OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

Charity Regi5tratlOD No.. 1195199 Regulxttsr of Sotlal Houslng No.. 5154 WEST HACKNEY ALMSHOUSE CHARITY REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

WEST HACKNEY ALMSHOUSE CHARITY LEGAL AND ADMINJsfRATIVE INFORIKATION Coycrttillg lllstrvmtllt Charitable Incoryoiated Orwiisalion 'Foundalion' constitution model Trustee5 M5 A Cru]np (appointed interim Chair 13.05.24) The Reverend N Wcir (resigned Chair 13.05.241 Mr B Innis Mr J Majll Ms M Beaven Mr T Murphy s C Kakai M5 F. Davis Mr Justin Gall (appointed September 2024) Clerk to the Truste&s The TrustPartnershsP ChY4rity registered number 1195199 Regulator of SociAI Hou5iDg Agency No 5154 Reglstèred 9ddres5 46 St James's fjardens London WII 4RQ Mwhaging agent HvThisuD Housin 46 St James's Garden5 London W114RQ IndependEILt ExAminer Chartered Aceout]tants MHA House Charter Court Swan8ea Enterprise Park Swansea SA7 9FS BAllkeTS CAII Bank Ltd 25 Kings Ilill Avenue Kings Hill West Mallin Ktnt ME19 4JQ

WEST HACKNEY ALMSHOUSE CHARITY TRUSTEES ANNUAL REPORT VOR THE YEAR ENDED 31 DECEMBER 2024 Hi5tOry% objectives gnd activities of the charity The on￿n￿l West Hackney Altnshous¢ Charity w&% on urrincorporated charity constituted under a trust deed dat 19 Nov¢mbeT 1963. The activities, assets, Enveslm¢nts atld endowJn¢nt uf the Lharily were transferred io a ChaTitablc IncoTPDrated Organisation (CIO) by the same naTne. on 31 Dccembcr 2021. The CIO now Garrie$ on the operations formerly carricd out by Ihc unincorporated charity (charity nutnber 214088). The Charily's main obj¢cliv¢ and pwpos¢ is the upkeep of the Aimshou5e prernise4 namely W¢st Hackney House. IS Northwold Koad, Lmdon, N16 for persons who arc in nee(L hardship i)r distr&8s who have r¢5ided in the area of West Hackney for not Ic8s than 5 ye)rs, if ther¢ is no suitable applicant from West Ha¢kney the area of benefit 15 extended to the Lundon Borough of Hackney for persons who have kEti resident itt the Borough for not le55 than 5 years. Structure, Govorllonce alld MallagemeDt Th¢ trustee% who have served during the year are sd DUt on the Icgal and administrative information on pagc l ofthis report. The chaIm￿n and the clerk of the trustees are responsible for the indudion of any new truslees, which involve5 awareness of a trllstce's re5pon5ibiliti&s, thc gov¢mirtg docllment, administrativc pr<Kedur¢s, the liisiory and philo.sophical approach of the c.harity. All trustees provide thcir scrvice5 as trustees free of charge. The trustees regularly review the risks ih8t the charity faces. To date these have mainly related to the management of the Almshouse a resid¢nce for individuals. The trustees take advice from rclevat)t professionals i# the manag¢mentof the property and the residents. In looking to the future, the tTUYtee5 will continue to monitor the rssks 8sgoLiated with manawngy a residential propety. Th¢ day-to-day operations of the Almshouse have been sub-contracted io Harrison Housing who are also an A]mshous¢ with chariiabl¢ status. Almshouse policy The tTusiets ¢oniinll¢ to follow the recoTnMendations of the Almshouse A5sociatÈon, 50 far as they are sble. Thc trustees zctively seek to maintain full occupancy of the Alin5house by idcntifying pot¢nlial future ￿￿1dCnl8 as soon a5 practicable when it bEcoTne$ apparent that one of the flats will become vacant. The welfare of the r¢bid¢n15 is th¢ subject of a rcport at cycry Trustee meeting. To qualify as a bencficiary of the Almsho￿%¢ Bppli¢anl$ must be eithcT poor women residents in ihe &re8 of benefit, husbands of womcn appointcd to reside with them 8nd, if on the occurrence vf a va¢gncy th¢re is no applicant a5 afoTesaid, the vacancy may k fjlled by a PlK)r mart. ACtI￿*te5, AchievemeD15 attd ptrformanee of tILe Charity The charity provides 9 flats forpeoplt who fall within its. drea ofbenefit. TheTTusl¢es' pTimary objecltve is to provide desirable accommodation of a good standard that enables benefJoiatie5 to live thtir livcs to the full. The occupancy rat¢ ovcr thc last 12 months ¢ontinued to be IOOty/o with no void ￿l0￿$(2023. IOOO/ol. The Th5te&s believe that the #¢¢ommodalion on offer continues to be highly deS￿&ble to applicants a5 well a5 to ¢xi$ting bEnetlLLdri¢S.

