Charlty number: 1116355 Walthamstow and Chingford Almshouse Charity Trustees. report and financial statements for the year ended 31 March 2022
Walthamstow and Chlngford Almshouse Charlty Contents Page R8f&ranca and administrative datails of tha charity. trustees and advisers Trustees, report 3-10 Independent auditorfs report on the financlal statements statement of financial activities 15 Balance sheet 16 Statement of cash flows 17 Notos to the tinancial statements 18-36
Walthamstow and Chlngford Almshouse Charity Reference and administratlve detalls of the charity, its trustees and advlsers for the year ended 31 March 2022 Oirectors of the Trustee Company {The Walthamstow & Chingford Almshouse Trustee Company Limited) A Borkowska V Conanl J Kearns Rev. J Lewis-Anlhony S MacNully J J C Moss, Chairman l Moyes, Vice Chaimian A J Moore A Rich S Smith Pryor H Tredoux P Williams C Mccann (appointed 1 May 20211 Charity reglstered number 1116355 Prlnclpal offSce Monoux Hall Church End Walthamslow London E17 9RL Clerk to the Directors E Abbott Independent auditor Kreston Reeves LLP Chartered Accountants Stalulory Auditor Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU Bankers Co-operative Bank 151-155 Hoe Street Wallhamslow London E173AN Page 1
Walthamstow and Chingford Almshouse Charity Reference and admlni$tratlve detalls of thè charity. Its trustees and advisers Icontlnued) for the yearended 31 March 2022 Sollcltors Stone King 16 St. John's Lane London EC1M 4BS Sollcitors Hunt & Hunt 22 - 26 Eastern Road Romford RM1 3LT Investmont managers Investe¢ Wealth & Investment 2 Gresham Street London EC22 7QP Page 2
Walthamstow and Chingford Almshouse Charlty Trustees. report for the year ended 31 March 2022 The Trustees present their annual r8port together with the audited financial slalemenls of the Charity for the year ended 31 March 2022. Objectivos and activities a. Objectlves The objects of the Walthamslow and Chingford Almshouse Charity are the provision and continuing maintenance of the almshouses for Ihe benefit of persons in conditions of financial need, who have been resident for one year within Wallhamslow or Chingford, or for five Consecutive years al any lime prior lo appoinlmenl. Residue income must be applied for the relief of persons in financial need residing within the 8rea of benefit. In selling objectives and planning for activities, the Trustees have given due consider81ion lo general guidance published by the Charity Commission relating lo public benefit, including the guidan 'Public benefit.. running a charity IPB2)'. b. Grant-making pollcles The objects of the Charity include the relief of persons in conditions of financial need Sn the area of benefit in such mannor as the Iruslees see fil. Directors are focusing on the direct relief of poverty and in respect to other organisalions working with beneficiaries in the area of benefit, lo support those whlch allevlate the effects of poverty or which have an impact on preventing poverty. The Charity collaborates with the LB Waltham Forest's Local Welfare Assistance {LWAI scheme to assist local people in need more effectively. The LW A undertake rigorous financial & associated checks of applicants lo the fund and will make referrals to the Charity of families and individuals considered to require further assistance beyond the limited items the LWA is able to provide. In these cases, the Charity may provide additlOll81 household items that the LW A is unable lo supply, and importantly, seek lo provide support to local people who may not be eligible for relief from the L WA, which includes those with no recourse lo public funds, or who do not meet the residency qualific81ions. Referr818 are also made by the local CAB, a single homeless Charity, council temporary housing section, health and social workers. Directors may visit a number of applicants lo indepen(iently assess need. Applicants may also refer themselves. Overall grants lo individuals and organisations tolalled £45,433 compared to £57,816 last year., grants lo individuals and families has Increased from £31,886 awarded to 44 applicants last year to 51 grants totalling £45,026 during 2021.22. A Grant of £407 was made lo 1 organisalion compared lo £25,930 10 5 organisations last year. However two organisational grant awards were made al the end of March 2022. which will be accounted for in the next financial year. Grant appllcallons from indimduals and families were up compared to the prevtous year, with 74 applications received compared lo 60 in 2020.21. Of the 74 applications received, during the year. 58 were awarded, of the 16 applications that were not included 8 were ineligible or were not approved for a grant, and 4 were withdrawn by the applicant or the referring agency, and 4 are still pending subject to further information being received. Of the overall grants Made families and single people benefited from new household goods and furniture which accounts for approximately 570/0 of grant expenditu, floor coverings 3110 of expenditure and white goods such as cookers and washing machines 120/0 of grant expenditure. Grants lo Or anisations included the followin The YMCA was awarded a grant of £400 for computer, desk and chairs for their young residents to use lo enable them lo complete benefit forms, lo research job and training opportunities. Page 3
Walthamstow and Chingford Almshouse Charity Trustees. report Icontlnuedl for the year ended 31 March 2022 Objective5 and actlvltles Icontinuedl Grant A lication Process There is a Iwo-stage process for Charities or organisalions lo make an application for a grant. Charilieslorganisations are requested lo provide a brief outline of their activities and what they require a grant for. The outline prowsal is considered by the Grants. Commillea, which decides whether a full submission on the Charities application form should be requested. Before a decision is made as lo whether or not lo award a grant, directors usually visit the applicant Charitylorganisalion before recommendations lo the Grants and Accommodation Committee are made. Charities and organisalions receiving grant are reqUId to provide wrillen report of Ihe use and impact of the grant after 12 months. Spade Husbandry Allotments Charity The Wallhamstow and Chingford Almshouse Trustee Company is the trustee of the Spade Husbandry Charity. There are 78 Full plots and 35 h21f plots on the Spade site. there is a site committee which encourages good practi gardening, organises deliveries for the sile and operates a shed for the sale of vegetables and plants. The committee collects sile fees for water rates and key deposits. Allotment rents due to the charity are paid lo the Spade Husbandry bank account There are three plots with bee hives on them. There are various levels of Gullivation of plots on the sile, which is not unexpected especially with the impact of the pandemic. A good number of the plots have been cullivaled very well. There were a number of vacancies over the year, bul the sile now has full occupancy. Work was carried OLtI lo the double gales main entmnce lo the sile. Unfortunately there was a fly tip of a large amount of materials during the summer, and the charity Is Working with the Corporation of London which owns the sile to seg if security can be improved. The committee has been pro-active with working with the chariws allolmenl manager pathculady during the lockdowns and their help is much appreciated. d. Public benefit In setting objectives and planning for aclivilies, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidan 'Public benefit.. running a charity IPB21'. The Directors consider that the prOdureS in place lo advertise almshouse vacancie5 reach as wide a section of the local community as possible, given the reslriclions imposed by the Charity Scheme and the area of benefit. In addition lo local advertising, details of the almshouses are posted on the Elderly Accommodation Counsel website, a national database of housing for older people. The charity will also seek nominations from the council if ils direct applicanls have insufficionl priority need for a vacancy. All qualifying applications for accommodation are given careful Consideration and when a vacancy arises those with sufficient priority are visited lo assess their needs." the appliGant's situation is assessed in respect of financial and housing need, social need and as lo whether the applicant would benefit from liwng in supported housing. Accommodation is offered to those applicants with the great8sI need. Almshouse accommodation charges are sel to cover running costs, however certain costs are 5ubsidised by the Ch8rily, such as the support element of warden costs, water rates and TV liCenS amongst others. Page 4
