REGTERED CHARrfY NUMBER: 213327 REPORT OF THE TRusfELS AND UNAUDITED FINANCIAL sfATEMEpirs FOR THE YEAR ENDED 31 DECEMBER 2023 FOR WALTHAM ABBEY NON.EDUCATIONAL PAROCHIAL CELIEUTIES
WALTHAM ABBEY NON-EDUCATIONAL PAIiOCHIAL CUARITIES REFERENCE AND ADMINISTRATIVE DETAILS Registration5 Alinshouse Associ21ion Number 1791 Chariiy Commission Number 213327 Pritlcipal OIYJce F1211cis Greene House Grove Court Waltham Abbey Essex EN9 IBP Tru$tee$ L AndeTson Acaw JLaw N P£ge A Rownlree P H Stnith Chair frojn 13 December 2023 Waltham Abbey Town Clerk Retired on 26 May 2023 Chair to 13 December 2023 M8nAgfftng Agents Harrison Housing 46 St Jarties's Gardens Londoll Wl14RQ K Dowlath FCCA M Coleman FBP FCA DChA P Green A Rob50n-Young FCCA Chief Executive {llnlil 8 September 2023) Dire¢lor of Finance (until 8 November 2023) Interim Chief Execuhve {from 30 October 20231 Interim Finance Director (from 30 October 2023) Independent Ex&maner Ricklee FCA Alwin's LLP Charteied Accountatjts Crown House 151 High Road Loughton Essex IG104LG Banken HSBC Bank 45 High Street Hoddesdon H¢rtfordshire 11 8TA Page I
WALTIIAM ABBEY NON-EDUCATIONAL PAROCHIAL CHARt'riES REPORT OF THE TRUSTEES for the Year Ended 31 December 2023 The Trustees present their annual report along with the financial 5taterllents of the cliarity for the year ended 31 De¢einber2023. The report includes details of ihose activities undertaken by the charity to further its charitable puOseS forthe public benefit. They have also Complied with the duty in the Charities Act 2011 to have regard lo pllblic benefit guidance published by the CotThinission. CONSTITUTION, C14ARITABLE OBJEcfs AND ACTIVITIÉS Waltham Abbey Non-Edu¢alional Paro¢hial Chariti¢% {"IheCharity") was established iii 1894 25 WaItham Abbey Parochial Charities under a scheme of the Charity Commissioners. The sChee was varied in 1912 and registered wsth the Charity Commission on 17 January 1963 undei it5 present name. The Charity ¢Otnpri5e5 16 constituent charities, including GTeEn's Alinshollses, which was originally est8blished in 1626 by Francis GreeDe, Purveyor to Kin8 James l. The PTimary PUTpose of tlie ChaTity is to provide accommodation to poor persons of good character. The Charity provides I I altll5houses built in 1992 known a5 FTanci5 Greene House in WalthaTn Abbey lo fulfill its purpose. GOVERNANCK AND MANAGEMENf ARNCEMENrS Admini51Tatitsn of the Charity is carried out by Ltp to 10 truste appointed as follows.. {i) Three ex-officioTrustees, being the Rector of the Parish Chllrcli of theHoly Cross ld St. LawiEnce Waltham Abbey, theTown Clerk of Waltham Abbey and a minister or representative of "Churches Together" iii Waltham Abbey,. {ii) Five Repre8¢Thtalive Trustees appointed by th¢ Waltham Abb¢y Town Council. Each appoiiitment being for a term of 4 years. (iii) Two Co-Optah"ve Trustees, being peTsons residing or carrying on business in or near the Parish of Waltham Holy Cros appointed for a tenn of 5 yeaT5 by a resolution of the Tru5tee5. Upon a va¢ancy arising, efforts are made to appoint a new trustee with relev8nt skills and backgrollnd, having regard to the activiti of the Charity and the need to maintain 8 diversity of skills among the trustees. There is no formal inductlOTi OT training bul the existing ITUStees seek to ensure that all trustees are aware of their duties and are equipped with the knowledge to Ca them out. The tnjslees who served during the year ended 31 Decetnkr 2023 are shown on page l of this report, as well as any ¢hange5 in trustees after the year end. Usually, the Iruslees meet quarterly to tnake decisions of policy and allo¢aiions, monitorperfomian¢e, managt risk, receive accounts, and appTove the budget and