DRAYTON PAROCHIAL CHARITIES
ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2020
REGISTERED CHARITY NO: 221225
DRAYTON PAROCHIAL CHARITIES INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
Pages
1-2 Report of the Trustees
3 Independent Examiners Report 4 Receipts and Payments Account 5 Receipts and Payments (Non Housing Activity) 6 Statement of Assets and Liabilities
7-12 Notes to the Accounts
DRAYTON PAROCHIAL CHARITIES REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2020
The Trustees have pleasure in presenting their report and accounts for the year ended 31 December 2020
Activities
Drayton Parochial Charities was established on 5 December 1977 under the Charities Act 1960.
The deed joined the charity of Robert Corneville and four charities administered together as the Drayton Almshouse Charity. The deed stated that the income of the charity of Robert Corneville is to be applied by the trustees for any charitable purposes for the general benefit of the inhabitants of the Parish of Drayton for which provision is not made out of council tax, taxers or other public funds. The income of the Drayton Almshouse Charity is to be applied by the trustees for the benefit of the charity.
Review of the year
Drayton Almshouse Charity
- With the exception of a few weeks at the beginning of the year when one property was unoccupied, all of the Almshouses were occupied throughout the year.
11
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We continued to subscribe to The Almshouse Association and Independent Housing Ombudsman Limited.
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Repayments 19 and 20 were made against the £15,000 loan from The Almshouse Association, the loan has now been repaid in full, but as the standing orders were not cancelled, the account is currently overpaid, now refunded.
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We renewed the concessionary TV licence for those beneficiaries covered.
Extraordinary Repair Fund
The Extarordinary Repair Fund (ERF) is invested with Blackrock, Charities UK Bond Fund and Charities Equity Fund (formerly Charinco and Charinshare investments). The income is accumulated, and 2020 Accounts include the accumulated income for that year. The income has been added to the original cost of the investments as per note 7.
Robert Corneville Charity
No grants were made during the year.
Public Benefit
The trustees confirm that they have had due regard to the guidance published by the Charity Commission on public benefit.
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DRAYTON PAROCHIAL CHARITIES REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2020
Trustees’ Responsibilities
Registered social housing legislation requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Registered Social Landlord as at the balance sheet date and of the surplus or deficit for that period. In preparing these financial statements the Trustees are required to :
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Select suitable accounting policies and then apply them consistently;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Registered Social Landlord will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Registered Social Landlord and enable it to ensure that the financial statements comply with Schedule 1 to the Housing Act 1996, the Accounting Requirements for Registered Social Landlords General Determination 2006 and the Statement of Recommended Practice ‘Accounting by Registered Social Landlords’. It has general responsibility for taking reasonable steps to safeguard the assets of the Registered Social Landlord and to prevent and detect fraud and other irregularities.
Bankers
Barclays Bank plc Abingdon Oxon
Trustees
The Trustees during the year were:
Mrs Sue Moore - Chair Mrs Lynn Jones - Treasurer Mrs Camilla King – Clerk to the Trustees Mrs Brenda Malin Mrs Catherine Webber
BY ORDER OF THE TRUSTEES
L A Jones - Treasurer
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DRAYTON PAROCHIAL CHARITIES ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 CHARITY NUMBER 221225
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (“the Act”).
The charity’s trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the applicable Directions given by the Charity Commission
(under section 145(5)(b) of the Act, and
- to state 11
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and
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content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
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 accounts to be reached.
