Charity registration number: 205797
## Kingsbury Charity
Annual Report and Financial Statements for the Year Ended 31 December 2023
Landmark Audit Limited Chartered Accountants Statutory Auditors Leavesden Park 5 Hercules Way Watford Hertfordshire WD25 7GS
## **Kingsbury Charity**
## **Contents (continued)**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 4|
|Statement of Trustees' Responsibilities|5|
|Investment Managers Annual Investment Review|6|
|Independent Auditors' Report|7 to 10|
|Statement of Financial Activities|11|
|Balance Sheet|12|
|Notes to the Financial Statements|13 to 23|
## **Kingsbury Charity**
## **Reference and Administrative Details**
|**Chairperson**|Mr G Eldridge (Appointed 22/06/2024)|
|---|---|
||Reverend S Schuil-Brewer (Resigned 19/05/2024)|
|**Charity Registration Number**|205797|
|**Principal Office**|29 Bowater Close|
||Kingsbury|
||London|
||NW9 0XD|
|**Trustees**|Mrs A Hopkins|
||Reverend S Schuil-Brewer|
||Mr G Eldridge|
||Mrs S Bhudia|
||Mr P Gururajan|
|**Hon. Secretary**|Mrs P Hughes (Resigned 31/10/2023)|
|**Hon. Treasurer**|Ms P Hewavisenti|
|**Clerk to Trustees**|Mrs A Little (Appointed 31/03/2024)|
|**Auditor**|Landmark Audit Limited|
||Chartered Accountants|
||Statutory Auditors|
||Leavesden Park|
||5 Hercules Way|
||Watford|
||Hertfordshire|
||WD25 7GS|
|**Solicitors**|Camerons Jones|
||Television House|
||269 Field End Road|
||Ruislip|
||Middlesex|
||HA4 9XA|
|**Bankers**|HSBC|
||544 Kingsbury Road|
||Kingsbury|
||London|
||NW9 9EE|
||CAF Bank Ltd|
||25 Kings Hill Avenue|
||Kings Hill|
||West Malling|
||Kent|
||ME19 4JQ|
|**Investment Managers**|Investec Wealth & Investment Limited|
||30 Gresham Street|
||London|
||EC2V 7QN|
Page 1
## **Kingsbury Charity**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2023.
## **Objectives and activities**
The main objectives of the Charity are to provide relief for those in need and/or in sickness of, either generally or individually, persons resident in or in certain circumstances close to the Ancient Parish of Kingsbury. Subject to the approval of the Charity Commissioners the Trustees may provide land and buildings to be appropriated and used as almshouses for the accommodation of residents.
The Charity achieves its objectives by the prudent management of its assets and investments, to ensure that the almshouses are maintained to a hight standard and as near to full occupancy as possible. Also, that sufficient funds are available to make grants to worthy causes falling within the Charity’s objectives.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Financial review**
The Charity’s income and expenditure for the year are shown in the statement of Financial Activities (page 10), which shows total income of £373,062 (2022: £361,306) and total expenditure of £331,588 (2022: £331,692), giving rise to net income of £41,474 (2022: £29,614). In addition there were gains on investments of £475,347 (2022: £1,527,315 loss). The total funds at 31st December 2023 were £13,130,439 (2022: 12,613,618). Movement in funds is shown in note 16.
The Trustees do not consider the cost of a professional valuation of the property assets to be justified, but they are satisfied that their realisable values are substantially more than their historic costs.
The maintenance contributions made by all residents, usually paid monthly, have remained largely unchanged. They are set at the time the new residents join the property. There will be a review undertaken in the next financial year whereby the contributions made by all residents will be examined and a process introduced to update the contributions to reflect current market conditions.
The review will streamline costs and introduce a process for updating contributions annually in line with standard Almhouses’ practice.
The rolling programme of maintenance, redecoration, and refurbishment to all the Charity’s forty-one flats located in Bowater Close and Stubbs Close, continues and the maintenance focus for the coming years will be to undertake necessary risk assessments and reviews and to undertake works identified in these assessments.
The Charity’s charter allows it to make donations to and/or grants to other organisations who have similar aims. The contributions made in this financial year are identified in the accounts.
