Charity Rcgistration Number.. 248397 The Spencer Homes Charity Aiinual RtPOTt and Firtancial Statements for lh¢ Y¢ar Ended 211 December 2024
The Speneer Homes Charity Contents Refcrcncc and Administrative Dctails Tru5tee5' Report 2to3 Ind¢pcndent Examiner's Rcport Statetnent of Financial Aclivitie Balan¢e Sheet Notes to the Financial Statements 7t015
The Spencer Homes Charity Referenee and Administrative DetaAIs Charity Registration Number 248397 Almshou$e A5$0elation Memb¢r Number 1022 Trll$te¢s Mr G Cal'i. {Chair) Mr5 J Y Smith RevG L Hall Mi% H R M#r5h411 Mr D A Brown MrKNarey Dr S Harrison Seeretary Mr S Brown PriRcipal Office Fold Hou5c. 6 The Fold Lother8dal¢ Keighley Weyt YurkshiTe BD20 8HD B¥nker$ Virgitt Mon¢y 14 Broadway Bradford Wesl Yorkshire BDI IEZ lThdependent ExamiTher Mark Wilcock FCA Watson Bucklc Limited JndLpendent F.xaminei YoTk House Cottingley Business Park Bi'adford BD16 IPE Page I
The Spencer Homes Charity Trustees, Report The TTUSte¢S PlESeni Ihe an]iual rq>ort together with the finall¢idl statements of the charity for the yeai. ejided 28 December 2024. Stru¢ture? govtrnaRee mttxgement The Charity is ihe own¢r of six houses and one llat at Rose-in-the Dale, Lothersilale. When there is u vacancy tlie Tnjbtees try lo lit)d a resid¢nl of LoiheTsdale suitable for appointment as an almspeTson, but because of the lack of transport and shopping facilities in the village, Ihere are dafficulties ii) findingT Suitèble applicants. Consequentlyi in the absence of a suitable applicant, the Trustees make the properties available for letting lo the general public and priority is givcn to 501neoiie in Teduccd circutll5tances OT living in SUStandard actommodalion or who has 4c?me ¢(Inoetlion lo LothcTsdale. All new TTUStees are given an introduction to the work of the Tnist by the existing Tn]stees and are also provided with Charily CoJnini$sioTh publi¢alion CC3 'The Essential Trustee. what you need to know. and CCIO 'The Hallniarks of an Eife¢tive Charily.. The Trustees of the Charity hold meetings every three tnonths unless there are special Cllrumstances Ihal reqilire additional mectings. TheTC have becn no changes to lljc TrleeS this ycar. Maintaining the numbe¥ uf Ttu.stees at gevt is of great benefjt and enables the Try5te¢s tv continue the responsibilities of PToperty management and acting as responsible Social Landlord. In Setting and reviewing our aims the Trustees hove given ¢tful consideration to the Chai'ity Comin%ssiun's giiidaiice on public benefit, ObJe¢tlYes 8cdvliles The Trustees review the renls Annually in Mèrch after ¢onsidcration of the Budget of in¢om¢ and cxpendiliir¢. This year tho Trustees de¢ided to make no increase to the rents. tliey consider the CUTtent maintenance charge is achieving w&lue ror ]non¢y. The Truslees have conlinu¢d to m¥intain the properlies lo a high strandaril of repair and seek io Inakc improveineiils either when properlie5 become vacant OT wlicn n¢edt> are id¢nlifi¢d. The Fiv¢ Yearly Quinquennial Ensp¢rlioD Io dcntify and implement plann¢d maint¢non¢t and imPTovements was carried out in Scptember 2019. Thc TnL%t pro[rtiCS havc a private watcr supply And ensuTing that both the quality and quantity of ihc water i8 mAiniained is a Constant conccim. Wat¢r quality te$tsng ha8 been maintained and any remedial works idenlified dealt with. Housing Property As5e5 Details of changes to the ¢hari¢ies assets are shown in not¢ 10 anil I l. Post Balance Shcet Evcnts We consider that there have been no events since the year end thai hav¢ had a siEnifi¢ani effect on the tfU5ts fitLan¢ial position. Going Concern After making enquirie5. the Trustees have a T¢asonable expectation that the Charity has adcqustc resources to continue in operational existenc¢ for the foreseeable futurc, bcing a period of twelve Inonths after tli¢ dale on which Ihc r¢port and finan¢ial siateinenls are signed. For ihis wsot), li continues to adopt lh¢ goit)g ¢onLeiTh bas1S Ill the financtal slateJnenl5. Page 2
