2023-03-31-accounts - Finchfield Trust

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FINCHFIELD TRUST (CHARITY NUMBER 246572) ANNUAL REPORT & ACCOUNTS YEAR ENDED 31 MARCH 2023

FINCHFIELD BUNGALOWS TRUST STATEMENT OF ACCOUNTS 2022123 TABLE OF CONTENTS Page Legal and adminislralive information Trustees annual report 34 Incomè and expenditure account Balance sheet Accounting policies and notes to the accounts Further Infomiation about the trust is available from Section 151 Officer Rochford District Council Council Offices South Street Rochford Essex SS4 1BW Page I

Finchfield BunBalows al and Admlnlstratlve Information Charity Registered Number 246572 Charity's principal address Rochford District Council Council Offices South Sireel Rochford Essex SS4 1BW Trustees Mr Edmund Dray Mr Mike Davies The Chairman of Rochford Districl Counal The Vice Chairman of Rochford District Council The Chaiman of Rayleigh Town Council Page ?

Finchfield Bwibbalows Trustees Annual Re ort The trustees present their report along Wlth the financial slalements of the charity for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with applicable law. Charlty'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 Mr TW and Mrs EJ Seed. The Trusl Deed was executed on 23rd December 1955 under the common seal of The Charity Commission for England & Wales. The bungalows are owned by Rochford Dislricl Council. and are held in trust. The proi8Ct was compléted and officially opened in 1956. RoseN6s The Trust has an earmarked reserve lo fund planned future works on the bungalows. The reseNe is currently for works identified over Ihe next 10 years. Trustoe Selèction Method The trust is managed by the Board of Trustees, which consists of not less than fiv8 selected by nomination. Acllvltles and Achlevements The bungalows provide accommodation for the aged over 65 years of Rayleigh and are much sought after. Four Trustees del8mine 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 lo finance ils purpose. Page 3

Finchfield Bun¥alows Trustees Annual Re ort Ctd Declaration I declare, in my capacity of charity trustee that the truslees have approved the report above. Chaimian Rochford District Council Signed. Dale Vice Chairman Rochford Dislricl Council Signed............. Dated.............. (9L19.3.......... Chairman Rayleigh Town Council Dated.......... Mr Edmund Dray Dated...29....j.0v....TrA.1................... Mr Mike Davies Signed. Oated............ Page 4

Finchfield Bungalows Income & Ex enditure Account for the ear ended 311 March 2023 2021122 2022123 6J.1164 Renis 6¥.¥88 15 Interest Recei.¢d 5.409 64.DlS Tothl Income 74.297 Expendlture kLPiiir%, AlieraiioTh & Maintenance Insurance 211.471 32.-145 997 In.6(Ml Monagemcni Fe¢ Scrvi¢¢ ChJrgcs - SancDJary Housing Service Char8es- Elm Horticuliure Ac¢ounwi¢y & Audii Fccs Asset Rcvuluation fcc 10.6{MI 7.757 10.fi25 3.607 400 Bank Charg M¢cling Cthsts Le881 Fees 25 25 3.024 47,743 Total Expendilure 61.623 16.272 (Deficii) I Surplu5 for Ihe yejr 12,674 Page 5

Finchfi¢ld Bungalows Balance Sheet as at 31°, March 2023 2021122 2022123 Fixed A55ets 2,800.000 Buik1ings 2.800.000 Current Asse15 232.388 2.772 Bank 8alance 274.786 2.865 Current l.l*bllliles 1,593 Cradiiors 31,409 3,033.567 Not current A55et$ 3,046.241 Flrt8nc¢d By: 122,895 Accumulaied Fund 117.866 94.4CI) 16.272 Fuwr¢ Works Fund 115,7) 12.674 491.400 IDefitilySurplu5 for Ihe year Donaled Assets Reserve 491,400 2.308.600 Fixed Assel Reslat8m8nt Reserye 2,308,601 3.033.567 3.046.241 Page 6

Finchfield Bungalows Accountin Policies and Notes to the Accounts Basis of Accounting These accounts have been prepared in accordan wilh Accounting and Reporting by Charilies Statement of Recommended Practice {SORP FRS 102) and the Charities Act 2011. Related Party Transactions There were no payments made to the truslees for remuneration, out of pocket expenses or any other benefils. Management Fee The responsibility of managing the Finchfield Properties moved to Rochford District Council on 1 St April 2012. Previously responsibility had resided wilh Rochford Housing Association. Flxed Assets Properties have been valued on the basis of selecting a one bedroom and a o bedroom bungalow (both Finchfield properties). These values are then applied to the lolal number of properties. Wilkes Head & Eves (Members of the Royal Institut& of Chartered Surveyors) carried out the valuations. Revaluatlon Reserve The revaluation reserve represents the balance of the surpluses or deficils arising on the revaluation of fixed assets. Buildings are re-valued al least every five years in accordance with the Royal Institute of Chartered Surveyor's 'Manual of Valuation Guidancè Notes.. The Finchfield Bungalows were included in the valuations provided by Wilkes Head & Eve as al 1S1 April 2019. A charge of £1,440 was incurred in 2019120 for the administration of this revaluation exeISe. The next r8valualion is due 2024125. Declaratlons Sufficient resources are held in an appropriate form to enable the fund lo 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 designale(I funds but will need to use a substantial arnount for works over the next ten years. Anlicipaled £17,500 per property for one or two void properties. £80.700 for replacement windows and doors for all bungalows. I the charities operations are discontinued operations. The chanly has no intangible assets. The charity has no material fixed assets vthich have not been capitalised and included on the balance sheet. Page 7

FINCHFIELD TRUST (CHARITY NUMBER 246572) ANNUAL REPORT & ACCOUNTS YEAR ENDED 31 MARCH 2023

Memo

To: Finchfield Trustees From: Finance Manager Date: 29 November 2023 Ref: Finchfield Trust

Finchfield Trust – Charity No. 246572

The Annual Report & Accounts year ended 31[st] March 2023 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