inancial Statementy for the Year ended 31 Decernber 2022 For Abbess Adell la Charl Chari Commission No. 268349 Connah Goldworthy Chartared Cortlflgd Accountants 12 Statlon Court statlon Approach Wickford E$$ex SS117AT
ABBESS ADELICIA CHARITY CONTENTS PAGE Annual Report Independent Examlner3' Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements
ABBESS ADELICIA CHARITY Trustges. Annual Report Registergd Charlty Number 268349 Prlnclpal Addr888 12 Monkhams Drive Woodford Green Essex IG8 OLQ Trustees P Pelchey Revd M Howse M C Woods R G Ll. Morgan Governlng Document Scheme of 5th February 1997 Object5ves and activltigs In 1981, following various negotiations and proposals beeen the Chairman of the Abbess Adelicia Charfly and the then Lord Salisbury. the owner of the Ilford Hospital Chapel C¢)mplex, the sf(e, including the Chapel and a £SO,000 endowment was transferred lo the newly formed Abbess Adelicia Charity, which has admininstered the Ilford Hospital complex ever since. The main obje¢lives of the Charity is the promsion and maintenance of Almshouses for poor persons, for the benefrt of the residents in the Almshouses of the Charty in such manner as the Trustees think fit, from lime to lime and the mainlensnce of the Chapel and Chaplain's house. Statsment of policy on ro$9rv9s The Charity seeks lo retain sufficient funds to maintain the Chapel and Chaplain's house. Givgn the historical nature of the s((e, the Trustees. aim lo achieve 8 small surplus each year lo incre89e resefves to use against future Capitsl renovations and repairs. The Trusl8es declare that they have approved the trustees, report above. Signed on behalf of the charitys Trustges.. P Pelehey Chairman '? 'L Dated Page 1
ABBESS ADELICIA CHARITY Independènt Examlnerfs Rèport to thè Tru8tses of the Abbe88 Adellcla Charlty I report on the accounts of the trust for the year ended 31st December 2022. whith are Get out on the attached p8ge8 RESPECTIVE RESPONS181LITIES OF THE TRUSTEES AND EXAMINER The eharitws trustees Consider that an audit is not 16quirèd foi this yèar un¢Jer section 144121 ol the Charities Aot 2011 (the 2011 Act) and that an Irependent examinatton is needed. 11 is my responsibilly to.. Exarnine the accounts under section 145 of the 2011 Act., Follow ProdureS la down in the general directions given by the Charity Comrni55ioners Section 14515llbl of the 2011 Act.. and State whether particular matters have come to my attentron. BASIS OF INDEPENDENT EXAMINER'S STATEMENT My examinatK)n was carried out in accordance wrth the General Directions gwen by the Charity Commission. An eXaMinatn includes a review of the accounting records kept by the charity and a Comparison ol the accounts with those records. It Qlso indudes consideration of any unusual Item5 or disclosures in the accounts, and 888king explanations from the management Mmittee concemiro any such matters. The procedures undertaken do not provide all Ihe evidence that would be quIred in a lull audit, and consequently I do not express an opinK)n on the aceounts. INDEPENDENT EXAMINER'S STATEMENT In connection wth my examination, no matter has come to my attention.. whKh gives me aSOnable cause to believe that in any material respect the requirements to keep accountt'ng CordS in accordan with section 130 01 the 2011 Act,. or to pTep8r8 ac(x)unls, which 8C(x)rd with the58 accounting r8cord8 have not b88n mèt.. or 121 to which, in my opinion, attention should be drawn in order to enable a proper understanding of th8 account8 to be reached. Connah Goldsworthy 12 Station Court Station Approach Wickfot Essex E ¢ PARKER FC¢A Dated SS117AT Page 2
