Heaton Place Charitable Trust Contents (eontinued) Reference and Administrative Details Tru5tees' Report 2to5 Stat¢ment of Twsi¢es' Responsibilities Independ¢nt Examin&5 Report Statement of Financial Activities Balance Sheet Notes to the Fin8ncial Staternents Ioto 16 Heaton Plydce Charitable Tn)st Reference and Admlnlstratlve Detalls Trvstte$ Mr G Roberts- Chair Mr J N B8ether with the financial sratements of the charity for the year ended 31 December 2023. Objectives and 8ctiiryties Th¢ objectiv¢s and aLtivitie5 to which tbe Trustees are LoIlltnitted, as set out in the Governing do¢umenL is the provision of good quality. affordable acconltnodation situated in a safe environment and pleatsani surroundings for senior citizens fTh>m the area. In fomiulating the objective5 and aLtivities the Tru5tee5 hai'e consid¢red rhe Charity Comtnission's guidelines on public benelit. including the charging of fees (rellts). The charity relies on rental income io cover lis operating costs. which it balances with careful consideration to the level of the renis. This ensures the affordability of the accornmodation to those on low incomes. Properties are upgraded as required on a change of ienan¢y when the unit is empty. ensuring standards are maintained. Publle benefit The Trustees confirn) they have complied with thc rCqUi￿meDts of section 4 of the Charities Act 201 I, ￿virtg due regard io (he public benefit guidance published by the Chariry Commission for England and Wales. The Charity is also regisiered with Rentsmart Wales for the proieciion of the tenants. Achlewements and performanee The C.hariry h&% a¢hi¢'ved its objeciive5 in the period. adding an extension to the Community area (The Pavilion), made improv¢m¢nts 10 the kitchen ar¢& anil r¢fi￿bished the laundry, the planning for which begEn in 2022. The charity has ensured Ihe accommodation rernains in good ¢ondi¢ion and the environment is safc and pleasant. One properry became vacant during the year which required extensive remodelling and refurbishm¢nt. Specialist advice was takeii and the project ¢omplete(L ensuring rhe property Wd5 Sultable for re.letting at the ¢arliest pos.sible lime, ensuring the ¢hariry continue5 to make a difference to its beneficiaries by the provision of affordable housing. In addition, a garage was purchased for the storage of mobility 5eooters, to ensure they can be securely accommodated on si￿, Professional advice was been taken in 2022 on Ihe new housing legislation and the revised tenancy contraccs were rolled out in ihe first quarter of 2023. with any new ienanis being giv¢n the new contratt. Pa8¢ 2 Heaton Plaee Charitable Trust Trustees, Report (continued) Flnanel81 r¢￿eW The charity's finances remain ill good grder. despite a Substantial spend durtng the year. Property rentals continue to represenl the main income of the charity, and there 15 a waiting list for properties. The Tjuslees endeavtsur to maintain a reasonable ¢redit in the charity's bank aiLounts, as it is importaiii 10 have tiinds available for the cwrent and future upkeep and running of the Estate. including any unforeseen property expenditure. This ensuTed that the ¢xiension and other improvements undertaken were fully filnded and noi subject to a loan. The TNs(ees airn to keep dLP(kSlts to the level ¢oveEed by the FSCS, and therefore spread th¢ nsk via different accounts, howep'er at the end of this financidl year. th¢ cutrent account cxceeds tltis level. There is the intention to rectify this during 2024 and are in the process of seeking out fiuth¢r investment opportllniiies. Fllnds also need to be available to cover any shortlall in rents if units temporarilv become vacant, or reqllire extensive refvrbishment. There is an annual review in July each year. with any increase falling due in the followtng September. The TNsiee5 agreed expenditure oil projects, and a8 previously Inentioned are in the process of exploring options for opening an additional bank account in which funds can be held foi Specific projccis. this is proving ditTicult as mally on line baiiks do not offer a charity account: and the major hibFh street banks are