| Pages | |
|---|---|
| Reference and administrative details of the charity, | |
| its directors and advisers | 1 - 2 |
| Strategic report of the directors | 3 -11 |
| Directors’ report | 12 - 13 |
| Independent auditor’s report | 14 - 17 |
| Statement ofcomprehensive income | |
| (including income and expenditure account) | 18 |
| Statement of changes in equity | 19 |
| Balance sheet | 20 |
| Statement of cash flows | 21 |
| Notes to the financial statements | 22-35 |
| The following pages do not form part of the statutory financial statements: |
|---|
| Detailed income and expenditure account 37 - 40 |
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Notes | |||||
| Turnover | 3 | 3,835,629 | 3,835,629 | 3,196,958 | |
| Operating expenditure | 3 | (3,597,055) | - | (3,597,055) | (3,405,225) |
| Operating surplus | 3,4 | 238,574 | 238,574 | (208,267) | |
| Other income | 5 | ||||
| Other interest receivable and | |||||
| similar income | 23,877 | 23,877 | 5,675 | ||
| Donations | 9,856 | 9,856 | 4,804 | ||
| Sundry income | 21,296 | 21,296 | 17,353 | ||
| Total comprehensive income | |||||
| for the year | 13 | 293,603 | 293,603 | (180,435) | |
| Net transfer to designated | |||||
| reserves | 13 | (109,177) | (109,177) | (155,342) | |
| Total comprehensive income | |||||
| for the year after transfers | £ 184,426 | £ - | £ 184,426 | £ (335,777) |
| Unrestricted | ||||
|---|---|---|---|---|
| Unrestricted | Income and | |||
| Designated | expenditure | Restricted | ||
| reserves | account | reserves | Total | |
| £ | £ | £ | £ | |
| At 1 April 2022 | 4,115,041 | 750,000 | 875,553 | 5,740,594 |
| (Deficit)/surplus for 2022/23 | (510,224) | 1,205,342 | (875,553) | (180,435) |
| Transfers between funds for | ||||
| 2022/23 | 155,342 | (155,342) | - | - |
| At 31 March 2023 | 3,760,159 | 1,800,000 | - | 5,560,159 |
| (Deficit)/surplus for 2023/24 | (92,554) | 386,157 | - | 293,603 |
| Transfers between funds for | ||||
| 2023/24 | 109,177 | (109,177) | - | - |
| At 31 March 2024 | £ 3,776,782 | £ 2,076,980 | £ - | £ 5,853,762 |
| BALANCE SHEET AS AT 31 MARCH 2024 |
|||
|---|---|---|---|
| Notes | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Fixed assets | |||
| Housing properties | 7 | 30,210,309 | 30,711,313 |
| Other fixed assets | 7 | 111,479 | 27,573 |
| Total tangible fixed assets | 30,321,788 | 30,738,886 | |
| Current assets | |||
| Investments | 8 | 905,903 | 700,000 |
| Debtors falling due within one year | 9 | 202,863 | 131,498 |
| Debtors falling due after more than one year | 9 | 418,801 | 446,721 |
| Cash at bank and in hand | 574,063 | 900,836 | |
| 2,101,630 | 2,179,055 | ||
| Creditors: amounts falling due | |||
| within one year | 10 | (1,110,148) | (781,274) |
| Net current assets | 991,482 | 1,397,781 | |
| Total assets less current liabilities | 31,313,270 | 32,136,667 | |
| Creditors: amounts falling due | |||
| after more than one year | 11 | (25,459,508) | (26,576,508) |
| £ 5,853,762 | £5,560,159 | ||
| Capital and reserves | |||
| Designated reserves | 13 | 3,776,782 | 3,760,159 |
| Revenue reserve | 13 | 2,076,980 | 1,800,000 |
| Total unrestricted reserves | 5,853,762 | 5,560,159 | |
| Restricted reserves | 13 | - | - |
| £ 5,853,762 | £ 5,560,159 |
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Cash flows from operating activities | |||
| Surplus(deficit)/ for the financial year | 293,603 | (180,435) | |
| Depreciation | 573,026 | 589,690 | |
| Social Housing Grant release | (52,945) | (52,945) | |
| Polly’s Field Grant release | (53,267) | (362,267) | |
| Deferred income release | (157,980) | (140,899) | |
| Interest received | (23,877) | (5,675) | |
| Increase in debtors | (43,445) | (531,909) | |
| (Decrease)/increase in creditors | (523,934) | 6,256,094 | |
| Net cash inflow from operating activities | 11,181 | 5,571,654 | |
