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2022-03-31-accounts

Avenue House Estate Trust (A charitable company limited by guarantee)

Group Annual Report and Financial Statements

For the Year ended 31 March 2022

Charity number: 1093908 Company number: 04099007

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Contents

Pages
Report of the Board of Directors and Trustees 1-11
Independent Auditor’s Report 12-15
Consolidated Statement of Financial Activities 16-17
Consolidated and Trust Balance Sheets 18
Consolidated Statement of Cash Flows 19
Notes to the Consolidated Financial Statements 20-31

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Report of the Board of Directors and Trustees

The Trustees are pleased to present their report together with the financial statements of the charity for the year ending 31 March 2022. This report also contains the directors’ report as required by company law.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company’s constitution, the Companies Act 2006, the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice (effective 1 January 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102).

Aims, Objectives and Activities

Overall Charitable Aims

Avenue House Estate Trust was established to manage The Avenue House Estate in Finchley (see note 12) in running its grounds as a public garden and its buildings to provide meeting rooms for community purposes and accommodation for charities. The principal aims of the charity are:

Main Activities and Performance to Deliver Trust Objectives

We set ourselves seven objectives by which we would achieve our charitable aims. We continue to make progress against these objectives, as listed below, but the pandemic has impacted our progress in some of these areas:

 Improve income opportunities

During the year our objective has been to generate as much income in all areas of our business where possible to keep staff employed and to continue to maintain the estate. The commercial business areas have recovered and are now above pre pandemic levels. Inky’s Café continues to trade well and we would like to thank all the people who supported Inky’s Café as it helps contribute to the maintenance of the grounds.

 Green Flag and Heritage Green Flag

Our objective is to demonstrate the high horticultural and managerial standards required to achieve the prestigious Green Flag and Green Heritage Awards for the gardens. The Trust aims to apply annually for these two awards. We have recently been successful in the 2022 awards, making it the 4th year in a row. The 10-year Management and Maintenance Plan received high praise from the

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

assessors. It continues to be updated annually, to include responses to suggestions from assessors and highlights changes and improvements within the gardens.

 Adopt a more open posture

The Trust constantly seeks opportunities to engage with local people and the wider public. Initiatives in this respect include a membership scheme, and Facebook and Twitter accounts. The Stephens House & Gardens web page contains a wealth of information on all aspects of the Trust’s activities. We continued to publish monthly newsletters to our members and supporters, with positive response. We continue to liaise with local councillors and with other opinion formers, all of whom are very supportive.

With the situation that arose around the pandemic we found that interest in the gardens increased and we took the opportunity to send out monthly newsletters to keep everyone advised of what actions we were having to take to comply with the government’s restrictions and to keep the Trust viable. We also put notices on all points of access to the gardens with links to information on our website. This has resulted in our database increasing to over 800 subscribers.

We also found that while we had volunteers patrolling the gardens, they were also able to keep visitors informed of any changes. They also became a go to point for our visitors as they were easily identifiable in hi-vis emblazoned with the Stephens Ink Splot logo.

We continued to use all levels of social media as a method of sharing information and welcome feedback from our users. It is heartening to read some of the positive messages we receive.

With the completion of the Parks for People Project and Terapia work on the Bothy our strategy moved to one of continued conservation by regular and routine maintenance. In the year we installed a new wireless fire alarm and intruder systems which replaced one which was very old and proving costly to maintain. In addition, we have investigated the reasons for the flooding on the lower lawn and with our neighbours close to finally resolving the issue which was damaging to our trees.

There are no Trust buildings on Historic England’s ‘Buildings at Risk’ register as Barnet Council and Historic England removed the Bothy and the Water Tower from this list.

 Seek new grant opportunities to support the upkeep of our infrastructure

The Trust applied for a significant grant from the Cultural Recovery Fund. We heard in April 2021 that we had been successful in our first application and receive £169,200. We were able to make a number of key running repairs to the house so that it could reopen, pay staff and build up reserves. The Trust applied for a second tranche and were delighted to receive a further £120,000 to cover staff costs as we went through the reopening and building up commercial activities. We are extremely grateful for the awards which was a complete life safer for the Trust.

The Trust were successful in applying for a £35,000 Barnet Council grant to improve security and paths of the House and Gardens. A CCTV presence will be installed next financial year together with re-tarmacking some sections of garden paths

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

 Actively seek financial support from the people of Finchley

We continue to engage with the local community to encourage continued financial support. We manage a varied number of events all of which were well supported. These included our everpopular Hallowe’en, Winter Lights, Summer Plays and well supported Sunday Lunches.

