REGISTERED CHARifY NUMBER: 202033 R•port ofthe Trustee$ and Financial Statements for the Year Ended 31st December 2024 Queen Ellzabeth Almshouses TradSng as Six Ma$teTS' Charltlas The Fl'chards Sandy Partnership ThomdDg House 25 Barbourne Road Worcestei Worcester5hi WR1 1RU I￿8•n ElSzabgth Almshouse$ Trading as Six Ma$lgrs' Charitio$ Contents of the Financlal Stalgmgnts for the Year Ended 318t Decembor 2024 Page Report of the Tru5tee5 I to 3 Indopond¢nl Examlnerfs Report S¢atgrngnt of Flnancial Adivrtiès 8alancè Sh•gt Notes to the F5nandal StateN*nts 7 to 14 Dotailod Stat•mont of Financial Activit￿$ Quo•n Eli￿1x&th Almshouses Trading as Six Ma5teT5' Charltles Report ofthe Tru¥tO lor th? Year Enthd 31st December 2024 The trnJste85 present thwr rery)rt wfth the fina￿la1 statements of Ihe tharity for Ihe year 8nd8d 31st Decernber 2024. The trustees have adopted the provisi0t￿ of Accounting and RÈpo￿A￿ by Charit1è5' Slat8ment of R6commended PraGtico aprlitaNe to ¢hari1188 prgparin9 th6ir accounts ￿ arxordance wlth tho Finar￿la1 Rew)rling Standard aP￿icaLle In the UK aNI Republk ol IrÈl8nd IFRS 1021 (Èffectsve 1 January 20191. OBJECTIVES AND ACTIVITES Obloctlve$ and alm$ The pri￿paI obl￿1ve of the charfty b to provlde accomm(K1ation tr the p(x>r r*rsons who are inhabrtants of the cty of Worcestsr. Two bk)cks of Almshouses, known as Queen Eliz2b8th ￿m5￿USe5 of The Tything. Woroster and Le85 Almshtyjses of Infimiarywalk. Wortesler are in the long standing ownership of the Charfty. Potentid residents of Qu88n EIiz8beths Am5h(Atsè Charfty must tye existing residents of the City of Worcester. Poténtid rÈsKJents of Leas ￿MShOUseS must be over the age 0160 with p￿ference given to women. Maintenance conlributions 8re ch8rged by the trusl8es on th8 r8sid8nts. Th& trustees are obl*ed lo repair and insure the properties and eslaNish and maintain an Extraordinary Repalr Fund. Any surt4us inGome after payment (rf GDst5 Qf tho above 8rid of Apprq)riale admlnistraknn and rnanagem8nt charg85 is lo be apFlied for the benefrt of the residents in the Almshouses ol Ihe Charity and, subject Iherelo. for the reliel in rp8d for charitabl8 purw5es lor the gertral benefrt of persons resk1ent in or resorting to the Cily ol Worce5t8r who a in condiiDnS of need, hardship or dist￿$$ 8nd for rdief ol the aged and inpolenl. lor impro￿$ (x)ndition8 of lrfe and for the adv8ncemenl ol education for the inhabit8nls ofWorcesl*. Publlc benellt The Iru51ees confirtn that Ihey cotnplSed wlth the duty in section 17151 of the Charilos Act 2011 to have due regard lo guidance published by the Char(ty Ctsmmis91on on public benefit when revEwing the charity's aims and objectlves aTrJ in lutur8 ￿tIVIties. ACHIEVEMENT AIID PERFORMANCE Charftablè act￿1￿•5 The tharity operates both Quegn Elizabeth's ￿rnsh￿Se8 and Lea's AlMSh￿seS dmshouses. both of %thi¢h are located Worc88ter. owside thes8 alm$hou8es, the tharity generates fvnd$ to suFPQrtdtsadv8ntag￿ pewe in Ihe Worcester area. RNANCIAL REVIEW Finoncial position Incoming rasourc8s for the year cor6i$tgd of manienance tharges Irom residents and invèstmwi income. These