THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 D CHARITY NO. 235609 REGISTER FINANCIAL ST TEM NTS FOR THE YE EN ED ECEMBER 20
THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARifi NO. 235609 ERS AND PROFESSIONAL ADVISOR FFI TRUSTEES: J. Rawlings A W. Evans J. Robert$ H. Watkins M. Keen D. Chennells R. Laval B. Wlliams S. Watson CHAIRMAN- D. Chennells SECRETARY: J. Roberts TREASURER: J. Rawlings ADMINISTRATION OFFICE J. Rawlings PRINCIPAL OFFICE: Almshouses Nos. 39 10 61, Weston Road, Olney, Buckinghamshire. MK46 5BE BANKERS: Barclays Bank Plc., Leicester LE87 2BB The Charities Official Investment Fund, Sl. Alphage House, 2 Fore Street. London. EG2Y 5AQ AUDITORS: Clifford Roberts. Chartered Accountants, & statutory Auditors, Pacioli House, 9 Brookffield, Duncan Close, Moulton Park, Northampton. NN38WL
INVESTMENT MANAGERS: CCLA Investment Management Limited, Senator House, 85 Queen VIGtoria Street London. EC4V 4ET M&G Investments Charity Department PO Box 9038 Chelmsford CM99 2XF
THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARITY N 235609 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 202 1- 2. Report of the trustees 3- 6. Report of the auditors Stalement of financial ¥tNities BalanGe sheel Statement of cash flows 10 - 20. Notes to the financial ststement5
THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARITY NO. 235609 REPORT OF THE TRUSTEES The Trustees present their report and the audited financlal statements of the charity for the year ended 3151 December. 2023. The trustees have adopted the provisions of the Statement of Recommended PTa¢tic8 {SORPI 'Accounting and Reporting by Charities" {FRS 1021 in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the a¢counling policies set out in notes lo the a¢counts and comply with the ¢harity'$ 9oveming document. the Charities A¢t 2011 and Accountlng and Reporting by Charilses: Statement of Recommended Practice appli¢able to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland published in Octobér 2019. Struduro Governance and Mana oment The charity was registered on 9th July 1964 and is governed by a trust deed daled 20•1 December, 1979 las amended by scheme dated 16th August 19991 which aulhorises the trustees lo perform the objects of the charty. The recruitment, appointment and training of new Irusiees are conducted by exlsting trustees. Ob'ectives ol the Gharlt The charity's principal objective is the provision of an Almshouses for poor aged widows or spinsters, with preference being given to the inhabitants of th8 parish of Olney. Publ1¢ Benèflt All of the Charity's activities are undertaken lo further our charitable purpose for the benefit of the publiG. The trustees have had regard to the Charity Commission guidan¢e on publi¢ benefit in seclion four of the Charities Act 2011. The main benefits which have arisen during the year from the oryanisatlons aims and activities are detsiled in the following seGtion5 and in Ihe financial review. Tru8toès The trustees who have served at some point during the year are as follows: _ 23 Served hro hou W. Evans H. Watkins M. Keen J. Rawlings J. Roberts D. Ghennells B.Williams S.Watson R. Laval Revlow of th ea actlvlti The general balance betsveen income, expenditure and reseryes has remained satisfactory throughout the year. The overall net asset position of the charity remains very healthy. The Ghartty continues lo make provision within its extra- ordinary repair fvnd should any significant Tepairs be required to the Almshouses. Re rve The trustees consider that the unrestricted reserves. at 31st December 2023 are sufficient to sustain its operations should income-generating activities be curtailed unexpeclodly over the forthcoming year. The other reseNes maintained are in accordance with the govemin9 documents of the trust tc ensure the continued financial health of the charity. Isk The Iruslees have assessed the major risks to which the charity is exposed, in parbcular those relating lo the operations and finances of the charity and are satisfied thal systems are in place t¢ mitigate our exposure lo the major risks.
THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARITY NO. 235609 REPORT OF THE TRUSTEES CONTINUED PlaD5 for Future rlods The Charity's future plans include the continued provlsion of Sheltered housing for local elderly and single people. There are no plans for either growth or scaling back of operations, and the current level of reseryes within the charity will allow for this continued provislon. Stat•menl of trustees. res nslbllltlgs The Iruslees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom AcGounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Registered Social Housing Lrfislation require requires the trustees to prepare financial statements for each financial year which gnie a true and fair view of the slate of affair5 of the charity an of the incoming resources and application of resouffes of the ¢harity for that perlod. In preparing these financial slatements, the trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 {FRS 102)- make judgements and estimates that are reasonabl8 and prudent., State whether applicable accounting standards hav8 been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going conrom basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are sponSible for keeping proper accountin9 records that disclose with reasonable accuracy al any timè the financial position of the charity and enable them lo ensure that the financial statements Gomply with the Charities Act 2011 and the Provisions of the trust deed dated 20th December 1979, the Housing SORP 2018.. Statement of Recommended Practice for Registered Social Housing Providers and comply with the Accounting Direction for Private Regislered Providers of Social Housing 2022. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for Ihe prevèntion and detection of fraud and other irregularities. This report was approved by the committee of trustees on 1P1 Juty, 2024 and signed on its behalf by.. J. Roberts Secretsry
THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARITY NO. 235609 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE ALMSHOUSES OF ANN HOPKINS SMITH We have audited the financial ststements of The Almshouses of Ann Hopkins Smith (the 'charty'l for the year ended 3151 December, 2023 which ¢ompTise Statement of Financial Activity, Balance Sheet. Statement of Cash flows and notes to the financial statemenls, including a summary of significant ac¢ounting policies. The financial reporting framework that has been applied in their preparation 1$ applicable L3w and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financi81 Reporting Standard opplicabl8 in th8 UK and RepubliG of Iland (United Kingdom Generally Accepted Acccunting Practi¢el. In our opinion the financial Statements: give a true and fair view of the slate of the charity's affairs as at 311t December, 2023, and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pradice., and have been prepared in accordance with the Housing SORP 2018: Statement of Recommended Practice for Reglstered Social Housing ProVerS and compty with the Accounting Direction for PrNate Registered provide of Social Housing 2022. Basls for oplnlon We conducted our audit in accor(lance wlth Intemaltonal Standards on Auditing (UK) IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethiGal requirements that a relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audrt evidence we have obtsined is 5vfficienl and appropriate to provide a basis for our opinion. Conclusion8 relatlng to golng concern In auditing the financial statem&nts, we have concluded that the trustees. use of the going ¢oncem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or ttonditions that, individually or Golleclively, may cast significant doubl on the charitable ¢ompany's ability to continue as a going concem for a period of at least e1Ve months from when the financial statements ar8 authorised for issuè. Our responsibilities and the responsibilities of the trustees with respect to going ¢on¢em are described in the relevant seclions ot this report. other Information The other information comprises the information included in th8 report of the trustees, other than the financial statements and our audilorfs report thereon. The trustees are responsible for the other infomalion Contained within the annual report. Our opinion on the financial statements does nol cover the other infomiatlon an¢J, ex¢ept lo the extent otherwise explicitly Stated in our pOrt, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other infom?lion and, in doing so, consider whether the other infomation is rnalerialty inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherWe appears lo be materially mi551ated. If we identify such material inconsisten¢ies or apparent material misstatements, we are rèquired to detemiine whether this gives rise lo a material misstatement in the financial Statements themselves. If. based on the work we have performed. we ¢onclude that there is a material misstatement of this other infomialion, we are requlred to report that faGt. We have nothing to report in this regard.
THE ALMSHOUSES OF ANN HOPKINS SMrrH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARITY NO. 235609 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE ALMSHOUSES OF ANN HOPKINS SMITH CONTINUED Matters on whl¢h wo aro r•quired to report by gx¢eptlon In the light of the knowledge and underslanding of Ihe chaTity and its envlronment obtained in the course of the audit, we have not identlfied malerial mi5slatements In the trusl88' report. We have nothing lo report in respect of the following matters in relation lo which the Charities (Accounts and Reports) Regulations 2008 wuires us lo report lo you if, in our opinion.. adequate ac¢ounting records have not been kept, or relums adequats for our audlt have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audlt. R9$ponsiblllti0s of trustee8 As explained ffore fijlly in the trustees, responsibilities statement sel out on pages 1 and 2, the trustees (who are also the directors of the charitable company for Ihe purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary to enable the preparation of financial statements that are free frorn material misstatement, whether due to fraud or error. In preparing the financial Statements, the trustees are responsible for assessing the charity's ability lo continue as a going concem disclosing. as applicable. matters related to going concem and using the going concem basis of accounting unless the trustees either intend lo liquidate the charity or to ce operations, or have no realtiC altemative but to do so.
