MRS GELL'S ALMSHOUSES- ICKENHAM REGISTERED CHARITY NO. 213205 j. TRusfEES REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MRS GELL'S ALMSHOUSES- ICKENHAM TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INDEX Page Legal & Adminlstrative information Report of the Trustees Report of the Independent Examiner Statement of Financial Activities Balance Sheet Notes to the Financial Ststements 8-14
MRS GELL'S ALMSHOUSES- ICKENHAM LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES EX-OFFICIO Revd C Britton Mrs L Varley Mr G Edwards Mr K Arnold MrELee Mrs R Hodgson Rector (from 1617124) Churchwarden Churchwarden Trustee Trustee Trustee } St. Giles Ickenham CHARITABLE STATUS Mrs Gell's Almshouses is a charity gIstered wlth the Charities Commlsslon 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.Glles Rectory, 38 Swakeleys Road, Ickenham, Middlesex PRINCIPAL BANKERS Barclays Bank plc
MRS GELL'S ALMSHOUSES- ICKENHAM TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and the flnancial statements for the year ended 31 December 2024. PRINCIPAL ACTIVITY The Charity's principal activlty during the year continued to be the administration and management of the Almshouses at 22A-26D Swakeleys Road, Ickenham. Middlesex, UBIO 88G. The Trustees are satisfied that the work of the Charity is in accordance with its objectives and provides tsngible benefits to the occupants of the Almshouses. REVIEW OF AcfiviTIES The refurbishment of the Summer House In the gardens of the Almshouses was undertaken and completed, at a cost of £21,600. This was funded partly by previous donations, with the balance covered from General funds. Routine upkeep and maintenance of the flats was continued throughout the year. FINANCIAL REVIEW AND RESERVES POLICY Regular payments toward malntenance, heating and Ilghting from the resldents, together with dividends from investments, amounted to an Income of £32,116 for the year. The major areas of expenditu were on maintenance of the property and gardens, energy costs and depreciation of fixed assets. being the capitalised C05t of major refurbishments to kitchens, bathrooms and windows and the summer house refurbishment. Together with other running costs, totsl expenditure In the year was £29,268. However, the funds invested with M&G Investments yielded a gain of £31,817 which led to an overall surplus for the year of £34,665. 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 quirements.
MRS GELL'S ALMSHOUSES- ICKENHAM TRusfEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (contlnued) RISK MANAGEMENT The trustees review the risks which the Charity faces on a regular basis and confirm that steps are then tsken to mitigate any significant risks. TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL sfATEMENTS The Trustees have reviewed the Almshouse's financial posltion 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 thls review, the Trustees are of the oplnion 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 contlnue in operational existence for the foreseeable future and therefore cont5nue 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 GELLS ALMSHOUSES FOR THE YEAR ENDED 31 DECEMBER 2024 I report to the trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 6 to 14. Responslbllliles and basis of report As the charity's trustee5, 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 145(5)(b) of the Chariiies Act 2011. Independent Examlners Statement I have completed my examination and confirm that no material matters have come to my attentlon in connection wlth the examlnationi givlng me cause to belleve that in any material respect: l. Accounting records were not kept in respect of the charity a5 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 Charlttes (Accounts and Reports) Regulations 2008 other than any requlrement that the accounts give a 'true and fair view, which Is not a matter considered as part of an independent examlnation. I have no concerns and have come across no other matters in connection with the examinallon to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached. 3 64__ Mrs. F Chandramohan FCA Date: 8 2u'25