closing their branches. Tt is the policy of the rrL￿tees to seek professional advice before important decisions are taken, and also to take legal adi'ice on rnatte]'s which may involve legislative i5sue% which Lould have material repercussions for the charity. This can involve considerable expensL' which rhe TnLStee5 consider Inust be reflected in the rents. All new tenants are rcquired to pay 8 deposit which is lodged with the Deposit Protection Service. Policy reserves The charity withdrew money froin the Virgitt Money account to pay for the %mprovemeni work, and now this is complete are actively seeking artother accoiint which will meei tht needs of the charity whilst also being accessible. Th¢ excess is held in the current accouni. bui will be moved as soon a5 another account is opened. The Shawbrook depobit platfortn aiid thc CAF Bank Gold accollot both hold money held as Ihe charity's reserve. Th¢ charity held unrestricied reservis of £899,945 (£902,196 ihe year to 31 D￿ember 20221 of which £261,796 1£3.$6,755 in the year 10 31 December 20221 were held in cash reserves ai tl)e end of the financial period. The TruSEee5 ensuie the resLrves are sllffjcient 10 support any untoward incidents, legislative chall8¢s aJ)d any flllure planned invcslment in ihe properties for tl?e bencfii of the ienallls. Presently, the rTU5tees are considei'ing how rencwable energy systems can be incorporated inro the esiaie. r¢cognising the rapid change which is taking place in thi5 secior. Any interest the money kept in reserve is paid iiito the CAF Bank cu￿ent account. nie Trustees have ideniified the risks to the charity which include-. . Fraud Safeguarding Health and Safery rhe charity has a Safeguarding Policy and a comprehen%ive Health and Safety Policy. The Financial Procedures addres% the issue of fiaud and have been revicwed by tl)e Trustees during tl?¢ year. The Trusiees have considered the exposure of the charity to the risks, namely Credit, liability and cash flow risks associated with th¢ financial instruments used by the charity, and are abrye¢d they are of low risk. Page 3 Heaton Place Charitable Trust Trustees, Report (continued) Platts for future period5 Aims objectivesftprfu¢4reperiod5 There is a fimj commitment to the objectives of the charity, and the programme of re￿rbIShMents will eontillue as units beco]ne vacant, subject to funds beinu7 available. The charity Lontinues to be alen to ei)virunmental and polktieal Changes which rni8ht affect Heaton Place. Strneture) governance and managemeDt NalHre ofgoverning documenl The Charity is controlled by its gov¢rnin8 docurnent, & Deed of Trusi dated 30th June 1948, as aTnended 26th March 2009. and 15 an unincorporated charity. Recr¥ilmenl 4Md4ppoinlmerti oftrnsiees New TTusiets arc appointed accoTding to the policy laid down, and will be symp8theii¢ to the aim5 of the Chatity. Induction ond iroining of trustees The indu¢iion and trAinin8 of new Trustees Eb the responsibility of the Chair of the Tn￿te¢s, supported by the Estai¢ Administraior and other TNstee5 a5 required. Orguni.1olionol strM¢tMre The management of the Charity is vested in the Trnstees. who approvc policy and decision making at their bi-monthly meetings. The day to day rnnning of the chariry is delegated to the Esiat¢ Administr8tor, who is also Secretary to Ihe Trustees as well as being the Finance Officer. The Estate Administrdtor 15 accouniable to the Chair of the Trustees. Major *isks tsfihose nsk5 The Trll5tee5 have a duty to id¢ntify and review the risks io which the charity is exposed, and to ensure approptiate contro15 are in place io provide reasonable assurance against fraud and error. The Trustees have identified certain partscular potential risk5 as follows.. Financial Health and safety Security Legislation Accidents Safeguards have been put in place to cover the aforementioned risks and are regularly reviewed. Future Developments There is a firm comniitsnent to th¢ objectives oftlie charity, and the pr()gramme of re￿￿ishMents will continue wlien llllits become vacant. subject to ￿ndS being available. The chariry continues 10 be alert io environmenthl