Registered Charity Number 230292
Aged Merchant Seamen's Homes
Financial Statements For the Year Ending 31 December 2024
JANE ASCROFT ACCOUNTANCY LIMITED
Chartered Accountants Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP
Aged Merchant Seamen's Homes
Financial Statements
Year Ended 31 December 2024
| Contents | Page |
|---|---|
| Officers and Professional Advisers | 1 |
| Trustees' Report | 2 |
| Accountants' Report to the Members | 4 |
| Profit and Loss Account | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 |
| The Following Pages Do Not Form Part of the Financial Statements | |
| Detailed Profit and Loss Account | 11 |
| Notes to the Detailed Profit and Loss Account | 12 |
Aged Merchant Seamen's Homes
Officers and Professional Advisers
The Board of Trustees
Registered Office
Accountants
Captain I E Grant Captain S Healy Mr I Kay Councillor L Scanlan Captain P Johnson Councillor S Elms 27 Trafalgar Square Sunderland SR1 2BW Jane Ascroft Accountancy Limited Chartered Accountants Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP
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Aged Merchant Seamen's Homes
Trustees' Annual Report
Year Ended 31 December 2024
Introduction
The trustees present their report with the financial statements of the association for the year ended 31 December 2023. The trustees have adopted the provisions of the Housing SORP 2018: Statement of Recommended Practice issued by the National Housing Federation preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS 102) (effective 1 January 2019).
Objectives
The principal activity of the association continues to be the provision of affordable housing for people in necessitous circumstance.
Review of developments, activities and achievements
Occupancy & Refurbishment
Occupancy levels have remained stable, with strong demand whenever units become available. A major achievement this year was the successful refurbishment of flats 2, 10, and 26. The work was completed on schedule, ensuring these homes were promptly let. This not only secured the financial sustainability of the scheme but also provided quality housing for the local community. The new residents have responded positively, integrating well and contributing to the scheme.
Resident Support & Community Engagement
The management company, Back on the Map, has continued to provide dedicated support for residents, including community engagement sessions and drop-in support every Monday. Additional advice, guidance, and assistance are available for those eligible for support packages. The Nautilus Welfare Fund remains a key partner, offering specialised financial advice and welfare services. Additionally, residents have benefited from the Management Company's charitable programs addressing food and fuel poverty, as well as a calendar of social events and seasonal activities designed to foster a sense of community.
Future plans
Building Maintenance & Security Enhancements
Planned Preventative Maintenance has identified the need for repairs and, in some cases, replacement of the building's exterior doors. Given the historical significance and listed status of the scheme, the Trustees have sought specialist advice and costs to ensure the work is carried out appropriately. Following resident feedback, additional security measures have been proposed, including the installation of secure gates with keypad entry. The management company will obtain advice and quotations from approved contractors to implement these improvements.
Community Space & Activities
We remain committed to fostering a strong sense of engagement and community spirit among our residents. Key to this is the regular contact with staff from Back on the Map as well as contact with Trustees as and when required. We also seek to help recognise national and civic anniversaries and, of course, Trafalgar Day.
Structure, Governance and Management
Legal Status
The Aged Merchant Seamen's Homes is an unincorporated charity, run by the board of Trustees. It is registered with the Charity Commission and with the Regulator of Social Housing as a social housing provider, registration number A1632.
In accordance with the Housing SQRP 2018 paragraph 3.4 the association is a public benefit entity.
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Aged Merchant Seamen's Homes
Trustees' Annual Report (continued)
Year Ended 31 December 2024
The trustees have considered the Code of Governance produced by the National Housing Federation. The trustees strive to comply with the spirit of the recommendations in the Code and follow the 7 principles of the Charity Commissions Charity Governance Code.
Further to intentions declared last year, legal advice subsequently determined that an alternative path would be more effective and sustainable, that being the transition of trusteeship to a Sole Trustee, with the current Homes Managers Back on the Map assuming that role.
This has been agreed by the current Board of Trustees and the management of Back on the Map and the process is under way, with the guidance throughout of jointly appointed solicitors and an anticipated completion date of mid-Summer 2025. The AMSH charity will continue to exist with its name plus all its assets and liabilities intact but with a strengthened governance structure. Of greatest significance however, it will continue to support the unique and historic community that is Trafalgar Square, Sunderland.
Decision Making
The administration and management of The Aged Merchant Seamen's Homes has been exercised by Back On The Map Limited, whose registered office is 67 Toward Road, Hendon, Sunderland, England, SR2 8JG. Registered Charity number 1138833.
Financial Controls
The financial controls have been reviewed during the year.
Statement of Trustees' Responsibilities
Housing Association and charity legislation require the trustees to prepare financial statements for each financial year which give a true and fair 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 period. In preparing the financial statements, suitable accounting policies have been adopted and consistently applied to the best of the trustees' knowledge and belief by reference to reasonable and prudent judgements and estimates. Applicable accounting standards have been followed.
The trustees are responsible for maintaining adequate accounting records, for safeguarding the assets of the charity and for preventing and detecting fraud and other irregularities. The trustees are also required to indicate where the financial statements are prepared other than on the basis that the charity is a going concern.
