Dulwich Almshouse Charity Annual Report and Financlal Statements for the year ended 31 March 2025
Dulwich Almshouse Charity Annual Report & Finantial Statemènts Year ended 31 Marth 2025 Contènts Page Report of the Trustees Trustees History and Background Statement ol Responsibilities of the 8oard of Trustee5 Review of 2024125 Grant fundin8 Financial position Independent Audltor's Report 10-13 Statèmènt of Flnantlal Artmtlts Balance Sheet 15 Note5 to the Flnanclal Stzternents 16.23 The Old Grammar School. 8urbage Road. Oulwich London SE217AF Registered Charity No. 207167
Dulwich Almshouse Charity Report ofthe Tntstees Year ended 31 March 2025 Trustees Members of the Board of Trustees who served duringtheyear and up to the dale of signingof the accounrs were.. Name Appointing Body Choir.. Simon Taylor FRICS (opp&nted Trusteelrom l Morch 20251 rom 175eptember20251 Dulwich Almshouse Charity Martyn Craddocl MSC. BSC IHonsl ft0 18June 20251 St Luke's Parochial Trust Deputy Choir.. Caroline Price. LIB (Hon51, ACA fArting Chuir 18June to 175epternber} The Dulwich Estate Paul Bambury (from 19June20251 St Luke's Parochlal Trust Gloria Brown Camberwell Con501idated Charities Kieran Coonan, KC 8i5hopsgate Foundation Dhananjai IDJI Dhananjai Iro 31 July 20251 The Dulwich Estate Menna McGre8or rom l August 20251 The Dulwlch Estate Dr Katherine Opie-smith. 8DS Dulwich Almshouse Charity Dolores Picker$8ill Iro 31 Morch 2025) LondoTh Borou8h of Southwark Scheme Mi7noger.' Barbara Purkiss (Harrison Housin81 Prlnflpal Prole10n¥l AdSeY$ IndependentAuditor.' MO0 KinBSton Srnith LLP. 6th Floor. 9Appold Street, London EC2A 2AP Bonkers.. Barclays Bank PLQ I Churchill Place. Canary Wharf. London E14 5HP Offl<e Address: The Old Grarnmar School. Burbage Road. Dulwich. London SE217AF Tel.. 0208299 5590 Website.. wwW.dulchalmShollsecharl.0rg.Uk Registered Charity No: 207167 The Old Gramrnar School. Burbage Road. London SE217AF Registered Charity No. 207167
Dulwich Almshouse Charity Report of the Trustees Yèar ended 31 March 2025 Hlstory and Backgroutr Alltyn's College of G¢Jd'5 Gift Edward Alleyn, a successful attor manager and entrepreneur, purchased the Manor of Dulwich in 1605. Some years later, he decided to cre8te a charitable foundation in Dulwich. endowing it with his estate and other property. Christ's Chapel of God's Gift was the first of the buildings to be cornpleted. bein8 consecrated on I September 1616. The first residents moved into the A1rn5house in September 1616. Letters patent were 8ranted by Kin8James I, and on 21 June 1619 Alleyn's Colle8e ol God's Gift was formally established. The original beneficiaries were twelve poor 5cholar5, six poor brothers and six poor sisters, all chosen frorn four parishes with which Alleyn was closely associated.. St 8otolph's Bishop$8ate (where he was born),. St Saviou<s &)uthwark (where he had lived and been Churchwardenl., St Giles Cripplegaie Iwhere his Fortune Theatre was situated),. and the parish of Camberwell, in which his Manor lay. In 1773 the new parish of St Luke'5 took the place of St Giles a5 a nominating body. On 31 Juty 1995 the Charity Commission approved a new Scheme and the Dulwich Almshouse Charitycame inio exlstence on l Au8USI 1995. Constltutlon The Trustees of the Dulwich Almshouse Charity IDACI administer the Charity. The 199S Scheme defines the objects olthe Chority, the fjreo olbenefit ond benefici¢7ries as follows.. The'objects of the CharitV are to relieve beneficiaries in cases of need. hardship or distress by the provision and maintenance of the A1rn5house and otherwise as the trustees think fit. The'area ol benefit- is the former panshes las constituted on l May 18911 of St. 8otolph, Bishop$8ate, of 5t. Luke, Old Street, of St. Saviour, Souihwark and ol Camberwell. A further Scheme of 21 Ausust 2000 extended the area of benefit, as regards financial assistance to beneficiaries, to include parishes wirhin the area of benefit of the Bishopsgate Foundation. "Beneficiarie5" rneans inhabitant5 of the area of benefit who are [t less than 60 year5 of age who are in conditlOll5 of need, hardshipor distve5k Link5 are retained with the areas of the four parishes from which the original beneficiarie5 were chosen, through the current areas of benefit and the bodies making appointments to the Board of Trustee Oble¢ts The trustees, objett remains unchanged from thai set down by Edward Alleyn to relieve beneficiaries in case of need, hardship or distress by the provision and maintenance of theAlmshouse and otherwise as they think fit. The Old Gramrnar khool, Burba8e Road. thJhwiih London SE217AF Re8i5tered Charity No. 207167
Dulwich Almshouse Charity Rèport of Trustees Year ended 31 March 2025 Hlstory and Background continued Public Benefit The trustee5 have reviewed the Charity Commi55itill'5 guidance ofj the requirernent to report on public benefit. The Board is satisfied that the work of the DAC, described below. accoids with its Stated objects and provides tangible public benefit to 8 wide seciion of those who reside within the DAC'S areas of benefit.. the criteria used to assess those who may benefit are not unreasonably restrictive. Governance and Management At the date ol the approval of this report. trustees ale apwinted by the bodies listed on pa8e 3 and serve lor an initial term of flve years. Under the DAC Scheme. they may be re-appointed for a second. continuous term of five years. Where, e¥ceptionallvi at least two thirds of the remainder of the trustees resolve that a particular trustee should be appointed for a third conseculive term this period shall not exceed threeyears. New irustees are introduced to the Almshouse resicjents and are macle aware of the DAC'S objects and its operation. At the rneetin8 0117 September 2025 trustees a8reed to proceed with the incorporation ol