Charity numbèr. 227044 NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION CONTENTS Page Rerence and admini8trative dètail8 of th• Charity. It8 Trusta08 and advi80rn Truste, report Indepondont audltor8' report on tho finaneial 8tat8ment8 8-11 statemant of flnanelal actlvltlès 12 Balance •hoOt 13-14 Statement of cash flow8 15 Not08 to the flnanclal 8tat¢m¢nt8 16-36
NORTHUNIBERLAND AGED MINEWORKERS. HOMES ASSOCIATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Tru8tèè8 Mr G E wiln, Chair Mr l Lavery MP, Treasurer Mr J P888e, Secretary Mr M Fillon Mr H Gallacher MrJ J Gobin Mr G E Graham Mr N Partl8 (deceased 24 December 2024} MrA G Sambrook Charity ragi#t•rnd numbèr 227044 Prlnclpal offlco 7 Esther Court Wansbeck Bu8lng88 Park A8hlnglon Northumberland NE63 8AP Ind•p•ndont audltorn Kinn#ir Assoclales Llmited Charterod Accountants Reglstered Auditors Aston House RbUrn Road Newcasllo upon Tyng NE5 1NB Bank•r8 Unlty Trust plc FoLJr Brindley Place Bimiingham 812JB SollcltOf8 Browell Smith & Co Sollcltors Unit 4244 Apex Business Villoge Annilsford Cramlinglon Northumberland NE23 78F Page 1
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Investmgnt advlsers Brewin Dolphin Tlme Central 32 Gallowgate Newcasue upon Tyn6 NE14SR Page 2
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees pr88enl their annual report together with the audited financial slalements of th& Charity for the year from 1 January 2024 to 31 December 2024. The financial slalements hav8 been prepared In accordanc6 Wth the acwunting policies 8et out in the notes to the financial 8lalements and comply with the Chgrily's governing document, the Charilles Act 2011 and the relevant version of the Statement of Recommonded Practice applicable lo charities preparing their financial stalam8nls in a¢¢ordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. Objo¢tives and activiti98 PolScl08 and obJoctlvo8 The objectives of the Association shall be to provide and maintain homes, assoclaled seNices and facilities for the accommodation of the residents. Re8ldenl8 shall be person8 over th8 age of 59 wh¢ have been employed In or about a coal mlné In the area of Northumberlgnd and the wldows of such persons. In so far a6 the h¢mo$ ar• not requlred for ro$ld&nt$ havlng those quallfications, they may be used for the accommodallon of persons over the age of 59 who have been employed in or about a coal mine elsewhere, or the widows of such persons, or other per80n8, who through ag9, infirmity or economic circumstances have need of such accommodation. The As8oclallon may provlde land and buildings lo be Set a81de as homes for reslden18 and may provlde additional 60Nl¢$s and faclllll68 for the benaflt of regldenls. The origlnal alms and oblecllves were superseded by revlsed rules adopled by the Asso¢latSon on 1 December 1992 and a new sel of rul&s wgro adoplgd on 21 November 2022. In 8ettlng objectives and planning for 9¢1ivilie$, the Trustees have glv8n due considerallon to general guidance publlshed by the Charlly Commi55i0n relating lo publi¢ benefit, inGlurJing the guidance'Public b&nefil.' running a ¢harily {PB2)'. Achlevements and porforniance • Rovlèw of actlvltle6 R8nt Incomlng remains al stsady flow of unregtricled funds, monthly or four w8gkly from new and ex15tSng t•nants. External fen¢ing has been renewed around the perimeter of 86veral 8treel& Damp work has continued wlh loft units being fitted lo all properties durlng refurblshmenls. 19 replacement wmbi boiler8 have kogn flttèd. • Investment policy and perfomiancè The investments held by the Trustees have hi$lorically been gifted to the Assoclalion. The Trustees, policy has been to leave the investments until the cash is required. Page 3
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal rnvlew • Golng concem The Trustees have a reasonable expectallon that the Charity has adequate soUrceS to contlnu8 In operational existence for the foreseeable future. For this reason they conllnue lo adopt a going concem basis in preparlng the flnanclal slat8menls. Further details can b8 found in the accounting policie5. Reserves pollcy Tho general reserves ar8 Teviewed annually, including an a$8e8sment of expenditure and commitments ol r88eNe8. The Tru$le8s propose that the Charity should hold goneral reserves equivalent to approxlmately 12 week8 general expendllure in order to provide sufficient working capital lo provlde a cu8hlon to deal wlth unexp6cl6d emergencies. In ord&r lo clèarly Idenllfy th8 gènéral r8g&NéS ovall8ble to the Charity, Ihg Trustees have dg819n818d fund8 10 an equivalgnl value of th$ fixed assols hold as these funds cannot be realised wllhout 8elllng assets which are U8ed by the Charity. The r8mainlng general fund8 are in deficit., The Tru8t8&8 will b8 making informèd decl$ion$ golng forward, lo in¢re88e the general lunds and monitor Ir8nsaction$ ¢grefully. They wlll also monllor progress on exlsling and new prolec18 requlrlng altentlon. The solar panèl 108n 18 reviewed bi-annually to asse$8 progress. • Flnanclal overrflgw The principal funding source for the Charlly conllnues to be the malnlenance conlrlbullon pald by the re8ldents. The charge Is revlgwgd annually lo en$uro that il conllnue$ lo b6 adèquat8 lo meèt the oblacllvè8 of th8 Associatlon. The contributions received in the year wero £1,291,82012023,' £1,244,706). Total Incomlng fesovr¢és 1ncreaged from £1,397,14S to £1,4SO,734 and the Charity'8 lolal exp8ndilure increased from £1,411,712 10 £1,649,142. Net outgoing resourcgs before investmènt, revaluallon and penslon gains or Ios8ès a8 reF<Jrted In the Slatem8nt of financial aGlivilies £198,408 {2023.' nel oulgrjing re80urce8 of £14,567). Nel gains on investments amount8d to £20,752 12023.. galns 230,341} and the actuari81 loss wa8 £98,000 12023.. octuarial10ss £114,000) resulting in n81 d8craase in funds of £273,65S12023', decrease of £98,226). Total funds carrled forward decreased frorn £33,460,145 to £33,186,489. A bre8kdown of the Cha"lty'8 reserves ¢an be found In note 22 to the financial statements. The balance on the unr8slricled general fund ha8 decrea8ed from a positive balance of £23,150 al 3111212023 to a deficit b8lanco of £93,827. Wo do not anticipala any shortage of polentlal applicant$, for the cottages. as the mainlgnance contributions are currently subslanli?Ily lower than comparablo social housing or private renta15 In the area. Page 4
