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2021-12-31-accounts

REGISTERED CHARITY NUMBER: 213327

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL

CHARITIES

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2021

Page
Report of the Trustees 2
Independent Examiner’s Report 4
Statement of Financial Activities 5
Balance Sheet 6
Statement of Cash Flows 7
Notes to the Financial Statements 8 - 15

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

REFERENCE AND ADMINISTRATIVE DETAILS

Registrations

Almshouse Association Number 1791 Charity Commission Number 213327

Principal Office Francis Greene House Grove Court Waltham Abbey Essex EN9 1BP

Trustees

L Anderson A Caw B Charles J Law (Waltham Abbey Town Clerk) A Rowntree P H Smith Chair

Managing Agents Harrison Housing 46 St James’s Gardens London W11 4RQ K Dowlath FCCA Chief Executive M Coleman FBP FCA DChA Director of Finance

Independent Examiner

Jan Rickler FCA Alwyns LLP Chartered Accountants Crown House 151 High Road Loughton Essex IG10 4LG

Bankers HSBC Bank 45 High Street Hoddesdon Hertfordshire EN11 8TA

Page 1

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

REPORT OF THE TRUSTEES

for the Year Ended 31 December 2021

The Trustees present their annual report along with the financial statements of the charity for the year ended 31 December 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) effective 1 January 2019. The report includes an account of those activities undertaken by the charity to further its charitable purposes for the public benefit. They have also complied with the duty in the Charities Act 2011 to have regard to public benefit guidance published by the Commission.

CONSTITUTION, CHARITABLE OBJECTS AND ACTIVITIES

Waltham Abbey Non Educational Parochial Charities ("the Charity") was established in 1894 as Waltham Abbey Parochial Charities under a scheme of the Charity Commissioners. The Scheme was varied in 1912 and registered with the Charity Commission on 17 January 1963 under its present name. The Charity comprises 16 constituent charities, including Green’s Almshouses, which was originally established in 1626 by Francis Greene, Purveyor to King James I.

The primary purpose of the Charity is to provide accommodation to poor persons of good character. The Charity provides 11 almshouses built in 1992 known as Francis Greene House in Waltham Abbey to fulfill its purpose.

GOVERNANCE AND MANAGEMENT ARRANGEMENTS

Administration of the Charity is carried out by up to 10 trustees, appointed as follows:

Upon a vacancy arising, efforts are made to appoint a new trustee with relevant skills and background, having regard to the activities of the charity and the need to maintain a diversity of skills among the trustees. There is no formal induction or training but the existing trustees seek to ensure that all trustees are aware of their duties and are equipped with the knowledge to carry them out.

The trustees in office at 31 December 2021 and at the date of this report are shown on page 1. It is with great sadness that the Trustees report that their longest serving Trustee, Vic Copsey, passed away on 19 April 2021. His work for the Charity is greatly appreciated.

The trustees meet quarterly to make decisions of policy and allocations, monitor performance, manage risk, receive accounts, and approve the budget and any significant expenditure. Day-to-day management is delegated to the managing agent, Harrison Housing. Representatives of the managing agent attend meetings of trustees but have no voting rights. The use of a managing agent enables the Charity to benefit from professional management.

PURPOSE, OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The Trustees have considered the Charity Commission guidance on public benefit and consider that the activities of the charity meet its charitable objects and provide a benefit to the public

A CHIEVEMENTS AND FUTURE PLANS

Income from residents’ contributions totaled £99,630 for the year compared to £98,622 for the previous year. The modest increase was the result of the implementation of 2021 increases in WMC and service charges being delayed until October 2021 as the Trustees were concerned about the ability of some residents to be able to pay higher rates against a national background of rising prices. The Charity occupancy rate was 97.7% for the year under review (2020: 97.7%) which is fractionally short of the Charity’s target rate of 98%.

Expenditure on Charitable Activities at £106,831 showed a slight fall compared to 2020 when such costs totaled £115,771. An analysis of these costs is shown in note 6 on page 11. The decrease in expenditure is largely attributable to a reduction in property repairs of approximately £5,000 and a similar reduction in Support Costs. The investment portfolio returned a net gain of £9,227 compared to a loss of £3,221 in 2020 as financial markets staged a recovery after significant falls at the start of the Covid 19 pandemic.

There was a net surplus for the year of £4,774 (2020: loss £17,176) after taking account of investment gains (2020: investment losses) and before transfers to and from reserves.

