LADY HERBERTS HOMES FINANCIAL STATEMENTS FOR THE YEAR ENDeD 31 DECEMBER 2024
LADY HERBERTS HOMES INDEX TO THE FINANCIAL STATEMENTS for Ihg year ended 31 D•c•mb•r 2024 L•gal and Admlnistratya Infomiatlon 1to2 Trustses Report 3104 Trustee8 ReSpS1b11tioS Raport oflhe Audknr8 5107 Ststemenl of Flnandal Balane* Sheèt Nole8 to tho Accounts 10t018
LADY HERBERTS HOMES LEGAL AND ADMINISTRAMVE INFORhlATION TRUSTEES: 10 Cowoptatlvo appolntod und•r claus• 3 of the schemè of 2 Mar¢h 1983 Rotlr•mont date D.J. Evans F.C.A. Ichalrmanl Dr. R. Davies IChalrman} M.J. Harris M.8.E., J.P.. M. E.J. Curtl8 F.C.l. D. Mason T. Proctor B.So. Mr8. V. Ker8h8W S. Sharpe M. Lapsa IAppoinl8d 1 Aprfl 202• R.G. Smblh F.R.l.C.S. Mrs. J. McNan Passed 8way 19 Mafch 2025 28 February 2026 30 November 2027 20 May 2026 24 August 2028 28 Awil 2028 24 October 2026 30 October 2025 31 March 2028 Reslgned 26 July 2024 Passed 4w8y19 D9Mber 2024 9 Nomln•tlv• •ppolntod by th• Clty Councll of C¢w•nty undor clauv 4 CounrAllor R. Lakh8 Counallor T. Jandu Coundllor Mrs. C. Mlks CounGillor J. cirfford 16 May 2028 16 May 2028 Rosigned 16 May 2024 Reslgned 18 May 2024 Currentty 7 vacande8 romaln 1 Nomknatlv• •ppglntfyd by the Fv••m•n'• Charfty und•r ¢l•uM 4 Currfrntly 1 vacancy rom#ln# Page 1
LADY HERBERfs HOMES LEGAL AMD ADMINISTRATIVE INFORIA4TION l¢onfdl CLERK TO THE TRUSTEES Mrs. S.A. Hanrahan PRINCIPAL OFFICE G9131 Charft18s 08. Old Bablake, Hlll Street Coventy, CV14AN sOUcoR5 Mander Had1 & Co. 1 The Quadront, Covenlry. CV12DW SURVEYORS Lov8ltts, 29 Warwk4¢ Row, Cov8nlry. CV1 1DY AUtrnRS Daffem8 Audh Llmlled, Chartered Acrunt8nts, Ststutory Audllor8 Ong Eastsvood, H8ry Weston Road, Blnley Bu8lnos¥ Parf(. Coventry, CV3 2UB INVESTMENT BROKERS al•r Ch01. Provln¢lal Hw80, 37,N•w Wak, L8k88ter, LE18TU REGISTRATION NUMBER 232086 Page 2
LADY HERBERTS HOMES REPORT OF THE TRUSTEES forthe year &nded 310oc¢mb•r 2024 The Trustees present their report along with the financial statements of the Charty for the year ended 31 December 2024. Thè Trustè8s hav8 adoptad th& provisn$ of Statement of Recommended Practice ISORPI "Accounting and Reputing by Charitles. IFRS 1021 in prnparing Iha annual report and financial statements Of the charity. The financial 81atemenl8 have been weparfjd in 8Ctxrd8nc8 Wbth th& accounting pol18 sel out in notes lo the acLounts and compty with the charity's governing document, the Chanties Act 2011 and Accounting and Reporting by Chantl8s'. Stalemonl ol Reo)mmended Practice applicable lo Charitles pr8paring Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. StrvctUf•i gov•m•n¢• •nd m•n•gffli•nt Th8 Charlty is an unincorporated charty, constituted under trust deeds dAt8d 25 January 1936 and 18 March 1938 and a Sthemg of the Charity Commissioners dated 30 January 1970 aThJ 18 a r8gistared charity, number 232066. The Chaftty Is adminSslered by The Goneral Charity, Coventry. The Trustees who served durlng th year and sinee the year end aro sgt out on pag& 1. Trusleas are appointed by the board ofTruslee50r nomlnaled by Coventry Cty Council or the Freernen's Chaflty 8nd seNe for gilher four or live years after which period they may put lhams8•S forward for re.appolntment. Tho Trustee8 meet quart•rty lo ¢on$ldgr any applulions in resFocI of alm$houso vacancies. New Trustees are Invlted lo attend the Clèrk's offic8 where they wlll bg provld•d wlth a brief outline of thè maSn actlvilios of the Charily. R5•k rnan•gomont The Tru8199$ havg consbJ8red tha major rlsks lo whlch the Ch8rlty1s exposed and hove Tovlewed tho$9 rlsks and established Systèms and pr¢xedure8 to man899 Iham. Obloctlve• •nd •¢tlvltl•• The object and 8cllvlty of the Charty IJ the provlslon of aeeommodatlon for the elderly 818ub81d18ed ronl8. Thg Tru8tee8 confirm they havo referred lo the guld8nce contained in Ihg Charlty Commlsslon's gèneral guldancg on publlc ban8flt whan revSewlng the Charlty's alm8 and oblectlves and