Charity Number: 250245
JOSEPH KAYE’S ALMSHOUSES
UNAUDITED FINANCIAL STATEMENTS 31 OCTOBER 2024
Ben Leach Associates 30 Bute Street Sheffield S10 1UP
JOSEPH KAYE’S ALMSHOUSES
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 OCTOBER 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 October 2024.
Objectives and activities
In planning the charity’s activities the trustees have had regard to the guidance on public benefit issued by the Charity Commission.
The objective of the charity is the provision of accommodation through its Almshouses, for the benefit of the residents. The charity currently provides six Almshouses to six residents who have met their criteria of need, both financial and social.
The Almshouses are maintained to a very high standard, and are subject to a cyclical maintenance review to ensure their longevity.
The charity charges a nominal weekly maintenance contribution, which is significantly below the Fair Rent levels, and subsidises the operating costs of the Almshouses from the charity’s annual income.
After defraying the costs of maintaining the property of the charity, any remaining surplus income for the year is reserved for the ongoing maintenance of the properties, in accordance with the charity’s objectives.
Risk management
The Trustees monitor the risk profile of the charity – both financial and operational - on an ongoing basis and satisfy themselves that adequate systems and procedures are in place to manage the risks identified. The charity enforces the following procedures with regard to the monitoring and management of risk:
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Clearly defined structure of authority and control
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Ongoing review of key systems and relationships within the charity
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Regular review of charity’s funds
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Regular summary reports to the board of trustees regarding any concerns noted
Achievements and performance
During the year, all the properties were let, maintained and appropriately managed, satisfying the principal objective of the charity.
Financial review
The charity’s income in the year was £28,160 (2023: £27,061), and consisted primarily of maintenance contributions. The charity spent £11,419 on maintenance of its properties (2023: £44,509), and after accounting for overheads and investment gains achieved a surplus of £25,159 (2023: deficit of £26,292).
Investment powers and policy
Under the Trust Deed, the charity has the power to invest or deposit in any lawful manner. The Trustees, having regard to the liquidity requirements of the charity and to its reserves policy, have operated a policy of keeping available funds in interest-bearing funds and deposit accounts.
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JOSEPH KAYE’S ALMSHOUSES
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 OCTOBER 2024
Reserves policy
The total reserves at 31 October 2024 were £340,884 (2023: £315,725), which are made up entirely of unrestricted funds of the charity. Within unrestricted funds are contained two designated reserves: an extraordinary repairs fund, with reserves totalling £40,231 (2023: £38,581), and a cyclical maintenance fund, with reserves totalling £4,540 (2023: £2,270).
The level of reserves are monitored and reviewed by the Trustees throughout the year, to ensure that both general and designated unrestricted funds are sufficient to meet the maintenance requirements of the charity’s properties. This requirement has been met in the year ended 31 October 2024, and the Trustees are continuing to monitor the situation carefully.
Structure, governance and management
The charity is a charitable trust, and is constituted and governed by a trust deed dated October 2020.
The Trustees delegate the day-to-day management of the charity to an external administrator, who reports to the Trustees on a quarterly basis.
Plans for future periods
The Trustees will continue to review the long-term maintenance needs of the properties, and will take steps to ensure that these needs are met in a timely manner.
Reference and administrative details
| Registered charity name | Joseph Kaye’s Almshouses |
|---|---|
| Charity registration number | 250245 |
| Principal office and registered | 94 Bates Street |
| office | Sheffield |
| S10 1NQ | |
| The trustees | |
| J Webster | |
| N M Parsons | |
| P Voyse | |
| S Broadhead | |
| C M Dhillon | |
| S L Williams | |
| S E Souflas | |
| Independent examiner | B Leach ACA |
| Ben Leach Associates | |
| 30 Bute Street | |
| Sheffield | |
| S10 1UP |
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JOSEPH KAYE’S ALMSHOUSES
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 OCTOBER 2024
Responsibilities of trustees
The Trustees are responsible for preparing the Trustees' Annual 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 8 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 incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper 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 applicable Charities (Accounts Reports) Regulations 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.