Overall though our donations income decreased this year to £47,922 compared with £57,022 last year which had a number of specific covid themed fund-raising campaigns. We are most grateful to all those who continue to support us.

 Encourage the use of volunteers to increase our labour resource

The Trust continues to rely on the help of volunteers in the maintenance of its 10 acre gardens. In the last financial year, we have recorded 1,959 hours of gardening and maintenance work carried out by a regular cohort.

With Covid restrictions gradually being lifted the need for volunteers to help patrol the gardens reduced. However, there are other jobs that were done by volunteers including unlocking the gates each morning, clearing the litter and helping in the museum with the Stephens Collection. In addition, the Trust relies on volunteers to assist with events or helping with guided tours around the house. These volunteer activities amounted to 1,095 hours.

These activities produced a combined total of 3,054 hours. A massive increase on last year’s total of 2,145 hours. We thank all our volunteers for their generosity in helping us keep our costs down and provide a better visitor experience.

The Trustees keep the strategic objectives under review but this year our primary focus was keeping the Trust operating and financially viable.

Public Benefit Statement (incorporating Activities, projects and services provided)

The Trustees confirm that they have complied with the duty in the Charities Act 2011 to have regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’. They have achieved this compliance by:

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

These activities have enabled the Trustees to meet the objectives of the charity for the benefit of the public.

Achievements and Performance

The main achievements and performance have been discussed under the Trust Objectives above. Here, we highlight some significant areas:

Financial Review

Financial Position at the end of the Reporting Period

The Group made a surplus of £165,872 on its unrestricted activities in the year compared to £10,205 in 2021.

As the Trust fully reopened after Covid the Group’s unrestricted gross operational revenue increased to £760,234 from £497,407 in 2021. The main sources of revenue and movements are:

Unrestricted costs increased in the year to £594,362 from £487,202. The main reasons for the movement are as follows:

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

On its restricted activities the Group made a surplus of £32,036. The restricted reserve balance at the beginning of the year was £6,057 leaving a surplus of £38,093 at the end of 2022. The Cultural Recovery Fund grant of £196,900 was fully spent on the agreed areas during the year. The surplus of £38,093 is allocated to a CCTV installation, new paths and completion of the turning the old aviary beds to a sensory/memorial garden.

The Group at the end of 2022 has fixed assets of £85,263 of which £10,124 is Inky Stephens artefacts. The Group held cash balances of £186,371, stocks of £5,969 and debtors of £84,501. Total current assets were £276,841 an increase from £88,736 at the end of the 2021. Creditors falling due within a year total £119,584 compared with £82,594 a year ago. This figure is mainly trade creditors, other creditors, accruals and deferred income. The Group ended the year with net assets of £242,520. The main movements above are due to the level of grants received not fully spent, a new firm alarm system and higher business levels as Covid restrictions ended.

Reserves Policy

The Trustees remain of the opinion that the Trust should maintain designated unrestricted reserves at a level that can accommodate an unexpected major structural failure of its historical buildings, or the unexpected absence of a key member of staff by sickness or accident, or the impact of a new pandemic.

The Trust’s current target for a designated unrestricted reserve increased to £100,000 from £40,000. At the start of the financial year the unrestricted reserves stood at £28,350. At the end of the financial year the unrestricted reserve was £204,427.

In March the Board agreed to set up a fixed asset designated fund and transferred £85,263 being the closing net book value of fixed assets. On review of the year end unrestricted surplus the Trust also moved £50,000 to a designated reserve to cover areas detailed above. However, the Trustees remain of the opinion that they should build up the reserves to £100,000 as soon as the trading position of the Group allows and will continue to use any surplus the Group generates, after operating and maintaining the House and Gardens, to work to this end.

At the end of the 2022 financial year, the Group also held a restricted reserve of £38,093, see details above.

Going concern

The period after 31 March 2022 continued to see good level of business in the hospitality sector and our tenant base is full. We have seen an increase in cost as inflation pushes up prices. Utility costs are being helped by the government initiatives. Our businesses remain profitable. The level of future bookings and general level of enquiries may have seen a decrease in the current economic environment, but we remain optimistic of our business model. The trustees have a reasonable expectation that the Group will be able to continue in operation for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Structure, Governance and Management

Governing Document

Avenue House Estate Trust (AHET) is a company limited by guarantee, registered with Companies House in England and Wales in October 2000, and governed by its Memorandum and Articles of Association last amended in November 2011. It is also a charity registered with the Charity Commission for England and Wales in September 2002. In the event of winding up the members (81, including the trustees, at 31 March 2022) are each required to contribute a sum not exceeding one pound.

