BAIRD MEMORIAL HOMES IiEPORT AND FINANCIAL STATEMENTS ST YEAR ENDED 31 DECEMBER 2024 CHAIUTY REGISTRATION NUMBER 278020
BAIRD MEMORIAL HOMES REPORT AND FINANCIAL STATEMENTS YEAR ENDED315T DE BER 2024 CONTENTS PACE Offi¢er5 & Profession81 Advis¢TS Trustees. Annual Report Independent Examiner5 Report lo th¢ MembeT5 Slai¢meni of Financial Aetiviiies- Statement of FinanGial Position Note5 to the Financial Sia(emenis 7- 15
BAIRD MEMORIAL HOMES OFFICERS & PROFESSIONAL ADVISERS BOARD ofTRUSTEES MANAGEMEIYTCOMMITTEE MEMBERS Revd. C. LIMBLR'r MR G NI-.WBY MR C WARD (resigned 30101124} MR C GOMNE Revd. L.N'I'URNER MRS K CARROLL MRS JACQUELINE ANDERSON MS 14ELLN ri.OYD MR J014N MACRORY15ince 30101124} R¢vd. C. LIMBERT- C14AIRMAN MRS K CARROLL- SECRLI'ARY MR G NEWBY-1'RI.:ASIJRER REGISTERED OFVICE THE VICARGE No.. l TI.IE GREEN S()UTHGA"fE LONDON N14 7EG INDEPENDENT EXAMINERS ANI-HONY cRofT EZEKTEL LTD 343 CITY ROAD LONDON ECIV ILR BANKERS BARCLAYS BANK 18124 CI IASb SIDE SOU'I'I.IGATE N145PB SOLICITORS SEDDONS SOLICITORS LONDON EN5 IPW
BAIRD MEMORIAL HOM&S TRUS'I'EES ANNUAL REPORT YEAR ENDED315T DECEMBER 2024 The following served as Tru51tt5 dui'ing the yeai. 10 31 Deeember 2024.. Revd. C. Limbcrt IchaiiThan} Mt3 C Canvll ISeLreiaiy} Mr G Ncwby {Trea5uirrl Mr C Ward {v¢signed 31101124) Revd E N I'urner Mr Clive Gomne Mr5 Jacqueline Anderson Ms Helen Floyd Mr John Ma¢i'ory {$ince 30101124} The Tru51¢¢s have pleasurL in pre8enting iheir rcport together with the independently examined financial slalemen15 for the yefir ended 31 Dec¢mbti' 2024. POLICY The general staiemen¢ of poli¢y concejning the opeizlion of Baird Memorial Homes is ¢onlained in our 8oveming instrument whiGh is the Orrfer of ilie Clirtrfty CotrKiii1.Islotrs[0r Eiigloiiil ftiifl Wftles duied 3 Februaiy 1981. Baird Memorial Homes is a long eslablishcd and unincoryurilted ¢hai'ilyy whi¢h was subsequcntly registered with the Housing CorpoTalion a5 a Regi51ered Soelftl Lftiidlor¢l during 1984 in order lo obiain grant aid funding for building works. The Association de-Irgi51ered with the trIou5ing CoTporatiun on the 18 Novcmber 20U8. from whieh date the Charity was no longer responsible for opei?iing its ac¢ivitie8 in accordance wiih the Housing Act. MANACEMENT The Management of Baird Memorial Hom&8 18 vested in a Board of Trustecs the Vicats of Chiisi Chur¢h, Souihgale and of Si AndTeiYs Church, Souihgaie, are ex-officio Trusie&s and oiher Irustees who volunleei. ba5¢d upon oc¢upation, employment or otherwise h8vinB special knoiyledgc of the eGcle5iasti¢ol areas of ben¢fJl. PRINCIPAL ACTIVITY Thc principal activity Irmain5 the managemeni of the seven Alms-houses in Bal8am5 Lane, soUthgt- (he Siie REVIEW OFTHE RESULTS Thc Association Inadc a surplus of £16,608 for the year compared iviih a surplus of £24,242 in 2023. The surplus in 2024 was driven by a rangc or raclors. Thc Home5 conlinucd lo be al lull occupancy. This income fTom residents, plus dividend income allowed the Ti'usiees 10 eoniinue lo inve51 in tllainlaining the piK>perty to a high Standard. Inve51m¢n15 grew in value by £125,829 with gai115 arr05s oui. diveis¢ wrtlolio.
