REGISTERED CHARITY NUMBER: 235011 REGULATOR OF SOCIAL HOUSING NUMBER.. A3527 Report of the Tru¥tsfjs and Unaudlted Flnanclal Stat&mfrnts for the Ygar Ended 31 December 2023 for WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY KNOX CROPPER
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Contents of the Flnanclal Statements for the Year Ended 31 Dècember 2023 Page Rèference and Admlnlstratlvo Detalls Rèport of the Tru8t••S Statement of Trustees. Responslbilltlas Indgpondgnt Examlner's Report Statement of Flnanclal Actlvltles Balance Sheet Notos lo the Flnanclal Statomgnts 10 10 20 Dotallod Statement of Flnanclal Actlvltles 21
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Reference and Admlnlstratlve Detalls for the Year Ended 31 December 2023 TRUSTEES R D S4e Chair P A Crowther A Rose A J Betham Mrs T Ayodeji Mrs J Roberts Ireslgned 12.5.23) M R Tillett {appointed 26.9.231 CLERK Mlss S Wrightson PRINCIPAL ADDRESS Sl Michael's Church South Grove London, N6 SBJ CORRESPONDENCE ADDRESS 10 Highgate Avenue London N6 5RX REGISTERED CHARrrY NUMBER 235011 REGULATOR OF SOCIAL HOUSING NUMBER A3527 INDEPENDENT EXAMINER knox Cropper LLP Chartered Accountants Office Sulte 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE 80UCITORS Pothecary & Barfatt INhitehorse Court North Street Bishops Stortford Herts, CM23 2LD BANKERS TSB Bank PIC Archway Branch 19 Highgate Hlll Archway London, N19 5LS Page 1
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Report of the Tru8tees for th8 Year Ended 31 De¢8mbgr 2023 The trustees present Ihelr report wlth the financial statements of the charity for the year ended 31 DeGember 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Slatemenl of Recommended Practice applicable lo Charities preparing their accounts in acGordanGe with Ihe Flnan¢lal Reporting Standard applirable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. OBJECTIVES AND ACTIVITIES Objectlves and alms The Wollaston and Pauncefort Almshouses were sel up to provide unfumished accommodation for people over the age of 60, with limited financial resources and who were living alone. Resident8 are expected to be able to live independently, The objectives for the year were lo mainlaln warm, dry comfortable and safe houses for Ihe beneficlarles and to attend to any problems reported and review the financial position of the Charity. The Charity's aim is to ensure all the almshouses are in good decoralive order, have Safe, up-to-dale equipment and that damp and other typical builéing problems are eradicated. Personal requests of beneficiaries for extra items of fixtures and fittlngs are accornmodated wherever possible. Slgniflcant actlvltlgs The Charity runs slx unfurnlshed one-bedroomed cottages In the parish of Sl Mlchael's Highgale for elderly people. Routine maintenance has been carried out throughout the year. The resident of no.33 has beon in hospltal and then a nursing Home since 1112120 following a stroke and is unable lo walk. The Charity has not relicensed the collage to a new resident in light of the resident's strong wish to retum home if posslble. The Charity has regularly reviewed this poslllon In light of the medlcal advice. and her legal status with the Court of ProteGlion. There have been ongoing problems with dampness in no.29. A specialist ¢on8ervalion Surveying firm, Janus Conservation, was appointed 20.10.2023 to inspect all the properties and lo draw up a Schedule of WoTks lo lacklelsolve the damp issues. No problems wew found In the drainage run on the south block, except for the rvn from the kitchen of no.15, and blockage in th& sewer hAH outside no. 29, whiGh was Cleared promptly by TWA on 02.12.23. The surveyovs report is due in January 2024. Th8 Income and expenditure of the charity 1$ kepl under review at each meeting. Publlc benoflt The purposes of the Wollaston and Pauncefort Almshouses Charity are of public benefit in that il provides and maintains accommodation for those, with a strong association with the Iality, in need by reason of age and financial hardship. In doing so the trustees have paid due regard lo section 4 of the Charities Acl and the public benefit guidance published by the Charity Commission. ACHIEVEMENT AND PERFORMANCE Charllable actlv511es The Almshouses operate a ¢onlinuou$ polrcy of repair and refurbishmenl as necessary lo onsurg compliance with the Decent Homes Standards. Maintenance work was Caled oul in 2023 following Pellings, Quinquennial Report of 6 January 2023. The Trustees reviewed the financial position at each of Ihelr meetings during the year. Page 2
