TII lT The Worshipful Cornpany of Weavers Weavers, Almshouse Charities Trustee's Report & Accounts For the Year Ended 31 December 2024 Charity No: 245453 Homes England No.. A 0261
Contents Page GenÈral Information Trustee's Report Independent Auditorfs Report Flnancial Statements Statement of Financial Activlties 8alance Sheet io Cash flow statement li Notes to the Financial Statements 12-22 Det3iled I&E Account 23
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2024 General Informatlon Full Name: The Weaver5' Almshouse Charities Registered Nurnbers.. Registered Charity No 266189 Homes England No.. A0261 Governing Instrument.. Scheme of the Charity Commission dated 24 October 1968 Trustee: The Worshipful Company of Weavers Registered Addre5S'. Saddlers, House Gutter Lane London EC2V 68R Telephone.. 020 7606 1155 Email.. weavers@weavers.org.uk Website- www.weavers.org.uk Clerk to the Trustee.. James Gaselee Bankers.. CHoare &Co 37 Fleet Street London EC4P 4DQ Investment Advisors.. Canaccord Genuity 88 Wood Street London EC2V 7aR Solicitors: Lee Bolton Monier-williams l The Sanctuary London SWIP 31T Auditors.. Haysmac LLP 10 Queen Street Place London EC4R IAG
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2024 Trustee'5 Report Detèlls of Trustee The Trustee is the Worshipful Company of Weavers Ithe'weavers, Company'l, together known as the cort of Assistants. The persons In office at the date the accounts were signed, or who served during the year, were as follows: Mrs RJ. Ridley Mr P.M.J. Baxendell Mr A.1. Winterton Mr J.R.H Bagley Mr S.C. Combey MrL.B. Tharp Mr N.P.M. Morris Mr M.G. Yeandle H.M. KingCh3rleslll Mr R.W. Townsend MrJ.G.Y Radcliffe, O.B.E, Q.V.R.M, T.D Mr C.D.R. Collinge Mr F.1. St.J. Tibbitts Mr l.L.C. Winterton Mr E.C.A .Martineau Mrs H.S. Wa113ce-Jones Mrl.F. Nugée Mr P.G. Cattermull Mrj. Garbutt IP, High sheriff of Greater London Mr T.H.M. G3ddum Mr PJ.H. Towler Mr D.R.D. Hopkins Mr W.J. Makower Mrs P.C. Ouvry-johns (appointed 2 October 20241 Mr P.C.E Morris The following co-opted liverymen served on the Almshouses Committee during the year.. G. Courtauld Jnr Rt Revd. A.J. Proud T.H. Bacon Strurture, governance and management The Weavers, Almshouse Charitieg are linked with the former Weavers, Pension Charities and the two charities are together governed by a Scheme of the Charity Commission Sealed in 1968 to bring together many of the smaller charities of the We3vers' Company. These smèller charities were all dissolved, and their assets transferred into the Weavers, Companv Benevolent Fund as at 31 December 2013, hence only the We3vers' Almshouse Charities remain of the charitie5 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 members from within the Livery and makes recommendations to the Trustee. They will normal have had previous experience on one or more of the Company'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 Cotnmittee acts as a support to the staff who provide the day-to-day m3nagement. For governance purposes, the charity generally follows the guidance of the Almshouse Association.
The Worshipful Company of Weavers Weavers, Almshouse Charitie5 31 December 2024 Trustee's Report (continued) In June 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 activities The object of the Weavers. Almshouse Charities is to provide Almshouses for elderly persoris at Weavers, House, New W3nStead, working with the London Borough of Redbridge to achieve these objectlves. Weavers, House has been providing sheltered almshouse accommodatlDn since 1859. The buildings have been modernised many times since then and now consist of two double bedroom flats, 16 one-bedroom, two person flats, 18 one-bedroom, single occupancy flats and two studio 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 refurblshing bathrooms and kitchens is in place. 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 8uidance 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 social events and other personal support. Achievements and perfomian The buildings continue 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 need5 of the local community. Financial Revlew As set out in the lormal 3ccounts Isee in particular rnote 4 on page 141, net income from lettings amounted to £430,952 12023= £361,780). Total voids for the year were £10,202 12023.. £44,197). Investment income of £44,766 12023.. £42,892) was received together with donations of £30,0(K)12023.. £1,107,685). Charitable expenditure amounted to £367,377 12023.. £367,648). There wa5 a net increase in unrestricted funds of E142,57412023'. increase of £1, 056,6941 to a total of £1,577,28512023.. £1.434,7111. The increase was made up of an increase of £149,760 in the General Fund12023'. increase of £1,019,231) and a £7,186 decrease in the Deslgnated Maintenance Fund512023.' increase of £37,463).
