QUEEN ALEXANDRA'S HOUSE ASSOCIATION (A Reglstered Charity and Company Limited by Guaranlee) REPORT OF THE COUNCIL AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Company Registered No: (W2575 Charity Registered No: 312824 QUEEN ALEXANDRA'S HOUSE ASSOCIATION REPORT OF THE COUNCIL YEAR ENDED 31 DECEMBER 2024 The Council present their annual [c￿rt and financial ststements for the year endcd 31 December 2024 which are also prepared to meet the requirements for a djrccto￿, reports and accounts for Companies Acl purposes. The fu￿ncial statements comply with the chariti￿ Act 20 I l. the Companies Act 2(M)6, the Memorandum and Articks of Association, and the Statement of Recommended Pffa¢ti¢e for Chariiies (SORP 2015) (Second Edition, eff￿lIve l January 2019). RKFERENCE AND ADMINISTRATIVE DETAIIS Princlpal Address and Reglstered Office Bremner Road Kensingion Gore Lx)ndon SW7 2QT Presldent H.R.H. PIUNCESS ALEXANDRA, THE HON. LADY OGILVY, LG., G.C.V.O. Members of the Counell The members of Ihe Council are the Charity Truslees of the A&8ociatioD and are listed below. The numbers after each Member signify their representhiive bodies as slK)wn on page 2. Members of the Finance & Managemeni Committee during the year are indicated with 'F' after their names: A Harvey Esq (Chairnwi) - (l) F A Rose Esq - {4) F Mrs A M Gillon OBE - (4) F S Corbyn Esq . (2) M Hadland Esq - (3) Ms Z S¢ra8¢ldin (l) - K8igned 26 March 2024 Mrs A Hofri - (2) appointed 26 March 2024 MrsN Martyn-(l) Mrs J Barker (3) F - ap￿inIed I l June 2024 J Blake Esq (2) Ms A Berharnovic (3) The Hon. R C LY￿110n 43) F resigned 26 March 2024 R G Bcll Esq - (4) Members of the Council are appointed every fifth year on behalf of represenlalive ix)dic5. House Committee. Principal XDd Professional Advisers House Commlttee Mrs N Martyn (Chairnlan) Ms P Lisboa Ms K Rosser - appointed Dec¢mb¢r 2024 Ms Z Serageldin - resignol 26 Ma￿h 2024 Mrs J Sirangeways Mr S Griffiths Prlnclpal and Company Secretary MsSBro Auditor¥ Haysmac LLP 10 Queen Street Place London EC4R I AG Bankers Handelsbanken 2nd Floor, 125 Kensington High st￿et London W8 5SF Company Regi%trAtioa Number: O(M)42575 Ch8rlty Regbtr•lEoD Number: 312824 QUEEN ALEXANDRA'S HOUSE ASSOCIATION REPORT OF THE COUNCIL (Continued) YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT SIAlus and administration The organisation is a charitable company limited by guarantee, number (M)042575. The charitable company is governed by its Memorandum and Articles of Associaiion, daled 26 November 1894, and which are under review. Recruitment. induction and trAinlng of Members of Ibe Council The directors of the company are also ihe charity tn￿te¢S for the purposes of charity law, and under the company's article5 are known as Members of the Council. In accordance with the Memorandum and Articles of Associaiion Ihe members of Council ar¢ appoinied by HRH Princess Alexandra ( l). th¢ Commissioners for the Exhibition of1851 (2), the Royal College of Music (3) and the Department for Education (4) and s¢rve for five years and may be tr-appointed evcry fifth year. All m¢mb¢rs give their time volunthTily and reccive no b¢nefits from the charity. They make the major decisions affccting th¢ affairs of the charity. All new members are provided with information on the tesponsibility of bcing a Trustee and. from time lo time. are senl delails of courses and seminaT5 which may be relevant to their responsibilities. The ch￿lty does not us¢ volun¢eers. Members of the Council thernselves are appoinied with wide experience elsewhtte which they bring to the benefit of the charity on a voluntary basis. Organisational $trueture Council meetings ate held thtee times a year and are preceded by Finan￿ and Management Commit*e meetings. The Hous¢ Committee meets three times a yeaT lo di￿uS5 with the Principal matt¢T5 relating to th¢ running of the House, improvements, catering and residents. welfare. An invitation is sent lo all rcsidenls to speak to the House Committee Chairnian and the Principal before the meetings. Implementation of Council decisions is the responsibility of the Principal and her management team. The Principal reFK)rts at COU￿11 Meetings on operational malteT5. The Council sets the remuneration of key management personnel (KMP, comprising the Principal. the Head of Mainlenancc, and the Housekeeper) annualty having regard to local and national pay