| Contents | Page | |||
|---|---|---|---|---|
| Reference and administrative | information | |||
| Report ofthe | trustee | 2-4 | ||
| Independent | auditors | report | 5-7 | |
| Statement of | financial | activities | ||
| Balance sheet | ||||
| Statement of |
cash flows | 10 | ||
| Notes forming | part of | the financial statements | 11-17 |
| Statement | offinancial activities | offinancial activities | ||||||
|---|---|---|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | Endowment | Total | Total | |||
| funds | funds | funds | 2023 | 2022 | ||||
| E | ||||||||
| Income and endowments | from: | |||||||
| Residents' contributions |
117,366 | 117,366 | 55,042 | |||||
| Investment income |
145 | 10,307 | 10,452 | 11,685 | ||||
| Donations and grants |
700 | 760,819 | 761,519 | 1,600 | ||||
| Sale of land | 224,680 | 224,680 | 830,850 | |||||
| Totalincoming resources |
845 | 1,113,172 | 1,114,017 | 899,177 | ||||
| Expenditure | ||||||||
| Cost of raising funds |
||||||||
| Investment management |
costs | 34 | 0 | 2,412 | 2,446 | 3,384 | ||
| Charitable activities: |
||||||||
| Poland House expenses | 97,005 | 97,005 | 85,543 | |||||
| ERF expenditure | 32,982 | 32,982 | 15,450 | |||||
| Amenity land expenses |
0 | 7,752 | 7,752 | 3,819 | ||||
| Poland Fund grants |
2,564 | 0 | 2,564 | 4,510 | ||||
| Cost offend sales | 0 | 44,680 | 44,680 | 90,587 | ||||
| Poland Meadow expenses | 0 | 51,742 | 51,742 | 16,463 | ||||
| Total expenditure | 2,598 | 0 | 236,573 | 239,171 | 219,756 | |||
| Net income (expenditure) | before | |||||||
| investment gains (losses) |
(1,753) | 876,599 | 874,845 | 679,421 | ||||
| Net gains (losses) on investments | (26) | (1,850) | (1,877l | (38,927) | ||||
| Netincome(expenditure) | (1,780) | 874,748 | 872,969 | 640,494 | ||||
| Transfers between funds |
40,467 | (40,467) | ||||||
| Net movement in funds |
38,687 | 0 | 834,281 | 872,969 | 640,494 | |||
| Reconciliation offunds |
||||||||
| Total funds brought forward |
41,313 | 106,775 | 2,923,698 | 3,071,786 | 2,431,292 | |||
| Total funds carried forward | 80,000 | 106,775 | 3,757,979 | 3,944,755 | 3,071,786 |
| Notes | Unrestricted | Restricted | Endowment | Endowment | Total | Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | 2023 | 2022 | ||||||
| 6 | 6 | E | E | 6 | ||||||
| Fixed assets | ||||||||||
| Tangible assets | 10 | 5,625 | 106,775 | 4,127,862 | 4,240,262 | 3,378,416 | ||||
| investments | 5,438 | 238,633 | 244,071 | 248,277 | ||||||
| Total fixed assets | 11,063 | 106,775 | 4,366,495 | 4,484,333 | 3,626,693 | |||||
| Current assets | ||||||||||
| Cash at bank | 24,726 | 0 | 24,726 | 52,194 | ||||||
| Deposits held | 0 | 59,326 | 59,326 | 59,326 | ||||||
| Prepayments | 0 | 0 | 0 | 1,494 | ||||||
| Amount due to | Reserve Fund | 104,985 | 0 | 104,985 | 263,209 | |||||
| Total current assets | 129,711 | 59,326 | 189,037 | 376,223 | ||||||
| Creditors: amounts | fagmg due within | |||||||||
| one year | 12 | 60,774 | 17,727 | 78,501 | 66,982 | |||||
| Amount due by | Endowment | Fund | 104,985 | 104,985 | 263,209 | |||||
| Net current assets | (liabilities) | 68,937 | 0 | (63,385) | 5,552 | 46,032 | ||||
| Creditors: amount | falling due | after | ||||||||
| one year | 13 | 0 | 0 | 484,191 | 484,191 | 0 | ||||
| Deferred liabilities | ||||||||||
| Poland Meadow | grants | 18 | 0 | 0 | 540,000 | |||||
| Poland Meadow | retenti one | 60,939 | 60,939 | 60,939 | ||||||
| Total net assets | BO,OOD | 106,776 | 3,757,980 | 3,944,755 | 3,071,786 | |||||
| Funds | ||||||||||
| Endowment Fund |
0 | 0 | 3,757,980 | 3,757,980 | 2,923,698 | |||||
| Restricted funds: | ||||||||||
| Peddeg Fund | 0 | 106,775 | 0 | 106,775 | 106,775 | |||||
| Unrestncted funds: |
||||||||||
| Contingency Fund |
30,DOO | 0 | 30,000 | 30,000 | ||||||
