COMPANY REGISTRATION NUMBER: SP1731RS CHARITY REGISTRATION NUMBER.. SC030862 The Isabella Agnes Smith Housing Association Ltd Financial Statements 9 December 2023 The Isabella Agnes Smith Housing Association Ltd Members. Annual Report (Incorporating the Directors Report) Year ended 9 December 2023 The members. who are also the directors for the purposes of company law. present their report and th8 finanrial statements ofthe ch3rity lor the year ended g D8cember 2023. Referenc• and administratlve detalls Registered ¢harity narn8 The Isabella Agnes Smith Housing Associats"on Ltd Charity registration number SC030862 Company registratlon nUrn￿r 1731 R ISI Principal office and ￿gIstered office The members Company SeC￿tary ndsays LLP Auditor Walker Dunnett & Co Chartered accountsnt & ststutory auditor 29 Comrnerrial st￿et Dundee DD13DG Lawyers and trust advisers Lindsays LLP Seabrae5 House 18 Greenrnarket EIUNOEE DD14QB The Isabella Agnes Smith Housing Association Ltd Members. Annual Report (Incorporating the Directovs Report) (continued) Year ended 9 December 2023 Structure. governance and management Legal Status The Association is a recognised ¢harity. number SC030862. Goveming document The org8nisation is a limit8d Company, set up in 1971 and registered as a recognised charity in January 2001. The company was set up under the Industrial and Provident Societies Act 1965 rules which are now consolidated into the Co-operatlvé and Community Benefit Societies Act 2014 rules. Member Recruthent, appointrnent, induction and tr8ining The metnb8rs Of the ￿MpanY are 81s0 the charity trustees for the purpose of charity law and under the companvs rules there is no tirne limit on the length of time a member can serve. There is no fonnal policy for the recruitment, appointment, induction or training of mernbers. Risk Management The memb8rs have assessed the major risks to which the Charity is exposed, in parhcular those relating to the operations and finan￿$ of the Association and are satisfied that systèms are in place to mitigate exposure to those 5ks. Objectives and actlvities The princip81 activity of the Asso¢iation during the yearwas the prowsion of good. inexpensive rental accommodation for eldedy ladies. Achievements and perfornianee The Association exists to provide good, cheap rental accommodation to elijerty ladies and owns a number of flats for this purpose. It is fin8nced by loans from Miss IA Smith's Trust Fund and has also received regular donations from this Trust over the years 2nd there is no requirernent for the assoaation to raise finance from any other source. Flnancizl review Investment Policy The policy is long term and properties are held primarily to pro¥ide an investrnent retum for the charity. Total fvnds at 9th Dec8mber 2023 were £2,624,078. Reserves Policy All funds are unrestrictsd and rÈsÈroes are kept high in ordar to Ènable the Association to charye low rents perthe rules ofthe charity. The Isabella Agnes Smith Housing Association Ltd Members. Annual Report {Incorporating the Directorfs Report) (continued) Year ended 9 December 2023 Plans for future perlods Ths Association plans to eonb.nue to supply good. cheap accommodation to elderly ladies. Members, rèsponslblllties ststement The rnembers. are 81so d1￿CtorS for the purposes of comp8ny law, are responsibl& for preparing the members, report and the financial statements in 8cCOrdan￿ wryth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acc&ptsd Accounting Practice). Company18w requires the charity members to prepare financial ststernents for each year which give 3 true and fair ew of the state of affairs of the charitable company and the incoming resources and application ol resour￿$, induding the income and expenditure, for that period. In preparing these financi81 statements, the rnembers are ￿qUired to.. select suitable accounting policies and then apply them consistently", observe the methods and principles in the applicable Charities SORP,. m8ke judgments and accounting estirn8tes that 8re reasonable an(J prudent., prepare the fin8ncial ststements tsn the going Corn￿rn basis unless it is ln8ppr0p￿ate to presume that the charity bwll ¢ontinu8 in business. The rnernbers are responsible for keeping 3dequ8t& accounting records that ar8 suffirient to show and explain tha