Charity registrAtion number: 227358 ROBERT HIBBERT'S ALMSHOUSE CHARITY Flf4ANCIAL STATEMEYTS FOR THE YEAR ENDED JI DECEMBER 2024 Millei & Co Chartered Ac¢ouDlantq Statory Audttors Laporte Way Luton Bedfordsbire LU4 8FE
ROBERT HiBBERT'S ALMSHOUSE CHARrrY CONTENTS OF THE FLYANCIAL STATEMENTS for the Year Ended 31 December 2024 Page Resident SOCI HoiDg Provider Informadon Trnstees Report Report of the Independent Alldltors Statement ofc0jupreheje ltseome Balance Sh¢et Statrment ofCh•uges Sn Ruerv¢s io Statement of Cash Flowl li Notes to the FInane1 StatemeTrts 12
ROBERT HIBBERT'S ALMSHOUSE CHARrrY RESIDENT SOCIAL HOUSING PRolDER INFORMATION for the Year Ended 31 DeceEnber 2024 STATUS: utiltie0r charity governed by a Sch¢t dated 16 August 1963 sealed by order of the Charity Comtniksion for Ellglaod & Wales Chan"ty re8i%tration number 227358 TRUSTEES Mrs C Nulty (Appoitited 12102r2025) Mrs M Bailey SRN (Resigned 12IOY2025) OTHER TRUSTEES.. Mrs M Bailey SRN Mr R Daniells Mr A Colsoo Dr l) Roberts Mrs J Hoar Mrs H Th0p5a Mrs L Barth Mr R Dog8rell (Resigryed 21108r2024) {Appoint&J 1210212025) (Appoitited 1510212025) (AptM)iDted 2510212025) CLERK TO THE TRUSTEES: REGISTERED OFFICE: Conquest House 248 Todditkgton Road Luton LU4 9DZ AUDITORS.. Millu & Co 5 tmperia] Court Laporte Way Luton Bedfordshjte LU4 8FE BANKERS: Metro BaDk 10- 20 Castle Street Luton LUI 3AJ INVESTMENT MANAGERS: M & G Invesiments PO Box 9039 Cbelmsfotd Essex CNf99 2XG Page I
ROBERT HIBBERT'S ALMSHOUSE CHAIUTY
TRUSTEES REPORT
for the Ye4r Ended 31 December 2024
The Trust¢cs present their report and tbe audit&l financial statements of th¢ ¢lwriry for the year elldl 31 December
2024.
The fll)allci815taternellts have beeu prepared iu a¢cordatLce with appli¢abl¢ a¢wunting SIdardS including Financial
Reporting Standard 102 The Financial Reporting Stumlardapplicable in the Unired Kingdom andRepublic of
Ireland (FRS 102) atkd the Ststctnent of RecoEtlluellded Practice for RegJstereAJ S(Kial Hi)L8itig Providers 2018.
The clmrity is maDa8ed on a day4041ay b&sis by the clerk to the trlte¢s. The TTUSte¢s att r¢sponsible for the overall
rnana8ent of th¢ charity ar Dieet on a re b&sis. Dllring the year the [ntee5 decid itw&s appropriate to de-
r¢gister fron tbe R¢gulator of Social Housing as m¢mb¢rsbip Wds no longer relevaat and tt cam¢ with an oDertsus burde
of administration with b¢n¢fit to th¢ cbarity. De-registration in no wayredllces the commitsD¢nt to th¢ obJtiveS of the
cbarity nor the wellbeing of the tenants.
New trustees are approved and appointr¢d by the boar& Detsils of ¢hHnge5 are reponed on page l.
ObJectiYe$ attd tivItIes
The obje¢t of the ch&rity is to appropriate and use the 25 AlhOUSeS b¢Longing to the charity in confornlitywith the
provisions of the Schetne tllentioned above. The princ31 Ojndittg of the charity i5 lherefore the contributions made by the
tell&llts of th¢ Almshouses.
The TnteeS hav¢ £[ted tbat the tellants of the Al[[0 bave beett cont¢nt and thatku repaits alld w&ttts of
reparatioll have be¢n dealt with &s and whcn they arose, and they will conunu¢ to do 50 in the future.
As far as they are aware the Tr$tee$ bave dealt with au recoTnmeodations of the Altusb0Se Association and the
Regutstor of SlaLHoln8.
