REGISTERED CHARITY NUMBER: 1087687
Report of the Trustees and
Financial Statements
for the Year Ended 31 December 2020
for
The St Mary's Charity
Bates Weston Audit Ltd Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ
The St Mary's Charity
Contents of the Financial Statements for the Year Ended 31 December 2020
| Page | ||
|---|---|---|
| Reference and Admin details | 1 | |
| Report of the Trustees | 1 | to 3 |
| Report of the Independent Auditors | 4 | to 5 |
| Statement of Financial Activities | 6 | |
| Balance Sheet | 7 | |
| Cash Flow Statement | 8 | |
| Notes to the Cash Flow Statement | 9 | |
| Notes to the Financial Statements | 10 | to 13 |
| Detailed Statement of Financial Activities | 14 |
The St Mary's Charity
Charity Information for the Year Ended 31 December 2020
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1087687
Principal address
18/19 Iron Gate Derby DE1 3GP
Trustees
Mr A R Pegg Rev Canon E J Thomson (resigned 10/05/2021) Mr P J Hodgson (Re-appointed 04/02/2021) Mr T G Smith (appointed 20/02/2020)
Very Rev Dr P J A Robinson (appointed 26/01/2021)
Auditors
Bates Weston Audit Ltd Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ
Bankers
National Westminster Bank Plc 58 St Peters St Derby DE1 1XL
Solicitors
Elliot Mather LLP 44 Friargate Derby DE1 1DA
Accountant
Bates Weston LLP Chartered Accountants The Mills Canal Street Derby DE1 2RJ
The St Mary's Charity
Report of the Trustees for the Year Ended 31 December 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives
The objects of the St Mary’s Charity are formalised by the will of Canon Paul Miller dated 2nd May 2000. The charity was brought into being by the will.
The St Mary’s Charity Trustees shall hold the Trust Fund and its income upon trust to apply them for the following objects (‘the Objects’). To apply the same to or for such charitable institution or institutions or other charitable object or objects or other charitable purpose or purposes in any part of the world which:
-
1) Maintain or promote the Catholic tradition of the Church of England or
-
2) Promote the Church of England’s traditional teaching in opposition to the ordination of women to the priesthood
-
3) Promote the relief of poverty by the use of technology in the Third World
-
4) Promote ecology or the preservation of the environment
-
5) Promote the advancement of religion according to the strict interpretation of the Catholic creeds as taught by the Church of England
-
6) To further the religious and other charitable work of the congregation meeting for religious worship at the Chapel of St Mary on the Bridge Derby
-
7) To relieve in cases of financial need clergymen who have served in the Chapel of St Mary on the Bridge Derby or individuals associated with the said Chapel who wish to train for Holy Orders
Significant activities
Our main activity is to make grants to other charities that comply with the defined objects of the charity. There has never been any shortage of suitable applicants. So far, the charity has benefitted from a bequest made to Canon Paul Miller by the estate of Airmyne Harpur-Crewe shortly before he died. The charity also received another bequest from the same source at the start of 2020.
ACHIEVEMENT AND PERFORMANCE
In a hard year for charities due to COVID-19 restrictions the trustees met just once, face to face, in February 2020. At this meeting Peter Hodgson’s resignation as a St Mary’s Charity trustee was recorded. Peter had been a longstanding member of the Bridge Chapel congregation and one of its trustees. The remaining trustees wished to record his service in his role as honorary secretary. At the same meeting Tim Smith, a Bridge Chapel trustee, became a trustee of the charity.
In the same month the trustees were in receipt of a legacy from the Miss Airmyne Harpur-Crewe estate of £1.066m, in a letter dated 17th February 2020 from Royds Solicitors. It was towards the end of 2019 that the trustees became aware of the possibility of a large bequest from the Harpur-Crewe estate which followed a previous bequest from the same estate which was made shortly before the death of Canon Paul Miller in late 2000.
The onset of the pandemic occurred whilst there was a vacancy for the Dean of Derby. The Very Rev’d Stephen Hance had moved to a new role in September 2019. During the vacancy the role of chair was fulfilled by the Rev’d Canon Elizabeth Thomson, who due to taking up a new role in mid-2021 resigned her trusteeship.
The new Dean, the Very Rev’d Peter Robinson, was collated by the Bishop of Derby on 19th July 2020 and during the autumn of 2020 was briefed by fellow trustees about the activities of St Mary’s Trust. The first meeting online with the new chair was 4th February 2021.
