The E. Hayes Dashwood Foundation Trustees, Report and Financial Statements for the year ended 31 December 2024 REGISTERED CHARITY NUMBER.. 1189334 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation CONTENTS CONTENTS Page Legal and administrative details Report of the Trustees 2-10 Independent Auditor's Report 11-14 Statement of Financial Activities 15 B21anceSheet 16 Statement of cash flow 17-18 Notes to the Financial Statements 19-32 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation LEGALAND ADMINISTRATIVE DETAILS Trustees & Governors: Vice-Admiral SirTom Blackburn KCVO CB Trustee-also Chairman. Iretired Sept 20241 Major General Bryan Dutton CB CBE + Trustee (Retired May 20241 Colonel Louise Green + Trustee (Retired Sept 20241 CommodoreAnnette Picton MBE RN. Trustee Captain Colin Stewart LVO Trustee (Retired Sept 20241 Lt. Colonel NickTuck' Trustee Commodore Bill Walworth CBE RFA+ Trustee (Appointed Chairman Sept 20241 Lt. Colonel Jonny Lowe MBE." Trustee Captain Tim Martin OBE RN Trustee Professor Michael Almond FRCP. Trustee Commodore Richard Harris RN Trustee + denotes membership ofthe Buildingcommittee. ' denotes membershipof the Housing Managementcommittee. The Trustees for most purposes of charity law and throughout this report are collectively referred to asthe Board. Foundation Director: Nicholas Murray Esq. FLS Charity number: 1189334 Principal Office: 26E Radbourne Road Balham. London. SW120EF Bankers: Charities Aid Foundation Bank 25 Kings Hill Avenue West Malling, Kent ME19 4JQ Surveyors: Einar Roberts Esq Cluttons LLP Estate Managers: Cluttons LLP, Yarnwicke 119- 121 Cannon Street London EC4N SAT Solicitors: Trowers& Hamlins LLP 3 Bunhill Row London ECIY8YZ Accountants: CharityAccounting Services Limited SPACES- Sutton Point 6 Sutton Plaza London SM14FS Auditors: Knox Cropper LLP Officesuite I, Haslemere House, Lower Street, Haslemere Surrey, GU27 2PE DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation REPORTOFTHE TRUSTEES for the year ended 31 December 2024 The Trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The Trustees have adopted the provisions of the statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective November 20191. CHAIRMAN'S REPORT The primary objective of the Foundation remains to provide housing for former members of the armed forces and mercantile marine who have encountered disabilities or infirmities in their lives. These individuals, along with their families. require charitable accommodation in homes that meet their specific needs. Throughout the year, there ha5 been a consistent demand for accommodation. and eight newGuests have been welcomed intothe Estate Revenue has increased over the year. with overall income reaching £2.188k lan increase of 17% compared to 20231. Expenditure was £1.160k. Building costs have risen significantly since COVID-19. A full refurbishment r)ow costs approximately 25°A more than previously and can be up to £IOOK. Rental receipts have also risen significantly. allowing the Trust to operate at a surplus and deposit funds into a savings account.Trusteesagreed on a 5% rise in theweekly Maintenance Charge for 2024 for beneficiaries who had their WMC paid via their entitlement to state funded benefits, made possible by an increase in the Local Housing Allowance ILHAI, the first time that has happened for several years. The Trust properties let to Assured Shorthold Tenants (AST) on the commercial market are well-maint3ined and attract interest from potential tenants. The improved financial position means the Trustees can start to move properties from the rental market backto the beneficiaries of the charity. with an annual review of this decision. Contractors have maintained a steady programme of work on the estate, some flats fully refurbished and others receiving less extensive refvrbishment. The installation of new windows as part of the upgrading programme continued. withworkconducted only invacant flats undergoing refurbishment. Efforts have continued to ensure that statutory Energy Performance Certificates IEPCI for the flats will be provided by 2027. Annual regulatory testing has been conducted in homes across the Estate. Following comprehensive research in the aftermath of the Grenfell Tower fire, Cluttons recommended measures to mitigate fire risks in the flats. The principal danger is from fires in individual flats spreading across attic spaces and into adjacent locations. During the year, the Trust initiated a programme to clear attic5 of personal possessions and remove redundant materials. replacing loft hatches with fire-reslstant, lockable hatches. The policy remains to evacuate the flats in theeventof a fire. Each flat.whether on the ground flooror first floor, has two escape routes, front and back, and guests with mobility issues are offered ground-floorflats. DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation REPORTOFTHE TRUSTEES for the year ended 31 December 2024 The Foundation Director and Cluttons Housing Manager have supported Guests throughout the year in a caring and helpful manner. providing advice and welfare support beyond their work boundaries. This support 15 appreciated by the Foundation's beneficiaries and recognised by the Trustees. On 25 September 2024 trustees Major General Bryan Dutton CB CBE, Lieutenant Colonel Louise Green and Vice Admiral Sir Tom Blackburn KCVO CB Chairman. retired from the Board of Trustees. Commodore William IBilll M Walworth CBE RFA was elected to chairthe Foundation in succession. He acknowledged that Vice Admiral Blackburn and General Dutton were the last of the trustees who had inherited the Trust in a challenging wsition. The housing stock was in poor condition, with insufficient cash flow to remedy the situation. They had worked diligently with Cluttons to bring the Foundation to the present situation. The properties are now in good condition, and the Foundation is financially robust. Their contribution to the Foundation was memorable, and their successors as Trustees look forward to carrying forward their legacy. Commodore Bill Walworth CBE RFA+ Chairman DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation REPORTOFTHE TRUSTEES for the year ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Foundation is controlled by its chariws governing document and is a Charitable Incorporation Organi5ation ICIOI. The Foundation was created by the late Edward Hayes Dashwood in a trust deed dated 20 November 1946 and amended by a Scheme of the Charity Commissioners dated 12 December 1978 to allow the current system of charges upon beneficiaries of its residential accommodation. The Foundation converted to its present CIO structure in 2020. It is a member of the National Association of Almshouses Recruitment and appointment of newtrustees The Governing Document provides that the management of the Foundation shall be under the control ofa Board of Trustees,whose numbershall not be more thantwelve norfewerthan five. The Board may act in all matters within its jurisdiction notwithstanding any vacancy or vacancies so long as there are five Governors present The principal competencies required of members of the Board are- Experience of armed SeiCe5 or the merchant navy at a senior level Responsibilities and requirements of beneficial housin8 Understanding of the effects of physical and mental disability Senior financial and/or management control Experience of charity trusteeship in an appropriate sector Each of the present Trustees meets two or more of these competencies and in the event of a vacancy it is usually the case that recommendations will be made by existing Trustees of at least one candidate who could bring the requisite skills to maintain a complete competency set and would also have time consistently to devote to the Foundation's objectives. Appointments are subject to election by the Trustees as under the Governing Document However, the Trustees aim to electonlycandidateswho have the unanimous support ofthe Board. In any process of bringing recommendations for candidature the Board will have regard to the declaration of the Governing Document (which is not so a5 to impose any obligation upon it) that candidates shall include business men with experience in trade finance or other matters or have senior management service with the Royal Navy. the Army the Royal Air Force, joint Armed Services bodies. the Mercantile Marine or charities for the benefit of armed services personnel or the Mercantile Marine. No external body is entitled to appoint a Trustee. Although not expressly provided for in the Governing D(xument, women are equally eligible for any appointment and board members are keen to ensure that a suitable mix of both men and women are appointed tothe board toenhancetheequalityand diversity aim5 of the Foundation. Apart from the first charity trustees. every trustee must be appointed for a term of five years. Trustees mayfrom time totime appointa Chairman from 3mongthemselves to hold officefor such period as they maydetermine. DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation REPORTOFTHE TRUSTEES for the year ended 31 December 2024 Induction and training of newtrustees New Board members undergo a familiarisation period, which includes time visiting the Foundation's properties and meeting some of its residents. Briefings are given on the governing document, legal obligations under charity law, the financial and administrative position of the charity and the legal and practical constraints under which benevolence is operated and the housing provided. New Board members also meet with colleagues on the Board. our princip21 professional advisors and their key staff in an informal setting. Professional advice is sought on new issues or developments which might impact on any aspect of the charity's undertakings and the opportunity is taken for the appropriate advi50r to attend before the Board to give a training brief. Organisational structure The Board plans to meet four times a year to decide and monitor financial and administrative policies. It also receives reportS3nd recommendationsfrom its Building and Housing Management Committees which are both established with defined terms of reference and a membership which 15 elected by the Board. Concurrently, it receives report5 from its manager5 and other professional advisors and reviews progress and performance. The Foundation Director (who is the sole employee) is responsible to the Board for management, administration and achieving the Board's policies and objectives. The day-to-day management of the properties, including collection of rents and maintenance contributions and the maintenance and refurbishment requirements, is through the appointment of professional Trust Estate Managers. Appointment5 are usually for three-year period5 and the Foundation's beneficiariesare usuallyconsulted beforeany renewal or new appointment is made. Related Parties Whilst the Foundation has important working relationships with other charities in the Armed Forces and Mercantile Marine sectors and may receive from them grants for specific purposes from time totime, neitherthey nor anyother agenciesaredeemed to be related parties. Risk Management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance that identified risks, including fraud and error. are mitigated. The identificatior) of risks is a duty not only of the Board but also of the Foundation's professional appointee5, particularly those whose respon5ibilitie5 involve detailed or specialist knowledge of processes and procedures which the Foundation currently experiences or may experience in the broad context of its objectives. The Board also encourages its beneficiaries to consider the risks apparent from their living environment and to rew)rt if there is concern. The Board maintains and keeps under reviewat leastannually a riskexposureframework covering all likely classifications of risk. It details the Board's views on how various levels of risk become acceptable after the strategic management of them and the review process is to ensure that the DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation REPORTOFTHE TRUSTEES for the year ended 31 December 2024 assessments made continue to reflect the Board's view of an acceptable risk. The Board also recognises its duty to ensure that, as part of the management process, new risks are properly reported and evaluated and thatthe risk aspectsofsignificant new