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2022-12-31-accounts

REGISTERED CHARITY NUMBER: 249183

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2022

for

J.B. Willows Working Men's Cottages

Marshall & Co Chartered Accountants & Chartered Tax Advisers The Bloc Springfield Way Anlaby Kingston upon Hull East Yorkshire HU10 6RJ

J.B. Willows Working Men's Cottages

Contents of the Financial Statements

for the year ended 31 December 2022

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 10
Detailed Statement of Financial Activities 11

J.B. Willows Working Men's Cottages

Reference and Administrative Details

for the year ended 31 December 2022

TRUSTEES HEY Smile Foundation
PRINCIPAL ADDRESS 61 Queens Gardens
Hull
East Yorkshire
HU1 3AE
REGISTERED CHARITY 249183
NUMBER
INDEPENDENT EXAMINER Marshall & Co
Chartered Accountants
& Chartered Tax Advisers
The Bloc
Springfield Way
Anlaby
Kingston upon Hull
East Yorkshire
HU10 6RJ
BANKERS Santander
6-8 King Edward Street
Hull
HU1 3SS

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Report of the Trustees for the year ended 31 December 2022

J.B. Willows Working Men's Cottages

The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

During 2022, our focus remained very similar to that of previous years, namely keeping our tenants and buildings safe.

We continued our approach of safe access to properties to carry out reactive works as well as a limited amount of planned and preventative maintenance. Alongside this, two significant pieces of work were carried out including our largest individual property refurbishment to date. This work, carried out with local contractor Hobson & Porter, sets the standard for the works going forward and in particular the investment we make into void properties before they are let to the next deserving tenant. The turnover of tenants remains low.

Our relationship with property agents Lime Properties continued to work well. Their network of trades provides trusted and vetted tradespeople and allows us to benchmark and compare costs for the larger pieces of work. Our on-site caretaker plays a key role in this process, logging jobs and meeting contractors which takes the worry away from our tenants, many of who are in their 70s, 80s and beyond with our eldest still thriving independently beyond 100 years of age.

Looking forward to 2023, our focus will be on developing an estates strategy with an emphasis on increasing the rental income of properties whilst supporting our tenants and ensuring they are not adversely affected by this. Due to rising repair and maintenance costs, this will be necessary to allow us to maintain the high standards of accommodation without compromise.

J B Willows Working Men's Cottages sits within the HEY Smile Foundation Resources Committee which brings together four Trustees with the support of the Smile CEO and Head of Department. Reports from this committee are forwarded to the agenda of the HEY Smile Foundation Trustee board each quarter.

OBJECTIVES AND ACTIVITIES

Objectives and aims

Objectives and aims It is the current intention of J B Willows to in the next 12 months;

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Organisational structure

Due to the value of works to properties in 2022, the reserves account previously held was closed to allow the charity's reserves to be invested into property improvements. This has reaped rewards in the property valuation carried out in late 2022 however this means there is no current reserves policy in place.

We currently hold funds for JB Willows in one the rental account which provided the monthly operational costs and received in the rental income from our properties. This is reviewed bi-monthly by the JB Willows committee and quarterly by the HEY Smile Foundation trustees.

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J.B. Willows Working Men's Cottages

Report of the Trustees

for the year ended 31 December 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Decision making

All maintenance requests are directed via the onsite caretaker and if works are more than remedial and or above £500, three quotes are requested in partnership with the current property agency. In the last financial year, all requests for maintenance were fulfilled, and a longer-term plan is being reviewed regarding planned and preventative maintenance to each property.

We have also registered with TPAS, and all annual safety checks and legislative requirements are managed through our current property agency.

Approved by order of the board of trustees on 28 September 2023 and signed on its behalf by:

HEY Smile Foundation - Trustee

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Independent Examiner's Report to the Trustees of J.B. Willows Working Men's Cottages

Independent examiner's report to the trustees of J.B. Willows Working Men's Cottages

I report to the charity trustees on my examination of the accounts of J.B. Willows Working Men's Cottages (the Trust) for the year ended 31 December 2022.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

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 cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning 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 independent examination.

I have no concerns 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.

