REGISTERED CHARITY NUMBER: 235011 REGULATOR OF SOCIAL HOUSING NUMBER: A3527 Report of tho Tru$tO68 and Unaudited Flnanclal Statements for tho Yoar Ended 31 December 2024 for WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY KNOX CROPPER
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Contgnts of the Flnanclal Statements for thfr Year Ended 31 D•c•mber 2024 Page Referenco and Adrnlnlstratlve Deta118 Report of th• Trusteos Statement of Trust$. Responslbllttles Indfjpendent Examlngrfs R8POrt Statement of Flnanclal Actlvltles Balance Sheet Notes to the Flnan¢lal Statomonts 10 to 19 Detalled Statomenl of Flnanclal Actlvltles 20
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARrrY Refer•ne• and Admlnlstratlve Oetalls f<x the Y•gr Ended 31 Dee¢mb8r 2024 TRUSTEES R D Sage Chalr P A Crowther A Rose AJ Betham Mrs T Ayodeji M R Tillett PRINCIPAL ADDRESS 10 Highgate Avenue London N6 5RX REGISTERED CHARITY NUMBER 235011 INDEPENDENT EXAMINER Knox Cropper LLP Chartered Accountants Office Suite 1 Haslemere House Lower Street Haslerrwe Surrey GU27 2PE SOLICITORS PolheGary & Barrati Whitehorse Court North Street Bishops Stortford Herts, CM23 2LD BANKERS TSB Bank PIC Archway Branch 19 Hlghgate Hill Archway London, N19 5LS Page I
WOLLASTON ANtJ PAUNCEFORT ALMSHOUSE CHARITY Report of thè Trustees for the Ygar End•d 31 Decemb&r 2024 The trnstees present their report wlth the financial stslements of the Charity for the year ended 31 December 2024. The Iruslees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice appllc8ble lo charities preparing their accounts in accordanoe with Ihe Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 {effecb've 1 January 20191. OBJECTIVES AND ACTIVITIES Oblectlves and aims The Wollaston and Pauncefort Almshouses were Sel up to provide unfurnished accommodation for people over the age of 60, with limited financial resources and who were living alone. Residents are expected lo be able lo live independently. The objectives for the year were to maintain warm, dry comfortable and safe houses for the benefKiaries and to attend to any problems reported and review the financial positlon of the Charity. The Charity's aim is lo ensure all the almshouses are in good decorative order. have safe, up-to-dale eqvlpment and that damp and other typical building problems are eradicated. Personal requests of beneficiaries for extra items of fixtures and fittings are accommodated wherever possible. Slgnificant actlvltles The Charity runs six unfurnished one-bedroomed cottages in th8 parish of Sl Michael's Highg8t8 for elder people. Routine maintenance has been carried out throughout the year. The resident of no.33 has been in hospital and then a nursing Home since 1112120 following a stroke, and is unable lo walk. The Charity has not rellcensed the collage to a new resident in light of the residenvs strong wish to return home if possible. The Charity has regularly reviewed this position in light of the medical advice, and her legal ststus with the Court of Prol8clion. There hav6 been ongoing problems wllh dampness in nos. 29 and 15. Further to professional arjvice, additional roof Insulation and kitchen venlilalion has been installed in 3 of the properties and the results will be monitored. The income and expenditure of the charity is kept under r@view at each meeting. Publlc ben8flt The purposes of the Wollaston and PaunGefort Almshouses Charity are of public benefit in that it provides and maintains accommodation for tho88, with a strong association with the localrty, in need by reason of age and financial hardship, In doing so the trustees have paid due regard to section 4 of the Charities Act and the public benefi't guilar published by the Charity Commission. ACHIEVEMENT AND PERFORMANCE Charltable actlvltles The Almshouses operate a continuous policy of repair and refurblshment as necessary lo ensure compliance with the Decent Homes Standards. Maintenance work was carried out in 2024 following Pellings, Quinquennial Report of 6 January 2023, and advice from Janus Conservation in 2024. The Trustees reviewed the flnancial position at each of their meellngs during the year. P8ge 2
