SUNNINGHILL PAROCHIAL CHARITIES Registered charity number 203452
REPORT AND FINANCIAL STATEMENTS 2023
FOR THE YEAR TO 31 DECEMBER 2023
SUNNINGHILL PAROCHIAL CHARITIES TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The accounts have been prepared in compliance with Charity Commission guidance.
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 the parish of St Michael & All Angels Sunninghill and All Souls South Ascot; an appointee from the Royal Borough of Windsor & Maidenhead Council (RBWM); 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 2023 were: Mr N Tetchner - Chairman Mr C Chermside Mr N Green Mr G Anderson JP - Treasurer Cllr L Evans Revd T Jordan Mrs D Lawman - Secretary Mr N Evans
Cllr Bateson ceased to be a councillor during the year. Her replacement, nominated by RBWM, is Dr L Evans, a councillor on Sunningdale Parish Council, who took office as a Trustee of SPC on 17 August 2023. The Revd Tansley Jordan became the ex-officio Trustee on 7 November 2022.
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 2023
The 2022 accounts, after approval by the Trustees and examined independently, were submitted to the Charity Commission in good time.
Refurbishment of one property in Victoria Road was completed in December 2022 in time for a resident who wished to move from a Cheapside almshouse to one in South Ascot for family reasons. Occupancy commenced on 1 January 2023. Two Cheapside properties were extensively refurbished in anticipation of new residents and one Victoria Road property was redecorated prior to a new resident moving in. Three new residents were welcomed to the charity’s almshouses in 2023. Total refurbishment costs in 2023 were £26,672 with general maintenance of and repairs to all properties costing a further £24,473 that included major work on the Cheapside main drains. This year was one of our most costly in recent times. All the Charity’s properties continue to be well maintained and remain in good order.
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 discussed and agreed at the October 2022 meeting and were implemented on 1 January 2023. These new rates focussed attention on the disparity of the WMC rates paid by long-standing residents and those paid by new, incoming residents. To address this disparity, the Trustees accepted at their October 2023 Board meeting the Treasurer’s proposals that the current long-standing residents should begin to pay a modest, progressive “equalization” supplement, to be introduced from 1 January 2024, which is intended to bring parity of WMCs paid by all residents by 2028.
Despite these increases, the charity’s WMC levels remain low in comparison with many other almshouses charities of a similar size and location. Whilst the current financial position remains satisfactory, these measures are intended to build up reserves to provide for major expenditure and ensure the long-term future of the charity. 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
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SUNNINGHILL PAROCHIAL CHARITIES
Registered charity number 203452
Summary Accounts for period 1 January to 31 December 2023
| INCOME FROM CHARITABLE ACTIVITIES WMCs Cheapside Cheapside energy supplements WMCs VR South Ascot OVO Energy refund re 55A Cheapside 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 Electricity Gardening Gas Gas equipment service & safety Gutter cleaning Refurbishment work Repairs & maintenance Water Window cleaning Other expenses TOTAL PROPERTIES EXPENDITURE GENERAL ADMINISTRATION EXPENDITURE Stationery & Postage Subscriptions & Fees TV licences Sundry expenses |
2023 £ 13,478 3,024 10,035 71 26,608 621 266 1,616 960 70 23,842 16,046 1,390 60 0 44,871 799 88 1,039 215 648 0 2,830 5,650 1,112 0 0 12,381 57,252 20 196 318 85 619 |
2022 £ 12,169 3,574 8,159 0 |
|---|---|---|
| 23,902 | ||
| 666 322 2,902 1,117 120 2,800 1,012 1,291 300 0 |
||
| 10,531 | ||
| 711 0 970 0 1,608 0 11,264 2,238 1,033 240 0 |
||
| 18,063 | ||
| 28,595 | ||
| 17 187 333 35 |
||
| 572 |
continued…
Page 3 of 9
SUNNINGHILL PAROCHIAL CHARITIES
Registered charity number 203452
Summary Accounts for period 1 January to 31 December 2023
| 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 OPERATING SURPLUS /(DEFICIT FOR YEAR) Cash generated by sale of investments to fund major refurbishments and repairs TOTAL CASH SURPLUS FOR THE YEAR |
…continued 2023 2022 £ £ 26,608 23,902 (44,871) (10,531) (12,381) (18,063) (619) (572) (31,263) (5,264) 27 1 1,560 1,560 4,314 4,187 4,754 3,655 10,655 9,403 (20,608) 4,139 25,846 0 5,238 4,139 |
…continued 2023 2022 £ £ 26,608 23,902 (44,871) (10,531) (12,381) (18,063) (619) (572) (31,263) (5,264) 27 1 1,560 1,560 4,314 4,187 4,754 3,655 10,655 9,403 (20,608) 4,139 25,846 0 5,238 4,139 |
|---|---|---|
| (5,264) 1 1,560 4,187 3,655 |
||
| 9,403 | ||
| 4,139 0 |
||
| 4,139 |
MOVEMENT IN RESERVES 2023
| MOVEMENT IN RESERVES 2023 | |
|---|---|
| Reserves as at 31 December 2022 Cash Operating Surplus/(Deficit)for 2023 per Transfer from ERF to General Fund Book loss on sale of ERF investments Reserves as at 31 December 2023 |
Alms houses Extraordinary Repair Fund Total Restricted Funds General Fund Total Reserves £ £ £ £ £ 1 188,466 188,467 48,126 236,593 P&L (20,609) (20,609) (25,846) (25,846) 25,846 0 (1,772) (1,772) (1,772) |
| 1 160,848 160,849 53,363 214,212 |
Differences against Balance Sheet due to rounding
Page 4 of 9
SUNNINGHILL PAROCHIAL CHARITIES
Registered Charity number 203452
BALANCE SHEET as at 31 December 2023
| Note FIXED ASSETS Tangible Assets - Almshouses 2 Investments at book cost 3, 4 & 5 Total Fixed Assets CURRENT ASSETS Cash at Bank 6 Total Current Assets TOTAL ASSETS THE FUNDS OF THE CHARITY Restricted Funds Almshouses Extraordinary Repair Fund TOTAL RESTRICTED FUNDS Unrestricted Funds General Fund TOTAL CHARITY FUNDS |
2023 £ 1 199,207 199,208 15,003 15,003 214,211 1 160,848 160,849 53,362 214,211 |
2022 £ 1 226,825 226,826 9,766 9,766 236,592 1 188,466 188,467 48,125 236,592 |
|---|---|---|
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 16 April 2024 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 2023
-
The accounts have been prepared in compliance with the Charity Commission guidance for charity reporting and accounting 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 £1,949,604 (of which buildings are £1,899,000 and contents £50,604). In 2022, the total sum insured was £1,698,985.
