Charity registration number 1192492 IEngland and Wal8sl ST MARYLEBONE ALMSHOUSES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ST MARYLEBONE ALMSHOUSES LEGAL AND ADMINISTRATIVE INFORMATION Charlty numbgr 1192492 Trustees AGh05h S A Salter Dr M Druian D C Goldwater Dr. E Keith Mr G Lewis N Sinclair Chair A Ghosh Clerk to trustees Ms A Grtrfiths Tr&a$ur&r SA Saker Place of buslnèss and Registered Office 80 Sl John's Wood Terrace London NW8 6QA Principal office Flat 18 80 St John's Wood Terrace London NW8 6QA Ind•p8nd8nt Auditor Taylor Associates 1$1 Floor Gallery Court 28 Arcadia Avenue London N3 2FG Solicitors Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6UR
ST MARYLEBONE ALMSHOUSES CONTENTS Page Trustees, report Slalement of trustees, responsibilikn'es Independent auditor's report Statement of financial activities Balance sheet Notes to the financial slalemenls
ST MARYLEBONE ALMSHOUSES TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Iruslee5 present their annual report and financial 51alemenls for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies Sel oijl in note 1 to the financial statements and Comply wth the charity's govemin9 document. the Charities Act 2011 and Accounting and Reporting by Charities. Slalemenl of Recommended Practice appli¢able lo Charities preparing their accounts in accordance with the Finan¢i81 Reporting Standard applicable in the UK and Republi¢ of lieland IFRS 1021 leffeclive 1 January 20191. Introdu¢llon. ObJ•ctives and activities St Marylebone Almshouses is a Charitable Incorporated Organisation ICIOI providing sheltered housing for older people in need ¥Mthin the City of Weslminsler. The charity has a long and distinguished history of seNing the local ommunity, with ils origins dating back lo 1837. when Count Simon Woronzow bequeathed £500 to support the poor of the parish. With further support from Colonel Henry Samuel Eyre. the original almshouses were established lo provide refuge for elderly parishioners of good character who had fallen into hardship. The current CIO was incorporated on 23 November 2020 ur¢der charity number 1192492. following the transler of assets and fesponsibililies from the former unincorpor8led charity {2161431 on l May 2022. The Almshouses. located in Sl John'5 Wood. conlinue to offer a safe and supportive enviroriment for residents with strong historic or residents.al ties lo Weslminsler. who would otheThwse struggle lo afford accommodation in the area. The trustees remain committed to preserving the charty's legacy while ensuring its continued relevance and impaci in modern times. The Charity's governing document 15 113 conslitulion, which sets out its legal structure, charitable obje¢15, and the framework for trustee govemance and decision-making. The objectives of the Charity are to.. relieve need by providing individual homes wrthin a supportive community lor eligible beneficiaries, and support residents through financial or other assistance, as the trustees may determine in sponSe lo individual ii¢umstances. Beneficiaries means person5 who have reached retiring age as determined by the Charity Trustees and cannot OtheSe afford lo live in the City of Vvestminsler and who lor in the case of a widowed person. whose deceased spouse or civil partner) have lived or carried on business or been employed in the City of Westminster for not less than ten years or who, while not exactly complying with the foregoing conditions, in the opinion of the Charity Trustees. have sufficient connection with the Cty of Westminster and are fit and proper persons in sufficient need lo be admitted as residents. As of 31 December 2024 ihe charity housed 1912023.'161 residents and a resident manager, with one flal vacant. Public benefil The Trustees confirm that they have Gomplied with the requirements ol section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Vvales. Manager8nd Volunteers The Board of Trustees is most grateful lo the resident Manager. Mrs JacqLteline Goulding, who has continued lo provide thoughtful and helplul support to the ¥esidents. She has been a source of great strength particularly in tackling problems that have arisen from lime lo lime. In her absence, she was ably subsliluted by Miss Bettina Graham and volunteer manager Mrs Julie George. Clerk The Board is most grateful to its Glerk, Mrs Angela Griffiths both for the services she provides for our residents and for the smooth running of our finances and administrabon.
