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 g￿￿1￿j d￿M￿t a Ch•ikbkn Itwrpcrfal￿I ￿anWti"on 0)r￿l￿n 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 Go￿9 Grew's AMSI￿U8eS ¢*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* Ma￿h 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 Rekxj￿n9 by Chwities. Statement of Recommended Prac*ce. ap￿icab￿ 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$red s(Kg1 housw)g prov*Jers 2018. and the AtxountirvJ Dire¢lion for Private Registered Provk1ets of Sccal HousTrig 21Y22. Hlstory Gèorge G￿ert 11767-18491 began his car•8r as an aFventKe thaughtsffran at John Perry's shipbuik4ing works al Blackwall Yard in 1782. He later married h* emrknyerfs daughter, S¥ah P￿, and was taken into the business partnership. Over the following dscadès. George Green became of the most SL￿SsIu1 8hipbuiklers of time,. the fr￿ateS ar*J other merchant vessds built al Blackw811 Yard were among thè finest in their dass. Throughout hts lrfe. G￿e Gr08n wa5 knwi for h￿ benevoknt thsp)srfion. A devout free dwrchman. he spent subslanlial money and energy ￿ phiknthopL [￿01&￿$ 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 redevelr S￿ne of the year. adapted rts servv* to inchjde welfare calls to resK1ents and extra c￿nIng 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$ai￿n 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 T0￿r 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 1Xkd￿Tr rt was agfeed to extènd the manageff￿1 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 almShC￿Se charities and The Trusl Partnwth"p were awMJnted b) Commen￿ management on 4 July 2022. VFM statThnt A Value for Money statement (beknw) has t￿n Ind￿ in th8 acC￿nts. 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 d￿ng 2022-2023. Publlc b•nofit Stat￿￿nt 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 ¥t￿e 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 Pro￿den￿ Row Housmig Assooalion. Other ￿$1$ indude loan reF4yn*nts. instsra￿ and the provi￿oft 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 o￿lating 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 al￿aty 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 H￿l￿ts. In 2015 il t￿k 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 d0￿menL the Chwty has the ptrwei lo rnake any inVestrn￿l which the trustees see fit. The trustees have tt)nsidefed the most appropriate polry for inV￿ting fuThJs ar¥J have found that a mix of cash deposfts and Ivveslmenis in a mutti-assel investment fiJThJ meet their requirements lo generate m￿rne. 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 ex￿ed to p￿de a￿drt￿naI income in the leg￿ of£3,0(X) per yeaT. R￿er¥￿ Policy Currently all of Ihe ¢￿"ty'S frxed a￿ets 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}. Liqu￿rtY * mnrtored througFK)Ut year arvj the bala[￿e$ have been sufficient to achieve this target. The Extra(*dhiary ReSe￿e Fund (for kng iemi map)r reFAifs) ¢urrenty s￿r￿S at £18,35712021- £19,615). C*Jring the year, there was an expendsiure of £7,330 from the knd. The Cydi(¥l Maintenance Fund Ifor external and ￿mm￿lIa1 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 IM￿sIng for women with IKnited In￿￿e 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 asS￿at￿$. ￿ We￿rnè￿ by the truslees as a usgfvl t¢y)i to mnitor the finanual performance of the Charrty. In partmxjlar. th• s•v•n mandaw m•tru wdl ueate a cx)nsst&)t basi8 for ￿Mparison with sector peers moving forward. GEORGE GREEN'S ALMSHOUSES TRUSTEES, REPORT (Conud) FOR THE YEAR ENDED 31 MARCH 2022 The table below rns the sthpn ar￿$ for Me￿￿reMeM requirgj Regulalor of SoL?al HousitFJ. as well as additional bespoke performani* I)di￿10[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 Alms*ou 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 Pro￿￿e[S in Ihtr $e¢tgr. Beth)wking wtNJld b• rrK)st re￿vant wrth more dats from 8 group ol almshouses. this in mu)d, we hope to work joining