A¢hievements
There was olle un0CpICd flat at the year end. There is a beaithy waititi8 list for f]ats so void losses are kepi to a
During th¢ year there were no kitchen or bathrcM)m refutbislllll¢nts. bo¢[ two new boilers were fitt¢d 8nd outside
the bencbes, sh¢
ROBERT HiBBERT'S ALMSHOUSE CHARITY TRbSTEES REPORT for tht Year Ended 31 December 2024 v¢ for money Valu¢ for money is included os on¢ of the aims of th¢ Charity. All nujor WOTk¥ und¢rtakell are approved by the boaTd not based purely on price but by th¢ quality of the outcome. The warden is in daily Contact with tenants whose comments on any issues alld quality of work is r¢porteJl back to the board The l)oaTd of geIllellt are &ll voluntary alld expenses ¢iaitlled are mininul. The result is increases to rellts are kept as low &s possible attd no more tlwi illfiatiou. In 2018 the R£guiator of Social Housing revised the Value for Molley Standard setting out the metrics to be Teported. The followillg tsble the value for money pttfornwiee of Robert Hibbert's Almshous¢ CbaTity (RHAQ. The Regulator for Social HowiAg VAlue for money Metrics Reinvestment i/b• Tr4ewSu l Delivered f/. New Su l Delivered Social Housin Units New Su l Delivered on-xKi81 Hous Units Gearin EBITDA MRI Interest Cover Y• He&d]itit SocL&l Housin Cost Per Unit Per erAti eratin Mar SPBM, 2023 3.7/ 2024 2023 /D 2a 2b oo/. I3.24V4 /0 oy. o/. £5.195 Soci Housiti Overdll ital E lo 17.06Y• 17.06Y. 2.22DA 21.11 21.11 2.93 6b 13.214/0 Return On C ' AltyBEL¢bV1ty. W23 HerACUlty2023.PY 15. Th¢ ¢lwity's objects are io appropriate and use the 25 A]rnshOu b¢longing to the clwity, thus. no n¢w supply d¢liY¢r4L Also. the cknrity no bom>wing or loaD5, so th¢ first four metrics are llonnally not applicable to th¢ ch8rity. Th¢ operatIg margin and r¢turn capital are Improv this year EDaiDly due to a decrease in repairs and maiutenLll¢e costs. These w¢r¢ bigher l&st thie to £23J04 being 5p¢nt ttTr r¢place various windows and £20,966 on roof r¢pairs. Also, the cFLarity charges lower ¥&verage conttibutions which ar¢ s¢t takjng itito account the clwi'ty's particular ¢iTCWllStallc&s gnd requirements. Rlsk mauagement The Trtres have assess the rnajor risks to wbich tbe Cbarity 15 exp05cd, particular tbose related to th¢ fina¢5 of the Trust and sre satisfied tbat $yst¢ms ar¢ plac¢ to l¢ssen our ¢xposur¢ to th¢ maioi iisks. Reserves policy The TFU$tees hAve agreed a I¢1 of rryes wkn.ch takes into th¢ requirements of the ¢baTitabl¢ a¢tiviti¢5. This poli¢y is reviewed regu]arly. Desigllated reserves ar¢ no 1gng¢r wuired tr> be disclosed in the primary statements. A$ a resul( tbey have been includ¢d in the income and expelldltte r¢5¢rve. For details of the desigllated reserves See note I l iti the attached financial sthtements. Publle beneflt Th¢ TCeS collfiTm that tbey have compli¢d with their dw. set out in the 2011 Charlty ACL to have due regard to Chority Commissioll guAdartce oll pub]ic benefit Pag¢ 3
ROBERT HIBBERT'S ALKSHOUSE CHARITY TRUSTEES REPORT for the Year Ended 31 December 2024 STATEMENT OF TRUSTEES RESPONSIBtLTrtKs The Trnstees are responsible for prep8rtiw the report and statetnents in accordance with applieable l&w and regulations. The Charities Act and the R¢gistered Social Ho18 lewlation requite the TnuÉe¢5 to pr¢par¢ financial statements for ¢ach fi[L¢la1 y¢ar which give a te and fair view of the state (Trf affair5 of tb¢ twst and of the incorne or expenditure of the lrnst for that period. ID prepanD8 those financial statements, th¢ Tn ar¢ rqutred to select suitable coUnting polÈ¢i¢$ and then apply them con5iStendy' observe the methods and principles in the Housing SORP 2018,. make judgements and estimates that ore reasonable and pnthl state wbether applicable ac(xiut)ting standards have teeo follow. subject to any tnaterial depar¢5 disclosed and explained in the fjnanctal statements. aod prepare the fallela1 statements on the going concern basis unless it is inappropriate to presume that the trust will contitLue in business. The Trusttts are responsible for keepiug adequate accountill8 records which disclose with rea50Dable accuracy at any time tbe financial position of the knjst and to eathle them to eÉwJre that the finacial ststemellts comply with the CILarities Act, tbe Hou5ill8 and Re¥etterlOll Act 2008 alld tbe Ac¢oullliDg Ditection for Private Registered Providets of SocÈal Housillg 2022. The Trte¢S are also re5PODsible for safeguarding tbe &ssets of tbe trLLsÈ and hence for taking reasonabl¢ step5 for the prevention and detection of frdud and otkn irr¢gutarIti. ON BEHALF OF THE TRUSTEES: L• fvP.kW Trustee C Nulty Trustee J Hoar Date.. I l June 2025
