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2024-12-31-accounts

Charity number.. 223491 ELTHAM UNITED CHARITIES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ELTHAM UNITED CHARITIES

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 4
Independent auditors' report on the financial statements 5 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 23

ELTHAM UNITED CHARITIES

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Dr N B A Chase (resigned 12 June 2024) Mr R J Chichester Mrs A J Grant (resigned 12 February 2025) Mr P Sowden Mr S Drury Mrs V Lazellari Dr M Mather Cllr Mrs L Bird (resigned 14 May 2025) Cllr Mr S Backon (resigned 12 September 2024) L McLean Wait (appointed 12 February 2025) Dr M Grinfeld (appointed 14 May 2025) Ms D Fowler (appointed 14 May 2025) Cllr S Peirce (appointed 14 May 2025)

Charity registered
number 223491
Principal office Trinity House
3 Bullace Lane
Dartford
Kent
DA1 1BB
Independent auditors Sargeant Partnership Limited
Chartered Accountants and Statutory Auditors
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG
Bankers Barclays
Leicester
LE87 2BB
Solicitors Wykeham-Hurford Sheppard & Son Ltd
3B High Street
Chislehurst
Kent
BR7 5AB

Page 1

ELTHAM UNITED CHARITIES

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the audited financial statements of the Eltham United Charities for the year from 1 January 2024 to 31 December 2024.

Objectives and activities

Policies and objectives

The Charity's activities is the housing and welfare of individuals who on retirement find it financially and socially difficult to live on their reduced income.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

Key performance indicators

The income is reviewed to ensure the assets are appropriately invested.

Review of activities

The Charity's activities remained unaltered during 2024, its priority being the housing and welfare of individuals who on retirement find it financially and socially difficult to live on their reduced income. The almshouse has twenty units for occupation of which eighteen are occupied, one is a guest room and one is being refurbished. The Charity also maintains its policy of continuous repair.

The Charity's overall objectives have again been successfully implemented and there is a strong community spirit amongst the almspeople, well supported by the Trustees and the Manager.

Financial review

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to 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

Eltham United Charities is a registered Charity, number 223491, and is constituted under a Trust deed. The principal object of the Charity is to provide free accommodation for retired persons on restricted income who reside in the parish of Eltham and Mottingham.

Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed dated 9th July 1907 and subsequent amendments.

Page 2

ELTHAM UNITED CHARITIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management (continued)

Organisational structure and decision-making policies

The day to 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 at Fifteenpenny Fields.

Plans for future periods

The Trustees' aim is for the Charity to continue the maintenance of the almshouse and to 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.

Statement of Trustees' 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 to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Page 3

ELTHAM UNITED CHARITIES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors

We are pleased to appoint Sargeant Partnership Limited as our auditors, who have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

P Sowden Trustee Date: 13 August 2025

L McLean Wait Trustee

Page 4

ELTHAM UNITED CHARITIES

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF ELTHAM UNITED CHARITIES

Opinion

We have audited the financial statements of Eltham United Charities (the "Charity") for the year ended 31 December 2024, which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to 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 to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to 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 statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 5

ELTHAM UNITED CHARITIES

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF ELTHAM UNITED CHARITIES

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to 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 to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors' that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material 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 misstatement 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 to the Charity and the sector in which they operate. We determined that the following laws and regulations were most significant: the Charites Act 2011.

Page 6

ELTHAM UNITED CHARITIES

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF ELTHAM UNITED CHARITIES

-We obtained an understanding of how the Charity is complying with those legal and regulatory frameworks by making inquiries to the management and Trustees. We corroborated our inquiries through our review of papers provided to the audit engagement team.

