## **CHALFONT ST PETER**
## **CURATE’S ENDOWMENT FUND**
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED**
## **31 DECEMBER 2022**
Charity registra,on number: 1093547
Annual Report & Financial Accounts of Chalfont St Peter Curate’s Endowment Fund to 31 December 2022
CONTENTS YEAR ENDED 31 DECEMBER 2022
||Page|
|---|---|
|Report of the Trustees|2|
|Statement of Financial Ac,vi,es|7|
|Balance Sheet|8|
|Notes to the Financial Statements|9 - 11|
1
Annual Report & Financial Accounts of Chalfont St Peter Curate’s Endowment Fund to 31 December 2022
## **INTRODUCTION**
This report is submiOed to the Charity Commission for the year to 31 December 2022.
The accounts accompanying this report have been prepared in accordance with the accoun,ng policies set out in Note 1 aOached thereto.
## **AIMS AND PURPOSE**
the religious and other charitable work of the Church of England in the Parish of Chalfont St Peter for the benefit of the whole community. Specifically, relevant Charity Commission methodology classifica;ons are:
- Provides Buildings/Facili;es/Open Space
- Makes grants to organisa;ons
with provision of the following services:
- Religious ac;vi;es
- Accommoda;on/housing
- to other chari;es or voluntary bodies
The Endowment Fund is held by Diocesan Trustees (Oxford) Limited, and the Chalfont St Peter PCC (“the trustees”) is the Managing Trustee. During 2020, the trustees con;nued to manage the Fund with the following objec;ves:
- To preserve and enhance the value of the Fund.
- Of The Ecclesias;cal Parish Of Chalfont St Peter (“The PCC”) – itself focused upon religious ac;vi;es
-
The trustees an;cipate no unusual fund-raising ac;vi;es during 2023 but have made the decision to con;nue with the let of the property, 67 Fieldway, for a minimum period of one year. Subject to sa;sfactory returns on investment, they intend to make further grants to the Chalfont St Peter PCC, par;cularly from le\ng income, while maintaining the value of the Fund.
## **PERFORMANCE**
## **Value**
The Fund is largely invested in the property at 67 Fieldway, Chalfont St Peter, SL9 9QS. The property is in generally good condi;on following substan;al work in 2014 and reconstruc;on of the raised pa;o, associated retaining walls and steps in 2016. The tenants have raised concern regarding internal damp. Part has been iden;fied as a consequence of a blocked valley gu`er and cured, while inves;ga;ons are in hand to ascertain whether further work is required. The chimney needs repoin;ng and PCC are allowing for some more substan;al maintenance expenditure in 2023.
The property was valued by two experienced estate agents in the village in the autumn of 2020 at £600,000 – £650,0000 and the lower value was included in the accounts. Local estate agents with knowledge of the road, advise an increase of 13% (i.e. to £678,000). The insured “rebuild” value is £469,361.
2
Annual Report & Financial Accounts of Chalfont St Peter Curate’s Endowment Fund to 31 December 2022
The balance of the Fund’s investments provided a total annual return (unrealised gain/(loss) plus interest and dividends) in the year of minus 8.89% (2021 = 17.28%, 12020 = 9.67%, 2019 = 22.15%). In view of its low interest rate, the deposit account was used in the year to augment grants to the PCC.
## **Accommodation**
As planned and noted within the 2020 Annual Report, arrangements with the Diocesan Trustees (Oxford) Limited to let the property were completed and tenants took occupa;on on 29[th] January 2021. Rela;onships with the tenants have remained good and the trustees intend to nego;ate a renewal of the lease for another year.
## **Grants**
The trustees made Grants to the PCC totalling £39,425 funded by le\ng income, dividends and release of £7,000 from deposit account.
