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2022-06-30-accounts

Company Registration No. 6801953 Registered Social Landlord No. A2948 Charity No. 1127772 (England and Wales)

THE SKINNERS’ ALMSHOUSE CHARITY DIRECTORS’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022

THE SKINNERS’ ALMSHOUSE CHARITY

CONTENTS Page
Directors’ reportand accounts 1-6
Independent auditors’ report 7-10
Statement offinancial activities 11
Balance sheet 12
Statement ofcash flows 13
Notestotheaccounts 14-29

THE SKINNERS’ ALMSHOUSE CHARITY

DIRECTORS’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022

BOARD OF DIRECTORS
MissMC
Stallebrass		 (Chairman)
DrC Anderson
MsAnnaBrunner (appointed 3 November2022)
CmdrJames Cohen
Mrs K J Coleman
Mr AIB
Lloyd		 (resigned4November 2021)
Mrs LLodge
MrAMillard (appointed 3 November2022)
MrB Peat (appointed4November2021)
Mr EDL
Price
DrCM Roe
MrHAC Tidbury
BANKERSAND PROFESSIONAL ADVISERS
Bankers RoyalBank ofScotlandPLC
62/63 Threadneedle Street
London EC2R 8LA
Investment managers Cazenove Capital
1 London Wall Place
LondonEC2Y5AU

Investment managers

CCLA 85 Queen Street London EC4V 4ET Sarasin & Partners 100 St Paul’s Churchyard London EC4M 8BU

Surveyors and property advisers Daniel Watney LLP 165 Fleet Street London EC4A 2DW Gerald Eve LLP 46 Bow Lane London EC4M 9DL Solicitors Farrer & Co LLP 66 Lincoln’s Inn Fields London WC2A 3LH Independent Auditors Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE Insurance brokers Marsh Brokers Limited 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY

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THE SKINNERS’ ALMSHOUSE CHARITY DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2022

INTRODUCTION AND HISTORY

Skinners’ almshouses have been in existence since the mid-sixteenth century, having been founded by the Skinners’ Company, one of the Great Twelve Livery Companies. First located in Great St Helen’s in the City of London, they have developed in size and scope, thanks to the generosity of Skinners’ Company benefactors as well as the prudent husbandry of successive generations of Trustees. The almshouses have re-located twice in their history, from the City to Mile End and thence to Palmers Green in North London. The Palmers Green site has been completely rebuilt three times, most recently in 2007, and is now named Skinners Court, while Percy Bilton Court, a sheltered housing scheme, was added in Hounslow in West London in the early 1980’s and substantially modernised in 2018.

CONSTITUTION

The Skinners’ Almshouse Charity (“the Charity”) which was incorporated as a company by Companies House in January 2009 (company number 6801953) is a registered charity (Charity number 1127772) and is governed by a scheme of the Charity Commission dated 12 October 2009. The Skinners’ Company is sole member of the incorporated Charity.

The endowment of the housing operation is held by two subsidiary charities — the Skinners’ Almshouse Foundation (Charity number 210774-1) and the Percy Bilton Fund (Charity number 210774-8). These are both unincorporated charities whose sole trustee is the Skinners’ Almshouse Charity and are accounted for here under a uniting direction from the Charity Commission. The principal activity of the Skinners’ Almshouse Foundation is to retain the Skinners’ Almshouse Charity’s assets in trust for the benefit of current and future residents. The Percy Bilton Fund is applied exclusively for the benefit of maintaining Percy Bilton Court and for the benefit of its residents.

The Charity is a Registered Social Landlord (no A2948) with Homes England. The Charity’s address and registered office is Skinners’ Hall, 8 Dowgate Hill, London, EC4R 2SP.

OBJECTIVES AND ACTIVITIES

The Charity’s object is the relief of poverty by the provision of almshouse accommodation to persons in need. It may appoint residents in the following order of preference:

a) Freemen and Freewomen of the Skinners’ Company and their widows and widowers; b) Dependents or former dependents of the said Freemen and Freewomen;

c) Any other such person in need.

