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## EMILY BENTLEY HOMES REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023
REGISTERED CHARITY NUMBER 501041 REGULATOR OF SOCIAL HOUSING NUMBER A3838
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Table of Contents Page Reference and Administrative Details ................................................................................... 2 Trustee Report ...................................................................................................................... 3 Statement of Trustee’s Responsibilities ................................................................................ 5 Indepentent Examiner’s Report ............................................................................................ 6 Statement of Comprehensive Income................................................................................... 7 Statement of Financial Position ............................................................................................ 8 Notes to the Financial Statements ........................................................................................ 9
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## EMILY BENTLEY HOMES **Year ended 31 March 2023** SECTION 1 – Reference and Administrative Detail
## Reference and Administrative Details
**Charity Registration Number:** 501041 **Registration with the Regulator of Social Housing:** A3838
**Managing Trustee**
Leeds and Yorkshire Housing Association Ltd (Resigned 15[th] December 2022) 54 North Homes Limited (Appointed 16[th] December 2022)
## **Registered Office**
3[rd] Floor, White Rose House 8 Otley Road Headingley LS6 2AD
## **Bankers**
Barclays 10 Market Street Bradford BD1 1EG
## **Independent Accountants**
Beever and Struthers Statutory Auditor One Express 1 George Leigh Street Manchester M4 5DL
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EMILY BENTLEY HOMES **Year ended 31 March 2023** SECTION 2 – Trustee’s Report
## Trustee Report
The Trustee submits their report and the financial statements for the year ended 31[st] March 2023.
## **Governing instrument**
Emily Bentley Homes was founded by a will dated 8 August 1939 and on 19 April 1955 the Charity Commission established a Scheme for the regulation of the Charity.
Emily Bentley Homes are used for the residence of those who qualify under the trust deed. Residents should have resided in Ossett for at least 2 years or be in need and aged 60 years or more. The properties are best suited to single persons.
Whenever vacancies occur these are advertised locally. When making decisions about applicants, lettings have been made that are consistent with the Governing Instrument.
The Charity recognises the need for reserves to maintain its future viability. The annual budget provides for setting aside an amount within the weekly maintenance charge to transfer to its Extraordinary Repair Fund and Cyclical Maintenance Fund.
## **Structure and governance**
The managing trustee is 54 North Homes Limited of 2 Alpha Court, Monks Cross Drive, Huntington, York, YO32 9WN. The registered charity number is 16826R.
54 North Homes Limited is the corporate trustee, having taken over that role from Leeds and Yorkshire Housing Association on 16th December 2022 on the completion of a transfer of engagement of Leeds and Yorkshire Housing Association to York Housing Association who in turn on completion of the transfer of engagement renamed themselves 54 North Homes Limited which is a subsidiary of Karbon Homes Group. 54 North Homes Limited delegates the day-to-day management of the trust to its staff.
## **Objectives and principal activities**
To provide accommodation for older people who are in need and who live in the former Borough of Osset. The Trustee has considered the Charity Commission’s guidance on public benefit and considers that the activities of the Alms-house meet its charitable objects and is a Public Benefit Entity as defined by FRS102.
## **Review of Operations**
A surplus of £3,686 was generated in the year compared to £13,819 in the previous year.
## **Reserves**
The Trustee has reviewed the Charity’s needs for reserves in line with the guidance issued by the Charity Commission and consider it prudent that reserves should be sufficient to avoid the necessity to realise fixed assets. The Trustee continues to review whether future income will enable the Charity to meet its foreseeable needs on the basis of planned expenditure. The Charity had reserves of £191,218 at 31 March 2023 (2022: £187,532). The Charity establishes designated reserves where reserves are earmarked for a particular purpose.
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## EMILY BENTLEY HOMES **Year ended 31 March 2023** SECTION 2 – Trustee’s Report
## **Public Benefit Entity**
The Charity constitutes a public benefit entity as defined by FRS102.
