WOBORNSALMSHOUSE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Social Landlord Number.. A4330 Registered Charity Number.. 241102 Contents Pa Charity information Trustees, report Trustee respon5ibilitie5 Independent Examiner's report Statement of Financial Artivities Balance sheet Note5 to the accounts 9-16 Lentells Chartered certlfled Accountants
Ex 0FR(TRuSfEEs. The Vicar of St John the Baptist- Rev. James Dudley-smith The Vicar of Holy Trintty- Rev. D Crouch The Mayor of Yeovil air E Potts-jones Ireslgned 02105120231. Cllr A Kendell (appointed 02105120231 Chairman of the YeoMI Without Parlsh Council - air R Stickland NoMINAIWETRUSIEE&" Mrs P Lock (resigned 01106120231 MrN Gage air J Cabell (resied 02J05/20231 Ms J Lowery lappointed 09105120231 ((PTATETRI)SlEEs. Mr M Roper alr D Recardo PRWCIPALADORFSS: BoThJ StreeL Yeovil, Somerset. BA20 IPF Mis5 AJ Card REGisfEAED C*MyNuMBER. 241102 REGTEREDSOaALLLoftD: A4330 Lentells Chartered Certified Accountants & Registered Audwtors 17-18 Leach Road. Chard Business Park Chard, Somerset, TA20 IFA BANKER Co-OFeratNe Bank pk PO Box 101, l Balloon Street Manchester. M60 4EP
rRLEE< Ap•4UALRE FOR THE YEAR ENDED 31 DECEMBER2023 RT The Trustees present thelr ènnual report and financlal statements of the charity for the year to 31 Dember 2023. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and CoMY with th@ charily's Eovernlng document, the Housing Act 24, the chariti Act 2011, the Chadties Statement of Recommended Practice IFRS 1021 Accounting & ReportinE by Charities as updated by bullelin l and the Houslng Ststement of Recommended Prathlce 2018 for Re£ered Social LarHllords. Strlure overnance and ma ement The charlty was established under a scheme prepared by the Charity Commission dated 7 February 1973. It is registered wtth the Charity Commission. number 241102 and ig a Regered Social Landlord. number A4330. Voluntsry trustees administer the charity and the clerk carries out day to day administration. The Board of Trustees Conststs of 11 competent persons as listed on page l. The board of trustees when complete shall consist of 12 competent persons. The ex-officio tn•stee5 IK)Id partIlar roles in the local community as noted on pa8e l. The YeDMI Town Countil appoints the nominative trustee5 annually. The co-optatlve trustees are persons who through residence. occupation or emplDyment. or otherwise have special knowledge of the area of the ancient Parish of Yeovil apptsinted for a term of five years by a re501ution of the existing trustees. The tru5tee5 meet regularly, The information contained on page I fornis part of this reporL Ob'ectives and actlvltles The object of the charity is to provide almshouses for poor persons who (except In special cases to be approved by the commissioners) have reslded in the area of the ancient parish of Yeovil for not le55 than 5 years. Woborns Almshouse is a two-storey strutture Co81St1n8 of 8 units for poor residents in the Yeovil cornmunty. A¢hlevements and erfI*MCe lansfor the future During the year the charity continued to prOe and maintain 8 units for poor residents in the Yeovil cornmunity. Voids occur vthere indNidual units are unoccupied for the part of the year and are stated in note 2 of these accounts. The 2023 voids were £012022 Voids: £2.570) which iepresented O empty unlts12022: 0.431 during the year. The charity aims to occupy all units throughout the coming year. however where Chae5 in residents occur and units are redecorated this i£ not afvlays possible. The Trustees VAIL be reviewing all rK)licies and procedures during the next financhal year.