Currently all residents are members of the third category above and none are members of The Skinners’ Company. Enfield and Hounslow local authorities have nomination rights to fill 75% and 50% of the flats respectively with the balance being identified by the Charity through various older person support agencies.

The Charity’s housing comprises two schemes. Percy Bilton Court provides 38 one-bedroom sheltered housing flats in Hounslow, West London. Skinners Court is an Extra Care scheme in Palmers Green, North London and offers 38 one-bedroom and 11 two-bedroom flats and an array of communal facilities for frailer older people. The Charity provides a full housing management service with care and support services being available through external providers. It aims to support older people to be as independent as possible through the provision of accessible accommodation.

GOVERNANCE AND MANAGEMENT

The Charity is governed by its Board of Directors. The Skinners’ Company, as sole member of the Charity, may elect or remove Directors.

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THE SKINNERS’ ALMSHOUSE CHARITY DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2022

Key management personnel and remuneration

The Skinners’ Company Clerk leads on the strategic and operational activities of the Charity under the guidance of its Board of Directors. The Directors give their time freely and received no remuneration in the year. Those working on behalf of the Charity are all employees of the Skinners’ Company (the sole member) whose employment costs are charged to the Charity under a paymaster arrangement. The Charity does not have any direct employees.

Recruitment and training of Directors Directors are appointed by the Skinners’ Company and shall hold office as specified by the Company on appointment. Directors hold office for a term of four years but are eligible for re-appointment following the expiration of one term. As part of the selection process, due consideration is given to the individual’s personal and professional knowledge and the experience they bring to the Board. New Directors are inducted into the workings of the Charity via an organised programme.

Organisational management

The Directors, as Trustees of the Charity, are legally responsible for the overall management and control of the Charity. They meet a minimum of four times per year to determine and monitor the Charity’s performance and strategic direction. Sub-Committees of the Board of Directors include Property and Finance. The Finance SubCommittee reviews the Charity’s framework for financial accountability and its tasks include detailed scrutiny of charges to residents before they are presented to the Board, as well as ensuring the Charity complies with relevant financial regulations and good practice. This includes an annual meeting with the auditor prior to considering statutory accounts. Daniel Watney LLP, Chartered Surveyors provide planned maintenance and surveying services for both schemes. Oversight and monitoring of the maintenance works is delegated to the Property Sub-Committee which reports to the Board of Directors. The Charity has an Almshouse Charity Manager who is responsible for the day-to-day management of the Charity and its two Almshouses. The Manager and additional support services, such as administration, secretarial, finance, HR and IT, are supplied by the Skinners’ Company. The Board has delegated the management of the Charity’s investment portfolio to the Investment Committee of the Skinners’ Company. The Investment Committee reports on performance, its findings and recommendations to the Finance Sub-Committee and the Board.

ACHIEVEMENTS AND PERFORMANCE

The Charity achieved a satisfactory operating surplus in the year, which will allow it to continue to support beneficiaries in the future. The Charity is proud to have continued to meet the costs of full time Estate managers at each of the schemes and Almshouse support staff based at Skinners’ Hall. This is despite the current cost saving trend across the sector of reducing staff presence on site. Income from licence fees which suffered in 2020-21 due to high voids resulting from a combination of Covid restrictions and a lack of nominations for vacancies being put forward has been addressed and voids at 30 June 2022 were at a normal operating level.

New trustees undergo a thorough induction programme, all trustees have the opportunity to attend training seminars throughout the year and can access information and advice via the charity’s membership of the Almshouse Association. Newsletters from each scheme are circulated to trustees on a monthly basis and resident feedback and consultation is used to inform trustee decision making. Social events during the year which facilitate engagement between Skinners and residents have been severely limited due to restrictions on social gatherings as a result of Covid-19. Reviewing the risk of Covid-19 and its impact on almshouse residents has been of prime importance to trustees. Board meetings have focused on measuring the impact of the pandemic on residents and working with local authorities and other statutory and voluntary sector partners to mitigate the impact on our beneficiaries. The charity will continue to adhere to government guidelines on how to best manage the Covid-19 situation in order to ensure that our residents and staff feel safe and valued.

