Docusign Envelope ID.. 45A510C7.C6974AA7-863SF9AFEBC50C68 54NOrth Agnes Marsden Trust Managed by 54North Homes homes AGNES MARSDEN TRUST REPORT AND FINANCIAL STATEMENTS Year ended 31 March 2024 REGISTERED CHARITY NUMBER 254728 ## AGNES MARSDEN TRUST **Year ended 31 March 2024** Contents |Reference and administrative details ..................................................................................... 2| |---| |Trustee Report ....................................................................................................................... 3| |S
Responsibilities ................................................................................. 6| |Independent Examiners Report ............................................................................................. 7| |Statement of Financial Activities ............................................................................................ 8| |Statement of FinanciaI Position ............................................................................................. 9| |Notes to the Financial Statements ....................................................................................... 10| AGNES MARSDEN TRUST **Year ended 31 March 2024** SECTION 1 Reference and Administrative Details ## Reference and administrative details **Charity Registration Number:** 254728 **Managing Trustee** 54 North Homes Limited ## **Registered Office** 3[rd] Floor, White Rose House 8 Otley Road Headingley LS6 2AD ## **Bankers** NatWest Headingley Branch 63 Otley Road Headingley Leeds LS6 3WA ## **Independent Accountants** Beever and Struthers Statutory Auditor One Express 1 George Leigh Street Manchester M4 5DL AGNES MARSDEN TRUST **Year ended 31 March 2024** SECTION 2 ## Trustee Report The trustee presents the annual report together with the financial statements of the charity for the year ended 31 March 2024. ## **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 guidance on public benefit and considers that the activities of the Alms-house 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 54 North Homes Limited of 2 Alpha Court, Monks Cross Drive, Huntington, York, YO32 9WN. The registered charity number is 16826R. 54 North Homes Limited is the corporate trustee who are a subsidiary of Karbon Homes Group. 54 North Homes Limited delegates the day-to-day management of the trust 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 £25,693 (2023 - £23,447) Total resources expended were £15,675 (2023 - £16,231) Total surplus for the year was £10,018 (2023 £7,216) The net assets of the charity on 31 March 2024 were £111,220 (2023- £101,202) ## **Housing property assets** Details of changes to the Agnes Marsden Alms-house assets are shown in note 7. The Charity owns four alms-house properties. ## **Post balance sheet events** The Trust consider that there have been no events since the year end that have had a significant effect on the financial position. ## AGNES MARSDEN TRUST **Year ended 31 March 2024** SECTION 2 ## **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. ## **policy** The Trustee has 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 based on planned expenditure. The Charity makes a transfer on an annual basis into Designated Reserves to meet future repair and replacement obligations. The Charity had reserves of £111,220 on 31 March 2024 (2023: £101,202). ## **Public Benefit Entity** The Charity constitutes a public benefit entity as defined by FRS102. ## **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. ## **Financial instruments** ## **Objectives and policies** risk and liquidity risk. 