Charity number: 1116355 Walthamstow and Chingford Almshouse Charity Trustees, report and financial statements for the year ended 31 March 2025 Walthamstow and Chingford Almshouse Charity Contents Page Reference and administrative details of the charity, trustees and advisers Trustees, report 3-11 Independent auditor's 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 Charity Reference and administrative details of the charity, its trustees and advisers for the year ended 31 March 2025 Directors of the Trustee Company (The Walthamstow & Chingford Almshouse Trustee Company Limited) V Conant J Kearns S MacNully J J C Moss, Chairman A J Moore A Rich S Smilh Pryor H Tredoux P Williams, Vice Chairman (from 29th January 2025) C Mccann V Wheeler S Adam C Rampton Charity registered number 1116355 Principal office Monoux Hall Church End Walthamstow London E17 9RL Clerk to the Directors E Abbott Independent auditor Kreston Reeves LLP Chartered Accountants Statutory Auditor Maritime Place Quayside Chatham Maritime Chatham Kent ME44QZ Bankers The Co-operative Bank PO Box 250 Skelmersdale WN8 6WT Page 1 Walthamstow and Chingford Almshouse Charity Reference and adminlstratSve details of the charity, its trustees and advisers {continued) for the year ended 31 March 2025 Solicitors stone King 16 St. John's Lane London EC1M 4BS Solicitors Hunt & Hunt 22 - 26 Eastern Road Romford RM13LT Investment managers Inveslec Wealth & Investmenl 2 Gresham Street London EC22 7QP M&G Investments PO Box 9038 Chelmsford CM99 2XF United Kingdom Page 2 Walthamstow and Chlngford Almshouse Charity Trustees. report for the year ended 31 March 2025 The Trustees present their annual report together with the audited financial slatements of the Charity for the year ended 31 March 2025. Objectives and activities a. Objectlves The objects of the Wallhamstow and Chingford Almshouse Charity are the provision and continuing maintenance of the almshouses for the benefit of persons in conditions of financial need, who have been resident for one year within Walthamstow or Chingford, or for five consecutive years al any time prior to appointment. Residual income must be applied for the relief of persons in financial need residing within the area of benefit. b. Actlvities undertaken to achieve objectives Achievements and Performance Two new members of staff commenced work with the Charily in April 2024, a part time facilities manager to assist wilh the maintenance and health and safety of the buildings and grounds and a full time sheltered housing officer, who assists residents to maintain their residency at the almshouses which involves one to one work, income maximisation, signposting, liaising with other agencies as well as also dealing with repairs. Both have made a significant contribution to the work of the charity over the year and the almshouse leam is committed to streamline processes and improve workflows. The sheltered housing officer has organised resident social events over the year. Events have included an Autumn Gathering at Colby Lodge in October, a visit lo Harlow Garden Centre in November for it's Christmas display, Christmas lunch in December, a wellbeing aflernoon in January with catering and beauty training students from Waltham Forest College coming along to Colby Lodge to pamper residents and provide a delicious tea. Finally, in December our cleaner of over 30 years retired and she was given a wonderful retirement party in February. Almshouse Buildin In 2023 Clague Architecls were appointed to undertake quinquennial inspections to four of the charit￿5 five almshouse buildings, including the 500 year old Grade11 listed Sir George Monoux Almhouse and the Mrs Mary Squires, Almshouse which is 230 years old. A considerable amount of work has been identified to tackle items such as ageing roofs, including work to the large roof at Collard Court- some properties are suffering from damp, moslly related to the old chimneys and overly high exterior ground levels. Structural investigations have been undertaken including drain surveys, trial pils and boreholes lo establish the causes of cracking within the buildings. Following a lender process a contractor has been appointed who commenced phase 1 works, primarily to the roofs to Sir George Monoux, Mrs Mary Squires, Collard Court and the Ridgers almshouses these works commenced in October 2024. Progress has been slow, with just Mrs Mary Squires almshouse completed, the Monoux and Collard Court works due to be completed late June 2025. The tender value of these works is £239,000. Collard Court flat entrance doors were inspected by a specialist contractor to establish whether they met current standards. All the doors fitted during the last refurbishment in 1999 were 30 minute fire resisting and met the building regulations at the time. However, additional modifications were required to bring them up to current requirements. Four companies were approached to provide quotes, and the work proceeded smoothly with all doors brought up to standard. The cost of the works £21,000. The Colby Lodge door entry system was replaced in January 2025. Although only 7 years old, the existing system was not user friendly in respect of staff being able to re-progamme fobs, issue new fobs and implementing bespoke access control. Staff sought to resolve matters with Ihe manufacturer, but it transpired the original manufacturer had been taken over by al least one other company and the new company was unresponsive. The new system install went very smoothly and has enhanced the security of the scheme. Page 3 Walthamstow and Chingford Almshouse Charity Trustees, report (continued) for the year ended 31 March 2025 Objectives and activities (continued) All of our almshouses have generous gardens where residents are able to safely enjoy the outdoors, the wildlife and where still able the health benefits of actively gardening. Many residents have enjoyed gardening over the years, but many have had to ease up on what they can do. Where the 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 Ihe 