The Metropolitan Benefit Societies Almshouses Charity No. 293247 Trustees, Report and Audlted Accounts 31 March 2024
The Metropolitan Benefft Societies Almshouses CONTENTS Pages Trustees, Annual Report Auditor's Report Statement of Financral Activities Balance Sheet io Notes to the Accounts li Detoiled Statement of Financial Activities 12to20 Page I
The Metropolitan Benefit Societies Almshouses TRUSTEES ANNUAL REPORT The Trustees present their report with the audited financial Statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTrATIVE DETAILS Charity No. 293247 Prlnclpal Office Balls Pond Road Islington London N14AH Trustees The following Trustees served durin8 the year: A. Cartwright A. COX S.E. Dempsey H. MEHMET T. O'HAGAN A. Wilkinson IRe5igned l November 20231 l. Young Audltor GPRS Professionals Limited Hastingwood Trading Estate UnitG31 35 Harbet Road London N183HT Banker5 Royal Bank of Scotland 62-63 Threadneedle Street London EC2R 8LA Investment Advisors Almshouse Association No.. M43 Tenants Advisory Service No.. A3634 Page 2
The Metropolitan Benefit Societies Almshouses TRUSTEES ANNUAL REPORT OBJEcfivES AND ACTIVITIES The Metropolitan Benefit Societies, Almshouses I"M85A" or "the charity") was first establishe(l as a benevolent society registered under the Friendty Acts 1896-1948. A new governing document was created by Trust Deed dated 12 November 1985 and this wa5 registered with the Charity Commission for EnBland and Wales on 13 January1986 under the re815tration number 293247. The objects of the charity, as stated in the Trust Deed. are to provide Almshouses and other benefits for the residents of those Almshouses and for the relief of poor elderly persons of pensionable age. This is achieved by providing 28 units of housing property to elderly people. Land and buildings The Metropolitan Benefit Societies Almshouse5 was established in early nineteenth century. The address of the freehold property is Ba115 Pond Road, London. Nl 4AH. Thi5 Charity has occupied this property since its acquisition and this property ha5 not been registered in the Charity's name with the Land Registry. There is no record of the original cost and value attributable to the freeholil property although the year 31st March 2016 this property has been revalued at £9,650.000 by Currell, Chartered suryeyors. On 5th August 2024 the property was revalued by Price Taylor LLP at £10,300,000 creating a revaluation Surplus of £IOO,OCM). Price Taylor LLP is a firm of Chartered Surveyor. The trustee5 do not believe that the market value of this property to be materially different from the value shown in the accounts. The trustees are in the process of engaging a solicitor to resolve the problem of registering this property in the Charity's name on the Land Registry. ACHIEVEMENTS AND PERFORMANCE Details of the perfom)ance of the Charity are given in the financial statements covering the period l April 2023 to 31 March 2024 which follow this report. The Almshouses at Balls Pond Road, Islington, generated an Income of £262,21112023.. £258,526). Charitable costs relating primarily to the Almshouses and the provision of benefits for their residents, totalled £357,65612023.. £340,812). Any gains IIos51 on revaluation are treated as gains Ilossl in the SOFA. Other income, comprising of investment income, hall hire and laundry receipts totalled £5,56112023- £2,686). A net surplu51ldeficitl of £17,736112023.. £82,28611 was recorded for the year. before transfers to and from reserves. The main reason for the net deficrt of £82,286 in 2023 was due to the refurbishment and redecoration program of ihe building which was overdue. In the coming years the refurbishment program will be ongoing to upgrade the standard of the building to keep up to the highest standard as expected in the rental market. Most of the refurbishments expenditure will be of a capital nature. On 5th February 2024, the Freehold Property was revalued at £10.300,000 creating a revaluation surplus if £ loo,000. The land and buildings was valued by Price Taylor LLP, Chartered Sutveyors. This gain on revaluation will only crystallise upon disposal of the freehold property and this is the only time this gain can be realised. FINANCIAL REVIEW The trustee5 took over the running of the estate from 16 February 2011 and they have assessed the condition of the property and equipment. The Trustees have carried out muth needed refurbishment/renewals to properties. lightin8, boilers and emergency call system. The trustee5 continue to strengthen ihe board with candidate5 that bear the necessary skills required to ensure the trust remalns financially viable. The trustee5 have assessed the major risks to which the Charity is exposed. in particular those relating to the operation5 and finances of the Charity. and are sat15fied that systems are in place to mitigate exposure to the major risks. Procedu5 are also in place to ensure compliance with health and safety of staff, volunteers and residents. These procedures are periodically reviewed to ensure that they continue to meet the needs of the Charity. The Trustees will continue to follow their work programme to improve the quality of lrfe and surrounding5 for their clients. Page 3