TFNJStEE< ANNUAL REpoKr ENDED31 DECEMBER 2023 coNnwED Finab)cial revlew and ol The attached finanaal statements show the currert 5tste of finafftc which the Trustees consider to be sound. The net expenditure exceèded income for the year by £85.735 12022.. Income exceeded expenditure by £112,665) before other galns and losses. There were substantial stonework repairs carrled out during the year. The conservation work of £62,067 was paid for by the sale of 393.456 units of M & G Investment aCcumulatn unlts and 21,177.537 units of M & G inve51ments income units which were sold in totsl for £60.0(KJ. Flxed assets Investments, which match the deslgnated fund5 within unrestricted reserve5, con51st of specialised Almshouse unlt trusts managed by M & G. These investments have been earmarked for the Cyclical Maintenance Fund. No additional untts We bought during the year aml those stated above were sold. The realised loss on investments ¥S £321 and the unrealised gain on revaluation was £6,34812022 no additlonal units bought and the unreallsed loss on revaluation was £1,107). Freehold larbd and buildings were revalued on 5 September 2017 by professional extemal valuers, Greenslade Taylor Hunt and have gnce been depreuated in accordance wilh the accountlng policies. The next 5-year cyclical revaluation of the freehold land tildIng5 was due to take place in 2022 in accordance with the recommendatlon5 of FR5102. However, due to ongoing freehold property stone work renovations and replacement of windows during the year, the trustee5 made the decision that the 5 year cydical property revaluation due in 2022, would now take a¢e In 2024 when the work is completed. The defldt of income over expendr(ure for the year after tsansfers and other recognised Ealns and losses was £79.70812022- deficft £113.7721. The truslees are of the opinbon that the charity is a going concem based on thelr reserve5 and Investment pollcy. Re5er¥es arrfl investment The income stream of the charity can be calculated with reasonable Certainty based on occupatton of the premises. The trustees have taken the vlew to retain the Almshouse fLxed asset investment fijnds of £106,93512022: £160.9081 for the long tem) in case the bullding should need unexpected repalrs or the income stream dips and they need to service the current loan borrowed to refurbish the property. The charity is not concerned about major new refurbishment of the bulldlrbg In the near future. The charttV5 main concern is to service the loan of £10.30512022: £20,148> bDrrowed to refurbish the premises and the Trustees believe that the current level of unrestricted reserves £443,536 12022: £524,129) held by the chartty is appropriate.
WOBORNS ALMSHOUSE TRUSTEEg ANNUAL REPORT FOR THÈ YEAR ENDED 31 DECEMBER 2023 CONTINUED Risk Mana ement The Trustees actively review, on a regular basis, the major risks. both financial and operational, which the charity potentially faces. The building is ancient and built primarily of Yeovil stone which crumbles easily. A view of that issue is expressed every five years in the f1ve-year review. Reserve5 need to be kept in place to coveT this contingency. Those reserve5 are monitored each quarter. For some reason. it is taking longer to fill vacancies, so we need to be prudent with our voids provision and to keep the annual weekly maintenance contributions to a sensible level. A relationship has now been established with the Local Authority and they are notified of vacancies to establish whether there is anyone who fulfils the criteria of residency that could benefit from residing at Woborns Almshouse. Public Benefit The Charities Act explicitly includes "Public Benefit" in the definition of 'Charitable Purpose" The Trustees believe that Woborns Almshouse meets this requirement. It provides an Almshouse for poor person5 who reside in the Yeovil area, providing a much needed accommodation to support the local community. Signed by a member of th bo rd of trus Signed Truste Date 201W PRINT NAME
The trustees are responsible for pparIng the finandal statements in accordanee with applicable law and Charites SORP IFP5102}. Appllcable law requires the trustees to prepare finandal statements for each financial year whlch glve a true and fair view of the charitrfs finanaal aciivities during the year and of financial position at the end of the year. In preparing those finanoal statements the trustees are required to.. selecl suitable accountln8 polKies and then app them conslstentlyi bl makejudgements and estimates that are reasonaNe and pwdent: state whether applicable ac£0Untiw stsndards and statements of recommended practice have been followed. 5ublert to any departures dwlosed and explained in the financial statements; and d) prepare the financial statements on the goir)g concern basis unless it is inapproprlate to presume that the tharity will continue in operation. The trustees are responsible for keeping proper acco¥Jnting records which disclose wlth reasonable accuracy the financi31 posttion of the chartty and which enable them to ensur@ the flnancial statements compty with the Charities Act 2011. the Housing Act 2004, the Charities Statement of Recommended Practice {FRS 1021 Accounting & Reporting by Chadties and the Housing Statement of Recommended Prnctice 2018 for Registered Social Landlord5. They are also responsible for safeguardinE the assets of the charity and hence for taknng reasonable Steps forthe prevention and detection of fraud or other irregularitles.
