**Charity No: 237244 Registered Housing No: A3467**
## **WHITEHEAD ALMSHOUSES**
## **ACCOUNTS**
**FOR THE YEAR ENDED 31 DECEMBER 2013**
**_______________________**
**BURGIS & BULLOCK Chartered Accountants 2 Chapel Court Holly Walk Leamington Spa Warwickshire CV32 4YS ______________________**
**WHITEHEAD ALMSHOUSES**
**INDEX TO ACCOUNTS YEAR ENDED 31 DECEMBER 2013**
## **Pages**
||1|Legal and Administrative Information|
|---|---|---|
||2|Trustees Report|
||3|Accountants Report|
||4|Income and Expenditure Account|
||5|Statement of Recognised Surplus and Deficits|
|6|– 10|Notes to the Accounts|
**Page 1**
## **WHITEHEAD ALMSHOUSES**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **FOR THE YEAR TO 31 DECEMBER 2013**
## **Status:**
Whitehead Almshouses is a registered charity (number 237244). It is governed by scheme rules of 7 April 1986 as altered by a scheme of 26 July 2000.
**Trustees Treasurer Clerk Principal Address:**
Mrs E Chapman Mrs J Willis (resigned February 2013) Reverend J Ganjavi Mrs M Morris Mr P Instone Reverend P Cudby Mr D Waller Mrs P Hill M Clark Lawrence Ridley The Lodge Bates Lane Tanworth-in-Arden Solihull B94 5AP
**Principal advisors: Accountants:** Burgis & Bullock 2 Chapel Court Holly Walk Leamington Spa Warwickshire CV32 4YS
**Bankers:** Lloyds TSB plc 127 High Street Henley In Arden Solihull B95 5AT CCLA Investment Management Ltd 80 Cheapside London EC2V 6DZ
**Page 2 WHITEHEAD ALMSHOUSES**
## **ANNUAL REPORT**
## **FOR THE YEAR TO 31 DECEMBER 2013**
## **Charity’s Objects**
The provision of Almshouses for poor persons not less than sixty years of age and who (except in special cases to be approved by the commissioners) are resident in the parish of Tanworth and the ecclesiastical parish of St Mary the Virgin, Ullenhall with Aspley, in the county of Warwickshire.
## **Governing Document**
The charity is governed by its scheme rules dated 7 April 1986 as altered by a scheme of 26[th] July 2000.
## **Activities during the year**
The charity continued to provide accommodation for residents in the parish of Tanworth and the ecclesiastical parish of St Mary the Virgin, Ullenhall with Aspley.
## **Investment Powers**
The trustees have power over investments. Any monies other than those needed for immediate working purposes are invested by CCLA Investment Management Limited.
## **Risks and Reserves Policy**
The trustees examine the major risks that the charity faces each financial year when preparing and updating the strategic plan. The charity has developed systems to monitor and control these risks to mitigate any impact that they may have on the charity in the future.
## **Recruitment, appointment, induction and training of trustees**
Recruitment, appointment and induction policies will be reviewed by the trustees as the need arises. Training is undertaken as and when required. The power to appoint new trustees is vested in the trustees **.**
## **Organisational Structure**
The trustees meet regularly to discuss the charity’s affairs and make decisions as required which they believe to be in the best interest of the charity and its beneficiaries.
## **Reserves Policy**
Unrestricted reserves at the year-end amounted to £182,112. The trustees have established a policy of maintaining revenue reserves which equate to a minimum of 3 months anticipated housing costs.
## **Public Benefit**
The trustees have applied the guidance from the Charities Commission relating to public benefit when assessing grant applications. Public benefit is inherent in the objects of the charity.
P Instone Trustee Date
**Page 3**
## **ACCOUNTANT’S REPORT TO THE BOARD ON THE UNAUDITED ACCOUNTS OF WHITEHEAD ALMSHOUSES**
We report on the accounts for the year ended 31 December 2013 set out on pages 4 to 9.
## **Respective responsibilities of the Board and reporting accountant**
The Board of the Registered Social Housing Provider is responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.
## **Basis of opinion**
Our work was conducted in accordance with the Statement of Standards for Reporting Accountants and so our procedures consisted of comparing the accounts with the accounting records kept by the Registered Social Housing Provider and making such limited enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.
## **Opinion**
## **In our opinion:**
- the accounts for year ended 31 December 2013 are in accordance with the accounting records kept by the Registered Social Housing Provider under paragraph 135(2)(a) of the Housing and Regeneration Act 2008;
- on the basis of the information contained in the accounting records:
- the accounts comply with the requirements of the Charities Act 2011;
- the Registered Social Housing Provider has satisfied the conditions for exemption from an audit of the accounts for the year ended 31 December 2013 specified in section 136(3) of the Housing and Regeneration Act 2008;
- the accounts comply with the requirements of the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2012.
