REGISTERED COMPANY NUMBER: 09642400 (England and Wales) REGISTERED CHARITY NUMBER: 1166703 REPORT OF THE TRUSTEES AND DITED FINANCIAL TATEMENT FOR THE YEAR ENDED 31 MARCH 2025 FOR THE FRIENDLY ALMSHOUSES A COMPANY LIMITED BY GUARANTEE Hysons Chartered Accountants 14 London Street Andover Hampshire SP10 2PA
THE FRIENDLY ALMSHOUSES OF THE FINANCIAL EYEARE TA Page Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet 9 to 10 Notes to the Financial Statements 11 to 17 Detailed Ststement of Financial Activities 18 to 19
THE FRIENDLY ALMSHOUSES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with a summary of the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting Charities". 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 (FRS102), 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 Cottages 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. 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 2025 and its plans for the future against the public benefit guidance issued by the Charity Commission. They agreed that the public who benefit from the 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 2025 ACHIEVEMENTS AND PERFORMANCE Report of the Chair Our Mission and Commun Established in 1802, The Friendly Almshouses (TFA) was founded to provide secure and affordable housing to elderly and vulnerable women living within 10 miles of St Paul's Cathedral. Our mission has a5ways been to foster dignity, independence, and wellbeing for all residents, ensuring a compassionate and inclusive environment. This year, the community has been reinvigorated by the arrival of four new residents. each bringing unique life experiences and individual skill sets that enrich our shared life together. Financial Overview The charity's finances have remained stable throughout the year, thanks to prudent management of both income and expenditure. The Board of Trustees meets every six weeks to oversee the charity's operations and to ensure Complian with all regulatory requirements. This year, our governance and compliance policies were reviewed and updated by one of the Trustees. Susan Forda. The centrepiece of the residents, licen to occupy. the Handbook. was also similarly updated to reflect current requirements and best practice. Facilit Im rovements We have continued to invest in and upgrade our facilities to better serve our residents. Notably, the flat roofs on Martindale House were replaced, ensuring improved safety and comfort. The addition of new tumble dryers has also alleviated any pressures on the laundry roster, promoting convenience and efficiency within the community. Communit En ement Community engagement remains a central focus, led by Senior Support Manager, Ronnie Marr, who has consistently organised a variety of social events. These have included seasonal celebrations, coffee mornings and barbeques, all of which help to foster a strong sense of community and belonging among our residents. A highlight of the year was the celebration of our Vice President, Hilary Parsons's 90th birthday, marked with a splendid tea party that brought everyone together. Our partnerships wth local charities and neighbouring almshouses, have continued to deliver tangible benefits. Initiatives such as seated yoga sessions and lunchtime talks have contributed positively to the health and wellbeing of our residents, enhancing their overall quality of life and supporting their physical and mental health. Challen esando ortunltles The needs and vulnerabilities of our residents are becoming increasingly complex as the pressures faced by an elderly population place additional demands on local authorities. Among the hallenges we face are the rising utility costs and a growing demand for affordable housing. We continue to address these issues through careful budget management and responsible investment and by seeking to improve our communication and explore partnerships with other local charities and agencies. Our ongoing commitment is to follow best practi in all areas of our work. In the Spring, the Trustees convened an off-site meeting to review our strategy, future risks and to consider future opportunities for the charity. Despite significant efforts, a solution has yet to be found for finding a compatible partner and redeveloping the vacant site of Colville House adjacent to the studio flats. Nevertheless, we have made progress in other areas.. the installation of CCTV has enhanced residents, sense of security, and the addition of glass cantilever doors in the sitting room has improved both the privacy and flexibility of our communal spaces. Page 2
THE FRIENDLY ALMSHOUSES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Throughout the year, Ronnie Marr has worked diligently to strengthen relationships with our community partners and further. enhancing the provision of holistic support services for our residents. emen We extend our most heartfelt thanks to Ronnie Marr for her tireless dedication and unwavering energy. We are also most grateful to Niyi Ogunsina for his valuable contribution to our financial affairs. Huge thanks go as always to all our voluntary Trustees as together we continue to build a safe and welcoming environment where the unique TFA community can flourish and thrive. icity Stonehill Chair to the Board of Trustees March 2025 Page 3
