REGISTERED CHARITY NUMBER: 229556
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2024
for
Sloswicke's Almshouse Charity
Wright Vigar Limited Chartered Accountants & Business Advisers Chancery Court 34 West Street Retford Nottinghamshire DN22 6ES
Sloswicke's Almshouse Charity
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 | 12 |
Sloswicke's Almshouse Charity
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 is constituted under various trust deeds consolidated into the Trust Deed dated 22 May 1967.
The Charity's object and its principal activity continue to be that of providing social housing in Retford.
The Charity is organised in such a way so that the Trustees meet regularly to manage its affairs. The Clerk to the Trustees manage the day to day administration of the Charity.
Public benefit
The Trustees are aware of the Charity Commission guidance on public benefit and this is taken into account when considering the charity's objectives. The Trustees believe that our work and current activities as illustrated in this document meet this guidance.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
At last, in 2024 our new Union Street properties were handed over to us and our patient new residents quickly moved in.
We received the balance of the grant from Homes England following completion and we made a number of deductions from the retention we held against the contractors. Further minor snags have been encountered during the year with appropriate deductions to be made from the final retention in 2025.
In early 2025 we were advised that the charity had successfully passed the Homes England Audit of our compliance with the grant terms which is a credit to the Almshouses Consortium who managed the grant process for us.
With completion of the development our finances settled down and we compared the cost of our borrowing with the return on our investments. As a result of the delays with the project, having pushed us into an era of significantly higher interest rates than prevailing at the outset of the project, we decided that the best course for the charity was to sell investments and reduce debt. This was done paying down £170,250 of our Charity Bank loan.
At the end of the year our interest free loan from the Almshouse Association had reduced to £63,000 and our Charity Bank Loan to £158,251. We still retained investments of £193,777 and a cash reserve of £140,000. We would therefore comfortably be able to repay our borrowings from liquid assets in a crisis which is a prudent position to be in.
Firstly the increasing regulation and compliance burden particularly from the broadened remit of the Regulator of Social Housing. In particular the requirement to have the management structure of the charity include a person with a special housing qualification which takes at least 350 hours of study. Aimed at large Housing Associations some Almshouse Charities, including Sloswicke’s, have been swept within the regulations which are totally unrealistic for a volunteer organisation of our scale. We have forged links with the regional mentor from the Almshouses Association and with Nottingham Community Housing Association (NCHA) to see how we can possibly comply.
The Almshouses Association are lobbying for there to be a minimum number of units under management before the regulation bites. Hopefully they will succeed and the minimum will exceed our 46 properties which is large by Almshouse Charity standards.
The Regulator considers anything less than 1000 properties to be "small" so there is some hope. Alternatively we may have to forge links with a larger organisation such as NCHA to have their qualified staff cover our Charity. It is not clear yet how things will evolve.
Secondly our managing agents, Fisher German, advised that acting for the charity did not meet their objectives without a substantial and unaffordable increase in their charges. A very large amount of trustee time was consumed investigating alternative courses of action from linking in some way with NCHA, directly employing a property manager and instructing an alternative professional business.
The latter two emerged as viable and affordable and although suitable candidates for direct employment were found the trustees concluded in early 2025 that the needs of the charity would best be served by appointing Brown & Co in Retford as managing agents from the 1st April 2025.
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Sloswicke's Almshouse Charity
Report of the Trustees for the Year Ended 31 December 2024
ACHIEVEMENT AND PERFORMANCE
The Trustees have continued efforts to increase awareness of the charity within Retford and participated in Retford Heritage Day in September by opening the Churchgate site to the public and presenting on the history and current role of the Charity.
Due to the sharp increases in the charity’s costs in a period of high inflation we reluctantly had to increase the weekly maintenance contributions paid by our residents by the maximum permitted within the rules of our Registered Social Landlord status.
Jackie Nicholson resigned as a trustee during the year and we are grateful for the contribution she made in her time with us particularly in her role supporting Julie Shuldham as a Housing Trustee. We are fortunate to have recruited a replacement in Caroline Marsh as a result of one of our public presentations.
We have not been able to progress the restructuring of the charity as the time available from our volunteer trustees has been diverted by two subjects.
We are grateful to Fisher German as a firm and in particular to Arabella Olivant and June Blunden as the individuals who looked after the Charity and delivered a high quality service to the trustees and residents. We look forward to working with Tasca Kruse and the Brown & Co team in years to come.