NORTHUM8ERLAND AGED PJIINEWORKERS. HOMES ASSOCIATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 • Prlnclpal rlsks and unc8rtalntle8 The Trustees confirm that the major risks to which the Charity is exposed have been VieWed and systems are in the pro¢$ss of being pul in pla to mitigate those rid(s. The principal risk of the Charity 18 that demand for the properties by eligible tenants could wane with demlse of the coal industry in Northumberland. However, at present, the waiting lists for each group of collages do not Indicate any problèm for the forese&abl8 future. • Financial risk manag9mgnt objoclive8 and polic[08 Th8 Tru8tee8 perform an annual revlew of the rl8k8 faclng the Charfly. the eslabllshment of system$ and prooedures to mlllgale Identifiable risks and the implementa11on of prtxedures design8d lo minimise any potential Smpacl on tho Charity should ony of the$8 risk$ materiall88. Structure, govornAnce and management Con8titutlon Northumber18nd Aged Mineworker8' Homes As8ociallon INAMHAI18 a registered charity, number 227044, and Is conslilulod undèr a Trust deed. NAMHA was fomed In 1900 and was governed by its r&viÈèd byè law8 datèd 1 December 1992 unlll a new Set of ru18s were adopted on 21 st November 2022. Thg Charity is also a member of the Nation81 Assoclallon of m6hou$o$ Inumbar 17991. Over the year8 th8 Assoclalion ha8 taken over a number of Similar charlllgs, somo of which ramoin registèred with I1h the Charlty Commission as subsldlarles of NAMHA. These subsidiary charltlgs are completely absorbed Into the management and admini*r81ive 8lruclur8 of NAMHA and do not prepare occounts in thelr owr right. • Mgthods of appolntment or electlon of Tru8tee$ Any vac8ncy on the Board of Truslees18 fllled in lin8 with the current rul98 of lh6 A8s0clatlon. Organlsatlonal stru¢turn and declslonqnaklng pollcle8 The Association Is managed by a Board of Trustee¥ 95eGled in line with the rul8s of the Association. Co-opted members are selectsd by the 808Td for their professional expertlse In their own particular field arKI allend m881ings in an advisory capacity and are not involved in policy making decision8. Th8re are at lea81 four meetings per annum of the full Board of Tru$lè88 when all major poliGy decisions are made. Wher8 necessary, additional speeial meetlngs of the full board are convened. In addition, various sub- committees fomulale new pollcy and make recommendations lo the full Board. Thg day to dgy management of the Charoly is delegated by the Charity's Trustees lo the manager who ¢2n be contacted at the registered ¢ffice as shown on page one. Page 5
NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 structure, governance and management (contlnued) • Poli¢i•s adopted for tho indu¢tion and training of Tru8t808 New Trustees attend an induction meellng with the Chairman, Honorary President and TreasUr whare they are made aware of the aim8 and object8 of the A880ciallon. Any specialist Irainlng which may be required Is provided by an approprfale member of staff. Pay poll¢y for koy managemènt pèr80nn•l Remuneration for key management per8onn81 Is reviewed on an annltal ba$ls based on a fomial apprai8al System. Plans for future porlod6 Street of 10 cottage8, to hav8 r8ptacemenl windows fitted. Exlornal yard wa118 to be replaced or repaired where needed, Ichens to b8 r6pla¢ed In oc¢upled ¢ottsge8 If requlred. One of the Charity's properties was vacated durlng 2024 8nd sold In 2025 818 profil. Tho Trustè¢$ Intènd that the proceeds wlll.be sponl on Improving the ma[nng houslng stock. Stat•mont of TrUStB, responslbllltle8 Tho Tru8tee8 are responslble for prep8rSng the Tru8tee8' report and th8 finan¢lal $iatemenls In accordance with applicabl& 18W and United Klngdom A¢¢ounting Standard8 (United Kingdom Generally Accepted A¢counllng Praclicèl. The law applicable lo charities in England & Wales requlres the Trusl88s lo prepare financial 8lalemgnls for each financial which glve a true and fair view of the Stale of affairs ol the Charity and of Ils incoming resource8 and application of resource8, including Ils incomè and expendllure, for that period. In pr8paring these flnancl81 slatem8nl8, the Trustées are required to.. select 5uitsble accounting policies and then apply them con8islenlly-, obs8rve thp methods and prineiples of the Charities SORP IFRS 1021., make judgment$ and accounting estimates that are r&asonAblo and pwdent., slate whether gpplicable UK Accounting Standards IFRS 1021 hav8 been followed, Subject to ony material departures disGIo8ed and explained in th8 financlal stateents., prepare the financial 81alemenls on thè golng concem b88is unless il is in8ppropriate lo presumè Ihal the Charity will ¢onb'nue In busin8SS. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain thé Charity's transactions and disclose with reasonable 8ccuracy al any lima the flnancial position of the Charity and enable them lo ensure that the financial statements comply with the Charilios Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safaguarding the assets of the Charity and hence for taking reasonable sleps for the prev8nlion and detection of fraud and other irregularities. Page 6
NORTHUMBERL4ND AGED MINEWORKERS, HOMES ASSOCIATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENOED 31 DECEMBER 2024 Disclosure of Infomiation to audltoro Each of the persons who are Tru81eè8 at the time when thls Trustees, report is approved ha8 confim)ed that.. so far as that Truste8 Is aware, there 15 no relevant audit information of whlch tho ¢harlty's audltors are unaware, and that Trustee has taken all the steps that ought to hav8 been taken as a Trustee In order lo bo aware of any relevant 8udit infomation and to èstablish that the charity's auLlilors are aware of that Information. Audltorn The auditors, KlnnaSr A8SOClates Llmlled, have Indicated their willingness lo ¢onllnue In office. The deslgnated Tru8te8s will propose a motion reappointing the auditors at a me8ling of the Trustees. Approved by order ol the memb8r8 of the bof*d of Trust888 on 30 October 2025 and slgned on Ihelr behalf by.. MrG EWIIBon P4e7
