Charity R¢gistrdtion Number: 248397 The Spencer Homes Charity Annual Rq)ort and Financial Ststements for the Year Ended 28 Decemba. 2022
The Spencer Homes Charity Contents Reference Bnd Administrative Details TTUStees' Report 2to3 Endependcnt Examillei's Report Siatement of Financial Activities Balance Sheet Notes to the Finau¢ial Statements 7t014
The Spencer Homes Ch8rlty Reference #nd Administratlve Det211s Chgrlty R¢gLqtration Number 248397 Almshole Assoclatlon Member Number 1022 Trnstees Mr G Carr (Chair) MTS J Y Smith RevGLHall Mrs H R Marshall Mr D A Brown Mr K Narey Dr S HalSol Secretary Mr S BrowR) Prlnelpal Offie¢ Fold Howe. 6 The Fold Loiher5dale Keighley West Yorkshire BD20 8HD Battkers Yorkshire Bank Pl 14 Broadway Bradford West Yorkshi BDI IEZ Independen¢ Ex•mlner Selina J Armitage FCA Watson Buckle Limited Independent Examiner York House Cottingley Busin¢ss Park Bradford BD16 IPE Page I
The Spencer Homes Charlty Trustees, Report The Trustees pr¢sent the annual rErt together with the financial Statements tsf th¢ charity for ihc year ended 28 December 2022. Str¢tur¢I gOVernCe tnAnagement The Chaiiiy 15 lh¢ 0tr of six houses and one flat at Rose-in-the Dale, Loth¢rsdale. When Ihere is a vacancy the TrustEeS try to fjnd a r¢sid¢nt of Loihersdale suitable for appointm¢ni as ats almsperson, but b¢¢au5e of the lack of ti"anspori and shopping facilitics in Ihc village, Iliere are diffieulti¢s in fittdillg suitable applicants. Consequently> ill the ab$¢nLe of a suitabl¢ applicant, the Trustee5 make the properties availabl¢ for letting to the gcner81 public and priority is given to someone in reduced circumstances or living in sub-standard accomjnodation ur who has some conn¢¢lion to Loihersdal¢. All new Tte¢S are given an introduction to ihe work of the Trust by the existing Twstees and are also provided wtth Charity Commi$5ion publication CC3 'The Essenti&l Trustee. what you need to know, and CCI O 'The H4llmarks of an Effective Charity,. Th¢ TNstees of the Cliarity hold meetiiig5 every three moiiths unle85 ther¢ are special circumstances that Tequire additiongl meetin8s. There hav¢ been no ¢hanges to the Trustees this year. Maintaining the number of TTUStees at seven is of greal benefit and enables ihe Trustee5 lo continue the responsibilities of property management and acting a5 responsible Social Landloi'd. In setting and revirwing our ain the TTllSt¢¢8 have giY¢n earcfi]I consideration lo the Charity Commission's guid4nce on public benefit. Objectives and 8c¢lvltles The Tntsiees review th¢ rents annu&lly sn March after Consideration of th¢ Budget of ineome Hnd expenditure. This year the Tnjstees d¢cided to make no incr¢ase io the renls, th¢y Consider the cu¢nt maintenance ¢harge 18 ochieving value for mortcy. The TTUStees hbv¢ continued to maintain the properti¢s to a high standard of repair and seek to make improvements either when properties beeorne vacant or when needs are identified, The Five Yearly Qiiinquennial Inspection to identify and inwlement planned Jnaintenance and improvements was Caled out in Septemb¢r 2019. Th¢ Ttust propcttie5 liav¢ a private water supply and en.%uring that both the quality quantity of the water is maintsined is a constant concem. Water quality testing has b¢en maintained and any remedial works identifjed dealt with. Houslng Property AssotS Details of changes to the ¢haritie$ assets are shown irt note 10 and I l. Ptsst Balance Sheet Events We consider that there have b¢en no events since the year ¢nd that have had a significant effect on the trusts financi41 pDsition. Going Con¢erll After makiiig enquirie5, th¢ Trustees have a reasonable expectation that the charity hag &dequ8te reSoue5 to continue in operational existence for the foreseeabl¢ future. being a period of ttvelvc monilis after the date Oll which the r¢poTt and financial stAiern¢nts are si8ncd. For this reasoE], it coniirtu¢$ to adopt ihc going corteern basis in the financial statements. PAge 2
