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2025-06-30-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 2025

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 2025

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||||||| |---|---|---|---|---|---| |BOARD|OF DIRECTORS| |Cmdr J Cohen|(Chairman from|11.7.25)| |Miss MC|Stallebrass|(Chairman|to|10.7.25)| |Dr C|Anderson| |Mr T Baker|(appointed|13.11.25)| |Mr B|Beor-Roberts| |Ms A Brunner| |Mrs K|J|Coleman| |Mrs L Lodge| |Mr A Millard|(resigned|14.11.24)| |Mr B|Peat| |Mr EDL|Price|(resigned|14.11.24)| |Mr A Roe|(appointed|13.11.25)| |Dr C M Roe|(resigned|14.11.24)| |Mr H AC|Tidbury| |Mr J J Winpenny|(appointed|14.11.24)| |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| |Newmark|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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Page 1

THE SKINNERS’ ALMSHOUSE CHARITY DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

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 12 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.

Page 2

THE SKINNERS’ ALMSHOUSE CHARITY

DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

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

The Charity incurred a small operating loss but reported an overall gain after investment movements (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 ofreducing 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 developed. 100% of residents who completed a resident Perception Survey in May 2024 said that they were satisfied with the quality of their home.

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

Based on resident feedback relating to poor air quality in communal corridors at Skinners Court, the charity has installed a new ventilation/air purification system. It has upgraded existing emergency lighting at the scheme with a more cost-effective eco-friendly lighting system. The schemes’ communal bathroom along with the care provider’s office and rest room area have also been refurbished and significantly upgraded.

Page 3

THE SKINNERS’ ALMSHOUSE CHARITY DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

Financial review

The Directors present their report and accounts for the year ended 30 June 2025. These have been prepared on a going concern basis in accordance with the accounting policies set out in note | 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 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.

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|||||||||| |---|---|---|---|---|---|---|---|---| |The|Statement|of Financial Activities|demonstrates|that the|objectives|have been met and|is|summarised below.| |2025|2024| |Available income|for the year|£|£| |Income from|lettings|1,304,219|1,170,491| |Grants|and|donations|7,225|-| |Investment|income|263,462|278,253| |1,574,906|1,448,744| |Housing|costs|(1,733,642)|(1,435,773)| |Support costs|(199,681)|(203,500)| |Fundraising|15,778|-| |(1,949,101)|(1,639,273)| |Net|(outgoing)|resources|for the year before transfers and|gains|(374,195)|(190,529)|

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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 (V{M) metrics. The results are as follows:

Reinvestment: Investment in housing supply as a percentage of total housing property held: nil % (2024 nil%). New Housing Supply: New housing delivered as a percentage of housing stock held: nil% (2024 nil”). Gearing: Proportion of borrowing in relation to housing assets: 6.6% (2024 6.6%). EBITDA: Earnings before interest, tax, depreciation and amortisation: interest cover 0 times (2024 9 times). Headline Social Housing cost: £16,265 per unit (2024 £16,132 per unit). Operating Margin Social Housing Lettings: demonstrates the surplus compared to turnover: -22% (2024 -22%). Operating Margin Overall: Operating surplus compared to overall turnover: -18.4% (2024 -18%). Return on Capital Employed: Operating surplus compared to current net assets: -9% (2024 -32%).

NeeS

Page 4

THE SKINNERS’ ALMSHOUSE CHARITY DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

Future plans

The charity will continue to meet its aims and objectives by supporting elderly people with limited resources and in poor health 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 started in Autumn 2023 and continues. Major building works planned for the coming year include the installation of replacement balconies and internal redecoration at Skinners Court.

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. It was not considered affordable in the year.

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 £1,083,718 (2024:£1,260,736) 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 2025, the charity received no complaints in relation to fundraising. Following the recruitment of a development officer by the Skinners’ Company, the Charity now bears a share of the cost of this post under the paymaster arrangement.

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 CPI + 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

Page 5

THE SKINNERS’ ALMSHOUSE CHARITY

year’s performance. The overall long term performance remains satisfactory in a period of uncertain financial, economic and political outlook for global markets. DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

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. As a Registered Housing Provider trustees ensure that the Charity complies with regulatory standards as set out in the Social Housing Regulation Act.

