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2021-03-31-accounts

FINCHFIELD TRUST

(CHARITY NUMBER 246572)

ANNUAL REPORT & ACCOUNTS YEAR ENDED 31 MARCH 2021

FINCHFIELD BUNGALOWS TRUST STATEMENT OF ACCOUNTS 2020/21

TABLE OF CONTENTS

Page
Legal and administrative information 2
Trustees annual report 3-4
Income and expenditure account 5
Balance sheet 6
Accounting policies and notes to the accounts 7

Further Information about the trust is available from

Section 151 Officer Rochford District Council Council Offices South Street Rochford Essex SS4 1BW

Page 1

Finchfield Bungalows__________

Legal and Administrative Information

Charity Registered Number

246572

Charity’s principal address Rochford District Council Council Offices South Street Rochford Essex SS4 1BW

Trustees

Page 2

Finchfield Bungalows__________

Trustees Annual Report

The trustees present their report along with the financial statements of the charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with applicable law.

Charity’s Trusts

Finchfield bungalows comprise of 8 x 1 bedroom and 4 x 2 bedroom bungalows built in 1954 following a donation of land and money by Eleanor Jane Seed. The Trust Deed was executed on 23[rd] December 1955 under the common seal of The Charity Commission for England & Wales. The bungalows are owned by Rochford District Council, and are held in trust. The project was completed and officially opened in 1956.

Reserves

The Trust has an earmarked reserve to fund planned future works on the bungalows. The reserve is currently for works identified over the next 10 years.

Trustee Selection Method

The trust is managed by the Board of Trustees, which consists of not less than four selected by nomination.

Activities and Achievements

The bungalows provide accommodation for the aged over 65 years of Rayleigh and are much sought after. Four Trustees determine the policies for the letting of these properties.

Rochford District Council owns and is the custodian trustee of the trust created in 1955.

Finchfield Bungalows are purely financed from rents received. The Charity does not rely on voluntary help or any gifts in kind to finance its purpose.

Page 3

Finchfield Bungalows__________

Trustees Annual Report Ctd

Declaration

I declare, in my capacity of charity trustee that the trustees have approved the report above.

Chairman Rochford District Council

Vice Chairman Rochford District Council

Signed… Dated…14.01.2022 Signed… Dated…14.01.2022

Mr Allan Richards

Signed……………………………………………. Dated…06.01.2022 Mr Mike Davies Signed……………………………………………. Dated…17.12.2021

Page 4

Finchfield Bungalows___________

Income & Expenditure Account for the year ended 31[st] March 2021

2019/20
£
Income
65,395
Rents
1,181
Interest Received
66,575
Total Income
Expenditure
20,875
Repairs, Alterations & Maintenance
876
Insurance
10,600
Management Fee
7,608
Service Charges - Sanctuary Housing
400
Accountancy & Audit Fees
1440
Asset Revaluation fee
0
Bank Charges
41,799
Total Expenditure
24,776
(Deficit) / Surplus for the year		 2020/21
£
67,930
10
67,940
9,763
544
10,600
11,954
400
0
0
33,261
34,679

Page 5

Finchfield Bungalows___________

Balance Sheet as at 31[st] March 2021

2019/20
£
Fixed Assets
2,800,000
Buildings
Current Assets
199,082
Bank Balance
1,973
Debtor
Current Liabilities
18,440
Creditors
2,982,615
Net current Assets
Financed By:
157,839
Accumulated Fund
0
Future Works Fund
24,776
(Deficit)/Surplus for the year
491,400
Donated Assets Reserve
2,308,600
Fixed Asset Restatement Reserve
2,982,615		 2020/21
£
2,800,000
240,062
1,964
24,732
3,017,294
88,215
94,400
34,679
491,400
2,308,600
3,017,294

Page 6

Finchfield Bungalows___________

Accounting Policies and Notes to the Accounts

Basis of Accounting

These accounts have been prepared in accordance with Accounting and Reporting by Charities – Statement of Recommended Practice (SORP FRS 102) and the Charities Act 2011.