amount8d to £131,50512023-£111,3821 in tot4. Direcl charitable expenijilure corTrsisted ma1￿Y of ￿lIk11r0 repairs aw¥J chantable grants. Thi5 amounted to £138,255 12023. £126,464). FcAlowmg a Change in hw Ihe listed inve5trnents hekl by Ihe endommenl lund arg managgd, tt)a charity incyjffa inv85trnent management lees of£9,47712023- £9.CQ71, paid ¢yrt of raalised gains from Sale of li5tsd investments. Nol unrestricted expenditure was £14.051 12023 £20.3671. after transferring £5.000 12023 £1,000) from total restricted funds io the extraordinary repelr re9ffict￿ fvnd. Totrl unrestricted funds held at the year end was £60,292 12023- £74,343). The needs of the residents have boen mnltored by the trust¢ès on a rogular The trustees will ccmtinu& to Seek to irnprovg t￿ quality of lrfe of Ihe residents m the Ajmshouses and support those indivicjuals and tharitses, prowkling support to th@ Pgoplé i)f Wor(xstgr. Investrnent pollcy and oblectlyes The investment powers ofthe chanty are govern&1 by the TnJstee Aci 2000. The truslees seek lo maximise bng lerm inctsmo wilhout expti￿9 capital lo Undl￿ risk and Ihe rnajority of the investment shal b8 in UK Gitts an¢ EqurtKgs Pa98 1 Quoen Ellzabeth Almshouses Tmdlng as Six Masters. Charftlos Roport of the Tru5ts05 for the Year Ended 31st D¢￿rnber 2024 FIfrIANCIAL REVIEW Re5prv85 pdlcy Al the yearend the charity had fvnds as lolow& 2024 2023 Gener4 unrethcted Extraordinary ￿pair fund EndDwtn8nt funds- rApital held in builclngs a)d investments 60.293 88,314 1,630.522 74,343 83,314 1.612,876 1,779,129 1.770.533 The Truste&s aim to ger7eral unrestrictsd fvThJs at a levd ar￿￿mat￿Y equwal6nt of onè yèafs running costs for th8 provision of acttjmmodation. in ord8r ID safeguard its xibvth.es ag8nSt 8rth8r unfor858en 8ddltitsnal costs or a sudd6n drop in income. At the year end the level of free rÈserves was 8ppruxim8tdy equwalent to onp yearfs aco)mrnodatiDn runnlng costs, wh￿h i8 in line ￿1th the tNStees reserve pdw. Th8 purposo ol end01￿￿n[ fvnd and testricted funds can be knnd li the notes to the acc￿nts. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The full name of Ihe charity is ￿9￿n &Eabeth Am5hou5es, registered under nufflber 202033, and ha5 a wotklng name of Six Masters, Charities. The ch8rity 15 ￿)verned by 1843 Royal Charter as amondod by suppletnent81 otdEI of 11 February 1983, iogether with stheme 0110 November 1982 and constitute5 an unincorporated charity. (>) 22 January 1gg9. the Charity ComMi￿SK>n, by direction under Section 96161 ol the Charities Ad 1993, ￿rMitted Loas Ajmshouses, a charity ¢onslilule(J on 20 JLIY 1977, with a Tegi51ered numbEr 01202035 to be reaistered under the same number as Queen Elizabeth Alrnshouses. Recrultmantand appo5ntm6nt of new trustees The Bo£rd of Trustees app(¥nt new trustees when positions becJxne v8canL Decislon maklng DecisK)ns arè madè by thè trustaas In genèral m801ing and ￿￿1"on of those decisions is ddegaied 10 Ihe Clerk. Rlsk Man￿rnent The trustees have 8 duty to identify and r8ViÈW the risks to which the charity is expN)sed, with particular ettentlon to resK1ents' hoJth and