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION Opinion We hav8 audited the financial 81alemenl$ of Northumberland Aged Mineworkers, Homes Associ81ion {the 'Charily'l for the year ended 31 December 2024 1th comprise the sl8lem8nt of financlal 8cllvities. the Balance sheet, the Slalement of cash flows and the related notes. including a summary of significant accounting policies. Th8 financial reporting framework that has been applied in their proparalion i¥ applicab18 law and United Kingdom AG¢gunling Standards, including Financial Reporting Standard 102 'The Flnancial Reporting Standard applicable in the UK and Republic of Ireland, Iunlled Klngdom Generally Accepted Accounting PracliGel. The financial 81818menl8 have been prepared in accordanGe wth Ac¢ounllng and Roportlng by Charllies preparing Ih¢lr accounts In accordance with the Financial Repartlng Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Ch8rities.' Statement of Recommended PraGIIGe l$$ued on 1 April 2005 whlch is referred lo In the extsnl regulation8 but has bean withdrawn. Thls ha¥ been done In order for the accounts lo provlde 8 true and fair vlew In ac¢ordance wilh the Gon$rally Accepted Accountlng Practice etffeollve for reportlng periodo beglnnlng on or after 1 JanLtary 2015. In our opinion Ihe flnanclal 8talemenl$'. glve a tru¢ and fair vSew of the slate of the Charity'8 affalrs a8 at 31 December 2024 and of its incoming resources and appllcation of resourcos for the year then ended., have been properly prepared In accordan¢e wllh Unlted Kingdom Generally A¢ceplgd Accounting Practlc8,' and have been preppr8d In accordance wlth the requlrements of the Chartlles Act 2011. Ba&1¥ for oplnlon We ¢onducled our audlt in accordan¢6 th International Standards Dn Auditing IUKI IISAS IUKII and applicable law. Our re$ponsibS1I1ie8 under thos& standards are further de8crib9d in th6 Audllor8' responsibililie8 for the 8udit of the financiol slalemenls section of our report. Wo are Independent of the charity in accordance with the ethical requlremenls that are relevant lo our audit of the finan¢ial slalements in the Unil&d Kingdom, Including the Financial Reporting Council's Elhicol Standard, and we have fulfilled our other ethical responsibilities in accordance wlh these requirements. We b81ieve that the audit evldence we have obtained 18 3uffiGienl and appropriate to providg a ba818 for our opinion. Con¢lu8lons r•latlng to 9olng ¢one8rn In auditing the flnancial $lalements, w8 have concluded that the Trustees, use of the going concem basig of ac¢ounling in thè prèparation of the financial slalements is appropriate. Based on the work we have performed, we have not idenlifled any material uncertainti68 relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as a going concem for a period of al least twelve months from when the financial slalements are aulhori8ed for Issue. Our responsibilities and the responsibilitles of the Tru8tee8 With rgspeet to going COnM are described in the relevant sectio$ of this report. Page 8
NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION ICONTINUEDI othor inbrmation The other infomiation comprises the information included in the Annual report other than the financi81 statements and our Auditor8, report thereon. The Trustees are rèsponslbl6 for th• other information contained within the Annual report. Our opinion Dn the financial statements does not cover the other information and, except lo the exlenl olherwlse explicitly slated in our report, we do not expre88 any fomi of assurance conclusion Ihereon. Our responsibility 18 to read the other information and, in doing 80. con8Ider whether the other Informatlon Is malerlally Inconslstenl wlth the financial slalemen18 or our knowledge tsblained In thè urse of tho audit, or olharwise appears lo be materially mis8tated. If wo identify such malerial inGonsislenGies or apparent material mlsslalemenls, we are requlred lo delermlne whether thi5 gives rise lo a material misslalement in the fSnan¢ial $lalemenls th&mselvas. If, basèd on the work we have performed, wo conclude that there is a material misslatemenl of this other information, we are requlred to report that faGI. We have nolhlng to report In this regard. Mattor8 on whlch we are requlrod to report by oXCèPtlon We have nothlng lo report In rosp8GI of th• followlng maller8 whèrè thé Ch8rlll68 (Accounts and Report81 Regulallons 2008 requires U8 to report to you If, In our oplnlon.. the inforynalion glven in th• Tru8ta8s' r&port 18 Incon818tent In any matertal respect the flnanclal statements., or 8ufflclenl accounting records have not begn kgpl. or the financlal statements ar8 not in agreemonl wllh the accounllng records and return4 or Wg havè not r8e8lved all the Informatlon and explanations wo requlrg for our audlt. Rv8pon8lbllltle8 of tru8tee8 As explalnod more fully In the Tru81ees' responslbllllies olatement, the Truste are responsiblg for the preparation of the financial slalements whlch glvg a tru6 and fair vlew, and for such intemal control as the Trustees delernilnÈ is n&ce5sary to enable the preparation of finan¢ial slalem8nls that are free from material mlsslatement. whether duo lo fraud or error. In preparing th8 flnanclal stal8m8nls. the Trustees are responsible for assesoing Ihg charlty'8 ablllty to continue as a golng conc&rn, disclosing, a8 applicable, mallers related to going concern and using the going concem basis of accounting unles5 the Tru$lee8 elther inlend to liquidate the Gharity or lo cease operations, or have no realistic allernalive but to do so. Page 9
NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION {CONTINUEDI Auditors. r88pon8ibilities for thg audSt of th• linancial 8tat8ments We have been appolnled as auditor under section 144 of th8 Charitle8 A¢1 2011 and report In accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo oblaln reasonable 88gurance 8bout whether the flnanclal statements as a whole are fre8 from malarial misslalemenl. whether due lo fraud or error, and to issue an Auditors, report that includes our opinion. R@8sonable assurance is a high level of assurance, bul Is not a guarante& that an audit conducted In accordance with ISAS (UK} will always detect a materlal misstatement when it exists. Misslat8menls Can ari8e from fraud or error and aR ¢onsidered material if. individually or in the aggregate, they could reasonably be expected to influenGe the economic decisions of usèrs taken on the basi8 of Ihe¥e financial slatemenls. Irregular11168, inoluding fraud, are in8lan¢es of non-compliance with laws and regulations, We design proGedures In line wlh our responslbililles, outlined above, lo delecl material misstalemenls in rèspe¢t of irrogularilies, including fraud. The extent lo which our procedures ar6 capable Df detecting irregularllles, including fraud18 detalled below. the engagement partner ensured that th8 èngag•menl team collectively had tho appropri81e competence. c8pabilitSe$ atKI $ki118 lo Identify or recogni88 non40mpli8nce with appll¢able18W8 and regulallons., we idgnllfied Ihg laws and regulations 8pplicable lo the Charity through dlscu881on8 wlth TrU0t6 and other management, and from our commerelal kn¢)wledge and experience of the sector., we focused on speclflc laws and gulationS which we consider may have a direct material offocl on the flnanclal 8latemen18 or the operallons of the Charlly, includlng the Chariti¢$ AGI 2011 el seq., the Charities {Proleclion and Social Inveslmenll Act 2016. the Trustees knt6 1925 and 2000 and Charlly Commission regu181ion$' we assessed the extent of compliancè with tho laws and regulallons Identlfled 8bov8 through maklng enquirie$ of manogement