ST MARTIN-IN-THE-FIELDS TRUST (a company limited by guarantee)
Registered Charity Number: 1110406 Company Number: 4986630
TRUSTEES’ ANNUAL REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31[ST] DECEMBER 2021
St Martin-in-the-Fields Trust
Charity Information
Trustees and Directors
Mel Adams (joined November 2021) Daniel Barker (joined May 2021) Dr Timothy Beale (joined May 2021) Christopher Braganza (resigned May 2021) Malcolm Butler Ian Harjette Melanie Leach Robert Pfeiffer (resigned November 2021) Jane Siebels Christophe de Taurines Rev Dr Samuel Wells
Company Secretary
Katy Shaw
Registered Office
5, St Martin’s Place Trafalgar Square London WC2N 4JJ
Principal Bankers
National Westminster Bank plc PO Box 113 Cavell House 2a Charing Cross Road London WC2H 0PD
Independent Auditor
Haysmacintyre LLP 10 Queen St Place London EC4R 1A
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St Martin-in-the-Fields Trust
Trustees’ Report for the Year Ended 31st December 2021
The trustees present their report and the audited financial statements of St Martin-in-the-Fields Trust (the “Trust”) for the year ended 31st December 2021. These have been prepared in accordance with current statutory requirements and the Charities SORP (FRS102).
St Martin-in-the-Fields Trust raises money to support the work of St Martin-in-the-Fields. Funds secured help to pay for the costs of maintaining and restoring the historic buildings, for mission and ministry projects, for the extensive music programme with a particular focus on nurturing young talent and for specific projects to support homeless and vulnerable people.
The Trust focuses on securing funds so that St Martin’s can grow and thrive in the future.
The objects of the Trust are:
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The advancement of the Christian religion for the public benefit by the restoration, preservation, repair, maintenance, improvement and beautification of the Church of St Martin-in-the-Fields (the “Church”) and the monuments, fittings, fixture, stained glass, furniture, ornaments, bells, organs and all property in the Church and such other buildings as may be used for worship by the Parochial Church Council of the Ecclesiastical Parish of St Martin-in-the-Fields, so that the Church and such other buildings can continue to be used for religious worship;
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To promote the efficiency and effectiveness of charities working in, or on behalf of the residents of the Parish of St Martin-in-the-Fields and its surrounding areas (“the area of benefit”) and to promote the effective use of resources to achieve charitable purposes for the benefit of the public in the area of benefit, through the provision, improvement, maintenance, refurbishment, or enhancement of buildings and spaces designed to meet the needs of those charities or the delivery of charitable services particularly those services aimed at relieving the needs of homeless people or those at risk of being homeless;
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To advance education, primarily but not exclusively, through the provision of courses, lectures and other educational activities in the Church;
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The prevention or relief of poverty by providing financial assistance and other support for the benefit of those who are in conditions of need, hardship or distress by reason of their social, domestic or economic circumstances; and
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The advancement of religion for the public benefit generally.
What we support
The Trustees approve funding to support work aligned with the strategic priorities of the Parochial Church Council (PCC) including its business arm, St Martin-in-the-Fields Ltd, St Martin-in-the-Fields Charity and the Connection at St Martin’s.
Our work in 2021
In 2021 fundraising activity remained focused on enabling St Martin’s to survive the continued financial challenges caused by the Covid-19 pandemic. Funds secured were vital for funding urgent short term needs as well as the extensive new activity developed in response to the changing needs of the congregations, audiences and wider St Martin’s community. The changing nature of restrictions for our operations and the continued demand for work online has required sustained funding. To raise these funds, we ran a successful appeal “The Spirit of St Martin’s” which began in spring 2021, as well as securing significant donations and grants to enable St Martin’s to continue its work.
The Trustees are very grateful to all of the supporters and Cornerstone Club members who have been so generous and stood by St Martins during difficult times this year. We are particularly grateful to the National Heritage Lottery Fund for their generous grants through the Cultural Recovery Fund which enabled music to continue to play at St Martin’s, alongside generous support to help us re-open our site safely to visitors and to offer them a warm welcome on their return.
Funds raised by the Trust support four key areas of activity at St Martin’s: the costs of maintaining and running the historic site in central London, supporting mission and ministry, music with an emphasis on
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St Martin-in-the-Fields Trust
young artist development and education and work with homeless and vulnerable people. In line with these priorities, the trustees approve grants at trustee meetings which take place four times a year.