a seaor peer group Of similar svLg aTKI London locats.on lo measure wr Perf￿￿ in more ￿n{eX[. l. Reimiestment % lin •xl•lSnu homes and new h(rnl The truslees acbvety ¢(￿￿der how best lo use surplus fvrvts to invest ￿ both ne4Y and exLsting hcojsing. Properly a¢qusTbons and devekynent whth have taken place in wevitius years have all been subsidised by the ReCYC￿d Capital Grant Fund aThJ grant monies from the GLA and LBTH. Thi5 has kept the cost of housing lo a Ir￿n￿nUM. The twsl•es have determir￿￿ a reserves polry to ensure that thwe are desigrtated funds to the cA)st of k>ng-tenn Major repairs. using the lalesl reC0￿MendatIor￿ trom The Almshouse Associati)n. This anSl￿ Ihat the trustees are 8ble to considèr Ihe c*Jaaty for fvrther devdowienl and have suffi¢*rt resource for redevelopment and worts on existy"Th3 unrts. Tfustees have statled process of setting up a quinquennkal ew of all ovmed stoc* lo wnanage future reinbwtment. 2. New supply d¢llvered % (Social & N¢Jn-So¢wl Houslng) Three flats were acquired in 2018. The treagjry poly is ￿de[ regular review lo ertsLwe good retu￿￿ on cwent rinanual investments to suppK¥t fuiwe ttou$ing OpF￿￿Thi￿& In line wrth rts tharrtabk pury)0so, Ihe Ch• thjes not currentty own any t￿n-$CelaI housiryJ p￿pertIeS and is unlikety to do so in the ILrture. 3. G•arlng % Thè Chanty is not htghty geared. Thks can in part be atlribut&J to Ihe Charty's application of the sale proceeds from the original almshouses as"pwmanent endowment monies" to fiJThJ nv4V woperty acquisibons. The level of grant monies obtained for the three 2018 property purthases also alk)wed the Ch8rty lo rninimise the additional bank borrowing required. These new prowbÈS are a*0 Un8nc￿mbered and therefore rernain av¥il8bie for future loan secunty rf needed. Over the last 12 M￿thS we ttave seen an irwJease of £16,194 in the valuè ol our investments in the M&G Charty MuKFAsset A￿mula￿On Fw)d. This has contribLrted to a rnthed fall in thg gearing rnets￿ from a r6stated foure of 2.79°k in the previous yea to 0.66% f¢y March 2022. dernonslrales little ￿l￿￿nc￿ on debt ffinan￿ but al￿ for ts trustees to cortsKler borrowng$ future acquisitKJns and devek*pments. EBITDA MRI IEamlng¥ Ixforn Int•rn•L T•4 Depreclatlon and Amorllutlon- M•lor R•palrs IDGludedl internst cover % The Charty is r￿l 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 redl￿t￿)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$te8s are Ir￿at0r1r4j Ihe impad of expeded increases in interest rates 2022-23. 6. H•adllne social housing cost per unlt Thts iepresents the total ojst per unrt f￿ the Charrty to defNer its sooal hOU￿ng actmtiès. Thè Irustees regularly rewew actu81 in(xJme and ex￿nd￿￿[e aga￿st approvgj ￿dgets to rnanage these costs in line W￿(h the charitable obJ'eGlives. The trustees have urK1ertak•n a revithv of the management agreemeni cwrently in pla wilh Providence Housing AsscKiakn. wrth 8 ￿ to ensuring value f¢y money and quatsty servr£ Provision in the management of the properties. This wim primarily in¥dve ffi￿e darity regarding rdes and responsibilities to provide an appropriatè ser￿ts and lo manag• risk GEORGE GREEN'S ALAISHOUSES TRUSTEES. REPORT (Conud FOR THE YEAR ENDED 31 MARCH 2022 8. OpgThtiny mèrgin % Isoci•l lettirwJ¥ •thd o¥er•lll A8 a reLqtivety Small houslng asscwim. the majoiity ol tutrvmr is d￿"￿Ed from SLxkal hoLKsir¥ Wings wrth small contnbui￿￿ from solar ener￿ ncome and investment income. Income from the eleven prowties is subie¢l to the RSH Ronl Stsndard and as yjch the kvel ol ctsntn"butions foll¢N the wulator's guidancE. Annual increases can orty be made withAI the hmlts ofthe for1￿la wovthd. For the year 2021r2022 Ihis was capped al CPI plus 1 %. 7. Return on capital •mploy•d X This metric a￿sts the Charity lo measure ihe efficiert inveslmth of capital ￿$oUrces. The tnjstees arè keen to perh￿l￿al￿ ￿￿eW sts approach to finanrjal and ptoF*ty 4ivestments {￿Èr last 12 M(￿lh$ we have seen the retmi on shares I￿o¥er and intrease ￿ value by 9% CThnpa￿d to the prevKxts end OfYe￿ figure. 