Flnan atemen the Year ended 31 December 2021 For Abbess Adelicia Char Charl Commlsslon No. 268349 Connah Goldworthy Charterad Certifiod Accountants 12 Station Court statlon Approach Wlckford Essex SS117AT
ABBESS ADELICIA CHARITY CONTENTS PAGE Annual Report Independent Examiners, Report Statèment of Financial Adiwties Balance Sheet Nol8$ lo the Financial Slalements
ABBESS ADELICIA CHARITY Trustg9$' Annual Report Registered Charity Numbor 268349 Prlnclpal Address 12 Monkhams Drive Woodford Green Essex IG8 OLQ Trustees P Petchey Revd M Howse M C Woods R G Ll. Morgan Govemlng Document Scheme of 5th February 1997 Objectives and activities In 1981. following varM?u5 negotiations and proposals between the Chairman of the Abbess Adelicia Charity and the then Lord Salisbury, the owner of the Illord Hospital Chapel complex, the 8f(e, including the Chapel and a £50,000 endowment was transfefred lo the newly fomied Abbess Adelieo Charity, which has admininstered the Ilford Hospital complex ever since. The main objectives of the Charity is the provision and maintenance of Almshouses for poor peysons. for the benefit of the residents in the Almshouses of the Charity in such manner as the Trustees think fil, from time lo lime and the maintenance of the Chapel and Chaplain's house. Statsment of policy on reserves The Charty seeks lo relain sufficient funds to maintain the Chapel and Chaplain's house. Given the historical nature of the sile. the Trustees, aim lo achieve a small surplus each year lo increase reserves lo use against future capitsl renovatK)n8 and repairs. The Trustees dedare that Ihfjy have approved the trustees, report above. Signed on behaw of the chariivs Trustees: P Pelchey Chairman Dated Page 1
ABBESS ADELICIA CHARITY Indèpendent Examlnès Report to the Trust8e8 of the Abbess Adellcla Charlty I report on the accounts of the trust for the year ended 31st Decembe¥ 2021., which are set out on the 8tt8ched pages. RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER The eharltrfs tNstees consider that an audit is not required for this year under section 144121 of th8 Charities Act 2011 (the 2011 Act) and that an Independent examlnallon is needed. It is my re8pongiblllty to: Examin8 the accounts under section 145 01 the 2011 Act.. Follow procedures laid down in the general directions glven by the Charity Commissiongrs Section 14515llbl of Ihe 2011 Act., and Stale whether particu18r rnatters have coma to my attention. BASIS OF INDEPENDENT EXAMINER'S STATEMENT My èxamination was carrled out in accord8n¢8 with the General DiTgction8 giv8n by th8 Charity Commisslon. An examlnatitsn Includes a review of the accounting records kept by Ihe charity and a comparison of the accounts with those records. It also Ineludes consideration ol any unusual items or disclosures in the accounts, and Seeking explanations Irorn the rn8n8gement commlttee concelnlrig any such matters. The procedures undertaken do not provide all the evid8nce Ihat would be required In a full audit, and consequently I do not express an opinion on the accounts. INDEPENDENT EXAMINER'S STATEMENT In conn8ction with my 6x8mln8tlon. no matter has come lo my attention.. which gives me reasonable Cause lo believe that in any m8t8ri81 respect the requirern&nts to keep 8ceountlng r#cords In 8ccordance with section 130 of the 2011 Act,. or to prep8Te accounts, which accord w th888 aC(X)untlng records h&ve not beèn met; or to whld), in my opinion. altenlon should be drawn in order to enable a proper understanding of the accounts to b8 r88ched. Connah Gold5WOrthy 12 Station Court Ststion Approach Wid(ford Essex SS11 7AT E C PARKER FCCA 7 Tr *Jovf#MW Iiz Dated Pag8 2
