Trustees’ Annual Report for the period
From Period start date January 1st 2022 To Period end date December 31[st] 2022
Charity name: James William Pemberton Will Trust
Charity registration number: 1060590
Objectives and Activities
| SORP reference | ||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | The purposes of the Trust are to carry out works of benefit to the Parish Church of St Editha’s in Tamworth including the furtherance of the religious and other charitable work of the church and also in connection with exceptional items of expenditure in relation to restoration of the fabric of the building or new construction work and to assist the PCC from time to time by way of loan at te absolute discretion if the Trustees and on such rems as they see fit. |
| Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
As above and also through providing affordable accommodation in the form of 2 flats for the people of Tamworth. |
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | We have 5 trustees all of whom are registered with and have access to guidance form the Charity Commission. |
Additional information (optional) You may choose to include further statements where relevant about:
| SORP reference | ||
|---|---|---|
| Policy on grant making | Para 1.38 | See the objects of the will trust above |
| Para 1.38 | See the objects of the will trust above and summary above |
| Policy on social investment including program related investment |
||
|---|---|---|
| Contribution made by volunteers |
Para 1.38 | The trust operates without volunteers |
| Other | The property is managed by John Shepherd. |
Achievements and Performance
| SORP reference | ||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | In the year 2022 there have been no achievements as the Parish has been in interregnum. The only named Trustee in the Trust Deeds is the vicar. Therefore the only achievements have been to maintain the investment and the upkeep of the flats as recommended by the Letting Agents. |
Additional information (optional) You may choose to include further statements where relevant about:
| Achievements against objectives set |
Para 1.41 | All repairs and legal certificates for the flats have been maintained. |
|---|---|---|
| Performance of fundraising activities against objectives set |
Para 1.41 | No fundraising activities have taken place, |
| Investment performance against objectives |
Para 1.41 | No objectives were set. |
No loans were made to the church. Other
Financial Review
| Financial Review | ||
|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | No new investments were made and no significant income apart from interest and rental for the flats. |
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | Reserves have been maintained as we as trustees cannot operate without a vicar as stated in the deeds. |
| Amount of reserves held | Para 1.22 | Endowment Funds held by Nat West are £291,561. These have never been touched and have added interest each year. |
| Reasons for holding zero reserves |
Para 1.22 | N/A |
| Details of fund materially in deficit |
Para 1.24 | N/A |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 | N/A |
Additional information (optional)
You may choose to include further statements where relevant about:
The charity’s principal sources of funds (including any fundraising) |
Para 1.47 |
Apart from rinvestments the only income is from the rental of 2 flats (a house conversion) |
|---|---|---|
| Investment policy and objectives including any social investment policy adopted |
Para 1.46 | As per Object of deeds cited above. |
| A description of the principal risks facing the charity |
Para 1.46 | None |
| Other | None |
Structure, Governance and Management
| Description of charity’s trusts: |
||
|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 | Trust Deed |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | Principal Trustee is the Vicar of Tamworth plus 4 additional trustees form the church. |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | The Vicar is stated in the Deeds. Other trustees must be on the electoral role of the church. |
Additional information (optional)
You may choose to include further statements where relevant about:
Policies and procedures adopted for the induction and training of trustees |
Para 1.51 |
Trustees volunteer apart form the vicar who is in place by terms of the deeds. |
|---|---|---|
| The charity’s organisational structure and any wider network with which the charity works |
Para 1.51 | The charity operates independent of the PCC who apply for loans if needed. The trustees must meet at least 3 times per year. |
| Relationship with any related parties |
Para 1.51 | The Charity works independently within the terms of the Trust Deeds. |
| Other |
Reference and Administrative details
| Charity name | The James William Pemberton Will Trust |
|---|---|
| Other name the charity uses | None |
| Registered charity number | 1060590 |
| Charity’s principal address | St Editha’s Church Church Close Tamworth NB This is a recent change due to significant reordering within the church. |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| Mrs Briony Brookman |
||||
| Mrs Gwen Wilkinson |
||||
| Mrs Dawn Perry | ||||
– Corporate trustees names of the directors at the date the report was approved Director name none
Name of trustees holding title to property belonging to the charity
| Trustee name | Dates acted if not for whole year | |
|---|---|---|
| none | ||
Funds held as custodian trustees on behalf of others
Description of the assets none held in this capacity
Name and objects of the none charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for none safe custody and segregation of such assets from the charity’s own assets
Additional information (optional)
Names and addresses of advisers (Optional information)
Type of Name Address adviser
Name of chief executive or names of senior staff members (Optional information)
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Other optional information
The charity owns and maintains a house in Heath Street, Tamworth which is let through a letting agent, John Shepherd, who maintain the property and all legal certificates on behalf of the Charity.
