OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

FINCHFIELD TRUST

(CHARITY NUMBER 246572)

ANNUAL REPORT & ACCOUNTS YEAR ENDED 31 MARCH 2022

FINCHFIELD BUNGALOWS TRUST

STATEMENT OF ACCOUNTS 2021/22

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 2022. 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 five 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

Finchfi¢ld Bungalows Trustees Annual Re rtctd Declaratlon I declare. in my ￿pa1)ty of charity trustee that tlF trustees have approved the report above. Chaimian Rochford District C(yJnul Dated. 27101123 Wice Chaimi8n Rochford District Council Dated.2710J123........................................... Chairman Rayleigh Town Council Dated... 2?. 1. 2023 Mr Edmund Dray Signed.. .13................................. Mr Mike Davies 26101123 Page 4

Finchfield Bungalows___________

Income & Expenditure Account for the year ended 31[st] March 2022

2020/21
£
Income
67,930
Rents
10
Interest Received
67,940
Total Income
Expenditure
9,763
Repairs, Alterations & Maintenance
544
Insurance
10,600
Management Fee
11,954
Service Charges - Sanctuary Housing
400
Accountancy & Audit Fees
0
Asset Revaluation fee
0
Bank Charges
0
Meeting Costs
33,261
Total Expenditure
34,679
(Deficit) / Surplus for the year		 2021/22
£
63,864
151
64,015
28,471
484
10,600
7,757
400
0
6
25
47,743
16,272

Page 5

Finchfield Bungalows___________

Balance Sheet as at 31[st] March 2022

2020/21
£
Fixed Assets
2,800,000
Buildings
Current Assets
240,062
Bank Balance
1,964
Debtor
Current Liabilities
24,732
Creditors
3,017,294
Net current Assets
Financed By:
88,215
Accumulated Fund
94,400
Future Works Fund
34,679
(Deficit)/Surplus for the year
491,400
Donated Assets Reserve
2,308,600
Fixed Asset Restatement Reserve
3,017,294		 2021/22
£
2,800,000
232,388
2,772
1,593
3,033,567
122,895
94,400
16,272
491,400
2,308,600
3,033,567

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 2022

FINCHFIELD BUNGALOWS TRUST

STATEMENT OF ACCOUNTS 2021/22

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 2022. 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 five 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

Finchfi¢ld Bungalows Trustees Annual Re rtctd Declaratlon I declare. in my ￿pa1)ty of charity trustee that tlF trustees have approved the report above. Chaimian Rochford District C(yJnul Dated. 27101123 Wice Chaimi8n Rochford District Council Dated.2710J123........................................... Chairman Rayleigh Town Council Dated... 2?. 1. 2023 Mr Edmund Dray Signed.. .13................................. Mr Mike Davies 26101123 Page 4

Finchfield Bungalows___________

Income & Expenditure Account for the year ended 31[st] March 2022

2020/21
£
Income
67,930
Rents
10
Interest Received
67,940
Total Income
Expenditure
9,763
Repairs, Alterations & Maintenance
544
Insurance
10,600
Management Fee
11,954
Service Charges - Sanctuary Housing
400
Accountancy & Audit Fees
0
Asset Revaluation fee
0
Bank Charges
0
Meeting Costs
33,261
Total Expenditure
34,679
(Deficit) / Surplus for the year		 2021/22
£
63,864
151
64,015
28,471
484
10,600
7,757
400
0
6
25
47,743
16,272

Page 5

Finchfield Bungalows___________

Balance Sheet as at 31[st] March 2022

2020/21
£
Fixed Assets
2,800,000
Buildings
Current Assets
240,062
Bank Balance
1,964
Debtor
Current Liabilities
24,732
Creditors
3,017,294
Net current Assets
Financed By:
88,215
Accumulated Fund
94,400
Future Works Fund
34,679
(Deficit)/Surplus for the year
491,400
Donated Assets Reserve
2,308,600
Fixed Asset Restatement Reserve
3,017,294		 2021/22
£
2,800,000
232,388
2,772
1,593
3,033,567
122,895
94,400
16,272
491,400
2,308,600
3,033,567

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: 16 November 2022 Ext: 3101 Ref: Finchfield Trust

Finchfeld Trust – Charity No. 246572

The Annual Report & Accounts year ended 31[st] March 2022 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