A & M TRUST ( A company Limited by Guarantee) Report and Financial Statements Year ending 31 December 2020 Charity number : 1105023 Company number : 5167429 ## CONTENTS ||Page| |---|---| |Report of the trustees and|2-4| |directors|| |Report of the Independent|5-6| |Examiner|| |Statement of Financial Activities|7| |(SOFA)|| |Balance Sheet|8| |Notes forming part of the financial|9-11| |statements|| ## **A & M TRUST TRUSTEES’ REPORT** **(incorporating the Directors’ Report for the 12 months ended 31/12/20)** ## **A. Reference & Administrative Details** Directors of the company and trustees of the charity during 2020 have been: Sandra Brunt Neil Watkinson Richard West Catherine Cook Paul Williams Andrew Kearns (appointed 26/06/2020) Bankers: NatWest Maidenhead Branch 66 High Street Maidenhead SL6 1QA Solicitors Kidd Rapinet 33 Queen Street Maidenhead, SL6 1ND Address: The registered address is: Old Vic, St Mary’s Close, 14 High Street, Maidenhead, SL6 1YY Constitution: Company Limited by Guarantee registered in England, No. 5167429 Registered Charity No. 1105023 ## **B. Structure, Governance & Management** 1. The charity/company is run by the trustees/directors, with Catherine Cook acting as company secretary. The trustees/directors are also members of the company. 2. Phil Kemp FCA has undertaken the Trust’s financial work during the year. Trustees meet as and when necessary. 3. The Trust is closely associated with the Church of St. Andrew & St. Mary Magdalene, Maidenhead (St. Mary’s, Maidenhead). 4. Trustees are found from among the members of St. Mary’s Church or other churches. Training for new trustees involves drawing attention to Charity Commission publications, making available relevant past charity/company papers and oral explanations about the work of the charity/company. ## **C. Objectives and Activities** 5. The Trust’s objects as set out in the Memorandum and Articles of Association, are to advance the Christian faith (with particular emphasis on evangelism and pastoral care); to relieve people in need or hardship, aged or sick, and to relieve distress, in Maidenhead. ``` 2 ``` ## **A & M TRUST: Trustees Report (cont.)** 6. In fulfilment of these objects, the Trust holds assets for the use of St. Mary’s, Maidenhead. Trustees’ policy is to hold these assets in such a manner that they are entirely safe and can be realised and used when needed. These assets comprise finance donated for the Church’s Project Connect and properties. The Church is responsible for the management of these properties including insurance, letting, improvements and repairs, and all associated finances. ## **D. Achievements & Performance** 7. During 2020, minor maintenance and improvements were carried out on the residential properties. The Old Vic underwent some refurbishment and maintenance. St Mary’s Church continues to be fully responsible for their management and use, including any lettings to the wider community. Of the two residential properties owned by the Trust Hemsdale was used by the Church for its staff during the year. The other, Castle Court, was let on a commercial basis with the income applied to the provision of staff housing elsewhere. 8. The Trust has continued to receive donations promised by church members and grants towards Project Connect, which was launched in Autumn 2012. Project Connect comprises 3 elements - a partnership with a nearby village church to expand their work, the employment of new staff at St. Marys, and the upgrading of the church buildings. The refurbishment of the church began in autumn 2016 and has been substantially completed with the congregation moving back to the church in early 2018. Work associated with Project Connect involving collection of the funds and periodic payments to the PCC, has continued. Costs relating to the refurbishment of the church continue to be incurred by the PCC as additional work is carried out and further grants to the PCC are expected. ## **E. Financial Review** 9. The Trust does not undertake fund-raising directly. Incoming Resources in 2020 were £298,792. This was mostly income donated as unrestricted funds and to Project Connect, gift aid is also received on most donations and follows the purpose of the associated donations. Outgoing Resources comprised £5,536 donated to the provision of staff (apprentices) at St Mary’s Maidenhead and grants to iServe Africa and £713 of governance costs. 