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2020-12-07-accounts

Charity Registration No. 1080062

ST ALDATE'S PAROCHIAL CHARITY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 7 DECEMBER 2020

ST ALDATE'S PAROCHIAL CHARITY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees P Kennedy
S Tuck
M Withers
R Hunter
A Gillies
Charity number 1080062
Independent examiner Chapman Worth Limited
3 The Old Estate Yard
HIgh Street
East Hendred
Wantage
Oxfordshire
OX12 8JY
Bankers Barclays Bank PLC
11 West Way
Oxford
OX2 9LZ
Solicitors HMG Law LLP
126 High Street
Oxford
OX1 4DG
Investment advisors Walker Crips Investment Management Limited
Old Change House
128 Queen Victoria Street
London
EC4V 4BJ

ST ALDATE'S PAROCHIAL CHARITY

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Statement of financial position 5
Notes to the financial statements 6 - 15

ST ALDATE'S PAROCHIAL CHARITY

TRUSTEES' REPORT FOR THE YEAR ENDED 7 DECEMBER 2020

The trustees present their report and accounts for the year ended 7 December 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's governing document, 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)” (as amended for accounting periods commencing from 1 January 2016) .

Objectives and activities

The charity's objectives are to provide assistances to the beneficiaries in the City of Oxford who are in condition of need hardship or distress, and to contribute to the maintenance of the fabric and of the services in St Aldate's Church.

T hese objects are met using income generated from a balanced portfolio of investments in property, equities and other funds.

The Trustees continue to pay due regard to guidance on public benefit issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The major refurbishment of all property assets was completed in 2013, and since then the property has been regularly inspected and certificates issued confirming compliance with all relevant HMO (House of Multiple Occupancy) legislation.

The Quinquennial inspection carried out in 2016 identified a number of property maintenance and repair items. A 4 year programme was initiated in 2017 with estimated total costs of £200,000 across the four year period. The final phase of this programme took place in 2020, with total costs close to the original estimate.

2017 2018 2019 2020 TOTAL
Actual costs £54K £28K £75K £49K £206K

Financial review

The trustees have made grants as set out on page 10 of the report amounting to £270,000 (2019 - £249,000). In addition pensions of £124 per month have been paid to 3 needy people in the parish totalling £4,764 (2019 - £4,620).

To enable the Trustees to make these grants, the properties 1-11 Pembroke Street and 94 St Aldate's Oxford are carefully managed to provide what the trustees are satisfied is the optimum return on the Trust funds. Whilst the properties are held as long term investments properties, the Trustees also seek to ensure the best use of those properties in line with the aims of the Charity. The Trustees have reviewed the nature of the investment portfolio and have set aside funds for investment under advice to provide for the ongoing maintenance of the property.

ST ALDATE'S PAROCHIAL CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2020

Reserves are held at a level necessary for the Charity to continue to meet its current needs. The property is held as an investment which produces rental income, which together with income from the investment portfolio produces income applied to charitable objectives. An amount of only £218,969 (2019 - £129,177) is freely available. The investments have been made within normal trustees powers governing a trust of this nature.

The stated market value of the freehold investment property is based on an open market valuation carried out by Savills on March 31 2020. The valuation concluded that the property has a value of £3,900,000.

From late March the COVID pandemic began to have a significant impact on the finances of the Charity. Dividend income dropped and the value of the investment portfolio significantly reduced. There was also a major financial impact on the tenants, and in recognition of these problems, the Trustees agreed a deferral of the rent increases which were scheduled for March 23rd. They also agreed a reduction of £70,000 in the grant budget for 2021 to bring the finances back into balance.

Despite these concerns the Trustees were still confident in the ability of the charity to continue as a going concern. A key element of the Charity's income is room rental from the properties owned on Pembroke Street, and the market rental in Oxford is forecast to recover quickly once the COVID situation is resolved.

Structure, governance and management

The Charity was established by a charitable trust deed at the beginning of the twentieth century.

The trustees who served during the year and up to the date of signature of the financial statements were:

Rev C. Cleverly Chairman and ex officio Trustee (resigned Oct 2020) M. Withers Ex officio Trustee C. Gillies Ex officio Trustee R. Hunter Co-opted Trustee Revd S. Tuck Co-opted Trustee Councillor P. Kennedy nominated by Oxford City Council

The trustees are responsible for the overall management and control of the charity. The board of trustees meets a minimum of two times a year.

The responsibility for the day to day running of the charity is delegated to the Clerk.

The trustees' r eport was approved by the Board of Trustees.

..............................

Trustee Dated: .........................

ST ALDATE'S PAROCHIAL CHARITY

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF ST ALDATE'S PAROCHIAL CHARITY

I report to the trustees on my examination of the financial statements of St Aldate's Parochial Charity (the Charity) for the year ended 7 December 2020.

