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 (resi￿ed 02J05/20231
Ms J Lowery lappointed 09105120231
((￿PTAT￿ETRI)SlEEs.
Mr M Roper
alr D Recardo
PRWCIPALADORFSS:
BoThJ StreeL Yeovil, Somerset. BA20 IPF
Mis5 AJ Card
REGisfEAED C*M￿yNuMBER. 241102
REG￿TEREDSOaALL￿￿LoftD: 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

rRL￿EE< 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
De￿mber 2023. The financial statements have been prepared in accordance with the accounting
policies set out in the notes to the accounts and CoM￿Y with th@ charily's Eovernlng document, the
Housing Act 2￿4, 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.
Str￿lure
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 Reg￿ered 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 partI￿lar 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 Co￿81St1n8 of 8 units for poor residents in the Yeovil
cornmunty.
A¢hlevements and erfI*M￿Ce
lansfor the future
During the year the charity continued to prO￿￿e 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 Cha￿e5 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 aCcumulat￿n 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 t￿ildIng5 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 p￿parIng 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.

lNDEPEPx￿Trff 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 charit￿s 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 2￿8 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 reC￿ntsed 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
unreS￿rted Income f￿d5
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 ACCOUp￿S copillNueD
KJR YHEYEAR EN￿D 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 Cu￿ent 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% Stra￿hl 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 d￿lle$ otthe AlM$h￿se 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 r￿1 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
Deprecl*ion and impakn*nts
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 AcCC￿NTs￿lMNi￿D
FOR THE YEAR EP40ED31 DECfMBER2023
IMVESThIENTS
All investments held are in M & G Investmerrts - The National AssocIat￿n 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
H￿tOriC 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 NEfAS5￿5 BYFLTr4DS
Fund name
Fund
b*ance5
bro￿ht
fwward
Income EXp￿re 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 PA￿TRANsAc￿oNs
There were no related party traI￿aC￿on$ durlng the year.
14
Fw4ANCIALCcthqMtrMENY5
Commrtments under the ex￿ting CfFOP loan are shown in note 10.
16