.. make judgments and accounting estimates that are roasOnab and prudent,. stale whether applicable UK Accounting Standards IFRS 1021 have been followo(I, subject lo any material departures dis¢kJsed and explained in the financial statements,. prepare the financial slalements on the going concem basis unless il is inappropriate to presume that the Charity will continue in business. The Twslees 8re responsible for keeping adequate accounting records thal a sufficient to show and explain the Charity's Iransaclions and disclose with asonable accuracy at any lime the financial position of the Charity and enable them to ensure thal the financial statements compty with the Charit$ Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsiblg for safeguarding the assets of the Charity and hence for taking Teasonable steps for the preventK)n and detection of fraud and other irregularities. Page 6
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 310ECEM8ER 2023 Dl$¢losure of Inforniatlon to audltors Each of the persons who are Trustees al the lime when this Trustees, re1 is approved has confimied that.. so far as that TnJsle6 is aware. there is no relevanl audit inl<ynnation of vknich the charity's auditors 8rè unaware. and Ihal Trustee has laken all the stsps that ought to have been taken as a Twsloe in order to be aware of any relevant audit infomialion and to establish that th6 charitVs audiloryJ are aware of that information. Audltors The au(iilors, Kinnair Associates Limiled, have indicated their willingness lo continue in office. Th8 deslgnaled Tnjslees wlll propose a motion reappointing the auditors at a meeting of the Trustees. Approvod by order of Ihe members of the board of Trustees on 30 October 2024 and signed on their behalf by.. Mr G E Wllso Page 7
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION Oplnlon We have audited the financial statements of Northumbedand Aged Mineworkers, Homes Association Ilhe 'ChariWI for the year ended 31 December 2023 vthieh comprise the Ststemenl of financial aclivilies, the Balance sheet. the Slalement of cash fk)ws and the related notes, including a summary ol significant accounting policies. The financial iew)rting ftamework that has teen applied in their Pfeparats'on is applicable law and United Kingdom Accounting Stsndar¢Js. induding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republbc of Ireland. {Uniled Kingdom Generally Accepted Accounting Praclicel. The financial 51alemenls have been pr8parod in accordance wilh Accounling and Reporting by Chaiilies proparing theif accounts in accordance wlh the Finanal R6porting Stsndards applicable in the UK 8nd Republic of Ireland IFRS 1021 in preference to the Accounting and R6w)rting by Charitl8s.' Statement of Recommended Practice issuod on 1 Apnl 2LK)S is referred to in the 8Xt8nl regulations bul has bgon withdrawn. This has been done In order for the accounts lo provlde 8 true and fair view In accordance whh the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 201 S. In our opinion the finanrial slalements.. give a true and fair view of the stale of the Charitys affairs as at 310ecembgr 2023 and of 118 Incomlng resourS and application of $Our¢8S for the year then ended., hove boen propty prepared In aceothnce wilh Unrted Klngdom Generally Accepted kwunllng Practice,. and have been Pfepared in accordare with thè requirements of the Chariti88 Act 2011. Basls for opSnlon We conducled our audit in aCCCdan¢è wrth Inlemats'onal Standards on Auditing IUKI IISAS IUKII and appllcable law. Our responsibilities undef those standards are further deseribed in the Auditors, responsibili11oS for the audit of the financial stslements section of our report. We are independent of the charity in accordan¢o with the ethical requirements Ihal are revaTrt to ¢)ur audit of the financial statements in the United Kingdom, In¢lLTrding the Financial Reporting Council's Ethical Standard. and we have fulfilled our other elhlcal iesponsibilities in accordance with these requirements. We believe that the audll evidence we have obtained Is sufficienl and appropriatè to prOVe a basis for oui Opinn. Concluslon$ r•lating to golng concom In auditing the financial slatements. ¥ have concluded Ihot ts TNslees' use of the 90ing concem basis of accounting in the preparatrjn ol the financial Statements is appropriate. Based on the work have performed. wa have r1 idenlthed any malgrial uncertainties relating lo events or conditions that, individually or collectively. may cast significant doubt on the charivs ability to continue as a going concem for a period of al least Nvefve months from when the financial statements are aulhorised lor issue. Our responsibilities and the sponsIbl1eS of the Trustees V+ilh respect lo goiThJ concem are described in the relevant sections of this repL¥t. Page 8
