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 r￿leS 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 re*d8nts 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 gU￿anCe 'Public benefit: running a charity IP82)'. Achl•wm•nts and p•rforni*nc• • 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 re￿1 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 re￿Ule&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•$eNes poll¢y The gener81 resthves are revithved annvalty. including an assessment of expendrture and commitments of rese￿9$. 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 clea￿Y 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 fo￿ard 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. c￿pIed 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. Hry￿rary President and Treasurer ¥there they are made aware of the aims and obl￿ts ol Ihe Assoaalion. Any spe￿011$1 training which may be requirod is provided by an appropriate member of slaff. • Pay pollcy lor kèy m•nag•m•nt p•rsonn•l RemuneratSon for key managèment personnel is reviewed on an annual basls based on a formal appralsal system. Plans for futur• p•rfod$ 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 a￿ordanCe 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, re￿1 is approved has confimied that.. so far as that TnJsle6 is aware. there is no relevanl audit inl)Uusion. A further descript￿n 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 $0 thal we might stale lo the Charity's Trustees those matters are required lo slate lo them in an Auditors. report and for no other purpose. To the fullest exlenl pemitled by law, ￿ do not accepl or assume respon5ibilily lo anyone other than the Charity and ils Tnjslees, as a body. lor our audit work. for this rèport. or for the opinions we have formed. Klnnalr A••oclat•s Llmlt•d Chartered Accountants Registered Auditors Aston House Redbum Road Newcastle upon Tyn8 NE51NB 30 October 2024 Kinnair A$s￿lateS 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 re￿vant 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 Finan￿al Roporb'ng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Chanties Act 2011 a￿j UK Gengrally A￿pIed 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 r8￿vant 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 rneasu￿d 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 T*x*tlon 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 ca￿taliSed 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 Stra￿h¢ 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 ￿$ll￿sS 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 ro￿niSed at transaction value and subsequentiy me85ured al their Sett￿rnent 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 •m￿OyeeS 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 Inte￿81 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$ed immediately in other recthjnised gains and losses. Page 19 NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢countlng pollcles l¢ontlnu•d) 2.15 Fund accountlng General funds are unreslrieted funds which are availabkn lor use al the disciellon of the Truslees in lurtherance of thg general objectives of the Charity and which I￿ve not been deS￿nated for othgr puTp)ses. Deslqnated funds comprise unrestricled fvnds that have been sel aside by the Trustees for particular purposes. The alm and use of each designaled fund is sel out in the notes lo the financial stslemenis. Invèstm8nl income. gain8 and losses are alhxalèd lo the appropriate fund. Crltlc•l accountlng •stlmat•s and ar••s ol Judgmenl Estimates and judgments are conlinualty evaluated and are based on historical èxpèdence and other laclors, includlng expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting eslimale$ and assumption8: The Charity makes eslimales and assumplions concèming the future. The resulb'ng aC￿u￿11n9 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 #ol*r 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•