-We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

a) Identifying and assessing the design effectiveness of controls management has put in place to prevent and detect fraud;

b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

c) Challenging assumptions and judgements made by management in its significant accounting estimates and evaluating the appropriateness of accounting policies used.

d) Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations: and

e) Assessing the extent of compliance with the relevant laws and regulations.

f) Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting based on audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast a significant doubt on the Charity's ability to continue as a going concern.

g) Evaluate the overall presentation, structure and content of the financial statements, including disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to 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 state to the Charity's Trustees those matters we are required to state to them in an auditors' report and for no other purpose.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Sargeant Partnership Limited

Chartered Accountants and Statutory Auditors 5 White Oak Square London Road Swanley Kent BR8 7AG

26 August 2025

Page 7

ELTHAM UNITED CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income and
endowments from:
Donations and
legacies
3
Investments
4
Total income and
endowments
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net
income/(expenditure
) before net gains on
investments
Net gains on
investments
Net income
Transfers between
funds
17
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in
funds
Total funds carried
forward		 Endowment
funds
2024
£
-
120,084
120,084
5,210
6,185
11,395
108,689
1,108,176
1,216,865
(34,118)
1,182,747
13,360,847
1,182,747
14,543,594		 Restricted
funds
2024
£
-
48
48
-
-
-
48
-
48
-
48
4,866
48
4,914		 Unrestricted
funds
2024
£
800
158,303
159,103
16,308
152,974
169,282
(10,179)
67,262
57,083
34,118
91,201
1,047,300
91,201
1,138,501		 Total
funds
2024
£
800
278,435
279,235
21,518
159,159
180,677
98,558
1,175,438
1,273,996
-
1,273,996
14,413,013
1,273,996
15,687,009		 As restated
Total
funds
2023
£
120
269,960
270,080
18,171
181,415
199,586
70,494
2,589,408
2,659,902
-
2,659,902
11,753,111
2,659,902
14,413,013

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 10 to 23 form part of these financial statements.

Page 8

ELTHAM UNITED CHARITIES

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
11
Investments
13
Investment property
12
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
17
Restricted funds
17
Unrestricted funds
17
Total funds		 13,230
328,234
341,464
(21,574)		 2024
£
191,769
4,218,850
10,956,500
15,367,119
319,890
15,687,009
15,687,009
14,543,594
4,914
1,138,501
15,687,009		 12,991
313,661
326,652
(19,128)		 As restated
2023
£
197,954
4,059,035
9,848,500
14,105,489
307,524
14,413,013
14,413,013
13,360,847
4,866
1,047,300
14,413,013

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

P Sowden Trustee

L McLean Wait Trustee

Date: 13 August 2025

The notes on pages 10 to 23 form part of these financial statements.

Page 9

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

Eltham United Charities is a charity registered in the UK under number 223491 and operates from Fifteenpenny Fields, 8 Blunt Road, Eltham, London SE9 1HT

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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 the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Eltham United Charities meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the forseeable future. In assessing the Charity's ability to remain a going concern, the Trustees have considered the level of future minimum outgoings of the Charity in comparison with the available funds and expected future incomings. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it 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 total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Page 10

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount 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 depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to 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 straight-line method.

Depreciation is provided on the following basis:

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that 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 anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

Page 11

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.13 Fund accounting

Endowment funds are funds of the original local charities amalgamated by the Charity Commission on 9 July 1907 to form Eltham United Charities. The Endowment funds consist of two funds;-Special Range Fund whose income from quoted investments is accumulating by order of the Charity Commission dated 5 August 1964 for 97 years and General Capital Fund whose income can be transferred at the discretion of the Trustees to the general funds.

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. The funds at 31 December 2024 represent accumulation of income which have yet to be designated for other purposes.

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 costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.14 Critical Accounting Judgements and Key Sources of Estimation Uncertainty

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Tangible fixed assets-the Charity has tangible fixed assets with a carrying value of £191,769 at the reporting date (note 11). These assets are stated at their cost less provision for depreciation and impairment.

Depreciation is provided at rates calculated to write off the cost or valuation of tangible fixed assets over each asset's expected useful life. The Charity regularly reassesses the useful economic life of its freehold properties. When acquired the useful life of the main structures was assessed to be 50 years.

Investment properties-the Charity holds investment properties with a fair value of £10,956,500 at 31/12/2024. In order to determine the fair value of investment property, the Charity has engaged independent valuation specialists in the area to ascertain a value.

