Charity Registration No. 246213 THE MUSGRAVE HOMES REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 THE MUSGRAVE HOMES LEGAL AND ADMINISTRATIVE INFORMATION Trustees Lord Mayor of the City of Bradford C J Maslen P G Meredith Settlors M L Musgrave C E Musgrave Beneficiaries Persons over the age of 65 as selected by the management committee Charity number 245213 Independent examiner RSM UK Tax and Accounting Limited Chartered Accountants Davidson House Forbury Square Reading Berkshire RG13EU Accountants RSM UK Tax and Accounting Limited Third Floor One London Square Cross Lanes Guildford Surrey GU1 1UN Bankers Metro Bank 5 Market Street Bradford BD1 1EG Estate agents Linley & Simpson Limited 3 Greengate Cardale Park Harrogate HG3 1GY THE MUSGRAVE HOMES TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their report and financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011, the Charities Statement of Recommended Practice {second edition) and FRS 102. The full name of the charity is The Musgrave Homes and its principal operating address is Leylands, St. Mfjlfrids street, Calverley, Pudsey LS28 5RQ. Objectives and activities When planning activities for the year. the trustees have considered the Charity Commission's guidance on public benefit. The objeclive of the charity is to provide housing for poor persons over the age of 65 as selected by the management committee. The trustees believe the charity has operated satisfactorily in line v4ith its trust deed during the year. Achievements and perfomiance The charity has continued to let out affordable housing to poor persons over the age of 65. Rental income for the year was £45,046 (2023- £47,760) which after associated costs and overheads resulted in a net income for the year of £8,700 (2023 net expenditure of £3.520). Unrestricted ￿ndS at the year end amounted to £76.707 (2023- £68,007). Risk management The trustees have assessed the major risks to which the charity is exposed. and are satisfied that systems are in pla￿ to mitigate exposure to those major risks. structure, governance and management The charity is registered with Charity Commission, registration number 245213, and is constituted under a trust deed dated 19 January 1937. The trustees who served during the year were" Lord Mayor of the City of Bradford C J Maslen P G Meredith Any trustee is able to nominate a trustee and they are eleded by consent of all trustees via a deed of resolution of the trustees. Investment policy The investment objectives are.. Capital growth and income with slightly more emphasis on income" Low risk., and No UK tax is payable by the trust. Reserves policy The policy on reserves is to retain sufficient funds to meet likely maintenance and repair costs. Funds are generated through rental income received from the charity's freehold properties. THE MUSGRAVE HOMES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Key management personnel remuneration The trustees consider the board of trustees as comprising the key management personnel of the charity it being in charge of directing and controlling the chanty and running and operating the charity on a day-to-day basis. All trustees give their time freely and no trustee remuneration was paid dunng the year. The trustees, report was approved by the board of trustees. Ckkiffj J M6ule C J Maslen Trustee Dated.. 04102125 THE MUSGRAVE HOMES STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that year. In preparing those financial statements. the trustees are required to= select suitable accounting policies and then apply them ¢onsistenlly- observe the methods and principles in the Charities SORP" make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material depathres disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose wth reasonable accuracy at any time the financial position of the chanty and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detedion of fraud and other irregularities. THE MUSGRAVE HOMES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MUSGRAVE HOMES I report to the trustees on my examination of the finanaal ststements of The Musgrave Homes ('Yhe charity,) for the year ended 5 April 2024, which are set out on pages 5 to 10. Responsibilties and basis of report As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 {5)(b) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the accounts present a 'true and fair view, and my report is limited to those specific matters set out in the independent examiner's statement. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect- 1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an indepeThJent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. K&rry 4AIty/t Kerry Gallagher FCA DchA The institute of Chartered Accountants in England and Wales ON BEHALF OF RSM UK TAXAND ACCOUNTING LIMITED Chartered Accountants Davidson House Forbury Square Reading Berkshire RG1 3EU Dated.. 