2024-03-31-accounts

FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

Registered Charity No: 212946

FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

CONTENTS

	Page
Reference and Administration Information	3
Trustees Annual Report	4 - 7
Independent Examiner’s Report	8
Statement of Financial Activities	9
Balance Sheet	10
Notes to the Financial Statements	11 - 21
Appendices	22

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

REFERENCE AND ADMINISTRATION INFORMATION

Corporate Trustee	The Worshipful Company of
	Framework Knitters (see App 1)
Master	M R Ellis
Honorary Treasurer	P M Tranter
Clerk	R J Gleeson
Independent Examiners	J B Griffin
	Newby Castleman LLP
	Chartered Accountants
	West Walk Building
	110 Regent Road
	Leicester
	LE1 7LT
Bankers	Lloyds Bank Plc
	222 Strand
	London WC2R 1BB
Solicitors	Shakespeare Martineau LLP
	1 Colton Square
	Leicester LE1 1QH
Stockbrokers	Brewin Dolphin
	Olympic House
	Doddington Road
	Lincoln
	LN6 3SE
Principal Office	The Clerk
	White House Farm
	Mill Lane
	Scamblesby
	Lincs
	LN11 9XP
Charity number	212946

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustee presents the annual report and accounts of the Charity for the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out in the Statement of Accounting Policies - note 1 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 FRS102.

The accounts have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the regulations but which has since been withdrawn.

Objectives and Activities

Objects

The objects as set out in the governing document are to manage the Cottage Homes, which are run as Almshouses in Oadby, Leicestershire.

Aims

To provide accommodation which is occupied by both single people and couples, who are not less than 60 years of age and who were employed in the hosiery and knitwear industry or allied trades or who are widows, widowers or children of such persons.

Objectives

The objectives of the charity are:

• To provide accommodation which exceeds all criteria as laid down by The Almshouses Association.

• To provide a safe and friendly environment for the residents.

• To maintain and upgrade The Cottage Homes and so ensuring they will continue to be appropriate for years to come.

Statement of Public Benefit

The charity provides public benefit through the operation of The Cottage Homes Almshouses for retired employees in the hosiery and knitwear industry or allied trades or who are widows, widowers or children of such persons.

The charity has considered and adhere to the Charity Commission’s guidance on Public Benefit.

Achievements and Performance

The Trustee has managed the Cottage Homes, in Oadby, since the early part of the 20[th] century. The Trustee has endeavoured to maintain the Cottage Homes so as to comply with modern standards and, over the years, has carried out a programme of modernisation to most of the properties on the site. The Trustee reviews all cottages when they become vacant and uses the opportunity of the vacancy to redecorate, if necessary, and carry out any necessary work to comply with modern legislation.

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

TRUSTEES ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The Trustee continues to receive regular requests from retired hosiery and knitwear industry workers and allied trades, wishing to become residents of the homes and, at the present time, has a waiting list.

The Trustee has met on a monthly basis to consider a number of applications and to ensure the wellbeing of all residents.

Investment Policy and Performance

Our investment advisors, Brewin Dolphin, manage the portfolio on a Discretionary basis and invest to maximise the total return on all investment funds within the constraints of a medium risk investment portfolio. The expendable investments have been managed as medium risk portfolio with a bias towards higher income yielding stock. The high levels of stock market volatility and the continuing uncertainty regarding world economic prospects and the stability of certain banks continues to make the management of investments difficult. The charity is a long-term investor and stock markets remain above levels seen in the mid-1980s and the trustee, on professional advice, continues to hold a mixed portfolio of equities, cash and other investments designed to provide a level of stable income and the possibility of investment gains. The equity component of the investment portfolio is weighted with medium appetite for investment risk with the main exposure to investments in the leading advanced industrial economies with a history of paying dividends.

Financial Performance

The charity continues to remain financially sound and is funded from income from a portfolio of investments, by maintenance contributions from residents and contributions made annually by members of the Livery and, to some extent, by funds bequeathed to the Company by deceased members.