## **Value for money**
In the table below benchmark refers to the median of 15 smaller registered providers whose unit numbers range from 6 to 427 and have been obtained from their financial statements. The 2023 and 2024 targets refer to the agreed budgets for that period.
||**2023**
**2022**
**2023**
**Target**|**2023**
**2022**
**2023**
**Target**|**2023**
**2022**
**2023**
**Target**|**Variance to**
**target**|**Benchmark**|**Variance to**
**benchmark**|**2024**
**Target**|
|---|---|---|---|---|---|---|---|
|**1 - Reinvestment**|-|-|-|-|4.00%|(4.00%)|-|
|**2a – New supply**
**delivered (Social**
**Housing)**|-|-|-|-|-||-|
|**2b – New supply**
**delivered (Non-Social**
**Housing)**|-|-|-|-|-||-|
|**3 – Gearing**|-|-|-|-|-||-|
|**4– EBITDA (MRI)Interest**
**Cover**|-|-|-|-|-||-|
|**5 -Headline Social**
**Housing cost/unit**|£4,592|
£4,317|
£4,196|(£396)|£4,105|(£487)|£4,760|
|**6a – Operating Margin**
**(Social Housing lettings**
**only)**|11.38%|20.23%|16.22%|
(4.85%)|15.96%|(4.58%)|11.54%|
|**6b – Operating Margin**
**(Overall)**|11.38%|20.23%|16.22%|
(4.85%)|24.60%|(13.22%)|11.54%|
|**7 – ROCE**|0.99%|
1.76%|1.45%|(0.46%)|2.48%|(1.49%)|1.00%|
Metric 5 is adverse to target as greater expenditure was incurred on void repairs than budgeted, due to there being more significant work undertaken to renovate the empty property than anticipated. As noted for Metric 6, volumes of voids were low.
Metric 6 is adverse to target, whilst turnover was greater than budgeted due to lower voids, the surplus generated was lower in the period due to increased expenditure on void repairs.
Metric 7 is adverse to target due to an lower operating surplus in the period as per metric 6.
The annual report was approved by the trustee of the charity on 18[th] July 2023 and signed on its behalf by:
Board Member of 54 North Homes Limited, the Trustee
Board Member of 54 North Homes Limited, the Trustee
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## EMILY BENTLEY HOMES **Year ended 31 March 2023** SECTION 3 – Statement of Trustee’s Responsibilities
## Statement of Trustee’s Responsibilities
The Trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales and registered social housing legislation requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustee is required to:
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles in the Statement of Recommended Practice for registered housing providers: Housing SORP 2018.
- make judgements and estimates that are reasonable and prudent.
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022. 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.
The Trustee is responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustee of the charity on 18[th] July 2023 and signed on its behalf by:
Board Member of 54 North Homes Limited, Board Member of 54 North Homes Limited, the Trustee the Trustee
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## EMILY BENTLEY HOMES **Year ended 31 March 2023** SECTION 4 – Independent Examiner’s Report
## Independent Examiner’s Report to the Trustee of Emily Bentley Homes
I report to the trustee on my examination of the accounts of the charity for the year ended 31 March 2023 which are set out on pages 7 to 15.
## **Responsibilities and basis of report**
As the charity’s trustee, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
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 which gives me cause to believe that, in any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content 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 in order to enable a proper understanding of the accounts to be reached.
