ALMSHOUSE CHARITY OF SIR WILLIAM POWELL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Registered Charlty Number". 247066 Registered Provider Number: A1137 Cont•nts Pago Legal and Administrative Detalls Truslees. Annual Re￿rt Independent Examiner'5 Report Statement ol Financlal Activllles Balance Sheel 4-9 10 11 12 Notes to Ihe Financlal Ststements 13-20 ALMSHOUSE CHARITY OF SIR MLLIAM POWELL LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025 Chaiman.. Revd Peler Dobson Qolned 10109124 appolnted Chaimian 06102125) Rev.Penny S88brook (retired 28111124) Cllr Adronie Alford (resigned 27101125) MTr JL￿1th Graham (appointed 06102125) Mr Philip Hedg8s Mr Douglas Downie aolned 14105124) Cllr Sharon Hold8r Mr Paul Hall (retired 18105r251 Ms Catherine Cull Thomas Cllr Lucy Richardson Rev.Peter Kettle Cllr Daryl Brown Mr Robert Rose Irellred 12109124) Ms Laura Auckland (retired 14105124) Deputy Chalmian: Hon Treasurer. Other Trustees: Clefk to the Trusle88: Ka￿e ArengoJones Registered olfice: CIO The Lygon Almshouses 313-321 Fulharn Palace Road Fulham London SW6 6TH Bankern: Natwest B8nk 45 Fulham Broadway London SW6 1AG Woodfords 11 HaThYood Road London SW6 4QP Indèp0￿enl Examlner. Cttaweevan Wblltams FCCA Chartered Certified Accountant Verdanl Accountsnls Ltd 20-22 Wenlock Road London N17GU Investrnent advisorn: Waverton Investment Managemerrt 16 Brabm8es Slregt St Jarnes's London SWIY6AH Statutory rngistratlons: Reglsl8red Charity Number. L2 247086 Regislergd Provider Number A1137 ALMSHOUSE CHARITY OF SIR WILLIAM POWELL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Tvustees Fxesenl th8ir repL¥i and unaudiled 8crnunts lor the year ended 31 March 2025. Constitutlon, obJ•Gts and pollclos The Charity is constituted by Trust Deed. The Almshouse Charity of Sir William Powell was founded In 1680 for older women over 60 of the Parfsh of Fulham who were poor and of.good characterf. This stheme was amended on 20th October 2008 to allow Trustees lo accept appltcalions from persons In need over 55 years of age resident within the London Borough of Hammersmith and Fulham or elsewhere in speoal cases apfvyoved by the trustees. The Trust provid8s and managos 12 fiats at Church Gate Fulham London and Is assisted in this task by Th8 Lygon Almshouses who und9rtake administration management and maintenance functions for the Almshouses. Govgrnlng docum•nt The Goveming tk*oJmont of the AlMSh(￿se Charity is its"Scheme" or Tnjst Deed, th8 last amended version of wNch was sealed by the Chadtles Commlssioner In Octob8r 2008. Actlvltl•s and •chl•vem•nts The almshrxjses are managed by the Lygon Almshouses under the t8rms of a management •JTremenl dated 22 March 2013 which indudes lh8 Clerk applyiThJ her time exclusively lo managing the charity's almshouses. The Clerks bou￿ total 15 hours per week. with occasional Ov8￿me as needed. to facilitate the workload. The Lygon Management fee tharged for the year was £25,78412024 £22.131) which induded the Clerk's salary. The TnJste8s are rnosl grateful for Lygon's management input and support. In 2024125 the Charity increased Weehay Maintenance Charges by 4% In line inflation and below the Stale pens¢on increase of 8.5% in April 2024. WMC rise was less than the 7% recommended increase by the AIms1￿USe Ass(Kialion. The Setvice tharge was increased by a total of£2 to £18 per week. Budgeted costs were rxMlained where Fossiblè induding a pnte energy wntracl which was be fenew8d in April 2025. Other rrKrtine matter5 were as fdlows: Water H￿iene Managernent (WHMI carrfed out thelr annual Leglonella Rlsk Assessment In January 2025 al the Ajmshouse. Remedial works fTDm the previous risk assessment were carried out in May 2024. 