ST HACKNEY ALMSHOUSE CIIARII'Y TRUSTEES ANPIUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) Flnxntlal revlew Thc result for the year endcd 31 DcccmEer 2024 wa5 a surplus of £10.5k12023.. £28.Ik). The rewtcd surplus is after charging unr¢alised gains on investhients of £l1.4k12023'. £6k). Expeiiditure on charltable activitses increased by 4410 to £99.6k {2023.. £69k). There wcre cyclical works of £24.475 included, which explains m05t of thc increase however inflationary incrc&8cs on many services have also occurred. De5PLte this. Ihe charity has made a sutplus, lh¢ I￿y￿aT businebs platl shows financial viability. Value for Money The Regulator of Sobial Hvusirtg requires all Housing Asso¢i&tions to follow 8 standard set of calculations it fBfe to as the 'Value for Money st￿da￿d.. The slandard uses the Re8ulalor's OWTL metrics (lefinilions to provide COElSSStency acr05S the Sector. Thcse rrL¢tri¢s can move 5i8nifi¢antly frojn year to year in small organisations 85 on off costs skew r&qults. 2024 0.0￿/. O.OOYo NIA 2023 0.0￿/ 0.0￿/ NIA NIA NIA £3,088 £2,246 13.16Y. 13.46/ 23.910h 27.67V/o 3.03% 2.88% MetTiC I Reirtvestment Metric 2 New supply d¢liv¢red Meli'ic 3 Gearing Metric 4 EBITDA MIU {EBrrDA Major Repairs Illcluded) Interest coyer O Metric 5 Hcadlinc Soctal Hr)usin8 ca8ts per Unit Metric 6a Operalinki Margin (Social leiiings) Metric 6b Operating Margin (Overall) Metric 7 ROCE D/0 Metric l Re-inv¢stm¢nt.' Thi$ metric I￿k8 et the investment in propcrtics (existing stock as well as New Supply) as a percent2ge of the value of total properties held. For the ch￿ilY with its limited resources the foLiIS 18 on rndintaining ils existing pTopertiE5 into the tillu￿. Metric 2 - New Supply Delivered-. The Charity'5 focus 15 on maintaining its cxi5ting properties into the fvture and c￿￿entlY does not hav¢ the financial capa¢iiy lo develop n¢w prO￿rtieS. M¢tri¢ 3 - G￿rIng.. The Cliarity has no loans or overdraft facilitics. Mctric 4- LBI-I'I)A.. Tlie Charity ha5 no loaii% or overdraft fa¢iliti¢s 8nd, therefore, no intcrest payable. Metric 5- HeadliTL¢ So¢iAI l.lousing C.Dslq rEr wiit.. The increase in thc cost per unit for 2024 is due to an increase in routine repairs seen in the year. Metric 6 - Operaling M&￿in.. Thi8 metric demon8tralcs thc profitability of operatin8 assets before exceptional expenses are taken into account. Metric 7 Return on Capity41 Employed: This merric cojnpares the oper2ting su￿luS to total assets le55 CUTreIit li21bilitie5 and 15 a ¢ommon measure in the commerLial sector used to assess the efficitiicy of inve5trtLent5. Reserves policy D¢sign8ted reserves Are maitjtained based on guidancc issued by the Almshouse Association for exp￿lture on cyclical maintenance and extraordinwy Tcpairs of thr Ch4rity's property. Trustees regularly revicwed the reserves puli¢y eonsider it prudent to keep suffiLienl reserves, not invested i tangible a55et5, endowtn¢nt or desiunaled rcserves, to enable the payment of recurring running cos15 for a pei'iod of 12 month%. This cquatcs to approxirnately £30,000~£60,000, to cover unfor&%een emergencies Such as a loss of income. Based on the budget set for 2025, the Charity has sufficient free re5erve8 to meel this requIr￿ne[LI. A full stock condition 5urv¢y wa5 ¢arried oui in 2024 and this information has informed thc cyclical repairs plan as outline in ihe 10-year bL%iness plan. Thi5 thcll Lnforn￿ thc Icvcl of re8ervc5 are likely to bE rquit¢d in the fuiur which inform there8ervesp0llcyapprovedbyTT￿1Cc$. A tra￿ferof£20k from thegeneral reserves lothe desi8nated

