2021-09-30-accounts - Northchapel, Petworth And Tillington Almshouses

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Charity registration	Charity registration	Charity registration	212320
Principal	address:		The Estate Office
			Petwoith
			West Sussex
			GU28 ODU
Solicitors:			Farrer k, Co
			66Lincoln's	Inn Fields
			London
			WC2A 3LH
Independent		Examiner	MrJA Burnett ACA
			Martin and Company		Chartered	Accountants
			25 StThomas	Street
			Winchester
			Hampshire
			SO23 9HJ
Bankers:			National Westminster		Bank pk
			5East Street
			Chichester
			West Sussex
			PO19 IHH
Managing	Agents:		Savills
			The Estate Office
			Petworth
			West Sussex
			GU28 ODU

		Notes	Unrestricted	Unrestmcted	Unrestmcted	Endowment	Total	Total
			Funds	Funds		Fuads	2021	2020
			(Iocome)	(Designated)
			8
INCOME FROM:
Charitable activities			50,431				50,431	51,908
Investments			3,963		691		4,654	4,981
TOTAL INCOME			54,394		691	0	55,085	56,889
EXPENDITURE ON:
Charitable activities		4	54,538				54,538	34,407
TOTAL EXPENDITURE			54,538			0	54,538	34,407
NET INCOME			(144)	691		0	547	22,482
(Losses)/gains on investments		10	8,082	3,487		8,210	19,779	(13,729)
Transfer between funds							0	0
NET MOVEMENT	IN FUNDS		7,938	4,	178	8,210	20,326	8,753
RECONCILIATION	OF FUNDS
Fund balances brought forward			442,695	56,402		157,606	656,703	647,950
FUND BALANCES	CARRIED FORWARD		450,633	60.580		165,8lii	677,029	656,703

		Netes	2021		2020
			8		8
FIXEDASSETS
Tangible fixed assets
Freehold property			428,529		428,529
Equipment			10,479		0
				439,008		428,529
Investments				135,620		112,182
				574,628		540,711
Investment property		10		44,000		44,000
CURRENT ASSETS
Debtors and pcepayments			3,903		3,611
Cash at bank			68,263		80,615
			72,166		84,226
CREDITORS: amounts falling due
within one year
Creditors and accruals			13,765		12,234
				58,401		71,992
TOTAL ASSETSLESS	LIABILITIES			677,029		656,703
ENDOWMENT FUNDS				165,816		157,606
UNRESTRICTED FUNDS
Income Fund				450,633		442,695
Designated Funds:
-Extraordinary Repair Fund			21,222		17,049
-Cyclical Maintenance	Fund		39,358		39,353
				60,580		56,402
				677,029		656,703
The financial statements	were approved	by the Trustees and	signed on their behalfby:
Loni Egrem 1			PA JerromeMBE
Chairman

STATUTORY INFORMATION
Northchapel Petworth and Tillington Almshouses Chanty is acharity registered	in England	and Wales. The charity's			registers		number
and registered oifice address can be found in the Trustees' Report.
ACCOUNTING POLICIES
Accounting convention
The financial statements ofthe charity, which is a public benefit entity, have been prepared		in accordance	with	the Statement		of
Recommended Practice. Accounting and Reporting by Charities pmpsring their	accounts in	accordance with the Financial Reporting
Standard applicable in the UK and Republic ofireland (FRS102)issued in October 2019and the Financial			Reporting		Standard
applicable in the UK and Republic ofIreland (FRS102)and the Charities Act 2011and UK		Generally Accepted Accounting				Practice as it
applies fmm la January 2019.The financial statements have been prepared under the historical cost convention,				as modified		by	the
revaluation ofinvestments.
The financial statements have been prepared to give a 'true and Stir' view snd have departed		Sum the Charities		(Accounts and Reports)
Regulations 2008 only tothe extent required to provide a 'true and fair' view. This departure		has involved	following		Accounting		and
Reporting by Charities preparing their accounts in accordance with the Financial	Repomng	Standard applicable		in the UK and Republic
ofIreland (FRS102)issued in October 2019rather than the Accounting and Reporting by Charities: Statement ofRecommended							practice
effective from ln April 2005 which has since been withdrawn.
The trustees consider that there are no material uncertainties about the Charity's	ability to continue as a going concern.
Income
All income is recognised once the charity has 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		rents charged	in advance		are deferred
Bank interest is included when receivable.
Dividends are recognised when the dividend has been declared and notification	has been received ofthe amount due.
Expeaditure
All liabilities are recognised as soon as there is a legal or constructive obligation	committing	the charity to	that	expenditure		and	itis
probable that the payment will be required and can be reliably measured.
All expenditure is accounted for on an accruals basis and includes irrecoverable	VAT as the charity is not		registered		for VAT.
Charitable expenses include the costs involved in the running and maintenance	ofthe properties.
Support costs include those costs associated with the constitutional and statutory	requirements ofthe charity.
Taagible fixed assets
Fixed assets whose original cost was more than 8350have been capitalised and	depreciated	over the following		periods;
Fixtures and equipment -25%on a reducing balance basis