Signed BA FCA Date Name M Webster Address 6 Newman Lane Drayton Oxon OX14 4LP
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DRAYTON PAROCHIAL CHARITIES RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Note £ £ TURNOVER From Lettings Contributions receivable from occupants of Almshouses 30,112 28,508 For the year ended 31 December 2020 30,112 28,508 Operating Costs Water Rates 985 574 Management Expenses 3 1,748 1,797 Repairs Major Works 3 14,319 - 11 3 2,061 19,113 10,555 12,926 OPERATING SURPLUS Continuing operations 10,998 15,582 Interest receivable and similar income 41 80 Accumulated Income on Investments Blackrock Charities UK Bond Fund Acc Units 7 1,351 1,678 Blackrock Charities UK Equity Fund Acc Units 7 2,2813,632 3,521 5,199 Interest payable and similar charges (2,135) ( 2,155) SURPLUS ON ORDINARY ACTIVITIES 12,537 18,706 Transfer to designated reserves 11 ( 41) ( 80) Transfer to Extraordinary Repair Fund 11 ( 3,632) ( 5,199) Transfer to Robert Corneville Charity 12 ( 83) ( 59) 8,781 13,368 Revenue reserve brought forward 124,395 111,027 Revenue reserve carried forward 133,176 124,395 2020 2019 |
Note £ £ TURNOVER From Lettings Contributions receivable from occupants of Almshouses 30,112 28,508 For the year ended 31 December 2020 30,112 28,508 Operating Costs Water Rates 985 574 Management Expenses 3 1,748 1,797 Repairs Major Works 3 14,319 - 11 3 2,061 19,113 10,555 12,926 OPERATING SURPLUS Continuing operations 10,998 15,582 Interest receivable and similar income 41 80 Accumulated Income on Investments Blackrock Charities UK Bond Fund Acc Units 7 1,351 1,678 Blackrock Charities UK Equity Fund Acc Units 7 2,2813,632 3,521 5,199 Interest payable and similar charges (2,135) ( 2,155) SURPLUS ON ORDINARY ACTIVITIES 12,537 18,706 Transfer to designated reserves 11 ( 41) ( 80) Transfer to Extraordinary Repair Fund 11 ( 3,632) ( 5,199) Transfer to Robert Corneville Charity 12 ( 83) ( 59) 8,781 13,368 Revenue reserve brought forward 124,395 111,027 Revenue reserve carried forward 133,176 124,395 2020 2019 |
Note £ £ TURNOVER From Lettings Contributions receivable from occupants of Almshouses 30,112 28,508 For the year ended 31 December 2020 30,112 28,508 Operating Costs Water Rates 985 574 Management Expenses 3 1,748 1,797 Repairs Major Works 3 14,319 - 11 3 2,061 19,113 10,555 12,926 OPERATING SURPLUS Continuing operations 10,998 15,582 Interest receivable and similar income 41 80 Accumulated Income on Investments Blackrock Charities UK Bond Fund Acc Units 7 1,351 1,678 Blackrock Charities UK Equity Fund Acc Units 7 2,2813,632 3,521 5,199 Interest payable and similar charges (2,135) ( 2,155) SURPLUS ON ORDINARY ACTIVITIES 12,537 18,706 Transfer to designated reserves 11 ( 41) ( 80) Transfer to Extraordinary Repair Fund 11 ( 3,632) ( 5,199) Transfer to Robert Corneville Charity 12 ( 83) ( 59) 8,781 13,368 Revenue reserve brought forward 124,395 111,027 Revenue reserve carried forward 133,176 124,395 2020 2019 |
|---|---|---|
| 28,508 12,926 |
||
| 15,582 80 5,199 ( 2,155) |
||
| 18,706 ( 80) ( 5,199) ( 59) |
||
| 8,781 124,395 133,176 |
13,368 111,027 |
|
| 124,395 |
There are no recognised surpluses or deficits other than the surplus for the year. The above surplus is the historical cost surplus.
