## **ST PETER'S CHURCH , ELY STIPEND & MAINTENANCE TRUST**
## **STATEMENT OF ACCOUNTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
**REGISTERED CHARITY NO 1059178**
## **ST PETER'S CHURCH ELY STIPEND & MAINTENANCE TRUST**
## **ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023**
|**INDEX**||
|---|---|
||Pages|
|Trustees' Report|1 and 2|
|Independent Examiner's Report|3|
|Receipts and Payments|4|
|Statement of Assets and Liabilities|5|
|Notes to the Accounts|6 and 7|
|Valuation of Securities|8|
**Page 1**
## **ST PETER'S CHURCH ELY STIPEND & MAINTENANCE TRUST:REG NO 1059178 TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Reference and administration information**
Registered Name St Peters Church Ely Stipend & Maintenance Trust
Registered Number 1059178
Principal Address Dr I Lindsay 6b Station Road Ely Cambs CB7 4BS
Trustees Dr. I Lindsay Mr N Pallister Mrs A.J. Blanchard Mr C Phillips Mrs M Rone Mr M Judkins Ven R Harlow Legal Adviser Ward Gethin Archer Market Place Ely Cambs CB7 4QN
## **Structure, governance and management**
The Trust was founded in 1889 by two deeds signed on 8th October of that year and later enrolled in the High Court of justice (Chancery Division) on 30th December 1889 as varied by the Scheme of 5th February 1997. By the first Deed, the foundress, Mrs Catherine Sparke, conveyed to named Trustees, land in Broad Street, Ely and St Peter's Church built thereon at her expense to be used as as a Church licensed by the Bishop of Ely in accordance with the Doctrines of the Church of England. The second Deed created two endowment funds, the income therefrom to be used by the Trustees for the maintenance of the church building and to contribute towards a stipend for the curate or priest ministering therein.
By a Scheme dated 5th February 1997, the property at 59 Broad Street, Ely (known as St Peter's House) was incorporated into the Trust to be used for the Trust's charitable purposes.
The governing deed specifies a maximum of eight and minimum of five Trustees, and empower the Trustees in office to appoint replacements when necessary subject to their eligibility.
## **Objectives and activities**
The Trustees met four times during the year.
Regular weekly services were conducted by Revd Anne Williams
Rental income is received from St Peter's House.
## **Achievements and performance**
The financial activities of the Trust and the Church are shown in the attached Financial Statements and accompanying Notes.
**Page 2**
## **ST PETER'S CHURCH ELY STIPEND & MAINTENANCE TRUST:REG NO 1059178 TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Financial review**
The Trustees have completed work on renovating the church during the year.
The charity aims to keep a minimum of three months costs available in it's reserves.
## **Plans for future periods**
Some renovation work may be necessary on St Peter's House during 2024.
## **Related Parties**
None of the Trustees are paid for their services nor do they charge expenses. The Trust has at no time during the year entered into any transactions with the Trustees.
## **Independent Examiner**
Richard Tyler FCA has agreed to be the Independent Examiner.
Signed by order of the Trustees
………………………………………………………………………
Date…………………………………………………………………
Page 3
## INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST PETER'S CHURCH, ELY - STIPEND & MAINTENANCE TRUST
I report on the accounts of the Trust and the Church for the year ended 31st December 2023 which are set out on the attached pages 4-8.
## Respective Responsibilities of Trustees and Independent Examiners
The committee are responsible for the prepartaion of the accounts, and they consider that they are exempt from audit (under section 144(2) of the Charities Act 2011, and that an independent examination is needed.
It is my responsibility to:
examine the accounts (under section 145 of the 2011 Act
follow the procedures laid down in the General Directions given by the Charity Commosioners (under section 145(5)(b) of the 2011 Act
state whether particular matters have comw to my attention
Basis of Independent Examiner's Report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Trust and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## Independent Examiner's Statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 130 of the 2011 Act (1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations: and to prepare accounts which accord with the accounting records and comply with accounting requirements of the 2011 Act
have not been met: or
(2) to which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
……………………………………………
Dated
…………………………………………………..
