OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Walthamstow And Chingford Almshouse Charity

2024-03-31-accounts

Charity number. 1116355 Walthamstow and Chingford Almshouse Charity Trustees. report and financial statements for the year ended 31 March 2024

Walthamstow and Chingford Almshouse Charity Contents Page Reference and administrative details of the charity, trustees and.advisers Trustees. report 3-11 Independent auditorfs report on the financial statements 12-15 Statement of financial activities 16 Balance sheet 17 Statement of cash flows 18 Notes to the financial statements 19-37

Walthamstow and Chlngford Almshouse Charlty Reference and administrative details of the charity, its trustees and advisers for the year ended 31 March 2024 Dlrectors of the Trustee Company (The Walthamstow & Chingford Almshouse Trustee Company Litnited) V Conant J Keams S MacNulty J J C Mcss, Chaimian l Moyes, Vice Chaimian A J Moore A Rich S Smith Pryor H Tredoux P Williams C Mccann V Vvheeler S Adam (8ppointed 25 October 2023) C Rampton (appoTnted 26 July 2023) Charity registered number 1116355 Principal offIce Monoux Hall Church End Walthamstow London E17 9RL Clerk to the Dlrectors E Abbott Independent auditor Kreston Reeves LLP Chartered Accountants Statutory Auditor Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU Bankers The CowoperatiV8 Bank PO Box 250 Skelmersdale WN8 6V Page 1

Walthamstow and Chingford Almshouse Charity Referenc8 and administrative detalls of the charity. its trustees and advisers (continued) for the year ended 31 March 2024 Solicltors Stone King 16 st. John's Lane London EC1M 4BS Sollcitors Hunt & Hunt 22 - 26 Eastem Road Romford RM13LT Investment managers Investec Wealth & Investment 2 Gresham Street London EC22 7QP M&G Investrnents PO Box 9038 Chelmsford CM99 2XF United Kingdom Page 2

Walthamstow and Chingford Almshouse Charity Trustees. report for the year ended 31 March 2024 The Truste8s present their annual report together with the audited financial statements of the Charity for the year ended 31 March 2024. Objectlves and actlvltles a. Objectives The objects of the Walthamstow and Chingford Almshouse Charty are the provision and continuing mainten8nce of the almshouses for the benefil of persons in conditions of financial need, who have been resident for oné year within Walthamstow or Chingford. or for five consecutive years al any time prior to appointmenL Residual income must be applied for the relief of persons in financial need residing within the area of benefit. b. Actlvltles undertaken to achleve oblectlves Achlevements and Performance Clague Architects were appointed to undertake quinquennial inspections to four of the charitls five almshouse buildings, including the 500 year old Grade 11 listed Sir George Monoux Almhousa and th8 Mrs Mary Squires, Almshouse which 230 year old. A considerable amount of work has been identified to tackle items such as 8geSng roofs, including work to the large roof at Collard Court; some properties are suffering from damp, mostly related to the old chimneys and overly high exterior ground levels. Structural investigations have been undertaken Includlng drain suNeys, trial plls and boreholes to establish Ihe causes of cracking within the buildings. Following a tender process a contractor has been appointed who is due to Gommence phase 1 works, primarily to the roof8 to Sir George Monoux. Mrs Mary Squires, Collard Court and the Ridgers almshouses these works will start in July 2024. Phase 2 works will commence in 2025 to George Monoux and subjecl to planning approval will deal with overhauling and renewing windows, e*(erior decorations, removal of redundant chimneys. renewal of an extemal timber staircase and replacing it with a long lasting metal stair, removal of glazed roof to the conseNatory style rooms replacing them with a well insulated slate rcof to match the rest of the single storey extension added during the 19908. Mary Squlres wlll also have wlndows overhauled or renewed where they are beyond repair. Collard Court had a new fire alarm system was installed in February, replacing the system installed when the building was remodelled in 1999. The new alarm system is fully addressable, meaning that it can be reconfigured in various ways, and is better suited to deal with the very large proportion of communal corridors and other spaces within Ihe building, it will also be more economic to service & repair, being 'open protocol, and capable of being dealt with by any fire alami contractor. A new heating system has been installed at the Ridgers almshouse in Chingford. Two communal gas boilers were installed within the coffee room and housed within a new small room especially formed for Ihe purpose. The large arrangement of tanks and electrical components that comprised the old heating system plant has been removed and thls has freed up a considerable amount of space within the garden, it is hoped thal this area can be adapted for use as a shady space for residents to use. There is still work required to the original undeffloor heating system and controls within each cf the flats. which was not included within the contract with Maracom, the installing contractors, and the results of a recent survey of the system are awaited. The cost of the new heating system was £111,854. All of our almshouses have generous gardens where residents are able to safely enjoy the outdoors. the wildlife and where still able Ihe health benefjts of 8Ctively gardening. Many residents have enjoyed gardening over the years, but many have had to ease up on what they can do. Where Ihe gardens's layout works for raised beds they are well used by residents to grow vegetables, herbs and flowers. A new contract gardener started working on four of the almshouse gardens in the Spring of 2023, and rapidly improved the state of the gardens, which had become very overgrown with weeds. The gardens have had flowers, shrubs and herbs planted over the summer and spring, Collard has had its very large shrubs reduced in size to allow more light into ground floor flats and also to provid& greater visibility of the rest of the gardens and frontag8 to help with security. Unfortunately due to the need for scaffolding to be erected during the summer 2024, it has not been possible to fit the much loved hanging baskets this year. A local Charity CREST continues to use the garden room at Colby Lodge for two days each week to provide a Page 3

