2024-12-31-accounts

THE ROGER EDWARDS ALMSHOUSES CHARITY

FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

THE ROGER EDWARDS ALMSHOUSES CHARITY FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

CONTENTS

Legal and Administrative Information	1-2
Trustees Report	3-4
Independent Examiner’s Report	5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the Accounts	8-10

THE ROGER EDWARDS ALMSHOUSES CHARITY

LEGAL AND ADMINISTRATIVE INFORMATION

Status

The scheme was set up by the Charity Commissioners in 1862 and has been amended several times, the last being on 3 April 1998.

It is one of many Almshouses Charities that belong to The National Association of Almshouses.

Trustees (Management Committee)

Mrs Kathryn Clarke (Chairperson) Mr Paul Ntjortjis (Treasurer) Mrs Lisa Morgan Mr John Pask Mrs Rosa Yoxall Mrs Eleanor Hawkins Linda Eileen Savage Mrs Isobel Brown Mr Ken Hart Mrs Priscilla Greenland Mr Richard Edwards Rev Sally Ingle-Gillis (ex-officio)

Secretary and Almshouses Manager

Mr Richard Baker

Principal Address

Red House Llangeview Usk NP15 1NE Tel: [phone]

Charity’s Independent Examiner

Brenda Davies 9 Sycamore Close Hanham Bristol BS15 3TL

Charity’s Bankers

HSBC Bank plc 35 Gwent Square Cwmbran NP44 1XL Tel: [phone]

Monmouthshire Building Society John Frost Square Newport NP20 1PX Tel: [phone]

Charity’s Solicitor

None appointed

Charity’s Chief Adviser

The Almshouse Association Billingbear Lodge Carters Hill Wokingham Berkshire RG40 5RU Tel: [phone]

THE ROGER EDWARDS ALMSHOUSES CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their report together with their financial statements for the year ended 31 December 2024.

Activities

The Charity exists to provide low cost rural housing to local people, primarily those in the Parishes of Llangwm, Gwernesney and Llangeview. The Residents are not tenants of the Charity. They ‘Occupy by License’ and pay a Weekly Maintenance Contribution. Each resident has to pay his/her own electricity and Council Tax.

The Weekly Maintenance Contribution (WMC) for the five two-bedroom dwellings was £79 at the start of the year. The WMC for the converted wash-house was £66 at the start of the year. The Trustees agreed not to increase the WMC during the year.

There were no changes in residents during the year; consequently there was no loss of income from maintenance contributions during the year.

Future Plans

The Trustees continue to look for opportunities to utilise surplus funds to improve the facilities offered to its residents, specifically in terms of reducing heating costs. Given the buildings are Grade 2 listed, identifying suitable improvements that are consistent with listed building requirements has been very difficult. In May 2024, the Charity was granted listed building consent to replace existing windows with double glazed units. This work is ongoing and should be complete by the 3[rd] quarter of 2025.

The Trustees have been reviewing the charity’s governance and structure. Starting in 2024 and hoping to complete the process in 2025, the trustees plan to update the banking arrangements, strengthen fiscal controls, update polices and to transition the charity’s structure from an unincorporated charity to a CIO.

Reserves Policy

Accumulated surplus income is retained to meet future maintenance and improvement costs of existing accommodation.

Investment Policy

Funds, which are surplus to short term requirements, are placed on deposit preparatory to meeting commitments as they fall due.

Risk Review

The management committee has conducted its own review of the risks to which the Charity is exposed and systems have been established to mitigate those risks. Risks are minimised by

