King William IV Naval Foundation (Registered Charity No. 210392)
Annual Report for the financial year ending 31 December 2021
Section 1
- Correspondence should be addressed to:
a. Matters of policy and applications for residency, to the Chairman of the Governors, Commodore D A H McG Smith CBE RN, April Cottage, Park Road, Haslemere, Surrey, GU27 2NJ
b. Matters concerning the charity’s accounts, to the Hon Treasurer, Commander R M Scott RN, Rose Cottage, Chalk Hill, Soberton, Hants SO32 3PH
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c. Other routine matters to the Resident Secretary, Miss Beth Williams, 8 Royal Naval Cottages, The Drove, Priory Road, SOUTHWICK, Hants PO17 6HE.
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The Foundation is governed by a Scheme approved by the Charity Commission on 18 August 1972, to which the latest amendment is that dated 4 October 2001. The objectives of the Trustees are to administer and manage the Charity and its property; the latter being the twelve cottages known as the Royal Naval Cottages, The Drove, Southwick. The Residents of the cottages are widows, wives whose husbands have been incapacitated and admitted to full time care or orphaned daughters of Royal Navy or Royal Marines Officers, including Chaplains and Reserve officers who have served on the active list.
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The freehold of the cottages is jointly owned by the King William IV Naval Foundation and Southwick Estates. All routine building and grounds maintenance is borne by Southwick Estates.
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The charity’s scheme describes the following funds operated by the Foundation:
a. The Property Fund, which is currently invested in the M&G Charity Multi Asset Fund to provide income to the Foundation.
b. The Endowment Fund, similarly, invested in the M&G Charity Multi Asset Fund, to provide income for the Foundation.
c. The Extraordinary Repair Fund, sums invested in the M&G Charity Multi Asset Fund, which are reserved for extraordinary repair, improvement or rebuilding of the cottages. The balance of the erstwhile Leasehold Sinking Fund has been transferred to this fund.
d. The Reserve Fund set up from bequests by residents for disposal at Governors’ discretion. Currently invested in M&G Charity Multi Asset Fund to provide extra income to the Foundation.
The Governors have no authority to dispose of the initial investments in the Property and Endowment Funds. The Foundation’s working capital is invested in the Charities Official Investment Fund (COIF) Deposit Account.
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Investment Policy is to maintain the Property and Endowment Funds in accordance with the Foundation’s Scheme and to make payments into the Extraordinary Repair Fund as described above.
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The Honorary Treasurer is Commander R M Scott RN and the Foundation’s bankers are Drummonds at the Royal Bank of Scotland, 49 Charing Cross, London SW1A 2DX. The charity’s accounts have been inspected by Commander R N Chilcott RN whose address
1
appears in his report.
Section 2
- The Trustees of the Foundation are:
Commodore D A H McG Smith CBE RN Chairman of Governors Mrs S Williams (former WRNS officer) Welfare Governor Rt Hon The Earl Howe PC Ex-Officio Governor Commander R E Williams OBE RN Governor and Hon Secretary Commander R M Scott RN Governor and Hon Treasurer Lieutenant-Commander A Sard MBE RD RNR Domestic Governor (temporary) Lieutenant-Commander A Sard MBE RD RNR Governor and Registrar
- The Foundation’s scheme permits the appointment of between four and six Trustees in addition to the ex-Officio Governor. The appointment of a new Trustee requires the approval of the Trustees at one of their half yearly meetings. Trustees are selected from retired Royal Navy Officers.
Section 3
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The Governors meet in Spring and Autumn each year at the cottages. Prior to the Autumn meeting individual Governors call on the Residents. The routine day-to-day administration of the cottages is undertaken by one of the residents, for which they are paid a small honorarium. The Domestic Governor supervises the repair and maintenance of the
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This report and accounts were approved by the governors.
Chairman of Governors
……………….2022
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| King William IV Naval Foundation Financial Statements for Year ended 31 December 2022 |
King William IV Naval Foundation Financial Statements for Year ended 31 December 2022 |
King William IV Naval Foundation Financial Statements for Year ended 31 December 2022 |
King William IV Naval Foundation Financial Statements for Year ended 31 December 2022 |
King William IV Naval Foundation Financial Statements for Year ended 31 December 2022 |
King William IV Naval Foundation Financial Statements for Year ended 31 December 2022 |
King William IV Naval Foundation Financial Statements for Year ended 31 December 2022 |
|---|---|---|---|---|---|---|
| Receipts & Payments Account Receipts |
Unrestricted Restricted Total Total Budget Note Funds Funds 2022 2021 2023 Ref |
|||||