projects are considered as part of every project appraisal. Any failure of control systems is reported to the Board for action. The Board believes that its periodic reviews of financial management, its quarterly reviews with estate managers and its property condition inspection processes combine with appropriate insurance cover to mitigate the risks it has identified to acceptable levels. OBJECTIVESAND ACTIVITIES The object of the charity is to provide. maintain and regulate self-contained, unfurnished almshouse accommodation for its beneficiary class of infirm ex-service people or those of the mercantile marine. together with their familie5. The activities of the charity 311 re13te directly to the object and are, generally, to contribute to the quality of life of the beneficiaries, their spouses and families by means of a good standard of almshouse-like provision at a cost to the beneficiary which is as low as reasonably possible and capable of being met by Housing Benefit and/or other housing allowances for those who would otherwise experience hardship. All the Foundation's properties are situated in two predominantly residential roads lying within a conservation area in Balham, Londor), SW12. The properties consistof 150flats, each havingone, two or three bedrooms and a shared small garden. The Board currently designates up to 100 of these flats as almshouse5 for occupation at reduced cost by the beneficiaries. The balance of 50 flats not occupied by the beneficiaries is applied to residential letting either at market rates or rates appropriate to legal constraints at the time of letting for the purpose of providing income. The Foundation has. additionally. a further 25 flats which have been let on long leases and premium5 on the extension of these leases constitute an occ3sion31 source of income to the Foundation. Looking to the longerterm, the Governing Documentprovides thatthe propertyendowed should be regarded as permanent until such time as there are no longer objects of the deed to be fulfilled. However. the Board considers that the objects of the trust deed will continue to be very relevant for many years to come and its plans for maintenance and improvement of the endowed housing Stock will continue to be on the basis of good quality materials and workmanship to enhance longevity. PUBLIC BENEFIT Reporting Requirement During the year the Board has considered theguid3nce from the Ch3rityCommission and Section 17 of the Charities Act 2011 in connection with the duty to meet and report on the public benefit in exercising their powers or duties and has had regard to that guidance in preparing this report. DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation REPORTOFTHE TRUSTEES for the year ended 31 December 2024 Type & Scope of Public Benefit The benefits of the Foundation's work relate directly to its Object, which is detailed on page 4 of this report. Rent is not charged for occupation by beneficiaries as they become licensee upon disPOSltion of an almshouse property under the Charities Act 2011. A Maintenance Contribution applies, however, and its payment is a condition of the licence to occupy. The level of Maintenance Contribution is reviewed annually by the Board informed by the guidelines of the National Association of Almshouses. With the support of income from. primarily. residenti31 letting it IS Possible for the level of Maintenance Contribution to be set significantly below the maintenance costs actually incurred. Maintenance Contributions represent a considerable measure of financial relief for the beneficiaries when compared to market rate rents. The Foundation may assist its beneficiaries in application for Housing Benefit and/or other housing allowances in circumstances of hardship and may liaise with the local authority and relevant charities should special needs arise which 3 beneficiary is unable to meet unaided. Opportunity for Beneficiaries Demand for Iow-c05t accommodation in the London area 15 invariably high but new appointments are, by the financial limit5 of the Foundation, restricted to filling vacancie5 occurring through the loss of an existing beneficiary. Application for appointment as a beneficiary is open nationally to any former member of the armed forces and Mercantile Seafaring veterans. In all categories, the applicant must be suffering an infirmity and capable of independent living. The infirmity may be either 3 physic31 (including sensory) or ment31 imp3irment and it does not need to have arisen during or from military or maritime service. There are no costs associated with application,. travel expenses for interview in London can be met if necessary and no deposit is taken when an applicant is appointed to a property. Balance of Benefit against Detriment Beneficiaries will have widely differing ages. types & degrees of infirmity and social. financial and personal circumstances. However, the level of behaviour to the detriment of others in the locality is believed only to reflect that which can be expected on any small estate occupied by a diverse community. The Foundation's policies for dealing with all ranges of antisocial behaviour are r)otified in writing to all beneficiaries upon their appointment and again should an issue arise. Trustees All Trustees of the Foundation give their time voluntarily and neither they, nor parties related to them, receive benefits from the Charity. Vouched expenses of Trustees incurred exclusively in the course of their duties may, however, be reimbursed (See r)ote 8 attaching to the Accounts). DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation REPORTOFTHE TRUSTEES for the year ended 31 December 2024 ACHIEVEMENT AND PERFORMANCE Duringtheyear under reviewthe Board has= maintained its aim in the selection and interview of needy applicants to become beneficiaries. as vacancies arose. met, where possible. the welfare needs of existing beneficiaries by, for example. the provision of need- specific bathrooms or transfers to different types and sizes of property. strengthened its contacts with other charities in the sector and principal government agencies to help seek out the neediest applicants appropriate to this type of housing provision and improve