Charity registration number 1139580
Company registration number 7277557
Homes and Communities Agency registration number 4695
Hackney Parish Almshouses
Charity
Annual report and financial statements
For the year ended 31 December 2024

Hackney Parish Almshouses Charity
Legal and administrative information
Charity number
1139580
Company number
07277557
Homes and Communities Agency
registration number
4695
Directors and trustees
Mr Jonathan Jarrett (Chairman)
Councillor Margaret Gordon
Mrs Joannie Andrews- resigned 06.03.25
Mr Datoru Ben Paul-worika
Rev Al Gordon
Rev Andrew Wilson
Mrs Olivia Gordon
Mr John Parmiter
Ms Jacqueline Driver
Councillor Penny Wrout
Rev Nathan Hayes
Clerk to the trustees
The Trust Partnership
Registered office
6 Trull Farm Buildings
Tetbury
Gloucestershire
GL8 8SQ
Independent auditors
Dunkley's
Statutory Auditor
Chartered Accountants
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY
Bankers
HSBC Bank PIC
2 Cheapside High Road
Wood Green
London
N22 6HJ

Hackney Parish Almshouses Charity
Contents
Page
Report of the trustees
Report of the auditors
Statement of financial activities
io-ii
Balance sheet
12
Statement of cash flows
13
Notes to the accounts
14-23
Detailed statement of financial activities
24

Hackney Parish Almshouses Charity
Trustees annual report for the year ended 31 December 2024
Introduction
The Hackney Parish Almshouses Charity is an incorporated Charitable Company Limited by Guarantee. Prior
to incorporation. the charities comprised two separate entities: one known as Dr Spurstowe and Bishop
Wood Almshouses and the other known as Norris and Mongers Almshouses. The Hackney Parish
Almshouses Charity provides forty-5ix homes located on three separate sites within the London Borough of
Hackney.
Monger5 almshouses are located nearthe church of Stjohn of Jerusalem. They were originally created from
a bequest from Henry Monger in 1669. The almshouses were rebuilt in the 1840's. with funds from Sir John
Cass's Foundation, and later extended in 1997.
Norris House almshouse was founded in 1857 in memory of South 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
2002.
Dr Spurstowe House is an almshouse comprising thirty-one flats located in Navarino Road, central Hackney
and is the modern-day culmination of two historic charities each with their own almshouses. In 1666, the
Reverend Dr William Spurstowe, vicar of Hackney, built almshouses in Mare Street and his brother, Henry,
endowed the Charity with additional land later gifted. with the almshouses. to the manor of Kings Hold in
1667. The Dr Spurstowe Charity took over administration of the historic Bishop Wood Almshouses, Lower
Clacton in 1906. Originally these almshouses were built in the late 1600,5 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 Artivities
The object of the Charity is the provision and maintenance of almshouse accommodation for local people in
financial need. In exceptional circumstances. a resident may be appointed who meets the financial need
criteria but lives outside the area of benefit. The number of residents appointed under this exception must
not exceed one third of the total number of residents.
Trustees are pleased to report that the agreed objectives above have been satisfied, and a healthy financial
position has been maintained to allow future planning and sustainability.
Public Benefrt
In carrying out the Charitys objectives, Trustees have had regard to the Charity Commission's guidance on
Public Benefit. Given that the purpose of the Charity is the relief of poverty. only the benefit aspect of
'public benefiy, requires satisfying in an identifiable way. Trustees are satisfied that the continuous demand
for affordable housing demonstrates this test is met.
Achievements & Performance
Maintainin
Almshouse5
Providing and maintaining the almshouses is the main activity of the Charity- In the period up to 31
December 2024, Property Costs comprised 66%12023 73%) of the total expenditure with the balance split
between governance costs 22%12023 13%) and loan interest 12% (2023 14%). Examination of the Property
Costs shows more than two thirds {around 73%. or £171,153- 2023 £323.9041 was spent on Repairs and
Maintenance which include5 the provision of a warden, cleaning and gardening. Trustees consider the
provision of a warden as central to resident welfare. Almshouse Trustees have a duty of care towards the
beneficiaries which is considered in more detail below.
Page I

