lev, Dnual Re rt Fin#Deial St#tement Year l Marcb 2
Lad Lumle '$ A]m5houses BOAIID OF TRUSTEES, REPORT The Board of Trustees submit their aDThual report and accounts for the charity foT the year ended 31 March 2024. The financia] slatements a prepared io comply with the Charities Act 2011, the Statement of Recommended Practi¢¢ "Accounting by Registered Social Housing Providers (update *OI8)" and with the Charity's governing document. LEGAL AND ADMINISTRATIVE INFORMATION Full name ofthe Charity.. Registered Ch(3rity numbeT.' HCA Registered nMber.. Lady Lumley's Almshouses 229068 A3567 Retered Office ofilie C'harity. 73 Outgang Road Pickering North Yorkshire Y018 7EL Independent Examiners." Hallgarth Accountants Ltd Chartered Accountanls 2 Hallgarth. Pickering, North Yorkshire YOIS 7AW Bankers.. National WestmirL8ter Bank PIC 27 YoTk¢rsgate Malt0 North Yorkshire Y017 7AZ SeoGkbrokers. Messrs Redmat Bentley 9 Bond Court Leeds LSI 2SZ Solicitors.. Crombie Wilkinson LLP Clifford House 19 Clifford Street York YOI 9RJ [1]
Lad Lumle '5 Almshouses FT STEES, REPORT- Conlinued D MANAGEME Governance The Charity was founded by deed 11 dated 8 October 1657, and ¢omprised in a sch¢me mad¢ under the Endowed School Acts on 14 July 1899 and is administered under the Charity Commissione, Scheme ddted 22 August 2001. The ChaTity is a housing association r¢gister¢d with the Homes and Communities Agency (fornierly the Tenait Servi¢¢5 Authority) under the Housing and Registration Act 2008. intment of Trustees to the Board Tntstees are aptx)inted at a General Meeting for & four year period. Co-opted Trustees are appointed lor a period of five years. One nominated Trustee may be appointed by the Parish Council of Thornton le Dale and one by th¢ Parish Council of Sinnington. The Ineumbents of Thornton Parish and of Sinnington Parish are autotnatically trustees. though they may ask someone to tske that place(s) vicariously. Trustee induction and trainin The Charity uses the existing skills of the tNstees and draws on briefings rece?v¢d from the Homcs and Communities Agency, The Almshouses Association and the Charity Commission. anisation The Charily is administered by the Trustees. These are local people interested in the well-being of the elderly and infirm, who have skills and kJ)owledge Covering personnel and housing in a variety of aspecls including financial and social. The Charity works only within thc ecclesiastical deanery of Pickering (as at April 2005), an entirel} rural area with one small central market Wn. Risks to which the Charit isex The major risks to which the Charity is exposed have been identified and systems have been ¢stabli5h¢d to mitigate these risks. Related ies Details of related party transactions can be found in note 20 to thes¢ accounts. Mana em¢nt The following are the principal okficers and Trustees of the charity: _ Mrs G Garbutt O.B.E. Mrs J Dudley-smith Dr J Coppack Mrs L Lockwood Mrs R Sharrock Rev'd Cap't R Batker Mr H Hallsworth- Resigned September 2023 Mr M Swinnerton Ms C Balderson- Appointed September 2023 Ms C Baxter- Appointed 25" March 2024 121
Lad Lumle 's Almshouse5 BOARD OF TRUSTEES? REPORT - Continued Day to day management of the charity is Tried oth by the Trustees and the ¢lerK Mrs M Fletch¢r. administers rinancial matt¢rs. OBJECTIVES AND ACTIVITIES The obj¢¢tive of (he charity is the upkeep and maintenance of the Almshouses and Old Grammar School, the provisioTh of housing and general management of the fi]nds of the Charity. ACHIEVEMENTS PERFORMANCE AND PLANS FOR FUTURE PERIODS Throughout the year we have witnesqed significant change within the Alms Houses. It has been a busy year for the Trustees, dealing with the Yarious issues ihal have surfac¢d and many will take some time to resolve. Ongoing problems with the roof ofthe extensions meant that investigation work was n¢¢ded to source the depth of ihe problem. This meant th¢ resident in number I was moved into another property in order that the ceiling could be removed. Unfonunately, the findings poinf towards mayor roof repoirs. Architects and Building specialists are now being consulted and w¢ sec this a long-tern) building project. Our resident's welfare will rcmain our priority throughout this period which