Charity No: 237244 Registered Housing No: A3467
WHITEHEAD ALMSHOUSES
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
_____
BURGIS & BULLOCK Chartered Accountants 23-25 Waterloo Place Leamington Spa Warwickshire CV32 5LA
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WHITEHEAD ALMSHOUSES
INDEX TO ACCOUNTS YEAR ENDED 31 DECEMBER 2024
Pages
1 Legal and Administrative Information
2-3 Trustees Report 4 Accountants Report 5 Statement of Financial Activities 6 Balance Sheet 7 – 14 Notes to the Accounts
Page 1
WHITEHEAD ALMSHOUSES
LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR TO 31 DECEMBER 2024
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 Amanda Smith Vice-chair from 8[th] November 2022 Mrs M Morris Mr D Waller Reverend Christopher Kennedy Mr N Bushall Mr G Essex Treasurer M Clark Clerk Hannah Kennedy Principal Address: The Lodge Bates Lane Tanworth-in-Arden Solihull B94 5AP Principal advisors: Accountants: Burgis & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 5LA
Bankers: Lloyds TSB plc 22 Bridge Street Stratford-upon-Avon CV37 6AG
CCLA Investment Management Ltd 80 Cheapside London EC2V 6DZ M&G Securities Limited 10 Fenchurch Avenue London EC3M SAG
Page 2
WHITEHEAD ALMSHOUSES
ANNUAL REPORT
FOR THE YEAR TO 31 DECEMBER 2024
Charity’s Objectives
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. It is a registered Social Housing Provider.
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
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
Total reserves at the year-end amounted to £570,169 of which £1,430 have been designated by the trustees to be set aside to cover the potential cost of cyclical maintenance costs of the Housing Properties and £215,511 has been restricted to cover the cost of extraordinary repair costs. £353,002 of the reserves are represented by the Housing Properties which are held as functional assets. The trustees have established a policy of maintaining free cash reserves which equate to a minimum of 3 months anticipated housing costs.
Achievements and Performance
During the year the charity generated a surplus of £41,238 (2023 – £24,451). The Almshouses has 12 dwellings (2023: 12) in management. During the year the Almshouses incurred £12 rental voids (2023: £18).
Compliance with the Governance and Financial Viability Standard
The charity assesses its compliance with the Governance and Financial Viability Standard annually and no instances of noncompliance have been identified during the year and up to the signing of the financial statements.
Page 3
WHITEHEAD ALMSHOUSES
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Value for Money Metrics for Registered Providers of Social Housing
The charity is a registered provider of social housing. The Regulator of Social Housing requires registered providers to publish performance against a series of 7 mandatory Value for Money Metrics (VfM metrics) to measure economy, efficiency and effectiveness in their annual accounts to aid transparency and comparability.
The regulator’s technical guidance states that they have selected the VfM metrics that work for the majority of providers however, they acknowledge that any metric, however calculated, will inevitably be more appropriate for some providers than others, and there may be a minority of cases where reporting on a particular basis is difficult, or inappropriate, given the unusual nature of a given organisation’s business or differences in accounting practice. The Regulator is aware that not all the VfM metrics will be applicable to every small provider given the diversity of business models across the sector. The majority of Registered Providers are large housing associations with thousands of dwellings and the Trustees consider that due to the nature and scale of its almshouses operation the VfM metrics are less useful that a typical Registered Provider.
Metric 1: Reinvestment %: Investment in housing supply during 2024 as a percentage of total housing property held as at 31 December 2024 – 7% (2023: 6%).
Metric 2: New supply delivered %: New social housing delivered during 2024 as a percentage of housing stock held as at 31 December 2024 is 0% (2023: 0%).
Metric 3: Gearing %: The proportion of borrowings in relation to housing assets at 31 December 2024 is 0.1% (2023: 4%).
Metric 4: Earnings before interest, tax, depreciation, amortisation, major repairs included interest cover: The surplus generated by the charity in proportion to interest payable as at 31 December 2024 is 684% (2023: 1,152%).
