GEORGE GREEN'S ALMSHOUSES {Charilable Incorpordled Organt&*ion) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Régistered Charity Numbor: 1189155 National Almshouse Association Registration Number: 24 Regulator of Social Houslng Number: 5123
GEORGE GREEN'S ALMSHOUSES Icharilable Incorporalad Organisalion> CONTEMTS Page No. Trustees, Report 3-11 Indepondont Auditor's Report 12~14 ststement of Financlal Activities 15 Balance Sheet 16 Notes to the Financial Ststements 17-27
GEORGE GREEN'S ALMSHOUSES TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 Th Charity ha5 as ts g1j dMt a Ch•ikbkn ItwrpcrfalI anWti"on 0)rln r¥s1ere0 ty the Ghavty Commission on 21 Apnl 2020. 11 Is aLw a ¥4xaal landlord registered witti the Reguklor of Socsal Housng. The assets and liabillti8s of tho old Go9 Grew's AMSIU8eS ¢arty {reg number 211197) tre transferred to the nèw George Gr8an's Almshouse$ ¢harty (reg number 11891551 on 1 Awl 2021. Thwefore. the wor yeaT fgures in thg aGco(tnts i¢lalo to the figures the 31 March 2021 accounts of the c4d The trust88s kwesent their annu report together with Ihe audited finantial statements of George Green'$ Almshouses {t Chartyl for the Y ended 31 Mah 2022. The trustees o)nfim) that ihe annual report and financial statèments of Ihe Charity c4)mpty wilh the Charity's goverThng thrAJnwit. the Charthes Act 2011. "AcLounting and Rekxjn9 by Chwities. Statement of Recommended Pracce. apicab to tharitk?s preparirvj their a¢¢ounls in accordance with th8 Financi81 ReFQrting Standard applicable in the UK aTrJ Republ of Ireland IFRS 1021 leffectlve 151 January 20191, Statement ol Recommended Pia¢AiLy ISORPI 'Ac£r¥Jnbng by wst$red s(Kg1 housw)g provJers 2018. and the AtxountirvJ Dire¢lion for Private Registered Provk1ets of Sccal HousTrig 21Y22. Hlstory Gèorge Gert 11767-18491 began his car•8r as an aFventKe thaughtsffran at John Perry's shipbuik4ing works al Blackwall Yard in 1782. He later married h emrknyerfs daughter, S¥ah P, and was taken into the business partnership. Over the following dscadès. George Green became of the most SLSsIu1 8hipbuiklers of time,. the frateS arJ other merchant vessds built al Blackw811 Yard were among thè finest in their dass. Throughout hts lrfe. Ge Gr08n wa5 knwi for h benevoknt thsp)srfion. A devout free dwrchman. he spent subslanlial money and energy phiknthopL [01&$ in Bla%wall aThJ Popkr, indudiig a Sador5' Horne, the Trinity Indèwndent Chapel. and George Green's s(5 In 1842 he acquir&J knd on (Uppeo North Street, which was redevel<wÈd in 1849 to create a row of aknshoLtses to ¥xx)mrtvxlate 21 p)or hJcal women. The almshouses were bng administeied by nmb8fs of the Green famity until being taken on and modemsed by Sprin4)oard Housing Assoualion in 1975. Over time, the almshouses became no bnger surtable- up9J1ng very small, okl 11ats to meet improved fire gulations was not feasible- so the fonner almshoL59e5 were sold in 2008 arKI woceeds used to buikj Sarah Perry House a short ¢JistasKe away. At the same time. t trrership and managemont respsIty11ty was transferred from Spn'ngboard to a newty-constituted charity. GeNge (knn's Named after Geor Gen'S first wrfe, Sarah Perry House - kxated in Fkya Cb5e, PopLgr - was buim in 2015 to provide etyJht spacious 0-bedrM flats. with bakonies aml vynmunal gwdens. a5 alrnshouses foi local wornen of limited financial means. In 2018. the remaining prcKe&1s from the sale of the original almshouses, as Femionent 8ndowmenl. were aPpld to the acq4JiStti"on of two fiats Spanby Road, Bv44. A thvd flat in Spanby Road was bought arourhy the same bme and all three were rerkWated. assistance of a grant trom the London Borou9h of Tower Hamlèts. OWECTIVES AND ACTIVITIES Obj•cti¥e8 The befiry8l group that the Charity aims lo asgst. und8f th• term$ of its constitLrt•)n, ar8 poor w(vnen who are Inhabitants ofthe London Borough of Ttxver Haffl. The ma) admty of the Chwty is the prOwon of almshouses for suth benefiuaries. As ouuined above. Geuge Green's AIMSU$eS ¢)JNer trwns a total of eVen fiats.. eight at Sarah Perry H(wse and ttr at Spanby Road. Although pem?arent endowment is normalty onty spent on freehold property. in of the prop8rty martet in Tower Hamlets where (( is only possible to buy properties single pec4)le SehO basis, consent to 8pply the permanent endowment to Sehoa woperty was southtfrom the Charity Commission and granted on 1st June 2018. Aetivities for •chieving obpctl¥•s The trustees have morriiorèd the managerwii of the properti'es throughout the year. trustees are grateful lo ProwderKe Row Housing Assrfkgb"on for their management of the prowbes over rent years. especially through the constraints of the COVKI pandemK. At their latest revw of the management agreement in Marcth 2022. the trustees deaded to transfei th8 d8y to day manageiirt of ts 0plS to The Tw$1 Partnernhp. a speo"alist manager of almshouse properties from 4 July 2022.
GEORGE GREEN'S ALMSHOUSES TRUSTEES, REPORT (Convd) FOR THE YEAR ENDED 31 MARCH 2022 The trustees regusaty rèvièw thè investment relums a(Jal inc))me eIKtitu[¢ aga$t bud90ts and during th9 year agreed 10 invest a knrther £110.OW m an M&G Charty Mum" Asset Ine4Jme FLmd Iwhth took in April 2022) ACHIEVEMENTS AND PERFORMANCE Key Perfommnce indi& The tnjslees monitor the Charity's p¢rfrymance thrDugTrxrt the year. Key Perf0Th Indat$ have been nI1( and are reviewed annualty.. Aims The objects ofthe Chanty are to homes fty poor Won frcm TNer Hamlets. Egtatss l Hèallh & Saf•ty On behaff of the Chanty. Promdence HousiAy AsscKsation aaTrged for an annual Fwe Risk Assessment to be CArried out at Sarah Perry Hse and for recunn7endatw$ to be Im¢M0n¢9. The Fire Risk Asse&wnents covèring the Spanby Road prowbes are caffi8d (Art ty the frgehokr. Poplar HARG4 and the risk ssessrts inspected. At Sarah pe House the are regular fre safety and lrfl Lecs. Finaneo and Inv•$lJn•nt Thè tmsteès of thè Charity ¢xJnsider the best use of ts assets and seek to ensurn that prUdt reserve baiqnces are reta to cover thè nèed for fvttjre major repairs aThJ as a general contingency. Romunwatlon and Stsfflng The Charrty dKI not ernOY any stsff duriThJ the year and Sarah Perry Hoe and Spanby Road are managed by Providen Row HousirKJ AsstirAatitin Ltd under a Managerrn1 agreement. As stated pr10$1Y the management will transfer to Th8 Trust Paftnèrglmp in Juty 2022 and the trustees have made a deasK)n to engage a Charty Secretary in the 2022- 2023 y. Trustee Commfikngnt Unforbjnately. Dawd an. a st•Kling trustee vhKJ provwjed legal exp8rliso and had knflwledge of the charty dating back to the mkl 1970s, in November 2021. (a)ntribUtn to the wort of the Charity wll be grealty missed. The trustees have overseen the operatS of the Charty by meetin9 wght t¥nes during the finanaal year. Due to the pandwnic some meety.ngs were hehj Virtual or in a hybrNJ marner. The