## **AGNES MARSDEN TRUST**
## **REGISTERED CHARITY NUMBER 254728**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2021**
## **AGNES MARSDEN TRUST**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2021**
## **INDEX**
|Reference and Administrative Details
Trustee Report
Statement of Trustee Responsibilities
Independent Examiner’s Report
Statement of Financial Activities
Statement of Financial Position
Notes to the Financial Statements|**Page**
2
3 - 6
7
8
9
10
11 - 17|
|---|---|
1
**AGNES MARSDEN TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Charity Registration Number:** 254728
**Trustee**
**Managing Trustee**
Leeds and Yorkshire Housing Association Ltd (LYHA)
## **Board of Management**
C Michael Gaskell Elizabeth Sandwith CFIIA Anne McMaster Jon Prashar Simon Edwards Philip Johnson (resigned May 2020) Adele Rae Victoria Tolmie-Loverseed (resigned September 2020) Steven Brook Anthony Brown (appointed November 2020) Ulfat Hussain (appointed November 2020) Carla Makepeace (appointed November 2020) Matthew Edgar (appointed November 2020)
## **Registered Office**
2 Shire Oak Road Leeds LS6 2TN
## **Bankers**
NatWest Headingley Branch 63 Otley Road Headingley Leeds LS6 3WA
2
**AGNES MARSDEN TRUST**
## **TRUSTEE REPORT**
The trustee presents the annual report together with the financial statements of the charity for the year ended 31 March 2021.
## **Objectives, activities, and performance**
Agnes Marsden Trust, Horsforth is a not-for-profit registered charity. The principal activities are to provide accommodation for those who qualify under the trust deed, with priority being given to older women of Horsforth, near Leeds. The Trustee has considered the Charity Commission’s guidance on public benefit and considers that the activities of the Almshouse meet its charitable objectives and provide a benefit to the public.
The properties are best suited to individual occupiers. When making decisions about applicants, the homes have been allocated as determined by the Governing Instrument.
## **Structure and governance**
The managing trustee is Leeds and Yorkshire Housing Association of 2 Shire Oak Road, Leeds, LS6 2TN. The registered charity number is 254728.
The LYHA Board of Management comprises:
C Michael Gaskell Elizabeth Sandwith CFIIA Anne McMaster Jon Prashar Simon Edwards Philip Johnson (resigned May 2020) Adele Rae Victoria Tolmie-Loverseed (resigned September 2020) Steven Brook Anthony Brown (appointed November 2020) Ulfat Hussain (appointed November 2020) Carla Makepeace (appointed November 2020) Matthew Edgar (appointed November 2020)
Leeds & Yorkshire Housing Association is the corporate trustee, having taken over that role from Anchor Trust on 5 November 2012, but delegates most of the day-to-day management of the Alms-houses to its staff.
## **Financial Review**
The internal controls of the charity are reviewed from time to time and monitored annually and an independent examination is carried out annually in accordance with the statutory requirements and the accounts submitted for review. Total incoming resources were £53,525 (2020 - £18,171) Total resources expended were £16,297 (2020 - £14,490)
3
## **AGNES MARSDEN TRUST**
## **TRUSTEE REPORT (continued)**
Total surplus for the year was £37,228 (2020 £3,681) and the net assets of the charity on 31 March 2021 were £88,257 (2020- £51,029)
## **Housing property assets**
Details of changes to the Agnes Marsden Almshouse assets are shown in note 7. The Charity owns four alms-house properties.
## **Post balance sheet events**
We consider that there have been no events since the year end that have had a significant effect on the Charity’s financial position.
## **Going concern**
After making enquiries, the trustee has a reasonable expectation that the alms-house has adequate resources to continue in operation/existence for the foreseeable future, being a period of twelve months after the date on which the report and financial statements are signed. For this reason, it continues to adopt the going concern basis in the financial statements.
## **Reserve’s policy**
The Trustee has reviewed the Charity’s needs for reserves in line with the guidance issued by the Charity Commission and considers it prudent that reserves should be sufficient to avoid the necessity to realise fixed assets. The Trustee continues to review whether future income will enable the Charity to meet its foreseeable needs on the basis of planned expenditure. The Charity had reserves of £88,257 on 31 March 2021 (2020: £51,029).
## **Risk policy**
The Trustee has identified the major risks to which the charity could be exposed and has established systems and procedures to manage those risks.
