DRAYfoN PAROCHIAL CHARITIES ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 REGISTERED CHARITY NO: 221225
DRAYfoN PAROCHIAL CHARITIES INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Pages 1-2 Report of the Trustees 3 Independent Examiners Report 4 ReIPtS and Payments Account 5 ReIpts and Payments (Non Housing Adivrty) 6 Statement of Assets and knabilities 7-12 Notes to the Accounts
DRAYfoN PAROCHIAL CHARITIES REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2024 The Trustees have pleasure in presenting their report and accounts for the year ended 31 December 2024 Activities Drayton Parochial Charities was established on 5 December 1977 under the Charities Act 1960. The deed joined the charity of Robert Comeville and four chanties 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 whith provision is not made out of council tax, taxes or other public funds. The income of the Drayton Amshouse Charty is to be applied by the trustees for the benefit of the charTty. Review of the Dra on Almshouse Chari With the exception of a few weeks at the beginning of the year v4hen one property was Un0Up1ed. all of the Almshouses were occupied throughout the year. We ntInued to subscribe to The Amshouse Assooation and Independent Housing Ombudsman Limited. We renewed the cOnSsiOnary lince for those benefioaries covered. Extraordina ir Fund The Extarordinary Repair Fund (ERF) is invested with Blackrock. Charities UK Bond Fund and Charities Equity Fund {formerly Charinco and Channshare investments). The income is ar£umulated, and 2024 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 Bndge with a further commrtment for 2024125 Public Bonefrt The trustees confirm that they have had due regard to the guidan published by the Charty Commission on public benefit. Page I
DRAYfoN PAROCHIAL CHARITIES REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2024 Trustees, Res onsibilities 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 defictt for that period. In preparing these financial statements the Truste8s are required to .' - Select suitable accounting policies and then apply them consistently; Make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards have been follow, subject to any material departures disclosed and explained in the financial statements- Prepare the financial statements on a going cOnM basis unless it is inappropriate to presume that the Reqistered 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 posthon of the Registered Social Landlord and enable it to ensure that the financial statements comply with Sthedub 1 to the Housing Art 1996, the Accounting Requirements for Registered Soaal Landlords General Detemiination 2006 and the Statement of Recomrnended 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 prevènt and detect fraud and other irregularities. Bankers Barclays Bank plc Abingdon Oxon Trustees The Trustees during the year were: Mr Roy Marshall - Chair Mrs Lorraine Lee - Treasurer Mrs Sharon Rosher- Secretary Kirsty Hodder Helen Kendrick 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 2024 CHARrrY NUMBER 221225 Respg¢tivo responsibilities of trustees and examiner The Gharity's trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 {'the Acr). The charity's trustees consider that an audti is not required for this year under seth.on 144 of the Act and that an independent examinatDn is needed. It Is my responsibilty to: examine the accourts under section 145 of the Charities Act, to follow the appliGable Directions given by the Charity Commission (under sedion 145{5}Ib) of the Act. and to state whether particular matter5 have come to my attention Basis of independent examinerfs 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 cornparison of the accounts presented wtth those records. It also includes consideration of any unusual items or disclosures in the accounts, and seekiro expk3nations from Ihe trustees conmIng 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 fairf view and the report is limited to those matters set out in the statement below. Independent