The Worshipful Company of Weavers Weavers, Almshouse Charitie5 31 December 2024 Trustee's Report Icontinuedl In addition to the surplus of £228,39912023.' £1,199,156) shown in the Statement of Financial Activitie5, £19,043 was also spent on refurbishing kitchens and bathrooms and replacing boilers 12023.. £112,7551. This is reflected in the 821ance Sheet, the Cash Flow Statement and note 10. Cash increased in the year by £57,70812023- £9,927). The Trustee believes that these funds provide adequate security to enable the charity to continue providing a good standard of accommodation for elderly persons in the London Borough of Redbridge and that the designated maintenance fund5 will enable the property to be maintained and upgraded as required. Investment policy and performance The charity's investments form part of the Weavers, Company Benevolent Fund portfolio. They are overseen by the Company's Investment Committee, who, during the year, were advised by Canaccord Genuity. Their strategy has a balanced investment objective and a rmoderate risk emphasi5. At 31 December 2024 the market value of investments was £1,506,106 12023.. £1,441,048). Duririg the year a net amount of £25,000 was withdrawn from investments12023.' £ioo,0001. Rlsk management and principal risks The assessment of risk is embodied in the management of the charity. A quinquennial survey is undertaken by the charivs surveyor and his recommendations are followed up. The Weavers, Company Audit Committee also carries out formal risk assessments of all the operations of the charity, with a view to identifying and mitigating any risk5 to which the charity might be exposed. These are seen as being the effetts 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. ReseNe5 The reserves policy has been established after careful consideration of the charity's Ilkely ongoing commitmersts to existing residents, 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 has met the Almshouse Association's recommendations for transfer to the designated Extraordinary Repails Fund and the Cyclical Maintenance Fund during the year. At 31 December 2024, unrestricted reservès, includin8 designated funds. totalled El,577,285 12023.. £1,434,711). The Trustee expects to balance income and expenditure and any surpluses are either added to the Cyclical Maintenance or Extraordinary Repair Funds to meet the c05t of future planned or extraordinary repairs and maintenance, or are carried forward to meet future commitments.
The Worshipful Cornpany of Weavers Weavers, Almshouse Charities 31 December 2024 Trustee's Report Icontinuedl Related Parties The Weavers, Almshouse Charities and the Weavers, Company Benevolent Fund are administered by a common Trustee, who at 31 December 2024 was the Weavers, Company. A portion of the administration expenses incurred by the charity is paid to the Worshipful Company of Weavers, General Fund12024.. £58.963, 2023: £51,160). This and other related party transactiDns are disclosed in the accounts. Houslng Regulatorfs Governance and Viability Standard The Trustee has complied with the Homes & Communities Agency's Governance 2nd Financial Vi2bility Standard. Statsment of Trustee's responsibllitles Charity law and regulations for Registered Providers of Social Housing requlre the Trustee to prepare, for each financial year, financial statements which give a true and fair view of the state of affairs of the charity and of its financial activities for that period. In preparing those fin3ncial statements the Trustee is required to.. al select suitable accounting policies and then apply them consistentlv- bl make judgements and estimates that are reasonable and prudent,. cl state whether the policies adopted are in accordance with the Housing SORP, the Regulations made under section 145 of the charities Act 2011 and with applicable accounting standards, subject to an material departures disclosed and explained in the financial statements dl prepare the financlal statements on a going concern basis Lsnless it is inappropriate to assume that the charity will continue to operate. The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity to ensEJre that the financial statement comply with the Charities Act 2011. The Trustee is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. Approved by e Trustee on 4 Jurse 2025 and signed on its behalf Al Winterton Renter Bailiff
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2024 Independent auditorg report to the Trustee of the Weavers, Almshouse Charltles Opinion We have audited the flnancial statements of Weavers, Almhouse Charities for the year ended 31 December 2024, which comprise the statement of firiancial activities, the balance sheet, the cash flow statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their prepar3tion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. give 3 true and fair view of the state of the charity's affairs as at 31 December 2024 and of the charity's net movement in funds for the year then ended,. have bèen properly prepared in accordance with United Klngdom Gener311y Accepted Accounting Practice,. 