QUEEN ALEXLYDRA'S HOUSE ASSOCIATION {A Reglstered Charlty and Company Limited by Guarantee) REPORT OF THE COUNCIL AND FINAIYCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Company Registered No.. 0004?575 Chariiy Regisiered No: 31?8?4
QUEEN ALEXANDRA'S HOUSE ASSOCIATION REPORT OF THE COUNCIL YEAR ENDED 31 DECEMBER 2023 The Council present iheir annual report and tinancial statements for the year ended 31 December 2023 which are also prepared io meet Ihe requirement% for a directors, repon% and account% for Companies Act purpo%e%. The linanLial slalemenis comply with the Charitie% Act 2011, the Companies Acl ?006, lh¢ Memorandum and Articles of Ay4ocialion. and Ihe Statement of Recommended Praciice for Charities (SORP 2015} (Second Edition, effective l January 2019). REFERENCE AND ADMINISTRATIVE DETAILS Princlpal Address and Registered Office IJrLmner Road Kcn4inglon Gorc l.i)ndoii SW7 2QT Ibresident I I.11.11. PRINCESS ALEXANDRA, THE HON. LADY OGILVY. K.G., G.C.V,O, ,linIb¢r5 of the Councll I'II¢' IllLiiibers of the Council are the Charity Trustees of the A44ocialion and are lisled below. The numbers after each Member .%igpiiily their represenlalive bodies as shown on page 2. Menibcrs of Ihc Finance & Management Committee during the year are iIILIiLiilLd with 'F' after their names.. A I liirvcy Esq {Chainnan) - ( l ) F A III).%L L.%q (4) F Mr¥ A M Gillon OBE- (4) F S C()rbyn E¥q (2) M I lJdltsnd Lyq - (3) Ms /. SLra¥Lldin { l ) Mr8 N Martyn- (l) Ms P Li.4boa - (2) resi&Jned 14 N()vember 2023 J Blake l.'sq (? I Ms A BcrhaiiioviL (3) The Fli)ii. R C I.yllLII()n 1311.. R G BLII F-44 14) ML'nibcrs of Ihe Council are appointed every Iillli yLiir oli bLhalt of repre¥cnlalive bodie%, IIou5e Commlttee, Prlnclpv41 and Professional Advlsers IIou5e Comrnlttee Arehitects M.% P l.i4boa (Chairnian) Mr.% S l)aw4011 Resigned Summer 2023 Mr¥ N Marlyn M4 £ SLr&igicldiii Mr% J SirclllbPLW4ly¥ Mr S (iril'l lili. Mes%rs Ansell & Bailey London Prliielpxl #lid Company Seeret&ry Ms S Browii Auditors Haysmacintyre LLP 10 Queen Street Place London EC4R IAG Bankers Natwesl plc (to November 2023) 55 Kensington High Street London W8 SEQ Handelsbanken (from April 2023) ?1 Floor, l ?5 Kensington High Sireel London W8 5SF Company Registration Number: 00042575 Chirlty Registration Number: 312824
QUEEN ALEXANDRA'S HOUSE ASSOCIATION REPORT OF THE COUNCIL (Continued) YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Statu5 and Administration The organisation is a charilable company limited by guarantee, number 00042575. The charitable company is governed by lis Memorandum and Articles of Association, dated 26 November 1894. The Trustees are currently conducting a governance review. Recruitment, Induetlon and Iraining of Members of the Coun¢ll The directors of the company are also the charity trustees for the purposes of charity law, and under the company's articles are known as Members of the Council. In accordance wilh Ihe Memorandum and Articles of Associalion the members of Council are appointed by HIUI Princess Alexandra (i), the Commissioners for the Exhibition of 1851 (2). the Royal College of Music (3) and the Department for Education (4) and serve for five years and may be re-appointed every fifih year. All members give their time voluntarily and receiv¢ no benefits from the charity. They make the major decisions affecting the affairs of the charity. All new members ore provided with inforniation on the responsibility of being a Trustee and, from lime lo lime, are sent details of courses and seminars which may be relevant lo their responsibilities. The charity does not use volunteers. Members of the Council themselves are appointed with wide experience clsewhere which they bring to Ihe benefit of the charity on a voluntary basis. Organlsatlonal strueture Council meetings are held three times a year and are preceded by Financ¢ and Management Committee meetings. The House Committee meets three times a year lo discuss with the Principal matters relating lo the running of the House, improvements, catering and residenl%' welfare. An invitation is sent 10 all residenls'to speak lo the House Committee Chairnian and the Principal before the meeiings, Implemenlalion of Council decisions is the responsibility of the Principal and her management team. The Principal reports at Council Meetings on operational matters. The Council sets Ihe remuneration of key management personnel (KMP, comprising the Principal. the Head of Mainl¢nan¢e. and the Housekeeper) annually having regard lo local and nalional pay evels and relevant pay indice¥. OBJECTIVES ALYD ACTIVITIES The principal activity of the Associaiion is the provision of accommodation for women studenls engaged in 11 lime education. As result of Ihe expansion of women's Iraining in the 1870s there was a pressing need for more facilities for the accommodaiion of girls. The House was built in 1884 as a cusiom-buili hostel from money provided by several benefactors, including Sir Francis Cook, Chainnan of Cook's of Si Paul's Churchyard, and Henry Doulton of Doulion & Co, the pottery and tilemaker. The beneficiaries of their largesse were from the very beginning girlb in statu pupillari. priority being given lo students of music. The aims were to provide reasonably priced and secure hostel places with full board for girls and young women coming lo London from the provinces or from overseas. If this was a practical and necessary aim in the 18805, It is even more important