Charity registration number 1189155 National Almshouse A$sociatlon Registration number 24 Regulator of Soclal Housing numljgr 5123 GEORGEGREEN'SALMSHOUSES ANNUAL REPORT AND FINANCIALSTATEMENTS FOR THEYEAR ENDED31 MARCH2024
GEORGE GREEN'S ALMSHOUSES LEGAL AND ADMINISTRATIVE INFORMATION Trustees Alexander Campbell OBE JP MNM JacquiAirey CatherineAtbo0d BAIHons) Jacinta Balchin Graham Barker Terence Simco MBE MNM Alison Westbiook LLB {Honsl, PgDiP, ACG IResigned on 20104120241 IRe81gned on 28101120241 IResigned on 20104120241 Secretary S Robertson LLB. FCIH,ACG, MA Charity number 1189155 National Almshousa Asso¢ialion Reglstratlon number 24 Regulator of Soclal Houslng number 5123 Registerod offic• 10 Bell Mead Sawbndgeworth Herts CM219ES Auditor SCB (Accounlantsl Limited 31 Sackville street Manche8tet MI 3LZ Legal advisors Devonshiie8 30 Finsbury Circus London EC2M 7DT Bankers The Charity Bank Ltmiled Fosse House 182 High Street Tonbridge Kent TN9 1BE CAF Bank Ltd 25 Kil$ HillAvenue Kings Hill, Wesl Mailing Kent ME194JQ
GEORGE GREEN'SALMSHOUSES CONTENTS Page Trustees, report Independent auditors report 10-12 Slalemenl of financial a¢ltIeS 13 Balance sheet 14 Notes lo the financkil $l*menls 15-27
GEORGEGREEN'SALMSHOUSES TRUSTEES. REPORT FOR THE YEARENDED 31 MARCH 2024 The Charity has as it8 govèrning document a Charitable Incorporated organisati constitutlDn reg isle reQ by the Charily Commission on 21 April 2020. 11 is also a social landlord gistered with the Regulator of Social Ho using. The assets and liabilities of the old Georye GrEen's Almshouses Charity (reg nurnber 2111971 weTe transf erred to the new George Green'sAlmshouses Charity (reg number 11891551 on 1 April 2021. The trustees present their annual report and linancial slalements forth8 year ended 31 hharch 2024, The Trustees confimi Ihalthe annual report and financial statements of the Charity CL)rnplywith the Charity's conslilutlon, the Charities A¢t 2011, 'Accounting and Reporting by Ch&71ie& Statement of Recommended Practice ap plicable lo Charities preparing Iheirae¢ounls in accordance with the Financ&21 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1st January 20191" Housing and Regeneration Act 2008, Slalemen! of RecommeNled Practice ISORPI'AGcounling by Tegistered soci31 housing prowders 2018° and the Accounting Direction forPIivate Registeréd prOverS of Soctal Housing 2022. Hlstory George Green11767-18491 began his careeras an apprentice draughtsman at John Perry's shipbLnlding wo rks al Blackwall Yard in 1782. He laleT maiiied his employer's daughleT, Sarah Perry, and was taken into the business partnership. Overthe followng decades. Georgè Green became one of the m¢)st suc¢essful shipbuilders of histime., the frigates and other mer¢hant vessels built al Blackwall Yard were among fir*stin Iheirclass. Thioughoul his life, George Green was known for his benevoknt dk%POSitk)n. Adevoulfree churchman, he spent substantial money and energy on philanthropic projects in Blackwall and Poplar, including a Sailors, Ho me. th Trinity Independent Chapel, and George Green's Schools. In 1842 he acquired land on Upper North Street, which was redeveloped in 184910 create a row of almshtsusesto 8010date 21 poor local women. The almshouses were long adminislÈrèd by members of the Gieen family unlil being taken on and moderni$ed by SpTingboard Housing Association in 1975. Overtimè, the almshouses bme no longer suitable- upgrad ing very small, old flats to meet improved fire regulationswas not fè3sible- so the fomier almshouses were sold in 2008 and the proceeds used to build Sarah PeTry House a short dislar¢ce away. Al the same lirne, the Irusleèship and management responsibility was transferred frorn Springboard lo a wbOdY of Iruslees. Named after George Green's fiislwfe. Sarah Perry Housè Oocaled in Flora Close, Poplar) was b uilt in 2015 10 provide eight spa¢iousone-bedroom flats, with balconies and comnal gardens, as almshouses for local wo men of limited financial means. In 2018, the remaining proceeds fr(xn the sale of the original almshouses, as permanent 8ndowmenl. were applEd to the acquisition ol two flats in Spanby Road. Bow. A third flat in Spanby Road was bought around the same time and all three were renovated. wth ltstanCe of a grant from the London Borough of Tower Hamlets. OWECTIVES AND ACTIVITIES Objectlves The benèficial group that the Charity aims to assist, underthe terms of its Conllution, are poor wo men who are inhabitants ol the London Borough of Tower Hamlets. The main aclivily of the Charity is the provision of almshou8es for such benefi¢iaries.As outlined above. Georye Green'sAlmshouses curTenlty owns a lolal of eleven flats.. eigmat Sarah P8rry House three at Spanby Road, 80w. Although peInent erxlowment is normally only spenl on fre¢holJ property, in view of the propèrty markel in Tow Hamlets ere il is only possiue lo bLry properties forsitYJle people on a leasehold basis. ¢onsent lo apply the permanent endowment lo leasehokl property was soughtfrom the Charity ComTnission and granted on 1 sl June 2018. A¢tlvllles for achlwing objectives The tmslees have monitored the ma[eMent ofthe propertiesthroughoutthe year. Thetruslees are grateful to The Trust Partneiship ITtPI for their management of the properties up to 30 Apfjl 2024 al which point Queen Victoria Seamen's Rest IQVSRI. a specialist local manager of ppertIeS providing Gare and support, weTe appointed. The trustees regularly reviewlhe investment returns and actual income expenditure against bucljets. A quinquennial survey of Sarah Pery House look place in 2023 aNI the trustees now have a report setti ng out a profi of worksthal might be expected overthe next 10 yeaT5.
GEORGE GREEN'SALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEARENDED 31 MARCH2024 ACHIEVEMENTS AND PERFORMANCE Koy Perfomiancè Indicators The trustees monitor the Charity's performance throughout the year. Key Performance Indicators have been identified atxl are reviewed nUally.. Alms: The objec15 ofthe aritY are to provide homes forpoorworren from Tower H8mlèls. During the yearthe were no vacancies. The management arwgemenls wlh ThP, and now QVSR, have ensured that the Iruslees have more awareness of the needs ol individual residents and regular reports are received at Board meetings and a¢led upon. Estates l Health & Safety: During the yearworks were carried out lo implement the recommendations of the annual Fire Saf ely and Water Safely Risk Assessments. A new fire alami system was installed. The Fire Risk Assèssments covering the Spanby Road properties are cariied out by the freeholdor, Poplar HARCA, and the risk assessments inspected. There are also regular, fife safely, gas safety and electrical saely checks. Al Sarah Pery House ther& ar8 regular lift safely ¢hed(s and the lightning conductors were serviced. Finance and lrtvestmènt.. The trustees of the Charity consthrthe best use of ils assets and seek lo ensure that prud enl reserve balances are retained lo cover the need for future major repairs and as a general contingèncy. The opportunity was taken lo use £100k of the charity's reservesto repay £87k for one loan and red uce the remaining loan by £13k. Remuneration and Staffing.. The Ch(tY did not employ any $18ff during the year but engaged Stephen Robertson a8 Chanly Se¢r¢lory. Sarah Ferry House and Spanby Road werè managed byThè Trust Partnership until 30April 2024 al vknich point Queen Vi¢tgria Searnen's Rest prowded man8gementsèNices under a managementagreement. Trustee Commitment During the year CalherineAttwood completed herlemi of office and SIgned. Also, i n recognition of a future conllictof interests Terry Simeo MBE and Alexander Campbell JP OBE (Chairl resigned. The charity is very gralefulforlhe signrficant conln'bulionsof all three of them. Jacinla Balchin was appginted as the new Chair. Steps are being taken lo recwil new Iruslees with appropriate skills. The trustees have overseen the operationsof the Charity by meeting six limesduiing the financial yearwi an attendance iale of 85%. Tre Inlstees agreed lo gNe each residen1£200Asda vouchers as a Christmas Rèvlewof activiti&$ Codo of Governance The Charity has adopted the Charity Governance Code for smaller Charilles. The Iwslees have reviewed Complian with the Code and in partUlar havè updated 8 number Csf pollcies. The Iruslees believe that il cowplieswilh the Code in all material aspecls and wll review compliance wth the Code al least on an annual basis. Charitablè Incorporatsd Oryanl$at4on The Charity converted to a more modern COTPOTale sltucture as a Charitable Incorporated Organisalion and all asse15 and liabl11$ were transfeed to the newcharily on 1 April 2021. A deed of novation and deed of covenant f rom the London Borough of Tower Hamlets has been signed. All operations nowlake place in the newcharitable Incorporated Organisalion. The deregistr8ti¢x) of the old Charity wa5 approved by th¢ RegLtlatorof Social Housing on 16 June 2023 and the original Grg8 Gr8&n's Almshouses organisalion was deregistered as a charity on 29 June 2023.
