REC.ISTERED CHARITY NUMBF.R.. 216144 Report of the Truslerf ¥nd Audited Fin8Dcial Ststements for the Ycar EThded 31 Mgrch 2024 for St M&rtin-iD-the-Fields Almshouse Charity Bullimores LLP Statutory Auditor & Chartered Accountants Old Printers Yard 1 $6 South Street Dorking Surrey RH4 2HF
St Martin-in-the-Fi¢ld5 Almshou$e Charity Contcnts of the Financial Statements for the Year Fnded 31 Mareh 2024 Page Report of the Trusttts Report ofthe Independent Audilor5 St¥tement of Flnaneial Activilies Balance Sheet Notes to the Financial Statements 10 to 17 Detalled Statemont of Financial AetiYitie4
St Martin-in-the-Fields Almshouse Charity Report of the Trustee5 for the Year Ended 31 March 2024 The tNstees present their report with ihe financial statemenis of the charity for the year ended J l March 2024. The trusteES have adopted the provisions of Accounting and R¢porting> by ChariLies.' Statement of Recommendcd Practicc applicable to Ch{ltieS preparing their accounts in accordance with ihe Financial Reporting Standard applicable in the UK Republic of Ireland (FRS 102) (effectiv¢ l January 2019). 0ECTIVEs AND ACTivrriFS Objectives The Charity provides accommcxlation for p¢oplc of little fmancial means who have lived in th¢ City of Westminster area and for key workers such as nurses. The accommodation comprises the residential units within the premises of the Almshouse. The trustees wish to redcvelop the existing building. The building of a new Atsnshouse has always been coniingent upon the redevelopmcnt of a major building in Westminster. The ownership of the development ¢ompany h05 changed. which has resulted in delays to th¢ building of a ew Almshouse. They have, however, reallThed their intention to completc both these projects. Public benefit The public benefits from the Charity by the provision of affordable housing for key workers and elderly persons of limited means. The Trustees refer to the guidance contained in the Charily Commission's general guidance on public benefit when rcvi¢wing the aims and objectives of the Charity in plathning its fiLture activities, in a¢¢ordance with section 4 of the 2006 Charities A¢L ACHIEVEMENT AND PERFORMANCE Rcview of&ctivitie5 Financial report Th¢ principal funding 90ur¢es of the Charity aro wcckly maintenance contiibutions. A dcfi¢it of £8,845 (2023 £13,138) arose on op¢ralions as well as an iiivestment gain of £90,657 (2023 - £19.533 loss), resulting in a net increase in resources of £81,812 {2023 - £32,671 decrease). The key objective of the Charity is to providc housing and to this end the Charity has continued to refibith and maintain the building during ¢he year under review. The Charity seeks to remain ¢urr¢nt with all housing and he<h and salety regulations pertaining to thc Clwity and funds have been utilised to pay for re inspections, pest oontrol, building maintenancc and staff training. Society as a whol¢. benefits from the Charity continuing to providc affordable housing for Elderly persons of limited means and Key worker8 the majority of whom ore nurs¢s. FINANCIAL REVIEW Welfare Fund An amount of £2,914 (£2,694 for 2023) spent on resid¢nts' welfare which includ¢d taking residents to hospital appointments. Investment policy Independent investment advisors managt the Charity's investments. The policy continues to be to mLXimise returns consistently with the appropriate levcl of risk to a Charity of thi5 nature. Reservts Poliey The Trustees con5idcr that the Inyestment Portfolio, valued at £857.463 at the balance sheet date (2023 - £815,993), plus thc insurance policies held guardntcc cnough rescrves lo ¢ope with any major expenditure. Page I
