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2023-03-31-accounts

Charity registration number 218376

,

CLIFTON PARISH HOUSES

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

CLIFTON PARISH HOUSES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr K Cahill Mrs L Palmer MrA Harris Mr D Pritchard Mrs C White (Appointed 24 January 2023) Charity number 218376 Principal address The Old Granary Lilbourne Road Clifton upon Dunsmore Rugby Warwickshire CV23 0BB Independent examiner Cottons Accountants LLP Chestnut Field House Chestnut Field Rugby Warwickshire United Kingdom CV24 2PD

CLIFTON PARISH HOUSES

CONTENTS

Page
Report ofthe trustees 1-3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notestothefinancialstatements 7-12

CLIFTON PARISH HOUSES

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report and financial statements for the year ended 31 March 2023.

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 maintenance contributions are subsidised from the gains earned on the Charity’s current asset investments. The total market value of these investments at 31st March 2023 was £222,409. The surplus for the year amounted to £53,303.

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.

Metrics

The Regulator of Social Housing requires all Housing Associations to follow a standard set of calculations it refers to as the ‘Value for Money Standard’. The standard uses the Regulator's own metric definitions to provide consistency across the sector and it does not permit Housing Associations to amend those definitions to suit their own circumstances.

2023 2022 2021 2020
Reinvestment 0.0% 0.0% 0.0% 0.0%
New supply delivered
Gearing		 0.0%
0.0%		 0.0%
1.8%		 0.0%
2.9%		 0.0%
4.8%
EBITDAinterest cover (MRI)
Headline social housing costs per unit
Operating margin (social housing lettings)		 30,867.3%
£1,904
67.3%		 5,276.8%
£2,035
80.0%		 3,572.5%
£1,552
272.2%		 2,048.9%
£1,068
73.2%
Operating margin (overall) 67.3% 80.0% 272.2% 73.2%
ROCE 4.7% 4.2% 5.3% 7.6%

The above metrics do not readily compare to the sector medium for smaller Registered Providers due to the following: 1. As a provider of 16 units, small changes in costs can have a dramatic effect of the metrics 2. The charity operates with a stable number of units and has no borrowings

The Trustees continue to keep under review ways in which they may be able to achieve lower operating costs in future years, such as more proactive maintenance plans to reduce the risk of unexpected repair bills,

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.

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CLIFTON PARISH HOUSES

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

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

Mr Kevin Cahill Chairman Mrs Lynda Palmer Mr Alan Harris Mr David Pritchard Mrs Clare White

The Trustees activities in previous years to attract and recruit additional Trustees proved successful with the appointment of Clare White in January 2023.

Efforts will continue to recruit further Trustees to ensure the charity continues to grow and reflects the community of Clifton that it serves.

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

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CLIFTON PARISH HOUSES

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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: 28 July 2023

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CLIFTON PARISH HOUSES

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CLIFTON PARISH HOUSES

| report to the Trustees on my examination of the financial statements of Clifton Parish Houses (the Charity) for the year ended 34 March 2023.

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.

| have completed my examination. In my opinion:

1 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. 4D.

Mr M W Palmer

F.C.A

Cottons Accountants LLP

Chestnut Field House Chestnut Field Rugby Warwickshire

CV21 2PD

United Kingdom Dated: 13. Sete des 2213

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CLIFTON PARISH HOUSES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023

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Unrestricted Endowment Total Unrestricted Endowment Total
funds funds funds funds
designated designated
2023 2023 2023 2022 2022 2022
Notes £ £ £ £ £ £
Income from:
Charitable activities 2 78,883 - 78,883 74,950 ~ 74,950
Investments 3 162 - 162 - - -
Total income 79,045 - 79,045 74,950 - 74,950
Expenditure
on:
Charitable activities 4 30,874 - 30,874 33,525 - 33,525
Net gains/{losses) on
investments		 7 4,883 - 4,883 18,538 - 18,538
Netmovement in funds 53,054 - §3,054 59,963 - 59,963
Fund balances at 1 April 2022 798,686 178,461 977,147 583,006 178,461 917,184
Fund balances at 31 March
2023 851,740 178,464 1,030,201 798,686 178,461 977,147

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

Allincome and expenditure derive from continuing activities.

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CLIFTON PARISH HOUSES

BALANCE SHEET

AS AT 31 MARCH 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 9 757,171 756,889
Current assets
Debtors 10 1,179 896
Investments 11 222,409 187,526
Cash at bankand in hand 51,820 61,950
275,408 250,372
Creditors: amounts falling due within
one year 13 (2,378) (12,729)
Net current assets 273,030 237 643
Total assets less current liabilities 4,030,201 994 632
Creditors: amounts falling due after
more than oneyear 14 - (17,385)
Netassets 1,030,201 977,147
Income funds
Designated funds 178,461 178,461
Unrestricted funds 851,740 798,686
1,030,201 977,147

The financial statements were approved by the Trustees on 28 July 2023 and signed on its behalf by: Mr K Cahill WELL Mr0.1)D FabPritchard Chairman Trustee

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CLIFTON PARISH HOUSES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Charity information

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

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 Golng 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.