saf¢ty, and to ansure approprfate conlrols 8r8 in to p￿￿￿e reasonable a$suranrA against fraud and ettor. REFERENCE AND ADMINISTRATIVE DET￿Ls R8gistsr8d Charlty number 202033 Prlnclpal address Peal Tree Cotlage Yarrington Road rnck Worc8518rshire WR6 SEX Trusteos l L CarmichaFJ Dr R lThJles IJCSmith W 8 Stsllard D Sutdlffè V Wiltshire Page 2 Queen Elizabeth Almshouses Trading as Six Ma5tors' charl￿e5 Rgport of the Tru*t80s for th• Yèar Ended 316t Decornber 2024 REFERENCE AND ADMINISTRATIVE DET￿Ls Indep¢nd•nt Examlnor Mdis5a Godwin ACAACCA The Rlchards Sandy Partn8rship Thomeloe HLwse 25 Barboume Road wOr￿ster Worcestershlre WRI 1RU Clerk Louise Ruan8 Pear Tree Cottage YarringtDn Road Worcesletshire WR6 SEX Investment Man￿81$ EFG Harris AJld8y 33 Gre81 Ch8rtes Stregt BinY*ngham B3 3JN Approvgd by ort19roftr9 bgard oftruslees ￿ .. W B Stalard- Trustee Page 3 Independent ExamlTherf5 Repjrtto the Tnjstees of -Ibe*h Almshouses Independent examinerfs r8P)rtto the trust•e$ of Queen Ellzabeth Almshouses l to tlp charrty trustees on my examinafjon ol the accounts ol Queen Elkabeth ￿MShOuseS 1th8 Tru511 fr)r the year e￿Ied 31st De￿mber 2024. R•sp¢)nslbllltles and basls of report As the charity trustees of the Trust yoii arg r85PQnSitJe fot the preparation of tho accounts in acci*dance with the r8quir8menls of the Chariti88 Act 20111'the AeVI. I report in ￿pect of my exarninaiion of the Trus¥8 8(zounts carried oth under Sectk)n 145 of the Act and in carryllg out my examlrhats.on I have followed all appliCa￿e DIreCt￿n3 given by the Charity Commission under Section 1451Sllbl of th8 ACL Ind8pgnd¢ntexaminerfs statement I have comF4eted my examination. I confimi that ntt material matters have c(￿0 to my attenlon in wnnecb.on wlh t minalickn giving me cause to bdieve that in any m8ieri81 re￿ctr. 8￿o￿n￿.ng ￿CordS were not kept in resp8Ct of the Trust as required by Section 130 of the Aet". or the accounts do nol accord with those recx)rds', or the acwunts ijo not comply wilh the applicable wul￿rnents c#)ncernirg ts fonn and Content ol accounts set out in the Charitieg (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a true and fair vrew bvhiEh is nota matter considered as part of an in￿￿nd￿nt eXaminatic￿. I hav6 M concoms and hava como across no olhor matters in connec￿On with thg 8xaminats.en to thich att￿li0n sh¢yJd be drawn in th￿ rgpprt in order to A proper understanding ofth8 a¢￿Unts to b8 r8achgd. dissa Go(tr4ln ACA ACCA The Richards Sandy Pathershlp ThotllEloe Housè 25 BarbDurne Road Wor￿Ster W0￿SterShke WR1 1RU Page 4 Queen Elizabeth Almshouse¥ Trathng as Six Master5. Charitlos statemont of Flnanclal Actlvltlg$ for thè Y•ar End•d 31st December 2024 2024 Total funds 2023 Unrestricted fvnds RestrLled funds Endowment runds rund5 Notes INCOME AND ENDOVIMENTS FROM Charftsble actlvllles Provision of a¢xornrn(MJab 72,354 72,354 64,487 Investn￿nt income 39.151 S9,151 46,895 Totsl 131,505 131,505 111.382 EXPENDFTURE ON Raising lunds Invesbnent management Costs 2,301 7,176 9A77 9,007 2,301 7.176 9.477 9,1)07 har￿ble activili¢s Provision of aeeDmmedation Rdiefof wverty and hardship and