2023-03-31-accounts - The Finchley Charities

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		Page
Trust Information
Report ofthe Trustees		2-10
Responsibilities ofthe Trustees		10
Independent Auditor's Report		11-13
Statement ofComprehensive	Income	14
Statement ofFinancial Position
Statement ofCash Flows
Notes to the Financial Statements		17-26


REGISTRATION	Bythe Almshouse Association			(Number 91)
	By the Charity Commission	(Number 206621)
	Bythe Regulator ofSocial Housing (formerly HCA) (Number A0185)
PRINCIPAL OFFICE	41aWilmot Close East Finchley London N2 SHP
CHARITY WEBSITE	www. thefmchlc charities. o
TRUSTEES
	Michael Pughsley (C)—Chair		from 20February		2023
	Adam Gheasuddin (N) —Chair trom: 14/02/22 to20February 2023
	Ian Anderson (C)—Vice Chair
	Roger Chapman (N) (Resigned			June 2022)
	Cllr. Daniel Thomas (N) (Resigned June 2022)
	Cllr Danny Rich (N) (Appointed			1March 2023)
	Cllr Kathy McGuirk (N) (Appointed 1 March 2023)
	The Rev. Philip Davison (E)
	Mr Graham Old (C)
	Richard Mania (C)
	Nigel Benjamin (C)
	Leila Star (C)
	Susanna Morales
	Chinyere Ugwu (C)
	(C) Co-opted (E)Ex-OIBcio
	(N) Nominated by London Borough ofBarnet
FULL TIMECHIEF	Mrs SFaridi xMPA, Cert.ICSA			—resigned Jarauuy 2023
EXECUTIVE:	Ms Carmel Miedziolka MBA	CIHCM —appointed January 2023 as interim CEO snd
	permanent CEO from 1May	2023
MANAGERS
	Property Services Manager. Kevin Duberry
	Housing Services Manager. Ms			Claire Young —Resigned June 2023
A.CCOUNTANTS/	Alwyns LLP				Brindley Milieu Limited
AUDITORS	Chartered Accountants				Chattered Accountants &
	Cmwn House, 151High Road				Registered Auditors
	Loughton				167Tmuers Hill
	Essex				Cheshunt
	IG104LG				Hertfordshire
					ENS 9BH
BANKERS	Barclays Bank pic				CAFBank Limited
	1250High Road				25Kings Hill Avenue
	London				West Mailing
	N20 OPB				Kent
INVES~ MANAGERS	lnvestec Wealth &Investment		Limited		MB194JQ
	30Gresham Street
	London
	EC2V 7QN
SOLICITORS	Devonshires Solicitors LLP				Hewitsons LLP
	30Fmsbury Circus				Shakespeare House
	London				Cambridge
	EC2M 7DT				CB5SBP

rmance ndicators:
		2023	2022
Operating margin before revaluation
gain on investmeum		34/o	23'/o
Occupancy		98se	96'/o
Rent collected		99/o	99'/o
Overheads asapercentage ofmaintenance	contributions	93o/s	78s/n
Cost per unit Working capital		f9323 049~9	N,188 $(42,946)

		2023	2022
		(12months)	(15months)
Income irom Housing		1,716,825	2,025,611
Direct costs		(347,159)	(424,721)
		1,369,666	1,600,890
Administration costs		(685/56)	(691,835)
Depreciation Loss on replacement	ofcomponents	(351,486) (43,805)	(415,623) (47,167)
Count Amortisation		64,599	80,?49
		353,718	527,014
Cyclical Maintenance	Fund costs	(571,161)	(463,779)
Housing activity (deficit)/surplus		(217,443)	63,235
Other income less donations paid		243,635	343,360
Operating Surplus		26,192	406,595
Progt on sale ofinvestments		34,390	80,598
Surplus for tbe year before revaluation
(losses)/gains on invesbnents		60,582	487,193

