Charity number: 223491 ELTHAM UNITED CHARITIES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
ELTHAM UNITED CHARITIES CONTENTS Page Reference and administrative details of the charity. its Trustees and advlsers Trustees. report Indepgndent auditors. report on the financial statements Statement of financial activities Balance sheet Notes to the financial statements 10-22
ELTHAM UNITED CHARITIES REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Dr N B A Chase {resigned 12 June 20241 Mr R J Chichester Mrs A J Grant Mr P Sowden Mr S Drury Mrs V Lazellari Dr M Mather Cllr Mrs L Bird Cllr Mr S 8ackon {appoinled 26 May 2023, resigned 12 September 20241 Charity registered number 223491 Principal office Trinity House 3 Bullace Lane Darrford Kent DA1 1BB Independent auditors Sargeanl Partnership LLP Chartered Accountants and Slalutory Auditors 5 While Oak Square London Road Swanley Kent BR8 7AG Bankers Barclays Leicester LE87 2BB Solicitors Wykeham-Hurford Sheppard & Son Ltd 3B High Street Chislehursl Kent BR7 SAB Page 1
ELTHAM UNITED CHARITIES TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Tnjslees present their annual report together with the audited financial statements of the Ellham United Charities for the year from 1 January 2023 to 31 December 2023. Objectives and activities Policies and objectives The charity's activities is the housing and welfare of individuals who on retirement find il financially and socially difficult lo live on Iheir reduced income. In selling objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo public benefit, including the guidance 'PiJblic benefit.. running a charity IPB21'. Achievements and performance Key performance indlcators The income 15 reviewed to ensure the assets are appfoprialely invested. Review of activitigs The charitys activities remained unaltered during 2023, its priority being the housing and welfare of individuals who on retirement find it financially and socially difficult lo live on their reduced income. The almshouse has twenty units for occupation of which seventeen are occupied and three are being refurbished. The charity also maintains ils policy of continuous repair. During the year a fire broke out in the laundry room and due lo the quick action of the onsite manager the fire was contained and nobody was injured although the laundry room was completely gulled. The refurbishment work was covered under the insurance policy and the Trustees look advantage lo upgrade the machines. The Charills overall objectives have again been successfully implemented and there is a strong community spirit amongst the almspeople, well 5UPPOrted by the Trustees and the ManageT. Flnancial review Going concem After making appropriate enqL*iries, the Trustees have a reasonable expectation that the charity has adequate iesources lo continue in operational existence for the foreseeable future. For this reason, Ihey continue lo adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Structure, governance and management Constitution Ellham United Charities is a registered charity. number 223491, and is constiluled under a Trust deed. The principal object of the charity is lo provide free accommodation for retired persons on restricted income who reside in the parish of Ellham and Mollingham. Methods of appointmgnt or elgction of Trustees The management of the charity is the responsibility of the Trustees who are elected and CopIed under the terms of the Trust deed dated 9th July 1907 and subsequent amendments. Page 2
ELTHAM UNITED CHARITIES TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2023 StruGturgJ govemance and management Icontlnued) • Organisational structure and declslon-maklng policies The day lo day management is performed by the onsite Manager and the financial management is administered by the Clerk in conjunction with the Trustees. The Trustees now meet every month in the Trustees, room al Fifteenpenny Fields. Plans for future perlods The Trustees, aim is for the charity lo continue the maintenance of the almshouse 2nd lo maximise occupancy of the units. In addition the Trustees are reviewing the property portfolio and refurbish where necessary so that the income stream is maintained. Since the year end the Charity has contracted property refurbishment costs of £120,000 with further costs anlicipaled of £20,000. Statement of Trustggs. responsibilities The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees lo prepare financial slalemenls for each financial which give a true and fair view of the stale of affairs of the charity and of its incoming resources and application of resources, including its income and experidilure, for that period. In preparing these financial stalemenls, the Trustees are required lo.. select suitsble accounting policies and then apply them consislenlly.. observe the methods and principles of the Charities SORP IFRS 1021.. make jijdgmenls and accounting estimates that are reasonable and prudent", slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial sialemenls., prepare the financial stslemenls on the going concern basis unless il is inappropriate to presume Ihat the charity will continue in business. The Trustees are responsible for keeping adequate accotjnting records that are sufficient to show and explain the charills transactions and disclose with reasonable accuracy al any lime the financi81 position of the charity and enable them lo 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. Dis¢losure of infonnatlon to audltors Each of the persons who are Trustees al the lime when this Trustees. report is approved has confirmed Ih21'. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Truslee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Page 3
