Draft 23.05.2022
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Charity registered number: 239850
Draft 23.05.2022
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
FINANCIAL STATEMENTS For the year ended 31 December 2021
| CONTENTS Trustees and professional advisers Report of the Trustees Independent Examiner's report Statement of financial activities Balance sheet Notes to the accounts |
PAGE |
|---|---|
| 1 2 to 3 4 5 6 7 to 9 |
Draft 23.05.2022
Page 1
THATCHAM PAROCHIAL ALMSHOUSE CHARITY TRUSTEES AND PROFESSIONAL ADVISERS
Name
Nominating body
Trustees: Christopher Trevor Druce (Chairman) Michael Jon de Courcy Cole (Vice Chairman) Brian George Wheeler Gary Puffet Prudence Fenn
Thatcham Town Council Thatcham Town Council Cold Ash Parish Council Greenham Parish Council Midgham Parish Council
Ex officio Revd. Mark Bennet Rector St Mary's Thatcham Christine Rice Church Warden Paul Bullock Church Warden Colin Waters Church Warden
Clerk to the Trustees: Mrs J A Davis Charity Office Thatcham Parochial Charities Council Offices Brownsfield Road Thatcham RG18 3HF Bankers: Lloyds TSB 5 Bridge Street Newbury RG14 5BQ Fund Managers: BlackRock 12 Throgmorton Avenue London EC2N 2DL Independent Examiners: Tax Avenue Turnfields Gate Turnfields Thatcham RG19 4PT
Draft 23.05.2022
Page 2
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
REPORT OF THE TRUSTEES For the year ended 31 December 2021
Trustees' responsibilities
The Charities Acts 1993 and 2006 require us, as a Trust, to prepare financial statemen each financial year which give a true and fair view of the state of affairs of the Charity and of the results of the Charity for that period. In preparing those financial statements we are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
prepare financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue.
We are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity and enable us to ensure that the financial statements comply with the Charities Acts 1993 and 2006.
We are responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Constitution
This Charity is governed by a Charity Commission Scheme dated 30.8.88 as amended by an Order of the Commissioners dated 18.3.96 to provide for appointment of ex-officio Trustees where a Team Ministry exists, and amalgamates the following Charities:
| Thomas Loundyes | 1446 | John Hunt for the Poor | 1590 |
|---|---|---|---|
| Nine Shilling Houses | 1585 | John Hunt for his poor Kinsfolk | 1590 |
| Richard Bye | 1585 | John Sargood | 1826 |
| George James Fyfield | 1943 |
The scheme states that nine trustees should manage the Charity. Four ex-officio, the current Rector and Churchwardens of the Ecclesiastical Parish of St. Mary, Thatcham and five nominated trustees appointed by local councils, each for a period of four years.
The Charity is a member of the Almshouse Association.
The principal address of the Charity is c/o Clerk to the Trustees, Mrs J A Davis, Council Offices, Brownfield Road, Thatcham, RG18 3HF
Draft 23.05.2022
Page 3
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
REPORT OF THE TRUSTEES - CONTINUED For the year ended 31 December 2021
Principal activities and review
The object of the Charity is to provide almshouse accommodation for elderly people in need in the parishes of Thatcham, Cold Ash, Greenham and Midgham.
The Trustees were able to resume face to face meetings from the July meeting onwards with only 1 meeting taking place via Zoom online video conferencing in March. There was 1 ex-officio Trustee change in September. The charity is fortunate that Trustees have a broad range of skills and expertise to support the work of the charity.
With coronavirus still a very great risk, the primary concern continued to be for the safety and well being of the residents in all 14 flats. The clerk continued with regular phone calls to residents and socially distanced, door step visits. Planned maintenance was increased with PPE worn by contractors, and additional cleaning and hand sanitiser units kept in place. Trustees agreed unanimously to not increase the weekly maintenance contributions in May and heating and lighting contributions also remained the same. The broadband service paid for by the charity for the benefit of the residents, was upgraded to cope with extra demand from residents staying at home more and using streaming services for entertainment.
The car park at Nine Shilling House had a minor revamp to allow more room for residents to park. For the first time in it's 26 year history, all 6 Nine Shilling House flat residents are car owners and the works alleviated a few issues. During 2021 also at Nine Shilling House & with the resident away from home, the charity was finally able to make improvements to the kitchen to bring it in line with the other flats in the block. Fire stopping works were also completed at 47, Chapel Street. At the end of the year, the Chairman & the Clerk with the permission of residents, were able to visit all flats to carry out an annual inspection using the quinquennial report as the guide. Any identified works on this visit, are now completed. It was a very good opportunity to meet with all residents to see how they are and give them the opportunity to discuss any concerns or suggestions that they may have had. Finally, some surplus funds in 2021 were reinvested into the ERF fund.