lNDEPEPxTrff ExAMIP4ER'S REPoRTT0Tr TRLMEESOF I report to the Trustees on my examination of the accounts of Woboms Almshouse for the year ended 31 December 2023 set out on pages 7 to 16. nsibllitles and basi5 Ot re As the chadty Trustw of Woborns AlmshoLtse you are responsible for the preparation of the accounts in accordance with the requirements of the charits Act 20111'the ACVI. I report In respect of my examlnatlon of the Trustee< accounts carrled out under section 145 of the 2011 Act and in carrybng out my examination I have followed all the appllcable Directions given by the Charity Commissioner under settion 14515llbl of the 2011 Act. Inde ndent examlnerg statement I have completed my examination. I confirm that no material matter5 have come to my attention in connection with the examination giving me cause to believe that in any material respect.. i) accounting records were not kept in respect of the charfty as requlred by sertion 130 ofthe Art: or the accounts do not accord with those records; or the attounts do not compty wÈth the applicable requirements concernlng the form and content of accounts Set out in the Charities IAccour)ts and Reports) Regulations 28 other than any requirement that the accounts give a 'true and falr view whlch is not a matter considered as part of an independent examination. 21 31 I have no concerns arKI have come across no other matters in connectlon wfth the examlnation to which attention should be dravm in thls rewrt In order to et)able a proper understanding of the accounts to be read)ed. Signed Dated Name- Mr Rl Wegner Relevant professional qualification.. FCCA Flrm.. Ler)te115 Llmtted. Chartered Certrfied Accountants Address: 17-18 Leach Road, Chard Business Park, Chard. Somerset, TA20 IFA Firm's professM)nal body.. ACCA
FOR THEYFAR E)ED 31 DECEMBER2023 2023 T¢)tsl funds Unrestricted 2022 Totsl funds Unrestrlrted Note5 INCOME & EPX)OWMETm FROM 11.2) Charltable artimties Investments 57,041 339 48,278 741 Totsl In¢ome 57,380 49.019 ExPE)[lURE{ {1,3} Charitable activities 1143,1151 1161,6841 Tota expendilure (143.1151 1161,684) Net Incomellexpenditurel before investment gains/llossesl 185.7351 1112,665} Net galnslllossesl on investments 11,61 6,027 11,1071 Other reCntsed galnsltlossesl Gains and1105ses1 on revaluation of fixed assets forthe charivs own use 11,51 Net movement In funds [79,708) 113.7721 Reconclll*ion of Funds Total funds brought fopward 523,244 637,016 Totsl funds carried fonvard 443,536 523,244
BALAN(E ASAT31 DE(EMBEA 2023 2022 Flxed assets Tangible assets Investments 151 344,012 106,935 349.722 160,908 TotolAlxedo55ets 450,947 510,630 Currem ass$ Debtors Cash at bank and in hand 4.733 3,605 6,476 31,994 (8) Tothlcurrent(wets 8.338 38,470 Uabllltle$ Credttor5-amounts falllng due within one year 191 115.7491 {15,6441 Netrurreht tyssets or (Ilobllftlesj 17.4111 22,826 fotolassets le55 ent liabilitles 443,536 533,456 Credttors- amounts falling due after one year iioi 110,2121 Totql netossets 443,S36 523,244 The funds ofthetharlty unreSrted Income fd5 iiii 443,536 523.244 Total tharityfmds 443,536 523.244 These accounts were appri)ved by the Trustees on o¥ 2O1LF Signed Trustee PRINTNAME Signed Trustee PRINT KAME
NOIESTOTHE ACCOLllll5 FOR YEAR E£031 DECEMbER2023 GENERAL The finandal statements have been prepared under the historical cost conventlon as modified by the revaluation of the freehold property and investments. The financial ststements for the year ended 31 December 2023 are prepared in accordance wrth the Charitles Statement of Recommended Practice (FR51021 on Accounting and Reporting by Charities as updated by bulktin l. the Financial Reporting Standard applicable in the United Kingdom. the Charities Act 2011. the regulator of social housing aceountinE direction 2022 and the Housing Statement of Recommended Practice 2018 for ReElstered Social Landlords. The charity is a public benefit entity and there are no material uncertainties about the charws ability to continue as a going Concem. Under the LTharlties SORP IFRS 102} as upjated by bulletin l. the charity is exempt from preparirg a cash-flow statement. INCOME & EI41)OWMEp¥fs FROM t)onatlons & L intomÈ is Included In the slatement of financial actmtles ISOFAI when it is received by the tharity. Charitable attivities and investment income is Induded in the SOFA when it is receivable by the charity on the accruals basis. Intan ible Income incoTrM)ratin8 the value of semces provKled by volunteers has not been induded in the accounts on the that finanaal costs are bome by any party. Restricted income given for a specific purpose is shown sep3ratefy in the SOFA. Currently there are no restricted funds. Incomi resources have been included gross within the SOFA There has been no netti off of expenditure and no deferral of income. FUNDS Restrfrted fund5 are to be used for è specffic purpose as lald down by the donor. Expenditure whlth meets these triteria is charged to the fund. There were no restricted funds during the year.
