**The Dyers’ Almshouse Charity CIO** Registered No. 1185932
## **Report and Accounts**
31[st] October 2024
Dyers’ Almshouse Charity CIO
## **Almshouse Manager’s report at 31[st] October 2024**
As the Resident Manager I am entrusted to care, support and encourage residents to lead as full a life as possible and when this is more difficult to provide information and assistance to both them and their families that will enable a return to independence or a move to more appropriate accommodation. Residents are visited every weekday morning to chat about their day ahead and make sure they are feeling well. Those who do not wish that form of contact every day will have signed a disclaimer when they moved in, although as time passes, it is clear that visits become more important to them. With a background in nursing, as a PA and an Operations Director in property and residential care it is an honour to have the responsibility of supporting and caring for our residents as well as maintaining the almshouse properties and gardens.
Having worked at the Dyers Almshouse Charity for nearly 10 years, it still surprises me that so few people who have lived in Crawley all their lives, are unaware of our beautiful site, located in the centre of Crawley town; an oasis of calm and beauty that offers retired independent persons of little means a safe, peaceful community in which to live. The two-and-a-half-acre site offers 28 Arts and Crafts style single storey residential cottages on three sides of a rectangle, each with its own back garden looked after by the incumbent resident, and has attractive front lawns, beds and borders that are managed by a gardening team.
This year our summer works have included the resurfacing of a number of pathways and refilling the
shingle beds at the front of the properties. Decorators have been on site to refurbish and paint all external woodwork (soffits and bargeboards), pipework, guttering, telephone boxes, coat of arms, oak doors, lantern poles, newel posts and benches. The whole place looks very smart. The beech hedge that surrounds the site was cut back and tree work will include crowning of the willow tree and uplifting of walnut, golden amber, prunus and silver birch.
With a commitment of a significant grant from the Woodroffe Benton Foundation, as well as a small grant from Crawley Borough Council Council, work on the merger of Nos. 27 and 28 to provide residents with a much-needed larger community space can now start at the end of 2024, something everyone is looking forward to using to its full potential when complete. Having an outside space that merges into the new building will enable large events to take place with ease of access for all. The office for the manager was up and running by the end of January and has been a huge bonus; so much easier for residents to come and chat or discuss problems and keep paperwork in order.
It has been another busy year at the almshouses with numerous very well attended events. Once again the Copthorne Silver Band entertained residents, family and friends this August and a cream tea was provided whilst the band played. We had 66 people outside under the willow tree who all had a very pleasant afternoon. Over the year we have held numerous breakfast clubs, quiz nights, fish and chip meals, lunches, bingo, pilates, coffee mornings, a Macmillan fundraiser, a Christmas lunch, a Bring and Buy sale and tea parties.
A ‘dates for the diary’ newsletter is produced at the beginning of each month and is delivered to all residents detailing events for the month ahead. Quarterly visits to the residents are made by the Clerk and Renter Warden of The Dyers’ Company and alms are given at Christmas and Easter. All the residents feel blessed living in such a delightful place. The annual Christmas tree is purchased with funds raised from our bring and buy sale and is decorated with over 1500 sparkling white and coloured lights. As properties become vacant they are refurbished to a high standard, they are made ready for the next beneficiary on the waiting list. We have a very reliable team of tradesmen that do an excellent job.
I would very much like to thank the Dyers’ Company for supporting me fully in my management role and the officers of the Company who generously support the Dyers’ Almshouse Charity.
**Mary Davis-Gray, Resident Manager**
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Dyers’ Almshouse Charity CIO
## **Almshouse Manager’s report at 31[st] October 2024**
## **Major refurbishments in recent years**
Over the past ten years in excess of £900k has been spent on maintenance and improvements including:
- 2014-15 Partial refurbishment of 1 bathroom. Refurbishment of driveway.
- 2015-16 Full refurbishment of 1 kitchen. Full refurbishment of 1 bathroom. Replacement of 4 boilers. Decorating 1 bungalow. Re-roofing of several bungalows
- 2016-17 Full refurbishment of 2 bathrooms. Partial refurbishment of 2 bathrooms. Decorating 2 bungalows. Creation of new car park.