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Rgport of tho Tru¥to95 lor thg Y•ar Endod 31 D8cgmbgr 2023 FINANCIAL REVIEW Flnanclal posltlon The Charity retumed a surplus for the year amounting to £10.133 compared to a deficit of £2,731 in the preceding year. THe main ntrIbutOry factor to the surplus was the gain on the value of investments, as the Charity was On again impacted by having one urCuPIed Almshouse during the year and a rent strike by another resident. The surplus on operating acllvitles was enhanced by the gain on the market value of investments amounting 10 £6,111 compared to a loss £7,916 in the preceding year. The Balance Sheet has therefore shown an inea$e In reserves of £10,133, being the net income for the year. This is represented by a surplus on unrestricted funds of £14,326, and a def11 on restricted funds Irepresenling the depreciab'on charge released against the soclal houslng grant) of £4,193. Investment pollcy and oblgctlves It is the Charity's policy to invest any surplus funds In secure investments. The investments are rnanaged by the Trustees who have opted to invest in a mixed portfollo of Accumulatlon and Income Shares with CCLA, M&G, and Blackrock Charily Funds. Resorves pollcy Wollaston and Pauncefort Almshouse Charity keeps reserves for the maintenance of their ancient buihJing8 which are used as almshouses and used for the welfare of residents, The Charity will aim lo maintain a minimum balanGe of £15,000 in their curnt account for the upkeep of the bulldings. In addition, mair)lenance contrlbutions receivable from residents will be reviewed annually. The Trustees will also review transfer of funds for investments annually. Golng concern There are no matters of golng concern lo report. Whllst no Income has been recewed fr)r the last 3 years from the licensee of no.33, the Trustees are working hard to recover funds of £6,555 from Haringey Social serVS. At the date of this report no funds have been recieved and the treatment of the property has therefore been as a void and Improvements made lo the kitchen. The resldenl of no.29 also continues lo withhold his WMC due lo complaints about the dampness in his property. No provision has been made for the £15,370 owed as the Truslges are of th8 opinion that thgse funds will be recovered in 2024. The Trustees are of the opinion thal the charity has suffiGient reserves to adopt the Going Concern basis. FUTURE PLANS The Trustees intend to conts'nue with their existing investments. The Twstees continue to look for opporbjnities to ralse any e$S&ry fvndlng from grants. 11 is proposed to continue lo man4e Ihe properties ourselves for a period, so retaining the fvll WMC from residents for this purpose. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity 15 controlled by its governing document. a deed of trust and Constitutes an unincorporated charity. Charlty conslltutlon The charity is governed by the Scheme of the Charity Commission dated 9th October 1980 as amended by Scheme of 10th January 1992. The Charity's Registered Number is 235011 and il is also registered with the Regulator of Social Housing (Number A3527). The Charity is a public benefit enlty, Page 3
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Roport of thg Trustees for tho Yoar Ended 31 D¢¢omber 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsatlonal structur8 The Board of Trustees met four times during 2023, to deal with mallers relating to the almshouses and their beneficiaries, slratsgy and policy and to ensure that any vacancies that arose wore filled. The Clerk to the Charity continues to oversee the cornplianGe SponsIbIlItIeS in consultation with the Trustees. The Clerk may attend the Semlnars for Trustees and Clerks organised by the Almshouse Association as appropriats. The Trustees also confirm that they have had regard for the Charity Commission guidance in respect of public benefit when reviewing the charity's aims and objectives and planning future a1VitieS. Inductlon tralnlng of nèw trusteos There are curn11Y slx Trustees lo the Charity. One resigned In May. and a replacement was recruited in Seplember. Mr Richard Sage was eleed Chair, by