CHARrrY REGISTRATION NUMBER: 512195 Earsdon, Newburn and Shilbottle Almshouse Charlty Unaudited Financial Statements 31 December 2024 Earsdon, Newburn and Shllbottle Almshouse Charity Flnanclal Statements Year ended 31 December 2024 Page Trustee'8 annual report Independenl examinels report to Ihe trustee Statement of financial actlvltles Statement of financlal posltion Notes to the financial slatements The followlng pages do not lorni part of the Ilnanclal Ststements Detai18d slatem8nt of financial activltles 13 Earsdon, Nowbum and Shllbottle Almshouse Charity Truslee's Annual Report Year anded 31 December 2024 The trustee presents hls report and Ihe unaudrte(I flnancial statements ol the assoclation for the year ended 31 December 21)24. Relgr•nc• and ￿MInIStrnt1ve detsll8 Reglslerod ¢harfty name Earsdon, Newbum and Shllbottle Almshouse Ch￿ty Charty rnglslrnllon number 51219S Thè tN•le88 Ex-OffiGIo: Rev. A. Harding J Rob80n Chairman Co•Wed: N Bruce A Taylor W Shaw W Talt IndepMd•nt 0￿MIn•r J E Freeman Chart8r8d Certlflod Accountanls 58 Durham Road Blrtley Co Durham DH3 2QJ Bank•r• Barclays Bank PLC city Officg Percy Stre8t Newcaslle upon Tyno NE14QL Fund M•nogor• Black Rock Investment Managernent (UK) Lld 33 Klno Wllllarn Streel London EC4R 9AS Earsdon, Newburn and Shllbottle Almshouse Charlty Trustse's Annual Report (4onthu Year ended 31 December 2024 Structurei governance and management Goveming Document The organisatlon Is govemed by a trust deed daled 7 January 1982. Recmithent and Appolntment of Twstees The charity alms to malnlain its lunctlons by recruhlng local business p8ople and apwopriate indivlduals from the hxality who have the necessary skllls and local knowledge to monitor the financial PO8lllon of the charlty, and to make Ihe necessary provlsk¥n of a￿0MModatIon to thè residents. The recruhment of new Trustees Is 8 matter for the Board of Trustees. a￿1 when vacancies arfse, In ellher numbers or 6kS11 coverage, the Chaimian will b8 asked lo approach sultabl8 candidates from the cornbined contacts of all current Trusiees. Such awolntments wlll bear in mlnd the need to have a knowledge ol the region, an understanding of and empathy with the chariiable seclor, coupled wlth a general recognI￿on of the needs of the resldents. None of the Trustees are entllled 10, nor recelved, any remuneration for their services lo the charity durlnq the yèar. Addltlonally. no gxpenses have been paid to any Trustee. Twstee Inductlon and Tralnlng Tho Trustees are all lamlliar wlth the work of the charity. aml naw Tru8tee8 ar• encouraged 10 attend 8t the Chartys reglstared office where they we brlefed on thg alff*. obJgctlve8 and ott￿r operational matters, In addition to thelr roles and responsÉbllltles. Risk Management The Trustees actively revtew tho major risks whlGh the charlty faces on a regular b8559 a￿1 bellevo that malnialning re8erves at ¢urrenl16vel8, comblned wilh an annual revlew ol tho conirols over key financlal systems, wlll provide 8ufflclent resources in Ihe event of adver8e cOr￿lI10n$. The Truste88 have also examlned other operaiional and buslness rl8k£ laced by the charity and confirrn that they have e8tablished sy8tems to mltlgate the 81gnlflGant risk8. ObJKtIvo8 and •ctFvltlD• Actlvk Earsdon, Newburn and Shllbottie Almshouse Charity moets the definltion of a public tse￿￿1 entty under FRS 102. The princlpal aclivity of the Charity is lo provide resklential accommodatlon lor the poor and needy residing In or naar Ear8don, Newbum Shilbottle. The Charlty owns arKI malntains 12 adjacent propertles in Newbum lor whlch the re8ldonts contrlbute a nomlnal weekly sum to cover malntènancg