trustees agreed to give th8 residents a small chrtrnaS gift. Revi•w of acthiti•s COVID 19 Throughout thè finanoal year, and extending inlo the new ffinawal year, the Charity was affected by COWD-19. as was the rest of the eountry. The pnme concem was the weware of res#Yents and PTovhYence Row. a5 rnanager, while ing unable to visit residents face-t&fv ft>r Sne of the year. adapted rts servv* to inchjde welfare calls to resK1ents and extra cnIng to commLmal parts. The maintenance serwice W to bè adiusleil to cover emerg8n(ies On at times. The general economy has severety affected and thè Chty's inveslrnents have Iluctuatèd in value. The Charity does not rely on income from investrnents but seeks to ensu Ihal il has a pwdent reserve for unforeseen events and lor long temi maintenance requiierTwls of the buikjings. The pos.0 will be kept der revwA, t¥Jl (( is not thought that COVID.19 will twe a material impact on the going concèm stslus of the Chw. Code of Govemance Th8 Charrty has adopled the Charity Govemance Cc¥Je for Smaller c4)aritiès. The trustees have been reviewing complianc8 with the Code and in partiujlar have updated a number of 8n(I will update thg Iruslee 5kn"Ns audit to
GEORGÉ GREEN'S ALMSHOUSES TRUSTEES, REPORT Iconud) FOR THE YEAR ENDED 31 IAARCH 2022 help dlrect fviixe Injstee recrurtment. The mi8iees beleve tr[ c4Miphes Mlh the Code in all material aspects and wll review Compliance Ihe Cc#J• at l•asl on an annual basis. Charitabl• IncorpoTrt•d Ory•nis•tion The Charity converted to a more modem cwrale strudure as a Chari&4e Incorwatsd Organk$ain and all assets and liabilities were transferred to the new Chwity on 1 Awl 2021. A deed of novation and deed of eovenant from the Loth BoroLiO1 of T0r Hamlets has teen agreed and will be signed shortly. Once signed the intenlk)n is to dissol%e the orvJinal Geryge Green charity as all operation5 will tske place in ihe new Charrtabb Incorporated (kgwi58ti0n. Due to the work on 1nc0rForati and then the COVILL19 1XkdTr rt was agfeed to extènd the manageff1 agreement by a further 12 months to 31 March 2022. A proJe(I lo revith¥ the terms of the management agreement commenced but il was decKled that (( would in the best interests of charity lo apwnt an organisation with specialist experience of almShCSe charities and The Trusl Partnwth"p were awMJnted b) Commen management on 4 July 2022. VFM statThnt A Value for Money statement (beknw) has tn Ind in th8 acCnts. Ovw¥low The Charty's financral statements the yew ended 31 March shjw a net suWus of £36.703 (2tr21 - £70.6821 and r8seThes stand at £1,833,133 (2021 - £1,7,430). Free reserves carri8(I forwafd sland at £141.431 {2021 - £132,423). OurVolunteerJ The Charty does nrl use voluntegrs to WOVKIg wy servKes to reshjents. The trustees and the Seuelary operate on voluntary basi5, atthtsugh the trustees have decbJed to erw a Charity Seuetsry dng 2022-2023. Publlc b•nofit Statnt In shaping the Oty8Cti for the year arwj kknniNJ pirfies. the trustees have wnsidered the Charrty Commkssx)n's guidance on LEnefft, irKEuding the gwdance 'PUt1 benefft.. running a charty IPB21'. The a¢hiovomon16 and activitios ¥te demonstrate thè Publ b•néfit ariswig IhtOU9h lhg Chaiity's actyvitios. FINANCIAL REVIEW A management and maintenanc fee is payat4e under the man&3ement agreement with Proden Row Housmig Assooalion. Other $1$ indude loan reF4ynnts. instsra and the provioft of to the buildings. Th@ operating surplus was £20,5(ya 12021 - £34.95n the value of investments increased by £16.19412021 - £35,725). The olating surplus is after settmg aside lunds fw future maicK repairs aThJ cythal decx)rating. ttlIe the Ch8rty has b8nefitt8d, at least in th8 short tèmi, from redUd1 bank base rates, there were increases in January and February 2022. The buow for 2022-2023 1(N)k account of the expectatson that there would be furthèr incrèases Mi the interesl rate, tsyo ofwhth have alaty tsken aee wi hpil and May 2022 and a fttrther rtse in Juty 2022 Prfnclpal funding soure•s The Charity has primarity used its own res(MJr(s fmm the sale of seven houses in UpFer North Street. Pop&r in 2th)8. In addition. (( has recyc4ed sooal hou&ng granl of £154,889. receNed £392,1 social housing grant from the GLA and £294,877 frorn the London 8cfough of Tow Hlts. In 2015 il tk out a loan of £4L)D.OQK) from Charity Ba and in 2018 8 further £11XI.000.
GEORGE GREEN'S ALIAISHOUSES TRUSTEES, REPORT (Conud) FOR THE YEAR ENDED 31 MARCH 2022 Inv8stmBnt pollcy and perfomw UndeT Ihe wverning d0menL the Chwty has the ptrwei lo rnake any inVestrnl which the trustees see fit. The trustees have tt)nsidefed the most appropriate polry for inVting fuThJs ar¥J have found that a mix of cash deposfts and Ivveslmenis in a mutti-assel investment fiJThJ meet their requirements lo generate mrne. During the year the trustees decided lo inve £110,(XJO in further M&G Charity Muwi A&set Incorne Fund Units. transaction took place on 11 April 2022 and is exed to pde adrtnaI income in the leg of£3,0(X) per yeaT. Rer¥ Policy Currently all of Ihe ¢"ty'S frxed aets are represwrted Sarah Pery Hwse. the three properties at Spanby Road, 8ow. on bank dekK)Sit and invesled in M8G Ch¥ity MUNI Assèt FuThJs. The trustees have d8termined a Reswves Policy whth of designated funds for ExtraL)rdinary Repairs, Cydical Maintenance. and the placement of the lift. The amounts S8t aswje are based on r8commendations from The Almshouse Asso¢iats"on. In additK)n. in order to ensure th any costs of any wo$ can be funded when required, the truslees have agreed to maintain liqu assets l¢>sh plus invesbnèntsl equal to at least £20,000 per unil li.e. £220.OC#) based on the Current 11 ts}. LiqurtY * mnrtored througFK)Ut year arvj the bala[e$ have been sufficient to achieve this target. The Extra(dhiary ReSee Fund (for kng iemi map)r reFAifs) ¢urrenty srS at £18,35712021- £19,615). CJring the year, there was an expendsiure of £7,330 from the knd. The Cydi(¥l Maintenance Fund Ifor external and mmlIa1 demtwvJl owrentty stands at £38.880 (2021- £30,512) The Lrft Replacement FLmd for th& eventual repkicwTErf of the lift at S*ah Perry House estsblished last year rrentlY stsnds at £2,CKKI12021 - £1,SCKI) Valug lor IAon•y Statsmgnt The purkxise and the principal athvity of the Chanty is the py0vts of IMsIng for women with IKnited Ine who are inhabrtants of the London Borough of T¢x¥er Hamkts. The Charity n$ eleven proFerfies in the bNoLKJh comprised of a sthenx of 8 seW-C>)t)tslned uniis and 3 irthkjual leasahold flats. Thé intfoduction of the key metrits. imposed by the to the Re9 Standard in Fot)wary 2019 to a¢xountirvJ rules foi hougrvj asSat$. Wernè by the truslees as a usgfvl t¢y)i to mnitor the finanual performance of the Charrty. In partmxjlar. th• s•v•n mandaw m•tru wdl ueate a cx)nsst&)t basi8 for Mparison with sector peers moving forward.