may tske up to two years to fully rectify- Number I property remains empty for the time being. Sadly. Iwo of our long-e5tablished residents passed away this year. With the care of othcr residents, trustees. the clerk and visiting care staff, they were able to remain in their homes. We have now welcomed two new residents who have settled well and enjoy being part of the alms houses neighbourhood and wider community. We welcomed Cllr Clair Balderson to the board of Trust¢es in Nov¢mkr as the Parish Councils nominated represenlative. Our residents and iheir friends enjoyed several trips and activities throughout the year. In May we had a trip to Raven Hall in Ravenscar for coffee and a mystery bus tour ending with fish and chips at Wa]kers in East Ayton. Residents have also enjoyed several trips to a lo1 garden centre for coffee, accompanied by the clerk In December a trip to Helmsley Arts Centre for the Pan(omime was extremely enjoyable, (together with a very nice lunch!). Tea and Chatter sessions in the Old Grammar School continued throughout the summer for residents and the wider ¢otllmunity. These nnce monthly events allow the residents to come together for a wclcome chat with volunteer helFtrs and friends. From October through to Marcl Ihese were PlaCed with monthly Soup Session5 which prove popular. As we move into another year. the Trug:ees are fully aware of their responsibilities to ensure up and coming building works are Carried out to a standard that maintains a high level of alms house housing provision. It is Ihe'r intcntion tL) continue to utilise the alms houses directed by the Trusi Deeds upon which the Charity was fortned, working as best they can to case minimal disruption to residents. All trustees will be utilising their own pcrsonal and professional skills, alongside sourced spe¢ialist advice as we move forward in confidence that the Alms Houses are in safe hands. OPERATING AND FINANCIAL REVIEW The Charity wntinues to receive income from investments in addition to that obtained from the residents. maintenance payments. Investments are run by prolessional stockbrokers who monitor the investments closely. Resources are kept to cover ihe costs of repairs following quinquennial inspections, costs ol general maintenance to properties together with funds to meet contingencies. Trustee5 increased the weekly maintenance charge (WMC) lo residents in line with their policy. [3]
RESERVE POLICY The Charity has adequate reserves to meet its ongoing commitments and the Trnstees allocate fund8 to designated reserves to cover maintenance liabilities. PUBLIC BENEFIT The Trustees have had due regard to the guidanc¢ published by thc Charities Commission on public benefit. RELATION TO FINANCIAL STATF.MENr BOARD'S RESPONSIBILrrJES Law applicable to Charities in England and Wales requires the Trustees to prepare finan¢ial statements for each financial year. which give a true and fair view of the Charity's financial acliviiies during the year and OC its financial plxsition at tELe end of th¢ year. Tn preparing those finatKial stal¢ments, th¢'frustees are required to-. Select suitable accounting policies and then apply them consislenily. Observe the methods and principles iii the Charities Statement of Recommended Practice {SORP)' Make judgements and estimates that are reasonable and Prudent. Slate whher applicable UK Accounting Siandards hav¢ been followed.. and Prepare the financial statements on the going concern basis unle55 It is inappropriate to presume that the company will continue in busines5. The Trustees are responsible for keeping proper accounting recoTds which disclose with rea8onLble accuracy at any time the financial position of the Lharity and to enable them to ensure that the financial siatements comply with the Charities Act 2011. They are also responbible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other IrreIlarIties. We, the board members of Lady Lumley's Almshouses who held office at the date of approval of these financial statem¢nts as set out above confirtn, so far a5 we are awstre. thai: There is no relevant audit inforniation of which the auditors are unaware. and W¢ have taken all the steps that we ought to have tsken as board members in order to make ourselves aware of thai information. Approved by the Ttee5 on .... z.s.l.o...i l..Ic>L*..... and signed on their behalf by- Mrs G Garbutt O.B.E. Date- .. 14]