FINANCIAL REVIEW
Reserves policy
The Trustees have reviewed the reserves of the charity. This review encompassed the nature of the income and expenditure streams, the fixed commitments and the nature of the reserves. The review concluded that to allow the charity to be managed effectively, a policy to ensure a years worth of expenditure is held within reserves will be introduced.
As at 31 December 2024, the charity had unrestricted funds of £2,381,005 (2023: £2,084,864), restricted funds were nil (2023: £180,000) and endowment funds of £553,267 (2023: £548,870). The level of "free reserves" at the year end was £96,351 (2023: £537,113) and this consisted of the total unrestricted funds less fixed assets, which is available for the charity to use in achieving its charitable objectives.
The current level of free reserves is significantly higher than the reserves policy.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
229556
Principal address
Chancery Court Suite 2 34 West Street Retford Nottinghamshire DN22 6ES
Trustees
T E Shuldham - Chair Ms J A Nicholson - Trustee (resigned 11.12.24) Mrs J Shuldham - Trustee Mrs A Kay - Trustee S Rodgers Trustee (appointed 11.12.24) Ms C Marsh Trustee (appointed 11.12.24)
Independent Examiner
Wright Vigar Limited Chartered Accountants & Business Advisers Chancery Court 34 West Street Retford Nottinghamshire DN22 6ES
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Sloswicke's Almshouse Charity
Report of the Trustees for the Year Ended 31 December 2024
REFERENCE AND ADMINISTRATIVE DETAILS Investment Brokers
Charles Stanley & Co. Limited 70-72 Chertsey Street Guildford Surrey GU1 4HL
Bankers
HSBC Bank Plc Leeming Street Mansfield Notts NG18 1LU
Approved by order of the board of trustees on 10 June 2025 and signed on its behalf by:
T E Shuldham - Trustee
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Independent Examiner's Report to the Trustees of Sloswicke's Almshouse Charity
Independent examiner's report to the trustees of Sloswicke's Almshouse Charity
I report to the charity trustees on my examination of the accounts of Sloswicke's Almshouse Charity (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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
-
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
-
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.
Neil Roberts BA FCA
Wright Vigar Limited Chartered Accountants & Business Advisers Chancery Court 34 West Street Retford Nottinghamshire DN22 6ES
10 June 2025
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Sloswicke's Almshouse Charity
Statement of Financial Activities for the Year Ended 31 December 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Grants 2 110,000 Income 3 207,591 Other income 1,343 Total 318,934 EXPENDITURE ON Charitable activities Services 88,126 Management 34,179 Routine maintenance 65,520 Major repairs expenditure 4,828 Other 17,561 Total 210,214 Net gains on investments 10,553 NET INCOME 119,273 Transfers between funds 12 180,000 Other recognised gains/(losses) Gains/(losses) on revaluation of fixed assets (3,169) Net movement in funds 296,104 RECONCILIATION OF FUNDS Total funds brought forward 2,084,864 TOTAL FUNDS CARRIED FORWARD 2,380,968 |
Restricted fund £ - - - - - - - - - - - - (180,000) - (180,000) 180,000 - |
Endowment fund £ - 1,533 - 1,533 316 - - - - 316 - 1,217 - 3,180 4,397 548,870 553,267 |
2024 Total funds £ 110,000 209,124 1,343 320,467 88,442 34,179 65,520 4,828 17,561 210,530 10,553 120,490 - 11 120,501 2,813,734 2,934,235 |
2023 Total funds £ - 190,922 50 |
|---|---|---|---|---|
| 190,972 | ||||
| 54,478 48,845 45,132 - 18,811 |
||||
| 167,266 | ||||
| 19,005 | ||||
| 42,711 - 234 |
||||
| 42,945 2,770,789 |
||||
| 2,813,734 |
The notes form part of these financial statements
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Sloswicke's Almshouse Charity
Balance Sheet
31 December 2024
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 2,369,399 Investments 6 143,456 2,512,855 CURRENT ASSETS Debtors 7 8,396 Cash at bank 161,399 169,795 CREDITORS Amounts falling due within one year 8 (73,444) NET CURRENT ASSETS 96,351 TOTAL ASSETS LESS CURRENT LIABILITIES 2,609,206 CREDITORS Amounts falling due after more than one year 9 (228,238) NET ASSETS 2,380,968 FUNDS 12 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - - - - |
Endowment fund £ 483,423 65,801 549,224 - 4,043 4,043 - 4,043 553,267 - 553,267 |
2024 Total funds £ 2,852,822 209,257 3,062,079 8,396 165,442 173,838 (73,444) 100,394 3,162,473 (228,238) 2,934,235 2,380,968 - 553,267 2,934,235 |
2023 Total funds £ 1,938,505 397,635 2,336,140 916,730 52,041 968,771 (248,832) 719,939 3,056,079 (242,345) 2,813,734 2,084,864 180,000 548,870 2,813,734 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 10 June 2025 and were signed on its behalf by:
T E Shuldham - Trustee
The notes form part of these financial statements
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Sloswicke's Almshouse Charity
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.