| Extraordmary | Repair Fund | 50,000 | 0 | 50,000 | 50,000 | |||||
| Housing Fund |
0 | 0 | ||||||||
| Reserve Fund | 0 | (38,687l | ||||||||
| 80,000 | 106,775 | 3,757,980 | 3,944,755 | 3,071,786 |
| Total | Total | |||
|---|---|---|---|---|
| Notes | 2023 | 2022 | ||
| Net cash used in operating activities |
22 | 377,974 | (114,289) | |
| Cash flows from investing activities; |
||||
| interest and dividends | 10,452 | 11,685 | ||
| Purchase offixed assets | (822,903) | (1,795,178) | ||
| Proceeds ofsale oftangible fixed assets |
224,680 | 910,850 | ||
| Purchase ofinvestments | (8,076) | (47,725) | ||
| Proceeds for sale ofinvestments | 10,405 | 300,637 | ||
| Net cash provided by investing |
activities | (585.442) | (619,731) | |
| Cash flows from financing activities: | ||||
| Grant from MoleyageyDistnct | Council | 180,000 | 180,000 | |
| Net cash provided by financing |
activities | 180,00D | 180,000 | |
| Change in cash at bank in the year |
i27,468) | (554,020) | ||
| Cash at bank broughtforward | 52,194 | 606,214 | ||
| Cash at bank cardied forward | 24,726 | 52,194 |
| 2.Accounting | policies | |||
|---|---|---|---|---|
| (a) | income | |||
| Recognition | ofincome | These are included in the Statement of Financial Activities when |
||
| the charity becomes entitled to the resources; it is more hkely |
||||
| than not the trustee will receive the resources; and the |
||||
| monetary value can be measured with reliability. |
||||
| Grants and | donations | Only included in the SoFA when the general income recognition |
||
| criteria are met. The grants from Mole Valley District Council | ||||
| towards the Poland Meadow project were treated as deferred | ||||
| income and are recognised now as there is evidence of practical |
||||
| completion ofthe buildings in the development. |
||||
| Investment | income | Included in the accounts when received by the Investment |
advisers. | |
| Investment | gains and losses | All gains and fosses are taken to the Statement of Fmancial |
||
| Activities as they arise. Realised gains and losses on | ||||
| investments are calculated as the difference between sales |
||||
| proceeds and their opening carrying value ortheir purchase |
||||
| value if acquired subsequent to the first day ofthe financial |
year. | |||
| Unreaiised gains and losses are calculated as the difference |
||||
| between the fair value at the year end and their carrying value. |
||||
| Realised and unrealised investment gains and fosses are |
||||
| combined in the Statement of Financial Activities. |
||||
| Allocation | Investment income and investment gains and losses are split |
|||
| between the endowment and reserve funds on the basis of |
the | |||
| value ofthe respective funds at the beginning ofthe financial |
||||
| year, excluding the Peddeg Fund which was specific to the |
||||
| building ofthe Peddell Wing at Poland House. |
| Expenditure | and liabilities | and liabilities | |||
|---|---|---|---|---|---|
| Liability recognition | Liabilities are recognised where it is more likely than not there |
is | |||
| a legal or constructive obligation committing the charity to pay |
|||||
| out resources and the amount ofthe obhgation can be |
|||||
| measured with reasonable certainty. |
|||||
| Allocation | of | Governance costs comprise all costs involving the public |
|||
| governance | costs | accountability ofthe charity and its compliance with regulation |
|||
| and good practice. Governance costs have been allocated fully |
|||||
| to the main charitable activity. |
|||||
| Cost of raising | funds | The cost ofgenerating funds consist ofinvestment management |
|||
| costs. | |||||
| Charitable | activities | Costs ofcharitable activities include governance costs and |
|||
