Chaiity ryi8lTation nurnber 1192492 ST MARYLEBONEALMSHOUSES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ST MARYLEBONE ALMSHOUSES LEGAL AND ADMINISTRATNE INFORMATION Trustee¥ A(knh SA Salter Re￿￿. Dr. A K B￿gqUL$t P Butr*h)ff D C Gokjwaier Revrd. Fr. K G Jcwdan DT. E Keth GL N sI￿1r TA￿rtsj Acttno chalr AG￿h T￿aSurer S A Samer Charity numb 11￿4￿2 Place of busln8ss I St Johrfs IW*xKJ Te￿a London Prineipl offic• FLqt 18 StJohn's IAixd Terr LoTrJc Auditor 1st Fbor Gal* Court 28 Asc*diaAven London N3 2FG Soli¢itor8 stctr lQ"ro LLP Boundary House 91 Chartethouse Street London ECIPA 6UR ST MARYLEBONE ALMSHOUSES CONTENTS Pa9e TTu5tees' repLKt lThYependent auditors rer ststemgntoffinaThial actvitss Ba￿nce sheet Notes lo financial stalements 10-18 ST MARYLEBONE ALMSHOUSES TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEIABER 2023 The final￿￿al ststem8nts ha¥8 been prepared irl 8rrndan￿ th8 acr£4Jntirg policaes set out in Th)te 1 to the financial $tstements and wnpjy with Ihe rawÉVs govellung drAxJmenL the Chanlies Acl 2011 and 'Ao>)unting and Reporting by Chante$.' staten￿nt of Reca)mmended P￿cti¢￿ b) r*aritres preparwjg tre*r accounts in aCCoryJan￿ wrth the Financial Reporb"rg StaThJariJ in UK ￿ RepU￿￿C of Ireland IFRS 102y' (effective 1 January 20191. ObJe¢tlve$ and acllvltles November 2020 under charity numlw. 11924Y2. The assets and 1&a￿"1[be$ of St AlmshcAJses, rgji8te￿j t*anty nwniw 216143 (the unincotporated chatty) were ITansfeFy￿j lo the CIO on 1st May 2022. L¥)1rKorp(¥a￿J thaFty vrill LE rwnoved frorn the register of tharitie5 a5 a5 all administrth matters ha￿ been ccmpkted. The otriects ofthe Charity are." . the relpfof rEed by Ihe provBw of irKIM(fiJal a Ixrn￿ty tr 8ereficiaiies', and . to rdEve the ne￿ ofttE ￿￿Jents by WDvwJry f￿a￿JaI or (tht 5UPWt ￿ any otsi rnanner 85 the Chanty Beneficia￿eS means pe[5￿ who h8¥e rea(1￿1 rets"rirwJ age as dete¥MIn￿ by CharFty Tr$* arKY cannot otherwise afford to Itve Cty of ￿￿St[n￿￿er aEKI vhMI lor Èn th8 ￿ ofa kts7dcA￿ Pers￿7, wthose deceased to be a Trustee 5P)t*se QT wartnerl have iiv&l or ¢arwl on tntsiress or ￿eTr ernpbyed in Cty of I￿51M1nSter for FK)t les5 than ten Yea￿ or wlx), whde not exadty with the tDregoing 1￿M￿ltiOr￿. in the opinion of the Charity Twstees, have sufficient ￿nE￿￿1￿ wjlh Cty OF I￿$￿￿1[￿ at¥J are fil and PTop8f PErsons in sufficient At 31st December 2023. there V*Ere 1612021.191 respjents of theA]mslKAJS8S rAus resiL*nl rnanager, and there wère four fi31s. Publ￿ The Trustees 11)at they tsve ccrfnpw wth rw4u1ret￿ts of section 4 of the ChariDes Act 2011 10 havg due regard to the pU￿￿C tenefft gl*Jar￿e ￿￿41thA by Ihe Chwty C(¥Thni5SiCffi tDr E￿I*¥j aThl Voknnteèrs prowcje troughtful arKt F4)ful swport to tre resi¢Y&ts. She teen a SW[￿ of great strerw partiajlarty In tsckling pn>blems that have ansen frcdn tirne to b"me. In aLEe¥xe. she w85 * sut6tKW by Miss Beth"na Graham and volunteer manager Mrs jul￿ Geopje. The Board is most gTatefvl to *ts Clerk. Mr5 AW Griffits lyAh seTvices 5hE wr resKJents an¢J frjr the smotsth running of OWfinan￿ aThY administrabon. ST MARYLEBONE ALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review In the year to 31 December 21r23 there tKas a sthPl￿8 of inccdre of£51,883 {2022".Deficil £60.6981. The chanty also made a profft on investsn&ts of £17.2C*12022:Deficit £84.3111 ￿u[b.