CHARLES EDWARD SUGDEN'S ALMSHOUSES ANNUAL REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Chaiity Registration Number: 243833 Homes and Communities Agency Number. A3990 Almshouses Association member No: M1012
CHARLES EDWARD SUGDEN'SALMSHOUSES ASSOCIATION INFORMATION Trustee Abbeyfield the Dales Limited Chartty number 243833 Homes and Communities Agency Number A3990 Almshouses Association Member No M1012 Principal Address Grove House 12 Riddings Road Ilkley Leeds LS29 9BF Auditor A2ets Audit ServicEs Cadton House Grammar School Street Brddford BD14NS BD14NS Bankers Barclays Bank PLC Lèicester United Kingdom LE87 2BB Unty Trust Bank PIC Nine Brindleyplace 4 Oozells Square Birmingham B12HB
CHARLES EDWARD SUGDEN'S ALMSHOUSES CONTENTS Page Board Report Trustee's responsibiEties statement Independent auditols report Profit and loss account Balan sheet ststement of changes in equity Noles to the financial statemenls 10-16
CHARLES EDWARD SUGDEN'S ALMSHOUSES TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustee presents its report 2nd finanual statements for the year ended 31 March 2025 Objectives and activities Charlés Edward Sugden Almshouses is a not-for-profft registered charty, and it is also 8 registéred social housing landlord. Achievements and perforniance Financial review Durtng the year the charity generated income of £40,679 (2024 - £37,231): The flats have been fully o¢¢upied throughout the year and remained full at year end. As part of the 0gOIng programmé the remaining refurbished flats will be completed as and when a flat becomes void. Total expenditure was £45,112 (2024 - £39:067) with the increase due to cuent economic inflation and additional works to the grounds and fire safety measures. There was a net oufflow of resources for the year of £(80) (2024 £2,017 nel inftow of resource). The total reserves as of 31 MarL* 2025 stands at £369,206 (2024 - £369,286). Reserves Policy It is the policy of the charity that unrestricted reserves which have not been designated for a specific use are earmarked lo fund major repairs as identified by previous and fvture quinquennial surveys and lo provide a buffer in the event of any unforeseen expenditure. The Trustee considers that this will ensure that, in the event of a significant drop in net incoming reSoUrs, they will be able to continue the charTVs current activities while consideration is given to ways in whith additional income or fvnds may be raised. This reserves policy has been maintained throughout the year. Risk Management The Trustee has assessed the major risks to which the charFty is exposed and is satisfied that systems are in place to mitigate exposure to the major risks. Structure, governance and management The charity is unincorporated and is govemed by the will of Charfes Edward Sugden, proved on 11 July 1916 Several amendments have been made to the governing document, the last amendment was made on 26 December 2012. The charity registration number is 243833 and the principal offi¢e is Grove House. 12 Riddings Road, Ilkley LS29 9BF. A Corporate Trustee has been appointed and any changes ill Trustee must be approved by the Trustees of this company.
CHARLES EDWARD SUGDEN'S ALMSHOUSES TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trustee serving during the yearwas: Abbeyfield The Dales Limited The Truslees of Abbeyfield The Dales Limtted are." A L Hill (Chair) F J Johnson (Resigned 31 May 2024) D Smith (Deputy Chair) M J Carter l R Hepworth IPri N IlthaM R G R2wling T P Carroll P Myers (Resigned 30 May 2025) P G Myers (Resigned 30 May 2025) J Connelly A Massingham (Appointed 31 May 2024 and resigned 18 November 2024) A Hunt (Appainted 31 May 2024) Damé J L Daniel (Appointed 27 September 2024 and resigned 30 July 2025) A Lockhart-mirams (Appointed 25 July 2025) (Resigned 31 August 2024} Auditor A2ets Audit Senrices were appointed as auditor to the association and in accordance with its goveming document, a résolution proposing that they be re-appointed will be put at a General Meeting. Disclosure of infoThnation to auditor So far as each person who was a Trustee at the date of approving this report is aware, there is no relevant audit information of which the association's auditor is unaware. Addilionally, the Trustee has taken all the necessary sleps that they ought to have taken as a tnjstee in order to make themselves aware of all relevant audit infotTnation and to eslablish that the assoaab-on's audtlor is aware of that infomiation. Abbeyfield the Dales Limited Trustee Dated: 26 September 2025
