Charity nurnber. 111635S Walthamstow and Chingford Almshouse Charity TTUStoes' report and financlal statsments for the year endod 31 March 2023 Walthamstsw and chil￿Ord Almshouse Chai Contents Page Trustee5' report tndependent audftols report on the rma￿la1 slat8m 12-15 statement of financial actlvities 16 Balance Sheet 17 ststementof cash ftows 18 Notes to the finandal Statements 19-37 Wallhamstow and chI￿Af0rd ATmshous¢ Charlty Reference and admlnistratlve dètals of thè eharity. ils trt*tee8 and advisers frJrth8 ygar 8nded 31 March 2023 DlreGtots of the Trustse Company Uhe Wallhamstow & Chlngford Almshou¥e Trust•e Compary Umltedl A Borkowska (resigned 27 Orlober20221 V Conant J KeartX% Rev. J LevAs-AJth¢W lrè5il￿ed 27 Aprl 2 S MacNulty J J C Moss. Charrn8n I Moy85. ￿￿e Charman A J Moore A Rtch S &nith P H Tredoux P Wiliams C Mccan VWheeler{¥piftted 25 Jarw 2tr231 Charfty reglst•r8d number 11163&5 Principal office M(￿c￿X Hall Church End Watthamslow LMdL E179RL Clerk to tho Director5 Independgntauditor KTeston Reeves LLP Chartered A(xountdnts Slalutcry Auditor Montsgue Place Quayside Chatham Maritme Chatham Kent ME44QU Bankers The C¢>operati¥e Bank PO Box 250 Skelrnersdal8 P4g8 1 WaItham#tow and Chingford Ah￿s￿ Chaiity Reference and admlnlstsative detstts of th• charity, its and advlsers (conthL￿d) fortho ended 31 MarEh 2023 Sollcltors Stonè lffig 16 St John's La London EC1M4BS Sollcltors Hunt & Hunl 22- 26 Eastem Road R0rnf￿d RM13LT Inv8Stmont managots Investecwealth & trNestr 2 Gresham Streel London EC22 7QP M&G Investments PO Box 9038 Chelmsford CM99 2XF United lQngdom Walthamstowand Chln9ford Alnthouse Charlty Trustees. report lorthe yearended 31 Mar¢h 2023 Th¢ Tn￿leeS present ther annual reptyt togetswilh the aurfrted ffinanoal stat￿nIS of the Charity forthe ye ended 31 Maidl 2023. Objectives and activib85 The objects of tho WaMham¥tow and Clingfkwd A[m$￿)￿se Charity are Ihe w0visic￿ and c£obnuing M￿ntenanCe of thè almshouses for fv be￿fft (rf condthons of ffnancial need, who have been re5thnt for one year ￿￿thin Waltharnstow or C1￿￿￿[d. or for ffive cThJsecLrtrve years at any time prior to appointrnenL Reskjue ￿me must be appled fLYlhe rdièf of persons in fftwnck41 need residing within the area of benefiL Grant4Nkin9 policles The objects of the Charity ind￿ tre of p￿SOn$ in (xthn5 of ￿alK￿al need n the area of benefft in such rnanner 8S the tnBtees see fiL are fo(3Jgng on the rdief of poverty and in respecl to other gan￿atIOnS workng wilh benefw#3ries in the area of tthefft. to suppori those all6viat8 th& 8ff8cts of kN)verty or which ha¥e an unparton povety. The Charity cdL2borates knyth th8 LB Waltham Foresfs LrrA Wpjfare Assislance ILWAI stheme to assist local pec¥le ¥1 need more effecbw. The LWA undertake finand￿ & assooated checks of ap￿iCantS to the fund and will make refe￿aL$ to the Chty of laMr￿ and iThJN¥Jua15 ￿nsIdered to iewire further assistsnce beyond Ihe limited items the LWA is atrje lo wowde. In these cases. the Charity may prowdts additiDnal household items thai the LWA is unable lo suppty. and ThpwtaDty. seek to prowde support to knGal people wlv) may not be eligible foT relieffrom thg LWA whtth indudss I￿)se￿1h rec(wrse to wblicfijnds, orwho do not meet the resdency qv3rtheat￿. Referrals a￿ also made by the G48. stnglè lThie]85s Charitie5, munul temporary housw seclkjn, 5thools. women and chIkJ￿n retuges and hea￿ and s￿la1 W￿kets. Dwedors may M*l a numb8r of applirAnts to indepeThknUy assess need. Apr￿￿ may also refWthemse￿5. Overall wts to In￿MdU* and organ￿t0131ed £106.193 o)rnpared to £45.433 L3St wr. The number of grant appllcatiolls from indiyiduals and 13￿MIleS irfftased to 99. of these 81 grants tolaifng £rJ,393 wore award￿ during 2￿￿23. T]wè were Orgarvsthnaj Grants totalw￿ £31800 made overthe year, one smaIl grant of £407 was made to one organ￿tIOn in 202122. Ofthe 99 applicatlons recetve¢ tJJkvJ the Jear. 86*we #wa￿ed. Of the overal grants made to famihes and &ngle teopte tJy)se be￿filIng from new Musehokj goods aTh fumiture *C￿nt for approxm• 48% of gr8nt expen¢fjture, lkn)r Co￿n95 24% of exPe￿Jitur8 and whité goods suth as and wasFung 28% ofgrant eXpetr)drtU￿. Grants to O The charity ¢onlinues to supwt Chri5ban l(rtthen vhmch ￿ldeS a hot meal everyday ol the sEar ts Ihe homeles5, and 0th8rs stsuggling to W0￿de f(A)d f￿ themsel￿ a grantof £15.000 was a￿arded. Bags of Taste wDrk spe(4fic4l￿ ￿ improww thet of tlb)se in po¥etty. Ih058 attending the eA)urse have 8 £20 budget for focxl each week Bags ofTaste teac￿ them to cook weat f￿d on 8 budget lofless thart £1 per pjrtbjn). Whilst dc4ng Ihis they have several sÈtondary Out￿mes. signrficant fr￿al savings foT partiupants on 1heirfoodnak8away brf15: L¥)nI￿rA b￿diTrg: betternutri￿Tr lorfamilies of partiopants; ￿d￿CtiOn in social isolatin," a strDng volunt￿r￿j strdnd. devew confidencq teadllng sknlls and tèamwo￿ in our Iunteer& A grant of£SCth was awarded. Py3 Walthamstowand Chingford Alrnshouse Charity Tru5tees' report{contlnued) for the year ended 31 March 2023 Objectives and acdvllles l¢ontinued) South Grove Primary Sthol serves ￿ area Ihat has of thè hrghe51 of IeTritr￿Y wtrolled gan9 vlolence in the UK. The sthooj a￿ workng and surwhng the ￿n￿]eX needs of som8 8xlr8rndy vulnerable chIld￿n and famoies. They have ako saen a ded￿￿ the number of extema] Se[W￿ that are awailable and have experienced shrTh)king L￿￿gets 8Th1 Iht5 at a tirne when ¢*iklren have been negatively affec4￿ by the impact of the pandemio The proje¢l wrns to ensure ¢*U[dr￿ in schoc4 have access to the Acad8ThHB Re&fienc* PrDject- AFIP. This projed has I￿n in¥Ared by the Resikn FTam6work - adapted from ie5eardJ Hart. BfjrKow and Thomas 2017. The programrne wll supptyt most ￿kn￿able gr￿1p8 of thildreTr to focus on developing aLxdemic resilienee in a lime when this dearly They wai parents aNI carers and chudren in U)iS Project over ten sessions with ea(* S￿on Ioujs￿lg on an area Tth reS￿￿￿e can be devdoped. These sessk)ns are held vwtually and the grant hdp set up a What Makes 3 GOLWJ Leamer envmnment in the househokds of50 children. this e]ernent provmled desks dffidren lo use at Ik)me. The pro￿ has been operdting duting the aeadernic year ar￿ feÈdbad( from thihlren and Pa￿n￿Orets to date demonstrates project has had a very positive irnpact on chiIthen. thority Injslees be the s(*oc4 in Juty to see the impa(1 of the project f th￿SelVeS. The Drive Food Stan was in￿￿ed by Ic¢al resldents at the startofc￿￿l9. the pr(¥ecl is now fwmlyfcrAJsed on supporting PÈDrAe * the sharp eTrJ ofthe &)st oflMNJ The Fc¥yJ Stal takes weekty and has done so Apnl 2020. with Ihe am to FrfowJe asvAde a range of nutrftious food as Fossible to thc￿e usvjg the