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION ICONTINUEDI Other Infomiatlon The other information mPriseS Ihe infomialion induded in Ihe Annual report other Ihan the financial statements and our Audrtors. report Ihereon. The Tnjstees are resWnsie for the other infomialion contsined within the Annual report. Our opin¢on on the financial statements doès not eoveT the other Information ard, except lo the extent otherwise expllc1Y staled in our report, do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and. in doing so. consider whether the other infomiation is materially inconsistent wilh the financial statements or our knowledge obiained in the ourse of the audit, or olheNise appears to be materially misstated. If identify such material inconsistencies Of apparent material mis51alemenls, are required to determine whether this gives rise lo a material misslalemanl in the financial statements Ihemsefvos. If, based on thg Work we have performed, we conclude that there 1$ a material misstatemenl of this olher infomiation, are required lo report that fact. We hove nothing to report in this regard. Matters on whlch we ar• r•qulr•d to report by •xc•ptlon We have nothlng to report In respect ol the followlng mattets Wr• the Charitle$ (Accounts and Reports) Regulations 2008 requires us lo report lo you if. in our opinion.. the infomiation givèn in Ihtr Trustges. reFrt is inwnsistent in any material respod with the financial slalements.. of $ufficifjnl a¢unting records have not been kept: or the finanal slalemenls are not in agreement with the accounting records and relums: or V+ have not received all the infonyK)n and explanakn.ons require for our audrt. R•¥pon¥lbllltl•s of trust••s As explained more fully in the Trustees. r8spcffisibilth.es stalement, ts Trustees are r8sponslbl6 for the preparation of the financial st8t6ments whKh give a true and fair view, and for such intemal control a5 ihfj Trustees determine is n8ssary to enable tho preparalion of financial ststoments that are free from material misstatement. whether due to fraud or orror. In preparing the financial statements, the Trvslees are responsible for assesslng the charlvs abllity lo contSnue as a going concem. tlisclosing, as applicable. matters lated lo going cx)ncem an¢J using the going concern basis of accounting unless the Trustees either intend to liquNYate the chanty or to cease operations. or have no realistic allernalive bul to do so. Page 9
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION ICONTINUEDI Audltors. r•$ponslbllltles for the audit of th• financial statemènts We have been apinted as audiior under section 144 of the Charities Aet 2011 and report in accordance with the Act and revant regulaUons made or having effect thereunder. Our objectives are lo obtain rea50n8bte assurnrK atoul wh8ther the financial stalem&nts as a wtt0 are free from material mi$statemenl, whether due to fraud OT error. and lo issue an Auditors, report that includes our opinlon. Reasonable assufance is a high level of assuranc6. bul is nol a guarantee that an audit conducted in accordancè with ISAS IUKI will aVaYS detect a malerial misslalèmenl when il exists. Misslalements can arise from fraud or error and are considered material if. individually or in the aggrogat8. they could reasonably be expected to inftuonco the econ¢)mic dècisions of users taken on tho basis of thèse finanaal statements. Irregularities. induding fraud. arg instances of non<ompliance vthh laws and regulations. We deslgn proce(Jures in line with our Tesponsibilities. outlinèd abov8. lo detect matfrrial misslalemenls in respect ol irregularities. including Iraud. The extenl lo whth our procodures are capable of detoctsng irr8gularilies, Including fraud Ss delalled below.. the engagement partnèr ensured that the engagement leam collectivdy had the approprSale compelence, capabilits and skills lo identify or recognise non<omplianGe with applicable laws and regulations,. we identified the laws and regulat$ opplicable lo the Charity through discussions with Tru$lo8$ 8nd other management. and from our commercial knowledge and experience of the seclof.. we focused on sp8cific laws and regulations which wo consider may havè a direcl material effect on the financial statomfjnls or the operab.ons of the Charity. including the Charitses Act 2011 el seq. the Charities (Protection and S191 In¥¢slmènll Act 2016. the TNsleos Acts 1925 and 2000 and Charity Commission iegulations., assessed the exlenl ol complianco with the laws and regulalKJns identified abovo through making ènquiries of management and inspeclirwJ al correspondenee.. and Wo ensured that the idenlffied laws and wulalions wgro communicated within the audll team regularfy and the leam remained alert lo instances of non-compliance Ihroughout the audit. We assessed the susceptibility of the Charity's financial statements to materi81 misslalem8nl. includin9 obtaining an understanding ol how fraud mighl occur. by.. - making enquiries of management as lo where they nSidered there was susceptibility lo fraud and their knowledge of aclual, suspected and alkged fraud.. and considering the internal controls in place lo mitigate risks of fraud and nonwmpliance with laws and regulations. To addrèss the risk of fraud through management bias and override of controls, we.. - P8rfomied analylical procedures lo identify any unusual or unexpected relationships,. lesled jouinal entries lo identsfy unusual Iransath"ons- and assessed whether judgemenls and assumptions made in delemining the aunting eslimales set out in the notes to the financial slalements are indicative of potential blas. In response lo the risk of itregulafities and n(m-compliance with and regul8b'ons. we dessgned procgdures which include, but are not lirniled lo.. agreeing financial statement disclosu$ to underfwng supporting documentation,. reading Ihe minutes of meets.ngs of those charged with govemance; enquiring of management as to actual and potential liligalion and claims,. and reviewing ¢xJrrespontlence with HMRC. relevant regulators an¢J the Charity's legal advisors. Page 10