Responsibilities and basis of report

As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW , which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Anna Chapman FCA Chapman Worth Limited

3 The Old Estate Yard HIgh Street East Hendred Wantage Oxfordshire OX12 8JY

Dated: .........................

ST ALDATE'S PAROCHIAL CHARITY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 7 DECEMBER 2020

Unrestricted Unrestricted
funds
funds
general d esignated
2020
2020
Notes
£
£
Income from:
Charitable activities
4
-
260,017
Investments
5
-
9,220
Total income
-
269,237
Expenditure on:
Charitable activities
6
-
356,882
Net gains/(losses) on investments
12
73
-
Net incoming/(outgoing) resources before
transfers
73
(87,645)
Gross transfers between funds
(17,645)
17,645
Net movement in funds
(17,572)
(70,000)
Fund balances at 8 December 2019
2,114,072
270,000
Fund balances at 7 December 2020
2,096,500
200,000		 Total
Total
2020
2019
as restated
£
£
260,017
259,972
9,220
16,909
269,237
276,881
356,882
361,514
73
34,506
(87,572)
(50,127)
-
-
(87,572)
(50,127)
2,384,072
2,434,199
2,296,500
2,384,072

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

ST ALDATE'S PAROCHIAL CHARITY

STATEMENT OF FINANCIAL POSITION

AS AT 7 DECEMBER 2020

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Investments
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Designated funds
16
General unrestricted funds		 2020
£
£
1,850,000
227,531
2,077,531
32,668
188,269
220,937
(1,968)
218,969
2,296,500
200,000
2,096,500
2,296,500
2,296,500		 2019
as restated
£
£
1,850,000
404,895
2,254,895
30,418
100,673
131,091
(1,914)
129,177
2,384,072
270,000
1,844,072
2,114,072
2,384,072

The financial statements were approved by the Trustees on .........................

..............................

Trustee

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 DECEMBER 2020

1 Accounting policies

Charity information

St Aldate's Parochial Charity is a an unincorporated charity registered with the Charity Commission for England and Wales.

1.1 Accounting convention

The accounts have been prepared in accordance with the Charity's governing document, 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)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the Charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The trustees have assessed the implications of the ongoing pandemic on the charity’s ability to continue for the foreseeable future and believe that the charity has adequate reserves to meet costs where there is a reduction in income for a significant period in the future.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2020

1 Accounting policies

(Continued)

1.5 Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to do so.

Charitable activities include expenditure associated with meeting its charitable objectives. This includes the cost of grant making, and direct provision of charitable services.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost , net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings

0% straight line / no depreciation on land

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the Charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2020

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

2 Change in accounting policy

During the year there has been a voluntary change in accounting policy for tangible assets. Previously the policy for freehold property was to be held in the accounts at market value. The property was revalued in 2019 with the gain reported in revaluations of tangible assets in the statement of financial activities. The policy has been changed so that freehold property are now held at cost. The market value is disclosed by note in the accounts.

3 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2020

4 Charitable activities

2020 2019
£ £
Provision for the poor and needy people residing in or about the ancient parish
of St Aldate. 260,017 259,972

Charitable trading income

Incoming resources comprise rent receivable on 1 to 4 & 9 Pembroke Street of £122,740 (2019 - £122,740), rent receivable on 5 to 8 & 11 Pembroke Street of £129,175 (2019 - £129,175) and insurance reimbursed from tenants of £8,102 (2019 - £8,057).

5 Investments

Income from listed investments
Interest receivable
Charitable activities
Provision of relief (see note 6)
Grant funding (see note 8)
Share of support costs (see note 9)
Share of governance costs (see note 9)
Analysis by fund
Unrestricted funds - designated		 2020
£
7,024
2,196
9,220
2020
£
74,756
270,310
9,848
1,968
356,882
356,882
356,882		 2019
£
14,823
2,086
16,909
2019
£
99,950
249,000
10,650
1,914
361,514
361,514
361,514

6 Charitable activities

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2020

7 Activities undertaken directly

Provision of relief

P rovision of relief for the poor and needy people residing in or about the ancient Parish of St Aldate.

The costs represent repairs £50,248 (2019 - £75,824), insurance £8,473 (2019 - £8,268), pensions £4,764 (2019 - £4,620), facilities management fees £8,820 (2019 - £8,718) and professional fees £2,451 (2019 - £2,520).

