Charity Registration No. 1163749
Company Registration No. 09158465 (England and Wales)
SLINFOLD PARISH COTTAGES
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
SLINFOLD PARISH COTTAGES
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Rev S J Hall |
|---|---|
| H A Sherwin-Smith | |
| K M Cook | |
| C B Gibson | |
| S O'Brien | |
| J Wimpenny | |
| H Joels | |
| Secretary | S O'Brien |
| Charity number | 1163749 |
| Company number | 09158465 |
| Registered office | Violet's Barn Guildford Road |
| Slinfold | |
| Horsham | |
| West Sussex | |
| RH13 0RA | |
| Independent examiner | Anova |
| The Barn, Meadow Court | |
| Faygate Lane | |
| Faygate | |
| Horsham | |
| West Sussex | |
| RH12 4SJ |
SLINFOLD PARISH COTTAGES
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
SLINFOLD PARISH COTTAGES
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023
The trustees (who are also directors of the charitable company for the purposes of company law) present their report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The object of the charity continues to be the provision of Almshouses for poor persons who in the reasonable opinion of the trustees have a significant or long term connection with the Parish of Slinfold.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
During the year, the charity provided affordable accommodation to residents connected to Slinfold with full occupancy.
Achievements and performance
Income of £61,912 (2022 - £61,560) was received during the year in relation to contributions from residents of the Almshouses. This enabled the charity to maintain the properties to the required standard and carry out repairs as necessary.
The trustees continued discussions regarding the building of dwellings at the rear of one of the charity's properties, and upon consultation with Horsham District Council, submitted a planning application in May 2023 for one dwelling. However, this was turned down (Officers approval) and the charity is currently waiting for the official notification of the refusal.
Costs were also incurred in the year in relation to a merger with Slinfold & District Nursing Association (charity no. 221153) and this was formally completed on 30 June 2023.
Financial review
At the balance sheet date, the charity held unrestricted reserves of £2,493,111 (2022: £2,486,200), of which £2,395,500 (2022: £2,395,500) is attributed to the value of the Almshouses belonging to the charity. Of the remaining £97,611 (2022: £90,700), £6,035 (2022: £5,012) has been designated as an "Extraordinary repair fund' and £1,000 has been transferred to it from the general fund, as required by the charity's governing document, as well as £24 of interest received in the deposit account in which the funds are held.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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SLINFOLD PARISH COTTAGES
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Structure, governance and management
The charity is controlled by its governing document, its Memorandum and Articles of Association, and continues a limited company, limited by guarantee as defined by the Companies Act 2006.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Rev S J Hall
H A Sherwin-Smith
K M Cook C B Gibson S O'Brien J Wimpenny H Joels
Appointment of trustees
Trustees should be a minimum of five persons, consisting of one Ex-Officio Trustee, two Nominative Trustees, and at least two Co-optative Trustees. The Ex-Officio Trustee shall be the Rector of the Ecclesiastical Parish of St Peter in Slinfold. The Nominative Trustees shall be appointed by the Parish Council of Slinfold for a term of one year. The Co-optative Trustees shall be persons who, through residence, occupation, employment or otherwise, have special knowledge of the Parish of Slinfold and be appointed for a period of five years.
The Board of Trustees are responsible for the running of the charity and meet quarterly. The day-to-day administration of the charity is delegated to the Clerk to the Trustees, with appropriate remuneration agreed by the Board.
The trustees' report was approved by the Board of Trustees.
K M Cook
Trustee Dated: 19 October 2023
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SLINFOLD PARISH COTTAGES
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SLINFOLD PARISH COTTAGES
I report to the trustees on my examination of the financial statements of Slinfold Parish Cottages (the charity) for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the Charities SORP (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Matthew Cleghorn FCA Anova The Barn, Meadow Court Faygate Lane Faygate Horsham West Sussex RH12 4SJ
Dated: 7 November 2023
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SLINFOLD PARISH COTTAGES
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Charitable activities | 3 | 61,912 | 61,560 |
| Investments | 4 | 95 | 42 |
| Total income | 62,007 | 61,602 | |
| Expenditure on: | |||
| Charitable activities | 5 | 55,096 | 27,282 |
| Net income for the year/ | |||
| Net movement in funds | 6,911 | 34,320 | |
| Fund balances at 1 April 2022 | 2,486,200 | 2,451,880 | |
| Fund balances at 31 March 2023 | 2,493,111 | 2,486,200 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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SLINFOLD PARISH COTTAGES
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Income funds Unrestricted funds 12 |
2023 £ £ 2,395,500 811 98,530 99,341 (1,730) 97,611 2,493,111 2,493,111 2,493,111 2,493,111 |
2022 £ £ 2,395,500 1,554 90,790 92,344 (1,644) 90,700 2,486,200 2,486,200 2,486,200 2,486,200 |
2022 £ £ 2,395,500 1,554 90,790 92,344 (1,644) 90,700 2,486,200 2,486,200 2,486,200 2,486,200 |
|---|---|---|---|
| 2,486,200 | |||
| 2,486,200 | |||
| 2,486,200 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.