THE FRIENDLY ALMSHOUSES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Financial position The Charity's income continues to derive principally from the weekly maintenance contributions (WMC) 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 stream with potential for increase when required. The Charity generated £140,202 (2024: £118,409} from operating activities (excluding grants and donations) during the year to 31 March 2025. This leaves us well placed to service the remaining Almshouse Association loan of £31.500. Reserves policy Reserves are held in order to provide adequate funds to maintain the housing stock in good repair, to 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 £274,206 as at 31 March 2025 giving a total reserrfe of £1,874,814, 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 Charity Commission's guidance in the exercise of its powers and duties. On appointment, new members of the Board receive an induction pack, and have access to a copy of the Almshouse Association's Standard 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 4
THE FRIENDLY ALMSHOUSES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Trustees F D Stonehill (Chair) C J E Woollcombe Gambrill (Kate) S Malhotra (resigned 17.1.25) R Johnson L Tomlinson E J Lindsay R Kennedy J Walker S R Forda E Benton (appointed 12.2.25) S Lindsay (appointed 12.2.25) President H Bowes-Lyon C.V.O. Vice Presidents H Parsons C Shuster Clerk to the Trustees 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 8L4 Solicitors Stone King LLP Upper Borough Court Upper Borough Walls Bath BA1 1RG Page 5
THE FRIENDLY ALMSHOUSES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 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: l O.:.11:..l.p.zf......... and signed on its F D Stonehill (Chair) Trustee Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FRIENDLY ALMSHOUSES Independent examiner's report to the trustees of The Friendty Almshouses {'the Company.) report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you 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 account5 as carried out under Section 145 of the Charities Act 2011 ('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 not accord with those records" or the accounts do not comply with the accounting requirements of Section 396 of the 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 examination": or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting 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 Accountants 14 London Street Andover Hampshire SP10 2PA Date: Page 7
THE FRIENDLY ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 Total funds 2024 Total funds Unrestricted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 80 80 105 Charitable activities Provision of Housing 364,316 364,316 333,618 Investment income Other incorne 2,896 300 2.896 300 6,145 5.000 Total 367,592 367,592 344,868 EXPENDITURE ON Charitable activities Provision of Housing 227,310 227,310 226,354 Net gains on investments 8.803 8,803 23,543 NET INCOME 149.085 149,085 142,057 RECONCILIATION OF FUNDS Total funds brought forward 1,725,729 1,725,729 1,583,672 TOTAL FUNDS CARRIED FORWARD 1,874.814 1,874,814 1,725.729 The notes form part of these financial statements Page 8
THE FRIENDLY ALMSHOUSES BALANCE SHEET 31 MARCH 2025 2025 Total funds 2024 Total funds Unrestricted Restricted fund fund Notes FIXED ASSETS Tangible assets Investments 1,098,636 526.083 1,098,636 1.111.181 526,083 518,797 1,624.719 1,624,719 1,629,978 CURRENT ASSETS Debtors Investments Prepayments and accrued income Cash at bank and in hand 10 16.920 641 3,450 274.206 16,920 641 3,450 274,206 12,514 611 2,888 145,011 295,217 295,217 161,024 CREDITORS Amounts falling due within one year 12 (18.872) {18,872) (33,773) NET CURRENT ASSETS 276.345 276,345 127,251 TOTAL ASSETS LESS CURRENT LIABILITIES 1.901.064 1,901,064 1,757,229 CREDITORS Amounts falling due after more than one year 13 (26.250) {26,250) (31,500) NET ASSETS 1,874,814 1,874,814 1,725,729 FUNDS Unrestricted funds 15 1,874,814 1,725,729 TOTAL FUNDS 1,874,814 1,725,729 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The notes form part of these financial statements Page 9 continued...
THE FRIENDLY ALMSHOUSES BALANCE SHEET - contlnued 31 MARCH 2025 The trustees acknowledge their responsibilities for (a) 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 state of affairs of the charitable company as at the end of each financial year and of rts surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. nGI I statements re approved by the Board of Trustees and authorised for issue on and were signed on its behalf by: F D Stonehill (Chair) rustee The notes form part of these financial statements Page 10
THE FRIENDLY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 (FRS 102) '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 UK and Republic of Ireland (FRS 102) (effective 1 January 2015),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the 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 charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs 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 at the foll0vng annual rates in order to write off each asset over its estimated useful 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 exempt from corporation tax 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 purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Page11 continued...
THE FRIENDLY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 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 2025 2024 Donations 80 105 INVESTMENT INCOME 2025 2024 Other fixed asset invest - Fll Deposit account interest 1,048 1,848 2,844 3,301 2.896 6,145 OTHER INCOME 2025 2024 Compensation payments Employment allowance 300 5,000 300 5,000 NET INCOMEIIEXPENDITURE) Net incomel{expenditure) is stated after chargingl(crediting): 2025 2024 Independent ExaminerlAuditor remuneration Depreciation - owned assets 2,220 12,545 1,980 12,785 Page 12 continued...