Walthamstow and Chingford Almshouse Charity Trustees. report {continuedl for the year ended 31 March 2022 Achievements and perfomianca a. Financial review Total income was £989.206 compared lo £963.936 in 2020.2021, thg increase is due lo a weekly maintenanc8 charge annual increase, and an £8,000 increase on investment income. Total expenditure has remained in line with the previous year. The fixed asset investments value linvestmenl properties and listed inveslmentsl increased from £13,558,701 to £15,845,007, largely due lo gains on investments of £1.2m whlch Included the revaluallon of investment properties, that increased by £430.500 and investment of cash deposlts. b. Revlew of actlvltles The last two years have been extraordinary with the Corona-virus pandemic affecting populations globally. Naturally given the effects of the virus and subsequent lockdowns this had also affected how the charity w88 to arry on ils operations. 2021 again saw life dramatically curtailed by lockdowns 8nd other reslriclions on our normal lives. During the course of 2021, the majority of staff continued to work from home which has been successful, and the day-lo-day running of the almshouses has conllnued well. Some members of staff have allended the almshouses regularly lo undertake essential cleaning of communal areas, lo let contractors onlo site lo undertake essential work, lo check post and carry out periodic fire panel tests. Other than this. assistive technology has enabled staff to communicate daily with residents. with those residents liking an extr8 chat receiving additional telephone calls from staff. Technology also enables staff lo give remote access lo trusted ¢onlraclors lo carry out repairs, servicing and nSpectIOnS within the communal areas. and lo undertake gardening when the reslriclions permilled. The CCTV installed in 2020 8t The Monoux, Collard, Ridgers and Colby Lodge almshouses h8s proved invaluable. assisting staff with monitoring the security of buildings and the wellb8ing of residents during lockdowns. There have been a number of particularly vulnerable residents who have required intensive support from the charity. This has induded financial assistance where the resident has had no access to their bank accounts due lo their shielding and where they lack the skills lo use the internet for their banking. shopping etc. Staff have helped residents with claiming benefits as necessary Staff have also taken on more complex cases where we consider that the residents will benefit from working with someone they know and trust. but also where other agencies have not been able lo resolv6 the problem. The charity was very fortunate during the course of 2020 not lo lose any residents lo Covid-19. There were two unrelated cases in separate almshouse buildings, and both had returned home following a relatively short slay in hospital. During the course of 2021.22 there were a few more residents catching Covid, bul the protection of Ihe vacclnalion programme has meant that no-one suffered serious ill effects, and remarkably there was little lif any) spread through the almshouse population. We can probably allribule this to most residents lollowing the Covid advice and guidelines, along with the deaning regime within the buildings, and thanks musl go lo cleaning staff for their work. Virtually all members of staff and a good number of Iruslees succumbed to Covid during the winter 2021.22. Luckily, the infe¢lions timings were staggered and did not impact too seriously on the day to day running of the almshouse buildings and seNices to residents. The charity has regularly provided guidance on the Covid -19 safely rules over the course of the year, and as the rules were eased and re-implemented. Slafl also intervened on occasions as necessary to liaise directly wlh residents to ensure the safety of all residents, staff and contractors. Special & additional cleaning arrangements were implemented when required. A local Charily CREST is using the garden room at Colby Lodge for two days each week lo provide a day service for local elderly people, the accessibility standards al Colby Lodge makes the venue an ideal setting for the day service. There were seven vacancies over the course of the year as al July 2022, all have been occupied by n8w residents. Since Coronavirus restrictions have been lifted, staff have been able to visit each priority applicant in their own home. Flats tend to be occupied by our residents for many years consequently the Charity usually Carries out quite extensive refurbishment on voids including full redecorations and new floor ¢overings. Page 5
Walthamstow and Chingford Almshouse Charlty Trustees. report {contlnuedl forth& year ended 31 March 2022 Achievements and performance {continuedl Increasingly as the properties age, new kitchens and bathrooms may be filled, along with heating and hol water improvements. Th8 void loss of income for the year was 30A. The recommended minimum void loss provision is 5Vo. the maximum is 12.50 Resident Activities A trip down the River Lea navigation canal was organised and enjoyed by 8 group of resldents and part funded by the charity. When permilled some resident soclals were organised in the gardens by residents themselves. Residents have klndly helped out their neighbours when they could. by assisting with shopping for ex8mpl8. Thanks mu81 go lo all the staff who have worked so hard during the y8ar to help keep residents safe and well, although working remotely, they have been able to liaise with clinicians, social workers etc. lo make sure vulnerable resident's needs were addressed. The Almshotjses entered the London Almshouse Gardens Gompetilion and Collard Court was awarded a Bronze Certificate for ils patio and courtyard display. Flxed assets The movements in tangible fixed assets during the year are sel out in note 11 to the financial slalemenls. The Trustee believes that the fixed asset Almshouse properties are worth considerably in excess of the net book value disclosed in these accounts.. however, it is unable to quantify the excess wilhoul incurrino significant unnecessary professional valuation fees. d. Investment pollcy and performance Listed investments The Charity Commission Scheme regulatng the Charity places no reslriclions on the Directors, power to invest. The objectives of the Charity s Investment Policy are to ensure the creation of sufficient income and capital growth lo enable the Charity lo carry out ils purposes year by year, with due and proper consideration for future needs and the maintenance of and, if possible, enhancement of the value of the invested funds. The policy is reviewed annually. As at 31 March 2022, Inveslec Wealth and Investment Limited manage approximately 50.10 of the Charills lolal investment portfolio on a discretionary basis. The directors preclude investment in companies involved in home collected credit- directors consider such investments lo be in conflict with the Charity's objective of relief in need. No initial investment should exceed 7.5Q/o of the lolal value of the funds under management. Trustees, objectives are lo seek a balanced return from income and capital growth within moderate risk paramelers. The performance of each asset class will be measured against relevant market indices. The overall performance is compared to a bespoke benchmark based on Ihe midpoint of each asset class, measured against Ihe underlying indices for each asset dass. Of the other 500/0 of the Charities, portfolio, the majority was invested in the M&G Charity Mulli-Assel Fund, which replaced the National Association of Almshouses Common Investment Fund INAACIFI in November 2019. Page 6