ttb¢ implcmcntsiimi ol proce4tsTc5 for fjulhorisaiion of ajl transactiow llnd pwieets. Thek" proc£dures arc periodically review'ed by th¢ matsa&icmcnt ¢4)nimitlcc. olthe The trwstees are r4Uir¢d ts) preparL finan¢iaJ SL7tcments for cach financial >'¢ar. ￿th]Ch 811"¢ 0 truc and fair vieM' ot. Ihe SLte of afftiits of the ehArity as * thc b#laDCt 5heei ol ils jlkniming resout¢c5 and Application ol" rcsourc¢s. in¢ludin8 inc<imt arjd C.¥￿ndItutt for ihe I n pr¢pari(kB tknsc finan¢iRI staten)ents. thc trusees %hould follo￿ best pra¢iiee I￿¥J, $el¢L'I 5Uitabl¢ 4LYountin8 policie5 and then arn)li' them consi stentlv: make juJgcmcTLts and ¢slitnates thal we r¢a.wnable and priid¢v]I: an<1 prep&r¢ lor firA3nClal siateinenis On going cDn¢¢m bab'iJ unlc5S it is i￿￿pPrOPriate to ume Ihe L horii?, V¥ill conunye on th(Il I￿S1$ iTU5tees are tesponsible tor mainlair]ing proper ace()UDling rccords. ￿thIch d5sc1￿ ￿ltlY tcasDnoble accura£), ￿ an? time the tin&￿1￿1 posiii¢)n of thc ChariDJ' ond engNe thern to ensure thai the fifiQn¢ial 5ts1emeiits comply With th¢ Charity. Commissio*. Thc ITu5E¢c5 Iirc Iso respunsible for safe8ugsJinE thc asscts of the Clwity atsd h￿rC for tskill8 restXlDsihle srcps for the pre¥.￿l10n a[￿ deEe£tion ot-frnud and vihct iTfcEularities. Man cment Co The ttwL¥ement Lommittee CO￿1${s ol the trustees of th¢ Clwiry. as laid Dui trtt pw l. tnd RiLhArd Bakct. thc Scerctary and AJm%h()uses NI￿￿￿￿￿cr. .4U truSttt5 work Yolutt￿lI?. and the management ¢ommitlcc rncct5 ofJCC n'erv ￿￿1]th.8 or more reBularl>' as required. lent Ixamincr independent examiner ￿.35 appointcd duc lo thc income for the year exceeding th¢ klllEshold of L?5,0￿. lThi% repon has bcen prepared in accordanec with the gcntral Ditcctions gii'en by the C'.b4titv Appft>.veil h>, the trustecs and sigtted on their behalf b)'- l )ute:

INDEPENDE￿ EXAMIYER'S REPORT TO THE TRL.STEES OF ROGER EDW ARDS ALMSIIC)L'SLS CHARITY I reimxi on 4KC(XMts of Roger Edwtrds AlmslN)uMs Chrity fly the year en￿ 31 Decefflber 2024. Re¥pe¢ih'¢ Yf&po•#ibi1it￿ of trw#ees aAd eumlj The chkrity's trusle<¥ resw)nsibk f￿ the of IlM> Mxounts in xCLydan￿ Ch8nties A¢t 2011 (the 'Acl') Th¢ chartfv s mistsys Consiikr that an a￿11 is n(rt r¢quirwJ for this year unU￿ in th¢ .￿kIn8 explamnons from vou ￿ frustees concerning any such matters. The pruccdurc5 undcrt￿en do not proi'id¢ all thc cvidence that ￿'(￿ld be required in on awlil wid. con3equcntlv, no opini(Jn 1% given aq to w'hether the ¥COUDts pre5uK a 'rrue and tsir, view and the wort is limited to those matters sd out in the statemurt b¢low. lad¢p¢￿¢•t uamkner'i stalrnegt In ci)nnectirn with my rAamination. ￿ mattffs have corne lo nry *lenlion wthich give mc C￿Lq¢ kn helieve thaL in my material rc4Fttt the acL'oyniS did not rompl>' with the Appli¢bk requirements concerning ihe forni and ¢onieni of accounts scl out in the Thariiicj <Acco￿ts. Rewrts) Re8ulalion$ 2￿8 oth¢r than an) requiremc4)( the ￿counts. Bil'e a and fair. ￿ iew whFih is a matter Considered as I have no ethKerns and &Yross no other rnAlters in ¢oftn￿t1oft with the examination to wbicb al￿n[lon should be drnwyj in this in (Yder io en&bk a rwper unde￿andM8 of the ¢ounts to be fea¢hed. Sigrtd: Da: ¥ 20E. Name., Brend• Dai les

THE ROGER EDWARDS ALMSHOUSES CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Note Incoming Resources Maintenance contributions Investment income Income from fundraising Other income Total Incoming Resources Resources Expended Direct charitable expenditure 2 Fundraising costs Management & administration 3 Total Resources Expended Net Incoming Resources for the year Unrealised profit/(loss) on revaluation of investment properties Transfer to Extraordinary Repair Fund Transfer to Cyclical Maintenance Fund Transfers to Accumulated Fund Accumulated Funds Balances brought forward Net transfers for the current year Balances carried forward	Unrestricted Funds Restricted Funds Total Funds Total Funds 2024 2024 2024 2023 £ £ £ £ 23,755 23,755 23,955 3,342 3,342 1,153 - - - - - - - -
	27,097 - 27,097 25,108
	7,668 21,534 29,202 7,849 - - - - 3,727 - 3,727 4,258
	11,395 21,534 32,929 12,107
	15,702 (21,534) (5,832) 13,001 - - - - (3,834) 3,834 - - (6,264) 6,264 - -
	5,604 (11,436) (5,832) 13,001
	393,120 66,758 459,878 446,877 5,604 (11,436) (5,832) 13,001
	398,724 55,322 454,046 459,878