## **FINANCIAL REVIEW**
## **Overview**
Overall, the year ended with an increase in funds of £27,312 (2021 =£47,508; 2020 = £220,958) comprising:
- opera;ng profit/(loss) including rental income, less grants, of (10,685), (2021= profit
- £4,567; 2020 = profit £2,341)
- unrealised gain/(loss) on investments of (£40,003) (2021= gain £42,910; 2020 = gain
- £18,647)
- revalua;on of property of £78,000 (2021 = nil; 2020 = £200,000)
Total funds at 31[st] December 2022 comprised:
|● Property:|£678,000|
|---|---|
|● Investments:|£301,335|
|● Cash at Bank:|£4,338|
|**TOTAL:**|**£983,673**|
## **Budget Forecas?ng**
year ahead and income from le\ng is considered reasonably secure. The trustees therefore an;cipate that the Fund will again be able to make further grants to the PCC while covering rou;ne maintenance costs and retaining a small surplus.
## **Reserves Policy**
Such reserves as the Trustees consider necessary for foreseeable eventuali;es were previously held within the current and deposit accounts. However, no;ng the substan;al sum growing in the investment porlolio and small return on the deposit account, it was decided that sale of investments could be allowable in the event of unforeseen costs arising.
The Trustees consider the Fund’s property and investment porlolio as unavailable for any foreseeable opera;onal expenditure and to be maintained for its charitable ac;vi;es. They are not therefore regarded as viable reserves for
3
Annual Report & Financial Accounts of Chalfont St Peter Curate’s Endowment Fund to 31 December 2022
assets could be realised. The Trustees do not currently intend to place further funds into long-term investment.
## **Risk Policy**
place as noted below:
▪ Domes;c Risks: The primary asset of the Fund is its property at 67 Fieldway, which is used as a family home. Normal domes;c landlord risks – Fire and Theo (of the limited Fund cha`els), Health & Safety are insured with the Ecclesias;cal Insurance Group
▪ Weather: Roofs and drains are periodically checked.
▪ as required.
▪ Commi`ee meets regularly to review ma`ers of income and expenditure and reports to the PCC through quarterly Accounts and wri`en overview.
▪ 2018 are ongoing risks to the porlolio but, in the long term, sustained increase in both, as in the past, is an;cipated.
## **STRUCTURES, GOVERNANCE AND MANAGEMENT**
## **Trustees**
The Managing Trustee of the Fund is the Parochial Church Council of the Parish of Chalfont St Peter. The method of appointment of PCC members is set out in the Church Representa;on Rules. All those who a`end its services are encouraged to register on the electoral roll and stand for elec;on to the PCC. Induc;on of new Trustees is facilitated by a welcome address at the first PCC mee;ng of the new year, comprehensive guidance on Diocesan websites and occasional, voluntary training courses run by the Diocese.
## **PCC members who served at any 2me from 1 January 2022 to 31[st] December 2022**
**Incumbent** : period) **Clergy:** Dec) Dec)
Revd. John Goodman (Absent f during part Revd. Wendy Graham (Co-opted to May + from Revd. Jim King (Co-opted to May + from
**Licensed Lay Ministers:**
Miss Lydia Lee
(To August)
**Churchwardens:**
Mr. Bob Older (To May) Mrs Clair McCoy (To May) Mrs Lorraine Hardy (From May)
**Elected members of Deanery Synod** :
4
Annual Report & Financial Accounts of Chalfont St Peter Curate’s Endowment Fund to 31 December 2022
Elected 2020 Mrs Mary Webster Co-opted 2020 Mrs Ann Geary Vacancy **Elected Lay Members of PCC** Elected 2018 (re-elected May) Dr. Michael Baxendine (Lay Chairman) Mr. John Harwood Mr. Richard Simon (To April) Elected 2019 Mr. Timothy Mears Elected 2020 Mr. Grenville Dixie Mrs Meriel Garnham Mr. Ian HackeW (To April) Mrs Sheila Johnson Mrs Jessica Redman Mrs Ann Middleton Mrs Johanna Dickinson (To May) Elected 2021 Mrs Ann Geary Dr. Michael Baxendine Elected 2022 Mrs Paddy Hague Mr. Kenneth Hodgson Mr. Nicholas Thompson Mrs Alexandra Rice (To December)
## **Independent Examina?on**
Although total income (£29,186 exceeded the £25,000 threshold, net income/expenditure, (excluding revalua;on of property) aoer grant-making was (£10,685) in the period – i.e. less than £25,000. The Trustees have not commissioned an independent examina;on. (In 2016 the charge for independent examina;on - £1,692 - increased the Fund’s overall costs by 17% and in view of this dispropor;onate charge, the Trustees have subsequently not submi`ed the Fund’s accounts to independent examina;on)
## **ADMINISTRATIVE INFORMATION:**
Telephone: 01753 880067
The registered charity number is 1093547
## **RELEVANT ORGANISATIONS**
Bank: Barclays, Market Place Chalfont St Peter
Insurers: Ecclesias;cal, Beaufort House, Brunswick Road, Gloucester.