and political ehanges which might affect Heaton Place. The annual report was approved by th¢ trustees of the charity on . and signed on its behalf by: Page 4 Heaton Plfdce Charltable Trust Trustee5' Report (continued) Mr G Roberts- Chair Trustee Page 5 Heaton Place Charitable Trust Slatement of Trustees, Responsfibilities The trustees are responsible for preparing the trustees, report and the financial statenients in aLLordance with the United Kingdom Accounting Srandards (UnÉted KLn¥dom Generally Accepted Accouniing Practice) and pplicabl¢ law and regulaiions. The law appliLable to Lhariiies requires the trustees to prepare fitvallcial statetnenls foi each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these fEnancial statements, the trustees are requsred to-. select suitable ac¢ountin8 policies and then apply th¢m consisiently; observe the methods and principles in the Charitie5 SORP,. make judgements and estimates that are reasonable and pjudent; state whether applicable accounting standaTds have been followed, subject to any material departures disclosed and explained in the financial staternent5: and prepare the financial statements on the going con¢¢m basis uMle%s it 15 inappropriat¢ lo presume that the charity Thill continue irt business. The trustees are responsible for keeping proper acctsunting records that disclose with reasonablL accuracy it any lime the financial position of the charity and cllable them to eiisure thdt the financial btaiements comply with the Charities Act 2011. the Charities (Accounis and Reports) Regulations 2008, and the provisions of the constitutiotj. The trnltees are also responsible for safeguarding the ￿5¢[5 of th¢ charity and henee for taking reasonable sieps for Ihe prevention and detection of fraud and other irrcglllarities. The trustees are responsible for the mainienance and integrity of the corporate and financial infomation included on The Chari￿bIe companys website. Legislation governing the preparation and dissemination of rinancial statements may differ from legislation in other jllrisd2¢tions. Approved by the m￿feeS of the charity on .................... and signed on its behalf by.. Mr G Roberts- Chair Trustee Page 6 Heaton Plaee Charitable Trust Independent Examiner's Report to the trustees of Heaton Place Charitable Trust I report to the t￿Stee5 on rny examination of the accounts of Heaton Plac¢ Charitable Trust for th¢ year ended 31 December 2023. Respon$lbllltles and basls of report As the chariry rNstees of Heaton Place Charitable Trust you are responsible for ihe preparation of the accounts in accordance the requiremenis of the Char3tie5 Act 2011 ('the Acr,). I repon in respect of my examinaiion of the Heaton Place Charitable Tn￿t'S accounts ca￿led out under secllon 145 of the 2011 Act and in carying out my ¢xamination I have followed all the applicabl¢ Directions given by th¢ Charity Commission under section 14515iib) of the Act. Independent ex4miDer's statement I have COTnpleted my exaTnination. I confirni that no material matters have ¢om¢ to my attention in connection th the examination giving me cause to believe that in any matersal respect.. accounting recor(ts wer¢ not k￿t in respect of Heaton Place Charttable Trnst as required by section 130 of the Act. or 2. the accounts do not accord with thos¢ records; or 3. the aecounts do not comply with the accoullting Feqlliretnellts coiicerning the fom) and content of accounts set out in rhe Ch￿tIeS {Ac¢ount5 at)d Reports) Regulations 2008 othcr than any requiremeni thai the accounts give a 'iNe and fair view. which is noi a matter con5ideiEd tts part of an independent examinatioii. I have no concerns and have come across no other matters in coRnection with the examination lo which attention should be drdwf in this report iii order to ¢nYLble a proper understanding of the accounts ￿ be reached. G Glenis Hick¢rton Bsc, FCA Aston Hughes & Co. Chartered Accountants Selby Towers 29 Princes Drive Colwyn Bay Wales LL29 8PE Date.. Pag¢ 7 He2ton Place Charitable Trust Statement of Financlal Activities for the Year Ended 31 December 2023 Total 2023 UDrestrlcted Note