general benefit of the inhabitants olWorcas19r 86,814 53.799 53,799 39,650 Tolal 140.555 7,176 147,731 135,471 Net gains on Investments 24,822 24822 26.406 NET INCOMEIIEXPENDITUREI Transfers befythn lunds 19,0501 15,0001 17,646 8,596 2,317 17 Ntrt M0￿m￿nt In funds 114,OSOI 4000 17,646 2,317 RECONCIUATION OF FUNDS Total funds brtyJght lomard 74,343 83,314 1,612,876 1.770,533 1.768.216 TOTAL FUNDS CARRIED FORWARD 60.293 88,314 1,630.522 1.779.129 1,770,533 The rths form part ofthes8finarKial $￿te￿ntS P898 5 Queen Ellzabeth Almshouses Tradin9 as Six Mastar5' Chariti85 Balan¢• Sh•gt 31st Dacember 2024 2024 Totsl funds 2023 Total funds un￿St￿Cted fund5 Re5trirtgJ funds Endowtnent nds Note3 FIXED ASSErs Tar￿J1￿e assets InVeSt￿￿nts 12 13 500,or￿* 1,126,797 500,000 1,128,797 500,000 1.112,876 1.626,797 1,626,797 1.612,876 CURRENT ASSETS Deblors Investments C8sh at b8￿k 14 15 7,143 7,143 75.734 79,888 75,734 12,580 3,n5 158.098 88,314 3.72S 162,765 167,788 CREDITORS AnM)unts faling duo ￿thin one year 110,4331 110.4331 110,1311 NET CURRENT ASSETS 60,293 88.314 3.T25 152.332 157.657 TOTAL A$s￿s LESS CURRENT UA81LmES 60293 88,314 1,630,522 1.779.129 1.770.533 NET ASSETS 60293 88,314 1,630,$22 1,779,129 1.770,5&3 FUNDS Unfeslricled lunds.. General unrestricted fund Restricled lunds". Extraordinary repairfund Endown*ntfunds'. Capita hald in buildinos 8nd investrnents 17 eAI.293 74,343 88,314 83,314 1.630,522 1.612,876 TOTAL FUNDS 1,779,129 1.TTO,533 Inanci81 statefnen15 were apwoV￿l by Ihe Boartl of Trustees and authorised for issue Af... and were Sign￿ on tis bohaifby.. on B SWlard- Truslee Th6 notes form part of these finanrial ststements Page 6 Qu••n Elizabeth Almshouses Tr#dlng as Six M85tsrs' ChaYiti•s NrJle8 to the Flnanclal Statom•nts fortho Y￿r endod 31st Decernbor 2024 ACCOU￿rING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financlal statements of the charity, which is 8 wblic benefit entlty undeT FRS 102. h8v8 been preparèd In accor(lance the CharffEs SORP IFRS 1021 AcwuntiThJ Reporbng by Charltles.. Statement of Reconwnended Practi￿ applkable to charties preparing their accounts In 3￿rdance with the Financk41 Reporting Standard applicaL4e In the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191., FIna[￿ra1 R8FK>fting Standard 102 The Finanual Reporting StaTrlard ap￿ica￿e in the UK and ReputrA￿ of Irdand, and Ihe Chaiiknps Act 2011. The flnanoal ststements havg been prepa￿) undtt the h1strtts￿ cost (X)nVen￿.0n, with the excep1c￿ of Investsnents whlch are IndUd￿ at market value, as nu)difEd by the revaluation of certain assets. Theso fin8nu81 st8ternents ar8 prep8red in Sterflng. whi¢h is the lunclSonal ￿rre￿Y of the charfty. All monètary munts are rounded lo Ihe nearest £1. INCOME I Incorne is recogThs8d N Ihe Stal8ment of Financial Actsvhios 0[￿ tho charfty has enlitl8m8nt to th8 funds, it 18 probable thst the incomewiu be receiv￿ and the £moiJnt C￿ be IT￿u[ed rdiably. maintenan￿ tharges reC￿ved from residents of the almshouges 1$ re¢oJnised in line the perfods to wh￿h It r81at85. LIS￿ knvestment income is recognised in th8 incorne staternent when they