In plannSng fulurg gclSvlllos. A¢hl•v•m•nts and yrfomian¢e The Collages have been avallable lo let durSng the year. Tha rents are kèpl al a mode$l16vel wth increa8e8 SOlY lo cover Infl8llon. the weekty increase for all eight ¢0ttoge¥ being £20 for tha year. Flnan¢i41 r•vi•w Tolal Incomlng r880urcès for thè year amountèd lo £55,014l223.' £55,480) Indudlng ron1$ of £44.434 12023.. £46.488). Total resources expended were £63,457 12023.. £36,073) of which £58,01312023.. £32,027) rèlaled lo the njnning costs of the residences. The net expendllure lor the year amountgd lo £8.443121Y23.' Inwme £19,407), before gains and bsses on investments. After inv85tm8nl gains of £29,54312023.' gain3 of £14.160) the nel increase in fund$ £21,1TrJ12023'. Increase £33.5871. Page 3
LADY HERBERTS HOMES REPORT OF THE TRUSTEES ICONTINUEDI torth• year onded 31 D9¢ernbgr 2024 Inv•$tsn•nt pollcy and porfomwnce The Investment strategy is set by the Trustees on an annual basls and tak8s aceLunl of deMlJ$ forfunds. The Trusl88s consider the Incomg raquirements, the risk profile and invaslmenl managers, vièw of the fflarket prospacis in ihe medium lemi. This strategy 1$ set within an overall policy whth $1gtes thalthe endowment fund should be invested In low lo rnedium r18k Investmgnts wtth a view lo enswSng that caplal approciatMJn of the fvnd exceeds inflation oath year. The return on the Charity's Investments was 12.6% on the endowment and 12.7% on thè accumulated incorne fund. This compares to the MSCI UK Index movomenl of 9.6%. Ros•r¥ pollcy The Chaflty malnlalns separaté deslgnalod funds. n8m8ty the Extraordinary Rapa and Cyclcal Maintenance fund5 whose purpos8 is to avoid widely fluctuallng expenditure on maintenance, Improvement and extraordinary r8palrs from year to y8af. At 31 December 2024 the88 funds lolalled £29.283. 11 18 the policy of the Charity lo mainlain the acDJmuLiled Income lund al algvel Suft.ent lo cover al k8ast one yearfs expenditure. The avallable reseNe8 now stand at £197.305 Inole 131. Plan• for th• futum The Truslo9$ Inlond to continue to adherg to thg bequosl of Lady Horbert to wovide low cost accommdolSon lor elderly Lgdles. Truits•s ro8pon¥lbllltl•• In r•l•tlon to th• flnanclal •tst•ment• The Trustee8 are re6pon$lble for propThg tho Tru8leg8' Roport and th8 financlal $18t8m&nt$ in accordanc8 wtth applica& law and Unlled Kingdom A¢rJJunling Sl8nd8rd8 Iunlted Kkngdom Generalty Accepted A¢wunUng Prac181. The law applicable lo Gharltles In England & Wale6 requlr88 the Truslee81o preparg finala1 statemènts loreach flnarKial year whlch ge a true and falr view of the slate of affaiTS ol the thafity and of the inming re8ourc8 and applicallon of r080urces of the ¢harty for that perfod. In preparlng those finandal 8talements. the Tru8leeB are raquirad to.. selecl SUabl0 aOUntIng poliaes and then apply Ih8m con61slenlty', observe the methods and priwplas in the Charllle8 SORP 2019 {FRS1021,' make Judgements and e8mateS Ihal ar¢ reasonablè and prudent; slate whether appltable accounilng standards hava b88n followed, 8ubigcl to any mglgrial departures discloseil and axplained in the fmancial 51alernent$,' prepare the fjnanclal slalemants on the gokng concem bas18 unlgBs tt Is inappropri8le lo prgsume Ihal the chwity will contlnue In operallon. The Tru81e8$ ar8 rasponslble for keeplng arUng reoords thal disdose with rea8onabl8 Accuracy at any lime the financial posltltsn of the charity and enable Ih8m lo ¥nsure ihal the financial slatements MplY with the Chanties Act 2011, Ihe Charity {AUt$ and Reportsl Regulallons Z¢J08 and the prtsvi8ion8 of the trust deed. They are also responsible lor s8fegu8rding the assets of the charity and h8nca lor taklng reasonat4e stops for thg prevgnlion and detection of fraud and other irr8gularili8S. s E.I,S-. and ¥lgned on th¢li bghalf by: Approv•d by th• Trust0 on........... ...... . ...... Dr. R. Davl&s- CHAIRMAN Page 4