levels and relevant pay itidices. OBJECTIVES AND ACTIVITIES The principal activity of the Association is the provision of ¥wmm(Mlaiion for women SttHlents engaged in full time educatiorn As result of the expansion of women's training in the 1870s there ￿ a pressing need for more facilities for the accommodation of girls. The House was built in 1884 as a custotn-built hostel from money provided by several benefaciors. including Sir Francis Cook. Chairnian of Cook's of St Paul's Churchyard. and Henry D￿l10Th of Doulton & Co. the pollery and tilemaker. Thc beneficiaries of their largesse were from the very beginning girls in s(atu pupillari. priority being given io Swdents of music. The aims were I provide reasonably priced and secure hoslcl places with full board for girls and young women coming to London from the provinces or from overseas. If this was a praciical and nece&8ary airn in the 1880s. it is even more importhnt today, when the cost of accommodation limits severely the availability of safe and suitsble placu where students may lodge in centsal London. An added feature of the House is its design to give S￿dents of the arts a centre where they can practice. rehearse, and perfo￿. This is a much needed benefit &8 there is very little praclice and ￿fOrn￿￿e space available in central Lond￿. The Pre5idcni at the foundation was Princcss Alexandra of Denrnark, the Princw of Wales and lafrr Queen Alexandra. Queen Mary and the Duchess of Kent succeeded lo the presidency followed by the present prasidenl H.R.H Princess Alexantha. As the charity operates in the central London markei for student accommodaiion. it conlinu(wsly mcmiiors developments in thai sector and the polenlial effects of competition on its stated occupancy levels. Deposits are tsken in &lvance for future letting periods, a wailing lisl is maintsined, and fees are reviewed annually with reference lo similar providers. Sound budgeling and fuwicial plans are in place and are updaied at least three times a year lo further enable its aims to be achieved. The charity's principal short-teTm objectives are to provide a safe and happy environment for over 100 resideni female sMdents, and io optimise occupancy levels. The longer-(emi aim is to improve the quality of accornmodation by UPgr￿lIng the property both inlernally and externally within the parameters of a 5 year plan and as funds permil. QUEEN ALEXANDRA'S HOUSE ASSOCIATION REPORT OF THE COUNCIL (Continued) YEAR ENDED 31 DECEMBER 2024 0￿ECTIVEs AND ACTivfTIFS (CoDthiued) Public Benefit We have paid duc regard lo the 8uid8ncc on public benefit contained in the Charity Commission's literature wh¢n r¢viewing our aims and objeclivcs, and in planning our future activilies. We have asidc a bursary fund for rcsid¢nls who are in financial difficulty and need assislance with ￿Commodation fees. Residents apply directly to their university who will then make the decision if they can bc awarded the QAH Bursary. WhAt Is the aceommodalion In QveeD Alexandra's House? When the house was built in 1884 there were roorns for 130 girls. in 1976 a large part of the building including mosi of the publi rooms was leased to the English National Ballet (ENB} in order to fund exiensive upgrdding requirernen￿ and thai lease was igned io the Royal College of Music in 2021. As a resuli of careful adaplalion over a number of years. there are 108 rooms with good internei facilities available whi¢h frequently attain maximum levels of occupancy. From the very foundation of the House there have been many overse&s students WI￿ have come to London to S￿dY and have discovered in QAH a safe place lo reside and to attend their courses. In the 1960$ there were students from many Commonwealth countries including Canada, Kenya and India; to these and to many students from all pans of the UniteAI Kingdom there have been added students from the Far Easi including China and Japan. The 2024 residents represented 32 different nationalities. It has always been the policy of the House io make no race. colour or religtous distinction. All are welcotne and this is very much to the public trxnefiL The Charity's constitution makes provision to'assist female students with grants of monry and other aid and to found scholarships, exhibitions and prtzes for female students." ACHIEVEMENTS AND PERFORMANCE During the 2023124 semesters 108 female students siayed at QAH. They were studying at the following inslitution4 numbering 31 from the Royal College of Music. 