10. The net current assets, current assets less current liabilities, at 31/12/20 were £345,238 (2019 : £252,155). The total net assets, current assets less liabilities, were £345,238 (2019 : £52,695), during the year all remaining loans from members of the congregation of St Mary’s were repaid including that which was included in creditors due over 1 year. ## **F. Plans for the Future** 11. The period ahead will see pledges to Project Connect of the balance of funds received and associated gift aid collected. Funds will be released to the church for Project Connect costs as required. The trust will consider the residential properties that are held and whether these are suitable for requirements. ``` 3 ``` A & M TRUST: Trustees. Re cont. G. Statement of Trustees, Res onsibilities 12. Law applicable to charities in England and W81es requires trustees to prepare financial Statements for each fin8nci81 year whith gNe a true and fair view of the charity's finanual actiwties during that period, and of its financial tk)sÈknon at the eThJ of the pericxg. In preparing financial statements giving a true and fair vtew. Ihe trustees should folbw best practice and: seled suitable accounting policies and apply them cortsistently" make suitable judgments and estimates that are reaSona￿e and prLKlent', state whether applicatle account￿1g standards and statements of recommended pracl¢ce have been followed. subjed to any departures disck)sed and explained in the financial statements: prepare financial statements on the going concem basis unless It Is inappropriate to presume that the charity will continue in operalion. 13. Trustees are responsible for keeping accounting records which disclose wth reasonable accuracy the financial posf(ion of the charity. and whtch enable them to ensure that financlal statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of Ihe charity and hen￿ for taking reasonable steps for the prevention and detention of fraud and other irregularities. The Trust's income and expenditure is at a level at which Independent Financlal Examination is requir￿1. H. Risk Mana ement 14. The main risk has been identif￿d as deterioration in the state of capital assets. To minimize risk. close contact is maintained with St. Mar￿$ conceming the management and maintenance of any propertie5 held by the Trust. l. Reserves Polic 15. The Trust expects to have minimal overhead cx)sts and does not need 18rge (*sh reserves to meet these. J. Goin Concern 16. The trustees have considered the going concem of the charity and their review covers a period of at least 12 months from the date of approval of the aco)unts. The trustees conslder that the charity is a going concem. This report was approved by the trustees on 15 June 2021 Richard West (Trustee) Independent examlner's report on the accounts CHARITY COMMISSION FOR ENGLAND AND WALES Section A Independent Examiner s Report A&MTrth rnefflbèrg of On •ccouTrts forth• y••r 1105023 5167429 2toll Respective respon￿￿1￿05 rA trustops are 19sp)n*48 wq)arakni ￿ the accwn& The cw's Injslees COnSK1trthat an a￿6t is not r￿￿ed for this year urxl Iwsteos •nd •x•mlnw Sthn 144 of the ChantEs kn 2011 lthe Charilies Act) and that an eyaminatth by t*iThJ a ¢wa5r￿j mernter of hsbtute of Chartered ft is rny resFonthTty to: to fdlowtho wc(￿re5 down in ts gewal Dir•xions grvgn ty the Cknrity cwrtftxssK￿ lurbJer sth>n f45(5llbl of Charthes arrtj to state whglher matters have coff￿ lo rny atteniKJn •xamln•e8 sta*wrt tythe Charty CornnYss*)n. An exarrtination Y¢i41es a review olthe e5enbd with ttr¥￿e rec￿5. tt akn indudes consKJwats'on of any unusu its￿ w disck)wres In the a)￿JnIS a￿1 seeknng explanatw)n5 fTom I evKI￿thal be reg￿re￿ in an audrt. aTha and aThl mattgrs sel ryjt li thg IER D•cemhr 2018 Indepwthnt In o￿ne¢ll)ft tAith my 9xan￿nation. rn) material nmttws have C{￿ lo my ex4mlnerf• statemgnt alterit￿ whth gwes me cause to believe that w). any malerid reswcl". ' ao)JJnting reccrfds wwe nol kept in *xordarKe ￿ryIh s￿*1?￿ 386 of tho Coffpanw Act or . the ￿tO￿nts th) not CCffl￿ vlith ye￿ant aC(￿urrtinQ requirernents urxl on W ol the Cornpar￿ 2(￿ otw any T￿irem￿tt that Ihg 8(£ounts gNe a Irue and is Mt a mattgr Cons1￿ a5 part acccths hav8 not IMn wepared in aL￿dartt with fv Charfbes SORP IFRS102). I have cory￿ arxoss no otlw mattws in conn&thn wth Ihè examlnation to attention shoubj ￿ dra￿1 in thts rer*)rt in oidarto anable a proper crf thè aco)unts lo bB ￿ad￿l. att Relevant protesslonal quallft¢•tSonls) or body {ff *ry): FCA IER ## **A & M TRUST** ## **Statement of Financial Activities for the Year ended 31 December 2020** ## **Summary Income and Expenditure Account** |Note