Hackney Parish Almshouses Charity
Trustees annual report for the year ended 31 December 2024
The Trust Partnership provides the day-to-day property management and resident welfare function.
Responsive repairs are reported by the resident to the administrator and outsourced to a variety of sub-
contractors. Progress is monitored and reported to Trustees at quarterly board meetings along with
Management Accounts showing expenditure. Cyclical maintenance and planned repairs are budgeted for
and reported on within the Management Accounts.
Provision of Almshouse Accommodation
Hackney Parish Almshouses Charity is a social housing provider registered with, and regulated by, the
Regulator of Social Housing as well as the Charity Commission. The Charity is a member of The Almshouse
Association.
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 safeguarding, is central to the activities within the Charity and the
provision of a warden atting as a good neighbour, visiting residents regularly and calling on them monthly
to carry out safety checks such as smoke detector testing allows Trustees to monitor resident welfare.
Day to day management is carried out by The Trust Partnership, who employs the warden and provides
clerking and administrative functions. Within the breakdown of expenditure, the fees payable to The Trust
Partnership are split into management and clerking functions representing 61% {2023 65°Al of the
Governance Costs. The warden's costs are accounted for within Property Costs. Reports on the almshouse
management 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 Wlth delegated authority for resident allocation and social
functions, meets regularly to ensure the Trustees, duty of care is monitored and upheld. Reports are made
to the quarterly Trustees, board meetings. Residents, meetings are held at least once a year. and a regular
newsletter is produced. Mid-summer resident parties are part of the social calendar and paid for by the
Charity and gift vouchers are given to all residents at Christmas. In addition. the Legal & Governance
Committee meets to ensure regulatory compliance, and the Property & Finance Committee oversees
property management and review5 the quarterly management accounts.
Relief of Financial Hardshi
th
The governing documents, most notably the Articles of Association dated 19 January 2017, allow for the
Trustees to make wt a condition of 3 resident's appointment that contributions to the ma intenance of the
property should be made. The contribution. known as the Weekly Maintenance Contribution IWMCI, is set
by Trustees annually in accordance with the fomiula given bythe Regulator of Social Housing. Trustees also
request a monthly Service Charge to cover non-housing related expenditure. This charge is reviewed
annually based on the actual costs within the previous year.
The level of WMC and Service Charge is set within the context of regulated social housing. Residents unable
to pay are signposted to the Borough of Hackney for assessment and assistance.
Financial Review
The Financial Statements
The Financial Statements show total expenditure on charitable artivities of £350,73512023 £508,734) of
which £233,03512023 £372.3201 relates to Property Costs which have been itemised above in Maintaining
Almshouses. Governance costs represent £75,789 12023 £66,953) which includes outsourced clerkin&
administration and accountancy fees as well as professional fees and trustee insurance.
Page 2

Hackney Parish Almshouses Charity
Trustees annual report for the year ended 31 December 2024 (continued)
The income for the year is £480.82412023 £437.0331 of which £380.230 {2023 £340.0161 is from the Weekly
Maintenance Contributions IWMCI and Service Charges paid by the almshouse residents. The Charity is a
Social housing provider regulated by the Regulator of Social Housing IRSH). A5 such the level of contributions
must follow the regulatorfs guidance and annual increases can only be made within the limits of the formula
provided. Service Charges are based upon the actual costs during the preceding year.
Tangible Fixed Assets relate to the three sets of almshouses and are valued at £12.260.000 {2023
£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 2023. standing at £889 in 202412023 £1,290) with
prepayments being £14,51912023 £8.870). AII WMC arrears are subject to an active recovery plan.
In managing the WMC debtors. Trustees are aware of external factors that may impact individual residents
to repay in a timely way.. the pandemic and other economic factors have affected resident's employment
opportunities which impacts their income. Trustees have noted that the number of residents now in receipt
of the Housing Benefit has increased significantly.
During the year. a bank loan which was previously held by the Charity was repaid {see note 71. The total
repayment amounted to £882,316 and interest of £41,911 was incurred during the year up to the date of the
repayment.
Investment Poli
Fixed Asset Investments are valued at the year-end as £2.082.664 (2023 £2.844.4111 and are held as cash or
within funds managed by the National Almshouse Association Common Investment Fund INAACIFI or the
Charities Investment Fund ICOIFI managed by CCLA. The Trustees. objective is to invest funds in order to
maximise financial return and capital growth within an acceptable risk. to balance the income and capital
return.
Trustees are considering whether to redevelop 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 as cash for the purposes of
liquidity. Trustees do not consider this to be a significant risk in the form of lost income given the current
economic climate as a result of the pandemic and the imminent decision regarding the property. During
2021, trustees commissioned a feasibility Study into the redevelopment of Norris House. The outcome of
that study has highlighted the need for additional funding and/or partnership working in order to progress.
Trustees are actively investigating options.
The proportion of the residents, contributions representing Extraordinary Repairs has been invested in COIF
and NAACIF.
Reserves
Funds reported within the Balance Sheet are considered in detail in the Notes accompanying the Financial
Statements (Note 91. Trustees have determined that £128,890 is the minimum level of unrestricted general
funds required to meet routine almshouse maintenance in the short to medium term. As at 31 December
2024, the Charity had total unrestricted funds amounting to £128,890, restricted funds amounting to
£590,880 and endowment funds {predominantly comprising the almshouse buildings) of £13,667,225. The
trustees are therefore satisfied that their reserves criteria have been met.
Page 3

Hackney Parish Almshouses Charity
Trustees annual report for the year ended 31 December 2024 (continued)
Value for Mone
Metrics
The Regulator of Social Housing requires all registered providers to report on the following metrics..
Metric
2024
2023
Reinvestment
New supply delivered
Gearing
EBITDA MRI (EBITDA Major Repairs Included) Interest cover %
1.90%
3.04°A
7.3%
30.91%
-23.9%
Headline Social Housing costs per unit
Operating Margin (Social letting5}
Operating Margin {Overall)
5,066
61.3%
80.3Y.
8,094
109.5%
116.4%
6b
0.600A
-0.50%
The metrics do not lend themselves to comparison with other small registered providers and benchmarking
would be of most relevance with data from other almshouses. Small changes can have a disproportionate
effect upon the figures.
Preliminary conclusions from the metric above indicate that the costs per unit for repairs and maintenance
exceeded the budget of £1.913 based on The Almshouse Association's outline budget. This is, in part, due to
exceptional repair costs for Dr Spurstowe House, a relatively new 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 performance 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 adversely affected in the next year but the asset allocation will
benefit from an improving UK equities and bond market. The reseNes within the Charity are considered
sufficient to ensure continuation of the Charivs activities Within the short to medium term.
Notwithstanding the current economic uncertainties. the risks facing the Charity are considered in terms of
governance, finance, operational and external factors, as follows:
Governance
The impact of the government's care at home policy and the inclusion of social housing providers Wlthin the
Care Act 2014 has introduced an additional responsibility on Trustees to ensure. as far as possible, that
residents are supported. Measures such as warden provision and resident-related policies help to mitigate
the risk.
Additional responsibilities imposed by regulatory bodies. and best practice guidance. are closely monitored
and addressed at the regular Trustee meetings.
Page 4