ryojecl ir￿rpc￿a1Ing fresh vegetable5 and fruit. staple foods such as pasta. and wotekn and )AtaTnin rtch items. S￿￿ last May from an average of 40 at that tyme. stsll seNes approximatety 50 Museh¢)Ids t￿h week. Atwyjl half of these tzk• food for famlies. so the prOj￿t assist around 150 pIu8 people we AkJng tamflies. users hId￿je peo￿& Mih a history of hcmelessness - s(XM8 of whthn are hostel thjdlers. Ukrwnian iefugees lumed to the Wl suppcthl in rewt times. Such Is the levd of need that people start queuing up on Thursdays well before ow crfjening time of 12nth)n. The grant of £2000 has en8￿ed the staTh to purchase gocrfls at a time ofirfftastng foc#J prw and n(xeased n*1. Belmont Park speci￿ s(*0￿ in w￿lhaM Forest Caters * full capar￿ty fLY 65 students with Socaal, Emotional, andlor Mental Heatth issues (SEMHI the school support5 aTHI edLKat85 yLwng r￿e aged btheen 11F18 sYar5 old who require speryabst trrion Imthin a small sdxN)I setting. The thildren *e frequenuy from Smpovetished trdmilies and are p3rticgJlarty The granl ol £PJJO supports the sthool's Pantry Proiecl whtch pods fo(yJ and toiletrie5 for thldw and ￿E￿f8M&S in ne•1 Age UK was awarded a grant of £2(Kl for its clu151￿ h￿rn￿r projec* for distrlxltion to iscdated elderfy people Walthamstow and Ch￿￿ord. Waltharnstowand Chingford Almshouse ChaThty Trustees. rnport Icontinuedl for th8 yearended 31 Ma￿h 2023 lJbleeti¥•s and aelmties leontirjued) Grant Ilcatlon Pro¢ess There a kn￿￿518ge prrKess for chw11t￿ ￿ OTgWySa￿ns to make an appliL%tion fLY a grdnt. Chanh"eslorganisatiofts are reQ￿ted to pmide a oU￿￿e of thpff adiwlw and what they requwe a grant for. ThÈ wuine proposal 15 a)ns¥Jered by the Granw Committee, whth* ¢*ades whether a futl submi55iary L the Chanties applicati.on ftimi shoutd b8 iequested. Before a derA%on is made as to w1￿her or not to award a grant, drectors usually Msit the Chattylorgarisation befrKe reo)mmendattons to the Grants and Accommodation Committee are made. (Xwrities and org￿•saI￿1￿S rec￿7￿9 grant a￿ reffjmred to p￿￿de a vrritt8n report of the use and inipxt ofthe wt after 12 n*Jnth& Spade Husbandry Alloknents Charlty The WahhaMst￿¥ and Chiwd thshouse Tnjstee Comparryi5 Iha tru*ee ofthe Spade Husbandry Charity. Spade aTrJlment Site ￿￿siSts of 120 pk)ts of which 41 are hair pknts and lh8 T8m8inder bewlq ftjll plots. The cffnmittee have one ofthe haWp]Lrts they&te ther￿ta￿er. As wih olher sites of waiting Iksts ¥there appropiiate full pkns are now bety¥J spltt haff phjts and during ￿r there were nfne tenantiès for Spade all of whic* V￿re hajf ph)ts with th8 8xc8plion of on* plotlhatwas unable to be Sp￿ lito t* The tsjrrentwthg ltst for V￿qnt pknts at Spade Ls quite snal at onty 33 peoe waitri Spade has a acth%e and effethe si￿<￿¥r￿n1￿ wlllth a(jiVety￿￿rfks with the all0t￿nI manager b énsure the SMO￿ running of the Spade HuSba[￿ry a￿ents. The committee encnurages good praclrE gardèning. QTgaruse5 delveries for the yte a￿j operates a shed for th8 s￿8 of vegd*4es and plant*The committee collécts site fees forwalerrates and key dep)gts. The vast maiL*ityofphts are*￿1 marfained wrfh a v￿leW nctsuj￿n letters knring to be sent out. Unfortunately asbestos cemerrt Was lOw￿j on the site ha¥ing been used as an &tsing rnaterid a plcL the sheeting was removed and (*sposed of by an rA￿lTarlOr. The site committee be pLgLyng metal security fenc#ng ￿rtain areas of the bouTrJary. The f¢rKar*J Can be damaged be*YJ (*) Ihe edge of Epimng Fwest ￿ some ofthe lawtrees WnThng to rn fv ￿3t1)g fences. d. Public benefft In selling otiedives and planT￿ng for a￿￿e$. the TnJ5te8s have syven (kje ￿n$KleratI)n to general guidance published by the Ch￿lty Commisgon ￿ting to b&)effiL irtckthg the wtidarK8.PUbl￿ beTh￿lÈ runnirvJ a charity rks to fin￿ and re%dents lo move n. Flats teTrl lo be occupied by our re*dents f(* many yeats (wuenty the CharTty usually carries out quile extensfve refurbishment on voids indLhYing redecorthn5 a￿j I￿￿)r Ly)verr￿S. Increasvbyy as the properties ag?. new kitchens and bathrooms may be ffitt&J. akng heabry and hot water Rnprovern8nl& Th8 void h58 of inc￿ne for Ihe yearwas 3.5%. Th8 reC￿MM￿￿ minimum h)ss wovlsion 15 5%, the rnaximurn 75 12.5fk. On a sad note. Trustees mark thè %Bry sad Ic￿5 of a Irfflg Se￿iT￿j memtw of staff. Blrgit Hubsclwlokwl the djarity ui 2006 as Ihe Alkntsllent Manaw. Lqlw also takrwJ on the rde of Grants aTrJ Adminithilw Offic4r. Biigt pa8sed away on 18th June 2022. arwj be miwd by evewE a5¥￿idted Mth Ihe tharty. Flxed assels The mo￿entS in trng￿e fixe¢J a55ets Ihe )Ear are Set (yjt n nole 11 to the tsroal stalements. The Trustee believes Ihat the ftyed asset Atrnshlytse properties are wcth ¢£￿s￿lerablY ￿ excess of the net book value disdosed in Ihese accounts: hw•er. it is unable lo quaitity 1he excess with¢Krt In￿riT￿J signsfiG9nt unneEe5sary professronJ v4uation fee& d. Inv85tsnent pollcy and perforn¢o Llsted Sn¥estments The Charity CommissKJn Scheme regulating 1hè Charity pr￿￿5 no restibons cn the DtrectOTg powerto invest. The objecbves of the Charitls In¥estrllent Pofw are lo ens￿ the creatk)n of sufficient In￿Me and cApital growth to enable the Chwity to Carry its pwposes ￿ by year. whh due th Fmper cortsideration for futu needs and th8 Maintenan￿ of an￿ rf posyNe. enhar￿u￿eTrt of the vdue of the irwested funds. The policy is reviewed annually. As at 31 Marth 21123. InvesteG Wealth and Inveslrnent Limited manage apprn￿rnat&ty WA ofthe Charws total investment portfoS0 on a dksl￿[￿ary ba515. The dredors wecaxle In￿StmeT￿ in compantes invow in Imxne )Ile¢ted ￿eth.. dwectcffs consKJersLth in¥ethents to be in COnfl￿t with thè Ch&iils objerawe of rellef n need. No initial investment sh)uld exceed 7.5% of Ihe tL*al Yalue ofthe tund5 ￿managernent. Trustees, objectwes are to seek a bala￿ed relum from incclne aYKI c*pttal moderate risk parameters. The romiance of eath asset dass wll be mea5LTht aganst ielevant market indKe& The overall perf0rn￿nrA￿ is CQTnpared to ? bespoke benr*JnTrrk based ￿ the mid1￿( ofe•* asset das& Measured agaN5t the underfwng indices foreach asset dass. Of The olher 50% fA the Charl￿. the maiffj was yNe*ed the M&G Charity Muttl.Assel Fund. whkh repL8ced the Nati(￿al AssocAton tsf Almsh(MJse8 Investmeni F￿d IWICIF) in Novernber 2019. Tha 12 months to the end of MarGh 2023 was a tough L¥]e tr rnarkets Interest rates in the UK rising from 0.75% to 4.25%. r8tes were ratsed in order to try and ¢wb infial[c￿ vthlch itseK rose by just over 1(Fh over Ihis period. Bond markets rea(Xed nega1ively to tr*)th Ihe h￿hler￿j itrfai¥)n and the hwJher nterest rateswith the UK Government boThY index (Ff All Slocksl prod￿ng 8 tolaI retum of_16.3%. Whikt parts Oft￿ marftei