ST MARYLEBONE ALMSHOUSES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review In the year to 31 December 2024 there was a surplu5 of income over expenditure of £48,58612023.' £51,883). The charity also made a profil on investments of £17,27012023'.£17.2081 resulting in an overall surplus for the year ol £95,73312023.' £69,0891. The net assets ol the Charity as al 31 December 2024 were £3,465,981 12023.. £3.370,2481. The Trustees review periodically the level of reserves held, giving regard lo requirements of future repairs and refurbishment for which no fvrther government support is likely lo be available. In particular the Trustees are mindful of Ihe age of the building and the substantial costs that will be incurred when the building needs lo be upgraded lo comply wth future legislation. The overall position remains such that the Trustees remain confident that they will be able tc) Continue lo maintain the building to a high standard. The Trustees also assess the major risks lo which the Charity is exposed, in particular to those related to the operation and success of the Almshouses. The Trustees are satisfied that systems are in place Its mitigate exposure to them. Risk Managem¥nt.' The Trustees assess the major ¥isks to which the Charity is exposed, parbcularly those relating lo the operation and success of the Almshouses. These risks are reviewed regularly through the Charity's Risk Register, lch is considered at every meeting. The performance of mitigating measures is monitored to ensure effectiveness. The Trustees are satisfied that the Charrty's reserves are sufficient to support the continuation of its activities In the short to medium term. Re$¢rves Poll¢y Funds reported wthin the Balance Sheet are ¢onsidered in detail in the Notes accompanying the Financial Slalemenls {Note 181. Trustee5 have determined that unre$lri¢led general fund5 should be maintained al a level equivalent to between three and six rnonths, expenditLire. As at 31 DeGember 2024, the Charity held uNestri¢led general funds of £3,081,96912023".£ 3,022,762) and designated funds of £384,01212023..£ 347.4861 The Trustee5 are therefore satisfied that the reserves held are sufFicient to meet the Charity's operab'onal needs and lo provide for future repairs and refurbishmenl. Investment policy Fixed As5el Investments are valued at the year-end as £1,389.277 12023.. £1,297,538) and are held as cash or within funds managed by the National Almshouse Association Common Investment Fund (NAACIF) or the Charities Investment Fund ICOIFI. The Trustees, obje¢live is lo invest funds in order to maximise financial return and capital growth within an acceptable risk, to balance the income and capital retum. The proportion of residents. contributions representing Extraordinary Repair$ has been invested in COIF and NAACIF
ST MARYLEBONE ALMSHOUSES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Stru¢tur¢, govgrnance and management The trustees who served during the year and up to the date ol signature of the finan¢Sal statements were.. A Ghosh S A Salter Dr M Druian Revd. Dr. A K Bergquist M P Bulchoff DVHEyre D C Goldwater Revrd. Fr. K G Jordan Dr. E Keith Mr G Lewis P A Sharp N Sinclair T A Warburg (Appolnled 1 Juty 2025) (Retired 28 July 20251 (Retired 26 September 20241 IRelired 31 March 20241 (Retired 28 July 20251 IAppoinled 10 April 20241 (Retired 25 July 20241 (Retired 28 July 20251 On 26 S&plember 2024 A Ghosh was appointed chair. Recruitment and appointment of trustee$ The Chair anrj the Clerk are responsible for inducting new Trustees which involves awaieness of a Trustee's responsibilities. the goveming documents, administrative procedures and the history of the Charity. The 2017 Charities Code of Governance provides the basis for Trustee perfomance. All Trustees are volunteers and are not remuneraled. Payment of Creditors The ¢harily's current policy concerning the payment of trade creditors is to follow the CBI'5 Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Stet. London WC1A 1 DUI. The charity's current policy Concerning the payment of trade creditors is lo.. settle the terms of payment with suppliers when agreeing the terms of each transaction" ensure that supplier$ are made aware of the terms ol payment by inclusion of the relevant temis in contracts.. and pay in accordance with the Company's conlraclual and other legal obligations. Creditors ol the charity at the year end were equivalent lo 30 day's purchases. based on the average daily amoL¢nt invoiced by suppliers during the year.