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 soci31 housir>g from January 2019. Basi5 for opinlon We have been appoirlted as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effett thereunder. We conducted our audit In accordance with International 5tand3rds on Auditing IUKI IISAS IUKII and applicable law. Our responslbilities under those standards are further described in the Auditor's responsibilities for the audit of the firkancial statements section of our report. We are independent of the charity in accordance with the ethic31 requirements th3t are relevant to our audit tsf the financial 5t3tements in the UK, includir7g the FRUS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we h3ve obtained is sfficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements. we have concluded that the TrLJ5tee's use of the Boing concern basis of accounting in the preparation of the financial statements is appropriate. Based on the woik we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt 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 rèsponsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. Other informatlon The Trustee Is responsible for the other information. The other information comprises the information included in the Trustee's Annual Report. Our opinion on the financial statements 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 2024 Independent auditors, report to the Trustee of the Weavers, Almshouse Charities Icontlnuedl our report, we do not express any form of assuran conclusion thereon. In connection with our audlt of the financi81 statements, our responsibility is to read the other informatlon and, in doing so, consider whether the other information is materially incon51Stent with the financial statements or our knowledge obtained in the audit or otherwise appears to be m3teri311y misstated, If we identify such mater121 inconsistencies or apparent material misstatements, we are reqLJlred 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 conclL¢de that there is a m3terial misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities IAccounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. adequate accounting records have not been kept by the charity,. or sufficient accounting records have not been kept; or the charity financial statements are not in agreement with the accountlng records and returns,. or we have not received 311 the information and Explanations we require for our audit. Responsibilitie5 of Trustee for the flnancial statements As explained more fully in the Trustee's responsibilities statement set out on page 5, the Trustee is responsible for the preparation of the financlal statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustee determine is necessary to enable the preparation of financial statements that are f ree 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, dlsclosing, as applicable, matters related to going concern and using the going 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. Auditorf5 responsibilities for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from m3terl31 misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasor¢able assurance is 3 high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances 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 2024 Independent auditors, report to the Trustee of the Weavers, Almshouse Charitles lcontlnuedl 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 m3n3gement's incentives 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 engaEement team included: Discussions Wlth management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud,. Evaluating management's controls designed to prevent and detect irregularities,. and Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions. A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorfs report. Because of the inherent limitations of 3n audit. there is a risk that we will not detect all irregularities, including those leading 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 likely to become aware of instances of non-compliance. The risk is also greater 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 charitqs Trustee, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section IS4 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 Auclitor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's stee as a body for our audit work, for this report, or for the opinions we have formed. Haysmac LL Statutory A ditors 10 Queen Street Place London EC4R IAG . £yJ Haysmac is eligible to act as an auditor in terms of section 1212 of the Companies Act.
The Worshipful Company of Weavers Weavers, Almshouse CharitlES 31 December 2024 Statement of Financial Activitles ft)r the Year Ended 31 December 2024 Notes Unrestricted Endowment funds funds Tot81 funds Total 2024 2024 2024 2023 INCOME Income and endowments from.. Investments 44,766 30,(X)O 44,766 30,000 42,892 1,107.685 Donations 415 Charltable activities., Residents, contributions 430,952 505,718 430,952 505,718 361,780 1,512,357 Total income EXPENDITURE Charltable artlvlty Almshouse accommodation Services 164,937 72,186 85,251 164,937 72,186 85.251 42,623 2,380 367,377 138,341 180,623 68,694 69,447 35,591 13,293 367,648 1,144,709 Management Routine maintenance Depreciation Maintenance- major ttems Total expenditure Net income/lexpenditurel Net gains on investments Net incomellexpenditure} ft)r the year Transfers between funds 42,623 2,380 324,754 180,964 42,623 142,6231 90,058 271,022 90,058 228,399 54,447 1,199,156 142,6231 1128,4481 142,574 1,434,711 1,577,285 128,448 85,825 1,604,672 1,690,497 Net movement in funds Funds brought forward Fund5 carried forward 228.399 3,039,383 3,267,782 1,199,156 1,840,227 3,039.383 The notes on pages 12 to 22 form part of these financial statements.
