||Page|Page|| |---|---|---|---| |Reference and Administrative
Details|||| |Report ofthe Trustees|2|to|6| |Independent
Examiner's
Report|||| |Statement of Flnanclal
Activities|||| |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|||||| ||||Chartered
Accountants|||||| ||||65 Leadenhall
Street|||||| ||||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|||||| ||||M & G Investments|||||| ||||PO Box9038|||||| ||||Chelmsford|||||| ||||Essex
CM99 2XF|||||| |BANKERS|||HSBC PLC|||||| ||||69 Pall Mall|||||| ||||London
SW1Y|5EY||||| |SOLICITORS|||Stone King LLP|||||| ||||Boundary
House|||||| ||||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| ||||||||||social
housing
or
new
supply
of| ||||||||||non-social
housin
.| |Gearing||||(18.9)%|(15.0)%|13.2%|||The
Charity
has
minimal
borrowings
corn
ared to indust
standard.| |EBITDA|MR I|||12,760.4%|12,696.2%|168.0%|||The Charity
has
only
minor
borrowings
and minimal
interest
in the
ear.| |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| ||||||||||expenditure.
The
result
remains| ||||||||||favourable
compared
to
other
small| ||||||||||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| |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| ||||||||||o cretin
costs.| |RODE||||1.8%|1 3%||1 9%||This
is
particularly
low
due
to
the
minimal
liabilities ofthe chari| |Reinvestment||||00|0.0%||3.7%||Following
the major refurbishment
works
undertaken
in recent
years,
no capital| ||||||||||improvements
were
required.
The| ||||||||||trustees
are satisfied
that the properties| ||||||||||have
been
maintained
to
a
good| ||||||||||standard.| ## ## ## ## ||||||2023|2022| |---|---|---|---|---|---|---| |||Unrestricted|Restricted|Endowment|Total|Total| |||funds|fund|fund|funds|funds| ||Notes|f|E|f|E|6| |INCOME AND||||||| |ENDOWMENTS
FROM||||||| |Donations
and legacies||1,000|||1,000|| |Charitable
activities||||||| |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||||||| |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| |||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| |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| ||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| |||||||||||~8614|~6532| ||Finance|||||||||2023|2022| |||||||||||Housing|Total| |||||||||||Activities
f|activities
F| ||Bank charges
Loan|||||||||120
154|145
188| |||||||||||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| |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||||||| |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)| |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| |||||||~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|||||| |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|