GEORGE GREEN'S ALMSHOUSES TRUSTEES, REPORT (Conud) FOR THE YEAR ENDED 31 MARCH 2022 The table below rns the sthpn ar$ for MereMeM requirgj Regulalor of SoL?al HousitFJ. as well as additional bespoke performani I)di10[S. At this twne. we have induded the his perforrnan fr)r 2019r20, 2020r21 an¢1 the re8utt3 for th8 finanryal ygat gnthng 311t Marth 2Q22. Sector Modlan 2020 IRSH Global Accounts 20211 GGA M•r¢h 2020 GGA IA•rch 2021 Comparnb Londo Almsou Dec 2021 Mor¢h 2022 Number of Units 11 11 <2500 Ro5nve$tm•nt (%} New supply Isrtiall 0.2% 1.14% 0.4% 4.6% 0.8% New #uppty (Non- social Gearfng (%) 8.08% 33.7% EBITDA MRI Intsr•st cover (%) 268% 212% 205% Headlir* soclal housing Cost per unit (£KI £1.86 £2.47 £4.79 Oprnfjng Margin (Sociall {%> 43.7CPA 25.1% Opernting Margin (Overall) 1%) 32.65% 19.8% 221% Return on Capilal Employ•d {%) Manag8m•nt Co•t p•r unit 2% 1.92% 1.75% 1.13% £676.89 £970.]
GEORGE GREEN'S ALMSHOUSES TRUSTEES, REPORT (Conud) FOR THE YEAR ENDED 31 MARCH 2022 The trustees COgnise the value of wothng wilh pews in the sector as the metiKs do not lend themselves to ¢omparkson wrth small registered Proe[S in Ihtr $e¢tgr. Beth)wking wtNJld b• rrK)st revant wrth more dats from 8 group ol almshouses. this in mu)d, we hope to work joining a seaor peer group Of similar svLg aTKI London locats.on lo measure wr Perf in more n{eX[. l. Reimiestment % lin •xl•lSnu homes and new h(rnl The truslees acbvety ¢(der how best lo use surplus fvrvts to invest both ne4Y and exLsting hcojsing. Properly a¢qusTbons and devekynent whth have taken place in wevitius years have all been subsidised by the ReCYCd Capital Grant Fund aThJ grant monies from the GLA and LBTH. Thi5 has kept the cost of housing lo a IrnnUM. The twsl•es have determir a reserves polry to ensure that thwe are desigrtated funds to the cA)st of k>ng-tenn Major repairs. using the lalesl reC0MendatIor trom The Almshouse Associati)n. This anSl Ihat the trustees are 8ble to considèr Ihe cJaaty for fvrther devdowienl and have suffi¢rt resource for redevelopment and worts on existy"Th3 unrts. Tfustees have statled process of setting up a quinquennkal ew of all ovmed stoc lo wnanage future reinbwtment. 2. New supply d¢llvered % (Social & N¢Jn-So¢wl Houslng) Three flats were acquired in 2018. The treagjry poly is de[ regular review lo ertsLwe good retu on cwent rinanual investments to suppK¥t fuiwe ttou$ing OpFThi& In line wrth rts tharrtabk pury)0so, Ihe Ch• thjes not currentty own any tn-$CelaI housiryJ ppertIeS and is unlikety to do so in the ILrture. 3. G•arlng % Thè Chanty is not htghty geared. Thks can in part be atlribut&J to Ihe Charty's application of the sale proceeds from the original almshouses as"pwmanent endowment monies" to fiJThJ nv4V woperty acquisibons. The level of grant monies obtained for the three 2018 property purthases also alk)wed the Ch8rty lo rninimise the additional bank borrowing required. These new prowbÈS are a0 Un8ncmbered and therefore rernain av¥il8bie for future loan secunty rf needed. Over the last 12 MthS we ttave seen an irwJease of £16,194 in the valuè ol our investments in the M&G Charty MuKFAsset AmulaOn Fw)d. This has contribLrted to a rnthed fall in thg gearing rnets from a r6stated foure of 2.79°k in the previous yea to 0.66% f¢y March 2022. dernonslrales little lnc on debt ffinan but al for ts trustees to cortsKler borrowng$ future acquisitKJns and devekpments. EBITDA MRI IEamlng¥ Ixforn Int•rn•L T•4 Depreclatlon and Amorllutlon- M•lor R•palrs IDGludedl internst cover % The Charty is rl hpaw geared and thweth interg and finanang costs can b8 kept ielatNety low. The restnjdure of the Charity Bank Loan in 2018 resulled in a redlt)n of the interest rate for the higher loan amount going forward. This aTrJ relatfvety bank ra¢es have had a posthe effect on the Charity's liquidity over the last 12 months althowJh tru$te8s are Irat0r1r4j Ihe impad of expeded increases in interest rates 2022-23. 6. H•adllne social housing cost per unlt Thts iepresents the total ojst per unrt f the Charrty to defNer its sooal hOUng actmtiès. Thè Irustees regularly rewew actu81 in(xJme and exnd[e agast approvgj dgets to rnanage these costs in line W(h the charitable obJ'eGlives. The trustees have urK1ertak•n a revithv of the management agreemeni cwrently in pla wilh Providence Housing AsscKiakn. wrth 8 to ensuring value f¢y money and quatsty servr£ Provision in the management of the properties. This wim primarily in¥dve ffie darity regarding rdes and responsibilities to provide an appropriatè serts and lo manag• risk
GEORGE GREEN'S ALAISHOUSES TRUSTEES. REPORT (Conud FOR THE YEAR ENDED 31 MARCH 2022 8. OpgThtiny mèrgin % Isoci•l lettirwJ¥ •thd o¥er•lll A8 a reLqtivety Small houslng asscwim. the majoiity ol tutrvmr is d"Ed from SLxkal hoLKsir¥ Wings wrth small contnbui from solar ener ncome and investment income. Income from the eleven prowties is subie¢l to the RSH Ronl Stsndard and as yjch the kvel ol ctsntn"butions foll¢N the wulator's guidancE. Annual increases can orty be made withAI the hmlts ofthe for1la wovthd. For the year 2021r2022 Ihis was capped al CPI plus 1 %. 7. Return on capital •mploy•d X This metric asts the Charity lo measure ihe efficiert inveslmth of capital $oUrces. The tnjstees arè keen to perhlal eW sts approach to finanrjal and ptoFty 4ivestments {Èr last 12 M(lh$ we have seen the retmi on shares Io¥er and intrease value by 9% CThnpad to the prevKxts end OfYe figure. 8. htsnagem•nt Cost per social Imwslnu unit lOpti1 metrkl This rnets represenis the ry)st per unrt onty ddwing s(1 activities and relates principally to the Providence Row management fees as the Chanty does not empkny slaff. This additional rnetric will assist the tTuslees lo monitix cx)st5 and the perfOrnRn of the Managing agent. Currently the managtment cost element of total costs is partKJJL7rty low for GGA wnpan.son to the Se(¥ 8vorn9è aThJ is also igh1 kywer than another London almshc4Jse 0)MTable. 9. % Of Weekly Malntsnance Contrlbuoon debltcolle¢ttd loptlonal metrfcl This metric will a$st the ChÈTty to monrtor the perfOnan of in(xJme C110 and arrears T8¢J)VW WOt which 15 (entlY part of thè management ag1Ment. CutTenlty, aim 15 to mainlain a VOKIS rate ol no more than 4% across any peric%1 as refkded in the rnanagernenl agreem¢. In 2022-2023 the arrangement with U new rnanaging agent will lead lo actual vovj knss bemg reF4xted. FUTURE ACTMTIES The main ath"vrties for 2022-2023 irde the dissolu1v crf the orinal Gege Green (arity. thè successful transft in management arrangements for Ihe propertie5 from ProvKlènce Row Housing Assoc4atKn lo The Twsl Partnership, and further dth"ng ofcompliance ¥th the &Jotyed Charrty Go¥emanc¢ Code kn Smaler Cha"e6. The prime focus of the Chanty in 2022-223 is sel in it5 Bwness P18n. The aims are to ensure that.. 11) Ihe charity carries out ts wrF¥)se by enabl'ng the ekven )lats in its ownetshy lo be U¢d by people wthin the benèfiu81 group of pcor wcrfnen who are inhabitants of Tower Hamlèts: 12) the tharity provKJes b8nefrt by arn[j a gwj IS1Omer setvr is wovided", 13) th¢ margement arraTrJerner #re rn11¥a snKthFy, and re¥i84¥ed pr•)T lo rerla1.. 141 the charty a5pes lo ¢ompty with tr Chty Govemance Code and the regulal(rfs Regulalw Standards" 151 there is engagement wilh residents lo aSrta whèther Jded be Offej. 161 lo rTh)nitor local de0pent oppc¥twirfp5 arnl thg cap• of th8 charAy to develop frjrther.
