Charliy regIStraOn number 1139580 Company re8iStratTron number 7277557 Homes and Conwnunltles Agenty reglstration number 4695 Hackney Parish Almshouses Charity Annual report and financial statements For the year ended 31 December 2023
Hackney Par15h Almshouse5 Charlty Legal and adminlstrative inforniati Charity number 1139580 Company number 07277557 Homes and Cornnunitie5 Agenry registratlon number 4695 Dlrectors and trustees MrJonathan Jarrett (Chairman) Mr Peter Ottino- resigned 29 Aprfl 2023 Councillor Margaret Gordon Mrs Joannie Andrews Mr Datoru Ben Paupworika Rev Al Gordon Rev Andrew Wilson Mrs OINia Gordon Mr John Pamiiter Ms Jacqueline Driver Coun¢illor Penny Wrout Rev Nathan Hayes- appointed 30 November 2023 Clerk io the trustees The Trust Partnership Regtstered 6 Tnjll Farm Buildings Tetbury Gloucestershire GL8 8SQ Independent auditors Dunklerfs Woodlands Grange Woodlands Bradlev Stoke Bristol BS32 4JY Bankers HSBC Bank PIC 2 Cheapside High Road Wood Green London N22 6HJ
Hackney Parlsh Almshouses Charfty Contents Page Report of the trustees Report ol the audltors 8-10 Statement of financial activitie5 11-12 Balance sheet 13 Statement of cash flows 14 Notes to the accounts 15-24 Detailed statement of financial actNitiÈs
Hackney Parlsh Almshouses Charity Trustees annual report forthe year ended 31 December 2023 Introductlon The Hackney Parish Almshouses Charity is an incorporated Charitable Company Lsmited by Guarantee. Prior to incorporation. the chartties comprised two separate entities= one known as Dr Spurstowe and Bishop Wcrt)d Almshouses and the other known as NOrr and Mongers Almshouses. The Hackney Parish Almshouses Charity provides forty-six homes located on three separate sites within the London Borough of Hackney. Mongers almshouses are located near the church of St john of Jerusalem. They were origÈnally created from a bequestfrom Henry Monger in 1669. The almshouses were rebuilt in the 18W5, with funds from Sir John Ca5s's Foundation. and later extended in 1997. Norris House almshouse was founded in 1857 in memory of Sotrth Hackney's first rector, Henry Handley Norris11771-18501. Norris was a leading member of the Hackney Phalanx. a group of early nineteenth- century Anglican High Churchmen. The almshouses were rebuilt in 1967 and subsequently refurbished in 2cl2. Dr Spurstowe House 15 an almshouse comprising thirty-one flats located in Navarirho Road, central Hackney and is the modern-day CLslmination of two historic charities each wth their own almshouses. In 1666. the Reverend Dr William Spurstowe. vicar of Hackney. built 3lmshouse5 in Mare Street an(i his brother, Henry, endowed the Chartty additional landlater gifted. with the almshouses, to the manor of Kings Hold in 1667. The Dr Spurstowe (harity took over administration of the historic Bishop Wood Almshouses. Lower Clacton in 1906. 0ri8inally these almshouses were built in the late 16LK>'s with funds left in the will of Hackney born Thomas Wood, Bishop of Lichfield. They were sold in 2015 to help fund the new almshouses in Navarino Road. Objectives and Activities The objett of the Charity is the provision and maintenance of almshoLtse accommodation for local people In financial need. In exceptional circumstances, a resident fTbay be appointed who meets the financial need criteria but lives outside the area of benefit. The number of residènts appointed under this exception must not exceed one third oFthe total number of residents. Trustees are pleasÈd to report that the agreed objectives above have been satisfied and a healthy financial position has been maintalned to allow future planning and sustainability. Public Benefit In carrying out the ChariVs objertives. Trustees have had regard to the Charity Commission's guidance on Public Benefit. Givèn that the purpose of the Charsty is the relief of povemi, only the benefit aspect of "public benefiy, require5 satisfying in an identrfiable way. Trustees are satisfied that the continuous demand for the affordable housing demonstrates this test is met. Achlevements & Performance Maintainin Almshouses Providing and maintaining the almshouses is the main activity of the Charity. In the period up to 31 December 2023. Property Costs comprised 73%12022 71%) of the total expenditure with the balance split between governance costs 13%12022 18%) and loan interest 14%12022 11%). Examination of the Propety Cost5 shows more than two thirds laround 87%, or £323,904.. 2022 £207.3671 was spent on Repèirs and Maintenance which includes the provision of a warden. cleaning and gardening. Trustees consi(ler the prov15ion of a warden as central to resident welfare. m$hOuse Trustees have 3 duty of care towards the beneficiaries which is considered in more detail below. Page i
Hackney Parish Almshouses Charlty Tru5tee5 annual report forthe year ended 311)ecember 2023 The Trust Partnership provides the day-to-day property management and resident weffare function. Responsive repairs are reported by the resident to the adminlstrator and outsourced to a variety of 5ub- contractors. Progress Is monitored and reported to Trustees at quarterfy board meeting5 along with Management Accounts showing expenditure. Cydical maintenance and planned repairs are budgeted for and reported on within the Management Accoun Provision of Almshouse Accommodation Hackney Parish Almshouses Charwty 15 a soaal housing provider registered wtth, and regulated by, the Regulator of Social Housing as wèll as the Charity Commission. The Charity is a member of The Almshouse A5soaation. Trustees are aware of their duty of care to the residents as beneficiaries of the Charity and under the Care Act 2014. Resident welfare. Including safeguardiw is central to the artivities within the Charity and the provision of a warden acting as a good neighbour, visiting residents regularfy and calling on them monthly to carry out safety check5 such as smoke detertortestlng allows Trustees to monitor resident welfare. Day to day management is carried by The Trust Partnership. who employ5 the warden and provide5 clerking 3nd administrative functions. Wrthin the breakdown of expenditure, the fees payable to The Trust Partnership are spllt into management and derking functions representing 65% 12022 65%) of the Governance Costs. The warden's costs are