Charity Registration No. 1080062
ST ALDATE'S PAROCHIAL CHARITY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 7 DECEMBER 2021
ST ALDATE'S PAROCHIAL CHARITY
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | S Tuck | |
|---|---|---|
| M Withers | ||
| R Hunter | ||
| A Gillies | ||
| N Waite | (Appointed 1 October | |
| 2021) | ||
| 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 2021
The trustees present their report and accounts for the year ended 7 December 2021.
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 2019) .
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 COVID pandemic had a major impact on the charity in 2021. Our investment income was significantly reduced. Our tenants also suffered financially and to support them we agreed to defer part of our rental income. This led the Trustees to reduce the annual grant budget.
Property maintenance costs were very low having completed the major refurbishment programme in 2020. A quinquennial inspection is scheduled for 2022 to define future maintenance costs budgets.
Financial review
The trustees have made grants as set out on page 10 of the report amounting to £199,900 (2021 - £270,000). In addition pensions of £127 per month have been paid to 3 needy people in the parish totalling £4,872 (2020 - £4,764).
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.
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 £188,482 (2020 - £218,969) 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.
At the close of the year the business outlook remained uncertain and the Trustees therefore agreed to hold the 2022 grant budget to the same level as 2021. Despite this uncertainty, 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 rental market in central Oxford is forecas to recover quickly once the COVID situation is resolved.
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ST ALDATE'S PAROCHIAL CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2021
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 S. Foster Chairman and ex officio Trustee 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 (resigned October 2021) Councillor N. Waite nominated by Oxford City Council (appointed October 2021)
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: .........................
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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 2021.
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
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:
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1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of 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 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: .........................
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ST ALDATE'S PAROCHIAL CHARITY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 7 DECEMBER 2021
| Unrestricted Unrestricted funds funds general d esignated 2021 2021 Notes £ £ Income from: Charitable activities 3 - 205,320 Investments 4 - 9,037 Total income - 214,357 Expenditure on: Charitable activities 5 - 234,376 Net gains/(losses) on investments 10 23,746 - Net incoming/(outgoing) resources before transfers 23,746 (20,019) Gross transfers between funds (20,019) 20,019 Net movement in funds 3,727 - Fund balances at 8 December 2020 2,096,500 200,000 Fund balances at 7 December 2021 2,100,227 200,000 |
Total Unrestricted Unrestricted funds funds general d esignated 2021 2020 2020 £ £ £ 205,320 - 260,017 9,037 - 9,220 214,357 - 269,237 234,376 - 356,882 23,746 73 - 3,727 73 (87,645) - (17,645) 17,645 3,727 (17,572) (70,000) 2,296,500 2,114,072 270,000 2,300,227 2,096,500 200,000 |
Total 2020 £ 260,017 9,220 269,237 356,882 73 (87,572) - (87,572) 2,384,072 2,296,500 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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ST ALDATE'S PAROCHIAL CHARITY
STATEMENT OF FINANCIAL POSITION
AS AT 7 DECEMBER 2021
| Notes Fixed assets Tangible assets 11 Investments 12 Current assets Investments Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds - designated Unrestricted funds-general Designated funds 14 General unrestricted funds |
2021 £ £ 1,850,000 261,745 2,111,745 27,728 162,722 190,450 (1,968) 188,482 2,300,227 200,000 200,000 1,900,227 2,100,227 2,300,227 |
2020 £ £ 1,850,000 227,531 2,077,531 32,668 188,269 220,937 (1,968) 218,969 2,296,500 200,000 200,000 1,896,500 2,096,500 2,296,500 |
|---|---|---|
The financial statements were approved by the Trustees on .........................
..............................
Trustee
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ST ALDATE'S PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 DECEMBER 2021
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 2019). 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.
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ST ALDATE'S PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2021
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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 the statement of financial activities .
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.
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.
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ST ALDATE'S PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2021
1 Accounting policies
(Continued)
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.
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 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.
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ST ALDATE'S PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2021
3 Charitable activities
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Provision for the poor and needy people residing in or about the ancient parish | ||
| of St Aldate. | 205,320 | 260,017 |
Charitable trading income
Incoming resources comprise rent receivable on 1 to 4 & 9 Pembroke Street of £108,095 (2020 - £122,740), rent receivable on 5 to 8 & 11 Pembroke Street of £88,915 (2021 - £129,175) and insurance reimbursed from tenants of £8,310 (2020 - £8,102).