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION {CONTINUED) There are inherent limitations in our anticipated audit wocedures described atthfe. The more removed that laws 8nd regulations are from financial transactions. the $$ likely il is that we would become aware of non. compliance. Auditing slandards also limit the audit prctedus required lo identify non•¢ompliance with laws and regulations lo enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence. if any. Material rnisstatement$ that artse due to fraud can be haer lo dete(# than those that arise from error as thèy may involve deliberale concealment or ¢>)Uusion. A further descriptn ol our responsibilitses for the audit ol the financial slalemenls is h)caled on Ihe Financial Reporting Council's websi18 al- This descriptson forms part of our Auditors, report. U•• olour r•port This report Is made solely lo the Charivs Trustees. a5 è body. in accLJTdance with Part 4 01 the Charitsgs (Accounts and Rèports) Regulations 2008. Our audrt ¥s%yk has t*en undertaken $0 thal we might stale lo the Charity's Trustees those matters are required lo slate lo them in an Auditors. report and for no other purpose. To the fullest exlenl pemitled by law, do not accepl or assume respon5ibilily lo anyone other than the Charity and ils Tnjslees, as a body. lor our audit work. for this rèport. or for the opinions we have formed. Klnnalr A••oclat•s Llmlt•d Chartered Accountants Registered Auditors Aston House Redbum Road Newcastle upon Tyn8 NE51NB 30 October 2024 Kinnair A$slateS Limited are eligitAe lo act as auditors in lemis of section 1212 of thè Companiès Act 2006. Page11
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION STATEMENT OF FINANCIAL ACTNITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted fvnds 2023 Total funds 2023 Tol81 funds 2022 Not• Incom• from: Donalions and legaues Charitable aclivities Other trading activities Investments 100 1,244.706 83.523 68,816 100 1.244,706 83.523 68,816 1. 191,310 148,083 13.841 Total Income 1,397.145 1.397.145 1,353,234 Exp•ndltur• on.. Raising funtjs Charllable activities 88.886 1,322.826 88.886 1.322.826 91,298 7,270,266 10 Tot•1 •xyndltur• 1.411.712 1,411,712 1,361,564 N•t {•xp•ndltur•llSn¢om• befor• n•t galns on Inv•stm8nts Nel gainslllossesl on investments Net movem•nt In lundi b•re other recognlud galnsllloss••l 114.5671 30.341 114,567) 30,341 (8.330) {48. 740) 15.774 15.774 {57.070J Oth•r rn¢ognl$•d gainsllloss•sl: Actuarial losses on defined benefil pension schemes 28 1114,0001 {114.0001 (7,000) Net mov•m•nt In lund• (98,2261 {98,2261 (64,070) R•conclllatlon of funds: Totsl funds brought forwafd Ng1 movement in funds 33.558,371 198,2261 33,558.371 {98.226) 33,622,441 (64,070) Total funds urrl•d forward 33.460,145 33.460,145 33,558,371 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 16 to 38 forni part of these financial slalgments. Page 12
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Not• Flx•d 4s#ets Tangible assets Investsnenls 15 16 33.436.995 362,277 33.623,694 333,466 33.799.272 33,957, 160 Curr•nt a$¥•t• Stocks Debtors Cash al bank and in hand 17 18 15,516 251.835 855.¢)07 7,575 370,363 829. 142 1.122,358 1,207,080 Credit¢ys.' amounts falllng due wilhin one year 19 (247,3631 (279.558) N•t curr•nt a¥s•t• 874,995 927.522 Total assets curT•nt Il•bllltl•• 34.674,267 34,884,682 Creditors.. amounts falling due after mora than one year 20 {1,214,1221 (1,326.311) N•t asMt$ •xcludlng p•n$lon a•s•l 33,460,145 33,558,371 Total n•t asi•ts 33.460.145 33,558,371 Page 13
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION BALANCE SHEET {CONTINUEOI AS AT 31 DECEMBER 2023 2023 2022 Ch•rlty fundi Unrestricted funds 33,460.145 33,558,371 Total funds 33,460.145 33,558,377 The financial statements were approved aThJ aLrfhorisgd for issue ty the Trustees on 30 Odobgr 2024 and slgned on their behalt by.. Mr G E Wllson The notes on Pag 16 10 38 form part of these financial statomènts. Page 14
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from op•ratlng actlvltlos Ng1 $h used in operating activities 117.127 54,321 C#sh flowi from Inv•stlng actlvltl•s Dividends, interests and rgnls from inveslmonls Proceeds from the sale of tangib fixed assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase ol investments 68.816 73,841 (24,600) 40,039 (38,419) 24,581 123.051) Not cash provldod byl{us•d In) Inv•8tlng Ctlvltl 70.346 (3,1391 C••h flOT from flnanclng actlvttl Repayments of borrowing (161,6081 1163,067J N•t cash u8•d In flnan¢lng •ctlvltl•• (161,608) 1163,0671 Ch•ng• In ¢•sh •nd ¢ash •qulv•l•nts In th• y•ar Cash and cash equivalents al the beginning of the year 25.865 {111,8851 941,027 829.142 Caih and ca•h •qul¥l•nts at th• •nd ol th• y•*r 855,007 829, 742 The notes on pages 16 to 38 form part of Ihese financial staleffonts Page 15