Richard Tyler Independent Examiner
R.J.Tyler 8 Barton Close Witchford Cambs CB6 2HS
## **Page 4**
## **ST PETER'S CHURCH ELY STIPEND & MAINTENANCE TRUST RECEIPTS & PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Notes**
**RECEIPTS**
Income from Assets
Dividends
1
Interest
2
Rent
3
**Sub-Totals Income**
Other Income
Voluntary & Other Sources
4
Capital Grants
6
Sale of Assets
5
**Sub-Totals Other Income**
**TOTAL RECEIPTS**
**PAYMENTS**
Direct Charitable Expenditure
Clergy Honararium
Visiting Clergy
Church Insurance
Church Rep/Maintenance
8
Church Service Expenses
Church Organist
Church Admin Expenses
10
**Sub-Totals Direct Expenditure**
Other Expenditure
Admin/Management
11
Payments for Assets
12
**Sub-Total Other Expenditure**
**TOTAL PAYMENTS**
**NET RECEIPTS/PAYMENTS**
**CASH FUNDS LAST YEAR END**
**CASH FUNDS THIS YEAR END**||This Year
£
2,642.25
11.22
7,320.00|Last Year
£
3,074.91
4.85
7,320.00|
|---|---|---|---|
|||9,973.47
14,143.89
26,519.46
33,221.09|10,399.76
14,524.05
1,500.00
0.00|
|||73,884.44|16,024.05|
|||83,857.91
8,348.00
3,154.85
3,356.14
1,316.47
1,125.00
4,743.80|26,423.81
4,166.66
364.00
2,873.97
2,046.67
2,435.93
920.00
3,739.26|
|||22,044.26
8,245.88
61,316.73|16,546.49
6,348.42|
|||69,562.61|6,348.42|
|||91,606.87|22,894.91|
|||-7,748.96|3,528.90|
|||17,628.56|14,099.66|
|||9,879.60|17,628.56|
**Page 5**
## **ST PETER'S CHURCH ELY STIPEND & MAINTENANCE TRUST**
## **STATEMENT OF ASSETS & LIABILITIES**
## **AS AT 31 DECEMBER 2023**
|ASSETS
Current Account
13
Deposit Account
14
**Cash Funds This Year End**
Debtors
15
Investments
16
LIABILITIES
Creditors
17
ASSETS FOR TRUST USE
Church, House and Contents
18
TOTAL|ASSETS
Current Account
13
Deposit Account
14
**Cash Funds This Year End**
Debtors
15
Investments
16
LIABILITIES
Creditors
17
ASSETS FOR TRUST USE
Church, House and Contents
18
TOTAL|This Year
£
9,084.19
795.39|Last Year
£
8,344.37
9,284.17|
|---|---|---|---|
|||9,879.58
17,628.54
241.97
138.75
98,545.59
102,816.27
2,034.00
691.87
6,056,899.00
6,042,184.00||
|||6,163,532.14
6,162,075.69||
|**UNRESTRICTED ACCUMULATED FUNDS**
Balance brought Forward
Surplus of Receipts over Payments
Revaluation of Investments
Movement on Non-Cash Assets/Liabilities
Revaluation of Property|6,162,075.69
-7,748.96
-4,270.68
-1,238.91
14,715.00
6,163,532.14|5,494,798.75
3,528.90
-14,611.33
1,094.37
677,265.00|
|---|---|---|
|||6,162,075.69|
The trustees acknowledge their responsibilities for:
- keeping proper accounting records and preparing annual accounts. The trustees are of the opinion that:
- the charity is exempt from the requirement to have the annual accounts audited.
As approved at The Annual general meeting held on……………………….
Signed………………………………………………..
………………………………………………………
**Page 6**
**ST PETER'S CHURCH ELY STIPEND & MAINTENANCE TRUST:REG No 1059178**
## **NOTES TO THE RECEIPTS & PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023**
## 1 Disclosure of Accounting Basis.
- 1.1 The accounts have been prepared on the "receipts and payments" basis in accordance with the Charity Commissioners Guide CC 54 October 1995, and in compliance with Section 42(3) of the Charities Act 1993
- 1.2 The presentation of the accounts is in accordance with the Charity Commission standard accounts form at Appendix 2 of the last-mentioned Guide CC 54.
- 1.3 In 2023 there were three Fund Accounts which gave rise to accounting transactions; Barclays Current Account; Barclays High Interest Account; Lloyds Fabric Reserve Account.
- 2 Explanatory Notes in support of Receipts & Payments Account and Statement of Assets/Liabilities.
The note numbers against every line item of the Receipts & Payments Account and Statement of Assets/ Liabilities remain **permanently** standard. In any year, Notes of explanation are written only where appropriate, it being understood that where no Note appears for any particular line item, it is because no Note is needed that year.
- Note 1: The dividends arise from the investments reported on the Valuation of Securities.
- Note 2: Interest on cash held in Lloyds Fabric Reserve Account and the Barclays Business Premium Account.
