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2022-03-31-accounts

Charity Registration No. 218376

CLIFTON PARISH HOUSES

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

CLIFTON PARISH HOUSES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Charity number

Principal address

Independent examiner

Mr K Cahill Mrs L Palmer Mr A Harris Mr D Pritchard

218376 The Old Granary Lilbourne Road Clifton upon Dunsmore Rugby Warwickshire CV23 0BB

Cottons Accountants LLP Chestnut Field House Chestnut Field Rugby Warwickshire CV21 2PD

(Appointed 26 May 2021) (Appointed 26 May 2021)

CLIFTON PARISH HOUSES

CONTENTS

Page
Report of the trustees 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 11

CLIFTON PARISH HOUSES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements.

Objectives and activities

The object of the Charity is the relief of poverty and/or sickness by the provision of housing accommodation for persons who are inhabitants of the Parish of Clifton-upon-Dunsmore or whose spouse, parent, child, brother or sister shall reside in the area of benefit on terms according to their means.

The Charity currently has sixteen properties under management and rents are subsidised from the gains earned on the Charity’s current asset investments. The total market value of these investments at 31st March 2022 was £187,526. The surplus for the year amounted to £59,963.

Achievements and performance

Financial review

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity known as Clifton Parish Houses comprised in conveyance and trust deeds dated 2nd May 1899, 4th February 1925 and 23rd September 1930 and the Charity known as the Nurses Residence comprised in a conveyance and trust deed dated 20th March 1933 were approved and established as the Parish Houses Charity Housing Association by the Charity Commissioners on 24th September 1997. The Charity Registration No. is 218376.

The Trustees who served during the year and up to the date of signature of the financial statements were:

Mr David Thomas Parry Walters Resigned 01 Feb 2021, effective 26 May 2021 Mr Kevin Cahill Chairman Co-opted Clifton Parish Houses Mrs Michelle Davison Resigned 08 Apr 2021, effective 26 May 2021 Mrs Lynda Palmer Co-opted Clifton Parish Houses Mr Alan Harris Co-opted Appointed 26 May 2021 Clifton Parish Houses Mr David Pritchard Co-opted Appointed 26 May 2021 Clifton Parish Houses

During the year, the Trustees posted recruitment of Trustees notices on Social Media and the Clifton Parish Council website, as well as approaching other charities in the village in order to attract new Trustees. Whilst no new Trustees have yet been appointed, the exercise will be repeated during 2022/23 as lives return to a new normal post Covid-19.

The Charity can be contacted through its Clerk via ClerktotheTrustees@CliftonParishHouses.org.uk and 07999021849.

CLIFTON PARISH HOUSES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

The trustees are required under legislation relating to Registered Social Landlords to prepare financial Statements for each year which give a true and fair view of the state of affairs of the association at the end of the financial year and of the income and expenditure of the association for the year ended on that date.

In preparing these financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity. The trustees should ensure that the accounts comply with the Charities Act 2011 and the 2018 Statement of Recommended Practise for registered social housing providers. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Public benefit

The trustees are satisfied that the activities of the charity meet its charitable objectives as set out above, and therefore provide a benefit to members of the public.

On behalf of the Trustees

Mr K Cahill

Chairman Dated: 6 September 2022

CLIFTON PARISH HOUSES

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CLIFTON PARISH HOUSES

I report to the Trustees on my examination of the financial statements of Clifton Parish Houses (the Charity) for the year ended 31 March 2022.

Responsibilities and basis of report

The Trustees of the Clifton Parish Houses are responsible for the preparation of the accounts, and they consider that the Clifton Parish Houses is exempt from an audit.

It is my responsibility to carry out procedures designed to enable us to report our opinion.

Independent examiner's statement

My procedures consisted of comparing the accounts with the accounting records kept by the Clifton Parish Houses and making such enquires of the officers of the Clifton Parish Houses considered necessary for the purpose of this report. These procedures provide the only assurance expressed in my opinion.

I have completed my examination. In my opinion:

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 financial statements to be reached.