During the financial year the charity had an investment income of £60,315 (FYE 2023 £46,457). At 31 March 2024 there was total net current assets of £464,121 (31 March 2023 £339,989), an increase of 36.51%.

Financial Review

The charity continues to remain financially sound, despite the large capital costs incurred over recent times in the redevelopment of the homes. The charity continues to maintain sufficient resources to allow it to continue its day to day management.

During the financial year the charity had an income of £322,063 (FYE 2023 £223,264) and total expenditure of £162,917 (FYE 2023 £212,735) resulting in a surplus of £159,146, before investment gains.

Principal Funding Sources

The day to day funding of the charity is achieved from contributions made to the charity by the Liverymen of the Company, by investment income and by maintenance charges paid by the residents of the cottages.

Investment Policy

The charity maintains a portfolio of investments, which are managed by Brewin Dolphin on a Discretionary basis. The majority of the funds held by the charity are invested in blue chip common investment funds.

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

TRUSTEES ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Reserves Policy

The Management Committee has examined the charity’s requirement for reserves in light of the main risks to the charity and a 5 year business plan is maintained by the Management Committee, which is updated on an annual basis. Funds are set aside annually as per the prescribed Almshouse Association rates for future improvements. During this financial year the sum of £39,714 has been set aside and the balance on designated funds at 31 March 2024 amounted to £636,697. 50% of the estimated annual maintenance income is maintained in investments as a reserve and this sum amounts to a minimum of £75,000. At the year end, the charity had a deficit of free reserves of £5,544.

The Management Committee believes that the charity maintains sufficient resources to enable it to carry out its day to day business.

Plans for Future Periods

The charity plans to continue to run the Cottage Homes at Oadby as it has now done for many years. Cottage 20 & 21 have deteriorated over the years and two quantity surveyors reports have been gained. Both reports stated that it would be beneficial to demolish and rebuild. This has been agreed by the trustees and it is now in the planning stage.

Structure, Governance and Management

The charity is required to comply with the Company’s Charter and is regulated by a Scheme of the Charity Commissioners dated 12[th] December 1972, the registered number being 212946.

The purpose of the charity is to provide and manage Almshouses for persons of not less than 60 years of age, either who were employed in the hosiery and knitwear industry or allied trades, or who are the widows, widowers or children of such employees.

The Company is authorised, under “section 3(1) of the Law of Property Amendment Act 1926”, to act in relation to charitable, ecclesiastical and public trusts, as a trust corporation.

Company Heritage

Most of the Livery Companies of the City of London evolved from the medieval trade Guilds which had come into existence as a result of the natural inclination of members of the same trades and occupations to band together for good fellowship and mutual aid and protection. From an early stage there was an emphasis on charity, with the Guilds supporting their members or their families who had fallen on hard times or were suffering poor health. Also, there was a strong religious element in the Guilds, each owning their own chapels or being attached to a local monastery or church and having their own patron saints. Although less important following the Reformation, this spiritual connection is maintained to this day through such aspects as the Livery Companies’ use of the prefix “Worshipful” in their names. On special occasions, the Guild members wore distinctive robes, or liveries, and consequently became known as Livery Companies. The charity is therefore sometimes referred to as the “Company” even though it is not a registered company.

Organisational Structure

The management of the Almshouse Charities is conducted by the Court of The Worshipful Company of Framework Knitters. The Court comprises a maximum number of 32 persons, who shall direct and manage the affairs of the Company and exercise and perform all the powers and duties of the Company.

