URSULA LODGES TRUST FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 (Charity Registered Number: 261419)
URSULA LODGES TRUST REPORT OF THE TRUSTEES for the year ended 31 Marth 2025 The Trustees present their Annual Report and audited financial statements for the year ended 31 March 2025. Trust's Prlnclpal Address: 23 Bushell Way, Chislehurst, Kent. BR7 6SF Trustees: The Trustees who served durlng the year to 31 March 2025 were as follows.. A Geor8e J Gatfield 5 Kerridge P Aexander Summary Hlstory of the Trust's Actlvities: Ursula Lodges Trust is a ReB15tered Charity. (Number.. 261419) The Trust was established and endowed in the mid nineteenth ntury by the Beren5 family of Sidcup to provide almshouse accommodation for occupation by needy spinsters of the established church. For many years the Trust's activity comprised the upkeep and adminlstration 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 taklng steps to get the freehold title registered at Land Registry in the name of Ursula Lodges Trust. The Chislehurst and Mottingham Housin8 Association was appolnted Trustee in 1971 undertheterms of a scheme approved bythe Charity Commissioners. The scheme updated the Trust's 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 wlth Sidcup Housing Association (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 Assoclation undertook to redevelop the site and provide the Trust with six of the flats 50 produced. Ic) On 28 February 1975 The Association leased the property back to Chislehurst and Mottingham Housing Association actlng as Trustee for Ursula Lodges Trust. The lease to run untll 15 January 2072. In summary, the Trust owns the freehold, has granted a lease to the Association and has received a lease back from the Association for the period of the lease to the Association less 5 days. Therefore the Trust has in substance beneficial ownership of the six flat5. The flats are not however shown in the Balance Sheet of the Trust and the Trustees consider that glven the length of time since the arrangements were entered into, that restating the accounts to include the flats at a valuation would not be of benefit to any partles and that clear disclosure of the position In the Trustees Report Is a preferable approach. The rental Income recelved by the Trust from the Assoclation 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 2025 Icontlnued) Revlew of the Trust's Actlvlties The summaryhistoryoftheTrust'5 artivitiesis shown on page l.TheTrust hassuccessfullymanaged the six almspeoples, flats at the Association's Ursula Lodge5 development durlng the year ended 31 March 2025, and the Trustees are confident that this wlll continue for the foreseeable future. Statement of Trustees, Responslbllltles In respect of the financlal statements The Trustee5 are required to arrange for the financial statements to be prepared for each flnancial year whlch give a true and fair view of the state of affairs of the Trust and of the surplus or deficlt of the Trust forthat period. In preparlng those flnancial ststements, the trustees are required to:_ selert suitable accounting policies and then apply them conslstently; make judgments and estimate5 that are reasonable and prudent; prepare the financlal statements on the going concern basis unless it is inappropriate to presume that the Trust will continue operating. The Trustees are responsible for keeping proper accounting records which disclose wlth reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Trust Deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable Steps for the preventlon and detection of fraud and other irre8ularities. By Order of the Trustees A George Trustee rh August 2025
INDEPENDENT AUDITORS. REPORTTO THE TRUSTEES OF URSULA LODGES TRUST Opinlon We have audlted the tlnancial statements of Ursula LodgesTrust for the year ended 31 March 2025, which comprise the Statement of Comprehenslve Income, the Statement of Changes in Reserves, the Statement of Financial Posltion and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statement5: give a true and fair view of the state of the Trust's affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice; and have been prepared in accordance with the Charlties Act 2011. Basls of oplnlon We conducted our audlt In accordance with International Standards on Auditing IUKI IISAS IUK} and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilsties for the audit of the financlal statements section of our report. We are independent of the Trust in accordance with ethlcal requirements that are relevant to our audit of the financlal statements in the.UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We believe that the audit eVIden we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going toncern In auditing the financial statements, we have concluded that the Trust's, use of the going concern basis of accountlng in the preparatioll of the financial statements is approprlate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condltions that, indivldually or collectively, may cast significant doubt on Ursula Lodges Trust's ability to continue a5 a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are descrlbed 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 auditorfs report thereon. The Trustees are responsible for the other Informatlon. Our oplnlon on the financial statements does not cover the other information and, except to the extent otherwlse expllcltly stated in our report, we do not express any form of assurance conclusion thereon.
