HARITY RE 7490 TorrENHAM DISTRICT CHARITY REPORTS AND FINANCIAL STATEMENTS FOFI THE YEAR ENDED 31 MARCH 2024 T0￿ENHAm DISTRICT CHARrrY CONTENTS PAGE Legal and Adminislralion Trustees Report Independent Examlner's Report Slatemenl ol Financial Activities Balance Sheet Notes lo Accounts 8.12 LEGAL AND ADMNISTRATION INFORMATION Truste89: Lorna Relth Toni Mallett Dr. S. Whittle Andrew Krokou Councillor S. Peacock Cllr Kaushika Amin Rev Andrew Williams Cllr Reg Rice Cllr M￿k Grosskopl Bibi Khan Cllr Ahmed Mahbub Cllr Ibrahim Ali Chair Vice ChaSr Charlt Number: 207490 Address: Tottenham Drstricl Charity Town Hall Approach Road Tottenham London N154RY Inde ndent Examlner: A A Boafo- Brey￿. FCCA MBA Augustus & Co. Chartered Certified Accountants & Registered Auditors 374 Ley Sire8t l]ford. Essex 1G14AE Investment Man ers: Gr2cechLJrch Wealth Managem&nl LLP EFX House 1 Boycott Avenue Oldbrook Milton Keynes MK6 2RW Bankers: Barclays Bank PLC Wood Green London N22 6QQ TOThENHAM DISTRICT CHARITY Trustees Annua Re ort for the ear ended 31 March 2024 The trustees submit their annual report together ￿th the financial slalements lor the year ended 31 March 2024. The fina￿al statements have been prepared in accordance with th8 accounting policies set out in note 1 to the accounts and comply wlh the charty's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities= Stalernent of Recommended Practice applicabl8 lo charities in pr8paring Ih8irs in accordance with the Financial Reporting Standard applicable in Ihe UK and R8public of Ireland published on 16 July 2014. Governln Document The Charity was registered on 15 May 1962. It is governed by trust deed dated 21 October 1970 and 24 July 1980. Ob ectSve8 The main objec1$ of the charity are the provision of assistance in the form of grarrts lo the fX)orer residents in Tottenham and those who are house bound due to Sic1￿esS, particularly old people. In addition, the charity provides grants in tha form of monlhly pensions to the older and poorer residents in Tottenham. North London lo supplement the State pension. Revlew ot Activities The accounts lor the year under review are attached. The main incomes of the charity are dividends Irom inveslmenls and renl from inveslmenl properties. The investmonts ar8 a combination of Restricted and Unreslricled Funds. Income from investm&nt properties, restricted and unrestricted fLJnds are expended to achi6ve the objectiV8s ol the charity. The total income lor the year under review was £205,908 and expenditure was £149,642. Trustees Selectlon Melhod The board of Trustees consist when compl818 of twelve persons made up of seven Nominatwe and live Co-oplative Trustees. The Trustees are persons who through residence, occupation, or employment, or otheNise have special knowledge of Tottenham area. The Council ol London 8orough of Haringey appoints the Nominative TTUStees for a lerrn of four years. Co-oplalive Trustees are appointed for a term of five years by a resolubon of the Trustges passed al a sp9cial meeting. Achlevement and Actlvltles durln th Yéar The chaiity currently has around 106 active pensioners on its list who were paid £225 8ach in April and £250 in october. The maximum number ol pensioners the charity can ofl8r the pension al a time is 150 and they must be rosidenl in Tollenham, North London. The lolal spent in pensions and bonuses during the year under review amounted lo £54,225. In addition. granl-in-aid totalling £52,730 was given out lo approved applicanls during the year lor the provision of fcM)d and essential items lo Ihe poorest and rnosl vulnerable in Tottenham. How oui activities dellver ublic beneflts Our main activities and who we try to h81p are as descrlbed In objectives and activities. All IPte charitable aclivities locus on those objeciives lo further our charitable purposes for the public benefit. Reserve Poll Th8 CUTf8nl policy of th8 Chartty is to dislribule all income generated during the year to fultil its objectiv￿. The Trustees will review this policy from lime to time. The current unrestricted reserve of the charity is £638,023. Grant Makjn Pollc Grants are generally gNen to ￿sidentS in Tottenham whoso applications are as$8ssed by th8 Grants SutFCommittee based on laid down criteria and conditions. Plan5 