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. A local Charity CREST has use the garden room at Colby Lodge for two days each week to provide a day service for local elderly people, the a¢cessibility standards at Colby Lodge makes the venue an ideal setting for the day service. Sadly Crest have had to withdraw from providing this respite day care, but we hope to see them back before too long with another service supporting the boroughs mosl vulnerable elderly residents. There were seven vacancies over the course of the year, ￿￿0 of the Mary Squires vacancies will be held longer term see 'plans for future periods,. Two of the other flats are being held to enable residents to be moved if works are required lo be undertaken within residents, flats as part of the phase 2 remedial building works. Flats tend to be OCCLtpied by our residents for many years consequently the Charity usually carries out quite extensive refurbishment on voids including full redecoralions and new floor coverings. Increasingly as the properties age, new kitchens and shower rooms may be filted, along with heating and hot water improvements. The void loss of income for the year was just over 50/0. The recommended minimum void loss provision is 50/0, the maximum is ¢. Grant-making policies The objects of the Charity include the relief of persons in conditions of financial need in the area of benefit in such manner as the trustees see fil. Directors focus on the direct relief of poverty and in respect to other organisations working with beneficiaries in Ihe area of benefit, to support those which alleviate the effects of poverty or which have an impact on prevenling poverty. The Charity aims to work wilh the LB Waltham Forest's Local Welfare Assistance (LWAI scheme to assist local people in need more effectively. The LWA undertake rigorous financial & associated checks of applicants to Ihe fund and will make referrals to the Charity of families and indiiiidu8ls con8idpr?.d to reqiiire fLlrthpr assistance. beyond Ihe limiled items the LWA is able lo provide. In these cases, Ihe Charity may provide additional household items that the LWA is unable to supply, and importantly, seek to provide 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 qualifications. Referrals are also made by Ihe local CAB, single homeless Charities, council temporary housing section, schools, women and children refuges and health and social workers. Directors may visit a number of applicants to independently assess need. Applicants may also refer themselves. Overall grants to individuals and organisations totalled £88,972 compared to £86,159 in 2024. The number of grant awarded to individuals and families was 64, down from 83 in 2024. There were four Organisational Grants lotalling £25,320 (£28,890- 2024). Of the overall grants made to families and single people those benefitting from new household goods and furnilure account for approximately 430/0 of granl expenditure, floor coverings 350/0 of expenditure and white goods such as Cookers and washing machines 22 % of grant expenditure. Page 4 Walthamstow and Chingford Almshouse Charity Trustees, report (continued) for the year ended 31 March 2025 Objectives and actlvltles (continued) Grants to Or anisations The charity continues to support Christian Kitchen which provides a hot meal everyday of the year to the increasing numbers of homeless, and others struggling to provide food for themselves, a grant of £15,000 was awarded. The Drive Food Stall was initiated by local residents al the start of Covid-19, the project is now firmly focused on supporting people at the sharp end of the cost of living crisis with the aim to provide as wide a range of nutritious food as possible to those using the projecl, incorporating fresh vegetables and fruit, staple foods such as pasta, and protein and vitamin rich items. The Food Stall takes place weekly and was set up to support people living on the Drive & Attlee Estate and surrounding Walthamstow area. The target beneficiaries are those on low incomes, socially isolated or elderly and less mobile residents. The project's geographical reach within the Walthamstow area has increased overthe lasl years with additional take-up by residents from other parts of the district, for example Ihe Stocksfield Estate in Wood Street. From May 2020 to April 2024, more Ihan 1,100 different households, amounting to about 3,300 people in all, benefited from vital free food supplies. Bags of Taste work specifically on improving the diet of those in poverty, typically those altending the course have a £20 budgel for food each week. Bags of Taste teaches them to cook great food on a budget (of less than £1 per portion). Whilst doing this they have several secondary OLttcomes', significant financial savings for participants on their foodltakeaway bills., confidence building,. better nutrition for families of participants., reduction in social isolation- a strong volunteering strand, which develops confidence, teaching skills and teamwork in our volunteers. A grant of £5400 was awarded. Grant A lication Process There is a Iwo-stage process for Charities or organisations to make an application for a grant. Charitieslorganisations are requested to provide a brief outline of their activities and what they require a grant for. The outline proposal is considered by the Grants, Committee, which decides whether a full submission on the Charity's application form should be requested. Before a decision is made as to whether or not to award a grant, directors may visit the applicant Charitylorganisation before recommendations lo the Grants and Accommodation Commitlee are made. Charities and organisations receiving grant are required to provide a written report of the use and impact of the grant after 12 months. Page 5 Walthamstow and Chingford Almshouse Charlty Trustees, report (continued) for the year ended 31 March 2025 Objectives and activities (continued b. Spade Husbandry Allotments Charity The Waltham5tow and Chingford Almshouse Trustee Company is the trustee of the Spade Husbandry