SUNNINGHILL PAROCHIAL CHARITIES Registered charity number 203452
REPORT AND FINANCIAL STATEMENTS 2024
FOR THE YEAR TO 31 DECEMBER 2024
SUNNINGHILL PAROCHIAL CHARITIES TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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 parishes 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 2024 were:
Mr N Tetchner - Chairman Mr C Chermside Revd T Jordan Mr G Anderson JP - Treasurer Cllr L Evans Mrs R Turner Mrs D Lawman - Secretary Mr N Green During the year, Mr Nick Evans retired with the Board’s grateful thanks for his work in Cheapside. An appeal seeking volunteer trustees was made, as a result of which Mrs Rachel Turner was interviewed and considered to be an ideal candidate. She was duly elected a trustee at the October 2024 Board meeting.
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 2024
The 2023 accounts, after an independent examination and approval by the Trustees, were submitted to the Charity Commission in good time.
Refurbishment of the houses in Victoria Road, South Ascot continued with the decision made to replace all four boilers with new gas-fired Glow-worm combi units. This was carried out in stages, completed by the end of August and cost a total of £17,292. A major unplanned expenditure in the year was the urgent relining of the foul sewer pipes serving the South Ascot properties that was required in September: the cost was £10,974.
The Weekly Maintenance Contributions for all nine residents were reviewed and increased in accordance with the previously agreed formula of RPI plus 2%. This meant the overall increase for 2025 was to be 4.9%, a much more modest increase compared with that for 2024, as a result of the significant drop in inflation. The imposition of an “equalization” supplement was accepted without adverse comments from those residents who had moved in prior to 2022, the intention being to bring their WMCs gradually in line by 2028 with the WMCs being paid by new residents.
It remains the opinion of the Board that 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, such measures are intended to build up reserves to provide for further major expenditure and ensure the longterm 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
Page 2 of 9
SUNNINGHILL PAROCHIAL CHARITIES
Registered charity number 203452
Summary Accounts for period 1 January to 31 December 2024
| INCOME FROM CHARITABLE ACTIVITIES WMCs Cheapside Cheapside energy supplements Equalization supplements Cheapside WMCs VR South Ascot Equalization supplements VR South Ascot Barclays Bank compensation OVO Energy refund re 55A Cheapside TOTAL INCOME EXPENDITURE - CHEAPSIDE PROPERTIES Buildings Insurance Electricity Gardening Gas Gas equipment service & safety 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 |
2024 £ 16,664 2,900 756 13,001 756 45 0 34,122 635 262 1,099 2,519 120 165 0 1,078 1,782 200 311 8,171 813 0 1,016 0 0 55 17,301 12,774 1,092 160 0 33,211 41,382 26 343 354 152 875 |
2023 £ 13,478 3,024 0 10,035 0 0 71 |
|---|---|---|
| 26,608 | ||
| 621 266 960 1,616 120 70 23,842 15,926 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 |
continued…
Page 3 of 9
SUNNINGHILL PAROCHIAL CHARITIES
Registered charity number 203452
Summary Accounts for period 1 January to 31 December 2024
…continued
| CHARITABLE ACTIVITIES SUMMARY WMC income Cheapside Energy Supplements Equalization Supplements Cheapside expenditure Victoria Road expenditure General administration expenditure Barclays Bank compensation Operating Cash Surplus / (Deficit) for year INVESTMENT INCOME CCLA Deposit Fund interest 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 |
2024 £ 29,666 2,900 1,512 (8,172) (33,211) (875) 45 (8,135) 365 110 1,560 4,541 4,267 10,843 |
2023 £ 23,584 3,024 0 (44,871) (12,381) (619) 0 |
|---|---|---|
| (31,263) | ||
| 0 27 1,560 4,314 4,754 |
||
| 10,655 | ||
| 2,708 0 2,708 |
(20,608) 25,846 |
|
| 5,238 |
