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2024-12-31-accounts

King Edward VI and the Reverend Joseph Prime Almshouse Charity Annual Report and Financial Statements Year ended 31 December 2024

The King Edward VI Almshouse Charity offers homes for local people of modest means and on a low income

Charity registration number: 210590

*AIINIJ 11.

Contents

Page
Welcome from the Chair 4
Charity Reference and Administrative Details 5
Trustee’s Annual Report 6
Independent Examiner’s Report 12
Statement of Financial Activities 13
Balance Sheet 14
Notes to the Financial Statements 15

The King Edward VI Almshouse Charity offers homes for local people of modest means and on a low income

Charity registration number: 210590

Welcome from the Chair

2024 marked my first full calendar year as Chair of the Board. During this time, we have made substantial progress in applying for, and being granted, the necessary planning permission for the major redevelopment of our estate – Project Crocus. Its aim is to replace the existing Primes Close bungalows facing onto Park Lane, which are no longer habitable, and replace them with a new building with up to 16 flats. Whilst the delivery of this project is still some time away, we are now able to move into a new phase of raising the required funds. As such, it marks a significant step forward.

Other achievements include:

I want to use this report particularly to draw attention to the hard work and dedication shown by all our staff who work tirelessly. In doing so, they are supported admirably by our Board of Directors who, as volunteers, give freely of their time and experience. A full list and details of our staff and Directors can be found on the Charity’s website at www.swalmshouses.org.

Planning for the future

Whilst the key priority for the Charity is to progress Project Crocus to its fruition, maintaining and improving our existing estate also remains a priority. Between them, these two strands of work comprise the Charity’s strategic focus for the next few years.

As well as ensuring that the day-to-day running and maintenance of our residential properties continues as it should, planning has also started on an initiative to reduce the energy cost and carbon generated from the flats in our existing listed buildings.

Whilst planning for our future, we also have to be mindful of our past. With a heritage dating back over 500 years, we are rightfully very proud of maintaining the existence of our Charity, our buildings and what we bring to the local community through offering affordable accommodation to those in need of a home in the heart of Saffron Walden. This does bring some enormous challenges working with listed buildings, but our staff and Director team have established a good working relationship with the various organisations and local government teams who support our residents in affordable housing.

In finishing, I would like to draw attention to the fact that we are special as an almshouse charity in that we open our doors to people of all ages, which is unlike the vast majority of other almshouses across the country. By doing so, we have created a multi-cultural and diverse community who have the opportunity of living within a very special environment.

Gary Hyams

Chair of the Board of Directors King Edward VI Almshouses

4

King Edward VI and the Reverend Joseph Prime Almshouse Charity Charity Reference and Administrative Details, Year Ended 31 December 2024

Charity Name: The King Edward VI and the Reverend Joseph Prime Almshouse Charity
Charity Registered Number: 210590
Almshouse Association
Membership Number: M858
Address of Principal Office: Almshouse Office, Abbey Lane, Saffron Walden, Essex, CB10 1DE
Trustee: KEVI Corporate Trustee Limited

KEVI Corporate Trustee Limited is a private company limited by guarantee registered at Companies House with the company number 10178525.

The Directors who served for KEVI Corporate Trustee Limited during the year ended 31 December 2024 and at the date this report was approved are as follows:

Gary Hyams Chair Diane Drury Vice Chair Linda Ainscough Resigned 19 July 2024 Maurice Balfe Appointed 3 January 2024 Malcolm Domb Resigned 9 September 2024 Peter Gibson Stephen Hasler Michael Hibbs John Hunt John Kerr Arthur Moore Appointed 3 January 2024 Christopher Newton Appointed 3 January 2024; Resigned 4 November 2024 Simon Oughton Peter Plunkett Resigned 11 December 2024 Belinda Thorogood Appointed 3 January 2024 Trevor Vincent Malcolm White Colin Woodward Appointed 3 January 2024 Company Secretary: Ray Parrott Estate Manager: Victoria Duke Business Manager: Lisa Morrissey Health, Safety & Compliance Manager: Ray Parrott Bankers: Barclays Bank Accountant: Bentens, Abbey House, 51 High Street, Saffron Walden, Essex CB10 1AF Solicitors: Stone King Solicitors, 30 Station Road, Cambridge, CB1 2RE

