REGISTERED COMPANY NUMBER: 09642400 (England and Wales) REGISTERED CHARITY NUMBER: 1166703 REPORT OF THE TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE FRIENDLY ALMSHOUSES A COMPANY LIMITED BY GUARANTEE Hysons Chartered Accountants 14 London Street Andover Hampshire SP10 2PA
THE FRIENDLY ALMSHOUSES CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10 to 15 Detailed Statement of Financial Activities 16 to 17
THE FRIENDLY ALMSHOUSES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also direclors of the charity for the purposes of the Companies Act 2006, piesent their report with a summary of the financial statements of the charity for the year ended 31 March 2024. The trustees have adopled Ihe provisions of Accounting and Reporting Charities statement of Recommended Practice applicable to charrties, preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, effective 1 January 2019. OBJECTIVES AND ACTIVITIES Objectives and aims The object of the Charity is set out in the Scheme of the Charity Commissioners dated 12th December 1980. This is to relieve and assist: by the provision of housing and associated amenities, needy women of good character over the age of 60 years... resident within ten miles of st Paul's Cathedral" In 1993, with the consent of the Charity Commissioners, the minimum age at entry was lowered to 50 years. Women interested in taking up residence in the Almshouses may be referred by social services and other local agencies, or they may approach us directly. The Charity currently has 20 flats, distributed between the Victoria Coltages and Martindale House, available for occupation. Residents lead independent lives, though the wardens and Clerk are available to provide support and help in dealing with personal and practical problems. When not conslrained by the lockdown requirements, participation in the community life and its many activities is much encouraged, and the quarterly residents. meetings provide the opportunity for discussion and exchange of ideas between residents and trustees. Public benefit The trustees have considered the activities of the Charity, its achievements for the year to 31 March 2024 and its plans for the future against the public benefit guidance issued by the Charity Commission. They agreed that the public who benefit from Ihe Charity's work are those who are described in the Charity's objectives and aims as noted above and is essentially the same as that envisaged by the founders.. "for the provision of permanent relief to poor and aged women. It is a Society managed by women for women... Social investments Programme related investments, in the form of freehold property. have contributed towards the achievement of the Charity's aims and objectives because these properties are used to provide the social housing for Charity s beneficiaries. Page 1
THE FRIENDLY ALMSHOUSES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE C haritable activities 2022 & 2023 was a turbulent period for the UK and the world economy with global conflict iii the Ukraine and the Middle Easl. While the cost of living has continued to rise in the UK since 2022, with Ihe annual rate of inflalion reaching a peak at 11.10/D in October 2023, according to the Consumer Price Index (CPI) the rate of inflation in the comparative period has however dropped to 4.6°/0 in October 2023. Nonetheless, despite these uncertain economic times the charity has managed to improve its f inancial position both from a cash generalion and balance sheet point of view. With careful management and investment, our income position continues lo be strong with the majority of residents qualifying for full housing benefit. Both our fixed and variable expenditure is judiciously managed in-house by bookkeepei Niyi Ogunsina and by prudent inveslmenl with Rathbones and CCLA. This has allowed us lo make good progress in building our annual reserves, obviously a crucial componenl in taking forward any future plans the charity may have for the Colville site. Significantly we also upgraded the whole of our central heating system in October 2022, allowing our residents to enjoy the benefits of improved efficiency and reliability. Throughout the year we held several successful galherings, lunches and coffee mornings, raising funds for Macmillan Cancer as well as for a community barbecue for the residents., while a little further afield many of the residents explored the legendary and varied delights of the Chelsea Physic Garden. These shared adventures foster a sense of community, reduce feelings of isolation and forge happy memories for the years to come. We will be organising many more such outings in the future. In September 2023, we welcomed trustees from The Story of Christmas charity and gave them lunch in the new Summer House acquired as a result of their generous grant. Aware of our rather secluded, tucked away location, we have been organising a series of outreach events to the wider Brixton community, enabling us to demonstrate to relevant agencies what the