Hackney Parish Almshouses Charity
Trustees annual report for the year ended 31 December 2024 (continued)
Finance
The income from charitable activities, 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 forces and from the Covid-19 pandemic.
Weekly Maintenance Contributions alone are sufficient to sustain average yearly spend on property upkeep
and governance. Increases in contribution charges are subject to regulation to ensure beneficiaries are not
placed into hardship by excessive charging above local housing allowance targets. Resident arrears are
contained through prompt action and signposting support.
Trustees consider that reserves are sufficient to ensure the long-term sustainability of the Charity.
erational
Minimising the loss of income from voids is achieved by efficient turnaround of vacant almshouses and
maintenance of a register of eligible applicants.
External Factors
The consequences of changing government policy especially in relation to unforeseen factors, or as a result
of general housing or social 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 service
delivery.
Trustees are also aware that. over time. the expectations of the beneficiary 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 turnaround.
Plans for the Future
Since 2021, Trustees have explored the feasibility of redeveloping Norris House and continue to explore
partnership options, as well as other potential funding opportunities through Homes England. LB Hackney
and the Greater London Assembly.
Alteration of Dr Spurstowe House to provide a community room, and changes to the allocations policy to
create a multi-generational living environment are also being considered, subject to plann ing approval.
Structure Governance and Management
The Articles governing the Hackney Parish Almshouses Charity specify that there shall be between eight and
fourteen Trustees who will act as both Trustees and Members of the Charity- The Trustees who have served
during the years are set out on the legal and administrative information page.
The Trustees are appointed as follows-
Two ex-officio Trustees being the Rectors for the time being of the parishes of Hackney and St John of
Jerusalem Church, both in the London Borough of Hackney.
Six nominated Trustees.. two appointed by the London Borough of Hackney, two by the PCC of the parish of
Hackney Church and two appointed by the PCC of St John of Jerusalem.
No more than six co-opted Trustees being individuals appointed by the resolution of the Trustees.
The term of office of a Nominated Trustee shall be four years and for a Co-opted Trustee the temi shall be
five years.
Page 5

Hackney Parish Almshouses Charity
Trustees annual report for the year ended 31 December 2024 (continued)
The Chair and the Clerk are responsible for indurting new Trustees which involves awareness of a Trustee'5
responsibilities, the governing documents, administrative procedures and the history of the Charity.
The 2017 Charities Code of Governance provides the basis forTrustee performance.
All Trustees are volunteers and are not remunerated.
Ke Mana
ement Personnel
Trustees comprise the key management of the Charity and are responsible for the overall direction and
running of the organisation. Trustees employ The Trust Partnership to manage the Charity's day to day
activities and to provide administration assistance to the Trustees.
Statement of trustees. responsibilities
The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance
with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements
for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming
resources and application of resources of the charity for that period. In preparing these financial statements,
the trustees are required to:
select suitable accounting policies and then apply them consistently-
observe the methods and principles in the Charities SORP:
make judgements and estimates that are reasonable and prudent:
state whether applicable accounting standards have been followed. subject to any material
departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the charity will continue in business.
The trustees are responsible 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 Art 2006. They are also responsible for safeguarding the assets of
the company and hence for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
Statement of disclosure to auditors
So far as the trustees are aware. there is no relevant audit information of which the company's auditors are
unaware. Additionally, the trustees have taken all the necessary steps that they ought to have taken as
trustees in order to make themselve5 aware of all relevant audit information and to establish that the
company's auditors are aware of that information.
Approved bv the Board of Trustees and signed on its behalf
Joriath i
rett ljun 26, 202S 07..47 GMT+l)
Jonathan Jarrett
Chair
Date: 26.06.25
Page 6

