ELLEN'S corrAGES REGISTERED CHARrrY NO. 240005 REPORT AND FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 ELLEN'S co￿AGEs REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Indox PAGES Trustees. Annual Report Stat8ment of Trustees, Repsonsibilili8S Independ8nt Examiner's Report Slalement ol Financial Aciivlties Balance Sheet Notes to the Accounts 8-11 ELLEN'S corrAGES TRusfEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 1024 PAGE 1 CHARITY NAME Ellen's Cottages CLERK TO THE TRUSTEES Mr B Poole Rooftops 10 South Sireel Burnham-on-sea Somerset TA8 1BS BANKERS Lloyd8 Bank plc 25 Cornhill Bridgwaler Som9rset TA6 3AY SOLicrroRS Powells Law 7-13 Oxford Street Wgston-sup8r-Mar8 North Somerset BS23 ITE INDEPENDEMf EXAMINER Weslcotts Chartered Accountants 80 Oxford Street Burnham-on-sea Somersel TA8 1EF ELLEN'S co￿AGEs TRUSTEE'S ANNUAL REPORT (CONnNUED) FOR THE YEAR E14DED 31 DECEMBER 2024 PAGE2 OBJECTIVES Ellen's Cottag85 IS G0115ituted by a dged ol trust dated 3 April 1868 and is a regBtered charity. No.24(JJ05.1i's addre8s is 59 Berrow Road, Bumhamvon-sea, Somerset. The object of the charity is to apply its income for the bgnefit of the alms people who shall bg poor widows arKI spinsters ol good Gharacter of not less than 60 years ol age, resident in the parish ol Burnham-on-sea. If no surtable applicant is available to lill any vacancy this may be offered by Ihe tN8tees to a Fyjor man or a married couple who are ￿th Th)1 less than 60 years ol age. The charily detvices its inoome from 7 sglf-contained units by way of rents paid by the ¢KGUPl8rs, supl8men18d by income from tts investments. TRUSTEES Trustees Serve for a period of five years and are 818Ct8d by resolution of the trustees. Th8 charity trust88s during the year to December 2024 were: Mr D Tratt Mr T Hannah Mrs J E Kendall Mrs D Cornish Th8 trust is adminislergd by the trustees who nomialty me81 three times a year RISK MANAGEMENT The major risks to which Ihe chartiy is exFX)sed. as K18nlrfied by the trustees, have been remewed and systems have been established to miligate these risks. SUMMARY OF MAIN ACTivrriES AND ACHIEVEMEKrs The main aclivtties are lo administer and manage the Ch￿l[￿S propety in aLxordanc8 with the Irusi deed. ELLEN'S COThAGES TRUSTEE'S ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 PAGE 3 SUMMARY OF MAIN AcTIV￿lEs AND ACHIEVEMENfs Icontinuedl The charity continues to M￿nI￿n the propety to the requir8d standard. by ￿n0VatIng and upgrading the seven untts. Thè monitoring of investments by the trusiees has been ￿ntinued. SIGNED ON BEHALF OF THE TRUSTEES TIu5t88 ELLEN'S COTTAGES srATEMENT OF TRUSTEES REPSONSl8limES FOR THE YEAR Ef4DED 31 DECEMBER 2024 PAGE 4 STATEMEKf OF TRUSTEE'S RESPONSI8ILrriES The charity truslees are responsible for preparing a twstees, annual report and financial slalements in accordance wth applicable law and United Kingdom Accounting Standards Iunitfjd kfjng(k)m Generally Accepted Accounting Practice). The law qDplicable to charibes in England and Wales rgquir8S the charity trustees to prepare financial stalem8nts lor each year which gNe a Irue and fain wew of the state of allairs ol the charity and of the incoming resources and application of resources, of the charity for ihai period. In preparrng financial statemerrts, the tnjslees are required to- Select suitable account'ng policies and then apply them Gonsi519nlly,' • Observe the methods and 8stimales that are reasonable and pnjdent. . Make judgements that are reasonable and prudent" State wheiher applicab19 accounting standards have been followed, subj8GI to any material departures that musl be disclosed and explained in Ihe financial statements; Prepare the financial slalemenls on a going concern basis unless it is inappropriat& to presume the Charity wll continue in business. The trustees a￿ responsib18 for k88ping prop8r accounting records that disclose with reasonable accuracy al any lime the financial FK)sih'on ol the charity arKI lo enable them to ensLJre that the linana& statements cgmpty wtth the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deod. They are also responsible lor safeguarding the assets of the charity and tsking reasonable steps lor the prevention and deteCt￿n ol fraud and other irregularities. The truslges are respK)nsible for the manlenance and integrity ot the charity and financial information inclLKled on the ¢hartW8 webstte in accordance with legislalion in the United Kingdom governing the pr8paration and dissemination ol financial statements. Signed on behalf ol the