-LASTON AND PAUNCEFORT ALPASHOUSE ,ARITY Report ofth• Trustees for Year End 31 December 2024 FINANCIAL REVIEW Flnanclol posltlon The Charity relumed a surplus for the year amounting to £5.479 compared lo a surplus of £10,133 in the preGeding year. The main conlribulory factor to the surplus was the gain on the value of investrnents as the Charity was once again impacted by having one unoccupled Almshouse during the year and a rent strike by another reshjent. The surplus on operating activities was enhand by the gain on the market value of investments amountlng to £2.281 compared to a gain of £6,111 in the preceding year. The Balance Sheet has therefore shown an Increase in reserves of £5,479, belng the net incorne for the year. This is represented by a surplus on unreslricled funds of £9,672, and a deficit on reslriGted funds (represenling the depreclalion charge released against the so¢ial housing grant) of £4.193. Invgstment pollcy and obleGtIvos It is the Charity's poliGy to invest any surplus funds in sgcure inveslmenls. The investsrents are managed by the Trustees who have opted lo invest in a mixed portfolio of Accumulation and Income Shares with CCLA, M&G, and Blackrock Charily Funds. Reserves pollcy Wollaston and Pauncefort Amshouse Charity keeps reserves for the maintenance of their anclenl buildings which are used as almshouses and used for the welfare of residents. The Charity will aim to maintain mlnimum balance of £15,CK)O in their current account fer the upkeep of the buildings. In addition, maintenance contributions receivable from residents will be reviewed annualty. The Trustees will also review transfer of funds for investments annually. Golng concern There are no matters of going concern lo report. Whilst no income has been ceiVed for the last 4 years from the linsee of no.33. the Trustees are working hard lo Ver fvnds of £13,155 from the Deputyship Solicitor. At the date of this report no funds have bgen received the trealment of the property has therefo been as a void and improvements made to the kitchen. The resident of no.29 also conts'nues lo withhold his WMC due to complaints about the dampness in his property. No provision has been made for the £21,430 owed as the Trustees are of the opinion that these funds will be recovered in 2025. The Trustees are of the opinion that the Gharily has sufficlenl reserves to adopl the Going Concem basis. FUTURE PLANS The Trustees intend to continue wllh their existing investments. The Truslees ¢ontlnue to look for opportunities to raise any necessary funding from grants. It is proposed to continue lo manage the properties ourselves for a period. so retaining the fijll WMC from residents for this purpose. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing docurnent, a deed of tru51 and conslitules an unincorporated Charity- Charlty constitutlon The charity is govemed by the Scheme of the Charity Commission dgted 9th October 1980 as amended by Scheme of 10th January 1992, The Charity's Registere(l Number is 235011 and il is also registered with the Regulator of Social Housing {Number A3527}. The Charlty is a public benefit enlity. Page 3
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Report of the Tru$teg$ for tht Year End¢d 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsatlonal structure The Board of Trustees met th0 times during 2024, to deal with matters relating lo Ihe almshouses and thelr beneficiaries, strategy and policy and lo ensure that any vacancies that arose were filled. The Clerk lo Ihe Charity continues to oversee the compliance responsibilities in consultauon with the Trustees. The Clerk may attend the Seminars for Trustees and Clerks or9anised by the Almshouse Asso¢lalion as appropriate. The Trustees also confirm that they have had regard for the Charity Commission guidance in re5pe¢t of public benefit when reviewing the charity's airns and objectives and planning future aclivilies. Inductlon and Iralnlng of new tntst•é8 There are Gurrenlty six Trustees to the Charity. Mr Richard Sage was elerled Chair. by the Trustees at thelr meeting In January 2024. The Trustees are persons who either currently reside or who have formerly resided in the locality and recruited in accordance with the aim of the Board of Trustees lo provide a mix of professional skills, experience and availability to deal with day-lo.day issues relating lo the almshouses and their beneficiaries. New