copy CHARLES EDWARD SUGDEN'S ALMSHOUSES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity Registration Number: 243833 Homes and Communities Agency Number.. A3990 Almshouses Association member No: M1012
CHARLES EDWARD SUGDEN'S ALMSHOUSES ASSOCIATION INFORMATION Trustee Abbeyfield the Dales Limited Charity number Homes and Communities Agency Nurnber Almshouses Association Momber No 243833 A3990 M1012 Prlncipal Address Grove House 12 Riddings Road Ilkley Leeds LS29 9BF Audltor Azels Audil Services Carlton House Grammar School Street Bradford BD14NS 8ankers Barclays Bank PLC Leicester United Kingdom LE87 2BB
CHARLES EDWARD SUGDEN'S ALMSHOUSES CONTENTS Page Board Report Trustee's responsibilties slalement Independent audilols report Profit and loss account Balance sheet Slalem8nt of changes in equity Notes to the financial stal8menls 10-16
CHARLES EDWARD SUGDEN'S ALMSHOUSES BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Corporate Truslee presents its report and financial statements for the year ended 31 March 2024. Objectives and actlvities Charles Edward Sugden Almshouses is a not-for-profrt registered charity. and il is also a registered social housing landlord. The charity's object is the provision of almshouses accommodation for those who qualify under the trust deed, mainly qualifying residents from the Keighley area. The accommodation is only suitable for single occupants and whenever vacancies occur, they are advertised locally. When making allocation decisions, the Corporate Truslee gives priority to those in most need. The polictes adopted in furtheran of these objeGts are sel on pages 10 10 16 of this annual report and there have been no changes to these during the year. The Corporate Truslee has paid due regard lo guidance issued by the Charity Commission in deciding what a¢livilies the charity should undertake. Achievemenls and perfomiance Flnanclal revi8W During the year the ¢harily generated income of £37,231 (2023 - £31,686). the year opened with 1 void which was refurbished and re-let in the first quarter of the year. Flats have remained full for lh8 r8maining part of the year following the relet of this void. As part of the on-going programme the remaining refurbished flals will be completed as and when a flat becomes void. Total expenditure was £39,067 (2023 - £36,518), with the slight increase due current economic inflation pressures stemmed from the cosl-of-living crisis. The net incoming resources for the year are £2,017 (2023- £4,740 net oufflow of resource). The tolal reseNes as of 31 March 2024 stands al £369,286 (2023 - £367,269). Reserves Policy It is the policy of Ihe charity that unrestricted reseeS which have not been designated for a specific use are earmarked lo fund major repairs as identified by previous and future quinquennial surveys and lo provide a buffer in the event of any unforeseen expenditure. The Irustee considers that this will ensure that, in the event of a significant drop in nel incoming resources. they will be able to continue the charitys currenl activities while consideration is given to ways in which additional income or funds may be raised. This reserves policy has been maintained throughout the year. Rlsk Managément The Corporate Trustee has assessed the major risks to whi¢h the charity is exposed and is satisfied that systems are in place to miligate exposure to the major risks. Structure* governance and management The charity is uninGorporaled and is govemed by the will of Charles Edward Sugden, proved on 11 July 1916 Several amendments have been made to the governing document, the lasl amendment was made on 26 December 2012. The charity registration number is 243833 and the principal office is Grove House, 12 Riddings Road, Ilkley LS29 9BF. A Corporate Trustee has been appoinled and any changes in Ttustee must be approved by the Trustees of this company.