Declarations
The trustees declare that they have approved the trustees’ report above. Signed on behalf of the charity’s trustees
Signature(s) Brookman Full name(s) Briony Position (eg Secretary, Trustee Chair, etc) Date 03/10/23
THE JAMES WILLIAM PEMBERTON TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
CONTENTS AND CHARITY INFORMATION
| CONTENTS: | PA |
|---|---|
| Trustees' Report | 1 - 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 - 8 |
PAGE:
TRUSTEES: B Brookman D Perry G Wilkinson CHARITY OFFICES: 35 Melmerby Wilnecote Tamworth B77 4LP CHARITY REGISTRATION NUMBER: 1060590 INDEPENDENT EXAMINER: Ian W Shipley FCCA For and on behalf of: Prentis & Co LLP Chartered Accountants & Independent Examiners 115c Milton Road Cambridge CB4 1XE
THE JAMES WILLIAM PEMBERTON TRUST
PAGE 1
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
TRUSTEES' REPORT
The Trustees present their annual report and financial statements of the charity for the year ended 31st December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019).
MANAGEMENT OF THE FOUNDATION
The Trustees as a body manages the day to day activities of the Trust, making policy decisions and appointing such professional assistance from time to time as required.
TRUSTEES' OBJECTIVES
The objectives of the Trust is to carry out works of benefit to the Parish Church of St Editha, Tamworth. This includes furthering the religious and charitable objectives, and maintenance of the church.
The Trustees have referred to the guidance contained in the Charity Commission general guidance on public benefit and continue to do so when reviewing their future objectives. RESERVES POLICY The Trustees have a policy of maintaining the Trust's capital to provide income for its charitable work. As such, it maintains investments and property and the combined value is hoped to be maintained at a value of approximately £300,000 to produce an appropriate level of income. However, by the very nature of investments, changes in market value will mean the Trust may not match their reserves target. During the year, the Trust received £15,592 in income (2021: £15,069) and expended £6,094 (2021: £7,292), giving a surplus of £9,498 (2021: surplus of £7,777). Because of an increase in the valuation of the Trust's rental properties, the total reserves increased to £376,832 (2021: £362,478). RISK ASSESSMENT Generally, the Trustees have considered the major risks faced by the Trust and, after review and evaluation, have ensured that systems are in place to manage these. REVIEW OF THE YEAR, ACHIEVEMENTS AND FUTURE DEVELOPMENTS During the course of 2021 the letting company Acres were taken over by John Shepard who now maintain and oversee the letting, upkeep and maintenance of the property in Heath Street. Due to the continued interregnum at St Editha's Church the remaining Trustees have not made any grants to St Editha's Church while we continue to await the appointment of a new Vicar and Trustee. KEY MANAGEMENT AND PERSONNEL REMUNERATION
The Trust employs no staff and considers the Board of Trustees to be its key management. All Trustees give their time freely and no remuneration was paid during the year.
THE JAMES WILLIAM PEMBERTON TRUST
PAGE 2
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
TRUSTEES' REPORT…….CONTINUED
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the incoming resources and application of the resources of the Trust during the year and of its state of affairs at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and in preparing those financial statements the Trustees are required to:
-
(i) Select suitable accounting policies and then apply them consistently.
-
(ii) Observe the methods and principles of the Charities SORP.
-
(iii) Make judgements and estimates that are reasonable and prudent.
-
(iv) State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements.