the Tru8lees at their meeting in January 2023. The Trustees are persons who eiiher currently reside or who have formerfy resided in the locality and Cruited in accordanco with the aim of the Board of Trustees to provide a mix of professional skills, experience and availability to deal with day-to4ay issues relating lo the almshouses and their beneficiaries. New Trustees ' are briefed by the Board of Trustees and may attend courses run by the Almshouse Asso¢iation and others if they choose. If available. a Trustee attends the Almshouse Association Annual General Meetirbg. Koy management r¢muneratlon The trustees receive no remuneration lor their services other than the reimbursement of out-of-pockel expenses R19k management The Trusteeg have identified the risks to which the Charity might be exposed. These are revlewed on an ongoing basis and systems are in place lo ensure Gontrols are appropriate lo provlde reasonable a8suran¢g against fraud and error. The Board's focus in the year was on the below principal risks.. Mainlainin Pro erties lo Decent Homes Standards Quarterfy reports are made to the Board to ensure all properties and inspections are up lo dale. A programme of works is In place for component replacements. Mainlainin ¢Jod service levels to residents Wollaston and Pauncefort Almshouse Charty adopts open communicallon betNeen residents and Trustees and actions concerns raised as necessary. Effective rnana ement of the Chari s resources The Board conts'nu8 lo monrf(or the Charity's resources and particulady its finances given the e¢onomlc uncertalntles currently Impacting the cost of living for the rosldents and the charity in maintalning the properties. Glven the Investments held by the chadty, tho Trustoes are oM)nfidenl that the charlty is able to conunue dellvering its obieclwes, Codo of Govornanc The code of governance adopted by the Trustees is the Charity Governance Code for Smaller Charities, as this best fits with the aims and obleclives of Wollaston and Pauncefort as an Almshouse Charity and represents a standard of good governance praclice lo whi¢h all ¢harilies should aspire. The Board of Trustees confimis compllance wlth the Govemance and Flnanclal Viablllty Standard. In dolng so, the Board conffims that It has an approprSate, robust and prudent business planning. risk and control framework in plaee. Page 4
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Report of tho Trusteès forthe Year Ended 31 D8cemb8r 2023 VALUE FOR MONEY (VFM) Each year the Charity uses a range of data to measure VFM progress against the housing sector. The results help Influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity, whilst also onsuring Complian with the regulatory VFM standard. The metrics have been compared to the Acuity smaller providers 2022123 results Molrtc 2023 2022 Aculty Scorocard Commentary New supply delivered 0% oo 00 The Charity runs 6 unfumi8hed cottages This remains as the previous year, with no new suppty of so¢lal or non-social housin Gearlng 16.6}% (5.11% 13.24% The Charity has no ljorrowings and therefore no interest in the ear. EBITDA MRI NIA NIA 168% The charlty ha5 no borrowlng5. Social Housing Cost Per Unit £2,710 £3,880 £5,395 The charity has performed more efficienlty than the sector averag& due lo lower major repalr expenditure in the ear and careful monitorin of costs. Operating Margin Overall 15.74% 21.03% 13.34% As a Charlty, Wollaston and PaunGefort receives Income from 115 Investments, thus impacting the operating margin. This income also unéerwrites part of the charity's operating Gosl8. 2023's results continue lo be impaGled by No.33 being em in the ear. Social Housing Leuings only 3.55Yo 10.09% 13.21% ROCE 0.98% 1.86% This Is particularly low duo lo the minimal liabilities of the charity, together with a low operating surplus in the year. The Charity holds inv9slments which additionally provided an unrealised gain of £6,111, comparod to a loss of £7,916 in 2022. Reinvestment 0.2% 1.55Oh 3.7% Minor refurbishment works were undertaken in the year. The Iruslees are satisfied that the properties have been maintained to 8 ood standard. Page 5
OLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Statemgnt of Trust•o¥' R•¥ponslbllltle8 for the Year Endgd 31 Docgmber 2023 The trustees are responsible for preperlng the Report of the Tru51ees and the financial Statements in rdance with applicable law and United Kingdom AoUntIng Standards (United Klngdom Generalty Accepted Accountlng Praclicel. The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provlsions of the trust deed requires the Iruslees tr) prepare financial siatements for each fi'nancial year which give a true and fair view of the slate of affairs of Ihe charity and of the in¢omlng resou$ and application of resources, including the income and exnditure. of Ihe charity for that period. In preparing those finanGial statements, the trustees are required to select suitable accounting policies and then apply Ihgm ¢onsislently', observe the methods and principles in the Charity SORP- make judgements and eslimal8S that ar8 r8asonable and prudent., prepare the financial 51alements on th8 going concern basls unless it is inappropriate to presume that the charity will continue in bu51ness. The trustees are re5ponslble for keeping proper accounting reGord5 whiGh dlsclose with reasonable accuracy al any lime the financial posrtion of the charity and to 8nable them lo ¥nsure that the financial statements comply with the Charfties Act 2011, the Charity IAGGounts and Reports) Regulatlons 2008, the Housing and Regeneration Act 2008, the Accounting Direction for Private Registsred Providers of Social Housing 2022, and the provislons of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and oth8r irregularities. Approved by order of the board of trustees on . 2o.+.. and Signed on its behalf by: R C) Sa9e- Trust88 Page 6
Indopendont Examlnerfs Report to the Trust8e8 of Wollaston and Pauncgfort Almshouse Charlty Independent examlnetrs report to the tru8tees of Wollaston and Pauncefort Alm$hou89 Charfty I report to the charity trustees on my examination of the accounts of Wollaston and Pauncefort Almshouse Charity (the Trust} for the year ended 31 December 2023. This report is made to the Trustees, as a b¢xly, In accordance with the terms of my engagement. Our work has been undertaken so that we might cary out an Independent Examinatlon of the financlal statements in accordance with the General Dlreclions given by the Gharity Commlssloners. To the fvllest exlenl permilled by law, we do not accepl or assume responsibility to anyone other than the Charity and the Charity's Trustees. as a body, for our work or for this report, Rosponslbllltles and basls of report As the charity truslee$ of the Trust you are responsibl8 for the pr8paration of the accounts in aGcordanGe with the requirements of the Charities Act 2011 I'lhe Act,). Having sallsfied myself that the aGwunts of the Charity ar8 not required lo be audited under Section 136{3) of the Hou¥lng and Regeneration Act 2008, an independent examination has been carried OUL I report in respeGt of my examinalion of the Trust's accounts carried out under section 145 of the Act and in arrying out my examination I have followed all applicable Directions glven by the Charity Commission under sectlon 145151{bl of th8 kn1. Independent examlneV8 Statement I have completed my examination. I conffirm that no mal&rl81 matters have Coma to my attention In connection wilh the examlnatlon giving me cause to bèlieve that in any material spe., accounting records were not kept in respect of the Trust as required by section 130 of the Act or sects'on 135(2)(al of the Housing and Regeneration Act 2008- or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matlers in conneclv)n with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Ilu LJd James Holland-Leader FCA Knox Cropper LLP Chartered Accountants Office Suite 1 Haslemere Housg Lower Stréot Haslemere Surrey GU27 2PE Page 7
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY statement of Flnanclal ActlvFtIès for the Year Ended 31 Decgmber 2023 2023 Total funds 2022 Total funds Unrestricted Restricted funds fund Notes INCOME AND ENDOWMENTS FROM Donallons and legacies 1,000 1,000 1,000 Charltablo a¢livitl8s Housing 22,320 22,320 21,660 Investment income Total EXPENDrruRE ON Charltable actlvltles Housing Net gainsl{lossesl on investments NET INCOMEIIEXPENDITUREI 14,326 14,193) 10.133 {2,731) RECONCILIATION OF FUNDS Total funds brought forward 321,444 209.812 531,266 533.987 TOTAL FUNDS CARRIED FORWARD 335 770 205 619 541.389 S31 256 The notes form part of these financial statements Page 8
OLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Balance Sheet 31 December 2023 2023 Total funds 2022 Total funds Unrestricted Restricted funds fijnd Notes FIXED ASSETS Tangible assets Inv851menls 12 13 213,859 205,619 419,478 424,747 296,464 206,619 502,083 500,278 CURRENT ASSETS Debtors Cash at bank 14 15,947 1S,947 27,778 13,413 21,660 43,725 43,7215 35,073 CREDITORS Amounts falling due within one year 16 (4,419) 14,4191 {4,0951 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 335,770 205,619 541,389 531,256 NET ASSET8 335 770 205 619 531,256 FUND8 Unrestricted funds Restricted fvnds 16 335.770 205 619 321,444 209,812 TOTAL FUNDS 541389 The financial statements were approved by the Board of Trustees and authorised for issue on %.I... * ..V1,......... and were signed on its behaw by.. R D Sage- Trustee A Rose- Trustee The noles tomi part ol these flnancial staleffEnts Page 9
OLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notès to the Flnanclal Statements for the Year Ended 31 D&¢emb•r 2023 ACCOUNTING POUCIES Basls of prnparing the financlal statements The financlal slatemenis of the charity, which is a public benefit entity under FRS 102, have been prepared In accordance with the Charities SORP IFRS 102) 'Accounling and Reporlng by Charities.. Statement of Recommended Practice applicable lo ¢harlties preparing their accounts in a¢cordance with thg Financial Reporting Siar*dard appll¢able In the UK and Republic of Ireland IFRS 102} {effeclive 1 January 2019}'. FinanGial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The accounts compw with the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Directs'on for Private Registered Provider8 of Social Housing in England 2022. The financial statements have been prepared under the historfcal ¢ost convention, wllh the exception of investments which are included at market value, as modified by the r@valuation of certain assets. The financial statements are presented In Sterling, which is th8 functional currency of th8 Charity and are rounded to the nearest pound. The account5 have been prepared to give a 'true and fair vlew, and have departed from the Charllles IAccounts and FlepDrtsl Regulations 2CK18 onty lo the extent requlred lo provide a 'lruè and fair vlew,. This departure involved following Accounting and Reportlng by Charities preparing th8ir accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS102) issued on 16th July 2014 rather than the AGcounling and Reporting by Chaiities Ststemenl of Recommended Practice effective from 1st April 2005 which has sinGe bgen withdrawn. Golnu concern The finandal statements have been prepared on a golng concern basis as the Trustees believe that no malerlal uncertainties exist. The Trustees have considered the level of funds hekl and the expected level of income and expenditure for 12 months from authorising these financial 51atemen15. The budgeted income and expenditure 1$ suffi¢ignl with the level of reserves for the Charity to be able to continue as a going concern. Crltlcal aG¢ountlng Judgements and kgy sources of 08tlmatlon uncertalnty The following are the critical judgements and key sources of estimation uncertainty that the Board ha8 made in the process of applying the charity's accountlng policies and that have the m0818hJnili¢anl effect on the amoun15 Tecognis8d in the financlal statements.. Identification of housing propety components The Charity accounts for ils expenditure on housing properties using component a¢¢ounllng, Under ¢omponenl accountlng. the housing property is divided into those major components which are considered lo have substantially different useful economlc Ilves. Judg8menl is used in allocating propety G051s befvleen components (land, struclure, kilchens, bathrooms elc) and in del&rmining the useful economic lives of each component. Housing propety depreclallon is ozlculated on a component by component basis. The identthcation of such components is a matter of judgement and may have a material impact on the depreciation charge. The components seleGled are those which refie¢t how the major repairs to the propety are managed. In¢om• All income is recognised once the Charity ha5 entitlement lo the inwme, il is probable that the income will be received and the amount of income receivable can be measured reliably. Income from housing repr858nts housing ¢onlribulions from weekly maintenance charges from residents. Pa9e 10 continued...