WEST HACKNEY ALMSHOUSE CHARITY

reserves (2023: £5k) has been approved to ensure there are sufficient designated reserves to meet the requirement of future cyclical expenditure.

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued)

At 31 December 2024 the balance held on Designated Funds was £30,525 (2023: £35,000), held on the General Fund was £220,387 (2023: £202,030) and held on the Endowment Fund was £527,318 (2023: £530.653). Full details of movements on the funds can be found in note 12 to the Accounts, on page 13.

Investment policy

The cautious investment policy set in a previous period continues to operate and carries a moderate risk. Charity's investment funds are invested in accumulation shares held in the M&G Charity Multi Asset Fund with all dividends being automatically reinvested into the fund.

Future plans

A full stock condition survey has been unde1iaken and this has informed the long-term plan of maintenance works which is reflected in the approved reserves policy. In 2025 £1 lk is required for cyclical works while a surplus of £22,867 is budgeted.

Public benefit

The Trustees have considered the Charity Commission's guidance on public benefit and consider that the activities of the Charity meet its charitable objects and provide a benefit to the public. The primary activity undertaken by the Charity is the provision of accommodation to persons of limited means at a cost which is less than they might have to pay in the private rental sector.

Trustees' responsibilities statement

The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees 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 of the charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 2011, The Charity (Accounts and Reports) Regulations 2008 and the provision of the constitution. It has general responsibility for taking reasonable steps to safeguard the assets of the association and to prevent and detect fraud and other irregularities.