Organisation

The Board of the Trust meets at least four times each year and focuses on strategic matters. The Board safeguards the values, promotes the mission and determines the strategy and broad structure of the Trust. It also monitors performance to ensure that the charity operates effectively, efficiently and accountably.

During the year the Board delegated the management of the Trust to its General Manager, Malcolm Godfrey, who has held that post since August 2012. The General Manager controls all routine matters, including all the staff and assets, and is answerable in this role to the Board.

Recruitment and Appointment of Trustees

Trustees are appointed in accordance with the Articles of Association and when complete the board consists of at least three and not more than nine individuals. Seven people are elected by the members at the AGM and trustees have the power to co-opt to these places if they are or become vacant. Two places are reserved for co-option by the Trustees, with one of these two Trustees nominated in consultation with the volunteers who work in Stephens House & Gardens.

The members of the Board represent a wide range of interests and skills but, in order to ensure a suitable range of expertise is available, the Board has adopted the following policies:

Induction and Training of Trustees

The Board has the following policies:

In addition, there is always an item relating to governance standards on each Board agenda.

Risk Management

The trustees have a risk management strategy which comprises:

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Financial sustainability continues to be the major financial risk for both the Trust and its subsidiary. A key element in the management of financial risk is an up-dated strategic plan including budgetary control and a regular review of performance and appropriate actions including available liquid funds to settle debts as they fall due and active management of trade debtor and creditor balances to ensure sufficient working capital by the Trust and its subsidiary company. A constant review of our room hire charges and tenant rents has ensured a stronger future for the business.

A key concern is key man risk and the Board has identified steps required to minimise any disruption to business operations. The Boards reviews the trustee representation and generally keeps open a trustee position to ensure flexibility if additional skills are required.

Attention has also been focussed on non-financial risks arising from fire, health and safety of customers and staff (including food hygiene). These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place, and regular awareness training for staff working in these operational areas. This has been strengthened by the appointment of Citation as consultants in Health and Safety and Human Resources.

All hard wiring has recently been checked and certified, all firefighting equipment has been serviced and certified, boilers and gas equipment checked and certified, playground equipment inspected and remedial action taken. The annual health and safety inspection has been carried out and appropriate actions taken.

The Trustees submit an annual ‘conflict of interest’ declaration and an annual update of a ‘disqualification’ declaration to ensure that they do not put themselves or the Trust at risk by personal activities. Currently no Trustee receives any payment or recompense of expenses incurred from the Trust. I am most grateful to my colleagues for the activities they undertake for us, and that they cover all the costs of these themselves.

The General Manager also completes a ‘disqualification’ declaration.

Document CC8 and the relevant checklist have been used in the writing of this report.

Pensions

The Trust offers its staff a Defined Contribution pension scheme, in line with current legislation. This scheme is independently managed by NEST, the government’s workplace pension scheme, so there is no risk to the Trust of a material deficit arising.

Health and Safety

The 1974 Health and Safety at Work Act lays a requirement on employers to ensure that the public and employees (including volunteers) return home in the same state of health in which they came to our premises; we remain conscious of this obligation at all times.

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

The health and safety of the public, and of our staff, is of paramount importance and systems and precautionary measures in place throughout the estate are consistently upgraded to meet changing regulations. Health and Safety remains the first item on our Board meeting agenda. The Trust has public liability insurance to mitigate the risk.

We had no reportable accidents to staff or public during the financial year.

Pay and Remuneration of key management personnel

The pay of the General Manager, and any bonus payment, are decided by the Board of Trustees.

Auditors

The Trustees appointed HW Fisher LLP as the company's auditors for the current year, and they have expressed their willingness to continue in that capacity. In accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put to the Annual General Meeting.

Statement of Trustees’ Responsibilities

The Trustees, who are also the directors of Avenue House Estate Trust for the purpose of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

A combination of Company law and Charity law requires the Board to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the company and the group as at the balance sheet date and of the Trust’s incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Board are required to:

The Board is responsible for maintaining adequate accounting records that are sufficient to show and explain the Trust’s transactions and which disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011 and regulations made thereunder. The Board is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware:

Reference and Administrative Information

Charity Name: Avenue House Estate Trust Other name used by the Charity Stephens House & Gardens Charity Number: 1093908 Company Number: 04099007 Registered Office and Avenue House Operational Address: 17 East End Road Finchley London N3 3QE Patron Henry Edmunds President Michael Gerson Vice-President Bill Tyler

Directors and Trustees

Members of the Board, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report were as follows:

Alison Dean Mike Conradi John Lancaster Julian Trevelyan Khalid Ghani Alessandra Alonso (resigned 28[th] September 2022) Philip Rubenstein Simon Shaer Hilary Hickey (appointed 27[th] September 2022)