DAC, in preparation lor the internal refurbishment works to Edward Alleyn House expetted to start in 2026. As part ol this process trustees agreed to be8ln a consuliation process to remove non-fundin8 third party nomination ri8hts. arrison Hou5in& an organisation who provide similar services to the DAC for their own and other Almshouses, continue to provide the role of Scheme Manager including operational support to the OAC and the Almshouse residents. OAC pay5 The Dulwich Estate to undertake sornè of the day to day mana8ement and administration ol the Alrnshou5e and DAC. The Board meer5 formallyfour times a year and commiriees of irusrees meet on an ad hoc basis. The Appointment of Residents is delegated to the Harrison 0sing DAC Scheme Manager. Trustees attend events for residents and meet with the Scheme Manager during the year. Trustees are encouraged to avail thernselves ol seminars and training course5 01 relevance which are made available to the chèrity sedor. Operatlon The DAC maintains an Almshouse with sixteen flats in Edward Alleyn House on College Road, Dulwich. There are two bedsit flat5 and fourteen one-bedroorn flat5, althou8h lor some years the bedsit flats have proved to be too small to be attractive to would- be re5ident5. Althou8h the individual flats have been rnodernised over the year5 whi15t pre5ervinB, externally, the historic character ol Edward Alleyn House, the quality tsf accommodation has fallen below modern standards and insulation, heatin8 and ventilation of the flats needs to Improve to make them more climate change resilient and ener8y-efficient. Durin8 this last flnancial year an internal refurbishment planning proposal of the Edward Alleyn House Almshouse units has been prepared by a consultant team ro reconfigure rhe units and the proposal. which has been approved by the Trustees, has recently received Listed Buildin8 Planning approval. with full planning permission expected from L B Southwark early in 2026. The refurbishment should commence in spring 2026, with completion around twelve moThths later. with the project bein8 completed in sections to enable residents to be temporarily rnoved within the building ratherthan in another location. Resi¢Jent5 have been fully Consulted throughout the proce55 particularly with respect to flat decoratitsn antl fittin85. The Old Grammar School. 8urbage Road. Oulwich London SE217AF Registered Charity No. 207167
Dulwich Almshouse Charity Report of the Trustees Yèar ended 31 March 2025 Hlstory and BackgrQutr- continued Operation- continued The kheme Manager is on hand daily during the working week to a5S15t the residents. On Saturday and Sunday the Scheme Manager is replaced by two agency staff who are preseni in the mornings to help the residents with any queries. Those who are in need also have access to external home help services at a cost subsidised by the DAC. The trustees have made available to residents the spare 18round floor) bedsit as a guest flat. providin8 accommodaiion for visiting family and friends of resldents, but little use was made in the year under review. Prospective residents should be able to look after thernselves but inevitably. with the passage ol tirne and increasing frailty, some residents need the suppjrt of local authority care package5 and the DAC continue5 to sub5idise home helps. Applications to fill vacant flats can be made dirett to the DAC directly or by nomination via Bishops8ate Foundation, St Luke's Parochial Trust, Camben¥ell Consolidaied Charities. Uniied Sr Saviourfs Charities. The Dulwich Estate, or the London Borough of Southwark. Further information for applying can be lound at http.'/lwww.dulwichalmshousecharity.org.uk/the-alrnshouse/how- to-apply. DAC has a Licence for the use of The Old Grammar School on the corner ol Burba8e Road a5 office space for the Scherne Mana8er and surplus space for activities lor the residents and other bodie5 Wlth 5irnilar objectives. Thi5 facility is bein8 Used regularly by the re5ident5 throughout the year. The Dementia-lriendly Cornflower Café,with guest facilitators, launched on Frlday 31 May 2024 and takes pla¢ethe last Friday iTheverymonth. alongwith othe continued expansion olthe residents, social netsvorking. Trusrees have an open Inviiaiion io attend rhe residenis. Iish & chips lunchgatherin8whlchalsotakes piaceihe lasi Friday In every month incorporated inio the dementia fiiendlycoinflowercale diop.insessions. The Old Gramrnar khool, Burba8e Road. thJhwiih London SE217AF Re8i5tered Charity No. 207167
Dulwich Almshouse Charity Rèport of Trustees Year ended 31 March 2025 Statement of Responsibilities of the Board of Trustees The Board of Trustees is responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Ch3rity13w requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the DAC and of its income and expenditurefor the year. In preparing those financial statements the Board of Trustees is required to= select suitable accounting policie5 ènd then apply them consistentlv- observe the method5 and principles in the Charities. Ststernent of Recommended Prattice ISORPI., make jud8ements and e5tim3te5 that are reasonable and prudent., State whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements. and.. prepare the financial staterneThts on the 8Oln8concern basis unless it is inappropriate to presume that the DAC will continue in business. The Board of Trustees are responsible for keepin8 propef accounting records that are sufficient to show and explain the DAC'S transactions and disclose with reasonable accuracy at any time. the financial position of the DAC and enable it to ensure that the financial Statements comply with the Charities, Act 2011 and regulations made thereunder and the trust deed. They are also responsible lor safe8uardin8 the a55èts of the OAC and henct