The Spencer Homes Charity Trnstees, Report Reserves pollcy The Trust¢es have reviewed the Ch)rit8 needs fw the re5erve5 in line with the 8uidaDce issued by the Charity Commi8SLon and consider it prudent that reserv¢s should be sufficiettt to avoid the necessity to realise fixed Assets. The Trustees are confid¢nt that futrJr¢ iwome will cnable the Clwity lo meet its fore5¢bI¢ needs on the basis of planned ¢xpenditur¢. Total Gharity fimd5 &t 28 December 2022 were £382,627 12021 £398,560). The amount of reserves after making allowances for restri¢ted fiumls and not tied irt tangible fixed assets or piogramme related investments omow?ted to £37,80712021- £72,617). Rlsk man4gewmt The Tnle¢S 8Lve consideration to the major risks to which the Charity is ¢xpos¢d and system5 whicb are desigN¢d to mitigate those risks on an ongoit)g basis. Independent examlller The re •ppointsnent of Watson Buckle Limited was a8r¢ed by the Truste¢5. Publlc beDefit The TrUSeS confirm that they have compli¢d with the requir¢m¢nts of section 17 of the Charities Act 2011 io have due regard to the public benefit guidance published by th¢ Charity Con]mission for Engla1 and Wales. Value for money The Tnte¢S ar¢ mxtidful of th¢ n¢¢d to obtain value for money in all transactions entered into on behalf of the ¢h4rity when major works are und¢rtaken a competitive tender is carried out. The ¢hJrity re8ularly reviews its investsiiejits perfonnance to ¢nsur¢ they still achi¢v¢ a 8ood ratt of return. The a[Ual report approv¢d by the TNstees of th¢ charity on 19 June 2023 aDd si8ned on its behalf by.. Mr G Carr jchair) Tnt¢e Page J
The Speneer Homes Charity Independent Examlner's Report to the trustees of The Spencer Homes Charlty I reptsrt to the ¢harity Irt]sle¢s on my examinAtion of th¢ accounts of the charity for the year endeiE 28 December 2022 which are set out on pages 5 10 14. Re$pectlve Yespon$lbllltles Of tru5tee$ and examlner As the charity's tr$tec5 of The Spen¢er Ilonies Charity you are responsible for the PTeparation of ihe ac¢ount5 accordance with the requireinent5 of the Charities Act 2011 {'the Aet.). I report in respe¢t of my examination of The Spcncer Homes Charity'5 ac¢ounls caled out und¢r 8e¢tion 145 of th¢ 2011 Aci and in carrying oui my exarnination I have followcd all the applicable Dfftrcclions given by the Charity Commission und¢r section 145{51(b) of the Act. IndepeTrdent exaner,9 statement I have completed my examinatton. I confimi that no material matr¢rs hAYe wme to my attention in connection with the exaininalion givins me cause to believe that in atty material i'e5pect.' accountiDg r¢¢ords were t]ot kept in respect of The Sp¢n¢er Hornes Charity #s iequired by section 130 of the Act; or 2. the accounls do not accord with those records. or 3. the accounts do not comply with the accountin8 r¢qutrtm¢nts concerning the fomi and content of accounts sel out in the Chartti¢s {Accounts and Reporr$) Reglilalions 2008 other than any requirement that the a¢¢ount5 give a 'true and fair view, which is not a m2tt¢r cottsidered as part of an independent exymin&iion. I have Do concerns and have come a¢r05S lio other matters in conne¢tion with the examination to which attention Should be drawn in this report in order to enable a proper unde¥sl8nding of the accounts to be reo¢hed. Selitta J Armitage FCA Independent Examiner Watson BucWe Limited Bradfoiyl 19 June 2023 P8ge 4
