REGISTERED CHARITY NUMBER: 209188
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
ASHFORD PAROCHIAL CHARITY
Cassidys Chartered Accountants South Stour Offices Roman Road Mersham Ashford Kent TN25 7HS
ASHFORD PAROCHIAL CHARITY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
ASHFORD PAROCHIAL CHARITY
REPORT OF THE TRUSTEES 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 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 :
1. '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.
2. '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.
3. '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 concern 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 £16,323 (2022 - £16,343) during the year and shares which generated dividends receivable of £34,905 (2022 - £31,462) 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 increased in value and at 31 December 2023 amount to £982,183 (2022 - £965,704). Overall funds at the year end totalled £1,492,985 (2022 - £1,447,498).
The net surplus/(deficit) for the year, after costs of activities in furtherance of the charity's objectives and operational expenses of £43,267 (2022 - £29,686) was £35,487 surplus (2022 - £45,711 deficit).
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ASHFORD PAROCHIAL CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
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
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ASHFORD PAROCHIAL CHARITY
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees R Blount B J Heyes L W Krause J D Hudson Rev. Canon J Worthen Cllr L Suddards (resigned 8.6.23) Miss C S Hannah J K Fox (appointed 7.6.23) Dr C J Hallett (appointed 7.6.23) Cllr E E Wright (appointed 7.6.23)
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 ............................................. and signed on its behalf by:
.......................................................................... Rev. Canon J Worthen - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASHFORD PAROCHIAL CHARITY
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 2023.
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
-
the accounts do not accord with those records; or
-
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.
S G Whorlow FCA
Cassidys Chartered Accountants South Stour Offices Roman Road Mersham Ashford Kent TN25 7HS
Date: .............................................
Page 4
ASHFORD PAROCHIAL CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 9 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 30,941 7,812 14,174 21,986 32,777 41,732 (515) 41,217 909,154 950,371 |
Restricted funds £ 21,965 3,997 17,284 21,281 3,071 3,755 515 4,270 538,344 542,614 |
31.12.23 Total funds £ 52,906 11,809 31,458 43,267 35,848 45,487 - 45,487 1,447,498 1,492,985 |
31.12.22 Total funds £ 48,350 12,695 16,991 29,686 (64,375) (45,711) - (45,711) 1,493,209 1,447,498 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
ASHFORD PAROCHIAL CHARITY
BALANCE SHEET
31 DECEMBER 2023
| Notes FIXED ASSETS Investment property 6 CURRENT ASSETS Investments 7 Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 380,000 495,261 76,095 571,356 (985) 570,371 950,371 950,371 |
Restricted funds £ - 486,922 56,207 543,129 (515) 542,614 542,614 542,614 |
31.12.23 Total funds £ 380,000 982,183 132,302 1,114,485 (1,500) 1,112,985 1,492,985 1,492,985 950,371 542,614 1,492,985 |
31.12.22 Total funds £ 380,000 965,704 103,234 1,068,938 (1,440) 1,067,498 1,447,498 1,447,498 909,154 538,344 1,447,498 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
Page 6
ASHFORD PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
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 of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| Rents received | 16,323 | 16,343 |
| Deposit account interest | 1,678 | 545 |
| Dividends received | 34,905 | 31,462 |
| 52,906 | 48,350 |
continued...
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ASHFORD PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| Portfolio management | 7,646 | 8,112 |
| Property repairs | 4,163 | 4,583 |
| 11,809 | 12,695 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward |
Unrestricted funds £ 28,328 8,362 5,000 13,362 4,498 19,464 (515) 18,949 890,205 |
Restricted funds £ 20,022 4,333 11,991 16,324 (68,873) (65,175) 515 (64,660) 603,004 |
Total funds £ 48,350 12,695 16,991 29,686 (64,375) (45,711) - (45,711) 1,493,209 |
|---|---|---|---|
continued...
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ASHFORD PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds funds £ £ TOTAL FUNDS CARRIED FORWARD 909,154 538,344 6. INVESTMENT PROPERTY FAIR VALUE At 1 January 2023 and 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 Fair value at 31 December 2023 is represented by: Valuation in 2018 Valuation in 2022 Cost 7. CURRENT ASSET INVESTMENTS 31.12.23 £ Listed investments 982,183 |
Total funds £ |
|
|---|---|---|
| 1,447,498 | ||
| £ 380,000 380,000 380,000 £ 79,000 80,000 221,000 380,000 31.12.22 £ 965,704 |
continued...