ABBESS ADELICIA CHARITY STATEMENT OF FINANGIAL AGTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 2021 Total 2020 Restricted Note* co Donations Legacy 4.000 4,000 Other Income Net divKlend6 recenied Oeposit ac¢ount Interest (Grossl Rental Incorn8 8.829 8,829 9,442 37.991 37,991 36,901 46,820 46.343 Total In¢omlng R•#ourco• 8,829 37,991 46,820 50.343 RESOURCES EXPENDE Direct CharStable aCVItIeS Propety Insurance Notting Hlll Genesis Charges'.- Property Manageffl6nt Charges Maintenance and Insurance Mortgage Intsre8t 5,968 5.968 6,799 4.259 8,198 2,878 4.259 6,196 2,878 4,259 3,120 4.123 5.968 13.333 19.301 17,301 Governance Coats Telephone & admin exp8 Accountancy sha Regi51rars & Brok8rs fee8 Almshouses Subscription 765 780 2,131 182 810 2,131 810 2,131 2.941 2,941 3,858 Total R8sourc88 Expended 8,909 13,333 21,159 N•t In¢omlng1 (Outgoing) Re50urce8 for th• y•ar 80 24,658 24J78 29,184 Net gainll1os$l on investment assets 12,8001 12,8001 121,1171 Adju5tm8nt Bfjlween Fund5 Net rnovenwnt In fund$ 12,8801 24,658 21,778 4,066 Fund balances brought forward at 1$tJanuary 2021 162,414 213,076 375,49) 371,424 Fund balanc08 carrt¥d forward at 31st December 2021 159,534 237,734 397,268 375.490 Page 3
A88ESS ADELICIA CHARITY BALANCE SHEET AS AT 31 DECEMBER 2021 2021 202 Notes FIXED ASS5 Property Improvements-at cost Chapel 8nd Almhou$e 408,633 408,633 In*thtm¥Thts- at market value Sto9 and Se¢uiilk88 167,206 169,354 575,839 577,987 CURRENT ASSETS Petty Cash Balanee Bank Current Account Bank Oeposit Acceunl Stockbrokers Cash Deposits Prepayments Captal Inveslrnent Funds hekl by G8ne5i5 55 4.796 79 4.172 3.182 10,e93 3.672 3,520 2.786 11.547 GURRENT LIABILITIES Credrtors and AccruaL8 SlodKbrokers Sottbmenl Account 870 2,310 870 NET CURRENT ASSETSI ILIABILITIESI 20,655 20.668 LONG TERM LIABILITIES Mortgage 1199,2261 1223.1641 NET ASSETS 397,268 375.491 FINANCED BY- Unrestricted Fund: Accumulated Suru5 159,534 162,414 R88trlcted Property Fund proVhn Future CapNal Inve8tffÉnt 237,734 213,077 397,268 375,491 Approved by the Tru51ees on ................................... and slgned on Is beh81f ty P Pelchey........................................ Page 4
ABBESS ADELICIA CHARITY NOTES ro THE ACCOUNTS AS AT 31 DECEMBER 2021 I ACCOUNTING POLICIES al Basls of Accountlng Th8 fin8nC181 statements hove baen pr8parad under the hl$torfcal cost convenlion,as modffied by the revaluation of inveslmenls, and in accordance wth appllcable arUtIng 5tand8rd5 and Ihe stalern8Tht of Rècommended Practice.. Accountlng and Rewrtlng by Charit8 preparing their a¢counts in accordanc8 11) the Fin8ncial Reporting Slandar(S ¥pIcabl in th• UK and Ird8nd IFRS 1021 and Wlh I Chaiites A¢t 2011. bl Inv95tments Fixed a$$el inve$tmenls are slated at mart(el vakje Sn accordance with tha Statement of Recvmmended Pr&tire. Tl SlaleTrnl of Flnan¢i41 AdllIeS ncludes Ihose unraafisad gains and ss&s arl$ing from the revalUatn of the Inveslrnenl porifolio duriThJ the year and doas not distingulsh belween the voluation Jlu$tments relating lo Sales 8nd Iho88 relatiw trj continued holdings as they are togelhef Irealed 85 Ghange5 in the value of th8 VesIM8nt portfolb. Investmenl income k8 account foron a receivatrA8 ba818. cl