CtL&rity N￿Mber.. 206621 Regulator ofsoclal Housingy formerly Homes and Community Agency Number A0185 THE FINCHLEY CHARFfiES TRUSTEES, REPORT AND FINANCIAL STATEMEN R THF YEAR ETr4D Aetountallts: Alwyns LLP Crovm House 151 High Road Loughton Essex IG104LG Office: 41a WilJllOt CLose E&st Finchley London N2 8HP CONTETrrrs OF THE FINANCIAL STATEMENTS for the Year Ended 31 Mar¢h 2024 Page Trnst Infornmtto Report of the Trustees 2-11 R&sponsibIliti￿ of the Tru8*es Illderaent Auditor's Report 12-14 ststernent of Comprebensive Income 15 Stat¢ment of Financiai Positii 16 Statement of Casb Flow8 17 Notes to the Fin4n¢ial Statements 18-27 THE FINCULEY CHAIUTIES REGISTRATION By the Aimsbowe Association (Numb¢r 91) By the Ch8xity Commi&sion (Number 206621) By tbe Regulator of Social Housing (formerly HCA) (NumE¢rA0185) 41a Wilmot C108e F*st Finchley London N2 8HP PRtNCIPAL OFFICE CHARITY wE￿ITE www.th¢finchleicharities.or TRUSTELS Michael Pughsley {C)- Chair Adam Ghe&suddin (N) Ian Anderson (C)- Vi(Y Chair IResiEned 19 February 2024) Cllr Dat￿Y Ricb (N) Cllr Kathy McGuirk IN) The Rev. Philip Davison (E) Mr Graharn Old (Q Richard Merrill (C) Nigel Benjamin (C) ttila Satar (Cl Susanna Morales Chinycrc Ugwu (C)- Vice Chair frojn 19 February 2024 (C) Ctropted (E) Ex-officio IN) Nomitiated by Imdon Borough of Barnet FULL TIME CHIEF EXECUTIVE: Ms Carniel Miedzio]ka MBA CIHCM- appointed JÈnuary 2023 4s interim CEO and pernianent CEO from l May 2023 MANAGERS Head of OperatioDS'. Olu Babalola CIHCM- Appoilltsd NOVem￿r 2023 Propety Services Manager.. Kevi￿ Dubeny Housing SeNice4 M&na8er: Ms Claire Youn2- Resigned June 2023 Alwylls LLP Chartered Accountonts Crown House, 151 High Rtsad Loughton ACCOUNTANTSI AUDrroRS Brilldley Millen Limited Chartered AccountHnts & Re￿tered Audiiors 167 Turners Hill Cbeshunt Hertfordshire EN8 9BH IGIO 4LG BANKERS Barclays Bankpl 1250 High Road London N20 OPB CAF BaDk Limited 25 KiD88 Hill Avenue West Malling Kent ME194JQ INVESTMENT MANAGERS Rathboncs (Investec Wealth & Inve8tm¢llt Limited) 30 Gresham Street London EC2V 7QN SOLICITORS Devon8hires Solicitors LLP 30 Finsbury c]￿U$ EK)nd¢)n EC2M 7DT Page I THE FINCHLEY CHAIUTIES REPORT OF THE TRUSTEES for the YeAr EDded 31 M4rch 2024 Con$tltutlon The Finchley a￿]tiES was founded in 1488 and otmte5 under a Cl18rity Scheme from the Charity CommissioD dated 3 March 2011 and also as a Registered Social Landlord ThE scheme Ststes that the ￿¢4 of benefit ¢xte]th into the LAmdon Borough of Barnet. The eligibility for residency applies to persons of limited means, aged 55 and above who r]nd it difficult to find suitable and affoTdablc housing for thelljselves and who are in need of supporL The Finchley Charities also operates a Relief iti Need fund for local persoDS and ¢)rganisatiotts requegling financial assistallce sllbj￿t to certaill ¢ollditions. The Fincbley Chariti￿ owll the Fu¢1 Land Allofments. The d&y-tO-day m2nagernent 18 delegated to a voluntary nwiagement committee. ObJeetfive% The objectiv&8 of The FiJ)chley Charities are the relief of Fthety in the London Borough of BarneL It does this by providing sheltered housing aw)mmod&tion ¢0 beneficiarie5 ov¢r the age of 55 and donations to parish chwches, individua]s and OTganisation5. Donations to the parlsh churchcs take precedence and are to be applied towards the upkeep and repair of the fabri¢ of the chur¢h buildings. Other donations mu# not be recurrent or be applied to public fimds or in relief of rntes and t￿x￿. V4lue4 Mlsglon And Vision During 2024 Residew Collcagues alld Trwsttts renewed and refreshed th¢ Core V8Jue8 of The Finchley Charities and were excited to confirni theffj as.. Community, Inclusion, Support, Secwity and Quality. We are now workinE to further embed these C4)re Values into our rults￿¢ by inLegrating them into trainill& ￿fornia￿Ce cvaluations, recogtiition programmes, and decision-makiDg processes so that they rwin a central part of the Charity. Our Values r_nTThiiYiuiiiIy Our Va]ues shape ILOW we deliver our Mi5SAon and Vision. inclusion support security quality Our Mission Th¢ Fin¢h]ey Charities enhances jives by providing good quality home¥. allotments and grants, together with excell￿1 support services to ￿kJe social i80￿10n, lonelitiess and improve wellbeing. The Fu￿bleY Charities provides a caring service where respect forall is parAmount. Inclusion: Thc Finchley Cknti&8 ￿￿k in conjunction witb trusted local partners ￿ deliver a holistic setwice for its residents. Our Vlsion 11111111 i i: The Cbarity prideB itself on providing a friendly. caring and welcorning environmeni where Tesidents call live independelltly and feel safe and listened to. S¢¢urfity: Residents of The Fiothjey cI￿ltieS ¢lljoy a peaceful, safe neighEouthood a refjjge older age. Quality". The Fillchley Charities provides quality, accessible homes for the local comtllUDity delivetill8 an indepelldent lifestyle fw all. To becojne the leading COM￿U￿]ty housing eharity th&t is centred on PToviding a trusted. secure and safe ¢ovirowneni for older pwle. Charities Pa8e 2 THE FINCHLEY CllARITIES RFPORT OF THE TRUSTEES ontlllued for the Year Ended 31 March 2024 Covernallce The Trustees have estabiished sy8leJns and proce88es that detemiine strategic dir￿110￿ and po]icie& These are reguLlarly micwed. Tr Tntste&$ 8180 determine short medium and IoJ8-terni prioritie4 and review associated The Trustees give day-tfrday authority to ¢he manaRers but delegate to their Chief Ex¢¢utive, the responsibility to ensure compliallee with thetr poliGies ond procedures alld to liaise as required with their professional advÉ8ors and regulatory bodies. All Trustees are volunieen. Co-opted Trustee5 are selccted for their exp¢rieDGe 4nd complementary skills. The Loodon Bon)ugh of Bamet 18 entitled to nominate three Trustees. ThE TN8tees meet fomially a minimum of four tim&8 4 year. Ill addition. there are fow Committe4 Flnallce and Inforn)ation Tech[￿lOgY (Ir), Property Services, H¢)using &TMI Swrt Savices &nd Fuel LaThl Allothients. All Committees meet at least four times a year. The Finance and IT Committee has responsibiltty for r¢viewing internal and externAI Audit Teports and HR. The Trnstees rcview the fin8ll¢ial position at each meeting and Consider all PToposaIs by the Finance and IT All Con]mittee8 meet more regularty as and when thc need arises. The Willcipal role of the T￿￿teeS is to provide attd review the strategic dirKtion. bav¢ financial over8igh( adopl a Budg¢i. ¢nsure income is applied within a reasonable time, obtain necessary assuran¢e6 the oiganisation comp]ies with the law and regulation and ov6rsee the work of tbe Coll]mittees and the Chi¢f Executiv¢. To ensure good governance and complianee with the Nation￿ Hou¥ing Federation's Code of Governance following 8 governance review during 2020. The Finchley Charities undertook a ievi¢w of the govLYning documents duTing the period which included.. l. Thc ChaTiiy Scheme. 2. Governance Procedure8. 3. Trnsteu Code of Conth¢t. 4. An action plan to ensure The Fincbley ChaTiues are compliant witb the NHF'S Cd¢ 0fGovayw￿e to ensur¢ good governaJTrce eontinues to be in place. A refruh of the GoveTnance Review is cwrentEy in pmgre&s. Control EDthDmenVPn)eedures Th¢ Tn￿teeS have delega*d authority and established lities of responsibility ac¢orditigty. Businw and manag¢ment ¢Ontro]s set standards of professionalism and integrity for operdtioThs. which are rllalla8ed by experienced and suitably qua]ified persons. The Tru5te&% believe that relative to the number of st4ff. The FincM¢y Cbarilies has adequate attd effective key titernal controls. Policie5 and procedllrts are written, implemenied and followed. Policie8 and pro¢edures are reEularly revicwed alld ralified by Trnstses. Th¢ review timeframe is dependent on tb¢ po]i¢y. regUl￿ory requiremellts and be praetice. The Intr0th￿tiott of new policics i8 coosidered and ratified by Tn￿le¢s. Rlsk M2nag¢ment The Fincbley Charitie8 h&8 a ri8k matiagement plan. The major risk8 to which The Fitichley Charities 18 expose as identified by the Ttustees. gre Tegularly reviewed and steps tskell ro mitigate those risk& The Finehley Charities, rlsks are reviemrd reg￿larlY and tabl¢d at TDJstee m¢etiJ]gs to en&￿e rob￿￿ risk management is iti place. A Risk Management Workxog Group has been let up as part of tb¢ FinanGe rr CotDmittee'8 workplan. Page 3 THE FINCHLEY CHARITIES REPORT OF THE TRUSTEES for th Year Ended 31 Ch 2024 Ftre Risk Assessment We us¢ a third paty io eon(tuct our re¥ular extem81 Fire Risk As8esstDents. This year th¢ Fire Risk assessor presellted their fjndxngs to the rKw He￿th and Safety Committee whicl together with the Senior Ltadffship Team, oversee the completion of