CHARLES EDWARD SUGDEN'S ALMSHOUSES BOARD REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Corporate Trustee serving during the year was: Abbeyfiald The Dales Limited The Trustees ofAbbeyfield The Dales Limited are: ALHIII (Chair) A Francis (Resigned 28 July 20231 F J Johnson (Resigned 31 May 2024) D Smith (Deputy Chair) AAshby (Resigned 27 October 2023) M Carter l Hepworth I Price N Whlth2m R G Rawling T P Carroll M Harman (Resigned 26 May 2023) P Myers (Appointed 26 May 2023) P G Myers (Appointed 26 May 2023) J Connelly (Appointed 26 May 2023) A Massingham (Appointed 31 May 2024) A Hunt (Appointed 31 May 2024) {Resigned 31 August 2024) Auditor Azets Audit SeNices were appointed as auditor lo the association and in accordance with ils governing document, a resolution proposing thal they be re-appointed will be pul al a General Meeting. Disclosure of Informatlon to audltor So far as each person who was a Trustee al the date of approving ihis report is aware, there is no relevant audit information of which the asso(aation's auditor is unaware. Additionally. the Iruslee has taken all Ihe necessary steps that they ought lo have taken as a truslee in oidei lo make Ihemselves aware of all relevant audit inform ion and to establish Ihat the associalion's auditor is aware of thal information. Abbeyfield the Dales Limited Dated.. 27 September 2024
CHARLES EDWARD SUGDEN'S ALMSHOUSES TRUSTEES RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 The truslee is responsible for preparing the annual report and Ihe financial slatemenls in aCrdance with applicable law and regulations. The registered social housing legislalion requires the truslee to prepare financral slatemenls for each financial year. Under that legislation the Irustee has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under the registered social housing legislation the truslee must not approve the financial statements unless they are satisfied that they give a true 8nd fair view of Ihe state of affairs of the association and of the profit or loss of the association for that period. In preparing these financial statements, th8 trustee is required to.. select suitsble accounting policies and then apply them consistenlly,. make judgements and accounting estimates Ihal are reasonable and prudent: prepare the financial slalements on the going concern basis unless il is inappropriate to presume thal the company will continue in business. The trustee is responsible for keeping adequate accounling records that are sufficient lo show and explain the association's transactions and disclose with reasonable accuracy al any lime the financial position of the association and enable them lo ensure that the financial slalemenls comply wilh the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social in England 2019. The Trustee is also responsible for safeguarding Ihe assets of the association and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
CHARLES EDWARD SUGDEN'S ALMSHOUSES INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHARLES EDWARD SUGDEN'S ALMSHOUSES Opinion We have audiled the financial statements of Chartes Edward Sugden's Almshouses (the 'assoctation') for the year ended 31 March 2024 which comprise oflhe profit and loss account, Ihe balan sheet, the statement of changes in equity and noles lo the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom AccLiunling Standards, including Financial Reporting Standard 102 Th8 Financial Reporting Standard applicable in Ihe UK and Republic of Ir81and (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statemenls.. give a true and fair view of the slate of the associations. affairs as al 31 Marth 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally ApIed Accounting Practice,. and have been prepared in accordance WFth the requirements of Ihe Charities Acl 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2019. Basis for oplnlon We conducted our audit in accordanca with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilorts rèsponsibililies for tho audil of the financial sla18m8nts seclion of our reporl. We are independent of the association in accordance with the ethical requirements that are relevant to our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accA)rdance with these requirements. We believe that the audit evidence we have obtained is suffiaenl and appropriate to prowde a basis for our opinion. Concluslons relating to going concern In auditing the financial slalements. we have concluded that the tnjslee's use of the going Goncorn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties lating lo events or conditions that, individually or colleclively, may cast significant doubl on the company's ability to continue 8s a going concem for a period of al le8St twelve months from when the financlal statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report. Other information The other informalion comprises the information induded in the annual report other than the h'nancial slatements and our auditors report Ihereon. The trustee is responsible for the olher infomation contained within the annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly staled in our report, we do nol express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other informalion is materially inconsistent with the financial statements or our knowledge obtained in the course of Ihe audit. or otherwise appears to be materially misstated. If we identify sud) material inconsistenctes or apparenl malerial misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we wndude Ihat there is a material misstatemenl of this other information, we are required to report thal fact. We have nothing lo report in this regard. Opinlons on othermatters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit: the informalion given in the direclorfs report for the financial year for which the financial statements are prepared is Consistent wilh the financial statements; and the directovs report has been prepared in accordance wtth applicable legal requirements.
