Charlty numbor 234234 Regulator of 8o¢lal houslng number. A2704 THE SYBIL CARTHEW TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024
THE SYBIL CARTHEW TRUST ReforeTr¢• and admlnistrati¥• dfjtslts of tho Charlty. tt8 Trutwi and advlMTrJ Trust•e8' rfyport Page A¢countsnts' report sta1n• of financial octlvftl Balan¢fj •ho•t Notss to tha flnancial 8tat*n•nt8 8-20
THE SYBIL CARTHEW TRLIST REFERENCE AND ADMINISTrATIVE DETLs OF THE CHARrrY. S TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trust•e8 MTS J &wen. Chair Mrs P Fenn Mr R Sanders Mrs R Seager5 Rev P B Wintgens 234234 Charlty numbor Regulator of $oclal hou8iTrg number Prfneipal offic• Carthe4V Court 11 Stalffi Ro&J W¢)Jdbridge Suffo IP12 4AU Aecountants Larking G¢)wen LLP Chartered Aountants 1 Clayth)n Buwness Park Great Blakenham Ipswich IP6 ONL Bank•rn Barcfays Bank Pk 4 Churth Street Woodbridge Suffolk IP12 IDJ Page 1
ThE SY81L CARThEW TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The SW)il Carthew trustees have pleasure in presenting their repLXt and the finana81 ststements of th6 chsrity for the year ended 31 December 2024. The infmatk)n on 3 fomi$ part 0fth reporL CONSTITUTION AND O&JECTIVE8 Th8 SW)il Carthew Trust was Set up under the Charity Commis81 Schem? on 1 11 1969, vised on 9 February 1984. Mrs Sybil Cathew bequeathed at Skn Road, w¢}bI and money wlth whth to budd homes ft)r the eldety. kn addrtional small grant from the Housing Corwratjon enalknd the buildings to be completed for Ctcupancy in 1971. They ware designed th the otyed of o)rnbining indivKlual privacy with the athantag88 of a congenial communty atnw)here ¥th)al amenibe8 that 8uch a communty can offer. The aim ofthe chaity18 to mKlg sheltej a(romnKthtion for mon and women. The tru8tee8 who served the charity durng th& >tar are shom on pag8 1. Ail administrative dacion& have to bg agr by the Trustees at thelr rogular me8ling8. TRUSTEES RE8PONSIBILfTIE8 The Charfie8 Act requiw the trustees lo prew8 financ1 statements for each finan¢ial JBar whkh gi a true and lair vie4V ol tha 8tat8 of affairs ol the Charty at the end of the year •nd of the wrplu6 or dèfici8w for the year thon ended. In preparing th08e financial state18, tho tni8tee8 are requiréd to 88lecl $uitabte accounting poll¢le$, as dew'bed on page 7 and then appty thgm on a eonsthnt ba818, making Judgements and e¥limates that are prudent and reasonable. Th8 tru5teg8 must al80 prepaTr th• financial statements on tha going concern ba818 unles6 rt Niapproprth to pre8um• Ihat th• Charity will contsnuo to operate. The trustees ate responsiblo for tho keeping of prwr aco)unting re¢ord8 which diach)8e with reasonable acxuracy al any tsme the finanual $lon of the chanty and to enth them lo ensurg that the financial $tstèments compty wilh the Charitres Act 1993. The trustees are 8180 responsible for s8feguarding the as8els of tho charity arthj hon for taking roasonable gt8p8 for preverfion and detOCtn of fraud and othgr irregulariti¢s. APPOINTIAENT OF AND TRAINING OF TRUSTEE3 When a vacancy for a trustee occur8. a search is mad• for carKlidates from in, or around. thè t¢)wn of W¢)odbridge. The one who most d08ety match86 the skills brought ty the fonnor trustee will thosen. On appoinlmenl, new trustees are gwen copies of the consb'tutwi, the ae¢ount8 for the previous yeai and the rul88 and regulations of the almshouse. Ati trustees are encouraged to attend cour8e$ on Iho roles and r8sponsibilitie8 