Mr M W Palmer F.C.A Cottons Accountants LLP Chestnut Field House Chestnut Field Rugby Warwickshire CV21 2PD

Dated: 14 September 2022

CLIFTON PARISH HOUSES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

**Unrestricted ** **Unrestricted ** Endowment **Total ** **Unrestricted ** Endowment Total
funds funds funds funds
designated designated
Restated Restated Restated
2022 2022 2022 2021 2021 2021
Notes £ £ £ £ £ £
Income from:
Charitable activities 2 74,950 - 74,950 75,173 - 75,173
Expenditure on:
Charitable activities 3 33,525 - 33,525 26,245 - 26,245
Net gains/(losses) on
investments 6 18,538 - 18,538 155,717 - 155,717
Net movement in funds 59,963 - 59,963 204,645 - 204,645
Fund balances at 1 April 2021
As originally reported 427,289 178,461 761,467 534,078 178,461 712,539
Prior year adjustment 155,717 - 155,717 - - -
As restated 583,006 178,461 917,184 534,078 178,461 712,539
Fund balances at 31 March
2022 798,686 178,461 977,147 738,723 178,461 917,184

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

CLIFTON PARISH HOUSES

BALANCE SHEET

AS AT 31 MARCH 2022

----- Start of picture text -----
|||||| |---|---|---|---|---| |2022|2021| |Restated| |Notes|£|£|£|£| |Fixed assets| |Tangible assets|7|756,889|756,168| |Current assets| |Debtors|8|896|300| |Investments|9|187,526|168,988| |Cash at bank and in hand|61,950|32,280| |250,372|201,568| |Creditors: amounts falling due within| |one year|11|(12,729)|(13,596)| |Net current assets|237,643|187,972| |Total assets less current liabilities|994,532|944,140| |Creditors: amounts falling due after| |more than one year|12|(17,385)|(26,956)| |Net assets|977,147|917,184| |Income funds| |Designated funds|178,461|178,461| |Unrestricted funds|798,686|738,723| |977,147|917,184| |The financial statements were approved by the Trustees on 6 September 2022| |and signed on its behalf by:| |Mr K Cahill|Mr D Pritchard| |Chairman|Trustee|

----- End of picture text -----

CLIFTON PARISH HOUSES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

The Association is a registered charity and a registered social landlord.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing documents, the Charities Act 2011 and the Statement of Recommended Practice 'Accounting by Registered Social Landlords 2018' and the Accounting Requirements for Registered Social Landlords General Determination 2006 applicable to charities, preparing their accounts in accordance with the Financial Report Standards applicable in the UK and Republic of Ireland (FRS102 1A).

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds are internally restricted funds per the Charity's Governing Document. These are set aside for internal purposes and are made up of:

Property reserve £143,470 Cyclical maintenance £24,991 Extraordinary repairs £10,000 Total £178,461

1.4 Income

Turnover represents rents, including the netting off of any rents not received, i.e. bad debts, service charges receivable and revenue grants receivable from central government and local authorities.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Computers 25% straight line Freehold land and buildings 0% Housing association grant 0%

CLIFTON PARISH HOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

Housing properties are stated at cost less applicable grants. The provisions of Financial Reporting Standard 15 are accepted by the trustees. However, the trustees consider that the lives of these assets are so long and the residual values are so high that the depreciation is not material.

Grants for capital expenditure are deducted from the cost of the fixed asset to which they relate as they become receivable. Grants received in advance of relevant expenditure are included in current liabilities and represent amounts to be utilised in the next accounting period. Grant claims prior to the year end, in respect of relevant expenditure incurred, but not received until after the year end are included in current assets.

Grants for revenue expenditure are credited to the income and expenditure account as they become receivable.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Taxation

The association has charitable status and is therefore not subject to corporation tax on its surplus.

1.8 Value added tax

The charity is not registered for value added tax and consequently, where the charity has been charged value added tax by external suppliers, figures within these financial statements are recorded inclusive of value added tax.

