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REGISTERED COMPANY NUMBER: 06598915 (England and Wales)
REGISTERED CHARITY NUMBER: 1126422










Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 December 2023

for

The Goodman And Ruthin Charity

The Goodman And Ruthin Charity






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 13

The Goodman And Ruthin Charity (Registered number: 06598915)

Report of the Trustees
for the year ended 31 December 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity’s principal object is to provide housing accommodation for persons in need. Subsidiary objects are to promote education and training for employment of young persons and to provide relief in need.

Significant activities
Under the uniting direction issued by the Charity Commission the company is the corporate trustee of The Goodman and Ruthin Charity (Charity reference 215985), which holds the permanent endowment. The non permanent endowment assets of The Goodman and Ruthin Charity were transferred to the company on 31 December 2008.

Public benefit
The charity is registered with the Welsh Assembly Government as a Social landlord. We own and manage 22 dwellings, known as the Church Walks Almshouses, which provide independent living for elderly and other persons in need. With the assistance of a resident Superintendent inhabitants are able to live independently in a safe and caring environment.

FINANCIAL REVIEW
Financial position
The charity benefits from endowment funds which are invested in recognized charity funds in particular as income shares in the National Association of Almshouses Common Investment Fund (NAACIF) which provides a regular income.

Almshouse residents pay a Weekly Maintenance Contribution and a Heating Charge towards the running costs of their house. These are reviewed annually and kept as low as possible with the proviso that, in conjunction with endowment income, sufficient finance is available to maintain the almshouse property and provide for future improvements.

Any surplus is invested in an Extraordinary Repairs Fund, also with NAACIF, which can be drawn upon to fund long term improvements.

Reserves policy
The investments have been acquired from past reserves and contribute a steady income that helps subsidise the charity’s activities.

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate our exposure to the major risks.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity became a company limited by guarantee on 21st May 2008. It is governed by the Memorandum and Articles of Association of the company and by a Charity Commission Scheme dated 7th November 2008, which replaced existing trusts, and authorises the company to administer and manage its property.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06598915 (England and Wales)

Registered Charity number
1126422

Registered office
Llys Goodman
Church Walks
Ruthin
Denbighshire
LL15 1BW


The Goodman And Ruthin Charity (Registered number: 06598915)

Report of the Trustees
for the year ended 31 December 2023

Trustees
Ex-Officio Trustees
The Dean of St Asaph, The Very Reverend Nigel Williams
The Bishop of St Asaph, The Reverend Gregory Cameron

Co-opted Trustees

Lady Susan Hudson (Chairman)
Dr Christine Evans (resigned 11 July 2023)
Miss Morfudd Jones
Mr Nicholas Snape
Mr Gwynne Jones
Father Huw Bryant
Dr Richard Barrie
Mr Martin Goldstein (appointed 1 December 2023)
Rev Luke Bristowe (appointed 1 December 2023)

Company Secretary
Mr N J Anderson

Independent Examiner
Salisbury & Company
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

Bankers
HSBC
St Peter's Square
Ruthin
LL15 1AB

Approved by order of the board of trustees on 9 April 2024 and signed on its behalf by:





Lady S G Hudson - Trustee

Independent Examiner's Report to the Trustees of
The Goodman And Ruthin Charity

Independent examiner's report to the trustees of The Goodman And Ruthin Charity ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.








Jason Matischok FMAAT FCA

Salisbury & Company
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

9 April 2024

The Goodman And Ruthin Charity

Statement of Financial Activities
for the year ended 31 December 2023

2023 2022
Unrestricted Endowment Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM

Other trading activities 2 116,026 1 116,027 100,734
Investment income 3 48,310 - 48,310 44,525
Total 164,336 1 164,337 145,259

EXPENDITURE ON
Charitable activities
Social Housing 137,070 - 137,070 107,854

Net gains/(losses) on investments 15,245 15,414 30,659 (38,627 )

NET INCOME/(EXPENDITURE) 42,511 15,415 57,926 (1,222 )


RECONCILIATION OF FUNDS
Total funds brought forward 921,366 712,889 1,634,255 1,635,477

TOTAL FUNDS CARRIED FORWARD 963,877 728,304 1,692,181 1,634,255

The Goodman And Ruthin Charity (Registered number: 06598915)

