REGISTERED CHARITY NUMBER 518431 REGULATOR OF SOCIAL HOUSING NUMBER A3822 |Table of Contents
Page| |---| |Reference and Administrative Details ...................................................................................2| |Trustee Report .......................................................................................................................3| |Statement of T
Responsibilities .................................................................................5| |Independent E
Report ............................................................................................6| |Statement of Comprehensive Income ...................................................................................7| |Statement of Financial Position .............................................................................................8| |Notes to the Financial Statements .........................................................................................9| MARSDEN MEMORIAL HOMES **Year ended 31 March 2024** SECTION 1 Reference and Administrative Details ## Reference and Administrative Details **Charity Registration Number:** 518431 **Registration with the Regulator of Social Housing:** A3822 **Managing Trustee** 54 North Homes Limited ## **Registered Office** 3[rd] Floor, White Rose House 8 Otley Road Headingley LS6 2AD ## **Bankers** National Westminster Bank Plc 8 Park Row Leeds LS1 5HD ## **Independent Accountants** Beever and Struthers Statutory Auditor One Express 1 George Leigh Street Manchester M4 5DL MARSDEN MEMORIAL HOMES **Year ended 31 March 2024** SECTION 2 Trustee Report ## Trustee Report The Trustee submits their report and the financial statements for the year ended 31[st] March 2024. ## **Governing instrument** Marsden Memorial Homes, Farsley, was founded by a conveyance dated 26 February 1935 and on 9 October 1986 the Charity Commission established a Scheme for the regulation of the Charity. Marsden Memorial Homes, Farsley, are used for the residence of those who qualify under the trust deed. Residents should be aged or infirm persons in need. The properties are six semi-detached, one-bedroom bungalows, suitable for couples or single persons. Whenever vacancies occur these are advertised locally. When making decisions about applicants, the homes have been allocated as determined by 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 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. The Trustee has considered the Charity Commission s guidance on public benefit and consider that the activities of the Alms-house meet its charitable objects and is a Public Benefit Entity as defined by FRS102. ## **Review of operation** A surplus of £28,613 is reported compared to a deficit of (£65,203) in the previous year. ## **Reserves** 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 £155,468 as at 31 March 2024 (2023: £126,855). The Charity establishes designated reserves where reserves are earmarked for a particular purpose. MARSDEN MEMORIAL HOMES **Year ended 31 March 2024** SECTION 2 Trustee Report ## **Value for Money** In the table below benchmark refers to the median of 15 smaller registered providers whose unit numbers range from 4 to 428 and have been obtained from their financial statements. The 2024 and 2025 targets refer to the agreed budgets for that period. |**2a**
**New supply delivered**
**(Social Housing)**
-
-
-
-
-
-
-|**2a**
**New supply delivered**
**(Social Housing)**
-
-
-
-
-
-
-|**2a**
**New supply delivered**
**(Social Housing)**
-
-
-
-
-
-
-|**2a**
**New supply delivered**
**(Social Housing)**
-
-
-
-
-
-
-|**2a**
**New supply delivered**
**(Social Housing)**
-
-
-
-
-
-
-|**2a**
**New supply delivered**
**(Social Housing)**
-
-
-
-
-
-
-|**2a**
**New supply delivered**
**(Social Housing)**
-
-
-
-
-
-
-|**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
£2,305
£16,588
£11,408
£9,103
£4,592
£2,287
£10,727|||||||| |6a
Operating Margin
(Social Housing lettings only)
55.24%
(169.88%)
(85.91%)
141.15%
13.78%
41.46%
(85.91%)|||||||| |6b
Operating Margin
(Overall)
55.24%
(169.88%)
(85.91%)
141.15%
13.78%
41.46%
(85.91%)|||||||| |7
ROCE|8.01%|(24.79%)|(14.59%)|22.60%|2.60%|5.41%|(14.59%)| Metric 1 is lower than target as capital works (roof replacement) on four properties was not undertaken, this work has been carried forward into 2025. Metric 5 is lower than target due to lower non capitalised major repairs costs in the period and the receipt of an insurance payment for work completed in 2023. The major repairs costs have been carried forward in 2025. Metrics 6 & 7 are higher than target due to lower non capitalised major repairs costs in the period and the receipt of an insurance payment for work completed in 2023. The major repairs costs have been carried forward in 2025. The annual report was approved by the trustee of the charity on 11[th] July 2024 and signed on its behalf by: **----- Start of picture text -----**
| SteueSigned by:Sucker
