HIBBCRT ALMSHOUSE CHARrrY REGULATOR OF SOCIAL HOUSING NUMBER A2485 CHARITY NUtIlBER 214672 FINANCIAL STATEMENTS FOR THE YEAR ENDII D 31 DECEt¥(BER 2023 HIBBEI RT ALMSHOUSE CHARITY YEIAR ENDEI D JI DCICEI MBER2023 INDEX Page Bathkth% and Professionals RepoTI of the Tivstees Rwort of tlie R¢porting Accountant Statement of Financial Activitie& Balaiice Sheet Note5 to the Financial Stat¢ments 9-16and18 Incoille and Exp¢ndittti'e Ac¢ouTJt 17 BATr1￿1 RS AND PRO￿1 SSIONALS Arcljiteels Mr Sherry 14ates- RIBA- AABC Btties Lambelli i.ld 30 Lonewood 8treet London N5 IDL Reporting AccouDtant Helen Binns Beever and Sts'uihers One Express l George Leigh 8treet Man¢hester M4 .SDL Bankers CAF Bank Liinited 25 K￿ngS Hill Avenue Kiiigs Hill West Malling Kelli fy￿19 4JQ Projeet Facilitator Ms K Ciiren- AIUCS 7 Middle Rank BYadford-oii-Avon Wiitshlre BA15 INL Solicitors Catherine Flexd. Russell-cooke 2 Puln¢y Hill Loiidon SWIS 6AB Mxttagl￿g Agen1$ London Bluck Management Limited 4th Floor. 9 White Lion Street LoT]doJi N19PD Cuiitractoi. DBR (London) Ltd 83 Victoria ShEet London SWIH OHW Quantity Surveyor Mr Will Clai.k FRICS MEA Clark Liinited The New Workshops Be¢liive Yai'd Bath BAI SBT Conl&ct Details St Paul's Chur¢h ReLtory Grove Clapl)am London SW4 ODZ Agent for Grant from G￿ter iidon Aulhoi'ity Almshouse Consortillm Ltd Station House 50 North Street Havk)nt Haimpshire P09 IQU E-mail: info@hibb&lalms.org.uk Website: www.hibbertalms.org.uk TtlephoD¢ ￿0.: 020 7622 4469 HIBBCRT ALMSHOUSII CHARITY YEAR ENDED 31$T DECEMBEI R 2023 REPORT OF THE TRUSTlr Objective5 The Charity was eslablished iih 1869 to manage tlie Almshouse5 erected by Sarah aDd MRIY Ann Hibbert in 1859 at 715-729 waiidsw￿l1l Road, London SW8, for Ilie nece5silous elderly living or foi'nierly resident in tlie A Thcient Parish ofciapham. Tlie oharity is goveimed by its Tn]st Deed datal 16 May 1979 and inost re¢enily ameThJed 30 Septembtr 2013. Trustees 9nd Perlod ofoffiee On 24tli May 21Y22 the individual trustees were replaced Hibbert Alm$house TTuslee Limited as sole twstee. The ￿￿Ste¢S of tl)is eoinpany and tbeir tei'jns of office aJE.' Appointed Dlle to R¢tiir OtTice Meetiiw Attended 10 Aiithea Bishop- (Mrsl Rev'd Canon Jgnaihan Boardinan Peter Cobley RoBci' Hird Euan K￿l]edy- FCA Richard Loiig Gillian White {Mrsl 24.5.2022 8.2.2029 24.5.2U22 24.5.2022 30.1.28 24.5.2022 8.2.2029 24..5.2022 25.1.26 24..5.2022 31.1.2027 25.5.2023 25.5.2028 Ex off￿10 Niember Deputy Chaii. Chair 10 Principal Activities Mecliiigs- The Coittpat)y held foiir Quarterly Meetings and six Special Meetings duriiig the year. We also have Building Givup, aiid a Fundnising Group. Botl) are aiiswei'able to Ilie Corpt)ratc Trustee. Finances- Setting &side items Jdattng lo the Tenoyatioiis in our Trlote 21 our income from residents in¢ieas¢d fi'om £55,901 in 2022 to £60,471, and our expenditure fell from £44.R43 to £32,324 so tncreasiiig oui. annual surplus from £12,732 to £28,948. Tiiis buiplus was affected by two special facto￿, filstly a loss of income of £4,515 ￿.187￿￿ fjom two houses becoming vacant in 2022 and i)eeding redecoiation befoi'e i'elettillg, and aTt almost coinpl¢le1gck of repaijs cost, £10,836 ui £2022 bui £(130) in 2023. Each yrar we inLIYdS¢ lh¢ W¥ekly Maintenance Coiitribution as from I. April. in line with the Regulator of Social Housing's Rent Restructuring Policy. The illcrease a5 from Isl Api'il 2023 was 7.OQ/o, {2022 3.1¥0). Re￿0v￿lI0￿5 Project- This pyoject was virtually coinpleted by 3111 December aiid so tliere are included in tliese Accounts all ibe costs ihat have yet to be paid, including an accTiial of £230,787. We have an agreed loan facility with Charity tjarnk Ltd for up lo £230,000 and in March 2024 di'ew down £150.0(M). Residwils, MediNg - The annual mcetu]g with residents took plAce on 3 July, witli six i'esidents and tlll'ee Trustccs prcscnt, and our C.aictaker, Adriai) Wind) i)ew Gardenei., Simon MilD¢T. A Trustee visited each resid¢nt on theiy birtliday, givii)g a cai'd aAd present, and we gift¢d eacli one £75 at Christinas. Trusttts We wel¢oille