Charlty r•8lstratlon number 1057766 MARY BASS CHARrrY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEM&4TS FOR ThE YEAR ENDED 5 APRIL 2024
MARY BASS CHARrrY LEGAL AND ADMINisfRATIVE INFORMATION Trust••J Mr S Mossop Mrs M Hay Mrs J Sheldra MrCJ Pennev Mr R Wlllln8h4m Mr R T•ylor MrP Bush Mr Kwheeler Mrs E Gre80ry Mr G Palmer Mr5 Cwarner Mrs W R Goose {Appolnted 24 Aprll 2023) Charlty number 1057766 Prfndp•l •ddrn 39 Churth StM•t Warmln8ton Peterborou8h PE8 6fE Indepmd•nt •nmln•r TC Group 33 Boston Road Holbeach Spaldl Llncolnshlra PE12 7LR
MARY BASS CHARrrY CONTEKIS Trustee5 report ststement of trustees responslbllltles Independent mIne$ report Statement of flnanclal actmdes Batsnce sheet Note5 to the flnanclal 5tstements
FOR ThIE YEAR EPIDED 5AA7IL 2024 The trustees present thelr annual report and flnandal statements for the year ended 5 Aprfl 2024. ObJ•cdwg •nd •¢tlvllles In plannlng our actlvltles for the year we kApt In mlnd Chirltles Commlsslon's guldance on publlc benefit at our trustee meetln8S. To athleve these objectlves, the Charlty operates a number of projects. All projects are monltored closety by our peonnel to ensure thot projects are dellvered In accordance wlth our own standards and to maxlmlse the value to beneficlary groups. Dlfferent projects undertaknn In the year are Induded In the Charltvs Annual Report. The trurtees conflrm that they have complled wlth the requlrements of secuon 4 of the Charltfes Act 2011 to have due regard to the publlc benefit 8uldance publlshed by the Charlty Cornmlsslon for En8land and Wales. The Charlty has contlnued to support Its seven parlshes of benefft In part by •sslstln8 them tmrds the costs of ojects to malntsln the fabrlc of thelr churches and In part asslstln8 thern wlth admln15tratlon costs and the costs of provldln8 for the servlces of prlestS to contlnue the mln15try of the Church of Eland In the parlshes of benefit. In addftlon, In conjunctlon wlth the Dlocese of Uncoln, the Charlty has helped to fund a ¥)un£ Persons Work£rto promote the values of the Church of England to young people In the are• of benefft. Fln•ncl•l rnvl•w {1) The objects of the charlty are to further the rellglous and other charftable work of the Church of Enland Ilncludlng the furtherance of the alms of the Chrlstfan Steward5hlp Movements) wlthln the area of benefft. Wlth these objects In mlnd trustees have a8aln, In 2019, revlewed the charttvs resems pollcyi last revlthyed In 2009. They have consldered the Income •nd expendlture of the charlty over the past 10 yearn. They have taken account of projects Ilknly to be undertakAn wlthln the area of benefit In the next 2 to 3 years, for a number of whlch they have already 8lven the a55urance of fvndln8. They have a150 tsken account of t present uncertaln Investment cllmate and the low level of Intsrest rates. They condude that In the clrcumstsnces the reserves of the charfty need to be malntalned at a level of at least £1,500,(KN) In order to contlnue to provkle the Income the trustees envlsa8e the charlty wlll need to contlnue to further its objects. 111) MonStorln8 and revlw4ln8 reserve polky The reserve pollcy shall be revlewed by the trustees every 10 year5 to ensure th•t the charltys level of endlture and reserves wlll enable the charfty to contlnue to operate satlsfactorfly.