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DRAYTON PAROCHIAL CHARITIES RECEIPTS AND PAYMENTS ACCOUNT (NON HOUSING ACTIVITIES) FOR THE YEAR ENDED 31 DECEMBER 2020
| Note £ £ Dividends on investments Charities UK Bond Fund (formerly Charinco) 1,351 1,678 Charities Equity Fund (formerly Charinshare) 2,281 3,521 Net Surplus for the year 11 3,632 5,199 Corneville Charity Dividends on investments Charities UK Bond Fund (formerly Charinco) 196 248 Charities Equity Fund (formerly Charinshare) 1,083 1,437 1,279 1,685 Interest on bank ordinary deposit and capital reserve accounts 21 38 1,300 1,723 Less Grants - - Management Expenses 83 ( 83) 59 ( 59) 1,217 1,664 Transfer from Receipts and Payments Account 83 59 Net Surplus for the year 12 1,300 1,723 Extraordinary Repair Fund 2020 2019 2020 2019 |
Note £ £ Dividends on investments Charities UK Bond Fund (formerly Charinco) 1,351 1,678 Charities Equity Fund (formerly Charinshare) 2,281 3,521 Net Surplus for the year 11 3,632 5,199 Corneville Charity Dividends on investments Charities UK Bond Fund (formerly Charinco) 196 248 Charities Equity Fund (formerly Charinshare) 1,083 1,437 1,279 1,685 Interest on bank ordinary deposit and capital reserve accounts 21 38 1,300 1,723 Less Grants - - Management Expenses 83 ( 83) 59 ( 59) 1,217 1,664 Transfer from Receipts and Payments Account 83 59 Net Surplus for the year 12 1,300 1,723 Extraordinary Repair Fund 2020 2019 2020 2019 |
Note £ £ Dividends on investments Charities UK Bond Fund (formerly Charinco) 1,351 1,678 Charities Equity Fund (formerly Charinshare) 2,281 3,521 Net Surplus for the year 11 3,632 5,199 Corneville Charity Dividends on investments Charities UK Bond Fund (formerly Charinco) 196 248 Charities Equity Fund (formerly Charinshare) 1,083 1,437 1,279 1,685 Interest on bank ordinary deposit and capital reserve accounts 21 38 1,300 1,723 Less Grants - - Management Expenses 83 ( 83) 59 ( 59) 1,217 1,664 Transfer from Receipts and Payments Account 83 59 Net Surplus for the year 12 1,300 1,723 Extraordinary Repair Fund 2020 2019 2020 2019 |
Note £ £ Dividends on investments Charities UK Bond Fund (formerly Charinco) 1,351 1,678 Charities Equity Fund (formerly Charinshare) 2,281 3,521 Net Surplus for the year 11 3,632 5,199 Corneville Charity Dividends on investments Charities UK Bond Fund (formerly Charinco) 196 248 Charities Equity Fund (formerly Charinshare) 1,083 1,437 1,279 1,685 Interest on bank ordinary deposit and capital reserve accounts 21 38 1,300 1,723 Less Grants - - Management Expenses 83 ( 83) 59 ( 59) 1,217 1,664 Transfer from Receipts and Payments Account 83 59 Net Surplus for the year 12 1,300 1,723 Extraordinary Repair Fund 2020 2019 2020 2019 |
|---|---|---|---|
| 1,685 38 |
|||
| 1,723 ( 59) |
|||
| 1,217 83 1,300 |
1,664 59 |
||
| 1,723 |
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DRAYTON PAROCHIAL CHARITIES
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2020
| 2020 | 2020 | 2019 | 2019 | |||||
|---|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||||
| FIXED ASSETS | ||||||||
| Tangible assets | ||||||||
| Housing Properties | 6 | 110,174 | 110,174 | |||||
| LessHousing Association Grant | 10 | ( | 89,400) | ( | 89,400) | |||
| 20,774 | 20,774 | |||||||
| Investments | Repair Fund | 7 |
128,518 | 121,886 | ||||
| 11 | 8 |
14,707 | 143,225 | 14,707 | 136,593 | |||
| 163,999 | 157,367 | |||||||
| CURRENT ASSETS | ||||||||
| Cash at Bank | Community | 28,692 | 29,750 | |||||
| Deposit (Cyclical Provision) | 19,134 | 14,092 | ||||||
| Deposit (Corneville Charity) | 9,139 | 7,839 | ||||||
| Owed by resident | 94 | - | ||||||
| Almshouse loan refund due | 10 |
1,575 | - | |||||
| 58,634 | 51,681 | |||||||
| LIABILITIES: Amounts falling due within one year | 9 |
193 | 169 | |||||
| NET CURRENT ASSETS | 58,441 | 51,512 | ||||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 222,440 | 208,879 | ||||||
| LIABILITIES:Amounts falling due after more | 10 | ( | 15,640) | ( | 15,833) | |||
| than one year | ||||||||
| NET ASSETS | 206,800 | 193,046 | ||||||
| CAPITAL AND RESERVES | ||||||||
| Designated Reserves | 11 | 49,600 | 45,927 | |||||
| Revenue reserve - housing activities | 133,176 | 124,395 | ||||||
| Special Reserve - non | housing activities | 12 | 24,024 | 22,724 | ||||
| 206,800 | 193,046 |
Approved and authorised by the Trustees on
Mrs L A Jones-Treasurer
Mrs S Moore - Chair
Mrs C King - Secretary
on behalf of the trustees
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DRAYTON PAROCHIAL CHARITIES REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2020
Accounting Policies
(a) Introduction and Accounting Basis
The principal accounting policies of the Association are set out in paragraphs (b) to (j) below. These accounts are prepared under the historical cost convention, are based on the Housing Corporation’s Statement of Recommended Practice for Registered Social Landlords and comply with the Accounting Requirements for Registered Social Landlords General Determination 2006. The exemption from preparing a Cash Flow Statement to comply with FRS1 has been used on the grounds that the charity is a small charity.