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THE SKINNERS’ ALMSHOUSE CHARITY

DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2022

The charity continues to monitor the effect of Covid-19 on its beneficiaries and the risk it poses to the charity’s operations.

Financial review

The Directors present their report and accounts for the year ended 30 June 2022. These have been prepared on a going concern basis in accordance with the accounting policies set out in note 1 to the accounts. In preparing these accounts the Directors have complied with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, (FRS 102) and the second edition of the Statement of Recommended Practice for Charities.

The funds under the Directors’ control consist of:

Unrestricted funds: The funds available to the Directors for the general purposes of the Charity.

Designated funds:

e The Almshouse Development Fund. A sum is set aside annually, if surplus permits, in order to fund future redevelopment of the properties. e Repairs Reserves. This is the net accumulation of reserves designated for future repairs and replacements at each of the properties and is detailed in note 21.

Restricted funds: The Percy Bilton Court Fund. Accumulation of net income relating to this Scheme.

Endowment funds: The permanent endowment of the Charity.

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |The|Statement of Financial|Activities|demonstrates|that the|objectives|have been met and|is|summarised|below.| |2022|2021| |Available income|for|the|year|£|£| |Income|from|lettings|1,007,394|955,170| |Grants|and|donations|11,139|70,506| |Investment|income|161,399|140,689| |1,179,932|1,166,365| |Housing|costs|(831,143)|(863,463)| |Support|costs|181,193|166,459| |(1,012,336)|(1,029,922)| |Net incoming|resources|for|the|year|before|transfers|and|gains|167,596|136,443|

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The Directors confirm that the assets of the various funds are available and adequate to fulfil the relevant obligations.

Value for money

The Regulator of Social Housing requires all registered providers to calculate value for money (VfM) metrics. The results are as follows:

Reinvestment: Investment in housing supply as a percentage of total housing property held: 0.2% (2021 5.4%). New Housing Supply: New housing delivered as a percentage of housing stock held: nil% (2021 5.4%). Gearing: Proportion of borrowing in relation to housing assets: 6.6% (2021 5.4%).

EBITDA: Earnings before interest, tax, depreciation and amortisation: interest cover 10 times (2021 38 times). Headline Social Housing cost: £9,553 per unit (2021 £9,925 per unit).

Operating Margin Social Housing Lettings: demonstrates the surplus compared to turnover: 9.2% (2021 9.6%). Operating Margin Overall: Operating surplus compared to overall turnover: 7.8% (2021 8.2%). Return on Capital Employed: Operating surplus compared to current net assets:16.4% (2021 0.7%).

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THE SKINNERS’ ALMSHOUSE CHARITY DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2022

Future plans

The charity will continue to meet its aims and objectives by supporting elderly people in poor health and with limited resources to access high quality housing in a community setting. We aim to work with our residents to ensure that they have access to services and activities that will contribute towards enhancing their quality of life and reducing their social isolation. The Board is aware of developments in the energy market and will be keeping the matter under review. The Directors/Trustees will continue to regularly monitor and review the risks facing the charity and ensure that appropriate plans and policies are in place. In line with Regulator of Social Housing legislation due to be implemented in the coming year, we will undertake resident satisfaction surveys and will monitor their findings.

RESERVES POLICY

The Directors monitor and review the reserves policy annually. The Charity’s sheltered and extra care housing operates in a highly regulated environment, which controls in particular the charges which may be levied in respect of residents. These charges represent the entire housing income. The most substantial costs to be met from this income are the upkeep of buildings and payment of staff costs via the paymaster arrangement.

The Charity maintains a repairs reserve to which annual transfers are made for maintenance, cyclical and extraordinary repairs of the housing properties, as recommended by the Almshouse Association. These reserves will be expended over the terms of the maintenance and repairs schedules.