examinerfs statsrnent In connection with my examination. no material matters have come to my attention whiGh gives me cause to believe that in. any material respect: the accounting records were not kept in a¢¢ordance with seGtion 130 of the Charrties Act,. or the accounts did not accord vrith the accounting records, or the accounts did not Comply with the applicable requirements conceming Ihe form and content of accounts set out in the Charibes (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fairf view which is not a matter nsidered as part of an indèpèndent examination. I have no cOnM$ and have come across no other matters in connection with the examination to which attention should be dravm in this report in order to enable a proper understanding of the . accounts to be reached. Signed Retired AGwuntant Name Mrs L A Jones Address 7 Newman Lane Drayton Abingdon OX14 4LP Page 3
DRAYTON PAROCHIAL CHARITIES RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Note 2024 2023 TURNOVER From Lettings Contributions receivable from occupants of Almshouses 33,422 33.943 For the year ended 31 December 2023 33,422 33,943 Operatlng Costs Water Rates Management Expenses Repairs Major Works Current cyclical repairs and maintenance 921 2,497 12,168 9,194 656 1. 779 3,933 3.828 f 0, 196 OPERATING SURPLUS Conts'nuing operations 8,642 23.T47 Interest receivable and similar income 1.882 1.390 Accumulated Income on Investments Blackrock Chanbes UK Bond Fund Acc Unts Blackrock Charities UK Equity Fund Acc Units 1,7e6 5.769 1.655 5,514 7,534 7,169 Interest payable and similar charges SURPLUS ON ORDINARY ACTIVITIES 2,020 16,038 (2.054) 30,252 Transfer to designated reserves Transfer to Extraordinary Repair Fund Transfer to Robert Comeville Charty (1,882) (7,5341 (122) (1.390) (7. 169) (89J 11 12 6,5CK) 21,604 Revenue reseNe brought foNRrd 179,466 157.862 Revenue reserve Garried forward 185,966 179,466 There ar& no recognised surpluses or deficrts other than the surplus for the year. The at)ove surplus is the historical cost surplus. Page 4
DRAYfoN PAROCHIAL CHARITIES RECEIPTS AND PAYMENTS ACCOUNT NON HOUSING ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Note 2024 2023 Extraordrn air Fund Dividends on investments Charities UK Bond Fund (fomierty Channco) Chartties Equity Fund {formerly Charinshare) 1,766 5,769 1,655 5,514 Net Surplus for the year 11 7,534 7,169 Comeville Chari 2024 2023 Dividends on inveslments Charrttes UK Bond Fund {formerly Channco) Charities Equity Fund Iformedy Charinshare) 186 1.927 186 7,839 2.113 2.025 Interest on bank ordinary deposit and capital reserve accounts 782 595 2.895 2,620 Less Grants Withdrawn in error Management Expenses 1,600 200 122 8t)0 { 1,922) 68 { 868) 973 1,752 Transfer from ReiptS and Payments Account 122 68 Net Surplus for thè year 12 1,095 1,820 Page 5
DRAYTON PAROCHIAL CHARITIES STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2024 2024 2023 FIXED ASSETS Tangible assets Housing Properb'es Less Housing Asscoation Grant 110,174 110,174 89.4C)O 20,TT4 10 20.774 Invostm•nts Repair Fund 164,538 14,707 179.245 157,004 14,707 171,711 200,019 192,485 CURRENT ASSETS Cash at Barsk Community Deposit {Cyclical Provision) Deposit {Comeville Chantyl Cash in Hand 5nsurance conlribubon Almshouse overpaid wmc 62.606 44,888 16332 15 113,000) 214 110.527 S23 48,990 37,007 15,137 101,134 284 LIABILITIES: Amounts fall¥ng du• withln ¢)M y•ar NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILrriES 100 850 293.335 310,023 LIABILITIES: Amounts falling due after more than om yèar 10 114,5641 { 74.887) NET ASSETS 278 448 CAPITAL AND RESERVES Designated Reserves Revenue reserve - housing activi5 Speaal Reserve- non housing activities 11 79.176 185.966 69, 760 7 79,466 29.222 278 448 12 Approved and authorised by the Trustees on Mrs L L* -Trea5urer Mr R Marshall- Chair Miss S Rosher- se¢tary on behatf of the trustees Page 6