ST MARYLE8ONE ALMSHOUSES TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Gl:. Jr[SI. of CJI 11:fiLof5. normJ.",¥ met4'.t'i¥ limb4 .'P. Q3=h tiplée•':4p.tr )r4 )i¢l.gr.all.¢ 2: rec.Jjrrd ¢INPir¥-_:> lo3St Gor.È I", .')cb tfirlvc-p¥JD-. oep..)d a"4 cr 4c Ja¥~ as reouiro¢i. b e.-r o-, t.è ts,(1 .?f' ol Tms:ees 2PVJiiile3 tr-,S c.l.,he Cop.••jtu:tQV, tw.- i i-.ee5 18 TAn w.l-i a.ryhni-.. "ItJiyw. Ll f-.i/e fi.1 r?1 •hr7 3f.a ore ..i., :..L'.A) tor i Ic'm5. ln e¥iS-." 2ty1- Sep."emtEr ry J?4 1" IV 4-- -bG'.sl&.J ,"4c-': .?r. 8t. ¥l.:"tt? 2CiZ.I 11¢) to nc-.~-.n2".y i i ...S '.0 loNW.J 41-..tDQs $01u..1. cf 28.".r, . rh& Cop.oriLIJ',TrS". la- 2me.vJ6J l¥? 'e,1.- LIosc -t¢j1..9fts 'l)r :?O¥T'.T151.'<i+jts'c efr ThÈ scJrd c. 11 h3-. Ctta.-ity. 4)1 )' 931-. . ryien.'s rgbyir¥ rttpayrnefjt r,. Chair
ST MARYLEBONE ALMSHOUSES STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees are responsible for preparing the Trustees, Report and the financial slalemenls in a¢¢ordance wth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England and Wales requi$ the Iruslees lo ppare finan¢lal 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 of the charity for that year. In prepanng these financial statements, the trustees are required to.. sele¢l suitable accounting policies and then apply them conslslentty., observe the methods and principles in the Charities SORP". make judgements and eslimales that are reasonable and prudent", state whether applicable accounting standards have been followed, subjeGt lo any material departures disclosed and explained in the financial slalemenls,. and prepare the financial slalements on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting ie¢ords that ¢Jis¢lose with reasonable accuracy al any lime the finan¢ial position of the charity and enable them to enstjre that the finan¢ial slalemenls comply with the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure to auditors: So far as the trustees are aware. there is no relevant audit information of which the company's auditors are unaware. Additionally, the trustees have taken all the necessary steps that they ought to have taken as Iruslees in order lo make themselves awa of all relevant audit information and lo establish that the company's auditor5 are aware of that information
ST MARYLEBONE ALMSHOUSES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST MARYLEBONE ALMSHOUSES Opinion We have audited the financial slalemen15 of St Marylebone Almshouses (the '¢harity'l for the year ended 31 December 2024 which comprise the slalement of financial activities, the balance sheet and notes to the financial statements, including signifjcanl a¢¢ounting policies. The financial reporting framework that has been applied in their preparation is appli¢able law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Rtrporting Standard applicable in the UK and Republio of Ireland Iunited Kingdom Generally Accepted Accounting Pia¢licel. In our opinion, the financial slalemenls.. give a true and fair view of the slate of the charity's affairs as at 31 December 2024 and of ils incoming resources and application of resources. for the year then ended., have been properly prepared in a¢¢ordance with United Kingdom Generally Accepted Accounting practi., and have been prepared in accordance wilh the Charities Ad 2011. Basis for opinlon We conducted our audit in accordance with Internats'onal Standards on Auditing IUKI IISAS IUKI} and appli¢able law. Our responsibilities under those standards are further described in the Auditorts responsibilities for the audil ol Ihe financial slatemenls section of our report We are independent of the charity in accordance wlh the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordan¢e with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis lor our opinion. Concluslons relatlng to golng Concern In auditing the financial statements. we have concluded that the Iru51ees' use of the 90ing concem basis of accounting in the preparation of the financial slalemen15 15 appropriate. Based on the work we have performed, we have not identified any maler¢al uncertainties relating to events or conditions that, individually or colleclively. may cast signifi¢anl doubl on the charity's ability to continue as a going ¢on¢ern for a period of at least e1ve months from when the financial slalemenls are aulhonsed for i$5ue. Our fesponsibililles and the responsibilities of the trustees wlh respect lo going concern are described in the relevant sections of this report. Matters on which Y are requirèd to report by exception We have nothing lo report in respect of the following mattefs in relallon to which the Chafities (Accounts and Reports) Regulations 2008 requires us to report lo you rf, in our opinitsn.. the information given In the financial statements