**REGISTERED CHARITY NUMBER: 229443** ## **REPORT OF THE TRUSTEES AND** ## **UNAUDITED FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **FOR** ## **HOMES OF BISHOP ROWLANDS** Williams Denton Cyf Chartered Certified Accountants Glaslyn Ffordd y Parc Parc Menai Bangor Gwynedd LL57 4FE **HOMES OF BISHOP ROWLANDS** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ||**Page**| |---|---| |**Report of the Trustees**|1 to 3| |**Independent Examiner's Report**|4| |**Statement of Financial Activities**|5| |**Balance Sheet**|6| |**Notes to the Financial Statements**|7 to 13| |**Detailed Statement of Financial Activities**|14| **HOMES OF BISHOP ROWLANDS** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The Charity exists to provide accommodation for "poor persons resident in the area of the Diocese of Bangor." ## **Public benefit** The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The charity provides charitable accommodation in four flats near the Cathedral, in the centre of Bangor. The charity's day-to-day activities are focused on property maintenance and engagement with beneficiaries. ## **Investment performance** The value of the charity's investments increased during the year, reflecting the upward trend of the Stock Market. ## **FINANCIAL REVIEW** ## **Financial position** Income received from rents and investments was £56,732 compared to £53,159 last year. Expenditure was £35,851 this year compared with £35,774 last year. This results in a net income before realised gains on investments of £20,881 compared with £17,385 last year. The balance sheet of the charity at 31 December 2024 shows cash at bank of £111,966 (2023 - £90,700) and market value of investment of £1,283,177 (2023 - £1,254,829). The trustees consider the financial position of the charity to be satisfactory. ## **Principal funding sources** - The principal funding sources for the year were: - Rent received from investment property - Dividends received from COIF charities investment fund ## **Investment policy and objectives** The trustees seek a level of investment income that is able to support a range of important charitable activities at a time of change, recognising that achieving such a level of income may, in the case of some investments, pose some challenges to the secondary goal of maintaining capital value. The trustees work with their investment managers to assess the ethical dimensions of their investment portfolio, prioritising the use of shareholder rights to achieve the advancement of a progressive ethical agenda through the investment portfolio. ## **Reserves policy** The Trustees' objective is to maintain the equivalent of the value of Fixed Assets plus a year's expenditure as a general reserve. ## **FUTURE PLANS** The trustees are commissioning a survey of the almshouse flats to inform future decisions about maintenance and any investment in the facilities. Page 1 **HOMES OF BISHOP ROWLANDS** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** We are an Almshouse Charity, founded by the Bishop of Bangor in a will of 1st July 1616 and governed by a Charity Commissioner Scheme of 21st October 1960 (which was updated on 16th September 1981). Registered Charity no. 229443 ## **Recruitment and appointment of new trustees** Ex-officio trustees are the Dean of Bangor (currently vacant) and Bishop of Bangor. Up to 5 further trustees can be co-opted by a special meeting of the trustees for a period of 5 years. ## **Organisational structure** The Board of Trustees meets, on average, three times a year to review progress and expenditure and to plan for the future. Staff in the Diocesan Office undertake the administration of the charity. ## **Related parties** Due to the nature of the charity's operations and the composition of the Board of Trustees it is inevitable that transactions will take place with organisations in which a member may have an interest. All transactions involving organisations in which a Trustee may have an interest are conducted at arm's length. The charity has a policy that all Trustees must declare an interest if a related party transaction occurs. ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 229443 ## **Principal address** Ty Deiniol Cathedral Close Bangor Gwynedd LL57 1RL ## **Trustees** ## _Ex-officio:_ The Most Reverend A T G John (appointed 24.01.2009), Bishop of Bangor & Archbishop of Wales Vacancy – Dean of Bangor ## _Current co-opted:_ The Venerable J Harvey (appointed 16.05.2024) The Reverend S Elliot (appointed 16.05.2024) The Venerable D A Parry (appointed 16.05.2024) The Venerable R W Townsend (appointed 16.05.2024) The Revd Stuart Elliott (appointed 16.05.2024) ## _Secretary:_ The Reverend Canon S B Rhys Evans, Diocesan Secretary Page 2 HOIWES OF BISHOP ROWLANDS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examiner Mr Owain Ap Elfed FCCA Williams Denton Cyf Chartered Certified Accountants Glaslyn Ffordd y Parc Parc Menai Bangor Gwynedd LL57 4FE REFERENCE AND ADMINISTRATIVE DETAILS Investment Advisers CCLA Investment Management Ltd Senator House, 85 Queen Victoria Street, London, EC4V 4ET Bankers Lloyds Bank 268 High Street, Bangor, Gwynedd, LL57 IRT th Approved by order of the board of trustees on 10 March 2025 and signed on its behalf by: Trustee signature Page 3 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HOMES OF BISHOP ROWLANDS** ## **Independent examiner's report to the trustees of Homes of Bishop Rowlands** I report to the charity trustees on my examination of the accounts of Homes of Bishop Rowlands (the Trust) for the year ended 31 December 2024. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mr Owain Ap Elfed FCCA Williams Denton Cyf Chartered Certified Accountants Glaslyn Ffordd y Parc Parc Menai Bangor Gwynedd LL57 4FE Date: ............................................. Page 4 **HOMES OF BISHOP ROWLANDS** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** |Notes
**INCOME AND ENDOWMENTS FROM**
**Charitable activities**
Providing accommodation
Investment income
2
**Total**
**EXPENDITURE ON**
**Charitable activities**
Providing accommodation
Net gains on investments
**NET INCOME**
**Other recognised gains/(losses)**
Gains on revaluation of fixed assets
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**2024**
**Unrestricted**
**funds**
**£**
**17,292**
**39,440**
**56,732 **
**35,851 **
**28,347**
**49,228**
**-**
**49,228**
**2,203,265**
**2,252,493**|2023
Total
funds
£
16,854
36,305
53,159
35,774
105,603
122,988
145,000
267,988
1,935,277
2,203,265| |---|---|---| The notes form part of these financial statements Page 5 HOMES OF BISHOP ROWLANDS BALANCE SHEET 31 DECEMBER2024 2024 Unrestricted funds 2023 Total funds Notes FIXED ASSETS Tangible assets Investments Investments Investment property 370,000 370,000 1,283,177 500,000 1,254,829 500,000 2,153,177 2,124,829 CURRENT ASSETS Debtors Cash at bank 18,091 111,966 15,536 90,700 130,057 106,236 CREDITORS Amounts falling due within one year 10 (30,741) (27,800) NET CURRENT ASSETS 99,316 78,436 TOTAL ASSETS LESS CURRENT LIABILITIES 2,252,493 2,203,265 NET ASSETS 2,252,493 2,203,265 FUNDS Unrestricted funds 2,252,493 2,203,265 TOTAL FUNDS 2,252,493 2,203,265 The financial statements were approved by the .Board of Trustees and authorised for issue on . and were signed on its behalf by: Trustee signature The notes form part of these financial statements Page 6 **HOMES OF BISHOP ROWLANDS** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Tangible fixed assets are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of financial activities. The tangible fixed assets are professionally valued every 5 years. In the years where the tangible fixed assets is not professionally valued, the trustees give their opinion on whether the tangible fixed assets valuation is still appropriate. ## **Investment property** Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of financial activities. The investment property is professionally valued every 5 years. In the years were the investment property is not professionally valued, the trustees give their opinion on whether the investment property valuation is still appropriate. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. continued... Page 7 **HOMES OF BISHOP ROWLANDS** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. INVESTMENT INCOME** |COIF Interest
Dividends|**2024**
**£**
**4,511**
**34,929**
**39,440**|2023
£
1,856
34,449| |---|---|---| |||36,305| ## **3. INDEPENDENT EXAMINER'S REMUNERATION** Remuneration of £2,040 (2023 - £1,944) was paid to the independent examiners for the independent examination of the charity's financial statements. ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
**Charitable activities**
Providing accommodation
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Providing accommodation
Net gains on investments
**NET INCOME**
**Other recognised gains/(losses)**
Gains on revaluation of fixed assets
**Net movement in funds**|Unrestricted
funds
£
16,854
36,305
53,159
35,774
105,603
122,988
145,000
267,988| |---|---| continued... Page 8 **HOMES OF BISHOP ROWLANDS** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued** ||||Unrestricted|Unrestricted| |---|---|---|---|---| |||||funds| |||||£| ||**RECONCILIATION OF FUNDS**|||| ||Total funds brought forward||1,935,277|| ||**TOTAL FUNDS CARRIED FORWARD**||2,203,265|| |**6.**|**TANGIBLE FIXED ASSETS**|||| ||||Freehold|| |||||land &| ||||buildings|| |||||£| ||**COST**|||| ||At 1 January 2024 and 31 December 2024||**370,000**|| ||**NET BOOK VALUE**|||| ||At 31 December 2024||**370,000**|| ||At 31 December 2023||370,000|| ||Current year valuation is represented by:|||| |||**Freehold land &**||| |||**buildings**|**Total**|| ||Revaluation|**195,394**|195,394|| ||Cost|**174,606**|174,606|| |||**----------------**|----------------|| |||**370,000**|370,000|| |||**========**|========|| Freehold land & buildings, consisting of the Almshouse, was valued at market value on 23 May 2023 by Dafydd Hardy Chartered Surveyors who are independent of the charity. The trustees believe this valuation is still appropriate at 31 December 2024. continued... Page 9 **HOMES OF BISHOP ROWLANDS** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **7. FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 1 January 2024
Movement in year
At 31 December 2024
**NET BOOK VALUE**
At 31 December 2024
At 31 December 2023
There were no investment assets outside the UK.