MARY BASS CHARITY TRusfEES REPORT (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 FIMnd•l Instruments ObJectfva qndpthyd The charfty's actlvltle5 expose It to a number of flnanclal rlsks Includln8 credlt rlsK cash flow rlsk and Ilquldlty rlsk. The use of fln•ncknl derlvatlves Is 8overned by the chartt5 pollcles approved by the board of trustees, whlch provlde wrltten prlndples on the use of financlal derlvatlves to m8na8e these rfsks. The charfty does not use derfvatlve flnanclal Instruments for speculatlve purposes. The charIt$ prlnclpal finandal 855ets are bank balances and cash. trnde and other receSvables, and Investments. The charlt(s credlt rbk Is prlm•rfty attrlbutable to Its trnde recek•bles. The amount5 presented In the balance Sheet are net of allowances for doubtlul recelvables. An allowance for Impalmient Is made where there Is an Identlfled loss event whlch, based on prevlous experlence, Is evldence of a reductlon In the recoverablllty of the cash flows. The credlt rfsk on Ilquld funds and derlvatlve financlal Instruments h Ilmlted because the counterpartles are banks wlth hl8h alt-ratIn83 Msl8ned ty Internatlonal cmdlt.r•tln8 oyncle& The ch•rlty has no $18nfflcant concentratlon of credlt rlsK wlth exposure spread over a lJry number of counterp•rtles and customers. The trustees report was approved by the Board of Thistees on ............... .... .. J Sheldrn Trustee MrCJ Thirtee enney /0 &.1.2(
MARY BASS CHARITY srArEMEhrr OF TRusfEES RESP(hWSIBILmES FOR THE YEAR ENDED 5APRIL Z024 The trustees are responslble for prepBrln8 the Thistees Report and the flnanclal staternents In •ccordance wlth appllcable law and Unlted Kln8dom Accountln8 Standard5 (Unlted Klrvddom Generalty Accepted Accountlns Practlce). The law appllcable to charhles In En818nd and Wales requlres the trustees to prepare flnandal ststements for each flnancial year whlch 8lve a true and falr vlew of the state of llffalr5 of the chartty and of the InaXn1 resources and appllcatlon of resources of the charlty for that year. In prnparln8 these flnandal statements, the trustses are requlred to: . select sult•ble accountln8 polldes and then apply thern nsIstentlY. - observe the method5 and prfnclples In the Charftlu SORP. - m•ke Judgements and estlmates that are reasonable •nd prudert. - state whether appllcable accountln8 stsndards hwe been followed. subject to any materlal dePare$ dl$closed and explalned In the finandal stJtement5; and - prepare the flnanclal st•tements on the so1 concern basls unless It15 Impproprlate to presume that the charlty wlll ntInue In operatlon. The trustees are responslble for kAeplng sufflclent •ccountln8 records that dlsdose wlth reasonal* accurncy at any tlme the flnanclal p051tlon of the charlty and enable thern to ensure that the flnanclal staternert5 comply wlth the Charftfes Art 201L the Charlty (Accounts and Reports) Regulatlons 2(X)8 and the provlslons of the trust deed. They are 1150 responslble for safeguardlng the assets of the chartty and hence for takln8 reasonable steps for the preventlon and detectlon of fraud and other Irre8ul•rltles,
MARY WS CHARrrY INDEPENDEKf EXAMINER'S REPORT TO THE TRusfEES OF MARY BASS CHARrrY I report to the trustees on my eyamlnatlon of the flnanclal Statements of Mary Bass Charlty (the charlty) for the year ended 5 Aprll 2024. ReJpon$lbllld•s and buls of Mport As the trustees of the charlty you are responslble for the preparatlon of the flnandal statements In accordance wlth the requlrements of the Charltles Act 2011 (the 2011 Act). I report In respect of my examlnatlon of the charlty's flnanclal stotements carrfed out under sectlon 145 of the 2011 Act. In carrylng out my examlnatlon I have followed all the appllcable Dlrectlons gfven by the Charlty Commlsslon under sectlon 145{5)(b) of the 2011 Act. Indep•nd•nt •xamlnff's rt•t•m•nt Your attentlon Is drawn to the fact that the charlty has prepared flnandal Statements In accordance wlth Accountln8 and Reportln8 by Charftles preparln8 thelr accounts In accordance wlth the Flninclal Reportln8 Standard Jppllcable In the UK and Republlc of Ireland (FRS 1021 In preference