REPORT OF THE tNDEPENDENT AUDrroRS TO THE MEMBEILS OF ROBERT HIBBERfs ALMSHOUSE CHAIUTY OplnioD We have audited the fitwicial statllents of Robert Hibkn's Ajrnshouse Charity (the,Cbari for the year ended 31 D¢cember 2024 wbicb comprise the Statemeni of Comprehen5iv¢ Incorne, Balallce SbeeL Statemellt of Challg¢s in Reserves, Statement of Cash Flows alld lloies to the fina1 $tatemeTIts. tllcluding a summary of significant aecounting policies. The financial reporting fr8rn¢work that has been applied i their pteparation is applicable law and Ullited Kirtgdom Accounting StsDd8rds, ineludjng Financi41 Reporting Standard I02 The Firjallciai Reporting Stsndard applicable in the UK and R¢public of Jreland, (United Kill8dom Generally A¢ccpted Aecouutsng Practice). In our opinion tbe financial stst¢metkts: give a true and fair view of the state of the cltsrity's affairs As at 31 Dember 2024 and of its incOt and expenditure for th¢ year tben eDded. have been properly Prepared in aCr{la¢¢ with United K]D8dorn Generally Accepted kn¢ouuting Practice,. alld hav¢ beell prepared in accordance with the requirements of th¢ Cbariti&% Act 201 I, the Housing and Reg¢n¢ration Act 2008 and the Accounting Direction for PEiYat¢ registered provideTh of social housing in Etlglond 2022. Basis for opinio We conducted our audit in accordance with International Stalldatds oll Auditing (UK) (ISAS IUK)) alld applicable law. responsibdities uttder those stsndards are fijnher described in the AuditOTS' respottsibilities for tlke audit of the fiDallcial ststemellts sectioo of OUT report. We are illdepelldetst of the Cotnpally in accordance with the ethi.ol requiremeots that are relevant to our audit of the fillancia] state¢llts in the UK including the FRC'S Eth"Ic Stslldard attd we have fulfill¢d our other ethical r¢spollsibihties in ac¢ordan¢e with these requirements. We believe that the audit ¢vidence we have obtained is sufficient aDd appr¢)priat¢ to provide a basis for our tspinio CoDeluslotts relating to going ¢on¢trn We have llothillg to report in respxt of the following tDattets itt relatioll to which the ISAS IUKI require us to report to you where.. th¢ trustees, use of the going corywn b&sis of accounting in the preparation of th¢ financial statrmerLts is not appropriate; or the trustees baye ttot disclosed in th¢ financial statem¢nts any identified material uncertsinti¢s that may cast Sigttificant doubt aut th¢ CharlS abiliry to contiuue to adopt the going concern b&8is of all[lI18 for a period of at least twelve months from the date wbcn the fjnancial statem¢nts are authorised for issue. Other Inforniation The trustees a respoDsibl¢ for tbe otlKt inforttllll. The other informatÉon cornprises the ]nforntiOn in tb¢ Trustees Report but does not include the fit]all¢iai statrlllents atkd our auditor's r¢port tbereott. O opillioll tbe finattcial statents thKS not cover tbe otber iDfontLatioll and we do not expr¢5s any fomi of assurance coll¢lusion thereon. tn cot1tti0ll with our audit of th¢ finattclal statemaLt& our respousibility is to r¢ad the other illfomiatiou and, in dotng so, consider whether tbe other Inforn10n is Dte[LauY l]0n$1$telll with the financial stat¢tn¢llt8 or our knowledge obtaio¢d ill the atsdit or otlLenvtse appears to be teriallY misststed. If, based on the work we have perfomie¢ we COD¢lude that tb¢T¢ rs a llterial misstatement of this oth¢r infOrntioll, we are re(ed tt> Teport dkat facL We have noihing to report itk this regard. MAtters whtch we are Tequir¢d to report by exceptlon We have nothitig to report in resp1 of the following tteE$ where Cbarities (Accounts And Reports) Regulations 28 rtquires to report to you if, in our opinion: the informatioa giv iu th¢ fitwiciai Staten is inconsistent in 8ny Materi respect with the trustees, reporL or ad4ute accoullting records hav¢ T1 been kep¢ ot the faTr¢I#l statements are Dot in &gr¢eTD¢nt wÈth th¢ lltillg )r&s. or we hay¢ nirt ttceived all the inforniation aDd expla108 we require for our YAudiL The noks foTtll part of these fukaryciaE statements Page 5
