THE ALMSHOUSES F ANN HOPKINS SMITH RE TER us NG ASSOCIATION N A2987 RE ARiff NO 236609 FINAN AL STATEMENTS FOR THE YEAR DED 20
THE ALMSHOUSES OF ANN HOPKINS SMITH TRUSTEES: J. Rawlings A. W. Evans J. Roberts H. Watkin8 M. Keen D. Chennells R. Lav81 B. WlSiams S. Watson CHAIRMAN: D. Chennells SECRETARY". J. Robert8 TREASURER: J. Rawlings ADMINISTRATION OFFICE J. Rawlings PRINCIPAL OFFICE: Almshouses Nos. 39to61, Weston Road, Olney, Buckinghamshire. MK46 6BE BANKERS: Bardays 8ank Plc., Leicester LE87 2BB The Charits'es Official Investmeni Fund. Sl. Alphage HoLtse, 2 Fore Street, London. EC2Y 5Aa AUDITORS: CILfford Roberts, Chartered Accounlants, & Statutory Auditors, Pacioli House. g Brookfield, Duncan Close. Mr#Jlton Park, Northampton. NN36
INVESTMENT MANAGERS: CCLA Investment Management LinNted. Senator House, 85 Queen Victorya Street London. EC4V 4ET M&G Investmen16 Charity Department PO Box 38 Chelmsford CM99 2XF
THE ALMSHOUSES OF ANN HOPKINS SMITH 298 FINANCIAL STATEMENT R THE YEAR ENDED 31 T DECEMBER 2024 CONTENTS 1- 2. Report ofthe trustees 3- 6. Report ofthe auditors Statement of finanrAal activities Balance sheet Ststement of cash Ilows 10- 20. Notes lo the financi statements
HE ALMSHOU OFANNH PKINS SMITH RE TERED HOUSING ASS CIATI O. A2987 REGI TERED CHARITY NO. 235609 REPORT OF THE TRUSTEE The Trustees present Iheir report and the audited financial ststemenls of the charity for the year ended 3111 Decembw, 2024. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI 'Aecounling and Reporting by Charities. IFRS 1021 in preparing the arnual report and financial statements of th2 charity. The finaneial slalements have been prepared in accordance with the accounting policies sel out in notes lo the accounts and comply with the charity's goveming document. the Charitie5 Act 2011 and Accounting and Repc*ting by Charitie5'. Statement of Recommended Practice applicable to Charitie5 preparing their accounts in accordance with the Fin8nci81 Reporting Standard arplicable the UK and Republic 01 Ireland pubbshed in October 2019. cture Govemance and Mana ement The charity was registered on 9th July 1964 and is governed by a tfust deed dated 201h December, 1979 (as amended by stheme dated 16th August 19991 which auih0ri5es the trustees lo perfomi the 04.acts of the charity. The recTUitmenl, appointment and Ir#ining of new trustees are eonducted by existrng trustees. Ob ctlves ol the charft The charity's prInPaI objective is the provision of an Ajmshouses for poor aged widows ar spinsters, with preyerence being given to the inhabilanls of the parish of Olney. Publlc Benefft All of the Charity's ath'vilies ere undertaken to futher our eh¥iiable purpose for the benefit of the public. The ITUStees have had regard to the Charity Commissii)n guidance on public b8n8fit in section four of tre Charities Act 2011. The main benefits wtruch have arisen during the year from the ganIsatIonS aims and actiwli8S are detsiled in the following sections and in the financial review. Trustees The trustees who have served during the year are as foll(ws-. - Served throu houE 2024 A. W. Evans H. Watkins M. Keen J. Rawlings J. Roberts B.Wlliams Ll. Chennells S.Walson R. Laval Revlew of the aes actlvltles The g6naral balanca b&&n incomo, exponditura and re6&e$ has rlaIned satislactory throughout th6 year. The ovefftll nel asset position of the charity remains v8ry healthy. The ehanty continues lo make provision wllhln Its extra- ¢)rdinary repair fund should any significant repairs be rewired to th8 Almshouses. Poll¢ on Reserves The tfuslees consider that the unrestricted reseNes, al 31st December 2024 are SLrfficient to sustain ils operations shId incomeneratIng activities be curtailed unexpectedly over the forthcoming year. The other reserves maintained are in accordance with Ihe gov8rning documents of the trust lo ensure the continued financ4al health of the charity- The trustees have assessed the major risks lo which the chanty is exposed, in part'cular those relating to the Op8ratn5 and finances of the charity and are satisfied that systems are in place to mitigate our exposwe lo the major riskg.
