THATCHAM PAROCHIAL ALMSHOUSE CHARITY
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Charity registered number: 239850
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
FINANCIAL STATEMENTS For the year ended 31 December 2022
| 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 |
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 Christine Rice Paul Bullock Colin Waters
Rector St Mary's Thatcham Church Warden Church Warden 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
Page 2
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
REPORT OF THE TRUSTEES For the year ended 31 December 2022
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
Page 3
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
REPORT OF THE TRUSTEES - CONTINUED For the year ended 31 December 2022
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 meet for the four scheduled meetings throughout 2022. There were no changes to the Trustee board and the charity continues to benefit from their broad range of skills and expertise to support the work of the charity.
With coronavirus still prevalent, all additional cleaning particularly of doors & touch points, remained in place. Hand sanitiser units throughout all the properties are now a permanent fixture. All contractor & clerk visits remain respectful of residents wishes to wear masks. Trustees agreed unanimously not to increase the weekly maintenance contributions in May- there has been no increase since 2017. However, with escalating energy costs, & despite securing the best available supplier contracts, the heating and lighting contributions were increased. There has been no increase to H&L contributions since 2010, but an extra £3 charge per week was implemented in May and under constant review. The Chairman wrote to the residents outlining the increase but emphasising that no resident should be put into any financial hardship because of it.
2022 was a sad year with the death of two very popular residents. After following all necessary procedures & protocols, the flats were redecorated and new flooring laid with one flat having a new kitchen installed. The charity welcomed two new residents during the latter half of the year who have settled quickly and enjoying their new homes. 2022 was a year of substantial expenditure which included new bathrooms and kitchens to several flats alongside redecoration and new flooring. Due to this expenditure, investment into the ERF was reduced according to funds available.
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:
Mrs J A Davis
Page 4
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 2022, 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:
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examine the accounts under section 43 of the 1993 Act
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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
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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:
Page 5
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2022
| 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 2022 Income Meadow Endowment £ £ £ £ 1,227 1,498 39,332 42,057 22 - - 22 92,313 - - 92,313 93,562 1,498 39,332 134,392 113,578 562 - 114,140 (20,016) 936 39,332 20,252 40,268 (936) (39,332) - (15,264) (2,116) (70,897) (88,277) - - 284,529 284,529 4,988 (2,116) 213,632 216,504 628,211 45,955 3,817,082 4,491,248 - - - - 4,988 (2,116) 213,632 216,504 633,199 43,839 4,030,714 4,707,752 - - 2,894,885 2,894,885 574,138 43,839 1,135,829 1,753,806 59,061 59,061 633,199 43,839 4,030,714 4,707,752 Restricted |
Total 2021 £ 37,856 4 91,358 |
|---|---|---|
| 129,218 | ||
| 90,396 | ||
| 38,822 - 149,020 378,424 |
||
| 566,266 | ||
| 3,924,982 - 566,266 |
||
| 4,491,248 | ||
| 2,610,356 1,827,083 53,809 |
||
| 4,491,248 |
Page 6
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
BALANCE SHEET As at 31 December 2022
| 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 |
2022 £ 2,894,885 1,753,806 4,648,691 11,474 46,663 48 876 59,061 4,707,752 4,030,714 43,839 633,199 4,707,752 |
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 |
Trustees:
Chairman Date: ……………… Trustee Date ………………
Page 7
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
NOTES TO THE ACCOUNTS For the year ended 31 December 2022
1 Accounting policies
The accounts have been prepared on the receipts and payments basis.