As a result of many generous donations from individuals, grant-making trusts, legacy gifts, in 2021 grants totalling £1,736,525 were paid out to the various parts of the St Martin’s community. This sum included £700,775 to the Parochial Church Council to support core costs of running and maintaining the church, the HeartEdge movement, the music programme including both the work of Choral Scholars and St Martin’s Voices, the Autumn Lecture Series, the Sunday International Group and Chinese Congregation. A grant of £15,000 was secured to support the growing need for support for arrivals from Hong Kong. Grants totalling £169,586 were paid to St Martin’s Charity to support their new Personal Futures programme and of £120,440 to Connection at St Martin’s for capital improvements at the centre based on Adelaide Street, as well as funds to launch the 18 Keys capital project to build a new communal centre for women experiencing homelessness.
The Trust also continues to raise money for a permanent endowment fund, with just over £3m under investment at the end of 2021.
Looking ahead
St Martin-in-the-Fields Trust exists to secure the people, programmes and spaces that St Martin’s needs to continue to flourish for generations to come.
With the prolonged nature of the Covid-19 pandemic, the Trust remained focused on recovery and short-term fundraising activity throughout 2021. However, as we head into 2022, it remains our intention to re-focus on longer term capital needs for the site as well as securing funds to reflect the changing nature of the work at St Martin’s after the changes brought about by the pandemic.
In the late summer and autumn of 2021, the Trust ran a review of funding needed by the various parts of St Martin’s which enabled us to draw up a revised fundraising strategy for 2022. Our aim is to develop this into a longer-term strategy for the next 3-5 years if the pandemic continues to recede.
Trustees continue to review the financial priorities over the medium to long term and adjust the fundraising activity to continue to provide financial support to St Martin’s where it is needed most.
Charity information
The Trust was registered as a charity, number 1110406, on 12 July 2005 and commenced activities on 1 January 2006.
Structure, governance and management
The Board
The Board is made up of eight trustees and a Chair. In 2021 the Chair of the Board was Malcolm Butler. The trustees are also directors of the company for the purposes of the Companies Act 2006.
Although certain of the trustees are also members of the PCC, including one of the Churchwardens, which is regarded as a connected charity by virtue of the similarity of its objectives and the unity of administration with the PCC, the trustees are appointed independently of the PCC and the charity's financial activities are therefore not consolidated into the financial statements of the PCC.
The charity is administered by the staff of St Martin-in-the-Fields Trust. In 2021 there were six members of staff. They report to the trustees who met four times during the year. The Director has been appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, authority for operational matters, including fundraising and finance, has been delegated to the Director.
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St Martin-in-the-Fields Trust
Fundraising Activity
The Trust raises funds primarily through donations and grants from individuals, trusts and foundations and organisations. The fundraising is legal, open, honest and respectful. The Trust adheres to the Code of Fundraising Practice and is registered with the Fundraising Regulator, which sets and maintains the standards for charitable fundraising in England, Wales and Northern Ireland. It has not received any complaints in the year in connection with the propriety of its fundraising. In line with the Code of Fundraising Practice, the Trust takes into account the needs of any donors or potential donors who may be in vulnerable circumstances.
Trustee induction and training
New trustees undergo an induction to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association and decision-making processes. They meet key employees and other trustees.
Pay Policy for senior staff
The directors comprise the Board of Trustees, with the key management personnel of the charity being the Director who is in charge of running and operating the Trust on a day-to-day basis. All directors give of their time freely and no director received remuneration in the year. Details of directors’ expenses and related party transactions are disclosed in note 7 to these accounts. The pay of the staff is reviewed annually by the Board of Trustees.
Review of Financial Position and Reserves Policy
The trustees are satisfied with the current financial position given the achievements of the fundraising activities. At the end of 2021 the Trust held two reserve funds, the endowed fund (made up of two investment funds) and unrestricted reserves. The Trust aims to fulfil its charitable objective to restore and maintain the building of the Church and associated buildings in perpetuity and holds endowment reserves accordingly. Unrestricted reserves are held to pay for the operating costs of the Trust. In 2016 the Trust received a loan from the Vicar’s General Fund to underwrite these operating costs as the fundraising was getting underway to work towards building more significant unrestricted reserves. The Trust makes an annual repayment of £50,000 of this loan.
Risk Management Statement
The trustees recognise their responsibility for managing risk and the trustees and staff review risks throughout the year. The trustees meet regularly and take advice on all significant issues. The trustees approve the cost plans and review actual results on a regular basis. Strategic risks are reviewed by the trustees at each meeting.