- 2017-18 Full refurbishment of 1 kitchen. Full refurbishment of 1 bathroom. Partial refurbishment of 4 bathrooms. Replacement of 4 boilers. Decorating 2 bungalows. Re-roofing of several bungalows.
- 2018-19 Full refurbishment of 1 kitchen. Full refurbishment of 1 bathroom. Replacement of 2 boilers. 2019-20 Full refurbishment of 3 kitchens. Full refurbishment of 2 bathrooms. Partial refurbishment of 2 bathrooms. Decorating of 3 bungalows.
- 2020-21 Full refurbishment of 3 kitchens. Full refurbishment of 6 bathrooms. Decorating of 3 bungalows. Fitting of new electric gates. Personal safety alarm system renewed.
- 2021-22 Replacing mains water pipework to all properties. Full refurbishment of 4 bungalows, refit bathrooms and showers in 3 bungalows and replacement of 2 boilers.
- 2022-23 Full refurbishment of one bungalow, replacement kitchen in one bungalow, planning in respect of the potential extension to the clubroom.
- 2023-24 Full refurbishment of 1 kitchen. Decorating, carpets, vinyl and electrical improvements to one bungalow. New electrical supply relating to new electric cooker in one bungalow. Architect drawings & cost consultancy in respect of planned extension to the clubroom.
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Dyers’ Almshouse Charity CIO
## **Trustee’s annual report at 31[st] October 2024**
## **Report of the Trustee for the year ended 31[st] October 2024**
The Trustee presents its annual report and financial statements of the charity for the year ended 31[st] October 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011, 2016 and 2022, and Accounting and Reporting by Charities: Statement of Recommended Practice (second edition October 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **Objectives and activities for the public benefit**
The Dyers’ Almshouse Charity CIO is established for the public benefit, for the prevention or relief of poverty and the relief of those in need, hardship, or distress, by:
a) providing social housing in the form of almshouse accommodation to poor persons in the United Kingdom (with a preference for Freemen or Liverymen of The Dyers’ Company and their widows, widowers, or dependants)
b) making charitable grants or payments for the relief of persons in the United Kingdom who are in need, hardship or distress including, without prejudice to the generality of the foregoing, contributing to the costs of accommodation or care services (including medical and nursing care)
c) such charitable purposes for the benefit of residents and former residents of the Almshouses as the trustee from time to time decides.
The charity achieves its objects by providing well maintained, low-cost housing to poor people of good character. The resident staff are not trained to give medical care and the Almshouses cannot act as a nursing home. The Trustee confirms that it has referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities, and in setting policy for eligibility to occupy an almshouse bungalow. As and when vacancies arise these are advertised, the financial standing and character of potential residents are assessed by a combination of application form and interview. All applications fulfilling the required criteria are placed on a waiting list and are offered the opportunity to live in an almshouse bungalow as and when one becomes vacant.
## **Review of our achievements and performance: how our work delivered public benefit**
During the year 28 bungalows were provided to residents as low-cost housing in a pleasant well-maintained environment together with the provision of on-site staff who supply day-to-day (non-medical) support and companionship.
## **Monitoring achievement**
Senior representatives of the Trustee usually visit the Almshouses four times a year and meet residents on a oneto-one basis. This gives the residents the opportunity to give honest feedback on the quality of the almshouse provision. There are few complaints and these are usually of a minor nature. In addition, there is a relatively low turnover rate of residents, the main reason for leaving the almshouses is usually failing health.
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Dyers’ Almshouse Charity CIO
## **Trustee’s annual report at 31[st] October 2024**
## **Financial Review**
## **The General Fund**
Total incoming resources for the year from investments and residents’ contributions amounted to £334,578 (2023: £314,038). Expenditure was £345,069 (2023: £321,308).