12 from the Royal College of Art, 64 from Imperial College. and l from Kings. The Reception is operational 24 hours and pasloral ¢are provided thThghoui the residents. slay at QAH. which 18 welcomed by the residents, parents and guardians alike. Residents have ￿CesS to many fornis of communicalion with the Principal and the senior management team. A suggestion box is provided and an opeTrdwr ￿11¢Y adopted. Maintenxnee of the Hou Queen Alexandra's House is a Grade 11 listed building in ftee JaCObe￿￿QUeen Anne rcvival style prominently located next to the Royal Albert Hall. Much effort and activity is directed towards its maintenance as a pury)(￿-bU11t h05tcl and part of London's hcritage. The House has no endowment to fund short or long-tenn maintenance. AppToximalely £99,CMX) was spent on repair works and on the boiler Syslerns, electrical works and fwe quipment in the year. Queen AlexandTa'5 Housc is held on a 999 year le&8e grdnted by ihe Commissioners of the 185 l Exhibition in 1894. The Truslees see no obvious benefit in valuing th¢ Icas¢. It is however a clear liability on the Tn￿leeS lo keep the House in g(K)d repair. The charity has not encountered any significani factOTS in 2024 that have affected the achievement of ils objeclive. FINANCIAL REVIEW main source of income is the fees received for S￿dent accommodation. Expendity￿ Consis￿ principally of the costs of maintaining the property and ￿tering for the students. The Stsiement of Financial Activilies disc105es net income of £108.375 {2023.. £26,691 net expenth'ture). Occupancy levels were at capacity in the year. The charity conlinued with ils commithient to updatin8 facililies with the refurbishments lo the r￿e alarm and boiler systems. The charity does not fundraise direct fr(Mll members of the public. QUEEN ALEXAI¥DRA'S HOUSE ASSOCIATION REPORT OF THE COUNCIL (Continued) YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW (Continued) Reserves Policy The Council's cunrnt policy is lo maintain 'free r￿erveS. (Unrestricted geneTal funds less nct book value of r￿ed assets) at approximalely the level of Six monih3' re￿￿ing expenditure which amounted 10 around £720,IJ)O; free reserves were £508,539 at 31 D￿ember 2024. The larget is nol achieved at only 4.2 months {2023 - 4.0 months with a 6 rnonth target). At 31 December 2024 general funds amounted lo £557.181 (2023: £503.806). tksignaied fund4 being amounts set aside to replace major plant and equipment {The Building Capital fund} and io assist tesidents in fuwicial di￿lCulty with accommodation fees (Bursary Fund), amounted to £475,000 {2023: £420.(M)O}, making total funds of £1.032,181 (2023-. £923.806). The Building Capital fund will ultimately be used ￿ replace major plant such as the lift and ￿llers. at the end of their useful lives. The timing is eslimaled lo be iyond 15 years (i.¢. after 2030). Under the 5-year Tolling plan. the fund balanc¢ was £450.000 by the end of 2024. The results for the year were a net income positioo and the charity thus has sufficienl reserves and income generating activities to ensure it can rneel its fuwKial obligations for the foreseeable futtue. Iusk Management The Council has reviewed the major risks to which the Association is exposaL in particular those related to the operation and finances. and are satisfied that sysiems a￿ in place to miligale exposure ￿ these risk& A compliance register is kepi. The three principal risks ideniified as uncertaintiQ8 that mighi confront the charity are i) a loss of income through a sudden fall in demand. ii) the need for any major unplanned capiLqI spending: and iii) any mcdium-term sociaR changes affecting the central London accommodation market. These main risks are managed and for the most part mitigaled by i) short-term ongoing income review and rnainlenance of a wailing list; ii) the regular moniloring of 8 5-year roll￿8 capital plan: and iii) regular liaison with other rnaior providers of London student accommodation. Policies and Procedures have been pul inlo place at Queen Alexandra's House to ensure governmeni sthtutes and guidelin￿ are adopted. Occupancy levels are expected io conlinue being optimal and it is anticipaied income will be consistenl in 2024. Invutmenls Policy The Council have the power to invest in s￿h assets as tly see fil. No