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). 0￿ECTIVEs 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, rea￿llThed 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 refi￿bith 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 r￿e 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$houst Charity Rtport of the Trustees for the Year Ended 31 MAreh 2024 FINANCIAL REVIF.W Internal Controls A Budgetary Control System is operat¢d with quarterly reporting and a forewt is updated annually. Attention is given to cyclical maintcnance and invcstmcnt forecasts togcther with an annual review of the M&intenan¢¢ conlributions. full external audit is carried out. The ftre alami syst¢m, fire appliances, lift ventilation and boiler have all been maintained by contracted firms, an independenl lift inspector inspecis the lift, in addition to nornMI servicing. STRucfuR[ GOVERNANCF. AND MANAGEMENT CTOVtrDing doeumcnt The Charity is ¢ontrolled by it8 governing document, a deed of trust, and constitutes an unincoTporated charity. The deed of trust was sealed by the Charity Comrni5sioners on 3rd October 1974. OrgaThisational struclure There are currently six T￿￿tee$. -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 wis1￿S 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 Tn￿le¢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 Re￿rt 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 a￿d 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 I￿en 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$c requiremcnts. We believe thai thc audit evidence wc have obtained is sufficient and appropriate to provide a basis for our opinion. Conclllsions relating to goiTrg concer In auditing the fmancial statetnents, we have concluded that ihe t￿￿tee$, 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 muse 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. Pns 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