NOTESTO THE ACCOUpS copillNueD KJR YHEYEAR END 31 DECEMBER 2023 AccoupmNG POLiaES continued Desl nated funds are unre5trKted fvnds earmarked by the trustees for particular purposes. The funds currentty desi@nated funds are the Almshouse Extraordinary Repalr Fund IERFI and Cyclical Maintenance Fund ICMFI. Deta115 of these funds are summarised in Notes 6 and 11. EXPENDITURE ON nses are recognised by actNity on an ac(waL5 basis. The charitys Cuent artiwty 15 the unrestrirted provision 018 units of accommodation for Fthr residents in the Yeovil area. FIXED ASSEf5 Tan ible assets and de reciation The charity's freehold land and buildings are induded in the balance sheet at deemed cost using a deprec13ted revaluatKJn in accordance with the Charities SQRP IFRS 1021. Future revaluatlon5 of the freehold land and buildings are planned every 5 years on a cyclical basis in accnrdance with the recommendations of FRSIO2. The trustees have carried out an impairment review of assets under FRS 102 and considèr that the canrying values shown in the account5 are at least equal to recoverable amount. Other fLxed assets are capitali%ed at cost where their purchase price exceeds E500. Depreciation Is provlded at rates calculated to write off the cost of each asset over its expected useful Ilfe. as follows-_ Freehold land- not depredated Freehold buildings- 2% Strahl line basis Fixtures fittings and equipment- 20% reducing balance ba515 Investments JI investments held by the charity are invested in common investment funds. They are included In the balance sheet at their market value. Income from these investments is shown as part of the unrestrirted irmme fund under investment Income when it is received. Unrealised gains or 105ses arising on investments are shown separately in the Statement of Finanual ActNities as unrestricted funds. io
FOR THE YFAR ENDED31 DECEM8ER 2023 ANALYSISOF IKOME & ENtM)wktr 2023 T•)tsl funds 2022 Total funds Unrestri ChaTltable artivhles Maintenance & service charges of mshouse units Insurance reimbursemeni for repalrs 55,680 1,361 48,278 57.041 48,278 Investments Dividends recelved from common Investment funds 339 741 TOT 57380 49.019 Turnover for the year Wds £57,380 12022 £49,019) and represents the total amount derived from the provision of services and Interest received and b stated after discounts and Is Induslve of VAT. Analysis of marntenance & seNke dlle$ otthe AlM$hse uThi._ 2023 Rent recelvable Service charges 38,544 17,136 38,048 12,800 Gross tharEes S5.680 50,848 Void5 12,5701 Net charges received 55,680 48,278 li
NoTESTOIHEACCOUNTSCONnNUED FOIITHEYEARElaXD31 DECEMBER 2023 ANAL$ OF ExpENtrfruREII 2023 2022 Total fund5 Unrestricted Total funds Unrestrirted Charltable acthiltles Council tax on unoccupied flats Insurance Propety maintenance stone conservatiun work Ilncluding related professional fees) 62rdening Window deaninE Electridty Water Property depreciation Flxtures, Nttings and Equipment depreclation Jop loan interest Accountancy services Independent examination Accounts preparation and retum5 Almshouse subscription Sundry expenses 237 1,227 21,222 1,452 31,158 62.067 738 1.112 34.309 2.859 5.7(KJ 110,566 558 820 17.153 1,191 5,700 io 926 12 537 650 IA26 196 512 560 1.156 187 558 TOTAL 143,115 161,684 During the year there were r1 transfers between funds. 12
