**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… Page 3 of 9 ## **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** 1. 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. 2. 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. 3. 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. 4. 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. 5. 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. 6. 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) 7. 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* yaww*J•d 31112r2022 ba•ls ol r•port I r•ipart rf my cl th TnAYs ac*thrrta o seL*w 145 01 tho 2011 Act in ca￿￿rg 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 drw*Tr in thi8 rewl h) 4th Mwch 2023 9￿1{1￿#001￿*I ¢x b(xly 1rf4nyl: Addr#•: IER Oct 2018 Page8of9 Section B Disclosure Only Com￿ete rf thè examiner neèds to highlight material matters of con￿rn gumlarxe for ex￿InerS). Glvg ￿r• brfof dthllB of any items that the •xamln•rwl•hM to •Jls¢loM. IER Oct 2018 Page9of9