-
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. The ERF 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, as measured by RPI in August, 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 2023.
| SCHEDULE OF INVESTMENTS RESTRICTED CAPITAL Extraordinary Repair Fund COIF Investment Fund acc units M&G CHMAF inc units UNRESTRICTED General Fund M&G Charifund inc units TOTAL INVESTMENTS |
2023 | Book Market Cost Value £ £ 63,854 229,249 96,994 94,634 160,848 323,883 38,359 72,397 38,359 72,397 199,207 396,280 |
2022 | |
|---|---|---|---|---|
| Holding 924.390 105,360.048 5,045.104 |
Holding 924.390 135,360.048 5,045.104 |
Book Market Cost Value £ £ 63,854 203,724 124,612 119,536 |
||
| 188,466 323,260 |
||||
| 38,359 74,139 |
||||
| 38,359 74,139 |
||||
| 226,825 397,399 |
In August and October, two sales totalling 30,000 units of the M&G CHMAF income units were sold generating cash of £25,846 to fund the excess of expenditure over income and to provide for expected additional refurbishment work.
Page 6 of 9
SUNNINGHILL PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS for the year ended 31 December 2023 (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 |
2023 £ 3,866 11,137 15,003 |
2022 £ 8,656 1,110 |
|---|---|---|
| 9,766 |
Page 7 of 9
CHARITY COMMISSION FOR ENGLANO AND WALES Independent examinerfs report on the accounts S¢¢tion A Independènt Examiner's Rèport Roport to the trustee m•mber¥ of SunniNdhill Paroch1 Chantie$ On accounts for th• year 31 lJe¢emtr 2023 Charity no {11 any) 203452 S•t out on p•g I rert to the trustees on my examinatw of the a¢o)unts ofthe abovo thaTity Trusfi for fv year ended 3111212023 th? ¢harWs trusto•s, Y are respw'tAe for preparation ofthe accourts in acoNdm with th& requirem8r)ts ofthe Chariti•s Act 2011 Ad'l. R•pon•lbllltl•• and ba•1• of report I report in re8p8et of my examin10 of thè Tru6Vs accounts carried OLrt urKler section 145 of the 2011 Act aThJ in carrying out my examinatkjn, I have follotd all the apr4i¢abb9 DiTecon$ given by the Charity Commission undw section 14515llbl ofthe Ad. Ind•pendont I have completed my exaMtrOn. I c4Mfim thal matsrial matt8T8 have •xamiMrfs statemfrnt come to my attention in connection wrth the examination which give$ m• cause to b01ke Ihat in, 8ny material resFert'. Ihe accounb.rwj fecords V•we not ke0 in aco)rdance with 80Ctlon 130 of Ihg Charititrs A¢t." or the accounts did not ao>yd wilh the ac£nting recNd8'. or the accounts dKI not comply the aWic•ble requirements ¢on¢•ming the fomi ar content of accounts set out in the Charltles (Accounts and Repobts) Regulations 2(M)8 other than any requirèment that the accounts give a Irue and fairf which 18 not a matter conskkned a$ pgrt ol an indeptrThJent examin81i¢)n. I hove no concem$ have acxoss other mattef5 in ¢onnection wrth the examilliOn lo vthi¢h altention $hoLFld te drawn in this report in d8r to enable a WOFer understsndirrfJ of the auntS lo be feached. Sn•d: 7th February 2024 Nam•: lan Wuiam RLSJick R•Iant profesJlon¥l qualifiction(sl or body Irf any): Fellat of the InstitLrte of Charter•d Accountsnts in EngLgnd 8tKI WaS Addross: 32 Wo(>Jend Drive, As¢ot. Berkshire SL5 98G IER Oct 2018 Page8of9
Section B Disclosure Only ccffjpbte rf the examinèr neets w hKjhlht materbal tHatte ot con( (see CC32, Inde[U examination of charity accounts". directs'ons and guidartt for examirwsl. Gl¥• hare brief ql¢talls of any itsm$ that the oxaminerwishu to disclos•. IER Oct 2018 Page9of9