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 2023 



THE SKINNERS’ ALMSHOUSE CHARITY 

|CONTENTS|Page|
|---|---|
|Directors’ reportand accounts|1-6|
|Independent auditors’ report|7-10|
|Statementoffinancial 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 2023 

BOARD OF DIRECTORS Miss MC Stallebrass (Chairman) Dr C Anderson Ms Anna Brunner (appointed 3 November 2022) Cmdr James Cohen Mrs K J Coleman Mrs L Lodge Mr A Millard (appointed 3 November 2022) Mr B Peat Mr EDL Price Dr C M Roe Mr H A C Tidbury BANKERS AND PROFESSIONAL ADVISERS Bankers Royal Bank of Scotland PLC 1 Hardman Boulevard Manchester M33 AQ Investment managers Cazenove Capital 1 London Wall Place London EC2Y 5AU 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 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 2023 

## 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 The Regulator of Social Housing. 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 2023 

## 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 Director who is responsible for the day-to-day management of the Charity and its two Almshouses. The Director 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, which currently includes the Chairman of the Finance Sub-Committee, reports on performance and provides advice and recommendations to the Finance Sub-Committee and the Board, as appropriate. 

## ACHIEVEMENTS AND PERFORMANCE 

Although the Charity made a surplus from operations in the year, it incurred a small overall loss after gains and losses on investments (both realised and unrealised). 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 trend across the sector of reducing staff presence on site. Income from licence fees increased slightly in the year and voids were at normal operating levels for the type of schemes. 

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 quarterly 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 reintroduced following a hiatus during the Covid 19 pandemic. 

The Charity has contracted Daniel Watney LLP to develop plans for refurbishment and essential maintenance works at both of its almshouses. 

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THE SKINNERS’ ALMSHOUSE CHARITY DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2023 

## Financial review 

The Directors present their report and accounts for the year ended 30 June 2023. These have been prepared on a going concern basis in accordancewith 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 ofthe 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 ofreserves designated for future repairs and replacements at each of the properties and is detailed in note 21. 

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

## Endowment funds: The permanent endowment of the Charity. 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|The|Statement of|Financial|Activities|demonstrates|that the objectives have been met and|is|summarised below.|
|2023|2022|
|Available income|for the year|£|£|
|Income from|lettings|1,107,972|1,007,394|
|Grants|and|donations|763|11,139|
|Investment|income|244,348|161,399|
|1,353,083|1,179,932|
|Housing costs|(1,015,835)|(831,143)|
|Support costs|(179,771)|(181,193)|
|(1,195,606)|(1,012,336)|||
|Net incoming|resources|for the year|before|transfers|and|gains|157,477|167,596|

**----- End of picture text -----**<br>


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: nil% (2022 0.2%). New Housing Supply: New housing delivered as a percentage of housing stock held: nil% (2022 nil”). Gearing: Proportion of borrowing in relation to housing assets: 6.6% (2022 6.6%). 

EBITDA: Earnings before interest, tax, depreciation and amortisation: interest cover 4 times (2022 10 times). Headline Social Housing cost: £11,676 per unit (2022 £9,553 per unit). 

Operating Margin Social Housing Lettings: demonstrates the surplus compared to turnover: 8.3% (2022 9.2%). Operating Margin Overall: Operating surplus compared to overall turnover: nil % (2022 7.8%). Return on Capital Employed: Operating surplus compared to current net assets: nil% (2022 16.4%). 

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## THE SKINNERS’ ALMSHOUSE CHARITY DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2023 

## 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 Directors/Trustees will continue regularly to monitor and review the risks facing the charity and ensure that appropriate plans and policies are in place. A detailed planned maintenance programme for both schemes starts in Autumn 2023. 

## 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 that 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 £1,112,588 (2022:£950,408) 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 2023, 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 achievea total return of RPI + 3.5% p.a. over the medium to long term. The performance in the year of the managed portfolio, together with the property unit trust portfolio, was closely monitored by the Skinners’ Company Investment Committee, which reports regularly to the Board. The portfolio 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, economic and political outlook for global markets. 

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## THE SKINNERS’ ALMSHOUSE CHARITY 

## DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2023 

## 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. 

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; 

- make judgements and estimates that are reasonable and prudent; 

— state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained 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 2 November 2023 and signed on behalf of the Directors by 

__ Miata vseesssveseessseeeseMary Stallebrass 

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THE SKINNERS’ ALMSHOUSE CHARITY INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2023 a 

## Opinion 

We have audited the financial statements of The Skinners’ Almshouse Charity for the year ended 30 June 2023 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: 

- e give a true and fair view of the charitable company’s state of affairs as at 30 June 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- ° have been prepared in accordance with the Companies Act 2006. 