The Worshipful Company of Weavers Weavers, Almshouse charities 31 December 2024 Balance Sheet as at 31 December 2024 Notes 2024 2024 2023 2023 Flxed Assets Tangible: Housing property Investments io 1,721,962 1.506,106 1.636,465 1,441,048 3,077,513 li 3,228,068 Current A55ets Debtors Cash at bank and in hand 12 4,009 87,884 5,709 30,176 35.885 91,893 Creditors Amounts falling due within one Year 13 21,810 43,295 Net current a55ets/lliabilitiesl 70,083 17,4101 Total a55ets less current liabilities 3,298,151 3.070,103 Creditors: Amounts falling due after one year 14 130,3691 130,7201 Net a55ets 3,267,782 3,039.383 Funds Unrestricted Funds 15 1,577,285 1,690,497 3,267,782 1,434,711 1,604,672 3,039,383 Endowment Funds 16 Total The notes on pages 12 to 22 form part of these financial statements. Approved by the Trustee on 4 June 2025 and signed on its behalf by. AJ Winterton Renter Bailiff io
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2024 Cash flow statement- for the year ended 310ecember 2024 2024 2023 Net movement in fLJnds 228,399 1,199,156 Investment gains 190,0581 144,7661 154,4471 142,8921 35,591 DedEJct- investment income shown in investing activities Add.. depreciation 42,623 Decrease in debtors 1,700 2,893 IDecreasel/lncrease in creditors lexcluding loans) Net cash from operatlng activities 121,4851 116,413 2,494 1,142,795 Cash flows from investin8 activlties Investment income 44,766 42,892 Transfer of investments from Weavers, Benevolent Fund 11,012,685) Purchase of investments 150,(XJ)I 75.000 SaSe of investments Purchase of tangible fixed assets Net cash from Investing activltles Cash flows from financlng activities Repayment of103ns Increase in cash and cash equlvalents in the year 1128,1201 1112,7551 158,354) 11.082.548} 13511 150,3201 9,927 57,708 Cash and cash equivalents at the start of the year Totsl cash and cash equlvalents at the end of the year requlred for operational purposes 30,176 20,249 87,884 30,176 li
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2024 Note5 to the accounts for the year ended 31 December 2024 l. Accounting Policie5 1.1 Basis of preparatlon The financial statements have been prepared in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS1021 and with the Statement of Recommended Practice.. Accounting by Registered Social Housing Provider5 2014 12018 update) and the Accounting Direction for Private Registered Providers of Social Housing 2015 from January 2019. In addition the Trustee has had regard to the Statement of Recommended Practice.. Accounting ancl Reporting by Charities and elected to present the financial 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 accounts, the Trustee has assessed whether the use of the going concern basis is appropriate and has considered possible events or CDnditions that might cèst significant doubt on the ability of the charity to continue as a going concern. The Trustee h35 made this assessment for a period of at least one year from the date of approval of the flnancial statements. In view of the level of assets held, the Trustee has concluded th3t there is reasonable expectation that the charity has adequate resoLFrces 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 effect on the amounts recognised in the financi31 statements, nor do aF)y estimates or agsumptions made carry a significant risk of material adjustment in the next financial year. 1.2 Basls of Accounting Assets and liabilities are initially measured at cost or transaction value. Market investments are re-rneasud at fair value at the balance sheet date. The market bid price is taken as fair value as the charity only holds simple financial instruments. Changes in fair value are dealt wlth through the Statement of Financial Activities. 1.3 Incoming resources Incomin8 resources are recognised on 3 receivable basis. 1.4 Housing property Housing properties at l January 2014 were rest3ted at a deemed cost on adoption of FR5102 and subsequent additions are stated at actual cost. Depreciation is applied on 3 component basis. with different rates used for 3ssets with materially different useful economic lives. Further to the deemed cost amendment, foul components are currently distinguished.. Historic structure- 200 years Roofing- 100 years Bathroom and kitchen replacement- 20 years Boilers & other- 10 year5 12