St MArtiTh-in-the-Fields Alm$houst Charity Rtport of the Trustees for the Year Ended 31 MAreh 2024 FINANCIAL REVIF.W Internal Controls A Budgetary Control System is operat¢d with quarterly reporting and a forewt is updated annually. Attention is given to cyclical maintcnance and invcstmcnt forecasts togcther with an annual review of the M&intenan¢¢ conlributions. full external audit is carried out. The ftre alami syst¢m, fire appliances, lift ventilation and boiler have all been maintained by contracted firms, an independenl lift inspector inspecis the lift, in addition to nornMI servicing. STRucfuR[ GOVERNANCF. AND MANAGEMENT CTOVtrDing doeumcnt The Charity is ¢ontrolled by it8 governing document, a deed of trust, and constitutes an unincoTporated charity. The deed of trust was sealed by the Charity Comrni5sioners on 3rd October 1974. OrgaThisational struclure There are currently six Ttee$. -fruslees meet four times a year for generdl business. Sp¢oial meetings are held as and when necessary. The Charity is administered by the Clerk under the direction of th¢ Trust¢¢s. Th¢ Manager deals with day to day matters concerning ihe Ben¢fi¢iaries of ihe Charity and the Almshous¢ under the direction of the Clerk. The Charity wis1S io record its grati¢ud¢ for the many years of service of Lady H Tenrwit, who sadly pa55¢d away in January 2024, . Risk statetnent The Trustees are not required under the current Charity Commission and SORP guidclines to carry out a review of ihe major risks thc Chdrity faces, since thc income does not exceed £250,000. However. the Tnle¢S rccogni5e that thi5 IS an issuc and they continue to monitor risk as an ongoing proccss that fom5 part of the nomial managomcnt of the Charity. Reference is made in previous parwaphs to thc procedure and practice relating to the Investment Policy, Intemal Controls and MaiT)tenance. Trustees are sattsfied that the combinalion of the Charitys fJnan¢ial reserves and its Prudent financial management should allow it to withstand the iinpact of the CL¢rrent period of high iuflation. Auditors Bullimores have been re-appoin(ed as ihe external auditors. REFERENCE AND ADMINISTRATIVE DETAIts Registered Charity number 216144 Principal addrcss 75 St Johns Wood Terra¢c Ltsndon NW8 6LF Pag¢ 2
St Martin-in-the-Field$ Almshouse Charity Rert of the Tru$tees for the Year Ended 31 Mareh 2024 Trustees Mrs P Levinson Joint Chair Lady H Tennant (dcccased 5.1.24} Mr A Mainz FCA Joint Chair Mr A Lacey Mrs E Wills Mr R Englehart QC Mr J Cohen (appuint¢d 6.12.23) Auditors Bullimores LLP Statutory Auditor & Chartered Accountants Old Printer5 Yard 156 South Street Dorking Surrey RH4 2HF Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill Wcst Malling Kcnt hlE194JQ Solicitors Chatiertons D¢mbleby House 12 Broad Str¢¢t Spalding Lincs PEI I IES Jnvestment Managers Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU STATEMENT OF TRUSTEES, RESPONSIBILITIES The INstces are rcsponsibl¢ for preparing the Report of the Trustees and the financial statements in accordanc¢ with appli¢abl¢ law and United Kingdom Accounting Standards (United Kingdom (ienerally Act¢pt¢d Accounting Practice). The law applicable to charities Èn England and Wales, the Charitie5 Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the tru51 deed requires the trustecs to preparc financial stAtcmcnts for each fmancial year which give a true and fair view of the state of affair5 of thc charity and of the incoming resourecs and applicalion vf resoU¢s. including the incomc and expenditure, of the charity for ihat period. In preparing those rinancial statemenis, the trllsiees are required to select suitable ac¢ounting policies and then apply them consistently. obscrve the mothods and principles in the Charity SORP,. make judgemcnts and estimates thai are reasoi)able and prudent; prepare the financial statements on the going concern basis unl¢ss it is itvAppropriat¢ to presume that the cl)arity will continue in business. Page 3
St Martin-in-thbFields Almshouse Charity Rtport of the Trustees for the Year Efjded 31 Mareh 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES- eontlthlled The trustees are responsible lor keeping proper accounting records which disclos¢ with reasonable accuracy at any time the financial position of the charity ad to enable them to ensure ihat ihe r]nancial statem¢nts comply with the Charities Act 2011, the Charity (AccoLJnts and Reports) Regulations 2008 and the provisions of the mist deed. They are also rEsponsibl¢ for safeguarding the assets of the Charity and hence for taking rehsonable Steps for the prevention and d¢ieclion of frdud and other iTtegularities. Approved by order of the board of trusiees on. lo ioZIt and signed on its behalf by: 4..Ti | Mr A Mainz FCA- Page 4
