EDMONTON UNITED CHARITIES
Charity registration number: 206089
Trustees’ Annual Report
For the year ended 31 December 2021
Objectives and Activities
The purpose of the charity as set out in its governing document is the management and administration of almshouses in Church Street, Edmonton, London. Its main activity is to provide single person dwellings for qualifying residents living in the London Borough of Enfield. The trustees consider that the Charity’s Schemes are framed for the public benefit.
Achievements and Performance
All ten almshouses have been occupied throughout the year providing accommodation for residents living in the London Borough of Enfield.
Financial Review
The trustees are satisfied with the Charity’s financial position. Its filed accounts show operating and accumulated surpluses for the year. Retained reserves are held in accordance with the directions of the Almshouse Association for the maintenance and improvements required.
Structure, Governance and Management
The Charity is unincorporated and governed by the Charity Commission Schemes. The Vicar of the parish of Edmonton is ex–officio trustee. Enfield Council appoints three trustees and the local community provides five co–optative trustees. The Reverend Roxanne Liddell has been appointed as the new Vicar on 2[nd] September 2021. Currently, there are now five co–optative trustee vacancies as the remaining two such trustees resigned in June 2021 and March 2022. As there are ongoing difficulties in finding co–optative trustees, it will be proposed at the next trustees’ meeting to reduce the quorum for meetings to be one-third plus one of the total number of trustees serving.
Reference and Administrative details
Charity Name EDMONTON UNITED CHARITIES Registered charity number 206089 Charity’s principal address 46 BELSIZE COURT WEDDERBURN ROAD HAMPSTEAD LONDON NW3 5QH
Charity Trustees
| Charity Trustees | |
|---|---|
| Trustee name | Name of person/body entitled to appoint |
| Reverend R. Liddell (Chair) |
Ex–Officio — appointed 2 September 2021 |
| Cllr. M. Bedekova | Enfield Council |
| Cllr. M. Cetinkaya | Enfield Council |
| Cllr. J. Steven | Enfield Council |
| Mrs B. Garrett | Co–Opted (resigned 9 March 2022) |
| Mrs I. Richards | Co–Opted (resigned 23 June 2021) |
Declaration The trustees declare that they have approved the trustees, report above. Signed on behalf of the charity's trustees Signature Full name Reverend Roxanne Liddell Position CHAIR Date 10 October 2022
EDMONTON UNITED CHARITIES
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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 2021
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
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 R Liddell | (appointed 2 September 2021) |
|---|---|---|
| Cllr M Bedekova | ||
| Cllr M Cetinkaya | ||
| Mrs B Garrett | (resigned 9 March 2022) | |
| Mrs I Richards | (resigned 23 June 2021) | |
| Cllr J Steven | ||
| 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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
observe the methods and principles in the Charity SORP; and,
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operational existence.
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
REV R LIDDELL
–––––––––––––––––––––––––– TRUSTEE
10 October 2022
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:
-
examine the accounts under section 145 of the Charities Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act; and,
-
to state whether particular matters have come to my attention.
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:
-
(1) which gives me reasonable cause to believe that in, any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act; and,
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities 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.
111 Parsonage Lane Enfield Middlesex EN2 0AB 10 October 2022
ANDREW LIM
CHARTERED ACCOUNTANTS
For the year ended 31 December 2021
Page 4
EDMONTON UNITED CHARITIES
INCOME AND EXPENDITURE ACCOUNT
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
| 2021 | 2021 | 2020 | 2020 | ||
|---|---|---|---|---|---|
| ––––– | ––––– | ||||
| Notes | £ | £ | £ | £ | |
| INCOME | |||||
| Almshouse rents | 36,400 | 36,400 | |||
| Garage rents | 4,056 | 4,056 | |||
| –––––––––– | –––––––––– | ||||
| 40,456 | 40,456 | ||||
| LESS: OPERATINGCOSTS | |||||
| Services | |||||
| Community alarm service | 2,532 | 2,250 | |||
| Insurance | 1,183 | 1,141 | |||
| Insurance — garages | 131 | 127 | |||
