REGISTERED CHARITY NUMBER: 1087687
Report of the Trustees and
Financial Statements
for the Year Ended 31 December 2022
for
The St Mary's Charity
Bates Weston LLP 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 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 11 |
The St Mary's Charity
Report of the Trustees for the Year Ended 31 December 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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 Miss Airmyne Harpur-Crewe shortly before he died. The charity also received another substantial bequest from the same source at the beginning of 2020.
Page 1
The St Mary's Charity
Report of the Trustees for the Year Ended 31 December 2022
ACHIEVEMENT AND PERFORMANCE
At the meeting of the Bridge Chapel Trustees held on 4th November 2021, it was proposed and accepted that Dean Peter Robinson, Tim Smith and Roger Pegg would continue as Trustees of St Mary's Charity.
Mrs Joyce Sawford was appointed as Trustee and Secretary to The St Mary's Charity at their meeting on December 2nd 2021. The Dean subsequently proposed that Joyce also be appointed as a Bridge Chapel Trustee and this was agreed by the Bridge Chapel Trustees by email on 4th December 2021.
Three meetings of the St Mary's Charity were held on 28th February, 20th June and 28th November 2022. It was agreed at the first meeting of the year that the Dean be Chair of the meetings, with Mr Tim Smith as Treasurer and Mrs Joyce Sawford as Secretary.
Funding requests were received both on paper and electronically during 2022 and were processed by Mrs Joyce Sawford as Secretary to the Trustees.
During the financial year ended 31st December 2022 grants totalling £25,725 were agreed and made to the following charities:
| following charities: | |
|---|---|
| ECOLOGY | £ |
| Marine Conservation Society | 500 |
| International Otter Survival Fund | 750 |
| Whale & Dolphin Conservation | 750 |
| Prickles Hedgehog Rescue | 500 |
| Sustainable Global Gardens | 500 |
| Forest of Avon Trust | 1000 |
| Sheffield and Rotherham Wildlife Trust | 500 |
| Buglife Scotland | 750 |
| Derbyshire Wildlife Trust | 1000 |
| Scottish Seabird Centre | 1000 |
| Buglife Bees Abroad THIRD WORLD Leprosy Mission |
500 500 £ 1000 |
| Temwa | 1000 |
| Freedom Kit Bags | 1000 |
| Village By Village | 500 |
| Network Community | 500 |
| Frank Water Projects | 1000 |
| Bright Sparks School India | 500 |
| Zimbabwe Educational Trust | 500 |
| Appropriate Technology Asia | 1000 |
| Sightsavers | 1000 |
| Habitat for Humanity Great Britain | 1000 |
| Sand Dams Worldwide Ltd | 500 |
| United Works | 500 |
| Inter-Care | 500 |
| AGA-ENT | 500 |
| Bala Kenya | 500 |
| Hope Village | 500 |
| Tools for Self Reliance | 500 |
| Renewable World | 225 |
| Mend the Gap | 250 |
| Latin American Foundation for the Future | 500 |
| Educate for Life | 500 |
| Project Mala | 500 |
| Project Harah | 500 |
| Legs for Africa | 1000 |
| East Africa Children | 500 |
Page 2
The St Mary's Charity
Report of the Trustees for the Year Ended 31 December 2022
CATHOLIC TRADITION College of St Barnabas
£ 1000
A further 36 charities were unsuccessful in their applications, as the trustees felt that their applications did not appear to meet the specific wording criteria of the schedule to which they work, or their application was made too early to be considered (the trustees agreed not to grant further funding within 12 months of a previous successful bid).
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.
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 CCLA investment funds. 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 estate of Miss A I M Harpur-Crewe in February 2020, the charity now has adequate free reserves to provide financial stability for its activities in accordance with its aims.
Financial review
After research and due diligence by the Treasurer, Mr Tim Smith, the Trustees agreed in 2021 that the additional funds received from Miss Harpur-Crewe's estate were to be invested in CCLA/COIF funds. The monies were divided £500,000 each into the Charities Investment Fund and the Global Equities Investment Fund, the two funds offering different profiles of company investments. Monies are also held in the CCLA/COIF deposit fund and a NatWest current account to fund further grant requests. The disposition of funds has been continued through 2022.
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.
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 CCLA Charitable Funds which will provide a mix of assured regular income and the ability to accumulate funds in the long term as described above.
Related parties
The will of the late Canon Miller, which is the founding document of the Charity, 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.