￿9 in an overall sutplu5 fof the pericxl of £69.08912022.. D8fKxt £145.C#J91. The assets of the Ch8nty as a 31 Decernter 2023 *Te £3.370.248 12(122". £3,301,159). Tr Trustees re￿laW riodscally the level ol reserve8 9ivirvJ ward to requirements of futtsre ￿81¥S f8fiJrtJishrnent forwhich no further govemrnenl s￿￿K)rt lthety Iv LE aVaiLab￿. In parbfAJlar the Tw5*eS awp mithl of the age of the ￿lI￿lT￿g and the substantial CA)sts that will be IncUff￿ %then Ihe buikliryJ needs to be U￿rad￿ trj ¢c*npty future legislation. The osetall ￿￿¥1[￿ *Jth tlot TnL*es thatllw vnll i* ab￿ to omb.nue to maintain the bU*￿1[¥j to a h￿b sta￿Jard. The Trustees also assess th8 major n5ks to whKh the Ct*rity is exFKEe(I, in parbr¥lar to those related to the operats.on and succw ofthe ￿￿hoUSe$. ￿ Tr￿ 5811sfi￿1 Ihat sy3ths are in p*t to mthgate exposure to th9rn. Reserwes It is tha policy of d￿rity that uN8Str￿ fmjs not desrJt¥ted for a 5peufic ￿e should maintained at a bvel equNalent to bets4Een Ihre8 and six muth's exp￿rture. The bijstees oy)SKler that Yeserwes at this level will ensure th*, ttE event of a drop furKting. Ilw wll be able to c0[rt￿Ue the charity, urrenr activ￿"e$ vlhile ¢ongderaty"on is given to ways in whKkn èthjthonal fund¥ may be raL%ed. This level ol reserves has been mainlained thTough(¥Jt#E year. StructUTe. governance and managemert The trustees ser%*d the yeaF and the dats of sb3nabJre ofthe ffitr•Kxal 5tatw1￿welP." AGho$h S A Salter Revd. Dr. A K Beoqust Councillor R E Bush M P Butchoff DVHEyre D A C FTeeland l B GlrJ( KC D C Go1th4ater Revrd. Fr. K G Jothn Dr. E Keitn G Lewis Counallor R Oteh Osoka P A Sharp N Sindair T Awarburg Jmzthha Iceawj lo te a TnJslee 8 March 20231 IRes¥3E*d 31 Marth 2(Y241 IRestyJn&J 28August 2023} {Re￿r￿ ￿ November2023} {Aryy"ntrwJ 30 N05Em￿r 20231 (A[vm"n￿ 30 N(￿￿nt￿2023) (A4w1n￿ IOAw"120241 (Ceased to a Trustee 8 Marth 20231 {Cea5ed to te a TnJ5tee 25 Juty 20241 21 AuJu5t2023) J M Ze*h8 was thair EW)1￿ 21stAugust 2￿23, ap￿)￿lted • ¢thair. The nominatKffi5 ￿re tenninated foT C￿nCil￿N5 R E B￿h arKJ R 01th 05¢*a bythe resdution of IAÈ51minsteT crty Counul on 8th Marc* 2￿23. Recruitment and appwtrnert (*lru5tee5 Twstees are aFPOtntsd to rneetthe deFth of e¥￿er￿￿ ￿Uire￿ to govem the tharity. ST MARYLEBONE ALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 21Y23 Pay￿8￿￿ of credrt(¥s The company's cur￿nt poly o)ncemirg the paynprt of trade {Thlit￿$ is to folk>v the CBfs Prompt Payers Coje Icoixes are 8vallab￿ from the CBI. Cer*tre PoirsL 103 ￿ Oxfowd Streel Lc￿On I￿lA 1DUI. ensure that surplErs a￿ m* 8¥rarp of Ihe terms of payrnent by uxjusion of Ihe relèvant twmy in o)ntra and Trade ¢reditors Of￿ ¢(Mnpany at the yew were ￿￿1¥a￿t to ￿ dals wrrkn￿. based on the average daity amount Invol￿ by suA)liers dtsriTrJ the year. Orwisatsonalstwctu The Charity is direded by a Board ofT￿￿ Ihat has contrd o¥er its funds and affairs. It C￿nsi￿ts of a max1mum of 15 members seven constrtulirwJ a wowrn. Thè Boarrl wmally meets six times iyt eath 12-month pwiod and, in addition. otherad hoB (xxrKnthes Gr&a￿l 85 requ¥￿. 