Trustees are briefed by the Board of Trus18es and may allend courses run by the Almshouse Association and others if they choose. If available. a Trustee allends the Almshouse Association Annual General Meeting. Koy management remun•ratlon The trustee8 receive no remuneration for Ihelr services other than the reimbursement of outryof-poeket expenses Rlsk management The Trustees have identified the risks to which the Chaiity mlghl be exposed. These are revlewed on an ongoing basis and systems are in place lo ensure controls are appropriate to provide reasonable assurance against fraud and error. The Board's focus in the year was on the below prI1par risks.. Maintainin Pro ertie5 to Decent Homes Standards Regular reports are made to the Board lo ensure all properties ar)d inspe¢Uons are up to dale. A programme of works is in place for compongnl replacements. Maintainln ood service levels lo rgsr(lents Wollaston and Pauncefort Almshouse Charity adopts open communication beeen residents and Trustees and actrons con¢ems raised as necessary. Effective mana ement of the Charil 's resources The 8oard continue to monitor the Charity's resources and particularly its finance5 given the economic uncertainties currently impacting the cost of IDring for the residents and the charity in maintaining the properties. Given the investments held by the charity, the Trustees are confident that the charity 1$ able lo ¢onts'nue delivering its objects'ves. Code of Governance The cod8 of governance adopted by the Trustees is the Charity Governance Code for SmalleT Charities, as this best fils with the alms and objectives of Wollaston and Paun¢efort as an Almshouse Charity and represents a standard of good govemance practlce to whloh all charities should aspir8. The Board of Trustees confi'mis compliance wllh the GOVernar and Flnancial Viability Standard. In doing so, the Board confirms that it has an 8ppropriale. robust and prudent business planning. risk and control framework in place. Page 4
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Report of the Trustses for the Year Endgd 31 O•¢embor 2024 VALUE FOR MONEY IVFM) Each year the Charity uses a range of data lo 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 ensuring compliance with the regulatory VFM Standard. The metrics have been compared lo the Acuity smaller providers 2023124 results Metrfc 2024 2023 Acuity Scorocard Commentary New supply delivered 00 0% The Charlty runs 6 unfumished cottages Thls remains as per the previous ygar, with no new supply of soclal or non-social housin Gearing 18.41% 16.61% 17.3% The Charity has no borrowings and therefore no interest in the ear, EBITDA MRI NIA NIA 200Q The charty has rm) borrowlngs. Social Houslng Cost Per Unlt £2,553 £2,710 £6,447 The Charity has performed mo efficient than the sector average due to lower major repair expenditure in the ear and careful monitorin of Gosl5. Operating Margin Overall 12.79% 15.74% 15.520 As a Charity, Wollaston and Pauncefort receives income from ils Investments, thus impactlng the operating margin. This income also underwrites part of the charity's operatin9 costs. 2024,8 resutts coniinue lo be impacted by No.33 being em in the ear. Social Houging Lettings only 4.87% 3.5SYo 18.52Yo ROCE 0.58Yo 0.74% 2.530 This Is particularly low due to the minimal liabilities of the charity, together with a low operaty'ng surplus in the year. The Charity holds investments whlch additionally provided an unrealised gain of £2,281, compared to a gain of £6.111 in 2023. Reinvestment 0.0% 0,2% 2,7% There were no component replacements. with only minor refurbishment work8 undertaken in the year. The Iruslees are satisfied that the properties have been maintained to a ¢Jod standard. Approved by order of the board of Iruslees on . and signed on its behalf by.. R D Sage- Truste Pa5