Balance Sheet
31 December 2023

2023 2022
Unrestricted Endowment Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 377,974 - 377,974 377,609
Investments 9 560,693 728,304 1,288,997 1,252,499
938,667 728,304 1,666,971 1,630,108

CURRENT ASSETS
Debtors 10 534 - 534 333
Investments 11 5,950 - 5,950 5,950
Cash at bank and in hand 51,822 - 51,822 31,024
58,306 - 58,306 37,307

CREDITORS
Amounts falling due within one year 12 (5,705 ) - (5,705 ) (5,409 )

NET CURRENT ASSETS 52,601 - 52,601 31,898

TOTAL ASSETS LESS CURRENT LIABILITIES 991,268 728,304 1,719,572 1,662,006

CREDITORS
Amounts falling due after more than one year 13 (27,391 ) - (27,391 ) (27,751 )

NET ASSETS 963,877 728,304 1,692,181 1,634,255
FUNDS 15
Unrestricted funds 963,877 921,366
Endowment funds 728,304 712,889
TOTAL FUNDS 1,692,181 1,634,255

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


The Goodman And Ruthin Charity (Registered number: 06598915)

Balance Sheet - continued
31 December 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 9 April 2024 and were signed on its behalf by:





Lady S G Hudson - Trustee

The Goodman And Ruthin Charity

Notes to the Financial Statements
for the year ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The financial statements are also prepared in accordance with the Statement of Recommended Practice For Registered Social Housing Providers 2018, and the Accounting Requirements for Registered Social Landlords General Determination (Wales) 2015.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income from rents and room hire is recognised on the basis of premises occupancy.

Income from investments is recognised upon notification from the fund manager.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property - not provided
Fixtures and fittings - 33% on cost, 20% on cost and 10% on cost

Housing land and buildings
Housing properties are held for the provision of social benefit housing and are stated at cost. The development costs of housing properties include the following:
(i) Development expenditure
(ii) Interest charged on the mortgage loans raised to finance the scheme.

It is considered that housing accommodation is maintained to a high standard through a continuing programme of refurbishment and maintenance. Consequently the lives of properties and their residual values are such that any depreciation charge would be immaterial. The expenditure on repairs and maintenance is recognised as expenditure in the year which it is incurred.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

The Goodman And Ruthin Charity

Notes to the Financial Statements - continued
for the year ended 31 December 2023

1. ACCOUNTING POLICIES - continued

Social housing grants
Social Housing Grants paid as a contribution towards the capital costs of housing schemes are recognised against the cost of property.

Investments
Investments are stated at market value.

Debtors
Debtors are recognised at fair value and stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents
Cash and cash equivalents comprise cash at banks and in hand, demand deposits with banks and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and there after stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial in which case they are stated at cost.

Mortgages
The mortgage loan has been advanced by Housing for Wales.

2. OTHER TRADING ACTIVITIES
2023 2022
£    £   
Income from Wayleave 983 173
Income from Room Lettings 1,677 340
Weekly Maintenance Charges 113,367 100,221
116,027 100,734

3. INVESTMENT INCOME
2023 2022
£    £   
Income from listed investments 47,914 44,507
Bank interest 396 18
48,310 44,525

4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 64 -


The Goodman And Ruthin Charity

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.


6. STAFF COSTS

The average monthly number of employees during the year was as follows:

2023 2022
Clerk 1 1
Wardens 3 3
4 4

No employees received emoluments in excess of £60,000.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Endowment Total
funds funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM

Other trading activities 100,735 (1 ) 100,734
Investment income 44,525 - 44,525
Total 145,260 (1 ) 145,259

EXPENDITURE ON
Charitable activities
Social Housing 107,854 - 107,854

Net gains/(losses) on investments (11,192 ) (27,435 ) (38,627 )

NET INCOME/(EXPENDITURE) 26,214 (27,436 ) (1,222 )


RECONCILIATION OF FUNDS
Total funds brought forward 895,152 740,325 1,635,477

TOTAL FUNDS CARRIED FORWARD 921,366 712,889 1,634,255


The Goodman And Ruthin Charity

Notes to the Financial Statements - continued
for the year ended 31 December 2023