NORTHUM8ERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2023 General Infomiatlon The Northumberfand Aged Mineworkers, Homes AssociatK)n is a registered charity. number 227044. The Charity is unin¢orporated and its registered office is 7 Esther Cwrt. Wansbe¢k Busines5 Park. Ashinglon, NE63 8AP. The financl81 stslements are prepared in sterttng vthich is the functional currency of the Charity. Monetary amounts in these financial stslemenls are rounded to the nearest £. Accountlng poll¢l•s 2.1 Balls of pr•paratlon of financlal st•l•rn•Thts The financial statements have been prepared in aCCOTdance wilh the revant versk)n of the Slotgrnenl of Recommended Practice applicable lo charilies preparing thèir financial slalemenls in accordanco with tho Financial Reporting Standard applicable in thg UK and Ropublic ol Ireland {FRS 1021 and the Finanal Roporb'ng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Chanties Act 2011 aj UK Gengrally ApIed Accounting Practi. The financial statements have been pared lo give a Irue and fairf view and have departed from Ihe Charilie$ IA¢counls and Reports) Règulations 2008 only lo the extent required lo provide a Irue and fail. view. This dgpartyfe has involved following the Charitses SORP IFRS 1021 published in October 2019 rather than the Accounling and Reporting by Charities.. Statement of Recommondgd Practice effective Irom 1 April 2005 which has since been withdrawn. Norlhumberland Aged Mineworkers, Homes Associotion meets the definltion of 8 public benefll entity under FRS 102. Assets and liabililies are inilialfy recognised al historical cost or Iransaelion value unless olhewse statod in tho r8vant accounlirwJ policy. 2.2 Golng conc•rn The Trustees assess whether the use of going o)ncem is appropria10 1.0. whether thère are any material uncertainties related to events or conditions that may cast significant doubt on the ability ol the charitable trust lo continue as a going concem. The Trustees make this asses5menl in respect of 8 period of al least one year from the date of authorisation fow issue of the financial stslemenls and have concluded that the charilabk trust has adequate resources lo continue in operational existence for the foreseeable futu and the a rKI material uncErtainlies about the Charity's ability lo continue as a going concem. thus ihey continue lo adopt the going nCeM basis of accounting in preparing the finanaal statements. 2.3 Income All income is recognised once the Charity has entitlement to the income. il is probable that the income will be received and the amount of income roceivable can be rneasud reliabfy. Maintenance contributions are recorded on an acc¥uals basis representing the amounts due within the year and invoiced in the year. Page 16
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢l•s Iconllnu•dl 2A Exp•ndltur• Expenditure is reeognised Or there is a al or eonstruetive obllgalion lo transfer economie benefil lo a third party. it is probable that a Iransfer of economic benefits will be required in settlemenl and the amount of the obligation can be measured reliably. Expenditure is clèssified by aclivily. The cosls of each aclivity are made up ol the total of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direcl costs attributable lo a singlè activity are allocated directly to that activity. Expenditure on raising funds includes all expenditur8 incurred by tho Charity lo raise funds for ils haritable purposes and indudes cosls of all fundraising acts"viti8s events and non-Gharilable trading. Expenditure on charitable activities is incurred on directty undertaking th6 activities which further the Charivs objectives, as well as any assctialed support costs. AJI 8xp8ndllure Is Incluslve of irrecoverable VAT. 2.5 Inter•$t r•¢•lv•b Inleresl on funds held on dewsil is included vthen receivable and Ihe amount can be measured reliably by the Charity,. this is nom)alty upon nots'fication ol the interest paid or payable by thè inslilulion with whom the funds ar6 deposited. 2.6 Txtlon The Charity is eon&d8red lo pass the tests Sol (xrt in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a Charity for UK corporation tax PLsrposes. Ac¢ordin91y, the Charity is polentialty exempl from taxation in rgspect ol income or capital galns received within calegorles covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to th8 extent that such ir+come or gains aro applled exclusively lo charitable purposes. 2.7 T•nglbl• flx•d a•s•ts and d•precl•tlon Tangible fixed assets costing £250 or morg are capitalised and recognised when lulure economlc bgnefils are probab and ihe cost or value of the asset C8n be m88sured reliably. Tangible fixed assets are initially reeognised at cost, inclusive of irrecoverable Value Added Tax except where assets were capitalised some lime after b8ing acquired and no reliable cost information was available. in vthich case a reasonable estimate of the assefs value lo the Charfly was used. Donated assets are cataliSed at their estimated usefijl value al the lime of the grfl. Freehold housing properties were valued al their fair value on transition to FRS 102 to establish their'deemed Cosf. Leasehold housing properts.es We revalued in 2018 and are being depreciated over the length of the leases. The freehold depot is stated at fair value and is not depreciated. Page17
