FRAMEWORK KNITfERS COMPANY ALMSHOUSE CHARITIES TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Registsred Charlty No: 212946
FRAMEWORK KNirrERS COMPANY ALMSHOUSE CHARITIES CONTENTS Page Reference and Administration Inforniation Trusleel Annual R•port Independent Examln•rfs Rowt Statement ol Flnanclal Acllvltles Balanc• Sheet 10 Notss to th• Flnanclal Statom•nts App•ndi¢•s 22
FRAMEWORK KNirrERS COMPANY ALMSHOUSE CHARITIES REFERENCE AND ADMINISTRATION INFORMATION Corporate Trustee The Worshipful Company of Framework Knitters (see App 1) Master D P CcKah Honorary Tr•asuror P M Trnnter Cl•rk R J Gles>son Ind•pend•nt Examlners JBGriffin Nthvby Castb8man LLP Chartered Accountants West Wolk Building 110 Regent Road Loic8st•r LE17LT Bank•r• Lloyds Bank PIC 222 Strand London WC2R 18B Solicitors Shakespeare Martineau LLP 1 Corton Square Leicester LE11QH Stockbrokers Brthmn Ddphin OlympK House D(xldinglon Road LirKJ)In LN6 3SE Principal Offic• The Clerk White HcAJse Farn Mill Lane Scamblesby Lincs LN119XP Charty number 212946
FRAMEWORK KNirrERS COMPANY ALMSHOUSE CHARITIES TRUSTEES ANNUAL REPORT FOR THEYEAR ENDED 31 MARCH 2025 The Trustee presents Ihe annual rep and ac(x)unts of the Charity the year ended 31 March 2025. The aCcnts have been prepared n acc¢ydance with the ac£4)unting policies set out in th8 Statem8nt of Accounting Policies - note 1 to the accounts. and Comp with the charity's governing documenl, the Charities Act 2011 and 'Accounting arKI repot'ry by Charities": Statement of ROrnMended Pr8Cti¢e applicable to Charib85 preparirwJ their accounts in accordance wilh FRS102. The accounts have been prepared to gNe a In and fAir view and hBve departèd from the Charrties (Accounts and Reports) Regulations 2(K18 On to the extent r4uired to provide a true and fair view. This departure has invofved followi the Statement of Rexnm8rwjed F¥actice for charits apptying FRS 102 r8ther than the verslon of the Statement of Recc•rrnTrJed Prnctice whlch is réferred to in thè regulations which has since been withdravm. eclivu and Aetiviti08 Objects The objècts as set out in the govèmltyj d0ment are to mana08 the Cottage Home8, which are run as AIms1u8•S in Oadby. Leicestershire. Alms To provide acComMdan which is owjpied by both sirvJle peopl8 and coupb8. who are not1888 than eo y?ars of 2g8 and who vre employed in the hosiery and knfvthr industy or alliod trades or who arè widow#. widowets or chiklrèn of such Vjrnons. ObJedlve• Tho objective8 of thè charity are.. To provide accommodation which exceeds all Criteria as laid down by The Am8hou8es Associalion. To provhje a saftj and friendty environmerrt for the resldents. To maintsin and upgrade Thg Cottage Hom85 and so en8uriw they will continue to be appropriate for yeafs lo come. 8tatement of Public Ben•frt The tharity prowdes public benefrt Ihrough the operation of The Cottage Homes Alm8hous88 for retired employees In the hosiery and knilwear industy or allied trades or who are widows, widowers or children of such persons. The tharity has considefed a1 adhere to the Charity Commission's g(Mdanc• on Public Benefit. Aehi•vèments and P The Trustee has managed the Cottage Homes, in Oadby, since the eaty part of the 201h century. The Trustee has endeavoured to maintain the Cottagè Hornes so as to compty with modern stsndards and, over the years, has carried out a programme of modemisation to most of the properti6s on the site. The Trustee reviews all cottages when they becoff£ vacant and uses the opportunty of the vacancy to redecorate. rf nece88ary, and carry out any necessary work to coffpty with modem legislation.