The Speneer Homes Charity Trustees, Report Rescrves pollcy The Tivstees have reviewed the Charitys nteds for the reserves in line with the guidance illed by the Charity Commission and conqider it prudent that reserves bhould be suifi¢ient to avoid the necessity to realise fixed assets. The Trll8tces arc confidtnt Ihat futhre inLome will enable the Charity to meet its fore5¢eable needs on ihe basis of planned exp¥nditure. Total charity fund% at 28 December 2024 were £442.349 (2023 £417,273). The amoiint ol. rcscrves after makin allowances for ieslri¢ted funds and not tied lip in tangible fixed ass$ or programme related investments 4mounted to £55,18112023 - £43.1961. Risk mADagement Thc Tru5tee¥ give considei'ation to Ihe major risk$ to which the Charity is exposed and 5ysiems which are desiglled to mitigat¢ thos¢ risks on an ongpoinK ba515. Independent exY4miDer The re appointment of Watson Buckle Limited w&% agreed by the Tnjstees. Publlc benefit Thc'frustees confinn thal they have complied with the requiremenls of section 17 of the Chariti¢s A¢t 2011 to have due regard to lh¢ public benefit guidance pllblished by the Chatity Comrnission for England and Wales. Value for money The Trustces are mindful of the need to obtain value foi. moncy in all tran%acÉton8 enteTed into on behalf of the chai'ity when Imajor works are undertaken a competitive tender is carried ollt. The charity regularly reviews its investments pertomiance to eiisure they still a¢hieve a good rate of l.et. The annual TCPOft was approved by the Trustees of ihc Chai'ity on .. . nd sign¢d on its behslf by.. Mr G CaTT (Chair) Trustee
The Spencer Homes Charity Independent Examiner'5 Report to the trustees of The Spencer Homes Charity report lo the Lhariiy ttustees on my exgmination of thc accoun1.% of the Charity for thc year ended 28 D¢c¢mb¢r 2024 which are set out on pages 5 10 15. Respectlye responslbS1itie5 of trustee5 and examiner As tlic charity's tru81ee8 of The Spenccr Flojncs Ch#rity you are responsible for the preparation of the accounts in accordance with Ihe requirements of the Charities Act 2011 I'the Act'l. I ieport tn respect of my examination of The Spcn¢¢r Homc% Charity's accounts caTTied out under section 145 of the 2UI l Act and in ca]rying out my examination I have followed all thc applicable Direction% given by ihe Charity Commission under section l45(5Xb) of the Aci. Jndependent exatniDcr's statement 111gve completed my cxainination. I confiTm that no malcrial maH¢rs Imve coine to my aLlenLion in connection with ihe examination giving me ¢aiise io believe that in any material re5pecl: accounti#g records were not kept in respect of The Spencer Hom¢s Charity as required by section 130 of the Act. or 2. the accounts do not accord with those r¢cords- or 3. the accounts do not comply with iht accounting requirements ¢on¢¢ming the f(Trrni and eont¢nt of aLYounis stt out in the Charities (Accounts und Rcport%) Ilcgulatioos 2008 othei. than any requirement that the account¥ giv¢ a 'ITue and fair view, which is not a matter considered as part of an irt(lependent examit]ation. I havc no concerns and have come across no otbei. tnatters iu cofft]nection with Ihe examination to which attention should be drawn En thi5 rcport in order lo enablt a proper understdoding ofihe accouJil$ to btt reached. Mar Wil¢ock FCA Ind¢p¢ndent EAaTniner Watson Bucklc Limil¢d Bradford Date.. Page 4
