Charity reglgtration number 1189166 Mational Alm•house Association Registration number 24 Regulator of Soc5al Houslng number 5123 GEORGE GREEN'S ALMSHOUSES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 GEORGE GREEN'S ALMSHOUSES LEGAL AND ADMINISTRATIVE INFORMATION Trust￿$ Aknnder Campbdl OBE JP MNM Jac4ui ￿"reY Jaonta Balchin Graham Barker Terence S¥no) MBE MNM Ak50n WestbToc* LLB (H￿$). PgLIP. ACG Seba*iw Vdl8rd Syiead Ga¥in (Resignèd on 20104120241 (Resigned on 20A14r20241 IAFvointed (m 24K)l￿O251 (Appointed on 22111rd0241 Secretary S Rc**rtson LLB. FCIH, ACG, MA cl￿•?ty number 1189155 National Almshouse A￿O¢latiOn Registr4tion number 24 Regulator of Soci41 Housing numb•r 5123 RegiSt•r￿ offle• 10 Bell Meal Sawtjridgeworth Herts CM219ES Audltor SCB IArrAwntants) Lmrted 31 Sackmue street mand￿Ster M1 3LZ Legal athlisorn D•¥m5hires 30 Finst*Jry Circus Londc EC2M 7DT Bankers Charrty Bank Limrtgj Fosse House 182 H￿h Street Tonbridge Kent TN9 1BE CAF Bank Ltd 25 Kings Hd A￿Er￿e KJ"ngs HIN. West Maikng Kent ME19 4JQ W•bsite ImSh￿Se$. .uklour•aIms￿￿$ts GEORGE GREEN'S ALMSHOUSES CONTENTS Pago Trusl•es' reFK)rt Independenl audrtorfs report 10-12 Statement of finanu81 athil￿S 13 Balance sheel 14 Nole8 to the ffinancaal ststemen¢s 15-28 GEORGE GREEN'S ALMSHOUSES TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Charity has as its goveming d0￿ment a Chwrtalle Ir￿￿￿ed Organisation cor￿tittltic￿ registered by the Charity Commission on 21 April 2020. It is also a sooal landknd registered wilh Ihe Regulator ol Soa"al H￿S￿9. The assets and liabilrties of the old Georg• Greèn's thshouses Charty Ireg numkH 21119n were transferred to Ihe new George Green'5Almshouses Charity (reg number 11891551 on 1 Awi"12021. The trust8es pr8S8nt their ￿nual repcrt and financial stalemerrts for the year eThJed 31 Marth 2025.The Trustees firm that the annual Teport and finanaal statements of the Charity r))mrAy the Ch8rty's ￿n$Irtu110n. the Charities A(* 2011, "A(thuntsng and RerKJrting by Charrties.. Statement of Recommended Prac*¢ce applicable to Charities preparing thsr acc4)unts in aeeordanr£ with Ihe Financaal Rewiing Standard applicable in the UK and Republic of Ireland IFRS 1021 leffec*ve 1* JatrNJary 20191-. Hrrtjsing and Regenerab"on Act 2(M)8, Statement of Recommended Pracbce ISORPI 'Accounb'ng by re9iStered hou5irwJ pro￿￿e[S 2018. and the AccThJnting Direction for Private Registered Prowders of Swal Houyng 2022. History George Green 11767-18491 teg￿ his care8r as an apprentv dRughtsman at John Peffls shipt*Jilding works at Blackwall Yard in 1782. He later married his employer's daugmei. Sarah Perry. and was taken into the business partnership. Over the folkjwng decades, George Green became one of Ihe most successful shipbuilders of his lirne,. the frigates and othef merd)ant vessels built at ￿8(￿81 Yard were the finest in their dass. Throughout his lrfe. George Green was known foi his benevolent disF#JSrt*Jn. A devout free churthman. he Spent substsntial money and ￿ergY on philanthrow projects in Blthall and Poplar, induth.ng a Sailors, Home, the Trinty Indepelldent Chapd. and Ge￿ge Green's Scknls. In 1842 he acquiTed land on Upper North Street, which was redevoloped in 1849 to create a Tow of almshouses to ac(x)mmodate 21 loc* women. The aknshouses were k*)g administered by members of Gfeertr famty until LEing taken on and modemised by Springboard Housing Asscoats"on in 1975. Ow ty"rne. the alrnshovses became no loroer surta￿* - upgrading very small, old flats to meet improved fi￿ reguL4ts"ons was fea51)k - so #Je former th7shouses were sobj in 2[￿8 and the prO￿edS used to build Sarah Perry Htyjse a shcrt distarTrce away. At the same time. ts tfusteeship and management responsibifity w3s transferred Irryn SpriThJboard to a new body of trustees. Named after George Green's first wrfe, Sarnh Perry House Oocated in Flora Close. Popl¥l was buill in 2015 to provide eight spauous one-L*droom llats, balconies and communJ gardens. a5 almshouses for local women of limited financial means. In 2018. the fèmaining proce•Ys from the Sa￿ of original 8lmshouses. as permanent endowrnent, were applied lo the acquisibon of two flats in Spanby Road. Bow. A Ihird llat in Spanby Road was bought around thè sm tsne and al th￿e We￿ ￿￿vated. wth assistance of a grant frc¥n the London Borough of Tower Hamlèts. 0WECTV￿s AND ACTivmES Objectives The benefi¢4al gr￿p that the Charty aims to assist, ￿￿er the terms of its constttution, are poor women who are Inhabit￿t$ of the London Bor￿gh olTower Han￿ets. The mam actimty of the Chanty is the PTowsion of alm5hovses for such benèficiaries. A5 outh'ned above, Ge¢)rge Gieen's Almshouses ￿ttenity (Ywns a total of elèvèn ffats.. eight at Sarah Perry House and three at Spanby Road, Bow. Arthough pemianent endowment is noThally onty spwrt on freehc*J pnjperty, in view of the Property market in Tower Hamlets where it is only possible w buy properties for ￿ngle people on a leasehold basis, consent to apply the permanent •mdowrnent to leasehohj wr4)erty was sought frun ttE Chty Ccrfnmisston granted on 1st June 2018. Activitim for •¢hioving obiectrves The trustee5 have monitored the managèmenl of Ihe WOFerts"&s throughout the year. Queen Vidoria Séafarers RèstlQVSRI. a spec4alist M￿ager of wop&tss pro¥iding care and 5UPrt wwe appointod as managers on 1 May 2024. The trustges Tegularty revi8w Ihe investment reium5 and actual inthme 8nd expendf(ure against budgets. A quinquennial survey of Sarah Perry House took in 2023 the Irustee5 ncw havè a report setting out profile ofworks that might be exp*oaed the next 10 years aTrJ to Sukwt bjdgetsry ￿an5. GEORGE GREEN'S ALMSHOUSES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE Key Pgrforman¢e indicators The trustees monitor the Charty's perforrnance throughcwjt the yèar. Key Perfcyrnance In(thcators have bgen identifieLI and are ¥ewewed annually.. AIMB: The obFd5 ofthe Charity a￿ to proNide hOl￿S for pw w(￿￿ from Tiywer Hamkts. DL￿n9 the year there has been one y8￿￿Cy. The management arrangements wth QVSR, have ￿Sure￿ Ihat Ihe trustees have more awareness of the needs of individul residents and regulai reports afe recewed al Board meelings and acted upon. Estates l Health & Safety: During the year works We￿ carried OLrt to implement th8 recx>mmendalions of the annu31 Fire Safety Risk Asse55ment. The Fife Risk Assessrrwts covering the Spanby Road properties are (xrried out by the freehohjer. PorAar HARCA, and the risk assessments inspeded. There are also regular, fre 5alety, gas safety and el￿1c4 safety checks. At Sarah Perry House there are regular lift safety thecks an¢J thè hghtning o)nthJdws and roof &￿ety