FRAMEWORK KNirrERS COMPANY ALMSHOUSE CHARITIES TRUSTEES ANNUAL REPORT {CONTINUED) FOR THEYEAR ENDED 31 MARCH 2025 The Trust88 continu88 to rec8rrf8 reguL3r requests from retired hosiery and knifviear industy workers And allied Irades, wishing to become residents of the homes ar¢d, at the present time, has a waiting list. The Truste• has mot on a monthly basis to cons a number of applications and to ensure the wellbeing of all rnsidents. Inv•slm•nt Policy and P•rfornnc• Our inv8stm8nl advisors. 8rewin Dolphin, manage the portfolio on a Oscretionary basis and invest to maximbse the totsl retum on all investment funds wthin the Gonstraints of a medium rlsk investment portfolio. The expendable inveslments have been managed as medium risk porttolio wth a bias towards higher income yielding stoth. Th? hh levels of stock market volatilty and the continuing uncertainty regarding world ecorK)mi¢ wospects and the stabilty of certain bank8 continues to make the management of investrnents difficult. The charity is a low-tem investor and stock markets remain above levels seen in the mi&1980s and the tru8tee. on professnal advice, contlnues to hold a mixed rtfolio of equEties, cash and other investments desvJned to provide a level of stable incomo arKI th• possibility of investrnent gains. The equity component of th8 inv88tment portft>lio is weyhted wrf(h medium appetite for investment risk vnth the main axwmure to invoStmont8 in the leadlng advanced industrial économios with a hi8w of paying dividénds. Flnan¢laJ perf0mn¢t The charity continues to remain flnancially sound and is funded from wicome from 8 Portfolio of investments, by maintenance ¢x*ntr1bUtns from resKlents and contributions mad8 annually by members of th• Livery arKI. to somo extent, by funds b0quoatt1 to the Company by d8cea8ed mémbèrs. During the financkql year the charity had an investment income of £61.551 IFYE 2024 £60,315). At 31 March 2025 there was total net current assets of £417,418 {31 March 2024 £464,121), A redudion of 10.06%. Flnan¢lal R•vl•w The Charity continues to remain finartially sourKI, despite the larg8 ¢apff£al ¢osts cUrred over racent tlmes in the redevelopment ol the h¢)mes. The charity continues lo maintain suff16nt resourc8S to Allow it to continue rls day to day management. During the financial year the charity had an income of £227,036 (FYE 2024 £322.C63) total expenditure of £244.027 (FYE 2024 £162.917) resuttirvJ li a def11 of £16,991. before investment oain8. Principal Funding Sources The day to day fvnding of the charity is achieved from contribulions made to the charity by the Liverymen of the Company, by inv8stm8nt irKomo arKI by maintenancè charges paid by the reshjents ofthe cottage8. Invèstment Poliey The charity maintsins a portfolio of investments, whth are man8ged by Bwin Dolphin on a Discretionary basis. The majority of the funds held by the charity are invested in blue chip common investmanl funds.
FRAMEWORK KNirrERS COMPANY ALMSHOUSE CHARITIES TRUSTEES ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves Policy The Management Committee has examined the charity's requirement frK resepRs in Iht of th8 main risks to the charty and a 5 year business plan is maintainod by tho Management Committee, which rs updated on an annual basis. Funds are set aside annually as par the prescribed Almshouse Association rates for future inpmvements. During this finanaal year it was not possible to sel aside any funds and the balance on designated fvnds at 31 March 2025 amounted to £661,059. 50% of the estimated annual mainlènanc8 inccHne is maintain8d in investments as a reserve and this sum amounts to a minimum of £75,000. At the year the charity had a surplus of free reserves of £1,751. The Management Committee believes that the tharity maintains sufficient resources to enabl& it to carry oui its day to day tMAin•ss. lan8 for Fulure Perlo The charity plans to corrtinue to run the Cottage Homos at Oadby as it has ncw done fix many years. Cottage 20 & 21 have deteriorated over the years and tsyo quantity surveyors reports have been gained. Both reports statsd that rt would be n0f181 to demolish and rebuikl. This has been agreed by Ihe trustees, full planning pemilssl has been received and the work should commence at the end of June 2025 The charity is required to comply with thè Conyny's Charter and Is regulated by a Scheme of tho Charity Commissioners dated 12 December 1972. the registered number being 212946. The purpose of the charity is to provide and manage AJmstThises for persons of not less than 60 ar8 of age, either who were employed in the hosiery and knihvear irKlusty or alli&d trad6s, or vtho arè thè widows, doWers gr thildren of such ernployees. The Company is aLrthorised, under'seclion 3(11 of the Law of Propety Affndrnent Act 1926.. to act in rèlation to charitable, ecdes*6tical and public Irusts, as a trust corporatlon. Company Herllag• Mosl of the Livery Companies of the City of Lon&)n evolved from the medieval trade Guilds which had come into existerte as a resurt of the natural inclinatn of Members of the same trades and OCCUP8tions to band ti4elher for gwd fellowship and mutual aid and wotection. From an earty stage there was an emphasis on tharity, with the Guilds supporting t11r members or their lamli ies who h8d fallen on hard times or were sufferirvj poor health. Also, there VAS a Btrong religious element in the Guilds, each owning their own chapels or being attached to 8 local monastery or church and havlng their own patron saints. Although less Impsnt followng the Refmation, this spiritual connection is maintsined to this day through such aspects as the knvery Companies, use of the prefix Worshipful" in their names. On 6peoal occasions. the Guild members vThe distinGlw8 robes, or liveries, and consequently became kTrJwn as Livery Companies. The thanty is therefore sometimes referred to as the 'Companf even though it 15 not a registered company. Organisalional Structure The management of the Airnshouse Charitses IS CXXKlucted by th8 Court of The Worshipful Company of Framework Knitters. The Court comwÉses a maximum number of 32 persons, who shall direct and manage the 8ffairs of the Cornpany and exercise a1 perfomi all the KM)wers and dthies of the Company.
