ALMSHOUSE CHARITY OF SIR WILLIAM POWELL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Registered Charity Number. 247066 Registwed PfovKler Number. A1137
Contents Page Legal and Administrative D8tails TNslees' Annual Report Independent Examinerfs Report Statement of Financial Activities 10 11 Balance Sheet 12 Not8S to the Finan¢lal Statements 13-20
ALMSHOUSE CHARITY OF SIR WILLIAM POWELL LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 Chairnan: Rev.Penny Seabrook Deputy Chaim)an: Cllr Adronle Alford Hon Treasurer. Phihp Hedges Other Trustees.. Cllr Sharon Hold Judith Graham Laura AucklarKI Paul Hall Catherlne Cull Thomas Robert Rose Cllr Lucy 'chardsOn Paul Alexander (resigned 181041231 Rev.Peter Kettle Cttr 01 Bro*r (appointed 201051231 Clerk to Ihe Tnjstees.. Katie AWKdoones Régistered off ic8: CIO The Lygon AlmsfK)uses 313-321 Fulham Palace Road Fulham LorKlon SW6 6TH Bankers.. NatW8St Bank 45 Fulham Broadway LoTrJon SW6 1AG Solicitors: Woodlords 11 HaTh)0d Road London SW6 4QP Independent Examin8r'. chVan Williams FCCA Chartered Certlfled Accountant Verrlanl Accountants Ltd 20-22 Wenlock Road London N17GU Investment advisors: Wavérton Inv8stm8nt Management 16 Brabmaes Street St Jarnes's London SW1Y 6AH Statutory registrations.. Registered Charity Number. L2 247066 Registered Provider Number A1137 The Trustees present tr report and unaudited accounts for the Ye ended 31 March 2024.
ALMSHOUSE CHARITY OF SIR WILUAM POWELL TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Constitution, objects and poli¢i8S The Chanty is constitut&J by Trust Deed. The Almshouse Charity of Sir William Powell wras founded in 1680 for older vMen over 60 of the Paiish of Fulham vA)o were poorand of-gwd chardderf. Thi5 scheme VRS amended on 20 October 2008 to aW Trust88s to accept applications from PeOnS in need over 55 yeats of age resident wthin the Lolon Borough of Hammersmith a1 Fulham or elsere in specia cases approved by the trustees. The Trusl provides and manages 12 flats at Church Gate Fulham Lonc%)n and is assisted in this task by Lygon AImSuSeS who undertake administration management aixd maintenance functions for 11 Almshouses. Governing document Th8 Goveming Dwumenl of the Almshcrte Charity is its'Schen*" orTnJst 088d. the last amended VaSk of which was sealed by the Charities Commissioner in October 2008. Actlvltl88 and achlwomonts The aIMsUseS are managed by the Lygon Almshouses under the terns of a management agreement dated 22 March 2013 vknich includes the aerk applyiro her time exclusively to managing the charity's almshouses. The Clerks hours increased f rom 12 to 15 hours per week to f acililate an increasing workload. The Lygon Management fee Charged for the year was £21,3IXI 1¢h reflects the Clerks aJditional hours (2023.. £16,309). The Trustees ar8 most grateful for Lygon's managem8nt input and support. In 2023124 the Chwity Increased Weekly MalntenarK8 Charges by 5% due to expected inflallon and State pension increase. WMC rise vrds less than Ihe 7% recommended incr8asé by the Almshouse Association. Service charges increased tw¢e dunrvJ the year by 8 total of £2 10 £16 per week. Budgeted costs w8re contained wtherg Possible including a fixwj price energy contract renawed in April 2023. Other rolrtinè matters vme as followE: Water Hygiene Management VHM) caryied out a full Legionella Rlsk Assessment at the Almshouse in Novembw 202 and made recommendations to the Twslees In order to minimise risk. Monthly monitorir¥J by WHM of water temperdtures is ongoiTh3 and re¢omrnendations are being addressed. Routine repair IrkS and servicing of gas boilws were canied out. including an upgrdde to the gas suppty running to the boiler house. The f ire 818Ths arKI emergency lighting continue to be tested bi-annually by contractors along with an annual inspection of f ire extInguishe In all flals and communal areas. A Firg Risk Assessment vras carried oul In September 2023. The three-year cyclical EICR electrical survey s carried out in all f lals In July 2023 and ogrtrfled. Gutters and downpipes continu8 lo be cleaned biryannually arKI dralns contlnLJ8 to be inSpted and cleaned each year in December. A full asbestos suNey was carried out at the Almshouse in Novèmber 2023 and no trdce of asbestos vrds found. The Valuations Office Agency carried out an Equlvalerrt Fair Rent Valuation of a sample flat at the Almshouse as an assessment recommended in the Slandards of Almshouse Management. A non statutory valuation was provided February 2024 vthich deMOrtrated residents a undercharged.