Report of the Independent Auditors ¢0 thc Tru$teei of St Martin-in-thc-Ficlds Almshovst Charity Opinion We hav¢ audited the financial statements of St Martin-in-the-Fields Aknishouse Charity (the 'charity') for the year ended 31 March 2024 which comprise thc Statement of Financial Activities. the Balance Sheel and not¢s to th¢ financial statements, including a summary of significant accounting policies. Th¢ financial reporting framework ihat has b¢en applied in their prepardtion is applicable law and Uniied Kingdom Accounting StaJ)dards (United Kin&dom Genernlly Accepled Accounting Prdclice). In our opinion th¢ fitwncial statements.. live a true and fair view of the sthte uf the charitys affair% as it 31 March 2024 and of its incoming rc%ources ond appliLlltion of Tesourccs, for the year then cndcd. have been properly prepared in aceordancc with United Kingdom Gcn¢rally Accepted Accounting Practice. and have Ien prepared in CordanCe with the requirements of the Charities Act 2011. B25is for opinion We conducted our audit in accordance with Intemational Stsndards on Audiling (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor5, responsibilitics for the audit of the financial statements section of our report. We are indepcndent of thc charity in accordance with the cthical rcquircments thai are relevant t(1 uur audit of the finallcial statements in thc UK. including the FRC'S F.thical Standard. and we have fuifillcd our other ethical responsibilities in accordance with thc$c requiremcnts. We believe thai thc audit evidence wc have obtained is sufficient and appropriate to provide a basis for our opinion. Conclllsions relating to goiTrg concer In auditing the fmancial statetnents, we have concluded that ihe ttee$, use of the going concerii basis of accounting in the preparation of ihe financial statements is appropriate. B(Ised on th¢ work we have perforni¢l we hav¢ not identified any material UllLertaint1¢5 relating to events or conditions Ihat, individually or Collectively, may cast significant doubt on th¢ ¢haritys ability to coniinue as a going concern for a period of at least iwelve month5 from when the fmancial statements are auihori5ed for issuc. Our responsibilities and the responsibilities of the trnstees with respect to going COTLcern ar¢ de5crib¢d in thc rclevant sections of this report. Othtr inform*tio -l-he tmstecs are rcsponsible for the other inforniation. The other inforniation comprises the infomiation includ¢d in tli¢ Annual Report, other than the financial stateTnEnts alld our Rep)rt of the Indep¢ndeni Auditi)rs thereon. Our opinion on the fI[nclaI stai¢rn¢nts does not cover the other inforniatiotl an(t execpt to the extent otherwise explicitly stated in our report, we do not expre55 any form of assurance Conclusion ihereon. In connection with our audit of the finan¢ial statements. our responsibility is to rcad the other information and, in doing -%0, cDnsidcr whether the othcr infom)ation is materially inconsisieni with the flnancial stateinejits or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such m<il¢rial incon515tcncie5 or apparcnt matcrial misslatements. we are required to detemiine whether this gives rise to a material Inissiatement in tlie rinancial slalementS themselves. If, ba5cd on th¢ work we have perfornied. we conclude thai there is a niaterial misstatement of this other inf0MtiO we are required to report that fa¥¢. We have nothing to report in this regard. Matiers on whieh we are required to report by exception Wc havc noihtng to report in respcct of the following matters where ihe Charities (Accounts and Reports) Rogulaiions 2008 requires us to report io you if, in our opinion.. the information givcn in th¢ Rcport of the Trustees is inconsistent in any matcrial rcspcct with thc financial staiements. i)r 5ufficicnt accounting records have not been kepl,. or the finaiicial statements are not in agreement wilh the accounting records and reiums,. or we have nol received all the infomiation and explanations WE require for our audit. Pag¢ 5