5

King Edward VI and the Reverend Joseph Prime Almshouse Charity

Trustee’s Annual Report, Year Ended 31 December 2024

The Trustee presents the annual report of the Charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, published in January 2022.

Objectives and activities

The King Edward VI and Reverend Joseph Prime Almshouse Charity’s objects are:

  1. The provision of almshouses for beneficiaries

  2. Such charitable purposes for the benefit of the residents as the Corporate Trustee decides

The Charity’s activities are the provision and maintenance of almshouses for beneficiaries, who must be people who are in need, hardship or distress and who are resident in – or have close links to – the former borough of Saffron Walden in Essex. Although many of the residents are older people, the Terms of the Trust do not discriminate on age and there is a current need to house single, younger people. Where possible, the Charity applies for grants to assist with improvements to the estate.

These activities are considered to be for the public benefit and in running the Charity, the Corporate Trustee has regard for the Charity Commission’s guidance on public benefit.

Application of income

The Charity’s net income is applied first to insure, repair, restore and meet all other outgoings in respect of its properties and all proper costs associated with the Charity’s administration and management. Thereafter, net income of the Charity shall be applied for its beneficiaries.

Achievements and performance

The 12 months to December 2024 were another successful year for the Charity. Below are some of the highlights covering the following areas:

Property and building fabric (overseen by the Fabric committee)

The Charity continued its policy of investment in maintaining and repairing the fabric of its buildings throughout 2024. Set out below are the key examples of work undertaken during the year:

Maintenance, protection and improvement of our historic buildings

Continuing programme of improvement, refurbishment and maintenance of our residents’ accommodation

As reported last year, these repairs have been undertaken on all buildings except the Primes Close bungalows, which are due for demolition.

6

King Edward V and the Reverend Joseph Prime Almshouse Charity

Trustee’s Annual Report, Year Ended 31 December 2024

Estate-wide Health & Safety Initiative

Last year the Charity:

This has resulted in a full critical review of all our existing H&S policies and the provision of additional policies as necessary, including:

Residents (supported by the House Committee)

Over the past twelve months, the House Committee has worked with the Charity’s staff team to review several important matters in relation to residents:

Sadly the loss of three residents who had lived at the Almshouses for a long period of time, including a former site warden who had lived at the Almshouses since 1964. Directors and staff attended their funerals to pay their respects.

Two residents were welcomed to the Almshouses and have settled in well. Annual maintenance contributions from residents are regularly reviewed and compared against local market rents, other providers of affordable housing and the Local Housing Allowance. Contributions remained well below 80% of local market rents and below the LHA.

We have made improvements to signage on site to assist with keeping the site secure, and investigated site cameras for the wellbeing of residents and staff. We have received a grant towards the purchase of a site defibrillator and will be using this to install a defibrillator at the back of site for use by residents and the public.

The 2024 Resident Survey followed the Tenant Satisfaction Measures structure of the prescribed questions issued by the Regulator of Social Housing, with some extra questions added. The results were shared at the November Board meeting, with residents giving good feedback on charity governance, staff, building maintenance, service, communications, community and events. All in all, the survey showed a pleasing response, and the majority of our residents are very happy living at the Almshouses. The House Committee have decided not to continue with organised events. Our residents are of mixed ages, are adept at finding their own social opportunities, both on site and off, and have built a friendly, supportive community amongst themselves.