THE FRIENDLY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefrts for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. STAFF COSTS The average monthly number of employees during the year was as follows: 2025 2024 Charitable activities Support costs No employees received emoluments in eXsS of £60,000. TANGIBLE FIXED ASSETS Equipment and fittings Freehold property Totals COST At 1 April 2024 and 31 March 2025 1.017.319 133,433 1,150,752 DEPRECIATION At 1 April 2024 Charge for year 39,571 12,545 39,571 12,545 At 31 March 2025 52,116 52,116 NET BOOK VALUE At 31 March 2025 1,017.319 81,317 1,098,636 At 31 March 2024 1,017,319 93,862 1,111,181 Page 13 continued...
THE FRIENDLY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 FIXED ASSET INVESTMENTS Listed investments Cash Totals MARKET VALUE At 1 April 2024 Additions Disposals Revaluations 518,026 771 518,797 599.803 602,091 1,201,894 (589,927) (602,368) (1,192,295) (2.313) (2,313) At 31 March 2025 525,589 494 526,083 NET BOOK VALUE At 31 March 2025 525,589 494 526,083 At 31 March 2024 518,026 771 518,797 There were no investment assets outside the UK. Fixed asset investments are shown at market value at the balan sheet date. 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtors Other debtors 10,987 5,933 7,496 5,018 16,920 12,514 CURRENT ASSET INVESTMENTS 2025 2024 COIF Deposit Funds 641 611 Page 14 continued..
THE FRIENDLY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other loans (see note 14) Trade creditors Other creditors Accrued expenses 5,250 5,250 21,115 237 7,171 525 13,097 18,872 33,773 13. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2025 2024 Other loans (see note 14) 26,250 31,500 14. LOANS An analysis of the maturity of loans is given below: 2025 2024 Amounts falling due within one year on demand: Almshouse Association loan 5,250 5,250 Amounts falling between one and years" Almshouse Association loan 5,250 5,250 Amounts falling due between two and five years: Almshouse Association loan 15,750 15,750 Amounts falling due in more than five years: Repayable by instalments: Almshouse Association loan 5,250 10,500 15. MOVEMENT IN FUNDS Net movement in funds At 31.3.25 At 1.4.24 Unrestricted funds General fund 1,725,729 149,085 1,874,814 TOTAL FUNDS 1.725,729 149,085 1,874,814 Page 15 continued.,.
THE FRIENDLY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 15. MOVEMENT IN FUNDS- continued 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 367.592 {227.310) 8,803 149,085 TOTAL FUNDS 367.592 {227.310) 8,803 149,085 Comparatives for 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 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 344,868 (226,354) 23,543 142,057 TOTAL FUNDS 344.868 (226,354) 23.543 142,057 Page 16 continued...
THE FRIENDLY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 16. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 March 2025. 17. ULTIMATE CONTROLLING PARTY The Charity was controlled throughout the year by its members. Page 17
THE FRIENDLY ALMSHOUSES DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 INCOME AND ENDOWMENTS Donations and legacies Donations 80 105 Investment income other fixed asset invest - Fll Deposit account interest 1,048 1,848 2,844 3,301 2,896 6,145 Charitable activities Rent received Service charges Support charges 285,732 76,836 1,748 241,024 72,268 20,326 364,316 333,618 Other income Compensation payments Employment allowance 300 5,000 300 5,000 Total incoming resources 367,592 344,868 EXPENDITURE Charitable activities Wages Social security Pensions Rates and water Insurance Light and heat Property expenses Residents welfare and social events Depreciation of equipment and fittings 14,242 557 178 12,748 3,153 31,219 28,235 3,300 12,545 15,759 919 286 9,505 1,792 26,492 63,891 7,460 12,785 106,177 138,889 Support costs Management Wages Carried fonNard 62,982 62,982 48,645 48.645 This page does not fomi part of the statutory financial statements Page 18
THE FRIENDLY ALMSHOUSES DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Management Brought forward Social security Pensions Telephone and IT Postage and stationery Sundries Recruitment and training Bank interest 62,982 6,408 1,550 10,718 1,317 506 7,768 445 48,645 4,726 865 7,303 2,197 160 2,822 393 91,694 67,111 Governance costs Independent ExaminerlAuditor remuneration AGM and other meetings Memberships Professional fees Bookkeeping Investment adviser fees 2.220 39 643 13,547 10,425 2,565 1,980 68 219 15,431 2,536 120 29,439 20,354 Total resources expended 227,310 226,354 Net income before gains and losses 140,282 118,514 Recognised gains and losses Recognised gains on fixed asset investments 11,116 Net income 151,398 118,514 This page does not form part of the statutory financial statements Page 19