for the future The charity will continue in the foreseeable fufu￿ to help alleviate the financial burden on the vulnerable and the old who are r8sid8nt in Tottenharn, North London. Inve51ment oll and rformance The inveslmenl policy ol the charity will continue to be the rnixed portfolio ol properties and stock. The overall performance has been good and the annual returns adequale for income needs. The trustees, linancial advisor is Gracechurch Wealth Management LLP. In monetary temis, the F¥)rtfolio increased by £100,689 btheen the valuations dated 0110412023 and 3110312024. This was the valuation provided at our last review. Portfofio growth over the tinancial year has been 8.85%, which is ahead of the average sector performance o17.71Yo over ihe same period. Ai tho halt way point the portfolio was actually down. but a strong market since the end of October has put the portlolio into a position of significant gain over the year. Over the past six months, since our last review, flnancial markets have experlenced a significant positive shift. marked by an optimistic sentim8nt that contrasts sharply with the preceding quarters. Desptte ongoing geoKK)litical t8nsions. potential econotnic slowdown, aT persistent inflalion worries, markets have staged a robust recovery. This resurgence lollows th8 US Federal Reserve's indication of potential interest rate cuts in 2024 possibly occurring sooneT than initially forecasted as inflationary pressures alleviate. Additionally. the US economy's stronger- than-8XP8Cted growth in Q4 2023, couplecl with encouraging macroeconomic indicators globally, suggests a womising Irajectory towards a soft landing, aligning with earlier projections. Ethically focused funds have experienced noiable gatns gwen th8 view ihat interesl ratas have peaked. The prospect of rate cuts later in the year has provided a significant boost lo these companies. attributed to their potential long-term high gr0￿h and improved credtE accessibility. We believe thal the expectation of lower interest rates coutd give a substanlial boosl to these companies over the mediurn-term. The standout P8rtomi8rs within the portfolio over the past six months have been the equity funds. and particularly those focused on SUst￿nable European equities. This success can be attributed to several factors. including an improved economi¢ ovlh)ok and a notable decrease in inllalion. both of which have contributed lo a favourable environment lor European equilies. Additionally. the steadfast support frorn governments towards sustainability iniliatives has seTved as a significant perfomiance driver for EuTopean ESG {Environmenta]. Social. and Govemance) companies. Furthermore. sustainable water and energy funds have also delivered strong pertoirnance. benelitting from the anticipation of declining interest rates, wilh returns exceeding 200/g over th8 last six months. The year has commenced positively lor investors, 2nd it has been marked by nolable gatns in the large-cap growth sector. The ongoing resilience of the global economy. coupled with thg anticipation of rat8 cuts in the lattar halt of the year, should help lo sustain this trend. Rlsk mana ernent Th8 chartty d08s not 8nvisage any operational risk in view of its small size. The area of possible Tisk is retum on investment anol pertorrnance, but it is hoped that with the appointment of a professional linancial advisor this will be mitigated. Statement of Trustees Res onsi The Iruslees are responsible lor preparing Ihe Truslees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United lQngdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which gwe a true and lair view of tho stale ol affairs of the charity and of the incoming resources and application ol resources of the charity for that period. In preparing these financial slatements. the Iruslees are required to: al Sele￿ suitable accounting policies and apply them consislenlty- bl observe the methods and ￿incIpleS in ihe Charities SORP. c} make judgments and estimates that are reasonable and prudenl. dl slate whether applicable accounting standards have b88n follow8d, subject to any material departures disclosed and explained in the financial statements. el prepare the financial statements on the going