inveslments were beld. FUTURE PLANS As far as is possibl¢. th¢ Aswcialion plans to attain maximum levels of occupancy in fuMre y¢ars. This it inlends to achieve by maintaining Its pr¢mis¢s in a 80(Kl state of repair and providing excellenl catering and other facilities lo ensure ihe House continues lo meei the eXp￿￿tionS of its presenl and future residcnts. In ordcr to achiev¢ the flexibility ￿ make progress possible il is the Council's inteniion to keep reserves at the tsrget levcl. In support of these policies. the Council for a number of years now prepared a"Five-year capiial improvemeni plan" which is reviewed at each meeting. The Members of the Council'5 Staled aim now and for the foreseeable fu￿re is to conlinue the provision of female student accommodation on its original sile and lo oversee necessary improvement, as it done since op￿Ing in 1884. At p￿en1 thry believe that that perspective will remain a constant in its futtjre direction. QUEEN ALEXANDRA'S HOUSE ASSOCIATION REPORT OF THE COUNCIL (Continued) YEAR ENDED JI DECEMBER 2024 STATEMENT OF MEMBERS OF THE COUNCIL'S RESPONSIBILITIES The MembeTS of the Council (who are also the trusiecs of the Charity for the purFK>ses of charity law and also directors for the PUryK)s¢s of company law) are responsible for prcparing the Rq￿rt of the Council and the financial Sialcmenls in accordance with applicable law and Uniied Kingdom Accounting Standards (United Kingdom Generally Accepted Accounlin8 Pracli¢e}. Company law requires the members of the Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the chariiable company and of its inwme and expenditure for that period. In pr￿arIng these financial statements, th¢ members of the Council are required ￿.. select suitabl¢ accounting wlicies and then apply them ¢onsi5tcntly; observe the mcth(ds and prin¢ipks of the Charilies SORP; make judgemcnts and estimales thai are reasonable and ptht: stste whether applicable a￿OUntIng standards have been follorf subiecl io any material depart￿ disclosed and explained in the fuwKial slatements; prepare the fllwKial statements on th¢ going concern basis unless it Is inaFIxwie to presume thai the company will continue in business. The mcmbers of the Council aTe respon5ibl¢ for keepin8 proper accouniing records thai disclos¢ with reasonable accuracy at any time thc financial posilion of the charitable company and enable them to ensure that the financial stalements comply with the Companies Acl 2￿6. They are also responsible for safeguarding the assets of the charitable company arKI hence for tsking reasonable steps for the prevention and detection of fraud and other irregulariiies. So far as each of Mernbe￿ of the Council aware at the time the rep)rt is approval.. there is no relevant audit Inforn￿lI0D of which the companys auditOTS air unawaTc' and thc mcmbu3 of Council have laken all Strps thai they ought ￿ have takcn lo make themselves aw&e of any r¢kvant audit inforn]alion and to c*ablish thal the auditOT5 arc aw￿￿ ofthat infornulirn. AUDITORS A Tesolulion proposing the re-appointment of Haysmac LLP as auditors to the company will be put to the amiual genernl mceling. On 18 November 2024 the company's auditor changed its name from haysmacintyrc LLP to Haysmac LLP. In preparing this report the Trustees have tsken ￿Vantage of the small companie5 exenwtions provided by Part 15 of the Companies Act 2006. On behalf of the Board 25 March 2025 Kensington Gore tA)ndon SW7 A Harvey E4 (Chairman) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUEEN ALEXANDRA'S HOUSE ASSOCIATION Oplnlon We have audited the financial stsiemenls of Queen Alexandra's House Association for the year ended 31 December 2024 which comprise the Ststement of Financial Activities. Balance Sheet. Siatement of Cash Flows and noies to the fmancial slalements, including a summary of significant accounting policies. The fll)ancial reporting frdtnework thai has been applied in their preparation is applicable law and United Kingdom Accounting s￿Id8rd* includitig Financial Reporting Stsndard 102 The Financial Reporling Standard applicable in ihe UK and Republic oflreland (United Kingdom Gene￿lY Accepted Accounting Prnciice). In ow opinion, the fllwicial siaiernents". give a true and fair view of the sthte of the charitable company's affairs as ai 31 December 2024 and of the clwitable company's net movemenl in fimds, including the income