| direct support costs. | |||||
| Grants payable without | 1hese are only recognised in the accounts when a commitment |
||||
| performance | conditions | has been made and there are no conditions to be met relating | to | ||
| the grant which remain in the control ofthe charity. Grants are |
|||||
| issued in line with the trust's governing document at the discretion |
|||||
| ofthe trustees for individuals and institutions in hardship and |
need. | ||||
| Assets | |||||
| Tangible fixed | assets | These are capitalised ifthey can be used for more than one |
|||
| for use by the | charity | year, and cost at least ESOO. They are valued at cost less | |||
| depreciation. | |||||
| The charity's policy isto maintain property to a high standard |
|||||
| and the Extraordinary Repair Fund is intended to provide |
|||||
| sufficient funds to maintain and refurbish the buildings at |
|||||
| appropriate times. In accordance with this practice |
|||||
| depreciation is not provided on freehold buildings where, in |
|||||
| the opinion ofthe trustee, the residual values are such that | |||||
| any depreciation charge would be immaterial to the year and |
|||||
| on a cumulative basis. The asset has been tested for |
|||||
| impairment. | |||||
| Furniture and equipment is written off at 2SN ofthe |
|||||
| reducing balance each year over the estimated useful life. |
|||||
| Investments | Investments are a form of basic financial instrument and are |
||||
| initially recognised at their transaction value and subsequently |
|||||
| measured at their fair value as at the balance sheet date using |
|||||
| the closing quoted market price. 1he Statement of Financial |
|||||
| Activities includes the net gains and losses arising on | |||||
| revaluation and disposals throughout the year. |
|||||
| The charity does not acquire put options, derivatives or other |
|||||
| complex financial instruments. | |||||
| 1he main form offmancial risk faced by the charity is that of |
|||||
| volatility in equity markets and investment markets due to wider |
|||||
| economic conditions, the attitude of investors to investment |
risk, | ||||
| and changes in sentiment concerning equities and within |
|||||
| particular sectors or sub-sectors. |
|||||
| Debtors and | prepayments | Debtors represents amounts owed to the charity and are recognised |
|||
| at the measure on the basis their recoverable amount, Prepayments |
|||||
| are valued at the amount prepaid at the year end. |
| 8.Grantmaking | 2023 | 2022 | |||
| Grants made in accordance |
with the objectives | ofthe charity | 2,564 | 4,510 | |
| 9.Comparatives for the Statement ofFinancial Activities |
Endowment & |
||||
| Unrestricted | Restricted | Tote I | |||
| funds | funds | funds | |||
| Income and endowments | from: | ||||
| Donations | 1,600 | 1,600 | |||
| Other income | |||||
| Charitable activities: |
|||||
| Residents' contributions |
55,042 | 55,042 | |||
| Investment income |
529 | 11,156 | 11,685 | ||
| Sale ofland | 830,850 | 830,850 | |||
| Total incoming resources |
2,129 | 897,048 | 899,177 | ||
| Expenditure | |||||
| Cost ofraising funds | |||||
| Investment management |
costs | (146) | (3,238) | (3,384) | |
| Charitable activities: |
|||||
| Poland House expenses | 0 | (85,543) | (85,543) | ||
| ERFexpenditure | 0 | (15,450) | (15,450) | ||
| Poland Fund grants | (4,510) | 0 | (4,510) | ||
| Cost of land sales | 0 | (90,587) | (90,587) | ||
| Poland Meadow expenses | (16,463) | (16,463) | |||
| Total expenditure | (4,656) | (215,100) | (219,756) | ||
| Net income (expenditure) | before | ||||
| investment gains (losses) |
(2,527) | 681,948 | 679,421 | ||
| Net gains (losses) on investments | (1,668) | (37,259) | (38,927) | ||
| Net income (expenditure) | (4,195) | 644,689 | 640,494 | ||