AIRD MEMOItILN0mEs Reyliiktsm wovcrnin8 li18 AiBoriition5 r¢qre Ihe ppu4 fin¢1 roi th rinin¢ièl yc4rwhi¢h truE4nd b f4ir YW o'the OlcofifftsSr40fBiird McrnDriiI Hom¢5 ai Ihg ¢ndofth2 rki•nyi•l wrjnd ri¢ in¢omc EAp¢ndiiurLi ofihE Biitd M¢moriil forlhEyeirendEd d. In prtrAfinB thuc Ili¢TrnxcrJ4 tr4uiid io.. Makc JUdErmlndI1l PTudeN', Fd1ow ippl1ble Jwlld•rds, Jubjou ¢0 any ¢t111 depittyjm dknclod tsRd fxplwlled inth¢ finwKI•l1cn'n tht lknnciL1 sEnts oJn¢¢t# b1 unkns * is iTrllppywJle Bal MErnL4TiII HrnWilLCIln in0vew¢ffj. Tr Truiku4rt lIble for keEll8 rccOl whith dit¢kne Wilh r¢¥onAble i¢¢lncy tht nanEp41 p1th) &f Baird M¢morfAI Ho bmd w tmblr io emu ihii ihe fiw4n¢iil cornply iih iht thwlr¢m¢Ns ofi¢0rId by ik. Chwily COTnmlOllert f¢rEnilind ind WikJthi¢d J FEbrry 1981, th¢ AcrvwNrtnR fvr R¢4lrf¢rd Stt¢lol Gewer•l IWK Th¢ of&oUntln¥ us¢diThpfwiiffl¥th¢ fInn¢111 JlaTem¢nts IS FIS 102 ISORPI. Theyur¢ •lwr¢JpvMibl¢ fwth¢pK¥ehilDn dclccliworrtlludund•lhcritt¢Aulihiks. Allihr MinigcnK'nl Uwkofik.third M¢mDri•l IF¢11roV0lIryb1tsby illofik.Tntht$. Yhc Site Man#i¢rynda11k¢slili duitsswiihDuI ¥#ltybul With•n4nnyAI hUnUnl orAli pm¥ldEI wnha tcnl- ftc¢ll41 in Baird M£r1 INDEPENDENT A ruolulion lo r&rt Afflthonycfoti E.iLl LI IndLwdcni ExiNinL'rofihK Lhrily'lrullts will bEpul Slwdon bE R¢¥d.C. LknbEn IChlTI
IIAIRL) l¥TENII)111,IL FIUMLS NK I1STTr..' SPF.c"fivE RF.SIY)N%IBII.I'l'lkS Ob. I'IIF C. ITI. L'ioJninL' IhL' Q¢L*JuniN si¥lii>fJ 145 iil'ihL L'hurii) A¢1 Tl INDLI¥F. ATF.)hlTr.N' to k'&Yp QCLiiiiiiiln8 fLYnrth in l)radnLl iyith %LLt)iin 13l>of ihL LThoriiiL'5ALI.' on Iv pr. aLLI)Iinis iYIIiLh ilith IhL' acU11nV rL'ioThL%. limpI} iiiih Uio ULwuniin¥ re4uifLYiCIiiS jf Ihl. C'hwLL% Aei IhL' iiider&n AiithoTry l. AnihDn} J4J C'l -IV ILR
BAIIII) MTr:MORIAI, IlQhlTr:S STATEMENT OTr b INANC.IAI. AC.TIVITIES I,-OR'I'IIL YLkl 1ST DECEMBLII 2024 REsfRIC7ÉD FIIND5 NMxsfRJCTD FIIN TOTAL2Q14 TOTAL202J INCOME& EXPLNDITIIRE STAI'EMbN'I' Ini¢r¢51 R¢ceivable & IrtVEsimeni 11.984 11,984 Donalion5. Ltgacic5 & Similxr Intomt furth¢ranee of th¢ 59¢iety'S objetl$'. Housing A¢commod81ion Leitin8S H¢aiin8 Chgrge% Receivable Sundry ItKOtne 32,924 6.864 32,924 6,864 30.630 6.483 1.593 Total IncomlnE Resources 51.772 51.772 49,883 RESOURCES EXPENDED Cosl ofd¢iiviiies in funheranc¢ Of Ihe so¢i¢iy's ¢haril4bl¢ objects.. Cyelical R¢pair% lo BuildinBS Olh¢i GenerDI Repair$ 10 Biiildings GenEral R¢puirs 10 Fixiur¢s & Filling5 15.836 55,836 7.420 Water Rat¢s Heat and Lighting Sile ManagerTcl¢phone Cost5 AdminislTativ¢ and Sundry Costs Siie Mwi8gei'5 Honoiatium InsurDnce Cosi$ Building & l)lani Inspc¢iion Fees Independeni Exainin¢r5 f¢¢s Ini¢r¢si Payabl¢ & Similar Ch8rg£s 2.261 5,037 947 6,992 1,650 1,365 2261 5.037 947 6,992 1,650 2,284 5,106 876 5,782 1,600 1,493 1.1)80 1,080 1.080 35,164 35,164 25,641 NET INCOMINGI IOIITGOJNCJ) RESOURCES BCFORF. TRANSFER 16.608 16,608 24242 Revaluation of Invesimenis 125.829 125,829 94,695 Net wov¢monls in funds Fund Ral4ne¢s 1.1.2024 142,437 ,212.349 142,437 1.212,349 118.937 1,093.412 Fund B*lAntt5 As at 31.12.2024 1,354.786 1,354,786 1,212.349 Th¢ ¢nlity h&$ no other reco8nised gains or losses in the y¢ar. All ofit5 op¢ration5 are of a coniinuin8 naiiire.
