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2020-12-31-accounts

EDMONTON UNITED CHARITIES Charlty registration number: 206089 Tru8tees' Annual Report For the year ended 31 December 2020 Oblective$ and Actlvitie$ The purpose ot the charity as set oul in Its governlng doGument is the management and admlnistralion ol almshouses in Church Street. Edmonton, London. Its main activity is to provide single person dwellings for qualifying residents Ilving In the London Borough ol Enfield. The trustees consider that the Charlty's Schemos are framed for Ihe publlc benefit. Achlevemtnt8 and Perlormance All ten almshouses have been occupied throughout the year providlng accommodatlon for fesldents living in the London Boiough of Enlield. Financial Revlew The trustees are satlstied with the Charity's financial PQSitlon. Its flled accounts show operating and accumulated 5urpluseg for the year. Retained reserves are held In accordance with the dlrectiofts of the Almshouse Association lor the maintenance and Improvements required. Structvre, Governance and Managemènt The Charity is unincorporated and governed by the Charity Commission Schemes. The Vicar ol the parish ol Edmonton is ex-oflicio trustee. Enlleld Council appoints three trustees and the local communily provides Ilve co-optative trustees. Currently, a successor is awaited lor the Reverend Stuart Owen, who left the Parish in September 2020 and theie ale two ¢o-optatlve trustee vacancies. Relerence and Adminlstralive detalls Chan"ty Name EDMONTON UNITED GHARITIES Reglstered charity number 206089 Charltys prin¢ip8/address 46 BELSIZE COURT WEDDERBURN ROAD HAMPSTEAD LONDON NW3 SQH Charity Trustees Irustee nam8 Ivame of pe￿On/bOdY entitled to appoint Ex-otlicio left the Parish In September 2020 Enlield Council Enlield Council Enfield Councll Co-opted Co-opted - resigned in September 2020 Co-opted Co-opted - now decease Reverelld S. J Owen Cllr. M. Bedekova Cllr. M. Cetinkaya Cllr. J. Steven Mrs B. Garrelt Mrs J Pullen Mrs l. Richards Mrs P. Wealij (Chairman)

De¢laratlon The trustees declare that they have approved Ihe Irustees. report above. Signed on behalf ol Ihe Gharity's trustees Signature Full name ILL A(L p-l ?li- lij C ilJ."Ii.tyJ Posltlon CHAIR Date 23 Jijne 2021

EDMONTON UNITED CHARITIES

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Registered Charity No : 2 0 6 0 8 9

ANDREW LIM • Chartered Accountants • 111 Parsonage Lane • Enfield • Middlesex • EN2 0AB

EDMONTON UNITED CHARITIES FINANCIAL STATEMENTS

31 December 2020

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

CONTENTS

Page
Trust Information 1
Statement of trustees’ responsibilities 2
Independent examiner’s report 3
Income and expenditure account 4
Movement on reserves 5
Balance sheet 6
Notes to the financial statements 7 — 10

EDMONTON UNITED CHARITIES TRUST INFORMATION

Page 1

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Trustees Reverend S Owen — resigned 09/09/2020
Cllr M Bedekova
Cllr M Cetinkaya
Mr N Ford — resigned 01/01/2020
Mrs B Garrett
Mrs J Pullen — resigned 09/09/2020
Mrs I Richards
Cllr J Steven
Mrs P Weald — deceased 24/01/2021
Clerk to the Trustees Mr T C Constable
Charity number 206089
Correspondence address 46 Belsize Court
Wedderburn Road
Hampstead
London
NW3 5QH
Independent examiner Andrew Lim
Chartered Accountants
Bankers Barclays Bank plc
Enfield

EDMONTON UNITED CHARITIES STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Page 2

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The trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England & Wales, The Charities Act 2011, requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing the financial statements, the trustees are required

to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the Board of Trustees

MRS I RICHARDS

–––––––––––––––––––––––––– TRUSTEE

23 June 2021

INDEPENDENT EXAMINER’S REPORT

To the Trustees on the unaudited financial statements of EDMONTON UNITED CHARITIES

Page 3

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In accordance with the engagement letter dated 1 September 2020, and in order to assist you to fulfil your duties under the Charities Act 2011 (“the Charities Act”), we have compiled the financial statements of the charity which comprise the Income and Expenditure Account, the Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act and that an independent examination is needed.