accounted for within Property Cost5. Report5 on the almshouse anagement are made quarterly to the Trustees. board meeting. Decisions are made by The Trust Partnership under an approved delegated authority procedure. The Pastoral Committee. made up of Trustees with delegated authority for resident allocation and social functions. meets regularly to ensure the Trustees, duty of care 15 monitored and upheld. Reports are made to the quarterly Tru5tees' kxjard meetings. Residents, meetings are held at least once a year, and a regular newsletter is produced. Christmas and mid-summer resident parties are part of the social calendar and paid for by the Charity. In addition. the Le831 & Governance Commtttee meets to ensure regulatory compliance and the Property Committee oversees property management. Relief of Flnancial Hardshl The governing documents. most notably the ArtKles of Association dated 19, January 2017. allow for the Trustees to make it a condition of a residenys appointment that contributions to the maintenance of the property should be made. The contribution, known as the Weekw Maintenance Contribution IWMCI, is set by Trustees annually in accordance with the formula given by the Regulator of Social Housing. Trustees also reques1 a monthly Service Charge to cover non-housing related expendtture. This charge is reviewed annually based on the actual costs within the previou5 year. The level of WMC and Service Charge is setwithin the context of regulated social housing. Residents unable to pay are signposted to the Borough of Hackney for assessment and assistan. Financlal Revlew The Financial Ststements The Finanaal 5tatement5 show total expenditure on charf(able activities of £508,73412022 £368,902) of which £372,32012022 £262,5021 relate5 to Property Costs which have been itemised above in Maintaining Almshouses. Governance costs represent £66.953 (2022 £65,357) which includes outsourced clerkin& administration and accountancy fees as well as professional fees and trustee insurance. Pa8e 2
Hackney Parlsh Almshouses Charlty Trustees annual report for the year ended 31 December 2023 Icontlnued) The income forthe year is £437.03312022 £364,996) ofwhich £340.01612022 £327.9751 from the Weekly Maintenance COntriblOn5 IWMC) and Service Charges pai(J by the almsh)use residents. The Chartty is social housing provider regulated bythe Regulatorof &)cial Housing IRSHI. Assuch the level of contributions must follow the regulatorfs guidance 3nd annual increases can only be made within the Ilmitsof the forula provided. Service Charges are based upon the artual costs during the preceding year. Tangible Fixed Assets relate to the three sets of almshovses and are valued at £12,260,0 12022 £12,260,000) based on valuations in 2015 and 2017 (net of the HCA grant for the building of Dr Spurstowe House). Maintenance debtors net of credits have decreased on 2022. stsnding at £1,291 in 202312022 £6,051) with prepayments being £8.870 {2022 £7.5501. AII WMC arrears are subjert to an active recovery plan. In managing the WMC debtors. Trustees are aware of extemal factors that may impact indNidual residents to repay in a timely way.. The pandemK affected resident's employment opportuntties which impacted their income. Trustees have noted that the numberof residents now in receipt of the Housing Benefit has Intreased significantly and the impact of the ongoing cosi of living challenges. The Charity continues to work alongsidè LB Hackney to rectify long standing issues that were Eenerated after the catastrophic data breach in 2021. A majority of issues have been resolved but there are still some backdated issues that Still require resolution. The situation is revièwed regular. Investment Poli xed Asset Investments are valued at the year-end as £2W.41112022 £2,769,7671 and are held as cash or withln funds managed by the National AlfflslK)use Association Common Investment Fund INAACIFI or the Charities Invèstment Fund ICOIFI managed by CCLA. The Trustees, objective 15 to invest funds in order to maximise financial return and capitsl growth within an acceptable risk. to balance the income and capital return. Trustees are consldering whether to re(levelop or refurbish one of three current almshouse blocks. A final decision has yet to be made and, as a result, the funds held within COIF are held a5 cash for the purposes of liquidity. Trustees do not consider this to be 3 signifK3nt risk in the form of lost income given the Current economic climate as a result of the pandemic and the imminerbt decision regarding the propeTty. During 2021, trustees commissioned a feasibility study into the redevelopment of Norris House. The outcome of that study has highlighted the need fDr addttional funding andlor partnership working in order to progress. Trustees are actively investigating options. The proportion of the residenW contribution5 representing Extraordinary Repairs has been invested in COIF and NAACIF. Referen in the Financial Statement5 to South Had(rw Parochial Charity ISHPC) Dowry of £179.152 refers to a Designated Fund set up specifically to assist HPAC to undertake repairs and maintenance of the Norris and Monger almshouses when they weretransfetred in March 2017. Funds used from this dowry. originally £270,000, are expendable. eseNes Funds reported within the Balan Sheet are considered in detail in the Note5 accompanying the Financial Statements (Note 9}. Trustees have detemined that £531,767 isthe minimum level of UnStrICted general funds required to meet routine almshouse maintenante in the short to medium term. As at 31 December 2023, the Charity had totsl unrestrirted funds amounting to £825,432, restrirted funds amounting to