| Residents' contributions | 18,645.50 £ |
- £ |
18,645.50 £ |
19,271.04 £ |
18,000.00 £ |
A |
| Transferred from M&G EmergencyRepair Fund | - £ |
30,000.00 £ |
30,000.00 £ |
- £ |
- £ |
|
| M&G(Endowment,Property& Reserve Funds) | 15,610.84 £ |
- £ |
15,610.84 £ |
14,718.79 £ |
15,500.00 £ |
B/J |
| Total Receipts | 34,256.34 £ |
30,000.00 £ |
64,256.34 £ |
33,989.83 £ |
33,500.00 £ |
|
| - £ |
||||||
| Payments | - £ |
|||||
| Grants to Residents | 600.00 £ |
- £ |
600.00 £ |
450.00 £ |
650.00 £ |
D |
| Heatingoil | 20,158.17 £ |
- £ |
20,158.17 £ |
11,484.96 £ |
20,000.00 £ |
|
| Maintenance and repairs | 17,783.50 £ |
30,000.00 £ |
47,783.50 £ |
17,818.73 £ |
20,000.00 £ |
J |
| Electricity | 257.47 £ |
- £ |
257.47 £ |
995.47 £ |
1,000.00 £ |
H/K |
| Grounds maintenance | - £ |
- £ |
- £ |
1,520.00 £ |
500.00 £ |
|
| Water rates & Council Tax | 3,429.21 £ |
- £ |
3,429.21 £ |
1,789.69 £ |
3,500.00 £ |
H |
| Insurance & subscriptions | 1,558.00 £ |
- £ |
1,558.00 £ |
1,674.85 £ |
1,700.00 £ |
|
| Cleaning (incl Cash Float) | - £ |
- £ |
- £ |
- £ |
100.00 £ |
F |
| Honorariums & telephone Allowance | 700.00 £ |
- £ |
700.00 £ |
700.00 £ |
700.00 £ |
|
| Sundrycosts | 130.59 £ |
- £ |
130.59 £ |
98.40 £ |
150.00 £ |
|
| Total Payments | 44,616.94 £ |
30,000.00 £ |
74,616.94 £ |
36,532.10 £ |
48,300.00 £ |
|
| - £ |
||||||
| Excess of Receipts over Payments | 10,360.60 -£ |
- £ |
10,360.60 -£ |
2,542.27 -£ |
14,800.00 -£ |
|
| Statement of Assets and Liabilities Cash Funds |
Unrestricted Restricted Funds Funds |
Total Total Note 2022 2021 Ref |
||||
| Current account(Drummonds) | 8,461.11 £ |
- £ |
8,461.11 £ |
18,281.71 £ |
||
| COIF Deposit Fund | 3,831.21 £ |
- £ |
3,831.21 £ |
3,794.19 £ |
G | |
| Pettycash | 539.27 £ |
- £ |
539.27 £ |
399.56 £ |
E | |
| Total Cash Funds | 12,831.59 £ |
- £ |
12,831.59 £ |
22,475.46 £ |
||
| - £ |
||||||
| Investments (M&G Charity Multi Asset Fund) | - £ |
|||||
| ExtraordinaryRepair Fund | - £ |
210,323.19 £ |
210,323.19 £ |
239,035.79 £ |
C/J | |
| PropertyFund | - £ |
134,794.62 £ |
134,794.62 £ |
139,129.54 £ |
B | |
| Endowment Fund(Ref: 0024003532) | - £ |
30,487.26 £ |
30,487.26 £ |
31,467.71 £ |
B | |
| Endowment Fund(Ref: 0024003531) | - £ |
199,405.31 £ |
199,405.31 £ |
205,818.08 £ |
B | |
| Reserve Fund | 29,197.03 £ |
- £ |
29,197.03 £ |
30,135.99 £ |
B | |
| Total Investments | 29,197.03 £ |
575,010.38 £ |
604,207.41 £ |
645,587.11 £ |
||
| Assets | - £ |
|||||
| 12 Almshouses | 1,250,000.00 £ |
- £ |
1,250,000.00 £ |
1,250,000.00 £ |
F | |
| Fuel /contribution arrears(No 10) | - £ |
- £ |
- £ |
224.00 £ |
||
| Total Cash Funds, Investments & Assets | 1,292,028.62 £ |
575,010.38 £ |
1,867,039.00 £ |
1,918,286.57 £ |
||
| Liabilities | - £ |
|||||
| British Gas(if claimed) | - £ |
- £ |
- £ |
10,199.52 £ |
||
| SSE(Centre Block) | 3,000.00 £ |
- £ |
3,000.00 £ |
- £ |
K | |
| Total Liabilities | 3,000.00 £ |
- £ |
3,000.00 £ |
10,199.52 £ |
||
| Balance (Assets less Liabilities) | 1,289,028.62 £ |
575,010.38 £ |
1,864,039.00 £ |
1,908,087.05 £ |
||
| Approved bythe Governors and signed on their behalf by: | ||||||
| D A H McG SMITH CBE,Commodore Royal Navy | ||||||
| Chairman of Governors | ||||||
Notes:- A. Residents' contributions currently £128/131 pcm plus £200 Fuel Surcharge levied in November (included in budget estimate) whilst Means tested residents earning £5K or less pay £90pcm and those earning £20K or more pay £180pcm plus £5pcm for two bedrooms. B. Invested in M&G Charity Multi Asset Fund with 1/4ly income paid into Current A/C. Market value at 31 Dec 22. C. Invested in M&G Charity Multi Asset Fund with income accumulating. D. £50 to each resident, Caroline (cleaner) and Andy Weavil (gardener) at Christmas. E. Float held by Resident Secretary. Income from washing machine and guest room with expenditure mainly on cleaning. Topped up as required. F. 50% estimated freehold sale value of cottages and land G. Invested with CCLA Investment Management Ltd (COIF Charity Funds) with interest up to 31 Dec 22 included. H. Includes Council Tax and residual electricity and water costs for empty properties. J. ERF assets used to help fund kitchen replacement programme. K. SSE have failed to collect Direct Debit for Centre Block since Jul 21.
Independent Examiner’s Report on the Accounts To The Trustees of the King William IV Naval Foundation Registered Charity Number 210392
Accounts for 2021 set out on pages 4 to 6 attached
The Charity’s trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act) and that an independent examination is needed.
It is my responsibility to:
examine the accounts (under section 43(3)(a) of the Act)
follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the Act); and
state whether particular matters have come to my attention.
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
In connection with my examination, no matter has come to my attention
(1) which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 41 of the 1993 Act; and
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act
have not been met
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Commander R N Chilcott RN Retired Royal Navy Supply Officer Keswick, 6 Langstone Avenue, LANGSTONE PO9 IRU …………………… 2022
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