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 reqUI￿d 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 prO￿dureS 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 liCen￿S 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 regulat￿ng 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 fInan￿S 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 prOg￿SseS 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 Un￿rtain 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 Practi￿1. 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 kno￿edge 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