The Charity also maintains a redevelopment reserve, which is the Charity’s contribution to the redevelopment of housing properties in the future and is not regarded as distributable reserves. The current reserves policy is that £35,000 be transferred from revenue reserves to this fund each year subject to affordability.

The Percy Bilton Fund supports only the sheltered housing at Percy Bilton Court, Hounslow. The financial position of Percy Bilton Court is stable and can be supported by revenue reserves if necessary.

The Directors are currently reviewing the reserves policy in the light of the introduction of the Charities Act 2022 and the retention of a firm of Chartered Surveyors, Daniel Watney LLP, to advise the Board on the upkeep of the buildings. The undesignated reserves of £950,408 (2021:£136,151) are used to support the operating activities of the Charity.

FUNDRAISING

The Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their fundraising activities. The charity undertakes specific fundraising activity to support the development of its work but is mainly focused on receiving such donations from grant giving trusts and Skinners as opposed to the general public. During the year to 30 June 2022, the charity received no complaints in relation to fundraising.

INVESTMENT POLICY AND PERFORMANCE

On 14 January 2014 the Board passed a resolution under s104(B) of the Charities Act 2011 to adopt a total return policy for the permanently endowed portion of the managed portfolio, having calculated the unapplied total return on those assets at that date of £142,766. All returns (both capital and income) on these investments subsequent to the resolution are credited to the Endowment Fund. The Board, in consultation with the Skinners’ Company Investment Committee, has decided to transfer 2.5% of the asset value to unrestricted funds for application, and this is reviewed annually.

The managed portfolio is divided between Cazenove Capital, Sarasin and CCLA. The Charity's investment objective is to maintain the real value of the endowment and to achieve a total return of RPI + 3.5% p.a. over the medium to long term. The performance of the managed portfolio, together with the property unit trust portfolio, in the year was closely monitored by the Skinners’ Company Investment Committee, which reports regularly to the Board. The portfolio however is invested for the long term and the Investment Committee does not place undue weight on a single year’s performance. The overall long term performance remains satisfactory in a period of uncertain financial and economic outlook for global markets.

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THE SKINNERS’ ALMSHOUSE CHARITY DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2022

RISK MANAGEMENT

The Directors have sought to identify the major risks to which the Charity is exposed and have established systems to ensure that these risks are reviewed and are minimised as far as possible. The Board closely monitors its risks under health and safety legislation. A full risk assessment of the impact of the Covid-19 pandemic is in place and is subject to regular review.

Following strong representations made by the Almshouse Association on behalf of its members, the Minister of State for Work & Pensions announced that almshouse charities that are registered providers will be exempt from the proposal to reduce Target Rent by 1% per annum over four years, and has deferred the transfer to LHA rates. The Board will continue to monitor housing policy developments very closely and in particular the impact of any income restrictions that may be placed on almshouses in the future.

PUBLIC BENEFIT

The Directors have complied with the duty in section 4 of the Charities Act 2011 to have due regard to all guidance published by the Charity Commission.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Directors (who are also the Trustees of The Skinners’ Almshouse Charity for the purposes of company law) are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and United Kingdom Auditing Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements the directors are required to:

— select suitable accounting policies and then apply them consistently; — observe the methods and principles of the Charities’ SORP;

— state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained within 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.

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as the Directors are aware there is no relevant audit information of which the charitable company’s auditor is unaware and the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Board on 3 November 2022 and signed on behalf of the Directors by

e222 Stallebrass

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THE SKINNERS’ ALMSHOUSE CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2022

Opinion

We have audited the financial statements of The Skinners’ Almshouse Charity for the year ended 30 June 2022 which comprise the statement of financial activities, the balance sheet, the cash flow statement 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:

Basis for opinion

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 charitable company 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 accordance 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 going concern

In auditing the financial statements, we have concluded that the Directors’ 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 relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to 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 Directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement 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.

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THE SKINNERS’ ALMSHOUSE CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2022

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Directors

As explained more fully in the Directors’ Responsibilities Statement set out on page 6, the Directors (who are also Trustees of the charitable company for the purposes of company law) are 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 Directors determine 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 Directors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 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 material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not 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 material 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 statements.

