DRAYfoN PAROCHIAL CHARITIES ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 RE ERED CHARrrY NO: 221225
DRAYfoN PAROCHIAL CHARITIES INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Pages 1-2 Report of the Tnjstees 3 Independent Examiners Report 4 Ripts artd Payments AOUnt 5 Ripts 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 2022 The Trustees have pleasure in presenling their report and accounts for the year ended 31 December 2022 Actlvitles Draylon Parochial Charities was estsblished on 5 December 1977 under the Charities Act 1960. The deed joined the charity of Robert Comeville and four charities administered together as the Drayton Almshouse Charity. The deed stated that the income of the charity of Robert Comeville is to be applied by the trustees for any charitable purposes for the general benefit of the inhabitanls of the Parish of Draylon 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 benefrt of the tharity Review of the ear Dra on Almshouse Cha With the exception of a fèw weeks at the beginning of the year when one property was unoccupied, all of the Almshouses wre occupied throughout the year. We continued to subsuibe to The Almshouse Association and Independent Housing Ombudsman Limited We renewed the concessionary TV licence for those benefiaaries covered. Extraordina Re ir 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 2022 Accounts include the accumulated income for Ihat year. The income has been added to the original cost of the investments as per note 7. Robert Corneville Chari No grants was made in the year Public Benefit The trustees confirm that they have had due regard to the guidance published by the Charity Commission on public benefrt. Page I
DRAON PAROCHIAL CHARITIES REPORT OF THE TRUSTEES ICONTINUEDI YEAR ENDED 31 DECEMBER 2022 Trustees, Res nsibilitFos Registered scKial housing legislation requires the Trustees to prepare financial statement5 for each financial year which give a trve and fair V of the state of affairs of the Register&J Social Landlord as at the balance sheet date and of the surplus or defiut for that period. In preparing these financial statements the Trustees are required to ". - Select suitable accounting policies and then apply them consistenly: - Make judgements and estimates that are reasonable and prudenL" - State whether applicable accounb'ng standards have been followed, subject to any material departures disclosed and explained in the financial slatements, Prepare the financial statements on a going conrn basis unFess il is inappropriate lo presume that the Reoistered Social Landlord wll conts'nue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial posibon of the Registered Social Landlord and enable it to ensure that the financial ststements comply with Schedule 1 to the Housing Act 1996, the Accounting Requirements for Registered Social Landlords Generdl Determin"on 2006 and the Statement of Recommended practi 'Accounling by Registered Social LarKllord5'. It has general responsibility for taking reasonable steps lo safeguard the assets of the Registered Social LarKJlord and to prevent and detect fraLd and other irregularilie5. Banker8 Barclays Bank p Abingdon Oxon Trustee¥ The Trustees during the year were". Mr Roy Marshall - Chair Mrs Lynn Jones- Treasurer (Ceased January 2022. resigned 31 Ociober 20221 Mrs Lorraine Lee- Treasurer Mrs Susan Summers - Clerk to the Tfustees (appointed 10 November 2021, resigned 11th Jan 20231 Mr Robert Taylor Mrs Sharon Rosher- Mrs Brenda Malin BY ORDER OF THE TRUSTEES L Lee - Treasurer Page2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DRAYfoN PAROCHIAL CHARITIES ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 CHARrrY NUMBER 221225 Respective responslbllltles of trttee5 and examiner The charitys Imslees are responsible for the preparalion of the accounts in accordance wrth the Charities Act 2011 (1he Acr). The charS trustees consrder that an audit is not required for this year under seCtn 144 of the Act and that an independent examination is needed. It is my responsibility to.. examine the accounts under section 145 of the Charities Act, to follow the applicable Directions given by the Chartty Commission {under section 145{5}{b) of the Acl, and to slate whether particular matters have come to my attenlion Basis of independent examin•¥ statement My examination was carried out in accordance wth general Directions glven by the