CHALFONT ST. PETER
CURATE’S ENDOWMENT FUND
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31°" DECEMBER 2023
Registered Charity No. 1093547
CONTENTS
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|Report of the Trustees|2-5|
|Statement|of|Financial|Activities|6|
|Balance|Sheet|7|
|Notes to|the|Financial|Statements|8-10|
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ANNUAL REPORT & FINANCIAL ACCOUNTS OF CHALFONT ST. PETER CURATE’S ENDOWMENT FUND FOR THE YEAR ENDED 3157 DECEMBER 2023
Introduction
This report is submitted to the Charity Commission for the year to 31°* December 2023.
The accounts accompanying this report have been prepared in accordance with the accounting policies set out in Note 1 thereto.
Aims and Purpose
The Curate’s Endowment Fund is a public benefit charitable trust whose overall charitable objective is to further 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 classifications are:-
- e¢ Provides Buildings/Facilities @ Makes grants to organisations e Religious activities e Accommodation/housing e to other charities or voluntary bodies
The Endowment Fund is held by Diocesan Trustees (Oxford) Limited and the Chalfont St Peter PCC is the Managing Trustee. During 2023 the trustees continued to manage the fund with the following objectives:-
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e To preserve and enhance the value of the fund e To provide accommodation for the benefit of Charity No. 1146043- The Parochial Church Council of the Ecclesiastical Parish of Chalfont St. Peter (The PCC) itself focussed on religious activities.
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¢ o make grants as when prudent for the benefit of other charities or other voluntary bodies
The Trustees do not anticipate making any fundraising activities during 2024 but hope that the Parish appoints a Children’s & Families Worker who could occupy the property. If the house is not suitable for this person the PCC would propose that the property be let on a short term basis.
Performance
The main asset of the fund is 67 Fieldway, Chalfont St. Peter SL9 9SQ a semi-detached house. The Property is in generally good condition. A roof repair was carried out in 2023 and UPVC replacement windows are scheduled to be replaced along with other major works in 2024
The property was valued by two experienced estate agents in the village in the Autumn of 2020 at £600,000-650,000 and there has been an increase in property prices locally since. The insured “rebuild” value was £469,361. A further valuation will take place following the major works planned in 2024.
The tenant in place during 2022 vacated the property in August 2023. The house sale by Revd Adrian Manning and Mrs Becky Manning fell through and we agreed that they could rent the property until they found a new property and they were able to move out in March 2024.
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ANNUAL REPORT & FINANCIAL ACCOUNTS OF CHALFONT ST. PETER CURATE’S ENDOWMENT FUND FOR THE YEAR ENDED 315° DECEMBER 2023
The balance of the Fund’s investments provided a total annual return (unrealised gain/loss) plus interest and dividends) in the tear of 9.49% (2022 =minus 8.89%).
Financial Review
Overview
Overall the year ended with an increase in funds of £43,925.72 (2022= £27,312)
Budget Forecasting
The fund’s finances are relatively simple. The income from letting is considered reasonably secure. It is likely that some investments will need to be realised to cover the significant expenditure anticipated in the year ahead
Risk Policy
The Trustees review risks to the Fund’s affairs and currently identify the following and have appropriate actions in place as noted below:-
-
e Domestic Risks-The primary asset of the Fund is its property at 67 Fieldway which is used as a family home. Normal domestic landlord risks- Fire and Theft of the limited Fund chattels, Health and Safety are insured with the Ecclesiastical Insurance Office plc.
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¢ Weather- Roofs and drains are periodically checked e Deterioration of fabric- The PCC reviews and maintains buildings and fabric as required.
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e Financial insecurity affecting ability as an on-going concern. A Finance Committee meets regularly to review matters of income and expenditure and reports to the PCC through quarterly accounts and written overview.
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e Poor performance of the financial and housing property markets as seen in recent years are ongoing risks to the portfolio, but in the long term, sustained increase in both, as in the past, is anticipated.