Charily. The Spade allotment site has increased from 122 to 124 plots as one of the full plots was split recently resulting in 71 full plots and 53 half plots. As with other siles, splitling the plots helps to ease the amount of lime people remain on the waiting list. During the year 4 new tenancies were signed for Spade 1 full and 3 half plots. Spade's efficient sile commiltee continues to work with Ihe new temporary allotment manager and Charity to ensure the smooth running of the Spade Husbandry allotments. The committee runs an annual key swap and subs day, to collect site fees for water rates and key deposits. Many of the plots continue to be well maintained but a few non-cullivation letters will be required this year. The City of London carried out the usual remedial work to the access track by clearing the ditches either side of the track, to alleviate Ihe flooding problem and allow easy access for manure and wood chip delivery vehicles. The council properties adjacent to the site continued to pose a problem with children accessing the site. The Spade committee has resecured the damage to the fencing to prevent further trespassing and will continLte to monilor the issue by liaising with its lenants who have their plots near to the break in point. c. Public benefit The Directors have carefully Gonsidered the Charity Commission guidance 'Charities and Public Benefit, with regard to the 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 community as possible, given the restrictions imposed by the Charity Scheme and the area of benefit. In addition to local advertising, delails 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 applicanls have insufficient priority need for a vacancy. All qualifying applications for accommodation are given careful consideration and when a vacancy arises those with sufficient priority are visiled to assess their needs. the applicant's siluation is assessed in respect of financial and housing need, social need and as to whether the applicant would benefit from living in supported housing. Accommodation is offered lo those applicants with the grealesl need. Almshouse Accommodation charges are below the maximum levels set at the Local Housing Allowance rale, 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 The charity is currently looking at a joint venture with a local church with a view lo developing approximately nine new almshouse apartments in central Walthamstow. Page 6 Walthamstow and Chingford Almshouse Charity Trustees, report (continued) for the year ended 31 March 2025 Achievements and performance Flnanclal review Total income for the year was £1,289,087 compared to £1,172,804 in 202312024, an increase of £116,000 mainly due to increased WMC income of £66,500, £35,400 increase on investment income, an increase deposit interest of £9,400, with the balance from investment property £4,700. Tolal expenditure of £1,091,229 compared to the previous year of £1,143,249, a reduction of £52,000 mainly due to the reduced spend on extra-ordinary repairs. There were net gains on listed investments of £191,506 compared to £412,073 in 2023124. There was also unrealised gains on Investment property revaluation of £318,875 (2024- £Nil). b. Fixed assets The movements in tangible fixed assets during the year are set out in note 18 to the financial statements. The Directors, believe that the fixed asset Almshouse properties are worth considerably in excess of the net book value disclosed in these accounts.. however, it is unable to quantify the excess without incurring significant unnecessary professional valuation fees. c. Investment policy and performance Llsted investments The Charity Commission Scheme regulating the Charily places no restrictions on the Directors, power to invest. The objectives of the Charily's Investment Policy are to ensure the crealion of sufficient income and capital growth to enable the Charity lo carry out its purposes year by year, with due and proper consideration for future needs and the maintenance of and, if possible, enhancement of the value of the invested funds. The policy is reviewed annually. As at 31 March 2025, Investec Wealth and Investment Limited manage approximately 50°/o of the Charity's total investment portfolio on a discretionary basis. The directors preclude investment in companies involved in home collected credit; directors consider such investments to be in conflict with the Charity's objective of relief in need. No initial investment should exceed 7.5 % of the total value of the funds under management. Trustees, objeclives are to seek a balanced return from income and capital growth within moderate risk parameters. The performance of each asset class will be measured against relevant markel Indi￿$. The overall performance is compared to a bespoke benchmark based on the midpoint of each asset class, measured against the underlying indices for each asset class. Of the other 500/0 of the Charities, portfolio, the majority was invesled in the M&G Charity Mulli-Asset Fund, which replaced the National Association of Almshouses Common Investment Fund (NAACIF) in November 2019. The 12 months lo the end of March 2025 delivered a small total return for the investment portfolio, with the slrenglh of equity markets diminished to an extent in the latter few months of the year by investor con￿rn surrounding President Trump's tariffs. The US equity market in particular weakened on the back of impending tariffs as inveslors digested the potential impact of these on future US economic growth and inflation. Against this backgroLtnd, the portfolio delivered a total return of +3.20/0 (2.7°/o nel) over the period compared to a return of 2.60/0 for the benchmark. The peer group net returns for this period was +2.70/0 for the average charity in the ARC Steady Growth Universe and +3.4 % for the average ARC Balanced charity., The M&G portfolio had a net total return of 6.790/D versus the benchmark of 6.40/0 for the year. Page 7 Walthamstow and Chingford Almshouse Charity Trustees, report (continuedl for the year ended 31 March 