Charlty Numbor: 1064558 THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Financial statements 29 September 2024
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Financial statements for the year ended 29 September 2024 Contants Page Trustee's Report Independent Audltor's Report 8-10 Statement of Financial Activities 11 Balance Sheet 12 Notes to the Flnancial Statements 13-20
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Trustee's Report Year ended 29 September 2024 REFERENCE AND ADMINISTRATIVE DETAILS The Beeston's, Andrewes, and Palyn's Charity ('the Charity") is a registered charity under the Charities Act 2011, Number 1064558. The financial statements comply with the current statutory requirements. the Trust Deed, and in accordance with 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) The Girdlers, Company, which is managed by the Court of the Company, is the Trustee of the Charity. Members of the Court during the year were". A K Maitland + ARUdal SKDrake+ A M James A R Westall J M Westall OCSSwann Sir Charles Burnett Bt R T H Roberts I C N Seaton MBE CC + RMJKeene The Rt Hon the Lord Strathalmond J J Meade M G Roberts S N Seaton The Hon Robin Neill P H Reeve The Reverend Sir George Newton Bt J N Maitland C N G Crowther-smith J T James T H Crawley-8oevey + N P G Salisbury MCR Jame5 E Mackane5s {elected 26107124) + Members of the Almshouse Committee (Liverymen Dr R K T Williams. Mr N Burlington and Miss MRC Freeman are also members, but not on the Court). Company staff assisting the Court were: Mr N Archer MVO (Clerk to the Company) Elected 2105124 Miss S Bennett (Charities Manager) Mrs S T Harris (Financial Manager)
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Trustee's Report Year ended 29 September 2024 Almshouses address.. 272 Consort Road London SE15 3SD Administration address.. Girdlers, Hall. Basinghall Avenue, London EC2V 5DD Almshouse Manager.. Mr Mark Harris 14 Beeslon's House 272 Consort Road London SE15 3SD Bankers: Natlonal Westminster Bank plc POBox712 94 Moorgate London EC2M 6UR Auditor: Saffery LLP 71 Queen Victoria Street London EC4V 4BE Investment Manager: Waverton Investrnent Management Ltd 16 Babmaes Streel London SW1Y 6AH
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Trustee's Report Year ended 29 September 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity Commission Scheme of 24 June 1997 vests the management and administration of Beeston's, Andrewes, and Palyn's Charity (the Charity) in the Master and Wardens or Keepers of the Art or Mystery of Girdlers (commonly called The Girdlers, Company), The Court of The Girdlers, Company sets out the general policy of the Charity, as advised by its Almshouse Committee. The day-lo-day affairs of the Charity, which include the selectlon of new residents, maintenance of the property and grounds, and the health and safety of resident5 and staff, are coordinated by the Clerk, the Charities Manager, the Almshouse Manager and the Financial Manager. The Almshouse Committee meets twice a year, with the Clerk, Charities Manager and Almshouse Manager In attendance. Membershlp of tha Court The Court is made up of the Master, three Wardens and up to 24 Assistants. and its membership is drawn from the Livery of the Company. Progression to the office of Master, by election at each stage, is from Assistant {for two years), Renter Warden. Middle Warden. Upper Warden (one year in each office) and finally to Master. After one further year as Immediate Past Master, members of the Court assume the office of Past Master until retirement from the Court. Assistants, when joining the Court, receive an induction pack which includes the Charity Commission's 'The Essential Trustee,, the Charity's Trust Deed and its latest accounts. They are encouraged to attend seminars run by the Company's various professional advisers on the responsibilities of a trustee. Govemanco Members, Register of Interests During the year, Court members continued with annually to review and, if requlred, update thelr Register of Interests Forms. Trust•• Ellglblllty All Court Members have reviewed and signed a Trustee Eligiblllty Form. Risk management The Trustee has examined the Charity'5 operations and considered the risks arising. In the opinion of the Trustee, the Charity has well-established resources and review systems which, under normal condition5, should allow risks identified to be managed at an acceptable level. Risk areas monitored are-, Charity Law and Regulation, Governance and Management, External Influences, Operational Processes, Human Resources, Technological and Financial.