Page 2
## **Kingsbury Charity**
## **Trustees' Report (continued)**
## **Trustees and officers**
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Mr S Smails (resigned 11 December 2023) Mrs A Hopkins Reverend S Schuil-Brewer Mrs A Little (resigned 31 March 2024) Mr G Eldridge Mrs S Bhudia (appointed 17 June 2023) Mr P Gururajan (appointed 23 March 2024)
Chairperson: Mr G Eldridge
## **Structure, governance and management**
The Charity is governed by a revised scheme of the Charity Commissioners, dated 2nd October 1986, giving effect to the absorption of the Kingsbury District Nursing Aid Fund by the Kingsbury Charities of Richard Bowater and Francis Perry Stubbs.
Although the Charity has remained an unincorporated association since its inception, by virtue of the granting of a certificate or incorporation sealed by the Charity Commissioners on 21st October 1993, the Trustees are collectively a corporate body.
The Trustees meet regularly, usually every four to six weeks, either in person or virtually, to discuss the management of the Charity, its activities, and finances. New Trustees are appointed by the Trustees by way of a show of hands and the Chairman has the casting vote.
Two non-voting members attend the Trustees’ meetings - the Secretary and the Treasurer.
## _**The Board**_
In respect of the make up of the Board of trustees. The Honorary Secretary stepped down in October 2023 and Ann Little, our Trustee, has taken on the duties for the short-term, with the support of the caretakers at Bowater Close and Stubbs Close. Snehal Bhudia was appointed as a new Trustee during 2023 and Stephen Smails stepped down as a trustee in December 2023.
## **Risk management**
The Trustees are examining the major strategic, business and operational risks which the Charity faces and confirm that systems are being established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Page 3
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## **Kingsbury Charity**
## **Investment Managers Annual Investment Review**
The portfolio managed by Investec has a medium-high risk strategy and is invested for the long-term to generate attractive returns to benefit the charity’s beneficiaries. The Kingsbury Charity investments had a much better year in 2023 and generated a total return of +7.9%, net of fees. This return compares favourably with inflation, now that it has begun to moderate, and the charity peer group, as measured by the ARC Charities Steady Growth Index, which produced a return of +7.5%. This was ultimately a very positive year for equities and bond markets also made gains. The increasing belief that falling inflation would ultimately lead to the commencement of interest rate cuts was a key factor. The other major influence was a strong share price performance exhibited by the mega-sized technology sector expected to benefit from the growth of artificial intelligence. This led to a highly concentrated market and for the US, home to the majority of these expected beneficiaries, to again prove the best performing market. The global strategy employed means that the portfolio has been able to benefit materially from this rise. In fixed interest our addition to the asset class in the second half of 2023 and, more importantly, our switch from short-dated bonds into longer-dated bonds now that the interest rate cycle has turned, has worked well, and led to outperformance on the upside, following on from the outperformance experienced on the downside in the previous financial year. The significant exposure to bonds is now helpful from an absolute return perspective and the focus on quality growth equities should continue to provide attractive compounded returns over time.
Investec Wealth & Investment Limited
Page 6
## **Kingsbury Charity**
## **Independent Auditor's Report to the Members of Kingsbury Charity**
## **Opinion**
We have audited the financial statements of Kingsbury Charity (the 'charity') for the year ended 31 December 2023, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 7
## **Kingsbury Charity**
## **Independent Auditor's Report to the Members of Kingsbury Charity (continued)**
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 5), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor Responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page 8
## **Kingsbury Charity**
## **Independent Auditor's Report to the Members of Kingsbury Charity (continued)**
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, anti-bribery, environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with relevant regulators, and the charity's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 9
## **Kingsbury Charity**
## **Independent Auditor's Report to the Members of Kingsbury Charity (continued)**
## **Use of our report**
This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
...................................... Landmark Audit Limited Statutory Auditor Chartered Accountants Leavesden Park 5 Hercules Way Watford Hertfordshire WD25 7GS
17 October 2024
Landmark Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 10
## **Kingsbury Charity**
## **Statement of Financial Activities for the Year Ended 31 December 2023**
|**Note**
**Income and Endowments from:**
Investment income
2
Charitable income
3
Total income
**Expenditure on:**
Raising funds
4
Charitable activities
5
Governance costs
6
Total expenditure
Net (expenditure)/income
Gross transfers between funds
16
**Gains/(losses) on fixed assets**
Gains/(losses) on investments
12
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
16|**Unrestricted**
**funds**
**£**
79,032
100,552
179,584
(10,761)
(163,533)
(52,028)
(226,322)
(46,738)
(109,400)
118,409
(37,729)
1,814,376
1,776,647|**Restricted**
**funds**
**£**
193,478
-
193,478
(32,439)
(72,827)
-
(105,266)
88,212
109,400
356,938
554,550
10,799,242
11,353,792|**Total**
**2023**
**£**
272,510
100,552
373,062
(43,200)
(236,360)
(52,028)
(331,588)
41,474
-
475,347
516,821
12,613,618
13,130,439|**Total**
**2022**
**£**
258,868
102,438|
|---|---|---|---|---|
|||||361,306|
|||||(42,205)
(250,970)
(38,517)|
|||||(331,692)|
|||||29,614
-
(1,527,315)|
|||||(1,497,701)
14,111,319|
|||||12,613,618|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 16.