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THE SKINNERS’ ALMSHOUSE CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2022

Irregularities, including fraud, are instances of non-compliance with laws 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 risks related to irregularities: We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the Directors, 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 charitable company by discussions with Directors and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, guidance issued by the Charity Commission for England and Wales and the Accounts Direction for Social Housing (so far as it applies to this entity).

Further, the charitable company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements; through a significant fine, litigation or restrictions on the charitable company’s operations. We identified the most significant of such laws and regulations to be those issued by The Regulator of Social Housing.

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 charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

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 or fraud. We enquired ofmanagement 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 transactions 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 with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than 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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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THE SKINNERS’ ALMSHOUSE CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2022

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

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Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP

Chartered Accountants

Statutory Auditors

71 Queen Victoria Street London EC4V 4BE

Date 16 Pecombe- AOZL

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE SKINNERS’ ALMSHOUSE CHARITY

BALANCE SHEET

AS AT 30 JUNE 2022

30 June 2022 2022 30 June 2021
Notes £ £ £ £
Fixed assets
Freehold housing properties,
at cost less depreciation 9 3,396,635 3,498,322
Equipment 10 - -
Freehold investment properties
at valuation 11 347,000 347,000
Investments at valuation 12 7,685,560 6,528,878
11,429,195 10,374,200
Current assets
Debtors 15 96,452 84,491
Cash 615,546 1,618,136
711,998 1,702,627
Creditors
Amounts falling due within one year 16 (149,999) (171,618)
Net current assets 561,999 1,531,009
Total assets less current liabilities “11,991,194 ~11,835,209
Creditors
Amounts falling due aftermore more
thanoneyear 17 (218,673) (224,955)
Total net assets 11,772,521 11,680,254
The funds ofthe charity 19
General Endowment Capital 8,970,430 9,021,947
Percy Bilton Fund 630,876 698,509
Designated reserve - Almshouse
Development 140,000 105,000
Designated reserve - Repairs 21 1,080,807 1,040,541
Revenue reserve 950,408 814,257
Total charity funds 11,772,521 11,680,254
Approved bytheDirectorson 3November November2022 4
rf)		 ,
MsM Stallebrass Mr HA C Tidbury
Director Director

The notes on pages 13 to 26 form part of these financial statements. Company number 6801953

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THE SKINNERS’ ALMSHOUSE CHARITY

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2022

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Note|2022|2021| |£|£| |Cash|flows|from|operating|activities| |Net|cash|provided|by|(used|in)|operating|activities|25|79,435|341,136| |Cash|flows|from|investing|activities| |Dividends,|interest|and|rents|from|investments|161,399|140,689| |Proceeds|from|the|sale|of property|-|-| |Purchase|of|property|plant and|equipment|(5,340)|(221,794)| |Proceeds|from|sale|of investments|2,673,200|1,549,563| |Purchase|of investments|3,905,211|1,563,823| |Net|cash|provided by|(used|in)|investing|activities|(1,075,952)|(95,365)| |Cash|flows|from|financing|activities| |Repayment|of borrowing| |New|borrowing| |Net|cash|provided by|(used|in)|financing|activities|(6,073)|(74,401)| |Change|in|cash|and|cash|equivalents|in|the|reporting|period|(1,002,590)|171,370| |Cash and cash|equivalents|at|the beginning of the reporting period|1,618,136|1,446,766| |Cash|and|cash|equivalents|at the|end|of the|reporting period|615,546|1,618,136|

----- End of picture text -----

Page 13

THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022

  1. Accounting policies

1.1 Accounting basis

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets and investments (detailed below), and in accordance with the memorandum and articles of association.

The financial statements have been prepared in accordance with the accounting policies set out below, the Companies Act 2006, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the second edition of the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The accruals basis is followed throughout.

The Charity constitutes a public benefit entity as defined by FRS102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

After reviewing the Charity’s forecasts and projections, the Directors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its accounts.

