## **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: 01291 673367 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: 0345 740 4404 Monmouthshire Building Society John Frost Square Newport NP20 1PX Tel: 01633 840454 Charity’s Solicitor _None appointed_ Charity’s Chief Adviser The Almshouse Association Billingbear Lodge Carters Hill Wokingham Berkshire RG40 5RU Tel: 01344 452922 ## **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 SL*te of afftiits of the ehArity as * thc b#laDCt 5heei ol ils jlkniming resout¢c5 and Application ol" rcsourc¢s. in¢ludin8 inc' 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 **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|