2023-04-05-accounts

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS

5 APRIL 2023

Contents
Legal and administrative details	1
Report of the Trustees	2 – 7
Trustees’ responsibilities	8
Report of the independent examiner	9
Statement of financial activities	10
Balance Sheet	11
Notes to the financial statements	12 – 15

M W DENTON

CHARTERED ACCOUNTANT
KEIGHLEY

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES

Legal and Administrative Information

The trustees present their annual report together with the financial
statements of the Charity for the year ended 5 April 2023.

Status:	Registered Charity No 260359
	Housing Association No A0844
Trustees:	Mr Michael Bottomley (Chairman)
	Mrs Anne Arana
	Reverend P S Wilson
	Mr David Richardson
	Reverend Liz Moy
	Mrs Marilyn Becker
	Ms Heidi Barnard (Elected 10.11.2022)
Principal address:	9 Norbreck Drive
	Cross Roads Keighley
	West Yorkshire BD22 9DT
Clerk	Mrs D Butterfield Tel: [phone]
	9 Norbreck Drive
	Cross Roads Keighley
	West Yorkshire BD22 9DT
Bankers	National Westminster Bank plc
	63 North Street
	Keighley
	West Yorkshire BD21 3SB
Independent	M W Denton Tel: [phone]
Examiner	29 Devonshire Street
	Keighley
	West Yorkshire BD21 2BH
Solicitors	AWB Charlesworth Limited
	12-16 North Street
	Keighley
	West Yorkshire BD21 3SE

1

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES

Report of the Trustees for the year ended 5 April 2023

The Trustees of the William and Sarah Midgley Almshouses present their annual
report and unaudited financial statements for the year ended 5 April 2023.

The Trustees have adopted the provisions of the Statement of Recommended Practice
(SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual
report and financial statements of the Charity. This is the treatment required by
the Housing SORP 2018 for registered social landlords which are also almshouses.
The financial statements have been prepared in accordance with the accounting
policies set out in notes to the accounts and comply with the Charity’s governing
document, the Charities Act 2011 and 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 published in October 2019.

Structure, Governance and Management

Governing Document

The William & Sarah Midgley Almshouses was founded by the Will of Joseph Midgley
proved in the Principal Registry on 11 October 1935 and on 16 July 1974 the Charity
Commission established a Scheme for the regulation of the Charity.

Organisation

The body of Trustees shall consist when complete of seven competent persons who
through residence, occupation or employment or otherwise have special knowledge of
the locality of Lees and the neighbourhood thereof. Every future Trustee shall be
appointed for a term of five years by a resolution of the Trustees passed at a
Special Meeting of which not less than twenty one days’ notice has been given and
may be so appointed not more than one month before the term of an existing Trustee
expires with effect from the date of expiry but so that the latter shall not vote
on the matter.

Any Trustee who is absent from all meetings of the Trustees during a period of one
year or who is adjudged bankrupt or makes a composition or arrangement with his or
her creditors or who is incapacitated from acting or who communicates in writing to
the Trustees a wish to resign shall cease thereupon to be a Trustee.

The  Trustees  have  held  two  Special  Meetings,  two  Ordinary  Meetings  and  four
Extraordinary Meetings. The charity is the owner of six Almshouse situate in Lees,
Keighley, West Yorkshire. When there is a vacancy the Trustees try to find a
resident of Lees cum Cross roads suitable for appointment as an almsperson, the
length of time of residence being at the discretion of the Trustees. In special
cases persons aho do not possess the prescribed qualification as to residence may
be appointed if otherwise qualified.

Related Parties

The Charity has no related parties.

Trustees

At a Special Meeting of the Trustees held on 21 July 2022 it was unanimously
resolved that Michael Bottomley be appointed as Chairman for the ensuing year.

At a Special Meeting of the Trustees held on 10 November 2022 it was proposed by
Michael Bottomley, seconded by Marilyn Becker and resolved that Ms Heidi Barnard be

appointed as Trustee for 5 years to replace David Mahon who resigned on 12 June
2022.

2

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES

Report of the Trustees for the year ended 5 April 2023

Trustees

Heidi signed the declaration of acceptance and willingness to act in accordance
with the trusts of the Charity’s Scheme contained in the Minute Book. The Clerk
collected the signed form of confirmation under Section 72 of the Charities Act
1993 relating to disqualification of trustees.

Objects

Trustee confirmation – The Trustees acknowledge the guidance issued by the Charity
Commission  in  respect  of  our  commitment  to  public  benefit  and  we  declare  our
commitment to it.

