**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** 1. 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. 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 £1,988,602 (of which buildings are £1,937,020 and contents £51,582). In 2023, the total sum insured was £1,949,604. 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. The ERF capital is deemed to be restricted and the income from the investments now held deemed to be unrestricted. 4. 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. 5. 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) 6. 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. 7. 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| 8. **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 TT*0 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%￿nab￿l. I •J•r 1445Xbl Acl. S*n•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