Almshouses provision has lo offer. The gardens behind our Victoria cottages continue to provide a peaceful sanctuary and a wonderful focal point to be enjoyed by residents and visitors alike. The cultural diversity of our residents is one of the characteristics thal make our Almshouses unique and equally it takes special people to respond to the challenging needs of an older community. I would particularly like to highlight Senior Support Manager, Ronnie Marr, who is quite simply a human dynamo and on behalf of the trustees I would like to thank her for her unwavering commitment, energy and enthusiasm which sets the tone for the whole community. TFA only runs with the help of a committed team. and I would also like to thank all my volunteer truslees for their lime, guidance, hard work, perseverance and good humour over the past year. Felicity Stonehill Chair to the Board of Trustees October 2024 Page 2
THE FRIENDLY ALMSHOUSES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Financial position The Charity's income continues lo derive principally from the weekly maintenance contributions IWMC) paid by its beneficiaries. The majority of this income is drawn from housing benefit, and as the Charity has been deemed exempt from the housing benefit cap. this is a reliable income slream with potential for increase when required. The Charity generated £118k (2023-. £135k) from operating activities (excluding grants and donations) during Ihe year to 31 March 2024_ This leaves us well placed to service the remaining Almshouse Association loan of £37k and to conlinue building reseives to enable redevelopment of the Colville House site. Reserves policy Reserves are held in order to provide adequate funds to maintain the housing stock in good repair, lo fund future developments and to continue to provide housing and support to residents in the event of a disruption in revenue. In addition to the investments, the Charity held cash reserves of £145k as at 31 March 2024 giving a total reserve of £1,726k, all of which were unrestricted funds. This more than meets the expectation of at least three months, operating costs being available to deal with the consequences of unanticipated challenges. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is controlled by its goveming document: the Memorandum and Articles of Association, and constitutes a company, limited by guarantee, as defined by the Companies Act 2006. The charity is governed by a Board of Trustees, up to a maximum of fourteen, (the Board may also co-opt members up to a third of its total membership). The Board currently meets every two months and has a quorum of three. All of the trustees sit on at least one sub-committee, of which there are currently five. These sub-committees have their own governance structure and decision-making powers and meet as often as required to deal with the business of the day. They report formally at each Board meeting. The Board has due regard at all times to the Charily Commission's guidance in the exercise of its powers and duties. On appointment, new members of the Board receive an induclion pack, and have access to a copy of the Almshouse Association's Standaid of Almshouse Management. Board members have also attended seminars and briefings in areas such as housing, charity law, and the responsibilities of Trustees. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 09642400 (England and Wales) Registered Charity number 1166703 Registered office 155-167 Stockwell Park Road London SW9 OTL Page 3
THE FRIENDLY ALMSHOUSES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustees F D Stonehill (Chair) C J E Woollcombe Gambrill (Kate) S Faulkner (resigned 4.8.23) S Malhotra R Johnson L Tomlinson E J Lindsay R Kennedy J Walker (appointed 4.12.23) S R Forda (appointed 4.12.23) President H Bowes-Lyon C.V.O. Vice Presidents H Parsons C Shuster Clerk to the Trustees R de Grey (to September 2023) E Fleming (from May 2024) Senior Support Manager R Marr Independent Examiner Christopher Joyce FCCA Hysons Chartered Accountants 14 London Street Andover Hampshire SP10 2PA Bankers The Royal Bank of Scotland 62-63 Threadneedle Street London EC2R 8LA Solicitors Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Page 4
THE FRIENDLY ALMSHOUSES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Investment advisers Rathbones Investment Management Fiennes House 32 Southgate Street Winchester Hampshire S023 9EH Approved by order of the board of trustees on behalf by- and signed on its F D Stonehill (Chair) rustee Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FRIENDLY ALMSHOUSES Independent examiner's report to the trustees of The Friendly Almshouses ('the Company'l report to the charity truslees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of Ihe Company (and also its directors for the purposes of company lawl YOLI are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as cariied out under Section 145 of the Charities Act 2011 I'the 2011 Act'}. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. Independent examiner's statement Since your charity's gross income exceeded £250.000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act, or the accounts do nol accord with Ihose records- or the accoLrnts do not comply with the accounting requirements of Section 396 of tlie 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examinalion-, or the accounts have not been prepared in accordance with Ihe methods and principles of the Statement of Recommended Practice for accounting and reporling by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Christopher Joyce FCCA Hysons Chartered Accountanls 14 London Street Andover Hampshire SP10 2PA Date.. Page 6
