REGISTERED CHARITY NUMBER: 209188
|
i
- ae 7 |
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
ASHFORD PAROCHIAL CHARITY
Cassidys Chartered Accountants South Stour Offices Roman Road Mersham Ashford Kent TN25 7HS
ASHFORD PAROCHIAL CHARITY
| |
|| it || |[|] | |
,
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 3 |
| IndependentExaminer's Report | 4 | ||
| Statement ofFinancial Activities | 5 | ||
| Balance Sheet | 6 | ||
| NotestotheFinancialStatements | 7 | to | 13 |
ASHFORD PAROCHIAL CHARITY
:
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
re
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims The objects of the component part of the charity are as follows :
-
'The Church Lands' The annual income of the charity shall be applied in the maintenance and repair of the fabric of the Parish Church of Ashford.
-
'The Sidney & Lillian Howland Trusts’
a) CH - The object of the charity is to provide funds for the maintenance of the Parish Church of Ashford after all necessary expenditure on the repair and upkeep of the charity's property. b) CH No 2 - The object of the charity is to provide funds for the maintenance and repair of the fabric of the Parish Church of Ashford.
- ‘The RE Wicken Trust (CH)' The Legacy income shall be applied in the maintenance and repair of the fabric of the Church of Saint Mary the Virgin.
During the year the charity has been able to meet its' objectives by supporting the maintenance and repair of the fabric of the Parish Church of Ashford.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit.
ACHIEVEMENT AND PERFORMANCE
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the Accounting Policies.
Investment performance
The majority of the charity's funds are invested in freehold property, which generated rent receivable of £16,343 (2021 - £17,788) during the year and shares which generated dividends receivable of £31,461 (2021 - £28,859) during the year.
Freehold properties are stated at valuations provided by Messrs Taylor Riley, Chartered Surveyors as at 23 January 2023.
The share portfolios are managed by CCLA Investment Management Limited, M&G Charities and Canaccord Genuity Wealth Management. Investments, excluding properties, have decreased in value and at 31 December 2021 amount to £976,440 (2021 - £1,075,333). Overall funds at the year end totalled £1,458,234 (2021 - £1,493,209).
The net surplus/(deficit) for the year, after costs of activities in furtherance of the charity's objectives and operational expenses of £29,686 (2021 - £45,373) was £34,975 deficit (2021 - £93,303 surplus).
TS
Page |
ASHFORD PAROCHIAL CHARITY
:
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
|
: ; t
| j
FINANCIAL REVIEW
Reserves policy
The trustees maintain reserves at a level they deem sufficient for the future of the charity.
It is the charity's policy to maintain a balance of at least 3 months average expenditure in current accounts held at Lloyds, to meet its day to day running costs,
In addition the charity holds cash on deposit with their investment managers to fund large one-off repair costs and also to generate additional investment income.
FUTURE PLANS
The trustees are satisfied that the investment strategy adopted will enable them to continue with the stated objects of the charities in the future.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
Under schemes established by the Charity Commissioners on 31 October 1890 and 9 April 1895, the property and investments formerly administered as assets of 'The Church Lands' charity were to be administered as assets of Ashford Parochial Charities,
At the same time, the property and investments formerly administered as assets of Richard Best (founded 1574), Thomas Milles (1625), Sir Richard Smith, Martha Copley (1668), William Brett (1704) and John Barlow (1820) were to be administered as asset of Ashford Parochial Charities, under the Poor Account,
Subsequently, the Sidney and Lillian Howland Trusts were founded on 2 July 1975 following the death of Lillian Howland and these assets are also administered as part of Ashford Parochial Charities.