Approved by the Board of Trustees and signed on its behalf

Andre Crump Chair

WFST HACKNEY ALMSHOUSE CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTV.V,S OF WEST HACKNEY ALMSHOUSE CHARITY Independe￿t ExamiDer's RepoTI to tILe Trustee8 Otwest Haekney Almshouse Charlty I report to the tN$t¢e$ on my examination of th¢ HC¢OUI)1s of ihe Abovc charity for the year 31 DeceM￿r 2024 which are set out in pages 6 to 14. Responsibilities aDd basis of report As the charity's trustee& you are T&%ponsible for the prep4rntion of the accounts in accordance with th¢ r¢quircmeol$ of the Charities Act 2011 ("the Acl"). I report in res￿1 of Thy examination ofthe Tru*'s aBcoun15 Co￿1td oul under 5¢ftion 145 of the 2011 Act and in carrying out my examinauon, I hav¢ followed all th¢ appli¢#bie Dirt￿lOn$ given by the Charity Comrnis5Lon under seLtÉon 145(51(b) of the Act. lod¢p¢tydent e￿nIDer,￿ statement I have compldrd my examimiion. l ¢onfirni that no matLYial matters hve ¢(#n¢ to my attention in Connecti￿ with the examination which giycs Tne cause ￿ believe ih&i in. any material re4)CCt: the acc4Ymtin8 records were not k¢pt in Bcccth with section 130 of the Charities Act" or the accounts did not accord w¥th the &¢COUnling rccords; or the accounts did not c¢xnply with the &p￿LLable requirements CO￿em]n8 the a[￿ COnte￿t ofaccwits set out in the Charitie5 (Accounts arld Rcports) Regulalions 2(K18 other thwj any requitcrwit thal the &¢cow)ts 8iV¢ a 'true and fair. view whi¢h 1$ not a matt¢r ¢onsideT¢d as pjrt of 8n ￿nd¢￿ndent examination. I have no con¢¢ms and have come a¢TOSS no other matters in ¢ormecti(kn with the examination to whÉch attention should be drawn in (his report in ordcr to enablc a propcr undcT51anding of the ￿count5 to bc fEached. RaLhel Doylc ALA DChA MHA House Charter Court Swansea Erttexpriw Park Swansea SA7 9FS MHA is the trading of MFIA Advisory ￿d, a limite41 ¢omp6ny ffwstered in E￿￿18t)d and Wales (C￿7panY registyation number 16233746). Date= 21 May 2025

WEST HACKNEY ALMSHOUSE CHARI'ry STATCI MENT OF FINANCIAI. ACTIVIry'IF VOR'fHII YEAR EIYDED JI DEI CEMBER 2024 Nott UntestrlttÈd Endowmenl Funds Funds 2024 2024 Total Funds 2024 Total Fullds 2023 COME PROM Charitable aciivities Inveslment8 86.509 12,227 86.509 12,227 79,999 11,367 TOTAL INCOME 98,736 98,736 91,366 LXPLNDITURC, ON Charitsble aclivilies 189,077) (10,525) (99,602) (69,230) TOTAL EXVBNDITURE 189,077) (10,525) (99,6021 (69,230) Net gainsl(10s5¢8) on investments 4.223 7,190 11,413 5,916 13,882 (3,335) 10,547 28,052 TRANSFER BkTWEEN FUNDS 12 NET MOVEMENI. IN FUNDS 13.882 (3.335) 10.547 28,052 RF.CONCILIATION OF FUNDS Total fvnd8 bTought forward 237,030 530.653 767,683 739,631 Tot#l futtd$ ¢arTied foThYard 12 250,912 527J18 778,230 767,683 Thr not&s on p&ge5 8 to 14 form part of thes¢ fiTW)cial staternents.

WEST HACKNEY ALMSHOUSE CHARITY

BALANCE SHEET 31 DECEMBER 2024

FIED ASSETS
Tangible Assets
Investments
CURRENT ASSETS
Debtors
Cash & bank
CURRENT LIABIITIS
CREDITORS: Amounts falling due within
one year
NET CURRENT ASSETS
TOT AL ASSETS LESS CURRENT
LIABILITIES
CAPITA AD RESERVES
Endowment fnd
General fund (Unrestricted)
Designated funds (Unrestricted)
Notes
6
7
8
9
12
12
12		 2024
£
358,928
315,060
673,988
5,303
118,003
123,306
(19,064)
104,424
778,230
527,318
220,387
30,525
778,230		 2023
£
369,452
291,669
661,121
3,106
129,252
132,358
(25,796)
106,562
767,683
530,653
202,030
35,000
767,683

Approved by the Board of Trustees on and signed on its behalf by:

Andre Crump Chair

The notes on pages 8 to 14 form part of these financial statements.