**----- End of picture text -----**
**Board Member of 54 North Homes Limited, (the Trustee)** **Board Member of 54 North Homes Limited, (the Trustee)** MARSDEN MEMORIAL HOMES **Year ended 31 March 2024** SECTION 3 ~~—~~ Statement of Trustee’s Responsibilities ## Statement of T rustee’s Responsibilities 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 11[th] July 2024 and signed on its behalf by: **Board Member of 54 North Homes Limited (the Trustee)** **Board Member of 54 North Homes Limited (the Trustee)** MARSDEN MEMORIAL HOMES **Year ended 31 March 2024** SECTION 4 ~~—~~ Independent Examiner’s Report ## Independent E xaminer’s Report to the Trustee of Marsden Memorial Homes, Farsley I report to the trustee on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 7 to 15. ## **Responsibilities and basis of report** 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** Your attention is drawn to the fact that the charity has prepared the Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn. We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 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. AACEE Sue Hutchinson FCCA Independent Examiner Beever and Struthers - Statutory Auditor One Express 1 George Leigh Street Manchester M4 5DL Date: 26 September 2024 ## MARSDEN MEMORIAL HOMES **Year ended 31 March 2024** SECTION 5 Statement of Comprehensive Income ## Statement of Comprehensive Income **FOR THE YEAR ENDED 31[ST] MARCH 2024** ||**Notes**|**2024**|**2023**| |---|---|---|---| |||**£**|**£**| |**TURNOVER**|||| |Maintenance contributions receivable||35,837|33,509| |Service charge income||1,921|1,940| |Amortisation of government grants|9|4,596|4,596| |Voids||(213)|(1,124)| |Maintenance contributions from residents||42,141|38,921| |**OPERATING COSTS**|||| |Service charge costs||5,816|5,528| |Management||12,080|11,580| |Routine maintenance and major repairs||(4,064)|82,419| |Bad debts||(228)|583| |Depreciation of housing properties||5,260|4,930| |Other costs||-|-| |Total operating expenditure costs on social housing letting||18,864|105,040| |**OPERATING SURPLUS/(DEFICIT) ON SOCIAL HOUSING**|||| |**LETTING**||23,277|(66,119)| |Interest receivable and other income|5|3,467|3,030| |Movement in fair value of financial instruments|10|1,869|(2,114)| |**SURPLUS/(DEFICIT) ON ORDINARY ACTIVITIES BEFORE**|||| |**TAXATION**|6|28,613|(65,203)| |Taxation on Surplus on Ordinary Activities|7|-|-| |**SURPLUS/(DEFICIT) FOR THE YEAR**||28,613|(65,203)| |**OTHER COMPREHENSIVE INCOME**||-|-| |**TOTAL COMPREHENSIVE INCOME**||28,613|(65,203)| Marsden Memorial Homes, Farsley has 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 11[th] July 2024 and signed on its behalf by: |**___________________________**
**___________________________**
Signedby:
|
Steuer Sukur
E740C2D8135D410...
[nestby:
71EBOC306BE548C...|**(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 ## MARSDEN MEMORIAL HOMES ## **Year ended 31 March 2024** SECTION 6 Statement of Financial Position ## Statement of Financial Position **AS AT 31[ST] MARCH 2024** ||**Notes**|**2024**|**2023**| |---|---|---|---| |||**£**|**£**| |**FIXED ASSETS**|||| |Housing Properties|8|183,849|189,109| |**CURRENT ASSETS**|||| |Investments|10|88,149|83,359| |Debtors|11|2,992|2,992
4,240| |Cash at Bank and in Hand||30,003|30,003
64,228| |||121,144|121,144
151,827| |Less:|||| |**CREDITORS: Amounts falling due within one year**|12|(14,282)|(74,242)| |**NET CURRENT ASSETS**||106,862|106,862
77,585| |**TOTAL ASSETS LESS CURRENT LIABILITIES**||290,711|290,711
266,694| |**CREDITORS: Amounts falling due in more than one year**|13|(135,243)|(135,243)
(139,839)| |**TOTAL ASSETS**||155,468|126,855| |**CAPITAL AND RESERVES**|||| |Income and Expenditure Account||155,468|155,468
126,855| |||155,468|155,468
126,855| These financial statements were approved and authorised for issue by the Trustee on 11[th] July 2024 and signed on its behalf by: ## [Suku] |[Stew] Signed by: **___________________________** E740C2D8135D410... **(Board Member of 54 North Homes Limited, the Trustee)** (nett by: **___________________________** 71EBOC306BE548C... **(Board Member of 54 North Homes Limited, the Trustee)** The attached notes on pages 9 to 15 form an integral part of these accounts. MARSDEN MEMORIAL HOMES **Year ended 31 March 2024** 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 518431 and with the Regulator of Social Housing, registration number A3822. Registered Office The Trustee of Marsden Memorial Homes 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. The Financial Statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations, but which has since been withdrawn. ## **Going concern** to continue as a going concern. ## **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. ## **Turnover** Turnover represents maintenance contributions receivable for the year, net of voids and amortisation of government grants as referred to below. MARSDEN MEMORIAL HOMES **Year ended 31 March 2024** SECTION 7 Notes to the Financial Statements ## **2. Accounting policies (continued)** ## **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 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** Marsden Memorial Homes were constructed in 1935. There is no record of the original cost, and no value is attributed thereto. The Housing Properties costs relate to improvements conducted since 1990 which were funded by Government Grant, a mortgage loan from Orchardbrook Ltd secured by a charge on housing, land and buildings, and from Marsden Memorial Homes own resources. ## **Component Accounting** The SORP requires registered Housing Associations to apply the rules relating to component accounting. The original value of the improvements as transferred into management in 2012 is assumed to be structural. Further assets were added in 2012/13 and to date. 