today, when the cost of accommodation limits severely Ihe availability of yafe and suitable place5 where 51udenls may lodge in central London. An added feature of the House is its design to give students of the arts a centre where they ¢an practice, rehearse, and perfonn. This is a much needed benefit as there is very little practice and perforniance space available in central London. The President al the foundation was Princess Alexandra of Denmark, the Princess of Wales and later Queen Alexandra. Queen Mary and the Duchess of Kent succeeded to the presidency followed by the present president H.R.H Princess Alexandra. As the chariiy operates in the ceniral London market for student accommodation, il continuously monitors developments in that sector and the potential effects of competition on ils slaied occupancy levels. Deposits are taken in advance for future lelling periods. a waiting list is maintained, and fees are reviewed annually with reference lo similar providers. Sound budgeting and financial plans are in place and are updated at least three limes a year to further enable its aims to be achieved. The charity's principal short-lenn objectives are lo provide a safe and happy environment for over l 00 resideni female students, and to OPlimi5e occupancy levels. The longer-tern] aim is lo improve the quality of accommodation by up-grading the property both internally and ¢xternally within the parameter5 of a 5 year plan and as filnds pennit.
QUEEN ALEXANDRA'S HOUSE ASSOCIATION REPORT OF THE COUNCIL (Continued) YEAR ENDED 31 DECEITrlBER 2023 OBJECTIVES AND ACTlVI'fiES (Continued) Public Benefit We have paid due Tegard lo Ihc giiiidance on public benefit contained in the Charity Commi¥sion'5 literature when reviewing our aini% and objectives, and in planiiingi our fulure activities. W¢ have sel aside a bur.sary fund for rc%idenis who are in financial dIlCUltY and need assistance willi accommodation fee8. What 1$ the accommodatlon In Queen Alexandra's House. When the house was built in 1884 Iliere were rooms for 130 girls. in 1976 a large part of the building including m081 of the public room% was leased to the En¥lish Nalional Ballet (ENB) in order to fund extensive upgrading requirements, and that lease wa8 a¥%igFned lo the Royal College of Mu4ii in ?021. A5 a resuli of careful adapialion over a number of years, there are 108 rooms with gi()()d iiiiemei facilities available whicli frequently attain maximum levels of occupancy. From the very foundation of ihe House IlIL'rL' l)ave been many overseas student% who have come to London to study and have di4cov¢red in QAH a safe place to reside and l() <illLnd (heir courses. In the 1960y there were stydents from many Commonwealih ¢ounlrie4 including Canada, Kenya and India- l() IIIL'se and 10 many Sludenls froni all parts of the United Kingdom there have been added students from the Far East including (.'liinii and Japan. The 2023 residenis represented 27 different nalionalilies. li has alway% been the poliLy of Ihe House to mak¢ no riiLL, Lolour or religious distinction. All are welcome and this is very much 10 Ihe public benefit. I IIL. Charity's Constitution makes provision to "assisi female studenis wilh grant.4 of money and other aid and to found scholarships. L'xliibilions and prizes for female students., ACIIIEVEMENTS AND PERFORVIAIYCE During the 20?2123 seme41Lr% l O¥1 ILniale ¥ludL'nl¥ 4layed at QAH. They were sludying at the following ins1itulion, numbering 19 Irom Ihe Royal Collegye ol. Mu%iL, It Iroiii Ilic11()yal College oft. Art, 56 froni Imperial College, l O from the English National Ballel. I Iroiii.Ihe Royal Acadeniy ol. MUNIL, ? Iri)iii IlIL CL'I)Iral SLI)ool of Ballet, 3 Irom Kings. 2 from the Guildhall School of Music and 6 Iroiii MPW. 2 %ludcn14 luiiic fr()iii ()IIILr iii%liluli()ii%. 'riie Reception i¥ operaiional 24 houri 41)d pailoral ¢arc pr()vidLd Ilin)uLh()ul Ihe residcnly, slay at QAH, which is welcomed by the residen1% paren1¥ and guardian4 alike. IILsidLiil% have aLLCS% lo lililliy l()riii.% of comiiiunicalion with the Principal and the senior Inana¥emeni team, A .4Ub¥esiion box iy provided and an open-door polily adopied, Malntenanee of the House Quccn Alexandra'$ House is a Grade 11 listed building in free Jacobean/Queen Anne revival style promineiitly localed nexi to the Royal Albert Hall. Much effort and activity 15 directed towards its maintenance as a purpose-buili hostel and pan of London's Ii¥rilagye. The House has no endowment lo fund shon or long-lem] maintenance. Approximalely £109,000 was spenl on replacing Il)0 Iirc alarni system and related maintenance. Oiher repair works were carried out on Ihc boiler systems and kitchen facilitie4 were updaled lo enhance catering facilities. 'IIL' Lharily has noi encouniered any %ig7nificant factors in 2023 that have affected the achievemeni of its objeciive. INANCIAL REVIEW The main source of income i% Ilie tees received for student accommodation. Expenditure consis15 principally of the cosis of maintaining the property and caleriiig lor the .4ludenis. The Sial¢ment of Financial Activities discloses nel expendilure of £26.691 (2022: £53,369 net income). Occupancy levels saw a significani uplift in the Summer and Autumn lem]s with occupancy levels at capacily in the Autumn lerni. The cliarily oonlinued wilh its commitment to updating facilities with the refurbishments lo the fire lann and boiler system%. The charity doe5 not fundrai4e direct from members of the public.