the actioDS, iiiiprovements 4nd tt3inin8 rccomrnended foT the Charity. All seryices have been graded Tol¢rabk and are ci)mplianL COmm￿LIty Eo%agement & Fundr*l8lng The level of ¢nthusiasm a￿0￿g$t the Residellfs of The Fillrhley Charities for Community related opporb￿itieJ 18 higb. Thi$ was evidellccd during 2023-24 by Residents Collfirniing "CommuDity" as one of the ChaTity'$ core values. their responses to The T¢naDt Satisfaction Measures SuTYey and in other interdcfions with our Colleagues. We estimate that betw¢¢n 20 to 3￿/0 of all Residents Bre inleresid in accessing community training and volunteaing opporiullities alld there have been a number of such oppottimiti¢s during the ye4r. Hence. we conlinue to actively d¢velop lith with our local communities, peers and key stakeholder5 prior to idenlifying appropriate local improvement opporbjnities and prioritixing projects / resources, fvnthtt8 and a fiwdrai$ing pipeline. An example of sucb closer engagement is our on the Fuel LAnd Aiiotments. This resource of122 allotmenl plots 18 held by Tbe Finchl¢y Charities in pcryjetuity for individuals who live in BaTnet. This yeAr. we started conyertillg one of the plots into a"Con)munity Plov, to pmide opportunities for volunteers io grow fresh produc¢ for tknse in f(xxl poverty while a]so creakng & ￿, saf¢ environment for those ill our local community such as asylum se¢k¢rs, m8rginalis¢d groups and vtherable sch￿1 childw to socialise Outside with othets, learn a little aEout horticulture and, at batvest fime, eat fresh fruit and vegetables. The LorDmNDity Plot provide5 fresh food for the Finddey F￿d Bank to distrbute attd has been supported by V0h]nt￿ from the Finchley bood Bank, St Mary's RC E48t Fincbley, local asylum seekers. vta The Finchley Pmgressiye Synagogue, Residents of The Finchley Chariti¢4 Fuel LaDd Allolment plot holderg and people from the local area. Additional voluniver support is planned by working for exarnple with l(Kal organisations such as GoodGym Barnct and cory>ornte volunteers in¢ludillg James Hambro & Parthers and MNM Property Services Ltd who have both signed UP to help. Where additional flnance is nteded, we have submitted bids for grant fi￿d]llg S￿h aB our wuest to the National Lottery Con￿WIlty Fund for£20,000 for aD ￿cessIble watErlw toilet for th¢ Fuel Land Allotnjents. The Fitichley Charities is 2180 partllering with national alld local organisations to better U1￿¢[Stand end, where Possible, to support thcir objectives and a￿]￿]ties. E4ell¢e, we WO￿ witb th¢ Soma]i BraYan&8e Welfare Association, and Age UK and have given 8 grant to The Finchley Progressive Synagogue tr> help them cre8te a safe welcotning space every week for asylum seeker families. We are also working closely with local sehools to deliver illtergenerational impaet su¢h a8 providing work experiellee for some of th¢ students or holding allotment and commutiity bnmche8. Our parlners here includ¢ The Pavilion Scbool (N20), Oak Lodge School, Qlleeii Elizabeth Girls School, North tx)ndott Grall)mar Sch(M)l and BaTnet College. in addition, we are Working with Ag¢ UK to support olderpeople who want to meet, share and learn llew uaft skills. JAf•rmadon Sy8tem$ In order to keep overhead8 costs dowtt fmancial mauagernent and accounting is outsourced and pr(wsed by the bwkkeeping departsuenl of Alwyn5 LLP from detsil provtded by the staff of Th¢ Fincbley Charities and illfollnation provided by the Investrnent Manager, RothboDe8 (Investec Wealth & Invcstment). PC based SySl¢m8 with standard software p&ckages art U8ed for this purpose. The aDDwal budget is approved by the Tn￿te¢s. The Chief Ex￿UtiVe and A]vryns LLP report On Si￿lf1¢￿￿t adve￿ variances lo the FiDance ￿ld tr Co]nmittee. Management accounts are proth¢ed ll￿nt￿ly for review by the Chief FxKutive. chair￿ of the Fizwlce aud fT Committex alld Aiw>ryJs LLP. Rathbones (Invesipx Wealth & Illvestment) provide Invest￿¢11t reports to ￿eMberS of the Finanee and tr Sub-Con]mittee on o quaterly b&%is for review and Updates the committee tivice a year by prUelltsti(￿. Minutes of these me£ting$ are presented for di￿U$s1on at the llext Trustees Meetillg / Board. Page 4 THE FINCBLEY CHAIUTtL8 REPORT OF THE TRUSTE£S conÉlllued for the Year Ellded 31 MAr¢b 2024 Monitoring Systems The Clu'ef Executive is r¢$poll&￿Ie for the performance of the staff in Telatioll to polici￿, procths and budgets set by the Tn￿te*S. Opcrational ￿suC5 n]ay be [￿rt￿ to the Ftuance and IT Committee or kn the Chair if quick d¢¢isions are required. The Minutes of all Meetings are approved by tbe appropriatc Committee Chairs alld reported to tb¢ next fvll Tn￿teeS Meeting l Board for inf0m￿tion and ratific¥4lion. During 2023124, HR adrnillEStration was outsourced to BesLStart Hwnan Resources. and we are using an onlitte database tool CitnLsHR (now SafeHR) a$ part of our driv¢ to 8afeguard, digitise atsd simplify our systems and record keeping. Reserve4 Poltey The Tnthes hav¢ adopied a reserves policy which they consid¢r appropriate to". b) Provide annuai amounts for future cy¢lical repairs and ￿￿1￿ten￿ee,. Allow for fluctuaiion8 in cash flow and be able to meet budgeted ¥%￿di￿Jre omd donations for at le&tt one year ahe4. Acc￿￿vIate monies eXp￿ted to be required for th¢ refiwbishm¢Dt of the Al]nshou8es over and above the an]ounts in Dtsignated and Restricted Res¢ryes' PuTcha8e iDvestmetits which provide income from whi¢K make it posstl)le to subsidise the weekly mRinteDan¢e contributioD8 cbarged to R¢sAdellts of the A]mshouse8 and thus fi￿rthing one of its thaTitable objectivc Tkn Trust￿5 keep the level of re8etves under regulaT review to ensure that tb¢y ar¢ ad￿ll&t¢ and appropriate to meet the r¢quirements of The Ftnchley Charities. The Trnstees aim ￿ maintain th¢ free reserves at a level of 3-6 months of ¢xpendittw¢. The cwrent level of free reserves meets this wTrlicy. d) Employee$ Th¢ Fin¢hley Charities places greal emphasis on the Co￿trIbUtion of its employces. The Tnjstees wamt to place on the record tha]￿9 and appreciation for th¢ir dodicated work throu8knut anothtr very difficult year. Colleagues maintaitied good attd safe links with Residcnts, ensuring high mornle throughout the ¢hallenEes ¢xp&ienced. DuTing 2023124. Twstse$ employed 8 Senior Leadeftship Team comprising of the Chief Execllti￿ a Head of Operations, a Pr¢)perty Servi¢es Managcr and & Sheltered Howitig Manager. The team was Supported by fo Sheltered Housing Officers, a Propty s￿Ces Officer. a Bu8illess Supp)rt Officer, aD Admiwtrator and temporary Digital Inclusion Offirxr. A ￿fOrnIa￿Ce malla8em¢nt framewoTk is in place to ensxwe all staff alld the Chief Executive are supported. wovided with regular 1-2-18 and yearly appraisaIs together with perfonll8tKe d¢livcry plans. The Ch&ir of The Fincbley ChaTilies carricg out the yearly appraisals and 1-2-Is for the Chief EA¢cutive and rqiorts perfoEman¢e to the Board The Finchley Charities is coromiited to traintng aDd development of all staff. The fr8m¢work a￿1reS Colleagueg at all levels have the opry>rtimity to mcet, Iaise and diw285 i￿ueS with tbeiI M&nager, the ChiefExecutive and llltirnately the Trustetr. Eq￿lIty and Dlvek¥ity Policy The Trustees are conm)itted to eliminatitig di￿riminati￿ 4nd promoting equality of opportUDities for all Colleagues and Residents. The Core Valu&8 and Mission of The Finchl¢y Cbaritiu are based on valulng out dtvetsity and enabliti£ cveryone within our o￿anISatiOn, staff alld r&8idents ￿ike, kn thrive to support eac other. As employer of a diverse worktorce there is representation at all leve]s from the front line staff through to the Senior Le8deYship ieam aud Board and we aTe ¢ommttted to tsckling all fornjs of inequality whethet sttucknral orF¢rsonal wherever this May ocuw. A8 part of this commitrtient, we httve commissioned The Social Jusfice Collective to uttdertake an EqU￿ity Diversity attd Inclusion (EDD Audit with their report due in July 2024. Thi8 work involves att alldit of our key policie8, Systems, proce&8e8 and culture. A number of focus groups have been Set up with Residents. Collewes. the Senior IRadership Team and Trnstees. In addition to tbis pie¢¢ of WO￿ we bave signed up to Social Housing Anti-Raci8m Pledge (SHARP) and aim to devel¢w an EDI vision and action plan togetber with & new EDI po]icy which will also be avatlable in July 2024. Together, this woIk wiu inforni our at)nual r¢port detailing how our seryices are exp¢rierLced by people with pmteeted ¢haracteristics and generdte an action plon for further analysis or ittLpn)vemellt plans wltere needed. Page 5 THE FINCELEY cHAR￿lEs REPORT OF THE TRUSTEES CDlltlDued for tbe Year Ended 31 MAr¢h 2024 Truslees Llablllty IDsurgty¢e As