charity's transactions and disclose with r88sonable 8ccuracy at any time the financial position of the charity and enable them to ensure that the financial 5t8tement5 cornply with the Companies Act 2006. They are 81s0 responsible for safeguarding th8 assets of the charity and hents for taking reasonable 5t8ps forthe preventlQn 8nd detection ol fraud and other Itregulariti65. Auditor Each of the persons who is a m8rnber at the date of approval of this report eonfinns that.. so far as they arè 8ware, there is no relevant audit infomiation of which the charitys auditor is Unawa￿.. and they h8ve tsken all steps that they ought to ha￿ tsken as a member to make themselves aware of any relevant audit information and to establish that the charitys auditor is aware of that inforrnation. Walker Dunnett 8 Co has stated that they are to resign as auditors and with their help we wll appoint a suit8ble auditor soon after the Annual General Meeting. The Isabella Agnes Smith Housing Association Ltd Members, Annual Report (Incorporating the Directovs Report) (continued) Year ended 9 December 2023 Small company pmvlslon$ This report has been p￿pared in accord8nce with the provisions applicable to companies entitled to the small companies exemption. The mtrmbers, annual report W2s approved on 4 October 2024 and signed on behalf of the board of mernbers by,. Lir.d5ays LLP Charity Secretary The Isabella Agnes Smith Housing Association Ltd Independent Auditor's Report to the Members of The Isabella Agnes Smith Housing Association Ltd Year ended 9 December 2023 Opinion We have audited the financial statements of Isabe118 Agnes Smith Housing Association Ltd lthe'charityl forthe year ended g December 2022 which comprise the statement of financial actilities, statement ol financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that h£s been applied in their preparation is applicable law and United ￿ngdoM Accounting Standards, including FRS 102 The Finanaal Reporting Standar(J applicable in the UK 8nd Republic of Ireland (United Kingdorn Gener811y Accepted Accounting Practice). This report is made solely to the charitys members, a5 a body, in 8ccordance with Section 193 of the Cornpanies Acts, 2006. Our audit work has been undertzken so that we might state to the charity's members those matters we are rtquired to state to them in an auditotts report and for no other purpose. To the fullest extent permitted by law. we do not a¢￿pt or 35sume ￿sponSIbl1￿ to 8nyone other than the ch8rity and the charitys members as a body. for our auditwork. forthis reptsrt, or for the opinions we have fom)ed. In our opinion the financial statements.. give a twe and fair view of the state of the charity's affairs as at S December 2022 an*Y of its incorning resources and spplic8tion of resources. including its income and expenditure, for the year then ended., have b8en property prepared in accordance with United Kingdom Gener811y Actspted Accounting Practice., have been prepared in accordan￿ wryth the requirements of the Companies Act 2006, the Charities and Trustee Investment IScot18ndl Act 2005 and regulation 10 of the Charities Accounts Iscodandl Regulations 2006 las amended). Basis for opinion We conducted our audit in accordan￿ wth Intemational Standards on Auditing IUK) IISAS IUIQI and applicable law. Our responsibilities under those standards are further d8s¢ribed in the auditorfs responsibilith.es for the audit of the finanaal 5t8t8ment5 SÉCtion of our report We 8re independent of the charity in accordance with the athical ￿quirementS that are relev8nt to our audit of the financial statements In the UK, including the FRC'S Ethical Standard, and the pro￿lS1O￿S 8vai18ble for sm811 entities, in the circumstances set out in note 14 to the financial statements, 8nd we have fulfilled our other ethical responsibilities in accordance with these reouirements. We believe that the 8udit e1fjden￿ we have obtained is sufficient 8nd appropriate to provide 8 basis for our opinion. onclusions relating to going concern We have nothing to report in ￿SPect of the follo￿rng rnatters in relation to which the ISAS IUKI require us to report to you where.. the members, use ol the going ctsnrEm basis of accounting in the preparation of the financial statsments is not appropriate", or the members have not disclose(l