The Spene¢r Homes Charity Statem¢ThÉ of Financial Activities lor the Y¢or Ended 28 Deeember 2024 (Including Income and Expenditure Account) Endowment funds Unrestrleted funds Revaluation re$¢rve Total 2024 Tutal 2023 General P¢rmonent r*'ote Incorne and eThdowmcnts from Invesimen15 Charilaèle activities Other income 9,869 31,915 3.129 9,869 31,915 3.129 6.64J 33.105 129 Total illcotlle and edoWmellts 44.913 44.913 39,877 £xpendlture Charitable a¢tivitÉ¢s (18,583) (18,583) (19.985) Net incom¢ Gain105¢5 on invcstm¢nt assets 26,330 26,330 (1,2541 19,892 14,754 15 11254) 1254 Net movemellt sn funds. 26,330 25,076 34,646 Reconclllatlon of lund$ Total funds bix>ught forward 391,365 14,754 417,273 382.627 Tol81 fund¥ carried forward 417.695 13.500 11.154 442.349 417,273 The funth breakdown for the current and prior year is shown in note 15. Page 5
The Spencer Homes Charity (Registration number: 248397) Balance Sheet as Mt 28 DecembLr 2024 2024 2023 Note Flxcd assets Tangiblc a5SCts Investments 10 164,025 217.208 142,550 211,025 381,233 353,575 Current a$set$ Debtors Cash at bank and ill had 12 1,433 69,132 1,466 71,507 70.565 72,973 Credltor5: Amounts falling due OD¢ year 14,357) (4,056} Net current Assets 66,208 68,917 Total #55ets le55 currellt liabilities 447.441 422,492 Creditors: AmouDt5 falliDg due after more than one year Net assets 14 (5,092 5.219 442,349 417.273 Fund5 of the charity: Reserves Uiireslricted funds Unrcslricied revalu311011 reseTve Endowment llds 417,695 13.500 11.154 391.365 14.754 11,154 Total Reserve5 15 442,349 417,273 The financial statements on pa&ves 5 to 15 w¢iE approved by the In]stees, and authorised for issue o signed ott their behalf by.. LS and Mr G Carr (Chairl Tnjstec Mrs Marshall Trustee Page 6
The Speneer Homes Charity Notes to the Finaneial Statements lor the Year Ended 28 December 2024 l General Informatlon General information Thc ¢ntity is an unincoiyorated registered charity govcrncd by thcir constitution, regislcred in England and W81es. Th¢ addi'css of thc registcred (Trffice i5: Fvld House. 6 The Fold Lothersdale Keighl¢y Wesl Yoi'kshire BD20 8HD Charity regi.%tration number.. 248397 2 Aeeountlng pollcles Statement of £OJDplianre The finaiicial slateinent5 have been prepared irt a¢cordanee with Accout)ling and R¢portitJg by Ch8rities'. Siatement of Recoinmcndcd Prdcticc (SORPI applicable to cliaritie5 preparing their accounts in accoixtancc will) the FinAn¢ial Rcpotting Standard Applicabl¢ in the UK and Rcpubli¢ of Ireland (FRS 102) {effe¢tiv¢ l January 2015) (Charities SORP IFRS 102)), thc frinancial Rcporting Standard applicable in rhe UK and Rq)ublic of Ireland (FRS 102} and the Charities Act 2011, Ba81$ of preparation Th¢sc finaiictal statements have been prepared using thc histoillcal cost convention except that as dtsclosed in th¢ accounting poliGlCS Ccrtain it¢ms arc shown &t fair volu¢. The ¢harity ¢onstitutes a public benefit entity as defined by FRSIO2. The charity's functional and pr¢sentOtion cUencY is pound sterling. Income endowments Government giants from The Housing Corporation are received in respect of the Spen¢ei' Homes Charity. These grants are recognised at Ihe fair value of the asset received. Where the asseis 31e accound for using the u)si model then the govemmen¢ gratjt is accollnted for