Page 2
The St Mary's Charity
Report of the Trustees for the Year Ended 31 December 2020
Due to the restrictions of the pandemic during 2020, the changeover of trustees and the impending arrival of a new Dean, no charitable grants were made. All applications were held in reserve for 2021 meetings of the trustees when it was hoped that face to face meetings could be reinstated. The plan for the early part of 2021 was for the trustees to re-evaluate the strategic direction and purpose of the charity in the light of the significant and unanticipated legacy from early 2020.
In considering the operation, achievement, performance and finances of the charity, the trustees are satisfied that public benefit has been provided in the year in accordance with the Charities Act 2011 and the guidance published by the Charity Commission. The entry in the "Directory for Social Change" continued to attract a number of new applications, and repeat applications were received from organisations that had been helped before. The charity did not provide any grants in the year, this was in part due to the ongoing Covid-19 pandemic.
FINANCIAL REVIEW
Reserves Policy
The trustees aim to have sufficient readily accessible funds to cover not only day to day expenses but also for the anticipated grants for the next few years. The remainder of the money held by the Charity will be treated as a reserve and has been placed in the CCLA/COIF investment fund. The St. Mary's Charity exists simply to make grants to qualifying applicants as long as funds are available. The trustees consider that further donations to bolster the current holdings are unlikely.
The trustees are confident that following the legacy left by the Harpur-Crewe estate, the charity now has adequate free reserves to provide financial stability for its activities in accordance with its aims.
Financial review
During the year the only sources of income were interest from the CCLA COIF Deposit Fund, dividends from the CCLA COIF Investment Fund and the additional legacy left by Miss Harpur-Crewe.
As of 31 December 2020 the charity held £1,083,867 in unrestricted funds, of this amount £3,902 is held within fixed assets.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust dated 2nd May 2000 and constitutes an unincorporated charity.
Appointment of trustees
The Chairman of the Trust is the Dean of Derby.
The elected trustees are appointed annually by the Trustees of the St Mary's Chapel on the Bridge, Derby, a registered charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Training and Induction of New Trustees
The Charity does not consider it necessary for a formal training or induction programme for new trustees. Each new trustee is given a copy of the relevant part of the will of the late Canon Paul Miller and attention is drawn to the objects of the Charity as defined in that document. Relevant documents received from the Charity Commission are also passed on to all trustees.
Trustees investment policy
The policy of the trustees is to invest in Charitable Funds which will provide a mix of assured regular income and the ability to accumulate funds in the short term. Currently the money is placed in a Charitable Fund which offers advantageous rates of interest.
Page 2
The St Mary's Charity
Report of the Trustees for the Year Ended 31 December 2020
Related parties
The will, which is the founding document of the Charity, of the late Canon Miller states that the trustees of the St. Mary's Charity shall be selected from the trustees of the Chapel of St. Mary on the Bridge.
The only related party is the Chapel of St. Mary on the Bridge for the reasons stated above. The two charities operate independently of each other and there have never been any transactions between them.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 28 September 2021 and signed on its behalf by:
Very Rev Dr P J A Robinson - Trustee
Page 3
Report of the Independent Auditors to the Trustees of The St Mary's Charity
Opinion
We have audited the financial statements of The St Mary's Charity (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
-
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 4
Report of the Independent Auditors to the Trustees of The St Mary's Charity
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the Charity and industry in which it operates, we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. Audit procedures performed by the engagement team included:
-
Enquiry of management, those charged with around actual and potential litigation and claims;
-
Reviewing minutes of meetings of those charged with governance;
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
-
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Page 5
Other Matters
The accounts for the year ended 31 December 2019 were unaudited and we express no opinion on them and the corresponding figures.