awareness nationally of the Foundation's purposes as an almshouse charity. maintained a high occupancy rate in respect of all properties available for letting on Assured Shorthold Tenancies in a market where there has been a most satisfactory demand forgood quality property. PLANS FOR THE YEAR AHEAD The Board intends to.. continue to liaise closely with local authority social services, housin8 and welfare departments particularly in the light of far-reaching changes to the structure of welfare benefits which can impact substantiallyon the Foundation's beneficiaries. continue its commitment to bringing all its properties up to a very good standard internally & externally and to continue with the works recommended in the recent property inspections within the constraint of available funds. continue with the project to install replacement timber framed. energy efficient and secure windows in 311 properties. Continue with the practice of only allocating property to a new resident which is in a good overall condition and has undergone kitchen and bathroom updating if necessary as well as deep cleaning and re-decoration. Indications are that income will hold up if the rental properties remain occupied. A professional survey of the Estate properties has been undertaken in relation to the prevention of any potential fire risks. The consultants noted that the roof spaces above flats are not compartmentalised and therefore there might be the possibility of the spread of fire from one block to the next. In order to overcome this potential issue it is intended to commence and complete preventative work in the loft spaces in the coming year. GOING CONCERN As detailed in the financial commentary in the trustee's annual report the Trustees, having reviewed the charity'5 activitie5 and financial position consider the going concern basi5 of accounting to be appropriate. DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation REPORTOFTHE TRUSTEES for the year ended 31 December 2024 FINANCIAL REVIEW Details of the currentyear's results appear in the accounts from page 13 onwards The year's income was £2,188.324 12023: £1.864,7531 and expenditure £1.159.771 12023.. £1,210,260). Combined with unrealised gainson investment properties. net income amounted to £1,606,27512023- loss £289,909). Taking into account unrealised gains on housing properties for beneficiary use, the net movement in funds was £1.963,10812023: £454,544). At the end of the year total fund balance was £59.594.788 comprising unrestricted fund balance £5 12.988 and Endowment fund balance £59,081,8(K). Income increased due to increases to rents and maintenance charges, with the overall occupation split of the Foundation's properties between beneficiaries and tenants paying market rents remaining substantially unchanged. Expenditure increased significantly as 2 result of significant refurbishments carried out to properties. Reserves level and policy The Foundation's endowment property provides a steady flow of income which has proved reliable. and which covers all its general commitments including scheduled loan repayments and day to day running repair of its properties. There is also an imwrtant element provided to permit a full programme of the repairs and improvements highlighted by the quinquennial inspection report currently being used for referen. The Board is not aware of any future needs, opportunities, commitment, or risk5 where future income alone is unlikely to be able to meet anticipated costs. Therefore, those need5 which justify having reserves are principally to meet an unexpected and substantial fall in the flow of income. Such a fall would almost certainly be attributable to a change in housing conditions on a national scale and thus be beyond the control of the Board. Taking into account unrestricted fixed assets held for the Foundation's use of £119, reserves amountingto £534,006 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation REPORTOFTHE TRUSTEES for the year ended 31 December 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The Board of the E. Hayes Dashwood Foundation is responsible for preparing Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution require the trustee5 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparingthose financial statements, the trustees are required to= select suitable accounting policies and then apply them consistently. observe the methods and principles of the charity SORP. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Board as the Trustee body is responsible for keeping proper accounting record5 which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2(K)8 and the provisions of the trust deed. The Board as a Trustee body is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The report Was approved by the Board 29 October 2025 and signed on behalf of the board by;. Commodore Bill Walworth CBE RFA+ (Chairman) 10 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation INDEPENDENT AUDITOR'S REPORTTOTHE TRUSTEES for the year ended 31 December 2024 Opinion We have audited thefinancial st3tementsof The E. Hayes Dashwood Foundation Ithe'charity'l for the year ended 31 December 2024 which comprise the Statement of Financi31 Activities, the Balance Sheet, the Statement of Cash Flows. 2nd notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements- give a true and fairviewof the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended- have been properly prepared in accordancewith United Kingdom GenerallyAccepted Accounting Practice. including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable12w. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical respor)sibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the fin3nci31 statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. B35ed on the work we have performed, we have not identified any material uncertair)ties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statementsdoes notcovertheother information and, except tothe extent otherwise explicitly stated in our report, we do not express anyform of assurance conclusion thereon. 