Gillian White as a new Iruslee of tlie Limited CIMnpany. She has wide experi¢n¢¢ of adiiiinislrative Jnatte13. as Pei¥onal Assistant to tlie Rector of Holy Ti'irnity Chut'cli foi. Inaiiy years, as a Goveriior of Macaulay Priniary School, alld curiEntly as Secretary of The Claphd]n Society. We consider oiwselves fortunate to Iiave hei. a5 a trustEe. Petercobley suffered fro]n a bad fall followu)g our meeting 01) 17 Septei))bei' 2022, and has notbttn well enough ¢0 alleod at our meelÉngs. How¢ver, w¢ are pleased to report that he feli able to attend at our meeting held on 15" Api'il 2024. At the same tiine with two of our tn]sttes aged over 80 and oiie appi'oacliiiw this Inilestoiie, we are aware tlia¢ w¢ lleed to i￿ruIt youngei. menibei3 if tlie elJariLy is to continlle in its present ￿￿)n, whicb 15 wliat we Ilillik is best f￿. our residents. HIBBII RT ALMSHOUSCI CHARITY YT YEAR EI NDED 31 DECEMIIER 2023 REIPORT OF THE TRUSTEI ES Reerultmeiil of Tru$l¢es In reci'uillliu new trustees the existiDg tt'uste¢s have lo consider tl)e preseiit and ¢ontinuing needs of tile chai'ity aiid ihe skills and coJnpeteD¢es i)¢¢essaJy for this. They also need to have in Inind succession planiiing for the trustee board and the age composilion. The charity is specifically a I￿al body and the trustees also have to bear in mind the value of a tr￿steE body with strong local coniiections. Thtt tn￿tee5 Lonsider eacli year likely reci'uihnent needs following li'om expected retiitments and, if a vacancy is to aiise, identify the skills needed. Proposed recruitinents are publicised locally £md existing trustees are invited to noininate possible candidates. stAtenient olTrustees' Responsibilities The Trustees are respoi)sible for tlie piEparation of fijmncial stateiDents for ¢ath financial year which giye a true and fair view of the stale of affairs of th¢ Charity and of th¢ ll)coine and expendihire5 account of the Charity for tbat period. Also, in prepzYin¥ policies and then applying thein consistentlyy making judgwemenls and e5tiinales that are reasonable and prudenl, slating whethei. the applicable accounting standa1￿5 have been follow¢d, ￿lbjeCt to any Inaterial departures dis¢losed explain¢d in the finJn¢ial ¥latemeiils, aiid prepdriIig tlir fll)aiiLial statel￿ents on ihe going concern basis ullle5S it Is in4ppropi'i3le lo pY¢sume that the charity will coiitinue its activities.. The Ti'usiees aye irsponsible for keeping proptt ac¢ountÉng records which disolose with reasonable accuyacy at any liiiie the fmallcial pvsition of tl)e Chai'ity. M)ey air also responsible for s&fe¥uAI'diiig the assets of the chai'ity and hence foi. taking reasonable sleps for tlie preventi(m £tnd detection of fraud and othei. ]￿egUla11ties. We have referiEd to the guidance contained in the Chai'ity Commission's gene171 guidance on public benefit when reviewing our aims and objectives and im plaiining our flllure actiYiliEs. kn particular, tlie Trustees consider how planned a¢tiviti¢s will Contribute lo the aitns and objectives they have set. Th¢ Tw5tees conf]t]D that they have coinplied with all ￿leVant laws and ￿g￿l¥tiONS. The Trustees who lield ofFi¢e at the dat¢ of Approval of this Report of flie Trustees confjrm that, 80 far as they 8r6 each awarc dicrc is Mo relcvant infonnation of which the Cbar&ty's repoiling acrounlants are unaware; and each Trustcc has taken all steps that they ougbt to have taken w a Trust¢e to tE]ake ihemselves aware of any IEleYant infomiation and to estabtish that the Charity's repOrt￿g ac¢ounÈan*s ate aware of that information. The financial ststeincDts have been prepared in accol￿all¢e with the Stateinent of Recon)mended Practice.. A¢cow]ting and Reporting by Charilies preparing their financial 8tateiMents in acLordanc¥ wilh Ihe Fiiiancial Reporting Standard applicable in the UK and Republic uf IrelE￿￿ {FRS 102) tssued iii October 2019 and the Financial Reporting Standard appli¢abl¢ in the United Ki￿dI)M and Republic of Ir¢land IFRS 102) and the Charities Act 2011 ind UK Gen￿.