| Page | Page | ||
|---|---|---|---|
| Reference and Administrative Details |
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| Report ofthe Trustees | 2 | to | 6 |
| Independent Examiner's Report |
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| Statement of Flnanclal Activities |
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| Balance Sheet | |||
| Notes to the Financial Statements | 10 | to | 20 |
| Detailed Statement of Financial Activities |
21 | to | 22 |
| TRUSTEES | Rev. S Middleton | Chair | Chair | |||||
|---|---|---|---|---|---|---|---|---|
| P Abdo | ||||||||
| Mrs M L Benton | ||||||||
| M FJ Coleby (resigned | 5.5.23) | |||||||
| PRINCIPAL | ADDRESS | C/o St Mary's Rectory | ||||||
| Draycott Terrace | ||||||||
| London | ||||||||
| SW3 2QR | ||||||||
| REGISTERED CHARITY | 238993 | |||||||
| NUMBER | ||||||||
| REGULATOR OF SOCIAL | A3456 | |||||||
| HOUSING | NUMBER | |||||||
| INDEPENDENT | EXAMINER | Knox Cropper LLP |
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| Chartered Accountants |
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| 65 Leadenhall Street |
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| London | ||||||||
| EC3A 2AD | ||||||||
| CLERK TO | THE | TRUSTEES | Muriel Akahi (resigned | 12 November 2023) | ||||
| Geraldine Morrison |
(appointed | 13November | 2023) | |||||
| INVESTMENT BROKERS | COLA Investment | Management | Ltd | |||||
| Senator House | ||||||||
| 85 Queen Victoria | Street | |||||||
| London EC4V 4ET |
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| M & G Investments | ||||||||
| PO Box9038 | ||||||||
| Chelmsford | ||||||||
| Essex CM99 2XF |
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| BANKERS | HSBC PLC | |||||||
| 69 Pall Mall | ||||||||
| London SW1Y |
5EY | |||||||
| SOLICITORS | Stone King LLP | |||||||
| Boundary House |
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| 91 Charterhouse | Street | |||||||
| London EC1M |
6HR |
| VALUE FOR MONEY (VFM) Each year the Charity uses a range of data to measure VFM progress against the housing sector. The results help Influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity, whilst also ensuring compliance with the regulatory VFM standard. The metrics have been compared to the Acuity smaller providers 2022/23 results. |
VALUE FOR MONEY (VFM) Each year the Charity uses a range of data to measure VFM progress against the housing sector. The results help Influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity, whilst also ensuring compliance with the regulatory VFM standard. The metrics have been compared to the Acuity smaller providers 2022/23 results. |
VALUE FOR MONEY (VFM) Each year the Charity uses a range of data to measure VFM progress against the housing sector. The results help Influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity, whilst also ensuring compliance with the regulatory VFM standard. The metrics have been compared to the Acuity smaller providers 2022/23 results. |
VALUE FOR MONEY (VFM) Each year the Charity uses a range of data to measure VFM progress against the housing sector. The results help Influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity, whilst also ensuring compliance with the regulatory VFM standard. The metrics have been compared to the Acuity smaller providers 2022/23 results. |
VALUE FOR MONEY (VFM) Each year the Charity uses a range of data to measure VFM progress against the housing sector. The results help Influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity, whilst also ensuring compliance with the regulatory VFM standard. The metrics have been compared to the Acuity smaller providers 2022/23 results. |
