Alfred Stubbs Trust
Annual Report and Financial Statements
Year Ended 31 March 2025
Registered with the Charity Commission Number 504415
1
Annual Report and Financial Statements For the year ended 31 March 2025
| Page | |
|---|---|
| Trustee Annual Report | 3-4 |
| Report of the Board | 6 |
| Independent Auditor’s Report to the members of Alfred Stubbs Trust | 7-9 |
| Statement of Comprehensive Income | 10 |
| Statement of Financial Position | 11 |
| Statement of Changes in Reserves | 12 |
| Notes forming part of the Financial Statements | 13-20 |
Advisers and bankers
| Clerk and Registered Office | Bankers | Auditor |
|---|---|---|
| Vicky Parr 2 Godwin Street Bradford BD1 2ST |
Barclays Bank plc. 1 Churchill Place Canary Wharf London E14 5HP |
BDO LLP Eden Building Irwin Street, Salford Manchester M3 5EN |
2
Trustee Annual Report For the year ended 31 March 2025
Structure, Governance and Management
Trustee
Anchor Hanover Group is the Corporate Trustee.
The Corporate Trustee receives no remuneration other than the Management Charges disclosed in note 2 and charges for other services provided as disclosed in note 13 of the notes to the Financial Statements.
Details of the membership, structure and policy for admitting new members to the Board of Anchor Hanover Group can be found in the annual report of Anchor Hanover Group and on their website at www.anchor.org.uk.
Code of Governance
The Board of the Corporate Trustee, Anchor Hanover Group (“Anchor”), has adopted the Financial Reporting Council’s UK Corporate Governance Code 2024 (the “UKCGC”) as its appropriate code of governance. The UKCGC is applied on a ‘comply or explain’ basis and the Board of Anchor assess their compliance with the code on an annual basis. A summary of this assessment can be found in Anchor’s Annual Report and Financial Statements 2025, page 33.
Employees
The Trust has minimal employees as revealed in Note 3 to the Financial Statements. The administration of the Charity is undertaken by employees of Anchor Hanover Group.
Risk management
The Board of the Corporate Trustee has examined the major strategic, business and operational risks which the Trust faces and confirms that systems and procedures, including an internal audit programme, are in place so as to mitigate the significant risks that the Trust may face.
Objectives and Activities
The governing instrument for this Trust is a Trust Deed dated 15 December 1977.
The prime objective of the Trust is providing eight properties (2024: Eight) of accommodation for elderly persons (generally accepted as those of retirement age and above) who have been resident in the Doncaster area for not less than ten years. This is achieved by the letting of eight residential properties located in Doncaster, South Yorkshire. Accommodation including service charges at these properties is to be provided to residents at a charge that reflects the cost of the services provided and is in line with Target Rents as established by the Government Guidance on Influencing Rental Costs.
As a supporting objective the Trust aims to continue to provide the accommodation by maintaining the properties in good order for the foreseeable future.
Governance and Financial Viability Standard
Anchor Hanover Group is the sole Corporate Trustee of Alfred Stubbs Trust and provides all landlord services to the Trust's residents. The Regulator of Social Housing (RSH) has during 2025 reviewed Anchor’s compliance with the Governance and Financial Viability Standard and concluded that Anchor did not meet the governance requirements and significant improvement is needed, specifically in relation to its risk and control framework. The RSH downgraded Anchor from G1 to G3 grading in June 2025 (where G1 is the highest and G4 the lowest) but Anchor maintained its V1 Financial Viability grading. Anchor will agree an improvement plan with the RSH. The Trust takes assurance, through the delivery of this plan and improvements already made, that Anchor is delivering an appropriate level of service to the Trust and its residents.
Commitment to residents
In April 2024, the Regulator of Social Housing launched its new Consumer Standards: the Safety and Quality Standard, the Transparency, Influence and Accountability Standard, the Neighbourhood and Community Standard, and the Tenancy Standard. These new standards are all designed to protect social housing tenants and the services they receive and will apply to all social landlords.
Anchor Hanover Group is committed to meeting the requirements of these new standards which aim to ensure that tenants are safe in their homes; that landlords listen to tenants’ complaints and respond promptly to put things right, are accountable to tenants and treat them with fairness and respect, know more about the condition of every home and the needs of the people who live in them and collect and use data effectively across a range of areas, including repairs. While Anchor are assessed as not meeting these standards at present, we are satisfied that appropriate steps are being taken to recover a compliant grading.