THE ALMSHOUSES F ANN HOPKINS SMITH TERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARITY NO. 235609 REPORT OF THE TRUSTEES CONTINUED Plans for FUre erlod6 The Charity's fijture F4ans include the cefitinued provision of sheltered housing for local eldedy and single pectye. There are no plans for either grovrth or 5caing back of operations, and the current level of reserves Within the charity wll allow for this continued provision. Statement of trustees, res onslbnftles The trustees are responsible foT preparing the Tru5tees' Annual Report and Ihe flnanctal statements in acccfdance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicabl8 to charities in England and Registered Social Housing Legislation require requires the trustees to prepare financial statements for each fin3nciai year which give a ttue and fair view of the state OY affairs of the ehanty and of the incoming resources and application of resourc88 of the charity for that period. In preparing these financial slatemenls, the Irust8es are required lo.. select suitable acc4Junting policies and then apply them wtsistently.. observe the methods and principles in tho Charities SORP 2019 IFRS 102}', makejudgemenls and estsmates that are reasonablo and prud8nl', state whether applicable accounting standards have been followed, subject to any maierlal departures disd05ed and 8xplain8d in tha financial statèmènts., prepare the financial statements on the going Goncem basis unless il is inappropriate to preSe that Ihe chwity will continue in operation. The tnjstees a responsible for keeping proper accounting rerdS that disdose with roasonable accuracy at any time the financial position of the charity and en8e them lo ensure that the financial statements comply with the Charities Act 2011 and the provisions ef the trust deed dated 2¢)ih December 1979, tho Housing SORP 2018.. Statement of Recommended Praclice for Registered Social Housing Promders and comply with the Accounting Direction for Pn"v8te Registered Provider5 01 Social Housing 2022. They are also responsible for safeguarding the assets of the charity and herKe for taking reasonabl8 St8ps for the prevention and detection of fraud and other irregu18rrties Tlus report was approved by the committ88 of trusta8s on 211t May 2025 and sign•d on rts half by". J. Roberts Secretary
THE ALMSHO SES OF ANN HOPKINS SMITH ISTERED HOUSING A ci NO. A2987 REGISTERED CHARITY NO. 235609 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE ALMSHOUSES F ANN HOPKINS SMITH We have audited the financial statemer¢ts of The Almshouses of Ann Hopkins Smith (the '¢harity') for the year endeé 31st December. 2024 which comprise Slalemenl of Financial Acb"vity, Balance Sheet. Slalement of Cash flows and notes lo the financial statements, induding 8 summary of signfficant accounting polic&es. Th8 financial reporting framewark lh has been apFlied in their preparatson is applicats law and United Kingdom Accounts"ng Standards, including Financial Reporti'ng Standard 102 The FinanGial R8POrting Standard applicable in the UK and R8publiG of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the finanal statements-. give a true and fair view of the stale of the chaity's affairs as at 31st December. 2024. and of Its incoming resree5 and 8pplication of r8sources, for the year then ended-, have b&n property prepared in accordance wlth United Kin9dom Generally Aecepted Accounting PractSW and have been prepared in acc(ffdance with the Housing SORP 2018.. Stslement of Recommended Practice for Regisiered Social Housing Providers and comply wiéh the Accwnling Direction lor Private Registered Providers of Social Housing 2022. Bag1• for opiTrion We eonducted our oudil in acwdanee with Intemational Standarés on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs respc)nsibilth"es for the audit of the linancial statements secb.on of our report. We are indepen(lent of the charity in aceordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical SlanJard, 8nd we have fulfilled our other ethical responsibilities in accordance with these requirernenls. We believe that the audit evidènce we have obtained is suffiaent and appropriate to provlde a ba$is for our opmnion. Concluslons relallng to golng concern In auditing the financial statements, we have concluded that lh8 trustees. use of the giyng concern basis of accoLtntfing in the prèparation of the )Inanaal statements is appropriatg. B8sed on the WQTk we have performed. we have not identified any material uncertainties relatsng to events or conditions that, individualty or eollectively, may cast signfficant doubt on the charitable company's ability lo conts'nue as a going concem for a period of at l&asl tsvelve months from when the finanaal statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with re$p6ct lo gng concwn are described in the re18vant sects'ons of this reporL Other Infomiatlon The other infDmalion Gornprisgs the inforniat0n included in the report of the trustees, other than the finanryal statements and our audilor's report thereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not rnver the other informakn'on and. except lo the e)rtent otherwise eXplicY statèd in our report, we do not express any fomi of assufan¢e condusion thereon. Our responsibility is to read thè other infomiation and. in doing so, ¢onsid8r whether th& othar trnlomiation is materially inconsistènt with thg financAal ststemenls c* our knowledge obtained in the course of tre audit or othernwse appears to be materially misstated. If we idenlrfy suth material inconsistendes or apparent materi81 misst8lefflents, we are required to detErmine whether this gives ris8 to a material misstslemenl in the financi81 statements themselves. If, based on the work we have performed, we condude that ther8 is a material misslalement of this other 1nfwnat1c. we are required lo report that fact. We have nothing to POrt in this reg¥d.
THE ALMSH SES F ANN HOPKIN RE TER AS oc AT DENT A RTT THE TR TE THE CONTINUED Matteys on which we are requlred to report by exception In the light of the knowtedge and und@rslanding of the charity and its environment obtained in the course of the audil we have not idBntsfied material misstatements in the trustee. report. We have nothing to report in respect of the following matters in relation lo whlch the CharlUes (Accounts and Repcitsl Regulations 2008 requires us Its report to you if. in our ownion.. adequate accounting reccfds have not been kept, or retums adequate fcf our audrt have not been received from branchès not visited by us.. or the finanaal statements are not in agreement with the accounting records and retums., or certain disclosures of directors, remuneration specified by law are not made., e¢ we have not recVed all the information 8nd explanaticrs we require for our audr(. Responslbmttles of tN8teeg As gxplained more fully in the tnjstees, responsibilities slalemem sel out on pages l and 2, the tnjstees {who are also the dir8Ctors of the charilable company for the purposes of company lawl are responSie for the weparalion of the fin¢181 slalements and for bèing s¢ti$fied that th8y give a truè and fair Mew, arid for such intarnal controi as thè trusta&6 determine is necessary to enable the preparation of financial statements that are free from material misststemant. wh@Ih8r e to fraud or error. In preparing the financial 5tatement8, the trustees are responsible for assessing the chgrty's ability lo continue as a going concern, disclosing, as applicable. matters rd81ed to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or lo cease oper8tions, or have no realistic altemalive but to do so.