Walthamstow and Chingford Almshouse Charity Trustees. report Icontlnuedl for the year ended 31 March 2022 Achievements and performanee (continued) The Investe¢ portfolio produced a positive total retum of 7.1Vo for the 12 months Compared lo the benchmark retum of 10.OOA. Equity markets continued lo deliver strong gains over the year with many of the cyclical sectors that had beell hardest hit the preceding period, rebounding sharply as the world emerged from the worst of the Covid pandernic. Whilst the portfolio benefited from ils exposure lo equities which accounts for approximately 60°/o of the portfolio value, our limited exposure lo these mor6 Cyclical companies and sectors delracled from the overall relative performance. Limited exposure lo Fixed Income was a positive for performance given the w&akness of this asset class amidst a backdrop of rising interest rates and higher inflation whilst good stock selection within Bonds was also a positive contributor. The commercial property investments in the portfolio delivered strong returns, helped by rising capital prices and a recovery in rental income posl-covid. Elsewhere. the allernalive assets in the portfolio also performed well with infraslruclure holdings delivering steady retums whilst the exposure lo gold added value after a sleep rise in the gold price over concerns around inflation and global growth prospects. The portfolio continues lo be invested in high quality assets that Investec believe wlll deliver strong portfolio returns over the years ahead.. Investment Propertles Inveslmenl properties were revalued in July 2022, by Savills (Chartered Surveyors) of London on an open market value for exisling use basis. Ihe surplus on revaluation is £430,500. Tho lolal value of the properties is £2,499,500. Flnan¢lal revlew . Golng concern After making approprlate enquiries, the Trustees have a reasonable expectation that the Charity has adequa18 resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial statements. Further details regarding Ihe adoption of the going concern basis carb be found in the accounting policies. b. Rosarvgs poIIcy The Trustee has reviewed the reserves policy and has concluded that free reserves of £900,000 should be retained. which equates to approximately one year's income. c. Risk managèment The directors have assessed the major risks lo which the Charity is exposed. in particular those related lo the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The charills senior staff report directly lo a relevant committee or lo the Chair and Vice Chair of the Board and lo the Chair of the Finance and General Purposes Commlllee on risk management issues as appropriate. For example safeguarding conceins in respect of residents afft reported to the Grants and Accommodation Committee as a matter of course, along with detail of action taken. The committee structure ultimately informs the board of rlsk arising and mitigation measures. Direclorsftrustees are supportive of all employees and staff are encouraged lo be open and honest about problems and errors so that incidents ¢an be dealt with promptly wlth the alm of minimising any potential detriment lo our beneficiaries, the Charity, ils staff and directorsllruslees. Page 7
Walthamstow and Chingford Almshouse Charity Trusteès. report Icontlnued) for the yèar ended 31 March 2022 Structurei governance and management a. Constitution and governance Wallhamslow and Chingford Almshous8 Charity is a regisl8r8d Charity, number 1116355. and is conslilul8d under a Memorandum of Association. The Charity is an amalgam of many charilies, the first being endowed by Sir George Monoux upon the purchase of land from the Convent of the Holy Trinity Priory in Aldgale, London. in 1527, for building Ihirteen almshouses, a school and a feast room. In 1895 the numerous charities were regulated by a Scheme of th6 Charity Commission and were collectively called the Wallhamslow Parochial Charities. There followed four varying Schemes of the Charity Commission and in 1957 a Charity Commission Scheme governed the Ihirty-three charities under the lille of The Wallhamslow Almshouse and General Charities. In June 2006 a Scheme was ordered lo govern all the charities and amalgamate the Chingford Almshouse Charities with the Wallhamslow Charities under the presenl-day tille of the Wallhamslow and Chingford Almshouse Charity. A limited company, the Wallhamslow and Chlngford Almshouse Trustee Company was incorporated on 18th S6plember 2007 and appointed by a Charity Commission Scheme of 28th September 2007 to admlnisler the Charity. The directors of the company comprSse the board which leads the charity and sets the charity s strategy. The Charily Trustee Ss sole shareholder of the W8llhamslow Almshouse Development Company Ltd. The Development Company was 8818blished to undertake the development of 20 new almshouses al the sile acquired by the Charily in 2012. 1C The Drive, E17. completed in March 2018 and known as Colby Lodge. b. Methods of appolntment or electlon of Trustees The management of the Charfly is the rasponsSbllity of the Dlr8otors who are nominated and COHOPted under the terms of the Articles of Assoclalion. The F5nance and General Purposes Committee takes the 188d on recruitment of Directors. c. Pollcles adopted for the Inductlon and tralnlng of Trustees New Directors are provided with a copy of the latest sel of audlted 2CCOUtils, the Schemes dated 14th June 2006 and 28th September 2007, the Memorandurn and Articles of Association of the Trustee Company, the latest minutes of meetings, a brief history of the Charity, the Charity's book Yhe Wallhamstow Charities and the Charity Commissions Publication "The Essential Trustee The Director will be offered a subscription lo relevant publications and Trustee training and seminars. The Clerk lo the Directors w¢ll meet with the new Director regardlng fInanS including investments, almshouse management and grant making. The Director will be given a lour of the almshouses and a number of the investment properties. The new Director may attend one or two Cornmillee meetings as a guest before deciding which committeelsl lo serve on. Dlrectors, meetings are held quarterly, the board is supported by five active Commillees, which meet regularly. The Committees are.. Finance and General Purposes, committee, whose responsibilities include preparing and monitoring annual budgets, recommending pay awards and weekly maintenance charges. Grants and Accommodation, which deals wilh grant and housing applications. Personnel, which deals with staffing mallers including policy and procedure, remuneration and disciplinary and grievance mallers. Development, which prOgSseS Almshouse development and refurbishment projects. Allolmenl, which deals with matters pert8ining to the Charity's four allotment siles. Page 8
Walthamstow and Chingford Almshouse Charlty Trustees. report l¢ontlnued} for the year ended 31 March 2022 Structure, governance and management Icontinuedl d. Pay policy for key management personnel In 2008, Directors appointed a Human Resources consultant to undertake salary benchmarking research for all staff employed by the Charity and lo set up a job evaluation scheme. The research included salary data from other London almshouse Charities and data on smaller houslng associations from two indeper)denl salary data providers. The job evaluation scheme was used by the consultant lo recommend the salary ranges of senior and all other staff. and which were approved by the Board. Plans for futuro periods Almshous9S Directors will seek out opportunities 10 acquire or develop addllional almshouses, as previously noted, it is in the charily's best interests for il lo be able to provide affordable housing on its own investment land as this eliminates the very expensive land costs in this part of London. However other opportunities will be explored, such 8S acquiring 8 development site or linking up with a third party on a reciprocal basis. The charity is currently in discussions with a local thurch and directors are optimistic that a small development of 9 almshouse apartments will be built. The communal healing system al the Ridgers Almshouse has been assessed for replacement with a number of sile visits already having taken place. 11 is hoped that communal gas boilers combined with the solar collectors in Pla with the current system will be installed before the winter. Costs have recently been established for the project, which will be in the region of £100.000 lo decommission the old system, and instal new communal plant and pipework. Life is gradually returning lo normal at the almshouses, and a garden party al the Monoux Almshouse is planned for August 2022, to thank three Iruslees who retired prior lo, or during the pandemic, all three gave many years, service lo the charity's board and commillees. The event will also be used lo celebrate the retirement of a long seNing scheme manager who rellred thls year after 22 years, setvice with the charity. Trustees also mark the very sad loss of another long serving member of staff, Birgil Hubs¢her joined the oharily in 2006 as the Allolmenl Manager, later also taking on the role of Grants and Administrative Officer. Birgit passed 2way on 18th June 2022 and will be missed by everyone associated with the Charity. Grantmaking It is likely that many endowed funders have experienced a significant drop in income with which to provide funding lo a Charity sector that was already struggling after years of austerity. The future is going to be very Unrtain for ¢harilies that rely on fundraising for a large proportion of their income streams. Most at risk are the smaller, local, often 'specialised' charities, which work for the most vulnerable and marginalised in society- many of their beneficiaries fall between the cracks of national programmes and funding regimes. Directors have commilled to a budget for grants lo individualslfamilies and organisalions of £80,000 for 2022.2023. and will review grant-making in the round wlh other charity objectives, that is almshous6 development, as the country slowly emerges from the effects of the pandemic, and grapples with high rates of intlalion and the coslknof-living crisis. Page g