The Spencer Homes Charity StAtement of Flnanejal Actlvlties for the Year Ended 28 December 2022 (lllcluding Ineome and Expendllure Account) Endowment funds UThrestrl¢ted fwidj Revaluatlon r¢8erve Total 2022 Total 2021 Ceneral P¢rmaMent Note endowments fro Irtvestments Charitable activities Oiher it)come 5,035 31,874 129 5.035 31,874 129 5.694 31.004 19,062 Total Incom¢ ld endDwm¢ntg 37.038 37.038 55,760 EJpenditure Charitable activities (27,017) (27,017) [0.021 (25,954) 15,933 116,481) Net incom¢ Gain&qosses OD investment ass¢ts 10,021 (10,880) 39.279 (15.207) 24,072 15 (15,074) 15,074 Net movement ID Ilmd8 859 Re¢oD¢ili&lloTh of fuDds Total funds brought forward Totsl fimd8 ¢4led fotword 372,332 15.074 11,154 398.560 374,488 371.473 11,154 382,627 398,560 The fund8 breakdown for thE current and prior year is shown An note 15. Page 5
The Spencer Homes Charlty {R¢gistratlon number: 248397) Balaiice Sheet as at 28 December 2022 21122 2021 Note Flxed #ssets Tangible as$et5 Investments 10 132,669 191.505 129,536 87,978 324,174 217,514 Cui'rent 96sets Debtors Cash at bank and in hand 12 1,085 66,860 88,607 102,007 67,945 190,614 Credltors: Amount$ fglllng due iylthln one year Net current *s$ets 13 (4,146) {4,095) 63,799 186,519 Total asseli leBs current Ilthbilittes 387,973 404,033 Creditors: Amomnts fAUltsg due a(ler more th8n one ye4r N¢t as#ets 14 5.3461 5,473) 382,627 398,560 Funds tsf the charlty: Reserves Unre5tricled funds Unreslrieted revaluation reserve Endowmeni funds 371,473 372,332 15,074 11,154 Total Reserves 382,627 J98,560 The financial staiemenis on pages 5 to 14 were approved by the tNstees, aTMI authori5ed for i5su¢ on 19 Jne 2023 And signed on their behalf by.. Mr G Carr (Choir) Trustee Mrs H R Marshall Truste¢ Page 6
The Spellcer Homes Charlty Notes to the Fln*nclal Statements for the Year Ended 28 December 2022 l General InlonD8tIo# General lttformatlon The enlity is an urtincorporated registered charity governed by their constithtion, registercd in England and Wales. The addr¢&s of the rewstered office is.. Fold House, 6 The Fold Lothersdale Keighley West Yorkshire BD20 8HD Charity registralion rnber.. 248397 2 A¢¢oun¢lttg polleles S¢alem¢nt of eompllauce The financial statem¢nts have been pr¢pared in accordance with Accountin8 alld Reporling by Charities: Staten)ertt of Re¢omm¢nded Practice (SORP) applicable to charities preparing their accounts in accordance with the Finartcial Reportin8 Standard applicwbl¢ in the UK and Republie of Ireland (FRS 102) (effe¢tive l January 201 S)- (Charities SORP (FRS 102)X the Fin8n¢ial Rq)orting StatKlard appli¢obl¢ in the UK and Republic of Ireland (FRS 102) and the Charitics Act 2011. B8515 of preparatlon These financial slat¢ments have been prepared using the historical Cost nventIOn ¢¢pt that as disclosed in the ac¢ountin8 policies certain it¢ms are showil 81 fair value. The ¢harity constikntey & public benefit ¢ntity as d¢fin¢d by FRSIO2. The ¢twiWs fimctional and pr¢s¢ntalion cuDrn¢y is pound sterlin8. Income ertdowmeDts Governm¢fvigroNIs Govcmment grAnts from The Housing Corporation are received in respect of the Sp¢n¢er Homes Ch8rity. These grants are rE¢ogllised at the fair valuc of the ass¢t received. Where ihe a55¢ts are ac¢ount¢d for using the cosi model then Ihe goverJlln¢nt grallt 15 ac¢ouL)t¢d for u5in¥ the a¢cn]als model. The diff¢rellce beiween the fair value of the asset aDd the COIh5ideralion is r¢cogni5ed as a liability and amortiseil ov¢r the useful econowic Itfe of the asset. This amortisation is 081]ised within income. Chailioble oclivilies Weekly maintenance charges from I18 properties 18 r¢cogni8ed on an accrujis basi8. P88e 7