QUEEN ALEXANDRA'S HOUSE ASSOCIATION REPORT OF THE COUNCIL (Continued) YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW (Continued) Reserves Poliey The Council's current policy is to maintain 'free reSeeS, (Unrestricted general funds less net book value of fix¢d assels) at approximately the level of six months, recurring expenditure which amounted to around £550,000. free reserves were £437.325 at 3 l December 2023. The target 15 not achieved at only 4.0 months (2022 - 5.5 months with a 6 month target). At 31 December 2023 general funds amounted to £503.806 (2022.. £549.185). Designated funds. being amounts sel aside to replace major plant and equipment (The Building Capital fund) and to assist resid¢nls in financial difficulty with accommodation fees (Bursary Fund) amounted to £420.000 (2022.. £401.312), making total fi]nds of £923,806 (2022.. £950,497). The Building Capital fund will ultimately be used to replace major plant such as the lift and boilers, at the end of their useful livcs. The timing is estimated to b¢ beyond 15 years {i.e. after 2030). Under the 5-year rolling plan, the fund balance was £400,000 by the end of 2023. Although the results for the year were a nel expenditure position, the charity has sufficient reserves and income generating activities 10 ensure it can meet ils financial obligations for the foreseeable future. Rlsk Management The Council has reviewed the major risks to which the Association is exposed. in particular those related io the operation and finances, and are satisfied that systems are in place to mitigate exposure lo these risks. A cornpliance register is kept. The Ihree principal risks identified as uncertainties that mighi confront the charily are i) a loss of income through a sudden fall in demand; ii) the need for any major unplanned capital Spending. and iii) any medium-lerm social changes affecting ihe central London accommodation market. These main risks are managed and for the most part miligaled by i) short-lenn ongoing income review and maintenance of a waiting isl; ii) the regular monitoring of a 5-year rolling capital plan; and iii) regular liaison with other major providers of London student arcommodation, Policies and Procedures has been pul into place al Queen Alexandra's House to ensure government statutes and guidelines are adopied. Occupancy levels are expected to continue being optimal and it is aniicipaled income will be consistenl in 2024. Investments Pollcy The Coun¢il have the power 10 invest in such asse1¥ as they see fit. No invesimenis were held. FUTURE PLANS The Associalion plans lo attain maximum levels of occupancy in future years. This it intends to achieve by mainlaining its premises in a good state of repair and providing excellent catering and other facilities lo ensure the House continues to meet the expectations of lis preseni and future residents. In order to achieve the flexibility to make progress possible it IS the Council's intention to keep reserves ai the target level. In Support of these policies, Ihe Council has prepared a "Five-year capital improvement plan" which is reviewed ai each meeting. The Members of the Council's slated aim now and for Ihe foreseeable tUre is to continue the provision of female student accommodation on its original site and to oversee necessary improvement, as it has done since opening in 1884. Ai present they believe that thai perspective will remain a constsnt in its future direction,
QUEEN ALEXANDRA'S HOUSE ASSOCIATION REPORT OF THE COUNCIL {Contlnued) YEAR ENDED 31 DECEMBER 2023 STATEIMENT OF MEMBERS OF THE COUNCIL'S RESPONSIBILITIES -rhe Member8 of ihe Council (who are also the Iru8iees of the charity for the purpo4e4 of charity law and al%0 direciors for the purpo of company law) are responsible for preparing the Report of the Council and the financial statemenis in accordance with applicable law and United Kingdom Accouniingi Standards (United Kingdom Generally Accepied Accounting Praciice). Conipany law requires the members of the Council lo prepare financial statements for each financial year which give a INe and fair view ol" the slate of affairs of the charitable company and of ils income and expenditure for thai period. In preparing Ihese financial lalemenl%, the members of the Council are required to: cleLI %uilablc accounting policies and then apply Ihern consi.4tenily; ob%Lrv¢ Ilic n)cihods and principles of Ihe Charitie% SORP. iiiiik¢ jud¥peiiients and estimates Ihat are reasonable and prudent: .%16llc' wliLilIL'r applicable accounting standards have been followcd, 4ubjecl lo any material departures disclosed and explained in IIIL l illiinLial slaiemenis. prLpar¢s the financial slalements on the going Concern basis unle.55 il i.