Metric 5: Headline social housing cost per unit: £2,733 (2023: £2,238) per almshouse dwelling. The charity’s cost per unit as defined by the Regulator is relatively higher compared with major Registered Providers achieving economies of scale across very large numbers of dwellings however the trustees seek to keep this to a minimum through the following measures:
-
providing financial budgets each year, which are discussed and agreed by the Trustees,
-
any work/improvements to the almshouses are put out to tender, usually with 3 contractors. These tenders are reviewed by the Trustees and officers, before deciding which to accept,
-
progress of work is carefully monitored and the final bill reviewed to establish value for money.
Metric 6: Operating profit margins: Operating profit margin, overall and for social housing lettings only, as at 31[st] December 2024 are both 139% (2023: 82%)
Metric 7: Return on capital employed: Operating surplus compared to total assets less current liabilities as at 31 December 2024 is 7% (2023: 5%.)
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.
A Smith Trustee Date
Page 4
WHITEHEAD ALMSHOUSES
ACCOUNTANT’S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTANT’S REPORT TO THE BOARD ON THE UNAUDITED ACCOUNTS OF WHITEHEAD ALMSHOUSES
We report on the accounts for the year ended 31 December 2024 set out on pages 5 to 14.
Respective responsibilities of the Board and reporting accountants
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 procedures consisted of comparing the accounts with the accounting records kept by the Registered Social Housing Provider and making such 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:
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the accounts for year ended 31 December 2024 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;
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having regard only to, and on the basis of the information contained in the accounting records:
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the accounts comply with the requirements of the Charities Act 2011;
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the Registered Social Housing Provider has satisfied the conditions for exemption from an audit of the accounts for the year ended 31 December 2021 specified in section 136(3) of the Housing and Regeneration Act 2008;
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the accounts comply with the requirements of the Housing Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022.
W Hubbard Date: FCCA
BURGIS & BULLOCK Chartered Accountants 23-25 Waterloo Place Leamington Spa CV32 5LA
Page 5
WHITEHEAD ALMSHOUSES
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Income | Notes | £ | £ |
| Charitable Activities - | |||
| Maintenance charges Receivable | 29,628 | 29,694 | |
| Donations | 15,000 | - | |
| Insurance claim | 3,175 | - | |
| --------- | --------- | ||
| Total Income | 47,803 | 29,694 | |
| Expenditure on Charitable Expenditure - | |||
| Housing Management | (5,463) | (4,612) | |
| Repairs and Maintenance | (6,873) | (17,683) | |
| Sundries | (655) | (59) | |
| Other costs | 2 | (4,994) | (4,284) |
| ______ | ______ | ||
| Total Expenditure | (17,985) | (26,638) | |
| Net gains/(losses) on investments | 11,420 | 21,395 | |
| ---------- | ---------- | ||
| Net income and net movement in reserves for the year | 3 | 41,238 | 24,451 |
| Reconciliation of reserves | |||
| Total reserves brought forward | 15 | 528,931 | 504,480 |
| ______ | ______ | ||
| Total reserves carried forward | 570,169 ______ |
528,931 ______ |
The statement of financial activities includes all gains and losses recognised in the year and has been prepared on the basis that all activities are continuing.
Total reserves include £215,511 of restricted funds.
Page 6
WHITEHEAD ALMSHOUSES
BALANCE SHEET AT 31 DECEMBER 2024
| 2024 |
2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed Assets | |||
| Tangible assets | 4 | 353,002 | 336,275 |
| Investments | 5 | 218,189 | 206,769 |
| ----------- | ----------- | ||
| Total Fixed assets | 571,191 | 543,044 | |
| Current Assets | |||
| Debtors | 6 | 1,795 | 2,808 |
| Cash at Bank | 20,169 | 6,131 | |
| --------- | --------- | ||
| 21,964 | 8,939 | ||
| Liabilities | |||
| Creditors: falling due within one year | 7 | (2,165) | (2,165) |
| Accruals | 7 | (2,486) | (2,300) |
| ______ | ______ | ||
| Net current assets | 17,325 | 4,474 | |
| ______ | ______ | ||
| Total assets less current liabilities | 588,504 | 547,518 | |
| Creditors: falling due after more than one | 8 | (18,335) | (18,587) |
| year | |||
| ______ | ______ | ||
| Net assets | 570,169 | 528,931 | |
| ______ | ______ | ||
| Capital and Reserves | |||
| Designated reserves | 9 | 1,430 | 1,430 |
| Restricted reserves | 10 | 215,511 | 203,626 |
| Unrestricted reserves | 353,228 | 323,875 | |
| ______ | ______ | ||
| 570,169 ______ |
528,931 ______ |
The Accounts were approved by the Trustees on and were signed on its behalf by:
A Smith Trustee Date:
D Waller Trustee Date:
Page 7
WHITEHEAD ALMSHOUSES
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2024
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
Whitehead Almshouses is a registered social housing provider charity, governed by its scheme rules dated 7 April 1986 as altered by a scheme of 26[th] July 2000. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements.
