CATHERINE WALKER ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2023 Housing Corporation No: A4430 Registered Charity No: 230124
CATHERINE WALKER ALMSHOUSES CONTENTS PAGE Board Report Independent Audltor s Report statement of Comprehenslve Income {IlUdIng Income & Expendlture Account) 8alance Sheet Statement of Changes In Reserves Notes to the Finanaal Statements 8-12
CATHERINE WALKER ALMSHOUSES BOARD REPORT FOR THE YEAR ENDED 31ST DECEMBEIL 2023 Res oftheB Housing Association and Charlty leglsl8tion require Tnjstees to prepare Finandal Statements for each finandal year, which glve a true and falr view of the state of affairs of the Charity as at the end of the financial year and of the surplus or deficit for that perfod. In preparing the Rnancial Statements, suitable accounting policies have been adopted and con5islently applled, to the best of the Trustee5' knowledge and belief, by referen to reasoiiable and prudent judgements and esllmates. Applicable accounNng standards have been follo)wed. The TrSteeS are responslble for malntainlng adequate accountlng records, for Safeguarding the assets of the Charity an d for preventlng and deteCtIr fraud and other irregularltles. The Trustees are also requlred to indicate where the Finandal Statements are prepared other than on the basis that the charityls a golng Cornrn. The Trustees have h6d due regard lo the guidan published by the Charities Commlsslon in respett of publlc benefit. The truste of the Charity regularly review the Charity's flnances to determlne the minimum amount of reserves required for the day to day management of the Charity in order to provide for the future. Any amournts over and above this minimum are invested back Into the Charity in the furtherance of its objecttves sel out In its Scheme. The Charlty Is required to work within the parameters of Its kheme in respect of how ènd where it can recwit new Trustees. As part of the Management Agreement between the Almshou* and Green square Accord, one of the servlces GSA proiades is advice èr5d support to ensure the Charib/s adherence to its conststuting Trust Deed and Sd)eme. Thls includes training and admlnlstrauve support in appolntment of New trustees. Revlew of o erations The charltyls Constituted under a scheme dated 22 October 1897, a scheme dated 22 Aprll 1910 a1 8 May 1925 as varied by order dated 20 September 1935 ènd a scheme dated 4 October 2004. The Charity's objerts are the provislon of housing accommodation for beneficiaries and such charitable purposes for the residents as the tnjstees decide. The Charity owns slx Almshouses, sltuated at Buckley House, Cartmel House atKI, Tibbets House, Aldrldge. The Charity Is registered wlth The Charity Commlssloners for England and Wales {Number: 230124), and wlth the Homes and Communities Agency (NLJmber.' A4430). It Is governed by the ChaAty ComtniS5ioners for England and Wale5 scheme dated 4 October 2004, The day-to-dèy management and admlnlstrauon of the Almshouses Is carried out by Greerb Square Accord Houslng Associabon Limited and overseen by the Board who meet on a quarterly basis. The Board con515ts of the Trustees of the Charity. The performan of the Charlty is as dlsc105ed in the financial statements on pages 5-12. The Trustees conslder that the charlty Is In a sound financlal posltion at the year-end. DISCLOSURE OF INFORMATION TO AUDITORS So far as the Trustees are aware there is no relevant audit information of whlch the charfty's auditors are unaware, and each trustee h3s taken all steps that he or she ought to have taken as a Trustee in order to make himself or herself aware of any relevant audit Information and to establish that the charity s audllors ar aware of that ir)formatlon The Trustees who have served the Charity during the year are as follows'.- Mrs M Main Miss Charfotte Holmes Kesih Sears Paul Putterglll Rev Stephen Dod Ms Pauline Wllson For and on behalf of the Board Date
CATHERINE WALKER ALMSHOUSES INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF CATHERINE WALKER ALMSHOUSES Opinion We have audited tl)e financial ststements of Catherine Walker Almshouses (the 'associaUon? for the year ended 31 Dember 2023 whlch comprise of a statement of comprehenslve Income, a balanTr sheet and notes to the financial statements, induding a summary of slgnif(cant accounting policles. The financial reporting fr(Jmework that has been applled in their preparation is applicable law and United Kingdom Accounting Standard5, including Flnanclal Reportlng Standard 102 The FinBnc/alReFothng Standard applicable In the UK nd Republlc ofIre/and(United Kingdom Gefftrally ACpted