d Lumle 's Almshouses INDEPENDENT EXAMINERS REPORT TO THE BOARD OF LADY LUMLEY'S ALMSHOUSES We report to the twstees on our examination of the accounts of the above charity for the year ended 31" Mah 2024. The financial r¢porting framework thai ha8 been applied in Iheir preparation is applicable law and United Kingdom Accounting Standards, including Financial RertIng Stsndard 102 (United Kingdom Geneially Accepted Accounting Practi¢¢). Respertive Respollsibilities of tbe board and the Independenl reporting Aeeountant The board of the Lady Lumley's Almshouses 18 responsible for the preparation of the accounts, and ihey wnsider that the charity i5 ¢xempi from an audiL It Is our responsibility to cary out procedures designed to enable us to report our opinion. Basis of opinion Our procedure5 consisted of comprising the accounts witii the books of account kept the charity and making such limited enquiries of officers as we considered necessary for the purFK)se ot this report. These procedur provide the only assurance expressed in our opinion. Opi#ion In our opinion: the accounts for the year-¢nded 31° March 2024 are in accordance with the accounting r¢¢ords kept by tady Lumley's Almshouses under paragraph 135(2Ka) of ihe Housing and Regener&tion Act 21)08- having regard only to, and on the basis of, the information obthined in ihe aOUnting records.. o the accounts cotnply with the requiretnents ofthe Charities Act 2011. o the charity has satisfied the condition for exemption from an audit of the accounts for the year-ended 3 1st March 2024 specified in section 13616) of thc Housing and ReEeneration Act 2008. the accounts comply with the requirements of the Housing Regenerdtion Act 2008 and the Accounting Direction for private registered providcrs of social housing in England 2022. k(th0 4,,~ Hallgarth Accountants Ltd Chartered Accountants 2 Hallgarth Pickering Y018 7AW Date.. 15)
Lad Lumle 's Almshouses mell fcom rehensive Income Includin Intom b20 and Ex eDditure Accoullt 2024 2023 Notes TURNOVER 45,396 47,917 OPERATTNG COSTS OPERATING (DEFICIT) (21.246) (23.076) NET SURPLUS/ (LOSSES) ON fNVESTMENrs INTEREST RECEIVABLE AND OTHER COmE 15.493 (94,475) 46,975 43,459 tNTEREST PAYABLE AND SIMILAR CHARGES SURPLUSI (DEFICIT) FOR THE YEAR The results for both years are wholly attributable to conlinuing a¢tiviti¢s. On behalf of the Board Mrs G Garburt O.B.E. Date.. [61
Lad mle s A]mshows EET 2024 2024 2023 Noles TANGtBLE FIXED ASSETS Housing properties- depreciated costs 964,814 992,052 822,258 831,090 200 249 1,796.104 1,814,559 Investments her CURRENT ASSETS Debtors C&8h at bank and in hand 10 4,771 4.813 95.170 57.461 CREDITORS.. Amountsfc711ingdue Wiihin oneyear 086 NET CURRENf ASSETSI LIABILITIES 12.375 TOTAL ASSETS LESS CURRENr LIABILITIES 1,871,713 1,826,934 CREDITORS: AFnow?tsfalling due afier more thon oneal 12 427 530.047 CAPITAL AND RESERVES Revenue reserve Designated reserve Bequest accounts Revaluation reserve Restricted fund 13 1,002.069 1,000,133 52.353 52,353 210.663 194,081 89,199 50,318 13 13 13 These financial staiements were approved by the Board of Trustees on behalf by.. . and were signed on its Mrs G GbUt1 O.B.E. 171
IAdv Lumle s Almshouses OTFS TO THE FtNANCIAL STATEMENTS for the v¢ar ended 31 March 2024 l. General infomiation and basis of re ration The following aceounting policies have been applied consistently in dealing with items whiih are considered material in relation to the &ssociation's financial statements. The Registered So¢ial Housing provider 15 registered under the Charities Act 2011 and is a Registered sla1 Housing provider. Basis of accountin The financial stateinents have been preed in ac¢ordanc¢ with applicable Accounting Slandards including Financial Reporting Standard 102, The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102), the Statement of Recommended Practice for Social Housing Providers 2018. and with the Accounting Direction for private registered providers of social housing in England 2019. The financial Stments are also prepared under the requirements of th¢ Housing aftd Regeneration Act 