a￿1 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 Conwies Aci 2(Ki6. Basli for oplnlo We conducted our audit in accordance with International Standards on Auditing IUK) (ISAS (UK)) and applicable law. responsibilities under those standards are further described in the Auditor's reswnsibilities for the audit of the fuwicial statemen section of our rewrt. We arc independent of the charity in accordance with the ethical requirements that are relevant to our audii of the financial siaiements in the UL including the FRC'S Ethical Sthndar¢ and we have fulfilled our other ethical re4)onsibililies in accordance wilh these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriaie to provide a basis for our opinion. Concluslons relating to golDg concern In auditing the financial slatemenls. we have concluded that the Members of the Council's use of the going concem basis of accouniing in the preparation of the fllwicial statements is appropria*. Based on the work we have perfO￿ed, we have nol identified any material uncutainties relating to events or conditions that. individually or colleciively. may cast significant doubt on the chartlable companys ability to continue as a goin8 concern for a period of at leas( twelve months from when the fuwicial stalcm¢nts authorised for issue. Our responsibilities and the responsibilities of the Members of the Council with re5peci to going concern are described in the relevanl sKlions of this report. Other infomitio The Members of the Council are rwonsible for oiher infomiation. The other infonnalion comprises the inforniation included in the Rewrt of the Council. Our opinion on the fu)ancial stsiements does not Cover the other inforniation and. excw to the ext¢nt otherwise ¢xpliciily stated in our report we do ￿1 express any forn of assuTan¢e ¢on¢lusion ih¢rcon. In Gonnc¢tion with our audit of the fmancial statements. our tcswnsibility is to read th¢ oth¢f inforniation and. in doing so, consider whether ihe other inforn]ation is materially inconsistent with the financial slalcments or our knowledge obtsin¢d in Ihe audit or oth¢nvise appears to Ix mat¢rially mi&staied. If we identify such malerial inconsislencies or apparent mal¢rial misstaicments, w¢ are required to deterniine whether there is a material misslalemenl in the fuwicial statements or a malerial misststemenl of the other inforniation. If, based on the work we have I￿rformed, we conclude that there is a material misstatement of this other infonnation, we are required ¢0 rq)ort that faci. We have nothing lo report in this regard Opinions on other matters pre5eribed by the Companies Act 21M)6 In our opinion, bascd on ihc Work undcrtakcn in th¢ ¢our3e of the audit: the inforniation given in the Report of ihe Council (which inco1￿rat¢S th¢ directors, rew)rt) for the financial y¢ar for which the financial statements are prepared is consislent with the fmancial sth*ments: and the direciors. report included within the Report of the Council has been prepared in accordance with applicable legal requirements. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUEEN ALEXANDRA'S HOUSE ASSOCIATION M3tters on Ivhich we are requlred to report by exeeptlon In the light of the knowledge and understsnding of the clwilable company and ils environmenl obtsined in the course of the audil, we have nol identificd material misslatements An the Report of the Council (which incoTPOrntes the directors, report). We have nothing to rqK)ll in respect of the following matters iti relation to which the Companies Act 2W6 requires us ¢0 report lo you if. in our opinion: adequate accounting records have noi been kept by the charitable company: or the Charitsble company financial statements are nol in agreement with the accounting records and returns: or certain disclosures of Membus of the Council's remuneration specified by law are not made. or we have not received all the inforn)alion and explanations we require for our audit" or the trustee5 were not entitled to prepare the f￿ancial sthiements in accordance with the small Companies. Tegitne and rake advantage of the small companics. excmpiions in preparing Report of the Council and from the requiTement to prepare a strategic rewjrt. Responslbllitles of Members of the Council for tbe financial $lAtements As explained more fully in the Ststemenl of Members of the Council Responsibilitie5 set out on page 5, the