THE ALM SES OF ANN HOPKIN MITH REGISTERED H SING ASSOCIATION N A2987 REGISTERED CHARITY NO. 23S609 INDEPENDENT A DITORS. REPORTTO THE TRUSTEES OF THE ALMSHOUSES OF ANN HOPKINS SMITH CONTINUED Audltovs responslbllities forthe audlt of the flnanclal Jtatements We have bean appointed a5 auditor under section 145 of the Charities Act 2011 and report in accord8n¢e with regulatn5 rna(Je under section 154 of that Act. Our objectives are to obtain reasonable assurance aboLrt whether the financial statements as a whole are free from material misstatement, whether due to fraud or e. and to issue an auditor's report that incILdeS our opinion. Reasonable assurance 15 a high level of assurance. but Is not a gtsarantee that an audit conducted in accrKdance with ISAS IUKI will always detect 8 material misstatement when it exists. Misstatements can aris8 fmm Iraud or error and are cls1dered material if. indiwdually or in the aggregate, they could reasonably be expected to inffluence the economic decisions of useTS tsken on the basis of Ihese financial slalements. IrgUlarIties, including fraud, a instances of nonwcompliance with laws and regulations. We design procedures in line with wr responsibilities. outlined above, to delect material misstatements in respect of irregularities. including fraud. The specific procedures for this engagement and the extent to which thesè are capabio of detecting irregulanb"es, Including fraud is d$lailed below.. We obtained an understanding of the legal and regulatory framework applicable lo the charty and the sector in which they operate. We determined that the following laws and regulations were most significant. the Charities Act 2011. United >Qngdom Generally Accepted Accounting Practice, the Housing SORP 2018.. Statement of Recommended Practice for Registered Soual Housing Providers and comply with the Accounting Direction for Private Regist8red Providers of Social Housing 2022. We obtained an understanding of how the charity is complying with those legal and regu1810ry fr8mework5 by maknng inquiries lo the trustees and by obserwng the oversight of Iruslees, the culture of honesty ant1 ethical beh8viour and whether strong emphasis is placed on fraLKI prevention, which may reduce the opportunitses forfraud to take p18ce, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance. We corroborated our inquiries through our review ol all relevant available auclit information. Wa assèssad UndtOOd Ehg suscaptibility of the charrty's financial statamwts to material misstatement, including how fraud might occur. Based on this understanding we designed our audli procedures to identrfy norr-compliance with such laws and regulations. The audit wc¢edure5 perfonned by the engagement team induded.. Idenlitying anrl assessing the design and effectNeness of controls trustees have in place to prevent and datect fraud-. understanding of how trustees considered and addressed the potential lor override of controls or other inappropriate infiuence over the financial reporting process.. ChallgIng assumptions and judgements made by trustees in ils signrficanl accounts.ng estimates", Performing audit work over the risk of management overTide of controls, incding testing of joumal entries and other adjustments for appropriateness, evaluating the business rationale slgn1ficanl transactions outside the nom181 course of business, and reviewtng accounting eslimales for bi8$', enrj, Assessing the extent of comrA1an with relevant laws and regul8tion$. Because af the inherent limitations of an audit, there is a risk that we will not detect all iThegularities, including those leading to 8 material misstatement in the financial slalements or non-rompliance with regulati(. This risk inueases the more that compliance with a law or regulabon is rernoved from the events and transactions rellected In the finanrAal statemenls, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regwdng irregulari(ies occurring due to fraud rather than erfOT, as fraud involves intentional concealment. forgery, cdlusion. omission, cr misrepresentation.