CHARLES EDWARD SUGDEN'S ALMSHOUSES INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHARLES EDWARD SUGDEN'S ALMSHOUSES Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the association and its environment obtained in the course of the audit, we have nol identified material misstatements in the trustee's report. We have nothing lo report in respect of the following matters in relation lo which the Charities {Accounts and Reports) Regulations 2008 require us lo report lo you if, in our opinion.. adequate 2ccounting records have nol been kept. or relums adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounling CordS and tUrns. or we have not received all the informalion and explanations we require for our audil.. or the information given in the financial slatemenls is inconsislent in any material respect with the ITUStee's report. In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Aci 2009 reqLiires us to rèport to you if, in our opinion.. a satisfactory system of control over transaction has not been maintsined. Respon8lbllltles of the trustee As explained more fully in the trustee's responsibilities slalement, the trustee is responsible for the preparation of the financial statemen15 2nd for being satisfied that Ihey give a true and fair view. and for such internal control as the trustee determines is necessary lo enable the prÈparalion of financial slalements thal are free from material misslatemenl, whether due lo fraud or error. In preparing the financial statements, Ihe trustee is responsible for assessing the association's ability to continue as a going concern. disdosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Irustae either intends to liquidate the association or to cease operations, or has no realistic alternative bul to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free from material misslalemenl, whether due to fraud or error, and lo issue an auditor's report Ihal includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SSAS <UK) will always delecl a material misslatemenl when il exists. Misslatemenls can arise from fraud or error and are considered malerial if, individually OT in the aggregate. Ihey could reasonably be éxpected to influence Ihe 8conomic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https:11 www.frc.org.uklauditorsresponsibilities. This descriplion forms part of our auditor's report.
CHARLES EDWARD SUGDEN'S ALMSHOUSES INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHARLES EDWARD SUGDEN'S ALMSHOUSES Extent to which the audltwas considered capable of detecting irregularlties, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on Ihe Financial Reporting Council's website, lo detect material misstatements in respect of irregulaTilies, induding fraud. We obtain and update our understanding of the entity, its activities, ils control environment, and likely futuro developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of matetial misstalement of the financial slalements, whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is SuffIent and appropriate lo provide a basis for our opinion. This includes consideration of the risk of aGts by the entity that were contrary to applicable laws and regulations, including fraud. In response lo the risk of irregularities and nonrycompliance with laws and regulations, including fraud, we designed procedures which induded., Enquiry of management and those charged wilh governan around a¢tual and potential liligalion and claims as well as actual, suspected and alleged fraud; Reviewing minutes of meetings of those charged with govemance; Assessing the exlenl of compliance wilh the laws and regulations considered lo have a direct material effect on the financial statements or the operations of the association through enquiry and inspection., Reviewing financial statement disclosures and testing lo supporting documenlalion to assess compliance with applicable laws and regulalions., Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evalualing the business ralionale of significant transactions outside the normal course of business and reviewing ae£ounting eslimales for indicatois of potential bias. Because of the inherent limi181ions of an audit, there is a risk that we will nol delect all irregularities, including those leading lo a material mlsslatemenl in the finanual statemenls or non-compliance with regulation. This risk increases the moro that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of inslances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one r8sulling from error, as fraud may involve collusion. forgery, intentional omissions. misrepresenlalions, or Ihe override of intemal control. Use of our report This report is made solely lo the association's trustee, as a body, in acLordance wilh Chapter 3 of Part 4 of thè Charities {Accounts and Reports) Regulations 2008 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state lo the association's trustee those matters we ar8 required lo state to Ihem in an audilols report and for no other purpose. To the fullest exlenl permitted by law, we do nol accept or assume responsibility to anyone other than the association and the association's trustee for our audit work, for this report, or for the opinions we have formed. Ison Whalley Sénior Statutory Audltor For and on behalf of Azets AuditSeNlces 27 September 2024 Chartered Accounlants statutory Auditor Carlton House Grammar School Street Bradford BD14NS
CHARLES EDWARD SUGDEN'S ALMSHOUSES PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Turnover Cost of sales 37.231 (39.067) 31,686 {36,518) Gross loss {1.836) {4,832) Other operaling income 400 Operating loss (1,436) (4,832) Interest recelvable and similar income 3,453 92 Proflulloss) before taxation 2,017 {4,7401 Tax on profill(loss) ProflU{los3) for the financial year 2,017 14,740) The profit and loss account has been prepared on the basis Ihal all operations are continuing operations.