Walthamstow and Chingford Almshouse Charlty Trustees. report Icontinued) for the year ended 31 March 2022 Statement of Trustees. responslbilltiès The Trustees are responsible for prepaNng the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi1. The law applicable to charities in England & Wales requires the Trustees lo prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the Charity and of ils incoming resources and application of resources, induding ils income and expenditure, for that period. In preparing these financial slalemenls. the Trustees are required lo.. select 8uit8ble accounting policies and then apply them consislenlly, observe the methods and principles of the Charities SORP IFRS 1021,. make judgements and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the finanaal statements- prepare Ihe financial slalemenls on the going ooncern basis unless il is inappropriale to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charilvs transactions and disclose with reasonable accuracy al ariy lime the financial position of the Charity and enable them to ensure that the financial slalements comply wlth the Charities Act 2011, the Charlly (Accounts and Reports) Regulations 2008 and the provisions of the Memorandum of Association. They are also responsible for safeguarding the assets of the Charity and hen for taking reasonable steps for the prevention and detection of fraud and othèr irregularities. Disclosure of informatlon to auditor Each of the persons who are Trustees al the time when this Trustees. report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charills auditor is unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and to establish that the charitls auditor is aware of that information. Auditor The auditor, Kreslon Reeves LLP, has indicated his willingness to continue in office. The designated Trustees wl1 propose a motion reappointing Ihe auditor al a meeting of the Trustees. Approved by order of ers of the board of Trustees and signed on their behalf by.. JJCMO Chair of Dale.. J¥/f Page 10
Wallhamstow and Chlngford Almshouse Charity Independent audltor's reportto the Members of Walthamstow and Chlngford Almshouse Charlty OpSnion We have audited the linancial slalemenls of Wallhamslow and Chingford Almshouse Charity Ilhe 'ch8ritVI for the year ended 31 March 2022 which comprise the stalerllenl of financial activities, the balance sheel. the statement of cash flows and the related notes, including a summary of signlficant accounting policies. The rinancial reporting framework that has been applied in their preparallon 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). Th8 financial slalements have been prepared in g¢Gordance wth Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 1021 in preference lo the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice issued on 1 April 20U5 which is referred lo in the exlanl regulations bul has been withdrawn. This has been done in order for the accounts lo provide 2 true and fair view in accordance wilh the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. In our oplnion the financial statements.. give a true and fair view of the slate of the charity's affairs as al 31 March 2022 and of ils incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. 2nd have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conduct8d our audit in accordance with International Stsndards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further doscribed in the Auditor's responsibilities for the aud51 of the financial slalerllenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of Ihe financial slalemenls in the Unitèd Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other elhlcal responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem b8818 of accounting in the preparation of the financial statements is appropriate. Based on the wort( we have performed, we have not idenlifi8d any mal8rial uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubl on the charills ability to continue as a going concern for a period of al least twelve months from when the financial slalemenls are authorised for issue. Our responsibilities and the responsibililles of the Trustees with respect to going concern are described in the relevant sections of this report. Page11
Walthamstow and Chlngford Almshouse Charlty Independent auditorfs report to the Members ofwalthamstow and Chlngford Almshouse Charlty (continued) other information The other infomiation comprises the information included In the annual report other than the financial slalements and our auditor's report Ihereon. The Trustees are responsible for the other Information contained within the annual report. Our opinion on the financial slalemenls does not cover the other informallon and. except lo the exlenl olheNise explially slated in our report, we do not express any form of assurance concluslon thereon. Our responsibility is lo read the other infomialion and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knoedge obtained in the course of the audit, or otherwise appears lo be materially misslaled. If we identify such material inconsislencles or apparent material misslatemenls, we are required lo 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 8 material misslatemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on whlch we are required to report by exception We have nothing to report in respecl of the following matters where the Charities {Auounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the Informatlon glven In the Trustees, report is inconsistent in any material respect with the financlal slatemenls., or sufficient accounting records have not been kept,. or the financial slalemenls 8re not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibllitles of trustees As explained more fully in the Iruslegs. responsibili118s statement, the Trustees are responsible for the preparation of the financial slal8menls which give a true and fair view, and for such internal Control as the Trustees delemiine is necessary lo enable the preparation of financial statements that are free from material misstalem6nl, whether due lo fraud or error. In preparing the financial slalements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, mallers related lo going Concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to Cease operations, or have no realistic allernalive but to do so. Page 12
