2021-12-31-accounts - Sunninghill Parochial Charities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

SUNNINGHILL PAROCHIAL CHARITIES

REPORT AND ACCOUNTS 2021

FOR THE YEAR TO 31 DECEMBER 2021

Registered charity number 203452

SUNNINGHILL PAROCHIAL CHARITIES TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The accounts have been prepared in compliance with the Charity Commission guidance (November 2016).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Registered with the Charity Commission, the charity was incorporated in 1894 by the amalgamation of a number of smaller charities in the Sunninghill area. The charity is controlled by the Board of Trustees, which consists of the priest in charge of St Michael & All Angels Church, Sunninghill, an appointee from the Royal Borough of Windsor & Maidenhead Council and usually 6 other volunteers. New trustees are appointed by the Board from suitable people living or carrying out business in or near Ascot, Berkshire. The trustees elect/re-elect a chairman and treasurer each year. The trustees hold meetings bi-annually and keep in contact as is necessary throughout the year.

Trustees in 2021 were:

Mr N Tetchner - Chairman Cllr C Bateson Mr N Green Mr G Anderson JP - Treasurer Revd S Johnson (resigned July 2021) Mrs D Lawman - Secretary Mr N Evans Mr C Chermside

OBJECTIVES AND ACTIVITIES

The objective of the charity is to provide subsidised housing for local elderly and needy people of good character and limited resources. The charity holds in trust, administers and maintains the properties and grounds of 55 Cheapside Road, Ascot and 5–11 Victoria Road, South Ascot for the use of its appointed residents. When there are vacancies, the Trustees aim to appoint residents to the alms-houses in accordance with the charitable objectives. In the case of equal eligibility, priority is given to applicants who have or have had ties with the Ascot area and contributed in a positive way to the community. The charity is a member of the Almshouses Association and aims to follow its guidelines. In addition, the charity may give donations for the benefit of the poor in the local area.

ACHIEVEMENTS AND PERFORMANCE IN 2021

The 2020 accounts were approved by the trustees, examined independently and submitted to the Charity Commission. Although the finances remain satisfactory a new formula for annual WMC increases was agreed by the trustees. To be implemented from April 2022 this will assist long term financial stability.

Due to ongoing covid-19 guidelines the 2021 AGM was held in April via Zoom conference. The ordinary general meeting was held physically in October.

One resident died during January at a Cheapside property and during its refurbishment a new resident was selected. The house was re-occupied in June.

All the Charity’s properties continue to be well maintained and remain in good order. Following a request from a resident to convert the bathroom to a walk-in shower room to aid mobility, the trustees agreed to convert all the remaining properties to shower rooms on request of the resident or at the next major refurbishment. This year 4 bathrooms conversions were completed.

We welcome enquiries regarding applications for future vacancies and from volunteers who may be able to assist the charity by becoming trustees.

Norman Tetchner Chairman

Page 2 of 8

SUNNINGHILL PAROCHIAL CHARITIES

Registered charity number 203452

Summary Accounts for period 1 January to 31 December 2021

INCOME WMCs Cheapside WMCs VR South Ascot M&G dividends Charifund M&G dividends CHMAF income units Land Rental income Barclays Premium Acct interest Sundry income TOTAL CASH INCOME M&G Recoupment acc units dividend credits (not paid out) TOTAL INCOME EXPENDITURE CHEAPSIDE PROPERTIES Electricity Gas Water Gardening Buildings Insurance Repairs & maintenance Refurbishment work Gutter cleaning Window cleaning Other expenses VICTORIA ROAD PROPERTIES Electricity Gas Gas equipment service & safety Water Gardening Buildings Insurance Repairs & maintenance Refurbishment work Gutter cleaning Window cleaning Other expenses TOTAL PROPERTIES EXPENDITURE	2021 £ 11,493 8,571 3,409 188 1,812 1 0 25,473 3,557 29,030 205 1,268 1,251 1,185 646 1,449 14,446 265 375 65 21,156 0 0 468 1,001 1,211 689 190 13,446 150 300 0 17,455 38,611	2020 £ 11,631 7,398 2,721 410 1,308 12 220
		23,700 4,338
		28,038
		322 2,410 1,205 1,060 748 6,576 0 0 390 65
		12,776
		22 39 847 964 1,055 670 4,650 0 0 480 0
		8,728

		21,504

Page 3 of 8

SUNNINGHILL PAROCHIAL CHARITIES

Registered charity number 203452

Summary Accounts for period 1 January to 31 December 2021

(Continued)

GENERAL ADMINISTRATION Donations made Recoupment Acct Units Purchase Stationery & Postage Subscriptions & Fees TV licences Sundry expenses TOTAL OPERATING EXPENDITURE Operating Cash Surplus / (Deficit) for year Transfers: To: Recoupment Acct - accumulation unit dividends To: Recoupment Acct re units purchased	2021 £ 0 66 22 0 333 30 452 39,063 (13,590) 3,557 66 3,623	2020 £ 0 66 49 361 345 0
		821