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Trustee Annual Report (continued) For the year ended 31 March 2025
Tenant Satisfaction Measures
With effect from 1 April 2023, the Regulator of Social Housing (RSH, the Regulator) required social housing providers to report annually on a series of Tenant Satisfaction Measures (TSM). The measures are intended to make landlords’ performance more visible to tenants, and help them hold their landlords to account. A summary of TSM data, which includes data for all corporate trusts, is made available to all residents and other stakeholders by the end of June each year and published on Anchor Hanover Group’s website.
Complaints Handling
An annual exercise is completed to ensure our complaints handling policy and practice is compliant with the complaint handling code set out by the Housing Ombudsman Service (HOS). The Trust’s self-assessment of compliance was submitted to the HOS for the first time in 2024. Improving complaint handling satisfaction and the experience for our customers continues to be a focus for the coming year.
Achievements and Performance
The Trust receives funds from charges raised on residents in the form of service charges and rent. The service charges are raised to cover the cost of providing support to the residents in relation to the Estate Manager, maintenance of the grounds and the maintenance of equipment. The weekly maintenance contribution is benchmarked to the market, but must at all times be at a level that does not cause financial hardship and are used to cover maintenance of the properties in the year and to provide resources to meet cyclical and major repairs over a number of years.
Charitable and political contributions
No contributions were made in the financial year (2024: £Nil)
Financial Review
The activities for the year are set out on page 9 in the Statement of Comprehensive Income. The net movement in funds for the year is a surplus of £71,004 (2024: surplus £57,266). Capital expenditure incurred in the year is £nil (2024: £2,885).
Reserves policy
The Trust’s policy is to hold reserves in order to ensure that the costs relating to the maintenance of the fabric of the buildings, both in the short and long term, are available to enable the Trust to continue to achieve its objectives.
Unrestricted Fund
This is the Trust’s free reserve available for use at the discretion of the Board of the Corporate Trustee in furtherance of the Trust’s objectives. The fund is in line with the Board of the Corporate Trustee’s expectations with an aim to maintain the capital of the Trust in order to meet future obligations. There are no known or contingent actions that would have a detrimental effect on the current level of the reserves.
The balance on this fund at 31 March 2025 is £946,414 (2024: £875,410).
Investment policy
The investment policy of the Trust is to hold cash in interest bearing bank accounts, approved Charity Investment Funds and other investments funds considered appropriate to the circumstances and objectives of the Trust.
Plans for Future Periods
In line with the Trust’s objective to maintain the properties in good repair and in order to provide accommodation for rent, the Trust continues to review the fabric of the building via planned works programmes and stock condition surveys undertaken by Anchor. At this time there is no immediate significant expenditure required but this will be kept under annual review.
Principal risks and uncertainties
There are several risks in the external environment that are contributing to significant challenges for all providers. Stemming from macroeconomic impacts on the global economy linked to the war in Ukraine, higher costs of fuel and energy have contributed to elevated inflation levels in the UK. These factors have contributed to the cost-of-living crisis which we have continued to actively manage as a key area of risk, with focus on maintaining service delivery, managing and anticipating financial impacts, and monitoring the potential negative impacts of the conditions on our customers and colleagues.
Maintenance of Alfred Stubbs Trust’s properties is dependent on the timely and effective performance by third party contractors of their obligations, exposing us to risk of potentially having less control over the quality of the services than if we were providing them directly. The performance of contracts may be subject to disruption for a variety of
4
Trustee Annual Report (continued) For the year ended 31 March 2025
reasons including availability of materials, work stoppages, labour constraints, and is impacted by macroeconomic conditions. We work closely with contractors to avoid such problems, undertake appropriate due diligence and procurement procedures and avoid concentration risk.
Going concern
After reviewing budgets and forecasts, making enquiries and examining major areas which could give rise to significant financial exposure, the trustees are satisfied that no material or significant exposures exist other than as reflected in these Financial Statements and the charity has adequate resources to continue its operations for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing these Financial Statements.
5
Report of the Board For the year ended 31 March 2025
Statement of the Board of the Corporate Trustee’s responsibilities in respect of the Annual Report and the Financial Statements
Under the trust deed and rules of the charity and charity law, the trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. The trustees have elected to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the excess of income over expenditure for that period.