## **Covid 19**
The coronavirus pandemic has effected the charity with minimal adverse impact. There has been only one empty home during the period for which the charity utilised this period to modernise the property. We have assured residents that no one will lose their home as a result of the coronavirus and encouraged early contact should residents find their finances affected by the lockdown. Arrears have decreased by £278 during the period. Residents received a welfare call, to ensure that they were supported during the lockdown and they were signposted to appropriate additional care or support as was needed. Although nonessential repairs were postponed through April and May 2020, essential maintenance and health & safety inspections continued throughout, ensuring residents remained safe in their homes.
4
## **AGNES MARSDEN TRUST**
## **TRUSTEE REPORT (continued)**
## **Financial instruments**
## **Objectives and policies**
The charity’s activities expose it to a number of financial risks including credit risks, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the trustee, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
## **Cash flow risk**
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates.
## **Credit risk**
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
## **Liquidity risk**
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements
5
## **AGNES MARSDEN TRUST**
## **TRUSTEE REPORT (continued)**
The annual report was approved by the trustee of the charity on 21[st] July 2021 and signed on its behalf by:
Board Member of LYHA, the Trustee
Board Member of LYHA, the Trustee
6
## **AGNES MARSDEN TRUST**
## **STATEMENT OF TRUSTEE’S RESPONSIBILITIES**
The Trustee is responsible for preparing the Trustee’s 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 & Wales requires the Trustee 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 Trustee is required to:
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles in the Charities SORP 2019 (FRS 102).
- make judgements and estimates that are reasonable and prudent.
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustee is 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 Charities (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.
The Trustee is responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustee of the charity on 21[st] July 2021 and signed on its behalf by:
Board Member of LYHA, the Trustee
Board Member of LYHA, the Trustee
7
## **Independent Examiner's Report to the Trustee of Agnes Marsden Trust**
I report to the trustee on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 9 to 17
## **Responsibilities and basis of report**
As the charity’s trustee, 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 which gives me cause to believe that, in any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did 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.
Sue Hutchinson FCCA Independent Examiner
Beever and Struthers Chartered Accountants St. George’s House 215-219 Chester Road Manchester M15 4JE
Date: 17 August 2021
8
## **AGNES MARSDEN TRUST STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31[ST] MARCH 2021**
|**Note**
**Income and endowments from:**
Donations and legacies
3
Charitable activities
3
**Total income and endowments**
**Expenditure**
Charitable activities
4
Other
4
**Total expenditure**
Net income
Transfers between funds
Net Movement in funds
**Reconciliation of funds**
Total funds brought forward
10
Total funds carried forward
10|**Unrestricted funds**
**Total**
**Total**
**Designated**
**General**
**2021**
**2020**
**£**
**£**
**£**
**£**
-
35,097
35,097
-
-
18,428
18,428
18,171|
|---|---|
||-
53,525
53,525
18,171|
||-
(13,233)
(13,233)
(12,237)
-
(3,064)
(3,064)
(2,253)|
||-
(16,297)
(16,297)
(14,490)|
||-
37,228
37,228
3,681
5,356
(5,356)
-
-|
||5,356
31,872
37,228
3,681|
||20,315
30,714
51,029
47,348
25,671
62,586
88,257
51,029|
The funds breakdown for 2021 is shown in note 10.
The attached notes on pages 11 to 17 form an integral part of these accounts.
9
## **AGNES MARSDEN TRUST**
## **STATEMENT OF FINANCIAL POSITION**
## **AS AT 31[ST] MARCH 2021**
|**Notes**
**Fixed Assets**
Tangible assets
7
**Current Assets**
Debtors
8
Cash at Bank and in Hand
Less:
**Creditors: Amounts falling due within one year**
9
**Net current assets / (liabilities)**
**Total assets less current liabilities**
**Funds of the charity**
Unrestricted funds
**Total Funds**||**2021**
**£**
68,338
3,035
19,424
22,459
(2,540)
19,919
88,257
88,257|**2020**
**£**
64,837
2,276
265
2,541
(16,349)
(13,808)
51,029
51,029|
|---|---|---|---|
|||88,257|51,029|
These financial statements were approved and authorised for issue by the Trustee on 21[st] July 2021 2021 and signed on its behalf by:
**___________________________ (Board Member of LYHA, the Trustee) ___________________________ (Board Member of LYHA, the Trustee)**
The attached notes on pages 11 to 17 form an integral part of these accounts.
10
## **AGNES MARSDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31[ST] MARCH 2021**
## **1. General information**
The entity is an unincorporated registered charity governed by the constitution, registered in England and Wales.