lor taking reasonable 5tep5 for the prevention and detection of fraud and other irreBularities. The trustees are responsible for the maintenan£e and inte8rity ol the DAC'S financial inftsrrnation included on its website. Le8islation in the United Kin8dom 8overnin8 the preparation ènd disseminaiion of the financial statements and other Informatlon Sncluded in annual reports may differ from le8islaiion in other jurisdictions. The Board of Trustees coThfirm5 Its aryeptance of these rewnsibilities. R•vlew of 20Z412025 The residents, annual summer party in 2024 with1Sve band look place on 19 June in a marquee on the Colle8e Complex 8rounds using the residual social sub-committee funds held over from the pandemic in 2020. The Old Grammar School ITOGSI coTrtinue5 to be used lor the residents. own popular fortni8htly Film Club Thursdays and various other Social outreach groups comin8 tO8ether with the residents. The residents, annual Christrnas lunch took place in the Library at Dulwich Colle8e in December. Trustees and Harri50n Housin8 Mana8er were invited to attend. The Chapel Choir visited Edward Alleyn House in December 2024 and san8 forthe residents. The trustees present handed out a Christmas gift hamper to eath of the residents. Also, throughout the year, where requested birthday celebrations forthe residents were held in the TOGS building. The Old Grammar School. 8urbage Road. Oulwich London SE217AF Registered Charity No. 207167
Dulwich Almshouse Charity Report of the Trustees Yèar ended 31 March 2025 Cholrmon's Hl4hll4hts - continued Chi Kun9 Group The Chi Kung Group continues to be popular with the residents and friends of residents. Chi KuThg (which can be loosely translated a5 energy work") is a series ol exercises and Stretches which promote the movement of energy around the body. Those takin8 part can expect to improve breathin8 and posture,. feel less tense and more relaxed,. and experience betterflexibility and balae. The presence of non-residents at the sessions 8ives more social interattion and connection with others in the local communilv. Otheru¢tlvltles The U3A 5in8in8 Group use the TOGS buildin8 twice a month for practicin8 and residents were invited to either join in or to Ilsten. Residents are also invited to Join the art group. Dulwiih Sketchers, weekly gathering at TOGS. There was carollin8 In December 2024 held under the Cloisier at Christ's Chapel. a Pantomime at Catlord 8roadway Theatre and a matinee theatre outing at St Martin's Theatre in the West End. The London Wildlife Trust continue to use the TOGS facilities for Dulwich Village Orchard events to include the seasonal Wa55ailing Day held in the Dulwich Village Orchard next to the TOGS building in January 2025 which was attended by a nurnber Of the residents. There are some additional residents, activities to include a residents, outin8 to include a Film Club every other Thursday and a Fish & Chips f riday drop in session. have proven to be very popular. Grtsntfvndlng In accordance with its established Grants Poliry. the Board continues to provide funding las detailed in note 2 of the financial 5tatements1 as part of the DAC5 Outreach programme. Due to the need to build up its re5erve5 to facilitate the refurbishrnent pro8rarnme and the proper upkeep of the Almshouse in the lon8-term. the 8rant5 pro8rarnrne has been 8radually reduced over the last few years and is suspended for the foreseeable future. with effect from l April 2025. The 8rant recipients durin8 the year were.. Llnk Age Southwark delivers voluTrteer-led ser¥ice5 to more than 600 lonely and isolated older people across Sguthwark. Their work include5 a befriendin8 serrice matching older wple to a local volunteer who visits them weekly, regular exercise and activity 8roup5. Southwark Pensloners, Centre is a well-respected nearly 35 year old local charity that SUPPDrts older people aged over SO to enjoy healrhier, independenr, and rnore active live5. Staying in touch with each other and their cornrnunities. St Luke's Parothlal Tmst own a large and vibrani community ten1 in wuth IslinOn. which welcomes around 68,000 visits annuèlly from people of all ages. backgrounds. inierests, and abilitie5. St Luke's and other organisations deliver 3 wide range of services and activities at the centre to benefit the IrKal cornmunity, includin8 SUPPOrt for people a8ed over 55. Blshopsgate FoundatSon. which provides a top up pension scheme for those that have lived or worked in the surrounding pari5he5, and Camben¥ell Consolldated CharftSes, which provide5 extra incorne to older people on low incomes. were given grants to as515t with the funding of pensions paid to beneficiarie5 of these charitie5. The Old Gramrnar khool, Burba8e Road. thJhwiih London SE217AF Re8i5tered Charity No. 207167
Dulwich Almshouse Charity Report of the Trustees Yèar ended 31 Marth 2025 Staffing The Scheme Manager lorthe year under review wa5 Barbara Purki5s who 15 employed by Harrison Housin8. We a8ain acknowledge, with appreciation. the a5S15tance of The Dulwich Estate staff for the work they undertake on behalf of the Dulwich Almshouse Charity. Flnanclal posltlon DAC generated a surplu5 on its unrestricted fund of £121.47912024- Surplus of £42.6331 and the Board 15 5at15fied that the DAC'S own resource5, tO8ether with it5 abilityto call loradditional 5UPPOrt from The Dulwich Estate, are Suff icient to meet it5 future financial needs lincludin8 funding lorthe c05t ol a replacement Almshouse andlor alterations to the existln8 buildin81. The Board is appreciative ol the continuing financial support of the trustees ol The Dulwich Estate which provided 47% 01 the total income of the DAC12024..45%1. The annual distribution, which escalates with CPI, for this financial year was £153,05012024 £147,150). R•$erves pdlty The irusrees, primary