| MOVEMENT IN FUNDS 2024 | MOVEMENT IN FUNDS 2024 | MOVEMENT IN FUNDS 2024 | |||
|---|---|---|---|---|---|
| Total | |||||
| Alms | Extraordinary | Restricted | Total | ||
| houses | Repair Fund | Funds | General Fund | Reserves | |
| £ | £ | £ | £ | £ | |
| Funds as at 31 December 2023 | 1 | 160,848 | 160,849 | 53,363 | 214,212 |
| Cash Operating Surplus/(Deficit)for 2024 per P&L | 2,707 | 2,707 | |||
| Funds as at 31 December 2024 | 1 | 160,848 | 160,849 | 56,070 | 216,919 |
Differences against Balance Sheet due to rounding
Page 4 of 9
SUNNINGHILL PAROCHIAL CHARITIES
Registered Charity number 203452
BALANCE SHEET as at 31 December 2024
| Note FIXED ASSETS Tangible Assets - Almshouses 2 Investments at book cost 3, 4 & 5 Total Fixed Assets CURRENT ASSETS Cash accounts 6, 7 Debtor 8 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 |
2024 £ 1 199,207 199,208 17,710 17,710 216,918 1 160,848 160,849 56,069 216,918 |
2023 £ 1 199,207 |
|---|---|---|
| 199,208 | ||
| 15,003 | ||
| 15,003 | ||
| 214,211 | ||
| 1 160,848 |
||
| 160,849 | ||
| 53,362 | ||
| 214,211 |
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 1 April 2025 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 2024
-
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 £1,988,602 (of which buildings are £1,937,020 and contents £51,582). In 2023, the total sum insured was £1,949,604.
-
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 2024.
| 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 |
2024 Book Market Holding Cost Value £ £ 924.390 63,854 240,910 105,360.048 96,994 97,806 160,848 338,716 5,045.104 38,359 74,284 38,359 74,284 199,207 413,000 |
2023 | 2023 |
|---|---|---|---|
| Book Market Holding Cost Value £ £ 924.390 63,854 229,249 105,360.048 96,994 94,634 160,848 323,883 5,045.104 38,359 72,397 38,359 72,397 199,207 396,280 |
|||
| 38,359 72,397 |
|||
| 199,207 396,280 |
con$nued…
Page 6 of 9
SUNNINGHILL PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS for the year ended 31 December 2024 (continued)
-
Cash sums are held in two separate accounts with Barclays Bank. Such sums are deemed part of the General Fund and consist of income from the Weekly Maintenance Contributions and all investment income received. Such funds are used to cover normal expenditure on maintenance and other expenses of running the charity.
-
In addition to the Barclays Bank Accounts, advantage was taken of the availability of a deposit facility with the CCLA Deposit Fund in order to improve significantly the rate of interest earned on cash deposits that are required to maintain adequate funds for payment of property maintenance invoices. The account was opened in May 2024 with funds transferred from Barclays Bank. Deposits and withdrawals can be made very easily. Again, the balance is deemed to be part of the General Fund.
-
Comparative interest rates as at 31 December 2024 are: CCLA 4.62%; Barclays 1.41% AER
| Barclays Bank Current Account Barclays Bank Premium Savings Account CCLA Deposit Fund |
2024 £ 8,463 2,247 7,000 17,710 |
2023 £ 3,866 11,137 0 |
|---|---|---|
| 15,003 |
- Debtor . One resident experienced some financial difficulty and missed two months payments during the year totalling £784. In accordance with Note 1 these arrears will be recognized in the accounts when the debt is paid.
Page 7 of 9
CHARITY COMMISSION FC(e ENGWO AND WAiES Independent èxamlnerfs roport on the accounts S¢ctton A Indèp•nd•ni Examiner's R•port Ch•rity no {11 •nyl TT0 kn Sth ctt¥y Tnrf) ts Ilw y•w•)l•d 3111212024 b•l• ot r•port x#I 145 ¢4 tm 2011 Ad my t%nabl. I •J•r 1445Xbl Acl. Sn•d". D*: ffilckn F•triiw 2025 qu•lllk••l or body Ocl 2018 Page8of9
Section B Oisclosure Only c¢ynplete If the examiner needs to highlight material fflatters of concern Isee CC32, Independent examin*kin ofd)arty rnnts.. dygth.ons arnl guKlance for examiners) Ghe here bri•f d•tsil• of any Item$ that the ¢xamln•rwlshg8 t dls¢los• IER Oct 2018 Page9of9