Registered Office The Trustee of Agnes Marsden Trust C/O Leeds and Yorkshire Housing Association 2 Shire Oak Road Headingley Leeds LS6 2TN
## **2. Accounting policies**
## **Basis of preparation & statement of compliance**
The financial statements have been prepared under the historical cost basis and comply with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charity Commission ‘Statement of Recommended Practice; Accounting and Reporting by Charities (SORP FRS102) and the Charities Act 2011. A summary of the principal accounting policies, which have been applied consistently, except where noted, is set out below:
The Charity constitutes a public benefit entity as defined by FRS102.
The financial statements are presented in Sterling (£).
## **Exemption from preparing a cash flow statement**
The charity has taken advantage of the exemption available to it under FRS102 whereby it is not required to publish a statement of cash flows.
## **Going concern**
The trustee considers that there are no material uncertainties about the charity’s ability to continue as a going concern. The charity appears to have handled the coronavirus pandemic with minimal adverse impact.
## **Fund structure**
General funds represent the funds of the charity that are not subject to any restrictions regarding their use and are available for application on the general purposes of the charity. Funds designated for a particular purpose by the charity are also unrestricted. The Trustees may at their discretion set aside unrestricted funds for specific purposes.
The accounts include all transactions, assets, and liabilities for which the charity is responsible in law.
11
## **AGNES MARSDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31[ST] MARCH 2021**
## **2. Accounting policies (continued)**
## **Income recognition Maintenance contributions**
Maintenance contributions are accountable on a time basis.
The charity carries the financial risk on property managed by agents, therefore all the income and expenditure arising from the properties is included in the statement of financial activities.
## **Charitable activities**
Funds generated from charitable activities are accounted for gross when receivable.
## **Tangible fixed assets**
The property is shown in the balance sheet at cost and is depreciated at the rate of 2% per annum. Freehold land is not depreciated.
## **Other fixtures, fittings, and office equipment**
Depreciation is calculated so as to write off the cost of the fixed assets on a straightline basis over the expected useful economic lives of the asset concerned. The principle annual rate used for the purpose which is consistent with that of the previous year is:
## **Asset class**
Kitchens: 20 years Wet Rooms: 30 years Boilers: 15 years Electrics: 40 years Doors: 30 years
## **Financial instruments**
Financial assets are derecognised when (a) the contractual rights to the cash flow from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has
12
## **AGNES MARSDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31[ST] MARCH 2021**
## **2. Accounting policies (continued)**
been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires.
## **3. Income and endowments**
||**Unrestricted funds**|**Unrestricted funds**|**Total**|**Total**|
|---|---|---|---|---|
||**Designated**|**General**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|
|**Donations and legacies**|||||
|Donations and gifts|-|35,097|35,097|-|
|**Total Donations and legacies**|-|35,097|35,097|-|
|**Charitable activities**|||||
|Weekly maintenance charge|-|19,300|19,300|18,459|
|Voids|-|(872)|(872)|(288)|
|**Total Charitable activities**|-|18,428|18,428|18,171|
|**Total Income and endowments**|-|53,525|53,525|18,171|
The Trust was bequeathed funds in the will of the late Rosemary Thompson, who designed and built the existing properties.
13
## **AGNES MARSDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31[ST] MARCH 2021**
## **4. Charitable activities expended**
||**Unrestricted funds**|**Unrestricted funds**|**Total**|**Total**|
|---|---|---|---|---|
||**Designated**|**General**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|
|Light and heat|-|322|322|480|
|Management fee|-|5,431|5,431|5,340|
|Bad debt|-|-|-|(362)|
|Housing services|-|1,211|1,211|339|
|Gardening|-|113|113|-|
|Insurance|-|750|750|729|
|Bank charges|-|11|11|55|
|Repairs and renewals|-|5,395|5,395|5,656|
||-|13,233|13,233|12,237|
|**Other resources expended**|||||
||**Unrestricted funds**||**Total**|**Total**|
||**Designated**|**General**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|
|Independent examiner’s costs|-|1,020|1,020|278|
|Depreciation of freehold property|-|2,044|2,044|1,975|
||-|3,064|3,064|2,253|
## **5. Trustee remuneration and key management personnel**
Neither the trustee, key management personnel, nor any persons connected with them, have received any remuneration from the charity during the year.
Neither the trustee nor key management personnel have received any reimbursed expenses from the charity during the year.
The charity operated using Leeds & Yorkshire Housing Association staff time, the cost of which is recharged.