VALUE FOR MONEY (VFM) Each year the Charity uses a range of data to measure VFM progress against the housing sector. The results help Influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity, whilst also ensuring compliance with the regulatory VFM standard. The metrics have been compared to the Acuity smaller providers 2022/23 results. |
VALUE FOR MONEY (VFM) Each year the Charity uses a range of data to measure VFM progress against the housing sector. The results help Influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity, whilst also ensuring compliance with the regulatory VFM standard. The metrics have been compared to the Acuity smaller providers 2022/23 results. |
VALUE FOR MONEY (VFM) Each year the Charity uses a range of data to measure VFM progress against the housing sector. The results help Influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity, whilst also ensuring compliance with the regulatory VFM standard. The metrics have been compared to the Acuity smaller providers 2022/23 results. |
VALUE FOR MONEY (VFM) Each year the Charity uses a range of data to measure VFM progress against the housing sector. The results help Influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity, whilst also ensuring compliance with the regulatory VFM standard. The metrics have been compared to the Acuity smaller providers 2022/23 results. |
VALUE FOR MONEY (VFM) Each year the Charity uses a range of data to measure VFM progress against the housing sector. The results help Influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity, whilst also ensuring compliance with the regulatory VFM standard. The metrics have been compared to the Acuity smaller providers 2022/23 results. |
|---|---|---|---|---|---|---|---|---|---|
| Metric | 2023 | 2022 | Acuity Scorecard |
Commentary | |||||
| New supply delivered |
0.0% | 0.0% | 0.0% | The Charity has 10 Almshouses in management. This remains as per the previous year, with no new supply of |
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| social housing or new supply of |
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| non-social housin . |
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| Gearing | (18.9)% | (15.0)% | 13.2% | The Charity has minimal borrowings corn ared to indust standard. |
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| EBITDA | MR I | 12,760.4% | 12,696.2% | 168.0% | The Charity has only minor borrowings and minimal interest in the ear. |
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| Social Housing Cost Per Unit |
F5,269 | F4,156 | F5,395 | The charity has done well to monitor expenditure in the year, despite higher utilities costs and higher repairs |
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| expenditure. The result remains |
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| favourable compared to other small |
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| rotnders. | |||||||||
| Operating Margin Overall |
19.9% | 23.0% | 13.3% | As a Charity, St Joseph's Almshouses receives a significant level of income from its investments, which produced |
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| Social Housing Lettings only |
1 4% | 80% | 132% | F13,893 in 2023, thus impacting the operating margin. This income also underwrites part of the charity's |
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| o cretin costs. |
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| RODE | 1.8% | 1 3% | 1 9% | This is particularly low due to the minimal liabilities ofthe chari |
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| Reinvestment | 00 | 0.0% | 3.7% | Following the major refurbishment works undertaken in recent years, no capital |
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| improvements were required. The |