FRAMEWORK KNirrERS COMPAKf ALMSHOUSE CHARITIES TRUSTEES ANNUAL REPORT (coKnNUED) FOR THE YEAR ENDED 31 MARCH 2025 The Court Shall constst of the Mathf. N%rdens. an Honorary Tr68surer. past IAastws and not rn0 than 15 A58istsnts. Court decisions are taken by a vole on moon$ wrwed to L At any Court medlng. Ihe Mastyr ofth8 Company will take ihe Chair. bLrt, in h absèrrA, Chalr shau L taken by the immBdlats past Mastèr and, in the event of both the Master and the Immediate past Master being absent, the Chalr shall be taken by the most senlor Court memLr pSent. TP* m8mbgrs of the Court rewe8Wrt a wide rarYJe of IGine$S and management skAls and are. therefore. well able to manage the ¢hathy, h0]h day to day manag6m8nt ol the Cottage Hom8$ 08dby Is ddeoaled to a Management Commlttee. vA)ich conslsts of t Upper Warden. for th8 lim• belng, the Cottage Home$ Administrator. the Past Ma6th. A8$ts and other member8 ofthe LNery who •re to deal wrth the day to day social wthlng oftha re6idanls ol the14ome8. Connected Ch•rltloB Worshipftjl Cory)any of Framvork Knltiors Cwrat8 Fund, allhough not a charfty Ilyelf. i connected to both the Framework Knltth Company AJmshou60 Chariti85 Bnd The Wofshipful Company of Framwrk Knlttarg Educational Charity. Trust•e Induction and Tralnln9 There 1$ no fomal trolnlng OT IrUctIon frjr Court members. bul all Snd a conslderable number ol years In the LNery beforn being 8skwJ to becThne an Asslstant of the coMnY and are well versed In the affalrs of the Amshowe Charlly bOrè they bxom? an Awtanl of the Company. Rl•k Managom•nt Tha Managernent Commlttee cattles out a regul8f revithv ol the rl#k• to vknich the charity 18 8xposed, l.e. if Ihe Govemment C885ad paylng the residents, maintenancé eharyas. m•ny of the r68iden16 would nol be In a posftion to pay thi8, vthich coukl result in financl81 drffic1ÈS lor the Company. Although there have been InditiOnS that the Government may chary the monnei in which malntenan charges are paKI, the Trustag is comfortable with the present syBtem. Addttlonally, il Cottsge Hoffle8 Administrator unable to Manage the on 8n ongoing ba818, ellher through illness or by baving the Company, thls coukl cause PfoEAeTrs on 8 day to day ba$i3, until replacement was found. Hower, the TnJsts6 maintaln$ a rota. whweby one indfvldual 58 the Duty Offlccr for one rnonth, That Duty Offic•r woukl manage tho Htsrr on a 6hort Iwm basls, with the help of other Court members. Ind•Dendent Examln•r• John Griffln of Nevkny Ca8lem8n LLP vM8 apwnted iendent examiner during the year and has ewessed his wulingness to act in thal cap81?ty. By Order of the D P Corah J J Pears Upper Warden P M Tranter Honorary Trea•u(er Dale.. 10th October 2025
FRAMEWORK KNrrrERS COMPANY ALMSHOUSE CHARrriES INDEPENDEprr EXAMINER'S REPORT TO THE TRUSTEE OF FRAMEWORK KNITfERS COMPANY ALMSHOUSE CHARMES FOR THE YEAR ENDED 31 MARCH 2026 I report to the ch8rty trustee on my ex8minati(m crt the 8efthints cl the charlty for the year ended 31 March 2025 are set out on poges 9 to 21 R•sponlbllllSe• and bASiS of r•wt AS the charit$ trtee are respo8 the of the aeewrrts h aetordance th th• raquireffnts of the Charltks Act 2011 {Ihe Ac). I raport in respact ol my examination of the charity'$ a¢(nts (rd out und•r section 145 ofthe Act and In carrylng aut my examination I havo foNol all the applcable DirectK)ns given by th• Charty Commisslon und•r sa¢llon 145(5)Ibl of tho Act. Ind•p•nd•nt •x•min•rf• •tat•m•rt I hAv8 c4xnpteted my ex8min•tion. I confinTr Ihat M mai•rial matters hav• coma to my attenlh)n in connection with thè examwiation wing m• caLoe lo bel¥¢ that in ony m•teri•l resp8cl: accounting r•ca)rds w•rn not kw in r•8p•ct oltho charity u r•quied by C1kn 130 of th• Act., c 2. thè acco18 do not accud with th04e r8¢QfKIs: (Y 3. the 8rxounts do not compty with the athicd)kn rnqLirements conc•rning the form and content of accounts set oul in the Ch•riti68 (Accounts and R•portsl Rryulatw)ns 2008 other than any requirement that th• accoun18 grv• * tru• and far Ib not a matter con$Klwed &• part of an independent 0xaminat. I have no concern8 and havo corm 8(TOS8 no ottwr matters n conneGtion wlth the examination to wh 8ttention should be drawn in Il¥s repxt in ¢xder to enable ? proper understanding of acounts to r•8ched. J B Grfthn FCCA Newby CastL8man LLP Chartered A¢untants West Wolk Buildin9 110 Regoni Road Leice51er LE1 7LT 10 0(knbef ll)25