THE ALMSHOUSES OF ANN H piaN MITH REGISTERED HOUSING ASSOCIA TION NO. A2987 REGISTERED CHARITY NO. 235609 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE ALMSHOUSES OF ANN HOPKINS ShllTH CONTINUED A further descriptian of our responsibilities is available the Fin8nci81 Reporting Counol's web51te at.. htps..lth.trC.Org.uk1our-w0IAud1uAud1t-anI$Surance1stanards-and-gUIdanQelSlandardS4n(l-gUIdan¢&f0r- auditorslAuditor5-re5ponsibilities-for-audillDescription-of-auditors-responsibilite>lor-audit.aspx. This descripts.on f¢)mis part of our auditols reporL Us• of our report This report Is made solely lo the charitable company's Irustees., as 8 body, In accordance wlth Part 4 01 the Chphles {Accounis and Reports) Regulations 2008. Our audit work has been undertaken so that we migm stale to the charities ITUSt8es those matters we a required lo state lo them in an auditor's report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility lo anyone other than the charity and Ihe tharilies trustees as o body. for our audit wc*k, for this report, or for the opinion5 we have lormed. CLIFFORD ROBERTS Chartered Accountants and StatOry Audltors Pacloll House, 9 Broolrfleld, Duncan Close, Moulton Park. Northampton. NN3 6WL Clifford Robert5 Chartered Accountants is eligi• lo act as an 8uthor in tern ofsection 1212 ofthe Companies Ad 2006
THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARITY NO. 236609 STATEPIENT OF FINANCIAL ACTIVITIES: YEAR ENDED 31ST DECEMBER 2024 Replallent of EqulpmeTrt and Future cycllral repwrg and maintenance ExtFa- Un- Valua0 restrrctad lund8 Funds funds 2023 repalr 2024 Inecnlh4 esources from actlv4tit in fvrtheronce ofthe thlty'¥ objects:. PrortY revenue Eatst Street la Investment Inc<thw.- InteTest ONidends rece•ied Total 53.6Q9 3,ClJO 53,609 io(yJ 53.265 436 14.277 71.322 436 14,277 71322 £ 317 15.231 71.B13 Reswvces expended on.. Chaillabte expendituro Gas, dea, hotM4ter. and cenirnl he#tino Water Nes Telephone Tvlicence Gener expe 9,584 2,271 5,486 5,118 2.325 3,321 14 461 11.219 2.277 6,486 461 18.802 £ Current Mahten3nce 9.184 £ Alan&Jwnwt- Note 5 IrsuranGe Audf(fee$ Memtershp fée Meetir¥J èxp8n8es Sundry e¥penBe6 sUGrplicffjs Profrssional fees 2,160 2.754 554 40 810 407 2.160 2,754 554 40 81Q 407 2.047 3846 277 497 1.747 6.725 £ Fyiuie ¢ycllcal iepalr8 & mdntenthce Redecorationlr2luthshmerrt Replacemertth equlpnent &furni•hing• ReFdaGement of ap18¢5 3,196 3.1 11, 1.404 1,404 4.fjw £ 15 191 Not•xpendlture 3196 34.711 Net Incominl0oing) r8&LwrcES fvi year Tmsltrts befvEeD fuT¥Js TTwslprfrom knvnents 11,4041 6,404 13,19SI 5.196 36,611 118.8601 32,011 24,212 7.260 5.0 7.260 2.000 17,751 Xl.011 G&t)s on yaperty revaluati G¥nslll(Bse81 on IrNeslments Net movernent in fuThJs Fund& a& * 1st January. 2024 24,212 13914 38.126 164 763 5,000 5.000 7.280 157 761 2.fA)O 17,048 13 rijo I W 928 17,751 49.059 164 200 2 202 889 £ Fund8 as 8131$t DecEmtr, 2024 165 021 15 000 1 879 976 181.951 All income and expenditure derive frorn continuing activtiies. The statement of financial actiwties includes all gains and losses reeognised during the year. The notes cn pages 1010 20 form part of these financial ststements
THE ALMSHOUSES OF ANN HOPKINS SMITH REGISTEREO HOUSING ASSOCIATI . A2987 ISTERED AR 2024 2023 Note Flxed assets Housing prop8rbes at valualir Land al East Street Investments 1,650,000 65,000 413,524 1.650,000 65.000 379,910 10 Total flxed a3¥ets 2,128,524 2,094.910 Current assets Investments Debtors 8ank and cash 12 13 43,570 6,938 78,514 129,022 40.461 9,318 61,423 111,202 Credltor8: . Amountsfalllng due thIn ODe year 5.598 3,223 Net current assets 123.424 107,979 Total •s8ets less Cuent Ilabllliles 2,251,948 2.202.889 Credltoys: . Amountsfalling due aftermore than one year other etsditors Net •ssets 20 £ 2,251,948 £ 2,202.889 Re8eThe per statement of financial llctlvllles {page 7) Revaluation reserve Deslgnated Fund¥:. Future cydical repairs and m8intenance Extraordinary repair fund ReplacerneTrt of equipment and fumishing5 Unrestrlcled funds 16 1.879,976 1.862.928 17 18 19 15 15,000 165,021 10.000 181,951 13.000 157,761 5,000 164,200 £ 2.251,948 £ 2,202,889 These accou approved b i TTUStees on 21rt May. 2025 and signed on th6ir behaw by". D chne118. Chairn8n J Rawlings, Trustee The notes on pages 10 to 20 form part of these financial statements
THE ALMSHOUSES F ANN HOPKINS SMITH REGISTERED H USING A OCIATION NO. A2987 REGISTERED CHARITY NO. 235609 STATEMENT FCA LOWS: YEAR ENDED 31 T DECEMBER 2024 2024 2023 Note Cash flow from operatlng activlties Interest paid 21 5,875 Net cash flowfrom operating actlvltles ,053 5,875 Cash flowfrom Investing actlvltles Payments to acquire investments DiMdendsAnterest received Sale of investment (19,6751 14.713 120,8521 16,548 Net cash flowfrom investing actlvltles 14,9621 15,304) C•sh flow from Ilnancing actlvltles Net ¢h flowfrom flnanclng activities Net Increase l {decreasel In cash and cash gqulvalents 17,091 571 Cash and cash equlvalents al 14t January 61,423 60,852 Cll3h and cash equlvalents at 31•t December 78,514 61,423 Cash ahd cash equivalenls Consists of: Cash at bk and in hand 78,514 61,423 Cash and cash equlvalents at 31Jt December 78,514 61.423 The notes cn page5 10 to 20 fom part of thes8 financial statements
