2020-09-30-accounts - Northchapel, Petworth And Tillington Almshouses

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CONTENTS
		PACjE
Reference and Administrative details
Trustees' Report		2i4
Independent Examiners' Report
Statement ofFinancial Activities	for the year ended 30th September 2020
Balance Sheet as at 30th September 2020

Charity registration	Charity registration	Charity registration	212320
Principal	address:		The Estate Office
			Petevorth
			West Sussex
			GU28 ODU
Solicitors:			Farrer &Co
			66 Lincoln's	Inn Fields
			London
			WC2A 3LH
Independent		Examiner	Mr JA Burnett ACA
			Martin and Company		Chartered	Accountants
			25 StThomas	Street
			Winchester
			Hampshire
			SO23 9HJ
Bankers:			National Westminster		Bank pic
			5 East Street
			Chichester
			West Sussex
			POI9 IHH
Managing		Agents:	Savills
			The Estate Office
			Petworth
			West Sussex
			GU28 ODU

			Itoter	Unrestricted	Uarestrictcd	Endowment	Total	Total
				Funds	Funds	Funds	2020	2019
				(Income)	(Bcsignntcd)
					8
INCOME FROM:
Charitable octivities				51,908			51,908	54,187
investments				4,054	927		4,981	4,675
TOTAL INCOME				55,962	927	0	56,889	58,862
EXPENDITURE ON:
Charitable activities				34,407			34,407	33,254
TOTAL EXPENDITURE				34,407		0	34,407	33,254
NET INCOME				21,555	927	0	22,482	25,608
(Losses)/gains on mveslments			10	(5,203)	(2,619)	(5,907)	(13,729)	475
Transfer between I'unde				0	0		0	0
NET MOVEMENT	IN	FUNDS		16,352	(1,692)	(5,907)	8,753	26,083
RECONCILIATION	OF FUNDS
Fund balances brought		forward		426,343	58,094	163,513	647,950	621,867
FUND BALANCES	CARRIED FORWARD			442,695	56,402	157,606	656,703	647,950

		igo tea	2020		2019
			s	4	s	s
FIXEDASSETS
Tangible fixed assets
Freehold property			428,529		428,529
Equipment			0		0
				428,529		428,529
investments				112,182		121,950
				540,711		550,479
Investment propeny		10		44,000		44,000
CURRENT ASSETS
Debtors and prepayments			3,611		3,712
Cash at bank			80,615		57,442
			84,226		61,154
CREDITORS: amounts	falling due
within one year
Creditors and accruals			12,234		7,683
				71,992		53,471
TOTAL ASSETS LESS	LIABII.ITIES			656,703		647,950
ENDOWMENT FUNDS				157,606		163,513
UNRESTRICTED FUNDS
Income Fuad				442,695		426,343
Designated Funds:
-Extraordinmy Repair	Fund		17,049		18,900
- Cyclical Maintenance	Fund		39353		39,194
				56,402		58,094
				656,703		647,950

STATUTORY INFORMATION
Northcbapel Pctvvonh and Tiflington Almsliouses Charity is a charity registered	in England	and Wales Tbe chanty's registered			number
and registered oflice address can be found in tire Trustees' Report
ACCOUNTING POLICIES
Accounting eonvcntion
The financial statements ofthe charity, ivhich is a public benefit entity, have been prepared		in accordance with	the Statement of
Reconmiended Practice: Accounting and Reporting by Charities preparing their	accounts in	accordance with the Financial		Reporting
Standard applicable in tbe UK and Republic ofIreland (FRS102)issued in October 2019and tbe Financial Reporting Standard
applicable in the UK and Republic oi'Ireland (FRS102)and the Charities Act 2011 and UK Generally Accepted applies from I"January 2019.Tlie linancial statements have been prepared under the historical cost convention,			Accounting Practice as it as modi lied by the
revaluation ofinvestments
The financial statements have been prepared to give a 'true and fair' view and have departed		from tbe Charities	(Accounts	and Repons)
Regulations 2008 only to the extent required to provide a 'true and t'air' view. This departure		has involved following Accounting			and
Reporting by Charities preparing their accounts m accordance with the Financial	Reporting	Standard applicable	in the UK and Republic
ofIreland (FRS102)issued in October 2019rather than thc Accounting and Reporting by Charities: Statement ofRecommended effective I'rom I"April 2005 which bas since been withdrawn.					practice
The trustees rxrnsider that there are no nmterial uncertainties about the Charity's	ability to continue as a gomg concern.
Income
Afl income is recognised once the charity lies entitlement to the income, it is probable that the income will be received and				can	be reliably
measured
Rental income is included in the period that it is due, net ofany irrecoverable amounts. Any mnts charged in advance are deferral.
Bank interest is included when receivable.
Dividends are recognised ivhen tlie dividend has been declared and notilication	bas been received ofthe amount due.
Expenditure
Afl liabilities are recognistx) as soon as there is a legal or constructive obligation	committing	ihe charity to diat	expenditure	and	it is
probable that tbe payment vwll be required and can be reliably measured.
All expenditure is accounted for on an accruals basis and includes irrecoverable	VAT as thc charity is not registered for VAT.
Charitable expenses include the casts involved in tlie running and maintenance	ofthe properties.
Suppoh casts include those costs associated with the constitutional and statutory	requirements ofthc charity
Tangible li~ed nsscts
Fixed assets ivbose onginal cost was more than f350 have been capitalised and	depreciated	over thc following	periods:
Fixtures and equipment -25%on a mducing balance basis