Officers

Malcolm Godfrey, General Manager (Key Management Personnel) Philip Rubenstein, Secretary

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Auditors

HW Fisher LLP, Chartered Accountants, Acre House, 11-15 William Road, London NW1 3ER

Banking Services

CCLA Investment Management Limited, COIF Charity Funds, 80 Cheapside, London EC2V 6DZ

HSBC Bank plc, 789 High Road, London, N12 8JX

Legal Services

Russell Cooke, 2 Putney Hill, London, SW15 6AB

Human Resources and Health & Safety

Citation, Kings Court, Water Lane, Wilmslow, SK9 5AR

Related Parties and other charities with which Avenue House Estate Trust co-operates

Avenue House Services Limited (AHSL) is a wholly owned subsidiary operating as the trading arm of the charity and established to service the non-charitable trading activities on the estate. The directors of AHSL for the year to 31 March 2022 were John Lancaster, Julian Trevelyan and Malcolm Godfrey. AHSL has a licence to operate from the charity's premises and pays all of its profits to the charity by gift aid.

Avenue House Estate Trust co-operates regularly with other charities. The Finchley Society and The Hendon and District Archaeological Society all use part of the premises and the Trust delivers education to parties of school children visiting the Estate.

The Trust has always sought to have charities as a high percentage of its tenant base. During this financial year we were delighted to host charities Barnet Homestart and Terapia as tenants. The Trust also encourages other charities to use Avenue House for their events and functions, and to join in public events that it organises.

The Future

The Trustees have considered the future direction of the Trust, and intend to continue to follow the present strategy of improving the profitability of the business so as to ensure the on-going maintenance of its infrastructure in a fit state to deliver its charitable objectives. Key to this is building up the Trust’s unrestricted reserves and ensuring that the condition of the main House building is improved to a state that is similar to the rest of the Estate, now that all the other buildings and the Gardens have been upgraded.

Conclusion

The year started with the hospitality sector reopening as the Covid 19 pandemic restrictions were gradually lifted and groups allowed to meet indoors. Our bookings quickly returned with people looking to celebrate once more. All members of staff returned and worked tirelessly to rebuild the business or get back out into the gardens helping the volunteers maintain the grounds to our high standards. Here are some specific examples:

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Let us hope that in the coming year we can put all the difficulties behind us and to build the Trust to continue Henry Stephens legacy long into the future.

Approved by the Board 13 Dec 2022 , and signed on its behalf by:

Alison Dean .............................................

Alison Dean, Chair

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Independent Auditor’s Report to the Members of Avenue House Estate Trust

Opinion

We have audited the financial statements of Avenue House Estate Trust (the ‘Trust’) and its subsidiary (the ‘group’) for the year ended 31 March 2022 which comprise the consolidated statement of financial activities, consolidated balance sheet, the consolidated Trust balance sheets, consolidated statement of cash flows and notes to the consolidated financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the Trust for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Group’s and Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the Trust.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms 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 Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Rich

Andrew Rich (Senior Statutory Auditor) for and on behalf of HW Fisher LLP

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London United Kingdom NW1 3ER Date: ……………………………… 13 Dec 2022

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Consolidated Statement of Financial Activities (including Income and Expenditure Account) for the year ending 31 March 2022

Total Total
Unrestricted Restricted Funds Funds
Notes Funds Funds 2022 2021
£ £ £ £
Income from
Donations and Grants:
Grants received 2 140,106 241,900 382,006 168,812
Donations 3 46,385 1,531 47,916 57,022
186,491 243,431 429,922 225,834
Other trading activities:
Commercial trading activities 5 469,330 - 469,330 225,165
Income from charitable activities:
Rents and service charge 99,379 - 99,379 83,157
Other income:
Interest income 4 5,034 - 5,034 1
Total income 760,234 243,431 1,003,665 534,157
Expenditure on raising funds
Cost of commercial trading 5 378,885 - 378,885 214,441
operations
Expenditure
on		 charitable
activities
Maintenance and use of the 6 215,477 211,395 426,872 308,761
estate
Total expenditure 594,362 211,395 805,757 523,202
Net income 165,872 32,036 197,908 10,955
Net movement of funds in the 9 165,872 32,036 197,908 10,955
year
Total funds at 1 April 38,555 6,057 44,612 33,657
Total funds at 31 March 204,427 38,093 242,520 44,612

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Consolidated Statement of Financial Activities (including Income and Expenditure Account) for the year ending 31 March 2021