THE ALMSHOUSES OF ANN HOPKINS SMrrH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARTfY NO. 235609 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ALMSHOUSES OF ANN HOPKINS SMITH CONTINUED Auditotr$ respon81bllities ft*r thé audit of the flnanclal statoments We have been appointed as auditor under section 145 of the Charrties Act 2011 and report in accordance with regulatyons made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from mateTial misstatement. whether due lo fraud or error, and to issue an auditorfs report Ihal includes our opinion. Reasonable assurance is a high level of assuran¢e, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi5Statemenl when it exists. Misstatements can arise from Iraud or error and are considered material if. indwldually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instance$ of non4ompliance with laws and regulatior. We design procedures in line with our responsibilities. outlined above. lo deleot material misstatements in respect of irregularities, including fraud. The specific procedures for this engagernenl and the extent to which these are capable of deleGting irregularities, including fraud is detailed below.. We obtained an understsnding of the legal and Tegulalory framework applicable to the charity and the sector in which they operate. We detemiined that the following laws and regulations were mst significant.. the Charities Act 2011, United Kingdom Generally Accepted Accounting Practice, the Housing SORP 2018.. Slatement of Recommended Practice for Registered Social Housing Providers and Comply with the Accounting Direction for PrNate Registered Providers of Social Housing 2022. We obtained an und8rstanding of how the charity is complying with those legal and regulatory frameworks by making inquiries to the trustees and by observin9 the oversight of Ifuslees, the cultu of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance. We COTroborated our inquiries through our review of all relevant available audit information. We assessed and understood the SU5¢eptibility of the charity's financial ststemenls to material mi5Stalement, in¢ludlng how fraud might ocour. Based on this understanding we designed our audrt PToGedure$ to identify non-¢omplianc& with such laws and regulations. The audit procedures performed by the engagement team included.. Identifying and assessing the design and effe¢tiveness of controls Irustees have in place to prevent and detect fraud-. understanding of how trustees considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting pro¢ess- challenging assumptions and judgements made by trustees in its significant aoGounling estimates., Performing audit work over the Tisk of management override of controls, including lestr.ng of journal entries and other adjustments for appmpriateness. evaluating the business rationale of significant tr8nsa¢tiOll5 outside the normal Course of business, and reviewing accounting estimates for bia$- and Assessing the extent of compliance with relevant laws and regulalions. Because of the inherent limitations of an audrt, there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removèd from the events and transactions reflected in the financial statements, as we will be less likely to become aware of inslan¢es of nonrycompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission. or misrepresentation.
THE ALM HOUSES OF ANN HOPKI S SMIT REGISTE ED HOUSING A SOCIATI 987 REGISTERED CHARITY NO. 235609 STEES OF THE ALMSHOUSES OF ANN HOPKINS SMITH ONTINUED INDEPENDENT AUDITORS, REPORT OTHET A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.Ilwww.frc.org.uklOur-WorkJAudiVAudit-and-assurancelStandards4nd-guidancelSlandards-and-guidantrfor- auditorslAuditors-responsibilities-for-audlVDescription-of-auditors-r8sponsibililies-for-audit.aspx. This description forms part of our auditor's report. Use of our rnport This report is made solely to the charitsble company's trustees,, as a body. in accordance wlth Part 4 of the Charities IA¢counts and Report51 Regulations 2008. Our audit work has been undertaken so that we might slate to the charities trustees those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other Ihan the charity and the Charities trustees as a body, for our audit work, for this report, or for the opinions we have formed. CLIFFORD ROBERTS Chartered Accountsnts and ststutory Auditor8 Pa¢loli House. 9 Brookfleld, Duncan Close, Moulton Park, Northampton. NN3 6WL Clifford Roberts Ch¥rt8red Accountants is eligible lo a¢t a5 an auditor in tem$ of section 1212 of the Companigs Act 2006
THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARITY NO. 235609 STATEMENT OF FINANCIAL ACTIVITIES: YEAR ENDED 31ST DECEMBER 2023 Replacernent Futuro ¢ycllcal repalrs 4nd valuation malntenan¢• r•8ewvo Totsl Funds 2023 Tgtsl equlpmgnt Extrn- dlnory r•palr fund r•strfcted funds 2022 shlrv• Incoming Msoum$ from oporatlng •¢tMtIo• In fvrtheran¢e of the ch¥bty'S ¢bCts.. - Property revenue East Slieel land Invasttnent In¢omg'. - Interest Dividends receNed TotBI Incom• 53.265 3.000 53,265 3,OC 48.916 3,QOO 3,697 11.851 71.813 3.697 3,250 10.876 66.042 71,813 2 Resources •xpendod on: Charltable expendllure Serylces Ga$, hotwater. cèntral htatkn9 Water rale$ El8dri¢ty Telephong TV Ilcencè Gèoeral expanse 5.118 2,325 5.118 2,325 4,852 1,940 219 4,404 68 461 11.944 3,321 14 461 11,239 3,321 461 11.239 £ Current malnt•nan MainteD9nce 2.279 2,279 £ 6.552 Managemont- Nots 5 Insurance Audlt fee$ MembÈrship faes Meeting expenses Sundry tXP8nses Sub$criptions Professlonal fee$ 2.047 2.047 2.646 271 100 497 891 2,633 355 207 240 232 271 100 497 1.747 1.747 Future cycll¢al Tepalrs & malntenanGe Exterior Painting Replac8m¢nt ofequlpment & fvrnl•ttlng$ R¢plawrnènt of appliaffts 11.584 11,584 26.775 £ 20 828 47.6D1 23.054 Net axpendlttX• Net lrtominglloutgolngl resouTt48 foryear Trnnsfern btrtW88n Tr8n8ferfrc4n investments 24.Z12 42,988 115.1911 10.651 111.5841 5.083 50,987 122,9941 7.260 14,5401 7,260 16,5011 27,993 24,212 42.988 Gains on property revaluation Gain51llosse$l on In¥e$tmen15 NBt movement in funds Funds as at 1$tJanuary, 2Q23 Fund$ •$ al 31$1 Dewnb¥, 2023 All income and expenditure derive from Continuing actlvities. The statement of financial activityès includes all gains and losses re¢ognised during the year. 38,126 23.233 27.993 136,207 2184763 £ 2141,530 18420D 2202.889 £ 21fj4763 14,$401 7,260 150501 16.5011 19.501 13,914 1 849 014 157761 13 ODD 1 862 928 The notes on pages 10 to 20 fom part of these financial statements
THE ALMSHOUSES OF ANN HOPKINS SMITH SING AS OCIATION NO. 2987 GISTERED HO RE ED ARrrY NO. 2 60 2023 2022 Nota Flxed assgts Housing properties al valuation Land al East Street Investments 1,650.000 65,000 379,910 1.650.000 65.000 347 567 10 11 Total flxed assets 2,094,910 2,062,567 Current as89ts Investments Debtors Bank and cash 12 13 40,461 9.318 61,423 111,202 38,039 6.410 60,852 105,301 Credltors: Amounts falling due wlthln one yoar 3.223 3,105 Net current assets 107,979 102,196 Totsl ass&ls1g85 current liabllltles 2,202,889 2,164,763 Creditors: . Amounts falllng duo after more than one year Other creditors Net a¥set$ 20 £ 2,202,889 £ 2,164,763 R•s•rves- per ststement of flnan¢lal actlvities (paga 7) Revaluation reserve Doslgnaled Funds: . Future cyclical repalrs and maintenance Extraordinary repair fund Replacerrent of equipmenl and fumishings Unrestrlcted funds 1,849,014 16 1,862,928 17 18 19 15 13,000 157.761 5.000 164,200 19,501 150,501 9,540 136,207 £ 2.202,889 £ 2,164,763 These accounts approved thg Trust s on 17th Juty, 2024 and signed on th8lr behalf by.. D Chennells, Chaimian H Watknns, Trustee The noles on pages 10 to 20 fomi part of these financial statements
THE ALMSHOV es OF ANN HOPKINS SMITH REGISTERED HO SING ASSOCIATION NO. A2987 RE ISTERED CHARITY NO. 23 R ENDED 31ST DECEMBER 20 609 STATEMENT F CASH FLOWS: YE 2023 2022 Cash Ilow from operating activltios Interest paid 21 6,875 28,748 Net Gash flow from oporating aclivltles 5,875 28,748 Cash flow from inv8sllng actlvitlos Payments to acqui investments Dividendsllnterest received Sale of investment {20.852) 15,548 119,8761 14,126 Net cash flow from Investlng a¢tlvltlos 15,304) {5,750} Ca$h flow from Ilnan¢lng acllvilles Nel cash flow from financlng actlvitlos Net incroase l <d8crease) in cash and cash equlvalents Cash and cash equlvalénts al l•t January Cash and cash Oqulvalants at 31•t Docembor 571 22,998 60,852 37.854 61,423 60,852 Cash and cash 8quivalents conslsts of: Cash at bank and in hand 61,423 60,852 Cash and ¢ash equivalents at 311t De¢•mbor 61,423 60,852 The notes on pages 10 to 20 form part of these financial statements
10. THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARrrY NO. 235609 NOTES TO THE FINANCIAL STATEMENTS: YEAR ENDED 31ST DECEMBER 2023 Summary of signlfirAnt accountlng pollcles lal Gen•ral Informatlon and bas15 of preparation Th8 Almshouses of Ann Hopkins Smith is a charity registered in England on 91h July. 1964, nL¢mber 235609, and is govemed by a trust deed dated 20th December, 1979, as amended by a constitution dated 16th August, 1999, which authorises the trustees to perfom the objects of the Gharity. The address of the registered office is giverb in the Charity information section of these financial slatements. The nature of the charity's operations and principal activities are to provide sheltered housing for local elderty people. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charili8s.