WIMBLEDON ENDOWED ALMSHOUSE CHARITY (Registered Charity No. 203891) ANNUAL REPORT AND ACCOUNTS 2022
WIMBLEDON ENDOWED ALMSHOUSE CHARITY
(Registered Charity No. 203891)
ANNUAL REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2022
Charity Name and Number
Wimbledon Endowed Almshouse Charity Registered Charity number 203891
Charity’s principal address
60 Camp Road, Wimbledon, London SW19 4UN
Structure, Governance and Management
Wimbledon Endowed Almshouse Charity is a trust instituted by a Declaration of Trust dated 24 October 1838. This governing document has been amended by Schemes of 21 April 1965, 6 December 1965 and 13th April 1966. A further amendment was made on 25 January 2019.
On 8 November 2018, the Charity Commission approved the appointment of Wimbledon Endowed Almshouse Trustee Limited (company number 11522143) as sole corporate trustee of the charity. All of the charity’s assets are held by the company (on trust for the charity) whereas previously they were held in trust by individual trustees.
The directors of Wimbledon Endowed Almshouse Trustee Limited are:
Mr BR Hamilton Mrs A Birrell Mrs AC Neilson Mrs B Elks Mrs W Ziegler Dr RW Evans Mr DAR Broad Mrs A Vernell
The charity is a member of The Almshouse Association.
Objectives and Activities
The objects of the charity as set out in its governing documents are:
Maintenance and repair of almshouses for poor aged and infirm persons of good character who are resident in the area of the former Borough of Wimbledon, for the benefit of existing pensioners of the charities and thereafter for the benefit of the almspeople as the trustee thinks fit.
The charity provides 26 unfurnished flats and bungalows at Camp Road, Wimbledon which are specially designed with the needs of older people in mind. The aim is to provide convenient and comfortable accommodation in a setting which allows residents to come and go as they please. It provides security and residents are encouraged to make friends and share a wider social life through use of a communal lounge. There is a resident Manager who can help quickly in the case of an emergency. It is the policy of the Trustee that new residents should normally be of limited means.
When planning activities including the selection of new residents, the Trustee has had regard to the Charity Commission guidance on public benefit.
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WIMBLEDON ENDOWED ALMSHOUSE CHARITY
(Registered Charity No. 203891)
ANNUAL REPORT (Continued)
Achievements and Performance
With the relaxation of the Covid 19 restrictions, it has been possible for more social events for the residents to be held and, during the warmer months, residents were able to make good use of the gardens to meet outside informally. The gardens have been improved with help from the manager and the residents.
The weekly contributions paid by residents to cover the cost of maintenance and heating increased from £107 to £110 per week with effect from 1st January 2022. The weekly contribution increased to £120 per week with effect from 1st January 2023.
Two flats fell vacant during the year and new residents have moved in. The two properties were refurbished during the vacancies. Two further flats fell vacant before the end of 2022 and one in January 2023. They are being refurbished in 2023 ready for new residents to move in.
The three communal gas boilers, which provide heating for all the flats and bungalows, were replaced in August 2022. The efficiency of the system was also improved by the replacement of radiator valves and flushing of the pipework. The total cost was £82,862.
Financial Review
Expenditure exceeded income by £51,270 during 2022. The Extraordinary Repair Fund (ERF) is maintained by the trustee to meet the cost of repairs and maintenance. Surpluses on general income and expenditure each year are set aside with the aim of having reserves of £300,000 available to meet future major expenditure on repairs. The Almshouse Association make recommendations of the annual amounts which should be set aside each year and the trustee has had regard to the suggested amount in setting the level of contributions from residents.
Investment policy: The aims are twofold. Firstly, within appropriate risk parameters, to invest the majority of the ERF and available unrestricted reserves in assets which have the potential to appreciate in value over the long term. Secondly to invest a proportion of the funds in assets, which will maintain their value, but not necessarily appreciate, and which may be realised at short notice to meet unexpected requirements. The reserves have been invested in BlackRock Charities UK Equity Fund A Accumulation units, COIF Charities Investment Fund Income units and the COIF Charities Fixed Interest Fund. The BlackRock Charities UK Bond Fund A Accumulation units were sold during the year to help fund the cost of refubishing the heating system. Further details of the investments are set out in Note 9 of the accounts.
Reserves Policy: The trustee's policy is to maintain total reserves between 1.5 and 3 times annual income. At 31st December 2022 the reserves were within this range. The trustee will keep the level of reserves under review.
Notwithstanding the world-wide economic effects of the pandemic and current geopolitical tensions on the global economy, the trustee considers that the Charity's available liquid resources are sufficient for its current activities.