The Charity’s staff team are to be given particular thanks for their hard work, dedication, and the way they attend to the needs of the residents with care and compassion. The Estate and Business Managers have gone beyond the call of duty, with out of hours site visits and calls. We have had a challenging year, with reoccupation of vacant units, sideways moves, resident issues, and policy reviews, and all issues have been acted upon swiftly.

The Charity continued to support its residents through:

Finance

During 2024, expenditure on the general ongoing activities of the Charity was broadly in line with income. This compares to a surplus of around £85k in 2023.

Compared to 2023, income was down by around 5% in line with the strategy to hold vacant the seven Primes Close bungalows. These properties are in poor physical condition and will be demolished as part of Project Crocus, which will see them replaced by 16 new energy-efficient flats.

Expenditure in 2024 on ordinary activities was £70k higher than in 2023, as delayed repairs to the main buildings were completed, including some flat refurbishment costs.

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King Edward VI and the Reverend Joseph Prime Almshouse Charity

Trustee’s Annual Report, Year Ended 31 December 2024

The value of the Charity’s assets reduced by £216k to £2.3m during the year.

At year end, the various unrestricted reserve funds were rebalanced in line with the Charity’s policies, resulting in £30k being added to the cyclical maintenance fund. This now stands at £166k and is considered sufficient to cover flat refurbishment costs, as required, in the main buildings until Project Crocus is complete and income producing.

Following the grant of detailed planning permission for Project Crocus in October 2024, a full-time fundraiser was employed by the Charity from January 2025.

Project Crocus

The Charity continued to work to replace the seven flats in the Primes Close bungalows with 16 new, energy-efficient flats in a new two-storey building that is in keeping with the main almshouse buildings. The aim of this important initiative is to replace the failed units and to increase the number of properties available to support local people in future. Some of the major achievements of the project during 2024 were:

The main focus of the project will move to fundraising for 2025 and 2026.

Fundraising

During 2024 the newly established Fundraising Committee worked on their terms of reference and agreed on a way forward, with fundraising for Project Crocus being the priority over other grant applications.

Following planning permission being granted for Project Crocus in October 2024, the committee made a decision to advertise and appoint a full-time Fundraising Manager, starting in early 2025 to focus on Trust and Foundation grant applications for the Crocus Campaign.

Throughout the year we continued to receive donations, including some from local townspeople who raised funds by running the London Marathon and taking part in the Ride London cycling event on our behalf.

Engaging our residents and local community

The Charity’s Communications Advisory Group continued to meet regularly to review and plan engagement opportunities with its residents and the wider community. Highlights during the year included:

Throughout the year, the Charity received and accepted several opportunities to give talks to local groups and organisations, which is an area of activity that will continue to be a focus going forward, as will developing a social media programme to drive traffic to the new website.

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King Edward V and the Reverend Joseph Prime Almshouse Charity

Trustee’s Annual Report, Year Ended 31 December 2024

HR

During 2024 the informal HR arrangements have been formalised into an HR Committee led by a Director with responsibility for HR. This development is a response to the increase in the number of staff and the growing pressure of work, particularly in the light of the planned Crocus development. The purpose of the HR Committee is to oversee all matters relating to the management of the Charity’s HR and employment affairs. The HR Committee includes the Directors who manage the day-to-day work of staff.

This newly formed HR Committee ensures that staff have access to support given the ever-changing demands of their work and shifts in priorities. Their health and welfare are a priority. It is also important that their work is efficiently managed in order that KEVI is run effectively.

As well as responsibility for staff, the HR Committee also leads on the recruitment of and support for Directors. Since the inception of the HR Committee they have:

Currently they are researching strategies to support the morale and well-being of the staff, as well as managing the recruitment of a new Director to chair the Finance Committee.

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King Edward VI and the Reverend Joseph Prime Almshouse Charity

Trustee’s Annual Report, Year Ended 31 December 2024

Financial review

The Charity’s financial position is as set out in the balance sheet on page 14 and is considered satisfactory.