## 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. 

## Se 

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THE SKINNERS’ ALMSHOUSE CHARITY 

## INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2023 

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: 

- e the information given in the Directors Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- ° the Directors’ Report has been prepared in accordance with applicable legal requirements. 

## 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: 

- e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- ° the financial statements are not in agreement with the accounting records and returns; or 

- ° certain disclosures of Directors’ remuneration specified by law are not made; or 

- e we have not received all the information and explanations we require for our audit; or 

- e the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Directors’ Report. 

## 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 2023 

## cn 

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 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 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. 

eeeee Page 9 



THE SKINNERS’ ALMSHOUSE CHARITY 

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2023 

## 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. 

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

## Chartered Accountants 

Statutory Auditors 

71 Queen Victoria Street London EC4V 4BE 

## Date 

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

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**----- End of picture text -----**<br>




THE SKINNERS’ ALMSHOUSE CHARITY 

## BALANCE SHEET AS AT 30 JUNE 2023 

|||30June|2023||30|June 2022|
|---|---|---|---|---|---|---|
||Notes|£||£|£|£|
|Fixed assets|||||||
|Freehold housing properties,|||||||
|atcost less depreciation|9|3,289,608|||3,396,635||
|Equipment|10|-|||-||
|Freehold investment properties|||||||
|atvaluation|11|347,000|||347,000||
|Investments atvaluation|12|7,574,450|||7,685,560||
||||11,211,058|||11,429,195|
|Current assets|||||||
|Debtors|15|104,261|||96,452||
|Cash||785,004|||615,546||
|||889,265|||711,998||
|Creditors|||||||
|Amounts falling duewithinoneyear|16|(165,266)-|||(149,999)||
|Net current assets||||723,999||561,999|
|Total assets lesscurrentliabilities|||~11,935,057_|||~ 11,991,194|
|Creditors|||||||
|Amounts falling due aftermore|||||||
|thanoneyear|17||(212,159)|||(218,673)|
|Total net assets|||11,722,898|||11,772,521|
|The funds ofthe charity|19||||||
|GeneralEndowment Capital|||8,716,248|||8,970,430|
|Percy BiltonFund||||658,029||630,876|
|Designated reserve -Almshouse|||||||
|Development<br>Designatedreserve -Repairs|21||175,000<br>1,061,033|||140,000<br>1,080,807|
|Revenue reserve|||1,112,588|||950,408|
|Totalcharityfunds|||11,722,898|||11,772,521|
|Approvedbythe Directors on 2Noyember2023|||||||
|MsM Stallebrass|||Mr H|AC Tidbury|||
|Director|||Director||||



The notes on pages 13 to 29 form part of these financial statements. Company number 6801953 

Page 12 



THE SKINNERS’ ALMSHOUSE CHARITY 

## STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023 

seGAge a A 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|Note|2023|2022|
|£|£|
|Cash|flows|from|operating|activities|
|Net cash provided by (used|in)|operating|activities|25|27,382|79,435|
|Cash|flows|from|investing|activities|
|Dividends,|interest and|rents|from|investments|244,348|161,399|
|Proceeds|from|the|sale|of property|-|-|
|Purchase|of property|plant and equipment|-|(5,340)|
|Proceeds|from|sale|of investments|-|2,673,200|
|Purchase|of investments|(95,990|(3,905,211)|
|Net cash provided by (used|in)|investing|activities|148,358|(1,075,952)|
|Cash|flows|from|financing|activities|
|Repayment of borrowing|(6,282)|(6,073)|
|New borrowing|-|-|
|Net cash provided by (used|in)|financing|activities|(6,282)|(6,073)|
|Change|in|cash and|cash equivalents|in the reporting|period|169,458|(1,002,590)|
|Cash and cash equivalents|at the beginning ofthe reporting period|615,546|1,618,136|
|Cash and|cash|equivalents|at the end|of the reporting|period|785,004|615,546|

**----- End of picture text -----**<br>


i Page 13 ? 



## THE SKINNERS’ ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 

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 asa 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. 

Housing properties are depreciated on a straight line basis over the estimated useful economic life. The minibus is fully depreciated. 