## **6. Taxation**
Agnes Marsden Trust is a registered Charity and is therefore, outside the scope of the liability to taxation on its Income and Capital Gains arising from its charitable activities.
14
## **AGNES MARSDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31[ST] MARCH 2021**
## **7. Tangible fixed assets**
||**Freehold**|
|---|---|
||**property**|
||**£**|
|**Cost**||
|At 1st April 2020|71,223|
|Additions in the year|5,545|
|At 31st March 2021|76,768|
|**Depreciation**:||
|At 1st April 2020|6,386|
|Depreciation charged in the year|2,044|
|At 31st March 2021|8,430|
|**Net Book Value:**||
|At 31st March 2021|68,338|
|At 31st March 2020|64,837|
## **8. Debtors: Amounts falling due within one year**
|Trade debtors
Less provision for bad debt
Prepayments
Other debtors
Amounts owed from group undertakings
**Creditors: Amounts falling due within one year**
Trade creditors
Rent and service charges received in advance
Amounts owed to group undertakings
Other creditors and accruals|**2021**
**£**
916
(355)
608
4
1,862
3,035
**2021**
**£**
10
465
666
1,399
2,540|**2020**
**£**
1,194
(355)
636
4
797|
|---|---|---|
|||2,276|
|||**2020**
**£**
-
-
14,942
1,407|
|||16,349|
## **9. Creditors: Amounts falling due within one year**
15
## **AGNES MARSDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31[ST] MARCH 2021**
## **10. Funds**
|**Unrestricted Funds**
Unrestricted
general
funds
Unrestricted
designated funds
**Total**
**unrestricted**
**funds**
**Total Funds**
**Unrestricted Funds**
Unrestricted general
funds
Unrestricted
designated funds
**Total unrestricted**
**funds**
**Total Funds**|**Unrestricted Funds**
Unrestricted
general
funds
Unrestricted
designated funds
**Total**
**unrestricted**
**funds**
**Total Funds**
**Unrestricted Funds**
Unrestricted general
funds
Unrestricted
designated funds
**Total unrestricted**
**funds**
**Total Funds**|**Balance**
**as 1**
**April**
**2020**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance**
**at 31**
**March**
**2021**
**£**
**£**
**£**
**£**
**£**
30,714
53,525
(16,297)
(5,356)
62,586
20,315
-
-
5,356
25,671
51,029
53,525
(16,297)
-
88,257
51,029
53,525
(16,297_
-
88,257
**Balance**
**as 1**
**April**
**2019**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance**
**at 31**
**March**
**2020**
**£**
**£**
**£**
**£**
**£**
33,130
18,171
(14,490)
(6,097)
30,714
14,218
-
-
6,097
20,315|
|---|---|---|
|||47,348
18,171
(14,490)
-
51,029|
|||47,348
18,171
(14,490)
-
51,029|
16
## **AGNES MARSDEN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31[ST] MARCH 2021**
## **11. Analysis of net assets between funds**
|Tangible fixed assets
Current assets
Current liabilities
Tangible fixed assets
Current assets
Current liabilities|**Unrestricted funds**
**Total**
**Designated**
**General**
**2021**
**£**
**£**
**£**
25,671
42,667
68,338
-
22,459
22,459
-
(2,540)
(2,540)|
|---|---|
||25,671
62,586
88,257|
||**Unrestricted funds**
**Total**
**Designated**
**General**
**2020**
**£**
**£**
**£**
20,315
44,522
64,837
-
2,541
2,541
-
(16,349)
(16,349)|
||20,315
30,714
51,029|
## **12. Related party transactions**
During the year, the Charity was charged management fees of £5,431 (2020 £5,340) by Leeds & Yorkshire Housing Association (LYHA) whose executive board act as Trustee of the Charity. These fees were charged under normal commercial terms and any year-end balance due is shown as a debtor within the accounts of Leeds & Yorkshire Housing Association. During the year LYHA made payments on behalf of the Charity for ease of administration. Such payments were shortly afterwards repaid to LYHA in a single sum. The year-end balance due is shown as a creditor in the accounts of the Charity (2021: £666 of which £nil relates to recharged payments, 2020: £14,942 of which £8,416 relates to recharged payments) and as a debtor within the accounts of Leeds & Yorkshire Housing Association.
## **13. Designated funds**
|**Planned Use**|**Purpose of the designation**|**Amount**|
|---|---|---|
|||**£**|
|Replacement of Assets|Replacement of Assets|25,671|
17