2025 Achievements and performance lcontinuedl Investment Properties Directors consider there has been a 150/0 uplift in the value of the Investment properties since they were last revalued in July 2022, by Stretlons (Chartered Surveyors), on an open market value for existing use basis. The increase of £318,875, gives a valuation of the investment properties as at 31 March 2025 of £2,810,875. Financial review . Going concern After making appropriale 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 policy The Trustees have reviewed the reseNes policy and has concluded that free reseNes of £1,029,000 should be relained, which equales to approximately one yearfs expenditure. Currently free reserves stand at £908,048 just below our target. c. Risk management The directors have assessed the major risks lo which the Charity is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Chariws senior staff report direclly to a relevanl 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 appropriale. For example safeguarding concerns in respect of residents are reported to the Grants and Accommodation Committee as a matter of course, along with Ihe detail of action taken. The committee slructure ultimately informs the board of risk arising and mitigation measures. DirectorslTrustees are supportive of all employees and staft are encouraged lo be open and honest about problerY)s aiid eriors so Ilia& incideiiis can be dealt with promptly with the aim of minimising any potential detriment to our beneficiaries, the Charity, its staff and directorsltrustees. Page 8 Walthamstow and Chingford Almshouse Charity Trustees. report {continued) for the year ended 31 March 2025 Structure, governance and management . Constitution and governance Walthamstow and Chingford Almshouse Charity is a registered Charity, 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 Trinity 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 Scheme of the Charily Commission and were collectively 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 Walthamslow Almshouse and General Charities. In June 2006 a Scheme was ordered to govern all the charities and amalgamate the Chingford Almshouse Charities with the Walthamstow Charities under the present-day title of the Walthamstow and Chingford Almshouse Charity. A limited company. the Walthamstow and Chingford Almshouse Trustee Company was incorporated on 18th Seplember 2007 and appointed by a Charity 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 chariltys slrategy. 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 al the site acquired by Ihe Charity in 2012, 1C The Drive, E17, completed in March 2018 and known as Colby Lodge. b. Methods of appolntment or election of Trustees The management of the Charity is the responsibility of the Directors who are nominated and co-opled under the terms of the Articles of Association. The Finance and General Purposes Committee takes the lead on reGruilment of Directors. Policies adopted for the induction and tralnlng of Trustees New Directors are provided with a copy of the lalest set of audited accounts, the Schemes dated 14th June 2006 and 28th September 2007, the Memorandum and Articles of Association of the Trustee Company, the latest minutes of meetings, a brief hislory of the Charity, the Charity's book "The Walthamstow Charities" and the Charity Commission's Publication "The Essential Trustee" The Director will be offered a subscription lo relevant publications and Trustee training and seminars. The Clerk to the Directors will meet with the new Director regarding finances including investments, almshouse management and grant making. The 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 which committee(s) to seNe on. Directors, meetings are held quarterly, the board is supported by five active Committees, which meet regularly. The Committees are.. Finance and General Purposes, committee, whose responsibilities include preparing and monitoring annual budgets, recommending pay awards and weekly maintenance charges. Grants and Accommodation, which deals with grant and housing applications. Personnel, which deals with staffing matters including policy and procedure, remuneration and disciplinary and grievance. Development, which progresses Almshouse development and refurbishment projects. Allotment, which deals with matters pertaining to the Charity's four allotment sites. Page 9 Walthamstow and Chingford Almshouse Charity Trustees, report {continued) for the year ended 31 March 2025 Structure, governance and management (continuedl 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 salaries were increased during the year by 1.7 % (the September 2024 cpi). Plans for future periods Almshouses Directors will seek out opportunities to acquire or develop additional almshouses, it is in the charily's best interests for it lo be able lo provide affordable housing on its own investment land as this eliminates the very expensive land costs in this part of London. However olher opportunilies will be explored, such as acquiring a development site or linking up with a third party on a reciprocal basis. The charily is currently in discussions with a local church and directors are optimistic that a small development of g almshouse apartments will be built. The charity's lifeline syslems wilhin four of the five almshoLtses are 16 years old, run on analogLFe phone lines and consequently require replacing with new digital systems. Quotes are in the process of being obtained and it is eslimated that costs for the work will be in the region of £120,000. Following on from quinquennial surveys undertaken in 2023 resulting in recommendations for works to foLtr of the five almshouses, Phase 2 of the works referred to in Achievements and Performance have been tendered and the returns awaited. The works will include overhauling and renewing windows, exterior decorations, renewal of an external limber staircase and replacing it with a metal staircase, removal of glazed roof to the conseNalory style rooms replacing them with a well-insulaled slate