in the finanual statements any identified material Un￿rtaintieS that may csst signifi¢ant doubt about the Charitys ability to continue to adopt the going concern basis of accounting for a period of at le85t ￿e1ve monttts from the date when the finanaal statements 8r8 authorised for issu& The Isabella Agnes Smith Housing Association Ltd Independent Auditor's Report to the Members of The Isabella Agnes Smith Housing Association Ltd (continued) Year ended 9 December 2023 Other infomiatlon The other information comprises the information induded in the annual report. otherthan the financi81 ststements 8nd our auditor's report thereon. Th8 members are responsible for the other information. Our opinion on the financial statements does not cover the other infomation and, excapt to the extent otherwise expliciuy stated in our report, we do not express any lom of assurance condusion thereon. In connection wth our audit of the financial statements, our responsibility is to ￿ad the other information and. in doing so, considerwhether the other infomation is msterially inconsistent wth the financial statements or our knovAedge obtained in the audit tsr otherwise appe8rs to be materially misstated. If we identify such material inconsistenoes or 3pparent materi81 misstatements, we are required to determine whether there is a materi81 misstaternent in the financial statements or a materi81 misstatement of the other information. If, based on the work we have perfomed, we condude that there is 8 material misstatsment of this other information we ar8 required to report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed bythe Companies Act 2006 In our opinion, based on the work undertaken in the course of the 8ud the information gI￿n in the members, report for the fir78ncial year forwhich the financial ststements are p￿pared is consistent Kryth the financial statements,. and th& members. report h25 been prepared in aCcOrd8n￿ with 8pplicable 18gal requirements. Matters on whleh we are required to report by exception In the light ol the knowledga 8nd understanding of th8 charity and its en)rironment obtained in the course of the audit. we have not identified m8terial mi55t8tements in the Members, reporL We have nothing to report in ￿SpeCt of the following matters in ￿lation to which the Companies Act 2006 requiies us to port to you If, in our opinion.. adequate accounting records have not been kept, or returns adequ8te for our audit have TFOt been rec8ived from branches not wsited by us.. or the finanaal statements are not in agreement wth the accounting records and returns.. or certain ¢Ji5cIosures of members, remuneration specified by law a￿ not made, or we havtr not received all the infomiation and explanations we require for our audit.. or the members were not entitled to p￿pare the financial statements in accordan￿ with the small companies, regime £nd take advantsge of the sm811 companies. exemptions in preparing the directors. report and from the requirernent to prepa a strategic report. Responsibilities of rnembe As explained more fully in the members, responsibil￿eS statement, the members Iwho are also the directors for the purposes of company lawl are responsible for the p￿paratIOn of the f Inan¢ial statements 8nd for being satisfied that they give a true and fair view. and for such internal control as the members determine is necessary to enabl8 the preparation of financisl statements that are free from rTr8terial misststernent, whether due to fraud or error. The Isabella Agnes Smith Housing Association Ltd Independent Auditor's Report to the Members of The Isabella Agnes Smith Housing Association Ltd (continue) Year ended 9 December 2023 In preparing the financial statements, thé members are responsible for assessing the charity's ability to continue as going concern, disdosing. as applicable, matters related to going concern and using the going concern b£sis of accounting unless the mernbers either intend to liquidate the charity or to cease operatons, or hève no realistic altemxtive but to do so. AUdit0￿S responsibilitFes for tho audit of the financlal ststements Our objectiv6s a￿ to obtain ￿8$On8b[e 8ssur8n¢e about whether the finanaal statsments as a whole are free from material misstatement. whether due to fraud or error. 