In preparing these financial statements, generally accepted accounting practice entails that the trustees:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;
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state whether the financial statements comply with the trust deed and rules, subject to any material departures disclosed and explained in the financial statements; and
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assess the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
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use the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
The trustees are required to act in accordance with the trust deed and the rules of the charity, within the framework of trust law. They are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
Awareness of relevant audit information
The Members of the Board of the Corporate Trustee who held office at the date of approval of this Report of the Board of the Corporate Trustee confirm that, so far as they are each aware, there is no relevant audit information of which the Trust’s auditor is unaware and each Member of the Board of the Corporate Trustee has taken all the steps that they ought to have taken as Members of the Board of the Corporate Trustee to make themselves aware of any relevant audit information and to establish that the Trust’s auditor is aware of that information.
Auditor
BDO LLP has expressed its willingness to continue in office as auditor to Alfred Stubbs Trust. A resolution to reappoint BDO LLP as auditor will be approved by the Anchor Hanover Group Board.
By order of the Board of the Corporate Trustee
Amanda Holgate Vicky Parr Executive Board Member Clerk Date: 18 September 2025
6
Independent Auditor’s Report For the year ended 31 March 2025
INDEPENDENT AUDITOR’S REPORT TO TRUSTEES OF ALFRED STUBBS
Opinion on the financial statements In our opinion, the financial statements:
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give a true and fair view of the state of the Charity’s affairs as at 31st March 2025 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
We have audited the financial statements of Alfred Stubbs Trust (“the Charity”) for the year ended 31st March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Reserves and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remain independent of the Charity in accordance with the ethical requirements 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.
Conclusions related to going concern
In auditing the financial statements, we have concluded that the Corporate Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as 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 described in the relevant sections of this report.
Other information
The Corporate Trustee is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. 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. 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 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 themselves. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is inconsistent in any material respect with the financial statements; or
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adequate accounting records have not been kept; or
7
Independent Auditor’s Report (continued) For the year ended 31 March 2025
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Trustee Report, the Trustees are responsible for the preparation of the 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 preparation 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 Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 (UK) 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.
Extent to which the audit was capable of detecting irregularities, including fraud
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 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on:
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Our understanding of the Charity and the industry in which it operates;
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Discussion with management and those charged with governance;
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Obtaining an understanding of the Charity’s policies and procedures regarding compliance with laws and regulations.
We considered the significant laws and regulations to be the applicable accounting framework (UK GAAP) and the Charities Act 2011.
The Charity is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be health and safety legislation and data protection requirements.
Our procedures in respect of the above included:
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Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations;
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Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations;
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Review of financial statement disclosures and agreeing to supporting documentation;
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Review of legal expenditure accounts to understand the nature of expenditure incurred.
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Independent Auditor’s Report (continued) For the year ended 31 March 2025
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
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Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
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Obtaining an understanding of the Charity’s policies and procedures relating to:
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Detecting and responding to the risks of fraud; and
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oInternal controls established to mitigate risks related to fraud. -
Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;
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Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
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Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Based on our risk assessment, we considered the areas most susceptible to fraud to be management override and the posting of inappropriate journals to revenue.
Our procedures in respect of the above included:
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Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation; and
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Identifying and testing journal entries directly to revenue to supporting documentation, in particular any journal entries posted with unusual account combinations.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:
https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
EDO LLP
BDO LLP, Statutory Auditor Manchester, UK
Date: 22 September 2025
BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
9
Statement of Comprehensive Income For the year ended 31 March 2025
| Note Incoming resources: Incoming resources from charitable activities - rent lettings Investment income Total incoming resources Resources expended: Charitable activities 2 Governance costs 2 Total resources expended Net incoming resources before transfers Net transfers between funds Net incoming resources after transfers Other recognised gains Surplus on revaluation of current asset investments 7 Net movement in funds Reconciliation of funds Total funds brought forward 1 April Total funds carried forward at 31 March |
General Funds Designated Funds Total Funds Total Funds 2025 2024 £ £ £ £ 58,759 - 58,759 57,479 25,526 - 25,526 24,662 |
|---|---|
| 84,285 - 84,285 82,141 |
|
| (35,638) - (35,638) (43,633) 50 - 50 (173) |
|
| (35,588) - (35,588) (43,806) |
|
| 48,697 - 48,697 38,335 (4,400) 4,400 - - |
|
| 44,297 4,400 48,697 38,335 26,707 - 26,707 23,310 |
|
| 71,004 4,400 75,404 61,645 875,410 109,187 984,597 922,952 |
|
| 946,414 113,587 1,060,001 984,597 |
There are no restricted or endowment funds.