| Cash flows from investing activities | |||
| Interest received | 23,877 | 5,675 | |
| Fixed asset additions | (155,928) | (687,229) | |
| Grants received | 647,500 | ||
| Net cash outflow from investing activities | (132,051) | (34,054) | |
| Cash flows from financing activities | |||
| Decrease in loans | (4,214,800) | ||
| Net cash outflow from financing activities | (4,214,800) | ||
| (Decrease)/increase in cash and cash | |||
| equivalents | (120,870) | 1,322,800 | |
| Cash and cash equivalents at the beginning of | |||
| the year | 1,600,836 | 278,036 | |
| Cash and cash equivalents at the end of year | £ 1,479,966 | £ 1,600,836 | |
| Cash at bank at the end of the year | 574,063 | 900,836 | |
| Cash equivalents at the end of the year | 905,903 | 700,000 | |
| Cash and cash equivalents at end of year | 22 | £ 1,479,966 | £ 1,600,836 |
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Income from lettings and care | ||
| Rent/service charges (net of bad debts) | 3,013,925 | 2,320,632 |
| Voids | (246,414) | (199,570) |
| Social Housing Grant release | 52,945 | 52,945 |
| Polly’s Field deferred income release | 157,980 | 140,899 |
| Polly’s Field Grant release | 53,267 | 362,267 |
| 3,031,703 | 2,677,173 | |
| Care package fees | 681,896 | 433,720 |
| Other services from Care | 122,030 | 86,065 |
| Turnover | £ 3,835,629 | £ 3,196,958 |
| Service costs | 2,309,139 | 1,955,143 |
| Management costs | 540,092 | 750,258 |
| Repairs and maintenance costs | 173,189 | 115,581 |
| Depreciation | 573,026 | 589,690 |
| Other costs (net) | 1,609 | (5,447) |
| Operating expenditure | £ 3,597,055 | £ 3,405,225 |
| Operating surplus/(deficit) | £ 238,574 | £ (208,267) |
| 2024 | 2023 | |
|---|---|---|
| **£ ** | £ | |
| Depreciation | **573,026 ** | 589,690 |
| Auditor’s remuneration | 9,500 | 8,950 |
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 1,570,241 | 1,326,392 |
| Social security costs | 111,669 | 89,449 |
| **£1,681,910 ** | £ 1,415,841 |
| No | No | |
|---|---|---|
| Executive Committee | 8 | 9 |
| Operations Manager | 1 | 1 |
| Senior Personnel | 7 | 7 |
| Housekeepers, Support workers, Carers | ||
| and Domestic Helpers | 99 | 90 |
| 115 | 107 |
| Freehold | Fixtures, | ||
|---|---|---|---|
| land and | fittings and | ||
| buildings | equipment | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 April 2023 | 33,575,611 | 765,362 | 34,340,973 |
| Additions | 60,570 | 95,358 | 155,928 |
| At 31 March 2024 | 33,636,181 | 860,720 | 34,496,901 |
| Depreciation | |||
| At 1 April 2023 | 2,864,298 | 737,789 | 3,602,087 |
| Charge for the year | 561,574 | 11,452 | 573,026 |
| At 31 March 2024 | 3,425,872 | 749,241 | 4,175,113 |
| Net book values | |||
| At 31 March 2024 | £30,210,309 | £ 111,479 | £30,321,788 |
| At 31 March 2023 | £30,711,313 | £ 27,573 | £30,738,886 |
| 2024 | 2023 | |||
|---|---|---|---|---|
| Cash deposits | **£ ** | 905,903 | £ | 700,000 |
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Prepayments | 57,847 | 12,932 |
| Rent debtors | 107,422 | 81,111 |
| Other debtors | 7,673 | 7,674 |
| Loan discounting falling due within one year | 29,921 | 29,781 |
| Loan discounting falling due after more than one year | 418,801 | 446,721 |
| £621,664 | £ 578,219 |
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 385,904 | 370,673 |
| Other taxes and social security costs | 44,529 | 43,136 |
| Accruals and deferred income | 629,483 | 337,997 |
| Other creditors | 50,232 | 29,468 |
| £ 1,110,148 | £ 781,274 |
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Deferred income | 21,259,508 | 22,376,508 |
| GB Social Housing loan | 4,200,000 | 4,200,000 |
| **£ 25,459,508 ** | £ 26,576,508 |
| (Deficit)/ | ||||
|---|---|---|---|---|
| surplus | ||||
| Balance | for the | Balance | ||
| 1.4.23 | year | Transfers | 31.3.24 | |
| £ | £ | £ | £ | |