Page 12

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Income from donations and legacies

Donations
Donations		 Unrestricted
funds
2024
£
800
As restated
Unrestricted
funds
2023
£
120		 Total
funds
2024
£
800
As restated
Total
funds
2023
£
120

4. Investment income

Investment income - local investment
properties
Income from local listed investments
Investment income - local cash
Investment income - local investment
properties
Income from local listed investments
Investment income - local cash		 Endowment
funds
2024
£
-
119,808
276
120,084
As restated
Endowment
funds
2023
£
-
112,162
482
112,644		 Restricted
funds
2024
£
-
-
48
48
As restated
Restricted
funds
2023
£
-
-
30
30		 Unrestricted
funds
2024
£
122,237
24,588
11,478
158,303
As restated
Unrestricted
funds
2023
£
123,895
23,246
10,145
157,286		 Total
funds
2024
£
122,237
144,396
11,802
278,435
As restated
Total
funds
2023
£
123,895
135,408
10,657
269,960

Page 13

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Investment management costs

Investment property insurance
Investment property repairs
Investment property administration fees
Investment property rates and water
Stockbroker administration fee
Investment property insurance
Investment property repairs
Investment property administration fees
Investment property rates and water
Stockbroker administration fee		 Endowment
funds
2024
£
-
-
-
-
5,210
5,210
As restated
Endowment
funds
2023
£
-
-
-
-
5,125
5,125		 Unrestricted
funds
2024
£
2,589
10,571
570
(73)
2,651
16,308
As restated
Unrestricted
funds
2023
£
2,741
7,503
360
73
2,369
13,046		 Total
funds
2024
£
2,589
10,571
570
(73)
7,861
21,518
As restated
Total
funds
2023
£
2,741
7,503
360
73
7,494
18,171

Page 14

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Analysis of expenditure on charitable activities

Summary by fund type

Almspersons
Almspersons
7.
Analysis of expenditure by activities
Almspersons
Almspersons		 Endowment
funds
2024
£
6,185
As restated
Endowment
funds
2023
£
6,185
Activities
undertaken
directly
2024
£
123,962
As restated
Activities
undertaken
directly
2023
£
147,388		 Unrestricted
funds
2024
£
152,974
As restated
Unrestricted
funds
2023
£
175,230
Support
costs
2024
£
35,197
As restated
Support
costs
2023
£
34,027		 Total
2024
£
159,159
As restated
Total
2023
£
181,415
Total
funds
2024
£
159,159
As restated
Total
funds
2023
£
181,415

Page 15

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Pensions & grants
Rates & water
Light & heat
Repairs & maintenance
Professional
Social events & Christmas gifts
Recruitment costs		 Total
funds
2024
£
17,012
6,185
700
6,345
8,562
71,117
4,352
689
9,000
123,962		 As restated
Total
funds
2023
£
17,225
6,185
700
7,098
6,462
103,912
4,982
824
-
147,388

Analysis of support costs

Staff costs
Insurance
Accountancy
Auditor fees
Professional
Telephone
Office expenses
Training costs
Agency fees
Governance costs		 Total
funds
2024
£
17,124
2,100
1,767
7,200
2,106
654
2,236
210
1,800
-
35,197		 As restated
Total
funds
2023
£
15,805
1,853
1,620
7,200
4,577
765
2,196
-
-
11
34,027

Page 16

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £7,200 (2023 - £7,200).

9. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes		 2024
£
32,882
1,254
34,136		 As restated
2023
£
31,643
1,387
33,030

The average number of persons employed by the charity during the year was as follows:

As restated
2024 2023
No. No.
Management staff 2 2

No employee received remuneration amounting to more than £60,000 in either year.

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year, no Trustee expenses have been incurred (2023 - £NIL).

Page 17

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11.
Tangible fixed assets
Cost or valuation
At 1 January 2024
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
12.
Investment property
Valuation
At 1 January 2024
Additions
Surplus on revaluation
At 31 December 2024		 Freehold
property
£
309,297
309,297
111,343
6,185
117,528
191,769
197,954
Freehold
investment
property
£
9,848,500
139,158
968,842
10,956,500

The 2024 valuations were made by I Skinner FNAVA of Bernard H Skinner & Co, on an open market value for existing use basis.