INDEPENDEl+JT AUDITORS, REPORT TO THE TRUSTEES OF URSULA LODGÉS TRUST Icontinuedl In connection wlth 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 appears to be materially mlsstated. If we Identify such materlal inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material mi5Statement of the other information, If, based on the work we have performed, we concludethatthere is a material misstatement ofthis other information, we are required to report that fact. We have nothing to report in this regard. Responsibilitles of the Trustees As explalned more fully in the Statement of the Trustees, re5ponsiblllties, 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 as the Trustees determine is necessary to enable the preparatlon of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Trusvs ability to continue as a going concern, dlsclosing, as applicable, matters related to going concern and using the 8olng concern basls of accounting unless the Trustees elther Intends to liquidate the Trust or to cease operations, or have no realistic alternative but to do so. Audltor'5 responsiblllties for the audlt of the flnanclal statements We have been appointed as audltor under sectlon 145 of the Charities Act 2011 and report in accordance with the Act and the relevant regulations. Our objectives are to obtain reasonable assurance about whether the financial statement5 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that Includes our opinion. Reasonable assurance is a high level of assurance, bLrt Is not a guarantee that an audit conducted in accordance wlth ISAS IUKI will always detect a material misstatement when it exlsts. 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 declsions of users taken on the basis of these financial statements. Irregularitles, including fraud, are Instances of non-compllance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularitles, including fraud. The extent to which our audit procedures are capable of detecting irregularlties, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most Significant are those that relate to the requlrements of Charities Act 2011. Our audit procedures are designed to identify non compllance with such laws and regulations identified above.
INDEPENDENT AUDffORS' REPORT TO THE TRUSTEES OF URSULA LODGE5 TRUST Icontinuedl We made enquiries of management to check whether they were aware of any Instances on non-cornpliance 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 transactions durlng the course of our audit. Based on the procedures carried out during our audit we believe that there is a reasonable chance of detecting irregularlties in the statutory accounts regarding non compliance with flnancia5 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 deslgned to detect these types of fraud. Ultimately, however, the Trustees are responsible for the prevention and detection of fraud and irregularities. We do not, in giving this opinion, accept or assume responslbllity 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 prlor consent in writlng. Cooper & Co Chartered Accountants and Statutory Auditor 18 Magdalen Grove Orpington Kent. BR6 9WE 7th August 2025
URSULA LODGES TRusr statement of Comprehenslve Income for the year ended 31 Marth 2025 2025 Notes 2024 Income Charges receivable from almspeople Less: void losses Lease rent from Chislehurst and Sidcup Housing Association Inetl Donations Ichislehurst & Sidcup Housing Assoc.) Bank deposit account interest Extraordlnary repair fund investment income 55,020 53,831 {318} 786 3,158 770 2,288 58,968 56,575 Expendlture Service charge payable to Chislehurst and Sldcup Housing Assoclation Audit and accountancy charges Legal and professional fees Maintenance costs Ilncluding cyclical maintenance) Cyclical Repairs- voids Major repairs-Telecare system installation Major repairs- Other Sundry expenses Bank charges 18,444 830 21,036 810 583 558 13,413 8,710 533 147 10,638 155 30,553 46,070 Surplus for the year Unrealised Iloss}/gain In Investment 28,415 11,5071 10,505 837 Total Comprehensive Income for the year £26,908 £11,342 Total Reserves at l Aprll 2024 Total Comprehensive Income forthe year 170,463 26,908 159,121 11,342 Total Reserves at 31 March 2025 Isee page 71 £197,371 £170,463 The financial statements on pages 6 to 10 were approved by the Trustees on rh Au8USt 2025 and were sl8ned on Its behalf by: S Kerrid Trustee A George Trustee