Page 2

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

REPORT OF THE TRUSTEES for the Year Ended 31 December 2021

The planned refurbishment of the lift was again postponed for operational reasons and it is now scheduled for 2022 (work commenced in March 2022). However, further surveys revealed that the works required would be higher than originally expected with the total cost including VAT and fees expected to be approximately £81,000.

The value of the Cyclical Repairs Fund at the start of the year was £54,000 and a further transfer of £25,000 into the fund has been approved to recognize that the Charity will incur a substantial cost to refurbish the lift in 2022. The Extraordinary Repairs holds a further balance of £60,380 to provide additional support if required. A transfer of £9,187 representing the depreciation on assets acquired using the grant money received has been made from the Social Housing Grants Fund to the General Reserves.

RESERVES POLICY

Designated reserves are maintained based on guidance issued by the Almshouse Association for expenditure on cyclical maintenance and extraordinary repairs of the Charity’s properties.

The Trustees have reviewed the reserves policy and consider it prudent to keep sufficient general reserves, not invested in tangible fixed assets to enable the payment of running costs for a minimum of 12 months. On the basis of the budget set for 2022 the Charity has sufficient reserves to meet this requirement.

RELATED PARTY TRANSACTIONS

There were no transactions with related parties during the period.

RISK POLICY AND RISK MANAGEMENT

The Trustees have reviewed the Risk Register which seeks to identify the significant risks to which the Charity is exposed and have the plans in place to mitigate those risks. The risks reviewed include those relating to the operations and finances of the Charity and they are satisfied that systems in place adequately mitigate those risks. Revised procedures are in place to ensure compliance with health and safety of residents, staff, and volunteers.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations. The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ON BEHALF OF THE BOARD:

TRUSTEE Peter Smith

8 June 2022

Page 3

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

Independent Examiner’s Report to the Trustees of Waltham Abbey Non Educational Parochial Charities

I report to the charity trustees on my examination of the financial statements of the Charity for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’) 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 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner's statement

I have completed my examination. I 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:

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 in order to enable a proper understanding of the financial statements to be reached.

J A Rickler, FCA ICAEW Alwyns LLP Chartered Accountants Crown House 151 High Road Loughton Essex IG10 4LG

21 June 2022

Page 4

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2021

Note
INCOME & ENDOWMENTS FROM
Charitable activities
3
Investment income
4
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
5,6
TOTAL EXPENDITURE
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE) BEFORE
TRANSFERS
Transfers Between Funds
14
NET INCOME/ (EXPENDITURE) AFTER
TRANSFERS BETWEEN FUNDS
RECONCILIATION OF FUNDS:
13
FUNDS BROUGHT FORWARD
FUNDS CARRIED FORWARD		 Unrestricted
General Designated
£
£
99,630
-
2,748
-
102,378
-
106,831
-
106,831
-
-
-
(4,453)
-
(15,813)
25,000
(20,266)
25,000
89,070
114,380
68,804
139,380		 Restricted
£
-
-
-
-
-
9,227
9,227
(9,187)
40
454,549
454,589		 Total
2021
£
99,630
2,748
102,378
106,831
106,831
9,227
4,774
-
4,774
657,999
662,773		 Total
2020
£
98,622
3,194
101,816
115,771
115,771
(3,221)
(17,176)
-
(17,176)
675,175
657,999

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 5

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

BALANCE SHEET

As at 31 December 2021

Notes
FIXED ASSETS
Housing and other property
10
Investments
8
CURRENT ASSETS:
Debtors and prepayments
11
Cash at bank and in hand
CREDITORS:Amounts falling
due within one year
12
NET CURRENT ASSETS:
TOTAL ASSETS LESS LIABILITIES:
RESERVES:
13
Unrestricted:-
Income and expenditure account (General fund)
Designated reserves
Restricted:-
Endowment fund
Social Housing Grant fund
Revaluation reserve		 2021 £
468,333
106,383
574,716
88,057
662,773
68,804
139,380
205,993
211,300
37,296
662,773		 2020 £
483,120
95,346
578,466
79,533
657,999
£
6,631
93,677
100,308
(12,251)		 £
4,139
89,296
93,435
(13,902)
89,070
114,380
205,993
220,487
28,069
657,999

The financial statements were approved and authorised for issue by the Board of Trustees on and were signed on its behalf by:

Peter Smith TRUSTEE: 8 June 2022

The notes form part of these financial statements

Page 6

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

STATEMENT OF CASH FLOWS

for the Year Ended 31 December 2021

RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

STATEMENT OF CASH FLOWS


Cash flows from operating activities:
Cash generated from operations (See above)
Cash flows from investing activities:
Interest received
Dividends received
Dividends reinvested
Purchase of tangible fixed assets
Net cash provided by investing
activities
Change in cash and cash equivalents in the
Reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period
Net income/(expenditure) for the reporting period (as per the statement
of financial activities)
Adjustments for:
Depreciation charges
Interest received
Dividends received
(Gains)/losses on investments
(Increase) in debtors
Increase/(decrease) in creditors
Net Cash provided/(used in) by operation activities
2021
£
16,008
__
8
2,740
(1,810)
(12,565)
______
(11,627)
______
4,381
89,296
______
93,677
_
2021
£
4,774
27,352
(8)
(2,740)
(9,227)
(2,492)
(1,651)
_
16,008
___
 2020
£
12,026
__
54
3,140
(2,236)
(2,498)
______
(1,540)
______
10,486
78,810
______
89,296
_
2020
£
(17,176)
26,827
(54)
(3,140)
3,221
(2,233)
4,581
_
12,026
___

The notes form part of these financial statements

Page 7

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2021

1. ACCOUNTING POLICIES

Waltham Abbey Non Educational Parochial Charities is a Charity registered in England & Wales, number 213327, and is governed by a Scheme approved by the Charity commission dated 17 January 1963.

Basis of Accounting

The accounts (financial statements) of the charity have been prepared on a going concern basis under the historical cost convention, with the exception that investments are included at market value. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS102) and applicable UK Accounting Standards and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Charity meets the definition of a public entity under FRS 102.

The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound

Going Concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, including the impact of COVID-19. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern .

Income and Endowments

All income is recognised in the Statement of Financial Activities when the charity is legally entitled to the income. Residents’ contributions (which include Service charge income) are accounted for in the period to which they relate.

Expenditure and Basis of Apportioning Costs

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised once there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Charitable expenditure

Costs for the full year include the costs of refurbishment, maintenance and management of the property and costs relating to the general welfare of the residents. All expenditure is charged in the financial year to which it relates.

Housing Properties and Component Accounting

The original Francis Greene Almshouses were constructed in 1626. Since there is no precise record of the original cost, no value is attributed thereto. The cost of the Housing Properties relates to improvements carried out since 1992 which have been funded by Social Housing Grant, a mortgage loan secured by a charge on the Almshouse properties, and from the Charities own resources.

Page 8

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2021

Housing Properties are stated at cost less accumulated depreciation and any impairment losses. Waltham Abbey Non Educational Parochial Charities calculates depreciation by implementing component accounting. Estimated figures have been used where due to the elapse of time or the disproportionate cost of ascertaining the figures, it has not been possible to get actual information. This means that depreciation is charged based on the expected useful life of each component within the housing properties as follows:

Freehold Property 20 years Building 50 years Warden Call system 20 years Mains water conversion 20 years Kitchens & Bathrooms 20 years Communal lounge furniture 10 years Fire Alarm system 20 years Communal areas radiators 20 years Electric heating (all flats) 20 years Kitchen Flat 20 years Windows 30 years

Other Tangible Fixed Assets

Plant and machinery is stated at cost less accumulated depreciation and any impairment losses. Assets are written off on a straight line basis over 5 – 30 years.

Major Repairs

Costs of major repairs, unless representing improvements to the fabric of the Housing Properties, are charged to the SOFA in the year in which they are incurred.

Impairment

At each Balance Sheet date, housing properties are assessed to determine if there are indicators that the properties may be impaired in value; if there are such indicators of impairment, then a comparison of the properties’ carrying value is compared to its recoverable amount is undertaken. Any excess over the recoverable amount is recognised as an impairment loss and charged as expenditure in the SOFA; the carrying value is reduced appropriately.

Investments

Investments are measured initially at cost and subsequently at fair value (their market value) at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year. The trustees adopt a cautious investment policy so as to minimize risk. Investments are monitored and reviewed by trustees on a regular basis.