DRAYTON PAROCHIAL CHARITIES REPORT OF THE TRUSTEES {CONTINUED) YEAR ENDED 31 DECEMBER 2024 Accountin Policies (al Introduction and Accounting Basis The principal accounting polictes of the Association are set out in paragraphs (b) to ts") below. These accounts are prepared under the historical cost convention. are based on the Housing Corporation's Statement of Recommended Praclice for Registered Social Landlords and comply with the Accounting Requirements for Registered Social Landlords General Determination 2006. The ex8mption from preparing a Cash Flow Statement to comply wtth FRS1 has been used on thè grounds that the chanty is a small charty. (b) Finance The accounts have been prepared on the basis that the catal expenditure referred to in note 6 will be grant aided, funded by loan or met out of reseries. There vms no addrtional Capital Expenditure this year. (¢1 Mortgages Mortgage loans are advanced by the Housing corporab.on 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. Id) Houslng Assoclation Grant (HAG) The above grant made by the Department of the Environrnent is utilised to reduce the amount of mortgage loan in respect of an approved scheme to the amount which tl is estimated can be serviced by the costs of the scheme in accordan with instructions issued from time to time by the Department of the Environment. The grants are paid directly to the Housing Corpofation being the lending authority and are reflected in the accourts of the Associab'on 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 detemiined by the Department of Environment and are advanced as mortgage loans. They are to finan rtain intemal 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 aThJ a feleased to income and expenditure account when they are receNable. (fj Fixed Assets - Housing Land and Buildings Housing properties are stated at cost. The development cost of housing properties includes the following-_ Developmerrt expenditure Interest charged on the mortgage loans raised to finance the s¢héme (iii) Amounts equal to acqui8ition and development allowances recèivable. Page 7
DRAoN PAROCHIAL CHARMES REPORT OF THE TRUSTEES (CONTINUED YEAR ENDED 31 DECEMBER 2024 Accountin Pollcies continued (fj Fixed Assets- Housing Land and Buildings (continued) These costs are etther tenned °Qualfying 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 involS lating to capitsl expenditure artsing in the year for bthich mortgage advances have been receNed 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 advan$ 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 wth guKlelines laid down in circulars. (g) Depreciation- Housing Land and Buildings Freehold property is not depreciated on the basis that tt is maintained in a satisfactory state of repair and th8 relevant cost of repair is tharged to the income and expenditure account. The freehold property has been assessed to have a high residual value and as such any depreciation tharge would not be rnalerial. {h) Provision for Futurn Cyclical Repaira and Malntenance The provision reflects the Asswation's liabilty to maintain its properties in accordare with a planned programme of works. Decorating is planned to take place every five years or when a property is va¢aled if eariiw. {il Special ReseThe {Non-Housing Activltles) The special reseNe arises from the income of the Comeville Chartty and the funds in the reserve are only available for charitable purposes for the general benefit of the inhabrtants of the Parish of Drayion for which provision is not made out of coun1 tax, taxes or other publi funds U) 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 housin9 accommodation for letting. and 100/0 to the Comeville Charity. Pa8e 8
DyTON PAR HIAL CHARITIES )TES TO THE ACCOUNTS copiriNUED FOR THE YEAR ENDEO 31 DECEMBER 2024 2 Turnover, and Operating Surpl 2024 2023 Soci81 hOlJ nCIats.on Tumovar 13.422 33.943 Operating C05tS (24,7) (10.210) Or¢ratt"ng Surplus 8,642 23.733 Interest receivabb and smilar incxjme Accumulated investrnent IrKome 7.169 Inte$t pay8bla aThJ sinwL3r charges { 2,020} (2.085) ID8fiutySurplus forthe year 16038 0ratIng ¢08ts from lettingB Housing ac¢ornodation16 Unltsl Water Services arKI Council Tax Major Works Expenses Managemenl Expenses (see TrJte 31 Current cyclical rep8ir5 and maint8riance 921 12.168 2.497 9.194 24.780 3.733 1.779 4.028 10,196 3 Managgmont EXnI•S Tolil Admkn Z4 23 E8tat• Costs Insuran Garden MairtenarKe ghling and 939 1,270 1.005 1,270 100 305 Repai[5 and ktaintenarte Repair5 Maiorworks Cydical 933 12,168 12.168 2, 743 Office Overt)ead8 Conf6renc8S Subscnpbons Sundries Legal aNJ PrOfeIn81 524 967 18 468 939 7,24 12,168 1.270 23,9 5,721 Apporbwnent Offinan aThJ admirr5tr8bw exponditure 122 11,6801 Total Expendth 7924 12 168 23 980 5 721 Pa9