URSULA LODGES TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 Notes 2025 2024 Investments Extraordinary repair fund Investment 72,264 70,613 Current Assets Cash at bank Debtors 127,864 99,947 1,170 127,868 101,117 Less: Credltors Amounts falllng due withln one year 2,761 1,267 Net Current Assets 125,107 99,850 Total Assets Less Current Llabllltles £197,371 £170,463 Reserve5 Maintenance Designated Reserve Extraordinary Repair Fund Revenue Reserves 73,141 72,264 51,966 58,141 70,613 41,709 Total Reserves £197,371 £170,463 The financial statements on pages 6 to 10 were approved bythe Trustees yh Au8USt 2025 and were signed on its behalf by: S Kerrid l Trustees A George
URSULA LODGES TRUST Notes to the Flnandal Statements for the year ended 31 Marth 2025 ACCOUNTING POLICIES The financial statements have been prepared in accordance with applicable Accounting Standards and statements of recommended practlce. Basis of Accounting and assessment of going concem The financial statements have been prepared under the historical cost basis of accounting modified to include the investments being stated at market value. The Trustees consider that there are no material uncertaintles about the Trust's ability to contlnue a5 a going concern. The flnancial statements are prepared on a receipts and payments basis with the exceptlon of the income charges from almspeople and audit fees which are accounted for on a receivable basis. However, these prepayments and accruals are so small that they have no significant effert on the receipts and payments basis of accounting. maIntenan Deslgnated Reserve The Charity Commissioners specify that amounts should be set aslde for future maintenance costs. From l April 1995, expenditure incurred of a capital nature relatin8 to the buildin8 IS charged in the income and expenditure account under the heading of major repairs. Transfers tothe designated reserve are determined bythe Trustees each year aftertaking into account any expendlture Incurred in a financial year. Extraordlnary Repalr 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 repairs, improvement or rebuilding of the almshouse. The Trust is required to make an annual approprlation to the fund equal to the investment Income received on the exLraordinary repair fund investment which is re-invested each year. Extraordlnary Repalr Fund Investment The extraordinary repair fund investment is included in the Statement of financial position at Its market value. 2025 2024 Lease Rent from Chislehur5t & Sldcup Housing Assoclation: Rent re1vable in respect of land and buildings Less.. rent payable in respect of six almshouse flats {ii iii £4 £4 Debtors: amount falllng due wlthin one year Due from Chislehurst and Sidcup Housing Assoclation Almspeople's charges in arrears 1.170 £4 £1,170
URSULA LODGES TRUST Notes to the Flnancial Statements for the year ended 31 March 2025 (continued) 2025 2024 4 Credltors: amount falling due withln one year Almspeoples, charges In advance Other creditors and accruals 1,881 880 432 835 £2,761 £1,267 5 maintenan Designated Reserve At l April 2024 Transfer fromlltol Income and Expenditure account: for routine and cyclical maintenance 58,141 53,141 15,000 5,000 At 31 March 2025 £73,141 £58,141 6 Extraordlnary Repalr Fund and Related Investment Extraordinary Repair Fund at l April 2024 Transfer from Income and Expenditure account: for income arislng re-invested in the extraordinary repair fund investment ILoss}/gain arising on revaluation of the investment at market value 70,613 67,488 3,158 2,288 11,507) 837 Extraordlnary Repalr Fund at 31 March 2025 £72.264 £70,613 Represented by: Extraordinary Repair Fund Investment Market Value Market Value 1,715 Charibond Charities Fixed Interest Common Investment Fund Accumulatlon Shares 12024- 1,715 shares) £72,264 £70,613 7 Revenue Reserves At l April 2024 Transfer Maintenance Designated Reserve Transfer Extraordinary Repair Fund Income arislng re-invested Surplus for the year 41,709 (15,0001 38,492 15,0001 13,1581 28,415 12,288} 10,505 At 31 March 2025 £51,966 £41,709
URSULA LODGES TRUST Notes to the Financial Statements for the year ended 31 Marth 2025 (continued) 8 Servlce Charge Payable to Chlslehurst and Sldcup Houslng Assoclatlon Charges receivable from almspeople are paid over to Chislehurst and Sidcup Housing Association, after deduction of amounts set aside for maintenance and extraordinary repair, in recompense for service cost5 and management and support servi5 provided in respect ofthe six almshouse flats, io