Charity number 281404R
The Avenue Trust
Accounts
for the year ended
31 March 2021
The Avenue Trust Report and accounts Contents
| Page | |
|---|---|
| Charity information | 2 |
| Report of the Trustees | 3 |
| Independent examiners' report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
| Detailed statement of financial activities | 11 |
1
The Avenue Trust Charity Information
Trustees
Miss P Mulligan - Chair Mrs J Dickenson Mr D O'Rourke (resigned December 2020) Mrs L O'Rourke (resigned December 2020)
Principal officers
Mrs M Rigby - Treasurer Mrs E Moss - Secretary (resigned December 2020)
Registered charity number
281404R
Principal office
85 Hildaville Drive Westcliff on Sea Essex SS0 9RT
Accountants
Estuary Accountancy Services 42 North Street Great Wakering Southend on Sea Essex SS3 0EL
Investment managers
Rathbone Investment Managers Limited 1 Curzon Street London W1J 5FB
Bankers
HSBC Bank plc 60 Fenchurch Street London EC3M 4BA
Solicitors
Beecham Fisher Ridley 26 Clifftown Road Southend on Sea Essex SS1 1AH
2
The Avenue Trust Report of the Trustees
The trustees present their report and the financial statements for the year ended 31 March 2021.
OBJECTIVES AND ACTIVITIES
Purposes of the charity
To provide accommodation for the potentially homeless, vulnerable adults and those with learning disabilities.
To give support to the work of Avenue Baptist Church to which the Trust is closely associated.
To financially support other Christian organisations based within the geographical area of the Trust.
Main activities, achievements and performance
This year has seen tenants continuing to live at Johnson House and Barnabas House.
Other ventures have included the continuation of a Grant to Avenue Baptist Church, to help finance its community and outreach work, and grant support given to the Christian charity Together Free.
The Trust is supporting the local branch of Christians Against Poverty (CAP) to help Counsellors to meet with clients and give support (not financial) to help them budget their way out of poverty. Several local churches are supporting the project.
The trustees have ensured that the charity's activities are carried out in accordance with the Charity Commission's guidance on public benefit.
FINANCIAL POSITION
The attached financial statements show the current state of the finances which the trustees consider to be sound.
At the balance sheet date the charity had total funds of £1,085,987 (2020 £1,008,190), all of which were unrestricted. Of that total, £65,838 (2020 £49,092) was held in a bank account.
3
The Avenue Trust Report of the Trustees
STATEMENT OF TRUSTEES'/DIRECTORS' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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● observe the methods and principles in the Charity SORP; ● make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue its operations.
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 accounts comply with the Charities Act 2011. 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.
Signed on behalf of the trustees on 15 September 2021 by
Miss P Mulligan Chair
4
The Avenue Trust Independent Examiner's Report for the year ended 31 March 2021
I report on the accounts of The Avenue Trust for the year ended 31 March 2021, which are attached.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act), and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statements below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention
-
1 which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with Section 130 of the 2011 Act; and
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- to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice; Accounting and Reporting by Charities;
have not been met; or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed:________
Name: STEPHEN JAMES FARROW Relevant professional qualification or body: FMAAT
Address: Estuary Accountancy Services Ltd 42 North Street Great Wakering Essex SS3 0EL
Date: 15 September 2021
5
The Avenue Trust
Statement of Financial Activities for the year ended 31 March 2021
| Notes Income and endowments from: Donations and legacies Charitable activities Investments Expenditure on: Charitable activities Gains/(losses) on revaluation of investments Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
2021 £ 1,300 57,223 4,151 62,674 44,040 59,163 77,797 1,008,190 1,085,987 |
2020 £ - 62,786 3,516 |
|---|---|---|
| 66,302 | ||
| 56,074 (15,544) |
||
| (5,316) 1,013,506 |
||
| 1,008,190 |
6
The Avenue Trust Balance Sheet as at 31 March 2021
| Notes 2021 £ Fixed assets Tangible assets 2 805,114 Investments 3 213,552 1,018,666 Current assets Debtors 5 1,573 Cash at bank and in hand 66,018 67,591 Creditors: amounts falling due within one year 6 (270) Net current assets 67,321 Net assets 1,085,987 Trust funds 7 Unrestricted At 1 April 2018 1,008,190 Surplus for year 18,634 Revaluation of investments 59,163 Revaluation of property - 1,085,987 Chair Treasurer Signed on behalf of the Trustees on _____: |
1,581 49,152 |
2020 £ 805,152 152,833 |
|---|---|---|
| 1,008,190 | ||
| 1,013,506 10,228 (15,544) - |
||
| 1,008,190 | ||
7
The Avenue Trust Notes to the Accounts for the year ended 31 March 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with applicable accounting standards and the Charities SORP.