ALMSHOUSE CHARrrY OF SIR WILLIAM POWELL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Actlvllles and achlevements (continued) Th6 Charity owns the f reehold of Hurlingham Mansions subjecl to long leases on 23 flats and cornnrC propety. The Charity continues to receive grou1 rent in respect of Ihis propety. There were no lease extensions sokj during the year. The Trustees met with the Managing Agent for the proFerty during the to review the status. Recovery of outslandiw serrfice charges and losses due to breaGhes of a lease are being pursued wlh on8 leaseholder. Investment powers and pollry The Trust Deed authonses the TteeS to invest cash not required forthe immedBt8WOrting purpow of the Charfty and Waverton Investment Matbagernent is appointed to manage the porrfolio. The Trustees have a limited appetite for risk and have instruc the investsnenl manager that the lnvthn mandat8should be cautious.hwththe long4erm 0.e(liveto outyrfomithe ConsumerPrice Inflati)n by 25% per annum. To &hi8V8 this portfolio is Invested in the Waverton multAsset Cautious Fund iton rdnvesl8d. Cash Is held in th8 portfollo available to meet likely qulnqu8nnlal survey Works 8xpendth f oreseen wthin the next f inancial year. Organlsatlon and admlnlstrallv• Inforniatjon The Chanty is organised under the dyecb'on of the Trustees Viilh the day404lay admnistralion, managa and mainlenarte activilies delegated lo the Cler1( of the TNstees, Kalie ArengO0nes who is eMpbY by Thé Lygon Almshouses. The Tnt appoints proFertyagentAckrKI & Lensamto managetts freghcld Investmentproperty lel on le and receives regular reports from the wjent attdS Trustee mtings upon request. The administrative infornation on page three fomis part of this report. Flnanelal rovl6w Incom8 from charftable adIlJes, prfrKapallycharge8 to r8sldents, amount8d to £88,72612023'. £83,1PAI N) voids of vaGant flats were Incurred (2023.. £620). Income from Inv8Stmnts was £25,47912023.' £29,6781 Expenditure on charft£ble acllwties was £82,547 (2023: £69,561) Increased due to bolbr works énayy costs and management fees. Net inco for the year was £81.61112023: £17,555). the increase being due tD tr unrealised v81ualion gain £64,33512023: loss £54,737) within the investment porlfolio d ue to f avour market fluctuation. Cash at bank at year 8nd was £55,36612023: £80,787) togetherwth additional cash held within W8Vaton investment portfdio £225.008 {2023.' £154.3751. Cash is heFd in reserve for buildi maintenance In TrJ of volatlle stock markels and quinquennial and stone restoration survey works belng planned. The Waverton portfolD contnued to perf¢Th better Ihan cautious and balanced in(lex benthmarks dur(vJ year to 3111 March 2024. There was a fund switch from wavWi MulliAsset Income Fund GBP B Class, rÉo Waverton Mulli4sset Cautious Fur¥J during the year. The Chanty is budgeted in 2024125 to a¢hieve £23,1 surplus of income over expw)diture on oper activities before valuations WKI mOvemt9 on inveStmt portfiolio. Rlsks The Trustees have overall responsitmlty lsUnng that the Chanty has appropnate systsms of cortDb, financial and Other¥se. The systems of fnancial wrtrols at Charity are deskJn8d to proMd8 reasoThb, but notabsoknte. assurance against rnaterf misstalementorlos& They Includean annual budget, appDvgJ by the Tfuslees, regular review of actual results and variances from budget. and delegation of authorty segregation of duties as far as possibb. The Tnjst has Financi81 Standing Orders and controls and a rGk map both reviewed 8nnu8lly by Trustees. mosi recenlly reviewed on V Dècember 2023. This risk rr4) covers all areas of risk managenEnt. vrL residents, property, safety and finanoal governance. The Chanty has no employee& The Charity remains cash g8n8rative before oxwtional repairs orexpenditrjre arf I adequate reserves to meet 8xperMllture commitments.