THE ALPASHOUSES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGI TERED CHARITY NO. 235609 NOTES TO THE FINANCIAL STATEMENTS: YEAR ENDED 31ST DECEMBER 2024 Summary of slgnmcant accounting policles (a) General infotIOn and basSs of preparatlon The Almshouses of Ann Hopkins Smitt) is a charity registered in England on W July, 1964, number 235609. and is govemed by a trust deed dated 2 D8cembèr. 1979, as amended by a constitution dated 16th August. 1999, which aulhorises Ihe trustees to pertorm the Objects of the charity. The address ol the registered office is given in the charity Information section of Ihes? financial slatemenls. The natur8 of the chan"ty's cperation8 and principal a4vIlIeS are to provide sheltered hoLt8ing for local elderly people. The charity constitutes a public benèfit entrty as defi'ned by FRS 102. The final statements have been prepared in accordance wlth Accounting and Reporting by Charities." Statement ol Recommended Practtce applicable to charities prepanng their arLounis In accordance with the Finanryal Reporting Stsndard app1tble in the UK and ReputlC of Ireland IFRS 1021 issuad in Octobér 2019, tha Finaneial Réporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102), the Chafilies Acl 2011 and UK Generally Accepted Practsce a5 it applies from 1 January 2015. The financ181 statements have bèen ppad to give 8 and fairf view and have departed from the Chanties IA¢counls and Reports) Regulations 2008 only to the 8Xtent required lo provide a 'true aNd fair vievl. This d8parture has involved following the Accounting and Repo"ng by Charits"es: Statement of Recommended Practice applicable to ¢harities preparing their accounts in accordance with the Financi81 Repo"n9 Stsndard applicable in the UK and Republic of Ireland (FRS 1021 issued In October 2019 rather than the Accounting and Repi)rting by Charities." Statement of Recommended Pracbce effoctNe from 1 April 2005 which has since be withdrawn. The financial slalements have also been prepared wilh reference to the Housing SORP 2018 Statement of RecJ)mmended Practice for Goctal hwsing providors. The financial statements are prepared on a going concem basis under th& histOriC81 cost conventic, modffied to include certaln items at fair value. The Trustees have a reascfflable expectation that the charity has adequate resources to contsnue in ottrational existence for the foreseeable fLrture, being a period of at least twelve months after the dale on which Èhe report and financial stslemenls are signed. The board have considered the foreseeake future for thar going concem assessment 10 cover Ihe Pei)d to 31st July 2026. The financial ststements are prepared in sterting which is the function81 currency of the charity and rounded to Ihe nearest £. The significant accounting poli¢iès applied in the preparation of these financial statements are set below. These policies have been consislenlly applied to all years presented unless othetwise staled. Ib) Funds Unre5tricled funds are available for use at the discretton of the trustees in futheranc8 of the general objectives ol the chanty and which have not been designated for other purposes. Designated funds compris8 unrestricted funds that have been set aside by the trustees for particular mose& The aim and use of each designated fund is set out bel(w'. Future cycllcal repalrs and maintenancè Accrued cydical maintenance, being the charity's liability to maintain its properties in accordance with the planned prograrnme of works, is provided to the extent that it is probable that the fund will be fully utilised over tho course of the maintenance cycle. The llDles on pages 10 to 20 fc¢m part of these finanu81 slalements
11. THE ALMSHOUSE FAN HOPKINS SMITH REGISTERED H ING ASSOCIATI N NO. A2987 REGISTERED CHARITY NO. 235609 NOTES TO THE HNANCIAL TATEMENTS: YEAR ENDED 31 T DECEMBER 2024 CONTIN ED Major repairn As the cost of major repairs to the slruclure of housing properties and 18nd at East Street will be funded by the charity, an annual reserve is made to the extradinAry repdr fund. Ic) Incom• recognltlon AJI incomir4J resources are induded in the Stat8ment of Financial Actiits'es {SoFAI when tha charity 1$ legal entiued to the income after any performance conditions have been met, the amount Can be measured reliably, and it is probable (hat the income will be received. For donati¢)ns to bg recognised the charity will hove b•on notified of the amounts and the setllement date in writing. If there are condili¢)ns attached to the donation and this requires a level of perforillan before entrdement can be obtained, then income is deferred until those conditions are fully met or the ftjlfilment of those conditions is within the control ol the charity and it is probaNe that they will be fuilled. No 8mount is included in the financial statements for volunteer time in line wlth the SORP IFRS 1(Y21. Inveslmenl income is eamod through holding asset5 for inveslmenl purposes such as shares and property. 