¥ inappropriate to presume Ihat Ihe company will continue in I'IIL IIIL117ber% of the Council are re,sponqible for keeping pr()PLr accounting records that disc108e with reasonable accuracy al any liiiity Il)L. Iii)ancial posiiion ol Ihe charitable company and LiIAble Ihem to ensure that the financial slalements comply with the C()Iiipai)iL'4 Act 2006. They are al%0 re.%pon.%ible for ¥al¢bpiiurding the a54el.4 of the charitable company and hence for taking rL'il¥(?i)able .steps for the prevL'nlioii and delL¥lion ot. fraud iiiid i)Iher irre&yularitie.%. .SL) lur as each of the menibLpi ofiliL. C'c)UnLiI 4ifc <iwarc al IIIL liine the report 1.4 appr(IvLd.. Ihere 14 no relevant audit int"orniuliiJn i)I' wliiLli IIiL LÉ)ii)puny'5 audilor urL unawarc; nd Ihe members of the Couiicil havL iakL'n all %lLP¥ Ili¢il IliLy oughi lo liavc taken lo n)ake I1)eM.]ve8 aware of any relevani audit infornialion and to e%iablit4h thai IliL audilc)r% arL' &Wu. of that infonnaiioii. AUDITORS A T(.)IuliOn proposing the re-appointment of Haysmacinlyre LLP as audilors 10 the company will be pul lo the annual ¥eneral lil prLTr41riiigi Ili1% report the Trustees have taken advantage of Ihe small companies exemptions provided by Part15 of the Companies ALI ?111)(). On behalf of the Board 26 MarLlI 20?4 Ken%ingilon Gore Londoii SW7 A Harvey Esq (Chaiman)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUEEN ALEK4f*DRA'S HOUSE ASSOCIATION Opinion We have audited the financial stalemenis of Queen Alexandra'5 House Association for the year ended 31 December 2023 which comprise the Sialemenl of Financial Activities, Balance Sheet, Statemenl of Cash Flows and notes lo the financial slalement¥. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom A¢¢ounling Standards, including Financial Reporting Standard 102 The Financial Repoi'ling Siandai'd applicable in ilie UK and Repiiblic ofIi'eland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statemen15: give a true and fair view of the state of the charitable company's affairs as ai 31 December 2023 and of ihe charitable Company's net movement in funds. including the incorne and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Compani¢s Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for ihe audit of the financial statements section of our report. We are indcpendenl of the charity in accordance with ihe ethical requirements that are relevant to OUT audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our oth¢r ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial staiemenis, we have concluded thai the Members of the Council'5 use of the going ¢oncern basis of accounting in the preparation of the financial slalemenis is appropriate. Based on the work we have perfomed, we have not'ideniified any rnaterial uncertainties relating (o events or conditions that, individually or eollectively, may cast significant doubl on Ihe charitable company's ability to Continue as a. going ¢oncern for period of at least twelve months from when the financial statements are auihorised for issue. Our responsibilities and the responsibilities of the Members of the Council with respect to going concern are described in the relevant eclions of this report. Other Informltlon The Members of the Council are responsible for the other infornialion. The oiher infornialion comprises the infonnalion included in th¢ Report of the Council. Our opinion on the financial slalemenls does noi cover the other inforniaiion and, except to Ihe extent otherwise explicitly staled in our report. we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial Slalemenls, our responsibility is to read the oiher infonnation and. in doing so. consider wheiher the other inforniation is materially inconsistent with the financial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we ideniify such rnat¢rial inconsistencies or apparent material misstatements, we are required lo deterniine whether there is a material misgiaiement in the financial statements or a material rnisstatem¢nt of Ihe other inforniation. If, based on the work we have perfom)ed, we conclude that there is a material missiaternent of this Other inforniation, we are required io report thai fact. We have nothing to report in Ihis regard. Oplnlons on other matters prescribed by the Companles Aet 2006 In our opinion, based on the work undertaken in the course of the audit: the infornialion given in the Report of the Council (which incoryorates the directors. report) for the ftnancial year for whi¢h the financial statements are prepared is consistent with th¢ fmancial statements- and the directors. report Included wiihin the Report of the Council has been prepared in accordance with applicable legal requirements.