ACCOUNTIlqG POLICIKS (CONTINUED)
Freehold property
The almshouses are historic buildings and as well as being the functional pmperties ofthe charity (being used to provide reduced					cost
accommodation with the charitable deed) are also classed as historical buildings and hence heritage		assets. Due to the uniqueness				ofthe
buildings a valuation in respect ofthe original properties is very difficult to	attribute and as such the	original values ofthe assets			have
been excluded from the balance sheet on the basis that reliable cost information is not available and conventional valuation				appmaches
lack sufficient reliability.
The value ofthe buildings included in the accounts represents improvements	undertaken to the buildings since (7u September 1979.						Since
these costs are significantly lower than the buildings' likely value, and as the buildings are kept in good repair, the Trustees				believe		that it is
not appropriate to depreciate the properties.
Fixed asset investments
Investments are valued at mid-market value at the balance sheet date. Any	gains and losses are shown as movement		in the	Statement			of
Financial Activities.
Investment properly
Investment properties for which fair value can be measured reliably without	undue cost or effort are	measured at fair	value	at each
reporting date with changes in fair value recognised 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 the Balance	Sheet	date.
Cash atSank and In Head
Cash at bank and in hand includes cash and short term highly liquid investments with short maturity		ofthree months	or less from		the date
ofacquisition or opening ofthe deposit or similar account.
Creditors
Trade creditors and other creditors are recognised when the charity has a present obligation resulting		from past events and can be
measured or estimated reliably. Creditors are recognised at their settlement	amounts.
Taxation
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 the discretion ofthe trustees.
Designated funds are those funds that the trustees have set aside for cyclical	maintenance and extra-ordinary repairs.
Endowment funds are those funds which are to be held ss capital in the form ofinvestment 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.

O THE FINANCIAL STAT	O THE FINANCIAL STAT	O THE FINANCIAL STAT	O THE FINANCIAL STAT	EMENTS F	OR THE YE	AR ENDED 3	0TH SEPTEMBE	R2021
INVESTMENT INCOME
					Unrestricted	Unrestricted	Endowment	Total	Total
					funds	funds	funds	2021	2020
					(income)	(designated)
					8	0
Dividends					3,519	686		4305	4,375
Interest					0	5		5	162
					3,519	691	0	4,210	4,537
Rent					444		0	444	444
Total					3,963	691	0	4,654	4,981
All investment		income	in 2021 was unrestricted
COST OF CHARITABLE ACTIVITIES
					Direct	Support	Total		Total
					Costs	costs	2021		2020
					(see note 5)	(see aote 6)
						0
					46,170	8,368	54,538
DIRECT COSTS
				Uarestricted	Unrestricted	Endowment	Total		Total
				Funds	Funds	Fuads	2021		2020
				(Income)	(Designated)
Repairs and	msinensnce			18,783			18,783		2,976
Depreciation		ofequipment		3,492			3,492		0
Management		fees		3,200			3,200		3,099
Warden's &gardener's			salaries	5,278			5,278		4,000
Council tax	and water rates			2,744			2,744		3,384
Electricity				2,617			2,617		3,053
Gas				6,241			6,241		6,758
Insurance				2,595			2,595		2,614
Garden maintenance				1,220			1,220		1,540
				46,170	0	0	46,170		27,424
SUPPORT	COSTS			Unrestricted	Uarestricted	Endowment	Total		Total
				Fuads	Fuads	Funds	2021		2020
				(Income)	(Designated) f		8		0
Administration		charge		3,120			3,120		3,060
Telephone				143			143		149
Sundries				3,373			3,373		2,045
Almshouses	Association			182			182		179
				6,818			6,818		5,433
G~vc@stLce	costs
Independent	examiners		fee	1,550			1,550		1,550
				8,368	0	0	8,368		6,983