Reserves policy

The Charity’s policy on reserves is to maintain sufficient but not excessive reserves to enable it to continue to achieve its principal objectives.

Structure, governance and management

a. Governing document

The Charity was founded by the Guild of the Holy Trinity in 1400AD and by Reverend Joseph Prime’s will in March 1942. It was registered with the Charity Commission on 29 May 1958 and governed by a scheme of the same date. The Charity is now governed in accordance with a scheme sealed by the Charity Commission on 8 January 2007, which was amended by a resolution dated 18 April 2016.

b. Recruitment and appointment of Directors of the Corporate Trustee

As vacancies for Directors arise, applications are sought from potential candidates by advertisements in the local press, social media, the Charity’s website and people known to the Directors. Applicants are then shortlisted, partly informed through using the Board skills gaps, interviewed by some of the Directors and appointments made by resolution of the Directors.

c. Policies and procedures adopted for the induction and training of Directors of the Corporate Trustee

d. Organisational structure of the Charity

e. Statement of major risks

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King Edward V and the Reverend Joseph Prime Almshouse Charity

Trustee’s Annual Report, Year Ended 31 December 2024

Trustee’s responsibilities

The Corporate Trustee is responsible for preparing the Corporate Trustee’s 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 and Wales requires the Corporate Trustee to prepare financial statements for each financial year that give a true and fair view of the Charity and its incoming resources and application of resources for that period.

In preparing these financial statements, the Corporate Trustee is required to:

The Corporate Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities Statement of Recommended Practice (SORP) (FRS 102) and the provisions of the Trust Deed.

The Corporate Trustee is also responsible for safeguarding the assets of the Charity and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Corporate Trustee is responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the Board of the Corporate Trustee

………………………………………………………..

G HYAMS Chair of KEVI Corporate Trustee Limited

Date: 23 May 2025

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King Edward VI and the Reverend Joseph Prime Almshouse Charity

Independent Examiner’s Report to the Trustees of King Edward VI and

the Reverend Joseph Prime Almshouse Charity

Year Ended 31 December 2024

I report to the Corporate Trustee on my examination of the accounts of the above Charity [Charity No. 210590] for the year ended 31 December 2024, set out on pages 13 to 26.

Responsibilities and basis of report

As the Charity's Corporate Trustee, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

The Charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

……………………………………………………..

Date: 25 June 2025

Sarah Elizabeth Warner FCCA Association of Chartered Certified Accountants Bentens Abbey House 51 High Street Saffron Walden Essex CB10 1AF

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King Edward VI and the Reverend Joseph Prime Almshouse Charity

Statement of Financial Activities

Year Ended 31 December 2024

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Investments
4
Total income and endowments
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net income/(expenditure)
before gains on investments
Net gains on investments
10
Net income / (expenditure)
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
15
Total funds carried forward
15,16		 2024
Unrestricted
funds
Restricted
funds
Permanent
endowment funds
Total
£
£
£
£
5,754
5,650
-
11,404
324,602
-
-
324,602
18,357
1,448
-
19,805
348,713
7,098
-
355,811
13,456
554
-
14,010
424,877
16,080
183,756
624,713
438,333
16,634
183,756
638,723
(89,620)
(9,536)
(183,756)
(282,912)
60,575
6,459
-
67,034
(29,045)
(3,077)
(183,756)
(215,878)
11,511
-
(11,511)
-
(17,534)
(3,077)
(195,267)
(215,878)
1,107,162
115,041
1,283,118
2,505,321
1,089,628
111,964
1,087,851
2,289,443		 2023
Total
£
62,580
340,049
20,093
422,722
48,848
352,730
401,578
21,144
90,502
111,646
-
111,646
2,393,675
2,505,321

All income and expenditure derive from continuing activities.