11 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation INDEPENDENT AUDITOR'S REPORTTOTHE TRUSTEES for the year ended 31 December 2024 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statement5 or our knowledge obtained in the audit or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion= the information given in the Rewrt of the Trustees is inconsistent in any material respect with the financial st3tement5' or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and returns. or we have not received all the information and explanation5 we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities. the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concern. disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144of the Charitie5Act2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to Issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with1SAs IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including f raud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregu13rities. includin8 fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: Thecharity is required to complywith charity lawand based on our knowledge of its 12 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation INDEPENDENT AUDITOR'S REPORTTOTHE TRUSTEES for the year ended 31 December 2024 activities, we identified that the legal requirement to accurately account for endowment and restricted funds was of key significance. Wegained an understandingof howthecharitycomplied with its legal and regulatory framework, including the requirement to properly account for endowment and restricted funds, through discussionswith managementand a reviewofthedocumented policies. procedures. and Our approach was tocheckthat all endowment and restricted income and assetswere properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds and assets subject to endowments were classified correctly. We 3150 obtained an understanding of the leg313nd regulatory frameworks that are applicable to the charity and determined that the most significant are the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice) and the Charities Act 2011. We understood how the charity is complyingwith thoseframeworksvia communication with those charged with governance, together with the review of the charity s documented policies and procedures. We asse55ed the 5U5ceptibility of the chariW5 financial statements to material misstatement. including howfraud might occur by considering the key risks impacting the financial statements. These included risks associated with revenue recognition, application of accounting estimates and managementoverride of controls, which werediscussed and agreed bythe audit te3m. Our approach included agreeing the recognition of income to the terms of tenancy agreements and beneficiary appointments. reviewing the assumptions used and controls applied ir) the calculation of accounting estimates, the review of journal entries processed in the accounting records and the investigation of significant and unusual transactions identified from our review of the accounting records. Based on this understandingwe designed ouraudit proceduresto identify non-compliance with such laws and regulations. Our procedures involved review of the reporting to the board members with respect to the application of the documented policies and procedures and review of the financial statements to ensure compliance with the reporting requirements of the charity There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting f rom error. as fraud may involve deliberate concealment by. for example. forgery. misrepresentations or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilitie5. This description forms part of our Report of the Independent Auditors. 13 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation INDEPENDENT AUDITOR'S REPORTTOTHE TRUSTEES for the year ended 31 December 2024 Use of our report This report is made solely to the charity's trustees, as 3 body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To thefullestextent permitted by law, we do notaccept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our auditwork, for this report.orfor theopinionswe haveformed. LL*ax Croppx LLP Knoxcropper LLP Office Suite l. Haslemere House. Lower Street, Haslemere 5urrey GU27 2PE 29 October 2025 14 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation STATEMENT OF FINANCIALACTIVITIES for the year ended 31 December 2024 Unrestricted Endowment Total Funds Total Funds Funds Funds 2024 2023 Note Income and Endowments Donations and Legacies Charitable activities 2,760 757.081 1,428,483 2,760 757.081 629.919 1,428,483 1,233,874 960 Investment income Total income 2.188,324 2,188,324 1,864,753 Expenditure Cost of Raising Funds Charitable activities 575,141 584.630 575,141 584,630 641,017 569.243 Total expenditure Gains/llossesl on investment property 11 Net income/lexpenditure) 1.159,771 1,159,771 1,210,260 577.722 577.722 1944,4021 577.722 1,606.275 1289,9091 1.028.553 Gains/11055esl on revaluation of tangible fixed assets Transfers between funds 356,833 356,833 754,453 1325,5451 325.545 703,008 1.260,1(K) 1,963.108 Net movement in funds 464.544 Funds brought forward I January 1190,0201 57,821,7(K) 57,631,680 57,167,136 Total funds carried forward 31 December 16 512,988 59,081,81J) 59,594,788 57,631,680 15 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation BALANCE SHEET as at 31 December 2024 2024 2023 Notes Fixed Assets Tongible fixed assets Housing property Other fixed assets io 23,090,700 279.119 35,712,100 22,407,000 279,487 35,135,700 Investment property li 59.081,919 57,822,187 Current Assets Debtors 12 122.414 534.110 656,524 117,328 1,868 119,196 Cash at bank and in hand Creditors.. amount falling due within one year 13 1143.6551 1218.9031 Net Current Liabilities 512,869 199,7071 Total Assets Less Current Liabilities 59,594.788 57,722,480 Creditors.. amount falling due after more than oneyear 14 190,8001 Net Assets 59,594.788 57,631,680 Charity Funds Endowmentfunds 15 59,081,800 512.988 59,594,788 57,821,700 {190.0201 57,631,680 Unrestricted funds The trustees acknowledge their responsibility for complying with the requirement of the act with respect of accounting records and preparation of financial statements. The financial statements were approved by the Board of Trustees