hamesses wwe seN(ed. Finance and Invèstment The trustees of the Charty ￿5￿je1 the besi vse of rts assets and seek to en$￿￿ Ihat prudent reserve balances are retained Io CA)ver the need for fulure m¥ir iepairs and as a general i>)ntingency. Over the last 12 months, ihe twstees have been more *ti¥e in lookng at Fthntial grant funding availablg for specific projects such as the GGAwebsrte and the gar(IwTr and bin area at Sarah Perry House. R•munoration and Stafflng: The Charity did not employ any staff duiing the yeaT bjt engaged Stephen Robenstsn as Charity Secretary. Sa￿h Perry House and Spanby Road were managed by The Trust Partnership until 30 Apnl 2024 at which point Queen Victoria Seamen's Rest prO￿led management serbry￿ wder a management Sgrpery￿nl. Trustse Commitn)•nt During the year Sebastien Mffard and Sinead G4￿n wwe appointed as new truste•s Hasna Khanom wa$ also apwnted but for personal reasons had lo resi￿ after a month. J8¢inta Balchin was appointed as the new Chair. The trustees have o¥erseen the operations of the Chty by meets'ng six liffles during the finanfyJ year with an attendance rale of 87%. The trustees agreed to each ￿&￿ent £2(K) Asda vouchers as a Christmas grft. Review of activities Cod• of Governance The Ctriarty has adoptgj the Chan"ty G￿Mat￿e Code fcff smaller Charilies. The trustees have revithved complian(* wrth the Code and in p8rt¥xlw have updated a number of p(*a"es. The trustees believe that rt oJfflpl*s *ilh the Code in al materia aspe¢ts and review ￿MplianCe wilh the Cc#Je at least on an annual basis. Charitablè Incorporated Oryani3allon The Charrty converted to a more modem c(Kpow*e strucaurè as a Chanlable Inc¢yporated organisa1￿￿ and all assels aThJ liabih"tie6 were transI￿red to the rfft¥ Charty on l 2021. A deed ol novation and deed of covènant from the Londw Bwgugh of Tower Hamlets has been ￿gned. AJI operation5 now take place in the n8w Charilable ltKtypor￿ I￿aTriS￿tIOn. The deregislratK)n of the oFd Charity was approved by the Regulator of Housing on 16 June 2023 and the Original George Green's Amshouses organisali¢n was deregistered as a thanty on 29 Jtsne 2023. GEORGE GREEN'S ALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ovgm The Charity's finanaal statèm•Jts for the year ended 31 Marth 2025 shcm a net SU￿￿$ of £26.061 (2024 £15,470) and reservès stand at £1.878.t8O12￿l4 - £1.852.1191. resenffjs carried fO￿ard stand at £45,883 {2024- £21.5481. Ow Volunteers The Chanty di)es not use vdunteers to pro¥ide any services lo rnsidents. rther than the tnJslees Ihèmsefves. As Ihe responsi￿.1￿¢$ of operaD"ng the Chanty are reasonabty signrfKant. the tW5tees deuded that rt was prudent to engage a Charrty Secretary from 1 Awil 2022 on a remunerated basis. This •ppointrnent continues or7 a rolling basis foi the foreseeable future. Public bènefit 8tstsment In shaping the objectwes for the year plannirvJ (Atr aaMbe5. the trustees have (x)n51dered the Charity Commission'5 guidance on pulyic benefft, inc*Jding the guidance 'PutAic b8nefii." I￿ni￿j a Charity IPB21'. The ¥dI￿vementS and activrtie$ above demcfflstrate the wbhc benefft arising thrt￿gh the Charty's actswties. Cornplaints A reV￿W of complaints took pla￿ during Ihe year. To ccynpty wrfh régUlab.￿ a Compjainls Report was publrshed along with a self-assessment of ComF41￿Ce the Hwyng Omlw¢Jsman Complaints HaThJling Code. Both documents have been urloaded to the Geryge Green web$rt¥. FINANCIAL REVIEW A management fee was payatle under the management agreement *￿th The Trust Partnership and from 1 May 21Y24 to Queen Victoria Seamen's Rest at a higher rate than prewously. Other costs indude repair C￿￿tS. loan repayment5. the Charty Secrètary's remuneraticffi, the provision 01 5wwces to the buildings. The operating surplus was £28,57712L124". £29.5561 arKI the Va￿ of ￿￿EstMentS inueased by £6,19312024'. increased by £8.226). The Charty has beftefrtted frcrfn f￿J1 reductK)ns in the bank base Tate. ￿TI￿j the year, in common wrth inflationary pressures experienced by the economy ger￿ally. ￿Pair o)sts inueased. Increases of We*ty M8intenance Contributions were capped by the regulator fcK the 2024-2025 year at CPI ￿u$ 1% 17.7%). Infl8tion stood at 1.70A in September 2024 arHI the T￿￿8$¢ appkabte for 202S2026 was caFved at 2.7%. Prlncipal funding sourc The Charity ha5 primarily used its wi res0￿CeS the s* of seven houses in Upper Nthth Street, Poplar li 21]08. In addrtion. it has recycled soual hcmjsing grant of £154.889, recÈFved £392,000 so(xal housing ￿a￿l frNn the GLA and £294.877 from thè London Borough of Tower Hamlets. In 2015 it took out a loan of £400.(K(I from Charity Bank and i) 2018 8 lurther £100,000. In March 2024 Ihe balance of lh$ £100k kjan was repaid and the £400k loan redU￿d by c£13k. 01 course. the man operat￿31 ineome of £110k is denved from Weekly Maintenance Contrbutions and Service Charge5 recer¥able from the eleven llats. There was one wacancy during Ihe year and void loss of £1,126. Inv•stment policy and perf0m￿nCe Under the goveming d0￿Ment, the Charity ha5 thè p￿r to make any investment t*thtch the trustees see fft. The Irusiees have cvnsidered the most appropriate pc4icy for investing funds and have f￿nd that a mix of ￿$h deposits and investments in a M￿￿aSSet tnvestsnent fund meet th￿r reqLMremertts to weratè incDme. GEORGE GREEN'S ALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves Policy Currentty the Charitys fixed assets are re￿ese￿ in Sarah Pery H￿se and the three PTopwD"es al Spanby Road. Bow. Other cash a55e15 are held in o bank deposit act￿nts and investments in M&G Charity Mijlii As5el Fund5. The trustees have deterniine41 a Reserves Pc4icy which ￿th￿es the provp51￿ of dèsignated fLtnds for Extraordinary Repairs, Cychcal Maintenance. and the T*aCe￿￿t of the lth. The 3m(yJnts sèt aside are based on recLmmendations from The Amshouse Assoaation. In addition. to ensure tt)* any cosis ol any works ￿ be funded when required, the tnjstees have agreed to maintain INU￿ a55ets (cash plus investmenlsl equal to at least £20,000 per unit li.e. £220,LMJO based on the current 11 untsl. ￿'qUI￿ty is mC￿rtored throughout the yeaT and ihe balances have been suffiaent to athie¥e this target. The Extrdor(Jinary ReseNe Fu￿1 If￿ Iw*lem) map)r repairs) cuffenlly thds at £30.011 12024.. £22,587). During the year, Ihere wa$ an 8xperKffiture of £Nd {2024". £6,778) frorn fuThJ. The Cycl￿1 Maintenan(* Fund Uor ￿eMaI and L¥Jmmunal de(x)Tating and planned inlemal works linduding decorating. bathfoom5 and kJ"tehÈns)l tsjrrtntty stands at £54.08O12￿24. £50.6421. DLtring the year. there was a net expendrture of £6.780 12024.. £4.0401 from the fiJnd. Tl¥s was