CHARLES EDWARD SUGDEN'S ALMSHOUSES BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Inveslmenls 406,861 53,715 418.661 51,111 460,576 469,772 Currenl assets Debtors Cash al bank and in hand 8.637 20.142 10.554 15.279 28.779 25,833 Credltors: amounts falling due within one year 10 17.431) <12,882) Net current assets 21,348 12,951 Total assets less current Ilabllltles 481.924 482,723 Credltoys: amounts falling due after more than one year 11 <112.638) (115,454) Net a889ts 369.286 367,269 Capitsl and reserves Revaluation reseNe Profit and loss reseNes 12 224,820 144.466 224,820 142,449 Tot81 equlty 369,288 367,269 The fin ial slalements were approved and signed by the trustee and authorised for issue on 27 Seplember 2024 Abbeyfield Ihe Dales Limited Trustea
CHARLES EDWARD SUGDEN'S ALMSHOUSES STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024 Revaluation reserve Proflt and loss reserves Total Balance at 1 April 2022 225,335 146,674 372,009 Year ended 31 March 2023: Loss and lotal comprehensive income for the year Revaluation of inveslmenls (4,225) (4,225) (515) <515) Balance at 31 March 2023 224,820 142,449 367.269 Year ended 31 March 2024: Profil and lolal comprehensive income for the year 2.017 2,017 Balance at 31 March 2024 224.820 144,466 369,286
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Judgements and key sources of estimation uncertalnty In the application of the association's accounling FM)licies, Ihe Irustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and olher factors that are considered lo be relevanl. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Rewsion5 to accounting eslimales are recognised in the period in which the estimate is revised where the revision affeGls only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Accounting poli¢ies G8neral informatlon The ¢harity is a registered social housing provider registered in England and Wales. Registered Chariiy Number.. 243833 Homes and CommuniliesAgency Registration Number. A3990 Almshouses Association member number.. M1012 2.1 Accountlng convention These financial slalemenls have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. fFRS 102-), the Slalement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for private registered providers of social housing in England 2019. The financial stalemenls are also ppared under the requirements of the Housing Regulations Act 2008. The reglstered SOCAal housing provider conslitules a public benefil enlity as defined by FRS102. The financial stalem8nls are prepared in sterling, which Is the funclional currency of the association. Monetary amounts in these financial statements are rounded lo the nearest £. The tinancial slalemenls have been prepared under the historical cost convention, modified lo include Ihe revalualion of freehold properties and lo include inveslmenl properties and Gertain financial instruments at fair value. The principal accounting policies adopted are set out below. 2.2 Going concern Al the time of approving the financial stalemenls, the trustee has a reasonable expectation thal Ihe associalion has adequate resources lo continue in operational existence for the foreseeable fulure. Thus the trustee continues lo adopt the going concem basis of accounling in preparing the financial slalemenls. 2.3 Turnover Turnover represents weekly maintenance charges receivable. including water rates in the year, nel of losses from voids and amortisation of government grants. Social Houslng Grant Social Housing Grant (SHG) is receivable from the Homes and Communities Agency and is ulilised to reduce Ihe capital costs of housing properties. The SHG is re¢J)gnised in in(x)me on a systematic basis over the expected useful economic life of the properties. 10-
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles Icontlnuedl 2.4 Tanglble fixed assets Tangible fixed assels are initially measured at cost and subsequently measured al cosl or valuation. net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Social housing properknes Doors and windows Kitchens Bathroom Boilers Electrial and healing installations 50 years 30 years 20 years 25 years 15 years 25 years The gain or loss arising on the disposal of an asset is delermined as the difference between the sale prOed$ and the carrying value of the asset, and is credited or charged lo profil or loss. 2.5 Fixod asset Investments Investments are recognised initially al fair value which is normally the Iransactlon price excluding transaction costs. Subsequently, they are measured at fair value through the profit and loss account if the Share are publidy traded or Iheir fair value can othemise be measured reliably. 