Rent receivable
Rent receivable represents the gross rental income received in the year.
Grants payable
Grants payable represent the amounts paid at the discretion of the trustees in accordance wth the Trust Deed of the charity. All grants are disclosed in Note 4 to the accounts.
Investment properties
Investment properties are capitalised in the Balance Sheet at cost.
Tangible fixed assets
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Motor vehicles
25% reducing balance
Investments
Investments are capitalised in the Balance Sheet at market value. Profits or losses arising from the disposal of investments are treated as part of the result from ordinary activities.
- 2 Tangible fixed assets
| Cost At 1 April 2020 At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Freehold property £ 805,000 805,000 - - - 805,000 805,000 |
Motor vehicles £ 8,597 8,597 8,445 38 8,483 114 152 |
Total £ 813,597 |
|---|---|---|---|
| 813,597 | |||
| 8,445 38 |
|||
| 8,483 | |||
| 805,114 | |||
| 805,152 |
Fixed Assets are used for charitable purposes and are shown at cost after deducting any grants obtained.
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The Avenue Trust
Notes to the Accounts
for the year ended 31 March 2021
3 Investments
| Valuation At 1 April 2020 Additions Revaluation At 31 March 2021 Net book value At 31 March 2021 At 1 April 2020 4 Grants payable The following grants were paid in the year: Avenue Baptist Church Debt Advice Service Together Free 5 Debtors Prepayments 6 Creditors: amounts falling due within one year Trade creditors Accruals |
Unlisted investments £ 152,833 1,556 59,163 213,552 213,552 152,833 11,000 1,200 3,000 15,200 2021 £ 1,573 2021 £ - 270 270 |
Total £ 152,833 1,556 59,163 |
|---|---|---|
| 213,552 | ||
| 213,552 | ||
| 152,833 | ||
| 2020 £ 1,581 |
||
| 2020 £ 262 266 |
||
| 528 |
9
The Avenue Trust Notes to the Accounts
for the year ended 31 March 2021
| 7 Funds Unrestricted At 1 April 2020 Surplus for the year Gains/(losses) on revaluation of investments Gains/(losses) on revaluation of property At 31 March 2021 |
Accumulated surplus £ 593,486 18,634 612,120 |
Revaluation reserve £ 414,704 59,163 - 473,867 |
Total £ 1,008,190 18,634 59,163 - |
|---|---|---|---|
| 1,085,987 |
All funds are unrestricted. These funds represent funds maintained by the trustees to ensure the smooth running of the charity and to enable the trustees to maintain a steady level of grant support without having to access capital funds.
10
The Avenue Trust
Detailed Statement of Financial Activities for the year ended 31 March 2021
| INCOMING RESOURCES Donations and legacies Rent receivable Income from investments RESOURCES EXPENDED Charitable activities Properties Water rates Rates Light and heat Property management fee Services Insurance Repairs and maintenance General Grants Depreciation Social fund Governance Accountancy, audit and independent examiner's fees Investment management fees |
2021 £ 1,300 57,223 4,151 62,674 4,743 1,710 4,656 1,080 902 2,229 10,617 25,937 15,200 38 - 15,238 270 2,595 2,865 44,040 |
2020 £ - 62,786 3,516 |
|---|---|---|
| 66,302 | ||
| 4,697 1,648 4,651 - 815 2,208 20,007 |
||
| 34,026 | ||
| 19,712 51 250 |
||
| 20,013 | ||
| 265 1,770 |
||
| 2,035 | ||
| 56,074 |
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