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| trustees are satisfied that the properties |
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| have been maintained to a good |
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| standard. |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||
| funds | fund | fund | funds | funds | ||
| Notes | f | E | f | E | 6 | |
| INCOME AND | ||||||
| ENDOWMENTS FROM |
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| Donations and legacies |
1,000 | 1,000 | ||||
| Charitable activities |
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| Housing Activities |
71,040 | 71,040 | 65,040 | |||
| Investment income |
2 | ~15 345 | ~15345 | ~12637 | ||
| Total | ~87386 | ~87385 | ~77 677 | |||
| EXPENDITURE ON | ||||||
| Charitable activities Housing Activities |
~67680 | ~2361 | ~70 041 | ~59816 | ||
| Net gains/(losses) on investments |
~15359 | ~15369 | ~21,747) | |||
| NET INCOME/(EXPENDITURE) |
35,064 | (2,361) | 32,703 | (3,886) | ||
| RECONCILIATION OF |
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| FUNDS Total funds brought forward |
768,421 | 162,711 | 1,125 | 922,257 | 926,143 | |
| TOTAL FUNDS CARRIED FORWARD |
~803 486 | ~150350 | ~1125 | ~954960 | 922 257 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||
| Notes | funds 6 |
fund F |
fund | funds f |
funds F |
|
| FIXEDASSETS Tangible assets Investments |
10 11 |
301,463 465,861 |
160,350 | 1125 | 451,813 406 086 |
468,529 426 305 |
| 767,324 | 150,350 | 1,126 | 918,799 | 894,914 | ||
| CURRENT ASSETS Debtors Cash at bank |
12 | 2,495 03 173 |
2,495 63 173 |
1,923 52,875 |
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| 65,668 | 65,668 | 54,798 | ||||
| CREDITORS | ||||||
| Amounts falling due within one year |
13 | (18,967) | (18,967) | (13,466) | ||
| NET EURRENTASSETS | 40701 | 46 701 | 41 332 | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
814,025 | 150,350 | 1,125 | 965,500 | 936,246 | |
| CREDITORS | ||||||
| Amounts falling due after more than one year |
14 | (10,540) | (10,540) | (13,989) | ||
| NET ASSETS | 80348~ | 150350 | 1 125 | 954 000 | 922 257 | |
| FUNDS Unrestricted funds Restricted funds Endowment funds |
15 | 803,485 160,350 1 125 |
768,421 152,711 1,125 |
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| TOTAL FUNDS | 904 900 | 922,257 |
| INVESTMENT INCOME | ||
|---|---|---|
| 2023 | 2022 | |
| E | E | |
| Investment income Deposit account interest |
13,893 ~1452 |
12,316 319 |
| ~15 345 | 12637 |
| 3. | INCOME | FROM CHARITABLE | FROM CHARITABLE | FROM CHARITABLE | FROM CHARITABLE | ACTIVITIES | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 f |
2022 E |
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| Gross maintenance | contributions | from residents | 71,040 | 65,040 | |||||||
| Losses from voids | |||||||||||
| 77 | 040 | 05 040 | |||||||||
| 4. | SUPPORT COSTS | Governance | |||||||||
| Management | Finance | costs | Totals | ||||||||
| F | F | E | |||||||||
| Housing | Activities | ~6614 | 274 | ~1920 | ~8808 | ||||||
| Support | costs, | included | In the above, are as | follows: | |||||||
| liilanagement | 2023 | 2022 | |||||||||
| Housing | Total | ||||||||||
| Activities | activities | ||||||||||
| 6 | F | ||||||||||
| Clerk's fees Sundries Subscriptions |
5,760 260 594 |
5,760 239 633 |
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| ~8614 | ~6532 | ||||||||||
| Finance | 2023 | 2022 | |||||||||
| Housing | Total | ||||||||||
| Activities f |
activities F |
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| Bank charges Loan |
120 154 |
145 188 |
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| 274 | 331 | ||||||||||
| Governance | costs | 2023 | 2022 | ||||||||