Income and Endowment5 from: Donations and legacies Charitable activities Inv¢5mient income Other incorne 354 162,505 3,176 10 354 162.505 3.176 10 Totsl Income 166,045 66.045 Expendlture Charitable activities 168,294 (168,294) Total Expenditure 168,294) 1168,294) Net rnovernent in funds (2,249) {2,249) Reconciliation of funds Total funds brought forward Total funds carried fotward 902,194 902,194 13 899,945 899,945 Total 2022 Unrestrleted Note Income and Endowments from: Donations and leg&ciLS Charitable a¢iiviiies Investment income Other income 200 162,963 417 200 162.963 417 Total Incom¢ 163,731 163.731 Expenditure OTr: Charitable activities 112,485 112,485 Totsl ExpendihJre (112,485 112,485 N¢t movernenr in funds 51,246 51,246 Reconciliation of fuiids To￿7 funds brought fonvard 850,950 850,950 Totsl funds C8rri¢d forward 902,196 902,196 All of the Charity's activiiies derive from coniinuing operations during the above ttvo periods. The charity has no reeognised gains or losses for the year other than th¢ results above. The notes on pages 10 to 16 form an integral part of th¢s¢ financial 51at¢m¢nts. Page 8 Heaton Place Charitable Trust B21Ydnce Sheet as at 31 Deeember 2023 2023 2022 Note Fixed assets Tangible assets 643,406 552.731 Current assets Debtors Cash at bank and in hand 503 261,796 456 356,755 262,299 357,211 Creditors: Amtsunts f￿11￿8 due within one year Net current &5sets 12 5.760 7,746) 256,539 349,465 902,196 Net asset$ 899,945 Funds of the Charity: Unrestrieted intome funds Unrestricted fi￿dS 899,945 902.196 902.196 Tot*1 funds 13 899,945 The financial sraterncnts on pages 8 to 16 wer¢ approved by th¢ trustees, and authorised for issue on alld signed on iheir behalf by.. MrJNBatry Tn￿tee The notes on pages 10 to 16 fom) an iTriegral part of thcse financial siat¢Ynenrs. Page 9 Heaton Place Charltable Trust Notes to the Financi21 St2teTnents for the Year Ended 31 December 2023 A Accounting policie& Statement of ¢ompli8nce The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United KE'ngdon) and Republic of Ircland (FRS 1021 and the Charities Act 2011. Basls of preparatlon Heaton Place Charitdble Trust meets the definition of a public bencfii entity under FRS 102. The account5 (financial sratementsl have been prepared under the historical cost convention with ittms recognised at cost or Iransaciion value unlcss othenvise staled in thb relevant notels) to the.s¢ accounts. The fit)ancial statemcnts are prepared in sterling.. which is the fimctional cu￿encY of the company. Monetary amounts itt ihese financial statements are rounded co the nearest £. Golng eoneern The twstees consider that th¢r¢ ar¢ no mat¢rial uncenaEnti¢s aboui ihe charity's abiliry to ¢ontinue as a going concern. Income and endtswments DoA&tions andlegacl Donations and legacies are recognised on a receivable basis when receipt j5 probable and the amount can be reliably measured. Inveslment iKcome Dividends are reeognised once the dividend has been declared and notification has bc¢n r¢c¢ived of the dividend dtse. Expendlture All expenditure 15 recOgni￿d once thcre is a legal or constructive obligaiion to that expendimre, it Is probable settlement is required and the amount can be measured reliably. All costs are allocaied to the applicable expenditure heading that aggregate similar costs to thai category. Whcre cosis cannot be dir¢ctly attributed to particular headings they have been allocat¢d on a basis consistent with the use of re.%ources. Charil￿ble aclivities Charitable expendituie comprises those cos¢s incu￿ed by the charity in the delivery of its activities and services for its beneficiaries. It in¢ludes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary io support them. GoveTn4n£e costs These include the costs aitriburable to the charity's compliance with Lonstitutional and 5tattitory requirements, including accow)tsn¢y, sirategic managm¢nt and irust¢¢'s m¢¢iings and reimbursed expenses. Page 10 Heaton Place Charitable Trust Notes to the Flnanelal Statements for the Year Ended 31 December 2023 (continued) Tangible flxed asset¥ Individual fixed assets costing £1,000.00 or more