Hackney Parish Almshouses Charity
Re
ort of the Inde
endent Auditors to the Trustees of
Hackne ' Parish .4lmshouses Charit
istered number: 7277557
Opinion
We have audited the financial statements of Hackney Parish Almshouses Charity (rhe 'charitable company,) for the
ycar cndcd 31 Dcccmbcr 2024 which comprisc thc Statcrncnt of Financial Actii'itics, thc Balancc Shcct, thc Cash
Flow Statement and noies io Ihe financial staiements. including a summary of significanl accounling policies. The
financial reporting framework ihat has been applied in their preparation is applicable law and United Kingdorn
Accounting Standards (United Kingdom Generally Accepied Accounting Prnctice}.
In our opinion the financial statCTncT]ts-.
giN'e a true and fair view of the stai¢ of the charilable company's affairs as at 31 December 2024 and of ils incoming
resources and applicalion of resources, including ils income and expendiwre, for Ihe year then ended,.
have been properly prepared in accordance w'iih Uniied Kingdom Generally Accepted Accounting Practice. and
have been prepaTed in accordaT]ce with the requiieTnents of the CotnpaT]ies Act 2006.
Basis for opinion
Wc conductcd our audit in accordance ￿th IntcrnatioTJal Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of
thc financial statcmcnts 5cction of our rcport. Wc arc indcpcndcnt of thc charitablc company in accordancc with thc
ethical requirements ihal are relei'ant to our audit of ihe financial statements in the UK, including the FRC'S Ethical
Standard, and wc havc fulfillcd our othcr cthical rcsponsibilitics in accordancc with thcsc rcquircmcnts. Wc bclicvc
that the audit evidence we have Obtain￿ is sutTicienl and appropriate io prowide a basis for our opinion.
Conclusions relating to going coneern
Jn auditing the financial siatements, we haN'e concluded thai the irustees, use of the going concern basis of
accounting in the pieparation of the Iinancial sthtemenis is appiopriate.
Bascd on thc work wc havc pcrfornicd, wc havc not idcntificd any matcrial unccrtaintics rclating to cvcnts or
conditions that, Indi￿lduallY or collectively, may cast significani doubt on the charitable company's ability to
continue as a going concem for a period of at least twelve monihs from when the financial statements are authorised
for issue.
Our Tcsponsibilitics and thc Tcsponsibilitics of thc trustCC5 with rc5PCCt to going conccrn arc dcscribcd in thc
relevant sections of this report.
Other information
Thc trustccs arc rcsponsible for the other inforniation. The other information comprises the infoTmation included in
the Annual Report, other than the financial statements and our Report olthe Independent Auditors thereon.
Our opinion on thc financial statcmcnt5 doc5 not COVCT thc othcr inforniation and. cxccpt to thc cxtcnt othcrwisc
explicitly staled in our report, we do not express any forn) of assurance conclusion thereon.
In connection with our audit of the financial staiements, our responsibiliry is to read the oiher inforn)ation and, in
doing so, consider whether the other information is rnaterially inconsistent with the financial statements or our
knowledge obtained in thc audit or othcrwisc appcaTS to bc matcrially missthted. If we identify such material
inconsistencies or apparent material misstatements, we are required to detennine whether this gives rise lo a
material misstatcmcnt in thc financial stalcmcnts thcmscli'cs. If, bascd on thc work wc haN-.c pcrformcd, wc
conclude thal there is a material misslatement of this oiher inforn)aiion, we are required to report that fact. We have
nothing to rcport in this rcgard.
Matters on whith we are required to report by eieeptio
Wc have nothing to TCPOrt in rcspcct of thc following matters where the ChaTitics (Accounts and Reports) Regulations
2008 requires us to report lo you if, in our opinion..
the infonnation gii'cn in thc Report of the Trustees is inconsistcnt in any material rcspcct with thc financial statements; or
thc charitablc company has not kcpt adcquatc accounting rccords. or
thc financial statcmcnts arc not in agrccmcnt m-.ith thc accounting rccords and rcturns- or
wc havc not rcccii'cd all thc inforniation and cxplanations wc rcquirc for our audit.
Page 7

Hackney Parish Almshouses Charity
ort of the Inde
endent Auditors to the Trustees of
Hackne ' Parish .41mshouses Chari
istered number: 7277557
Responsibilities of trustees
As cxplaincd morc fully in thc Statcmcnt of Trustccs. Rc5ponsibTlitics, thc trustccs (Thho arc also thc dircctors of the
charitable company for the purposes of company law) are responsible for the preparalion of the financial statements
and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is
necessary lo enable the preparation of financial statements thai are free from maierial misslalemenL whether due to
fraud or etTOr.
Jn preparing the financial slalements, the Irusiees are responsible for assessing Ihe chariiable company's abiliry to
continuc as a going conccrn, disclosing, as applicablc, mattcr5 rclatcd to going conccrn and using thc going conccrn
basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have
no rcalistic altcmativc but to do so.
Our responsibilities for the audit of the financial statements
Wc have bcen appointed as auditor5 undcr Scction 144 of the ChaTitics Act 2011 and report in accordance with the
Act and relevant regulations made or hairing effecl thereunder.
Our objectives are to obtain reasonable assurance about whether ihe financial statements as a whole are free from
matcrial misstatcmcnt, whcthcr duc to fraud or crror, and to issuc a Rcport of thc Indcpcndcnt Auditors that includcs
our opinion. Reasonable assurance is a high lei'el of assurance. but is nol a guarantee that an audit conducted in
accordance with ISAS {UK} will always delect a maierial misstatement M'hen li 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.
The extent lo which our procedures are capable of detecting irregularities. including fraud is deiailed below-
We identify and assess the risks of material missthtement of the fiT]aneial statements, whether due to fraud or error,
and then design and perfomi audit procedures responsiTre to those risks. including obtaining audit evidence that is
sufficient and appropriate to provide a basis for our opinion.
Idcntifying and asscssing potcntial risk5 rclatcd to iTrcgularitiLS-.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-
compliance iviih laws and regulations, w'e considered Ihe folloii'ing..
The narure of the Chari￿bIe sector, control environment and perforniance including the design of the organisation's
remuneration p)licies'
Any mattcrs wc idcntificd, hal'ing obtaincd and rcvicwcd thc organisation's documcntation of thcir policics and
procedures relating to..
o Idcntifying, cvaluating and complying with laws and rcgulations and whcthcr thcy wcrc awarc of any
instances of non-¢ompliance-
o Detecting and responding to Ihe risks of fTalld and whether they have knowledge of any actual. suspected or
allcged fraud-
o The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations-
o The matters discussed among the audit engagement team regarding hol￿ and where fiaud might occur in the
financial statements and any ￿tential indicaiors of fraud.
As a result of these procedures, we considered the opporninilies and inceniives Ihai may exist within the organisation for fraud
and identified the greatest poiential for fraud in the areas of management override of controls, going concern, income
recognition, dnd the appropriaLcncss of cxpcnditUTC.We also obtaiT]ed an undeT5tanding of the legal and regulatory fran]ework
that the organisation operates in, focusing on proi'isions of those laws and regulations that had a direct effect on the
dcterminatiov) of material amount5 and disclosurcs in thc financial statcmcnts.
Page 8