Walthamstow and Chlngford Almshouse Charlty Independent auditor's raport to the Members of Walthamstow and Chingford Almshouse Charity {continuadl Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Iherounéer. Our objectives are to obtain reasonable assurance about whether IhÈ financlal slalemenls as a whole are free from material misslatemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assLJrance. but is not a guarantee that an audit conducted in accordance wilh ISAS IUKI will always detect a material misslalemenl when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic deGisions of users taken on the basis of these financial statements. Irregularities, including fraud, are inslances of non-compliance with laws and regulations. We design procedure$ in line with our responsibilities, outlined above. lo delect m81eri81 misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of detecting irregularities, induding fraud is d61ailed below.. Capabilily of the audit in detecting irregularities, inoluding fraud The objectives of our audit are lo identify and assess the risks of material misslalemenl of the financ181 statements due lo fraud or error- to obtain sufficient approprfale audit eviden regarding the assessed rlsks of material misstatement due lo fraud or error., and lo respond appropriately to those risks. Based on our understanding of the charity and industry, and through discussion with the directors and other management las required by auditing slandardsl, we identified that the prinupal risks of non-compliance vAth laws and regulations relal8d to health and safety. data protection and employment law. We Considered the exlenl lo which non-compliance Might have 8 material effect on the financial slalements. We also considerod those laws 8nd regulations that have a direct impact on the preparation of the finan¢ial slalemenls such as the Charity Statement of Recommended Practice and other charity regulation. We Communicated idenlified18ws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audrt. We evaluated Trustees, and management's incenlives and opportunities for fraudulenl manipulation of the financial statements (including the risk of override of conlrolsl and determined the principal risks relale(i lo posting inappropriate journal entries and management bias in accounting eslimales and ludgemental areas of the financial statements. Audit procedures performed by the engagement team inoluded.. Discussions with management and assessment of known or suspected instances of non<omplianoe with laws and regulations (including health and safely) and fraud., and Assessment of identified fraud risk factors., and Conducting inleNiews with appropriate personnel to galn further Insight Into the control systems implemented, and the risk of irregularily,. and Challenging assumptions and judgements made by management in ils significant accounting estimates., and Performing analytical procedures lo identify any unusual or unexpected relationships, including related party Iransa¢lions, that may indicate risks of material misstatement due to fraud,. and Confimialion of related parties with management, and review of transactions throughout the period lo identify any previously undisclosed transactions with related parties outside the normal course of business., and Reading rllinutes of meetings of those charged with governan,. and Physical inspection of tangible assets susceptible to fraud or irregularily,. and Review of Significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions- and Id8ntifwng and testing journal entries, irb particular any manual entries made al the year end for financial statement preparation. Because of the inherent limitations of an audit, there is a risk that we wll not detect all irregularities, including those leading lo a material misstalemenl in the financial slalemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the finanaal slalemenls, as we will be less likely to become aware of instances of non-complian. Page 13
Walthamstow and Chingford Almshouse Charity Independent audltor's report to the Members ofwalthamstow and Chlngford Almshouse Charlty (continued) The risk is also greater regarding irregularities occuriing due to fraud rather than error, 88 fraud involves intentional GOnalment, forgery, Gollusion, omission or misrepresentation. As part of an audit in accordance with ISAS IUKI, we exercise professional judgement and maintaln professional sceplicism throughout the audit. We also.. Identify and assess the risks of material misslalemenl of the financial slalemenls, whether due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not delecling a material misslalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order lo design audit procedures that are appropriate in the circumstances, but not for the purpose of expresslng an opinion of the effectiveness of the chari15ls internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. Conclude on thè appropriateness of th& Trustees, use of the going concern basis of accounting and, based on the audit eviden obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charills ability lo continue as a going concern. If we conclude th81 a material uncertainly exists, we are required lo draw attention in rny auditorfs report lo the related disclosures in the financial statements or. If such disclosures are Snadequale. lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of my auditor's report. However, future events or conditions may cause the charity to cease lo continue as a going concern. Evaluate the overall presentation, structure and content of the financial slalemenls. including the disclosures, and whether the financial slalements r8pr8senl Ihe und8rls4ng transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance reg8rding. among other mallers, the planned scope and ming of the audit and signiflcanl audit findings. including any significant d8ficiencies in inlemal control that we Identify during our audit. Use of our report This report is made solely lo the charills Iruslees, as a body, In accordance with Part 4 of the Charities (Accounts and Reports) Re9ulalions 2008. Our audit work has been undert8ken 80 that W8 might slate lo the charills IrLtstees those mallers we are required to slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbllily lo anyone other than the charity and ils Iruslees, as a body, for our audit work, for this report, or for the opinions we have formed. eLUES LLQ Kreston Reeves LLP Chartered Accountants Chatham Maritime Dale.. 29 J uly 2022 Kreslon Reeves LLP are eliglble to act as auditors in terms of section 1212 of the Companies Act 2006. Page 14
Walthamstow and Chingford Almshouse Charlty Statement of financial activities for the year ended 31 March 2022 Unrestricted funds 2022 Restricted Endowment funds funds 2022 2022 Total funds 2022 Total funds 2021 Note Income and endowments from: Charitable activities Investments Total income and endowments 575,184 408,828 4,913 281 580,097 409,109 562.478 401,458 984,012 5.194 989,206 963,936 Expenditure on.. Raising funds Charitable activities 36,821 504.753 3,152 558 20,389 141.991 60,362 647.302 52,796 652,356 Total expenditure 541,574 3,710 162,380 707,664 705,152 Net incomellexpenditur el before net gains on investments Nel gains on investments 442,438 1,484 1162,380) 281,542 258,784 291.946 907,340 1,199,286 1.822,477 Net movement in funds 734,384 1,484 744,960 1,480,828 2.081,261 Reconclllatlon of funds- Total funds brought forward 12.712,059 734,384 16.883 1.484 11,011.316 744.960 23,740.258 1,480.828 21,658,997 2,081,261 Net movement in funds Total funds carriad fonNard 13,446,443 18.367 11,756.276 25,221,086 23,740,258 The Statement of financial actimlies includes all gains and losses recognised in Ihe year. The notes on pages 18 to 36 form part of these financial slalements. Page 15
Walthamstow and Chingford Almshouse Charity Balance sheet as at 31 March 2022 2022 2021 Note FSxed assets Tangible assets Investments 8.825,453 13.345,507 2,499,500 8,968.578 11,489,701 2,069,000 13 Investment property 12 24,670,460 22,527,279 Current assets Debtors Investments Cash al bank and In hand 14 15 63.133 418,779 152,622 78,472 1,052,980 181,428 634.534 1,312,880 Creditors- amounts falling due wilhin one year 16 183,9081 (99,9011 Nat current assets 550,626 1,212.979 Total nat assats 25,221,086 23,740,258 Charity funds Endowment funds Restricted funds 17 17 11,756.276 18.367 13,446.443 11.011.316 16,883 12,712,059 Unreslricled funds 17 Total funds 25,221.086 23,740,258 The financial sla re approved and aulhorised for issue by the Trustees and signed on their behalf by.. Ch ruslees Dale.. The notes on p 10 36 form part of these linancial slalemenls. Page 16
Walthamstow and Chingford Almshouse Charity Statement of Cash flows for the year ended 31 March 2022 2022 2021 Note Cash flows from operating activities Nel cash used in operating activities 20 762.787 69.175 Cash flows from investing activitie5 Divldends. interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investmen15 409,109 401,458 16531 15.8451 792,539 497.360 (1.992,5881 (868,3991 Net cash lused in)Iprovided by Investlng actlvitles 1791,5931 24,574 Change In cash and cash equlvalents In the year Cash and cash equivalents al the beginning of the year 128,806) 181,428 93,749 87.679 Cash and cash equlvalents at the end of the year 21 152,622 181.428 The notes on pages 18 10 36 form part of these financial statements Page 17