REPORT OF THE LNDEPEf4DENT AUDITORS TO THE MEMBERS OF ROBERT HIBBERfS ALMSHOUSE CHARITY Responslbilitie5 of trustees As expl&illd more fully iti the Statemeat of Tnute¢s' Responsibilities se( out oll page four, the INsS gre respoL8ible for the preparation of the financial ststemenrs and foi being satisfied tIt they give a true attd lair view, aThd for such internal cotttrol as the t5S det¢rmin¢ necessary to enable the preparatiott of fitwicial statements that are free from terIal misstalemenL whether thi¢ to fraud or error. tn preparing the fmancial ststements. the trustees are TeswDsibl¢ for asSesSll the clMrity5 ability to Contillue as a going concern, disclosing. as applicable. relot¢d to going eoncern and USiDg th¢ goiti8 concern basis of ac¢ollrLting unless the trttstees either intend to liquidat¢ the ¢lwity or to cease i)perntious, or have tto realistic alt¢rnative but to do 50. Our responsibiiitlu for the Audit of the finatte1 5tstemettts W¢ bave been appointed &5 auditor under section l45 of the Cbarities Act 2011 wt r¢port In accordance witb the Act a[ tekvallt regulation5 made or having efftct thereuTkder. Our objectives are to obtsin reasonabk &s5urao¢¢ about whether the financial ststements a wbole are free from material tDiSStalellLellL whether due to fraud or error, and to issue a Report of the Auditots that ncludes our opinioL Reaso[ble assurance is a high level of ance but is not a guardntee that an audit coJducted irL aOrdanCe with ISAS (UK) will always d¢twt a Lllatcrial misstatement when it exists. Misstatejnents w arise frotu fraud or error artd are consider¢d Tnaterial 1£ iDdividually or in the aggregate. they could reasonably be eAted to infiuellce the &xonomic deciSiODS of taken oll the basis of th¢se finall¢ial ststements. tTr¢gularities, ittcluding fra are installces of non4ompliatice with llws and regutth"oos. We desigD procedutes in line witb our re5ponsibib"ties. outlitied al)ove. to detect ojaterial tllL5Statements in respect of iEregularities, including frau(L The extellt to which our procedures aT¢ wble of detectillg irregulariti¢8, in¢luding fiaud ts detsiled below.. Extent to whieb the ¥Judit considered e*pable of deteetlng Irregulvthes, indudittg fralld W¢ id¢ntify and assess the risks of matuial tDi5ststement of the fllwiciai stst¢m¢nts, whether due to fraud 01 error, al thert design and perform audit procedurfs r¢S)s1ve to these ttsks, including obtaining awlit evidenc¢ that is sufficient and appropriat¢ to provide a basis for our opitiioll. Idehiifjryngaxd ogsagstngpolenliol wks relotÉdio trregulorii In identifyillg and assessing iisks of material misststem¢Dt in Te5pect of ttregularities, tncludiDg fraud and nott-compliance with ]aws and regulations, we consldered the following: tb¢ uatt2re of the Éndustry, COtrOl envirOnellt alld busilless perfomwi¢¢; the r¢5lllts of our ettquiries of about theit own identificati¢)a aad assessmellts of the risks of irre8ularities; any rnatters we Identified having obtained and t¢vi¢wed the ClriS policies and prO¢¢theS relating to.. tdentifying, ¢valuating and coJnplyin8 with laws and r¢gulations and whether they were aware of any instantts of non-colljplthllce. detecting attd responding to the risks of fraud and whether they hav¢ knowledge of any acthaL suspected or alleg frau. the matters discwsed among the audit engag¢rn¢nt team re8dIllg bow and where fraud might o¢¢ur in tbe fittancial statrments and any poÉeuti81 iudicatoEs of frau In con]mon with all audits uTrder ISAS (UK) w¢ ar¢ required to perforni specific pro¢edures to respond to the risk of maTLa8emellt override. We aiso obtsined all ulld¢rstallding of the legal and regulatory fra¢WO that the ¢Flty ¢)p¢r&W ill, focus5ing on Provisions of t1¥¢ law5 regulations that had a d]rt ¢ff¢ct on the deterniinatiou of mat¢riaE amounts alld disclo¢5 in fillallcial statements. such as the Cbariti¢s A¢t 2011. In addition, collsidered the provisions of other lasvs and rwilations that do not hav¢ a direct effect of the finallciai stat¢m¢nts but cotllpliatice with T¥thich may be fundHrnta1 to the charÉty'5 ability to operate or ts> avoid a tnaterial p¢nalty. Page 6