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Trustee's Report Year ended 29 September 2024 OBJECTIVES AND ACTIVITIES The Beeston's, Andrewes, and Palyn's Charity has two objectives: To provide (to eligible persons), and to manage, safe and secure almshouses. To give relief in need to almshouse residents or others with the same qualifications. Cuthbert Beeston, Master of the Girdlers, Company in 1570, founded seven almshouses near Old London Bridge in 1582. The Girdlers, Company as his Trustee rebuilt Ihem in Consort Road, Peckham in 1834. These houses were re-modelled internally, and six additional houses built on the garden in 1972173 with the help of funds from the charity founded by Richard Andrewes, Renter Warden of the Girdlers, Company in 1631. Palyn's Almshouses were built in 1980 to replace six almshouses built in 1852 in Montpelier Road, now known as Choumert Road, Peckham, which themselves replaced Ihe original six almshouses founded In 1609 In Pesthouse Row, Sl Luke's, Finsbury, as a result of a bequest from George Palyn, Citizen and Girdler. The Charity provides accommodation consisting of 12 bungalows and 6 flats for residents, as well as a community hall and an office for the Almshouse Manager. The Trust Deed directs that the residents are to be poor persons in the following categories (or their widows or dependants), whose application for residence shall be considered in the priority shown: 1. Freemen of the City of London. 2. Persons who are or have been employed in trades akin to that of a girdler, Including the trades of working in metals, leather, cloth and fabrics,. 3. Persons who are resldent In the former administrative County of London as constltuted on 31 March 1965. Assessing whether an applicant is a "poor person" is done in a number of ways, including considering applicants, existing quality of life. In applying income under the head of relief in need the Trustee shall not commit itself to repeat or renew the relief granted on any occasion in any case. The Charity is not to relieve public funds but income may be applied in supplementing relief or assistance provided out of public funds. The Charity owns 24.436 acres of agricultural land at Orlestone, Romney Marsh. This land was bequeathed for a term of 1,000 years to the Girdlers, Company under the terms of the will of Thomas Nevitt (Master Girdler in 1617) in 1633.
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Trustee's Report Year ended 29 September 2024 The Charity is a member of The Almshouse Association and follows its guidance for the administration of the almshouses, notably as provided in the Association's publication 'Standards of Almshouse Management,. The accommodation is uniformly one-bedroomed, and vacancies are advertised on the Almshouse Association's website. These are rare. are filled as swiftly as possible. There are currently seven single or joint applicants on the List. Publlc Benefit The Trustee has referred to the Charity Commlssion's general guidance on public benefit when reviewing its aims and objectives and in planning future activities. ACHIEVEMENTS AND PERFORMANCE There were 18 residents at the end of the year, with one unit in the process of being filled. Regular contact is maintained between Girdlers, Hall and the Almshouse5 through visits made by the Master, the Chairman of the Almshouse Committee. the Clerk, and the Charities Manager. Members of the Girdlers, Company attend a barbecue in the grounds of the Almshouses in early July. The Almshouse Manager continued with the practice of undertaking a 6-monthly internal and external inspection of each Almshouse and the Community Hall. Although the Almshouse is not a Registered Provider, the Trustee Is mindful of The Regulator of Social Housing's focus on social housing provider's duty to provide homes that are well-mainlained and of a decent standard, underlined after the tragic death of Awaab Ishak. The Almshouse Committee Chairman and the Charities Manager have held a Residents, Meeting to maintain good communications between the Almshouse residents and the Trustee. Safeguardlng Pollcy The Trustee operates a Safeguarding Policy and Procedure which sets out the Charity's commitment to safeguard all residents, visitors, stsff and volunteers. The safeguarding policy can be found in the Residents, Handbook which is circulated to all Residents. The Clerk and Charities Manager are designated as the initial contacts for all safeguardlng concerns. FINANCIAL REVIEW During the year investment income and bank interest amounted to £49,563 (2023: £42,809) which with rental income of £ 3,300 (2023: £3,300) totalled £52.863 {2023.' £46,109). The applied weekly contribution rate was increased by 80/0 in line with the state pension. Income from charitable activities increased to £ 122,210 (2023: £113.340) due to the annual increase and reduction in the level of void periods compared to the previous year. Charitable expenditure decreased to £273.827 (2023.. £306,921). The window replacement program to the 12 bungalows continued. Financial statements show net gain on investments of £465,145 (2023.. £251,248). The Trustee transferred £20,000 from unrestricted funds during the year. There was no expenditure from the fund. The fund value at the year-end was £29.416 (2023: £9,416).