0￿￿Trg issues with Ihe temperature ol distributed hol water were investoaled and resolved (in part) by the remedial V￿rks. WHM rA)ntinued lo monitor this durirwJ their monthly routine cher*s. The Clerk wrote to all Residents in February 2025 to provide déar instructions for the quarterfy descaling of shchver heads in indNidual fiats. The servicing and r£rtsficatirn of the gas tollers were can?ed out in January 2025. Thè fira alam)s and emergency lighbng continue to be tested bi-annually (June and November) by contractors along with an annual Insp￿ts'on of fire extinguIShe￿ in all fiats and communal areas in June 2024. A Fire Risk Assessmert wa8 carried ¢yJt In preVI￿S year (Sep18mb8r 2023) the next one due In September 2028. Gutters and downplpes c￿￿tinUe to be deanod bl-annually (Kqay and November) and drains contlnue to be inspected and dean6d each year in Oecember. The trustees engaged discusslons with a local architect to exploro the pjssibility of adaptirvJ the drainage and gutters to facilitale improved collection of raimvater in an attempt ￿ Pfeseprfe Ihe stonework. Discussions are ongoing. Electric81 equipment in the o)mmunal laundry room vms PAT tested in May 2024. Refurbishment Works were undertaken in Flat 5, 10 include slruclural Wofks to th6 floor jolsts In the liviTrJ room. a new kitchen, bathrN)m and Ihe tt)mplèle redewation and rethfloonng ofthe living room spac8. The Resident was temp)raiily housed be￿n Premier Inn and LyE¥)n Almshouse for the en￿'re duration of lh8 works. LBHF provided adaptations and ImproVe￿ts to the accesslbllity of the shower room in Flal 12 for the benefit of th8 ResidenL The trustees entered Into a contract wlth an advertlslng agency to explor8 the posslbillty of eamlng revenue from the potential of painting temporary advertlsing rnurdls on the side of its frBehold investment propety Hurlingham Man$lon$. ALIASHOUSE CHARITY OF SIR WILLIAM POWELL TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 3. Actlvhl•s and achlev•m•nts Icontlnu•d) The Clerk fomwlised ihe thartbes. rw Clynplalnts Pollcy In accordanc8 Yhlh new leglslatlon Sntr(mJuC￿ ty the Housing Ornbudsman lo include the chanb"os' first anrnjal sutxnission made in February 2025. The Charity owns the freehold of Hurlingham Mansions subject lo long leases on 23 flats and ccwnm8rdal property. The Charity continues to rèceive ground renl in respect of this prop8ty. There were no lease extensions sold during the year. The TNstees revie¥￿ sialus wilh Ihe Managing Agent for the property duriTra thè year whith was c(￿ldered unsali5faclory. It W89 therefore decided to rèplace the Managing Agenl from August 2024 to Willmotts propety Managemenl. Recovery of rMJtstandirYJ service d)arg8s and settlement with some18aseholdorn Is bolTrJ pursued. ••tm•nt pow•r• and polky The Trust Deed autPK)iises the Trustees lo Invesl c8sh not required fr)r th8 Immediate wtrkSng purFx)se8 of the Charity and Wavert¢￿ Investment klanogement 18 ap￿￿nted to manage the w￿0110. The Trustees have a limited app8ti1e for risk and have instructed the Invèstment manager that th8 Investment mandate should be cautsous, with the lon(>tem objective to outperform thé Consumer Price Inflation by 2.5% Pgr annum. To achieve this the w>rlfotio is investèd in lh8 Waverton MultivAsset Cautious Fund wrth income nvesled. Cash IKJklings are retained in the portlolio available to moot likely quinquennial Survey wths expendi￿re f(Yeseen wjthin the nexl fmanrAal year. o￿nISatIOn knd admlnl•trallv• Inf0m￿tIon The Charity is organised urKlerthe directi¢￿ d the Tft￿teeS wilh lh8 day4trday administrali¢)n. management arKI maintenance actsvilies delegated io the Cletk of tha Truslèts. Kada ArerwJon8s who is empbyed by The Lygon Almshouses. The Tfust appolnts agent Acland & Lensam to manage Its freohold Invegtrnent yoperty lel on leases aTrJ receives regular reports from the agent who attends Trusteè rneetings upon requesL Th• administrative Infrntkn on page Ilwee fomls part of thls reporL Fln•nclal rnvl•w from Chantsts￿ actr#itses. principally charrJes to residents, amounted to £90.826 (2024.. £88.726). A Y￿d penod of a vacanl ilal vrds incuffed durirrfJ major repair Wofks and refurbishment £1,28812024.' NIL}. Income from invostments vrds £18.024 (2024.. £25.479) Iha lall being due to an investment fijnd switch. Expenditure on charilablo activib8s £100.441 (2024: £82.547} inueasad duo to major repair and refurbisttment to a flat and gas and