objective is to provide appropriate resources to enable the DAC'S beneficiarles to be well cared for and supported in the circumsrances in which rhey find themselves. As explained elsewhere in this report, the DAC benefits from its relationship with The Dulwich Estate. on which it can depend for financial sUPPOrt in the event of unexpected expenditure or needs arisin8, in addition to the annual payment relerred to abjve. Neverthless. it is the policy ol the trustee5 to build up the charity's free reserves to cover such eventualities. At the balance sheet date. the DAC had Iree resee5 01 £86,30S12024- £13,401>. The 8oard has established. Designated Funds to provide for future regular repairs and maintenance of its property, and a Building Fund. The details and purpose of these funds.. The Cyclical Maintenance- £46,01312024- £15,995) and Building Funds- £nil12024- £90,625], are disclosed in the Accountin8 Policies in Note lil and in note 10 of the financial statements. Total reserves a150 include the Permanent Endowment Fund- £278.61512024- £266.4151 15 disclosed in note 8 of the financial statements and comprise the DAC'S endowment capital and unstriCted funds of £444.43012024- £322,951). Investmerf poll¢y The Board continues to invest the DAC'S capital and desi8Thated funds in a balance of cash, equity. and property fund5. No chan8es were made in the investrnent holdin8s durin8the year and the capital value of the portfolio increased by 3.7% as of 31 March 202512024 decreased by 0.9%) but income 8enerated on the wrtfolio was down by 2.6% at £19,75212024.. £20,279). Statutory Audltor Moore Kingston Smith LLP has indicated its willingness to be -appoied as Siaturory Audiior for 202512026. Approved bythe Board of Trustees of ihe Dulwich Almshouse Charity on 3 December 2025 and signed on its behalf bv- Slmon Taylor- Chalrman The Old Gramrnar School, Burba8e RL. thJlwiih London SE217AF Re8i5tered Charity ND. 207167
Independent Auditor's Report to the Trustee5 of Dulwlch Almshouse Charfty Opinion We have audited the financial 5tatement5 of The Du1Ch Alrnshou5e Charityfor the year ended 31 March 2025 which comprise the Statement of Financial Activities, the 8alance Sheet and notesto the financial Statements, includin8 a surnmary o15i8nilicant accounting policies. The financial reportin8 fratnework that has been applied in their preparation Is applicable law and United Kingdom Accouniing Standards. including FR5 102 The Financial Rekx)rting Standard Applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charitrfsaffairs as at 31 March 2025 and of its incoming resources and applicarion of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the re4uirements ol the Charities, Act 2011. Bas15 of oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs Responsibilities lor the audit of the financial statements section ol our report. We are independent of the charity in accordance with the ethical reouirements that are relevanr to our audit of the financial siaiements in the UK. includin8 ihe FRC'S Ethical Siandard, and we have fulfilled our other ethical responsibilities in accordance with rhese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis lor our opinion. Con¢luslon5 relatln8 to golngwn¢ern In auditing the financial staternents. we have concluded that the trustees. use of the 8gin8 concern ba515 01 accounting in the preparation of the financial 5tatement5 is appropriate. 8ased on the work we have performed. we have not ideniified any material uncertainties relating to events or conditlons that, individually or colleciively, may casi significanr doubt on rhe charily's abiliry to coniinue as a going concern for a period of at least twelve rnonths from when the financial 5tatement5 are authgrised for issue. Our responsibilities and the responsibilities of the trustees with respett to 8oin8 cOren are described in the relevant sections of this report. Other Infomatlon The other information comprises the inlom)ation included in the ieport of the trustees. other than the financial statements and our auditorfs report thereon. The trustees are responsiblefor the other infomiation. Our opinion on the financial statements does not cover the other information and, except to ihe eent oiherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of thefinancial statements. our responsibility 15 to read the other information and. in doing so, consider whetherthe other information is rnaterially incon515teTht with the financial 5tatement5 or our knowled8e obtained in the course ol the audit or otherwise appeaTS to be materially misst*ed. If we identify such material incon515tencies or apparent material misstatements, we are reouired to determine whetherthere is a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude ihat there is a material MISSleMent of this oiher information, we are required to report rhat fact. We have nothing to report in this regard. The Old Grammar School. 8urbage Road. Oulwich London SE217AF Registered Charity No. 207167 io