R¢port of the Independent Auditors to the Trustees of St MartSD-in-tht-Field5 Almshollse C113rity Re5pnnsibilitie* of trustee% As cxplained more fully iii the Statement of Trustee5' Respoiisibilities, the Iruste¢s dre responsible foi Ihe preparaiion or Ihe financial statements which give a true and fair view, and for such internal u)nlrol as the tryst¢¢s determine is necessary to enable th¢ preparation of financial stalem¢ntS that are free frotn rnalerial misstatement, whether due to fraL or ctTOr. In preparing the flnaiicial statetnents. the tswstees ar¢ r¢5ponsible for assessing the charity's abilily lo continue as a going concern, disclosing, as applicable. matters related to going eoncem and using tlie going ci)nccrn basis of accounting unless the trustees eiiher int¢lld to liquidate the charity or to ccasc operations, or have no realisiic alternative but io do so. Our responsibilities for the audit of the finanelal $tstements We have been appotnted as auditors under Section 144 of the Charit1¢5 A¢t 2011 and rcport in accordance with the Act and rclcvallt regulations mad¢ or having effcet thereunder. Our objeciivcs ar¢ to obtain reasonable assurance about wliether the financial slatement5 as a whole are free frorn maierial misstatcment, whether due to fraud or error, and to issue a Report of the Independeni Auditors thal includes our opinion. Reasonabl¢ assurance a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material mi5Statement when it exists. Missiatemettts cat) arise frum fraud or ¢rror and arc considered material if, individually OT in the aggregate, they could redsoThably be expeCd to influence the ECOnOmiC decision5 of users taken the ba5i5 of these financial slatemenis. Itregularities, including frau(L are instances of non-¢ompliance with laws and regulaiions. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We obtained an understanding of the legal rttgulatory frameworks that are applicable to the Charity and detemincd that the most significant whieh are directly rclcvant to specific assertions in the financial statcments ar¢ those related to the reponing frameworks (FRS102, the Charities SORP dnd the Charities Act 20111. We understood how the Charity is eomplying with thos¢ l¢gal and regulatory framcworks hy making enquiries of lh¢ trusiees and management. We did not idcntify any matters relating non-compliance with laws and rcgulaiion8 or relating to fraud. We a8%essed ihc susceptibility of the Charity's financial statemenis to material mi%%t3tement, including how fraud might occur by discussions with the trustees and Tnanagement to undcrstand area% where they considered there was susceptibility to fraud. We also considered pressures on the trustees and manageTnelll to rneet any external pressures in reporting the fjnancial results gf the Charity. Audit procedures perfomied by the engagement team on the areas where fraud might occur includ¢d.. evaluation of management's internal processes designed to prevent and delect irregularrties testing, with a focus on eiitries detern)ined to be large or relating io unusual trynsactions review of data to detecl unusual transactions Assessinent of tl)e appropriateness of the collectiv¢ wmpetence and Capabiliiies of the engagement team included ¢on5iderntion of the enuiagement team's.. under5taAding of, and practical experience with audTi engagements of a similar llature and complexity tlirough the appropridte trdining and partlcipittion knowled&re of the sector in which tlie Charity operates understanding of ihe legal and regulatory requircmcrtts specific to tho Charity. A further description of our respon8ibilLt1¢5 for thc audit of the financial siatemenis is loeatcd on the FKnan¢ial R¢porting Collncil's wcbsite at www.fr¢.org.uk/auditorsresponsibilities. This dcscription fornis part of our Report of th¢ Independent Auditors. Page 6
Report o( tht Independent Auditors to the TrSte£S of St Mgrtin-in-Ihe-Fields Alm$houge Charity Use ofovr report This report is tnade solely to the charity's tstee5, as a body, in accordance wilh Pan 4 of th¢ Charitie5 (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so ihai we fftight 51ate lo ihe charity's trustees those matters we are required to gtale to th¢m in an auditor5, report and for no other purpose. To the hJlle5t extent pern]itted by law, we do not accept or assume responsibility io anyone other than the charity and ihe charity's trustces as a body, for our audit work, for this report, or for the opinions we have ftsed. Bullimores LLP Statutory Auditor & Chartered Accountants Old Prinl¢r5 Yard 156 South Street Dorking Surrey RH4 2HF Date.. Page 7