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** ## **Credit risk** 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. AGNES MARSDEN TRUST **Year ended 31 March 2024** SECTION 2 ## **Credit risk (continued)** 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 The annual report was approved by the trustee of the charity on 11[th] July 2024 and signed on its behalf by: Board Member of 54 North Homes Limited, the Trustee Board Member of 54 North Homes Limited, the Trustee ## AGNES MARSDEN TRUST **Year ended 31 March 2024** SECTION 3 Statement of Trustee ## Statement of T Responsibilities 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 the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustee of the charity on 11[th] July 2024 and signed on its behalf by: Board Member of 54 North Homes Limited, the Trustee Board Member of 54 North Homes Limited, the Trustee AGNES MARSDEN TRUST **Year ended 31 March 2023** SECTION 4 Independent Examiner's Report Independent E 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 2024 which are set out on pages 8 to 16. ## **Responsibilities and basis of report** 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** Your attention is drawn to the fact that the charity has prepared the Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn. We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 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 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 - Statutory Auditor One Express 1 George Leigh Street Manchester M4 5DL Date: 26 September 2024 ## AGNES MARSDEN TRUST ## **Year ended 31 March 2024** SECTION 5 Statement of Financial Activities ## Statement of Financial Activities ## **FOR THE YEAR ENDED 31[ST] MARCH 2024** |**Note**
**Income and endowments from:**
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**
**2024**
**2023**
**£**
**£**
**£**
**£**
-
25,693
25,693
23,447| |---|---| ||-
25,693
25,693
23,447| ||-
(11,953)
(11,953)
(12,764)
-
(3,722)
(3,722)
(3,467)| ||-
(15,675)
(15,675)
(16,231)| ||-
10,018
10,018
7,216
6,472
(6,472)
-
-| ||6,472
3,546
10,018
7,216| ||36,963
64,239
101,202
93,986
43,435
67,785
111,220
101,202| The funds breakdown for 2024 is shown in note 10. The attached notes on pages 10 to 16 form an integral part of these accounts ## AGNES MARSDEN TRUST **As at 31 March 2024** SECTION 6 Statement of Financial Position ## Statement of Financial Position ## **AS AT 31[ST] MARCH 2024** |**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**
**Total assets less current liabilities**
**Funds of the charity**
Unrestricted funds
**Total Funds**|**2024**
**£**
**2023**
**£**
63,283
65,670
1,753
10,743
51,896
29,333| |---|---| ||53,649
40,076
(5,712)
(4,544)| ||47,937
35,532| ||111,220
101,202| ||111,220
101,202
111,220
101,202| These financial statements were approved and authorised for issue by the Trustee on 11[th] July 2024 and signed on its behalf by: **___________________________ (Board Member of 54 North Homes Limited, the Trustee)** **___________________________ (Board Member of 54 North Homes Limited, the Trustee)** The attached notes on pages 10 to 16 form an integral part of these accounts. AGNES MARSDEN TRUST **Year ended 31 March 2024** SECTION 7 Notes to the Financial Statements ## Notes to the Financial Statements ## **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 54 North Homes Limited 3[rd] Floor, White Rose House 8 Otley Road Headingley Leeds LS6 2AD ## **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 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 (£). The Financial Statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations, but which has since been withdrawn. ## **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 continue as a going concern. AGNES MARSDEN TRUST **Year ended 31 March 2024** SECTION 7 Notes to the Financial Statements ## **2. Accounting policies (continued)** ## **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. ## **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 straight-line 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| AGNES MARSDEN TRUST **Year ended 31 March 2024** SECTION 7 Notes to the Financial Statements ## **2. Accounting policies (continued)** ## **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 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** |**Charitable activities**
Weekly maintenance charge
Voids
**Total Income and**
**endowments**|**Unrestricted funds**
**Total**
**Total**
**Designated**
**General**
**2024**
**2023**
**£**
**£**
**£**
**£**
-
25,693
25,693
23,447
-
**-**
**-**
**-**| |---|---| ||**-**
**25,693**
**25,693**
**23,447**| ## **4. Charitable activities expended** |Light and heat
Communal Cleaning
Management fee
Housing services
Gardening
Insurance