This work has identified that the key risks facing the Trust are poor performance of investments leading to a shortfall in endowed income, falls in the value of the capital invested, failure to reach fundraising targets and changes to the arrangements for the financing of the Trust. These risks are managed through regular reviews of investment performance, the secure storage of donor materials, clear monitoring of fundraising and by establishing close working relations with St Martin-in-the-Fields’ PCC, St Martin-in-the-Fields’ Charity and the Connection at St Martin in the Fields to agree future funding arrangements.
Trustees' Powers of Investment and Investment Policy
The trustees have unrestricted powers of investment. Donated funds not required to meet grants in the next three to five years are invested. In 2021 the Trust held funds with both Coutts and CCCLA who both acted as investment managers to manage the Trust’s funds on a discretionary basis in line with an approved investment policy. The trustees are advised on investment matters, including strategy and policy, by an Investment Committee; the committee, on behalf of the trustees, also monitors the performance of any investment managers appointed.
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Connected Charities
The PCC, which has charitable status, has significant influence in the appointment of trustees to the Trust and certain of the trustees are also members of the PCC. Transactions with the PCC and its trading subsidiary SMITFL are disclosed where appropriate in these financial statements. Further information is disclosed in note 15 to the financial statements. The Trust also transfers funds to St Martin-in-the-Fields Charity and to the Connection at St Martin’s when secured for work with people experiencing homelessness and has received a loan from the Vicar’s General Fund.
Statement of Trustees' Responsibilities
The trustees (who are also directors of St Martin-in-the-Fields Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.)
Company law requires trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently.
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
Public benefit
Throughout 2021, the trustees have worked in accordance with its stated charitable purposes of securing funding for the long-term replacement and maintenance programme for the buildings of the St Martin-in-theFields site, as well as support for the charities based at St Martin’s and their work. In addition, as the covid pandemic has continued the Trust has also raised and distributed funds to ensure St Martin’s can continue to operate as a public space, in the heart of London. These funds are either invested in the permanent endowment or held for more immediate capital projects needed around the site. The site is home to the PCC, its associated management company St Martin-in-the-Fields Limited, the Bishop Ho Ming Wah Association which supports the Chinese Community in London, The Connection at St Martins which works to assist homeless people in Westminster and the St Martin-in-the-Fields Charity. A major element in building this endowment is to ensure all these organisations have a fit for purpose and sustainable site to carry out their aims and charitable objectives in support of the wider community and to improve the quality of work they are able to provide. The trustees confirm that they comply with their duty to have regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
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St Martin-in-the-Fields Trust
Auditors and audit information
Each trustee, as at the date of this report, has confirmed that insofar as they are aware:
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there is no relevant audit information of which the charitable company’s auditor is unaware; and
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they have taken all steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.
Approved by the Board of Trustees
Malcolm Butler Chair
Date: 30 June 2022
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St Martin-in-the-Fields Trust
Independent Auditors’ Report to the members of St Martin-in-the-Field Trust
Opinion
We have audited the financial statements of The St Martin-in-the-Fields Trust for the year-ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 December 2021 and its net movement in funds, including the income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor’s 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 charitable company'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 Trustees’ Annual Report. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees’ Annual Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report included within the Trustees’ Annual Report have been prepared in accordance with applicable legal requirements.
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St Martin-in-the-Fields Trust
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the directors’ report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept by the charitable company, or
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the charitable company financial statements are not in agreement with the accounting records; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.
Responsibilities of trustees for the financial statements
As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
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 an auditor’s report 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 charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory framework pertaining to registered charities, and 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 Companies Act 2006 and the Charities Act 2011, and considered other factors such as income tax, payroll tax and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:
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Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
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Evaluating management’s controls designed to prevent and detect irregularities;
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Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
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Challenging assumptions and judgements made by management in their critical accounting estimates
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St Martin-in-the-Fields Trust
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 auditor’s report.
Adam Halsey (Senior Statutory Auditor) for and on behalf of:
Haysmacintyre LLP Chartered Accountants and Statutory Auditor 10 Queen St Place, London EC4R 1AG
Date: 13 July 2022
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St Martin-in-the-Fields Trust
Statement of Financial Activities for the Year Ended 31st December 2021
| Unrestricted Restricted Endowment Funds Funds Funds £ £ £ Income from: Donations and legacies 2 601,783 1,489,555 - Investments Deposit interest 3 188 - - Income from listed investments 4 - 42,824 - Total Income 601,971 1,532,379 - Expenditure on: Raising Funds: Costs of raising voluntary income 5 350,351 6,961 - Investment management costs 5 - - 13,248 Charitable activities: Grant making 6 25,980 1,710,544 - Total Expenditure 376,321 1,717,505 13,248 Net Gains on Investments 8 - - 312,931 Net Movement in Funds 225,649 (185,126) 299,684 Transfer between Funds 22,123 (22,123) - Total Funds Brought Forward 263,709 1,337,823 2,875,956 Total Funds Carried Forward 511,481 1,130,574 3,175,640 |
Total Funds 2021 £ 2,091,338 188 42,824 2,134,350 357,302 13,248 1,736,525 2,107,075 312,931 340,206 - 4,477,489 4,817,695 |
Total Funds 2020 £ 2,245,073 - 2,401 40,069 2,287,543 423,115 12,476 - 1,787,287 2,222,878 86,731 151,396 4,326,093 4,477,489 |
|---|---|---|
All recognised gains and losses for the year are included in the Statement of Financial Activities. The results all relate to continuing activities.