REPORT OF THE LNDEPENDENT AUDrfoRS TO ThE MEMBERS OF ROBERT HtBBERT'S ALMSHOUSE CHARITY Audit response to risk eTrfied Our procedures to Spor to tisks id¢ntifi¢d includa the fo]loWin. Reyiewing the financial stat¢ill¢Tht disclosur¢s to &&8ess compliauce with provision5 of tel¢vaDt laws and regulations descnbed as baying & dir¢rt eif¢ct on tbe fittaneittl statetnents" Performing analytical procedures to ideDtify any uuusual or uu¢xp¢ctcd relats"onships that may iDdi¢ate material misstatejnent due to frau(. In addressing the risk of fraud tbrough maDag¢rAeDt override of eontrO]4 the testing of the 8pproprkateness of journal entries and other adjustroents and evaluatillg th¢ b81$ rationale of aThy significant traLgactions that are unusual or outside the uornwl ¢ows¢ of busin We also ¢orllLuuDi¢ated releVt identified laws And regulations and potential fraud TiSks to all engagemeut team Melle[s and remained alert to any indicatkons of ftaud or InOnlianCe with ]&wg aud regulations throughout the audit Because of the inher¢nt limitstions of an audi( is a risk that we will not d¢t all irregularitie& including those leading to a rnatrrial tlli>staternent in ¢he fillatic statrments or Don-EnpIlaTIcc with regulatioll. Tht's risk increases tb¢ or¢ that ¢ouwliance with a law or regulation ks re]noY¢d fro the eveuts atsd transactioLs reflected in the fula1 $t¢¢ryts, &5 W¢ wtll be less ljkely to become aware of iUStan¢¢$ of llon.coplian¢e. The risk is also greakr r¢garding irrwdaritieg (Trecurring due to fyaud rdth¢r than ertor. as fraud illvolves iDt¢ntiollal nCeaL[l forg¢ry, collusiot4 omission or misrepreseolatioIL A fiuth¢r description of our responsibilities for the audit of the finaucial Stateettts is located on th¢ Financial iiworting Coullcil's website at www.frc.0lg.uklw1torSIen5ibilitie> This description fotD patt of our Report of the Auditors. Use of our report This repott is Tnllde solely to the charitys truslw as a boty, in accordanc¢ wilb Part 4 of the Charities (Accounts alld Reports) Regulations 2(K)8. Our audir WO has been underthn so that we jnkght state to the charity's tThste¢s thos¢ rnatteTS we are required to sthte kn them in an auditor's Teport attd for no otber purpo. To the full¢st extent perniit*d by law. we do not accept or assume respons&bility to allyone oth than the ¢h8rity and the eharitys tsustees as a body. for our audit WOTL for this r¢por4 or for the OPilliODS we have formed. Miller & Co. Clwtered Accountants Stathtory Auth"tOT 5 lrnp¢riai Court Laporte Way, Luton Bedfordshire LU4 8FE Dat¢= Miller & Co is eligible for appointment Ls auditor of the clwiry by vittije of tts eligibility for appoitrtment audttorof a con2parAy Ulld s¢ctiou 1212 of the compa&% Act 2(M)6. Page 7
ROBERT lllBBERVS ALMSHOUSE CHARrrY STATETrtENT OF COMPKEHENSIVE INCOIIIE for the Year EDded 31 December 2024 2024 2023 Turnover 10&797 108,189 Op¢ratinE expenditure (J35) (131,030) Gross (deficlt) I surplus 18,462 {22.841) Other illcome OpertIng Idefi¢it) l surplus 18.462 (22,841) Income from fixed Set investhiettts 25096 23.687 Movejnent in fair value of rmancial instsimlents 12,687 Totsi ¢ompreb¢nsive iu¢•we for the ye*r 13 ON BEEL4LF OF THE TRUSTEES: C Nulty- Trustee J Hoar. TTUStee Date: I l June 2025 Page 8
ROBERT HtBBERT'S ALMSHOUSE CHARTrY BAL5'CE SHEET JI Dttembtx 2024 2024 2023 FIXED ASSETS: Freehold Housing Properties tnvestthents 59,752 89.627 624 955 745,039 714,582 CURRENT ASSETS: Debtor5 Cash at bank and ID bat 5,928 5,829 118.1)56 83,756 CREDITORS: Amowi(s falling due withill olle y¢at 27 NET CURRENT ASSETS ,734 65,980 CREDrroRS.. Amounts fallitig due after more than one year 13,704 27,411 TOTAL NET ASSETS 822 069 £753 151 BISERVES: Utuestri¢t¢d funds: lllcome and cxp¢nditure r¢serYe Fair valu¢ r 631,260 19 S86,2 12 £753,151 Th¢ fittaueial statetLents W¢T¢ 8pproved by the ttustees on 11 June 2025 Signed on behalf of the Trustees.. CNUI Dthte: l l Juu¢ 2025 The notes on pages 12 to 18 forni part of th¢ acwunts. Page 9
ROBERT HIBBERT'S ALMSHOUSE CHARrrY STATEMENT OF CHNGEs IN RESERVES lor the Year Elldl 31 De£etDber 2024 IncoJD¢ and eendire reserve FAir YAlue reserve Tot At l Jatsuary 2023 586,056 153,562 739,618 Surplu8 for the year 13.533 13,533 Total compr¢lEeusiv¢ illcojne 599,589 153,562 753,151 Trasfer to fairv4iue re8¢rv¢ (12,687) 12,687 At 31 December 2023 and l January 2024 586.9)2 166,249 753,151 Surplus for the year 68.918 68.918 Total Comprehensive income 655.820 166249 822,069 Tr8nsfeT frollL f&ir value reserve (24.560} 24.560 At 31 DecMnb¢r 2024 190.809 822,069 Page 10