for the Year Ended 31M	a	rch 2023
									12months to	15moatbs to
									31March	31March
				Unrestricted	Desigaated		Restricted		2023	2022
				funds		funds	funds		Total	Total
INCOME FROM HOUSING			Note	5
Social housing lettiugs			2	1,781,424					1,781,424	2,106,360
Operating expenditure			2	(1,998,867					1,998,867	~2,043,125
HOUSING ACTIVITY SURPLUS			3	217,443					217,443	63,235
Profit on sale ofinvestments				34,390					34390	80,598
Investment property income				67,018			13,016		80,034	109,237
Interest receivable and similar income			4	229,132					229,132	241,234
Interest payable				(51,591)					(51,591)	(35,798)
Donations received				720					720	49,019
Other expenditure Donations payable				14,660)					14,560	~20,332
				265,009			13,016		278,025	423,958
Surplus before revaluation
fioss)/gain on investmeats		aad
transfers				47466			13JI16		60482	487,193
Net revaluation (toss)/gain	on
ulvcstlncots			12	(471,507)					(471,507)	427,729
Transfers betweea reserves			12	20918		21,346)		428
(Defictt)/Surplus for the period
before revalaation offixed		assets		(403,023)		(21,346)	13,444		(410„9t25)	914,922
(DEFICIT)/SURPLUS FORTHE
PERIOD				(403,023)		(21@46)	13,444		(4109925)	914,922
Reserves brought forward Reserves carried forward				12,928,153 12,525120	3,863370 3 2024		188,176 2D1 2D		16,979,699 16 60774	16,064,777 ~36 79699

As at31March 20	23
					31March	2023	31March	2022
				Note
FIXEDASSETS
Housing Properties				7a		12,489,943		12,305,726
Fuel Land Allotments				7b		450,000		450,000
Ofgce equipment				7a		5,151		8,909
						12,945,094		12,764,635
investment Properties				7c		450,000		450,000
Investments - Shares				ga	6,036,507		6,347,201
-Cash				gb	179,126		660 D74
						6,215,633		/,007,275
						19,610,727		20,221,910
CURRENT ASSETS
Debtors				9	51,709		74,532
Cash at bank and in band					168,334		134,383
					220,043		208,915
CREDITORS: Amounts within one year			falling due ID ~207.21				~867,019
NKT CURRENT(LIABILITIES)						(67,174)		(158,104)
TOTAL ASSETSLESS			CURRENT LIABILITIES			19,543,553		20,063,806
CREDITORS: Amou		ate	falling due aRer
more than one year				10		(2,974,779)		(3,084,107)
NKT ASSETS						16468,774		16979,610
RESERVES				12/I3
Revenue - mu estricted						9,617,652		9,549,168
Property revaluation reserve investment revaluation reserve					1,621,632 ~lll5 846			1,621,632 1,757,353
						12,525,130		12,928,153
Designated						3,842,024		3,863370
Restricted						201 620		108 176
						16860,774		16979,699
808 a 6 8	'		I	87187~	7/$23

THEFINCHLEY CHARITIES STATEMENT OFCASH FLOWS As at31Marsh 2023
					2023	2022
Net cash &om operating activities					119,323	466,176
Cash flows from flnanctng activities:
Mortgage capital movement Interest paid on mortgage					(43,454) ~(5),59)	(63,529) ~35,798
Net cash flow fmm financing activities					~(95,945	~99327)
Cash flmrs from investing nativities
Purchase oftangible fixed assets					(638,430)	(711,643)
Purcbam ofother PPE					(1,465)	(6,647)
Purchase ofinvestments (shares)					(725,368)	(665,092)
Proceeds fiom disposal ofinvestments	(shares)				628 8131	810,817
investment property income					80,034	109,237
Investment income					185,023	209,702
Net cssb flow used in investing activities					~47),275	~253 626)
Net (decrease)/increase in cash and cash equivalents			in the reporthg period		(446,997)	113,223
Cash and cash equivalents at begbndng ofthe reporting period					794457	681,234
Cash and cash equivalents atend of	the reporflug period (Note			15)	~347 69	~794 57
RECONCILIATION OFNET INCOME/ EXPENDITURE TONET CASH FLOW FROM OPERATINGA~S
Net income before revaluation gains	on investments				60,582	487,193
Adjustments for:
Depreciation charges					351,486	415,623
Loss on disposal offixed assets					43,805	47,167
Amortisation ofGrant					(64499)	(80,749)
Investment property income received Interest payable Investment income~					(80,034) 51,591 (213333)	(109437) 35,798 (239,549)
Interest received
(Proflt)/Loss on sale ofinvestment (shares)					(34390)	(80,598)
Decrease/(increase) in debtors (less accrued investment			income)		21,147	(28,438)
(Decrease)/Increase in creditors (less mortgage,		deferred	government	grants snd
capital creditors)					(16,932)	18,966
Net cash provided from operatbtg activitiies					~119 23	466 176