is inconsistent in any material respect wth the trustees. report.. or sufficient accounting records have not been kept.. or the financial slalements are not in agreement ¥Mth the accounting records,. or we have not received all the information and explanations we require for our audit. Responsibilities ot trustees A5 explained more fully in the statement of trustees, responsibilities, the Iruslees are responsible lor the preparation ol the finan¢ial statements and for being satisfied that they give a true and fair wew, and for su¢h internal control as the Injslees deleimine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial slatemenls, the trustees are responsible for 855essing the eharily's ability to continue as a going concern. disclosing, 8$ applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic 8llernalive bul to do so.
ST MARYLEBONE ALMSHOUSES INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST MARYLEBONEALMSHOUSES Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regLJlalion5 made or having effect Ihereunder. Our objective5 are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is Trol a guarantee that an audit conducted in accoidance with ISAS IUKI wll always detect a mateiial mis$131emenl when il 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 slalemenls. The extent to which our procedures are Capable of detecting irregularities, including fraud, is detailed below. Vve identify and assess the risks ol material misstslemenl of the financial stalemenls. whether due lo fraud or error, and then design and perform audit procedures responsive lo those risks, including obtaining audit evidence that is sufficient and appropriate lo provide a basis for our opinion. In identifying and assessing risks of material misstslement in Spect of irregularities, Including fraud and non- compliance with laws and regulations, we considered the following. The nattjre ol the ¢harilable sector. control environment and performance including the design of organisalion's remuneration policies., the Any matters we identified, having obtained and reviewed the organisalion's documentation of their policies and procedures relating to.. al Identifying, evaluating and complying with laws and regulations and whether they were aware ot any instan¢es ol non-compliance", bl Deltt¢ting and iesponding to the risks of fraud and whether they have knowledg¢ of any actual, suspected or alleged fraud". ¢1 Th¢ internal controls oslablished lo miligale risks of fraud or non-compliance with laws and regulations., dl The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators ol fraud. As a result of these procedures. we considered the opportunitie5 that may exist within the charity for fraud. We identified the greatest potential for fraud in areas such as management override of controls, going concern, In¢ome recognition, and appropriateness ol expendittjre We also tsblained an understanding ol the legal and regulatory framework that the charity operates in, locusing on provisions ol those laws and regulations that had a direct effect on the determination of material amounts and disclosures In the financial statement5. A fvrther description of our respon5ibililies is available on the Financial Reporting Council's website al.. http5'.11 w.fic.org.uklaudilorsresponsibililies. This de5¢riplion forms part of our auditor's report. Othor matters Your attention is drawn ID the fact that the charity has prepared financial slalements in accordance with 'Accotsnling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepubSic of Ireland IFRS 1021" las amended) in preference to the A¢counling and Reportino by Charities." Slalemenl of Recommended Practice issued on 1 April 2005 which is referred lo in the exlanl iegulalions bul has now been withdrawn. This has been done in order for the financial statements to provide a true and fair view In accordance with current Generally Accepted Accounting Praclice.
ST MARYLEBONE ALMSHOUSES INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF ST MARYLEBONE ALMSHOUSES Use of our report This report is made solely lo the charity's Iruslees, as a body. in accordance wth 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 Irustees those matters we are required lo state to them in an auditor'5 report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's Iruslees as a bo for our audit work, for this report, 01 lor the opinions we have fomied. Paul Winter (Senior Statutory Auditor) For and on behalf of Taylor Associates. Stalulory Auditor Chartered Accounlants 151 Floor G8llery Court 28 Arcadia Avenu¢ London N3 2FG 18 September 2025 Taylor Associate3 is eli9ible for appointment a5 auditor of the charity by virtue ol its eligibility for appointment as auditor of a company under section 1212 of the Companie5 Act 2006.