DRAYfoN PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 4 Employèes. Payments to Trustees and Officers There were no employees, and the only transactions wth Trustees were the reimbursement of expenses incurred in the nomial day to day running of the chanty. 5 Houslng Stock The number of units of housing accomodation in management at 31 December 2024 Units in Management 2024 2023 Housing accomodation for lettirvJ 6 Fixed Assets-Housing Land and Buildings 2024 2023 Cost At the beginning of the year 110,174 110,174 At the end of the year 110174 110174 Note.. No cost is included for the land refeed to above and which was acquired many years ago. Page 10
DRAYTON PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 7 Investments- Extraordinary Repair Fund Cost Market Value 2024 2023 2024 2023 Blackrock Chanties UK Bond Fund (formedy Charin¢o) 929.991 {2023. 929.991) Accumulatson Sha$ Accumulated income Investrnenl in year- Balance as at 31 December 224 51.210 1,766 47,805 1,655 1,750 51,210 42,874 43.038 BlaGkroGk Charibes UK Equity Fund {fomedy Charishare) 6417.18 (2023 6417 181 Accumulation Shares Accumulated income Investnment In year- Balan a5 at 31 Dember 2024 105.794 5,769 98,530 5.514 1,750 105.794 174,459 164,005 Total per Accounts as at 31 D¥kmber 2024 217 332 207 043 8 Investments- Comeville Charity Cost Market Value 2024 2023 2024 2023 Blackrock Charibes UK Bond Fund {fomety Charin¢o) 3.099.2412020. 3,099.241 Income Units Blackrock Charits'es UK Equity Fund {fomiety Charisharel 7,600.568 {2021. 7.600.568) Income Units 4,394 4,597 14,707 14.707 14.707 56,913 61 308 55,368 59 965 9 Liabilities-amounts falling due within one year 2024 2023 Grant drawn not pah Mortgage Orchardbrook PLC-now BCM Gh)bal 200 323 £523 284 284 10 Liabilities - Amounts falling dug aft8r more than one year 2024 2023 Houslng Loans Loan repayable after on8 year advanced by Mortgage Orchardbrook PLC-now BCM Global Housing Loans This is the baLgnce outstanding on the residual loan and rt is repayable by haw yeaY annuities of principal and interest the last of which falL8 lo be pa#d on 31 March 2040. The loan bears interest at 13.375Yo. This loan cannot be repahl eafly as ternis were agreed suty'ect to the Chantys rep1 of a grant of £89.400 from the Housing Association. The loan is secured by a fir51 legal charge over the propeTb"es concemed. Page 11
DRAYfoN PAROCHIAL CHARITIES NOTES TO THE ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2Q24 11 Designated Reserves ycllcal Repalr Extrnorthn*ry & PAaint•nanix Repalr Fund Total At 1 January 2024 4,960 64.800 69,760 Transfer from revenue reserve 1,882 7.534 9,416 At 31 Decemter 2024 6.842 72,334 79,176 The cyclical repair and maintenance fund and extraordinary repair fund reflect the charitls liabilty to maintain rf(s properties in awrdanCe wtti a planned programme of works and proVe for possible large one off repairs. 12 Special Reserves - non housing activitles (charitable purposes} 2024 2023 At 1 January 2024 Income and expenditure account for the year Transfer from revenue reserves At 31 DeMter 2024 29.222 973 122 30.317 27,401 1.753 68 29,222 This reserve is the accumulated surplus of income of the Comeville Charrty 13 Drayton Parochial Charities was established on 5 December 1977 under the Charities Act 1960. The deed joined the charity of Robert Comeville and four Gharittes administered together as the Drayton Almshouse Chanty. 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 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 benefrt of the chanty. Page 12