Members of the Council {who are also trusiees of ihe charitable company for the purposes of charity law and diteclOT5 of the charitable company for the PUryK)8es of company law) are resFM)nsible for the preparation of the fmancial sthiements and for being satisfied that they give a true and fair view. and for such inlernal control &8 the Members of the Council de*rTnine is necG8sary to enable the preparation of rmancial statements thai are free from material misstsiemen( whether due to fraud or error. In preparing ihe fmancial staiementy the Members of the COU￿1] are res￿)nsIble for assessing the charitable ￿MpanY'S ability to continue as a going concern, disclosing, &8 applicable. matiers related to going conceTn and using the going concern basis of accounling unless the Members of the Council either iniend io liquidale the charitable company or to ce&4c operation& or have no realistic alternative bul to do so. Audltor's responslbilltks for the audhl of the finAntial Statements Our objectives are lo obtain reasonable assuTance aboul whether the financial statements ￿ a whole are free from Ma￿rial misst41crnenL whether due lo fraud or error, and 10 i&sue an auditor's report that includes our opinion. Reasonable assurance is high level of assurance. bul is no¢ a guarantee thal an audit ¢onducted in accordance with ISAS (UK) will always delect a maierial misslalement when il exists. Misslaiements can arise from frnud or ctroT and are ¢on5idered material if. individually or in the aggregale. they Could reasonably be expecied lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouilined aiK)ve. to detect material misstatements in respeci of irregularities. including fraud. The exlenl lo which our procedures are capable of detecting irregularities, including fraud is detsiled below: Bas¢d on our und¢rstanding of the charitsble company and thc environment in which il opcrales. we idenlified that the principal risks of non-compliance with laws and regulations relaled io compliancc with employment law, health and safety regulations and charity law. and we considered the extent to which nonth the amount and settlement date. In the event that a donation is subject to conditions thai requi￿ a kvel of perfoTnwice before the charity is eniitled to the fimds, the income is deferred and not recognised until those conditions are fully me( or the ￿lfilment of those Conditions is wholly within the control of the charity and il is probable that those conditions will be fulfilled in the reporting perio(L Interest on fiumls held on deposit is include when receivable and the amowits can be measured reliably by the charity: this is nornially upon notification of the inter￿t paid or payable by the bank Expendlture Liabiliiies are recognised as expendilure as SCK)n as there is legal or ￿nStruc11ve obligation Committing the charity to that expenditure, il is probable that settlunent will be required and the amouni of obligation can be measured reliably. Expendilure is rccognised on an accruals basis as a liability is incurred. inclusive of VAT, which cannot be recovered. Charithble activities comprise mainly of the provision of accommodation including welfare and calering, premises and adminislralive costs. Support costs have been allocated to charitable acttvities. Governance Costs comprise those costs related to organisation and compliance with C0ts8ti￿t1Onal and statulory requirements. Costs include dlrecl costs of extemal audiL legal fees and other professional advice. FIDAnclAI Instruments The charity only has fuwicial &ssets and fmancial liabilities of a kind that qualify as b&8ic financial in5trumenls. Basic fu￿nCIal inslruments are initially rttognised al transaction value and subsequenily measured at their settlement value. Penslonj The charity operates a defined contribuiion pension plaL Contributions are ¢har8ed to the Sthiement of Financial Aclivilies as they b￿Ome payable. The chan'ty has no liability beyond making its contributions and paying across the deductions for the employee's contributions. 