FRAMEWORK KNirrERS COMPANY ALMSHOUSE CHARITIES STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2025 D8Sign&4 Restrlcted ,Total FurKls' Total FLnds 2024 Ikxomè from: ID¢$ & Ltyxles lintrnts charltsb Actmlles 6,418. 418 61,5511 97,445 25.201:" ITol41 £159 C71 £25 201 £42 768. £227 036 lÉxwx*ur• on: ICh8ri18bb Actillties In&llLoss881 on Ir51n 21,664 18.9)8 40,172., N•1 l Exp•rKlitw• (12,705): (8.4771 21181,, 243,359 'Tr8nth8 be FuM18 24,382 {8,4771 21181 Rec01111atN)n of FWNIB Fund Balances Brujth 838 697 S 433 252 5 821046 Fund Balances Carrknd Forwvd £10, £5 424 778: £6 (M7 $06 The nol86 to the flnand818talements on pages 11 to 21 lorm part of these ffinBncaal stateffents.
FRAAIEWORK KNITTERS COhfPANY ALAISHOUSE CHARMES BALANCE SHEET AS AT 31 MARCH 20VJ Note jT•wJble assets 'In%estrm)ts 4000,000 £1,670.17(1,, 4,004tK I,fffj284 ICurr•nl A•o•t4 Cagh 018th & 7.408 467,587 438,132. Llablllll•s .'£4thln 1 Yr 12 'N•t Curr•rt •A••t• 417 416,, ,Th• Fundj oltl)e Clwrty 14 a•ner41 Fund AccuJNlat¢d Fur 1.751 {6,544) D•n8t¢d Funds Ethaorthrwy Il£p&lr FWKI Cycl¢ Melntsnrte FWKI 211.m 379A8J 292.008 344. 189 661.0 662.810 636,697 631.t53 Totsl Um¥tricd FuThJ$ IRestrl¢t•d Fund• Chadtsbk FurKI Rebduan Pasene Tol4 Chfjrltabb Fund .COtt 20821 Rebuiky FLK AInh[e Ch8rlty Dèeds ol CO8n1 8rKI Donetions FLffl 4439.tho 4.395, 195 S.310.885 &274,384 gV,OGQ 6.433.252 £Y 94 406 Totsl Charky Fund• The financwl state slgned by.'- apprThYd by Ihe Court ofAss15tonts ofth• Tntse on 11th Octcthr 224 DPCornh JJPe•rn Upper Ward• P M TMnt•r Honornry Trs8wer The rths lo the fmarKial statwne lles 1110 21 *>rm ofthese stthont•. io
FRAMEWORK KNrrrERS COMPANY ALMSHOUSE CHARITIES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2026 Accountlng polldes Charlty infomiation The Worshipful Company of Framthvork Knitters AlmslK)use Charit$ is govemed by ts Constitution which 1$ a Scheme of the Charity cmIsSnerS datsd 12Th December 1972. Basis of preparatlon The princrgal accounting pofiaes adoptsd. judgemènts and key sour¢es of estimation uncertainty in the preparation of the financial statements are as folllyws: The chaiity constliutes a benefrt entty as defined by FRS 102. The financKg1 ststements have boon prepw•d in accudanc• wilh Accounting and Reporting by Charities.. Statgment of Recofflwnded Practice applicable to charities preparing their accounls in Atcordance wth thè Finanoal Reportw)g Standard applicable in thè UK 2nd Rèpublic of Irèland IFRS 102> (effective 1 January 2015) - (Charities SORP IFRS 1021). the Financial Reporting Standard applicAblg in the UK arKI RewbliG of Ireland (FRS 102), the Chanties Act 2011 and UK Genefalty Accepted kcountirfj Practi(*. The financial 8tatements have departed fr(xn the Charit$ {Accounts and Report81 Regulation8 2008 only to th8 extent requyed to proVe a true arKI fair view. Thi$ departure has involved following the Statement of Recommended Practice for charities applyiw FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in thé Règulations but whith has since been wthdrawn. The financial 8tatements are prepared in sterfing. v#hich is the functional currency of the charity. Monetary amounts in thtse financial Statements are rounded to the nèarèst £. These finanrial statement$ are prepared under the historical cost ¢onventK)n modifd to Include the revaluation of freehold properti88 and to include inve8tffnts at fair value. The prinpaI accounting policies adopted are set out below. These policies have been (Xtynsistently applied to all years presented unless otherwise stated. Golng concem Al the time of approvlng the financial statements, the trustee has a reasonable expectatlon that Ihe charty has adequate resources to continue in operational existence frK the foreseeable future. Thus the trustee continues to adopt the going c¢)ncem basis of accounting in preparing tho financial statements. 1 A Charftable lund• Unrestricted funds are avai&ble for use at the discretion of thè trustee in fUrtranCe of thèir charitable objectives unless the funds have been d8Signated for other purposes. Designated funds are Unrestri funds of the charity that the trustee has decided at their discretion to set asKle for specific purposes. The aim arKI use of each des19rted fund is set out in the notes to the financial statements. Restricted funds are funds vthich are to be used in accordance wth spe¢ff restriclions imposed by donor5 or which have been rarsed by the Charity for particular purpDses. 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.