1. Ex orrno M￿terS who are.. lil ts incumiEnt ofthe ￿las￿l¥l parth Ni wljth iheAkn*Jw a￿ situated." lill the parish ￿lest01the cath￿￿ Clwrth ofour Lth rfStJotrm'slAtoJ'. li1} the Rabbi ofthe St John's LibeTrl Syna￿￿1￿ or I*￿ n(xnirws.' 2. Amaxirnum of 3 pers￿￿ ¥￿Inated by City (¥ee below} aw¥J 3.Nine pErsons appointgj by ￿ Board d TnBtee5 All nominated ar￿ app(%rTW r[￿￿￿ hokl offi￿ JEats ar¥J ale el￿ temis, Save in 8xceptional circumslan(Es. On 8th Marth 2023. Vltsbninster Cty CwrKil no lo rKfflinate memtws antt therg have teen no Nominated TrLBtees wnce th* d3te. The Bowd h2s resDW to the constiti￿n 3CtX>rcliNJty The Board of Trustees has the pow to bOrrr￿ or r8i5e for Ihe PUWFQ5es of the Charity in any manner thinks fit and rnay sevjre the pgyrnent ofthat by a dwrge tyairtst ¥ part ty all ofthe wcpwty or asse*8 ofthe Charity. The Chanty has no b)Thvw4ngs. ST MARYLEBONE ALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 The trustees are fesponsbk for pr8pariTrJ lh8 TFustees' Rewrt aThY the financial statements in aC￿r￿an￿ ￿￿th applic2ble law and United Wthjm AccountirrtJ Starths ￿ngdorn Generalty Accq*ed Actounbng Pracl'cel. Thè law applicable to charitEs in Eroland aral requir8s the trustees to prepare financial statements for each financial year which give a twe and f8ir view of the slaiE of allairs of the charity and ot the In(xxning resourr£5 and 8pplscab.on of rgsourtss crfthe thaiity for In praparirKJ these finanaal statements, ts IJ￿lee5 to.. . obserye the meth(%ts and prin¢¥Aes in th& Charthes SORP: and 8xplain8d in the fin￿cial 51atements." and w￿11 ujnb.nue in opefa*'on. Thè trustees are reSpOrtsib￿ for keepiry suttKierrt aux)fftbYYJ fett)nJs th* wih reasonable a￿1racY at any time the finanual position of c*aEity aThl en￿ th8ffl *0 that the fifSa¥Kial staternents comply wrth the ChaFtiie5 Act 2011, the Cttsnty (A(x￿nIS and Rewxlsl Rèju￿￿5 2(Th 8Th1 Ihe provts#Yts of the trust deed. They are also resW)nsL)￿ fot safeguardirvJ the assets of ¢h•ity aThY hen￿ for laking wE350r￿b￿ slep5 lor th8 prevenb.on aThJ ¢Jetecb"on of fra￿1 and irregularrtBS. A Ghosh Tru$t¢• 15 OCto￿r 2024 ST MARYLEBONE ALMSHOUSES INDEPENDENT AUDrroRE REPORT TO THE TRUSTEES OF ST MARYLEBONE ALMSHOUSES Opinion We have audited the finanaal statements of Sl Mary*l￿￿ Aknsh¢xJw (the 'tharrty'l for the year ended 31 De￿Enber 2023 which comprise Ihe stat￿t of financial 8(*vilies, ￿ bal￿ sheet and notes to Ihe finanaal statements. induding Su￿1￿￿￿)t attx)unb"Nd ￿r￿jaI r￿"ThJ fraM￿th that has been applied in their preparation is app1Kat￿ Untted Ac(xyJnb"T¥J StaT¥Jards, inc*Jding Financ4al Reporting Standard 102 The FITran￿al ReportEng Starth lh8 UK anLI of lrn18rRI IUnrt8d ￿ngdoM GerErally A¢￿pted Accountrng Practi￿}. In our opinion, the fioaFKial statwTrents". give a 8EMJ fair vi8w of stste of (*o1itys as * 31 tbzmLw 2023 and of Fis incoming re5our(￿ aThJ 3pplicAb"c¥) of resources, for trE year Ihen eft{￿; and have teen prepa￿1 in actoffjarte wilh Of￿ Charities Ad 2011. Basi$ ftir opinion We Gonducied a￿1￿1 I￿ acc1Jd￿ wth Inter￿￿1 StarAYard5 AthYifvJ IUIQ (ISAS IUIQ) aThJ appl￿ble law. Our re5ponsibilrfj.es un(*r those *andanls are fijrther ￿s(xthd in Audkorfs ￿$￿0￿"bIl￿.