Independent Auditor's Report to the Trustee5 of Dulwlch Almshouse Charfty Matters on which we are required to repjrt exception We have nothing to report in respKt of the following matterswhere the Charities, Act 2011 requires us to report to you if. in our opinion.. the information given in theTrustees' Annual Report is irfonsistent in any material respett with the financial statements,. or the charity has not kept adequate accounting records.. or the financial statements are not in agreement with the accounting records and returns.. or we have noi received all the information and explanations we required for our audit. ResponsIlItIeS of trustees As explained more lully in the trustees. responsibilities statement set out on pa8e 7, the trustees are responsible for the preparation of the financial statements and for bein8 satisfied that they8ive a true and fair view, and for such internal control as the trusiees determine is necessary to enable the preparation of finanoal statements ihat are free from material mlssiatement, whether due to fraud or error. In preparin8 the financial staternents, the trustees are responsible for a55essin8 the charity'5 ability to continue as a going concern. disclosin8, as applicable, rnatters related to 80in8 concern and usin8 the 80in8 concern ba515 01 accountin8 unle55 the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltorfs Respon$lbllltl•s lorthe audlt of the fiMn¢lal statements We have been appointed a5 auditor under sertion 144 01 the Charities, kt 2011 and report in accordance with regulation5 made under section 154 of that Act. Our objectives are to obtain reasonable assuranceabout whether the financial statements as a whole are free from materlal misstatement, whether due io fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 8uaraTrtee thai an audit conducred in accordance with Itss IUKI will always detect a material misstatement when it exisrs. Missiaiements can arise from Iraud or error and are considered maierial if. individually or in aggregate, they could reasonably be experted to influence the economic decisions of users taken on the ba515 ol these financial 5tatement5. A5 part of an audit in accordancewith ISAS IUKI we exercise professional judgement and maintain professional stepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, desi8n and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detetting a maierial misstatement resulting from fraud Is higher than for one resulting from error, as fr8ud may involve collusion, forgery, inteniional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in orderto design audit procedures that are appropriate In the circumstances. but not for the purposes of expressing an opinion on ihe effettiveness of the charity's internal control. Evaluate the appropriaieness of accounting policies used and the asOnab1eness of accounting estimates and lated disclosures made by ihe trusiees. The Old Grammar School. 8urbage Road. Oulwich London SE217AF Registered Charity No. 207167 li
Independent Auditor's Report to the Trustee5 of Dulwlch Almshouse Charfty Conclude on the appropriateThe55 01 the trustees. use of the goingconcern basis of accounting and. based on the audit evidence obtained, whether a rnaterial uncertainty eN15ts lated to event5 or conditions that may cast significant doubt on the charit¢s ability to continue as a Boing corLcern. If we conclude that a material uncertainty exists, we are required to draw atienrion in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate. ro modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However. future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial staternents. including the disclosures, and whether the financial statements represent the underlyin8transaction5 and events in a manner that achieves lair presentation. We communicate with those charged with governance regardin& arnong other Matters, the planned scope and timing of the audit and significant audit finding5. including any 518nificaTht deficiencies in intemal control that we identify durin8 our audit. Explanatlon as to what txltnt tht audlt was ¢onOdered ¢apaWt of detertln8 Irre8ul•Atles, In¢ludln8 fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedure5 in line with our responsibilities, outlined above. to detect material rnis5tatement5 in respect of irregularities, including fraud. The extent to which our procedurès are capablt of detÈrtinB irrt8ularitits. includin8fraud is detailed below. The objectives of our audit in respett of fraud, are,. to ideniify and assess the risks ol material misstatement of the financial statements due io fraud., to obtain sufficient appropriate audit evidenie re8ardin8 the assessed risks of material misstatement due to fraud, Ihrough designing and implementing appropriate responses to those assessed risks,. and ro respond appropriatelv to instance5 of fraud or suspetted fraud identified durin8 the audii. However, the primary responsibility for the prevention and detection 9f fraud rests with bgth management and those charged with governance ol the charity. Our approach was as follows- We obtained an understandin8 of the le8al and re8ulatory requirements applicable to the charity and considered that the most Si8nificant are the Charities. Act 2011 and UK financial rep)rtin8 Standards as issued by the Financial Reportin8 Councll. We obtained an understandin8 of how the charity complies with these requirements by dlscussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements. including the risk of material misstatement due to fraud and how it rnight occur, by holdiThg discussions with management and those charged with governance. We inquired of mana8ernent and those Charged with 8overnènce ès to any krwn instances of non-compliance or suspected non<ompliance with laws and re8ulations. Based on this understanding. we designed specific appropriate audit procedures to identify in5tance5 of non-cornpliance with laws and regulations. This included rnakiThg enquiries of management and those char8ed with governance and obtaining additional corroborative evidence as reouired. There are inherent limitations in the audit procedures described above. We are less liket0 become aware of instances of non- compliance with laws and regulaiions that are not closely related io events and transattions refletted in the financial statements. Also, the risk of not deretting a maierial missratement due to fraud is higherthan rhe risk of not deterting one resulting from error. as fraud may involve deliberate concealment by. for example, forgery or intentional misrepresentation5, or through collusion. The Old Grammar School. 8urbage Road. Oulwich London SE217AF Registered Charity No. 207167 12