GEORGE GREEN'SALMSHOUSES TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH2024 VFM $tst9mgnt A Value for Money statement Ibek)wl has been included in the annual report. Ovgrview The Charity's f inancial statements forlhe year ended 31 March 2024 showa nel surplLbS of £15.47012023 - £3,516) and reserves sland al £1,852,119 {2023 £1.836,6491. Free reseNes carried forward stand at £21,548 (2023 - £29,882), Ourvolunteers Th¢ Charity does not use volynleers lo provide any serwces to residents, other than the twstees themselves. As Ike regponsibililies of operating the Charity are reasonably significant, the trusleeg decided that il was prudent lo engage a Charity Secretary from l April 2D22 on a remunerated basis. Ihi$ appointment has been extend ed twice and WTII continue on a rolling basis forthe loreseeabb future. Public benefit statement In shaping the objective5 for the year ad planning our aclivilles, the trustees have consbdered the Charity Commission's guidance on public benefit. includng the guidance'Public benefit.. runni ng a Charity IPB21'. The a¢hievemenls and a¢tiwliesabove demnstrale the publ benelitarising through the Ch8rity'S 8¢1ivithes. Complalnts A review of complaints look place during the year. To comply with new regulation a Complaints Report was publi5trEd along with a self-assessmenlof cgmpliance with the Housing Ombudsman Complaints Handling Code. Both docurnenls have Ien uploaded lo the publ George Green weble. FINANCIAL REVIEW A management fee w89 payable under the management agreement wlh The Tw81 Partnership and from 1 May 2024 lo Queen Vi¢toria Seamen's Rest. Olher¢osts in¢lude repair¢osts, loan rep8yment$, the Charity Secretary's remuneration, insurance and the provision ol se[lS lo the buildings. The operaliig surpluswas £29. 55612023.. £20.7t41 and IhÈ value ot investrnenls increased by £8,22612023'. decrè8sed by £8,578}. While the Charily has benefitled in previous years from low bank base rates, there were three increases during the year (eight in the year efore}. The budgelfN 2023-2024 look account of the expectation that Iherewould be further increases in the interest rate. During the year, in common nth inflafj'onary pressures experienced by the economy generally, repair costs incTea5ed. Increases of Weekly Maintenance Conlribulions were capped at 7.00 by the regulalorfor the 2023- 2024 year. Inflation stood at 6.7tsA in September2023 and the increase applicabk for2024-2025 wa8 capped al 7.Y/o. Principal fundingsources The Charity has primarily used its own resourcesfrom the sale of seven houses in Upper North Street. Poplar in 2008. In addition, il has recyded social housing grant of £154,889, received £392,000 soci21 housing gramt from the GLA and £294,877 from the London Btsrough of Tower Hamlets. In 2015 it look out a loan of £400.000 from Charity Bank and in 2018 a further£100,000. Duri the year Ihe balatKe ofthe £100k loan was repaid and the £400k loa reduced by ¢£13k. Of course, the main operational Income of £110k is derived fTOrn Weekly Maintenance Contributions and Servi¢e Charges reCeivae from the eleven flats. No income was losldLsring the yeOn account of there being void properties. Investment policy and performance Underthe goveming document, the Charity has the power lo meke any investment which the Iruslees see fit. The trustees have considered the rnosl appropriate policy for invesling funds and have found that a mix of ¢ash deposits and investments in a multi-asset Investnnt fund meet their requirerr*nl$to generaie in¢ome.
GEORGE GREEN'SALMSHOUSES TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Reserves Policy Currently the Charity's fixed assets are represented in Sarah Perry House and the three properties al Spanby Road, 8ow. Othercash assets are held in a bank deposit accwnts and investrnents in hn&G Charity MultiAssel Funds. The Iruslees have delemined s Reserves Policythich includesthe provision of desunatedlunds for Extraordinary Repairs, Cyclical Maintenance. and the ieplacemenl ol the lift. The amounts set aside ale based on recommendations from TheAlmshouseAssocialion. In addition, to ensure that any costs of any works can be funded then required. the trustees have agTeed lo maintain liqu assets (cash plus investmenlsl equal lo al least £20.000 pei unit {i.e. £220,IYJO based on the current 11 unilsl. LiquKlily is monil¢xed throughout the year and the balances have been suffiaent to achieve Ihislarget. The Extraordinary Reserv¢ Fund (for long-l¢rm major repairs) ¢urf¢nlly stands al £22,58712023.' £22,227). During the year, there was an expenditure of t6,77812023.' £2,514) from the fund. Thls was to Lygrade the fire aEarm System and the liftaulodialler. The Cyclical Maintenance Fund (for exlemal and communal decoraling and planned inlem81 wort(s {Including decorating, balhroomsand krtchensll currently slandsal £50,642 {2Q23.' £44,855). During the year, there was an 8xpenditure of £4,04012023.' £2,820} from the fund. This was lo replace a kitchen lofl8et by insurance MleS1 and for a repla¢emenl gas boiler. The Lift Replacement Fund forth6 eventual repkcement ofthe liftal Sarah Pery House, currently stands al £3,000 12023. £2.5Cl Value for Money Statament purpose and the princ4pal actrvily of the Charity isthe provision of hou9 for poorwomen wlh limited income who are inhabitants ofthe London eorough ofTower Hamlets. The Charity owns eleven properties in the borough cornprised of o s¢henE of 8 Se-¢¢ta1ed uThts and 3 indivKlual leasehold flats. The introduction of the key metrics, imposed by the change to the Regulatory Standard in February 2019 to ac¢ounling Nles for housing asswalK)n$, is welcomed bythe trustees as a useful tool to monitor the financial performance oflhe Charity. In particular, the seven mandatory metticswll create a consistent ba8 for comparison wlh se¢lor peers MOVI forward.