Manager￿n1 fee costs. Net Income for th6 year was £21.814 (2024.. £81.611). the unrealised valuats'on gain on investments induded is £21.231 <2024". gain £64,335> Cash al bank al year end was £40.620 {2023.' £55,366) tO9ether *ryth additional cash held wilhin Waverton irwestmenl Fthfolio £228.37212023.' £225.008). Cash is held in Trsarye for heritage t￿Ilding maintenance in the light of volable stock mart(ets 8TrJ quinquennial arwj slone resloration sUp￿Y works being planned. The Waverton porrfolio continuod kn perfonn betlerthan caullous •KI balanced index benchmarks during Ihe year to 31• March 2025. Th6 Charity is b￿eted kn 202Y26 to achleve £1.619 defiiit of Income over eXp￿dIture M (x)grnbn9 acti%rytye$ tsel￿e valuati￿5 Move￿nts ￿ irweslmnt [￿￿0110. Rl$k• The Trustees have overall re5ponsibilty kn ensuring that the Charity has appropriate systems of controls, financial and otheTr*ryse. The systems ol financial controls at the Charity ar8 designed to provid8 rftasonable, bul r￿1 absolute. assurance against material misslatemenl or loss. They include an annual budget, app￿Ved by the Tnjslees, regular review of adual rèsults and variances from budget, and delegakn'on of authority and segregation of dukn'es as far as possible. The Trust has Financial Standing Orders and controls and a risk map b)th reviewed annually by Trustees. most recentty r8viewed on 12 Sepl8fflber 2024. This nsk map cover5 all areas of risk Managenx￿l. viz. residents. property, safety aTrJ finanoal governance. Th8 Chanty as rm) employees. Th8 Charity remains cash gen￿alIve b8fore exceptional repairs or expeTrJrtura and has adequ8le reserves to meet expenditijre (x)ffmiknents. ALMSHOUSE CHARrrY OF SIR WILLIAM POWELL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 R•••rv The Charity's deslpnated and revenu8 reseNe5 are held lo ensure Its sustalnabtllty. A planned maintenan¢e reserve is set asKle io fund extraordinary repairs, vthich arise principally out of quinquonnial suNeys. The most ￿cent such survey took pl￿ during Ihè 2021 year. Annual surrAus•s are accumulated in tho Income and Expenditure Accounl and the Revaluation Reser48 reflects the unrealised gains and losses on revaluation of investments and Invgstrnont pro￿rtIeS. The soclal housing grant is a rnstricted roserve. The levels of these reserves ar8 shown in Note 13 to Iha acci￿nIs. Th8 total reserve funds held at 31 •1 March 2025 were £1,626.054 12024.. £1.602.07). of whlch £255,230 is a ffjstrtded and £691,104 Is designaled but not committsd rns8p4e vthich will p8rfly b8 applied to 2021 quinquenni81 survey WO￿9. Togetherwith cash on hand and reallsabl8 slock morket Inveslments Trustees ¢onsldef the charfty'8 fe88nrfes hekl are appropnale 8nd r&Adity available. Publ1¢ b•n•fft The TnJslees have duo rngard to guldance pub115hod by the Charlty Commis8k)n on publlc b8n6fll and ¢Mfirm they have Cfxnplled *ith the In 8ection 17 of the Chafiti88 Act 2011. The Trustees consider Ih8t Ih8 Charlty delivers public bènefit through the provislon of 80ci81 houslng in th• Almshwse flats. When flats bewme vacant new resldenls afo found by publlc advertls8rnent or nomlnatt0Th8 from Hammgrsmith and Fulham Council or. failiw this, other referral agenaes. 10. Valu• fof mon•y The Truslees are rnindful of the n86d to (*Jtaln value for mcThy In all transactlms entered Into on behall of ¢he Chanty. When major works arp undertaken a competitive tendgr Is carried out vhwievor practical. The Chanty rnwowfjd its ulility 8upply afrangamgnts during tho y88r. The regulator has Ssswd value lor momy mgtr1(x lo enwre perfomi8nce18 me88urod con818tenlty tr each RegislerBd Prry41der. We have adopted thesè which aro reported b810w: Indlc•tor 2025 •1 10.0% Actual 2025 0.0% Actual 2024 0.0% 2026 Tar Reinveslment In d￿elOpI￿lI capilal 10.0% 28. New supply delivered. Social housin units 2b. New supply delivered. Non•social hwsin units 3. Gearin 4. Interest cover Indudl capilalised repairn EBITDA-MRI 5. so￿al housing cosl pef unil 6. Operating margin Social housinLi_s Operati'ng rnargin (over811) 0.0% 0.0% 0.0% 0.0% £6.000 £5.862 £8.000 8.0% 8.0% 15.0% 23.P 15.0% Relum on capitsl lo 1.6% 2.0% em ALMSHOUSE CHARITY OF SIR MLLIAM POWELL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 10. Valu• ft>r morwy qcontlnued) Relnveslm•nt- knks al Ihe Inveslment In properties (existing st￿k as well as now supply) as 8 percentage of Ihe value of total properties held. No C8Pital w(¥ks rnftied on Ihe Almshwses this year. Quinquemial sumy woths planned for 2026. 