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WIMBLEDON ENDOWED ALMSHOUSE CHARITY
(Registered Charity No. 203891)
ANNUAL REPORT
(Continued)
Risk Management
The trustee maintains effective financial management to ensure successful implementation of activities and assure appropriate expenditure for projects in line with the charity’s objectives. The trustee keeps under review the finances of the charity, including cash flow and reserves, at the quarterly trustees meeting and monitors the activities of the charity in relation to the charitable objects. Watchful of the charity’s reputation the trustee is minded to take all steps to ensure that the reputation is protected through appropriate activities whilst recognising that some risk is necessary to achieve its mission. The charity has a risk management matrix which is reviewed annually by the trustee; or more often, if circumstances change.
Declaration
The directors of Wimbledon Endowed Almshouse Trustee Limited declare that they have approved the trustee’s report above.
Signed on behalf of the charity’s trustee:
Mr Barry Hamilton Mrs Alison Neilson Director Director
Date: 23rd February 2023
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WIMBLEDON ENDOWED ALMSHOUSE CHARITY
(Registered Charity No. 203891)
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the trustee of Wimbledon Endowed Almshouse Charity on the accounts for the year ended 31st December 2022 set out on pages 6 to 11.
Respective responsibilities of the trustee and the examiner
The charity's trustee is responsible for the preparation of the accounts. The charity's trustee considers that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the Act)) and that an independent examination is needed.
It is my responsibility to
• examine the accounts (under section 145 of the Act),
• to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Act), and
• to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given on whether the accounts show "a true and fair view" and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention
1) which gives me reasonable cause to believe that in, any material respect, the requirements
• to keep proper accounting records in accordance with section 130 of the Act and
• to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act
have not been met; or
2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Heather Cheesman FCA 104 Stockbridge Road Chichester W. Sussex PO19 8QP
Date 14th July 2023
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WIMBLEDON ENDOWED ALMSHOUSE CHARITY
(Registered Charity No. 203891)
Statement of Financial Activities Year ended 31st December 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | Unrestricted | Endowment | Total | Total | |
| Funds | Funds | ||||
| £ | £ | £ | £ | ||
| Income from: | |||||
| Charitable activities | 3 | 146,301 | 146,301 | 137,883 | |
| Investment income | 3 | 5,874 | 5,874 | 5,801 | |
| Total income | 152,175 | 152,175 | 143,684 | ||
| Expenditure on: | |||||
| Charitable activities | 4 | 203,445 | 203,445 | 180,760 | |
| Total expenditure | 203,445 | 203,445 | 180,760 | ||
| Net income (expenditure) | |||||
| before gains and losses on investment assets | (51,270) | (51,270) | (37,076) | ||
| Net gains and losses on investment assets | |||||
| Realised | (4,490) | (4,490) | |||
| Unrealised | (23,619) | (3,993) | (27,612) | 29,676 | |
| Net income (expenditure) | (79,379) | (3,993) | (83,372) | (7,400) | |
| before transfers | |||||
| Gross transfers between funds | |||||
| Net movement in funds | (79,379) | (3,993) | (83,372) | (7,400) | |
| Total funds brought forward | 440,058 | 19,421 | 459,479 | 466,879 | |
| Total funds carried forward | 360,679 | 15,428 | 376,107 | 459,479 |
The notes on pages 8 to 11 form part of these accounts
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WIMBLEDON ENDOWED ALMSHOUSE CHARITY
(Registered Charity No. 203891)
Balance Sheet at 31st December 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | Unrestricted | Endowment | Total | Total | |
| Funds | Funds | ||||
| £ | £ | £ | £ | ||
| Fixed Assets | |||||
| Tangible assets | 8 | 1 | 1 | 1 | |
| Investments | 9 | 333,877 | 15,428 | 349,305 | 418,700 |
| 333,878 | 15,428 | 349,306 | 418,701 | ||
| Current Assets | |||||
| Debtors | 10 | 2,426 | 2,426 | 1,085 | |
| Deposit Account | 6,138 | 6,138 | 30,899 | ||
| Cash at bank and in hand | 26,512 | 26,512 | 14,782 | ||
| 35,076 | 35,076 | 46,766 | |||
| Current Liabilities | |||||
| Creditors falling due within one year | 11 | 8,275 | 8,275 | 5,988 | |
| Net Current Assets | 26,801 | 26,801 | 40,778 | ||
| Net Assets | 360,679 | 15,428 | 376,107 | 459,479 | |
| Funds of the Charity | |||||
| Unrestricted funds | 12 | 60,679 | 60,679 | 140,058 | |
| Designated Funds | 12 | 300,000 | 300,000 | 300,000 | |
| Endowment Funds | 12 | 15,428 | 15,428 | 19,421 | |
| Total Funds | 360,679 | 15,428 | 376,107 | 459,479 |
The notes on pages 8 to 11 form part of these accounts
Signed on behalf of the trustee by:
B Hamilton
AC Neilson
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WIMBLEDON ENDOWED ALMSHOUSE CHARITY
(Registered Charity No. 203891)
Notes to the Accounts
1. Basis of Preparation
The accounts have been prepared in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with FRS 102 and with the Charities Act 2011. The accounts have been prepared under the historical cost convention, except for the revaluation of investments. Wimbledon Endowed Almshouse Charity is a public benefit entity within the meaning of FRS102.