Walthamstow and Chingford Almshouse Charlty Trustees. report (continued) for the year ended 31 March 2024 Objectives and actlvltles <contlnued) day service for local elderly people, the accessibilty standards at Colby Lodge makes the venue an ideal setting for the day service. There were seven vacancies over the course of the year. two of these are being held vacant to enable residents to be moved if works are required to be undertaken within residents, flats as part of the remedial building works. Flats tend to be occupied by our residents for many years consequentty the Charity usually carries out quite extensive refurbishment on voids including full redecoTalions and new fIoDr coverings. Increasingly as the properties age, new kitchens and shower rooms may be fitted, along with heating and hot water improvements. The void loss of income for the year was 2.5%. The recommended minimum void loss provision is 5Va, the maximum is 12.5OA. c. Grant-maklng pollcles The objects of the Ch8riiy include the relief of persons in conditions of financial need in the area of benefit in such manner as th8 trustees see frt. Directors are focusing on the direct relief of poverty and in respect to other organisations working wth beneficiaries in th8 area of benefit, to support those which alleviate the effects of povety or which have an impact on preventing povety. The Charity aims to work with the LB Waltham Forest's Local Welfare Assistance (LWA) scheme to assist Ioc81 people in need more effectively. The LWA undertake rigorous financial & associated checks of applicants to the fund and will make referrals lo Ihe Charity of families and individuals considered to require further assislanca beyond the limited items the LWA is able to provide. In these cases, the Charity may provide additional household items thal the LWA is unable to supply, and importantly. seek to prO￿llde support to local people who may not be eligible for relief from the LWA, which includes those with no recourse to public funds, or who do not meet the residency qU￿lfiCatiOns. Referrals are also made by the local CAB, single homeless Charitie5, council temporary housing section, schools, women and children refuges and health and social workers. Directors may visit a number of applicanls to independently assess need. Applicants may also refer themselves. Overall grants to individuals and organisations totalled £86,159 compared to £106,193 in 2023. The number of grant awarded to individuals and famiknes decreased by 3 to 83. There were fwe Organisational Grants totalling £28,890 (£32,800 2023). Of th8 overall grants made to famlies and single people Ihosé banèfitting from new household goods 8nd fumiture account for apprcximately 280A of grant expenditure. floor coverings 470k of expenditure and white goods such as cookers and washing machines 25% of grant expenditure. Grants to O anisations The charity continues to support Christian Kitchen which provides a hot meal everyday of the year to Ihe increasing numbers of homeless. and others struggling to provide food for themselves, a grdnt of £15,000 was awarded. The Drive Food Stall was initiated by local residents at the start of Covid-19, the project Is now firmly focus8d on supporting people at the sharp end of Ihe cost of living crisis with the aim to provide as wide a range of nutritious food as possible to those using the project, incorporating fresh vegetables and fruit, staple foods such as pasta, and protein and vitamin rtch items. The Fo¢xJ Stall takes place weekly and was set up to support people living on the Drive & Attlee Estate and surrounding Walthamstow area. specifically those unable to access shopping or community support during the Covid pandemic, especially during lockdowns. The target beneficiaries were those on low incomes, socially isolated or elderly and less mobile residents. The food stall project continues to benefit this section of the local community. now experiencing hardship and food poverty due to the cost of living situation. providing a lifeline to hundreds of households each month. The project's geographical reach within the Walthamstow area has increased over the last two years with additional take-up by residents from other parts of the district. for example the Stocksfield Estate in Wood Street. From May 2020 to April 2024. more than 1,1CN) different households. amounting to about 3.300 people in all, PaJe 4

Walthamstow and Chingford Almshouse Charlty Trustees. report Icontinuedl for the year ended 31 March 2024 Objectives and activities (continued) benefrted from vital free food supplies. The Food Stall is currently used each week by well over 60 households, often reaching a figure in excess of 70, and sometimes 80 plus. Given that about half of individuals coming take food for families, this means the project is reaching approximately 200 peopl8 each week. Along with families, users include single people wilh a history of homelessness some of whom are hostel dwellers. Ukrainian & other refugees who have turned to the Fcod Stall for support in re￿nt times. The charity's grant of £1,188 has enabled the stall to purchase goods at a time of increasing food prices and increased need. and importantly to enable additional food purchases to supplement shortfalls in their regular food donations from other charities eg Trussel Trust & Felix project. Age UK was awarded a grant of £9,652. to fund a project to facilitate 100 face-to-face Income maximisation Sessions to older residents aged 65+ living in the London Borough of Waltham ForesL specifically those living in the E17 and E4 areas. The overarching purpose was to improve the econcmic circumStan￿S of the beneficiaries and wellbeing of older pec)ple to enable them to remain independent, fInancially secure and to be less socially isolated. Of those seen 84 were identified who were eligible to claim benefits and the appropriate applicalion forms were completed on their behalf. Of these, as at May 2024, 58 of those seen had received confirmalion that the benefits applied fer had been awarded. The monthly increase income totalled £15,530.61 plus 6 of the clients also received backdated awards totalling an additional £8002.40. For these 58 clients the annual total of benefrt income will be in excess of £186K. The remaining 26 clients were still waiting to have confimiation of enlitlement from the DWP. Should those clients be successful, the total monthly income would be £13,477.65 or £161,731 annually, the project clearly maxtmises the income of those clder residents of Walthamstow & Chingford with the consequent long term benefrts. Page 5

Walthamstow and Chingford Almshouse Charity Trustees, report (continued) for the year ended 31 March 2024 Objectives and activities (continued) Grant A Ilcatlon Process There is a ￿-Stage process for Charities or organisations to make an application for a grant. Charitieslorganisations are requested to promde a brief outtine of their aclimlies and what they require a grant for. The outline proposal is considered by the Grants. Committee, which decides whether a full submission on the Chartties application form should be requested. Before a decision is made as to whether or not to award a grant, directors may vistt the applicant Charitylorganisation before recommendations to the Grants and Accommodation Committee are made. Charrties and organisations receiving grant are required to provide a written report of the use and impact of the grant after 12 months. b. Spade Husbandry Allotments Charlty The Walthamstow and Chingford Alrnshouse Trustee Company is the trustee of the Spade Husbandry Charity, Spade allotment sitè consists of 122 plots of which 43 are half plets and the remalnder being full plots. The committee have one of the half plots on which they site their container. As wlh other sites because of long waiting lists some of the vacant full plots were split tsvo half plols and during the year ther8 wéré 5 new tenancies for Spadé all of which ware half plots. Rents are £55 for a full and £35 for a half plot (10 rod and 5 rod) The current waiting list for vacant plols 8t Spade has increased slightly since last year with 42 people on the list. Spade has a very active and effectiv8 Slte commiitee which actively works wlh the allotment manager to ensure the smooth running of the Spade Husbandry allotments. The committee collects site fees for water rates and key deposits. The vast majority of plots are well rnaintained but a few non-cultivation letters were sent out during th8 year. The City of London carried out some remedial work to the access track to alleviate the flooding problem by clearing the ditches either side of the track. The construdion of new council housing replacing Ihe old estate adjacent to the site has been completed but this resulted in a small problem with persons accessing the site from these properties. The Spade committee has worked to secure the damage done to the fencing to prevent further trespassing. c. Public beneflt IThe Directors have carefully considered the Charty CommTssion guidance 'Charities and Public Benefit, with regard to Ihe provision of almshouses and grant making. The Directors consider that the procedures in place to advertise Almshouse vacancies reach as wide a section of the local communrty as possible, given the restrictions imposed by the Charity Schemé and the area of benefrt. In addition to 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 its direct appliGanls have insufficient priority need for a vacancy. All qualifwng applications for accommodation are given careful consideration and when a vacancy arises those with sufficient priority are vistted to assess their needs., the applicant's situation is assessed in respect of financial and housing need. social need and as lo whether the applicant would benefit from living in supported housing. Accommodation is offered to those applicants ￿1th the greatest need. Almshouse Accommodation charges are below the maximum levels set at the Local Housing Allowance rate. certain costs are subsidised by the Charity, such as the support element of scheme manager costs, emergency call system, water rates and TV licences amongst others. d. Strategy Review Th8 charity is currently laoking at a joint venture with a local church with a view to developing approximalely nine new almshouse apartments in central Walthamstow. Page 6