GEORGE GREEN'SALMSHOUSES TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Thè table below covers the seven key areas for measuremenl qUired by the Regulator of soc1 Hous11, as well as two additDnal bespoke FerfOrMan indicators. Al Ih¢s lin, we have included the historic perfomiance for20211 22, 2022123 and the fesulls forlhe last linanck81 yearending 31 Mafch 2024, GG GGA GG Comparable Lrmdon Almshouse Sector Median 202 Mar.2 Mar-2 Mar.2 Dec-2 IRSH Global Acco March 2023 Number of Unlts 46 <250Q Relnve$tmenl l°Al New supply (Sociall Iulol NÈW supply (Non-soclall l°Al Gearing I'knl EBITDA MRI interestcover 0 40Yo 0.14Y 0.600 2.140 3.70% O°/0 0% O°/0 oy, -0.35 -1.55¢ 7.60° 32.90°/0 171Yo £S.72 357°/ £468 49.$00 £5.71 Headllne social hovsing ¢o$l per unlt I£KI Operating Margln Isoclall Iyol Operatlng Margln (Overall) l%} Return on Capltsl Employed (Yol ID RentColloct6d £4.7 £5.69 1910 10 14010 24.820 1126Q/ 0.72QA 87.05% 80.00°/ 101 10% 18.7% 18.95Y 1.12Yo -0.03ts 2.10% 73 88trA The trustees recognise the value of working 9th peers In the sector as the metri¢$ do lend themselves to omparison wth small, registered proiders in the se¢tor. Benchmarking w0d be most relevant with more data from a group of almshouses. Infith this in mind, we hope lo rktowardSjoW7i9 a sectorpeergroup of sinilar size and London locats.on lo measure our performance in more context, 1. Reinvestment in existing homes The Iruslees actively ¢onsKJer how best lo use surplusfunds to invest in bolh newand existing housing. PTO perly acquisitions and development lch have taken place in Previous years have all been subsidFsed by the Recycled Capi181 Grant Fund and grant monies from Ihe GLAand L8TH. This has kepllhe Gostof hougng to a minimum. The trustees have deteimined a Reserves Policy lo ensure that ther& are designated funds lo ¢ov&r the ¢ost of major long-term repaws, using the lalesl recommendations fromtheAlmshouseAssociation. This ensures that the Iruslees can consideT the capacAty forfurtherdevelopmenl and have suflicEnl resgurce for iedevelopmenl and works on existing units. The Treasury Policy is a1$0 vieWed regularfylo ensLEre good retums on current financisl investments lo supportfuluie housing opportunities. The quinquennlal review Caed out in the previous year prowdes a Yd bask8 forplanning future relrweslmenl In the exi$ting stockas do regularassessments of the bwldings for fire and building safety- Overthe last year, a new fire detectDn system was installed al Sarah Petry in linewith newregulalory guidance.A newlill aulodialler, and boiler have 8180 been frtled. 2. New supply Since the purchase of the 3 Spanby Road ft8 in 2018, No further newuriils have been delivered pending beller economic condittons and opportunities in the local area. In line ll1h its charitable purpose, the Charity does not cwienlly any non-social housing properties bul wll be reviewng potential rtew investment options at ils September away day.
GEORGE GREEN'S ALMSHOUSES TRUSTEES, REPORT (CONTINUED) FOR THE YEARENDED 31 MARCH 2024 3. Gearing % The Charity is not highly geared. This can in part be allribuled lo the Charity's appticalion of the sale proceeds from the original alm5house5 as"perrn8nenlend¢)wmentmonies' lo fund newpToperty acquisitions. The level of g rant monies obtained forlhe three 2018 property purchases also allowed the Charity to minimise the ad ditional bank borroTMng reouired. These new properties are also unencumbered and therefo ¥emain available for f uture loan secudly if neede(l. Overlhe last 12 months, the sectorcontinued lo experie challeroing macro -economicfactrws, notably the high inte1 rates and th@ unpredictability of future rates. Inevitably, GGAfad increased loan interest payments forlhe period reporting £21,386 in March 2023 increasing lo £32,372 in March 2024. In comparison, the higher iales have produced some favourable returns on GGA'5 investments piornptlng the Charity lo take the decision in Q4 to restate its Charity Bankloans using the prOedS from the Sa of some of its M&G accumulation units. £90K of Pro8d5 and a further£10K of Cash from the bank were used to pay c>ff th8 Spanby Road loan CometelY{£88K) and some ofthe Temaining £400K loan, reduung GGA'5 overall exposure to interest rates and interest expense. The net result overthe period hasseen a furtherfall in the gearing melricfroma figure of 0. 35.fi in the p reviou8 yearlo-1.55% for Match 2024. This demonslrales SLrfficienl income currently lo cover all borrowings b ul moTe importantly the potential capacity ftsr Ihetrustses to considerborrowings forfulure a¢qui$itions and developments. 4. E8ITOA MRI IEaTnlngs before Intsr•st, Tax, Depreclatlon and AmortlzatSon interest cover. The Charity is not highly geared and Ihetefore interest and IanCIng costs Can be kept lativelY lowwilh an inlertst cover of 123%. The recent reslalemenl of the Charity Bank Loan as menlionecl above, has resulted in a more competitive interest rale going foMard Of 2.25% 12.85% Èatlierl Above basè ratè. The Charity manages its borrowngswell and has the potential forfulure investment. Major Repalrs In¢ludgdl S. Hèadline $o¢181 hou$lng Cost per unlt This represents the lolal cost per unil forthe Charlty lodeliver ils social hoUsg adivib'es. The trustees reg ularly reviewactual income and expenditure againstappioved budgelslo manage these costs in linewth the chafitable objectives. Overlhe last 12 months, Tr has managed all 11 units on behalf of GGAal a fixed management fee. plus disbursements. Managementcosts also include a proportion of the se(¥elary s remuneration. Last year the ¢081 per unit was Pl¥ted al £4,730 and this has Increased to £5,694forthis reportlng period. This increase Can be allribuled lo relatively highermanaging agent fees, inflationary pressures on Maintenan costs in general and the inclusion of the secretary's input in both management and repairs. This cost per unil is nowmore in linewilh the Sector median and London almshouse Bompar*le. Earlier in theyeaTthe trustees look the decll8ion10 8tart looking lora new managing agent. The change. due to start in May 2024 is hoped lo resultin improved colledion rates olweekly Maintenance Contrib utions and value for money in the seNi¢e5 and management of our properlies. 6. Operatlng margin % {Social lettings and overalll As a relatively small housing charity. the majority of lumover is derived from sooal housing lellings with a small conli(bulion from solarenergy Income and investrnenl income. Income fromlhe eleven properties is subject to the RSH Rent Standard as such the level of ¢ontribulionsfollow8 the ¥egulaloVs guidance. Annual incrèases can only be mad& within the limits of the for18 prowded. Forthe year2f12312024 the Regulator c¥ped increases at 7°A. 7. Reiurn on capital 8mployod % This metric assistslhe Charity lo measure the efficient inveslrrtnl of capital resources. The IIu81ees are keen to periodically reviewthe approach lo financial ar)d property investments but need to remain fairly risk-adverse lo maftage capital mathel shocks. Over the last 12 month8, the trustees have weathered the interest rates and incr83s•d this metric from 660k to 72% wth a slightty highersurplusforth8 sam8 period.