8nd to issue an auditor's report th8t includes our opinion. Reasonable assuran￿ is a high level of assurance but is not a guar8ntee that an audit conducte Year ended 9 December 2023 Note 2023 2022 Fixed assets Investynent Propertie 10 2.765,000 2,660,000 Current assets Cash at b8nk in hand 5,481 2,447 Credltors: amounts falling due wlthin one year 11 12,289 4,951 Net ¢urmnt IlabilitÈes 16.7881 12.5041 Total assets less current liabiltties 2,758,212 2,657,496 Cr8drtors- amounts falling due after more than one year 12 124,134 124.134 Net assets 2.634,078 2.533,362 Funds of the charity Called-up equity share capital 13 Capitsl re(Jemption rtserve 13 Unrestricted funds.. Fairv8lue reserve Other unrestricted income lunds Totsl unrestricted funds 13 2.572,012 62,059 2,467,012 66.343 2,533,355 13 2,634,071 Total eharity lunds 2,634,078 2,533,362 These financial statements have been prepared in 8ccordane£ with the prowsions of the Law RefoTri (mis￿lIaneouS Provision51 Scot18nd Act 1990, The Ch8rities and Trustee Investment IS¢otlandl Act 2005 and with the Statement of Recommended PractiTr- Accounts"ng by Charities IFRS 1021 and with the requirements of the Co-operative and the Community Benefit Societies Act 2014. These financial statements w8re approwj by the bosrd of ar8 signed on behalf of the board by.. issue on 4 October 2024 and Designated Member 10 The Isabella Agnes Smith Housing Association Ltd Notes to the Financial Statements Year ended 9 December 2023 1 General Infomiatlon The charity is a private company registered in Scotland 8nd 8 registered ch8rity in Scotland. The address of the regi5ter8d office is Principal add￿$$.. Lindsays LLP, Seabraes House. 18 Greenm8rket, DUNDEE, DD140B. 2 Statement of complianea These financial statemants h8v8 been prepared in compl18n￿ wth FRS 102, 'The Fin8nci81 Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Re¢ommended Practi￿ applicable to ch8rities preparing their accounts accordancE with the Financial Reporting Standard 8ppIic8ble in the UK and Republic of Ireland IFRS 1021 ICh8rities SORP IFRS 10211 and the Charities and Trustee Investment IScod8ndl Act 2005 anij the Chanty Account5 Iscouandl Regulations 2006 las amended). 3 A¢¢ountlng poliei8S Basis of preparation The financial statements have been p￿par6d on th8 historical cost basis, as modified by the revaluation of ￿rtain financial assets and li8bilities and investment properties measured 8t fair value through income or expendituie, and in accordance Mrith the Statement of Recommended Prdctic£- Accounting and Reporting by Ch8rities IFRS 1021. Charitsble Ststus The Association is recogniseil by HMRC 85 a ¢harity for the purposes of Section 505 Incorne & Corporation Taxès Act 1988. It Is entitled under Section 1171 of the Law Refotmlmiscellaneous Provisionsllscotlandl Act 1990 to des?￿be itself as a Scottish Charity {Num￿r SC0308621. Going concern There are no m8terial un￿rtaintieS about the charity's ability to continue. Disclosure exemptlons The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the followng disclosure exemptions available under paragraph 1.12 of FRS 102.. lal No cash flow 5talernent has been presented lor the comparTry. Ibl Di5closure5 in respect of finanaal instmments have not been presented. Judgements and key sources of 8Stimation ut)certalnty Thé prep8ration of the financial statements requires management to make judgements, estimates and assumptions that affect the arnounts reported. These estimat85 and judgements a￿ continually rewewed and are based on 8xperiencÉ and other factors, including expectations of ￿tUre events th8t 8re believed to be reasonable under the ar¢Umstsn￿s. 11 The Isabella Agnes Smith Housing Association Ltd Notes to the Financial Statements (continued) Year ended 9 December 2023 Fund accounting All funds are unrestricted and may be spent or applied at the discretion of the trustees to further any of the charity'5 purposes. Incoming resources Thè in¢ome 88 shown in the Staternent of Financi81 Acliwties rep￿sentS rent receivable, donations and bank Interest receivable. 