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King Edward VI and the Reverend Joseph Prime Almshouse Charity

Balance sheet

Year Ended 31 December 2024

Note
£
Fixed assets
Tangible assets
9
-
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one year
12
Net current (liabilities) assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
13
Net assets
Charity Funds
Endowment Funds
Permanent Endowment
16
-
Restricted funds
16
Unrestricted Designated Funds
Furniture & Equipment Fund
16
Extraordinary Repair Fund
16
Special Repair Fund
16
Cyclical Maintenance Fund
16
Building Fund
16
Unrestricted Funds: General Fund
16
Total Charity funds
16		 2024
£
1,145,959
1,410,291
2,556,250
11,322
40,883
52,205
(67,169)
(14,964)
2,541,286
(251,843)
2,289,443
1,087,851
1,087,851
111,964
3,375
115,117
104,078
166,396
628,234
72,428
1,089,628
2,289,443		 2023
£
1,356,038
1,193,977
2,550,015
9,091
260,226
269,317
(260,460)
8,857
2,574,520
(53,551)
2,505,321
1,283,118
1,283,118
115,041
3,721
108,201
116,746
128,202
666,401
83,891
1,107,162
2,505,321

The financial statements were approved and authorised for issue by the Board on 23 May 2025. Signed on behalf of the Board of the Corporate Trustee

G HYAMS J KERR DIRECTOR OF KEVI CORPORATE TRUSTEE LTD DIRECTOR OF KEVI CORPORATE TRUSTEE LTD

The notes on pages 15 to 26 form part of these financial statements .

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King Edward VI and the Reverend Joseph Prime Almshouse Charity

Notes to the Financial Statements

Year Ended 31 December 2024

1 Summary of significant accounting policies

(i) General information and basis of preparation

King Edward VI and the Reverend Joseph Prime Almshouse Charity is an unincorporated charity. The address of the principal office is given in the charity information on page 5 of these financial statements.

The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(ii) Funds

Unrestricted funds which have not been designated for other purposes are available for use at the discretion of the trustee in furtherance of the general objectives of the Charity.

Designated funds comprise unrestricted funds that have been set aside by the trustee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes.

Endowment funds represent those assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.

Permanent Endowment

The Fund is represented by the equity in the Charity’s freehold property.

Furniture and Equipment Fund

The Fund is unrestricted but designated and represents the Charity’s furniture and equipment which has been funded from the Charity’s own resources.

Extraordinary Repair Fund

The Extraordinary Repair Fund is unrestricted but designated by the Corporate Trustee for future unknown major repairs and improvements to the Charity’s almshouses. The Fund is specifically invested. Income from the investments is available for the general purposes of the Charity.

Cyclical Maintenance Fund

The Cyclical Maintenance Fund is unrestricted but designated by the Corporate Trustee to cover cyclical repairs as they arise. The Fund is specifically invested. Income from the investments is available for the general purposes of the Charity.

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King Edward VI and the Reverend Joseph Prime Almshouse Charity

Notes to the Financial Statements

Year Ended 31 December 2024

Special Repair Fund

The Special Repair Fund is unrestricted but designated by the Corporate Trustee for known major repairs due to be carried out in the next few years. Income from the investments is available for the general purposes of the Charity.

Building Fund

The Building Fund is unrestricted but designated by the Corporate Trustee for future major building projects. The Fund is specifically invested. Income from the investments is available for the general purposes of the Charity.

General Fund

The General Fund is unrestricted and available for the general purposes of the Charity. The fund represents accumulated surpluses of the Charity.

(iii) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Donations and other voluntary income are reflected in the accounts for the period in which they are received. Donations in kind are recognised by the Charity when received except in the case of services provided free or undervalue by voluntary staff or others which are not reflected in the accounts.

For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Charity that a distribution will be made, or when a distribution is received from the estate.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

(iv) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

(v) Support costs allocation

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity. The Charity’s governance costs are allocated entirely to the Almshouse Costs since support costs relating to other activities are considered immaterial.