FRAMEWORK KNrrrERS COMPANY ALMSHOUSE CHARITIES NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) YEAR ENDED 31 MARCH 2025 Accounting polici•s {continuod) Income r•cognltlon All income is recognised once the charity has entitSement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliabty. Donations are recogntsed when th8 Charity has received the income. Interest on fvnds held on deposit is nduded when receivable and amount can be meosured reliably by the charity. this is normally upon notificati of the int8rest paid or payable by the bank. Dividends ar8 recc4nised once the dividend has been declared and nolifKation has been received of the dividend due. Thls Is nornalty UP notifKation by our Stockbrokers of the financlal wgld of the investment portf(109. Income from charitable activities comprise mai)ly of maintenance contributions which ar8 rncognised when r•ceiv8blè. 1.6 Exp•ndltur• r•coqnhlon All oxpendituro is account•d for on an accruals basis. Liabilrties are nISed as expenditure as soon as there is a legal or constructlve obllgation commrtting the tharity to that expenditure. it Is pyobable thal setuement will be requlred and the amount of the oblvJation can be measured rel13Y. AJI expenditwe 18 das8ed ag charitable activities to further the dèlivery of the 0bJtbVes of the charity. 1.7 Support costs Support ¢ost8 are tho6e that a$$bt the work of the charity but do not direct represent charftable activities and include office costs and governaneA costs. They arè incurred directly in support of expenditure in Iwio wilh the obi8Ctivès of the charity. C08ts common lo both the WoryJhiplul Company of FramewY)rk Knrtters Corporate Fund and lo tho Almshouse Charities are charged 113 to the COTp(xats FurKI and 21310 the Almshouse Charities. Tanglbl• Ilxed ass•t• Tawible ed assets are measured at valuation. net of depreoation and any Irry>aiment losses. No depreciation is probided in respect of freehold land. No depr8cialion is provided C the freehold woperty. The trustee consider that because the fre&hold buildings are maintsined to rauth a high stsrKlard, the residual value at the end of the eskn'mated useful life of the buildings y11 not be materially different to revalued amount. Therefore, any èlement of depreciation is considered to be immaterial and consequèrfy no provision 1$ made. Minor maintenance and administratNe equipment Yth an estimated useful life of 10 years or less is treated as an expense of the period in which li is purchased a1 this therefore eliminates the requirement for a deFYeci*ion provision on such assets. The charty previously adopted a pdicy of revaluing freehold propertios. charity has adopted thè transition exemption under FRS 102 paragraph 35.10lcl and has elected to use the previous revaluation 8$ deemed cost.
FRAMEWORK KNIERs COMPANY ALMSHOUSE CHARITIES NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) YEAR ENDED 31 MARCH 2025 Accounting policies Icontinued) 1.9 lmpalrnnt of fixed assets At each reporting end date, the tharity rew*hs carrytng amounts of its tsngible assets to d8temine whether there is any indicatiC that those assets have suffered an impaimient loss. If any such irKlication exists. the recoverable arrK)unt of the 8sset. the asset's cash generating unit, is estimated and MPared to the caryirvJ amount in order to delermine the extent of th& impaiment loss (rf any). Wheve the carrying amounl exceeds Sts recoverab18 amount, an impaimient loss is recognised in the Statement of Financial Activities (SOFA) unless the asset Is carried at a revalued amount where the iMpaint Ioss 18 a rnvaluation decr8as8. 1.10 Fixed asset Inv•stm•nts Fixed a66et investments for Ihe finanual year end to 31 March 2024 are stst8d al fair value as al that date. All changes li value in the year, whether or nol realised, aré reported in the SOFA The portfolio of investments is managed by Bre4vin Dolphin on a Discretionary ba81s. 1.11 Cash and cash •qulval•nts Cash and cash equivalents indude cash in harKI. doposits held at call bank8 and other short- tern Siquid iivestrnents with l91n81 maturilie8 of three months or less. 1.12 Fln•Dclal in•trum•nts Financlal instruments are reco9nised kn the thwity's balance sheet wthen the charity becom08 paty to the contractual prowsions of the InslNment. Oabtor8 and cr8ditors wth no Ststad interest rats and roceivable ¢y payab wlthln one year are measured at transactN)n pricé. Any losses arisiryd from impaiment are recognl8ed In the SOFA. Investments in equty instruments arè initially measured at fair value whSch is nomially the transaction price excluding transaQion costs. Such assets are subsequently measured at fair value and the changès in fair value arè r•c(Ydni8ed in the SOF& èxcept that investrnents in equty instruments that are not Pu1c911Y traded and VASe fair vAlues cannot l)e measured reliably arp measured at cost less impaiment. 1.13 Corporatlon Tax The charty Is exempt from tax on income and gains falliNJ within secti¢)n 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 tharitable objectives 1.14 Employ•e benefit8 When employees have rerKler8d $8fWCe to the charily, shjrt-lemi employee benefits to which the employees are entstled are reCognd at the undiscounled amount expected to be paid in exchange for that service. The cost of any unused hO1JaY entitlement is re(nised in the p8riod in which the empl¢)yee's services are receNed. 1.15 Retirement benefits Payments to defined contribution retirement benefft schemes are charged as an expense as t fall due.