This report was approved by the Trustees on ______ and is signed on their behalf by:
Trustee
Trustee
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JOSEPH KAYE’S ALMSHOUSES
INDEPENDENT EXAMINER’S REPORT
YEAR ENDED 31 OCTOBER 2024
Independent Examiner's Report to the Trustees of Joseph Kaye’s Almshouses
I report to the trustees on my examination of the accounts of Joseph Kaye’s Almshouses for the year ended 31[st] October 2024.
Responsibilities and basis of report
As the charity’s trustees 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 charity’s accounts carried out under section 145 of the 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 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
Ben Leach ACA
Ben Leach Associates 30 Bute Street Sheffield S10 1UP
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JOSEPH KAYE’S ALMSHOUSES
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 OCTOBER 2024
| Note Income and endowments Income from charitable activities 4 Investment income 5 Total income Expenditure Expenditure on charitable activities 6 Total expenditure Net (expenditure)/income Unrealised (losses) on investments 12 Net movement in funds before transfers Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
2024 2023 Unrestricted Funds Designated Funds Total Funds Unrestricted Funds Designated Funds Total Funds £ £ £ £ £ £ 21,939 - 21,939 21,797 - 21,797 6,221 - 6,221 5,264 - 5,264 |
|---|---|
| 28,160 - 28,160 27,061 - 27,061 |
|
| 18,001 - 18,001 53,349 - 53,349 |
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| 18,001 - 18,001 53,349 - 53,349 |
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| 10,159 - 10,159 (26,288) - (26,288) 15,000 - 15,000 (4) - (4) |
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| 25,159 - 25,159 (26,292) - (26,292) (3,920) 3,920 - 29,222 (29,222) - |
|
| 21,239 3,920 25,159 2,930 (29,222) (26,292) |
|
| 274,874 40,851 315,725 271,944 70,073 342,017 |
|
| 296,113 44,771 340,884 274,874 40,851 315,725 |
The statement of financial activities includes all gains and losses recognized in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 13 form part of these financial statements.
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JOSEPH KAYE’S ALMSHOUSES
STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2024
| Note Fixed assets Freehold property 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Net assets Funds of the charity Unrestricted funds Designated funds Total charity funds 15 |
2024 £ £ 63,944 124,825 188,769 607 152,610 153,217 1,102 152,115 340,884 340,884 296,113 44,771 340,884 |
2024 £ £ 63,944 124,825 188,769 607 152,610 153,217 1,102 152,115 340,884 340,884 296,113 44,771 340,884 |
2023 £ 63,944 109,825 |
|---|---|---|---|
| 188,769 152,115 |
173,769 175 142,764 |
||
| 153,217 1,102 |
142,939 983 |
||
| 141,956 | |||
| 340,884 | 315,725 | ||
| 340,884 | 315,725 | ||
| 296,113 44,771 |
274,874 40,851 |
||
| 340,884 | 315,725 |
These financial statements were approved by the board of trustees and authorized for issue on ____ and are signed on behalf of the board by:
Trustee
Trustee
The notes on pages 7 to 13 form part of these financial statements.
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JOSEPH KAYE’S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
31 OCTOBER 2024
1. General information
The charity is a public benefit entity and a charity registered in England and Wales. The address of the registered office is 94 Bates Street, Sheffield, S10 1NQ .
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the 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) (Charities SORP (FRS 102)).
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Going concern
There are no material uncertainties about the charity's ability to continue.
Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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JOSEPH KAYE’S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
31 OCTOBER 2024
Income tax
The charity is exempt for taxation on its income and gains where they are to be applied for charitable purposes.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from charitable activities is recognised when there is evidence of entitlement to the income, receipt is probable and its amount can be measured reliably.
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income in respect of investments held is recognised in the period in which it is received.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as
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JOSEPH KAYE’S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
31 OCTOBER 2024
expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - nil
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities include the net gains and losses arising on revaluation and disposals throughout the year.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if required subsequent to their first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and the carrying value. Realised and unrealised gains and losses are calculated are combined in the Statement of Financial Activities.