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standar applicable in the UK and Republic of Ireland {FRS 1021 issued in October 2019, the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland IFRS 102), the Charities Act 2011 and UK Gènerally Accepled Practice as il applies from 1 January 2015. The financial statements have been prepared to give a 'true and fai¢ view and have departed from the Charities (Accounts and Reports} Regulations 2008 only to the extent required to provide a 'true and fair view.. This departure has involved following the Accounting and Reporting by Charities.. Stalement of Recommended Pfftclice applicable to charities preparing their a¢count5 in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issueé in October 2019 rather than the Accounts'ng and Reporting by Charities.. Statement of Recommended Practs'ce effective from 1 April 2005 which has since been withdrawn. The financial statements have also been prepared with reference to the Housing SORP 2018 Statement of Recommended Practice for social housing provKlers. The financial statements are prepared on a going con¢ern basis under the histortcal cost convention. modified to include certain items at fair value. The Trustees have a asonable expectalion that the charity has adequate resources to continue in operational existen¢e for the foreseeable future, being a period of at least elve months after the date on which the r&port and financial statements are signed. The board have Gonsidered the foreseeable future for their going concern assessment lo cover the period to 31 st July 2025. The flnancial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounllng policiès applied in the preparation of these financial statements are set out below. These policies have been consislenuy applied lo all year5 presented unless otherwise stated. Ibl Funds Unreslricled funds are available for use al the discretion of the trustees in furtherance of the general objectives of the charity and which have nol been designated for other purposes. Designated funds comprise unrestricted funds that have teen sel aside by the Iruslees for particular purposes. The aim and use of each designated fund is set out below.. Future cyGllcal repalrs and malntenancg Accrued ¢ycli¢al maintenancè, being the charity's liabilty lo maintain its propertles in ac¢ordan¢e wilh the planned progfftmme of works, is provided to the extent that it is probable that the fund will be fully utili$ed over the course of the maintenance cycle. The notes on pages 10 to 20 form part of these financial ststsmenls
11. HE ALMSH USES OF ANN HOPKINS MITH GISTERED ou ING ASS CIATION N A2987 EGI TERED CHARITY NO. 235 09 OTES TO THE FINANCIAL S ATEMENT YEAR ENDED 31ST DECEMBER 2023 ONTINUED Major repalrs As the cosl of major repairs to the structure of housing properties and land at East Street will be funded by the charity, an annual reserve is made to the extraordinary repair fund. (c) Incorne re¢ognltlon All incoming resources are included in the Ststemenl of Financial Actwllies (SOFA) when the ¢harfty is legally enttued to the incon* after any perfomance conditions have been met, the amount can be measured reliably, and it 15 probable that the income will be received. For donations to be recognised the chanty will have been notified of the amounts and the selllement date in writing. If there are conditions allached to the donation and this requires a level of perfomance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those condition8 IS within the control of the charity and it is probable that they will be fulfilled. No amount is included in the financial ststements for volunteer time in line with the SORP IFRS 1021. Investment income is eamed through holding assets for inveslmenl purpos8s such as shares and propety. It ncludes dividends, interest, and nt. Where it is not practicablè to identify investment management costs incurred within a scheme with reasonab accuracy the investment income is reported net ol these costs. It is included when the amount can be measured reliably. Inlere5t income is recognised using the effective interest method and dividend and rent income is reGognised a5 Ihe charity's Tight to receive payment is established. (dl Expendlturè recognltlon All expenditure is accounled ft)r on an accruals basis and has been Classified under headings that aggregate all costs related to the category. Expenditure is recognised Whe there is a legal or ¢onstruclive obligation to make payments to third parties, it is probable that the Settlement will be required, and the amount of the obligatson can be measured reliably. It is Gategorised under the following headings.. Expenditure on charitable a¢b'vities includes general Gosts associated with the rental properties exclvding maintenance on them, Maintenance which includes upkeep of the propertie5, and Management expenditure represents those items not falling into Ihe categories above. Irrecoverable VAT 1$ tharged as an expense against thè activity for which expendire arose. le) Support Gosts ollocatlon Support costs are those that assisl Ihe work of the charity but do not direCY represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the ¢hanty. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising fvnds and expenditure on charitsble actNities on a basis consistent with use of the resour¢es. The analysis of these costs is included in nole 4. (D Fixed Assets- Property Properties which are held for the provision of social housing are treated as property, plant and equipment and accounted for in accordan¢e with secliDn 17 of FRS102. The properties were originally re¢ognised at cost less the recognition of the housing association grant, thus that reducing the net investment in housing properties. The notes on pages 10 to 20 fomi part of these financial statements
12. THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARITY NO. 235609 NOTES TO THE FINANCIAL STATEMENTS: YEAR ENDED 31ST DECEMBER 2023 CONTINUED When subsequently aGcounting for the properties. the ¢harity carries the properties at fair value less any subsequent accumulated depreciation and impaimienl losses since the date of the last revaluation. As the Trustees carry out a revaluation at ea¢h balanGe sheet date. albeit the valuation may not have Ghanged significantly, they do not account for depreciation but do recognise in the fair value any impaimient ol the piop8rties. Igl Invostments I Investrn&nt Property Investments are recognised initially at cost which is norn1 the transaction price excluding transaction costs. Subseouently, they are measured at fair valua with Changes recognised in 'net gains I Ilossesl on investmentsllnvestment property, in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably by reference to an active market. Other investments are rneasud al cost less impairment. Current asset investments are short tem highly liquid investments and are held al fair value. (h) Debtors and crodltors reGolvable I payablo wlthln one year Debtors and ¢redltors with no stated interest rale and receivable or payable within one year are recorded al transactson pri¢e. Any losses arising from impairment are recognised in expenditLITe. (i) Impaimient Assets not measured at fair value are reviewed for any indication that th8 asset may be Impaired at each balance sheet date. If such indication exists, the recoverable amount of the a55et, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profrt or loss unless the asset is carned at a revalued amount where the impairment loss is a revaluatson decrease. U) Tax The charity is an exempt charity within the meaning of schedule 3 of the Charits'es Acl 2011 and is Considered to pass the tests set out in Paragraph 1 SGhedvle 6 Finance Act 2010 and Iherefore it meets the definition of a ¢haritsble company for UK corporation tax purposes. {kl Golng concorn The financial statements have been prepared on a going concern basis a$ the trustees believe that na material uncertainties exist. The twstees have consideffd the level of funds held and the expected level of income and expendiluTe for 12 months from authorising these financial slatemenls. The budgeted income and expendllure is sufficient with the level of SelveS for the charity to be able lo continue as a golng concern. (l) Judg•m•nts and kay sources of e¥tlmatlon uncertalnty The charity has dLte regard for key judgements and esb'mation uncerlainty,. however, the trustees do not feel that any judgemenis {apart from those involving estimates} are significanl enough to warrant sepaTate disclosure. The Charty has due regard for key assumptions concerning the future and other key sources of estlmation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the Carrying amounts of assets and liabililies within the next financial year. At the reporting date the trustees do not feel that anything warrants separate disclosure. Thè notes on page5 10 to 20 form part of these financial ststements
13. THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 ISTERED CHARITY NO. 35609 NOTES TO THE FINANCIAL STATEMENTS: YEAR ENDED 31ST DECEMBER 2023 ONTINUED RE INCOME FROM 'TRADING' ACTNITY 2023 2022 Rent receivable Income earned on the rental of Ihe properties was ?11 attributable to unrestTiCted funds. The Rent receivabl8 for the year relat85 to the 12 properties which were ¢Nned by the charity throughout the year. 2023 2022 53.265 48,916 Rent receivable Income earn&J on Land at East Street was all attributable to unreslricted fijnds. INCOME FROM INVESTMENTS 2023 2022 Divldends and interest 15.548 14,126 Income earned on investments was als attfibutable to unrestrlcted fvnd$ Investmenl management costs are neither material nor practical to disclose sepaRtely, therefore incom8 from Inveslments is slated net of investment management costs, ANALYSIS OF EXPENDITURE AND SUPPORT COSTS The charity only undertakes one activity, and so the analysis of charitable expenditure and support costs included on the face of the Statement of Financial Activitie5 is all allocated to the one activity. GOVERNANCE COSTS 2023 2022 Audit fees Insurance Support costs Subscriptions Professional fees 2,646 2,047 868 2,633 891 802 232 4.558 Total The notes on pages 10 to 20 fom part of these financial statements