to carry oul decorath)ns * one 11at and io repla{* a gas boder at flal 1. The L]ft Repkicernent Fund for the eventual r•rIac￿nen1 of the &ft at Sarah Pery Hcmjse. OJTrenty stands at £3.5 {2024. £3,000). Value for Money Statement A Value for Money ststemenl (bekm) has bew induded in the wnual ￿tK￿L The purpose and the wncipal aCtI￿ty ol the Charity is the of housing for women with limtt•d in￿rne who are ￿habItants of the Lond￿ Borough of TTh¥eT Hamlets. The Charity owns eleven properties in the borough ccfflprised of a scheme of 8 selkontained unts and 3 indiwdual lea$8hold flats. Th• introduction of the key metrics, imposed by the change to the RegLdatory Standard ￿ February 2019 to accounting rules for housing assoaations. is welcclned by the trustees as a useful tool to monitor the ffinancial performance of the Charity. In pthcular. the seven mandatory metrics will create a consistent basis for C4amparison with sectof peers moviThJ fO￿ard. The tsble below ￿verS the seven key area5 for measurernenl required by the Regulator of Soual Housing, as wel as two addthonal bespoke performance indKalor5. At this tiryre. we have induded the hiSt￿lC perfc¥rnar￿ for 20221 23, 2023ll4 and the results for the last financial year ending 31 Marth 2025. tv 0¢¢4J c¢oufflty 10 le4V 2i2 Y4 GEORGE GREEN'S ALMSHOUSES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 The tnjstees recognisè tha va￿e of vAJrking wth peers in the sedor as the mekn¢s do not ￿nd themselves to comparison ￿th small. registered prowder5 in the sector. Benthmarkng would be most relevant wth mofe dats from a group of almshouses. this in mind. we hope to wowk towar(Is I￿ning a sector peer gioup of similar size and London location to measure our FerfNrn￿ in more c4)ntext. 1. Reinvestment in existing homes The ITU51ees actively conyder how best to usé surplus ftjnds to invest in both new and existing housing. Property acxjuisitions and development whith have taken place in prewous years have am been subsidised by the Recyded cap￿t￿ Grant Fund and grant monies frc*n Ihe GLA ar￿ LBTH. Ths has kept the r￿s1 of housing io a minimum. The trustees have deteThTrined a Reserves Pdicy to ensure that Vwe are designated funds to co￿1 Ihe ¢o$t of ma￿r long-temi repairs. using the latest reCc4nmendats￿S from thè ￿M$hOL￿ A550(aation. This ensurès that the trustées can wnsidor Ihe (3pacity for furlher development and have suffiryenl re50uTce for redevelopmem and wo￿$ on existing units. The TTeasLry is ￿s0 rewewed regularty lo ensure good retums on uj￿8￿t financial investments ¢0 support future The quinquennial review carried oul in the F¥ev￿uS year provmles a gOt4I bags lor planning futufe r*in￿stMent in the existing siock as do regular assessments of the buili*ngs for fiffj bLMlding safety. Over the last yeai, 8 nèw bciler has been installed in an e￿ts"n9 property at Sarah Pery. 2. New suppty &nce the purchase of the 3 Spanby Road ftats in 2018, further new unrts have been dehvefed pending improved economic cOnd￿0￿S and opwtunrt￿s in the hxal area. In addrfJ"on. the tmstees have laken the view that the arrears pOSi￿jn needs to be under corrtrol before any new propert.ies are taken into management. In line with its charitable purpose, the Charity does not ¢￿endY own any nortssccaal ho￿ng pi4)ert*s but continuauy rekniews potential new investment options. 3. Gearing % The Chanty is not highly geared with a negative ratio demonstrating the capacty that the Charty has lo service more dèbt rf it wanted to. This can in part be 3ttriLKrted to management of the Charitys existing borrowng over recent ye8rs. The 8PFAication of the sak woceeds from the ortginal ahnshouses as"permanent endowment montes. as w811 a5 th8 lgvel of grant monies ckntain￿ tr Ihe three 2018 propw purchases has 8150 allowed the Charty to minimi5e the alditional bank boffowing requre(1. These 3 new properties remain ungncumbered and therefore are available for fuiure loan secunty rf need&l. Over the last 12 months. the Se￿0[ has seen Mar%(￿￿0m￿c fac10rs imwove, notsbty the k)wer interesl rates and more predictsbility of future rales. GGA has b8n*fiW fr¢)m rdativety lower interest payments for the period. reporting a lotsl of £22,379 in Marth 2025 compwed to £32.372 in March 2024. A reth¢tion of nearty £10,000 over the last 12 months. The result over the period ha5 seen a further fal in Ihe geamg melric from 8 figuie of -0.55% in the prewou5 yearto 4.40% for March 2025. Th￿ dernonstrates suffio.ent ii(xJFre t￿￿enty to covei am borrowings but more imwrtantly Ihe polential capaoty for the trustees to o)nsth borr(h￿"ngS for acgui&tw$ and developments. 4. EBITDA MRI (Earnings bèfore Intere8L Ta& D¢prndth and AMortI￿tIo￿ - Major R•palYs Included Int•rÈ8t cover % The Charity is highly geared arKI thwekxe inte￿st and finanling ojsts can be kept re￿lIvelY low wth an interest cover of 2530£ wmpaied io 264% for the Wev1￿j$ ￿. The Charity manages rts borrowings well arvj has the potenti￿ fof future invesimenL 6. Headllne social housing ¢￿t per unit This represents the total cost pei untt for the Charrty to delNer its social hwskng achwties. The trustees regularty rewwi actual Ineome and expendituie against approled budgels to manage these costs in line wrth the tharitable objectives. Over the last 12 months. rrp, and then from May 2￿24, QVSR. have managed all 11 units on behalf of GGA at a fixed management fee. ￿￿S disbursements. Management ¢X&Sts a150 indude a proportyon of the se￿Ia￿S r￿Unerab"on the Free￿d￿5 rnanagement Costs at Swby Road. GEORGE GREEN'S ALMSHOUSES TRUSTEES. REPORT IcoKfiNUED) FOR THE YEAR ENDED 31 MARCH 2025 Last year the eA)St pèr untt was repNted at £5,693 and this has inueasèd to £6,114 for this repot*ng penod and is sIKJhty highw than the weighted sector avuage. This Ir￿S￿ (%n be altn"buted to IhÈ higher managing agent lee5 as well as inllationary pressures on relativdy higher rwtine rnainlena￿ cos15 in general. (£1,722 per unli ccfflpared to £1.159 per unrt f¢N the prev#￿$ yearl This headline unit cost also indudes the secretarls nput in both management and rep•rs. This ekment is expected to reduce ovèr iFmè in line with increastng man4irKJ agent inVo￿tment. 