FRAMEWORK KNirrERS COMPANY ALMSHOUSE CHARITIES NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) YEAR ENDED 31 MARCH 2025 2 Crltical accountlNd estlmates and Judgements In the application of the thaTiVs accounting policitis, th8 trustee is required to make judgements, estimates and assumptions about the cang amount of assets and liabilitse$ that are not readily apparent from other SCrces. The estimates and associated assumptions are based on hislorical experience and other factors that aro cortsided to be relevanL AcbJal results may dtff8r fr7 thes8 estimates. The eslimates and underfying assumptions afe reviewed on an ongoing basis. Revisfv)ns to accounling eslimates are recognised Wi the p8ricxI in which the estrnate is revised where the revision affects only Ihat peri¢)d, or in the penod of the revision and fvtLffe periods ere the revislon affects both current and future periods. Key sourc ol •stlmatlon unurtalnty The estimate8 arKI assumpts.ons whith have a 8ionrfunt risk of cau a material adjustment lo the carrying amount of assets and Ilabilities are 88 I011(1. Valuatlon of land and IlIn9* The valualK)n of18nd and buildirYd8 has been assessed by tho trustees, eonsider that th¢ value in use by the charty i8 consistent wth the value inclLK1ed in the aOunts. 14
FRAMEWORK KNirrERS COMPANY ALMSHOUSE CHARITIES NOTES TO THE FINANCIAL STATEMENTS {coMfiNUED) YEAR ENDED 31 MARCH 2025 Donalions & Legacips 2024 Donatior Cov8nant Irwn8 2055 '.For the year èndiNJ 31 March 2025, all incon% related to unrestricted Funds 3,036, Ctiaritablo Fur Cyclcal nIenO FuThJ Ethor¢Jinory F'r Fu1 35,275 12.513 14,943 5. kncon> Chwitable Arawiti inbnancg Contrilx WashiThJ h1n8 158.944 123 164,205 For the Jtar ending 31 March 2025, all Incoffts related to unresiricted Funds 15
FRAMEWORK KNIThERS COMPANY ALMSHOUSE CHARITIES NOTES TO THE FINANCIAL STATEMEKtS (CONTINUED) YEAR ENDED 31 MARCH 2025 6. ExpdItur• on Charkablè PL1[2$ '¢gl••v Charitabl• C(sts Waler Char9gS Light and Prcwty iirs i Tderthone: Pwg. PtlflirYJ & Slwwy I Insur8nc8 Salari6s ' Assistant cferk's E¥Se8 ' PB&dents' EritsitArt F1j Fee8 14,C631 55,3321 141 10,1141_ 4140, 611 £110 126 2024 iSun(ty Cost crkShip_EVn.8s AccnIgn$ Feg Crfnce C SurKhy Ew 46iXI 1.7 136 Stocktroker Fees Eyamlneilc¢) Fee 10,580 9,628 £10,716 4,4291 £11,092. 'Tot•l Ch¥llab ktlvXl•s Inc suppo.rt Iunrastrthd •XPffIlUr• '.Restrlcted expeiidure Icortjined totab £171,772. £n,265 £144,555,. £20,3eS, £1 16
FRAMEWORK KNrrrERS COMPANY ALMSHOUSE CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 MARCH 2025 2024 Number The average. nurthr of pern5 by trE Clwfity durirYA Ihe year lCharitsb AcbNits88 IG0m¥e Costs ,Salarie8 [ErrFerS, InsurarKe ' , EThFkners' C4yibLon8 Tanglbl• Flx•d a•t9 Total 2026 Total 2024 Fre•hold land Ir bulldlng• D••m•d c¢#t At 31 Mwch 2025 Fr••hold land and bulldlngs Th8 charity has adopted transib'on exemplion urKler FRS 102 paragraph 35.10lcl and has elected to measure certain freehold proFerties held at the dats of trarssitlon to FRS 102 at their fair value and use these fair values as the deemed wst for Ihese properties. Tho Charivs freehold land buildings comprise freeho cottapei. Corah Hall aTrJ Cor8h House at Oadby. The Comparab historic cost of the fr88hold prowrties that hav• h•n valued using the deemed cost exemption at the date of transitN)n to FRS 102 is £50.OIX), baing Ihe amount the charity has SnI on the propertle8. Thè origin8118nd and buildirKJ8 grfted to the Charity and these, togelh8r with subsequènt expenditure on imKYovements, hre previ(81Y v81ued at nil in the ch8riVs accounts. Fotlowwig the 2004105 rebuilding. the 18nd and buildings have valued and this value is included in the account5 With subsequent add[tn3 at cost. A revaluation was cOndted in May 2021 by Andrew Granger & Co ar a valuation of £4,000.000 w85 reported.
