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2022-12-07-accounts

Charity registration number 1080062

ST ALDATE'S PAROCHIAL CHARITY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 DECEMBER 2022

ST ALDATE'S PAROCHIAL CHARITY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees M Withers
R Hunter
A Gillies
N Waite
S Foster
J Mitchell (Appointed 1 November
2022)
Charity number 1080062
Independent examiner Chapman Worth Limited
2 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 - 14

ST ALDATE'S PAROCHIAL CHARITY

TRUSTEES' REPORT FOR THE YEAR ENDED 7 DECEMBER 2022

The trustees present their report and accounts for the year ended 7 December 2022.

The accounts have been prepared in accordance with the accounting policies set out in note one 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.

These 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 and our investment income significantly reduced. Our tenants also suffered financially, and to support them we agreed to defer part of our rental income in 2021 and 2022. The financial outlook for our tenants has now significantly improved, allowing payback of all deferred rental income to be scheduled in 2023, which has allowed the trustees to increase the grant budget in 2023.

Property maintenance costs continued at a low level following the major refurbishment programme completed in 2020.A quinquennial inspection will be completed in 1st quarter 2023, to define future maintenance costs budgets.

Financial review

The trustees have made grants as set out on page 10 of the report amounting to £196,000 (2021 - £199,900). In addition pensions of £132 per month have been paid to 3 needy people in the parish totalling £5,052 (2020 - £4,872).

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 £244,959 (2021 - £188,482) is freely available. The investments have been made within normal trustees powers governing a trust of this nature.

At the close of the year the business outlook was improving, and the Trustees therefore agreed to increase the 2023 grant budget to £250,000, close to pre-COVID levels. The Trustees remain 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 and room occupancy in central Oxford is beginning to return to pre-COVID levels.

ST ALDATE'S PAROCHIAL CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2022

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 ( resigned May 2022 ) C. Gillies Ex officio Trustee J. Mitchell Ex officio Trustee ( appointed Nov 2022 ) R. Hunter Co-opted Trustee Revd S. Tuck Co-opted Trustee Councillor N. Waite 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' report 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 2022.

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.

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

2 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 2022

Unrestricted Unrestricted
funds
funds
general
designated
2022
2022
Notes
£
£
Income from:
Charitable activities
3
-
280,537
Investments
4
-
9,998
Total income
-
290,535
Expenditure on:
Charitable activities
5
-
236,884
Net gains/(losses) on
investments
10
(22,416)
-
Net (outgoing)/incoming
resources before transfers
(22,416)
53,651
Gross transfers between
funds
3,651
(3,651)
Net movement in funds
(18,765)
50,000
Fund balances at 8 December
2021
2,100,227
200,000
Fund balances at 7
December 2022
2,081,462
250,000		 Total Unrestricted Unrestricted
funds
funds
general
designated
2022
2021
2021
£
£
£
280,537
-
205,320
9,998
-
9,037
290,535
-
214,357
236,884
-
234,376
(22,416)
23,746
-
31,235
23,746
(20,019)
-
(20,019)
20,019
31,235
3,727
-
2,300,227
2,096,500
200,000
2,331,462
2,100,227
200,000		 Total
2021
£
205,320
9,037
214,357
234,376
23,746
3,727
-
3,727
2,296,500
2,300,227

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 2022

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
General unrestricted funds		 2022
£
£
1,850,000
236,503
2,086,503
36,750
210,237
246,987
(2,028)
244,959
2,331,462
250,000
2,081,462
2,331,462		 2021
£
£
1,850,000
261,745
2,111,745
27,728
162,722
190,450
(1,968)
188,482
2,300,227
200,000
1,900,227
2,300,227		 2021
£
£
1,850,000
261,745
2,111,745
27,728
162,722
190,450
(1,968)
188,482
2,300,227
200,000
1,900,227
2,300,227
2,111,745
188,482
2,300,227
200,000
1,900,227
2,300,227

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 2022

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 amounts 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

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

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 2022

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.

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2022

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 payments 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.