The balance on the general fund comprises the accumulated net income of the charity from investments and from maintenance contributions made by the residents. The income is used to cover expenditure on the almshouses, to ensure that the properties are maintained at a high standard, and to provide for any unforeseen eventualities or major items of expenditure which may arise in the future.
The General Fund stood at £344,105 on 31[st] October 2024. The Trustee believes this amount is both necessary and sufficient to provide the working capital for the charity. The reserves policy is set out on page 6.
## **The Expendable Endowment Fund**
The Expendable Endowment Fund is an expendable fund used from time to time to cover major capital or repair costs but is mainly regarded as capital of the CIO, to provide the income-earning capability of the charity.
During the year realised and unrealised gains and losses on investments amounted to a net gain of £106,292 (2023: £7,503 net gain). Gains and losses on investments are included in the Expendable Endowment Fund balance which stood at £2,681,491 as at 31[st] October 2024.
## **Restricted Funds**
During the year the charity received £2,500 from Crawley Borough in response to a Small Grant Application as a contribution to works to improve and expand the Clubroom community space for residents, which is expected to be carried out in the 2024-25 financial year.
## **Investment policy & performance**
The main objective is to generate a combination of capital growth and rising income in order to maintain the Charity’s estate of almshouses in Crawley, West Sussex. The income is needed for routine maintenance and refurbishment, while periodic capital sums might be required for more major items of expenditure on upgrading and modernising the almshouses. In order to achieve this, the strategy is for the portfolio to mainly comprise domestic and international equities, however fixed interest stocks, alternative investments and collective investments may be held to improve diversification, reduce volatility and gain exposure to more specialist areas. The Trustee takes a long-term investment outlook.
The Trustee appreciates the inherent risk of equity investment and potential volatility of the market. A significant fall in the capital value of the Charity’s portfolio would have a small but acceptable impact on the objectives of the Trust, whereas the Trustee would like to see the income maintained in the short term and growing in the medium to longer term in order to maintain the Almshouses to acceptable modern standards. For the year in review, the Charity’s investment portfolio generated a total return of 8.3%. The total return of the FTSE All Share and the MSCI World Index was 16.3% and 26.7% respectively over the same period.
## **Risk management**
The principal risks faced by the charity lie in the need to continue to find residents as vacancies arise, welfare of residents, investment performance volatility and the cost of buildings maintenance. These risks are mitigated by maintaining a waiting list of prospective residents; having a health and safety policy, using professional contractors to service equipment; using a combination of external and in-house expertise to manage the investment portfolio and ensuring that property is well maintained thereby preventing small problems from developing into expensive repairs. Large maintenance items, such as roof repairs are planned and budgeted prior to any work being carried out. A risk assessment is prepared on an annual basis for review and approval by the Trustee. Residents each have a handbook setting out the extent of the charity’s support in which it is made clear that the charity does not supply medical or personal care.
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Dyers’ Almshouse Charity CIO
## **Trustee’s annual report at 31[st] October 2024**
## **Reserves policy**
The charity has an expendable endowment fund. The terms of the endowment allow the capital of the fund to be spent if the Trustee so determines. The general fund is unrestricted and is available to use for any purpose in furtherance of the charitable objects.
The charity has a relatively stable income stream, subject to the risk factors noted above. Reserves are targeted to be sufficient to fund ongoing property maintenance and to provide working capital. In the event of a shortfall, either investments will be sold and the funds transferred from the Expendable Endowment Fund, or The Dyers’ Company, given its long association with the Charity, may be asked to make a donation. In view of this the Trustee believes that the level of reserves is sufficient to meet future needs.
## **Plans for the future**
The charity plans to continue the practice of growing income and capital so that the property can be maintained in good order, although it recognises that heightened commercial and political uncertainty could result in future dividends and interest received being lower than in the past.
## **Structure, governance & management**
The Dyers’ Almshouse Charity CIO is a registered charity, number 1185932, registered with the Charity Commission on 22[nd] October 2019 and began operations when, on 1[st] November 2019, with the consent of the Charity Commission, the Trustee transferred the whole of the undertaking of the Dyers’ Almshouse Charity to The Dyers’ Almshouse Charity CIO. The Dyers’ Almshouse Charity whose registered charity number was 210755 was constituted under a Scheme dated 8[th] June 1972.