allowed by its. malldate. the Trustees ￿v¢ tsken out eover of £500,000. The overall objectives are to ¢reate sufficiellt income and capilal groH¢h to enable The Fiticb]ey Clwities to cany out its PUTpose5 consis*ndy year by year with due aTLd proper consideration for fiJ*]re needs and the Maintena1￿ of. and if possible, enhan¢emeDI of the Vah￿ of thc invested funds while they arc retsined. Both cftpitsl and income be used at any time for th¢ fi￿b¢rance of The Finchley Charitics, aims. Ethlcal Co￿11deratiO￿¥ The TDJStees wish to prEcludc investment in tobacco a]Ml these ar¢ dcfined as c4)mp4Dies with more thao 200/ts of their bjrnover in this activity. The Trustees T￿eThe the right to exclude companies that carry out a¢tivÈties rontrary to their iims or from holding P8rticu]ar investtnents which danmge The Fin¢hley Charitie8' reputation. TDJStees expe¢l the tnvesthieDt rnaoager to have CO￿81dered the suit8bility of investments. PriDclpal Fundlng Sources Charges made to Residents for accommodation alld kncom¢ and Profits from Investments. Appointment9 and Tr4ining of New Trll&tees. Three Tn￿leeS nominated by the Loa]don Borough of Barnet and th¢ Ex-officio Tw8tee 18 tbe Rethor of Si Mary-at-Fitichley Church Rev Philip Davison. PossiTrble eandidaies fol Cwpted Trusteeship are usuatly known #lld non)inated by exi8ting 'frnstees and appointed by the Trnstees as a body. Followillg the Governance Review io 2020, Trt￿te¢s made the decision to advertise ￿t￿re vaoanciGs. TNstees Appoint new Trt￿tte$ for their specifi¢ skills and knowledge following a skills gap analysis. The Chief Executive hL8 the delegated responsibility for providing training. Dutitig 2023124 The Fincblry Charities Tecruited one new trustee nominated from the London Borough of Bamet. Recruiunellt of llew Trustees is on-going 80 as to ensure su¢¢esston plaoning for 2025126. This ye4[ also saw the rojignation in Febrnary 2024 of lan Anderson from his role 85 a Tn￿tee. Ian has served &s F4 Tru5te¢ of the ch￿lty for rnany years, and we are deeply 8rnteful for ht"s conllnitment to our Mission aud the and enetgy he frEely offere Key Decisions The Trusttts make all Key Decisions including tbe ratification of de£isions delegated to the Chair or th¢ Chair of the FiTRance alld IT sub-coJnmitte¢. Aetl¥Sty, Perforniance Re￿W #nd Future Pla￿$ 2023124 was agaiji a ¢hallEngin8 year with coniilluing high itttlation, spiralling cost of iepairs and maintenance and high Bank of Englalld b&8e rdt¢5 resuliing iti higher interest paymellt ott our loan. However, The Fiacbley Cknities ha￿ continued to Ca￿ out the ¢ore Se￿iceS to a good level. rkning the year we experiellced 9 void¥. wbicb is 5.2y*l of The Fincbley Clwitie8' housing stock in compariwn to 21 voids in 2022123. The Finchley Charities has COti¢iuued to reach out to the local m)munity ensuring tbat colleagues are suppTrrted to void5 arourf carrying out th¢ refithislJt￿ents nece&88ry to re-leL Thett was IOOOh occupancy at 31 Ma￿h 2024. Further challenges experienced were due to tbe issue5 faced by contrBctor& the difficulties with tbe labour nwket and the unprecedented incre￿ in cost of materials whi¢h affected tiJrniDg voids around in tbe expected timeframes. Page 6 THE Ft¥CHLEY CHAIUTJES REPORT OF THE TRUSTEES colltillued for the Year Ended 31 M#reh 2024 The orgalllsatlon 8trategy Ile organisation strdtegy is fi]rther developed to plan longer term alllbitions, to build fiJrth¢r hojlles, reviewing d improving services, proG&%w and govemance. The organisational strategy has been wiewed and refttshcd with a new strategy platjned. The Strate81¢ Plannitig Day h&s been set for 211t S¢pternber 24 and a fjjrtlw review to take plarx on tbe i ith Novemb￿ 24 Asset Management TWSte￿ are wllllllitted to etjsure the Clwity ha8 a well maintained to a high.quality standard housing stock and the Tcsour¢es to keep these Iwes in good condition. Regular stock condition surveys enable the Charity to maintaiTr aa upto-date register of the works needed io ensure that the ac¢ommodation provided both meets with the Deccnt Homes Standards and is maintslned at & gocd standard for al] Resid¢uls (i.e. accomm(xlation in reasonable state of rcpair, with modem facilities and seryices and a reasonable degr¢¢ of themlal comfort). Such wveys enable an understanding of future f]nancial ctimmitEnent8 Witbin a 5-tO-30-ye4r hori¥4)n and thforni the 5-year rolling proEratDme of plaJued repairs and major re￿￿iShment needed. 2022123. the surveyor Faithorn Farrell Tin]ms (FFJ) wa8 cojnmiss1on￿ to undertake a ¢onwrehellsive stock ¢(*nch'tion survey of all The Finchley Charitxes properties. The result$ led to the Charity's latest 5-yehr rolling progra￿¢ of works and Underpit￿ed the procurement of a prop¢ty servi¢es contractor wbo now conducts thc majority of our buildillg fabric repair& The stock condition survey by FFf a180 identified the ener8y performanee CertifI￿t¢S (EPC$) of all of our propertles. These EPCS describe the perfornwLce and sustainability of cach pr(werty and infonn tbe decarbonxsation impmvement works r¢quired for each property to achieve the Tn￿ttes, aim of minimutn ratings of C across the portfolto. Such decarbonisation bas resLLlted in a substantial number of boiIer. window alld door Teplxements with fimber retrofitting planned to a¢hteve th¢"C" EPC ratings tsrgtted. Key Building and safety works were completed througbout the year included upgrades at the three seryices for example all Fire Doors at Pcwterers were renewed and refre8hed and this work w&s supplernented by upgradu 8lld replacing the comparttllc￿ta1isatioll. At Hojntfield GaT(kn8. consultants from Ilektr& carried out 8 pmjeci to review thc current external ligbting and produced lighting designs to irnprove lightillg extemally around the site. Resident consultations took place showing the pn4Y)5ed designs attd examples of products recornmellded. ILstsllation work was Completed in Jall￿ry 2024. A defibrillator was instslled at each of our three schejlles. Asset Development Appralsal The Finchley Charitie8 ¢Olltinue to review its cost base and a&set JnanaEement, particularly with regard (o fillaucial et5cien¢ies, value for money and standar(Ls for property refurbishmettt$ and ]￿l￿tenanCe, whilst b¢ing n)indful of keeping agcA)d stattdard of aCCODMnodatioo expe¢t¢d for Residents. The Trustees are al80 committed, if able. to develop more home8 needed in the area of bellefiL During 2021122. Campb¢ll Tickell w¢re commissioned to appraise all The Fin¢bley Charities. 8tock and land to invtstigate gmd explo￿ OppOrti￿ltieS for the ￿tI￿¢ development of new homes. y￿, we held discussions with Sherida Limitrd to plan the development of new homcs ill thc area of benefit during 2024125. Health & W¢llbelDg The orgatiisaiional focus oa Hea]th and Well-being for R￿idertts ¢ontinues, focusing on activiti￿ and events to promote good mentsl healt￿ promthe a good community, teduce social isolation and loneliness. Sheltered Housing Officers maintsin regular ¢onta¢t with all beneficÈaries 8ttd identify those most at risk of i501ation 80 as to increase their contact and 5UPPQrt as required. During the past few years, The Finchley Charities, fr improvement prograrnme iticluded moving all the IT and telephonc $y8tems to the cloud aad the upgrade to the colljrnwiity alami sy8tems iti b0￿ficI￿ie5, homes. Page 7 THE FtNCHLEY CHARITIES REPORT OF THE TRUSTEES ¢oDtinued for the Year Ended 31 March 2024 Face to face supp)rt has been enlwiced kngether with the openill8 of additional comnwDat facxlities. Stsff are now working towatds resuming health and well-beins activities al￿ events aud a numlw of con)mUDity social opportuDilies have been ¢reated including.. Money Matters and Scam Prevention- delivered wlth A8¢ UK First Aid training for RGgid¢nts Intergellerdriollal prOJ￿ts including art and musi¢ ¢lasse8 atyd volunteering work at the Cornmunity AllotTllellt Cornmunity Brunches. Grouknd4 Gardens Green Space It is so important for Resftdeots to socialtse and ￿ part of a community which eootributrs to the reduction of social isolation. The Fincbley Charities ensures the ground4 8ardeLs and greett 8pd¢e are well n￿]ntained to benefit the heaIth & wellbeing of Residents. Trnstee8 would like to thaok the gardeners fortheir commifment and hard work for making sute the gardens rernained beautifvl and aeccssthle for our bellefioiaries to enjoy, socialise attd be part of a CODMnunity. TnLStees would a]so like to thank those Residents who also contnbuted to ensure the gardcns were well n￿l￿taIned. Maintsining the ground8 and gardens ren]a]￿ apriority. Re8ldent Enga8eiiiellt Satisfartlfrn Resident engagement is about asking the exp¢rts (our R￿Idents) about