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FRAMEWORK KNirrERS COMPANY ALMSHOUSE CHARITIES TRUSTEES ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Court shall consist of the Master, Wardens, an Honorary Treasurer, past Masters and not more than 15 Assistants. Court decisions are taken by a vote on motions proposed to it. At any Court meeting, the Master of the Company will take the Chair, but, in his absence. the Chair shall be taken by the immediate past Masler and, in the event of both the Master and the immediate pasl Master being absent. the Chair shall be taken by Ihe most senior Court member present. The members of the Court represent a wide range of business and management skills and are. therefore, well able to manage the charity, although the day to day management of the Cottage Homes at Oadby is delegated lo a Management Committee, which consists of the Upper Warden, for the lime being, the Cottage Homes Administrator. the Past Masters, Assistants and other members of the Livery who are able to deal with the day lo day social wellbeing of the residents of the Homes. Connected Charities The Worshipful Company of Framework Knitters Corporate Fund, although not a charity itself, is connected to the both the Framework Knitters Company Almshouse Charities and The Worshipful Company of Framework Knitters Educational Charity. Trustee Induction and Training There is no formal training or induction for Court members, but all spend a considerable number of years in the Livery before being asked lo become an Assistant of the Company and are well versed in the affairs of the Almshouse Charity before they become an Assistar)l of the Company. Rlsk Management The Management Committee carries out a regular review of the risks to which the charity is exposed, i.e. if the Goverr)menl ceased paying the residents, maintenance charges, many of the residents would not be in a position to pay this, which could result in financial difficulties for the Company. Although there have been indications that the Government may change the manner in which maintenance charges are paid, the Trustee is comfortable with the present system. Additionally, if the Cottage Homes Administrator was unable to manage the sile on an ongoing basis, either through illness or by leaving the Company, this could cause problems on a day to day basis, until a replacement was found. However, the Trustee maintains a rota, whereby one individual is the Duty Officer for one month. That Duty Officer would manage the Homes on a short term basis, with the help of other Court members. Inde endent Examiners John Griffin of Newby Castleman LLP was appointed indeper)dent examiner during the year and has expressed his willingness to act in that capacity. By Order of the Trustee M R Ellis Master D P Corah Upper Warden P M Tranter Honorary Trgasuror Date- 11° October 2024

FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

FOR THE YEAR ENDED 31 MARCH 2024

I report to the charity trustee on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 9 to 21.

Responsibilities and basis of report

As the charity’s 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 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

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

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

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.

J B Griffin FCCA

11 October 2024

Date:……………………………..

Newby Castleman LLP Chartered Accountants West Walk Building 110 Regent Road Leicester LE1 7LT

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024

		Unrestricted Funds	Unrestricted Funds
		General	Designated	Restricted	Total Funds	Total Funds
		Funds	Funds	Funds	2024	2023
	Note	£	£	£	£	£
Income from:
Donations & Legacies	3	2,055		95,390	97,445	11,905
Investments	5		22,157	38,158	60,315	46,457
Charitable Activities	5	164,303			164,303	164,902
Total Income		£166,358	£22,157	£133,548	£322,063	£223,264
Expenditure on:
Charitable Activities	6	142,549	2,272	18,096	162,917	212,735
Net Gains/(Losses) on Investments			9,057	75,156	84,213	(141,862)
Net Income / Expenditure		23,809	28,942	190,608	243,359	(131,333)
Transfers between Funds		(39,714)	39,714		0	0
Net movement in funds		(15,905)	68,656	190,608	243,359	(131,333)
Reconcilliation of Funds
Fund Balances Brought Forward		10,361	568,041	5,242,644	5,821,046	5,952,379
Fund Balances Carried Forward		(5,544)	£636,697	£5,433,252	£6,064,405	£5,821,046

The notes to the financial statements on pages 11 to 21 form part of these financial statements.