1.3 Investments

Securities held as investments are stated at market value at the year end. Investment property, in which the Charity has a freehold interest, is stated in the accounts at market value. The valuation of the commercial property was undertaken by Gerald Eve, Chartered Surveyors, in accordance with the Appraisal and Valuation Standards published by the Royal Institution of Chartered Surveyors.

Profit and loss on disposals is calculated as the difference between the sales proceeds and the market value at the beginning of the year (purchase date if later).

1.4 Income

Donations and legacies are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the charity is considered probable.

Property rentals and interest on short term deposits are recognised when they arise. Dividends and interest on investments are recognised when they become due and payable.

1.5 Expenditure

Expenditure is accrued as soon as a liability is considered probable.

1.6 Housing land and buildings and depreciation

Percy Bilton Court, Hounslow, is included in the accounts at net book value transferred from Hunt and Almshouse Charity plus additions at cost. The land was originally donated by the Percy Bilton Charity and its market value at the date of acquisition is treated as cost.

Skinners Court is shown in the accounts at net book value at date of transfer from the Hunt and Almshouse Charity.

Page 14

THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30 JUNE 2022

Housing properties are depreciated on a Housing properties are depreciated on a straight line basis over the estimated useful economic lives of line basis over the estimated useful economic lives of
component categories. The minibus is fully depreciated. Useful economic lives for component categories for
identified components are as follows:
Structure 75 years Roof 40 years
Bathrooms & mechanical 30 years Windows 25 years
Lifts& additions atPBC 25 years Painting and fascias 25 years
Kitchens 20 years Boilers 15 years
1.7
Charitableactivities

Costs of charitable activities comprise direct costs attributable to each activity which include provision of housing and directly attributable overhead and support costs, including governance costs, as shown in Note 7.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits at call with banks and bank overdrafts.

1.9 Financial instruments

The Charitable Fund only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The charity has selected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

1.10 Unrestricted funds: The funds available to the Directors for the general purposes of the Charity.

2. Income from lettings 2022 2021
£ £
Licence fees 649,135 636,810
Service charges and utilities 424,768 370,334
Losses from void licence fees (66,510) (51,974)
1,007,394 955,170

Page 15

THE SKINNERS’ ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30 JUNE 2022

3. Staff costs

The average headcount of persons employed by the Charity during the year was nil (2020: nil). Those working on behalf of the Charity are employed by The Skinners’ Company and the costs are recharged to the Charity at cost under a paymaster arrangement (and by Anchor Hanover during the period to 31 March 2021). The Charity bore a share of overall employment costs in this manner of £217,263 (2021:£198,349) shown under staff costs and £142,423 (2021:£161,323) shown under management costs & fees. The Company contributes towards pension arrangements for employees by way of a group personal pension plan, managed by Standard Life. The employer contributes 15% of gross annual salary and the employee 3%. Directors receive no remuneration, nor does the Member. Within the paymaster costs recharged to the Charity, there was one employee whose emoluments for the year fell into the band £60,000 to £69,999 (2021 — none).

4. Auditors’ remuneration 2022 2021
£ £
Audit 10,542 9,840
5. Investment income
Income from investment properties
Rental income 200 200
Management and legal costs (1,674) (5,283)
Net income (1,474) (5,083)
Property unit trust income 66,459 66,969
Investment income 79,493 62,330
Deposit interest 639 4,324
145,117 128,540
Percy BiltonFund Investment income 16,282 12,149
161,399 140,689
  1. Interest payable Interest of £22,106 (2021:£24,008) was payable in respect of the loan from Fresh plc, formerly Orchardbrook Limited, (see note 18).