THE ROGER EDWARDS ALMSHOUSES CHARITY

BALANCE SHEET AS AT 31 DECEMBER 2024

Note Fixed Assets 4 Current Assets Bank account Building society account Debtors and prepayments Current Liabilities Other creditors Current Assets less Current Liabilities Creditors Due After 1 Year Other creditors > 1 yr Financed By: Accumulated Funds: Unrestricted funds 5 Restricted funds 6	31 December 2024 £ £ 317,479 4,981 133,069 1,865 139,914 3,348 3,348 136,567 454,046 - - 454,046 398,724 55,322 454,046	31 December 2023 £ £ 318,448 11,096 134,727 657 146,480 5,050 5,050 141,430 459,878 - 459,878 393,120 66,758 459,878	31 December 2023 £ £ 318,448 11,096 134,727 657 146,480 5,050 5,050 141,430 459,878 - 459,878 393,120 66,758 459,878
	139,914	146,480
	3,348	5,050
	3,348	5,050
			459,878
			-
			459,878
			393,120 66,758
			459,878

THE ROGER EDWARDS ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Statement of Accounting Policies

• a) Basis of Accounting

The accounts have been prepared in accordance with applicable accounting standards and the requirements of the Charities Act 2011.

• b) Tangible Fixed Assets

Tangible fixed assets are stated at cost or valuation.

Investment properties were revalued as at 31 December 2013 by Parrys with Chris Brain, Chartered Surveyors, on an open market value for existing use basis which reflects the low income generated by the properties due to their use for the charity’s purposes.

The properties are revalued periodically and consequently no provision for depreciation is made and any unrealised gain or loss on revaluation is provided in the statement of financial activities.

Depreciation on fixtures and fittings is provided for on a straight line basis at a rate of 5% per annum.

Depreciation has previously been provided on equipment on the straight line method over the expected useful life of the asset, the provision being 20% per annum.

• 2 Direct charitable expenditure relates to direct costs on let properties as follows:

Insurance Repairs & Maintenance Electricity Water rates Depreciation	Unrestricted Funds Restricted Funds Total Funds Total Funds 2024 2024 2024 2023 £ £ £ £ 1,017 1,017 1,017 3,946 21,534 25,480 4,693 1,214 1,214 762 458 458 408 969 969 969
	7,604 21,534 29,138 7,849

THE ROGER EDWARDS ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3 Management and administration expenses are made up of the following:

Legal and professional charges Honoraria Other expenses Bad debt 4 Fixed assets: Investment Properties Balance brought forward Additions Profit/(Loss) on revaluation Value carried forward Fixtures and Fittings Balance brought forward Additions Accumulated depreciation Value carried forward Office Equipment Cost Disposal Accumulated depreciation Disposal Balance carried forward	Unrestricted Funds 2024 £ 0 3,304 423 0 3,727 2024 £ 309,000 - - 19,380 - 10,402 - - - -	Unrestricted Funds 2024 £ 0 3,304 423 0 3,727 2024 £ 309,000 - - 19,380 - 10,402 - - - -	Restricted Funds 2024 £ - - - -		Total Funds 2024 £ 0 3304 423 0 3,727 2023 £ 309,000 - - 19,380 - 9,932 500 (500) 499 (499)	Total Funds 2024 £ 0 3304 423 0 3,727 2023 £ 309,000 - - 19,380 - 9,932 500 (500) 499 (499)	Total Funds 2023 £ 780 3,108 370 -
			-				4,258
			£ 309,000 8,978 - 317,978				£ 309,000 9,448 - 318,448
	19,380 - 10,402				19,380 - 9,932
	- - - -				500 (500) 499 (499)

THE ROGER EDWARDS ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5 Unrestricted Funds

Fund as at 1 January 2024 Movement for the year Fund as at 31 December 2024	General £ 393,120 5,604 398,724	Total £ 393,120 5,604
		398,724

6 Restricted Funds

Funds as at 1 January 2024 Movement for the year Funds as at 31 December 2024	Extraordinary Repair Fund £ 45,613 -8,186 37,427	Cyclical Maintenance Fund £ 21,144 -3,250 17,894	Total £ 66,758 -11,436
			55,322