WEI ST HACKNEY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBLR 2024 l Basls of pr¢p#i'atlon The Charity is a CIO who took over the whole ￿dertsking formerly e8rried out by the Ullincoryorated Charity of the same name (Charity iiumber 214088). The transfer took plyce on 31 D¢cernber 2021 ￿ld the CIO operates the Almshou%e in the same way and on the %ame terms artd ¢onditions as those of the nincoyporated Charity. Th¢ financial 51atetn¢nt5 ate prepared under the hisluTical cost convtnlion, modifjed lo include certain it¢m5 at fairvaluc. Thc financial statements arc prcpared in 5tErling whrch is the ￿n¢tional ¢urrency of the Charity d roundd to th¢ nea￿51 £1. The financial staternents have been prepared a going CQnCCTn bBsl$ 0$ tht Trustees believe that no material un¢ertAinties exiqt, The TnL8tees have considered the level of funds hcld and the expected level of income ond expenditure for 12 Jnonihs frotn authorising these fjnancial 5taternent5. The budgeled income snd eX￿nditUre 15 suffiGienl with the level uf Teserveg for the Charity lo bc ablc lo continue as a going concem. AecountiDg collventio The Charily constitules a public benefjl entily as defined by TrKS 102. The accounts (financial slatem¢n15) have been prepared in accordance witli the Statement of RecomTnended Prarfi¢¢.' A¢¢tsunting and Reporting by ChaTities PTepaTing their accauni% in acci)rdonce with the Financial Reporting Standard applicable in the United Kingdom and Republlc of Ireland IFRS 1021 and the Charities Act 2011 atjd Getjerilly Accttpted PractTce as it applig5 frorn l January 2015. Thc significantaccountitig poli¢ies applied in the preparation of these financial statements are set out below. These PDlicies have consistently applicd lo all periods presented unles8 otherwise stated. lttcome recogllltlo All incornin8 resources are included in the Statetnent of Financial AGtivilies (SOFA) when the Charily i legally entitled to the income afier any peTfoTll)ancc Gondition$ havc bccn mel, the amount can be me￿ured reli8bly, 8nd it ts probable that the income will bc rcceived. Itlcome from chaTitable arlivitlC5 reprrgents tnainlenance cimtributions i￿lUding service charge income and grants. All incomc from housing a¢tiwtlC5 LS reetsgnised on A r¢¢eivable b&8is. ExpendfitllrÈ Reeognltlon All expenditure 15 accounted for on an arGruals bhsis and has been classified under headings that aggregate all tO8ts related to the category. Expcndithrc is rccow)ised once thcre 15 a legal or con5truLtive obligauon to tnake paymejits to ihird pthie5, it is probuble thal the seitl¢m¢nt will be required the amount of the obligalion can bc measured reliably.

