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 rese￿eS 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 aC￿rdance 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 A￿pIed 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