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King Edward VI and the Reverend Joseph Prime Almshouse Charity

Notes to the Financial Statements

Year Ended 31 December 2024

(vi) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. The freehold property was introduced into the accounts at its insurance value at 31 December 2004. Following an exercise by the Trustees during the year ended 31 December 2006 the value at which the property is shown in the accounts has been revised. The cost of additions to freehold property in the last fifty years has been ascertained and the accumulated depreciation in accordance with the stated accounting policy has been calculated. The accounts have then been revised to reflect these amounts.

Expenditure on furniture and equipment is capitalised except for items costing less than £1,000 which are written off as incurred.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold land 2% straight line Furniture and Equipment 6.67% straight line

(vii) Investments

Investments consist of listed investments only. Investments are recognised initially at fair value which is normally the transaction price. Subsequently, they are measured at fair value with changes recognised in ‘net gains (losses) on investments’ in the Statement of Financial Activities. Fair value is determined by reference to the published midprice of the investment.

(viii) Debtors

Contribution and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.

(ix) Creditors

Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

(x) Provisions

Provisions are recognised when the Charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(xi) Cash flow statement

The Charity has taken advantage of the exemption provided for charities with income under £500,000 and has not prepared a Cash Flow Statement for the year.

(xii) Tax

The Charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

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King Edward VI and the Reverend Joseph Prime Almshouse Charity

Notes to the Financial Statements

Year Ended 31 December 2024

(xiii) Going concern

The financial statements have been prepared on a going concern basis as the Trustee believes that no material uncertainties exist. The Trustee has considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.

2 Income from donations, grants and legacies

Grants for repairs
Crocus Campaign
Other donations		 2024 Total
£
-
10,804
600
11,404		 2023
Total
£
22,540
38,375
1,665
Unrestricted
£
-
5,754
-
5,754		 Restricted
£
-
5,050
600
5,650
62,580

3 Income from charitable activities

Residents contributions receivable
Parking scheme
Use of hall
Wayleave/ use of premises
Insurance claim
Other		 Unrestricted
£
322,953
548
730
371
-
-
324,602		 2024
Restricted
£
-
-
-
-
-
-
-		 2023
Total
Total
£
£
322,953
325,229
548
895
730
1,555
371
-
-
11,736
-
634
324,602
340,049

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King Edward VI and the Reverend Joseph Prime Almshouse Charity

Notes to the Financial Statements

Year Ended 31 December 2024

4 Income from investments

Interest from listed investments
Interest from deposit accounts		 2024 2023
Total
Total
£
£
19,642
18,379
163
1,714
19,805
20,093
Unrestricted
£
18,194
163
18,357		 Restricted
£
1,448
-
1,448

5 Raising funds

Fundraising
Publicity
Investment management costs		 2024 2023
Total
Total
£
£
8,174
48,271
90
577
5,746
-
14,010
48,848
Unrestricted
£
8,174
90
5,192
13,456		 Restricted
£
-
-
554
554

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King Edward VI and the Reverend Joseph Prime Almshouse Charity

