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Charity number: 1182389
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
KINGSTON-UPONTHAMES UNITED CHARITIES
DocuSign Envelope ID: 4DB9780E-07FB-4076-868B-AB8FA0AD8179
KINGSTON-UPON-THAMES UNITED CHARITIES
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 15 |
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KINGSTON-UPON-THAMES UNITED CHARITIES
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021
| Trustees | W Allberry, Chair (appointed 18 November 2021) |
|---|---|
| S Hebditch (resigned 21 November 2020) | |
| C Cheek | |
| R Boult | |
| J Wilkes (resigned 15 September 2021) | |
| M Freedman | |
| P D'Souza | |
| L Thompson OBE | |
| P Walker | |
| A Sabharwal | |
| D Hodson | |
| L Corner (appointed 15 March 2022) | |
| Charity registered number 1182389 Principal office The Hall Cleaves Almshouses Old London Road Kingston Upon Thames Surrey KT2 6NQ Clerk to the Trustees Shanthini Shanmugaguru Independent examiner Janice Matthews FCA Chartered Accountants Menzies LLP Centrum House 36 Station Road Egham Surrey TW20 9LF Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Stevens & Bolton LLP Wey House Farnham Road Guildford Surrey GU1 4YD |
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KINGSTON-UPON-THAMES UNITED CHARITIES
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021
The Trustees present their annual report together with the financial statements of the Charity for the 1 July 2020 to 30 June 2021.
Objectives and activities
a. Policies and objectives
The principal objects of the Charity remain unchanged from those of its predecessor charity, being the relief of those in need by reason of age and financial hardship and the relief of poverty and homelessness.
Achievements and performance
a. Review of activities
The Trustees have continued to seek to meet the objectives of the Charity by providing good quality accommodation suitable for older people in the heart of Kingston at an affordable cost.
As of 30 June 2021 the Charity provided 27 properties (including a flat for guests of the beneficiaries). These properties accommodated 27 beneficiaries. All residents are aged over 60, the eldest being 92. Many of our beneficiaries are in receipt of benefit to meet the cost of accommodation. For those other beneficiaries, the Trustees will continue to monitor the situation to ensure that beneficiaries do not suffer undue hardship.
The Trustees also recognise their duty is to safeguard the provision of housing for needy older people in the borough for the future. To do so, the buildings of the Charity need to be maintained to a sufficient standard and the finances of the Charity sustained at a level sufficient to meet future obligations. In furtherance of this KUC has continued with the comprehensive property maintenance and improvement plan which includes improving access for those whose mobility is impaired e.g. in need of a mobility scooter and also the installation of mobility friendly bathrooms.
In the financial year, the charity has completed the renovation of all the bathrooms in its properties. The Trustees continue to monitor the pace of the improvement programme in respect of other facilities in the apartments, particularly the kitchens. These improvements together with the substantial maintenance requirements of historic buildings are reviewed in conjunction with the rate of weekly maintenance charge increases to ensure that the Charity’s financial resources, including an appropriate level of reserves for contingencies, are maintained.
The current Board look forward to meeting the challenges of the upcoming year by promoting and preserving the Almshouses' special place in this community.
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KINGSTON-UPON-THAMES UNITED CHARITIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021
Financial review
a. Going concern
As of 31 March 2022, the Charity had £520,362 of cash and investments, compared to £479,154 at 28 February 2021. The monthly revenue of the Charity has not fallen since the start of the pandemic as the income is principally derived from housing benefit provided by government, while the majority of the costs of the Charity are maintenance and repair expenditures whose timing is largely at the discretion of The Trustees.
The Trustees review the Charity's expected income and expenditure and resources as part of their regular meetings. Based on these reviews and the current level of assets held by the Charity, 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.
b. Review of the year
The Trustees have reported an overall surplus for the year of £122,014 compared with a surplus of £1,955 in the previous year. The key factors impacting on the accounts are as follows:
-
The overall level of income from charitable activities has increased by 5% on the prior year with increases in maintenance charges from new residents and fewer periods without occupants of the properties.
-
Income from deposits and investments remained at the same low levels as last year reflecting the generally lower yields available.
-
The overriding reason for the higher surplus this year is the reduction in repair and maintenance costs during the year compared to prior year as the Covid 19 pandemic limited repair activities. Maintenance and repair costs were £50,941 (2020:£117,602). Revaluation gains on investments this year were £27,758 (2020: Loss of £14,140).
-
At 30 June 2021, the Charity had Net Current Assets of £320,014 and accumulated reserves of £1,308,449.
c. Principal risks and uncertainties
The Trustees continue to review the activities of the Charity with respect to risks to which the Charity is exposed, and make decisions where appropriate to address those risks.