14. THE AL SHO SESOFA N HOPKINS SMITH EGIS EDH USING AS OCIA NO. A29 ISTERED CHA 560 EMB 23 OTE TO IAL TAT EN DED31S DE ON NU NEf INCOME FOR THE YEAR Net income 15 Stated after chargin(Crediting)'. 2023 2022 Profit on fair value movement of property ProfiUILossl on fair value movement of investments 13,914 (19,7551 AUDoRs REMUNERATION The auditorfs remuneration amounts lo an audit fee of £2,646 (2022 - £2,520). TRUSTEE REMUNERATION No trustee received remuneration during this or the previous ffinan¢ial year. During the year. the truste85 did nol have any expenses reimbursed12022- £Nil). FIXED ASSETS - PROPER 2023 2022 Housing propertles Cost Revaluation at 1311212013 Revaluation at 2110512019 720,000 780,000 150,CQO 720,000 780,000 150,000 ValuatKin * 31sl December, 2023 £ 1650000 £ 1650000 The housing properties were professlonally revalued on 31st May. 2019 by Sbmpsons Eves, Chartered Surveyors. The trustees undertake an annual revaluation of the property to bring it back to market valu8 each year, and so no depffciation is provided in each year, the trustees have assessed that the valuatlon accurate at the reporting date. The notes on pages 10 to 20 fomi part of these financial statements
15. THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 HARITY NO 23 60 RE ISTE ED TS: T DECEM ER 23 TES TH INA TA ME 10. FIXED ASSETS - OTHER 2023 2022 East street land Valuation at 1st January. 2023 Revaluation during the year Valuations at 318t December, 2023 65,000 65,000 £ 65,000 £ 65000 The land is revalued annualty and as such no depreciats.on is provided. The valuation the land is included in the financial slatemenl at is deemed to be market value based on the rental income which has remained unchanged throughouL The rental income is £3,000 per annum under lease agreement until 30th June 2028. FIXED ASSET INVESTMENTS 11. COIF COIF Charity MA •¢cumulatlon In¢orng Jhar•8 atsumulatlon $haro5 Total 2023 Total 2022 Cost or valuatlons At 1st January. 2023 Additions at co81 Disposal at cost Revaluation during Ihg year 56,676 24.142 286,749 19.111 347.567 19,111 348.005 18.137 5.208 2967 5.037 At 3181 DeMber. 2023 61,884 290 897 379.910 347 567 Al of the fixed asset Investments ar8 held in equities. The fair valu8 of listed investments is determined reference to quoted price for Identical assets in an active market al th8 balance sheet date. 12. CURRENT ASSET INVESTMENTS Charlty AIA Income ohore9 Total 2023 Total 2022 Cost orvaluatlo At 1$1 January, 2023 AddlIn51$pOsals al cosl Revalualion during the y8ar 38,039 1,740 682 38,039 1,740 682 37,479 1,740 1,180 At 31$1 Oecember. 2023 40,481 40.461 38.039 All of the current asset inveslmenls are held in equities. The fair valve of listed investments is determined relenCe to quoted PTi¢e for identical assets in an active market al the balance sheet date. The notes on pages 10 to 20 fomi part of these financial statements
16. HE ALMSHOUSES OF ANN HOPKIN REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARITY NO. 235609 R ENDED 31ST DECEMBER 2023 SMITH NOTES TO THE FINAN IAL STATEMENTS: YE CONTINUED 13. DEBTORS 2023 2022 Prepayments Trade debtors Other debtors 1,593 1.273 2,e16 352 14. CREDITORS 2023 2022 Amounts falllng due withln one yoar: other creditors and accwals 3,223 15. ACCUMULATED UNRESTRICTED FUNDS 2023 2022 At 1st January, 2023 Surplus for the year Transfers to designated funds At 31st DeMber, 2023 Unrestricted funds are available for use at the di5Gretion of the Iruslees in furtherance of the general objectives of the charity and which have not been éesignated for other purposes. 136.207 50.987 22,994 £ 164.200 £ 136,207 700,479 42,988 16. REVALUATION RESERVE 2023 2022 Al 1st January, 2023 Movement during the year. Current inve51ment$ Fixed investments Housing properties 1.849.014 1,868,769 682 13,232 (1,1801 {18,575) At 31st Decembor, 2023 The revaluation reserve shows the movement on properties and both fixed 2nd current asset investments. £ 1,862,928 £ 1,849,014 The notes on pages 10 to 20 form part of these financial statements