Walthamstow and Chingford Almshouse Charity Trustees. report (Gontlnued for the year ended 31 March 2024 Achievements and perfomiance . Financial review Total income for the year was £1.172.804 compared to £1.032,768 in 2022.2023. an increase of £140,000 mainly due to a £68.800 increase on investment income. an increase of investment deposit interest of £19,000 and increased WMC income of £50,000. Total expenditure is £1,143,249 compared to the previous year of £898,867 mainly due to the installation of boilers at the Ridgers Almshouse, £111,850. An Increase in estate professional fees. comprising Quinquennial survey fees and ensuing SUTveyar and engineer f8&s for further investigative reports, drafting specifications. along with other consultancy fees total costs within this heading £95,000. An increase in energy costs of £27,500 compared to the previous financial year. There were unrealis8d gains on listed investments of £412.073 comp8red to 2022.23 which had unraalised losses of £600,300 b. Fixed assets The movements in tangible r￿ed assets during the year are set out in note . to the financial statements. The Directors, believe that the r￿ed asset Almshouse properties are worth considerably in excess of the net book value disclosed in these accounts: however. it is unable to quanlify the excess wtthout incurring significant Unne￿$sary professional valuation fees. . Investment policy and perfortnance Listed investments The Charity Commission Scheme regulating the Charity places no restrictions on the Directors, power to invest. The objectives of the Charitls Investment Policy are to ensure the creation of sufficienl income and capital growth to enable the Charity to carry out ils purpos8s year by year. wilh due and proper consideration for future needs and the maintenancej of and. if possible, enhancement of the value of the invested funds. The policy is reviewed annually. As at 31 March 2024, Investec Wealth and Investtnent Limited manage approxirTJately 50 % of the Charit￿S total investment portfolio on 8 discretionary basis. The directors preclude investment in companies involved in home Collected credit., directors consider such investments to be in conflict with the CharIt￿S objective of relief in need. No initial investment should exceed 7.5 % of the total value of the funds under management. Trustees, objecltves ar& to seek a balanced retum froTn income and capital growth within moderale risk parameters. The perfomiance of each asset class will be measured against relevant market indices. The overall perfomiance is compared to a bespoke benchmark based cn the midpoint of each asset class, measured against the underlying indices for each asset class Of the other 50/0 of the Charities. portfolio, the majority was invested in the M&G Charity Multi-Asset Fund, which replaced tha National Association of Almshouses Common Investment Fund (NAACIF) in November 2019. The 12 months to the end of March 2024 was a positive period for the investment portfolio, helped by a strong perfcrmance from equity markets, predominantly in the second half of th8 yaar. Equity markets started to push higher in October 2023 on the back of lower inflation data and investors brought forward their expectations for interest rate cuts to commance. As we moved into 2024, those expectations subsequenlly changed as inflalion readings proved to be higher than anticipated and this had a negativ8 impact on Fixed Inter8St 8nd 8ssets such as infrastructure. Equity markets however continued to rise bLrt masked the fact that much of their return was dominated by a small number of large companies in the US exposed to the Artificial Intelligen￿ theme,. this concentrated market leadership resulting in a challenging backdrop to outperform giv8n th8 more diversified nature of the portfolio. Against this background, your portfolio delivered 8 total retum of +7.8 % (7.OdA net) over the period compared to a retum of 9.5Q/o for the benchmarli. The peer group net retums for this period was +S.4/0 for the average charity in the ARC Steady Growih Universe and +7.2Yo for the average ARC Balanced charity. Page 7

Walthamstow and Chlngford Almshouse Charity Trustees, report {contEnued) for the year ended 21 March 2024 Achlevements and performance (continued) The M&G portfolio had a net total return of $.37 % versus the benchmark of 10.940/0 for the year. Investment Propertles Investment properties were revalued in July 2022, by Savills (Chartered SuNeyorsl of London on an open market value for existing use basis, the total value of the properties is £2,499,500. Flnanclal revlew a. Golng concern After maklng appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves pollcy The Trustee has reviewed the reserves policy and has concluded that free reserves of £900,000 should b8 retained, which equates lo approximately one year's income. c. Risk management The dlrectors have assessed the malor rlsks to whlch the Charlty Is exposed, In partlcular Ihose related to the cperations and finances of the Charity and are Satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Charity's senior staff report directly to a relevant committee or to the Chair and Vice Chair of the Board and to the Chair of the Finance and General Purposes Committee on risk management issues as appropriate. For example safeguarding concems in respect of residents are reported to the Grants and Accommodation Committee as a matter of course, along with the detail of action taken. The committee structure ultimalely informs th8 board of risk arising and mitigation measurès. DIrectors￿rUStees are supportive of all employees and staff are encouraged to be open and honest about problems and errors so that incidents can be dealt with promptly with the aim of minimising any potential detriment to our beneficiaries, the Charily, ils staff and directorsltrustees. Page 8