INCOME FROM:
Donations and Legacies
Individuals
7
Grants
Investment Income
Dividends and Interest Receivable
Total Income
EXPENDITURE ON:
Charitable Activities
8
Governance Costs
Total Expenditure
NET INCOME
Reconciliation of funds
Total funds brought forward
Movement between funds
Total Funds carried forward
6|Unrestricted
Restricted
Total
£
£
£
249,375
48,304
297,679
-
-
-
-
1,113
1,113
249,375
49,417
298,792
-
5,536
5,536
713
-
713
713
5,536
6,249
248,662
43,881
292,543
1,208,424
43,262
1,251,686
-
-
-
1,457,086
87,143
1,544,229
2020|2019| |---|---|---| |||Total
£
134,981
-
1,144| |||136,125| |||10,060
713| |||10,773| |||125,352
1,126,334
-| |||1,251,686| The notes on pages 8 to 10 form part of these accounts. 7 A&MTRUST Balance Sheet as at 31 December 2020 Note 2020 2019 Flxed A55ets Tangl￿e Assels IFreehd¢ Propetyl 9, Casle C￿rt Maidenh*ad, Berks￿re 1. He￿￿￿818. MaKlenhead. 8erk5hir8 The Old Vlc. St Marys Close. ma￿enhead at Cosi and N8t BCKAC Vaue 253.991 475.C¥XI 470,OCKI 253,991 475.(XlO 470.IX)O 1.198,991 1,19B.g91 Current Assets 1Dve$t￿nIS Cash 8t bank and in hand Debtors 1.6&9 171,730 173.057 1.151 345.938 170,785 79,311 2.759 252,855 10 Cr8ditors duewlthln one year Net current a55et5 Credltors ¢ue aftw rn(￿ than rfft swr Totsl Net Assets 11 345.TJ8 252.155 199,4fj0 Total Assets 1.544.229 1.251.686 REPRESENTED BY..- Funts Restskled F￿d$ Unrestrtcted Fund8 Total FU￿lS 87.143 1.457.086 43,262 1208,424 1.544229 1.251,686 In approving these financk81 st818m8nts a5 direclu5 of lh8 cLThpanyand Tru5E884 he￿bY confirni.. lal that forthe year stated aLx)ve the CLwanyvRs entiuerl to tt% ￿111 exempti￿ ct¥)ferred by Secth 477 01 Ihe Comp2nlÈs Act 20(b. 101 that no notice has been dePO&t￿ at th& wi818red of￿8 ofth8 (xThmpany wrsuant to 476 reque5till9 att audit be Gonduded fOrtt￿ year endwj 31 Decethr2020 atwj Icl that we a¢kno*kdge our reSpO￿lbIllt* f￿. 111 ensuring Ihat the company keeps accounting records *thich cornrAywlh Section 386, and 121 preparity finarKial ststefflents which give a trLE and vwof the stste of affair5 of the cLwaThy as at Ihe end of the financial yearand of Its ￿Orrt or loss for year Ihen enoed Sn accordance wth t requir8ments ol Sedm 393 arxl wh￿h olhenMse comptyvilh the provtsK>ns ofth? Companies Act rdating to ffinanci￿ stat&m8n15. 50 far 8s a￿￿￿ats18 to the coryany. The financi￿ statements have been p￿pared in ac0)rt[an￿ A¢£ou#liig arKI RekKYI"ng by Charities.. Stsiement of Recommended Practlce ap[A￿at￿e (o chanltes twariry ￿￿[racr￿ntS In accordance wlth IhB FlTr8n¢i81 Reporting Standard appli￿ble in the UK arkl Repth￿ of I￿land IFRS 1ff21 leffectwe 1 January 2015I- (Charities SORP IFRS 10211. the Finanod Reporting StATrJard a￿lca￿￿e in the UK and Rewblicof Irdand IFRS 1021 and the Cotnpynies Ad 2W6. financkHI 51atements were aptYoved Board arKI Tnstee5 on 15 June 2f21 and Signed ￿ Its Rl¢hard West- Dlrector and Trustèe c￿￿•ty RegstratiM 1105023 IEnyand & Wa(esl ## **A & M TRUST** ## **Notes to the Accounts for the Year ended 31 December 2020** ## **1. Accounting Policies** - **1.1 Basis of preparation of accounts.** The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. A&M Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). - **1.2 Preparation of the accounts on a going concern basis.** The trust continues to receive pledges in respect of Project Connect and to make payments to St Mary’s Church in respect of these. Loans received for the purposes of Project Connect have been repaid during the year. To the extent that the trust has significant unrestricted cash reserves and capital then the trustees consider that the immediate future for the trust for the next 12 to 18 months is secure and on that basis the charity is a going concern. - **1.3 Incoming resources.** Voluntary Income and Donations are accounted for in Incoming Resources when they are received. Income from fundraising ventures is shown gross. Interest on funds held on deposit is included when receivable. - **1.4 Resources expended.