11 indudes dividends, inleresl, and rent. Where it is not practicable to idenlfy investment management costs inCued within a scheme with reasonable accuracy the investment income is Teported nel of these costs. It is induded when the amount can be measured reliably. Interest income is reeognised using the effective interest method and dividend and rent income is recognised as the charrty's right to receive payment is estlished. Iqll Expendlture recognltlon All expendrture is accounted for on an accruals basis and has beers classified under headings that aggregate ai costs relatod to the category. Expenditure is recognised where there is a legal or construdNe obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the 0Iga.0n can be measured reliably. It is categorised under the following headings". Expenditure on charitable activities indudes gen8ral costs associated with the rental properti8s exdudlng maintenance C them. Maintenance whith includes upkeep of the properties, and Management expen¢Jiture represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against thè activity for which expenditure aro$ (e) Support costs allocatlon Suppcjrt costs are those that assist the w(k cf the charity bul do not direclly represent charitable activllies and Indude office costs and govemance costs. They are Incwred directly in support of expenditure on the objects of the charity. ere support costs cannot be directly attributed lo particular headings, they have been allocated to cost of raislng funds and expenditure on charitsble acts.v'eS on a basis consistent wth use of the Fosourcos. The analysis of these cost5 is included in not8 4. (fj Fixed A55ets- Property Properties which are held for the provision of sou81 housing are treated as property, F4ant and eqLllpment and ac¢ounted for in accordance with section 17 of FRS102. The properties were originally recognised at cost less the recognition of the housing association grant. thus that reducing the net investment in housing properbes. The notes on pages 10 10 20 form part of these financial statttnents
12. THE ALMSH U ES OF ANN HOPKINS SMITH REGISTERED HOUSING ASSOCIATION NO. A2987 REGISTERED CHARITY NO. 23S609 NOTES TO THE FINANCIAL STATEMENTS: YEAR ENDED 31ST DECEMBER 2024 CONTINUED )en subsequ&ndy accountlng for the properties, the charity carries the propertleg at fair value less any subsequenl accumulated depreciation and impairment losses since the dale ol the last revaluats"on. A5 the Trustees carry out a revaluation at each balance sheet dale. albgil the valuation may not have changed significanlly, they do not account for depreualion but do r8cognise in the fair value any impaient of the properties. {g) Investments I Invebtm8llt Property Investments are rocogr¢ised initially at eList which is normally the transaction price exdLKllng transaction costs. Subsequentty, they are measured at fair value with changes recognised in 'nel gains I Ilossesl on investmentsllnvestment property, in the SOFA if the shares are publicty traded or their fair value can othe1$6 be measured reliably by relence to an active market Other investments are measured at cost less impaiThnent. Currenl asset investrnents arg short lemi highly liquid investrnents and are held at fair value. Ihl Debtors and credltors recelvable I payable MTrthin one year Debtors and ¢reditor5 With no slated interest rate and receivable or payable within one year are recordee at transaction wice. Any losses arising from impairment are recognised in expenditure. li) Impairnient Assets not measured al fair v81ue are rewewed for Èny indirAtion thal Il* asset may be impalred at eath balance sheet date. If such indication exists, the r8coverable amount of the asset. or the asset'5 cash generatsn9 Unit. is estimated and compared to the carrying amoLtnt. ere the carying amount exceeds ils recoverat4e amoLnt, an impainnent loss is recognised in profil or loss unless the asset is carried at a valued amount where the impairment loss is a revaluation decrease. ti) Tax The charity is an exempt charity wrfhin the meaning of schedule 3 of the Charits'es Acl 2011 and is sIdered to pass the tests set out in Paragraph 1 Sch&dule 6 Finance Act 2010 and there1e it meets the dertIon of charitable company for UK corporation tax purposes. (k) Golng concern The financial stslemenls have been prepared on a going concern basis as the trustees believe that no material UnrtaIntIeS exist. The Iruslees have considered the level of funds held and the expected level of income and expendiluro for 12 months from 8Uthorising these financial statements. The budgeted inCce and expenditure 1$ Sufficient with the level of reserves for the tharity to be able lo continue a$ a going coneem. 111 Judgements and key sources of e5tlmatlon uncertainty The charity has dL¢e regard for key iudgemenls and estimation uncertainty.. however, the trustees do not feel that any judgements (apart from those involving eslimatesl are signrfic8llt enough lo wwrant separate disdosure. The charity has due regard for key assumptions conceming the future and other key sources of estimation uncertaiw at the reporting date that have a significant risk of causing 8 material aoluslmenl to the carryiro 8mounts of assets and liabilities within the next finanaal year. At the reporting date the trustees do not feel that anything warTants separate disclosure. The noles on pages 10 to 20 form part of these finanaal statements