The Worshipful Company of Weave Weavers, Almshouse Charities 31 December 2024 Notes to the accounts for the year ended 31 Dettmber 2024 Icontinuedl l. Accounting Policles Icontinuedl 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 3mount received is disc105ed in note 13. Any future government grants will be recognised initially a5 long-term creditors and amortised over the life of the assets funded. Non-government grants are treated a5 income. 1.6 Designated funds The charity has de51Enated funds for Cyclic31 Maintenance and Extraordinary Repairs. Amounts 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 Expenditure is recognised Dn an accruals basis. Service costs include 311 expenses directly incurred in the running Df the Almshouses. Support costs are included in management expenses. 1.8 Value Added Tax Thè charity is not registered for VAT. In these financial statements, where applicable, expenditure Is shown inclusive of VAT. 2. Directors. emoluments The Oirectors 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 expenges reimbursed to the Weavers, Company General Fund. 3. Employee information The average weekly number of persons (excluding the Clerk to the Trustee) employed during the year wa5 312023: 41. These were all service staff. Staff costs: 2024 2023 Wages and salaries Social security costs Pension contributions Other 70,662 6,866 3,326 3,113 83,301 7,968 3,760 5,241 83,967 100.270 13
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2024 Notes to the accounts for the year ended 31 December 2024 Icontinuedl 4. Particulars of tumover and operating costs Turnover Operatlng costs Turnover Operating costs 2024 2024 2023 2023 Income and Expenditure from Letting5 Residents, contributions Less.. voids Housing income and expenditure 441,155 110,2031 430,952 405,977 144,1971 361.780 1364,4051 1364,6461 Investment income Doriations received Interest payable and similar charges Inote 61 Total 44.766 30,000 42,892 1,107,685 12,9721 13,LX)21 505.718 1367,3771 1,512,357 1367,648 Net income 138,341 1,144,709 5. Donatlons received 2024 2023 Donations from the Weavers, Benevolent Fund Donation from the Weaver5' Companv 1,077,685 30,000 30,000 Total 30,OL)J 1,107,685 14
The Wofshipful Company of Weavers Weavers, Almshouse Charities 31 December 2024 Notes to the accounts for the year ended 31 December 2024 Icontinued) 6. Interest payable and slmllar charges 2024 2023 On loans wholly or partially repayable in more than 5 years 2.972 3,C(J2 7. Net income Net incoming resources are ststed after charging 2024 2023 Depreciation- tangible fixed assets 42,623 35,591 Auditors, remuneration (including VATI in their capacity as auditors 9,9(K) 9,228 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 void5 The rent losses from voids were 2%12023'. 11%} of the total possible income from rent. 10. Tan8ible A55ets HOUSING PROPERTY (Freehold) Buildlngs Kitchen & lincl. major Bathroom repairs) refurbishments Bollers & Roofing other Total Housing PrDpety Total HDuslng Property 2024 2024 2024 2024 2024 2023 Deemed cost At Ilanu3ry2024 Additions At 31 December 2024 Depreclation At I13nuary 2024 Charge for the year At 31 December 2024 Net Book Value At I January 2024 At 31 December 2024 714,135 50,822 764,957 425,326 19,043 444.369 44,784 627,604 58,255 103,039 627.604 1,811,849 128,120 1,939,969 1,699.094 112,755 1,811,849 28.065 3,825 31.890 77,718 22,218 99.936 10,478 10,304 20,782 59,123 6,276 65,399 175,384 42,623 218,007 139,793 35.591 175,384 686,070 733,067 347,608 344,433 34,306 568,481 1,636,465 82,257 562,205 1,721,962 1,559,301 1,636,465 15
