SUNNINGHILL PAROCHIAL CHARITIES Registered charity number 203452
REPORT AND FINANCIAL STATEMENTS 2022
FOR THE YEAR TO 31 DECEMBER 2022
SUNNINGHILL PAROCHIAL CHARITIES TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The accounts have been prepared in compliance with 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 semi-annually and keep in contact as is necessary throughout the year. Trustees in 2022 were:
Mr N Tetchner - Chairman Cllr C Bateson Mr N Green Mr G Anderson JP - Treasurer Mr C Chermside Mr N Evans Mrs D Lawman - Secretary St Michael’s Church vicar (interregnum)
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 almshouses 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 2022
The 2021 accounts were approved by the trustees, examined independently, and submitted to the Charity Commission.
After consultation with the Charities Commission in April, the Recoupment Fund that related to the Cheapside properties built in 1967 was closed after being deemed fully paid off. The fund holding was transferred to the Extraordinary Repair Fund with the investment switched to an M&G managed income fund. The capital is deemed to be restricted, but the income from the investment is deemed to be unrestricted.
The new formula for annual WMC increases was implemented on 1[st] April 2022, as previously agreed by the trustees. Higher WMC rates for new incoming residents were also discussed and agreed at the October meeting, to apply from January 2023. Whilst the finances remain satisfactory, these measures are intended to ensure a long-term future for the charity.
One resident at South Ascot died in October and a refurbishment of the property was completed in December. The house was occupied immediately by a Cheapside resident who wished to move closer to her daughter. The Cheapside property is being refurbished and is expected to have a new resident on 1 March 2023.
All the Charity’s properties continue to be well maintained and remain in good order.
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 9
SUNNINGHILL PAROCHIAL CHARITIES
Registered charity number 203452 Summary Accounts for period 1 January to 31 December 2022
| INCOME FROM CHARITABLE ACTIVITIES WMCs Cheapside Cheapside energy supplements WMCs VR South Ascot TOTAL INCOME EXPENDITURE - CHEAPSIDE PROPERTIES Buildings Insurance Electricity Gas Gardening Gutter cleaning Refurbishment work Repairs & maintenance Water Window cleaning Other expenses EXPENDITURE - VICTORIA ROAD PROPERTIES Buildings Insurance Gas equipment service & safety Gardening Gutter cleaning Refurbishment work Repairs & maintenance Water Window cleaning Other expenses TOTAL PROPERTIES EXPENDITURE GENERAL ADMINISTRATION EXPENDITURE Recoupment Acct Units Purchase Stationery & Postage Subscriptions & Fees TV licences Sundry expenses |
2022 £ 12,169 3,574 8,159 23,902 666 322 2,902 1,117 120 2,800 1,012 1,291 300 0 10,531 711 1,608 970 0 11,264 2,238 1,033 240 0 18,063 28,595 0 17 187 333 35 572 |
2021 £ 10,255 1,238 8,571 |
|---|---|---|
| 20,064 | ||
| 646 205 1,268 1,185 265 14,446 1,449 1,251 375 65 |
||
| 21,156 | ||
| 689 468 1,211 150 13,446 190 1,001 300 0 |
||
| 17,455 | ||
| 38,611 | ||
| 66 22 0 333 30 |
||
| 452 |
continued…
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SUNNINGHILL PAROCHIAL CHARITIES
Registered charity number 203452
Summary Accounts for period 1 January to 31 December 2022
| CHARITABLE ACTIVITIES SUMMARY WMC income Cheapside expenditure Victoria Road expenditure General administration expenditure Operating Cash Surplus / (Deficit) for year INVESTMENT INCOME Barclays Premium Account interest Land Rental income M&G dividends Charifund M&G dividends CHMAF income units TOTAL SURPLUS /(DEFICIT FOR YEAR) |
2022 £ 23,902 (10,531) (18,063) (572) (5,264) 1 1,560 4,187 3,655 9,403 4,139 |
…continued 2021 £ 20,064 (21,156) (17,455) (452) |
|---|---|---|
| (18,999) | ||
| 1 1,812 3,409 188 |
||
| 5,409 | ||
| (13,590) |
MOVEMENT IN RESERVES 2022
| Total | ||||||
|---|---|---|---|---|---|---|
| Alms | Recoupment | Extraordinary | Restricted | General | Total | |
| houses | Fund | Repair Fund | Funds | Fund | Reserves | |
| £ | £ | £ | £ | £ | £ | |
| Reserves as at 31 December 2021 | 1 | 83,178 | 63,854 | 147,033 | 43,987 | 191,020 |
| Surplus/(Deficit)for 2022 per P&L | 900 | 900 | 4,139 | 5,039 | ||
| Transfer to Extraordinary Repair Fund | (124,612) | 124,612 | 0 | 0 | ||
| (Note 4) | ||||||
| Profit realized on sale of investment | 40,534 | 40,534 | 40,534 | |||