Notes to the Financial Statements

Year Ended 31 December 2024

6 Expenditure on charitable activities

Expenditure on letting housing accommodation
Empty property costs
Water charges
Insurance
Light and heat
Routine maintenance
Garden maintenance
Cleaning
Bad debt provision
Loan interest and charges
Depreciation of freehold property
Sundry expenses
Cyclical maintenance
Extraordinary repairs
Insurance claim costs
Support costs
Wages and salaries (note 8)
Training costs
Subscriptions
Telephone, postage and stationery
Website development
Health and safety
Governance costs
IT Hardware, Software & consumable
Independent examination fees
Payroll
Bank charges
Advertising and marketing
Sundry expenses
Depreciation of furniture and equipment
Special Repair Fund repairs (note 15)
Total regular charitable activities
Project Crocus costs (funded from Building Fund)
Property write down (permanent endowment fund)
Total charitable activities		 2024 2023
2,512
9,925
11,258
9,273
38,336
6,471
1,550
(149)
5,020
37,084
946
20,407
34,927
8,085
Unrestricted
£
1,396
9,176
10,458
6,404
37,190
8,813
3,347
(262)
4,049
31,208
767
45,758
63,332
-
221,636
69,477
1,803
796
1,602
454
2,242
10,387
6,626
3,240
502
40
432
2,207
99,808
346
20,130
20,476
341,920
82,957
-
424,877		 Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
16,080
-
16,080
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
16,080
-
183,756
199,836		 Total
£
1,396
9,176
10,458
6,404
37,190
8,813
3,347
(262)
4,049
31,208
767
45,758
79,412
-
237,716
69,477
1,803
796
1,602
454
2,242
10,387
6,626
3,240
502
40
432
2,207
99,808
346
20,130
20,476
358,000
82,957
183,756
624,713
185,645
58,968
744
543
1,328
515
-
3,059
3,864
3,150
481
-
-
1,505
74,157
572
49,010
49,582
309,384
43,346
-
352,730

As noted in the Trustee’s report, Project Crocus costs represent the planning and consultation costs as part of the redevelopment of the Primes Close Bungalows.

20

King Edward VI and the Reverend Joseph Prime Almshouse Charity

Notes to the Financial Statements

Year Ended 31 December 2024

7 Trustee’s remuneration and expenses

No Directors of the Corporate Trustee were remunerated or reimbursed expenses during either the current or previous year.

8 Staff costs

The average monthly number of employees during the year was as follows:

Estate Manager
Business Manager
Health, Safety & Compliance Manager
Office Administrator		 2024
No.
1
1
1
1
4		 2023
No.
1
1
1
-
3

The total staff costs and employee benefits were as follows:

he total staff costs and employee benefits were as follows:
Wages and salaries
Social security
Defined contribution pension costs		 2024
£
68,212
-
1,265
69,477		 2023
£
57,907
-
1,061
58,968

No employees received emoluments in excess of £60,000 during the current or previous year.

21

King Edward VI and the Reverend Joseph Prime Almshouse Charity

Notes to the Financial Statements

Year Ended 31 December 2024

9 Tangible fixed assets

Cost or valuation:
At 1stJanuary 2024
Additions
Disposals
At 31stDecember 2024
Depreciation:
At 1stJanuary 2024
Charge for the year
Eliminated on disposals
At 31stDecember 2024
Net book value:
At 31stDecember 2024
At 31stDecember 2023		 Freehold
Property
£
2,001,899
5,231
(387,438)
1,619,692
649,582
31,208
(203,682)
477,108
1,142,584
1,352,317		 Furniture and
Equipment
£
8,685
-
-
8,685
4,964
346
-
5,310
3,375
3,721		 Total
£
2,010,584
5,231
(387,438)
1,628,377
654,546
31,554
(203,682)
482,418
1,145,959
1,356,038

The freehold property of the Charity is the almshouses comprising 22 flats in the main block, 4 flats in the east wing and 4 flats in the west wing, 7 bungalows in Primes Close, 4 tenement flats in Primes Close, 4 almshouses in Freshwell Street, Daniels Cottage and Helen Baker House.

10 Fixed asset investments

Market value at 1stJanuary 2024
Additions
Disposals
Revaluation
Market value at 31stDecember 2024
Cost at 31stDecember 2024
Cost at 31stDecember 2023
Investments at fair value comprise listed investments only.		 £
1,193,977
1,550,471
(1,401,291)
67,034
1,410,191
1,393,171
613,221

