## **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 6. FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS ## 2. 3. 4. 5. |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. 10.