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed As80ts T3ngible assets Investments 4.000,000 £1,600,284 4,000,000 1,481,05T Currnnt Assots Debtors Cash at Bank & in Hand 10 7,408 467,587 474.995 4,292 348,665 352, 957 Llabllltle8 Creditors - Amounts falling due within 1 Yr 12 12,968 Not Current A888t• 339,989 Net A•88ts £6 064 405 £5,821,046 Tho Funds ofth* Charlty 14 General Fund A¢cumulaled Income Fund {5.544) 10,361 De81gn•t•d Fund• Extraordinary Repair Fund Cyclical Maini&nan¢e Fund 292.508 344,189 265,42T 302,614 638,697 631,153 568,041 578,402 Totsl Unreslricled Funds Rg¥trl¢tèd Fund8 Charitable Fun Revaluation Reserve Total Charitable Fund Cottage 20&21 Rebuild Fund Almshouse Charity Deeds of Covenant and Donations Fund 4,395,195 879,189 5,274,384 90,000 4,295,512 879, 189 5, 174,701 67,943 S,433.252 5,242,644 Totsl Charity Funds £6 064,405 £5,821,046 The financial staiemenls were approved by the Court of Assistants on behall of the Trutstee on 11 October 2024 and signed by'.- M R Ellis Master D P Corah Upper Warden P M Tranter Honorary Treasuror The notes to the financial stal n pages 11 to 21 fomi part of these financial statements. 10

FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

1 Accounting policies

1.1 Charity information

The Worshipful Company of Framework Knitters Almshouse Charities is governed by its Constitution which is a Scheme of the Charity Commissioners dated 12[th] December 1972.

1.2 Basis of preparation

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

These financial statements are prepared under the historical cost convention modified to include the revaluation of freehold properties and to include investments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.3 Going concern

At the time of approving the financial statements, the trustee has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustee continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the trustee in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds are unrestricted funds of the charity that the trustee has decided at their discretion to set aside for specific 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. The costs of administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

1.5 Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations are recognised when the Charity has received the income.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our stockbrokers of the financial yield of the investment portfolios.

Income from charitable activities comprise mainly of maintenance contributions which are recognised when receivable.

1.6 Expenditure recognition

All expenditure is accounted for on an accruals basis.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is classed as charitable activities to further the delivery of the objectives of the charity.

1.7 Support costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure in line with the objectives of the charity.

Costs common to both the Worshipful Company of Framework Knitters Corporate Fund and to the Almshouse Charities are charged 1/3 to the Corporate Fund and 2/3 to the Almshouse Charities.

1.8

Tangible fixed assets

Tangible fixed assets are measured at valuation, net of depreciation and any impairment losses.

No depreciation is provided in respect of freehold land.

No depreciation is provided on the freehold property. The trustee consider that because the freehold buildings are maintained to such a high standard, the residual value at the end of the estimated useful life of the buildings will not be materially different to its revalued amount. Therefore, any element of depreciation is considered to be immaterial and consequently no provision is made.

Minor maintenance and administrative equipment with an estimated useful life of 10 years or less is treated as an expense of the period in which it is purchased and this therefore eliminates the requirement for a depreciation provision on such assets.

The charity previously adopted a policy of revaluing freehold properties. The charity has adopted the transition exemption under FRS 102 paragraph 35.10(c) and has elected to use the previous revaluation as deemed cost.

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 MARCH 2024

1 Accounting policies (continued)

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Statement of Financial Activities (SOFA) unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.10 Fixed asset investments

Fixed asset investments for the financial year end to 31 March 2024 are stated at fair value as at that date. All changes in value in the year, whether or not realised, are reported in the SOFA.

The portfolio of investments is managed by Brewin Dolphin on a Discretionary basis.

1.11 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.12 Financial instruments

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the SOFA.

Investments in equity instruments are initially measured at fair value which is normally the transaction price excluding transaction costs. Such assets are subsequently measured at fair value and the changes in fair value are recognised in the SOFA, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

1.13 Corporation Tax

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives

1.14 Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.15 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 MARCH 2024

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of land and buildings

The valuation of land and buildings has been assessed by the trustees, who consider that the value in use by the charity is consistent with the value included in the accounts.