811 of which are induded in the accounts when the Association is legally entided to the income and the 8mount can be quantifie£l wryth reasonable actsJr8W. Resource5 expended ReSoUr￿S expended a5 Shown in the Statement of Financial Activities represents costs of generating ￿rndS. made up of rep8irs, insurance and sundry costs such as Landlord Registration and Regu18tory fees anij gtsveman￿ costs. made up of rnanagement and audit lees. These costs are included in the accounts when the Obligation becomes binding. Investment property Investment property is inrjuded at fair value at each reporting d*e and any changes are recognised in income or expenditure. Flnancial instruments Finan￿￿1 instruments ar& classified and accounted for. according to the substance of the contractual arrangement, 8S either financial assets. financi81 liabilities or equity instruments. An equity instrument IS 8ny contract that eVIden￿S a residu31 interest in the assets of the comp8ny after deducting 811 of its liabilthes. 4 Income from donations and le9acies Unrestricted Funds Total Funds 2023 Unrestricted Funds Total Funds 2022 Donations 11,259 3,000 3.000 5 Incomè from chzritsble activitses Unrestricted Funds Total Funds 2023 Unrestricted Funds Total Funds 2022 Rents 41,440 41.440 41,741 12 The Isabella Agnes Smith Housing Association Ltd Notes to the Financial Statements (continued) Year ended 9 December 2023 6 Analysls of support costs Unr8Stricted Funds Total Funds 2023 Unrestricted Funds Total Funds 2022 Govemance costs Other ￿sts 13.145 40,158 53,303 13,145 40,158 53,303 9,257 36.047 45,304 9,257 36,047 45,304 7 Other expenditure Unrestri¢ted Funds Totsl Funds 2023 Unrestricted Funds Totsl Funds 2022 Audit fee 3.940 2,958 2.958 8 Stsff costs There were no 8fnployees in the cuThent or preceding yèars. 9 Member remuneration and expenses er8tion or expenses payrnents have been made to any of the members. are members and partners in Lindsays LLP, who administers the entity and Lindsays LLP were paid £13, 145 12022 £9,257) lor Servi￿$. 10 Investm8nt Properties Investment Propertles Cost or valuation At 10 December 2022 Revaluation 2,660.000 105,000 2,765,000 Impairment At 10 December 2022 and g December 2023 Carrying amount At 9 Dèc8mber 2023 At 9 ￿e￿rnber 2022 2,765.000 2,660,000 All investments shown above are held at valuation. 13 The Isabella Agnes Smith Housing Association Ltd Notes to the Financial Statements (Gontinuedl Year ended 9 December 2023 Investment propertles Prop8rbes are shown at Valuation, the orKJin81 cost being £192,988. The properties are held primarily to fulfil the objectives of the ch8rity and were rev81ued by J&E Shepherd Chartered Surveyors in March 2024. the values ol the properties at 09.12.2023 reflect the Marth 2024 per the Tru5t88s. 11 Creditors.. amounts falling due wtthin one year 2023 2022 Accruals 4.951 12 cred1trj￿. amounts falling due after more than on8 year 2023 2022 Long term 108n 124,134 13 Reconciliation of Mov8m8nt in Charity's Funds Capital Redemptlon Reservè Fair value Re$eNè Share Capltal Unrestricted Funds Balance 8t 10 December 2022 Sh8res issued in ye8r Rev8luation of Investments Lapsed sha￿$ SurplusllDefi¢itl for financial year 2,467,012 66,343 4,284 Balance at g De￿rnber 2023 2467012 62,059 14 Related parties The above loan for £124,134 ILast Year- £124.1341 is from the Isabella Agn8s Srnith Inter Vivos Trust Fund. There are no fixed rep8yment tem)s and no interest IS Gharged. The frve members and Shareholders of th8 Association are also the trustees of Miss Smith's InterwvosTrust Fund. 15 Ethical standards In common with many other entities of the charty's size and nature. Walker Dunn&tt & Co has assisted wth the preparation of the financi81 st8tements and completion of the Annual Return. 14 The Isabella Agnes Smith Housing Association Ltd Management Information Year ended 9 De¢ember 2023 The following pages do not form part of the financial statements. 15 The Isabella Agnes Smith Housing Association Ltd Management Information Year ended 9 December 2023 2023 2022 Incorne and endow7nents Donations and legacles Donations 11,259 3,000 Charitable activitles Rents 41.440 41,741 Investment income Bank interest receivable 260 Total income 52.959 44.741 Expenditure Expenditure on charilab18 activities Repairslheat & lighttinsurance Other office costs Govemanee costs 40,158 36,047 13,145 9.257 45.304 0th8r 8XP8nditure Professional fees Audit fee 3.940 2,958 3,940 2.958 Totsl exp8nditure 57,243 48.262 G8inslllossesl on investrnent 8ss&ts N8t {exPendI￿re>lIn¢0MÈ 14.2841 13,5211 16