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notes to the Flnan¢lal Statsments- contlnu•d lor th• Year Endod 31 DeGembgr 2023 ACCOUNTING POLICIES - contlnued Incomo No amount is included in the financial stalBmenls for volunteer time in line with the SORP {FRS 102). Investment income is eamed through holding assets for investment purposes such as shares. 11 included dividends and interest. VThere it is not praclrcal to identify investment managemont costs incurred within a scheme with reasonable aVraCY the investment income is reported net of these costs. It is included when the amount can be measured reliabty. Interest inccme 15 reco9nlsed using the effective interest method and dNldend Ineorne is recognised as the Charity's right to recewe payment is established. Social Hou8ing Capital grants are recognised only when receivable, or in the period in which a 8chame is completed and where the amounl of the grant has been determined. Grants are reflected in the restricted Housing Property Fund with depreciation on grant funded assets redu¢lng thls fund. Expèndltur• Liabllilles a gniSed as expendilurB as soon as there is a Iggal or Gonstructive obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be requlred In settlement and the amount of the obligation can be measured reliabty. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related lo the category. Where c051s cannot be direclty attributed to particular headings they have been allocated to activities On a basis consistent with the use of resources. Tanglblg ftxed assets Houslng propertles Wollaston and Pauncefort Almshous8 Charlty properties were constructed in the mid 18th Century. The construction and improvement costs of Ihe Housing Properties were funded by a Housing Corporation (now Home5 and Communities Agency) grant. a mortgage loan from The Royal Bank of Scotland secured by a charge on housing. land and buildings and from Wollaston and Pauncefort Almshouse Charity's own resources. Houslng properties are 51aled at depreciated cost. The cost of completed housing pro5Krties is dePlated over the life ol the properties. Properties are accounted for on a component cost basis with each component bein9 depreciated over ils estimated economic life. The principal components idenltfied and the depreciation rate applied to each component are set out below.. Yaar8 100 70 40 30 30 30 20 15 Fabric Roof ElectriG5 Wndows arbd doors Bathrooms Mechanical systems Kitthens Boilers Taxatlon The charity is exempt from tax on its charitable activities. Fund accountlng Unrestricted funds can be used In accordance with the charitable obj8Ctives at the discretion of the trustees. Reslricled funds can only be used for particular restricted purposes within the objects of Ihe charity. Reslriclions arise when specified by the donor or when funds are ralsed for particular restricted purposes. Page 11 continued...
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notos to thè Flnanclal Statsments - contlnued lor th8 Year Endgd 31 Dgcembor 2023 ACCOUNTING POLICIES - contlnued Fund atcountlng Further explanation of the nature and purpose of each fund Ts included in the notes to the financlal slatemenls. Debtors Trade and oth8r debtors are recognised at th¢ settlement amount due after any trade dlscounl offer8d. Prepayments are valued al the amount prepaid nel of any trade discounts due. Cash at bank and In hand Cash al bank and cash in hand includes cash and short term highly liquirj investments with a short maturity of three mnths or less from the date of acquisition or opening of the deposit or similar account. Cvodltors and provlslons Creditors and provisions are recognlsed where the charity has a present obligation resulting from past evenl that will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nom)ally recognisety at their settlement armunt after allowing for any trade discounts due. Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as baslc finanGial instruments. Basic financial instruments are Inltially reGognised al transaction value and subsequently measured at their setllemgnl value with the exGeption of bank loans whi¢h are sub5equ8ntly measured al amortised cost using the effective interest method. Inve81Jnenls Investments are a form of basic financial investment and are inllially recognised at Ihelr transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price. The slatomenl of financi81 activities includes the net galns and losses arising on revaluations and disposals throughout the year. Realised gains and losses on investments are calculated as the difference beeen sales proceeds and th8ir opening carying value or thelr purchase value if awuired Subsequent to the first day of tha fflnancial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. INvEsTMETr INCOME 2023 2022 Investment income 2,000 Page 12 continued...
OLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notes to the Flnanclal Statomenls - ¢ontlnued for thg Yèar Ended 31 Decgmb8r 2023 INCOME FROM CHARITABLE ACTIVITIES 2023 2021 Gross maintenance contributions from residents L096es from voids 25,620 24,840 21.680 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 51 SupF4)rt Costs (see note 61 Totals Housing DIRECT COSTS OF CHARITABLE ACTIVITIES 2023 2022 Insurance Property repairs & malntenance Alarm cosls Depreciation 1,191 8,778 220 1,178 8,293 211 16,004 SUPPORT COSTS Governance costs Management Totals Housing Support costs, included in the above, are as follows.. 2023 2022 Total activities Housing Clerws fees Sundries Subscriptions Independent Examination 1,000 15 531 1,000 184 487 Page 13 continued...
OLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notes to the Flnan¢ial Statomonts . contlnuod for th¢ Year Endod 31 Do¢èmb•r 2023 TRUSTEES. REMUNERATION AND BENEFITS The were no trustees, remunorallon or other benefits for tho year ended 31 December 2023 nor for the year erbded 31 Dgcember 2022. Tru$toes' exponsos Total expenses reimbursed to Iruslees in the year were as follows.. 2023 2022 Property repairs and maintenance Sundries 6,636 £6,704 Expenses were reimbursed to no Trustees in the yeaT12022.' 2). STAFF COSTS 2023 2022 Wages and salaries 1,000 Key Management personnel are defined as the Trustees and the Clerk to the Trustees. None of the Trustees CeIved any emolurnerrts or reimbur5em8nt of expenses. 2023 £1,OlX) 2022 The emoluments of the Cl&rk lo th8 Trustees wer8 as follows The average monthly number of employees during the year was as follows.. 2023 2022 Clerk No employees received emoluments in excess of £60,000. Page 14 continued...
OLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notes to tho Flnanclal Statement8 - contlnuod for the Year Ended 31 D8cember 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcnV[Es Unrestricted Reslricled funds fund Total funds INCOME AND ENDOWMENTS FROM tk)nations and legacies 1.000 1,000 Charltable a¢tlvlti Housing 21.660 21,660 Investment Income Totsl 24.660 EXPENDITURE ON Charltable •ctlvltles Housing Net galnsl{losses) on investments NET INCOMEI{EXPENDITUREI 1,462 14,1931 12,731) RECONCILIATION OF FUNDS Total funds brought forward 319,982 214,005 533,987 TOTAL FUNDS CARRIED FORWARD 321444 209 812 531256 10. 80CIAL HOUSING ACTIVITIES 2023 2022 Turnover from sCla1 Housing Operating costs of Social Housing 22,320 21528) 21,660 19475) Operating surplus and surplus on Soclal Housing aetivities 792 2,185 Page 15 ontinued...
OLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Not•$ to tho Flnanclal Statements - contlnued for thè Ygar Endod 31 December 2023 11. SOCJAL HOUSING GRANT The total Social Housing Grant recenied for Wollaston and Pauncefort Almshouse Charity as al 31st December 2023 amounted lo £336,54512022,' £336,545). The full Capilal Grant would only become repayable If the Almshousès were disposed of and the grant was not recycled. Aggregate amount reCeed 131st December2023 and 31st Decernb8r 2022 336,545 Released lo Stalement of Financial Activities Al 31 sl December 2023 and 31st December 2022 336 5451 Social Housing Grant Carried forward 12. TANGIBLE FIXED ASSETS Houslng propèrtles COST At 1 January 2023 Additions Disposals 045,330 2,603 At 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year Eliminated on dlsposal 120,583 7,872 At 31 December 2023 126 686 NET BOOK VALUE Al 31 DeCeMr 2023 419.47B AI 31 D8G8mber 2022 424,747 Page 16 continued...
OLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notos to the Flnan¢lal Statements - contlnued for tho Year Ended 31 D&¢embor 2023 13. FIXED ASSEf INVESTMENTS Listed investments MARKET VALUE Al 1 January 2023 Revaluations Accumulated dividends 75,531 6,111 At 31 December 2023 NET BOOK VALUE At 310ecember 2023 At 31 December 2022 75,531 There were no investment assets outslde the UK. 2023 2022 Markèt Value arket Value Cost Cost The Investments comprise the folthing.. 40712022.. 407) ) Blackrock Charinco Income shares 17.813 (2022: 17,8131 M&G Charity Mulli Asset Fund In¢ome Shares 184 (2022.. 1841 COIF Accumulation Shares {E.R.Fl 1.00912022.. 1,0091 COIF Income shares 392 {2022:3921 Charibond CIF InGome Shares Balance al 31 December 2022 604 500 594 500 16,000 12AOO 15,731 12,400 46,54S 20,018 438 82,605 9,966 1,618 376 24.859 40.474 18.307 426 75.531 9,003 1.618 375 23,896 Page 17 contSnued...
