DRAYfoN PARoCHL CHARMES ACCOuTrs FOR THE YEAR ENDED 31 DECEMBER 20 REGISTERED CHARI 221225
DRAIryON PAROCHIAL CHARITIES INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 310ECEMBER 2023 Pages 1-2 Report of the Trustees 3 Independent Examiners ReFwart 4 Receipts and Payments Actount 5 Receipts and Payments (Non Housing Activlty) 6 Statement of Assets and Liabilities 7-12 Notes to the Accounts
DRAoN PAROCHIAL CHARITIES REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2023 The Trustees have pleasure in presenting their report and accounts for the year ended 31 Dernber 2023 AGtiviti Drayton Parochial Charities was established on 5 December 1977 under the Chartties Act 1960. The deed joined the charity of Robert Comeville and four chartknes 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 Draylon for which provision is not made out of council tax, taxes or other public funds. The income of the Drayton Almshouse Charily is to be applied by the trustees for the benefrt of the charity- Review of the ear Dra on Almshouse Chari With the expIlOn of a few weeks at the end of the year when one propety was unoccupied, all of the Almshouses were occupied throughout the year. We continued to subscribe to The Almshouse Association and Independent Housing Ombudsman Limited. We renewed the concessionary TV licen for those beneficiaries covered. Extraordina Re air Fund The Extarordinary Repair Fund {ERF} is invested wilh Blackrock, Charrties UK Bond Fund and Charities Equity Fund (fomierly Charinco and Charinshare investments). The income is accurnulated. and 2023 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 Comevllle Chari A grant made to Abingdon Bridge with a further commttment for 2024125 Public Benefit The trustees confirm that they have had due regard to the guhdance published by the Chanty Commission on Dublic benefrt. Page I
DRAYfoN PAROCHIAL CHARITIES REPORT OF THE TRUSTEES ICONTINUEDI YEAR ENDED 31 DECEMBER 2023 Trustees, Rgs nsibilities Registered soaal housing legislation requires the Tnjstees to prepare financial statements for each financial year which give a true and fair VEW of the stale 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 statsments the Trustees are required to . - SeleGt Suitable accounting policies and then apply them consistently" - Make judgements and estimates that are reasonable and pnJdenL Stale whether applicable accounts.ng standards have been followed, subject to any material deDartures disclosed and explained in the financial statementg". Prepare the financial statements on a going concem basis unless it is inappropriate to presume that the Reoislered Social Landlord will conb.nue in business. The Trustees are responsible for keeping proper accounb.ng records which disclose with reasonable accuracy at any lime the financial position of the Registered Swial Landlord and enable it to ensure that the financial statements comply with Schedule 1 to the Housing Act 1996. the Accounb'ng Requirements for Registered Social Landlords General Detemiination 2006 and the Stalernent of Recommended Practice 'Accounling by Registered Social Landlords.. It has general responsibility for tskn'ng reasonable steps lo safeguard the assets of the Registered Social Landlord and to prevent and de fraud and other irregularities. Banker¥ Bardays Bank plc Abingdon Oxon Truste The Trust*s during the year ye.. Mr Roy Marshall - Chair Mrs Lorraine L- Treasurer MTS Susan Summers - Clerk to the Tnjstees (appointed 10 November 2021, resigned 11th Jan 20231 Mr ROert Taylor-resigned 1 Olh July 2023 Mrs Sharon Rosher- Secretary Mrs Brenda Malin resigned 11th July 2023 Kirsty Hodder lapFt•inted 17th May 2023} Helen Kendnck {appointed 12th July 2023) BY ORDER OF THE TRUSTEES L Lee - Treasurer Page2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DRAYTON PAROCHIAL CHARITIES ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITY NUMBER 221225 ReSPeve responslbilities of trustees and examiner The charitys trustees are responsible for the preparation of the accounts in CordanCe with the Charities Act 2011 {Yhe Acr). The chartys trustees consider that an audit is not requi1 for this year under section 144 of Ihe Act and Ihat an independent examination is needed. It is my responsI"11ty to.. examine the accounts under section 145 of the Charities Act. lo follow the applicable Direclions gwen ty the Chartty Commission (under sectton 14515)Ibl of the Act. and to state whether particular