2008. The financial statements have been prepared on a going concern basi5 under the historical Cost convention. The financial 5tMtements are prepared in sterlin& which is the functional currency of ihe entity. certainties and e5tim&tes The Tnjstecs consider that th¢re are no material uncertainties about the Charity's ability to continue as a going concern. Estimates in relation to the u5¢fuS life of 8sset5 are consid¢red by the Trusle¢s on an annual bls. Turnover Turnover represents weekly maintenance contribution and service charges income receivable in the year, supporting people incomc, revenue grants froin local authorities and the Homes and Communiti¢s Agency and disposal pro¢eed5 from cutrent &qset property disy)sals. Cash Flow The accounts do not include a cash flow stat¢ment because the charity> having only twelve units in management ai the Balance Sheet date, is exempt from the requirements to prepare such a siatement. Fixed &8sets and d reciation ludes t4c Cost of Housing properties are available for rent and are 51aled at cosi less depreciation. CO in-, acquiring land and buildings, development costs, inteTest ¢har&y¢s incurred during the developtnent period and expenditure incurred in reS¢t of itnprovements, which comprise the modernisation and extension of exisiing properties. Legal litle to the twelve Almshouses was vested in the Official Trusfre by order of the Charity Commission on 22 July 1941. It is the aSs(l2t10[l's policy to maintain prot*rties to a high siandard through a continuing programme of returbishment and maintenanc& Cost of repairs and maintenance are charged against revenue in the year in whi¢h they are incurrcd. Other fixed assets ar¢ stated at cost less accumulated depr¢ciation. A fijll year's depreciation is charged in the year of purchase, but no charge is made in the year of disposal. DeprlatIOn has been charged on an a[L1 basis as follows.. Rate r annum Furniture, fixtures, fittings and equipment Freehold housing properti¢s Roof Kitchen, baihroom & boiler The useful economic lives of all tangiblc fixed assets are reviewed annu811y. Reducing balance Straight line Straight line Siraighi line 181
Lad , Lumle s Almshouses NOTE TO THE FINANCIAL TATEMENTS Fixed assets- Housin land and buildin The land and buildin8s were acquired many years ago th¢ original cost cannot be ideniified and is thefore tsken to be £1 for housing land and buildings and £1 for other property. I'he developfflcnt ¢ost of the housing properties also in¢ludes interest charged on the mortgage loans rnised to finance the scheme. Social Housin Grant Social Housing Grants have been recognised using the accrual model and a included in income on a systematic basis over the expected useful life of the stTU¢ture whi¢h is 50 years. Investmeiits Ynveslments held as fLxed assets are re-valued at the Balance Sheet date and the gain or loss tsken to the Revaluation Reserve. The mortgag¢ loan was advanced by the Housing Corporation (now known as the Homes and Comtnunities Agency) in respect of improvement5 made to the Lady Lumley'5 Almshous Unreslricled funds Unrestricted fiinds are incoming resources receivable or generated for the objects of the Charity without rther specified purpose and are available as general funds. esi Designated funds are unrestricted fund5 ¢arnMrked by the Trustees for particular purposes. Restricted nds Restricted funds are to be used for specific purposes 8s laid down by the donor. Expenditure whi¢h meets these criteria is charged to the fllnd, together with a fair allocation of management and support costs. ation Th¢ as8aeiation has charitable model rules and its surpluses and gains are Ir¢e from taxation provided that they are dealt with in accordance with its rules. 2(a) move tin cosls and o in defic 2024 2023 Cost of Operating Operating sales Costs deficit Operating (deficit Turnover Turnover Social housing lettings (WMC) Other activities 43,472 50.028 (6,556) 46,112 (1,686) Total 191