Accounting Practice). In our opinion the financial statements.. glve a and fair vlew of the state of the assoclalion 5 affairs as at 31st December 2023, and of its Incoming resources and applicaOn of resource5, Includlng its Income and expenditure, for the year then ended,. have beer) properly prepared in accordan with United Klngdom Generally Apted Accounyng Practsce,. and have been prepared In accordan with the requlrements of the CharitTes Art 2011, the Housing and Regenerèllon Att 2008 and the Accounung D1ctIOn for private registered providers of soclal houslng In England 2022. Basis for opinion We conducted our audlt In accordanTr wlth International Sl8ndards on Audltlng (UK) {ISAs (UK)) and pplicable law. Our responsibillUe5 under those standards are further described in the Auditor's responsibilittes for the audit of the financlal statements section of our rep¢Jrt. We are Independent of the assoclation in accordance ivilh the ethical requlrements that are relevant to our audlt of the financlal statements In the UK, includlng the FRC'S Ettiical Standard, and we have fulfilled our other ethical responslbillties In accordanTr with these requirements. We believe that the audit evidence we have obtained is suffiaent and approprtate to provide a basis for our oplnlon. Concluslons relating to going concern In auditing the financlal 5tatement5, we have conduded thèt the board's use of the golng Conr basis of accounting In the preparatton of the financlal statements is approprlate. Based on the work we have perforrned, we have not Identified any matellal uncertalnties relating to events or Conditions that, Individually or collectsvely, may cast slgnificant doubt on the assoclation's ability to contlnue s a going concern for a period of at least t¥velve months from when the financial statements are aulhortzed for Issue. Our responslbllities and the responslbilides of the board with respert to golng concern are descrlbed In the relevant sections of this report. other information The other Informab'on comprises the Infom)ation induded In the board report, other than the finandal statement5 and our audltor 5 report thereon. The board are rponSIble for the other Informatlon contained within the board report. Our opinion on the financlal statements does not cover the other Information arxl, except to the ekent otherwise expliady stated in our report, we do not express any form of assurance concluslon thereon. Our responsibility is to read the other InfOrMaOn and, In doing so, consider whether the other informallon Is materially inconslstent with the financial statements or our knowledge oblalned Sn the course of the audlt, or otherwise appears lo be materially misstated. If we idendfy such rnaterial inconslstencles or apparent material mlsstatements, we are required to determine whether this gives rise to a material mlsstatement in the financial statemei?ts themselves, If, based on the work we have performed, we condLtde that there is a materlal mlsstatement of thls other Information, we are requlred to report that fart. We have nothlng to report in this regard.
CATHERINE WALKER ALMSHOUSES INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF CATHERINE WALKERALMSHOUSES Matters on which we are required to report by exptIOn We have nolhlng to report in respert of the followlng matters in relation to whith the Charitles (Accounts and Report5) Regulatlolls 2008 requlre us to report to you If, In our opinion: the Informatlon glven In the flnanaal statements is Inconslstent in any materlal respect wlth the board report- or sufficiet accounting records have not been kept. or the financial statements are not in agreement with the accoLFnbng records,. or we have not reTrived all the information and explanations we require for our audlt. In addlllon, we have nothing to report In respect of the following matter where the Houslng and Regeneratlon Act 2008 requlres u5 to report to you if, In our opinion.. satisfactory system of control over transactlons has not been malntained. Responsibilities of the board As explained niore fully in the board 5 responsibilities statement [set out on page 1], the board members (who are also the trustees of the assodation for the purt)ose5 of charity lawl are responsible for the preparatlon of the financial Statements and for beSng sats'sfied that they give a true and fair vlew, and for such Internal contml a5 the board determlne 15 nessary to enable the preparation of ftnancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financlèl statements, the board is responsible for assesslng the assotiaVoTr's abllity to contTnue as a golng