￿lLY Accepted Practice as it applies from l January 2019. Reserve5 Policy DeSig￿ated irseryes air held foi. a number ofpurposes as explained in the notes to ibe accounts. The charity aims to hold Genernl Reserves of £30,000 Irpresenling twelve I￿OnthS average operdling c051s less Major Works costs based on the last two yeais i'csults (Note 16a). Polieles At our meeting lield on 22Id October wc adoptcd tlie following policies in the set out iii Ihe AlIMsliou$e Association Ma]iutsl.. Anti-social behavioui., Financial coiitTols, Risk Man2gen)enl, Investinenl, Reserves. TrLiStees-Conflicts of interest and Expeiises alld Payiiienis. These policies will be reviewed as recomjnended. HIBBERT ALMSHOUSE CHARITY YEAR ENDED 31- DECIMBCI R2023 REPORT OF THE TRUSTEES Value for Money H&bbert Almsliouse aimsto deliver value formoney to maximise 115 investment potenti81 and¢Dsure that itproyides its residents with high quality homes and services. line with its Chai'ilable aims, the iticome from hollsing Tnanagcmcnt activities is invested inio projects that bcnefits ils c(Hnmunity. Regiilalor of Social Housln&- Value for MDney"Metrics" In accordance with the iEqutreinents of the liegulator of Social Housing in the Valu¢ for Money StaE]d)rd issued in April 2018. we r¢quir¢d to publish in a ptescrit*d fomiat, as pk￿ of our annual Accounts. rig￿lES of perfoTmallce vllder 7 "M¥ti'ics", and these ar¢ set out below. 2023 l. ReinvestmeuÉ development amd capit81 work$ 480/ts This looks at the inve$tsnent in propertieiL {new and existing). as a /0 of the Yallle of 2. (a) New supply of sociHI housing unils dellvered (b) New supply of non40cyal bovsing ulli15 deliyered oy. This sets out the nuniber of new social and non-s0¢ial housllig tltht have been 8¢quired or developed in the year as a pi'opi)t1ion of lh¢ re8peclive totals of thes¢ untts owTred at the year end. 3. Geariiig NIA NIA This assesses how much of th¢ adjustcd assets are rnad¢ up of debt and the degree of depend¢TrL¥ on debt fmance. Cominenl- As the choF'i)> hthf no boiroiiiings ihN5 Inelric is applicable. 4. Inleresl eover iikLliidiiig eapital repairs NIA NIA This EBIDA-M]U. (eariiiDgs before inler&8t, ta& depreciation, ainortisation and inajoi. repaits in¢luded), Ineasure is a key indiLatoi' foi. liquidity aiid invest]nent ¢apdLlty. It seeks to ine&8ure the level of surplus that a Register¢d Provid¢i' generates compared to inter¢st payable, avoiding any dftstortÈons arising from depreciation, CoFiiiJienl- As fh¢ chui'ity has boi'iiniiings lh￿ ineffic its n(Il applicable. 5. Headlille Social Houslilg cost per unlt £99 928 £94516 'nkis &88csses the Social HousiTrg cost per uiiit a8 defll)ed by the Regulator of Social Hoysing. Coiiimenl- This mcosiii'e i￿¢11¥dES the cv515 RenJvuiiOnS Pi'(Jjecl. in: for SuciRI Housi 48/ 2301. 6. O erati Overall 88Yo This deinomstrates the profitability of operating asset5 before exceptional ¢xpens¢s are takell into account, Inci'easing margins is one way to iinpi'owe the financial efficiency of a business. 2022 erties held. Coiiipiiepil_SociÉTIHcJiising leffi￿￿- JKci*asediHainleKÉTnce cosfs uccoiIN¢for ihese 7. R¥lurn eapitkl employed 12/0 This ¢oinpares tbe operating swplus t(> iotal Jssets less current liabilities smd is a cointnon Ineasu¥e in the commercial sectorti) assess ihc efficieTrt iiive5tment of capital resourccs. This metric would sUpp￿t Regisl¢red Providers with eapital iiivesttnent prosranunes. coin1￿eN1- The aYplunalionJoi' Ihis iThpi'ov*pienl is ilie sunie PrOV￿der isrespoI)sii)le foKthe PiEpaKotion of tl)e accounts, &Dd they coi)sider that the Registered Social Huu8ing Providej. is exeinpt from an audit. 11 is ourresw>nsibility to Carry out PTo¢edure3 desigiied to enable us lo rep￿1 our opÉnion. Bmsls tsf Opllliti Our procedures consisted of cothparing th¢ a¢cowits with the accounting records kqit by the Rcgistered Social Housing Provider and makii)g such enqyll.ies of the officers of the Registered Social Housing Provider as we conside￿d ￿e￿ssary for the pui'pose of this itpoit. These procedures provide the only assurarnce expressed in our optnion. OpinioD In our opinion.. Ilie a¢counls for year ended 31 Deceinbei. 