The Charity was established to provide almshouses for persons resident in the
neighbourhood of Lees cum Cross Roads Keighley West Yorkshire. In order to be
considered for accommodation applicants must meet certain criteria, which allows
the Charity to assess their needs.

Achievements and Performance

During the year various general repairs and maintenance were carried out at the
Almshouses.  Energy Performance Certificates and Electrical Safety Standard Tests
Reports had been completed for all six Almshouses.

Quinquennial Survey Report

The Clerk distributed copies of the report she had emailed to each Trustee on the
16 April 2022.  The Trustees were pleased with the report which showed no major
problems  with  the  building  or  the  individual  flats.   The  Clerk  informed  the
Trustees that the job requiring immediate attention had been completed; this was
a blocked rainwater gully to the west elevation outside flat 2.  The report
recommended  that  a  roof  space  inspection  by  a  timber  and  damp  specialist  be
arranged.  The inspection should check the condition of the roof timbers, roofing
felt and provision of insulation.  The Clerk informed the Trustees that she had
spoken to Timberwise, Brick Tie Preservations who said they could only inspect
the timbers but not the roofing felt or the insulation.  The Clerk contacted
Andrew Pickles who the Trustees had already used for work at the Almshouses on
previous occasions.  Andrew said he could carry out the inspection and write a
report for everything that was required. He said it would cost £100 plus VAT to
carry out the inspection.  The Trustees were

happy to authorise Andrew to do the work.  The report identified some cracks in
the bedroom ceiling of flat 1 and some damp in the porch of flat 5.  The Clerk
said she would ask Andrew Pickles to take a look at both flats and the roof to
assess any problems which may need attention.  The Trustees were happy for the
Clerk to speak with Andrew.  Andrew prepared a quote for the work that needed
attention and the Trustees agreed to let Andrew attend to the work needed.  It
was also noted in the report that the paved area of the garden was not suitable
for the residents as the stone paving and gravel was uneven, with loose stones
and  mortar.   It  stated  that  there  were  no  handrails  to  the  steps.   It  was

3

recommended that consideration is given to re-designing this area to make it
accessible  and  usable  for  the  residents.   The  Trustees  discussed  this  and
concluded that at this time the area should be blocked off so no access to the
area can be made.  Guy Hargreaves was given the job.  The Trustees will revisit
this recommendation at a later date.

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES

Report of the Trustees for the year ended 5 April 2023

Re-valuation and Report

The Clerk said she had contacted Justin Robinson at Hayfield Robinson, Property
Consultants to ascertain how much it would cost to acquire an up to date
valuation, since it was five years since the last one.  Justine replied that it
would cost £675 plus VAT.  The Chairman confirmed that every five years was about
right.  Michael asked the Clerk to check if that included a reinstatement value
and Heidi asked me to ask what the £675 included.  The Clerk to action.

Yorkshire Water

The Clerk informed the trustees that flats 1-4 were on Metered Charges for water
and flats 5 & 6 were on Rateable Value Charges.  She wasn’t sure why this was but
suggested she ring Yorkshire Water and see if flats 5 & 6 could be altered to
metered charges also.  The reason for this change the Clerk said was because
flats 1-4 bills were much cheaper than flats 5 & 6 as flats 1-4 were only billed
for the water they used.  The trustees gave their approval for the Clerk to look
into this and change flats 5 & 6 to metered charges if possible.

Garden Maintenance

The Clerk reported that the gardens hadn’t been looking as good as when the
previous gardener was overseeing them.  She said that Matthew had been on his own
and was struggling to get someone else to help.  Marilyn also mentioned she had
noticed the difference too.  With this in mind the Clerk contacted TJB Gardening,
Neil Bishop, Steve Thorpe, Keighley Garden Services and Flaurel & Hardy Gardening
Services and asked if they could quote for next year’s garden maintenance, she
also emailed Matthew and asked if he could submit a quote.  The Clerk received
quotes  from  TJB  and  Flaurel  &  Hardy,  which  she  distributed  to  the  trustees,
unfortunately, Matthew hadn’t submitted a quote.  After some discussion it was
decided to offer the maintenance contract to Flaurel & Hardy on a yearly basis.
The Clerk contacted all parties to inform them of the trustees’ decision.

Grit Bin

The Clerk applied to Haworth, Cross Roads and Stanbury Parish Council for a grit
bin, her application was approved and a grit bin was duly placed within the
Almshouses grounds.

