Flnanclal Ststeme ded 31 December2023 For Abbess Adellcla Chari Charl Commlsslon No. 268349 Connah Goldworthy Chartered Certified Accountants 12 Statlon Court Station Approach Wlckford Essex SS117AT
ABBESS ADELICIA CHARrrY Trustees. Annual Report Rgglstered Charity Number 268349 Prlnclpal Address 12 Monkhams Drive Woodford Green Essex IG8 OLQ Trustsos P Pet¢hey Revd M Howse M C Woods R G Ll. Morgan Governlng Document Scheme of Slh February 1997 Obj8ctFves and a¢tlvlti In 1981, following various negotiations and proposals beeen the Chaimian of the Abbess Adelicia Charity and the then Lord Salisbury, the owner of the Ilford Hospital Chapel complex, the sile, inclLtding the Chapel and a £50,000 endowment was transferred lo the nlY formed Abbess Adelicia Charf(y, which has admininslered the Iword Hospital complex ever since. The main objectives of the Charity is the provi8fi and maintenance of Almshouses for poor persons, for the benefit of the residents in the Almshouses of the Charity in such manner as the T¥uslees think fil. from lime to lime and the maintenance of the Chapel and Chaplain's house. Statement of policy on reserves The Charity seeks to relain sufficient funds lo maintain the Chapel and Chaplain's house. Gwen the historical nature of the slle. the Trustees, aim to achieve a small surplus each year lo InC88e reserves lo use against future capi181 renovation8 and repairs. The Trusle¢s dedare that they have approved the trustees, report above. Signed on beha of the charsty's Trustees.. P Pelchey Chairman Dated Page 1
ABBESS ADELICIA CHARITY Indep•ndent Examlnefs Report to the Trusts88 of the Abboss Adellcla Charlty I report on the accounts of the trust for the year ended 31st De(xMlr 2023, which aTe set oul on the attached pages. RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER The charitys tru$(ees consider th81 an audit 18 not required for this year ur section 144121 of the Charitps Act 2011 Ilhe 2011 Act) and that an Ind8P8ndetSt examination is needed. It 18 my responsibility to.. Examine the accounts under sedion 145 of the 2011 Act., Follow procedures laKI down in the general directions given by the Charrty Commissioners Section 14515llbl of the 2011 Act," and State whether particular Matters have come to rny attention. BASIS OF INDEPENDENT EXAMINER'S STATEMENT My exarn1natn was rarrEd out in aecoidance wfth the General Directions given by the Chgrily Commv8sion. An examinatK)n includes a VIeW of the accounting records kept by the charity and a comparison ol the accounts th th¢)se records. It also includes consideration ol any unusual items or discbsures in the acwunts. and seeking explanations from the management committee (y)ncerning any such matters. The procedures undertaken do not provide 811 the evidence that would be qUired in a full audit, and Consequently I do not express an opinion on the a¢¢ount$. INDEPENOENT EXAMINER'S STATEMEwr In connection wilh my oxamlnation, no matter has come lo my attents'on. which gwes mtr reasonabEe Cause to believe that in any material SpeCt the requIents to keep accounting reo)rds in ardan with secaion 130 of the 2011 Ad,. or to prepare account$, which accord wth Ihèse accA)unting or#S have not been met., or 121 to which, in my opinion. attention Shou be drawn in order to enable a proper understandg of the accounts lo be reached. Conftah Goldsworthy 12 Station Court station Approach Wickford Essex E C PARKER FCCA Dated SS11 7AT Page 2