how we should seTvi¢es. We want to enwre that they are able to influence, shap4 and de¢ide on h¢)w services are delivered from the day to d&y Tunning of our supported housiDg and individual's personal support plans through the (klivery of ryairs s¢rvi to the Strategic decision mak￿8 of the Board. This bas &lway8 been central to The FinGhley Charities, way of W0￿1n8 with most systeiDS and m¢¢hattistll$ for engaging Residents being fa¢trto-face individual alld Èroup discu&sions. We ¢oJ]sulted residents through the annual Tenallis Satisfaction Measures (fsm) Sunry. service US¢T advisory panel and Re$idents' mcetings Mqth forn￿1 Resident Engagemeni se5sioMs held at Ic&st quarterly involvtng ResidenL8 fronj all schem&s, Colleagues and Twstees. W¢ have also been le￿ing from other feedback sucb as coffjplajnts attd reponill8 back ¢)n this ts> Residellts. We eDdeavour to use such S￿l0n8 to surface and highlisbt R&sidents' issues attd make theEr involvellLent both a r¢ality and their issues a precursor to whenever possible. Our intention is to o)ailllain frequell( and op communications in order ts) build (be confidence of Residents in our obijity as A landlord to support them. Our TSM survey slLowed that 85•/• of Residents who responded were eith¢r very ￿8t[$fied or fairly satisfied wtth thc overall setviee they receive from The Finchley Charities with I l of the 12 areas surveyed ￿]ng in the upper quartile of sector re8uIts. Resident Engag¢ffjent sessLODS are opportunities for Colleagues and Trwtees ￿ lem ab)ut the challen8es faced by our Resident$, ond then follow through with managed actions and outcomes that support and demonstrdbly benefit our Residents. Key areu of aetiiryty in¢lude.' Security and signage Car parling Digithl inGlusi¢)n Health and wellbeing Healtb atsd Safcty Rcsidentg, Jneetillgs have bteD held at every s¢hem¢ to r¢view Fire Safety, and sthme spccific nmtters and a Health and Safety Committee mobilised in September 2023 where six electsd Rtsidents. work togcth¢r with Colleagu&9 in a Comrniltee chaircd by a Trustee. The Hea]th and S8fety Committee meets quarterly with minute5 of the se&8ion8 POSt¢d on scheme noticeboaTds aud available to all Residents. Pag¢ 8 THE FINCHLEY CHARIT REPORT OF THE ]RUSTEES tontinued for the Year Elld¢d 31 March 2024 Publi¢ Bellefit The Finchley Charities provide accojnmodation for those benefiriaries of ]imit¢d me4Us who have lived withill the bouadarieb of the Lonthn Bornu8b of Barnet as set out im the scheme of 2011 Tegistered with the Clwilie8 Commission. Each year the T￿￿te¢S review The Fit￿hleY Cbatities. Objective￿ to ensure they continue kn refle¢t The FinchIey Charities. aims. ID caThying out this revicw, the Tr[￿te¢S hAve collJpli¢d with the duty in 8ection 17{s) of the Charilies Act 2011 to have due r¢gard to the publtc bencfit guidance pubIished by th¢ Ch￿lty Comtnission. DonatR•n$ and Grants The Finehley Charities made the following donatiOAJ8 and grallts duTitig th¢ year.. Local Church Donations £E2,075 £2526 A grant is defined &8 a flljancial award mad¢ by The Finchley CI￿ltieS from its funth to support ¢lwitable &¢tivities. USll8lly to registered charities, ¢1￿11&b]e community group8 and individuals expuiencing hardship. Trustees. grartt making poli¢y has restriction8 imposed on the Purpose forwhich grants may ￿ mad< as Ion8 88 the criteria o￿tlined ]]] the Charity Scheme 8re met. TTh￿tee8 will award graots wh¢TL they believe the grant will n)akt a dtfference and will hav¢ an impact in the area of be￿rIt. All aFvlicallL8 will be ¢onsider*J if the org8nisation or Individual call demoDstrwe the following: Need and impact The organisation 8pplying for a grant is a ￿gistered charity ill tbe UK and ￿erat¢S in the area of benefit - tke tDndon Borough of Barnet AIL individual ¥pplytng for a grdnl resides in the area of benefit and Ca￿ demonstrate hardship. Grdnts awarded will vary in ￿ount. All grants are ￿nSidered at The Fin¢hley Clwities, Housing and Support Services Committee on a quarterly b&sis then ratified by tbe Finance attd IT sub-con)mittee and the TnLStees of The Finehley Chatiti¢4 bEfor¢ grallfs are awarded tn line with The Finchley Cbarities, charitable objectives. During 2023124. w¢ cOntitiu￿ to litnit the ttumbel of grdnts provided due to the large amount of investment ttlade iato tbe major works programme. for the mu¢h-lleed¢d work required to be undertaken to The Fin¢hley ClJariti¢s' assets during a difficult and challenging year. We will Continue to pmvide grants during 2024125 which will be kept underreview. Overall performall¢¢ Perforn￿￿e indicators: 2024 2023 Operating )nargitL before revaluation gaiii on invesimenis Oc¢upancy Rent collec¢¢d Ov¢rhead$ ¥s a percentage of maintenancc contrlbutii C05t per unit w0￿1￿g ¢apitaJ 30 980 99(/*. 980A 93• £9J23 £49,259 £8,076 £123J23 The Finchtry Charities, op¢rdtillg margin ha8 increased followiDg ala improved p¢rfornMttce on tbe inveslrncnts and the cbarity continues to invest ill its priry)erties wbilst mailltaiDing a 98°A occupancy alld rent collttted remains consistenL The working capital bas inwved from the previous year bu¢ wntinues to be lov/ due to th¢ ¢ontitiued inve8tsnent in ourpropertiey through ourplaDned 'major woths, pmgraw. Pag¢ 9 TIIE FINCHLEY CHARITIES REPORT OF THE TRUSTEES eontinued for the Year Ended 31 MArch 2024 FknAllthl Revlew of the Year Th¢ suTrlus before r¢valuation losseslgains on inv&stJnents for the 12 months peri(xl was £316,478 (2023 - £60.5821. The results for the y¢aT cxcluding tbe increase or decrease in the value of inves¢mellts may be SunM￿sed &q follows: 2024 2023 Jncom¢ from Housing D]r￿l costs 1,868,939 {415,1801 1,716.825 (347,159) .453.759 lJ69,666 AdmiDi5tration costs Lkpr¢ciation Loss on Teplacemettt of ¢QTllP)nen GThntAmorti5ation (622,827) (357,060) (33,537) 64.599 (685,256) (351,486) (43.805) 64,599 5(14,934 353,718 Cyclical Maintenallcc Ful￿ ¢05ts (454.273) 1571,161) Housitig activity SLW)Iu51(deficit) 50,661 (217,443) Other irteome less donaiTons paid 223￿35 243,635 OperatÉng Surplus 274,196 26.192 Profit on sale of investments 42,282 34.390 Swplu5 for the yearbefore revaluation GaiT@Oo&%es) on investments 316,478 60.582 The Finchley Charities cornpli¢$ witb the Ststement of ReCommelld￿ Practice (SORP) for Registered S¢xial tAndlords it) the wesentation of its Financial Sta¢¢ments. Pag¢ 10 THK FINCBLEY CHARIT REPORT OF THE TRUSTEES continued for the Year Ended 31 March 2024 The Fincmey Charities is aware of its ststU5 88 a Charity and that it h28 always subsidi8ed accommodation which The Finchlcy Ch8ritie8 offers. The Finchley ChRrities ha8 ellduvoured to princIp￿lY use iuvesttnellt income to pay for e&%ential extraordtnary Tepairs and c8Pital costs. The Finchley CbaritL¢5 reviews IL8 investment txrfomwLce on a ￿Ula[baSIS with its Illve8knent Managers throughout th¢ year. The surplug above continued to contribute to the Te8erw whieb are therefoTe c¢)L5idered adequate to support The Finchley Charities, (Fbjectives in the future. The Statement of Financial Position shows a ill￿ease in reserv￿ to £17,100206 at 31 March 2024 which arc largely rep￿ented by the s¢(Kk of hiwing accom￿0d￿￿¢)ll. The free reserves (UDr¢stri¢ted ￿serveS less fixed a&4eW defetted govemment grant and loans) at 31 March 2024 were £425,541. The FinchIey Charities ¢oniinues to r¢taiD the SeTh1c￿ of prof￿10nalIY qualified staff who are keen th confinue the development of Th¢ Finchley Charities, iar8¢ts. The Fitichley Charities, auditors have continued that wc have An adwuatc finallcial position. We have aTnbition to maititAin and irnprove tbis position in order that w¢ may be able to offer more grallts to those organisatiOnS who offtr assistsn¢e th those in need in Barnet. It should be a￿0￿WICdged that tbe Trystees are not remunemd for their often.