MRS GELL'S ALMSHOUSES- ICKENHAM STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Income and Endowments from: 2024 Tota5 Funds 2023 Total Funds General Fund Designated Funds Restrirted Funds Note DOnaonS Charitable Actlvlties Investments loo 27,392 541 31,548 568 31,548 568 Total Income 32,116 32,116 28,033 Expendlture on: Charltable Acttvlties Other Ex enditure 16,185 10,923 2,160 29,268 31,958 25 Total Ex endlture 16,185 10.923 2,160 29.268 31,983 Net Income/(Expendlturel before transfers 15,931 (10,923) 12,160) 2,848 3.950) Transfers between Funds Gross Transfers-in Gross Transfer5-OUt 3,400 123,5841 5,109 18,475 13,400} 26,984 126,984 4,647 14,647) Other recognlsed Balnsllosses Gain/loss on investment assets 31,817 31,817 23,240 Fund net movement 27,564 15,814) 12,915 34,665 19.290 Funds brought forward Funds carried forward 298,385 325.949 182,273 176,459 6,525 19,440 487,183 521,848 467,893 487.183
MRS GELL'S ALMSHOUSES- ICKENHAM BALANCE SHEET AT 31 DECEMBER 2024 2024 Total Fund5 2023 Total Funds General Fund Designated Funds Restritted Funds Note Flxed Assets Tangible Assets 58,459 19,440 77,899 64,273 Current Assets Debtors Deposit5 Investments Cash at Bank / In hand 1,160 1,160 664 711 402,638 io 297,538 111,917 409,455 28,701 6,083 34,784 19,797 Current Uabllltles Creditors . amounts falling due In one year li 11,450 (1,450} (900 Net current assets Total Net Assets 325,949 325.949 118.000 176,459 443,949 521,848 422,910 487,183 12 19.440 Re resented b . Unrestritted Funds Restricted Funds 13 14 325,949 176,459 502,408 19,440 480,658 6,525 19,440 Fund Totals 325.949 176.459 19,440 521.848 487,183 Approved by the Trustees on: and slgned on thelr behalf by: B.Baxter (Clerk) LVarley{Trustee) E.Lee(Treasurer)
MRS GELL'S ALMSHOUSES- ICKENHAM Notes to the Financial Statements year ended 31 December 2024 l. Basls of preparation These financial ststements have been prepared under the hlstorical 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 Practlce: Accounting and Reportlng by Charities preparing their accounts In accordance with the Flnancial Reporting Standard applicable In the UK and Republic of Ireland {FRS102) Issued on 16 July 2014 and with the Charities Act 2011. The charlty has taken advantage of the provisions In the SORP for charities applylng 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 financlal statements. They also believe that there are no material uncertainties and therefore these financial statements are ppared on a going concern basis. 2. Accounting pollcies-lncome The charities prlncipal income derives from Maintenan 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 likelythan 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 Ftnancial Statements year ended 31 December 2024 (continued) 3. Expenditure and liabilities Resources expended are recognised within the period to which they relate. Liabilities are recognised where it15 more likely than not that there is a legal or constructive obligation commltting the charlty to pay out resources and the amount of the obligation can be measured with reasonable certainty. 4. Taxatlon Mrs Gell's Almshouses Is a registered charity and is therefore exempt from taxation on its Income and capital gains. S. Analysls of Income 2024 Total Funds 2023 Total Funds General Fund Designated Funds RestrScted Funds Donations received Charitable activities: Maintenance contributions Heating contributions loo 20,976 20,976 21,046 10,572 31,548 10,572 31.548 6,346 27,392 Investments: Dividend Income Investment income 545 23 568 32,116 545 23 568 32,116 511 30 541 28.033 Total Incorne