It is our responsibility to:

Basis of independent examiner’s statement

Our examination was carried out in accordance with general Directions given by the Charity Commission. 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 trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair” view and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with our examination, no matter has come to our attention:

111 Parsonage Lane Enfield Middlesex EN2 0AB

ANDREW LIM

CHARTERED ACCOUNTANTS

23 June 2021

For the year ended 31 December 2020

Page 4

EDMONTON UNITED CHARITIES

INCOME AND EXPENDITURE ACCOUNT

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

2020 2020 2019 2019
––––– –––––
Notes £ £ £ £
INCOME
Almshouse rents 36,400 36,400
Garage rents 4,056 4,056
–––––––––– ––––––––––
40,456 40,456
LESS: OPERATINGCOSTS
Services
Community alarm service 2,250 2,148
Insurance 1,141 1,226
Insurance — garages 127 123
Telephone, light and heat 347 275
Water rates 1,472 1,338
Grants and donations 2 13,110 530
Clerk’s fees & expenses 4,675 4,675
Depreciation 6,756 6,051
–––––––––– (29,878) –––––––––– (16,366)
Management
Clerk’s fees & expenses 4,675 4,675
General expenses 170 187
Subscriptions 179 170
Accountancy 2,050 2,250
Professional fees 95 225
–––––––––– (7,169) –––––––––– (7,507)
Routine Maintenance
Repairs & maintenance 8,664 7,523
Garden maintenance 2,310 3,952
Alarm system 289 364
–––––––––– (11,263) –––––––––– (11,839)
–––––––––– ––––––––––
**OPERATING(DEFICIT) ** (7,854) 4,744
INTERESTRECEIVABLE AND
OTHERINCOME
M&G Charity shares income 1,436 1,436
Endowment fund income 3 2,407 2,588
Bank deposit interest 119 333
Building society interest 4 7 11
John Wild of Edmonton 19 19
–––––––––– 3,988 –––––––––– 4,387
–––––––––– ––––––––––
(3,866) 9,131
Gains on disposal of investments 1,154
Unrealised (loss) on investments 5 (43,426) 111,977
–––––––––– ––––––––––
(DEFICIT) FOR THEYEAR £(47,292) £122,262
=========== ===========

For the year ended 31 December 2020

EDMONTON UNITED CHARITIES

MOVEMENT ON RESERVES

Page 5

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2020 2020 2019 2019
––––– –––––
Notes £ £ £ £
Surplus 1 January 2020 597,438 480,129
(Deficit) for the year (47,292) 122,262
Transfer from / (to): 10
Endowment fund (5,027) (5,475)
Amenity fund 1,031 522
–––––––––– (51,288) –––––––––– 117,309
–––––––––– ––––––––––
ACCUMULATED SURPLUS
31 December 2020 £546,150 £597,438
=========== ===========

Edmonton United Charities has not acquired or discontinued any fundamental activities during the above two financial years.

There are no recognised gains and losses other than those included in the above Income and Expenditure Account. Therefore, no separate statement of total recognised gains and losses is needed.

Page 6

EDMONTON UNITED CHARITIES BALANCE SHEET

31 December 2020

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2020 2019
––––– –––––
Notes £ £ £ £
FIXEDASSET
Housing property at cost 7 477,630 477,630
Less :
Housing Association Grant (389,686) (389,686)
–––––––––– ––––––––––
87,944 87,944
Other assets 8 38,287 34,292
Investments at market value 9 579,632 623,058
–––––––––– ––––––––––
TOTALFIXEDASSETS 705,863 745,294
CURRENTASSETS
Cash at bank 27,010 19,062
Bank deposit account 40,000 50,000
Building society accounts 6,226 9,562
Sundry debtors 2,738 2,822
–––––––––– ––––––––––
75,974 81,446
LESS: CURRENTLIABILITIES
Sundry creditors (8,388) (6,029)
–––––––––– ––––––––––
NETCURRENTASSETS 67,586 75,417
–––––––––– ––––––––––
£773,449 £820,711
=========== ===========
CAPITAL ANDRESERVES
Designated reserves 10 227,299 223,273
Accumulated surplus 546,150 597,438
–––––––––– ––––––––––
£773,449 £820,711
=========== ===========

The trustees are satisfied that the charity is entitled to exemption relating to the audit of the financial statements for the year under the provisions of Section 144 of the Charities Act 2011 and that an independent examination is needed.