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 Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, Accounting Direction for private registered providers of social housing in England 2022 and UK Generally Accepted Practice as it applies from 1 January 2022.
The financial statements have been prepared to give a ‘true and fair’ 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: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds comprise funds which under the provisions of the charity’s governing instruments, it must maintain or which represent unexpended balances of donations and grants held on trust for specific purposes.
Page 8
WHITEHEAD ALMSHOUSES
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2024
(c) Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Rental income is recognised as the charity’s right to receive payment is established.
Investment income is recognised when receivable and the amount can be measured reliably by the charity.
(d) Expenditure and irrecoverable VAT
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
-
Expenditure on charitable activities includes repairs and maintenance, housing costs; and
-
Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
(e) Housing Land and Buildings
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Freehold land Nil Freehold buildings No depreciation has been provided on property this year
The trustees have not depreciated the freehold land and buildings because the estimated residual value is not materially different to the carrying amount.
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
Page 9
WHITEHEAD ALMSHOUSES
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2024
(f) Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
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. 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.
(g)
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(h) Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
(i)
Financial instruments
The charity has elected to apply the provisions of Section 11 of FRS 102 ‘Basic Financial Instruments’ to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Basic Financial Assets
Basic financial assets include fixed asset investments, debtors and bank balances. Fixed asset instruments are measured as stated in (g) above. Debtors, cash and bank balances are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities include accruals and loans. Accruals are measured at transaction price (cash or expected settlement amount), and loans are measured as stated in (i) above.
(j) Judgements and key sources of estimation uncertainty
No significant judgements (have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements).
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
(k) Taxation
The Almshouses, having been registered under charitable rules, has no liability to corporation tax.
Page 10
WHITEHEAD ALMSHOUSES
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 DECEMBER 2024
| 2 | Other costs | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Interest Payable and Similar Charges | 1,914 | 1,936 | |
| Professional fees | 3,080 | 1,998 | |
| Council Tax | - | 351 | |
| _____ | _____ | ||
| 4,994 | 4,284 | ||
| _____ | _____ | ||
| 3 | Surplus on Ordinary Activities | 2024 | 2023 |
| £ | £ | ||
| This is stated after charging: - | |||
| Accountants’ Remuneration (including VAT) | 2,140 | 1,998 | |
| _____ | _____ | ||
| 4 | Fixed Assets - Housing Land and Buildings | 2024 | 2023 |
| £ | £ | ||
| Cost at 1 January 2024 | 424,983 | 422,828 | |
| Additions | 16,727 | 2,155 | |
| ______ | ______ | ||
| Cost at 31 December 2024 | 441,710 | 424,983 | |
| Less Accumulated Depreciation at 1 January 2024 & 31 December 2024 | (88,708) | (88,708) | |
| ______ | ______ | ||
| Net Book Value | |||
| At 31 December 2024 | 353,002 __ ___ |
336,275 __ ___ |
Tangible fixed assets with a net book value of £353,002 (2023: £336,275) have been pledged as security for liabilities of the charity.
The charity received a Social Housing Grant for £350,000 in connection with the above properties. This becomes repayable on the sale of properties.
The value of fixed assets disclosed above is not considered to be below their residual value.