The Dyers’ Company is the Trustee. The Court of The Dyers’ Company has the power to ballot for and elect new members to that body. A list of Court members throughout the year is set out under Reference and Administrative Information on page 7.
Induction and training: The members of the Court have diverse experience and training and new Court members are progressively trained through attendance at meetings. Trustee training sessions are organised periodically.
The Court meets ten times a year and normally discusses some aspect of the charity’s activities at each meeting. A Finance Committee meets four times a year to monitor progress, receive reports and ratify investment and financial decisions. An Estates Committee meets twice a year to review and approve the need for major property improvement and refurbishment works, and any significant planned preventative maintenance.
## **Key management personnel remuneration**
The Trustee considers the Court of the Dyers’ Company and The Clerk (the chief executive) as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis.
All Court members give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in notes 13 and 14 to the accounts.
Court members are required to disclose all relevant interests and register them with the chief executive and in accordance with the charity’s policy refrain from voting on decisions where a conflict of interest arises.
A proportion of the pay of the chief executive, as well as other staff, of The Dyers’ Company (the charity’s trustee) is recharged to the charity on a time spent basis. The chief executive’s salary is reviewed annually and normally increased in accordance with average earnings. The remuneration is bench-marked with other Livery companies to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.
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Dyers’ Almshouse Charity CIO
## **Trustee’s annual report at 31[st] October 2024**
## **Reference and administrative information**
**Founder** The Dyers’ Company, previously known as The Wardens and Commonalty of the Mistery of Dyers of the City of London, and also known as The Worshipful Company of Dyers. The Dyers’ Company was incorporated by Royal Charter in 1471, reg no. RC000911. **Registered** 11-13 Dowgate Hill **office** London, EC4R 2ST Tel: 020 7236 7197 Email: office@dyerscompany.com **Trustee:** The Dyers’ Company is the Trustee. During the year the following were the members of the Court of The Dyers’ Company:
J E Cawley M Bird N B Q Back J P Rothwell J R Chambers A H J Crockatt M W M Rowlandson I G Blair Prof. R H Wardman P G Mathieson A R Burdon-Cooper R G Scott Moncrieff F A Onians Dr M G Bartle B M de L Cazenove J R Vaizey H C Jourdain M G Mathieson Lt Col. M A Marshall J M Holme S W Cleaver Sir Edmund Verney J N Crockatt S J M Lyon R P Back A C S Macpherson S G Q Cooper E A M Lee G C Rothwell **Chief** Mr M R I Lane, The Clerk to the Trustee **Executive Officer Bankers** National Westminster Bank PLC 94 Moorgate London EC2M 6UR **Solicitors** BDB Pitmans LLP One Bartholomew Close London EC1A 7BL **Independent** HaysMac LLP **Auditors** 10 Queen Street Place London EC4R 1AG **Investment** JM Finn & Co Ltd **Adviser** 25 Copthall Avenue London EC2R 7AH
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Dyers’ Almshouse Charity CIO
## **Trustee’s annual report at 31[st] October 2024**
## **Statement of Trustee’s responsibilities in respect of the accounts**
The Trustee is responsible for preparing the Trustee’s 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 Trustee 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 Trustee is 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 its activities.
The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 2011, and the provisions of the trust deed. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustee is responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Trustee on 5[th ] February 2025
and signed on its behalf by
J P Rothwell – Prime Warden of the Trustee
M G Mathieson – Renter Warden of the Trustee
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Dyers’ Almshouse Charity CIO
## **Independent auditor’s report**
## **To the Trustee of The Dyers’ Almshouse Charity CIO**
## **Opinion**
We have audited the financial statements of Dyers’ Almshouse Charity CIO for the year ended 31 October 2024 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 October 2024 and of its net movement in funds for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.
