WEST HARTLEPOOL VICTORIA HOMES
(Registered Charity No. 255927)
TRUSTEES’ REPORT & ACCOUNTS FOR THE YEAR ENDED 31[st ] MAY 2022
(Unaudited)
WEST HARTLEPOOL VICTORIA HOMES
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31st MAY 2022
Charitable status: The Trust is registered with the Charity Commission under reference 255927.
Working Name: The Trust uses the working name “Victoria & Jubilee Homes”.
Trust Deeds: The Trust was set up under a Conveyance and Declaration of Trust of 24[th] June 1901, with further Deeds dated 12[th] September 1914, 4[th] August 1932, 14[th] March 1972 and 31[st] December 1981.
Principal Activity and Objects of the Charity: To provide accommodation for the almspeople of Hartlepool. It owns and manages 26 one-bedroom bungalows for older people of limited means who have lived in the Borough for twenty or more years. Background central heating is provided. There is a Clubhouse on site. A resident voluntary Warden assists the Trustees and they utilize a property manager to deal with the day-to-day administrative work. The almspeople have the benefit of a 24-hour warden call service linked to a Community Monitoring Service operated by ‘Thirteen Group’. A Weekly Maintenance Charge is paid by the residents.
Trustees and Governance: There are four co-optative Trustees, elected by the Trustees in special meeting. The chairman is elected annually in June each year.
The Trustees during the year were:- Mr A. Liddell (Chair), Mr R Ord (Vice chair- resigned 10 February 2022), Steve Allison, Andrew Henderson (appointed 10 February 2022).
The Trustees have used the “National Housing Federation’s Code of Excellence in Governance” in so far as they feel this is applicable to an organisation of this size.
The Trustees held one formal meeting during the year under review.
Registered Address: The Trust’s registered address is 10-11 Church Street, Hartlepool, TS24 7DJ
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Advisors: Bankers – Barclays Bank plc, 49 High Street, Stockton.
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Independent Examiner – H O’Driscoll FCA, Waltons Business Advisers Limited, Maritime House, Harbour Walk, The Marina, Hartlepool, TS24 0UX.
Investment of Funds: The Trustees are subject to the restrictions imposed by The Trustee Act 2000.
Operating and Financial Review
Property: The properties have been carefully maintained through the year, and the appropriate safety inspections have been carried out. The Chairman and the Clerk examine the properties regularly. The Trustees decided to adopt a policy of revaluation and a valuation carried out by Greig Cavey Limited, Chartered Surveyors, in September 2022 showed a figure of £760,000 which was included in the accounts. At 31st May 2022 there were no void properties.
Trustees’ Policies: The Trustees budget annually to establish a level of Weekly Maintenance Charge per house which will enable them to meet the normal expenses, including day-to-day maintenance and repairs, and to put appropriate sums to the Cyclical Maintenance Fund and Extraordinary Repairs Fund. Changes in the level of Weekly Maintenance Charge are monitored with regard to Fair Rent standards. The Trustees believe this provides value for money.
The Trustees consider that they have complied with their duty in Section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
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WEST HARTLEPOOL VICTORIA HOMES
Financial Position: This continues to be satisfactory, as shown by the annexed accounts. There are no restricted funds.
Statement of the Trustees’ Responsibilities
Law applicable to charities in England and Wales, together with registered Social Housing Providers’ legislation, requires the Trustees to prepare accounts for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year.
In preparing accounts giving a true and fair view the Trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards and the Statement of Recommended Practice “Accounting by Registered Social Housing Providers’ (2018)” have been followed, subject to any material departures disclosed and explained in the accounts;
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prepare the accounts on a going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the trust and to enable them to ensure that the accounts comply with applicable law. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.
On behalf of the Trustees
Adrian Liddell, Chair
Date
2
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF WEST HARTLEPOOL VICTORIA HOMES
I report to the trustees on my examination of the accounts of West Hartlepool Victoria Homes for the year ended 31 May 2022, which are set out on pages 4 to 11.
This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My examination has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for my examination, for this report, or for the opinions I have formed.
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’), the Accounting Direction for Social Housing in England (2019), and the Statement of Recommended Practice “Accounting by Registered Social Housing Providers (2018)”.