Hackney Parish Almshouses Charity Trustees ann1 report for the year ended 31 December 2023 {continued) £613,701 and endowment funds Ipredominantfy comprising the almshouse buildings) of £12,110,369. The trustees are therefore satisfied thattheir reserves ulteria have been met. Value for Mone Metrics The Re8ulator of Social Housing requires all registered provider5 to report on the following metric5'. Metric 2023 2022 Reinvestment New supply delivered Gearing EBITDA MRI IEBtTDA Major Rep3irs Included) Interest cover % Headline Social Housing costs per unit Operating Margin ISL131 lettingsl Operating Margln Ioveralll ROCE% 3.04% 2.14% 7.3% -23.9% 8,094 109.5% 116.4% 7.6% 49.5% 5,707 80.0% ioi.i% -0.03% 6a 6b -0.50% The metrics do not lend themselves to comparison wtth other small registered providers and benchmarking would be of most relevance wwth data from other almshouses. Small change5 can have a disproportionate effect upon the figures. Preliminary conclusions from the metric above indicate that the costs per unit for repaSts and maintenance exceeded the budget of £1.913 based on The Almshouse Association's Outline budgèt. This is, irb part, due to exceptional repair costs for Dr Spurstowe House. a relattvely build and repairs at Norris and Mongers almshouses, being older properties. Risk Management The Risk Register is considered by Trustees at every meeting and the pÈrfomance of mitigating measures is monitored. Recent correspondence from M&G Investment managers has confirmed that the income and capital yield from investments is likely to continue to be adverse affected in the next year but the asset allocation will benefit from an improving UK equities and bond market. The reserves wtthin the Charity are considered sufficient to ensure continuation of the Charitys activities wthin the shortto medium term. Notwithstanding the current economic uncertainlies. the risks faang the Charity are considered in temis of govemance, finano. operational and external factors. as follows.. Governance The impact of the governmenvs care at home policy and the inclusion of social housing providers within the Care Act 2014 has introtluced an additional responsibility on Trustees to ensure, 3s far as possible. that residents are supported. Measures such as warden provision and sIdent-reated policies help to mitigate the risk. Additional responsibilities imposed by regulatory Ixjdies, and best practi guidance, are dosely monitored and addressed at the reBular Trustee meetings. Pa8e 4
Hackney Parlsh AJm5houses Charity Trustees annual report lorthe year ended 31 December 20231continued) inance The income from charitable actNities. investment income and interest received continues to exceed expenditure but continuing regard is had to the potential threat to the value of. and income from. the investment portfolio as a result of general market force5 and from the Covi&19 pandemic. Weekly Maintenance Contribution5 alone are sufficient to sustsin a¥er3ge yearW spend on property upkeep and govemance. Increa5e5 in contribution charges are subject to regulation to ensure beneficiarie5 are not placed into hardship by excessive charging above local housing allowan targets. Resident arre3rs are contained through prompt action and signp05ting support. Trustees are mindful of the interest payments on thè loan for the redevelopment of Dr Spurstowe House alm5hou5es and are considering repayment of the loan within the coming years. Trustees consider that resetves are 5Lrffiaentto ensure the long-temi sustainabilty of the Charity- erational Minimising the loss of income from voids is achieved by efficient turnaround of vacant almshDuses and maintenance of a register gf eligible applicants. External F ors The cOnsequenS of changing government policy espeaally in relation to unforeseen factors, such as Covid- 19 oras a result of general housing or soaal care-related legislation. are monitored. The Trustees are aware of the changing policy in relation to social housing regulations and the impact this will have on monitoring and seryice delivery. Trustees are also aware tha¢ overtime. the expettations of the benefiaary group may change especially in relation to the property facilities. As longevity increases. demand for disabled access increases. Trustees are mindful of the changing requirements which have been included in the Norris development proposals currently at the feasibility stage as well as during void tumaround. Plans forthe Future Since 2021. Trustees have explored the feasibility of redeveloping Norris House and continue to explo partnership options. as well as other wtential fvnding opportunities through Homes England, LB Hackney and thè Greater London Assembly Structure Governance and Management The Articles governing the Hackney Parish mShoU$e$ Charrty specifythatthere shall be between eight and fourteen Trustees who will act as both Trustees and Members of the Charity. The Trustees who have sèrved during the years are set out on the legal and administrative information page. Page 5
Hackney Parlsh Almshouses Charfty Trustees annual report forthe year ended 31 December Zl)23 {cwrtlnuedl The Trustees are appointed as follows: Two ex-officio Trustee5 being the Rertors for the time being of the parlshes of Hackney and St John of Jerusalem Church. both in the London Borough of Hackney. SIX nominated Trusteès.. two appointed by the London BDrough of Hackney, two by the PCC of the parish of Hackney Church and two appointed by the PCC ot St John of Jerusalem. No more than six Co-opted Trustees being individuals appointed by the resolution of the Trustees. The temi of office of a Nominated Trustee shall be four years and for a Co-opted Trustee the term shall five years. The Chair and the Clerk are responsible for inducting new Trustees which involves awareness of a Trustee'5 responsibilities, the governing documents, adminlstratNe procedures and the history of the Charity. The 2017 Charfcies Code of Governance provides the basis forTrustee performance. All Trustees are volunteer5 and are not remunerated. Ke Mana ement Personnel Trustees comprise the key management of the Charity and are responsible for the overall dirertion and running of the organisation. Tnjstees employ The Trust Partnership to manage the Charit5 day to day activities and to provide administration a55iStance to the Trustees. Statement of trustee< responsibile$ The trustees arè responsible for preparing the Trustee Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom General Accepted Accounting Prarticel. The law applicable to charities in England & Wales requires the trustees to pfftpare financial statements for each financial year which give a true and fairview of the state of affairs of the charity and of the incoming resources and application of resourcesof the charityforthat period. In preparing these financial statements, the trustee5 are required to.. selert suitable accounting lIcIeS and then applythem consistendy- observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent- state whether applicable accounting stsnilards have been followed. subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charity will continue in busines5. The trustees are resF)on5ible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and which enable them to ensure that the financial statements comply with the Companies Att 2(M)6. They are also responsible for safeguarding the a55ets of thè company and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. Page 6