any significant eKpenditure. Day-to-day tnanagetnent 15 delegated to the tnanaging ageni, HaTrison Housing. Repre5entative5 of the managing agent attend rneetings of tTUSte&s but have no voting right5. The use of a managing agent ertabl¢s the Charity to b¢Jiefit froin professional man2gemenl. PURPOSE, OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The TSteeS have considered the Charity Cominission guidance on public benefit and consider that the activities of the charity meet its tharitable objects and provide a benefit to the public. AcHIEMENfs AND FLrruRE PLANS Income from residents. Contributions for accommodation was £101,522 12022= £105,130). Thc decrease was because of two properties weie untenanted during part5 of the year. The Weekly Maintenance Contributions ale reviewed annually by the Trustees with new rates applied frorn l October each yeaT. The Charity occupancy rate wa5 92 % in 202312022.. 99.50/0) which is below the Cliarity's target rate of 980A. Expenditure on Charitable Aclivilie5 wa5 £118.872 (2022.. £117.8571. An analysi5 of these C0515 15 shown in note 6 on page I l. The ¢osts of repairs, particular the repair of empty properties (voids) has significantly increased year on y&qr. The in¢ieased c051 of empty propcrties combined with the10&8 of ineome has resuli¢d in a loss before transfers and investm¢nls of £12.564. The investment portfolio performed better in 2023 and retumed a net gain of £3.552 co]npared with a net loss of £5,029 in 2022. Financial markets remained unstable during 2023 as a number of intemalional economics are suffering from the effects of higher than usual inflation and interest lates. Page 2
WALTHAM ABBEY NON-EDUCATIONAL PAROCHIAL CHAIUTIES REPORT OF THE TRUSTEES for the Ye r Ended 31 December 2 The value of the Cyclical RepaiT5 Fund at the start of the year was £84.000 and a planned transfer of £5.000 per year has incieased the balance to £89.000. This is because the long-temi Maintenance Plan suggests that tepaits in 2027 might cost as much as £99,)0. The Extraordinary Repr5 Fund liolds a further balance of £60,380 to provide additional support if required. A transfeT of £9,187 representing the depreciation on assets acquired using the grant money received has bcen made from the Social Hou5in8 Grdnt5 Fund to the Geiieral Re5erve5. RESER POLICY Designated re5erve5 are maintained based onguidanceissued by tbe AlmshouseAs50ciation for expenditure on ¢y¢li¢al maintenance and extraordinary repairs of the Charity's properties. The Ttustees have reviewed the reserves policy and consider it prudent to keep sufficient geneTal ieserves. not invested in tangible rixed assets to enable the pay]nenl of rUtlg costs for a mSRiTnum of12 tnonths. At the present lime the policy connol b¢ achieved but the TnJ5tees rejnain coiifident that the Charity h&s sufficient working capital as a large percentage of its income comprise5 Housing Benefit. RELATED PARTY TRANSAcfJoNS There were no transactions with related partie5 during the Plod. RtSK POLICY AND RISK MANAGEMENT The Tnjstees have reviewed the Risk Register whieh seeks to identify the significant risks to which the Charity is exposed and have the plans in pla¢e to mitigate those risks. The risks reviewed include tho.se relating to the operations and finance5 of the Charity and they are satisfied that systetns in place adequately Tnitigate those risks. iievised PTocedure5 are in place to ensuie compliance with htralth and safety of resident5. Staff. and volunteers. STATFMENf OFTRUSTEFS RFSPONSIBILITIES The trustee5 are responsible for prepaTing tlie Report of the Tru5tecs and the financial statements in accordance with applicable law and regulations. The law