British Gas

An extra-ordinary meeting on 19 December 2022 was arranged to discuss two

residents who had expressed a wish to pay their own gas bills.  The Clerk
distributed a document displaying a breakdown of gas per residence and electric
for all flats combined as at 14 December 2022.  The trustees scrutinised the gas
and electric estimated summaries from British Gas for the coming year and the
document handed out by the Clerk.  Using the figures in front of them the
trustees worked out that the energy should be up at £47 per week per residence to
break even.  This was made up of £31 for gas and £16 for electric; with the
increase in the weekly maintenance contributions the residents are now paying £38
per week per flat, a shortfall of £9 per week per resident.  After much
discussion it was decided to approve the request from the two residents to pay
their own gas bills.  The trustees said they would have £22 per week taken off
their WMC if they wished to proceed.  The Clerk said she would talk to both
parties and let them know how much they would save on the energy part of the WMC
and see if they still wanted to go ahead.

4

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES

Report of the Trustees for the year ended 5 April 2023

Flat 1 – Refurbishment

Sadly, one of our residents passed away in December 2022.  At an extra-ordinary
meeting held on 26 January 2023, all available trustees, the Clerk and Keith
Eccleston met at number 1 the Almshouses to determine the best course of action
to prepare the property for the next resident.  It was decided the kitchen
needed to be replaced as did the bathroom, the bath to be taken out and
replaced with a shower. The whole flat to be re-wired.  The water tank to be
removed from the cupboard in the front room and disposed of.  The fire alarms
and carbon monoxide alarms to be hardwired.  The bedroom ceiling to be made
good and the radiator to be moved under the window.  All switches, sockets and
skirting board to be replaced.  Decorated and carpeted throughout.  The Clerk
was going to speak with Guy Hargreaves with regard to the kitchen and ask him
to contact Keith to arrange a site visit. Keith was going to oversee the
project and send the Clerk a quote in due course.

New Electric Meter Connections

The Clerk said she had contacted a number of companies: Crown Energy, Last Mile
Asset Management, Energetics UK and Northern Powergrid about the five new
connections needed in order for the residents to each have their own meters.
Unfortunately, she felt no nearer to getting the matter resolved; it was if no
one was interested.  The Clerk did point out that Crown Energy had mentioned
that there wasn’t a need for individual connections as a local electrician
would be able to provide and install a distribution board, carry out the
removal of the existing three phase meter, Northern Powergrid could raise 6
individual MPANs.  Once the MPANs had been raised, then Crown Energy could
provide 6 new meters.  Keith Eccleston said he would speak to someone he knew,
as they had just had a meter installed and let the Clerk have the details.
Keith also said that an electrician could put private meters into each flat.
The Clerk waiting to hear from Keith Eccleston.

Financial Review

The Trustees’ aim is that income from the Weekly Maintenance Charge paid by the
residents  covers  the  everyday  maintenance  costs  associated  with  running  the
Almshouses.

Weekly Maintenance Contributions

5

The Clerk distributed copies of the budget which runs from 1 July 2021 until 30
June 2022.  The budget was based on the Almshouse Association specimen outline
budget for 2022.  This revealed a deficit of £6,283 for 2021/2022.  For the
ensuing year it is predicted that there will be a deficit of £24,554.

The  current  WMC  is  £95  made  up  as  to  £67  Maintenance  Contribution  (which
includes Yorkshire Water charges) and £28 Heating Charge for gas and
electricity charges.  The Valuation Office Agency has provided a revised Non
Statutory Valuation of an Equivalent Fair Rent of £98 per week (exclusive of
services) which is dated 1 June 2021.  The Trustees scrutinized the income and
expenditure detailed in the Budget.  The main concern was the energy prices
which had gone up in April by 54% and the predicted increase in October of 65%.

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES

Report of the Trustees for the year ended 5 April 2023

However, since the prices had been fixed last year the Charity hadn’t felt the
impact of the April rise which means at the end of September 2022 when the fixed
prices are lifted the Charity will be hit by 2 increases.  The Trustees discussed
and debated but felt they had no choice but to increase the residents’ WMC by £25
to £120 per week.  The increase will be applied from December 2022.  The Clerk
notified all residents by letter.

Reserves Policy

The trustees have reviewed the Charity’s reserves Policy and have decided that
reserves in the range of £30,000 to £35,000 are required by the Charity. This level
has been set to cover nine months of recurring expenditure, any foreseen repairs
and any rent voids between tenants. The balance on the unrestricted reserves stands
at £

The Restricted Funds is a reserve fund for future major expenditure, to which
transfers are made from the Income and Expenditure Account and is normally invested
in accumulation shares preferably in a Common Investment Fund. It can be drawn upon
to meet major items of repair by application to the fund managers without the prior
consent of the Charity Commission. It was agreed that £3,294 would be contributed
to the ERF this year.