These accounts were approved by the trustees and authorised for issue on 14 April 2025, and are signed on their behalf by:
Ian Grant - Chair
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Aged Merchant Seamen's Homes
Accountants' Report to the Members of Aged Merchant Seamen's Homes
Year Ended 31 December 2024
We report on the unaudited accounts for the year ended 31 December 2024 set out on pages 5 to 9.
Respective Responsibilities of the Trustees and the Reporting Accountants
As described on page 3 the trustees of the association are responsible for the preparation of the accounts, and they consider that the association is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.
Basis of Opinion
Our work was conducted in accordance with the Statement of Standards for Reporting Accountants, and so our procedures consisted of comparing the accounts with the accounting records kept by the association, and making such limited enquiries of the officers of the association as we considered necessary for the purposes of this report. These procedures provide only the assurance expressed in our opinion.
Opinion
In our opinion:
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the accounts for the year ended 31st December 2024 are in accordance with the accounting
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records kept by the Aged Merchant Seamen's Homes under paragraph 135(2)(a) of the Housing and Regeneration Act 2008.
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having regard only to, and on the basis of, the information contained in the accounting records:
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the accounts comply with the requirements of the Charities Act 2011;
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the Aged Merchant Seamen's Homes has satisfied the condition for exemption from an audit of the accounts for the year ended 31st December 2024 specified in section 136(6) of the Housing and Regeneration Act 2008;
the accounts comply with the requirements of the Housing Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2019.
JANE ASCROFT ACCOUNTANCY LIMITED Chartered Accountants
Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP
14 April 2025
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Aged Merchant Seamen's Homes
Profit and Loss Account
Year Ended 31 December 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | ||
| Income | 2 | 184,293 | 147,785 | ||
| Operating Costs | |||||
| Administrative expenses | 228,793 | 206,380 | |||
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| Operating Loss | (44,500) | (58,595) | |||
| Interest receivable and similar income | 4 | 405 | 184 | ||
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| Loss on Ordinary Activities Before Taxation | (44,095) | (58,411) | |||
| Taxation on surplus on ordinary activities | 5 | – | – | ||
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| Retained Loss for the Year | (44,095) | (58,411) | |||
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The association has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the association are classed as continuing.
The notes on pages 7 to 9 form part of these financial statements.
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Aged Merchant Seamen's Homes
Balance Sheet
31 December 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed Assets | ||||
| Housing properties | 6 | 2,184,555 | 2,266,227 | |
| ──────────── | ──────────── | |||
| Current Assets | ||||
| Debtors | 7 | 29,899 | 14,078 | |
| Cash at bank | 122,892 | 130,154 | ||
| ───────── | ───────── | |||
| 152,791 | 144,232 | |||
| Creditors: amounts falling due within one year | 8 | 19,062 | 32,241 | |
| ───────── | ───────── | |||
| Net Current Assets | 133,729 | 111,991 | ||
| ──────────── | ──────────── | |||
| Total Assets Less Current Liabilities | 2,318,284 | 2,378,218 | ||
| Creditors: amounts falling due after more than | ||||
| one year | 9 | |||
| Deferred government grants | 395,979 | 411,818 | ||
| ──────────── | ──────────── | |||
| Net Assets | 10 | 1,922,305 | 1,966,400 | |
| ════════════ | ════════════ | |||
| Capital and Reserves | ||||
| Designated reserves | 305,770 | 305,770 | ||
| Profit and loss account | 1,616,535 | 1,660,630 | ||
| ──────────── | ──────────── | |||
| Shareholders' Funds | 10 | 1,922,305 ════════════ |
1,966,400 ════════════ |
For the year ended 31 December 2024 the association was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees' responsibilities:
-
The members have not required the association to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
These accounts were approved by the trustees and authorised for issue on 14 April 2025, and are signed on their behalf by:
Mr I Kay
Registered Charity Number: 230292
The notes on pages 7 to 9 form part of these financial statements.
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Aged Merchant Seamen's Homes
Notes to the Financial Statements
Year Ended 31 December 2024
1. Accounting Policies
Basis of Accounting
The financial statements have been prepared under the historical cost convention, and in accordance with applicable UK accounting standards.
The financial statements of the association are prepared in accordance with Financial Reporting Standard 102 (FRS 102), the Statement of Recommended Practice for Registered Social Housing Providers (Housing SORP 2018) and comply with the Accounting Direction for Private Registered Providers of Social Housing 2015.The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
The financial statements have been prepared on the going concern basis, which assumes that the association will continue in operation existence for the foreseeable future, which the Trustee's consider appropriate.
Cash Flow Statement
The trustees have taken advantage of the exemption in Financial Reporting Standard No 1 (Revised 1996) from including a cash flow statement in the financial statements on the grounds that the association is small.
Income
Income represents rent and service charges receivable from residents' net of rent and service charge losses from voids. Income is included in the financial statements on an accrual's basis, when it becomes receivable. Other income relates to charitable grants, bursaries and donations made to the association, and is recognised when it is received.
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.
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.
