YII lT The Worshipful Company of Weavers Weavers, Almshouse Charities Trustee's Report & Accounts For the Year Ended 31 December 2023 Charity No: 245453 Homes England No.. A 0261
Contents Page General Information Trustee's Report Independent Avditorfs Report Flnanclal Statements Statement of Financial Activities Balance Sheet io Cash flow statement li Notes to the Financial Statements 12-22 Detailed I&E Account 23
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2023 General Information Full Name.. The Weavers, Almshouse Charities Registered Numbers.. Registered charity No 266189 Homes England No.. A0261 Governing Instrument.. Scheme of the Charity Commission dated 24 October 1968 Trustee.. The WorshipfLJI Company of Weavers Registered Addre5S: Saddlers, House Gutter Lane London EC2V 6BR Telephone.. 020 7606 1155 Emall., weavers@weavers.org.uk Website.. www.weavers.org.uk Clerk to the Trustee.. James Gaselee Bankers.. C Hoare & Co 37 Fleet Street London EC4P 4DQ Investment Advisors.. Canaccord Genuity 88 Wood Street London EC2V 7QR Solicitors.. Lee Bolton Monier-williams l The sanctuary London SWIP 3JT Auditors.. Haysmacintyre LLP 10 Queen Street place London EC4R IAG
The Worshlpful Company of Weavers Weavers, Almshouse Charities 31 December 2023 Trustee's Report Details of Trustee The Trustee is the Worshipful Company of Weavers (the 'Weavers' Company'l, together known as the Court of Assistants. The persons in office at the date the accounts were signed, or who served cluring the year, were as fDIIows'. MrJ.R.H. 83gley Mrs R.J. Ridley Mrl.P. Early Mr S.C. Combey H.M. King Charles111 MrJ.G.Y Radcliffe, O.B.E, QV.R.M, T.0 Mr F.1. St. J. Tibbitts Mr E.C.A .Martineau MrJ.F. Nugée Alderman l. Garbutt, J.P Mr P.l.H. Towler Mr W.1. Mèkower Mr P.C.E Morris Mr P.MJ. Baxendell Mr L.B. Tharp Mr M.G. Yeandle Mr R,W. Townsend Mr C.D.R. Collinge MrJ.L.C, Winterto Mrs H.S, Wallace-lones Mr A,J. Winterton Mr P.G. Cattermull MrT.H.M. Gaddum Mr D.R.D. Hopkins (appointed 5161241 Mr R.1. Humphries, M.B.E. Iresigned 31101231 The following co-opted liverymen served on the Almshouses Committee during the year: The Hon Dr N Bashforth G. Courtauld Jnr Rt Revd. A.J. Proud Strutture, governance and management The Weavers, Almshouse charities are linked with the forrner Weavers, Pension Charities and the two charities are together governed kiy a Scheme of the Charity Commission sealed in 1968 to brinE together many of the smaller charities of the Weavers, Company. These smaller charities were all dissolved, and their assets transferred into the Weavers, Company Benevolent Fund as at 31 December 2013, hence only the Weavers, Almshouse Charities remain of the charities governed by the 1968 scheme. Persons in office are recruited from within the Livery of the Company. A Selection Committee Meets every year to consider suitable member5 from within the Livery and makes recommendations to the Trustee. They will norm311y have had previous experience on one or more of the Compan¢s committees. They receive a briefing on their responsibilities and their attention is drawn to the relevant Charity Commission publications, including "The Essential Trustee.. What you Need to Know, What You Need to Do." The Company's Almshouses Committee meets twice per annum to determine matters specifically affecting the Almshouses. In addition, the House Committee acts as a support to the staff who provide the day to day manigement. For governance purposes, the charity gener311y follows the guidance of the Almshouse Association.