¢onsidthle tI￿efOr% TTUStee8 Liability Insurance is in plac£ to prO￿t them from personal Itakn'lity as far as is possiTr>le. Re5ponslbllltie$ of the Truste The Trnstees are Tesponsible for preparing th¢ Report of the Trustees and the finathc1￿ ststements in accordance with applicable law and regulations. The law requires the Twstee5 to prepare fmattcial statemerttg for cacb fm8Dcial year. Under that law the Trustees have elected to prcpare lThe Finchley Ch&rities' financial ststements in awoTdance with applicable law and United Kingdom Aceountmg StaDdards Iullited KiDgdoJll Generally Ac¢w￿ Accounting Praciice) including FRS 102 'The Fttmncial Reporting Staudatd applicable in the UK and Republic ofireland" The Trustecs must not apptove the ftsJktt¢ial statcments unless they ar¢ satisfied th8t they grye a tNe and fair view of the slate of affairs of The Firtchky Charities and of the surplus or defi¢it for that period. In preparing these financial ststements, the Ttuste&¥ are requircd to." selwt suitable awountiog policies and then apply them ¢ODSiStently, make judgments and ac¢tsunting esti]nafr8 that are reasonable 8md prudcn(' state wh¢theT applAcable UK Accountirtg Standards have b￿1 followed. subject to auy material depattsre8 disclosed and expl&ined in the fll)aneial 8tatemellts: alld prq)are the fmaneial $t8iements on the going collcem basis unless it 18 inappropriate to pwume tbat The Finchley Charitie8 will continue in business. The Tnutecs are rebVTrn8ible for keeping adequate accouoiing records ¢bai aTe suffi¢i6llt to 8how and Gxpjain The Fin¢hIey Chariti￿. tr&wctiort$ and disclose with reasothle a¢curacy at time the fiDancial position of The Fin¢hley Charities 8nd enable them to aL$ure that the firMDcial statetnents wmply WAth the Charitie$ A¢L the Hi)using and Regeneration Act 2008, the Accounting Direction for private Tegistered providers of SOCI￿ housillg 2022 aDd tbe Ststement of ReeotDmelldoJ Practice: Accounting by register¢d social housing providers {SORP 2018 update). They are al80 resp0tt8ible fw safeguarding the &8sets of the Trust and hence for ￿kID8 re4sonable 8t¢ps for the prevelllion and deteetiott of fraud #nd other itte8ularities. By order ofthe Th￿.. 4 aoll x? Tnts -G.Old Date Pagell THE FINcH[￿y CHARITIZS REPORT OF THE If4DEPENDENT AUDJTORS TO THE TRUSTEES OF THE FINCHLKY CHAiufiES for the Year Ended 31 March 2024 Opknio We have audited the financis] statements of The FinchI¢y Ch8Jities {the 'charity') for th¢ year ended 3 1 March 2024 which con)prise the Statemcnt of Comprehensive Incom¢, the Sratemen¢ of Finallcial Position, the Ststement of Cash Flows and notes to the fmancial statements. including a summary of sigDificant aGcounting w)licie5. The fmancial reporting framewoth that has been applied in their preparation is app]icabl¢ law alld United Kingdora Accounting Standards (United Kingdom Genernlly Accepted AGGOUlltillg Prnctice), including FitiaDciaI Reporting Standard 102 'The Financial Reporting Stalldard applieable io the UK and Republic of IF¢]and'. In our opinion the finan¢ial statements.. give a trne and fair view of the state of The Finchley Cbatitics, affairs as at 31 March 2024 and of its iuooming resource8 and appIl￿tion of rcsouT¢es for the period then ended. hav¢ been properly prepared in accordance with United Kingdom Generally Accept¢d Accoullling l)racti including Financial Reporting Stsndard 102 'The Fin￿la1 Reporting sta￿dar0 applicable ID the UK and R¢public of Irelattd,: and have been prepared in accordattee with the requiremeots of the Clwities A¢t 2011. tbe Housing &rtd R¢g¢neTation Act 2008 and the Accounting Direction for Private Registered Provid¢rs of So¢iaL Hou8tng iti En8land 2019. Basls for opillion We ¢onthict¢d our audit in a¢cord8nce with International Standards on Auditing (UK) OSAS (UK)) and wlicable law. Our responsibilities under those standards are fiuther described in the Audttor8' responsibilities for the audit of thc financial statements section of our re￿[L We are independenl of the clwity in a￿OrdanCe with the ethical requirements tb4¢ are relevant to our audii of the finallcial statements in the UK including the FRC'S Ethical Stsndard. and we have fuIr￿ed our other ¢thical respollsibilities in accordance with these rcqllirement$. We believe that the audit evtdence w¢ have obtained 1$ 5ufficieni al￿ appropriate to provide a basis for our Dpinion. Concluglons relstiDg to golllg eon¢trn ltt ￿dItIng the [￿￿￿181 stalements, we have concIL￿ed that the Tntstees, u8e of the going concern basis of accoulliing iti th¢pT¢paration of th¢ fjnallcid stat¢m¢nts is appropriate. Based on the work we have perforn¢d, we have not identified aTLy material un¢ertaintic$ relating to events OT conth'tiOn￿ thal individually or collectively> ll￿y eagt ¥ignificant doubl on the charity's ability to continue as a going concern for a perlod of at least twelv¢ rnonths from wh¢n the finallci81 statements are authorised for issue. Our Tr8POD8JTrJilities and the respoL%ibilities of the direetors with respeci to going concern are descnTh¢d in the relevant lions of thi8 reporL Other Jjrformatlo The lrystees aff responsible for the other llffonnatioll. Th¢ other illfornwtion compiise5 the Inforn￿lI{)n included in the Annual ReporL otherthan the fmancial Ststemeats aTLd our Report of the Jlldependent Auditors thereon. opinion on the finartcial 8tatements th)e8 not cover the otber iufonu41ion and. except to the extent othen¥isc explicitly 8t4ted in our rEporL we do not express any fomi of assurance ¢oll¢lusion thereon. JD connection witb our audit of the fllwicial 8t&t¢ments, our re￿OnsIbl11ty is to read the otber infornydtiott 8Dd, in doing so, consider whether the other infornlation is materially inconsistent with the fll￿tI#l state￿ents or our knowledge obtsilleAI in the audit or othen¥ise appears to be nuterially mis51at¢d, If we identify such material ioconsibtencies or apPar￿l Material misststements, we are required to determtne whether this Eiv¢s rise to a material misstatement in th¢ fU￿CIal statements themselves. Ff, based ott the work we hav¢ perfom)ed, we ¢¢)n¢lude that there is a materid misstst¢meDt of tbis other information, we required to re￿rt that f￿L We have nothmg to r¢port in this regard Pag¢ 12 THE F￿4c￿LEy CHAiUTIES RLPORT OF ThE IND£PETrIDENf AUDITORS TO THE TRUSTEFS OF TIIE FINCHLEY CIIARITtES ontillued for the Yeai Ended 31 March 2024 Matters on whleh we Are required to report by exfeption In the light of the knowledge and undetstalldillg of tbe charity and its environment obtsined in the of fb¢ audit, we have not identified fftaterial Jnisstatements in the Rq)ort of the Trustees. We have nothitjg to report ill Tespect of the followin8 matter8 where tbe Charilie$ Act 2011 alld the Housiug and Regenetytion Act 2008 requÈres us to ryort lo you if, tn our opinion.. adequate accounting remrds have tr)t been kept or returns adequate for our audtt have not beuTr ￿e1Ved fi￿rn branches not visited by us. or the financial statements are not in Agreement Thith the accounting records and retiims" OT ertain disclosures of tn￿te¢s, remuneration specified by laware not made,. or we have not received èll the infonnatioll and explanation5 we require forour audit. R¢spollsibitides of tr#stee8 As explained mi>re fijlly irt the Statement of Tnistees Respo￿81￿>111tics, the Trnstees are responsible for the prepar4ti¢)n of the financial statements whi¢h give a tNe and fair view, and for such internal ¢olltrol the Twstees detentLill¢ is ne£e&88ry ¢0 enable the preparation of f]nancial statements that are free from material misstatement, whether due to fraud e￿or. In preparing the fiaancial statcmcnts, the Trustees are responsible for B85USillg the Finchlcy Charities, ability to coiitinu¢ as a going concan, disclosing. as applicable, matters relaied to going ¢oJKern and using the going concern basis of ac¢oulltirig Unle￿ the Tntstec5 either intend to liquidate the charity or to c¢ase opeTati¢)ns. or have no realistic alternative to do sy). ()ur respoll5ibilitie$ for the audlt ol the ststemeDts OL¢r objcctives are to obtsin Teasonable ￿ll￿anCe aknut whether tbe financial .￿ternents as a wknle are frec from matuiai rnisstatem¢ut, whether due tr> fraud or error, and to issue a Report of the Independent Auditors that includes 0￿r opinion. Reasonable assurance is a bigh level of ¥suraD¢e. bui is not a guarantee that an audit Conducted in accordance with ISAS (UK) wiu always de￿( a material misststement when it rxists. Mi8stslements call arEse from fraud or error are considered material it. individually or in the aggregate, they could reasonably be exp¢￿ed to Jnllue￿t thc econotnic decisions of usus taken on the basis of these fmancial statements. The extent to which our pro¢edures capable of detecting I￿¢g￿larItICs, xncbjding fraud iy detailed below.. We obtained an understanding of the legal and regulatory fram¢works that ar¢ appJirabl¢ to the clwity a determioed that the ll]ost 5ignifrant are those covued by the Housing and Regeneration Act 2008, the Accountitig DiTe¢tioo for Private Registered Provide￿ of Social Housing 2019. Ihe SthtemenÉ of Recommend¢d PrACtiee for Charities {Sol￿ 2019) 2nd the Charities A¢t 2011. We a&8essed the risk of material Jni&8tatement in Tespect of fraud by making enquiries of rnaDagem¢nt aod tn￿te¢S and by le5tin8 the impl¢menlation of ac¢ouuling controls in place. Bwd on the results of our risk &5￿88ment we designed our audit prnceduw to identify non-¢ompliance with such laws and regulations identified above by n)aking etwiries with key per￿nn¢1 and