s￿h a5 LNI stocks p8rformed wdl. property was parbuJi2ty %4eak. rel￿nIN￿-14.pA. GrLF￿h stod(s sullered as the raie at which their fvluie eash fltrws w8re brought bad( lo lcrfta￿S Va￿e$ suffwEd frown using a higher disC￿t ratè. r8sulbro kn weak retums in LwJlh UK8TrJ Q¥er¥ea¥ equibe& Against this backgnMWLd the of ihe fel lo £6.IJ80.526 which represented a gross relurn of 4.20A (- 4.6% net) over the financial year ¢LYnpared ￿ a rthm of-2ffj% from the bend)mart(. Th8 peer group net returns for t￿$ period was 4.0% for thè average (*arity n the ARC Sleady GrovAh UnNerse and 4.5PA lor the ARC aV8r￿ haIanced charity. The L3L* of kng dated b(￿￿5 helped protect the fund frorn the Sharp falls in the bond market bJt 8 ligh weighting n property grovrth ￿*S meant that the fund suff8red in 8 similar manner to 0lF*r chariti8s that adopted a defensr¥e as ex*nph"r￿d by the movement in the ARC Balanced Charityinde Walthamstowand Chrngford Alrnshouse Clwlty TnBtees' report{conUnuedy forthe yoar ended 31 Alar¢h X123 Acb5gvemerrts and perf0m￿nCe Icontln The M&G Portfdio had a sxythe r81um oftKg% ¢Ympwed lo the benrtharf( of.1.8%. Directors, undertake an annual revivw of lrNesln￿nts and monitor quaierly al Finar￿ and General Purp05e$ Committee and Board meetligs. consid￿n9 the temi Perf￿n￿ of both portfolKts in conjwK￿(￿ wilh shorter tem) perf(¥￿Tr￿, Diredors are o¥erdll sali5f￿dw1h the p8rfLYrnan Investment Propertles Investment properlies wwe rwdlu8d ￿ J￿Y 2022. by Sawlb {Chartwl Surwrs) of London on an open market vdue f0rex￿1ng use ba515. the total Wdbje tsfthe proFerties £2.49100 Flnan¢lal revlew a. Golng ¢on¢em After makiw arvopriate enquiries, the Trustees ha¥E a reasonthe expectsuon that the Charity has adequat resdureas to c£￿tinUe in wtional e￿￿er￿e for Ihe fr*eseeabte fuiwe. F￿thiS reason. they continue to adopt the going cOn￿M basis in preParr￿ the finanrid slatwrtents. Fwther detaos regarding the adopiton of the going concem basis ean be found in the accwititu polaes. b. Resems policy ThÈ TnJstee ha5 rriewwj Ihe t8senRs 8fMI has C￿mIe￿ that free reser¥e$ of £900.000 should be retalned. which e¢JMtes to apwoximatety one years income. Risk management The dirertors have assessed the mai¢y rth to whth the ¢))*ity ts tsXPDsèd. in parti(xJlar thos8 ielat8d to th8 operdbons and finances of the Chwity and are salisfied Ihat systems and wocvju￿s are in place to mthgate expJ5ure to the major rt5ks. The Charws Sen￿ slaff repc*t threcty to a rele￿t cA)mmittee cw to the Chairand Chaty of the Board and to the of the Finan￿ and General Firposes Committee on risk management issues as appropriate. FL￿ exampk safeguarding *J)nCe￿￿ in Tespecl of residents 8r8 Ter#)rted to the Grants and Acc4mmodat*)n CLynftittee as a mattwofcoutse, a￿Trg Tmth the detsl of actron taken. The c￿rnIttee structure U￿Matety infom)s the board of risk arisllvJ and mituatiLYL measures. DirerAorsifwstÈes ale supportive of all employees and staff are encouraged to be open atKI about W￿lemS and error5 $0 that In￿dents can I dean with promptfy with the ain of mrIM￿1￿j any ￿te￿ial to (MJr benefficiarie& tha Charity. its stsff and diredor￿￿e& Pag8 8 Walthamstow and Chlngfonl Alnshouse Ckn￿ty Trustees. report {CDnVnuedl forth¢ yoar ¢ndgd 31 Ma￿h 2023 Structuft. govemaneè and management & Constitutlon and govtrnance Walthanstow ch￿￿10rd Arnsho￿e Cjjarity is a wsteral Chty. rrtjmber 1116355. aThJ ts ¢￿thted dera MemtyaThYum ofAssociation. Thè Charity is an amalgam o( many%*ait*s. the fftsl i*ing endcA¥ed by Sr George Monaux upcfi the purthase of Lqnd from Ihe Cr￿￿nt of the FkntyTrinty Pr¥Ny In Ahtyt&, LorKlon. in 1527. building thiteen almshouses, a 5choDI 8nd a feast room. In 1895 the numwtyJs charifies were regulated by a Stheme of the Charity ComThi5sion and were cdlecw the Wahhamstow Paroclual Charities. There followed four varwng Schemes of the Chanly Cornmission and ￿ 1957 a Commission Scheme govemed the Ihitty-three charities uThJer t￿e of The Walthanstthv AJmshrAJse Generat Charitses. In June 2006 a sthe￿￿ was ordered io govefft an ￿ (*atitie5 and arnagarnate the thngford A￿s￿￿Se Charibes Kvth the Wathamst ChariJes Wmjerthe pre8eTht-daytilk of th&watha￿st1￿ arKI (Jungforé Almshouse Charity. A lirnited company. the Watthamstow and Chkn9ford Aknshcwjse Trust8e CompaTry Wds inwrrK>rated on 18th septemb￿ 20D7 appainted ty a Charty COmmi￿n Stheme of 28th September 2007 to administer Ih8 Ch&ity. Tr directats oflht campanyr￿[l8e1he bD¥d leads the aTKI sets th8 L**ls strategy. The Charity TTUStee Is sole shareholder of th8 Watlhamsknv Ajmshwse Devekkment Company Ltd. The Development Company VAS e5tabb5hed to undertake the devekjpment of 20 new almshouses at the srte uwed by the c￿Ti￿N)20111c The E17. tompleted in Marth 2018 and knu•m as Coby Lodge. ethods of appoinlment orele¢tlon of Th￿tee5 managwnent ofthe Chardy is the ￿$pOn&t1￿Y ofthe nominated and c&oWed under the term5 of the Attides of AsscK4akn. The FIna￿e and <￿erat PLWFttes Committee takes lh8 lead on reGnJitrnent of Diredots. Polleles adoptèd forthe induclion and tralnlng of Trustees New Dlredcts are provided with a ofthe latest set of W￿rted attourrt4 the Seheme5 dated 14th June 2rJ)6 and 28th Seplernber 2007. the MemorandLTh and Artides of Asstyiatron of the Trust88 Compary. the latest minutes of meetings. a brief h￿tory of Ihe Charity. the Charws L*>)k Vhe WalU)amstow Clwritses. and tht Charity Commisswms PubALYtr￿.The Es5enlial Trustee.. The D￿eCIor wll be offered a Subscripts'c￿ to relevant publiGqtions and Trustee training and seminat5. The Cterk to the Dwectors meel with the new t*"recior règarding fin8n¢es induding uwestments. almthustt management a￿1 grant mthng. The Directorwlli be given a tour of the almsh)uses and a number of In￿￿t piowbes. The rw Direraor may attend one cr CoTnmittee I￿tingS as a guest tefcrfe deu.ding c£¥n￿(s) to SeTV8 ofL Di18ctors' meetings are hdd quarteTty. Ihe board is yjpported by fN8 aL*v8 corn￿￿[[ee5, whith meet regulaty. The Committees are.. Finan¢e Gewal Purp05es' ccfflrrittee. whose resp￿￿1 Ilities inc￿e Kry)aring and monitthg annual b￿et$. reoJMmer￿lllg PaYawa￿ and weektymainlenanr£ charge Grants and AccomwnLxJatiLY4 whith deals Y￿[h granl hcwwj aF￿¢4IB)n* Per50nnd. wlllc* deals wilh Staffi￿ matters polw and pr(xxdure. remuneralK)Tr and dÉc¥4inaryand griwdnce matters DevelopmenL whth prc•3resses Akn5h￿ dewkjpment and refvrtqshmenl pl￿e￿$. Allotmen( which deak ￿1th matters pertaining to the Ch*itys f￿ral￿t￿ent ts. Walthamstow and Chingford Almshous• Charity Trnstees. r•port IcontillLtedl forthe year ended 31 ￿?