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢l•s (¢ontlnu•dl 2.7 Tanglbl• fixed ass•ts and d•pr•ciation {contlnu•d) Depreciation is provided on all other tangible fixed assets so as lo allocate the cost of langlble flx8d assets less their residual value over their estimated useful lives. Deprecialion is provided on the lolk)wing bases: Leasehold Housing pmperty Plant and equipment Leasehokl depot V8hides and equipment Solar panels Straight line over length of lease 15% per annum redurAng balance Slraight line over 50 years 25% pei annum straight line 5% per annum Strah¢ line The as88ts' rosidual values. useful lives and depreciation methods are reviewed. and 8dlusled prospeclivftly if appropriate, or If there Is an indication of a signtficanl change slnce the last repo.ng dale. 2.8 Inv•Jtm•nts Fixed assgt investments are a form of financk41 insirumenl arKI are initially recognised 81 Iheir transaclion cost and subsequenlly measured al fair value al Ihe Balance sheet dale, unless th8 value cannol be measurgd roliabty in which cas8 il is measured at $llsS impairment. Investment gains and losses, whether roalised or unrealised, are combined and prosenlod as 'GainsllLossesl on investments. in the Slalemenl of financial activitiès. Investments held as fixèd assets are slM)wn al cosl I provision lor impairment. 2.9 Stock• Stocks are valLted al the Wer of cost arKI net rèalisable value after making due allowan&8 for obsolelo and sh)w.moving slocks. 2.10 D•btorn Trade and other debtors are recognisgd al the settlement amount after any trade diwunt offered. Prepayments are v81ued at the amount prepwd net of any trade discounts due. 2.11 cash at bank and In hand Cash at bank and in hand include5 cash and short-lemi highly liquid investments wllh a short maturity of three months or Jess from the date of acquisstion or openiThJ of the deposit or slmilar account. Page 18
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 AccountSng policios Icontlnuodl 2.12 Llab*lltl•s and provlslons Uabilities are reeognised there 1$ an obligation al the Balance sheet dale as a result of a past event, il Is probable that a transfer of economic benefit will be required in sewement, and the amount ol the sottlemenl can be estimated reliabiy. Liabilities are reojgnised al Ihe arr#)unt that the Charity anlicipales il will pay lo settle the debt or the amount rt has receive(l as athanced payments for ihe goods or seNices il must provide. Provisions are measured al the best èslimale of the amounts required to sellle the obligation. Where Ihe effect of the kn.mè value of money is malerial, the provision is based on the pre$8nt value of those amoun15, dI$Unted at the pre-lax discount rate that reflects the risk$ spocific to the liability. The unwndiry of the discount is recognised in thè Statèment of fingncial activities 88 8 finance cost. 2.13 Flnanclal In•trum•nts The Charity only has financial assets and financial Ilabllilies of 8 kind that qualify as baslc flnancial inslrumgnls. Basic financial instruments are initially roniSed at transaction value and subsequentiy me85ured al their Settrnent value wilh the exceplion of bank 108n5 which are subsequenlly mea5urgd al amortised cosl using the effecbve interest method. 2.14 P•n•lon• Retiiemenl benefits lo •mOyeeS of the Charity are provided by the Local Govemmenl Pension Scheme I'LGPS'I, a defined benefit scheme. The LGPS is a fvnded mulli-empk)yer stheme and the assets ar6 held separaloly from those of the Charity in separale trustee a¢Jminislered furKls. Pensi¢)n scheme assgls are moasured al falr valuè and li8bllitie$ are measured on an actuarial ba$is using the projected unil credit rnelhod and discounted al a rale equivalent to the current rale of retum on a high quality corporate bond of equivalent lemi and Currency to the liabilities. The actuarial valuations are obtsined al le881 triennially and are uwlaled al each B81ance Sheet date. The amounts Charged lo operating surplus are the current service costs and the costs of Sthe inlroduclions, benefit chang8s, settlements and curtailments. They are included as part of staff ¢o$ts as incurred. Nel Inte81 on Ihe nel defingd benefrt liabilitylassel is also recognis8d in the Statement of Finanual Activities and comprises the interest cost on the defined benefit obligation and inleresl income on the scherne ass81s. calculated by multiplwng the fair value of the scheme assets at the beginning of the period by the rate used lo discoijnl the benefit obligations. The difference behveen the interest incomo on the scheme assets and the actual relum on the scheme assets is r8c(#Jnised in other recognised gains and losses. Actuarial gains and losses are recogni$ed immediately in other recthjnised gains and losses. Page 19
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢countlng pollcles l¢ontlnu•d) 2.15 Fund accountlng General funds are unreslrieted funds which are availabkn lor use al the disciellon of the Truslees in lurtherance of thg general objectives of the Charity and which Ive not been deSnated for othgr puTp)ses. Deslqnated funds comprise unrestricled fvnds that have been sel aside by the Trustees for particular purposes. The alm and use of each designaled fund is sel out in the notes lo the financial stslemenis. Invèstm8nl income. gain8 and losses are alhxalèd lo the appropriate fund. Crltlc•l accountlng •stlmat•s and ar••s ol Judgmenl Estimates and judgments are conlinualty evaluated and are based on historical èxpèdence and other laclors, includlng expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting eslimale$ and assumption8: The Charity makes eslimales and assumplions concèming the future. The resulb'ng aCu11n9 eslirnalès and as$umpli¢Jns will, by definition. sekl¢yn equal the reL91 actual resuhs. The oslimales and assumptions that have a si9nrficanl risk of causing a material adjuslmenl lo the carying amounts of assets and liabilitie$ %wthin thè next financial year are discussod bo1¢)W. CrltScal r••s of ludgm•nl: A¢¢ru•d #olr pan•1 Sncom•: s a resull of delays. initially cause(J by the pandemic, ¢he financial slalements include a provision of £67,46012022 £220,329) being an estimate of the feed in tariff income due lo the Charity al the year end. This has been calculated in part from amounts received post year end with the b81ance of the provision eslimaled using a fixed monthty rate less an estimal8d allowance for equipment failure. As this income has not yel been collected in full, the actual income received will differ from the eslirnalèd amount provided in the financial statemnls. Page 20