reviewing trl¢vant documentaiiott such &$ fftinutes of Trt￿tee meetings and co￿eS￿nde￿cC with re8uiatory IK)die& We Conside￿ ¢h¢ risk of fraud through motsagen]ent ovenide by inCo￿TatIon t¢$ting of journal entrEes and reviewing any ￿¥irements to meet perfonnartce targets. We also cotisidered. alld tested for, the possibility of Uuauth￿]Sed payments to related partie& A ffijrtber deseription of our responsibilities for the audit of the financial s(atemenls is locat•1 on th¢ Financial lieportitig Council's website at www.frc.org.uklauditorsresEx)nsibilities. This description forni$ part of our R¢port of tbe Indwdent Auditor& Page 13 THE FINCllLKY CHARITIES REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE FINCHLEY CllAIUTIES conthiued for the Year Ended 31 Mareh 2(124 Use of our report This report is made 801ely lo Thc Finchley Charities, Trustees. as a body, in accord8￿e with Section 144 of the Charities knt 2011 and regulations made under Section 154 of that Act and se¢tion 137 of the Housitig and Regeneration Act 2008. Our audit work been undertaken so that we lljight State to the charl￿8 tsustee8 those matters w¢ are required to stale to tbem in 8n auditors, rew)rt and for no other pu￿5¢. To the fullest extrnt pernAiited by law, w¢ do not accept or a85ume re9POllStbility to anyone other than The FincW¢y Chatities and Th¢ Fincbley Chariti¢5' Truste¢8 as a body, for OUT audit work. for this reprt, or for the opinions we have foffj￿d. ley Bsc FCA (Senior Ststutury Auditor) for and on behalf of Brindl¢y Millen Ltd CharteTed Acwuntants and Stattltory Auditors F.1SEible to act as ats auditor in temis of Section 1212 of the Companie6 Act 2006 167 Turners E4ill Cheghuttt Hertfordshire EN8 9BH Page 14 THE FINCHLEY cwirriES STATEMENT OF COMPREHENSIV£ ll¥COME for th¢ Ye4r Ended 31 March 2024 UDrestrletsd Deslgnated Restrleted ruTrdB fund$ d9 2024 Tot*1 2013 Totsl INCOME FROM llOUSll¥G Social housing l¢ttings Operating expendittlre HOUSING ACTIvfTY SURPLUS Pmfit on sale of investments Investment property incomc Nott 1.933,538 {1,882,877 50,661 1,933,538 (1.882,877 50,661 42,282 87,584 1.781,424 (1.998,8671 217,443) 34.390 80.034 42282 74.064 13.520 IDteJcsl receivable and stmilar 2n¢ome 4 laterest payable Donations revived Other ¢xpendilure Donations payable 231,420 (82,543) 1.675 231.420 {82,543) 1.675 229,132 (51.591) 720 14.6011 252297 114.601 265.817 114.660 278,025 liurplu$ befo￿ reyaiuatlo g*SDIOo8$) inv¢stmeJJts transferj 13.520 302,958 13,520 revaluation gaill/Ooss) on investments Transftrs between r¢serv&% Sllrplll8llD2fidt) for the year befor¢ revalmation of f￿¢￿ 88sets 31Q478 214.954 5.183 12 214.954 5.611 428 {471,507) 523.095 {5,611) 13948 531,432 (4111,925) SURPLUSI(DEFICITI FOR THE YEAR 523,095 (5,611) 12.525.130 3,842,024 13.048.225 3,836.413 13,948 201,620 215.568 Reseryei brougbt fonvard R¢8erYes ¢arrled fonyard 531,432 (410,925) 16,568,774 16,979,699 17,100,206 10 568.774 The Finehl¢y Ch*ities has no othwrccognised gains or losses other than the results fortheyear as set Olrt above. All the aetivitics of The Fin¢hlcy Ch2ritie5 are contfftnuin& Approved and authoti5ed for iAsue bythc Th￿te¢S on P￿$] Tr￿stee. G Old Th¢ notes on pages 18 to 27 forn) part of th¢se financial statem￿1$. PA￿ 15 THE FINCHLEY CHARITfES STA TEMENT OF FINANCIAL POSITION A8 •t31 March 2024 2024 2023 FIXED A&SETS Housing Prcperti Fuel Lano AllotmeDts Office equipment 12,484,656 450,000 8,506 7b 7a 11489,943 450,000 5.151 12,943.162 12,945,094 450.(KIO Jnvestment Propertie6 Investments- Shares 450.000 8a 8b 6.416,469 160.162 6.036,507 179 126 6,S76,631 6,215,633 19,969.793 LURREf4T ASSETS Debtors at bank atMI tn hattd 19,610,727 70.617 273,634 344.251 51.709 168,334 220.043 CREDm)RS: Amoullts fajllng due wlthln One year 10 1338,832 287 171 NKT CUBJiENI(LIABII,ITIESI 5.419 {67.174) TOTAL ASSETS LESS L'URRENT LIABILITIES 19.975,212 19,543,.553 CREDJTORS: Amounts fAllillg due *fter ore than one year io (2,875.￿OI (2,974.779) NET ASSETS 17,1(10,200 16,568.774 RESERTrTS 12113 R¢venue. Imre#ricled Propety revaluation TG%erv¢ InvestDMii rev￿UltIon r¢scrvc 9.923,793 1,621,632 9,617.652 1,621,632 1.285,846 12,525,130 3,842.024 201620 16 568,774 D&sigllated R¢stricted 13,IM8,225 3,836,413 215.568 17,IQO,206 Approved aud authorised for i&sue by the Tn￿tee￿ 211713* 40LI .Old The not¢s ffipa8e$ 18 to 27 form part of th¢sr financial *at¢meJJts. Page 16 THE FINCHLEY CHAIUTIES STATEMENT OF CASH FLOWS Asat3 Mareh 2 2024 2023 N¢t C&8h from operating activitie8 352,118 119.323 Ca6k floTrv5 from x¢tlwities: Mortgage ¢apital n￿Vern¢￿t Jntevest paid on mortgage (33,703) {82.5431 (43.454) 151,591 Net C&8h flow fix)m finaneing activitie5 116.246) (95.045) C*8h flows from investing aell￿tIeS PuJEhase of ¢￿Ible fixed assets Putrh&s¢ of otherPPE Pu￿h&se of illvestrnents (shar￿) Pmctrd8 fiDm th'sposal of investm¢nts (shares) Inves¢ment propety incon Jnvestment income (333,674) (7.170) (891,711) 800.441 87,584 194,994 (638.430) (1.465) (725.368) 628.931 80.034 185,023 Net Cash flow wed ltt lovesting a¢tlvities 149,536) 471,275 Net increasel(decrease) In ca$h aDd cash eqlllvaltnts h) the reporting perfi•d 86,336 {446,997) Cash and eash equlv8lents at beglnning of the reporthhg perlod 347,460 794.457 Cash and c￿h eqUIT￿lents at end of the r¢portlng period (Note 15) RECONCILIATiof4 OF NET INCOMEI . TO I¥ET CASH FLOW FROM OPERATING A￿1Vr[I￿S 433,796 347A611 Net income before rev#lu*doll gAIDs on iDves¢meDt AdJustme￿ts for: Depreciation chgrges L05s on disp)sal of fixed assets Amortisation of Grant Investmellt proF¢rty income Jrceived tntewt ￿Yab]e Investment income tteeived Interest ]￿e1V￿1 (PTofityLtsss on sa]e of iny¢5tth¢nt (Sha￿8) Decrcase/(IncTease) in debt0￿ (less accrued investment inconr) {Decre&se)IknctEaS¢ in Cttditors (less mortgage, deferred govemment and 316.478 ,582 357.060 33.537 (64,599) {87J84) 82,543 (228,935) 351,486 43,805 164,599) {80,034) 51,591 (213J33) (42.282) (16,423) (34,390) 21.147 2,323 {16.932) Net eosh provRded from operatitig a¢dvld 352 118 119J23 Page 17 THE FINCHLEY CHARMES NOTES TO THE FLYANCIAL STATEMEN13 lor the Year Ended 31 Mareh 2024 PRINCIPAL ACCOUNTif4C POLICIES Legal Status The Finehley Charities is a regISt￿ed Gharity (Rcgistered Number 206621) alld is registered with the Regutator of SoGial Housing (formerly Homes aTrd Communities Agency) as a Private Registered Provider of Social Housing (Registered Nu]llber AOI 85} al￿ the Almshou8¢ Association (Registered Number91). The rcgistered otTice 15 41a Wi]mot Close. Easi Finchley, LondorA N2 8HP. At￿￿￿thig Convelltion The financial ststern¢nts have been ptepared in accordance with applicabl¢ accounkn8 Standard8 including FRS 102, the Financial Reportitig Standard applicable in the UK tthd Republic of Irelalld. and the Stat¢ment of Rec4)nunended Practice for registered social bousing providers (SORP 2018 update). The principal activity of Thc Finchley Clwiti¢8 Is to provide Telief of povety in the LondoD Borough of Barnet. In accordance Mryth FRS 102 (3.3 A). the Gharity 18 a public bcDefft entity that ha8 applied the'PBE" pr¢fixed paragr&phs. The financial statem¢llts conwly with the Hou8iog and Regen¢Tation Act 2008 and tbe Acc¢)UDting Direction for Privatr R¢gi8tered Providers of SocAal Housing 2022. The accouttts are prepared on th¢ historica] cost basis of accounting except for Allvestm¢nt properties and iovestments whi¢h aT¢ included at fair value and Are presented in 6terling (£). Gokng comctr The accounts hav¢ be£n prepar￿ ¢)n the ba8ts that it will ¢Olltiou¢ as a goxng concern. There are sutricient reserves to ellable The FinchIey Charities to c¢)ntints¢ iu achieve tts objeetives for the foreseeable future. A 8un)mary of si8llificant accounting policies is set out below. Ineome tncome from EIousing repr¢5ents Income receivable from accornmod?tioll tiet of any voids, amortised capital grants from l.ocal Authorities. Th¢ Housing Corporati{￿L alld the GLA and ¢lwitable dollations measured at value of the eoosideration teceived or receivable. Flxed Houslng Propertles alld Component Ae¢ountlll8 HousiDg Properties held to provide 0 Social benefit arc Stated at Cost less a¢¢umulated depreciation and impairnient losges. The Finchley Charities ￿l¢￿lat¢S depreciatioll by implementing cornponeot aLcounting. E%ttmated figures bave been used where duc to the elapse of time or the disproportionate cost of ascertaining the figurt8, li h2s not been possible to Eel actual infoKrnatsm This Jneans that depreciation is charE¢d based on the estimated use￿1 life of &gch component wAthin the housing properties as follows.. Stmcture Roofs Windows and DOOTS Lifts Plumbing Ele¢tri¢s Bathroom8 Kitchens Heating Cardine & safety 