MRS GELL'S ALMSHOUSES- ICKENHAM REGISTERED CHARITY NO. 213205 TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 MR5 GELL'S ALMSHOUSES-ICKENHAM TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 INDEX Page Legal & Administrative information Report of the Trustees Report of the Independent Examiner Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-14 MRS GELL'S ALMSHOUSES- ICKENHAM LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES EX-OFFICIO Revd F Davies Mrs L Varley Mr G Edwards Mr K Arnold MrELee Mrs R Hodgson Rector (until 2718/23) Churchwarden Churchwarden (from 26/4/23) Trustee Trustee Trustee ) St. Giles Ickenham CHARITABLE STATUS Mrs Gell's Almshouses is an unincorporated charity registered with the Charities Commission in England, charity number 213205. It was established in 1857 under the will of the late Charlotte Gell of Ickenham, for the benefit of elderly alms people being church members. CLERK TO THE CHARITY Miss B Baxter TREASURER MrELee INDEPENDENT EXAMINER Mrs F Chandramohan FCA PRINCIPAL ADDRESS St.Giles Rectory, 38 Swakeleys Road, Ickenham, Middlesex PRINCIPAL BANKERS Barclays Bank plc, 54 High Street, Ruislip, Middlesex, HA4 7AT MRS GELL'S ALMSHOUSES- ICKENHAM TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and the financial ststements for the year ended 31 December 2023. PRINCIPAL AcfiviTY The Charity's principal activity during the year continued to be the administration and management of the Almshouses at 22A-26D Swakeleys Road, Ickenham, Middlesex, UBIO 8BG. The Trustees are satisfied that the work of the Charity is in accordance with its objectives and provides tangible benefits to the occupants of the Almshouses. REVIEW OF ACTIVITIES Routine maintenance and repairs were undertaken to several of the flats during the year. The final instalment payment for the major replacement of windows to the whole property, completed last year, was made. A leak in the water main servlng the property was also isolated and repaired. FINANCIAL REVIEW AND RESERVES POLICY Regular payments toward maintenance, heating and lighting from the residents, together with dividends from investments, amounted to an income of £28,033 for the year. The major areas of expenditure were on maintenance of the property and gardens, energy costs and depreciation of fixed assets, being the capitalised cost of major refurbishments to kitchens, bathrooms and windows. Together with other running costs, total expenditure in the year was £31,983. However, the funds invested with M&G Investments yielded a gain of £23,240 which led to an overall surplus for the year of £19,290. The Trustees have set aside, as designated funds, a sum of £78,000 for extraordinary repairs and £40,000 for cyclical repairs, reserves which they believe are adequate for these requirement5. MRS GELL'SALMSHOUSES- ICKENHAM TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) RISK MANAGEMENT The trustees review the risks which the Charity faces on a regular basis and confirm that steps are then taken to mitigate any significant risks. TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees have reviewed the Almshouse's financial position including projected income and expenditure in the coming year, the level of cash and reserves together with the system of financial management. As a result of this review, the Trustees are of the opinion that the Almshouse's Charity is well placed to manage its operational and financial risks successfully. The Trustees have a reasonable expectation that the Almshouses have adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing annual accounts. MRS GELL'S ALMSHOUSES- ICKENHAM INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MRS GELL'S ALMSHOUSES FOR THE YEAR ENDED 31 DECEMBER 2023 report to the trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 6 to 14. Responsibillties and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011. I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145151(bl of the Charities Act 2011. Independent Examiners Statement I have completed my examination and confirm that no material matters have come to my attention in connection with the examination, giving me cause to believe that in any material respect: l. Accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. The accounts do not accord with those records: or 3. The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached. Mrs. F Chandramohan FCA Date- 28 2A) MRS GELL'S ALMSHOUSES- ICKENHAM srATEMENT OF FINANCIAL A￿1VITIEs FOR THE YEAR ENDED 31 DECEMBER 2023 Irbcome and Endowments from: 2023 Total Funds 2022 Total Funds General Fund Designated Funds Restricted Funds Note Donations Charitable Activities Investments loo 27,392 541 loo 27.392 541 25,984 477 Total Income 28.033 28.033 26.461 Expendlture on: Charitable Activities Other Ex enditure 21,084 25 10,874 31,958 25 47,759 Totsl Expendlture 21.109 10.874 31,983 47,759 Net IncomellExpendlture) before trdnsfers 6,924 110,874) 13,950) 21,298) Transfers between Funds Gross Transfers-in Gross Transfers-out 4,647 4,647 14,647) 14,6471 other recognlsed 8alns/losses Gain/los5 on investment assets 23,240 23.240 2,578 Fund net movement Z5.517 (6,227) 19.290 (18,720) Funds brought forward Funds carried ft>rward 272.868 298.385 188.500 182.273 6.525 6.525 467,893 487,183 486.613 467.893 MRS GELL'S ALMSHOUSES- ICKENHAM BALANCE SHE￿AT 31 DECEMBER 2023 2023 Total Funds 2022 Total Funds General Fund Designated Funds Restricted Funds Note Fixed Assets Tangible Assets 64,273 64,273 69,883 Current Assets Debtors Deposits Investments Cash at Bank/ In hand 664 711 281,496 664 711 402,638 716 681 389,397 io 114,617 6,525 16,414 3,383 19,797 8216 Current Llabilitles Creditors . amounts falling due in one year li 19001 {9001 {ioooi Net current assets Total Net A55ets 298,385 298,385 118,000 182,Z73 6,525 6,525 422,911 487,183 398,010 467.893 12 Represented b Unrestrieced Funds Restricted Fund5 13 298,385 182,273 480,658 6,525 461,368 6,525 14 6.525 Fund Totals 298,385 182.273 6,525 487,183 467,893 th Approved by the Trustees on: 9 April, 2024 and signed on their behalf by: B.Baxter (Clerk) L.Varley(Trustee) E.Lee(Treasurer) MRS GELL'S ALMSHOUSES- ICKENHAM Notes to the Flnanclal Statements year ended 31 December 2023 l. Basis of preparation These financial statements have been prepared under the historical cost convention, recognising items at transaction or cost value. The exception to this is that investments are valued at the current market value prevailing at the balance sheet date. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reportlng by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR5102) issued on 16 July 2014 and with the Charities Act 2011. The charity has taken advantage of the provisions in the SORP for charities applying FRS102 not to prepare a Statement of Cash Flows. The trustees have considered the level of funds held, together with the expected levels of income and expenditure in the 12 months following the date of these financial statements. They also believe that there are no material uncertainties and therefore these financial statements are prepared on a going concern basis. 2. Accounting policles-lncome The charities principal income derives from maintenance and heating contributions receivable in respect of housing accommodation comprising eight bed-sit dwellings and one flat occupied by the trustees, representative. Income is included in these financial statements when the charity becomes entitled to it, it is more likely than not that it will be received and a reliable value can be attributed to it. Grants and donations are only included when the above criteria are met. MRS GELL'S ALMSHOUSES- ICKENHAM Notes to the Financial Statements year ended 31 December 2023 (continued) 3. Expenditure and liabilities Resources expended are recognised within the period to which they relate. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. 4. Taxation Mrs Gell's Almshouses is a registered charity and is therefore exempt from taxation on its income and capital gains. 