GEORGE GREEN'S ALMSHOUSES TRUSTEES. RepoRT (Conud) FOR THE YEAR ENDED 31 klARCH 2022 STRUCTURE, GOVERNANCE AND MANAGE&ENT Gov•rnlng docum•nt The Chafty's govemirva (Icojmenl ts the sti1utn for a Chailable INated ckganisab.on of 27 September 2020. Re¢ruitm¢rt and appointment of Trult The trustee5 of the Charty who seThed duiir¥J Y are set out on page 10. Potential new trustees are firslly l¥rted to an interyw wrth the Chair and one other trustee to assess suitability to aet as a trusiee. A recomend8tion is m8d9 to the full bo8rd oftrustees to apyove new trustees. Nethy 4)poMited trustees wgn a statemwt of obligations and confirm that they are not disqualrfd acting as a Charity trustee Trustee induetion and training on appoinled, new irustees are m awa of Ihr respon$i4ities by attendance * outs•Je courses rf necassary. Training SèssicS are awlae through ts AknShse Ass¢th. Pay policy frr staff The Charity does Th)t empkny ary staff. althOh t Intenti 1$ to en9•Je a chw.ty S8cretary in ihe 2022-2023 year. Oryaniudonal structyrn and dKision makw The trustees meet at least quartgrty as a 8oard. DurThJ 221-2{r22 a Ma[ement agreement was in (Veratn to sel oul the oNig8b"ons and respon$ibilrfies of Provthrtt Hou8in9 Aat. as manager. Ffom 4 Juty 2022 The Trusl Partnership will prowde management Se. Rlsk Man¥ym•nt and Compll•n¢e The trustee5 lIeVe in acceplmg unavoidable marbageable risks when cang OLrt the strat8g¢c objectives of th8 Chanty and pnoritising ath'ons th81 mirimise them. The tmslees reccgnise that sound risk management is al the core of every SussfiJl businèss and understsnd the ne8d to take a balanced ap0?¢ to and for effeaNe controls lo ensure that risks are managed and minimised. The rnain managemenl risks rèLatéd lo enswrrfJ the Frfoperb'es wwe m8nag8d wdl and that Ilre was cz1mpl1an wth health and safety requiremetts. The twstees mwrtored gas and lrft servicing and fre Safety rtsk assessments through Ihe year. Our managlng agent. prevlously PfoVNjen R(h¥ aThJ now The Tw81 Partnership. has dire(a eA)mmunication with the Chair an(1 Secretary to (leal wh Urgent rThatters. lo be responsNe arKI to minimise risk. They provide quarterly perform8rKe reports to allow the thjstees to manage risk aThl exercise gcod governar, They also ensure mnpliance with the Regulatw Standards of the Regulat(x of Sooal HowrrfJ IRSHI. The Board nfirM$ that the Charty cornplies In all material respÈds with the Govemance and Financ4al Yblty Slandard as requred by the RSH. Two trusl•e sunatorEs are Nuired before Cheq a paMI, and the trustees aprmove Signffant expenditure bgftY8 It is incurr8t1. In¥0e$ wh¥ are ekctronic payrngnt are ath1$1. inPLrt by a trusta8 aThJ authon5ed by the Chair. Relatsd parlios The trustees of George Gr88n's Almshwses (CIO) are also trustees of the orKJinal Ge(ge Green's Almthouses charty. Once the dee<ls of NOvatn Covenant wrfti London Borough of Tw Hamlets have been Com91$d the intention is to dose the okl cwty.
GEORGE GREEN'S ALMSHOUSES TRUSTEES, REPORT (Conud) FOR THE YEAR ENDED 31 MARCH 2022 REFERENCE AND ADIAINISTRATNe DETLs Trust•. Aknndw Cafflpbem OBE JP MNU (Chairl Jacqui CatheFine Atfvnv)d jnia Bakthw) Graham Barker David M98n (D 26 No¥erthr 2021) Ten &"mco MBE MNM Ajison WestrKwk So¢rntary to the Trusiws: Stephen Robertson Roglstgred Offi¢0: 10 Bell Mead sawbridgrNth Herts CM21 9ES R•gisteved Charfty Nwnber. 1189155 Nadonal Almshousè As¥o¢lalSon Reglstrntlon Mumbor. 24 Regulator of Social Houslng Number. 5123 Idettdent Audltorn: SKS Audii LLP 3 Sheen Road Rthnyjnd iAD L•gal adv18. Oovonshires 30 Finsbwy Circus Lon EC2M 7DT CAF Bank Pk 2S K4"ngs Hill Avenue KJThJs Hin West Mailing Keni ME19 4JQ Thè Charity Bk Lvnited Fosse House 182 High Str•8t Torthn"dge Kent TN9 18E
GEORGE GREEN'S ALMSHOUSES TRUSTEES. REPORT {ConUd> FOR THE YEAR ENDED 31 kqARCH 2022 STATEMENT OF TRUSTEES, RESPONSIBILMES The Charty trustees are resFwts for preparifVJ the Tntstees. Repcrft and the finarwl statements in aw[dan with applicable law and United n9orn Accwntiig Staylards (Uniled Kry1om Gerer8ty Arthpled AcGourbting PraclrRI. The law appluble lo thanb'es in England arld Waes requires the tw$tees to kware finaw81 slaternenls for each financjal year which give a true fair ¥iew of state of affairs of the ch and of the im)ming resour¢8s aTh applicatnn ol resources. ofthe Charty for that year. In prepanng these finan¢i81 staterrnts. thè trustees arn required to". select Surtable acc¢)unting FKJlic$ and appty ttM consistentty", obswve th8 methods and prirvplès the appab chall Statem1 of Recommended PrActic ISORPI, Ib) (cl {dl make judgements and ests"rnales that are reasonable 8nd prudent.. state whether apPIable accounting standards have beèn followed. subj¥ct to any material departures that must be discl)sed and explairwd in the knanoal staternents", ansy ppa the financjal 5tstements on a 90ing basis unless it 15 iiappropriate lo Kwesume th the Charrty wil continue in LesS. The Iruskes are respon%tAe for keeFxng proper aoxxwnts'ng reLY)rds that wilh reasonab ar%ura¢y at any line the fmanrial position of the Charity and to enable them lo en5UTe that the finartial statements cornply with the Charrties Act 2011, tl Charilk?s (A¢Unts and Reports) Regulations 2C¥)8 and the provIonS of thè Trust Deed. They are also responsib for safeguarding the as8eis of the Charrty and fDr takjng rnasonabk $tsps for the prevention and delertNJn of fraud and other iTfe9ulariiw. The trustw are respongb18 for the maintenarte and integrity of the chty and the finandal Wrformati Indud&Y on the Charity's website Crd wth legislab'on in Uniled KvJ&Jn g)vemlng the prewation and dhssemination of ffinanual Statements. le) DISCLOSURE OF INFORMATION TO AUWORS In the case of each oftl persons WM) are trustees oftho Ch al the date when this Teport was approved: So far as each of the trustees are awarè. there is leVant aJ1 liformati of Wh the chJiVs auditus a unaware,. and Each of thè truslees has taken all thè steps they ou91rt to have tsken to make them aware of any relewdnt aud infomalion {as defined) and to eslabw that the aLJrtors are awafe of that informakn. AUDITORS A resolution was propwd and afftd at th• AnNal Gwal Meetty IW SKS Audit LLP be re-appoinled as auditors of the charity lor th8 ensuing pènod. l Tntsi••s and •igaW on it8 belwlf by: A Campb¢ll j 22 July 2022