St MartiTh-in-thc-Fields Almshouse Ch#rity ststement of Financial Aetivltie5 for the Year Ended 31 March 2024 31.3.24 Total funds Unrestricted nds Ertdowment funds Total fijnds Noies INCOME AND ENDOWMENTS FROM Donations and legacie5 5,000 Charitable xttlvltles Maintenance 193,527 193.527 173,774 Inv¢stment income 567 567 223 Total 194,094 194.094 178,997 EXPENDITURE ON Charitable activities Maintenance 202,939 202,939 192,135 N¢t ¥a]n(lo55eS} on investments 90,657 90.657 (19.533) NET INCOMEJ(EXPENDITURE) Transfers between fllnd% (8.845) 187 90,657 (187) 81,812 (32,671) 15 Net movement in funds (8.658) 90,470 81,812 (32,671) RECONCILIATION OF FUNDS Total ndS brought forward 535,008 2,166,570 2.701,578 2,734,249 TOTAL FUNDS CAIIRIED FORWARD 526,350 2,257,040 2,783,390 2.701,578 I'he notes fomi part of these fjnancial statements Pa£¢ 8
St M8rtin-tn-the-Fi¢lds Almshnuse Charity Balance Shtrt 31 MAreh 2024 31.3.24 Total (unds 31.3.23 Total runds Unrc5tricted funds Endowment nds Noles FIXED ASSETS Tangible assets Investments 504.589 1,350,577 857,463 1,855,166 857,463 1,855,166 815,993 12 504,589 2.208,040 2.712.629 2,671,159 CURRENT ASSETS Debtors Cash at bank 13 22,733 21,840 22,733 70.840 19,004 32.983 49,000 44,57J 49,000 93,573 51.987 CREDITORS Amounis falling due within one year 14 (22,8 12) (22.812) (21.568) NET CURRENT ASSETS 21,761 49,000 70,761 30,419 TOTAL ASSETS LESS CURRENT LIABILITIES 526,350 2.257.040 2.783,390 2,701.578 NET ASSETS 526,350 2.257,040 2,783,390 2,7n1,578 FUNDS Unrestricted fund5= Gen¢ral fund WelFaie Fund 15 525,218 1,132 530,962 4,046 526,350 535,008 Endowment funds.. Endowmcnt 2.257.040 2,166,570 TOTAL FUNDS 2,783,390 2,701,578 The financial statements were approved by the Board of Trustecs and authorised for issue and w¢r¢ 5ign¢d on it5 b¢half by.. on Mr A Main7. 1-'C Mrs P Levinson-"I"rustee The notes form part of these findnLial Page 9
St Nartin-in-Ihc-Fields Almshouse Charity Note8 to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLJCIF.S Ba.518 of prtparing the finaneial statements The financial statement8 of the charity, which is a public bellefii entity under FRS 102, have been prepared in accordance with the ChaTities SORP {FRS 102) 'Accountitl&F and Reporting by Charities: Statement of Recommended Practice appli¢able to Lhariiies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {eff¢clive l January 2015),, Financial Reporting Siandard 102 'The Financial Rew)rting Standard appli¢ablc in the IJK and Rcpublic of Ireland. and th¢ Charities Act 2011. The financial st2tcment5 have been prcpared under the historical cosl convention with the exception of investments which are included at market value. The Truslc£s consider that ihcre are no material uncertainties about the Charity'5 ability to continue as d going conccm and the accounts have becn prepared on this ba5]5. Financial reporting standard 102- reduced disclosure exeptIOnS The charity has taken advantage of the following disclosure exemplion in preparing ih¢s¢ financial statements, as pemiitt¢d by FRS 102 The Financial Reportin8 Statldard applicable iti the UK and Republic of Ireland.: the requirements of Section 7 Siatement of Cash Flows. liicom¢ All income is recognis¢d in the Statement of Finan¢ial Activities once thc Charity has cntitlcmcnt to the fund5, it is prvbable that th¢ income will be rweived and the amount can be measured reliably. The trust deed allows fvnd5 held in the Endowment Fund to be used as considered appropriate by the Trustees, provided ihat all other charges as spccified by thc deed have been defraycd. There are no such charge5. ExpendItre Liabilities are rccognised as exp¢nditurc as soon as there is a legal or conslructive obligation corntnitting the Charity 10 ihat expenditure, it 1% probable thal a transfcr of economic benefils will be required in seitlemeni and the amount