applicable lo charities in Eiigland & Wales requires the trllstees lo prq)are financial statements for each fillancial yearin a¢cordante with Uniied Kingdom Generally Accepted Aecounitng Praciice (United Kingdom Accounting StEndards and applicable law). The ttustees must not approve the financial statements unlebs they are satisfled Ihai they give a true and fair view of the Stale of affair5 of the charity and of the inco]n2ng ie50ur¢es and application of resource5. including th¢ income and expenditure, of the charity for tliat period. tn preparing these financial staiements, the trustees ore required to.. select suitable accounting policie5 and apply thern con5i5tently.' observe the methods and principles in the Charities SORP,. ake judgments and accounting e5tiTnates that are ieasonablc and prudellt.. state whether applicable UK Accounting Standard5 have been followed, subject to ally material departu PTepare the financEal slatetnents on the going conceTn basi5 unles5 it Is inappropriate to presume that the charity will continue to operate. The trustees are responsible for keeping sutTi¢ient a¢¢ounting re¢ordsthatdisclose with reasonable ae¢uTaCy at any time the finan¢ial position of the charity and enable them 10 ensure that the fEnancial state]nent5 comply with the Charities Aci 2011, the Charity IA¢¢ounls and R¢portsl Regulaiions 2008 and the provisions of the tnjsl deed. They ar¢ also r¢$ponstble for safeguarding the a55ets of the chariiy and hence for taking reasonable st¢P.g for the prevention and detection of fraud and other irregulaTitie5. ON BEHALF OF THE BOARD: ThUSTEE Dated.. l May 2024 Page 3
WALTHAM ABBEY NON-EDUCATI NAL PAROCHIAL CHARJTtES Independent Examiner'5 Report to theTrustees of W<hamAbbey Non-Edlleational PHrochlal Charities I report to the chatity trustees on my examination of the financial st*ments of the Charity for the year end¢d 31 DeMber 2023 which cotnprise the Statement of Financial Activitie5. the Balance Sheet. the Statement of Cash Flows and related notes. This report is made solely to the charity's tn]ste¢s, as a body, in a¢¢ordan¢e with Section 145 of the Charities Act 2011. My work has been undertaken so that I might State to the charity'5 tr115tees thosc matters l am required to state to them in this report and ftsT no other PUTPOSe. To tlie fullest extent pertnitted by law, I do not accq)t or assume responsibility to anyone other tliaii the charity ajid the charity's trustee5 as 8 body. for my work, for this report, or for the opiiiions I liave formed. RespoDsibilitie5 ba515 of report As the trustees of the Charity you are responsible forthe pr¢paralion of the financial statements in aecoTdance with the requiTements of ihe Charities Act 2011 I'the Act'l. I report in respect of my examination of th¢ charity's financial statements carried out ullder seetion 145 of the Charities Aci 2011 ('the 2011 Act'l and iji carying out my exniation I liave followed all the applicable Directions given by the Charity Commission under section 14515Xbl of the 2011 Act. An independent examination does not tnvolve gathering all the evidence that would be required in &n audit and consequently does not ¢oveT all the matteTS that an auditor con5ide15 in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the litnited as5UTanc¢ that ai] independent examination can provide. Consequently l express no opinion as to whether the financial stat¢entS pres¢nt a 'true and fair. view and my report is limited to those spe¢ific matters set out Én the independent examiner's Statetnenl. Independent exAmiller S 5tatemeut I have ¢ompleted my examination. I confinn that no material matters have com¢ lo my attention in ¢onnection with the examination giving me ¢ause to believe that in any material respect: accounting record5 were not kept in respect of the charity as required by section 130 of the Act,. or