MRS GELL'S ALMSHOUSES- ICKENHAM Notes to the Flnanclal Statements year ended 31 Dernber 2024 (continued) 6. Analysls of Expendlture 2024 Total Funds 2023 Total Funds General Fund Designated Funds Restritted Funds Charltable actlvltles: alrs & Malntenance Garden maintenance Gas Electrlclt Water Council Tax Insurance HelplSne & Postage Cleaning Subscrl tlonslDonations Bookkee In servi5 Software fee5 reciation charges Miscellaneous 2,117 1,875 7,752 290 5,109 7,226 1,875 7,752 290 7,611 2,997 4,942 1,886 1,231 1,739 1,739 1,607 121 41 570 196 1,320 165 9,293 221 Statione 450 343 740 180 450 343 740 180 7,974 15 De 5,814 2,160 15 Other Ex endlture: Bank charges Interest payable 25 Totsl Expenditure: 16,185 10,923 2.160 29,268 31,983 io
MRS GELL'S AUVISHOUSES- ICKENHAM Notes to the Financial Ststements year ended 3IDeMber 2024 (contlnued) 7. Tangible fixed assets Houslng Property- hlstorlcal cost Housing Property- Improvements Summer House renovation Total Cost: At l January 2024 Additions Disposals At 31 December 2024 17,760 58,141 75,901 21,600 21,600 17,760 58,141 21,600 97,501 Depreclatlon: At l January 2024 Charge for the year At 31 December 2024 11,628 5,814 17,442 11,628 7,974 19,602 2,160 2,160 Net book value: At l January 2024 At 31 December 2024 46,513 40.699 64,273 77,899 17.760 19,440 Mrs Gell's Almshouses were constructed 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 Houslng Association Grant. The remaining balance of £ 17,760, met by the Almshouse5, 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 £ 58,141 between 2021 and 2023, and the refurbishment of the summer house costing £21,600 in 2024, have been capitalised. These assets are being depreciated on a straight-line basis over 10 years. li
MRS GELL'S ALMSHOUSES- ICKENHAM Notss to the Financlal Statements year ended 31 December 2024 (continued) 8. Debtors 2024 2023 Prepald Insurance premiums Prepaid Almshouses Association Fees 807 353 1,160 664 664 9. Deposlts 2024 2023 CCLA Deposit account 711 711 10. Investments 2024 2023 M&G Charity Multi Asset Fund 409,455 409,455 402,638 402,638 11. Credltors 2024 2023 Accrued gas costs Accrued electricity costs Accrued water charges Accrued bookkeeping fees 800 290 120 240 1,450 900 900
MRS GELL'S ALMSHOUSES- ICKENHAM Notes to the Financial Statements year ended 31 Dernber 2024 (continued) 12. Analysls of Net Assets between funds Unrestricted funds Restrlcted funds Totsl 2024 Flxed Assets Current Asset5 Current Uabilities 58,459 445.399 (1,450) 19.440 77,899 445,399 (1,450) 502A08 19,440 S2148 13. ANALYSIS OF UNRESTRICTED FUNDS General Fund Lwlral Repalrs & Malntsnan¢e Fund Extraordlnary Repalrs Fund Investment In Property Fund Total unrestrlcted funds Balances at l January 2024 Incomlng resources Outgoing resources 298,385 40,000 78,000 64,273 480,658 63,933 63.933 (16,185) (1,250) {3,859} (5,814) (27,108} Transfeys Inl(outl Balances at 31 December 2024 325.949 78.01)0 58,459 502,408 The Cyclical Repairs & Maintenance Fund 15 set aside for perlodic repairs to the propertie5 and the E*(raordinary Repairs Fund is set aside for non-routine and more rnajor repalrs. The Imiestment in Property Fund holds the value of capitslised assets. {20,184} 1,250 3,859 (15,075) 13
MRS GELL'S ALMSHOUSES- ICKENHAM Notes to the Flnanclal Statements year ended 31 December 2024 (continued) 14. ANALYSIS OF RESTRICTED FUNDS Cottage Summer House Fund Total Restrlcted Funds Balance at l January 2024 Incomlng resources Outgoing resources Transfers in/(out) Balance at 31 December 2024 6,525 6.525 (2,160) 15,075 (2,160) 15,075 19,440 19,440 The Cottage Summer House Fund comprises the net book value of the refurblshment of the summer house In the property gardens in 2024. 15. COMMITMENTS At the balance sheet date there were no contingent Ilabilities or other financial commitments contracted for.12023: NIL). Although not contrdcted for, the trustees have provislonally approved roof repairs and guttering work, estimated at £2,300, tO8ether with external painting estimated at £9,00012023: £3700) 16. OFFICERSAND SENIOR EXECUTIVE EMOWMENTS The Trustees are defined as the officers and senior executives. No remuneration or expenses were paid to the Trustees (2023: NIL) 14