Social Housing Grant

Social Housing Grant (SHG) was paid by the Housing Corporation to reduce the cost of development. In accordance with the Charity SORP (FRS 102) the SHG is recognised as income in the year of receipt and treated as a restricted fund (Social Housing Grant Fund). This fund is reduced annually over the expected useful life of the building. The total SHG received was £459,349 and is repayable usually only if the property is sold.

Cash at bank and in hand

Cash at bank and in hand includes current and bank deposit accounts with no withdrawal limitations.

Creditors

Creditors are recognized where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognized at their settlement amount.

Financial Instruments

Financial assets and financial liabilities are recognized in the statement of financial position when the Charity becomes a party to the contractual provisions of the instrument.

Trade (including rental) and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortized cost using the effective interest rate method. A provision is established when there is objective evidence that the Charity will not be able to collect all amounts due.

Page 9

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2021

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Charity’s cash management.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

The Designated reserve consists of funds set aside to meet maintenance costs in excess of annual budgeted expenditure.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.

Value Added Tax

Waltham Abbey Non Educational Parochial Charities is not registered for VAT and in these financial statements, where applicable, expenditure shown is inclusive of VAT.

2. STATEMENT OF FINANCIAL ACTIVITIES (2020 COMPARATIVE)

INCOME & ENDOWMENTS FROM:
Charitable activities
Investment income
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
TOTAL EXPENDITURE
Net losses on investment assets
NET (EXPENDITURE)/INCOME BEFORE
TRANSFERS
Transfers Between Funds
NET (EXPENDITURE)/INCOME AFTER
TRANSFERS BETWEEN FUNDS
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
FUNDS BROUGHT FORWARD
FUNDS CARRIED FORWARD		 Unrestricted
General Designated
£
£
98,622
-
3,194
-
101,816
-
115,771
-
115,771
-
-
-
(13,955)
-
9,187
-
(4,768)
-
(4,768)
-
93,838
114,380
89,070
114,380		 Restricted
£
-
-
-
-
-
(3,221)
(3,221)
(9,187)
(12,408)
(12,408)
466,957
454,549		 Total 2020
£
98,622
3,194
101,816
115,771
115,771
(3,221)
(17,176)
-
(17,176)
(17,176)
675,175
657,999

Page 10

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

for the Year Ended 31 December 2021

NOTES TO THE FINANCIAL STATEMENTS

3. WEEKLY MAINTENANCE CONTRIBUTIONS

EKLY MAINTENANCE CONTRIBUTIONS
Gross amount receivable
Less: Voids		 2021
2020
£
£
101,626
100,787
(1,996)
(2,165)
99,630
98,622

4. INTEREST RECEIVABLE AND SIMILAR INCOME

Dividends
Interest received		 2021
2020
£
£
2,740
3,140
8
54
2,748
3,194

5. TRUSTEES’ AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES

The Trustees, who comprise all the Key Management Personnel of the Charity, neither received nor waived any remuneration during the year (2020: £nil). The Trustees did not have any expenses reimbursed during the year (2020: £nil). Harrison Housing were employed by the Trustees to act as the Managing Agent for the charity and are responsible for day-to-day administration.

Employees

There were no employees in 2021 (2020: Nil).

6 . EXPENDITURE ON CHARITABLE ACTIVITIES

Direct Expenditure
Repairs & maintenance
Repairs - voids
Gardening
Lighting & heating and water
Property operating costs
Insurance
Depreciation
Support costs (see below)
Governance costs (see below)		 2021
2020
£
£
17,083
23,863
12,126
9,364
1,274
1,120
7,807
9,229
4,168
3,554
2,605
2,624
27,352
26,827
31,290
36,190
3,126
3,000
106,831
115,771

Page 11

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2021

6. EXPENDITURE ON CHARITABLE ACTIVITIES (continued)

Support costs
Management Fee
Other expenditure
Governance costs
Independent Examiner’s fees		 2021
2020
£
£
29,648
32,513
1,642
3,995
31,290
36,508
2021
2020
£
£
3,126
3,000
3,126
3,000

7. TAXATION

The charity is a registered charity and as such its income and gains falling within section 471 to 489 of the Corporation Tax act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its charitable objectives.