LADY HERBERfs HOMES REPORT OF THE INDEPENDENT AiIDITORS TO THE TRUSTEES OF LADY HERBERTS HOMES Oplnlon We have auditèd tha financAal slalemenls of Lady Hèrbèrt's Homes {the 'charity'l for the year ended 31 December 2024 whlch comprise the Stslement ofFlnanclal Activities, Balance Sh891 and rte$ to the financial slalements, including a sufflmary of signrfKanl a¢UntIng policies. The financial repon9 framework that ha8 been applied in iheir preparation is appli¢aNe law and Unilgd Kingdom Accounting Standar¢J8, including Financial Reporting Standard 102 Thg Flnancial Reporttng Standard appIlble in th8 UK and RepuNic of Irgland (United Kingdom Generally Acceplod Accountsng PractiC8). In our opinlon the financlal slalemgnts.. givè a true and fair view of the 81ale of tho tharity'$ affairs as at 31 December 2024, an(J of its Incoming resourcgs and appliGation ol rèsources, foi the y&ar Ih8n 8nd8d,' have been prop8rty prèparèd In accordance wilh Uniled Kingdom Gonefalty Acoepted Amntlng Practice,. and have been pr8partd In accordanc8 wlth the requirement8 of the Ch8ri1i88 Act 2011. 81111 for oplnlon W8 conduoled our audit in accordanca wllh Inl&rnallonal Slandard8 on Audlllng (UK) {ISAs IUK)} and appllcable law. Our rg$pon$lbllilles underlh06e sland8ids ar9 lurther descrlbed in the Atjdilorfs r•sponsibilities for the audit of th8 financl81 slal&ments section of our report. W6 are Independent of the charlty In accordance wllh Ihg Othlcal requlremenls that are relevant to our audit of the financlal slalgmgnls in the UK, Indudlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibililles in 8c¢ordance wllh these requlremenls. We believe that tho audit evidancè wè hav8 oblaingd Is 8uffl¢lenl and approprlal8 lo provlde a b8sls for our oplnion. CDnclu8lon• rnl•tlng to golng conc•m In 8udbting the Ilnanclal Btslemonl$. we have condud8d that thè Iru81008' U89 of tho golng concem baBls of 8cGountlng In the preparallon ol the Ilnandal slaloments Is approprlale. Based on the work we hav8 rforrned, wè have not Idenlifled any materlal un¢ertaSnlles rglallng to ovonts or condlllons that. Indlvldualty or collectively, may ca81 slgn1flnt doubt on the charity's ablllty lo contlnug os going concern for a pgriod ol 0118a51 fv4elve month5 from when the flnandal 8latemen18 are aulhorSsed for 18SUQ. Our responsibllrtias and the re3ponslbllhl88 of the trustees wllh respect to oolng concem 8fe de$crfb8d In the rel8vant e{lOn6 of Ihls report. Oth•r Informatlon The other information cornprlses the Information Included Sn th¢ Iru$l8es' annual réport, olhor Ihan tha flnanrAal statemen18 and our 8u(lilor's report Ihgrgon. The Irusle85 are re8ponslblg for the olhei information conl?ingd within the annual report. Our opinion on th8 financial stslernen15 does not cov8r the other Information and, except to the extent olhorw18e explicitly staled In our report, we do not express any form of assurance concluslon thareon. Our responslbllity18 lo rèad the other In10rn18tion and. In dolng so, consider whether the other information is matgrially inconsistent with the finan1 statements or our knowledge obtained in the coursè ol the audit or otherwise appears to be materially mbsslaled. If we idenlfy such material Snconsislencies or app8rènt material misstalaments, we are required to determine whether thi5 ris¢ to a mat&rial misslatemenl in the financial sl8lements Ihèmsglves. 11. based on the work we have performed. we condude that there is a material miststalemenl of this other Infom)ation. we are required lo report that fact. Pagg 5