Lad . Lumle s Almshouses NOTES TO THE FINANCIAL STATEMENTS for the 'e4r ended 31 March 2(b) Particulars of income and expenditure from social housing lettings Citneral Ncrdg housing Smpported iknw31118 2023 Totsl Other Totsl Social housing lettings (WMC) net of Idenlifjable service charges 37.881 5.591 43.472 37.881 42,212 Service income Gross social housing l¢ttings (WMC) 43.472 46,112 Net social housing lettings IWMC) Housing c<)rporation grant5 for major repairs 43.472 43,472 46, 112 Other Housing Corporation revenue grdnts Other revenue grants Turnover from so¢hal Elousing letting Management Services Routinc maintenanc¢ Planned rnaint¢nance Major repairs expenditure 43.472 10.976 4,843 6,971 43,472 46.112 10,976 9,898 4,843 5,554 6.971 5.108 Bad dcbt5 Property leasing eharges Depreeiation of housing properties 27.238 27.238 Impaim)¢nt of housing properties Oth¢r cost5 Operating Costs on S1&1 housing lettirLgs 50 028 47,798 Operating defjcit on Social housing Idtin85 {WMC) 6,556 1.686 2024 2023 The above figures reflect reni losses due to voids a5 follows:_ [101
Lad Lumle 's Almshouses NOTES TO THE FINANCIAL STATEMCI NTS or the ear ended 31 March 2024 2024 2023 2(c) Particular5 of income and ex diture from other activities Grant received Donations 160 160 Management Routine maintenance D¢preciaiion of property 16,421 172 21 14,888 8,279 28 Operating costs on other activili48 Operating (deficit) on other aclivities ee info ati The average weekly number of persons employed during the year was: Office staff Staff costs (for the above) Wages and salaries No Trustee reeeived any remuneration or expenses during the year (2023.. £nil)-
Lad Lumle ?s A]mshou5es NOTES TO THE FINANCIAL STATEMF.I¥TS for the ar ended 31 March 2024 2024 2023 Interest receivable and si ilar income Income from fixed assets and investtnents Other interest receivable 46.975 43,459 able and Similar cha On bank loans, overdrafts and other loans.. Repayable wholly or partly in more than five years lusl activities be tion Sur CLt on ordina Surplusl (Deficit) on ordinary a¢tivities before t&xation is stated after charging.. Depreciation: Tangrible owned fixed assets Auditors, remuneration: In their capacity as audilors For other services The &ssociation has charitabl¢ model rules and ils Surp1¢$ and gain5 are free from t&xAtion provided that they are deali with in CordanCe with its rules. 1121
Lad . Lumle s Almshouses NOTES TO THE FINANCIAL STATEMENTS for the ve&r ended 31 March 2024 Tan iible fixed assets Freehold housing Properties held for letting Fixturcs. fitting and equipment 2024 Total 2023 To1 Cost or valuation At beginning ofyear Additions Disposals At end ofyear 1,196,885 18,643 1,215.528 1.215,528 ciation At beginning of year Charge for lh¢ year Disposals At end of year 204.833 27,238 18,394 49 223.227 27,287 195,927 27,300 Net book value At 31 March 2024 At 31 March 2023 113]
Lad Lumle '5 Almshouses NOTES TO THE FINANCIAL STATEMENTS Fixed asset investments At l April 1984 the Charity's cumulative holding in National Association of Almshouses Common Investmeni Fund (NAACIF) Income Shares amounied to 50,626 units. The cost5 of these shares cannot be ideniified. The Trustees therefore attributed the market value at l April 1984 (the date from which the Charity's accounts first complied with the Housing Con)oration's Recommended Forni of Accounts) as a base cost. The investments held are as follows:_ 2024 2023 Cost or cost At beginning of year Additions Disposals At end of year 771,940 114,796 -144 845 798,164 314.041 -340 265 71 Market value At beginning of year Additions Disposals 822,258 114,796 -121457 815,597 925,941 314.041 916.733 Net gain/ (loss) on investments At end of year Listed investments Common investment funds 601.877 229213 612,071 210 187 All investments are carried at their fair value. Investments in equities and fixed inlerest securilies are all traded in quoted public nrkets> primarily the London Stock Exchange. Holdings in common investment funds, unit trusts aTKi open-ended inv¢slm¢nt conipanies are at bid price. The basis of fair value for quoted investments 15 equivalent lo the market value using the bid price. Asset sales and purchases are recognised at the de of trade at cosi. [14]