to the Accountln8 •nd Reportln8 by Charltles: Ststernent of Recommended Practlc• Issued on l Aprll 2C•)5 whkh Is referred to In the extart regulatlons but ha5 now been wlthdrawn. l understsnd that thls has been done In order for flnanclal statements to Prnlde a true and falr vlew In accordance wlth Generally Accepted Accountln8 Prnctfce effectlve for reportln8 perlods be8lnnln8 on or after I January 2015. I have completed my examlnatlon. I confirm that no matteryJ have come to my attendon In connectlon wlth the eyamlnatfon glvlng me cause to belleve that In any matsrlll respect: accountlng records were not k*pt In respect of the charlty is requlred by sectlon 130 of the 2011Act; or the financlal ststements do not accord wlth those records: or the financlal statements do not comply wlth the applkable requlrernents concernln8 the fonn and content of accounts set out In the Chjrttles (Accounts and Reports) Re8ulatlons 2008 other than any requlrementthat the accounts 8lve a true and falr vlew whlch Is not a rnatter consldered as part ol an Independeni examlnatlon. I have no concerns and have come across no other matters In connectlon wlth the examlnatfon to whkh attentlon should be drawn In th15 report In order to enable i proper understandlr¥ of the flnandal ststements to be reached. Chrlrtoph•r fvkKenni ACA TC Group 33 Boston Road Holbeach Spaldlng Uncolnshlre PE12 7LR
STATEMENTOF FINANaALACllMnES INCWDING INCOME AND 8(PENDITURE ACCOUNT FQ7 THE YEAR ENDED SAPRIL 2024 unreltrl¢t Unreitrlrt•d funds fvndi ZOZ4 2023 Income from: Investments 12L076 101,860 Total In¢om• 121.076 101,860 Eyndltur• on: Charftable actlvltles 127.896 14L435 Total •xp•ndltur• 127,896 141A35 Net 8alns1(1055e51 on Investments 87,521 (159,105) Net Incom•/l•xp•ndlturn) and movoment In funds 80,701 (198,680) R•Mndlkntlon of lundi: Fund balances at 6 Aprll 2023 2,149.141 2,347,821 Fund lIn¢ at 5 Aprfl 2024 2.229,842 2.149,141 The 5tatsment of flnandal actlvltle5 Indudes all galns and 1055e5 reco8nlsed In the year. All Income ind expendlture derlve from contlnuln8 actfvlOe5.
MARY BASS CHARrrY LANCE SHEEr ASATSAPRIL 2024 2024 Investmert propertles Investrnents 750,OC IJ40,289 750,C 1,267,151 2J)90,289 2.017.151 Curr•nt Debtors C•5h at bank and In hand 11 12,348 120,734 127,794 133,082 Crndltorn: •mounts hmn8 du• wlthln on• y•ar (L146) {1.092) Net current a55ets 139,553 13L990 Total aii•ts ¢urr•nt lknbllltl•J 2,229,842 2,149,141 Incom• fundj Unrestrlcted funds 2,229,842 2,149,141 2,229,842 2,149.141 The flnanclal statements were approved by the Trustee J 5heldra Trustee Mr J Penne
NOTESTO THE FINCIAL STATEMENT5 FOR THE YEAR ENDED 5APftIL 2024 A¢cofft pollcl•s The financlal statements have been prepared In accordan wlth the thDrftVs 8ovemlng documenL the Charltles Act 2011 and "Accountlng and Reportlng by Charltles: Statement of Recommended Practlce •ppllcable to charltles preparfn8 thelr iccounts In accordan wlth the Flnanclal Reportln8 Standard appllcable In the UK and Republlc of Ireland (FRS 102) (effectlve l January 2019).. The ch•rlty Is a Publk Benefit Entlty as defined by FR5 102. The thartty has taken aifvanta8e of the prov151ons In the SORP for charltles applyln8 FRS 102 Update Bulletln I not to prepare a Statement of Cash Flows. Th• flnanclal statements have departed from the Charltles (Accounts and Reports) Re8ulatloM 2008 only to the extent requlred to provlde a true and falr vlew. Thls departure has Involved followln8 the Ststement of Recommended Practlce for tharftles applyln8 FRS 102 rather than the ver51on of the Statement ol Recommended PrnLtlce whlch15 referred to In the Re8ulatlons but whlth has slnce been wlthdrawn. The flnanclal statsment5 Ire prepared In rter11, whkh Is the functloml currenty of the charlty. Monetsry amount5 In these flnanclal statements are rounded to the nearest £. The fln•ncl•l statements have been prepared under th• hlrtorlcal cost conventlon, Imodlfled to Indude the revaluatlon of freehold propertles and to Include Investment propertles and certaln flnandal IrtrUments at falr lue1. The prlnclp•l account1 pollcles adopted are Set out below. l.Z GolnB conc•rn At the tlme of approvln8 the flnanclal stotementS, the trustees have a rnasonable ex¢tatIOn that the charlty has adequate resources to contlnue In operatlonal exlstence for the foreseeable future. Thu5 the trustees contlnue to adopt the 8oln8 concern basls of accountln8 In preprln8 the fln•nclal statements. 