2. Now supply soclal houslng unlts- sets out th8 number of new sodal houslry and rKbn-soclal houslng unit5 that have been aCqUi￿d or developed in the year as a prorM)rtion of total so(ial housing units and nOn-￿)C¥al h￿SIng units owned al peri(¥J 8rhY. Th8 Charity is not dev81w.ng 8ny newproperties. 3. Gearfng- assesse5 htyw rn￿h of Iho adjusled assets ar8 made up of debt army the degree ol dependence rm debl finance. Tr Charity does not have any loans. 4. Eamlngs ￿lor• Inl•r•s( tax. d•prn¢lallon. •mortlsallon. malor ropalr• Included- Interesl cover measufe is a key indicalor for liquidity 8nd investment c4paGity. It seeks to measure the level of surplus that a regislered provider generales c4ynpared to interest payable., avoiding any distortions arising from depretsat¥)n. The Charity does not havo any luslng cost p•r unlt- assesses Ihe headline social h(xtslng cost Per unit as defined by the Regulator of Soa"al Hwsww. The Cth8iyty'S heathne cosls per unit are huherthan the taw due to anb'cipated rnfvthshmentaTrY Ma1￿ wir beiry rnquKed dunrKJ the year. 6. 0￿rat1ft9 rnargln for soclal houslng lettlng8 and ov•rall- domonstrat•s the wofftability of operatlng assets before eX￿Pti1)naI expenses are iaken inlo a(￿InL In(xeasing margins are one way to improve the finanoal effKiery of a business. Opernling m8nJin femdue to the inc￿8$? in eneryy costs rnai￿ ￿paIts ar￿ maintenan￿ required duiing the year. Overall this was not c(vnppnsated by gains on (xk ma1ketinveth￿nts vaMth)n and income duiing the year 7. Return on capllal wnployed- ¢￿1pa￿S the operating surplus to total assets less ￿rrent liabilities and is a common rneasU￿ in the commercial sector io assess the efficient investment of capital resources. ROCE metric I￿)Uld SUFP)rt registered providers with capital inveslment programmes. Decreased d¢nry Near due to incrnase m enewcosts rnnning and mainlenance requKed during the year 11. R¢lat•d partles T*tJ of Ihe Trvstees WI￿ sthd during the yearw*r6 also Tnjstees ofThe Lygon Mrnshouses. On all matters affe¢iing the Charity's dealings with The Lygffi Almslthtses. these t*£• Trustees abstsin fTOffl voting at Trustees. meetings on related party matte 12. Golng concern The Trustees have revithved fjnandal ￿)￿110￿ of the Charity arKI c(ffbsTrdered ts fNncial forecasts and commilments for th8 following year and concluded that ther8 are no rnaterial urKertainties that Gast doubt on the Charity's abilty to conliwe a$ a goirwa C￿cern for Ihe imm8diat8 futur8. The Trustees have reviewed the Natb)nal Hwsing Federallcm's (NHF) Code ofGov8manc8 2015 arnl comply with its provIs￿nS as appropriat8 to lh8 relalive size of the Almshouse as a small northewxng organisab'on. The Trustees are committ•J to Integrity Bnd acc(wntability In Ihe stevdrdship of tho Aknsh(xJsè's affairs and consider that the Trustees have complied thrO￿lK*ut Ihe under review wilh the provisions of the NHF. Code of Govemance 2015 except as follvws: The Trustees do nol consider it appropriate to appoint an audit committee ts a small organlsalion. The Goveming DO￿rnent provides for trustees to serve for terms of four years and not require a maximum ALMSHOUSE CHARITY OF SIR WILLIAM POWELL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 length of seryice. The Govemir¥J Documenl 81s0 provides th8t cert8ln Irus1888 must b8 8ppolnled In exwofficio Capacity and for othern lo bg nominated by the Council of the London Borough of Hammernmrth and Fulham. 