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Trustee's Report Year ended 29 September 2024 Investment Policy Waverton Capital Management were reappointed investment managers for the charity. There has been no change to the investment objective, which is lo manage the portfolio on a total return basis, giving increased capital growth in the long term and the income requirement has been removed. The Charity 15 not reliant on income from investments but has the power to realise cash from held reserves if needed. Reserves Policy The Trustee is content that current and anticipated income and expenditure levels will leave the trust with increasing reserves to fund forecast cyclical maintenance, as well as covering operating costs. The Charity's unrestricted reserves stand at over £3,000,000 at 29th September 2024, which more than cover the annual running costs of £130,000. As at the 31 $1 December 2024, the current value of the investment portfolio which makes up the bulk of the reserves stood at £3,110,647 up from £3,068,854 at the year end. Followlng a review, the Trustee has agreed that for future accountlng perlods the ERF will be maintained al a level high enough to fund the refurbishment of a typical housing unit before a new resldent moves In, which the Trustee estimates as £25,000. Transfers from unrestricted funds will be made to this end as necessary. FUTURE PLANS The Trustee will continue to review overall management of Ihe Charity and Almshouse buildings on a regular basis to ensure that improvements to the site 8re carried out as required, consistent with available funds. Further details of the Charity's ability to continue as a going concern are included in note 1 (b) There is a rolling programme of renovalion for the bungalows and for Beeston's House. In 2024 we replaced the windows in Ihe bungalows with double glazed units- a total of 60 windows {18 of which were required to be wood to meet listed building requirements). We have now started repairs to the windows of the main building. We are not permitled to replace the windows due to the Grade11 listing, and so substantial repairs are required. The total cost of the programme will be over £200,000. Other renovation continues as units become vacant. We a150 carried out some wall repairs to the bungalows (the damage was due to thermal movement) and we are currently at the planning stage for external repair and redecoration of Beeston's House which will follow the window repairs.
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Trustee's Report Year ended 29 September 2024 SL*emgnt of Trustee's Responslbilities The Trustee is responsible. prudently, diligently and in good faith. for preparing the Trustee's Report and the financial 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 requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the stste 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 comply with the provisions of the Deed of Trust: select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP. make judgments 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 business. Pursuant to the above. the Trustee Is responsible (1) for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and (2) for causing to be produced financial statements which comply with the relevant provisions of the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity's Trust Deed and (3) for safeguarding the assets of the charity and in so doing 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 informalion included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions. AUDITOR Saffery LLP has expressed its willingness to be appointed as auditor for the forthcoming year. Approved on Snd signed on behalf of the Trustee by Tvify Sir Thomas Crawley-Boevey Bt Chairman of the Almshouse Committee
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Independent Audltor's Report to the Trustee Opinion We have audited the financial statements of the Beeston's, Andrewes, and Palyn's Charity for Ihe year ended 29 September 2024 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 29 September 2024 and of its incoming resources and application of reSoUrS for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice," and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial stalemenls, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatlng to events or conditions that, individually or collectively, may cast significant doubt on Ihe charity's ability lo continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. Other information The Trustee is responsible for the other information. The other information comprises the information included in the annual report, other than thefinancial statements and our auditor's report thereon. Our opinion on thefinancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audil or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements. we are required to determine whether this gives rise to a material misslatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other information.. we are required to report that fact. We have nothing to report in this regard.