1.3 Ch•rii•ble fvnds Unrestrlcted funds are avallable for use Jt the dlscrellon of the trustees In furtherdnce of thelr charltablo obJectlve5. Restrlcted funds are subject to specHlc condltlons by donors or grant0 as to how they may be used. The purpose5 and uses of the restritted funds are set out In the notes to the flnanclal statement5. Endowment funds are subject to specfflc condltlons by donors that the caplt•l must be malntalned by the charlty. L4 Incom• Income Is reco8nl$ed when the charlty Is le8alty enthled to It after any perforniance condltlons hwe been rnet, the amounts can be measured rellably, and It Is probable tt Income wlll be recelved. Cash donatlons are reco8nlsed on recelpt. Other donatlons are recognlsed once the charlty has been notlfied of the donatlon, unless performance condltlons requlre deferrjl of the amounL Incorne tsx recoverable In relatlon to donatlons recelved under Gift Aid or deeds of covenarrt Is reco8nsed at the tlme of the donatlon.
MARY BASS CHARITY NOTES TO THE FINANCIAL STATEMEpirs (copiriNUEDI FOR THE YEAR EAIDED 5APRIL 2024 Accountln8 polld (Contlnuedl Le8acles are recognlsed on recelpt or othenvlse If the charlty has been notlfied of an Impendln8 dlstrlbutlon, the amount Is known. and recelpt Is expected. If the amount Is not known. the legacy Is treated as contln£ent asset. 1.5 Exp•ndltur• Expendlture Is recoBn15ed once there Is a le8al or constructlve obIlon to trnnsfer economlc befit to thlrd party, ft15 probable that a trnnsfer of economlc benefft5 wlll be requlred In settlement, andthe amount of the obll8atlon can be measured rellablv. Expendlturels classffled by actlvlty. The costs of each actlvlty are made up of the total of dlnrt costs and shared ct$, Indudln8 SUPPOrt casts IrNolved In undertaklng each actlvlty. Dlrert coY(s attrfbutat4e to sln8le actlvlty are allocated dlrertty to that actfvlty. Shared costs whlch contrfbute to more thanone actlvlty and Support costs whkh are not attrfbutable to a sln8le actlvfty are apportloned between those athllles on basls conslstent wtth the use of re50urce5. Centrnl staff costs are allocated on th• bas15 of tlme spent, and depreclatlon charles are allocated on the portlon of the a5set'5 Use. 1.6 Inthent prop•rty Investment property, whlch 1$ property held to earn rentats ind/or for capltll •ppredatlon, 15 Inltlally rnCO8nlsed at cost. whkh Includes the purchase cost and any dlrectly attrlbutable expendlture. SUqUentIY It15 measured at falr value at tha r•portln8 •nd date. The surplus or deficlt on revaluatlonls reco8nlsed In pyofft or lo55. 1.7 Flx•d •M•t Inwitm•nts Flxed asset Investments are Inftlalty measured at transactlon prlce exdudlng transactlon costs, and are subsequentty measured at falr value at each reportln6 date. Changes In falr value are reco8nlsed In net Incomel(expendlture) for the year. Transacdon costs are expensed as Incurred. 1.8 C•sh and cath equlv•l•nts sh and cash equlvalents Include cash In hand, deposlts held at call wlth banks, other short-terni Ilquld Investments wlth orlglnal maturltfes of three months or le55, Ind bank overdrafts. Blnk overdrnfts ire shown wlthln borrowlngs In current Ilabllttle5. 1.9 Flnancl•l Instrum•nts The charlty has elected to apply the provlslons of Sectlon 11 '&slc Flnancl•l Instruments, and 5ectlon 12 'Other Flnanclal In5trument5 Issues, of FRS 102 to all of its flnanclal Instruments. Flnanclal Instruments are recognlsed In the charlty's balance sheet when the charlty becomes party to the contractual pmlslons of the Instrument. Flnanclal assets and Ilabllltles are offset, wlth the net amounts presented In the financlal stitements. when there Is a le8ally enforceable rt to set off the reco8nSsed amounts and therels an Intentlon tosettle on a net basls or to reallse the asset and settle the liabillty slmultaneously.