concern basis unless it is Inapproprlate lo presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disdose wilh reasonable ￿GUra¢Y at any litne the financial position of the charity and enabl8 Ihgm lo ensure that the financial slalemenls comply with th8 Charit185 Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of th8 Trust deed. They are also responsible for safeguarding th8 ass8ts of the charity and taking reasonable steps for the prevention and detection ol fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Ktngdom governing the preparation and dissemination of linancid statements. Declaratlon I declare, in my capacity of charity trustee that- The trustees ha pproved the report above on17 June 2024 and Have authori9ed e lo sign IheiT behalf Name Lor Posilion: Ghair TorrENHAM DISTRICT CHARITY Inde endent Examlner's Re I report lo the Irusl$gs on ffly exarllination of ihe linancial statements ol Tottenham District Ch8rity I'th8 charity'l loF the year ended 31 March 2024 which compris8 the Statement ol Financial A¢tivilies, the Balance Sheet and related notes. ort to tho Trustees of Tottenham Dlstrlct Charl This rep¢)rt is made solety lo the Charity's Iruslees, as a body. in aGGordance sectv)n 145 01 the Charities Act 2011. My work has been undertaken so that I wnighl state to the charity's trustees those mattals l am required to state to them in this report and lor no other purpose. To the lullesl exlenl ￿r[nitted by law, I do not a¢¢ept or assurne responsibility to anyone other than the charity and the charivs trustees as a body, lor my work, for this raport. or lor the opinions I have fort¥ted. Responslbllltlos and basls ol report As th8 trustees ol the chariiy. you are resFKJnsibl8 for th8 prepAration ol the financial statements in accordance with the requiremenls of the Charitlgs Act 2011 Ilhe Act'l. I reporf in respecl ol my examination ol the Charity's financial statements cawried out under section 145 of the Act and in carrying out my examinallon I have followed all Ih? applicable Directions glven by the Charlty Comfflission under section 14515llb} of the Act. An Sndependgnl examlnatlon does not InVo￿e gaihefing all the evidence that would be requlred in an audit and consequently does nol cover all th8 malt8rs that an auditor consideTS in gmng their opinion on the tinancial statements. The planning and conduct ol an audit goes beyond the limited aSSUr￿￿e that an indep¢nd¢nl gxaminalion can provide. Consequent￿, l gxpress no opinion as to whether the financial statements present a Irue and f￿r. view and my report 15 limited to those specific maltars Set out in the independent gxamineT'S Statement. Independent examlner's statement 11 th8 charty's gross income Èxceeded £250,000 your examiner must be a member of a body lislod in section 145 of Ihe 2011. Your income for the yGar was below thls amount. I conllrm that l am qualffie(I to undertake the examinalion because l am a memb8r ol ACCA whi¢h is one ol the listed bodies. I have c(mpletsd ffly examination. I confirm that no malerial matters have come to my attention In eonne¢tion with the examination gwing me cause to believe that in any matertal respect- > accountlng records were not kept in respect ol the charity as reqLrired by $e¢lion 130 of the Act- or > Ihe linan¢ial slalgtnents do not accord wilh those records.. or the financial statements do not comply the applicable rwuiTements concerning the form and content ol accounls s&t oul in tha Charthes IAccounts and Rèports) Rggulations 2008 other than any requirement that the accounis give a 'truè and lair wew which is not a matter considwed as part ol an independent examination. I have no concerns and have come across no other matters in conneclion with the 8xamination to which attanlion should be drawn in thi8 r8port to enable a proper understanding ol tho financlal statements to bg r8aehed. A A Boalo- Brgwu FCCA. MBA Augustus & Co Chartwed Certified AectNJntanls a Reglstered A￿litOr Daled i lJune 2024 374 Ley &r8et Ilford Essex IGI 4AE AT OF FINAN IAL ACTIVME FOR THE YEAR ENDED 31 MARCH 2024 Not8$ UnTo6lrfcted Fund$ Endo￿onI Fund Total Fur Totsl Fundg 2024 Income and endowmenls Donatlons and le acl Donations 514 514 296 Inves1ffl8nt Income 205 393 205 393 155 486 Tolal Incomlng