INDEPELYDENT AUDITOR'S REPORT TO THE MEMBERS OF QUEEN ALEXANDRA'S HOUSE ASSOCJATION latters on which we are required to report by exeeption In the light of Ihe knowledgye and UndelandIng of the charilable company and it% environment obtained in the course of the audit. we have nol identified nialerial mi%%lalemenls in the Report of Ihe Council (which incorporates the directors, report). We have nothing to report in resp¢cl of the following mattepi in relalion to which the Companies Acl 2006 require4 U4 to report lo you if. in our opinion.. adequate accounting record% have not been kept by th¢ charitable company; or the charitable company financial slatemenls are not in agreement wilh Ihe accounting records and retUrn- or ertain disclosure% of Members of the Council's remuneration specified by law are nol made. or we have not received all the inforniation and explanation¥ we require for our audit; or the trustees were not entitled to prepare the financial slatements in accordance wilh the small companies, regime and lake advantage of the small companies, exempiions in preparing Report of the Council and from Ilie requirement lo prepare a siralegic report. RL'%ponslbAllties of Member5 of the Couneil for the flnanclal slY4tements L'.xplained more fjjlly in the Statement of Member8 of the Council Responsibilitie% 4el out on pagye 5, the Membepb of the Council wlio are also the trustees of the charitable company for Ihe purposes of charily law and direLior4 ot" the charitable company for the purpo4es of company law) are responsible for ihe preparaiion of the financial %lalemeni4 and t.or being 4ati%fied rhat ihey give a true Iiiid fair view, and for such internal control as the Members of the Council deiemine 14 nece%sary lo enable the preparation of Iiiiaiicial statements thal are free from material misstatement, wh¢ther due 10 fraud or error. n preparing Ihe financial 4talemenly, the Members of the Council are re¥pon4ible for a4¥e%%ing the charitable company'5 abilily to onlinue as a gotng concern, di%clo4ingy. as applicable, mallers relaled lo gioing concern and using the going concern ba%1% of aLcounlingy unle%% the Mcii)ber¥ of the CounLiI eiiher intend lo liquidale Ilie Lhariiable company or lo cease operations, or have no reali%lic aliemative bul lo do 50. Audllor'% rcspon51bllltle5 for the Hiidlt ()f tlio fiiiaijclhl stten1¢t5 Our objLLIivLY are to obiiiin rL'(1S()iiublL i1sxuran¢L' i)b()ul wliLilier IIiL liiiancial 4tatemenls as a whole are free from material mi,Ilalemenl, whether due lo IrÉiud ur L'rror. aild 10 i%%UL 1111 Mudili)r % rLPOrt Ihai includes our opinion. Reasonable assurance 15 a high level of a8suran¢¢, but i¥ i)ol a giuaranice Iliui an audii LoiiduLl¥d iii aLcordance wilh ISAS (UK) will always detect a material mi%%lalemenl when il exi815. Mi4%1aieinent% Lan arise I'roni traud c)r crror and are considered material if, individually or in the aggre&yal¢, they could reasonably be expected lo influcnr¢ Ihe econoniic decision% of users taken on the basis of these financial slalemenis. Irregularities, including fraud. are instances of non-compliance with laws and regulaiion%. We de%ign procedures in line with our responsibilities. outlined above, lo delect material mis¥ialements in respect of irregularilie%, including fraud. The extent to whioh our pro¢edure$ are capable of detecting irregularilie5. including fraud is detailed below.. Ba4ed on our under51anding of the charitable company and the environment in which it operales, we identified Ihal the Principal risks of non-compliance with laws and regulations relaied to compliance with employment law, healih and .4afety regulations and chariiy law, and we considered the extent to whlchinon-compliance might have a maierial effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparalion of the financial slalemenl¥ such as the Companies Ac12006 and th¢ Charities Aci 2011. We evaluaied management's incentive% and opportunities for fraudulent manipulation of the financial slalemenlg (including the risk of override of controls), and deterniined that the principal risks were relaied lo recognilion of income and managemeni bias in certain accounting esiimates. Audit procedure.s perlornied by the engagement team included.. Inspecting minute% of Council nieetings. Inspecting corre4pondence with regulalors and tax auihorilies. Discussions with managTement including consideration of known or SU¥pecled instances of non-compliance with laws and regulations and fraud- Evaluating managyeinenl. % controls designed io preveni and detect irregulariliey. Ideniifying and lesling, journals, in particular journal entries posled at the year-end and with unusual descfipiions; and Challenging assumption8 and judgements made by management in their accounting eslimales.
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF QUEEN ALEXANDRA'S HOUSE ASSOCIATION Because of the inherent limiiaiions of an audit, there is a risk that we will not delect all irregularities. including those leading to a malerial misslaternent in the financial statements or non-cornpliance with regulation. This risk increases the more thai compliance with a law or regulation is removed from the events and transactions reflected in the financial siaiements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities oCCu1ng due lo fraud rather than error, a8 fraud involves intentional concealment. forgery, collusion, omission or rnisrepresenlalion. A further description of our responsibililies for the audit of the financial statements is located on the Financial Reporting Council's i-ij UL dlidil rsris This description fornis part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companie Acl 2006. Our audit work has been undertaken so that we might state to the charilable company's members those matter5 we are required lo slate lo them in an Audilor's repon and for no other purpose. To Ihe fullest extent perniitted by law, we do nol accept or assume responslbility to anyone oiher Ihan the charitable company and the charitable company's members as a body, for our audil work, for this report, or for the opinions we have fornied, Tracey Young (SeniDr Statutory Auditor) For and on behalf of Haysmaciniyre LLP, Statulory Auditors 14 10 Queen Street Place London EC4R IAG March 20?4
QUEEN ALEXANDRA'S HOUSE ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPELYDITURE) YEAR ENDED 31 DECEMBER 2023 Unrestricted Funds General Designaled Total 2023 Unrestrlcted Funds Total 2022 Note INCOME FROM: Charilable aLlivilies - accommodation 1.245,693 1,245,693 1,085,484 DDnalion% and legacies 2,250 2,250 15,593 Iiivcslnieiil income - bank deposit interest 16,293 16,293 3,566 l)IliL'r iii¥oi)ie 15.947 15.947 33.875 .280.183 1.280.183 1.138.518 '.XI>*;NDITURE ON; L'liiirilable activity - prov14ion of accommodalion 1.306.874 1,306.874 1,085,149 Net (cxpenditure)lincome before tran%f¢rs 126,691) (26,691) 53,369 'I'ruiislL'r% between tund8 (18.6R8) I X,()Xll I Tr;'I' MOVEMEIYT IN FUNDS (45.379) 18,688 (26,691) 53,369 RI.'C'C)NCILIA TION OF FUNDS.. .1 ()'I'AI. I.'UNDS BROUGHT FORWARD 549,185 401,312 950,497 897,128 'I'C)'I'AI. UYDS CARRIED FORWARD 503,806 420,000 923,806 950,497 InconiL aiid L.xpenditure account informalion iy Ll¥'urly identified above. All inLoiiiL aiid expenditure derive froni Loi)liiiuii)gi activities. The acionipanying notes forni part of the.4e aicounl%. The comparalive Sialemenl of Financial Activities for 2022 can be found in note 12 10 these a¢¢ounls.