Recruitment and appointment of new trustees
The board of trustees is made up of four trustees from the Borough Council, three trustees which include the Rector of Ashford and two Church Wardens, and the remaining trustees are individuals with local knowledge. The appointment of the trustees from the Council takes place with the Council and the appointment of the Rector of Ashford and Church Wardens is automatic with their position. For an individual to be appointed, they must be proposed by one of the existing trustees, then seconded by an existing trustee, and all other trustees must agree.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 209188
Principal address
115 Faversham Road
Kennington Ashford Kent TN24 9DE
----- Start of picture text -----
|
----- End of picture text -----
Page 2
.
ASHFORD PAROCHIAL CHARITY
7
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
eS
Trustees R Blount B J Heyes Lady LL Wraxall (resigned 8.12.22) L W Krause J K Fox Rey. R W Bellamy (resigned 8.6.22) D Goodwin (resigned 19.5.22) J D Hudson Rev. Canon J Worthen Clir L Suddards Miss C S Hannah
) Independent Examiner S G Whorlow FCA Cassidys Chartered Accountants South Stour Offices Roman Road Mersham : Ashford Kent TN25 7HS Approved by order of the board of trustees on (oodot) and signed on its behalf by:
/ruv4 Rey. Canon J Worthen - Trustee
ce
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASHFORD PAROCHIAL CHARITY
;
eT
Independent examiner's report to the trustees of Ashford Parochial Charity I report to the charity trustees on my examination of the accounts of Ashford Parochial Charity (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act).
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
----- Start of picture text -----
(
----- End of picture text -----
S G Whorlow FCA Cassidys Chartered Accountants : South Stour Offices ; Roman Road Lo Mersham Ashford : Kent TN25 7HS
Date: Jyh Tune 2023
a
Page 4
:
ASHFORD PAROCHIAL CHARITY
:
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|31.12.22|31.12.21|
|Unrestricted|Restricted|Total|Total|
|funds|funds|finds|funds|
|Notes|£|£|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Investment|income|2|28,328|20,022|48,350|46,666|
|EXPENDITURE|ON|
|Raising|funds|3|8,362|4,333|12,695|8,593|
|Other|5,000|11,991|16,991|36,780|
|Total|13,362|~*|16,324|29,686|45,373|
|Net gains/(losses)|on|investments|4,498|(68,873)|(64,375)|92,010|
|NET INCOME/(EXPENDITURE)|19,464|(65,175)|(45,711)|93,303|
|Transfers|between|funds|10|(515)|315|-|-|
|Net|movement|in|funds|18,949|(64,660)|(45,711)|93,303|
|RECONCILIATION|OF FUNDS|
|Total|funds|brought|forward|890,205|603,004|1,493,209|1,399,906|
|TOTAL FUNDS|CARRIED FORWARD|909,154|538,344|1,447,498|1,493,209|
----- End of picture text -----
The notes form part of these financial statements
----- Start of picture text -----
|
----- End of picture text -----
Page 5
:
ASHFORD PAROCHIAL CHARITY
,
BALANCE SHEET
31 DECEMBER 2022
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|I|
|31.12.22|31.12.21|
|Unrestricted|Restricted|Total|Total|
|£|£|£|£|
|Notes|funds|funds|funds|funds|
|FIXED|ASSETS|
|Investment property|7|380,000|-|380,000|300,000|
|CURRENT|ASSETS|
|Investments|8|462,603|503,101|965,704|1,075,333|
|Cash at bank|67,476|35,758|103,234|119,316|
|530,079|538,859|1,068,938|1,194,649|
|CREDITORS|
|Amounts|falling due within one year|9|(925)|(515)|(1,440)|(1,440)|
|NET CURRENT ASSETS|529,154|538,344|1,067,498|1,193,209|
|TOTAL|ASSETS|LESS|CURRENT|
|LIABILITIES|909,154|538,344|1,447,498|1,493,209|
|NET ASSETS|909,154|538,344|1,447,498|1,493,209|
|FUNDS|10|
|Unrestricted funds|909,154|890,205|
|Restricted|funds|538,344|603,004|
|TOTAL FUNDS|1,447,498|1,493,209|
----- End of picture text -----
The financial statements were approved by the Board of Trustees and authorised for issue on Oc A and were signed on its behalf by:
sone atone Mara _[Trustee]
The notes form part of these financial statements
a
Page 6
ASHFORD PAROCHIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
,
ne.