WEST HACKNEY ALMSHOUSE CHARtTY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EM)ED 31 DECEMBER 2024 {colltiDued) Sllpport to$¢s support cost5 are those co%t5 that &%%15t the work of thc Charity but do not direBtly rewcscnt charitable aetivities gnd includ¢ office ¢osts, govemance costs and administrative costs. They are incurred directly in support Orex￿1)dilUre ot) the objecls of Ihe Charity. Tangthle Flxd Ass¢t$ West Hackney House was constructed in the late nin¢i¢enth Century and theTe 15 no rrL()rd of the otigindl tost and no vallle is atlributed to the original property. The housing propety cost relates lo improvements in 1984 funded by a Social Ilousing Grant plu5 subsequent improvements and component repla¢emenL8 Catried out. Dcpreciation is prowded on all capitalised lanwble fixed o%$cts, at rate% caloulated to writ¢ off thc cost, less ¢Slimat¢d residual valu¢ of each asset on A system8tic b8%1s over jt8 expected u%eful life. No deprecistion i5 provsded on freehold land. The value of the housin￿ properties, bEingJ historiG L051, 15 dtpre¢ialed llsirt￿ the component accounting mBihod, as rtquircd by the SORP. Thc idcntifjtd components and estimated usetul economic lives are.. Assel L5v¢$ Iluildin8 Ri)of Windows Boil¢r5 Kitchen Bathroo]n Mechanical LleclTiCS Yegr8 100 70 30 20 30 30 40 Under a policy adopled by the tNstecs in September 2012. items c05ting over £5,000 are cap5tali5td. Social Hou5iDg Crant Socizl 14ousing Grant (SHO) is paid by the Homes & Communities Agency to reduce the o05t of dcvelopmcnt. This was prcviou51y shown as a deduction froni the ¢05t of Ilousing Piop¢rtiL¥ on th¢ balance sheet. Follvwng the #dopiion of FRS102 this is now included in th¢ Endowment Fund. SHG is repayable under certain circutnstanLes. primarily folluwing tlie sale uf a property but will nDrrnally be restricted to net proo¢¢ds of $alc. IDvestmellts Jnv¢%ttn¢nts aTe staled at mid-market va]uc at thc balance sheei dale. All gains and losses are taken to the Statement af Financial ActivitlC8 as they aTiSC. Thc Statemcnt of Financial Activities in¢lude5 the net gains and 105se5 arising on ievaluatiun5 and di5posuls throughuut the year. As investments are revB]ued to fair walue conlinuously, no realised gains or losses arise. Cytlleal replrs and m*&ntÈDADee West Hackney Almshouse Charity ha5 established a regul￿ pro￿[ne of cyclical r¢pairs and maint¢n8n¢ C051s Gharged lo unres¢riGled futyd$ in th¢ period in whi¢h they ar¢ in¢urred. ExtrJoi'dillary repairs Losts ofextraorditiary repairs, unlcss representing unprovements to the propertie5 ￿e¢harg¢dtoUnrt￿trIQt¢d funds in the period in whicli they ar¢ incurred.

WKST HACKNEY ALMSHOUSE CHARITY P40TES TO THE VINANCIAL STATEM￿,NYs FOR THE ELYDED JI DECEMBER 2024 (CODtinlledl 1.10 Fund a¢¢outttillg The de5ignalEd r&%erye5 r¢prr5ent amounts 5Ct aside for Gyclical Tnaint¢nynr¢ and major works rcspectively, based on guidartce i￿$￿ed by the Almshouse A$s￿l&tiO*, less actual costs incurred. ThE Endgmment fithd represents those assets which must be held permanently by the charity. principally the Almshouse pro￿rtY and cwtain invcslmenls. Incomc arisin8 on the endowment fund can bc u5¢d in accordance with the objects of thc chgrity and i8 included as unrestricted in¢ome. Arty ¢apitgI gains or losses arisin&> on ihe invesirnenls fonn part of the r￿lld. Legal advi50ry Costs relating to Ihe lund are charged against the fwid, inves(ment management charges not separately identified by the Trutsd Manager but ar¢ charged dire¢lly against the fvnd. The staled p¢r¢ent8g¢ is 0.5W/o of the fund8 ulld￿ managemenl. Unr¢5trioted 8¢neTal funds 3TE availabl¢ for u5¢ at the discretion of the Tn￿le£S in fi￿the[ance ofthe general obje¢lives of the ChArity and which hav¢ not bc¢n d¢stgnatcd for atjy other purposes. FinAIICIg1 instruments The ChaTity only holds basic Financial Instnllnents. The finpn¢ial assets and financial liabilities of the Chariiy ar¢ as follows.. Debtor% trade and other debtois (including rent arrears) are basie financial in5trutMents are debt instrutnen15 measured at atx]ortised c05t as detailed in Note 8. PTepaym¢nis are Dot finan¢i81 instruments. C&%h at bank- is classificd as a basic financial in5tTumellt and 15 measured at f&ce valu¢, Liabilities- trade ¢reditors, accnHIs 8niS irther creditors w511 be classifscd 8s fmancial instruments and are measured at amorti8ed c08las detailed in Note 9. Taxation and 50oial 5ecurily ar¢notir)cluded iD Ihe finanGial instruments, disclosure. Deferred incomc is not deemed to be a Financial liability, as in the c&%h settlement hAS already taken place and there is simply an obligation to deliver charitable 5ervjce5 rather than cayh or nother fitwicial instrument. 1.12 Judgements aDd key sources of estimatioll uncertaiTLty Thtt judgements (apart from th05¢ involving estimate5) tliat have bven Tnad¢ in the proce%E of applying the above accounting policies which have had thc Tnost 5ignifi¢ant eff¢¢t ort amounts r¢eognised in Ihc finattcial statements are in r¢spe¢t of depreciation rates 8nd the ugcfijl economic lives of tangible fixed as8ets.