Structure, Governance and Management
Trustees
The Managing Trustees of the Fund is the Parochial Church Council of the Parish of Chalfont St. Peter (The PCC).
Full details of the serving Trustees for 2023 can be found in the Trustees’ Report and Financial Statements of the Parochial church Council of Chalfont St. Peter, Charity No. 1146043 for the year ended December 31°t 2023. Any detailed work of the CEF Charity is recorded in the minutes and annual report of the PCC as an integrated business.
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ANNUAL REPORT & FINANCIAL ACCOUNTS OF CHALFONT ST. PETER CURATE’S ENDOWMENT FUND FOR THE YEAR ENDED 3157 DECEMBER 2023
Independent Examination
Although total income (£27,447.42) exceeded the £25,000 threshold, net income/expenditure after grant making was (£15,327.51) in the period-i.e. less than £25,000. The Trustees have not commissioned an independent examination. The cost of a professional independent examination was viewed as a disproportionate charge, so the trustees have subsequently not submitted the Fund’s accounts for independent examination.
Connected Charity
Charity No. 1146043 The Parochial Church Council of the Ecclesiastical Parish of Chalfont St. Peter.
Administrative Information
The correspondence address is:-
Church Office, Parish Church Hall, Church Lane, Chalfont St. Peter, Buckinghamshire, SL9 9RJ Telephone No. 01753 880067 e-mail:- office@csp.church
Relevant Organisations
Bankers:- Barclays Bank UK plc, Leicester
Insurers:- Ecclesiastical Insurance Office plc Benefact House, 2000 Pioneer Avenue, Gloucester Business Park, Brockworth, Gloucester, GL3 4AW
Approved by order of the Trustees on 24th April 2024 and signed on their behalf by
position. Af. DMY ennui. signature... IBAA OE covet
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ANNUAL REPORT & FINANCIAL ACCOUNTS OF CHALFONT ST. PETER CURATE’S ENDOWMENT FUND FOR THE YEAR ENDED 315" DECEMBER 2023
STATEMENT OF FINANCIAL ACTIVITIES
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|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Endowment|Total Funds|Total Funds|
|2023|2023|2023|2022|
|Note|£|£|£|£|
|Income|from:|
|Incoming|resources|from|donors|2(a)|0.00|0.00|0.00|0.00|
|Other voluntary incoming resources|2(b)|0.00|0.00|0.00|0.00|
|Income from|charitable|and ancillary|trading|2(c)|18,425.00|0.00|18,425.00|20,175.00|
|Other ordinary incoming|resources|2(d)|0.00|0.00|0.00|0.00|
|Income from|investments|2(e)|9,022.42|0.00|9,022.42|9,011.30|
|Total income from:|27,447.42|0.00.|27,447.42.|~ 29,186.30|
|Expenditure on:|
|Grants|3(a)|9,000.00|0.00|9,000.00|39,425.00|
|Activities|directly|relating to|the work of the|church|3(b)|3,119.91|0.00|3,119.91|446.81|
|Costs|of generating funds|3(c)|0.00|0.00|0.00|0.00|
|Total Expenditure on:|~~|42,119.91|0.00.|~~|42,119.91|~|39,871.81.|
|Net|Income/|(Expenditure)|Resources|before|Transfer|15,327.51|0.00|15,327.51|-10,685.51|
|Unrealised|gains/losses|on|investments|0.00|28,598.21|28,598.21|-40,003.05|
|Net Income/ (Expenditure)|15,327.51|28,598.21.|43,925.72|~ 50,688.56|
|.|
|Other|recognised|gains/losses|
|Gains on|revaluation|of|property|0.00|0.00|0.00|78,000.00|
|Transfers|
|Gross|Transfer|between|Funds|-|In|0.00|0.00|0.00|0.00|
|Gross|Transfer|between|Funds|-|Out|0.00|0.00|0.00|0.00|
|Net movement|in Funds|45,327.51|28,598.21.|43,925.72|~|27,311.44|
|Reconciliation of Funds|
|Total|Funds Brought Forward|4,337.75|979,334.96|983,672.71|956,361.27|