1144
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St Martin-in-the-Fields Trust
Balance Sheet as at 31st December 2021
| Notes Fixed Assets Investments 8 Current Assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net Current Assets Creditors: amounts falling due after one year 11 Net Assets Unrestricted Funds Restricted Funds 12 Endowment Funds 13 Net Assets |
£ 278,236 1,926,017 2,204,253 |
2021 £ 2,920,804 (57,362) 2,146,891 (250,000) 4,817,695 511,481 1,130,574 3,175,460 4,817,695 |
£ 96,269 2,211,764 2,308,033 |
2020 £ 2,621,721 (152,265) 2,155,768 (300,000) 4,477,489 263,710 1,337,823 2,875,956 4,477,489 |
|---|---|---|---|---|
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by the Trustees and authorised for use
Malcolm Butler Trustee
Date: 30 June 2022
The notes on pages 13 to 21 form part of these financial statements.
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St Martin-in-the-Fields Trust
Statement of Cash Flows for the Year Ended 31 December 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Surplus for the financial year | 340,206 | 151,396 |
| Adjustments for: | ||
| Investment income and interest | (43,012) | (42,470) |
| (Deduct gains) | (312,931) | (86,731) |
| Decrease in trade and other debtors | (181,967) | 13,478 |
| Decrease/(increase) in trade and other | ||
| creditors | (94,903) | (35,750) |
| Sub-total | (292,607) | (77) |
| Net cash from investing activities | ||
| (Purchase) of investments | (1,484,256) | (1,862,766) |
| Sale of investments | 1,557,180 | 1,873,075 |
| Movement in portfolio cash | (57,391) | 2,105 |
| New cash invested in year | (200,000) | |
| Interest received | 43,012 | 42,470 |
| Sub-total | 56,859 | (145,116) |
| Cash flows from financing activities | ||
| Repayment of loan | (50,000) | (50,000) |
| Sub-total | (50,000) | (50,000) |
| Net increase in cash and cash | ||
| equivalents | (285,747) | (195,193) |
| Cash and cash equivalents at start of | ||
| year | 2,211,764 | 2,406,957 |
| Cash and cash equivalents at end of | ||
| the year | 1,926,017 | 2,211,764 |
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St Martin-in-the-Fields Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
1. Accounting Policies
Company Information
St Martin-in-the-Fields Trust is a company limited by guarantee and registered in England and Wales, registration number 4986630, and a registered charity no 1110406. The registered office is 5 St Martin’s Place, Trafalgar Square, London WC2N 4JH.
Basis of preparation of financial statements
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 (FRS102) (effective January 2015) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. St Martin-in-the-Fields Trust meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are prepared in sterling (£).
The accounts adopt a going concern basis which assume that the company will continue operate for the foreseeable future and a minimum period of twelve months from the approval of the financial statement. The Trustees do not consider that there is any material uncertainty in connection with the charity’s ability to operate on this basis.
Incoming resources
Donations are credited to the statement of financial activities when they are made available to the charity. Donations include the related tax credit where applicable. Grants and legacies to the Trust are accounted for when received or as soon as the Trust is probably certain of the amount due.
Costs of raising voluntary income
All the costs of raising voluntary income relate to the charitable objectives of the Trust.
These costs include support costs. Within support costs, governance costs comprise statutory compliance costs including the costs of auditors and insurance.
Grants
Grant expenditure is recognised further to be a grant being awarding by the trustees, the commitment being communicated to the recipient and any qualifying conditions of the grant being met.
Unrestricted and Endowment Funds
Funds which have been donated for general purposes within the objects of the charity have been accounted for as Unrestricted Funds . Restricted Funds are funds which have been given to the Trust for a specific purpose within the range of charitable activities of St Martin-in-the-Fields. Endowment Funds are funds which have been given to the Trust or set aside by the trustees with the intention that the funds are invested to help fund the long-term maintenance and plant replacement programme of St Martin-in-the-Fields.
