URSULA LODGES TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (Charity Registered Number: 261419} URSULA LODGES TRUST REPORT OF THETRUSTEES forthe year ended 31 March 2024 The Trustees present their Annual Report and audited financial statements for the year ended 31 March 2024. Trust's Prinopal Address: 23 Bu5hell Way, Chislehurst, Kent. BR7 6SF Trustees: The Trustees who served duringthe yearto 31 March 2024 were as follows.. A George J Gatfield S Kerridge P Alexander Summary Hlstory of the Trust's Activities: Ursula Lodges Trust is a Registered Charity. (Number: 2614191 rhe Trust was established and endowed in the mid nineteenth century by the Berens family of 5idcup to provide almshouse accommodation for occupation by needy spinsters of the established Church. For many year5 the Trust's activity cornprised the upkeep and èdministration of a row of six almshouse cottages at 114 to 124 levenl Sidcup Hill. The land is unregistered and the Trustees are in the process of taking step5 to get the freehold title registered at Land Registry in the name of Ursula Lodges Trust. The Chislehurst and Mottingham Housing Association was appointed Trustee in 1971 under the terms of a scheme approved by the Charity Commissioners. The scheme updated the Trust'5 administrative statutes and the admission criteria for almspeople, In 1972 a further scheme of the Charity Commissioners empowered the Trustees to enter into an agreement with Sidcup Housing A550ciation (The Association) whereby.. lal On 20 January 1973 a 99 year lease of the six almshouses and adjoining land was granted to The Association. Ibl The Association undertook to redevelop the site and provide the Trust with six of the flats so produced. Ic} On 28 February 1975 The Association leased the property back to Chislehurst and Mottingham Housing A550ciation acting as Trustee for Ursula Lodges Trust. The lease to run until 15 January 2072. In summary. the Trust owns the freehold, has granted a lease to the Association and has received lease baek from the Association for the period of the lease to the Association le55 5 days. Therefore the Trust has in substance beneficial ownership of the six flats. The flots are not however shown in the Balance Sheet of the Trust and the Trustees consider that given the length of time since the arrangeTnents were entered into, that restating the accounts to Include the flats at a valuation would not be of benefit to any parties and that clear disclosure of the position in the Trustees Report is a preferable approach. The rental income received by the Trust from the Association in respect of the flats is land has always been) included in the income statement, URSULA LODGES TRUST REPORT OF THE TRUSTEES for the year ended 31 Marth 2024 Icontinuedl Review of the Trust's Attlvitles The summary history of the Trust's activities is shown on page l. The Trust has successfully managed the six almspeoples, flats at the Association's Ursula Lodges development during the year ended 31 March 2024, and the Trustees are confident that this will continue for the foreseeable future. Statement of Trustees, Responslbllities In respect of the financial statements The Trustees are required to arrange for the financial statements to be prepared for each financial year which give a true and fair view of the state of affairs of the Trust and of the surplus or deficit of the Trust for that period. In preparing those financial statements, the trustees are required to:" select suitable accounting policies and then apply them con51Stently,' make judgments and estimates that are reasonable and prudent,. prepare the financlal statements on the going concern basis unle55 It is inappropriate to presume that the Trust wlll continue operating. The Trustees are responsible for keeping proper accounting records which dlsclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements cornply with the Trust Deed. They are also responsible for safeguarding the assets of the Trust and hen￿ for taking reasonable Steps tor the prevention ana detection of fraud and other irregularities. By Order the Truste A George Trustee 8 August 2024 INDEPENDENT AUDITORS, REPORTTO THETRUSTEES OF URSULA LODGE5 TRUST Oplnlon We have audited the financial statements of Ursula Lodges Trust for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Statement of Changes in Reserves, the Statement of Financial Position and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the State of the Trusys affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance with United Kingdom Generally A￿pted Accounting Practice,. and have been prepared in accordance with the Charities Act 2011. Basis of opinion