Hatkney Pansh Almshouse5 Charity Trustees annual report forthe year ended 31 December 2023 Icontinued) ststement of dlsclosureto auditors So far as the trustees are aware, there is no relevant audit information of which the companvs audltors are unawarè. Additionally, thè trustees have taken all the necessary Steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit infomiation and to establish that the compan¢s auditor5 are aware of that informatyon. Approved by the Board of Trnstees and signed on its behalf Jonathan Jarrett Chalr Date.. 08107124 PaBe 7
Hxkney Parish Almshouses Charity rt of tbe Tttde endent Auditors to the Tru5ttts of Hackne Parish Almshollse5 Chx istercd number: 727755 Op10 We have audited the finallcial statements olHackney P3ti$h A]nL%IM>uw Chan"tJ {the'charttsble company? for the year en(l¢d 31 Decembcr 2023 which cowiis¢ th¢ StatetDEllt of FiDaticial Adivitie5. the Balance She¢L the Cash Flow Stat¢ellt alld notes to the f]nancial Statemts, including a sunllw of 5igDificaDt acco)118pQ1iClcs. The finanGiaL reporting fra¢WO that has beett applied in theirprcpaTation is applicable law alld UDitsd KdOrn Accounting stand$ ILTDiied .gdoM G¢Derally Acccpted Account8 Practiw). In our opinion the finallcial stateinetits". give a true and fair view Df the State of the charitable companys alrarts at 31 Drf¢mber 2023 and of its incoming resour¢¢s and application of resource& includiD8 its income and exp, for the y¢xr then ende4L' have been properly prepared xtt accorda[ with nIted KiDgdom Generduy Ac£cpted Accounting Pra¢tice: and have been pr¢pared in e0rdanCe with the requiellts of the Companies Act 2006. Basts for opinio We conducted our audit in Ordance witb Intanationat Stattdants on Auditing IUK) OSAS IUK)) alld applicable 12w. Our responsibRlitiCS UDdei those 5taudards aT¢ fier d¢sctibed in the Audttms, respoD5ibilities for the audit of tb¢ fwancial stat¢ments section of our Iq)ort. We Indndent of tbe ¢hatitsble company ill acÉwdan¢e with the ethi¢al requiE¢rnrnts that are rel¢YaJJt to our a"t of the financial staternw]ts in the UK includttig the FRC'S Ethical Standart and we hav¢ fulfilled our oih¢r ethical rcsJx>nsibi1sti&s accordance with thcse rcquirern¢nts. We believ¢ that the audit ¢vidence we bave obtain&1 is sufficientand appropriate to provid¢ abasis for our opiniotL Condusions relaiknng to goiDg tll auditillg the finauciai statements. wc havc concluded thatthe Ins, use of the 8oin8 concern basis of accounting ill thepreparation tsf the fiDancia] Sts1¢ettts Is appropriai¢. Based on tbe work we have w¢ have not identified any TnateriatTLllcert3inti¢s reiatitig to ev¢Dts or conditions thai, IndithIlY or collectively. may LX4t Silf1¢2t doubt OD thc chaTitsble comp9Y'S ability l(p continue as a going concll fora olat least twelve Anots from when the fAtwiciaJ ststements are Mthorised for issue. Our respollsibiltties and the re5Wn7)ilIti¢5 of the with rewt to going con¢em are described in the l¢vant sections of this rel. Other knformatio The tnjstees are r¢sponsiThle for th¢ other inf0mtiOll. The other ithmlllioD ¢omprises ihe infoThtion included in the Annual Kepori other t1 the fitsDcial StateMty SDd our Reportof the IndendEt Auditors tlweon. Our opinion on th¢ fllM]¢ial ststements doe5 llot cover the okn itiforllMtion an(L extq)t to th¢ txtent otherwi8¢ explicitly stated in ourIepon, we do uoi eXprS any fom) of 8s5uraDce concl10 thereon. In tonne¢tioll with our dit of the fiT2ancial staten)¢nts. our rwonsibility is to Ttad the other infomDrion and, in do1[ 5ts, consider whether th¢ other inforn)atiort J$ materially inco0sisit with the fi[rlI1 SEllts or our knowledge obtained in the audit or othetivis¢ appears to be marerially tni&%tat&l. If we identify such material inconssstencies or apparcnt llydterial misstst¢ments. we are wuired to detcrminewheth¢r tbis gives rise to a nterIal D)iSStstement ID the fJnan¢ial Statements themselv. If. based on the work we have perfonned, we ¢on¢lud¢ that there is a mat&ial mi&statement of this othw iJ]forn)atio we aJe Trquired to rqyort that fa¢L We have notbing to rep)rt in thi$ re[d. Matter5 OB whi¢h we are required to report by txetptto 'c havc ttothing to rEPOrtin respectof the following Dtt$wheretheCharLties (A¢¢ounts andReportsl Regulations 2008 r¢quire8 US to rcport to you if, in our opinio the InforatiOn given ij) the Rert of tbc Tn]slees is illcoD5iStent in anymatttiaE respect with the r]]Mllci&l statem¢nts' or thc charitable ¢0)npaY has not k¢pt &dequate acc4)untiDg records" or the fmaTh¢ial $taten)ents aT¢ not iu agree1 with the a¢¢ounting recths TErurns" OI we have not re1Ved all the iDforn)ation and explallalions wt require for our gudit. Page 8
Hackney Parish Almshouse5 Charsty ort of Ihe Inde endent Auditors (o the Trustees 01 Hackne PaTi5h InbOu$¢9 Chari istered number: 7277557 Respottslblities ol Intee5 As explained lllore fully sn the S¢atemeDt of TrLJstees' R¢5PDnsibilitie4 the trustees (vtho ¥re also the dir¢ctor5 of tbe charitable company for the puTp05¢s of company ]Aw) arc reswttsible for th¢ PTq>aT3tion of the fUnCIal 5t2tements and for being satisfied that they 8ivE atrue and fairview. and for suth inter81 control &8 tbe trustec5 detennine is necessary to enable tb¢ pryratioTr of fi1wic1 statenKtsthat¥re free from llwtuial ]ni&st&tem¢tti whether due to fraud or error. It) preparingthe fiDanciaL statement& the tntstees are Te5Fwible for &wssÉng the charitable wmpallys ability to COLtillue as o goillg Coll¢¢ di8closits& as applicabk, mat$ related to going conctm ad using tbe going toncern basis of accounliDguDless the trust eit1[ intend to liquidate the chayitable company or to ceast orrntions, 01 have no realistic alterJlltiv¢ but to do so. Our responstbilities for tbe audit of the fi]wJci81 sileMents We haye bew appoiDted audit5 undcr S¢¢tioo 144 of the Ctsities Act2011 andr¢tKJrt iti aOrd¢ with th¢ Act and rclevant r¢sLations made orbaving eff¢Gt ther¢uth. Our objectives are to obtsiTL reasonable as$uraDce alteth the financial Stateellts as awhole are frec from aterial mis5tatemettt, whether duc to fraj orermr. aDd to Is5 a Rwrt of the Independent Auditors tb iUGludcs our opiniott. Reasonable assuTart¢e 1$ a bigh level of &wtranec, but l5 not a 8uarnittt that w audit Coeted i a¢cordall¢¢ withISAs (UK) will always detect a tnaterial misstatement wben it ex1. Mi551atements call arise from fraud 01 error atMI are ¢onsidctcd aterIaL i£ individually or in the aggregat¢, they reasonably be expected to infiu¢nc6 the ¢wnomie de¢lSio of users on the basis of th4ge financial statem¢Lts. The ext¢nt to whi¢h our pu[C5 ate capable of dete¢tiD8 itregulariues. ill¢ludin8 fr&Jd is detail below. W¢ ideDtify and asws the Tisks of material misStst of the fmancial stateD]ellts. whether the to fraud or error. and tben desiEll alld p¢rforn oudii procedures reyDsii¢ ¢0 those risks. iDcludingi**tsiDing alldit evid¢n¢e tbat is su1¢i¢llt and 8ppmptiat¢ to proyide ab¥i5 foT our opinion. Idetktifyittg and &s8essiDg potentiaL risks lated to i(r¢guiariti¢s.' Irl idcnÈifyin8 and assessing tisks of tllatetial rnisstatement in re5pe¢t of iryegulatittt8 includ8 fraud and non- Compliaoce with laws and rwilation& Tle ti)llsideI ihe following: - The natur¢ of the charitsble Control virot1cDt and f0na0¢e including the d¢sigll of the organisation's rernuneration polici¢5" - Any maiters w¢ identifi& having obtsin¢d aud reviewed the organisation's (k>cumentatioll of their Pt>licies and procedwes relatiD£ to.. o Identifying, evaluating a[ complying with laws athd wdatiolls 8nd vALdh¢r tTr were aware of aoy in5tanGtt of non40LDP]i2tiCe,' o Detccting and respondingto therisks of fra7 andether Ibry have knowledge of atsy actuaL suspected or alleged frau o Th¢ internal colltmk estab]ish¢d to mitigats risks of fraud orlloDrfomplianrr with laws ajjd r¢gulations' o The rnattS discussed aOllE the audit ¢Dgagemcnt team regardiug howand whert fraud might o¢cw iD the fJnauctaL statem¢Drs and ally p)tsntial iDth"¢ators of frau As ar¢sulÉ of these PEQtedures. we (%)Lsxderedthe oprrf)rtuJJities and inc¢nmTe5 that may cTist witbin tbe orgaDisatioo for fraud Jkd identified the gT¢at¢st potential for fraud in the areas of nJaDagenJeni override of ¢onirol& going corlcem, income recogllitioth, and the appropnatenLYs of ¢xpettditure.We a150 ukntsndiDg of the legal and regul&tory fra]llework tbat th¢ organisation Op¢t8 focusing provisIons of tFK>se laws and TEglllatious that a dir¢ct effect on the det¢rmination of material aTnounts aDd di%losurts in the fitncIal stst¢rnents.
Hackney Parish Almshouse5 Charity Re ort of the Inde ndent Amditors to ¢be Trnstees of Hackne Pari5b Aim5houses C istered number: 72 755 Audit ie5rM)ns¢ to risks identified Our pro¢eduT¢S to r¢sDd to Tisk5 identified included the followin8.' - Enquiting of In$ageIE conccrning actual andtrt)tenliai litigaliott attd cl - sUbative testing to v0h source records to the financial sra¢¢men - Perfomiing analyiical procedures to id¢tttify wjy unusual or U])pected relatioJ]sliips that indicate risks of tt)aterial mtssraiement due io fraud. - Enquiring of fftanagen]ent (b¢ internal controls evaluating each control for weakness alld vouching to evid¢¢ of the control takillg place., - In aiklressit*g the Ti5k of fraud tbroll anagettl override of¢ontrol4 testing Ihe appropriate])ess ofjDwnal etstries afyl other adiusljnents" &ssessing w]ther tbe judgetn¢llts Euade in tD8kng aCc4)ulltj- estimates trldicative of a pottntial bias; and ¢v•]uatiTtg thebusiTW Tationa]e 0fanysignifinttr8sactsOnsthatarC unu4ua] oroutsidethenonnal course of busines W¢ also 00mmunited relevant identified laws and regulartons aThJ rA)trntia] fId risks to ail engagement team members, and remained alert to atty inditatio]]$ of fraud or noD-fOTnpliauce with laws and regulations th}ughout the A thrther description of ourre5PODsibilitic% for the autht of the finan¢ial stat¢rn¢ots is locAtsJ tsn the Finatt¢ial Reporting Council's website at www.frc.owuklath.torsre4wiknilities. This des¢rsptioTh forn)s part of our R4)ort of the IndependentAuditor& Use of our report This report is made solely to the cbaritable company'5 trustee4 a5 a body. in aecord2 wltb Part 4 of the c]ltieS {Accounts and Report5) Regulatio 2008. OUT audit work has undertakell $0 th3t we mtght stat¢ to th¢ clwitable CoJnpaY's tnL%ttts those rnatters we ate re4wireA to stttt to them in an &udiithY' repotl and for no other prSe. To the fullest extent pennitted by law, we do noi 8¢cept or &ssum¢ rwoJsibiliry to anyone othertlthll the haritable wnpany alld tb¢ ¢ban"table companys tsijths as a body. forow audit worL for this rtpotL or the opinions we have fornie for and on b¢half of DwJkl¢y's Eligible to act as 8JitOr ltifern of Section 1212 of thecowies Act26 Woodlattds Grallgc Woodlands Lane Brddlcy Stoke Bristol United Kingdom BS32 4JY Date:...Zg[oi Iz4>LI6..: Page 10
Hackney Parish Almshouses Charlty Statement of financial actl¥ltles Forthe year ended 310È¢ember 2023 Totsl 2022 Funds FUT Funds 2021 ltttomÈ & Expendltwe Inciwnefrom: MaIntÉnan Contrhutltsns 315,452 24.564 340,016 327,975 Investment Income 9.231 18.589 16.241 Interest RKei¥ed 76.050 7650 17,356 other income 2,378 2.378 1,424 Total 403.111 33.922 437,033 364,996 ExpendftuTeon- Atbvitles In furthtrance of th¢ tharftvs objeciives La4n Interest 11112 248.118 1gL155 439.273 69.461 327.859 69.461 41,043 Totrl E%ppTrditure 248.118 191.155 69.461 508.734 368.9U2 Other recognlsed Wdl TnsFer$ beiween fun 1189,UO) 1108. 391 1149.7201 112,572 lo8,86 Net income and net movernebts Infvnds 1142.7331 1117.8331 19,145 221.421 108,666 Retonclliatb)notf Fund balanc45 brought foNTrrd 4t 31.12.2021 968.165 731.534 12.731.224 14,430923 14.321257 Fund balance$ carriedfonvard 31.12.2023 825.432 613.701 J2.770.369 14,21X,502 14.430.923 The statement of changes in equity includes all &ains and losses in the year. All incomes and expenditUTe5 derive from continuing actniities. The notes on pages 15 to 24 forni part of these accounts. Page li