17. THE ALMSHOUSES OF ANN HOPKINS SMITH OCIATION NO. A2987 REGISTERED HOUSING AS RE ISTERED CHARITY NO. 235609 NOTES TO THE F NANCIAL STATEMENTS: YEAR ENDED 31ST DECEMBER 2023 ONTINUED 17. FUTURE CYCLICAL REPAIRS AND MAINTENANCE 2023 2022 At 1stJanuary, 2023 Expenditure during the year Transfer from nStricted funds At 31st December, 2023 Acerued cycllcal maintenance, being the charity's liability to maintain its properties In accordance with the planned programme of works, is provided to Ihe extent that it is probable that Ihe fvnd will be fvlly uttlised over the course of the mainten8nce cycle. 19,501 111,584) 5.083 19.501 13,000 19,501 18. EXTRAORDINARY REPAIR FUND The provision was increased by £7,260, before extraordinary expenditure. The trustees have delaye(J the proposed alterats'ons to some of the properties due lo total refurbishment of all properties and feel the present level of the fund is sufficient. In accordance with Clause 23 of the charity's constitution a minimum of £540 musl be invested in COIF a¢cumulalion shares and Charity Multi Asset Fund. The cost and valuation of the tsvo funds at the year end were as follows.. Mark8t Value Cost COIF Charity Multi Asset Fund 2,1S5 282413 27.129 290.897 £ 284578 £ 318 026 2023 2022 At 1st January, 2023 From unrestncted funds Expenditure during the year At 31st December. 2023 150,501 7,260 143,241 7,260 £ 157761 £ 150501 The note5 on p8ges 10 to 20 form part of these financial statements
18. THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARrrY N 23 609 IAL STATEMENTS: YEAR ENDED 31ST DECEMBER 202 NOTES TO THE INAN CONTINUED 19. REPLACEMENT OF EQUIPMENT AND FURNISHINGS 2023 2022 At 1stJanuary. 2023 Expenditure during the year From unrestricted funds At 31st December, 2023 Resefves are set aside for the replacement of electrical equlpment, carpets and curtains based on 10¥0 of estimated replacement costs. Reserves ar8 also designated for the replacement of lifeline telephones based on 20% of estimated r8placement GOSI. 9,540 {15.191) 10.651 5.000 9,540 9,540 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balances at 314t December. 2023 are represented by.. - Net Current Long-Term Assets Llabllitles Flxed Assets Fund Balances Inveslm•nts Revaluation reserve 1,715,000 147.928 1,862,928 DesvJnated fvnds 175.761 175,761 Unrestricted funds 107 979 £ 1715000 379 910 107 979 2 202 889 21. RECONCILIATION OF NET INCOME I (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net incom8llexpenditure} for year Dividendsllnteresi receivabl8 IGains}ILoss on investments IG8ins) on Revaluation of Property (Increasevdecrease in debtors Increasel{Decrease) in cditOr 38,126 23,233 {15.5481 113,914) 114,1261 19,755 (2,907) 118 (8841 700 Net cash flow from operatlng activities 28,748 The notes on pages 10 to 20 fomi part of these financial statements
19. THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARITY NO. 235609 NOTES TO THE FINANCIAL STATEMENTS: YEAR ENDED 31ST DECEMBER 2023 NTINUED 22. RELATED PARTY TRANSACTIONS There are no related paty transactnS during the period12022 - £nil). 23. FINANCIAL INSTRUMENTS The carrying amounts of the charity's financial instruments are as follows: 2023 2022 Financlal assots Measured at fair value through net income- FXed asset listed inveslmenls (note 11) - Current asset listed investments Inole 12} 379,910 40,461 420 371 £ 347,567 38,039 388 606 FlnanGial Ilabillti Measured at amortised cost - Trade creditors Inole 141 3,223 3,105 The income. expenses, net gains, and net losses attributable the charity's financial instruments are summarised as follows.. 2023 2022 InGome and expenso Financlal assets measured at fair value through net income Financial liabilities measured at fair value through nat in¢ome Net galns and losses (Includlng Ghang?$ In falr valuo) Financial assets measured at fair valua through net income Financral liabilities measured at fair value through n8t income 13,914 {19,755) The notes on pages 10 10 20 form part of these financial statements
20. THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARITY NO. 235609 NOTES TO THE FINANCIAL STATEMENTS: YEAR ENDED 31ST DECEMBER 2023 CONTINUED Finantlal Instrumènts Risk The Charity does not have exposure to foreign or significant exposure lo cash fiow and interest rate risk. Exposure to credit, market and liquidity arise in the nomTrl course of the Charity's business. These risks ar8 Ilmited by the Charity's financial management policies and wactices described below. Credit rlsk The Charity has exposure to Credit risk predominantly emanating from its tenants. The Charity's exposures and ils tenants credil worthiness is monitored so that any Fotential problems are detected at an early stage. Market rlsk There is a risk asKKialed with105s of receipts of rental income most of thls is miligaled due to the high demand for sheltered houses for elderly widows and spinsters to mitigate exposure to market risk. Liquidity rlsk The Trustees have ultimate responsibilty for liquid risk management in maintaining adequate SeNeS and banking fa¢ilits'es. The trustees consider that Collective managed fund5 such as the Charity Multi Asset Fund managed by M&G are a satssfactory way of investing their portfolio and to mitigate the exposure to liquidity risk. The notes on pages 10 to 20 fom part of thes& financial ststements