CHARITY REGISTRATION NUMBER: 512195 Earsdon, Newburn and Shilbottle Almshouse Charity Unaudited Financial Statements 31 December 2023 Earsdon, Newburn and Shilbottle Almshouse Charity Financlal Statements Year ended 31 December 2023 Page Trustee's annual report Independent examiner's report to the Irustee Statement of financial activities Statement of financial position Notes to the financial statements The followlng pages do not form part of the financial statements Detailed statement of financial activities 13 Earsdon, Newburn and Shilbottle Almshouse Charity Truslee's Annual Report Year ended 31 December 2023 The trustee presents his report and the unaudited financial statements of the association for the year ended 31 December 2023. Reference and admlnistrative details Registered charlty name Earsdon. Newburn and Shilbottle Almshouse Charty Charfty regostratlon number 512195 The Iruste8 Ex-off icio- Rev. A. Harding J Robson Chairman Co-opted: N Bruce A Taylor W Shaw W Tait Independent examlner J E Freeman Chartered Certified Accountants 58 Durham Road Birtley Co Durham DH3 2QJ Bankers Barclays Bank PLC City Office Percy Street Newcastle upon Tyne NE14QL Fund Managers Black Rock Investment Managemenl (UK) Ltd 33 King William Street London EC4R 9AS Earsdon, Newburn and Shilbottle Almshouse Charity Trustee's Annual Report (eontlnued) Year ended 31 December 2023 Slructure¥ govemance and management Governing Document The organisation is governed by a trust deed dated 7 January 1982. Recruitment andAppointment of Trustees The charity aims to maintain its functions by recruiting local business pgople and appropriate individuals from the locality who have the necessary skills and local knowledge to monitor the financial posilion of the charity, and to make the necessary provision of accommodation to the residents. The recruitment of new Trustees is a matter for the Board of Trustees. and when vacancies arise, in either numbers or skill coverage, the Chairman will be asked to approach suitable candidates from the combined contacts of all currenl Truslees. Such appointments will bear in mind the need lo have a knowledge of the region, an understanding of and empathy wilh the charitable sector, coupled with a general recognition of the needs of the residents. None of the Trustees are entitled to, nor received, any remuneration for Ihgir services to the charity during the year. Additionally, no expenses havg been paid to any Trustee. Tnistee Induction and Training The Trustees are all familiar with the work of the charity, and new Trusiees are encouraged to attend at the charity's registered office where they are brieted on the aims. objectives and other operational matters, in addition to their roles and responsibililies. Risk Management The Trustees actively review the major risks which the charity faces on a regular basis and believe that mainlaining reseNes at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse condilions. The Trustees have also examined other Operation￿ and business risks faced by the charity and confirm that they have established systems to mitigate Ihe signrficant risks. Objectives and actlvltles Actwities Earsdon, Newburn and Shilbottle Almshouse Charily meets the definition of a public benefit entity under FRS 102, The principal activity of the Gharity is to provide residential accommodation for the poor and needy residing in or near Earsdon, Newburn and Shilbottle. Tho Charity owns and maintains 12 adjacent properties in Newburn for which the residents contribute a nominal weekly sum to cover maintenance and running costs. Achievements and p8rformance During the year, the chariiy achieved full occupancy, wilh no voids being experienced. Mwntenance contributions have steadily increased in line with best practice and now represent adequale cover for ongoing and routine costs. Flnanclal review The Statgment of Financial Aclivities shows net incoming resources for the year (before movements in the market value of investments) of £9,719 and cumulative reserves to carry foward of £459,240. The Trustees have considered any major risks to which the charity might be exposed in the near future. and consider that the present level ol funding is adequate to support the charity's current operations. The Trustees consider the current financial position of the charity to be good and continue to monitor the