2023 are in accordance with the accounting records kept by the Registered Social Housing Provider under p￿llgraph 135{21{a) ot the Housin8 artd Reg¢iieration A¢1 2008; having regard oiily to, attd on ihc basis of th¢ Énformation contained in the accounting records.. the accounts ¢￿￿pIY with the requireinenls of ilie Cbaritie5 Act 201 I. the RegisÉeiEd Social Housing Provider has satisficd the condilions for exemption froin an audAt of the accounts for the ye￿. ended 31 Deceinbei. 2023 $p¢¢ifi¢d in scction 136(31 of the Flousing and Regeneration Act 2(M>8,. the accounts coinply with the requiretneTrts of the Housing and Regenerdlion Act 2008 and the Accounting Direction foy privat¢ registered pi'oviders of social houstng England 2019- Helen Binns ACA Reporting Accounlant Seev8r and Struthers Ch8rtered Accountants One Express I GèDrg& Leigh Street Manchester fv14 5DL Date.. Qi91 IOIQU HIBBERT ALMSHOUSE CHARITY STATELl￿rIT OF Fll¥ALYCIAL ACTivmES FOR THE YEAR TO 31 DECEMBER2023 2023 Restricted Endowment funds Fund 1022 Unrestrict¢d Restricted Endowtntllt ds nd5 Fund Unrestricted funds Total Total Income ettdowmeDts from: Donations arLd srthts ChaFitx61e activities Investments- DiTridends Bank illteresL Oth Total income and ¢ndosvmellts 21 21 168,444 168.444 60.471 1,500 470,058 470,058 5).901 8,767 974 60.471 822 55.901 8,150 974 678 617 9,939 21 801 62,094 801 934.155 E71J83 678 65.025 470.Oi8 617 535,700 Expenditur¢ on: Charitable activities Goveman¢e Fund nisins Total eipeDdithr¢ 21 21 482iO 2,042 48.250 2.042 14.880 49,391 2,554 2.554 10.719 69.664 14.880 14.880 10,719 10.719 50.292 51.945 Net lll¢ome 11*02 156,503 678 168,983 13,0 459?39 617 473,036 Investmellts: Net gainsl(losse5) Re-allocatiort of 8ainwlosses ko 436 360 796 17,7101 (486) -8,196 377 Net Jnovement in funds 12338 156,503 1,038 169,779 4.993 458.716 131 464J40 Re¢oDciliation of funds: Totsl filnds brought fonwd 14 72.648 1 ?41.457 16,7?8 1:J30:833 67,6iS 781,741 16,597 865.993 Totsl funds carried forw#rd 14 84,886 1 J97960 17,766 1,500,612 72,648 1341,457 16,728 I J30,833 All income aud expeDditt]re derkve from conlinuino adifvitiei. The StAtement of Financial Activtties includ¢s all gains and ltssses recoguised during th¢ year. The Dotes on pages 9 to IS forllL an iniegra] part of these financial statements. The financial statements set out Oll p￿CreS 7 10 18 were approyed by tbe Tn￿tteS aJLd authorised for issue 00 2Pb Sept¢llLber 2024 and Signed on their behalf, by: Euan Kennedy FCA- hair Roger Hird-Truste¢ HIBBERT ALMSHOUSE CHARITY BALANCE SHEIT AS AT 31 DEI C£1 MBIR 2023 Notes 2023 2022 Flxed assets HuusiT)¥ propejlies Tati¥ibl¢ fix¢d assets Inveslment$ 1,571,163 1,535 39,286 811,529 1,655 36.990 10 Total fixed assets 1,611,984 850,174 Current Rssets DebtoiE and prepayments Ba]th balances 91,407 40.365 454,847 118,402 12 Total cuiyent a55el8 131,772 573,249 Llabilltles Creditoi's.. ￿￿oUntS fallitig due wilhin one year l3 {243,144) (92,590) Net C￿￿ent (liabiliiies) lassets (111,372) 480,659 Total assets less current liabilities 1,500,612 1,330,833 Tlie fu￿d5 of the charlty End(Trwment Fund 15a 17.766 16,728 Restricted Funds 15b 1,397,960 1,241.457 Unrestricted FutKi8 16 84,886 72,648 Total charity funds 14 1,500.612 1,330,833 The financial st&toments set out on page5 7 to 18 weir appi'oved by the Trustees and audioi'ised foi. issue on 2W Sept¢mb¢r 2024 and signed on their b¢half, by.. Euan Kennedy fiCA- Chairnian Roger Hird- Trllslee HIBBII RT ALMSHOUSE CHARITY NOTEI S TO THE FINANCIAL STATfi IWtEI NTS FOR THC YII AR NDED 31 DlICEMBfR 2023 PRINCIPAL ACCOUNTtNG POLICIES Legal Fori Tlie charity is a J'egistejrd chai'ity IJE England, registration nuinber 214672 and is iegisteyed with the Regulatoi. of S￿la] Housit)g 25 a Private Registered Providerof Social Housing regislration numberA2485. The ch&'ity governed by its Tnjst Deed dated 16 May 1979 and most iEeently ameDded (11) 30 Septemb¢i' 2013. The regISt￿.ed office is St Paul's Church, 6A Rectory Grove. Clapham, London SW4 OD7.. Basls ol