concern, dlsclosing, as applicable, matters rdated to golng conrn 8nd using the going cOnrn basis of accounting unless the board elther Intends to liquidate the association or to cease operatlons, or has no realisllc alternatlve to do 50. Auditoffs responsibilities for the audit of the financial statements Our objertive5 are to obtain reasonable assurance aboLtrt whether the financial statements as a whole are free from material mlsslatement, whether due to froud or error, and to Issue an auditor s report that inclLKles OL]r oplnlor). Reason3ble assuran Is a high level of assuran, but Is not a guarantee that an audit conducted In accordance wlth ESAS (UK) will always detect a material misstatement when it exists. Misstatements can arlse from frèud or error 8nd are cor>5idered m8terlal if, irKlividually or in the aggregate, they could reasona1Y be expetted to Influence the economic decisions of users taken on the basis of these financlal statements. We Trve been appolnted as audltor under section 1441 Df the Charftles Act 2011 and sectlon 136 of the Housing and Regeneravon Art 2008 arKI report In accordan with regulations made under sectlon 154 of the Charities Act 2011 and secUon 137 of the Houslng and Regeneradon Ad 2008. The specific prOdureS for thls engagement and the extent to whlch these are capable of deteckn'ng irregularitles, includlng fraud Is detalled below.. In Identifying and assessing risks of material misstatement in respett of IrregulaAiles, including fraud and non-compliance with laws and regulations, we considered the followlng,, the nature of the sector, control environment and bu51ness performan,. enquiries of management about thelr identlficauon and assessment of the rlsks of Irregularities,. any matters we Identified having reviewed the associations procedure5 for complying with laws ar regulatlons and whether they were aware of any instances of ncin-compliance, and any attual, Suspected or alleged fraud. The key IBWS and regulations we considered in this context Included the Charitie5 Art 2011, and the Housing and Regeneration Act 20D8. Our procedures to respond to risks Identtfled Induded the following,.
CATHERINE WALKER ALMSHOUSES INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF CATHERINE WALKER ALMSHOUSES reifjewlng the flnandal statement dlsdosures and testing to 5UPPOrtino documentation,. enquirlng of management concerning potentlal Iltlgatlon and claims. performlng analsrtical procedures to Identlfy any unusual or unexpected relallonships that may Sndlcate risks of material misstatement due to fraud. testlng the appropriateness of Journal entries and other adjustments, assessing whether accountlng estimates We indicative of a potential bias, and evaluating any significant transactions that were unusual or outslde the normal course of buslness. We a150 remalned alert to any Indications of fraud or non-complian wlth laws and regulations throughout the audit. Because of the Inherent Ilmltations of an audit, there Is a risk that we will not detect all irregularities, Includlng those leading to a material misstatement the financial statemenis or non-complian with gulatlon. Thls sk increases the more that compliartce with a law or regLJlation is removed from the events and transactions refletted In the financial statements, as we will be less likely to become aware of instan$ of non-compllance. The risk is also greater regarding irregularltles occurring due to fraud rather than error, as fraud Involve5 intentional concealment, forgery, collusSon, omlssion or misrepresentatlon. A further description Of our responslbllldes Is available on the Flnandal Reportlng Counal's webslte. Thls descMption forms part of our AlIt0$ report. Thls report Is made 501ely to the association's t)oard, as a body, In accordan wlth Part 4 of the Cbarides (Accounts and Reports) Regulattons 2008 and section 137 of the Houslng ancF Regeneratlon Art 2008, Our aL1t work ha5 been undertakeri so that we mSght state to the associats'on's board those matters we are required to state to them in an auditor's report and for no other purpose. To the ftjllest extent permltted by law, we do not accept or asSme re5ponslblllty to anyone other than the association and the assoclatiDn s board as a bodyi for our audit work, for thls report, or for the oplnlons we have formed. ¢4,Q L* Nlcwin Audit Ltd Chartered Accountant & StatLrtory Auditor Churth Court Stourbr(dge Road Hale50wen West Mldlands B63 3rr Date ?)( Jef L W j