- Note 3: Gross rent received from top floor flat in St Peters House
|Note 4:
Breakdown is as follows:
Hire of Room St Peters House
Collections
Gift Aid Tax Refund
Donations and Bequests|2023
2022
£
£
4,368.00
3,855.00
9,284.89
8,912.31
491.00
611.74
0.00
1,145.00|
|---|---|
||14143.89
14524.05|
Note5: Sale of CBF Fixed Interest Investment to fund Church renovation project,
- Note6 Grants received in respect of the Church renovation project as follows: Capital Grant received from the Cambridgeshire community Fund £20,000 and Grant received from the Historic Churches Trust £6,519.46 in respect of VAT
|Note 8:
The items included are:
Gas Heating Repairs
Organ Tuning/Maintenance
Maintenance of Fire Alarms
Gardening
Architects/Principal Designer fees re Quinquennial Repa
Note 10:
The items included are:
Gas
Electricity
Donations
Internet Costs|2023
2022
£
£
553.37
534.00
176.87
138.67
504.90
369.00
150.00
185.00
i
1971.00
820.00|
|---|---|
||3356.14
2046.67|
||2023
2022
£
£
2,108.42
2,653.34
1487.79
393.64
209.70
285.10
937.89
407.18|
||4,743.80
3,739.26|
_**Page 7**_
**ST PETER'S CHURCH ELY STIPEND & MAINTENANCE TRUST:REG No 1059178**
## **NOTES TO THE RECEIPTS & PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023**
## Note 11:
|Note 11:||
|---|---|
|Expenditure related to 59 Broad Street
Heat and Light
Water Rates
Cleaning
Agents fees for rent of property
Repairs
Janitor Services
Independent Examiner's Fees
Note12
Cambridge Stonecraft for church renovation project
Thalia WB Odc Ltd costs in respect of the above grant
Purchase of CBF UK Equity Fund investment
Note13
Balance of Current Account held at Barclays Ely|2023
2022
£
£
2,728.41
1,880.88
84.00
315.00
168.00
126.00
768.84
768.24
1,856.63
618.30
2,520.00
2,520.00
120.00
120.00|
||£8,245.88
£6,348.42|
||£39,116.73
£2,200
£20,000|
Note 14:Total of balances of Deposit Accounts (Barclays, Ely £303.01; Lloyds,Ely £8,981.16 ) Note 15 Gift Aid Tax Refund for December Quarter £241.97
Note 16:Represents the market value of securities held at year end, details are shown on Page 8. Note 17:Amounts due: Independent Examiner £120, British Gas Business £1774, Organist £140
Note 18:The valuation for the Church, House and Contents has been taken from the insurance documents and breaks down as follows: Church Building £5,420,408 Contents £175,500, St Peter's House £432,615 Contents £28,376
**Page 8**
## **ST PETER'S CHURCH ELY STIPEND & MAINTENANCE TRUST**
## **ST PETER'S CHURCH, ELY STIPEND & MAINTENANCE TRUST VALUATION OF SECURITIES**
|**SECURITIES**
**PURCHASE**
**DATE**
CBF Fixed Interest Sec Fund
30/04/1994
CBF Fixed Interest Sec Fund
06/08/2013
CBF Fixed Interest Sec Fund
03/12/2019
CBF Fixed Interest Sec Fund
23/06/2020
SALE 2023
Totals
COIF Charities Investment Fund
23/12/1997
COIF Charities Investment Fund
29/08/2013
COIF Charities Investment Fund
05/12/2019
SALE 2020
00/01/1900
Totals
COIF Charities Ethical Fund
05/12/2019
SALE 2020
00/01/1900
Totals
CBF Church of England UK Equity F
29/08/2023
TOTAL|**NO**
**BUY**
**SHARES**
**PRICE**
**£**
1,380
2,122.00
1575.5
2,500.00
12033.69
20,000.00
8810.06
15,000.00
-23799.25
-39,622.00
-
0.00
968.1
8,950.00
224.1
2,500.00
1801.21
30,000.00
-599.36
-10,123.55
2394.05
31,326.45
11752.26
30,000.00
-1939.79
-5,022.31
9812.47
24,977.69
10902.15
20,000.00
76,304.14|**NO**
**BUY**
**SHARES**
**PRICE**
**£**
1,380
2,122.00
1575.5
2,500.00
12033.69
20,000.00
8810.06
15,000.00
-23799.25
-39,622.00
-
0.00
968.1
8,950.00
224.1
2,500.00
1801.21
30,000.00
-599.36
-10,123.55
2394.05
31,326.45
11752.26
30,000.00
-1939.79
-5,022.31
9812.47
24,977.69
10902.15
20,000.00
76,304.14|**VALUE**
**31/12/2023**
**£**
0.00
47,509.92
29,535.53
21,500.13|
|---|---|---|---|
|||76,304.14|98,545.59|