￿h 2023 StruGtur8* governance and m8nag*r*rt{conlinuedl d. Pay poll¢yfork•y mallagen￿t personnel In 2022 tlirectors appinted a HLman Resources tsjnsuiianl to undertake salary benclmarknng researth for senior staff employed ty the Charity. The Clétks S￿ary r8cently Twnaved and affjustrnenl aprKov8d by the Board in April 2023. Furuwwcrfk Is beivj th￿ertaken resped ofothersraff. Plans forfutsre periods mshouses Diredors seek out opportunilie5 to ac4uire or de￿ ad￿lt￿Inal alrnsho￿. il is in Ihe tharitys best Interests for rt to b8 a￿8 to affordabIe it5 ¢wn inveslment land as thi8 dim¢n8tes the very expensive Fand costs ￿ thk% part of LLmdL*J. H(￿eVer olher opportunths w]1 be explDred, such as acquiring a develDpmÈnt sile or Ill￿n9 up with a third bas￿ The tharity 15 curtenuy in dt5cussions wlh a lo¢￿ (*urc* and dIreCt￿S are OFththclhat a sm811 devel• of 9 almsholtse apartments be The communal heating 5yslem at the Rkygers ￿n￿h¢)USe has asses*J for ￿placement as it is obsolete. It is planned that commun￿ gas boaérs be ￿sE*d Ibefore the AuhJrnTh. it was h)ped that this work would be completed before the wnter of 2022. hThve%Er this was found to be parWLqrfy ts)stly and with other drawback$ thin the desvJn as the re4U*ern￿t for a 5truL#ure to h(MJse the b(lllers out%dÈ whith would require tAanning pemyssoTh, so the design was ievi5ited aTrJ after consumation whh residents the new boilers wil now be sited within communal crfee rwm. this has hdFed bring down Ihe w5t ofihe Inst￿laIK)n WU b8 in the region of£110.0(KJ to decAmnwh)n Ihe old syslem, and instal plant and Ixpework. It Is planned that Sir Mon¢M￿ AlmslKJuse ￿ have the flat do￿$ replaced to ensure they kyovide the necessary 30 mniute fire resistan￿. Improvernent wort8 have been undu*en to these dooTS iry the past to engjre their fie resistance a5 Ihe knJl(fjng is Gra* 11 b*d. d￿￿$10￿ are lthng p*e with the local conseNation oifw. Granknaking The tharity is seeing increased ntThter5 of appkations from Mdmdu￿S and farn11￿. this is to be expect8d gfven the cost of (xisi5 Wth Ihe incx88se in food and fuel The￿ are also a large number of new hoLtsing developments Y4ithThi W&lhamstlW4 and Chujgtord. a go￿ pro[￿￿￿(￿ oflhese wol ￿ affordab￿ housing to rent end in¢reasing numbers of grant applcatKJns are artripated as a result of thi5. Directors have Committ￿ to in¢Jease the iwlldgetft* grants to indThridualslfaml￿s and Organisatior￿ to £150.000 for the ¢))miry year, an h￿￿se of £70,000 Ihe ptewjs star5. arwyA bw, have been held at £eo,c(KJ for ￿eral 5Ears. Page10 Walthamstow and Chlngford Almshouse Chaity Trustees. rèport (continued) for the yearended 31 March 2023 statem8nt Df Tn￿te85. rqsponsibuilles The Tru5tee5 are re5ponEAble for preparirvJ the Trustees. report and the ffinanaal staternents in a￿¢[dar￿ wrfh applicable l&v and Unfted lfjngdom Ats*uNiNJ StarKlards (Uni18d kngdcffi Generdlty A￿p18d Al￿o￿￿ting The Lw arplKabte to thwitses In Engknd & Wales req￿￿ the Trustees to $yepa￿ financlal statements for each financial which give a true and far view of the stste of affwrs of the Charity and of its incoming resources and appJirAtion of res(xr¢*s. indudiro its in)me and eypendftJJe. for that ￿riod. In p￿parIng these financial statement& Tfttst￿ ar& reffjrrired to: se￿t suitaile accounting ￿[￿85 atKI then 8r¥tythwn rU￿stentr￿. obsenB the methDds and rAinriples Of￿ Chwities SORP (FRS 1021: makE judgetnerrts arwj a(￿l￿ling e5timate5 Ihat ¥e reasonabl8 and pmdent., s181e whether 8ppIKable UK A￿l￿nting Starndards (FRS 1021 ha¥e been folowed. suLled to any material departures dB(&)sed and explah)ed in Ihe fr￿[K￿￿ statements.. PTepare the finan¢ial #aternerts (m Ihe g(#ng tyjncem bags unkss it is inappropriate to wesurne that th8 Charitywll o)nbnue kn bjs￿)8$% The Tnjstees are respon&tle for keeFing *quate &>xxmting reeoTds that are sUffi￿e1rt to shN and 8Wain the Charitws transactions and thsdose with reasonab￿ accurw at any time the financlal posttion oflh8 Charity and enable them to ensure thal the finart&￿ stalements c(¥nply with the chariti.es Act 2011. the Ch8rty (Accounts and Reports) Regulations aThJ the pr￿(￿$ of MeTnoranthJm of Asso(xation. They are 8150 responsible for safeguar(ting Ihe assets of the Charity for tslong reasot)able st4)s for the prevention and detedion of fraLKI and ots llTeguLaTthe& Dknlosure of Infommtion to auditor Each ofthe persons wkj are TDJstees at the timeth4)en thi5 TTUStee< rwi is aFy0￿1 has ￿nfiFThed that so far as that Twstee is avare, there Is rn relwdnt au¢th infoTmatiL¥L of which the rJwTiWs aLKEtor is unaware, aThJ Ihal Trustee has taken aTh Ihe steps that ￿ht lo have laken as a Trustee in order to be aware of any relevant aLklit and to e5tab15h Ihat Ihe thariws auditrw 15 awdre of Ihat infoThDalion. AuditDr The I(￿St0￿ R8ev85 LLP. ha5 ifKkated his VAr￿￿S to CA)nlnue in The despJnated Twstees WI￿ Propose a motion reapwinting th8 aKfiILYat8 rrwtujg of Ihe Truslee5. Approved of the membas otlhe lN)a￿ ofTrustees and sb3nèd on th*r beha￿b￿. of Truste¢s of P4g811 Walthamstow and Chhiyford Al￿￿0￿se Charity Independent audltovs report to the knb*5 ofWa1than￿dnd Chlngford Almshousè Charity Opinion We h8ve audli ed the fin8nd￿ stalements of Walhanstcw and GNnyford Aknshouse Chaity Ohe 'thanW) for the year ended 31 Marth 2023 whtth cOmp￿e IhÈ ststement of ffnanciat actmbes. the baLance sheet, the statewnent of fhws the related nrAes. iThYurfry a summary of STgnifKwt ￿UntIng pdiue& Tre finanaal ieportsng Iramework thai ha5 been appled n their wepardt>DTr is applic2bIe law and Uniied Kingdom Accounbng Stsndard5. indudr¥J Fwwvial Repjthg Standard 102 The Rep(thg Standard applicabl¢ In the UK and Republ¢ of IreL￿tr (United KIn9dL￿ GeneraltyAccepted AccOunti￿d Pra(Xic81. The finawal State￿nts ha¥* been Lyepared th act￿dan￿ th A(￿mthng and Reporting by Charibes eparing theirax4yJnts in actOTdancewth the F￿arKla1 Repthg Standard5 8pplicabIe in the UK and Republic of IreL2nd IFRS 1021 N preferetKe to the ActwntiivJ aThJ Rew1ing ty Charits8s'. Statement of Rewrrurb8nded PrdctirA issued on 1 Apr￿ 2005 wPuth is refeTrd lo in theextsrt ￿g￿ationS Ixrt has wlthdrawn. This has be8n don8 in otder for the arLounts to a true •d faw vwj li a¢0)rdan￿ with the Generalty A￿epted Accounts"ng Prncke elfective tr reF*Xl￿1￿ pe￿IS ￿Inn￿￿j on wafter 1 January2015. In ouropinion the ￿and31 statements.. g￿e a true and fair ￿eW of the st*8 of the affair5 as at 31 Marth 2023 and of its iry¢ornln9 resources and a￿le2t￿)n ofreSoUrr￿ for the prthon erbyed: have been property INep￿ (n acc(￿dan0 with United lfjngjjm Generdty Accepted Accounlirtg Pr¥Ace'. aTKI have been prepared IJ acu)rdan￿¥rilh ￿ reojirements ofthe Charilres ALtt 2011. Ba818 foropinion We ￿nd￿ted tXT audit in a¥than￿ with Iniemational Starblards on Autfjling (UK) (ISAS IUK)) and appltcabl8 law. Our resp0nsknjl￿eS Lnderthose slandards a￿ fvther des(¥ibed in the ￿J￿t0￿$ responsibilii*s for audit olthe ffnan(￿￿ statemènts Sec￿0￿ of(￿r rewt We are independent ol ihe c*arity in a¢￿￿anc*￿th the ethical requiretnerrts that 8r8 re￿Warrt to our wjdit of Ihe fmpJJcial statements n the United ￿￿dOrn, induding the Financial Reporting Councls EtI¥L*t starKlard. 