ROBERT HIBBERT'S ALMSHOUSE CHARITY sTATEENT OF CASH FLOWS for the Year Ended 31 December 2024 Note 2024 2023 Net Cgsh flow frnm operathig tIVitl 15 44,077 Net cfish flow frtstn investing #ttiviti&8 Dividends r¢¢¢iv¢d Proceeds frotll sale of investments Payments to awuire inve4trneDts 25W6 23,687 33,563 Net sts flow from lllvestlng Net Illcre iti ¢*$h rash equivalents 31201 (19.768) Cash cash equiyalellts 4¢ beginning of the year 77927 97,695 Casb Ind caslk equfvalents at eud of the year 112 128 P8g¢ 11
ROBERT HIBBERT'S ALMSHOUSE CHARITY NUtES TO THE FLYAliCIAL STATEi¥fENTS for the Year Ended 31 Deeember 2024 ACCOUNTING POLICIES Legal Status liobert Hibbert's AInOuSe Ch8fAty 15 an uoincottM)rated ¢baEity rewteral with the Cb&Tity cODls510n for Englalld and Wale Princip aecolltttlllg policies and basis of accountillg The fcIal statetlletlts bave b¢¢n prepared in accordance with applicable accounting stalldards iticluding Fitian¢iai Rq)ortiti8 stadard 102 The Ftnanctal Reporting Stathlard applicable in the Uni¢ed Kingdom and RepHbltc OJ Ireland (FRS 102), the Statetnellt of ReCOn]nnded Prdcti£e for Registetyd Social Housing Proyiders 2018 aud with the Acwunting Ditection for private registered providers of social housing England 2022. A summary of the more important aecounting policies which have been appb.ed consist¢ntly are set out below. The financial statem¢nts h&v¢ beell prepared on a go]n8 concern basis und¢r the historiol c05t conv¢ntion, ¢xcept for inv¢stments which are valued at fair value. The financial st&t¢ments are presented in pounds st¢rlKtig and rounded to the nearest pouwL Tr [¢815t¢I numbet a1 address of th¢ piincÈpal office can be found on the cknity Infomtioll page. Th¢ registered provider of social hoth8iDg constitut¢s a public benefit entity as defmed by FRS 102. Tangible fiLed assets Tallgible fixed assets irtcludiDg social hOsIng properties at¢ stat¢d at cost less accumulat depreciation aThd inwairruellt losses. Cost includes costs dlrectly attrilMtsble to nuking tlke asset capable of operatitig intended sucb as the cost of acquiring land and buildings, developm¢nts costs atsd interest charges on loans during the developtnent period. Expenditure OD improvem¢nts wilE 0Y be capitalised wben it results tn increm¢ntal fubjre benefits. DepreciatioD is provided OTh all ¢awble fixed aeLl at rates cal¢uiat¢d to write off the cosL less estimat¢d resAdual Yalue, of each a85¢t on a systematic bL8is over its expected usefvl lÉfe &8 follows.. Lglld Housing prop¢ty iEnprov¢m¢nts Not depreciatol Over 10 yeats So¢iAi houslDg grant Hibb¢rt Street AIJL%houses were bistorically partly fiDlln¢¢d by a social bousing graDt. The assets to wbich the grkllt relate are accouttted for on tbe cost m(Kl¢l and theTefore tbe SHG is ac¢oullted for on tbe acc1 model. SHG is recogtiised &$ a liability and arnort]s in incom¢ ov¢r the useful life of the ho]ll8 property improve¢ts which beea estAnMted w be 10 years. Cy¢llcAI repairs fund This designated reserve was ereated to set aside fund5 for th¢ futstre cyclical repairs and maioteuallce of the Almshouse ExtraoTdinAry repiin This desigllated reserwe has been creat¢d to cover tnaior repair& iwrov¢ment or r¢bllilding of the A]mshouses belonging to the Clharity. Reslri¢tsd fund Restricted funds ar¢ those funds where the donor has placed a restrirt purEM)se for which the fimds can be used. Expenditure which meets the tern)s of the Ojnd are all(atl agaiost th¢se fundg. Accumulated This fid ts for tbe firture general upk¢ep and nwniDg costs of Hibbert Street Almshouse The notes fortll part of financial stateD)ents Page 12
ROBERT HtBBERT'S ALMSHOUSE CItARrrY NOTES TO TUE FLYANCL4L STATEMENTS for the Year Ended 31 Deeember 2024 FinAncIAI fiDstrllrneDts Cash and baThk balallces and debtots and creditors with no sratcd interest rate and [e1Vable or payable withi one year are re)[ded at trls&¢0 price. Any 10&8es aTisillg from illjpairmellt are recogntsed in the statement of eornpreheDsive in¢om¢. Fixed asset Investments Investmetlts are recognised inititilly at flir valu¢ which is normally trau5action ptice excluding transaction Costs. Subsequently, they ar¢ Elleasuted at fair valu¢ througb the stst¢m¢Tht of comprehensive income if the 511ores are public&lly traded or their fair valu¢ ¢an oth¢'1se be measur1 reliably. The Surplus or deficit oll y disposals are calculated as th¢ diff¢r¢u¢¢ between the opelling Yahtion and disposal