FRAMEWORK KNirrERS COMPANY ALMSHOUSE CHARITIES NOTES TO THE FINANCIAL STATEMEKrs (coKriNUED) YEAR ENDED 31 MARCH 2025 Fixed Assel Inveslments The investments ol the charity are managed by Brthvin Dolphin on a Discretinary basis. The porttdio comprises blue ¢hip equ0$ and ¢dlectNes. Investments arè invè8t8d at madM risk This dècisK>n 1$ historical and the Plf0[10 has been managed at medium risk lor a number of years. The decision vms made because many of individual funds require an income and thè 0Y way to athieve that incom6 is at this level of tisk. As the investments are invested in manner this means that the portfolio has medium to high liquidity, there is no asset or hding that cannot be sdd at reasonabty short notice. 19. itst•d Cosel 25 2025 2024 Ichadtsiib Fund ,E>tra0rd1ry PaFdr FLWWJ 'C cli¢al Wlntwwce FLD AhEhws6 Clty Deeds of .Donations Furxl 1,211,767., 1, 166,077 192,943 155,985 202,4761 224,887,, 16Z671 , 184: 'TcAI listed IrNp8trr £1,643,347 £1.366,533 £41478 532:. £1410 011 £1,640,985 £1,552,879 Innt ca8h £1,5 £1670 170 £1596 357 at val81 3110312025 Vakn at Fund Nam• 011W2024 3110312026 Charilable Furbj £1186 077 £578,729 £1211787 raordina Fuj £192,943 £155.985 £37,874 144 C clical Vointmance Fmd 21,519 £179 752 Benent Fund Tot41 £687,725 18
FRAMEWORK KNrrrERS COMPANY ALMSHOUSE CHARITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 31 MARCH 2026 110. Drtors 2024 ()ttr ITt(clI fcok) I Tradg Dèbbxs 1,022,, 1,041 367 11. Cash •n(l Bank BalwK Currait Accou4 caF Char_lty OeFf6t.i FLThIs -Pety.C88h in 250. 259 £467 587 ,iZ Cr•dil¢xs: Aftw)unts fa'ry ¢kn within on• pr Taxa11 and S181 xurlty r Cre(Ilors 1,920 1,938 13 Flnlnelal InAtrum•nti 2026 2024 CaTrylng Amount of fiMKlal assets Debt instruments measured at amortmd g)8t Measured at fatr value Ihrough net ino)melexpendiure 1552,879 C•rrying •mourt of finaDeial li•bilbti•s Mea8ured at amothed cost In8 •nd •xp•ndllur• Flnancial 886el8 measured at fairvalue Ilwh net inD)me I expendriure 61,661 60.315 Ngt gains and losvs {inGlwlirvJ chang•s in lair valu• 84.213 Fln8ncial 888e18 measured at armrltsed )St trade debtorn. Flnanclal 886e18 measured al falr vdue li8ted 11%6lrrj Financial1obiliti88 Me8rnd at amortised c061 comwise trade creditorB and accnjals. The ba8k8 offeirvalue for Itsted invesltronts is equfvalent to the marl(et wice. main risk to the charity from financHI instruments I in the C4mbinatn of uncertain investment markets and vdalilty in yield. 19
FRAMEWORK KNirrERS COMPANY ALMSHOUSE CHARITIES NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) YEAR ENDED 31 MARCH 2025 14 The Funds of the Charlty Fd Pkn• B1 UnNlr6•Y B•l•n BIF Ct4 Fthd S274.384 31.>)3 17.8471 5.588} 5$.31 11.047 5.318.BJ5 70.197 D•th c4Cw•nl Fu 3)121 R¥Jlld 2.011 Totsl Fun 11,047 4424m De That•d Fund exlWrfin MaC0 FLmd 10251 14.B4J 1.3351 5.475 11120 17,46 281,Sn 379.483 344.189 Totsl Oe•qn•ted Funth Unrri¢tsd Fund• IX.