5
Annual Report & Financial Accounts of Chalfont St Peter Curate’s Endowment Fund to 31 December 2022
**Approved by order of the Trustees** on (date of approval) ………………………………………………………………….
and signed on their behalf by (name)
……………………………………………………………………………………………………………………….
Position……………………………………………………………………………………………………………………………………………………
……………..
Signature……………………………………………………………………………………………………………………………………………………
…………….
6
Annual Report & Financial Accounts of Chalfont St Peter Curate’s Endowment Fund to 31 December 2022
## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2020**
|**INCOME**
**2022**
**£**
**2021**
**£**
Dividends
2
8,969
8,674
Property Rental
20,175
17,730
Retained Interest
2
42
4
**TOTAL INCOME**
29,186
26,408
**Costs of Genera?ng Investment income**
**Property related costs (incurred out with the provision of accommoda?on for ministry team**
Property & Equipment maintenance
-
1,534
Insurance
446
407
Property Management costs
-
519
**Property running costs (incurred in provision of accommoda?on for clergy)**
Property Maintenance
-
-
Insurance
-
-
Council Tax and Water
-
(27)
**Grantmaking**
Grants to PCC
3; 7.2; 9
39,425
19,377
**TOTAL EXPENDITURE**
39,871
21,810
**NET INCOME/(EXPENDITURE)**
8
(10686)
(5,734)
**GAINS (LOSSES) ON INVESTMENTS**
- Unrealised
6
(40,003)
42,910
**REVALUATION OF PROPERTY**
6
78,000
-
**NET MOVEMENT IN FUNDS**
8
27,313
47,508
**FUND BALANCE BROUGHT FORWARD**
8
956,391
908,883
**FUND BALANCE CARRIED FORWARD**
8
983,673
956,391|**2022**
**£**|**2021**
**£**||**2020**
**£**|
|---|---|---|---|---|
||8,969|8,674||8376|
||20,175|17,730||-|
||42|4||30|
||29,186|26,408||8,406|
||||||
||-|1,534||1,847|
||446|407||96|
||-|519||898|
||||||
||-|-||696|
||-|-||291|
||-|(27)||2,237|
||||||
||39,425|19,377||3,000|
||||||
||39,871|21,810||9,065|
||(10686)
(40,003)
78,000
27,313
956,391
983,673||||
|||(5,734)||(658)|
||||||
|||42,910||18,647|
||||||
|||-||200,000|
||||||
|||47,508||217,988|
|||908,883||687,895|
|||956,391||905,854|
7
Annual Report & Financial Accounts of Chalfont St Peter Curate’s Endowment Fund to 31 December 2022
## **BALANCE SHEET YEAR ENDED 31 DECEMBER 2020**
||Note|2022
£|2021
£|2020
£|
|---|---|---|---|---|
|**FIXED ASSETS - PERMANENT ENDOWMENT**
|||||
|Tangible fxed assets|2,4|678,000|600,000|600,000|
|Investments|2,4,5,6|301,335|341,338|298,428|
|**TOTAL FIXED ASSETS**|4|979,335|941,338|898,428|
|**CURRENT ASSETS - UNRESTRICTED**|8||||
|Deposit|3|122|7,080|7,076|
|Cash at bank and in hand|3|4,216|7,943|3,380|
|**TOTAL CURRENT ASSETS**|8|983,673|956,361|687,895|
|**CURRENT LIABILITIES - UNRESTRICTED**|7||||
|Creditors|7.1||0|(30)|
|Accruals|7.2||0|(3,000)|
|**NET ASSETS**||**983,673**|**956,361**|**905,854**|
signed on their behalf by (name)
……………………………………………………………………………………………………………………….