GEORGE GREEN'SALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 8. Management Cost persocial housing unit loptlonal m&trlcl This metric preSentS the c051 per unil for only delnieThng social housing activitS and relat8s p rin¢ipally lo the Managing Agent Fee that isch8rged. Thi$ fee is expected lo be signrficanlly higher in the year ahead d ue to the planned change of managng agent as noted above. This additnal metric asslsts thetNsleeslo monitor costs and the performance of the wnanaging agent. For2023124 this is £1,404 perunil. g. % Of Weekly Maintenan¢e Conlrlbullon dgblt¢ollectgd (Oponal metrlcl In previous yeats this metric reflected a condition of the management agreement sÈtl'ng the ¢olle¢tion rale al 96% the void rate at df*kn. utyler arrangements since 4 July 2022 actual voids and actual colledion rates are refLtl in the financial statements. During 2023-2024 there was r void loss txjl arteats have escalated due lo ind iwidual resident iSSLses as well as the move to the new Universal Credit system fora number of the residents. This has created paymenldelays aswell as insufficient funds being paid by residents throughoutlhe year. The % lor2024 inc¥eased in both 2022123 and 2023124 to 88% and 87.05% resp8ctively. 1$ hoped that the new management agent 11 be ab lo improvè this fUrtr In the corning months. FUTURE ACTIVITIES The main activities for 2D23-2024 included Ihe completion of the dissolution of the original George Green's Almshouses charity, Ihewort( required lo engage a new managing agent and age forlhe sucSsful transfer ol management arrangemenls from The Trust Partnershipto Què&n Vi¢loria Seamen's Restcommencng 1 May 2024. There was additional scrutiny lo ensure Complian wvith health and safely matters. ComplFance with the Housing Ombudsman Code of Complignl Handling and wlh the Chaiily Govemance Code for Smaller Charities was self- a$se$$ed. During the yearlhe charity's financial records were transferred Irom a SPTeadsheel ID the Xero accounting package. All Iruslee appoinlmenls and tem ol office nownjn from September each year. The prime locus of the Charity in 2024-2025 is Sel out in ils Business Plan. The aims are to ensure that.. the Charity carries out its purpose by enablirvJ the eleven flats in ils okner$h to be occu pied by p eople ilhin th8 beneficial group of poorwomen who are inhabitanls of Tower Hamlets. the Charity provides benefit by ensuring a good cuslomerservice is provided,. the management arrangements are running smootrly, and reviewed priorto renewal.. the Charity aspires to complywth the Ch81ity &)vernance Code and Ihe regulalorfs Regulatory Standards; there is engagement wth residents lo ascertain whether MO added value can be offered,. to morilor local development opp)rtunilies arKI the capaaly of the Charity lo develq) further,. lo continue the process ol moving the Charity's infLymalion to SharePoinl so that it is accessible by all Iruslees,. lo continually seekto recruit newlrustee8', lo continue lo develop the capllal expenditure programme (including cyclical decorating of indwidual flats),. and to explore the possibllff(y Of replacing the Spamby Road properties or gther newproperty investment.
GEORGE GREEN'SALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Govgrning document The Charity's governing document is the constilubon fora Charitable Incorporate<l Organisalion of 27 Seplembei 2020. Recruitment and appointment of Trustogs The trustees of the Charity who served during the year are sel out on legal and administration page. Potential new trustees are firstly invited lo an inlerwiewwth the Chair and onè olhertrusteèto assess theirsuitabilrty to act as a trustee. A iecommendalion is made to the full board of tnjstees to approve newtruslees. NeY appointed Iruslees sign a statement ol oNualions and confirm that they are not disqualffied from a¢ling as a Charity trustee. Trustees are appointed for threè yearlemi8. Trustse induction and training Once appointed, newtnjstees are made aware of their responsibilities by attending outside courses if necessary. Trainin9 sessions are availab through IheAlmshou8eA8s1xiakn'on. Pay policyforstaff The Chaiily does not employ any staff, although a Charity Secxelary was engaged from April 2022. Organlsational structure and decision makiry Th& trLJSt&es meet at least quarterly as a Board. From 4 July 2022, The Trust Partnership provided management services and fTom 1 ThKay 2024 the 8eNice8 were provided by Queen Vid0ri3 Seamen's Rest. Risk Managemontand Compliance The Iruslees believe in accepfing unaVoidae Manageab risks when oarying out the strategic objectivès of the Charity and priorilising a¢lh)ns that minimise them. The trustees recognise that sourKI risk management is al the core of every $u¢¢essful business and understand thè need to tske a balanced apProh to risk and for effective conlrolsto enswelhal risks are managed and minimised. The main m8nagemenl ri8k$ lated to ensuring the properties were managed well and thatthere was compliance th health and safely reqL¢iremenls. The Iruslees monitored gas and lift 8etViCing through the year. Recownmend*"ons from the 2023 FI Safety RiskAssessmenlwere reviewed and i mplemented. In addition. Water Safely RiskAssessment was conrynissioned and Electrical Inspecb'ons were undertaken in 2023. The overall risk regisleris ¢onsidered by the INsteesal règular inleNals. Our managing agent, previously The TTUSI Partnership and now Queen Victoria Seamen's Rest, ha$ direGI communication 4th the Chair and Secretary to deal w&th urgent mattws, lo be responsive and to minimise risk. They provide regular performance reportslo allowlhetrustees lo manage iisk and exercise good governance. Th also ensuie compliance with the Regulatory Standards of the Regulator of So¢ial Housing IRSHI. The Board confimisthal the Charity complEs in all material respectswlh the Govemance and Financial Viabilty Standard as required by RSH. Two trustee signatories are required before cheques are paid TAthich are hardly ever used these days. the tnjslees approve significant expenditure bdore il 15 incurred. Invoices lch are settd by electronic payment are auth0ri5ed. input by a trustee and authorised by the Chair. Related partles The trustees of George Green'sAlmshouses ICIOI were also Iruslees of the original George Green's Almshouses CharÉly. The original George Green's Alrnshou$es charity was removed fromlhe Charity Commission règ isler in June 2023.
GEORGE GREEN'SALMSHOUSES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statemontof trustees. responsibilitles The trustees are responsible lor preping the Trustees, Report and the financial statements in accordan¢e with applicable law and United Kin9dom Accounting Standards (United Kingdom Generally Accepted Accounting Prlice). The law applicable lo charities in England and Wales requireslhe tiuslees lo prepare financial slatemenls for each fillancial Ye 1¢h give a Inje and fairview of the slate of affairs of the Chafty of the incoming resources and applicalton of sourceS ol the ChaThly forlhat year. In prèparing these finaal statements, the Iruslees are required to.. select sullable accounling pdicies and then apply them consislentty., obseNe the methods and principle5 in the Chartties SORP., makejudgemenls and èslin¥lesthat are leasonable arKI prudent", stalewhetherapplicable a¢counting standwds have been followed, SLJE4eclto any material deparbjres d isclosed and ÈxplainÉd in the financial statements., and preparethe financial statenEnls on the going concem basis unles$ il 1$ inappropriate to presume that thè Charily will continue in operation. The Itee$ are responsible for keeping sUfflentacCDn1Ing records that disdosewilh reasonable ac¢uwy al time the financial p08ilj.on of the Charity and enab them to enSe that the finan¢kg1 statements comply with the Charili@sAct 2011, the Charity (Accounts al Reports) Regulations 2008 the prowsions of the conslilulion of the Chaiitable IrorpOrated Organisalion. They are also responsible forsafeguardI the assets of the Charity and hence forlakin9 reasonabb stepsforthe prevention and detection of fraud and other irregularities. The trustees are responsible forthe Maintenar and integrity gf the Charity aThJ the financial infomialion included on the Charily's websile in accordance 1th legi$lalion in the United Kingdom governing the PTepaTation and disseminat)n of fnancial stalerrents Di$¢lo$ure of infomiation to auditor Each of the trustees has corfirmed thallhere is no inlcimalion of which they are aware which is relevant lo the audit, bul of which the auditor is unawa. They have further¢onfimied th8lthey havetaken appropriate steps lo identify such relevant information and lo establish Ihatlhe aud itor is aware of such infomTrlion. The Iruslees, reportwas approved by the Board of TTUStees and signed on its behalf by.. J B8lchln Trustso 19 July 2024