ABBESS AOELICIA CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DÈCÈMBER 2L122 2021 Un Total INCOMING RESO RCE Donatlons Legacy Donatlon Frlend8 of th8 Chapel Other Incorne Net dlYidend8 ceived Deposil account interest (Gros51 Rental Incom• 8,887 8,887 8,829 39,529 39.529 37,991 8.887 39,529 48,416 46,820 T¢)tal In¢omlng Reaourc8S 8,887 39.529 48.416 46,820 RESOURCES EXPENOED Dlr¢¢t Charltable actlvltles Property repalrs Property In$uran Nottlro Hill Cen8s18 Charge$:_ Propety Management Charges M8lnlenan¢e and Insurancg Mortgap Inter8st 8,249 6.249 S,968 4.259 4.179 4,890 4.259 4.179 4.89] 4,259 6,198 2,878 8,249 13,328 19.577 Gov8rnanGo Costs Telephone & admln exp8 Accountancy Share R8glstrars & Brokers fees Honorkqrum Almshouses Subscrfptiort 870 2,334 870 2,334 870 2.131 197 197 3.401 Ttstal Resow¢es ExpeNle 9,650 13,328 22,978 22.108 Not In¢omlngl Ioutgolngl Ro$ources for the year 25.438 Net 98inlllossl on investment 8S8ets 40,387 40,387 12,8001 justrnent Beknn Funds Net movement In fund5 39,824 26,201 65,825 21.912 Fund balances brought forward at 1st January 2022 159,534 237,734 397,402 375.490 Fund balancos ¢arf8d forwar(I at 31st December 2022 199,168 2e3.935 463,227 397.402 Pag• 3
ABBÉSS ADELICIA CHARITY BALANCE SHEET AS AT 31 DECEMBER 2022 2021 Notes FIXED ASSETS Property Improvements. at ¢03t Chapel and Alrnhouse 408,633 408,633 InvEslments. at market valu• Stocky and Se¢uriti68 209,397 187,208 618,030 575,839 CURRENT ASSETS Petiy Cash Balance ar Current Account Bank Deposit Accounl stockbrokers Cash Deposils PrepaymeTht5 Capllal Invesiment Fund8 hekj ty Gen8$1$ 3,893 3.672 1,321 3,067 12.401 3,520 2.786 11.547 20.683 21.525 CURRENT LIABILITIES Creditors and AccruaL8 Slo¢kbrokars Setflofflent Account 1,740 870 1,740 870 NET CURRENT ASSETSI ILIABILITIESI 18,943 20,655 LONG TERM LIABILITIES Mortgage 11n,879) 1199.2261 NET ASSETS 463,093 FINANCED BY- Unr•strkted Fund,. AccuMu1td su15 199,158 159,534 R8Stricted Property Fund Provision for Futuro Capital Inve$tment 283,935 237,734 483,093 397.268 ZOLF Approved by Ihe Truste88 on ............................................ and s3Red on Is behawby P Pelcw................................... Page 4
ABBESS ADELICIA CHARITY NOTÉS TO THE ACCOUNTS AS AT 31 DECEMBER 2022 1 ACCOUNTING POLICIES al Bo$1$ of Accountlng The flnan¢lal stalemenls have been prep8red under the historical cost conventlon,a8 rnodln8d by tha revaluat tsl inve$lrnenls, and in accordan¢¢ wlh $pplbabkn sccountlng 8tarsdards and the stalernent of Recommended Practice.. A¢counling and Reporting by Charities prnpartng their ¢coun15 in acctsrdwnce with the Financial Reporting Stondard appIable In Ihe UK and Iretand IFRS 1021 and wKh the Chathles Ac12011. bl Invostments Flxed asset Investments are slated at martet value in 8ccordanc8wlth the Ststtrmertt of R•commended Practice. The Statement of Fin¥naal ActivIe$ hcludes those unreallsed galns and bsses arising from the revaluathjn of tho inve51ment portfolio during the yearand 1 not distinguish behveen the valuation adlu$lrnentS relating to sales and those relallng to conlifiued hohjings a8 they are log8lh8r Irealed as thange5 In Ihe valu8 oltho Investment Potlfollo. Inv8Stm8nt incom8 i8 accountsd for on a rerrivable b8818. cl UThr88trlctsd Funds The