WEST HACKNLI Y ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE ITAR ENDED 31 DECEMBER 2024 (continued) Analysis of income from ¢h*rit8ble actlyltles 2024 2023 Full occupancy maintenance conlributions Voids from v8cant properties 86,509 79,999 Contributtons receivable 79.999 lllv¢stment Ineome 21Tr24 2023 Dividen(L8 Olld interest from listed investments 12.227 12.227 11,367 Eipettditllre on chAritgble activities 2024 21123 Dtrect eosts Routinc T¢paiT5 and maintenance Cyclical maintenance Tolal expenditure on proJ￿rtIc8 27,790 22,464 52,265 22,464 Support Costs Light and heat Inswance CJard¢n maiHtenanco Swidry expeTr8es Management Charges Clerk's rcmuneration SubscriptlOn5 Guvemance costs- Indepetmlent examiner's remuneratiotj Other professional feE5 Dcpreciation of frcchtsld improvements 4.753 2,210 1,439 876 17,561 4,905 748 4,320 8,618 1,948 1.271 285 16,33Q 3,010 578 4200 Total expenditure on ¢haritable activities The Charity ha5 ernployed no slatTin either accounting period. None of the Tr￿stccs. who are consideTed io be the key m8naEcmcnt pcr80nncl of the charity, reLeived ny emolwnents12023: noije). Per note 14, one tTU5tee received rtiinbutsed of expenxes of£225 for resident vouchers. 5 Resylt ordlnary getivities Result on ordinary activit1¢5 55 514ted after chargin8 2024 2023 Indcpcndcnt cxarniner's fee Depre¢ia¢ion of tangible fjxed assets 4,320 10,525 4,200 10,526 14,726

WEST HACKNEY ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DELCI MBLR 2024 {continued) 6 Tathgible r￿ed s55ets 2024 2023 Cost Freehold Propertia8 Building Equipment 498.800 19.130 498,800 19,130 DepreclatloD B'fwd l January 2024 Charge for the yearlperiod {l48,4781 10,525 (137.952) 3 1 December 2024 159003 148 478 Net book value At 31 Decemher 2023 brO￿￿t forward 369,452 379,978 At 31 De¢ember 2024 c8rried forward 358 927 369 452 The ChaLIty owns West Hackney Aitll5house which was constructed in the late nineteenth century. lThere is no record of the original cost, and the cost shown abovc repr￿entS expenditure ittcluding componcnt replacements incurrcd sincc 1984. 7 Jnvestments 2024 2023 Carrying value {market value) at beginning of period Add.. Dividend reinvc5tmcnt Less.. Disposa15 at carrying value Net gdinl(Lossl Dn rev81uation 291.669 11,978 274.620 11,133 5,916 Carrying value Imarketvalue) at end of period 315060 291669 2024 2023 Ilrogkdown by cl88S Listed invesltn¢nt5 315,060 291,669 At Hi%torica] Cost 94,939 94,939 All investments are held within the UK. Listed investments consi8¢ entsrely of accumulation share5 held in the M&G Charity Multi-Asset Accumulation Fund Debtor5 2024 2023 Rent ArreArs Prepayments 2,250 3,053 681 2,425