Bank charges
Repairs and renewals
Fire Alarm Maintenance|**Unrestricted funds**
**Total**
**Total**
**Designated**
**General**
**2024**
**2023**
**£**
**£**
**£**
**£**
-
899
899
876
-
65
65
-
-
6,021
6,021
5,628
-
681
681
745
-
1,389
1,389
1,389
-
543
543
723
-
3
3
3
-
2,352
2,352
3,206
-
-
-
194| |---|---| ||-
11,953
11,953
12,764| ## AGNES MARSDEN TRUST ## **Year ended 31 March 2024** SECTION 7 Notes to the Financial Statements ## **4. Charitable activities expended** ( **continued)** ## **Other resources expended** |Independent examiner
s costs
Depreciation of freehold
property|**Unrestricted funds**
**Total**
**Total**
**Designated**
**General**
**2024**
**2023**
**£**
**£**
**£**
**£**
-
1,335
1,335
1,080
-
2,387
2,387
2,387| |---|---| ||-
3,722
3,722
3,467| ## **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 54 North Homes Limited 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. ## **7. Tangible fixed assets** ||**Freehold**| |---|---| ||**property**| ||**£**| |**Cost**|| |At 1stApril 2023|78,796| |Additions in the year|-| |At 31stMarch 2024|78,796| |**Depreciation**:|| |At 1stApril 2023|13,126| |Depreciation charged in the year|2,387| |At 31stMarch 2024|15,513| |**Net Book Value:**|| |At 31stMarch 2024|63,283| |At 31stMarch 2023|65,670| ## AGNES MARSDEN TRUST **Year ended 31 March 2024** SECTION 7 Notes to the Financial Statements ## **8. Debtors: Amounts falling due within one year** |Trade debtors
Less provision for bad debt
Prepayments
Other debtors
Amounts owed from group undertakings
**9.**
**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||**2024**
**£**
58
-
58
475
-
1,220
1,753
**2024**
**£**
305
922
-
4,485
5,712|**2023**
**£**
355
(355)
-
452
4
10,287| |---|---|---|---| ||||10,743| ||||**2023**
**£**
106
1,050
2,112
1,276| ||||4,544| ## **10. Funds** |**Unrestricted**
**Funds**
Unrestricted
general funds
Unrestricted
designated funds
**Total unrestricted**
**funds**
**Total Funds**|**Balance**
**as 1**
**April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance**
**at 31**
**March**
**2024**
**£**
**£**
**£**
**£**
**£**
64,239
25,693
(15,675)
(6,472)
67,785
36,963
-
-
6,472
43,435| |---|---| ||
**101,202**
**25,693**
**(15,675)**
**-**
**111,220**| ||**101,202**
**25,693**
**(15,675)**
**-**
**111,220**| ## AGNES MARSDEN TRUST **Year ended 31 March 2024** SECTION 7 Notes to the Financial Statements ## **10. Funds (continued)** |**Unrestricted**
**Funds**
Unrestricted
general funds
Unrestricted
designated funds
**Total**
**unrestricted**
**funds**
**Total Funds**|**Balance**
**as 1**
**April**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance**
**at 31**
**March**
**2023**
**£**
**£**
**£**
**£**
**£**
62,811
23,447
(16,231)
(5,788)
64,239
31,175
-
-
5,788
36,963| |---|---| ||**93,986**
**23,447**
**(16,231)**
**-**
**101,202**| ||**93,986**
**23,447**
**(16,231)**
**-**
**101,202**| ## **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**
**2024**
**£**
**£**
**£**
43,435
19,848
63,283
-
53,649
53,649
-
(5,712)
(5,712)| |---|---| ||43,435
67,785
111,220| ||**Unrestricted funds**
**Total**
**Designated**
**General**
**2023**
**£**
**£**
**£**
36,963
28,707
65,670
-
40,076
40,076
-
(4,544)
(4,544)| ||36,963
64,239
101,202| ## **12. Related party transactions** During the year, the Charity was charged management fees of £6,021 (2023 £5,628) by 54 North Homes Limited whose board function 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 54 North Homes Limited AGNES MARSDEN TRUST **Year ended 31 March 2024** SECTION 7 Notes to the Financial Statements ## **12. Related party transactions (continued)** During the year 54 North Homes Limited made payments on behalf of the Charity for ease of administration. The year-end balance due is shown as a creditor in the accounts of the Charity (2024: Nil, 2023: £837) and as a debtor within the accounts of 54 North Homes Limited. ## **13. Designated funds** |**Planned Use**|**Purpose of the designation**|**Amount**| |---|---|---| |||**£**| |Replacement of Assets|Replacement of Assets|43,435| Designated Funds are transferred on an annual basis to or from the general fund to meet the requirement to replace major components as those replacements come due.