Ladv Lumle 's Almshouses r4oTES TO THE FINANCIAL STATEMENTS rthe 'car nded 31 M 2024 2024 2023 10 Debt Amounlsfallingdue wiihin oneJEor Maintenance dcbtors Other debtors 162 4.813 I I Creditors: Amountsfalling du¢ within one year Loan repayable within one year (see note 12) Housing grani Other accruals and deferred income 26,376 12,620 12,620 12 Creditors.. Amounisfallingdue after more ihan one year Housin nt.. The housing ant is held in ¢rediiors and releas¢d over th¢ useful life of the structure which is estimaied to be 50 years. 024 20 Repayable over one year.. Between one and two years Between three and five years In five years or more 12,620 37,860 466 947 12,620 37,860 479 567 Loan.. The loan has been secured with a fixed legal charge over the Ass(Kiation's housing properties. The loan 15 repayable Ls follows-.- 024 2023 Repayable over one year: Between one and two years Between three and five years In five years or more Repayable within one year (see note I l} The loan is repayable by monihly instalments and int¢Test is ¢harged at 5.251J/o. Tota] amourts falling due after more than one year
Lad Lumle '5 Almshouses NOTES TO THE FINANCIAL STA TFMENTS for the N'ear ended 31 March 2024 eserves Revenue Reserve The income and ¢xpenditur¢ reserve represents eumulative surplus and deficits. nated Reserve Designated rescrves represent unrcstricted revenue reserves sel aside by the Trustces for items of ordinary maintenance and repair of almshouses belonging to the Charity which recur at infrequent intervals. Revaluation Reserve The revaluation res¢rve represents the cumulalive effe¢t of the revaluation of inv¢stments. Liest Account The bequest account relate to funds beque&tTried io the Charity in Ihe Will of the late Gerald Woffindin Hassell- Maw and which, on the stipulations of his Will, were released to the Charity on the death of Miss Margery WotTindin Robcrts on 2 February 1987. The fund lotslling £194,081 was passed to the oificial Custodian of Charities with two thirds being held for the use of the Lady Lumley's Almshouses and one third Ixing held for the use of the Old Grammar School at Thornton Dale. The funds are held in investments by the Charity, and are regarded as part of the Endowment Ln¢ome generated from the investments can be speni by the charity however ihe capital r¢serves must remain irLta¢t in full. Restricted Fund The Restricted Fund relates to the £2 deeined cost of the Charity's housing land and buildings and other property which cannot be disposed of by the Charity. 14 Revaluation reserve 2024 2023 Investment revaluation reserve The tnajor part of this reserve is eonsidered to be in respect of Restricted Funds & Bequest Account. 15 Ren su lus None of the accommodation is relevant for the purposes Of Rent Surplus Fund calculations. 116]
LAd Lumle '5 A]msbouses NOTES TO THE FINANCIAL STATEMENTS or r ended 31 March 2024 16 Ca ital commitments 2024 2023 Expenditure contracted for and not provided for Expenditure approved and Contracted for Nil 17 Contin ent liabilities There were no known contingent liabilities at 3l March 2024 (2023.. Nil). 18 Ac¢ommod8tion in mana ement There are 12 units providing housing for oldcr people under the management of Lady Lumley's Almshouses (2023..12). 19 Re d rt transacti None of the Trustees was paid any remuneration or expens by the charity during the year (2023 - £Nil). At the date of these financial statements one Board member was a member of a related Local Parish Council. The Trusl¢e concerned was not able to use his posilion to his Gommercial advanlage. No Bogrd members were tenants of ihe properties of the charity. 20 dit ervi In common with many other charities of our SI and nati]re, the Charity uses its accounlants to assist with the preparation of the financial statements. 117]
Lad Lumle s Almshouses PPEM)IXTO THEACCOUhryS "eare 31 March 202 Management expenses- Social Housing Lettings Depreciation Housing Pro 2023 Total 2024 Totsl Housing Mana ement l¢eS Repairs Estate Costs 5.108 Repairs 1.593 Insurance 5.537 Telephone & Lifeline Electricity 6,971 1,760 4,063 766 6,971 1,760 4,063 766 Office overheads 740 Accountancy 1,360 Audit 888 Subscription 5,300 Secretarial expenses 34 tkpr¢¢iation- office equipment 27 238 D¢preciation- housing properties 2,100 2.100 102 7,000 28 102 7,000 14 14 023 8,279 Repairs 2,485 Insuraiice 740 Accountancy 1,360 Audit 2,963 Sundries 529 Heating 777 Cleaner 28 Depreciation (incl. loss on salc) Investment admin fee 172 2,833 2,100 4,107 486 1,702 Total management expenses [18J