Walthamstow and Chingford Almshouse Charity Trustees. report (continued) for the year ended 31 March 2024 Structure. govemance and management a. Constltutlon and governance Walthamstow and Chingford Almshouse Charity is a registered Chanly, number 1116355. and is constituted under a Memorandum of Association. The Charity is an amalgam of many charities, the first being endowed by Sir George Monoux upon the purchase of land from the Convent of the Holy Trinty Priory in Aldgate. London, in 1527, for building thirteen almshouses. a school and a feast room. In 1895 the numerous charities were regulated by a Schem8 of the Charity Commission and were collectrvely called the Walthamstow Parochial Charities. There followed four varying Schemes of the Charity Commission and in 1957 a Charity Commission Scheme governed the thirty-three charities under the title of The Wafthamstow Almsh(yJse and General Charities. In June 2006 a Scheme was ordered to govern all the chariites and amalgamate the Chingford Almshouse Charities with the Walthamstow Charities under the present-day tj'tle of the Walthamstow and Chingford Almshouse Charity. A limited company, the Wa5thamstow and Chingford Almshouse Trustee Company was incorporated on 18th September 2007 and appointed by a Chartty Commission Scheme of 28th September 2007 to administer the Charity. The directors of the company comprise the board which leads the charity and sets the charity's strategy. The Charity Trustee is sole shareholder of the Walthamstow Almshouse Development Company Ltd. The Development Company was established to undertake the development of 20 new almshouses at the site acquired by the Chanty in 2011 1C The Drive, E17, ccThpleted in March 2018 and known as Colby Lodge. b. Methods of appolntment or election of Trustses The management of the Charity is the responsibilty of the Directors who are nominated and co-opted under the terms of Ihe Articles of Association. The Finance and &neral Purposes Committee takes the lead on recrutlment of Directors. c. Policles adopted for the Induction and trdining of Trustees New Directors are prowd8d with a copy of the latest set of audited accounts, the Schemes dated 14th June 2006 and 28th September 2007, the Memorandum and Artides of Association of the Trustee Company, the latest rninutes of meetings, a brief history of the Charity, the Chariws book °The Walthamstow Charities. and the Charity Conimission's Publication °The Essential Trustee.. The Director will be offered a subscription to r8lev8nt publicatlons and Trustee training and seminars. The Clerk to the Directors wll meet with the new Director regarding finances including investments, almshouse management and grant making. Th8 Director will be given a tour of the almshouses and a number of the investment properties. The new Director may attend one or two Committee meetings as a guest before deciding ￿lch committee(s) to serve on. Directors, meetings are hdd quarterly. the board is suppKJrted by fwe active Committees, which meet regularly. The Committees are: Finan￿ and General Purposes, committee. whose tesponsibilities include preparing and monitoring annual budgets. recommending pay awards and weekly maintenance charges. Grants and Accommodation, which deals with grant and housing applications. Personnel, which deals wth staffing rnatters including policy and procedure, remuneration and disciplinary and grievan￿. Developrnent, which progress8s Almshouse development and refutbishment projects. Allotment, which deals with matters pertaining to the Charivs f￿r allotment sites. Page 9

Walthamstow and Chingford Almshouse Charlty Trustees, report (continued) for the year ended 31 March 2024 Structurej governance and management (continued) d. Pay policy for key management personnel In 2022 Directors appointed a Human Resources consultant to undertake salary benchmarking research for senior staff employed by the Charity. The Clerks salary has recently been remewed and adjustment approved by the Board in April 2023. Due to a slaff absence and subsequent job vacancy over the course of the year, the Clerk worked additional hours to provide essential cover. the net cost of the additional hours to the charity, that is, Clerks additional salary less salary savings arising from the vacant post was £2.291. Plans for future periods Almshouses Directors will seek out opportunities to acquire or develop addition21 almshous8S. it is in the charitys best interests for it to 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 as acquiring a development sile or linking up wtth a third party on a reaprocal basis. The charity is currently in discussions with a Iccal church and directors are optimistic that a small development of g almshouse apartments will be built. The charity is CU￿entlY in the process of obtaining quotations for worf<s to fire doors at Collard Court and Monoux Almshouses. to ensure they meet current standards and it is anlicipated that work will begin in the autumn. Grantmaking The charity has been contacting organisations wrythin Waltham Forest to publicise the charivs grantmaking, sending out fliers which have also been distributed by staff and trustees. We are beginning to see an increase of applications. The budget for 2024 is £100.000. statement of Trustees, responsibilitie5 The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and Uniled lfjngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which gNe a true and fair view of the state of affairs of the Chartty and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements. the TTUStees are required to: seled suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP (FRS 102); make judgements and accounting estimates that are reasonable and prudent: state whether applicable UK Accounting Standards (FRS 102) have been followed, subject lo any material departures disdosed and explained in the finarKial statements. prepare the fInancial statements on Ihe going cOn￿M basis unless it ts inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the CharIt￿S transactions and disclose with reasonatle accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply wilh the Charilies Act 2011, the Charity (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 cther irregularities. Page10

Walthamstow and Chingford Almshouse Charty Trustees. report (contlnued) for the year ended 31 March 2024 Dlsclosure of infomiation to auditor Each of the persons who are Trustees at the time when this Trustees, rewi is approved has confinned that: 80 far as that Trustee is aware. there is no relevant audit information of which the chaiitys auditor is unaware. and that Trustse has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infcffmation and to establish that the charitys audttor is aware of that infonnation. Auditor The auditor, Kreston Reeves LLP, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of Ihe Trustees. Approved by of the members of thé board of Trustees and signed on their behalf ty. Ch rustees 24 July 2024 Page11

Walthamstow and Chingford Almshouse Charity

Independent auditor's report to the Members of Walthamstow and Chingford Almshouse Charity

Opinion

We have audited the financial statements of Walthamstow and Chingford Almshouse Charity (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 12

Walthamstow and Chingford Almshouse Charity

Independent auditor's report to the Members of Walthamstow and Chingford Almshouse Charity (continued)

Other information

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 13

Walthamstow and Chingford Almshouse Charity

Independent auditor's report to the Members of Walthamstow and Chingford Almshouse Charity (continued)

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 thereunder.