iisiiig tlie accrllals model. Tlie dil'feTence belw¢¢n tlie fair value of tl)e asset alld the corhsideralloll 15 re¢ugnised as a liabiliÉy and amortised ovcr th¢ uscful cconomic life of the asset. This amorttsatiim is recogt]iscd wiiliin it]come. Charliable a¢ilvliles Weekly rnainlenanGe ¢harges frtsm hou5in¥ properties is re¥ogniscd on an ac¢nJals basls. DefÉpred income Def¢rred incoinc represents amounts received for futhre pcriods and is Teleased lo illconiin8 resouires in the period foi which. it ha5 bern received. Such in¢ome is only deferred when.. The donor 8pecifics that ihc giznt or donation rnust only bc used in fiiture accounting pcri(Kis- or The donoi. has itnposed conditions which must be met befoiE the charity has un¢onditional entitlement. Pagc 7
The Spencer Homes Charity Notes lo the Flnancial Statements for the Year Ended 28 December 2024 Incorne is earned from holding fixed a55ets foi. inveslmeni purposes and iy recognised when receivable and the amouut can bc measud reliably by the charity. Inlerest on fidS hcld on deposit is includcd when r¢ceivoble and the amount can be tneasured liablY by tbe eharity. I xpeDdilure All expendilure 15 recogni%¢d t)nL¢ ¢here is a legal or conslructive obligatioti lo that expenditure. it 15 probabl¢ settlemcnl is rcquired and ihe aont C2n be meosured r¢liably. All eosts allocated to the applicable expendiiure h¢ading that aggrcgalc similar costs Iv that category. Where ¢o%ts ionnot be direLlly attributed to partiLular headings thcy have bccn allo¢at¢d on a basis eonsistcnt with the use of resouiEes, wilh central staff LY)Sts allucated on the basis of time 8pcnt, and depi'eciation chargc8 allocated on the portion of the asset's use. Other 5UPPOrt costs are allo¢ated based on the spread of staff costs. Clirtri**blÉ ttclivilie5 Charitable expenditure compris&g those co$ls incurred by the charity I the delivery of its activities and services for ils ben¢fi¢iMries. It includes both c08L$ that can bc allocated directly to such activitie5 and those tost% of an indiTect naluiE necesyary lo support Ih¢m. Goyernanee costs Thc5e include the costs attributable to the charily's ¢omplian¢e with constitutional and slatutoiy requirements, in¢luding audit. Strategic management and truste¢s' meetings and reimbursed expenses. Taxation The chaTity is considered to pass ihe tests Set out in Paragraph I Schedule 6 of Eh¢ Fimahce Act 201 U and therefore 5t meets the dEfinition of a chdritable company for UK eo)yoration lax puOses. Accordingly, the ¢harity is potentially exempt from taxation in respect of income or capital gains teceived within categories covered by Chapter 3 Part I l of the Coiyor8tion Tax Act 2010 or Section 256 of the Taxalion of Chai'geable Gains Act 1992, to the extent that such incomc or gains air applied exclu.8ively to charitable puiy()b¢S. Tan&Fible fixed assets Individual fixed assets tosting £100.00 or more are initially recorded at cost. Depreelatlon and Imortisation Depre¢iation is provided on tangible fiKd a5setS 80 LIS to write olT the cost or valuation, less &ny estimated residual value. over their expect¢d useful economic life as follow5.. Asset c19$$ Original structuJE Roof5 Doors and windows Boilei's BathiK>om Kitchens Electrical and heatiDg instsllutions Depreciation method and rate 50 years 50 years 30 year5 15 years 25 years 20 years 25 years Major compotjcnts of housing properties have bccn accounted for and depreciated separately from tl]e conttted housing prtspet¢y. over thcir expe¢t¢d useful cconomi¢ lives. The cost of replacirtg these components is capttslised in full. The cost of paitially replabing or rcpairing Ihese Components are Charged lo thc charitablc aclivjtieg. Page 8