are initially recorded at cost. less any subs4uent accumulated depreciation and subsequent accllmulated impaim)ent losses. Depreciation XDd smortisatio Depreciation is provided on tsngible fixed assets so as to write off the cost or valuation, l¢ss any esrimated residual value, over their ¢xpected useOJl economic lifr as follows= Asset clas5 Land & Buildings Fixtures and Fitti￿85 Depreelation meihod attd rate 10/0 straight line ba5lS 150/0 reducing balance basis Fund $tructur¢ Unrestricted income ￿ndS are general incolne that are available for us¥ at the trnstees's discretion in fvrtherdnce of the objectiveb of the eharity. Designated funds are ut]restricted fvnds set aside for specific PUTPOSCS at the di￿r¢tiOn of the trusiees. Financial instruments Cl4ssific4tion Financial ass¢ts and financial liabilities are r￿OgnIsed whett the charity becomes a party to the contractual provisions of thc inst1￿Ment. Finai)cial liabiltties and equity instruments arc classifled accordiiig to the substance of the coniraciual arrangements cntered into. An equity instwment is any contract that eiiidenccs a residual interest in the assets of the charity after deducting all of its liabilitL¢S. RécognltioN undmeusuremenl All financial assets ai)d liabilities are initially Ineasured at transaction prs¢e (including transaction costs). except for those financial assets Classified as at fair value through profit or loss, which are initially measured at fair value (￿ich is nortnally the transa¢tion pricc exclUdi￿g tra115action c1151sI, unless the arrangenient constitutes a rinancsng transaction. If an arrangenient coiistiiuies a tinancing transaciion, the fiiiancial asset or financial liabiliry is measured at the present value of the future payments disLounted at a market rate of interest for a similar debi instrument. Financial assets and liabiliries are only offset in the statement of finaiicial posiiion when, aIid only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realist rl)e asset and settle tlie liability simultaneously. Financial assets are derecognised when aiid only when a) the contractual rights to the cash flows from rhe financial asset expire or are settled. bl the charity transfers to anotlier parry substantially all of the risks and rewards of ownership of t]ie financial asseE, or c) tlie charity, despite haviiig retaiiied some, bui not all, significant risks and iewards of ownership, has transf¢rr¢d conirol of the assct to anotlicr party. Financial Ikabillties ar¢ derecognis¢d only when th¢ obligation specifiLd in the contract is di5chorged. cancelled or expires. Pagell Heaton Place Charitable Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Fuir value The best evidence of fair value is a quoted price for an identical asset in an active market. Wben quoted prices are unavailable. the price of a rec¢nt transaction for an identical asset provides evidence of fair value as long as there has not been a si¥nificant Lhange in economic circumsiance5 or a significant lapse of time since the transaction took placL. Il. the market is not active and recent transactions of ats identical asset on their are not a good es¢in]ate of fair value. the fair value 15 estimated by using a valuation technique. 2 lll¢ome from donatSons and legaeles Unrestricted funds General Total 2023 Total 2022 Donations and legaci¢s' Donaiion5 from individuals 354 354 200 354 354 200 3 Income from charltable activ1￿e5 Unre5trleted Total 2023 Tolal 2022 '.f¥GeneYg1 Laundry incoTne Properry rental income 2,928 159,577 2,928 159.577 3,853 159.110 162.505 162,505 162,963 4 Investment Income Unre5tr1cted Total 2023 TotAI 2022 General Interest receivable and similar income. Interes¢ receivable L)n bank deposits 3,176 3,176 417 Page 12 Heaton Place Charitable Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) 5 Expenditure on ¢hsrat&ble &ctiTrities Unrestrleted Total 21123 Total 2022 Gener41 Note Upkeep of 8rounds Repair5, maintcnan¢e and decorating Refurbishmenis Rent and maintenancL of Colw C&reline 1115urance Cout]cil tax and water char8es Electricity charges Gas charges - Pavilion Telephone Charges