procttd8 and are recognis¢d in the statement of compi¢h¢Dsive income. SignificaDt judgements alld estimate5 Preparation of the f]nallcial statements requires ncEllent to make signifi¢aDt judgements ID applying th¢ accounting poli¢i¢$ of the Charity aDd estimates and &wJmptiOtsS that have a sibmÉficant effect on the recognition and 1$UreMent of &ssets, liabilities. itOme 2nd ¢KP¢DS&S. Acttl results njay be diff¢rerLt to th&4e estimates. SigRificantiMdgements Housing ptopertie5 tn applyin8 tbe Chlty,5 accouuting p)licies. th¢ fre¢hold housitkg properti¢s have been classified &s propety plant and 04uipment alld ther¢fore accounted for at cosL However. th¢ Hibbert Street Altnshouses were nsLructed in the late nin¢te¢nth cellw and there is no rerd of the original cost and so llo value has been attribuÉed thereto. The improvements to housing prop¢rtÉes Carried out since l Janu8ry 1982 have been "iacluded at cost The buildings ar¢ cttrtentiy iusured foT a sum of £3.935,537. Estimation rtncertainty Useful lives of depreciable assets MaDagement rlew5 its estimate of the useful lives of depreciable &ts at each rqy)rting date based on the expected utility of th¢ assets. ReYisioDS to these esiinMt&% are recogllised in the period in which the revisioll of the estimate Occurred where it otsly 8ffeets that yw, or Tn the pviod of revision and tUre periods wbere the revision affects both current and tyjre periods. Following a [l¢W of the estint¢d efUl life of the housiEEg propety improvements in 2017 the aDDual d¢pr¢ciatioD for this and the 2 yeats will be £29,875. The effect of this on th¢ &%5ociated SHG i5 80 aniorti5atiou to incotne of £13.707 for this aod the 2 years. The carrying value of Howsing Itoperties at the Yearend w85 £59,752 and that of dL¢ SHG £27,411. Turnover Twnover represents contributi(TrTts and service cbarge illcoEe rx¢ivable in the year. net of I0eS frojn voids and atnortisation of government grants. EMPLOYEL8 During th¢ year tbere were no ¢mployec5 paid by the tnLSt. The manag¢ment of the trnst 15 undertsken by Mrs S HaTTiSon, Ckrk to the TDJStees. MaDag¢ment fee5 charged in the year arnounted to £9.750 (2023 £9,000). The ootes forni part of these financial statenwnts Page 13
ROBERT HIBHERT'S ALMSHOUSE CHARITY NOTES TO THE FLNANCIAL sTATENTs for the Y¢2r Ended 31 December 2024 PARTICULAIiS OF TURNOVER AND ADMINISTRATIVE EXPENDITURE FROM SOCIAL HOUSING LETTINGS 2024 2023 Torllover Contribution5 receivable net of idelltifiable setvtce cbar8es and Yoids Service charge illeotne Atnortised governllLent grdnts 89254 5036 89,364 5,118 Turnover frojll social houslng lettlngs 10&797 I08.189 Adminlstrative eipendlture (note 18) Management costs Service charge costs IS05 12J91 29066 16,252 18,788 64,965 1,150 29,875 Grants tt) ten&tLts Depreciation of hoL8illg properties 29 AdrninistT4tivt £eDd]Illre on soci81 bousing lettillgs 90J35 131,030 Gr•s8 sllryllls l (defieit) ott SOC housillg lettings Void loues 364 All M0ver and expetidith is in respect of housing for ol(kr pIe. TANGtBLE FIXED ASSETS Housing Property Improvements Cost Ai l January 2024 al 31 December 2024 303277 Depreeiation At l January 2024 Clkarge for year 213,650 29 At 31 D¢¢¢ber 2024 243.525 Net book va¢ At 31 Deceniber 2024 At 31 December 2023 The notes foThn part of these fllwieial sMents Pag¢ 14
ROBERT HBERT's ALMSHOUSE CHARITY NOTES TO THE FKNthCIAL STATEMENTS ror the Year Ended 31 December 2024 INVESTMENTS Market Value DlvldeTrds Cost N4tiott#l Assoelatlon o(Almshous¢8 Investm¢nt Fond Aeeumulation UDits - Extraordinary Repalr Fulld l M&G Ch8Tlty Multi Amet Fund 5,576 Balance brought fotward 84 AdditiODS in y¢ar Sales in year Accumulated income Change in maTket VY&lue 45&706 9,876 624,955 9.876 25,896 2596 25,896 24.560 5,660 Balance carried fotward IS90 494 478 685,287 At 31 Dllber 2024 494 478 At 31 D¢¢emb¢r 2023 23,687 458 706 624.955 The fair value of listed investments is determined by reference kn tb¢ middle matketprice at close of busille5S at dLe balgnce sheet e. The M&G NAACIF futtd is now called tbe M&G Charity Multi Asset Fulld. DEBTORS: AMouf*TS FALLING DUE WITH1 ONE YEAR 2024 2023 Contribution arrears Other debtors Prep&ymenL8 1.024 1,160 780 1.584 5,928 5,829 CREDITORS: AMouTrrrs FAIIJNG DUE WITHIN ONE YEAR 2024 2023 Contriblltions paid Ill &dvalle¢ AccNed exp¢n5es Other creditors D¢ferred iticome 450 5,661 7J04 13,707 834 3,235 13,707 27 Th¢ notS5 form part of fiD2D¢ial statements Pag¢ 15