The Metropolitan Benefit Societies Almshouses TRUSTEES ANNUAL REPORT The trustees confirm that the charity will suNive for at least one year from the year of approving the financial statement. As COVID19 had badly affected the financial results of most businesses throughout the world, similarly we were affected as lots of our tenants passed away during this time and this pandemic had any direct impact in our financial resu5t for the year ended 31 March 2022 and 31 March 2023. STRucfuRE. GOVERNANCE AND MANAGEMENT The Trust Deed provides for a Management Committee formed of up to 10 trustees, appointed as follows.. lil One ex-officio Managing Trustee, being the chairman for the time being of the friends of the MBSA, an association founded to support the objects of the Charitv; lill Five nominative Managing Trustees, appointed as follows.. one by the Council of the London Borough of lslington, one by the Parochial Church Council of St lude and St Paul's Church, Mildmay Grove, in the London Borough of lslington, and three by the Friends of the MBSA liiil Four Co-optive Managing Trusiees, appointed at the annual meeting of the Management Committee. Each appointment by the councll Is for four years, those made by Friends of the MBSA are for three years. Upon a vacancy arising, efforts are made to appoint a new trustee with relevant skills and background, having regard to the activities of the charity and the need to maintain a diversity of skills among the trustees. Trustee5 meet approximately four times a year. Day to day management of the Alm5hou5es is delegated bv the trustee5 to the Estate Manager and the Warden. Statement of trustees, responsibilitie5 in relation to the financial statements The charity trustees are responsible for preparing a tru5tees' annual report and financial statements in accordance with applicable law and United Kingdom Actounting Standards (United Kingdom Generally Accepted Accounting Prarticel. The law applicable to charities requires the charity trustees to prepare financial statements which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparin8 these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently observe the method5 and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent- state whether applicable UK accounting Standards have been followed. subjert to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue Sn business. The Trustees are responsible for keeping proper accounting records that disc105e with reasonable accuracy at any time the financial position of the charity and to enable them to ensure thal the financial statements comply with the Charities Art 2011, the applicable Charities (Accounts and Reportsl Regulations, and the provssions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity an(1 hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Page4
The Metropolitan Benefit Societies Almshouses TRUSTEES ANNUAL REPORT Statement of disclosure of information to audltor So far as the trustees are aware, there is no relevant audit information of which the company's auditors are unaware and eath trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant information and to establish that the company's auditors are aware of that information. Signed on behalf of the charity's trustee5 A. Wilkin50n Trustee 12 September 2024 Page 5