ELTHAM UNITED CHARITIES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Auditors We are pleased lo appoint Sargeanl Partnership LLP as our auditors, who have indicated their willingness lo continue in office_ The designated Trustees will propose a motion reappointing the auditors al a meeting of the Iruslees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Cllr Mrs L Bird Trustee Mr P Sowden Trustee Dale.. Page 4
ELTHAM UNITED CHARITIES REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ELTHAM UNITED CHARITIES Opinion We have audited the financial slalemenls of Ellham United Charities (the "Charity") for the year ended 31 December 2023, which comprise the Slalement of Financial Aclivilies, the Balance Sheet and notes to the financial slalemenls, including a summary of signrficanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial stalemenls.. give a true and fair view of the stale of the charilWs affairs as at 31 December 2023 and of ils incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accountin9 Practice,. and have been prepared in accordance with the requiremenls of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUK}} and applicable law. Our responsibilities under those standards are further described in Ihe Auditors. responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charity in accordance with the ethical iequiremenls that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions rolating lo going concern In auditing the financial slalemenls, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not idenlrfied any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other information. The other Information comprises the information included in the Annual Report, other than the financial slalemenls and our Report of the Independent Auditors thereon. Our opinion on the financial slalemenls does not cover the other information and. except lo the exlenl otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial slalements. our responsibility is lo read the other information and. in doing so, Consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or olhermse appears lo be materially misslaled. If we idenlrfy such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a material misstalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other infofmalion, we are required to report that fact. We have nothing to report in this regard. Page 5
ELTHAM UNITED CHARITIES REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ELTHAM UNITED CHARITIES Matters on which we are requlred to report by exception We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us lo report lo you rf, in our opinion.. the information given in the Tru51ees' report is inconsistent in any material respect with the financial slalemenls., or sufficient accounting records have not been kept., or the financial slalements are not in agreement with the accounting records and returns-, or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Slalemenl of Trustees, Responsibilities statement, the Trustees are responsible for the preparalion of the financial slalemenls which give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial slalemenls that are free from material misstatement, whether due lo fraud or error. In preparing the financial stalemenls, the Trustees are responsible for assessing the charity's ability lo conlinue 8s a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charity or to cease operations, or have no realistic allerr)alive bul lo do so. Our responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslatemenl, whether due to fraud or error, and lo issue a Report of the Independent Auditors, that includes our opinion, Reasonable assurance is a high level of assurance, bul is nol a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when il exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. The exlenl to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Explanatlon as to what extent the audlt was considored capable of dettIng irregularities, includlng fraud The objectives of our aueil are lo identify and assess the risks of material misstatement of the financial slalemenls dLJe to fraud or error., lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due lo fraLFd or error., and lo respond appropriately lo those risks. Owing lo the inherent limitations of an audit, there is an unavoidable risk that malerial misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA'S (UK). In identifying and assessing risks of material misslalement in respect of irregularities including, fraud and noncompliance with laws and regulations, our procedures included the following.. -we obtained an understanding of the legal and regulatory frameworks applicable lo the charity and the sector in which they operate. We determined that the following laws and regulations were most signrficant.. the Charites Act2011. Page 6