14. Trusto•s The Trustees Mtho served durlng the year ended 31 March 2025 wern as fdlows:. Chaimi8n: Rev'd Peter Dobson (Jolned 10109124 app(4nted Chalmian 06102125) Rev.Penny Seabrook {relired 28111124) Cllr Adronie Alford (resigned 27101125) Mfs Judith Graharn lappolnted 06102125) Mr Philip Hedges Mr Douglas Downl8 Uolned 14105124) Cllr Sharon Holder Mrs Judith Graham Mr Paul Hall {relired 18105r25 Ms Catherinè Cull Thomas Cllr Lucy Richardson ReY.Peler Ketue Cllr Daryl Brown Mr Robert Rose {retired 12109124) Ms Laura Auckland (relred 14105124) Deputy Chalnnan: H¢Jn Treasur8r. Olher Trusl88S: 15. Sl•t•m•nt of dl•closure of Inforniatlon to reportlng accountsnt We, the TNstees of the Almshouse vtho held office at tho date of approval of these Flnanclal Ststernents. as set oui atrM)ve, each confimi so far as we are aware, that: there is no relevant 8xamlnat(on Infomiation of which th8 Almshouse's reportlng accountsnt is unaware: and we have taken all the steps that we ought to have taken a5 Trustees in order lo makè ourselves aware of any relevant examination lfflforrnation and to estsblish Ihat the Almshouse's reports'ng accounlanl Is av￿re of that 1nfornat1(￿. 16. TnMl•H' r•spon•lbllltl•• Chanties Act 2011 8nd the Houslng and Regeneratlon Act 2008 roqulre thè 8oard of TNstees to prepar8 finandal statements for each Ilnanclal year whlch glve a true arKI fair view of the stal8 of affalrs ol tha Amshouse and ol its IncA)me and exp8ndituie for that pèriod. In preparing these flnanclal ststemonts, the Board18 requlred to.. 6elecl Suitable accountlng pdlcle8 and thèn appty them conslsiently., mak8 judgements and 85limales that are reasonable and prudenl,. Slate whether appllcable accounting stsndards have been followed. subject to any material departures disclosed and explained In the financi81 stalemenls: arKI prepar8 th8 financ4al stalemenls on the 90Sng concem basls unless It18 Inapproprtale to wesume Ihat the NJrnshouse will Conlinue in busln83s. Thg Board is responsible for keeping proper accounling record$ whlch disdose wilh reasonable accuracy at 8ny time the financial p05ib.on of the Almshous8 and enable it lo ensuTr that th8 financi81 slalemenls com with the Charities Act 2011. and the Houslng and Regeneratlon Act 2008. 11 has general responslbillty for taking Teasonable steps to sa18guar(I the assels ol the Almshouse ar￿ to prevenl and detect fraud and other Irregularitles. 17. Ind•p•ndent Accountant A resolution io appolnt the reportlng accountsnt8 Verdanl Arxountants Ltd. has boen approved by Ihe Trnstees. ALMSHOUSE CHARITY OF SIR WILLIAM POWELL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 18. Approval Th18 Report and the A¢wunt8 were approvad by the Trustee8 and 8lgned on tholr b8h811 by: ChaIrp•f￿n Dat•: INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ALMSHOUSE CHARITY OF SIR WILLIAM POWELL FOR YEAR ENDED 31 MARCH 2025 I rcport io the ¢haTity trustees on my cxaD)inotion orth¢ 4¢wunts ofthc Comp8ny for th¢ year end¢d 31 March 2024. R¢sponslbllltleJ #nd bAilg of report As the charity's trustees of the Almshouse Charity of Sir William Powell you are re8pon8ible for the preparation of the a¢¢ounis' in &ccordan¢e with th¢ rcquirements of the Companies Act 2006 ('Ihe 2006 Ac¢'). Having saiisfied myself Ihal the accounts of the Almshouse Charily of Sir William Powell are not required to bc audited under Part 16 of the 2CI)6 Acl and are eligible for indcpcndcnt examinatioo I re￿rt in resp¢¢t of my examination of your charity's a¢¢ounts as Carried out under section 145 of the Chariti￿ A¢t 2011 ('thc 2011 Act,). In ¢aryin8 Out my examination I have followLid th¢ directions 8iven by th¢ Charity Commi&4ion under section 145(5Xb) of the 2011 Act. Indtpcndent examlner'i st•lem¢nt I havc complctcd my cxBmination. I ¢onfm thai no m&itcrs knv¢ ¢ome lo my aiieniion in conncclion with th¢ ¢xamination 8ivin8 me cause to bclicv¢: accounting Te¢ords were not kepl in respect of the Almshouse Charity of Sir William Powell ￿ Tequired by section 386 of thc 2(KJ6 Aci or 2. the accounts do noi acconl with those re¢oTfb: or 3. the accounts do not comply with thc accowitin8 requirements of section 396 of the 2006 Act other than any r￿Ul￿ment thai the accoun￿ give 4 'true and fair view, which ig not