ALMSHOUSE CHARITY OF SIR LAm POWELL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Reserves The Charity's designated and revenue reseNes are held to ensure its sustainabllty. A planned MaInter reseNe is sel asidelo fund 6xtrdordnary repai, which arise principally out ofquinquennial suNeys.M most recenl such suryey tcok pl durirwJ the 2021 year. Annual surpluses are a¢cumulated ift the Ino) and Expendlure Account Revaluation Reserve reflects the unre81ised gains and loss on revaluation of investrnnts aThJ investnnI proFerties. The social housng grant is a restricted r8serv&. levels of these reserves are in Note 13 to the accounts. Th8 total reserve funds held at 31°, March 2024 were £1,620.070. of lch £255,230 is a restricled reseNe. a1 £691,104 is a deslgnated blk rr)t commitled seThe Nthich will partly be applied to 2021 quinqu8nnial survey works. Together with cash on hand and realisable sto( rnaet investsiients Trust88s consider the chanty's reserves held are approp and re8dity 8V8ilable. Publ1¢ benefit The Trustees hav8 due regard lo guldanc8 publish8d by th8 Charity Commission on publlc bengftt confirn they have compliéd with th8 duty in section 17 of the Charities Act 2011. The Trustees consider that the Charity delivers public benefit through th6 provision of soi?al housing in tr Almshouseflals. Whenflats becomevacantnewresidents are found bypub&cadvertisenpntornomirth)r6 ftDm Hammeysmith and Fulham Council or, failiry this, other referral agencies. 10. Value for monoy The Trustees are miThJful of the need to obtari value for morEy in all transactions entered into on b4f of the Chanty. When majorrkS are undertaken a competits've tender is carried OLrt whenever practical. Tr Charity reVievd its utility supply arrangements durirKJ the year. The regulator has issuad value for money metrics to 8rtsure perfomBn¢e Is measured conslst8ntly for 8> Registered Provider. W8 have adopted th8s8 *thich are réported below. Indlcator 2024 Ta 10.0% Actual 2023 0.0% 2025 Tar 10.00 2024 0.0% Roinvestment in devglok¥nent and capia works 2a. New supply dellv8r8d. Social housin unils 2b. New supply delivered. Non4ocial housin units 3. Gearin 4. Inleresl cover includro capitalised repairs EBITDAR1 5. Social housing cost p unit 6. Operaling margin Social housi letti Operating (overall) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% £6,1 £5.862 £4.738 £6.DOO 8.0% 7.ov 16.4% margii 12.0% 23.7% 29.1% 15.0% Retum on capia 1.6% 20% em 10. vaue for money (continued)
ALMSHOUSE CHARITY OF SIR MLUAM POWELL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 1. Relnvèstment- looks at the investmerrt in properties (existing stock as wel as new supply) as a percentsge of the value of total properties hdd. No captal woths re carried out on thg Almshous8s thls year. Quinqu8nni81 suNey %•tvks planned for 202 2. New supply so¢lal houslng unlts- sets ¢Jut the numberof new Sla1 hou&ng and rKJll-soGlal housing units that have been acquir&J or developed in the y8aras a prowrtion of total social housing units and norFsocial housirvJ units Own at period end. The Charity is not dev61wng any now prop8rties. 3. Gearlng - assesses much of the adjusted assets are made up of debt the degree of dependence on debt finance. The Chanty (tss not hav8 any108ns. 4. Eamlngs before Interes( tax, depreclatlon, amortlsatlon, major repalrs Induded - Interèst COV8r measure is a key indlcator for Ilquldty arKI investmnt capacaty. It S88ks to measure the levd of surplus that a registered provlder gen8rates Carared to interest payatle" avoiding any distortlons arfsing f rom depr8clatlon. The ChaY does not hav8 any kns. 5. H•adllne soclal houslng cost por unlt- assesses the hea(lline sojal houslng cost Per unit as defined by the Regulator of Soci81 HousrKJ. The Ghan"ty's headlin8 costsperunit are lower than the taet due to antlclpat8d mfurtshMènÈ and major rnpalr vK¥ks mt bw'ng rnqUI during the y68r. 6. Operatlng margln for soclal houslnglottlngs and ov•rnll - domon8trato8 lh8 profltablllty of operatlng assets before excepb'onal expenses are taken into account. Increaslng marglns are on8 Wty lo Improve the financwl effiaerry of a business. Operating margn fell du8 to t incrnas8 In 8n8rgy costs nning rnpa1 and mainlanCe durtng th8 yéar. 7. Retum on capllal employed-compares the OTatj sUrpS to tolal assèts lèss current Ilabllltlés and is a common measure in the comnHcial sector to assess the efficienl investment of capltal resources. The ROCE metrSc Uld SUPFQrt reglstered providets with capital investment programmes. DecTrased during y88r du8 to duè to Increasé In •n8W Costs Mnnlng rnp8its 8nd mantenance requred durtng the year 11. Ralatsd partl Two of theTrustees served duriTr3 theYearEre also Tnjstees of The Lygon Almshouses. On all mattss affeding the Charity's d8alings The Lygon Alm8hou8es, th8S8 two Trustees abstain from votir¥J Trust8es' m88tlNJs on related paty matters 12. Golng concorn The Trustees have reviewed the financial posi11 of the Charity arNJ considered its finanGk71 fowasts a)J commitrrEnts forthe folk)Y4ing year and conduded that there are m matenal uncertainbes that st dOt on th8 Charity's abillty to continue as a golro concem for the immgJiate future. 1& Corporats govwnance The Tnjstees haverevithd the Nation81 Housing Federalions (NHF)COd8ofCeManCe2oISatIl rx)mpty with its provisions as appropriate to the relative size of the AlmshoLtse as a small non-devebpry org8nisats'on. Thè Tnjsteés are commltted to Integrity accntablIty in stewardship of the AInhOuSe'S affai5 aTrJ considerthat theTfUStees haVecomFliedthrougFtthe p70d underreviewwith Ihe provi&ons oflhe NFFS Code of Govemance 2015 except as follows: The Trustees do not consider it appropiate to appLNnt an audit commltee for a small organisation. Goveming Docurnnt provides fortfuste85 to serve for terns of four years and does not require a maxirrun lengthof service. The Goveming Ocmental50 pr0deSthat certain tntstees must beapp)inted in ex ffic[l capacity aTrJ for othersto be nowinated bythe COU11 of the LcKthn Borcwh of Hammersmi1h ar FLknI.