BAIRDMEMORIAL MOM 8TATEMENTUF FINANCIALPOSITION FIXED A&SETS F¢tthold BuiWin# Iilv¢SlmrNJ 2&.41 I.IMI.4N9 CUIl4ÈNT&T9 & PftwmrnL¢ Caih DI Bfinka Mln IX5,4fi5 IA6J57 170249 L1.. CURRENT LIABILITIL8 CrtdliaA= Ank0uiE•hlI dtlhI Drtt yell N8TCURRENT ASSETS i¥sthn I699 Crndiiofi: Aniou•ts lillnidutan wyvr TOTALASSETS LESS LIABILITIVJ l J369PI Inted hy I JJ4,786 Dti5Bnnled Fundy 16 TtsTal Fw APPROV YTII RUST SICNEDON %ENALP BY.. Htv&e. LIMBERT-CHAIR
BAIRD MEMORIAL HOMES NOTES TO'fHK AC.C.'OUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024 I. ACCOUNTINC POLICIES BASIS OFACCOUNTINC The financial stalemenis have been pi'epared undei. th¢ historical c051 convention and in accordance with rRS 102, '1'he S.inancial R¢poiting Siandard appli¢abl¢ in the UK and Republic of Ircland. 'Ihe entity ITan51tioned fTOtn previou5 UK GAAI> to fRS 102 ISORP) as gt Isl January 2014. TURNOVER Tumoirer comprises MAinienan¢e charge income receivable. inve51men( rctuins and othel. sundiy income. ET D DEPRE IATION Housin Pr Freehold housing propeJ1ies reflected in the financial statemen15 at hisloi'ical c051. 'fo dale the buildings element of Ihe eosl. net of Social housing grants, weit being written off ovei. the expected useful lives of the buildings of 50 years from the dale of Ihe la51 majoi. Irfui'bi5htn¢nl ivork. Tv dale the wi'ilten down value net of granis is ai £26,430. The Iruslees acknowledEe that duc lo thc appreciating natUTe of the land and building element, il would not be fair to carly on depCialIng the building element. The Irus¢¢e will examine the need to piY)perly rcvalue ihe land and building in the next accounting pcriod. All properli¢s al'e r¢vi¢wed for impai12nenl annually. and where housing propertie5 have 5uffeitd a permanent diminution in value. the fall in value is recognised after taking a¢¢ouni of any rela¢¢d capita] grants. FIXEDASSKT INVESTMENTS AND INVESTMENT INCOME rixcd asSCI Lnvcslmenls al'e Irflectcd al mai'kct valuation al the ]3alance Sheet da. The unrealised 88inlloss on ihe Irvaluaiion or rixed asset investments is rellecled in the Slaiemenl of othei. CompiEhen5ive Income and investment income i5 accoun*d foi. on the due date of payment. SOCIAL HOUSINC GRANT SHC Where major d¢velopmen15 or r¢furbishtnent work5 have been financed wholly or partly by SHG, the ¢ost or the ivoi'k he% been rcduccd by thc amount of Ihc grant rcceivcd. SHG rcceivcd foi. items of c05t writiert off in
Notes to the Accounts 31 December 2024 {coniinuedl Now thai the Charity ha5 becn de-registcird ivith thc Housing Corporation, SHCI may have to be repaid under certain conditions such &8 ifthe propLriy is sold. il. anoiher IEl¢vant event iakts pl*e i)r if olher ¢eTiain ¢ot)diiions are not mei. In these ¢&ses, the SHG can 51ill be ud by the charity for othcr major projcct5 approvcd by the Housing CorpiH?lion. CAPITALISATION or INTEREST Interest on the mortgage loan. financing a developmenl ivas capikqlised up lo