Independent Auditor's Report to the Trustee5 of Dulwlch Almshouse Charlty Use ot our lert This report is made solely to the charity's trustees. as a body. in accordance with Chapter 3 of Part 8 of the Charities, Act 2011. Our audit work h35 been undertaken so that we might state to the charitys trustees those matters we ère required to state to thern in an auditorfs report and for no other purpose. To thelullest extent permitted by law, we do not accept or a55ume responsibility to any party otherthan the charity and charity'5 trustee5 a5 a dy, forouraudit work, forthis report, orfor the opinion we have lorrned. J.A LLP 27 January 2026 Statutory Auditor 6th Floor 9 Appold Street London EC2A 2AP Moore Kingston Smith LLP is eligible to art as aud¢tor in terms of Sertion 1212 of the Companies, Art 26. The Old Grammar School. 8urbage Road. Oulwich London SE217AF Registered Charity No. 207167 13
D•ch Almshouse Charity Statement of Financial Artr¥ilie5 Year ended 31 March 20 Permanent Endrwjment 2025 Total 2024 Total INCOME FROM Charitable actlvhles.. The Dulwich Estate.. Annual Payment Contributions from residents l2a 153.050 1S0.U4 153.050 150,134 147.150 158.266 12b It)¥estment IncL¥ne: 19.752 19,752 20,279 TOTAL INCOME 322.9 322.936 325,695 EXPENDITURE OP4 Charltable a¢t6vhles'. Provlsion of Almshouses & outreach atti11e$ 261.334 2,173 263,507 283.403 TOTAL EXPENDfTURE 161.334 2.173 163.507 283,403 Ne¢ galn on Investment a$5et5 3.218 10,427 13,645 Ne¢ Incomellexpendltur•l 61,W2 1,045 10,427 73,074 38,91S Transfers between funds Nel movement in fund5 9,10 59,877 121,479 161,6511 Ifd),fA)61 1,774 l2,201 73,074 38,916 Fund baln¢es brought forward al l Awil 2024 322.951 1(6.6L9 266,414 695,984 657,069 Futhd b•lantes tèrrled lorward at 31 M•rth 2025 444A30 4613 278.615 769,058 695.985 The analy51s of the Incornp expendlture betwttn Fundslor1024 Is 5hoTr In nDte IS. The Old Gr3mmarS¢hool, 8urbage Road. Dulwich LondonSE217AF Re815tered Charity No. 207167
Dulwlth Almshouse Charlty Balance Sheet Year ended 31 March 2025 2025 2024 FIXED ASSETS Tangible Assets Heritage asset Investments 1,837 356,288 384,021 673 308,877 370,377 TOTAL FIXED ASSETS 742.146 679,927 CURRENT ASSETS Debtors Cash at bank on deposlt 64.375 14,102 78,477 67,450 67,450 Les$.' CURRENT LIABILITIES Creditors.. amounts due In less than one year Cash at bank on deposlt 151.56SI 142,7001 18.6921 26.912 16,058 NET ASSEfs 695 985 FINANCED BY.. Permanent Endowrnent Fund.. 278.615 266,415 Unrestrlrted Fund: Accurnulated Surplus 444.430 322,951 0esl8nattd Funds.. io Cyclical Mainienance Building Fund 46.013 15,995 90,624 46.013 106,619 695 985 Approved by the Trustees ofthe Dulwlch Almshouse Chartty on 3 December 2025 Signed.. S Taylor Chairman Signed.. Cprl Deputy Chair The Old Grammar School, Burbage Road. Dulwich London SE217AF Registered Charity No. 207167 15
Dulwich AIms1USe Charity Notes to the Flnanclal Statements Year ended 31 March 2025 Accountlng pollcles al Basls ol Accountlng These financial statements are prepared on a Boing concern ba515. underthe historical c05t convention 65 rnoKlified bythe revaluation of certain fixed a55ets. The financial 5ts1ements aTe prepared in Sterfir¥ lch 15 the fvnrtional currency of the entity. Monetary amounts are rounded tothe nearest pound. The flnancial statements have en prepared In accordance with Accounting and Reportlng by Charltles.. Statement of Recommended Practlce applicable to chèrities preparing their ac£ounts in accordance with the Financial R*portlng Standèrd applicable in the UK and Republlc of Ireland IFRS 1021 intludin8 Update Bulletin 2. (Charities SORP IFRS 1021, the Financial Rewrtin8 Stèndard appllcable In the UK and Republic of Ireland IFRS 1021 ènd the Charities Art 2011 and UK Generally Accepted Accounting Practlce. The Dulwi¢h Almshovse Charity meets the definition ol a wblic befiefit enlity ufider FRS 102. In The trustees hove as5e55ed whethef the v5e of the zoin8concem ba515 is appropriote and have considered the impact of p055ible event5 or condition5. on the charitV'51ncorne & Expenditure, that might cast 518nificant doubt on the ability of the charity to continue a5 a goin8 concern. The tru5tee5 have made this osse55ment for a period of at least one year frorn the date of 3pprovol of the financial 5taternent5. After making enquirie5 the trustee5 have concluded that there 15 a reasonable expectation thot the charity hos adequate re50urce5 tc continue in operational existence the fore5ttable thture. The charity therefore continue5 to adopt the going concern ba51s in preparing its financial statements. bl Tan8lblt assets Tan8ible fixed assets are measured ai cost less accumylated rfepwiaiion aNI accumulated impalmient losses. Depreciatlon Is provlded at rates calculated to wriie-off the cosi over its experted useful lifeon a straighi line bèsis, as follows.. Equipment 20%olori8inal cost Equipment a55ets are capitali5ed iltheir Yalue is ÉSLX)(¥ over. cl Impalrnient of flxed assets At each reportin8 end date, the OAC reviews the eanyingamouni of its tahgible assets to determine vthether there is any indication that those assets have Suffered an impèirment loss. If any su¢h inditation exists, the reeoveroble arnount of the èsset 15 estimated in order to determine the extent of the irnpairrnent loss lif anyl- Where it 15 not P055ible to e5tirn3te the recoverable amount of iri individual 55et, the DAC e5tirnJte5 the Tecoverable amount of the ca5h- generatiThg unit to which the a55et belongs. The recoverable amount 15 the higher of fair value le55 Costs to sell and value in use. Il the recoverable arnount of an a55et 15 estimated to be less than its carryin8 amount, the carryin8 omount is reduced to its recOVerae amount. An