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KINGSTON-UPON-THAMES UNITED CHARITIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021
Structure, governance and management
a. Constitution
Kingston-Upon-Thames United Charities was registered as a Charitable Incorporated Organisation (CIO) on 8 March 2019. The activities, assets and obligations of its predecessor, also named Kingston-Upon-Thames United Charities (charity number: 202502) which was a charitable trust, were taken over by the CIO during the subsequent months. Formal approval was received from the Charity Commission on 18 August 2020. The predecessor charity was removed from the Charity Commission register by amalgamation on 18 August 2020.
b. Methods of appointment or election of Trustees
As a Charitable Incorporated Organisation, the charity is governed by Trustee board members. The Charity board of Trustees can have up to 14 board members. One Trustee board member will be ex-officio.
c. Basis of preparation of these accounts
As noted above, during the year to 30 June 2020, the activities, obligations and assets of Kingston-United-Charities were transferred from a Charitable trust to a CIO. To aid the comprehension of the activities and development of the Charity, the accounts and this report have been prepared as if the Charity had been in operation in its current form as a CIO throughout the year to 30 June 2021 and in the prior year.
Plans for future periods
The Trustees have continued to follow the refurbishment and repair plan approved in November 2018 following the quinquennial survey. In developing the plan, care was taken to ensure that the financial strength of the Charity would not be impaired. While the level of work in 2021 was lower because of the restrictions arising from the pandemic, expenditure in the year to June 2022 is expected to be significantly higher due to work needed on the roofs and brickwork of the buildings. Over time, in accordance with the plan, it is anticipated that the average level of expenditure will return to the levels seen in 2020.
The Trustees remain confident that over this period, the beneficiaries of the Charity will continue to enjoy their homes at the Almshouses, which remain one of Kingston's hidden treasures.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ William Allberry Chairman
Date: 25-Apr-2022
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KINGSTON-UPON-THAMES UNITED CHARITIES
INDEPENDENT EXAMINERS' REPORT TO KINGSTON-UPON-THAMES UNITED CHARITIES
Independent examiner's report to the Trustees of Kingston-Upon-Thames United Charities ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 June 2021.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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 (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.
I understand that 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.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Janice Matthews FCA Menzies LLP Centrum House 36 Station Road Egham Surrey TW20 9LF
Dated: 27-Apr-2022
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KINGSTON-UPON-THAMES UNITED CHARITIES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021
| Note Income from: Charitable activities 2 Investments Total income Expenditure on: Charitable activities Total expenditure Net income before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2021 £ - - - - - - - - 24,545 - 24,545 |
Unrestricted funds 2021 £ 211,704 1,265 212,969 118,713 118,713 94,256 27,758 122,014 1,161,890 122,014 1,283,904 |
Total funds 2021 £ 211,704 1,265 212,969 118,713 118,713 94,256 27,758 122,014 1,186,435 122,014 1,308,449 |
Total funds 2020 £ 200,791 1,388 202,179 |
|---|---|---|---|---|
| 186,084 186,084 |
||||
| 16,095 (14,140) 1,955 |
||||
| 1,184,480 1,955 1,186,435 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
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KINGSTON-UPON-THAMES UNITED CHARITIES
BALANCE SHEET AS AT 30 JUNE 2021
| Note Fixed assets Tangible assets 7 Investments 8 Current assets Debtors 9 Investments 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
5,610 74,502 253,534 333,646 (13,632) |
2021 £ 809,173 179,262 988,435 320,014 1,308,449 1,308,449 24,545 1,283,904 1,308,449 |
2,119 73,549 209,904 285,572 (9,814) |
2020 £ 809,173 101,504 |
|---|---|---|---|---|
| 910,677 275,758 |
||||
| 1,186,435 | ||||
| 1,186,435 | ||||
| 24,545 1,161,890 |
||||
| 1,186,435 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
............................................. Richard Boult, Treasurer
............................................. William Allberry, Chairman
Date: 25-Apr-2022
25-Apr-2022
The notes on pages 8 to 15 form part of these financial statements.
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KINGSTON-UPON-THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Kingston-Upon-Thames United Charities meets the definition of a public benefit entity under FRS 102.
1.2 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.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.3 Expenditure
Expenditure 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 settlement and the amount of the obligation can be measured reliably.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and stautory requirements.
Charitable activities and Governance costs are costs incurred on the charity's education operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
All expenditure is inclusive of irrecoverable VAT.
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KINGSTON-UPON-THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
1. Accounting policies (continued)
1.4 Tangible fixed assets and depreciation
Tangible fixed assets costing more than £500 are capitalised.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
- Freehold property As the properties are maintained in a state of repair such that their estimated residual value is not less than their carrying amount the annual charge for depreciation would be nil. No depreciation has been charged in the year.
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.6 Financial instruments
The Charity 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.7 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
1.8 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 purposes.
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 costs 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.