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the Trustee's Annual Report is inconsistent In any material respect with the financial statements. or the charity has not kept sufficient accounting records., or the financial statements are not in agreement with the accounting records and returns. or we have not received all the information and explanations we require for our audit. Responsibilities of the Trustee As explained more fully in the Trustee's Responsibilities Statement set out on page 7. the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustee Is responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and uslng the going concern basis of accounting unless the Trustee either intends to liquidate the charlty or to cease operations, or has no realistic alternative but to do so. Auditors, responslbillties for the audlt of the financial statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from malerial misstatement, whether due to fraud or error, and to issue an audilors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered materlal if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statemenls. Irregularities, including fraud, are instances of non-compliance with law5 and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risk5 related to irregularities: We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with representatives of the Trustee, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with representatives of the Trustee and updating our understanding of the sector in which the charity operates. Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Account5 and Reports) Regulations 2008 and guidance issued by the Charily Commission for England and Wales.
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity's records of breaches of laws and regulations, minutes of meetings and Corresponden with relevant authorities to identrfy potential material misstatements arising. We discussed the charity's policies and procedures for compliance with laws and regulations with members of management responsible for complian. During the planning meeting with the audit team. the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations orfraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transaclions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work wilh appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audil procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial stalements, the less likely we would become aware of it. Also, the risk of not delecling a material misstatement due to fraud is higher Ihan the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at- www.frc.or .ukJauditorsres onslbilllies. This description forms parl of our auditor's report. Use of our report This report is made solely to the charity's Trustee. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the Trustee those matlers we are required to state to it in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the Trustee, for our audil work, for this report. or for the opinions we have formed. Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Date.. Nw ID25 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 10
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Statement of Financial Activities Year ended 29 September 2024 Extraordlnary Repair Fund Total Funds 2024 Total Funds 2023 Unrestricted Funds Permanent Endowment Notes Income and endowments from: Donations & legacies Investments 52,863 52,863 46,109 Charitable activities 122,210 122,210 113,340 Total Income 175,073 175,073 159,449 Expendlture on Raising Funds Charitable activities 15,736 273 387 15,736 273 387 14,668 306,921 Total expenditure 289,123 289,123 321,589 Net Expenditure before gainsl(losses) on investments {114,050) (114,050) (162,140) Net gainl(loss) on investments 465.150 465,150 251,248 Net expenditurel(income) before transfers 351.100 351.100 89,108 Transfer 20,000 (20,000) Net movement in funds 20,000 331,100 351,100 89,108 Balances brought forward at th 30 September 2023 9,416 2,737,087 1,238.250 3,984.753 3.895.645 Balances carried forward th at 29 September 2024 29.416 3,068,187 1.238.250 4,335,853 3,984.753 The notes on pages 13 to 20 form part of these financial statements.