## **Other information**
The Trustee is responsible for the other information. The other information comprises the information included in the Trustee’s Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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Dyers’ Almshouse Charity CIO
## **Independent auditor’s report**
## **To the Trustee of The Dyers’ Almshouse Charity CIO**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- adequate accounting records have not been maintained by the charity; or
- sufficient accounting records have not been kept;
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustee for the financial statements**
As explained more fully in the Trustee’s responsibilities statement set out on page 8, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditors’ responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to registered charities, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and other factors such as taxation.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to manual accounting journals. Audit procedures performed by the engagement team included:
- discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
- evaluating management’s controls designed to prevent and detect irregularities;
- identifying and testing manual accounting journals, in particular any unusual items: and
- challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected
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Dyers’ Almshouse Charity CIO
## **Independent auditor’s report**
## **To the Trustee of The Dyers’ Almshouse Charity CIO**
in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustee, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.
HaysMac LLP Statutory Auditor
10 Queen Street Place London EC4R 1AG
HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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Dyers' Almshouse Charity CIO
## **Statement of financial activities for the year ended 31[st] October 2024**
|
Notes
**Income:**
Charitable activities
2
Investments
3
Donations
12
**Total income**
**Expenditure:**
Charitable activities:
Almshouse costs
4
Other expenditure
5
Investment management
costs
**Total expenditure**
**Net income/**
**(expenditure) before**
**gains on investments**
**Net gains on**
**investments**
**Net income/**
**(expenditure) for the**
**year**
Transfers between funds
**Net movement in funds**
**Fund balances brought**
**forward**
**Fund balances carried**
**forward**|Unrestricted
General Fund
Expendable
Endowment
Fund
Restricted
Funds
Total
31 October
2024
£
£
£
£
227,302
-
-
227,302
107,276
-
-
107,276
-
-
2,500
2,500
334,578
-
2,500
337,078
333,849
-
-
333,849
5,130
-
-
5,130
6,090
-
-
6,090
345,069
-
-
345,069
(10,491)
-
2,500
(7,991)
-
106,292
-
106,292
(10,491)
106,292
2,500
98,301
-
-
-
-
(10,491)
106,292
2,500
98,301
354,595
2,575,199
-
2,929,794
344,104
2,681,491
2,500
3,028,095|Total
31 October
2023
£
210,957
103,080
-|
|---|---|---|
|||
314,037|
|||
306,957
8,047
6,304|
|||
321,308|
|||
(7,271)
7,503|
|||
232
-|
|||
232
2,929,562|
|||
2,929,794|
All the Charity’s operations are classified as continuing. There are no recognised gains and losses other than those included in the Statement of Financial Activities.
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Dyers' Almshouse Charity CIO
## **Balance sheet at 31[st] October 2024**
|Notes
**Fixed assets**
Freehold land, buildings and equipment
8
Investment portfolio at market value
9
**Current assets**
Debtors and prepayments
10
Cash at bank
**Total current assets**
**Liabilities**
Creditors falling due within one year
11
**Net current assets**
**Total net assets**
**Represented by:**
Expendable Endowment Fund
12
Unrestricted General Fund
12
Restricted Funds
12
**Total funds**|31 October
2024
£
366,819
2,312,825
2,679,644
14,205
349,225
363,430
(14,979)
348,451
3,028,095
2,681,491
344,104
2,500
3,028,095|31 October
2023
£
377,686
2,207,074|
|---|---|---|
|||2,584,760|
|||14,882
352,010|
|||366,892
(21,858)|
|||345,034|
|||2,929,794|
|||2,575,199
354,595
-|
|||2,929,794|
Approved by the Trustee on 5[th ] February 2025 and signed on its behalf by:
J P Rothwell − Prime Warden of the Trustee
M G Mathieson − Renter Warden of the Trustee
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Dyers' Almshouse Charity CIO
## **Notes to the accounts**
**at 31[st] October 2024**
## **1. Accounting policies**
## (a) **Basis of preparation and assessment of going concern**
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (second edition October 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The Trustee considers that there are no material uncertainties about the Trust’s ability to continue as a going concern.
