REGISTERED CHARITY NUMBER: 257081
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 January 2023
for
The Silverwood & Slater Eventide Homes
Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley West Yorkshire BD21 3DS
The Silverwood & Slater Eventide Homes
Contents of the Financial Statements for the Year Ended 31 January 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
The Silverwood & Slater Eventide Homes
Report of the Trustees for the Year Ended 31 January 2023
The Trustees present their report with the financial statements of the charity for the year ended 31 January 2023. 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 for Smaller Entities (the FRS 102) (effective 1 January 2015).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity was established to provide residences for poor and aged persons being any married couple widow or spinster residing for the time being in the Borough of Keighley, West Yorkshire who is or are over the age of sixty years. However on 27 October 2010 the Charity Commission authorised a Scheme to alter Clause 5 of the Governing Document as follows :-
1) The words married couple widow or spinster" deleted and replaced with "person" and
2) The words "but nothing shall prevent a widower already in occupation remaining as such" deleted and
3) The words "the Committee may, in exceptional circumstances, appoint a resident who lives outside the said Borough of Keighley but is otherwise qualified. The Committee must record in the record of their meetings the nature of the exceptional circumstances justifying the appointment. The number of residents appointed under this sub-clause must not exceed two at any one time", to be added to the end of the clause.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trustees and the Clerk actively manage the properties and maintain close contact with the residents so as to ensure that any necessary maintenance and repairs or other matters requiring attention are promptly dealt with. The Clerk ensures that all statutory requirements and safety inspections are carried out in a timely manner.
All properties have been fully occupied during the year although sadly the resident at number 14 passed away shortly after the year end.
The Trustees make an annual visit to the almshouses with a view to checking the condition of the properties and to enable them to meet the residents and listen to any matters of concern. A Quinquennial Condition Report prepared by a qualified Architect is provided to assist the Trustees in properly maintaining the properties to an acceptable standard. The last such inspection was carried out in 2020 and all major matters have been attended to. However the roofs of all properties may well require replacement in the near future.
FINANCIAL REVIEW
Financial position
The results shown within these financial statements are in line with expectations of the Trustees.
Principal funding sources
Maintenance contributions:
In accordance with their normal procedure the Trustees reviewed the Maintenance Contributions at the Annual General Meeting held on 30 September 2022. After due consideration of the Charity's Budget and the Non-Statutory Valuation obtained from the Valuation Office Agency it was nevertheless resolved that, in view of the current financial pressures for residents, the Maintenance Contribution should remain unchanged for the year commencing 1 February 2023.
Page 1
The Silverwood & Slater Eventide Homes
Report of the Trustees for the Year Ended 31 January 2023
FINANCIAL REVIEW
Investment policy and objectives
A valuation of the Charity's investments was reviewed at the Annual General Meeting held on 30 September 2022. The valuation of £255,010 revealed a substantial decrease of £38,377 compared with the value on 31 January 2022 after eliminating the effect of re-invested dividends of £5,727. The value on 31 January 2023 of £275,473 however showed an increase since the Annual General meeting of £16,891 after eliminating the effects of re-invested dividends of £3,572. Thus in the financial year under review the overall decrease amounted to £21,486 after eliminating re-invested dividends of £9,299. In the three-year period from 31 January 2020 to 31 January 2023 the overall decrease in the value of the Charity's investments was £30,394 calculated on the same basis as above.
The Trustees resolved to make no further investments during the year as they are currently in the process of seeking professional advice with a view to both simplifying and managing the Charity's portfolio.
Reserves policy
The Charity has in place a reserves policy and normally makes a contribution to the Extraordinary Repair Fund (ERF). This is a reserve fund for future major expenditure to which transfers are made from Income and Expenditure Account. It can be drawn upon to meet major items of repair or improvements to the almshouses. Contributions to the ERF are invested in Accumulation Units in either the Blackrock BLK Charities UK Bond Fund or the M&G Charity Multi Asset Fund and added to the Charity's existing holdings.
