Charity registration number 1189155 National Almshouse A$sociatlon Registration number 24 Regulator of Soclal Housing numljgr 5123 GEORGEGREEN'SALMSHOUSES ANNUAL REPORT AND FINANCIALSTATEMENTS FOR THEYEAR ENDED31 MARCH2024 GEORGE GREEN'S ALMSHOUSES LEGAL AND ADMINISTRATIVE INFORMATION Trustees Alexander Campbell OBE JP MNM JacquiAirey CatherineAtb￿o0d BAIHons) Jacinta Balchin Graham Barker Terence Simco MBE MNM Alison Westbiook LLB {Honsl, PgDiP, ACG IResigned on 20104120241 IRe81gned on 28101120241 IResigned on 20104120241 Secretary S Robertson LLB. FCIH,ACG, MA Charity number 1189155 National Almshousa Asso¢ialion Reglstratlon number 24 Regulator of Soclal Houslng number 5123 Registerod offic• 10 Bell Mead Sawbndgeworth Herts CM219ES Auditor SCB (Accounlantsl Limited 31 Sackville street Manche8tet MI 3LZ Legal advisors Devonshiie8 30 Finsbury Circus London EC2M 7DT Bankers The Charity Bank Ltmiled Fosse House 182 High Street Tonbridge Kent TN9 1BE CAF Bank Ltd 25 Kil￿$ HillAvenue Kings Hill, Wesl Mailing Kent ME194JQ GEORGE GREEN'SALMSHOUSES CONTENTS Page Trustees, report Independent auditors report 10-12 Slalemenl of financial a¢l￿tIeS 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 prOv￿erS 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 8￿0￿10date 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 b￿me 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 com￿nal 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 Con￿llution, 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 pe￿I￿nent 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 p￿pertIeS 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 part￿Ular 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 transfe￿ed 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 G￿rg8 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 a￿d 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 I￿en uploaded lo the publ￿ George Green web￿le. 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$, the Charity Secretary's remuneration, insurance and the provision ol se[￿l￿S lo the buildings. The operaliig surpluswas £29. 55612023.. £20.7t41 and IhÈ value ot investrnenls increased by £8,22612023'. decrè8sed by £8,578}. While the Charily has benefitled in previous years from low bank base rates, there were three increases during the year (eight in the year efore}. The budgelfN 2023-2024 look account of the expectation that Iherewould be further increases in the interest rate. During the year, in common ￿nth inflafj'onary pressures experienced by the economy generally, repair costs incTea5ed. Increases of Weekly Maintenance Conlribulions were capped at 7.00 by the regulalorfor the 2023- 2024 year. Inflation stood at 6.7tsA in September2023 and the increase applicabk for2024-2025 wa8 capped al 7.Y/o. Principal fundingsources The Charity has primarily used its own resourcesfrom the sale of seven houses in Upper North Street. Poplar in 2008. In addition, il has recyded social housing grant of £154,889, received £392,000 soci21 housing gramt from the GLA and £294,877 from the London Btsrough of Tower Hamlets. In 2015 it look out a loan of £400.000 from Charity Bank and in 2018 a further£100,000. Duri￿ the year Ihe balatKe ofthe £100k loan was repaid and the £400k loa reduced by ¢£13k. Of course, the main operational Income of £110k is derived fTOrn Weekly Maintenance Contributions and Servi¢e Charges reCeiva￿e from the eleven flats. No income was losldLsring the ye￿On account of there being void properties. Investment policy and performance Underthe goveming document, the Charity has the power lo meke any investment which the Iruslees see fit. The trustees have considered the rnosl appropriate policy for invesling funds and have found that a mix of ¢ash deposits and investments in a multi-asset Investn￿nt fund meet their requirerr*nl$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 M￿leS1 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. £2.5C￿l Value for Money Statament purpose and the princ4pal actrvily of the Charity isthe provision of hou￿￿9 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￿-¢¢￿ta￿1ed 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$, is welcomed bythe trustees as a useful tool to monitor the financial performance oflhe Charity. In particular, the seven mandatory metticswll create a consistent ba￿8 for comparison wlh se¢lor peers MOVI￿ forward. GEORGE GREEN'SALMSHOUSES TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Thè table below covers the seven key areas for measuremenl ￿qUired by the Regulator of soc￿1 Hous11￿, as well as two additDnal bespoke FerfOrMan￿ indicators. Al Ih¢s lin￿, we have included the historic perfomiance for20211 22, 2022123 and the fesulls forlhe last linanck81 yearending 31 Mafch 2024, GG GGA GG Comparable Lrmdon Almshouse Sector Median 202 Mar.2 Mar-2 Mar.2 Dec-2 IRSH Global Acco March 2023 Number of Unlts 46 <250Q