Within the charitable 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

The Trustees have not designated any particular funds at present.

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.

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CLIFTON PARISH HOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

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%

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 fives 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 refate 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.

Charitable maintenance contributions

2023 2022 £ £ 78,883 74,950

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CLIFTON PARISH HOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

3 Investments

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|||| |---|---|---| |Unrestricted|Total| |funds| |2023|2022| |£|£| |Investment income|162|-|

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4 Charitable activities

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|||||| |---|---|---|---|---| |2023|2022| |£|£| |Depreciation|252|155| |Gardening|1,081|1,369| |Light|and|heat|674|855| |Clerk's|fees|6,658|5,060| |Bank|loan|interest|157|803| |Cleaning|645|670| |Subscriptions|568|592| |Insurance|1,738|4,174| |Water|197|246| |Professional|fees|-|156| |Property|maintenance|17,369|20,676| |Telephone|118|107| |Audit|and|accountancy|978|774| |Sundry|439|826| |Motor|expenses|-|62| |30,874|33,525| |30,874|33,525|

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

§ Trustees

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were trustees’ expenses totalling £395 for the year ended 31 March 2023. These expenses were reimbursed to one trustee and the nature of them was waste disposal and subscriptions.

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

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CLIFTON PARISH HOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

6 Employees

The average monthly number of employees during the year was:

----- Start of picture text -----
||| |---|---| |2023|2022| |Number|Number| |1|1|

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

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

7 Net gains/(losses) on investments

----- Start of picture text -----
||||| |---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2023|2022| |£|£| |Revaluation|of investments|4,883|18,538|

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8 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

9 Tangible fixed assets

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Computers|Freehold|land|Houslng|Total| |and|bulldings|association| |grant| |£|£|£|£| |Cost| |At|4|April|2022|876|847,660|(91,492)|757,044| |Additions|534|-|-|534| |At|34|March|2023|1,410|847,660|(91,492)|757,578| |Depreciation|and|impairment| |At|1|April|2022|155|-|-|155| |Depreciation|charged|in|the|year|252|-|-|252| |At|31|March|2023|407|-|-|407| |Carrying|amount| |At|31|March|2023|1,003|847,660|(91,492)|757,171| |At|31|March|2022|721|847,660|(91,492)|756,889|

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CLIFTON PARISH HOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

9 Tanglble fixed assets

(Continued)

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.

10 Debtors

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |Amounts|falling|due|within|one|year:|£|£| |Trade|debtors|325|-| |Prepayments|and|accrued|income|854|896| |1,179|896| |11|Current asset|investments| |2023|2022| |£|£| |M&G|Charity|Multi Asset|Fund|222,409|187,526|

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

There were no withdrawls from the investment during the year (2022 NIL). £30,000 (2022 NIL) was invested during the year for future refurbishment costs. The investment has been revalued to be included at market value at 31st March 2023. The market value of the investment has increased by £4,883 this year. 12 Loans and overdrafts

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2023|2022| |£|£| |Bank|loans|-|26,061| |Payable|within|one|year|-|8,676| |Payable|after one|year|-|17,385|

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

The bank loan was repaid in full during the year. The charge has been discharged with Lloyds Bank. Lloyds Bank still retain the title deeds for the freehold land to the rear of 2-12 South Road, Clifton on Dunsmore for security at no charge.

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CLIFTON PARISH HOUSES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

13 Creditors: amounts falling due within one year

2023 2022
Notes £ £
Bank loans 12 - 8,676
Trade creditors 465 1,872
Other creditors 660 940
Accruals and deferred income 4,253 1,241
2,378 12,729
14 Creditors: amounts falling due aftermore than one year
2023 2022
Notes £ £
Bank loans 12 - 17,385
15 Analysis ofnetassets betweenfunds
Income& Designated Total Income & Designated Total
expenditure funds expenditure funds
reserve reserve
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Fund balances at 34
March 2023 are
represented by:
Tangible assets 757,171 - 757,171 756,889 - 756,889
Current assets/(liabilities) 273,030 - 273,030 237 643 - 237,643
Long term liabilities - - - (17,385) - (17,385)
1,030,201 - 1,030,201 977,147 - 977,147
16 Accomodation in management
2023 2022
Housing properties 16 16
17 Average maintenance contribution
2023 2022 Percentage
Increase
£ £
Averageweeklymaintenance contribution 94,81 90.08 5.25%

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