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 MARCH 2024

3. Donations & Legacies Donations Covenant Income	2024 £ 2,055 95,390 £97,445	2023 £ 4,750 7,155
		£11,905

For the year ending 31 March 2024, all income related to unrestricted Funds

4. Investment income

Dividends and Interest Almshouse Charity Deeds of Covenant and Donations Fund Charitable Fund Cyclical Maintenance Fund Extraordinary Repair Fund 5. Income from Charitable Activities Maintenance Contribution Washing Machine	2,883 35,275 12,513 9,644 £60,315 164,205 98 £164,303	2,517 29,373 7,850 6,717
		£46,457
		164,890 12
		£164,890

For the year ending 31 March 2024, all income related to unrestricted Funds

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 MARCH 2024

6. Expenditure on Charitable Activities	6. Expenditure on Charitable Activities	2024			2023
		Unrestricted	Restricted		Unrestricted	Restricted
		Provision and	Residents'		Provision and	Residents'
		Maintenance of	Entertainment		Maintenance of	Entertainment
		Cottage Homes			Cottage Homes
Charitable Costs		£	£		£	£
Water Charges		459			381
Light and Heat		3,722			2,953
Property Repairs		33,922	4,044		87,993	1,099
Telephone, Postage, Printing & Staionary		8,813	92		7,261
Insurance		10,114			8,632
Salaries		50,070			50,411
Assistant Clerk's Expenses		49			200
Residents'Entertainment		127	5,140			5,415
Donations		2,850
		£110,126	£9,276		£157,831	£6,514
Support Costs		2024			2023
Sundry Costs		£			£
Salaries		25,035			25,205
Clerkship Expenses		0			1,833
Accountant's Fee and Office Costs		6,660			6,466
Sundry Expenses		1,731	1,464		3,333	662
Governance Costs
Stockbroker Fees			9,628		2,310	7076
Examination Fee		1,003			1,505
		£34,429	£11,092		£40,652	£7,738
Total Charitable Activities inc Support		£144,555	£20,368		£198,483	£14,252
Costs
Unrestricted expenditure		£144,555			£198,483
Restricted expenditure		£20,368			£14,252
Combined totals		£164,923			£212,735

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 MARCH 2024

7. Employee Information				2024			2023
				Number			Number
The average number of persons employed
by the Charity during the year was:
By Activity
Charitable Activities				2			2
Governance Costs				1			1
Staff costs for the above persons				£			£
Salaries				70,964			71,623
Employers'National Insurance				2,080			2,511
Employers'Pension Contributions				2,061			1,482
				£75,105			75,616
8 Tangible Fixed assets Freehold land and buildings Deemed cost At 31 March 2024				Total 2024 £ 4,000,000			Total 2023 £ 4,000,000

Freehold land and buildings

The charity has adopted the transition exemption under FRS 102 paragraph 35.10(c) and has elected to measure certain freehold properties held at the date of transition to FRS 102 at their fair value and use these fair values as the deemed cost for these properties.

The Charity’s freehold land and buildings comprise freehold cottages, Corah Hall and Corah House at Oadby.

The comparable historic cost of the freehold properties that have been valued using the deemed cost exemption at the date of transition to FRS 102 is £50,000, being the amount the charity has spent on the properties.

The original land and buildings were gifted to the Charity and these, together with subsequent expenditure on improvements, were previously valued at nil in the charity’s accounts. Following the 2004/05 rebuilding, the land and buildings have been valued and this value is included in the accounts with subsequent additions at cost.

A revaluation was conducted in May 2021 by Andrew Granger & Co and a valuation of £4,000,000 was reported.

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 MARCH 2024

9 Fixed Asset Investments

The investments of the charity are managed by Brewin Dolphin on a Discretinary basis.

The portfolio comprises blue chip equities and collectives.

Investments are invested at medium risk. This decision is historical and the portfolio has been managed at medium risk for a number of years. The decision was made because many of our individual funds require an income and the only way to achieve that income is at this level of risk.