The Cyclical Maintenance Fund (CMF) to which transfers are also made from Income and Expenditure Account is retained to meet maintenance occurring at regular intervals e.g. external redecoration and the cost of professional fees in respect of quinquennial inspections. This fund is invested in the Blackrock BLK Charities UK Bond Fund and the CCLA Investment Management Limited COIF Charities Deposit Fund.
In view of the Investment review referred to above the Trustees have made no transfers to either the ERF or CMF Funds which they believe to be adequate at the present time.
Insurances
The Trustees maintain an Almshouse Insurance Policy to cover both the value of the Buildings (but not residents' contents) for a sum insured of £1,165,362 with Public Liability Indemnity (Limit £5 million) and Charity & Charity Trustee Liability (indemnity limit £250,000). The policy also covers Legal Expenses, and Management Protection (limit £250,000 each) and Professional Indemnity and Loss Assistance (limit £250,000 each).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The original Probate and Will of Ruth Slater together with the documents of title are stored at the offices of AWB Charlesworth Solicitors Limited of Aireside House Royd Ings Avenue Keighley BD21 4BZ.
Organisational structure
The Charity is administered by a Committee of not more than six persons who are Trustees of the Charity. If a member of the Committee ceases to hold office by reason of resignation, disqualification or death the continuing members thereof shall appoint a successor. The Committee shall have full power to make such rules for regulating the management of the Charity as in its absolute discretion it thinks fit.
The Charity is the owner of eight almshouses situated at Harewood Road Keighley West Yorkshire. When there is a vacancy the Committee endeavour to find a resident of the former historical Borough of Keighley suitable for appointment as an almspersons.
Related parties
The Charity has no related parties.
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The Silverwood & Slater Eventide Homes
Report of the Trustees for the Year Ended 31 January 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Plans for Future Periods
The Trustees propose to continue their policy of upgrading the properties (particularly the bathrooms and kitchens) as and when a vacancy occurs or when the need arises in order to meet the criterion referred to in the Decent Homes Standard of providing modern facilities and services.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
257081
Principal address
C/O Mrs S Hobson 33 Hospital Road Riddlesden Keighley West Yorkshire BD20 5EP
Trustees
Mr A M Wade Mr C G M Green Mrs C E Barker (resigned 6.3.23) Mr B Thompson Mrs S Thompson Mrs M K Cull (resigned 6.2.23) Mrs J Murray (appointed 6.3.23) Mrs S A Palmer (appointed 6.2.23)
Independent Examiner
Helen Louise Barritt Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley West Yorkshire BD21 3DS
Bankers
Lloyds Bank Plc 54 North Street Keighley West Yorkshire BD21 3SJ
Approved by order of the board of trustees on 1 September 2023 and signed on its behalf by:
Mr B Thompson - Trustee
Page 3
Independent Examiner's Report to the Trustees of The Silverwood & Slater Eventide Homes
Independent examiner's report to the trustees of The Silverwood & Slater Eventide Homes
I report to the charity trustees on my examination of the accounts of The Silverwood & Slater Eventide Homes (the Trust) for the year ended 31 January 2023.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Helen Louise Barritt
Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley West Yorkshire BD21 3DS
1 September 2023
Page 4
The Silverwood & Slater Eventide Homes
Statement of Financial Activities for the Year Ended 31 January 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Other trading activities 2 32,349 Investment income 3 (10,749) Total 21,600 EXPENDITURE ON Other 4 9,812 NET INCOME 4 11,788 RECONCILIATION OF FUNDS Total funds brought forward 4 345,066 TOTAL FUNDS CARRIED FORWARD 4 356,854 |
Restricted funds £ - - - - - 560,000 560,000 |
31.1.23 Total funds £ 32,349 (10,749) 21,600 9,812 11,788 905,066 916,854 |
31.1.22 Total funds £ 28,207 10,381 |
|---|---|---|---|
| 38,588 | |||
| 14,735 | |||
| 23,853 881,213 |
|||
| 905,066 |
The notes form part of these financial statements
Page 5
The Silverwood & Slater Eventide Homes
Balance Sheet 31 January 2023
| Notes FIXED ASSETS Tangible assets 6 Investments 7 CURRENT ASSETS Cash at bank 8 CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ - 275,473 275,473 84,285 (2,904) 81,381 356,854 356,854 |
Restricted funds £ 560,000 - 560,000 - - - 560,000 560,000 |
31.1.23 Total funds £ 560,000 275,473 835,473 84,285 (2,904) 81,381 916,854 916,854 356,854 560,000 916,854 |
31.1.22 Total funds £ 560,000 287,660 847,660 60,386 (2,980) 57,406 905,066 905,066 345,066 560,000 905,066 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 1 September 2023 and were signed on its behalf by:
Mr B Thompson - Trustee
Mr C G M Green - Trustee
The notes form part of these financial statements
Page 6
The Silverwood & Slater Eventide Homes
Notes to the Financial Statements for the Year Ended 31 January 2023
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, with the exception of investments which are included at market value, 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.