resources 205 908 Ex endilure Costs ol raising lunds.. Investment management cost 19.225 13.119 Expenditure on charitable a¢tivllies'. Penslon8 66.434 66,434 54,114 Grants Sub Total 130418 130418 148.598 Total expendllure 149.642 149 642 161717 Nel Incomel(exp¢ndlluro) bolor• galng1{losses) on Investment$ £56,265 56.265 15.935) Gains on Land Buildlng Galnsl(loss) on Inv•stmant 22.720 79,854 102,575 1180,984} Net Movement in furKIs 78.986 79.854 158,840 1186.920) Reconciliation ol Furjds Total Futmys brwghl fonvard 638.023 2.853.892 3.491,915 3,678.835 Fund balances carriad fO￿ard at 31 Ma￿h 2024 717009 2 933 747 3 650 756 3491915 Not8s on pages 8 to 12 forrn partof these accaunts BALAN HEET A I MARCH 2024 Not•s Unrnstrlct•d Funds Endowment Fund Tolal Funds Total Funds 2024 2023 EDAS Tangible Ass￿$ 1,372,700 1,372,700 1,372.700 Invesltnenls 1 561 047 2005 198 1902 623 Total FIX￿ Assets 444.151 2.933 747 3.377.898 3 275 323 CURRENT ASSETS: Debtors 79,466 79.466 32.731 Cash al ba￿{ and in hand 199 705 189864 Tolal Current Assets 279.171 279.171 222.596 BILI Credilors: Amount falling due withln one ygar 10 6.314 6 313.62 6,004 Nel Current Assets 272,857 272.857 216,592 2.933 747 3 650 756 Total Funds ol the chari P8mianant ENlowmenl Fund 2,933,747 2,933,747 2,853,892 Unreslrthd funds 638 023 2 933 747 3491 915 Approved and Slgned o eha of Trustees o J 7 Juno 2024 SvJnalure= Lorna Reiih - Chalr Signature.. Toni Mall8tt- Vice Chalr The Notes on pagss 8 to 12 fomi partof th0S0 aecounts NOTES TO THE A NT Accounllng Pollc aj Basls ofpr•paMtlon and&s￿5$mOnt olgolng eoncem Tha fjnancial statetnents have been prepared u￿ler thg historical cost convention wth ttems recognis￿l ai ￿$1 or transaclton valug unless othèMt$e Slated in the relevant notes lo these a¢¢ounts. Th& financial statements hav8 b8en prepar8d in ac¢ordanc9 With Ihg Siatemenl of Recofflmended Practice.. A¢counting arKI ReporUn9 by Charities preparing theiT accounts in accordance with the Financial Rèporting Standard applicable in the UK and Rgpublic ol Ireland IFRS 1021 Issued on July 16 July 2014 and the Financlal Reporbng Standard applicable In the Unlted Kingdom and Rewbllc ol Ireland IFRS 1021 and the Chaiibes Act 2011. The charity constitirtès a pubfic bonèfll aniity as dgfinéd by FRS 102. The tNsiges ¢onslder thai ther¢ af$ no material uncertainties about the charity's abilty to continue as a going concem. b) Fund$Stn￿luro pollty The charty maintains a general unrestrrcted fund which represants ￿ndS whlch ar& 8xpgndabl8 at thè discretion ol the Iruslees in furtherance ol the objects ol Ihe charity. R6strictad lunds hav6 ba￿ providéd to thè charity for particular purposes. and it is the policy of the Ly)ard of trvstees to carefully Th0n￿lOr the application ol thosg funds In accordance Wth the r9StFÈctio plawj upon them. e) 11￿<￿￿8 rownlllon All income is recognised once the charity has entitlernent lo the incomg, ther& Is sufficient certainty oi receipt and so it is probablg that the irtcome will be recelved, and the amount ol Income recelved can be measured reliabty. Tu8tlon As a wistered charity, the company is 8X8mpt from ineom8 and corporatlon tax to the extent that its income and gains are applicable to Charitab￿ purpDses onty. Value Added Tax is ngt ￿￿¥¢rable by ih¢ company. and is therefore induded in the relevant costs in the Statement ol Financi￿ Activiti"as. dj Inveslments Fixed assats invèstments arè SI￿ al mathsl valuo al lh8 ba￿9 Sheet date. g) Frgehold Land Bulldlng The charity has thr•& Iraahokj p￿partIeS whkh hèld for invéstmènt purposes. DtFring th8 y8xr undèr rsview. no valuatK)n was undertaken by th8 charity's Honorary Valuer who is the Head of Corporate Prop9rty Service8 01 London Borough of Haringey and a member ol the Royal Institute ol Chartered Swveryors IRICSI. Q Ro¢ognrflon of Expenditure Expendilure is reeognised on an aeLural basis as a liability is incuTfEd. Expenditure includes VAT as th8 charity is WK)t tegr5twed for VAT and thfjrelor8 is rgPQrt8d as part of the expenditure to which il relates. - Costs ol geneTathng lunds comprise the costs assouated with attracbnu grant incom&. - Charitabl& èxpenditure comprises th05e cos15 incurrEd by the Charity rn Ihg d8liv8ry 01 its advities lor old rgsidgnts in Tottenham aroa. It