2.6 Impairment of flxed assets At each reporting period end dale, the association reviews the carrying amounts of its tangible assets to delemine whether there is any indicalion that those assets have suffered an impairmenl loss. If any such indication exists, the recoverable amount of the asset is estimated in order lo delemiine the exlenl of the impairment loss lif any). Where it is not possible lo eslimale the recoverable amount of an individual asset. the associalion estimales the recoverable amount of the cash-generating unil lo which the asset belongs. Recoverable amount is the higher of fair value less costs lo sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their presenl value using 3 pre-tax discount rate that reflects current market assessmenls of the time value of money and Ihe risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is eslimaled to be less than ils carrying amount, the carrying amount of the asset (or cash-generaling unit) is reduced lo its recoverable amount. An impairmenl loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised imp8iTmenl losses are reversed if, and only if, Ihe reasons for the impairment loss have ce8sed to apply. Were an impaimient1055 subsequentty reverses, the carying amount ofthe asset (or cash-generaling unit) is increased to the revised eslimate of its recoverable amounl, but so thal the increased carrying amount does not exceed the carrying amount thal would have been determined had no impaimient loss been recognised for Ihe asset (or cash-generaling unit) in prior years. A reversal of an impairmenl loss is recognised immediately in the profrt or loss. unless the relevant assel is carried at a revalued amount, in which case the reversal of Ihe impairment loss is Ireated as a revaluation increase. 2.7 Cash and Gash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held al call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 11
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles {Continued) 2.8 Financial instruments The association has elected to apply the provisions of Section 11 '8asic Financial Inslrumenls, and Sedion 12 'Olher Financial Instruments Issues, of FRS 10210 all of its financial instrumenls. Flnancial instruments are recognised in the association's balance sheel when the association becomes party to the contractual provisions of the inslrumenl. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right lo set off tl7e recognised amounts and there is an intention to seltle on a net basis or lo realise the asset and settle the liabiliiy simultaneously. Basic flnancial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaclion price including transaction costs and are subsequenlly carried at amortised cost using the effective interest method unless the arrangement conslilules a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are nol amortised. Classlfication of flnan¢lal liablll(ies Financial liabilities and equity inslruments are dassified according to the substance of the contractual arrangements entered into. An equity instrument is any cx)ntracl Ihal evidences a residual interest In the assels of the association after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and pr6ference shares that are classified as debt, are initially recognised at Iransaclion price unless the arrangement ¢onslitules a financing Iransaction, where the debl instrument is measured al the present value of the future payments discounted al a market rate of inleiest. Financial liabilities daSsifd as payabla within one year ar8 not amortised. Debt inslruments are subsequently carried at amortised eA)sl, using the effective interest rale method. Trade creditors are obligations to pay for goods or semces that have been acquired in the ordinary course of business from suppliers. Amounts payable aré dassified as current liabililies if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and Subsequent measured at amortised cost using the effective interest melhod. 2.9 Equlty Instruments Equity instruments issued by the association are recorded al the proceeds re(*ived, nel of transaction costs, Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the association. 2.10 Employee benefits The costs of short-lem employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assels. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the association is demonslrably committed to terminate the employment of an employee or to provide terminalion benefits. 12-