The Speneer Homes Charity Notes to the Finaneial Statement5 for the Year Ended 28 Deeember 2024 SigrtificaDf judgements gnd estlmates Preparation of the financial slatenienls requircs mana8ei?ient lo mic kc signiflcant judgements and estimates. Th¢ iÈems i the fsnancial slateinent8 where Ihese jiidgments thnd estimates havo b¢cn mad¢ include.. Dei)YecialioJi ManagLmcnt reviews ils eslsmate of the useful lives of depreciable assets at each rew)rting date based on the exp¥Lied utility of the assets,. how¢vei. by Iheir n4lure, compon¢ttl life cannot be determined wilh absolute LeTtainiy. Fixed asset IVestments Fixed assel iiiv¢5ttnents, othcr ihan progixmme related inYe5tment5, are included at market value at th¢ balan shect dat¢. Rcalised gaitls and losses on investmcnt5 are calculated as th¢ diffcr¢ncc b¢iwc¢n sales procceds and their market value at thc start of th¢ year, or their sub8cqucnt cost. al are charged or credited to th¢ Stst¢meni of Fit)ancial Activities in the pcriod of disposal. Unre&lised gain5 artd losses represent the movement iii market values during the year and ale ¢redited or charged to the Statement of Financial Activilies based on ihe market value al the year end. Dcbknrs Debtors are recognised initially when they become due at the lygnsaction price. They are subsequently rneasured at amortised cosl using ihe effective inter¢st rate meth(Ki, les5 provision for itnpairtnent. A provision for impairnient of debtors is established when there is objective evid¢nce il)at the charity will not be able lo collect all amount8 duc according to the original l¢rnis of the debtors. Credltors Creditors ar¢ obligations to pay for good5 and services Ihat liave been acquired by Ilie cliarily. Creditors ¥r¢ initially reco8nised at the Ir#nsa¢titsn price and subsequently measured at amortiscd r05t Using thr ¢ff¢¥live interest method. Casb t#sh equlvalents Cash and cash equivulents comprise ¢ash on hand and call deposits. and oiher shoit-terni highly liquid illve5ttnentS tbat are reodily convertible to a knowll alnount of ¢ash and are subject to an insignificant risk of change in valur. FlnAnii81 instrumtllts The charity only has financial a.%%el8 and financial liabilitlC8 of a kind that qu#lify as ba81¢ finen¢ial in%trurncnts. Basic financial iDstrumtnls ar¢ initially reco8nised at transa¢tton valuc and subscquently mcasured at their settlement value. Page 9
The Spencer Homes Charity Notes lo the Finanelal Statements for the Year Ended 28 Deeember 2024 3 Income frojn Investments Unrestricttd TotAI 2024 Total 2023 Ceneral Interest reLeival)le and similar incom¢. IDt¢rest teceivablc on bank deposits OtheT income from red y5scI investments 2,432 7,437 9,X69 2,432 7,437 1.877 4.766 9.869 6,643 4 Income Charltable A¢tivltle8 Unrestrleted Tot81 2024 Tot41 2023 GeNer#l Wcckly maintenance char8CS Voids 32,345 1430) 32.345 430 33.105 31,915 31,915 33,105 5 OthtT intoe UDrestrReted Totgl 2024 Tot41 2023 General Amortisation of grants other income Grants receivable 127 127 127 3,000 3,129 3,129 129 Page 10
