The E. Hayes Dashwood Foundation
Trustees, Report and Financial Statements
for the year ended 31 December 2024
REGISTERED CHARITY NUMBER.. 1189334
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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
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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
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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.
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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
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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 Se￿iCe5 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.
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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
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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.
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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).
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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.
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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
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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)
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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.
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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
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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
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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
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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