PARTICULARS OF	INCOM	E AND EXPENDITURE FROM	HOUSING ACCOM	M	ODATION
			2023		2022
			Total		Total
			6		I
Income from housing
Maintenance charges -	Housing	for older people	1,755,391		2,099,374
Less:Losses from voids			(38,566)		(73,763)
Amortised government	grant		64,599		80,749
Total income from housiag			1,781,424		2,106360
Expenditure on housing activities
Services			114,742		139,201
Management			122,702		142,042
Routine maintenance			109,715		143,478
Cyclical Maintenance Fund			571,161		463,779
Housing pmperties depreciatioa			346,263		407,689
Loss on disposal ofcomponents			43,805		47,167
Bad debts Apmvisioa			542		2,148
Other costs			689,937		697 621
Total expenditure on	housing		1998867	,	2,943 125
Operating surplus on
housing activities			217443		63335
Number ofunits			No		No
At 1April 2022			172		172
At 31March 2023 (all	managed	and owned)	172		172
HOUSINGA~ SURPLUS
The operating surplus is stated		after charging:
			2023		2022
					6
Depreciation			351,486		415,623
Loss on disposal ofcomponents			43,805		47,167
Grant amortisation			(64,599)		(80,749)
Auditors remuneration	- as auditors		6,000		6,097
~STRECEIVABLE AND SIMILAR INCOME
			2023		2022
			6
Investment income			213/33		239,549
Interest fmm cash deposits
Other income			15799 229,132		1685 ~241 34

FIXEDASSETS
	Freehold	Housiag
	Hollslag	Property	Under	Office
a}Tangible fixed assets	Properties	Constracdnu f,		Equipment 6	Total 2023 I
COSI' / VALUATION
At 1April 2022	14,943411			30,647	14,973,858
Additions	553,843		20,442	1,465	575,750
Dispossls	(107,858)				(107,858)
Treosfer
At 31March 2023	15389,196		20,442	3Z,112	15,441 75D
DEPRECIATION
At 1April 2022	2,637,485			21,738	2,659,223
Charge for period	346,263			5,223	351,486
Dispossls	(64,053)				(64,053)
At31March Z023	919,695			26,961	2,946,656
NET BOOKVALUE
At 31Marsh 2023	12,469,501		20,442	5,151	12,495,094
At31March Z022	IM05 726			8,909	12,314,635

e) Iavestm	ents - Property
									Curreat
			Valastion				Curreat		Insarance
			2023f	2022 I	Tensat	Annual Rest f			Premiums
Advertising	Hosrdings, 250 - 274High Road		50,000	50,000	JCDecaux Ltd
The Ann Owens Centre, Tarling Road				400,000	Age UKBenet		Z7,641		1,819
			450000	450ODD			32641		I819
							vArrsnged	by	Tenants
The above	property valuations	were carried oat by professional		external values, Iambere Chetend			Surveyors.