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%)| MARSDEN MEMORIAL HOMES **Year ended 31 March 2024** SECTION 7 Notes to the Financial Statements ## **2. Accounting policies (continued)** ## **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** Marsden Memorial Homes, Farsley 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 as at 31 March 2024 was £60,677 (2023 £55,417). ## **Fair value measurements** The Trustee uses valuation techniques to determine the fair value of financial instruments and non-financial assets. ## Financial instruments Financial instruments which meet the criteria of a basic financial instrument as defined in Section 11 of FRS102 are accounted for under an amortised cost model. ## 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. MARSDEN MEMORIAL HOMES **Year ended 31 March 2024** SECTION 7 Notes to the Financial Statements ## **3. T** 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:|The average weekly number of persons employed during the year was:|| |---|---|---| ||**2024**|**2023**| ||-|-| |The charity operated using 54 North Homes Limited staff time, the cost||of which| |recharged.||| |**Interest receivable and other income**||| ||**2024**|**2023**| ||**£**|**£**| |Investment income|_3,467|_3,030| |**Surplus on ordinary activities before taxation**||| ||**2024**|**2023**| ||**£**|**£**| |Surplus on ordinary activities before taxation is stated||| |after charging/(crediting):||| |Management fee|9,032|8,441| |Independent examiner
s remuneration (excluding VAT)|1,112|1,080| |Amortisation of grant|(4,596)|(4,596)| |Depreciation|5,260|4,930| |Losses arising from voids and bad debts|1,022|1,707| The charity operated using 54 North Homes Limited staff time, the cost of which is recharged. ## **5. Interest receivable and other income** ## **6.** ## **7. Taxation** Marsden Memorial Homes, Farsley is a registered Charity and is therefore outside the scope of liability to taxation on its Income and Capital Gains arising from its charitable activities. ## MARSDEN MEMORIAL HOMES **Year ended 31 March 2024** SECTION 7 Notes to the Financial Statements ## **8. Fixed assets** |**HOUSING PROPERTIES**
Cost:
At 1stApril 2023
Additions in year
At 31stMarch 2024
Depreciation:
At 1stApril 2023
Depreciation charged in year
At 31stMarch 2024
Net book value:
At 31st March 2024
At 31stMarch 2023|**Total**
**completed**
**housing**
**properties**
**£**
244,526| |---|---| ||244,526
55,417
5,260| ||60,677| ||183,849
189,109| The above cost of housing properties comprising six units related to improvements conducted since 1990 only. The original cost of the land and buildings is recorded as £Nil. ## **9. Deferred grant income** |Total grant received:
At 1stApril 2023
Additions in Year
At 31stMarch 2024
Amortisation:
At 1stApril 2023
Amortisation in year
At 31stMarch 2024
Net Book Value:
At 31st March 2024
At 31st March 2023|**Total**
**£**
196,266
-| |---|---| ||196,266
51,831
4,596| ||56,427
139,839
144,435| ## MARSDEN MEMORIAL HOMES **Year ended 31 March 2024** SECTION 7 Notes to the Financial Statements ## **10. Fixed assets - investments** |Market Value:
1stApril
Accumulated Income
Unrealised gain/(loss) on investments
31stMarch|**2024**
**£**
83,359
2,921
1,869
88,149|**2023**
**£**
82,933
2,540
(2,114)| |---|---|---| |||83,359| The investments comprise income shares in the M&G Charity Multi Asset Fund. The fair value is the market value of the shares as at the balance sheet date. ## **11. Debtors** |Amounts falling due within one year:
Trade Debtors
Less Bad Debt Provision
Due from Group Undertakings
Other Debtors
Prepayments
**reditors**
Amounts falling due within one year:
Trade creditors
Due to Group Undertakings
Rents and Service charge in advance
Deferred Grant Income
Other Creditors and Accruals||**2024**
**£**
10,095
(8,894)
1,201
619
117
1,055
2,992
**2024**
**£**
2,239
-
729
4,596
6,718
14,282||**2023**
**£**
10,672
(9,931)
741
2,173
117
1,209| |---|---|---|---|---| |||||4,240| |||||**2023**
**£**
36,343
944
842
4,596
31,517| |||||74,242| ## **12. Creditors** ## MARSDEN MEMORIAL HOMES **Year ended 31 March 2024** SECTION 7 Notes to the Financial Statements ## **13. Creditors: amounts falling due after more than one year** |Local Authority Grant|**2024**
**£**
**2023**
**£**
135,243
139,839| |---|---| ||135,243
139,839| ## **14. Related party transactions** During the year, the Charity was charged management fees of £9,032 (2023: £8,441) by 54 North Homes Limited whose executive board function 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** ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |Contracted less certified|Nil|Nil| |Authorised not contracted|50,400|50,400| ## **16. Contingent liability** There were no contingent liabilities as at 31 March 2024 (2023 £Nil).