position to Qnsure the future financial position remains secure. Earsdon, Newburn and Shilbottle Almshouse Charity Trustee's Annual Report (¢onllnued) Year ended 31 December 2023 Reserves Policy The charty's sole purpose is to provide accommodation to qualrfying Almshouse residents, and as such maintains suff icient liquid funds lo defray routine maintenance and other wnning costs., whilst maintaining sufficienl longer-term investments in approved funds to cover any major capital expenditure. The Trustees consider that operating reserves sufficient to cover these administrative costs for up to 9 months are sufficient in the contgxl of the charily's cu￿ent objectivès. Plans for future periods There are no plan5 to expand the activities of the charity. Independent Examiner J E Freeman, Chartereé Cerified Accountant, who was appointed to carry out an independent examination, offers harself. and is recommended for, re-appointment. The trustee's annual report was approved on ......... trustees by: and signed on beham of the board of J Robson Trustee Earsdon, Newburn and Shilbottle Almshouse Charity Independent Examiner's Report to the Trustee of Earsdon, Newburn and Shilbottle Almshouse Charlly Year ended 31 December 2023 I report to the trustee on my examination of the financial statements of Earsdon. Newbum and Shilbottle Almshouse Charily ('the association'l for the year ended 31 December 2023. R8sponslbllllles and ba$ls of report As the trustee of Ihe association, you are responsible for the preparation of the financial slatements in accordance with Ihe requirements of the Charities Act 2011 ('the Act,). I report in respeci of my examination of the associalion's financial statements carried out under section 145 of the 2011 Act and in carying out my examination I have follow9d all the applicable Directions given by the Charity Commission under section 14515)(bl of the Acl. Independeni examlner's stalemenl I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any malerial respect: accounting records were not kept in respect of the association as required by section 130 of the Act- or the financial statements do not accord with those records- or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Account5 and Reports) Regulations 2008 other than any requirement that the accounts give a ttrue 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 wilh the examination to which attention should be drawn in Ihis reFX)rt in order to enable a proper understanding of thg accounts to be reached. J E Freeman FCCA Independenl Examlner 58 Durham Road Birtley Co Durham DH3 2QJ Earsdon, Newburn and Shilbottle Almshouse Charity Statement ol Financial Acllvities Year ended 31 December 2023 2023 Unrestricted funds Total funds Total funds 2022 Income Maintenance contributions from residents Investment income 39,806 5,030 39,806 5.030 40.161 4.677 Total income 44,836 44,836 44.838 Expendilure Exp8nditure on raising funds: Property management expenses Expenditure on charitable activities Toial expendilure 35,518 680 35,518 660 36,889 630 36,178 36.178 37,519 Net income 8,658 8,658 7,319 Olhgr recognised gains and losses Growthl(diminution) from revaluation of fixed assets Net movem8nt in funds 18,165 18.165 {38,7821 (31,4631 26,823 26,823 Reconciliatlon of funds Total funds brought fotward Total f unds carried forward 431,356 431,356 462,819 458,179 458.179 431,356 Fund balances are analysed Revenue Reserve Revaluation Reserve Capital ReseNe 160,382 110,888 186,909 163,724 98,888 168,744 431,356 458.179 The statgment of financial aclivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 11 lorm part of thesè ff nanclal statemgnls. Earsdon, Newburn and Shilbottle Almshouse Charity ststement of Financial Posltion 31 December 2023 2023 2022 N￿e Fixed assels Tangible fixed assets Investments 109,893 261,556 371,449 111,162 243,391 10 354.553 Current assets Debtors Cash at bank and in hand 11 2,207 86,347 1,751 79,138 80,889 88,554 Credltors: amounts falllng due wilhin one year Net curreni asseis 12 (1.8241 86,730 {4,086) 76,803 Total assets less current Ilabllltles 458,179 431,356 Nel assets 458,179 431,356 Funds of the charity Unrestricted fijnds: Revenue reserve Revaluation reserve Other unrestricted income funds 160,382 110,888 186,909 163.724 98.888 168,744 Total unrestrlcted funds 458,179 458,179 431,356 Total charity funds 13 431.356 