----- Start of picture text -----
1. ACCOUNTING POLICIES
----- End of picture text -----
Basis of preparing the financial statements . The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS’ 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose ofeach fund is included in the notes to the financial statements.
- INVESTMENT INCOME
| INVESTMENT INCOMEINCOME | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Rents received | 16,343 | 17,788 |
| Depositaccount interest Dividends received |
545 31,462 |
19 28,859 |
| 48,350 | 46,666 |
a Page 7 continued...
ASHFORD PAROCHIAL CHARITY.
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022
:
TE
- RAISING FUNDS
| Investmentmanagement costs | 31.12.22 | 31.12.21 |
|---|---|---|
| £ | £ | |
| Portfoliomanagement Property repairs |
8,112 4,583 |
7,864 729 |
| 12,695 | 8,593 |
4, TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
- STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.12.22 | 31.12.21 | ||||
|---|---|---|---|---|---|
| Administration | = | 1 | |||
| Noemployees receivedemoluments inexcess of£60,000. | |||||
| 6. | COMPARATIVESFOR | FORTHESTATEMENTOFFINANCIALACTIVITIES | ACTIVITIES Unrestricted funds £ |
Restricted funds £ |
Total funds £ |
| INCOMEAND ENDOWMENTS FROM | |||||
| Investmentincome | 28,178 | 18,488 | 46,666 | ||
| EXPENDITURE ON.. Raising funds a |
4,387 | 4,206 | 8,593 | ||
| Other | 17,790 | 18,990 | 36,780 | ||
| Total | 22,177 | 23,196 | 45,373 | ||
| Netgainson investments | 50,607 | 41,403 | 92,010 | ||
| NETINCOME | 56,608 | 36,695 | 93,303 | ||
| Transfersbetween | funds | (515) | 515 | - |
vO
Page 8
continued...
,
ASHFORD PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022
| a | a | a | a | a | a |
|---|---|---|---|---|---|
| 6. | COMPARATIVES FORTHESTATEMENTOFFINANCIALACTIVITIES - Unrestricted funds |
continued Restricted funds |
Total funds |
||
| £ | £ | £ | |||
| Netmovement in funds | 56,093 | 37,210 | 93,303 | ||
| RECONCILIATION OFFUNDS | |||||
| Total funds broughtforward | 834,112 | 565,794 | 1,399,906 | ||
| TOTALFUNDSCARRIEDFORWARD | 890,205 | 603,004 | 1,493,209 | ||
| 7, | INVESTMENTPROPERTY | ||||
| £ | |||||
| FAIRVALUE | |||||
| At | January2022 Revaluation |
||||
| At 31 December2022 | 380,000 | ||||
| NETBOOKVALUE | |||||
| At31 December2022 | 380,000 | ||||
| At31 December2021 | 300,000 | ||||
| Fairvalueat 31 December2022 isrepresented by: |
£ | ||||
| Valuationin2018 | 79,000 | ||||
| Valuation in2022 | 80,000 | ||||
| Cost | 221,000 | ||||
| 380,000 | |||||
| 8. | CURRENTASSETINVESTMENTS | ||||
| 31.12.22 | 31.12.21 | ||||
| £ | £ | ||||
| Listedinvestments | 965,704 | 1,075,333 |
a Page 9 continued...
.