Notes
Income from
Donations and legacies:
Grants received
2
Donations
3
Other trading activities:
Commercial trading activities
5
Income from charitable activities:
Rents and service charge
Other income:
Interest income
4
Total income
Expenditure on raising funds
Cost
of
commercial
trading
operations
5
Expenditure on charitable activities
Maintenance and use of the estate
6
Total expenditure
Net income
Net movement of funds in the year
9
Total funds at 1 April
Total funds at 31 March		 Unrestricted
Funds
£
Restricted
Funds
£
Total Funds
2021
£
132,812
36,000
168,812
56,272
750
57,022
189,084
36,750
225,834
225,165
-
225,165
83,157
-
83,157
1
-
1
497,407
36,750
534,157
211,981
2,460
214,441
275,221
33,540
308,761
487,202
36,000
523,202
10,205
750
10,955
10,205
750
10,955
28,350
5,307
33,657
38,555
6,057
44,612

17

Report and Financial Statements for the Year ended 31 March 2022

Consolidated and Trust Balance Sheets as at 31 March 2022

Notes
Fixed Assets
Investment in Subsidiary
11
Tangible assets
12
Heritage Assets
13
Total Fixed Assets
Current Assets
Stocks of food and beverages
Debtors
14
Cash at bank and in hand
Total Current Assets
Creditors:
Amounts falling due within one year
15
Net Current Assets/(Liabilities)
Total Net Assets
18
Unrestricted funds
Designated Funds
18,19
General Funds
18
Restricted Funds
18,19,20
Total Funds		 Group
2022
£
Group
2021
£
Trust
2022
£
Trust
2021
£
-
-
1
1
75,139
28,346
57,270
18,749
10,124
10,124
10,124
10,124
85,263
38,470
67,395
28,874
5,969
9,375
-
-
84,501
31,751
76,003
37,970
186,371
47,610
124,660
34,429
276,841
88,736
200,663
72,399
119,584
82,594
88,817
63,218
157,257
6,142
111,846
9,181
242,520
44,612
179,241
38,055
135,263
-
117,395
-
69,164
38,555
23,753
31,998
204,427
38,555
141,148
31,998
38,093
6,057
38,093
6,057
242,520
44,612
179,241
38,055

As permitted by Section 408 of the Companies Act 2006, no separate Statement of Financial Activities is presented in respect of the parent charity. The surplus for the financial year for the parent only is £141,186 (2021: surplus £6,256)

13 Dec 2022

Approved by the Board of Directors on and signed on its behalf by:

Alison Dean

Alison Dean Chair

Company Registration Number 04099007 England and Wales

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Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Consolidated Statement of Cash Flows for the year ending 31 March 2022

Cash flows from operating activities
Net movement in funds
Adjustment for:
Depreciation charge
Decrease in stocks
(Increase)/decrease in debtors
Increase in creditors
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of heritage assets
Net cash used investing activities
(Repayment)/increase of loans
Net cash (used in) provided by financing activities
Change in cash and cash equivalents
Cash and cash equivalents at start of year
Cash and cash equivalents at end of year		 Group
2022
£
197,908
6,755
3,406
(52,750)
36,991
192,310
(53,549)
-
(53,549)
-
-
138,761
47,610
186,371		 Group
2021
£
10,955
6,632
404
1,901
9,010
28,902
(1,318)
-
(1,318)
(10,000)
(10,000)
17,584
30,026
47,610

19

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Notes to the Consolidated Financial Statements for the year ended 31 March 2022

1. Accounting Policies

Consolidated financial statements have been prepared for the charity and its trading subsidiary, Avenue House Services Limited. The results of the subsidiary have been consolidated on a line by line basis. The charity has taken advantage of S.408 Companies Act 2006 and has not prepared a separate Statement of Financial Activities for the charity.

20

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Financial instruments are recognised in the group's balance sheet when the Trust becomes party to the contractual provisions of the instrument

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

21

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

2. Grants received

Heritage Lottery
Covid Recovery Fund
Wolfson Foundation
Business Support Grant
Barnet
Furlough Scheme
Cultural Recovery Fund
Total Grants		 Unrestricted
Restricted
2022
Total
Unrestricted
Restricted
2021
Total
£
£
£
£
£
£
-
-
-
-
36,000
36,000
-
10,000
10,000
-
-
-
41,454
-
41,454
37,950
-
37,950
-
35,000
35,000
-
-
-
6,352
-
6,352
94,862
-
94,862
92,300
196,900
289,200
-
-
-
140,106
241,900
382,006
132,812
36,000
168,812

3. Donations

General donations
Gift Aid recoverable
Total Donations		 Unrestricted
Restricted
2022
Total
Unrestricted
Restricted
2021
Total
£
£
£
£
£
£
46,385
1,531
47,916
52,850
750
53,600
-
-
-
3,422
-
3,422
46,385
1,531
47,916
56,272
750
57,022

22

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

4. Other Income

Other income of £5,034 being insurance claims (2021: £1) all unrestricted funds.