CATHERINE WALKER ALMSHOUSES ststement of Comprehenslve Income (Indudlng Income and Expendlture Account) for the year ended 31st December, 2023 Note 2023 2022 Turnover 33,830 33,236 Operating Costs: Management serv45 Maintenan Depreclalion induding loss on disposal (9,850) (5,775) (1,384) {9,777) {6,022) (35,657) Operatlng Surplu$ 12,165 (22,370) Interest Receivable and Other Income Interest Payable ènd Slmllar Charges Movement on falr value of Investment5 1,362 (2,308) 274 (2,531) 142 Surplus on ordlnary activities before taxation 11,294 (24,769) Tax on surplus Surplusl{Deficit) for the year li (24,769) Total Comprehenslve Income forthe year (24,769} The Flnandal Ststements were approved by the Trustee5 and Signed on behalf of the Board by: Trustee P4, 0,9.00- Trustee Date
CATHERINE WALKER ALMSHOUSES Balan Sheet For the Year Ended 31st December, 2023 Note 2023 2022 FIXED ASSETS HoLssing land and buildln9s (net of depreciabon) 437,403 438,035 Investments io 441,878 442,435 CURRENT ASSETS Debtors Cash at Bank li 13,541 523 1,030 76 61,064 82,796 CURRENT LEABILITIES Credltors.. Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Creditors.. Amounts falllng due after one year 13 {139,573) (145,5871 NET ASSETS CAPITAL AND RESERves Revenue ReseNe 15 350,182 338,888 The Flnandal Statement5 were approved by the Trustees and signed on behalf of the Board by.. Trustee Trustee 114d kpv 2ozP Date
CATHERINE WALKER ALMSHOUSES statement of Changes on Reserves For the Year Ended 31st December, 2023 Note Revenue ReseNe Revaluation ReseNe Total At l January 2022 Total Comprehensive Income for 2022 At 31 December 2022 338 888 Total Comprehenslve Income for 2023 At 31 December 2023 350 182
CATHERINE WALKER ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBE 2023 PRINCIPAL ACCOUNTING POLICIES Catherlne Walker Almshouses Is established as an unincorporated charlty rer Charities Art 2011 and Is a private registered promder of social hosing In the United Klngdom. The addresses of the pla5 of business a givèn In the review of operatl(>ns on Page l of these financlal statements. The nature of the chariti operatlons and princlpal acbvates are to provlde rellef for the persons in hardship by the provision of Almshouse accommodation. The Charity constr.lte5 a publlc benefit entity as defined by FRS 102. The Flnandal statements have been prepared in accordanTr with applicable accounttng standards Including Flnanclal Reporting Standards 102'The Flnanclal Reportlng Standards appllcable in the UK and Republlc of Irel8nd' (FRS 102), the Statement Of Recommended Pradlce for Soclal Housing Provlders 2018 (SORP 2018) and wllh the Accounting dlreclion for private registered provlders of social houslng In England 2022. The Financial Statements are also prepared under the requirements of the Housing ènd Regenoration Act 2008. The Financlal Statements have been prepored on a golng concern basls under the historical cost conventlon, modified to include certaln items at falr value. The nancial Statements are prepared In sterling, whlch is the lunctlonal currency of the charity. The slgnlficènt accountlng polides applied In the preparauon of these financial statements are set out below. The pollcies have been conslstendy applied to all years presented unless OtheNlse stzted. (a) Basis of Accounting The Finanoal Statements are prepared on the historical cost basi5 Of accounting as n)odlfled by the revaluation of certaln flxed assets. Turnover Turnover represents rents, and Service charges recelvable and amortlsatlon of grants received. (b) (c) Housing Propertie5 During the year end 31 Dember 2018 Catherine Walker Almshc)use adopted full component accounting in relation to the capilalisatfon and depreaation of ils housing propety stock. Previously the Almshouse depreaated housing properties at a rale of 10/0 straight Ilne on freehold buildings before deducting Social Housing Grant, From l January 2010 all houslng propertie5 have been spllt beiween thelr land, structure costs and their major components which require periodic replacement. Refurbishment or replacement of such major components Is capilalised arKI depredated over the eStited useful life of the component as shown In the table below. Land is not depreciated. Component Estimated useful life in ears 125 20 30 20 35 Buildin Kltchen Bathroom Boiler & Central Heatln Windows & Doors (d) Government Grants Government grants, including &Kial Housing Grants (SHG) which was recelved from the Houslng Corporab'on in lespect of housing properlies, are recognlsed at the fair valLE of the asset recelved or receivable and accounted for using the accrual tn(>del. They are recognised as a liability and amortised over the useful economic life of the asset. The aM{bsatIon is recogiiised witliln Turnover.