a maticr considered as part of an indcpcndenl examination: or 4. the accounts have noi been prepared in accor(lance with the methods and prinsiples of the Sthicmenl of Recommended Practice for accounting and reporting by charities {applicable toThtrilies preimring th¢ir IccounLs in accordAnce with the Financial Reportin8 Standard applicable in the UK aftd Republic ofireland (FKS 102)]. I have no concerns and have come across no other matteTJ in connection with the examination to whieh attention Should be drawn in this re￿rt in order to enable a proper und¢rstalldin8 of the accounts to be reached. Ch8wé8v•n Wtlliam8 FCCA Chartered Certified Accojntanl Verdant Accountanls Lld 20-22 Wenlock R{￿d London N17GU 30 September 2025 10 ALMSHOUSE CHARITY OF SIR WILLIAM POWELL STATEMENT OF FINANCIAL ACTIVITIE8 FOR THE YEAR ENDED 31 MARCH 2025 2025 Unro8trlct•d Restrlct•d Fund• Fund• 2024 Total Total Incom• from: Charitable actsvitle8 Investments 90,826 18.024 90,826 18.024 88,726 25.479 Total Incom• 108,850 108 850 114,205 Exp•ndltur• on: Chantable aclNltie8 Investrnent managemenl 100,441 4,826 100,441 4.826 82.547 6,400 10 Total •xp•ndltur• 105 267 105 267 88,947 Net Income bel￿8 Invostrnonts galns (losses) Net gain l (losses) ¢)n movement of investrnen18 3,583 3,583 25.258 10 21,230 21,230 64.335 Net loss on Snvestrnant sales N•t (•xpondhur•l I Incorn• 10 7.983 81.610 24.814 24,814 N•t mov•m•nt In fund• 24014 14,814 81.610 R•conclllatlon of fvnd•: Total funds brwght forward 13 1,346,010 255,230 1,601240 1,519,629 Total lund• carrf•d forn4rd 13 1,370.824 255.230 1.626,054 1,601,239 All In(x)me and expenditure derlve from continulng activi1188. The 8tatement of financial adlvltle8 includes all galns and losse8 recogni8ed durfng the year. 11 ALMSHOUSE CHARITY OF SIR ￿LLIAm POWELL BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Flxed a88•ts Tangible assets Investment propety Investm8nts 552.713 60,000 977.746 562,135 60,000 933,922 10 1,590,459 1.556,057 Curr•nl ass•t• Debtors Cash at bank and in hand 11 3,911 40.620 2.813 55,366 41530 58.180 Crodltor•: amounts falllng du• wlthln on• y• 12 8,935 12.999 N•1 curr•nt a•vt• 35,596 45.181 N•t ••i•ts 1,626 054 1,601,239 Restrlcl•d and unr•strlct•d fvnd• Unrestrrted funds Restri¢Xed fvnds 1.370,824 255.230 1.346.009 255,230 Total charlty fund• 13 1.626.054 1601,239 The financial Statements were apwoV￿l and authorised for188ue by the Board on Signed on behalf ol the board of truste IC. f. L£•tC Slgnaturo: Slgnature: Name: Name: The notes on pages 1310 20 forni part of these Ilnandal stalements. 12 ALMSHOUSE CHARrrY OF SIR ￿LLIAm POWELL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 L•gal Fomi The AIms1K￿$8 Charity of Slr Willlam Pow811 18 e reglstered tharfty In England with the Charity Commission. The 8ddre5s of its registered office Is The Lygon Almshouses. 31 &321 Fulham Palace Road. Fulham. London SW6 6TH. its place of business is The Sir William Pmll AJmshouse$. Church Gate. Fulham, London. SW6 3LD. PRINCIPAL ACCOUNTING POLICIES Basls of accountlng The finanaal slatements have been prepared in aCC(￿danCe with the Flnancial Reporting Standard applicable in Ihe United Kingdom and Republic of IreFand (FRS 102). the Ststement of Recommended Prartice applicable to charities preparing their a¢￿UnIS in accordance with Ihe Financial Reporting Slandard applicable In the UK and RepuL4iG of Ireland (FRS 102) issued in October 2019 (SORP 2019). the Chanb'es Acl 2011. th8 Accounting Direction for privat8 registered providers of social housing in EnglarKI 2019, th8 Housing and Regeneration kt 2008 and UK Generduy Accepted Accounting The charity C<￿$111utes a public benefit entity as defined by FRS 102. Tha financial ststements have been prepared under the historical cost convention on an accruals basis. The financial ststemenls are presented in sterling which is the functi(Thl currency of the charity and rounded to the nearest £. Incomlng r•sourc•snncom• r•￿)gnItIon All irwming resources are included in the Ststement of Financial Activities (SOFA) when the charity is legally entl￿ed