Page 3
The St Mary's Charity
Report of the Trustees for the Year Ended 31 December 2022
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1087687
Principal address
Derby Cathedral Offices 18 - 19 Iron Gate Derby DE1 3GP
Trustees
Mr A R Pegg Very Rev Dr P J A Robinson Chairman Mrs J Sawford Mr T G Smith
Independent Examiner
Wayne Thomas ACA Bates Weston LLP Chartered Accountants The Mills Canal Street Derby DE1 2RJ
Bankers
National Westminster Bank Plc Derby St Peter's Street Derby Derbyshire DE1 1XL
Solicitors
Elliot Mather LLP 44 Friargate Derby DE1 1DA
Accountant
Bates Weston LLP Chartered Accountants The Mills Canal Street Derby DE1 2RJ
Approved by order of the board of trustees on 23 October 2023 and signed on its behalf by:
Very Rev Dr P J A Robinson Chairman - Trustee
Page 4
Independent Examiner's Report to the Trustees of The St Mary's Charity
Independent examiner's report to the trustees of The St Mary's Charity
I report to the charity trustees on my examination of the accounts of The St Mary's Charity (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 accounts to be reached.
Wayne Thomas ACA
Bates Weston LLP Chartered Accountants The Mills Canal Street Derby DE1 2RJ
24 October 2023
Page 5
The St Mary's Charity
Statement of Financial Activities for the Year Ended 31 December 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities Grant Making Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 89 27,509 27,598 27,388 (139,473) (139,263) 1,150,428 1,011,165 |
2021 Total funds £ - 20,325 20,325 30,742 76,978 66,561 1,083,867 1,150,428 |
|---|---|---|
The notes form part of these financial statements
Page 6
The St Mary's Charity
Balance Sheet 31 December 2022
| Notes FIXED ASSETS Investments 5 CURRENT ASSETS Debtors 6 Cash at bank CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 8 Unrestricted funds TOTAL FUNDS |
2022 Unrestricted fund £ 941,407 6,823 63,670 70,493 (735) 69,758 1,011,165 1,011,165 1,011,165 1,011,165 |
2021 Total funds £ 1,080,880 6,768 63,480 70,248 (700) 69,548 1,150,428 1,150,428 1,150,428 1,150,428 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 23 October 2023 and were signed on its behalf by:
Very Rev Dr P J A Robinson Chairman - Trustee
The notes form part of these financial statements
Page 7
The St Mary's Charity
Notes to the Financial Statements for the Year Ended 31 December 2022
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.
Fixed asset investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost, and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'net gains/(losses) on investments' in the statement of financial activities.
2. INVESTMENT INCOME
3.
| Deposit account interest Dividends received AUDITORS' REMUNERATION Auditors' remuneration for non audit work |
2022 £ 295 27,214 27,509 2022 £ 735 |
2021 £ 36 20,289 20,325 2021 £ 706 |
|---|---|---|
Page 8
continued...
The St Mary's Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
5. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2022 Revaluations At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
Listed investments £ 1,080,880 (139,473) 941,407 941,407 1,080,880 |
|---|---|
There were no investment assets outside the UK.
Cost or valuation at 31 December 2022 is represented by:
6.
| Valuation in 2022 | Listed investments £ 941,407 |
|
|---|---|---|
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| Accrued income | 2022 £ 6,823 |
2021 £ 6,768 |
Page 9
continued...
The St Mary's Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors MOVEMENT IN FUNDS At 1.1.22 £ Unrestricted funds General fund 1,150,428 TOTAL FUNDS 1,150,428 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 27,598 (27,388) TOTAL FUNDS 27,598 (27,388) Comparatives for movement in funds At 1.1.21 £ Unrestricted funds General fund 1,083,867 TOTAL FUNDS 1,083,867 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 20,325 (30,742) TOTAL FUNDS 20,325 (30,742) |
2022 £ 735 Net movement in funds £ (139,263) (139,263) Gains and losses £ (139,473) (139,473) Net movement in funds £ 66,561 66,561 Gains and losses £ 76,978 76,978 |
2021 £ 700 At 31.12.22 £ 1,011,165 1,011,165 Movement in funds £ (139,263) (139,263) At 31.12.21 £ 1,150,428 1,150,428 Movement in funds £ 66,561 66,561 |
|---|---|---|
8. MOVEMENT IN FUNDS
Page 10
continued...
The St Mary's Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
8. 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 1.1.21 £ 1,083,867 1,083,867 |
Net movement in funds £ (72,702) (72,702) |
At 31.12.22 £ 1,011,165 1,011,165 |
|---|---|---|---|
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 £ 47,923 47,923 |
Resources expended £ (58,130) (58,130) |
Gains and Movement losses in funds £ £ (62,495) (72,702) (62,495) (72,702) |
|---|---|---|---|
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 11