13. THE ALMSHDUSES OF ANN HOPKINS SMITH ISTERED H SIN A2 THE FINANCIAL TATEMEN YEA ED 31ST DECEMBER 2024 CONTINUED INCOME FROM 'TRADING' ACTIVITY 2024 2023 Rent reVable 53,609 53,265 Incorne ?amed on the rental of the propetty'es was all attributable lo unrestricted funds. The receivable for the year relates to the 12 properties which wer8 owned by the charity throughout the year. 2024 2023 Rt recvable 3.000 3.000 Income eamed on Land at Easi Street was al attributable to unrestricted funds. INCOME FROM INVESTMENTS 2024 2023 Diwdends and interest 14,713 15.548 Incorne eamed on investments was all attTibulable to unrestrict8d funds Investment management costs are neither material nor praetlcal tD disclose separately, therefore incorne Inxn inve$trnontS 15 slated net of investment Fnanagemenl costs, ANALYSIS OF EXPENDITURE AND SUPPORT COSTS The charity only un(Jertake$ one aclivity, and so the analysis of Chilable expendit8 and supp)rt costs induded on the face of the Statement ol Finanaal Activities is a118llocated to the one activity. GOVERNANCE COSTS 2024 2023 Audit fees Insurance Support costs Subs1p110s Professional fees 2,754 2,160 1,404 407 2,646 2,047 1,747 Totsl 7,308 The notes on pages 10 to 20 forn part of these finanaal statements
THE ALMSHOUSES OF ANN HOPKINS SMITN RE 98 ENT 024 CONTINUED NET INCOME FOR THE YEAR Net income is staled after chargingl{creditingl= 2024 2023 Profit on fair value movement of property ProfiUILossl on fair vslue movement of inv8slm8nts 17.048 13,914 AUDITORS REMUNERATION Th@ auditots remuneration amounts to an auditfee of £2.754 (2023- £2.6461. TRUSTEE REMUNEPATION No trustee re¢Ved remleratIon during this or the prewou5 finanual year. During the year, the trustees did not have any expenses reimbursed12023- £Nill. FIXED ASSETS. PROPERTY 2024 2023 Houslng properties Cost Revaluatson at 1311212013 R8valuation at 2110512019 720,000 780,000 150,000 720,000 780,000 150,000 valUatic al 3151 December. 2(Y24 £ 1,650,000 £ 1,650.000 The housing Properties were professionally revalued on 31Gt May, 2019 by Slimpsong Eves, Chartered Surveyors. The trustees undertake an annual revaluation of the property lo bring it back to market value each year, and so no depreuatscn 1$ provided in oach year, the trustees have assessed that the valualion accurate At the reporting dale. The notes on pages 10 to 20 fomi part of these financial statements
1& ThE ALMSHOUSES OF ANN H PKINS SMITH RE ED HOUSING A ON NO. A2987 EGI TER DCH 0. 236609 NOTES TO THE FINANCIAL STATEMENTS: YEAR ENDED 31ST DECEMBER 2024 10. FIXED ASSETS- OTHER 2024 2023 East Street land Valuation at 1 sl January, 2024 Revaluation during Ihe year Valuations al 314¢ December, 2024 65,OC(J 65.0 £ 65,0 £ 65,000 The land Is revalued annually and 8$ such no depreciation is provided. The valuation the land is included in the finanaal statement at is deemed to be market valu8 based on the rental income which has remained unchanged throughout. The rental ncome is £3,000 per annum under lÈBse agreement Lmlil 30th Jurje 202& FIXED ASSET INVESTMENTS COIF CF Charity MA umulation accumulallon sh3185 inujme sh*es Totsl 2D23 ZOZ4 C05t or lUationS AÉ 1st January. 2024 Addil'ons al cost Cisp05al 81 co81 Revaluation durino thè ylar 61,684 27,129 290,857 17.935 379,910 17,935 347.567 19,111 12.8D1 At 31st Oecember. 2024 413524 379910 All of the fixed asset investmgnls are held in aquities. The fair value of listed Investments is detemined reference lo quoted price for identical assets in active markel at the balance sheet date. 12. CURRENT ASSET INVESTMENTS Charfty fvIA Inme share% 2024 2023 Cost or valuations At 1s1 January, 2024 AdditionslDisposals at Cost Revaluation during the year 40.461 1,740 1.369 40,641 1.740 1,369 38.039 1.740 682 Al 31st December. 2024 43,570 43.570 40,461 JI of the cuent asset inveslmenls are held in equllies. The fair value of listed investments is detemined reference lo quoted price for identtc81 assets in an active m¥ket at the balan sheet dale. The notes on pages 10 to 20 form part of these financial statements
1& THE ALM INS SMITH RED HOUSIN CIATI A2987 REGISTERED CHARITY NO. 23S609 THEF NANCIAL TATEMENTS: YEAR ENDED 31 20 CONTINUED 13. DEBTORS 2024 2023 Prepayments Trade debtors Other debtors 2,050 1,428 3,460 6,938 1,593 1,273 6,452 9,318 CREIJTORS 2024 2023 Amounts falling due wlthln one year: Trade creditors and accruals 5.598 3,223 5,598 3.223 16. ACCUMULATED UNRESTRICTED FLINDS 2024 2023 At 1 sl January, 2024 SuTplus for the year Transf&s to designated fijnds At 31st December, 2024 164,200 36,611 18.860 136,207 50,987 22.994 £ 181,951 £ 164.200 Unreslricled funds are available for use at the dis¢rets"on of the trustee$ in furthgrance of the general oti-eclives of the charity and which have not been designated for other pUOSe5. 16. REVALUATION RESERVE 2024 2023 At 1st January, 2024 Movement during the year. Current investments Fixed inveslmenls Housing properties 1,862,928 1,849,014 1,369 15,679 13,232 At 31st D8cemb8r, 2024 £ 1,879,976 £ 1,e62.928 The revaluation reserye shows the movement on woperties and both fixed and ount asset investments. The noles on pages 10 to 20 fomi part of these fin8ncFal stateménts