There is no material difference between the increase in resources for the year and the accumulated balances as stated above and their historical cost equivalents.
All amounts relate to continuing activities.
The notes on pages 13 to 20 form part of these Financial Statements.
10
Statement of Financial Position For the year ended 31 March 2025
| 2025 | 2025 | 2024 | 2024 | ||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 5 | 101,944 | 113,166 | ||
| Current assets | |||||
| Debtors | 6 | 15,476 | 4,335 | ||
| Investment | 7 | 947,044 | 871,918 | ||
| Creditors: amounts falling due within one year | 8 | (3,352) | (3,711) | ||
| Net current assets | 959,168 | 872,542 | |||
| Creditors: amounts falling due after more than | Creditors: amounts falling due after more than | ||||
| one year | 9 | (1,111) | (1,111) | ||
| ———— | ———— | ||||
| Net assets | 1,060,001 ~~————~~ |
984,597 ~~————~~ |
|||
| Funds | ~~————~~ | ||||
| Designated funds | 113,587 | 109,187 | |||
| General Funds | 946,414 | 875,410 | |||
| ———— | ———— | ||||
| 1,060,001 | 984,597 | ||||
| ~~————~~ | ~~————~~ |
The notes on pages 13 to 20 form part of these Financial Statements.
The Financial Statements were approved for issue on behalf of the Corporate Trustee by the Board of Anchor Hanover Group on 18 September 2025 and were signed by:
Amanda Holgate Executive Board Member
Vicky Parr Clerk
Registered with the Charity Commission Number 504415
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Statement of Changes in Reserves For the year ended 31 March 2025
| Revenue | Cyclical | Major | Renewals | Total | |
|---|---|---|---|---|---|
| reserves | repairs | repairs | reserve | reserves |
|
| £ | £ | £ | £ | £ |
|
| At 1 April 2023 | 818,144 | 47,964 | 35,548 | 21,296 | 922,952 |
| Transfer between reserves | (4,379) | 1,600 | 1,600 | 1,179 | - |
| Surplus in year | 38,335 | - | - | - | 38,335 |
| Surplus on revaluation of current investments | 23,310 | - | - | - | 23,310 |
| ———— | ———— | ———— | ———— | ———— |
|
| At 31 March 2024 | 875,410 | 49,564 | 37,148 | 22,475 | 984,597 |
| Transfer between reserves | (4,400) | 1,600 | 1,600 | 1,200 | - |
| Surplus in year | 48,697 | - | - | - | 48,697 |
| Surplus on revaluation of current investments | 26,707 | - | - | - | 26,707 |
| ———— | ———— | ———— | ———— | ———— | |
| At 31 March 2025 | 946,414 | 51,164 | 38,748 | 23,675 | 1,060,001 |
| ———— | ———— | ———— | ———— | ———— |
The notes on pages 13 to 20 form part of these Financial Statements.
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Notes forming part of the Financial Statements For the year ended 31 March 2025
1(a) Accounting policies
General information
The Trust is an Almhouse which provides housing to older people. The Trust is a public benefit entity and registered with the Charities Commission in the United Kingdom and its registration number is 504415. The registered office is 2 Godwin Street, Bradford, BD1 2ST.
The Financial Statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard” applicable in the UK and Republic of Ireland (“FRS 102”) and the FRS 102 Charities Statement of Recommended Practice (SORP) applicable in the UK and Republic of Ireland (effective 1 January 2015)’. A summary of specific policies is set out below.
Basis of accounting
The Financial Statements are prepared on the historic cost and accruals basis of accounting, as modified to include the fair value of financial instruments and on the basis of going concern. The Financial Statements are presented in Sterling (£).
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Financial Statements.
Employees
The Charity has minimal employees as revealed in Note 3. The administration of the Charity is undertaken by employees of Anchor.
Going concern
After reviewing budgets and forecasts, making enquiries and examining major areas which could give rise to significant financial exposure, the trustees are satisfied that no material or significant exposures exist other than as reflected in these Financial Statements and the charity has adequate resources to continue its operations for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing these Financial Statements.