2. Accounting Policies
The principal accounting policies, consistent with prior years, are set out below:
Income is included in the Statement of Financial Activities (SOFA) when:
• the charity becomes entitled to the income;
• the trustee is virtually certain that it will receive the income; and
• the monetary value can be measured with sufficient certainty. Where income has related expenditure, the income and related expenditure are reported gross in the SOFA.
Grants and donations are included in the SOFA only when the charity has unconditional entitlement to the resources. Donated services and facilities are included in incoming resources (with an equivalent amount of resources expended) only where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on this income is the estimated value to the charity of the service or facility received. The value of voluntary help is not included in the accounts but is not considered material.
Investment income is included in the accounts when receivable. Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from the revaluing investments to market value at the end of the year.
Tangible fixed assets are measured at cost less accumulated depreciation, except in the case of the freehold land and buildings (see note 8). Financial instruments comprising debtors and creditors, cash and deposits are measured at the cash amount expected to be received or paid, as appropriate. Financial instruments comprising listed investments are measured at their market value.
3. Analysis of Income
| 3. Analysis of Income | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Unrestricted | Endowment | Total | Total | |
| Funds | Funds | |||
| £ | £ | £ | £ | |
| Income from charitable activities | ||||
| Weekly maintenance charges | 129,560 | 129,560 | 128,922 | |
| Weekly heating charges | 16,460 | 16,460 | 7,660 | |
| Donations | 1 | 1 | 1,301 | |
| Insurance receipt | 280 | 280 | ||
| 146,301 | 146,301 | 137,883 | ||
| Investment income | ||||
| Dividend income | 4,140 | 4,140 | 4,050 | |
| Fixed interest income | 1,546 | 1,546 | 1,748 | |
| Deposit interest | 188 | 188 | 3 | |
| 5,874 | 5,874 | 5,801 | ||
| Total Income | 152,175 | 152,175 | 143,684 |
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WIMBLEDON ENDOWED ALMSHOUSE CHARITY
(Registered Charity No. 203891)
Notes to the Accounts Continued
| 4. Analysis of Expenditure | 2022 | 2021 | ||
|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | |
| Funds | Funds | |||
| £ | £ | £ | £ | |
| Charitable activities | ||||
| Salaries | 20,103 | 20,103 | 19,459 | |
| Central heating | 13,795 | 13,795 | 11,959 | |
| General maintenance | 18,522 | 18,522 | 21,040 | |
| Garden maintenance | 10,754 | 10,754 | 28,931 | |
| Water rates | 3,862 | 3,862 | 5,196 | |
| Electricity | 2,138 | 2,138 | 2,070 | |
| Telephone and broadband | 375 | 375 | 365 | |
| Insurance | 3,936 | 3,936 | 3,648 | |
| Cleaning | 4,844 | 4,844 | 4,409 | |
| Sundry expenses | 708 | 708 | 714 | |
| Council tax | 1,651 | 1,651 | 2,384 | |
| Extraordinary repairs ( see note 5) | 121,753 | 121,753 | 79,544 | |
| Subscriptions | 309 | 309 | 305 | |
| Printing, postage and stationery | 91 | 91 | 140 | |
| Bank charges | 104 | 104 | 96 | |
| Independent examination | 500 | 500 | 500 | |
| Total Expenditure | 203,445 | 203,445 | 180,760 |
Support costs included in total expenditure on charitable activities amounted to governance costs of £513 (2021 £513 ).