and running c08ts. A¢hl•vOm￿ts and porforrnonc• During the year, the charity achbved full occupancy, wlih no voids bolng experienced. Maintenance conlrlbutk)ns have steadlly increased In line wlth best practlcg and now represeth adequate covor for ongolno and rwtine costs. Flnwclal rnvl6w Thg Staiernent of Flnancial Aciivttles shows net outgolrwJ resource8 lor the year (before movements In the market value of Investments) of £11,037 and cumulatlve res8rv88 to cafry lorward of £451.648. The Trustees have consKlered any major rlsks to whlch the charlty might be exposed In the near future, arKJ conslder that the presenl level of fundlng is adequate to support the charlty's current op8raiions. The Tr￿lee3 conslder the current financlal posltion of the charity to be good and continue to monitor the poBitlon to ensure the future flnancial p08115on remalns secure. Earsdon, Newburn and Shllbottle Almshouse Charity Trustse's Annual Report (condnwd) Year ended 31 December 2024 R08erve8 Pollcy The charfty's sob purpose Is to provide acGommodation lo quallfylng AlrnslK)U8e resthnts, as such maintains sufficlent liquid funds to defray roLrtine malntenanc8 and other running costs: whilst mainlainlThJ sufficient kjnger term Imiestments in approved ftsnd8 to cover any major capital expenditure. The T￿￿ee$ conslder thal operating reseNe8 sufflcient to cover these admlnistrative costs for up to 9 rnonths are sufflclent in the context of the charitls current oblecfjves. Plw• for luiuro pgrlod• Thero are no plans to expand the activltles ol the charlty. The truslee's annual report was approvod on 2.p.l.p(otso.iS.... and winod on behalf of the board ol Iru8tee8 by: J Rob80n TNsieg Earsdon, Newburn and Shllbottle Almshouse Charlty Independont Examinerfs Report to the Trustee of Ear8don, Newburn and Shllbottie Almshouse Charlty Year ended 31 December 2024 I report to the Irusiee on my examinatlon of the financlal statements of Earsdon, N8wburn and Shilbottle Almshouse Charty (Ihe association,) lor the yèar ended 31 December 2024. R•8pon8lblllllM and ba819 of rwt As the trustee of the assoclation you are responsble for Ihe prepar91k￿ of the flnancial statemonts in accordarKe with the requirements ol the Charities Act 2011 ('the Acn. I report in respect of my exarnination of the associaiion's financlal 8taternents carri6d out under 8eclion 145 ot the 2011 AGt and In carrying oul my èxaminatlon I have lollowed all the applicable DIr￿tiOnS glven by the Charty Commisslon under seclion 145(5>(b) of Ihe Act. Indyndent oxamlnef• 8tst6mont I have completed my 8xaminatlon. I confirm that no materfal matters have Gome to my attention In connection wllh Ihe examination glvlng me ¢au88 to believe that In any materlal resPOCt.' accountlng recordg were not kept In respect ol the associatlon a8 requlred by 8ectK>n 130 of the Act; oi tho financlal 8tat8mgnts do not accord wilh those records; or the flnancial 8tatements do not comply wlth the appllcable raqulrements CO￿8m1ng th• form and conteni of accounts 8et out In the Charities (AGcounts and Reportsl Reoulations 2008 other than any requlrement that Ihe accounts glve a irue and fair, view whlGh18 not a matter consldered as part of an independent examlnatlon. I have no wncems and have come acro￿ no other matters in conn8cilon wlth the examina15on to which attentlon shoukl be drawn In this rgport In order lo enable a proper untsrsiandlng of Ihe accounts to be reached. J E Fmm•n FCCA Independent Ex•mln•r 58 Durham Road Blrtley Co Durham DH3 2QJ 30.6.25 Earsdon, Newburn and Shilbottle Almshouse Charity Statement of Flnanclal Acllvllles Year ended 31 December 2024 21Y24 