•7 pD,0001 knc 150.067 1e•.087 171.n2) 1Th.77 1,751 1.751 Totsl UnThl¢t•d FurK Tot•1 F¥fid• Fund8 Are ual 8•t 88Kle annUp1 88 w thè pre8c¥ibed Am8lv)w AB8oclallon rates for fLrture Improvements. During the finanLy81 year it w88 Tr)t to transf funds a6 ihe General Fund had deficit. £20.Crf)O was transferred into Ihe General Fund frcffi the Extraordinary Fund. Sp•clflc Funds Ch•rfi•bl¢ Fund This fund Compris the Almsh themsel, tokyther with the 8cwmulatlon of tran8lèr8 from tha Accunwl8ted In¢ome Futxl ol don8tk)ns allocatad 08 bglng ts tho acqui811ion and improvement of the Amknusts, and k r•pre8ented by woptrrty, inve•lmtnts and nel vjrrenl assets. Th• Alm$hous• Ch•rlty Dééds ofCovèn•nt nd L>ontlon$ Fund This fvnd is used lo finance exFenditure chiefly in respect of actNitie$ organi6ed for the benefit of thè rIdents of the AJm$hwses. 11 is financed by d811(. intere$t received on the Amshouse Charlty Dèed8 of Covenant and L%)nalion8 FuTrJ deposrt tox4t and wwestrnenl inc4ma. The lund Its repre8enled by Inve8tments and nel current 888ets. 114 Extraordlnary R•p•lr Fund The purFose ol thi8 lund 18 to wowde for eXtra(dary repalr, imFovement or rebuilding reqUfjr to the Almshouses. As recy)mffnded by The Akn$house Association, annual trarfers are made lo the fund from the knUrNFl81 IncorrE Fund of the Amshcwse Chorib'es, at rates pre8crikd by The Almshouse A880cIaC. The fvnd18 repre8entsd by inve81mnts and bank a(¥>)unl8. Cyclical Maintenanc• Fund This furKI exists to 0VIde ft>r s¥Jniknnl neces58ry Fernd repair8 and malntenanee to the Almshouse$. Annual transfers are madè to Ihe fund from the ACtmUlated Income Fund of Il* Almshouse Chadtie8 at The fund is repre8enled by Inve61menl8 and bank accounts. A¢eumul•ted Income Fund Thi8 is the general fund of the charity, wimarity resp)n8)K? for the 8dminiBtration and upkeep of the Almshjuses. It comprises the annual aMulati(M of funds not SPfiCallY alocated to other purposes. and is represented by net currenl ¥ssets. 20
FRAMEWORK KNirrERS COMPANY ALMSHOUSE CHARITIES NOTES TO THE FINANCIAL STATEMENTS (coMfiNUED) YEAR ENDED 31 MARCH 2025 15 Analysls of Net ass•ts Betwoon Funds j 4.¢.(1 4,0,000, 410,S19.' 1,259,8211 1,670,170 166,1811 lcash & Bank Current Uat41i1I8S (2.¢)491' (20,7111 | t Assets at 31st Ntrch 2 861 LW.. 5424 775 16 Tran$actSons wtth Tn1•• The trusta• received no fomi of remunerolion or expense8 during the year (2024.. £nill. 17 R•lat•d Party Traniaetiona In8ur8nces 8re purchosed through E8Stlake & Beachell where Mr J Beachell. 8 past mastw. has an interest in the company. Insurarte expense was £14,063 (2024: £10,114). Related parties have slgned 8 document declariNJ any interests. Further. bookkeeping swvices were secured from Corah and Corah Limited, a busin058 in whlch Mr DP Cor8h has an interest. Th6 drity wa$ invoiced for professional b¢)okkeepiNd services In the sum of£6.833 (2024.. £8.660). The total amount of uncondltb)nal donations recefved from related parties is as follow8. 2026 2024 Aggregate don8tit)ns 1,000 90.000 21
FRAMEWORK KNIThERS COMPANY ALMSHOUSE CHARITIES APPENDIX TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 q. Trustees of The Worshlpful Company of Framework Knltters inted 2010 2012 2023 Resl ned DP Corah JJ Pears PS Bonnett Past Masters MR Ellis EP Fox AH Jarvis JG Ellis IM Grund SA Tumer PR White ME Green TDW Miller LJ Bentata SH Woolfe GAF Smith GFC Tumer HC Stevenson SK Murra 2010 2013 2012 2017 2014 2009 2013 2012 2008 2008 2008 2007 2002 1996 1996 2025 2025 2025 2024 2024 2024 Asslstant8 P M Tranter J Martin MTra nor SJM Burrows C Fuller SJa elman E Stran G. Dixon 2015 2019 2019 2020 2021 2021 2023 2024 22