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2022

3 Charitable activities

2022 2021
£ £
Provision for the poor and needy people residing in or about the ancient parish
of St Aldate. 280,537 205,320

Charitable trading income

Incoming resources comprise rent receivable on 1 to 4 & 9 Pembroke Street of £131,384 (2021 - £108,095), rent receivable on 5 to 8 & 11 Pembroke Street of £140,009 (2021 - £88,915) and insurance reimbursed from tenants of £9,144 (2021 - £8,310).

4 Investments

Income from listed investments
Interest receivable		 2022
£
6,194
3,804
9,998		 2021
£
6,283
2,754
9,037

5 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		 2022
£
29,751
196,000
9,105
2,028
236,884
236,884
236,884		 2021
£
23,558
199,900
8,950
1,968
234,376
234,376
234,376

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2022

6 Activities undertaken directly

Provision of relief

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

The costs represent repairs £4,604 (2021 - £1,096), insurance £9,595 (2021 - £8,770), pensions £5,052 (2021 - £4,871), facilities management fees £8,820 (2021 - £8,820) and professional fees £1,680 (2021 - £0).

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
Oxford Churches Debt Centre
Oxford Citizen's Advice Bureau
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 Luke's Church
St Mary's Headington
Support for midweek communion
Viva
Church Branch- maintain Fabric of St Aldate's		 2022
£
40,000
5,000
1,000
5,000
1,000
2,500
1,000
8,000
4,000
2,000
2,000
4,000
1,500
9,000
4,500
5,000
500
2,000
98,000
196,000		 2020
£
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

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2022

8
Support costs
Clerk's salary
Bank charges
Stockbroker's portfolio
administration charge
Office expenses
Accountant fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
6,000
-
114
-
2,923
-
68
-
-
2,028
9,105
2,028
9,105
2,028		 2022
£
6,000
114
2,923
68
2,028
11,133
11,133		 2021
£
6,000
110
2,785
55
1,968 .
10,918
10,918

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
2022 2021
£ £
Revaluation of investments (22,416) 23,746
11 Tangible fixed assets
Land and buildings
£
Cost or valuation
At 8 December 2021 1,850,000
At 7 December 2022 1,850,000
Carrying amount
At 7 December 2022 1,850,000
At 7 December 2021 1,850,000

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2022

11 Tangible fixed assets

(Continued)

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.

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 8 December 2021 261,745
Valuation changes (22,416)
Disposals (2,826)
At 7 December 2022 236,503
Carrying amount
At 07 December 2022 236,503
At 07 December 2021 261,745

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022 2021
£ £
Accruals and deferred income 2,028 1,968

ST ALDATE'S PAROCHIAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 DECEMBER 2022

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
2020
r
£
Church Branch Fund
100,000
Remaining Charities Fund
100,000
200,000		 Movement in funds
Incoming
esources
Resources
expended
£
£
107,178
(117,188)
107,179
(117,188)
214,357
(234,376)		 Transfers
Balance at
8 December
2021
r
£
£
10,010
100,000
10,009
100,000
20,019
200,000		 Movement in funds
Incoming
esources
Resources
expended
£
£
145,267
(118,442)
145,268
(118,442)
290,535
(236,884)		 Transfers
Balance at
7 December
2022
£
£
(1,825)
125,000
(1,826)
125,000
(3,651)
250,000		 Transfers
Balance at
7 December
2022
£
£
(1,825)
125,000
(1,826)
125,000
(3,651)
250,000
250,000

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 2022

15
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
2022
2022
£
£
Fund balances at 7
December 2022 are
represented by:
Tangible assets
1,850,000
-
Investments
236,503
-
Current assets/(liabilities)
(5,041)
250,000
2,081,462
250,000		 Total
Unrestricted
funds
Designated
funds
Total
2022
2021
2021
2021
as restated
as restated
£
£
£
£
1,850,000
1,850,000
-
1,850,000
236,503
261,745
-
261,745
244,959
(11,518)
200,000
188,482
2,331,462
2,100,227
200,000
2,300,227		 Total
Unrestricted
funds
Designated
funds
Total
2022
2021
2021
2021
as restated
as restated
£
£
£
£
1,850,000
1,850,000
-
1,850,000
236,503
261,745
-
261,745
244,959
(11,518)
200,000
188,482
2,331,462
2,100,227
200,000
2,300,227
2,300,227

16 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).