| (Note 4) | ||||||
| Reserves as at 31 December 2022 | 1 | 0 | 188,466 | 188,467 | 48,126 | 236,593 |
Notes:
Recoupment Fund closed April 2022 - holding transferred to ERF
Any differences against Balance Sheet due to rounding
Page 4 of 9
SUNNINGHILL PAROCHIAL CHARITIES
Registered Charity number 203452
BALANCE SHEET as at 31 December 2022
| Note FIXED ASSETS Tangible Assets - Almshouses 2 Investments at book cost 3 & 4 Total Fixed Assets CURRENT ASSETS 5 & 6 Cash at Bank 7 Total Current Assets TOTAL ASSETS THE FUNDS OF THE CHARITY Restricted Funds Almshouses Extraordinary Repair Fund Recoupment Fund (closed) 4 TOTAL RESTRICTED FUNDS Unrestricted Funds General Fund 7 TOTAL CHARITY FUNDS |
2022 £ 1 226,825 226,826 9,766 9,766 236,592 1 188,466 0 188,467 48,125 236,592 |
2021 £ 1 185,392 |
|---|---|---|
| 185,393 | ||
| 5,627 | ||
| 5,627 | ||
| 191,020 | ||
| 1 63,854 83,179 |
||
| 147,034 | ||
| 43,986 | ||
| 191,020 |
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 18 April 2023 by:
Norman Tetchner Chairman
Gordon Anderson JP Treasurer
Page 5 of 9
SUNNINGHILL PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS for the year ended 31 December 2022
-
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 £1,698,985 (buildings £1,656,100; contents £42,885). In 2021, total sum insured was £1,555,132.
-
The Trustees maintain the Extraordinary Repair Fund (ERF) as being restricted in accordance with the trust deed for expenditure on major refurbishment or improvements to the properties. Investments are sold when funds are required, as no separate ERF cash account is maintained.
-
During the year the Recoupment fund was closed following consultation with the Charity Commission, as the commitment was deemed to have been fully paid off. The M&G CHMAF accumulation units were transferred to the Extraordinary Repair Fund and switched (by sale and purchase) into income units. The capital is deemed to be restricted and the income from the investments now held deemed to be unrestricted.
-
In 2018 transfers to the Extraordinary Repair Fund were utilized to purchase additional investments. The amounts transferred were considered adequate to cover both the compliance oversights in prior years as well as this obligation until 2038, subject to inflation remaining at an average of approximately 5% over the period of 20 years, in order to remain fully compliant with requirements set out in the trust deed.
-
Investments held are shown in the balance sheet at historical book cost. All are fully regulated funds, professionally managed and 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 2022.
| SCHEDULE OF INVESTMENTS 2022 Holding RESTRICTED CAPITAL Recoupment Fund (closed April 2022) M&G CHMAF acc units 0.000 Extraordinary Repair Fund COIF Investment Fund acc units 924.390 M&G CHMAF inc units 135,360.048 UNRESTRICTED General Fund M&G Charifund inc units 5,045.104 TOTAL INVESTMENTS |
2022 | Book Market Cost Value £ £ 0 0 63,854 203,724 124,612 119,536 188,466 323,260 38,359 74,139 38,359 74,139 226,825 397,399 |
2021 | |
|---|---|---|---|---|
| Holding 1,168.064 924.390 5,045.104 |
Book Market Cost Value £ £ 83,179 122,300 63,854 223,863 |
|||
| 147,033 346,163 |
||||
| 38,359 78,512 |
||||
| 38,359 78,512 |
||||
| 185,392 424,675 |
Page 6 of 9
SUNNINGHILL PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS for the year ended 31 December 2022 (continued)
- 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 all investment income received. Such funds are used to cover normal expenditure on maintenance and other expenses of running the charity.
| Barclays Bank Community Account Barclays Bank Premium Savings Account |
2022 £ 8,656 1,110 9,766 |
2021 £ 4,518 1,109 |
|---|---|---|
| 5,627 |
Page 7 of 9
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examinei's Report R•port to th• trust•olll On •ccounts for th• y•r ¢h•rlty no {Il•ny to S•% T1 f¢rll yawwJ•d 31112r2022 ba•ls ol r•port I r•ipart rf my cl th TnAYs acthrrta o seLw 145 01 tho 2011 Act in carg Wt my examin•bon, I Kl•r 1495Xbl crfth• Ind•p•nd•nt I c(¥nFknd my I wffinn thal tx) makn.al m¥ttw¥ h ¢¥ to that in, Any matwi•l re8peLt ith ts examinati to att1rtti $k1 te drwTr in thi8 rewl h) 4th Mwch 2023 91{1#001*I ¢x b(xly 1rf4nyl: Addr#•: IER Oct 2018 Page8of9
Section B Disclosure Only Comete rf thè examiner neèds to highlight material matters of conrn gumlarxe for exInerS). Glvg r• brfof dthllB of any items that the •xamln•rwl•hM to •Jls¢loM. IER Oct 2018 Page9of9