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|
1
## **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
2
## **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.
3
## **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
____________________________
4
## **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
5
## **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|
6
## **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|
||||
7
**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.
8
## **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.
9
## **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|
10