the financial statements do not accord with those rccord5,' or the financial statements do not comply with the applicable requirements concerning the forffl and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other Ilian any requireJiie]it that the accoutlts give a'true and fair view which is not a matter consid as part of an ind¢pend¢nt examination. I have no con¢erns and have come acmss no other matters in Connection with the examination to which atieiilioii sliould be diawn in iliib r¢port iii older lo enable a proper uiide151anding ufihc finanLial slalemerttb. to be reached. J A Ricker. FCA ICAEW AlnS LLP Chartered AwountPxnts Crown House 151 High Road Loughton Essex IG104LG Date.. Page 4
WALTHAM ABBEY NON-EDUCATIONAL PAROCHIAL cHARlEs STATII MENT or FINANCIAL AcrIvtTIES for tlie Year Ended 31 Deccmbcr 2023 Note Unrostricted General Deslgnated Restrlcted Total 2023 Total 2022 INCOME & END01ENTs FROM Charitabl¢ aeMvide5 Investmeiil Income 101,522 4.786 101,522 4,786 105.130 3,538 TOTAL INCOME 106308 106308 108 668 EXPENDITURE ON.. Charltable actlvltte5 118,872 118,872 117,857 TOTAL EXPENDITURE 118872 118.872 117,857 Net g#lttsl Oosse8) on Investmthts NET (EXPENDITUKKV tNCOME BEFORE TRANSFERS 112.564) 3.552 (9,0121 {14,218) TrHll5fers Bettyeen Fuuda 14 4,187 5,000 9.187 NET IEXPENDITUREY INCOME AFTER TRANSFERS BETWEEN FUNDS {8 J77) 5.000 15,635) {9.012) (14,2181 RECONCILIATION OF FLTr4DS: FUNDS BROUGHT FORWARD 13 63,802 144,380 440,373 648,555 662,773 FUNDS CARRIED FORWARD 55,425 149J80 434,738 039.543 648555 All illCOTne and expenditure has arisen from continuing activities. The notes form part of thcse financial statements Page 5
WALTHAM ABBEI Y NON-EDUCATIONAL PAROCHIAL CHARITIES BALANCE HEET As at 31 De¢embtr 2023 2023 2022 Not&% FIXTD ASSETS Housing and other property InVeMentS 10 502,335 110300 512,553 103 775 612,695 616,328 CURRENf ASSETS: Debtors and prepaytnents Cash at bank attd in hand 4,674 4.585 122.828 46.604 127.413 cREDORS". Amounts falling due witliin one year 12 NET CURRENT ASSETS." TOTAL ASSETS LESS LIABILITIES: 639 543 648.555 RESERVES: Uniestiicted'.- Income and expenditure accouut (General fund) Designated reserves 13 55,425 149,380 63,802 144,380 Restricted:. Endowrnenl fund Social Housing Grant fund Reva]uation reserve 205.993 192,926 205.993 202,113 639.543 648.555 The fJi)ancial st2t¢m¢nts wcr¢ approved ODd authorised for issue by the Board of Trustees on l May 2024 and were signed on its behalf by.. TRUSTEE.. The note5 foTtn part of these financial statejnellts Page 6
WALTHAM ABBEY NON-EDUCATIONAL PAROCUIAL CHARITIES STATEMENT OF CASM FLOWS for the Year Emd¢d 31 Deeemb¢r 2023 RECONCILIATION OF f4ET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net expellditure for the reportitlg period {as ptr the sthtemellt of finAnciAI getivities) Adjustments for". Depreciatioll charges Intere51 received Dividellds rece2ved IGain511105ses on investments {Increase) in debtors IncreaselldecTease) in creditors Lo&s on disposal of fixed assets (9,0121 (14,218) 30,102 (7631 14.0231 13.5521 (891 (75.4301 30,379 {155) 13.383) 5,029 {2,054) 87,035 6,964 Net Cash provided byl(used In) oper#don g¢tlvStles 162,7671 109,597 STATEMEIYT OF CASH FLOWS 2023 2022 C#sh fl07Ys from operating ttivlties: Casli generated from operations (See above) {62,7671 109,597 C8sh flows from inv¢$tillg ACtities. Jnt¢re$t rÈ¢¢lv¢d Dividend5 received DiTridend5 reinvested Purchase of tallgible fixed 8s5et$ 763 4.023 (3,0331 {19,8841 155 3,383 (2.421) (81,563) Net cash provided by investlng 9ttltieS (18,131) 180.446} CbAnge in cash and cash equivalents ill the Reporting period Casli and c&sli equivalent5 fit the beginlling or the reporting perlod (80,898) 29.151 122,828 93,677 C5h #nd e*$h equivilents 8t the end of the reporting period 41.930 122,828 The notes forrn part of these fjnancial 5tatetncnts Page 7