ALMSHOUSE CHARrrY OF SIR WILLIAM POWELL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 14. Trustees Th8 Trustees served during year ended 31 March 2024 vme as follows:. Chaimian: Deputy Chainnan: Hon Treasurer. Other Trnstees.. Rev.Penny Seabrook Cllr Adronie Altord Philip Hedges Cllr Sharon Holder Judith Graham Laura ALKklarKJ Paul Hall Catherin8 Cull Thomas Robert Rose Cllr Lucy Richardson Paul Alexandèr (resigned 181LW23) Rev.Peter Kettle Cllr Dwyl 8roknTr lappolnted 2010Y23) 15. Statom•nt of dlxlosurn of Inlomiallon to reportlng aceountsnt We, the Trustees of the Almthouse vh) held offi at the d8te of appmval of t1 Financial Statenrts. a9 sel out above, each confirm so far as are aware, Ihat.. there is rKs relevant examination infonatI¢)n of which the Almshouse's feportlng accountsrrt i5 unaware,. and we have taken all the steps that we ought to have taken as TJust885 In order to rrthe ourselves aware of any relevant examinatlon infomatb)n arwj to 8Stabllsh that th8 Almshow's reportlro &countant Is aware of thal Infonrtk)n. 16. Trustsos, re8ponslblllllos The Charttles Act 2011 and th8 Hottslng and Regeneratlon Act 21KJ8 requlre tho Board of Tnj$t to prepare flnancSal stalements for each f Inanclal yearvthlch glve a tnje arKI falr vlew of the state of affaks of the Almsholtse and of its income and expenditure for that period. In preparing these f inancial statements, ltr Board is required to: select suftable accounting policies then apply thern conslstentty., make ludgements and estlmales that are reasonable prudent,. s18t8 whether applic8ble accounting StarardS have been folk)bd. subject to any matèrid departures disclosed and explained in the financid ststemenls,. and prepare the financial statements on the going conrn basis unless it is inappropriate to presLf that th8 Almshouse continue in bUs1rsS. The Board Is responsltAe for keepirKJ proper accounung recordsvthlch discbse with reasonabb accuwy any tirne the f inancial position of the Almshouse enable it to ensure that the finanaal slat8m8nts rrpty th the Charities Act 2011. and the Housing and Regeneration Act 2(A)B. It has general responsibl for taking reasonable sps to safeguard the assels of the Alrrshwse aThJ to prevent and detec fraud and ottv irregularities. 17. Independent Accountant A resoluiion to appoiit the reporting account Verdant Accountants Ltd. has been approv by t Truslees. 18. Approval
ALMSHOUSE CHARrrY OF SIR WILLIAM POWELL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 This Report a1 the Accounts wpre approv by the Tnkstees and signed on their behalf by.. [aLL Chalrperson Ii&k
INDEPENDEKf EXAMINER'S REPORT TO THE TRUSTEES OF ALMSHOUSE CHARITY OF SIR WILUAM POWELL FOR YEAR ENDED 31 MARCH 2024 I port to the charity tNstees on my examinatK)n of the accounts of the Company for the year ended 3 1 M&rch 2024. Re5P0155ibilities and basis of Yeport As the chatily's irustecs ofthc Almshou5c ChaIity of Sir William Powell you are rcsponsiiTrie for the preparation of th accounts in accordancc wiib the rcquirctnenls of the CompanKs Aci 2006 ('Ihc 20Q6 Acl,). Having satisfd myself tha¢ Iheaccounis of the Almshouse Charily of Su Wdiwm Powell arenot Tequired to be audit1 underPart 16 of the 2006 Aci and eiwbk for indep¢nd¢nl examinaijoft, I report in respect of my ¢xaminution of your chanty's accounts as canxd out under seein 145 of the Chariries Aci 2011 {'tbe ?0 I l Act'l. In caryingi out my examthalion I have folkTrwed the dirECiions given by the Charity ComMi)n under seclton 145(5Mb) of the 201 l A¢t. Indepondent examiner's ststemeAt I haire compkt¢d my ¢XaMiD8tn. I confrm ihai no matters have cometo my attentK)J) inconn¢cti)nwitb the examinai¥)n 'ing me CaSe io beij'eve.. accountingrecords were not kept in Spect of lh¢ Ahnshouse Charity of Sir William Powell asT¢quired by section 386 of the 2006 Act: or 2. the accounts do not accord witb those recoTds- OT 3. the accountsdo not¢ompty wilh the a¢¢oun¢inbrcqullrmenls of S¢CiioD 396 of the ?006 Acl oiher ihan any requityment tha t (he accounts we a 'true and fair Vic whKh is noi a mailer LonsMJeRd as part of an irndependenl examinalN)n' or 4. the accounts have not been pr¢pared in accordanc¢ with ihe meihods and princJple% of the Stalemen¢ of RLcommended Prnclice for accounting and T¢POrting by chaTTiiEs lapplicable io charities pparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have noconcems and hRve eomeacrossno othermatters in connection with the examination to which attention shouki be drawn in this report in order lo enable a pn)perundersiandnig of the accounts to be re8ched. Chaweevan Willlams FCCA Chart6red Certtfied Accountant Verdant Accountants Ltd 2IN22 Wenlock Road London N17GU 1s. 07. 2025< 10