The trustees acknowledge their responsibilities for:

These financial statements were approved by the Board of Trustees on 23 June 2021.

––––––––––––––––––––––––––

–––––––––––––––––––––––––

MRS I RICHARDS CLLR J STEVEN

TRUSTEE

TRUSTEE

EDMONTON UNITED CHARITIES NOTES TO THE ACCOUNTS

For the year ended 31 December 2020

Page 7

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1. ACCOUNTING POLICIES

The accounts have been prepared under the historical cost convention, with the exception of investments which are included at market value, and 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).

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

(b) Reconciliation with previous Generally Accepted Accounting Practice

In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. There were no restatements required.

The accounts are presented in sterling which is the financial currency of the Charity and rounded to the nearest £.

(c) Finance

The financial statements have been prepared on the basis that the capital expenditure referred to in note 6 will be grant aided or met out of reserves.

(d) Housing Association Grant

The Housing Association grant is made by the Housing Corporation in respect of an approved scheme calculated on the qualifying costs of the scheme in accordance with instructions issued from time to time by the Housing Corporation.

(e) Fixed Assets — Housing property (Note 6)

Housing property is stated at cost. The development cost of housing property funded with new fixed HAG includes the following:

All invoices and architects’ certificates relating to capital expenditure incurred in the year at gross value before retentions are included in the financial statements for the year, provided that the dates of issue or valuation are prior to the year end.

Amounts equal to on–costs allowances are added to housing property and are released to income and expenditure account when they are received.

(f) Depreciation

The almshouses site originated back in 1662 and there is no record of the original cost and no value is attributed thereto. The Housing Property cost relates to improvements carried out since 1990 which were funded by a Housing Corporation Grant and from Edmonton United Charities' own resources. As the property is maintained in a state of repair such that their estimated residual value is not less than their improvement cost or carrying amount, there being no impairment in its value.

Furniture and fittings — 15% per annum, reducing balance.

EDMONTON UNITED CHARITIES NOTES TO THE ACCOUNTS

For the year ended 31 December 2020

Page 8

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1. ACCOUNTING POLICIES (Contd.)

(g) Routine Repairs and Maintenance

Costs are charged to the Revenue Account in the year in which they are incurred.

(h) Extraordinary Repairs

Costs of extraordinary repairs, unless representing improvements to the property, are charged to the Revenue Account in the year to which they are incurred.

(i) Routine Maintenance Reserve

This reserve represents amounts set aside for routine and cyclical maintenance to meet costs in excess of budgeted expenditure for any year.

(j) Extraordinary Repairs Reserve

This Revenue Reserve represents amounts set aside to carry out major repairs on Housing Property.

(k) Value Added Tax

The Charity is not registered for Value Added Tax. In these financial statements, where applicable, expenditure is shown inclusive of VAT.

(l) Apportionment of Clerk's fees and expenses

This is apportioned between Services and Management costs on the basis that 50% are attributable to Service Costs and the balance to Management.

2. GRANTS ANDDONATIONS 2020 2019
––––– –––––
£ £
Lying-In Charity 12,072
Amenity Fund grants 1,038 530
––––––––– –––––––––
£13,110 £530
========== ==========

Following the trustees’ resolution of 13 December 2017 approving the removal of the permanent endowment restriction and the spending of permanent endowment of the Lying In Branch Charity, the balance as at 31 December 2019 will be distributed accordingly.

On 3 December 2019, the trustees have approved and resolved that the balance of £12,072 will be distributed to Enfield Citizens Advice Bureau as being deserving beneficiaries whose objects are closely aligned.

Following the final distribution of the balance on 18 February 2020, the Lying In Branch Charity will be dissolved as the scheme will no longer be required.