Page 14 



THE SKINNERS’ ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30 JUNE 2023 

## 1.7 Charitable activities 

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. 

- 1.10 Restricted fund: The Percy Bilton Fund. Accumulation of net income relating to the Scheme at Hounslow. 

- 1.11 Designated funds: ° The Almshouse Development Fund. A sum is set aside annually if surplus permits in order to fund future redevelopment of the properties. 

- ° Repairs Reserves. This is the net accumulation of reserves designated for future repairs and replacements at each of the properties and are detailed in note 21. 

- 1.12 Endowment funds: The permanent endowment of the Charity. 

|2.|Incomefrom lettings|2023|2022|
|---|---|---|---|
|||£|£|
||Licence fees|676,112|649,135|
||Service charges and utilities|464,085|424,768|
||Losses from void licence fees|(32,225)|(66,510)|
|||1,107,972|1,007,394|



Page 15 



THE SKINNERS’ ALMSHOUSE CHARITY 

NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30 JUNE 2023 

3. Staff costs 

The average headcount of persons employed by the Charity during the year was nil (2022: 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. The Charity bore a share of overall employment costs in this manner of £244,695 (2022:£217,263) shown under staff costs and £126,962 (2022:£142,423) 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 (2022 — one). 

|4.<br>Auditors’ remuneration||||2023|2022|
|---|---|---|---|---|---|
|||||£|£|
|Audit||||11,600|10,542|
|5,<br>Investmentincome||||||
|Income from investment properties||||||
|Rental income||||200|200|
|Managementand legal costs||||-|(1,674)|
|Net income||||200|(1,474)|
|Propertyunittrust income||||69,366|66,459|
|Investment income||||132,366|79,493|
|Deposit interest||||15,305|639|
|||||217,237|145,117|
|Percy Bilton Fund Investment income||||27,111|16,282|
|||||244,348|161,399|
|6.<br>Interest payable||||||
|Interest of £21,896 (2022:£22,106) was payable in respect of the loan from||||Fresh plc,|formerly|
|Orchardbrook Limited, (see note 18).||||||
|7.<br>Charitable activities||||||
||Othercharitable support|||Housing||
||and|governance||Activities||
||2023||2022|2023|2022|
|ResidentWelfare and support|25,834||25,017|6,304|3,224|
|Head office staffcosts|96,389||102,065|-|-|
|Scheme direct staffcosts||-|-|148,306|115,198|
|Schememanagement staffcosts andfees||-|-|126,962|142,423|
|Buildingrepairs||-|-|359,087|255,169|
|Gardenandequipment||-|-|23,698|26,716|
|Utilities<br>Cleaning||-<br>-|-<br>-|141,001<br>44,455|92,138<br>40,369|
|Administration (incl. professional fees)|42,268||39,983|10,826|6,024|
|Insurance|3,680||3,586|23,740|17,711|
|Depreciation||-|-|107,027|107,027|
|Audit<br>Void costs—council tax|11,600<br>-||10,542<br>-|-<br>1,682|-<br>2,472|
|BadDebts||-|-|851|566|
|Interest||-|-|21,896|22,106|
|Totalcharitablecosts|179,771||181,193|1,015,835|831,143|



6. Interest payable Interest of £21,896 (2022:£22,106) was payable in respect of the loan from Fresh plc, formerly Orchardbrook Limited, (see note 18). 