Relnve$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 24.82*0 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 pro*iders in the se¢tor. Benchmarking w0￿d be most relevant with more data from a group of almshouses. Infith this in mind, we hope lo ￿￿rktowardSjoW7i￿9 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$0 ￿vieWed regularfylo ensLEre good retums on current financisl investments lo supportfuluie housing opportunities. The quinquennlal review Ca￿ed out in the previous year prowdes a Y￿d bask8 forplanning future relrweslmenl In the exi$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 f￿t8 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 inte￿1 rates and th@ unpredictability of future rates. Inevitably, GGAfa￿d 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 prO￿edS from the Sa￿ of some of its M&G accumulation units. £90K of Pro￿8d5 and a further£10K of Cash from the bank were used to pay c>ff th8 Spanby Road loan Com￿etelY{£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 I￿anCIng 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 hoUs￿g 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 for￿￿18 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 activit￿S 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 addit￿nal 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 (Op￿onal 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 refL￿t￿l 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 fUrt￿r 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 a￿ge forlhe suc￿Ssful 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$h￿ to be occu pied by p eople ilhin th8 beneficial group of poorwomen who are inhabitanls of Tower Hamlets. the Charity provides benefit by ensuring a good cuslomerservice is provided,. the management arrangements are running smootrly, and reviewed priorto renewal.. the Charity aspires to complywth the Ch81ity &)vernance Code and Ihe regulalorfs Regulatory Standards; there is engagement wth residents lo ascertain whether MO￿ added value can be offered,. to morilor local development opp)rtunilies arKI the capaaly of the Charity lo develq) further,. lo continue the process ol moving the Charity's infLymalion to SharePoinl so that it is accessible by all Iruslees,. lo continually seekto recruit newlrustee8', lo continue lo develop the capllal expenditure programme (including cyclical decorating of indwidual flats),. and to explore the possibllff(y Of replacing the Spamby Road properties or gther newproperty investment. GEORGE GREEN'SALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Govgrning document The Charity's governing document is the constilubon fora Charitable Incorporate FOR THE YEAR ENDED 31 AIARCH 2024 Accounting policies Iconllnuèdl 1.4 Expènditure Expenditure is recognised once there is a legal orconslructive obli9alK)n lo Iransler economic benefit to third party, il Is PTob8ble that a Iransferof economic benefits ￿ll11 be required in seltlement. and the amount of th? Obligatic￿ can be rne8$ured rèliably. Expendituré is classrfiecl under the followng activity headings.. Cost of raising funds CLxnprises costs 0fdepreria1￿n allocated lo endom￿nI funds. Expenditure on charitable acti￿ty&S inC￿deS the coslsdireclty asso￿ated wth rumlng almskDLBes lor poorwomen in the London Borough ofTower Hamlets and to furtherthe purposes ol the Charity and their associated sUPWrt ￿$ts. I￿eCoVerable VAT is ¢h8rged as a cost against the activity forwhi¢h the expenditurewas incuffed. 1.S Allocation of support CQsts Support costs are those functions that a55iSt the workof the Chaiity bul do not direcuy und•1ak6 charitable aclivilie5. Support costs indude back-offi¢e costs, and govemance costswhich support the activities. These costs have ljeen allocated to expenditure on charital* a¢livilie$. 1.6 Fund accountlng The general fund ¢oryrisesthose ￿0￿es. 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 gen￿21 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 contribut￿nS. 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 eCC￿0￿C 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$sot Invastments Investments comprise assets held lo gwérate futijre income. All invesknent assets are Sho￿ on the bala￿e sheet al mawkel value at the balance sheet dale. The market value ha$ 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 be￿en the fairvalue al the yew end and their carrying value. Realised and unrealised inveslmentgains or losses are coMb￿ed in the Statement of Finar￿lalAcliVIties. 