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 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 Trust 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
THIS REPORT HAS NOT BEEN SIGNED
H O’Driscoll FCA Waltons Business Advisers Limited Chartered Accountants
Date
3
WEST HARTLEPOOL VICTORIA HOMES
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MAY 2022
| Notes | 2022 | 2021 | |||
|---|---|---|---|---|---|
| TURNOVER | |||||
| W.M.C. Receivable | 65,980 | 57,460 | |||
| Less Voids | (1,170) | (552) | |||
| _ | _ | ||||
| 64,810 | 56,908 | ||||
| OPERATING COSTS | |||||
| Services | 7 | 9,957 | 9,258 | ||
| Management | 12,056 | 10,100 | |||
| Day-to-day Maintenance | 44,624 | 26,229 | |||
| Community Hall | 15,925 | - | |||
| Central Heating Costs | 17,874 | 20,576 | |||
| Less VAT refund on Central Heating | (9,215) | - | |||
| Subscriptions | 657 | 384 | |||
| Independent Examiner | 1,140 | 1,092 | |||
| Depreciation | 318 | 318 | |||
| ______ | (93,336) | _ | (67,957) | ||
| OTHER INCOME | |||||
| Donations | - | 25 | |||
| Insurance claims | - | 6,092 | |||
| Bank interest received | 100 | - | |||
| _ | _ | ||||
| OPERATING (DEFICIT) | (28,426) | (4,932) | |||
| INCOME AND EXPENDITURE FROM INVESTING | |||||
| Investment Income | 1,847 | 1,663 | |||
| Change in Fair Value of Investments | 24,422 | 84,189 | |||
| Property Revaluation | 10,000 | - | |||
| _______ | 36,269 | _ | 85,852 | ||
| _______ | _ | ||||
| SURPLUS FOR THE YEAR | 7,843 | 80,920 | |||
| Retained earnings at start of year | 1,254,126 | 1,173,206 | |||
| _ | _ | ||||
| Retained earnings at end of year | 15 |
£1,261,969 _ |
£1,254,126 _ |
The results relate wholly to continuing activities. All income and expenditure relate to social housing activity.
Approved and authorised for issue by the Trustees at their meeting on
and signed on their behalf by:
Adrian Liddell
Chair
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WEST HARTLEPOOL VICTORIA HOMES
BALANCE SHEET AS AT 31[st] MAY 2022
| Notes | 2022 | 2021 |
||
|---|---|---|---|---|
| FIXED ASSETS | ||||
| Housing: Land and Buildings | 10 | 760,000 | 750,000 | |
| Other Fixed Assets | 11 | 527 | 845 | |
| _______ | _ | |||
| Total Fixed Assets | 760,527 | 750,845 | ||
| CURRENT ASSETS | ||||
| Investments at fair value | 13 | 493,279 | 488,857 | |
| Debtors and prepayments | 12 | 667 | 1,033 | |
| Cash at Banks: | ||||
| CAFcash | 8 | 8 | ||
| Barclays | 14,881 | 19,162 | ||
| Barclays Savings | 7 | 7 | ||
| _______ | _ | |||
| 508,842 | 509,067 | |||
| CURRENT LIABILITIES | ||||
| Creditors | 14 | (7,400) | (5,786) | |
| _______ | _ | |||
| NET CURRENT ASSETS | 501,442 | 503,281 | ||
| _______ | _ | |||
| TOTAL ASSETS | £1,261,969 | £1,254,126 |
||
| _ | _ |
|||
| Represented by:- | ||||
| Accumulated Fund | 191,187 | 197,766 | ||
| Investment valuation reserve | 261,318 | 256,896 | ||
| R.C. Hogg Fund | 25,000 | 25,000 | ||
| G.P. Smith Fund | 5,000 | 5,000 | ||
| Extraordinary Repairs Fund | 44,073 | 44,073 | ||
| Cyclical Maintenance Fund | 24,661 | 24,661 | ||
| Revaluation Reserve | 710,730 | 700,730 | ||
| _______ | _ | |||
| 15 | £1,261,969 | £1,254,126 | ||
| _ | _ | |||
| Approved by the Trustees at their meeting | on | and signed on their behalf by: | ||
| Adrian Liddell | Chair |
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WEST HARTLEPOOL VICTORIA HOMES
STATEMENT OF CASH FLOWS – YEAR ENDED 31st MAY 2022
| 2022 Cash flows from operating activities Surplus for the financial year 7,843 Depreciation of tangible fixed assets 318 Investment income (1,847) Decrease/(Increase) in debtors 366 Increase /(Decrease) in creditors 1,614 ______ Net cash generated from operating activities 8,294 __ Cash flows from investing activities Change in fair value of investments (24,422) Revaluation of property (10,000) Investment income received 1,847 Cash drawn down from investments 20,000 ______ Net cash from investing activities (12,575) ______ Net (decrease)/increase in cash & cash equivalents (4,281) Cash & cash equivalents at beginning of year 19,177 ______ Cash & cash equivalents at end of year 14,896 ______ Cash & cash equivalents at the end of year comprise: Cash at bank and in hand £14,896 ____ |
2021 80,920 318 (1,663) (22) (476) _ 79,077 _ (84,189) - 1,663 - _ (82,526) _ (3,449) 22,626 _ 19,177 _ £19,177 _ |
|---|---|
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WEST HARTLEPOOL VICTORIA HOMES
NOTES TO THE ACCOUNTS – YEAR ENDED 31st MAY 2022
1. PRINCIPAL ACCOUNTING POLICIES.
The format of the accounts complies with the Accounting Direction for Social Housing in England (2019), and the Statement of Recommended Practice “Accounting by Registered Social Housing Providers (2018)”.