8 Grants payable

Grants to institutions:
ACT! including Ministry to ex offenders
Archway
BeSpace
Comfort Trust (Sunflowers)
Communion Pastorate (St Aldates)
Donnington Doorstep
Emmaus Trust
Gatehouse
Grandpont Children's Centre
Hinksey Park FC
International Students (St Aldates)
Kids Matter
Mental Health Monitoring Project (St Aldates)
Oxford Churches Debt Centre
Oxford Citizen's Advice Bureau
Oxford Parent-Infant Project
Oxford Sexual Abuse & Rape Crisis Centre
Oxford Street Pastors
Rainbow House
Rector's Discretionary Fund (St Aldates)
Rosehill & Donnington Advice Centre
South Oxford Adventure Playground
St Ebbe's School
St Luke's Church
St Mary's Headington
St Matthew's Discretionary Fund
Student Mental Health Mentoring Project
Tandem
Viva
Wednesday Communion Pastorate
Work for Overseas Students
Church Branch- maintain Fabric of St Aldate's		 2020
£
41,000
4,500
-
1,700
-
6,000
2,500
3,000
3,000
400
-
1,500
-
5,000
3,800
2,500
3,000
3,500
1,000
5,500
2,260
2,000
2,000
8,200
6,000
2,950
6,000
2,500
3,000
500
12,000
135,000
270,310		 2019
£
41,000
4,250
2,000
1,500
500
6,000
2,500
-
3,000
400
12,000
-
6,000
3,000
3,500
-
3,000
3,000
1,000
5,500
2,000
2,000
2,000
7,000
6,000
2,850
-
2,000
2,500
-
-
124,500
249,000

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2020

8 Grants payable

(Continued)

9 Support costs

Support
costs
Governance
costs
£
£
Clerk's salary
6,000
-
Bank charges
120
-
Stockbroker's portfolio
administration charge
3,512
-
Office expenses
216
-
Accountant fees
-
1,968
9,848
1,968
Analysed between
Charitable activities
9,848
1,968		 2020
£
6,000
120
3,512
216
1,968
11,816
11,816		 2019
£
6,000
124
4,322
204
1,914 .
12,564
12,564

Governance costs represent independent examination fees.

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or reimbursed expenses during the year.

11 Employees

The average monthly number of employees during the year was:

2020 2019
Number Number
1 1

There were no employees whose annual remuneration exceeded £60,000.

12 Net gains/(losses) on investments

Unrestricted Total
funds
general
2020 2019
£ £
Revaluation of investments 73 34,506

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2020

12
Net gains/(losses) on investments
13
Tangible fixed assets
Cost or valuation
At 8 December 2019
Restatement
At 7 December 2020
Carrying amount
At 7 December 2020
At 7 December 2019		 (Continued)
Land and buildings
£
3,900,000
(2,050,000)
1,850,000
1,850,000
1,850,000

Land and buildings are included in the accounts at cost. The properties were valued by Savills on the 31 March 2020 and concluded to have a market value of £3,900,000. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Please see page 8 note 2 for details of the change in accounting policies.

14 Fixed asset investments
Other
investments
Cost or valuation
At 8 December 2019 404,895
Additions 23,146
Valuation changes 73
Disposals (200,583)
At 7 December 2020 227,531
Carrying amount
At 07 December 2020 227,531
At 07 December 2019 404,895

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2020

15 Creditors: amounts falling due within one year
2020 2019
£ £
Accruals and deferred income 1,968 1,914

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2020

16 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
8 December
2018

£
Church Branch Fund
124,500
Remaining Charities Fund
124,500
249,000		 Movement in funds
Incoming
resources
Resources
expended
£
£
138,441
(180,757)
138,440
(180,757)
276,881
(361,514)		 Transfers
Balance at
8 December
2019

£
£
52,816
135,000
52,817
135,000
105,633
270,000		 Movement in funds
Incoming
resources
Resources
expended
£
£
134,619
(178,441)
134,618
(178,441)
269,237
(356,882)		 Transfers
Balance at
7 December
2020
£
£
8,822
100,000
8,823
100,000
17,645
200,000

The Church Branch Fund income is handed to St Aldate's Parochial Church Council which is entrusted with its use in the maintenance of the fabric of the church and its services.

The remaining Charities Fund income is used to pay pensions and to make grants to other organisations in order to alleviate conditions of need, hardship or distress.

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2020

17
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
2020
2020
£
£
Fund balances at 7
December 2020 are
represented by:
Tangible assets
1,850,000
-
Investments
227,531
-
Current assets/
(liabilities)
18,969
200,000
2,096,500
200,000		 TotalUnrestricted
funds
Designated
funds
Total
2020
2019
2019
2019
as restated
as restated
£
£
£
£
1,850,000
1,850,000
-
1,850,000
227,531
264,072
140,823
404,895
218,969
-
129,177
129,177
2,296,500
2,114,072
270,000
2,384,072

18 Related party transactions

There were no disclosable related party transactions during the year (2019 - none).