QUEEN ALEXANDRA'S HOUSE ASSOCIATION cOmPNy REGISTERED NO: 00042575 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Iyotes FIXED ASSETS Tangible assets 66,481 49,283 CURRENT ASSETS Debtors Cash ai bank and in hand 80,158 1,314,988 14.482 1,449,256 1,395,146 1,463,7J8 CREDITORS - due Ivlthln one year Other creditors Fees billed in advanc Fee dcposits 93.475 386.208 58,138 109,021 402.203 51,300 537.821 562.524 NET CURRENT ASSETS 857,325 901,214 NET ASSETS 923,806 950,497 Represented by.. UNRESTRICTED FUIYDS General Designated Fund 503,806 420.000 549,185 401,312 TOTAL CHARITY FUNDS 923,806 950,497 Approved and auihori5cd for is5uc by the Council of Management on 26 March 2024 and signed on its behalf by.. A Harvey Esq (Chairman) Thc accompanying notes forn] pan of thesc accounts. 10
QUEEN ALEXANDRA'S HOUSE ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating Aetlvltles: Nel (expenditure)lincome for the reporting period Deprecialion charges Dividends and inlerest (InLrease)Idecrease in debtors {l)e¥ease)lincrease in creditors (26,691) 17.839 (16,293) (65.676) (24,703) 53,369 12.187 {3,566) 39,504 93,033 N¢¢ cash {u5ed In)Iprovlded by operatlng aellvltles (115.524) 194.527 Cash flows from Investlng actlvltle$'. l)ividends and interest l>urclia¥c of iangible fixed as¥eis 16,293 (35,037) 3.566 Nel cash (used In)Iprovlded by investlng icllvltle$ (18,744) 3,566 Change in ¢a$h and cush equlvaloi)ts In the year (134,268) 198,093 Cash and cash equlvalciiti at the bo%iniiin% uf thc year 1.449.256 1.251.163 Cash and cash equlvalents At the end of the year 1.314.988 1,449,256 Analysls of e&sh ind eaih equlvalents 2023 2022 Caqh at bank and in hand Notice deposits 460,037 854,952 929,930 519,326 'rotal cash and cY45h equlvalents 1.314,988 1,449,256 Analysls of changes In net funds Other non-eash ehanges At31 December 2023 January 2023 Cash flows Cash and bankldeposils 1,449,256 (134.268) 1.314,988
QOEEN ALEXANDRA'S HOUSE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES The principal accounting policies adopted, judgemenis and key sources of estimation unr¢rtainly in the preparation of financial slalements is as follows.. Basls of Aecountlng The financial statements have been prepared in accordance with the Statement of Recomrnended Practice for Charities (SORP 2015) (Second Edition, effective l January 2019) and the Companies Act 2006. Queen Alexandra's House Association meets the definition of a publio benefjt entity under FRS 102. Assets and liabilities are initially recognised al historical cost or Iransaclion value unless otherwise stated in the relevanl accounting policy note(sl. Preparatlon of the accounts on a golng concern basls Having considered fvNre budgets and cash flows, Ihe Members of the Council confimi that they have no maierial uncertainties about the entity's ability lo ¢ontinu¢ as a going Concern for the foreseeable fvNre. E$tlmAtlon uneertalnty In the view of the members of the Council in applying ihe accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in Ihefinancial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year. Flxed assets Expenditure on fixed assets is capilalised where Ihe cost (or Ihe value if donated) is in excess of £5,000. oihenvise il is wrillen off through ihe Statement of Financial Activities. Costs of replacemen15 Of major equipment and pianos are harged lo designated fundy set aside for that purpose by appropriaiions from Revenue. Tangible fixed assets are depreciaied at rates calculaied to write off the ¢ost, le55 e51imaled residual value of each asset evenly over its expected life, as follows:. Long leasehold improvements Fumiwre, fittings and equipment Plant - 20/0 per annum 33 1130/0 per annum I 00/0 per annum Debtors Trade and oiher debtors are re¢ognised at the 5¢ttl¢menl amount du¢ after any trade discount offered. Prepaymenis are valued at the amount prepaid net of any trade discounts due. C4$h at bink and in hand Cash ai bank and in hand includes bank accounts, cash and short t¢rni highly liquid investments with a short maturity of Ihree months or less from the date of acquisilion or opening of the deposit or similar account. Creditors and provlslons Creditors and provisions are recognised where Ihe charity has a present obligation resulting from a past event thal will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimaied reliably. Creditors and provisions are nornially recognised al their settlement amount after allowing for any trade discounts due. VAT The charity is registered for VAT but is unable lo reclaim all of the input tax incurred. Irrecov¢rable VAT is charged to the expenditure heading for which il was incurred. Operatlng leases Rental charge5 are charged on a slraight line basis over the lif¢ of the lease. 12