ihe dale of practical wmplelion or the schemc. The moi18ag¢ loan was fully paid oly in 2016. RESERVES FORCYCLICAL REPAIRS AND MAINTENANCE AND EXTRAORDINARY REPAIRS The IEseives refleci Ihe Associaiion's reswnsibility io mainlain ils piy)perties in accolan¢t with a planned progi?mtne of woiks as piDvidcd by clauses 24 and 25 of ihc Chaiily CoiHnIi$sioI'$ Ol'der dated 3 febi'uaiy 1981 and IEvised by Iheir lettei. to the Trusiees daie(117 Februury 1986. APPORTIONMENT OF MANAGEMENT EXPENSES Admini5trativc and operatinE costs have been appoiiioned to the relevant se¢tlOll5 of the Inwme and Expenditure Accouni on the ba515 of lh¢ analystd amounts allj'ibulable. CASH FLOW The accounts do noi in¢lude a cash floiv btslttn¢nt because Ihc Association 15 cxcmpt from the requirement to prepare such a 51alem¢nl undei. Financial Rep011ing Siandard I "C(L¥h Fluiv Siuleipienls" DEVELOPMENTCOSTS Only direct costs in IElation io developm¢nt at)d improvetn¢nt wo5 air capitali5cd. No adju51men15 have been made foi. any appoitioned cos15 or allowance5 capilalised in pi'ior years as in the opinion of the A5s0¢iaiion, any such amoullls aiE likely lo be immaterial in relaiion to oveTall plpertY C051s. In addition, Ihe expense and lime involved in oiYleJ' to adju for such appoitioned ¢osts or allowan¢¢s ¢apitalised irt pmious year5 is not thought to bc of any relevant benefit lo the users of the financial statement&
Notes to the Aetounts 31 December 2024 Icontinuedl 2. TURNOVER OPERATINC SURPLUSESI LOSSES 2024 2023 Turnover Oy¢i'itlng Costs Opei'Atlng Surplus I {L055} Turnover Operating Costs OptrAtlng Surplus I {L055) Income and expendiiure from lellings Housing Accommodation 39,788 32,903 6,885 37.113 23,357 13,756 notes 3&4 (MheT expendiiure.. Benefiis 10 IEsidents Sundry Income 2,261 {2.261} 2,284 {2,284) 1.593 1,593 39,788 35,164 4,624 38,706 25,641 13,065 lrtterest receivable and inveslmeni income 11,984 Intest payable and similar char Surplus ILos51 on ordinary 16,608 24.242 Turnov¢r from Lettings 2024 2023 Mainienantt charges receivable Less-. rent losses ai'ising from voids 32,924 30.630 32,924 30,630 Heating charge5 6,864 6,483 Turnover from letiings 39.788
Not to the Aeeounts 31 Dtttmbtr 2024 Icontinucdl PERATING COSTS AITll5-hou5es in m4nagemenl- 6 unilb12023 6 uniisl. The ¢harity is liable under its l¢iiing arrangements to accept resrK>nsibility on behalf of the Irsidents for water IBte5 on each unit lfla¢l. The in5uran¢e ¢osis for the yeai. include Ihe provision ofiegal liability insurance for the Trust¢e5 in the exeiri5e of their dutie5. DIRECTORS, EMOLUMENTS AND EXPENSES The t)ireclors ai* defincd as the Chairman and member8 ofihe Boaixl of Trustees. 21124 2023 Nonc of Ihc Dircclors irceived any emolumen15 Total expenses reimbursed 10 DiJEciors noi chaiEeable to United Kingdom income lax EMPLOYEE INFORMATION Staff ¢os15 during the yeai.: wages and salaries Nil The average weekly number of persons employed by the Associaiion during ihe year was.. Site Manager The Trustees have no paid staff but the parl time Site Manager is employed on th¢ basis orpivIsion of irnl tree accomn)odalion under a licence airangcmenl and he was given a £1,650 annual honoi?rium. 12023- £1,6001. INTEREST RECEIVABLE ANDSIMILAR INCOME 2024 2023 Bank ittteresi re¢¢ivable Inveslment income 3,456 2,966 11.984 io