As the investments are invested in this manner this means that the portfolio has medium to high liquidity, there is no asset or holding that cannot be sold at reasonably short notice.

9. Listed Investments
		Cost			Market Value
		2024	2023		2024	2023
		£	£		£	£
Charitable Fund		935,791	783,604		1,166,077	1,052,209
Extraordinary Repair Fund		224,887	204,235		192,943	186,171
Cyclical Maintenance Fund		162,671	143,935		155,985	145,085
Almshouse Charity Deeds of Covenant and
Donations Fund		43,184	43,184		37,874	34,257
Total listed investments		£1,366,533	£1,174,958		£1,552,879	£1,417,722
Investment cash		£47,405	£63,334		£47,405	£63,335
		£1,413,938	£1,238,292		£1,600,284	£1,481,057
	Value at	Sales	Purchases	Val Adj at	Value at
Fund Name	01/04/2023			**31/03/2024 **	31/03/2024
Charitable Fund	£1,052,210	£85,789	£128,118	71,538	£1,166,077
Extraordinary Fund	£186,171	£41,611	£46,031	2,352	£192,943
Cyclical Maintenance Fund	£145,085	£39,016	£43,212	6,704	£155,985
Benevolent Fund	£34,257	£0	£0	3,617	£37,874
Total	£1,417,723	£166,416	£217,361	**£84,211 **	£1,552,879

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 MARCH 2024

10. Debtors						2024	2023
						£	£
Other (Taxation Recoverable)						1,041	1,233
Trade Debtors						6,367	3,059
						£7,408	£4,292
11. Cash and Bank Balances
Current Accounts						120,833	55,848
COIF Charity Deposit Funds						346,504	292,567
Petty Cash in Hand						250	250
						£467,587	£348,665
12. Creditors: amounts falling due within one year
Taxation and social security						1,920	2,986
Other Creditors						1,938	7,397
Accruals						7,016	2,585
						£10,874	£12,968
13 Financial instruments Carrying amount of financial assets Debt instruments measured at amortised cost Measured at fair value through net income/expenditure Carrying amount of financial liabilities Measured at amortised cost Income and expenditure Financial assets measured at fair value through net income / expenditure Net gains and losses (including changes in fair value)				2024 £ 6,367		2023 £ 3,059 1,417,722 9,982 46,457 (141,862)
				1,552,879
				8,954
				60,315
				84,213

Financial assets measured at amortised cost comprise trade debtors.

Financial assets measured at fair value comprise listed investments.

Financial liabilities measured at amortised cost comprise trade creditors and accruals.

The basis of fair value for listed investments is equivalent to the market price.

The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield.

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 MARCH 2024

14 The Funds of the Charity

14 The Funds of t	he Charit	y
Fund Name	Balance	Incoming	Expenditure	Transfers	Transfers	Unrealised	Realised	Balance
	B/F			In	Out	Gains/Losses	Gains/Losses	C/F
Restricted Funds
Charitable Fund	5,174,701	35,275	(7,131)			74,164	(2,625)	5,274,384
Deeds of Covenant Fund	67,943	8,273	(10,965)	0	0	3,617		68,868
Cottage 20&21 Rebuild	0	90,000	0	0	0	0		90,000
Total Restricted Funds	5,242,644	133,548	(18,096)	0	0	77,781	(2,625)	5,433,252
Designated Funds
ExtraordinaryFund	265,427	9,644	(1,278)	16,362		(1,727)	4,080	292,508
Cyclical Maintenance Fund	302,614	12,513	(994)	23,352		6,746	(42)	344,189
Total Designated Funds	568,041	22,157	(2,272)	39,714	0	5,019	4,038	636,697
Unrestricted Funds
Accumulated Inc Fund	10,361	166,358	(142,549)		(39,714)	0	0	(5,544)
Total Unrestricted Funds	10,361	166,358	(142,549)	0	(39,714)	0	0	(5,544)
Total Funds	£5,821,046	£322,063	(162,917)	39,714	(39,714)	82,800	1,413	£6,064,405

Funds are set aside annually as per the prescribed Almshouse Association rates for future improvements. During the financial year the sum of £39,714 was transferred from the Accumulated Income fund in favour of the Extraordinary Fund - £16,362 and the Cyclical Maintenance Fund - £23,562.