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF GEORGE GREEN'S ALMSHOUSES Opinion We havo audit•d ihe finan¢Aal statemert$ ol George Green's Almshouses {the 'Charity') for the year eTrJed 31 March 2022 whh cornprisÈ tt)e Statement ol Finwal A(vitRs, BaknGe Sheet and notès to the finanaal statements. induding Signifnt accounts'n9 poIK4es. The financi¥l r$wrb'rv3 framew¢yk that ha5 been appld in their preparatn is applicable law and United Kingdom A¢wJnb"ng Stsndards. I¢dIng Financial Reporting Standar(J 102, The Finandal Reporting Standard appltrAe in the UK arky Repub of IreLqnd (UThted ngdoM Ggnerany ApIe Accounb'ng Pra¢ti¢el. In cwr opinion the finarKial slat•mènts'. give a true and fair MY of the state of the Ch81ty's affairs as at 31 Plar( 2022 and of its in¢x)ming r8sources and application of resour$. induding its and expenditure. forthe year then ended.. have beer7 propèrty prepared in accorda with Unrted Kingdom GÈnèralty AccEpted A(Untr"ft9 Prthe,. an(J havtr been prepared in acccydance wth the requirements oflhe Charrties Act 2011. Ba¥1• for oplnlon We conducted our audit in accordan¢% wth IntematXnal Standards on Ad"n9 (UK) IISAS IUKII and applicable law. Ouf SponsIbl11es under standards are further described in the 8udrtor responsibilities for tr audit ol the )Inancial statements section of our rewt. We are irnlwndent ol the Chartty in awordance with thè ethical requirements that ara rekvant to our audit of the finanaal statements in UK, incJdirfj the FRC'S Ethical Stand8r(l. and w8 have fuKilled wr other ethKal reswnsibilrts in accordartt wrth these requirements. We belleve that the audit evidence we have obtsiied is sUffint and approkyiate lo provhle a basts fw tyjr opirlon. Conclusions relatlng to golng concern In auditing the finan81 statements. we have (duded that the trusteès, use of the going concem basis of acuntIng in the preparalKJn of the financial st81wnents B apwopriate. Based on the we have perfr[. we h8¥e ncrt Identff any matwi urtadIeS fdatirnj to events or conditsons Ih8t, individually ot {x)ldIV8ty, may cast smjnrfan1 doubt on the charity's atyhty to cns)ts'nug as a gng ¢xJn¢wn for a 'od of al least Iwefve months frcffi vthen the finanaal Statets are authorised ts issue. Our responsibilrfs and the resp)nli of the trustees wrth respect to going concern are described in the rovant sections of this rewt. Othèr Infommtlon The other information comwses inlDrmalion the Iwstee$' annual report. other than the finarKial statements and our auditN's report thereon. The trustees are responsible fL¥ the other infom)ation Ctained within the annual report. Our Opini th8 financial staterrents doe¥ not Lxwer Ihe other Ir¢fOrni8tk and. exwt to th& exl8nt otherwise eXpltty stated in our rert, wè do 1 exwess any fcrfm of as6urarKe cuK4uslc thereon. Our $)nbIlty is to read the ¢ts infmalKn ond. in dc#ng so. conshler Wther Ihe other inf0mtIOn is Matal inconsistent with the ffinanci staiémènts or our knowledge obtained in the c¢)urse of thè audit or oth8Thvise appears lo be malerially misstat. 11 we such rnaterial In)1&terKieS apparent material mtateMents, we are required to determine whether lkn"s gNes rise to a rnater1 missiatement in ffftancial statements themsdves. If, based on the work we have perfrn, we condude that there is a material misstatement of this other inform"on. we are q(red to reIrt that fact. We have nothsng to r8FQrt in Ihis regard. 12
INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF GEORGE GREEN'S ALMSHOUSES laiters on which w? are r•quit•d lo rnport by •xe•pti We have nothin9 to report in resp¥i of the follOThJ matter5 in rela11L tQ TwhKh the c113 {A&t$ at)d Reports) Regulations 2CQ8 require us lo report to rf, in rwr opinion: the infomation gNen in the fin8n(#al statements irKonsisknt in any matenal respect wth the trusiegs. rpFort", ot the Charity has not kept •Jequaie a(uunting recotds". or the finanryal statenntS are in agreement with tt)e accoLmling rerdS aTrJ retums: or we have reiVed all the Infall0 and exp1anats.c we requi for our audrt. R•sponsibiliti•s of trust¢•8 As explained more ful in the iwslees. TespMsJilitw statemenl set ovt M trustees. the trustees are Tesponsib ft)r the pparation of the financial stalemefits and for bw.ng satisfed that they give a true and fair view, and for such intem control as the truslees datenn is nacessary lo enab the prepara1 of financial StsIernts that are free from material Misstate1. whether due to fraud or error. In preparing the finanaal stateménts. the Injstees are respolbIe for assessing the Chariiys abilty to eontinue as a going concern. disch)sirvJ. as applicable. matters reLated lo going C4MKm and using the going fxJnr£m basts ol aount1j nsS the trustees eitr intend to kn]uJale the Chty Of to cease opwations. or have no realistic attematNe but to do so. Auditorf¥ Yesponsibillll•s forthe audlt of the Ilnan¢lal slalth We have been appointed as audrtor under seclK)n 144 of ts Charths 2011 and report in accordanlx wth regul8lions made undw section 154 ofthal Aca. Our Object$ are to obtain reasonable assuraw abwt whether the finarKial statements as a whde are freè from matenal misstatement. whether (Jue to fraud or efror, lo issue an audrto¢s rewt th81 indudes our opinion. Reasonab assurance is 3 high of assuiance txrt is Th)t a guarantee that an audrt conducted in accordance wtth ISAS IUK) will aayS detect a material misstslement when rt exists. Misstmenls can arise from fraud or error and are Cnsidered rnaterial if. individualty or in the aggregate, tw o)ukJ 8$onab be expected to inllUè ewrxjmic d8Ci5th1$ of users tskèn on the basts of t finaTh> slalements. ITregularitEs. induding fraud, a instances of nONxJmlarrf wth arKI regulatw)ns. We deswn procedures in line with our r8sponsibilrtie$, aiw. lo del matèrial misstatements sn respect of Irregularit5. ijudIng fraud. The extent to whKh our proUle5 are ¢apabk of deteclsng irreglIties. IldIng fraud is detailed below: thscussws hehj with. and enquiii85 m•Je . management and those charged wrth governance wrth a view to identifying those L$ and regulab.ons that coubj be expecled lo a material impact on the financial statèments. Dunno the eng4èment team bftèfi. the ¢rtM&S of these discussions and enquiries were shared with the tgam, as wdl as L¥)nsKl8ralw as to where and h¢yw fraud otsxjr In the entty. The following laws and regulatK$ wwe identifEd as being of sb3nificarKe to the entty.. o Those kws and reguL4tions ccfflsthyered to have a ¢J"r&t effect on the financial statenIS indude UK fjnanaal re[ing $18ndards, Charities Act. Tax arKI P8nsiorts les¥slalion, and distrtsjtable profits giatiOn. is ¢X)Trsidefed that there a rKJ laws and rylalions for nonthcomplkqn¢% may be fUndental to the operating aspects ofthè Cttanty. Audit procedures Undertak in response lo ihe polential visk5 rekw to wregulanlies (whh inclde fraud and rn-{X)MpIIanrE with laws and regUlatn$) ccmpnsed of." Inquiis of managemenl aThJ those tharged with govemaru as to whether the entity COMk4 wrfh sh la and reguuqtions", enquiries wlh the same )enn9 any actual Of Potenlial liligat (K daims,. inspec"on of rebevant legal (x)rresponden(." review of board minutes,. lesting the appropriaterw of entries in the nomNial kdger. including joumal enlrigs.. raewing tran88dions around the erHJ of the reForting wiod: and the perf0mlar of an8lyb.cal [CedureS 10 identify unexpectgd m¥emen15 li aCCoLt baLwKes rnay be indti offraud. 13
INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF GEORGE GREEN'S ALPIISHOUSES No InStanS of materi81 n0n-Q)Mplian were hlenlified. Huwever. tr Wlihcaj of detecling wregularities, including fraud, T$ limrted by the inFwenl drffLulty in detecling wreguL3rits. the effectweness of the entty's controls, and the nature, Ilmlng and extent of the audil prttedure$ performe(l. Ifregularibes that resu from fraud mioht be inherent more diffiojll lo d•tert than irregularities th81 rasuh frorn grror. As explained above. thwe is an unavoidable risk Ihat malerial misstatements may not be det9¢tod. oven ItrKJ(3h the 8udrt has been plann8d and f[)rInd accordance wrth ISAS {UKI. 8ecause ol the inherent limrtations of an audTt, therè is a nsk that we wfd nol Ilgtecl all iNggularitie$, indudin9 those leadin9 to a matèrial misslatsmenl in the finan(a81 statements or non-fJ)mpliarKx wilh reguktion. This risk increases the more that cornpliance with a law or wulatw 1$ renw)ved from the Èvents and tranSac)n5 refiectèd in the financial stslements. as we will be less likety to become awafe ol instsnces of Th)n-oJmpliance. The risk is aLso greater regardirvJ irregularities occurring due to fraLK1 rather than error. as fraud in¥ofves irrtentional con(alment, fwgery. o)Ilu$ion, omiss)n or mi$repreSentalic. A further desuiption of our responsikn"litie5 for the audrt of the financial stsiements k¢ated on the Financial R•porting Counul's Wete 8t." htS..1A¥vm.frO.oru.uk13udIt0raUdit-assvfanIaudrtor-se$FKx)sib1lrtIesfor-the-audlt-Of-th rdescripli0n-of.ih+aditOE2%8O%99s-reSposllllle$-k1. This tssuyti)n forn wt of audlorfs rewL Usg of our Yeport This report is made soldy to the Chardys trustees, 88 a bo(ty. i) 8g)ydarte tmth P¥rt 4 of the Charrties (Accounts and Reporis} Regukib'ons 2008. Our audit work has undertaken so that we mvJht statè to the Charity's trust8èS those matters we are reqUId to slate to them in an aaOIS report and for ¢Al purp¥)sè. To the fulkst extent permitted by law, we do nol accept or assume respLlI1ty to anyo oth8r the Charity and the Chanvs trLL8tees as a bcJy. for our audit work. for this reF&Mt, or for the opinions we have fomed. SKS AUDIT LLP STATUTORY AUDrroRS 3 SHEEN ROAD RICHMOND TW9 1AD 22 July 2022 14
GEORGE GREEN'S ALMSHOUSES STATEMEKf OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31ST MARCH 2022 SUMMARY INCOME AND EXPENDITURE AccouKr T(tsl 2022 Furls 2021 Incom Inlrme frryn thantsble Incorne from other tr&#ing aCtNi$ InsIment incon lo13 102.303 T¢tsl Incorne 11fj,213 108.213 EXpditle 75,622 12. 87,704 Totsl exp•nditwe 75.f22 12.082 87,704 Netexwhlbture & not In fuThls for the year I12, Natga11(kesI on 16,194 16,194 Net mov¢mnt in funds 48,785 112,0821 35.703 Transfer from GeTh Grwn'sAkbM (Old Charity) 1.445.733 1.M.430 TAMf•rs fundg 17 Total fvTrJs, 0th3ht forwd Totsl funds. cwried forw¥d 1.433.eK51 1.833,133 coKriNUING OPERATIONS The assets and liabilrties of the ohj Georye Green's Aknshouses charity (reg number 211197) We transfeed lo the new George Green'5 Almshouses thanty {reg rEumber 1169155) on 1 "1 2021, the amount of Ihe8e was £1,796.430. Therefore, the prior Y fvJures in the axx)unts are £nil. TOTAL RECOGNISED GAINS AND LOSSES The Charity has no iecognise(I gains or losses other than the abw nK¥vement D) fuThJs for the above financral periods. The notes pw 17 to 27 ftym part of these fift8al S&ements 15
GEORGE GREEN'S ALMSHOUSES BALANCE SHEET AS AT 31ST MARCH 2022 2022 Fix•d as•ts T¥JIe fixed assets Investments 11 12 1,841.989 212.834 lo54.3 Cuvrvnt aM•ts 13 Cash at ar¥J In f1 214,3¥2 243.746 Llablllti¢$ Credit(S falNJ wthin 14 143,0781 Net cuffvnt aM•ts 2,255.491 Creditors faiing due aftw or 15 1422.3581 Nat a¥8•ts 1,&33,133 The fund$ of charlty Endowment Funds Unrestrictsd funds: General Oegnat9j 17 1.433,S51 17 17 340245 Toial eharlty lunds 1.833,133 The assets and Irats.lrtS of tt)e old Gwe Green's Mmshwses tharity (reg number 211197) wwe transferred to th¢ new George Green's Almshouses ¢harity (reg number 11891551 on 1 April 2021, th¢ net amount of these was £1,7*,430. Therefo, he yearfigures in the acwjnts are £nl. Theffi al stateme e approv&J by the trustees on 22 Juty 2022 and were strj on its be by.. A Campbell I The notes on p•Jes 17 to 27 fum part 0fth fin8rKi81 Statets 16
GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 CONSTITUTIOII Thg Charity has as rts go¥eming dcumeffl a CharitaL I0(aled Or91$aOrt n$trtUOn regtsiergd by Ihe Charity Commi88th 21 hwbl 2020. 11 akn 8 XKi81 laThllord WiGtw8d wlth thg Rgguklor ol Soaal Housing. TRANSFER FROM OLD CHARiff The ass$ and liabilrties of the cdd George Glpen's A1m5h¢Xts charity (reg numw 211197) wer8 transl¢rred lo the new George Green's AlmshoUS charity (reg number 1189155) on l April 2021. ThereloTe, the pn'or year figures in the accounts relate to Ihe figuros in the 31 2021 arts of the old tharrty. ACCOUNTING POLICIES Ba$18 of preparntion ofacwints The finanoal statements have been prepared in accordan with Ac(¥unling and Reportiry by CharitTes.' Statement of R8commended Pra1 appli¢ lo tharit5 preparing their accounts In aCcOrdae with the Financial Reportlig siandard applicaNe in the UK and Republ of Ireland IFRS 102) leffeclive 1 Ja)uary 20191. The FlAclaI Rewting StaThJwd applicab in the UK and RepublK (rf Iand IFRS 1021. The finan&al staternents hav8 been prepored to gNe a'true and fairf eW and have departed from the Chartss (Accounts artd Reports) ReguLatK)r 2008 onty to the extent reqUId to provide a 'tTue and fair view.. This departure has invofved folloWg Accounb"ng and Reporlmg by chareS preparing their a(wunts in ac(x)rdance with the Financbal Reporting Stsndard applicab in the UK and Republic of Ireland IFRS 102> issued on 16 July 2014 as amerKled Tather than the AcruntIng aThJ Repotting by Charib¢S: Statement of Recommended Practs¢e effectNe from 1 April 2005 whKh has sirre been withdrw. They also foHow the re(xynmefKlation5 of the Statwnènt of Recomrrnnded Prath"¢e {SORP} 'Anting by regislered social IK)usir¥J prOtsrs 2018. and the Ac¢aJntitwJ Dir11( for Private Regist8red ProvKl8rs of Socsal Housing 2022. The finanoal staterTEnts have been wepared under the histoital $1 c0rwentn with item5 reccgnised at cost LY transaction value nS otheTh¥ise staled in ts revant nolrfs} to thèse attounts The financ4al statewnts are prepared wi sterling, whth fun181 currency of Charity. Mmetary amounts in these fmanc4al stst8ments ¥e roundgd to the reSt £. The Chanty meets Ihe tsfinK)n ofa wtlic efft enlity urthr FRS 102. 22 Prepor•llon of accounts ¢)n a gokng cix•m basi The Charity's Financi31 Statements sh¢y4VS a net oper81kn9 surpth of £36.703 (2021- £70,6B21 for the year and free TèsèNes ¢2rried forw8rd of £141,431 12021 - £132.4231. trustees have detemined 8 ReseNes Polty which indudes the prOviOn of desynated funds for Extracffth'rwy R8pairs, Cydical Maintènartt, and tha fepla¢ement of the lrft. The amounts set ade ba$8d Dn reccynmendations from The Almshousè Associatt"on. In additi¢)n, in order to ensure that any rx•sts ol any works (xn be funded when quid, the trustees have agreed to maintain Ip4uhl assets Icash p$ in¥estment5} equal to at least £20.OLW) per unit {i.e. £220,CXJO based on the current 11 unrtsl. throughc¥Jt year and tho balances ha¥e boan suffifient to a¢hve this tarw. Income r•cogniiion Inelime * reo)gnised when the ChaTty has entitlement to the fuThts. any pthbmwnct Condit?n8 att8thed to the itemlsl ol income have been met, it is probable that the Ine wdl bg receNed and amount can be rnoasured reliabty. {al Weekty maintenance corrtrIbut inc(¥nè arml cknarge arn clled to income in the year in whth they are receble. (bl Investment income is induded reCerb. 17
GEORGE GREEN'S ALMSHOUSES
NOTES TO THE FINANCIAL STATEMEKfs (Contld)
FOR THE YEAR ENDED 31 MARCH 2022
2A
Expendilurn rneognllion and iN•coveTrblè VAT
Expendrture is reeognised On the 18 a legal or LyjnstnK obli lo make a payment to a tntrd paity. it is
pmt>able thai settMl VAI be requirgd and thè amcwnt Of1 OlJligattn can be maa8UTed liab.