ALMSHOUSE CHARrrY OF SIR WILLtAM POWELL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Unrestricted Restrlcted Funds Funds 2023 Total Total Income from: Charitable activrties Investments 88,726 25,479 88.726 25,479 83,184 29,678 Total Income 114,205 114.205 112,882 Expendlture on: Charitabl8 activrties Investrnent management 82,547 6,400 82,547 6,400 69,561 6,119 10 Total exp6ndlture 88.947 88.947 75,680 Net Income before investments gains (losses) Net gain l (losses) on movement of investments 25,258 25,258 37,182 10 64,335 64,335 (54,737) Net loss on investrnant sales Net (expendlturo) I Income 10 7.983 81,610 7,983 81.610 {17.555) N•t movemont In fund8 81,610 81,610 (17,555) Reconclllatlon of fund8'. Total funds brought forward 13 1,264,399 255,230 1,519,629 1,537,184 Total fund8 carrfed forward 13 1,346,009 255.230 1,601,239 1,519,629 All income and expenditure derive from continuing actsvitses. The statement of financial activiti.es includes all gains and losses recognised during the year. 11
ALMSHOUSE CHARITY OF SIR WILUAM POWELL BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Noi• Flxed a55ets Tangible assets Investment property Investments 562,135 60,CKXI 933,922 574.202 60.000 810,094 10 1.556,057 1,444,296 Current assots Debtors Cash al bank and In harKI 11 2,813 3.806 80,787 58,180 84.592 Credltors: amounts falllng due wlthln ono year 12 12,999 9,260 Nét current assèts 45,181 75,333 Net assots 1,601,239 1,519,629 Rostrlcted and unre8trl¢ted fund• Unreslrict8d f unds Restrtcled funds 1,346.1))9 255.230 1,264,399 255,230 Total ¢harlty funds 13 1,601,239 1,519,629 The fina1 ststements approved and authorised for issue by the Board on Signed on ehalf of the board of Irltee$ Slgnatur8'. snature.. Name: LH Luurffrrf Name: T£¥kfJ@&TL4J gré The noles on pages 13 to 20 fomi part of Ihese flroncial statements. 12
ALMSHOUSE CHARITY OF SIR WILUAM POWELL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Legal Forn) The Almshouse Charity of Sir Wlliam P0Ell is a registered charity in England with the Charity Commission. The address of its register8d offic8 is The Lygon Almsho86$, 313421 Fulham Palace Road, Fulham, London SW6 6TH. tts ple of busin8ss is Sir Wlliam Po*EII Almshouse8. Church Gate, Fulham. LorKJon, SW6 3LD. PRINCIPAL AccoullNG POUCIES Ba818 of accountlng Th8 financial statements have b88n pr8P8red in ac¢ord8TKe with the Financial R8POrting Standard applicable in the United Klngdom and Republic of Ireland {FRS 102), the Statement of Recommenda Pr3Cticè applicable to chanties preparing th8ir accounts in accord8ncè wth the Financial RèportinJ S18ndard applicable In the UK and Republic of IrelaThl (FRS 102) issued in Octob8r 2019 (SORP 2019), the Charities Act 2011, the Accounting Direction f or private registered providers of social housing in England 2019. the FknusirwJ arKI Regeneratlon Act 2(K18 and UK Generally Accepted Account Practice. The chaiity constrtutes a public benefit entity as defined by FRS 102. The financlal statements have been prepaTrd under th8 historical cost convention on an accruals basis. The financial statéments are presentgj in steflirKJ which is th8 f unctional currency of the charity and rDufKl&J to the nearest £. Incomlng r•#our¢e8llncomo rec4>gnlllon All incoming resources are included in th8 Statement of Financial Activitios {SoFA) vthen the charity legally entitled to the income after any pwfomiarKe conditions have been met, th8 amount can be measured reliably and it is probable that the Iorne will be received. Outgolng rn8our¢o8 (pendIre> Liabllities are reCogrsed as