8nd ￿ have fiJini&l ￿ other ethical responsibilitbes in actordance with these requirewnent5. We beSeve that Ihe au￿rt e￿den￿ we have c￿￿1r￿ed ￿ $ufficTent and appwHte to pm¢de a basis fcffj ￿0p￿￿trI. Cw¢lustons Telallng to golng ¢on¢em In auditing the f￿anrAal slalement4 we have 0)ndL￿d thai the Twstees, use of the golng c1)￿eM basis of a(xounting in the preparabcffj of the ffinancaal statements is arwopiiate. Based on the work ￿ have perfor￿d, ￿ have rKrt iderthfied any material wKethnties relating to ev￿ or conditK)ns 1hat, individu￿lY or wlJerlNely. m8y cast signifkxt doubt the ctharitws a￿lItY to rA)nlinue as a gotrvJ ncmn fora period ofat least twelve ll￿thS froub when th8 stat8ffl8nts ate aLrthorised for issue. Our responsbilities and the responsibllthes of th8 Trtkstee5 reswa to go1￿ ￿n￿rn are deS￿bed in Ihe reknnt sections of thts Iq)otL Page 12 Walthamstow and Chlngford Alm5hous• Charity Independentau¢frto¢s rwrtto t￿ m￿be1¥ of Walthamstow and Chingford Almshouse Charlty (Gontinuedl Other Infomiauon The other th)nnatK)n cx)mryises the ￿f￿rna￿On iThckJ(W in the annu4 repori otherthan the fjnanryal statements and w awlitotrs report thereon. The TnTStees are resrKJngble the other ￿C￿laIM)n contained iwthin the annual report. Our tyllon on The statements does not rnver the othw 1Th￿￿nation and, except to the exlent othemse eWKittystated our r2POrt. do nol exrKess any frTh of aSSUrar￿ ctsnrknic*k thereon. Our responstbility is to read other information and. in dong so. rmsider whether the olher ￿￿O￿a￿on is materially inconsistenl bwlh the financial staternerrt5 LY kThmf1￿ge Lthned in the rAMJrse of th8 audit, or otherwise appears to be rnateriaty misstat￿. If ￿ Id￿tify 5cTrch material ￿(x)nSIste￿cIeS or apparent rnaterial mi&staternents. we aTe reqUI￿d to determ0* whether th¢s gNes rise to a material mi&statement in the finanaal stalernents themsth& If. based on the have perfomied, we ￿ldUde that there is a rnate￿al misstaternent of this other nformalion. we are rewreil lo rewt that far W8 have nclhing to TeFviin IFlls regard. Matters on whlch wo are required to reportby excepti We ha¥e nothing kn rep*)rt in resptrx of the matters where the tharities (ACax￿rnts and Rwrtsl RegulatiLYts 2008 require5 US to rep(xtto if. n owq)inK)n: Ihe Information gfven n the Trustees. repNI is inoJnsi5tent n arry material re8pKA with the finanraal statements.. or suffiuent acts)unting rwds have ncl tw W or the slateM￿ts are not in agreemen¢wilh accountiThJ recuds and retums., or we have not rece[￿ al the inltyrnthn and we requir8 for ow audti. Responsibllths of trusttts As exFIal￿d more fuly In the trustees. rtsponsaMTlies statemen( Ihe Trustees are resrKm￿ible for Ihe w8paration of the financ*aJ stateJnents vthith gi%t a true and faw view. and for such internal control as th? Trustees dete￿￿* kq necessary to ￿at4e weparats(￿ of financaal statements that are free frojn maieri mlsstatemert whèth&duè to fraud or errr￿. In preparirvj th8 Stater[￿rts, the Tn￿lee¥ we ￿Sp(￿$￿te a$s￿n9 Ihe charitys ablty to eontinuè as a giMrvJ corttm. disdosing. as matters related to going tc￿(eM and using Ihe going concam ba$ls of accounting wdess the Trustees thr Inte￿ to fiqu*Jate the ¢harly (w to ￿se operatK*ts. or have no reaf*tioaIleM￿.Ve but to do so. P&Je 13 Walthamstow and Chlngford Amshouse Charlty Indèpenderrt audltorfs Teport to the of Walthamstow4nd Chingford Almshouse Chartty Iconilnuedi Audltorfs T8sponsibililies forthe authtof the fU￿nCial statements We Imve been appointed 8s auditor Und￿ sedion 144 of the Art 2011 report in aCL0rdan￿ with the Act and ￿leVant ￿gulati£￿5 made or having efferttherw¥Jer. Our objectNes are to obtain reasonaljle a55ufdtK8 abLYJt vthelh8r the financial statements as a whole are free from material misstalemenl. whellw due lo fraud or erni. aThJ 10 1syJe an ￿dIt0￿S Teport that indudes our opinion. Reasonab￿ assuranc￿ i8 a tsgh ￿ of assurar￿. but is not a guarantee that an audit condirled In accord3nc£ with ISAS IUKI wil pthws deleca a Mat￿al mr￿¥tem￿l when Ii exists. Misststements can arise trc¥n fraud or error and 8re matwial sf. i￿V¥idua￿ ￿ in the aggregate. they CoU￿j reasonabty bè expected to influen￿ the dec#st￿5 of users tsken on the basis ofthese financial statement& Irr￿JuL￿rities. induding fraud. are Ir￿nCeS of Ixs and regU￿10n9. We deslgn pr￿dureS in Inie wth our reSponsiL￿N[e$. OU1￿r￿￿ aLM)ve, to deted rnaleri￿ missfatemenls in respect of irregularibes, I￿UdI￿ fraud. The extent to our wocedures are capat48 of deter￿n9 IThegu[an￿. inrJu¢thno fraud is detailed betcw. Capa￿￿ oflhe ajdk in detethng Irregui9rilfes, indu￿￿9 The cknjeL*ves of ￿r a￿11[ are lo tdentify 8nd assess the rfsks of material mi55tatement of Ihe fmanLyal ststements du8 to fraud or errLf. to (knI￿n appropriale audti evthleThx regardirvJ the assessed risks of material misstatement due to fraud ￿eTt0￿ and to reswjnd appropriatdyto (hose risks. Ba8ed on our ￿￿ersta￿￿￿￿ of charity and Ind￿. and IhrDtryh disra￿sK)n ￿th the dIreCt￿S and other management las required by staThJardsl. Y* Klentthed that the [Min￿PaI ri5k5 of norpcomplrdnce w la￿￿ and regUlati￿S rdaled lo health 2nd safety, protecltcffl and erN￿oY1nent law. We considered Ihe extent to which rK)n-conpYiarKx rnight a matwi81 eftht on the finanaal statemenls. We also considered those laws and Iwdations that have a thred Thpact on the preparation of the frIar￿A8[ st2ternents such as the Charity Statement ofRecomrMded Prac￿ arwj 0th8f dwtity iegulation. We comrnuruGgled identified laws and regulabons throughout Lwr team and remaneé alert to any iThJtsth)ns of Tr)n<￿T￿orKe throughout the audiL We evaluated TrusteÈs' and manag￿enYS u)cenlfves and opp0rtuTr￿es fraudulenl manipulation of the rrnawal statements 1induffj1￿ the risk of Oserride of controtsl and d&emiined the p￿ciPal risks reTated to Pasting inappropriate loUrr￿ ￿trieS and managemerrt bias in ac£Ount￿g esti￿aleS aThJ judgewnental aTea5 of Ihe f￿￿n￿al ststemenl& Audil prO￿dureS ￿form￿s bythe engagwnent team In¢b￿ed.. Discu5sK)ns vAth rnanagement * assessmenl of kTh)wn or su4)e&ed ll)Stan￿ of non-Q)mplance with and r￿ul3￿0n$ (Indu(fing heahh arwj safety) arKJ fraud". arwj Assessment of tdentiffied fra￿1 risk faraor8', and Conducing In1eNe￿ knith apwopiiate k￿SOn￿l to ga*) fiJther insighl into the contrd gystems inplemented, and the rKsk of irreguL3riiy. and Challenging assumplions and p*tsments made ty management in its signrftsnt aLXYJUnting estimates.. and Perfortning analytical proLEdure5 to vkntsfy any ￿L￿al or unexFttted relationships, including rdated party transa¢tions. that may In￿￿ale risks of rnaleri81 misstatement dua to fraud,. and Confirmation of re]afed parties wth managemen( and rev￿ oftransacaiorts throLbJhwt the Peri￿ to lden￿fy ary pmiou5Jy undisckjsed tranwtiws knyth rdaled parbes (wtside the ncmal of bustr*s& and Reathng mhwtes ofn*eling5 ofth05e GhaTgeil gOwn8r￿e.. arvj Phys￿al Inspection of tangibk assets SUsceplbIe fo fraud or iffegufarity. and of significant and unusual transarA*)ns arn1 evakwtion of the underly#ig financlal rabonale wp)rOng the transa#￿n$.. and Identrfwng and testwu ioutnal enlwie5. in any rnaryA 8rrtries made at Ihe year end for finanaal statement preparation. 