Charty Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented wtlh those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Iruslees conceming any such matters. The procedures undertaken do not provide all the evidence that woukl be required in an audit. and consequenlly no opinion is given as to whether the accounts present a Yrue and fairf view and the rewrt is limf(ed to those matters set OLrt in the statement below. Independent examinerfs statement In connection with my examination, no material matters have corne to my attention which gNes m8 caL¢se to bdieve that in, any material respect". the accounting records were not kept in accordance wtth section 130 of the Chartties Act.. or the accounts did not accord with the accounting records. or the accounts did not comply wth the applble requirements concerning the form and conlenl of accounls sel oul in the Charities (Accounts and ReFQrts) Regulations 2008 other than any requirement thal Ihe accounls give a ITue and fairf vbew which is not a matter considered as part of an independent examination. I have no concems and have come across no other matlers in connection wth the examination to which attention should be drawn in this report in order to enable a proper underslanding of the accounts to be reached. Signed FCA Date Name Mrs Lynn Jones Address 7 Newman Lane Drayion Oxon OX14 4LP Page 3
DRAON PAROCHIAL CHARITIES RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Note 2022 2021 TURNOVER From Lettlngs Conlribulions receivable from ¢nts of Almshouses 31,252 29. 105 For the year ended 31 December 2020 31,252 29, 105 Oporaling Costs Water Rates Management Expenses Repairs Major Works Current cyclical repairs and maintenan¢e 450 1.703 7.499 20,859 1696 5300 OPERATING SURPLUS Continuing operats.ons 25,952 3.208 Interest receivable and similar income 280 Accumulated Income on Investments Blackrock Charities UK Bond Fund Acc Units Blackrock Charibes UK Equity Fund Acc Units 1.406 t,417 3.706 6,194 5,123 Interest payable and similar charges SURPLUS ON ORDINARY ACTIVITIES 2.085 30.341 {2.111) 6,223 Transfer to designated reserves Transfer to Extraordinary Repair Fund Transfer to Robert Comewlle Charity 11 11 12 12801 (6.1941 1891 (3) (5,123) (208) 23,798 889 Revenue reserve brought forward 134. 133. 775 Revenue reservo carrled fopHard 134,064 There are no recognised surpluses or defiuts olher than the surplus for the year. The above surplus is the historical c#)st surplus. Page 4
DRAON PAROCHIAL CHARITIES RECEIPTS AND PAYMENTS ACCOUNT NON HOUSING ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Note 2022 2021 Extraordina Re air Fund Divldend5 on investments Charities UK Bond Fund Ifomierly Charinco) Charities Equity Fund Ifomierly Charinshare) Net Surplus for the year 1.406 4.788 1,477 3.706 11 Corneville Cha 2022 2021 Divklend8 on Investrnents Charities UK Bond Fund {formedy Charinco) Charities Equity Fund Ifomierfy Charinshare) 186 1.566 1,g58 1,752 Interest on bank ordinary deposit and caprtal resefve accounts 115 2.073 1,753 Le88 Grants Management Expenses 450 69 169) (658) 2,004 1,095 Transfer from Receipts and Payments AUTrt 69 208 Net Surplus for the year 12 2,073 1,303 Page 5
DRAYfoN PAROCHIAL CHARITIES STATEMENT OF ASss AND LIABILITIES AS AT 31 DECEMBER 2022 2022 2021 FIXED ASSETS Tangible assets Housing Properties Less Housing Assc¢iatTron Grant 110,174 110.174 10 20,774 20. 774 Investrnents Repair Fund 146,335 14 707 161,042 136,642 14 707 151,349 11 8 181,816 172. 123 CURRENT ASSETS Cash al Bank Communty Deposit (Cyclical Prowsion) Deposit (Comeville Charity) Owed by Trustee {2020 Resident) Almshouse loan refund due 37.129 30,417 12,516 23,050 24, 136 10,442 80,069 249 57,635 219 LIABILITIES: Amounts falllng due wlthln one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 261,636 229,539 LIABILITIES: Amounts falllng due afteT more than one year 10 (15,172) (15,421) NET ASSETS 214 t18 CAPITAL AND RESERVES Designated Reserves Revenue reserve- housing actNities Special Reserve- non housing activitie5 11 61,201 157,862 54, 727 134,063 12 214 118 Approved and aulhorised by the Trustees on Mrs L Lee-Treasurer Mr R Marshall - Chair Miss S Rosher- Secretary on behalf of the trustees Page 6