Hackney Parish Almshouses Charlty Statement of financial artlvltse$ For the year ended 31 December 2023 Comparative Statement of Financial Activities For the Year Ended 31 December 2022 Total 2022 Funds Funds Income & expendilure Inwme from". Maintenance Contributions 303.411 327,975 Investment Income 7,622 8.619 16.241 Interest R1ved 17.356 17356 Other income 3A24 3.424 Totsl 331.813 33.183 364,996 EMpendiiurE on: Activities infurthwanre vt the ch3riV$ Ubledv$ Loan intete5t IV12 203274 124585 327,859 41,043 41,043 Totsl 203,274 124585 41,013 368.902 Other recognised 83ins Trarfer5 between funds 2A21 250 112,572 189,6031 89,353 Plet income/lexpendRurel and net movements In fijnds 149.086 188.7301 48,310 108,666 Rewn¢iliation of Fund balances browfrnrd at 31.12.20ZI 819.079 820.264 12.682,914 14.322.257 Fund balarKes orrled lorward at 31.12.2022 968.165 731534 11731,224 14A30,923 The statement of changes in equity includes all gains and losses in year. Al incomes and expenditures derive from continuing activities. The notes orb pages 15 to 24 form part ofthese acCnts. Page 12
Hackney Parfsh Almshouses Charlty Balance Sheet As at 31 December 2023 Company number. 07277557 2022 Tangible assets Investments 122CQ.INJ) 2.844.411 12,260.000 2,769,767 15,029.767 15,l(M,411 Current a¥ets Debtors iO.IE4) 195.180 288,169 483?49 Ban* balanc&5 71.744 81X Curmt Uabllltles editors 13L758 J97,993 197.993 131758 Netcurfent assets 149,8541 285.356 Lon8termcreditor Net a55ets 845.055 884,200 14209502 14.430,923 Cawtsl and reserves Unrestrfcted fvnds 825,432 613.701 11Tr0?69 968.165 Restricted fund5 731,534 Endowment furjds 12,731,224 14.209.502 14,430,923 These financial statements have been prepared in accordance with the speaal provisk)ns relating to small companies within Part 15 of the Companies Art 2O)6. Approved by the directors and trustees on 08.07.24 and siqned on its behalf by: Jonathan Jarrett (Trustee) The notes on page5 15 to 24 form partofthese accounts.
Hackney Parlsh Almshouse5 Charity Statement of CashfliMTS For the year ended 31 December 2023 2022 CASM FLOW5 FROM OPERAnNGACTwmES: Net cash pmvkled by (used inl operztlngacbwibes 222.367) 129,1101 Cash fiows from Inveslingadi¥itie&" Diwdends and inlerest from inveslments Proceeds from le of investments 76.1150 17.356 103,617 1323481 Purchase of investments IlJ).9631 Net cash provkled by In¥InSactI¥ltIes. Cash flows from financing aclivitw.. 45.087 88,025 Repayments of borrowing 139.1451 148,307) Net cash (used Inl Ilnandn8 a¢tiiryties: 139.1451 148,307) Chary in cash and eqUIts Inthe rporti perlod Cash and tash equhRlents the be8lnnln8 of thE reporting perlod Cash and cash equhrnlents atthe end of the reporbng perfod 1216.4251 10.608 288.169 277561 71.744 288.169 The notes on pages 15 to 24 fom part ofthese accounts. Page 14
Hackney Parish ASm5house5 Charlty Notss to the financlal st*ements {corflnued) FIX the year ended 31 December 2023 fountir¥ pollcles Accountlng convention The financial statements have been prepared in accordance with Accounting and Reporting by Charitie5- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l Janltary 20151 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2CK)6. The Hackney Parish Almshouses Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties aut the chartws ability to operate a5 a going concern. Incomè All incoming resources 3re recogni5ed when the charitable trust has entitlement to the funds. the receipt is probable and the amount can be measured reliab. Donations are recognised on a receivable basis Iwhere there are no perforrnance-related conditions) where the receipt is probable and the amount can be reliably measured. Investmem income from loans and short term deposits is accrued in relation to the period to which it relates. Other investment income from assets held ir) asset portfolios or current accounts is included when reported as received by the wrtfolio manager. Expenditure Expenditure is re¢ogni5ed once there isa legal orconstruttive obligation totransfer economic benefit to a third party, it is probable that a transfer of economic benefits will be requlred in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of Èach activity are made up of the total of direct costs and shared costs, including sUPPOrt costs involved in undertakirig each activity. Dirèct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to MO than one attivity and support costs which are not attributable to a single athvity are apportioned between th05è activities on a bèsis consistent with the use of resources. Thèy are analysed between costs of maintaining the properties nd governance of the charity. Expenditure includes attributable VAT, which carbnot be recovered. Charitable activities- these are costs incurred on the charity trust's individual charitable activities, including 5UPPOrt costs and costs relating to the governanie of the charitable trust apportioned to charitable activwties. Tangible fixed assets, freehold property and deprlatI1)n Tan8ible fixed asset5 are stated at cost less depreciation. Depreciation is provided on 311 fixed assets, other than freehold property. at rates calculated to write off the cost. less estimate residual value, of each asset over its expected useful lrfe, as follows.. _ Furniture at 25% of the reducing balante Thè freehold propeity ' Dr William Spurstowe House. is shown at deemed historic cost. The cost of the rebuild of Dr William Spurstowe House as included within the accounts to 31 Dernber 2013 was £3.871,068 less the grant te1Ved from HCA of £2.190,000. This was restated in the account5 on transition to FRS 102 Isee note 151 to its fairvalue as deemed cost per section 35.10 Icl of FRS 102. The property wasvalued in 2014. with an Èxpected open market value for current use as an almshouse, at £3,150.000. Due to the restrictions on the properties as almshouses, normal valuation techniques methods are not appropriate, therefore the properties are held at cort orfairvalue of donated asset. No depreaation has been prowded as the charity maintains the assets to be in a continual sound state. Bishop Wood was sold on 23 January 2015 for£l.437,500. The freehtsld properties'Norris and Monger Houses, were valued at market value as at 28 July 2016 and are included in these financial statements at that value.