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2023 Trustee's Report Icontlnuedl In lune 2019, the Court of the Weavers, Company discussed the future of the Weavers, Almshouses and considered them to be an integral aspect of the work and spirit of the Company. Objectives and actlvities The object of the Weavers, Almshouse Charities is to provide Almshouses for elderly persons at Weavers, House, New Wanstead, working with the London Borough of Redbridge to achieve these objectives. Weavers, House has been providing sheltered almshouse accommodation since 1859. The buildin85 have been modernised many times since then and now consist of two studio flats, 13 one-bedroom, two person flats and 23 one-bedroom, single flats, plus staff accommodation and a guest room. In 2013 the roofs on all the buildings were replaced and the exterior redecorated and 3 planned programme of refurbishing bathrooms and kitchens is in place. During 2021, further external decoration was carried out and work commenced on creating new accommodation for a Deputy Warden by merging two of the studio flats which had been empty since mid-2019. This work was completed in 2022 and the Deputy Warden's former accommodation is now being provided as two bedroom resident accommodation. Public benefit As noted above, the objects of the charity are for the benefit of the public. The Trustee has taken due account of the Charity Commission's guidance on Public Benefit when allocating the almshouse accommodation and when considering the activities and achievements of the charity. The charity is able to significantly improve the quality of life of a number of residents, particularly those without families, by providing 50ci31 events and other personal support. Achievements and performance The bulldings contiThLJe to provide much needed accommodation for elderly persons in the London Borough of Redbridge and the prevailing low void rate demonstrates that it is meeting the needs of the local community. Financlal Review As set out in the formal accounts (see In particular note 4 on page 141, net income from lettings amounted to E361,780 12022.. £340,573). Total voids for the year were £44,197 12022.. £17,206). Investment income of £42,892 12022- £11,912) w3s received together with donations of £1,107,68512022: Enill, Donations comprised a share transfer ol £1,012,685 and Cash donation of £65,000 from the Weavers, Benevolent Fund and a cash donation of £30,000 from the Weavers. General Fund. Charitable expenditure amounted to £367,648 12022.. £307,892). There was a net increase in unrestricted fund5 of £1,056,69412022.. decrease of £163,830) to a total of £1,434,71112022.. £378,017). The increase was made up of a £1,019,231 increase in the Gener31 Fund 12022.. reduction of £40,428) and a £37,463 intrease in the Designated Maintenance Funds12022'. £123,402).
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2023 Trustee's Report Icontinuedl In addition to the surplus of £1,199,15612022'. deficit Df £8,9401 shown in the Ststement of Financial Activities. £112,755 wag also spent on refurbishinB kitchen5 bathrooms and replacing boilers12022.. £168,833 was spent on refurbishing kitchens and bathrDDms, replacing boilers and creating new accommodation for the Deputy Warden). This is reflected in the Balance Sheet, the Cash Flow Statement and note 10. Cash increased in the year by E9,927 12022.. decrease of £32,001). The Trustee believes that these funds provide adequate security to enable the charity to continue providing a 8ooci standard of accornmodation for elder persons in the London Borough of Redbridge and that the de5ign3ted maintenance funds will enable the property to be maintained and upgraded a5 required. Investment pollcy and performance The charity's investments form part of the Weavers, Company Benevolent Fund portfolio. They 3re overseen by the Companvs Investment Committee, who, during the year, were advised by Canaccord Genuity. Their strategy has a balanced investment objective and a moderate risk emphasls. At 31 December 2023 the market value of investments was £1,441,048 12022.. £373,916). During the year. £1,012,685 was reallocated to the Almshouse Charities, share of the portfolio to reflect shares that had previously been held by the Weavers, Pensions Charities (see note 51. During 2022, £I00,OC was withdrawn from investments to contribute towards creating new accommodation for the Deputy Warden. Rlsk managernent and prlncipal risks The assessment of risk is embodied in the management of the charity. A quinquennial survey is undertaken by the charity's surveyor and his recommendations are followed up. The Weavers, Company Audit Committee also carrie5 Out formal risk assessments of all the operations of the charity, with a view to identifying and mitigating any risks to which the charity might be exposed. These are seen a5 being the effects of future Government constraints on rent levels and the need to keep pace with the increased expectations of future residents in respect of the accommodation provided. A business continuity plan has been completed and adopted by the Almshouse Committee. The Trustee does not believe that there is any material risk that the charity could not continue as a going concern. ReseNes The reserves policy has been established after careful consideration of the charity's likelv ongoing commitments to existing resident5, the expected future trends in applications for assistance and the sources and reliability of income. This policy is reviewed on an annual basis. The charity ha5 met the Almshouse Association's recommendation5 for transfer to the designated Extraordinary Repairs Fund and the Cyclical Maintenance Fund during the year. At 31 December 2023, unrestricted reserves, including designated funds, totalled £1,434,711 12022: £378,017). The Trustee expects to balance income and expenditLrre and any surpluses are either added to the Cyclical Maintenance or Extraordinary Repair Funcjs to meet the cost of future planned or extraordinary repairs and maintenance, or are carried forward to meet future commitments.