5. Commercial Trading Operations

Avenue House Services Limited, the wholly owned trading subsidiary of the Trust, commenced operations on 1 June 2006. It is responsible for facilitating the charity’s objective of encouraging community use of the estate by providing meeting rooms and catered events in the house. It pays all of its profits to the Trust under gift aid donations.

Summary of Trading Results 2022 2021
£ £
Turnover 469,330
 225,165
Cost of sales and administration expenses (378,885)
 (214,441)
Other operating income - 10,000
Rent paid to the Trust ( 28,000) ( 15,000)
Net Profit 62,445
 5,724
Retained earnings brought forward 6,559 1,859
Distributions (5,723) (1,024)
Retained earnings 63,281 6,559
The assets and liabilities at 31 March were:
Fixed assets 17,869 9,596
Current assets 98,002 32,436
Current liabilities (52,588) (35,472)
Total Net Assets/(Liabilities) 63,283
 6,560
Aggregate share capital and reserves 63,283
 6,560

6. Expenditure on Charitable Activities

HLF park project
Maintenance and repairs
Staff costs
Fund raising/advertising
Utilities/water/rates
Cleaning
Insurance
Memorial Beds
Support costs (note 7)
Depreciation
Communications/printing
Total Expenditure		 Unrestricted
Restricted
2022
Total
Unrestricted
Restricted
2021
Total
£
£
£
£
£
£
-
-
-
-
-
-
74,699
62,531
137,230
25,191
-
25,191
11,680
141,957
153,637
138,815
29,804
168,619
16,980
-
16,980
9,346
846
10,192
32,604
-
32,604
22,465
-
22,465
8,674
-
8,674
5,387
2,890
8,277
19,139
-
19,139
18,788
-
18,788
-
6,907
6,907
-
-
-
47,533
-
47,533
50,085
-
50,085
3,283
-
3,283
4,196
-
4,196
885
-
885
948
-
948
215,477
211,395
426,872
275,221
33,540
308,761

23

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

7. Support Costs

The Trust initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function.

Auditor’s
remuneration
Accounting
Allocated staff costs
Others
Total Support Costs		 General
support
Governance
2022
Total
General
support
Governance
2021
Total
£
£
£
£
£
£
-
2,384
2,384
-
2,040
2,040
-
-
-
-
284
284
25,881
16,366
42,247
31,586
13,796
45,382
2,002
900
2,902
1,479
900
2,379
27,883
19,650
47,533
33,065
17,020
50,085

Auditor’s remuneration and accounting costs are based on invoiced amounts. Staff costs are based on role descriptions and best estimate of time spent fulfilling these roles. Other costs are based on invoice and best estimate. All support cost are from unrestricted funds. Auditor’s remuneration is solely audit fees for both years. Total audit costs for the Group are shown in note 9 below.

8. Staff costs and numbers

Salaries and Wages
Social Security Costs
Pension Costs
Total Staff Costs		 Group
Group
Trust
Trust
2022
2021
2022
2021
£
£
£
£
351,530
288,607
171,904
182,932
19,725
18,278
9,877
12,199
5,329
4,921
2,487
3,200
376,584
311,806
184,268
198,331

None of the Trustees received any emoluments or expenses in the current financial year (2021: nil)

Aside from the Trustees, the key management personnel of the parent charity and the trading company is the general manager and the total employee benefits of the key management personnel was £62,532 (2021: £51,012). In 2022 the general manager was the only staff member whose annual remuneration was above £60,000 (in 2021 no employee received more than £60,000).

The average number of employees during the year was as follows:

Trading subsidiary employees
Trust employees
Total Employees		 Group
Group
Trust
Trust
2022
2021
2022
2021
13.7
7.6
-
-
11.1
10.3
11.1
10.3
24.8
17.9
11.1
10.3

24

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

9. Movement in total funds for the year

Group Group Trust Trust
2022 2021 2022 2021
This is stated after charging: £ £ £ £
Auditor’s remuneration:-
External audit 8,996 8,340 2,384 2,040
Operating leases for equipment 574 1,728 - -
Depreciation 6,755 6,632 3,283 4,196

Included in the Auditor’s remuneration is £6,612 (2021 £6,300) charged to the subsidiary

10. Taxation

The Trust, as a charitable company, is exempt from corporation tax on its charitable activities. Profits generated by AHSL and donated to the Trust are also exempt from corporation tax under Gift Aid rules.