Hackney Parish Almshouses Charity
Re
ort of the Inde
endent Auditors to the Trustees of
Hackne ' Parish .41mshouses Charit
istered Dumber: 7277557
Audit response lo risks identified
Our proccdurcs to rcspond to risks idcntificd includcd thc following:
Enquiring of management, concerning actual and potential litigation and claims-
Substanti￿e testing lo i'ouch source records lo ihe f)nancial s(a￿Ments.
Perforniing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
matcrial misstateTnent due to fraud;
Enquiring of managemeni the internal controls in, evaluating ffach control for weakness and vouching to evidence of
thc control taking placc;
- In addressing the risk of fraud through management override of controls. testing the appropriateness of journal entrie
and othcr adjustmcnts; asscssing whcthcr thc judgcmcnts madc in making accounting cstimatcs arc indicativc of a
poiential bias,. and evaluating the business rationale of any significani transactions that are unusual or oU￿lde the normal
course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagemeni learn
mcmbcrs, and rcmaincd alert to any indications of fraud or non-coinpliancc with laws and rcgulations throughout thc
audil.
A further description of our responsibilities for the audit of the f1nanctal statements is located on the Financial
Reporting Council's Th'ebsite at i¥ww.frc.org.uklaudiiorsresponsibiliiies. This de£cripiion forms part of our Report of
the Independeni Auditors.
Use of our report
This report is made solely to the charithble company's mistees. as a body, in accordance with Pan 4 of the Chariiies
(Accounts and RctK)rts) Regulations 2008. Our audit work has bccn undcrtakcn so that wc might statc to thc
charitable company's trustees those matteTS ￿'t are Tequiied to sthte to them in an auditors, report and for no other
purpose. To the fullest extent perniitted by law, M'e do not accept or assume responsibility to anyone other than the
charitable company and ihe charitable company's trustees as a b(￿ly, for our audit work, for this report, or for the
opinions we have fom)ed.
Matthew Dobbins (Jun 27, 2025 10=50 GMT+ll
For and on behalf of Dunkley's
Sratutory Auditor
Chartcrcd Accountants
Eligible to act as an auditor in terrns of Section 1212 of the Companies Act 2006
Woodlands Giangc
Woodlands Lane
Bradley Stoke
Bristol
United Kingdom
BS32 4JY
Datc-.
27106n025
Page 9

Hackney Parish Almshouses Charity
Statement of financial activities
For the year ended 31 December 2024
ilnrestricted
FurKIs
Restricted
Funds
Endowment
Funds
Total
2024
Total
2023
Notes
Income & expendrture
In¢ome from:
Maintenance Contributions
355.666
24.564
380.230
340.016
Investment Income
6.239
9,302
15,541
18,589
Interest Received
84,506
84,506
76,050
Other income
60
487
547
2,378
Total
446.471
34.353
480,824
437.033
Expenditure on:
Activities in furtherance of
the chariws objectives
Loan interest
11112
237.524
71.311)
3(18.824
439,273
41,911
41,911
69,461
Total Expenditure
237,524
71,31X)
41,911
350,735
508,734
Other reeognised gains
33.528
13.876
47.404
1149.7201
Transfers between fvnds
1939.0171
250
938.767
Net income
and net movements in funds
1696,5421
122,8211
896,856
177,493
1221.4211
Reconciliation of fvrKIs
Fund balances brought forward at
ai.12.2023
825,432
613.701
12,770,369
14,209,502
14,430,923
Fund balances tarrled forward
at
31.12.2024
128.890
590.880
13.667.225
14,386.995
14.209.502
The statement of changes in equity includes all gains and losses in the year. All incomes and
expenditures derive from continuing activities.
The notes on pages 14 to 23 form part of these accounts.
Page 10

Hackney Parish Almshouses Charity
Comparative Statement of Financial Activities
For the Year Ended 31 December 2023
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
2023
Notes
Income & expenditure
Income from:
Maintenance Contributions
315,452
9,231
24,564
340,016
Investment Income
9.358
18.589
Interest Received
76,050
76,050
2.378
Other income
2.378
Total
403.111
33.922
437.033
Expendlture on:
Activities in furtherance of
the charitys objertives
Loan interest
11112
248,118
191,155
439,273
69,461
69,461
Total
248.118
191.155
69.461
508,734
Other recognised gains
Transfers between funds
1189,1201
39,400
1149,7201
(lo8.6(￿)
108.606
Net incomellexpenditure}
and net movements in funds
1142.7331
1117.8331
39.145
1221,4211
Reconciliation of funds
Fund balances brou8ht forward at
31.12.2022
968.165
731.534
12.731.224
14.430.923
Fund balances carrled forward
at
31.12.2023
825,432
613,701
12,770,369
14,209,502
The statement of changes in equity includes all gains and losses in the year. All incomes and expenditures
derive from continuing activities.
The notes on pages 14 to 23 form part of these accounts.
Page 11