matters have come to my attention Basis of independent examinerfs statwnènt My examinalion was carried oul in accordance wtth general Directions glven by the Charity Commission. An examir)ation includes a rewew 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 explanalions from Ihe Irustees conceming any such matters. The procedures undertaken do not rffowde all the evidence that would be required in an audrt. and consequently no opinion is gNen as to whether the accounts present a Irue and fairf view and the report is limited to Ihose matters set out in the statement beb)w. Independent examinerfs statement In connection with my examination, no material matters have come to my attention which gives me cause to believe that in. any material respecl.. the accounting records were not kept in accordan yth section 130 of the Chartiies Act., or the accounts did not accord with the accounting re¢ord$' or the accounts did not compty with the applble requirements concerning the fom and content of accounts set out in the Chafities {Accounts and Reports) Regulations 2008 other than any requirement thal the accounts give a true and fairf 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 wth the examinatK>n to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed FCA Dalé iijblioz Name Mrs Lynn Jones Address 7 Newman Lane Dr8yton Oxon OX14 4LP Page 3
DRAON PAROCHIAL CHARITIES RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Note 2023 2022 TURNOVER From Lettlngs Contributions receivable from occupants of Almshouses 33,943 31,252 For the year ended 31 DeCemr 2023 33,943 31,252 Operating Costs Water Rates Management Expenses Repairs Major Works Current cydical repairs and maintenan 656 1,779 450 1, T03 3. 147 OPERATING SURPLUS Continuing operats.ons 23,747 25,952 Interest receivable and Similar InMe 1.390 280 Accumulated Income on Investments Blackrock Charities UK Bond Fund Acc Units Blackrock Charits"es UK Equity Fund Acc Units 1.655 5,514 7,406 4, 788 7.169 6. 194 Interest payable and similar charges SURPLUS ON ORDINARY AcTIlEs 2,054 30,252 [2,085) 30,341 Transfer lo designated reserves Transfer lo Extraordinary Repair Fund Transfer to Robert Corneville Charity 11 11 12 (1.3901 { 7.1691 1891 (280) f 6, 194) (69J 21,604 23.798 Revenue reserve brought forward 157,862 134,064 Revenue reservo carried forward 157,862 There are no recognised SUrU or deficils other than the surplus for the year. The above surplus is the historical cost surplus. Page 4
DRAON PAROCHIAL CHARMES RECEIPTS AND PAYMENTS ACCOUNT NON HOUSING ACTivrriES FOR THE YEAR ENDED 310ECEMBER 2023 2023 2022 Extraordina Re air Fund Dlvldends on SnveslJnonts Charits'es UK Bond Fund {formerfy Charin¢o} Charibes Equity Fund (fomierly Charinshare) 1,655 5.514 1,406 4.788 Net Surplus for the year 7,169 6. 194 Corneville Cha 2023 2022 Dividends on investments chare5 UK Bond Fund {formedy Charinco) Charitses Equity Fund (formerly Charinshare) 186 1.772 1,839 2,025 1,958 Interest on bank ordinary deposit and capiial reserve a¢¢ounts 595 115 2.621 2,073 Grants Management Expenses 89 1889) 69 (69) 1.732 1004 Transfer from Receipts and Payments Account 89 69 Net Surplu5 for the year 12 1,821 2.073 Pa8e 5
DRAYfoN PAROCHIAL CHARITIES STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2023 2023 2022 FIXED ASSETS Tanglble assets Housing Properties Lèss Housing Association Grant 110,174 110,174 10 20,774 20,774 Investments Repair Fund 157.004 14.707 171,711 146,335 14,707 161,042 11 8 192,485 781,816 CURRENT ASSETS Cash at Bank Communty Deposit {Cyclical Provision) Deposit (Corneville Charty) Ld by Trustee12020 Resident) Almshouse loan refund due 48,990 37,007 15.137 37.129 30.417 12.576 101,134 80,069 249 LIABILITIES: Amounts falllng due wlthln one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT UABIUTIES 100 850 293,335 261,636 LIABILITIES: Amounts falling duè after more than one yaar 10 114,887} (15. 172) NET ASSETS 246 464 CAPITAL AND RESERVES Designated Reserves Revenue reserve - housing activities Special ReseNe - non housing activit 11 69,760 179,466 61,201 157.862 12 246 464 Approved and authorised by the Trustees on Mrs L Lee-Treasurer Mr R Marshall - Chair Miss S Rosher- Secretary on behaw of the trustees Page 6