Incoming resources
All incoming resources are included in the Statement of Comprehensive Income when the Trust is entitled to the income and the amount can be quantified with reasonable accuracy.
Contributions represent rental income from licensees and service charges receivable.
Investment income is recorded when receivable.
Revaluation of current asset investments
Current asset investments are stated at market value. Any unrealised surplus or deficit arising on revaluation of the investments is recognised in the Statement of Comprehensive Income. The aggregate realised surplus or deficit arising on the sale of investments is reflected in the Statement of Comprehensive Income.
Designated reserves
The Trust sets aside a reserve for an established regular programme of cyclical repairs and maintenance, and an extraordinary repairs reserve for a programme of major repairs on housing properties. The costs of cyclical and extraordinary repairs are charged to the Statement of Comprehensive Income in the period in which they are incurred subject to transfers from the cyclical and extraordinary repairs reserves to meet the expenditure.
Taxation
The Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the Trust is exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 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.
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Notes forming part of the Financial Statements For the year ended 31 March 2025
1(a) Accounting policies (continued)
Investments
Investments made by the Alfred Stubbs Trust are a combination of short term bank deposits and fund investments managed by specialist managers and provided for non-profit investors.
The short term bank deposits are classified as basic and recognised at amortised cost using an effective interest rate.
The fund investments are classified as complex instruments and recognised at market value. Market value is based on a publicly available price. Gains and losses on revaluation of fund investments are included in the Statement of Comprehensive Income.
Fixed assets
Fixed assets are stated using the cost model at cost less cumulative depreciation less impairment. Fixed assets include housing properties held for social benefit purposes and scheme equipment.
Housing properties are principally properties available for rent. Housing properties are stated at cost less accumulated depreciation and impairment. Where housing properties are acquired from third parties the cost is their purchase price together with any costs of acquisition, improvement and interest payable.
Subsequent expenditure to housing properties
Works to existing properties which replace a component that has been identified separately for depreciation purposes, along with those works that result in enhancing the economic benefits of the properties, are capitalised as improvements. Where a component is replaced the cost and related depreciation are eliminated from tangible fixed assets. Economic benefits are enhanced if work performed results in an increase in rental income, a reduction in future maintenance costs or a significant extension to the useful economic life of a property.
Scheme equipment is shown at cost less cumulative depreciation and impairment.
Depreciation
Freehold land is not depreciated.
Under FRS102, housing properties are required to be depreciated from the later of completion date and acquisition date. The Trust has elected to depreciate historic cost over a period of 50 years from the date of the Trust Deed – December 1977.
Using component costing principles housing properties are divided into components which are depreciated at the following annual rates:
| Component | Life (Years) | Depreciation |
|---|---|---|
| Building structure, roofing, drainage, roadways and footpaths | 50 | 2.0% |
| Doors and windows | 30 | 3.3% |
| Kitchens and bathrooms | 25 | 4.0% |
| Heating boilers | 15 | 6.6% |
1(a) Accounting policies (continued)
Scheme equipment is depreciated at varying annual rates as follows:
| Component | Life (Years) | Depreciation |
|---|---|---|
| Security, heating, aerials and communal kitchen equipment | 20 | 5.0% |
| Warden alarm and door entry | 15 | 6.6% |
| Other shared areas | 10 | 10.0% |
| Cleaning equipment | 5 | 20.0% |
| Other scheme equipment | 4 | 25.0% |
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Notes forming part of the Financial Statements For the year ended 31 March 2025
Financial instruments- Basic financial instruments
Trade and other debtors / creditors
Trade and other debtors / creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors.
In line with FRS 102 section 34; the Trust as a public benefit entity, has accounted for as concessionary loans all debtors or creditors that would have been classified as financing transactions such as deferred payment arrangement and are therefore being carried in the Statement of Financial Position at amortised cost. Concessionary loans are financing arrangements between a public benefit entity such as the Trust and another party at nil percent or at below market rate of interest that are not repayable on demand and are for the purposes of furthering the objectives of the public benefit entity.
Impairment of debtors
Provision is made for the impairment of current rent debtors when the debt is overdue by 6 months or more. The provision is for 100% of the amount overdue. Provision for the debts of former tenants is provided at 100%.