CHARLES EDWARD SUGDEN'S ALMSHOUSES STATEMENT OF TRUSTEE RESPONSIBILTIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustee is responsible for preparing the annual report and the financtal statements in ac¢ordance with applicable law and regulations. The registered social housing legislation requires the trustee to prepare financtal ststements for each financial year. Under that legislation the Trustee has elected to prepare the financial ststements in accordance with United Kingdom Generally Accepted Accounting Practice (United Efjngdom Accounting Standards and applicable lawl. Under the regislered social housing legislation the TnJstee must not approve the finan¢ial ststernents unless they are satisfied that they give a true and fair view of the state of affairs of the assoaation and of the profit or loss of Ihe association for that period. In prepanng these finan¢iat statements, the trustee is required to" select suitable accounting policles and then apply them consistently- make judgements and accounting estimates thal are reasonable and pwdenl", prepare the financial statements on the going COnM basis unless rt is inappropriate to presume that the mpany will continue in business. The Trustee is responsible for keeping adequate a(xounting records that are sufficiènt to show and explain the association's transactions and disclose wrth reasonable atairacy at any lime the financtal position of the associab.on and enable them to ensurè that the financial statements comply with Ihe Housing and Regeneration Act 2008 and the Accounting Direction for private regislered providers of social in England 2019. The Trustee is also responsible for safeguarding the assets of the association and hen for tsking reasonable steps for the prevention and detection of fraud and other irregularits-es.
CHARLES EDWARD SUGDEN'S ALMSHOUSES INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF CHARLES EDWARD SUGDEN'S ALMSHOUSES Opinion We have audited the financial statements of Charles Edward Sugden's Almshouses (Ihe 'association'> for the year ended 31 March 2025 which comprise of the profft and loss account. the balance sheet. the statement of changes in equity and notes to the financial statements, induding significant accounting policies. The financtal reporting framework thal has been applied in their preparation is applicable law and United lfjngdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Unitéd Kingdom Generally Accepted Accounting Practice). In our opinion the financial slatements= give a true and fair view of the state of the associations, affairs as at 31 March 2025 and of its incoming resources and application of resources. induding its InMe and expenditure, for the year then ended,. have been property prepared in accordan wlh Unlted Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Acl 2011, the Housing and Regener2b"on Act 2008 and Ihe Accounting Direction for private registered providers of social housing in England 2019. Basis for opinion We conducted tsur audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) 2nd applicable law. Our responsibiltties under those standards are further described in the Audltoffs responsibilities for the audit of the financial slatemeT)ts section of our report. We are indépèndent of the association in accordance with the ethical requirements that are relevant to our audit of the financtal statements in the UK, including the FRC'S Ethical Standard, and we have fuffilled our other ethical responsibilities in accordan with these requiremenls. We beliève that the audit evidencé we have obtsined is suffiaent and appropriate to provide a basis for our opinion. Conclusions relating to going coneem In audiling the finanaal statements, we have conduded thal the trustee's use of the going concem basis of accounting in the preparation of the financial statements is appropnate. Based on the work we have performed, we have not identrfied any material uncertaints'es relating to events or conditions that, individually or collectively, may cast signtficanl doubt on the company's abilty to continue as a going conrn for a period of at least tsvelve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the tnjstee WTth respect to going concem are described in the relevant sections of this report. Other inforn)ation The other information (x)mprtses the information induded in the annual report other than the finanaal statements and our audrtor's report thereon. The trustee is responsible for the other infomation contained within the annual report. Our opinion on the financtal statements does not cover the other information and. expt lo the extent othemise explicitly ststed in our report. we do not express any fomi of assurance condusion thereon. Our responsibilty is to read the other infomiation and, in doing so. consider whether the other information is materially inconsislent with the financial slalements or our knowledge obtained in the course of the audtt, or otherwise appears to be materially misstsled. If we identify such material inconsistencies or apparent maleri81 misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied. we condude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing io report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information given in the directofs report for the financtal year for which the financtal statements are prepared is consistent with the financial slalements- and the diiectorfs report has been prepared in accordance with applicable legal requirements.