| Designated funds | ||||
| Polly’s Field | 732,086 | (92,554) | . | 639,532 |
| Major Repairs - Felsted House | 207,742 | - | 20,000 | 227,742 |
| Refurbishment of | ||||
| Great Bradfords House | 434,730 | 30,000 | 464,730 | |
| Refurbishment of Wickham | ||||
| House | 367,960 | 20,000 | 387,960 | |
| Polly’s Field maintenance fund | - | - | 50,000 | 50,000 |
| Upgrade of bathrooms | 250,000 | - | - | 250,000 |
| Fixed Asset Fund | 1,767,641 | - | (10,823) | 1,756,818 |
| 3,760,159 | (92,554) | 109,177 | 3,776,782 | |
| Income and expenditure account | ||||
| Revenue Reserve | 1,800,000 | 386,157 | (109,177) | 2,076,980 |
| Total reserves | £ 5,560,159 | £ 293,603 | £ - | £ 5,853,762 |
| Polly’s Field | Designated reserve | is in respect of further development of | ||
| the scheme. |
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| Fixed assets | 30,321,788 | _ | 30,321,788 |
| Current assets | 2,101,630 | - | 2,101,630 |
| Current liabilities | (1,110,148) | - | (1,110,148) |
| Long term liabilities | (25,459,508) | - | (25,459,508) |
| £ 5,853,762 | £ - | £ 5,853,762 |
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Great Bradfords House | 1,943,671 | 1,989,948 |
| Wickham House | 193,333 | 200,000 |
| Felsted House | 350,315 | 350,315 |
| Polly’s Field | 4,125,481 | 4,178,751 |
| £6,612,800 | £6,719,014 | |
| 2024 | 2023 | |
| Included within: | £ | £ |
| Deferred income within one year | 104,436 | 105,324 |
| Deferred income two to five years | 624,944 | 680,295 |
| Deferred income after five years | 5,883,420 | 5,933,395 |
| £6,612,800 | £6,719,014 |
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| I Norgett | 66 | |
| A Cramphorn | 431 | 253 |
| 2024 | 2023 | |
|---|---|---|
| Numberofunits of housing accommodation | ||
| At 1 April 2023 and 31 March 2024 | 165 | 165 |
| 2024 | 2023 | |
|---|---|---|
| Financial assets measured at the transaction price | £563,817 | £ 565,287 |
| Financial liabilities measured at the transaction price | £26,521,660 | £27,311,177 |
| Balance at | Other | Balance at | ||
|---|---|---|---|---|
| 1 April | non-cash | 31 March | ||
| 2023 | Cash flows | changes | 2024 | |
| £ | £ | £ | £ | |
| Cash | 900,836 | (326,773) | - | 574,063 |
| Cash equivalents | 700,000 | 205,903 | 905,903 | |
| Cash and cash equivalents | 1,600,836 | (120,870) | - | 1,479,966 |
| Loans | (4,200,000) | - | - | (4,200,000) |
| £ (2,599,164) | £(120,870) | £ - | £ (2,720,034) |
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Turnover | 3,196,958 | 3,196,958 | |
| Operating expenditure | (2,529,672) | (875,553) | (3,405,225) |
| Operating surplus | 667,286 | (875,553) | (208,267) |
| Other income | |||
| Other interest receivable and | |||
| similar income | 5,675 | - | 5,675 |
| Donations | 4,804 | - | 4,804 |
| Sundry income | 17,353 | - | 17,353 |
| Total comprehensive income | 695,118 | (875,553) | (180,435) |
| for the year | |||
| Net transfer to designated | |||
| reserves | (155,342) | - | (155,342) |
| Total comprehensive income | |||
| for the year after transfers | £ 539,776 | £ (875,553) | £ (335,777) |
| Great | ||||||
|---|---|---|---|---|---|---|
| Bradfords | Wickham | Felsted | Polly’s | Total | ||
| House | House | House | Field | 2024 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Income | ||||||
| Rent/service charges to residents | 709,733 | 419,019 | 372,978 | 1,512,195 | 3,013,925 | 2,320,632 |
| Voids | (30,188) | (136,056) | (72,618) | (7,552) | (246,414) | (199,570) |
| Polly’s Field Grant Release | - | - | - | 53,267 | 53,267 | 362,267 |
| Release of Polly’s Field | ||||||
| deferred income | 157,980 | 157,980 | 140,889 | |||
| Social Housing Grant Release | - | - | - | 52,945 | 52,945 | 52,945 |
| 679,545 | 282,963 | 300,360 | 1,768,835 | 3,031,703 | 2,677,173 | |
| Care package fees | 322,314 | _ | _ | 359,582 | 681,896 | 433,720 |
