St Luke's Hall Trust
Charity No. 1069790
Report and Accounts For The Year Ended 31 December 2022
| Page No. | CONTENT |
|---|---|
| 1 | Trustees' Annual Report |
| 3 | Statement of Financial Activities for the Year 2022 |
| 4 | Balance Sheet at 31 December 2022 |
| 5 | Notes to the Accounts |
| 7 | Independent Examiner's Report to the Trustees |
St Luke’s Hall Trust
Charity Number 1069790
Address: St Stephen’s Church, St Stephen’s Road, West Ealing W13 8HB
Report for the year ended 31 December 2022
HISTORY
St Luke’s Hall was a property left to the Parochial Church Council of St Stephen’s Church ( “the PCC”), West Ealing for the benefit of the Parish. The Charity was founded as a Trust by deed dated 26 May 1911 – it was replaced by a Charity Commission Scheme dated 18 July 1996.
Over the years the benefit declined to the point that the Trustees decided that the property should be sold for residential development.
The sale realised just over £1 million which has been invested.
GOVERNANCE
“The body of Trustees shall consist when complete of five competent persons, being one ex-officio Trustee who shall be the incumbent for the time being of the benefice of St Stephen’s Ealing, and four Trustees nominated by the Parochial Church Council of St Stephen’s - the PCC. The nominated Trustees shall serve for a term of four years.”
Decisions are recorded in meeting notes.
The Trustees met three times in 2021 - April, June and November.
Authority for financial activity requires two signatures.
The nominated Trustees in 2022 were:
Mrs Heather Sharland - nominated July 2018
Mr Jonathan Jones - nominated July 2019 (Secretary)
Mr Geoffrey Nolan - nominated July 2016 and renewed in June 2020
Mr Christopher Irwin-Childs - nominated July 2018 (Treasurer)
Chair - The Reverend Stephen Newbold, as the incumbent of St Stephen’s.
ACTIVITIES
On behalf of the PCC the Trustees have holdings in funds operated by the Church, Councils and Local Authorities Investment Management Limited (“the CCLA”). (see Financial Statement 1 of 2).
Some of the returns are transferred into the Trust’s holding account with Barclays Bank (see Financial Statement 2 of 2) - the remainder increase the investment with the CCLA.
The Trustees feed funds to St Stephen’s PCC as requested by the PCC for activities that enhance the activities of St Stephen’s within the Parish. These funds are separately accounted for by St Stephen’s (Charity Number 1133772).
The only expenditure by the Trust is the Trustees’ Insurance premium that is paid annually to Ecclesiastical Insurance for policy number 06/CHA/6121958.
The Trust has no property or other responsibilities.
The Trustees receive no payment - directly or indirectly.
Towards the end of 2021 discussions started about an improvement to the church building and the Trust has offered £200,000 for the project.
St Luke's Hall Trust
Page 3
Charity No. 1069790
STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDING 31 DECEMBER 2022
| Note Income and endowments from: Investments CBF Investment Fund Income CBF Property Fund Income CBF Interest TOTAL INCOME Expenditure on Donations to St Stephen's Church Management/Administration Expenses TOTAL EXPENDITURE Net income/(expenditure) before investment gains NET GAINS ON INVESTMENTS Unrealised gains/(losses) on investments 2 NET INCOME/(EXPENDITURE) Fund Transfers NET MOVEMENT IN FUNDS FUNDS CARRIED FORWARD AT 31.12.21 FUNDS BROUGHT FORWARD AT 1.1.22 Charitable activities Reconciliation of Funds: |
Unrestricted Funds Permanent Endowment Funds Total Funds Unrestricted Funds Permanent Endowment Funds Total Funds 2022 2022 2022 2021 2021 2021 £ £ £ £ £ £ - 41,807 41,807 - 40,606 40,606 - 4,905 4,905 - 4,723 4,723 0 - 0 11 - 11 |
|---|---|
| 0 46,712 46,713 11 45,329 45,340 |
|
| 51,496 - 51,496 41,000 - 41,000 868 - 868 2,408 - 2,408 |
|
| 52,364 - 52,364 43,408 - 43,408 |
|
| (52,363) 46,712 (5,651) (43,397) 45,329 1,932 - (200,091) (200,091) - 215,861 215,861 |
|
| (52,363) (153,379) (205,742) (43,397) 261,190 217,793 71,712 (71,712) - 43,571 (43,571) - |
|
| 19,349 (225,091) (205,742) 174 217,619 217,793 8,781 1,711,473 1,720,254 7,222 1,495,612 1,502,834 |
|
| 28,130 1,486,382 1,514,512 7,396 1,713,231 1,720,627 |
St Luke's Hall Trust Charity No. 1069790
Page 4
| BALANCE SHEET AT 31 DECEMBER 2022 Note 2022 £ FIXED ASSETS Fixed Asset Investments 2 1,486,382 TOTAL FIXED ASSETS 1,486,382 CURRENT ASSETS Barclays Bank 28,130 CBF Deposit Fund - Accounts receivable & prepayments - Total Current Assets 28,130 LIABILITIES NET CURRENT ASSETS 28,130 TOTAL NET ASSETS 1,514,512 Funds of the charity: General Funds (Unrestricted) 4 28,130 Permanent Endowment Fund 4 1,486,382 TOTAL FUNDS 1,514,512 Approved by the Trustees on and signed on their behalf by: |
2021 £ 1,711,473 |
|---|---|
| 1,711,473 | |
| 8,781 - - |
|
| 8,781 - |
|
| 8,781 | |
| 1,720,254 | |
| 8,781 1,711,473 |
|
| 1,720,254 | |
Rev Stephen Newbold Chris Irwin-Childs Chair Trustee
St Luke's Hall Trust Charity No. 1069790
Page 5
NOTES TO THE ACCOUNTS
Note 1: Accounting Policies
Basis of Preparation
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 1 January 2015) - (Charities SORP (FRS 102)) as amended by Update Bulletin 1, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
St Luke's Hall Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Going Concern
St Luke's Trustees have prepared the accounts on a going concern basis and foresee that St Luke's will be able to meet all liabilities as they fall due given the reserves and forthcoming plans.