PreparaltDn ic finaneial statements have been prepared on a going ci)ncern basis under tlie historical cost basis of accounting as modified by the inclusion of investments at Inarket value. The chayity constitutes a publi¢ benefit entity as defiiied by the Financial Repoiting Standard 102. The financial statemeiiÈs have been PTepaiEd iTk accojdancewith FRS 102 issued ith October2018 and Statements of R¢coininended Pi7ctice Applicable to Charities pi'epariiig their accounts in accordai)ce tlierewitli. Tl Accouiits coinply with the Hollsing and Regenei?tion Act 2008, the Charities (Accou￿tS y¥hd Repoits) Regulations 2008 and the Accounttng Diiection for Pi'ivate Registered PIDvid¢rs of SoLial Housin￿ 2019 and the Charities Act 2011. The charity has elected to take the exejnption froin the IEquirement to prepare a Casb Flow due to its tuniovei. being less than £500.000 as perjnitted by the Statcittent of Recommended Practice {SURP) "A¢countÉng and Reporting by Ch81'iti6s" IFRS 102). Turnover Tun)ovei' represents lllaiiltenaD¢e contributions receivable plus donations. All ineuilling resoLWC£S are included in ihe Ststeilleiit of Financial Activities (SOFA) when the churily As legally enliiled to the income, the aiiiounl cHTr bc mcd&wred reliiibly dnd it is probable Il)at Ilie incojne will Ix IEceived. Tangible Fixed Assets The Alinshouses and tile land are shown at ntl value, being ihe hisloric cost to the charity. lu 1982-84 repairs aThd iiiiprovements weiE carricd out at a total nf £140,463 toivards which cost a gi'ant was received from Thc Housing Cojporalion of £97,460. This gr&nt ¢ould be¢ome repayable if the property was sold. QT we de-yegistei'ed as a Registered Providei. ofsocial Housing. other tangible r￿ed assets are capitalised and included at ¢051 including aiiy inoideiital expenses of acquisition. Depreciatioii is provided OTr all tangible fixed 35sets at rates ealclllated to write off the cost on a straight-lint basis over their expected useful ecottoinic lives 8$ folloivs.. Freeliold Irnovalioiis Equipiiient over 40 yurs ovej. 10 years Inveslinenls Investmen15 are included in tbe fman¢ial stateinenls at theiy mai'ket value. Debtors creditors I'ec£ivHble I paynble williii) one year Debtors and ereditotB with stated interest rate 8nd receivable or payable within one year ave iEcorded at Irans&clion pi'ice. UIBBERT ALMSHOUSI CHARITY NOTES TO THE FINANCIAL STATEMfNTS (eonttnue(l) FOR THE YEAR Ef4DED 31 DECEI MBER 21123 PRINCIPAL ACCOUNTING POLICJEI S (conliiiiiei ReSe￿¢S Funds received forspecific p￿r￿)seS are fi￿d& restri¢l¢d for use forthatpurpose. The Charity may designate part of the aC¢u1￿Ulatcd sui'plus ceriaii) puty0s￿. Ill either case those fvnds are showo separately u] lkne Accoiinls and d¢tail¢d below. Cyclical repglrs aJi(t Inainlenat)ee This Reserve represents annual ainounts set aside to Ineet maintenance costs that occw. at regular interyals such as int￿Mal oy external redecoration and refw'bishing ktl¢liens. Extraordinary repoirs resenTe This lieserye represEILts annual ainoullts set aside for ￿aJor repall3 such as roof or window ￿p&ll￿. Charitsble reserve Any Ancoine of the Charity whieh is llo¢ obtained froin tlie provision of housing facilities is credited io haritable fuiids. Taxation Stslus Hibbei't Almsliouse Chai'ity is a regtstered C1￿1.ity aiid is, therefore, exempt from liability lo taxalion on its inci)me as per the Income Act 2007 Is521-536). FinKli)cial inslruin¥iitb' buLh LIS aLLouTrts puyables and accouiits ￿ely￿bleS are classified either as basic or coinplex. All fiiiancial ins11'uineTrls aiE itiilially measui'ed al thEir fail. value at Ihetiin¢the transactions occur. Subsequently all basic instn]m¢Jits air tiieasuird at ainoitised cost aiid allcoinplex fthanGial instruments are measured at a fair value throll￿1 the Co￿prehensive income. Financial instt'uniei)ts held by the Chayity are classilied as follows.. FiJiai)cial assets I'eceivables aiid fJnanLial li(ibilili¢s dr¥ classified as held at al￿OrtISed eost Financial asset investtnents hre held at fair value. Cash is