trustee's by: . TRUSTEE ELLENS COThAGE5 INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 PAQE 5 Rgspon81bllltle& and bag18 of roport I report to the trustees on my examlnalon ol the ai>xJun18 of the ab)ve chaty {W)e TruVI for the year ended 3.1 Deoember 2024 As th9 charlt*$ I￿￿te88, you arg tgswnsble lor the preparailon ol Ihe accounts In accordanGg wilh th8 Th]uirements of th& Charttth Act 2011 IYh8 Acn. l ieport In r88pect ol my examlrAticffj ol tho Tru8Ys acix)unt8 C8rdgd out Ur￿￿r sectton 145 01 th• 2011 Aet and In carying my èxaminatw. I have followed afi the 8ppllcab5è Dlre¢tions gNen bythe Charity CommiS￿On undor secilon 145(51{bl of Ihg ACL Independent ex2mlno￿s I havg completed my examlnalton. I wnfkni that no mutsrial mattots have comè to my attentlon In conn8oOon wlth the 9xamlnalk)n which gtve8 mo cause to b&ll8ve that In, any m￿erIal respeGt', the a¢c)Juntlng record8 were not k4)t In w)rdanL* wilh sectlon 130 of tho Charli185 Aol,. or o thè accounts rfid p,ol Afxord the &¢ountlffj records., or Q tha accounls dkl raol cy)mply wilh the aErfi¢able r4uirements ooncernkng the form an¥ c¢ntenl of accounts set out In the Charliies (A(x￿u.ts and RopoTtsI RegL￿allO￿a 2008 other than any recyrlr8m9nt that thè 8CCA)unts gnie a trjo 8nd vlew whlch Is not a mattw ry)nsidered as part of an Indwndenl examlnation. I hav6 nT) arKI have corr.& aGfos8 no other matters In Gonnecdon with th& gxamlnatlon to whlch att8ntTon shouw bg dra￿ in thLs rep)rt In ordar to enablg a propfrr undergtandlng ol th8 accourrts to be reac￿. MRS C WILUAMS WEsfcoTtS CHARTERED Accou￿A￿[S 47 BOLrrpoRT sfREET BARNSTAPLE EX31 Isq ELLEN'S COTTAGES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEM8£R 2024 PAGE6 2024 2023 (restated) INCOME (all unrestrlcted) Rents Charilies deposit fund inlerest NA4CIF income shares Other TV Licence refund 48,216 2,616 282 3CK) 49,362 39 265 30 TOTAL RECEiprs 51.414 49.704 EXPENDrruRE (all unreslrlcted) Water and drainage rates Outside ligming 1,448 1,319 3.792 2,256 1,633 6,485 4,972 9,314 539 6.000 1,080 298 337 7,287 Insurance Propety maintenance Garden maintenance Repairs & maintenanc8 National Assccialion ol Almshouses Cletk's fees Accountancy General expenses Piper lifeline Depreciation 608 2.425 6.000 1.020 52 252 7,287 TOTAL EXPENDrruRE 32206 42,386 Net Surplus/(deficit) lor the year 19.208 7,318 Unrestricl8d funds BIF 68,282 60.964 Unrestrictod funds CIF 87,490 68,282 Revaluation Reserve movement 4.149 3,339 Unrestrfcted Revaluation ReseTre B/F 960.768 957.429 Unrestricted Revaluation Reserve CIF 964,917 960,768 Total funds 1,052,407 1,029.051 ELLEN'S corrAGES BALANCE SHE FOR THE YEAR ENDED 31 DECEMBER 2024 PAGE 7 2024 2023 {reststed) Nole ASSETS FIXED ASSErs Fre8hold property 910,747 918,034 CURRENT ASSETS Debtors and prepayments Investments Cash ai bank COIF deposit funds 59,533 42,273 53.547 55,384 26,212 50,931 155,353 132,527 1.066,100 1,050,561 LIABIUTIES CREDITORS (13.6931 121,5101 1,052,407 1.029,051 REPRESENTED BY Unrestricted fund5 Unrestricted Revaluation Reserve 87,490 964,917 68,282 960,768 1,052.407 1,029,051 APPROVED ON BEHALF OF THE TRUSTEES: ..Trustee JQ.r..*....XI....DATE ..1.2.-.S.,2S..DATE EILEN'S corrAGES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 PAGE 8 1. General Informatlon The company is a registered charity {No. 240005). regi￿ered in England and Wales. The address of the registered Offi￿ is 59 Berr¢)w Road. Bumham-on-sea, Somersel. 2. Statement of Compllance These financial statements have been prepared in compfiance wth the prowsions of FRS 102 Section 1 A. 'The Financial Reporting Standard applicabl8 in the UK and the Republic ol Ireland,. The charty has taken the exemption from including a cashflow statement as it's a small charity. 3. Accountlng pollcles Basls of preparatlon The financial ststements have been prepared on the hi8tori¢al ¢osl basis. These a￿Ount$ have been prepared in accordance wlh the S.O.R.P and Reporting by Charities preparing their accounts in a¢cordance the Finan¢ial Repotting Stand*d applicable in Ihe UK and R8public of Ireland {FRS102} Lssu￿ on 16 Juty 2014. Charges In accountlng pollcy The following have been applied for the litst time from 31 December 2024 and have had an effect on the tinancial slalemenls.. Freehold property The accounting policy in resp￿1 of the depreciation of freehokl property has been revised In the year under ffjview, with the iesult that there is a restatement ol the previous year. The reslaternent was made by the trustees so that the valuation and depreciation ol the property