roof lo match the rest of the single slorey extension added during the 1990s, installing a French drain lo the perimeler of the building to draw damp away from the external brickwalls. Virtually all the fEats within the Monoux almshouse require some remedials work to improve ventilation. The Mrs Mary Squires almshouses have experienced episodes of subsidence over the last 23 years. Claims have been made under the insurance policy, wilh successive attempts to remedy the structural movement failing, with large unsightly cracking to the residents, flats returning after a short while. The currenl residents have been ieiiiai"kaoly pa(ieiii aii(i pragma(IG over (he years, wi(li one or iwo oi ihe resioenlts Iiaviriy exyeii&iiLeLi be￿e&d1 lots of works within their homes to fill the cracks and redecorate, only to see the problem reappear. Directors have become increasingly concerned about the impact this cycle of damage and repair has on our residents, and believe that if it is allowed to continue, the cottages will become difficult to let, which will lead to further ramifications such as the security risk to the building and potenlial deterioration of the properties internally, loss of income and loss of homes lo potential beneficiaries. Directors decided to commission their own structural suNey on the building. The report's conclusion was Ihat the building is experiencing subsidence which will only be resolved by underpinning. The report has been shared with insurers and their decision is awaited. In the meantime Iwo of the four elderly residents have passed away, and the other two residents are being rehoused into allernative WCAC almshouses. Vacancies arising within other almshouses have been held vacant in order to be able to offer residents from Squires and also residents from George Monoux Almshouse where the works require a temporary move, an acceptable alternative home that meets their needs. Both of the Mary Squires residents will have the option of returning to the Squires Almshouse once the works are complete. Page 10 Walthamstow and Chingford Almshouse Charity Trustees, report {continued) for the year ended 31 March 2025 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Truslees, report and the financial slatements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees lo prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charily and of its incoming resources and application of resources, including its income and expenditure, for thai period. In preparing these financial statements, the Trustees are required to- select suitable accounting policies and Ihen 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 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequale accounting records that are sufficient lo show and explain the Charivs transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditor Each of the persons who are Trustees at the time when this Trustees, report is approved has confimied that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charily's auditor is aware of that information. Auditor The auditor, Kreslon Reeves LLP, has indicated hi5 willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees. Approved b r of the members of the board of Trustees and signed on their behalf by.. oss of Trustees Date.. 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 (Ihe 'charitl) for the year ended 31 March 2025 which comprise the slatement of financial activities, the balance sheet, the statement of ¢ash flows and the related noles, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparalion 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 Accounling Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Slandards applicable in the UK and Republic of Ireland (FRS 102) in preference to Ihe Accounling and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been wilhdrawn. 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 2025 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 Ihe 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 Audilor's responsibilities for the audit of the financial statements seclion of our report. We are independent of the charity in accordance with the ethical requiremenls that are relevanl lo our audil 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 the.se. requirements, We bp.lieve. that the. aijdit e.vidence we have. obt8ined is SLifficie.nt and appropriate to provide a basis for our opinion. Concluslons 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 casl significant doubt on the charity's ability to continue as a going concern for a period of at leasl twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibililies of Ihe 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 conlained 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 inconsistenl 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 misstatemenls, we are required to determine whether this gives rise lo a material misslatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstalement of Ihis 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 respecl of the following matters where the Charities {Accounls and Reports) Regulations 2008 requires us to report lo 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 accounling records and returns- or we have not received all the informalion and explanations we require for our audit. Responsibilitles 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 stalements that are free from material misslatemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability lo 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 Chlngford 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 wilh the Act and relevant regulalions made or having effecl Ihereunder. Our objectives are lo 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 audilorfs 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 malerial 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 slatements. Irregularities, inclLtding 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 Irustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulalions related to health and safely, data protection, safeguarding and employment law. We considered the extent lo which non-compliance might have a material effect on the financial stalemenls. 