CHARLES EDWARD SUGDEN'S ALMSHOUSES INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBER OF CHARLES EDWARD SUGDEN'S ALMSHOUSES Matters on which we are required to report by exception In the light of the knowledge and understanding of the association and its enMronment obtained in the course of the audit, we have not identtfied material miss1atements in the trustee's report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you rf, in our opinion: adequate accounting records have not been kept. or retums adequate for our audit have nol been reiVed from branches nol vistted by us.. or the financial statements are not in agreement with the accounting records and retums" or we have not received all the infomiation and explanations we require for our audit: or the information given in the financÉal statements is inconsistent in any material respect Wtth the trustee's report. In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2009 requires us to report to you rf. in our opinion- a satisfactory system of contro] over transaction has noi been maintained. Responsibilities of the trustee As explained more fully in the Irustee's responsibilities statement, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair Mew, and for such intemal control as the trustee detemiines is ne$sary to enable the preparation of finanual ststemenls that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the tnJstee is responsible for assessing the aSsOatIon'S ability to Gontinue as a going concem. disdosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the trustee either intends to liquidate the association or to cease operations, or has no realistic attemative but to do so. Auditorfs responsibilities for the audit of the financial ststsments Our objectives are to oblain reasonable assurance about whether the financial statements as a whole are free from material misst2tement, whelher due to fraud or error. and to issue an auditoffs report that indudes our opinion. Reasonable assurance is a high level of assurance bLrt is not a guarantee that an audit conducted in accordance with ISAS (u will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected lo influence the economic 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 w.frc.Org.uk1audltorsrespQns1b1lI1les. This description fomis part of our audrtorfs report.
CHARLES EDWARD SUGDEN'S ALMSHOUSES INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBER OF CHARLES EDWARD SUGDEN'S ALMSHOUSES Extent to which the audit was considered capable of detecting irregularities. including fraud Irregularities, including fraud, are instances of non-complian with laws and regulations. We design prOdureS in line with our responsibilities, oulined above and on the Financial Reporting Counul's wèbsite, lo delect material misstateménts in respect of irregularities, induding fraud. We obtain and update our undetslanding of the entity, its activities, Èts control environm6nt, and likely future developments, including in relation lo the legal and regulatory framework applicable and how the entity is complying with th3t framewot*. Based on this underslanding. we identfy and assess the risks of material misststemenl of the financial statements, whether due to fraud or error. design and perfomi audit pro¢edures responsive to those risks. and obtain audit eden that is SUffient and appropriate to promde a basis for our opinion. This includes Gonsideration of the risk of acts by the entity that were contrary to applicable laws and regulations. including fraud. In response lo the risk of IegUlaritIeS and non-compliance with laws and regulations. induding fraud, we designed procedures which induded.. Enquiry of managemenl and those tharged with govemance around actual and potential litigation and daims as well as actual, suspected and alleged fraud- Reviewing minutes of meetings of those charged with govemance", Assessing the extent of compliance with the laws and régulations considered to have a direct material effect on the financial statements or the operations of the assoctation through enquiry and inspection., Reviewing ff nancial statement disdosures and testing to supporting documentstion to assess compliance with applicable laws and regulations-, Perfoming audtt work over the risk of management bias and override of controls, induding testing of joumal entries and other adjustments for approprialeness, evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit. there is a risk that we will nol dete¢t all irregularities, induding those leading to a material misstatement in the financÉal ststements or non-compliance wtth regulation. This risk increases the more that compliance with a law or regulation is removed from the events and Iransactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misststement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. foigery, inlentional omissions, misrepresentstions. or the ovenide of intemal control. Use of our report This report is made solely to the association's Trustee, as a body, in accordance with Chapler 3 of Part 4 of the Charities (Accounts and Reports) Regulations 2008 and section 137 of Ihe Housing and Regeneration A¢t 2008. Our audit work has beert undertaken so that we might state to the association's Trustee those matters we are required to state to the member in an auditoffs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the association and the assoctalion's Trustee for our audit work, for this report, or for the opinions we have formed. AlOn Whalley Senior Statutory Auditor For and on behalf of Azets Audtt Services hb Chartered Accountants Statutory Auditor Carlton House Grammar School Street Bradford BD14NS BD14NS
CHARLES EDWARD SUGDEN'S ALMSHOUSES PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Tumover Cost of sales 40,679 (45,112) 37.231 (39,0671 Gross loss {4,433) (1,836) Other operating income 400 Operating loss (4.433) (1,436) Interest receivable and similar income 4,353 3,453 (Loss}Iprofit before tsxation (80) 2,017 Tax on (loss)Jprofft {Lossllprofit for the fjnancial year (80) 2,017 The profit and loss account has been prepared on the basis that all operalions are continuing operations.