These financial statements were approved by the ￿ard of trustees and authorised for issue on and are signed on behalf of the board by.. J Robson Trustee The note5 on pages 7 to 11 torm part of these flnanclal ststements. Earsdon, Newburn and Shilbottle Almshouse Charity Notes to Ihe Financlal Statemenls Year ended 31 December 2023 G8n8ral informatlon The association is a public benefit gntity and a registered charity in England and Wales and is unincorporaled. The format of the financial siatement complies wilh the Accounting Requirements of the Housing SORP 2014: Statement of Recommended Practice for Registered Social Housing Providers and in Accounting Direction for Private Registered Providers of Social Housing 2015. ststement of complianc8 These financial slatements have been prepared in compliance wilh FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Fleporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP {FRS 102)) and the Charities Act 2011. Accountlng policies Basis of preparatlon The financial statements have been prepared on the historical cost basis. as modified by Ihe revaluation of certain financial assets and liabilities and investment properties measured at lair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concem There are no material uncertainties about the charily's ability to ￿ntInue. Disclosure exemptions The entity saiisfies the criteria of being a qualifying entity as defined in FRS 102. As such. advantage has been laken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: la) No cash flow statement has been presented for the company. Ib) Disclosures in respect of financial instruments have nol been presented. Fund accountlng Unrestricled funds are available for use at the discretion of Ihe trustees lo lurther any of Ihe charily's purposes. Designated funds are unrestricted funds earmarked by the trustee for particular future project or commilment. Restricted funds are subjecled lo restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of Iwo sub-classes: reslricted income funds or endowment funds. Earsdon, Newburn and Shilbottle Almshouse Charity Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounllng pollcles Iconlinued) Incoming resources Maintenance contributions and investment income are shown when receivable. Resources expended Expenditure is recognised on an accrual basis as a liabilily is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statemenl of financial activities t¢ which it relates. Charitable expenditure comprises those costs incurred by the charity in relation to the properties. It includes both costs that can be allocated direclly and those costs of an indireci nature necessary io support them. All repairs are charged to revenue unless they rgpresenl a signrficant improvement to the property. Governance costs includes those costs associated with meeting the constitulional and statutory requirements of the char￿v and include the inéependenl examination fees and costs linked to the strategic management of the charity. Depr8ciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the us8ful economic life of that assel as follows: Freehold property 1Yo Straight line Investments Unlisted equity investments are initially recordgd at cost. and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listgd investments are measured at fair value wilh changes in fair value being recognised in income or expenditure. Housing properties The Almshousas were constructed in the late Nineteenth Century and there is no record of the original cost and no value is attributed thereto. The Housing Property costs relate to improvements carried out since 1960 which were funded by a Housing Corporation Grant, a mortgage loan from Housing Corporation secured by a charge on housing, land and buildings and from the Almshouses own resources. Whilst the properties are maintained in a slate of repair such thal their estimated residual value is not less than their improvement cost or carrying amount, an annual charge for depreciation of 1 Yo Straight line has been provided in line with Ihe previous year Houslng association grant Housing Association Grant (HAG) is paid by the Housing Corporation to reéuce Ihe cost of development and is. therefore, shown as a deduction from Ihe cost of Housing Properties on the 8alance 5heel. HAG is repayable under certain circumstances, primarily following