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:

— 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.

Page 6

THE SKINNERS’ ALMSHOUSE CHARITY INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2025

Opinion

We have audited the financial statements of The Skinners’ Almshouse Charity for the year ended 30 June 2025 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.

Page 7

THE SKINNERS’ ALMSHOUSE CHARITY INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2025

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.

Page 8

THE SKINNERS’ ALMSHOUSE CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2025

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.

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THE SKINNERS’ ALMSHOUSE CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2025

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 LLP

Statutory Auditors

71 Queen Victoria Street London EC4V 4BE Date | | Dearuber 20)[pe]

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

Page 10

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THE SKINNERS’ ALMSHOUSE CHARITY

BALANCE SHEET AS AT 30 JUNE 2025

30 June 2025 30 June 2024
Notes £ £ £ £
Fixed assets
Freehold housing properties,
at cost less depreciation 9 3,075,554 3,182,581
Equipment 10 - .
Freehold investmentproperties
atvaluation 11 347,000 347,000
Investments atvaluation 12 7,005,025 8,073,407
10,427,579 11,602,988
Current assets
Debtors 15 161,551 92,036
Cash 1,774,781 702,314
1,936,332 794,350
Creditors
Amounts falling duewithin oneyear 16 (455,277) (201,793)
Netcurrent assets 1,481,055 592,557
Total assets less current liabilities 11,908,634 12,195,545
Creditors
Amounts falling due aftermore more
than oneyear 17 (198,324) (205,386)
Total net assets 11,710,310 11,990,159
The funds ofthe charity 19
GeneralEndowment Capital 9,101,2888 9,063,162
Percy Bilton Fund 793,216 780,249
Designated reserve -Almshouse
Development 210,000 210,000
Designated reserve - Repairs 21 522,088 676,012
Revenue reserve 1,083,718 1,260,736
Total charityfunds 11,710,310 11,990,159
ApprovedbytheDirectorson 13Noyember2025 (
Cmdr J Cohen MrHAC Tidbury
Director Director

The notes on pages 14 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 2025

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Note|2025|2024| |£|£| |Cash|flows|from|operating|activities| |Net|cash|(used|in)|operating|activities|25|(346,949)|(313,262)| |Cash|flows|from|investing|activities| |Dividends,|interest and rents|from|investments|263,462|278,253| |Proceeds|from|property|lease|extension|66,812|-| |Purchase|of property plant and|equipment|-|:| |Proceeds|from|sale|of investments|1,233,879|76,629| |Purchase|of investments|(137,963)|(117,796| |Net|cash provided by|investing|activities|1,426,190|237,086| |Cash|flows|from|financing|activities| |Repayment of|borrowing| |New borrowing|||74]|-| |Net|cash used|in|financing|activities|(6,774)|(6,514)| |Change|in|cash and|cash|equivalents|in|the|reporting|period|1,072,467|(82,690)| |Cash and cash equivalents|at the beginning of|the reporting period|702,314|785,004| |Cash|and|cash|equivalents|at the end|of the|reporting|period|1,774,781|702,314|

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

Page 13

THE SKINNERS’ ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

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 as valued by the Trustees.

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.

Housing properties are depreciated ona 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 2025

1.7. Capitalisation of building costs

Building repairs shown in note 7 are not of a capital nature. Costs incurred to maintain the fabric of the building are written off each year. Costs of a capital improvement nature will be capitalised on the balance sheet.

1.8 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.

1.9 Cash and cash equivalents

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

1.10 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.

2. Income from lettings 2025 2024
£ £
Licence fees 799,115 743,751
Service charges and utilities 547,939 473,733
Losses fromvoid licence fees (42,835) (46,993)
1,304,219 1,170,491

Page 15

THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30 JUNE 2025

3. Staff costs

The average headcount of persons employed by the Charity during the year was nil (2024: 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 £258,925 (2024:£258,050) shown under staff costs and £148,966 (2024:£143,603) shown under management costs & fees. The Company contributes towards pension arrangements for employees by way of a group personal pension plan, managed by Aviva. 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 (2024 — one).