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ASHFORD PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors MOVEMENT IN FUNDS Unrestricted funds S&L Howland 1 Churchlands Restricted funds S&L Howland 2 Wicken Trust TOTAL FUNDS Net movement in funds, included in the above are a Unrestricted funds S&L Howland 1 Churchlands Restricted funds S&L Howland 2 Wicken Trust TOTAL FUNDS |
At 1.1.23 £ 431,992 477,162 909,154 311,028 227,316 538,344 1,447,498 s follows: Incoming resources £ 17,521 13,420 30,941 13,578 8,387 21,965 52,906 |
Net movement in funds £ 7,744 33,988 41,732 7,893 (4,138) 3,755 45,487 Resources expended £ (9,777) (12,209) (21,986) (8,853) (12,428) (21,281) (43,267) |
31.12.23 £ 1,500 Transfers between funds £ (1,075) 560 (515) 265 250 515 - Gains and losses £ - 32,777 32,777 3,168 (97) 3,071 35,848 |
31.12.22 £ 1,440 At 31.12.23 £ 438,661 511,710 950,371 319,186 223,428 542,614 1,492,985 Movement in funds £ 7,744 33,988 41,732 7,893 (4,138) 3,755 45,487 |
|---|---|---|---|---|
9. MOVEMENT IN FUNDS
continued...
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ASHFORD PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds S&L Howland 1 Churchlands Restricted funds S&L Howland 2 Wicken Trust TOTAL FUNDS |
At 1.1.22 £ 345,263 544,942 890,205 339,846 263,158 603,004 1,493,209 |
Net movement in funds £ 87,804 (68,340) 19,464 (29,083) (36,092) (65,175) (45,711) |
Transfers between funds £ (1,075) 560 (515) 265 250 515 - |
At 31.12.22 £ 431,992 477,162 |
|---|---|---|---|---|
| 909,154 311,028 227,316 |
||||
| 538,344 | ||||
| 1,447,498 |
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 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 | ||||
| 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) |
continued...
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ASHFORD PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds S&L Howland 1 Churchlands Restricted funds S&L Howland 2 Wicken Trust TOTAL FUNDS |
At 1.1.22 £ 345,263 544,942 890,205 339,846 263,158 603,004 1,493,209 |
Net movement in funds £ 95,548 (34,352) 61,196 (21,190) (40,230) (61,420) (224) |
Transfers between funds £ (2,150) 1,120 (1,030) 530 500 1,030 - |
At 31.12.23 £ 438,661 511,710 |
|---|---|---|---|---|
| 950,371 319,186 223,428 |
||||
| 542,614 | ||||
| 1,492,985 |
A current year 12 months and prior year 12 months combined 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 | 34,348 | (18,800) | 80,000 | 95,548 |
| Churchlands | 24,921 | (16,548) | (42,725) | (34,352) |
| 59,269 | (35,348) | 37,275 | 61,196 | |
| Restricted funds | ||||
| S&L Howland 2 | 26,046 | (17,082) | (30,154) | (21,190) |
| Wicken Trust | 15,941 | (20,523) | (35,648) | (40,230) |
| 41,987 | (37,605) | (65,802) | (61,420) | |
| TOTAL FUNDS | 101,256 | (72,953) | (28,527) | (224) |
continued...
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ASHFORD PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
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ASHFORD PAROCHIAL CHARITY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| 31.12.23 | 31.12.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Rents received | 16,323 | 16,343 |
| Deposit account interest | 1,678 | 545 |
| Dividends received | 34,905 | 31,462 |
| 52,906 | 48,350 | |
| Total incoming resources | 52,906 | 48,350 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 7,646 | 8,112 |
| Property repairs | 4,163 | 4,583 |
| 11,809 | 12,695 | |
| Other | ||
| Wages | 1,880 | 1,790 |
| Insurance | 1,975 | 1,477 |
| Clerks expenses | 74 | 52 |
| Ashford PCC | 24,769 | 12,232 |
| 28,698 | 15,551 | |
| Support costs | ||
| Governance costs | ||
| Accountancy and legal fees | 2,760 | 1,440 |
| Total resources expended | 43,267 | 29,686 |
| Net income before gains and losses | 9,639 | 18,664 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 35,848 | (64,375) |
| Net income/(expenditure) | 45,487 | (45,711) |
This page does not form part of the statutory financial statements
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