of tru8tee8'. and on aknshouse management. RISK The charity has ndUcted it8 revw of thg major nsks to whith tt 18 exposed. and 8tam8 hav& been estsblished to mrtigate those risks. These PTc¢edures are peric#JicaKy revvwed to ensure that they still meet the needs of the charity. and take aco)unt of the ktest legislabon and regutalions. INVESTMENTS Thè trustees have ch¢)8en to invest in Common Investryts Funds 8Stablished under section 24 ofthe Charities Act 1993. The investments are Ir6ted in Note 6 to thg ac(Aiunts and are subject to regular review. The investments [ded a gro&8 retum of 5.95% on the Maiket vUe. The caprtal value increased by 1.9% P8g8 2
THE SYBIL CARTHEW TRUST TRUSTEES. REPORT (coKnNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 RESERVES At the ènd of the ar totsl funds We £649.859 (2023." £625.393J, of whlth £243,409 R023.. £199.403J was resented by depreciating asaets and a fvrthor £70.511 wa8 represented by frhold prcperty hekl in endovmient. Total unrestricted funds were £234,60412023.. £261, 769). indudirvj a designated fund for cyclical maintenance of £111,180 (2023.. £111.180). Free reserves al ts year end therefore were £123,424 (2023.. £150,589). There is an overall increase in lolal funds at the year end due to the surplus made in the year of £8,223 P023.' £t2,404) and the gain on invesbnents of £16.243 {2023.. £5.441J. The decrease in cyerating surplus is due lo higher spend on general rna1ntenan. There was also wita expenditure of £48,984 (2G123.' £34,555) on Building Pro1tS in the year. ACTIVITIES AND ACHIEVEMENTS In line the ofy'ectwes of the Trust, during the year acwnmodatbjn was provKled for a totsl of 18 men and women in 15 units. No fiats ffle vacant during the year. In accordan wrth guidelines from the Amshouse ASSOCtron. amounts continue to be allocated lo a designated ftjnd for Cyclical Maintenance and to a restrict&J fund for Extraordinary Repairs. The aggregate funds are intended to enable suffiuent reserves to te availab to cover a cyclical maintenance programme and the cost of any extraordinary repairs that may arise and to h with the c05t of rebuikling or adapting the Trust's buildings as may be required in the foreseeable fubjre. We have transferred am¢)unts to the CyclKal Maintenance Fund aTKI the Extraordinary Repair fvnd. There was no expenditure from either tho Cycfical Maintenance Fund or the Extraordinary Repair fvnd during the year, but there was a transfer of £48.984 (2023.. £34.555) to the Restricted PrDpety Improvements Fund relating to the extensive works on fire alarm installation. emergency Ihting and other prtsrty improvemgnts. Relnvestment % Investment in housing prc¢)erties in the yearas a pgrcentage of the gross iw)ok value at the year end New $uppty delwer&Y18ocial hou&ng untts) New Supp delivered {social hOUn9 units} Gearing % Nal debt (loans- ¢a5h) as a percentage of the gross valug of -10% housing properties Earnings before interest. tax. <reciabon. and amorttsatK¥n IEBITDA, major repair5 indudedl interest Ver % The level of surplus generated compared to interest payabJ8 Headline social housing $t per unrt 2024 2023 2a 2b 70% 49% Nij -21% NIA £8,441 NIA £6,886 6B 0rating rnargin [ra1 housing lgttings only) % Operating margin {overaN} % RetLtrn on co ital em 9% 1% 14% Approvèj by Order ofthe ofthe board of Trustees WKI sKJned on their behalf by. Page 3
