||Page|
|---|---|
|Referenceandadministrativeinformation|2|
|ReportofthedirectorsoftheCorporateTrustee|3-8|
|Independentauditor'sreport|9-11|
|Statementoffinancialactivities|12|
|Balancesheet|13|
|Statementofcashflows|14|
|Notestotheaccounts|15-27|





## 



## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 



## 




## 

|||Unrestricted|Endowment||Unrestricted|Endowment||
|---|---|---|---|---|---|---|---|
|||Funds|Funds|Total|Funds|Funds|Total|
|||2024|2024|2024|2023|2023|2023|
||Notes|£|£|£|£|£|£|
|Incomefrom:||||||||
|Investmentincome|2|337,141||337,141|381,718||381,718|
|Othertradingactivities||||||||
|(Privatelettingincome)||88,633||88,633|80,728||80,728|
|Charitableactivities||||||||
|(Contributionsfrom||||||||
|residents)||435,324||435,324|418,188||418,188|
|Totalincome||861,098||861,098|880,634||880,634|
|Expenditureon:||||||||
|Investmentmanagement|||90,471|90,471|563|72,891|73,454|
|Charitableactivities:||||||||
|.Almshouses|3,5|644,527||644,527|539,019|-|539,019|
|.Grants|3,6|294,841|-|294,841|288,248|-|288,248|
|Totalexpenditure||939,368|90,471|1,029,839|827,830|72,891|900,721|
|Net(expenditure)income||||||||
|beforegainson||||||||
|investments||(78,270)|(90,471)|(168,741)|52,804|(72,891)|(20,087)|
|Investmentgains|10|161,344|1,242,308|1,403,652|65,968|506,648|572,616|
|Netincomefortheyear||83,074|1,151,837|1,234,911|118,772|433,757|552,529|
|Otherrecognisedgains||||||||
|andlosses||||||||
|Revaluationoffreehold|9|||||||
|property||-|665,146|665,146||5,070,751|5,070,751|
|Netmovementinfunds|13|83,074|1,816,983|1,900,057|118,772|5,504,508|5,623,280|
|Reconciliationoffunds||||||||
|Fundsbroughtforward1||||||||
|January||3,160,491|46,247,576|49,408,067|3,041,719|40,743,068|43,784,787|
|Fundscarriedforward31||||||||
|December|14|3,243,565|48,064,559|51,308,124|3,160,491|46,247,576|49,408,067|





## 

|||31|31|
|---|---|---|---|
|||December|December|
|||2024|2023|
||Notes|||
|FIXEDASSETS||||
|Tangibleassets|9|34,699,658|34,195,258|
|Investments|10|16,626,504|15,160,077|
|||51,326,162|49,355,335|
|CURRENTASSETS||||
|Debtors|11|63,910|49,907|
|Cashatbank||4,483|91,785|
|||68,393|141,692|
|CREDITORS:Amountsfallingduewithinoneyear|12|(86,431)|(88,960)|
|NETCURRENT(LIABILITIES)/ASSETS||(18,038)|52,732|
|NetAssets||51,308,124|49,408,067|
|THEFUNDSOFTHECHARITY||||
|ENDOWMENTFUNDS|13|||
|Almshousebranch||43,988,174|42,171,191|
|Reliefinneedbranch||4,076,385|4,076,385|
|||48,064,559|46,247,576|
|UNRESTRICTEDFUNDS|13|||
|Almshousebranch||3,243,565|3,160,491|
|Reliefinneedbranch||||
|||3,243,565|3,160,491|
|||51,308,124|49,408,067|






## 

|||2024|2023|
|---|---|---|---|
||Notes|£|£|
|Cashflowfromoperatingactivities:||||
|Netcashusedinoperatingactivities|A|(361,418)|(198,704)|
|Cashflowfrominvestingactivities:||||
|Dividendsandinterestfrominvestments||336,891|381,718|
|Proceedsfromthedisposalofinvestments||9,051,210|12,216,287|
|Purchaseofinvestments||(9,113,986)|(13,221,435)|
|Netcashprovidedby(usedin)investingactivities||274,115|(623,430)|
|Changeincashandcashequivalentsintheyear||(87,303)|(822,134)|
|Cashandcashequivalentsat1January2024||||
|||91,785|1,345,272|
|Cashandcashequivalentsat31December2024|B|||
|||4,482|91785|