THE FRIENDLY ALMSHOUSES STATEMENT OF FINANCIAL ACTJVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT ORTH YEAR ENDED 31 MARCH 2024 2024 Tolal funds 2023 Total funds Unrestricted Restricted fund fLJnd Notes INCOME AND ENDOWMENTS FROM Donations and legacies 105 105 1,107 Charitable activities Provision of Housing 333.618 333,618 371,829 Investment income Other income 6.145 5.000 6.145 5,000 1,012 3,323 Total 344,868 344,868 377,271 EXPENDITURE ON Charitable activities Provision of Housing 226,354 226,354 241,275 Net gainslllossesl on investfflents 23.543 23,543 (1.945) NET INCOME 142.057 142,057 134,051 RECONCILIATION OF FUNDS Total funds brought foNiard 1,583,672 1,583,672 1,449,621 TOTAL FUNDS CARRIED FORWARD 1.725,729 1,725,729 1,583,672 The notes form part of these financial statements Page 7
THE FRIENDLY ALMSHOUSES BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Notes FIXED ASSETS Tangible assets Investments 1,111.181 518.797 1,111,181 518,797 1,123,966 192,529 1,629,978 1,629,978 1,316,495 CURRENT ASSETS Debtors Investments Prepayments and accrued income Cash at bank and in hand 10 12,514 611 2,888 145,011 12.514 611 2,888 145,011 13,432 582 1,137 326,996 161,024 161,024 342,147 CREDITORS Amounts falling due within one year 12 (33.773) (33,773) (38,2201 NET CURRENT ASSETS 127,251 127,251 303,927 TOTAL ASSETS LESS CURRENT LIABILITIES 1.757,229 1,757,229 1,620,422 CREDITORS Amounts falling due after more than one year (31,500) (31,500) (36,750) NET ASSETS 1.725,729 1,725,729 1,583,672 FUNDS Unrestricted funds 15 1,725,729 1,583,672 TOTAL FUNDS 1,725,729 1,583,672 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial slalements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The notes form part of these financial statements Page 8 continued...
THE FRIENDLY ALMSHOUSES BALANCE SHEET - continued 31 MARCH 2024 The trustees acknowledge their responsibilities for la) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the slate of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othenvise comply with the requiremenls of the Companies Act 2006 relating to financial statements, so far as applicable lo the charilable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. nci tem nts ere approved by the Board of Trustees and authorised for issue on and were signed on its behalf by- F D Stonehill (Chai Trustee The notes form part of these financial statements Page 9
THE FRIENDLY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts in accoidance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2015),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charily lo that expendilure, il 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category Where cosls cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Allocation and apportionment of costs All support and governance costs relate to the activity of providing housing in accordance with the objectives of the charity. Tangible fixed assets Depreciation is provided al the following annual rates in order to write off each asset over its estimated usef ul life. Freehold property Equipment and fittings Straight line over 50 years Straight line over 3 and 10 years Social investments The cost of the freehold property is accounted for within tangible fixed assets as it is a programme related investment held specifically to contribute to the charity's charitable purpose. Taxation The charity is exempl fiom corporation lax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purpose5 Wlthin the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Page10 continued...
THE FRIENDLY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS - continued R THE YEAR ENDED 31 MARCH ACCOUNTING POLICIES - continued Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities In the period to which they relate. DONATIONS AND LEGACIES 2024 2023 Donations 105 1,107 INVESTMENT INCOME 2024 2023 Other fixed asset invest - Fll Deposit account interest 2,844 3,301 1,002 6,145 1,012 OTHER INCOME 2024 2023 Employment allowance 5,000 3,323 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting): 2024 2023 Independent ExaminerlAuditor remuneration Depreciation - owned assets 1.980 12,785. 1,800 12,785 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 Maich 2024 nor for the year ended 31 March 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page11 continued...