reflected the provisions of FRS 102. As a resuit of this restatem8nt, accumulated depreciation in respect ol prior years of £53.583 has been adjusted. Social Housing Grant Thè accounting FM)licy in respe¢t of the social housing grant has been revised in the year under review, with the result that Ihere is a restatement ol the previous y9ar. As th8 grant is unlikety to be repad the grant has been amortsied in full. As a result of Ihis reslalemenl. the grant of £35,717 has been adjusted. ELLEN'S COThAGES NOTES TO THE ACCOUNTS FOR THEYEAR ENDED 31OE￿MBER2o24 PAGE 3. Accountlng pollcle5 (contlnued Judgements of key sources of esllmallon The preparation of the financial statements requires manag8rnenl to make judgements, eslimales and assumptions that allect the amounts reported. These estimates and judgements are continually ￿vieWed and are bas￿ on gxp8rionc8 and 0th8r factors, including expeclaltons of future events that are believed lo be reasonable under the circumstances. Revenue re¢ognltlon Turnover is measured at the far value of the consideration ￿¢eNed or receivable and represents amounts r8C8ivable for rent, stated nel ol discounts and ol Value Added Tax. Tanglblo assels Tangible assets are stated in the statement of financial wsilion at Gost, 18$$ any subsequenl accumulaled depreuation and subsequent accumulated imparment Ioss8S. The cost ol tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. An increase in the Carr￿ng amount of an asset as a result of a revaluation, is recognised in other comprehenswe income and accumulated in equrty, except to the extent it reverses a revaluation decrease ol the same asset previousty recognised in profil or loss. A decrease in the carwng amount of an asset as a result ol revaluation, is recognised in other comprehensive income to the extent ol any previously recognised revaluation increase accumulated in equity in respect of Ihat assel. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect ol that asset, the excess shall b8 recognised in profit or loss. Depreclatlon Depreciation is charged so as lo write oll the cost ol assets, olher than land and properties under construction over their estirnaled useful lives. as follows- Asset Class Depreclatlon method and rats Freehold propertv 1% straight line Invostmgnts Investments are shown al market value at the year end date. ELLEN'S COTTAGES NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 PAGE1D 4. AXED ASSErs Frgphold property COST At 1 January 2024 971,817 At 31 December 2024 971,617 DEPRECIATION Al 1 January 2024 53,583 Charge for the year 7,287 At 31 Dec9ffl￿r 2024 60,870 NET BOOK VALUE Al 1 January 2024 918,034 At 31 December 2024 910.747 Ellens's Cottages were conStru￿ed in the late nineteenth century. There is no record ol the original cost and no value attributed thereto. The above deemed cost is based on the insurance valuation ai December 2015. 5. DEBTORS AND PREPAY•AEKrs 2024 2tr23 Debtors Prepayrnents ELLEN'S Co￿AGEs NOTESTO THE ACCOUNTS(COIfflNUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 PAGF11 6. CREDITORS 2024 2023 Insurance Ac¢ounlan¢y Loan From Amshouses Association 11.100 20,S50 13,693 21,510 7. CONTROLLING PARTIES The charity is controlled by the Trustees: Mr T Hannah. Mrs J E Kendall and Mrs D Gomish. Mr D Tratt 8. INVEsfMENTS COST klARKET VALUE 2024 2023 NAACIF Accumulation 11.798 53.065 49,125 NAACIF Income 2.731 8.468 6,259 14.529 59A33 55,384 9. TRANSACTIONS wrTri TRUSTEES Dudng the year therg were no transactions vMth trustees. ELLEN'S COThAGES NOTES TO THE ACCOUNTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 PAGE12 10. UNRESTRICTED RESERVES This reserve records retained 8amings a￿1 accumulated losses. 11. UNRESTRICTED REVALUATION RESERVE The revalulation reserve consists ol the difference between, the cost of tho original properties left in deed to the charity and valualion placed on the prop8rt18s, as well as thg movement in the valuab'on ol the investments. 12. CONTINGENT UABILrrY A Social Housing Grant (SHGI was oruinally pwd by the Housing Corporation to ￿duce th8 GQSt of developmen of the Ireehokl property. As the grant is unlikely to be repahy, the amount of th8 grant has been lully amortlsed in the Balance Sheet. The SHG is howover r8payable under certain circumstances, primarity followng th8 sale of a propety Ibul will normally be restricted to net W￿dS of sa181. As a result there is a conlingBnt liability ol £35,717. 13. RELATED PARTY TRANSACTIONS There are no relat8d party transactions. 14. STAFF COSTS There are no slaff costs.