11. Investment in subsidiary

On 28 March 2006 Avenue House Estate Trust acquired the one issued share, at par value, in Avenue House Services Limited, company registration number 05754424. This private limited company was set up with an authorised capital of £10,000 to operate those of the Trust’s charitable activities which attract Value Added Tax. Any surplus which the company makes is transferred to the Trust under gift-aid. The financial statements relating to its activities are consolidated with those of the Trust in this Group Annual Report and Financial Statements. A summary of the subsidiary’s financial position is shown in Note 5.

12. Tangible assets

Inalienable and historic assets

On 1 November 2002, The Avenue House Estate (TAHE), a charity whose sole trustee is the London Borough of Barnet, granted a 125 year lease to the Charity at a peppercorn rent in respect of the Avenue House Estate. The lease has not been capitalised in the financial statements as it is considered too difficult to attribute a value due to the historic nature of Avenue House. In addition, the costs involved in valuing the lease far outweigh any additional benefit derived by users of the financial statements in assessing the Trustees’ stewardship of the estate.

Avenue House Estate Trust has insured the property and tenants’ improvements for £8,000,000. Certain fittings and furnishings are held on trust and are regarded as inalienable property and no value is incorporated in the financial statements. All maintenance and improvement of The Avenue House Estate is the responsibility of Avenue House Estate Trust. All expenditure on the Estate buildings during the year is written off when incurred.

25

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

Tangible Assets

Group
Cost
As at 1 April 2021
Additions
As at 31 March 2022
Depreciation
As at 1 April 2021
Charge for the year
As at 31 March 2022
Net Book Value
As at 31 March 2022
As at 1 April 2021		 Land &
Buildings
Plant &
Equipment
Fixtures &
Fittings
Office
Equipment
Computer
Equipment
Total
£
£
£
£
£
£
4,520
33,580
49,118
7,655
27,919
122,792
-
9,480
39,624
2,980
1,465
53,549
4,520
43,060
88,742
10,635
29,384
176,341
599
33,173
25,642
7,655
27,377
94,446
48
1,543
4,419
447
298
6,755
647
34,716
30,061
8,102
27,675
101,201
3,873
8,344
58,681
2,533
1,709
75,140
3,921
407
23,476
-
542
28,346

As at 31 March 2022, the Net Book Value of tangible assets owned by Avenue House Services Limited was £17,869 (2021: £9,596). These values are included in the above table.

Trust
Cost
As at 1 April 2021
Additions
As at 31 March 2022
Depreciation
As at 1 April 2021
Charge for the year
As at 31 March 2022
Net Book Value
As at 31 March 2022
As at 1 April 2021		 Land &
Buildings
Plant &
Equipment
Fixtures &
Fittings
Office
Equipment
Computer
Equipment
Total
£
£
£
£
£
£
4,520
28,335
32,471
4,976
22,026
92,328
-
2,180
39,624
-
-
41,804
4,520
30,515
72,095
4,976
22,026
134,132
599
27,928
18,050
4,976
22,026
73,579
48
479
2,756
-
-
3,283
647
28,407
20,806
4,976
22,026
76,862
3,873
2,108
51,289
-
-
57,270
3,921
407
14,421
-
-
18,749

26

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

13. Heritage assets

Opening balance
Additions in the year
Closing balance		 Group
Group
Trust
Trust
2022
2021
2022
2021
£
£
£
£
10,124
10,124
10,124
10,124
-
-
-
-
10,124
10,124
10,124
10,124

The Trust holds artefacts and other assets of historical importance relating to Inky Stephens products or promoting such products. These are in the process of been housed and displayed in the Trust’s buildings providing a valuable opportunity to present the items to a wider audience. The Trust preserves, conserves and manages the objects in its care.

14. Debtors

Trade debtors
Other debtors
Prepayments and accrued income
VAT Reclaimable
Receivable from Trading Company
Total Debtors
reditors
Trade creditors
Accruals
Other creditors
Loans
Taxation and social security
VAT Payable
Deferred Income (note 16)
Total Creditors		 Group
Group
Trust
Trust
2022
2021
2022
2021
£
£
£
£
46,201
20,136
17,364
14,398
35,947
7,475
35,950
7,475
2,353
2,245
869
-
-
1,895
-
-
-
-
21,820
16,097
84,501
31,751
76,003
37,970
Group
Group
Trust
Trust
2022
2021
2022
2021
£
£
£
£
44,482
10,208
27,116
2,674
17,552
17,321
10,813
8,639
17,350
20,001
17,350
20,001
-
-
-
-
6,107
4,994
6,107
4,994
1,910
-
-
-
32,183
30,070
27,431
26,910
119,584
82,594
88,817
63,218

15. Creditors

27

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

16. Deferred Income

Balance at 1 April
Recognised as income during the year
Amount deferred during the year
Balance at 31 March		 Group
Group
Trust
Trust
2022
2021
2022
2021
£
£
£
£
30,070
30,459
26,910
25,103
(30,070)
(30,459)
(26,910)
(25,103)
32,183
30,070
27,431
26,910
32,183
30,070
27,431
26,910

Deferred income comprises amounts received in advance for room bookings and tenants’ leases in respect of income to be earned after 31 March 2022.