and inspecting legal correspondence., and wo ensured that tho identified laws and regulations were communlealed wllhln the audit lagm regularly and the team remalned alert lo Sn81ance8 of non-¢oMplian¢e throughout the audit. We 888es8od the 8U8ceplibllity of the Ch8rily'8 financial 8tatements to materlal m1881atement, Including obtalnlng an understanding of how fraud mlghl occur, by.. maklng $nquiriès of managèment as lo where Ih6y consider8d Ih8rg w8$ su8ceplibilily to fraud and thglr knowledge of actual, suspected and alleged fraud,. and on5idering the internal ¢onlrols In pla¢e to mlligale rl$k$ of fraud and non<omplianGe with la and regulations. To address the risk of ffaud through managoment bias and override of Gonlrols, we.. - performed analytical procedur68 to identify any unusual or unexpected relalion8hips., lesled journal entries lo identify unusual transactions., and assessed whether judgemen18 and assumptions made in determining the accLwnting eslimales set out In the not8s lo the financial statements are indicative of potential bia8. In response lo the rlsk of irregularfties and non-compliance wllh laws and regulations, we designed procedures which include, bul ore not limited to.. - agreeing financial statement disclosures to underfylng supporting dctumentslion.. reading the minut8$ of meetings of those charged wth govemance.. enquiring of management as lo actual and potential litigation and claim& and eviewing correspondence with HMRC, relevant regulators and the Charlty's legal advisors. Page 10
NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION INDEPENDENT AUDITORS. REPORT TO THE MEldlBERS OF NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION (CONTINUED) There are inherent limitations in our anlicipaled audit procedures des¢xibed above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non- compliance, Auditin9 Standards also limit the audit procadures required to id&ntify non4omplianee with law8 and regulations lo enqulry of the Trustees arKI other management and the Inspecllon of regulatory and legal correspondence, if any. Material mi88talem8nts that arise due lo fraud can be harder to detscl than th0$8 that arise from 8rror a5 they may involve deliberate concealment or collusion. A further description of our responslbllllles for the audll of the fln8nGlal 3tstemenls 1$ located on the Fln8nci81 Reporting Council's website al.. orsr8s onsibilili8s, This déscription form$ part of our Audilor6' r&port. U8e of our roport Th18 report is made solely lo thg Ch8rily'8 Tru8tees, a8 a body. In accordance with Part 4 of the Charities (Accounts and R8POrt81 Regu181ions 2008. Our audit work ha¥ been undertaken so that wa might slate lo the Charity's TrLt81888 th08e matters we are requirod lo $l*t$ to them In an Audltor8' report and for no other purpose. To the fullest extent permitted by law. we do not a¢¢epl or assume responsibillty lo anyone other than the Charity and its Trust¢es, a8 a body, for our audit work, for Ihls report, or for the oplnlon8 we have formed. Klnnalr A88oclates Llrnltèd Chartered Accountan18 Regi$loréd AudSlors Aston House Redburn Road Newca811e upon Tyne NE5 1NB 30 October 2025 Klnnalr Associates Limited are eliglble to act as auditors In terms of section 1212 of the Companles A¢1 2006. Page 11
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrfcted lunds 2024 Total funds 2024 rotsl funds 2023 Note Incomè from: Donations and legacies Charitable activities Other trading aclivllie8 Inv8slmenls 100 1,244, 706 83,523 68.816 1,291,820 82,214 76,678 1,291,820 82,214 76.876 Total Income 1,460,734 1,460,734 1,397,145 Expondlture on: Ralslng funds Ch8rllgblg acllville8 80,887 1,568,48S 80,667 1,668,486 88.886 1,322,826 10 Total expondlture 1,849,142 1,649,142 1,411,712 Net l•xpgndlturolllncomo bofora net galn8 on Inve8tments Net galn8 on inve8tsrenls Not movomont In fundB before othor re¢ognlg•d galnslllossg81 1198,408) 20,752 1198,4081 20,762 (14,567J 30,34t 1177,666) 1177,666} 15, 774 Other ro¢ognlB•d galn81110s$981: Actuarial losses on dèllned benefll pendon schemes 27 196,000) 196.0001 (114,000) Not movomont In funds {273,6581 1273,856) (98,226J R•eonclllatlon of fundB: Total fund$ bToughl forward Net movamenl In funds 33,460,146 {273,66el 33,460,146 1273.666) 33,558,371 (98,226J Total funds ¢arried fonvard 33,186,489 33,186,489 33,460, 145 The Slalement of fingnclal acllvltle8 Includes all gain$ 8nd108888 recognised in the year. The notes on wes 16 to 36 fom part of these financlal slatemenls. Page 12
NORTHUM8ERLAND AGED MINEWORKERS. HOMES ASSOCIATION BALANCE SHEET AS AT 31 OECEPJIBER 2024 2024 2023 Flxed assets Tangible a86ets Investments 15 16 33,280,316 381,444 33,436,995 362,277 33,661,760 33, 799,272 Curront assets Stocks Debtors Ca8h al bank and In hand 17 18 9,523 259,228 876,456 15,516 251.835 855,007 945,207 1,122,358 Current IlabllltlgB Creditors.. amounts falllng du8 wllhln ono year 19 1318.646} (247,363) Net curront assets 826,662 874.995 Total as8et81888 ¢urront Ilabllltl¢s 34,288,422 34,674,267 Creditors.. amounts falllng duè after more than one year 20 11,101.933) (1,214, 122) Not 488Ot8 excludlng pon8lon 48SOt 33,186,489 33,460, 145 Total net a88ets 33,186,489 33,460. 145 Page 13
NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 2024 2023 Charlty funds Unrestricted funds 22 33.186.489 33,460,145 Total fund8 33.186.489 33,460, 145 The finanGial slalements were approved and aulhorl8ed for Issua by tha Trustees on 30 October 2025 and gngd on their behalf by.. Pjir G E Wll8on MrJ P8080 The note8 on pages 18 to 38 fom part of thes8 flnanclal 81alements. Page 14
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flow8 from operatlng actlvltSeg Nel cash u8èd in operating activilles 173,985) 117,127 Cash flows from Investlng actlvStlo9 Dividends. interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible flxed assets Proceeds from th9 sale of investments Pur¢hase of Inv081ments 75,176 5,900 128,8261 17.657 115,9721 68,816 24,581 (23,051) Net cash provldod by Inve8tlng actlvltl88 53,836 70,346 Cash flow$ from flnanclng actlvltlos Repayments of bOrrn95 Interest paid 1112.1891 (112, 189) 146,2131 (49,419) Net cash u88d In flnanclng actlvltle8 1158,4021 1161,6081 Chonge In ¢a$h and cash oqulvalents In th• y••r Cash and ¢atsh equlvalents al the beginning of the yoar 1178.5511 855.007 26.885 829,142 Cash and cash equlvalents at tho end of tho yo•r 676,458 855,007 The notès on page8 16 10 36 form part of thes9 financlal statements Page 15