DRAYfoN PAROCHIAL CHARMES REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2022 Accountin Policies la) Introduction and Accounting Basi5 The principal accounting F(slicies of the Association are set out in paragraphs Ib) lo O") below. These awunls are prepared under the historical cost convention. are based on the Housing Corporation's Statement of Recommended Prath'ce Registered Soci81 Landlords and comply with the Accounting Requirements for Registered Social Landlords General Deteinatn 2006. The exempb'on from preparing a Cash Flow Statement to comply wth FRS1 ha$ b*n used ¢J) the grounds that the charity is small charity. Ib) Finance The accounts have been prepared on the basis that the capitsl expenditure referred to in note 6 will be gTant aided, funded by loan or met out of reserves. There was no addtbonal Capital Expenditure this year. (cl Mortgages Mortgage loans are advanced by the Housing CorF4Nation under the te$ of a mortgage deed in respect of a housing scheme. Advances are available only in reSpt of a development whth has been given approval for housing association grant. Id) Houslng Assoclatlon 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 esb"mated 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 diredy lo 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. le) Housing A88ociation Grnnt- A¢quisition and Development Allowance8 ReIvable The above allowance5 are detemined by the Department of EnVirment and are advanced ag mortgage loans. They are to finance certain intemal administratr.ve costs relating to the acquisitson and development of housing land and buildings for approved schemes. Amounts equa5 to these allow8nS are added to housing land and buildings and are released to in(x)me and expenditure 0nt when they are receivable. lfj Fixed Assets- Housing Land and Bulldings Housing properb'es are ststed at cost. The developmeTrl cost of housing properb.es includes the following".- Development expenditure Interest charged on the mortgage loans raised to finan the scheme Amounts equal to acqui$ilion and development alk)wances receivable. Page 7
DRAYfoN PAROCHIAL CHARITIES REPORT OF THE TRUSTEES ICONTINUEDI YEAR ENDED 31 DECEMBER 2022 Accountin PoliGie8 contln {fj Fixed Assets- Houslng Land and Buildings Icontinuedl These costs are either temied "Qualifying costs" by the Department of the Environment for an approved housing associatson grant scheme and are considered for mortgage loans by the Housing Corporation or are met out of the Associatson's Reserves. All invoi¢es relating to Capital expenditure arising in the year for whith mortgage advance5 have been received in the year have b*n included. Interest on the mortgage loan financing the development is capitalised up to the relevant date of the interim HAG application. Interest on the residual mortgage loan after this date 1$ charged to income and expenditure account. Interest on advan$ made after the interim HAG application are capitalised up to the final Televant date of the scheme. Interim and final relevant dates are determined by the Department of the Environment in accordance with guidelines laid do¥ in circulars. {gl Depreciation- Housing Land and Buildlngs Freehold property is not depreciated on the basis that it is maintained in a sab'sfactory state of repair and the relevant cost of repair is charged to the income and expenditure account The freehold propefty has been assessed to have a high residual value and as such any depreciatson charge would not be material. {h) Provision for Future Cyclical Repairs and Malntenance The provision reflects the Assmation's liability to maintain rts propertEs in accordance wtth a planned programme of WO$. Decorating is plann io lake place every five years or when a proFerty is vacated if earlier. {11 Special Reserve INon-Housing Activitles) The special reserve arises from the income of the Corneville Charity and the funds in the reserve a only available for chaTrtable PUTposes for the general benefit of the inhabitants of the Parish of Drayion for whi¢h provision is not made out of council tax, taxes or other public funds. U) Apportlonment of Management Expenses Adminislration and operating costs are allocated 900A to income and expenditure account (housing activities) in respect of the c4)sts relatsng to the management and maintenance of housing accommodation for letting, and 10% to the Comeville Charity. Page 8