17. THE ALMSHOUSES OF ANN HOPKINS SMITH THE FINANCIA TEMENT .' YEAR ENDED 3 DECEMBER 2024 NTINUED 17. FUTURE CYCUCAL REPAIRS AND kqAINTENANCE 2024 2023 Al 1st January, 2024 Expendllure during the year Transfer from unreslricled funds 13,000 13.1961 5,196 19,501 {11,5841 5,083 At 31st December. 2024 15,000 13,ODO Accrued cycllcal maintenance, being the charity's liability lo maintain ils properties in accordance wlth the planned programme of Works. Is prOded to the extent that it is probable that the fund WIH be fulty utllised ovw the course of the maintenance cycle. EXTRAORDINARY REPAIR FUND The provision w85 incréased by £7.260. before extraordinary expenditure. The trustèes have delayed the proposed aKerat¢ons to some of the prL)perties due lo total refurbishment of all properties and feel the present level of the fund is $uffiryenL In accordce with Clau¥e 23 01 the charity's constitution a minimum of £540 must bg invested in COIF accufflulalion shares and Chanty Mulli Asset Fund. The cost and valuation of th8 tsyo funds al the year end wera as follows.. Market Value COIF Chanty Multi Asset Fund 2,165 300,348 28.509 321,733 £ 302.613 £ 350,242 2024 2023 At 1 st January, 2024 From unrestricted funds Expendilure during the year At 31st December, 2024 157,761 7,260 150,501 7,260 £ 165,021 £ 157.761 The notes on pages 10 to 20 form part of these finanual statements
THE ALMSHOUSES OF ANN HOPKINS SMITH A2 87 NOTE THE FINANCIAL TA TEP41EN AR MBER NTINUED 19. REPLACEMENT OF EQUIPMENT AND FURNISHINGS 2024 2023 Al 1st January. 2024 Expenditure during the year From unrestricted funds At 31st Qecember, 2024 5.000 11,4041 6404 10000 9,540 115,191) 10,651 Reserves are $et aside for the replacement of electrical equipment, carpets and curtains based on of eslimat8d replacement costs. Reserves are also designated for the replacement of lrfeline telephones based on 20°/o of estimated replaGemenl cosL 20. ANALYSIS OF NET ASSETS 8ETWEeN FUNDS Flmd ba1CeS at 31st December, 2024 are represented by: . Net CuTrenl Long-Terni Asset8 Liabilities Flxed Assets Fund 8alances Investments Revaluation reSve 1,715.000 164.976 1.879.976 Designated funds 190,021 190,021 Urrestricted fvnds 123424 181,951 £ 1715000 413.524 123424 2 251 948 RECONCILIATION OF NET INCOME I IEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTivrriES 2024 2023 Net inCe/(expend1tUreI for year 49,059 38.126 Dividendsllnterest receivable {Gains)IL055 on inveslmenls {Gainsl on Revaluation of Property Ilncreaselldecrease in debtors InueasellDecreasel in creditor 114.713) {17,048) 115,548) 113,914} 2,380 2,375 12.907) 118 Net cash flow from operating actiirities The noles on pages 10 to 20 form part of these financial ststements
19. THE ALMSHOUSES OF ANN HOPKINS SMITH IN TE TO THE FINANCI ATEMENT YEAR ENDED 31 ECEMBeR 2024 NTINUED RELATED PARTY TRANSACTIONS Thère are no related party transactions dlmng the period12023- £nil}. FINANCIAL INSTRUMENTS The carrying amounts of the charity's financial instrum8nls are as follows". 2024 2023 Fln•ncial ass•ts easur8d at fair value through nel income.. Fixed asset listed investments (note 111 - Current asset listed investments (note 121 413,524 43,570 457,094 £ 379,910 40,461 420,371 Flnancial liabilFtie¥ Measured al amortised cost - Trad& creditors {note 14) 5,598 5,598 £ 3,223 The income, 8xpenses. nel gains, and net losses attributable the Chaty'S ftnandal Instrum ar8 8Lmimarised as foilows: 2024 2023 kncome and exp¢n$e Finanaal assets measured at fair value through net income Financial liabilities measured atfair value through net income 17,048 13,914 Nel Dain5 and losses Ilncludlng changes in falr value) Financial as5els measured at fair value through net income Financial liabilities measured at fair valu8 through net income The notes on pages 10 to 20 fom part of these finanual statements
THE ALMSHOUSES OF ANN HOPKINS SMITH RE ER ASSOCIATION NO. A2987 EGISTERED CHARITY NO. 235609 NOTE TO THE FINANCIAL STATEMENTS: YEAR ENDED 31ST DECEMBER 2024 NTIN Flnfjncial Instruments Rlsk The Chttrty does not hav8 exposure to foreign or $igrrific•nt oxpo$ure to ¢08h flow ond inlereet rate Ttsk Exposure to cr&Jit, market and liquidity aTtse the nomial cr5e of the Charity's busin&ss. These risks are limited by the Charitys nanryal management policies and practices described below. Credft rlsk The Charity has exposure la credit risk predominanuy emanating from ils lenanls. The Charity's exposures and its tenants credit wcffthiness is monitored so that any potenb'al problems are detected at an earty stage. Market r15k There is a risk associated with loss of reCp1S of rentsl Income most of this 1$ mitigated due to the high demand f( sheltered houses for ddérty wid*)ws and spinstor6 to mitigala 8xposur8 to mart(8t risk. Liquidlty Tlsk The Trustees have ultimate r8sponsilj.lity for liquid risk management in msintaining adequale reserves and banking foal1"0S. The trustees consider that collective managed fiJnd5 such as the Charity Mulli Asset Fund managed by M&G are satisfactory Way of invesb.ng their portfolio and lo rnitigale the exposure to liquidity risk. The notes on pages 10 to 20 form part of these fin8nctal stslements