|||2024|2023|
|---|---|---|---|
|||£|£|
||Netmovementinfunds(asperthestatementoffinancial|||
||activities)|1,900,057|5,623,280|
||Adjustmentsfor:|||
||Depreciationcharge|160,746|96,000|
||Gainsonrevaluationoftangiblefixedassets|(665,146)|(5,070,751)|
||Gainson investments|(1,403,652)|(501,650)|
||Dividendsandinterestfrominvestments|(336,891)|(381,718)|
||(Increase)indebtors|(14,003)|(18,285)|
||(Decrease)increaseincreditors|(2,529)|54,420|
||Netcashusedinoperatingactivities|(361,418)|(198,704)|
|B|Analysisofcashandcashequivalents|||
|||2024|2023|
|||£|£|
||Cashatbankandinhand|4,482|91,785|
||Totalcashandcashequivalents|4,482|91,785|





## 

## 

## 



## 



## 

## 

## 

## 

## 

## 



## 

## 

|2|INVESTMENTINCOME||||
|---|---|---|---|---|
||||Reliefin||
|||Almshouse|Need|2024|
|||Branch|Branch|Total|
|||£|£|£|
||Listedinvestmentincome|208,899|128,242|337,141|
|||208,899|128,242|337,141|
||INVESTMENTINCOME||||
||||Reliefin||
|||Almshouse|Need|2023|
|||Branch|Branch|Total|
|||£|£|£|
||Listedinvestmentincome|240,618|141,100|381,718|
|||240,618|141,100|381,718|
|3|ANALYSISOFCHARITABLEEXPENDITURE||||
|||Direct|||
|||costs|Support||
|||(Note|costs|2024|
|||5&6)|(Note4)|Total|
|||£|£|£|
||Almshouses|572,957|71,569|644,527|
||Grants|264,170|30,672|294,841|
|||837,127|102,241|939,368|
|||Direct|||
|||costs|Support||
|||(Note|costs|2023|
|||5&6)|(Note4)|Total|
|||£|£|£|
||Almshouses|417,356|121,663|539,019|
||Grants|236,107|52,141|288,248|
|||653,463|173,804|827,267|





## 

## 

||Total|Total|
|---|---|---|
||2024|2023|
||`£`|`£`|
|Staffcosts(note8)|45,197|109,810|
|Administrativeexpenses|36,450|43,527|
|Governance(note7)|20,594|20,467|
||102,241|173,804|
|Supportcostshavebeenallocated:|||
|Almshousesexpenditure|71,569|121,663|
|Reliefinneedexpenditure|30,672|52,141|
||102,241|173,804|



## 

|ALMSHOUSESEXPENDITURE-DIRECTCOSTS|||
|---|---|---|
||2024|2023|
||Total|Total|
||`£`|`£`|
|Residents'benefits|8,308|7,177|
|Staffcosts(note8)|121,493|93,017|
|Propertyservices|110,927|150,495|
|Repairsandmaintenance|171,483|70,667|
|Depreciation|160,746|96,000|
||572,957|417,356|
|RELIEFINNEEDEXPENDITURE|||
||2024|2023|
||Total|Total|
||`£`|`£`|
|Grantstoindividuals|21,295|55,060|
|Grantstoorganisations|242,075|179,647|
|Pensions|800|1,400|
||264,170|236,107|



## 



## 

## 

|7|GOVERNANCECOSTS|||
|---|---|---|---|
|||2024|2023|
|||Total|Total|
|||`£`|`£`|
||Trusteeindemnityinsurance|1,372|2,352|
||Auditfees|12,000|11,250|
||Accountancy|1,009|6,092|
||Legalfeesandotheradvisoryfees|6,213|773|
|||20,594|20,467|
|8|STAFFCOSTS|||
|||2024|2023|
|||Total|Total|
|||`£`|`£`|
||Salariesandwages|152,864|187,557|
||Employers'nationalinsurance|8,398|12,547|
||Pensioncontributions|5,428|2,723|
|||166,690|202,827|
||Staffcostshavebeenallocatedas|||
||follows:|||
||Supportcosts(note4)|45,197|109,810|
||Almshousesexpenditure(note5)|121,493|93,017|
|||166,690|202,827|