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Ststsmont of Trustees. Responslb511tle8 for thè Year Ended 21 December 2024 The trustees are responsible for preparin9 the Report of the Trustees and the financial statements in accordance with applrcable law and United Klngdom Accounling Standards (United Kingdom Generally Accepted AcGounts'ng Practice). The law applicabl8 to charities in England and Wales. the Charities Act 2011, Charity (Accounls and Report5} R8gulations 2008 and the provislons of the trust deed requires the trustees lo prepare financial slatsrnents for each financlal year whiGh give a true and falr view of the stale of affairs of the charity and of the incoming resour¢es and application of resources, including the income and expenditu, of the Gharity for Ihal period. In preparing those financial stalemenls, the trustees are required to select suitable accountlng policies and then apply them conslslentty.. observe the method3 and principles in the Charity SORP,, - make judgements and estimates that are reasonable and prudent prepare the financial statements on the going conGern basis unless il is inappropriate to presurne that the charity will continue in business. The trustees are responslble for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the charity and to enable thern to ensure that the financial slalements compty with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Housing and Regeneration Act 2008, the Accounting Direction for Private Registered 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 taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6
Indop•nd¢nt Ex¥mlnerfs Reportto the Trustees of Wollaston and Pauncefort Almshousg harlty Indgpendent examlner'8 report to the tru8teès ol Wollaston and PaunGelort Almshouse Charlty I report to the charity trustees on my examination of the accounts of Wollaston and paunfOrt Almshouse Charily {Ihe Trust) for the year ended 31 December 2024. This wport is made lo the Trustees, as a body, In a¢¢ordance with the terms of my engagement. Our work has been undertaken so Ihal we mighl carry out an Independent Examination of the financial statements in accordan with the General DireGlions given by the Charity Commissioners. To the fullest extent pemiitted by law, we do not accept or assume responsibllity lo anyone other than the Charity and the Charity's Trustees, as a body, for our work or for this report. Respon$lbllltles and bas16 of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordanoe with the requirements of the Charities Act 2011 I'the AGI,). Having satisfled myself that the accounts of the Charrf(y are not required to be audited under Section 13613} of the Housing and Regeneration Act 2008, an independent examination has been carried out. l Teport in respect of my examination of Ihe Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all aPpIable Directions given by the Charity Commission under section 145151(bl of the Act. Indgpendent examlner's statement I have completed my examination. I confirm that no material matters have come lo my attention in onnection with the examinalon giving me cause lo believe that in any materlal respect.. 1. accounting Tecords were not kept in Spect of the Trust as required by section 130 of the Act., or section 135{2lla) of the Housing and Regeneration Act 2008; or 2. the accounts do r1 accord with those records., or 3. the accounts do not comply with the applicable requirements conterning the form and content of accounts sel out in the Charities (Accounts and Reports} Regulations 2008 other than any requirement that the accounis give a true and fair view which is not a matter considered as part of an Inéep8ndenl examination. I have no conM$ and have come across no other matters in connection with the examination lo which allentlon should be drawn in this report In order to enable a proper underslarbdin9 of the accounts to be reached. /UJLtr Jan$ Holland-Leader FCA Knox Cropper LLP Chartered Accounlanls Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE Date.. Page 7
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Statemont of Flnanclal Actlvltlos for th• Yèar Ended 31 December 2024 2024 Total fund$ 2023 Total fund5 Unrestricted funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2,3B4 2,384 Charltable actlvltles Housing 21,700 21,700 22.320 Investment Income 2,230 Total 25.550 EXPENDITURE ON Charitable actlvllles Housing 21,528 Net galns on investments 6.111 NET INCOMEI{EXPENDITUREI 9,672 14.193) 5,479 10.133 RECONCILIATION OF FUNDS Total funds brought forward 335,770 205,619 541,389 531.256 TOTAL FUNDS CARRIED FORWARD 201426 541.389 The notes form part of thesè flnandal slalernents Pagè e