7. Charitable activities 

Page 16 



THE SKINNERS’ ALMSHOUSE CHARITY 

## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 

|8.<br>Allocation ofsurplus foryear|8.<br>Allocation ofsurplus foryear|||||||
|---|---|---|---|---|---|---|---|
||Percy|Almshouse||||||
||Bilton Development||Repairs|Endowment|Revenue|||
||Fund|Fund|Reserves|Fund|Reserves||Total|
||£|£|£|£|£||£|
|2023||||||||
|Housing activities: Surplus|(652)|-|-|-|92,789||92,137|
|Non-housing activities:||||||||
|Residentwelfare|(13,992)|-|-|-|(11,842)||(25,834)|
|Other operating costs*|(38,484)|-|-|-|(115,453||(153,937)|
|Fundraising<br>Income fromproperty units|-<br>-|-<br>-|-<br>-|-<br>-|-<br>69,366||-<br>69,366|
|Investment incomenetofcosts|27,111|-|-|128,497|19,374||174,982|
|Donations received|-|-|-|-|763||763|
|Realised gainon investments|-|-|-|-|-||-|
|Unrealisedgainoninvestments|22,079|-|-|(229,179)|-||(207,100)|
|Unrealisedgain on inv. property|-|-|-|-|-||-|
|Transfers toRepairs Reserve:||||||||
|Renewals reserve|4,146|-|(13,306)|-|9,160||-|
|Cyclical repairs<br>Extraordinaryrepairs|9,341<br>17,604|-<br>-|7,295<br>(13,763)|-<br>-|(16,636)<br>(3,841)||-<br>-|
|Transfer todevelopment fund|-|35,000|-|-|(35,000)|-|:|
||__27,153|35,000|(19,774)|(100,682)|8,680|__(49,623) _||
|2022||||||||
|Housing activities: Surplus|71,497|-|-|-|104,754||176,251|
|Non-housing activities:||||||||
|Residentwelfare|(12,566)|-|-|-|(12,451)||(25,017)|
|Otheroperating costs*|(39,044)|-|-|-|(117,132)||(156,176)|
|Fundraising<br>Income fromproperty units|-<br>-|-<br>-|-<br>-|-<br>-|-<br>66,459||-<br>66,459|
|Investment incomenet ofcosts|16,282|-|-|75,904|2,754||94,940|
|Donationsreceived|-|-|-|-|11,139||11,139|
|Realisedgainon investments|92,359|-|-|450,929|-||543,288|
|Unrealised gainoninvestments|(156,267)|-|-|(462,350)|-||(618,617)|
|Unrealised gain on inv.property|-|-|-|-|-||-|
|Transfers to Repairs Reserve:||||||||
|Renewalsreserve|(8,000)|-|10,264|-|(2,264)||-|
|Cyclicalrepairs|(25,590)|-|9,314|-|16,276||-|
|Extraordinary repairs<br>Transfertodevelopmentfund|(6,304)<br>-|-<br>35,000|20,688<br>-|-|(14,384)<br>(35,000)||-<br>-|
||(67,633)|35,000|40,266|64,483|20,151||92,267|



* 25% of operating costs are associated with Percy Bilton Court 

Page 17 



THE SKINNERS’ ALMSHOUSE CHARITY 

## NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30 JUNE 2023 


**----- Start of picture text -----**<br>
|||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|9.|Freehold|housing|properties|
|Sheltered|and|Extra|Care Housing|
|Skinners|Court|Percy|Bilton|
|Palmers|Green|Court Hounslow|Total|
|£|£|£|
|Cost brought|forward|1|July 2022|2,655,108|1,653,302|4,308,410|
|Additions|-|-|-|
|Gross|cost at 30|June|2023|2,655,108|1,653,302|4,308,410|
|Analysis|of cost|
|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|
|Accumulated|depreciation|at|1 July 20122|63 1,802|279,973|911,775|
|Charge|for year|49,553|57,474|107,027|
|Accumulated depreciation|at 30 June 2023|681,355|337,447|1,018,802|
|Net book value|at 30 June 2023|1,973,753|1,315,855|3,289,608|
|Net|book value|at 30 June 2022|2,023,306|1,373,329|3,396,635|
|The|number|of units|of accommodation|
|in management|at|30|June|2023|was:|
|-|accommodation|let|at market rent|49|38|87|
|The|freehold|value|of Percy Percy|Bilton|Court|is|considered|to|be|in|excess|of the the|book|cost|disclosed|above.|The|
|value|of the the|freehold|land|at|Skinners|Court|is|not|included|on|the|balance|sheet.|
|10.|Equipment|2023|2022|
|£|£|
|Cost|at|30|June|2022|29,805|29,805|
|Cost|at 30 June 2023|29,805|29,805|
|Accumulated|Depreciation|at 30 June 2022|29,805|29,805|
|Depreciation — charge|for year|-|-|
|Accumulated Depreciation|at 30 June 2023|29,805|29,805|
|Net|Book|Value|30|June|2022|-|-|
|Net Book|Value|30|June|2023|-|-|

**----- End of picture text -----**<br>


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

Page 18 



THE SKINNERS’ ALMSHOUSE CHARITY 

NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30 JUNE 2023 

## 11. Freehold investment properties 

|11. Freehold investment properties|||
|---|---|---|
||2023|2022|
||£|£|
|Valuation 1 July2022|347,000|347,000|
|Increase in value|-|-|
|Valuation30June2023|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 2023 was reassessed by the Directors as at 30 June 2023 with no change. There were no leases extended during the year (2022 none). 