NoYESTOThE ACCCWJ14T5 CONIINVEP FORIHE YEAR ENDED 31 DECEMBER 2023 TANGlbLE ASSETS nd Bulldings Total C05t or valuation At beginning of the year 95.orxi 285,0 1,734 381,734 At end of the year 95,IK)0 285.000 1,734 381,734 Depreclion and impaknnts At beginning of the year Depredatlon 30,327 5,71X) 1,685 io 32,012 5.710 At end of the year 36.027 1.695 37,722 Net book value at beglnnlng ofthe year 95,( 254.673 49 349,722 Net book value at end of the year 95.OW 248,973 39 Y44,012 The charity's fixed assets are used Sole for the direct furtherance of the charlivs objectives and are let to poor per50n5 in the Yeovil area. The oriEinal cost of the Almshouse is unknown," however, It was built In 1860 on a slte already owned by the trustees foltow1 the previous Amshou5e building behind Pall Inn, Silver Street f3llln8 into a dilapidated state. Ihe freehold land and buildings were revalued on 5 September 2017 at an investment value of £380,LKK) by external.professional valuers, Messrs Greenslade Taylor Hunt and the buildings have since been depreciated. The next 5-year ryclical revaluatlon of the freehold land buildings was due to take place in 2022 in accordance with th@ recommendadons of FRS102. However, due to ongoing freehold property stone WO renovadons and replacement of windows during the year, the trustees made the decision that the 5 year cydical property revaluation due In 2022, would nowtake place in 2024 when the work Is completed. The Housing Corporation would need lo be consulted should the trurtees wlsh to consider the charity mowng premises. as a grant from public funds was ree£ivÈd for refurbishment of £142,301 during 2CQ2 and 2W3. 13
NOTESTOTHE AcCCNTslMNiD FOR THE YEAR EP40ED31 DECfMBER2023 IMVESThIENTS All investments held are in M & G Investmerrts - The National AssocIatn of Almshouses Common Investment Fund Analysls ofthange durlr4 the year. Carrying value Imarket value) at beginnlng of year Addition5 to investments at cost Dlsposals of Investments at cost Realised net gain l {lossl on disposals Net gain I Ilossl on revaluation 160,908 160,0001 13211 Carrying value (market value) at end of year 106,935 HtOriC cost at end of year Unavailable Holdlng5 lYKome fund 21.177.537 Market value at t*glnnlnE of year 121,177.5371 Sold realised gainlllossl 18,702 118,4081 {2941 Market value at end of year Accumulatkn I)d 1,347.532 Market value at beginni of year Purchased Sold Realised gain/llossl Unrealised gainlllossl 142.2D6 1393.4561 141,5921 {27) 6,348 954.076 Market value at end of year 106,965 The trustees have deslgnated the accumulation common investment funds for speclfic use as follows: . 2023 2022 Cyclical Maintenance Fund ICMFI Extraordinary Repair FLtnd IERFI 106.935 113.463 28.743 106.935 142.206 14
FOR THEYEAR DECEP4JBER2023 DEBTORS 2023 2022 Trade debtors Prepayments 3.949 5,029 IA47 4,733 6.476 CASH ATBAIIKAND IN HAND 2022 Cash at bank 3.605 31.994 cRED(S-aM0Unts falling due withln one year 2023 2022 Charges In advan Accruals Co-op loan 24 5,420 10,305 24 9,936 15,749 15,644 io CREDITOPS-amounts falling due after more than one year 21Y23 2022 Co-op loan Due between 1- 2 years Due between 2- 5 years 10,087 125 10,212 The total loan credTtor owinE to the CO-OP is secured by a first legal charge over the property, Woborns Almshouse, Bond StreeL YeoMI, Sornerset, BA20 IPF dated 24 November 2002. The totsl value of the loan was £10,305 as at 31 December 2023 and Its pmkK)rtion to asset value was 3% {2022: 5.8%)
FOR YEAR£ED 31 DE(&MBER 2023 li SUMMARY OF NEfAS55 BYFLTr4DS Fund name Fund b*ance5 broht fwward Income EXpre Transfers Galns Fund and balances lo5se5 carrled forward Unrestricted Income fund 523,244 57.380 1143.1151 6.027 443,536 Within unrestrlctÈd funds the trustees have estsblished two deslenated funds amounting to £106,96512022: £142,2061 as detsiled in Note 6 above. 12 During tho year remuneration or expenses were paid to any employees or trustees. Out of pocket expenses incurred in the normal course of business were relmbursed to the cle. 13 REiATED PATRANsAcoNs There were no related party traIaCon$ durlng the year. 14 Fw4ANCIALCcthqMtrMENY5 Commrtments under the exting CfFOP loan are shown in note 10. 16