2.	ACCOUNTING POLICIES (CONTINUED)
	Freehold property
	The almshouses are historic buildings and as vvell as being the functional properties ofthe ciiarity (being used to provide reduced								cost
	accommodation with tbe charitable deed) are also classed as historical buildings and buildings a valuation in respect ofthe original properties is very digicult to aunbutc	hence and as	heritage such the	assets. Due to the uniqueness original values ofthe assets					ofthe have
	been excluded from the balance sheet on the basis that reliable cost infomiation is not available and conventional valuation						approaches
	lack suAicient reliability.
	The value ofthe buildings included in tbe accounts represents improvenmnls undertaken to		the buildings since 17u September					1979.
	Since these cosls are significantly lower than tbe buildings' likely value, and as the buildings		are kept in good repair,			the Trustees			believe
	that il is not appropriate to depreciate the propeAies
	Fixed asset invcstnicnts
	Investments are valued at mid-market value at thc balance sheet date Any gams and	losses	are shown as movement		in tbe		Statement of
	Financial Activities.
g	Imestmeot property
	Investment propenies for ivhich fair value can be measured reliably vnthout undue cost or elfort are			measured at lbir	value		at each
	reporting dale ivith changes in fair value recogmsed in net gains/losses on investments	in the Statement ofFinancial Activities.
	Debtors
	Trade debtors are recorded at their settlement amount. Prepayments are valued at the	prepaid amount		at tiie Balance	Sheet		date.
	Cash at Bank aod In Hand
	Cash at bank and m hand includes cash and short term highly liquid investments witt& ofacquisition or opening oftbe deposit or similar account.	short	maturity	ofthree months	or less from				the date
	Creditors
	Trade creditors and other creditors are recognised when the charity has a pmsent obligation		resulting	from past events		and can		be
	measured or estimated reliably. Creditors are recognised at their settlement amounts.
	Taxatlon
	The charity is exempt from tax on its charitable activities
	Funds
	Unrestricted funds are funds that can be used in accordance with the charitable objects at die discretion ofthe trustees.
	Designated funds are those funds that ihe trustees have sct aside for cyclical maintenance and extra-ordinary repairs.
	Endowment funds are those I'unde wiiicb are to be held as capital in the form ofinvestnmnt		property	and investments		and cannot			be spent.
	The income generated from the investments is to be used for the charitable purpose but has		no restriction on its use.

		Unrestricted	Unrestricted	Endoivmcnt	Total	Total
		funds	funds	funds	2020	2019
		(income)	(designated)
			f
Dividends		3,607	768		4,375	4,301
Interest		3	159		162	147
		3,610	927	0	4,537	4,448
Rent					444	227
Total		4,054	927	0	4,981	4,675
All investment	income in 2019 was unrestricted

	Direct	Support	Total	Total
	Costs	costs	2020	2019
(sce	note 5)	(sce note 6)
	f
	27,424	6,983	34,407	33354

			Unrestricted	Unrestrietcd	Endowment	Totnl	Totol
			Funds	Funds	Fuads	2020	2019
			(Income)	(Desigaatcd)
			f	f
Repatrs and		mainenance	2,976			2,976	4,370
Management		fees	3,099			3,099	3,200
Warden's	salary		4,000			4,000	3,867
Council tax		and water rates	3,384			3,384	3,113
Electricity			3,053			3,053	2,353
Oas			6,758			6,758	5,376
Insurance			2,614			2,614	2,532
Garden mainteaance			1,540			1,540	1,540
			27,424		0	27,424	26,351