| Housing | Total | ||||||||||
| Activities | activities | ||||||||||
| F | |||||||||||
| Independent | Examination | ~1920 | ~1776 |
| 2023 | 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| The emoluments high ip id |
of 6 |
the Clerk fk 7 |
to the g |
Trustees, i, |
who was also the f ii |
55765 | 65 766 | ||
| The average | monthly | number | ofemployees | during | the year was as follows: | ||||
| 2023 | 2022 | ||||||||
| Clerk | 1 | 1 |
| No employees received emoluments |
No employees received emoluments |
in excess ofF60,000. | in excess ofF60,000. | |||
|---|---|---|---|---|---|---|
| COMPARATIVES FOR THE STATEMENT | OF FINANCIAL | ACTIVITIES | ||||
| Unrestricted | Restricted | Endowment | Total | |||
| funds F |
fund f |
fund F |
funds F |
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| INCOME AND ENDOWMENTS | FROM | |||||
| Charitable activities Housing Activities |
65,040 | 65,040 | ||||
| Investment income |
12637 | ~12637 | ||||
| Total | ~77677 | 77,677 | ||||
| EXPENDITURE ON | ||||||
| Charitable activities Housing Activities |
57,455 | ~2361 | ~59816 | |||
| Net gains/(losses) on investments |
~21,747) | ~21,747) | ||||
| NET INCOME/(EXPENDITURE) | (1,525) | (2,361) | (3,886) | |||
| RECONCILIATION OF FUNDS |
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| Total funds brought forward |
769,946 | 155,072 | 1,125 | 926,143 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| f | f | |||||
| Turnover Operating |
from Social Housing costs ofSocial Housing |
71,040 ~20 04')) |
65,040 ~59 8)6) |
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| Operating | surplus | and surplus | on Social Housing | activities | 990 | 5 224 |
| TANGIBLE FIXEDASSETS | ||||
|---|---|---|---|---|
| Fixtures | ||||
| Housing | and | |||
| properties | fittings | Totals | ||
| E | 8 | 8 | ||
| COST | ||||
| At 1 January 2023 Additions |
616,168 | 36,693 484 |
651,861 484 |
|
| At 31 December 2023 | ~616168 | ~36177 | ~652 | 345 |
| DEPRECIATION | ||||
| At 1 January 2023 Charge for year |
169,537 ~14104 |
23,795 ~3096 |
183,332 ~17 200 |
|
| At 31 December 2023 | ~173 641 | ~26 891 | 200,532 | |
| NET BOOK VALUE At 31 December 2023 |
~442 627 | 9286 | 451 | 813 |
| At 31 December 2022 | ~456 631 | ~11 898 | ~468 | 529 |
| FIXEDASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| f | |
| MARKET VALUE | |
| At 1 January 2023 Additions |
426,385 10,000 |
| Revaluations Accumulated dividends |
16,359 ~15 242 |
| At 31 December 2023 | ~466 986 |
| NET BOOK VALUE | |
| At 31 December 2023 | ~468 986 |
| At 31 December 2022 | ~426 385 |
| 12. | DEBTORS:AMOUNTS | FALLING DUE WITHIN ONE YEAR | FALLING DUE WITHIN ONE YEAR | FALLING DUE WITHIN ONE YEAR | FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | ||||||
| 5 | |||||||
| Prepayments and accrued |
income | ~2495 | 1,923 | ||||
| 13. | CREDITORS: AMOUNTS | FALLING | DUE WITHIN ONE YEAR | 2023 | 2022 | ||
| 6 | E | ||||||
| Trade creditors Other creditors |
4,426 ~14 541 |
5,535 7,931 |
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| ~18 967 | 13466 | ||||||
| 14. | CREDITORS: AMOUNTS | FALLING | DUE AFTER MORE THAN ONE YEAR | 2023 | 2022 | ||
| F | F | ||||||
| Other creditors | ~10 540 | 13969 | |||||
| 15. | LOANS | ||||||
| An analysis ofthe maturity | of | loans | is given below: | ||||
| 2023 | 2022 | ||||||
| f | 5 | ||||||
| Amounts falling due within one year National Association ofAlmshouses |
on demand: Loan |
~3416 | |||||
| Amounts falling between Other loans - 1-2 years |
one | and two years: | ~3481 | ~3449 | |||
| Amounts falling due between Other loans -2-5 years |
two and five years: | ~7059 | 10,540 |
| MOVEMENT IN FUND |
S | ||||
|---|---|---|---|---|---|
| Net | Transfers | ||||