8ecaLL8e of the inherent Imitations of an 8LMfrt ther8 is a risk that we will not d*d aE ￿reg￿arit￿s. indLbding those leadiro to a material mi%statemenl kn the finan(iaJ slatetnents or llLKKx)rnph"an￿ with regulation. This risk increases the rnore that &)mprkqn￿ hyth a law or reguL3tiM is removed from the events and tran$aclions reflected in Ihe ￿an￿al slatements. 8S VAI be to beoyne aware of InstarK* of non-complia￿. Page 14 ## ## ## Wallhamstow and Chlngford Alrnshouse Charlty statementof financlal acllvitsts for the year ended 31 March 2023 Unrestrlcted Restricted Endowment funds nds fund5 20Z3 T"otal fund5 2023 Total nd5 2022 Incorne and end0￿￿ents from: Donations 5nd legacies Charitable athwti.es Investments Totsl inGorne arKI endowments 588J67 43&013 &n3 367 594100 438.380 580,097 409.109 1.026.666 6.100 1.032.766 989206 Expendi￿re on: Raisiw funds Chatitabfe adNitse5 38A43 022 793 1*289 141,992 61.854 837.013 647.W2 Total expendliu 731T11 4.815 161.281 8￿8￿67 707.664 incomel{expendi￿r el before net Ilossesllgain5 on Investments Net Ilossesllgains on inwtments Net movement In fvnds 29U95 1161.2811 131899 281.542 1228.0631 lJll3191 (600.382) 1.199.286 65,832 1.285 1533,6001 1466A831 1,480.828 Reconcilialton of fvnds: Totsl fu￿1$ brougllt fward Net movement in funds YO￿ ftsnds carried royvArd 14446A43 6&832 18.367 1285 11.7￿276 1533.6001 221.086 1466,4831 23.740,258 1.480,828 3.511275 19,6S2 11,221676 24754603 25221,086 The Statement Offin3r￿AaT arthiAbÈS inchKtes gains I(tsses in the ￿r. Th8 notes on pages 19 to 37 form part ofthe5e finanuaj slalement& P4e 16 Walthamstow and ChingfoTd Almshouse Charity Balance sheet as at 31 March 2023 2023 2ff22 Flxed assets Tangible assets Inv8Stmenls Investrrent wop 11 13 12 681.673 la784￿34 1492.000 8.825,453 13.345.507 2.499.500 23￿8.2￿/ 24.870,460 Currentassots Ckbtor5 Investments Cash al bank and kn haThJ 14 15 6S.678 738.809 136.204 63.133 418,779 152.622 940m1 634.534 CreditOTS.' arTh)unts fa￿ng duewiltth one 16 11442951 {83.908) Net currgnt assets 796.396 550.626 Totsj netassets 24,754.603 25,221,088 Charityfunds Endwment funds Restricted funds Unrestiicied 17 17 17 1122IS16 19.652 I3￿11275 11.756,276 18,387 13,446,443 Total funds 24.7S4.603 25,221. The finarteial sts M￿ts were apWOv￿ and #thised for bythe TrusteÈ8 and s￿aTred on theirbehalfby.. Ch rl￿￿85 The notes c*$ pages 19 to 37 fwm part ofll*se fmanciat statem￿& Page 17 Walthamstow and Cltlngford Ah￿s1￿)￿se Charity stat￿Y*llt of eash 11(w forthe year ended 31 Marth 2023 2023 2022 Cash flows from operating activnies N81 cash used in wr4tirwJ actr￿￿e$ 1644.4151 762.787 tYwdend& interests and rents frE¥n In￿e￿IS Purchase of tawJible ￿e￿ assets Praceeds from Sale of uwestmerrts Pw¢h858 0flnvestn￿nts 438.380 409,109 (653} 1.799.758 792.539 11,610.1411 {1.992.588) 627.997 (191.593) Net cash provlded byllu%ed In) hwestlng actlv511es Change rn cash and cash equlvalents in the year Cash and ￿$h equnmlents at the Wnniry ofthe svr Cash and Cash equlvalents atthe end olthe year 116A181 152.622 128.8081 181.428 21 136.204 152,622 The n¢Jtes on pages 19 to 37 fomi pa1 of these financial statements P￿18 Note5 to the financial slatements forthe year ended 31 March 2023 General Infomlatlon Wallhamslow and ChrMJf¢xd Aknshow Charty 15 a tharity regi8twed ￿ Eryknd. The registered *klress ks Mo￿￿￿ Hall. Ctmjrch End. Walthamsluw. Loth. E17 9RL Aceounlfng poAeles 11 Bas15 of Prepara￿0￿ of fmancial slatements The charity o)nslitutes a Ixth benèfit enkty as dthed by FRS 101 The ffinanrial Statern￿ have been prepared in actordanc8 wlh A(XXMmting arKI ReporlrvJ by CharTbe5: Statement of FInanCa￿ Re[￿]￿J Standard ar(IKalJle In the UK and of Ireland ￿SUed in Ociober 2019. the Finan¢Td Rerthvig Slandard applicatle in Ihe United K￿¢*Th arby Republc of Iidand IFRS 1021. the Charibe5 Ad2011 and UK GeneratyA(xWed A(¥))Unti￿ Pract￿. The financial statements t￿7 rKepared trj gwe a Iwe aThJ fairf view aTrJ have dep*d from ChaIitEs {Accounts al￿ Reports) Regulati￿￿ 2Crf)8 onty lo lh8 extent requred to rywde a 'true and fa￿ Th5s depatkne ha5 Involved fo￿ the Awunting and Reporbng by Charities.. Slatement of Re￿Mme￿Jed Prac*ts aN1￿ats]e to charitiè5 Pr￿ring th8ir a￿O￿nts in acu)rdance with the Financial RepoibThJ Slandard appWLxL4e n th8 UK aTKJ Repubficof Ireland issued in October 2019. Watthawnstow and ChiWord Atrnshouse Charity meets the definrftcfft of a publlc banefft entity und8r FRS 102. Assets and ￿al￿￿ti65 are inilialy at htstcwirAI (¥>st or transactw)n vatue unless 22 Golng concern The Truste8s considw whethw the use of o)Thxm is apwopriate i.e. vA)ether therè ar8 any Materi￿ uneethnlies rdatBd to or (xJnditth)ns that may cast svJnthanl d(MJbt on the ability of the Charfty to continue as a g(MTrJ Cor￿ern. The Trustees make this assessment in raspe(X of period of at least c￿e year frrmn the dale of wthorisation for issue of the fina[￿jaI staternents and ha￿ corK4uded th* the Charity has adequale reSrAjrr￿S to &￿tinUe in cyrational exist￿ for th8 foreseeable thre and Ihefe *e no matsrial uncertanties alMXJt the Chwivs ability lo ￿ntinue as a going concem, thus they ¢(Krtinue to adopt the g(Nng eoncem bats of acuunting in preparing the financ4al statemerbt& 2J In¢omo AU In￿Me Is rec(*Jnlwl Ihe ¢J￿rity ha5 enlillement to thè r￿Me, il is probabl6 Ihat the inCCn7e be ￿e￿Ned *MJ Ihe 3rncxmt Ofinc￿e reravable Can be meagjred ￿lably. Grants are induded ￿ the siatement of tyj a r￿efvaL4e bast6. The balan￿ of in¢c￿e r￿￿ed for spe¢rr￿ wrposes but Tr)t expet)Jed durirvd Ihe pwiod 15 shown in the relevant fuNls on the baL4rKX sheeL Wkn n￿rne k8 receiNEd ui advan(t of entillemert of reeelpt, its recogniti￿5 15 deferred and indLhJed in csethlors as deferred incL*ne. ￿Te entitlement before inL*yne ts recelved. the is accw8￿ed by the Charity to ra15e fL￿￿5 for its ¢harilabk purrM)ses and iThJudes o)sts of all bjndrasnw a(thtSes events and nonsts 172A92 12.715 11.152 182.635 12.308 10.125 196.359 205.088 2023 No. 2022 No. Offte staff OFeratlonal staff The awage head(￿￿nteXplesse￿ as f￿￿time eowatents Wds.. 2023 Operalional staff No emptoyeè reeoived remuneratK)n amcthfing ￿ m￿e than £60,Cth in eitt)er5ear. The tL*al remutseration arKJ b￿effl$ r￿￿ed ty the clwritys key management during the finanoal yearwas £96.46812022 £88.771). 