The notes on pages 13 to 23 form an integral part of these financial statements. Page 11
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Pagc 12
## **Kingsbury Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
Kingsbury Charity meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
## _**Legacies**_
These are regarded as capital receipts and are credited to capital account.
## _**Investment income**_
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
## _**Irrecoverable VAT**_
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
## _**Raising funds**_
These are costs incurred in the management of investments.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## _**Grant provisions**_
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Page 13
## **Kingsbury Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
## **Taxation**
As a non-trading registered charity, Kingsbury Charity is exempt from UK Corporation Tax on its income and realised capital gains.
## **Depreciation and amortisation**
Fixed assets, other than Freehold properties, are normally written down to a nominal figure in the year they are acquired or the following year.
Depreciation is not charged on Freehold properties as the residual value is considered to be higher than the carrying value in the financial statements.
## **Fixed asset investments**
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
## **Debtors**
Debtors comprises contributions owed by residents and prepayments of expenses.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Page 14
## **Kingsbury Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## _**Extraordinary Repair Fund (ERF)**_
This is a reserve fund for future major expenditure to which transfers are made from the Income and Expenditure Account. The fund should be invested with the aim on maximise capital growth including re-investment of income. It can be drawn upon to meet major items of repair.
Transfers from income to the fund are mandatory and are made annually to meet the minimum requirements of the Charity Commissioners, as amended from time to time to apply to dwellings in the London area.
## _**Cyclical Maintenance Fund (CMF)**_
This fund, to which transfers are made from the Income and Expenditure Account, is retained by the trustees to meet maintenance occurring at regular intervals e.g. internal (refurbishing kitchens and bathrooms), external redecoration and the cost of professional fees such as for Quinquennial Inspections.
Annual transfers from income are made at the minimum rate for dwellings in the London area.
## _**Routine Maintenance Fund (RMF)**_
In essence an equalisation account to even out the expense of routine maintenance of the flats from year to year. The annual charge is made at the maximum level allowed by the Charities Commission for rental budgetary purposes which is amended from time to time and is applicable to dwellings in the London area.
Page 15
## **Kingsbury Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## **2 Investment income**
|Interest receivable and similar income;
Interest receivable
Dividends receivable
Interest receivable and similar income;
Interest receivable
Dividends receivable
**3**
**Income from charitable activities**
Contributions from residents
Contributions from residents|**Unrestricted**
**funds**
**General**
**£**
36,260
42,772
79,032
**Unrestricted**
**funds**
**General**
**£**
16,969
39,886
56,855
**Stubbs Close**
**£**
30,200
**Stubbs Close**
**£**
32,378|**Restricted**
**funds**
**£**
64,543
128,935
193,478
**Restricted**
**funds**
**£**
27,662
174,351
202,013
**Bowater Close**
**£**
70,352
**Bowater Close**
**£**
70,060|**Total**
**2023**
**£**
100,803
171,707|
|---|---|---|---|
||||272,510|
||||**Total**
**2022**
**£**
44,631
214,237|
||||258,868|
||||**Total**
**2023**
**£**
100,552|
||||**Total**
**2022**
**£**
102,438|
- **4 Expenditure on raising funds**
## **a) Investment management costs**
|Investment management costs
**Total for 2023**
**Total for 2022**|**Unrestricted**
**funds**
**General**
**£**
10,761
10,761
10,513|**Restricted**
**funds**
**£**
32,439
32,439
31,692|**Total**
**funds**
**£**
43,200|