of the obligation Can be measured reliably. Lxpenditurc is accountcd for on an accruals basis and ha5 been classified under headings that aggregate all cosi related to the category. Where costs cannot be directly attributed to particular heodiDgs they have been allocated to activitte8 on a basi5 consistent with the use of resources. Charitable activltlts Costs r¢l4ltE to ihe pr(Trvision of the annual lfare fund to be used for the welfare of ihc bcncficiaries. Covernanee costs GovernanL£ Costs wmprise all legal and professional fees rclating to the Charity, and 411 travcl and training cost5 n¢¢essi(ated by adherence to statutory rules relating to govemnce. Allocation and apportlonmtnt of costs Support costs in rclation to legal and professional fees, bank charges, trainin& travel and sundry arc apportioned by transaction, payroll Costs are allrfaled by timc, all other costs are knrne directly. Tangible fixed a55ets Thc propcty held by the Charity 15 shown at cost and is not depreciated as (he Trustees consider tlie r¢sidual value to be in exces5 of this aTnollnt. T4xativ The Charily iy exempi from tax on ils Charitable activities, falling within section 505 of the Taxe& Act 1988 or 5eclion 256 of the Taxaiioii ofcharg¢&ible Gains Act 1992. No tax charges have arisen in the charity. Unrestricted funds can b¢ used in (ICGordance wilh the charitable obj¢ctives at th¢ discretion of Ihe Trustees. Page 10 continued...
St Martin-in-the-Fields Alm5hnu5¢ Charity Notes to th¢ Finantial Statement5- continued for the Year Ended 31 March 2024 ACCOUIYTINC POLICIFS- continued Fund accounting Rcstricted funds, if any, can only be used for particular Testricted purposes within the nbjects of the Charity. Restrictions arise when specified by the donor or wh¢n fid$ are rdised for particular restricicd purpo5e5. Further explanation of the natur¢ and PUTpose of each fimd is Includ in the notes to the financial statement5. Pension costs and other ptsst-retirement benefits The Ch<]ty operates a defined ¢ontribution pension scheme. Contribut10115 puyable to the charily's pension schem¢ are chargcd to the Statement of Financial Activities in the period to which ihey relate. Fixed asset investMets ixed <t55et investmei)Is represent ¢oll¢¢liv¢ investment funds maTtag¢d by Sar35in and arc included at Ihcir fair value. The values are based on the Bid price as at the close of business On thc balance shcct date. l)uring the year investment management charge5 generated a net rebate of £187 (2023 - £182). INVESTMENT INCOME 31.3.24 31.3.23 Deposit account interest 367 223 INCOME FROM CHARITABLE AcfiviTIES 31.3.24 31.3.23 Activity Maintenanee Maintenance contributions 193,527 173,774 CHARITABLE AcrtVITIES COSTS Direcl Cosls (see note 5) Support ¢05ts (see note 6) Totals Maintcnance 197,335 5.604 ?02 1139 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.24 31.3.23 Staff L05ts Welfare fund Insurance Telephones 136,665 2.914 6,248 1.237 19,308 995 28,039 1,238 88 30 573 130.526 2,694 5,589 I,n53 19,652 Office Supplies Premi5e5 Maintenance Training trdvel and sundry Bank Charges Donations IT Softwarel Consumables 23,866 1,145 100 197.335 186,757 Pagell continued...
St Martin-in-thc-Fields Alm.$h(>use Ch&rity Notts to the FiThanci81 Stst¢ments- continued for the Year Ended 31 March 2024 SUPPORT COSTS Governance 05ts Maintenance 5,604 Support costs, included in the abov¢, are as follvw5'. Governanet eosts 31.3.24 31.3.23 Total activities Maintcnance Auditors, remuneration 5,604 5,378 AUDITORS, REMUNERATION 31.3.24 31.3.23 Fees payabl¢ to ihe chariws auditOTS for the audit orth¢ chariW5 financial siatements 5,604 5,378 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustee5' expenses There were no trustees, expenses paid for the year cnded 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS 31.3.24 31.3.23 Wage5 pnd 5alari¢s Social security costs Other pension colts 120.778 7.308 8,579 I15,378 7.055 8,093 136,665 130,526 The average number of ernployces during the year was as ftsllows.. 31.3.24 31.3.23 Clerk and receiver Others The average number of employees (head count based on nutnber of employed) during the year wa5 as follows.. Page 12 ¢onlinu¢d...