LADY HERBERTS HOMES REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LADY HERBERTS HOMES We have nothin9 to report In this regard. Matt•rn on which we are required to pOrt by ex¢•ptlon Wé have nothing to report in raspect of tho following matters in relatn lo whk the Chari$ (AwKJunls and Reports) Regulations 2008 require us lo report lo you If, In our opinion.. the infomalion gIn in thfj finanual siatemenls is inconsistent In any matgrlal respect with the tru8tè8s' report., or suffici8nt aecountlng records havo not begn kept: or the financlal statements are not in agreement with lh• accounting records,. or wo have not Tecelvod all the Informatlon and explanatSons wè requSrg for OLbr audit. RMpon•IbSlltl ol trust••• As ¢xplained more fully in the liusl8as' rosponsibililies statement S81 out on page 4, Ihe trustees are responsib for the preparation of financlal 81alemenl8 whlth glvo a true and falr view, and for such St)lernal control as the trustees delermln8 is necessary to enable the preparallon of financAal statements that are free from material ml88lalemenl, whether due lo fraud or eOr. In preparlng Ihg financial slatem8n18, thè Imslèes are responsib18 forassessing the ch8rily'8 8bilily lo ¢onlinue aB a going concern, dlsclo8ing, as applScable, mattèrs related lo golng conc•m and using the golng concom basls of accountlng unle58 the Iw8lees elther Intend lo liquldale the chaflly or to ogase OporatnI, or have no realisti¢ arternative but lo do so. Audltor'B re¥ponlbllltl•• for th• •udlt of th• Ilnan¢l*l ¥tatsm•nt• We hava baon appolnled as auditor under sectSon 144 of the CharllSeB Act 2011 and Igport In ac(rdne0 with rogulalions mad? und•r saction 154 01 that Act. OUT obledives are lo oblaln r998on8bl8 assurance aboul whelhor the financlal Blalemenls a8 a whole 8r& frae from material mi5sialemenl, whether due lo fraud or error, and lo18sue an audllor'$ r¥port Ihat includes our opinlon. R&asonable assurance IB a high level of a$suranoo, bLrt is not a guarantee Ihal an audit conducted in accordance wlth ISAS IUKI wlll always delecl a maledal mlsstatamenl wh8n il exis18. miss181emgnls ¢an arise Irom Ir8ud or error and are considored malerlal , Indlvldu81ty or In the aggregate, they could reasonably bg expecled to Snlluence tho economlc ded$)ons of u88rs taken on the ba818 ol these financial slalemenls. Irregular103, Indudlng fraud, are In8tance8 of non-compllance wrth law8 and regulaUon8. We deslgn proc9thJr88 in line with our responslblllues, oullSned above, to dèlec4 malerkgl mlsstslemgnts In respect of 5rregularitie8. Indudlng fraud. Th9 procedures for Ihls 8ngagemgnl and Iha 8xient lo which these are ¢apaNe of d8lectlng wregulartties, Including frawj is delailad below.. EnquSry of managgmgnl. those charged with governance around actual and polentlal lillgallon 8nd clalm8.' Enqulry of enllly 8t8ff In compll8nce functions lo Identify any instances of non-c0mpl1an wth laws and rggulations; Rewewing mlnutes of meellng8 of those thaig8d with govèmanc8', Re9wIng financial statement disdosures and le$ling lo supporting documerrtation to 858e88 compllanco wth appIlble laws and regulations. P8rforrning audit work over the risk of management OV8ffid& of controls. induding te3lw)g of loumal entrie$ and other adluslments for appioprlatenes8, 8valuating the business rationale of signlflc8nt transa¢tsons outside the nomial course of busine55 ar rewewing 8¢wunting esiimales for bias. Page 6
LADY HER8ERfs HOMES REPORT OF THE INOEPENDENT AUDITORS TO THE TRUSTEES OF LADY HERBERTS HOMES 8ecause of the inherenl limilations of an audit, Iheie is a dsk thal we will not delect all irreguLAriti&s. including those leading lo a material misslalement In the financial slataments or nonvcomp1San with regulalion. This risk Inueas¢s the more that compllance a law or r8gulalion is removad from tha events and Irans8¢th?ns feflerted in the ffinanca81 stalemenls, as wa will be less like lo be¢om8 aware of instances of non-compliance. Th8 rlsk is also grealor regarding irregularities occurring dua lo fraud rather than error. as traud involves inlenllonal concealment, fugery. collusion, omission or misrepresentation. As part ol an audbt In accordance wlth ISAS IUK), we exerclse profgsslonaljudgment and maintain professional 