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 January 2023 377,620 25,878 403,498
Additions - 429 429
At 31 December 2023 377,620 26,307 403,927
DEPRECIATION
At 1 January 2023 11 25,878 25,889
Charge for year - 64 64
At 31 December 2023 11 25,942 25,953
NET BOOK VALUE
At 31 December 2023 377,609 365 377,974
At 31 December 2022 377,609 - 377,609

9. FIXED ASSET INVESTMENTS
Listed
investments
£   
MARKET VALUE
At 1 January 2023 1,252,499
New investment (11,999 )
Change in market value 30,659
Income accrued 17,838
At 31 December 2023 1,288,997
NET BOOK VALUE
At 31 December 2023 1,288,997
At 31 December 2022 1,252,499

All investments are listed and managed by an external investment manager. There were no investment assets outside the UK.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments 534 333


The Goodman And Ruthin Charity

Notes to the Financial Statements - continued
for the year ended 31 December 2023

11. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
COIF Deposit Account 5,950 5,950

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Social security and other taxes 1,611 2,162
Accrued expenses 4,094 3,247
5,705 5,409

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other loans (see note 14) 27,391 27,751

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments:
Housing for Wales 27,391 27,751

Advanced by Housing for Wales to finance the development of Housing buildings, repayable by instalments over 60 years from 1st May 1983.

The loan is secured by a fixed charge over the property.

15. MOVEMENT IN FUNDS
Net
movement At
At 1/1/23 in funds 31/12/23
£    £    £   
Unrestricted funds
Revenue Reserve 776,850 9,428 786,278
Investment Revaluation Reserve 144,516 33,083 177,599
921,366 42,511 963,877
Endowment funds
Investment Revaluation Reserve 467,555 15,415 482,970
Capital Reserve 245,334 - 245,334
712,889 15,415 728,304
TOTAL FUNDS 1,634,255 57,926 1,692,181

The Goodman And Ruthin Charity

Notes to the Financial Statements - continued
for the year ended 31 December 2023

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
Revenue Reserve 146,498 (137,070 ) - 9,428
Investment Revaluation Reserve 17,838 - 15,245 33,083
164,336 (137,070 ) 15,245 42,511
Endowment funds
Investment Revaluation Reserve 1 - 15,414 15,415

TOTAL FUNDS 164,337 (137,070 ) 30,659 57,926


Comparatives for movement in funds

Net
movement At
At 1/1/22 in funds 31/12/22
£    £    £   
Unrestricted funds
Revenue Reserve 755,227 21,623 776,850
Investment Revaluation Reserve 139,925 4,591 144,516
895,152 26,214 921,366
Endowment funds
Investment Revaluation Reserve 494,991 (27,436 ) 467,555
Capital Reserve 245,334 - 245,334
740,325 (27,436 ) 712,889
TOTAL FUNDS 1,635,477 (1,222 ) 1,634,255

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
Revenue Reserve 129,477 (107,854 ) - 21,623
Investment Revaluation Reserve 15,783 - (11,192 ) 4,591
145,260 (107,854 ) (11,192 ) 26,214
Endowment funds
Investment Revaluation Reserve (1 ) - (27,435 ) (27,436 )

TOTAL FUNDS 145,259 (107,854 ) (38,627 ) (1,222 )

The Goodman And Ruthin Charity

Notes to the Financial Statements - continued
for the year ended 31 December 2023

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1/1/22 in funds 31/12/23
£    £    £   
Unrestricted funds
Revenue Reserve 755,227 31,051 786,278
Investment Revaluation Reserve 139,925 37,674 177,599
895,152 68,725 963,877
Endowment funds
Investment Revaluation Reserve 494,991 (12,021 ) 482,970
Capital Reserve 245,334 - 245,334
740,325 (12,021 ) 728,304
TOTAL FUNDS 1,635,477 56,704 1,692,181

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
Revenue Reserve 275,975 (244,924 ) - 31,051
Investment Revaluation Reserve 33,621 - 4,053 37,674
309,596 (244,924 ) 4,053 68,725
Endowment funds
Investment Revaluation Reserve - - (12,021 ) (12,021 )

TOTAL FUNDS 309,596 (244,924 ) (7,968 ) 56,704

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.