(b) Finance
The accounts have been prepared on the basis that the capital expenditure referred to in note 6 will be grant aided, funded by loan or met out of reserves. There was no additional Capital Expenditure this year.
(c) Mortgages
Mortgage loans are advanced by the Housing Corporation under the terms of a mortgage deed in respect of a housing scheme.
Advances are available only in respect of a development which has been given approval for housing association grant.
(d) Housing Association Grant (HAG)
The above grant made by the Department of the Environment is utilised to reduce the amount of mortgage loan in respect of an approved scheme to the amount which it is estimated can be serviced by the costs of the scheme in accordance with instructions issued from time to time by the Department of the Environment. The grants are paid directly to the Housing Corporation being the lending authority and are reflected in the accounts of the Association only when payment has been made and the relevant mortgage loan reduced.
(e) Housing Association Grant – Acquisition and Development Allowances Receivable
The above allowances are determined by the Department of Environment and are advanced as mortgage loans. They are to finance certain internal administrative costs relating to the acquisition and development of housing land and buildings for approved schemes. Amounts equal to these allowances are added to housing land and buildings and are released to income and expenditure account when they are receivable.
(f) Fixed Assets – Housing Land and Buildings
Housing properties are stated at cost. The development cost of housing properties includes the following:-
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(i) Development expenditure
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(ii) Interest charged on the mortgage loans raised to finance the scheme
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(iii) Amounts equal to acquisition and development allowances receivable.
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DRAYTON PAROCHIAL CHARITIES REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2020
Accounting Policies (continued)
(f) Fixed Assets – Housing Land and Buildings (continued)
These costs are either termed “Qualifying costs” by the Department of the Environment for an approved housing association grant scheme and are considered for mortgage loans by the Housing Corporation or are met out of the Association’s Reserves.
All invoices relating to capital expenditure arising in the year for which mortgage advances have been received in the year have been included.
Interest on the mortgage loan financing the development is capitalised up to the relevant date of the interim HAG application. Interest on the residual mortgage loan after this date is charged to income and expenditure account. Interest on advances made after the interim HAG application are capitalised up to the final relevant date of the scheme. Interim and final relevant dates are determined by the Department of the Environment in accordance with guidelines laid down in circulars.
(g) Depreciation – Housing Land and Buildings
Freehold property is not depreciated on the basis that it is maintained in a satisfactory state of repair and the relevant cost of repair is charged to the income and expenditure account.
The freehold property has been assessed to have a high residual value and as such any depreciation charge would not be material.
(h) Provision for Future Cyclical Repairs and Maintenance
The provision reflects the Association’s liability to maintain its properties in accordance with a planned programme of works. Decorating is planned to take place every five years or when a property is vacated if earlier.
(i) Special Reserve (Non-Housing Activities)
The special reserve arises from the income of the Corneville Charity and the funds in the reserve are only available for charitable purposes for the general benefit of the inhabitants of the Parish of Drayton for which provision is not made out of council tax, taxes or other public funds.
(j) Apportionment of Management Expenses
Administration and operating costs are allocated 90% to income and expenditure account (housing activities) in respect of the costs relating to the management and maintenance of housing accommodation for letting, and 10% to the Corneville Charity.