| Transfers between funds |
(54,496) | 54,496 | |||
| Net movement in funds |
(58,691) | 699,185 | 640,494 | ||
| Reconciliation offunds | |||||
| Total funds brought forward |
100,004 | 2,331,288 | 2,431,292 | ||
| Total funds carried forward | 41,313 | 3,030,473 | 3,071,786 | ||
| 14 |
| 10.Tangible fixed | asse | ts | ||||
|---|---|---|---|---|---|---|
| Land & | Furniture & |
Total | ||||
| buildings | equipment | |||||
| Cost | ||||||
| At 1st July 2022 | 3,377,527 | 13,696 | 3,391,223 | |||
| Additions | 901,790 | 6,611 | 908,401 | |||
| Sales | (44,680) | 0 | (44,680) | |||
| At 30th June | 2023 | 4,234,637 | 20,307 | 4,254,944 | ||
| Depreciation | ||||||
| At 1stJuly 2022 | 0 | 12,807 | 12,807 | |||
| Charge for the year | 0 | 1,875 | 1,875 | |||
| At 3Dth June | 2023 | 0 | 14,682 | 14,682 | ||
| Net book value | ||||||
| At 30th June | 2023 | 4,234,637 | 5,625 | 4,240,262 | ||
| At 30th June | 2022 | 3,377,527 | 889 | 3,378,416 | ||
| 11.Investments | 2023 | 2022 | ||||
| E | E | |||||
| Market value | at | 1stJuly 2022 | 248,277 | 540,116 | ||
| Acquisitions | at cost | 8,076 | 47,725 | |||
| Transfers | (160) | (133,756) | ||||
| Retamed income | (2,329) | (3,655) | ||||
| Safes proceeds from disposals | (7,915) | (163,226) | ||||
| Gain (loss) in | the | year | (1,877) | (38,927) | ||
| Market value | at | 30th June | 2023 | 244,071 | 248,277 | |
| investments | at market value comprised: | |||||
| UK equities | 185,888 | 193,123 | ||||
| Overseas equities | 52,136 | 46,618 | ||||
| Cash deposits | 609 | 3,238 | ||||
| COIF Charities Deposit Fund | 5,438 | 5,298 | ||||
| 244,071 | 248,277 | |||||
| 12.Creditors: amounts | falling due within one year | 2023 | 2022 | |||
| E | E | |||||
| Accruals | 7,131 | 6,208 | ||||
| Held in custody for Sidney | Michael Poland Charity no. 200254 | 60774 | 60774 | |||
| CAF Bank loan repayments | due within one year | 10,596 | ||||
| 78,501 | 66,982 |
| Analysis of | Balance | Income | Expenditure | Transfers | Gains | and | Funds |
|---|---|---|---|---|---|---|---|
| fund | b/fwd | losses | c/fwd | ||||
| movements | 6 | 6 | E | 6 | E | ||
| Permanent | |||||||
| endowment | 2,923,698 | 1,113,172 | (236,573) | (40,467) | (1,851) | 3,757,980 | |
| Restricted | |||||||
| fund | 106,775 | 0 | 0 | 0 | 0 | 106,775 | |
| Unrestricted | |||||||
| fund | 41,313 | 845 | (2,598) | 40,467 | (26) | 80,000 | |
| Total | 3,071,786 | 1,114,017 | (239,171) | 0 | (1,877) | 3,944,755 | |
| Analysis ofcharitable | funds - previous | year | |||||
| Analysis of | Balance | Income | Expenditure | Transfers | Gains | and | Funds |
| fund | b/fwd | losses | c/fwd | ||||
| movements | 6 | 6 | 6 | 6 | |||
| Permanent | |||||||
| endowment | 2,224,513 | 897,048 | (215,100) | 54,496 | (37,259) | 2,923,698 | |
| Restricted | |||||||
| fund | 106,775 | 0 | 0 | 0 | 0 | 106,775 | |
| Unrestricted | |||||||
| fund | 100,004 | 2,129 | (4,656) | (54,496) | (1,668) | 41,313 | |
| Total | 2,431,292 | 899,177 | (219,756) | 0 | (38,927) | 3,071,786 |
| Reconciliation ofnet m | ovement | in | funds to net cash flow from | operating activities |
|
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Net movement in funds |
872,969 | 640,494 | |||
| Grant from Mole Valley | District | Council | (760,819) | 0 | |
| Sale of land | (224,680) | (830,850) | |||
| Add back depreciation | charge | 1,875 | 297 | ||
| Deduct income shown | in investment | activities | (10,452) | (11,685) | |
| Deduct gains/add back |
losses on investments | 1,877 | 38,927 | ||
| Decrease (increase) in debtors |
1,494 | (12,320) | |||
| Increase (decrease) in creditors |
495,710 | (91) | |||
| Increase (decrease) in deferred |
liabilities | 60,939 | |||
| Net cash used in operating activities |
377,974 | (114,289) |