Page 18

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Fixed asset investments

Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024		 Listed
investments
£
4,059,035
208,692
(192,801)
143,923
4,218,850

14. Debtors

Due within one year
Prepayments and accrued income		 2024
£
13,230
13,230		 As restated
2023
£
12,991
12,991

15. Creditors: Amounts falling due within one year

Trade creditors
Other creditors		 2024
£
1,213
20,361
21,574		 As restated
2023
£
1,213
17,915
19,128

16. Prior year adjustments

The 2023 restatement of figures relates to the Special Range Fund and the General Fund Capital Account. The transfer of £37,382 in the year ended 31 December 2023 should have been taken from the General Fund Capital Account to the General Funds, however was shown to be taken from the Special Range Fund. Therefore, the balances brought forward have been restated in 2024 to make this correction.

Page 19

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. Statement of funds

Statement of funds - current year

Unrestricted
funds
General Funds
- all funds
Endowment
funds
Special range
fund
General fund
capital account
Restricted
funds
Thomasin
Sampson
(apprenticing)
charity fund
Total of funds		 As restated
Balance at 1
January
2024
£
1,047,300
12,778,571
582,276
13,360,847
4,866
14,413,013		 Income
£
159,103
80,756
39,328
120,084
48
279,235		 Expenditure
£
(169,282)
(6,185)
(5,210)
(11,395)
-
(180,677)		 Transfers
in/out
£
34,118
-
(34,118)
(34,118)
-
-		 Gains/
(Losses)
£
67,262
1,108,176
-
1,108,176
-
1,175,438		 Balance at
31
December
2024
£
1,138,501
13,961,318
582,276
14,543,594
4,914
15,687,009

Page 20

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General Funds
- all funds
Endowment
funds
Special range
fund
General fund
capital account
Restricted
funds
Thomasin
Sampson
(apprenticing)
charity fund
Total of funds		 Balance at
1 January
2023
£
974,667
10,186,207
587,401
10,773,608
4,836
11,753,111		 Income
£
157,406
75,262
37,382
112,644
30
270,080		 Expenditure
£
(188,276)
(6,185)
(5,125)
(11,310)
-
(199,586)		 As restated
Transfers
in/out
£
37,382
-
(37,382)
(37,382)
-
-		 Gains/
(Losses)
£
66,121
2,523,287
-
2,523,287
-
2,589,408		 As restated
Balance at
31
December
2023
£
1,047,300
12,778,571
582,276
13,360,847
4,866
14,413,013

Page 21

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Summary of funds

Summary of funds - current year

As restated Balance at
Balance at 1 31
January Transfers Gains/ December
2024 Income Expenditure in/out (Losses) 2024
£ £ £ £ £ £
General funds 1,047,300 159,103 (169,282) 34,118 67,262 1,138,501
Endowment
funds 13,360,847 120,084 (11,395) (34,118) 1,108,176 14,543,594
Restricted
funds 4,866 48 - - - 4,914
14,413,013 279,235 (180,677) - 1,175,438 15,687,009
Summary of funds - prior year
Balance at
31
Balance at As restated December
1 January Transfers Gains/ 2023
2023 Income Expenditure in/out (Losses) (As restated)
£ £ £ £ £ £
General funds 974,667 157,406 (188,276) 37,382 66,121 1,047,300
Endowment
funds 10,773,608 112,644 (11,310) (37,382) 2,523,287 13,360,847
Restricted
funds 4,836 30 - - - 4,866
11,753,111 270,080 (199,586) - 2,589,408 14,413,013

19. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Endowment
funds
2024
£
191,769
3,337,477
10,956,500
78,582
(20,734)
14,543,594		 Restricted
funds
2024
£
-
-
-
4,914
-
4,914		 Unrestricted
funds
2024
£
-
881,373
-
257,968
(840)
1,138,501		 Total
funds
2024
£
191,769
4,218,850
10,956,500
341,464
(21,574)
15,687,009

Page 22

ELTHAM UNITED CHARITIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Endowment
funds
2023
£
197,954
3,225,300
9,848,500
107,621
(18,528)
13,360,847		 Restricted
funds
2023
£
-
-
-
4,866
-
4,866		 Unrestricted
funds
2023
£
-
833,735
-
214,165
(600)
1,047,300		 Total
funds
2023
(As restated)
£
197,954
4,059,035
9,848,500
326,652
(19,128)
14,413,013

20. 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 to the fund and amounted to £1,254 (2023 - £1,387). Contributions totaling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 23