The Metropolitan Benefit Societies Almshouses AUDIT REPORT UNQUALIFIED Independent Auditor'5 Report to the Trustees of The Metropolitan Benefit Societies Almshouses Opinion We have audited the accounts of The Metropolitan Benefit Societies Almshouses (the 'charity'l for the year ended 31 March 2024 which comprise the Statement of Financial Activitie5, the Balance Sheet, the Statement of Cash Flows and the Notes to the Accounts, Including a summary of significant ac£ountinE policies. The financial reportinE framework that has been applied in their preparation is applicable law and United Kingdom Atcounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practlcel. In our opinion the accounts.. give a true and fair view of the state of the charity's affairs as at 31 March 2024,and of its profitlloss for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI and applicable law. Our responsibilitie5 under those standards are further described in the Auditorfs responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard and we have fulfilled our other eihical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide basis for our opinion. Conclusion5 relating to 80ing concern We have nothing to report in respect of the following matters in relation to which the ISAS IUKI require us to report to you where.. the trustee5' use of the going concern basis of accounting in the preparation of the accounts is not appropriate; or the trustees have not disclosed in the accounts any identified material uncertainties that may cast Sl8nificant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the accounts are authorised for issue. Emphasis of matter We draw your attention to Note 22 on page 18 whlch describes the issue of non registration of the freehold property in the Charity's name at the land re8lStry situated at Balls Pond Road, London, Nl 4AH. Our opinion is not modrfied in respect of this matter. Other Information The other information comprises the information included in the trustees, report and accounts, other than the accounts and our auditorfs report thereon. The trustees are responsible for the other informatlon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon. Page 6
The Metropolitan Benefit So¢ieties Almshouses AUDIT REPORT UNQUALIFIED In connection with our audit of the accounts.our responsibility is to read the other information and, in doin8 so, consider whether the other information is materially inconsistent with the account5 or our knowledge obtainetl in the audit or othetwise appears to be materially mi5Stated. If we identify such material inconsistencies or apparent material misstatements,we are required to determine whether there 15 material misstatement in the accounts or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement ot this other information,we are required to report that fart. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environrnent obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respett of the following matter5 in relation to which the Charities IAccounts and Reports) Regulations 2(L)8 requlres us to report to you if, in our opinion: • the information given in the trustees, annual report is inconsistent in any material respect with the accounts- or • sufficient accounting retord5 have not been kept.- or the accounts are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit. Respon5ibilltles of trustees As explained more fully in the tru5tees' responsibilities statement found in the trustees, report, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of actounts that are fe from material misstatement, whether due to fraud or error. In preparlng the actounts, the trustees are responsible for assessing the charity'5 ability to contSnue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accountin8 unless the trustees intend to liquidate the charity or to cease operatlons. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the accounts We have been appointed under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material rnis5tatement when it exists. Misstatements can arise trom fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisrons of user5 taken on the basis of these accounts. A further description of our responsibilities for the audit of the account5 is located on the Financral Reporting Council's website at www.frt.org.uk/auditor5responsibilities. This description forms part of our auditorfs report. Page 7
The Metropolitan Benefrt Societles Almshouses AUDIT REPORT UNQUALIFIED Use of this report This report is made solely to the chaflty's trustees, a5 a body. in accordance Part 4 of the Charities (Accounts and Reports) Regulations 2(K)8. Our audit work has been undertaken so that we might state to the charlty's trustees those rnatters we are required to State to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. GPRS PROFESSIONALS LIMITED, ACCOUNTANTS AND STATUTORY AUDITORS Hastingwood Trading Estate Unit G31 35 Harbet Road London N18 3HT 12 September 2024 GPRS Accountants Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment a5 auditor of a charity under section 1212 of the Companies Act 2006. Page 8
