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 I￿land (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 ProV￿erS 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 otherW￿e 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$ponsiblllti0s of trustee8 As explained ffore fijlly in the trustees, responsibilities statement sel out on pages 1 and 2, the trustees (who are also the directors of the charitable company for Ihe purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary to enable the preparation of financial statements that are free frorn material misstatement, whether due to fraud or error. In preparing the financial Statements, the trustees are responsible for assessing the charity's ability lo continue as a going concem disclosing. as applicable. matters related to going concem and using the going concem basis of accounting unless the trustees either intend lo liquidate the charity or to c￿e operations, or have no real￿tiC altemative but to do so. THE ALMSHOUSES OF ANN HOPKINS SMrrH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARTfY NO. 235609 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ALMSHOUSES OF ANN HOPKINS SMITH CONTINUED Auditotr$ 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 ¢b￿Cts.. - 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