4. Auditors’ remuneration 2025 2024
£ £
Audit 13,260 13,282
5. Investment income
Income from investment properties
Rental income 200 200
Management and legal costs - -
Net income 200 200
Property unit trust income 61,985 83,090
Investment income 126,222 137,023
Deposit interest 49,202 29,875
237,609 250,188
Percy BiltonFund Investment income 25,853 28,065
263,462 278,253
  1. Interest payable Interest of £21,406 (2024:£21,664) 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
2025 2024 2025 2024
ResidentWelfare and support 19,649 18,441 12,692 5,197
Head office staffcosts 113,611 110,965 - -
Scheme direct staffcosts - - 145,314 147,085
Schememanagement staffcosts and fees - - 148,966 143,603
Buildingrepairs - - 1,025,167 767,283
Garden and equipment - : 21,674 21,100
Utilities - . 161,407 141,875
Cleaning - - 56,215 45,320
Administration (incl. professional fees) 49,149 55,664 9,643 9,944
Insurance 4,012 5,148 21,694 20,660
Depreciation - - 107,027 107,027
Audit 13,260 13,282 - -
Void costs—council tax - - 2,437 1,442
Bad Debts - - - 3,573
Interest - - 21,406 21,664
Totalcharitablecosts 199,681 203,500 1,733,642 1,435,773

Page 16

THE SKINNERS’ ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

8.
Allocation of surplus foryear		 year
Percy Almshouse
Bilton Development Repairs Endowment Revenue
Fund Fund Reserves Fund Reserves Total
£ £ £ £ £ £
2025
Housing activities: Surplus/(deficit) (123,354) 2 - - (306,069) (429,423)
Non-housing activities:
Resident welfare (10,653) - - - (8,996) (19,649)
Otheroperating costs* (45,008) - - - (135,024) (180,032)
Fundraising - - - - (15,778) (15,778)
Income frompropertyunits 2 - - - 61,985 61,985
Investment income net ofcosts 25,853 s = 123,342 52,282 201,477
Donations received : - - - 7,225 7,225
Realised gainonproperty - - - 66,812 - 66,812
Realised gain on investments 26,750 > - 130,608 - 157,358
Unrealised loss on investments (13,588) - - (116,236) : (129,824)
Unrealised gain on inv. property > - : : -
Transfers to Repairs Reserve:
Renewals reserve (7,000) = 6,043 - 957 -
Cyclical repairs
Extraordinary repairs		 (29,130)
189,097		 -
-		 29,130
(189,097)		 °
-		 é
‘		 .
‘
Transfer to development fund 5 : - - - -
12,967 . (153,924) 204,526 (343,418) (279,849)
2024
Housing activities: Surplus 30,021 “ - “ (295,303) (265,282)
Non-housing activities:
Resident welfare (9,845) - - - (8,596) (18,441)
Otheroperating costs* (46,265) - - - (138,794) (185,059)
Fundraising e - - - - -
Income fromproperty units . - - - 83,090 83,090
Investment income net ofcosts 28,065 - - 134,789 32,309 195,163
Donations received . - - - -
Realised loss on investments - - - (1,359) - (1,359)
Unrealised gainon investments 91,665 : - 367,484 - 459,149
Unrealised gain on inv.property = = : - -
Transfers toRepairs Reserve: -
Renewals reserve 210 = (4,595) : 4,385 -
Cyclical repairs . - (128,035) : 128,035 -
Extraordinaryrepairs 28,369 - (252,391) - 224,022 -
Transfer to development fund = 35,000 - - (35,000) -
122,220 35,000 (385,021) 500,914 (5,852) 267,261