|---|---|---|---|
||||43,200|
||||42,205|
Page 16
## **Kingsbury Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## **5 Expenditure on charitable activities**
|Council tax and rates
Light and heat
Property repairs and maintenance
Garden maintenance
Insurance
Harrow careline
Caretaker and secretary costs
Sundry expenses
Telephone
Grants to institutions
Council tax and rates
Light and heat
Property repairs and maintenance
Garden maintenance
Insurance
Harrow careline
Caretaker and secretary costs
Sundry expenses
Telephone
Grants to institutions|**Unrestricted**
**funds**
**General**
**£**
19,233
27,191
-
-
9,547
1,060
3,477
3,298
2,174
97,553
163,533
**Unrestricted**
**funds**
**General**
**£**
15,063
28,530
-
10,830
2,929
1,290
1,990
300
1,304
88,040
150,276|**Restricted**
**funds**
**£**
-
-
67,327
5,500
-
-
-
-
-
-
72,827
**Restricted**
**funds**
**£**
-
-
100,694
-
-
-
-
-
-
-
100,694|**Total**
**2023**
**£**
19,233
27,191
67,327
5,500
9,547
1,060
3,477
3,298
2,174
97,553|
|---|---|---|---|
||||236,360|
||||**Total**
**2022**
**£**
15,063
28,530
100,694
10,830
2,929
1,290
1,990
300
1,304
88,040|
||||250,970|
Page 17
## **Kingsbury Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## **6 Analysis of governance and support costs**
## **Governance costs**
|Audit fees
Audit of the financial statements
Other fees paid to auditors
Treasurer's honorarium
Secretary's honorarium
Administrative support
Travel and subsistence
Printing, postage and stationery
Sundry expenses
Computer software and maintenance costs|**Total**
**2023**
**£**
7,086
10,630
13,044
12,936
2,000
800
332
3,592
1,608
52,028|**Total**
**2022**
**£**
5,502
4,583
10,164
14,230
-
144
46
2,888
960|
|---|---|---|
|||38,517|
## **7 Trustees remuneration and expenses**
During the year the charity made the following transactions with trustees:
## **Mrs A Little**
£412 (2022: £Nil) of expenses were reimbursed to Mrs A Little during the year.
During the year Mrs A Little received £2,000 (2022: £Nil) in respect of additional administrative support services provided outside of her role as a Trustee.
## **Mr G Eldridge**
£110 (2022: £Nil) of expenses were reimbursed to Mr G Eldridge during the year.
## **Reverend S Schuil-Brewer**
£753 (2022: £Nil) of expenses were reimbursed to Reverend S Schuil-Brewer during the year.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year, other than that disclosed above.
No trustees have received any other benefits from the charity during the year.
## **8 Staff costs**
The Charity does not employ staff, therefore there are no employees with emoluments above £60,000.
Page 18
## **Kingsbury Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## **9 Auditors' remuneration**
|**9**
**Auditors' remuneration**|||
|---|---|---|
|Audit of the financial statements
**Other fees to auditors**
All other non-audit services|**2023**
**£**
7,086
10,630|**2022**
**£**
5,502|
|||4,583|
## **10 Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **11 Tangible fixed assets**
|**11 Tangible fixed assets**|||
|---|---|---|
|**Cost**
At 1 January 2023
At 31 December 2023
**Depreciation**
At 1 January 2023
At 31 December 2023
**Net book value**
At 31 December 2023
At 31 December 2022|**Freehold land**
**and buildings**
**£**
1,888,053
1,888,053
-
-
1,888,053
1,888,053|**Total**
**£**
1,888,053|
|||1,888,053|
|||-|
|||-|
|||1,888,053|
|||1,888,053|
Page 19
## **Kingsbury Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## **12 Fixed asset investments**
|Market value at 1st January 2023
Acquisitions at cost
Sale proceeds from disposals
Gain/(Loss) in the year
Market value at 31st December 2023|**Capital**
**Fund**
**£**
6,330,638
5,744,608
(5,038,149)
344,674
7,381,771|**Accumulated**
**Income Fund**
**£**
1,779,029
1,973,496
(1,730,800)
118,409
2,140,134|**Extraordinary**
**Repair Fund**
**£**
117,246
204,401
(179,264)
12,264|**Total**
**£**
8,226,913
7,922,505
(6,948,213)
475,347
9,676,552|
|---|---|---|---|---|
||||154,647||
All investments are listed investments and are held primarily to provide an investment return for the Charity.
Investments are held at mid-market value at the balance sheet date.