## 

## 

|||||Fixtures||
|---|---|---|---|---|---|
||Artefacts|Freehold|Plant&|Fittings&|Total|
|Costorvaluation|£|Property|Machinery|Equipment|£|
|||£|£|£||
|At1January2024|88,759|33,257,252|1,607,459|16,372|34,969,842|
|Additions|-|-|-|-|-|
|Revaluation|-|665,146||-|665,146|
|At31December2024|88,759|33,922,398|1,607,459|16,372|35,634,988|
|Accumulateddepreciation||||||
|At1January2024|||758,212|16,372|774,584|
|Chargefortheyear|||160,746|-|160,746|
|At31December2024||-|918,958|16,372|935,330|
|NetBookValue||||||
|At31December2024|88,759|33,922,398|688,501|-|34,699,658|
|At31December2023|88,759|33,257,252|849,247|-|34,195,258|





## 

## 

||Permanent|Unrestricted||
|---|---|---|---|
||Endowment|funds||
||2024|2024|2024|
||£|£|£|
|Marketvalueat1January2024|12,690,397|2,038,327|14,728,724|
|Additions|8,345,397|768,589|9,113,986|
|Disposalsatbookvalue(proceeds|(8,696,928)|(631,822)|(9,328,750)|
|£9,293,178realisedlossesof£1,673)||||
|Unrealisedinvestmentgains|1,243,979|161,346|1,405,325|
|Marketvalueat31December2024|13,582,845|2,336,440|15,919,285|
|Cashheldbyinvestmentmanager|653,985|53,234|707,219|
|Totalmarketvalueat31December|14,236,830|2,389,674|16,626,504|
|2024||||
|Costoflistedinvestmentat31December|11,889,264|2,187,358|14,076,622|
|2024||||



|INVESTMENTS|Listedinvestments|Listedinvestments||
|---|---|---|---|
||Permanent|Unrestricted||
||Endowment|funds||
||2023|2023|2023|
||£|£|£|
|Marketvalueat1January2023|11,717,741|1,504,185|13,221,926|
|Additions|11,947,298|1,274,137|13,221,435|
|Disposalsatbookvalue(proceeds|(11,341,356)|(763,076)|(12,104,432)|
|£12,216,286;realisedgainsof£182,822||||
|Unrealisedinvestmentgains|366,714|23,081|389,795|
|Marketvalueat31December2023|12,690,397|2,038,327|14,728,724|
|Cashheldbyinvestmentmanager|382,995|48,358|431,353|
|Totalmarketvalueat31December2023|13,073,392|2,086,685|15,160,077|
|Costoflistedinvestmentat31December|12,573,021|2,073,213|14,646,234|
|2023||||





## 

|||Listedinvestments|Listedinvestments||
|---|---|---|---|---|
|||Permanent|Unrestricted||
|||Endowment|funds||
|||2024|2024|2024|
|||`£`|`£`|`£`<br>|
|Fixedinterest|(12%)|1,665,590|211,780|1,877,370|
|UKequities|(10%)|292,309|1,278,391|1,570,700|
|Globalequities<br>Property|(67%)<br>(3%)|10,611,846<br>482,688|100,444<br>61,931|10,712,290<br>544,619|
|Alternativeassets|(4%)|530,411|104,844|635,255|
|Liquidassets|(4%)|653,985|632,285|1,286,270|
|Marketvalueat31December2024||14,236,829|2,389,675|16,626,504|
|||Listedinvestments|||
|||Permanent|Unrestricted||
|||Endowment|funds||
|||2023|2023|2023|
|||`£`|<br>`£`|<br>`£`|
|Fixedinterest|(13%)|1,800,470|231,615|2,032,085|
|UKequities|(16%)|1,297,707|1,178,371|2,476,078|
|Globalequities|(52%)|7,851,597||7,851,597|
|Property|(4%)|488,647|62,695|551,342|
|Alternativeassets|(9%)|1,251,976|161,154|1,413,130|
|Liquidassets|(6%)|382,995|452,850|835,845|
|Marketvalueat31December2023||13,073,392|2,086,685|15,160,077|
|Materialinvestmentholdingsat31|||||
|December2024:||||%ofcombined|
|||||portfolio|
|SarasinThematicGlobalEquityClassI||||8|
|Materialinvestmentholdingsat31||||%ofcombined|
|December2023:||||portfolio|
|SarasinResponsibleCorporateBondClassI||||10|
|SarasinThematicGlobalEquityClassI||||7|