The Worshipful Company of Weavers Weèvers, Almshouse Charities 31 December 2023 Trustee's Report Icontinued) Related Parties The Weavers, Almshouse Charities and the Weavers, Company Benevolent Fund are administered by a common Trustee, who at 31 December 2023 was the Weavers, Company. A portion of the administration expenses incurred by the charity is paid to the Worshipful Company of Weavers, General Fund12023.. £51,160, 2022.. £51,3091. This and other related party transactions are disclosed in the accounts. Houslng Regulatorfs Governance and Vlablllty Standard The Trustee has complied with the Homes & commnItieS Agencls Goverr¥ance and Financial Viability Standard. Statement of Trustee's responsibilities Charity law and regulations for Registered Provlders of Social Housing require the Trustee to prepare, for each financial year. financi31 statements which give a true and fair view of the state of affairs of the charity and of it5 financial activities for that period, In preparing those financial statements the Trustee is required to.. al select suitable accounting policies and then apply them consistently,. bl make judgements and estimates that are reasonable and prudent; cl state whether the policies adopted are in accordance with the Housing SORP, the RegLJ13tions made under section 145 of the Charities Act 20113nd with applicable accounting standards, subject to an rnaterial departures disclosed and explained in the financial statements dl prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue to operate. The Trustee 15 responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity to ensure that the financial statement comply with the Charities Act 2011. The Trustee is also responsible for safeguarding the assets of the chèrity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. Approved by the Trustee on 5 June 2024 and signed on its behalf Rl Ri ey Renter 83iliff
The Worshipful Company of Weavers Weavers, Almshouse Charitie5 31 December 2023 Independent auditors, report to the Trustee of the Weavers, Alm5hou5e Charitles Opinion We have audited the financial statements of Weavers, Almhovse Charities for the year ended 310ecember 2023, which comprise the statement of financial activities, the balance sheet, the cash flow statement and the notes to the financial statements, including a summary of signlflcant accounting policies. The financial reporting framework that has been applied in their preparation is appllc2ble law and United Kingdom Accounting Stand3rds. including Financial Reportin8 Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ire13nd Iunited Kingdom Generally Accepted Accountlng Practice). In our opinion, the financial statements.. give a true and fair view Df the st3te of the charity's affairs as at 31 December 2023 and of the charity's net movement in funds for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Piactice,. and have been prepared in accordance with the requirements of the Charities Act 2011. the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing from January 2019. Basls for opinion We have been appointed as auditor urndei section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards 2rÈ further described in the Auditor's responsibilities for the audit of the financial statements section of our report. WÈ are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financlal statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient 3nd appropriate to provide a basis for our opinion. Concluslons relating to going concem In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements IS appropriate. Based on the work we have performed, we have not identif led any material uncertainties relating to events or conditions that, individually or collectively, may cast significant dobt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the TrLJStee with respect to going concern are described ir¥ the relevant sections of this repoit. Other information The Trustee is responsible for the other inform3tion. The other information comprises the information included in the Trustee's Annual Report. Our opinion on the financial statÈments does not cover the other information and. except to the extent otherwise explicitly stated in