**W A Hubbard Date:**
FCCA
**BURGIS & BULLOCK Chartered Accountants 2 Chapel Court Holly Walk Leamington Spa, CV32 4YS**
**Page 4**
## **WHITEHEAD ALMSHOUSES**
## **INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 DECEMBER 2013**
|||**2013**|**2012**|
|---|---|---|---|
|**Turnover**|**Notes**|**£**|**£**|
|Rents Receivable||11,960|12,087|
|**Operating Costs**||||
|Housing Management Costs||(2,866)|(2,656)|
|Repairs and Maintenance||(2,482)|(5,400)|
|Service Costs||(1,954)|(973)|
|Depreciation||(486)|(486)|
|||______|______|
|**Surplus on Ordinary Activities**|4|4,172|2,572|
|**Interest Receivable and Other Income**|2|23|67|
|**Interest Payable**|3|(2,072)|(2,080)|
|||______|______|
|**Surplus for the Year**||2,123|559|
|**Restated Revenue Reserve brought forward**||37,937|37,378|
|||______|______|
|**Revenue Reserve carried forward**||£40,060|£37,937|
|||______|______|
P Instone Trustee Date:
M Morris Trustee Date:
**Page 5**
## **WHITEHEAD ALMSHOUSES**
## **STATEMENT OF TOTAL RECOGNISED SURPLUSES AND DEFICITS**
## **FOR THE YEAR ENDED 31 DECEMBER 2013**
|Notes
**Surplus for the year**
Unrealised surplus on investments
**Total recognised surpluses and deficits for the year**|2013
£
2,123
23,862
25,985|2012
£
559
15,646|
|---|---|---|
|||16,205|
## **Page 6 WHITEHEAD ALMSHOUSES**
## **BALANCE SHEET AT 31 DECEMBER 2013**
|
**Notes**
**Tangible Fixed Assets**
Housing Properties – Cost
5
Less: Housing Association Grant
5
Less: Depreciation
5
**Current Assets**
Debtors
6
Investments
7
Cash at Bank
**Less: Creditors Amounts falling**
**Due Within One Year**
Accruals
**Net Current Assets**
**Creditors: Amounts falling Due**
**After More Than One Year**
8
**Capital and Reserves**
Designated Reserves
9
Revenue Reserves
Revaluation Reserves
10|**2013**
**£**
**£**
369,618
(345,345)
(4,860)
______
19,413
623
153,345
10,123
______
164,091
1,392
______
162,699
______
£182,112
______
22,332
22,028
40,060
97,692
______
£182,112
______|**2012**
**£**
**£**
369,618
(345,345)
(4,374)
______
19,899
954
128,463
8,267
______
137,684
1,363
______
136,321
______
£156,220
______
22,425
22,028
37,937
73,830
______
£156,220
______|
|---|---|---|
The Accounts were approved by the Trustees on and were signed on its behalf by:
P Instone Trustee Date:
M Morris Trustee Date:
**Page 7**
## **WHITEHEAD ALMSHOUSES**
## **NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 DECEMBER 2013**
## **1 Accounting Policies**
The Financial Statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom. A summary of the more important accounting policies is set out below
## **(a) Basis of Accounting**
The financial statements have been prepared in accordance with applicable United Kingdom financial reporting standards, the Statement of Recommended Practice: Accounting for Registered Social Housing Providers (Update 2010) and with the Accounting Direction for private registered providers of social housing in England 2012. The accounts are prepared in accordance with the historical cost basis of accounting except as modified by the revaluation of investments.
## **(b) Turnover**
Turnover represents maintenance contributions receivable.
## **(c) Housing Land and Buildings**
The properties described as Housing Properties were either donated or acquired very many years ago and there is no trace of any acquisition costs. In the circumstances those assets can be disclosed at a nil value in the Accounts. Expenditure on the new developments, except freehold land, is recorded at cost in the Balance Sheet less the Social Housing Grant received and the accumulated depreciation. This treatment is a departure from requirement of Company Law but in the opinion of the trustees is relevant accounting policy compared to that adopted by other Registered Social Housing Properties required to present true and view of Registered Properties state of affairs. Depreciation on buildings is charged on a straight-line basis over the expected economic useful life of 50 years, net of Social Housing Grant and other grants. Useful economic lives are reviewed annually.
## **(d) Extraordinary Repairs Reserve**
This Revenue Reserve represents amounts set aside to carry out major repairs on Housing Properties.
## **(e)**
## **Investments**
The investments in the National Association of Almshouses Common Investment Funds have been included in the Accounts at market value at the Balance Sheet date. Upward revaluations of investment are reported and credited to an investment revaluation reserve. Diminutions in value are recognised in the Statement of Total Recognised Surpluses and Deficits (STRSD) until the investment revaluation reserve in respect of that asset no longer exists. Further diminutions in value or impairments of fixed asset investments are recognised in the Income and Expenditure account. Reversals of diminutions in value are recognised in the Income and Expenditure account to the extent of the previously recognised diminution in value.