04102125 THE MUSGRAVE HOMES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Total unrestricted Total Un￿strICted funds funds 2024 2023 Notes Charitable activities Investments 45,046 32 47,760 17 Total income 45,078 47,777 enditure on: Charitable activities 36,378 51,297 Net movement in funds 8,700 (3,520) Total funds brought forward 68,007 71,527 Total funds carried fonNard 76,707 68,007 l income and expenditure derives from continuing activities. Charity No. 245213 THE MUSGRAVE HOMES BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Notes Fixed assets Tangible assets 13.597 13,597 Current assets Debtors Cash at bank and in hand 27.297 44.486 40,849 25,975 71.783 66.824 Creditors: amounts falling due within one year 10 (8,673) (12,414) Net current assets 63,110 54,410 Total assets less current liabilities 76.707 68,007 Income funds Unrestricted funds 76.707 68,007 76,707 68,007 The financial statements were approved by the trustees on 04102125 and are signed on their behalf by Ckkiffj J M6uleh C J Maslen Trustee THE MUSGRAVE HOMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Charity inforniation The full name of the charity is The Musgrave Homes and its principal operating address is Leylands, St. Wilfrids Street, Calverley. Pudsey LS28 5RQ. The trust is a charity registered in England and Wales by the Charity Commission (Charity No. 245213). Accounting convention The financial slatements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwse stated in the relevant note(s) to these financial statements. These financial statements have been prepared in accordan￿ wth the second edition of the Charities statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the CharitiesAct 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition (effective 1 January 2019) rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has Sin￿ been withdrawn. The financial statements are prepared in Steding, which is the functional cU￿encY of the charity. Monetary amounts in these financial statements are rounded to the nearest £1. The charity constitutes a public benefit entity as defined by FRS102. Going concern Having carried out a detailed review of the charity's financial performance and position in light of current economic conditions, the trustees are confident that the net asset and unrestricted fund position of the Charity will enable it to continue in operational existence for at lease twelve months from the date of approval of these financial statements. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for olher purposes. Income Rental income is recognised as it falls due and all other income is recognised when the conditions for receipt have been met, where there is an entitlement. probable assurance of receipt and the monetary value incoming resources can be measured sufficient reliability. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. A liability is recognised when an obligation arises to transfer economic benefits as a result of past events. Expenditure is inclusive of VAT which cannot be recovered. Govemance costs include those incurred in the govemance of the trust and are primarily associated with ststutory requirements. Tangible fixed assets The charity owns 12 Alms Houses. Nos. 36- 58 Ashwell Road. Bradford BD8 7QL. The freehold property is stated at cost less any provision for impairment. No depreciation is charged due to the residual value of the properties being higher than the historical cost. THE MUSGRAVE HOMES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Continued) Financial instruments The charity only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and subsequently, at settlement value. Income from charitable activities 2024 2023 Charitable rental income 45,046 47,760 Income from investments 2024 2023 Interest receivable 32 17 Expenditure on charitable activities 2024 2023 Management fees Electricity and gas Insurance Plumbing Repairs Council tax Subscriptions Bank charges 11,327 1,640 1,829 6,955 8,748 2,325 196 10,588 1,308 1,775 1,667 31,876 225 30 33,020 47,469 Share of governance costs (see note 5) 3,358 3,828 36,378 51,297 Governance costs 2024 2023 Accountancy Independent examiners, fee 1,558 1,800 2,028 1,800 3,358 3,828 Analysed between: Charitable activities 3,358 3,828 THE MUSGRAVE HOMES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Trustees None of the trustees (or any persons connected Vlith them) received any remuneration or benefits from the charity during the year (2023.. £nil) Employees There were no employees during the year. Tangible fixed assets Freehold land and buildings Cost At 6 April 2023 13,597 At 5 April 2024 13,597 Carrying amount At 5 April 2024 13,597 At 5 April 2023 13,597 Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued income 24,055 3,242 37,356 3,493 27,297 40,849 10 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 3,840 3,480 4,856 4,078 4,833 8,673 12,414 THE MUSGRAVE HOMES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Analysis of charitable funds Movement in funds Income Expenditure Balance at 6 April 2023 Transfers Balance at S April 2024 Unrestricted funds 68,007 45.078 (36.378) 76,707 68.007 45.078 (36.378) 76,707 Movement in funds Income Expenditure Balance at 6 April 2022 Transfers Balance at 5 April 2023 Unrestricted funds 71.527 47.777 (51.297) 68,007 71.527 47.777 (51.297) 68,007 12 Related party transactions The trustees confimi there are no related paty transactions to be disclosed {2023.' £nil}. 10-