Hackney Parish Alm5house5 Charity Notes to the finaniial statements (continued) For the year ended 31 December 2023 Investments sted investments are a form of basic financial ItrUment and are initially recognised at their transartion value and subsequently measured attheir fairvalue as atthe balance sheet date using the closing quoted market pri. The charty di5 not acquire put options, derivatives or other complex financial instruments. Realised gains lor losses) on investment assets are calculated as the difference between disFosal proceeds and their opening carrying value or their purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and lossès are calculated as the (Ilfference between the fair value at the year end and their carrying valLte at that date. Realised and unrealised investment gain5 lor1055esl are combined in the statement of financial activities and are credited lor debited) in the year in which they arise. Other Investments are included at £ost, which is considered to be approximats to their market value. Delrtors Debtors are recognised at their settlement amounL less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. Cash at bank and in hand Cash at bank and in hatKI represents su¢h accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Liabilities and provtslons abilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transferof economic benefrtwi15 be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charitable trust anticipates it will pay to settle the debt or the amount wt has received as acfvanced payments for the goods of services it must provide. Provisions arè recognised when the charitable trust ha5 an obligation at the reporting date as a resuk of a past event which it is probable will result in the transfer of economic benefits and the obligation carb be estimated reliably. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the èffect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tsx discount rate that refiects the risks speafic to the liability. The unwinding of the discount is COgnised within interest payable and similar charges. i.io Flnanclal Instruments The Charity only has financial assets and finanaal liabilttses of a kind that quafify as basic finanoal in5trurnents. Basic financial instruments are initially reCOgnd at trarksartion value and subsequently measured at thelr5ettlement value. i.ii Cydlcal repalrs and maintenan¢e The Charity has established a regular programrne of cyclical repairs and maintenance. Costs are charged to the revenue account in the year in which they are incurred. 1.12 Extraordinary repairs reserye and role repair5 re5eTve An amount from the weekly maintenance contribution is allocated to the extraordinary repairs reserve {Restricted fund). Costs of extraordinary repairs. unless representing improvements to the properties, are charged to the tritted fund in the year in which they are incurred. Page 16
Hackney Parish Almshouse5 Charity Notes to the finandal ststernents (continued) For the year ended 31 Decemtjer 2023 Other Income 31.IL2tr21 31.12.2022 Legacies Income SoLir FIT Intome 507 2,318 2.857 other Income 60 2378 Tangible Fixed Assets DrWIWHm Total 31.3Z2023 At lJaTh 2023 2.333 2.985.C4YJ 11,465,tN)o (li.0c1j 14,452,333 2,1,( Less HCAGraTht Z333 2.985.OX) 9.275.0(Al 12.262,333 Depredatlon At ljan 2023 2.333 2,333 Charge inyear 2.333 2,333 Net cosV¥aluat%in at 31.12.2013 2.985.(KK) 9,275.000 12.260.OLK Ngt£ostlv31uknon 31.12.2022 1985,(Th) 9,275,Q(Kl 12,260,OOD The charity owns three almshouses. Dr Spurstowe House and the Norris and Mongers Almshouses, formerly of South Hackney Parochial Charity. The Norris and Monger5 Almshouses were transferred to the ownership of Hackney Parish Almshouses Charity on 28.07.16. They were not previously wdlued in the accounts of South Hackney Parochial Charity but have since been valued at an open market value of £2.225,(OJ and £760,LKJ) respertively. The transfer of the properties included a dowry of £270,000 for use in the event of the requirement to Carry out emergenty repairs to the properties. The dowry is included in the restricted extraordinary repair fund within these accounts. Repair costs to the properties have been included in the income and expenditu account in the year in which these We incurred. Under the terms of the grant received from Homes and Comrnunities Agency of £2,190,000 in respect of Dr Spurstowe House. some or all of the grant may become repayable in the future if certain temis are not adhered to. As at 31 Deeember 2023 no liability has been included within these accounts in relation to this as it is understood all terms have been adhered to as at the date of approval. Pay 17
Hackney Parish Almshouses Charity Notes to the flnan¢kl ststemems Iconttnued) For the year ended 31 December 2023 Investments cotF 2023 2021 fund Total Total Market value 31.12.2022 973532 54913 1.796235 2,769.767 2,727,864 32,948 Purcha5e5 761 130,963 Movements in year L028.445 1.872285 SX)0.730 2,760,812 Sas IifJ).(wi 1100.IN)01 43.681 1103,6171 It1572 Net investments8zinsl(k)5sesl 43.681 Mathet value 31.112011 1.072,126 1,772,285 2,844,411 2.769.767 Cost 31.122023 643.831 1,796,235 1440.066 1,385,151 Debtors 3L12.2023 31.12.2ty22 MainTrnance(ontributions in arrearslladvanol Prepayments Otherdebtors 15,7701 8.870 7.550 193,400 10.160 195,180 Credltors: amounts falli1¥ due within one year 31.12.2023 31.12.2022 Amountsf•lling duewithin oneyear Credit$ 42.CK)I 109.L19 Accruals 38.254 37.371 Bink loan Isecuredl 51,503 51.503 131,758 197.993