8. Op•rntSng maryln % Isoclal leldngs and oveTrl As a relatively small h04Jsing charity. the rnaj(ty ol twn0￿[ is derwed from social h￿SIng lettings wilh a sm31 (xrtribution from solw energy income *)d Inve￿Ment inc￿e. Income from the e￿Ven woperbes is subjèct to the RSH Rent Standard and as suth the level of Contr￿u￿On5 frAltyws the regulator's guidance. Annual incseases can only be made withii the limits ol the fO￿U￿a pro￿￿￿. For the year 2024r2025 the increase was based on CPI16.70%1 +1% so an of 7.7% in tolaL 7. Relurn on capilal employed % This rnetr￿ assists the Charity lo rneasu￿ the effi￿ent inveslment of (2pit31 resources. The trustee5 are keen to periodically rewew ihe approach lo finar￿A31 and prwerty investments but need to remain fairty risk-adverse to manage raptsl market Shocks. lknr the last 12 months. we seen a fvrther increase in thi.s melri¢ from 0.72% to 1.32%, 8. Management Cost per social housing unit {optional mètrlcl This metric represents the cost per unit lor only delivering social housing a¢Aiwbes and Telates prineipally its the m￿agIng Agent Fee that is thafged. As expected. the fee is higher than in PTevious years ané is largdy due to th¢ change of managing agent that took place in May 2024. ThÈ5 additional metn'c assists the trustees to m(￿ltOr costs and the ￿rfor[nanc￿ of the mwaging agent. For 2024rd5 this is £2.C64 compared lo £1.404 per unit for the prewous year. An increase of £660. This exctyjdes thè inpul trom the Charity Secretary at this time. 9. % Of W••kty MaintenJn¢e Contrlxrtiofi debit eolltcttd (optional rnetricl Since 4 July 2022 adual ¥0￿S and actual collecknn rate5 are reflecied •i the finan(i81 statements. During 2024- 2025 there w85 one vacancy resuliiny in 5 weeks k￿$ of £1,126. Arrears have escalated duè to individual resident issues as wdl as the move to the Urwersal Credrt system fw a rTumber of the res*Jents and resident5 receiwng the correct amwnt ha5 Ixeated payment d81ays as wdl as insuffiaeni funds being paid by residents throughout the year. Further to the is$ues nole(l above thi8 methc owr Ihe last 12 months has tslen and onty 84% of the exFected rent h88 t)een collected compared to 88% and 87.5% in we4ThJus yews. Since NOveM￿r 2024, the Charity has proaress with tho urbi￿[SaI Crpdit team to resofve systemic issues wilh GGAS own landlord act>)unl and prot4ematic regdenl accounts. Arrear are SI0￿ bw.ng re501ved. The new managing agent ha5 also rnade (￿90erable prcgress Teshyent relatr'ons as well as an ANears Prevention Piocedure has been &Jopled to n￿lmiSe new arrears g￿n9 fc¥w•Td. GEORGE GREEN'S ALMSHOUSES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 FUTURE AGTMTIES The main activiliès for 20242025 inchjded the work requwed for the successfvl transfer of rnanagement arrangements frorn The Trust Partnershp to Queen V￿t￿la Seamen's Rest comments)g 1 May 2024. There was 31s0 additional scJutiny to ensure coMph￿ce with heahh and safety matters. Comph"arFce with the Housing Ombudsman Code of Compliant Handling and with Ihe ch￿ Govemartce Code for sMal￿r Chan"ties was self- ass¥s8ed. All trustee appointments and terms of office rnn from September each year and two twsiees were appoinled. All tharity information has been transferred lo ShaTePoint is a¢x*ssi14e by am trustees. The prime f￿S of the charity In 202&2026 remains to ensure that.. . the thorrty carries OLrt its purpose by enat4ing Ihe el¢¥en flats ￿ its ownership to be 0￿UpIed ty peoFle within the benefictal group of rthrwomen who we inhatsiants of Tower Hamlets,. Charity prowdes benefit tjy ensvring a goc¥J rajstomer seM(Y is provided.. the management arrangernents ￿e runrbing smoothty, and re￿$W$d pfior to renewal.. the charity aS￿reS io compty with the Chanty Governance Code and the regulator's Regulatory Standards., there is engagement wrth residents to ascertain whelher more added value on be offered.. lo monitor local development opportUn￿eS aThJ the ¢ap•* ofthe thanty to devel¢)p fvrther. to continualty se&k to reuurt nv4Y trustees. lo continue to devdop the capilal ex￿nditure proyramme linduding wdi¢al decorating of in(Jiwdual flats). lo publish a Regdwi Handl)ook and invite leedbad( and a mecharnsm for rt to be kept up to date. ensure the heatth and safety proVi￿r￿S for le￿dentS are Tobust Iru$iees to consider steps tr) be tsken to inprove ￿ wtreath ar￿ partnership working. STRUCTURE. GOVERNANCE AND I￿ANAG￿lIT Goveming document The Charily's goveming dofjjment is the c￿stIl￿￿ tr a CharIta￿e Ineworated OrganiSatic￿ of 27 September 2020. R￿N11m•ntand appointsnent of Trustees The trustee6 of the Chanty who sefved during the year are set (￿rt on legal and admir*str3tion page. Potenlial trustees are firslly invitad lo an intemew the Chair and olher Iwsfee to assess their suitablrty to ad a5 a trustee. A recommend8tion is made to the fijll board of tnJsta*s lo approve new trustsès. Newly appointed trustees sign a statement of otAtyJstions and confimi that th¢y are not di$4ualthed from acting as a Charyty trustee. Trustees are appointed for three year lemis. Tn￿tr9 induction and trdlning Once apFoinled, new twsteè$ are made awate of their responsibAths by attending out5Kle ca)urses if ne￿$Sary. Training 5essK)ns are availalje through the Amshovse AsS￿"atiOn. P•y poky for slaff The Charity does not employ any slaff. ahhough a Ch• Se• was engaged from Awil 2022. Oryani8atlonal structyre and decl*lon m•king The trustees meet al lea￿ quarterly a$ 8 Board. Frorn 4 J￿Y 2022, The Tru51 PaTlnership prO￿ded management servirRs and from 1 May 2024 the s•rwces were prowded by Queen Vidoria Seamen's Rest. GEORGE GREEN'S ALMSHOUSES TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Risk Manag•m•nt and Complianc• The trustees bdieve in accepting unavc¥dable manageable risks vthen raTryng out the strategtc obiectwes of the Charity and priontssing actions that minimise thern. The trustee$ re¢ognis¢ thai sourK1 risk management is al the core ol every suc¢e$sfiJl business and understand the need to take a balanced approath to risk and lor effective controls to ensure that risks 8re managed mintmised. The main managem8M risks relaled to ￿r￿J￿￿￿J the wOwt￿S were managed wel and that the￿ was ccm￿lance with health and safety ￿qUIrements. The trvslees monitored gas and lrft seNiong through the yeai. Recommendations from tt￿ October 2024 F￿e Safety Risk Assessment were rewewed and im￿eMented. The last Water Safely Risk Assessment was tt)mmisS￿)nell EleLtiir￿l Ins￿tionS were undertaken in 2023. The overall risk register is eonsidered by the tnjstees al regular interv*. Our managing agenl, The Trvst Partnership n(M Que8n Victoria Seamen's Rest. has direct communication wrth the Chair and Settetary io deal wth wgent rnatters. to be ￿SpOnSIve to minimise nsk. They prowde reg￿al performance Teports to allow the trU￿e￿S to manage risk and exeTC4se good governan￿. They also ensure Complian￿ wth the Regulatory Standards ol the Regu￿Or of Soc•"al Housing IRSHI. Thè Board Confirrns that the Charity complies in aN material res￿￿ th the Governance and Finanual Vrability Stsndard as quired by Ihe RSH. Two tru51ee signatories are required before cheques arè paid which are hordty ever used these days, 8nd the IN￿lee8 approve sgn4ficant expenditure before it is Incurred. Invtsic*5 which are setded by elethonic payment are authorised. inwt by a trustee and auihorised by the Chair. R•lated parfles The trustees of George Green's AlmshiMJse5 {CIO} were ￿s0 Irustees of the original George Green's knshouses Charity. The original G8OTgg Green's AmshcwJses thartty was removed fr(NTr the Charity Commission register in June 2023. ststement of Irustees. rnsponsibillti8s The trustees are responsible for preparing the TDJstees' Rewt arwj the financ4al ststements in accordance with applicable and Unrted ￿.