EMPLOYEES
	Uarestrlcted	Unrestricted	Endowment	Total	Total
	Funds	Fuads	Funds	2021	2020
	(Iacome)	(Designated)
Wages tk Salaries	4,797			4,797	3,521
Nationallnsurance	285			285	265
Pension Costs	196			196	214
	5,278			5,278	4,000

		Freehold	Equipment	Total	Total
		property		2021	2020
		8	8		8
Cost as at	1/10/2020	428,529	11,737	440,266	440,266
Additions	during year.	0	13,971	13,971	0
Cost as at	30/9/2021	428,529	25,708	454,237	440,266
Depreciation as at 1/10/2020			11,737	11,737	11,737
Depreciation Charge for the Year			3,492	3,492	0
Net book	value at 30/9/2021	428,529	10,479	439,008	428,529
Net book	value at 30/9/2020	428,529			428,529

INVESTMENTS	INVESTMENTS							2021	2020
									0
Canying value	(market value)	at I October 2020						112,182	121,950
Add: Additions	to investments	at cost and income			reinvested			3,659	3,960
Less'.Disposals	at carrying value							0	0
Add/(less): Net	gain/loss on revaluation							19,779	(13,728)
Carrying value	(market value)	at 30	September 2021					135,620
Comprising;
The BLKCharities UK Equity		Fund	accumulation		shares			17,606	16,943
The BLKCharkies UK Equity		Fund	income shares					18,123	14,973
The MdkG Charity Multi-Asset		Fund Income		shares				520	436
The MEG Charity Multi-Asset		Fund Accumulation				shares		99,371	79,830
								135,620	112,182
INVESTMENT PROPERTIES
								2021	2020
Common Field,	Pulborough							442)00
Common Field,	Pulborough, comprising 4.411acres					ofpasture	land was revalued	by the Managing Agents,	Seville Chartered
Surveyors, at the date oftransition.			The valuation		was carried		out by Simon Knight and undertaken in accordance with RICS
Statements ofAsset Valuations		and	Guidance	Notes.		The trustees considered the		value at 30th September	2021 to be the same.
DEBTORS								2021	2020
								0
Rent receivable								0	0
Prepayments								3,903	3,611
								3,903	3,611
CREDITORS:	amounts falling due within			one	year			2021	2020
									0
Trade creditors								3,407	3,052
Rent received/billed in advance								402	647
Other creditom	and accruals							9,956	8,535
								13,765	12,234

MOVEMENT IN FUNDS	MOVEMENT IN FUNDS		Net	Transfers	Transfers
		At 1.10.20	movement			At 30.9.21
			E
Restricted funds
Endowment fund		157,606	8,210			165,816
Unrestricted funds
income fund		442,695	7,938			450,633
DtglggtgctIJlmh
- Extraordinary repair	fund	17,049	4,173			21,222
-Cyclical maintenance	fund	39,353	5			39,358
		499,097	12,116			511,213
Total funds		656,703	20,326		0	677,029
			Incomiag	Resources		Movement
			resources	expended		in funds
Restricted funds
Endowment fund			8,210.00		0.00	8,210.00
Unrestricted funds
Income fund			62,476.00	54,53800		7,938.00
UiR0mntndgunds
-Extraordinary repair	fund		4,173.00			4,173.00
-Cyclical maintenance	fund		5.00			5.00
			66,654.00	54,538.00		12,116.00
Total funds			74,864.00	54,538.00		20,326.00
ANALYSIS OF NKT ASSETSBETWEEN FUNDS
	Taagible	Investment	Investments	Current	assets/	Total
	fixed assets	property		liabilities
		8	8
Restricted funds
Endowment fund	67,041	44,000	54,775			165,816
Unrestricted funds
Income fund	371,967		59,623		19,043	450,633
Qaslgntggd3ltnds
- Extraordinary repair	fund		21,222			21,222
-Cyclical maintenance	fund		0		39,358	39,358
Totalfunds	439,008	44,000	135,620		58,401	677,029