Unr88trlcted furKls Totsl lund• Toial funds 2023 In¢ome Maintenance contrilxrtions from residents Inv8￿ment Income 42,169 5,261 42,169 5,261 47,430 39,806 5,030 44,836 Tothi Income 47,430 Expendlturo Expenditure on ra16ing funds: Property management oxpenses Exp8nditure on ehafllabl8 a￿7vItIeS Total •xp•ndltur8 57,807 57,807 35.518 58.467 58,467 36,178 Net (•xpondltureVlncom• (11,037) (11,037) 8.658 Olhw rncognlsad galn• and10g80• GrowtN(dlmlnution) from reVaIL￿tIon ol fixed assets Ilet rnovomont In fund• 4.506 (6,531) 18.165 26.823 (6,531) Reconclllatlon of fund• Total fund8 brought forward Tot•1 fund• c•rrl•d foThY•rd 458,179 451.648 458,179 451.648 431.356 458,179 Fund bal•nco8 arn •n•ly•od Revenue ReseThe Revaluallon Rwrve Cawtal Re8erve Total •yndltur• 137,345 122,888 191,415 451,648 160,382 110.888 186, 458,179 The Statement of financial aetivllles Includes all galns and kJs8es recognlsed In the year. All in￿rne and expenditure derive trom coniinulno activities. The noiès on pag68 7 10 11 form part ol thp80 linanclal 8tatsmonts. Earsdon, Newburn and Shllbottle Almshouse Charlty Slatement ol Flnanclal Posltlon 31 December 2024 2024 21Y23 Flxed asgets Tangible fixed assets Inv861ments 108,624 266.062 109,893 261,556 371.449 10 374,686 Current amets Debtors Cash at bank and In hand 11 4.647 75,414 80,061 2.207 86.347 88.554 Crodllor8: amounts lalllng du6 wllhln one y•r Net currént 12 {3,099) 76,962 451.848 451.648 {1.824) 86,730 Totsl ats6ts1••8 cuYr•nt Ilabllftl•• 458,179 458,179 i aa•èts Fund• of the charlty Unresirlcted fund8: Flwenue reserve Revaluation re￿ Other unre8tiicted IrKome lund8 137,345 122.888 191,415 451,648 451.648 160,382 110,888 186.909 458,179 Tol•l unr••trlct•d fund• Tot•1 chorlty lund• 13 458,179 These flnancial statements were approved by the board of Injstees and authorised for Issue on 11.!.QAI.AK).LS, and are signed on behall of Ihe board by: J Aobson Trustee The note8 on p8geB 7 to 11 form part ol these financlal stoloments. Earsdon, Newburn and Shllbottle Almshouse Charlty Notes to the Flnanclal Ststements Year ended 31 December 2024 Genernl Infonnatlon The assocEaiion is a publlc benefft entiiy and a registeiod chadty in England and Wale8 and is unincorporaled. The format of the financial 8tatement complle8 With the AcGwnling Requirements of Ihe Houslng SORP 2014: Slalement of Recommended Pracllce lor Registered Soclal HouslrYJ P￿vkIerS aKI In Accounting Dlioctlon for Private R8gi61ered Providers ol Social Houslng 2015. si•iorn•nt ol compllance These financlal statements have been prepared in compllance With FRS 102, Tr Flnancial R8Fx)rtlng Standard appllcable In the UK lh8 Republic of Ireland. Ihe siatement of Recommended Practice ap￿1¢abkn io charltles preparfng their accounts In accordance With the Flnanclal Reporting Standard applicable In the UK and Republic of Ireland (FRS 1021 {Chariti68 SORP (FRS 102)) and the Gharlties Act 2011. Aecountlng pollclo• B•sl• ol pr•parallon The financial statements have been prepared on the hlstorlcal cost basls, a8 modified by the revduation of certaln flnan¢lal ass￿8 and liabllltle8 and inv6strneni prop8rt188 measured at falr value throuoh income or expendlture. The fSnan¢hl 8tai•monts are prepared in sterflng, whioh is the fuiKtlonal currency of Ihe 8nllty. Golng conc•m Theie are no material uncertalntie6 about the charity's ablllty to continue. Dl8clowr• ￿0MPl10n• The entlty 8atisfias the criiorla of belng a qua15fying a￿lty as defined In FRS 102. A8 6uch, advantage has been tak•n of tha follDwlno dlsclo$ure exemptlons avallablo under parngra 1.12ofFAS 102: (a) No ca8h Ilow 8tat•mgnt has been presented for the