4 Investments
| Income from listed investments Interest receivable Charitable activities Provision of relief (see note 6) Grant funding (see note 7) Share of support costs (see note 8) Share of governance costs (see note 8) Analysis by fund Unrestricted funds - designated |
2021 £ 6,283 2,754 9,037 2021 £ 23,558 199,900 8,950 1,968 234,376 234,376 234,376 |
2020 £ 7,024 2,196 9,220 2020 £ 74,756 270,310 9,848 1,968 356,882 356,882 356,882 |
|---|---|---|
5 Charitable activities
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ST ALDATE'S PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2021
6 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 £1,096 (2020 - £50,248), insurance £8,770 (2020 - £8,473), pensions £4,872 (2020 - £4,764), facilities management fees £8,820 (2020 - £8,820) and there were no professional fees this year (2020 - £2,451).
7 Grants payable
| Grants to institutions: ACT! including Ministry to ex offenders Archway Comfort Trust (Sunflowers) Donnington Doorstep Emmaus Trust Gatehouse Grandpont Children's Centre Hinksey Park FC Kids Matter 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 Aldate's - Support for International Students St Aldate's - Student Mental Health Counselling 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 |
2021 £ 40,000 5,000 1,000 5,500 1,500 2,500 - 400 - 7,000 5,000 - 2,500 - 500 - - 1,500 10,000 5,000 - 5,000 5,500 - - - 2,000 - - 100,000 199,900 |
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 |
|---|---|---|
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ST ALDATE'S PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2021
8 Support costs
| Support costs Governance costs £ £ Clerk's salary 6,000 - Bank charges 110 - Stockbroker's portfolio administration charge 2,785 - Office expenses 55 - Accountant fees - 1,968 8,950 1,968 Analysed between Charitable activities 8,950 1,968 |
2021 £ 6,000 110 2,785 55 1,968 10,918 10,918 |
2020 £ 6,000 120 3,512 216 1,968 . 11,816 11,816 |
|---|---|---|
Governance costs represent independent examination fees.
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or reimbursed expenses during the year.
10 Net gains/(losses) on investments
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| general | ||
| 2021 | 2020 | |
| £ | £ | |
| Revaluation of investments | 23,746 | 73 |
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ST ALDATE'S PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2021
11 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Land and buildings | |
| £ | |
| Cost or valuation | |
| At 8 December 2020 | 3,900,000 |
| Restatement | (2,050,000) |
| At 7 December 2021 | 1,850,000 |
| Carrying amount | |
| At 7 December 2021 | 1,850,000 |
| At 7 December 2020 | 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.
12 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 8 December 2020 | 227,531 |
| Additions | 49,421 |
| Valuation changes | 23,747 |
| Disposals | (38,954) |
| At 7 December 2021 | 261,745 |
| Carrying amount | |
| At 07 December 2021 | 261,745 |
| At 07 December 2020 | 227,531 |
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ST ALDATE'S PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2021
| 13 | Creditors: amounts falling due within one year | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Accruals and deferred income | 1,968 | 1,968 |
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ST ALDATE'S PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2021
14 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 2019 £ Church Branch Fund 135,000 Remaining Charities Fund 135,000 270,000 |
Movement in funds Incoming resources Resources expended £ £ 134,619 (178,441) 134,618 (178,441) 269,237 (356,882) |
Transfers Balance at 8 December 2020 £ £ 8,822 100,000 8,823 100,000 17,645 200,000 |
Movement in funds Incoming resources Resources expended £ £ 107,178 (117,188) 107,179 (117,188) 214,357 (234,376) |
Transfers Balance at 7 December 2021 £ £ 10,010 100,000 10,009 100,000 20,019 200,000 |
|---|---|---|---|---|
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.
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ST ALDATE'S PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2021
| 15 Analysis of net assets between funds Unrestricted funds Designated funds 2021 2021 £ £ Fund balances at 7 December 2021 are represented by: Tangible assets 1,850,000 - Investments 261,745 - Current assets/ (liabilities) (11,518) 200,000 2,100,227 200,000 |
TotalUnrestricted funds Designated funds Total 2021 2020 2020 2020 as restated as restated £ £ £ £ 1,850,000 1,850,000 - 1,850,000 261,745 227,531 - 227,531 188,482 18,969 200,000 218,969 2,300,227 2,096,500 200,000 2,296,500 |
|---|---|
16 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
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