QUEEN ALEXANDRA'S HOUSE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS YEAR EIYDED 31 DECEMBER 2023 ACCOUNTINC POLICIES (Continued) Funds The different funds are defined a% follows: Reslricled fijnds are those lund4 which are to be used in accordance wilh Specific instructions imposed by the donor or Irusl deed. Unrestricted funds are Iho%e lund% available lo the charity for its general purpo%e¥. They include funds designated (Nole 7) by the member% of Ilie Council for particular purpo¥es where their use remains at the discrelion of Ihe members of the Council. Arnounls mily be sei aside each year on Ihe basi5 of eKpecled requirement% for major repairs to premise5, replacement of major equipment and pianos lor use by resident studen15. A transfer is made from General to De¥ignated Funds and the co¥t ot" Ihe repairs or replacements are charged ag7ainst the fund a% Ihey ari%e. Amounls may al80 be sei aside for the provixion of bursarie4 lo studenis who through hardship. would otherwise be unable lo afyord accommodation at the Hou¥e. Transfers are made into this fund as required. li is ihe policy of the mcmber5 of the Council lo relain in unrestricted funds, amount¥ which in their judgement, can help lo miiigate the short lerni effects of Income volatilily and relain funds to generate sufficient income lo meel curreni and fviure operational activities of the chariiy. Income This conipri%L'% fees receivable from the various House activities &iid investment income. All income 14 reCognid once the cliarily ha% enliileinenl lo the inconie, il is probable Iliul Ilic income will be received and the amount of income CAI) be measurL.d rcliably. Income from cliAriiablL' iiLliviliL¥ 1% fL'L()b7lli%Ld a% eamed a4 IhL' rL.liilLd %L'fviLe4 are provided. Donations are reco¥ni.4ed wl)en 11)L' Ll)ariiy bccn i)oliliL'd in wrilingi ot boih the amount and 8ettlement date. In the event that a donation i¥ %ubjecl 10 ¥ondiiion.4 11)ai requirL a level of pertorniance before the charily 1.4 eniiiled 10 Ihe funds. the income is defeed and not reLognised ui)lil Iliose conditions are fully m¢1, or the fulfilmenl of those conditions is wholly within the control of (he charity and it is probable that those conditions will be fulfilled in the reporting period. Interest on funds held on depot>it is include when receivable and the amounts can be measured reliably by ihe charity; this is norn]ally upon notification of the interest paid or payable by the bank. Expendlture Liabililies are recogni.ged as expenditure as soon as there is legal or constructive obligation commiiiing Ihe charity to Ihat expendiiure. it 18 probable Ihai 4ettlement will be required. and the amount of obligaiion can be mea%ured reliably. Expenditure is recognised on an accruals basis as a liability is incurred. inclusive of V AT. which cannoi be recovered. Charitable activitie¥ comprise niainly of the provision of accommodation including welfare and catering. premises and adminisiraiive costs. Support costs have been alloLaied lo chariiable aclivities. Governance costs comprise Ihose cosis relaied to organisaiion and compliance with conslitulional and siatulory requirements. Costs include direct c0515 of exiernal audit. legal fee5 and other profe4%ional advice. Financial instruments The charity only has financial assels and financial liabilities of a kind Ihal qualify as basic financial inslrumenls. Basic financial instrumen15 are initially recognised at transaction value and subsequenily measured at iheir settlement value. Pensions The charity operates a defined conlribulion pension plan. Conlribulions are charged lo the Sialement of Financial Activities as they beconie payable. The charity has no liabilily beyond making its contributions and paying across the deductions for the eniployee s conlribulions. 13