on 29 October 2025 and were signed on its behalf by.. Commodore Bill Walworth CBE RFA+ Commodore Annette Picton RN The notes fomi an integral part of these financial ststements 16 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E.Hayes Dashwood Foundation STATEMENT OF CASH FLOWS for the year ended 31 December 2024 2,024 2,023 Notes Cash flow from operating activitie5 Net cash provided by operating activitie5 1427,2711 1533,9031 Cash flow from investing activities Investment income (Rentl Interest received 1,425,959 2,524 1325,5451 1,233,530 344 Capitalised works to existing properties Purchase of fixed assets 1516,2491 11951 Net cash provided by investing activities 1102,938 717,430 Cash flow from financing activitie5 Repayments of borrowings Interest paid Net cash provided by financing activities 1135,8361 17,5891 1143,4251 144,4581 115,2621 159,7201 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 532242 123,807 1,868 1121,9391 Cash and cash equivalents at the end of the year 534,110 1,868 Notes to the cash flow statement reconciliation of net income to net cash flowfrom operating activities 2,024 2,023 Net income/lexpenditure} for the year Depreciation charge Investment Income 1,606,275 368 1289,9091 466 11,428,483) 11,233,874) 7,589 15,262 1577,7221 944,402 15,0861 123.1131 130,2121 52,863 Interest Payable IGainl/losses on investment) Decreasellincreasel in debtors IDecreasel/increase in creditors Net cash provided by operating activities 1427,2711 1533,9031 B- Analysis of cash and cash equivalents 17 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E.Hayes Dashwood Foundation STATEMENT OF CASH FLOWS for the year ended 31 December 2024 Cash at Bank 534,110 1,868 Bankoverdraft Total cash and cash equivalents 534,110 1,868 C- Analysisof changes in netdebts Other Cash non-cash At Flows changes 31112/2024 At OUOU2024 Cash 1,868 532,242 534,110 BankOverdr3ft Loans fallingdue within one years Loans fallingdue after more than oneyears 145,0361 190,8001 45.036 90,800 1133,9681 668.078 534.110 18 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 11 ACCOUNTING POLICIES Basis of preparing the financial statements The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. They have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 Second Edition issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 10213nd the Charities Act 2011. The presentation currency of the financial statements is the Pound Sterling (£1. The Foundation constitutes a public benefit entity as defined by FRS 102. The accounts have been prepared to give a 'true and fair view, and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a'true and fair view,. This departure involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 Second Edition issued in October 2019 rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from l April 2005 which has since beenwithdrawn. Goingconcern The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year f rom the date of approval of these financial statements. The trustees of the Foundation have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Foundation to continue as a going concern. Incoming Resources All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Rents 2nd Maintenance Charges Rent and maintenance charges receivable for the occupation of the Foundation's freehold property are accounted for in the period in which the properties were occupied and are net of voids. Weekly maintenance contributions receivable from appointed beneficiaries of the Foundation are accounted for as income from charitable activities, while rent receivable under assured shorthold tenancies from persons not appointed as beneficiaries of the Foundation is accounted for as income from investment properties. I nvestment 2nd Other Income I nvestment and other sundry income is accounted for when received or legal entitlement arises. Donations Receivable Donations receivable are accounted for when received or legal entitlemer)t arises. Donations for purposes restricted by the wishes of the donorlsl are treated as Restricted Funds. Resources Expended Liabilities are recognised as expenditure as soon as there is 2 legal or constructive obligation committing the Foundation to that expenditure. it is probable that settlement will be required 2nd 19 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Costs of Raising Funds Cost of Raising Funds comprises all direct costs incurred in the management 2nd maintenance of properties which are for the time being categorised as investment properties and an apportionment of support Costs. Costs of Charitable Activities Cost of Charitable Activitie5 comprises all direct costs incurred in the management and maintenance of properties which are for the time being categorised as tangible fixed assets, being used for the accommodation of beneficiaries of the charity. and an apportionment of support costs. Support Costs Support costs represent indirect expenditure incurred in the administration of the Foundation. Governance costs comprise the costs involving the public accountability of the Foundation lincluding audit C05tsl and costs in respect to its compliance with regulation and good practice. Support costs and governance costs are allocated between the Foundation's activities by reference to direct costs incurred and staff time spent on each activity. Apportionmentofcosts Expenditure is allocated to Raising Funds or Charitable Activities where it Can be identified as related to Investment Properties or Housing Properties respectively. Where expenditure relates to the estate as a whole it is apportioned between activities on the basis of the number of properties used for Investment and Housing purposes. Tangible fixed assets Housing properties Housing properties are properties held for the provision of social housing or to otherwise provide social benefit. Housing properties are principally properties available for rent and are stated at valuation. Housing properties are stated at fair value at the date of valuation, le55 accumulated impairment10sses. No depreciation has been charged as the residual value of the properties at open market rates is considered to exceed the valuation in their current use for beneficiaries of the Foundation. Revaluations are made with sufficient regularity to ensure that the carrying amount does not materially differ from the fair value of the properties as at the year end. Office property and freehold land Office property and Land is initially recognised at cost and subsequently measured using the revaluation model at valuation at each balance sheet date. Office equipment Office equipment is measured at cost less depreciation. Depreciation is charged to write off the cost over three years on a straight line b3SIS. Investment properties Investment properties are ststed at marketvalue atthe balance sheetdate. Gains are calculated based on the movement in the marketvalueduringthe period. 