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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
The Charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Charity would receive for the asset if it were to be sold at the balance sheet date.
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Sloswicke's Almshouse Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
2. GRANTS
| 2. GRANTS |
||
|---|---|---|
| Grants Grants received, included in the above, are as follows: Homes England 3. INCOME Maintenance contributions Investment income |
2024 £ 110,000 2024 £ 110,000 2024 £ 203,906 5,218 209,124 |
2023 £ - |
| 2023 £ - |
||
| 2023 £ 178,860 12,062 |
||
| 190,922 |
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. TANGIBLE FIXED ASSETS
| COST At 1 January 2024 Additions At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 |
Freehold property £ 1,938,505 914,317 2,852,822 2,852,822 1,938,505 |
|---|---|
The addition above relates to the union street development, this was included within assets under construction in the prior year at a value of £906,388.
This year the project development was completed in May 2024 therefore has been capitalised within freehold property at its final value of £914,317.
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Sloswicke's Almshouse Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
6. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| MARKET VALUE At 1 January 2024 Additions Disposals Revaluations At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 There were no investment assets outside the UK. |
Listed investments £ 397,635 150,460 (338,849) 11 209,257 209,257 397,635 £ 8,577 200,680 209,257 |
| Cumulative revaluations | |
| Cost 2024 | |
| 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Assets under construction Retentions Prepayments and accrued income 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 10) Trade creditors Other creditors |
2024 £ 1,970 - - 890 5,536 8,396 2024 £ 2,823 51,064 19,557 73,444 |
2023 £ 4,451 1,159 906,388 - 4,732 |
|---|---|---|
| 916,730 | ||
| 2023 £ 220,112 10,418 18,302 |
||
| 248,832 |
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Sloswicke's Almshouse Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 10) Trade creditors Other creditors 10. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal 11. SECURED DEBTS The following secured debts are included within creditors: Bank loan |
2024 £ 173,638 - 54,600 228,238 2024 £ 2,823 2,963 14,271 156,404 2024 £ 158,399 |
2023 £ 158,247 21,098 63,000 |
|---|---|---|
| 242,345 | ||
| 2023 £ 220,112 |
||
| 2,554 | ||
| 12,404 | ||
| 143,289 2023 £ 360,000 |
One of the properties under ownership of the charity is used as security for a loan taken in the year. This is held at a carrying value of £1,065,457. 12. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Union Street Development Endowment funds Permanent Endowment TOTAL FUNDS |
At 1.1.24 £ 2,084,864 180,000 548,870 2,813,734 |
Net movement in funds £ 116,104 - 4,397 120,501 |
Transfers between funds £ 180,000 (180,000) - - |
At 31.12.24 £ 2,380,968 - 553,267 |
|---|---|---|---|---|
| 2,934,235 |
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Sloswicke's Almshouse Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 318,934 Endowment funds Permanent Endowment 1,533 TOTAL FUNDS 320,467 Comparatives for movement in funds Unrestricted funds General fund Restricted funds Union Street Development Endowment funds Permanent Endowment TOTAL FUNDS Comparative net movement in funds, included in the above are a Incoming resources £ Unrestricted funds General fund 189,916 Endowment funds Permanent Endowment 1,056 TOTAL FUNDS 190,972 |
Resources expended £ (210,214) (316) (210,530) At 1.1.23 £ 2,046,330 180,000 544,459 2,770,789 s follows: Resources expended £ (166,967) (299) (167,266) |
Gains and losses £ 7,384 3,180 10,564 Net movement in funds £ 38,534 - 4,411 42,945 Gains and losses £ 15,585 3,654 19,239 |
Movement in funds £ 116,104 4,397 120,501 At 31.12.23 £ 2,084,864 180,000 548,870 2,813,734 Movement in funds £ 38,534 4,411 42,945 |
|---|---|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
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Sloswicke's Almshouse Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
14. LIFTING OF GRANT RESTRICTION
As a result of the completion of the Union Street Development, the restrictions on the grant of £180,000 have been lifted leading to the funds being transferred from restricted to general.
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