The accounts have been prepared in accordance with Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'
The accounts have been prepared in accordance with applicable accounting standards. A summary of the more important accounting policies is set out below:-
(a) Basis of Accounting – The accounts are prepared on historical cost basis except as modified by the revaluation of housing properties and investments.
(b) Turnover – represents amounts receivable from Weekly Maintenance Contributions, less any voids.
(c) Fixed Assets – The fourteen Victoria Homes and Club House were constructed in 1900 and the twelve Jubilee & Coronation Homes in 1935 and 1937 respectively. The original cost is recorded. From that cost is deducted the Housing Corporation Grant which was given for the modernisation of the Homes in 1983-85. That grant is repayable under certain circumstances, such as the sale of the property. The Trustees have decided to adopt a policy of revaluation, therefore the land and buildings are stated at their current market value. The Trustees estimate that the remaining useful life of the freehold land and buildings is more than 99 years. Consequently the Trustees do not provide for depreciation on the freehold land and buildings as, in their opinion, it is immaterial.
Other fixed assets are stated at cost less depreciation. Depreciation is charged on a straight line basis over the expected economic useful life of the asset which for computer equipment and plant and machinery is five years.
(d) Short term debtors are measured at transaction price, less any impairment.
(e) Cyclical Maintenance Fund – This reserve represents the amount set aside for cyclical maintenance which cannot be reasonably funded from the income of an individual year.
(f) Extraordinary Repairs Fund – This reserve represents the amount set aside for carrying out major repairs to the Homes.
(g) Expenditure – expenditure is accounted for on an accruals basis and shown inclusive of VAT.
(h) Going Concern – No material uncertainties that may cast significant doubt about the ability of the charity to continue as a going concern have been identified by the Trustees.
- (i) Investments – Investments represent freely traded shares on the United Kingdom stock exchange and are valued at market value.
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WEST HARTLEPOOL VICTORIA HOMES
NOTES TO THE ACCOUNTS – YEAR ENDED 31st MAY 2022
2. LEGAL STATUS
West Hartlepool Victoria Homes is a registered charity (number 255927) and is registered with the Homes and Communities Agency as a social housing provider.
The address of the registered charity is: 10-11 Church Street Hartlepool TS24 7DJ
3. JUDGMENTS IN APPLYING ACCOUNTING POLICIES
The preparation of the financial statements requires the Trustees to make judgments, 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.
Under FRS 102 Section 17 “Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period”. It is the view of the Trustees that a revaluation every ten years will meet this requirement.
4. PUBLIC BENEFIT ENTITY
West Hartlepool Victoria Homes is a public benefit entity, with the primary objective being to provide almshouses for elderly people.
’ 5. TRUSTEES EMOLUMENTS.
The Trustees did not receive any emoluments. Included within management charges is £438 in respect of trustee meeting expenses.
6. SERVICES
The breakdown of the sum shown as services in the income & expenditure account is as follows:-
| Insurance Warden Call System Gardening Water Charges Sundries |
2021 2,791 421 1,984 4,282 479 _ £9,957 _ |
2021 2,268 1,385 775 4,370 460 _ £9,258 _ |
|---|---|---|
7. SURPLUS/DEFICIT ON ORDINARY ACTIVITIES.
The surplus on ordinary activities before taxation is as stated in the income & expenditure account. Depreciation of £318 (2021: £318) has been charged.
8. TAXATION.
The West Hartlepool Victoria Homes is a registered Charity and all its activities are charitable. No liability to taxation therefore arises on its income and capital gains.
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WEST HARTLEPOOL VICTORIA HOMES
NOTES TO THE ACCOUNTS – YEAR ENDED 31st MAY 2022
9. FIXED ASSETS – FREEHOLD HOUSING LAND & BUILDINGS.
| 2022 | 2021 | |
|---|---|---|
| Cost as at 1980 | 90,836 | 90,836 |
| ______ | ______ | |
| As at 31st May 2022 | 90,836 | 90,836 |
| Less: Housing Corporation Grant | (41,566) | (41,566) |
| Revaluation 2012 | 700,730 | 700,730 |
| Revaluation 2022 | 10,000 | - |
| _ | _ | |
| Valuation as at 31st May 2022 | £760,000 | £750,000 |
| _ | _ |
The freehold land and buildings were revalued in September 2022. The valuation was carried out by Greig Cavey Limited, Chartered Surveyors.