WALTUAM ABBEY NON.EDUCATIONAL PAROCHIAL CHARITIE NOTF.S TO TTIF, FANcIAl. STATFMENTS for tli¢ Year Ended 31 DeCeber 2023 ACCOtJNTING POLICIES Waltham Abbey Non Educational Paiochial Charities is a ChaTity registered in England & Wales, nusnber 213327, and is governed by a Scheme approved by the Charity commission dated 17 January 1963. Basls of Aceounting The account5 {financial Stateellts} of the cliarity have beell prepared on agoit]g conc£rn basis under the historical C05t convention, with the exception that investrnent5 are included at rnarket vallle. The aOunt5 have been PTepared in accordance with tlie Stalejnellt of Recommended Practice.. Accounting and Reportiiig applicable lo charities preparing their auounls in &c¢ordan¢e with the Financial Reporting Standard (FRS102) and applicable UK Accounting StandaTd5 and the Charities Act 2011 and UK Generally Accepted Practice as it applie5 from I January 2015. The financial statements have been prepared to give a 'irue and fair. view and have departed froin the Charities (Accounts ajd Reports) Regulations 2008 oiily to the extent required to provid¢ a 'true and fair view,. Thi% departure has involved following Accounting and Reporting by Chariiies preparing their a¢¢ounts in ac¢oTdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 Tather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2(K)5 which has sin¢e been withdrawn. The ChaTity meets the definition of a public entity under FRS 102. The financial statements are presented irt steTling which is the functional currency of the Charity and rounded to the nearest pound Going Concern Tlie fiiiancial statements have been prepared on a going Concern basis as the Trustees belicve that no material uncertainties exist. The Ttusiees have considered the level of funds held and the expected level of sllcoTne and expenditure foi 12 Enontlis fi.oni auth0ri5ing these financial 51ateineiit5. The budgeted income and expenditure 15 sufficient with the level of reserves for the Charity to be able to continue as a goiiig concern. Income and Endowments All income is recognised in the Statement ofFinan¢ial A¢iivttTeS when the charity 15 legally entitled to the income. R¢sid¢nt5' contributions (which include5 Service charge income) are accounted for in the period to whicli they relate. Expenditure and Bas1$ of Apportioning Costs All expenditure is accounted for on an accruals basis and has been cla5sifJed u]]der headings that aggregate all cost5 related to the category. Expenditure i5 recognised once tliere is a legal or constructive obligation to make payments to Ihird partie& it 15 probable that the settlement will be required and the amount of the obligat&on can be measured reliably. Charitable ex enditure Costs for the fiill year include the costs of refurbishment, mainlenan¢e and management of the property ld costs relating lo the general welfare ofihe re$idenls. All expenditure is Charged the fancial year to which il relalcs. Hou$lnE Propertles and Component Accounting The OTiginal Franci5 Greene A1rn5hou5e5 weTe coiistructed in 1626. Since there Is no preciEe record of the original C051, no value is attributed thereto. The cost of the Housing Properties relates lo improvements Caled out sin¢e 1992 whi¢h have heen funded hv Sthctal fffallt. a tnortEage loan seeiired bv H charge on the Alrnshniic properties. and from Èhe Charities own resources. Pagt 8