8. htsnagem•nt Cost per social Imwslnu unit lOpti￿￿1 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)M￿Table. 9. % Of Weekly Malntsnance Contrlbuoon debltcolle¢ttd loptlonal metrfcl This metric will a$￿st the ChÈTty to monrtor the perfO￿nan￿ of in(xJme C￿1￿￿10￿ and arrears T8¢J)VW WOt* which 15 (￿￿entlY part of thè management ag1￿Ment. 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 ir￿￿de the dissolu1v￿ crf the ori￿nal Ge￿ge Green (*arity. thè successful trans￿￿ft in management arrangements for Ihe propertie5 from ProvKlènce Row Housing Assoc4atK*n lo The Twsl Partnership, and further d*th"ng ofcompliance ¥￿th the &Jotyed Charrty Go¥emanc¢ Code kn Smaler Cha￿"e6. The prime focus of the Chanty in 2022-2￿23 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 ar￿￿n[￿j a gwj I￿S1Omer setvr* is wovided", 13) th¢ mar*gement arraTrJerner￿ #re r￿n11¥a snKthFy, and re¥i84¥ed pr•)T lo rer￿la1.. 141 the charty a5p*es lo ¢ompty with tr* Chty Govemance Code and the regulal(rfs Regulalw Standards" 151 there is engagement wilh residents lo aS￿rta￿ whèther *Jded be Offe￿j. 161 lo rTh)nitor local de￿0p￿ent 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 ￿sti1ut￿n for a Chailable I￿￿Nated 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 disqualrf*d acting as a Charity trustee Trustee induetion and training on￿ appoinled, new irustees are m* awa￿ of Ih*r respon$i4ities by attendance * outs•Je courses rf necassary. Training Sèssic￿S are awla￿e through ts AknSh￿se Ass¢*th￿. Pay policy fr*r staff The Charity does Th)t empkny ary staff. althO￿h 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 2￿21-2{r22 a Ma[￿ement agreement was in (Verat￿n to sel oul the oNig8b"ons and respon$ibilrfies of Provthrtt Hou8in9 A￿￿at￿. as manager. Ffom 4 Juty 2022 The Trusl Partnership will prowde management Se￿￿. Rlsk Man¥ym•nt and Compll•n¢e The trustee5 ￿lIeVe in acceplmg unavoidable marbageable risks when ca￿￿ng OLrt the strat8g¢c objectives of th8 Chanty and pnoritising ath'ons th81 mirimise them. The tmslees reccgnise that sound risk management is al the core of every Su￿ssfiJl businèss and understsnd the ne8d to take a balanced ap￿0?¢￿ to ￿ and for effeaNe controls lo ensure that risks are managed and minimised. The rnain managemenl risks rèLatéd lo enswrrfJ the Frfoperb'es wwe m8nag8d wdl and that Il*re was cz1mpl1an￿ wth health and safety requiremetts. The twstees mwrtored gas and lrft servicing and fre Safety rtsk assessments through Ihe year. Our managlng agent. prevlously PfoVNjen￿ R(h¥ aThJ now The Tw81 Partnership. has dire(a eA)mmunication with the Chair an(1 Secretary to (leal w*h Urgent rThatters. lo be responsNe arKI to minimise risk. They provide quarterly perform8rKe reports to allow the thjstees to manage risk aThl exercise gcod governar￿, They also ensure mnpliance with the Regulatw Standards of the Regulat(x of Sooal HowrrfJ IRSHI. The Board ￿nfirM$ that the Charty cornplies In all material respÈds with the Govemance and Financ4al Y￿bl￿ty Slandard as requred by the RSH. Two trusl•e sunatorEs are Nuired before Cheq￿ a￿ paMI, and the trustees aprmove Signff￿ant expenditure bgftY8 It is incurr8t1. In¥0￿e$ wh¥* are ekctronic payrngnt are ath￿1$￿1. inPLrt by a trusta8 aThJ authon5ed by the Chair. Relatsd parlios The trustees of George Gr88n's Almshwses (CIO) are also trustees of the orKJinal Ge(￿ge Green's Almthouses charty. Once the dee FOR THE YEAR ENDED 31 kqARCH 2022 STATEMENT OF TRUSTEES, RESPONSIBILMES The Charty trustees are resFwts￿ for preparifVJ the Tntstees. Repcrft and the finarwl statements in aw[dan￿ with applicable law and United ￿n9￿orn Accwntiig Staylards (Uniled Kry1om Ger*er8ty Arthpled AcGourbting PraclrRI. The law appluble lo thanb'es in England arld Waes requires the tw$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 staterr￿nts. thè trustees arn required to". select Surtable acc¢)unting FKJlic*$ and appty tt￿M consistentty", obswve th8 methods and prirvplès ￿ the app￿ab￿ chall￿ Statem￿1 of Recommended PrActic* ISORPI, Ib) (cl {dl make judgements and ests"rnales that are reasonable 8nd prudent.. state whether apPI￿able accounting standards have beèn followed. subj¥ct to any material departures that must be discl)sed and explairwd in the knanoal staternents", ansy p￿pa￿ the financjal 5tstements on a 90ing basis unless it 15 iiappropriate lo Kwesume th* the Charrty wil continue in L￿￿￿esS. 