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. Procedu￿5 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 f￿e 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
O￿AlLED 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