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

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

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charity and sector, and through discussion with the trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, data protection and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charity Statement of Recommended Practice and other charity regulation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined the principal risks related to posting inappropriate journal entries and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional Page 14

Walthamstow and Chingford Almshouse Charity

Independent auditor's report to the Members of Walthamstow and Chingford Almshouse Charity (continued)

scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants Chatham Maritime Date: 8 August 2024

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 15

Walthamstow and Chingford Almshouse Charity Statement of financial actlvltles for the year ended 31 March 2024 Unrestrlcted funds 2024 Restrlcted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Charitabl& activiti&s 100 100 644,989 527,715 286 594,100 438,380 639,685 527,231 5,304 Investments Total income and endowments 1,167,016 6,788 1,172.804 1,032,766 Expendlture on: Raising funds Charitable activities 37,844 1,016,333 3,937 921 9,498 64,716 61,279 1,081,970 61.854 837,013 Total expenditure 1,054.177 4,858 84,214 1,143,249 898,867 InGomel{expenditure) before net gainslllosses) on investments Net gainsl(losses) on investm8nts Net movement In fund8 112,839 930 184,214) 29,555 133,899 156,688 255,485 412,073 (600,382) 269,427 930 171,271 441,628 (466,483) Reconclllatlon of funds: Total funds broughl forward Net movement in funds Total funds carried forward 13,512,275 269,427 19.652 930 11,222,676 171.271 24754,603 441,628 25,221,086 (466.483) 13,781,702 20,582 11,393,947 25,196,231 24,754,603 The Ststement of financial activities includes 811 gains and losses recognised in Ihe year. The notes on pages 19 to 37 form part of these financial statements. Page 16

Wallhamstow and Chingford Almshouse Charity Balance sheet as at 31 March 2024 2024 2023 Note Flxed assets Tangible assets Investments Investment propety 11 13 8.537.895 13,265.552 2A92.000 8,681,673 12.784,534 2,492,000 12 24,295,447 23,958,207 Current assets Debtors Investments Cash at bank and in hand 14 15 76,469 860,855 184,833 65,678 738.809 136.204 1.122,157 940.691 Creditors: amounts falling due within one year 16 (221.373) (144,295) Net current assets 900,784 796,396 Total net assets 25,196,231 24,754.603 Charity funds Endowment funds Restricted fvnds Unrestricted funds 17 17 17 11.393.947 20,582 13,781,702 11,222,676 19,652 13,512,275 Total funds 25,496,23 24,754,603 The financial st s were approved and authorised for issue by the Trustees and signed on their behalf by: ss Trustees Ch Date: 24 July 2024 The notes on pages 19 to 37 fomi part of these financial statements. Page 17

Walthamstow and Chlngford Almshouse Charity statement of cash flows for the year ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activilies 20 {493.702) (644.415) Cash flows from investing activlties Dividends, interests and rents from tnvestments Proceeds from sale of investments Purchas8 of investrnents 527,715 438,380 2,011,170 1.799.758 (1.996,554> {1.610,141) Net cash provlded by Investing actlvltles 542.331 627,997 Change in cash and cash equlvalents in the year Cash and cash equivalents at the beginning of the year 48,629 136,204 {18,418) 152,622 Cash and cash equlvalents at the end of the year 21 184,833 136,204 The notes on pages 19 to 37 form part of these financial stslements Page 18

Waltharnstow and Chingford Almshouse Charity Notes to the financial statements for the year ended 31 March 2024 General information Walthamstow and Chingford Almshouse Charily is a charity registered in England. Th8 charitls registered address is Monoux Hall. Church End. Waltharnstow, London. E17 9RL. Accountlng pollclas 2.1 Basis of preparation of financlal statements The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities pieparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, Ihe Financial Reporting Standard applicable in the Uniled Kingdom and Republic of Ireland (FRS 102), the Char5ties Act 2011 and UK Generally Accepted Accounting Practice. The financial ststements have been prepared to give a 'true and faiff view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exlent required to provide a 'tru8 and fair viemf. This departure has involved following the Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordanca with the Financial Reporting Standard applicable in the UK and Republic of Ir8land issued in October 2019. W8tthamstow and Chingford Almshouse Charity meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are Initially recognI8ed at hlstorlcal cosl or transaction value unless othetwise stated in the relevant accounting policy. 2.2 Going concern The Trustses consider whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or ccnditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded Ihat the Charity has adequale resources to continue in operational existence for thé for8se8able future and there are no material uncertainties about the Charity's ability to continue as 8 going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements, 2.3 Income All income is recognised once the Charity has entitlement to th8 income, it is probable that the Income will b8 received and th8 amount of income receivable can be measured reliably. Grants are included in the statement of financial activities on a receivable basis. The balance cf income received for speGific purposes but not expended during the period is shown in the relevant fund5 on the balance sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred income. Where entidement occurs before incorne is received, the income is 8ccrued. Income tsx recoverable in relation to investment income is recognised at the time the inveslmant income is receivable. Other income is recognised in the period in which it is receivable and to the extent Ihe goods have be8n provided or on completion of the s8Nice. Page 19

Walthamstow and Chlngford Almshouse Charity Notes to the flnanclal statements for the year ended 31 March 2024 Accountlng pollcles Icontinued) 2.4 Expenditure Expenditura is recognised oncé theré is a legal or constructive obligation to Iransfer economic benefit to a third paty, it is probable that a transfer of economic benefits will b& required in settlement and the amount of the obligation can be measured reliably. Expenditure on raising funds includes all expenditure InCu￿ed by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activitl8s is incurred on directly undertaking the activities which further the Charitys objectives. as well as any associated support ccsts. Grants payable are charged in the ye8r when the offer is madè 6xcept in those cas88 wheré thé offer Is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to condilions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity. this is normally upon notification of the interest paid or payable by the Institution with whom the funds are deposited. 2.6 Tanglble flxed assets and depreclatlon Tangible fixed assets costing £2,500 or more are capitalised and recognised when future economic benefits are probabl8 8nd the cost or value of the asset can ba m88sured reliably. Tangible fixed assets are initially recognised at cost. After recognilion, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its inlended working condilion should be Included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the slraight-line method. Depreciation is provided on the following bases: Freehold property 50 or 80 years straight line Freehold land Not depreciated Almshouse equipment 20 years straight line Computer and office equipment 5 years straight line 2.7 Investments Listed investments are a fonn of financial instrument and ar8 initially recognised al their transaction ost and subsequently measured at falr value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairmént. Investment gains and losses, whether realised or unrealised. are combined and shown in the heading 'Gainsl{losses) on investment5, in the Ststement of financial activities. Investm8nt properties are measured at fair value 21 each reporting date. Changes in fair value are recognised in 'Gainsl{losses) on investments, in the Stalement of financial activities. Page 20