Sue Hutchinson Independent Examiner
Beever and Struthers Statutory Auditor One Express 1 George Leigh Street Manchester M4 5DL
Date 1/8/2023 | 05:29 PDT
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## EMILY BENTLEY HOMES **Year ended 31 March 2023**
SECTION 5 – Statement of Comprehensive Income
## Statement of Comprehensive Income **FOR THE YEAR ENDED 31[ST] MARCH 2023**
|**Notes**
**TURNOVER**
Maintenance contributions receivable
Service charge income
Amortisation of government grants
Voids
Maintenance contributions from residents
**OPERATING COSTS**
Management
Service charge costs
Routine maintenance
Depreciation of housing properties
Other operating costs
Bad debts
Total operating expenditure costs on social housing
lettings
**NET OPERATING SURPLUS ON SOCIAL HOUSING**
**LETTINGS**
Interest receivable and other income
5
Movement in fair value of financial instruments
10
**SURPLUS ON ORDINARY ACTIVITIES BEFORE**
**TAXATION**
6
Taxation on surplus on ordinary activities
7
**SURPLUS FOR THE YEAR**
**OTHER COMPREHENSIVE INCOME**
**TOTAL COMPREHENSIVE INCOME**||**2023**
**£**
19,132
2,633
694
(469)
21,990
7,995
4,002
6,370
1,121
-
-
19,488
2,502
3,620
(2,436)
3,686
-
3,686
-
3,686||**2022**
**£**
18,407
2,618
694
-|
|---|---|---|---|---|
|||||21,719
8,950
3,844
4,467
1,121
8
(1,064)
17,326
4,393
3,012
6,414|
||||||
||||||
|||||13,819
-
13,819
-
13,819|
||||||
||||||
||||||
Emily Bentley Homes have not acquired or discontinued any fundamental activities during the above two financial years.
These financial statements were approved and authorised for issue by the Trustee on 18[th] July 2023 and signed on its behalf by:
**___________________________ (Board Member of 54 North Homes Limited, the Trustee)**
**___________________________ (Board Member of 54 North Homes Limited, the Trustee)**
The attached notes on pages 9 to 15 form an integral part of these accounts.
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## EMILY BENTLEY HOMES **As at 31 March 2023** SECTION 6 – Statement of Financial Position
## Statement of Financial Position
## **AS AT 31[ST] MARCH 2023**
|**Notes**
**FIXED ASSETS**
Housing Properties
8
**CURRENT ASSETS**
Investments
10
Debtors
11
Cash at Bank and in Hand
Less:
**CREDITORS: Amounts falling due within one**
**year**
12
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS: Amounts falling due after more**
**than one year**
13
**TOTAL ASSETS**
Income and Expenditure Account|||**2023**
**£**
97,638
95,071
3,615
68,223
166,909
(12,222)
154,687
252,325
(61,107)
191,218
191,218
191,218||**2022**
**£**
98,759
94,844
2,376
61,256
158,476
(7,902)|
|---|---|---|---|---|---|
|||||||
||||||150,574
249,333
(61,801)
187,532
187,532
187,532|
|||||||
|||||||
|||||||
|||||||
|||||||
These financial statements were approved and authorised for issue by the Trustee on 18[th] July 2023 and signed on its behalf by:
**___________________________ (Board Member of 54 North Homes Limited, the Trustee)**
**___________________________ (Board Member of 54 North Homes Limited, the Trustee)**
The attached notes on pages 9 to 15 form an integral part of these accounts.
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EMILY BENTLEY HOMES **As at 31 March 2023** SECTION 7 – Notes to the Financial Statements
## Notes to the Financial Statements
## **1. General information**
The charity is registered with the Charity Commission registration number 501041 and with Regulator of Social Housing registration number A3838.
Registered Office The Trustee of Emily Bentley Homes C/O 54 North Homes Limited 3rd Floor, White Rose House 8 Otley Road Headingley LS6 2AD
## **2. Accounting policies**
The Financial Statements are in accordance with applicable Accounting Standards.
## **Basis of Accounting and statement of compliance**
The financial statements are prepared in accordance with UK Generally Accepted Accounting Practice (UKGAAP) including Financial Reporting Standard 102 (FRS102) and the Housing SORP 2018: Statement of Recommended Practice for Registered Social Housing Providers and comply with the Accounting Direction for Private Registered Providers of Social Housing 2022.
The financial statements are prepared on the historical cost basis of accounting except as modified by the revaluation of investments and are presented in Sterling (£).
The financial statements have been prepared in compliance with FRS 102. In complying with FRS 102 the Charity meets the definition of a public benefit entity.
## **Going concern**
The trustee considers that there are no material uncertainties about the charity’s ability to continue as a going concern. The charity appears to have handled the coronavirus pandemic with minimal adverse impact.
## **Exemption from preparing a statement of cash flows**
The charity has taken advantage of the exemption available to it under FRS102 whereby it is not required to publish a statement of cash flows.