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Incomè from donatlons and legaclos Unrnstrlcted tund8 2023 Total fund$ 2023 Total funds 2022 Donations 100 100 Incom• from CharItab •ctlvltl Unr•$trlct•d funds 2023 Total funds 2023 Total funds 2022 Income from charrtable acliwlies- Malntenance conlributlons 1.244,706 1,244,706 1, 191,310 Tol812022 1,191,310 1, 791.310 Page 21
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION 140TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income trom other Irading a¢¢iviti Incomo from non charltabl• tradlng acllvltl•s Unr•strl¢tsd funds 2023 Total funds 2023 Total funds 2022 Solar panel income 83.523 83,523 148,083 Total 2022 148.083 148,083 Inv•$lm•nt In¢om• Unr•$trtctod funds 2023 Total funds 2023 To181 lunds 2022 Offiee rent received Incomè from investments Inve$lm8nl in¢om6- cash de$lts Pension income 6,000 5,$83 9.233 48.000 6,000 4,507 2.334 5.583 9.233 48.O¢XI 68,816 68.818 13,841 Total 2022 13.841 13,841 Page 22
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expendltur• on ralsing funds Oth•r tradlng •xpoThs•s Unr•strf¢t•<l funds 2023 Tol•l fvnds 2023 Total funds 2022 Loan inl8rest and consuhancy- solar panels Dapreciatson- solar panels 31.309 56.047 31,309 56.047 33.631 56.047 87.356 87,356 89,678 Tolal 2022 89.678 89.6T8 InlImont manag•rn•nt Costs Unrnstrfct•d fvnds 2023 Total funds 2023 rotal funds 2022 nveslment management lees 1,530 1,620 ro¢al 2022 1.620 1.620 Page 23
NORTHUMBERLAND AGEO MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Analysls of •xp•nditure on charitabltr actlvltl•$ Summ•ry by fund ty Unrnstrlcted funds 2023 Total 2023 Tolal 2022 Direct costs- ProviSn of housing services 1.322,826 1.322,826 1,270,266 Tol812022 1,270,266 1.270.266 11. Anatysls of •xp•ndltur• by •ctlvltl•s Actlvttl•s und•rtaken dir•ctty 2023 Support cost$ 2023 Total funds 2023 Total runds 2022 Dirttl costs - Provlslon of housing services 1.083,$49 239.277 1,322,826 1.270,266 To1812022 7,049. 726 220.540 1.2TO,266 Page 24
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Anatysl$ of •xp•ndltur• by athltles Icontlnu•d) Anaty$Ss of dlr•ct ¢o$ts Provlslon of Houslng servlc•$ Total funds 2023 Total lunds 2022 2023 Stsff costs Depreciation- housing propertS. solar paneLs and vehicl&s Repairs and maintenance Insurance Motor expenses Gain on dSsposal of flxed aéts 307.418 125,563 578,275 47.129 25.164 307,418 125,563 578.275 47.129 25,164 355,940 124,788 502,695 45,673 26,629 f5.999J 1,083.549 1,083,549 1.049. 726 Total 2022 1.049,726 1,049, 726 Anaty•S1 of support Provlslon of Houslng 5c•s 2023 Total funds 2023 Total funds 2022 Steff costs Depreciation Insurance Premises costs General adrninislralive expenses Legal and professional costs Loan interest Motor expenses Governance )Sts Bad debt 136,540 5.089 4,2¢XI 25.022 21.564 9,464 24,710 136.540 5.089 4,200 25.022 21.564 9.464 24.710 1,000 11,688 116,069 5.093 4,071 24,262 17,210 13, 789 26,437 855 10,920 1,840 11.688 239,277 239,277 220,540 Total 2022 220,540 220,540 Page 25
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Analysls of oxp•ndlture by actlvltios Iconllnu•d} Analysls of support costs Icontinu•d} Govemance cthts comprise fees in respect of the auditor induding VAT. See note 12 below for details not of VAT. 12. Audltorn. remun•i•llon 2023 2022 Fees payable lo Ihe Charitys auditor for the audll ol the Chartlvs annual accounts 5,350 Fo•s payable lo the ChariWs audilor in respecl of.. I non-audit servictis Ml induded atM)ve 4.390 4,100 Fees payable to the Charlty audltorfs associates in respod of.. All non4udit $8rvw$ not indude(l above 4,700 6,000 13. Staff toits 2023 2022 Wages and salaries Social security costs Pgnsion strain creditor re fomier empbyee Operaling costs of defined benefit pension sthemes 349.074 31.884 321,899 31,065 (28,955) 148,000 63.000 443,9S8 472,009 The average number of persons employed ty the Charity during Ihe year was as follows: 2023 No. 2022 No. Administration Page 26
NORTHUM8ERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Staff colts l¢ontlnuedl The number of employees vkn)se empbyee benefits (excluding emph)y8r penslon costs) exceeded £60,CN]O was: 2023 No. 2022 In thè band £60.001 - £70.000 The Tnjslees consider k6y management porsonnd to be Ihe Trvslees and senior management of the Charity. Remunèration and bonofrts receive(I by the senK)r management las distinct from Trustees who are volunteersl including employerfs national insurance and pensh)n contributsons amounted lo £94,252 12022.. £86,182) for the year. 14. Trusts•#' r•munoratlon and •xp•ns•• During the year. no Trustees received any remun8ratft or otr*r benefits (2022- £NIL). Durin9 the year ended 31 December 2023. no Trustee expenses have been incurred (2022 - £NIL). 15. Tanglbl• Ilx•d ass•ts V•hlcl•s Hou$lng Office and and Other flx•d prortY d•pot •qulprn•nt as••ts Totsl CMt or valuatlon At 1 January 2023 32,877,047 340.793 117.950 2.241.881 35.577,671 At 31 Dg¢embor 2023 32.877.047 340.793 117.950 2.241.881 35,577,671 D•pre¢latlon At 1 January 2023 Charge for the yèar 882,944 60,617 78,716 95.569 8.923 896,748 112.093 1.953.977 186,699 At 31 December 2023 943.561 83.782 104.492 1,IX18,841 2,140,676 Net book valu• At 31 December 2023 31.933.486 257.011 13.458 1.233.040 33.436,995 Al 31 December 2022 31.994,103 262,OTT 22.381 1.345, 133 33,623,694 Page 27