**8.**
**INVESTMENT PROPERTY**
**FAIR VALUE**
At 1 January 2024
and 31 December 2024
**NET BOOK VALUE**
At 31 December 2024
At 31 December 2023|COIF
charities
investment
fund
£
**1,254,830**
**28,347**
**1,283,177**
**1,283,177**
1,254,830
**£**
**500,000**
**500,000**
500,000| |---|---| ||| Current year valuation is represented by: |Current year valuation is represented by:||| |---|---|---| ||**Investment**|| ||**property**|**Total**| |Revaluation|**404,874**|404,874| |Cost|**95,126**|95,126| ||**----------------**|----------------| ||**500,000**|500,000| ||**========**|========| Investment property, consisting of Bryn Eryr Isaf Farm, was valued subject to existing tenancy on 12 June 2023 by Jones Peckover Estate Agents and Auctioneers who are independent of the Charity. The trustees believe this valuation is still appropriate at 31 December 2024. continued... Page 10 **HOMES OF BISHOP ROWLANDS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Debtors
Other debtors
Prepayments
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**11.**
**MOVEMENT IN FUNDS**
At 1.1.24
£
**Unrestricted funds**
General fund
**2,027,871**
Property Revaluation Reserve
**175,394 **
**2,203,265**
**TOTAL FUNDS**
**2,203,265**
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
**56,732**
**(35,851)**
**TOTAL FUNDS**
**56,732 **
**(35,851)**|**2024**
**£**
**16,593**
**-**
**1,498**
**18,091 **
**2024**
**£**
**30,741**
Net
movement
in funds
£
**49,228**
**-**
**49,228**
**49,228**
Gains and
losses
£
**28,347**
**28,347**|2023
£
12,187
1,817
1,532
15,536
2023
£
27,800
At
31.12.24
£
**2,077,099**
**175,394 **
**2,252,493**
**2,252,493**
Movement
in funds
£
**49,228**
**49,228**| |---|---|---| continued... Page 11 **HOMES OF BISHOP ROWLANDS** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **11. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
Property Revaluation Reserve
**TOTAL FUNDS**|At 1.1.23
£
1,759,883
175,394
1,935,277
1,935,277|Net
movement
in funds
£
267,988
-
267,988
267,988|At
31.12.23
£
2,027,871
175,394| |---|---|---|---| ||||2,203,265| ||||2,203,265| Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
53,159
53,159|Resources
expended
£
(35,774)
(35,774)|Gains and
Movement
losses
in funds
£
£
250,603
267,988
250,603
267,988|Gains and
Movement
losses
in funds
£
£
250,603
267,988
250,603
267,988| |---|---|---|---|---| |||||267,988| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
Property Revaluation Reserve
**TOTAL FUNDS**|At 1.1.23
£
1,759,883
175,394
1,935,277
1,935,277|Net
movement
in funds
£
317,216
-
317,216
317,216|At
31.12.24
£
2,077,099
175,394| |---|---|---|---| ||||2,252,493| ||||2,252,493| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|109,891|(71,625)|278,950|317,216| |**TOTAL FUNDS**|109,891|(71,625)|278,950|317,216| continued... Page 12 **HOMES OF BISHOP ROWLANDS** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **12. RELATED PARTY DISCLOSURES** During the year, £25,435 (2023 - £24,224) was invoiced from Bangor Diocesan Board of Finance to cover shared administration costs. At the year end £25,435 (2023 - £24,224) was still outstanding. Page 13 **HOMES OF BISHOP ROWLANDS** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** |**INCOME AND ENDOWMENTS**
**Investment income**
COIF Interest
Dividends
**Charitable activities**
Almshouses - contributions
Rent Bryn Eryr Isaf
Wayleave
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Rates and water
Insurance
DBF - Office costs
Maintenance Almshouses
Maintenance Bryn Eryr Isaf
Professional fees
Subscriptions
**Support costs**
**Governance costs**
Independent examiners' remuneration
Total resources expended
**Net income before gains and losses**
Unrealised gains on fixed asset investments
**Net income**|2024
Unrestricted
funds
£
**4,511**
**34,929**
**39,440**
**6,892**
**10,400**
**-**
**17,292 **
**56,732**
**1,330**
**3,030**
**25,435**
**2,825**
**-**
**916**
**275**
**33,811**
**2,040**
**35,851 **
**20,881 **
**28,347**
**49,228**|2023
Total
funds
£
1,856
34,449
36,305
6,321
10,500
33
16,854
53,159
1,284
2,864
24,224
1,806
300
2,932
420
33,830
1,944
35,774
17,385
105,603
122,988| |---|---|---| |||| This page does not form part of the statutory financial statements Page 14