Investments held for the long-term are included in fixed assets. Investments held as part of short-term treasury management are included in current assets.
**Page 8**
## **WHITEHEAD ALMSHOUSES**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **YEAR ENDED 31 DECEMBER 2013**
|**2**|**Interest Receivable and Other Income**|**2013**|**2012**|
|---|---|---|---|
|||**£**|**£**|
||Bank Interest Receivable|23|67|
|||_____|_____|
|||23|67|
|||_____|_____|
|**3**|**Interest Payable and Similar Charges**|**2013**|**2012**|
|||**£**|**£**|
||On loans wholly or partly repayable in|||
||more than five years|2,072|2,080|
|||_____|_____|
|||£2,072|£2,080|
|||_____|_____|
|**4**|**Surplus on Ordinary Activities**|**2013**|**2012**|
|||**£**|**£**|
||This is stated after charging:-|||
||Accountants’ Remuneration (including VAT)|£1,172|£1,115|
|||_____|_____|
||The Almshouses has 12 dwellings (2012: 12) in management. During the year the Almshouses incurred|||
||£260 rental voids (2012: £520).|||
|**5**|**Fixed Assets - Housing Land and Buildings**|**2013**|**2012**|
|||**£**|**£**|
||Cost|369,618|369,618|
|||______|______|
||Less Social Housing Grant|(345,345)|(345,345)|
||Less Depreciation|(4,860)|(4,374)|
|||______|______|
||**Net Book Value**|||
||At 31 December|£19,413|£19,899|
|||_____|_____|
**Page 9**
## **WHITEHEAD ALMSHOUSES**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **YEAR ENDED 31 DECEMBER 2013**
## **5 Fixed Assets - Housing Land and Buildings – Continued**
The Social Housing Grant becomes repayable on the sale of properties.
|**6**|**Debtors**|**2013**|**2012**|
|---|---|---|---|
|||**£**|**£**|
||Prepayments (due within one year)|£623|£954|
|||____|____|
||Rental debtors at 31 December 2013 were £80 (2012: £420).|||
|**7**|**Investments**|**2013**|**2012**|
|||**£**|**£**|
||National Association of Almshouses|||
||Common Investments Funds|||
||1302 Accumulation Shares (2012 : 1302)|81,271|67,538|
||Charities Official Investment Fund:|||
||691.81 Accumulation Shares (2012 : 681.46)|72,074|60,925|
|||_____|_____|
|||£153,345|£128,463|
|||_____|_____|
Shares are valued at market value (See Note 1(e)). The shares are all redeemable within 1 year.
Because of lack of information it is impractical to establish the original cost of the investments in the National Association of Almshouses Common Investment Funds or Charities Official Investment Fund.
|**8**|**Creditors: Amounts Falling Due after**|**2013**|**2012**|
|---|---|---|---|
||**more than One Year**|**£**|**£**|
||Housing Loan|22,332|£22,425|
|||_____|_____|
The loan is secured by a charge on the Almshouses’ housing land and buildings. The mortgage is repayable by equal six monthly instalments of £1,082 principal and interest, and final instalment falling due after more than five years. The rate of interest is 9.25% (2012: 9.25%).
**Page 10**
## **WHITEHEAD ALMSHOUSES**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **YEAR ENDED 31 DECEMBER 2013**
## **9 Designated Reserve**
|**9**|**Designated Reserve**||||
|---|---|---|---|---|
||||**Cyclical Repairs**||
|||**Extraordinary Repair**|**& Maintenance**||
|||**Reserve**|**Reserve**|**Total**|
||Balance at 1 January 2013|£16,698|£5,330|£22,028|
||Transfer from Income and|-|-|-|
||Expenditure Account||||
|||______|_____|______|
||Balance at 31 December 2013|£16,698|£5,330|£22,028|
|||_____|_____|______|
|**10**|**Revaluation Reserve**||||
||||**Revaluation Reserve**|**Total**|
||Balance at 1 January 2013||73,830|73,830|
||Surplus on unrealised||23,862|23,862|
||investments||||
||||_____|______|
||Balance at 31 December 2013||97,692|97,692|
||||_ ____|_ ____|
The accounts have been restated for a revaluation reserve. The revaluation reserve is based on 1997 figures as these are the most recent available figures.
## **11 Rent Surplus Fund**
The Charity has made calculations in accordance with the Rent Surplus Fund Determination and established that at 31 December 2013 no liability arises.
## **12 Taxation**
The Almshouse, having been registered under charitable rules, has no liability to corporation tax.
## **13 Ultimate Controlling Party**
The charity’s ultimate controlling party is the Board of Trustees.