MARY BA55 CHARITY NOTE5 TO THE FINANCIAL sfATEMEKfs (CONTINUED) RX THE YEAR ENDED SAPRIL 2024 AcMUntI pollcl•J (Contlnuedl kyaskfvandal assets Baslc flnan¢lal assets, whlch Include debtors and cash and bank balances, are Inftlally measured transactlon prlce Indudlni trinsactlon costs and are subsequently carrfed at amortlsed cost usln8 the effectfve Interest rneth¢xl unless the arrangement constltutes a flnandng trnnsactlon. where the trnTh%actlon Is measured at the present value of the future recelpts dlscounted at a markn rnte of Interest. Flnanclal sets classffied as rnc•fvable wlthln one year are not amortlsed. Baslc financlal Ilabllltles, Includln8 credltors and bank loans are Inltlally recognlsed at tr•fiCtIon prke unless the arrangement consututes a flnandn8 trnnCtlOn, where the debt Instrument Is measured at the pRsent value of the fvture pjyments dbcountsd at a markat rats of Interest. Flnancl•l Il•bllftles classlfled as pryable wlthln one year are not amortlsed. Debt In5trurnert5 are subsequentty carrled at amortlsed c05L u51n8 the effectlve Interest rate method. Trnde credltors are obllgatlons to pay for 8oods or servkes thit h•ve bwn •cqulr•d In the ordlniry course of operatlons from suppllers. Amounts pty•bh am classlfied as current Ilabllltle5 ff pwnent Is due wlthln one ve•r or less. If not, they are presented as noTrcurrent Ilabllltle5. Trade Lyedltors are recognlsed Inltlally at trnnsactlon prlce and subsequently measured •t Jmorttsed cost USI the effecuve Interest method. Derectynltton offlnanclalllabllltla Flnanclal Ilabllltles are derecognlsed when th• charltvs contractual ob1l8atl0r explre or are dbtharged or cancelled. Crltlt41 Kcountl •Jtlm•tss •nd Judpm•nts In the appllcallon of the charws accountlng pollcles, the trustees are requlred to make Judgements. estlmates and assumptlons ab(t the carrylng arnnt of assets and Ilabllltles that •re not readlty apparent from other sources. The estlmates and assoclated assumptlons are based on hlstorlcal experlence arKI other factors that are consldered to be relevjnt. Actual results may dlffer from these estlm*(es. The e5tlmates and underlyln8 assumptlon5 •re revlewed on an onIng basls. Revlslons to accountl estlmJtes are recognlsed In the perlod In whlch the estlrnate ts revlsed where the revlslon affects lY that perk)d, or In the perfod of the rev151on and future perlods where the revlslon aftcts both current and futum perfods.
