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: 

- give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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: 

- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **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: 

- Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and 

- Assessment of identified fraud risk factors; and 

- Conducting interviews with appropriate personnel to gain further insight into the control systems implemented, and the risk of irregularity; and 

- Challenging assumptions and judgements made by management in its significant accounting estimates; and 

- • Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and 

- Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and 

- Reading minutes of meetings of those charged with governance; and 

- Physical inspection of tangible assets susceptible to fraud or irregularity; and 

- Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and 

- Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation. 

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: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. 

- Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

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<br>Liquid investments|**At 1 April**<br>**2023**<br>**£**<br>**136,204**<br>**738,809**<br>**875,013**|**Cash flows**<br>**£**<br>**48,629**<br>**122,046**<br>**170,675**|**At 31 March**<br>**2024**<br>**£**<br>**184,833**<br>**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