## **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** - ➢ Mr Allan Richards - ➢ Mr Mike Davies - ➢ The current Chairman of Rochford District Council - ➢ The current Vice Chairman of Rochford District Council 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** - ➢ Mr Allan Richards - ➢ Mr Mike Davies - ➢ The current Chairman of Rochford District Council - ➢ The current Vice Chairman of Rochford District Council 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