7. Charitable activities

7.
Charitable activities
Other charitable support Housing
and governance Activities
2022 2021 2022 2021
ResidentWelfare and support 25,017 16,096 3,224 1,453
Head office staffcosts 102,065 99,773 - -
Scheme direct staffcosts - - 115,198 98,576
Schememanagement staffcosts and fees = = 142,423 234,673
Building repairs - - 255,169 203,624
Garden and equipment - - 26,716 23,056
Utilities - - 92,138 92,950
Cleaning - - 40,369 49,613
Administration (incl. professional fees) 39,983 37,124 6,024 12,749
Insurance 3,586 3,625 17,711 15,734
Depreciation
Audit		 -
10,542		 -
9,840		 107,027
-		 107,027
-
Void costs— council tax - - 2,472 -
Bad Debts - - 566 -
Interest - - 22,106 24,008
Totalcharitablecosts 181,193 166,459 831,143 863,463

Page 16

THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022

8.
Allocation ofsurplus foryear		 8.
Allocation ofsurplus foryear
Percy Almshouse
Bilton Development Repairs Endowment Revenue
Fund Fund Reserves Fund Reserves Total
£ £ £ £ £ £
2022
Housing activities: Surplus 71,497 = - 2 104,754 176,251
Non-housing activities:
Resident welfare (12,566) - - - (12,451) (25,017)
Other operating costs* (39,044) - - - (117,132) (156,176)
Fundraising - - - - - -
Income from property units - = = = 66,459 66,459
Investment income net ofcosts 16,282 = = 75,904 2,754 94,940
Donations received - - - - 11,139 11,139
Realised gain on investments 92,359 - 7 450,929 - 543,288
Unrealised loss on investments (156,267) = = (462,350) - (618,617)
Unrealised gain on inv. property - - - - - -
Transfers to Repairs Reserve:
Renewals reserve (8,000) - 10,264 - (2,264) -
Cyclical repairs (25,590) = 9,314 - 16,276 -
Extraordinary repairs (6,304) 2 20,688 - (14,384) -
Transfer to development fund = 35,000 - - (35,000) -
(67,633) 35,000 40,266 64,483 20,151 92,267
2021
Housing activities: Surplus 41,329 50,378 91,707
Non-housing activities:
Resident welfare (9,095) (7,001) (16,096)
Other operating costs* (37,591) (112,772) (150,363)
Fundraising -
Income from property units - 66,969 66,969
Investment income 12,149 59,311 2,260 73,720
Donations received - - 70,506 70,506
Realised gain on investments 24,444 119,344 - 143,788
Unrealised gain on investments 76,358 432,329 - 508,687
Unrealised gain on inv.property - 29,000 - 29,000
Transfers to Repairs Reserve: -
Renewals reserve (16,177) 13,039 (3,138) ;
Cyclical repairs (20,642) 7,604 13,038 -
Extraordinary repairs (62,924) 93,024 (30,100) =
Transfer to developmentfund 35,000 (35,000) =
7,851 35,000 113,667 639,984 21,416 817,918

Page 17

THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30 JUNE 2022

9. Freehold housing properties

Sheltered and Extra Care Housing
Skinners Court Percy Bilton
Palmers Green Court Hounslow Total
£ £ £
Cost brought forward 1 July 2021 2,649,768 1,653,302 4,303,070
Additions 5,340 - 5,340
Gross cost at 30 June 2022 2,655,108 1,653,302 4,308,410
Analysis ofcost
Buildings 2,655,108 1,503,302 4,158,410
Freehold land = 150,000 150,000
2,655,108 1,653,302 4,308,410
Depreciation OO OO OO
Accumulated depreciation at 1 July 20121 582,249 222,499 804,748
Charge foryear 49,553 57,474 107,027
Accumulated depreciation at 30 June 2022 631,802 279,973 911,775
Net book value at 30 June 2022 2,023,306 1,373,329 3,396,635
Net book value at30 June 2021 2,067,519 1,430,803 3,498,322
The numberofunits ofaccommodation OO — OO
in management at 30 June 2022 was:
-
accommodationletatmarketrent		 49 38 87

The freehold value of Percy Bilton Court is considered to be in excess of the book cost disclosed above. The value of the freehold land at Skinners Court is not included on the balance sheet.