￿gdoM Acc(yJnts"ry S13rMJards (Unrted ￿gdoM Generally knepled Acc4)unbng Practice). The law appluble lo charthes in Enoand and Wates rewires the trustees lo prepare finanaal slatements for each finan(yal year give a true and fair view of the stale of affai￿ of the Charity and of the In￿Ming resources and ap￿￿lIon of reswrees olthe Charity for that ye¥. In preparing th&se finanual statemefrts. the trustees are requ¥ed to". . select suitable acLX)unts"ng and then apt* thern ￿51Stent￿l.. - observe the methods and principles rn the Charit￿S S(NiP," - make jLM4gtmenls and estimates that rea5rffiat4e pntht: - state whether applicaL4e 3wthJnting sland*d$ ha¥e teen frI1￿ed, sutyt lo any Materi￿ departures disdosed and explained in the finanryal statements: and - wepare the finana81 statements ￿ the wng bass unless il is tnappropriate to presume that Ihe Charity will continuè in cyer3tKJn. The truslges are reswsible for keeping 5ufficaent ￿￿￿nts"ny re(x¥ds Ihat disckJse wth reasonable accuracy at any 'me thè finanaal posrtion of the Charrty and enable them to ensure that the finan(iaJ ststements compty with the Charit*s A(* 2011, the Charity {Accounts and Repc¥tsl Regulations 2(%)8 and the yovisions of the wnstitub.on of the Charitable Incorporated Organisats"on. They are also ￿spon￿ble lor safeguarding the assets of the Chatty and hence for taking reasonable steps for the weven1￿ and delection of fraud and other *rTegul8rilies. The INsteÈs 8Te responsiNe for the maintenance and irrtegrity of the Charity and the finaniaal inforrnalion induded on the Charity's website in acci¥dance vthh legislation in the Llnrted Kingdom goveming the preparation and disseminab'on of financjal statements GEORGE GREEN'S ALMSHOUSES TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 DIs¢losu￿ of infr•miation to auditor Each ol the trustee5 has eonfim*d that there k8 no infonnab.on of whith Ihey are aware which is relevant lo the audit, but of which the 8uditor is unaware. They have further confTh￿￿ thai have taken appropriate steps lo idenbfy suth relev￿1 ￿formall0n artd to eslabkh that the auditu is a￿are of 5uth infomation. The trustees, report wa$ approNEd by the Bowd olTrustee5 Svdn￿ ￿ its behall by.. J Bttlehln Trustee Date.. I)unting Dir8Ctw for private regtsterèd prov*Jers ol so(xal housing in England 2022. Basls for opinion We ￿)ndUcted our audit in atxordance wilh Irrtemational Stsndards on Audrting (UK) (ISA5 IUKII and applicable law. Our responsibilities under those standards are furthei ￿esL￿t)ed ￿ the Auditorfs iespwsl)ilities for the audit ol thè financial statements seth.on of our repcYL We 8re indepeThJent of the Charty in a(xordance wth the etht¢31 requirements that are re￿vant to our audit of the finana￿ staterneTts in the UK, induding the FRC'S Ethical Slandard, and we have fulfilled our other ethical ￿Sp￿&bIlitieS in accordan(% wrth these iequirements. We believè ihal the audit ewdènce we have ctrta'nwj 15 Nffitient and apprwale to a basis for our 0￿￿10￿. COnc￿l0n8 r*la￿n9 to going conctm In auditing the finanaal statements, we have ￿Cknded that the trustees, use of the going c￿C¢M b83is of aLwunllng in the preparati￿ of the financial st*enwts is awoptiate. Based on the WO￿ we have wfomied. we have not IrJ￿ any maieriaj uncertainties rektsng to events or ndrtiThis that, indiv7dudly or ¢dI￿"v￿Y. may cast swrficant doubt on the Charivs abitty io contsnue as a 90ing con¢em for a period of at lea81 ￿efve m(xth5 from vthen Ihe fin￿(JaI statements are authorise¢J for issue. Our resp￿￿blIt￿s and the respDnsib1lit￿ of the In*t005 *rylh respect to going ¢on<*m are des￿bed In the r¥levanl sections of this rgport. Other Infommtson The Oiher infofmation thmpnses the infornialion Induded in Ihe trustees. annual report. other than the financEal statements and our aLtdito¢s report therec￿. The IwsteÈs are responsible for the other information cuntained wlhin the annual report. OLK ownion on the financhql statements does nol cover the other wrfomiation and we do nol express any fomi of assjrance 1￿C￿SK)n ihereon. Our respon5ibilty 15 to read the olher Informatic￿ ￿d. in doing so. c￿sider whether the othef infornation Is materialty inconsistent vAth the fmanoal statements or our knrmledge obtained in ihe course ol the audit. or othewse appeals to be m*erialy mtsststed. If we Klenb"fy such material inconsistenoes or apparent material rnisstatements, we are rèquired lo detemiine whether this gNes iise to a mateNal misstatement in the financial Statements themsthes. If, based ￿ Ihe work we ha￿ perfom)ed. we condude that there is a mateTial mtsslatement ol this other ￿f0￿3110n, we a￿ reqLured lo retM)rt Ihat facL We have nothing lo report in regwd. 10- GEORGE GREEN'S ALMSHOUSES INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GEORGE GREEN'S ALMSHOUSES Matt•rs on vkni¢h we arn required lo rnport by •xc•pilon We have tKlthing to rèrK)rt in respect ot Ihe fotlowing matters in relation to which the charit￿$ {Accwnts and Reports) R8gulations 2(X)8 requires us to report to you if. in our opinion.. the Inf(Kmali￿ given n the financial Statem￿ is irmissst8nt in any materi* respe(* with the trustees, report.. or sufficient accounting records have nol been kept.. or the finanrAal statements are not in agreement the accounting recgjrds. Of we have not received all the infonnation and eXpl￿a￿"On5 we reqirire for our audTL In addition, we have nolhing to rerxY1 in respeLI of the foll￿￿)9 matter the Housin9 and Regeneration Aca 2008 requires us to report to you rf. in our wnKJn'. a saty"sfaaory system of control oVertranskn￿S has not b8en mainu"ned. Re&pon•ibilitie¥ of trustees As explained more fulty in the stslement of trustees. respOnsi￿￿￿'es, the trustees are res￿nsible for the preparation of the finanual stalements and for beiny satisfied that they give a true and fair view, and for such intemal control as the tnjstees deleThnine is necessary to enatle thè weparats.