resources expended as soon as there is a leg81 or constructive obligalK)n committing the charity to the expenditure. All expenditure is accounted foron an accnffjls basis and has been classif led under th8 headings that aggregate all costs r81ated to the category. Costs of charitable activities irtlude all costs relating to the malntenance of ts housing propertl88 a5 well as the support arKI welfar8 of th8 residents. Other expenditur8 includes the cost of gobynae 8Th8ngemwts vthich relat8 to general running of the charity. Support costs are those that assist vK)Tk of charity bul do not directly represent charilable activities and include offic8 costs. govèmance costs. aThJ administrative costs. Tanglble flxed assets Targible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs dI[llY attributable to making the asset capable of operating as Intended. Depreclation Is provlded on all Ible fixed assets, at rat88 calculated to TrAffite off th8 Cost, less estimated residual value, of each asset on a systematic basis over its expect&J usef ul lif e as f ollows: Kitchens Bathrooms Plumbing El8ctrics 20 year5 30 yea 30 years 40 yea 80ileTS Equipment Structure (shell) Incl11[Vj stone¥w)rk 15 years S year5 11JO years kKlefinite 13
ALMSHOUSE CHARITY OF SIR WILLIAM POWELL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PRINCIPAL AccouNnNG POUCIES (continued) Amounts re¢Vable (or paid in VanCe) at the erKJ of the period are Iluded in the accounts under debtors. These include invoiced seNices and prepaid expenditure. Llabllltlas Amounts payable at the end of the period are included in th8 accounts uThJer amounts payable wthin or after one year as appropriate. This includes afflounts due to suppliers and accnJ8d èxpènditurè Idue but not invoiced and incom8 r8ceiv8d in adva0). Investments Inv83tmentS arn r8cognls8d Initi811y at fair v8lu8 1c is normally the transaction price excludlro transaction costs. Subsequently, they are measured at fair value Viith changes Ognised in 'net gairB I (losses) on investments, in the SOFA rf the 5har8s are pthlicly or their fair value can oth8NAsg b8 measured r811ably. CXh8r inv8slments ar8 m88sur8d at ¢08t less impaimient. Investment Property The Almshouse th8 freeId and reversionwy Interest of Hurflngham Manslons, New Kings Road. SW6 4PA, 1¢h comprises 23 flats and commercial property sold on long leases. This interest Valuèd on basbs of the currént open m*k8t Value discounted by the pefiod of the unexpired18ases. Improvemonts to propertles The Charity capitalises expenditure on u$ll¥J properties which adds to the value of the property or extends its useful lrfe. knprov8m8nts to property thal relate to assets that hav8 a s6paRtely id6ntifiab life to the property coeMed are also capitalis1 bLrt urKler a Gategory separate from the property. Provl•lon• Provlslons are recogrlsed the Charfty has an obligatlon at the balance sheat date as a result of a pasl event, It is probable that an ouiflow of ecormimlc benef Its 11 be required in sett5ement and the amount Can b8 rellably 88tlm8t8d. Golng concern The financial statements have been preparwj on a going corKem basis as the tnte8$ believe that ro material uncértainties exist. The trustees have consldered the18vel of funds held and the expected level of income and experKllture for 12 months from authorising these financlal statem8nts. The budgèt8Y income and expendilure is suff icient with the level of reserves for the Charily lo be able to continue a goiro eoncem. Judgements and kny Ur¢0$ of fjsllmalon uncertalnty The preparation of the f in8nci81 statements requiT8S management to make judgements, estimates and assumptions that affect the amounts reported forassets and liabililies as at balance sheet date and th8 amounts r8POrt8d for rnvenu88 and expenses during the year. 14