are dedared. EXPENDITURE Liabilibps a￿ ￿(%￿lSe0 a8 expendilufft 85 800n as there is a legal or construdive obligats.on committing tha charity to that expe￿IlUre. it is prr>batAe Ihal a transfer of 8conornic beneffts wll be wuired in setllemenl 8rKI thg anTh)unt of the obligation can be m&asured reliably. EXpe[￿lIU[8 15 accountod for on an accruals basi5 and has been classified U￿er head￿ng$ that aggregate all c05t rdated to the cate90ry. Where costs be d1￿CdY attr*uted to particular headings they hav8 b88n allocaled to activit￿9 on a basis consislenl bwlh the u39 of r&sources. Grants payaN6 are Charged to 9xpe￿[tUre when the off£r is convey8d to tha roak¥ant, unless Ihe offer is COnd￿onal ￿ which case such grants are ¢h8rged to expenditure when th8 conditi￿8 attachlng a￿ fLJIfI￿d. Grants offered subject to conditions whrh have not been met at the year 8nd are noted as a Commits￿ent, blrt T￿1 &crued as exwditur& TANGIBLE FIXED ASSETS- FREEHOLD PROPERTY Freeh(Ad property rdates 10 81mshouses hdd primarity for the prov￿￿)n of srrial beneffits in accard8n¢e wrfh t objectives of the charity. Freehcld propety is measureLI at cost less any provi$Dns fry deyecialion N impaim*nL On first time adoption of FRS 102 and Chari￿.&$ SORP {FRS 1021 Ihe charty applred the first b'me adoption exemptK)n lo measurè freehdd property using 8 past valuation as d)ern8d ¢osL The past valuatKJn was pgrformed by the Iwstegs when the freehold prcpgrty was first trKwghl into the aceounts on 1 January 2002 fdlwing a pr8wrAJ$ change In *munling standard applied. The Irustees ccmwder thal thg freeh￿d land has an ind8finitèty long useful lif8 and Ihat a PTOViS¥)n for dgpreciatw Iherel(Ye 1$ noi appropriate. The freehol¢ txJilding$ are subiecl io a progfammè of rèpairs desKJnod to maintsin Ihese assgts lo a high $tsrKJard. Accor¢ingly, the tw*ee8 wsider that the Iiv8s of these asseis a so I￿g and Ihe reskdual values are so high that any #epre¢ialK)n would not b8 material. TAXATION The charity 18 gxemptfrorn ￿ on it5 charit8ble 8¢tivities. FUNDAccouKfhNG Vnrestricted fL5rKJs can be used in accordanTr the charitable objectpves ar the di$￿tiOn of the trustees. R8slrictÈd funds can only be used for partiwlar restricted PUFposes withln the obj8Ct8 of th$ charity. R88tr1ctlons arfse when specThled bythe donor orwhen funds are raised f(w partiC￿ar restrfeied pU￿)seS. Th8 Endowmentfvnds ueates incLuve which is used for th8 d)ariues unre*dGted acti￿leS. Futher eXpL4rnat￿ of the nature and purpcbSÈ of each fund is indud8d in rntEs lo thefinandal 51atements. Page 7 continued... Queen Elrzabeth Alm5house5 Trading as Six Masters. Chzritl•$ Notes to th8 FT-,:llnEl31 Statement$- ¢ontlnued f•rlh• Yèar End¢d 31st O•¢¢mb¢r 2024 ACCOUP4TING POLICIES- ¢ontrnu•d RE PURCHASE AND LEA51NG COMMITMENTS R8ntafs paKI under operating leases are (*arg8d to the Staternent of FlnanuJ AcIw￿.eS rm a straight Ilne bas overthe ￿IKKI crfthe lease. FINANCIAL INSTRUMENTS The charity has dect8d to apply tha provisitsns ol Section 11, Basic Finanryal In5truff*nts' Ènd Secthon 12 '0ther FinartiEA Instrumènts Issues. ol FRS 102 tg JI of its