The charity has used the exemption available to small charities and has not presented a cash flow statement.
## (b) **Funds structure**
The charity has an expendable endowment fund. The capital of the fund can be spent if the Trustee so determines. The general fund is unrestricted and is available to use for any purpose in furtherance of the charitable objects.
## (c) **Investment income**
Investment income is recognised when receivable.
## (d) **Interest income**
Interest income is recognised when receivable.
## (e) **Maintenance contribution**
Residents occupy the property under licence and are charged a maintenance contribution. Maintenance contributions are credited to the Statement of Financial Activities when they fall due.
## (f **) Donations receivable**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donations are recognised when the charity has been notified in writing of both the amount and settlement date.
## (g) **Expenditure**
Expenditure is accounted for on an accruals basis. Irrecoverable VAT is charged against the expenditure heading for which it is incurred.
## (h) **Allocation of costs**
Expenditure on the charitable activity includes all direct and support costs of running and maintaining the Almshouses at Northgate Road, Crawley, during the year together with overhead costs necessary to ensure the charity complies with all legal requirements.
Head Office staff are employed on joint employment contracts; the costs of employment are borne in the first instance by The Dyers’ Company but recharged to the charity as they arise.
The investment adviser’s fee and bank charges are charged against investment management costs.
14
Dyers' Almshouse Charity CIO
## **Notes to the accounts**
## **at 31[st] October 2024**
## (i) **Investments**
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 quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Charity does not currently hold options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
## (j) **Realised gains and losses**
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired during the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
## (k) **Fixed assets**
The almshouses are recorded at the value included in the closing balance sheet of the Dyers’ Almshouse Charity prior to the transfer to The Dyers’ Almshouse Charity CIO, which equated to original cost.
The carrying values of the almshouses will be reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. No depreciation is charged as the Almshouses are well maintained, have a long life and a strong residual value such that in the judgement of the Trustee any depreciation would not be material.
Where major refurbishments of dwellings have taken place the cost is capitalised and depreciated on a straightline basis over 10 years.
Major purchases of equipment with a useful economic life in excess of one year are capitalised and depreciated on a straight-line basis over 10 years.
The mains water pipework of the estate was replaced in 2021-22. The cost was capitalised and is being written off over a 50 year period.
## (l) **Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## (m) **Significant judgements and estimates**
The Trustee considers that there are no significant judgement areas in the application of the accounting policies nor any areas of estimation likely to result in material restatement in the following period.
15
Dyers' Almshouse Charity CIO
## **Notes to the accounts**
## **at 31[st] October 2024**
|**2. Income from charitable activities**
Residents’ maintenance contributions
**3. Investment income**
Listed investments
Interest on bank deposits
**4. Expenditure on charitable activities**
Resident staff
Staff salaries, pensions, and benefits in kind
Employer’s National Insurance Contributions
Training & development
Routine Expenditure
Gas
Water and drainage
Insurance
Alarm monitoring systems
Office & sundry
Electricity
Clubroom
Council tax
Travel
Almshouse video
Services & classes provided for residents
Almshouse Association
Other|_31 October_
_2024_
_£_
227,302
227,302
101,989
5,287
107,276
64,978
5,158
362
70,498
36,864
9,727
9,703
4,672
4,036
2,663
2,268
1,903
1,230
990
960
485
328
75,829|_31 October_
_2023_
_£_
210,957|
|---|---|---|
|||210,957|
|||99,680
3,400|
|||103,080|
|||57,956
4,307
798|
|||63,061|
|||34,569
8,750
8,129
2,541
4,075
2,560
3,193
1,425
999
-
960
333
276|
|||67,810|
16