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 provI￿onS of thè Trust Deed. They are also responsib￿ for safeguarding the as8eis of the Charrty and fDr takjng rnasonabk $tsps for the prevention and delertNJn of fraud and other iTfe9ulariiw. The trustw are respongb18 for the maintenarte and integrity of the ch￿ty and the finandal Wrformati￿ Indud&Y on the Charity's website ￿ *C￿rd￿ wth legislab'on in Uniled K*vJ&Jn g)vemlng the prewation and dhssemination of ffinanual Statements. le) DISCLOSURE OF INFORMATION TO AUWORS In the case of each oftl* persons WM) are trustees oftho Ch* al the date when this Teport was approved: So far as each of the trustees are awarè. there is ￿leVant a￿J1 liformati￿ of Wh￿￿ the chJiVs auditus a￿ unaware,. and Each of thè truslees has taken all thè steps they ou91rt to have tsken to make them aware of any relewdnt aud infomalion {as defined) and to eslabw that the aL*Jrtors are awafe of that informakn. AUDITORS A resolution was propwd and afftd at th• AnNal Gwal Meetty IW SKS Audit LLP be re-appoinled as auditors of the charity lor th8 ensuing pènod. l Tntsi••s and •igaW on it8 belwlf by: A Campb¢ll j 22 July 2022 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF GEORGE GREEN'S ALMSHOUSES Opinion We havo audit•d ihe finan¢Aal statemert$ ol George Green's Almshouses {the 'Charity') for the year eTrJed 31 March 2022 wh￿h cornprisÈ tt)e Statement ol Finwal A(*vitRs, BaknGe Sheet and notès to the finanaal statements. induding Signif￿nt accounts'n9 poIK4es. The financi¥l r$wrb'rv3 framew¢yk that ha5 been appl￿d in their preparat￿n is applicable law and United Kingdom A¢wJnb"ng Stsndards. I¢￿￿dIng Financial Reporting Standar(J 102, The Finandal Reporting Standard appl￿trAe in the UK arky Repub￿ of IreLqnd (UThted ￿ngdoM Ggnerany A￿pIe￿ Accounb'ng Pra¢ti¢el. In cwr opinion the finarKial slat•mènts'. give a true and fair MY of the state of the Ch81ty's affairs as at 31 Plar(* 2022 and of its in¢x)ming r8sources and application of resour￿$. 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 IntematX*nal Standards on A￿d￿"n9 (UK) IISAS IUKII and applicable law. Ouf ￿SponsIbl1￿1es 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, inc*Jdirfj the FRC'S Ethical Stand8r(l. and w8 have fuKilled wr other ethKal reswnsibilrt*s in accordartt wrth these requirements. We belleve that the audit evidence we have obtsiied is sUffi￿nt and approkyiate lo provhle a basts fw tyjr opirlon. Conclusions relatlng to golng concern In auditing the finan￿81 statements. we have (￿duded that the trusteès, use of the going concem basis of ac￿untIng in the preparalKJn of the financial st81wnents B apwopriate. Based on the we have perf￿r[￿. we h8¥e ncrt Identff￿ any matwi* u￿rta￿dIeS fdatirnj to events or conditsons Ih8t, individually ot {x)l￿dIV8ty, may cast smjnrf￿an1 doubt on the charity's atyhty to cns)ts'nug as a g￿ng ¢xJn¢wn for a 'od of al least Iwefve months frcffi vthen the finanaal State￿￿ts are authorised ts issue. Our responsibilrf*s and the resp)n*￿li￿ of the trustees wrth respect to going concern are described in the ro￿vant sections of this rewt. Othèr Infommtlon The other information comwses ￿ inlDrmalion the Iwstee$' annual report. other than the finarKial statements and our auditN's report thereon. The trustees are responsible fL¥ the other infom)ation C￿tained within the annual report. Our Opini￿ ￿ th8 financial staterrents doe¥ not Lxwer Ihe other Ir¢fOrni8tk￿ and. exwt to th& exl8nt