The Metropolitan Benefit Societies Almshouses STATEMENT OF FINANCIAL AcfiviTIES for the year ended 31 Mar¢h 2024 Unrestricte d funds 2024 Restr5cted funds Totsl funds Totsl fund5 2024 2024 2023 Notes Income and endowments from., Donations and legacies Other trading activities Investments Other 756 255,894 5,247 314 756 255,894 5,247 314 255,840 2,199 487 Total 262.211 262,211 258,526 Expenditure on: Raising funds Other 20,820 336,836 357,656 20.820 336,836 35,355 305,457 Total 357.656 Net gains on investments Net empendlture Transfers between funds Net incomellexpendlture) before other 8ains/llossesl Other gains and losses.. Net movement in funds Reconciliatlon of funds.. 340.812 195,4451 195.4451 113,181 182.2861 113,181 195,4451 113,181 17,736 182,2861 195.4451 113.181 17,736 182,2861 Total funds brought forward 440,471 9,119,454 9,559,925 9,640,813 Total funds carried forward 345,026 9,232,635 9,577,661 9,558,527 Page 9
The Metropolitan Benefrt Societies Almshouses BALANCE SHEET at 31 March 2024 Charity No. 293247 2024 2023 Fixed assets Tangible assets Inve5tment5 11 9.152,886 12 238,889 9,391,775 9,123,672 225,708 9,349,380 Current assets Debtors Cash at bank and in hand 13 22,299 207,135 229,434 143,5481 185,886 7,204 246,390 253,594 143,0491 Creditors: Amount falling due wlthin one year Net current assets 14 210.545 Total assets less current liabilities 9,577,661 9,559,925 Net assets exduding pension asset or Ilablllty 9,577,661 9.559,925 Total net assets 9,577,661 9,559,925 The fvnds of the charity Restricted fvnds Restricted income funds 15 9,232,635 9,232,635 9,119.454 9,119,454 Unrestricted funds Gener81 funds 15 345,026 440,471 345,026 440,471 Reserves 15 Total funds 9,577,661 9,559,925 Approved by the trustees on 12 September 2024 And signed on their behalf bv: H. MEHMET Trustee 12 September 2024 Page 10
The Metropolitan Benefit Societies Almshouses NOTES TO THE ACCOUNTS for the year ended 31 Mar¢h 2024 l Accounting policies Basis of preparatlon The financial statement5 have been prepared in accordance with Statement of Recommended Prartice-. Accounting and Reporting by Charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Change in basis of accountin8 or to previous accounts There has been no change to the actountinE policies (valuation rules and method of accounting) srnce last year and no changes have been made to accounts for previous years. Fund accountlng Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment asset5 at their market values. These are available for use subject to restrirtions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Incame RecoEnition of income Income is included in the Staternent of Financial Activities ISOFAI when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Incorne with related Where income has related expenditure the income and related expenditure is expenditure reported gross ill the SOFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same time as the donations and gifts gift/donation to which it relates. Donated 5eThices and facilities These are only included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/llossesl on This includes any gain or10s5 resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/llossesl on investment assets This includes any gain or loss on the sale of investments. Page 11
The Metropolltan Benefrt Societies Almshouses NOTES TO THE ACCOUNTS Expenditure Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the cost5 associated with ottrarting voluntary income. fundraising raising funds trading tosts and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the makin8 of grants and governance costs. All grant expenditure is atcounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any auditlindependent examination fees. costs linked to the strategic management of the Charity, together with a share of other administration costs. These are support costs not allocated to a particular activity. Grants payable Governance cost5 Other expenditure Taxation The charity is exempt from tax on its charltable activities. Tangible fixed assets and depreclation Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.. Freehold propertv 1% Straight line Fixtures & fittings 20% Straight line Freehold investment property Investment properties are revalued annually and any surplus or deficit is dealt with through the Statement of Financial Activities. No depreciation is provided in respect of investment properties. Trade and other debtors Trade and other debtors a recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturitie5 of three months or less and bank overdrafts. In the statement of financial position. bank overdrafts are shown within l)orrowings or current liabilities. In ihe Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Page 12