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2023 Independent auditors, report to the Trustee of the Weavers, Almshouse Charities leontlnuedl our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identlfy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fart. We have nothing to report in this regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charitie5 (Accounts and Reportsl Regulations 2008 require us to report to you if, in our opinion.. adequate accounting records have not been kept by the charity., or sufficient 3CCOL¢nting records have not been kept- or the charity financial statement5 are not in agreement with the accountlng records and returns, or we have not received all the information and exp12nation5 we require for our audit. Responsibilities of Trustee for the financial statements As explained more fully in the Trustee's responsibilities statement set out on page S, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control a5 the Trustee determine is necessary to enable the preparation of financial statements that 3re free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustee is responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the goin8 concern basis of accounting unless the Trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltorfs responsibillties for the audit of the financial statements Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, 3nd to Issue an auditor's repolt that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatements Can arise from fraud or error and are considered material if, individually or in the 3g8re83te, they could reasonably be expected to influence the economic decisions of users taken on the basis of these fin3ncial statements. I rregularities, including fraud, are inst3nce5 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2023 Independent auditorg report to the Trustee of the Weaverg Almshouse Charities Icontinuedl misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to registered charities, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and other factors such as taxation. We evaluated management's incentivès and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to manual accounting journals. Audit procedures performed by the engagement team included-. Discussions with management including consideration of known or suspected instances of non-compliance with laws and reBulation and fraud,. Evaluating management's controls designed to prevent and detect irregularities,. and Identifying and testlng journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual description5. A further description of our responsibilities for the audit of the financial statements 15 located on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leadin8 to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likelyto become aware of instances of non-compliance. The risk is also Ereater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Use of our report This report is made solely to the charit¢s Trustee, 3S 3 body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's Trustee those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilityto anyone other than the charity's Trustee as a body for our audit work, for this report, or for the opinions we have formed. LL2 Haysmacintyre LLP Statutory Auditors 10 Queen Street Place London EC4R IAG
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2023 Haysmacintyre is eligible to act as an auditor in terms of section 1212 of the Companies Act. Statement of Flnanclal Activltles for the Year Ended 31 December 2023 Notes Unrestricted funds Endowment funds Totsl funds Total 2023 2023 2023 2022 INCOME Income and endowment5 from: Investments 42,892 1,107,685 42,892 1,107.685 11,912 Donation5 415 Charltable actlvltles: Residents, contributions 361,780 1,512,357 361,780 1,512,357 340,573 352,485 Total income EXPENDITURE Charitable attivity Almshouse accommodation Services 180,623 68,694 69,447 180,623 68,694 69,447 35,591 13,293 367,648 1,144,709 158,838 60,498 52,261 29,215 7,080 307,892 44,593 Management Routine maintenance Depreciation Mèlntenance- major items Total expenditure Net income/lexpenditurel 35,591 13,293 332,057 1,180,300 35,591 135,5911 Net gains/losses on investments Net income/(expenditurel for the year Transfers between funds 54,447 1,234,747 54,447 1,199,156 153,5331 18,9401 (35,5911 1178,0531 1.056.694 378,017 1,434,711 178,053 142,462 1,462,210 1,604.672 Net movement in funds Funds brought forward Funds carried fi)rward 1,199,156 1,840,227 3.039.383 18,9401 1,849,167 1.840,227 The notes on pages 12 to 22 form part of these financial statements.
The Worshipful Company of Weavers Weavers, Almshouse charities 31 December 2023 Balance Sheet as at 31 Dember 2023 Notes 2023 2023 2022 2022 Flxed Assets Tangible.. Housing property Investments io 1.626,465 1,441.048 3,077,513 1,559,301 373,916 1,933,217 li Current Assets Debtors 12 5,709 30,176 35,885 8,602 20,249 28,851 Cash at bank and in hand Creditors Amounts falling due within one year 13 43,295 40,801 Net current Ilabilitie5 17.4101 {11,9501 Total assets less current Ilablllties 3,070,103 1,921,267 Creditors.. Amounts falling due after one year 14 130,7201 181,0401 Net assets 3,039,383 1,840,227 Funds Unrestricted Funds 15 1,434,711 1,604,672 3,039,383 378,017 1,462.210 1,840,227 Endowment Funds 16 Totsl TFte notes on pages 12 to 22 form part of these financial statements. Approved by the Trustee on 5 June 2024 and slgned on its behalf by. Rl Ridley Renter Bailiff io