CHARLES EDWARD SUGDEN'S ALMSHOUSES BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Investments 399,941 56,756 406,861 53,715 456,697 460,576 Current assets Debtors Cash at bank and in hand 3,982 26,621 8.637 20,142 30.803 28.779 Creditors: amounts falling due within one year 10 (8,272) (7,431) Net current assets 22.331 21.348 Totsl assets less current liabilÉties 479,028 481,924 Credttors: amounts falling due after more than one year 11 (109.822) {112,638) Net assets 369,206 369,286 Capital and resee$ Revaluation reserve Profit and loss reserves 12 13 217,320 151.886 224.820 144,466 Total equity 369,2 369,286 The financi statements were approved and signed by the trustee and authortsed for issue on 26 September 2025 Abbeyfield the Oales Limited Trustee
CHARLES EDWARD SUGDEN'S ALMSHOUSES STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025 Revaluation reserve Profit and loss reserves Total Balance at 1 April 2023 224,820 142,449 367,269 Year ended 31 March 2024: Profit and total comprehensive income for the year 2,017 2,017 Balance at 31 Mah 2024 224,820 144,466 369,286 Year ended 31 March 2025: Loss and total comprehensive income for the year Transfers 180) 7,500 (80) (7.500) Balance at 31 March 2025 217.320 151,886 369,206
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies General inf0mti0rt The charÈty is a registered social housing provider registered in England and Wales. Registered Charty Number: 243833 Homes and Communriies Agency Regislration Number: A3990 Almshouses Association member number" M1012 1.1 Accounting convention These financial statements have been prepared in accordan with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. fFRS 1021 and the requirements of Ihe Companies Act 2008. The accounts comply wilh the Housing Act 2004, the Accounting Direction for Social Housing Providers 2022, and the Housing SORP 2018 Ststement of Recommended Practice for Social Housing Prowders published by the National Housing Federation. The registered social housing provider JnstlIuteS a public benefft entity as défined by FRS102. The finanual statements are prepared in sterling, which is the functional currency of the association. Monetsry amounts in these financial statements are rounded to the nearest £. The financial ststements havè been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to indude investment properties and certain financial instruments at fair value. The prinupal accounting polieS adopted are set out below. 1.2 Going coneern At the time of approvtng the financial statements, the bustee has a reasonable expectation thal the association has adequate resour to ¢ontinue in operational existen for the foreseeable future. Thus the trustee continues to adopt the going conrn basis of accounting in prepartng the finanal statements. 1.3 Turnover Tumover represents weekly Maintenan charges receiwable, induding water rates in the year, nel of losses from voids and amortisation of govemment grants. Social Housing Grant Social Housing Grant (SHG) is receivable from the Homes and Communitiès Agency 2nd is utilised to reduce the capttal costs of housing properties. The SHG is recognised in income on a systematic basis over the expected useful economic lrfe of the properties. 1.4 Tangible fixed assets Tangible fixed assets are InitilY measured al cost and subsequently measured al cost or valuation, net of depreciation and any impaimient losses. Depreciation is recognised so as to write off the Gost or valuation of assets less their residual values over Iheir useful lives on the following bases.- Social housing properties Doors and windows Kitchens Bathroom Boilers Electri21 and heating installations 50 yeaT5 30 years 20 years 25 years 15 years 25 years 10-
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) The gain or loss arising on the disposal of an asset is detemiined as the drfference befvleen the sale proceeds and the carrying value of the asset. and is credited or charged to profft or loss. 1.5 Fixed asset investments Investments are recognised initially at fair value which is normally the transaction price excjuding transaction costs. Subsequenuy. they are measured at fair value through the profft and loss account rf the share are publicly trdded or their fair value can otheise be measured reliably. 