(v) Trust will continue in operation. detection of fraud and other irregularities. APPROVAL This report was approved by the Trustees on and signed on their behalf. ………………………………. TRUSTEE
- (v) Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Trust and which enable them to ascertain the financial position of the Trust and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE JAMES WILLIAM PEMBERTON TRUST
PAGE 3
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE JAMES WILLIAM PEMBERTON TRUST
I report on the financial statements of The James William Pemberton Trust for the year ended 31st December 2022 which are set out on pages 4 to 8.
RESPONSIBILITIES AND BASIS OF REPORT
As the Charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trustees' accounts carried out under s.145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under s. 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by s. 130 of the Act; 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
IAN W SHIPLEY FCCA FOR AND ON BEHALF OF: PRENTIS & CO LLP CHARTERED ACCOUNTANTS & INDEPENDENT EXAMINERS
115c Milton Road Cambridge CB4 1XE
THE JAMES WILLIAM PEMBERTON TRUST
PAGE 4
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
STATEMENT OF FINANCIAL ACTIVITIES
| STATEMENT OF FINANCIAL ACTIVITIES | |||||||
|---|---|---|---|---|---|---|---|
| Note | Restricted | Endowment | Total Funds | Restricted | Endowment | Total Funds | |
| Funds | Funds | 2022 | Funds | Funds | 2021 | ||
| INCOME: Rent received Investment income TOTAL INCOME EXPENDITURE: Charitable expenditure TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) BEFORE GAINS Net (losses)/gains on investment Gains on revaluation of fixed assets NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: TOTAL FUNDS AT 1ST JANUARY 2022 TOTAL FUNDS AT 30TH DECEMBER 2022 |
£ £ 2 12,900 - 12,900 2,692 - 2,692 __ _ 15,592 - 15,592 3 6,094 - 6,094 6,094 - 6,094 9,498 - 9,498 - (5,240) (5,240) - 10,096 10,096 9,498 4,856 14,354 70,917 291,561 362,478 80,415 296,417 376,832 ___ DRAFT |
12,980 2,089 __ 15,069 _ 7,292 7,292 7,777 - - 7,777 63,140 70,917 ___ |
£ - - __ - _ - - - 10,201 14,067 24,268 267,293 291,561 ___ |
£ 12,980 2,089 __ 15,069 _ 7,292 7,292 7,777 10,201 14,067 32,045 330,433 362,478 ___ |
There were no recognised gains and losses for 2022 or 2021 other than those included in the Statement of Financial Activities.
The notes on pages 6 to 8 form part of these financial statements.
PAGE 5
THE JAMES WILLIAM PEMBERTON TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
BALANCE SHEET
| Notes 2022 |
2021 | ||
|---|---|---|---|
| £ £ |
£ | £ | |
| FIXED ASSETS | |||
| Investment property | 6 174,478 |
164,382 | |
| Investments | 7 137,801 |
141,879 | |
| ______ | ______ | ||
| TOTAL FIXED ASSETS | 312,279 | 306,261 | |
| ______ | ______ | ||
| CURRENT ASSETS | |||
| Debtors | 8 - |
840 | |
| Cash at Bank | 65,146 | 56,315 | |
| ______ | ______ | ||
| 65,146 __ LIABILITIES Creditors: amounts falling due within one year 9 593 _ Net Current assets 64,553 TOTAL ASSETS 376,832 THE FUNDS OF THE CHARITY: Restricted Funds 80,415 Endowment Fund 296,417 376,832 ___ The financial statements were approved by the Trustees on and signed on their behalf. DRAFT |
57,155 __ 938 ____ |
56,217 __ 362,478 _ 70,917 291,561 362,478 ___ |
|
| ………………………………. | |||
| TRUSTEE |
The notes on pages 6 to 8 form part of these financial statements.