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2023 Cash flow statement- for the year ended 31 December 2023 2023 2022 Net movement in funds 1,199,156 18,9401 53,533 Investment Igainsllloss25 Deduct.. investment income shown in Investlng activities 154,4471 142,8921 111,9121 Add.. depreciation Decreaselllncreasel in debtors 35.591 29,215 2,893 6,2591 115,4261 I ncrease/lDecreasel in creditor5 (excluding loansl Net cash from operating actiyitles 2,494 1,142.795 40,211 Cash flows from investing activities I nvestment income 42,892 11,912 Transfer of investments from Weavers, Benevolent Fund 11,012,685) Sale of investments 100,000 Purchase of t3ngible fixed assets Net cash from investing activities Cash flow5 from flnancing activities 1112,7551 11,082,548) 1168,8331 156,9211 Repayment of loans Increase/lDecreasel in cash and cash equivalent5 in the year 150,3201 9,927 115.2911 132.0011 Cash and cash equivalents at the start of the year Total cash and cash equlvalents at the end of the year required for operatlonal purposes 20,249 52,250 30,176 20,249 li
The Worshipful Company of Weavers We3ver5' Almshouse charities 31 December 2023 Notes to the accounts for the year ended 31 Dember 2023 l. Accounting Policies 1.18asis of preparation The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS1021 and with the Statement of Recommended Practice= Accounting by Registered Social Housir>g Providers 2014 12018 update) and the Accounting Direction for Private Registered Providers OF Social Housillg 2015 from January 2019. In additlon the Trustee has had regard to the Statement of Recommended Practice.. Accounting and Reporting by Charities and elected to present the finar)cial performance of the charity in the form of a Statement of Financial Activities. The charity is a public benefit entity as defined in FRSIO2. In preparing the 3ccount5, the Trustee has assessed whether the use of the going concern basis is appropriate 3nd has considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustee ha5 made this assessment for a period of at least one year from the date Df approval of the financial staternents. In view of the level of assets held, the Trustee has concluded that there is reasonable expectation that the charity ha5 adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. In view of the Trustee in applying the accounting policies adopted. no judgements were required that have a significant effett on the amounts recognised in the financial statement5, or do any estimates or assumptions made carry a significant risk of m3ter1312djustment irk the next financial year. 1.2 Basls of Accounting Assets and liabilities are initially measured at cost or transaction value. Market investments are re-measured at fair value at the balance sheet date. The market bid price 15 taken as fair value as the charity only holds Simple financial instruments. Changes in fair value are dealt with through the Statement of Financial Activities. 1.3 Incoming resources Incomir¢g resources are recognised on a receivable basis. 1.4 Houslng property Houslng properties at l January 2014 were restated at a deemed c05t on adoption of FR5102 and subsequent additions are stated at actual cost. Depreciation is applied on a component b3SlS, Wlth different rates used for assèts with materially different useful economic lives. Further to the deemed cost amendment, four components are currently distinguished.. Historic structure- 200 years Roofing- 100 years Bathroom and kitchen replacement- 20 years Boilers- 10 years 12