8ceptlclsm throughout th8 audit. We also.. Idenlfy and ass8ss th8 risks of materkgl mlsslatèmgnt of the financial 81atements. whether due to fraud error. design and perform audit procedures responsive lo those rtsks. and obtain audlt evldence that is 8uffld8nl and approprlat8 to provlde a basis for our opinion. The risk of not detecting a malerlal mi8818lem8nl resulting from fraud18 higher than for one resulting frorn error, 88 fraud may invo8 colluslon, forgery. intentional omi8slons, Ml$reprentat1On#, or the oveffhje of int8rnal control. Oblaln an undorstandlng of Inlemal control relevanl lo thg audit in order lo d&slgn audit procedures that are approprlate In Ihe cIrcum$tan$. bul not forlhe purpo89 of expre8slng an oplnlon on the affectivene8S of th9 thartty'5 Internal eonlrol. Evaluate th6 approprlaleness of accounlbng pollcles u88d and tho r8asonablen858 of accounlkng e8tom8le8 and related d18closures m8de by th8 trustees. Concludè on lh• approprlalen855 of thè Irusle68' use of th8 golng concern basls of ac¢ounllng and, based on the audll evldence obl8ined, whether 8 malerlal uncertainly ex151s related to events or condillons that may 81 significant doubl on the ch8rlly's ability lo continue as a g0Sng concern. If we Conclude that materlal uncertainly 8xists. we ar8 required lo draw attenllon in our autJltor's report lo thè related disd05ure8 In Ihe fln8ncl81 $18lement6 or,11 such d18clo8ur8s are Inadequate, lo modSfy our oplnSon. Our conclusions are b888d on the audit evidence oblalned up to tha date of our audllor's roport. However, future events or conditlon8 may ¢au69 the charity lo cease lo conllnua as a going concern. Evaluate Ihg overall presenlatlon, slnjclurg and conlenl of the financi81 statemen15. indudlng Ihe di8closur•s, and whether th8 fln8ndal 8lalemgnts represenl the underlylng transacllons and events Sn a manner that achlevos f8lr pr&8entalbn. We communicate Wlth those charged wllh govarn8nce regardlng, among other matt8rs, the planned swpg and timlng of thè audlt and slgniflcant audll flndlng8, Indudin9 any 8lgnifi¢gnl dèfici8ncle$ In inlemal control thai we identify during our audil. U•• olour r•port Th18 feport 18 made solety lo the charliy's tru8190$. as a tjody, In accordance wlth Part 4 01 the Ch8rllie$ (Accounts and Reporisl Regulations 2008. Our audit work has been undertaken $0 that we mvJhl slate lo the charity'5 trustees those maller$ w8 are required lo $181e lo thèm In an auditor's report and for no other purpose. To the fullest extent pemillled by law, we do not accept or assume respon5ibilily 10 8nyon¢ other than the ch8rlty and the charity's Iru8lees as a body, for our audit work, for this report. or for the opinion8 we have formed. Daffems Au¢Jit Limi Chartered Accountants Slalu¢ory Auditors Ono EaS00d Harry We3lon Road Binley Bustne88 Park Coventry CV3 2UB Dated.. ... 29 ..A,,. .d.. aols Dafferns A11 Llmitgd is eligible lo ad as an auditor in 1gm)$ of Section 1212 oflhe Companw Act 2. Page 7
LAOY HERBERTS HOMES STATEMENT OF FINANCIAL ACTMTIES for the yr end 31 D0mb9r 2024 Unrestrfctgd ACCmu1ted Designatéd Endowm1 Total inco nds Total INCOME FROM: Charftsblo AGtlvStJ•s Rents 44,434 46.488 In¥trOnth Invoslmgnt knMe 5.240 10,580 8,992 othor Incom• Donalv)n from G8ner81 Charltlès To1•1 Incomlng r••ourc 49.674 5.340 55,014 SS,480 EXPENDITURE ON: Charltsblo A¢ttvl¢lo• Accommodalk)n costs G0vemae cAJ$18 58,013 S8,013 32.027 4,048 Totsl r••ourcv exp•nd•d 63.457 63,457 36,073 N•t Incom•1 l•xp•ndtturn) b•ft+r• In¥Iont galn•l Ilo••MI {13,7831 5.340 18,4431 19.407 N•t G•ln•1lLo•iTr on InvMtm•nt ••••t• 13,456 16.087 29,543 14,160 N•t Incom•ll•xp•ndlturel b•lng N•t mov•m•nt In fund• 1327) 21.427 21,1Cf1 33,567 R•conclllailon of fund•: Total funds brought fOard 197.633 29.283 329,178 556.094 522.527 Total funds carrled fcfi¥ard 11 & 13 197.31 29,283 350,805 577.194 556,094 The notes on p8gos 10 to 16fomi part of these finandal slalements Page 8