￿ of fina￿la1 ststements that Bre free from mater rnisstatement. whether due to fraud ￿ error. In prèparing the finan￿31 Siaternents. the Irustees afe responsitAe for 3ssÈssing the Charity's abilty to Continue 8$ 8 going concem, disdosing, as aprAi¢able. rnatter5 rdated to gThrwJ C￿cern and u*ng the g(Hng concem basis of attounting tsnle$s the trustees erther inteTrJ to cease wration$. or have no ieal.stic attemative bLrt to do so. Auditorfs responsiblliiies lor th• atsdit of the finan¢ial ststements We have been app(xftted 35 auditc￿ under 145 of the Charibes Acl 2011 and report in ar£Ordan￿ with regulations made under sectKJn 154 of that ACL Our c￿Jec11veS are to obt• reasonable assLKance ab>Jt *thether the finarKyal statements as a whole are tree from material misststement, whether due to fraud or error, and to issue an auditorfs report that indudes our opinion. Reasonable assuran￿ is a h￿h le￿1 ol aSSUrar￿ bul is nol 8 guarantee that ￿ audit ￿Thdu￿ed in ￿COrdanCe th ISAS IUKI will afv4ays (teteLt a rnaterial misstaternenl vthen It exists. Misstatements e3n arise from fraud or error and are c(￿$￿￿ered mateftal rf. individuamy or ￿ Ihe aggregate. they o)uld reasonat4y be expectsd to influ8nce the economic deasions of users taken w the b￿S ofthese finanaal statements. Irregulanbes, indu(ling fraud. are instances of rthmmrAiance wrfh laws 8rKI re9￿atIonS. desgn procedures in line wth our responsibilities. ouuined above. to Ileted material missiatements in respeca of irTegularib"e& Induding fraud. The extent to whith our procedures are wable of detecting irregularJts"es, induding fraud is detsiled below.. We gained an undèrstanding of the and ￿ulatCry framewlxk applicatle lo the th8nty and the Industry in wh￿h it operates. 8nd con81dered the rtsk of acts by the charty that were contrary to applicable laws and r89ulations. Induding fraud. We dis￿sSed ¥Alh the Tfustees the wAiaes and procedurès in place regarding complian¢e wih laws and regulth"ons. ￿ di%ussed arnongsl the audrt team the identified laws and regulati¢)ns. aThJ remained alert lo any in(%¢Xions of n0￿cOMpli8[￿. During the audit we fcoJ8sed on laws and regulats.C¥￿ whith coukl reasonably ￿ expected to give rise to a malerial mi5Statement in thg finaririal ststements. induding. tyJt not limrted to. the Housing and Regeneration Act 2008. UK tax legislation. Chanty Act 2011 and Housing SORP 2018. Our tests induded agrn8in9 the finanaal stalement disdosures to urKJerlying gJpportJ"ng docUmentsb"C￿ and enQ￿rIeS ￿th management. 11 GEORGE GREEN'S ALMSHOUSES INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF GEORGE GREEN'SALMSHOUSES Our procedures in rdalh)n to fraLtd itK4uded bLrt were noi liryited to.. inquires of management whether they have any ktM)vAedge of any acthal. su5pecled ￿ alleged fraud, and discussions arnongst the audit tèam regardiny risk of fraijd su(* as opportun￿"eS for fraudulent manipulatk)n of financ￿1 siatements. We delemined that princ4pal risks related lo posting manual joumal entrios to manipulate financaaj perf0mian￿ and management bias Ihrough judgements )n a￿ountsng esth'mates. We aLso a￿d￿sSed the of management override of internal controls, induding tesling Tr)umals and apwopriateness of OiheT enlrie5 in the nominal ledger. remewng transactions arovnd the end of the reporting period; and evaluab.ng whether there was ewider￿e of bias by the directors that represented a risk of rnaterial misswement Ikje to fraud. Because of the inherenl limrtations of an atwjrt. the￿ is a risk that we wql not detect all wregularities, induding those leading to a material missiatsmènt in the financial statements or nOr￿CoMplI3￿ce with regutation. This risk increases the more that complianLt with a law or regulalion is removed frorn the events and Iransathons rellected in the financial statemenis. as we will be less Iikety to I￿Nne aware ol instsncts of nor*-￿MplI8n¢e. Thè tisk is also greater regarding wregularities occurring due to fraud rather than erriy. a5 fraud invcdves intentsonal cKJnc*alment, forgery. colluwon, omission or ￿5reWe5￿rtatIc￿. A ftjrther descrption of ow reSp)n￿bilIt￿S i% awaila)le on the Financyal Rep(Mtwig Council's wÈb5rte al.. https.'Il vA¥w.frG0rg.uklaudrtorsrespo￿tIlItss. This dewiplion forms part of our authtorfs report. Use of our report Thls ￿port is made sokty to the Charity's trustees. as a bLNJy. in acujrdance wrth part 4 of the Ch8ri1ie5 (Accoun15 al￿ Reports) Regulations 2CM)8 and section 137 of the Hwgng and Regeneration Act 2008. Our audrt wtsrk has been undertaken $0 that we might stale to the Charitys trustees those matters we are required to state to thern in an auditorfs report and f£￿ no other purpose. To the ftllesl extent peTmrtled by law. we do not accept or assume responsibility to anyone other than the Charity and the Ch¥ity's trusiee5 as a bc*Jy. for our audrt wovk. ft>r this reptyL 01 lor the opinion5 we have fomied. J•ffRy Bor 8SC FCA ISgnioT Statutory Auditor) for and on behalf of SCB (A￿OUntants) Limitsd 31 Sackvill• Str••t Manch•stsr MI 3LZ Dale= 2110712025 12- GEORGE GREEN'S ALMSHOUSES STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrnstricled Endo*Theftt funds Total 2025 Total 2024 Income and ndowrynents from- Chantable actiwties other trading adivrbes Other income 128.501 128.501 1,032 160 118,396 727 160 Total incom• 129.693 129,693 119,123 Direct actr'mty u)sts 12.082 12,082 12,082 Charitsble 8(*'wbes 89.034 89,034 77,485 Total Opèrnting costs 89.034 12.082 101,116 89,567 Operdting surplu•lld¢fjcltl 112,C62) 28,577 29,556 Investments Interest payable Net gainslllossesl WNesbnents 13.670 (22,3791 6.193 13,670 122.3791 6.193 10,060 132,3721 8,226 10 11 Nel Sn¢omlntyloutyo¢ngl YtsourcM b•fthv tramfers 38.143 {12.Cé21 26,061 15.470 Net mov•ment in lunds 38,143 (12,C621 26.(￿1 15,470 Fund balances at 1 Awil 2024 442,632 1.409.487 1.852,119 1.836.649 Fund balancm at 31 lknh 2025 480,775 1.397.405 1.878.180 1,852.119 The statement ol finanoal tythityes indJde5 all gain$ and k)sses reo)gnised in Ihe year. The notes on pages 15 10 28 form part of these fm*rial statèment& 13- GEORGE GREEN'S ALMSHOUSES BALANCE SHEET AS AT31 MARCH 2025 2025 21124 Fixed •ssels Tangible a$5ets Investments 14 15 1.799.101 255,0 1.813,398 243.619 2,054.191 2,057.017 CuTh•rt assets Debtors Cash at bank and in hand 16 25.118 118.701 22.125 97,786 143,819 119,911 Cr•ditorn: amounts falling due willwn year 17 128.9)n (22,134) Net current asse15 115,312 97.777 Total ￿sel8 less currert Ibabllltlej 2.169.Y)3 2.154.794 Creditors". •mounts f￿1n0 dye after more than on• 1291,3231 1302.675) N•t a83•ts 1,878,180 1,852,119 Total Funds of the charlty: Capilal fund EndowTnent fijnds 19 1.397.405 1.409.487 Income funds Unrestricted lunds Dèsignated funds General unrestricted fvnds 20 87.591 393.184 78,229 366.403 480.775 442.632 1.878.180 1,852,119 The finanual ststèmènts were apwoved by the Tmste•5 Cll ........... .. and signed on its bshaff by.. J Balchln {Chal G 8ark•r Thè notes on pages 15 to 28 fom) part of these fjnan£ial statements. 14- GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIARCH 2025 Accowrtlng poll¢le8 Charity inlornwtion George Green's Almshouses is a Chanty registered thè Charrty commiss￿ as a Charilable Incorporated Organisation. the Regulator of ScKaa as a Registered Provider of SoLi* Hou51ng and with the Natwal Assoriabon of Almshixjses as a RegisteredAknshouse Charty. TRA14SFER FROM OLD CHARITY The assets and liabihlies of the old George Green's Amshouses Charity {reg number 2111971 were transferred to the new Geryge Green's AJmshoL*es Ch*ity {reg number 11891551 ￿ 1 Awl 2021. The original Geryge lknn's Akn5hwses Charty was remoNEd frryn the Chwty Commi55ion register in Junp 2(r23. 1.1 A¢¢ountlny ton¥*n￿tsn The finanoal $tatemenl$ have been kryared in the Ch8nVs governing document, the Charities Act 2011, FRS 1(Y2 "The Finanoal Rep￿tr9 StsrKlard apph"cakle in the UK and Republic of Irelan rFRS 1(r27, the Chartbes SORP "Ar￿untsng and Reporting by Charibes" Ststement of Recommended Practice applicable to charibes preparing th$v accounts in actt)rdance wrth the Financial Reporting Standard aFplieable in the UK and Republic of Irelarxj (FRS 102)" {effe(*tve 1 January 20191, the Statement of Recommended Pra￿￿tr ISORP) "A(xx1￿ting by registered 50C4al hwstng prowders 2018.. the Accounts'ng 'rection for Private Registered Pro¥thr5 of SLKia HrAJwg in England 2022 and Housing and Regeneration Acl 2008. The Charity is a Publbc Beneft Entity as defined by FRS 102. The finanual statemer¢ts ha￿ departed from Ihe Chatit*s IAct¢unls and RepcAls} Regui8b"on5 2(JJ8 onty lo the extent required to provkle a true and fair vwi. This departuie has invthd following Ihe Statement of Recxynmended Practice kn tharrt*s apthrKJ FRS 102 rather than the ¥er5ion of the Statement of Recommended Pra(aice which 15 referred to in the Regulations t¥Jt has sw)ce bèÈn w41hOrawn. The )Inanual statements arè prepar811 in sterti)g. TrAthith is the fiJnctional cuThency of the Charity. Monetsry amounts in these finanual Statem￿ts ¥8 rounded lo nearest £. The financial statements have tr￿n prepwed under the histor￿￿ Gost convenkn. wth items relwnised at i*Jst or transa¢aion vdue unless othew.se stated in the rele¥8nt nole(s) to these accounts. Thè prinupal accounting polioes adopted are Set out below. 1.2 Going conc•m The Charity's financi￿ statements show a net suwpkjs of £26.1￿1 12024.. £15,470) for the year and free reserves (xrried forward of £45.863 (2024." £21.$48). The trustees have detem)ined a Reserves Poh'cy which indudes the prow&on of designated futKls for Extraordinary Repairs, Cydical Maintenance, and the repl8￿ment ol thè lift. amounts set askle are based on reC￿n￿endationS from The Almshryjse Association. In additi<)n. In order to ensure that any costs of any works can be fiJn¢Jed when required. the Irustees have agreed to mwntain IiqL*J a&8ets l(gth ￿lIS investments) equal to at least £20,0￿ per unit li.e. £220,000 based on the current 11 units). Liquk1tty is mwrtored throughout the year 8nd the balances have been suffiaent to achieve this tsr Attording¥, and After maknng appropn'ate en￿1￿$. the Trustees have a rè8S0na￿e expectalion that the charity will be at4e to conts.nue in operalion and me* its li￿l￿e$ as they fall due for at least months from the date of signing of trM"s reF*Yt. On this ba￿S these finanaal slatemtnts ha¥e tjeen wep*ed on a gc¥rtg o)ncem basts. 15- GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Actounting pollcles (Continued) 1.3 Income Income is recognised when the Charity has enlthment to the lunds. any performance condrtions attached to the rtemlsl of income have b#en rwrf rt 15 probable thal the irrt)Jne Mll be I￿eNed and amount can be rneasured Teliabty. lal Weety maint8narw O￿tr￿NjI10n iFKcrfne and ser¥ice charge $r￿OMe are c¥edrted to in￿)Me in the year in whth they are receivable, net of losses frun vcids. Ibl Investment income is induded ￿et1￿ble. 1A Expenditure Expendituré is recognised once there is a legal or c0nslrucli￿ ot4MJaknon to transfer eri)nOM￿ benefit lo a third patty, it is probable thai a transfer of e￿Orn￿ benefits wil be required in setdement, and the amount of the obligation can bè measure(I rdiabty. Expenditure ￿ classified under the fol¢xbng ath.bity headings: . Direoa a¢AMty costs comwises o)sts of depreciatw)n a&xated to end￿ment funds. Expendrtwe on tharrtat4e &li¥ibes rnc*Jdes the costs directty assouaiÈd wth running almshcAJse5 for pogr women in Ihe London Borough of Tcwer Hamlets and io fvrther ihe pU￿se5 of the Charity and theii aSs￿lated SUPFKMt ¢ost5. lThecoverable VAT is ¢h¥ged a5 a cx)sl a9￿st the acaibity foi wtrmch Ihe Èxpen(fiture was irKurred. 1.5 Allocation ofsupport costs Swort C051s are those fijnctions thal assist Ihe work of the Charity but do Tr)t diredy undertake tharitable aLliwtses. Support o)sts incjude back-officè costs. and govemance costs which support the actiwlies. These 1.6 Fund accounting Thè gènèral lund comprises those monies. 7*thith may ￿ used toward meeting the tharrtable obiecli¥e8 of the Charity at the disuetion of the Irustees. The designated fvnds are m￿leS set a￿de wt of general funds designated for specafic purposes by the Iwslees. The reslricaed fijnds are m￿l*S for. arbj w donath)ns subj'ed to dryior-imrmjsed condithons. 1.7 Fixed propertlgs Fixed asset property.es are prtncpally Woper￿S avadat4e to residents in retum for weekly maintenance contribubons. Fixed asset properties are ￿duded at histori¢al tX)st tsken frcrfn predeettsor Charty and are reviewed lor impaimient at the end of èath repcrting period. Freehokl land is not deprecaated as it is ¢￿$￿ered to have an infinite vsefvl economic lrfe. Freehold building and ￿sehold Fwrtjes are ￿e[￿lated. Depiecyab"on is charged so as to vrrite down the value of prOpert￿S (other than landl on a straight-line basis w ￿1[ useful economic lrfe. taken to be 100 ye?rs (taken from wed¢i*ssor Charity). 16- GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 Accounling polici IContinu•d) 1.B 5o¢lal Hou¥lng Grnnt development5 haNE been financ8d 7Ath(• or paFUy by 50c¥al howng oKant. the cost of those developments has treen reduced by the amount of the grant rerrived. SHG 1$ repayable or rerydable under certain circu¥nstan(%s. wmarily folbowing the s* of a propeny nomalty be restricled to net proceeds of sale. 1.9 Fixed asset inVestM￿ts Investments cxjmprise assets hekl to ger￿ale fijtwe income. Al I￿S￿lent assets are shown on the balance sheet at market value al the balance Sh￿ date. The market value has been detem7ined by the Inveslment Manager. Unrèalisèd gains or losses arising C￿ the revaluab.on of irwestrnent assets are ir￿1(￿J¢d in the Statement of Finana81 Acbffts. 