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2023 Notes to the accounts for the year ended 31 December 2023 Icontinuedl l. Accounting Policies Icontlnuedl 1.5 Capital grants Government capital grants received prior to the FRS102 transition date were removed from the balance sheet on the adoption of a deemed cost of the fixed assets, but the amount received is disclosed in note 13. Any future government grants will be recognised initially as long-term creditors and amort15ed over the life of the assets funded. Non-government grants are treated as income. 1.6 Designated funds The charity has designated funds for Cyclical Maintenance and Extraordinary Repairs. Amournts transferred into these funds reflect a programme of planned works whereas amounts transferred from the funds represent amounts actually spent. Details of designated funds are shown in note 15. 1.7 Expenditure Expenditurè is recognised on an accruals basis, Service costs includÈ all expenses direct incurred in the running of the Almshouses. Support costs are included in m3llagement expenses. 1.8 Value Added Tax The charity is not registered for VAT. In these financial st3tements, where applicable, expenditure is shown Inclusive of VAT. 2. Dlrectors, emoluments The Directors are defined as the Trustee and the Clerk to the Trustee. None of the persons in office received any emoluments. A contribution towards the emoluments of the Clerk to the Trustee, who was also the highest paid Director, is included in administration exper7ses reimbursed to the Weavers, Company Geneial Fund. 3. Employee informatlon The avera8e weekly number of persons (excluding the Clerk to the Trustee) employed during the year was 412022: 41. These were all service staff. Stsff c05ts'. 2023 2022 Wage5 and salaries Social secuiity costs Pension contributions Other 83,301 7,968 3,760 5,241 85,806 8,775 3,746 2,527 l(K),270 100,854 13
The Worshipful Company of Weavers Weavers, Almshouse Charitieg 31 December 2023 Notes to the accounts for the year ended 31 December 2023 Icontinuedl 4. Particular5 of turnovEr and operating costs Turnover Operatlng costs Turnover Operating Costs 2023 2023 2022 2022 Income and Expendlture from Lettings Residents, contributions Less.. voids Housing income and expenditure 405,977 144,1971 361,780 357,779 117,2061 340,573 1364,6461 1304,8641 Investment income Donations received Interest payable and similar charges (Trote 51 Total 42,892 1,107,685 11,912 13,(XJ21 13,0281 1,512,357 367,6481 352,485 1307,892 Net income 1,144.709 44.593 5, Donations reCed 2023 2022 Donations from the Weavers, Benevolent Fund Donation from the We3vers' Companv 1,077,685 30,000 Total 1,107,685 In February 2023, the Trustee agreed the following measures to support the Weavers, Almshouse Charities.. 6.5% of the value of the Weavers, Benevolent Fund investments at I January 2023 1£1,012,6851 that had previously been held by the Weavers, Pensions CF13rities and transferred to the Benevolent Fund in 2013 would be reallocated to the Almshouse Charities, unrestricted funds. The Weavers, Benevolent Fund would gift £65,000 to the Weavers, Almshouse Charities to enable it to repay the balance outstanding on the ProEramme Related Investment Concessionary Loan due to the 8enevolent Fund. The Weavers, Company General Fund would donate £30,000 to the unrestricted funds of the Almshouse Charities. 14
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2023 Notes to the accounts for the year ended 31 December 2023 Icontlnuedl 6, Interest payable and similar charges 2023 2022 On loans wholly or partially repayable in more thon 5 years 3,002 3,028 7. Net income Net incoming resources are stated 3fter charging 2023 2022 Depreciation- tangible fixed assets 35,591 29,215 Auditors, remuneration (including VATI in their capacity as auditors 9.228 8,430 8. Taxation Weavers, Almshouse Charities is a registered charity and is therefore exempt from liability to taxation on its income and capital gains, provided that these are expended in accordance with its charitable activities. 9. Rent losses from voids The rent losses from voicls were Il%12022.. SY¢l of the total possible income from rent. 10. Tanglble Assets HOUSING PROPER (Freehold) Buildings Kitchen & Boiler Roofing lincl. major Bathroom replacements repalrsl refurbishments Total Housing Property Total Housing Property 2023 2023 2023 2023 2023 2022 Deemed cost At I january 2023 Additions At 31 December2023 Depreciation At l January 2023 Charge foi the year At 31 December 2023 Net Book Value At l January 2023 At 31 December 2023 714,135 327,355 97,971 425,326 30,000 627,604 1,699,094 1,530,261 14,784 112,755 168,833 44,784 627,604 1,811,849 1,699,094 714.135 24,494 3,571 28,065 56,452 21,266 77,718 6,000 4,478 10,478 52,847 6,276 59,123 139,793 35,591 175,384 110,578 29,215 139,793 689,641 686.070 270,903 347,608 24,000 574,757 34,306 568,481 1,559,301 1,636,465 1,419,683 1,559,301 15