| 2 Accumulated income fund Income Almshouses Maintenance Heating Donations received Administration fee from Relief in Need Expenditure Almshouses Repairs Light and heat Alternative accommodation Water Telephone Emergency care Window cleaning TV Licences Total Almshouse expenses Adminstration expenses Salaries Insurance Office rent Office service charge General expenses and stationery Subscriptions Telephone and internet Printing Examination fees Total administration expenses Total expenditure Excess of income over expenditure 3 Moor Meadow fund Payment of 6/16 of investment income to Thatcham Vicars and Churchwardens |
2022 £ 76,020 13,543 - 2,750 92,313 61,550 12,897 700 2,530 2,389 913 1,080 759 82,818 21,806 2,665 1,230 2,000 524 615 716 172 1,032 30,760 113,578 (21,265) 562 |
2021 £ 76,440 12,168 - 2,750 |
|---|---|---|
| 91,358 | ||
| 43,613 10,018 - 1,698 2,458 1,015 1,215 42 |
||
| 60,059 | ||
| 21,589 2,515 1,252 2,000 562 - 706 180 1,032 |
||
| 29,836 | ||
| 89,895 | ||
| 1,463 | ||
| 501 |
Page 8
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
NOTES TO THE ACCOUNTS - CONTINUED For the year ended 31 December 2022
3 TANGIBLE FIXED ASSETS
| At cost or valuation At 31 December 2021 Increase in value in the year At 31 December 2022 Depreciation At 31 December 2021 Charge for the year At 31 December 2022 Net book value at 31 December 2022 Net book value at 31 December 2021 |
45/47 Chapel Nine Shilling Street House Total £ £ £ 1,226,868 1,383,488 2,610,356 133,729 150,800 284,529 |
|---|---|
| 1,360,597 1,534,288 2,894,885 |
|
| - - - - - - |
|
| - - - |
|
| 1,360,597 1,534,288 2,894,885 |
|
| 1,226,868 1,383,488 2,610,356 |
The properties 45,47 Chapel Street and Nine Shilling House have been revalued at 30 June 2022 at the insured cost of £2,894,885 in accordance with the BIA House Rebuilding Cost Index by the insurers Ecclesiastical Insurance Office plc.
| 4 | INVESTMENTS | 2022 | 2021 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| MARKET VALUE | |||||
| At the beginning of the year | 1,827,083 | 1,643,063 | |||
| Additional investment | 15,000 | 35,000 | |||
| Net investment gain (loss) | (88,277) | 149,020 | |||
| At the end of the year | 1,753,806 | 1,827,083 | |||
| COST at 31 December 202x | 785,812 | 770,812 | |||
| HOLDINGS - AT MARKET VALUE | Bid price £ | Value | Bid price £ | Value | |
| 31.12.2022 | £ | 31/12/2021 | £ | ||
| Permanent Endowment | |||||
| 91,725.000 Charinco Distribution | 1.459 | 133,856.00 | 1.837 | 168,499 | |
| 145,125.403 Charishare Distribution | 6.904 | 1,001,973.00 | 7.154 | 1,038,227 | |
| Total | 1,135,829.00 | 1,206,726 | |||
| Extraordinary Repair Fund (Surplus Income) | |||||
| 1,386.578 Charinco Accumulation | 43.652 | 60,527.00 | 52.960 | 70,260 | |
| 20,435.028 Charishare Accumulation | 23.403 | 478,237.00 | 23.430 | 466,491 | |
| Total | 538,764.00 | 536,751 | |||
| Moor Meadow Fund | |||||
| 1,630.742 Charinco Distribution | 1.459 | 2,380.00 | 1.837 | 2,996 | |
| 6,004.849 Charishare Distribution | 6.904 | 41,459.00 | 7.154 | 42,959 | |
| Total | 43,839.00 | 45,955 | |||
| Surplus Income | |||||
| 3,068.363 Charinco Distribution | 1.459 | 4,478.00 | 1.837 | 5,637 | |
| 4,475.005 Charishare Distribution | 6.904 | 30,896.00 | 7.154 | 32,014 | |
| Total | 35,374.00 | 37,651 | |||
| 1,753,806.00 | 1,827,083 |
Page 9
THATCHAM PAROCHIAL ALMSHOUSE CHARITY
NOTES TO THE ACCOUNTS - CONTINUED For the year ended 31 December 2022
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 2021 (loss) 31 Dec 2022 £ £ £ 3,817,082 213,632 4,030,714 |
|---|---|
| 45,955 (2,116) 43,839 |
|
| 37,651 (2,277) 35,374 536,751 2,013 538,764 53,809 5,252 59,061 |
|
| 628,211 4,988 633,199 |
|
| 4,491,248 216,504 4,707,752 |
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.