ELTHAM UNITED CHARITIES REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF ELTHAM UNITED CHARITIES -we obtsined an understanding of how the Charity is complwng with those legal and regulatory frameworks by making inquiries to the management and Trustees. We corioboraled our inquiries through our review of papers provided lo the audit engagement team. -we assessed the susceplibilily of the CharilYs financial slalements to material misslalemenl, including how fraud might occur. Audit procedures performed by the audit engagement team included: al Idenlrfying and assessing the design effectiveness of conliols management has PLtI in place lo prevent and etecl fraud., bl Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process., cl Challenging assumptions ane judgements made by management in ils signrficanl accounting eslimales.. dl Identifying and testing journal entries, in particular any journal entries posled with unusual accounl combinations.. and el Assessing the extent of compliance with the relevant laws and regulations. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al www.frc.org.uklaudilorsresponsibilities. This description forms part of our ReFM)rt of the Independent Auditors. Use of our report This report is made solely lo the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's Trustees those matters we are required lo stale to them In an auditors, report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume re5ponsibilily to anyone other than the ch8rily ané the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Sargeant Partnership LLP Chartered Accounlanls and Slalutory Auditors 5 While Oak Square London Road Swanley Kent BR8 7AG Date.. Ib lio laoa4- Page 7
ELTHAM UNITED CHARITIES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Endowment funds 2023 Restricted funds 2023 Unreslricled funds 2023 Total funds 2023 Total funds 2022 Note Income and endowments from: Donations and legacies Investments Other income 120 157,286 120 269,960 6,190 236,764 36 112,644 30 Total in¢omg and endowments 112,644 30 157,406 270,080 242,990 Expenditurg on.. Raising funds Charitable aclivilies 5,125 6,185 13,046 175,230 18,171 181,415 27,919 170,079 Total expenditure 11,310 188,276 199,586 197,998 Net incomellexpenditure) before net gains on investments Nel gains on investments 101,334 30 (30,8701 70,494 44,992 2,523,287 66,121 2,589,408 341,196 Net income Transfers between funds 2.624,621 35,251 2,659,902 386,188 17 {37,382} 37.382 Net movement in funds 2,587,239 72,633 2,659,902 386,188 Reconciliation of funds: Total funds brought forward Net movement in funds 10,773,608 2,587,239 4,836 974,667 72.633 11,753.111 2,659,902 11,366,923 386,188 Total funds carried forward 13,360,847 4,866 1,047,300 14,413,013 11,753,111 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 22 form part of these financial statements. Page 8
ELTHAM UNITED CHARITIES BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets Investments Investment propety 12 197,954 4,059,035 9,848,500 204,139 3,794,394 7,420,500 14 14,105,489 11.419,033 Current assets Debtors 12,991 313,661 11,296 337,231 Cash at bank and in hand 326,652 348.527 Creditors.. amounts falling due within one year 16 119,1281 (14,449} Net current assets 307,524 334,078 Total assets less current1Sabilltles 14.413,013 11,753,111 Total net assots 14,413,013 11,753,111 Charity funds Endowment funds 13,360,847 4,866 1,047,300 10,773,608 4,836 974,667 Reslricled funds Unreslricled funds 17 Total funds 14,413,013 11,753,111 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Cllr Mrs L Bird Trustee Mr P Sowrlen Trustee Dale: The notes on pages 10 10 22 form part of these financial statements. Page 9
ELTHAM UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 General infomiation Eltham United Charities is a charity registered in the UK under number 223491 and operates from Frfleenpenny Fields, 8 Blunt Road, Eltham, London SE9 1 HT Accounting po5icies 2.1 Basls of preparation of financial statements The financial statements have been prepared in accordance wlh the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191, the Financial Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared lo give a 'lrue and fair. view and have departed from the Charities IAccounts and Reports) Regulations 2008 only lo the exlenl required lo provide a 'lrue and fair. view. This departure ha5 involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Ellham United Charities meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction v8lue unless otherwise slated in the relevant accounting policy. 2.2 Going Concern Al the lime of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the forseeable future. In assessing the charills ability lo remain a going concern, the Trustees have considered the level of future minimum oulgoings of the charity in comparison with the available funds and expected future incomings. Thus the Trustees continue to adopt the going conrn basis of accounting in preparing the financial slatemenls. 2.3 Income All income is recognised the charity has enlillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Other income is recognised in the period in which il Is receivable and to the exlenl the goods have been provided or on completion of the service. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo Ifansfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lolal of direct costs ané shared costs, including support costs involved in undertaking each activity. Direct costs allribulable to a single activity are allocated directly lo that activity. Shared costs which conlribule lo more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consislenl wth the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the chaTity lo raise funds for its charitable purposes and includes costs of all fundraising aclivilies events and non-charilable trading. Page 10