Independent Examiner
A resolution to re-appoint Tax Avenue as independent examiner was put to the Trustees following the adoption of the annual accounts and agreed unanimously.
Clerk to the Trustees Date: xxxxxxxxxx
Mrs J A Davis
Page 4
Draft 23.05.2022
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THATCHAM PAROCHIAL ALMSHOUSE CHARITY
I report on the accounts of the Charity for the year ended 31 December 2021, which are set out on pages 5 to 9.
Respective responsibilities of the Trustees and the Examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 43 of the 1993 Act
-
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act); and
-
to state whether particular matters have come to my attention.
Basis of the Independent Examiner's Report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity, and a comparison on the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning 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.
In connection with my examination, no matter has come to my attention:
1 which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 41 of the 1993 Act, and to prepare accounts in accord with the accounting records and to comply with the accounting requirements of the 1993 Act have not been met; or
2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mrs Monika Tabatabaian ATT MAAT
Tax Avenue Turnfields Gate, Turnfields Thatcham, Berkshire RG19 4PT
Date: xxxxxxxxx
Draft 23.05.2022
Page 5
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2021
| Notes Resources arising: Investment income Deposit account interest Income 2 Gross resources for the year Resources used: Expenditure 2/3 Changes in resources before transfers and valuations Transfers (Loss) gain on revaluation - investments (Loss) gain on revaluation - property Net movement in resources for the year RECONCILIATION OF FUNDS Balance brought forward Adjustment for provisions Net movement in resources Balance carried forward Represented by: Property Investments Current assets |
Unrestricted Total Accumulated Moor Permanent 2021 Income Meadow Endowment £ £ £ £ 1,107 1,335 35,414 37,856 4 - - 4 91,358 - - 91,358 92,469 1,335 35,414 129,218 89,895 501 - 90,396 2,574 834 35,414 38,822 36,248 (834) (35,414) - 55,795 3,981 89,244 149,020 - - 378,424 378,424 94,617 3,981 467,668 566,266 533,594 41,974 3,349,414 3,924,982 - - - - 94,617 3,981 467,668 566,266 628,211 45,955 3,817,082 4,491,248 - - 2,610,356 2,610,356 574,402 45,955 1,206,726 1,827,083 53,809 53,809 628,211 45,955 3,817,082 4,491,248 Restricted |
Total 2020 £ 28,275 14 88,378 |
|---|---|---|
| 116,667 | ||
| 96,345 | ||
| 20,322 - (76,924) 83,778 |
||
| 27,176 | ||
| 3,897,806 - 27,176 |
||
| 3,924,982 | ||
| 2,231,932 1,643,063 49,987 |
||
| 3,924,982 |
Page 6
Draft 23.05.2022
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
BALANCE SHEET As at 31 December 2021
| Notes FIXED ASSETS Property 3 Investments 4 Total fixed assets NET CURRENT ASSETS Current account Deposit account Petty cash Sundry debtors/(creditors) Total net current assets Total assets FUNDS Restricted funds Permanent endowment 5 Moor Meadow 5 General fund Accumulated income fund 5 Total funds |
2021 £ 2,610,356 1,827,083 4,437,439 26,139 29,584 37 (1,951) 53,809 4,491,248 3,817,082 45,955 628,211 4,491,248 |
2020 £ 2,231,932 1,643,063 |
|---|---|---|
| 3,874,995 | ||
| 25,153 26,724 53 (1,943) |
||
| 49,987 | ||
| 3,924,982 | ||
| 3,349,414 41,974 533,594 |
||
| 3,924,982 |
Trustees:
Chairman Date: ……………… Trustee Date ………………
Page 7
Draft 23.05.2022
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
NOTES TO THE ACCOUNTS For the year ended 31 December 2021
1 Accounting policies
The accounts have been prepared on the receipts and payments basis.