Taxation
The charity is exempt from tax on its charitable activities.
2. OTHER TRADING ACTIVITIES
| 2. | OTHER TRADING ACTIVITIES | ||
|---|---|---|---|
| 31.1.23 | 31.1.22 | ||
| £ | £ | ||
| Maintenance contributions | 32,349 | 28,207 | |
| 3. | INVESTMENT INCOME | ||
| 31.1.23 | 31.1.22 | ||
| £ | £ | ||
| M&G dividends | 5,716 | 4,468 | |
| Blackrock dividends | 4,380 | 4,255 | |
| Deposit account interest | 642 | 8 | |
| Profit on revaluation | 304 | 13,080 | |
| Loss on revaluation | (21,791) | (11,430) | |
| (10,749) | 10,381 |
continued...
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The Silverwood & Slater Eventide Homes
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
4. OTHER
| OTHER | ||
|---|---|---|
| 31.1.23 | 31.1.22 | |
| £ | £ | |
| Subscriptions - NAA | 196 | 187 |
| Almshouse insurance | 1,131 | 1,040 |
| Christmas gifts | 291 | 262 |
| Accountancy | 702 | 714 |
| General maintenance | 4,092 | 5,203 |
| Administrative expenses | 3,364 | 3,661 |
| Sundries | 36 | 576 |
| Refurbishment costs | - | 3,092 |
| 9,812 | 14,735 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 January 2023 nor for the year ended 31 January 2022.
Trustees' expenses
Expenses paid to trustees during the year for out of pocket expenses was £63. (2022:£184)
6. TANGIBLE FIXED ASSETS
| COST At 1 February 2022 and 31 January 2023 NET BOOK VALUE At 31 January 2023 At 31 January 2022 |
Freehold property £ 560,000 |
|---|---|
| 560,000 | |
| 560,000 |
Fixed assets comprise of 8 dwelling houses at numbers 2 to 16 Harewood Road, Bogthorn, Keighley.
A professional valuation was undertaken by Hayfield Robinson Property Consultants in July 2016. In their opinion, the market value is £70,000 per dwelling totalling £560,000. The original cost is £251,368.
continued...
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The Silverwood & Slater Eventide Homes
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 February 2022 | 276,352 |
| Additions | 9,299 |
| At 31 January 2023 | 285,651 |
| PROVISIONS | |
| At 1 February 2022 | (11,308) |
| Revaluation adjustments | 21,486 |
| At 31 January 2023 | 10,178 |
| NET BOOK VALUE | |
| At 31 January 2023 | 275,473 |
| At 31 January 2022 | 287,660 |
There were no investment assets outside the UK.
Additions of £9,299 are made up as follows:
£4,283 Dividends reinvested in BLK Charities UK Bond Fund A
£5,016 Dividends reinvested in M&G Charity Multi Asset Fund
8. CASH AT BANK
| Cyclical maintenance fund Income Fund £ £ Lloyds treasurers account - 31,439 COIF charities deposit fund 52,846 - Total 52,846 31,439 |
31.1.23 Total funds £ 31,439 52,846 84,285 |
31.1.22 Total funds £ 8,183 52,203 |
|---|---|---|
| 60,386 |
continued...