ST MARYLEBONE ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Unrestrlctèd funds funds Genèral Designated 2024 2024 Total Unrestrl¢ted Unrestricted funds funds General Designated 2023 2023 Total 2024 2023 Note5 Income from: Donatitrns and legacies Charitable acb'vilies Investments 6,781 228,797 40.662 6,781 228,797 55,473 186.148 35,900 186.148 57,031 14,811 21.131 Total Income 276,240 14.811 291.051 222,048 21,131 243,179 Exp8nditure on- Charitable activities 242,465 242,465 191,296 191,296 Toial expenditure 242,465 242.465 191,296 191,296 Nèt income 33,775 14,811 48,586 30.752 21,131 51,883 Other recognised gains and losses: Net Ilossesll profil on disposal ol investments ReValUaton ol investments 10 14,445) 21,715 17,270 22,353 15.1471 17,206 29,877 29,877 Net movement In funds 59,207 36,528 95,733 53,105 15,984 69,089 Reconciliation of funds: Fund balances al 1 January 2024 3.022,762 347,486 3,370.248 2,969,657 331,502 3,3Q1,159 Fund balances at 31 Dècomb&r 2024 3,081,969 384.012 3,465,981 3,022,762 347.486 3,370,248 The slalement of financial activitie5 includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies.
ST V,ARYLEBONE ALMSHOUSES BALANCE SHEET AS A T 31 DECEMBER 2024 2Q94 2023 Notps rixèd 3sseL> 12 13 r¥LnrV.'.S ? Y41 24e i 0$9.2C CiiryFnt assots 14 ¢tSII d., bank aro crgdlto- 3m4)unts l?Eling utso wilhin year 15 4?5.)C.4'. Net cutrent as$ct$ 2£4,733 f¢r21 a$$¢.ts Ios5 current liatiilitFe$ 3 810248 The gf thrj charity 16 Is ts47.4$6 7 31'..£4 Ttre. fi.; Trust¢¢
ST MARYLEBONE ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
St Marylebone Almshouses is a Charitable Incorporated Organisation incorporated in England and Wales.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
The charity has taken advantage of the exemption available under the Charities SORP and FRS 102 for small charities, and has therefore not prepared a Statement of Cash Flows. The charity qualifies as small by virtue of meeting the relevant thresholds relating to income, assets, and number of employees.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income, any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.
Donations are recognised on a receivable basis, where there are no performance-related conditions, and when receipt is probable and the amount can be reliably measured.
Income receivable from residents' contributions and other income is included in the period in which it is receivable, which is when the Charity becomes entitled to the resources.