1.10 Realised l unrealised gains and losses All gains or losses are taken to the Statefflerrt of AcliMbes as they aise. Reali5ed gains or losses on investrnent5 are calculaled as the thff8r8nc* between sales proceeds and their O￿nIng c￿ryIng value or their IXJTth8se walue rf acquired subsequent to the first day of Ihe finanaal year. Unrealised gains or losses are Calwlaled 85 the difference be￿een the lair value at the year end and their car￿"n9 value. Realised and unreaJi5ed Investrnent gains or losses are ¢J)mts"ned in ts Slatement of Financial A¢b"vrties. 1.11 Debto Trade othw debtors are at the setlknent amount after any trade discount ¢JTered. Prepayrnents are valued at the 8mounl repaid nel of any trade diswunts due. 1.12 Cash •nd ￿$h equtvajents Cash at bank and in hand indudes cash and short-temi eash deposTts. 1.13 Creditors and provisiom Credrtors and provisions are rec?(Itsng) Audrtoffs reMuneral￿- AudTt Fees Auditorfs remuneralh)n- Non Audit Fees DepretsÈkn"M on tangible fixed assets 3.300 1,200 14,296 1,296 14,295 13 Taxatlon The charty Is exempt froffl taxat￿ on its 8th￿e$ because am its incm is appked for thaiitable wrposes. -22- GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Tangib￿ fixed assets To¢•1 14n41 and bulldln Cost At l April 2024 Addth"ons Disp05als 1.791.706 979,658 2.771.364 At 31 March 2025 1,791,706 979,658 2.771,364 Social Ho￿1n9 Grnnt At 1 Awl 2024 In(xe85ed during the year DecTeased during the year 546.889 294.877 841.766 At 31 Mard) 2025 546.889 294.877 841,766 Oeprnciation and impalm*nt At 1 Apnl 2024 Depreciab'￿ charged in the year 81.961 34,241 6,847 116,202 14,295 At 31 March 2025 89.4(ffd 41.088 130.497 Carying amount At 31 March 2025 1,1SS:408 643.693 t,799,101 At 31 March 2024 1.162,857 650,541 1.813,398 AM fixed a$sets of the otd George Green'$ ￿N￿ShOu￿e$ Chwity {¥eg numbei 21119n were iransfefre(J to thè new George Green'sAlmshouses Charity Ireg number 11891551 on 1 Aw"12021 at eost lo the old Charrty. Th8 original anounl of social housing gralrt and a(xumLlated depTec3atKJn up lo 31 Marth 2021 were transferred from okl George Green's Almsh(MJses Charty (reg number 2111971 to Ihe new George Green's Arn5hou5es Charity Ireg numtw 11B9155} on 1 Apn"12021. The freehc4d land and building totaing £1,791.7C6 iTrJudes land element of £500,000. soual housing grant {whieh h8s been redu*%d from the bUdd￿g and improvement costl of £546.889 and balance of building and improvement costing £744,817. The I￿lIding improvement are depreciated oveT 100 years on straighl line basis. The Leasehold land and twikting totsling £979,658 Indudes sooal hDu&ng {whith has been reduced from the lyjilding and 1mproverr￿rt cost) of £294.877 and batance of bulk￿.￿9 and improvement costing £684,781. The trAM'lding and impro¥￿t are dwe(iated over years on str￿ght line basis. -23- GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 15 Fix•d ass•t inv•8tsnents Totsl Cost or v•luallon At 1 A￿1 2024 A￿MUlat￿)n fund Unrealised g￿n￿￿Oss&S> 243,619 5278 6.193 At 31 March 2025 255,090 Carrylng amount Al 31 March 2025 255.090 At 31 Marc* 2024 243.619 Hlstsrical eojt 212,168 Market valu• analyud by type of Investsn•nts: 2025 M&G Charty Muttt Asset- Income M&G Charity MulD Asset-AtxJmulati 122.289 132.801 255.090 2024 M&G Chawty Mufti Ass¢t- Ino)me M&G Charity Mutil Ass•t-AcvJmulatitin 119.438 124.181 243,619 The investsnent asset5 are W with M&G investmerrts wih the owrall intenbon of retsining thern for the long terrn Inamety, as fved assets) for the cirfrtinuing of the tharty in Ihe form of income and eapilal appwation. 16 Dèbtor• Amounts lalling due wlthin on• y￿r 2025 2024 Tradè deblors Prepayments and accrued income 22.386 2.732 19,761 2,364 25,118 22.125 -24_ GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Creditors: *nounts tslllng du¢ wlthlD onè year 2025 2024 Bank loans Trade Creditors Aceruas and deferrgj income 11,792 11.855 4,860 10,688 4,5(Y) 28,￿17 22.134 A fixed leg81 charge are SeQAred ￿ Sarah Pwry House. The existi.ng mortgage loans of Ihe old George Green's Almshouses Chanty (reg nurnber 211197) were refman(xd to the new George Green's Almshouses Charity (reg number 11891551 on 1 Wl 21r21. 18 Cre(thtorn: amouot• falliry after rn0￿ than one year 21125 2024 Mortgage loans 291,323 302,675 291.323 302,675 The exisliftg mortgage loans of the c4d Geryge Green's Almshwses Chanty (reg number 21119n were refinanced to the new George Green's AJMsh￿seS chanty (reg number 1189155} 1 Apn"1 2021. The mcwtgage loans are s￿red on Sarah Peny Hcwse. 19 Endt>vffl￿nt fund* Endowment funds t8wesent ass8tS must be hebJ pembanenfy by the Charity. ￿n￿ne arising on the endowment fvnd5 can b• used in atr￿darKe wth the ob￿ct$ of the Charty and is induded as unrestricled income. Any caprtal gains or losses ariwg on the assets form p*r of the fund. IAovem•nt in funds lknvem¢nt In funds alanceat 1 2023 8lkr*co # •ApDrKlod 31 IAarch 2025 P•rnianeTrt end0￿b￿ Endowment FLtnd5 1,421,569 (12.082) 1.409,487 112.0821 1.397.405 1,421.569 112,0821 1.409.487 112,0821 1,397.405 -2S- GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATeMEPUS ICOPMNUEDI FOR THE YEAR ENDED 31 IIARCH 1025 l Aprt ¥TJ ¥D IEAFI 22227 1&7701 7.138 F￿d 7,424 3Q011 (CM Lhl IRPF> 14.0101 827 16.7W) 1a,218 SI,￿0 17.465 76229 11.142 87.591 345.48B 124183 (97.W {17.46S) ￿.40Y 141 {1N 6351 &1oJ .186 415. 1irki.857) 412.632 I￿. 5.193 480,777 GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANaAL STATEMENTS ICONTINiEDI FOR THE YEAR EIIDED 31 MARCII 2025 Gqnwalfunth D*iign•trd lurth.Lht EXp￿a￿vrea￿wnttotht LfftRep1acw•¥Fw￿e￿ ye¥. Tor Z4 no• Jr nds bthn¢tsat31 2025a TawWa$6e¢s ve*nents Curyrt as6ewihAbl*HI 401.5 1.397.￿$ 1.799.10t 403.911 243,61¥ 21.98 .8751 1.4Cg,487 1,813.398 243,S19 97.777 1302.6751 4￿&￿ 6•,449 1291.323) 1291.3231 411.326 6*449 1.397.4LS 1,878.1 366.4D3 76,22$ 1.409,487 1.852.119 GEORGE GREEN'S ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Relatèd p•ty transaciions For the whole year, Ihe Chwrty was Lmder the control of the Tru5tee& Truslees. reimbursed expenses are oulined in Note 9. There were no di5dosat4e related paty transartM)ns during Ihe year olher than at￿ve {2024- nonel. 23 Ultimate Controlling Party For the whole of the year. the charity was under the of the Trustees as sh￿n in legal a¢)d administrats.ve infvrTnab"on. -28-