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Balance Sheot 31 December 2024 2024 Total funds 2023 Total funds Unrestricted funds R8striclod lund Notes FIXED ASSETS Tangible assets Investments 12 13 210,179 201,426 411.605 B5.868 419.478 82,605 296,047 201,426 497,473 502.oe3 CURRENT ASSETS Debtors Cash at bank 14 22,126 22,126 15.947 27.778 56,729 56,729 43.725 CREDITORS Amounts falling due within one year 15 17,3341 17.3341 14,4191 NET CURRENT ASSET8 39.3L TOTAL ASSETS LESS CURRENT LIABILITIES 345,442 201.426 546.868 541.389 NET ASSErs 201426 546.868 541.389 FUNDS Unrestricted funds Restricted funds 16 345,442 201,426 335,770 205619 TOTAL FUNDS 546 868 541,389 The financlal slalemenls were approved by the Board of Trustees and authorised for issue on - and were signed on its behalf by.. R D Sage- Trustee A Rose- Trustee The noles form part of Ihese fingnclal slalem8nts Pag¢ 9
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notes to the Flnanclal Statements for thg Year Ended 31 Docombar 2024 ACCOUNTING POLICIES Basis of preparlng tho financlal statements The financial slalemenls of the charity, whlch Is a publlc benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicablo to charities preparfng their accounts in accordance with the Finarncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeGlive 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK 2nd Republic of Ireland. and the Charities Act 2011. The accounts comply with the Charities Ael 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Reglstered Providers of Social Housing in England 2022. The financial stslements have been prepared under the historical cost convention, with the exception of investments whlch are included al market value, as mdified by the revaluation of certain assets. The ffinancial statements are presented in sterling, which is the functional currency of the Charity and are rounded to the nearest pound. The accounts have been prepared to give a 'lrue and fair view and have departed from the Charities {Accounls and Reports) Regulations 2008 only to the extent required lo provide a 'lrue and fair view,. This departure involved following Accounting and Reporting by Cbarilies preparing their accounts in accordance with the Flnancial Reporting Standard appllcable in Ihg UK and Republic of Ireland {FRS102) issued on 16th July 2014 rather than the Accounting and Reporting by Chaiities Statement of Recommended Practice effective from 1st April 2005 which has since been withdrawn. Golng ¢on¢ern The financial stslemenls have been prepared on a going concern basis as the Trustees belleve that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expendllure for 12 months from authorising these fi'nanclal slatemgnls. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going Concern. Crltlcal accountlng Judgements and key souKes of ostimatlon uncertalnty The following are the critical judgements and key sources of estimallon un¢ertainty that th8 Board has made in the process of applylng the charity's accounting pollcies and that hav8 the m051 signifi'cant effect on the amounts recognised in the financial Statements.. Idenlificalion of housing property components The charity accounts for ils expenditure on housing properties using component accounting. Under ¢omponent accounting, the housing property is dlvided into those major components which are Considered to have substantially different useful economic lives. Judgement is used in allocating property Costs bekn¥een components (land, structure, kilGhens, bathrooms elcl and in determinir)g the useful economic lives of each component. Houslng propety depreclation is calculated on a component by cornponenl basis. The Idenlifioalion of such components is a matter of judgement and may have a material impact on the depre¢ialK*n charge. The components selected are those which reflect how the major repairs lo the property are managed. Income All income is recognised once the Charty has entitlement ts th8 income. il is probable that the income will be received and the amount of Income receivable can be measured reliably. Income from houslng represents houslng contributions from weekly maintenance charges from residents. No amountls included in the financlal ststemenls for volunteer time in line with the SORP {FRS 102). Pag&10 ndnued...