Bates Weston Audit Ltd Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Chartered Accountants The Mills Canal Street Derby DE1 2RJ
Date: 30 September 2021
Page 5
The St Mary's Charity
Statement of Financial Activities for the Year Ended 31 December 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Grant making Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2020 Unrestricted fund £ 1,076,305 263 1,076,568 1,920 1,920 235 1,074,883 8,984 1,083,867 |
2019 Total funds £ - 480 480 21,349 21,349 2,581 (18,288) 27,272 8,984 |
|---|---|---|
The notes form part of these financial statements
Page 6
The St Mary's Charity
Balance Sheet
31 December 2020
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Cash at bank and in hand CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
2020 Unrestricted fund £ 3,902 1,083,038 (3,073) 1,079,965 1,083,867 1,083,867 1,083,867 1,083,867 |
2019 Total funds £ 3,667 5,629 (312) 5,317 8,984 8,984 8,984 8,984 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 September 2021 and were signed on its behalf by:
Very Rev Dr P J A Robinson - Trustee
The notes form part of these financial statements
Page 7
The St Mary's Charity
Cash Flow Statement
| for the Year Ended 31 December 2020 2020 Notes £ Cash flows from operating activities Cash generated from operations 1 1,077,146 Net cash provided by/(used in) operating activities 1,077,146 Cash flows from investing activities Sale of fixed asset investments - Interest received 263 Net cash provided by investing activities 263 Change in cash and cash equivalents in the reporting period 1,077,409 Cash and cash equivalents at the beginning of the reporting period 5,629 Cash and cash equivalents at the end of the reporting period 1,083,038 |
2019 £ (21,338) (21,338) 15,001 480 15,481 (5,857) 11,486 5,629 |
|---|---|
The notes form part of these financial statements
Page 8
The St Mary's Charity
Notes to the Cash Flow Statement for the Year Ended 31 December 2020
| 1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH ACTIVITIES Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Gain on investments Interest received Increase in creditors Net cash provided by/(used in) operations 2. ANALYSIS OF CHANGES IN NET FUNDS At 1.1.20 £ Net cash Cash at bank and in hand 5,629 5,629 Total 5,629 |
FLOW FROM OPERATING 2020 2019 £ £ 1,074,883 (18,288) (235) (2,581) (263) (480) 2,761 11 1,077,146 (21,338) Cash flow At 31.12.20 £ £ 1,077,409 1,083,038 1,077,409 1,083,038 1,077,409 1,083,038 |
|---|---|
The notes form part of these financial statements
Page 9
The St Mary's Charity
Notes to the Financial Statements for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
2. DONATIONS AND LEGACIES
| Legacies 3. INVESTMENT INCOME Deposit account interest Dividends received |
2020 £ 1,076,305 2020 £ 151 112 263 |
2019 £ - 2019 £ 23 457 480 |
|
|---|---|---|---|
Page 10
The St Mary's Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
4. CHARITABLE ACTIVITIES COSTS
| 4. | CHARITABLE ACTIVITIES COSTS | ||||
|---|---|---|---|---|---|
| Support | |||||
| Direct | costs (see | ||||
| Costs | note 5) | Totals | |||
| £ | £ | £ | |||
| Grant Making | (840) | 2,760 | 1,920 | ||
| 5. | SUPPORT COSTS | ||||
| Governance | |||||
| costs | |||||
| £ | |||||
| Grant making | 2,760 | ||||
| 6. | AUDITORS' REMUNERATION | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Fees payable to the charity's auditors for the audit of the charity's | |||||
| financial statements | 2,400 | - | |||
| Auditors' remuneration for non audit work | 360 | - |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
8. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 January 2020 | 3,667 |
| Revaluations | 235 |
| At 31 December 2020 | 3,902 |
| NET BOOK VALUE | |
| At 31 December 2020 | 3,902 |
| At 31 December 2019 | 3,667 |
There were no investment assets outside the UK.
Page 11
The St Mary's Charity
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors 10. MOVEMENT IN FUNDS |
2020 £ 3,073 |
2019 £ 312 |
|---|---|---|
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.20 £ 8,984 8,984 |
Net movement in funds £ 1,074,883 1,074,883 |
At 31.12.20 £ 1,083,867 1,083,867 |
|---|---|---|---|
Net movement in funds, included in the above are as follows:
| Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 1,076,568 (1,920) 235 TOTAL FUNDS 1,076,568 522 235 Comparatives for movement in funds Net movement At 1.1.19 in funds £ £ Unrestricted funds General fund 27,272 (18,288) TOTAL FUNDS 27,272 (18,288) Comparative net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 480 (21,349) 2,581 TOTAL FUNDS 480 (21,349) 2,581 |
Movement in funds £ 1,074,883 1,077,325 At 31.12.19 £ 8,984 8,984 Movement in funds £ (18,288) (18,288) |
|---|---|
Page 12
continued...
The St Mary's Charity
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.19 £ 27,272 27,272 |
Net movement in funds £ 1,056,595 1,056,595 |
At 31.12.20 £ 1,083,867 1,083,867 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 1,077,048 1,077,048 |
Resources expended £ (23,269) (23,269) |
Gains and losses £ 2,816 2,816 |
Movement in funds £ 1,056,595 1,056,595 |
|---|---|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
Page 13