held at cost Coing Concer The tn]$tees ¢onsid¢r iliat there aTe no Inaterial UnC￿￿1n11e5 about the charity's ability to continue as a goiiig Concei'n. HIBBEI RT ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEIVIII NTS (¢oTh¢inued) FOR THE YEAR ENDED 31 DECEMBER 2023 PRINCIPAL ACCOUNTtNG POLICIES (Conil￿ve￿j Judgement and key sources of estiination uiicertainly The preparation of the fMk)ncial statements requires judgemenls. estimaies and assuinption that affect the aillounls reported for assets and liabilities as at the balai)ce slieetdate and Ihe ainounts repoJ*ed for revenll¢s Rd expfflises duTiiig tlie yeai.. However, the natuiE of estimatioi) me811S tliat actual outcome5 could diff&' frorn those estiinate5. Tile following judgeinents {apart from those involving estiniates) have had an effect on amounts recognÉsed in the fJnan¢ial Stat￿￿¢￿ts.. T3ngible fixd asscts are dcpJrcÈated over their USEful lives laktng into account IEsidual values, where appropriate. The aetual lives of thc as8et8 aThd r&%idual vallles are assessed annually and may vary depellding oll a rnumber of factors. In re-assessing a9set lives, factors such a.% technologic21 innovation> wnduct life ¢ycle5 aDd Inaintet)aiice pro￿.all)mes are takn) iiito actouiit. Re&idllal valuc as8css]nont% ci)nsider issues sucli as mai'ket coiidilions. she reinaining life of die asset aild pi'ojected disposal vJlu¢$. TRUSTEES, EMOLUMENTS None of th¢ Trustees received any emoluanents in year in respect of their duties. Trnslees, expenses for the yea¥ were £0 (2022 £0). 2023 2022 IT+rrEI RFST RECEI IVABLE AfqD OTHEI R INCOME Bank deposit interest Inv¢$ttii¢nts in¢ome 2,939 1,500 4,439 974 REFURBISHMENT COSTS Extraordinary Rep2ii Redecoration- No 717 No 715 R¢decoration- No. 723 6.228 3.281 SURPLUS FOR THE YEI AR The sU￿lUS is stated aftej. charging.. R¢porting A¢couDlanl (excluding VAT) VAT 1,197 239 1,436 1,450 290 1.740 TAXATION Hibbert Almsliouse Chai'ity l)ag iio liability in the yearto taxalion 01) ils ittcom¢ and capital gains to the ext¢nl thal it applies to its charitable activities. li HIBBII RT ALMSHOUSE CHARITY NOTEI S TO THE FINANCIAL STATEMENTS {rontithued) FOR THE YEI AR END£ID 31 D£ICEMBEI R2023 UNITS UNDER MANACEI MENT AT YCI AR CI ND 2023 2022 AhEtshouscs I MPLOYEES INFORMATION 21123 2022 Ttle overage weekly numberof persons employed dw'ing the year was (Jull riijje Nil Nil 9 {9). FIXED ASSETS- FREI EHOLD PROP]£RTY 2023 2022 Capitalisatitirt ofReiiovatlOlls Projeet Expendilure.. AtOI.01.2023 Additions At 31.12.23 811,529 759 634 l 571163 99,546 711983 811529 The value placed upon the site and the alin5houses is the hisloi'ic cost, which is deenied to be £Nil. 2023 2022 9 (bl FIXCI D ASSETS- EQUIPMEI Nr C05t At l January 2023 Additions Di>posals At 31 December 2023 4,730 400 4,775 419 464 4,730 D¢preclxtion At l Januaiy 2023 ChaiEe foi. the year Disposals t 31 December 2023 3,075 520 2,648 473 46 Net Book Value Al 31 DeeeiNber 2023 At 31 December2022 12 HIBBEI RT ALMSHOUSI CHARITY NOTES TO THE FINANCIAL ST ATEMENTS (eorttinued) WOR THE YEI AR NDE* D 31 CEMBER 2023 10. INVESTMENTS The investments were held in M&G Charity Multi-A5set Fulld, and the holdings a￿ Stat￿ at the mai'ket value as at 31￿ Decembei.. 2023 2022 At l Januaiy 2023 Addilions.. Dividends iEceived Sale of shares Net chyiige in value of inve51inents during the year At 31 Deceinbei. 2023 36,99D 1,5(10 235,791 8,767 1206,494) 796 39,286 36,990 Held at 31 Deceillba'2023 for.. Cyclical, and F.