		22,325
		1,375
		4,338 66
		4,404

Movement in Reserves

	Movement in Reserves
Reserves as at 31 December 2019 Surplus/(Deficit)for 2021 per P&L Recoupment Fund Units purchased Reserves as at 31 December 2020 Surplus/(Deficit)for 2021 per P&L Recoupment Fund Units purchased Gain on Sale of Investments Reserves as at 31 December 2021	Almshouses Recoupment Fund Extraordinary Repair Fund Total Restricted Funds General Fund Total Reserves £ £ £ £ £ £ 1 75,150 63,854 139,005 51,010 190,015 4,338 4,338 1,375 5,713 66 66 66
	1 79,554 63,854 143,409 52,385 195,794 3,557 3,557 (13,590) (10,033) 66 66 66 5,192 5,192
	1 83,177 63,854 147,032 43,987 191,019

Differences against Balance Sheet due to rounding

Page 4 of 8

SUNNINGHILL PAROCHIAL CHARITIES

Registered Charity number 203452

BALANCE SHEET as at 31 December 2021

Note FIXED ASSETS Tangible Assets - Almshouses 2 Investments 4 & 5 Total Fixed Assets CURRENT ASSETS 6 Cash at Bank 7 Total Current Assets TOTAL ASSETS THE FUNDS OF THE CHARITY Restricted Funds Almshouses Recoupment Fund Extraordinary Repair Fund TOTAL RESTRICTED FUNDS Unrestricted Funds General Fund TOTAL CHARITY FUNDS	2021 £ 1 185,392 185,393 5,627 5,627 191,020 1 83,179 63,854 147,034 43,986 191,020	2020 £ 1 172,103
		172,104
		23,690
		23,690

		195,794
		1 79,554 63,854
		143,409
		52,385
		195,794

The financial statements and the notes that form an integral part of the statements have been approved by the Board of Trustees, were authorized for issue and were signed on behalf of the Board on 5 April 2022 by:

Norman Tetchner Chairman

Gordon Anderson JP Treasurer

Page 5 of 8

SUNNINGHILL PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS for the year ended 31 December 2021

The accounts have been prepared in compliance with the Charity Commission guidance for charity reporting and accounting (November 2016) using the Receipts and Payments method and under the historical cost convention. Income is recognized on receipt; invoiced expenditure is recognized when paid, with appropriate bank account reconciliation.
As all the nine dwellings are owned outright and are designated almshouses, they are considered to be inalienable assets and are shown in the balance sheet at a written down value of £1. No accurate records remain of their original costs.

The buildings and landlord’s contents are insured for a total of £1,555,132 (buildings £1,515,873; contents £39,258). In 2020, total sum insured was £1,509,838).

The Trustees maintain the Extraordinary Repair Fund and the Recoupment Fund (both are restricted) in accordance with the trust deed for the former and the Charity Commission direction for the latter.
In 2018 transfers to the Extraordinary Repair Fund were utilized to purchase additional investments. The amounts transferred were considered adequate both to cover the compliance oversights in recent prior years as well as this obligation until 2038, subject to inflation remaining around the 5% level, in order to remain fully compliant with requirements set out in the trust deed. This Fund will be drawn upon to fund larger expenditure on the maintenance of and improvements to the properties, when required.
Investments held are shown in the balance sheet at historical book cost. All are fully regulated funds, are professionally managed and are highly liquid, permitting the trustees easily to invest or, if required, to sell to raise funds to maintain or improve the properties for the benefit of residents. Investment income is recognized on receipt. The bid price of each fund has been used to calculate the market value as at 31 December 2021. This reflects a change in accounting guidance in 2019 from using mid-market prices to now using bid prices.

2021	2020
Holding 1,168.064 924.390 5,045.104 0	Holding 1,167.406 924.390 4,061.000 11,725.000	Book Market Cost Value £ £ 79,555 108,003 63,854 190,604
		143,409 298,607
		23,359 55,740 5,335 9,804
		28,694 65,544

		172,103 364,151

During the year, on 21 July 2021, the charity sold its holding of 11,725 units of the M&G CHMAF income fund, realizing total proceeds of £10,527 and a gain over book cost of £5,192.

Page 6 of 8

NOTES TO THE ACCOUNTS for the year ended 31 December 2021 (continued)

The Notes to the Accounts prepared for last year to 31 December 2020 made reference to a Debtor relating to Land Rent for a total of £252. This sum has now been received.
Cash sums are held in two separate accounts with Barclays Bank. Such sums are deemed part of the General Fund and consist of income from the Weekly Maintenance Contributions and investment income received. Such funds are used to cover normal expenditure on maintenance and other expenses of running the charity.

Barclays Bank Current Account Barclays Bank Premium Savings Account	2021 £ 4,518 1,109 5,627	2020 £ 8,582 15,108
		23,690

Page 7 of 8

CHARITY COMMISSION Independent examinerfs roport on the accounts Section A Independent Examin•r's R•port 31 O•c•)v 2021 Ch•rty no {WMby) ftr• y•w ended 3IM2f2021 of rnp Ctro A¢ri J•r 145 2011 c•ffyYYJ (xrt my ex•n). I 1•¢1ffi 145(SXbl oltr• Ad. 14- F•tsuwy 2022 111 •nyl: Oct 2018 Page8of8