irnpairrnen¢1055 15 recoEni5ed irnmediately in the Statement of Finoncial Activities. Reco8ni5ed impairment1055es are reversed if. and only if, the reasons for the irnpairment loss hove ceased to apply. When an irnpBirrrent1055 subsequently reveTSes. the carryingamount of the a55et Is increJsed to the revised e5tirnate of it5 recoverable amount. A reversal of impairrnent1055 Is recoBni5ed immediately in the Statement of Financial Activities. dl Investments Investments are a fomi of a ba55c financial instrument and are initially recognised at their transactSon ¥a1ue and subsequently measured ar thelr fair value at rhe balance sheei date usin8 the closed quoied markei price. The Statement of Financial Activities includes those unrealised 8ains and 105ses arising from the revaluaiion of the investment portfolio durin8 the year and does not dlstin8uish between the valuation adjustments relating to sales and ihose relatin8 io continued holdings as ihey are rogether rreared as changes In the value of the investment portfolio. Investment income Is accounted for on a receivable basis. The Old Grammar School. 8urbage Road. Oulwich London SE217AF Registered Charity No. 207167 16
Oulwith Almshousè Charity Notes to the Flnanclal Statements Year ended 31 March 2025 el FlnaTrclal Instruments Cash and Cash E uivalefits Cash and cash equiv3lents include cash at bank and in hand and sh¢yt-term dekx)5its wth a maturity date of three month5 or less. and redit Debtors ènd creditors receivable or payable withln one year of the reopeningdaieare carrfed at theirtransactlon price. rs Income The Statement of Financial Activities 15 credited. on an accruols basis, wth the coTrtribution5 from residents and income from investment of Permanent Endowment. and Is tharged vmh all resources e¥Fended in maintaining the DAC'S property and meeting 15 gl Expendlture Charitable activities comprise all costs ditertly related io maihtsinin8 ihe m$hl$e, the prowsion of services to residents ènd other beneficiaries under the outre¥¢h plraMme. Governance costs are associèted with the governance arrangements of the DAC. These costs include staff re¢harge5 from The Dulwlch Estate in ¢onne¢tion with preparingthe èctounts. board meeting agentlos antl butlgets. together with the 5t8tutory èudit lee. h) Unrestrlrted Ftsnds The unrestricted funds comprlse the accumulated surpluses that have not been designated for specific purwses. These are avallable, at Ihe discretion of ihe irusiees. for use in fyrtherawe of iheobjeuive of the OAC. 11 Des18nated Funds Funds to provide for Cyclital Main¢enan¢e and for the 8uildini Fund have beeN established by annual allocations from the Unrestricted Furtd and ère fully diselosed in note 10. 11 Permanent Endowment Funds Permanent endowment funds comprise the DACS endowrnent capltal. Pernianent Endowment capltal must be retained and only the Income derived thereon may be expended, at the discretion of the trustees in furtherance of the objectlves of the DAC. The Fund was established In 1962163 follolwng the sale of Govemment Stocks, wilh the addition of the proceeds from sales of land and buildlngs In 1995196. The Old Grammar School. 8urbage Road. Oulwich London SE217AF Registered Charity No. 207167 17
Dulwich Almshouse Charlty Notes to the Financial Statements Year ended 31 March 2025 2025 2024 2. EXPENDITURE Charitable a(tivitie5 Prowision of Almshouses & <yJlreach aclivrties Repalrs and malnttnan¢e 2.173 30,092 79.983 5,500 73,336 20,757 19,066 9.750 35,341 24,577 82,129 5,500 61,640 15,280 18,333 19,500 General Repairs- un$trIed Staffing Rents Building running costs Services to residents Recharge from The Dulwich Estate Grants Total <harftable actlvltles 240,657 262,300 Governance c05t5 Recharge from The Dulwich Esiaie Audit fee 9,533 13,317 22,850 9,167 11,936 21,103 263,507 283,403 Grants awarded to: Bi5hopsgate Ftsundation Camberwell Consolidated Charities LinkA8e Southwark Southwark Pensioner Centre St Luke's Parochial Trust 1.750 1,7SO 1.750 1,500 3,000 9,750 3,500 3,500 3,500 3,000 6,000 19,500 The Charity had no employees during the year12024.. None). The Old Grammar School, 8urbaKe Road. Dulwich London SE217AF Registered Charity No. 207167 18
Dulwich Almshouse Charlty Notes to the Financial Statements Year ended 31 March 2025 3. TANGIBLE A55Efs - E4uipment Cost at l April 2024 Additions in year Disposals in year C05t at 31 March 2025 48,731 2.084 50,815 Depreciation at l April 2024 Charge for year Disry)sals in year Depreciation at 31 March 2025 48,058 920 48,978 Net Book Value at 31 March 2025 1,837 Net Book Value at 31 March 2024 673 4. HERITAGE ASSEr The buildin8 known as Edward Alleyn Houst, Collele Road. Dulwich Village, tan only be used as almshouses ftsr the accommodation of residents in furtherance of the Charity's objects. This freehold property was constructed In 1739 and whilst it is currently bein8 used as an almshouse, il is a 8rade Il* listed buildin8 and therefore has heritage oualilies. The trustees regard li as a heritage asset within the scope of paragraph 18.11 of the Charities SORP. The buildin& which has no historic cosr. comprises 16 flais and during 1982 and 1983, the interior of the flats w35 improved at a cost of £116.409. In the year ended 31 March 202S a further £47,411 12024.. £97,800) wa5 expended on the design and statutory plannin8 proce55 in preparation lor a major relurbishrnent ol Edward Alleyn House. As this refurbishment will add to the value of the herita8e asset these costs have been added to the book value which is now E356.288 12024.. E308.8771. The asset is not depreciated under FR5102 as it is deemed to have an indefinite lifespan. 11 is the CharlS practice to mainrain this asset In a continual siète of sound repair and to make improvemenis thereto from lime io time and accordingly the Trustees consider that the value is not impaired by the passage ol time. The Old Grammar School, 8urbaKe Road. Dulwich London SE217AF Registered Charity No. 207167 19