The Metropolltan Benefit So¢ietles Almshouse5 NOTES TO THE ACCOUNTS Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation re5uhing from a past event that will probably resutt in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Pension costs The charity operate5 a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds. 2 Statement of Flnancial Act5vities - prlor year Unrestricted funds 2023 Re5trirted funds Total lund$ 2023 2023 Income and endowments from: Other trading activities Investments Other 255.840 2.199 487 255,840 2,199 487 Total 258,526 Expenditure on: Raising funds Other 258,526 35,355 305,457 35,355 305,457 Total 340,812 Net income 340,812 Transfers between fund5 Net income before other galns/{losse51 Other galns and l¢)sses: Net movement in funds Reconciliation of funds.. Total funds brought forward Total funds carried forward 182,2861 182,2861 1,398 182,2861 1.398 180,8881 182.2861 1,398 180.8881 92.873 9,547,940 9.640.813 9,559,925 10.587 9,549,338 Page 13
The Metropolitan Benefit Societies Almshouses NOTES TO THE ACCOUNTS 3 Income from donations and legacies Unrestricted Total Total 2023 2024 Donations 756 756 756 756 4 Income from other tradin8 actlvities Unrestricted Totsl Total 2024 2023 Rent- flats 2LK),754 34.320 200,754 34.320 20,820 255,894 193,965 26,520 35,355 255,840 Rent- villas Voids 20.820 255,894 5 Income fr¢m investments Unrestricted Total Total 2024 2023 Investment income 3,204 3.204 2,043 5,247 1,148 1,051 2,199 Deposit account interest 2.043 5,247 6 Other income Unrestrirted Total Totsl 2024 2023 Laundry income 314 314 487 314 314 487 7 Expenditure on raising funds Unrestricted Total Totsl 2024 2023 Fundraising truding costs Voids 20,820 20.820 20,820 35,355 35,355 20,820 Page 14
The Metropolltan Benefrt Societies Almshouses NOTES TO THE ACCOUNTS 8 Other empenditure Unrestricted Total Total 2023 2024 Employee costs Premises tosts Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administratlve costs Legal and professional cost5 98,593 138,287 98,593 138,287 94,614 110,474 75.649 75,649 73,985 10,391 13.916 10,391 13,916 336,836 10,512 15,872 305,457 336.836 9 Net expenditure before transfers This is stated after charging.. Depreciation of owned fixed assets 10 Staff costs Salaries and wa8es Social security costs Pension costs 2024 2023 75,649 73,985 90.366 4,960 2,127 97,453 87,430 5,063 2,121 94,614 No employee received emoluments in excess of £60,(M)O. The average monthly number of full time equivalent employees during the year was as follows.. 2024 Number 2023 Number Administration Warden Page 15
The Metropolitan Benefit Societies Almshouses NOTES TO THE ACCOUNTS 11 Tanglble fixed assets Land and buildin85 Fixtures & Total fittings Cost or revaluation At l April 2023 Addition5 Revaluation At 31 March 2024 10,200,000 66.081 10,266,081 4,863 4,863 IrK),000 70,944 10,370,944 ioo,o 10.300,000 Depre¢latlon and impairment At l April 2023 Depreciation charge for the vear At 31 March 2024 1,077,600 64,809 1,142,409 73,404 2,245 75,649 1,151,004 67,054 1,218,058 Net book values At 31 March 2024 At 31 March 2023 9,148,996 9,122,400 3,890 1,272 9,152,886 9,123,672 12 Inve5tment5 Other investments Listed Totsl Cost or revaluation At l April 2023 Revaluation At 31 March 2024 Net book values At 31 March 2024 At 31 March 2023 225,708 13,181 238,889 225,708 13,181 238,889 238,889 225,708 238,889 225,708 13 Debtors 2024 2023 Trade debtors Other debtors Prepayments and accrued income 5,725 3,974 1,062 2,168 7,204 16,574 22,299 Page 16
The Metropolltan Benefit Societies Almshouses NOTES TO THE ACCOUNTS 14 Credltors: amounts falling due within one year 2024 2023 Trade creditors Other taxes and soclal securf(y Other creditors Accruals and deferred income 17,413 7,179 537 18,419 43,548 21.541 2,617 18.891 43.049 15 Movement in funds Incomin8 resources Ilncludin8 At l Aprll other 2023 gains/lossesl Resources expended Gross transfers At31 March 2024 Restrirted funds: Restricted income fvnds: Revaluation reserve 9,119,454 113,181 9,232,635 Totol 9,119,454 113,181 Unrestrlrted funds: General funds 9,232,635 440,471 262,211 1357,6561 Revaluatlon Reserves: 345,026 Total funds 9,559,925 262,211 1357.656 113,181 9,577.661 Purposes and restrictions in relation to the funds.. Restricted funds.. Revaluation reserve Land and buildings 16 Analysls ol net assets between funds Unrestrirted fLrnds Restricted funds Total Fixed assets Investments Net current assets 3,890 238.889 116,770 359,549 9,148,996 9,152,886 238,889 185,886 9,577,661 69,116 9,218,112 Page 17