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. T•nglble fixgd a$$8ts {continuedl Housing properties were revaluod at 31 December 2018 by the Tnjstees on an op8n market basis to estsblish a deemed cost on transition to FRS 102. The historical c05t of ass6ts induded al valuation anvwnts £412.571 {2022.. £412,571). Historicalty housing proporties have b¢en donated at £nil to the Association. All properties are registered in the names of the Trustees on behalf of Northumberland Aged Miners Housing Association. A review is currently being undertaken to onsure that propertle5 whlch are stlll regislorfjd in the name of fomier Trustees on beham the Association are legally transferred to thè current Trustees. 10. Flx•d a•8et Inv•stm•nts Other flx•d Llst•d assét Inv•stm•nts Inv•stm•nts Total Cost or valuatlon Al 1 January 2023 Additions Disposals Revaluallons 327.471 23.051 122.6941 30.090 5,995 333.466 23,051 {24,3301 30,090 {1,636 At 31 December 2023 357,918 4.359 362,277 N•1 book value Al 31 December 2023 357,918 4,359 362,277 At 31 December 2022 327.471 5.995 333,466 17. Stocks 2023 2022 Finished g¢)ods and goods for resa 15.516 r,575 Page 28
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 OECEMBER 2023 18. D•btors 2023 2022 Due withln on• year Maintenance contribution debtors Other debtors Propaymenls and accrued income 34,772 2.514 214.549 9,608 13,730 347,025 251,835 370,363 19. Cr•dltor•: Arnounts fallSng du• wlthln on• year 2023 2022 Other h)ans Trade creditors Other laxalion and social security Other creditors Accruals and deferred incom8 110,868 16.474 20.426 75,048 24,547 110,868 56, 123 81,391 31,176 247.363 279,558 Olh¢r ¢reditor$ in¢bJd¢s £61.239 12022.. £60.1461 rent bonds collected from new tenants. These bonds will be repaid or iealised once tenants Tr) longor occupy thoir propoty. Page 29
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2023 20. Credltorn: Amounts falllng due aft•r more than onè y••r 2023 2022 Other k)an$ 1,214,122 1,326,311 Includod within tho abovè ar6 amounts falling due as follch¥8'. 2023 2022 B•tw••n on• Ind two y••rn Olher bans 112.188 112, 188 B•lw••n two and five y•ar• other kfyan$ 336.565 336,565 Ov•r flv• y•ar• Other bans 765.369 87T,558 The aggregate amount of liabilities payabbe or repayable wholly or in part more than five years after the reporting dalo is.. 2023 2022 Payab or repayable by Instalments 765,369 877.558 765.369 8TT,558 Th8 loan is secured on housin9 propgrties with a n81 bwk value of £7.750,00012023.' £7.750.ow}. 21. Flnanclal Instruments 2023 2022 Flnan¢lal assets Financial assets measured at fair value through irKome and expenditure 855,007 1.162,608 Financial assets measured at fair value 1hrh income and expenditure comprise bank balances and quoted inveslmenls. Page 30
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Statsm•nt of funds Slatement of lund$ - ¢urront y•ar Balanc¢ at 31 Galnsl December (Lossesl 2023 Balance at 1 January 2023 Transf•rs Inlout Inc¢)m• ExndItur• Unrgstrlct•d funds Deslgnated funds Designated fixed asset fund 33,623.694 (186.6991 33,436.995 G•neral fund¥ General ftjnd Pen8lon reservè 165,323) 1,397.145 (1,210.013) (129,000) 115.000} 129,000 30.341 1114.000 23.150 (65,3231 1.397.145 11.225,0131 183.6591 23,150 Total Unr•$trlct•d funds 33,558.371 1.397.145 (1.411,7121 (83.6S91 33,460,145 Page 31
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Statoment of funds {contlDu•dl Stat•m•nt of funds - prfor year Bo18nce at 31 December 2022 Balance al l January 2022 Transfers itvout Gain (Losses) Income Expenditur6 Unrestrlcted funds D•slgnat•d funds Designalod fixed asset fund 33. 785,023 (185,928) 24.599 33,623,694 Gen•ral lund* General fund Pension reseTho (122.582) 1,353.234 fl.028.636) (218,599) (40.000) (147,Cth) 194.000 (48, 740) (7,000) f65,323J (162.582) 1,353,234 (1, 175.636) (24,599) (55, 740) (65,323) Total Vnr•strlct•d funds 33.622,441 1,353,234 (1.361.564) (55, 740J 33.558.371 23. Summary of funds Sumrnary of fvnds - current y•ar Balanc• at 31 Gainyl 00mber (Losses) 2023 Balance at 1 January 2023 Transf•rs Inlout Incorne Expenditure Designatod funds General fvnd$ 33.623,694 {186.6991 165.323) 1.397,145 (1.225,0131 33,436.995 23.150 183.659) 33.558.371 1.397.145 (1.411,7121 183.659} 33,460,145 Page 32
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Summary of funds {¢ontinued) Summary of funds - prior y•ar 8a18nce 81 31 DeGember 2022 8al8nce at l January 2022 Transfers Gain (Losses) Income Expendlturo Designated funds General fvnds 33.785,023 (185,928) (162,582) 1.353,234 (1, 175.636) 24.599 (24.599) 33,623,694 (65.323J (55. T40J 33.622.447 7.353,234 (1,361,564) 155, 740) 33,558,371 Page 33