to the income alier any perf0m￿nCe conditions have been met the amount can be measured reliably and li Is probable that Ihe Incom8 will b8 recelved. Outgolng rn•ourc•• (•xp•ndltur•) Llabilities are recognlsed as resources expended as soon as Ihere Is a legal or conslJuctN8 obligation committing the charity to th8 8xpendilur8. All 8xp8nditur8 Is acc£)unted for on an accruals basis and has been dassified under the headings that aggregate all costs related to the Gateg¢)ry. Costs of charitable activities include all costs relatlng to the mainlenance of the housing properties as well as the support and wellare of the residents. other expenditure Includes the cost of governance arrangements vthich relate lo the general runnlng of the charity. Support costs are those Ihal assisl the work of the charity but do not directly represent charilable aclivities and Indude office Costs. governance costs. and administrative costs. TangSble fixed as••ls Tangibl8 fixed assets are stated al cosl (or deemed cost) less acc￿nU1at8d deprnciatlon and accumulaied impairment k)sses. Cost indud8s costs directly attributsble to makiNJ the asset capable ol operats'ng as intended. Depreciation is provhled on all tangible r￿ed assets, at rates calculated to Write off the wsl. les$ estirnated resldual value, of each asset on a syskmallc basls over its expected useful lrfe as follows: Kitchens Bathrooms Plumbing Electrics 20 years Boi18r8 30 years Equipment 30 years StructW8 (shell) Including stonework 40 years Land 15 years 5yea 100 years Indefinite 13 ALMSHOUSE CHARITY OF SIR WILLIAM POWELL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 PRINCIPAL ACCOUNTING POLICIES (contlnuedj Debtors Amounts receivable (or paid in advance) al Ihe end of the period ar8 i￿luded In th8 accounts under debtors. These include Involced services ar￿ prepald expendlture. Llabllltl•s Amounts payable at the end of the period 8re Included In the accwnts under amounts pay8ble within or after one year as appropriate. This indudes amounts due to suppliers and accrued expenditure (due but not invoiced and Income recelved in advance). Inv•slm•nts Invest￿￿nts are recognised Inrlially 81 f8ir value which is nomialty the transaction price excluding transaction costs. Subsequently, they aTe measured at fair value with thanges recognised in 'net gains l (losses) M inveslments, In the SOFA rf th8 shares are publicly traded or their fair value can otherwise ba measured reliably. Other invesknents are measurod at cost less impairment. Invoslment Property The AImS￿u$e owns the freehold and rever5ionary interest of Hurlingham Mansions. New Kings Road, SW6 4PA. which comprises 23 flats and commerdal propety 501d on long leases. This inlerest is valued the basis of the ￿￿rent open market valua discoLmted by the p8ri0d of the unexpired lease& Improvements to prop•rtl•s The Charity capitalises expendliure on houslng properties whlch adds to the value of the property or exteTrJs its useful lrfe. Improvements to property that relate lo assets that have a 5eparatety idenlffiable lrfe to th8 propety concemed are also ￿p[IaliSed but under a calegory separate from the property. Provlslons ProVis•Y￿ are recognlsed when the Charity has an obllgation at the balanc8 sheet date as a resuft of a pasl 8venL it is probable th8t an ouffiow of economiG tonefts will be required in settlement and the am(KJnt be reliably estimated. Golng conc•m The financrdl sLq18m8nts have been prepared on a golng oJnc8m basis as the trustees believe that no material uncertainb'es exlsL The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authortsing these financial statements. The budgeted income and expenditure 18 sufficient wtth the level of reserves for the Charity to be able to continue as going concem. Judgements and koy sourc•$ of 03tlmatlon uncertalnty Th8 preparatlon of Ihe finandal siatements requires managemenl lo make judgements, estimates arKI assumptions that affect the amounts reported for assets and liabilities as at the balance sheet dale and the amounts reported for revenues and expenses duflng