10. Equipment

10. Equipment £
Cost at 30 June 2021 29,805 29,805
Cost at 30 June 2022 29,805 29,805
Accumulated Depreciation at 30 June2021 29,805 29,805
Depreciation— charge for year - :
Accumulated Depreciation at30 June 2022 29,805 29,805
Net Book Value 30 June 2021 - -
NetBookValue30June2022 - -

Page 18

THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30 JUNE 2022

11. Freehold investment properties

11. Freehold investment properties
2022 2021
£ £
Valuation July 2021 347,000
Increase in value - 29,000
Valuation30June2022 347,000 347,000

This investment relates to the freehold interest in two blocks of flats in Pellipar Close, Palmers Green. The freehold interest was valued at 30 June 2021 by Gerald Eve and in 2022 was reassessed by the Directors with no change. There were no leases extended during the year (2021 none).

Page 19

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THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2022

13. Material Investments

The Directors consider material for these purposes to be investments valued over £768,000, being in excess of 10% of the value of the portfolio.

14. Realised gain on investments

14. Realised gain on investments
General Percy Bilton 2022
fund fund Total
£ £ £
Historic cost gain realised in year 450,929 92,359 543,288
Adjustment forgain recognised in previous years (408,133) (83,593) (491,726)
Gain recognised in year 42,796 8,766 51,562
2021
Historic cost gain realised in year 119,344 24,444 143,788
Adjustment forgain recognised in previous years (85,834) (17,581) (103,415)
Loss recognised in prior year 33,510 6,863 40,373
15. Debtors
2022 2021
£ £
Arrears ofresidents’ rent 48,164 31,876
Accrued investment income and interest 14,168 14,795
Trade debtors and prepayments 34,120 37,820
96,452 84,491
16. Creditors
Amounts falling due within one year
2022 2021
£ £
Audit 10,542 9,840
Trade creditors, etc 133,175 155,705
Loans (note 18) 6,282 6,073
149,999 171,618

Page 22

THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2022

  1. Creditors Amounts falling due after more than one year
2022 2021
£ £
Loans (note 18) 218,673 224,955
18. Loans
(1*) (2*) Total
£ £ £
Brought forward 1 July 2020 205,413 31,500 305,429
New loan drawn - - -
Loan repaid during period (1,685) (4,200) (74,401)
Total creditors 30 June 2021 203,728 27,300 231,028
New loan drawn - - -
Loan repaid during period (1,873) (4,200) (6,073)
Total creditors 30 June 2022 201,855 23,100 224,955
Due within 1 year 2,082 4,200 6,282
Dueafter1year 199,773 18,900 218,673

Page 23

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THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2022

23. Related party transactions

During the course of the period £33,454 (2021:£26,231) excluding VAT was paid to Pellipar Services Company Limited, a company wholly owned by the sole member, in respect of recharges for rent and other costs. All such recharges were made on an arm's length basis.

24. Taxation

The Skinners’ Almshouse Charity is a registered charity and its income is not liable to direct taxation as it is applied to wholly charitable purposes.

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |25.|Reconciliation|of net movement|in funds|to|net|cash|flow from|operating|activities| |2022|2021| |£|£| |Net|income|for the|reporting|period|(as|per|SOFA)|92,267|817,918| |Adjustments|for:| |Depreciation|charges|107,027|107,027| |(Gains)/losses|on|investments|75,329|(681,475)| |Dividends,|interest|and|rents|from|investments|(161,399)|(140,689)| |(Increase)/Decrease|in debtors|(11,961)|351,016| |(Decrease)|in|creditors|(21,828)|(112,661)| |Net|cash provided|by|operating|activities|79,435|341,136|

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26. Analysis of changes in net debt

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2021|movements|2022| |Loans|1,618,136|||(1,002,590) |=||615,546| |falling|due|within|1|year|6,073|6,073|6,282|6,282| |Loans|falling|due|after more than|1|year|224,955|||||6,282|218,673| |1,387,108|||_(996,517)| =||390,591|

----- End of picture text -----

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