THE SYBIL CARTHEW TRUST TRUSTEES. REPORT ICOPMNUED FOR THE YEAR ENDED 31 OECEMBER 2024 &irn J Gowen Chair of Trustees Dats.. 2&. 06. ZC liirs P Fenn TnJstee Page 4
THE SYBIL CARTHEW TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 A¢countsnts' roport to the Board on the tsnaudlted aGcount8 of Thg Sybll Carth•w Trust We report on the accounts for Ihe year endgd 31 t)•cemb•r 2023 out on pages 6 to 20. Re8pectlve responsibillllbs of the board and thg Indepdont r•ptsrtlng acUntart The Board of the Register8d Social Housing ProvKler is responsiblg for the preparalron of the accounts, ar they consider that the Registered Soaal Housing PrOvker is exempt from an audiL 11 is our responsibility to carry out procedures designed lo enable us ¢0 report our opinw. Bas of opinlon Our procedures cOnsted of (xjmparing the a(xounts with the twks of ¥counl kept by the Registered S[al Housing Provider and making such limited enquiries of the offic6r8 of the Registered soal Housing Provider as we n$Iere ne$Sary for the purFK)se of this rekThJrL These predureS provide thg only assurance expressed Fn our opinion. Oplnion In our ¢)pinh)n'. the aouunts for the year end&J 31 Deczmber 2023 in aCan with the accountiNJ records kept by the Registered Soual Housing Providw und&r paragraph 135(211a) of the Housing and Reg&nerakn"on Act 2008. having regard onty to. and on the basis of, the informatM)n containgd in the a¢(¥>unting records." the accounts compty wrth the requirements of the Charrtres Act 2011. the Registered Social Hou&ng Provider has satisfied the corKlitn for exemption frcyn an audit of the accounls for the year ended 31 Cernber 2023 Wrf*d in section 13616) of the Housing and RegeneratKm Act 2008. the acLounts comply wrth the requirgments of Hou&ng Reweratson Act 2Crf)8 and the Accounting Oirection for private registered providers of gxial hous1 in Englarhd 2022. Signed.. Larking Gowen LLP Ipswich Pa98 5
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ThE SYBIL CARThEW TRUST BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 Flxod 2023 Tangible assets Investments 313,920 312A66 10 269,914 296.223 Curront as80ts Oebtors Investments Cash at bank and in hand 626A86 566, 137 11 12 4.415 396 59.478 37.276 Creditors.. amounts tslling due wilhin one year 39.S16 64,289 13 116.043) (5,033) Not ¢urrnnt a88ets 23h73 Total not as89ts 59,256 649.859 625,393 Charity fvnds End¢ywmgnt funds Restricted funds UnreslricW fvnds 14 14 14 80,514 334,741 79.687 283,937 261. 769 Total fund$ 649.859 625,393 The financral staknents were arvroved and autFThEad for issue by the Ttustees and signed on their b8half by. Mrs J Gowen Mrs P Fenn ra 26 0É.Ll Date". 26 . Oé Lg The notes on pages 8 to 20 form part crfthese financial statements. Page 7
THE SYBIL CARTHEW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 G•n•rnl informallon The Sybrf Cthew Twst 18 a registsred Chanty in EThJland and Wales. Charrty re9lStratlon number 234234. The Sftjil Cathaw Trusi ts al¥0 a registered Provider of Pjxial hOun9, regi8trathon number A2704. The Wi$tered office 18 Carththv Court 11 Stalion Road, Woodbridp. Suffolk, IP12 4AU. A¢courtlng poll¢l•• 2.1 8a8h of pr•paratlon of financlal 8tstwnont• The finanaal statements have bean prepared in accordance wilh the Charitr88 SORP (FRS 1021- Accounting and Rerth'ng ty Chaiitw". Statement of Ro0)mmended Practice applrAble to charities prepanng their accounts in acrdanC wth the Finanaal ReKtJrting Standard ap1¢£ble in the UK and Republic of Ireland