GEORGEGREEN'SALMSHOUSES INDEPENDENT AUDITOR'S REPORT TOTHETRUSTEESOF GEORGE GREEN'SALMSHOUSES Opinion We have audited the financial Slalemenls of George Green's Almshouses Ilhe 'Charily') for the Ye ended 31 March 2024 which comprise the slalemenl of f inancial activities, the balance sheet and notes to the financial slalemenls, including signrficanl accounting poliLHes. The fillan¢ial roporting framework that has been applied in their preparation 15 applicable law and United Kirodom Accounting Standards, including Financial Reporting Standard lQ2 The Financial Reportiru Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally AccepledAccA)unling Pract?). In ouropinion, the financial statements: give a true and fai¥ viewof the stsle of the Charity's affairs as 8131 Mareh 2024 and of ils incoming resources and applicab.on of resources, fortheyearthen ended., have been propedy pr4ared in accordancevlth Unlled KIn10M Generally Accepted AccuntIng Practice.. and have beèn prepared in accorLlance wth the requirements of the Charities Act 2011, the Housing and RegeneralionAcl 2008 and IheAccounting Direction for private registered providers of so¢ial ho using in Er¥Jland 2022. Bas1$ for opinion Ime conduclecl our audit in acwrdan¢ewth Intemational Standards onAuditing {UK) IISAS {UK}) and applicable law. Our responsibiliLies underthose standards arefurther described in theAuditoVs responsibilitiesfor the aud it of the financial stalerrEnts section of our report. We are indepeNdentof the Charity in a¢cordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including Ihe FRC'S Ethical Standard, and we havefulfilled our OthethIcal responsibilities in aocoidance with these requirements. We believe Ihat the audit evidence we have obtained is Sric4ent and appropriate to Provide a basis for ouropinion. Con¢lu$lons relating to golng conwn In auditing the financial slalements, wè have Concluded that the Iruslee8' use of the going concem basis of accounting in the preparation of the financAal stslemen15 is appropriaie. Based on the work we havè perfomed, we have not idenlilied any material uncertainties relating to events or condition51hat, indtvidualty orcolledively, may castsignrfi¢ant doublon the Charity s ability lo continue as a g Ding eoncem foi a period of at lea8llwelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the 111181ees wlh respect to going concern are descdbed In the retevanl sections ol this report. other Information The other informaln comprises the infomation included in the trustees. annual reporl, other than the f inancial stalemenls and our audiltrrfs report thereon. The trustees are responsilAe f(w the olher information conlaned within the annual report. Our opinion on the financial slatetllenls does not cover the other information and we do not express any form of assuran concs1On thèreon. Our responsibility is lo read the other infomiation and. in doing $0, ¢onsider ether the other information is materially inconsistent wlh the financial Statements or our knowledge obtained in the course of the audit, or otherwise appears tg be materially misstated. If we identify Such material inconsistencies or apparent ratla1 misslalements, we are rèquired to delemine whether this gives rise to a material misstalemenl in the financial slatemenls themselves. Sf, based on the work we have perfomied, we conclude that there is a material misslatementof this otlw infomation. we are required lo report that fad. We have Tthing to report in this regard. 10-
GEORGE GREEN'SALMSHOUSES INDEPENDENT AUDITOR'S REPORT (CONTINUED) TOTHETRUSTEESOFGEORGE GREEN'SALMSHOUSES Matters t)n vjhich we are requlred to report by 8xception We have nothing to report in respect of the 1glloMrYJ mallers in relation lo which the Charities (Accoun15 and Reports) Regulations 2008 requirè us lo report lo you if, in ouropinion.. the information given in the financial statements is inconsislenl in any matérial respect with the Iwslees, report,. or sufficient accounling records have not been kept,. OT the financial slalements are rrtit in agreement Nvilh the a¢counting recc¥ds'. or have not Teceived all the infomation ar eXanaon$ we require for ouraudit. In addition, we have nothing lo report in respect of the folltiwng malterthere the Housing and Regeneration Act 2008 requires us to report lo you il, in our opinion.. satisfactory system of control over transadions has notbeen maintsined. Responsibilitie5 oftruste8s As explained more lully in the statement of trustees. responsibilit'e8, the trkjstees are reSPonbEe forthe preparation of the f inancial ststements atxl for being satisfied Ihatlhey give a Irue and lairview, and for such internal contrcl as the Iwslee6 determine is necessary to enable the preparation of finCial stalemenlslhat are f ree from materi81 misslalemenl, Mthietherdue lo fraud or error. In preparir4J the linancial statentS, the trustees are rèsponsible for assessing the Charity's ability to ¢ontinue a going concern, disdosing, as applicable, matters related lo gong concem and using the going ¢on¢ern basis of ac¢ounling unless the Iruslee5 either intend to lse operations, orhave no rè81islic altemalive bul lo do so. Auditorf$ rosponslbilities for the audlt of the financial statements Wè havè been appointed as auditor under section 145 of the Charities Act 2011 arKJ report in accOrdae wth regulations made under section 154 of IhatA¢t. Our objectives are lo obtsin reasonable assurance abrAJlwhetherlhe financial slalements as awhole are free from material misstatenl, ether due lo fraud orerror, and to issue an audilofs report that includes o ur opinion. Reasonable assurance isa high lèvel of assurance bLrt is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstralerfftNI when il exists. Misslalemenls can arise from fraud o r error and are considered material if. indivldually or in the aggregate, thèy could reasonably be expected lo influenc& the econDmicdeasions of userstaken on the basis of these financtal statements. Irregularities, including fraud. are InStanS of non-¢¢mpli8nce th laws and regulatns. We desvJn procedures i n line wlh our responsilililies. outlined aLve, lo detectmaterial misstalemenls in ie5pect of irregylarilies. including fraud. The extent to which ow procedures are capable of detecting irregularities. including fraud is detailed below.
GEORGE GREEN'SALMSHOUSES INDEPENDENT AUDITOR'S REPORT (CONTINUED) TOTHE TRUSTEES OFGEORGE GREEN'SALMSHOUSES Discussions were held wth, and enquiries made of, management and those Gharged rith govemancewlh viewto idenlfyiro those laws and regulalionsthat ¢o(dd be expected to have a material impact on the financial stalemenls. During the engagement team brielirKJ, the outcomes of these diseLJssions and enquiries were shared wth the team, as well as considerallon as lo where and howfraud may occur in the enlily. The following laws and regulation5 werè Identled as being of Sign1ftan to the enlily. Those laws and gUlatIonS considered lo have a direct effect on the financial statements include UK financial reporting standards, Chanlie5Acl and Housiru and RegeneralionA¢12008. 11 Is considered that there are no laws and regulations forwhich non-¢c¥y)pl1an may be fundamental lo the operating aspects of the Charity. Avdil procedures undertaken in response lo the potential iÈsks relaliro to irregularilps Iwhich incde fiaud and non-complian with laws and regulalionsl comprised of.. inquiries of management and those charg ed th govemance as lo thelher the entity complies w71h such laws and Tegulalions., enquiries wlh the same concerning any aclual or potential IitigalKJn orclaims., inspection of relevant legal correspondence., review ol board mnule5', testing the approprialenessof entries in the nomY)al ledger, includ ing journal entries., reviewng transactions anund the end of the reporting pertod,. and the perfomiance of analylica1 procedures lo identify unexpected movements in account balance5 1¢h may be irKlicalive of fraud. No instances of maler¢al non-complarKe were idenlrfied. However, the likelihood of deleding irregularities, incltsyir f raud, is limiled bylhe inherent drfficulty in detects.ng irregularits"e8, the effectiverEss of the entity'3 c¢nlrols, and the nature. timing and extent of the audit prLicedure$ performed. Irregularities Ihatresult from fraud might be inherently more difficult lo deled than irregularitiosthat result from error. As explained above. there is an unavoidable risk that material misslalem&nls may not be detected, even though the audit has been planned and performed in accordare with ISAS K1. Because of the inherent limitats'ons of an audit. there 18 a risk Ihatwe wll not delect all irregukrilies. induding those leading to a material misstalerrEnt in the fina)¢ial statements ornDn-crAnplvance with regulation. This risk incrèases the more that Complian wth a lawor regulation is removed from the events and Iransa¢lions refleoted in the financial slatemènls, 8s wè WAII be l@ss likely lo become aware of Instare$ ol non-compliance. The iisk is also greater regarding Irregularit occurring dueto fraud ralherlhan error. as Iraud invofves inlenlK)nal concealment, forgery. collu&on, omi55ion or misrepiesentalion. A furtherdescriplion of our reSpOnbIll.eS Is avaIlab on the Flnancia Reporting Co uncil's website al.. https'.11 v.frG.org.ukla(tditorSreswnsibilits. This description fomis part of ourauditofs report. Use ofour report This report is made solely lo the Charily's trijstees, as a body, in accordance wth part 4 of the Charities IAccounl$ and Reportsl Regulations 2008 and section 137 of the Housing and RegeneralionAct2008. Our aud it wo rk has been undertaken so that we might state to the Chaiity s Iwsteesthose matterswe are required 10 state to them i an auditorfs report arid for other purpose. To the fullest extent pernilted by law, we d o not accépt o r assume responsibilty lo anyone olherthan the Charity and the Charily'strustees as a body. for our aud it work, for this report, orforlhe opinions we have fomied. Jeffrey Bor BSC FCA ISenioT St8tutory Audltorl forand on bèhalf Of SCB (Accountsntsl Limittsd 19 July 2024 31 Sackvllle Street Manchester M13LZ 12-
GEORGEGREEN'SALMSHOUSES STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrgstrlcted Endowment funds funds Total 2024 Total 2023 Notss Charitable aclivilEs OlherlradSftg aclivrf(ies 118,396 727 118,396 727 106,000 473 Total incomo 119.123 119,123 106.473 era Raising funds 12,082 12,082 12.Q182 Expenditure on Charilabb a¢livit'es 77,485 77,485 73.677 Total operatlng Costs 77,485 12,082 89,567 85,759 Oparatlng $urplu51{deficlt) 41,638 112,0821 29,S56 20,714 Investments Interest payable Net gainslllossesl on investrrEnls 10.060 132,372) 8.226 10,060 132,3721 8,226 12.766 {21,3861 18.5781 10 Net In¢ominglloutgoing} rèsources before transfvrs 27.552 (12.0821 15,470 3,516 Not movement In fvnds 27,552 112,0821 15.470 3,516 Fund balances al l April 2023 415,080 1.421,569 1,836,649 1,833,133 Fund balances at 31 March 2024 442.632 1.409.487 1,852,119 1,836,649 Th& stslemenl of financial tlIeS includes all gains and losses reoogni8ed in the year. The notes on pages 15 ID 27 fomi part of these financEI statements.