Expenditure is ¢L8ssifi8d under the folknwing aMty hea(lings'.
la) Gosl of rai8ing lunds ¢(pSe8 (Thts ofsolar panel 18eds and Iheir assory8t¢d suppNt C4)st$.
Ib) EXpditUre on charitable activrties indLbdes the costs dire¢Yy asswated wrth runnw)g almshouses for poor
w<)men in Ihe London Borolh of Tuer Harnlets and to further the purposes of the Charity and their
associated SUPkK)rt ¢x)sts.
Irrecoverable VAT 15 charged as a o)st awst the acw fwhth Ihe expendIlu was i1rred.
15
lotIon of Sup1 costs
SJpFQrt cos1$ are those fund$ thal as$tst the wort of the Charty but do rnt directty YIrtake charitable
actiLies. Suppcfft cos1$ indude bx-oifK costs, and govemance costs suprx)rt the activib'es. These
costs have been alkJcate
GEORGE GREEN'S ALIASHOUSES NOTES TO THE FINANCIAL STATEMENTS Iconud) FOR THE YEAR ENDED 31 MARCH 2022 2.11 Debtors Tiade and other ¢Jeblors rewniged at senknmenl amounl aftei any trade discount offe. PTep8yment8 are valueij at the amount rewd nBtof any trade di¥ccwJnts duè. 2.12 Q$h at bank Ind in h•nd Cash al bank and in includes cash and sf>1-term cash derx)%ts. 2.13 Crvditors and provlgions Credrtors and provtsions are recognsse(I where the Ch81ty has a present Obkngat r&su1n9 from a pasl event that $1 probably result in Ihe transfer of lunds to a thwd party and the amount due to settle the obllgation be measured or estimated rèliably. Credrtor5 and proMons are normally recognised at their $etU&ment amount after al&ing for any trade dis(xJunts kn. 2.14 Flnancial InstNm•nts The Chafity onty has financaal assets and faA31 Imtslrties of a kmd that quahfy as basic finanual $trUMant8. easic fffianoal instruments are irmtialty recognised at trara(kn value and $ubsaquentty measwed at their settlemenl value wrth the excepÈK)n of bank loans ¥e subsequenty measured at amortlse(I cost using the effective interest methcKI. 2.15 Judgement and key sourcH of•stimallon uncettsknty In Ihe applicaD of the ChariV6 aoxLVrtig polKieS. the Chty is required to make judgments, estimates and assumplKJns about the ¢arrywig amount of assets aNI liabilthes tlwt are not readity apparent from other sources. Th• estimates and associated assumptions are based on hi5torThl erience and other factors that are ts)nsklered to te rebwant. Adual suS rrY dTWer from t esb"mates. The estimates and underting asSrp)nS are re¥Ewed on an onwirNJ basis Revisions to accthinling estimates are rec(YJnised in the period in whth èstimate L5 leed where the rev75v)n aff onPy that perK)d, or in the period of thè revision and fuiufe where the re4K8K)n affeds t¥Ah rrent aThJ fiAure pèriods. 2.16 Cash Ilow •tatsm•nt The Charity qualrfs a5 a small Charity and atrantage has been taken of the exemptK)n pro¥id8d by SORP IFRS 1021 as anended by &JIle l. not tt> Ppare a cash Ihjw statemenL 2.17 Taxation George Green's Almshouses is a registered Charty arKI, such. is potentialby exenwt from tax on income artd gains falling wrthin Seth"on 505 In(>)me and Tax Ad 1988 or Sectvjn 256 of Chargeable Gains Acl 1992 to the extent that are apVd to is obiecves. No tsx thaTges h8ve afisen in the year. 19
GEORCE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (Conud) FOR THE YEAR ENDED 31 MARCH 2022 INCOME FROM CHARITABLE AciivmES Totsl 2021 Fund• 2022 Re6idwts' Wewy Maint¢nan¢e Contrfjbthiom Iwmq: WMC re10 WMC volds 1(E.565 (4.2621 106,565 14,2621 Totsl Income frnm charitsblè aetivitles 102.303 102,303 INCOME FROM OTHER TRADING ACTMTIES Totsl 2022 Total 2021 ihllities Chary•s Solar panel feed in tsriff IMVESTMENT INCOME Totsl 2022 Total 2021 FurMIs Bank intt M & G Inbestments. Diwdend irtx)me 571 4.472 571 4.472 5,043
GEORGE GREEN'S ALIASHOUSES NOTES TO THE FINANCIAL STATEIAENTS (Conud) FOR THE YEAR ENDED 31 IIiARCH 2022 ANALYSIS OF EXPENDrruRE Raigi T¢tsl 2022 Totsl 2021 Bat charges Bk irrterèst Cleaning and gardenirvJ charge fry Spanby Ro 110 13,551 10,349 110 13.S51 10,349 Insuran Lwal aThJ Fffofess¥y fè8S ManeMent oJsts Grwnd rent 1.821 1.821 7,T70 .(Q1 30.031 Tphine 14 14.2 SuFWrt costs (see note n Gwnarte o)sts (see 7) 87.704 87,704 Of the £87.704 expendiiure in 202212021 - £76.2631. £12.082 (2021 - £12.082) was charged lo endowment funds towards depreclabon on Sarah Perry House amoJnting to £7.448.17 and partty towards depreoation on Spanby prOleS amounting lo £4.634.19, £7.330121r21 - £3.6} to desijnalgd fund5 and £68.292 12021 - £60,501) lo general funds. SUPPORT COSTS The Ch81rty initi'ally thninles thè costs of its sijpport lunctK>ns. It then kjentifiès those costs which relatè to the governan funct)n. Governan sIS and other 5UWOrt costs are apponioned separatety between the Charty'5 key ath'vty undertaken {spe rtote 61 in the year. AM Ihe general sutwort and 9ovemancE ¢osts have been apporboned to Ihe YarKJUS tharitabk acimbes on the basis of dwert costs allocated to each actiwty. G•n•ral support Govemofieo lunctfion Total 2022 Total 2021 Subscriptths and Ce5 IAu8cdlanous ex$ Pc6tage 5taticmery comput CX)5ts Honcfanum to to trustees Tnjstees. eX[seS Al*S reTh¥jrat# 212 212 1,7) 1,750 102 3,702 S,787
GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (Contld) FOR THE YEAR ENDED 31 MARCH 2022 GAINS I ILOSSESI ON INVESTMENT ASSETS 2022 2021 Realisedlunreals&J gans1(k)sses) in%*sknents 18.194 NET INCOME I IEXPENCITUREI FOR THE YEAR This is ststed after tharging 2022 2021 Depreuation on tarMJible fixed assets Auditorfs iemUneratn- Art Fees Auditorfs remuneralion- kn A1t Fees 14.296 1.2CKI 10 ANALYSIS OF STAFF COST& TRUSTEES. REMUNERATION AND EXPENSES. AND COST OF KEY MANAGEMENT PERSONMEL No iemunefation was paid to the trustees the year 12021 - £nrf). C17n9 the year the Charity paKS travel expenses of £I2(2021- £761 to trustee. The Charity dKI not employ any stsff durw the year 12021 - nil}. Ex-graba honoraria of £1,75012021 - £nil were paid in thè yèar to the setsry to trustees. This indd £5CO for 2020-21, £5 for 2021-22 and £750 in ¢t¥Jnib.0n of relaliThJ lo the i1[pakn WOi8LI.