QUEEN ALEXANDRA'S HOUSE ASSOCIATION NOTES TO FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 DECEMBER 2023 ANALYSIS OF EXPENDITURE Other Costs Total 2023 Tolal 2022 StAff Costs Depreciation Charitable Aclivity: Provision of accommodation: Welfare and catering Premis¢s costs Support costs Governance costs 228.266 68,480 159,786 458,563 256,572 87,584 29,784 11,679 6.160 698.508 331,212 247,370 29.784 518.496 316.119 219.779 30,755 456,532 832,503 17,839 1,306,874 1.085.149 2022 COMPARATIVE Other Costs Total 2022 Staff Costs D¢preclatlon Charliable Acilvlty: Provision of accommodation., Welfare and catering Premises costs Support costs Governance cosi¥ 202,338 60,701 141,637 316.158 243,231 78.142 30,755 518.496 316.119 219.779 30.755 12,187 404,676 668.286 12,187 1,085,149 2023 2022 Governance costs include.. Audit fees Other fees payable to the auditors 15,000 1,853 13.800 3,938 STAFF AND TRUSTEE REMUNERATION AND BENEFITS 2023 2022 Staff costs in¢lude: Wages and salaries National Insurance Pension Agency staff 320,911 28.962 7,839 98,820 323,939 24,899 6,839 48,999 456,532 404.676 The average number of employees during the year was 14 14 No employee earned over £60.000 in the year (2022 - none). Total employee benefils paid to key management personnel post holder5 amounted to £140.574 (?0?? . £125,783). In ihe prior year, the Treasurer Robin Bell received an honorarium of £6.000 for providing professional financial support and advisory services, prior to becoming a Ttuslee of the charity in March 2022. No other Members of Council received any emolumenis nor were reimbursed expenses during the year (2022.. Nil). 14
QUEEN ALEXANDRA'S HOUSE ASSOCIATION NOTES TO FINANCIAL STATEMENTS (Conlinued) YEAR ENDED 31 DECEMBER 2023 FIXED ASSETS Improvements to Long Leasehold Property Furniture And Flttlngs PIAn¢ And Equlpment Total Cost Ai l January 2023 Additions Disposals 22.355 26,898 35,037 (8,816) 218.694 267.947 35,037 (8.816) Ai 31 December 2023 22.355 53,119 218.694 294,168 DepreclY4tlon Ai l January 2023 Charge for the year Disposals 22,354 26.897 11.679 (8.8161 169,413 6,160 218,664 17,839 (8.816) At 31 December 2023 22.354 29,760 175,573 227,687 Net Book Value At 31 December 2023 23.359 43.121 66.481 Al 31 Decenibcr ?0?? 49.281 49.283 DEBTOR.Si 2023 202Z 'I'radL dLbtor VA I rcLoverabl¢ Prepaymcnls 17,166 58.372 4.620 5,741 6,781 1,960 80,158 14,482 OTHER CREDITORS 2023 2022 Trade creditors AccNals Other (axes and social security 48,186 45.289 77.544 24,391 7,086 93,475 109,021 15
obEEN ALEXANDRAIS HOUSE ASSOCIATION NOTES TO FINANCIAL ST ATEMENTS (Contlnued) YEAR ENDED 31 DECEMBER 2023 DESIGNATED FUNDS Balance I January 2023 Transfer froml(to) General Fund Balance 31 December 2023 Income Expenditure Building Capital Fund Bursary Fund 381.312 20,000 18,688 400,000 20,000 401,312 18.688 420,000 2022 COMPARATIVE Balan¢e I January 2022 Transfer froml(to) General Fund Balanee 31 December 2022 Income Expendlture Building Capiial Fund Bursary Fund 447,787 20.000 (66,475) 381,312 20.000 467,787 (66,475) 401,312 The purpose of Ihe Building Capiial Fund (BCF) is 10 build up a reserve for the ultimate replacemeni of major plani and equipment (lift, boilers, and roof coverings). Ei was established during 2013. Expenditure on major repair works in the prior year have been charged lo this fund. The Bursary Fund (BF) is for residents who are in financial difficulty and need assistance wilh accommodation fees. It was established in 2019, ANALYSIS OF NET ASSETS BETWEEN FUNDS General Funds De$lgnat¢d Funds Total Funds 2023 Fixed assets Current assets Current liabilities 66,481 975,146 (537,821) 66.481 ,395,146 (537,821) 420,000 503.806 420.000 923.806 2022 COMPARATIVES Genergl Funds Designated Fund5 Total Funds Fixed assets Cuent assets Current liabilities 49,283 1,062,426 (562,524) 49,283 1,463,738 (562.524) 401,312 549,185 401.312 950.497 16
QUEEN ALEXANDRA'S HOUSE ASSOCIATION TrIOTES TO FINANCIAL STATE%1EIYTS (Continued) YEAR ENDED 31 DECEMBER 2023 OPERATING LEASES Ai ihe year end, the chariiy had future minimum lease payments under non-cancellable operaiing lea4e% a¥ follows.. 2023 2022 Within one year Within two to five years 17,157 30.341 17,878 47,498 47.498 65.376 10. RELATED PARTIES 'I'liere were no related party transactions in either the current or prior year. "I'AXATION 'I'lIL' Association is a registered charity and no laxalion is payable on its income. Iz. COMPARATIVE STATFMENT OF FINANCIAL ACTIVITIES (2022) Unrestrlcted Funds (ieiitrml Deslgnated Total 2022 INCO.ME FROM: Charitable aciivities - accommodaiion I.OR5,4R4 1,085,484 Donations and legacies 15,593 15.593 Investment income - bank deposit interest 3,566 3.566 other income 33,875 33.875 Total 1.138,518 1,138,518 EXPENDITURE ON: Charitable aciivity - provision of accommodation 1,018,674 66,475 1.085,149 NET MOVEMENT IN FUNDS l 19,844 (66,475) 53,369 RECONCILIA TION OF FUIVDS.. TOTAL FUNDS BROUGHT FORWARD 429,341 467.787 897,128 TOTAL FUIYDS CARRtED FORWARD 549,185 401,312 950,497 17