WHITEHEAD ALMSHOUSES
Page 11
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 DECEMBER 2024
| 5 Investments Market Value on 1 January 2024 Disposals Net gain/(loss) on revaluation Market Value at 31 December 2024 Listed Investments Unit trusts |
2024 £ 206,769 - 11,420 ---------- 218,189 218,189 _____ |
2023 £ 185,374 - 21,395 ---------- 206,769 206,769 _____ |
|---|---|---|
Investments have been classified as fixed asset investments as they are viewed as being held for long term. Shares are valued at market value.
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.
The main form of financial risk faced by the charity is volatility in equity markers and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or subsectors.
| 6 Debtors Prepayments (due within one year) 7 Creditors: Amounts Falling Due within One Year Housing Loan Accruals |
2024 £ 1,795 _ 2024 £ 2,165 2,486 __ 4,650 _____ |
2023 £ 2,808 _ 2023 £ 2,165 2,300 __ 4,465 _____ |
|---|---|---|
Included in accruals is deferred income of £270 (2023 - £260) in relation to rents received in advance.
Page 12
WHITEHEAD ALMSHOUSES
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 DECEMBER 2024
| 8 | Creditors: Amounts Falling Due after | 2024 | 2023 |
|---|---|---|---|
| more than One Year | £ | £ | |
| Housing Loan | 18,335 _____ |
18,587 _____ |
The loan is secured by a charge on the Almshouses’ housing land and buildings. The mortgage is repayable by equal six monthly instalments of £1,083 principal and interest, and final instalment falling due after more than five years. The rate of interest is 9.25% (2023: 9.25%).
9 Designated Reserve
| Cyclical Repairs | |
|---|---|
| & Maintenance | |
| Reserve | |
| £_ | |
| Balance at 1 January 2024 | 1,430 |
| Transfers | - |
| ______ | |
| Balance at 31 December 2024 | 1,430 |
| ______ |
During the year a transfer of the balance standing on the Extraordinary Repair Reserve was made from unrestricted to restricted funds to reflect the requirement of the charity’s governing instruments that this fund must be maintained by the Trustees.
10 Restricted Reserve
Restricted Reserve |
|
|---|---|
| Extraordinary | |
| Repair | |
| Reserve | |
| £ | |
Balance at 1 January 2024 |
203,626 |
| Transfers | 780 |
| Gains/losses | 11,105 |
| _____ | |
| Balance at 31 December 2024 | 215,511 _____ |
Page 13
WHITEHEAD ALMSHOUSES
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 DECEMBER 2024
11 Ultimate Controlling Party
The charity’s ultimate controlling party is the Board of Trustees.
12 Trustees
None of the trustees received any remuneration for years ended 31 December 2024 and 2023.
13 Financial instruments
The carrying amounts of the charity’s financial instruments are as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Financial assets | |||
| Measured at fair value through net income / expenditure: | |||
| - | Fixed asset listed investments (note 5) | 218,189 | 206,769 |
| ------------ | ----------- | ||
| The income, expenses, net gains and net losses attributable to the charity’s financial instruments are summarised | |||
| as | follows: | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Income and expense | |||
| Net gains and losses (including changes in fair value) | |||
| Financial assets measured at fair value through net income / expenditure | 11,420 | 21,395 |
Page 14
WHITEHEAD ALMSHOUSES
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 31 DECEMBER 2024
14 Analysis of Net Assets Between Funds
| Restricted Reserve £ Designated Reserve £ Unrestricted Reserve £ Fixed assets 213,951 - 357,240 Current assets 1,560 1,430 18,974 Current Liabilities - - (4,651) Creditors falling due after more than one year - - (18,335) _ _ _ 215,511 1,430 353,228 _ _ _ |
Total £ 571,191 21,964 (4,651) (18,335) _ 570,169 _ |
|---|---|
15 Capital Commitments
The charity made no commitments to purchasing capital items before the balance sheet date.
16 Related Party Transactions
During the year remuneration of £1,342 (2023: £nil) was awarded to a related party of Reverend Christopher Kennedy in relation to clerk services provided to the charity.