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Note8 to tha Flnantlal Statemen18 - contlnued for thg Y8ar Endgd 31 Doc9mbor 2023 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Arrtars of maintenance contributions Prepayments and accrued income 15,370 6T1 9,310 16. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2023 2022 Other credltors 4,095 16. MOVEMENT IN FUNDS Net mvement In funds Transfers beeen funds At 31.12.23 At1.1.23 Unreslrictèd funds General fund Investrnent Revaluation Fund Property fund 88,905 59,551 172 988 14,326 1,805 11,805) 105,036 57,746 172 988 321.444 14.326 335.TlO Restrfctod fund5 Housing fund 209.812 14.1931 205.619 TOTAL FUNDS 031256 541 389 Nel movement in funds, included in the above are as follows.. Incoming resources Regources expended Gains and losses Movement in funds Unrestrl¢ted funds General fund 26,560 {17,335} 6.111 14,326 R8strlcted funds Housing fund (4.193} 14.193) TOTAL FUNDS 215281 Page 18 continued...
OLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notes to Ihe Flnanclal Statements - contlnued for the Year Ended 31 Dèc¢mbor 2023 18. MOVEMENT IN FUNDS- Contlnued Comparatlves for movement In fund8 Nel movement in funds Al 31.12.22 At 1.1.22 Unrestrlcted funds General fund Invesimenl Revaluation Fund Property fund 87,443 59,551 172 988 1,462 88.905 59,551 172 988 319,982 1,462 321,444 Restrlcted fund8 Housing fund 214.005 (4,1931 209,812 TOTAL FUNDS 533.g87 531256 Comparative nel movemenl In funds, included in the above are as follows.. Incoming resources Resources expended Galns and Movement losses in funds Unrestricted fund8 Geral fund 24,680 (15,2821 17,9161 1,462 Rostrlcted fund8 Housing fund (4,193 14,193) TOTAL FUNDS 19.475 7,9161 Invgstrnent Revolution Reservg This represents the differenc& b&een the market value and cost of investments. Property Fund This designated reserve represents Ihal proportion of the cost of properties which was financed by charitable donations and the Charlty's own resources. Houslng Property Fund This represents the social housing grant recelved from the Housing Corporation for property improvements lo the Almshouses. Depreclation on housing properties is charged lo this fund over the Irf8 of the components of the building. Page 19 continued.,.
OLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notes to the Flnanclal Statements . contlnued for the Year Ended 31 Decombgr 2023 17. RELATED PARTY DISCLOSURES During the year ended 31st December 2023, no Trustee had any interest in any contract or arrangement with the Charlty- The Clerk to the Charity received £1,0 in the year lo 31st December 2023 (2022.. £1,000). Th1$ was donated back to the Charity by the Clerk. R Sage, Trustee. was owed £1,384 by the Charity al 3181 December 202312022.. £1,384). UNITS IN MANAGEMENT The Charlty had 6 units in Management during the year. {2022'. 61. Page 20
VOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Detalled Statsment of Flnanclal Actlvltles for tho Year Ended 31 December 2023 2023 2022 INCOME AND ENDOWMENT8 Donatlons and lega¢le8 Donations 1,000 1,000 Invoslment Income Investsment incomé 2,230 2,000 Charliable actlvltles Houslng Aclivlties Lo55es from voids 2S,620 24,840 Total Incomlng r8sourofjs 26,550 24,660 EXPENDITURE Charltablo a¢tlvltle8 Insurance Property repairs & maintenance Alarm costs Depreciation of housing properties 1,191 8,778 220 1,178 8,293 211 18,062 16,004 Support costs Managoment Clerk's fees Sundries SubsGriptions 1.000 15 631 1,OOD 184 487 1,546 1,671 Governan¢¢ costs Indepondenl Examination Total resour$ expended 21,628 19.475 Not Income Thls page does nol form part of the statutory financial statements Page 21