ASHFORD PAROCHIAL CHARITY
,
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|31,12.22|31.12.21|
|£|£|
|Other creditors|1,440|1,440|
|10.|MOVEMENT IN|FUNDS|
|Net|Transfers|
|movement|between|At|
|At|1.1.22|in funds|funds|31.12.22|
|£|£|£|£|
|Unrestricted|funds|
|S&L Howland|1|345,263|87,804|(1,075)|431,992|
|Churchlands|544,942|(68,340)|560|477,162|
|890,205|19,464|(515)|909,154|
|Restricted|funds|
|S&L Howland|2|339,846|(29,083)|265|314,028|
|Wicken Trust|263,158|(36,092)|250|227,316|
|603,004|(65,175)|$15|538,344|
|TOTAL FUNDS|1,493,209|(45,711)|-|1,447,498|
|Net movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|S&L Howland|1|16,827|(9,023)|80,000|87,804|
|Churchlands|11,501|(4,339)|(75,502)|(68,340)|
|28,328|(13,362)|4,498|'|19,464|
|Restricted|funds|ad|
|S&L Howland 2|12,468|(8,229)|(33,322)|(29,083)|
|Wicken|Trust|7,554|(8,095)|(35,551)|(36,092)|
|20,022|(16,324)|(68,873)|(65,175)|
|TOTAL FUNDS|48,350|(29,686)|(64,375)|(45,711)|
----- End of picture text -----
Page 10
continued...
ASHFORD PAROCHIAL CHARITY
a
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31. DECEMBER 2022
ce
10. MOVEMENT IN FUNDS- continued
Comparatives for movement In funds
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|.|Net|Transfers|
|movement|between|At|
|At|1.1.21|in|funds|funds|31.12.21|
|£|£|£|£|
|Unrestricted|funds|
|S&L Howland|1|339,489|6,849|(1,075)|345,263|
|Churchlands|494,623|49,759|560|544,942|
|834,112|56,608|(515)|890,205|
|Restricted|funds|
|S&L Howland 2|309,042|30,539|265|339,846|
|Wicken Trust|256,752|6,156|250|263,158|
|565,794|36,695|515|603,004|
|TOTAL FUNDS|1,399,906|93,303|-|1,493,209|
|Comparative|net movement|in|funds,|included|in the above|are|as|follows:|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|;|
|S&L Howland|||17,808|(10,959)|-|6,849|
|Churchlands|10,370|(11,218)|50,607|49,759|
|28,178|(22,177)|50,607|56,608|
|Restricted|funds|
|S&L Howland2|11,119|(11,850)|31,270|30,539|
|Wicken Trust|7,369|(11,346)|10,133|6,156|
|.|
|18,488|(23,196)|41,403|36,695|
|TOTAL FUNDS|46,666|(45,373)|92,010|93,303|
----- End of picture text -----
a Page 11 continued...
ASHFORD PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
- MOVEMENT IN FUNDS- continued
ee
A current year 12 months and prior year 12 months combined position is as follows:
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|1.1.21|in funds|funds|31.12.22|
|£|£|£|£|
|Unrestricted|funds|
|S&L Howland|1|339,489|94,653|(2,150)|431,992|
|Churchlands|494,623|(18,581)|1,120|477,162|
|834,112|76,072|(1,030)|909,154|
|Restricted|funds|
|S&L Howland 2|309,042|1,456|530|311,028|
|Wicken Trust|256,752|(29,936)|500|227,316|
|565,794|(28,480)|1,030|538,344|
|TOTAL FUNDS|1,399,906|47,592|-|1,447,498|
----- End of picture text -----
A cwrent year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|S&L Howland|1|34,635|(19,982)|80,000|94,653|
|Churchlands|21,871|(15,557)|(24,895)|(18,581)|
|56,506|(35,539)|55,105|76,072|
|Restricted|funds|
|S&L Howland 2|23,587|(20,079)|(2,052)|1,456|
|Wicken Trust|14,923|(19,441)|(25,418)|(29,936)|
|38,510|(39,520)|(27,470)|(28,480)|
|TOTAL FUNDS|95,016|(75,059)|27,635|47,592|
----- End of picture text -----
a Page 12 continued...
ASHFORD PAROCHIAL CHARITY
oO
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 13