Notes to th¢ Aeeounts 31 Dtetmbtr 2024 Iconlinuedl INTEREST PAYABLE AND SIMILAR HARGES 2024 2023 Interest on the Housing Loans repayable dui'ing the yeai. 8. SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION The burplus120241 and the surplus120231 on the ordinary acliviiies is slated aft¢r ¢harging'. 2024 2023 Independent Lxaminei s remunei7lion: in iheir capa¢iiy os Independent E.xaminei's 1.080 1080 9. TAXATION No piDvi5ion for UK Taxation has been illade wiihin Ihcse financial slalentS a5 the A550Lialion is a registered charity and is exempt from UK lax for as long as il ¢oniinues to apply its income lo charitable purpose5. 10. FIXED ASSETS-TANGIBLE FIXED ASSETS Housing Land and Buildings Othei. Fixed Assets 2024 Total 2023 Total Cost.. ai beginning ofyear Additions Di5posa15 225,824 4,386 230,210 230.210 Al end of year 225,824 4,386 230,210 230.210 1*5s: Soel81 Houslng Grant Ai begirsning ofyear 8 year 188.591 188.591 188.591 188,591 188,591 188,591
IYot¢$ to the Ateounts 31 December 2024 Iconlinued) At beginning of y¢aT Chai'ge lor yeai. Disposals 10,803 4,386 15.189 15,189 At end of year 10.803 4,386 15.189 15.189 Housing Land and Jjuildings Oiher Fixed A55¢15 2024 Toidl 2023 Tolal Net Book Val¢ At beginning of year 26.430 26,430 26,430 At ¢nd of yegr 26,430 26.430 26,430 The Trustets have eslimaled that ihe in.%uranc¢ cover calculalion equalcs also to the market value of ihe housing property at the y¢ai'.end of £1,803.96012023 £1,761,3351. This COtnPAres wilh a cosl lexcludin8 donated land- see belowl of£225,82412023- £225,824]. The above housing pixiperty ¢osis ¢omprises one compleied firehold scheme consisling of seven alms-house5. Thc piY)perties are stated at cost and include ihe folloiving.. {a) Cost olacquiring land and building but.. Th¢ land on which Baird Memorial Homes sland ivas donated to the Tru51ees and ha5 not bEen valued for accounls purpose5', and The Cost ofihe oi'igittal buildings erecied in 1894 was only £1,230. Ib) Subsequ¢ni development expendiiure on the propet1y. (cl Inteirst charged on the moilgage loan raised lo finance ihe housing dcvelopment scheme. 5 re oinno ousing y Speci uniil full and final payment of the moiiEaBe ivas paid dui'ing 2016. oan wa5 secure Ic c al'ge5 on I S50ciat)on 5 ousing property SOCIAL HOUSING CRANTS ISHGI 2024 2023 Tolal accumulated SHG iY¢eived and Irceivable ai the Balance Sheet date for capital and revenue expenditure 188.591 188.591