WALTHAM ABBEY NON-EDUCATIONAL PAROCHIAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2023 Housing Properties are slated al cost le&$ accllmulated depreciation and any impairtnent 105ses. Waltham Abbey Non-Edllcational Parochial Chorilies calculates depie¢iation by implementing coinponenl ac¢ounting. Estimated figur have been used where due to the elapse of tIe or the disproportionate cosl of ascertaiiiillg the figur, it has not been PDSsible io get actual infoTmation. This ealls that depreciation is charged based on the expected usefi]I life of e8ch component within the housing properti¢s as follows.. Freehold Property Building Warden Call syste Mains water conversion Kitchens & Bathrooms Communal lounge furniture FiTe Alarm systetn Comniun21 areas radiators Ele£tric htaling (all flats) totchen Flat Windows 20 year5 50 years 20 years 20 years 20 yeatS 10 years 20 years 20 years 20 years 20 years 30 yeaT5 Other T8ngible Fixed A55ets Plant and maehinery is stated 8t Cost less ac¢umulated depreciation and any impainnent losses. Assets are written off on a straight lin¢ basis over 5- 30 years. Major Repairs Costs of major repair4 unles5 representing improvements to the fabri¢ of the Hou.%ing Propert5e4 ar¢ Charged to the SOFA in the year in which they are iocurred. Impalrment At each Balance Sheet date. housing properties are assessed to deternine if there are indicators that the properties niay be inipasred iii valiie., if tliere are siicli ijidicators of snipairmeiit, theii 2 ¢onipari5013 of ihe properties, carrying value is compared to its recoverable amount is llndertaken. Any excess ovei the recoverable amount is reeogllised as an irnpairnient loss and ¢harg¢d 05 ¢xp¢nditurc in the SOF&. the caTryiThg value is reduced appropriately. Invt5tments Inveslmeiits are measured initially at COSt and subsequently at fair value (their market value} al the bal£n¢e sheet dale. The SOFA includes the net gains and losses arising on revaluations and disp05als throughoui the yeai. The trustees adopt a cautious investment policy so as to minitnise risk. Investrnents are monitored and reviewed by trustees on a regularbasTS. Social llousiRg GrAnt Social Housing Grant ISHG) was paid by the Housing Corporation to Teduce the cost of developtnellt. tn ac¢ordan¢¢ with Ihe Chariiy SORP (FRS 102) the SHG is recognised as income in the year of receipt and treated as a restricted fulld (Social Housing Grant Fund). This lld is r¢dllc¢d annually over the cxpe£ted use1 life of the building. The total SHG received was £459,349 and is repayable usually only if the property is dcmolished. The value of the grant would usually transfer with the property lo new owneT5 if 501d. Cash at bank in hand CRsh al bank and in hand includes current and bank deposii accounts with no withdrawal limitations. Credltors Creditors are recogni5ed where the charity ha5 a present obligation re%ultino from a pa81 event that will rUlt in tbe transfer of funds to a third paty and the amount due to settle the obligation can be measllred or estRtllated reliably. Creditors are re¢ognised at th¢ir settlernenl aTnount. Finajacial IDstrwllents Financial a&sets and fJnan¢ial liabilities are recognised in the statement of financial position when the Charity bectsmes a party to the contractual Provisions Of Ilie instrument. Trade {including renta]l and other debtors atjd creditors are classified as basic financial instruments and measured at initial recognition at transactjOD price. Debtors and credilors aTe subsequently measured at amortised ¢ost using the ¢ffe¢tive interest rate method. A provision 15 established when there is objective evidence that the Charity will not be able 10 collect all atnounts due. Page 9
