tatoments for the Yo December 2024 For Abbess Adelicia Charl sslon No. 268349 Connah Goldworthy Chartered Certlfled Accountants 12 Statlon Court Station Approach Wickford Essox 8S117AT
ABBESS ADELICIA CHARITY CONTENTS PAGE Annual Report Independent Examiners, Report statement of Financial Activities Balance Sheet Notes to the Financial Statements
ABBESS ADELICIA CHARITY Trustee8' Annual Report Reglsternd Charlty Number 268349 Princlpal Addres8 12 Monkhams Drive Woodford Green Essex IG8 OLQ Trustees P P8tchey Revd M Howse M C Woods R G Ll. Morgan Governing Document Scheme of 5th February 1997 Objectlves and actlvltlgs In 1981, following various negotiations and proposals b$en the Chaimian of the Abbess Adelickg Charity and the then Lord Salisbury, the owner of the Ilford Hospital Chapel complex, the sf(e, including the Chapel and a £50,000 endowment was transferred lo the newty formed Abbe88 Adeltcia Charty, which has admininstered the Ilford Hospital complex ever sinc8. The main objedives of the Charty is the provision and maintenance of Almshouses for poor persons. for the benefit of the residents in the Almshouses of the Charty in such manner as the Trustees think fil. from lime lo time and the maintenance of the Chapel and Chaplain's house. statement of pollcy on reserves The Charity seeks to relain sufficient funds to maintain the Chapol and Chaplain's housè. Given the historical nature of the 8ile. the Trustees, airn to achreve a small surplus each year to increa88 reserves lo use against future capital renovations and repairs. The Trustees declare that they have approved the ITuslees' report above. Signed on behalf of the ¢harity$ Tru8tee8'. IN fL+ P Petchey Chairman Dated Page I
ABBESS ADELICIA CHARITY Independent Examiner's Report to the Trustees of the Abbess Adellcla Charlty I report on the accounts of the trust lor the year ended 31st December 2024, which are sel out on the attached pages. RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER The charity'5 trustees consider that 8n avdit 1$ not required for this ye8r under section 144121 of the Charitses Act 2011 Ithe 2011 Act) and that an Independent exarnination is needed. It is my responsibility lo.. Ex8mine the awounts under Section 145 of the 2011 Act., Follow procedures laid down in the gener81 directions given by the Charity Commissioners Section 14515llbl ol the 2011 Act., and Slate whelhef particular matters have come to my attention. BASIS OF INDEPENDENT EXAMINER'S STATEMENT My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination Indudes a review ol the accounting fectsrds kept by the charity and a cornparison of the accounts with th058 records. It 81so indudes consider8tion of any unusual iterns or disclosures in Ihe accounts, anct seeking explanations from the management committee conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in a full adIt. and consequently I do not eyre5s an opinion on the accounts. INDEPENDENT EXAMINER'S STATEMENT In connection with my examination, no matter ha5 Corn& to my attention.. which gives me reasonable caLJse lo beliove that in any material respect the requirements to keep accounting records in accordance wth sectioll 130 of thè 2011 Act., or to prepare accounts, which accord with these accounting records h8ve not been rnet,. or to which, in my opinion, 8tt8ntion should be drawn in order to enable 8 proper kJnd8r5tanding of the acwunt5 to be reached. Connah Goldsworthy 12 Station Court Station Appr08ch Wickford Essex E C PARKER FCCA Dated SS11 7AT Page 2