DRAYfoN PAROCHIAL CHARITIES REPORT OF THE TRUSTEES ICONTINUEDI YEAR ENDED 31 DECEMBER 2023 Aceountin Policies lal Introduction and A¢¢ounllng Bas15 The principal accounting policies of the Association are set out in paragraphs (b} to tsl below. These accounts are prepared under the historical cost convention, are based on the Housing Corporation's Statement of Recommended Praclice for Registered knial Landlords and comply with the Accounting Requ1ments for Registered Social Landlords General Determination 20C6. The exemption from preparing a Cash Flow Statement to comply with FRS1 has been used on the grounds that the charity Is small charity- {b) Finan¢0 The a¢¢ounts 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 reSeeS. There was no additional Capital Expenditure this year. 1¢) Mortgages Mortgage loans are advanced by the Houwng CorpJratr"on under the temis of a mortgage deed In respect of a housing scheme. Advances are available only in respect of a development vthich has been given approval for housing association grant. (dl Housing Association Grant (HAG) The above grant made by the Department of the Environment Is utilised to redu the amount of mortgage loan in respect of an approved scheme to the amount which it is eskn"mated can be seNiced by the costs of the scheme in accordance with instrucbons issued from tsme to b'me by the Department of the Environment. The grants are paid dIreCY to the Housing corporab.on being the lending authority and are reflected in the accounts of the Associabon only when payment has been made and the relevant rnortgage loan reduced. {e) Housing Association Grant- Acquisition and Development Allowances Recelvable The atve allowances are detern)ined by the Department of Environment and are advanced as mortgage loans. They a to finance rtain internal administrab.ve costs relatsng to the aCquiSOn and development of housing land and buildings for approved schemes. Amounts equal lo these alloWanS are added lo housing land and buildings and are released to income and expenditure &count when they are receivable. (fi Fixed Assets- Housing Land and Buildlng8 Housing properties are stated at o)st. The development cost of housing properb"e5 includes the following:_ Development expenditure Interest charged on the mortgage loans raised to ffinan the scheme Amounts equal to acquisition and development allowan receivable. Pa8e 7
DRAON PAROCHIAL CHARITIES REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2023 Accountin Pollcies continued In Flxed Assets- Hou8lng Land and Buildlnos (continued) These costs are either temied '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 Associalion's Reserves. All invoices relab.ng to capital expendrture arising in the year for which mortgage advances have been reiVed in the year have been IrlUded. InteTesl on the mortgage loan financing the development is capitalised up to the relevant date of the interim HAG applicatson. Interest on the residual mortgage loan after this dale is charged to income and expenditure account. Interest on advances made after the Interim HAG applicatson are capilalised up to the final relevant date of the scheme. Interim and final relevant dates are detemined by the Department of the EnVirment in accordan wth guHJelines la down in circulars. Igl Depreclatiop - Housing Land and Bulklings Freehold property is not depreciated on the basis that f( is maintained in a satssfactrjry State of repair and the relevanl cosl of repair 1$ charged to the income and expenditure accounL The freehold protErty has been assessed to have a high residual value and as guch any depreation charge would not be material. (h) Provision for Future Cyclical Repairs and MalnteDance The provision reflects the Association's liability to maintain its propwbes in accordance a planned progr8mme of works. Decorab'ng is planned to take place every five years or when a property is vacated if eartier. 11) Special Resorve {Non41ousing Activitles) The special resetve arises from the income of the Comeville Charlty and the frjnds in the reserve are only available for charitsble purposes for the generdl benefit of the inhabitants of the PaTish of Drayton for which provision is not made out of council tax. taxes or other publi¢ fvnds. Ul Apportionment of Management Expenses Administration and operating costs are allocated 90% to income and expendire account {housing activibesl in respect of the costs relatsng to the management and maintenance of housing accommodation for leth"ng, and 10% to the Corneville Charity. Page 8