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2024 Notes to the accounts for the year ended 31 December 2024 Icontlnuedl 10. Tangible assets Icontlnuedl Additions in the year represented the cost of building works to 2 fl2ts12023,' nonel refurbishing the kitchens and/Dr bathrooms in i flat12023.' 7 flats), works to the plant room boiler and the installation of a new Warden call system.12023: works to the plant room boiler). The current reir)statement C05t assessment of the Almshouse property is £10,341,000. 11. Investments 2024 2023 Market value at l January 2024 Additions Don3tlDn of shares from Weavers, Benevolent Fund Disposals Unrealised gains 1,441,048 50,000 373,916 1,012,685 17S,0001 90,058 54,447 Total 1,506,106 1,441.048 The investments are managed as part of the Weavers, Company Benevolent Fund portfolio. 12. Debtors due wlthin one year 2024 2023 Relatedporty debtors.. Weavers, Company 8enevolent Fund Other debtor5 and prepayments Total 2,703 1,306 4.009 1,522 4,187 5,709 13. Credltors due within one year 2024 2023 Reloted party creditors.. Weavers, Company General Fund Accruals and sundry creditors Loan from Fresh PIC Total 54 42,168 1,073 43,295 20.713 1,097 21,810 16
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2024 Notes to the accounts for the year ended 31 December 2024 lcontlnuedl 14. Credltors due after one year 2024 2023 Housing loan5 for refurbishment scheme: Loan from Fresh plc 30,369 30,720 The loan from Fresh PIC is secured by a charge on Weavers, House, Wanstead. The residual loan was repayable over 60 years by half-yearly instalments, the last instalment of which fèlls to be repaid on 31 October 2048. The residual loan bears interest at the fixed rate of 9.625% per annum. A substantial interest penalty would be incurred in the event of early repayment of the loan. of the total housing loan £35112023.. £3511 is due for repayment in 1-2 years, £1,78812023'. £1,788) in 2-5 years, leaving a balance of £28,23012023'. £28,581) with a maturity date in excess of 5 years. 15. Unrestricted Funds Designated Funds General Fund Cyclical Extraordlnary Malntenance Repair Fund Fund Total 2024 2024 2024 2024 Bèlance l January 2024 Net incoming resources Transfer in respect of current years repairs and maintenance Transfers to fund future repairs and maintenarnce Transfer to property fund Unrealised gains Balance 31 December 2024 1,006,954 170,385 2,380 195,671 4,502 12,3801 232,086 6,077 1,434,711 180.964 170.4501 50,450 20,(K)O 119,3701 66,815 1,156,714 1109,0781 1128,4148} 14,571 90,058 163,656 1,577.285 8.672 256.915 Deslgnated Fund5 The Trustee acknowledges the requirement to maintain and improve the Almshouse accommodation and, in line with Euidance from the Almshouse Association, has set aside resources within two desiEnated funds to carry out major items of cyclical maintenance and to provide foi extraordinary repairs. 17
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2024 Notes to the accounts for the year ended 31 December 2024 Icontinuedl Cycllcal Maintenance Fund The cyclical rna1ntenan fund is a reserve fund to meet maiTrtenance recurring at regular inteNals, external redecoration and the cost of professional fees such as for quinquennial inspections to which an annual transfer is made from general unrestricted resetves. In 2024, £50.450 was added to the fund12023.. £30.4501 and £2,380 was spent on soundproofing flats 12023.. £3,980). The fund also received a share of investment income of £4,50212023.. £4,201) and unrealised g3ins of £8,67212023= £5,383). Extraordinary Repalr Fund The extraordinary repairfund is a reserve fun(i forfuture major expenditure to which an annual transfer is rll3de from the general Ljnrestricted reserves. In 2024, £20,() was added to the fund12023.' £5,000) and £50,822 was spent on building works. £50,928 on a new warden call system and £7,328 on plant room works12023.. £10,834 on plant room works and £9,313 on gutter works). The fund also received a share of investment income of £6,07712023.' £7.2571 and unrealised gains of £14,57112023.. £9,299). 16. Endowment Funds The value of the endowment fund at 31 December 2024 represents the deemed cost of the Almshouse property l£1,721,9621 less loan balances due1£31,4651. A transfer of £128,448 12023.. £178,053) was made between unrestricted funds and endowment funds to ensure that the endowment fund balance is maintained. This transfer represented the cost of housing property additions (see note 101 and the repayment of loans during the yearlsee notes 13 3nd 141. 17. Analysls of net assets between funds General Fund Deslgnated Endowment Funds Funds Total 2024 2024 2024 2024 Tangible fixed assets Fixed asset investments Net curreTrt assets Creditors falling due after one year Balance 31 December 2024 1,721.962 1,721,962 1,506,106 70,083 130,3691 1,119.264 37,450 386,842 33,729 11,0961 130,3691 1,156,714 420,571 1,690,497 3,267,782 18