IFRS 102) (eff18 1 January 20191. the Financial Repothng Standard aFplicable in thè UK and Repubfk of Ireland (FRS 1021, the Charrti08 Act 2011, the Housing and Regenerath?n kt 2008 end ko)unts Thr•ctK)n lor Private Registered Providers of S¢xial Housing 2022. The financial 8taternts we presented In stertlng whicti IB the functional curron¢y ol tho Charlty and aro round to the nearest £. The Wl Carthw Trust me•t8 the definrllon of a publK benefft entity under FRS 102. A88ets and liabilitles are initsalty r•wni8&J at hjstonc41 ¢08t or transactron valu¥ unless OthoThviJe stsled in lh& relevant accounting Oicy. 2.2 Incom• l ineome 18 recognisod once th• Charlty h8$ gntillement to lh• inoTh, it [8 probabl8 that th8 income will bo receiv6d and the kn)unt ofincomè rocefvabfe ¢an be mèasured rdiab. 2a Exp•ndrtur• Eyndituro is recognid onc4 thore 18 a W or rXn8truCti oblpaation to traner economic beneflt to a third ty, it 18 wobable that a transter of economic benefits WIN be required in settlement and the amount of the obligatM)n can be mèasured re1ly. E¥p•nditure is classrfied by activity. The costs ol each activty are m up of the total of direct ¢os18 and 8hared Sts. including support costs Involv&Y in undertaking each ¥tNity. Eynditure on thatit8bfe actNititi5 1$ incurred on dir8cUy undgrtaklng the acfivit(ès whrch further the Charity'8 objoctwes, as well as any assocthd support costs. Atl expenditure 18 inclu8ive of irremr81>le VAT. 14 Intsr••t r•c•lvab Intarest on lunds held on de11 18 induw when r8cvable and th• amount can be measured reliabty by the Charity, this i¥ normalty UKAM rratsOn of the intere81 paid or payable by the In8t1tA)n with ¥4thom the funds a dewsrted. Page 8
THE SYBIL CARThEW TRUST NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policl•s {contlnu•d) 2.6 Tangible flx•d asgots and depr•clatlon Tangible ffxed assets are caprtalrsed and reccgnised when future ewnomic beneffts are probable and the cost or value of the asset Can be n8red rel•. Tangibl8 fwl assets are inth• reco3nised at cost. After recognttion. under the cost model, tangible rrxéd assets are measured at cost less accJJmuLqted depreclI9n and any accumulated impainnent los. AU costs incurred to bring a knJl)le fixed asset into rts intended working condition should be included in the measurement of cost DepreclatK is charpj as to aHcK cost of tans•t4e fixed assets k5S their residual value over thr estimated useful live& The eskn"mated useful INes are as fkn: Fixtures and fftb.ngs Propety Improvements - 25 % reductng baance basis 50 years straKJht line Freehold property is maintarned to such a standard that their eslimed resal value 18 not less than cost. As a result no Ikpreciatw is charg&J. The Te&S perfomi annual impairment reviews to ensure that the recoveiable amount Is not less than the caTry7rB value. 16 Investments Fixed asset investsnents are a form of financ1 instnjment 8nd a inrtialty recognised al thelr transaction cost and subseqLtenty n8sured at lair value at the Balance sheet date. unless the value Cannot be measured 11 in Wh tsse it is measured at cost ths impaimenL Investment gains and lossgs, whethgr re8red or unrealtsed, are cc¥nbined and presented as 'GainsllLos8es} on investments, in the St8twnent of finantial acbvrhes. 