THE FRIENDLY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS The average monthly number of employees during the year was as follows,, 2024 2023 Charitable activities Support costs No employees received emoluments in excess of £60.000. TANGIBLE FIXED ASSETS Equiprnent and fittings Freehold property Totals COST At 1 April 2023 and 31 March 2024 1,017.319 133,433 1,150,752 DEPRECIATION At 1 April 2023 Charge for year 26,786 12,785 26,786 12,785 At 31 March 2024 39,571 39,571 NET BOOK VALUE Al 31 Maich 2024 1,017,319 93,862 1,111,181 At 31 March 2023 1.017.319 106,647 1,123,966 FIXED ASSET INVESTMENTS Listed investments Cash Totals MARKET VALUE At 1 April 2023 Additions Disposals Revaluations 192,529 301,954 192,529 302,845 604,799 (302,074) 1302,0741 23,543 23,543 At 31 March 2024 518.026 771 518,797 NET BOOK VALUE At 31 March 2024 518,026 771 518,797 At 31 March 2023 192,529 192,529 There were no investment assets outside the UK. Page 12 continued...
THE FRIENDLY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2 24 FIXED ASSET INVESTMENTS - continued Fixed asset investments are shown at market value at the balance sheet date. 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors 7,496 5,018 12,241 1,191 12,514 13,432 11. CURRENT ASSET INVESTMENTS 2024 2023 COIF Deposit Funds 611 582 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other loans (see note 14) Trade creditors Other creditors Accrued expenses 5,250 21,115 237 7,171 5,250 20,699 6,807 5,464 33,773 38,220 13. CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Other loans (see note 14) 31,500 36,750 14. LOANS An analysis of the maturity of loans is given below.. 2024 2023 Amounts falling due within one year on demand". Almshouse Association loan 5,250 5,250 Amounts falling between one and two years. Almshouse Association loan 5,250 5,250 Amounts falling due between two and five years: Almshouse Association loan 15,750 15,750 Page 13 continued...
THE FRIENDLY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 14. LOANS - continued 2024 2023 Amounts falling due in more than five years= Repayable by inslalments.. Almshouse Association loan 10,500 15,750 15. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 1,583,672 142,057 1,725,729 TOTAL FUNDS 1,583,672 142,057 1,725,729 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds General fund 344,868 (226,354) 23,543 142,057 TOTAL FUNDS 344,868 (226,354) 23,543 142,057 Comparatives for movement in funds Net movement in funds Transfers between funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 1.399.621 134,051 50,000 1,583,672 Restricted funds Improvements to the Almshouses 50.000 (50.000) TOTAL FUNDS 1,449,621 134.051 1,583,672 Page 14 continued.
THE FRIENDLY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS _ r.tintiniJpd FOR THE YEAR ENDED 31 MARCH 2024 15. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds General fund 377,271 (241,275) {1,945} 134.051 TOTAL FUNDS 377,271 {241,275) (1,9451 134,051 The Improvement to the Almshouses Fund represents money received to be used for the replacement of windows and the build of a garden room at the Almshouses. 16. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. 17. ULTIMATE CONTROLLING PARTY The Charity was controlled throughout the year by its members. Page 15
THE FRIENDLY ALMSHOUSES DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donatiolls 105 1,107 Investment income Other fixed asset invest - Fl I Deposit account interest 2,844 3,301 10 1,002 6,145 1,012 Charitable activities Renl received Service charges Support charges 241,024 72,268 20,326 265,895 83,463 22,471 333,618 371,829 Other income Employment allowance 5,000 3.323 Total incoming resources 344,868 377.271 EXPENDITURE Charitable activities Vvages Social security Pensions Rates and water Insurance Light and heat Properly expenses Residents welfare and social events Depreciation of equipment and fittings 15,759 919 286 9,505 1,792 26,492 63,891 7,460 12,785 18.716 1,075 369 9,353 3,038 14,760 107,150 10,179 12,562 138,889 177,202 Support costs Management Wages Social security Pensions Carried forward 48,645 4.726 865 54,236 38,268 2,248 588 41,104 This page does not form part of the statutory financial statements Page 16
THE FRIENDLY ALMSHOUSES DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Management Brought forward Telephone and IT Postage and stationery Sundries Recruitment and Iraining Depreciation of equipment and fittings Bank interest 54,236 7,303 2,197 160 2,822 41,104 5,268 943 286 224 482 393 67,111 48,307 Governance costs Independent ExaminerlAuditor remuneration AGM and other meetings Memberships Professional fees Bookkeeping Investment adviser fees 1,980 68 219 15,431 2,536 120 1,800 51 701 12,914 300 20,354 15,766 Total resources expended 226,354 241,275 Net income 118,514 135,996 This page does not form part of the statutory financial statements Page 17