Position……………………………………………………………………………………………………………………………………………………
……………..
Signature……………………………………………………………………………………………………………………………………………………
…………….
8
Annual Report & Financial Accounts of Chalfont St Peter Curate’s Endowment Fund to 31 December 2022
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020**
## **1. ACCOUNTING POLICIES**
## **Basis of preparation and assessment of going concern**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value except for investment assets, which are shown at fair value.
The financial statements have been prepared to give a ‘true and fair’ view and 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 adoption of the 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 by the Update Bulletin 1 for accounting periods beginning on or after 1 January 2016 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn. The financial statements are prepared in accordance with the Charities Act 2011.
The Curate’s Endowment Fund constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the Curate’s Endowment Fund’s ability to continue as a going concern. With respect to the next reporting period, the most significant areas of uncertainty are the maintenance of investment income at current levels plus inflation and the sufficiency of budgeted allowances for upkeep of fabric and infrastructure.
## **2. INCOME**
## **2.1 Investment Income**
Dividends and interest are accounted for when due and payable. Tax recoverable on such income is recognised in the same accounting year.
Rental income from the letting of the Fund property is recognised when the rental is due.
## **2.2 Gains and losses on investments**
Realised gains or losses are recognised when the investments are sold.
Unrealised gains or losses are accounted for on revaluation of investments at 31st December.
## **3. EXPENDITURE**
## **Grant Making**
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the charity.
9
Annual Report & Financial Accounts of Chalfont St Peter Curate’s Endowment Fund to 31 December 2022
## **4. FIXED ASSETS**
## **4.1 Tangible Fixed Assets**
The property owned by the fund is valued at the market value when last valued as at 31st December 2020. No depreciation is provided for. Any permanent change in value will be accounted for when the property is next revalued.
## **4.2 Investments**
Investments are valued at market value at 31st December each year
## **4.3 Current Assets**
Amounts owing to the Fund at 31st December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectable.
## **4.4 Classification of Assets**
Fixed assets, representing capital in the fund are classified ‘permanent endowment’. Current assets, representing retained income are classified ‘unrestricted’.
## **5. PROPERTY**
The property was occupied by a church staff member, free of charge, until mid-October 2020 and, after necessary preparations, was let to third parties from 29[th] January 2021.
## **6. RETURN ON INVESTMENT (ROI)**
|**Investment**|2022|2021|2020|
|---|---|---|---|
|67 Fieldway|13%|n/a|50%|
|Invested Funds|(8.89%)|17.28%|9.67%|
The return on 67 Fieldway reflects revaluation in 2022 with previous valuation in 2020 – an average in The period since last valuation of 6.5%
Investments comprise shares in the Church of England Central Board of Finance (CBF) Income Fund managed by CCLA. Total Annual Return on investments includes unrealised Gains/Losses and Dividend
|31stDecember 2022
No. of
Shares
Market
Value
Historical
Cost
14,595
£301,335
£64,885|31stDecember 2021
No. of
Shares
Market
Value
Historical
Cost
14,595
£341,338
£64,885|
|---|---|
Shares were originally purchased in 1988
10
Annual Report & Financial Accounts of Chalfont St Peter Curate’s Endowment Fund to 31 December 2022
## **7. LIABILITIES**
**7.1 Creditors** None **7.2 Accruals** None
## **8. MOVEMENT IN FUNDS**
||**Opening**|**Income**|**Expenditure**|**Investment**
**Gain/(Loss)**|**Closing**|
|---|---|---|---|---|---|
|Endowment|941,338|-|-|37,997|979,335|
|Unrestricted|15,023|29,186|(39,872)|-|4,338|
|**TOTAL**|**956,361**|**29,186**|**(39,872)**|**37,997**|**983,673**|
## **9. TRUSTEE REMUNERATION**
None of the trustees or the key management of the PCC or related persons received any remuneration or reimbursement of expenses from the Fund during the year (2021: £Nil).
11