10. OTHER FIXED ASSETS
| Cost At 1 June 2021 At 31 May 2022 Depreciation At 1 June 2021 Charge for year At 31 May 2021 Net Book Value 31 May 2022 Net Book value 31 May 2021 11.DEBTORS. Amounts falling due within one year:- Prepayments Total |
Computer Equipment 919 919 654 88 742 £177 £265 |
Plant & Machinery Total 1,151 2,070 1,151 2,070 571 1,225 230 318 801 1,543 £349 £526 £580 £,845 2022 2021 677 1,033 _ £677 £1,033 _ |
Total 2,070 |
|---|---|---|---|
| 2,070 | |||
| 1,225 318 |
|||
| 1,543 | |||
| £526 | |||
| £,845 | |||
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WEST HARTLEPOOL VICTORIA HOMES
NOTES TO THE ACCOUNTS – YEAR ENDED 31st MAY 2022
12. CURRENT ASSETS – INVESTMENTS.
| M & G The Equities Investment Fund for Charities/(Charifund) Acc. Units M & G The Equities Investment Fund for Charities/(Charifund) Inc. Units Charinco Common Investment Fund Accumulation M & G Charity Multi Asset Fund |
2022 Cost Market Value 165,839 384,598 30,000 31,787 13,038 68,756 3,084 8,139 _ _ £211,961 £493,279 _ _ |
2021 Cost Market Value 185,839 375,466 30,000 30,879 13,038 74,652 3,084 7,860 _ _ £231,961 £488,857 _ _ |
|---|---|---|
All movements in the investments relate to change in market value.
13. CREDITORS
| Amounts falling due within one year:- Accruals & deferred income Other creditors Total |
2022 5,148 2,252 £7,400 |
2021 5,786 - |
|---|---|---|
| £5,786 |
Amounts falling due after more than one year: NIL (2021 - NIL).
14. MOVEMENT ON RESERVES
| Balance | Income | Expenditure | Transfers | Transfers | Balance | |
|---|---|---|---|---|---|---|
| At 1/6/21 | In | Out | at 31/5/22 | |||
| Accumulated Fund | 197,766 | 66,757 | (93,336) | - | - | 171,187 |
| Investment valuation reserve | 256,896 | 24,422 | - | - | - | 281,318 |
| R.C. Hogg Fund | 25,000 | - | - | - | - | 25,000 |
| G.P. Smith Fund | 5,000 | - | - | - | - | 5,000 |
| Extraordinary Repairs Fund | 44,073 | - | - | - | - | 44,073 |
| Cyclical Maintenance Fund | 24,661 | - | - | - | - | 24,661 |
| Revaluation Reserve | 700,730 | 10,000 | - | - | - | 710,730 |
| ___ | _ | _ | ______ | ______ | ___ | |
| £1,254,126 | £101,179 | (£93,336) | - | - | £1,261,969 | |
| ___ | _ | _ | ______ | ______ | ___ |
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WEST HARTLEPOOL VICTORIA HOMES
NOTES TO THE ACCOUNTS – YEAR ENDED 31st MAY 2022
| 15.MOVEMENT ON RESERVES (PRIOR YEAR) | 15.MOVEMENT ON RESERVES (PRIOR YEAR) | 15.MOVEMENT ON RESERVES (PRIOR YEAR) | ||||
|---|---|---|---|---|---|---|
| Balance | Income | Expenditure | Transfers |
Balance | ||
| At 1/6/20 | In | Out | at 31/5/21 | |||
| Accumulated Fund | 201,035 | 64,688 | (67,957) | - | - | 197,766 |
| Investment valuation reserve | 172,707 | - | 84,189 | - | - | 256,896 |
| R.C. Hogg Fund | 25,000 | - | - | - | - | 25,000 |
| G.P. Smith Fund | 5,000 | - | - | - | - | 5,000 |
| Extraordinary Repairs Fund | 44,073 | - | - | - | - | 44,073 |
| Cyclical Maintenance Fund | 24,661 | - | - | - | - | 24,661 |
| Revaluation Reserve | 700,730 | - | - | - | - | 700,730 |
| ___ | _ | __ | ______ | ______ | ___ | |
| £1,173,206 | £64,688 | £ 16,230 | - | - | £1,254,126 | |
| ___ | _ | __ | ______ | ______ | ___ |
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