Hackney Parish Almshouses Charity
Balance Sheet
As at 31 December 2024
Company number: 07277557
Notes
2024
2023
Fixed Assets
Tangible assets
Investments
12.260.(YJO
12.260.000
2,082,664
2,844,411
14.342.664
15.104.411
Current assets
Debtors
15,408
10,160
Bank balances
78.494
71.744
93.902
81,904
Current liabilrcies
Creditors
49.571
131,758
49,571
131,758
Net current assetsllliabilitiesl
44.331
149,8541
Long term creditor
845,055
Net assets
14.386.995
14,209,502
Capital and reserves
Unrestricted funds
128,890
825,432
Restricted funds
s￿,880
613,701
Endowment funds
13,667,225
12.770,369
14,386,995
14,209,502
These financial statements have been prepared in accordance with the special provisions relating to small
companies within Part 15 of the Companies Act 2006.
Approved by the directors and trustees on 25.06.25 and signed on its behalf by-
Joriath3n
frett ljun 26, 202507.47 GMT+l)
Jonathan Jarrett (Trustee)
The notes on pages 14 to 23 form part of these accounts.
Page 12

Hackney Parish Almshouses Charity
Statement of Cashflows
For the year ended 31 December 2024
2024
2023
Note
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by {used in) operating activities
9,6SO
1222,3671
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
84.506
937,5(K)
1128,3501
76,050
100,0
1130,9631
Net cash provided by investing activities:
Cash flows from financing activities:
893.656
45.087
Repayments of borrowing
1896,5561
139,1451
Net cash (used in) financing activities:
1896.5561
139,1451
Change in cash and cash equivalents in the reporting
period
Cash and cash equiv3lentS at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting
period
6.750
1216.4251
71,744
288,169
78,494
71,744
The notes on pages 14 to 23 form part of these accounts.
Page 13

Hackney Parish Almshouses Charity
Notes to the financial statements (continued)
For the year ended 31 December 2024
Accounting policies
Accounting convention
The financial statements have been prepared in accordance with Accounting and Reporting by
Charities: Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the U K and Republic of Ireland IFRS
1021 (effective l January 2015) - (Charities SORP IFRS 102)), the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Hackney
Parish Almshouse5 Charity constitute5 a public benefit entity as defined by FRS 102. The Trustees
consider that there are no material uncertainties about the charl￿$ ability to operate as a going
concern.
Income
All incoming resources are recognised when the charitable trust has entitlement to the funds, the
receipt is probable and the amount can be measured reliably. Donation5 are recognised on a
receivable basis (where there are no performance-related conditions) where the receipt is probable
and the amount can be reliably measured. Investment income from loans and short term deposits is
accrued in relation to the period to which it relates. Other investment income from assets held in
asset portfolios or current accounts is included when reported as received by the portfolio manager.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third party, it is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each activity. Direct costs attributable to a single activity are allocated
directly to that activity. Shared costs which contribute to more than one activity and sUPPOrt costs
which are not attributable to a single activity are apportioned between those activities on a basis
consistent with the use of resources. They are analysed between costs of maintaining the properties
and governance of the charity. Expenditure includes attributable VAT, which cannot be recovered.
Charitable activities these are costs incurred on the charity trust's individual charitable activities,
including support costs and costs relating to the governance of the charitable trust apportioned to
charitable activities.
Tangible fixed assets, freehold property and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all fixed
assets, other than freehold property, at rates calculated to write off the cost, less estimated
residual value, of each asset over its expected useful l ife. as follows-
Furniture
at 25% of the reducing balance
The freehold property ' Dr William Spurstowe House. is shown at deemed historic cost. The cost of
the rebuild of Dr William Spurstowe House as included within the account5 to 31 December 2013
was £3,871,068 less the grant received from HG4 of £2,190,OLKI. This was restated in the accounts
on transition to FRS 102 (see note 151 to its fairvalue as deemed cost per section 35.10 Icl of FRS 102.
The property wasvalued in 2014. with an expected open marketvaluefor 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 cost orfairvalue of donated asset.
No depreciation has been provided as the charity maintains the assets to be in a continual sound
state. Bishop Wood was sold on 23 January 2015 for £1,437,5LX). The freehold 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.
Page 14

Hackney Parish Almshouses Charity
Notes to the financial statements (continued)
For the year ended 31 December 2024
Investments
Listed investments are a form of basic financial instrument and are initially recognised at their
transaction value and subsequently measured at their fair value as at the balance sheet date using the
closing quoted market price. The charwty does not acquire put options, derivatives or other complex
financial instruments. Realised gains (or losses) on investment assets are calculated as the difference
between disposal proceeds and their opening carrying value or their purchase value if acquired
subsequent to the first day of the financial year. Unrealised gains and 105ses are calculated as the
difference between the fair value at the year end and their carrying value at that date. Realised and
unrealised investment gains lor losses) are combined in the statement of financial activities and are
credited lor debited) in the year in which they arise. Other Investment5 are included at cost, which is
considered to be approximate to their market value.
Debtors
Debtors are recognised at their settlement amount, 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 hand represents such accounts and instruments that are available on demand or
have a maturity of less than three months from the date of acquisition.
Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past
event. it is probable that a transfer of economic benefit will 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 it has received as advanced
payments for the goods of services it must provide. Provisions are recognised when the charitable
trust has an obligation at the reporting date as a result of a past event which it is probable will result
in the transfer of economic benefits and the obligation can be estimated reliably. Provisions are
measured at the best estimate of the amounts required to settle the obligation. Where the effect of
the time value of money is material. the provision is based on the present value of those amounts,
discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding
of the discount is recognised within interest payable and similar charges.
i.io
Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic f inancial instruments are initially recognised at transaction value and subsequently
measured at their settlement value.
i.ii
Cyclical repair5 and maintenance
The Charity has established a regular programme of cyclical repairs and maintenance. Costs are
charged to the revenue account in the year in which they are incurred.
1.12
Extraordinary repairs reserve and routine repairs reserve
An amount from the weekly maintenance contribution is allocated to the extraordinary repairs
reserve IRestricted fund). Costs of extraordinary repairs, unless representing improvements to
the properties, are charged to the restricted fund in the year in which they are incurred.
Page 15