Walthamstow and Chlngford Almshouse Charlty Notes to tha financlal statemants for the year onded 31 March 2022 Genaral information Wallhamslow and Chingford Almshouse Charity is a charity iegislered in England. The charity's registered address is Monoux Hall, Church End. Wallhamslow, London, E17 9RL. Accountlng policies 2.1 Basls of preparation of financial statements The charity conslilules a public benefil enlily as defined by FRS 102. The financial slal8ments have been prepared in accordance wilh Accounting and Reporting by Ch8Tlties.' Slalement of Recommended Practice applicable to charities preparing Ihelr accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Klngdom and Republic of Ireland {FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting PraGli¢e. The financial slalemenls have been prepared to give a 'lrue and fair, Mew and have departed from Ihe Charities {Accounls 8nd Reports) Regulations 2008 only to the exlenl required to provide a 'true and fair view,. This departure has involved following the Accounting and Reporting by Charities- Slalemenl of Recommended Practice applicable lo charities pparIng their accounts in a¢wrdance with the Financial Reporting S18ndard applicable in the UK and Republic of Ireland issued in October 2019. Walthamslow and Chinglord Almshouse Charity meets the definition of a public benefit enltty under FRS 102. Assets and li2bililies are initially recognised at historical cost or Iransaolion value unless otherwise slated In the relevant accounting policy. 2.2 Income All income is recognlsed once the Ch8rily has entitlement lo the income, il is probable thal the income wll be received and Ihe amount of income recelvable can be measured reliably. Grants are included In the slalemenl of financial actlvitles on a receivable basis. The balance of income received for specific purposes bul not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of enlillemenl of reipl, its recognition is deferred and included in creditors as deferred inoome. Where enliilemenl occurs before income is received, the income is accrued. Income tax recoverable in relation lo investment income is recognised al the lime the investment Income is receivable. Olher income is recognised in the period in which it is re1vable and to the exlenl the goods have been provided or on completion of the service. Page 18
Walthamstow and Chingford Almshouse Charity Notes to the financial statements for the year ended 31 March 2022 Accounting pollcles Icontlnuedl 2.3 Expendlture Expenditure is recognised once Ihero is a legal or Conslruclive obligation lo transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligalion can be measured reliably. Expenditure on raising funds includes all expenditure incurred by the Charity lo raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on direclw undertaking the activities which further the Charills objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expendilure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been met 21 the year end are noted as a commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2,4 Interest re¢givablg Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tangible flxed assets and depreciation Tangible fixed assets costing £2,500 or more are capilalised and recognisod when future economic benefits are probable and the cost or value of the assol can bo measured reliably. Tangible fixed assets are initially recognised al cost. After recognition. under the cost model. tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils Intended working condition should be included in the measurement of co81. Depreciallon is charged so as to allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, using the slraighl-line method. Depreciation is provided on the following bases-. Freehold property 50 or 80 years slraighl line Freehold land Not depreciated Almshouse equipment 20 years slraighl line Computer and office equipment 5 years slraighl line 2.6 Investments Listed Investments are a form of financ1al instrument and are initially recognised at their transaction cost and subseqLJenlly measured al fair value at the Balan sheet date, unless fair value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gainsl{lossesl on inveslmenls, in the Statement of financial activities. Investment properties are measured al fair value al each reporting d818. Changes in fair value are recognised in 'Gainsllloss8sI on investments, in the Stalem&nl of financial activities. Page 19
Walthamstow and Chlngford Almshouse Charlty Notes to the flnanclal statements for the year ended 31 March 2022 Accounting policies {continued) 2.7 Debtors Trada and other debtors are recognised al the selllemenl amount after any trade discount offerod. Prapaymenls are valued at the amount prepaid nel of any trade discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-18rm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Llabllltles and provlslons Liab51ities are recognised when there Is an obllgation al the balance sheet date as a result of a past evenl, il is probable that a transfer of economlc benefit will be required in settlement, and the amount of the selllemenl can be estimated rellably. Liabilities are recognised at Ihe amount that the Charity anticipates il will pay lo settle the debt or the amount it has received as advanced payments for the goods or services il must provide. Provisions are rneasured al the best estimate of the amounts required lo sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discournl is recognised in the statement of financial 2clivilies as a finance cost. 2.10 Financial instruments The Charity only has financial assets and financial liabiliti65 of 8 kind that qualify as basic financia5 instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their setllement value with the exception of bank loans which are subsequenuy measured at amortised cost using the effective interest method. 2.11 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 2.12 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charily and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial slalements. Reslr¢cled funds are funds which are lo be used in accordance with specifio restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial stslemenls. Investment income, gains and losses are allocated lo the appropriate fund. Page 20
Walthamstow and Chingford Almshouse Charity Notes to the flnanclal statements forthe year ended 31 March 2022 Income from charitable actlvities Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Totsl funds 2021 Almshouses - weekly mainlenance contributions Sundry income Spade Husbandry 573,044 2,140 573,044 2,140 4,913 557,254 4,913 5,224 575,184 4.913 580.097 562,478 Total 2021 557.254 5,224 562,478 Investment income Unrestrlcted Restrl¢ted funds funds 2022 2022 Total funds 2022 Total funds 2021 Income from investment properties Dividends receivable Deposit interest 46,210 361.820 798 46,210 362,100 799 45,051 354.485 1,922 280 408,828 281 409,109 401,458 Total 2021 401,142 316 401,458 Pag& 21
Walthamstow and Chlngford Almshouse Charlty Notes to the flnanclal statements for the year ended 31 March 2022 Expenditure on raising funds Unrestricted Restricted Endowm8nt funds funds funds 2022 2022 2022 Total funds 2022 Total funds 2021 Allotment expenses Telephone Staff training and travel pnting. postage and slalionery Computer costs Subscriptions Sundry costs Investment managers, fees Staff costs - gross salaries Staff costs - Nl 4,861 758 227 208 4,861 758 227 208 545 215 700 41 391 414 174 545 215 148 10,195 19,045 619 148 30,584 21,945 871 72 27,650 21,290 2,064 20,389 2,900 252 36.821 3,152 20,389 60,362 52,796 Total 2021 32.083 2,280 18,433 52.796 Analysis of grants Granls to Grants to Instllutlons Indlvlduals 2022 2022 Total funds 2022 Total funds 2021 Grants payable 407 45,026 45,433 57.816 Total 2021 25,930 31,886 57,816 In both the current and prevlous flnancial year the total grants payable were all from unrestricted funds. The charity made 51 grants lo Individuals this year12021.. 441. Details of grants made lo Institutions can be found below. Page 22