Page 17

THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30 JUNE 2025

9. Freehold housing properties

----- Start of picture text -----
|||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Sheltered|and Extra|Care|Housing| |Skinners|Court|Percy|Bilton| |Palmers|Green|Court Hounslow|Total| |£|£|£| |Cost|brought forward|1|July 2024|2,655,108|1,653,302|4,308,410| |Additions|=|=|=| |Gross|cost|at 30|June|2025|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 2024|730,908|394,921|1,125,829| |Charge|for year|49,553|57,474|107,027| |Accumulated|depreciation|at|30|June|2025|780,461|452,395|1,232,856| |Net|book value|at 30|June 2025|1,874,647|1,200,907|3,075,554| |Net|book value|at 30|June 2024|1,924,200|1,258,381|3,182,581| |The|number|of units|of accommodation| |in management|at 30|June 2025|was:| |-|accommodation|let|at|market|rent|50|38|88| |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|2025|2024| |£|£| |Cost|at|30|June|2024|29,805|29,805| |Cost|at 30|June 2025|29,805|29,805| |Accumulated Depreciation|at|30|June|2024|29,805|29,805| |Depreciation — charge|for year|-|.| |Accumulated|Depreciation|at 30 June 2025|29,805|29,805| |Net Book|Value|30|June|2024|-|-| |Net Book|Value|30|June|2025|-|-|

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

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 2025

11. Freehold investment properties

11. Freehold investment properties
2025 2024
£ £
Valuation 1 July2024 347,000 347,000
Increase in value - -
Valuation30June2025 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 was revalued by the Directors as at 30 June 2025 with no change. There was one lease extended during the year (2024 none).

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THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

13. Material Investments

As at 30 June 2025 the Charity held four material investments. These were:

The Directors consider material for these purposes to be investments valued over £700,000, being in excess of 10% of the value of the portfolio.

14. Realised gain on investments

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |General|Percy Bilton|2025| |fund|fund|Total| |£|£|£| |Historic|cost|gain|realised|in year|197,420|26,750|224,170| |Adjustment|for|gain recognised|in previous|years|(66,168)|(13,552)|(79,720)| |Gain|recognised|in year|131,252|13,198|144,450| |2024| |£|£|£| |Historic|cost|loss|realised|in year|(1,359)|-|(1,359)| |Adjustment|for|loss|recognised|in|previous|years|(18,999)|-|(18,999)| |Loss|recognised|in|prior year|(20,358)|-|(20,358)|

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

15. Debtors

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Arrears|of residents’|rent|63,568|45,464| |Accrued|investment|income|and|interest|16,620|16,241| |Trade|debtors|and prepayments|81,363|30,331| |161,551|92,036| |16.|Creditors| |Amounts|falling|due within|one year| |2025|2024| |£|£| |Trade|creditors|373,552|117,351| |Accruals|74,664|77,669| |Loans|(note|18)|7,061|6,773| |455,277|201,793|

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

Page 22

THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

17. Creditors

Amounts falling due after more than one year

2025 2024
£ £
Loans (note 18) 198,325 205,386
18. Loans
(1*) (2*) Total
£ £ £
Brought forward 1 July 2023 199,773 18,900 218,673
New loan drawn - - -
Loanrepaid duringperiod (2,314) (4,200) (6,514)
Total creditors 30 June 2024 197,459 14,700 212,159
New loan drawn a - P
Loan repaid duringperiod (2,574) (4,200) (6,774)
Total creditors 30 June 2025 194,885 10,500 205,385
Duewithin 1 year 2,861 4,200 7,061
Dueafter1year 192,024 6,300 198,324

Page 23

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THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

23. Related party transactions

During the course of the period £43,562 (2024:£38,361) 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 net movement movement in funds to net cash flow from from

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |25.|Reconciliation|of net movement net movement movement|in|funds|to|net|cash|flow from from|operating|activities| |2025|2024| |£|£| |Net|(outgoings)/income|for the|reporting|period|(as|per|SOFA)|(279,849)|267,261| |Adjustments|for:| |Depreciation|charges|107,027|107,027| |(Gains)|on|investments|(94,346)|(457,790)| |Dividends,|interest|and rents|from|investments|(263,462)|(278,253)| |(Increase)/Decrease|in|debtors|(69,515)|12,225| |Increase|in|creditors|253,196|36,268| |Net cash|(used)|by|operating|activities|(346,949)|(313,262)|

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

26. Analysis of changes in net debt

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |At|1|July|Cash|flow|Non-cash|At 30 June| |2024|movements|2025| |Cash|702,314|1,072,467|-|1,774,781| |Loans|falling|due|within|1|year|(6,773)|6,773|(7,061)|(7,061)| |Loans|falling|due|after more than|||year|(205,385)|-|7,061|(198,324)| |Total|490,156|1,079,240|-|1,569,396|

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