Recognition of Income
Incoming resources are included in the Statement of Financial Activities when the charity becomes entitled to the resources, the trustees are virtually certain they will receive the resources, and the monetary value can be measured with sufficient reliability.
Interest and investment income is recognised when receivable, receipt is probable and the amount receivable can be measured reliably.
Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
Investment Gains and Losses
This includes any realised or unrealised gains and losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Liabilities
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Fixed Asset Investments
Fixed asset investments are valued initially at cost and subsequently at fair value (their market value) at year end.
Note 2: Fixed Asset Investments
The original land and buildings were acquired by the the charity at its inception in 1911, and constituted permanent endowment property under the Charity Commission Scheme of 1996. Following the sale of the land and buildings in 2015, the net proceeds of the sale, (Permanent Endowment capital), were invested into two funds selected by the Trustees and operated by CCLA Investment Management Limited. CCLA is authorised and regulated by the Financial Conduct Authority and is the manager of the CBF Church of England Funds.
Page 6
St Luke's Hall Trust Charity No. 1069790 NOTES TO THE ACCOUNTS
| Carrying (Fair) Value of Investments at 1 January 2022 Net unrealised gain/(loss) on revaluation Sale of Shares Carrying (Fair) Value at 31 December 2022 Investments are held in the following: CBF Church of England Investment Fund Income Shares CBF Church of England Property Fund Income Shares Total Cost of Investments |
2022 £ 1,711,473 -200,091 -25,000 1,486,382 1,388,040 98,342 1,486,382 1,003,168 |
2021 £ 1,495,612 215,861 |
|---|---|---|
| 1,711,473 | ||
| 1,600,059 111,414 |
||
| 1,711,473 | ||
| 1,003,168 |
The market value of the funds include holdings at the mid market price (net asset value) of a share.
Note 3: Analysis of Net Assets by Fund
| Fixed Asset Investments Net Current Assets |
General Fund Permanent Endowment Fund Total 2022 £ £ £ - 1,486,382 1,486,382 28,130 - 28,130 |
|---|---|
| 28,130 1,486,382 1,514,512 |
Note 4: Funds
| 2022 Permanent Endowment Fund General Fund (Unrestricted) 2021 Permanent Endowment Fund General Fund (Unrestricted) |
B/F 01/01/2022 Incoming Resources Expenditure Gains Transfers C/F 31/12/2022 £ £ £ £ £ £ 1,711,473 46,712 - -200,091 (71,712) 1,486,382 8,781 0 (52,363) - 71,712 28,130 |
|---|---|
| 1,720,254 46,712 (52,363) -200,091 - 1,514,512 |
|
| B/F 01/01/2020 Incoming Resources Expenditure Gains Transfers C/F 31/12/2021 £ £ £ £ £ £ 1,495,612 45,329 - 215,861 (45,329) 1,711,473 6,860 2 (43,410) - 45,329 8,781 |
|
| 1,502,472 45,331 (43,410) 215,861 - 1,720,254 |
Unrestricted funds (General Fund) represent income funds of the charity that are available for spending on the general purposes of the charity.
Permanent Endowment funds must be retained permanently , although any income derived from permanent endowment capital may be used as unrestricted, general funds of the charity. This income is transferred to the General Fund.
St Luke's Hall Trust Charity No. 1069790
Page 7
Independent Examiner's Report to the Trustees of St Luke's Hall Trust (Charity Number 1069790)
I report on the accounts for the year ended 31 December 2022 which are set out on pages 3 to 6.
Respective responsibilities of the Trustees and Independent Examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the Charities Act") and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act, and
-
to state whether particular matters have come to my attention.
Basis of Independent Examiner's Statement
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity 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 mattters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In connection with my examination, no matter has come to my attention
-
which gives me reasonable cause to believe that, in any material respect, the requirements:
-
(a) to keep accounting records in accordance with section 130 of the Charities Act; and (b) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mr Kevin Ogilvie Charity Bookkeeping & Examination Services 13 Evelyns Close Uxbridge UB8 3LR
24th August 2023