GEORGE GREEN'S ALMSHOUSES BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assels Inveslments 12 13 1,813,398 243,619 1,827,694 321,575 2,OS7.017 2,149.269 Current assets Debtois Cash al bank and in hand 14 22,125 97,786 15.261 108,935 119.911 124,196 Creditors.. amgunts falling due wlthln one year 15 122,1341 P4,732) Net Gurrenl assets 97,777 99,464 Totsl assets less Current liabilifigs 2,154,794 2,248.733 Creditors: amounts falllng due aft8r more than one year 1302,6751 1412,0841 Net assets 1,852,119 1.836.649 Capital fLtnds Endowtnenl funds- general Income funds Unrestricted fvnds Desigrtal funds General unreslricled funds 17 1.409,487 1,421,569 18 76,229 366,403 69.582 345,498 442,632 415,080 1.852,119 1,836,649 The finanaal stalemenls wefe approved by Ihe Tru81ee8 Qn 19 July 2024 and signed on ils behalf by.. J Balchin lchalrl G Barker (Truste8) Thè notes on pages 15 10 27 form part of these financial stalemenls. 14-
GEORGEGREEN'SALMSHOUSES NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charity information George Green's Almshouses is a Charity registered with the Charily CoMmissD as a Charitable Incotporate Organisalion, the Regulator of Social Housing as a Registered Provider ol Social Housing and wth the NalionalAsso¢iab'on ofAlmshouses as a RegisleredAlmshouse Charity. TRANSFER FROM OLD CHARITY The assets and liabilities of the old George Green's Almshouses Charity (reg nufflber 211197} were transferred to the newGeorge Green's Almshouses Charity Ireg number 11891551 on 1 April 2021. The original George Green's Almshouses Charity was removed from the Charity Commission register in June 2023. 1.1 Accounting convontion The financial statements have been prepared in accordance with Ihe Charity's g0vemiF document, the Chaitlies Act 2011, FRS 102 Thè Financial Reporting Standard applicable in the UK and Republic of Ireland I'FRS 1021, the Charities SORP "Acooltnling and Reporting by Charities.. Stalemenl of Recommended Praclice applicatile lo charities preparing Iheiraccounts in accordance wlh the Financial Reporting Sland ard applicable in the UK and Republic of Ireland IFRS 1021" leffeclive l January 20191, thè Slalement of Recommended PraCts. ISORPI'AcGounliThJ by regisle¥ed 8(ti81 housing providers 2018. the Accotjnting Direction for Private Registered ProvKlers ol Soo1 Houng in England 2022 ar Pk)u8ing and Regeneratlon Act 2008. The Charity ig s Public Benefit Entity as definèd by FRS 102. The financial slalemenls have departed from the Charities IAccount8 and Reports) Regulations 2008 0 nly to the extent required to provide a true and fairview. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of thè Statement of Recommended Pra¢ts"Tr which is referred lo in the RegulalK)ns bul which has since been withdra. The fin8n¢ial stalennIg are prepared in slerting, which is the functional currencyof the Charity. Monetary amounts in these financial statements are rounded to the neaTest £. The financial staterrEnls have been prepared underthe historical cost convention, wlh items recognised at osl or transaction value unless othetwse stated in the relevant notelsl to these accounts. The principal accounting policAes adopted are sel out below. 1.2 Going concem The Charity's financial statements show a net surplLFS of £15,47012023'. £3.516) for the year and free resewes carried foard of £21,54812023= £29,882). The trustees have determined a Resenjès Policy which includes the provision of designated funils for Extraordinary Repairs, Cyclical maintena¢, and the replacement of the lift. The amounts sel aside are based on recornmendations from The Almshouse Assocrdlion. In addition, in ordèrlo ensurethal any costsof any works can be funded when req uired, the trustees have agreed to maintain liquid assets (cash plus investmenlsl equal to al leas1£20,000 per unit {1. e. £220,000 based on the curienl 11 units). tiquidrty is monilore(I Ihioughout the yearand the balances have beèn sufficient to achieve Ihistargel. 1.3 Incomg Income is recognised when the Charity has 8ntilletrent toth8 funds, any perfom)an¢8 ¢onditiM8 alla¢hed lo th¢ ilemlsl of income have been met. il is probable that the income will be received and amount Can be meaSUd reliably. lal Vveekly maintenance conlribthion iOe and gervice ¢har9e income are credited lo Income in the yearin which they are receivable. Ibl Investment in¢ome is included when receivab. 15
GEORGEGREEN'SALMSHOUSES NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 AIARCH 2024 Accounting policies Iconllnuèdl 1.4 Expènditure Expenditure is recognised once there is a legal orconslructive obli9alK)n lo Iransler economic benefit to third party, il Is PTob8ble that a Iransferof economic benefits ll11 be required in seltlement. and the amount of th? Obligatic can be rne8$ured rèliably. Expendituré is classrfiecl under the followng activity headings.. Cost of raising funds CLxnprises costs 0fdepreria1n allocated lo endomnI funds. Expenditure on charitable actity&S inCdeS the coslsdireclty assoated wth rumlng almskDLBes lor poorwomen in the London Borough ofTower Hamlets and to furtherthe purposes ol the Charity and their associated sUPWrt $ts. IeCoVerable VAT is ¢h8rged as a cost against the activity forwhi¢h the expenditurewas incuffed. 1.S Allocation of support CQsts Support costs are those functions that a55iSt the workof the Chaiity bul do not direcuy und•1ak6 charitable aclivilie5. Support costs indude back-offi¢e costs, and govemance costswhich support the activities. These costs have ljeen allocated to expenditure on charital* a¢livilie$. 1.6 Fund accountlng The general fund ¢oryrisesthose 0es. thich may be used toward meeting the charitsble objectives oltre Charity al the discretion of the trustees. The designated funds are monies sel aside OLJtof gen21 funds and des¥naled fu spe¢rfi¢ pu4)oses by th e tnjslees. The reslricled funds are moniesfor, and or donation5 SUt¥'ect lo donDr-imposed condil'ons. 1.7 Fixad asset properties Fixed asset pioperties are principally properties avai18bl& lo r@sidents in relum lor weekly maintenance contributnS. Fixed as8el proper"e$ are included at hisloricaj cost taken from predecessor Charity and are reviewed for impaiimentat the end of each Teporting period. Freehold land Is notdepwialed as il isconsidered lo have an infinite us8ful econom life. Freehold building and leasehold properues are depreck2led. DepreciaO"on is charged so as to write down the value ol properties lotherthan land) on a slraight-line basis overlheiruseful eCC0C lrfe, taken lo be 100 year8 {laken from predecessor Charilyl. 1.8 Soclal Houslng Grant Vhere developments have been financed th)Ily or partly by social housing grant, the co81 of those developments has been reduced by the amount ofthe grantreceived. SHG 18 repayable or recyclable und er certain circumstances, primarily lollowng the sale of a property bul wll nomialy be resliECted lo ftel proceeds tsf sale. 1.9 Flxed a$sot Invastments Investments comprise assets held lo gwérate futijre income. All invesknent assets are Sho on the balae sheet al mawkel value at the balance sheet dale. The market value ha$ been determined by the Investment Manager. Unrealised gains or losses arising on thè r8valuatlDn of investment assets are included in the statement ol Financial Activities. 1e-