Dyers' Almshouse Charity CIO
## **Notes to the accounts**
## **at 31[st] October 2024**
|**4. Expenditure on charitable activities cont/d**
Repairs and maintenance
General estate external repair work
Grounds maintenance
Minor refurbishments of dwellings
Depreciation
Heating & plumbing repairs and maintenance
Surveyor costs
Fire & security
Risk assessments and testing
Other general repairs and maintenance
Other costs
Management staff costs
Legal & professional
Audit fee
Total expenditure on charitable activities
**5. Other Expenditure**
Gifts to residents
Donations
Events
**6. Investment management costs**
Investment management fee
Bank charges|_31 October_
_2024_
_£_
34,492
27,471
20,296
17,766
9,287
7,711
515
134
4,536
122,208
57,754
-
7,560
65,314
333,849
5,130
-
-
5,130
5,541
549
6,090|_31 October_
_2023_
_£_
14,616
23,063
19,320
17,766
7,959
7,430
312
13,482
5,107|
|---|---|---|
|||109,055|
|||59,291
540
7,200|
|||67,031|
||||
|||306,957|
|||4,630
3,167
250|
|||8,047|
|||5,723
581|
|||6,304|
17
Dyers' Almshouse Charity CIO
## **Notes to the accounts**
## **at 31[st] October 2024**
|**7. Analysis of staff costs**
Salaries and benefits in kind
Pension costs
Employer’s National Insurance Contributions|_31 October_
_2024_
_£_
97,604
20,466
9,821
127,891|_31 October_
_2023_
_£_
94,371
17,871
9,312|
|---|---|---|
|||121,554|
All of the above costs are represented by recharges from The Dyers’ Company which processes the payments to staff. Management staff are employed under joint employment contracts where required. The average number of employees during the year was 8 (2023: 8) with all employee time involved in providing either support to the administration and governance of the charity or support services to the charitable activities.
The Trust considers its key management personnel comprise the Court of the Trustee and the Chief Executive. The total recharged remuneration and benefits of the key management personnel were £14,130 (2023: £16,008). No recharged individual management or resident staff remuneration exceeded £60,000 (2023: none).
## **8. Freehold Land, Buildings and Equipment**
|**Cost**
Balance as at 1stNovember 2023
Additions in the year at cost
Balance as at 31stOctober 2024
**Depreciation**
Balance as at 1stNovember 2023
Charge for the year
Balance as at 31stOctober 2024
**Net Book Value**
Balance as at 31stOctober 2024
Balance as at 1stNovember 2023
**9. Listed Investments**
Market value brought forward
Additions in the year at cost
Disposals in the year at carrying value
Gain/(loss) in the year on investments retained
Market value at end of the year
Historical cost of investments held at the end of|Land &
Buildings
83,080
-
83,080
-
-
-
83,080
83,080
the year||Property
Improvements
and Equipment
329,351
6,900|Total
412,431
6,900
419,331
34,746
17,766
52,512
366,819
377,685
_31 October_
_2023_
_£_
2,558,430
62,250
(380,052)
(33,554)|Total
412,431
6,900|
|---|---|---|---|---|---|
||||336,251||419,331|
||||34,746
17,766||34,746
17,766|
||||52,512||52,512|
|||||||
||||283,739||366,819|
||||294,605
_31 October_
_2024_
_£_
2,207,074
87,497
(75,802)
94,056
2,312,825
1,453,343|||
|||||2,207,074||
|||||1,460,771||
18
Dyers' Almshouse Charity CIO
## **Notes to the accounts**
## **at 31[st] October 2024**
|**10. Debtors**
Prepayments
Residents’ maintenance contributions paid in arrears
Accrued interest
**11. Creditors**
Trade creditors and accruals
Residents’ maintenance contributions paid in advance
**12. Analysis of Charitable Funds**
**Expendable Endowment Fund**
Balance brought forward
Transfer to General Fund
Gains/ (losses) on investments
Balance carried forward
**Unrestricted General Fund**
Balance brought forward
Transfer from Endowment Fund
Income
Expenditure
Balance carried forward
**Restricted Funds**
Balance brought forward
Restricted donations & grants received
Expenditure
Balance carried forward|_31 October_
_2024_
_£_
12,578
720
907
14,882
12,819
2,160
14,979
2,575,199
-
106,292
2,681,491
354,595
0
334,578
(345,069)
344,104
-
2,500
-
2,500||_31 October_
_2023_
_£_
11,259
2,743
880|
|---|---|---|---|
||||14,882|
||||20,498
1,360
21,858
2,567,696
-
7,503
2,575,199
361,866
-
314,037
(321,308)
354,595
-
-
-
-|
|||||
|||||
During the year £2,500 was received in response to a Small Grants Application made to Crawley Borough Council towards the 2024-25 costs of improving & expanding the clubroom community space for residents.