3. ENDOWMENT FUND INCOME

ENDOWMENTFUNDINCOME 2020 2019
––––– –––––
£ £
Almshouse Charity 2,407 2,360
Lying In Charity 228
––––––––– –––––––––
£2,407 £2,588
========== ==========

EDMONTON UNITED CHARITIES

NOTES TO THE ACCOUNTS

NOT ES TO THEACCOUNTS ES TO THEACCOUNTS
For the year ended 31 December 2020 Page 9
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4. BUILDINGSOCIETYINTEREST 2020 2019
––––– –––––
£ £
Almshouse Charity 7 7
Lying In Charity 4
––––––––– –––––––––
£7 £11
========== ==========
5. UNREALISEDGAIN ONINVESTMENTS 2020 2019
––––– –––––
Changes in value of investments: £ £
5,092 COIF income share 5,027 11,923
41,043 M&G CHARITYincome shares (2,771) 4,420
989 M&G CHARIFUNDaccumulation shares (35,668) 51,702
10,767.529 BLACKROCKCHARISHAREAcc shares (10,014) 43,932
––––––––– –––––––––
£(43,426) £111,977
========== ==========

6. TAXATION

Edmonton United Charities is a registered Charity, and is, therefore, exempt from liability to taxation on its income and capital gains.

7. FIXED ASSET — HOUSING PROPERTY

IXEDASSET— HOUSINGPROPERTY
£
Cost :
At 1 January 2020
and
At 31 December 2020 £477,630
===========
Less :
Housing Association Grant
At 1 January 2020
and
At 31 December 2020 £389,686
===========
Net Book Value
At 31 December 2020 £87,944
===========
At 31 December 2019 £87,944
===========

EDMONTON UNITED CHARITIES

NOTES TO THE ACCOUNTS

For the year ended 31 December 2020

Page 10

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8. FIXED ASSET — OTHER ASSETS

. FIXEDASSET— OTHERASSETS
Furniture and Fittings
£
Cost :
At 1 January 2020 94,452
Addition 10,751
––––––––––
At 31 December 2020 £105,203
===========
Accumulated depreciation
At 1 January 2020 60,160
Provision 6,756
––––––––––
At 31 December 2020 £66,916
===========
Net book value
At 31 December 2020 £38,287
===========
At 31 December 2019 £34,292
===========
9. INVESTMENTS 2020 2019
––––– –––––
£ £
5,092
COIF income share
83,627 78,600
41,043
M&G CHARITYincome shares
34,320 37,091
989
M&G CHARIFUNDaccumulation shares
240,951 276,619
10,767.529 BLACKROCKCHARISHAREAcc shares 220,734 230,748
––––––––– –––––––––
£579,632 £623,058
========== ==========

10. DESIGNATED RESERVES

ROUTINE EXTRAORDINARY
AMENITY ENDOWMENT MAINTENANCE REPAIRS
TOTAL FUND FUND RESERVE RESERVE
–––––––––– –––––––––– ––––––––––– –––––––––––– –––––––—––––
£ £ £ £ £
Balance 1 January 2020 223,303 7,257 78,600 85,000 52,446
Transfers from / (to)
revenue reserves 3,996 (1,031) 5,027
––––––––– ––––––––– ––––––––– ––––––––– –––––––––
Balance 31 December 2020 £227,299 £6,226 £83,627 £85,000 £52,446
========== ========== ========== ========== ==========

INDEPENDENT EXAMINER’S REPORT

To the Trustees on the unaudited financial statements of EDMONTON UNITED CHARITIES

Page 3

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

In accordance with the engagement letter dated 1 September 2020, and in order to assist you to fulfil your duties under the Charities Act 2011 (“the Charities Act”), we have compiled the financial statements of the charity which comprise the Income and Expenditure Account, the Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act and that an independent examination is needed.

It is our responsibility to:

Basis of independent examiner’s statement

Our examination was carried out in accordance with general Directions given by the Charity Commission. 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 trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair” view and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with our examination, no matter has come to our attention:

111 Parsonage Lane Enfield Middlesex EN2 0AB

ANDREW LIM

CHARTERED ACCOUNTANTS

23 June 2021