Specific Funds

i) Charitable Fund

This fund comprises the Almshouses themselves, together with the accumulation of transfers from the Accumulated Income Fund and of donations allocated as being for the acquisition and improvement of the Almshouses, and is represented by property, investments and net current assets.

ii) The Almshouse Charity Deeds of Covenant and Donations Fund

This fund is used to finance expenditure chiefly in respect of activities organised for the benefit of the residents of the Almshouses. It is financed by donations; interest received on the Almshouse Charity Deeds of Covenant and Donations Fund deposit account and investment income. The fund is represented by investments and net current assets.

iii) Extraordinary Repair Fund

The purpose of this fund is to provide for extraordinary repair, improvement or rebuilding required to the Almshouses. As recommended by The Almshouse Association, annual transfers are made to the fund from the Accumulated Income Fund of the Almshouse Charities, at rates prescribed by The Almshouse Association. The fund is represented by investments and bank accounts.

iv) Cyclical Maintenance Fund

This fund exists to provide for significant necessary periodic repairs and maintenance to the Almshouses. Annual transfers are made to the fund from the Accumulated Income Fund of the Almshouse Charities at rates prescribed by The Almshouse Association. The fund is represented by investments and bank accounts.

v) Accumulated Income Fund

This is the general fund of the charity, primarily responsible for the administration and upkeep of the Almshouses. It comprises the annual accumulation of funds not specifically allocated to other purposes, and is represented by net current assets.

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 MARCH 2024

15 Analysis of Net assets Between Funds

		Unrestricted	Designated	Restricted	Total
		Funds	Funds	Funds	Funds
		£	£	£	£
Property				4,000,000	4,000,000
Investments			377,517	1,222,767	1,600,284
Cash & Bank		(3,511)	259,750	211,348	467,587
Debtors		6,367		1,041	7,408
Current Liabilities		(8,400)	(570)	(1,904)	(10,874)
Net Assets at 31st March 2024		(5,544)	636,697	5,433,252	6,064,405

16 Transactions with Trustee

The trustee received no form of remuneration or expenses during the year (2023: £nil).

17 Related Party Transactions

Insurances are purchased through Eastlake & Beachell where Mr J Beachell, a past master, has an interest in the company. Insurance expense was £9,111 (2023: £8,632). Related parties have signed a document declaring any interests.

Further, bookkeeping services were secured from Corah and Corah Limited, a business in which Mr DP Corah has an interest. The charity was invoiced for professional bookkeeping services in the sum of £6,660 (2023: £6,466).

The total amount of unconditional donations received from related parties is as follows.

Aggregate donations	2024 £ 2023 £ 90,000 4,000

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FRAMEWORK KNITTERS COMPANY ALMSHOUSE CHARITIES

APPENDIX TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

1. Trustees of The Worshipful Company of Framework Knitters

----- Start of picture text -----
Appointed Resigned
MR Ellis 2010
DP Corah 2010
JJ Pears 2012
Past Masters
EP Fox 2013
AH Jarvis 2012
JG Ellis 2017
IM Grundy 2014
SA Turner 2009
PR White 2013
ME Green 2012
TDW Miller 2008
LJ Bentata 2008
SH Woolfe 2008
GAF Smith 2007
PD Bethel 2004 2023
GFC Turner 2002
HC Stevenson 1996
SK Murray 1996
SF Richards 1995
Assistants
P M Tranter 2015
J Martin 2019
M Traynor 2019
SJM Burrows 2020
C Fuller 2021
S Jagelman 2021
H Woolfe 2021
P Bonnett 2023
E Strange 2023
----- End of picture text -----

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