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 31*1 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
exe￿ISe. 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

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 31*1 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
exe￿ISe. 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


## **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