20 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 Debtors Trade and other receivables are recognised at the settlement amount after any trade discount offered. Prepayments are valued atthe amount prepaid net of anytrade discounts due. Creditors: Creditors are measured at the expected settlement amount. discounted for the time value of money if material. Cash at bank and in hand Cash and cash equivalents include cash at bank and in hand and highly liquid interest bearing securities with maturities of three months or less. Financial Instruments The Foundation has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at cost comprise cash at bank and in hand, together with trade and other receivable5 (excluding prepayments). Financial liabilitie5 held at cost comprise of bank loans and overdrafts, trade and other creditors. Fund accounting: Unrestricted funds These funds are available at any time for the use at the discretion of Trustees for the furtherance of the Foundation's activities and objectives. Endowmentfunds These funds have been established from an endowment the Foundation received many years ago and represents the Foundation's freehold land and buildings. Restricted funds Donations or legacies received which are earmarked by the donor for specific purposes. Such purposes are within the overall aims of the Foundation. Taxation The charity is exempt from tax on its charitable activities. I rrecoverable VAT is charged against the expenditure heading for which it was incurred. Critical accounting estimates and areas of judgement The following are the critical judgements and key sources of estimation uncertainty that the Board has made in the process of applying the Four)dation's accounting policies and that have the m05t significant effect on the amounts recognised in the financial statements: Valuation of tangible fixed assets and investment properties Management reviews its valuation of housing properties at each reporting date. based on either formal valuation reports or an update to those reports based on market conditions and other changes to assumptions. Uncertainties in these estimates relate to the discount rate, the cost of property maintenance and future cash flows. Valued properties totalled £59,081,800 at the yearend. 21 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 I n view of the Trustees, no assumptions concerr)ing the future or estimation uncertainty affecting assets and liabilitie5 at the balance sheet date are likely to result in a material adjustment to their carrying arnounts in the nextfinancial year. 2 Income From Charitable Activities Unrestricted Endowment Fund Funds 2024 Total 2023 Maintenance charges receivable 757.081 757.081 629.919 757.081 757,081 629,919 2023 analysis 629,919 629,919 3 Income From Investments Unrestricted Endowment Fund Funds 2024 Total 2023 Rents receivable 1.425,959 2.524 1,425,959 1,233,530 2,524 344 1.428,483 1,233.874 Interest receiveable 1.428.483 2023 analysis 1.233.874 1,233.874 22 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 4 Cost of Raising Funds Unrestricted Endowment Fund Funds 2024 Total 2023 Total Investmentproperties Utilities 9.394 213,425 121,148 170.114 7.901 9,595 9.394 213,425 121,148 170,114 7.901 9,595 11.849 170,701 206,762 193,457 7,672 7,825 Reactive repairs and maintenance Cyclical repair and maintenance Property management Insurance Legal and professional Bad debt Other 728 728 992 Support costs 42,836 575,141 42,836 575,141 41,759 641,017 2023 analysis 641.017 641,017 5 Expenditure on Charitable Activities Unrestricted Endowment Fund Funds 2024 Total 2023 Total Housingaccommodation Utilities 9,503 198.353 202.246 90,158 10.332 12.825 3,487 1,710 56.016 584.630 9,503 198,353 202.246 90,158 10,332 12.825 3,487 1,710 56,016 584,630 14,792 233,879 166.761 74,467 10,450 10.659 Reactive repairs and maintenance Cyclic21 repair and maintenance Property management Insurance Legal and professional Bad debt Other 1,351 56.884 569.243 Support costs 2023 analysis 569.243 569.243 23 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 6 Supportcosts 2024 2023 Staff costs (note 81 Administration 47,777 10,747 14,916 368 50.622 5.892 12,564 466 Accountancy Depreciation Legal and professional fee5 Bank charges Loan & overdraft interest 1.800 980 28 7,589 15,262 Governance cos&. Auditors, remuneration 8,180 9,247 7,200 3,857 Trustees. expenses and meeting costs 98,852 98,643 Support cost allocated to. Fundraising activities Charitable activities 42,836 56,016 98,852 41,759 56,884 98,643 7 Trustee Expense 2024 2023 Trustee Expenses 919 842 Trustee's received no remuneration or other benefits for the year ended 31 December December 2024 nor for the year ended 31 December 2023. Five12023.. fivel trustees received reimbursement of meeting attendance travelling cost. 24 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 8 Staff cost 2024 2023 Gross salaries 50,726 14,4611 1,512 47.777 48,828 380 N I contribution Employer pension 1,414 50.622 2023 2022 The averagefull timeequivalent numberof employees No employee received emoluments in excess of £60,IJX)12023- Nill. Key Management Personnel is defined as the trustees and the Foundation Director. Total remuneration amounted to £47.777 {2023: £50.6221. 