1.6 ImpaiThnent of fixed assets At each reporting period end date, the association revtews the carrying amounts of its tangible assets to delermine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverdble amount of the asset is estim21éd in order to detemine the extent of the impairment lass lif any). Where tt is not possible to estimate the recoverable amount of an individual asset, the associalion estimates the recoverable amount of the cash-generating unil to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, Ihe estimated future ¢ash flows are discounted to their present value using a pre-tax discount rate that reflecls current market assessments of the time value of money and the risks specific to the asset for which the estimates of fLrture cash flows have not been adjusted. If the recoverable amount of an asset (or casFFgenerating unit) is estimated to be less than its carying amount, the carying amount of the asset {or CaSgenerating unit) is redUd to its recoverable amount. An impaimient loss is recognised imrnedialely in profit or loss, unless the relevanl asset is carrted al a revalued amount. in which case the imp3imenl loss is treated as a revaluation deeaSe. Recognised impaimient losses are reversed rf, and only if, the reasons for Ihe impaimient loss have ceased to apply. Where an impaiment loss subsequenlly reverses. the carying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carying amount does nol exceed Ihe carrying amount that would have been detemiined had no impairment loss been recognised for the asset (or cash4Jenerating unit) in prior years. A reversal of an impaiment loss is recognised irnmediately in the profit or loss. unless the relevant asset is Carried at a revalued amount, in which Gase the reversal of the impaimient loss is treated as a revaluation increase. 1.7 Cash and cash equivalents Cash and cash equivalents are basic finanual assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with ollginal maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial inStments The asSoation has elected to appty thè proinsions of Section 11 'Basic Financial Instruments, and Section 12 'Other Finanaal Instruments Issues, of FRS 102 to all of its financial instruments. Finan¢ial instruments are recognised in the association's balance sheet ]en the assoaation becomes party to the contractual provisions of the instrument Financial assets and liabilities are offset, with ihe net amounts presented in the financial ststements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle Ihe liability simuttaneously. 11
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {Continued Basic financial assets Basic financial assets. whid) include deblors and Gash and bank balances, are initially measured at Iransaction price induding transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaclion. where the transaction is measured 81 the present value of the future reIpts discounted at a market rate of interest. Finanual assels dasstfied as recetvable within one year are not amortised. Classification of financial liabilities Financial liabilrties and equty instruments are cEassified acxx)rding to the substsnce of the contractual arrangements entered into. An equity instnjment is any contract that eVIdenS a residual interest in the assets of Ihe association after deducting all of tts liabilities. Basic financial liabilities Basic financial liabilities, including creditors. bank loans. loans from fellow group companies and preferen shares that are dassified as debt, are inttially recognised at transadion price unless the arrangement constitutes a finanang transaction. where the debt instnjrnent is measured at the present value of the future payrnents discounted at a market rate of interest. Finanaal liabilities dassffied as payable wtthin one year are not amortised. Debt instruments are subsequenty carried at amortised cost, using the effective inlerest rate method. Tradé Greditors are obligations to pay for goods or servÉces that have been acquired in the ordin2ry course of business from suppliers. Amounts payable are dassified as cutTènt liabilities if payment is due within one year or less. If not. they are présenled as non-current liabiltties. Trade creditors are recognised initially at transaction price and subsequendy measured at amortised cost using the effective interest method. 1.9 Equity instruments Equity instruments issued by the association are recorded at the prodS received, net of transaction costs. Dividends payable on equty instruments are reGognised as liabilities once they are no longer at the discretion of the association. 1.10 Employee benefits The costs of short-lèrm èmployee beneffts 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 cast of any unused holiday entrtlement is recognised in the period in which the employee's senritss are reived. Termination benefits are rewgnised immediately as an expense when the association is demonstrably committed to temiinale Ihe employment of an employee or to provide temination benefits. 1.11 Govemment grants Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assuran thatthe grant conditions will be met and the grants wll be reived. A grant that speGtfies perfomiance conditions is recognised in income when the perfoTTllanGe conditions are met. Where a grant doe5 not spectfy performance conditions it is recL)gnised in income when the proceeds are received or receivable. A grant recetved before the recL)gnition criteria are salisfied is reGognised as a liability. 12-