5. Analysls of Income 2023 Total Funds 2022 Total Funds General Fund Desi nated Funds Restrirted Funds Donations received Charitable activities: Maintenance ntributions Heating contributions loo loo 21,046 21,046 19,772 6,346 6,346 6,212 25.984 Investments: Dividend income Investment income 511 30 511 30 470 477 26.461 Total income 28.033 28.033 MRS GELL'S ALMSHOUSES- ICKENHAM Notes to the Financial Statements year ended 31 December 2023 (continued) 6. Analysls of Expendlture 2023 Total Funds 2022 Total Funds General Fund Deslgnated Funds Restrlcted Funds Charitable artlvitles: Repairs & Maintenance Garden maintenance Gas Electricity Water Council Tax Insurance Helpline & Posta Cleanlng SubscriptionslDonations Bookkeeping services Software fees Depreciation char es Mlscellaneous 6.030 2,997 4,942 1,886 1.231 1,581 7,611 2,997 4,942 1,886 1,231 34,267 1,776 4,558 684 1,303 1,607 121 1,607 121 41 570 196 1,320 165 9,293 1221 1,566 161 225 660 37 Statlone 570 196 1,320 165 9,293 2,335 187 1221 Other Expendlture: Bank charges Interest pa able 25 25 Totsl Expenditure: 21,109 10.874 31,983 47,759 io MRS GELL'S ALMSHOUSES- ICKENHAM Notes to the Financial Statements year ended 31 December 2023 {continued) 7. Tangible fixed assets Houslng Property- historical cost Houslng Property- improvements Total Cost: At l January 2023 Additions Disposals At 31 December 2023 17,760 54,458 3,683 72,218 3,683 17,760 58,141 75,901 Depreclatlon: At l January 2023 Charge for the year At 31 December 2023 2,335 9,293 11,628 2,335 9,293 11,628 Net book value: At l January 2023 At 31 December 2023 17,760 17,760 52,123 46,513 69,883 64,273 Mrs Gell's Almshouses were constructed in 1857 and since there is no record of the original cost, no value is attributed thereto. Improvements carried out in 1982, which amounted to £ 150,281, were mostly financed by a Housing Association Grant. The remaining balance of £ 17,760, met by the Almshouses, was capitalised. As the properties are maintained in a state of repair such that their residual value is not less than this historic cost, no annual depreciation charge is made. Major refurbishments to the kitchens and bathrooms costing £ 23,346 and to the windows costing £ 31,112 in 2021, £ 3,683 in 2023 have been capitalised. These assets are being depreciated on a straight-line basis over 10 years. li MRS GELL'S ALMSHOUSES- ICKENHAM Notes to the Financial Statements year ended 31 December 2023 (contlnued) 8. Debtors 2023 2022 Prepaid insurance premiums 664 664 716 716 9. Deposlts 2023 2022 CCLA Deposit account 711 711 681 681 10. Investments 2023 2022 M&G Charity Multi Asset Fund 402.638 402,638 389,397 389.397 11. Creditors 2023 2022 Accrued gas costs Accrued electricity costs 900 500 500 1000 900 12 MRS GELL'S ALMSHOUSES- ICKENHAM Notes to the Financial Statements year ended 31 December 2023 {continued) 12. Analysi5 of Net Assets between funds Unrestrlcted fund5 Restricted funds Total 2023 Fixed Assets Current Assets Current Liabilities 64,273 417.285 (900) 64.273 423,810 (900) 6,525 480,658 6,525 487.183 13. ANALYSIS OF UNRESTRicfED FUNDS General Fund Cycllcal Repalrs & Malntenance Fund Extraordlnary Repalrs Fund Investment In Property Fund Total unrestrlcted funds Balances at l January 2023 Incomlnz re50ur¢es 272,868 40,259 78.357 69￿84 461,368 51,273 51,273 Outgoing resources (21,109) (509) (1,072) (9,293) (31,983) Transfer5 inl(outl {4,647) 250 715 3,682 Balances at 31 December 2023 298.385 40.000 78,000 64.273 480,6S8 The Cyclical Repairs & Maintenance Fund is set aside for periodic repairs to the properties and the Extraordinary Repairs Fund is set aside for non-routine and more major repairs. The Investment in Property Fund holds the value of capitalised assets. 13 MRS GELL'S ALM5HOUSES- ICKENHAM Notes to the Financial Statements year ended 31 De￿rnber 2023 {continued) 14. ANALYSIS OF RESTRICTED FUNDS Cottage Summer House Fund Total Restricted Funds Balance at l January 2023 Incoming resources Outgoing resources Transfers In/(out) Balance at 31 December 2023 6,525 6.525 6,525 6.525 The Cottage Summer House Fund contains funds donated for the refurbishment of the summer house in the property gardens. 15. COMMITMENTS At the balance sheet date there were no contingent liabilities or other financial commitments contracted for. {2022:NILI Although not contracted for, the trustees have authorised the replacement of sealed window units at the Almshouses, with an estimated liability of £3,700, the first stage payment being made in January 2024 {2022:NILI 16. OFFICERS AND SENIOR EXECUTIVES EMOLUMENTS The Trustees are defined as the officers and senior executives. No remuneration or expenses were paid to the Trustees (2022: NIL) 14