Reserves policy
It is the policy of the Trust to maintain unrestricted funds at a level which equates to at least twelve months unrestricted expenditure. The housing properties need ongoing upkeep and therefore a prudent level of additional reserves is maintained to cover any anticipated and unforeseen building repair costs.
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Aged Merchant Seamen's Homes
Notes to the Financial Statements
Year Ended 31 December 2024
1. Accounting Policies (continued)
Fixed Assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Housing properties - Straight line over 50 years
Housing properties & depreciation
Housing Properties are stated at historical costs, this being their purchase price together with incidental costs of acquisition, administration costs and interest payable up to the date of completion. Depreciation of the housing properties is charged over the useful life of 50 years which the Trustee's considered to be appropriate.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.
Government grants
The association received a social housing grant in 1992 to renovate the housing properties. The deferred grant is amortised over the useful life of the housing properties, being 50 years, and an annual charge is taken to the Statement of Comprehensive Income. Social Housing Grants are repayable under some circumstances, primarily following the sale of properties, but the amount due is restricted to the net proceeds of sale where appropriate. Where the Social Housing Grant becomes repayable, it is included as a current liability until it is repaid.
2. Taxation
Aged Merchant Seamen's Homes is a registered charity and is therefore exempt from liability to taxation on its income and capital gains.
3. Trustees' Remuneration
Trustees received no remuneration during the current or previous year and were reimbursed expenses of £Nil (2023 - £Nil).
4. Interest Receivable and Similar Income
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Bank interest receivable | 405 | 184 |
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5. Employees
The average number of employees in the year was nil (2023 - nil).
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Aged Merchant Seamen's Homes
Notes to the Financial Statements
Year Ended 31 December 2024
6. Housing Property
| Housing | ||||
|---|---|---|---|---|
| Land | Property | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 January 2024 and 31 December 2024 | 61,077 | 3,060,057 | 3,121,134 | |
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||
| Depreciation | ||||
| At 1 January 2024 | – | 854,907 | 854,907 | |
| Charge for the year | – | 81,672 | 81,672 | |
──── |
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───────── |
||
| At 31 December 2024 | – | 936,579 | 936,579 | |
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||
| Net Book Value | ||||
| At 31 December 2024 | 61,077 | 2,123,478 | 2,184,555 | |
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| At 31 December 2023 | 61,077 | 2,205,150 | 2,266,227 | |
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||
| 7. | Debtors | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Other debtors | 3,333 | 11,120 | ||
| Prepayments and accrued income | 26,566 | 2,958 | ||
──────── |
──────── |
|||
| 29,899 | 14,078 | |||
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|||
| 8. | Creditors: amounts falling due within one year | |||
| 2024 | 2023 | |||
| £ | £ | £ | ||
| Other creditors: | ||||
| Deferred government grants | 15,839 | 15,839 | ||
| Accruals and deferred income | 3,223 | 16,402 | ||
──────── |
──────── |
|||
| 19,062 | 32,241 | |||
════════ |
════════ |
|||
| 9. | Creditors: amounts falling due after more than one year | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Other creditors: | ||||
| Deferred government grants | 395,979 | 411,818 | ||
═════════ |
═════════ |
|||
| 10. | Reconciliation of Movements in Shareholders' Funds | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Loss for the financial year | (44,095) | (58,411) | ||
| Opening shareholders' funds | 1,966,400 | 2,024,811 | ||
──────────── |
──────────── |
|||
| Closing shareholders' funds | 1,922,305 | 1,966,400 | ||
════════════ |
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Aged Merchant Seamen's Homes
Management Information
Year Ended 31 December 2024
The following pages do not form part of the statutory financial statements .
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Aged Merchant Seamen's Homes
Detailed Profit and Loss Account
Year Ended 31 December 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Income | 184,293 | 147,785 |
| Overheads | ||
| Administrative expenses | 228,793 | 206,380 |
───────── |
───────── |
|
| Operating Loss | (44,500) | (58,595) |
| Investment income | 405 | 184 |
──────── |
──────── |
|
| Loss on Ordinary Activities | (44,095) | (58,411) |
════════ |
════════ |
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Aged Merchant Seamen's Homes
Notes to the Detailed Profit and Loss Account
Year Ended 31 December 2024
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | £ | |
| Administrative Expenses | |||
| Establishment Expenses | |||
| Services | 27,262 | 22,023 | |
| Routine maintenance | 22,267 | 27,690 | |
| Cyclical maintenance | 57,655 | 36,306 | |
───────── |
──────── |
||
| 107,184 | 86,019 | ||
──────── |
|||
| General Expenses | |||
| Other costs | 1,593 | 10,180 | |
| Management | 37,158 | 28,509 | |
| Accountancy fees | 1,080 | – | |
| Depreciation | 81,672 | 81,672 | |
───────── |
───────── |
||
| 121,503 | 120,361 | ||
───────── |
|||
| Financial Costs | |||
| Bank charges | 106 | – | |
───────── |
───────── |
||
| 228,793 | 206,380 | ||
═════════ |
═════════ |
||
| Interest Receivable | |||
| Investment income | 405 | 184 | |
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