otherwise eXpl￿￿tty stated in our re￿￿rt, wè do ￿1 exwess any fcrfm of as6urarKe cuK4uslc￿ thereon. Our ￿$￿)n￿bIlty is to read the ¢ts infmalK*n ond. in dc#ng so. conshler W￿￿ther Ihe other inf0m￿tIOn is Mat￿al 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 m￿tateMents, 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 perf￿rn￿, we condude that there is a material misstatement of this other inform*"on. we are ￿q(￿red to re￿Irt 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 follO￿ThJ matter5 in rela11L￿ tQ TwhKh the c￿11￿3 {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 staten￿ntS are ￿ in agreement with tt)e accoLmling re￿rdS aTrJ retums: or we have re￿iVed all the Inf￿all0￿ and exp1anats.c*￿ we requi￿ for our audrt. R•sponsibiliti•s of trust¢•8 As explained more ful￿ in the iwslees. TespMs*Jilitw statemenl set ovt M trustees. the trustees are Tesponsib ft)r the p￿paration 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 StsIer￿￿nts that are free from material Misstate￿￿￿1. whether due to fraud or error. In preparing the finanaal stateménts. the Injstees are respo￿lbIe for assessing the Chariiys abilty to eontinue as a going concern. disch)sirvJ. as applicable. matters reLated lo going C4MK*m and using the going fxJnr£m basts ol a￿ount1￿j ￿n￿sS the trustees eit￿r intend to kn]u*Jale 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 a￿ayS detect a material misstslement when rt exists. Misst*menls can arise from fraud or error and are C￿nsidered 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 nONxJm￿larrf￿ wth arKI regulatw)ns. We deswn procedures in line with our r8sponsibilrtie$, aiw. lo del￿ matèrial misstatements sn respect of Irregularit￿5. i￿judIng fraud. The extent to whKh our pro￿Ule5 are ¢apabk of deteclsng irreg￿lIties. I￿l￿dIng fraud is detailed below: thscussws hehj with. and enquiii85 m•Je ￿. management and those charged wrth governance wrth a view to identifying those L￿$ and regulab.ons that coubj be expecled lo a material impact on the financial statèments. Dunno the eng4èment team bftèfi￿. the ¢￿rt￿M&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 state￿nIS indude UK fjnanaal re[￿ing $18ndards, Charities Act. Tax arKI P8nsiorts les¥slalion, and distrtsjtable profits gi￿atiOn. is ¢X)Trsidefed that there a￿ rKJ laws and rylalions for nonthcomplkqn¢% may be fUnd￿ental to the operating aspects ofthè Cttanty. Audit procedures Undertak￿ in response lo ihe polential visk5 rekw to wregulanlies (wh￿h inc￿lde fraud and r￿n-{X)MpIIanrE with laws and regUlat￿n$) cc*mpnsed of." Inquii*s of managemenl aThJ those tharged with govemaru as to whether the entity COMk4￿ wrfh s￿h la￿ and reguuqtions", enquiries wlh the same )￿e￿nn9 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.. ra￿ewing tran88dions around the erHJ of the reForting wiod: and the perf0mlar￿ of an8lyb.cal [￿C￿edureS 10 identify unexpectgd m¥emen15 li aCCoL￿t baLwKes rnay be ind￿ti￿ offraud. 13 INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF GEORGE GREEN'S ALPIISHOUSES No InStan￿S of materi81 n0n-Q)Mplian￿ were hlenlified. Huwever. tr￿ Wlihcaj of detecling wregularities, including fraud, T$ limrted by the inFwenl drffLulty in detecling wreguL3rit*s. 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[)rIn￿d ￿ 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 We￿te 8t." ht￿S..1A¥vm.frO.oru.uk13udIt0r￿aUdit-assvfan￿Iaudrtor-s￿e$FKx)sib1lrtIesfor-the-audlt-Of-th r￿descripli0n-of.ih+a￿ditO￿E2%8O%99s-reSpo￿s￿llllle$-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 reqUI￿d to slate to them in an a￿a￿OIS report and for ¢A￿l purp¥)sè. To the fulkst extent permitted by law, we do nol accept or assume respL*￿￿lI1ty to anyo￿ oth8r the Charity and the Chanvs trLL8tees as a bc*Jy. 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 Fur*ls 2021 Incom* Inlrme frryn thantsble Incorne from other tr&#ing aCtNi￿$ In￿sIment incon lo1￿3 102.303 T¢tsl Incorne 11fj,213 108.213 EXp￿dit￿le 75,622 12. 