¥traordinary Maintenance Re5erYes 2,n93 Accumulatioii shares Ei1dow￿e￿t Reseive 158 A¢¢wnulalion shares 21,520 20262 II. DEBTORS AND PREPAYMENTS Expense prepayments runds held by.. Londoii 131ock ManageJMent Ltd Mainteiiance ConlributioDs du¢ Provisithi for Bad Debts Gi?nts receivable.. Gi'eater London A￿thority G#rfAeld Westoii Foundalion ,639 10 J30 13,877 (7,123) 40,000 25,000 7,684 2,330 16,781 3,l21 400,000 25,000 7,615 454 847 Olh¢r debtors 12. BANK IJALANCES C.urrenl account Dcw)81t acciwnt Cash in halld 1,104 39,209 52 76,580 41,770 52 118,402 13. CREDrroRS AND ACCRUALS Amouiits f91li￿g due wil￿1￿1 on¢ year ExpeA]se acciwals Renovalioii expenditure accruals Maintenance Conh'ibulioiis ui advance 10,845 230,787 1,512 243 144 81,538 941 92,590 13 HIBBERT ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATCI MCI NTS (eoiktinued) FOR THE YEAR EI NDED 31 DECEMBER 2023 14. Rfi SERVES SUMMARY OF fiUND MOVEM£NTS Fund$- 2023 Name Gaiiis aihd Balances Net Trallsfer {Losse5) 3A.12.21123 Balaiice$ 1.1.21123 Ineome Expenditure Endowment Resli'icted Uiirestricted: 16,728 1,241,457 678 171,383 678 156,503 360 17,766 1,397,960 (14,880) 39,879 61,272 (39,4471 21,825 (11,920 47,784 Exttaordinary 7,5¢M 411 411 5,120 218 13,253 Cyclical 18,141 411 (9,509) (9,098) 8.800 218 18,061 Chai'itable Total Total Funds: 7,124 (1,336) 52.292 (65.1721 (1,336) 1,802 168,983 5,788 436 796 1,500.612 1,330,833 234,155 Fuiiils- 2022 Name Gains and Ilalances Net Transfer (Losse5) 31.12.2022 Balallces l.la022 Ineome [4 Ap¢nditure Endowinent Resh'icted Uttrestricted: General 16,597 781,741 617 470,058 617 459,339 {486) 16,728 1,241,457 (10,719) 377 40.000 56,875 (44.143) 12,732 (12,853) 39,879 Extraordinary 10,000 3,704 (7,267) (3,563) 5,477 {4,410) 7,504 Cyclical 10.000 4,446 4,446 6,995 {3,300) 18,141 Charitable Total Total Funds: 7,655 (5351 51,945 {62.664) (535} 7,124 377 865,993 535,700 473,036 (4.196) 1,330,833 15. RESTRICTED RCI SERVES 2023 2022 1Sa. ENDOWMENT RESERVE At l Januaiy 2023 Divtdend¥ T¢ceived re-ii)vesled Inci'e?s¢ l {DecLt1c se) in the value of National Assoriation of Alinshouses At 31 Deceinber 2023 16,728 678 360 16,597 617 486 16.728 HIBBCI RT ALMSHOUSE CHARITY NOTES TO THI FINANCIAL STATEMEI NTS (Continued) FOR THE YEAR ENDEI D 31 DECIMBII R 2023 15b. OTHEI R REI STRICTED RESERVES 2023 2022 RKNOVATIONS RESERVE A l Jai)uary 2023 Donations r¢ceived Grants Irceivable: Gre*tEr London Autliority Garfield Weston Foundation 1,230,454 168,203 770,738 39,476 400,000 25,(MJn 5,582 Tax reeoverable Bank iiiteresl Executive Fundrdiser- Fve Fundiaising fee- G￿.fIeld West(m Fouhdation Allocati(Ki of dividends aiid capital losses Loss on disposal of'shares di)JJatf At 31 Deceinber 2023 241 2.939 {1,724) (8.995) 377 1,386 957 1.230,454 Tl)e Keceivable from the Oreatei. London Autl)ority is for improving "Equal Access" forillerly cull¢d"Di8abled Access" 21123 2022 GARDEI N RCI SERVC At I january 2U33 Donation recetved At 31 December 2023 11,003 11,003 11,003 TOTAL- 15b 1397 960 1,241,457 t6. UI¥RESTRICTED RIISERVEI S 2023 2022 168. GCI NERAL RESEI RVES At l Januaiy 2023 Total Su4)lus (oi. year Less tsallsfeTS to Otha. Unre$ts'iGt¢d Reserves Ai 31 Deceinber 2023 39,879 21,825 40,000 12.732 39,2179 16b. EXTRAORDINARY REPAtRS REI SEI RVC 20233 2022 At l January 2023 Transfrr from inconie and expenditUlE account Dividends iEceived re-iiive5ttd Less trdnsfer to.. l Resei'ves- Extsaordinary Repairs (Note 41 {Decrea5¢yincr¢as¢ ii) the value of investtnenls and loss on sale Rtallocatioi) of dividend lilwi￿¢ aiid capital gains At 31 Deceinber 2023 7,504 5,120 411 10,000 4,736 3,704 (7,2671 (4,410) 741 218 13.253 By order of Ilie Charity Cominission¢rs dated 16 May 1979, (he Trustees aTe obliged to establish a reseive lo meet exceptional repair and improvement cosrs, L5 HIIIBEI RT ALMSHOUSC CHARITY NOTES TO THE filNANCIAL STATEMENTS (conttllued) riOR THEI YEAR ENDEI D 3J DECEMBER 2023 16e. CYCLICAL MAINTEI NANCE RESERVE 21123 2022 At l Jglluary 2023 Tiinsfei. froin intoine ond expenditure accouiit Dividends received re-Èiivested Redecoyation works- Not¢ 4 IDeciE3seytnwt8se in the value of investsnents aEid loss on sale Reallocation of dividend income and capÉtal gains At 31 Decen)bei' 2023 18,141 8,800 411 (9509) 218 10,000 8,136 4,446 {3,300) 18,141 By older of the Chai'ity Comiiiissionei's dated 16 May 1979, the Trustees may establish 8 i'eserve for the pui'pose of pix)viding foi. ordinary niaiE]tenance and repair of tl)e Almshouses as I￿aY Tecur at infiTquent iiiteryals 16d. CHARITABLE RIISERVK 21123 2022 Al l Jalluary 2023 Transfer to General Reserves- Expenses- Note 29 Allocation of dividend ijicoine capital