2.7 Debtor¥ Trade and other debtors are recognised at the settlement amcunt after any trad8 discount offered. Prepaents arè valued at the amount Prepa not of any tJ¥de disoyjnts due. 2.8 Cash at bank and in hand Cash at bank arKI in hand indudes cash and shortstemi hi9hty INuid inve8trnents with a short maturity of three mnths or18ss from the date of a&SitiOn or opening ofthe deposit or similar accounL 2.9 Liabllitlos and profftion8 Liabilities are recognised when there k8 an obl(gation at th& Baknce sheet dale as 8 result of a past event, rt is Pfobable that a transfer of econcrfnjc tenefft will bg required in sethemenl, and the amount ofthe 8ettfement can be nated reliabty. Lkqbilibes arg recogntsed at the amount that the Charity antierpates rt will pay to settle the debt or the amchjnl rt has receiv&J 8$ athanwl payments for the gorKls or seNces il must providg. Page 9
THE SYBJL CARTHEW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢countAng Wlci•s l¢onllnued) ZIO Financial In8trum•nts The Charity onty has financial assets and financkal liabile5 of a kind that qualify a8 basic financial instruments. Bae financial in$tnJments are initk?lty fecognised at transaction value and sub5equentiy measured at their setllement value wrth the exptiOn of bank bans which are subsequenuy meawred at amitssed (ost using the effedive intsrest method. 2.11 Fund accounting General ftrnds ar8 unrestrthd funds which arE availabl8 for use at the dwetton ot the Trustees in furtheran of the general ObJ1¥eS of the Charity and have not teen deSnated for other Purposes. Designated funds comwise unrestricted funds that have iwi set aside by the Trustees for parbcular pu$. Th8 aim arvJ use of ch degTr*ed fvnd is set out in thg rte$ to the financral statement$. Restricted furKl$ are fitnds are to be used in ance wtth Specif restrirtio Imposed by donors or which have been raised by the Chanty for partKJJlar put)Se8. The costs of raising and administering such funds are Char against the spethfic fund. The aim and use of each restricb fund is sel out in the notes to the financial statements. Investmont irKxrfne. gains and l¢)sses are alk)thd to the ¥propriate ftjnd. Endurnnt fvnd8 represent Pennertt endmnent d the charity. Incomo from charitabl8 actl¥tties Total fund8 funds 2024 Total rlds 2023 Contributions from Residents- Rent Contributions from Resthnts- serv charge Guest Flat Income Less.. Vaxrrt Frats 42,725 40.984 {620} 42.726 40,984 {620) 47,640 3T,403 140 (1.663) 83.089 83.089 83.520 Page 10
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THE SYBIL CARTHEW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEPA8ER 2024 Anaty•l• of •xpgndltur• by actlvitlos (contlnu•d Anaty•l• ol#upport costs Hou•iTrg 2024 Total lund• 2024 Total funds 2023 Telophone Sundry Govwnanca co#ts 797 217 6,831 797 217 6.831 805 1,348 5,401 Account•nf• r•munorn110ft 2024 2023 Fees payable to th• Chanvs indeperKlant wunlant for the preparation of tho Chatys annual CoUnts 2, 820 2024 2023 Wages and salaries Social security costs 20,3&7 485 162 22.710 Tho averng8 numbor of pewyon8 •mpl)yed by tho Charity durfv7g the ypar was as tolhm.. 20.838 2024 No. 2023 No. Avèr8ge number ol enwknyee Page 12
THE SYBIL CARTHEW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Staff ¢osts (¢ontinugd) 2024 2023 No. Fulktime equtvalent number of employees No employee reoiv&J remuneration afth)unting to more than £60,000 in either Far. There is no MuneratiOn payable to key managnI peneL Tn. remunorntion and exp•n8oB During the ygar ended 31 D&ember 2024, no Trustees wived any remunerat or other benefits (2023- £NIL). During the year ended 31 D*errthr 2024. no Tw8toe expenses have been trurred (2023. £NILJ. Pa99 13