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Balance sheet as at 29 September 2024 notes 2024 2023 Fixed Assets Investment 6(a) 6(b) 6(c) 3,068,855 1,138,250 100,000 2,619,241 Almshouses 1,138.250 100,000 Investment (agricultural land) 4,307,105 3,857,491 Current assets Debtors Cash at bank 19,252 68,880 9,217 165,859 88,132 175,076 Credltors: amounts falling due within one year (59,384) (47,814) Net current assets 28,748 127,262 Net assets 4,335,853 3,984,753 Funds Permanent endowment Extraordinary repair fund Unrestricted - general fund 1,238,250 29,416 3,068,187 4,335,853 1,238,250 9,416 2,737,087 3,984,753 Approved by the Trustee and authorised for issue on 2oik signed on its behalf by.. Sir Thomas Crawley-Boevey Bt Chairman of the Almshouse Committee The notes on pages 13 to 20 form part of these financial statements. 12
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Notes to the financial statements For the year ended 29 September 2024 Accounting policies (a) Bas18 of accountlng The Charity is an incorporated charity (registered number 1064558). The address of the registered office is The Girdlers, Company, Girdlers, Hall, Basinghall Avenue. London EC2V 5DD, The financlal statements have been prepared under the historical cost convention (except for the valuatlon of investments). The financial statements are prepared in accordance with the 'Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)' and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charitles Act 2011. The financial statements have been prepared to give a 'true and fair, vlew and 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 Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (second addition) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn. The Charity constitutes a public benefit entity as defined by FRS 102. The Trustee has taken advantage of the disclosure exemption in respect of the requirements of Section 7 "Statement of Cash Flows" in preparing these accounts as permitted by FRS 102 and the Charities SORP (FRS 102) (second edition). (b) Golng Concern There are no material uncertainties about the entity's abilily lo continue as a going concern. The Trustee has a reasonable expeclation that the charity has adequate resources to continue its activitles for the foreseeable future. Due to the demographic of the tenants, with 77¥0 belng of state penslon age, and the remainder on universal credit, the income of our resident5 who pay the charity a Weekly Maintenance Contribution lo the Charity, is not affected and the Charity would expect to recelve all income amounts due. For this reason, it continues to adopt the going concern basis of preparation of the financial statements. 13
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Notes to the financial statements For the year ended 29 September 2024 (c) Incomo Dividends, interest. rental income and grant income are accounted for on a receivable basis. (d) Expenditure Expenditure is allocated to two principal expense headings: Raising funds and Charitable Activities. Expenses include value added tax where appropriate, and are accounted for on the accruals basis. Raising funds are costs incurred in managing the investment portfolio. Expenditure on Charitable Activities comprises direct expenditure, including direct staff costs altributable to the Charity's activities in providing direct almshouse services and governance costs. Governance costs included above comprise audit fees and bank charges, (e) Taxation The Charity is entitled to exemption from taxation on income and capital gains to the extent thal its funds are applied for charitable purposes. (o Pension cost The Girdlers, Company operates a non-contributory Individual Personal Pension Plan. Ig) Flxed Asset8 Investments Investments held for the long term to generate Income or capltal growlh are carried at market value as fixed assets. Realised and unrealised gains and losses are included in the Slatement of Financial Activities (SOFA). Tanglble Assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment or loss. Any impairment loss is recognised in the Statement of Financial Activities (SOFA). Recognised impairment losses are reversed if, and only rf the reasons for the impairment loss have ceased to apply. A reversal of an impairment loss is recognised immediately in the SOFA. Repairs, maintenance and refurbishment expenditure on existing assets is not capitalised. Should a new asset be built, eg an extra housing unit, the costs of this development would be capitalised. No depreciation will be provided, as explained in the paragraph below. Almshouses These are held at deemed cost. No depreciation is provided on these since, in the opinion of the Trustee, the repairs and maintenance work carried out on the buildings results in the buildings having such a long useful economic lrfe andlor high residual value that depreciation would be immaterial. 14