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The Silverwood & Slater Eventide Homes
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS At 1.2.22 £ Unrestricted funds Extraordinary repair fund 224,697 Cyclical maintenance fund 115,168 Income Fund 5,201 345,066 Restricted funds Property 251,368 Property revaluation fund 308,632 560,000 TOTAL FUNDS 905,066 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Extraordinary repair fund (4,051) Cyclical maintenance fund (7,495) Income Fund 33,146 21,600 TOTAL FUNDS 21,600 |
31.1.23 31.1.22 £ £ 2,904 2,980 Net movement At in funds 31.1.23 £ £ (4,051) 220,646 (7,495) 107,673 23,334 28,535 11,788 356,854 - 251,368 - 308,632 - 560,000 11,788 916,854 Resources Movement expended in funds £ £ - (4,051) - (7,495) (9,812) 23,334 (9,812) 11,788 (9,812) 11,788 |
|---|---|
continued...
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The Silverwood & Slater Eventide Homes
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds Extraordinary repair fund Cyclical maintenance fund Income Fund Restricted funds Property Property revaluation fund TOTAL FUNDS |
At 1.2.21 £ 207,749 111,493 1,971 321,213 251,368 308,632 560,000 881,213 |
Net movement in funds £ 12,948 (3,325) 14,230 23,853 - - - 23,853 |
Transfers between funds £ 4,000 7,000 (11,000) - - - - - |
At 31.1.22 £ 224,697 115,168 5,201 |
|---|---|---|---|---|
| 345,066 251,368 308,632 |
||||
| 560,000 | ||||
| 905,066 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Extraordinary repair fund | 12,948 | - | 12,948 |
| Cyclical maintenance fund | (3,325) | - | (3,325) |
| Income Fund | 28,965 | (14,735) | 14,230 |
| 38,588 | (14,735) | 23,853 | |
| TOTAL FUNDS | 38,588 | (14,735) | 23,853 |
continued...
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The Silverwood & Slater Eventide Homes
Notes to the Financial Statements - continued for the Year Ended 31 January 2023
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds Extraordinary repair fund Cyclical maintenance fund Income Fund Restricted funds Property Property revaluation fund TOTAL FUNDS |
At 1.2.21 £ 207,749 111,493 1,971 321,213 251,368 308,632 560,000 881,213 |
Net movement in funds £ 8,897 (10,820) 37,564 35,641 - - - 35,641 |
Transfers between funds £ 4,000 7,000 (11,000) - - - - - |
At 31.1.23 £ 220,646 107,673 28,535 |
|---|---|---|---|---|
| 356,854 251,368 308,632 |
||||
| 560,000 | ||||
| 916,854 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Extraordinary repair fund | 8,897 | - | 8,897 |
| Cyclical maintenance fund | (10,820) | - | (10,820) |
| Income Fund | 62,111 | (24,547) | 37,564 |
| 60,188 | (24,547) | 35,641 | |
| TOTAL FUNDS | 60,188 | (24,547) | 35,641 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 January 2023.
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The Silverwood & Slater Eventide Homes
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 January 2023 | |||
| 31.1.23 | 31.1.22 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Other trading activities | |||
| Maintenance contributions | 32,349 | 28,207 | |
| Investment income | |||
| M&G dividends | 5,716 | 4,468 | |
| Blackrock dividends | 4,380 | 4,255 | |
| Deposit account interest | 642 | 8 | |
| Profit on revaluation | 304 | 13,080 | |
| Loss on revaluation | (21,791) | (11,430) | |
| (10,749) | 10,381 | ||
| Total incoming resources | 21,600 | 38,588 | |
| EXPENDITURE | |||
| Other | |||
| Subscriptions - NAA | 196 | 187 | |
| Almshouse insurance | 1,131 | 1,040 | |
| Christmas gifts | 291 | 262 | |
| Accountancy | 702 | 714 | |
| General maintenance | 4,092 | 5,203 | |
| Administrative expenses | 3,364 | 3,661 | |
| Sundries | 36 | 576 | |
| Refurbishment costs | - | 3,092 | |
| 9,812 | 14,735 | ||
| Total resources expended | 9,812 | 14,735 | |
| Net income | 11,788 | 23,853 |
This page does not form part of the statutory financial statements
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