The Speneer Homes Charity Note5 to the Financial Stat¢ments for the Ye4r Ended 28 December 2024 6 Expendlture ort Cliaritable AetivitRes Uiire$tri¢t¢d fund5 TotAI 2024 TotAI 2023 General Rates Light, heat and power Itt5urance Repairs and iEnewols Trade subscriptions Managemet]t cliarges payable Independent exa11¢5 fee D¢pre¢iation of fr¢ehold prortY ,651 1.477 1,667 4,278 1,651 1.477 1,667 4,278 1,477 1.768 1.607 6,100 343 1.200 1.260 6.230 1.200 1,320 6,990 1.200 1,320 6.990 18.583 18,583 7 Analy8ls of govtrnnce and support cost$ GoverDllC¢ costs Unrestricted TotAI 2024 Total 202.1 General Independent cxaininei's fee 1,320 1,320 1.260 8 Trustees remuneratlon and expenses No tru$tees hav¢ received any r¢muneration or retmbursed expense8 from the charily during the current or prevhous veal. 9 Kry rn8M8gement personnel The ¢harity considers its key m#nagvein¢nt personnel eumprise the trust¢es. ThE total key mitNgemtTrt p¢¢wttoel remuneration benefits were £Nil (2023 - £Nil)- Pagell
The Speneer Homes Charity Notes to the Financial Statement$ for the Year Ended 28 December 2024 10 Tangihle filed assets Housing propertles for lettlThg Prperty improvements Total Cost At 29 December 2023 Additions 41,817 173.640 28.465 2T5,457 28,46S At 28 De¢ember 2024 41,817 202.105 243.922 Depreelatlon At 29 December 2023 c]rge for the year 6,688 836 66,219 6,154 72,907 6.990 At 28 De¢ernbcr 2024 7,524 72,373 79.897 Net book value At 28 Dcccmber 2024 34.293 129,732 164,025 At 28 December 2023 35.129 107.421 142.550 Page 12
The Spene¢r Hvme$ Charity Notes to the Fillancial Statements for the Year Ended 28 December 2024 11 Fixed asset investments 2024 2023 Listed tnv¢stm¢1115 217,208 211,025 Other Investments Llsted investments Total Cost or Valuatio At 29 Decembcr 2023 Revaluation Additions 211.025 11,254) 7,437 211,025 {1,254) 7,437 At 28 D¢cember 2024 217,208 217,208 Net book value Al 28 December 2024 217,208 217,208 Al 28 December 2023 211,025 211,025 The fail. value of listed invesiintnts is detennined by reference to the quotcd prtc¢ for idcnti¢81 assets in an a¢iive maTkel at the balanc¢ sheet dgt¢. Historical costs of inv¢sltn¢nts are £214,588 (2023 - £207,154). JZ DebtOY5 2024 2023 Pr¢paymthii$ WMC in aiTcars 1.183 250 1.216 250 1,433 1.466 13 Credltor&: amouRts falllng due wlthin othe year 21124 2023 Other ¢reditors Acciwa15 Grants 1,810 2,420 127 2,549 127 4.357 4,056 P8ge 13
The Spencer Home5 Charity Notes to the Financial Statements for the Year Ended 28 December 2024 14 Credltofs: 8mounts falllng due Rft¢r one yefir 2024 2023 Grants 5,092 5,219 HO81ng A$8ociatinn have been received, thi% will be repaid if the properties are sold. The Housing AssocRalion Gran15 are being recogni5cd in income on a systcmdtic b#¥is over ihe ¢xpe¢t¢d useful life of ihe strneture150 years). IS Funds Bglanc¢ at 28 December 2023 Other re¢ognlsed galnsloosses) Balance at 28 December IneDmlng resource$ Resources expeRded 2024 Unr¢stri¢ted General 391,365 44,913 (18,583) 417.695 Othei. 14.754 11,254 13,500 Total unrestrlLted 406.119 (18,583) (1,254) 431,195 Endowment Permanent 11.154 11,154 Total funds 417,273 44,913 254) 18,583 442,349 Balance At 28 ecember 2022 Other reeogni5ed gain$lOosses) B81onee at 28 December 2023 Incomlng resources Resources expended Unrestricted General 371,473 39,877 (19,985) 391,365 Otljer 14,754 14,754 Tot&1 unrestricted 371.473 39,877 (19,985) 14,754 406.119 Endowment Permat]cnt 11.154 Tot41 fullds 382,627 14.754 417.273 Page 14
The Speneer Hnmes Charity Note$ to the Financial Statements for the Year Ended 28 Deeember 2024 16 Analv$l$ of net S5ets between funds Unrestricted End&wm¢nl funds Permanent funds General funds Other funds Tot1 funds Tangible fixed asset$ Fixed ds&¢l inveslinenls Current assets Current liabilities Creditors ovei. l year 164.025 218,462 59,411 (4J57} 15,092) 164,025 217.208 70.565 14.3571 (5,092) 442,349 {1,2541 11,154 Total net assets 432.449 11,254) Pagc 15