Page 19 



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THE SKINNERS’ ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2023 

## 13. Material Investments 

- As at 30 June 2023 the Charity held three material investments. These were: 

   - e The Charities Property Fund with a market value of £844,194 (2022: £1,010,538). e Sarasin Climate Active Endowments Fund £1,957,126 (2022: £1,892,001) e Cazenove Charity response fund £2,350,455 (2022: £1,544,194) e CCLA accumulation units £1,670,450 (2022: £1,572,804) 

The Directors consider material for these purposes to be investments valued over £757,000, being in excess of 10% of the value of the portfolio. 

## 14. Realised gain on investments 

|14.|Realised gain on investments||||
|---|---|---|---|---|
|||General|PercyBilton|2023|
|||fund|fund|Total|
|||£|£|£|
||Historic cost gainrealised inyear|-|-|-|
||Adjustment forgainrecognised inprevious years|-|-|-|
||Gainrecognised inyear|-|-|-|
|||||2022|
|||£|£|£|
||Historic costgainrealised inyear|450,929|92,359|543,288|
||Adjustmentforgainrecognised inpreviousyears|(408,133)|(83,593)|(491,726)|
||Gainrecognised inprioryear|42,796|8,766|$1,562|
|15.|Debtors||||
||||2023|2022|
||||£|£|
||Arrears ofresidents’ rent||33,450|48,164|
||Accrued investment income and interest||18,338|14,168|
||Trade debtors andprepayments||52,473|34,120|
||||104,261|96,452|
|16.|Creditors||||
||Amounts fallingduewithin oneyear||||
||||2023|2022|
||||£|£|
||Trade creditors,||87,420|86,243|
||Accruals||71,332|57,474|
||Loans (note 18)||6,514|6,282|
||||165,266|149,999|



Page 22 



THE SKINNERS’ ALMSHOUSE CHARITY 

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2023 

|17.|Creditors||||
|---|---|---|---|---|
||Amounts falling due aftermore than oneyear||||
||||2023|2022|
||||£|£|
||Loans (note 18)||212,159|218,673|
|18.|Loans||||
|||(1*)|(2*)|Total|
|||£|£|£|
||Broughtforward 1 July2021|203,728|27,300|231,028|
||New loan drawn|-|-|-|
||Loanrepaidduringperiod|(1,873)|(4,200)|(6,073)|
||Total creditors30June 2022|201,855|23,100|224,955|
||New loan drawn|-|-|-|
||Loanrepaidduringperiod|(2,082)|(4,200)|(6,282)|
||Total creditors30June2023|199,773|18,900|218,673|
||Duewithin 1 year|2,314|4,200|6,514|
||Dueafter1year|197,459|14,700|212,159|



- (1*) This loan, originally from the Housing Corporation, was assigned by the Corporation to Fresh ple (formerly Orchardbrook Ltd) on 26 March 1997. The terms are unchanged. The loan is repayable by instalments over 60 years from July 1985 and is secured by a charge on freehold housing property at Hounslow. The amount repayable in the period to 30 June 2024 will be £2,314. The loan carried interest during the period at 10.875% per annum. 

- (2*) This loan is from the Almshouse Association to help fund major refurbishment at Percy Bilton Court. It is interest free and repayable over 10 years. 

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THE SKINNERS’ ALMSHOUSE CHARITY 

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2023 

## i 

## 23. Related party transactions 

During the course of the period £38,413 (2022:£33,454) 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. 

25. Reconciliation of net movement in funds to net cash flow from operating activities 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|£|£|
|Net|income|for the reporting|period|(as|per SOFA)|(49,623)|92,267|
|Adjustments|for:|
|Depreciation|charges|107,027|107,027|
|Losses|on|investments|207,100|75,329|
|Dividends,|interest and rents|from|investments|(244,348)|(161,399)|
|(Increase)|in debtors|(7,809)|(11,961)|
|Increase/(Decrease)|in|creditors|15,035|(21,828)|
|Net cash provided by operating|activities|27,382|79,435|

**----- End of picture text -----**<br>


26. Analysis of changes in net debt 


**----- Start of picture text -----**<br>
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|amovements|2023|
|2022|ee|
|Loans|falling|due|within|1|year|(6,282)|6,282|(6,514)|(6,514)|
|Loans|falling due after more than|||year|||(218,673)|||||6,514|||(212,159)|
|Total|390,591|175,740|-|566,331|

**----- End of picture text -----**<br>


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