Notes to the Accoun15 31 December 2024 {¢oniinued} 11. FIXED ASSETS INVESTMENT 2024 2023 Ih}Cost'. Ai bcginning of yeai. Additions in ye8r 212.498 5,835 205.935 6,563 At end of year 218.333 212,498 blM#rk¢t Valu¢ Al bcginning ot'ycar Addilions during Ihe year Increase Idecreasel in market value 1041,489 5,835 119,994 946,794 6.563 88,132 At end of year 1,167.318 1,041,489 12. DEBT RS INCLUDING PRE-PAYMENTS 2024 2023 Debtors and prepayments 1.392 1,361 1,392 Notes Grout In5urance- 12 months Toial Deblors 1,392 ,361 13. REDITOR AMO FALLING DUE WITHIN ONE YEAR 2024 2023 Rent and sei'vice charge received in advance oihcr creditors and acci'ued expenses Lending auihoiiiies lor inslalments ol'loan interest el 1,180 1,180 1,180 Note$ Christmas Gifts Independeni Fxaminers Fees 100 1.080 1.080 1,180 1,180
Note5 to tht Accounts 31 December 2024 Iconlinued) 14. CREDITORS.. AMOUNTS FALLINC DUE AFTLR MORE THAN ONf YEAR 2024 2023 .lousing loan- capital instalmenls due after one year No¢elS 15. Housif4G LOAN The h(iu.%ing l<)an fTOTll a previously oivned financial subsidiary of the Housing Corpoi'alion il'as sccured by sp¢¢ifi¢ ¢harge$ on the A550ciatlOn'5 housing propertL¢S and was repayable at a fixed annual ialc of inteiEsl or 10.625¥0.'Fhis was fully paid i)ll' in 2016. Inslalmenls due within onc year Inslalmenis due in more ihan one yeoi. 16. DESI NATED RESERVES Cyellt&l MAlnttnanc¢ Reserve Extraordlniry R¢p#lrs Reserve 2024 2023 At beginning of year 13,414 11,225 24,639 24.639 Transfers Iiol I from re%ervcs At the year end 13,414 11.225 24,639 24.639 The D&%ignAted Reserves ha5 bccn set aside tor spe¢iti¢ purposes Ideiails of which can be made available on requesll, with Ihe Trusiees hdving the power on ihe applicalion of the fund. (bl INVESTMENT REVALUATION RESERVE 2024 2023 Balan¢e at bcginning of year Increase {Decrease} in valuation in year 895.246 125,829 800,551 94,695 Balan¢¢ at end of year 1.021.075 895,246 14
Note5 to th¢ At¢ounts 31 December 2024 (continu) 17. CAPITALCOMMITMENTS No Capital commitments were authorised by the'l'ru51ees during ihe year lor in 20231 18. CONTIP4GENT LIABILITIES In th¢ event of the di5posuI of the Ilaird Memorial Cnllages there is a contingcnt liability to repay granis receÈved from Ihe Housing Coipoizlion Irlaling lo Ihal piK>peity. 19. CASH AT BANK AND IN HAND 2024 2023 Bank Awount 110,215 99,638 Petty Cash CCLA Deposit Accountl COIF Charitie5 Deposit I"'und 250 69,000 250 69.000 Totsl Cash in Hand 185.465 168.888 LEGISLATIVE PROVISIONS The Association 15 an unincorporaled chai'ity as ¢onstiiuied under ils governing instrument which i5 the order ol. the Choriiy Copiiinissioiiei's foi. Iiigland uiid Ifules daltd 3 febivary 1981.ln 1984, Baird Memorial Homes a150 registered with Ihe Housing Corporaiion as a Registered Social Landlo1. However, upon an applicaiion being made by the charity, on 18 Novernber 2008 Baird M¢mori>Jl Homes were de-regi5tered by the Ilousing Corporation and were therefo no longer rcsponsiblc aftcr that date for the operation of ihe chai'ily in accordance %Yiih Ihe piY)visions of the l-Iou5ing Act. 21. RELATED PARTY TRAIYSATIONS AND CONTROLLING INTERESTS The AO¢latiOn is ¢onirolled by th¢ Board ot. Tru8lee%. Thc As50CLation ha5 not undertaken any tran5aclion5 Iviih any member5 of ihe Boaifj of TTU51¢¢s dui'ing the y¢ai' 22. ANALYSIS OF FUNDS 2024 2023 DeslgnAted Fund Unrestricted fiund5 Reviluatlon 24.639 333,711 24,639 317,103 895 246 Tot41$ Is