22

King Edward VI and the Reverend Joseph Prime Almshouse Charity

Notes to the Financial Statements

Year Ended 31 December 2024

11 Debtors

£
£
Contributions in arrears
Provision for doubtful debts
Prepayments and accrued income
12 Creditors: amounts falling due within one year
£
£
Bank loans (note 14)
-
Contributions received in advance
-
Other creditors
-
Provision for culvert repairs
-
Accruals and deferred income
-
-
13 Creditors: amounts falling due after more than one year
£
£
Bank loans and overdrafts (note 14)
Provision for culver repairs
-
-		 2024
£
955
-
10,367
11,322
2024
£
16,708
6,874
27,699
-
15,888
282,169
2024
£
36,843
215,000
251,843		 2023
£
993
(262)
8,360
9,091
2023
£
15,648
5,593
15,369
215,000
8,850
260,460
2023
£
53,551
-
53,551

23

King Edward VI and the Reverend Joseph Prime Almshouse Charity

Notes to the Financial Statements

Year Ended 31 December 2024

14 Loans

Charity Bank Ltd loan
Loans are repayable as follows:
In one year or less
Between one and two years
Between two and five years		 2024
£
53,551
53,551
16,708
17,827
19,016
53,551		 2023
£
69,199
69,199
15,648
16,707
36,845
69,199

The Charity Bank Ltd loan is subject to interest at a rate of 6.5% per annum. It is repayable in monthly instalments of £1,641 until December 2027. The loan is secured on the Charity’s housing properties.

24

King Edward VI and the Reverend Joseph Prime Almshouse Charity

Notes to the Financial Statements

Year Ended 31 December 2024

15 Fund reconciliation

Unrestricted Funds
General Fund
Furniture & Equipment Fund
Extraordinary Repair Fund
Special Repair Fund
Cyclical Maintenance Fund
Building Fund
Restricted Funds
Repairs
Defib
Project Crocus
Permanent Endowment Funds
Permanent Endowment Fund
Total		 Balance at
1 January
2024
Income
Expenditure
Gains on
investments
Transfers
between
funds
Balance at
31 December
2024
£
£
£
£
£
£
83,891
325,512
(326,726)
3,334
(13,583)
72,428
3,721
-
(346)
-
-
3,375
108,201
1,362
-
6,075
(521)
115,117
116,746
1,469
(20,130)
6,555
(562)
104,078
128,202
1,613
-
7,197
29,384
166,396
666,401
18,757
(91,131)
37,414
(3,207)
628,234
1,107,162
348,713
(438,333)
60,575
11,511
1,089,628
20,000
-
(16,080)
-
-
3,920
-
600
-
600
95,041
6,498
(554)
6,459
-
107,444
115,041
7,098
(16,634)
6,459
-
111,964
1,283,118
-
(183,756)
-
(11,511)
1,087,851
2,505,321
355,811
(638,723)
67,034
-
2,289,443

25

King Edward VI and the Reverend Joseph Prime Almshouse Charity

Notes to the Financial Statements

Year Ended 31 December 2024

16 Analysis of net assets between funds

Unrestricted Funds
Furniture & Equipment Fund
Extraordinary Repair Fund
Special Repair Fund
Cyclical Maintenance Fund
Building Fund
General Fund
Total unrestricted funds
Restricted Funds
Repairs
Defib
Project Crocus
Total restricted funds
Permanent Endowment Funds
Permanent Endowment Fund
Total		 Fixed assets
Investments
Current
assets/
(liabilities)
Creditors
due more
than one
year
Total
£
£
£
£
£
3,375
-
-
-
3,375
-
115,117
-
-
115,117
-
211,578
-
(107,500)
104,078
166,396
-
-
166,396
-
735,734
(107,500)
628,234
-
69,502
2,926
-
72,428
3,375
1,298,327
2926
(215,000)
1,089,628
-
3,920
-
-
3,920
600
600
-
107,444
-
-
107,444
-
111,964
-
-
111,964
1,142,584
-
(17,890)
(36,843)
1,087,851
1,145,959
1,410,291
(229,964)
(36,843)
2,289,443

26

King Edward VI and the Reverend Joseph Prime Almshouse Charity