MARY WS CHARrrY NOTES TO THE FINANCIAL STATEMENTS (coKnNUEDI FOR THE YEAR ENDED 5APRIL 2024 Income from Inv•stm•nts Unr•rtr1Ct Unr•Jtrfcted lundi funds 2024 2023 Rentsl Income Income from Ilsted Investments Share of Mary Bass Trust 8ross Incorne Interest recelvable 16,100 35,165 69,036 775 24,IlXI 31,204 46,204 352 121,076 101,860 10-
MARY WS CHARITY NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI Faq THE YEAR EPIDEDSAPRIL 2024 xpendfture th•rftsble •rd¥ltleJ Acthrftlo Inwsknent and s•rvlcu •xp•n 2024 2024 Acdvftl•i Intmant and Mr¥lcM 0xpS•s Total 2023 5t Matthews Sutton Brfd8e PCC Holbeach St Marks PCC St Marys Whaplode PCC All Salnts Holbeach St Mary Magdalen Gedney PCC St Mary Magdalen Fleet St Marys Long Sutton Youn8 P•rsons Mlsslon Bulldln8s Insuranc• Property repal Profe551onal fees Bank char8es 4,775 L842 9,996 39,412 4,775 9,626 3,335 16,186 27.169 9,626 3,335 16,186 27,169 39,412 20,012 5,270 17,733 13,706 20,012 5,270 17,733 13,7C6 210 12,081 11,358 22,039 21,296 12,081 11358 21039 21296 257 255 13,460 210 65 10.354 257 255 13A60 10,354 15 Ill761 10,629 123,390 123,090 13,972 137,062 Sh•r• of •uppwt and TrbTrn•nc• (i•• not• 51 Governanc• 4,506 4.373 4373 117,267 10.629 127,896 127h63 13,972 141,435 Anal by fund Unrestrlcted funds 117,267 10,629 127,896 127A63 13,972 14L435 Support and 8mm•n¢• costs 2023 Accountanry Trustee Insurance Clerks, pay and expenses 1,2C 306 3.0(X) 1.128 245 3,000 4373 11
MARY BASS CHARrrY NOTES TO THE FINANaAL sfATEMENTS (coKnNUEDI FOR ThE YEAR EPIDEO 5APRIL 2024 None of the trustee5 (or any persons connected wlth them) recelved ary remuneratlon or beneffts fran the charlty durln8 the year. G•lnJ •nd10sMJ on Inwthents unr•5trftt Unrnrtrlct•d fimdj lunth 2024 2023 Galns/llosses) arlsln8 on: Revaluatlon of Investments Sale of Investments 85,114 2,407 1151,6851 (7,420) 87,521 (159,105) 8 T•xatlon The charttyls exempt from tsxatlon on tts actlvftles because all Its Incorne b applled for charftable purposes. Invethent prop•rty F•lr v•lu• At 6 Aprfl 2023 and 5 Aprfl 2024 750,OQ) There has been no valuatlon of Investment propertles by an Independent valuer In the year. 12-
MARY BASS CHARITY NOTES TO THE FINANCIAL sfATEMENTS (coKfiNUED) R)R THE YEAR ENDED SAPRIL 2024 10 Flxad asmt InvMtm•nts Llrt•d lrnrtmentj Cort or valurtlon At 6 Aprll 2023 Addltlons Valuatlon changes Dlsposals 1.267,151 350,407 85,114 (362.383) At 5 Aprll 2024 1,340,289 Carry1 irnount At 05 Aprll 2024 1.340,289 At 05 Aprll 2023 1,267,151 11 D•kn 2023 Amwnts tsillni du• wlthln on• y••r; Other debtors 12,905 12A48 12 Cr•dltorn: amounts falllry du• wlthln 2023 Accruals and defed Income 1,146 1,092 13-
MARY WS CHARrrY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 13 Unr•ict•d fundj The unrestrfcted funds of the charlty compr15e the unexpended balances of donatlons and 8rants whlch are not subject to speclnc condltFons by donors and 8rnntots as to how they may be used. These Include deslgnated funds whlch have been set aslde out of unrestrlcted funds lry the trustees for speclfic purpose5. 6 Aprll 2023 InmInI Rewurcei rewurcej pand•d G•lni andAt 5 Aprll 2024 Iom General funds 2,149.141 121,076 1127,896) 87,521 2,229,842 Pr•vlou• At 6 AprK 2022 Incornl r•sour¢ Reiourc •xp•nd•d Galni andAt 5 WI 2023 IoM•s Genernl fund5 2.347,821 101,860 (141A35} (159.105) 2.149,141 14 Anal1$ of n•t aimti b•tvM•n lundi Unr•rtrfct•d fund• 2014 At 5 •rll 2024: Investment propertles Investments Current asset51{Ilabllltles) 750,OC 1,340,289 139,553 2.229,842 Unrertrfct•d funth 2023 At 5 Awll 2023: Investment propertles Investments Current assets/lllabllltles) 750,OCM) 1,267,151 131,990 1149.141 14-