St Martin-in-the-Field8 Almshou$e Charity Notes to the Finaneial Staltmtnts- eoNtinu¢d for the Year Ended 31 Mareh 2024 STAFF COSTS- CODtiThu¢d 31.3.24 31.3.23 £60,000 to £69.999 10. PRIOR VEAR COMPARATIVES FOR THE STATF.MF.wr OF FINANCIAL ACTIVITILS Unrestricted Endowment funds funds Total fvnds INCOME AND ENDOWMENTS FRO Donations and legacies 5.000 5,000 Charitable activities Maintenance 173.774 173,774 Investment income 223 223 Total 178,997 178.997 EXPENDITURE ON Charitsble 4ctivities Maintenance 192.135 192,135 Net gainsJ(losses) on investsnents (19,533) (19,533) NET INCOMEI(EXPENDITURE) Tr¥Nsfers be¢w¢eN funds (13.138) 182 (19,533) (182) (32,671) Net movcment in funds (12.956) (19,715) {32,671} RECONCILIATION OF FUNDS Total funds brought forward 547,964 2,186,285 2,734,249 TOTAL FUNDS CARRIED FORWARD 535.008 ? 166.570 2,701.578 TAf4GIBLE FIXED ASSETS Freehold property COST At l April 2023 and 31 March 2024 1,8S5,166 NF.T BOOK VALUE At 31 March 2024 1,855,166 At 31 Mawh 2023 1,855,166 Included within fixed assets is the freehold of the Almshouse. I'he property 15 hcld al ¢o.%t of £1.855,166. The Trustees believe the land value to be at Icast cqual to thc cost. P<ibFe 13 ¢ontinucd...
St Martin-in-the-Fteld$ Almshouse Charity Notes to the Financial Statements- cvntinued for the Year Ended 31 March 2024 12. FIXED ASSET INVESTMENTS Listed investmems MARKET VALUE At l April 2023 Disposals Revaluations 815,993 {49.000) 90,470 At 31 March 2024 857,463 NET BOOK VALUE At 31 March 2024 857,463 At 31 March 2023 815,9Y3 The investsn¢nts are held in three collective funds managed professionally. There were no inve5tm¢nl assets outside the UK. 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONF. YEAR 31.3.24 31.3.23 Tradc debto Other debtors Pr¢paym¢nts 19.313 15,433 151 3.420 3,420 22,733 19,004 14. CREDITORS: AMOUIYTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trdd¢ creditors Social security and other taxes Other crcditnrs Accrued ¢xpenses 5,372 3.210 8,130 6.100 7,624 1.170 674 10,100 22,812 21,568 Pdge 14 ¢ontinued...
St Martio-in-the•Field.* Almshouse Charity Nott5 to the Financial Statements- continued for the Year Ended JI March 2024 Is. MOVEMENT IN FUNDS Net movement in funds Transf¢rs belween funds Ai 31.3.24 At 1.4.23 Unrestricted funds General fitnd Welfare Fund 530.962 4,046 {5,931) (2,914) 187 525,218 1.132 535,008 (8,845) 187 526.350 Endowment funds Endomrynent 2,166,570 90,657 (187) 2,257,040 TOTAL FUNDS 2,701,578 81,812 2.783,390 Ne¢ movement in nds, included in the above are as follows.. Incoming resource5 Resou¢$ expended Gains and losses Movement in funds Unrestricted funds General fund W¢llare Fund 194,094 (200,025) (2,914) (5,931) (2,914) 194.094 (202,939) (8,845) EndowmeTrt funds Endowmcnt 90,657 90,657 TOTAL FUNDS 11)4,0()4 (201,939) 90,657 81,812 Comparatives for movernent in funds Net movement in funds Transfers between lunds At 31.3.23 At 1.4.22 Unrestrleted funds General fund Welfare Fund 541,224 6,740 (10,444) (2,694) 182 5JO,962 4,046 547,964 (13,138) 182 535,008 Endowment funds Endowm¢nt 2,186,285 (19,533) (182) 2,166,570 TOTAL FUNDS 2.734,249 (3?,671) 2,701,578 Pag¢ 15 continued...