SUPPORT	COSTS	COSTS		Unrestricted	Unrestricted	Endowment	Total		Total
				Funds	Funds	Funds	2020		2019
				(Income)	(Designated)
					f	f	f	f
Administration		charge		3,060			3,060		2,910
Telephone				149			149		161
Sundries				2,045			2,045		2,102
Almshouses		Association		179			179		180
Accountancy				0			0		0
				5,433			5,433		5,353
Governance	costs
Independent		examiner's	fee	1,550			1,550		1,550
				6,983			6,983		6,903

		Unrestricted	Unrestricted	Endorvmcnt	Total	Total
		Funds	Funds	Funds	2020	2019
		(Income)	(Designated)
		f.	f		f
Wages	& Salaries	3,521			3,521	3,435
National	Insurance	265			265	258
Pension	Costs	214			214	174
		4,000			4,000	3,867

FIXED A	SSETS
		Freehold	Equipment	Total	Total
		property		2020	2019
		f			f
Cost as at	1/10/2019	428,529	11,737	440,266	440,266
Additions	during year:	0	0	0	0
Cost as at	30/9/2020	428,529	11,737	440,266	440,266
Depreciation as at 1/10/2019			11,737	11,737	11,737
Depreciatton Charge for the Year			0	0	0
			11,737	11,737	11,737
Net book	value at 30/9/2020	428,529		428,529	428,529
Net book	value at 30/9/2019	428,529	0	428,529	428,529

INVESTIilENTS					2020	2019
					F.	f
Carrymg value (market	value) at			I October 2019	121,950	117,681
Add: Additions to investments			at	cost and income reinvested	3,960	3,794
Less: Disposals at carrying		value			0	0
(Less)/add: Net (loss)/gain		on revaluation			(13,728)	475
Carrying value (market	value) at 30September 2020				112,182	121,950
Comprising;
Charishare accumulation	sharm				16,943	15,763
Charishare income shares					14,973	17,186
NAACIF Income shares					436	506
NAACIF Accumulation	shares				79,830	88,495
					112,182	121,950
INVESTMENT PROPERTIES
					2020	2019
						f
Common Field, Pulborough					44,000	44,000

DEBTORS					2020	2019
					f
Rent receivable						0
Prepayments					3,611	3,712
					3,611	3,712
CREDITORS:	amounts		faglng duc ivithin	one year	2020	2019
Trade creditors					3,052	0
Rent mceived/billed		m advance			647	1,438
Other credttors	and	accruals			8,535	6,245
					12,234	7,683

MOVKIIIENT IN FUNDS	MOVKIIIENT IN FUNDS	MOVKIIIENT IN FUNDS	MOVKIIIENT IN FUNDS		Nct	Transfers	Transfers
				At 1.10.19	movemcnt			At 30.9.20
				f				f
Restricted funds
Endowment	fund			163,513	(5,907)		0	157,606
Unrestricted		funds
Income fund				426,343	16,352			442,695
- Extraordinary		repatr	fund	18,900	(1,851)			17,049
- Cyclical maintenance			hmd	39,194	159			39,353
				484,437	14,660		0	499,097
Total funds				647,950	8,753			656,703
					Incoming	Resources		Movement
					rcsourees	cxpendcd		in funds
					f
Restricted funds
Endowment	fund				(5,907.00)		0.00	(5,907.00)
Unrestricted		funds
Income fund					50,759.00	34,407.00		16,352.00
- Extraordinary		repair	I'und		(1,851.00)			(1,851.00)
- Cycbcal maintenance			fund		159.00			159.00
					49,067.00	34,407.00		14,660.00
Total funds					43,160.00	34,407.00		8,753.00
ANALYSIS	OF NET ASSETS BET'IVEEN FUNDS
			Tangible	Invcstmcnt	lavestments	Current	assets/	Total
			fixed assets	properly		liabiTities
					f
Restricted funds
Endowment	fund		67,041	44,000	46,565			157,606
Uorestrlcted		funds
income fund			361,488		48,568		32,639	442,695
- Extraordiaary		repair	fund		17,049			17,049
—Cycltcal maintenance			fund		0		39,353	39,353
Total funds			428,529	44,000	112,182		71,992	656,703