2022-12-31-accounts

Edmonton United CIwAties. TtU8tees Annual ReporL For the Year Ended 31" Ikcembcr 2022 Ibe putpose of the chatity as set out in its d(Kument is the managetnent and administtr4tion of Almshouses in Church StteeL EknontO￿ London. Its main activity is to provide single person dwellings for qualrfw re$￿ents living io the IA)ndon Botough of Enfield. Ike ttustees considet the Chatitys schen)es are framed for the pubbc bencfiL All ten A]mshouses have been occupied tI￿OughoUt year prOv￿n8 accommodatson for residents living in the LK>ndon Botough of EofieId. "rhe In￿tee5 are Satisfied with the Chatt'ty's financi￿ FK>SAliOQ. Its fikd accouots show operattng and a¢cumuIated surpluses for the yeat. Ret%ined resaves are held in aCCord￿ce with the djrection of the Almshouses Association for the n￿l￿te￿ance And ithprovetDents r4uira The chatity is unincotpotrated and 8overned by the clwity commxwon ￿eme8. The vicat of the patish of Edmonton is the ex-offiao trustee. Enfield CounciE *ppoitits thrtt trustses. Ind the locAI communiry provides five c(hoptative ttustees. Cutrendy therc is just one vacancy fot a Ioc41 community trustee to be co-OPted. It 18 uodent(KxI that the quonmi for meetings was previously five. but that a tntttsn8 of tn]stees oo the 10 (ktobet 2022 was ajtcrcd to 'one thtrd plus one of the total number of trustees 8ervAti8'. Duting 2022 the long.tetm cietk to the t[￿te¢S Mr Const8bi4 sxdly unexpecte(lly, p¥ssed Away. The number of Ch2¢ity Ttustees was low, Revetend RoX￿e lidde]J contscted the Almshouse Associatton for 3UPPOrt and in October 2022 Jennxfer Millatd was appointed as gn Interim Clerk. Handover was facilitated by Mt Constsble'5 famty and others, Bardays Bank ptoved particularty ch￿en8￿8 in respect of bank maodates. despite thts, there was kn'ttte or no itnpact on the almshouse residcnts and the Cb4n'ty'$ fin4nciAI E)osiuon reti]4ined strong. Charity Name Reg￿tered CbAtity Number Ch￿lty Addtcss FAltnonton United Cknities. 206089. Millard Consultaots. The Becchcs. 79 Ely R(Ya￿ Iittle Downw Ely Ro4 IAttl¢ Downbats4 Ely, CB6 2SN. Name Revetend Roxane ￿'ddell Bod Ex OFficAO

Cllr Mab m Bedekov2 Cllr Mubtaf2 Cetinka Enfidd Council Enfield Counai R ed2 Enficld Council A intcd 2( Enfield Council R ed 20° tcd 20'A Jnted Enfidd Council 20°A ointcd tedA ointed29° Match 2023 tcdA tnted 15 December 21122 tedA inted I￿ October 2022 Cllr Stevens Petet Wilson Cllr Pat Gre c.olin Rickard N. l Boreh2m Ailsa Constable The tLILsrees declare that they have approved the ttU5tees' report 2bove. Signed on behalf of the charity's tn)stees. Signatt￿¢ & Date 2S Full ll￿1e Reverend Roxane Laddell Position

EDMONTON UNITED CHARITIES

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022

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

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
	Cllr M Bedekova
	Mr N Boreham	(appointed 15 December 2022)
	Cllr M Cetinkaya	(resigned 20 July 2023)
	Mrs A Constable	(appointed 10 October 2022)
	Cllr E Erbil	(appointed 20 July 2023)
	Cllr P Gregory	(appointed 20 July 2023)
	Mr C Rickard	(appointed 29 March 2023)
	Cllr J Steven	(resigned 20 July 2023)
	Mr P Wilson	(appointed 20 July 2023)
Clerk to the Trustees	Mrs J Millard	(appointed 10 October 2022)
	Mr T C Constable	(deceased 9 July 2022)
Charity number	206089
Correspondence address	79 Ely Road
	Little Downham
	Ely
	Cambridgeshire
	CB6 2SN
Independent examiner	Andrew Lim
	Chartered Accountants
Bankers	Barclays Bank plc
	Enfield

EDMONTON UNITED CHARITIES STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Page 2

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

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

20 July 2023

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

ANDREW LIM

20 July 2023

CHARTERED ACCOUNTANTS

For the year ended 31 December 2022

Page 4

EDMONTON UNITED CHARITIES

INCOME AND EXPENDITURE ACCOUNT

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

		2022	2022	2021	2021
		–––––		–––––
	Notes	£	£	£	£
INCOME
Almshouse rents			36,400		36,400
Garage rents			4,056		4,056
			––––––––––		––––––––––
			40,456		40,456
LESS: OPERATINGCOSTS
Services
Community alarm service		2,103		2,532
Insurance		1,257		1,183
Insurance — garages		140		131
Telephone, light and heat		104		279
Water rates		725		1,889
Grants and donations	2	1,050		1,000
Clerk’s fees & expenses		4,735		4,675
Depreciation		4,882		5,743
		––––––––––	(14,996)	––––––––––	(17,432)
Management
Clerk’s fees & expenses		4,735		4,675
General expenses		59		200
Travelling expenses		320		50
Subscriptions		187		182
Accountancy		4,575		2,200
Professional fees		150		150
		––––––––––	(10,026)	––––––––––	(7,457)
Routine Maintenance
Repairs & maintenance		5,474		12,351
Repairs & maintenance - garages		—		1,752
Garden maintenance		5,887		2,567
Alarm system		273		276
		––––––––––	(11,634)	––––––––––	(16,946)
			––––––––––		––––––––––
OPERATINGSURPLUS			3,800		(1,379)
INTERESTRECEIVABLE AND
OTHERINCOME
M&G Charity shares income		1,436		1,354
Endowment fund income	3	2,520		2,455
Bank deposit interest		672		6
Building society interest	4	3		6
John Wild of Edmonton		19		19
		––––––––––	4,650	––––––––––	3,840
			––––––––––		––––––––––
			8,450		2,461
Unrealised (loss) on investments	5		(12,389)		92,269
			––––––––––		––––––––––
(DEFICIT) FOR THEYEAR			£(3,939)		£94,730
			===========		===========