THE SYBIL CARTHEW TRUST NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Tanglbl• fix•d a•t Frg•hold Prop•rty Impro¥•me Fumlthro Equlpm•nt Tot1 Ct or viluatlon At 1 January 2024 Additions DIBposal8 ni.511 7N1 2,358 248.347 328.257 48.984 12,368) (2.358) At 31 December 2024 70.S11 7,041 297.331 374.883 D•prnol4tlon At 1 January 2024 Charge for the year On di8po8al8 7,011 2.358 4,978 4,978 (2,368) (2,3581 At 31 December 2024 7,041 63.922 60,963 Not book v•lu• At 31 D•cember 2024 70,511 243,409 313.920 At 31 Dec6fflber2tr23 70,511 199.403 269,914 Page 14
THE SYBIL CARTHEW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Fixed atss•t Snv•stmonts Ll•ted Inv•8tmgnts Cost or valuatlon At 1 January2024 Revaluations 296,223 16.243 At 31 December 2024 312,466 Not book valu? At 31 December 2024 312,466 At 31 Decnb¢r2023 296,223 Unils 12.908 Channco Value (£1 18,301 M & G Charrfund inm units 7,678 131,352 Natnal Assw10 ofmmshouses 737 Common Investsnent Fund 89.230 Equitses Investrnent Furvj for Charities M&G Charifvnd Acc units 281 91.884 11. 2024 2023 Due wlthln one yr Rent arrears PrgpayTnents and acuued incne 247 1.993 2,255 2.160 2,240 4.415 12. Curront a88Ot Investments 2024 2023 Ipswch Building SOcty 396 Page 15
THE SYBIL CARThEW TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Creditor¥: Amounts falllng du• wtthin on• yoar 20Z4 2023 Trade creditor8 Other taxaln and sco818ecunty Accruals and deferred inw)1g 13A87 1,702 920 2,411 2,074 16,043 5,033 Page 16
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THE SYBIL CARTHEW TRUS7 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2024 14. Stat•mont of fund• (coi)tlnu•d D••lgnatod Fund• Cydvl maintanance fund - d•81gnate¢ fvnds to GW Ihe 81 of r8gular maintenance expenditure. RtrIct•d Fund• Extraordinary repair lund - restricted fund8 from éxtraordinary investrnents for the puw of wowding repairn and improvements of an irragular and nonwrecurring nature. Restrthd prcpety iesith fund8 held as deprecing fixed 488018. Transfers into restrthd fvnds- Thère waB a transfer of£48.984 to the Re81rthd PTOP6ty Improv8m&nts Fun¢Y relating lo extensNe wcrfks being carwj (¥Jt Stat•m•nt ol fund•- prtory•4r 8el8nc8 at 1 J8nu8ry 2023 8alan¢e at 31 G8inw DeGemb8r (Losses) 2023 Incofflg E¥pendilure Tr8nsf8 fund• Do8lgnat•d fund• Cyelic81 M8inlenanc• Fund 111.180 G•n•r•l fund• Genèral Fur)d8- all fiJnd8 167,161 90,527 (73, 158) Total Unr•8tr1ct•d fund• f34,555) 612 150.589 278,341 90,527 (73, 156) (34,555) 612 261. 769 Endowm•nt fund8 Ertdcfin•nt Fund 79.687 79,687 Restrlct•d fvnd8 Extraordinary Repair Fund 79. 705 Paga 18
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THE SYBIL CARTHEW TRUST NOTES TO THE FINANCIAL STATEMEprrs FOR ThE YEAR ENDED 31 DECEMBER 2024 16. Analysis of net a•sot8 b•tween fvnds {¢ontinu•d) Anatys18 of not a88ets prlor period Unrnstrkth Restricted Endowmert funds fvnds 2023 funds 2023 2023 Totsl funds 2023 Tangible fixed assgts Fixed asset invesknents Current assets Credilots due within one r 199,403 70.511 9,176 202.513 64.289 (5.033) 269.914 296,223 64.289 (5.033) T¢)tal 261, 769 283.937 79,687 625,393 16. Rolat9d party transathn8 Th& Chty has not ant9r into any related paty transaction during the year, nor are there ary outstanding balances owing beknn relat&J parties and the Charity at 31 Dgcember2024. Page 20