A8BESS ADELICIA CHARITY STATEMENT OF FINANCIAL ACTivifiES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total 2022 Not•s INC URCES Donatlons Leg8Cy Donatlon trorn Frf8rvJs of the Chapel othor In¢om• N81 dividends received Deposll account inter•st (Grossl Rentsl In¢ome 9,019 9,019 8,887 42,102 42,102 39,529 9,019 42,102 51,121 48,416 Total Incomlng Resourc8S 9.019 42,102 51,121 48.416 RESOURCES EXPENDED Dlrect Charltsblo actlvSEI88 Property rtpairs Property Insurance Notting Hill Genesis Charge5-.- Property Management Charges Maintenance and Iurale Mortg8ge Int8rn5t 8.419 8,419 6.249 4,259 7,281 8,409 4,259 7,261 8,409 4,259 4.179 4,890 8,419 19,929 26,347 19,577 Gov8rnan¢o Costs Telephone & admin exps A¢wunlanGy Share Registrars & Brokers fe88 HorIS¥U m$house$ subs1p11on 870 870 870 2,334 216 216 197 3,401 Totsl Rosourcas Exp8nd8d 9,845 19,929 29,773 22,978 Net Incomlngl (Outgoing) Rtsoure¢s for th8 year 823 N8lgalnllbssl on Inv8strn8nt assets 114,3401 114,3401 40,387 Adlu$tm8nt Beeen Fund5 Nel movemerst In lund$ 11S,1651 22,174 7,007 65,825 Fund b8lan¢os brought loard 8118tJanuary 223 199,158 ,935 463,227 397,402 Fund balances carrled fonward t 31$t Docgmber 2023 183.993 286.109 470,234 463.227 Page 3
A8BESS ADELICIA CHARITY 8ALANCE SHEET AS AT 31 DECEMBER 2023 FIXED ASSETS Property Improvemer¥ts. at cost Chap81 and AITnhou50 408.033 408.633 Investments- ot marketvaluo SlcdK$ and Se¢urilie5 194,014 209.397 $03.247 818,030 CURRENT ASSETS Petty Cash Balance Bank Cuttent A¢¢ouht Bathk Deposit Account StebrOkers Cash Deposits Prepoyments Capital Inve$lm¢nt Funds h8kJ by Gono$1# 3.652 3.893 1.764 3.352 13,255 1,321 3,067 12,401 20,682 CURRENT LIABILITIES ¢redRors and A¢cw&L8 Stockbrokers Settment A¢Munl 2,610 1,740 1.740 NET CURRENT ASSETSI ILIABILITIESI 19,413 18,942 LONG TERM LIABLITIES Mortgage 11S2,5601 1173,8791 NET ASSETS 470,100 463,093 FINANCED BY: Unr88trlcted Fund: Accumulaled Suiplu$ 183,993 199.158 Rastrlctsd Proparty Fund Pro$lon for Fvture Cap*al Investmtrnt 288,109 263,935 470,1 483.093 Approvad by th8 Trustees on....... and 8vJn8d on ts b8h8Wby P Petcw.............. Page 4
ABBESS ADELICIA CHARITY NQTE5 TO THE ACCOUNTS AS AT 31 DECEMBER 2023 1 ACCOUNllNG POLICIES al Ba51s ol Accountimg The fln8ndal $tatements have btron prepawd undor Ihe hkqtorl¢81 cost convenllon,as modllled by the revaluation of Inve$lmenl$. and in a¢¢ofdgn¢e with appll¢ab18 accountlng Sta81$ and Ihe Stalgfflent of Recomrnended Practice.. AcGounting and Reportirtg by Charilles preparin9 their a¢counts in accordance with the Financial Reporting Standard appll¢able in the UK and Irelgrnl IFRS 1021 and wth the Charit5 Act 2011. bl Inve8tmeTrts Fixed asset investments are slated at market value in accordance with the Statement of Recommended Practlce. The Slatsment of Financial AGthitbs iTKludey Iho3e unreallsed galns and losses arKsing from the revaluation ef the investment portfelio during the yearand doe5 not d181ingui5h bebveen tho valuation 8djustfflents relating Io sgfe$ and those reL91ing lo ¢oniinu¥J holdings 8s they logethe¥troaled as changes in the v8lue of the investment portfolio. In¥8stment Income18 accountsd foron a recVab b88i8. cl Unrestrlcted Funds Th8 unrestdcted funds comprke the aCc1818d 8$jr&8s th8t have b8en d&sbTrat8d for spe¢rfic purposes. These 8r8 availabl8, atthe discretion of Ihe Trustees, for u86 in furtherance ol the objective of the charity. dl Restrlctsd Fund8 Funds le provk1e for property management, malnt6nance, repairs 8nd payment of rnortgage caplal and inlerest to th8 Charitls propety hsve been established by the nel allocaliN of costs Incurred In tho rennovalion of Ihe property fer r•nlal, less surplus nel rental income. 