losslsurplus At 31 Dec¢inb¢r 2023 7.124 {1.336) 7,655 (535) 17. OPbRATINC LEI ASES- There w•'e no operattng leases eiiteiEd inti) dui'ing the ye81'12022-NoDe), 18. CAPITAI. C.nTIIMITMENTS Reiiovnlions Pi'oj¢tt- The project was substaihtially complete a$ at 3151 December 2023, and so all the cost8 rclating to the PiDject have been inch]ded in ihese A￿o￿nIS including an acctual f￿. costs not yel paid of £230,787. In ord¢T to fllthnce tl)ese costs a loan foLilily uf £230,000 has been ari'anged with Cliarity Bajik. On 13111 Marcli 2024 £150,0￿> of this faLility was drawn down. li)terest is pay&bl¢ at 2.5 /D above the Bank of England Base Rat¢ which Lujrently S.25*/￿ p.a. plus 2.5/•- 7.75¢/0. 19. CONTIGENT LIABILITIES There were no coiilingyent liabÉlities as at 3111 Deeeinber 2023. (2022 £3,374) 20. RCI LATED PARTIES Donltliolls were received frozn trustees in 2023 £185,528 (2022 £2,594) inoluding Encoine Tax rKov¢rable. Tlier¢ wei'e no other ttlated party trapsaclion5. 16 HIBBII RT ALMSHOUSC CHARITY NOTII S TO THII FINANCIAL STATEMENTS (coDtiThued) FOR TH£ Y£1 AR NDII D 31 DEI CEI MBER 2023 21. INCOIVAE AIYD KXPENDITVRE ACCOUNT Note5 2023 2022 tNCOf*lE Matiitefiance conli'ibutioiis Less.. Voids 64,986 4,515 60,471 .500 168,444 59.016 3.115 55.901 8,767 45,058 425.000 974 Inve%ttkient ineonie Doii8tionB Llank intercst Othei. income TURNOVE4 R 2,939 801 234,155 XPENDITURE S¢rYite5 Gas Electi'i¢tty Walei. i?tes Gal￿etting- laboui. G￿l￿etting- mat¢rio15 TV licellcc 8,340 1,900 2,176 1,930 2.659 5,023 1,620 1,988 3919 11081 10 M#n•g¢ment Catrtaking In5ui'anc¢ Sundry cxpeJ)s¢s Managing &g¢nt 3,296 2,655 1,086 4.8UO 11,837 3,613 2.172 317 4.800 Covernan£e Reptsttittg a¢eouThtsnts Subscriptions Wcbsite and vtde meeting ocosts 1,436 496 1,740 487 327 554 M￿111￿￿111¢t Replate￿entS Boilej, s¢rvi¢ii)g and ga5 safely checks Premisc5 iypairs ond tmainlenaiice Windoiv clcanitTrg and pe51 Control Healih and safety cherk5 l)rofessiunlll fecs Depreciotion & loss on dispo5al- Equipment (130) 10,836 234 861 5.433 891 1,050 52(1 'I'ol#J ruidrnt$' exptndllure 44,143 Rcfurbishmenl cost Provision for bad deb15 Fundr8lslng- Fee of ex¢LUtive tundraÈsrr Fee- Gk)I'field Weslofi gi•nl L￿sS on sale ofdonaled inveqlmenl Cliarilable Reserve Expenses- Chrislmas gifts lo iesideiiis CclebialÈoMIGarden Parly 9,509 7,123 7.267 1,724 8,995 14,880 6110 736 375 160 18.521 OPERATING COSTS 65,172 SURPLUS- See Statement of Finai)ciBI Activtties- Pa8e 7 68 983 473.036 17 HIBBCRT ALMSHOUSI CHARITY NOTLS TO THE FINANCIAL sfATEMENTS (eontinu¢d) FOR THE YEAR E]YDED 31 DECEMBER 2023 22. ANALYSIS OW ASSETS HJITWEEI N FUNDS AT 31 DCI CEMBER 2023 Umregtricted Restricteil 21122 Ullrestrleled Reslj'icted Total Tot#1 Assets Ti£ Iigible r￿Ed Assets: Ftreeliold pibperty F.quipment Ftxed asscts investmenls Dcbtors Cash Liabilities: Creditors 1,571,163 1,571,163 1,535 39,286 98,530 40,365 811,529 811,529 1,655 36,990 454,847 118.402 ,535 21,520 33,530 47,781 1,655 20.262 29,847 32,452 17,766 65,000 (7,416) 16,728 425,000 85,950 230 787 243 144 1415,726 1507 735 11,568 1258 185 1330833 23. FINANCIAL INSTRUMENTS At the Balanc¢ Sh¢el date the Chaiity held the following.. 21123 2022 Finaoeial Assets MeasuTEd at eost.. Cash 40,365 118,402 Measured al al￿￿tISed cosl-. Funds held by LoDdon Block Manageinent Ltd Maiiitenance Co￿trIbU110n% due Othei. debtors 10.330 16,781 13,877 3,121 72,684 432.615 Me45u]rd ul fair valu¢.. InveslIn¥nls 39,286 36,990 Total Assets 176,542 607 909 Fin&Ncial li8bilities Measui'ed at ￿)lOrtiSed cost.. Expense A¢¢ruals Maint¢nonce Conhi17Utions ID advaDce 241,632 1,512 91,649 941 Total Financial Liabilities 243 144 Note: This note sets out the ba515 of valuatioii of items defmed as Financial Inslmmenls, whieh includes all assets and liabilities except foi. Frethold Pix)p¢ity, Lquipmenl and PrepuyineDts. The lei'ms"fair value" and"amoKlised cost" al'e defiiied in FRS102. Fair value is equivaleTrt lo 'InaTket valu¢" The def￿1¢101) of"ainoi1ised cost" is i?ioiE c￿Mple￿, bEJt in 1Iu5 ca5C, itsults iii the same figures as appeal. in the Balanct Sh¢¢t. 18