Contribution to Cyclical Maintenance Fund (CMF). Transfers are made from the Income
and Expenditure Account and invested in the COIF Charities Deposit Fund which is an
instant access account where the gross interest is paid quarterly to the Charity’s
bank account. It is retained by the Trustees to meet maintenance occurring at
regular  intervals  eg  internal  (refurbishing  kitchens  and  bathrooms),  external
redecorating  and  the  cost  of  professional  fees  such  as  for  the  Quinquennial
Inspections. It was agreed that £5,388 would be contributed to the CMF this year.

Investments

The results shown within these financial statements are in line with expectations
of the Trustees taking in to consideration the current economic climate and the
Trustees policy which is to invest in the range of low to medium risk investments

which allows for both income generation and longer term capital growth.

Almshouse Insurance Policy

The insurance with Royal & Sun Alliance was renewed for three years commencing 30
June  2022.  The  buildings  including  the  Charity’s  contents  are  insured  for
£1,800,000; accidental damage is not included nor is the Residents contents. The
policy  does  not  include  Terrorism.  The  Public  Liability  Indemnity  Limit  is
£5million. The indemnity limit is set at a standard £100,000 and a Schedule noting
the inclusion of this section and the full wording which applies has been provided
by Royal & Sun Alliance and retained with the policy documents. The policy premium
including insurance premium tax totaled £1,360.40.

6

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES

Report of the Trustees for the year ended 5 April 2023

Plans for Future Periods

The Trustees will continue their policy of keeping the Almshouses in a good state
of repair both internally and externally to meet the criterion referred to in the
Decent  Homes  Standard  and  the  Quinquennial  Inspection  Report  carried  out  in
February 2022 of providing modern facilities and services.

                                                 Michael Bottomley

Chairman

6 July 2023

7

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES

Trustees’ responsibilities

In respect of the preparation of financial statements

Under the trust deed and rules of the Charity, the Trustees are required to
prepare accounts for each financial year which properly present the state of
affairs of the Charity and of the excess of income over expenditure. In preparing
those financial statements, the Trustees are required to:

• select suitable accounting policies and apply them consistently;

• make judgements and estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue its activities.

The Trustees are required to act in accordance with the Trust deed and rules of
the Charity, within the framework of the Trust law. They are responsible for
keeping proper accounting records. 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.

8

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES

Report of the Independent Examiner to the Trustees of The William and Sarah
Midgley Almshouses

I report to the charity trustees on my examination of the accounts of The William
and Sarah Midgley Almshouses for the year ended 5 April 2023, which are set out
on pages 10 to 15.

Responsibilities and basis of report

As the Charity’s Trustees you are responsible for the preparation of the accounts
in accordance with the requirements of the Charities Act 2011.

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 giving me cause to believe that
in any material respect:

• accounting records were not kept in respect of the charity 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 contents 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 to enable a proper
understanding of the accounts to be reached

M W Denton
Chartered Accountant
29 Devonshire Street
KEIGHLEY
BD21 2BH

6 July 2023

9

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES Statement of financial activities

Property Revenue account
for the year ended 5 April 2023

	Unrest	Endow	Restric	Total	Total
	Ricted	ment	ted	Funds	Funds
	Funds	fund	fund	2023	2022
		£	£	£	£
Income
Contributions from residents
(note 2)	30,482	-	-	30,482	27,768
NAACIF	908	-	-	908	856
Bank interest received	640	-	-	640	21
	——————	——————	——————	——————	——————
Total income	32,030	-	-	32,030	28,645
	——————	——————	——————	——————	——————
Expenditure
Charitable activities
Electricity	1,726	-	-	1,726	2,150
Gas	3,761	-	-	3,761	3,851
Water rates	1,054	-	-	1,054	1,457
Insurance	1,290	-	-	1,290	1,016
Repairs and improvements	3,278	-	-	3,278	22,136
Garden maintenance	1,760	-	-	1,760	1,555
Audit and accountancy	420	-	-	420	360
Subscriptions	236	-	-	236	162
Qinnquennial survey	1,203	-	-	1,203	-
Valuation	810	-	-	810	-
Administration fees	4,568	-	-	4,568	4,234

