2023-03-31-accounts - The Avenue Trust

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Charity number 281404R

The Avenue Trust

Accounts

for the year ended

31 March 2023

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	10

The Avenue Trust Charity Information

Trustees

Miss P Mulligan - Chair Mrs J Dickenson

Principal officers

Mrs M Rigby - Treasurer

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

The Avenue Trust Report of the Trustees

The trustees present their report and the financial statements for the year ended 31 March 2023.

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.

Post Covid has been quite eventful for the Trust with changes that have influenced decisions and hopefully will open up new possibilities for the future.

Since Covid it has shown us that there is even more need to reach out to the Community. This is an on-going project as due to changes in supported living requirements we sold one of our properties housing 4 people with Learning Disability. The care-provider terminated their agreement due to there only being 2 tenants left both of whom needed more provision of support. With an empty house which needed some upgrading and no waiting list of service users we chose to sell the property. The other property remains with the Trust and houses four people one of whom is disabled and 3 vulnerable people. We have been able to upgrade one of the flats there with a purpose built kitchen which enables the tenant who is a wheelchair user to remain in her home. With more capital available we purchased a Minibus which serves the community and has already proved itself to be a great asset to various charities including Mencap and the local Windrush society but also groups providing social activities for the local community which serves the younger and older generations alike and also the disadvantaged.

At this time we are exploring how we can be more pro-active with grants and in this past year we have supported the Ironworks a local Community Project along with the local Modern day slavery project, the Mission outreach work of Avenue Baptist Church and CAP being Christians Against Poverty.

The trustees have ensured that the charity's activities are carried out in accordance with the Charity Commission's guidance on public benefit.

The Avenue Trust Report of the Trustees

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 £1,340,299 (2021 £1,356,457), all of which were unrestricted. Of that total, £246,056 (2021 £59,720) was held in a bank account.

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:

select suitable accounting policies and then apply them consistently;
● observe the methods and principles in the Charity SORP; ● make judgements and estimates that are reasonable and prudent; ● state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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 24 July 2023 by

The Avenue Trust Independent Examiner's Report for the year ended 31 March 2023

I report on the accounts of The Avenue Trust for the year ended 31 March 2023, 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:

examine the accounts under section 145 of the 2011 Act,
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
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:
to keep accounting records in accordance with Section 130 of the 2011 Act; and
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: 21 July 2023

The Avenue Trust

Statement of Financial Activities for the year ended 31 March 2023

Notes Income and endowments from: Donations and legacies Charitable activities Investments Expenditure on: Charitable activities Gains/(losses) on revaluation of investments Gains/(losses) on revaluation of property Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	2023 £ 330 25,176 8,009 33,515 76,477 26,804 - (16,158) 1,356,457 1,340,299	2022 £ 311 26,580 4,235
		31,126
		35,853 197 275,000
		270,470 1,085,987
		1,356,457

The Avenue Trust Balance Sheet as at 31 March 2023

Notes 2023 £ Fixed assets Tangible assets 2 547,324 Investments 3 545,779 1,093,103 Current assets Debtors 5 985 Cash at bank and in hand 246,491 247,476 Creditors: amounts falling due within one year 6 (280) Net current assets 247,196 Net assets 1,340,299 Trust funds 7 Unrestricted At 1 April 2022 1,356,457 Deficit for year (42,962) Revaluation of investments 26,804 Revaluation of property - 1,340,299 Chair Treasurer Signed on behalf of the Trustees on _____:	2,109 59,834	2022 £ 1,080,085 214,704

		1,356,457
		1,085,987 (4,727) 197 275,000
		1,356,457

The Avenue Trust Notes to the Accounts for the year ended 31 March 2023

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 shown in the Balance Sheet at current market value.

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 or valuation At 1 April 2022 Additions Disposals At 31 March 2023 Depreciation At 1 April 2022 Charge for the year On disposals At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022	Freehold property £ 1,080,000 - (580,000) 500,000 - - - - 500,000 1,080,000	Motor vehicles £ 8,597 48,851 (8,597) 48,851 8,512 1,527 (8,512) 1,527 47,324 85	Total £ 1,088,597 48,851 (588,597)
			548,851
			8,512 1,527 (8,512)
			1,527
			547,324
			1,080,085

Fixed Assets are used for charitable purposes and are shown at cost after deducting any grants obtained.

The Avenue Trust Notes to the Accounts

for the year ended 31 March 2023

3 Investments

Valuation At 1 April 2022 Additions Revaluation At 31 March 2023 Net book value At 31 March 2023 At 1 April 2022 4 Grants payable The following grants were paid in the year: Avenue Baptist Church Debt Advice Service 57 West Kiwi Community Together Free 5 Debtors Prepayments 6 Creditors: amounts falling due within one year Accruals 7 Funds Accumulated surplus £ Unrestricted At 1 April 2022 666,753 Deficit for the year (42,962) Gains/(losses) on revaluation of investments 26,804 Gains/(losses) on revaluation of property 370,396 At 31 March 2023 1,020,991	Unlisted investments £ 214,704 304,271 26,804 545,779 545,779 214,704 10,250 1,200 15,000 2,000 500 28,950 2023 £ 985 2023 £ 280 Revaluation reserve £ 689,704 (370,396) 319,308	Total £ 214,704 304,271 26,804
		545,779
		545,779
		214,704
		2022 £ 2,109
		2022 £ 275
		Total £ 1,356,457 (42,962) 26,804 -
		1,340,299

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.

The Avenue Trust

Detailed Statement of Financial Activities for the year ended 31 March 2023

INCOMING RESOURCES Donations and legacies Rent receivable Income from investments RESOURCES EXPENDED Charitable activities Properties Water rates Rates Light and heat Landlord licences Property management fee Services Insurance Repairs and maintenance General Grants Depreciation Loss/(profit) on disposal of vehicle Bank charges Gifts Governance Accountancy, audit and independent examiner's fees Legal and professional fees Investment management fees	2023 £ 330 25,176 8,009 33,515 143 724 1,058 2,004 4,080 (131) 1,958 23,156 32,992 28,950 1,527 (295) 91 75 30,348 280 9,119 3,738 13,137 76,477	2022 £ 311 26,580 4,235
		31,126
		1,414 1,631 4,335 - 4,320 96 2,763 4,960
		19,519
		11,235 29 - 15 -
		11,279
		275 1,500 3,280
		5,055

		35,853