The Worshipful Company of Weavers Weaver5' Almshouse Charities 310ecember 2024 Notes to the accounts for the year ended 31 Dember 2024 Icontinuedl 18. Capitèl Commltments and Contingent liabilities At 31 December 2024 and 2023 there were no known capital commltments or contingent 19. Related parties The Weavers, Almshouse Charities and the Weavers, Company Benevolent Fund were administered by a common Trustee, who, at 31 Oecember 2024, was the Bailiffs Wardens and Assistants of the Trade Art and Mystery of Weavers London Iweavers, Company). During the year the charity received a donation of £30,00012023.. £30,0001 from the Weaver5' Company. A proportion of the administration charges paid by the Weavers, AlmshoLJse Charities amounting to £58,96312023- £51,160) was reimbursed to the Weavers, Company. There were no transactions with persons comprising the Trustee body. 20. P05t Balance Sheet Events With effect from l April 2025 the charity has voluntarily de-registered from the Register of Social Housing Providers under Section 119 of the Housing and Re8eneration Act 2008. 19
The Worshipful Company of Weaver5 Weavers, Almshouse Charities 31 December 2024 ststement of Financial Activities for the Year Ended 31 Dernber 2023 Notes unStrICted Endowment funds funds Total funds Total 2023 2023 2023 2022 INCOME Income and endowments from: Investments 42,892 1,107,685 42,892 1,107,685 11,912 Donations 415 Charltable activities: Residents, contributions 361,780 1.512,357 361,780 1,512,357 340,573 352,485 Total income EXPENDITURE Charitable actlvlty Almshouse accommodatlon 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 ManaEèment Routine maintenance Depreciation Maintenance- 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 in¢ome/lexpenditurel for the year Transfers between funds 54.447 1,234,747 54,447 1.199,156 153,5331 18.9401 135,5911 1178,0531 1,056.694 378,017 1,434,7LI 178,053 142,462 1,462,210 1,604,672 Net movement in funds Funds brought forward Funds carried forward 1,199.156 1,840,227 3,039,383 18,9401 1,849,167 1,840.227 20
The Worshipful Company of Weavers Weavers, AlmshoSe Charities 31 December 2024 2023 notes for comparative purposes Tanglble Assets HOUSING PROPERTY (Freeholdl Bulldlngs Kitchen & Boller Ilncl, major Bathroom replacements repairs) refurbishments Roofing Total Housing Property Totsl Housing Property 2023 2023 2023 2023 2023 2022 Deemed cost At l January 2023 Additions At 31 December 2023 Depreclation At l January 2023 Charge for the year At 31 December 2023 Net Book Value At Ilanuary2023 At 31 December 2023 714,135 327,355 97,971 425,326 30,0 627,604 1,699,094 14,784 112,755 44.784 627,604 1.811,849 1,530,261 168.833 1,699,094 714.135 24,494 3,571 28,065 56,452 21,266 77,718 6,000 52,847 4,478 6,276 10,478 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 1.559,301 34,306 568,481 1.636,465 1,419,683 1,559,301 Unrestricted Funds Deslgnated Funds General Fund Cycllcal Extraordlnary Malntenance Repair Fund Fund Total 2023 2023 2023 2023 Balance l January 2023 Net incoming resources Transfer in respect of current years repairs and maintenance Transfer5 to furid future repairs and maintenance Transfer to property fund Unreallsed g3ins Balan 31 December 2023 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 21
The Worshipful Company of Weavers Weavers, Almshouse Charities 31 December 2024 2023 notes for comparatlve purposes Icontinuedl Analysis of net asset5 between funds General Fund Designated Endowment Fund5 Funds Total 2023 2023 2023 2023 Tangible fixed assets Fixed asset investments Net current Iliabilitiesllassets Creditors falling due after one year Balance 31 Dernber 2023 1,636,465 1.636.465 1.441,048 17,4101 130,7201 1,052,450 145,4961 388,598 39,159 11,0731 130,7201 1,1106.954 427,757 1,604,672 3,039,383 22