GEORGE GREEN'SALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (Contld FOR THE YEAR ENDED 31 MARCH 2022 11 FIXED ASSETS- HOUSIMG PROPERTIES Total Property COST As at 1stWil 2021 Tiansfer frun George Green's hjmStKAeS Iold Charity) A(trJitK)ns in the year 979.657 1.791,7C 2.771,363 As al 31st Marc 2022 979.657 1.7g1.71 2,771.363 Social Howing Grnrt Social Housing Grant Social HolI¥j Grant LESS: As al 1st April 2021 TrSIer from Geor Green's AS Iold Charity) IrKrease in the year 1294,87n (546,8891 1841.7e61 As at 31st March 2022 546,889 841,786 DEPREQATION As * 1st Aw"12021 Transfer from Gecwge Gr&'S AlmslxMK lo Charity) Charge for (13.) 16.8481 159.616) (7.448) 173,3121 11421 As at 31st 2022 67. 87,608 NET BOOK VALUES As at 31st March 2012 1,177.753 1.841.989 As at 31st Marth 2021 All fixed assets of the George Green'5 Almshouses charity (reg nunknr 211197) were tranSfr8d to the new Ge(vge Green's Almshouses tharity {reg Thjmber 1189155) on 1 AprTI 2021 at cost to the okl d)arty. The original 8mourrt of Social housing grant and accumuialad depreci?tvJn up to 31 March 2021 were transferred Irom old George Green's Almshouses tharrty (reg nurthr 21119n to the nv Ge(* Green'5 Almshouses charity Ireg nunkngr 11891551 on l Awl 2021.
GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS {ConVd) FOR THE YEAR ENDED 31 MARCH 2022 12 INVESTMENTS 2022 2021 Market value. brought forward Transfer from George Green's Alrnshousas (Ohj Chartyl Addrtv)ns dunng the year ProL%8Js the sale of investsnents RealJsedlUnre31ised gainslllossesl 192.168 4.472 18,194 Market lUe. carried forwwd 212.834 Total inveslments 212.834 Histor1 cost 1SS.417 Markel value anatysed by type of EStMent M&G Charity Mulb".Assèt Fur•J 212,834 212.834 AII ¥SImnIS of th8 old G8crye Green's ASSeS charty {r8g number 21119n wer8 Iransferr8d lo the new George Gr¢M's Amshtww thanty {reg numter 1189155) on 1 hw"12021 at market Val as on 31 March 2021. 43 DEBTORS 2022 2021 Trade debtors Prepayme 27.808 29.354 Debtors totalling £27,808 reI mormes to be c4Jlbecled from the resJents by P[0vbJe Row Houslng A8soryaiKn r¥)t yet paJ over to the Chwity at the year eTrJ.
GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEIAIENTS (Conud) FOR THE YEAR ENDED 31 MARCH 2022 14 CREOITORS: Amounts f•lling due within one year 2022 2021 Mortgage loan Other Creditors & aoyuals 16.269 26,809 43,078 The mtrtyage loans a setyjred on Sarah Pery HoLtse. The existing mortgage loans ofthe old George Green's Almshtsuses charity IrÈg nLunbÈr 211197) were refirwicaj to the ne4f Gecge Green's Aknshwses charity Ireg number 11891551 on 1 April 2021. 15 CRELMTORS: Amounts falllng du• aft•r morn than ono y•ar 2022 2021 k40rt9age k)an 422.358 422.358 The existing mQrtgwJe kjans of the old George Green's Mmshwses charity {re9 nLmber 211197) were rgffinan¢¢d to the new George Green's Almshouse5 thwity (reg number 11891551 on l April 2021. The Mortgage thns are seojred on Sarah Perry House. One mwtgage ban is repayable over 19 years from 2021 and other nrtgaglD9n is repayable over 22 years frDm 2021. Trdnsfor of assgts and Ilabllltl• Irom old ¢h•rity Totsl 2022 Total 2021 FundB Funds Tangib fL¥Y 8ets InvestrnIS Trade tkbtors pryk$ Cash * Bank aThl in hatx1 Other (leditors A(LrLBL Mortgage k.Antt fauirvj orE r Mortw ban. hnKwI lalirg rnc¥e than ore year 410,553 192,168 1,445,733 1.,2 192,168 26,545 4818 I32.8) I3,) 2CIY.818 IU8381 116.7201 116,720) 1th8,0741 1436.0741 1,445.733 1.7.430
GEORGE GREEN'S ALIASHOUSES NOTES TO THE FINANCIAL STATEMENTS (Convd) FOR THE YEAR ENDED 31 MARCH 2022 17 MOVEMEIIT IN FUNDS 01JA21 IL• O131ll322 Endmnwrt FUTr 1.44rss 111 1,433,&51 T EndmF 1,145,r&J 1,433,851 Etyaorfki•y RyFLrt (E) CW FuTrJ ICMF) LrftR8pémoniFuThJ IRPQ 19,615 YJ512 ,3>1 6,072 18,357 51N7 14J+J 59.237 Gwwlfvnd$ 1tU3 114.911 16,191 310245 Tcal LknrnthrA•d Fw 39),W 1C6J3 1S,194 Fw 1.M,4YJ 1C6J3 187.7041 16.194 1,833.133 DeIlPI10n. natyY• •nd pury>o•e of unrnstrict¢d fvnds: GeneTal funds General fund preSentS hthds ayadae to sp8nd at the dwelion of the Irustees after allowing for all the desigllated fund5. Do9ignat•d lurnls . •xtraonlinary ry• The trustees aim to make SLMtable provisN)n for tt ng-tern rewr of Sarah Perry House and Spanby Road Ilats by transferring a prudent am(Msrrt frorn the In¢x)me and Expendrture acwunt to the Extraordinary Repair FuThJ each year. The intenb.on is to ¢over rtem$ that are likety to require replacernent over the next 10 to 30 years. The trustees have agreed to us¢ Ihe figures re¢(xnmervkd ty The A1rTthOLe Assoc¥ation. Dgslgnatsd funds- Cyellcal malntsnafi¢o The trustees aim to make suitsble provisK)n for luture decoratin9 works bul tharges actual costs incurr8d to th8 Irme 8nd Experxlituie account to the Cydical mantena Fund e8th year. The intention to cover items that are likely lo rwuire cydvl decorating over 5 to 7 years. The Injstees have agre&J to Use ts figures reCrnended by The Almshouse AssLKaatson. Designated funds . Lift r•plac•m•nt The ttuslees aim lo make surtabbe PTQVISW for the eventual reFrfawient of the lrfi al Sarah Pery House by transfèrring £500 per annum from the Income aNI ExpeThlrtur* aount to the Lift Repkicement Fund each year. 26
GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMEKfs (Conud) FOR THE YEAR ENDED 31 MARCH 2022 18 ANALYSIS OF FUND &4LAMCES BETWEEN NET ASSETS Tolal 2022 Totsl 2021 Funds Funds TaThJibk fLxed assets Investrnents Non Cutrent LiabiNEs 1.433,651 1,841,989 212,834 1422,3581 212,834 1422.W} 141.431 59XJ7 340.245 59.237 1.433.651 1.833.133 19 Related paty transacllons F the Who of the yew, the Charty was under the of the trustees as on page 10. Trustse5' rewnbursed exFenses are oullined in 10. Thar8 wèrs no other related paty tr•saclions oth8f than thg abwe. 27