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Judgements and key sources of estimation uncertainty In the application of the association's accounting poficies, the trustee is required to Make judgements, estimates and assumptions aboLrt the carrying amount of assets and liabilities that are not readily apparenl from other sourtss. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant Aclual results may dtffer from these estimates. The estimates and undet1ying assumptions are revtewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only ihat period, or in the period of the revision and future periods where the remsion affects both current and future periods. Social Housing turnover and costs 2025 2024 Tumover Rénts receivable Amortised social housing grant 37,863 2,816 34.415 2,816 Turnover from so¢ial housing lettings 40,679 37,231 Administrative expenditure Management SeiCe charge cosls Routine maintenance Legal fees DepreciatiL)n of housing properties {9,410) (17.793> (5,973) (8,250) (13,833) (5,144) (40) {11.800) (11,936) (45,112) (39,067) Operating (deficit) on social housing lettings (4,433) <1,836) Void losses (837) Accomodation owned and in managernent Units at Units at 31 31 March March 2025 23 Number Number Housing Accomodation Surplus on ordinary aclivities is ststed after chargingl(crediting): 2025 2024 Operating loss for the year is ststed after chargingl(Grediling)- Govemment grants Audtt fees Deprectation of owned tangible fixed assets Amortisation of social housing grants {400) 2,70Q 11,800 (2,8161 2,700 11,936 (2,816) 13-
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Interest receivable and similar income 202S 2024 Interest income Interest on bank depostts 639 203 Other income from investments Dividends recÉived Gains on financial instruments measured at fair value through profrt or loss 672 3,042 647 2,603 Total incame 4,353 3,453 Tangible fixed assets Social housing properties Boilers Total Cost At 1 April 2024 Additions 375,000 107,540 5,016 482,540 5,016 At 31 March 2025 375,000 112,558 487,556 Depreciation and impaimient At 1 April 2Q24 Depreciatson charged in the year 60,000 7,500 15,679 4,436 75,679 11,936 At 31 March 2025 67,500 20,115 87.615 Carrying amount At 31 March 2025 307.500 92.441 399,941 At 31 March 2024 315,000 91,861 406.861 The properties were recognised using market value with full vacant possession, as a deemed cost on transition to FRS102. These assels are being deprectated from their valuation date of 31 March 2016 and have a current net book value of £307,5 (2024- £315,000). The historical cost equivalent of these assets is £182,054. Fixed asset investments 2025 2024 M & G Charity Multi Asset Fund 56,756 53,715 14-
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Fixed asset investments {Continued) Movements in fixed asset investments Invesiments Cost or valuation At 1 April 2024 Valuation changes 53,715 3,041 At 31 March 2025 56,756 Carying amourrt At 31 March 2025 56,756 At 31 March 2024 53,715 Debtors 2025 2024 Amounts falling due within one year. Other debtors Prepayments and accrued income 1.431 2.551 5,742 2,895 3,982 8,637 10 Creditors: amounts falling due withtn one year 2025 2024 Trade creditors Social housing grant Other creditors Accruals and deferred income 1,626 2,816 497 2,816 905 3,213 3.830 8,272 7,431 15-
CHARLES EDWARD SUGDEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 CredÉtors: amounts falling due after more than one year 2025 2024 Social housing grant 109,822 112,638 Soaal housing grant totalling £140,798 has been received. This will be repaid if the properties are sold. The social housing grant is being recognised in income systematically over the expected useful life of the structure (50 years). 12 Revaluation reseNe 2025 2024 At the beginning of the year Transfer to retained eamings 224,820 17,500) 224,820 Al thé end of the year 217,320 224.820 13 Profit and loss reser4*es 2025 2024 At the beginning of the year (Loss)Iprofft for the year Transfer from revaluation reseNe 144,466 (80) 7,500 142,449 2,017 At the end ofthe year 151,886 144,466 14 Related party transactions During the year £5,775 (2024: £5,250) was paid for management charges to Abbeyfield The Dales, the Corporate trustee. At 31 March 2025 £1.431 {2024: £5,742) was due from Abbeyfield The Dales. 16-
CHARLES EDWARD SUGDEN'SALMSHOUSES MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2025
CHARLES EDWARD SUGDEN'S ALMSHOUSES DETAILED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Turnover Sales of goods 40,679 37,231 Cost of sales Purchases and other direct costs Direct costs Depreciation 33.176 11,936 27,267 11,800 Total purchases and olher direct costs 45.112 39,067 Total c051 of sales (45.112) (39,067) Gross loss Other operating income Govemment grants receivable and leaSed 10.90Q (4,433) 4.93 /0 {1.836) 400 Operating loss (4,433) {1,436) Interest receivable and similar income Bank interest reIVed Gains on finanal instrurnenls Dividends from investments 639 3.042 672 203 2,603 647 4.353 3,453 (Lossllprofit before taxation 0.20% (80) 5.42° 2.017