AB8ESS ADELICIA CHARITY BALANCE 8HeeT A8 AT 31 DECEAIBeR 2024 024 Not•# FtXED ASSETS Propoty Impmvernonis- at cost Chapel and Almhousa 408.833 408,633 Invo8tmgnts- at mark•t valu• Stod(5 Securitie8 190,157 194,614 598,790 603247 CuRRENTsEy$ Bank CurrentAccount Stod<brok•rs Cash Deposlls Prepayments Capital Investment Funds h8j by G8n88i8 3.652 1.784 3,352 13.25S 3,461 4,122 14,109 22,781 22,023 CLIRRENT LIABILITies Creditor8 and A¢wal8 Slockbrok8rs S8t18nt Aaunt 870 2,810 870 2,610 NEf CURRENT AsseTSI IUABIUTIESI 21,911 19.413 LONG TERM LIABIUTIES Mortgage 1137,7131 11S2.5601 NET ASSETS FINANCED BY.. Unr8slrf¢tsd Fund: Acwmulaled Surplus 181.044 183,991 Re8trtctsd Proty Fund Pmwsion lor Futur8 Capital Inve¥tm?nt 301,944 288.109 470,1 Approved by tho Trust8os on .......... and signed on its behalf by P Pel¢*ey..................................... Pag8 4
A88ESS ADEUCIA CHARITY STATEMeNT OF FINANCIAL AcTIVlEs FOR THE YEAR ENDED 31 DECEMBER 2024 2023 Unr88tr1ctsd Restrf¢t• Totsl MING RESOURCES Donallo Logacy Donation from Helen Mathte8on Charitab18 Trust 2,000 2.000 2,0(X) 2.000 oth•r Incomo Net divendS rec8Ned Deposit account imterest IGr0s61 Rental Income 7,489 383 7,469 383 45,220 9,019 45,220 42,102 7.852 45,220 53,072 51.121 Totsl Incorning R$our¢e• 7,852 47.220 55,072 ESO Direct Charltable aetl¥ltle• Proparty repair5 Propety Insuranee Notting Hill G8nesiB Ch8rgas'.- Propety Management Charges Maintenance and InsuT8nc8 Mortgage Interest 5,474 2.oc 7,474 6,419 4,259 16,70) 8,580 4,259 16,700 8,560 4,259 7.261 8.409 5,474 31,519 26,993 26,347 GOV•man ¢ts Ac¢ountan¢y Shsr8 Registrar$ & 8Tok8rs feas nhOUse9 Subseription 870 2,641 363 870 2.641 363 870 2,340 216 3.874 3,874 3,426 Total R880urco8 Exp•nd•il 9,348 31,519 40,867 29,773 N8t Incomingl IOutgolng1 Reaourcos forthe year 1.496 16,701 14,20S Net gain1118) on inve5tm8nt 8ssats 11,3171 11,3171 114,3401 Adlustrrnt Batween Funds 11341 134 Net movement in funds 12,9471 15,83S 12,888 7,007 Fund balances brought fopw8rd at 1st January 2024 183,991 286,109 470,100 463.227 Fund balances carriod fornard at 31st December 2024 181,044 30 ,944 482.988 470,234 Page 3
A8BESS AOEUCIA CHARITY NOTES TO THE ACCOUNTS AS AT 31 DECEMBER 2024 I ACCOLINTING POLICIES al Ba818 of Accounting Tha finan¢lal $lalefflents have bean prepared under th• hIOrrCal co$1 ¢on¥enlion,as modlfied by the rav81ualion of Snve$lmenls, and in accordance wllh applicable accounllng Standards and the Slalemenl Of Recommended Pracllce.. A¢counlng and ReporflTrJ by Charrties preparing thelr accounts In accordance with tha Fin8nci81 Rewllng Standard appll¢able in th• UK Ireland IF14S 1021 and with Ihe CharitEes Act 2011. bl Investments Flwl asset investrn8nts are staled at markei value in accordanrA with the Slatsment of Recommended Practic8. The Stslement of Financial ActThii18 kn¢ludes Ihose unflIsed 9olrL% 4nd losses aring from th? r8valualH)n of the investment portfollo durfng the year and d$ not dtInguLl b&tsveen the valuallon a1lu$lments rel81ing lo sa$ and those reLgling to ¢onllnuwJ holdlngs a$ they are logeth&rtreoted ¥5 Ghanges in the value of the investment portlollo. Investment inc8 accounted for on a receivaN8 ba$l$. ¢1 Unyestrfcted Fund8 Th& uTrre$tricted funds