Walthamstow and Chingford Almshouse Charlty Notes to the flnanclal statements for the year ended 31 March 2022 Analysls of grants {continued) The Charlly has made the following material grants to inslilulions during the year: 2022 2021 Name of institution CAP Organisation Christian Kitchen 7,000 10.000 17.000 Other grants less than £5,000 lo instilulions 407 8.930 407 25,930 Recipients of grants must reside or operate within Wallhamslow or Chingford. Applications are submilled on a standard form and checked for eligibility before usually passing lo two Directors of the Trustee Company who will visit the applicant. The visiting Directors report back lo the Grants and Accommodation Commillee and make a recommendation as lo whether the grant should be approved and then agree upon the amount lo be awarded. More details of grant giving are provided wlhin Ihe Trustee's Report. Analysis of expenditura on charitable actlvitles Summary by fund type Unrestricted Restricted Endowment funds funds funds 2022 2022 2022 Total funds 2022 Total funds 2021 Charitable activities 504.753 558 141,991 647.302 652,356 Total 2021 509,914 450 141,992 652,356 Analysis of expenditure by activities A¢tSvltles undertaken directly 2022 Grant funding of activities 2022 Support costs 2022 Total funds 2022 Total fijnds 2021 Charilable activities 528,967 45,433 72,902 647.302 652,356 Total 2021 530,684 57,816 63.856 652,356 Page 23
Walthamstow and Chingford Almshouse Charity Notes to the flnanclal statements for the year ended 31 March 2022 Analysis of expet)dlture by actlvltles {contlnuedl Analysis of direct costs Total funds 2022 Total funds 2021 Staff costs Depreciation Legal and professional faes Routine repairs Computer costs Light and heal Water rates Council tax for empty flats Security Residents outings and parties Residents TV licences Insurance Cleaning Garden maintenance 151,849 143,778 6,114 94,560 143,161 143,779 10.799 104,543 650 53,545 17.666 210 11,916 2.704 905 54,001 20,871 218 14,880 2,594 815 17,359 10,685 11,243 17,403 10.537 12.866 528.967 530,684 Analysls of support costs Total funds 2022 Total funds 2021 Staff costs 30,403 7,652 2,282 1,862 5,517 2,185 1,418 85 28,984 7,066 411 3,496 4,188 1,770 727 Telephone Staff Iralnlng and travel Printing. postage and stationery Computer Costs SubsGription5 Sundry costs Trustee meetings and expenses Audil fee and slalulory accounts productlon Legal and professional fe&s Bad debt expense 13,080 8,418 11.815 4,815 584 72,902 63,856 Page 24
Walthamstow and Chingford Aimshouse Charlty Notes to the financial statements for the year ended 31 March 2022 Staff costs 2022 2021 Wages and salaries Soci21 security costs Other pension costs 182,635 12,308 10,125 174.142 11,563 9,794 205,068 195,499 The average number of persons employed by the Charity during the year was as follows.. 2022 No. 2021 Office staff Operational staff The average headcount expressed as full-lime equivalents was.. 2022 2021 Office staff Operational staff No employee received remuneration amounting to more than £60,000 in either year. The lotsl remuneration and benefits received by the charity's key management personn81 during the financial year was £88,771 12021.. £82,471). 10. Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits {2021 £NILI. During the year ended 31 MarGh 2022. no Trustee expenses have been incurred {2021- £NIL). Page 25
Walthamstow and Chingford Almshouse Charity Notes to the flnanelal statements for the year ended 31 March 2022 11. Tanglble flxed assets Freehold Fixtures and property fittings Office equlpment Total Cost or valuation Al 1 April 2021 Additions 10,414.170 653 35,743 7.805 10,457,718 653 Al 31 March 2022 10,414,823 35,743 7,805 10,458,371 Depreciation At 1 April 2021 Charge for the year 1,464,387 141,991 16,949 1,787 7,804 1,489,140 143,778 At 31 March 2022 1,606.378 18,736 7.804 1,632,918 Net book value At 31 March 2022 8.808,445 17,007 8,825,453 At 31 March 2021 8,949,783 18,794 8,g68.578 The Charity's freehold land, with the exception of the freehold almshouse al 1C The Drive, was all donated and was nol capitalised; given that the gifts were made many years ago the Dir6ctors of the Trustee Company believe the value when given was not material. H8nce no land valuo is included above for the original properties and the full cost of the buildings is being dgprociated. Original Cost of freehold property 2022 The Ridgers Almshouses Thlonoux Almshouses 955,748 647,819 133,830 1,506,825 7.164.103 Squires Almshouses Collard Almshousos 1 C The Drive {see b8low) 10,408,325 Most of the above cost represents rehabilitation and renovation work carrted out over the last 23 years. 1C The Drive, Wallhamslow was purchased as a freehol(S property by the charity for £900,000. The demolition of the existing property has been treated as part of the land cost. This and all related costs have been capitalised above under'Freehold properti. The Direclors of the Trustee Company do not consider il practical or helpful {given that the properties are all held for the long-lerml to quantify the difference belween the net book value of freehold buildings and their market values al the year end. Page 26
Walthamstow and Chingford A]mshou5e Charity Notes to the flnanclal statements for the year ended 31 March 2022 12. Investment property Freèhold investment property Valuation Al 1 April 2021 Surplus on revaluation 2,069,000 430,500 Al 31 March 2022 2,499,500 The 2022 valuations were made by Savills {Chartered Surveyors) of London as of 1 July 2022, on an open market value for exisilng use basis. Investment properties consist of.. Land used as allolmenls.. Hale End Road18.0 Acres) Honeybone Lane13.2 Acres) Trencherfield13.8 Acres) Other Land.. South Side of Shemhall Street. London E17 {0.2 Acres). Properties.. 880 Forest Road, London. E17 882 - 884 Forest Road, London. E17 886- 888 Forest Road, London, E17 William E. Whillingham S¢hoo1 Flats al Dennis Court, London, E17 85 Albert Road, London, E17 26 Brierley Road. London, E11 Page 27
Walthamstow and Chingford Almshouse Charity Notes to the fln8n¢lal statements for the year ended 31 March 2022 13. Fixed asset Investments Unllsted securltles Llsted securltles Total Cost or valuation At 1 April 2021 Additions Dlsposals Revaluations 11,489,700 1.992,588 1792,5391 655,757 11,489,701 1,992,588 {792.539) 655.757 At 31 March 2022 13,345,506 13,345,507 Net book value Al 31 March 2022 13,345,506 13,345,507 Al 31 March 2021 11.489.700 11.489.701 Page 28
Walthamstow and Chingford Almshouse Charity Notes to the financial statements for the yearended 31 March 2022 13. Fixed assat investments Icontlnued) Principal subsidiaries The following was a subsidiary undertaking of the Charity.. Name Company number Registered office or principal Prin¢lpal activlty place of business Wallhamslow Almshouse Development Company Limited 08393301 Clo Wallhamstow & Chingford For the development Almshouse Charity. Monoux of8 new almshouse Hall, Church End. London. E17 at 1 C. The Drive, 9RL Walthamstow. Class of Holding sharos Ordinary The financial results of the subsidiary for the year were.. Namo Income Expendlture Wallhamslow Almshouse Development Company Limited The lumover has historically been incorporated in the financial statements of the chailty as the largest part of the capital expenditure on 1 C The Drive and is very close lo the historic trading expenditure. Other income and expenditure is not oonsidered to be material to the charity. Similarly balarice sheet amounts are not considered lo be material to the charily. Accordingly consolidated financial statements would not vary materially from the Charity financial slalements and hence have not been prepared. 14, Debtors 2022 2021 Due within one year Trade debtors Other debtors Prepayments and accrued income 3,576 4,724 54,833 9,292 5,254 63,926 63,133 78,472 Page 29
Walthamstow and Chingford Almshouse Charity Notes to the flnanclal statements for the year ended 31 March 2022 15. Current asset Investments 2022 2021 Investment deposit funds 418,779 1,052,980 16. Creditors: Amounts falling due wlthln one year 2022 2021 Trade credllors Amounts owed lo group undertakings Other creditors Accru81s and deferred Income 22,729 16.401 363 44,415 23.081 17,581 273 58,966 83,908 99.901 2022 2021 Deferred income at 1 April 2021 Resources deferred during the year Amounts released from previous periods 12,374 11,903 {12.3741 10.625 12.374 {10.6251 Deferred income at 31 March 2022 11.903 12,374 Page 30