The Sptneer Homes Charity Notes to the Flnanciydl Statements for the Year Ended 28 December 2022 Def¢rredliicem Dcferred incorne r¢present5 omounts t¢ceived for ftlture periods and 1% releosed to incoming resources in th¢ period for which, it has been received. Such income is only deferred when.. . The donor specifie5 that thc grant or donation must only be used in future accounting peTiods,' or T1 donor has imp05ed condition5 which must be met before the ¢harity has un¢onditional entitlement. Iiiveslliie1 iiicoiNe Income is earned from holditjg fixed assets for investment PUtPOS¢5 and is recognised when weivable and th¢ amount can be measur¢d reliably by the charity. Interest on fiind8 lj¢ld OD deposlt is included when Te¢¢ivable and th¢ amount can b¢ measured reliably by the charity. Expelltre All expenditure is recognised once there is a legal or constrnctivc obligation to that expendikire, it is probable settlemenr is required and the amoiint cgn be measured reliably. All t(t$ are allocated to the applicable expenditsire headtng tliat a8girgale similar COSIS to that category. Where ¢osts cannot be direcily attributed to particular headihg8 th¢y have be¢n allocated oil a basis consistent with the use of resource4 with cential statT costs alloeaied on the basis of time spent, and dreCiatiOn charges allocated on the portiots of the assct's use. Other 5UPPOrt co&ls are allocated based on the spread of siaff costs. Charlifjble aeilvirfes Charitable expendire cotnprises ihose sts incU¢d by th¢ chbrity ID the delivery of ils activities and services for its beneficiaries. It includes both costs Ihat Lan b¢ allocated directly to such activfftties ar those c05t5 of an indircct nature neee55ary 10 siipport them. Covernanee costs Thesc itjclude tlie ¢OSi¥ attributable to the charity's complidnce wilh c0115titutlODal a[ statutory requirements, includin¥ audit, strategi¢ maTJag¢ment al trustees. mee¢ings at reimbursed expenses. T4XAtIo The charity is coE]$idered to pass the tcsts set out Paraap I Schedule 6 of the Financ¢ Act 2010 and tt*r¢fore it meets the definition of a Gharitable ¢otY4)any foT UK cutporation tax purpose5. Accordingly, the charity is poteDlially exempt from laxatlOD ill respect of inLome or capithl gains recciv¢d wiiliiii cai¢gori¢s Cvvcred by Chapt¢r 3 Part I l Df the Cotporation Tax Act 2010 or S¢ction 256 of the Taxalion of Char8eable Gains Act 1992, to th¢ extent ihat such iiJCOED¢ or gains ar¢ applied exclusiv¢ly to ¢harithble purposcs. Tangible t]xed 459etg Individual fixed 8ssets costing £100.00 or more are iniiiBlly reeorded at cosL Page 8
The Spencer Homes Charity Notes to the Financial Statements for the Year Ended 28 December 2022 Dtpreelatlon And Amortishtion Depreciation ts provided on tangible fixed ass¢ts so a5 to write off ihe cost or valuation. 