CATHERINE WALKER ALMSHOUSES NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2023 (e) Znvestments Investments are stated at falr value, being market value at the balanTr sht date. (f) Property Improvements The Trustees have establlshed a regLtlar programme of cyclical repalrs and maintenance. If Improvements to properbe5 are works, which result in an Increase In the net rental Income, such as a reduth'on in future maintenance costs, or result In a slgnlficant extenslon of the useful economic life or the property in the busnes5. All other major repairs expenditure Is charged to the income and expenditure account for the year. Value Added Tax Catherlne Walker Almshouses is not registered for Value Added Tax. In these Financial statements, where applicable, expenditure Is shown Incluslve of VAT. Cash Flow Statement Under FRS 102, the Charlty Is not reqLJired to pr(Kluce a Co5h Flow Statement. (g) (h) 2. TRUSTEES EMOLUMENTS The Dlrectors are defined as the Trustee5. None of the Trustees reiVed any emoluments In the current or preceding years. 3. EMPLOYEE INFORMATION The Charity employs no staff. 4. TURNOVER 2023 2022 Rellt Servlce Charge Less.. Bèd Debt Amorknsation of Government Grants 29,429 4,704 (1,418) 27,686 4,524 5. INTEREST RECEIVABLE AND OTHER INCOME 2023 2022 Bank Interest Investment Income 1,362 274 6. INTEREST PAYABLE AND SIMILAR CHARGES 2023 2022 Housing Loan Interest 7. SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION 2023 2022 This15 Stated after ch3rglng.' Auditors Remuneration {includlng VAT) in their c6pacity as Audit(Irs
CATHERINE WALKER ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2022 8. TAXATION Catherlne Walker Almshouses is a reglstered Charlty and Is, therefore, exempt from Ilabllity to taxab.on on its InLome dnd Capital gain5. 9. FIXED ASSETS 2023 2022 HOUSING LAND AND BUILDINGS- Freehold Cost As at 31" December 2022 Additions in year Disposals In year 532.123 4,024 531,921 2,237 (2,035) As at 31st Dmber 2023 532 123 Depreciatlon As at 31SI December 2Q22 Charged in year Disposed in year 94,088 4,656 91,973 4,150 (2,035) As at 31st December 2023 Net Book Value At beginning of year At end of year Land with an estlmated cost of £121,560 is not depreclated. 10. INVESTMENTS 2023 2022 other Investments At Valuation.. NAA Common Investment Fund As at 3151 December 2022 Revéluation As at 31# December 2023 4,40Q 4,541 141 At Cost Total At beglnnlng of year At end of year 4,400 4,541 At Cost io-
CATHERINE WALKER ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBE 2023 11. Debtors 2023 2022 Rent Arrears Promslon for Bad Debts PrepaymeTrts and Accrued Income Sundry Debtors 1,652 772 292 28 12. CREDETORS: Amounts falling due within one year 2023 2022 Trade Creditor5 Rent Prepayrnents Houslng Loans Accruals Government Grants 772 4,949 6,440 1,389 4,716 33,625 75 13. CREDITORS.. Amounts falling due after more than one year 2023 2022 Government Grants Housing Loans 102,602 36 103,667 14. SECURED LIABILITIES 2023 2022 Housing Loans The houslng loan Is secured by a legal charge on the freehold property. It is Repayable by 3151 March 2031, by Instalments at a rate of 0,450/0 above base rate. The hDUSlng loèn falllng due after more than one year falls due as follows.'- 2023 2022 8etween one arKI twts years Between ttvo and five years After more th8n flve years 5,194 17,178 4,949 16,367 li
CATHERINE WALKER ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2023 15. REVENUE RESERVES 2023 2022 Brought forward Deficit for the year At 3151 Decernber 2023 338,888 363,657 Jncluded wlthln the Revenue Reserves are amounts ortglnally from the revaluation of Investments In current ar>d earller years as follows., Total At 1st January 2023 Investment Revaluation 4,541 (1411 At 31st December 2023 16. ACCOMMODATION The charity managed 6 units of housing for older people, throughout the period. 12