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DRAYTON PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
2 Turnover, and Operating Surplus
| 2020 2019 £ £ Social housing accomodation Turnover 30,112 28,508 Operating Costs ( 19,113) ( 12,926) 11 Operating Surplus 10,999 15,582 Interest receivable and similar income 41 80 Accumulated investment Income 3,632 5,199 Interest payable and similar charges ( 2,135) ( 2,155) (Deficit)/Surplus for the year 12,537 18,706 Operating costs from lettings Housing accomodation (6 Units) Water Services and Council Tax 985 574 Major Works Expenses 14,319 - Management Expenses (see note 3) 1,748 1,797 Current cyclical repairs and maintenance 2,061 10,555 19,113 12,926 Management Expenses Housing Repairs & Repairs Maintenance Corneville Finance & Total Total Management Day to Day Major works Other Admin Admin 2020 2019 Estate Costs Insurance 951 - - - - - 951 915 Garden Maintenance - - - 214 - - 214 148 Lighting and Heating - 120 - - - - 120 298 TV Licence - - - - - - - - Repairs and Maintenance - 610 - - - - 610 7,097 Repairs Major Works - 14,319 - - - 14,319 - Cyclical - 1,117 - - - - 1,117 3,012 Office Overheads Subscriptions - - - - - 661 661 308 Sundries - - - - - 171 171 283 Legal and Professional - - - - - 48 48 350 951 1,847 14,319 214 - 880 18,211 12,411 Apportionment of finance and administration expenditure 797 - - - 83 ( 880) - - Total Expenditure 1,748 1,847 14,319 214 83 - 18,211_12,411_ |
2020 2019 £ £ Social housing accomodation Turnover 30,112 28,508 Operating Costs ( 19,113) ( 12,926) 11 Operating Surplus 10,999 15,582 Interest receivable and similar income 41 80 Accumulated investment Income 3,632 5,199 Interest payable and similar charges ( 2,135) ( 2,155) (Deficit)/Surplus for the year 12,537 18,706 Operating costs from lettings Housing accomodation (6 Units) Water Services and Council Tax 985 574 Major Works Expenses 14,319 - Management Expenses (see note 3) 1,748 1,797 Current cyclical repairs and maintenance 2,061 10,555 19,113 12,926 Management Expenses Housing Repairs & Repairs Maintenance Corneville Finance & Total Total Management Day to Day Major works Other Admin Admin 2020 2019 Estate Costs Insurance 951 - - - - - 951 915 Garden Maintenance - - - 214 - - 214 148 Lighting and Heating - 120 - - - - 120 298 TV Licence - - - - - - - - Repairs and Maintenance - 610 - - - - 610 7,097 Repairs Major Works - 14,319 - - - 14,319 - Cyclical - 1,117 - - - - 1,117 3,012 Office Overheads Subscriptions - - - - - 661 661 308 Sundries - - - - - 171 171 283 Legal and Professional - - - - - 48 48 350 951 1,847 14,319 214 - 880 18,211 12,411 Apportionment of finance and administration expenditure 797 - - - 83 ( 880) - - Total Expenditure 1,748 1,847 14,319 214 83 - 18,211_12,411_ |
2020 2019 £ £ 30,112 28,508 ( 19,113) ( 12,926) 10,999 15,582 41 80 3,632 5,199 ( 2,135) ( 2,155) 12,537 18,706 985 574 14,319 - 1,748 1,797 2,061 10,555 19,113 12,926 e Corneville Finance & Total Total Admin Admin 2020 2019 - - 951 915 - - 214 148 - - 120 298 - - - - - - 610 7,097 - - 14,319 - - - 1,117 3,012 - 661 661 308 - 171 171 283 - 48 48 350 |
|---|---|---|
| 951 1,847 14,319 214 797 - - - |
- 880 18,211 12,411 83 ( 880) - - |
|
| 1,748 1,847 14,319 214 83 - 18,211_12,411_ |
3 Management Expenses
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DRAYTON PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
4 Employees, Payments to Trustees and Officers
There were no employees, and the only transactions with Trustees were the reimbursement of expenses incurred in the normal day to day running of the charity.
5 Housing Stock
The number of units of housing accomodation in management at 31 December 2020
| 11 | ||||
|---|---|---|---|---|
| Units in Management | ||||
| 2020 | 2019 | |||
| Housing accomodation for letting | 6 | 6 | ||
| **6 ** | Fixed Assets-Housing Land and Buildings | 2020 | 2019 | |
| £ | £ | |||
| Cost | ||||
| At the beginning of the year | 110,174 | 110,174 | ||
| At the end of the year | 110,174 | 110,174 |
Note: No cost is included for the land referred to above and which was acquired many years ago.