St Msrtin-in-the-Fields Almshouse Charily Noles to the Financial StaterNent%- continued for the Year F.nded 31 March 2024 15. MOVF.MENT IN FUNDS- continue(1 Comparative net movemcnt in fund5, includcd in thc above are as follows.. Incoming r¢sour¢e5 Resources expended (iains and losses Movement in funds Unrestri¢¢ed funds General I'und W¢lfare Fund 178.997 (189,441) {2,694) (10,444) (2,694) 178,997 (192,135) (13,138) Endowment funds Endowmcni (19,533) (19,533) TOTAL FUNDS 178,Y97 {192,135) (19.533) (32.671) A currenl year 12 monih5 and prior year 12 months combin¢d position is as follows.. Net movement in funds TraD5f¢rs between funds At 31.3.24 At 1.4.22 Unrestricted funds General fund Welfare rllnd 541,224 6,740 (16,375) (5,608} 369 525,218 1,132 547,964 (21.983) 369 526.350 Endowment funds Endowmcnl 2.186,285 71,124 (369) 2,257.040 TOTAL FUNDS 2,734,249 49,141 2,783,390 A Curreni year 12 fftonihs and prior year 12 months combined net movement in funds. includ¢d in the above are as foll(Trws'. Incoming resources Resources expended Gains and losses Movement in lund9 UThrestrieted fuThd5 General fund Welfare Fund 373,091 (389,4661 (5,608) (16,375) (5.605) 373,091 (395,0741 (21.983) Endowment funds Endowment 71.124 71.124 TOTAL FUNDS 373,091 1395.0741 71.124 49.141 Page 16 ontinued...
St Martin-in-the-Fields Almshouse Charity Notes to the Financial Statements- continued for the Year F.nded 31 M*reh 2024 15. MOVEMENT IN FUNDS- ¢oDlinued Capital Fund- Endowment This nd represents the oneY Originally left to the Charity as a result of the consolidation of various predecessor charities as set out in the scheme of this Charity dal¢d 3rd October 1974. This fund incorporates inve5ttnen15 at market lue and property at cost. Thc funds in the Endowment Fund may be used io rther the plltpose5 of the Charity, as decided by the TNstees. 16. OTHF.R FINANCIAL COMMITMEiYrs Financial commitmeNtSy guarantees and contingencies not included in the financial 5talement5 The charity had financial commitments and contingeiicies not includ¢d in the financial statements tt)talling £14,300 (2023 - £14,300) at the year end. The% r¢lated to I&e commitments. 17. RELATED PARTY DISCLOSURFS There were no related party transactions for the year ¢nd¢d 31 March 2024. Page 17
St Martin-in-the-Fields Almshouse Charity Detalled Stsicment of Financial Activities for Ihe Year Ended 31 March 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Dottations and legacies Donations 5,000 Investrnent income Deposit account intrtl 567 223 Chgri¢4ble aetlvities MainEnBnce wntributions 193.527 173,774 Total ineomlng resouree5 194,094 l78,997 EXPF.NDITURE Charit3ble aetivitie5 Wage5 Social secwity Pension5 Welfare Fund Insurance Telephone% 120.778 7,308 8,579 2,914 6,248 1.237 19,308 995 28,039 1,238 88 30 573 115,378 7,055 8,093 2,694 5.589 1,053 19,652 Office Supplies Premises Maintenance Training travel and sundry Bank Charges Donatii>ns IT Softwarel Consumables 23.866 ,145 100 10 197,335 186,757 Support costs Governance costs Auditors, remuneration 5.604 5,378 Total resources expended 202.939 192.135 N¢¢ expenditure becore gains and losses (8.8451 (13,138) Realised recogni5ed gaills and losses Reitli5ed gainsl(losses) on fixcd asset investments 19,273 Net income/(expenditure) 10,428 (13.138) This pag¢ does not fortn part of th¢ statutory financial statements Page 18