Walthamstow and Chingford Almshouse Charlty Notes to the financial statements for the year ended 31 March 2022 17. Statement of funds Statement of funds - currant year Balance at 31 March 2022 Balance at April 2021 Transfers Inlout Galnsl {Lossès) Income Expendlture Unrestrlcted funds Designated funds Almshouse building Extraordinary repairs Cyclical maintenance 9.879,507 398.489 155,758 10,433,754 1,449,118 (5,7551 42,633 88,740 1,574,736 483.434 {15,6641 70,183 537.953 11,812,059 (21,4191 511,305 244,498 12,546,443 General funds General funds 900,000 984.012 {520.1551 1511,3051 47,448 900,000 Total Unrestrlcted funds 12,712,059 984,012 1541.5741 291,946 13.446,443 A designated fund is held for the newly completed construction of a new almshouse project and future almshouse development. Directors of th8 Trustee Company have decided to move funds in the general fun(J in excess of around one year's income12021.. £900.0001 to designated funds. The fund al the end of th8 year is principally represented by investment deposit funds, with the balance represented by fixed asset investments and the capitali5ed costs of the new almshouse. The Charity also holds designated funds for extraordinary repairs lo its almshouses {represenled by inveslmenlsl and cyclical maintenance carried out every 5 years on the almshouses (represented by investment deposits}. Endowment funds Capital fund Spade Husbandry 11,004,038 1162.3801 906,833 11,748,491 7,278 507 7,785 11,011,316 1162.3801 907,340 11,756,276 Page 31
Walthamstow and Chingford Almshouse Charity Notes to the Ilnanclal statements forthe year ended 31 March 2022 17. Statement of funds {continuedl The Capital fund represents the Charitys endowments from the various different charities that have been amalgam8led lo create il. 11 comprises all freehold properties {excepl 1 C The Drivel and all investment properties, together wlh a balance of non-property inveslmenls. The percenlagg of non-property investments held within the fund 81 the year end was 62.00/0 which is applied lo investment gains and losses and investment managemènt costs in order lo apportion these lo the fund. Please see the note below on the Sp8de income fund for details of the Spade Husbandry Allolmenls endowment fund, which is mainly represented by investments with the balance in the bank {Ihe associated land is owned by the Corpor81ion of London who allow its use as allolmenls in accordance with Act of Parliament). Restricted funds Spade income 16,883 5,194 (3,710) 18,367 The Spade income fund represents money held for the Spade Husbandry Allolmenls Charity. The Charity aGls as Trustee of Spade Husbandry Allolmenls and in particular holds ils endowment fund Isee above). Income from the endowment fund, along with rent fmm the charills allolmenls (which are included in land owned by the Corporallon of London. with the charity having slalutory rights lo the land), is used lo manage the allolmenls. The income and expendilure for the year is as shown for the reslricled fund above. Total of funds 23,740,258 989,206 (707,664) 1,199,286 25.221,086 Page 32
Walthamstow and Chingford Almshouse Charlty Notes to the financial statements for the yearended 31 March 2022 17. Statement of funds {¢ontinuedl Statement of funds - prior year Balance al 31 March 2021 Balance at 1 April 2020 Transfers inloul Gainsl (Losses) Income Expenditure Unrestrlcted funds Oesignated funds Almshouse building Extraordinary repairs Cyclical maintenance 9,067,252 443,045 369,210 9,879,507 1,203,215 (11,8461 47,399 210,350 1,449.118 433,164 127,7601 78.030 483,434 10,703,631 139,6061 568,474 579,560 11,812,059 General funds General funds 900,000 958.396 1502,391) 1568,474) 112,469 900.000 Total Unrestrlcted funds 11,603,631 958,396 {541,9971 692,029 12,712,059 Endowmont funds Capi181 fund Spade Husbandry 10.035,363 1160,4251 1,129,100 11,004.038 5,930 1,348 7,278 10,041,293 1160,4251 1.130.448 11,011.316 Restricted funds Spade income 14,073 5,540 {2,7301 16,883 Total of funds 21.658.997 963,936 1705,152) 1,822,477 23.740,258 Page 33
Walthamstow and Chingford Almshouse Charity Notes to the Ilnanc181 statements for the year ended 31 March 2022 18. Summary of funds Summary of funds - current year Balance at 31 March 2022 Balance at 1 April 2021 Transfers inlout Galnsl (Lossès) Income Expendlture Designated funds General funds Endowment funds 11,812,059 900,000 {21,4191 511,305 1520,1551 1511,3051 244.498 12,546.443 47.448 900.000 984.012 11,011,316 16,883 (162,3801 {3,7101 907,340 11,756,276 18,367 Restricted funds 5,194 23,740,258 989,200 (707,6641 1,199,286 25,221,086 Summary offund5 - prior year Balance at 31 March 2021 Balance at 1 April 2020 Transfers inlout Gainsl {Lossesl Income Expenditure Deslgnated funds General funds 10,703,631 900.000 (39,6061 {502,3911 568.474 1568.4741 579,560 11,812,059 112.469 900.000 958,396 Endowment funds Reslricled funds 10,041,293 14,073 (160,4251 12,7301 1,130,448 11.011,316 16,883 5,540 21,658.997 963,936 1705,1521 1,822,477 23.74Q,258 19. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestticted Restricted Endowmant funds funds funds 2022 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments 6.878.509 6,035,675 1,946,944 8,825,453 7,309,832 13,345,507 2,499,500 2,499,500 647,135 (96,5091 Investment property Current assets Creditors due within one year 628,768 {96.5091 18,367 Total 13,446,443 18,367 11.756,276 25,221,086 Page 34
Walthamstow and Chingford Almshouse Charlty Notes to the flnanclal statements for the year ended 31 March 2022 19. Analysis of net assets between funds lcontlnuedl Analysis of net assets between funds - prlor year Unreslricled funds 2021 Restricted Endowment funds funds 2021 2021 Total funds 2021 Tangible fixed assets Fixed asset investments Investment propety Current assets Creditors due within one year 7.052.625 4,463,338 1,915,953 8.968.578 7,026,363 11.489,701 2,069,000 2,069.000 1,312.880 {99,9011 1,295,997 {99,9011 16,883 Total 12,712,059 Y6,883 11,011,316 23,740,258 20. Reconciliation of net movement in funds to net cash flow from operating a¢tivities 2022 2021 Net income for the year las per Statement of Financial Activities) 1,480.828 2.081.261 Adjustments for: Depreciation charyes IGainsl on investments Dividends, interests and rents from inveslmer)Is Decrease in debtors Decrease in ¢redilors 143,778 143,779 11.086,2571 (1.779.382) 1409,1091 (401,4581 2,738 34.470 13,3921 137,574) 634,201 28.079 Decreasel{increasel in current asset investments Net cash provided by operatlng actlvities 762.787 69,175 21. Analysis of cash and cash equivalents 2022 2021 Cash in hand 152,fj22 181,428 Page 35
Walthamstow and Chingford Almshouse Charity Notes to the financial statements for the year ended 31 March 2022 22. Analysis of changes In net debt At 1 Aprll 2021 Cash flows At 31 March 2022 Cash at bank and in hand Liquid investments 181.428 1,052,980 128,8061 1634,2011 152,622 418,779 1.234,408 1663,0071 571,401 23. PensSon commitments The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted lo £10,125 12021: £9,794). No contributions were payable lo the fund al the balance sheet date in either year. 24. Related party transactions J J C Moss, a Director of the Trustee Company, is an elected official of L8 Wallham Forest. During the year the Charity received from LB Waltham Forest income amounting to £1612021.. £19.746} in respect of the constru¢lion of the now almshouses. The Charity also made purchases from LB Wallham Forest of £3,379 12021.. £3,918). In addition lo the above figures, debtors include a further £4,375 that wll be receivable when the rolenlion on Colby Lodge is paid12021.' £4,375). The charity was also owed £16 at year end {2021: £Nil). Rev V Conanl, is tho Team Rector of Sl Marls Church. Al year end £20 was owed by Sl Ma8 Church 12021: £201. S Kearns, the husband of J Kearns, is a Board Member of Christian Kitchen. In 2022 the Charity paid a grant in the year of £6.469 (2021.. £10,000). Al the balance sheet dale amounts outstanding were £1.976 12021-. £6,396). H Tredoux is the CEO of Waltham Forest Community Transport Ltd and durfng the year purchases of £306 (2021-. £Nill were made from this company. No balances remained outstanding at year end. The Directors concerned in the above transactions We not involved in the declsion making process relating lo these awards. 25. Controlling party The Walthamslow and Chingford Almshouse Trustee Company Lirniled, a company Ilmiled by guarantee, is the charity's Trustee and therefore controls the charity. The company is dormant and has never had any assets or liabllilies. The mernbers and dire¢lors of the company are as shown on page 1. Page 36