David Marshall FCA

Marshall & Co Chartered Accountants & Chartered Tax Advisers The Bloc Springfield Way Anlaby Kingston upon Hull East Yorkshire HU10 6RJ

29 September 2023

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J.B. Willows Working Men's Cottages

Statement of Financial Activities

for the year ended 31 December 2022

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Other
Total
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2022
Unrestricted
fund
£
44,637
80,674
3,202
83,876
(39,239)
827,000
787,761
1,367,448
2,155,209		 2021
Total
funds
£
44,299
58,412
3,202
61,614
(17,315)
-
(17,315)
1,384,763
1,367,448

The notes form part of these financial statements

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J.B. Willows Working Men's Cottages

Balance Sheet

31 December 2022

Notes
FIXED ASSETS
Tangible assets
5
CURRENT ASSETS
Debtors
6
Cash at bank
CREDITORS
Amounts falling due within one year
7
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
8
Unrestricted funds
TOTAL FUNDS		 2022
Unrestricted
fund
£
2,117,000
5,345
35,924
41,269
(3,060)
38,209
2,155,209
2,155,209
2,155,209
2,155,209		 2021
Total
funds
£
1,290,000
-
84,660
84,660
(7,212)
77,448
1,367,448
1,367,448
1,367,448
1,367,448

The financial statements were approved by the Board of Trustees and authorised for issue on 28 September 2023 and were signed on its behalf by:

HEY Smile Foundation - Trustee

The notes form part of these financial statements

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for the year ended 31 December 2022

J.B. Willows Working Men's Cottages

Notes to the Financial Statements

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - not provided

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. INVESTMENT INCOME

INVESTMENT INCOME
Rents received
Deposit account interest		 2022
£
44,637
-
44,637		 2021
£
42,993
1,306
44,299

continued...

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J.B. Willows Working Men's Cottages

Notes to the Financial Statements - continued

for the year ended 31 December 2022

3. RAISING FUNDS

Investment management costs

Investment management costs
2022 2021
£ £
Support costs 80,674 58,412

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

5. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 January 2022
Revaluations
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021
Cost or valuation at 31 December 2022 is represented by:
Valuation in 2018
Valuation in 2022
Cost		 Freehold
property
£
1,290,000
827,000
2,117,000
2,117,000
1,290,000
Freehold
property
£
1,283,963
827,000
6,037
2,117,000

Freehold land and buildings were valued on open market basis on 3 November 2022 by Garness Jones.

continued...

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J.B. Willows Working Men's Cottages

Notes to the Financial Statements - continued

for the year ended 31 December 2022

6.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
7.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
8.
MOVEMENT IN FUNDS
At 1/1/22
£
Unrestricted funds
General fund
1,367,448
TOTAL FUNDS
1,367,448
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
44,637
(83,876)
TOTAL FUNDS
44,637
(83,876)
Comparatives for movement in funds
At 1/1/21
£
Unrestricted funds
General fund
1,384,763
TOTAL FUNDS
1,384,763		 2022
£
5,345
2022
£
2,160
900
3,060
Net
movement
in funds
£
787,761
787,761
Gains and
losses
£
827,000
827,000
Net
movement
in funds
£
(17,315)
(17,315)		 2021
£
-
2021
£
6,312
900
7,212
At
31/12/22
£
2,155,209
2,155,209
Movement
in funds
£
787,761
787,761
At
31/12/21
£
1,367,448
1,367,448

continued...

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J.B. Willows Working Men's Cottages

Notes to the Financial Statements - continued

for the year ended 31 December 2022

8. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 44,299 (61,614) (17,315)
TOTAL FUNDS 44,299 (61,614) (17,315)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1/1/21
£
1,384,763
1,384,763		 Net
movement
in funds
£
770,446
770,446		 At
31/12/22
£
2,155,209
2,155,209

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
88,936
88,936		 Resources
expended
£
(145,490)
(145,490)		 Gains and
Movement
losses
in funds
£
£
827,000
770,446
827,000
770,446		 Gains and
Movement
losses
in funds
£
£
827,000
770,446
827,000
770,446
770,446

9. RELATED PARTY DISCLOSURES

The HEY Smile Foundation provides operational management administration assistance.

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J.B. Willows Working Men's Cottages

Detailed Statement of Financial Activities

for the year ended 31 December 2022

2022 2021
£ £
INCOME AND ENDOWMENTS
Investment income
Rents received 44,637 42,993
Deposit account interest - 1,306
44,637 44,299
Total incoming resources 44,637 44,299
EXPENDITURE
Other
Wages 3,202 3,202
Support costs
Management
Rates and water 1,257 964
Insurance 4,053 3,909
Light and heat 286 127
Management fees 14,890 14,864
20,486 19,864
Finance
Bank charges 116 108
Information technology
Repairs and renewals 54,399 36,905
Other
Subscriptions 453 455
Governance costs
Accountancy and legal fees 5,220 1,080
Total resources expended 83,876 61,614
Net expenditure (39,239) (17,315)

This page does not form part of the statutory financial statements

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