Related Party Transactions

There were no payments made to the trustees for remuneration, out of pocket expenses or any other benefits.

Management Fee

The responsibility of managing the Finchfield Properties moved to Rochford District Council on 1[st] April 2012. Previously responsibility had resided with Rochford Housing Association.

Fixed Assets

Properties have been valued on the basis of selecting a one bedroom and a two bedroom bungalow (both Finchfield properties). These values are then applied to the total number of properties. Wilkes Head & Eves (Members of the Royal Institute of Chartered Surveyors) carried out the valuations.

Revaluation Reserve

The revaluation reserve represents the balance of the surpluses or deficits arising on the revaluation of fixed assets. Buildings are re-valued at least every five years in accordance with the Royal Institute of Chartered Surveyor’s ‘Manual of Valuation Guidance Notes’ . The Finchfield Bungalows were included in the valuations provided by Wilkes Head & Eve as at 1[st] April 2019. A charge of £1,440 was incurred in 2019/20 for the administration of this revaluation exercise. The next revaluation is due 2024/25.

Declarations

Sufficient resources are held in an appropriate form to enable the fund to be applied in accordance with the restrictions imposed. In the case of Finchfield, the Trustees must ensure the properties are managed and maintained and that there are suitable funds to allow this.

The trustees have not changed the year end date or the length of the charity’s financial year.

The charity does not have any designated funds but will need to use a substantial amount for works over the next ten years. Anticipated £14,000 per property for one or two void properties. £66,400 for replacement windows and doors for all bungalows.

All the charities operations are discontinued operations.

The charity has no intangible assets.

The charity has no material fixed assets which have not been capitalised and included on the balance sheet.

Page 7

FINCHFIELD TRUST

(CHARITY NUMBER 246572)

ANNUAL REPORT & ACCOUNTS YEAR ENDED 31 MARCH 2021

FINCHFIELD BUNGALOWS TRUST STATEMENT OF ACCOUNTS 2020/21

TABLE OF CONTENTS

Page
Legal and administrative information 2
Trustees annual report 3-4
Income and expenditure account 5
Balance sheet 6
Accounting policies and notes to the accounts 7

Further Information about the trust is available from

Section 151 Officer Rochford District Council Council Offices South Street Rochford Essex SS4 1BW

Page 1

Finchfield Bungalows__________

Legal and Administrative Information

Charity Registered Number

246572

Charity’s principal address Rochford District Council Council Offices South Street Rochford Essex SS4 1BW

Trustees

Page 2

Finchfield Bungalows__________

Trustees Annual Report

The trustees present their report along with the financial statements of the charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with applicable law.

Charity’s Trusts

Finchfield bungalows comprise of 8 x 1 bedroom and 4 x 2 bedroom bungalows built in 1954 following a donation of land and money by Eleanor Jane Seed. The Trust Deed was executed on 23[rd] December 1955 under the common seal of The Charity Commission for England & Wales. The bungalows are owned by Rochford District Council, and are held in trust. The project was completed and officially opened in 1956.

Reserves

The Trust has an earmarked reserve to fund planned future works on the bungalows. The reserve is currently for works identified over the next 10 years.

Trustee Selection Method

The trust is managed by the Board of Trustees, which consists of not less than four selected by nomination.

Activities and Achievements

The bungalows provide accommodation for the aged over 65 years of Rayleigh and are much sought after. Four Trustees determine the policies for the letting of these properties.

Rochford District Council owns and is the custodian trustee of the trust created in 1955.

Finchfield Bungalows are purely financed from rents received. The Charity does not rely on voluntary help or any gifts in kind to finance its purpose.

Page 3

Finchfield Bungalows__________

Trustees Annual Report Ctd

Declaration

I declare, in my capacity of charity trustee that the trustees have approved the report above.