The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 19 October 2023
K M Cook Trustee
Company Registration No. 09158465
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SLINFOLD PARISH COTTAGES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
Slinfold Parish Cottages is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Violet's Barn Guildford Road, Slinfold, Horsham, West Sussex, RH13 0RA.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, its Memorandum and Articles of Association and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Contributions from residents are recognised in the month in which accommodation is provided.
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all cost related to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.
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SLINFOLD PARISH COTTAGES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings Not depreciated Leasehold improvements Not depreciated
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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SLINFOLD PARISH COTTAGES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Charitable activities
| Charitable | Charitable | |
|---|---|---|
| Income | Income | |
| 2023 | 2022 | |
| £ | £ | |
| Rental income | 61,912 | 61,560 |
4 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Interest receivable | 95 | 42 |
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SLINFOLD PARISH COTTAGES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
5 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure | |
| 2023 | 2022 | |
| £ | £ | |
| Insurance | 1,923 | 1,757 |
| Repairs and maintenance | 41,995 | 8,586 |
| Subscriptions | 175 | 289 |
| Accountancy fees | 1,525 | 1,320 |
| Consultancy fees | 7,909 | 8,017 |
| Domain hosting | 135 | 99 |
| Postage | 421 | 360 |
| Sundry expenses | 19 | 70 |
| Legal and professional fees | 994 | 6,784 |
| 55,096 | 27,282 | |
| 55,096 | 27,282 |
Fees payable to the independent examiner for the preparation and examination of the accounts amounted to £1,386 (2022 - £1,320).
6 Trustees
One of the trustees, Sally O'Brien, received remuneration of £7,909 (2022: £7,785) during the year in relation to secretarial services provided on behalf of the charity.
No trustees were reimbursed expenses during the year (2022: £nil).
7 Employees
There were no employees during the year.
8 Tangible fixed assets
| Freehold land and buildings Leasehold improvements £ £ Cost At 1 April 2022 2,292,911 102,589 At 31 March 2023 2,292,911 102,589 Carrying amount At 31 March 2023 2,292,911 102,589 At 31 March 2022 2,292,911 102,589 |
Total £ 2,395,500 |
|---|---|
| 2,395,500 | |
| 2,395,500 | |
| 2,395,500 |
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SLINFOLD PARISH COTTAGES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
8 Tangible fixed assets
(Continued)
The carrying value of investment properties included within tangible fixed assets is £2,395,500 (2022 - £2,395,500) and were valued on an open market basis on 16 April 2019 by Bray Estates.
The Freehold properties included within fixed assets are Almshouses and are provided by the charity to the community at affordable prices. The properties are therefore not considered to be held for investment purposes.
No depreciation has been recognised on the Freehold properties as the properties are considered to have appreciated in value over the course of the year.
9 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income |
2023 £ - 122 689 811 |
2022 £ 620 122 812 |
| 1,554 |
10 Creditors: amounts falling due within one year
| Other creditors Accruals and deferred income |
2023 £ 344 1,386 1,730 |
2022 £ 324 1,320 |
|---|---|---|
| 1,644 |
11 Related party transactions
Transactions with related parties
Related party transactions have been disclosed in note 6 to the accounts.
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SLINFOLD PARISH COTTAGES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
12 Designated funds
The income funds of the charity include the following funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Movement in funds Movement in funds Balance at 1 April 2021 Net movement in funds Transfers Balance at 1 April 2022 Net movement in funds Transfers 31 £ £ £ £ £ £ General fund 2,447,869 34,319 (1,000) 2,481,188 6,887 (1,000) Extraordinary repair fund 4,011 1 1,000 5,012 24 1,000 2,451,880 34,320 - 2,486,200 6,911 - |
Balance at March 2023 £ 2,487,075 6,036 |
|---|---|
| 2,493,111 |
13 Events after the reporting date
The charity completed the merger with Slinfold & District Nursing Association.(charity no. 221153) on 30 June 2023. No adjustments are required in these accounts in respect of this merger.
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