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KINGSTON-UPON-THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
2. Income from charitable activities
| Rental income Donations/sundry income Total 2020 |
Unrestricted funds 2021 £ 208,047 3,657 211,704 200,791 |
Total funds 2021 £ 208,047 3,657 211,704 200,791 |
Total funds 2020 £ 200,474 317 |
|---|---|---|---|
| 200,791 | |||
3. Analysis of expenditure by activities
| Charitable activities Total 2020 |
Activities undertaken directly 2021 £ 108,078 175,315 |
Support costs 2021 £ 10,635 10,769 |
Total funds 2021 £ 118,713 186,084 |
Total funds 2020 £ 186,084 |
|---|---|---|---|---|
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KINGSTON-UPON-THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
3. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Repairs and maintenance Council tax and water Light and heat Insurance Care Line Office expenses Subscriptions Sundry expenses Cleaning Total 2020 Independent examiner's remuneration Independent examiner's fees |
Charitable Activities 2021 £ 34,911 50,941 5,473 1,447 4,832 3,370 996 344 5,218 546 108,078 175,315 |
Total funds 2021 £ 34,911 50,941 5,473 1,447 4,832 3,370 996 344 5,218 546 108,078 175,315 2021 £ 3,700 |
Total funds 2020 £ 35,272 117,602 6,005 2,210 4,220 2,539 1,158 634 5,017 658 |
|---|---|---|---|
| 175,315 | |||
| 2020 £ 3,600 |
4. Independent examiner's remuneration
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KINGSTON-UPON-THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
5. Staff costs
| Wages and salaries Other pension costs |
2021 £ 33,249 1,662 34,911 |
2020 £ 33,610 1,662 35,272 |
|---|---|---|
The average number of persons employed by the Charity during the year was as follows:
| 2021 | 2020 |
|---|---|
| No. | No. |
| 2 | 2 |
No employee received remuneration amounting to more than £60,000 in either year.
Due to the small nature of the Charity, the Trustees have deemed that there are no key management personnel, and key management decisions are made by the Trustees.
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 30 June 2021, no Trustee expenses have been incurred (2020 - £NIL) .
7. Tangible fixed assets
| Cost At 1 July 2020 At 30 June 2021 Net book value At 30 June 2021 At 30 June 2020 |
Freehold property £ 809,173 |
|---|---|
| 809,173 | |
| 809,173 | |
| 809,173 |
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KINGSTON-UPON-THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
8. Fixed asset investments
| Cost or valuation At 1 July 2020 Additions Revaluations At 30 June 2021 |
Listed investments £ 101,504 50,000 27,758 |
|---|---|
| 179,262 |
Valuation
Values have been determined by reference to readily available market prices
9. Debtors
| Due within one year Other debtors Prepayments and accrued income Current asset investments Listed investments Creditors: Amounts falling due within one year Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2021 £ - 5,610 5,610 2021 £ 74,502 2021 £ 7,196 182 33 6,221 13,632 |
2020 £ 11 2,108 |
|---|---|---|
| 2,119 | ||
| 2020 £ 73,549 |
||
| 2020 £ 5,592 182 540 3,500 |
||
| 9,814 |
10. Current asset investments
11. Creditors: Amounts falling due within one year
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KINGSTON-UPON-THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
12. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Eleemosynary fund Total of funds Statement of funds - prior year Unrestricted funds General Funds Restricted fund Eleemosynary fund Total of funds |
Balance at 1 July 2020 £ 1,161,890 24,545 1,186,435 Balance at 1 July 2019 £ 1,159,935 24,545 1,184,480 |
Income £ 212,969 - 212,969 Income £ 202,179 - 202,179 |
Expenditure £ (118,713) - (118,713) Expenditure £ (186,084) - (186,084) |
Gains/ (Losses) £ 27,758 - 27,758 Gains/ (Losses) £ (14,140) - (14,140) |
Balance at 30 June 2021 £ 1,283,904 |
|---|---|---|---|---|---|
| 24,545 | |||||
| 1,308,449 | |||||
| Balance at 30 June 2020 £ 1,161,890 |
|||||
| 24,545 | |||||
| 1,186,435 |
The Trust deed for Kingston Upon Thames United Charities state that income arising from the Eleemosynary Fund should be applied by the Trustees in relieving either generally or individually persons resident in Kingston, who are in conditions of need, hardship or distress by making grants of money or providing of paying for items, services or facilities calculated to reduce the need, hardship or distress of such persons.
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KINGSTON-UPON-THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2021 £ - - 24,545 - 24,545 |
Unrestricted funds 2021 £ 809,173 179,262 309,101 (13,632) 1,283,904 |
Total funds 2021 £ 809,173 179,262 333,646 (13,632) 1,308,449 |
|---|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2020 £ - - 24,545 - 24,545 |
Unrestricted funds 2020 £ 809,173 101,504 261,027 (9,814) 1,161,890 |
Total funds 2020 £ 809,173 101,504 285,572 (9,814) 1,186,435 |
|---|---|---|---|
14. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 30 June 2021.
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