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ST MARYLEBONE ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Contlnued) 1.5 Exp&nditur• Expenditure is recognised once there is a legal or ¢onslru¢live obligation to Iransfef economic benefit lo third party, il is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Costs of charitable aclivllies include all costs relating lo the maintenance of the housing properties as well as the support and welfare of the residents. Other costs include the cost of governance arrangemenls which relate to the general running of the Charity. 1.6 Tangible fixed assets Tangible fixed asse15 are Initially measured at ¢osl and subsequently measured al cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the followng bases". Buildings Property improvements Fuiniture and equipment 10A slraighl line 6.70h slraighl1Sne 20Qk straight line Freehold land is not depreciated. The gain or1055 arising on the disposal ol an asset is delerrnined as the difference between the sale proceeds and the carrying value of the assel. and is re¢ognised in the 51alemenl of financial aGlivilies. 1.T Improvoments to properties The Charity capitalises expenditure on housing properties which adds lo the value of the property or extends its useful life. Improvements lo the property that relate to assets that have a separalely idenlifiable life lo the property concemed are ¢apilalised but under a category separate from the property. Property and la was valued al £ 1.785,000 on 31 De¢ember 2015 and the building is being depreciated over 100 years. 1.8 Impairment ol fixed assets Al each reporting end date, the charity vIewS the carrying amounts of ils tangible assets lo determine whether there is any indication that those assets have suffered an impairment Ioss. 11 any such indallOn exists, the recoverable amount ol the assel is eslimaled In order lo determine the exlenl of the impairment loss lif anyl- 1.9 Cash and cash &qulvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original malurilies of three months or less, and bank overdrafts 8ank overdrafts are shown within borrowings in Current liabilities. 12-
ST MARYLEBONE ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aecountlng policies Icontlnuedl 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues. of FRS 102 to all ol its financial instruments. Financial instruments are recognised in the charity's balance sheet when the ¢harily becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset. wllh the nel amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention lo sellle on a nel basis or to realise the asset and settle the liability simultaneously. 8asl¢ finan¢ial assets Basic financial assets, which include debtors and ¢ash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts dis¢ounled at a market rale ol interest. Financial assets classified as receivable within one year are not amortised. Other financlol assets Investments Listed investments are a fortn of basic financial instrument and are Initially recognised at their transacts'on value and subsequently eaSured at their fair value as at the balance sheet dale using the closing quoted market price. The charity does not acquire pul options. derivatives or other complex financial Inslrumenls. Realised gains lor Iossesl on investment assets are calculated as the differen¢e between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial ye81. Unrealised gain5 and losses are calculated as the difference beeen the fair value al the year end and their ¢a¥rying value al that dale. Realised and unaliSed investment gains lor 105ses1 are combined in the statement of financial adivilies and are ¢rediled loi debited} in the year in which they arise. Other investments are Included al cost, which 15 considered to be approximate to their maiket value. Basic financlal liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing trans3clion, where the debt instrument is measured al the presenl value of the future payments discounted al a market rate of interest. Financial liabilitie5 classified as payable within one year are not amortised. Trade creditors are obligations to pay ft)r good5 or services that have been acquired in the ordinary course ol operalic>ns from suppliers. Amounts payable are classified as current liabilities if paymenl is due within one year or less. If not, they are presenle(J as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently meaSUd al amortised cost using the effective interest methorl. Derecognition of financial liabilities Financial liabilitie5 are derecognised when the charity s contractual obligations expire or are discharged or cancelled. 13-