ALMSHOUSE CHARITY OF SIR MLUAM POWELL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PRINCIPAL AccouKnNG POUCIES (conrfnuedj However, the nature of estimation means that act outcomes could differ from tIKJse èstimates. The followrtg jLKlgements (apart from thos8 involvlng èstimates) have had an effect on amounts Tecognis8J in the f inancial staternents: Tangible f ixed assets are depreciateAI over t11r Usef lives taking into account residual values, wh6r8 appropriate. The actual lives of the assets and residuat values are assess1 annually and may vary depending on a number of f actors. In r8-ass8ssing asset lives, factors such as technological innovation, product Ilfe cycles arKI maintenance progrdmmes are taken into account. Residual valuè assessments Consider issues such as futur8 rnaet conditions. the remainiry lrfe of th8 asset and pK)jected disposa values. Rosarve8 Deslgnated reserves are part of unrestricted reserves *lch have been eamiarked by th8 Trustees for a parti¢ular purpose. Such d8signations may be r8vetsed by future Trustee decisions. Expenditure cannot b8 directly set against designated reseprfes but is taken through the income and expenditure account. A trnnsfer is In maje fffjm designat reserves as appropriate. The AIMS)USe designates those reserves set aside for future major repalrs on all of Its houslrg properties. The amounts set asid8 are based on a stock condition suNey of th8 Almshouse's housiro properties and represents the expervjiture thal cannot be met from the Almshouse's futur8 rèntal Income stream. The designated reseNe Is the amount that the Trustees estimate Is requlred for future major repairs. Restrfcted reserves represent the social housir¥J grant. If ttr Almshouse's FK)using prop8rtles were be sold this IUld b8 repayable. Rovaluatlon roserv Revaluation res8N8s represents the revaluatlon value of the investment property and the dlffer8r( between the market value and cost of th8 current asset investments. Taxatlon The Charity ha8 chaiitable status HM Revenue and Customs arnl Is exempt from UK tsx on Its primary purpose trading income K1 investment incom8. Flnanclal Instruments Financial instwmenls such as loans. accounts Payables. accounts receivables cash are Classrf1 either as basic or complex. All f inancial instruments are initially measured at their fairvalues at the tlm8 the transactions occur. Subsequently all basic instruments are measured at amortised cost and all complex financial Instruments arè m8asur8d at a fair value through the compr8h8nsive IrOrne. Flnanci81 instruments held by the Charity are classrfied as follov•S: •Cash is hdd at cost, .Fixed asset investments ar8 held at falr value .Other financial assets such as current asset inVestmts arxl receivab18s dassrfied as loans and receivables and held at amortised cost using the ef fective interest method. •Finala1 liabilities such as bonds and loarts are held at amortis&J Cost usifvJ the eff ective interest method. 15
ALMSHOUSE CHARITY OF SIR MLLIAM POWELL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Incomo from charltable actlvltles 2023 ChaffJ8S to residents net of VOKIS 88,726 83,184 88,726 83.184 Loss of income due to void periods 620 Income from Inva8tsnonl8 2024 2023 Dlvldend Income Ground rent 23.871 28,253 1,425 Analy81s of r8sourea8 •xpondod Oth•r Dlroct Support Tolal 2024 Other Direct Support Costs and Total 2023 Managemènt fee Govemance Costs Insurance Professional f 888 22,131 (340> 4,049 22.131 {340) 4,049 16,309 2,962 3,634 (1,246) Llil Legal expenses Bank charges DepTrciation Gas Lighting Water Telephon8 Gardening Equipment Rent and maintenance Routine maintenance Welfar8 and Off ica costs Major repai 2.779 162 12,540 4.473 2,157 1.065 386 4,420 1,643 5,325 2,576 10,377 130 12,C67 8,743 4,561 1.187 610 130 12.067 8.743 4,561 1.187 610 4,783 2,677 3,254 4,783 2,677 3.254 69,561 16
ALMSHOUSE CHARITY OF SIR MLLIAM POWELL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Reporting Accountants, Fee (includirwJ VAT) Overprovision in 2023 3,066 13401 3,086 The reporting accountants, remuneratlon pn)vislon (excludiry VAT) for an indep8nd8nt ex8miner report 15 £960 inc VAT. 2023 fee provision £3,C66 was credited in 2024 followng a £1.300 fee rabate. In common wth many other organisations of our size nature use our accountants to assist with the preparation of the f Inanclal statements. Trustso rnmunoratlon and oxpon8 The twslèes neither received nor Wdived any remuneration duriry the year (2023 £Nil). No