The Metropolitan Benefit Societies Almshouse$ NOTES TO THE ACCOUNTS 17 Commitments Opernting leose commltments Annual commitments under non-cancellable operating leases are as follows.. 2024 Land and building5 2024 2023 2023 Other Land and buiklin8S Other Operating leases with expiry date: Pension commftments 2024 2023 The pension cost charge to the charity amounted to.. 2,127 2,121 18 Post balance sheet events There are no post balance sheet events to be disclosed as at 31st March 2024. 19 Related party dlsclosures There were no related party transactions for the year eniled 31st March 2024. 20 Ultimate controlllng party There are no ultimate controlling party in the charity. 21 Going concern The trustees assess whether the use of going concern is appropriate, that is whether there are any material uncertainties that may cast doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. 22 Land and buildings The Metropolitan Benefit Societies Almshouses was established in early nineteenth century. The address of the freehold property is Balls Pond Road, London, Nl 4AH. This Charity has occupied this property since its existence and this property has not been registered in the Charity's name with the land Re8lStry as the Land Registry only came into existence in the middle of the twenty first century. The is no record of the original cost and value attributable to the freehold property although during the year ended 31st March 2016 this property was revalued at £9,650.000 by Currell, Chartered surveyor. On 1st February 2022 the property was revalued by Price Taylor LLP at £10,200,0(K) creating a revaluation surplus of £512,928. Price Taylor LLP is a firm of Chartered SuNeyor. The trustees do not believe that the market value of this property was materially different from the value shown in the accounts. We have not been able to verify the ownership of the property as il is not registered in the Charity's name at the Land Registry. The trustees are In the process of engaging a solicltor to resolve this problem of registering this property in the Charity's name on the Land Registry. Page 18
The Metropolltan Benefit Societies Almshouses OAlLED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024 Unrestritte d funds 2024 Restricted fvnds 2024 Total funds Total funds 2024 2023 Income and endowments from: Donations and legacies Donations 756 756 756 756 Other trading activities Rent- flats Rent- villas Voids 200,754 34.320 20,820 255.894 2CK),754 34,320 20,820 255,894 193,965 26,520 35,355 255.840 Investments Investment income Deposit account interest 3,204 2,043 5,247 3,204 2,043 5,247 1,148 1.051 2.199 Other Laundry income 314 314 314 487 314 487 Total income and endowments Expenditure on: Costs of other trading activities Voids 262,211 262,211 258,526 20,820 20,820 20,820 20,820 35,355 35.355 Total of expenditure on raisin8 fund5 Employee costs Salaries/wages Employer's NIC Pension costs Staff training 20.820 20,820 35,355 90,366 4,960 2,127 1,140 98,593 90.366 4,960 2,127 1,140 98,593 87,430 5,063 2,121 Premises costs Rates Light, heat and power Premises cleaning Premlses insurances Premise5 repairs and maintenance Other premises costs 94,614 13,275 19,102 4,419 8,436 93,055 13,275 19,102 4,419 8,436 93,055 12,154 10,226 3,853 8,487 74,754 138,287 138,287 110,474 Page 19
The Metropolitan benefit Societies Almshouses DETAILED STATEMENT OF FINANCIAL ACTIVITIES General administrative costs, includin8 depreciation and amortisation Depreciation of land and buildings Depreciation of Fixtures & fitting5 Funeral expenses 6ank charges Equipment expensed Events and activities Kitchen supplie5 Central control service Trustees meeting Software, IT support and related costs Stationery and printing Subscriptions Sundry expenses Telephone. fax, broadband and tv licence 73.404 73,404 72,404 2,245 2,245 1,581 1,813 91 549 1,503 327 1,512 ioi 2,412 2,188 245 2.157 116 ioi 2.412 2,188 245 2,157 116 636 582 1,324 873 647 636 582 194 47 1,760 1,760 1,826 Legal and professional costs Audit/lndependent examination fees Accountancy and bookkeeping Consultancy fees Other legal and professional costs 86,040 86,040 84,497 5,880 3,300 2,906 1,830 13,916 5.880 3.300 2,906 1,830 13,916 336,836 357,656 5.040 3,150 2,906 4,776 15,872 Totsl of expenditure of other costs Totsi expenditure Net gains on investments 336,836 357,656 305,457 340,812 Net expenditure Transfer5 between funds Net Income/{expendlturel before other 8ains/{losse51 Other Gains 195,4451 195.4451 182.2861 113,181 113,181 195,4451 113,181 17.736 182.2861 Net movement in fvnds 195,4451 113,181 17,736 182,286 Page 20