WALTHAM ABBEY NON-EDUCATIONAL PAROCHIAL C&L4RITIES NOTES TO THE FINANCIAL STATEMENT for th¢ Y¢ar Ended 31 Dt¢ember 2023 C&sh and cas11 equivalents are classified as basic financial instrllrnents and comprise cash in hand and at bonk, shoil-term bank deposits with an oiiginal maturity of three months or less and bank overdrafts which are an integral part of th¢ Charity's Cash management. Fund accounting General funds are unrestricted funds which are available for use al the dis¢retion of the tNstees itl furtherance of the general objectives of the charity and which have not been designated for othei putpose5. The DesEgnated rc5erve eonsist5 tsf fund5 Set aside to meet m2inten2nce costs iii exce&s of annual budgeted expendituie. Resiri¢ted funds are funds wht¢h are to be used in accordance with specific Kstrictions imposed by donors or which have been raised by the charity for particulaT purposes. The c051 of raising and administering such fvnds are charged against the specific fund. ve Added Tax Waltham Abbey Non-Edu¢aiional Paro¢hial Charities is not rcgi5teied for VAT and in these fInancial statemetJt4 where applicable, eKpenditure shown is inclusive of VAT. STATEMENT OF FIF4ANCIAL ACTIVITIES (2022 COMPARATIVE) Ullre5tricted GenorRI Drsigngted Restrlcted Total 2022 INCOME & ENDOWMENTS FROM: Cbxritiblt A¢tlvldes 105,130 3,538 105.130 3,538 Inveslmeiil Income TOTAL INCOME 108,668 108.668 EXPENDITURE ON: Charltable attlvltl 117.857 117.857 TOTAL EXPENDITURE 117,857 117.857 Net losses on Investhaent &ssets 15.029) (5,029) NETIEXPENDITtJREyINCOME BEFORE TRANSFERS (9.189) {5,029) (14,218) TrY4D5fer5 Behveen Fund5 NET MOVEMENT FUNDS (5,0021 5,000 {14,216) (14,218) RECONCILIATION OF FitNDS: FUNDS BROUGHT foRWARD 68,804 139,380 454,589 662,773 FUNDS CARRtED FORWARD 648 555 Page 10
WALTHAM ABBEY NON-EDUCATIONAL PAROCHIAL CHARITIES NOTES TO THE FINANCIAL SI'ATEMENTS for tlie Year Etided JI December 2023 WEEKLY MAINTENANCE CONTRIBUI'IONS 2023 2022 Gross amount receivable Le55'. Void5 110,302 (8.780) 101,522 105.713 (583) 105.130 INfEREST RECEIVABLE AND SIMILAR INCOME 2023 2022 Dividends tnterest ieceived 4,023 763 3,383 155 4.786 3.538 TRUSTEES, AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES The Trustees, who comprise all the Key Management Personnel of the Chaiity, neither received nor waived any retnuneration during the year (2022.. £nil). The Trustees did not have any expense5 reitnbursed during the year 12022.. £nil). Harrison Housing were employed by the Trustees tg act as the Managing Agent for the charity and are responsible for day-to-day administraithon. Employte$ There were no employees in 2023 (2022.. Nil). LXPENDITURE OIY CHARITABLE ACTIvrrIES Direct Expenditure 2023 2022 Repatrs & maintenance Repaiis- void8 Gardening Lighting & heating and water Property opeTating costs Bad Debts Insurance Depreciation Loss on disposal of fixed assets Support costs (see below) Govetnance costs (see below) 25.965 8,501 1,305 10,587 1,392 18,273 19 1,950 11.366 3.549 5,666 2,769 30,379 6,964 33,622 3,300 2,785 30,102 34.770 3,465 118,872 117,857 Page 11
WALTHAM ABBEY NON-EDUCATIONAL PAROCHIAL CUAIUTIES NOTES TO THE FtNANCIAL STATEMENTS for the Year Ended 31 DeceThber 2023 6. EXPEIYDITURE ON CHARITABLE AcfivITIES (connUed) Support Costs 2023 2022 Management Fee Other expenditure 32,296 2,474 30,506 3,116 33,622 34,770 Govern8nee c05t5 2023 2022 Independent Examiner's fees 3,465 3,465 3,300 3,300 TAXATiof4 The charity is a registered charity and as such its income and gains falling within section 471 to 489 of th CotPtsTalion Tax a¢t 2010 or section 256 of the Taxation of ChaTgeable Gains A¢t 1992 are exeTnpt from corpordtion tax to