UnT85trfctpd Funds The Unrestrted funds comprise the aecumuhted surpluses that hava not be8n deson8ted for specrfic purp058s. Th aro 8vaiLgb, at th8 discrethJTh of the Trustees, for use In lurtheranc¢ of Ihe 0e¢te ol the charty. dl R•sirt¢t•d Fund$ Funds lo provlde for property management, maintenance, rep8irs and paym8Tht of mortgage eapil81 and intorest lo the Charitys propety have bean 8stablBhed by the nel alloc211on of eosts In¢urred h the rennovatSon of the propety for rental, k888 surplus nel rental inwme. 2 PROPERTY- HERITAGE ASSET The property shown in the financial 51alements Te181es to the Ch8P81 aTrJ Almhousas at Iword Hlll, Ilford, Essex. Th bulldlng Is regarded as an inalienable and a h&rltage assei, and the Trustees consider there lo be b8 no valuation method that Is 8ppropri8tè or relevant. The building, which ha5 no hk81oiic cost, Compr8$ a Ch2pel, the former Chaplaln's house and Alm$hou$e$. The Inleriorof the forrner Chaplain's heuse and the Aimshous8s was r8nnov8ted in 2006 al a ¢x)st £688,633. funded by a ban of £4Q8,633 fant by Springboard Houslng Assoc1811on Umiled and a grant of£280,ONJ frorn London Borough ol Redbridge, whth wa$ pald dI¢t to SprftvJboord Housiro Asseaation Limited. The amount ef £408,663 h88 been recotd8d a$ the book value. Springboard Houslng A8soaatlon Llmlted has subsaqu8ntty chand its narn8 te Getwl$ Heuslr*J As8080n Lknited. 11 Is the Charlvs pra8 lo maintaln thls a$set In a ¢onllnual stale of sound re[r and to make inprovaments thereto from tim8 to time and a¢¢ordlnuly the Trust ¢onsklerthat the vokne ts nol knpalred by Ihe passage of Ilme. 3 INVESTMENTS Thg Inveslmenl$ conshl of $harnhoKlngs Govemment se¢ullI$ and #re shthvn al market value. Tlk Inveslmenls were valued as folbws'.- 2021 2020 At cosl £89.413 £89,143 At maFketvalu8 £187,206 £169,354 4 PREPAYMENTS 2021 2020 Provislon forprepaK( hsuranGE 2,786 3,182 Page S
ABBESS ADELICIA CHARITY NOTES TO THE ACCOUNTS - CONTINUED AS AT 31 DECEMBER 2021 2021 2020 PROVISION FOR FUTURE CAPITAL INVESTMENT Balance brought frmward 8t 1st January 2021 10.693 9.839 Add.. Addltkjnal Funds set askJ• in yeai 854 854 Balance c4rri8d f)rw8rd al 318t t)8¢enr 2021 11,547 10,693 A Fulld 15 h81tS by Gen85iS to provith for futur8 capital inve5tmenL CREDITORS AND AGCRUALS Aeo)unt8ncy 870 2.310 870 2,310 7 GENESIS HOUSING ASSOCIATION LOAN ACCOUNT Balanc¢ brought roward at 1$1 January 2021 223,164 247,709 Less.. Rental IrKome rece 37,991 36,$01 185.173 210,808 Property m0nrf8nI Charges Maintenance Provk8ion for Fulure Capllal Invaslment Mortgag8 Inler8s¢ 4,259 4,259 3,120 854 2.878 4,123 12,356 14,053 Balan carl1 forwatd as a1318t Dember 2021 199,226 223,164 This loan Is repaKJ from rental In¢om th8t Is dlredty 10 G8rtssEs as th8 rn8naglng apnts of th8 prowty. After atcoutwng for rentsl expense$ and m¢xtyage interest, thtr n*t rant81 income is set agalnsl Ihe outslandir¥J rnortgag8 balance. 8 RESTRICTED PROPERTY FUND Improv8rn8nts to Heritage Asset- Boc4( Value e88,833 e88,833 Less.. Grant from Redbridge Borough Coun¢H 280,0 280,0 408,833 408,633 Lèss." Mortg8p Bolanc•- owod lo Genèsi5 Is88 note 7 above) 199.226 223,164 Add.. Transfer from Unfe51rict8d Funds Brought Forward fri)m yevious ar Transfer In the yaar 16.915 16.915 16.915 Add.. Provsbn for Fubjre C8ptsI Investment Breughl Forward from pwou8 year Prow81on In the year 10,693 854 11.547 10,693 Balance carrk8d foThvard at 3181 December 2021 237,869 213,0 Page 6