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 Ihroughout the audit. We evaluated Trustees, and management's incentives and opportunities for fraudulent manipulation of the financial statements (in¢luding 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 stalements. Audit procedures performed by Ihe engagement team included.. Discussions wilh management and assessment of known or suspected instances of non-compliance with I2[￿18 and regul?tions (including health and safAts1I and fr?Lid', and Assessment of identified fraud risk factors., 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 malerial misstalement 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 Review of significanl 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 statemenl 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 regulalion. This risk increases the more that compliance with a law or regulation is removed from Ihe 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 audil in accordance with ISAS (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial slatemenls, whether due to fraud or Page 14 Walthamstow and Chingford Almshouse Charity Independent auditor's report to the Members of Walthamstow and Chlngford Almshouse Charlty (continued) error, design and perform audit procedures responsive to those risks, and obtain audit evidence thal 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 conlrol 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 audil evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast significant doubt on the charily'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 SUGh disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up lo Ihe date of my auditor's report. However, future events or conditions may cause the charity to cease to continue as a going con￿rn. Evaluate the overall presentation, slructure and content of the financial statements, including the disclosures, and whether the financial statements represenl the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other malters, the planned scope and timing of the audit and significant audil 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 charily'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 Ihat we might slale to the charity's trustees Ihose 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 nol accepl 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". 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 activities for the year ended 31 March 2025 Unrestricted funds 2025 Restricted Endowment funds funds 2025 2025 Total funds 2025 Tolal funds 2024 Note Income and endowments from: Donations and legacies Charitable activities Investments Total income and endowments 497 497 711,107 577,483 100 644,989 527,715 705,604 577,005 5,503 478 1,283,106 5,981 1,289,087 1,172,804 Expenditure on: Raising funds Charitable activitie5 39,265 963,707 2,808 885 19,847 64,717 61,920 1,029,309 61,279 1,081,970 Total expenditure 1,002,972 3,693 84,564 1,091,229 1,143,249 Net incomel(expendSture) before net gains on investments 280,134 2,288 {84,564) 197,858 29,555 Net gains on investmenls Net movement in funds 72,651 437,730 510,381 412,073 352,785 2,288 353,166 708,239 441,628 Reconciliatlon of funds: Tot81 fLinds broLiqhl fO￿ard Net movement in funds Total funds Carried forward 13,781,702 352,785 20,582 2,288 11,393,947 353,166 25,196,231 708,239 24,754,603 441,628 14,134,487 22,870 11,747,113 25,904,470 25,196,231 The Slatement of financial activities includes all gains and losses recognised in the year. The noles on pages 19 to 37 form part of these financial slatements. Page 18 Walthamstow and Chlngford Almshouse Charlty Balance sheet as at 31 March 2025 2025 2024 Note Fixed assets Tangible assets Investments Investment property 8,394,115 13,560,132 2,810,875 8,537,895 13,265,552 2,492,000 13 12 24,755,122 24,295,447 Current assets Debtors Investments Cash at bank and in hand 14 15 81,410 902,310 310,318 76,469 860,855 184,833 1,294,038 1,122,157 Creditors.. amounts falling due within one year 16 (144,690) (221,373) Net current assets 1,149,348 900,784 Total net assets 25,904,470 25,196,231 Charity funds Endowment funds Restricted funds Unrestricted funds 17 11,747,113 22,870 14,134,487 11,393,947 20,582 13,781,702 17 17 Total funds 25,904,470 25,196,231 The financi ents were approved and authorised for issue by the Trustees and signed on their behalf by.. oss of Trustees £s/*F/2è zs The notes on pages 19 to 37 form part of these financial statements. Page 17 Walthamstow and Chlngford Almshouse Charity statement of cash flows for the year ended 31 March 2025 2025 2024 Note Cash flows from operating activities Net cash used in operating activilies 19 (254,723) (493,702) Cash flows from investing activities Dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments 569,915 527,715 4,520,212 2,011,170 {4,709,919} (1,996,554) Net cash provided by investing activities 380,208 542,331 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 125,485 48,629 184,833 136,204 Cash and cash equivalents at the end of the year 20 310,318 184,833 The noles on pages 19 to 37 form part of these financial statements Page 18 Walthamstow and Chingford Almshouse Charity Notes to the financial statements for the year ended 31 March 2025 General information Wallhamstow and Chingford Almshouse Charity is a charily registered in England. The charitls registered address is Monoux Hall, Church End, Walthamstow, London, E17 9RL. Accounting policies 2.1 Basls of preparation of financial 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 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK GenerallyAccepted Accounting Practice. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following the Accounting and Reporting by Charities-. Slatement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. Walthamstow and Chingford Almshouse Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olherwise staled in the relevant accounting policy. 