Printing. sthtionery, postage and adveriising Sundry expenses Depre¢iaiion, amortisation and other similar costs Staff costs Governance costs 27.113 24.893 61,052 27.113 24,893 61.052 21,828 20,224 19,601 108 7,009 6,981 2.974 500 540 108 7,009 6,981 2,974 500 540 174 7,094 7,030 2,835 660 651 145 1.962 145 1,962 66 2,013 12.707 18,500 3,810 168,294 12,707 18,500 3,810 7,702 18,500 4,107 112,485 168,294 6 Analysls of govei'nance and support ¢osts Governance costs Unrestrleted Total 2023 Total 21122 General Exaniination of the financial s¢atemenis Other fees paid to examiners L£gal fees & Trustees, indemniry insurance 2.598 252 960 2.598 252 960 2.492 252 1,363 3,810 3,810 4,107 7 Tru$tee$ remuneratSon and expenses No tswiees, nor any persons connecred with them. have received any r¢mun¢raiion from th¢ ¢harity duTing the year. Page 13 Heaton Plaee Charitable Trust Notes to the Finanelal Statements for the Year Ended 31 Deeember 2023 (contfnued) No tsustees have received ally reimbursed expenses or any other benefits from the chariry during the year. 8 Staff costs The aggr¢gate payroll cgsts W¢￿ as follows: 2023 2022 Staff costs durlng the year were.. Wages and salaries 18,500 18.500 Only one member of staff was employed during the year. No employee r￿e1Ved emolumenis of more than £60,000 during the year 9 Tanglble flxed #s%els Land and btsilding5 Furniture and equipment Total Cost Ai l January 2023 Additions 684,621 73,757 37.434 29,626 722,055 03.383 At 31 December 2023 758,378 67,060 825,438 DepreelAdo At l January 2023 Charge lor the year 129,576 14,430 32,046 5,980 161.622 20.410 At 31 Decemb¢r 2021 144,(M)6 38,026 182,032 Net book walue At 31 D¢cemb¢r 2023 614,372 29.034 643,406 At 31 December 2022 555,(145 5,388 560.433 10 Debtor% 2023 2022 Prepayments 503 456 I I CAsh and e*sh equivxlent$ 2023 2022 Cash on hand Cash at bank 67 261,729 63 356.692 261.796 356,755 Page 14 Heaton Place Charitable Trust Notes to the Financi￿ Statements for the Year Ended 31 December 2023 (continued) 12 Creditors: amounts falliDg due witbln one ye&r 2023 2022 5,760 7,746 Other creditors 13 Funds Balance at 31 December 21123 B#l8iiee at I 2023 Incomlng resourees Resources expended Unrestrlcted General 802.194 166,045 (168.294) 799.945 i 00.000 Designated 100,000 (168,2941 899.945 Total funds 902.194 166,045 B#l*nce at 31 Deeember 2022 Balance at I J8n118ry 2022 Incomin% resource% Re50urees expended Unrestrleted funds {112,4851 802,196 i 00,000 General 750.950 i 00,000 163.731 Designated 902,196 Total funds 850,950 163,731 {112,4851 The specific Pu￿0$¢& for which the fund5 are to be applicd are a5 follows.. Desigsnated funds arL' unrestricted ￿ndS bui have been set aside for in5ulaiing walls, upgrading the beating Sys￿ms, and installation of solar panels and charging points for electric cars. Page 15 Heaton Place Charitable Trust Detalled Statement of Financial Activities for the YLar Ended 31 December 2023 Total 2023 Total 2022 Donations legaeits Appeals and donations 354 200 354 200 Cliaritable ocliwiÉies Rental incoine Laundry charge5 159.577 2,928 159,110 3.853 162,505 162.963 ank interesi 3.176 417 3.176 417 Other income Other income 10 10 Ch4rit4ble ocliwities Esiaie administrator- salary Council tax and water charges Electricity charges Gas charges - Pavilio Insurance Rent and maintenancL of Colwyn Careline Upk¢ep of grounds Repairs, maintenance and decorating Refurbishments Telephone charges Printing. postage, stsiionery and advertising Sundry expenses Social Aciivites Bank Charges Depreciation of freehold property Depreciation of fixwres, fittings aiid equipment A¢countaney and independen( examination Other services Trusiees, indemniry ii)surance Legal and professional fees 118,500) (6.981) (2,974) (500) (7,009) 11081 {27,113) (24,893) {61,052) 15401 11451 11941 11,S471 1221) 17.584) 15.1231 12.598) {252) 1960) (18,5001 17,0301 12,835) {6601 17,0941 {1741 (21,828) (20,2241 (19.601) (651) (66) (322) {1,610) (81) (6,846) (856} (2,492) (252) (823} 15401 {168,294) 1112,485) Thi5 page d0¢5 not fonm part of th¢ statUtt>ry financial sthtements. 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