financial instrumen Flrwndal Insbury*nts are re￿nIs￿ when the charity becomès paty lo contracttja w0vis￿n5 ofth8 instrument Flrnanaal a&ssts ar6 offs•t, with the net amounts presented In the &ct)unts where there is a legally enloiceable right to set off the recognlsed arrwjunts and there is an inten￿on tQ 58td8 on a not bags or to redi88 th8 ass aThJ seile the liablllty sim￿￿￿e0u￿y. Baslc Ftnancial Assets Basic f￿arKI81 a$seis, %thich induda trgde and other re￿1v￿bIeS c3sh and bank balances, ar8 initidly measured at transaction price includw trans&ction costs and are subsgqU9nMy at arnortised cost using Ihg 8ffEcb"vg intor851 mtrthod unless the arrangement cot15li1utès a financing transacti(￿. where the transaction is measured at Ihe pres￿* value of th8 lutur8 re(xipts diswjnted at 8 ma11et rate of ulte￿L Ba51¢ Flnan¢lal Llabllttlg9 Ba&c finanaal liaLmI￿.eS, includlrrfJ trade and other payables. we inthalty re(y)gnised at transaction prtC8 ur4ess the arr8ng9rngnt cimstilutes a fin8tKing tiansaction. where the debt inslvJm8nt 15 tn8asured at Ihe present v￿ue ol fulure rec$ipts, d+S￿￿ted at a market rate ol inteiesl. Debt instrurnents are subsequenuy carr￿￿ al arrKJrtlsed cosL using the effwtive interest ra18 m8thod. Trdde payabIe5 are obligations to P8y for goods or servlces that have been Mulr￿ in Ihe ordinary course ol the operatlons from suppliers Accounts payawe are classified a5 current l&abnitie¥ il payment t5 due within Dne year or less. If iiot. they are presented as non-current liabilits"es. Tr8de payBbles are rewni5ed init'ally at transaction c05t. USTEO INVESTMENTS Li8ted investments are stated In Ihe ￿nan￿oI statements at their op8n m8thet V8hJe at the balan￿ sheet date. Llnrealis8d and r881i58d gains and1055es are induded in thè StatÈment of Financ￿1 A￿1￿1￿. INVESTMEMT INc￿E 2024 2023 LiSt￿j InVes￿￿t ￿e£￿TrIe Bank Ints￿$t 702 2A49 46,8S6 $9.151 46,895 Page 8 Queen E1tr3bEth Almshouse9 Tr4ding ￿ Six Mastets. Chariti¢s Notes tt> ¢he Flnanelal Statom•nts- tontSnued forthe Year Endgd 316t D*umb•r 2024 INCOME FROM CHARITABLE ACTMIIES 2024 Pr￿lS1on 2023 Total activities aeAx)rnmodalion aintenAn￿ tharges 72.3Y 64,487 INVESTMENT MANAGEMENT COSTS 2024 2023 Investr￿nt marwfee5 9A77 9,007 CHARITABLE ACTMTIES COSTS Grant funding of tivihos (seè notè Direct Costs18ee notg 61 Support sts (see nDte ei Tota18 Provision ofaccofflmodation Relief of poverty and hardship and gener￿ b8n8ffl of th8 inhabitonts of WorrAer 78274 6,181 84.455 1299 52.51KI 79,573 52,500 181 138.254 IXRECT COSTS OF CHARITABLE ACTMTIES 2024 2023 Property management fees Counol tax and water Insurance Lighl and heal Cleaning Gifts to osKlents Sundrie5 Building repairs and mod8misation TV liconce Subscriptlons Wobsita 5.8eo 2.868 4,157 3,284 13,298 17.673 475 1,300 1&9 45.425 1,7 51,228 407 280 233 223 79.573 77.116 GRANTS PAYABLE 2024 2023 Relief of povetty and hardship and general tenefit ol the inhatxtants of w￿￿ter S2,500 38.¢Y)O Page 9 c*Jnl*iugd... Queon Elizabeth Alm5hou5e5 Tradin9 a8 Six Ma5t8rs' Charitias Not&s tothE Fl*nddl Statements- ¢ontlnued for tho Y•ar Endèd 31st 0o¢•mb•r 2024 GRA￿s PAYA8LE-continuod The totd gonls paid to instrtutions during thg year w8s as fcknK*". 