2.2 Going concern The Trustees consider whether the use of going concern is appropriate i.e. whether there are any material un￿rtaintieS related to events or conditions that may cast significant doubt on the ability of the Charily to continue as a going COn￿rn. 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 stalemenls and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties aboul Ihe Charitls abilily to continue as a going concern, thL(S 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 the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevanl funds on the balance sheet. Where income is received in advance of entitlement of receipt, ils recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Olher income is recognised in the period in which il is receivable and to the extent the goods have been provided or on completion of the service. Page 19 Walthamstow and Chingford Almshouse Charity Notes to the financial statements for the year ended 31 March 2025 Accounting policies {continuedl 2.4 Expendlture Expendilure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in seltlemenl and the amount of the obligation can be measured reliably. Expenditure on raising funds includes all expenditure incurred by the Charity lo raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further Ihe Chariltys objectives, as well as any associated support costs. Grants payable are charged in Ihe year when the offer is made except in those cases where the offer is Conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but nol accrued as expenditure. All expendilure is inclusive of irrecoverable VAT. 2.5 Interest receivable 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 wilh whom the funds are deposited. 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £2,500 or more are capitalised and recognised when future economic benefils are probable and the cost or value of the assel can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All COb(s iiicu1.reo io biiiig a iaiigible iixed dsseL IIIIO ILS ill(eii(ie(i working Goiidiiion skiould be included in the measurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assels less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases.. Freehold property 50 or 80 years straighl line Freehold land Not depreciated Almshouse equipment 20 years slraight line Computer and office equipment 5 years straight line 2.7 Investments Listed investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value al the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured al cost less impairment. Investmenl gains and losses, whether realised or unrealised, are combined and shown in Ihe heading 'Gainsl(lossesl on investments, in the Statement of financial activities. Investment properties are measured at fair value at each reporting dale. Changes in fair value are recognised in 'Gainslllosses) on investments, in the Slalement of financial activities. Page 20 Walthamstow and Chingford Almshouse Charity Notes to the financial statements for the year ended 31 March 2025 Accounting policies (continued) 2.8 Debtors Trade and other deblors are recognised at the settlement amount after any trade 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 of three months or less from the date of acquisition or opening of the deposit or similar accounl. 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation at the balance sheet date as a resull of a past 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 thal the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or seNices it must provide. Provisions are measured at Ihe best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the stalement of financial activities as a finance cost. 2.11 Flnancial instruments The Charily only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 2.12 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to Ihe 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 olher purposes. Designated funds comprise unrestricted funds thal have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the financial statements. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Charily 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 noles to the financial statements. Inveslment income, gains and losses are allocated to the appropriate fund. Page 21 Walthamstow and Chingford Almshouse Charity Notes to the financial statements for the year ended 31 March 2025 Income from charitable activities Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Almshouses- weekly maintenance contributions Sundry income Spade Husbandry 700,964 4,640 700,964 4,640 5,503 634,572 5,113 5,304 5,503 705,604 5,503 711,107 644,989 Total 2024 639,685 5,304 644,989 Investment income Unrestricted Restrlcted funds funds 2025 2025 Total funds 2025 Total funds 2024 Income from investment properties Dividends receivable Intercompany loan interest Deposit interest 50,305 485,205 175 41,320 50,305 485,548 175 41,455 45,538 450,132 343 135 32,045 577,005 478 577,483 527,715 Total 2024 527,231 484 527,715 Page 22 Walthamstow and Chingford Almshouse Charity Notes to the ftnancial statements for the year ended 31 March 2025 Expenditure on raising funds Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Total funds 2025 Total funds 2024 Allotment expenses Telephone Staff training and travel Printing, postage and stationery Computer costs Subscriptions Sundry costs Investment managers, fees staff costs - gross salaries Staff costs - Nl 7,121 1,006 167 348 974 193 1,361 1,021 561 1,361 1,021 561 893 208 214 29,770 26,921 971 893 208 214 9,923 24,338 746 186 29,247 20,023 2,014 19,847 2,583 225 39,265 2,808 19,847 61,920 61,279 Total 2024 37,844 3,937 19,498 61,279 Analysis of grants Grants to Grants to Institutions Individuals 2025 2025 Total funds 2025 Total funds 2024 Grants payable 25,320 63,652 88,972 86,159 Total 2024 28,890 57,269 86,159 In both the current and previous financial year the total grants payable were