10. TnBt¢e$' remun¢rntion and e¥pen8es During the y¢¥, r#) Trustees recei¥Ed anyremunerakn ar Oiherbenefits12022. £NIL). During thè year endad 31 Marth 2023. Trj Trusteè expatses have been inuJtred12022. £NIUJ. Page 26 Walthamstow and Chinyfoftl Almshouse Charfty Notes to the flnandal S￿t￿entS for the yearended 31 Marth 2023 11. Tangible fixed assets property fittings equipment Total Cost orvaluatlon At 1 Awil 2022 lo,414￿ 35.743 7.805 10,458.37 At 31 Marc* 2023 lo.414￿23 35,743 7.805 10AS8.371 At 1 Ar￿1 2022 Charge forthe Jtar 1.604378 141J93 18.736 1.787 1.632.918 143.780 At 31 Marth 2023 I.7￿371 20.523 1.776,698 book valuo At 31 Marth 2023 8.66W2 15320 .681.673 At 31 March 2022 8.808.445 I7.(￿7 8.825,453 The Charitys freehold land. vJih the exreNion d the freehdd thshouse at 1C The Driv was all onaied and w85 not earAlalised" Ihat the gifts were made many years ago the Directors of the TtU5tee Company bdEve Ihe vakte when given was nol material. Hence no land vaIue is included above forthe origTna prc￿leS and Ihè ful c05t of th8 i5 b8irwJ depr8(xated. OrIglnal Cost offy￿hOld prowty The R*l￿rS Afmsh(4tses Mornux Aknshouses Squir85 Arnshouses Collard Mmshouses 1C The Drive (SÈÈ betuw) 956.748 647.819 133030 1,506,825 7.164,103 10,408P25 IC The Drive. Warthamstcw vras purchased as a freehdd by the Lthanly £900.000. The demollth)n of the pr(yty has been treated as part ol the land &)sL Thls and all ￿lated c¥)sts have been wifalwl above uTh*T'Freehokl pryty. The Direcaors ofthe Tntstee Company not ojnslder rt ￿.*￿7 (* IWI (given that the properts.es ar& held for th8 long-temil to Ihe ¢fftrene* bei4%*en the net kJDk vaue Df freehoId buitdings and Iheir rnarkel values al the yearernl. Page 27 Waltharnstow 2nd Chl￿f0rd AlTrLsh0￿ Charity Notes to the financlal statements for the year ended 31 March 2023 12. Freehold investment property Valuatlon At 1 Aprd 2022 DisposaL% 2,499,500 17,5001 At 31 March 20rJ 2,492,000 The 2022 valual¢o￿ were made ty Swls {Chart¥ed Swvwrs) ofLondDn as of 1 Juty 2022, on an open market value for eyisiiw use ba*"& lr$4wtTr￿t wwties ¢>)￿$t ot. Land used a5 ￿10t￿ents. Hae End Road (8.0 Arxesl HQ￿eYb0￿e Lane13.2 Acres) Trentherfield13.8 Aues) Other L￿d. Soufft Side of Shemhall StreeL LorKlon E17 (02 Arxes). Properbes.. 880 Fdrest Road. Land￿. E17 882- 884 F￿est Road, LOTVJLYL E17 886- 888 F￿est Road, Loth. E17 Willisrn E. Whilbngham Schod Flats at Dennu8 CoLrt London. E17 85 Albert Ra￿1. LorKk)n, E17 26 Briedey Road. LoTrdon. E11 Walthamsttsw and Chkngforf Charfty Notes to the financlal statsmeDts forthe year ended 31 March 2023 11 Frxed assetinvestments Unllsted securlties Usled $￿urItieS Total Cost orvaluatro At 1 April 2022 Addithtins 13,344508 13,345A07 1.701,514 1.701,514 11.650,2501 11.650,250) 16112371 1612,2371 Disposa5 Revaivations At 31 Marth 2023 12.784533 12.784,S34 Net book value At 31 Marth 2023 12,7W533 12.784A34 At 31 Marc* 2022 13.345,508 13,345,507 Page 29 Walthamstowand Chingfoyd Almshouse Charity Notes to the flnandal statemenls forthe yearended 31 March 2023 13. Flxed assettnvestrnents Icontlnued) Pthclp815ubsldlarios The tsllomng was a gjbslthary uixkrtakww ofihe Chaity. Namo Company Reglstered office orprincipal Principal aclivity nurnber place of business WalthaThslow Almshouse Devdopment Company Limitwj I￿393>)1 Clo Watthamstow & Chinglord Forthe development of a new almshouse Hat. Churth EThJ. L￿d￿, E17 al 1C. The Drive. 9RL Walthamstow. Class of Hololng shar Orthnary The financial re￿￿$ ofthe subskfL8rytrthe ye8r¥￿e. Nanw Expendrlurn ProfiVILossl forthe perlod Netassets WalthamsknvAmshwse De¥elrwenl Company Limited The turnover has his￿￿91￿ I￿en in Ihe finan¢ial Stat￿l￿ts ofthe charity as the largest part of the Lxpital expenditure on 1C The Ehi¥e ar¥J is very dose to the histOriG trading exwditure. Other Income aThJ expenditiNe is rnt co￿d￿ed to be material to the diarity. Simikrty balancÉ sheet amounts are not ¢onsdered to t* malenal to Ihe ¢hwity. A(x>)rdOy (￿s0￿dated financial stalements w0￿d rnt vary matÈrialSy from the Chartyffinancaal stateff￿nts and have not been wepared. 14L Debtor5 2023 2022 Due within one year Trade debtors otherdeblor5 Prepayments and accrued h￿oMe 7,397 9,585 48.696 3.578 4,724 54.833 65,678 83.133 Page 30 Waltharnstowand Chingford Almshouse Charity Notes to the flnanclal staterne forthe ytarendtd 31 March 2Q23 15. Cunent asset Inveslments 20ZJ 2022 Insestrnent 738.809 418.779 16. ¢rethtO￿ Anwunts faifmg due within 4)ne y03T 2023 2022 Trade ereditors 37.692 16.401 383 89,819 16.401 Ar￿￿mIS and defwred tncu 44.415 14429$ 83.908 2023 2022 Deferred incom8 at 1 Ap1￿ 21ri Resource5 defgmd ¢knring the y Amounts releasÈd from prewus pemds .903 13849 111.9D3} 11374 11.903 (113741 tkferred incorne at 31 March 2023 13 11,903 Paye 31 Walthamstowand Chingford ￿MShoU8e Charity Notes to the flnanclal statements forthe yearended 31 March 2023 17. Statemeniof fimds galan¢e at 31 Idlarch 2023 Balance at q April 2022 Translers inhut Ga5nsl ILDssesl InGome EXpertd￿ Unrestricted fund5 Designat¢d funds Ahnshouse building Extraoidinary repairs IOA33.754 246A31 1121.6751 10.558,510 1A74.736 {69J221 1.531.779 C￿￿al mainterwKe {$9.3691 43.402 521J86 12y6.443 159.3691 316.198 1190*n 12.61127S G•nernl funds GeneAI fvnds 900.000 1.026.666 1673.4021 {31Q198) 137.1]661 900.000 Tolal Unrestricted funds 13.44W 1.026,66B (7317711 1228.0631 14512,275 A designated fund ￿ hekl for Ihe completed wnstru(thn of a alM5￿u59 projed and future almshouse deveknpmenL Diredors of the Tnjstee Company have decided to Move fjjnds in the general fund in excess of 3Tound one >Eaffs In￿Me(21J22. ￿,(￿￿)1 to despJAated fund& The fund at the end of the year is ￿lD0pallY represented by tiwestTr￿nt depoyt fimd& with the balan￿ represented by fwl asset Ins*st￿nts and ￿tya￿Sed ￿$1$ ofthenew ￿M$hAt The Charity aTso hdds designated fwjds for extraordrory repars to ts atmshcrtJ58s {iepr8senteil by investments) and Ms1rrtenar￿ Carried oul 8very 5 year5 on the thshouses liepresented by investsnent deposits). EndoT*Jrne funds Caprlal ftmd Spade Husbandry 11.748h91 {161.281) 1372,1021 11.215.108 7.785 12171 7,588 11.756276 (161.281) {372,3191 11.222,676 Walthamstow and Chlngford Alrrk#house Ch*ity Noteg to the flnancial