2024 2023 Acoms ChSkJren's Hospl¢e T￿￿t Amichalr Trust Maggs Day Cèntre Museum of Roy81 Worcester (The Dyson Perrlns Museum Twstl The Myriad Centre Limited Onside Indep8nd8llt Advocacy Perdi8w811 Young People's L8isure Cenlre St Pauls H081el St Richards Hosrrfce Foundation WortÈster Fwd Bank IP.C.C. Of Th8 Eccl86iastical Parish 01 St & All Sainls Worceslerl Worr£s￿r SnoEzelen FYoje¢i Worcester Warriors CharttaE4e Foundalicjn The GLK)d Soil Trust Worttslershire Bre85t Unit Haven 15,000 2,500 2WO 2.500 5,000 7.500 1,500 4,500 2,500 3,500 2.000 2,$00 12,500 4,5C 2,000 2.000 4,5CI) 2.5 2.000 2.000 5150 38,000 SUPPORT COSTS S)vemanc6 F￿￿n¢ Tolals PTDvision of accommodation 86 095 6,181 Support costs, Induded in the above, are as follows.. 2024 Provislon 2023 Totsl activilles 8¢xOrnmoda￿0n Bad debts Bank charges Independent examiner fees- iThlependenl exam Clerks fees 369 128 1,782 4,313 1.698 9.153 6,181 11,348 TRUSTEES, REMUNERAnoN AND BENEFrrs Thera were no Irustoés, rernuneration or ot￿r ￿nefitS f(x Ihe y8ar 8nd8d 315t Decernbèr 2024 nor for the year ended 31st DecEmber 2023. TRUSTEES, EXPENSES There were no trustee5' exp8nse5 paid for the year ended 31st December 2024 n¢Y fty the ￿ar ended 31st De￿mber 2023. Page10 ¢￿￿n￿ed... Quoen Ellzabeth Almshousès Trading as Six Ma5tars' Chariti•s Noteg to the Financial Stst•m•nts. eontlnued for the Year Ended 31si De￿rn￿r 2024 10. STAFF COSTS Therg were no staff em￿OYed in eithw the cUr￿nt or prw)r y88r. 11. COMPARATIVES FOR THE STATEMENfoF HNANCIAL ACThltnES Unresthcled Restricted funds fund5 EnclowTherrt funds Total funds INCOME AND ENDOWMENTS FROM Charitabl• activiti Provision ofaC￿mM0dJts.0n 64,487 64,487 Investment income 46,895 46,895 Total 111.382 111,382 EXPENDITURE ON Raising fiJnds Inv8Stment management costs 4,285 4,722 9,OD7 4285 4.722 9,007 Charftabl• adlvwes ProvisK>n of accofflmcdation R￿￿rOf poverty and hardship and ￿r*r81 benefit of the inhabitants of Worcester 88,814 86.814 39,650 39,650 Tot#1 130.749 4,722 135.471 Net gains on investments 26,406 26,4( NET INCOMEI(EXPENDrruREI Translors botWEen funds 119.3671 11,0(X)I 21,684 2,317 1,0 N8t m0ven￿￿t in funds 120,3671 21,684 2,317 RECONCILIATION OF FUNDS Tota funds brought forward 94,710 81314 1591,192 1.768,216 TOTAL FUNDS CARRIED FORWARD 74,343 83,314 1,612,ff16 1,770,533 11 TANGIBLE FIXED ASSETS Froehdd property COST AL 1st January 2024 and 31st 08cember 2024 500,000 NET BOOKVALUE At 31st Decenber 2024 500.000 At 31st Decen*)er 2023 500,000 The freehold woperty was brouJht into the accounts ￿ 1 January 20CI2 using a V8luabc￿ made by ts trusltts as Its deemed historic31 cost. Page 11 Queen Elizabeth Alrnshouses Trttding as Six Maslers. chariti Nots$ to thg F.'Il*iiclal Staioment5- contlnupd for tha Year Ended 31st Oecember 2024 FIXED ASSET INVESTMENTS Listed invèstmants MARKET VALUE At 1st January 2024 Addrtio Disposals Revaluattons 1,112.876 29￿26 140,727Tr 24,822 At 31st December 2024 1.126.797 NET BOOK VALUE At 31st D8cèmber 2024 1.126.797 At 31st December 2023 1.112.876 