EDMONTON UNITED CHARITIES

MOVEMENT ON RESERVES

For the year ended 31 December 2022

Page 5

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		2022	2022	2021	2021
		–––––		–––––
	Notes	£	£	£	£
Surplus 1 January 2022			630,149		546,150
(Deficit) for the year		(3,939)		94,730
Transfer from / (to):	10
Endowment fund		11,085		(11,725)
Amenity fund		1,047		994
		––––––––––	8,193	––––––––––	83,999
			––––––––––		––––––––––
ACCUMULATED SURPLUS
31 December 2022			£638,342		£630,149
			===========		===========

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 2022

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

			2022		2021
			–––––		–––––
	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		27,662		32,544
Investments at market value	9		659,512		671,901
			––––––––––		––––––––––
TOTALFIXEDASSETS			775,118		792,389
CURRENTASSETS
Cash at bank		17,956		20,143
Bank deposit account		70,000		55,000
Building society accounts		4,185		5,232
Sundry debtors		4,844		3,981
		––––––––––		––––––––––
		96,985		84,356
LESS: CURRENTLIABILITIES
Sundry creditors		(7,863)		(8,566)
		––––––––––		––––––––––
NETCURRENTASSETS			89,122		75,790
			––––––––––		––––––––––
			£864,240		£868,179
			===========		===========
CAPITAL ANDRESERVES
Designated reserves	10		225,898		238,030
Accumulated surplus			638,342		630,149
			––––––––––		––––––––––
			£864,240		£868,179
			===========		===========

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 20 July 2023.

MRS A CONSTABLE

REV. R LIDDELL

––––––––––––––––––––––––––

–––––––––––––––––––––––––

TRUSTEE

TRUSTEE

EDMONTON UNITED CHARITIES NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

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 2022

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	2022	2021
		–––––	–––––
		£	£
	Amenity Fund grants	£1,050	£1,000
		==========	==========
3.	ENDOWMENTFUNDINCOME	2022	2021
		–––––	–––––
		£	£
	Almshouse Charity	£2,520	£2,455
		==========	==========
4.	BUILDINGSOCIETYINTEREST	2022	2021
		–––––	–––––
		£	£
	Almshouse Charity	£3	£6
		==========	==========

EDMONTON UNITED CHARITIES

NOTES TO THE ACCOUNTS

For the year ended 31 December 2022

Page 9

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5.	UNREALISED	(LOSS) ONINVESTMENTS	2022	2021
			–––––	–––––
	Changes in value of investments:		£	£
	4,643	COIF income share	(11,085)	11,725
	41,043	M&G CHARITYincome shares	(1,166)	3,091
	989	M&G CHARIFUNDaccumulation shares	(578)	45,904
	10,767.529 BLACKROCKCHARISHAREAcc shares		440	31,549
			–––––––––	–––––––––
			£(12,389)	£92,269
			==========	==========

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 2022
and
At 31 December 2022	£477,630
	===========
Less :
Housing Association Grant
At 1 January 2022
and
At 31 December 2022	£389,686
	===========
Net Book Value
At 31 December 2022	£87,944
	===========
At 31 December 2021	£87,944
	===========

EDMONTON UNITED CHARITIES

For the year ended 31 December 2022

Page 10

NOTES TO THE ACCOUNTS

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

8. FIXED ASSET — OTHER ASSETS

.	FIXEDASSET— OTHERASSETS
		Furniture and Fittings
		£
	Cost :
	At 1 January 2022
	and
	At 31 December 2022	£105,203
		===========
	Accumulated depreciation
	At 1 January 2022	72,659
	Provision	4,882
		––––––––––
	At 31 December 2022	£77,541
		===========
	Net book value
	At 31 December 2022	£27,662
		===========
	At 31 December 2021	£32,544
		===========
9.	INVESTMENTS	2022	2021
		–––––	–––––
		£	£
	4,643 COIF income share	84,267	95,352
	41,043 M&G CHARITYincome shares	36,245	37,411
	989 M&G CHARIFUNDaccumulation shares	286,277	286,855
	10,767.529 BLACKROCKCHARISHAREAcc shares	252,723	252,283
		–––––––––	–––––––––
		£659,512	£671,901
		==========	==========

10. DESIGNATED RESERVES

				ROUTINE	EXTRAORDINARY
		AMENITY	ENDOWMENT	MAINTENANCE	REPAIRS
	TOTAL	FUND	FUND	RESERVE	RESERVE
	––––––––––	––––––––––	–––––––––––	––––––––––––	–––––––—––––
	£	£	£	£	£
Balance 1 January 2022	238,030	5,232	95,352	85,000	52,446
Transfers from / (to)
revenue reserves	(12,132)	(1,047)	(11,085)	—	—
	–––––––––	–––––––––	–––––––––	–––––––––	–––––––––
Balance 31 December 2022	£225,898	£4,185	£84,267	£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:

• 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

ANDREW LIM

20 July 2023

CHARTERED ACCOUNTANTS