2 PROPERTY. HERITAGE ASSET The propgrtyshown in the financial statements rdat8$ to Ihe Chap81 and Almhouses al Iiford Hill. lfford, Éssex. ThL8 buikling 15 regard8d 8s an inalienable and a heritage as50t, •nd the T¢u$lee$ ¢onsldaf there lo te b8 no valuation mathod that18 aFpropri8te or rek8vanl. The bulkling, which h88 no historic cost. compriaes 8 Chapel, the fermerCh8plain's house and Aknshouses. Th¥ Interfor ofth8 lomier Chawain's hou88 and th8 Almshousas was r8nnovat8d n 2006 at a cost or £688,633, lunded by a loan of £408,633 K8nt by Sprlngboard Housing Association Llmited and a granl of £280,000 from Lot¥Jon Borough of Redbrid, which was paid dlrect lo Springboard Houslng Assodatlon Limltsd. The amount of £408,683 has been racorded as the book value. Sprfngboatd Housing A$sodalM)n Mited has subs8quentty changed its nam8 to Genesi8 Noysing Assodatlon Limrt8d. 11 15 the Ch8rity'$ prOde trj malntaln this asset in a conllnual sta18 of sound repair and lo maka trnprovents Ih8relo tr tlm8 to lkne and accordingly Ihe TeS con8kl8r that the value not inpaired by Ihe passage of Ilme. 3 INVESTMENTS The Investments ¢on$lst ol $horehoK1ngs and Govgmm8nt $o¢¥rtt*$ and OR sh at market Valuo. Th8 Inve8lm8ntswere valued al folbws... 2023 2022 At Cost £111,222 £89,143 At m8rk8t V8lu8 £194,614 £209,397 4 PREPAYMENTS 2023 2022 prols1On for wepakl hsurance 3,352 3,[7 Pa9tr 5
AB8ESS ADELICIA CHARITY NOTES TO THE ACCOUNTS- CONTINUÉD AS AT 31 DECEMBER 2023 2023 2022 S PROVISION FOR FUTURE CAPITAL INVESTMENT Bakn¢e brought fowdrd at 1st J8riu8ry 2023 12.401 11.547 d.. Addlllonal Fund$ $91951 In year Balan¢e ¢arrkd fomard at 31st Oec8mb8r 2023 13.255 12,401 A Fund is hekl by GgnesS$ to PTovFde for lulure Capltal Investment. 6 CREDITORS AND ACCRUALS Accountancy 2,610 1,740 2,610 7 GENESIS HOUSING ASSOCIATION LOAN AOuNT B818nce brought foThvard at 1st January 2023 173,879 199,226 Less: Rental S0Me recefved 42,102 39,529 131,777 159,698 PTopety Man8g8rrÉnt Ch8rg8S Malnl8nan¢e Provision for Future Capilal Investment Mortgaga Intorèst 4,259 7,261 854 8,409 4.259 4,179 8S4 4,8gO 14,182 20,783 Balan eorried forw8rd a5 at 31st Decernr 2023 152.560 173,879 Thi8 kjan L% repakl fron rental Income that 1$ pakJ dlrectty to Ggn8si5 as the managing agents of Ih8 propety. After accountlng for ren1818xp&n888 and Mortgage Intet. the net rental Income Is against the outstanding mortgagE balance. 8 RESTRICTED PROPERTY FUND Improvements to Herltage Asset- Bo¢kV8lue 888,833 688,633 Le$$'. Grant frorn Redbridgo Bcffjugh Council 280,000 280,000 408,633 408,633 Le$8.' Mortgage Balance- lo Genesi818ee note 7 above} 152,560 197,817 Add.. Transftr from Unrestrkled Funds Brought Forward fiom pievlou8 ygar Trafi51er In thtr year 18,915 16,915 16.915 Add.. Provsion for Future Capital Investment Brought Forward from provknus Prowsion in the year 12.401 854 13,255 12,401 Balance carfed forward at 318t DeCber 2023 286.243 240,132 Page 6