GEORGE GREEN'SALMSHOUSES NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEARENDED 31 MARCH 2024 Accounllng poll¢les Icontlnuodl 1.10 Rgalised l unreallsgd galns and losses All gains or losses are taken to the Statement of FinancEalActivties as they arise. Realised gains or losseson investments are calcuLgled as the drfference btheen sales proceeds and their opening carying value ortheir purchase value il qUired subsequent to the firstday of the financial year. Unrealised gains or losses are calculated as the drfference been the fairvalue al the yew end and their carrying value. Realised and unrealised inveslmentgains or losses are coMbed in the Statement of FinarlalAcliVIties. 1,11 Dobtors Trade and other debtors are recogni5ed al the settlement amount after any trade discount offereLI. Prepayment5 are valued al the amount repaid nel of any trade dIount$ due. 1.12 Cash and cash equivalents Cash al bank and in hand includes cash and short-term cash deposits. 1.13 Creditors and provisions Creditors and prtsvisions are re¢ognised where the Charity has a present obligation resulting fro m a past event that will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or eslimaled reliably. Creditors and prowsions are nomally recognlsed al thelr settlement amounlaller allowng forany trade di%¢ounls d. 1.14 Loans and borrowings Loans a1 borrowings are re¢ognized al the transaction price in¢lLvJing transaction costs and then subsequentty adju8ted for principal repaymerbls and interest tharged. 1.15 Flnanclal Instrumonts The Charity only has f inancial assets and financial liabilities of a kind that q4Jalify as basic financial instruments. Basic financial inslrumenls are initially recognised al transaction value and Ssequent1Y measLtred al their settlement value wth the exception of bank loanswhich are 8 ubsequenlly measured al amortised cost Using the effecthie intorest method. 1.16 Judgement and key sources of estlmalon uncertalnty In the application of the Charity's accounlng pdiaes, the Charity is required lo makejudgmenls, eslimales and assumptn8 about the carrying amount of assels and liabililEs that are rl readily apparent frorn other sources. The estimates and associated assumptions are based on historical experience and Dtherfaclors that are Considered lo be relevant. Actual results may dlferfromthese estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are CognISed in the period in wlwch the estimate Is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both currènt and fLJlu re perfods. 1.17 Taxation Georgè Green'$Almshouses is a legislered Charity and, as such, is polenlialty exempl from lax on income and gains falling wlhin Section 505 Income and Corporation Tax Act 1988 or Section 256 of Chargeable Gains Act 1992 to the extent that they are applEd lo itschaTitable objedN8S. f%k) lax charges have arisen in the year. 1.18 Cash flow5tatement The Charity has taken advantage of the prolonS in the SORP forch8ri1ie$ nott¢ prepare a Stalernenl of Cash Flows. 17-
GEORGE GREEN'S ALMSHOUSES NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 20Z4 2023 Resldents'contributions.. Contributions receivable excluding semce ¢harges SeNice charges receivable Void losses 104,716 13.680 97,865 13,064 14,9291 118,396 106,000 Analysis byfurKI Unrestricted funds 118,396 106,000 118.396 lo6,0 Units Owned l Leased 2024 2023 Social HOusg forwomen fj1 Othertrading a¢tlvltles Unrestricted funds Totsl 2024 Totsl 2023 Utilltles Chargas Solar panel feed in tariff 727 727 473 OlherlrBding activities 727 727 473 For theygar gnd8d 31 March 2023 473 473 Investments 2024 2023 M & G knveslmenls - Dividend income Interest receivable 8,942 1,118 11,918 848 10,060 12.766
GEORGE GREEN'SALMSHOUSES NOTESTOTHE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Raising fLFnds Endowment funds 2024 Total Total 2024 2023 Depreclalion on Sarah Pery House Depreciation on Spanby properties 4.634 7.448 4,834 7,448 4,634 7,448 12.082 12,082 12,082 Fortho yoar ended 31 March 2023 Fldraising and PLtblicty 12,082 12.082 12,082 12,082 19-
GEORGE GREEN'SALMSHOUSES NOTESTOTHE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH2024 Expendlture on Charitable activitie Soclal Housing 2024 Total 2024 Total 2023 Depreciation Advertising & M8rketing Property Repairs and MaInanCe Insurance Management costs Ground rent Telephone Bad debts Donalions Cleaning and Gardening ServicÈ Charge for Spanby Road Legal and Professional Fees 2,214 75 33,211 2,541 13,553 600 328 5,653 500 4,829 2,214 75 33.211 2,541 13,553 600 326 5,653 500 4,829 2,214 29,104 2,312 17,521 600 2,813 2.507 3,0 63.502 63,502 60,440 Share of support costs lsee note 71 Shar? of govemarKe costs {$ note 71 8,037 8.037 5,946 8,666 4,571 77,485 77,485 73,677 Analysls byfund Unrestricted funds Designated funds 66,667 10,818 66,667 10,818 77,485 77,485 Fortho yèar endad 31 March 2023 Unrestricted funds Designated funds 88.343 5.334 68.343 5,334 73,677 73,677 20-
GEORGE GREEN'SALMSHOUSES NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Supportand governance costs The Charity intlially Sdenllies the costs of ils support functions.11 then identifieslhosè costs which relate lo tk governancelun¢tion. Govemance costs and other support costs are apportioned sep aralely between the Charity's key activity undertaken in the year. All the general support and governance costs have bÉen apportioned lo the various tharitable activities on the basis of dwe¢l costs allor2led to each activy. Supporf Governance costs costs Tolal 2024 Total 2023 Subscription and Llcences Postage and Slabonery Computercosl Ltsgal and professional fees Administrative costs Bank charges Trustees meeting experbses 796 151 80 796 151 80 1.116 264 480 6.720 86 6,922 88 6,922 88 706 706 Trustees, expenses Audilorfs remun6ration 740 4,500 740 4,500 371 4.200 8,037 5,946 13.983 13,237 Analysed been Charitable activitS 8,037 5,946 13,983 13,237 8,037 5,946 13,983 13.237 Employees No remuneration was pald lo the trustees during th& year12023- £nil). DUrir the year, the Charity paid travel expenses of£74012023~ £3711 lo three twstees. The Charity did not employ any Starfduri the year{2023- none). During the year£6,922 (2023 £6,720) was paid lo the Secretary towards adminislratson costs. Iniwest payablo 2024 2023 Bank loan inleresl 32,372 21,386 32,372 21,386 21