## **13 Debtors**
|**13 Debtors**|||
|---|---|---|
|Prepayments
Other debtors
**14 Cash and cash equivalents**
Cash at bank
Short-term deposits|**2023**
**£**
8,439
-
8,439
**2023**
**£**
1,341,910
266,495
1,608,405|**2022**
**£**
6,388
220|
|||6,608|
|||**2022**
**£**
1,296,758
1,241,572|
|||2,538,330|
## **15 Creditors: amounts falling due within one year**
|Trade creditors
Accruals|**2023**
**£**
16,023
34,987
51,010|**2022**
**£**
13,322
32,964|
|---|---|---|
|||46,286|
Page 20
## **Kingsbury Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## **16 Funds**
|**Unrestricted funds**
General Funds
**Restricted funds**
Capital
Extraordinary Repair
Cyclical Maintenance
Routine Maintenance
**Total funds**|**Balance at 1**
**January 2023**
**£**
1,814,376
9,370,760
1,021,094
200,047
207,341
10,799,242
12,613,618|**Incoming**
**resources**
**£**
179,584
186,830
6,648
-
-
193,478
373,062|**Resources**
**expended**
**£**
(226,322)
(31,324)
(2,225)
(50,439)
(21,278)
(105,266)
(331,588)|**Transfers**
**£**
(109,400)
-
26,480
45,480
37,440
109,400
-|**Investment**
**gains/(losses)**
**£**
118,409
344,674
12,264
-
-
356,938
475,347|**Balance at 31**
**December**
**2023**
**£**
1,776,647
9,870,940
1,064,261
195,088
223,503|
|---|---|---|---|---|---|---|
|||||||11,353,792|
|||||||13,130,439|
Transfers between funds are carried out in accordance with Almshouse Association guidance.
Page 21
## **Kingsbury Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
|**Unrestricted funds**
General Funds
**Restricted funds**
Capital
Extraordinary Repair
Cyclical Maintenance
Routine Maintenance
**Total funds**|**Balance at 1**
**January 2022**
**£**
2,311,060
10,354,372
1,038,365
208,969
198,553
11,800,259
14,111,319|**Incoming**
**resources**
**£**
159,293
198,845
3,168
-
-
202,013
361,306|**Resources**
**expended**
**£**
(194,723)
(30,603)
(27,489)
(49,602)
(24,692)
(132,386)
(327,109)|**Transfers**
**£**
(97,840)
-
23,680
40,680
33,480
97,840
-|**Investment**
**gains/(losses)**
**£**
(358,831)
(1,151,854)
(16,630)
-
-
(1,168,484)
(1,527,315)|**Balance at 31**
**December**
**2022**
**£**
1,818,959
9,370,760
1,021,094
200,047
207,341|
|---|---|---|---|---|---|---|
|||||||10,799,242|
|||||||12,618,201|
Transfers between funds are carried out in accordance with Almshouse Association guidance.
Page 22
## **Kingsbury Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)**
## **17 Donations payable**
|**17 Donations payable**||||
|---|---|---|---|
|Grants and donations
The total grants and donations paid during the year was as follows:
**Recipient**
**Use of the funds**
St Luke's Hospice
Hospice
Elders Voice
Carers and aid for those in need
St Laurence's Larder
Food bank
Bowater and Stubbs Residents
Food vouchers
Ashford Place
Homeless charity
Stubbs Close Residents
Fuel grant
Other
Donation||**2023**
**£**
97,553
**2023**
**£**
50,500
45,000
1,803
-
-
250
97,553|**2022**
**£**
88,040|
||||**2022**
**£**
39,640
10,000
-
3,800
30,000
4,560
40
88,040|
## **18 Analysis of net assets between funds**
|Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
-
210,813
1,616,844
(51,010)
1,776,647
**Unrestricted**
**funds**
**General**
**£**
-
1,779,029
81,633
(46,286)
1,814,376|**Restricted**
**funds**
**£**
1,888,053
9,465,739
-
-
11,353,792
**Restricted**
**funds**
**£**
1,888,053
6,447,884
2,463,305
-
10,799,242|**Total funds at**
**31 December**
**2023**
**£**
1,888,053
9,676,552
1,616,844
(51,010)|
|---|---|---|---|
||||13,130,439|
||||**Total funds at**
**31 December**
**2022**
**£**
1,888,053
8,226,913
2,544,938
(46,286)|
||||12,613,618|
## **19 Related party transactions**
There were no related party transactions in the year.
Page 23