LADY HERBERTS HOMES BALANCE SHEET 31 Dècember 2024 2024 2023 Notes FIXED ASSETS Tangibl& assets 205,775 205,775 InSImOnts 345,375 2,795 Total Ilxed &ssets 551,150 496,570 CuRRElASSET8 08btCY8 5.938 2.433 Cash at bank 26,147 61,S96 Tot81 curfenl assèts 32,085 84.029 CREDITORS.. Amount8 falllng due wlthln one year 10 18.041) (4.5051 NET CURREIIT ASSETS 28,044 59.524 NEf ASSETS 577,194 558,094 THE FVNDS OF THE CHARrrY P8m8n8nl fund¥ 350,605 329.178 Unrestricted incomè fuThJs 226,589 226,918 TOTAL FUNDS 577,194 550,094 ÈK Approved ty the bowd ofTrust**s on . 2Sand 81wed on its b8haW by Dr. R. DO¢8- CHAIRMAN Thg not9$ on page$ 10 10 16 form part of these fin4noal stalwnonts Page 9
LADY HERBERTS HOMES MOTES TO THE FINAMCIAL STATEMENTS forthe year ended 31 December 2024 ACCOUNTING POLICIES al General Inf¢mwtlon and ba818 of preparntlon Lody Hart>&rt's Homes is an unilOrpOrated charity registered in England. The address ofthe rggistered offr 18 glven In tha charity Snformation on page 1 of these finan¢ial slatemenls. Thg nalurg of tha charity's operations and principal actlwties is to provide accommod81ion for the eld&rly al subsidi8ed rents. The charity conslilules a publlc benefit ently as defin8d by FRS 102. The financial statements have been prepared in accordance with Accounting and Rèpctrting by Charities.. Slalement ol Recommended Praclice applicable lo charthes preparing their accounts in accordancewrth the Financial Reporting Standard applicabla In the UK and Republic of Ir8land issued In Oclober 2019. th8 Financial Reptsrting Standard applicable in the United Kingdom and Rapubllo of Ireland IFRS 1021, the Charities Act 2011 and UK General Aepted Awunling Practice. Th8 ffnancial slalemenls h#v• been prepared lo gNe a'lruè and falrf Mew and have departed from the Charfllgs (Accounts and Reports) Regul8llon8 2008 only to the extent required lo provide a 'trii8 and lair view,. This departure has Involved following the Accounting and Rgporting by Charities.. Slalemenl of Recommended prad1 applicable lo chaiili88 preparing their accAJun15 In accordance with the Finan¢Sal Reportlng Standard appll¢8blg In Ihg UK and Republlc of Ireland IFRS 102) Issued on 18 Juty 2014 rather than the Accountlng and ReportSng by Charities.. Slalemenl of R8commended Practice effective from 1 April 2005 whlch has slnce bgen wilhdiawn. Th8 flnandal sialgmgnls are prepared on a g0Sng concern ba8is under the hlsloric81 ¢osl conventlon, modlfled lo Include cert81n ilems at falr value. The Ilnanclal slalgmanlB are pre88nled In 81erflng whlth18 th8 functlonal ¢urr8ncy ol the charlly, anij roundgd lo the nearest £1. The 8ignlfi¢anl a¢¢ountlng pollcles applled In tho prep8ralOon of the88 financ481 slalgmenls are sèl out below. These polides have b•en con¥S51gnlly applied lo all y&ars prgsented unless olhe(wlse staled. bl Fund •ccountlng 8118 of the n8lur8 and purposè of fvnd are sel QLrt tn not8 12. cl Income rocognhlon poll¢l•4 AJI IncA)mSrrfJ resources are indudad kn the Stalemenl of Flnancl81 A¢lIvg$ when the charfty18 legally •ntitled to Ihe in¢oma and the amount can be m888ur8d réllably and tt is probable Ihal the Sncome wlll btr recofvgd. Inlergst and divldond$ are fulty aecrued al the balance sh8el date. d) expondlturn r•cognltlon and Irr•cov•rnbl• VAT All expenditure 1$ accounle¢J for on an accruals bas18 and h88 been dassified under headings that aggregate all costs relaled lo the category. Expenditure is r8cognlsed where there is 81ggal or con5truclive oblig¥lion lo make payments to thlrd parties, It 18 probable that Ihg settlement will be requlred and thg amount ol the obllgalion can be me8surgd reliably. 11 is categorI86d under Ihg followin9 headlngs.. osls of raising funds in¢lud¥$ Invgslmenl management ¢o$l$', Expenditure on charitable activities includ&s the costs of maln181ning the ie8ldenc¢s Bnd a proportlon of support ojsls in lurtherance ol tho charitable oblectiveB,' and other expendtiure reprosents those rtems not falling Into the ¢a19gories above. Irrecoverable VAT Ss charged 88 an expense against the activity for which exp8ndliur8 arose. P8ge 10