company. (b) Discb8ures in respect of flnanclal In8truments have not been proBgnted. Fund •c¢¢)uniing Unreslrkted lund8 aro avallablo for use at tho dl8cfwion of thg tNstees to further any of the charlV8 puiposes. De8lgnated fund6 are uniesirlcted lunds earniarked by the tW8tee for partlcular luluw prolect or ¢ommlbnent. Restrfcted lurKI8 are subjecled lo restrictlons on Ihelr expendlture de¢lared by the donor or thiough the tems of an appeal, arKI fall inkn one ol Iwo sutrcla88es: restrlcted Incomo lunds or endowment furKIs. Earsdon, Newburn and Shllbottle Almshouse Charlty Notes lo the Flnancknl Ststements leontlnuod) Year ended 31 December 2024 Aecountlng pollclo¥ (eonttm*dl Incomlng resources Maintsnance contrfbutions a￿j Investmenl Income are shown when receivabb. Re8ource• oxpended Expendlture is recognised on an accrual basls a8 a liability is Incurred. Expendltyre includes any VAT whlch cannot b8 fully recovered, arKJ is classlfled under headirys of the 8lalement of flnanGlal activilles to which It relates. Charltable expendlture cornpr1888 those costs Incurred by Ihe charity in rela15on to the propgrt188. It includas both ¢08ts that can be alk)Gat¢d dlrectly and those costs of an Indirect nature n6ce&8ary to support them. All re￿r$ are charged to revenue unless they represent a signlflcant Improvement to th8 property. Governance costs Includes those costs assoclated wrth meetlng ihe conslltullonal and staiuiory requSrements Df the charity and Include Ihe Independent examlnalion1868 and costs linked lo the 8trateglc managoment of the charty. l)•prnclatlon Depreclation 18 calculated so as io wrfite off the cost or valuation of an a8seL 1888 It8 rosklual value, over th• u8eful economic fife of that asset as follows: Freehold pr¢)pety Inv••tments 1% straight Ilne Unll8ted equity Inve8tm6nts am Inttlally recorded at ￿61, and subsequently measured at lalr value. If fair value Gannot be rellably measured, assets are measured at CO81 less impalmient. Ll8led Investments afe m8a8ured al falr vajue with changes In falr value belng rwinised in Income or expendkure. Hou￿n9 prop•rtl The AlmstrK)us88 were eonstwcted In the lale Nlneteenth Century and Iher• Is no record ol the original cost and no value 18 attrlbuted thereio. The Houslng Prq)ety costs relate 10 Improvements c*ried out slnce 1960 vthlGh were lundod by a Houslng Corporatlon Grant, a mortgage loan from Hou81ng Coiporatkjn 88cured by a charyJe on hou81ffj, land buildings and from the Alrn8tK)Uges own reswrces. Whllst Ihe propertles are malnlalned in a State of repalr such that thelr estimated resldual value 18 not less than tt￿11 improvement cost or carrying amount, an annual charge for depreciatlon of 1 % slraight Iln8 has been provlded In Ilne with the previous year Houglng a88oclatlon grant Housing Assodatlon Granl (HAG) is pald by the Hou61ng co￿)ratIon to reduce the cost developmenl and is, thereft)re. shown as a deducllon from the cost ol Housino Properties on the Balance sheet. HAG18 ropayable under certain circumstances. primarlly followlng the sale of Ihe property, but wlll nomialty be restricted to nel proceeds of sale. Earsdon, Newbum and Shllbottle Almshouse Charity Notes to the Flnanclal Ststernents (¢onthiuodl Year ended 31 December 2024 inve81m￿l Income Unrestricted Total Fund8 Unrestricted Total Funds Funds Funds 2023 Incorne from li8ted Invostrnents Bank Interest recelvable 4,722 539 4,722 4,657 373 4,657 373 5261 5.261 5,030 5,030 Property mnagemorf exp8n8•8 Unr8slrlcied Totsl Fund8 Unrestrlcted Total Funds Funds FurKIs 2023 Water rates Professional charges Repalr8 arKI renovatk)n8 Building InBurance Propety depreciation