| 2 | Accumulated income fund | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Income | |||
| Almshouses | |||
| Maintenance | 76,440 | 76,240 | |
| Heating | 12,168 | 12,138 | |
| Donations received | - | - | |
| Administration fee from Relief in Need | 2,750 | - | |
| 91,358 | 88,378 | ||
| Expenditure | |||
| Almshouses | |||
| Repairs | 43,613 | 47,361 | |
| Light and heat | 10,018 | 7,696 | |
| Council tax | - | - | |
| Water | 1,698 | 3,025 | |
| Telephone | 2,458 | 2,003 | |
| Emergency care | 1,015 | 1,150 | |
| Window cleaning | 1,215 | 945 | |
| TV Licences | 42 | 1,176 | |
| Total Almshouse expenses | 60,059 | 63,356 | |
| Adminstration expenses | |||
| Salaries | 21,589 | 21,679 | |
| Insurance | 2,515 | 2,477 | |
| Office rent | 1,252 | 1,180 | |
| Office service charge | 2,000 | 2,047 | |
| General expenses and stationery | 562 | 883 | |
| Advertising | - | 432 | |
| Subscriptions | - | 296 | |
| Telephone and internet | 706 | 749 | |
| Printing | 180 | 399 | |
| Surveyors' fees | - | 1,456 | |
| Examination fees | 1,032 | 1,032 | |
| Total administration expenses | 29,836 | 32,630 | |
| Total expenditure | 89,895 | 95,986 | |
| Excess of income over expenditure | 1,463 | (7,608) | |
| 3 | Moor Meadow fund | ||
| Payment of 6/16 of investment income to | |||
| Thatcham Vicars and Churchwardens | 501 | 359 |
Page 8
Draft 23.05.2022
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
NOTES TO THE ACCOUNTS - CONTINUED For the year ended 31 December 2021
3 TANGIBLE FIXED ASSETS
| At cost or valuation At 31 December 2020 Increase in value in the year At 31 December 2021 Depreciation At 31 December 2019 Charge for the year At 31 December 2020 Net book value at 31 December 2021 Net book value at 31 December 2020 |
45/47 Chapel Nine Shilling Street House Total £ £ £ 1,049,009 1,182,923 2,231,932 177,859 200,565 378,424 |
|---|---|
| 1,226,868 1,383,488 2,610,356 |
|
| - - - - - - |
|
| - - - |
|
| 1,226,868 1,383,488 2,610,356 |
|
| 1,049,009 1,182,923 2,231,932 |
The properties 45,47 Chapel Street and Nine Shilling House have been revalued at 30 June 2021 at the insured cost of £2,610,356 in accordance with the BIA House Rebuilding Cost Index by the insurers Ecclesiastical Insurance Office plc.
| 4 | INVESTMENTS | 2021 | 2020 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| MARKET VALUE | |||||
| At the beginning of the year | 1,643,063 | 1,664,987 | |||
| Additional investment | 35,000 | 55,000 | |||
| Net investment gain (loss) | 149,020 | (76,924) | |||
| At the end of the year | 1,827,083 | 1,643,063 | |||
| COST at 31 December 2021 | 770,812 | 735,812 | |||
| HOLDINGS - AT MARKET VALUE - AT 31 DECEMBER | 202Bid price £ | Value | Bid price £ | Value | |
| at 31/12 | £ | at 31/12 | £ | ||
| Permanent Endowment | |||||
| 91,725.000 Charinco Distribution | 1.837 | 168,499.00 | 1.970 | 180,698 | |
| 145,125.403 Charishare Distribution | 7.154 | 1,038,227.00 | 6.455 | 936,784 | |
| Total | 1,206,726.00 | 1,117,482 | |||
| Extraordinary Repair Fund (Surplus Income) | |||||
| 1,326.671 Charinco Accumulation | 52.960 | 70,260.00 | 54.990 | 65,814 | |
| 19,910.030 Charishare Accumulation | 23.430 | 466,491.00 | 20.500 | 382,862 | |
| Total | 536,751.00 | 448,676 | |||
| Moor Meadow Fund | |||||
| 1,630.742 Charinco Distribution | 1.837 | 2,996.00 | 1.970 | 3,213 | |
| 6,004.849 Charishare Distribution | 7.154 | 42,959.00 | 6.455 | 38,761 | |
| Total | 45,955.00 | 41,974 | |||
| Surplus Income | |||||
| 3,068.363 Charinco Distribution | 1.837 | 5,637.00 | 1.970 | 6,045 | |
| 4,475.005 Charishare Distribution | 7.154 | 32,014.00 | 6.455 | 28,886 | |
| Total | 37,651.00 | 34,931 | |||
| 1,827,083.00 | 1,643,063 |
Draft 23.05.2022
Page 9
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
NOTES TO THE ACCOUNTS - CONTINUED For the year ended 31 December 2021
5 FUNDS
| Permanent Endowment Moor Meadow Accumulated fund Surplus income Extraordinary Repair Fund Cash and tangible assets Total |
Actual Balance net gain Balance 31 Dec 2020 (loss) 31 Dec 2021 £ £ £ 3,349,414 467,668 3,817,082 41,974 3,981 45,955 34,931 2,720 37,651 448,676 88,075 536,751 49,987 3,822 53,809 533,594 94,617 628,211 |
|---|---|
| 3,924,982 566,266 4,491,248 |
6 NOTES ON FUNDS
Extraordinary Repair Fund
The Trustees are required to maintain this fund under the terms of the scheme.
Trustees are reviewing the recommendations of the quinquennial report on property condition before setting aside additional money in the Extraordinary Repair Fund. The long term aim for this fund is to establish it at one third of the insured value of the properties held by the charity.