5. Extraordinary repairs
| Refurbishment of flats/bungalow following vacancies | 38,891 | 38,891 | 60,160 |
|---|---|---|---|
| Replacement of bathrooms | 19,384 | ||
| Replacement of gas boilers | 82,862 | 82,862 | |
| 121,753 | 121,753 | 79,544 |
6. Related party transactions
In 2022, two directors of the corporate trustee were reimbursed expenses totalling £21 for digital communication, printing, postage and stationery. (2021 - £128) No other payments or expenses were paid to any other directors, persons closely connected with them or related parties. No director of the corporate trustee has been paid any remuneration or received any other benefits from the charity, or any institution or company connected with it.
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WIMBLEDON ENDOWED ALMSHOUSE CHARITY
(Registered Charity No. 203891)
Notes to the Accounts Continued
| 2022 | 2021 | |
|---|---|---|
| 7. Staff Costs | £ | £ |
| Gross wages | 18,504 | 18,191 |
| Employer's National Insurance Class 1A | 249 | 158 |
| Pension contributions by employer | 1,110 | 1,110 |
| Benefits | 1,850 | 1,850 |
| 21,713 | 21,309 |
The corporate trustee employs a part-time manager who is provided with self contained accomodation at 60 Camp Road, Wimbledon. The corporate trustee has also employed one of the residents to test the smoke alarms each week and, during the absence for the manager, to open the Community Room . The corporate trustee has enrolled with National Employment Savings Trust (NEST) to provide an opportunity for employees to participate in a pension scheme as required by the Pensions Act 2008.
8. Fixed Assets
The original cost of fixed assets, comprising the freehold land buildings at Camp Road, Wimbledon is unknown. The trustee regards the asset as fully depreciated and recognise it at a nominal value of £1. For insurance purposes, the buildings are valued at £4,573,090.
| 9. Investments | Market | Purchase/ | Gain/Loss | Market |
|---|---|---|---|---|
| Value | Sale | Value | ||
| 01/01/2022 | 31/12/2022 | |||
| Permanent Endowment Fund | ||||
| 10,572.173 units of BlackRock Charities UK Bond Fund A | 19,421 | -3,993 | 15,428 | |
| Income units (formerly Charinco Distribution units) | 19,421 | -3,993 | 15,428 | |
| Unrestricted and Designated Funds | ||||
| 788.957 units of BlackRock Charities UK Bond Fund A | 41,783 | -37,293 | -4,490 | |
| Accumulation units (formerly Charinco Accumulation Units) | ||||
| 6987.981 units BlackRock Charities UK Equity Fund A | 163,728 | -190 | 163,538 | |
| Accumulation Fund units (formerly Charishare Accumulation | Units) | |||
| 6458.94 COIF Investment Fund Income units | 132,837 | -15,612 | 117,225 | |
| 45874.80 COIF Charities Fixed Interest Fund units | 60,931 | -7,817 | 53,114 | |
| 368,197 | -28,109 | 333,877 |
In December 2019, the investments held with BlackRock were converted from Common Investment Funds (CIFs) to new Charity Authorised Investment Funds (CAIFs) and the names of the funds were changed accordingly.
The 788.957 units of BlackRock Charities UK Bond Fund A Accumulation units were sold on 27th June 2022.
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WIMBLEDON ENDOWED ALMSHOUSE CHARITY
(Registered Charity No. 203891)
Notes to the Accounts Continued
| 2022 | 2021 | |
|---|---|---|
| 10. Debtors | ||
| Debtors | 2,093 | 1,085 |
| Prepayments and accrued income | 333 | |
| 2,426 | 1,085 | |
| 11. Creditors falling due within one year | ||
| Accruals and deferred income | 8,275 | 2,715 |
| Other creditors | ||
| 8,275 | 2,715 |
12. Funds
a) Funds Held: Permanent Endowment Fund The capital of this fund may not be spent but the income arising may be used for general purposes. Extraordinary Repair Fund For future major expenditure to repair and maintain the property.
b) Movements on Funds:
| b) Movements on Funds: | ||||||
|---|---|---|---|---|---|---|
| Balance | Income | Expenditure | Transfers | Gain/Loss on | Balance | |
| 01/01/2022 | Investments | 31/12/2022 | ||||
| Unrestricted Funds: | ||||||
| General Accumulated Fund | 140,058 | 152,175 | 81,692 | -149,862 | 60,679 | |
| Designated Funds | ||||||
| Extraordinary Repair Fund | 300,000 | 121,753 | 149,862 | -28,109 | 300,000 | |
| Endowment Fund | 19,421 | -3,993 | 15,428 | |||
| 459,479 | 152,175 | 203,445 | - | -32,102 | 376,107 |
The Extraordinary Repair Fund has been increased to £300,000 by a transfer from the General Accumulated Fund .
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