Subscrlptlon8 10,863 9,208 33,198 2,421 1,2e9 10,863 9,208 33,198 2,421 1,289 4,992 8,161 18,758 2,218 1,269 120 8,161 18,758 2,218 1,269 120 57,807 57,807 35,518 35,518 6. Govwnanc• co•t• Unrasirfcled Total Fund• Unre31rf¢ted Total Funds Fund8 Fund8 2023 Independ•nt eX8min8f8 fee Taxatlon The Almshouse Is a reglsiered Charlty and Is ihwoforfr exempt from fiablltty to taxatlon on Its Income arKI Capital Galns. The charfty has no employees and no payrnents have ljeen made kn any of Iho trustee8 during the year Earsdon. Newburn and Shllbottle Almshouse Charity Notes to the Flnanclal Slatements (Mnt Year ended 31 December 2024 Tanglble flxed assèt8 Fieehold property Cosl Original cost Housing Assoclation Granl Your Homes Newcastle Grant 882,035 {255,137) {500,000) 126.898 At 1 JJnuary 2024 & 31 DeCem￿r 2024 Dyocl•tlon At 1 January 2024 Charge for th6 year At 31 Deumbor 2024 17,005 1,269 18,274 Carrying amount At 31 December 2024 108.624 At 31 December 2023 109,8W3 10. Inv••tmonl• TTU•t FurKI Tho Charity's Officlal Investment Fund (COIFI 8,548.050 Income Shares (2023 - 8,548.050 8harn8) EX*ra￿rdInary Rgpalr Fund Chalrnco Common Inv88tment Fund 2,008.505 Accurnulation Shares (2023 - 2.008.505 shar88) 173,488 169.636 92,594 91,920 261,556 Tho Increase in Ilxed a88èt Invesirnents is due to the unrealised growth on revaluation of £4.506 12023- £18,165). 11. Debtoro 2024 2023 Trade debtors Prgpaymenis and accrued incorne 3,425 1,222 1,008 1,199 2.207 4,647 10 Earsdon, Newburn and Shilbottle Almshouse Charlty Notes to the Flnanclal Statements (conllnwd) Year ended 31 December 2024 12. Credllorg: omounts lalllng due wlthln one year 2024 2023 Payments received on account Trade creditors Accruals and delerred Sncomg 289 1,995 815 3,099 1,824 13. An•lyg1• of charllablo fvnd• unre•trl¢1￿ furMI• At 1 Jan 2024 Gains and At losses 31 Doc 2024 Income Expenditure Transfer8 (58,467) (12,000) G8n•ral lund8 Capltal r868rve Revaluatlon reserve 160,382 186,909 47,430 137,345 191,415 4,506 110.888 458,179 12,000 122,888 451,648 47.430 (58,467) 4,506 At 1 Jan 2023 Galns and At lo88es 31 Doc 2023 Income Expendhure Tran8ler8 General lunds Gapiial reservo Revaluation re8eN8 163,724 168.744 44,836 (36,178) (12.000) 1eo,382 186,909 18,165 12,000 110,888 458.179 431,356 44.838 (36.178) 18,165 14. Anatyolj ol not ••••ts bètw••n fund• UnreBlrlctsd Total Fund• Funds Tangible flx8d assets Investments Current A86ets Creditors less than 1 year Net 88wts 108,624 268,062 80,081 {3.099) 451,648 108,624 266.062 80,081 (3,099) 451.648 Unre6trfcted Tolal Fund$ Funds 2023 Tanglble fixed assets Inveslments Current Assets Creditors less than 1 year Net 888•ts 109,893 261,556 88,554 (1.824) 458,179 109,893 261,556 88,554 11,824) 458,179 11 Earsdon, Newbum and Shilbottle Almshouse Charlty Managemeni Information Year ended 31 December 2024 Tho followlng p8069 do forni part of Ihe Ilnanclal glatement8. 12 Earsdon, Newburn and Shllbottle Almshouse Charity Detailed Statement of Flnancial Actlvltles Year ended 31 December 2024 2024 2023 Incomo Malntenance ¢ontrlbutlon8 from re8lden19 Net Income from fents arKI sgNhGe charges 42,169 39.8 Inve81ment Incom• Income from listed Investmonts Bank interesi rnc8lvable 4,722 539 4,657 373 5.261 5,030 Tothi Income 47,430 44,836 Expondlture Co8t8 of ra181ng m•lnt•nanc• conlrfbullon• Rates and water Property management Repalr8 and malntenance Insurance Deprodatlon of property SubscWlon6 10,863 9.208 33,198 2,421 1,269 4.992 8.162 18,758 2218 1289 120 57,807 35,519 Expendltur• on ch•riiablg actlvltle• IrKlepgndent examlnefs foe Totll •xpendiiurè 58.467 36.178 Nat {expendlturo)nncome (11,037) 8,658 13