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Noto$ to the Flnanclal Stat•m•ntg . contlnu•d for tho Year Ended 31 Do¢¢mbgr 2024 ACCOUNTING POLICIES - Contlnued Income Inveslrnenl Income Is earned through holding assets for investment purposes such as shares. It InGluded dividends and interest. ere it is not practical to identify investment management costs Incurred within a scheme with reason2ble aGcuracy the investment income is reported net of these costs. It is Included wh8n the amount can be measured reliably. Interest income Is recognlsed using the effective interest metho(l and dividend incon* is recognised as the Charty's right to receive payment is established. Soclal Housing Capital grants are recognised only when recelvable, or in the period in whlch a s¢heme is completed and where the amount of the grant has been determined. Grants are reflected in the restricted Housing Property Fund with depreciatlon on grant funded assets reducing this fvnd. Expendlturo Liabilities are recognised as expenditure as soon as there is a legal or conslrudive obligation commilling the charity to that expenditure, it Is probable that a transfer of economi¢ benefrts will be required in settlement and the amount of the obligation can be measured reliably. Expendllure is accounted for on an accruals basis and has been classified under headings Ihal aggregate all cost related to the category. Where Gosls Gannot be direclty attributed to particular headings Ihey have been allocated to aotivilies on a basis consistent with the use of resources. Tanglble flxed a88et8 Houslng propertl68 Wollaston and Pauncefort Almshouse Charity properties were constructed in the mld 18th Century. The construction and improvement costs of the Housing Properties were funded by a Housing Corporation {now Homes and Communities Agency) granl, a Mortgage loan from The Royal Bank of Scotland secured by a charge on housing. land and buildings and from Wollaston and Pauncefort Almhouse Charity's own resources. Housing properties are slated al depreciated cost. The cost of completed housing properties is depreciated over the life of the properties. Properties are accounted for on a component ¢o$l basis with each component being depreciated over ils estimated economic life. The principal components idenb'fied and the depreciation rate applied to each component are set out below.. Yoar8 100 70 Fabri Roof Electrics ndows and doors Bathrooms Mechanical systems Kitchens Boilers 15 Taxallon The charity is exempl from tax on its charitable activities. Fund accountlng Unrestricted funds can be used in accordan wlth the charitable objecuves 8t the discretion of the trustees. Reslricled 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 reslrfcted purposes. Page11 conllnued,..
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Note8 to the Flnan¢lal Statgrn?nts- ¢ontlnu?d for the Year EI¢d 31 Decombgr 2024 ACCOUNTING POLICIES - ¢ontlnu Fund accountlng Further explanation of the nature and purpose of each fund is included in the notes lo the financlal siatements. Deblors Trade and other deblots are recognlsed at the selllement amount due after any Iraée disGount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and Gash in hand includes cash and short terrn hlghly liiuid investments with a short maturity of three months or 18ss from th8 dale of acquisition or openlng of the deposit or similar account. Crgdltor¥ and provlslons Creditors and provisions are recognis8d where th8 charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amounl due lo settle the obligation ¢an be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due. Flnancl?1 Instruments The ¢harity only has financial assets and financial liabilities of a kind that quallfy as basic financial instruments. Basic financial instruments are initially recognlsed at transaction value and subsequently measured at their selllement value with the exceptlon of bank loans whlch are subsequently measured at amortised cost using the effectlve inlerest melhod. Invfrstments Investments are a form of basic financial investment and are inilialty recognised at their transaction value and subsequently measured at fair value as al the balance sheet date using the ¢bsing quoted market price. The ststement of financial activities includes the nel gains and losses arising on revaluations and disposats throughout the year. Reglised gains and losses on investments are cal¢ulated as the difference beNveen sales proceeds and Iheir opening carrying value or their purchase value if acquired subsequent lo the first day of the financial year. Unrealised gains and losses are calculated as the difference beeen the fair value al the year end and thelr carrying value. INVESTMENT INCOME 2024 2023 Investment Income 2,230 Page 12 conllnued...
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Not¢$ to the Flnanclal Ststgments - ¢ontlnugd for the Year Ended 3100¢0mr 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Gross m8inlenance contributions from residents Losses from voids 26,340 25,620 3,300} CHARITABLE ACTIVITIES COSTS Direct Costs Isee note 5) Support costs Is•8 note 6 Tot818 Housing 19,210 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Insurance Propety repairs & maintenance Alarm costs Depreciation 1,132 9,972 233 1,191 8,778 220 T,873 18.062 SUPPORT COSTS Governance ¢osl8 Management Totals Housing 3,981 Support C051s, included in the above, are as follows.. 2024 2023 Total actlvllie8 Houslng Clerk's fees Sundries Subscriptions Independent Examination 1,000 236 765 1.000 531 1.920 Page 13 continued...