all from unreslricted funds. The charity made 64 grants to individuals this year (2024: 83). Details of grants made to institutions can be found below. Page 23 Walthamstow and Chingford Almshouse Charity Notes to the financial statements for the year ended 31 March 2025 Analysis of grants (continued) The Charity has made the following material grants lo instilulions during Ihe year.. 2025 2024 Name of Instltutlon Christian Kitchen Bags of Taste Age UK 15,000 5,400 15,000 9,652 20,400 24,652 other grants less than £5,000 to institutions 4,920 4,238 25,320 28,890 Recipients of grants must reside or operate within Wallhamstow or Chingford. Applications are submitted on a standard form and Checked for eligibility before usually passing lo Directors of the Trustee Company who will visit the applicant. The visiting Directors report back to Ihe Grants and Accommodation Committee and make a recommendation 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's Report. Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Total 2025 Total 2024 Charitable activities 963,707 885 64,717 1,029,309 1,081,970 Total 2024 1,016,333 921 64,716 1,081,970 Analysis of expenditure by activlties Activities undertaken dlrectly 2025 Grant funding of activities 2025 Support costs 2025 Total funds 2025 Total funds 2024 Charitable activities 838,974 88,972 101,363 1,029,309 1,081,970 Total 2024 899,009 86,159 96,802 1,081,970 Page 24 Walthamstow and Chingford Almshouse Charity Notes to the financlal statements for the year ended 31 March 2025 Analysis of expenditure by activltles {continued} Analysis of direct costs Total funds 2025 Total funds 2024 staff costs Depreciation Legal and professional fees Routine repairs Light and heat Water rates Council tax for empty flats Securily Residents direct expenditure, outings and parties Residents TV licences Insurance Cleaning Garden mainlenance Extraordinary repairs Cyclical repairs 178,516 143,779 53,852 1 $2,320 94,738 24,075 6,004 14,129 6,951 1,086 22,072 23,470 25,013 58,770 34,199 160,180 143,778 97,810 109,860 118,555 22,957 193 14,858 (34) 809 21,662 11,528 21,542 134,602 40,709 838,974 899,009 Analysis of support costs Total funds 2025 Total funds 2024 Staff costs Telephone staff training and travel Printing, postage and stalionery Computer costs Subscriptions Sundry costs Trustee meelings and expenses Audit fee and stalutory accounts production Legal and professional fees Bad debt expense 33,884 13,745 10,249 5,025 9,038 2,113 380 1,787 17,400 7,742 26,630 10,156 1,678 3,119 9,860 1,962 1,123 769 16,440 19,025 6,040 101,363 96,802 Page 25 Walthamstow and Chingford Almshouse Charity Notes to the financial statements for the year ended 31 March 2025 Staff costs 2025 2024 Wages and salaries Social security costs Other pension costs 208,892 17,631 13,769 182,119 14,042 12,686 240,292 208,847 The average number of persons employed by the Charity during the yearwas as follows.. 2025 2024 Office staff Operational staff The average headcount expressed as full-lime equivalents was.. 2025 2024 Office staff Operational staff The number of employees whose employee benefits (excluding employer pension costs) exceeded £60.000 was.. 2025 2024 No. In the band £60,001- £70,000 In the band £80,001- £90,000 The total remuneration and benefits received by the charity's key management personnel during the financial year was £136,949 (2024.. £131,642). 10. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits {2024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred {2024 - £NIL). Page 26 Walthamstow and Chingford Almshouse Charity Notes to the financial statements for the year ended 31 March 2025 11. Tangible fixed assets Freehold Fixtures and property fittings Office equipment Total Cost At 1 April 2024 10,414,823 35,743 7,805 10,458,371 At 31 March 2025 10,414,823 35,743 7,805 10,458,371 Depreciation At 1 April 2024 Charge for the year 1,890,362 141,993 22,310 1,787 7,804 1,920,476 143,780 At 31 March 2025 2,032,355 24,097 7,804 2,064,256 Net book value At 31 March 2025 8,382,468 11,646 ,394,1q5 At 31 March 2024 8,524,461 13,433 8,537,895 The Charily's freehold land, with the exception of the freehold almshouse at 1C The Drive, was all donated and was not capitalised,. 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 value is included above for the original properties and the full cost of Ihe buildings is being depreciated. Orlginal cost of freehold property 2025 The Ridgers Almshouses Monoux Almshouses Squires Almshouses Collard Almshouses 1C The Drive (see below) 955,748 647,819 133,830 1,506,825 7,164,103 10,408,325 Most of the above cost represents rehabililation and renovation work carried out over the last 23 years. 1 C The Drive, Walthamstow was purchased as a freehold property by the charity for £900,000. The demolition of the existing property has been treated as part of the land cost. This and all related costs have been capitalised above under'Freehold property,. The Directors of the Trustee Company do not consider it practical or helpful (given that the properties are all held for the long-term) to quanlify the difference between the net book value of freehold buildings and their market values at the year end. Page 27 Walthamstow and Chlngford Almshouse Charlty Notes to the financial statements for the year ended 31 March 2025 12. Investment property Freehold investment property Valuation At 1 April 2024 Surplu5 on revaluation 2,492,000 318,875 At 31 March 2025 2,810,875 The 2022 valuations were made by Savills (Chartered Surveyors) of London as of 1 July 2022, on an open market value for exisling use basis. Following advice from Strettons Chartered Surveyors, further guidance on the property values was obtained and a revaluation of the Investment Properties was made resulting in a surplus of £318,875. Investmenl 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). Properties.. 880 Forest Road, London, E17 882 - 884 Forest Road, London, E17 886 - 888 Forest Road, London, E17 William E. Whitlingham School Flats at Dennis Court, London, E17 R.fj Alhp.rt Rn