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 G8n•ral informatlon The Northumberland Aged Mineworker8' Homes Associallon is a ragi$lered charity, number 227044. The Charity is unincorporated and Its reglslefed office is 7 Esther Court, Wansbeck Business Park, Ashinglon, NE63 8AP. The flnanclal stalèmenls are prepared in slerllng whlGh is the functional currency of the Charlty. Monetary amount$ in these financlal stalem8nls aré rounded lo the neare81 £. Accountlng pollcles 2.1 Ba81$ of proparatlon of flnanclal stst•monts The financial slalements have b$en prepared in accordance wllh th6 relwanl verslon of the Statement of Recommended Pracllce applicable lo charities prepgring their financial slalemenls In accordance with the Finon¢io1 Reporting Standard appllcable In th8 UK and Republic of Iraland {FRS 102) and the Financlal Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021 and the Charilit$ A¢1 2011 and UK Generally Accepted A¢Gounling Praclico. The flnanGlal statements have been prepared to glve a 'lrue and fair, view and have departed from the Charilles (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide 8 'tnJ& and f21rf vlew. Thls departure has involved following the Charities SORP IFRS 1021 published In October 2019 rather than the Accounllng and Reportlng by Charllles.. Statement of Recommended Practice effecllve from 1 Aprll 2005 which h85 $lncg been wllhdrawn. Northumberland Aged Mlneworkers, Hom&s AsBoclgtSon meets the deflnltlon of a public b8n$flt 6nlily under FRS 102. Assèts and liabillliès ore initially rgcogni8ed al hlstorlcal cost or tran89clion value unless olherwi¥e ststed in the relevant accounting policy. 2.2 Golng concom The Trusteas 888&88 wh8lher the use of going concern is appropriate i.e. whether there ere gny material uncertalnlles related to events or condltlons that may ca81 slgnlfieanl doubl on the ability of the charitable trust to continue os a going cDnGem. The Trustees make this aeSSment in respeGI of period of at least one year from the dale of authorisalion for is8ue of the financial ststemenls and have concluded Ihal the charitable Irusl has adequate resour5 to continue in operalionsl exi81ence for the foreseeable future and there are no material uncertainties about the Chorily's ability lo continug as a going concem, thus they contlnue lo adopt the golng concern ba8is of accountlng in preparing the flnanclal statements. 2.3 Income All income 18 recogni8ed once the Charity has enlillemenl lo the income, It 1$ prtsbabla that the income will be received and the arnounl of income receivablè oan bè mèasured relSably. Maintenance contributions are recorded on an accruals basis representing th& amounts due wllhln th8 year and invoiced In the year. Page 16
NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles {contlnuod} 2.4 Expendlture Expenditure is recognlsed once there 18 a legal or ¢on$lruclive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be requlred In settlement and the amount of the obligation can be measured reliably. Expenditurè is clas8lfied by aclivily. The costs of each activity are made up of the lolal of direct c08t8 and shared c051s, includlng support costs Snvolved In undertaklng each acllvlty. Dlrecl costs atlrSbutabl6 to a singl& activity are allocated diiectly lo that activity. Expèndllure on ralslng funds includes all expendllur& Incurred by th& Charity to raise funds for its charitable purposes and InGlude¥ costs of all fundraislng aGllvilles events and non.charitable trading. Expendllure on charitable aclivitie818 Incurred on directly undgrtaklng the activltS88 whS¢h further the Charity's ¢ble¢llv&¥, a$ w811 a$ any a$$oclabd Support ¢081$. All expendllure Is incluslve of irrecoverable VAT. 2.6 Intgr•8t r•colv8bl• Intere81 on funds héld on d&posll Is Included when recelvable and the amount can be mea8ured reliably by tho Charity,. Ihls is normally upon nolifie8lion of the Inl8resl pald or payable by the In8111ullon with whom the funds are deposlled. 2.6 T•xatlon The Charity 1$ wnsldered lo pass the te8t8 Sgt out In Paragraph 1 Schedule 6 of the Flnanc• Act 2D10 and therefore it me•l$ the dèflnitlon of a Charity for UK corporation lax purposes. Accordingly, the Charity 18 potentially exempl from taxation In respect of incom8 or capllal galn8 recelved wllhln celegoriès covered by Chapter 3 Pert 11 of the Corporation Tax Act 2010 or Secllon 258 of the T8X81ion of Chorgeable G8in8 Act 1992, to th9 exlenl that $u¢h Incom8 or galns are applied exclusively lo ¢haritable purposes. 2.7 Tangibl8 fixèd a88ets and d•prnclatlon Tangible flxed assels costlng £250 or more are capitslised and re¢ognlserJ when future economlc benef118 are probable and the cost or value of the asset can be measur8d reliably. Tanglblè flx8d assets are Initially rgcognised 01 Cost, Incluslve of irrecoverable Value Added Tax exp1 where assets We eapllallsed 80me lime 8fl8r being acquired and no reliablg c05t information was avallable, in whith CO a reasonable e81imatg of th8 assét's value lo the Charity was used. Donated a88ets are capitalised al their estimated useful value al th& tlme of the gift. Freehold houslng properties were valued at Ihelr falr value on Iransllion to FRS 102 lo establish their'deemed cost" Leasehold housing properli@s were revalued in 2018 and are being depreclaled over the length of th8 leases. The freehold depot is slated at fair value and is not depreciatéd. Page 17
NORTHUMBERLAND AGED MINE1RKERs. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policle8 {contlnugd) 2.7 Tanglble flxod a88Ot8 and d¢preclatlon Icontlnu•dl Depreciation is provided on all other tangible flxed assets 80 as to allocat8 th8 cost of tangible fixed assets less their resldual valua ovar Ihelr esllmaled useful live8, D8precialion 18 provided on the following ba89& Lea88hold Hou$1ng propgrty Plant and equipment Leasehold d8POt Vehicles and equlpmenl Solar pane18 straight line over length of lease 15% per annum reduclng balanc8 Slraighl Iln8 over 50 years 25% per annum slraighl Iln6 5% per annum Slraighl Ilne Thè Asgèl8' r8sldual valuès, usèful liv•g 8nd depreciation method8 are reviewed, and adjusted prospectively if appropriate, or If there 18 an Indication of a sgnificanl change sSnce the last reporting dale. 2.8 Inve8tn79nts Flxed 888et inve81ments are a form of fln8nclal In8trument and are Inlllally recogn18ed 8t Ihelr IranE8clion cost and Subsequently measured al falr value al the Balance sheet dale, unless the v#lu6 cannot b8 measured reliably In whlch case It is measured at cost lesg Impalrment. Investment gains and10¥5g$, whether alIsed Or untsg1i$èd, ore comblned and pr8sènled as'GalnsllLossesl on Inveslmenls, in the Slalemenl of fin8ncial acllvitles. Inve8tmenl8 held a8 fixed assots are shown al Go¥1 le provl8ion for Imp8lmienl. 2.9 8to¢k6 Stocks are valued al the lower of Go¥t and ng1 r881i8able value after maklng due allowancg for obsolete and 81ow-movlng stocks. 2.10 Debtors Trade and other debtors ar8 recognlsed at the Settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any Irode dIOUnts due. 2.11 Cash at bank and In hand Cash at bank and In hand Includes cash end short-témi hlghly Ilquld Investments wth a Short maturity of three months or less from the dale of acquisition or openlng of the deposit or similar account. Page 18
