Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
Charity number: 1182389
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
KINGSTON-UPONTHAMES UNITED CHARITIES
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
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 - 16 |
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024
| Trustees | Rev W Allberry, Chair |
|---|---|
| G Nash (appointed 12 July 2023) | |
| M Sollis | |
| Rev R Moffatt | |
| C N Cheek | |
| D Hodson | |
| P D'Souza | |
| M Freedman | |
| R D Boult | |
| Charity registered number 1182389 Principal office The Old Hall Cleaves Almshouses Old London Road Kingston Upon Thames Surrey KT2 6ND Independent examiner Janice Matthews FCA Chartered Accountants Menzies LLP Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Halling Kent ME19 4 JQ Solicitors Stevens & Bolton LLP Wey House Farnham Road Guildford Surrey GU1 4YD Clerk to the Trustees Shanthini Shanmugaguru |
Page 1
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024
The Trustees present their annual report together with the financial statements of the Charity for the 1 July 2023 to 30 June 2024.
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 2024 the Charity provided 27 properties (including a flat for guests of the beneficiaries). These properties accommodated 30 beneficiaries. All residents are aged over 60, the eldest being 89. 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 their 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.
The Trustees continue to monitor the pace of the maintenance and improvement programme in respect of the other facilities in the apartments. In the year to 30 June 2024 notable expenditure has been in respect of the replacement of boilers and the updating of the personal alarm system together with costs in respect of repairs to brickwork and roofs.
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.
Page 2
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Financial review
a. Going concern
As of 31 March 2025, the Charity had £650,866 of cash and investments, compared to £544,809 at 31 March 2024. 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 deficit for the year of (£17,282) compared with a surplus of £84,957 in the previous year. The key factors impacting on the accounts are as follows:
-
The overall level of income from charitable activities was flat with increases in maintenance charges offset by more 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 lower surplus this year is the higher repair and maintenance costs during the year compared to prior year. Maintenance and repair costs were £161,157 (2023:£62,432).
-
At 30 June 2024, the Charity had Net Current Assets of £157,101 and accumulated reserves of £1,381,987.
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.
Page 3
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
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.
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. Expenditure in the year to June 2024 increased due to work required on roofs and brickwork of the buildings. Significant future expenditure is expected and accordingly the Trustees have sought to maintain a substantial level of cash and liquid investments.
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: 28-Apr-2025
Page 4
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
INDEPENDENT EXAMINER'S REPORT
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 2024.
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
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: Dated: 29-Apr-2025
Janice Matthews FCA
Menzies LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
Page 5
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024
| Note Income from: Charitable activities 2 Investments Total income Expenditure on: Charitable activities 3 Total expenditure Net (expenditure)/income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 £ - - - - - - - - 24,545 - 24,545 |
Unrestricted funds 2024 £ 229,812 3,333 233,145 282,556 282,556 (49,411) 32,129 (17,282) 1,374,724 (17,282) 1,357,442 |
Total funds 2024 £ 229,812 3,333 233,145 282,556 282,556 (49,411) 32,129 (17,282) 1,399,269 (17,282) 1,381,987 |
Total funds 2023 £ 212,314 1,714 |
|---|---|---|---|---|
| 214,028 | ||||
| 133,385 | ||||
| 133,385 | ||||
| 80,643 4,314 |
||||
| 84,957 | ||||
| 1,314,312 84,957 |
||||
| 1,399,269 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
Page 6
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
BALANCE SHEET AS AT 30 JUNE 2024
| 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 |
7,576 - 176,479 184,055 (26,954) |
2024 £ 809,727 415,159 1,224,886 157,101 1,381,987 1,381,987 24,545 1,357,442 1,381,987 |
7,369 75,055 340,631 423,055 (16,860) |
2023 £ 810,044 183,030 |
|---|---|---|---|---|
| 993,074 406,195 |
||||
| 1,399,269 | ||||
| 1,399,269 | ||||
| 24,545 1,374,724 |
||||
| 1,399,269 |
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: 28-Apr-2025
28-Apr-2025
The notes on pages 8 to 16 form part of these financial statements.
Page 7
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
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. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
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 operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
All expenditure is inclusive of irrecoverable VAT.
Page 8
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
1. Accounting policies (continued)
1.4 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
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. - Computer equipment 3 yrs S/L
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.