unrestricted funds comprf8e the accurnulated surpluses Ihat have ¢ been de5vJnaled for spec PUEposes. fhese are a¥aikFAo, 8ithe dl8cr8thJn of thg Tru$tee$, for use In furtherance of the otl8clw8 of the ch8rty. dl ReBtrlcied Funds Funds to provide for p¥operty management. maintenance. repan and paymènt of mortgago capital and Intere8t lo thè charY5 propety have en esta[$h8d by the not albxallon ol CO8t8 5wr6d In Ihe rennovatlon o111 prèperty for rental, kss SUTpIu8 net rental in¢oTh. 2 PROPERTY- HERrrAGE ASSET The prop8rty shown In Ihe financial statements Telate5 to the Cha4 and Mmhou$e$ at Ilford Hill. lthrd. Essèx. Th15 buSkJlng is regarded a8 an inalien8ble and a l*ritage asset, and the Trustees consider Ihere to be b8 no valuation method that Is appropriwle or r8levanL The bts11ng. whkh ha$ no hlsloriG e05t, comprise5 a Chap81, tha fom)er Ch8plaln's house and Mmshou8es. The inleTror ofthe fomier Chaplain's house and the Almshouse$ wa$ ¥ennovated in 2006 al a cost ol £688,633, furtded by a of £408,833 lent by Springboard Houslng A$so¢rdllon Llm4ted and a grant of £280.0(X) from Lmdon Borough of Redbridg8, which VJAS pald direct to SpriTrJboard Housing As$o¢lallon Limited. The amount of £408,683 h88 be8n recorted as the bwk valuo. Sprfngboard Housing A550clallon Limlted has 8ub88quont Changed ns name to G•n8818 Houslng A&8OCt81ion Limrted. It 1$ tho Ch$rttl$ practice to maintath thls 88S81 h a contlnuol $tale of sound repair and to make knprovements Ihereto from time to lime and accordingly the Tfuslees consKler that the valu818 rbjt pold by th8 pa88age ef lim8. 3 INVESTMENTS The Inve51menl8 cons&1 of sharehoklngs and Go¥8rnment securit5 qnd are shn at mafk8t V81u8. The investments Wre valued as l¢lh)ws'.- 2022 2021 At ce8t £89,413 £89,143 Al market valu £209,397 £189,3S4 4 PREPAYMENTS 2022 2021 Provision for prepald InsuNn¢e 3,067 3,182 Paae 5
AB8ESS ADEUCIA CHARITY NOTES TO THE ACCOUNTS . CONTINUED AS AT 31 DECEMBER 2022 2022 20 5 PROVISION FOR FUTURE CAPITAL INVESTMENT Balane8 broughtforward at 1st January 2022 11,547 10,693 Add.. Addllional Funds set a$e In year 854 Balanc¢ c8rrt8d forward at 318t December 2022 12.401 11.547 A Fund is held by Gene818 to provEde for futu¥e capStal hve51rr*nt. 8 CREDITORS AND ACCRUALS Accountancy 1,740 870 1,740 870 7 GENESIS HOUSING ASSOCIATION LOAN ACCOUNT Balan brcugm fcrward at 1st January 2022 199,226 223,164 Less.. Rent81 inccfn8 r8ceiv8d 39,529 37,931 159,698 185.173 Property Mana9gment Charge$ Malntononce Provision for Future Capital Inveslrnent Mortgag8 Interest 4,259 4,179 854 4.890 4,259 884 14,182 14,053 BaLgnc8 carri&J forwaril as at 31st D8C8mb8r 2022 173,879 199,226 Thi8 loan Is repaid frcffi rental Incorne (hat 1$ pald dSrecly to GènosLB as th8 managlng agents of thè prop8rty. After a¢wunting for rental expenses 8nd mortga9e Interes( the n•t ¥8nlal income 1$ set against the outslandlng mortgage balanc8. 8 RESTRICTED PROPERTY FUND Improvements to H8rilage Asset- Book Vabje 688.638 888,6&1 Less.. Grant from Redbrkdge Borough Council 280.IJ)J 280,000 408.833 408,633 Le$8'. Mortgagts Balanc8- owwl to Qenesls l$ee note 7 atx)vel 173,879 199.228 Add.. Trartsf8r from Unrestrfcted Funds Brought Forward frt)m prgvknu$ year Transfer in th8 year 16,915 f6,915 18,915 Adrt.. Prov8KJn for FutUTe Capitsl Investment Brought Forward Irom prev10 year Prowsk)n sn the year 11.$47 854 12.401 11.547 Balance carr f¢rward al 31st DecemLw 2022 264.070 237.869 Pag8 6