INVESTMENTS	- SH	ARES
							6
Balance at 1April 2022							6,347,201
Additions (including f29,986accumulated dividends)							755,354
Diisposals							(594,541)
Net umeslised loss	on revaluation						(471,507)
Balance at 31March 2023							6,036,507
				Cost		Market	value
				2023	2022	2023	2022
						6
Funds managed by:
Investec Wealth 88Investment			-Investments	2,792,103	2,623,992	3,325,710	3,474,779
			-MDttG	1,827,318	1,844,782	1,993,140	2,149,483
COIF				16„588	16,588	378,929	385,319
MdtG Charity Multi	Asset Fund		(previously
NAACIF)				158,377 4,794,386	151,270 4,636,632	33II738 6,D36,507	337,620 ~6347 07
Investment - Cash						179,126	660,074
DEBTORS:Due within		one year
						2023	2022
						6	6
Rent auuars Less:bad debt provision						20,048 (5,000) 15,048	30,876 ~5,ODD) 25,876
Prepayments and Other debtors						36,661	48,656
						51,709	74432
CREDITORS: Amounts		falling	due within one year
						2023	2022
						f.
Creditors						40466	158,670
FAYE/NI						6,532	7,928
Other creditors						123,986	85,263
Deferred goveroment	grant (Note 11)					64,599	64/99
Mortgage						51,834	50/59
						287,217	367,019
CREDITORS: Amounts		falling	due after one year			2023	2022
						6
Deferred govenunent	grant	(Note 11)				1,857,994	1„6122,593
Mortgage 2-5 years						221,890	216,077
More than 5years						894 895	945 437
						2,974,779	3,084,107

TOTHE FINANCIAL STATEMENTS Year Ended 31March 2023	TOTHE FINANCIAL STATEMENTS Year Ended 31March 2023	TOTHE FINANCIAL STATEMENTS Year Ended 31March 2023	TOTHE FINANCIAL STATEMENTS Year Ended 31March 2023	TOTHE FINANCIAL STATEMENTS Year Ended 31March 2023	TOTHE FINANCIAL STATEMENTS Year Ended 31March 2023	co	ntin	ued
DEFERRED GOVERNMENT GRANT												Total	Total
												2023f	2022
At I April 2022												1,987,192	2,067,941
Amortisation ofgrant		for the		year								(64,599)	(80,749)
At 31March 2023												1,922,393	1937 192
Due within one year												64,599	64,599
Due atter one year												1,857,994	1,922,593
The Finchley Charities		received government				grants		totalling	f4,634,238 over	the years ofwhich f2,711,645 has		been released to the
Statement ofComprehensive				Income to date.
RESERVES
UNRESTRICTED	FUNDS
									Investments	Property	Revenue	Total	Total
									Revaluation	Revaluation	Fund	2023	202?
									f		f.	f	f.
At 31December 2020									1,329,624	1,621,632	9,546,789	12,498,045	12,701490
Period ended 31March 2022l
Surplus for the year before			grant amortisation			snd
revaluations											342,058	342,058	208,056
Amortisation ofgrant	- current year										80,749	80,749	64,599
Transfers between reserves											(420,428)	(420,428)	(428)
Revaluation									427,729			427,729	(475,772)
At 31March 2022									1,757,353	1,621,632	9,549,168	12,928,153	12,498,045
Year ended 31March 2023:
Surplus for the period		before		gnmt	amortisation		and
revsluatious											(17,033)	(17,033)	342,058
Amortisation ofgrant	- current period										64,599	64,599	80,749
Transfers between reserves											20,918	20,918	(420,428)
Revaluation									(471,507)			(471,507)	427,729
At 31March 2023									1385,846	1,621,632	9,617,652	12,525,130	12,928,153
DESIGNATED FUNDS
			Community,
			Health		86				Componeat	Cyclical
			Wegbehtg			Development			Atuounting	Maintenance	Extraordinary	2023	2022
			Faad		f	Fund			Fund f.	Fundf	Repair Fend	Totalf	Totalf
At31December 2020									1,594,941	700,000	1,100,000	3,394,941	3,394,941
Income					48,429							48,429
Transfer Rom unrestriced
funds								420,000				420,000
At 31March 2022					48,429			420,000	1,594,941	700,000	1,100,000	3,863,370	3394,941
Income													48,429
Transier tmm uurestriced
funds					904)			20,442				21	420 11110
At 31March 2023					47,525			399,558	I 594941	700000	1,100,000	3842024	3,063 370