13 QUEEN ALEXANDRA'S HOUSE ASSOCIATION NOTES TO FINANCIAL STATEMENTS (ConlSnued) YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF EXPENDITURE Other Costs TotAI 2024 Total 1023 Slaff Cwts Deprecilllon Charltable A¢lfivlty: Provision of accomrn(MJation: Welfare and catering PremiKs costs Support costs Governance costs 251,615 75,485 176.131 454.372 308.451 126,474 24,883 11,679 6.1(JO 717.666 390.096 302,605 24,883 698,508 331,212 247,370 29,784 503,231 914,180 17.839 1.435.250 1.306,874 2023 COMPARATIVE Other Costs Total 2023 St•ff Costs Depreciation Cbaritable Activity: Provision of aCComm￿li0n. Welfare and catering Premises 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 29.784 456,532 832.503 17,839 IJ06,874 2024 2023 Governaoce costs include: Audii fees Other fees payable tr) the audiiors 16.250 1.561 15,000 1.853 STAFF AND TRUSTEE REMUNERATION AND BENEFITS 2024 2023 Sthff costs include: Wages and salaries Nalional Insuran¢e Pension 375.409 35.988 7,305 320,91 28,962 7,839 418,702 84.529 357,712 98.820 Agency statr 503.23 I 456.532 The avernge number of employees during th year was 13 12 One employee earned over £60,000 in the year {2023 - none). £60.(KIO - £70.0(M) Total employee benefits paid to key managcmcni pet50nnel p)si holdcTS amounkd ￿ £155.122 (2023 - £140J74J. No Members of Council received any emoluments nor were reimbursed expenses during the year (2023: Nil). 14 QUEEN ALEXANDRA'S HOUSE ASSOCIATION NOTES TO FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 DECEMBER 2024 FIXED Assyrs Improvements to iA•ng i*asebold Property Furnlture And Flttln8$ PIADt And Equipment TolAI Cost At l January 2024 Additions Disposals 22.355 53,119 218,694 294,168 At 31 DK¢mber 2024 22.355 53.119 218.694 294.168 DepreciatloD Ai i January 2024 Charge for the year Disposals 22,354 29,760 11,679 175,573 6.160 227,687 17,839 At 31 Decemb¢r 2024 22J54 41,439 181.733 245,526 Net Book Value At 31 Deccrnber 2024 11.680 36.961 48,642 At 31 December 2023 23,359 43.121 66.481 DEBTORS 2024 2023 Trade debtors - ftts VAT recoverable Prepayments and accrued In￿)Me 19217 28.093 13J83 17.166 58,372 4,620 60.693 80,158 OTHER CREDITORS 2024 2023 Trade credilors Accruals Other taxes and social Security 70.874 34,096 7,343 48.186 45.289 112,313 93.475 15 QUEEN ALEXANDRA'S HOUSE ASSOCIATION IYOTES TO FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 DECEMBER 2024 DESIGNATED FUNDS lance I January 2024 TrAn•ler froml(to) General Fund BAlan¢e 31 December 2024 llleome Expenditure Buildin8 Capitsl Fund Bursary Fund 400,OLYJ 20.0 50,(KIO 450.000 25,000 420.(MX) 55,0(M) 475,IX)O 2023 COMPARATIVE Balance I January 2023 Transfer froml(to) General Fund Balanee 31 Deeember 20ZJ Intome Expenditure Building CapiLIl Fund Bursary Fund 381,312 20,0(KI 18,688 400,Crf)O 20,0(J) 401J12 18.688 420,(K)O The purpose of the Building Capitsl Fund (BCF) is ￿ build up a reserve for the uliimatr replacement of major plant and equipment (litL boiler4 and rts)f coverings). The Bursary Fund (BF) is for residcnts who are in fuwicial th'fficulty and need assistance with accommodation fees. It was established in 2019. AI¥ALYSIS OF NET ASSETS BETWEEN FUNDS GeDer Funds Total Funds 2024 Funds Fixed assets Current assets Current liabilities 48,642 1.119.888 (611J49) 48,642 1,594,888 (611,349) 475,(K)O 557,181 475,CiX) 1,032,181 2023 COMPARATIVES General Funds D¢sign*ted Funds Total Funds Fixed assets Curreni assets Current liabililies 66.481 975,146 (537,821) 66,481 1.395.146 (537.821) 420.(XJ) 503,806 420.C 923,806 16 QUEEN ALEXANDRA'S HOUSE ASSOCIATION NOTES TO FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 DECEMBER 2024 OPERATING LEASES At ihe year end. the charity had future minimum le&8e payments under non-cancellable OperatU￿ leases as follows: 2024 2023 Equipment 16.046 18.456 Equipment 17,157 30.341 Wiihin one year Within two to fiv¢ years 34.502 47,498 10. RELATED PARTIES There were Th) related party transactions in either the currenl or prior year. I I. TAXATION The Ass(Kiation is a registered charity and ￿ taxatioo is payable on its income. 12. COMPARATIVE STATEMENT OF FINANCIAL AcfiviTIES (2023) Unrestrieted Funds Cener Deslgnated Total 2023 Note INCOME FROM: charl￿ble activilies - accommodation DonaiioJL8 and legacies Investments - bank de￿911 intrrest Other 1245.69J 2250 16,293 15.947 1245.693 2250 16.293 15947 Tolal 1280.183 ,280.183 EXPENDITURE ON: Charitsble aclivity - provision of accommothtion IJ06,874 1.306.874 Net (expendlture) before transfers (26.691) (26,691) "I ransters between fi￿d$ (18,688) 18,688 NET MOVEMENT IN FUNDS (45.379) 18,688 (26.691) RECONCILJA TJON OF FUNDS.. TOTAL FUNDS BROUGHT FORWARD 549,185 401,312 950,497 TOTAL FUNDS CARRIED FORWARD 503.806 420.LI)O 923,806 17