Hackney Parish Almshouses Charity
Notes to the financial statements (continued)
For the year ended 31 December 2024
Other Income
31.12.2024
31.12.2023
Solar FIT Income
2,318
Other Intome
547
60
547
2,378
Tangible Fixed Assets
Furniture Norris & Mon8er5
Houses
Or William
Total
Spuystowe
Htsusè
31.12.2024
Cost or rèvaluatlon
At l Jan 2024
2,333
2,985,Cl)O
11,465,000
14,452,333
Less HCA Grant
12.190.0001
12,19D,0001
2.333
2.985.(KKI
9.275.￿0
12.262.333
Depfyciation
At l Jan 2024
2,333
2,333
Charge in year
2.333
2.333
Net costlvaluation at
31.12.2024
2.985.￿)
9.275.￿0
12.260.000
Net costlvaluation at
31.12.2023
2,985.(N)o
9,275,(K)O
12,260,000
The charity owns three almshouses. Drspurstowe House and the Norris and Mongers Almshouses.
formerly of South Hackney Parochial Charity. The Norris and Mongers Almshouses were
transferred to the ownership of Hackney Parish Almshouses Charity on 28.07.16. They were not
previously valued in the accounts of South Hackney Parochial Charity but have since been valued
at an open market value of £2,225.000 and £760.000 respectively. The transfer of the properties
included a dowry of £270,000 for use in the event of the requirement to carry out emergency
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 expenditure
account in the year in which these were incurred.
Under the terms of the grant received from Homes and Communitie5 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 terms are not adhered to. As at 31 December 2024 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.
Page 16

Hackney Parish Almshouses Charity
Notes to the financial statements (continued)
For the year ended 31 December 2024
Investments
NAACIF
COIF
2024
2023
fvnd
fund
Total
Total
Market value 31.12.2023
1.072,126
1,772,285
2,844,411
2,769,767
Purchases
43.930
84.420
128.350
130.963
Movements in year
1.116.056
1.856.704
2.900.730
2.900.730
Sales
1663.51J)I
47,404
1274.1x￿j
1937.5001
47,41J4
iioo,(Kx)I
43,681
Net inve5tment5 gain5lllossesl
Market value 31.12.2024
499.960
1.582.704
2.082,664
2,844.411
Cost 31.12.2024
24.261
1.606.654
1,630,915
2.440.066
Debtors
31.12.2024
31.12.2023
Maintenance contributions in arrears
889
1.290
Prepayments
14.519
8,870
15,408
10,160
Creditors: amounts falling due within one year
31.12.2024
31.12.2023
Amounts falling due within one year=
Creditors
24,275
42,001
Accruals
2S.296
38.254
Bank loan Isecuredl
51,503
49.571
131,758
Page 17

Hackney Parish Almshouses Charity
Notes to the financial statements (continued)
For the year ended 31 December 2024
Creditors: amounts falling due after more than one year
31.12.2024
31.12.2023
Bank loan Isecuredl
845,055
The bank loan was fully repaid during the year. The bank loan was payable by monthly instalments
and was charged at 3% interest above the base rate. The bank loan was secured against Doctor
William Spurstowe House (3440 Navarino Road, London, E8 IAFI.
Reconciliation of net income/{expenditure) to net cash flow from operating artivities
2024
2023
Net Income for the reporting period
per the statement of flnancial actlvitles
177.493
1221.4211
Adjustments for=
IGainslJosses on investments
I47.4￿)
143.6811
Dividends and interest from investments
184.5061
176.0501
Ilncreaselldecrease in debtors
15.2481
185.020
Increaselldecreasel in creditors
130.6851
166.2351
Net cash used In opèratlng activltles
9.650
1222.3671
Page 18

c ¢y o
7J O
W7J C
c£ J
LUP

Hackney Parlsh Almshouses Charlty
Notes to the financial statements (continued)
For the year ended 31 December 2024
io.
Analy515 of fund assets and liabilities
Unrestrirted
funds
A(cumulated
Restricted
funds
Extraordinary
Endowment
fund5
Capital
31.12.2024
Total
Tangible fixed assets
12,260,000
I2,260,￿0
Fixed asset investMe￿ts
84.559
590.880
1.407,225
2.082,664
Current assets
93.902
93,902
149.5711
149,5711
128.890
590.880
13.667.225
14,386,995
Re5trirted
funds
Extraottlinary
Endowment
funds
Capital
funds
A¢cumulated
31.12.2023
Total
Tangible fixed a5set5
12,260,000
12.260,(X)o
Fixed asset investments
823,485
613,701
1,407,225
2,844,411
Current a55et5
81.904
81,904
179.9571
151.8011
1131,7581
Lone term liabilities
1845,0551
1845,0551
825,432
613,701
12,770,369
14,209,502
Page 20