The Cyclical Main these costs.	tenance	Fund	provides	a fund for routine repairs, should incom	a fund for routine repairs, should incom	a fund for routine repairs, should incom	e ffom the housing s	e ffom the housing s	tock be insuffic	ient to meet
The Extraordinary	Repair	Fund	provides	a fund for major repairs, should annual			income be insuiffcient		to meet these	costs.
							Reserve for
							recoupment
						Residents'	ofCapital		2023	2022
RESTRICTED						Donaffons f,	expenditure f		Totalf	Tot'al
At 31 December 2020						94$	170,843		171,791	159,703
Period ended 31March 2022:
Income						500	15,457		15,957	11,660
Expenditure
Transfers between	reserves						428		428	428
At 31March 2022						1,448	186,728		188,176	171,791
Year ended 31March 2D23:
Income							13,016		13,016	15,957
Expeaditure
Transfers between	reserves						428		428	42$
At 31March 2023						1,448	200,172		201620	188,176
ANALYSIS OFASSETSAND LIABILITIESBETWEEÃ FUNDS
						Property	Investment
	Unrestricted			Designated	Restdcted	revaluation	revaluation
		funds		funds	funds	reserve	reserve	Total funds		Total funds
									2023	2022
		f		f	f		f			f
Fixed nssetst
Housing properties		12,489,943						12,489,943		12,305,726
Oiffce Equipment			5,151						5,151	8,909
Fuel Land Allotments					38368	411,632			450,000	450,000
Investments		55474		3,814,941	12D,146	760,000	1,285,846		6,036,507	6~7,201
Investment properties						450,000			450,000	450,000
Investments-Cash		179,126							179,126	660,074
Current assets:
Debtors		51,709							51,709	74,532
Cash at bank		98,145		27,083	43,106				168334	134,3$3
Current liabilities:
Creditors		(287,217)							(287,217)	(367,019)
Long Term Liabilities		(2,974,779)						(2.974,779)		(3,084,1071
		9617652		3,842024	201,620	1,621,632	%85846	16468,774		16,979699

ANALYSIS OFCHANGES	IN NET DE	BT
		At01Apr		Other non-		At	31Mar
		202?	Cash flows	cash changes			2023I
Cash and cash equivalent
Cash at bank dt in hand		134,383	33,951				168,334
Investment cash		660,074	(480,948)				179,126
		794,457	(446@97)				347,460
Borrowings
Debt due within one year		(50,559)	63,529	(44,729)			(51,834)
Debt due after one year		(1,161,514)	-	44,729		(1,116,785)
		(1,212,073)	63,529			(1,168,619)
Total		417,616)	83 68				$21 59)
STATEMENT Oli' COMI%tEHENSIVE		INCOME FORTHK	COMPARATIVE PERIOD
		Unrestricted	Designated	Restricted
		fnads	funds	funds		2022	Total
		6					6
INCOME IiROM HOUSING
Social Housing lettings		2,106,360				2,106,360
Operating expenditure HOUSINGA~ SURPLUS		2,043 125 63,235				2,043,125 63335
(Loss) on sale ofinvestments		80,598					80,598
Investment property income		93,780		15,457			109,237
Interest receivable and similar income		241234					241,234
Interest payable		(35,798)					(35,798)
Donations received		90	48,429				49,019
Other expenditure
Donations payable		20332					20332
		359,572	48429	15	957		423 58
Surplus before revaluation	gain on
investments and transfers		422,&07	4$,429	15dt57			487,193
Revaiuafion gain on investments		427,729					427,729
Transfers between fnnds		420428	420 000		428
DEFICITFORTHEYEAR		430,108	468,429	16385			914,922
Reserves brought forward		12498045	3 94941	171	791	16064,777
Reserves carried forward		12„tt2$,153	3463 70	188	176	16P79699