LADY HERBERTS HOMES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Decembor 2024 ACCOUNTING POUCIES (COnNUED> 81 Allocation of support Costs These comprise staff and office costs provided by The General Charity. The majorlty oflhgse co818 support the almshouse a¢tivlty ond arg so allocaleil. A small proportion of support costs Is allocat8d to governance Sts. The auocation of support costs is made on an estimate of staff lime spent on Ihe actfvths, O Govgrnanc• costs Govèrn8nce costs comprise all $ts Invo1n9 lh8 public arzountablllty of the Char1 and its compllance wllh regulation aThJ good pract. Th8so COBts Inclthae Costs relal8d to statutory audit 8nd logal fees together wtth an allocation of support 81$. g} T•nglblo flx•d auots and d•prncIaon The land and buildings sat OLrt in note 6 are induded al cost and valuation. Th8 Trustees have not accounted for depredation on lh8 freehoLd properly bgcause thè depreclaUon charg• and accumulale(I d&prlation ar Immalerlal and Ihere Ls a pollcy and practice of r8gular Maintenar and repair of the property. h) Flx•d •wt InvMtm•nts Quole(J Inveslmanls are induded al m8rkel valug. being falr value, al the balance sheet dale. All gakn8 and 106ses, both re81i8ed and unrgalS$ed. are taken lo the Slalemenl of FknanrAal Actlvlties as they arlse. 11 D•btorn and crndltor¥ r•celvabh I payable wlthin one y••r Debtors and credf(OT$ with no $lat&d interest rale and raceivable or payable wllhln ono year are recofdgd al Iran$aGtlon prlce. Any loss•s arlslng from Impalfmenl aig recognised In txpendllure. Golng Concorn The flnancial slalements hav8 been Pf8p8red on g going o)ncem b881s 88 IheTrust8&s belleve that no mg18rlAI un¢ertainli8s exist. The Tfuslges have considared the level of funds held and the expeclgd level ol income and 8xp8ndilure for 12 months from aulhorising 1htr flnanolal stat8rnenls. The budg8ted income and expendilurelg sufficienl with the 18vel of reselvos for the charity lo be ablg lo ¢ontlnue a8 a golng concern. INVESTMENT INCOME Dlvldend8 10,580 8.992 Investment Income r•lalgs SOlY lo Unre8trlclod Income fund In the curyent and prac8dlng year. Pagg11
LADY HERBERfs HOMES NOTES TO THE FINANCIAL STATEMEMTS forthe y•ar •nd•d 31 December 2024 ACCOMMODATION COSTS Rèpays and maintenance Rates and water charges InsurarKe Light and heal Support 018- The Gon9ral Charity, Covanlry TV Licences 29,023 2,209 1.182 21.759 3,825 15 9,942 1,792 1,111 15,342 3.825 15 58,013 32.027 Accommodallon costs relales $018ty lo Unre8lrlct8d Incomg fund In th8 current and precedlng yaar. GOVERNANCE COSTS Subscrh)Ilon8 Audit Accountancy Support 8ts. The Gengral Charfty. Covanlry 385 2,006 1.000 075 3.105 1.599 675 4.527 Support costs arg apportlonod on the ba66s of 8taff lime. Govgrnjnce costs relates solety to UnreslrlGlgd Income lund In Ihe current and pre¢èding year. TRUSTEE'S REMUNERATION No Trust88 or person with lamly or bu81n8s8 Conneotkins wtth the TnJ81ees recelvgd any romun&4Uon or OKns during the year12023- £nll). TANGIBLE FIXED A88ET8 LaThJ and bulldkngs al Chaunty Plg¢e. Coventy known 88 Lady Herb•rf$ Hom88. At w¥t valuallon 1 January 2024 and 31 Docaner 2024 205,775 The land 8nd bulidlngs wero valued on 21 Augu81 20J1 by Mes8rn. LovoNts, Chartered Suwor8, Cov8nty, on an open market V8lue basls. The Truslees do not considerlhere 18 8ny mgtgrfgl differere btheen the matel value and ¢aryln9 value oflhe propety due to Its 8huallon, natur8 and covenants. Pag8 12