The Worshipful Company of Weavers Weavers, Almshouse charities 31 Dember 2023 Notes to the accounts for the year ended 31 December 2023 Icontlnuedl 10. Tangible asset5 (continued) Additions in the year represented the cost of refurbishing the kitchens andlor bathrooms in 7 flats12022,, 3 f13t51 and replacing the plant room boiler.12022'. no boiler replacemenlsl. The current reinstatement cost assessment of the Almshouse property is £10,341,000 11. Investments 2023 2022 Market value 3t I january 2023 Donation of shares from Weavers, Benevolent Fund Disposals Unrealised gains/llossesl 373,916 527.449 1,012,685 li.000} 153,5331 54,4d7 Total 1,441,048 373,916 Historic cost The investments are managed as part of the Weavers, Company 8enevolent Fur¥d portfolio. 12. Debtors due within one year 2023 2022 Relutedporty debtors.. Weavers, Company Benevolent Fund Other debtors and prepayments Total 1,522 4,187 5,709 564 8,038 8,602 13. Creditors due within one year 2023 2022 Relotedparty creditors., Weavers, Company General Fund Accruals and sundry creditors Loan from Fresh PIC Interest-free loan from Weavers, Company Benevolent Fund Total 54 42,168 1,073 139 24,611 1,051 15,000 40,801 43,295 16
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2023 Notes to the accounts for the year ended 31 December 2023 Icontinuedl 14. Credltors due after one year 2023 2022 Housing loans for refurbishment scheme: Loan from Fresh plc Interest-free loan from Weavers, Company Benevolent Fund Total Houslng Loans 30,720 31,040 50,000 81,040 30,720 The loan from Fresh PIC is secured by 3 charge on Weavers, House, W3llSte3d. The residual loan was repayable over 60 years by half-yearly instalments, the last instalment of which falls to be repaid on 31 October 2048. The residLJal loan bears interest at the fixed rate of 9.625% per annum. A substantial interest penalty would be incurred in the everst of early repayment of the102n. The interest-free loan from the Weavers, Company Benevolent Fund was repayable at the rate of £15,000 per annum from year 20CtI, or such lower sum as the charity was able to afford. No repayments were made in 2006 or 2007, but repayments were resumed in 2008. At 31 December 2022, the balance due was £65,000. In Febru2ry 2023 the Trustee agreed that the Weavers, Company Benevolent Fund would gift £65,0(K) to the Charity to enable this loan to be repaid in full. Of the total housing loans £35112022.. £15.3201 is due for repayment in 1-2 years, £1,788 12022.. £37,1391 in 2-5 years, leaving a balance of £28,58112022.. £28,5811 with a maturity date in excess of 5 years. 15. Unrestricted Funds Deslgnated Funds General Fund Cycllcal Extraordlnary Maintenance Repair Fund Fund Total 2023 2023 2023 2023 alance I January 2023 Net incoming resources Transfer in respect of current years repairs and maintenance Transfers to fund future repairs and maintenance Transfer to property fund Unreali5ed gains 8alance 31 December2023 112,2771 1,168,842 13,293 159,617 4,201 13,9801 230,677 7,257 19,3131 378,017 1.180,300 135,4501 30.450 5,000 1167,2191 39,765 1,006,954 110,8341 1178,0531 9,299 54,447 232,086 1,434,711 5,383 195,671 17
The Worshipful Company of Weavers Weavers, Almshouse Charitie5 31 December 2023 Notes to the accounts for the year ended 31 December 2023 Icontinuedl Deslgnated Funds The Trustee acknowledges the requirement to maintain and improve the Almshouse accommodation and, in line with guidance from the Almshouse Association. has set aside resources within two designated funds to carry out major items of cyclical maintenance and to provide for extraordinary repairs. Cycllcal maintenan Fund The cyclical maintenance fund is a reserve fund to meet maintenance recurring at regular intervals, external redecoration and the cost of professional fees such as for quinquenriial inspections to which an annual transfer is made from general unrestricted reserves. In 2023, £3D,450 was aclded to the fund12022.. £30,45013nd E3,980 was spent on soundproofing flats 12022.. £7,080 was spent on the quinquennial reviewl. The fund also received a sh8ie of investment income of £4,20112022'. E4,2111. Extraordlnary Repalr Fund The extraordinary repairfuncl is a reserve fund for future major expenditure to which 8n annual transfer is made from the general unrestricted reserves. I n 2023, £5,000 was added to the fund 12022.. £5,000) and £20,147 was spent on a new boiler for the plant room and gutter works 12022.. £110,099 was Spent on creating new accommodation forthe Deputy Warcjenl. The fund also received a share of investment income of £7,25712022.. £7,649). 16. Endowment Funds The value of the endowment fund at 31 December 2023 represents the deemed cost OF the Almshouse property l£1,636,4651 less loan balances due1£31,7931. A transfer of £178,053 12022.. £184,105) was made between reStricted funds and endowment funds to ensure that the endowment fund balance is maintained. This transfer represented the cost of refurbishing kitcherks and bathrooms and boiler replacements (see note 101 and the repayment of loans during the year Isee notes 13 and 141. 17. Analysis of net assets between funds General Fund Designated Endowment Funds Funds Total 2023 2023 2023 2023 Tangible fixed assets Fixed asset investments Net current Iliabilitiesl/asset5 Creditors falling due after one year Balance 31 December 2023 1,636.46S 1,636,465 1,441,048 17,4101 130,7201 1,052,450 145,4961 388,598 39,159 11,0731 130,7201 1,006.954 427,757 1,604,672 3,039.383 18