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 dI￿ount$ 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 a￿1 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 S￿sequent1Y 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 assumpt￿n8 about the carrying amount of assels and liabililEs that are r￿l 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'$Almshouses is a legislered Charity and, as such, is polenlialty exempl from lax on income and gains falling wlhin Section 505 Income and Corporation Tax Act 1988 or Section 256 of Chargeable Gains Act 1992 to the extent that they are applEd lo itschaTitable objedN8S. f%k) lax charges have arisen in the year. 1.18 Cash flow5tatement The Charity has taken advantage of the pro￿l￿onS in the SORP forch8ri1ie$ 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 HOus￿g 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 Fl￿draising 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 MaIn￿anCe 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 {$￿ note 71 8,037 8.037 5,946 8,666 4,571 77,485 77,485 73,677 Analysls byfund Unrestricted funds Designated funds 66,667 10,818 66,667 10,818 77,485 77,485 Fortho yèar endad 31 March 2023 Unrestricted funds Designated funds 88.343 5.334 68.343 5,334 73,677 73,677 20- GEORGE GREEN'SALMSHOUSES NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Supportand governance costs The Charity intlially Sdenllies the costs of ils support functions.11 then identifieslhosè costs which relate lo tk governancelun¢tion. Govemance costs and other support costs are apportioned sep aralely between the Charity's key activity undertaken in the year. All the general support and governance costs have bÉen apportioned lo the various tharitable activities on the basis of dwe¢l costs allor2led to each activ￿y. Supporf Governance costs costs Tolal 2024 Total 2023 Subscription and Llcences Postage and Slabonery Computercosl Ltsgal and professional fees Administrative costs Bank charges Trustees meeting experbses 796 151 80 796 151 80 1.116 264 480 6.720 86 6,922 88 6,922 88 706 706 Trustees, expenses Audilorfs remun6ration 740 4,500 740 4,500 371 4.200 8,037 5,946 13.983 13,237 Analysed be￿en Charitable activit￿S 8,037 5,946 13,983 13,237 8,037 5,946 13,983 13.237 Employees No remuneration was pald lo the trustees during th& year12023- £nil). DUrir￿ the year, the Charity paid travel expenses of£74012023~ £3711 lo three twstees. The Charity did not employ any Starfduri￿ the year{2023- none). During the year£6,922 (2023 £6,720) was paid lo the Secretary towards adminislratson costs. Iniwest payablo 2024 2023 Bank loan inleresl 32,372 21,386 32,372 21,386 21 GEORGE GREEN'SALMSHOUSES NOTESTOTHE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Net galnslllossasl on Investments 2024 2023 Nel gainslllosses} on inveslrrnnts 8.226 18,5781 8.226 18,5781 11 Net movement in fund$ 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 FI￿holdl8nd 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 depreciat￿n 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 OtherC￿di1ors 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$es Charity (reg number 11891551 on 1 April 2021. 16 Crodltors.. amounts falling due aftèr morè than one yèar 2024 2023 Mortgage loans 302,675 412.084 302,675 412,084 The existing mortgage loans of the old George Green'5 Almshouses Charily {re9 number 2111971 were rèfinanced to the new George Green's Almshouses charity (reg number 11891551 on 1 April 2021. The mortgage loans a￿ secured on Sarah Perry House. 17 Endowm8nt funds Endowment funLIs represent assets which musl be held permanently by the Charity. Inco me arising o n the endoMAnenl fundscan be used in accordan￿ wlh the objects of the Charity and is included as kjnrestricted income. Any capital gains or losses arising on the assetsfonn part of the fund. Movement in funds Incornlng Ra50ur¢es Balanceat r88our￿8 8xpond8d 1 Aprfl 2023 B#lanc8at l Aprfl 2022 Resaurc&s Balancoat exp8nd81131 Mar¢h2024 Pomianent endowments Endownent Funds 1,433,651 112,0821 1,421,569 112.0821 1,409.487 1.433,651 112,082} 1,421,569 {12,0821 1,409,487 -24- GEORGEGREEN'SALMSHOUSES NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 18 Designated funds The incomefunds ol the Charity indude the followng designated fUnds￿lch have been sel sside out of unrestiicted funds by the Irusleeslorspeofic purposes.. Balancoat 1 Aprfl 2022 ResourcEs expended Transl•r8 Balanceat 1 Aprtl 2023 Re50Lirces expended TranBfer5 Batsn¢eat 31 March 2024 Extraordinary Repair Fund IERFI Cyclical Maintenance Fund ICMFI 18,357 {2,5141 6,384 22.227 {6.7781 7,138 22,587 38,880 (2,8201 6,795 44,855 14,0401 9,827 50.642 Repla¢ement Fund IRPFI 2,000 500 2,500 soo 3,000 59,237 15,3341 15,679 69,582 110,8181 17,465 7e.229 ¢rlption, naturo and purpose of unrestrictsd fvnd$: 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￿$ reccAllr￿nded 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 ever￿la1 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$Of￿QtQ?sVts bQtsOOm lundA Genwal Dellynatsd Endowmènt nr￿1r1¢1Qd lunos fu￿d￿ futsrls 2024 TotAI General EndOw￿*￿t unrè5trIcied funds d* tund$ 2023 2024 2Q24 2024 202J 2023 Fund baances pl 31 Ma￿20248[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 eXpen￿S are oulined in Note 8. Thère w8re no disclosable related partylrans8cticA)s the year olherthan above12023 - none). -27-