|||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|
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|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|
##
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##
|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|
##
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|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||
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