1¢5$ any estimated residual value, over their expeed useful economic life as follows.. Asset clH55 Original structur¢ Roofs Doors and windows Boilers Baihroom Kitchens Ele¢tTical and heating installations DepreciatKoN method and 1'8te 50 years 50 years 30 years 15year 25 years 20 yeaTS 25 years Major components of housing properties have been accounted for and depreciated separately from the connected housing property. oveT th¢ir expect¢d useful economic lives. Th¢ Cost of replacing these ¢omponents is capitalssed in ful. Th¢ Cost of partially replacin8 or repairing these ¢omponents are charged to ¢he charitable activities. Significant Judgements e51imAtss Preparation of the financial Statements requires management to mak¢ signiftcant judgements and estima¢es. The items in the financial statements where these judgments and estimates have been made include.. DepiEci(71io Management reviews ils esiimate of the useful live5 of depr¢¢iable assets at each reporting date based on the expected utility of the assets. however, by their naturt, romponent life cannot be determin¢d with ab501ute certainty. Fixed 85set iTEVeStment$ Fixed asset investments, other than programme related investineiits. are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceed5 alld their market value at the Start of the year, or their 5ubsequeni cost, and aiE chaoed or ¢rediled to the Staternent of Financial Activitie5 in the peTiod of disposal. Unr¢alised gain5 and losses represent the moverRellt in market value5 during the year and are crcdited or charged to the Ststement of Fiiiancial Activiti¢5 based on the market value at the year ¢nd. Debtoi% Debtors are recognised initially when they become du¢ at the traiisaction price. They are %ubsequ¢ntly measured at amoitised ¢ost using the effective interest rate method. less provision for iinpairment. A provision for impairment of debtors is establsshed wh¢n Iliere is objective evidence thal the charity will not be able to collect all amounts due according to the original teTms of th¢ debiors. Creditors Creditors are obligalions to pay for goods and service5 Ihat have been acquired by the charity. CreditOTS are initially recogni5ed at the ti'ansaclioii price and Subsequently nieasured at amortised ¢osl using the effective inierest method. Page 9
The Spenc¢r Homes Chgrity Notes to the FinanciAI Statements for the Year Ended 28 December 2022 Cgsh cash equivAlent$ Cash and Cash equivalents comprise cash on hand and call dq)osit5. and oihei short-tertn Iiighly liquid investments that ar¢ readily convertible to a known amount of cash and are subject to an insignificant risk of chong¢ in value. FinHnciAI in$tument$ The charity only lias financial assels and financial liabiliti¢s of a kind that qualify as basic financial instruments. Basic finan¢ial inth'uments are initially recognised at transaction value and subsequently measured at their seulement value. 3 Incom¢ from InvestmtThts Urti'estricted 'rolal 2022 Total 2021 GenerAI Interest receivable and Similar income. Interest receivable on bank deposits Other income from rtxed asset iE)vestments 554 4.481 554 4.481 5,687 5,035 5.035 5.694 4 lThcom¢ from Charltable Retivilies Unrestrleted Total 2022 Total 2021 G¢nor41 Weekly matntenance charges Voids 32,624 (750) 32.624 (7501 32,139 31.874 31,874 31,004 S Other income Utsrestricted 'rotal 2022 Total 2021 CJ¢nei'al Amortisation of grants Gai115 on sale of program related assets for ¢harity's own use Other income 127 127 127 17,613 1.322 129 129 19,062 Page 10