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 24. Anatysls of n•t ass•ts bolwe•n fvnds Analysls of n•t a$s•ts b•tw••n funds - curr•nt year Unrestrlcted funds 2023 Totsl funds 2023 Tangible fixed assets Fixed asset investments Currenl assols Creditors due wthin one year Creditors due in more Ihan one year 33,436,995 33,436.995 362.277 362.277 1.122.358 1,122.358 1247,363} 1247.3631 11,214,122) 11,214,122) Tot•1 33.460.145 33.460,145 An8ty811 of n•t ••i•t• b•tw••n funds . prlor yr Unrestricted fvnds 2022 Total funds 2022 Tangible fixèd ass6ts Fixod asset investments Currgnl assets Credltors due within one year Creditors due in more thon one year 33.623,694 33,623.694 333.466 333,466 1,207,080 1.207,080 (279,558) (279,558) (1.326.31 l) fl.326,311) Totsl 33.558.371 33.558,371 P3ge 34
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 25. Rocon¢lllatlon of n•t mov•m•Dt In fi•nd$ to net cash Ilow from op•ratlng a¢tlvltles 2023 2022 Net incomelexpenditure for th8 yeor (as per Statement of Financlal Activities 15,774 (57.070J AdJu#tm•nts for. Depreciation charges ILossesygains on investments Olvidends, interests and r6nls from investments Lossllprofill on the sale of fixed assets Decreasellin¢reasel in stod($ Decreasellincreasel in deblors IDecr8asellincrease in credilors Loan interest Defined benefit penston $¢heme cosl less contsibulions payab 186.699 130.341) 168.816) 185.928 48, 740 {73,841) (5.999) 2,925 (92,873) (19.351) 52,862 (47,000) (7,9411 118,528 {32,1951 49,419 {114,0001 Not cash provld•d by op•ratlng a¢tlvltl 117.127 54,321 26. Anatysls ol cash and ca•h •qulvahnts 2023 2022 Cash in hand 855.007 829,142 Total cash and ch •qulval•nts 855.007 829. 142 27. Analysls of ¢han9es In net debt At31 00mb•r 2023 January 2023 Cash flows Cash al bank and in hand Debt due wtthin l year Debt dvo after 1 year 829,142 1110.868} 11.326.311} 25.865 855,007 1110,8681 112.189 11,214,122) Page 35
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 P•nslon commltments The Charity operates a defined benefft pensM)n scheme. The Association is one of several empkjying 1th6es Included within the Local Govemment Pension Scheme ILGPS). The LGPS Is a funded defined benefit scheme wilh the assets held in separate trustee admlnlstered funds. Conlributsons to the scheme a detemiined by a qualified actuary on the basis of triennial valuations using the projected unil melhod. A full actuarial valuation ol the Tyne and Wear Pension Fund was carried out on 31 March 2022. Principal actuarial 8ssumplion8 al the Balance sh801 dale18xpressed as woighled avèrag8s1'. At31 A131 DKOMIr December 2023 2022 Scounl rate Future Salary increa Pension increases CPI inflation At31 D•c•mber 2023 Years A131 December 2022 Years Mortality fates lin ygors) - lor a male aged 65 now al 65 for a male aged 45 now - for a lemale aged 65 now - at 65 lof a female aged 45 now 21 22.2 24.1 21.8 23.5 25 26.7 25.5 Page 36
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2023 Panslon commitments l¢ontsnu•d} Tho Charity's share of the assets in Ihe scheme was: At31 D•c•mber 2023 A131 Dec8mb&r 2022 Eqvi1188 Gilts Corporate bonds Propety Cash and other liquid assèts Other Mutt6 as8&1 u9dit 2.030.000 52.000 782,000 417,000 28,000 517,000 184,000 1.918,OL 49,000 730,000 393,000 67.000 419,000 168,000 Total lalr value of assets 4,010.000 3, 744,000 The actual rètum i)n scheme assets was £237.IM (2022- £-182.(RKI). The amounts recognised in the Slalemenl of financial activities are as folkm: 2023 2022 Current servlcé cost Interest income Interest cost 63,(M)O {181,000} 133.000 148,000 (T7,000) 76,000 Total amount r•cognls•d In th• Stat•m•nt of financlal actlvttl•s 15,000 147,000 Movements in the psent valug of the dgfinod bgnefft obligation were as foifows: 2023 2022 Opening defined benefit oblallOn Current service cost Interest cost 3,744.000 63.000 133.000 21.000 170.000 (121,000) 3,832,000 148,000 76,000 22,000 {252.000) {82,000) Conlributions by scheme parli¢ipants Acluar4al lossesl{gainsJ Benefits paid Clo$lng d•llned bèn•flt obllgatlon 4,010,000 3, 744,000 The actuary has reported aetuarial gaFns of £54.000 for lh8 year. This anUnt has been rostricled lo loss of £170,000 as shown above as it is not exF¢Ctgd that the surplus will be distributed lo the Charity. Page 37
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ponslon c¢)mmltm•nts {contlnu•dl Movèments in the fair value of lh8 Chantys share of schem8 assets were as follows: 2023 2022 Opening fair value of herne assets Expected retum on assets Acluan81 gainslllossesl Contributions by empby8r Conlribulion$ by scheme p8rticlpants Beneffils pai¢J 3,744,000 181.000 56,000 129.000 21.000 (121.000) 3,792,000 TT,000 (259,000) 194,000 22,000 (82,000) Closlng falr valu• of sch•m• •ss•ts 4,010.000 3, 744,000 R•lat•d party tr•n¥•¢tlon8 After obtaining appropriate landlord Sents. elc. a new ase was enlerod into with effect from 1 June 2021, sub 18tling the first flwr. for use a$ the consliluency office of lan Lavery MP la Truslge of thg Charilyl. Rgntal income amunling lo £6.000 {2022.. £6,000) was received in the year. In addition Ihg consliluency office is responsible for paying half the running cos15 01 the prortY and charges of £2,514 were invoiced, followin9 the year end, in respect of the year onded 31 December 2023. An amount, ol £2.232 charged for the previous y6ar was oulstsnding at 31 Decomber 2023. This was paid after the year end. Two Trustees. vtho qualfy lo be resents. occupied re$identi•l propèrtles of the charlty on conslslonl lemis as all other residents. Page 38