indusjos both costs that can be dlocated dir￿￿ lo such aciivib8s and those costs of an Tndsrecl nature necessary lo support them. Sw)port cost ar8 th8refor8 rK)t shown separately in Ihe statement of financsal activilies. Govèrnance eosts includè thos8 costs associated with meetiro the constitutional and statutory raquiretnents of the Charity aThl include the independenl examin9r lees and cosls linkgd to thg slralegic rnanageffl9nt of the charity. O) Reallsedgalnsandlosses All gains and losses are taken to the stat8fflent of linancial acDMli98 as th9y ariso. Realised gains ond Ios59s on Invgslfflents a¥e ￿[CUlated as Ihe difference betsvgen sales proceeds and Iheir opening earryin9 value or their purchase value if acquired subsequently to Ihe firsl day of the financial year. Unrealised gains and losses are calculated as the dIffire￿e beiween Ihe fair value at the yEaf erKI and th91r carrying vatue. Reallsed and unreaised Investmgnt galns and lossas arg combined In the Statement ol Financial Acttvihes. TES TO THE ACC 2024 2023 Donatlons. legacle8 and Sundry Income: Dortations 300 Sundry lrtcomè 214 296 514 Investment Income-. Rent Receivable 143.722 100.216 Divideryls- Equities 60,(M)O 55,000 Interest on cash deposll$ 1.671 270 Inveslmenf rnanagement ¢o8t Investrnenl managemenl fees 19.225 13,119 In 2024 all £13.43512023.. £13,119) of investment ffl0n4￿ernernt cost were attributed to endowmentfvnd. Alloc8llon of gov8rnane• and othar support eostg si￿0 the charity has no employees all ¢ost afe alFocabY to governance costs 2024 2023 Gov8rnance costs Secrelar(al Services 11,540 10.910 Accountancy & Bookkeeping 7.120 6.990 lThJependent Examine¢s lee 2,808 2,874 Sundry expe￿%￿$ 1.470 Anaty5is ol charblable expendlture The charity undertake5 tt5 charitable artN￿leS thrDU8h grant tn8kin8 to indMdua15 peTr5ion5 to old pensioThers wh05hould be resident in Tottenhiffl, North London. Grant IPen$ion Funded acivity Govemanc Tot cost Funded from unrgstrlcted fund P8nsionslBonus 54.750 11.685 66.434 54.114 Grants 11.253 107 22.936 130 418 Governance costs ireapportloned In proportion to the total cost of Pensien and Grants respertt¥ely. NOTE TOTHEA NT Tangible Fixed Assets 710 High 708 Hlgh Rd Rd. London London N17 N17 7244 High Rd. F￿@ho￿l Land & Buildings London N17 TOTAL Value al 1 April 2023 Revafualion Gwnl{Lossesl 450,61)0 296.600 625,500 1,872,700 Vatue at 31 March 2024 296 6(rt) 1372 700 Value al 31 March 2023 450.600 625.500 1,372,700 Fixed Asset Investments R8slricted Fund 2024 2023 Permanent Endowment FU￿.. Market value brougm fornard at 1 April 2023 Pri¢y Ygar Ad5uslmgnl 1,481,192 1,822.088 A(Idition during the year 1.481,192 79.854 1,622,088 140.898 A(hts: Net Galn on revalualton- Investments Market value as al 31 March 2024 1 $61047 1 481 192 Unr8strlct8d Fund Market valuè brought forward at l April 2023 Prior year adjusknFnl 421.431 461.519 Net movemenl in Unr85trtcted Funds during yaar- General Fund 421.431 22,720 461,519 40.088 Markgl valug as at 31 Marth 2024 Investment al market vafue Comprised.. 2024 2023 Equities 2.(KJ5.198 1 902 623 Total 2005 198 10 TE E ACCOUNT Ana￿15 of current assets De￿01¥ 2024 2023 Insurance & Rent Income du&- 710 High Road 22.853 31.482 Insuranc8 & Rent income du8- 708 H￿Jh Road Flenl due - 724-726 High Fload Sundry Debtors 5.500 51,113 1,249 79.466 32,731 Cash at bank 199,705 189.864 279,171 222,596 Oeblors al￿ Cash at bank related lo unreslrictgd lunds. Credltors under 1 year Ind8p8ndant Examin8r's fee 2,808 2,674 Professional Fee l ¢￿dItorS rglalg to unrestrkted luThJs NOTE THEA NT 11 Analysis of charllable fund Gain Transfe￿ and (Losses) AnatysLs of Fund Mov¢menls Balance BIFwd Income Expenditure Fund CIFwd Parmanenl Endowment Fund 2,853,892 79,855 2,933,747 urestrf￿ed Funds 638.023 205.908 149.642 22.720 149642 102 575 3.650 756 12 Employ088' Remunor8tlon Thg ¢harity had no grnployees during the year under reviow. 13 Related Party Tran$aetlon$ and Trustees. Remuneratlon & Expen$e$ No remuneratlon directly or indirectly out of the lunds ol ihe chariiy was pald ￿ payable 10 any trust88 or to any person or pgrsons known to b8 connact8d with any ol tham. No reimtmjrsement ol expenses ha8 been made or is due lo be made to any of the trustees in respect ol Ihe year. 12