the sale of thè property, but will normally be restricted to net proceeds of sale. Earsdon, Newburn and Shilbottle Almshouse Charity Notes to the Financial Statements (contlnuedj Year ended 31 December 2023 Inveslm8nt income Unreslricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Income from listed investments Bank interest receivable 4,657 373 4,657 373 4,639 38 4,639 38 5,030 5,030 4,677 4,677 Property rnanagemenl expenses Unrestricled Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Water rates Professional charges Repairs and renovations Building insurance Property depreciation Subscriptions Printing, postage & stationery 4,992 8,161 18,758 2,218 1,269 120 4,992 8,161 18,758 2,218 1,269 120 2,358 7,632 23,284 1,955 1,269 381 10 2,358 7,632 23,284 1,955 1,269 381 10 35,518 35,518 36.889 36.889 Govemance costs Unrestricted Total Funds Unresiricted Total Funds Funds 2023 Funds 2022 Independent examineffs fee 660 660 630 630 Taxation The Almshouse is a registered Charity and is therefore exempt from liability to taxation on its Income and Capital Gains. Staff costs The chariiy has no employees and no payments have been made io any of the Irustees during the year Earsdon, Newburn and Shilbottle Almshouse Charity Notes to the Financial Statements (continuedj Year ended 31 December 2023 Tangible fixed assets Freehold property Cost At 1 January 2023 Housing Association Granl Your Homes Newcastle Grant 882.035 1255,1371 1500,0001 126,898 At 31 December 2023 Deprecialion At 1 January 2023 Charge for the year At 31 December 2023 15,736 1,269 17.005 Carrying amount Al 31 December 2023 109,893 At 31 December 2022 111,162 10. Investments 2023 2022 Trusl Fund The Charity's Official Investment Fund ICOIFI 8.548.050 Income Shares12022 - 8,548.050 shares) 169.636 155,360 Extra-ordinary Repair Fund Ghairnco Common Investmenl Fund 2,008.505 Accumulation Shares (2022 - 2.008.505 shares) 91,920 261,556 88,031 243.391 The increase in fixed asset investments is due to the unrealised growth on revaluation of £18,165 {2022 - £38,782 diminution). 11. Debtors 2023 2022 Trade debtors Prepayments and accru8d income 1,008 1.199 731 1.020 2.207 1.751 10 Earsdon, Newburn and Shilbottle Almshouse Charity Notes to the Financlal Statements (eonllnued) Year ended 31 December 2023 12. Credltors: amounts falling due wllhln one year 2023 2022 Trade creditors Accruals ané deferred income 1,284 540 315 3,771 1,824 4,086 13. Analysis of charilable funds Unrestricted funds At 1 Jan 2023 Gains and At losses >1 Dec 2023 Income Expenditure Transfers General funds Revaluation reserve Revaluation reserve 163.724 44,836 (36,178) {12,000) 160,382 168,744 18,165 186,909 98,888 12.000 110,888 431,356 44,836 (36,178) 18.165 458,179 At 1 Jan 2022 Gains and At losses 31 Dec 2022 Income Expenditure Transf8rs General funds Revalualion reserve Revalualion reserve 168,405 44,838 {37,519) (12.000) 163,724 207,526 (38,7821 168,744 86,888 12.000 98,888 462,819 44,838 137,519) (38,7821 431,356 14. Analysis of nel assels between funds Unrestricted Total Funds Funds 2023 Tangible fixed assets Investments Currenl Assets Creditors less Ihan 1 year Net assets 109,893 261.556 88,554 11,824) 458,179 109,893 261,556 88,554 (1,824) 458.179 Unrestricted Total Funds Funds 2022 Tangible fixed assels Inveslments Current Assets Creditors less than 1 year Nei assets 111,162 243,391 80.889 14,086) 431.356 111,162 243,391 80,889 (4,086) 431,356 11 Earsdon, Newburn and Shilbottle Almshouse Charity Management Information Year ended 31 December 2023 The following pages do noi form part ol Ihe f Inanclal slalements. 12 Earsdon, Newburn and Shilbottle Almshouse Charity Detailed Statement of Financial Activities Year ended 31 December 2023 2023 2022 Income Maintenance conlrlbutions from residents Net income from rents and service charges 39,806 40.161 Invesiment Income Income from listed investments Bank interest receivable 4.657 373 4.639 38 5,030 4,677 Total Income 44.836 44,838 Expendlture Cosls of r8islng malntenance conlribuiions Rates and water Property management Repairs and maintenance Insurance Printing, postage & stationery Depreciation of propety Subscriptions 4,992 8,162 18,758 2.218 2,358 7,632 23,284 1.955 10 1.269 381 1,269 120 35,519 36,889 Expendiiure on chariiable actlvities Independent examiner's fee 660 630 Total expendlture 36,178 37,519 Net income 8,658 7.319 13