87,704 Totsl exp•nditwe 75.f22 12.082 87,704 Netexwhlbture & not In fuThls for the year I12,￿ Natga1￿1(k￿esI 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 forw￿d 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￿ transfe￿ed 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 fift8￿al S&￿ements 15 GEORGE GREEN'S ALMSHOUSES BALANCE SHEET AS AT 31ST MARCH 2022 2022 Fix•d as•ts T￿¥JI￿e fixed assets Investments 11 12 1,841.989 212.834 lo54.￿3 Cuvrvnt aM•ts 13 Cash at ar¥J In f*￿1 214,3¥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 Oe￿gnat9j 17 1.433,S51 17 17 340245 Toial eharlty lunds 1.833,133 The assets and Irats.lrt￿S 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 State￿￿ts 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* I￿￿0(aled Or9￿1$a￿Ort ￿n$trtU￿On 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 AlmshoU￿S 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 ar￿￿￿￿ts 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 Pra￿1￿ appli¢* lo tharit￿5 preparing their accounts In aCcOrda￿e with the Financial Reportlig siandard applicaNe in the UK and Republ￿ of Ireland IFRS 102) leffeclive 1 Ja)uary 20191. The FlA￿claI Rewting StaThJwd applicab￿ in the UK and RepublK (rf I￿and 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 reqUI￿d to provide a 'tTue and fair view.. This departure has invofved folloW￿g Accounb"ng and Reporlmg by char￿eS 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 Acr￿untIng 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} 'A￿￿￿nting by regislered social IK)usir¥J prO￿tsrs 2018. and the Ac¢aJntitwJ Dir￿11(￿ for Private Regist8red ProvKl8rs of Socsal Housing 2022. The finanoal staterTEnts have been wepared under the histoital ￿$1 c0rwent￿n with item5 reccgnised at cost LY transaction value ￿n￿S otheTh¥ise staled in ts re￿vant nolrfs} to thèse attounts The financ4al statew￿nts are prepared wi sterling, whth fun￿1￿81 currency of Charity. Mmetary amounts in these fmanc4al stst8ments ¥e roundgd to the ￿reSt £. The Chanty meets Ihe tsfin*K)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 prOvi￿On of desynated funds for Extracffth'rwy R8pairs, Cydical Maintènartt, and tha fepla¢ement of the lrft. The amounts set a￿de ￿ ba$8d Dn reccynmendations from The Almshousè Associatt"on. In additi¢)n, in order to ensure that any rx•sts ol any works (xn be funded when ￿qui￿d, the trustees have agreed to maintain Ip4uhl assets Icash p￿$ 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¢h￿ve 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 I￿ne wdl bg receNed and amount can be rnoasured reliabty. {al Weekty maintenance corrtrIbut￿ inc(¥nè arml cknarge arn c￿lled to income in the year in whth they are rece￿ble. (bl Investment income is induded reCer￿b￿. 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 sett￿M￿l VAI be requirgd and thè amcwnt Of1￿ OlJligatt*n can be maa8UTed ￿liab￿. Expenditure is ¢L8ssifi8d under the folknwing a*Mty hea(lings'. la) Gosl of rai8ing lunds ¢(￿p￿Se8 (Thts ofsolar panel 18eds and Iheir assory8t¢d suppNt C4)st$. Ib) EXp￿ditUre on charitable activrties indLbdes the costs dire¢Yy asswated wrth runnw)g almshouses for poor w<)men in Ihe London Borol￿h of Tu*er Harnlets and to further the purposes of the Charity and their associated SUPkK)rt ¢x)sts. Irrecoverable VAT 15 charged as a o)st awst the acw f￿whth Ihe expendIlu￿ was i1￿rred. 15 lo￿tIon of Sup1￿ costs SJpFQrt cos1$ are those fund￿$ thal as$tst the wort of the Charty but do rnt directty YI￿rtake charitable acti￿Lies. Suppcfft cos1$ indude bx*-oifK* costs, and govemance costs suprx)rt the activib'es. These costs have been alkJcate5ses afe taken to the Statèment of Financ￿1 AclNibes as they arise. Rèalised gains or bsses on investments are caloJL*d as tr￿ differ8nce be￿ Sa￿ proceets and Iheir opening carrying value or their pwchase value rf acquired SutseqL￿t to ts first day of the finanual year. Unrealised gains or losse8 (¥lculated as the differenL* l￿Veen ￿ fay walue at the year end and their carrying value. Reaksed and unrealised investmÈnt gains or losses we cornb￿ed in the Statement of Financial AdMts"es. 18 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 off￿e￿. 