DEBTORS.. AMOUNTS FALLING DUE IMTHIN ONE YEAR 2024 2023 Maintenance (tsrge deblors Prèpaymenis and accrued incorne 1,080 6,063 510 9.180 7,143 9.690 1& CURRENT ASSET INVESTMENTS 21124 2023 Fwl Te￿ Depost acthunt 75,734 16. CREDITORS: AMOUTrffi8 FALUNG DUE IAryTHIN CWE YEAR 2024 2023 Grants payable Trad& crodilors Deferred inu)rne ALvued expEn5e5 2.6tK) 2.671 2,079 2,781 3,940 3.490 3.IY]3 10,433 10,131 Dgfgrred relotes t¢ maintenance charges Invo￿ed to residents of the almshcw5es In advance of the rKxJ to which they rdate. Page 12 t￿linUed... Queen Eltrabpth Almshouseg Trading as Six Mast8rs' Charitlos Nots5 to the Flttandal Slat•mgntS • contlnued for Y￿r Ens*fJ 31st De¢ember 2024 17. MOVEMENT IN FUNDS Nel movgrngnl In funds Trartsfars b91w99n fwds A11.1.24 31.1224 Unrestrlcted funds Gènèrd uNèstricted fuThl 74343 19.0501 15.0001 60,293 Ro8trlctod funds Extraordinary repairfund 83,314 s,wo 88,314 En(k)wmentfunds Capita held in buldngs and Inv8strn8nts 1,612,876 17,646 1,630,522 TOTAL FUNDS 1,770,S33 8,596 1,779,129 Net rn0￿ent in fvnc15, induded in the above are as fol0￿.. In(Dming sources Resources expend8d Galns and losses Movernent in fvnds Vnrestrkted fvnds Gonera unrestnrled fund 13q,505 1140.SSSI 19.050) En¢k)wm•nt fun(l$ CaF¥tal hejd in buildings and inveslments (7,1761 24822 17,646 TOTAL FUNDS 131,505 1147,7311 24122 8&96 Comparatlve6 formovemeht In lundts Net movemnt in funds Transfers be￿een l￿d$ At 31.1223 At1.1.23 Unrestricted funds G¢n¢rd unrestricted fun 94.710 119,3671 11,0001 74.343 Reslri¢ted fund$ Extraordtnary repairfund 82.314 1,000 83.314 Endowm4nt fvrKIs C8pital held In buikling5 and investtnents 1,591.1¥2 21.684 1.612.876 TOTAL FUNDS 1,788,216 2,317 1,770,533 Page13 continwd... Queen Ellzabpth Almsh*>uses Tradlng as Six Mast8r5' CharitiB5 Nol99 to the F51￿ncIal Ststemonts- ¢ontlnu9d forthe Year Endgd 31¥t Dgeember2024 17. MOVEMENT IN FUNDS-contlnu•d Compwatrrfe net movement in funds, indudgd in th• above a￿ as fdkJw$-. Incoming resources Resources expended Gains an kjssgs Movement li funds Ullrestrlcted funds Gener8J unrestric*ed fund 111,382 1130,7491 119,3671 Endowment fvnd• Capital held in bujdings and Investments 14,7221 26.41 21,684 TOTAL FUNDS 111.382 1135,4711 26,406 2,317 PURPOSE OF EACH FUND Th8 unrestricted general fund5 are used for the day to day running of the charity and Ihe Prowsion of grants in rdan￿ with the bust deed. The baance rwre59nts aEcutnuL4ted funds av8lable for future expwdrtu￿. reSt[Kt￿ extravrdinary rep81r funds are a r￿uTer￿￿nt of the chamtys governing dccument far the pwpose of prDvidiry for the extsaordlnary repalr, improvoment or iebuildillg of the alrnsliouses beloroing to the charty. Transfe￿ made into the exlraordinary repairfvnds each year, which a requirement of the ttusl deed. eThJowmenl fvnds arose on Ihe fortnation of the tharfly. The purpose of th8 endowm8nt funds is to PfOVK19 rKome to 4¢hieve the general obj&ctives oythe chatity. The capital of Ihe en(k)wmenl cannot b8 expen*Jed. TRANSFERS BEfwEEN FUNDS The trust deed requires that a Irdnsfer is made Into the eXtra￿dInary repair fvnd e8ch year unrestricte