Hackney Parlsh Almshouses Charlty
Notes to the financial statements (continued)
For the year ended 31 December 2024
ii.
Charitable Activitie5 - Property Costs
Unrestricted fund
Accumulated
Restricted funds
Extraordlnary
Endowment funds
Capltal
31.12.2024
Total costs
Council Tax ènd
Water rates
2.133
2.133
Light and Heat
Repairs and
maintenance
Warden, cleaning
and gardening
6.533
6,533
106.393
64.760
171.153
45.562
45,562
Insurance
6,434
6.434
Resident events
1,220
1,220
168.275
64,760
233,035
Unre5trided fund
Accumulated
Restricted funds
Extraordinary
Endowment fund5
Capital
31.12.2023
Total costs
Council Tax and
Water rates
1,338
1,338
Light and Heat
Repairs and
maintenance
Warden, cleaning
and gardening
Insurance
4.729
4,729
132.749
191,155
323,904
34.647
34.647
6.301
6.301
Resident events
1.401
1.401
181.165
191,155
372,320
Page 21

Hackney Parfsh Almshouses Charlty
Notes to the financial statements {continued)
For the year ended 31 December 2024
12.
Charitable Activitie5 - Support and Governance Costs
Unrestrirted
funds
Accumulated
Restricted
funds
Extraordinary
31.12.2024
Total
cost5
funds
Capiial
Alrnshouse
management
Clerk's
remuneration
17.014
17,014
28.987
28.987
Accountancy
Audit/Year End
Account5
Legal and
professional
11.963
11.963
4.800
4.800
6.540
Sundry expenses
4,196
4,196
Bank charges
Subscriptions
Trustee insurance
1.615
1.615
610
610
69,249
6.540
75,789
Unrestrirted
funds
Accumulated
Restricted
funds
Extraordinary
31.12.2023
Total
Costs
funds
Capitsl
Almshouse
management
Clerk's
remuneration
16.247
16,247
27.6LK)
27.600
Accountancy
Auditftear End
Account5
Legal and
professional
Sundry expenses
11.413
11.413
3.3
3.3C
6.325
6,325
Bank charges
Subscriptions
1. 343
1. 343
Trustee insutsnce
665
665
66.953
66,953
13.
Payments to trustees
No trustees received any remuneration from the charity during the year12023- Nill. Travel
expenses amounting to £nil (2023- £nill were reimbursed to no12023.. 01 trustees.
The Charity considers its key management personnel comprisethe Trustees. Thetotal employment
benefits. including employer pension costs of key management personnel were £nil12023.' £nill.
There were no employees in this charity in 2024 {2023.. Nill.
Page 22

Hackney Parlsh Almshouses Charlty
Notes to the financial statements (continued)
For the year ended 31 December 2024
14.
Related party transactions
The following related party transactions occurred during the financial year ended 31 December
2024. There were none in the prior year.
South Hackney Parochi31 Charity (related party through common trusteeship) - £487 (grant
received)
London Borough of Hackney {rel3ted party through common trusteeship} - £1,775 (various
expenses)
15.
Contingent liabilities
During the year ended 31 December2013 the second capital grant of £1.095.000 was recewed from
Homes and CommunitiesAgency IHCAI, takingthe total grant to £2,190,000. This was a contribution
toward5 the redevelopment of Dr William Spurstowe House.
Underthe terms of the grant some or all of the grant may become repayable in the future if certain
terms are not adhered to.
As at 31 December 2024 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.
16.
Share capital
Hackney Parish Almshouses Charity is a company limited by guarantee and does not have any share
capital. The company currently has 11 members and their individual liability towards the company's
debts is limited to £1 in the event of the company being wound up within 12 months of ceasing to
be a member.
Page 23

Hackney Parlsh Almshouses Charlty
Notes to the financial statements (continued)
For the year ended 31 December 2024
Detalled Income and Expendlture Account
Norris &
Dr 5purstowe Mon8er5
House
Houses
Total
Income & expenditure
Income from:
Maintenance Contributions
266,936
113,294
380,230
Investment Income
6,239
9,302
15,541
Interest Received
84,460
46
84,506
Other income
60
487
547
Total
357.695
123,129
480A24
Expenditure on-
Activities in furtherance of the charws objectives
Property costs
Council Tax and Water rates
1.566
567
2.133
Light and Heat
Repairs and maintenance
Warden, cleaning and gardening
Insurance
1,386
5.146
6.532
83,198
87,955
171,153
25,248
20,314
45,562
4,336
2,098
6,434
Resident events
822
399
1,221
116.556
116A79
233,035
Governance costs
mshouse management
11.466
5.548
17.014
Clerk's remuneration
19.535
9.452
28.987
Accountancy
Audivyear End Accounts
8.069
3.894
11.963
4,800
4,800
Legal and professional
Sundry expenses
2,100
6,540
2,551
1.645
4.196
Bank charge5
Sub5CriPtions
1,290
325
1,615
Trustee Insurance
411
199
610
50.286
25,503
75.789
Loan interest
141.9111
33.528
{41.9111
47.404
Other recognised gains
13.876
Net Income
182.470
14,9771
177,493
This poge does notform port olthefttnonciolrtotements
Page 24