	——————	——————	——————	——————	——————
Total expenditure	20,106	-	-	20,106	36,921
	——————	——————	——————	——————	——————
Net income before investment
gains or losses	11,924	-	-	11,924	(8,276)
Gains on investments	-	-	-	-	-
	——————	——————	——————	——————	——————
Net income	11,924	-	-	11,924	(8,276)
Transfer between funds	(8,682)	5,388	3,294	-	-
	——————	——————	——————	——————	——————
Net movement in funds	3,242	5,388	3,294	11,924	(8,276)
Reconciliation of funds
Total funds brought forward	68,096	18,097	7,581	93,774	102,050
	——————	——————	——————	——————	——————
Total funds carried forward	71,338	23,485	10,875	105,698	93,774
	——————	——————	——————	——————	——————

		10
THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES
Balance sheet as at 5 April		2023		2022
	Note	£	£	£	£
Tangible fixed assets
Freehold property at cost	5
6 Almshouses at Lees, Keighley			8,553		8,553
Investments at cost	6		40,264		36,970
		——————		——————
		48,817		45,523
Current assets
Debtors	7	487		617
Bank current account		26,073		21,504
Cash in hand		49		38
COIF Charities deposit fund		32,108		26,720
——————			——————
58,717			48,879
Creditors: amounts falling due
Within one year	8	1,836		628
——————			——————
Net current assets			56,881		48,251
		———————		——————
Net assets			105,698		93,774
		———————		——————

The Funds of the Charity
Endowment Funds 9		23,485		18,097
Restricted Funds 9		10,875		7,581
Unrestricted funds 9		71,338		68,096
	———————		——————
Total Charity Funds		105,698		93,774
	———————		——————

These financial statements were approved by the Board of Trustees on 6 July 2023
and were signed on their behalf by:

M Bottomley

Trustee

11

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES

Notes to the financial statements (forming part of the financial statements)

1.Accounting policies

a) Basis of accounting

The William and Sarah Midgley Almshouses is an unincorporated Charity registered
in England and Wales. The address of the principal offices is given in the
Officers and Professional Advisers information on page 1 of these financial
statements. The nature of the Charity's operations and principal activities are
detailed within the Trustees' Annual Report.

The financial statements have been prepared in accordance with 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 issued in October 2019, applicable
in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the
Accounting Direction for private registered providers of social housing 2019 and
UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a "true and fair" view and
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 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) issued on 16 July 2014 rather that the Accounting
and Reporting by Charities: Statement of Recommended Practice effective from 1
April 2005 which has since been withdrawn.

The Charity meets the definition of a public benefit entity under FRS 102.
The accounts are prepared in accordance with the historical cost basis of
accounting.

b) Preparation of the accounts on a going concern basis

The financial statements have been prepared on a going concern basis as the
trustees believe that no material uncertainties exist. The trustees have
considered the level of funds held and the expected level of income and
expenditure for 12 months from authorising these financial statements. The
budgeted income and expenditure are sufficient with the level of reserves for the
charity to be able to continue as a going concern. The trustees have considered
the potential ongoing impact of the Covid - 19 pandemic and have concluded that
this will not affect the going concern status of the charity.

c) Income

All income is recognised once the Charity has entitlement to the income, there is
sufficient certainty of receipt, it is probable that the income will be received,
and the amount of income receivable can be measured reliably.

Income represents letting income and other service charges receivable from social
housing lettings included at their invoice value net of voids.
Donations or Grants are recognised when there is evidence of entitlement to the
gift, receipt is probable and the amount can be measured reliably. All income is
considered unrestricted unless specifically restricted by the donor or raised in
an appeal for a specific purpose.

Investment income is earned through holding assets for investment purposes such
as shares and land. It includes dividends and interest. Where it is not
practicable to identify investment management costs incurred within a scheme with
reasonable accuracy the investment income is reported net of these costs.

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES

Notes to the financial statements

(forming part of the financial statements)

It is included when the amount can be measured reliably. Interest, dividend
and rent income are recognised once the Charity's right to receive payment
is established.

No amount is included in the financial statements for volunteer time in
line with SORP FRS (102)

Expenditure

Expenditure is recognised once there is a legal or constructive obligation
to make a payment to a third party, it is probable that settlement will be
required and the amount of the obligation can be measured reliably.
The William and Sarah Midgley Almshouses is not registered for Value Added
Tax (VAT). In these financial statements, where applicable, expenditure is
shown inclusive of VAT.