We conducted our audr( in accordance with International Standards on Auditing IUKI IISAS IUKI and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statement5 section of our report. We are independent of the Trust in accordance with ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Trust's, use of the going concern basis of accounting in the preparation of the financial statement5 is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or conditions that, individually or collectively, may cast significant doubt on Ursula Lodges Trust's ability to continue as a going concern for a period of at least twelve months from when the flnancial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Trust's report, other than the financial statements and our auditor'5 report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES OF URSULA LODGESTRUST (continued) In connection with our audit of the financial statements, our responsibility is to read the other information and, In doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appear5 to be rnaterially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material rnisstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responslblllties of the Trustees A5 explained more fully in the Statement of the Trustees, responsibilities, set out on page 2, the Trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control a5 the Trustees determine is neeessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustee5 are responsible for assessing the Trust's ability to contlnue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intends to liquidate the Trust or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financlal statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and the relevant regulations. Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi5Statements in respect of irregularities, including fraud. The extent to whlch our audit procedures are capable of detecting irregularities, including fraud 15 detailed below: We obtained an under5tandinE of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the requirements of Charitie5 Act 2011. Our audit procedures are designed to identify non compliance with such laws and regulations identified above. INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF URSULA LODGES TRUST {continuedl We made enquiries of management to check whether they were aware of any instance5 on non-compliance with laws and regulations or fraud during the period of the financial statements and these are confirmed to us in their Letter of Representation. We also check any large or unusual transaction5 during the course of our audit. Based on the procedures carried out during our audit we believe that there 15 3 reasonable chance of detecting irregularities in the Statutory accounts regarding non compliance with financial requirements and other laws and regulations and a moderate to small chance of detecting fraud as fraud can include collusion and concealment and our audit is not designed to detect these type5 of fraud. Ultimately, however, the frustees are responsible for the prevention and detection of fraud and irregularities. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or in whose hands it may come save where expressly agreed by our prior consent in writing. Cooper & Co Chartered Accountants and Statutory Auditor 18 Magdalen Grove Orpington Kent. BR6 9WE 8 August 2024 URSULA LODGES TRUST Statement of Comprehenslve Income for the year ended 31 March 2024 Notes 2024 2023 Income Charges receivable from almspeople Les5: void losses Lease rent from Chislehurst and Sidcup Housing Association Inetl Donations Ichislehurst & Sidcup Housing Assoc.) Bank deposlt account interest Extraordinary repair fund investment income 53,831 {3181 45,159 11,4361 770 2,288 294 1,323 56,575 45,344 Expenditure Service charge payable to Chislehurst and Sidcup Housing A55ociation Audit and accountancy charges Legal and profe55i0nal fees Maintenance costs lincluding cyclical maintenance) Cyclical Repairs- voids Major repairs- Telecare system installation Major repairs- Other Sundry expenses Bank charge5 21,036 810 583 280 558 13,413 8,710 533 147 19,749 770 162 2,915 5,344 127 46,070 29.067 Surplus for the year Unrealised gain/l10551 in investment 10,505 837 16,277 14,8611 Total Comprehensive Income forthe year £11,342 £11,416 Total Reserves at l April 2023 Total Comprehensive Income fortheyear 159,121 11,342 147,705 11,416 Total Reserves at 31 March 2024 (See page 71 £170,463 £159,121 The financial statements on pages 6 to 10 were approved by the Trustees on 8 August 2024 and were signed on its behalf by: S Kerridge Trus A George Trustee URSULA LODGESTRUST STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 Notes 2024 2023 Investments Extraordinary repair fund investment 70,613 67,488 Current Assets Cash at bank Debtors 99,947 1,170 91,984 814 101,117 92,798 Less: Creditors Amounts falling due within one year 1,267 1,165 Net Current Assets 99,850 91,633 Total Assets Less Current Liabilities £170,463 £159,121 Reserves maintenan￿ Designated Reserve Extraordinary Repair Fund Revenue Reserves 58,141 70,613 41,709 53,141 67,488 38,492 Total Reserves £170,463 £159,121 The financial Statements on pages 6t0 10 were approved by the Trustees 8 August 2024 and were signed on its behalf by,. S Kerri l Trustees A George URSULA LODGESTRUST Notes to the Finandal Statements for the year ended 31 March 2024 ACCOUNTING POLICIES The financial statements have been prepared in accordance with applicable Accounting Standards and statements of recommended practice. Basis of Accounting and assessment of Eoing concern The financial statements have been prepared under the historical cost basls of accounting modified to include the investments being stated at market value. The Trustees consider that there are no material uncertainties about the Trusys ability to continue as a going concern. The financial statements are prepared on a receipts and payments basis Wlth the exception of the income charges from almspeople and audit fees which are accounted for on a receivable basis. However, these prepayments and accruals are 50 Small that they have no significant effect on the receipts and payments basis of accounting. Maintenance Designated Reserve The Charity Cornmissioners specify that amounts should be set aside for future maintenance costs. From l April 1995, expenditure incurred of a capital nature relating to the building is charged in the income and expenditure account under the heading of major repairs. Transfers to the designated reserve are determined by the Trustees each year after taking into account any expenditure incurred in a financial year. Extraor(Jinary Repair Fund The extraordinary repair fund was established under the terms of the Charity Commissioners, Scheme for the Trust of 1971 and Subsequent supplemental orders. The fund is designed to provide for extraordinary repair5, improvement or rebuilding of the almshouse. The Trust is required to make an annual appropriation to the fund equal to the investment income re￿iVed on the extraordinary repair fund investment which is re-invested each year. Extraordlnary Repair Fund Investment The extraordinary repair fund investment is included in the Statement of financial position at its market value. 2024 2023 Lease Rent from Chislehurst & Sldcup Housing Assodation: Rent receivable in respect of land and buildings Less: rent payable in respect of Six almshouse flats iii {ii £4 £4 Debtors: amount falling due withln oneyear Due frorn Chislehurst and Sidcup Housing Association Almspeople's charges in arrears 1,170 806 £1,170 £814 URSULA LODGES TRUST Notes to the Flnanctal Statements for the year ended 31 March 2024 {continued) 2024 2023 4 Credltors: amount falling due within one year Almspeoples, charges in advance Other creditors and accruals 432 835 370 795 £1,267 £1,165 5 Malntenance Designated Reserve At l April 2023 Transfer from/lto} Income and Expenditure account.. for routine and cyclical maintenance 53,141 45,141 8,000 At 31 March 2024 £58,141 £53,141 6 Extraordlnary Repair Fund and Related Investment Extraordinary Repair Fund at l April 2023 Transfer from Incorne and Expenditure account- for income arising re-invested in the extraordinary repair fund investment Gain/lLossl arising on revaluation of the investment at market value 67,488 71,026 2,288 1,323 837 14,8611 Extraordinary Repair Fund at 31 March 2024 £70,613 £67,488 Represented by: Extraordinary Repair Fund Investment Morket Value Market Value 1,715 Charibond Charities Fixed Interest Common Investment Fund Accurnulation Shares 12023 - 1,715 shares) £70,613 £67,488 7 Revenue Reserves At l April 2023 Transfer Maintenance Designated Reserve Transfer Extraordinary Repair Fund Income arising re-invested Surplus for the year 38,492 15,0001 31,538 18,0001 12,2881 10,505 11,3231 16,277 At 31 March 2024 £41,709 £38,492 URSULA LODGES TRUST Notes to the Financial Statements for the year ended 31 Mardi 2024 {continued) 8 Service Charge Payable to Chlslehurst and Sidcup Houslng Associatlon Charges receivable from almspeople are paid over to Chi51ehurst and Sidcup Housing Association, after deduction of amounts set aside for maintenance and extraordinary repair, in recompense for service costs and management and support services provided in respect of the six almshouse flats. io