19
Dyers' Almshouse Charity CIO
## **Notes to the accounts**
## **at 31[st] October 2024**
|**31st October 2024**
Freehold land and property
Investments
Current assets
Current liabilities
Total|**Unrestricted**
**Expendable**
**Restricted**
**Total**
**Funds**
**Endowment**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**£**
-
366,819
-
366,819
-
2,312,825
-
2,312,825
359,083
1,847
2,500
363,430
(14,979)
-
-
(14,979)|
|---|---|
||**344,104**
**2,681,491**
**2,500**
**3,028,095**|
|**31st October 2023**
Freehold land and property
Investments
Current assets
Current liabilities
Total|**Unrestricted**
**Expendable**
**Restricted**
**Total**
**Funds**
**Endowment**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**£**
-
377,686
-
377,686
9,561
2,197,513
-
2,207,074
366,892
-
-
366,892
(21,858)
-
-
(21,858)|
|---|---|
||**354,595**
**2,575,199**
**-**
**2,929,794**|
## **13. Transactions with the Trustee**
Neither the Trustee, nor any person connected to the Trustee, has received any remuneration from the charity during the year other than the apportionment of staff costs from the Dyers’ Company for management and administration as a result of joint employment contracts (2023: £nil).
## **14. Related party transactions**
The Trustee is The Dyers’ Company and members of the Court of The Dyers’ Company are therefore considered to be related parties. During the year The Dyers’ Company recharged costs in respect of on-site and head office staff amounting to £127,891 (2023: £121,554). The balance owed to The Dyers’ Company at 31[st] October 2024 amounted to £nil (2023: £nil). Two Court Members claimed travel expenses totalling £205.
There are no other related party transactions requiring disclosure.
## **15. Capital commitments**
At the balance sheet date the charity had not contracted for any capital expenditure.
20
Dyers' Almshouse Charity CIO
## **Notes to the accounts**
## **at 31[st] October 2024**
## **16. Statement of financial activities – prior year**
For comparison purposes the prior year Statement of Financial Activities is reproduced here in its entirety:
|Notes
**Income and endowments from:**
Charitable activities
2
Investments
3
Donation
**Total income**
**Expenditure on:**
Charitable activities
Almshouses costs
4
Other expenditure
5
Investment management costs
6
**Total expenditure**
**Net income/(expenditure) before**
**gains and losses on investments**
**Net gains / (losses) on investments**
**Net income / (expenditure) for the year**
Transfers between funds
**Net movement in funds**
**Fund balances brought forward**
**Fund balances carried forward**|Expendable
Endowment
Fund
£
-
-
-|Unrestricted
General Fund
£
210,957
103,080
-|
Total
31 October
2023
£
210,957
103,080
-|Total
31 October
2022
£
186,648
116,801
1,000|
|---|---|---|---|---|
||-|
314,037|
314,037|
304,449|
||-
-
-|
306,957
8,047
6,304|
306,957
8,047
6,304|
260,789
15,567
6,983|
||-|
321,308|
321,308|
283,339|
||||||
||-
7,503|
(7,271)
-|
(7,271)
7,503|
21,110
86,129|
||7,503
-|
(7,271)
-|
232
-|
107,239
-|
||7,503
2,567,696|
(7,271)
361,866|
232
2,929,562|
107,239
2,822,323|
||2,575,199|
354,595|
2,929,794|
2,929,562|
21