Chairman Rochford District Council

Vice Chairman Rochford District Council

Signed… Dated…14.01.2022 Signed… Dated…14.01.2022

Mr Allan Richards

Signed……………………………………………. Dated…06.01.2022 Mr Mike Davies Signed……………………………………………. Dated…17.12.2021

Page 4

Finchfield Bungalows___________

Income & Expenditure Account for the year ended 31[st] March 2021

2019/20
£
Income
65,395
Rents
1,181
Interest Received
66,575
Total Income
Expenditure
20,875
Repairs, Alterations & Maintenance
876
Insurance
10,600
Management Fee
7,608
Service Charges - Sanctuary Housing
400
Accountancy & Audit Fees
1440
Asset Revaluation fee
0
Bank Charges
41,799
Total Expenditure
24,776
(Deficit) / Surplus for the year		 2020/21
£
67,930
10
67,940
9,763
544
10,600
11,954
400
0
0
33,261
34,679

Page 5

Finchfield Bungalows___________

Balance Sheet as at 31[st] March 2021

2019/20
£
Fixed Assets
2,800,000
Buildings
Current Assets
199,082
Bank Balance
1,973
Debtor
Current Liabilities
18,440
Creditors
2,982,615
Net current Assets
Financed By:
157,839
Accumulated Fund
0
Future Works Fund
24,776
(Deficit)/Surplus for the year
491,400
Donated Assets Reserve
2,308,600
Fixed Asset Restatement Reserve
2,982,615		 2020/21
£
2,800,000
240,062
1,964
24,732
3,017,294
88,215
94,400
34,679
491,400
2,308,600
3,017,294

Page 6

Finchfield Bungalows___________

Accounting Policies and Notes to the Accounts

Basis of Accounting

These accounts have been prepared in accordance with Accounting and Reporting by Charities – Statement of Recommended Practice (SORP FRS 102) and the Charities Act 2011.

Related Party Transactions

There were no payments made to the trustees for remuneration, out of pocket expenses or any other benefits.

Management Fee

The responsibility of managing the Finchfield Properties moved to Rochford District Council on 1[st] April 2012. Previously responsibility had resided with Rochford Housing Association.

Fixed Assets

Properties have been valued on the basis of selecting a one bedroom and a two bedroom bungalow (both Finchfield properties). These values are then applied to the total number of properties. Wilkes Head & Eves (Members of the Royal Institute of Chartered Surveyors) carried out the valuations.

Revaluation Reserve

The revaluation reserve represents the balance of the surpluses or deficits arising on the revaluation of fixed assets. Buildings are re-valued at least every five years in accordance with the Royal Institute of Chartered Surveyor’s ‘Manual of Valuation Guidance Notes’ . The Finchfield Bungalows were included in the valuations provided by Wilkes Head & Eve as at 1[st] April 2019. A charge of £1,440 was incurred in 2019/20 for the administration of this revaluation exercise. The next revaluation is due 2024/25.

Declarations

Sufficient resources are held in an appropriate form to enable the fund to be applied in accordance with the restrictions imposed. In the case of Finchfield, the Trustees must ensure the properties are managed and maintained and that there are suitable funds to allow this.

The trustees have not changed the year end date or the length of the charity’s financial year.

The charity does not have any designated funds but will need to use a substantial amount for works over the next ten years. Anticipated £14,000 per property for one or two void properties. £66,400 for replacement windows and doors for all bungalows.

All the charities operations are discontinued operations.

The charity has no intangible assets.

The charity has no material fixed assets which have not been capitalised and included on the balance sheet.

Page 7

Memo

To: Finchfield Trustees From: Finance Manager Date: 4 October 2021 Ext: 3101 Ref: Finchfield Trust

Finchfeld Trust – Charity No. 246572

The Annual Report & Accounts year ended 31[st] March 2021 for the Finchfield Trust have been examined and reviewed. Based on the information provided with these accounts there are no matters of concern and I find them to be a true reflection of the records kept.

Carrie Cox CPFA Rochford District Council