DRAYTON PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENOED 31 DECEMBER 2022 2 Tumovgr, and Operating Surplus 2022 2021 Stiaal hou*ng acwmodation Tumover 31.252 29.105 Operating Costs { 5,3001 (25,897) Operating Surplu$ 25.951 Intsr&st receivable and simiLar in¢ome ACMulatl inv8stment Incr 6,194 1124 Intere51 payabb and simlpr charggs 12,0851 (2,111) (Deficilllsurplus for the year Operatlng costs from lettings Housing accomodation {fj Units) Water Services and Gnl Tax Major Works Expenses Management Expense3 (see nol& 3) Current cydi(>l repairs and mainten8ncE 4S) 20,859 1.499 2.696 1.703 3,147 3 Management Expens Para Estate Costs Insurance Garden Mainlenan ghling and Heating L)ee Repairs aThJ Maintenanc8 Repair5 Major Works Cyclical 978 100 1LM) 129 386 20,859 1,401 2.743 2,743 Offle• Overheads Con(erenc8s subscriptn5 SundrE5 Lagal and Profes5v)nal 15Q 513 524 167 18 524 167 18 1,(64 3,047 4,921 25,262 Apportionmeni of financ£ and administration ertUr? (708) Totsl ExpenditUTe 1rMJ 69 21 25 262 Pa8e 9
DRAYfoN PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 4 Employees, Payments to Trustees and Officers There were no employees. and the only transactions wrth Trustees were the reimbursement of expenses incurred in the normal day to day njnning of the charity. 5 Houglng Stock The number of units of housing ac¢om(NJation in management at 31 December 2022 Unlts in Management 2022 2021 Housing accomodation for letb'ng 6 Flxed Assets-Housing Land and Buildings 2022 2021 Cost At the beginning of the year 110,174 110,174 At the end of the year 110 174 110174 Note.. No cost ig included for Ihe land referred to above and whh was acquired many years ago. Page 10
DRAYfoN PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 7 Investmenls - Extraordinary Repair Fund Cost Market Value 2022 2021 2022 2021 Blackrock Charities UK Bond Fund {fomiet1y Charinco) 889.28612021.. 852.784} Accumulation Shares Accumulated income Investment in year-36.502 units Balan as at 31 December 2022 Blackrock Charities UK Equity Fund Ifomierly Charishare) 6345.19 (2021:6,269.21) Accumulation Shares Accumulated income Investnment in year-75.98 units Balance as at 31 Deeember 2022 Totsl per Accounts as at 31 December 2022 44.649 1,406 1.750 41.732 1,417 1,500 44,649 38,819 45,163 91,992 4.788 1,750 98,530 86,786 3.706 148,495 146,887 91,992 13 14 192 050 Cost Market Value 2022 2021 8 Investments - cornevil Charity 2022 2021 818throck Charities UK Bond Fund (fomier1y Charinco) 3 099.2412020. 3,099.24) Income Units Blackrock Charities UK Equity Fund IfomieTly Charishare) 7,600.56812021.. 7.600.568) Income Unils 4,523 5.693 14,707 2022 2021 9 Llabilities4mounts falling due within one year 249 £249 219 19 Mortgage Orchardbrook PLC 2022 2021 10 Liabilities - Amounts falling due after more than one year Housing Loans Loan repayable after one year advanced by Mortgage Orchardbrook PLG Housing Loans This is the balance outslanding on the residual loan and it is repayable by half year annu'rties of principal and interest the last of which falls to be paid on 31 March 2040. The loan bears interest at 13.375Yo. This loan cannot be repaid early as tenns were agreed subject to the ChaTty'S receipt of a grant of £89.400 from the Housing Association. The loan is secured by a first legal charge over the properties concemed. Page 11
DRAYTON PAROCHIAL CHARMES NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 11 Deslgnated Reserve8 Cycli¢81 Repalr ExiTaordhwry & Mairtenarte Reir Fund Tolal At 1 January 2022 3.290 51.437 54.727 Transfer from revenue reserve 6.194 6,474 At 31 DecemLw 2022 3,570 57.631 61.201 The cydical repair and maintenance fund and extraordinary repair fund refleci the charity's liability to maintain its properties in accordance with a planned programme of works and provide for possible large one off repair5. 12 Special Reserves- non houslng actlvllles Icharitsble purposes) 2022 2021 At 1 January 2022 Income and expenditure ac£ount for the year Transfer from revenue reserves At 31 Drnber 2022 25,328 2,004 69 24,024 1,096 208 This reseNe is the accumulated surplus of InMe of the Comeville Charity 13 Drayton Parochial Chanties was established on 5 Decemter 19TI under the Charities Act 1%0. The deed joined the charity of Robert Comeville and four charitses administered together as the Drayton Almshouse Charity. The deed stated that the income of the charity of Robert Comeville is to be applied by the tnjstees for any Charitsb purFK)ses for the general benefit of the inhabitants of the Parish of Drayton for which provision is not made out of council tsx, taxes or other public funds. The income of the Drayton Almshouse Charity is to be applied by Ihe trustees for Ihe benefft of the chanty. Page 12