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2023 Notes to the accounts for the year ended 31 December 2023 (continued} 18. Capltal Commitments and Contingent Ilabllitles At 31 December 2023 and 2022 there were no known capital commitments or contin8er¥t 19. Related partles The Weavers, Almshouse Charities and the Weavers, Company Benevolent Fund were administered by a common Trustee, who, at 31 December 2023, was the Bailiffs Wardens and Assistants of thè Trade Art and Mystery of Weavers London (Weavers, Company). A proportion of the administration charges paid by the Weavers, Almshouse Charities amounting to £51,16012022.. £51,309) is reimbursed to the Weavers, Company Generzl Fund. Other related party transactions are disclosed in the accounts. There were no transactions with persor¥s compris1ng the Trustee body. 19
The Worshipful Company of Weavers Weavers, Almshouse Chaiities 31 December 2023 Statement of Financial Activities for the year ended 31 December 202215howing split of unrestricted and endowment funds for comparatNe purposes) Notes Unrestrirted Endowment funds funds Total funds Total 2022 2022 2022 2021 INCOME Income and endowments from: Investment5 11.912 11,912 16,740 Charitable activitles: Residents, Contributions 340,573 352.485 340,573 352,485 343,495 360,235 Total Income EXPENOITVRE Charitable activity Almshouse accommodation SeNices 158,838 60,498 52,261 158,838 60,498 52.261 29,21S 7,080 307.892 44,593 152,558 Management Routine maintenance 65,137 54,402 25,727 240,981 538,806 1178,5711 Depreciation Maintenance- major items Total expendSture Net income/lexpenditurel 29,215 7,080 278,677 73,808 29,215 129,2151 Net Ilossesl/gains on invÈstments Net Incomellexpenditurel for the year Transfers between funds 153.S331 20.275 153,5331 68,951 18,9401 (109,6201 129,2151 1184,1051 {163,830) 541,847 378,017 184,105 Net movement in funds 154,890 1,307.320 1,462,210 18,9401 1109,620 1,849,167 1,958,787 1,840.227 IA49.167 Funds brought forward Funds carrled forward 20
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2023 2022 notes for comparative purposes Tanglble Assets HOUSING PROPER (Freehold) BuSldlngs Kltchen & Boller lincl. major Bathroom replacements repalrsl refurbishments Roofing Total Housing Property Total Housing Property 2022 2022 2022 2022 2022 2021 Deemed cost At Ilanuary 2022 Additions At 31 December 2022 Depreclation At l January 2022 Chèige for the year At31 Dernber 2022 Net Book Value At l January 2022 At31 DecembEr 2022 604,036 110,099 714,135 268,621 58,734 327,355 30,000 627,604 1,530,261 168,833 1,699,094 1,387,795 142,466 1,530,261 30.OC(J 627,604 20,923 3,571 24,494 40,084 16,368 56,452 3,000 3,000 6,000 46,571 6.276 52,847 110,578 29,215 139,793 84,851 25,727 110,578 583,113 689,641 228,537 270,903 27,(n) 581,033 24.000 574,757 1,419,683 1,559,301 1,302.944 1,419,683 Unrestrlcted Funds Designated Funds General Fund Cycllcal Maintenance Fund Extraordinary Repair Fund Total 2022 2022 2022 2022 Balance l January 2022 Net incoming resources Transfer in respect of current Yea repairs d rnaintenance Transfers to fund future repair5 and maintenance Transfer to property fund Unrealised losses Balance 31 December 2022 28,151 61,948 7,080 143,397 4,211 17,0801 370,299 541,847 7,649 73,808 135,4501 30,450 s,000 174,0061 1110,0991 1184.105) 142,1721 153,533) 230,677 378,017 111,3611 159.617 112,2771 21
The Worshipful Company of Weavers Weavers, Almshouse charities 31 Dernber 2023 2022 notes for comparative purpose5 Icontinuedl Analysts of net asset5 between funds General Fund Designated Endowment Funds Funds Total 2022 2022 2022 2022 Tangible fixed assets Fixed asset investments Net current Iliabilitiesl/assets Creditors falling due after one year 1,559,301 1,559,301 373,916 111.9501 181,0401 373,916 16,378 112,2771 116,0511 181,0401 Balance 31 December 2022 112,2771 390,294 1,462,210 1,840,227 22
e for Mon M@ rfts Weavers, Alm5hou5e Charttles 202Y 1022 Operatlnl M3ryln-Sodal hDU5in8 -0.79% 10.49% Oper4tlngmavgln-over811 75.69% 12.65% EbrfDA Interest cover 39320.80% 2437AB% me N¥w$upplya5 a % of current unlt5 (No new unlts developed) 6eartn¥ 0.09% 1.75% Outcornes Relnve5tmont% &22% g.94% ffetti Mana ement ROCE 37.29% 2.32% £DSt Tunl Headli*esoclal houslnicost 11.284 12.760