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 DECEMBER 2024 Aecountlng pollclès leontinugd) 2.12 Llabllltlps and provl8lons Liabilities are recognlsed when ther8 Is an obllgAtion et the Balance sheet date as a sU11 of a past event. it 16 probable that a ITansfer of economic beneflt wlll be required In $•tt18menl, and the amount of th8 50lllement Q8n be e8timaled reliably. Liabilities are recognised al the amount that the Charlly anliGipoles it will pay 10 8ettle the debt or the amount il h88 re¢eived a? gdvanGed payments for the goods or sorvices il musl provlde. Provisions are measured at the best estimate of the amounts requlred lo s@1118 th8 obligation. Where the effect of th8 tlme value of money Is malarlal, the provisitsn 1$ based on the present valuo of those amounts, discounted at the pre-tsx cli5Gount rate that rgflocts the iisks specific lo th8 liablllty. The unwlndlng of the dlscounl 1$ recognis6d In the Statement of financial aclivilie8 as a finance ¢o$l. 2.13 Flnanclal In8trument8 The Charlly only has flnanclal 988els and financi81 Ilabllitl•s of a kind that quallfy a8 baslc financial Instruments. BaslG flnancial instruments are initially reGognised at Iransactlon valuo and subsequently measured al Ihelr 8elllement value with the 8xcepllon of bank loans which are Subsequently measured al amortSsed cost u8lng the effectlve Interest method. 2,14Penglon• Retirement beneflls to employe99 of Ihg Chorlly are provld8d by the Local Governm6nt Pon8lon Scheme I'LGPS'I, a defined benefit 8Gheme. The LGPS 18 a fltnded multi-employer 8cheme and the assets are held separately from those of tha Charity in separate Irusltre 8dminlslered funds. Pension 8cheme assets are mea8ur8d al fair value and Ilabllltles are measureij on an actuarial basis u$ing the projected unil credit method and di5wunted at a rale oquivalgnl to the currènt rale of return on a hlgh quality corporate bond of equiv818nl tèm and currency to the liabilities. The acluariol valuatlons are obtained at least tri8nnially ond are updated at each Balance Sheet date. The amounts ch£rged lo operatlng surplus are the current service costs and the costs of scheme inlroduclions, benefll changes. setllemenls and Gurtailmenls. They are included as part of stsff costs as incurred. Nel interest on the net defined benefil liabililylassel is also recegnised in the Slalgmenl of FinanGial A¢livilies and comprises thg Intere51 cost on the defined benefit obligation and interest income on the scheme assets, calculated by Multiplying the fair value of the scheme assets 81 the beginning of the period by the rale used lo discount the benefit obllgalions. The difference between the Interest income on the sGheme a88818 and th& actual r¢lurn on the scheme assets is recogni$ed in other recognised gains and losses. ActuarS81 galns and losse8 are recognlsed immediately in other recognlsed galns and105se& Page 19
NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles Icontlnuedl 2.15 Fund accountlng G8neral funds are unre$lrfcted lund8 which aro av8llable for usè at the discrolion of the Trustees in furtherance of the general oblectlv68 of the Charity and whlch have not been designated for other purposes. Design81ed fund8 comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The alm and use of &ach dasignalgd fund is 991 out In the notes to the financial statements. Inveslm?nt Income, gain8 and1088e8 are 8lloc8led to the appropriate fund. Crltlcal ae¢ountlng OBtlmate8 and areas of ludgm8nt Estimates and Sudgments are Gonllnually evaluated and 8re based on hlsloriGal experlence and other faGlor8, including expectallons of futur8 even18 that are bglieved to be reasonable under the circumslanctrs. Critical accounllng e811males and as$umpllons'. The Charlty makes 88llmalè$ gnd assumptions concorning the future. The resultlng accounting èslimatgs and 888umpllons wlll, by definition, 58ldom 8qual the related actual resu118. The g$1imalo9 and assumplSons that hav& a signifi¢onl rfsk of cau6ing a material adjustment lo the Carrying amount$ of 08sels And liabilities within the next financial year ale di8CU8sed below. Crltlcal area8 of judgment: Accruod solar pano1 Income: As a result of dolay$, initially caused by the pandemic, the flnanclal 8tstemen18 Include a provision of £38,855 12023 ,' £87,460) bein9 an estimate ol the feed in tariff income due to the Charity al the year end. Th1$ has bèan calculated in part from amounts récelved post yèar end with the balance of the provision eslimaled using a fixed monthly rale less an eslimaled allowanGe for equipmonl failure. As this income has not yel been collected in full, thg actual income recgived will drffer from the estimated amount provided in th6 financial slalements. Page 20
NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donatlono and legacles Unre8trl¢ted funds 2024 Total funds 2024 Total fvnds 2023 Donations 24 24 100 Total 2023 100 too In¢om• from Charltable a¢tlvltle8 Unre8trlcted fund8 2024 Total funds 2024 Total funds 2023 Income from ¢harltsble a¢llvltle6- Malntenan¢e ¢onlribulions 1,291,820 1,291,820 1,244,706 Tot812023 1,244, 706 1,244. 706 Page 21
NORTHUMBERLANDAGED MINEWORKERS, HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Incomo from other tradlng actlvltles Income from non Gharitable tr•dlng a¢tlvltleB Unrestrlctsd fund8 2024 Total fund8 2024 Total funds 2023 Solaf panel income 82,214 82,214 83,523 Tot812023 83,523 83,523 Investment In¢om• Unre8trlctod lunds 2024 Tot•1 funds 2024 Tot81 funds 2023 Offlce rent received Income from Inveslmenl8 Investment in¢ome- ca8h deposlls Pension income 6,000 5,930 10,748 54,000 6,000 6,930 10.746 54,000 6,000 5,583 9,233 48,000 76,67e 76.676 68,816 Total 2023 68,816 68,816 Pgge 22
NORTHUMBERLANDAGED MINEOIORKERS, HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture on ralslng funds Othèr tradlng exp6n6è8 Unregtrlcted fund8 2024 Total funds 2024 Tol81 unds 2023 Loan Interest and ¢on¥ullan¢y- solar pane18 Depreciation - solar panels 23,OCI) 56,046 23,000 56,046 31,309 56,047 79,046 79,046 87,356 Tot812023 87,356 87,356 Inv88tment managomgnt co8t8 Unrestrlcted funds 2024 Tot41 funds 2024 Tol81 funds 2023 Investment management fees 1,611 1,811 1,530 Total 2023 1.530 1,530 Page 23