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&su￿1n9 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 proM*ons are normally recognised at their $etU&ment amount after al&￿ing for any trade dis(xJunts kn. 2.14 Flnancial InstNm•nts The Chafity onty has financaal assets and f￿a￿A31 Imtslrties of a kmd that quahfy as basic finanual ￿$trUMant8. easic fffianoal instruments are irmtialty recognised at trar￿a(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 applica￿D of the ChariV6 aoxLVrt*ig polKieS. the Ch￿ty 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 e￿rience and other factors that are ts)nsklered to te rebwant. Adual ￿su￿S rr￿Y dTWer from t￿ esb"mates. The estimates and underting asS￿rp￿)nS are re¥Ewed on an onwirNJ basis Revisions to accthinling estimates are rec(YJnised in the period in whth èstimate L5 le￿ed 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 qualrf*s 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> P￿pare 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 apV*d to is obiec*ves. 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 re￿1￿￿0 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 int￿t 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 B￿k ￿ irrterèst Cleaning and gardenirvJ charge fry Spanby Ro 110 13,551 10,349 110 13.S51 10,349 Insuran Lwal aThJ Fffofess¥y￿ fè8S Man￿eMent oJsts Grwnd rent 1.821 1.821 7,T70 .(Q1 30.031 T*phine 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 prO￿leS 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 ￿C*￿e5 IAu8cdlanous ex￿￿$ Pc6tage 5taticmery comput￿ CX)5ts Honcfanum to to ￿ trustees Tnjstees. eX[￿seS Al*￿S reTh¥j￿rat# 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 iemUnerat￿n- A￿rt Fees Auditorfs remuneralion- kn A￿￿1t 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). C￿17n9 the year the Charity paKS travel expenses of £I￿2(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 se￿tsry to trustees. This ind￿d £5CO for 2020-21, £5￿ for 2021-22 and £750 in ￿¢t¥Jnib.0n of relaliThJ lo the i1￿￿[p￿akn 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 hjmStKA￿eS 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 Ho￿lI¥j Grant LESS: As al 1st April 2021 Tr￿SIer from Geor￿ Green's A￿￿S*￿ 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 1142*1 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 tranSf￿r8d 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 Histor￿1 cost 1SS.417 Markel value anatysed by type of ￿￿EStMent M&G Charity Mulb".Assèt Fur•J 212,834 212.834 AII ￿¥￿SIm￿nIS of th8 old G8crye Green's A￿S￿￿SeS 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 r￿e￿I mormes to be c4Jlbecled from the res*Jents by P[0vbJe￿ Row Houslng A8soryaiK*n r¥)t yet pa*J 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 Gec￿ge 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 n￿rtgag￿lD9n 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 Investr￿nIS Trade tkbtors pr￿y￿k￿$ Cash * Bank aThl in hatx1 Other (leditors A(LrLBL Mortgage k￿.An*￿tt 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￿ End￿m￿F 1,145,r&J 1,433,851 Etyaorfki•y RyFLrt (E￿) CW FuTrJ ICMF) LrftR8p*émoniFuThJ 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 De￿IlPI10n. natyY• •nd pury>o•e of unrnstrict¢d fvnds: GeneTal funds General fund ￿preSentS hthds ayada￿e 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-te￿rn 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 A1rTthOL￿e 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 Ir￿me 8nd Experxlituie account to the Cydical ma￿ntena￿ 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 reC￿rnended 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* a￿ount 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