ROBERT HIBBERT'S ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATErNTs for the Year Ended 31 December 2024 CREDITORS: AMOiTNfs FALLING DUE AvfER MORE THAN ONE YEAR 2024 2023 Defetred incorne 27,411 TAXiTION The ttust has rnod¢l ehwitable rule5 and its sU1se5 and gains are exempt frorn ttIon. 10. HOMES IN lANAGEMENT The tnL%t had 24 flats iti nwBgement at botb the beginning and the end of the acwunting periiKi. Th¢s¢ represent housing for older people. In &IdItio a fiat is provided to the which is occupi¢d r¢Dt free. tNCOME ND EXPENDITURE RESERVE The income and expeltditure reserve represents cumulative sutylus and deficits net of Ot1 adjuslrn¢Dts. Included within this res¢rv¢ are the followitig designated reserves: FutuLe Cyclical R&serve £14JOO (2023 £14,300) and Extraordinary Repairs ReseTve £494.478 {2023 £458,706). The moverneut ort the Extrd(Trrdiuary Repairs Resetye t¢presellts the net vern¢llt in tbe cost value of investrn¢nts which are s]r[llY held io bjnd future ¢xtrdordiDary ryir3. Th¢ tncom¢ alld expenditure r¢8¢N¢ also includ¢5 histori1 uDT45trl¢d gitiq made by E G FAStnLonL E C Smith, S C Hayne &lld L Lye of £1 1.774. £436. £1,508 and £485 respediv¢ly. Free Reserv The charity knas fre¢ rwrves of £253.539 (2023 £190518) which are the reseTY¢S awdilable to meet the ongoing commitmcnts of OPerltig tbe Cljariry. Free resetves are total reserves less fr¢ebold houssng property #t&d designat¢d r¢s¢rves. 12. FAIRVALUE RESERVE 2024 2023 Brought forward Trdnsf¢r frollL I (to) iocome aDd expenditurc resetY¢ 161249 24 153,562 12,687 CaTfAed forward 190 809 166,249 Repr¢s¢nted by.. UleallSed gain ott Extraordinary Repair Fund inv¢stm¢uts 190 809 166.249 166,249 L3. TRUSTEES RELKtJNWTION EXPENSLS NOD¢ of the tsustees re1Ved[eulleraÈiott or were reimbuEsed expenses dwing th¢ year (2023 same). The not¢5 fonn part of these financial ststements Pag¢ 16
ROBERT HtBBERT'S ALMSHOUSE CHARITY NOTES TO THE FlINLNCI.4L STATEMENrs f(trr the Year Ended 31 December 2024 I4. CAPITAL COMMITMENTS Thert w¢r¢ no ¢apital cottllnittll¢nts at the year en I5. CASH FLOW FROM OPERATLNG ACTIVTfiES 2024 2023 Sutplus l (deficit) for the year Amortised housing grant Depreciatioll of tallgible fixed a&sets (Decrease) I I¢r¢Se in ereth.tors Decrease / (tnerease) itt debro Dividellds trc¢ivable Mov¢m¢ut in fair value of fixed at investtnents 68,918 (13.707) 29875 9J46 (99) (25J96) 24.560 13.533 (13,707) 29,875 (1,464) (I,7551 (23,6871 12,687 At 31 December 44,1177 16. ANALYSIS OF CHANGES NET FUNDS At (Ii.ot.24 Ch flow At 31.12.24 r4et cash C&sh &TLd ¢&sh equival¢Dts Tot81 77.927 34,201 I l2.128 77,927 34201 112,128 17. 2024 2023 Th¢ ¢arryttig all($ of th¢ eIrIty.S finallcial instDrnts are as follows: FiD4nciai assets Me&sured at fair value through the stai¢m¢nt of conjpre1llgc Ancom¢.' - Fixed asset listed investments (note 5) 085 The in¢otn¢, expenses, net gains and net losses attnThut8ble to the clwlty's finaneial instswnents are as follows-. Ineome and &Kpens* Financial ass¢ts mAsured at fair value througb the statement of comprehensive iDcoru¢' 25 23,687 NetgaiTLV and lo&fes (incluthg changes infairvaluej Finallcial assets m¢asurcd at fatr value througb the 5tatern¢nt of ¢omprehensiV¢ inc(Trme'. 12,687 The llotes forni part of these financkal statements Page 17
ROBERT KtBBERT'S ALMSHOUSE CHARrrY NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 Deeember 2024 18. OPERATING COSTS 2024 2023 Mallagem¢ot ¢wJts Property insurallce Subscriptioos Man&gem¢nt ¢haTg¢s Auditors, remulleratiou Auditors, remulleratiOD- non audii wo 3,692 lJ45 9,750 1,734 3,421 771 1,650 18.1103 16,252 SerYt¢e eo8t8 Waterrat¢s Suttdry expenses Lighting of Comrnon sr¢as Residents, beating Warden's light and Wordell's telephone Warden's council trx Warden's water rntes Wardcll's awisunas box and long seryice gift 50J6 1,619 1,794 {1,155) 1,402 1,085 737 273 5.118 170 2,196 4,833 2,984 I,039 702 246 1,5 12J91 18.788 DAY to day repalrs and m8AntsBnee Repairs aud servicing to boilers Plumbing repairs AlanD monitoring Ward¢n call tuainteDanee Eiepl&¢¢rneDt Wifmlo Roof Tepair Fire extinguEsh¢r s¢rvi¢ing and r¢plawneDts Electrical repairs GardeTLiDg Gelleral repairs 922 5,049 1,123 2217 5,135 768 1.361 1.875 23,304 20,966 746 6,981 1,360 2,469 456 667 1,468 2,670 6J94 29 Pag¢ 18