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DRAYTON PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 7 Investments - Extraordinary Repair Fund 2020 2019 £ £ Blackrock Charities UK Bond Fund (formerly Charinco) 796.685 (2019: 796.685) Accumulation Shares 38,881 37,203 Accumulated income 1,351 1,678 Investment in year-27.845 units 1,500 - Balance as at 31 December 2020 41,732 38,881 Blackrock Charities UK Equity Fund (formerly Charishare) 11.00 83,005 79,484 Accumulated income 2,281 3,521 Investnment in year-79.156 units 1,500 - Balance as at 31 December 2020 86,786 83,005 Total per Accounts as at 31 December 2020 128,518 121,886 8 Investments - Corneville Charity 2020 2019 £ £ Blackrock Charities UK Bond Fund (formerly Charinco) 3,099.24 (2019: 3,099.24) Income Units - - Blackrock Charities UK Equity Fund (formerly Charishare) 7,600.568 (2019: 7,600.568) Income Units 14,707 14,707 14,707 14,707 9 Mortgage Orchardbrook PLC Other Loan - Almshouse Association 10 Liabilities - Amounts falling due after more than one year Housing Loans Loan repayable after one year advanced by Mortgage Orchardbrook PLC Liabilities-amounts falling due within one year Cost Cost |
2020 2019 £ £ 38,881 37,203 1,351 1,678 1,500 - Cost |
2020 2019 £ £ 45,341 41,021 127,158 131,230 Market Value |
|---|---|---|
| 41,732 38,881 |
||
| 86,786 83,005 |
||
| 128,518 121,886 |
||
| 172,499 172,251 |
||
| 2020 2019 £ £ - - 14,707 14,707 Cost |
2020 2019 £ £ 6,106 5,907 49,062 52,581 Market Value |
|
| 14,707 14,707 |
55,167 58,488 |
|
| 2020 2019 £ £ 193 169 - 0 |
||
| £193 169 |
||
| 2020 2019 £ £ £ 15,640_£ 15,833_ |
Housing Loans
This is the balance outstanding on the residual loan and it is repayable by half yearly annuities of principal and interest the last of which falls to be paid on 31 March 2040. The loan bears interest at 13.375%. This loan cannot be repaid early as terms were agreed subject to the Charity's receipt of a grant of £89,400 from the Housing Association.
The loan is secured by a first legal charge over the properties concerned.
Other Loans
Other loans relates to a loan from the Almshouse Association taken out in 2009. The loan is repayable by half yearly instalments over 10 years, the last of which was paid in September 2019, but repayments continued in error, leaving the account overpaid.
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DRAYTON PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 11 Designated Reserves At 1 January 2020 Transfer from revenue reserve At 31 December 2020 11 |
Cyclical Repair Extraordinary Total & Maintenance Repair Fund £ £ £ 3,246 42,681 45,927 41 3,632 3,673 |
|---|---|
| 3,287 46,313 49,600 |
|
The cyclical repair and maintenance fund and extraordinary repair fund reflect the charity's liability to maintain its properties in accordance with a planned programme of works and provide for possible large one off repairs.
12 Special Reserves - non housing activities (charitable purposes)
| At 1 January 2020 Income and expenditure account for the year Transfer from revenue reserves At 31 December 2020 |
2020 2019 £ £ 22,724 21,001 1,217 1,664 83 59 |
|---|---|
| 24,024 22,724 |
This reserve is the accumulated surplus of income of the Corneville Charity
- 13 Drayton Parochial Charities was established on 5 December 1977 under the Charities Act 1960.
The deed joined the charity of Robert Corneville and four charities administered together as the Drayton Almshouse Charity. The deed stated that the income of the charity of Robert Corneville is to be applied by the trustees for any charitable purposes for the general benefit of the inhabitants of the Parish of Drayton for which provision is not made out of council tax, taxes or other public funds. The income of the Drayton Almshouse Charity is to be applied by the trustees for the benefit of the charity.
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