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← The Musgrave Homes

2025-04-05-accounts

Charity Registration No ~~.~~ 245213

THE MUSGRAVE HOMES

REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

22/12/2225

THE MUSGRAVE HOMES

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2025

The trustees present their report and financial statements for the year ended 5 April 2025 ~~.~~

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 ~~.~~ Wilfrids 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 objective 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 with its trust deed during the year.

Achievements and performance

The charity has continued to let out affordable housing to poor persons over the age of 65 ~~.~~

Rental income for the year was £46,745 (2024 ~~-~~ £45,046) which after associated costs and overheads resulted in a net income for the year of £373 (2024 ~~-~~ £8,700) ~~.~~ Unrestricted funds at the year end amounted to £77,080 (2024 ~~-~~ £76,707).

Risk management

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to those major risks ~~.~~

Structure, governance and management

The charity is registered with the 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 elected by consent of all trustees via a deed of resolution of the trustees.

Investment policy

The investment objectives are:

i) Capital growth and income with slightly more emphasis on income; ii) Low risk; and ili) 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 ~~.~~

~~-~~ 1 ~~-~~

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THE MUSGRAVE HOMES

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2025

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.

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 detection of fraud and other irregularities ~~.~~

~~-~~ 3 ~~-~~

Kerry Gallagher

Dated: 0.0... 06/01/26

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22/12/25 The financial statements were approved by the trustees on ........................ and are signed on their behalf by

THE MUSGRAVE HOMES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

Charity information

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 statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements ~~.~~

These financial statements have been prepared in accordance with 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 Charities Act 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 since been withdrawn ~~.~~

The financial statements are prepared in Sterling, which is the functional currency 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 other 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 of incoming resources can be measured with 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 ~~.~~

Governance costs include those incurred in the governance of the trust and are primarily associated with statutory 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 ~~.~~

~~-~~ 7 ~~-~~

THE MUSGRAVE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED5 APRIL 2025

1 Accounting policies (Continued)

Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments ~~.~~

Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost, using the effective interest method ~~.~~

Basic financial liabilities

Basic financial liabilities, including trade creditors and other creditors, are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method ~~.~~

2 Income from charitable activities

2025 2024
£ £
Charitable rental income 46,745 45,046
3 Income from investments
2025 2024
£ £
Interest receivable ~~-~~ 32
4 Expenditure on charitable activities
2025 2024
£ £
Management fees 12,071 11,327
Electricity and gas 2,491 1,640
Insurance 1,804 1,829
Plumbing 8,003 6,955
Repairs 15,294 8,748
Council tax 319 2,325
Subscriptions 1,482 196
41,464 33,020
Share ofgovernance governance costs (see note 5) 4,908 3,358
46,372 36,378

~~-~~ 8 ~~-~~

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THE MUSGRAVE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

10 Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 4,080 3,840
Accruals and deferred income 6,253 4,833
10,333 8,673
11 Deferred income
2025 2024
£ £
Arising from rental income 1,213 621
1,213 621
Deferred income is included in the financial statements as follows:
2025 2024
£ £
Current liabilities 1,213 621
1,213 621

12. Analysis of charitable funds

Movement in funds Movement in funds Movement in funds Movement in funds Movement in funds
Balance at6 Income Expenditure Transfers Balance at 5
April 2024 April 2025
£ £ £ £ £
Unrestricted funds 76,707 46,745 (46,372)
~~-~~		 77,080
Movement in funds
Balance at6 Income Expenditure Transfers Balance at5
April 2023 April 2024
£ £ £ £ £
Unrestricted funds 68,007 45,078 (36,378)
~~-~~		 76,707

13 Related party transactions

The trustees confirm there are no related party transactions to be disclosed (2024 ~~-~~ £nil) ~~.~~

~~-~~ 10 ~~-~~