## 

|11|DEBTORS||||
|---|---|---|---|---|
||||2024|2023|
||||£|£|
||Sundrydebtors andprepayments||31,460|21,853|
||Accruedinvestmentincome||32,450|28,054|
||||63,910|49,907|
|12|CREDITORS||||
||||2024|2023|
||Amountsfallingduewithinoneyear:||£|£|
||Accruals||56,064|42,758|
||Tradeandothercreditors||30,367|46,202|
||||86,431|88,960|
|13|MOVEMENTINFUNDS|Balanceat||Balanceat|
|||1January|Movement|31|
|||2024|infunds|December|
|||£|£|2024|
|||||£|
||ALMSHOUSEBRANCH||||
||EndowmentFunds|42,171,191|1,816,983|43,988,174|
||UnrestrictedFunds|3,160,491|83,074|3,243,565|
||RELIEFINNEEDBRANCH||||
||EndowmentFunds|4,076,385|-|4,076,385|
|||49,408,067|1,900,057|51,308,124|
||MOVEMENTINFUNDS|Balanceat||Balanceat|
|||1January|Movement|31|
|||2023|infunds|December|
|||£|£|2023r|
||ALMSHOUSEBRANCH||||
||EndowmentFunds|36,818,677|5,352,514|42,171,191|
||UnrestrictedFunds|3,041,719|118,772|3,160,491|
||RELIEFINNEEDBRANCH||||
||EndowmentFunds|3,924,391|151,994|4,076,385|
|||43,784,787|5,623,280|49,408,067|





## 

||||2024|||
|---|---|---|---|---|---|
||||Gains,||2024|
||2024|2024|lossesand|2024|Movement|
||Income|Expenditure|revaluations|Transfers|infunds|
||£|£|£|£|£|
|ALMSHOUSEBRANCH||||||
|EndowmentFunds|—|(90,471)|1,907,454|-|1,816,983|
|UnrestrictedFunds|735,914|(675,199)|23,235|(876)|83,074|
|RELIEFINNEED||||||
|BRANCH||||||
|EndowmentFunds|—||—|—||
|UnrestrictedFunds|125,184|(264,169)|138,109|876||
||861,098|(1,029,839)|2,068,798|-|1,900,057|
||||2023|||
||||Gains,||2023|
||2023|2023|lossesand|2023|Movement|
||Income|Expenditure|revaluations|Transfers|infunds|
||£|£|£|£|£|
|ALMSHOUSEBRANCH||||||
|EndowmentFunds|-|(72,891)|5,425,405|-|5,352,514|
|UnrestrictedFunds|739,534|(539,582)|65,968|(147,148)|118,772|
|RELIEFINNEED||||||
|BRANCH||||||
|EndowmentFunds|||151,994|-|151,994|
|UnrestrictedFunds|141,100|(288,248)|-|147,148||
||880,634|(900,721)|5,643,367||5,623,280|





## 

## 

|ANALYSISOFNETASSETSBETWEENFUNDS|||
|---|---|---|
||UnrestrictedEndowment|2024|
||Funds<br>Funds|Total|
||£<br>£|Funds|
|||£|
|Fundbalancesat31December2024arerepresentedby|||
|Tangiblefixedassets|777,26033,922,398|34,699,658|
|Investments|2,389,67514,236,829|16,626,504|
|Netcurrentassets(liabilities)|76,630<br>(94,668)|<br>(18,038)|
|Totalnetassets|||
||3.243,56548 064,559|51,308,124|



|ANALYSISOFNETASSETSBETWEENFUNDS||||
|---|---|---|---|
||Unrestricted|Endowment|<br>2023|
||Funds|Funds|TotalFunds|
||£|<br>£|<br>£|
|Fundbalancesat31December2023arerepresentedby||||
|Tangiblefixedassets|938,006|33,257,252|34,195,258|
|Investments|2,086,685|13,073,392|15,160,077|
|Netcurrentassets(liabilities)|135,800|(83,068)|<br>52,732|
|Totalnetassets|3,160,491|46,247,576|49,408,067|



|Thetotalunrealisedgainsasat31December2024comprisemovementson|Thetotalunrealisedgainsasat31December2024comprisemovementson|revaluationsas|
|---|---|---|
|follows:|||
||2024|<br>2023|
||£|<br>£|
|Reconciliationofmovementsinunrealisedgains|||
|Unrealisedgainsat1January|82,490|<br>(854,212)|
|Less:inrespecttodisposalsintheyear|354,848|<br>546,908|
|Add:netgainsarisingonrevaluation|1,405,325|<br>389,794|
|Totalunrealisedgainsat31December|1,842,663|82,490|





## 

##