PAGE 6
THE JAMES WILLIAM PEMBERTON TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
(a) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Trust has also taken advantage of exemptions available for smaller entities under section 1A of FRS 102 and the Charities SORP (FRS 102). In particular the Trustees have taken advantage of the exemption from the need to prepare a Statement of Cash Flows.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The charity's financial statements are prepared under the going concern basis. This is appropriate and the Trustees are of the view that there are no factors that affect going concern in the following 12 months. (b) FUND ACCOUNTING The Trust maintains a general unrestricted fund which is expendable at the discretion of the Trustees in furtherance of the objects of the Trust. Such funds may be held in order to finance both working capital and capital investments. (c) INCOME All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made such income is grossed up for the tax recoverable. The following policies are applied to income: - INVESTMENT INCOME Investment income is accounted for when receivable. The tax recoverable relating to investment income is accounted for in the same period as the related income. (d) EXPENDITURE - CHARITABLE ACTIVITIES Direct charitable expenditure includes all expenditure directly related to the objects of the Trust and is accounted for when the Trustees have accepted a legal or moral obligation to meet the expenditure. Support and governance cost are included within charitable activities. (e) INVESTMENTS Fixed asset investments are included in the accounts at market value. Realised and unrealised gains and losses on investments are disclosed separately in the appropriate section of the Statement of Financial Activities.
All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made such income is grossed up for the tax recoverable. The following policies are applied to income: - INVESTMENT INCOME Investment income is accounted for when receivable. The tax recoverable relating to investment income is accounted for in the same period as the related income.
(f) INVESTMENT PROPERTIES
Investment property is included at current market values and are revalued on an annual basis.
THE JAMES WILLIAM PEMBERTON TRUST
PAGE 7
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
NOTES TO THE FINANCIAL STATEMENTS
2.
| INCOME - RENT RECEIVED | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| 10 Heath Street, Tamworth | 6,300 | 6,380 |
| 10a Heath Street, Tamworth | 6,600 | 6,600 |
| ______ | ______ | |
| 12,900 | 12,980 | |
| ______ | ______ | |
| CHARITABLE ACTIVITIES | 2022 | 2021 |
| £ | £ | |
| Management fees (rental) | 1,600 | 1,548 |
| Lettings fees and risk assessment | 618 | - |
| Repairs and maintenance | 874 | 2,682 |
| Gas and electricity | 180 | 270 |
| LEI 78 78 Insurance 330 298 Accountancy 885 860 Management fees (investment) 1,529 1,556 __ _ 6,094 7,292 GOVERNANCE COSTS 2022 2021 £ £ Independent Examiner's Fee 885 860 ___ STAFF AND TRUSTEE REMUNERATION The Trust does not employ staff and does not remunerate its Trustees. During the year no expenses have been paid to Trustees (2021: £Nil). The Trustees consider themselves as a body the key management of the Trust. INVESTMENT PROPERTY Freehold land CURRENT YEAR and building £ Valuation as at 1st January 2022 164,382 DRAFT |
||
| Revaluation | 10,096 | |
| ______ | ||
| Valuation as at 31st December 2022 | 174,478 | |
| ______ | ||
| Freehold land | ||
| INVESTMENT PROPERTY | and | building |
| PRIOR YEAR | £ | |
| Valuation as at 1st January 2021 | 150,315 | |
| Revaluation | 14,067 | |
| ______ | ||
| Valuation as at 31st December 2021 | 164,382 | |
| ______ |
THE JAMES WILLIAM PEMBERTON TRUST
PAGE 8
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
NOTES TO THE FINANCIAL STATEMENTS
| 7. | INVESTMENT | ||
|---|---|---|---|
| CURRENT YEAR | £ | ||
| Market value at 1st January 2022 | 141,879 | ||
| Accumulated income | 2,691 | ||
| Management fees | (1,529) | ||
| Unrealised losses | (5,240) | ||
| ______ | |||
| Market value at 31st December 2022 | 137,801 | ||
| ______ | |||
| INVESTMENT | |||
| PRIOR YEAR | £ | ||
| Market value at 1st January 2021 | 131,145 | ||
| 8. 9. |
Accumulated income Management fees Unrealised gains Market value at 31st December 2021 DEBTORS - Due within one year CREDITORS - Due within one year AFT |
2022 £ - __ 2022 £ 593 ____ |
2,089 (1,556) 10,201 __ 141,879 _ 2021 £ 840 2021 £ 938 ___ |
Management fees Unrealised gains Market value at 31st December 2021 DEBTORS 2022 £ - - Due within one year __ CREDITORS 2022 £ - Due within one year 593 ____ RELATED PARTIES A total of £78 was paid by Trustees for expenses incurred by the Trust. This is repayable to the Trustee as at 31st December 2022.