DRAYfoN PAROCHIAL CHARfflES NOTES TO THE AccouKrs ConNuED FOR THE YEAR ENDED 31 DECEM8ER 2023 2 Turnover, 8nd Operating Surplu• 2023 2022 Sockgl housing aceom¢)datK)n Tumtwer 31,252 OFeratlng Cost5 (10.1%) (5,300) Operating Surplus 23.747 25,952 Interest r¢ceivablè and milar k)o)rne 1.3KJ AccumuLaled In$Ment Inme 7.169 6. 194 Intgrest payable and simiLqr charge (Deficitllsurplus for the year (2,054} (2,085) Operatlng cost8 from lettings Houslng accomodation16 Units) Water Services and COU11 Tax Major Works Expenses Managernent Expenses (see note 31 Current wlical repairs and maintenan 1.779 7,761 3. 147 3 Managem•nt Expens•s Toiai Ygt41 E8tats Costs Insuranc8 Garden Maintenan LhIng and HealiThJ TV cenCe Repairs and Maintenanc8 Repairs Major Woth5 Cyclral 2J 2Q 983 41 228 15 41 1.064 100 305 228 15 7.4T7 7.477 2.743 Offlce Ovtrrheads Conferences SubscriplK)ns Sundrwd -Legal ar Professional 678 207 678 207 524 767 18 Apporbonmgnt of finante an¢J 8dministratiDn exnditure 7.720 41 9,629 4,921 89 18851 Tot81 Expendf(ure 89 Page 9
DRAYfoN PAROCHIAL CHARMES NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENOED 31 DECEMBER 2023 4 Employees, Payments to Trustee8 and Olficers The were no employees, and the only transactions with Trustees were the reimbursement of eXnSeS incurred in the nomal day to day running of the charity. 5 Houslno Stock The number of units of housing accomodation in management at 31 Dernber 2023 Units in Management 2023 2022 Housing accomodation for letting 6 Fixed Assets•lousing Land and Buildings 2023 2022 Cost At the beginning of the year 110,174 110,174 At the end of the year 110 174 110 174 Note.. No costlg included for the land referred to above and which was acquired many years ago. Page 10
DRAYTON PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 7 Investments - Extraordinary Repair Fund Cost Market Value 2023 2022 2023 2022 Blackrock Charities UK Bond Fund {fomierfy Charin¢o) 929.991 12022.. 889 2861 Accumulation Shares Accumulated income Investment in year40.705 untts Balance as at 31 December 2022 47,805 1,655 1.750 51.210 44,649 1,406 1,750 43.038 38,819 Blackrock Charities UK Equity Fund Iformerfy Charishare) 6417.18612022..6345.191 Accumulation Shares AccL¢mulaled income Investnmenl in year-72.00 units Balance as at 31 December 2022 98.530 5,514 1.750 105.794 91.992 4.788 1.750 98.530 164,005 148,495 Total per Accounts as at 31 December 2023 207 043 187 314 8 Investments- Comeville Charity Market Value 2023 2022 2023 2022 Blackrock Charities UK Bond Fund Ifomety Charinco) 3,099.2412022: 3,099 24) Income Units Blackrock Charities UK Equtiy Fund Ifomierty Charisharel 7,600.568 {2022. 7,600.568} Income Units 4.597 4,523 14.707 14.707 52,476 9 Liabilities4mounts falling due within one year 2023 2022 Mortgage Orchardbrook PLC 249 249 10 Liabilities - Amounts falling due after more than one year 2023 2022 Housing Loans Loan repayable after one year advanced by Mortgage Orchardbrook PLC 14 887 £ 15 172 Housing Loan8 This is the balance outstanding on the residual loan and it 1$ repayable by half yearly annutties 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 temis were agreed Subject to the Charity's receipt of a grant of £89,400 from the Housing Asscciation. The loan is secured by a first legal charge over the properties concerned. Page 11
DRAYfoN PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Toial 11 Deslgnated Reserves Cydkal Repalr ExtraoTdlnary P•IT FLmd 3,570 57.631 61,201 At 1 January 2023 1.390 7,169 8,559 TnSter from revenue reserve 64,800 69,760 At 31 Dmber 2023 The cydical repair and rna1ntenan fvnd and extraordinary repair fvnd reflect the charity's liability to maintain its PToperties in accordance wth a planned programme of works and provide for possible large one off repairs. 12 Speclal Reserves - non houslng activitlgs (charitsble purposes) 2023 2022 27,401 1,732 89 25,328 2,004 69 At 1 January 2023 Income and expenditure account for the year Transfer from revenue reseNes At 31 Decemlxr 2023 This reswve is the ac¢umulated surplus of inomie of the Corneville Charity 13 Drayton Parochial Charities was estsblished on 5 December 1977 under the Charities Act 10. The deed joined the charty of Robert Comeville and four tharities administered togethef as the Drayton Almshouse Charity. The deed ststed that the income of the charity of Robert CoTneville is to be applied by the trustees for any charitable purposes for the general benefrt of the inhabitsnts 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 AlMShse Charity is to be applied by the trustees for the benefrt of the charity. Page 12