| Other services from Care | 118,004 | - | - | 4,026 | 122,030 | 86,065 |
| Total income | 1,119,863 | 282,963 | 300,360 | 2,132,443 | 3,835,629 | 3,196,958 |
| Expenditure | ||||||
| Management and | 74,866 | 24,831 | 25,716 | 414,679 | 540,092 | 750,258 |
| administration | ||||||
| Depreciation | 86,173 | 21,745 | 19,942 | 445,166 | 573,026 | 589,690 |
| Repairs and maintenance | 57,494 | 22,890 | 19,552 | 73,253 | 173,189 | 115,581 |
| Service costs | 1,263,982 | 239,390 | 213,496 | 592,271 | 2,309,139 | 1,955,143 |
| Other costs (net) | 1,609 | - | - | - | 1,609 | (5,447) |
| Total Expenditure carried forward | 1,484,124 | 308,856 | 278,706 | 1,525,369 | 3,597,055 | 3,405,225 |
| Great | |||||||
|---|---|---|---|---|---|---|---|
| Bradfords | Wickham | Felsted | Polly’s | Total | |||
| House | House | House | Field | 2024 | 2023 | ||
| £ | £ | £ | £ | £ | £ | ||
| Total Expenditure | 1,484,124 | 308,856 | 278,706 | 1,525,369 | 3,597,055 | 3,405,225 | |
| Surplus/(deficit) for the year before | 238,574 | (208,267) | |||||
| additional Society income | **-------------- ** | -------------- | |||||
| Additional Society income | |||||||
| Bank deposit interest | received | 23,877 | 5,675 | ||||
| Sundry income | 21,296 | 17,353 | |||||
| Donations | 9,856 | 4,804 | |||||
| Total additional net | income | 55,029 | 27,832 | ||||
| Surplus/(deficit) for the year | |||||||
| (before transfers) | £293,603 | £(180,435) |
| Great | ||||||
|---|---|---|---|---|---|---|
| Bradfords | Wickham | Felsted | Polly’s | Total | ||
| House | House | House | Field | 2024 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Management and | ||||||
| administration | ||||||
| Rates and water | 9,563 | 3,036 | 3,612 | 32,789 | 49,000 | 42,186 |
| Property insurance | 14,552 | 8,316 | 6,930 | 26,333 | 56,131 | 55,260 |
| Audit and accountancy | 4,133 | 2,362 | 1,968 | 7,478 | 15,941 | 10,994 |
| Affiliation fee | 6,530 | 3,767 | 3,265 | 11,553 | 25,115 | 25,797 |
| Telephone | 2,690 | 1,710 | 1,679 | 3,760 | 9,839 | 5,710 |
| Advertising | 1,297 | 1,709 | 2,818 | 2,542 | 8,366 | 28,513 |
| Travel | 194 | 94 | 106 | 242 | 636 | 103 |
| Printing, postage and | ||||||
| stationery | 446 | 289 | 324 | 1,127 | 2,186 | 5,725 |
| Legal and professional fees | 184 | 90 | 74 | 11,964 | 12,312 | 7,007 |
| General | 3,330 | 758 | 1,071 | 8,008 | 13,167 | 21,268 |
| Bank charges | 377 | 258 | 248 | 28,567 | 29,450 | 396,570 |
| Garden upkeep | 2,152 | 2,417 | 3,524 | 18,624 | 26,717 | 17,144 |
| Loan fees and interest | - | - | - | 261,667 | 261,667 | 99,919 |
| Training | 25 | 25 | 97 | 25 | 172 | 3,361 |
| Bookkeeping | - | - | - | - | - | 1,505 |
| Care costs | ||||||
| (excluding staff costs) | 29,393 | . | _ | 29,393 | 29,196 | |
| 74,866 | 24,831 | 25,716 | 414,679 | 540,092 | 750,258 |
| Great | ||||||
|---|---|---|---|---|---|---|
| Bradfords | Wickham | Felsted | Polly’s | Total | ||
| House | House | House | Field | 2024 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Depreciation | 86,173 | 21,745 | 19,942 | 445,166 | 573,026 | 589,690 |
| Repairs and maintenance | 57,494 | 22,890 | 19,552 | 73,253 | 173,189 | 115,581 |
| Service costs | ||||||
| Wages and national insurance | 190,911 | 189,222 | 169,487 | 252,884 | 802,504 | 635,167 |
| Wages and national insurance - care | ||||||
| staff | 870,567 | 870,567 | 674,100 | |||
| Recruitment expenses | 9 | 29 | 16 | 64 | 118 | - |
| Housekeeping and catering | 45,565 | 16,569 | 20,094 | - | 82,228 | 183,583 |
| Tunstall | 3,161 | - | - | - | 3,161 | 600 |
| Light and heat | 43,028 | 18,441 | 10,628 | 145,515 | 217,612 | 213,118 |
| Cleaning | 4,282 | 3,072 | 2,219 | 15,425 | 24,998 | 52,294 |
| Support costs | 106,459 | 12,057 | 11,052 | 178,383 | 307,951 | 196,281 |
| 1,263,982 | 239,390 | 213,496 | 592,271 | 2,309,139 | 1,955,143 |