èS for th$ audit Ihè financial statements sec*"oD of ouf re(￿L IAÈ ￿ IrKIepw￿ of in a￿O￿an￿ with the ethical requiTements that are re(evant to our a￿l￿t of ￿ fina￿￿al slatements in UK indudiryj the FRC s Ethical standard. and we have fvlfilted our other elh￿al T8$F￿n$￿"11￿es in aC¢Nd>￿ with these T8quirements. ￿ bdieve that thè audit 8vid8nc8 we have obt8iwI ￿ SAtsnt 3tLd 4)pwiatÈ tts WOVKle a b85is foi ¢XJT Otynion. ConclLL8lons talating to gokng concern In auditing the fi￿ar￿￿81 Stslerr￿ts. we haNE ¢j)ndud￿j that the trustees. ￿ of th8 goir¥J rnn(xm basis of 8t*ounttffj in the ￿parat￿ ol the financial State1￿ 15 akwropriats. Based on the work we have ￿0¥[T￿d. ￿ lthe not any maierial LltKWt￿rit￿ to events or condthons that, iTrJividualty or LY)118ctivoty, may cast sgnffjK2nt d(xJbt rffi tr* ¢*wrty's abilty to continuè as a going relevant secbons of Ihis feFKKL Other informatson our 4uditoVs thwEon. Tr trustees are fesp)nsible Ihe other infomTratiM (Y)ntsIn￿ within the annual report. Our opirsM)n on the frnancaal statemwts not (Therthe oU*r infDTmab"on and we do not express any form of assurani? Cor￿lUsion Ihereon. Our re¥KJnsibilty 15 to Te*1 the other infr)rrn*ion and, in doing so, o)nsider whether the othef infotrnali￿ is Enalettalty in￿￿left1 wdh Ihe financkgi slatgnent5 Of knowltyjge i)btairbed in the Course of the or othwe apr￿5 to LE materialty fflI5stat￿. If we ¥Jentify Skx*t matertal inconsistencies 01 3ppaient Thaterial rni5slatanents. ve a￿ requtred to detemiine vknelke¥ this gI￿S rise to a malerial misstatement In the finatmial statements themselves. If. bas&1 the work ￿ have tvformaa, we cond¢JJe that there is a rnateflal mssststemenl ofthi5 ott* inf<*matMm. are rquir•J to rewt that ha￿ nothiThJ to r8PNt in thi5 ward. matte￿ on whi¢h we ar¢ rEqutred to report by excwlon We have nothing to report in respect of th8 foN￿ry Tnatt&S in EElaiTh to Chattti* IAca)unts and Report51 RegulaD"orts 2￿8 require us to rep)rt to you if. in ouroy"nion'. rerK)rtr. or suffiaent actounb.ng rerwd5 rK)t kept or the finanaal Statements a￿ in ￿le￿*￿t￿*th •Thirdry ￿ or ST MARYLEBONE ALMSHOUSES INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST MARYLEBONE ALMSHOUSES Responsibblities of In As explained more fijlty in the Slat￿￿￿ of trustees. res￿n￿.1ftles. truslees are responsfole for Ihe preparation of th& finanL?al statwnen15 and for bejng $atrs￿ that Ihey gNe a aTrJ fair view. and for suth intemal control as the trustee5 detemiine is Ae(tssary to enabl8 w8P8ration of finan￿￿ statemenls Jhat ar8 IrBe frotn matsrial misststernen( whether d￿ to fjaurl rx err(¥. In Prepari￿ fina￿￿al stal￿￿ents. th¢ trLkslees aTe responsible for assessi￿g charrty's abilTty to continue as a going iyjncem. di5dosry. a5 appli(xble. matteF5 related to g￿n9 con￿￿ atvj using the going bas￿ of accounb"r#J trust￿ efov InteTrJ to ￿ase operations, or ave no realistic aliemalive trArt lo do x*. Audltorfs ro¥ponsibilrlies forthe audit of th• flnanclal statements We have been appoint8d as audrtor uThJer sec￿￿ 144 of ￿ Chwrbes Art 2011 WKI rwt n w1rdan￿ the Act and relevant ￿ulab.￿1s maye or hawro effect Ihereurmler. materi21 m5SStaten*nt whett￿r due to fr8LNJ 01 enor: i¥we aEL EeEKrt lh* indudes our opinion. Reasonable as5ura¥Th ts a h￿h ￿Ve$ of a$swan￿ is not a guarantee thal an audit condurted in accordan wth ISAS IUKI VAII ahvays detect a material rni5Stat*nent when it extsts. Missl2Èemen*s can arisè from fraud or 8rror and are considered rllateri￿ tr, irKbvKJually or in the aggrwJate, Ihey wJkJ [Bas￿o￿lY be exF*Cted to in)lugnce the econcxnic dectsions of usetS taken on the b&%is ofthese fin￿al ststanents. A fvrther d8scnpbon of our res￿n￿lItieS ks avaibbk rm ts Financaal Reporbng Cou￿#1.$ I￿￿1te at.. https.'Il www.frc.org.ukjatxjilor5respr￿￿I4Ii￿s. Thi5 ¢*sryb"(m fomis part otour auditof$ repxL Other matters and Repwbng by Charibes". Ststement of Rewr¥nerKJEd Pta¢iice appbtth io I*wtbE5 weparing their a(Kwnts in accordan￿ vrith the Fin8ncL4 R8porbENJ Staftdard appl￿ sn the UK and Republic of Ireland IFRS 1021" lag amended) in preference to theAC¢X￿ntr.r￿J Rer￿r1¥n9 by Chaiities". Statern￿t ol Re(xffimeTrJed Practice iSSLEd on 1 April 2(K)5 which i5 referred to in the exfant regulalions but t*s rM)w been wlt¥JTawn. This has been i10r￿ in ordèr for the financlal slateM￿ to proyrfje a and fair view In aC￿[da￿ with ￿rrent Generally Accept&J Accounttro Pra(JJce. Use of OUT report Thi5 report is tnade sokty to chanty's trustees, as a iKNty. ￿ 4¢)>)rdar￿ with part 4 of the Chartbes (Accounts and Reports) Regulab"on5 2(MJ8. Our aLKIit w)rk has been urMlertaÉen so that we mvjht 51ate to tharity's trustees those matter5 we ate tequsred to Stale to trem in w atyjitofs fewjrt for no otrw purrthe. To the fvllest exlent pemlitt￿ by law. we (lo r￿t aci¥ 01 a5SUFRe reSp￿s￿"1rtY to anyorE other than the chanty and the charrtys ttUSt&s as a tyjyy, forour a￿yrt￿Ork, for thi8 rerKJrt or ftjrthè oKMnwMs ￿ ha￿ for1T￿. ST MARYLEBONE ALMSHOUSES INDEPENDENT AUDITOR'S REPORT {COPfflNUEDI TO THE TRUSTEES OF ST MARYLEBONE ALMSHOUSES i+_kna 4- T8ylorA 15 ikn*w2024 Chartered Accountants Statutory Auditor 1st Flc*)r GaI￿ry Court 28ArraYwAvenue h13 2FG Tayl￿ Assoaates is e1vJ￿1e for arwxntrftent as 3￿jrtoT of by of 115 ebytility fr)T Arynintrnoftt as auditor of a CLvnpany urth se(lirm 1212 of the erMnpan*sAd 2(￿. ST MARYLEBONE ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPÈNDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 T*)tal fund6 fund8 fun 2023 2022 2022 ntomÈ from: Charitable a¢bvths In￿stments I￿,148 186.148 57.031 121,321 11.659 121,321 15,845 21.131 4,186 Total ineome 21.131 243.179 132.980 4,1 137,166 Exp8nditurn on: chaiitab￿ actsvibes 191. 