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Notes to the financial statements For the year ended 29 September 2024 (h) Financial instrumenls Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form. The Charity's cash at bank and in hand and trade and other debtors and its trade and other creditors and bank overdrafts are measured initially at the transaction price, including transaction costs. and subsequently at amortised cost using Ihe effective interest method. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Critical judgements and e8tlmate8 The value of the agricultural land on Romney Marsh is shown at a Trustee valuatlon, and is deemed to reflect a fair value of the land. For further informatlon on the Charlty's golng concern, please refer to note 1 (b). Capltal Commltmant As at 29th September 2024, the Charlty had signed a Letter of Intent with CLG Enterprises UK Ltd for repairs and redecoration of window to Beeston House to the value of £33,950 exclusive of VAT. Extraordlnary Repalr Fund An Extraordinary Repair Fund has been set up for the Almshouses as provided under the Charity Commission Scheme 1064558. The Extraordinary Repair Fund is a reserve fund for the purpose of providing for significant repair, improvement or rebuilding of the almshouses of the Charity. The Trustee may at any time apply the fund, or any part of it, for its purpose. The Trustee transferred £20,000 (2023.. £20,000) from unrestricted funds to the Extraordinary Repair Fund during the year. Investment Income 2024 2023 Rent from Romney Marsh Investment income - Equilies Bank interest 3,300 48,257 1,306 3,300 41.977 832 Total incoming resources 52,863 46.109 15
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Notes to the financial statements For the year ended 29 September 2024 Charitable activltles The following costs relate to the charitable activity which is to provide (to eligible persons) and to manage safe and secure almshouses, and to give relief in need to almshouse residents or others with the same qualifications. Extraordlnary Unrestricted Repair Fund 2024 2023 Entertainment Cleaning Light and heat Garden and tree maintenance Insurance Repairs and malntenance Telephone Manager's salary costs Apportioned salary costs Water rates Sundries Aid call Hamperslcakes and donations Governance costs 2,866 4,070 4,795 2,866 4,070 4,795 3,385 4,462 6,570 6,271 3,707 167,300 647 50,267 53,892 455 1,097 1.041 1,684 6.143 141,714 836 51,888 44,505 733 1.812 1.136 1,580 9.868 141,714 836 51,888 44,505 733 1812 1.136 1,580 9.868 273,387 273,387 306,921 Included in governance costs of the Charity are the auditor's fees of £7,880 (2024.. £6,000). staff costs 2024 2023 Wages and salaries Employer's NIC Pension cost 74,654 79,947 10.318 13.894 12.271 96.393 104,159 No employee earned in eXsS of £60,000 during the year, for services provided to the charity. The average number of staff on an average head count basis during the year was g (2023: 9). Key management personnel The Truslee has authority and responsibility for planning, directing and controlling the activities of the Charity. The Trustee receives no remuneration for services provided as Trustee. 16
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Notes to the financial statements For the year ended 29 September 2024 Flxed assets a) Quoted investments Total Funds 2024 Total Funds 2023 Listed investments Cash awaiting re-Investmer)t 3,058,254 2,540,170 3,068,855 2,619,241 Market value of listed investments 30 September 2023 Additions Disposals Unrealised gainl(loss) 2,540,170 1,146,862 (1,106,982) 478,205 2,426,772 310,270 (448,302) 251,430 Market Value 29 September 2024 3 058 255 2 540,170 (b) Alm8hou888 Cuthbert Beeston, Master of the Glrdlers, Company In 1570, founded 7 almshouses near Old London Bridge in 1582. The Girdlers, Company as his Trustee rebuilt them in Consort Road, Peckham, in 1834. These houses were re-modeled internally and 6 additional houses built on the garden in 1972173 with the help of funds from the charity founded by Richard Andrewes, Renter Warden of the Girdlers, Company in 1631. The Palyn's almshouses built in 1980 replace 6 almshouses built in 1852 in Morbtpelier Road, now known as Choument Road, Peckham, which themselves replaced the original 6 almshouses founded in 1609 in Pesthouse Row, St Luke's, Finsbury, as a result of a bequest from George Palyn, citizen and Girdler. The Charity therefore owns 18 freehold almshouse5 in Peckham which form part of its permanent endowment. The Almshouses are carried at deemed cost £1,138,250 (2023.. £1,138,250). 17