17. Operating Lease Commitments

The Group has commitments under the terms of an operating lease for a photocopier. Payments for the year are shown in Note 9. The total commitments payable in future years are shown below, analysed according to the expiry of the leases.

One year
Between two and five years
Total commitments		 2022
£
2021
£
576
1,728
-
576
576
2,304

28

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

18. Analysis of net assets between funds

Fund balances as at 31 March are represented by:

Tangible Fixed Assets
Current Assets
Creditors: amounts falling due within one year
Total Funds		 Unrestric
ted
Designated
Restricted
2022
Total
Unrestricted
Designated
Restricted
2021
Total
£
£
£
£
£
£
£
£
-
85,263
-
85,263
38,470
-
-
38,470
188,748
50,000
38,093
276,841
82,679
-
6,057
88,736
(119,584)
-
-
(119,584)
(82,594)
-
-
(82,594)
69,164
135,263
38,093
242,520
38,555
-
6,057
44,612

19. Designated Funds

The income funds of the Group include the following designated funds which have been set aside by the trustees for specific purposes

Group
Maintenance and Emergency Fund
Fixed Asset Fund		 Balance at 31
March 2022
Transfers
Resources
Expended
Balance at 31
March 2021
Transfers
Resources
Expended
Balance at 31
March 2020
£
£
£
£
£
£
£
50,000
50,000
-
-
-
-
-
85,263
85,263
-
-
-
-
-
135,263
135,263
-
-
-
-
-

The Board aims to have a designated fund set aside for a maintenance and emergency fund for repair work required on the building or for future emergencies such as pandemics. The Trustees aim to build up a financial reserve of at least £100,000 as soon as performance allows. The Board agreed to move £50,000 into the designated funds at 31 March 2022.

29

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

The Fixed Asset Fund equates to the value of fixed assets at the balance sheet date. The transfer above, equalling fixed asset net book value, has been made for this purpose commencing 31 March 2022.

Trust
Maintenance and Emergency Fund
Fixed Asset Fund		 Balance at 31
March 2022
Transfers
Resources
Expended
Balance at 31
March 2021
Transfers
Resources
Expended
Balance at 31
March 2020
£
£
£
£
£
£
£
50,000
50,000
-
-
-
-
-
67,395
67,395
-
-
-
-
-
117,395
117,395
-
-
-
-
-

20. Restricted funds

The income funds of the Group include restricted funds comprising the following unexpended balances of donations and grants held for specific purposes:

Group and Trust
Covid Recovery
Garden Works
Memorial Bed
CCTV and Paths
Colour the Garden		 Balance at 31
March 2022
Incoming
resources
Resources
expended
Balance at 31
March 2021
Incoming
resources
Resources
expended
Balance at 31
March 2020
£
£
£
£
£
£
£
-
196,900
(196,900)
-
36,000
(36,000)
-
-
-
(6,057)
6,057
750
-
5,307
3,093
10,000
(6,907)
-
-
-
-
35,000
35,000
-
-
-
-
-
-
1,531
(1,531)
-
-
-
-
38,093
243,431
(211,395)
6,057
36,750
(36,000)
5,307

During the year the donations and grants received are shown in note 2 and 3.

30

Report and Financial Statements for the Year ended 31 March 2022

Avenue House Estate Trust

21. Related parties

In 2020 the Trust was in receipt of loans of £10,000 from 2 trustees. The loans were fully repaid in 2021. The loans were repayable on demand and did not bear interest. The loans were there to help the trust with the timing difference between expenditure and grants for the final costs of the HLF project which is now finished.

22. Net debt reconciliation

Net debt reconciliation for the Group 2022

At start of year
 Cashflows
 At year end
£ £ £
Cash at bank and in hand 47,610 138,762 186,372
ebt reconciliation for the Group 2021
At start of year
 Cashflows
 At year end
£ £ £
Cash at bank and in hand 30,026 17,584 47,610
Loans falling due within 1 year 10,000 (10,000) -

Net debt reconciliation for the Group 2021

31