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EMILY BENTLEY HOMES **Year ended 31 March 2023** SECTION 7 – Notes to the Financial Statements
## **2. Accounting policies (continued)**
## **Turnover**
Turnover represents maintenance contributions receivable for the year, net of voids and amortisation of government grants as referred to below.
## **Housing Properties**
## **Social Housing Grant**
Government grants include grants receivable from Homes England, local authorities, and other government organisations. Government grants received for housing properties are recognised in income over the useful life of the housing property structure of 100 years under the accruals model.
Grants due from government organisations or received in advance are included as current assets or liabilities.
Government grants received for housing properties are subordinated to the repayment of loans by agreement with Homes England. Government grants released on sale of a property may be repayable but are normally available to be recycled and are credited to a Recycled Capital Grant Fund and included in the statement of financial position in creditors.
If there is no requirement to recycle or repay the grant on disposal of the asset, any unamortised grant remaining within creditors is released and recognised as income in income and expenditure.
## **Depreciation**
Emily Bentley Homes were constructed in 1955. There is no record of the original cost and no value is attributed thereto. The Housing Properties costs relate to improvements carried out since 1992 which were funded by the Homes England Grant, a mortgage loan from Barclays Bank plc secured by a charge on housing, land, and buildings and from Emily Bentley Homes’ own resources.
## **Component Accounting**
The SORP requires registered Housing Associations to apply the rules relating to component accounting. Having insufficient records to assess the nature of the improvements carried out since 1992, it is assumed that they relate to structural repairs.
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## EMILY BENTLEY HOMES **Year ended 31 March 2023**
SECTION 7 – Notes to the Financial Statements
## **2. Accounting policies (continued)**
The Trustees depreciate the components of the housing properties at the following annual rates:
|Bathrooms|30 Years (3.3%)|
|---|---|
|Boilers|15 Years (6.7%)|
|Heating & Plumbing|30 Years (3.3%)|
|Electrics|40 Years (2.5%)|
|Kitchen|20 Years (5.0%)|
|Roof|70 Years (1.4%)|
|Structure|100 Years (1.0%)|
|Windows and doors|30 Years (3.3%)|
|Lifts|20 Years (5.0%)|
## **Investments**
Investments are carried at market value. Investments held for the long-term are included in fixed assets. Investments held as part of the short-term treasury management are included in current assets.
## **Value Added Tax**
Emily Bentley Homes is not registered for Value Added Tax. In these Financial Statements, where applicable, expenditure is shown inclusive of VAT.
## **Significant judgements and estimates**
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Estimation uncertainty
Information about estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income, and expenses is provided below. Actual results may be substantially different.
Useful lives of depreciable assets
The Trustee reviews the estimate of the useful lives of depreciable assets at each reporting date, based on the expected economic life of the assets. Accumulated depreciation at 31 March 2023 was £14,583. (2022 £13,338)
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## EMILY BENTLEY HOMES **Year ended 31 March 2023** SECTION 7 – Notes to the Financial Statements
## **2. Accounting policies (continued)**
## **Fair value measurements**
The Trustee uses valuation techniques to determine the fair value of financial instruments and non-financial assets.
## Debtors
Trade debtors are measured at transaction price, less any impairment.
## Creditors
Trade creditors are measured at the transaction price. Other financial liabilities, including bank, local authority, and other loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
## **3. Trustee’s emoluments and key management personnel**
The Executive Board of 54 North Homes Limited is the Trustee. 54 North Homes Limited receives a management fee (see notes 6 and 14). The Trustee received no emoluments. No remuneration was paid to key management personnel.
## **4. Employee information**
The average weekly number of persons employed during the year was:
|**2023**|**2022**|
|---|---|
|-|-|
The charity operated using Leeds and Yorkshire Housing Association and 54 North Homes Limited staff time, the cost of which is recharged.