Hackney Parlsh Alm5hou5e5 Charity Note5 to the financlal statements IcontInl) Forthe year ended 31 Dember 2023 Creditots: amounts falling due after more than one year 3L12.2023 3L12.2022 Bank Isttured) 845,055 884.200 The bank loan is payable by monthly instalments and is charged at 3% interest above the base rate. The bank loan is secured against Doctor William Spurstowe House13440 Navarino Road. London, E8 IAFI. Recondliation of net income1(eXnditUeI to net cash Ilowfrom opernting actlvities 2023 2022 Net IncomÈf(th peki)d perthe statrrnÈntof finantiatatthi 122¥4211 108,666 Adjustmentsfor Depreti*v)n chaTBes 221 IGain5ln055e5 on investments 143.6811 11125721 Dividend5 and interest from investments 176,0501 117,3561 Ilncreaselldecrease in delRoTS 185.020 1110,1021 Inryewlldecreasel in creditors 166,2351 102,033 Net cash used in operatiry 12223671 129.tio Page 19
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Hackney Parlsh Almshouses Charlty Notes to the financl31 statements (continued) For the year ended 31 December 2023 io. Analy515 of fund assets and Ilabilitles EndDwm¢nt fvrKS$ Caplt31 d$ JLI2.2U23 Totsl Tangknle fixed a55ef5 12.26U.WO 12.26Q,O(X) Ftxed atset Iwestments 613.701 L407.2 2W,411 CurrÈnta55ets 8LS 81.4 Curreni liabllitks (79.95n 151,8011 1131.7581 LDryterm liabilllle5 1845,0551 1845.0551 825.432 613,701 J2,770.369 14.209.502 EThdowmerrt fvDds 31.112022 Tan8ibkfixedissets 11260.IN)O 12.260.000 Fixed asset irwE5tff*nts 7116ri 649,882 1,407225 2.769.767 Curyenta55ets 289.949 i.L05 481.054 Current liabthties 134A441 1109A531 151.8011 1195,6981 Long term liaLdrfcies 1884,2CAII 1884,2001 $68.L65 731534 IL731.Z24 14.430,923 Page 21
Hackney Parlsh Almshouses Charity Notes to the financial statements (continued) For tho year ended 31 December 2023 ii. Charitable Acti¥ities- Property Costs 31.111023 Total ¢osts Extrdorthn7dY C¥itsl cow1 Ta¥ and Water rat L338 Lht and Heat Repairs mainten¥Ke Warden, tkanlng and gardenl*g InsuraDcE 132,749 191.155 323. 34.647 34,647 6.301 L>ppreciation RedeteVents 1.401 1.401 181,165 191.155 372320 31.1120ZI Toial¢osts cow1 fixand Waterrat 5568 5.568 Llght and Heat Repairs ahd mailltÈnarKe I34 1.834 82,782 27 207.367 Quir4ueMial rosts Warden. caning andrdEnIng Insurance 96.686 96.686 40,541 40.541 5.544 Deprecia0 221 22L ResdEntevent5 L427 1,427 137,917 124.585 261502 Page 22
Hackney Parlsh Almshouses Charity Notes to the finanoal statements (continued) For the year ended 31 December 2023 12. Charitabk Acti¥ltles- Support and GovernaNe Costs ILILIQts Totsl C4pital m5house manag2rnerrt 16.247 16247 reerat 27,fAY) IL413 Auditear End Atcounts Legal ar,d profe55ional SundryeKF 33C 6325 6325 Bank char8es Iy3 1,343 Trustee inwrance 665 6.953 66,953 LknrestrKted nd5 A¢¢umui*d 3LI220Z2 Total fvnds funds tapital mshotsse rnanagement aerk'5 remuneration 14.976 14376 27,6LYJ 27,6fy) Accwnt3nry AuditlYearETrJ Actount5 Legal and professx)nal Srry expen5 11.4 11.400 1.5C 25C6 1.429 1.429 Bankthwges 64 5ubscriptw)ns J.254 Trustee&Urante 65357 69.357 13. Payments to trustees No trustees reiVed any remuneration from the charity during the year I2022-. Nill. Travel expenses amounting to £nil (2022: £nill were reimbursed to no {2022.. 01 trustees. The Charity considers its key management personnel comprise the Trustees. The total employment benefits. including employer pension costs of key management personnel were £nil12022: £nil}. There were no employee5 in this charity in 202312022: Nil}. Page 23
Hackney Parish m$hOuse5 Charlty Notes to the financial ststements Icontinuedl For the year ended 31 December 2023 14. Related party transartlons There were no lated party transactions during the financial year ended 31 December 2023 nor in the prior year. 15. Contlngent liabilities During the yearended 31 December 2013 the second capital grant of £1,095,CIJO was received fro Homes and Communities Agency {HCAI. takingthe totsl grantto £2.190.000.This was acontribution towards the redevelopment of Drwilliam Spurstowe Housè. Under the ternis of the grdnt Some or all of the grant may become repayable in the future if certain temis are not adhered to. A5 at 31 Dember 2023 no liability ha5 been induded within these accounts in relation to thi5 as it is understood all terms have been adhered to as at the date of approval. 16. Share capital Hackney Parish Amshouses Charity is a company limited by guardntee and does not have any share capital. The company currently has 11 members and their individual liabilitytoward5 the compan¢s debts 15 limited to £1 in the event of the company being wound up within 12 months of aSIng to bea member. Page 24
Hackney Parlsh Almshouses tharlty Notes to the finandal statements (continued) For the year ended 31 Detember 2023 Detailed Income and Expendtture Accou NoNi$ & Spumowe Monws Total Income frm: maintenan ContritMJtions 244.697 95.319 340.016 Investment IrKome 9.231 9.358 18,589 76,050 InreTe# Received 76.050 Otherlncome 2.378 1378 Total 332.356 104,677 45733 ExpEndltureoTr: Activities in fhe[arKe of the dbarirfs obiecb PMpertY$ts CouncllTax and Water rdtes 438 1,338 LEht and Heat ReIrS and maintenance Warden, £le2niry and gardenin8 Insurance 3,097 227.298 1.632 4.729 96,606 323,904 21.383 13,264 34,647 4246 1055 6.301 DepTeciation Re5idEnt events 457 1,401 257A67 114A52 m320 mshouse managernent ClÈrVs remuTheralvJn 109 5.329 16.247 18,6(Kl 9,0 7.693 3,720 27.6(X) Accountancy 11.413 AuditThe3r End Accounts 3.3 Legal and profewDnal Sundry expenses Banktha¥ges bscriptions 3.077 3248 334 1343 Tnjstee Insurance 217 665 45J05 ZL848 66.953 Loan Inter 169.4611 1189.1201 16906 {149,noi 1221JZiI Other reco8ni5¢d8alns 39.400 Netlncome IZ29A981 7.777 7h15p¢)ge doe5norform partof thefinonao15trtements Page 25