ELTHAM UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles (continued) 2.4 Expenditure {continued> Expenditure on charitable activities is incurred on direclly undertaking the activities which further the harity's objectives, as well as any associated support costs. 2.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amounl can be measured reliably by the charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangible fixed assets and dgpreciation Tangible fixed assets are initially recognised al cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the slraighl-line method. Depreciation is provided on the following basis.. Freehold property 2.kn slraighl line 2.7 Invastments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value al the Balance sheet date, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on inveslmenls. in the Slalemenl of financial activities. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past event, it is probable Ihat a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anlicipales il will pay lo sellle the debt or the amount it has received as advanced payments for the goods or services il musl provide. Provisions are measured al the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specrfic lo the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. Page11
ELTHAM UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles {contlnued} 2.11 Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify a5 basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measureé al their selllemenl value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.12 Pensions The charity operates a ¢Yefined contribution pension scheme and the pension charge represents the amounts payable by the charily to the fund in respect of the year. 2.13 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Reslricled funds are funds which are lo be used in accordance with specrfic restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocated lo the appropriate fund. Income from donations and legacies Unreslricled funds 2023 Total funds 2023 Donations 120 120 Unreslricled funds 2022 Total funds 2022 Donations 6,190 6,190 Page 12
ELTHAM UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment income Endowment funds 2023 Reslricled Unreslricte funds funds 2023 2023 Total funds 2023 Investment income - local investment properties Income from local listed investments Investment income- local cash 123,895 23,246 10,145 123,895 135,408 10,657 112,162 482 30 112,644 157,286 269,960 Endowment funds 2022 Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Investment income- local investment properties Income from local listed investments Investment income - local cash 111,563 21,691 2,224 111,563 122,974 2,227 101.283 101,283 135,478 236,764 Other incoming resources Totsl funds 2023 Registration fees Unreslricled funds 2022 Total funds 2022 Registration fees 36 36 Page 13
ELTHAM UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment managemgnt costs Endowment Unrestricted funds funds 2023 2023 Total funds 2023 Investment property insurance Investment property repairs Investment property administration fees Investment property rates and water Stockbroker administration fee 2,741 7,503 360 73 2.369 2,741 7,503 360 73 7,494 5,125 5,125 13,046 18,171 Endowment Unreslricled fLJnds funds 2022 2022 Total funds 2022 Investment property insurance Investment propety repairs Investment propety administration fees Stockbroker administration fee 2,435 17.463 540 2,435 17,463 5.156 2,325 7.481 5,156 22,763 27,919 Analysls of expenditure on charitabla activities Summary byfund type Endowment Unrestricted funds funds 2023 2023 Total 2023 Amspersons 6,185 175,230 181,415 Endowment Unreslricled funds funds 2022 2022 Total 2022 Almspersons 6,186 163,893 170,079 Page 14
ELTHAM UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of gxpenditure by activities Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Amspersons 147,388 34,027 181,415 Activities undertaken directly 2022 Support costs 2022 Total funds 2022 Almspersons 143,666 26,413 170,079 Analysis of direct Costs Total funds 2023 Total funds 2022 Staff costs 17,225 6,185 700 7,098 6,462 103,912 4,982 15,796 6,186 675 5,759 6.093 100,392 4,284 630 1,003 2,848 Depreciation Pensions & grants Rates & water Light & heal Repairs & maintenance Professional Office expenses Social events & Christmas gifts Training costs 824 147,388 143,666 Page15
ELTHAM UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expgnditure by activities (continued) Analysis of support costs Total funds 2023 Total funds 2022 Staff costs Insurance Accountancy Auditor fees Professional Telephone Office expenses Governance costs 15,805 1.853 1,620 7,200 4,577 765 2,196 14,505 1,678 1,560 6,082 627 1,051 910 34,027 26,413 Auditors. remuneration The auditors. remuneration amounts lo an auditor fee of £7,20012022- £ -). 10. Staff costs 2023 2022 Wages and salaries Contribution lo defined contribution pension schemes 31,643 1,387 29,013 1,290 33,030 30,303 The average number of persons employed by the charity during the year was as follows.. 2023 No. 2022 No. Management staff No employee received remuneration amounting to more than £60,000 in either year. 11. Trustees, remuneration and expgnses During the year, no Tnjstees received any remuneraliori or other benefits12022 - £NILI. Page 16