| Telephone, light and heat | 279 | 347 | |||
| Water rates | 1,889 | 1,472 | |||
| Grants and donations | 2 | 1,000 | 13,110 | ||
| Clerk’s fees & expenses | 4,675 | 4,675 | |||
| Depreciation | 5,743 | 6,756 | |||
| –––––––––– | (17,432) | –––––––––– | (29,878) | ||
| Management | |||||
| Clerk’s fees & expenses | 4,675 | 4,675 | |||
| General expenses | 250 | 170 | |||
| Subscriptions | 182 | 179 | |||
| Accountancy | 2,200 | 2,050 | |||
| Professional fees | 150 | 95 | |||
| –––––––––– | (7,457) | –––––––––– | (7,169) | ||
| Routine Maintenance | |||||
| Repairs & maintenance | 12,351 | 8,664 | |||
| Repairs & maintenance - garages | 1,752 | — | |||
| Garden maintenance | 2,567 | 2,310 | |||
| Alarm system | 276 | 289 | |||
| –––––––––– | (16,946) | –––––––––– | (11,263) | ||
| –––––––––– | –––––––––– | ||||
| **OPERATING(DEFICIT) ** | (1,379) | (7,854) | |||
| INTERESTRECEIVABLE AND | |||||
| OTHERINCOME | |||||
| M&G Charity shares income | 1,354 | 1,436 | |||
| Endowment fund income | 3 | 2,455 | 2,407 | ||
| Bank deposit interest | 6 | 119 | |||
| Building society interest | 4 | 6 | 7 | ||
| John Wild of Edmonton | 19 | 19 | |||
| –––––––––– | 3,840 | –––––––––– | 3,988 | ||
| –––––––––– | –––––––––– | ||||
| 2,461 | (3,866) | ||||
| Unrealised profit on investments | 5 | 92,269 | (43,426) | ||
| –––––––––– | –––––––––– | ||||
| SURPLUS FOR THEYEAR | £94,730 | £(47,292) | |||
| =========== | =========== |
EDMONTON UNITED CHARITIES
MOVEMENT ON RESERVES
For the year ended 31 December 2021
Page 5
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| 2021 | 2021 | 2020 | 2020 | ||
|---|---|---|---|---|---|
| ––––– | ––––– | ||||
| Notes | £ | £ | £ | £ | |
| Surplus 1 January 2021 | 546,150 | 597,438 | |||
| Surplus for the year | 94,730 | (47,292) | |||
| Transfer from / (to): | 10 | ||||
| Endowment fund | (11,725) | (5,027) | |||
| Amenity fund | 994 | 1,031 | |||
| –––––––––– | 83,999 | –––––––––– | (51,288) | ||
| –––––––––– | –––––––––– | ||||
| ACCUMULATED SURPLUS | |||||
| 31 December 2021 | £630,149 | £546,150 | |||
| =========== | =========== |
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.
Edmonton United Charities has not acquired or discontinued any fundamental activities during the above two financial years.
Page 6
EDMONTON UNITED CHARITIES BALANCE SHEET
31 December 2021
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| ––––– | ––––– | ||||
| 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 | 32,544 | 38,287 | ||
| Investments at market value | 9 | 671,901 | 579,632 | ||
| –––––––––– | –––––––––– | ||||
| TOTALFIXEDASSETS | 792,389 | 705,863 | |||
| CURRENTASSETS | |||||
| Cash at bank | 20,143 | 27,010 | |||
| Bank deposit account | 55,000 | 40,000 | |||
| Building society accounts | 5,232 | 6,226 | |||
| Sundry debtors | 3,981 | 2,738 | |||
| –––––––––– | –––––––––– | ||||
| 84,356 | 75,974 | ||||
| LESS: CURRENTLIABILITIES | |||||
| Sundry creditors | (8,566) | (8,388) | |||
| –––––––––– | –––––––––– | ||||
| NETCURRENTASSETS | 75,790 | 67,586 | |||
| –––––––––– | –––––––––– | ||||
| £868,179 | £773,449 | ||||
| =========== | =========== | ||||
| CAPITAL ANDRESERVES | |||||
| Designated reserves | 10 | 238,030 | 227,299 | ||
| Accumulated surplus | 630,149 | 546,150 | |||
| –––––––––– | –––––––––– | ||||
| £868,179 | £773,449 | ||||
| =========== | =========== |
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:
-
(i) ensuring that the charity keeps proper accounting records in accordance with section 130 of the Charities Act 2011, and
-
(ii) preparing financial statements which, having regard to the substance of transactions, give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its surplus or deficit for the financial year in accordance with the Charities Act 2011.
These financial statements were approved by the Board of Trustees on 10 October 2022.
––––––––––––––––––––––––––
REV. R LIDDELL CLLR J STEVEN
–––––––––––––––––––––––––
TRUSTEE
TRUSTEE
EDMONTON UNITED CHARITIES NOTES TO THE ACCOUNTS
For the year ended 31 December 2021
Page 7
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1. ACCOUNTING POLICIES
- (a) Basis of accounting
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:
-
(i) cost of building
-
(ii) amounts equal to on–costs allowances receivable.
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
- (i) Housing property
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.
- (ii) Other assets
Furniture and fittings — 15% per annum, reducing balance.