LADY HERBERTS HOMES NOTES TO THE FINANCIAL STATEMEt4TS f¢r tho yoar endgd 31 De¢•mber 2024 FIXED ASSET INVESTMENT8 Quoted nvestrnents Market value al 1 January 2024 Additions DL8poso15 chan In market value 2W,795 29,954 14,9171 29.543 Markot valua at 31 Decemb8r 2024 345,375 Quoted Investments al markèt valuè Com88. Bftti6h Govgmment securitlès Other UK fixed interest Ovorsgas fixed inlerest UK Equit8 Gbbal Equltl98 Alternative Inve8tmen18 Other assets 20.742 27,831 10,610 86,462 180,429 17,484 2.017 10,325 16,833 10,624 81,759 148,142 18,841 4,271 345,375 2,795 Included In the a9 arn the followlng repre88ntlng more than S% of tho porlfollo... Mark Art8ml8 In¢JJm• E G8P DI8 Blackrock Lrf8 UK Equlty DI Dl8 Fljelty UCITS ICAV US Qualty Income UCITS EfF Inc G8P HSBC ETFS S&P UCITS ETF Schroder Intern81ional Solgction Fd US Large Cap X Art8mlB Fund Managers Globol Income 24,801 23,088 17,897 43,570 20,612 24,213 DEBTORS 2023 R•nl8 Prèpayments and aLYru8d Income 300 2,133 5,883 5.938 2.433 Page 13
LADY HERBERTS HOMES MOTES TO THE FINAMCIAL STATEMENTS for the year ended 31 D&c•mb&r 2024 CASH AT BANK 2023 Current account Qulller Ch8vkt 15.635 10.S12 31,388 30,208 28.147 61,5 10. CREDITORS.. Amounts falllng duo wthin on8 yaar 2024 Rents Accruals 2.141 3,900 785 3,720 6.041 4,505 11. UNRESTRICTED FUNDS Anakn ol mov•m•nt• In unr••trf¢tod lund•- cuff•nt y1 Balancfr at 1 Janu8ry Galns and Losses and en 8alan¢o at 31 December Dowgn8led funds.. Extraordknary repalr fund Cydl¢g1 Moinlananca fund 13.540 15.743 13,540 15,743 29,283 29.283 Ao)Jmul8ted Income 197,833 63,130 183,4571 197,308 226,916 83.130 183,45TJ 226,589 An•lyls of MOv•nnt• In unrn•trf¢t•d fund•- prnvlou• y••r Balanc* at 1 January Galns and Los89 gnd Balance al 31 Decemter Desl9n818d funds= Exiraordinary repalr fvnd Cydical Maintenance fund 13.540 15.743 13.540 15,743 29,283 29,283 AcmUlated kncome 172.588 81,140 136,073) 197.633 201,849 61,140 {36,073} 228.91e P89e 14
LADY HERBERTS HOMES NOTES TO THE FINANCIAL STATEMENTS for th¢ yoarènded 31 D8mb9r 2024 12. FUNDS The unrgstricl8d fiJnds are those ndS which tha Trustees are free to use In 8ccordancewith the charitable objeds and comprlse 8CLumulaled Irome and deskJn8led funds. The deslgnat•d repair and mainltnance fijnds a maintained out of th& Income of the Charity In accordance wkh Charty Commisslon Schemes, Thelr purpose is lo avoid ldelY fluctU8tlng gxp•nditUTe on malnlenance, Impfovemonl and 8xtraOrdary repa$ Irlxn year lo year. The endowment fund repr88ents tt)088 assets whkh mu51 be held permanonlty by th8 Charity. InrKJme arislng on the endowment fund can be used in ardance with the object5 of the Charity and is induded as uNestrfcaed ItKom&. Any caprtal gain8 or losse3 8rI8ing on Inv8slmgnl$ form part of th8 fund. 13. ANALYSIS OF NET ASSEfs BEfwEEN FUNDS An•ly•h ol not ###•t• b•tr#••n fund•- Guminty•ar Inler-lund debtors and Net current Flxed Total Endowment fund Accumulated fvnd Deslgnaled fund8 391.218 159,932 (82,4401 33,157 29,283 21,827 4,217 350,605 197,3C 29.283 551,150 26,044 577,194 An•lyolB ol n•t *M•ts bn fund•- pr•vlou• year Inter-fvnd dablors and Net Jrrant Flx¥d Endowment fund Accumulated fund Deslgn8led funds 362,983 133,808 165.173) 35.890 29,283 31,388 28,135 329.178 197.633 29.283 496,571 59,523 556,094 Paga 15
LADY HERBERf8 HOMES NOTES TO THE FINANCIAL STATEMENTS torthe year ended 31 December 2024 14. RELATED PARTY TRANSACTIONS The Chartty intyjrred 8dnwnbslrath)n chanJes of £4,50012023'. £4.5OJI from Th• General Charfty, Coventry during th6 ygar. Cr9ditors lrtlude £nll12023: £nif) due lo The General Charty, Coventy at the year end. 15. OPERATING LEASE COMMITMENTS Totsl fvture mlnimum lea8e rec•iv3bl•s under non4ancenatrk operating lease aro as follo". 024 2023 Land and buildlng¥: Wthln ong year 3.717 3,578 The ch8dty lets 8 almshous to elderty ladl8s, as long as rents aro received and behavlow criterfa18 met Ihe residents may romaln in th• propèty br the r&malnd8r of Iwe. Oth8Thse cottag9s can ba relUrr on one month's notke. 18. CONTROLLING PARTY The Charty wa8 under th8 cciilrol of rts board of Trustee8 throughout th• ¢)Jrronl and procedlng year. Page 18