8y8tem8 Extern￿ strnttures Office Con]muDal Hall 100 yeaTS 60 years 30 years 30 years 30 years 30 years 20 years and 30 year8 20 years 20 years 20 years 20 years 20 years 10 years Page 18 THE FINCHLEY CHARITIES r4oTES TO TItE FINANCIAL STATEMErfrs for the Year Ended 31 March 2024 Contlnued FLred Assets, Houslng Propertles and Component Acctsllnting (eont'd) Housing stock under eon$tnEctioo together with illteresi on mortgage are capitalised but not depreciat¢d until the propety is occupie& Intrrest is capit&li$¢d in Lxed housitig properties up to th¢ date of completion of capital woiks on each schcme. The interest is either on borrowings spccifically fjnancing a s¢b¢me or on llet ￿￿OWing8 to the extent that they #Te deeffjed kn be financitig a scheme. oirice equipment is depreciated at the Thte of 25Y• on costper annum. Social Ho￿$￿8 Grant Government ￿allts includc grants receivable from the Horncs & Communiti&s Agency (HCA), l(xal authorities, and other 8oveiDItient orgatilsations. Government grants received for housing properties are trea￿d as deferred income alld remgnised in income from housing over the e8timaied useful life of the housing propety componcnts, ullder the accrual model. Grauts due frorn goverjjment organisatsolls orrcceiv¢d in advaty¢e are included as cumt ]iabilitRes. tmp8lrment At ea¢h Statcmertl of Financial Position date, housing schemes ar¢ assessed to deterniine if there are indicators tbat the scheme ll￿Y be imp8ired ill value,. if there are such indicators of inwaijrrtellt, thett a comparison of the s¢heme's carrying vlllue comparcd to its recoverable atnounL is UJMlertAken. Atty excess over the recoverable amount is rc¢ognised as an impaimient loss and ebarg¢d as expendittwe in tbe Statement of a)rnPTehensive Income,. the catrying value is redu￿d appropriately. Investments I￿veStments are measured initially at c(k¥t wjd 8ubsequeDtly at fair value (their market value) valll￿ at marfcet value at the Statement of Fitiancial Position date. The Statcment of Comprehensive Income includ￿ the net gailly and losses arising on revaluations and disposals througlk)ut the year. ItLvestment pmperties are included iti the Slatement of financial Posiuon at fkir value. The last valuation was July 2018 c&rried out by LAmbert Chartered Suryeyors. Revaluatioll SLupIuges and deficits Are ￿0g￿Sed &% part of the Ststement of Comptthensivc fncome. Fuel L•Rd Allotments This propety catue under the iUriBthction of The Fin¢hley Chariiies in 1892 and laid ou¢ 113 allotments. The income from the holders wa8 used to buy ooal for poor people and F¢]Jsioner$. It later was used for ￿¢1 vouchers for Fitichley Old People's Welfarc. It is now I￿￿￿Orated iti the latest scheme of 2011 to be rent¢d out to allottllents holders who fall in the area ofbellefiL The property has been treat¢d as a pemthllent ¢lldowJnent of The Fittcbley Cbarities. It has beth revaluoj by Lambert Chartered Surveyors ill July 2018. Pettsion costs The Finchley chariti￿ contributes to an iudustrial scheme for employees (defmed ¢ontrAbution 8¢heme). The &ssets of the 5ch¢me are held 8¢parately from those of The Fillcmey Charities. The annual contributions payable are ¢harged Statement of Comprehensive Jncorne. The Fiticbley Cljarities no potential liability other than for th¢ payment of those contrjbutions. Debt•r$ Debtors a￿OUnts owed to The Finchley Charities and are illelud￿ at their Texoverable amount. Debtors a180 illclude prepayments wlLere payment ha$ been made in advance of re¢eipt of the goods or se￿1¢&$. Pag¢ 19 THE FJI4CHLEY CHAIUTIES NOTES TO THE FINANCIAL STATEI4IETrITS for th¢ Year Ended 31 M4rcb 2024 £ontlnued Cash gf Bank and kn hand Cash at Ballk and in ]wid is held to meet thort terni cost COU￿11Met￿ as they fall due and illclud&% all cash equivalent8 held iti the liquid invG8tments. Credilvrs A liabitily is an allaoun( due to a creditor and is recognis¢d as the amounl The Finchlcy Charities anticipates it will pay to settle the debt. Crcditors also include amounts re¢eived in advance for goods and servi¢es it must PfOV3de. Financial IDStrwneMts Financial assets. and financi81 liabilities are recogtiised in the Staien]ent of Fit)aDcial Posrtion when The Fitichley Charities becomes 8 paty to the coD￿ctual provisioL8 of the instrument. Trade (includillg rental) and other debtors and Credito￿ are classified Is basic financial instnullents and measured at initial recognition at transaction price. Debtors a[￿ creditors subsequently measured at all￿rtiSed Cost ￿ll)g the ¢ff￿liVe ititerest rate method. A provision is estsblished when there is objective evidence that The Fillchley c￿]tieS will not be able tt> collect 211 aJnouDts due. Cash and cash wuivalents are cla￿]fi￿ as basic finallcial instJu]n¢nts and comprise cash in Iwnd and at banK short.terni bank d¢p)sits with ￿ origi1￿[ matiwity of threc months or less and baDk ovttdT3ft8 which are all integral part of the Finchley Cbariti¢S' Cash maoagernent. Interest bearing bank loaDS, overdrnft8 and other loatss which mee¢ the ￿lteria to be classified 08 basic fJnanci81 iDstnm)ellts ar¢ initially recorded ot the present value of cash payable ￿ the which is ordinaTily equal to thc proceeds received net of direct issue costs. These liabiliti¢$ are subsequently measured at amortised cosL usin8 the effective interest rate mcthod. Cyelle*l Maintenan¢¢ Fund The Finchley Chariti¢$ charges actual Costs incurred to the Statemellt of Comprebellsive Income. However 1¢ aims io k¢¢p a balance in the Designated Reserve approxi]llately equ41 to five lirnes the budgetd cost of woJk in tbe following year. adjusted for one off expendiiur¢. Ets*ordinary RepAtr Fulld The Finchley Charitie8 ¢harges Actual c08ts to the Statement of Comprehensive Income. However. it aims to keep a balance in the Designated Reserye approximately equal to fiv¢ limes the Imdgeted ¢¢)8ts (rfwrt itt the following year, adjusted forone off expcndittwe. Restricted Reserves When additional works the Al￿￿hoUse9 undertaken in the 1970's th¢ Charity Conllni88ion required £428 per amiurn ￿ be inv￿ed annually from 1976 to 2036 and tt is accumulated with its attached investrnents so as lo replaee the c4)ital. Tfix*tion The Fin¢hley CharRties is registered with the Tenant Se￿1¢& Allth￿1ty and bas rharitabk status. It 18 therefore exelnpt from liability to t&xation on its Gharitable ineome and capital gaios. Value Added Tax The Finchley ChaTÉtias is not registered for value added ￿. In these financial ststements, where appjicable income and expendityre is showu iaclusive of VAT. Page 20 NOTES TO THE FINANCIAL STAT£MENTS theye nded 31 March 2 PARTICi)LARS OF tNCOME AND EXPENDITtJRE FROM HOUSING ACCOMMODATtON 2024 21123 Tot81 Totsl Inconw Maintenance chatEes- Housing for olderpeople I￿￿.. Losses from voids Amortised Eovernment grdnt Total Atttojne from bousiDg 1.878,519 (9,580) 64,599 1933,538 ,7JS,391 (38.566) 64,599 1,781,424 Expendlturn oll hovslD8 Actlvities Services Mattttgemettt Routs'ne maititenanc¢ Cyclical Maintenan¢¢ Fund Howing pwertieg dePT￿latIon Iosy disposftl of components Bad debts & PTovision Oth¢r costs Tolai oipelldltutt on houikng 137,871 132.178 145,131 454.273 353.245 33,537 325 626 17 1882,877 114.742 122.702 109,715 571,161 346,263 43.805 542 689,937 1.998,867 Oper*ling surplus on ho￿$1￿% &etivitieJ 217,443 of Ulllts rqo At l April 2023 172 172 At 31 March 2024 (am managed and owned) 172 172 UOUSING AcfiviTY SURfLUS The operatiiig sutplus is s￿ed aftercharging: 2024 2023 Ikpre¢i8tion Loss on disposal of conwnents Grant aTttOrtisation Auditors remulleration- &8 auditors 357,060 33,537 (64,599) 6540 351.486 43,805 {64,599) INTEREST RECEIVABLE AND SI￿lILAR INCOME 2024 2023 Investment income Intercst cash deposits Otherincome 228,935 213.333 2,485 231,420 15.799 229.132 Investmcnt income includes £31,456 accumulated dividends {2023.. £29,986) aryt a¢¢n￿l interest of £2.662 (2023- £177). Page21 TllE FINCHLEY CHARTfiES NOTES TO THE FtNANCIAL STATEMENTS for the Year Ended 31 March 2024 condnu¢d The avernge numbel of staff employed by the Cbarity during the financial period wa$.. 