the extent thai they aTe applied to its cbaritable objeetivcs. FIXED ASSET IF4VESTMENTS 2023 Msrket Value 2023 2022 Market VAlue 2022 Cost Cost ItLvestJllents comprise the fouowing: 1,244 COIF Income Sliares cotF Deposit Fund M&G Charity Asset IncoTne Fund M&G Charity Asset Accumulation Fund 31 December 24,687 11,720 7,376 66,577 110,360 5,748 11,710 2.843 19,982 40,283 22.610 11,228 7.252 62.685 5.739 11,228 2,843 17.441 37.251 103,775 2023 2022 Mork¢t Value: l January Accumulaied Income reinvested I Inrealised gainqlllo%8e4) 31 December 103.775 3,033 106,383 2.421 15 0?9) 103.775 110,360 The orig2nal Cost of investrnents cannot be aseertained, 50 they have b¢en stated at their values ¢)n l April 1988. Additional inveslmenis since that dale are valued ai Cosi. Page 12
WALTHAM ABBEY NON-EDUCATIONAL PAROCHIAL CBARITIES NOTES TO THE FTNANCIAL STATEMENTS for the Year Ended 31 Deccniber 2023 INVEsfMEIYT REVALUATIOF4 RKSERVE 2023 2022 Balance brought ftsTward UnTeali5ed gain51{Iosses) Balance carried forward 32,267 3,552 35,819 37.296 (5,029) 32,267 10. TANGIBLE FIXED ASSETS Freeho Housing Pro New Build ert Plaiil & Total COST OR VALUATION: Ai l January 2023 Addition5 807,882 40,487 236.778 1,085,147 19,884 At 31 December 2023 807,882 40,487 256,662 1,105,031 DEPRECIATION: At l January 2023 Charg¢ for year 472,469 16,156 40,487 59,638 13,946 572.594 At 31 December 2023 488,625 40,487 73,584 602,696 NET JIOOK VALUE: At JI D¢ceinb¢r 202J 319 257 183 078 502 335 Al 31 December 2022 335,413 177.140 512553 ii. DEBTORS: AMOUNfs FALLNG DUE WITHIN ONE YEAR 2023 2022 Weekly maintenance contributions Less.. Bad Debi Provision Prepayments 6.501 14,1001 2.273 4.674 7,126 (4,1001 1.559 4,585 Page 13
WALTHAM ABBEY NON-EDUCATIONAL PAROCHIAL CHAIUTIES NOTES TO TIIE fiIf%'ANCIAL sTATENTs for the Year Ended 31 Decejllber 2023 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors Accrllals 11,041 8.715 19,756 86,704 8.482 95.186 13. RESERVES Funds bHlances 31.12.22 Income Expendlture Gain51{1055es) Transfers on betTrveen funds Funds nVesents 31.12.23 General funds 63,802 106,308 60,380 84,000 205,993 Social Housing Grant Fund 202.113 Revaluation Reserve 32,267 648,555 (118,872) 4.187 55,425 60,380 89,000 205,993 (9.187) 192,926 35,819 639,543 Designated ERF Designated CMF Endowment Fund 5,0(K) 3.552 3,552 106,308 {118,8721 Funds balance5 31.12.21 in¢owe Expendlture GAin51005ses) Transfers on between InVe$thIets funds Fund5 balgllt¢s 31.12.22 General funds 68.804 108,668 Designated ERF 60.380 D¢5ignaled CMF 79,000 Eiidowrnenl Fiind 205,993 Social Housing GTant Fund 211,300 Revaluation Reserve 37.296 662,773 108.668 (117,857) 4,187 63,802 60.380 84,000 ?05.993 (9,187) 202,113 32,267 648,555 5,000 15,029) 15.029) {117.8571 Page 14
WALTHAM ABBEY NON-EDUCATIONAL PAROCHIAL CHARITIES NOTEI S TO THE FINIINCIAL STATEMEN for the Year Endeil 31 December 2023 Analysis of net assets by funds.. Fixed sets Current &$$ets Current Ilabilities P4et amet$ General funds Desig]]aied ERF Designated CMF Elldowtnent SI4G Fund Reva]uation Reserves 28,577 60.380 89,000 205.993 192,926 35,819 612.695 46,604 119,7561 55,425 60,380 89.000 205.993 192,926 35.819 639,543 46.604 {19,756) The DesIated rcserve collsists of fU[S set aside to meet maintenance costs in excess of annual budgeted expenditure. 14. CAPITAL COMMrrMET4TS At 31 Decelnber 2023 and 2022, there were no contracted capital Commitments. At 31 December 2023 capital commitmtnts outhorised but not contTacted were £nil {2022.. £nil). IS. HOUSING STOCK There were I l ututs under management at 31 December 2023 {2022.' 1 l units) 16. RELATED PARTY TRANSACTIONS There were no related party transactions either this year or last year. Page 15