191.2 197. 197,864 Totsl expenditiwe 191, 191.2 197,864 197,864 Not Incomdlexpendl￿lE> J,752 21.131 {64.&84} 4,186 180.6981 Other r8cogni5ed gain¥ and 10g9¢8: Net profft on Investments Funds transferred from unincorporated d￿tty {5.147) 17W 171.442) {12.B691 184.3111 3,068.036 39.917 38().132 3.446,168 139,5171 Net movement In funds 1.105 15. 69.089 iW,&57 331.502 3,301.159 Roconciliation of funds: Fund balan￿S at 1 January 2023 2.￿.657 331.502 3.301.159 Fund balanc88 at 31 D8￿rnber 2023 2.7ff2 347.4&8 3,370248 2.969.657 1.502 3.301.1Sg derive frc4n continuir#J 8thrit￿. ST MARYLEBONE ALAISHOUSES BALANCE SHEET AS AT31 DECEAIBER 2023 2022 Fixed assets Tangible assets Investmgnts 11 12 1.801.664 1.297.538 1,709.649 1,236.301 3.0yy,2￿2 2,945,950 Curypnt assets Debtors Cash at batth 3rKI ill harKI 13 5.123 473.4 297.046 299,OX) 478.K Credttors: amounts faylng due ¥Athkn one year 14 {28,￿} 1123,3941 fr4et c￿r￿nt assets 271.048 355,209 Totsl ¥￿ets less ¢urreTrt Ilabllltles 3.370.248 3.301,159 The fund6 oftho d￿rity Un￿t￿Cte[l fuEKls-gerwal 1$ 3.U22.762 347.486 2,969,657 331.502 3.370,248 3,301.159 A Ghosh Trvstse A Satlgt Trnst•è ST MARYLEBONE ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2023 Charlty Inf(#Thallon 1.1 Aecountlng Conventlon ChantEs Act 2011. FRS 102 Tr FITransy￿ ReFxknJ St3rKJ3rd the UK Republic of Ireland. I'FRS 102.1 and the charit￿ SORP "A0￿￿n￿.ry ar￿ Repo￿￿ by Charrfjes.. Statement of Recommended Practi￿ applicable to tharrt￿ preparing ttw att¢xJnls in th8 Finanaal Rewrting Stsnd8rd applicable In the UK Repu￿￿ of ITd¥KI (FRS 102r leltpdi¥E l January 20191. Th8 thar¥ty is a Public Benefit Entity a5 defin&Y ty FRS 102. The 0￿rrtY has tsken ayvantage of t￿ priMs￿)rts in SORP chantss not to prepa￿ a StsteTHeNt of Cash Flows. The finanry4 strt￿ents ha¥e depart•l frryn the Charilies (Ar￿U￿ts Rwrylsl R￿UlationS 2fX18 only to the extent r￿u*re￿ to txovKle a true aTMI fair vw. TrNs departu￿ has invts1￿ [0HDVA￿ the Stat8tnent of Recommended practi￿ for thaiilies app￿ng FRS 102 Tather than version of the Statement ol R8commeTrYed Pr3ca¥c8 wh¥th is referred lo RegulaIM￿S txrtvknith ha5 Sin￿ been wrthdrawn. amounts in ts9e finaroal $t8tements ue to the rue5t £ valuel. The prinapal a(xx)LFnbng alopte(l are sel t¥Jt bel(w4. 1.2 Golng concem At the tyme of approwrg Ihe staleFll￿. the 8 reasonable expec*ation I￿ *he Charty 1.3 Charitable f41ndB 1A Incorne All inoNn￿￿ re9)Uf¢XS we iirJ￿￿ in ts slateM￿ of Athib"es l&)FAI wlw ts Charity is ally enbtted to the inccrfne after any [ErforMan￿ (xjndtbons have tEen met, the amount ian be measured and otiw incorne ale i[KlU(￿ in in 7*hK* tW are whith rs Ihe Charity 1.5 ExpÈndtiUYÈ committing the Charty to the expeF¥JituTE. Al eXKWMJitU￿ s a¢cwntoJ ft)r on an ar£ruals b88i% and has been Classrf￿ undpT hthjings IhÈt a99regate all (yjsts rela￿ tr) catÈ9(Xy. the suri)cKt arttj Of￿ rÈs 10- ST MARYLEBONE ALMSHOUSES NOTES TO THE FINANCIAL sTATEME1￿s (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Icontlnuedl 1.6 Tangibk r￿ed a88•ts Tangible fixed assets a￿ inthlty measurwj at ¢xtst m98S￿ at C￿$t or vabJ*ion, ￿ of depreciation and any inpairnent1055es. Depre￿ation is reownised so as to ￿lie off ts ctht ￿ vaW•J) of &5ets 185s Ihwr values over Iheii uselul lives on the foJlu*iryJ bases.. Buildings 1% stratht ITh 6.7% strwght line FumittJr¥ arKI equiwnwrt The gain or loss aitsirKJ cffl thsFK6al ofan assét is (*lerrnir￿l85 the ￿[ffer￿ bet*een the sab pr(*￿1$ 1.7 Improvements to Pyo￿n05 The Charty exFeTrlibJre on housing pryerbes vthkth akL% to iIE ¥a5LE ol tt* prwrty or extends its usefvl life. Im￿l¥eme[￿ to prop￿ty that ￿tre to ass* ttrot have a sepa¥3Ldy *lentsfiable life to the property concxned are ￿rtaI￿1 t*rt under a calegw sepafate from lh8 pr¢)pÈrty. Pr(4)erty aTHJ laThg wa valued at £ f,785.OCK) on 31 Dec￿l￿ 2015 and the tr*Jildir*J is betry depreoated over 11h) years. 1.8 lrnpairnent of fixed assets At each repor￿￿ end date. the re¥￿? ￿ carryry of 115 tangibk assets to detemiine whether the￿ ks any 1ndKalIL￿ that Iltse assets suffered an impairment loss. If any suth indieAtion exsts, Ihe ¥E¢J)verSb￿ amounl of the asset i8 estun*d in ortsr tri (**rtnKne Ihe exlent of the impairment loss lrfany). 1.9 Cash and cash equi¥aknts Cash and (ash &]UIva￿ Inc[￿je cash in ha￿1. rk¥Ktsib hekl at Ixll wth banks. other short-tenn liquid inv8strnents with original In8￿rI(P$ of th￿e mcth (ff less. aThJ bank 01*rf￿rts. Bank overdrafts are shown 1.10 Financlal instruments The chatty ha5 detaed Ir) pro￿￿)￿5 of seli￿ 11 kn Finanoa Insbikiwts, and Section 12 'OtrÈf FinancAI Irksiifftnts ISS￿$. of FRS 102 ID of ils instTrtrments. Finan¢i¥ irstrunEnts are rwn6ets in b*rts sh88t when the rtsnty be￿ pany to thè Finanaal assets at¥J k"abilthe5 8re off5e( ￿th the net arnouFtts pres*d in the finarwl 5tatetnents. when there ￿ a kgally enforix8trAe right to set off th8 recA)3ni8ed amwnts and is an intention to settje on a net basss orto ￿alL￿￿ assel arKI selllE the Smutta¥￿￿ty. B•sie Iln•n¢W •ss¢ts Basic fjnanual assets. wh** ¢ncJLh* aThJ cash atvj ba* bal*w. ￿ u)it5'aity measuréd at interest method unless the arraw* o)nstitits a financts￿ tr3nsaLton. vthere the transaction is rneasured al the present Val￿ of ￿ fJjbj￿ receipts discounted at a market rate of interest Finanaal assets dass*fie(l as r￿￿3t￿O vitihin year not amorits4d. 11 ST MARYLEBONE ALMSHOUSES NOTES TO THE FINANCIAL STATEMEKrs (coKnNUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Ac¢ountiNJ pokcie5 {Continu8d) Bask flnaftclal liabfflitses Basic financial habi1th5, indud1￿ tX8ditor5 8￿j t)a* foans wubally rwnised at transacbon Wil￿ unles8 value of the futUTe pay¥nent8 di8wJnted at a mawket r* of Inte￿$t Ftn•Kial liabfiths das5ffied as payab within one year are not amorlised. Trade ¢redttots obi¥Jation5 to pay for or set¥iTrs that have been the otdinary course of Operab"0￿ from suppl￿[S. Amounts payabk a(e dasstfi*J as (xjrrwrt I￿1￿.1$be$ rf payment is duè wthin one year or kss. If noL they are presented as nOr￿(￿j￿enI ￿EN.1¥￿eS. Trade I￿￿110r5 are recognised In￿.811Y at transa(*"on price and subseql￿ty measured at am￿ti$ed