Walthamstow and Chingford Almshouse Charity Notes to the financial statements for the year ended 31 March 2024 Accounting pollcles (contlnued) 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any tr2de discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity ofthree months or less from the date of acquisition or opening of the deposit or similar accounL 2.1 O Liabilities and provisions Liabilities are recognised when there is an obligation at the balance sheet date as a resuli of a pasl event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced paymants for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to S8tt18 the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that refIects the risks specific to Ihe liabilty. The unwinding of Ihe discount is recognised in Ihe statement of financial activilies as a finan￿ cost. 2.11 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic fin8ncial instruments are initially recognised at transaction value and subsequently measured at their settlement value wth Ihe exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the 8mounls payable by the Charity to the fund in respect of the year. 2.13 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other pu￿Ose$. Designated funds comprise unrestricted funds that have been set asida by th8 Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cosls of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 21

Walthamstow and Chingford Almshouse Charlty Notes to the finanGlal statements for the year ended 31 March 2024 Income from charitable activities Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Almshouses - weekly maintenan contributions Sundry income Spade Husbandry 634,572 5,113 634.572 5.113 5.304 584,497 3,870 5,733 5,304 639,685 5,304 644,989 594.100 Total 2023 588,367 5,733 594,100 Investment income Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Inccme from investment properties Dividends receivable Deposil interest 45,538 449,802 31.891 45,538 450,132 32.045 47,045 381.305 10.030 330 154 527.231 527.715 438.380 Tolal 2023 438.013 3S7 438,380 Page 22

Walthamstow and Chingford Almshouse Charity Notes to the financial statements forthe year ended 31 March 2024 Expenditure on raislng funds Unrestrlcted Restrlcted Endowment funds funds funds 2024 2024 2024 Total funds 2024 Total funds 2023 Allotmenl expenses Télephonè staff training and travel Printing, postage and stationery Computer costs Subscriptions Sundry costs Investment managers, fees Stsff costs - gross salaries St8ff costs - Nl 7,121 1,006 167 348 974 193 186 9,749 16,401 1,699 7,121 1,006 167 348 974 193 186 29,247 20,023 2,014 7,739 83S 168 222 769 152 79 28,933 20,974 1,983 19,498 3.622 315 37,844 3,937 19,498 61,279 61,854 Total 2023 38,543 4,022 19,289 61,854 Analysls of grants Grants to Grants to Institutlons Indlvlduals 2024 2024 Total funds 2024 Total funds 2023 Granls payable 28.890 57.269 86,159 106,193 Total 2023 32.800 73,393 106,193 In both the CUTrenl and previous financial year the total grants payable were all from unrestricted funds. The charity mad8 83 grants to individuals this year (2023: 86). Details of grants made to institutions can b8 found below. Page 23

Walthamstow and Chingford Almshouse Charity Notes to the financial statements for the year ended 31 March 2024 Analysls of grants (contlnued) The Charity has made the following material grants to institutions during the year. 2024 2023 Name of Instltutlon Christian Kitchen Soulh Grove School Bags of Taste Age UK 15,000 15.000 10,000 5,000 9,652 24,652 4.238 30,000 other grants less than £5,000 lo institutions 2,800 28.890 32,800 Recipients of grants must reside or operate within Walthamstow or Chingford. Applications are submitted on a standard fomi and checked for eligibility before usualty passing to two Dir8Ctors of the Trustee Company who will visit the applicant. The visiting Directors report back to the Grants and Accommodation Committee and make a recomrnendation as to whether the grant should be approved and then agree upon the amount to be awarded. More details of grant giving are provided within the Trustee'6 Report. Analysis of expendlture on charitable actlvltles Summary by fund type Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Total 2024 Total 2023 Charitable activities 1,016,333 921 64,716 1,081,970 837.013 Total 2023 694,228 793 141,992 837,013 Analysls of expenditure by actlvltles Activities undertaken directly 2024 Grant funding of activities 2024 Support costs Total funds 2024 Total funds 2023 2024 Charitable activities 899,009 86,159 96,802 1,081,970 837.013 Total 2023 641,265 106,193 89,555 837,013 Page 24

Walthamstow and Chingford Almshouse Charity Notes to the financlal statements for the year ended 31 March 2024 Analysis of expenditure by activltles (contlnued) Analysis of direct costs Total funds 2024 Total funds 2023 Staff costs Depreciation Legal and professional fees Routine repairs Light and heat Water rates Council tax for empty flats Security Residents direct expenditure. outings and parties Residents TV licen Insurance Cleaning Garden maintenance Extraordinary repair5 Cyclical repairs 160.180 143,778 97,810 109,860 118,555 22,957 193 14,858 (34) 809 21.662 11,528 21,542 134,602 40,709 144,290 143,779 38,262 81.775 86.608 19.063 181 16,038 8,100 809 18,652 13,282 11.057 59,369 899,009 641.265 Analysis of support costs Total funds 2024 Total funds 2023 Staff costs Telephone Staff training and Iravel Printing, postage and stationery Computer costs Subscriptions Sundry costs Trustee meetings and expenses Audit fee and statutory accounts production Legal and professional fees Bad debt expense 26,630 10.156 1.678 3.119 9,860 1.962 1.123 769 29,112 8,431 1.689 1.983 7.787 1.541 375 426 16A40 19,025 6,040 15.540 22,671 96,802 89,555 Page 25

Walthamstow and Chingford Almshouse Charity Notes to the financlal statements for the year ended 31 March 2024 staff costs 2024 2023 Wages and salaries Social security costs Other pension costs 182,119 14,042 12,686 172,492 12,715 11,152 208,847 196,35g The average number of persons employed by the Charity during the year was as follows.. 2024 2023 No. Office sl8ff Operalional staff The average headcount expressed as full-time equivalents was: 2024 2023 Office staff Operational staff The number of employees whose employee benefrts (8xcluding employer pension costs) exceeded £80,000 was: 2024 2023 In the band £80.001- £90.000 The totsl remuneration and benefits received by the charity's key management personnel during the financial yearwas £131,642 (2023: £96,468). 10. Trustees, remuneration and expenses During the year, no Trustees re￿iVed any remuneration or other benefits (2023- £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred12023- £NIL). Page 26