Sales ledger debts aged 3-5 months are provided at 10% of the amount due. Those more than 6 months old are provided at 25%. After this time a decision will be made concerning the write-off of the debt.
Other long-term creditors
Included in Other long-term creditors is the unamortised element of the social housing grant less an amount due for amortisation in the following year.
Cash and cash equivalents
Cash and cash equivalents comprise of cash balances and short term investments, which can be liquidated at short notice with no loss of capital. Bank overdrafts that are repayable on demand and form an integral part of the Trusts’ cash management are included as a component of cash and cash equivalents for the purpose.
1(b) Judgements and Accounting estimates
The preparation of the Financial Statements requires trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgement has had the most significant effect on amounts recognised in the Financial Statements.
Classification of housing properties
The Trust has undertaken a detailed review of the intended use of all housing properties. In determining the intended use, the Trust has considered if the asset is held for social benefit or to earn commercial rentals. The Trust has determined that its housing portfolio is held for social benefit purposes.
Useful lives of depreciable assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utilisation of certain software and IT equipment and changes to Decent Homes Standards which may require more frequent replacement of key components. Accumulated depreciation at 31 March 2025 was £327,297 (2024: £316,074).
Impairment of housing properties
Housing properties are reviewed for impairment if an impairment trigger is deemed to have occurred. Where there is evidence of impairment, fixed assets are written down to their recoverable amount. Any such write down is charged to operating profit. For housing assets, impairment is assessed by comparing the carrying value to the recoverable amount which is the higher of value in use (NPV of future cash flows); fair value less costs to sell as represented by EUV-SH; and value in use service potential (depreciated replacement cost). If the carrying value is greater than the recoverable amount then an impairment provision is made. This requires management estimates of the timing of cash flows and discount rates.
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Notes forming part of the Financial Statements For the year ended 31 March 2025
2 Total resources expended
| Basis of allocation | Charitable activities |
Governance costs |
Total 2025 |
Total 2024 |
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Direct charitable expenditure | |||||
| Operating costs | Direct | 4,845 | - | 4,845 | 4,835 |
| Day to day repairs | Direct | 5,951 | - | 5,951 | 13,852 |
| Cyclical repairs | Direct | 3,256 | - | 3,256 | 3,179 |
| Programmed repairs | Direct | - | - | - | 708 |
| Management and administration | |||||
| of the trust: | |||||
| Management charges | Directly allocated costs | 9,726 | - | 9,726 | 9,498 |
| Insurance | Direct | 641 | - | 641 | 342 |
| Subscriptions | Direct | - | (50) | (50) | 173 |
| Depreciation of buildings | Direct | 11,219 | - | 11,219 | 11,219 |
| ———— | ———— | ———— | ———— | ||
| At 31 March 2025 | 35,638 | (50) | 35,588 | 43,806 | |
| ———— | ———— | ———— | ———— |
3 Employee information
The Trust does not have employees but purchases services from Anchor Group:
The average number of persons whose services were thus used during the year was:
| Estate Manager Average number of employees expressed in full time equivalents Staff costs (for the above person) Wages and salaries Social Security costs Other pension costs |
2025 2024 Number Number 1 1 ~~————~~ ~~————~~ - - ~~————~~ ~~————~~ £ £ 450 396 35 30 15 14 ———— ———— 500 440 ~~————~~ ~~————~~ |
|---|---|
16
Notes forming part of the Financial Statements For the year ended 31 March 2025
4 Auditor’s remuneration
The Trust's audit fee for 2025 of £4,286 is paid by Anchor and recharged as part of Management Fee (2024: £4,000).
5 Tangible fixed assets
| Housing Properties £ Cost At 1 April 2024 416,338 Additions - Disposals - ———— As at 31 March 2025 416,338 ———— Depreciation At 1 April 2024 (303,175) Charge for the year (11,219) On disposals - ———— At 31 March 2025 (314,394) ~~————~~ Net book value At 31 March 2025 101,944 ~~————~~ At 31 March 2024 113,162 ~~————~~ 6 Debtors Amounts receivable within one year: Rent and service charge arrears Provision for bad debt Other debtor, prepayments and accrued income Anchor Hanover Group |
Scheme Equipment Total £ £ 12,903 429,241 - - - - ———— ———— 12,903 429,241 ———— ———— (12,899) (316,074) (4) (11,223) - - ———— ———— (12,903) (327,297) ~~————~~ ~~————~~ - 101,944 ~~————~~ ~~————~~ 4 113,166 ~~————~~ ~~————~~ 2025 2024 £ £ 653 337 (168) (168) 2,056 2,268 12,935 1,898 ———— ———— 15,476 4,335 ~~————~~ ~~————~~ |
|---|---|
Amounts receivable from Anchor Hanover Group are interest free and repayable on demand.