** Resources expended are included in the Statement of Financial Affairs on an accruals basis, inclusive of any VAT which cannot be recovered. Expenditure which is directly attributable to specific activities has been included in these cost categories. Where costs are attributable to more than one activity, they have been apportioned across the cost categories on a basis consistent with the use of these resources. - **1.5 Tangible fixed assets.** Individual fixed assets costing £1,000 or more are capitalised at cost. In the opinion of the directors and trustees, no depreciation should be charged on the Freehold Properties. - **1.6 Cash at bank and in hand.** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash reserves are placed on deposit at the Nationwide Building Society and with Close Brothers. ``` 9 ``` ## **A & M TRUST** ## **Notes to the Accounts for the Year ended 31 December 2020 (continued)** - **1.7 Creditors and provisions.** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. - **1.8 Debtors.** Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. ## **2 Related Party Transactions** - **2.1 Transactions with Related Parties.** As at 31 December 2020 one trustee (Neil Watkinson) was also a member of St Mary’s Church PCC. There have been no related party transactions requiring disclosure in the reporting period. Total aggregate unconditional donations received from trustees in the year was £nil. - **2.2 Staff Costs.** No remuneration was paid to Trustees / Directors and no staff were employed in the year. **3. Legal Status of the trust.** The trust is a company limited by guarantee and has no share capital. The liability of the members is limited. Every member undertakes to contribute such amount as may be required (not exceeding £10) to the charity’s assets if it should be wound up. **4. Restricted Funds.** At 31 December 2020 Restricted Funds included £80 (2019 : -£415) donated specifically for iServe Africa. Funds were pledged as part of the earlier appeal and the value of the donations £1,936 was granted to iServe in the year being the balance of amounts received to date less previous grants. The actual amount received in the year was £2,431 with no further donations expected to be received in the future. - At the year end restricted funds included £nil (2019 : £600) in relation to donations for St Mary’s staffing, specifically apprentices, via Brock Lane Trust. Donations received in the year were £3,000 and grants made £3,600. The balance of restricted funds relates to money received for Project Connect. At the year end restricted funds included £87,063 (2019: £68,993) in relation to Project Connect. **5. Independent examination** . Payments were due to Thamesbridge Chartered Accountants in respect of the independent examiner for the year of £700 (2019:£700) ``` 10 ``` ## **%��&��'��()*+(** ## **,������������%��������"�������-����������.�����������/�/��������������** |**2020**
**6. Analysis of net assets between funds**
Unrestricted
Restricted
Total
Funds
Funds
Funds
**£**
**£**
**£**
Tangible Fixed Assets
1,198,991
-
1,198,991
Net Current Assets
258,095
87,143
345,238
Total per Balance Sheet
1,457,086
87,143
1,544,229
**��������������������������������**
For Project Connect
-
42,873
42,873
For St Mary's staffing (Brock Lane Trust)
-
3,000
3,000
For iServe Africa
-
2,431
2,431
Unrestricted
249,375
249,375
Total per Statement of Financial Affairs
249,375
48,304
297,679
**�������������������������������������������**
For Brock Lane Trust (staffing)
-
3,600
3,600
For iServe Africa
1,936
1,936
Total per Statement of Financial Affairs
-
5,536
5,536
**������������������������**
Nationwide Building Society Account
85,000
-
85,000
Close Brothers
86,730
-
86,730
Total per Balance Sheet
171,730
-
171,730
Cash at bank
87,065
85,993
173,057
**����������**
Gift Aid tax
-
1,147
1,147
Accrued interest
-
4
4
Total per Balance Sheet
-
1,151
1,151
**��� ��������!�������"���������#��������$���**
Loans Repayable
-
-
-
Governance Costs
700
-
700
sub total
700
-
700
**Amounts due over 1 year**
-
-
Total per Balance Sheet
700
-
700|**2019**| |---|---| ||Total
Funds
**£**
1,198,991
52,695| ||1,251,686| ||134,981| ||134,981| ||10,060
-| ||10,060| ||85,000
85,785| ||170,785| ||| ||79,311| ||2,716
43| ||2,759| ||-
700| ||700
199,460| ||200,160| 11