Walthamstow and Chingford Almshouse Charity Notes to the financtal statements for the year ended 31 March 2024 Tanglbla flxed ass&ts Freehold Fixtures and property rittings Offlce equlpment Total Cost or valuation At 1 April 2023 10,414,823 35,743 7,805 10,458,371 At 31 March 2024 10.414,823 35,743 7,805 10,458,371 Depreciation At 1 April 2023 Charge for the year 1,748,371 141,991 20,523 1,787 7,804 1,776,698 143,778 At 31 March 2024 1.890,362 22,310 7,804 1,920,476 Net book valua At 31 March 2024 8,524,461 13,433 8,537,895 At 31 March 2023 8,666,452 15,220 8,681,673 The Charity'8 freehold land, wth the exception of the freehold almshouse at 1C The Drive, was all donated and was not capit81ised; given that the gifts were made many years ago the Directors of the Trustee Company believe the value when given was not material. Hence no land vslue Is Included above for the ortginal properties and the full cost of the building8 is being depreciated. Orlglnal cost of freehold property 2024 The Ridgers Almshouses Monoux Almshouses Squires Almshouses Collard Almshouses 1 C The Driva (see bèlow) 955,748 647,819 133,830 1,506,825 7,164,103 0,408,325 Most of the above cost represents rehabilitation and renovation work carried out over the last 23 years. 1C The Drive, Walthamstow was purchased as a freehold propety by the charity for £900,000. The demolition of the existing property has b8en treated as part of the18nd cost. This and all related costs have been capilalised above under'Freehold propertW. The Directors of the Truste8 Company do not consider it practical or helpful (given that the praperties ar8 all held for the long-temi) to quantify the differen￿ between the net book value of freehold buildings and their market values at the year end. Page 27

Walthamstow and Chingford Almshouse Charity Notes to the financlal statements for the year ended 31 March 2024 12. Investment property Freehold investment property Valuation At 1 April 2023 2,492,000 At 31 March 2024 2,492,000 The 2022 valuations were made by Savills (Chartered Surveyors) of London as of 1 July 2022, on an open market value fcr existing use basis. It is assumed that the value of these investment properties is in line with their market value and are deemed appropiate still as at 31 March 2024. Investment properties consist of. Land used as allotments: Hale End Road (8.0 Acres) Honeybone Lane (3.2 Acres) Trencherfield {3.8 Acres) Other Land: South Side of Shernhall Street, London E17 (0.2 Acres). Propert188: 880 Forest Road. Landon, E17 882 - 884 Forest Road, Lcndon, E17 886- 888 Forest Road, London, E17 William E. V￿ltI1ngharn School Flats at Dennis Court, London, E17 85 Albert Road, London, E17 26 Brierley Road, London, E11 Page 28

Walthamstow and Chingford Alrnshouse Charity Notes to the financlal statements for the year ended 31 March 2024 13. Fixed asset investments Unlisted securities Llsted securlties Total Cost or valuation At 1 April 2023 Additions Disposals Revaluations 12,784,633 12,784,534 1,996,554 1,996,554 12,011,170) (2,011,170) 495,634 495,634 At 31 March 2024 13,265,551 13,265,552 Net book value At 31 March 2024 13,265.551 13,265,552 At 31 March 2023 12,784,533 12,784,534 Page 29

Walthamstow and Chingford Almshouse Charity Notes to the financial ststements for the year ended 31 March 2024 13. Fixed asset investments (contlnued) Principal subsidiaries The following was a subsidiary undertaking of the Charity. Name Company number Reglstered office or principal Principal activity place of business Walthamslow Almshouse Development Company Limited 08393301 Clo Wallhamstow & Chingford For the development Almshouse Charity, Monoux of a new almshouse Hall. Church End, London. E17 at 1 C, The Drive, 9RL Walthamstow. Class of Holdlng shares Ordinary 100% The financial results of the subsidiary for the year were: Name Expendlture Profttl(Loss) for the perlod Net assets Walthamstow Almshouse Development Company Limited (35) {35} 10,652 The turnover has historically been incorporated in the financial statements of the charity as the largest part of the capital expenditure on 1C The Drive and is very close to the historic trading expenditure. Other income and expenditure is not considered to be material to the charrty. Similarly balance sheet arnounts are not considered to be material to the charity. Accordingly consolidal8d financial statements would not vary materially from the Charity financial statements and hence have not been prepared. 14. Debtors 2024 2023 Due withln one year Trade debtors Other debtors Prepayments and accrued income 14,723 7,426 54,320 7,397 9,585 48,696 76,469 65,678 Page 30

Walthamstow and Chingford Almshouse Charlty Notes to the flnancial statements for the year ended 31 March 2024 15. Current asset Invostments 2024 2023 Investrnent deposit funds 860,855 738,809 6. Credltors: Amounts falllng due within one year 2024 2023 Trade creditors Amounts owed to group undertakings other creditors Accruals and deferred income 104,769 16,401 383 99,820 37,692 16,401 383 89,819 221,373 144,295 2024 2023 Deferred income at 1 April 2023 Resources deferred during the year Amounts released from previous p&rlods Deferred income at 31 March 2024 13,449 12,003 {13,4491 11,903 13,449 (11,903) 2,003 13,449 Page 31

Walthamstow and Chingford Almshouse Charity Notes to the financial statements for the yearended 31 March 2024 17. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds Designated funds Almshouse building Extraordinary repairs Cyclical maintenance 10,558A10 244N07 83.542 10,886,459 l ￿31.779 (134,602) 26,148 47,596 1,470,921 521.986 {40,709) 43.045 524322 12.612.275 (175.311) 313.600 131,138 12,881,702 General funds General funds 900,000 1.167,016 (878,866) (313.600) 25.450 900,000 Total Unrestricted funds 13.512,275 1.167,016 (1,054.1771 156,588 13.781.702 A designated fund is held for the newly completed construction of a new almshouse project and fLrture almshouse development. Directors of the Trustee Company have decided to move funds in the general fund in excess of around one yearfs income (2023: £900.000) to designated funds. The fund at the end of the year is principally represented by investment deposit funds, with the balance represented by fixed asset investments and the capitalised costs of the new almshouse. The Charity also hokjs designated funds for ext￿rdinary repairs to its almshouses (represented by investments) and cyclical maintenance carried out every S years on the almshouses (represented by investment deposits). Endowment funds Capital fund Spade Husbandry 11,215,108 <84,214) 255A85 11,386,379 7.568 7,568 11,222.676 {84,214) 255,485 11.393,947 Page 32