|Total Funds Carried|Forward|~~|19,665.26|“1,007,933.17.|“1,027,598.43|"983,672.71|
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ANNUAL REPORT & FINANCIAL ACCOUNTS OF CHALFONT ST. PETER CURATE’S ENDOWMENT FUND FOR THE YEAR ENDED 315" DECEMBER 2023
BALANCE SHEET
| Unrestricted | Endowment | Total Funds | Total Funds | |
|---|---|---|---|---|
| 2023 | 2023 | 2023 | 2022 | |
| Fixed Assets (Note 4) | £ | £ | £ | £ |
| Propertyat67 Fieldway Investments |
678,000.00 | 678,000.00 | 678,000.00 | |
| CCLACB3012094 | 329,933.17 | 329,933.17 | 301,334.96 | |
| CurrentAssets (Note 4) | 0.00 | 1,007,933.17 | 1,007,933.17 | 979,334.96 |
| Cash at Bank and in hand | ||||
| CCLACB3041108 | 126.29 | 126.29 | 122/37 | |
| Barclays CurrentAccount | 19,538.97 | 19,538.97 | 4,215.38 | |
| 19,665.26 | 0.00 | 19,665.26 | 4,337.75 | |
| NetAssets | 19,665.26 | 1,007,933.17 | 1,027,598.43 | 983,672.71 |
| Represented by | ||||
| General Endowment |
19,665.26 | 1,007,933.17 | 19,665.26 1,007,933.17 |
4,337.75 979,334.96 |
| 19,665.26 | 1,007,933.17 | 1,027,598.43 | 983,672.71 |
The financial statements were approved by the Trustees and authorised for issue on 24% April 2024
signed on their behalf by (name) Dove Micnnée.Pacevpwe.
postion. LAB CME ot
Signatu Ee 2
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ANNUAL REPORT & FINANCIAL ACCOUNTS OF CHALFONT ST. PETER CURATE’S ENDOWMENT FUND FOR THE YEAR ENDED 315" DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31° DECEMBER 2023
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.
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ANNUAL REPORT & FINANCIAL ACCOUNTS OF CHALFONT ST. PETER CURATE’S ENDOWMENT FUND
FOR THE YEAR ENDED 315" DECEMBER 2023
2 INCOME
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|Unrestricted|Unrestricted|
|Funds|Funds|
|2023|2022|
|£|£|
|Income|
|2(c)|income from|charitable|and|ancillary trading|
|Property|Rental|18,425.00|20,175.00|
|2(e)|Income|from|investments|18,425.00|20,175.00|
|Dividends|9,018.50|8,968.88|
|Retained|Interest|3.92|42.42|
|9,022.42|9,011.30|
|Total Income from:|27,447.42|29,186.30|
|Expenditure|
|3(a)|Grants|
|Chalfont|St|Peter PCC|9,000.00|39,425.00|
|9,000.00|39,425.00|
|3(b)|Activities directly|relating to the work of the charity|
|Property &|Equipment|Maintenance|2,634.11|0.00|
|Insurance|485.80|446.81|
|3,119.91|446.81|
|Total|Expenditure|on:|12,119.91|39,871.81|
|Net Income/Expenditure|15,327.51|-10,685.51|
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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.
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ANNUAL REPORT & FINANCIAL ACCOUNTS OF CHALFONT ST. PETER CURATE’S ENDOWMENT FUND FOR THE YEAR ENDED 315’ DECEMBER 2023
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. LIABILITIES
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5.1 Creditors None
5.2 Accruals None
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6. RETURN ON INVESTMENT (ROI!)
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67Fieldway [0 [|13%] |
Invested Funds | 9.49% | (8.89%)
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The return on 67 Fieldway reflects revaluation in 2022 with previous valuation in 2020. 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 Dividends.
7. TRUSTEE RENUMERATION
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 (2022: £Nil)
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