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounling policies (Continued) 2.11 Government grants Govemmenl grants are reoognised at the fair value of the assel received or receivable when there is reasonable assurance that the granl conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the perfomiance conditions are mel. Where a grant does nol specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant re)Ved before the recognition criteria are satisfied is recognised as a Soclal Housing turnover and Costs 2024 2023 Tumover Rents receivable Amortised social housing grant 34,415 2,816 28,870 2,816 Turnover from socSal houslng lettings 37,231 31,688 Admlnlstrative expenditure Management ServiGe charge costs Routine maintenance Legal fees Depreciation of housing properties (8,250) (13,833) (5,144) 140) {11,800) <8,325) <11,057) {5,301) {33) {11,802) (39,067) (36.5181 Operatlng (deficit) on so¢ial houslng lettlngs <1,836) (4,8321 Void losses (8371 (4,323) Accomodation owned and In management Unlts at Units at 1 April 31 March 2022 23 Numbor Number Housing Accomodation 13-
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Surplus on ordlnary activities is stated after charglngllcrediling): 2024 2023 Operating loss for the year is staled after chargingl(crediling): Goveinmenl grants Audit fees Depreciation of owned tangible fixed assets Amortisalion of social housing grants {400) 2.700 11,800 (2.816) 2,700 11,802 {2,816) 38,551 36,402 Interest recelvable and similar income 2024 2023 Interest income Interest on bank deposils 203 26 Other income from investments Dividends re]Ved Gains on financial instrumenls measured al fair value through profil or loss 647 2,603 581 (515) Total income 3,453 92 Tanglble fixed assets Soclal houslng propartles 80110r8 Totsl Cost At 1 April 2023 and 31 March 2024 375.000 107,540 482,540 Depreciation and Impairnient At 1 April 2023 Depreciation charged in the year 52.500 7.500 11,379 4,300 83,879 11,800 Al 31 March 2024 60,000 15,679 75,679 Carrying amount At 31 March 2024 315,000 91,861 406,861 At 31 March 2023 322.500 96,161 418,661 Housing properties for lettings were subject to an independent. professional valualion at 2 July 2016. The valuation was undertaken by lan M Briggs FRICS of Dacre. Son and Hartley. The properties were recognised using market value with full vacant possession. as a deemed cost on transition to FRS102. These assets are being depreciated from their valuation date of 31 March 2016 and have a current net book value of £315,000 {2023 - £322,500). The historical cost equivalent of these assets is £182.054. 14-
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Fixed asset investments 2024 2023 M & G Charity Multi Asset Fund 53,715 51,111 Movements in fixed ass8t investments Investments Cost or valuation At 1 April 2023 Valuation changes 51,111 2,604 At 31 March 2024 53,715 Carrying amount At 31 March 2024 53,715 At 31 March 2023 51,111 Debtors 2024 2023 Amounts falllng due within one year: Other debtors Prepayments and accrued income 5,742 2,895 7,704 2,850 8,637 10,554 10 Creditors: amounts falllng due wlthln one year 2024 2023 Nots8 Trade creditors Social housing grant Other creditors Accwals and deferred income 497 2,816 905 3,213 7,090 2,816 2,976 7,431 12,882 15-
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Creditors: amounts falling due after more than one year 2024 2023 Notes Social housing grant 112,638 115,454 Social housing grant lotalling £140,798 has been received. This will be repaid if the properties are sold. The social housing granl is being recognised in income systemalically over the expected useful life of the structuré (50 years). 12 Reserves al Income and expenditure reserve The income and expenditure reseNe represents the cumulalive surplus and deficits net of other adjustments. b) Revaluatlon reseN8 The revaluation reserve represents the cumulative effect of revaluations of the fixed assets investments. 13 Related party transactlons During the year £5,250 {2023- £5,625) was paid for management charges to Abbeyfield The Dales, th6 Corporate Iruslee, At 31 March 2023 £5.742 {2023'. £7,704) was due from Abbeyfield The Dales. 16-
CHARLES EDWARD SUGDEN'S ALMSHOUSES MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2024
CHARLES EDWARD SUGDEN'S ALMSHOUSES DETAILED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Turnover Sales ofgoods 37,231 31,686 Cost of sales Purchases and oth8r d1ct cosls Direct costs Depreciation 27,267 11,800 24,716 11,802 Totsl purchases and other direct costs 39.067 36,518 Total cost of sales (39,067) {36.518) Gyoss Ios3 Other operatlng income Government grants receivable and releas8d 4.930/0 (1,836) 15.25°A 14,832) 400 Operatlng1088 (1,436) (4,832) Interest recelvable and slmilar income Bank interest feeeived Gains on financial instruments Dividends from inveslmenls 203 2,603 647 28 {515) 581 3,453 92 Profitl{loss) before tsxation 5.42% 2,017 14.96% <4,7401