Walthamstow and Chlngford Almshouse Charlty Notes to the financlal statements for the year ended 31 March 2024 17. Statsment of funds (continued) Thè Capital fund reprasents the Charitrfs endownents from the various different charities that have been amalgamated to create IL It comprises all freehold properties (except 1C The Drive) and all investment properties, together with a balance of non-property investments. The percentage of non-property investments held within the fund at the year end Mvds 62.0% which is applied to investment gains and losses and investment management costs in order to apportion these lo the fund. Please see the note b81ow on the Spade inccme fund for details of the Spade Husbandry Allotments endowment fund, whlch is mainly represented by investments with the balance in the bank {the associated land is owned by the Corporation of London who allow its use as allotments in accordan with Act of Padiament). Restricted funds Spade income 19.652 5,788 {4,858) 20,682 The Spade incorne fund represents money held for the Spade Husbandry Allotments Charity. The Charity acts as Twstee of Spade Husbandry Allotments and in particular holds its endowment fund (see above). Income from the endo)4vrnent fund, along wth rent from the charity's allotments (which are included in land owned by the Corporation of L<)ndon, wilh the charity hamng statutory rights to the land), is used to manage the allotments. The income and expenditure for the year is as 8hown for the restricted fund above. Total of funds 24,754,603 1,172,804 (1.143,249) 412,073 25,196,231 Page 33

Walthamstow and Chingford Almshouse Charity Notes to the flnanclal statements for the year ended 31 March 2024 17. Statement of funds (continued) statement of funds - prior year Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Gainsl (Losses) Income Expenditure Unrestrlcted funds Designated funds Almshouse building Extraordinary repairs Cyclical maintenance 10,433,754 246.431 (121,675) 10,558,510 1,574,736 26,365 (69,322) 1,531.779 537,953 (59,369) 43.402 521,986 12,546,443 (59.369) 316,198 (190,997) 12.612,275 General funds General funds 900.000 1,026.666 (673,402) (316.198) (37,066) 900,000 Total Unrestricted fund8 13,446,443 1,026,666 (732,771) (228,063) 13.512.275 Endowment funds Capital fund Spade Husbandry 11.748,491 (161,281) (372,102) 11,215,108 7,785 (217) 7.568 11.756.276 (161,281) (372.319) 11,222,S76 Restricted funds Spade income 18.367 6,100 (4,815) 19,652 Total of funds 25.221,086 1,032,766 (898,86n (600,382) 24.754.603 Page 34

Walthamstow and Chingford Almshouse Charity Notes to the financlal statements forthe year ended 31 March 2024 18. Summary offvnds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Galnsl (Losses) Income Expenditure Designated funds General funds Endowment funds Réstricted funds 12,612.275 900,000 (175,311) 313.600 1878.866) (313.600) 131,138 12,881,702 25A50 900,000 1.167,016 11,222.676 19,652 (84214) {4858) 255A85 11,393,947 20,582 5,788 24,754,603 1,172,804 {I.143.249) 412,073 25,196,231 Summary of funds - prior year Balance at 31 March 2023 Balan￿ at 1 April 2022 Transfers inlout Gainsl (Losse5) Income Expenditure Designated funds General funds Endowmant funds Restricted funds 12,546.443 900.000 (59.369) 316,198 (673,402) (316.198) (190,997) 12,612,275 (37,066) 900,000 1,026,666 11,756,276 18.367 (161.281) {4,815) (372,319) 11,222,676 19,852 6,100 25,221,086 1,032,766 (898,867) (600,382) 24.754.603 19. Analysis af net assets between funds Analysls of net asset8 between funds - current perlod Unrestrlcted Restrlcted Endowment funds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year 6,720,385 6,181,115 1,817,510 8,537,895 7,084,437 13,265,552 2,492,000 2,492,000 1,122,157 (221,3731 1.101.575 (221.373) 20,582 Totsl 13.781,702 20,582 11,393,947 25,196,231 Page 35

Walthamstow and Chingford Almshouse Charlty Notes to the financlal statements for the year ended 31 March 2024 19. Analysls of net assets between funds (contlnued) Analysis of net assets between funds - prlor period Unrestricted funds 2023 Restricted Endowment funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Investment property Current assets Cr&ditors due within one year 6,799,446 5,936,085 1,882,227 8,681,873 6,848,449 12.784.534 2,492,000 2,492,000 940,691 (144,295) 921,039 <144.295) 19.652 Total 13,512,275 19.652 11,222,676 24,754.603 20. Reconclliation of net movement in funds to net cash flow from operatlng activities 2024 2023 Net incomelexpenditure for the period (as per Statement of Financial Actimties) 441,628 (466,483) Adjustments for: Depreciation charges Lossesl(gains) on investments Dividends, interests and rents from investments (Increas8)Idecrease In debtors Increase in creditors (Increase)Idecrease in current asset iM￿StmentS Net cash used in operating activities 143,778 143,780 (495,634) 378,856 (527,715) (438,380) {10,79q) (2,545) 77,078 60,387 (122,046) (320,030) 1493,702) {644,415) 21. Analysis of cash and cash equivalents 2024 2023 Cash in hand 184,833 136,204 Page 36

Walthamstow and Chingford Almshouse Charity

Notes to the financial statements for the year ended 31 March 2024

22. Analysis of changes in net debt

Cash at bank and in hand
Liquid investments		 At 1 April
2023
£
136,204
738,809
875,013		 Cash flows
£
48,629
122,046
170,675		 At 31 March
2024
£
184,833
860,855
1,045,688

23. Pension commitments

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £11,849 (2023: £11,152). No contributions were payable to the fund at the balance sheet date in either year.

24. Related party transactions

J J C Moss, a Director of the Trustee Company, is an elected official of LB Waltham Forest. Debtors include a further £4,375 that will be receivable when the retention on Colby Lodge is paid (2023: £4,375). The charity was also owed £11 at year end (2023: £16).

S Kearns, the husband of J Kearns, is a Board Member of Christian Kitchen. In 2023 the Charity paid amounts totalling £16,191 (2023: £5,978). At the balance sheet date amounts due to the Charity were £2,147 (2023: £908).

The Directors concerned in the above transactions were not involved in the decision making process relating to these awards.

25. Controlling party

The Walthamstow and Chingford Almshouse Trustee Company Limited, a company limited by guarantee, is the charity's Trustee and therefore controls the charity. The company is dormant and has never had any assets or liabilities. The members and directors of the company are as shown on page 1.

Page 37