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notes to th• Flnanclal S*at•m•nts- ¢ontlnu6d for th• Year Ended 31 De¢emb6r 2024 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses Totsl expenses reimburs8d to trustees in the year were as follows.. 2024 2023 Property repairs and maintenance Sundries 261 70 £331 Expenses were reimbursed to 2 Trustees in the year {2023.' Nil). STAFF COSTS 2024 2023 Wages and salarles 1,000 1,000 Key Management personnel are defi'ned as the Trustees and the Clerk to the Tru51ees. None of the Trustees received any emoluments or reimbursement of &xpenses, 2024 2023 £1.000 The emoluments of the Clerk to the Trustees were as folbws The average monthly number of employees during the year was as follows- 2024 2023 Clerk No employees re¢elved emoluments in excess of £60,000. OMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES UnreslriGled lunds Restricted fund Tolal funds INCOME AND ENDOWMENTS FROM Oonations and legacies 1,000 1,0 Charftablo actlvltles Housing 22,320 22,320 Investmnl income Total 25 550 Page 14 continued...
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notes to Flnanolal Statsmèn18 . contlnued for the Y¢•r ENl•d 31 D•¢•mbar 2024 COMPARATIVES FOR THE STATEMEMf OF FINANCIAL ACTIVITIES - contlnued Unre8trict8d lunds R&slricted fund Total funds EXPENDITURE ON Charltablo actlvltl88 Housing 17.335 21,528 Net gains on investments NET INCOMEIIEXPENDITUREI 14,326 14,193) 10,133 RECONCILIATION OF FUNDS Total funds brought forward 321,444 209,812 531,258 TOTAL FUNDS CARRIED FORWARD 335,770 205619 10. SOCIAL HOUSING ACTIVITIES 2024 2023 Turnover from Soclal Houslng Operatin9 C051s of SoGial Housing 21,700 231911 22,320 21.5281 Operating (deficltllsurplus and Ideficitysurplus on Social Housing activities 792 11. SOCIAL HOUSING GRANT The total Social Housing Grant rec8ived for Wollaston and P8uncefort Almshouse Charity as at 31st December 2024 amunled to É336.54512023.' £336.545). The full Captsl Grant would only become repayable if th8 Almshouses were disposed of and the grant was not reGycled, Aggregate amount received t 31 sl December 2024 and 31st DeMI]er 2023 336,545 Released lo Statement of Financial Activities At 31st Dmber 2024 and 31st December 2023 1336,5451 Sc¢ial Housing Grant Carrled forward Pagp15 conliNed...
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notes to the Flnanclal Statèments- contlnued for thg Y¢ar ErKlod 31 D¢¢omb¢r 2024 12. TANGIBLE FIXED ASSETS Housing properties COST At 1 January 2024 and 31 December 2024 546 164 DEPRECIATION At 1 January 2024 Charge for year 126,686 Al 31 December 2024 134559 NET BOOK VALUE Al 31 Dember 2024 411,805 Al 31 December2023 419.478 13. FIXED ASSET INVESTMENTS Llst&d inv8slmenis MARKET VALUE At 1 January 2024 Revaluations Accumulated dividends 82,605 2,281 982 At 31 Dmber 2024 NET BOOK VALUE Al 3lDeMber 2024 At 31 D8mber 2023 82.605 There We no investment assets oulslde the UK. 2024 Maiket Value 2023 MaTkel Value Cost Cost The Investments comprise the followlng: 40712023: 4071) Blackrock Charinco Income shares 17,813 (2023., 17,8131 M&G Charity Multi Asset Fund Income Shares 18412023-. 1841 COIF Accumulation Shares {E.R.Fl 1,00912023.. 1,009) COIF Income shares 39212023.'3921 Charibond CIF Income Shares Balance al 31 December 2024 577 500 604 500 16,536 12,400 16,000 12,400 47,862 20.470 423 85,868 10,948 1,618 375 25,841 45,545 20,018 438 82,605 9,966 1,618 375 24,859 P8g8 17 continugd...
OLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notes to the Flnanclal Statements . contlnued for the Year Ended 31 December 2024 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Arrears of maintenanc8 contributions Prepayments and accrued incom8 21,430 696 15,370 577 15,947 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 4.419 MOVEMENT IN FUNDS movement in funds Al 31.12.24 Al 1.1.24 Unrestrlcted funds General fund Investment Revaluation Fund Property fund 105,036 57,746 172 988 7,391 2,281 112A27 60,027 172 988 335,770 9.672 345,442 Restrlcted funds Housing fund 206,619 (4.1931 201,426 TOTAL FUNDS 546 868 Page 17 ¢onlinued...
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Not•s to thè Flnanelal Statsm•nts- contlnu•d for the Year Ended 31 D¢¢¥mb•r 2024 16. MOVEMENT IN FUNDS- contlnued Net movement in fijnds. included in the above are as follows= Incomlng ro$oUr$ Resour6 expended Galns and losses Movement in funds Unrostrletod fundB General fund Investment Revaluation Fund 26,389 (18,998) 7,391 26,389 118,9981 2,281 9,672 Restrl¢ted lund$ Housing fund <4,1931 {4,193) TOTAL FUNDS 23 191} CompaTatiV88 for movement In funds Nel movement in lunds Transfers LtWeen funds At 31.12.23 Al 1.1.23 Unrestrlcted funds General fund Investment Revaluation Fund Property fund 88,905 59,551 172 988 14.326 1,805 {1.8051 105,036 57,746 172 988 321,444 14,326 335,770 Restrlcted funds Housing fvnd 209,812 14,1931 205,S19 TOTAL FUNDS 531256 Comparative nel movement in nds. included in the above are as follows.. Incoming Tesour¢68 Resources expend&d Gains and losse$ Movetnenl in fvnds Unrestrlcted lunds General fund 25,550 117,3351 6,111 14.326 R¢strl¢ted funds Housing fund 14,1931 14.193) TOTAL FUNDS 25,550 215281 6,111 10.133 Investment Revolutlon Ros¢rv¢ This represents the dIffenCe b&een the market value and cost of investments. Page 18 conlinued...
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Notes to th• Flnanclal Stat•m•nts - contlnu•d for the Ygar Ended 31 De¢ombgr 2024 16. AryOVEMEKt IN FUNDS - contlnuod Property Fund This designated reserve represents that proportion of the $t of propert which was financed ty charitable donations and the Charity's own resources. Houslng Property Fund This represents the social housing grant received from the Housing Corporation for property improvements to the Almshouses. Depreciation on housing propertie5 is charged lo this fund over the life of the components of the building. 17. RELATED PARTY DISCLOSURES During the year ended 31st December 2024, no Truste8 had any interesl in any oonlract or arrangement with the Charity. The Clerk to the Charity received £1,000 in the year to 31 st December 2024 {2023: £1,000). This w88 donated back to the Charity by the Clerk. R Sage. Trustee, was owed £1.384 by the Charity al 31st Dernber 2023. This amount was donated lo the charity during the year. As a result, there is no oulstanding balance al 31 Decemb&r 2024. 18. UNITS IN MANAGEMENT The Charity had 6 unlts In Management during the year. (2023.. 6}. Pa9e 19
WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY Dgtsllod Statsmont of Flnan¢lal Actlvlles for th? Y?ar Ended 31 December 2024 2024 2023 INCOME AND ENDOWMENTS Donatlons and legacie8 Donalions 2,384 1,000 Investment Incomo Investment income 2,306 2,230 Charltable actlvltl•8 Housing Activities Losses from voids 28,340 4.fj401 25.820 13,3001 22,320 Total Incomlng re8ource8 26,389 25.550 EXPENDITURE Charltable activlties Insurance Propety repairs & maintenance Alarm Gosts Depreciation of housing propertie5 1,132 9,972 233 1.191 8,778 220 7.873 19,210 18,062 Support costs Management Clerk's fees Sundries Subscriptions 1,000 236 765 1.000 531 2.001 1,546 Govornaneo ¢osls Independent Examination 1,920 Total resour expended 21,528 Net Income 4,022 This pagg does not fotffl part of the stalulory fmancial 8lalemenl8 Page 20