WEST HACKNEY ALMSHOUSE CHARITY 5,303 3,106 NOTES TO THE FINANCIAL STATEMENTS FOR THE ITAR ENDED 31 DECEMBER 2024 (eoDtinued) Cr¢dltors and Jccrned expenses 2024 2023 Amounts falling du¢ within onc year Trade CreditOf5 Rent in advance Accruals and Sulldry Creditor5 6,195 584 14,135 332 19,063 25.796 Thcre were no capital commitments at the end of the period. 10 Cokntlttgent Liability Jn the event of any of the PToperties being sold the￿ would bc a liability to recycle or repay the associated grant that liad been wrillen back, along with any residudl ￿"an1. The lotal amount of Uk¢ So¢ial Housing Grartl received by the Charity wa5 £199.342, whicli repre8enled the maximum coJtingcn( liability at 31 Dcccmbcr 2021 when the liahility tr&n$ferred to the %uc£eiqor CIO together with the associated assets. 11 A￿81yS18 of llet assets between funds AB At 31 December 2024 Designated Fund General Fund Endowmen* Fulld Total Futkd$ Freehold housing PTOP¢rtie5 Investtncnts Net Gurrent as5et8 358.928 168 J90 358,928 315,060 104.242 778 230 30,525 116,145 104.242 2203 387 527 18 As 4(31 December 21123 D￿l&￿aled Fund Gtiieral Fund Toi&l Funds Freehold housingpropeities 1fr7ve.FIRieNIs Nel currenl (Lgsets 369.452 161.201 369,452 291.669 J06,562 767,683 35,000 95.468 106.562 202 030 530 053 12 Fund5 A5 at 31 Decernber 2024 Dtslgtsated Fund GÈtk¢r#l Fund EkndowmÈtht Fund Tol8l Funds Balance as at 31 D¢cetnber 2023 Inwme Expenditure tnve5tJn¢nt gain5 Transfcrs Balance as at 31 De¢embBr 2024 35.otio 202,030 98,736 (64,602) 4.223 530.653 767,683 98.736 (99,602) 11,413 (24,475) 110,525) 7,190 30,525 220.387 527.318 778,230

WEST HACKNEY ALMSHOUSE CHARITY NOTES TO'fHE FINANCIAL STATEM* NTS FOR T14E YEAR ENDED 31 DECEMBER 21124 (Continued) As 31 DÉceJnber21123 DesigNaied Fund Gelleral Fiind ENdowmeNI FUN Total Fmmds Balan¢e 41 J JaAÈiary 2023 Inconie 4xpevdilure InVeslmeMÈgoi￿s1[I0S$ets) Tr(￿SferS BalapKe ai 31 DeLEmber2023 30.000 172,15 91,366 (58, 704) 2.209 537,472 739,631 91.566 (69,230) 5.916 (JO.526J 3, 707 5.000 35,000 202.030 550,653 767,083 The d¢5iwiated fuDd5 repTesent atnoullls set aside for cyclical maintenance and eXtraordin￿Y works rcsrKCtively, based on guidance issued by the Almshous¢ Association, less actual ¢osls incurred. The ¥enerdl lund which is wjrestricted, is available for use at the discrelion of the Tru¥te¢s in fLther¥J]ce of the general objective5 of the Ch&rity. The Endown]ent fi]nd represents those assets which must be held pernianenlly by the ¢h9rity, principally the Almshouse propErty and certain investments. Any capital 82ins or losses arising on the inveslmenls form part ofthe fund. Investment management charges leg813dvice, andpropety depre¢iution relJting tothe furtd urt ¢haTg¢d against the fund. M&G who 15 the Fund Manager 5tate5 on thcir web81te that their charges applied agaitist thc fijnd are 0.59Yo per atfftwn, however th¢s¢ w not sepaot¢ly di5¢1osed by th¢ futld managErand have bEen nettd off in the foTegoing disc105urc. 13 R¢l#ted Party Tran5action$ There were no related paty transactions in eitherperiod. 14 TTlt5tees Ei xpense5 Dursng the ycar one trustec was reimbursed £225 for voucherq for a Christmas rcsidcnt event. 14