ST MARYLEBONE ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontlnuedl 1.11 Employee benèfits The cost of holiday entityemenl is recognised in the period in which the employee lakes the holiday. Termination benefits are re¢ognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Crltlcal accountlng estimate5 and ludgamonts In the application of the charity's accounting policies, the Iruslee5 are required lo make judgements, eslimales and assumptions about the carrying amount of a5se15 and Iiabililie5 that are not readily apparent frtsm other sources. The es1im31es and associated assumptions are based on historical experience and other factors that are Considered lo be relevant. Actual results may diffei from knese e51imales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are iecognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. In¢omè from donations and legacies Unrestricted funds general Unr¢stricted funds designated and general 2023 2024 Donations and gifts 6,781 Incom& from charitable activities Unr¢$tri¢lèd Unrestrictod funds funds 2024 2023 Maintenance contribution$ Sundry income 225,619 3,178 183.563 2,585 228,797 186,148 14-
ST MARYLEBONE ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Incom8 from Inve$tments Unrèstrlcted Unrestricted funds funds General Designatod 2024 2024 Total Unrestrictèd Unrèstrictad funds funds General Designated 2023 2023 Total 2024 2023 Income from li51ed investments Interest ceNable 40,662 8,587 6,224 49.249 6,224 35,900 11,959 9,172 47,859 9.172 40.662 14,811 55,473 35.900 21.131 57,031 Expenditure on charitable activlti•$ G8nèral 2024 Genaral 2023 Direct costs Staff c051s Depreciation and impairment Premises costs Light and heal Telephone Repairs and maintenance Gardening Cleaning and launiyry Bank charges MiscellaneoLJS Insurance Legal and professional Computer and SOfare costs Audit Relief manager Subscriptions Monitoring systems Planning fees Printing, postage and slalionery Residents welfare Consulting 26.393 44,419 4,265 21,086 2,883 36.280 12,448 5.083 100 3,456 4.050 1,000 3.388 24.231 1.890 1,732 2,110 328 722 632 144 26,028 32,353 1,022 35.086 2.547 28,596 11,588 5.191 436 1,325 4,069 5,503 389 12,398} 1,120 305 19e,640 153,160 Sharè of support ¥nd governance costs Payments lo clerk 45.825 38.136 242.465 191.296 Analysls by fund Unrestricted funds- general 242,465 19f,296 15-
ST MARYLEBONE ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Net movement In funds 2024 2023 The nel movement in funds is stated after charging.. Fees payable for the audit of the charity's financial slalements Depreciation of owned lan9ible fixed assets 9,000 44.419 9,000 32,353 Trustees None of the Iruslees (or any persons connected with them) received any remuneration or benefits from the charity during the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Scheme manager Employment costs 2024 2023 Wages and salaries 26,393 26,028 There were no employees whose annual remuneration was more than £60,000. 10 Gains and losse5 on investmonts Unrestrieted Unrestricted funds funds General Deslgnated 2024 2024 Total Unrestricted Unrestricted funds funds General Deslgnated 2023 2023 Total 2024 2023 Gainslllossesl arising on.. Revaluation of investments Loss on sale of investments 3,307 21,715 25,022 29,986 (5,1471 24,839 17.7521 17,7521 {7,6331 17,6331 14,4451 21.715 17,270 22,353 15,1471 17,206 11 Taxation The charity is exempl from laxalion on ils activities because all its income is applied for charitable purposes. 16-
ST MARYLEBONE ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Tangible fixed assets Property improvements 8ulldln98 Furnliure and 8qulpm8nt Toial Cost Al 1 January 2024 Addition$ 454,890 1,785,000 94,726 129,961 2,369.851 94,726 Al 31 December 2024 549,616 1,785.000 129.961 2.464,577 Depreciation and impairmènt At 1 January 2024 Depreciation charged in the year 173.626 34.969 264,600 9,450 129,961 568,187 44,419 Al 31 December 2024 208,595 274,050 129.961 612.606 Carrying amount At 31 December 2024 341.021 1.510.950 1,851,971 At 31 De¢ember 2023 281,264 1,520,400 1,801,664 A valuation of the Almhouses was undertaken in September 2021 by Rebuild Costs Asessmenl Limited. The bu(Id value was assessed at £5.180.180 and the value insured at £5,695,347. 13 Fixed asset investments Listed investments Cost or valuation Al 1 January 2024 Addilions Valuation changes Investment income reinvested Investment income Dispc*sals al cost 1,297,538 71,298 48,748 14,8471 49,429 [12,8891 Al 310e¢ember 2024 1.389,277 Carrying amount Al 31 Oecember 2024 1,389,277 At 31 December 2023 1.297,538 17-
ST MARYLEBONE ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Dabtors 2024 2023 Amounts falling due within one year: Trade debtors Prepaymen15 and accrued income 3.487 2,042 2,004 5,529 2,004 15 Creditors.. amounts falling due within one year 2024 2023 Other laxalion and social securty Trade credito Rent received in advance Other creditors Accruals 1,117 2,882 14,491 5,385 10,116 17.461 9.514 32,968 28,004 18-
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ST MARYLEBONE ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Analysls of n¥t assets beeen funds Unrestricted funds 2024 At 31 Oecember 2024: Tangible assets Investments Net current assets 1,851,971 1,389,277 224,733 3,465.981 18 Capital commitments The tota1 amount eonlracted for bul not provided in the financial statements was nil12023- £nill. 19 Related party transactions 2024 2023 Amounts paid in respect of consultancy lees.. Clerk to the trustees 45,825 38,136 Amounts received in respect ot weekly maintenance charges.. Clerk lo the trustees 7,185 The Scheme hllanager occupies a flat in addition lo her remuneration al no char9e. -20-