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Notes to the financial statements For the year ended 29 September 2024 (c) Land The Charity also owns 24.436 acres of freehold agricultural land at Orlestone, Romney Marsh. This land was bequeathed for a term of 1000 years to the Girdlers, Company under the terms of the will of Thomas Nevitt of 1633 and is subject to a Farm Business Tenancy Agreement dated 8th April 2021. The Trustee, having taken professional advice, revalued the land at £100,000 at 29 September 2011 and considers that the valuation has not materially changed. Debtors 2024 2023 Other debtors and prepayments Funds due trom investment manager Rent due 7,554 11,698 4,477 3,090 1,650 19,252 9,217 Creditors: Amounts falling due withln one year 2024 2023 Audit and accountancy Investment manager's fees Amounts due to the Girdlers, Company Other creditors 7.788 4,000 43,768 3.828 6.000 3.800 23.956 14,058 59,384 47,814 Outlln• Summary of fund movements Year •nded 29 September 2024 Fund Balance bfwd Income Expendlture Transfers Gains and Losses Balances cfwd ERF 9,416 Unrestrlcted 2,737,087 175,073 Perm endow't 1,238,250 Total 3,984,753 175,073 20,000 (289,123) (20.000) 29,416 3,068,187 1,238,250 4,335,853 465.150 289,123 465.150 As at 29th September 2023 Fund Balance bfwd Gains and Losses Balances cfwd Income Expenditure Transfers ERF Unrestricted Perm endow't Total 37,701 2,619,694 159,449 1,238.250 3.895,645 159,449 (48,285) 20,000 (273,304) (20,000) 9.416 2,737.087 1,238,250 3,984,753 251.248 321,589 251,248 18
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Notes to the financial statements For the year ended 29 September 2024 10. Analysls of net assets between funds As at 29th September 2024 Extraordinary Repair Fund Permanent Endowment General Fund Total Property and Investments Net current assetsl(liabilities) 1,238,250 3,068,856 (668) 4,307,105 28,748 29,416 1,238,250 29,416 3,068,187 4,335,853 As at 29th September 2023 Extraordinary Repair Fund Permanent Endowment General Fund Total Propety and investments Net current assets 1,238,250 2,619,241 117,846 3,857,491 127,262 9,416 1,238.250 9,416 2,737,087 3,984,753 11. Rolatad party transactlon8 The Girdlers, Company is the Trustee of the Charity, It receives neither remuneration nor expenses for services provided as Trustee. The Girdlers, Company maintains a central payroll system for all employees. Salary and wages costs for the Almshouse Manager totaling £51.888 (2023.. £50.267) are reflected in these accounts. Additionally, apportioned salary costs of £44,505 (2023: £53,892) for the governance and administration of the charity are shown in these accounts. At the year end, there was an outstanding amount due to the Girdlers Company, its Trustee, of £43,768 (2023: £23,956 due to the Company). 19
THE WORSHIPFUL COMPANY OF GIRDLERS BEESTON'S, ANDREWES, AND PALYN'S CHARITY Statement of Financial Activities Year ended 29 September 2024 As at 29ih September 2023 ExtTaordlnary Repair Fund Total Fund8 2023 Total Funds 2022 Unrnstrlctsd Funds Permanent Endowmènt Notes Income and endowments from: Donations & legacies Investments 1,500 46,109 46,109 39,756 Charitable activities 113,340 113,340 109.213 Total Income 159,449 159,449 150,469 Expenditure on Raising Funds Charitable activities 14,668 258,636 14,668 306,921 321.589 14,429 138,021 152,450 48,285 Total expenditure 48,285 273.304 Net Expenditure before gainsl{Ioss8s) on investments (48,285) (113,855) (162,140) (1,981) Net gainl{loss) on investments 251,248 251,248 (231,890) Net expenditurel(income) befo transfers {48,285) 137,393 89,108 233,871 Transfer 20,000 {20,000) Net movement in funds (28,285) 117,393 89,108 (233,871) Balances brought forward at th 30 September 2022 37,701 2,619,694 1238,250 3,895,645 4,129,516 Balances carried forward at 29th September 2023 9,416 2,737,087 1,238,250 3,984,753 3,895,645 20