25 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 9 Housing Properties Housing Properties Total Valuation At l January2024 Work to existing properties Disposals Revaluation 22,407,000 22,407,000 176,495 176,495 356,833 356,833 2,908,672 2,908,672 12,758,300) 12,758,300) Transfer from investment properties Transfer to investment properties At 31 December2024 23,090,700 23,090,700 Depreciation At l January 2024 Charge for the year Revaluation Transfer from investment properties Transfer to investment properties At 31 December2024 Net Bookvalue At 31 December 2024 23,090.700 23,090,700 At 31 December2023 22,407,000 22,407,000 The Foundation's investment properties were revalued as at 31 December 2024 using an independent RICS Registered Valuer from Cluttons LLP. Significant assumptions applied in estimating the fair value include a discount to the vacar)t possession value to reflect the tenanted status of properties. 26 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 10 Other Fixed Assets Office Property Office Equipment Land Total Valuation At l January 2024 Additions 186.OCM) 93.000 1,559 280,559 Disposals Revaluation At 31 December 2024 186,lJJ) 93,000 1,559 280,559 Depreciation At l January 2024 Charge for the year Revaluation 1,072 368 1,072 368 At 31 December 2024 Net Book Value At 31 December 2024 186.iJ)0 93.000 119 279.119 At 31 December 2023 186.000 93.000 487 279,487 The Foundation's office property3nd land were revalued as at 31 December 2024 using an independent valuer, Cluttons LLP. There is no record of the original historical cost of the and a5 such it is not possible to present the carrying amount had the cost model been used 27 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 11 Investment Properties Freehold Reversions Housing Properties Total Valuation At ljanuary 2024 Works to existing properties Disposals Revaluation 162.IlJ) 34.973,6(K) 149,050 35,135,700 149,050 7.71J) 570.022 2,758.3¢XJ 12,908,672) 577,722 2,758,300 12,908,672) Transferfrom tangiblefixed assets Transfer to tangible fixed assets At 31 December 2024 169,800 35,542,300 35,712,100 The Foundation's investment propertieswere revalued asat 31 December 2024 usingan independent RICS Registered Valuer from Cluttons LLP. Significant assumptions applied in estimating the fair value include a discount to the vacant possession value to reflect the tenanted status of properties. 12 Debtors 2024 2023 Rent and Maintenancecharges in arrearslladvancesl Less.. provision for bad debts 81.969 112.1141 69.855 46,993 4.732 834 76,955 17.1491 69,806 41,828 4,860 834 Funds held bymanagingagent Prepayments and accrued Income Otherdebtors 122.414 117,328 28 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 13 Creditorsfallingduewithin Oneyear. 2024 2023 Bank loan Isee note 151 Trade creditors 45,036 68,880 10,023 89,441 5,248 275 47.721 Rent and Maintenancecharges in advances Accrued expenses and deferred income Taxation and Social security Other creditors 94,102 1.538 294 143,655 218,903 Deferred income relates to rent and maintenance income charged in advance. The movement in the deferred income Account: 2024 2023 Brought forward Released to Income 59,899 159,8991 55.992 48,230 {48,2301 59,899 59,899 Deferred this year C3rried forward 55.992 14 Creditors falling due after more than One year. 2024 2023 Bank loan Isee note 151 90,800 90,800 29 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 15 Loans An analysis of the maturity of loans is given below= 2024 2023 Amountfallingduewithin oneyearon demand Amountfallingdue between one and twoyears Amountfallingdue between threeandfiveyears 45,036 45.195 45,605 All loans 135,836 The total facility is £300,000 which has not been fully drawn down and is repaid by equal monthly instalments of capital with the final repayment in August 2026. The facility is secured on two of the Foundation's investment properties with 2 carrying value of £1,223.700 at the balance sheet date. Interest is charged at 2.80% over the Bank of England base rate. The loan is now fully repaid. 16 Movement in Fund120241 Gains on Funds investmen transfer Opening balance Closing balance Income Expenditure Unrestricted funds 1190.0201 2.188.324 11.159.771) 1325.5451 512.988 57.821.7CKJ 325.545 934.555 59.081,800 Endowment funds Restricted funds 57.631.680 2.188.324 {1.159.7711 934.555 59.594.788 Gains on Transfer investmen Income Expenditure between Prior year analysis Opening balance Closing balance 120231 Unrestricted Fund 1328.2641 1064,753 11.210.2601 1516.2491 1190,0201 57.495,4(K) 516.249 1189,9491 57,821.700 Endowment funds Restricted funds 57,167,136 1,864,753 11.210,2601 1189,9491 57,631,680 Endowment funds comprise the propertie5 transferred to the Foundation on its establishment. Transfers from unrestricted funds to endowment funds present fvnds spent on capitalised improvements to the endowed property 30 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 17 ANALYSIS OF ASSEfs BYFUNDS Unrestricted General Endowment 2024Total At 31 Dec 2024 Fixed assets 119 59.081.8(K) 656.524 1143,655) 59,081,919 656,524 1143,6551 Current assets Creditor less than 3 year Creditor more than a year Net assets 512.988 59.081.81J) 59.594,788 Unrestricted General Endowment 2023 Total At 31 Dec 2023 Fixed assets 487 57,821,7CM) 119,196 1218,9031 190.8C(I) 57,822,187 119,196 {218,9031 190,8001 Current a55ets Creditor less than 2 year Creditor more than a year Net 35sets 1190.0201 57.821,700 57,631,680 31 DI ID= 08159c629e63b8b12500eeb1559578a409585200
The E. Hayes Dashwood Foundation NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 December 2024 18 Comparative Statement of Financial Activities Unrestricted Endowment Total Funds Funds Funds 2023 Note Income and Endowments Donations and Legacies Charitable activities 960 960 629,919 1,233.874 629,919 1,233,874 Investment income Total income 1.864,753 1,864,753 Expenditure Cost of Raising Funds Charitable activities 641.017 569,243 641.017 569,243 Total expenditure 1,210,260 1,210,260 Gains/llossesl on investment property 1944,4021 1944,4021 Net incomellexpenditure) 654,493 (944,402) (289,909) Gains/llossesl on revaluation of tangible fixed assets 754,453 754,453 Transfers between funds {516.2491 516.249 Net movement in funds 138,244 326,300 464,544 Funds brought forward l January Last years balance 1328,2641 57,495,400 57,167,136 Total funds carried forward 31 December 15 (190,020) 57,821,700 57,631,680 32 DI ID= 08159c629e63b8b12500eeb1559578a409585200