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 & comm￿nItieS 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 do￿bt 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 De￿mber 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 De￿mber 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 reCe￿d
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 De￿mber 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 De￿rnber 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 De￿rnber 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