comprlse the a¢cumulated surplus88 th91 have not been desbJnaled for gpe¢ific pu. Thes8 are avolKgbk, at th6 discr81ion of Ih?Tw5188s, for use In Mrther8n¢e of thè obiBdwe of tha charfty. dl Rtrie Funds Funds to provhle for property Manement, malnt8nan¢%, repairs and payment of mortgaoe ¢apttal afid Inte8tt0th8 charity's propety have teen established by the net allocation of costs GUrred in th8 r8Trnovalbn of prOty for r8nlal, tsss SUluS net rental In¢ow. 2 PROPERTY. HERITAGE Assgr The propetty shown in the financral stslemenis re18tes lo the Chapèl and Almhouses al Ilfwd Hill, Iword, Essex. Th18 building r8gard8d a8 an Inallengbb and a heritap a888t, and Ihe Trustees consldar Ih8r8 lo be be no valuation mèthod that appropriate or retevanl. Th& buihllng, which has no historic cost. ¢ompii8es a cha1, the former ChaaIn'$ hous8 aThJ Akn$hou¥e8. Th& interior of the former Chaplain's house and Ihe Almshousey wa8 renrnvaled in 20( al o ¢081 of £888,633, funded by a loan of £408.633 nI by Springboard Hou$ing Associglion knmlted and a grant of£280,000 from London 8orough of Redbrldge. %vhkh was paid dlr8Ct lo Sprthgboard Housing AssocIaon Umltsd. The 8movnl of £408.863 h8$ been reeerded as the boc& vahje. Sprh9board Housing A$$odatlon Limrted has 8ubs8quentty thanged ts nam? lo GenesLs Hou5ry A550Ck8tiN UMW. 11 is the Chafiws pr8ctlce lo mqintain this 8ss81 In a Continual state of sound r8palr and to tnake Improvements th8reto from Ilme to tine and accordlngly the Trustees cons&leTth8t the value is wl imp8ired by th8 pa8sag6 of tlme. 3 INVESTMENTS The Investments Mnstst of $h4rehJldro8 and Government securities and are 8hown at m8Fket value. Th8 In¥oslment8 wern valued 88 folbw8.'- 2024 2023 At cost £112,480 £111.222 At mgrket value £19D.157 £194,614 4 PREPAYMENTS 2024 2023 Pro810Th prepa insur8nc• 4,122 3,352 Pagg 5
ABBESS ADELICIA CHARITY NOTES TO THE ACCOUNTS- CONTINUED AS AT 31 DecEMBER 2024 2024 2023 5 PROVISION FOR FUTURE CAPITAL INVESTMENT 8alance br¢Jught loard at 1st January 2024 13,25S 12,401 Add.. NAdIOnal Funds $ol 08th In ye8r Balance carrk8d forward 8t 31st De¢ember 2024 14, 13.255 A Fund 1$ hèkj by Genesls to provlde forfuturè capltal InvestmenL 8 CREDITORS AND ACCRUALS Accwntarty 870 2,610 870 2.610 7 GENESIS HOUSING ASSOCIATION LOAN ACCOUNT Balan¢e brought forward al 1slJanu8ry 2024 152.560 173,879 Less.. Rental thcome recelvgd 45,220 42,102 107,340 131.777 Prop8ty Managament Charges MainlenarKe Provision for Futurè Cgpltal Inves¢m8nt crtgage Inte$t 4,259 16,700 854 8,560 4.259 7,2e1 8S4 30,373 20,7 Bal8neo Carrfed forward a8 at 31$1 De¢emter 2024 137,713 152,560 Thi8 loAn is r•pad Irom rental inojme that psld dlr8Ctty to Gene$ a5 th8 managlng agents of the property. After accounUrvJ for rental 8xpgn$es and martgage inlerest, the net rental Income 1$ set against the outstsnding mortgage balance. 6 RESTRICTED PROP£RTY FUND Improvern8nts to H•ritag8 Asset. Book Value 688,633 888.833 Less.. Grant fr¢yn R8dbridgo Borough Council 280.0 280.0 A08.833 408,633 Les5.' Mage Balanc¥- owed to Gènasis (see note 7 above) 137,713 152,j Add.. Tran¥f8rfrom Unrestrfctsd Funds Brought FoN4ard from kYovIou8 yoar Trgnsfer In Ihe y8ar 16,915 16,915 16,915 Ai*J.' Prov8lon for Futurè Capital Investment Brtwght Forward trom year P$s0n Sn the year 13,255 8S4 14,1Q3 13.255 Balance carrlpAY forw¥d at 31$t Decemter 2024 301,944 286,243 Poge 6