## **5. Interest receivable and other income**
|**Interest receivable and other income**|||
|---|---|---|
|Deposit Interest
Investment Income|**2023**
**£**
143
3,477
3,620|**2022**
**£**
6
3,006|
|||3,012|
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## EMILY BENTLEY HOMES **Year ended 31 March 2023** SECTION 7 – Notes to the Financial Statements
## **6. Surplus on ordinary activities before taxation**
|**urplus on ordinary activities before taxation**|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Surplus on Ordinary Activities before Taxation is stated|||
|after charging / (crediting) -|||
|Management Fee|5,628|5,458|
|Independent examiner’s Remuneration (excluding VAT)|1,080|850|
|Losses arising from voids|469|-|
|Amortisation of Grant|(694)|(694)|
|Depreciation|1,121|1,121|
## **7. Taxation**
Emily Bentley Homes is a registered Charity and is therefore, outside the scope of the liability to taxation on its Income and Capital Gains arising from its charitable activities.
## **8. Fixed Assets**
|**HOUSING PROPERTIES**
Cost:
At 1stApril 2022
Additions in Year
At 31stMarch 2023
Depreciation:
At 1stApril 2022
Depreciation charged in year
At 31stMarch 2023
Net Book Value:
At 31st March 2023
At 31st March 2022|**Fixtures**
**& fittings**
**£**
**Total**
**Completed**
**Housing**
**Properties**
**£**
2,366
110,976
-
-
2,366
110,976
2,366
12,217
-
1,121
2,366
13,338
-
97,638
-
98,759|**Total**
113,342
-|
|---|---|---|
|||113,342
14,583
1,121|
|||15,704
97,638
97,759|
The above cost of housing properties comprising four units related to improvements carried out since 1992 only. The original cost of the land and buildings is recorded as £nil.
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EMILY BENTLEY HOMES **Year ended 31 March 2023** SECTION 7 – Notes to the Financial Statements
## **9. Deferred Grant Income**
|Total grant received:
At 1stApril 2022
Additions in Year
At 31stMarch 2023
Amortisation:
At 1stApril 2022
Amortisation in year
At 31stMarch 2023
Net Book Value:
At 31st March 2023
At 31st March 2022
**10. Investments**
Market Value:
1stApril
Accumulated Income
Unrealised (loss)/gain on investments
31stMarch|**2023**
**£**
94,844
2,663
(2,436)
95,071||**Total**
69,400
-|
|---|---|---|---|
||||69,400
6,905
694|
||||7,599
61,801
62,495
**2022**
**£**
86,193
2,237
6,414|
||||94,844|
The investments comprise income shares in the National Association of Almshouses Common Investment Fund. The fair value is the market value of the shares.
## **11. Debtors**
|Amounts falling due within one year:
Trade Debtors
Less Provision for Bad Debts
Prepayments
Amounts owed from Group Undertakings||**2023**
**£**
1,964
(933)
1,031
1,183
1,401
3,615||**2022**
**£**
1,721
(933)
788
1,146
442|
|---|---|---|---|---|
|||||2,376|
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## EMILY BENTLEY HOMES **Year ended 31 March 2023** SECTION 7 – Notes to the Financial Statements
## **12. Creditors: amounts falling due within one year**
|Amounts falling due within one year
Trade Creditors
Rent and service charges received in advance
Amounts owed to Group Undertakings
Deferred Grant Income
Other Creditors and Accruals|**2023**
**£**
3,311
3,857
643
694
3,717
12,222|**2022**
**£**
687
2,856
677
694
2,988|
|---|---|---|
|||7,902|
## **13. Creditors: amounts falling due after more than one year**
|Social Housing Grant|**2023**
**£**
61,107
61,107|**2022**
**£**
61,801
62,495|
|---|---|---|
## **14. Related party transactions**
During the year, the Charity was charged management fees of £5,628 (2021 £5,458) by Leeds & Yorkshire Housing Association (LYHA) and 54 North Homes Limited whose executive board act as Trustee of the Charity. These fees were charged under normal commercial terms and any year-end balance due is shown as a debtor within the accounts of 54 North Homes Limited.
## **15. Capital commitments**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Contracted less certified|Nil|Nil|
|Authorised not contracted|Nil|Nil|
## **16. Contingent liability**
There were no contingent liabilities at 31 March 2023 (2022 £nil).
15