Dulwich Almshouse Charity Notes to the Financial Statements Year ended 31 March 2025 5. INVESTMENTS 2025 2024 Summary of movements during the year.- Inve5tment5 at market value l April 2024 Net gain on investments Investments at market value 31 March 2025 370,377 13,644 384.021 373.753 13,3761 370.377 The investments are all held in charity specific managed funds which are lisied on the UK Stock Exchange. 6. DEBTORS Prepayments Due from The Dulwich Estate Due from residents 5,567 55,284 3,524 64.375 3,858 63,434 158 67.450 7. CREDITORS Accruals Other creditor5 18.898 32,667 Sl,565 14,483 28,217 42,700 8. PERMANEMf ENOOWMENT FU14D At l April 2024 LosslGain on investment assets Transfer from Vnrestricted Fund At 31 March 2025 266,414 10,427 1,774 278.615 267.222 18081 266.414 9. UNRESTRICTED FUND Accumulated Surplus At l April 2024 Net movernent in fund before transfers Transferto Permanent Endowment Fund Transfer to Cyclical Maintenance Fund Transfer fromlltol Rebuilding Fund At 31 March 2025 322,951 61,602 11.7741 130.(XXII 91,651 444.430 280.318 77,633 130,0001 1S,0(X>l 322.951 The Old 6MMar School, Burbage Road. Dulwich london SE217AF Registered Charity No. 207167 20
Dulwlch Almshouse Charlty Notes to the Financial Statements Year ended 31 March 2025 Cycllcal Maintenance Fund Building Fund Total 10. DESIGNATEO FUNDS At l April 2024 Expenditure in Year Transfers from / Itol Unrestricted Fund Net gain on investment assets Balance at 31 March 2025 15,995 12,1741 30,000 2.192 46,013 90.625 106,620 12,1741 161,6511 3.218 46,013 191.6511 1.026 The Cyclical Maintenance Fund was established to enable the Charity to meet it5 duty to maintain and repair its property in accordance with a planned prograrnrne of works. The 8uilding Fund wa5 established in 2CQ312004. for the cost of developin8 new 51rn5house accommodation. These fund5 are e5tabli5hed in accordance with approval by the Charity Cornmission under clause 121lllbl, Scheme Number 5 of 5, dated 31 July 1995. The Cyclical Maintenance Fund is maintained at levels anticipated to meet future expenditure durin8 the next five years. Now that the refurbishment project has commenced, the balance on the Building Fund has been transferred to ihe Urestricted Fund and is now closed. Intan8lble Assets & EquSpment HerS¢a8e Assets Net Current A55ets 2025 Total Investments 11. ANALYSIS OF NET ASSETS BMVEEN FUNDS At 31 March 2025 Permanent Endowrnènt Fund 278,615 278,615 Designated Fund- Cyclical Maintenance De518nated Fund- 8uilding Fund 46,013 46,013 46,013 46,013 Unrestricted Funds Total 356,288 356,288 105,406 384,021 1,837 I37 119,1011 26,912 444,430 769,058 At 31 March 20Z4 Permanent Endowment Fund 268.190 11,7751 266,415 De518nated Fund Cyclical Maintenance Designated Fund- Building Fufi¢J 55.476 46.711 102.187 139,4811 43,913 4.432 15,995 90,624 106,619 Unrestricted Funds Total 308.877 308,877 673 673 13.401 16,058 322.951 695,985 370,377 The Old 6MMar School, Burbage Road. Dulwich london SE217AF Registered Charity No. 207167 21
Dulwlch Almshouse Charlty Notes to the Financial Statements Year ended 31 March 2025 12. INCOME al The Dulwich Estate Annual Payment In accordance with the term5 of the Charity Schemes of 31 July 1995. The Dulwich Estate Makes an annual payment to The Dulwich Almshouse Charity. In 2022. the E5tale consulted with it5 beneficiaries and obtained permission from the Charity Comrnission to re-base the perrnitted annual distribution to take account of CPI inflation since 1995 and to increase it by CPI annually thereafter. The annual distribution this financial year was £153.05012024- £147.1501. bl Each almshouse resident is required to pay a weekly maintenance contribution towards the costs of providing the accommodation and services. This contriburion qvalifies for Housing Benefir where the resident meets the local authority criteria. The annual contributions from residents this fiThancial year was £150,13412024- £158.2661. 13. TRUSTEES AND EMPLOYEES No rernuneration was paid to Trustee5 durin8the year12024- £nill. Expense5 of E176 were reimbursed to one Trustee in the year12024- £nill. 14. REiATED PARTY TRANSACTIONS The Charity is a beneficiary of The Dulwich Estate from which it receives an annual payment, as described in 12a), above. In addllion, The Dulwich Estate's staff prowded services to the Almshouse Charity for which it was reimbursed £40,131, Including VAT12024- £33.3781. The Almshouse Chariiy also paid renr under a Licence ro The Dulwich Esiaie for its office of £5,00012024 - £5,000>. Rent of £50012024 - ÉSIX)) p.a. is also paid to arther connected charity, Christ's Chapel of God's Gift at Dulwich. lor a room used by the Charity as a launderette. Certain Trusiees (shown on paKe 31 are appointed by other chariiies which e1ve 8rants from the Dulwich Almshouse Charity as listed on page 18 of the accounts. The Old 6MMar School, Burbage Road. Dulwich london SE217AF Registered Charity No. 207167 22
Dulwich Almshouse Charlty Notes to the Financial Statements Year ended 31 March 2025 IS. ANALYSIS OF INCOME AND EXPENDITURÉ BY FUND FOR THE YEAR ÉNDED 31 W4RCH 2024 Permanent Endowrnent 2024 Total Unrestrirted Designated Income: The Dulwich Estate: Annual Payment Contribution frorn residents Grant Investment Income 147.150 158,266 147,150 158,266 20.279 20,279 Ejtpendlture.. Provision ol A1rn5houses & outreach activitie5 1248.0621 135.3411 1283.4031 Net gains on investrnents 2.5681 137,9091 8081 18081 13,376 38,916 77.633 The anatysis of ihe Income and exptnditurt bthvetn Funds comparatives is shown in note 15. The Old Grammar School, 8urbaKe Road. Dulwich London SE217AF Registered Charity No. 207167 23