expenses reimburs8d or paid for by th8 ch&ity to trust885 (2023: £Nil). In¢om• l oxpondlture for tho year ondlng 31 March 2024 Nel income l expendiiuffj Is stated after ctwglng l (creditiTrJ): 2024 2023 DeplatIon of tanglbl8 flx&l assets 11067 12,540 T•nglble fixod a880ts Alm8house Almshou Property Components Equlpment Total Cost At 1 April 2023 Additior Disposals At 31 March 2024 28,201 837.203 28,201 837.203 Depreciation.. At 1 April 2023 Charg8 for th8 year Disposal At 31 March 2024 235,988 10.879 27,012 1,188 263.000 12.067 246.867 28,201 275,067 Net book value: At 31 March 2024 At 31 March 2023 4953 557.182 568,C61 562,135 574,202 1.188 The net book value of land and buildiros comprise of freehold ptopty. Investment proporties 17
ALMSHOUSE CHARITY OF SIR WILLIAM POWELL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 FreeId property 60,000 No records are available of the cost of theinvestment propety. In thè opinlonof the Trustees the martet value of the freehold revetsion of the investment properties is £60.o¢X). The f reehold is subject to lo leases on 23 flats arNJ commercial prOpty aThl th8 reVelOnary interest for leases in this area of London, togetherwith ground rent is estimat&J to be rM)t18ss than £60,1))O. This valuation is bas8d on infomial advice from a chartered suNeyor. 10 Invesknènts Totsl Funds As at 1 April 2022 R8valuatlor Additions Disposals As at l Aprll 2023 Revaluallons Additions Disposals Cash addilions A8 at 31 March 2024 842,697 154,737) 22,134 810.094 56,352 17,471 50.005 933 922 The historical cost of lisled investments held as at 31 March 2024 is £875,388 {2023.' £792,135). The management fee incurred for th8 investments is £6,400 (2023.. £6.119). This is pr8S8nt8d In the Statament of Financial Activities. beirKJ f und raising expenditure. 11 Debtorn 2024 2023 Residents. arrears Prepayments and accrugj income 1,476 2,329 3,806 2,131 12 Creditors: amounts falling due wlthin one year 2024 2023 18
ALIASHOUSE CHARITY OF SIR LLIAm POWELL NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 MARCH 2024 Creditor5 Accruals 4,779 8,219 2,678 6,582 13 Re8orve funds r•con¢lllallon Balanca at 31 Incom• EXpendIre March 2023 Galn81 Transfor• (losses) Balance at 31 March 2024 Revenue r8seNe Revaluation r8serve Designated reseNe Unrestricted FurKJs R8Stri¢ted reserve 379,594 193.701 691.104 1,264,399 255.230 114.205 (88,946) 56.352 (58,534) 402,871 252,235 691.104 1.346,009 255,230 114,205 (88.946) Total 1601239 Infomation on individual r858IV8 balances pt¥PO888 held is incIed in rte 1. 14 Analy•l• tsf net a$ts betwn funds fund• nd8 Tolal Flxed assets Current assets Current liabillties 1.31J),827 58.180 {12,998) 255.230 1,556,057 58.180 (12,998) Total 255,230 1601239 15 Ralated party tran&tlon8 The Lygon Almshouses is a Telatgj paty as manage th8 Almshouse Charity of Slrwilliam Powell and have trustees in common. There Nvere tbK) TteeS in common betwèen the two chariti8s during the year, Cllr Ad roni8 Alford, Reverend P Seabrook. DuriThJ th8 y8ar Lygon Almshouses has provid&J management services to Almshous8 Chadty of Sir William Po11 forICh it Charg a fee of £26,625 {2022: £16,309) plus 8xpenses of £nil (2021: £nil). 16 Financial instruments 19
ALMSHOUSE CHARITY OF SIR VblLLIAM POWELL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 The carylng amounls of the charity's financial IrtstrUmrtS are as follo.. 2024 2023 Financial assets Measured at fair value through wt income l experKlitW8: - Fixed asset listed investments (note 101 933,922 810,094 17 Prfor year Statement of Flnanclal Actlvllles 2023 Unre8tr1cte Re8tr1cts d Fund$ d Funds Totsl In¢omo from: Charitable activities Inv8Stm8nts Total Income 83,184 29,678 112,862 83,184 29.678 112,682 Expandlturn on: Chadtable activlties Investm8nt Managem8nl 69,561 6.119 69,561 6,119 Total expéndltur• 75,680 Net Income before investments galns arKI losses 37.182 37,182 Net galn l (losses) on movement of investments (54,737) 154,7371 Net Ineoma l (expendlture) {17,5551 {17,555) Reconclllatlon of fund8: Tolai funds brought forward 1.281.954 255.230 1,537,184 Total funds carrlod forward 1.264,399 25&230 1,519,629