4. Income from charitable activities
| Maintenance contributions 5. Investment income Bank interest and dividends |
Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 £ £ £ £ 21,939 21,939 21,797 21,797 |
|---|---|
| Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 £ £ £ £ 6,221 6,221 5,264 5,264 |
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JOSEPH KAYE’S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
31 OCTOBER 2024
6. Expenditure on charitable activities
| Property repairs and management Grants payable Support costs |
Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 £ £ £ £ 11,419 11,419 44,509 44,509 5,000 5,000 6,200 6,200 1,582 1,582 2,640 2,640 |
|---|---|
| 18,001 18,001 53,349 53,349 |
Included in grants payable is a single grant of £5,000 paid to Age UK.
7. Analysis of support costs
| General administrative costs Governance costs |
Total 2024 Total 2023 £ £ 1,332 2,390 250 250 |
|---|---|
| 1,582 2,640 |
8. Independent examination fees
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial | 250 | 250 | ||
| statements |
9. Staff costs
The charity does not employ any staff.
10. Trustee remuneration
Included in general administrative costs is £nil of expenses (2023: £40, reimbursed to one trustee) with respect to costs incurred and paid for on behalf of the charity.
No remuneration was paid to any other trustee during the year, nor to any person connected to them.
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JOSEPH KAYE’S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
31 OCTOBER 2024
11. Freehold property
| Cost At 1stNovember 2023 and 31stOctober 2024 Depreciation At 1stNovember 2023 and 31stOctober 2024 Net book value At 1stNovember 2023 and 31stOctober 2024 |
Total £ 87,013 (23,069) |
|---|---|
| 63,944 |
Included within freehold property is £23,069 of property improvements which have been fully depreciated.
12. Investments
| Market value at 1stNovember Net unrealized (losses)/gains on revaluation Market value at 31stOctober |
2024 2023 £ £ 109,825 109,829 15,000 (4) |
|---|---|
| 124,825 109,825 |
13. Debtors
| Prepayments Other debtors |
2024 2023 £ £ 191 175 416 - |
|---|---|
| 607 175 |
14. Creditors: amounts falling due within one year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Accruals | 1,102 | 983 |
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JOSEPH KAYE’S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
31 OCTOBER 2024
15. Analysis of charitable funds
Unrestricted and designated funds
| General funds Extraordinary repairs fund Cyclical maintenance fund General funds Extraordinary repairs fund Cyclical maintenance fund |
At 1st November 2023 Income Expenditure Unrealised gains / (losses) Transfers At 31st October 2024 £ £ £ £ £ £ 274,874 28,160 (18,001) 15,000 (3,920) 296,113 38,581 - - - 1,650 40,231 2,270 - - - 2,270 4,540 |
|---|---|
| 315,725 28,160 (18,001) 15,000 - 340,884 |
|
| At 1st November 2022 Income Expenditure Unrealised gains / (losses) Transfers At 31st October 2023 £ £ £ £ £ £ 271,944 27,061 (53,349) (4) 29,222 274,874 36,931 - - - 1,650 38,581 33,142 - - - (30,872) 2,270 |
|
| 342,017 27,061 (53,349) (4) - 315,725 |
General funds: These are funds which can be used at the discretion of the trustees to further the objectives of the charity.
Extraordinary repairs fund: Monies allocated into this fund are made available for significant and urgent repairs to the charity’s freehold properties.
Cyclical maintenance fund: Monies allocated into this fund are made available for cyclical maintenance to the charity’s freehold properties, in accordance with the charity’s long-term maintenance strategy.
16. Analysis of net assets between funds
| Fixed assets Current assets Creditors less than 1 year Net assets Fixed assets Current assets Creditors less than 1 year Net assets |
Unrestricted Funds Designated Funds Total Funds 2024 £ £ £ 188,769 - 188,769 108,446 44,771 153,217 (1,102) - (1,102) |
|---|---|
| 296,113 44,771 340,884 |
|
| Unrestricted Funds Designated Funds Total Funds 2023 £ £ £ 173,769 - 173,769 102,088 40,851 142,939 (983) - (983) |
|
| 274,874 40,851 315,725 |
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JOSEPH KAYE’S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
31 OCTOBER 2024
17. Related party transactions
The charity had no transactions with related parties in the year to 31[st] October 2024, other than the single item disclosed in note 10.
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