stataments forthe year ended 31 Marth 2023 17. Statement of funds Icontryiue¢r The Captsl fund represents the Chawity5 endtyvments from the Wdrious different eharitses that have been am8lgan8ted to cr8ata o)mprys freehDld wpertses lexr£pt 1C The DAvel and all inveslrnent pro￿t*S, togeiher wth a bala￿e of non-property investm8nts. The percentage of non-property investments hdd v*thii the f￿d at th8 JEar end was 62.0% is awlied to iTrvestrrtent gains and losses and investment matwemerrt co¥ts VL orderto aFporbon these to the flnd. ptease see the ftote bekyw Spade fijnd kn detras of the Spade Husbandry Ak)Imenis enth)wmerrt fund. whtch reprQSvrt￿ hy in*stmenis the balance in the bank {the associated land is owned ty the CorFml*)n of LnThknn tts use as albtmenls in a(￿OrdanCe with Act of PailrdWn￿). Restrl¢ted funds Spade income 8.367 6.100 1*652 The Spade income fund r8FYesents money hold for the Spade ￿￿5bSndry pMb)tments Charity. The Charity acts as Ttusiee of Spade Husbandry ￿1)tments arvj particJJL4r hL*ts its endowment (see above). Incowne frDm the end(1￿ment fund, akng wtih reni from the chartys allotments (which are induded in land owt)ed by the C¢Wati￿ of Lo[wJ￿. with the tharity ha￿ng statutory rights to the Lgndl, Is used to manage the dtotrnents Th8 irte￿ne a￿1 exKWThJ￿￿ IOT the 5Ear as shown for th8 r85tricted fund 8bo¥e. Total of fijnds 25.221.086 Im2.766 (898.86n 1600.3821 24,7S4.603 P8ge 33 Walthamstow and ¢hingtord AIn￿ouSe Charty Notes to the financlal statements for the year ended 31 Alar¢h 2023 17. Statement of fund8 Iconttnued) Statement of funds- prior￿ar Batance al 31 March 2022 B3fanr£ 81 1 April 2021 Trnnsfer5 Gainsl ossesl In￿ Ewthture Unreslrfcts funds Deslgnaled funds Aknshwse building Exlraordwory repairs Cydi(al maintenance 9.879.gJ7 155,758 10.433.754 1,449.118 15.755) 42,a3 88,740 1.574.736 {15.6641 70.183 537.953 11.812.059 (21.4191 511J)5 244.498 12,546.443 General fitnds General funds 984,012 1520.1551 1511.305) 47,448 900,000 Total funds 12,712.059 984,012 1541.514) 291.946 13.446.443 Endowment funds 11,¢IM,038 {161380) .833 11.748,491 Spade Husbandry 7.278 507 7.785 11.011.316 (162.380) 9J7,340 11.756,276 Restricted funds Spade in)me 16.883 5.194 {3.710) 18.367 Totsl offunds 23.740.258 989.206 1707.eN) 1.199,286 2&221.086 Paqe 34 Walthamstow and Chlngfonl Almshous¢ Charfty Notes to the fman¢ial slatwnents forthe yearended 31 March 2023 l& Summary offunds Balat)¢e at 31 March 2023 Balancè at 1 April 2022 Transfers Inlout Galnsl ILossesl InEurne Expenthtyre Designated funds General fur*ts Endowment funds Restricted funds 159,369) 31Q198 1674102) 1316.1981 1190,9971 12.612.275 137,IK6} 900.000 .000 1￿26￿66 11.756276 1161,2BI) 14,81 Iri3191 1a.222.676 19.652 6.100 24221Jl86 1.1]32.766 (89486n 1600,3821 24.754,603 Summary oftsnds. proorytar Balance at 31 March 2022 Balar￿A at 1 April 2021 Gainsl (Losses) out Designated funds Gpmerdl fvTh15 EndowmeTrt funds Restrided funds 11.812.059 (21,419) 511.S)S 1520.155) ($11, 244.498 1154 47,448 9CKI,(M)) 984,012 11.011.316 16.883 11K2.3 (3.710) 907,340 11,756.276 18.367 5.194 23.740.258 9B92c￿ (107,664) 1.199286 25.221.086 19. Anal￿1$ of r*t¥$8ets belv￿ fvnds Analysis of netassets beiwaen fvnds. cwrentyear Total funds 2023 funds 2023 nds 2023 funds 2023 Tangible fixed assets Frxed asset oivestm InvÈstment propety Current assets CTedrtors wthin one 6.799,446 5.W,085 1,882,227 8,681.673 6,848,449 12.?84￿34 2.492,000 2A92.000 940.691 1144.2951 921.039 1144,295) 19.652 Total 13.511275 19.&52 11.222,676 24,754.603 Page 35 Walthamstow and Chingford Alm5hou8e Charity Note5 to the flnanclal slatements torthe year ended 31 Nlarch 2023 19. Analysis of nota55ets between funds IcoTrtinu¢dl Analysls of net assets bet*Ten lund5" prioryear UnresirKtèJ Restricled Endowment fund5 2022 Total 2022 2022 2022 Tangible fred assets FiKed asset Investmenl property Current assels C￿ditOrS due ￿e year 6.878￿09 035.675 1.946.944 8.825.453 7W.832 13.345.507 1499,5 2.499.500 634534 I&J,9081 616.167 (83,￿) 18.367 Total 13.44Q443 18.367 11,756,276 25.221,086 20. ReGonciliatlon of net movement rn funds to netcash flowfrom aperatlng activlues 2023 2022 Net TrrrAynelexpenthre tsr the ￿ {as w Statement of FinanLi Actiirilies) 1466A831 1.480.828 Adjustments for. De￿8(￿allon th8rg25 Lossesllgwnsl ￿ Irwestrner DwKkrhYs, tnterests and T￿ltsfroM tywesb IlncreasÈyde(sease in debtors In¢reasel{decreasel In creditors Oncre8s8Vd8lX8ase N (xwrenl asset inveslments 143.780 143.778 378.856 {1,086,25n 1438.3801 {￿.109) 12.$451 2.738 60.387 13,3921 1320,03QI 634.201 Netcash provided bylused in) oper4ting actlvilles 1644,4151 761787 21. Analys1$ Of ¢a$h and ￿$h equivalents 2023 Cash in hand 136,204 152.622 Page 33 Walthamstowand Chlngford Almshouse (￿ulty Notes to the finandal statsments frJrthe year ended 31 March 2023 Analy515 of changes In netdebt At1Ap 2022 Cash flows At 31 IAareh 2023 Cash at b8nk and bi haThY qutd investments 151622 418.779 116N181 320.030 136,204 738,809 571A01 303hI2 875,013 Pènsion COn￿lIMents The charity operat8s a d8fir￿J rAXrtrlt >uti(xJs W￿lOn scheme. The assets of the sd)eme are held separatety from those ol the dmirty Fi an indwend• administwed fund The pen510n C05t charge Tepresents ￿ntri￿￿tiM$ pardljle by the chaltty to Ihe fLfLd and arn￿￿ted to £11,15212021" £10,125). No tributions were payatrAe to the fijnd at she8t date in J J C Moss. a Dtyector of the Tntstee Corrjpaw. ts an eleded of LB Waltham ForesL During the sfar the C*arity re￿1￿￿ from LB Wattham Forest incL¥ne arnounting to £￿11 12021. £161. The Charity also made purchases from LB Wtham Forest of £Nfl 12(r22: £3,379). lft add￿0￿. debtors indude fiJrther £4.375 that wdl be recwdbje when the r*ntir￿ on Cdby Lodge 15 paid 12022." £4.3751. Thè ¢haritywd5 a150 (hved £16 at )Ear end12022.. £16). V Conant ￿lUstee durin9 the Jwr). is Ihe Te￿ Rector of Sl Matys ch￿￿￿. At year end £NI w25 owed by St Maty5 (￿￿ch (2022. £20). S Keams. the husband of J Keams. 15 a &)ard Member of Christian b]tchen. In 2023 the Charity pald amounts totalling £&978 I2￿ £6.469). At the b3ian* sheet dale 2mounts outstanding were £908 {2021- £1,97ei. H Tredoux r6 the CEO ofwahham F￿est CommuWTrwrt Ltd and dLNing the year purthases of£N 022.. £3061 were rnade from this company. No bala￿￿ remain￿ wlstandtiig at year eThJ. The DI￿¢t(￿ ¢oncungJ k) the abo* transaclttins were not irmw in the decision makng rffoe*ss 25. Contmlllng party The Watthamstow and Aknshwse Trustee Company Limited. a company limTted by guardntee. is Ihe chariws Trustee and thereftxe cx)ntrtd5 the chawity. Tr wmpany dorrnant and has had any assets ot lia1￿&t￿. Th8 m8mbeFS and diredors of th¢ ¢c¥npany we as shown on page 1. Pèje 37