8. FIXED ASSET INVESTMENTS

Investments comprise the following:
1,244 COIF Income Shares
COIF Deposit Fund
M&G Charity Asset Income Fund
M&G Charity Asset Accumulation Fund
31 December 2021
Market Value:
1 January 2021
Accumulated Income reinvested
Unrealised gains/(losses)
31 December 2021		 2021
2021
Market
Value
Cost
£
£
25,584
5,737
11,120
11,120
7,485
2,843
62,194
15,129		 2020
2020
Market
Value
Cost
£
£
22,406
5,737
11,119
11,119
6,867
2,843
54954
13,320
106,383
34,829		 95,346
33,019
2021
2020
£
£
95,346
96,331
1,810
2,236
9,227
(3,221)
106,383
95,346

The original cost of investments cannot be ascertained, so they have been stated at their values on 1 April 1988. Additional investments since that date are valued at cost.

Page 12

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2021

9 . INVESTMENT REVALUATION RESERVE

Balance brought forward
Unrealised gains/(losses)
Balance carried forward		 2021
2020
£
£
28,069
31,290
9,227
(3,221)
37,296
28,069

10. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
COST OR VALUATION:
At 1 January 2021
Additions
At 31 December 2021
DEPRECIATION:
At 1 January 2020
Charge for year
At 31 December 2021
NET BOOK VALUE:
At 31 December 2021
At 31 December 2020		 Freehold
Housing
Property
£
807,882
-
807,882
440,157
16,156
456,313
351,569
367,725		 New Build
Property
_
£
40,487
-
40,487
36,722
2,024
38,746
1,741
3,765		 Plant &
Machinery
£
152,438
12,565
165,003
40,808
9,172
49,980
115,023
111,630		 Total
£
1,000,807
12,565
1,013,372
517,687
27,352
545,039
468,333
483,120

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Weekly maintenance contributions
Prepayments		 2021
2020
£
£
4,967
2,723
1,664
1,416
6,631
4,139

Page 13

WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

for the Year Ended 31 December 2021

NOTES TO THE FINANCIAL STATEMENTS

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021 2020
£ £
Weekly maintenance contributions 104 3,632
Trade creditors 7,922 4,990
Accruals 4,225 5,280
12,251 13,902
RESERVES
Funds Gains/(losses) Transfers
Funds
balances on between balances
31.12.20 Income Expenditure investments funds 31.12.21
£ £ £ £ £ £
General funds 89,070 102,378 (106,831) - (15,813) 68,804
Designated ERF
 60,380 - - - - 60,380
Designated CMF
 54,000 - - - 25,000 79,000
Endowment Fund
 205,993 - - - - 205,993
Social Housing
Grant Fund
 220,487 - - - (9,187) 211,300
Revaluation
Reserve
 28,069 - - 9,227 - 37,296
657,999 102,378 (106,831) 9,227 - 662,773
Funds (Losses)/gains Transfers
Funds
balances on between balances
31.12.19 Income Expenditure investments funds 31.12.20
£ £ £ £ £
General funds 93,838 101,816 (115,771) - 9,187
89,070
Designated ERF
 60,380 - - - - 60,380
Designated CMF
 54,000 - - - - 54,000
Endowment Fund
 205,993 - - - - 205,993
Social Housing
Grant Fund
 229,674 - - - (9,187)
220,487
Revaluation
Reserve
 31,290 - - (3,221) - 28,069
675,175 101,816 (115,771) (3,221) - 657,999

13. RESERVES

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WALTHAM ABBEY NON EDUCATIONAL PAROCHIAL CHARITIES

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2021

Analysis of net assets by funds:

ysis of net assets by funds:
General funds
Designated ERF
Designated CMF
Endowment
SHG Fund
Revaluation Reserves		 Fixed
assets
Current
assets
Current
liabilities
Net
assets
£
£
£
£
59,747
21,308
(12,251)
68,804
60,380
-
-
60,380
-
79,000
-
79,000
205,993
-
-
205,993
211,300
-
-
211,300
37,296
-
-
37,296
574,716
100,308
(12,251)
662,773

The Designated reserve consists of funds set aside to meet maintenance costs in excess of annual budgeted expenditure.

14 . CAPITAL COMMITMENTS

At 31 December 2021 and 2020, there were no contracted capital commitments.

At 31 December 2021 capital commitments authorised but not contracted were £78,000 (2020: £nil).

15 . HOUSING STOCK

There were 11 units under management at 31 December 2021 (2020: 11 units)

16. RELATED PARTY TRANSACTIONS

There were no related party transactions either this year or last year.

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