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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|||
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|Charity registration|Charity registration|Charity registration|number:|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||||
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||||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|
##
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|||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|
##
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|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|
##
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|||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|
##
##
|10|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|