the year. 14 ALMSHOUSE CHARifY OF SIR ￿LLIAm POWELL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 PRINCIPAL ACCOUNTING POLICIES (contlnued) However, the naluTe of estimation Thans U)at actual outcomes could differ from those estimates. The following judgements (apart from IIK)se involving estwnates) hav8 had an effect on amounts recognised in the finanrial slatements: Tangible ￿ed assets are deweciated over thew useful lives taklng thto account residual values, where appropriate. The actual lives of ihe assets and residual values are assessed annualty and may vary depending on a number of factors. In r￿ssesSIng assel lives. factors such as technokuiol innovation. Juct lrfe cydes and maint8rwnrn programrnes are taken into aGcounl. Rèsidual value assessments consider issues such as fuiure market c(¥)ditions. the remaining life of the asset and projected disposal values. ReMrv•s Deslgnated reservos Desbgnaied reserves are part of unrestricted reseNes vthich have been earrnarked ty the T￿￿tee5 for partTrcular purpose. Such designations may be reversed by fulure Tnjstee decisions. ExperKliture canrK)t be diredy set against designated reserves but is taken through the income and expendilure accounL A transfer is Ihen made from deslgnated reserves as appropriate. Almshouse designates tIK)se reserves set aside f(Y future major repairs on all of ts housing KYOpert￿. The amounts sel aside are based on a stock o)ndition survey of the Almshouse's housing opeftss and represents the expenditure that cannot be met from the Amshouse's future rental income stream. The designated reserve is the ￿1)Unt that the Twstees estimate b required for future major repairs. Restrlct•d rnsetves Restricted reseNes fewesent the socaal tM)usiNJ grnnL If th8 Almshcwjse's houslng rxop8rbes weTB to be sold this woukj be repayable. Revaluatlon reserv Revaluation reserves represents the revaluatk)n va￿0 of the Investment property and the dIffe￿nCe belween the market value and cost of the (ajrrent asset inv8slmenis. Taknitlon The Charty has charitable status wilh HM Reven￿ and Customs and Is exempt from UK lax ils Flnan¢lal Instrumonls Financial instruments suth as k)ans. accounts payables, accounts r8celvables and Cash are classified either as basic or c(xnplex. All financial instruments are initially measured at Iheir fair values at the time the transacti(Ms occur. Subsequently all basic Instruments are measured at amortised cost and all complex finanaal ir6lruments are rneasured at a fair value thn)ugh the comprehensive income. Flnancial instruments held by the Charity are dassified as follM: .Cash is held at cost. .Fixed asset investments are held al fair value .Other finanual assets such as ￿rrent asset inveslments and recelvables are dassified as loans and receivables and hekj at amortised cost using the effective inieiest method. .FinanGial liabilities suth as bonds arKI joar￿ are held at amortised cost uslNJ the effectrfft intefesl meth plug expenses of £nil (2024.. £nil). 16. Flnanclal commltments There were financial commitrnents contracted at 31* March 2025 (2024: NIL) 19 ALMSHOUSE CHARITY OF SIR MLLIAM POWELL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17 Flnanclal In8trurn•nt8 The Cal￿ng amounts of the ch8rity's fmanc181 Instruments are as follw: 2025 2024 F￿ancial assets MeaSU￿d at fair value through nel Income l experKltiure: - Fixed asset listed investments (nole 10 9T1,746 933.922 18 Prlor year SL*emont of Flnanclal Actlvltlos 2024 Unrnstrlcted Restrlct•d Fund• Funds Total In¢omo from: Charitable activftios Investments Total Incomo 88.726 25.479 114.205 88,726 25,479 114,205 Exp•ndlturo on: Charitablè activiti8S Investrnent Management 82.547 6.400 82.547 6,400 Total •xpendltur• 88,947 88,947 Net Incom8 before knvestsm￿ts gains 25.258 25,258 Nei gain l (losses) on movemenl of investments 64,335 64,335 Net loos on Invesimenl salo8 Net Incom• l (expondllurg) 7.983 81.610 7,983 81,610 R•¢on¢lllatlon of funds: Total funds brought forward 1,264.399 255.230 1,519.629 Totsl funds carrled forward 1,346.1)09 255.230 1,601,239