The Spencer Homes Charity Notes to the Vinancial Statements for the Year Ended 28 December 2022 6 Expenditure OD Choritable Activitie5 Unrestricted funds 'rotfil 2022 Total 2021 Genei*l Rates Light, heat and power Insurance Repairs and Tenewals Printing, postage and stationery Trade subscriptions Sundry expenses Management char8e5 payable liidependent exarniner's fee Legal and prof¢ssional ft¢s Depreciation of fTeehold property Depre¢iation of fix¢ures and fJttin8S 1,367 855 1,367 855 1.577 1,001 1,389 5.210 27 197 1,419 14.557 1,419 14.557 415 250 1200 ,260 836 4.858 415 250 1.200 1,260 836 4,858 600 1,080 836 4,564 27,017 27,017 16.481 7 Analysis of govei'nanee and support etssts Governance costs UDrestricted Total 2022 TotAI 2021 Genei'al Independent examiher's fte 1,260 1,260 1,080 8 Trllstee5 remuneration #nd expert$es No trustees h&ve received any r¢muneTation or reimbursed expenses from fhe eharity during the current or previous year. 9 Key m8n9gem¢nt pei'sonnel The charity coiisiders its key tnanagemEnt peT50nnel ¢omprise the trustees. The total key management personncl remuneration b¢nefJts were £Nil {2021- £Nil). Page 11
The Spencer Homes Charity Notes to the Financial Slatements for the Year Ended 28 December 2022 10 Tanglble nxed assets Housing propertit$ for letting Property improvement5 Total Cost At 29 December 2021 Additioiis 41.817 148.702 8.827 190.519 8.827 At 28 December 2022 41,817 157.529 199,346 Depr¢cÉatio At 29 December 2021 Chai'ge for the year 5,016 836 55,967 4.858 60,983 5,694 At 28 De¢emb¢r 2022 5.852 60.825 66,677 Net book value At 28 December 2022 35,965 96,704 132,669 At 28 De¢emb¢r 2021 36,801 92,735 129,536 l Fixed a5sel iVeStments 20211 2021 Listed investments 191,505 87,978 Othei. investment5 Listed Investments Total Cost or VAluation Al 29 D¢c¢mber 2021 Revaluation Additions 87,978 (25,954) 129.481 87,978 (25,9541 129,481 At 28 De¢¢mber 2022 191.505 191,505 Net book value At 28 Dernber 2022 191,505 191,505 Al 28 December 2021 87,978 87,978 The fair value of listed investments is d¢iermined by refer¢n¢e to the quoied PTiCe for adentical assets in an active market at tlie balance sheet date. 14Éslorical costs of illvestments are £202,385 (2021 £72,904). PAge 12
The Spencer Homes Charity Notes to the FID8n¢l21 Statements for the Year Ended 28 December 2022 12 Debtors 2022 2021 Prepayments A¢¢rned incomo 1,085 1,027 87,580 88,607 1,085 IJ Credltor8.' amounts falllng due wl¢bln Trne year 2022 2021 Other creditors Accruals Grant8 .763 2,256 127 1.763 2,205 127 4.146 4,095 14 Creditor8: amount6 falllTrg due after one year 2022 202] Grants 5.346 5,473 H¢)using Associ0 Grattts totalling £5,473 have been received, this will be repaid if the properties are sold. The Housing Association Granis are being recognised in incom¢ on a systernathc basis over the expected usethl life of the structr (50 yebrs). IS Fund8 BAI&DC¢ at 29 December 2021 Other Tecognlsed ga{10$5¢) B•l8nce #* 28 December 21122 Rwiurfe expended re5011rees Unreytrlcted General 372,332 37,038 (27,017) (10.880) 15,074 371.473 Other 15,074 Total unrestrlcted 387.406 37.038 (27,017) (25,954) 371,473 Endowment Pem)anent 11,154 11.154 Tol•l funds 27.017 25,954 382 627 P8g¢ 13
The Spencer Homes Charlty Notes to the FlnanclAI Stgdtements for the Year Ended 28 December 2022 Balanee at 29 Deeember 2020 Other reeognl8ed g4ln51llosse5) Incomlng resources Resourees expended Dteember 2021 UnTe$trlcted General 333.053 38,147 {16,481} 17,613 372,332 Other 30.281 15,2071 15,V74 TotHI unrestrleted 363,334 38,147 {16,4811 2,4(k 387.406 Endowmellt Pemlanent 11,154 11,154 Total fund# 374,488 38.147 16.481 2,406 398,560 16 An#lysls ol net 855et¥ between fund5 Ullr¢gtrlcted Ertd0wDD¢ fund# funds Cetheral Pern]aDent fund$ funds TotAI funds Tangible fixed assels Fixed asset investments Current assets cuent liabtlities Cr¢ditor.% over l year Totsl net assets 132,669 191,505 56,791 (4,146) 5,346 132,669 191,505 67,945 14,146) 5,346 11,154 371,473 382,627 Page 14