Impairment of freehold property

Reviews for impairment are carried out annually at the reporting date.
Impairment is recognised when the carrying value of an asset exceeds its
recoverable amount. Examples of indicators of impairment are a significant
decrease in the market value of the property or significant physical
damage.

Debtors

Trade and other debtors are recognised at the settlement amount due.
Prepayments are valued at the amount prepaid.

Investments

Investments are stated at cost at the balance sheet date.
Investments are held within fixed assets on the basis that they are held to
generate income in the longer term.

Cash

Cash at bank and in hand includes cash held in deposit accounts.

Creditors

Creditors are recognised where the Charity has a present obligation
resulting from a past event that will probably result in the transfer of
funds to a third party and the amount to settle the obligation can be
measured reliably.

Contingent Liabilities

A contingent liability will be disclosed if:

A possible obligation arising from a past event whose existence will be
confirmed only by some uncertain future event that is not wholly in control
of the Charity

A present obligation arising from a past event but where the transfer of
funds is not probable or the amount of the obligation cannot be measured
reliably.

Financial instruments

The Charity has financial assets and financial liabilities of a kind that
qualify as basic financial instruments. These are cash, creditors, and
debtors other than prepayments. Basic financial instruments are initially
measured at transaction value and subsequently measured at their
settlement rate.

13

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES

Notes to the financial statements
(forming part of the financial statements)

Reserves

Unrestricted Reserves are funds available for use at the discretion of the
Trustees in furtherance of the general objectives of the Charity.

Restricted Reserves are funds for which the donor has specifically
restricted the purpose for which they can be used. The amounts in the funds
represent the monies still remaining for future expenditure
Endowment Reserves are a type of restricted fund and represent those assets
which must be held permanently by the Charity. Income arising on the
endowment funds can be used in accordance with the objectives of the
Charity. Any capital gain or loss arising on the endowments
form part of the Endowment Reserves.

Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule
6 of the Finance Act 2010 and therefore it meets the definition of a
charity for UK corporation tax purposes.

Accordingly, the Charity is potentially exempt from taxation in respect of
income or capital gains received within categories covered by Part 11,
chapter 3 of the Corporation Tax Act 2010 or Section 256 of the Taxation of
Chargeable Gains Act 1992, to the extent that such income
or gains are applied exclusively to charitable purposes.

2.Income from residents	2023	2022
	£	£
Gross income receivable from lettings	30,862	28,579
Less: losses from voids	380	811
	——————	——————
	30,482	27,768
	——————	——————
3.Employee information
The average weekly number of persons employed during the year was:
Trustees	7	7
	——	——
The remuneration and expenses paid to the Trustees during the two years was
nil.

14

THE WILLIAM AND SARAH MIDGLEY ALMSHOUSES

Notes to the financial statements continued (forming part of the financial statements) 4.Surplus on ordinary activities This is stated after charging: Independent Examiners remuneration Depreciation 5.Fixed asset property at cost Almshouses at Lees, Keighley	2023 420 - ——— 8,553 —————	2022 360 - ——— 8,553 —————

On 7 December 2022 a valuation of the properties was	carried out giving a	carried out giving a
market value of £510,000.
6.Fixed asset investments at cost
Charities Official Investment Fund – 546.35 units
(2013 - 546.35 units)	11,245	11,245
National Association of Almshouses
25,930.706 units Common Investment Fund	15,725	15,725
Charities Official Investment Fund – 22.42 units
(December 2012 – 22.42 units)	2,000	2,000
Charities Official Investment Fund – 26.15 units
(January 2015 – 26.15 units)	3,000	3,000
Charities Official Investment Fund – 25.32 units
(December 2015 – 25.32 units)	3,000	3,000
Charities Official Investment Fund – 11.00 units
(August 2019 – 11.00 units)	2,000	2,000
Charities Official Investment Fund – 676.43 units
(August 2022 – 676.43 units)	3,294	-
	——————	——————
	40,264	36,970
	——————	——————
Aggregate market value	169,311	169,687
	———————	——————
7.Debtors: amounts falling due within one year
Prepayments	487	617
	———	———
8.Creditors: amounts falling due within one year
Accruals	1,836	628
	—————	———
9.Reserves

Endowment  Restricted  Unrestri-
                                      Funds Funds   cted Funds
Total

	£	£	£	£
At 5 April 2022	18,097	7,581	68,096	93,774
Deficit for year	5,388	3,294	3,242	11,924
	——————	——————	——————	———————
At 5 April 2023	23,485	10,875	71,338	105,698
	——————	——————	——————	———————

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