| movement | between | At | |||
| At 1.1.23 | in funds | funds | 31.12.23 | ||
| E | F | 5 | |||
| Unrestricted funds General fund Investment Revaluation Cyclical Maintenance Extraordinary Repairs |
Fund Fund Fund |
384,703 132,914 33,074 ~217730 |
7,169 15,359 1,450 ~11 086 |
(10,000) ~10 000 |
381,872 148,273 34,524 ~238 818 |
| 768,421 | 35,064 | 803,485 | |||
| Restricted funds Housing Property Fund |
152,711 | (2,361) | 150,350 | ||
| Endowment funds Endowment Fund |
1,125 | 1,125 | |||
| TOTAL FUNDS | ~922 257 | ~32 703 | ~954 980 |
| Net movement in funds |
, included in th |
e above are as follo | ws: | ||
|---|---|---|---|---|---|
| Incoming resources E |
Resources expended F |
Gains and losses f |
Movement in funds |
||
| Unrestricted funds General fund Investment Revaluation Cyclical Maintenance Extraordinary Repairs |
Fund Fund Fund |
74,849 1,450 ~11086 |
(67,680) | 15,359 | 7,169 15,369 1,450 ~11086 |
| 87,385 | (67,680) | 15,359 | 35,064 | ||
| Restricted funds Housing Property Fund |
(2,361) | (2,381) | |||
| TOTAL FUNDS | ~87 385 | ~70 041) | ~16 359 | ~32 703 |
| Comparatives for mo |
v | ement | In funds | ||||
|---|---|---|---|---|---|---|---|
| Net | Transfers | ||||||
| movement | between | At | |||||
| At 1.1.22 | in funds | funds | 31.12.22 | ||||
| F | F | F | F | ||||
| Unrestricted funds |
|||||||
| General fund Investment Revaluation Cyclical Maintenance Extraordinary Repairs |
Fund Fund Fund |
389,789 154,662 32,754 ~192741 |
9,914 (21,748) 320 ~9989 |
(15,000) 15,000 |
384,703 132,914 33,074 ~217 730 |
||
| 769,946 | (1,525) | 768,421 | |||||
| Restricted funds Housing Property Fund |
155,072 | (2,361) | 152,711 | ||||
| Endowment funds Endowment Fund |
1,125 | 1,125 | |||||
| TOTAL FUNDS | ~926 143 | ~3,886) | ~922 257 | ||||
| Comparative net movement |
In funds, included | in the above | are as follows: | ||||
| Incoming | Resources | Gains and | Movement | ||||
| resources | expended | losses | in funds | ||||
| F | F | 8 | |||||
| Unrestricted funds General fund |
67,369 | (57,455) | 9,914 | ||||
| Investment Revaluation |
Fund | (21,748) | (21,748) | ||||
| Cyclical Maintenance Extraordinary Repairs |
Fund Fund |
320 ~9989 |
320 9,989 |
||||
| 77,677 | (57,455) | (21,747) | (1,525) | ||||
| Restricted funds Housing Property Fund |
(2,361) | (2,361) | |||||
| TOTAL FUNDS | ~77 677 | ~59816) | ~21 747) | ~3886) |
| 2023f | 2022 | ||||
|---|---|---|---|---|---|
| INCOME AND | ENDOWMENTS | ||||
| Donations and |
legacies | ||||
| Donations | 1,000 | ||||
| Investment Income |
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| Investment income |
13,893 | 12,318 | |||
| Deposit account | interest | ~1452 | 319 | ||
| 15,346 | 12,637 | ||||
| Charitable activities |
|||||
| Housing Activities |
71,040 | 65,040 | |||
| Total incoming | resources | 87,385 | 77,677 | ||
| EXPENDITURE | |||||
| Charitable activities |
|||||
| Rates and water | 1,512 | 1,394 | |||
| Insurance | 3,606 | 3,138 | |||
| Light and heat | 18,310 | 10,697 | |||
| Telephone | 983 | 985 | |||
| Property repairs |
5 maintenance | 15,975 | 11,179 | ||
| Cleaning & gardening |
967 | 1,229 | |||
| Alarm costs | 2,672 | 4,476 | |||
| TV licence | 8 | 8 | |||
| Depreciation of |
tangible | fixed assets | ~17200 | ~18071 | |
| 61,233 | 51,177 | ||||
| Support costs | |||||
| Management | |||||
| Clerk's fees | 6,760 | 5,760 | |||
| Sundries | 260 | 239 | |||
| Subscriptions | 594 | 533 | |||
| 6,614 | 6,532 | ||||
| Finance | |||||
| Bank charges | 120 | 145 | |||
| Loan | 154 | 186 | |||
| 274 | 331 | ||||
| Governance | costs | ||||
| Independent | Examination | 1,920 | 1,776 |
| 2023 | 2022 | |
|---|---|---|
| F | ||
| Total resources expended | 70,041 | 59816 |
| Net Income | ~17 344 | 17861 |