2 Charitable activities

2022 2021
£ £
Charitable rental income 74,950 75,173

CLIFTON PARISH HOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

3 Charitable activities

2022 2021
£ £
Depreciation 155 -
Gardening 1,369 960
Light and heat 855 726
Clerk's fees 5,060 5,211
Bank loan interest 803 1,409
Cleaning 670 595
Subscriptions 592 586
Insurance 1,174 1,433
Water 246 153
Professional fees 156 156
Property maintenance 20,676 13,893
Printing, postage and stationery - 5
Telephone 107 92
Audit and accountancy 774 786
Sundry 826 240
Motor expenses 62 -
33,525 26,245
33,525 26,245

4 Trustees

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

There were trustees' expenses totalling £1,562 for the year ended 31 March 2022. These expenses were reimbursed to one trustee and the nature of them was waste disposal, repairs, computer expenses and subscriptions.

Trustees expenses for the year ended 31 March 2021 totalled £380. These expenses were reimbursed to one trustee and the nature of them was waste disposal and subscriptions.

5 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
1 1

There were no employees whose annual remuneration was more than £60,000.

CLIFTON PARISH HOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

6 Net gains/(losses) on investments

Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2022 2021
£ £
Revaluation of investments 18,538 155,717
7 Tangible fixed assets
**Computers ** Freehold land Housing Total
and buildings association
grant
£ £ £ £
Cost
At 1 April 2021 - 847,660 (91,492) 756,168
Additions 876 - - 876
At 31 March 2022 876 847,660 (91,492) 757,044
Depreciation and impairment
Depreciation charged in the year 155 - - 155
At 31 March 2022 155 - - 155
Carrying amount
At 31 March 2022 721 847,660 (91,492) 756,889
At 31 March 2021 - 847,660 (91,492) 756,168

Whilst the properties are stated at historical cost of £756,889 and the Trustees do not believe that the cost of a professional valuation is necessary, they do have the properties insured for restatement purposes with a Total Sum Insured value of £2,240,592.

8 Debtors

Debtors
2022 2021
Amounts falling due within one year: £ £
Prepayments and accrued income 896 300

CLIFTON PARISH HOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

9 Current asset investments

Current asset investments
2022 2021
£ £
National Association of Almshouses
Common Investment Fund 187,526 168,988

During the year nothing (2021 NIL) was withdrawn from and nothing was invested in the investment to fund refurbishment costs.

10 Loans and overdrafts

Loans and overdrafts
2022 2021
£ £
Bank loans 26,061 35,632
Payable within one year 8,676 8,676
Payable after one year 17,385 26,956

The bank loan is secured by a legal charge over the freehold land to the rear of 2-12 South Road, Clifton on Dunsmore.

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022 2021
Notes £ £
Bank loans 10 8,676 8,676
Trade creditors 1,872 -
Other creditors 940 3,362
Accruals and deferred income 1,241 1,558
12,729 13,596
Creditors: amounts falling due after more than one year
2022 2021
Notes £ £
Bank loans 10 17,385 26,956

12 Creditors: amounts falling due after more than one year

CLIFTON PARISH HOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

13 Analysis of net assets between funds Analysis of net assets between funds
Income & Designated
Total		 Income & Designated
Total
expenditure funds expenditure funds
reserve reserve
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Fund balances at 31
March 2022 are
represented by:
Tangible assets 756,889 - 756,889 577,707 178,461 756,168
Current assets/(liabilities) 237,643 - 237,643 187,972 - 187,972
Long term liabilities (17,385) - (17,385) (26,956) - (26,956)
977,147 - 977,147 738,723 178,461 917,184

14 Accomodation in management

2022 2021
Housing properties 16 16
15 Average rent
2022 2021 Percentage
Decrease
£ £
Average assured tenancy weekly rent 90.08 90.35 0.27%

16 Investment revaluation

The investment has been revalued to be included at market value as opposed to cost. The value of the investment in 2021 has increased by £155,717. This has subsequently increased the unrestricted funds by the same amount.