GEORGE GREEN'SALMSHOUSES NOTESTOTHE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Net galnslllossasl on Investments 2024 2023 Nel gainslllosses} on inveslrrnnts 8.226 18,5781 8.226 18,5781 11 Net movement in fund$ 2024 2023 Nel movemenl in funds is Slated after chargin(crediting) Audit¢f s remuner*ion-Audil Fees Audito¢$ remuneration- NonAudil Fees Oeprecialion on tangible fixed assets 3.300 1.200 14,296 2,760 1,440 14,29S 12 Tangible fixed assets FIholdl8nd d bulldlngs Leasehold land 2nd buÈldings Tot41 Cost At 1 April 2023 Additions Di8posal$ 1,791,706 979,658 2,771.364 Al 31 March 2024 1,791.706 979,658 2,771,364 Social Houslng Grant Al 1 ApNI 2023 Increased dwing the year Decreased durfng the year 546,889 294,877 841,766 Al 31st March 2024 546,889 294.877 841,766 Deprociation and Impairmerf( Al 1 April 2023 Depreciation oharged in the ye8r 74,512 7,448 27,392 6,848 101,904 14,296 At 31 March 2Q24 81,960 34.240 116,200 C8rrylng amount Al 31 March 2Q24 1, 162,857 650,541 1,813.398 Al 31 March 2023 1,170,3D5 657,389 1,827.694 -22-
GEORGEGREEN'SALMSHOUSES NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED31 MARCH2024 12 Tangible fixgd assets (Continued) All fixed assets ol the oid George Green's Almshouses Charity (reg number2111971 were transf erred lo the new George Green's Almshouses Charity (reg number1189155} on 1 April 2021 al cost to the old Charity. Tre original amount of social housi)g grant and accumulated depreciatn up lo 31 March 2021 were Iransferred from old George Green'sAITnshouses Charity Ireg nurnber 211197}to the newGeorge Green's Almshouses Charity (reg number 11891551 on 1 April 2021. 13 Flxed a58et investmènts Total Cost orvaluatlon At 1 April 2023 Additions Realisedlunrealised gainslllossesl Proceeds Irwilhe sale of invesknents 321,575 3,818 8,226 {90,000) At 31 March 2024 243,619 Carrying amount At 31 March 2024 243.619 Al 31 March 2023 321,575 Histori¢al cost 212, 168 A15 invèstments ofthe old George Green'sAlm5houses Charity (reg number 2111971 were transferred lo the new George Green's Almshouse5 Charity (reg number 11891551 on 1 April 2021 at the Fnarkel val(Je as o n 31 March 2021. 14 Debtors 2024 2023 Amounts falllng dug wllhln one year.. Trade debtors Prepayments and accrued income 19,781 2,364 13,071 2,190 22,125 16,261 -23-
GEORGEGREEN'SALMSHOUSES NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 1S CreditorB: amounts falllng dug withln one ygar 2024 2023 Bank loans OtherCdi1ors Accruals and d8ferred incon 10,688 6,946 4,500 11.958 5,797 6.977 22, 134 24,732 The mortgage loans are secured on Sarah Pewry House. The existing mortgage loans of the old George Green'5 Almshouses Charily (reg number2111971 werè refin2nced to the newGeorge Green'sAlrnshou$es Charity (reg number 11891551 on 1 April 2021. 16 Crodltors.. amounts falling due aftèr morè than one yèar 2024 2023 Mortgage loans 302,675 412.084 302,675 412,084 The existing mortgage loans of the old George Green'5 Almshouses Charily {re9 number 2111971 were rèfinanced to the new George Green's Almshouses charity (reg number 11891551 on 1 April 2021. The mortgage loans a secured on Sarah Perry House. 17 Endowm8nt funds Endowment funLIs represent assets which musl be held permanently by the Charity. Inco me arising o n the endoMAnenl fundscan be used in accordan wlh the objects of the Charity and is included as kjnrestricted income. Any capital gains or losses arising on the assetsfonn part of the fund. Movement in funds Incornlng Ra50ur¢es Balanceat r88our8 8xpond8d 1 Aprfl 2023 B#lanc8at l Aprfl 2022 Resaurc&s Balancoat exp8nd81131 Mar¢h2024 Pomianent endowments Endownent Funds 1,433,651 112,0821 1,421,569 112.0821 1,409.487 1.433,651 112,082} 1,421,569 {12,0821 1,409,487 -24-
GEORGEGREEN'SALMSHOUSES NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 18 Designated funds The incomefunds ol the Charity indude the followng designated fUndslch have been sel sside out of unrestiicted funds by the Irusleeslorspeofic purposes.. Balancoat 1 Aprfl 2022 ResourcEs expended Transl•r8 Balanceat 1 Aprtl 2023 Re50Lirces expended TranBfer5 Batsn¢eat 31 March 2024 Extraordinary Repair Fund IERFI Cyclical Maintenance Fund ICMFI 18,357 {2,5141 6,384 22.227 {6.7781 7,138 22,587 38,880 (2,8201 6,795 44,855 14,0401 9,827 50.642 Repla¢ement Fund IRPFI 2,000 500 2,500 soo 3,000 59,237 15,3341 15,679 69,582 110,8181 17,465 7e.229 ¢rlption, naturo and purpose of unrestrictsd fvnd$: General fund$ General fund represents funds available to spend at the discretion of the trustees after allowing for all the designated funds. Designatèd funds- extraordlnary rèpalrs The trustees aim to make suilable provés forthe long-lem) repair of Sarah Peny House and Spanby Road flats bylransferring a prudent amount from the Income and Expenditure accounllo the Extratrrdinary Repair Fund each year. The intention is lo cover items that are likely lo requte replacement overlhe next 10 to 30 years. The twstees have agreed to use the figu$ reccAllrnded byTheAlmshouseAssocialion. Deslgnated funds- Cycllcal malntsnanc The trustees aim to make suitabl@ provision forfLSture cyclical decoralirvJ woiks bul charg es actual costs incuffed to the Income and Expendituie a¢count to the Cy¢lical Maintenance Fund eaoh year. The intention is lo cover items that are likely to iequire cy¢li¢al d¢¢oraling over the next 5 10 7 years. The twslees have agreed lo use IhefwJures recommend by TheAlmshouseAssocralion. Deslgnated fund¥- Lift r¢placement The trustees aim to make suitable provis for the everla1 replaTrmenl of the lit al Sarah Perry Ho use by transferring £500 per annum from the Income and Expenditure account lo th¢ Lift Replacement Fund each year. -25-
GEORGEGREEN'SALMSHOUSES NOTES TOTHE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 19 AnalYBl$OfQtQ?sVts bQtsOOm lundA Genwal Dellynatsd Endowmènt nr1r1¢1Qd lunos fud futsrls 2024 TotAI General EndOwt unrè5trIcied funds d tund$ 2023 2024 2Q24 2024 202J 2023 Fund baances pl 31 Ma20248[er¢pr*BertPd T8nglbleas501$ Inve91rrtThis cur a9BeLsIOIALllliosI Long iemillabilligs 403,911 243,619 21.548 (3Q2,6751 1.409.487 1,813.398 4fO.125 243.619 V.1.575 97.777 29.882 13W2.&751 laf2,4) 1.421.568 t,827.694 321,575 76,229 .582 1412,0841 3eS.403 76,229 1.1,487 345.498 S9.582 1.421,165 1,836,649 -26-
GEORGE GREEN'SALMSHOUSES NOTES TOTHE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 20 Related party transactions For th8 Mhole year, the Charity was underthe control of the Trustees. Trustees, relmbursed eXpenS are oulined in Note 8. Thère w8re no disclosable related partylrans8cticA)s the year olherthan above12023 - none). -27-