ELTHAM UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Trustees. remuneration and expenses Icontinuedl During the year, no Trustee expenses have been incurred12022 - £NILI. 12. Tanglble flxed assets Freehold property Cost or valuation Al 1 January 2023 309,297 Al 31 Decembei 2023 309,297 Depreciation At 1 January2023 Charge for the year 105,158 6,185 At 31 December 2023 111,343 Net book value At 31 Dernber 2023 197,954 Al 31 December 2022 204,139 13. Investrnent property Freehold investment property Valuation At 1 January 2023 Surplus on revaluation 7,420,500 2,428,000 At 31 December 2023 9,848,$00 With regard lo the investrnent property at Keightley Drive, and research into the leases, there was an unrecorded part of Keighlley Drive eslale which comprises 66 flats and rnaisoneltes held by London and Quatrant Housing Trust under a ground lease from the Charity expiring in September 2048. There is a reversionary value attached lo these flals and maisonetles when the lease expires in 2048, therefore the updated information relating lo the properties which are held under 5ub-le8ses has resulted in a corrected basis of valuation increasing the sum staled by £2,312,000. Page 17
ELTHAM UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Investment property (continued) The 2023 valuations were made by I Skinner FNAVA of Bernard H Skinner & Co, on an open market value for existing use basis. 14. Flxed asset investments Listed investments Cost or valuation Al 1 January 2023 Additions Disposals Revaluations 3,794,394 247,308 1155,6841 173,018 Al 31 December 2023 4.059,035 15. Debtors 2023 2022 Due within one year Prepayments and accrued income 12,991 11,296 12,991 11,296 16. Crgditors.. Amounts falllng due wlthln one year 2023 2022 Trade creditors Other creditors 1.213 17,915 1,213 13,236 19,128 14,449 Page 18
ELTHAM UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statomgnt of funds Statgmgnt of funds- current year Balance al 31 December 2023 Balance al 1 January 2023 Transfers inlout Gainsl (Losses) Income Expenditure Unrestrlcted funds General Funds - all funds 974,667 157,406 1188,276} 37,382 66,121 1,047,300 Endowment funds Special range fund General fund capital account 10,186,207 75,262 (6,1851 137,382} 2,523,287 12,741,189 587,401 37,382 {5,1251 619,658 10,773,608 112,644 111,3101 137,3821 2,523,287 13,360,847 Restricted funds Thomasin Sampson lapprenticingl charity fund 4,836 30 4,866 Total of funds 11,753,111 270,080 1199,5861 2.589,408 14.413,013 Page 19
ELTHAM UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Stalgment of funds Icontlnued) Statement of funds - prlor year Balance al 31 December 2022 Balance at 1 January 2022 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds General Funds - 211 funds 1,071,671 141,704 1186,656} 32,503 184,5551 974,667 Endowment fund$ Special range fund General fund capital account 9,697,862 68.780 16.186) 425,751 10,186,207 592,557 32.503 15.1561 132,503) 587,401 10.290,419 101.283 111,3421 132,5031 425,751 10,773,608 Restricted funds Thomasin Samp50 lapprenlieing} charity fund 4,833 4,836 Total of funds 11,366,923 242,990 {197,9981 341.196 11,753,111 Page 20
ELTHAM UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Summary of funds Sumrnary of funds - current year Balance al 31 December 2023 Balance al 1 January 2023 Transfers inlout Gainsl {Lossesl Income Expenditure General funds Endowment funds Reslricled funds 974,667 157,406 1188,2761 37,382 66,121 1,047,300 10,773,608 4,836 112,644 30 111,3101 137,382} 2,523,287 13,360,847 4,866 11,753,111 270,080 1199,5861 2,589,408 14,413,013 Summary of funds - prior year Balance at 31 December 2022 Balance al 1 January 2022 Transfers inloul Gainsl (Losses) Income Expenditure General funds Endowment funds 1,071,671 141,704 1186,656) 32,503 {84,5551 974,667 10,290,419 4,833 101,283 111,3421 132,5031 425,751 10,773,608 4,836 Restricted funds 11,366,923 242,990 1197,998} 341,196 11,753,111 19. AnaIlS of net assets between funds Analysis of nèt assets between funds - current year Endowment funds 2023 Restricted Unre51ri¢led fLJnds funds 2023 2023 Total fLJnds 2023 Tangible fixed assets Fixed asset investments 197,954 3,225,300 9,848,500 107.621 118,5281 197,954 4,059,035 9,848,500 326,652 119,1281 833,735 Investment property Current assets Creditors due within one year 4,866 214,165 16001 Total 13,360,847 4,866 1,047,300 14,413,013 Page 21
ELTHAM UNITED CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Analysis of net assets between funds Icontinuod) Analysis of net assets between funds - prior year Endowment funds 2022 Restricted Unrestricted funds funds 2022 2022 To121 funds 2022 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due wthin one year 204.139 3,036.451 7,420,500 126,967 {14.4491 204,139 3,794,394 7,420,500 348,527 114,4491 757,943 4.836 216,724 Total 10,773.608 4,836 974,667 11,753,111 20. Capltal Commltments Since the year end the Charity has contracted propety refurbishment costs of £120.000 with further costs anlicipaled of £20,000. 21. Pension commitments The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity lo the fund and amounted lo £1,38712022 - £1,290). Contributions lotaling £Nil 12022 £Nill were payable to the fund al the balance sheet dale and are included in creditors. Page 22