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Notes forming part of the Financial Statements For the year ended 31 March 2025
| 7 Investments Short term deposits Investments listed on a recognised investment exchange: Charity Multi Asset Fund Value at 31 March Cost of listed investment Analysis of movement of listed investments Value at 1 April Additions at cost Surplus on revaluation Value 31 March 8 Creditors: amounts falling due within one year Rents and service charges received in advance Service charge surplus Other creditors, accruals and deferred income 9 Creditors: amounts falling due after more than one year Service charge surplus |
2025 2024 £ £ 534,956 487,217 412,088 384,701 ———— ———— 947,044 871,918 ~~————~~ ~~————~~ 229,449 228,849 ~~————~~ ~~————~~ 2025 2024 £ £ 384,701 360,711 680 680 26,707 23,310 ———— ———— 412,088 384,701 ~~————~~ ~~————~~ 2025 2024 £ £ 1,654 1,251 671 1,437 1,027 1,023 ———— ———— 3,352 3,711 ~~————~~ ~~————~~ 2025 2024 £ £ 1,111 1,111 ———— ———— 1,111 1,111 ~~————~~ ~~————~~ |
|---|---|
18
Notes forming part of the Financial Statements For the year ended 31 March 2025
10 Funds
| Designated funds: Cyclical repairs Major repairs Renewals reserve General funds Designated funds Cyclical repairs Major repairs Renewals reserve General funds |
Balance at 1 April 2024 Income Expenditure Investments gains Transfers Balance at 31 March 2025 49,564 - - - 1,600 51,164 37,148 - - - 1,600 38,748 22,475 - - - 1,200 23,675 875,410 84,285 (35,588) 26,707 (4,400) 946,414 |
|---|---|
| 984,597 84,285 (35,588) 26,707 - 1,060,001 |
|
| Balance at 1 April 2023 Income Expenditure Transfer Investments gains Transfers Balance at 31 March 2024 47,964 - - - 1,600 49,564 35,548 - - - 1,600 37,148 21,296 - - - 1,179 22,475 818,144 82,141 (43,806) 23,310 (4,379) 875,410 |
|
| 922,952 82,141 (43,806) 23,310 - 984,597 |
Designated funds
The designated funds are set aside to be used for major repairs works, equipment replacements or cyclical works. Monthly contributions are transferred to the funds from the Income and expenditure account.
Analysis of net assets between funds
| Designated funds General funds Designated funds General funds |
Unrestricted funds Designated funds Total funds 31 March 2025 - 113,587 113,587 946,414 - 946,414 |
|---|---|
| 946,414 113,587 1,060,001 |
|
| Unrestricted funds Designated funds Total funds 31 March 2024 - 109,187 109,187 875,410 - 875,410 |
|
| 875,410 109,187 984,597 |
11 Capital commitments
The Trust had no capital commitments at 31 March 2025 (2024: £Nil).
19
Notes forming part of the Financial Statements For the year ended 31 March 2025
12 Contingent liabilities
The Board of the Corporate Trustee is not aware of any contingent liabilities (2024: £Nil).
13 Related party transactions
Anchor, the Corporate Trustee, also acts as the managing agent for the Trust providing various services for which fees are paid as follows:
| Management Fees Technical service fees Alarm and alarm monitoring services |
2025 2024 £ £ 8,772 8,222 2,878 2,686 458 460 ———— ———— 12,108 11,368 ~~————~~ ~~————~~ |
|---|---|
As part of the arrangement Anchor also provides short term funding and cash management for the day to day operations of the Trust and the amount outstanding at 31 March 2024 is as follows: -
| Amount due from Anchor Hanover Group | 2025 2024 £ £ 12,935 1,898 ~~————~~ ~~————~~ |
|---|---|
14 Ultimate Parent Undertaking and Controlling Party
Anchor is the corporate trustee but do not control the trust and hence there is no controlling or parent undertaking for the charity.
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