2024 2023 Administrative Sheltered Houstng Officers 13 2024 2023 Wa8es & salaTA Social security costs Pension Costs 427,606 31.187 14.044 472,837 434.899 26,947 11.740 473,586 Th¢ key mallagement personnel (excluding the Trnste￿) 1$ the Chi¢f Executive whose remuneration for the year eDded 31 March 2024 was £105,205 includiog £8,621 employevs Nl and £7.425 employer's pension contributions (2023.. £124.898 including £7.613 en4)loyeFs Nl aud £5.929 ernployer's peDsion eontnlyution). The Chief Executive is an ordinary nKmber of the defin¢d contribution pensi¢m scheme with pension arrangements vthich are similar ¢0 those of other stsf£ The above keyn]anage￿ell1 personnel information includcs the cost of the Acting Cbief Ex￿UtiVe for the P¢Tiod janu￿¢0 April 2023. The Acting Chief executiv¢ wa8 appointed as a fvll-time employee from May 2023. No other employe¢ eamed in excess of £60.000 (2023: none). TRANSAcfIoNS wrrH TRUSTEES Non¢ of the TnLSte¢s r￿￿1Ved any ernoh]ments for their senrices. Expenses for tsaY¢l and telecommuDication tolalliD8 £nil were r¢illthursed duritig the period (2023.. £DiI). Many of the T￿￿te¢S are involved with Churche8 and other ¢hariti&4 in the are4 some of whom received fioantial help through the Relief io Necd pro￿￿lle. When coLsid¢ring making donations, Trustees ￿7th Any interest declare that interest and abstain from these decisions. These actions are r*oTded iti the minutes of Trusttts meetin85. Other than the above none of the Ta￿tee8 has any interest in ally Contracts with The Fin¢bley Charities. Pag¢ 22 THE FINCHLEY CHARITIES NOTFS TO'fHE F￿ANC[AL STATEMENTS . for Ihe Yt&r Fdnded I￿h 2024 tlll 7. FIXTD ASSETS Freehold Houslni Proportt Hou$log Pryrty UndÈr constr￿¢110 A) Tallglble fixed Assets Offite Equlpmtht Total 2024 COSTI VALUATION At IApril 2023 Additions DIS￿18 Tr8JJsf 15.389.196 376,634 (68,092) 20.442 4,861 32,112 7,170 15.441,750 388.665 168,(¥J2) At 31 M&r¢h 2tr24 15.697,738 ,303 39282 15,762.323 At IApril 2023 Char8e for P(¥ir Dis[￿$ At 31 Marth 2024 2,919,695 353.245 134555) 3238,385 26.961 1815 1946.656 357,060 134,555} 3,269.161 NET BOOK VALUE Ai 31 March 2024 12.459 353 25.303 8,506 12 493,102 At 31 March 2023 469,501 495.1 Additi￿$ in they￿ include c(Knp(ffltht additions of £376,634 of wthich£65,920 w&$ incl11d￿l in ¢rediL(E512023.. £553,843 of whi¢h £18,Of)9 included IJJ creditLxs}, bl Fuel Land AllotmeJts This prq)ty is & pertttanent cndowmcnt of the Charity aDd i5 show￿ as a fix￿ a¥5fl with no kno￿) rriginal cost. There is income from the allottnfflts amounting tu £13.520 {2023.. £13,016 which is uwl towards th¢ donations madetsndu thc Relief i]J Need objective. Th¢ prrw 15 inclyd¢d in the Statemcnt of Financia] P(Biti￿ at vaitsatiLBJ of £450,WO (2023.. £450,OLKII. t) IDvestments- Property CllrreD( In$uraDce Premlum¥ Vgluatlon 2024 Property Current ADDugI Rent 2023 Advtitising Hwdiw 250- 274 High Road The Ami OW￿8 CentrE Tarling Rood 50,fX)O 4￿).(MK 50,IXM> J C D￿lu￿ Ltd 5,0(K) 29.023 34.(r23 4(K),O(X) AgeUK Bamet 450,ofM) 1,935 450,IXKJ lAry￿￿edby Tenants Th¢ &boveprop#ty Valuati￿ were catricd by profe&8irnNi Cxten￿l vaiuers. LaJllbcrts Chdtteral Sutv¢yors. Pa8¢ 23 NOTES TO THE F￿ANCIAL STATEMEIYTS for the Y￿r Ended 31 March 2024 continued 8A. llKryLSTMENTS. SHAR BalaDce at l April 2023 Addilions {iti¢ludin8 £31,456 accumulated dividends) Disposals Net uDr¢alised gain ￿ revaluation 0.036507 923,167 (758,159) 214,954 Balattce at 31 March 2024 6,416,469 Cost Market v*lue 2024 2023 2024 2023 Fund5 man8grAI by: RathbtsDe5 (Investec Wealth & IDvestntht) -M&G 2.925,655 1.847,584 16.588 2.792,103 1.827,318 16.588 3.655.640 1.979,442 359.405 3,325,710 1,993,140 378,929 co M&G Charity Mults Asset Fw)d Ipreviously NAACIF) 169,566 4.959,393 158,377 4.794,386 421,982 6.416.469 338,728 6,036,507 8b. Illve5tment- C￿h 160,162 179,126 DEBTOILS: Due wlthln one year 2024 2023 Rellt arrears 1£58.' bad debt provisi¢)n 29,439 {5.OCx)) 24,439 46.178 70.617 20,048 {5.000 15,048 36,661 51,709 Prepayments and Otherdebtors io. CREDITORS: Amoullts faUiDg due wlthlTr one year 2024 2023 PAYEfNI 86,832 10,633 123,463 64.599 53,305 338.832 40266 6,532 123986 64,599 51,834 287.217 Deferred govemmettt gTant (Note I l) MortgaB¢ CREDITORS: Amounts f•llthg due After one year 2024 2023 Deferred governtnent grant INote I l) ortgage 2-5 year5 More than 5 years 1.793.395 227,842 853.769 1.857,994 221,890 894 895 2,974 779 The mortgage is payable inmonthly in8ta]ments ovtt 25 i¢&￿. Tr annual interest rdte is 2.15*/• plus BEBR and the mortgag¢ of £1.500.000 is secur¢d OD the wpropety. Page 24 THE FITrICHLF.Y CHARITIES NOTES TO THE FINANCIAL STATEMENrs for tbe Year Ended 31 March 2024 contlnlltd ii. DEFERRED GOVERI¥MENT GRANT Tot*1 2024 TotE41 2023 At l April 2023 An￿tisation Or￿t f(rthey 1,922.593 164.5991 1,987,192 (64,5991 At 31 M8Tch 2024 1,857.994 1.922 593 Due within on¢ ye Duc after one year fA,599 64.599 1,793,395 1,857.994 The Fillcbley Ch￿ltieS received 8ov¢nJmcnt grants tothuing £4.634238 ov¢r the years of which £2.776244 h#8 F*aJ T¢lcased to the sts1¢￿ThI of Conwrehensive Income to date. li RESERVES UNRESTIUCTED FUNDS Investments Prnperty R¢v*Ruatktyn Rev•l¥atlo Tot81 2024 To¢il 24)23 At 31 Mar¢h 2022 ,757,353 1,621,632 9,549,168 l292&153 12,498.045 Year ended 31 M#rtb 2023: Surplus forthe yw b¢for¢ grdnt aTMI revaJu&tions AJnortisation ofwt. curreDtye4r TTat15fw5 between r¢soves Revaluation 117,0331 64,599 20,918 {17.033) 04,599 20,918 {471.5071 342,058 80,749 (420,4281 427.729 {471.507} At 31 M8r¢h 2023 1285,846 .621,632 9.617,652 12525,130 12.928.J53 Year ended 31 M4reh 2024: surp1￿s for tb¢ year before gT2ttt artwtisatton and revalultions Amortisation of grant. curret)t ytOT TraILSfe￿ betwt*nrestrves R¢valuatioD 238,359 64.599 5,183 238.359 64,599 5,183 214,954 13,048,225 (17,0331 64599 20.918 {471,507) 12525.130 214.954 At 31 Mar¢h 2024 1.500,800 1621,632 9.925,793 DESIGNATED FUTr4DS Communlty. Htalth & W¢UbelDt Fund ComponeDt Cyclkal D¢vthpmtDt Attounting MakntsDaDCe Extr￿rdInary FwDd Fund RepAlr Fubd 2024 TotAI 2023 Tothl At 31 March 2022 Incorn¢ TTonsfer frOm￿)re#r1(¢d funds 48,429 420.0(bO lJ94.941 7(M).¢MJO I,100,o 3,863,370 3,394,941 48.429 20,4421 21,346 420.fflo At31 m￿2023 47,525 399,558 1.594.941 ,ioo.000 ]ncome 3,842.024 3.863.370 fiwd5 At 31 MarGh 2024 {7501 46.775 4,861) 394,697 (5,611) 3,836,413 (21,3461 3.842,024 1,594941 700,000 I,1￿,1￿ The ComTnunity. Hcalth aad Wcllking Fund was ¢Te4t¢d bythe ThL%tees for the wellb¢ing of the re8id¢nts and the The D¢velop￿t Fund was ¢r¢4tod byth¢Tn￿e£S to set &8id¢ for fjjtttre deve]op]rots. Th¢ CotywoneDt Accounting Futsd w&8 creat<o cornptywith th¢ ¢hange to Housing Regulations in 2011. Pag¢ 25 THE FINCHLEY CHARITIES NOTFS TO THE llNANCIAL STATFhlENTS Cor tht Ye*r Ended 31 Marth 2024 collilDued 12 R&SERVES (eondthwedl The CycIical mal￿t￿l￿￿e a fi]nd fcr routin¢ ripAiTh. should inccmefrern Ihthwsing 51wk be itisulyitieni to med Thc Extrattditw Rwir Pund Provides a fijnd formaJ'tyr¢paÉts. should ant)u81 inL.8 Jnvestsnent propcrtjcs Inve5tments-C&sh 450.0(M) 450.INJO 160.162 450,(Kh) 179,126 160,162 Current 8s8tts: 70.617 195,108 70,617 273.634 51,71Y) 168.334 C*h at b￿k 21,472 57.054 Curr￿1 Ilabllllks: Creditors {338,832) P38832) (287217) [A)n8T¢￿ Li8biliti¢8 {1875,01kn) {I875,IMkn) {2,974,779} 9,925,793 3,836.413 215,568 1,621,632 1S00,81M) 17,1(X)2IK> 16,566,774 14. PAYMEpifs TO CREDIfoRS The Finchlcy aJ2rities ￿dea¥0￿$ tosdU¢ 5upplierl ac¢￿Trts within 30 day$ of T￿tipt of invoi¢e& Pa8e 26 THE FINCULEY CHARITIES NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 3] M•rch 2024 fontlnued 15. ANALYSIS OF CHANGES IN NET DEwr At 01 Apr 2023 Other non- At 31 Mar C￿kn llows Cash 2024 Casb equlvalent C&sh atbank & in h8nd Investment c&sh 168.334 179.126 105.300 (18.964) 273,634 160.162 J47,4611 86J36 433,796 BorroFlngs Debt duc wiihin the year Debt due after one y¢ar (51,834) (1,116,785) 33.703 {35,174) 35,174 (53,305) {1,081,611) (1,168.019) 33.703 (1.134.916) Total (821,159) 120.039 (701,120 STATEMENT OF COMPREHENSIVE INCOME FOR THE COMPARATIVE PERIOD Unr¢8trl¢ted Deslgmted Restricted fu) futtd8 2023 Total INCOME FROM HOUSING Swial Housing lettin8S Operating expffldilure HOUSING Acrivrry SURPLUS 1,781,424 1,998,867 217,443 1,781,424 1,998.867) 1217.443 (toys) on sale of investments Inwestrnent propety incom¢ Interest receivable and similar income Interest payable DonatiODS received Other expenditure Donations payable 34,390 67,018 229,132 (51,591) 720 34,390 80,034 229,132 (51,591) 720 13,016 14.660 14,660 278.02S 13,016 Surplu8 before Tevaluation gaiD on illve$tmeDt5 aBd transfers Rcvaluation Iws on iovestments Trdnsfers belwe¢n funds DEFicif FOR THE YEAR Ru¢rY¢5 brought forward Reservu ¢arrled forward 47A66 {471.507) 20,918 {403,023) 12,928,153 525,130 13,016 60582 (471,507) 21,346 {21,346) 3 863 370 S841024 428 13,444 188,176 201,620 (410,925) 16,979 699 16W,774 17. CIIARITY SCHEi¥IE The Charity Sehern¢ provides that the Finchley Clwities will make annual 8rants to local Church chaTitiG% providing it hai the ne￿ flnancial rrsources. In 2024 grants to local thurches 8mOUttted to £12.075 (2023 £11,500). 18. As at 31 Mareh 2024 there were no eapital Cor￿MItmentS (2023: cojnmittnents ti*allTng £179.453 fw ¢xt¢rnal lighting and upkeep of the propcrties). Page 27