Page 9
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
2. Income from charitable activities
| Rental income Donations/sundry income Total 2023 |
Unrestricted funds 2024 £ 229,689 123 229,812 212,314 |
Total funds 2024 £ 229,689 123 229,812 212,314 |
Total funds 2023 £ 212,096 218 |
|---|---|---|---|
| 212,314 | |||
3. Analysis of expenditure by activities
| Charitable activities Total 2023 |
Activities undertaken directly 2024 £ 258,807 120,491 |
Support costs 2024 £ 23,749 12,894 |
Total funds 2024 £ 282,556 133,385 |
Total funds 2023 £ 133,385 |
|---|---|---|---|---|
Page 10
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
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 expense Subscriptions Sundry expenses Cleaning Gifts Total 2023 |
Charitable activities 2024 £ 38,409 161,157 11,718 6,633 5,328 22,112 5,194 870 3,082 3,545 759 258,807 120,491 |
Total funds 2024 £ 38,409 161,157 11,718 6,633 5,328 22,112 5,194 870 3,082 3,545 759 258,807 120,491 |
Total funds 2023 £ 37,798 62,432 1,733 3,968 4,618 1,616 2,129 696 2,221 3,155 125 |
|---|---|---|---|
| 120,491 | |||
4. Independent examiner's remuneration
Independent examiner's fees
| 2024 | 2023 |
|---|---|
| £ | £ |
| 4,250 | 3,950 |
Page 11
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
5. Staff costs
| Wages and salaries Contribution to defined contribution pension schemes |
2024 £ 36,586 1,823 38,409 |
2023 £ 36,062 1,736 |
|---|---|---|
| 37,798 |
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 |
|---|---|
| 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 (2023 - £NIL) .
During the year ended 30 June 2024, no Trustee expenses have been incurred (2023 - £NIL) .
Page 12
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
7. Tangible fixed assets
| Cost or valuation At 1 July 2023 At 30 June 2024 Depreciation At 1 July 2023 Charge for the year At 30 June 2024 Net book value At 30 June 2024 At 30 June 2023 8. Fixed asset investments |
Freehold property £ 809,173 809,173 - - - 809,173 809,173 |
Computer equipment £ 950 950 79 317 396 554 871 |
Total £ 810,123 |
|---|---|---|---|
| 810,123 | |||
| 79 317 |
|||
| 396 | |||
| 809,727 | |||
| 810,044 | |||
| Cost or valuation At 1 July 2023 Additions Revaluations At 30 June 2024 9. Debtors Due within one year Prepayments and accrued income |
2024 £ 7,576 |
Listed investments £ 183,030 200,000 32,129 415,159 2023 £ 7,369 |
|
|---|---|---|---|
| 7,576 | 7,369 |
Page 13
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
10. Current asset investments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Listed investments | - | 75,055 |
11. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2024 £ 21,573 1,312 119 3,950 26,954 |
2023 £ 2,632 1,344 169 12,715 |
|---|---|---|
| 16,860 |
Page 14
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
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 funds Eleemosynary fund Total of funds |
Balance at 1 July 2023 £ 1,374,724 24,545 1,399,269 Balance at 1 July 2022 £ 1,289,767 24,545 1,314,312 |
Income £ 233,145 - 233,145 Income £ 214,876 - 214,876 |
Expenditure £ (282,556) - (282,556) Expenditure £ (133,385) - (133,385) |
Gains/ (Losses) £ 32,129 - 32,129 Gains/ (Losses) £ 3,466 - 3,466 |
Balance at 30 June 2024 £ 1,357,442 |
|---|---|---|---|---|---|
| 24,545 | |||||
| 1,381,987 | |||||
| Balance at 30 June 2023 £ 1,374,724 |
|||||
| 24,545 | |||||
| 1,399,269 |
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.
Page 15
Docusign Envelope ID: 1EB0E58B-040E-4930-B81D-34756915213B
KINGSTON UPON THAMES UNITED CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
13. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2024 £ - - 24,545 - 24,545 |
Unrestricted funds 2024 £ 809,727 415,159 159,510 (26,954) 1,357,442 |
Total funds 2024 £ 809,727 415,159 184,055 (26,954) |
|---|---|---|---|
| 1,381,987 |
Analysis of net assets between funds - prior period
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2023 £ - - 24,545 - 24,545 |
Unrestricted funds 2023 £ 810,044 183,030 398,510 (16,860) 1,374,724 |
Total funds 2023 £ 810,044 183,030 423,055 (16,860) |
|---|---|---|---|
| 1,399,269 |
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 2024.
Page 16