EDMONTON UNITED CHARITIES NOTES TO THE ACCOUNTS
For the year ended 31 December 2021
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 | 2021 | 2020 |
|---|---|---|---|---|
| ––––– | ––––– | |||
| £ | £ | |||
| Lying-In | Charity | — | 12,072 | |
| Amenity | Fund grants | 1,000 | 1,038 | |
| ––––––––– | ––––––––– | |||
| £1,000 | £13,110 | |||
| ========== | ========== |
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. | ENDOWMENTFUNDINCOME | 2021 | 2020 |
|---|---|---|---|
| ––––– | ––––– | ||
| £ | £ | ||
| Almshouse Charity | £2,455 | £2,407 | |
| ========== | ========== |
EDMONTON UNITED CHARITIES
NOTES TO THE ACCOUNTS
| NOT | ES TO THEACCOUNTS | ES TO THEACCOUNTS | ||
|---|---|---|---|---|
| For | the year ended 31 December 2021 | Page 9 | ||
| –––– | –––––––––––––––––– | ––––––––––––––––––––––––––––––––––– | –––––––––––––––– | ––––––––––––– |
| 4. | BUILDINGSOCIETYINTEREST | 2021 | 2020 | |
| ––––– | ––––– | |||
| £ | £ | |||
| Almshouse Charity | £6 | £7 | ||
| ========== | ========== | |||
| 5. | UNREALISEDGAIN ONINVESTMENTS | 2021 | 2020 | |
| ––––– | ––––– | |||
| Changes in value of investments: | £ | £ | ||
| 5,092 | COIF income share | 11,725 | 5,027 | |
| 41,043 | M&G CHARITYincome shares | 3,091 | (2,771) | |
| 989 | M&G CHARIFUNDaccumulation shares | 45,904 | (35,668) | |
| 10,767.529 | BLACKROCKCHARISHAREAcc shares | 31,549 | (10,014) | |
| ––––––––– | ––––––––– | |||
| £92,269 | £(43,426) | |||
| ========== | ========== |
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
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 2021 | |
| and | |
| At 31 December 2021 | £477,630 |
| =========== | |
| Less : | |
| Housing Association Grant | |
| At 1 January 2021 | |
| and | |
| At 31 December 2021 | £389,686 |
| =========== | |
| Net Book Value | |
| At 31 December 2021 | £87,944 |
| =========== | |
| At 31 December 2020 | £87,944 |
| =========== |
EDMONTON UNITED CHARITIES
For the year ended 31 December 2021
Page 10
NOTES TO THE ACCOUNTS
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8. FIXED ASSET — OTHER ASSETS
| IXEDASSET— OTHERASSETS | ||
|---|---|---|
| Furniture and Fittings | ||
| £ | ||
| Cost : | ||
| At 1 January 2021 | ||
| and | ||
| At 31 December 2021 | £105,203 | |
| =========== | ||
| Accumulated depreciation | ||
| At 1 January 2021 | 66,916 | |
| Provision | 5,743 | |
| –––––––––– | ||
| At 31 December 2021 | £72,659 | |
| =========== | ||
| Net book value | ||
| At 31 December 2021 | £32,544 | |
| =========== | ||
| At 31 December 2020 | £38,287 | |
| =========== | ||
| INVESTMENTS | 2021 | 2020 |
| ––––– | ––––– | |
| £ | £ | |
| 5,092 COIF income share |
95,352 | 83,627 |
| 41,043 M&G CHARITYincome shares |
37,411 | 34,320 |
| 989 M&G CHARIFUNDaccumulation shares |
286,855 | 240,951 |
| 10,767.529 BLACKROCKCHARISHAREAcc shares | 252,283 | 220,734 |
| ––––––––– | ––––––––– | |
| £671,901 | £579,632 | |
| ========== | ========== |
9. INVESTMENTS
10. DESIGNATED RESERVES
| ROUTINE | EXTRAORDINARY | ||||
|---|---|---|---|---|---|
| AMENITY | ENDOWMENT | MAINTENANCE | REPAIRS | ||
| TOTAL | FUND | FUND | RESERVE | RESERVE | |
| –––––––––– | –––––––––– | ––––––––––– | –––––––––––– | –––––––—–––– | |
| £ | £ | £ | £ | £ | |
| Balance 1 January 2021 | 227,299 | 6,226 | 83,627 | 85,000 | 52,446 |
| Transfers from / (to) | |||||
| revenue reserves | 10,731 | (994) | 11,725 | — | — |
| ––––––––– | ––––––––– | ––––––––– | ––––––––– | ––––––––– | |
| Balance 31 December 2021 | £238,030 | £5,232 | £95,352 | £85,000 | £52,446 |
| ========== | ========== | ========== | ========== | ========== |
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:
-
examine the accounts under section 145 of the Charities Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act; and,
-
to state whether particular matters have come to my attention.
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:
-
(1) which gives me reasonable cause to believe that in, any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act; and,
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities 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.
111 Parsonage Lane Enfield Middlesex EN2 0AB 10 October 2022
ANDREW LIM
CHARTERED ACCOUNTANTS