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Analysls of expenditu on charltabl• activltles Summary by fund typ• Unr08tricted funds 2024 Total 2024 Total 2023 Direct C08ts- Provlslon of hou8ing seNiGe8 1,568,485 1.568,485 7,322.826 Tot812023 1,322.826 1,322,826 11. Analy818 of èxpendlture by actlvltlè8 A¢tlYltle8 und•rtaken dlrectly 2024 Support CO8t8 Total fund8 2024 Tot81 lunds 2023 2024 Dlrect costs - Provl$lon of houslng servlces 1.238,219 330.266 1,568.485 1,322.826 Tolel 2023 1.084,549 238,277 1.322,826 Page 24
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Analysi$ ol ¢xponditurn by actlvltlgs Icontlnuedl Analy8iB of dirèct ¢06ts Provlslon of Houslng Bervice3 Tot•1 funds 2024 Totol funds 2023 2024 Stsff c08t$ Depreciation- houslng propertles, solar panels and vehlGleB Repairs and maintenance Insurance Motor expenses G8ln on disposal of fixed a1$ 297,588 123,974 746,059 54,043 23,474 15,8991 297,568 123,974 746,069 54,043 23.474 (5,8991 307,418 125,563 578,275 47,129 26,164 1,238,219 1,238,219 1,084,549 Total 2023 1,084,549 1,084,549 Analy818 of support Gost8 ProYlJlon of Houslng $grvic05 2024 Total fund8 2024 Totsl funds 2023 Staff costs Depreclatlon Insurance Premi8e8 costs General adminislratlve &xpense8 Legal and professlonal costs Loan interest Ex gralia payments Governance c08ts 143,002 5,483 4,699 72,862 16.169 12,793 23,001 39,999 12.258 143,002 5.483 4,699 72,862 18,169 12,793 23,001 39.999 12.268 136,540 5,089 4,200 25,022 21,564 9,464 24.7to 11.688 330.266 330,266 238,277 Total 2023 238,2T7 238,277 Page 25
NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Analysis of expèndituro by actlvltlos (contlnuedl Anaty816 of support CO8ts {contlnued) Governance costs comprisa fees in respect of the auditor including VAT. See note 12 below for detalls nel ofVAT. 12. Audltor8' r8mun¢ration 2024 2023 Fee8 P8yable lo the Charity's auditor for tho audlt of the Charlly's annual accounts 6,610 5,350 Fees payoblo lo the Charity's audllor In respect of: All non4udlt servlc88 not Included gbovg 4,605 4,390 Fees payable lo the Charfty audS10rf8 as80clale8 In respect of.. All non-audll Service8 not Included aljove 6,000 4, TOO 13. Staff co8t8 2024 2023 Wages and salaries Soclal securlty costs Operating 003ts of definod benefit penslon scheme8 339,026 32,545 69,000 349,074 31,884 63,OOQ 440,570 443,958 other employ8e b8n•fits above comprised a total of £39,999 ex gratia payments Pa to two employees. The average number of per80ns employed by the Charity during the year wa8 a8 follows., 2024 No. 2023 No. Administration Other Poge 26
NORTHUMBERLAND AGED MINEINORKERS, HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Staff costs leontlnuedl The number of employees whose employee benefi18 lexcluding employer ponslon costs) exceeded £60,000 was.. 2024 No. 2023 No. In the band £60,001- £70,000 The Trustee8 conslder key management personnel lo b8 th8 Trustees and senlor management of the Charity. Remuneration and ben&fit$ recèlved by the senior management la$ di$lincl from Trustses vtho are volunleersl includlng employer's national insurance and pen81on contributions amounted to £98,862 (2023.. £94,252) for tho year. 14. Trustees, r•muneratlon and 8xpon8es During the year, no Truste$s recelved any remuneratlon or other benefit8 (2023- £NIL?. Durlng the yéar ended 31 December 2024, no Tru8ts8 expenses have been incurred (2023- £NIL). 15. Tanglblè flxod afjsgts Vohlcl88 Hou8lng Offlcg and and Other flxod propgrty depot •qulpment a88ets Total Cost or valuatlon At 1 January 2024 Additions Dispos818 32,877.047 340,793 117,950 28,825 120.502} 2,241,881 36,577,671 28,825 120,5021 Al 31 Decgmbor 2024 32,877,047 340,793 126,273 2,241,881 35,585.994 Depr9olatlon At 1 January 2024 ChArge for the year On dlsposals 943.661 60.617 83,782 5.137 104,492 7,666 120.601) 1,008,841 112,093 2,140,676 188,603 120,5011 At 31 December 2024 1,004,178 88.919 91,647 1,120.934 2,305.678 Net book valu At 31 D0mbEr 2024 31.872,869 251,874 34,fj26 1.120,947 33,280.316 At 31 DeGember 2023 31,933.486 257.011 13,458 1,233,040 33,436,995 Page 27
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 DECEMBER 2024 15. Tangiblè fixod a880ts {¢ontinu¢dl Housing prop8rtles were revalued 8131 December 2018 by the Trustses on an open market basis lo establish a deemed cost on transition to FRS 102. The hi81oric81 cost of 888els included at valuation 8mounls to £412.57112023.' £412,571). Hlstorlcally houslng propertles havè beèn dtsn8led al £nll to th6 Assoelatlon. All prop8rlies are reglsterad in the names of the Trus180s on beh81f of Northumb8rfand Ag8d Mlners Housing Association. A review is Currently being undertaken to ensure that properties which are still registered in the name of former Trustees on behalf the Associalion are legally transferred to th& ourrenl TnJslee8. 16. FIX a888t Investment8 Other flxed Llstsd Inv•$tm¢nts InvoOtment8 Total Cost or Yaluatlon Al 1 January 2024 Addltion8 Disposals Revaluations 357,919 16,972 115,3041 20,014 4,369 362,278 15,972 116,8201 20,014 (1,S16} Al 31 Decèmber 2024 378,601 2.843 381,444 Net book valu• Al 31 De¢ernr 2024 378,601 2,843 381,444 At 31 D9c9mr 2023 357,919 4,359 362,278 17. Stock6 2024 2023 Finlshed good$ and goods for r8sal8 9,523 15,576 Pago 28
NORTHUWIBERLANDAGED MINEWORKERS, HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Debtors 2024 2023 Dug wlthln one yoar Maintenance contribution debtors other d6btor8 Prepayments and accrued Income 15.814 4.886 238,528 34, 772 2,514 214,549 259,228 251, 835 19. Cr•dltorn: Amount• falllng due wlthln ono y&Ar 2024 2023 Olher108n$ Trade Gredllors Other laxalion and 80cial 8eourlty Other credllor$ Accruals ond défèrr Sn¢ome 110,868 32,763 46,807 92,394 36,913 110.8S8 16,474 20,426 T5,048 24,547 318,645 24T,363 Other Greditors includes £66.16912023'. £61,239) rent bond8 collected from n8w lenant8. Thes& bond8 will be ropaid or realised once tenenls no longer o¢cupy their property. Page 29
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Credltors: Amounts falllng duo aftèr more than one year 2024 2023 Oth•r loan8 1,101.933 1,214,122 Included within the above are amounts falllng due as follows.. 2024 2023 Btheen on• and Iwo years Other loans 112.188 112,188 Betwegn two and flve yèar8 Other loans 336,585 336,565 Over flve yearn Other loans 863,180 765,369 The aggregate amount of Ilabllltl88 payablè or repayabl6 wholly or In part mor8 than five years after the reportlng dale 1$.. 2024 2023 Payable or repayablg by Ingtalments 653,180 765,369 653,180 765,369 The loenlg 8ocured on hDu$ing properties with a nel book value of £7,750,00012023.' £7,750,000), 21. Financlal Instruments 2024 2023 FlnanGial a8¥9ts Flnancial assets measurod al falr value through income and 8xpendilurÈ 676,456 855,007 Financial assets measured at fair value through income and expenditure compTi8e bank balances and quotsd investments. Page 30
NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 statem•nt of funds Stat¢mpnt of funds- currènt yaar Balance ot 31 Galn81 Decembor {Lossesl 2024 Balgneo at 1 January 2024 Trdnsfors Inlout Income Exp8ndlturo Unrestrlctod fund8 Deslgnated fund¥ D8$lgn818d flxed asset fund 33.436,998 1185,604) 28,825 33,280,316 Gon•ral fund8 G8neral fund Pen8lon reseNe 23,160 1,46D,734 11,448,638) 1139,825) 115,0001 111,000 20,752 196,0001 {93.8271 23,160 1,450.734 {1,463,6381 128,825) (75,2481 {93,8271 Total Unr88trlctod fund8 33.460.146 1,450,734 {1,649,1421 {75,2481 33.186,489 Page 31
NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Statèment of funds Icontinuedl statèment of funds- prior year 8alanGe al 3t Decemb&r 2023 8alanco al 1 January 2023 Trnn$fe In/oul G8in81 {Loss@s) Income Expenditure Unrestrlcted funds DeBignatsd funds De$lgnaled flxed 88soI fund 33,623,694 (186,699) 33,436,995 G6nèr41 funds General fund P8n8ion re$eN6 (65,323) 1,397. 145 (1,210,013) (129,000) (15,000) 129,000 30,341 (114,000) 23,f50 (65,323) 7,39T, 145 (1,225,013) (83,659) 23,150 Total Unrestrlcted fund8 33,558,371 Y,39T,745 (1.411,712) (83, 659) 33,460, 145 23. Analysi8 of net 4s$ot$ botwoen funds Analys1¥ of net asset5 botwoen funds- Qurrgnt porlod Unr•strlct8d fund8 2024 Total funds 2024 Tangible fixed a65e15 Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 33,280,316 33.280,316 381,444 381.444 945,207 945.207 {318.5451 1318,5451 11,101,933) {1,101,9331 Total 33,186,489 33,186,489 Page 32
NORTHUMBERLAND AGED MINEWORKERS. HOWIES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 23. Anolysis ol not a$¥ets betwoon fund8 {continued) Analy$lo of net assots between fund8- prior perlod Unrestricted funds 2023 Tot&1 funds 2023 Tangible flxed a$$el8 Flxed asset investments Current assets Creditors due wllhln one ygar Creditor8 due in more than one year 33.436,995 33,436,995 362,277 362,277 1, 122,358 1,122,358 (24T,363) f247,363) (1,214, 122) (1,214, 122) Total 33,460, 145 33,460, 145 Raconclllatlon of not movamant In fund8 to not Cash flow from oporatlng actlvltle8 2024 2023 Nèt Incom&xndlIrè for thè p8r5¢xI 188 por Slalgmenl of FlnancSal Aclivitiesl {177,6561 15,774 Adluslments for: Depreciatlon charges Gains on investments Dividènds, Inter88t and rents from investments Profll on the sale of fixed assets Decreasellincreagel in stocks 08cr8asellincrea8el in debtors Incraasellldecreasel in creditor8 Loan Interest D8fln8d benefll pension 8cherne co81 less CDnlribulions payable 185,503 120,7521 (76,1761 15,8991 5,993 17,393) 71,182 46,213 196,0001 186,699 f30,341J f68,816J (7.941) 118,528 (32. 195) 49,419 (114,OOOJ Net cash providèd byllus•d Sn) operatlng actlvltles 173.9851 117,127 Page 33
NORTHUMBERLAND AGED MINEWORKERS, HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 25. Analy818 of oash and cash oquivalents 2024 2023 Cash In hand 676,4S6 855,007 Total cash and cash 6qulval•nts 676,456 855,007 26. Analy818 01 changou In not dfrbt At1 January 2024 Cagh flo At31 Do¢ember 2024 Cash al bank and In hand Debt due wilhln 1 year Debt due after 1 year 865,007 1110,868) 11,214,122) 1178,661) 676,456 (110,8681 112,189 {1,101,933) 27. P•n$lon commltments The Charity OP8rate8 a defined benellt penslon 8chem8. The A880ciallon 18 one of 8ever81 employlng bodleg Included within the Loc81 Government Penslon Scheme ILGPSI. The LGPS Is g funded deflned benefit 8cheme wSlh the assets held In 8ep8r8te Iwstse administered funds. Contributions to tho Schome are determined by a qualified actuary on the basis of triennial valuatlons uslng the projected unil method. A full acluarlal valuallon of the Tyne and Wear Pension Fund wa5 Carried out on 31 March 2022. Prinoipal actuarial a8sumpllons al the Balance sheet dale (expressed as w¢ighted avgrage$l.' At31 December 2024 A131 December 2023 Discount rate Future salary Increases Penslon increases CPI inflation Page 34
NORTHUMBERLANDAGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 27. Penslon ¢ommltmonts {¢ontinu8d) At31 Dacember 2024 Yoars A131 Decembsi 2023 Years Mortality rates (ln ygarsl -for a male ggèd 65 now - al 65 for a male aged 45 now for a female aged 65 now - al 65 for a femgle aged 45 now 20.8 21.7 24.0 21.0 22.2 24.1 25.5 The Charlty's Share of the a$$o1s In tha scheme was,, At31 Decembgr 2024 At31 December 2023 Equllles Gllls Corporate bond8 Propèrty Cash and olhor liquld assots other Mulli 886et crgdil 2,086,000 432,000 61,000 800,000 197,000 77,000 633.000 2,030,000 52,000 782,000 417,000 28.000 517,000 184,000 Total falr value of o88ets 4,278,000 4,010,000 The actual return on schtrmg 8S$019 was £275,000 (2023- £237,000). The 8mounts recognlsgd in thé Slal6m6nt of flnanclal acllvllles are a8 follows.. 2024 2023 Current sgrvice co$1 Interest in¢oma Inlgresl Gosl 69,000 63,000 {180,000) (181,000) 126.000 133,000 Total amount reGogni8od in thè Ststement of financial a¢tivitie$ 15,000 15,000 Page 35
NORTHUMBERLAND AGED MINEWORKERS. HOMES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 27. Penslon eommltmènts {¢ontinugd) Movements in the present value of the defined benefit obligation were as follows.. 2024 2023 Opénlng d•fin8d b8nefil obligation Current s8rvlce cost Inl8r881 c08t Contributions by scheme particlpants Actuari81 losses Benefits paid 4.010.000 3, 744,000 69.000 63,000 126,000 133,000 23,000 2t,000 191,000 170,000 {143,000) (121.000) C1081ng dèflnèd b•n•flt oblSgatSon 4.276.000 4,010,000 The a¢luary has reported actuarlal galn$ of £98,000 for the year. This amount ha8 been re8lrlcled to loss of £191,000 as shown above as il Is not expected that the 8urplu8 will be distributed lo the Chaflty. Movgments In the falr value of the Charlty's 8hare of sGheme as¥el$ were as follow8.. 2024 2023 Openlng lair value of 8cheme a880ts Exwled relum on a88et8 Actuarial gains Contributions by employer Contrlbulions by scheme partlcipanls Beneflls pald 4.010,000 3, 744,000 180,000 181,000 95,000 56,000 111,000 129,000 23,000 21.000 {143,0001 (121,000) Closlng falr valuo of 8ch•me a886ts 4,276,000 4,010,000 28. Rolatod party tran¥action8 After obtalning appropriate landlord Gonsents. elc. a new lease was entered Into with 8ff8cl from 1 June 2021, sub letting the first floor, for use as the constituency office of lan Lavery MP {a TTuslee of the Charity). Rental incom@ amounting to £6,000 12023.. £6,000) was due In the year. In addition the ¢onsliluency offlce is responsible for paying half the runninu costs of the property and charges of £3,386 were invoi¢ed, following the ye8r 8nd, in r8spacI of the year ended 31 December 2024. Two Trustees, who qualify lo be residents, occupied residential properties of the charity on consistent temis a$ all other residents. Page 36