Pensions
The company contributes to the personal pension arrangements of its staff. Contributions payable are charged to the statement of financial activities in the year they are payable.
Investments
Investments are valued at market value. It is the Trust’s policy to keep valuations up to date such that when investments are sold there is no gain or loss arising. As a result, the Statement of Financial Activities only includes those unrealised gains or losses arising from the revaluation of the investment portfolio throughout the year.
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Notes to the Financial Statements for the Year Ended 31 December 2021
2. Donations and Legacies
| Total | Total | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | 2021 | 2020 | |
| £ | £ | £ | £ | £ | |
| Other donations | 601,783 | 1,273,480 | - | 1,875,263 | 2,073,733 |
| Legacy income | - | 216,075 | - | 216,075 | 171,340 |
601,783 |
1,489,555 | - | 2,091,338 | 2,245,073 |
Included in other donations for 2020 is an amount of £803,236 which was received for outreach to the community to assist during the Covid-19 pandemic.
| Total | Total | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | 2020 | ||
| £ | £ | £ | £ | ||
| Other donations | 472,192 | 1,601,541 | - | 2,073,733 | |
| Legacies | 142,204 | 29,136 | - | 171,340 | |
614,396 |
1,630,677 | - | 2,245,073 | ||
| Deposit Interest | |||||
| Unrestricted | Unrestricted | ||||
| Total | Total | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Deposit interest | 188 | 2,401 | |||
| Income from Listed Investments | |||||
| Endowment | Endowment | ||||
| Total | Total | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Listed investments income | 42,824 | 40,069 |
3. Deposit Interest
4. Income from Listed Investments
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St Martin-in-the-Fields Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
5. Raising Funds
| Unrestricted Restricted Endowment £ £ £ Costs of raising voluntary income 350,341 6,961 - Investment management costs - - 13,248 350,341 6,961 13,248 |
Total 2021 £ 357,302 13,248 370,550 |
Total 2020 £ 423,115 12,476 435,591 |
|---|---|---|
Support and governance costs are allocated to costs of raising voluntary income. Governance includes the auditors’ remuneration of £ 5,925 (2020: £16,932). The figure comprises: audit £5,000 (2020: £4,650); accounts preparation £nil (2020: £3,500); VAT services £nil (2020: £1,330); over-accrual for prior years £(75) (2020: underaccrual of £4,630) and irrecoverable VAT £1,000 (2020: £2,822).
| Total | |||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | 2020 | ||||
| £ | £ | £ | |||||
| Costs of raising voluntary income | 320,638 | 102,477 | - | 423,115 | |||
| Investment management costs | - | - | 12,476 | 12,476 | |||
320,638 |
102,477 | 12,476 | 435,591 | ||||
| 6. Charitable Activities | Total |
Total | |||||
| Unrestricted | Restricted | 2021 | 2020 | ||||
| £ | £ | £ | £ | ||||
| Grants to PCC of St Martin-in-the-Fields | 11,070 | 689,705 | 700,775 | 693,664 | |||
| Grants to St Martin-in-the-Fields Limited | 45,000 | 750,311 | 795,311 | 536,766 | |||
| Grants to St Martin-in-the-Fields Charity | - | 120,000 | 120,000 | 326,282 | |||
| Grants to the Connection at St-Martin-in-the-Fields | - | 120,440 | 120,440 | 230,575 | |||
| Transfer of Funds | (30,089) | 30,089 |
|||||
| 25,980 | 1710,544 | 1,736,525 | 1,787,287 | ||||
| Total | |||||||
| Unrestricted | Restricted | 2020 | |||||
| £ | £ | £ | |||||
| Grants to PCC of St Martin-in-the-Fields | - | 693,664 | 693,664 | ||||
| Grants to St Martin-in-the-Fields Limited | - | 536,766 | 536,766 | ||||
| Grants to St Martin-in-the-Fields Charity | - | 326,282 | 326,282 | ||||
| Grants to the Connection at St-Martin-in-the-Fields | - | - | 230,575 | 230,575 | |||
| - | 1,787,287 | 1,787,287 |
15
St Martin-in-the-Fields Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
7. Trustees and Staff
| Wages and salaries Social security costs Pension Agency & subcontractors |
Total 2021 £ 222,553 23,510 6,344 252,407 20,035 272,442 |
Total 2020 £ 217,019 22,661 6,255 245,935 20,795 266,730 |
|---|---|---|
The Trust has no employees; all management, fundraising and administration services are provided by employees of St Martin-in-the-Fields Limited (“SMITFL”). No SMITFL staff member engaged on Trust activities was paid over £60,000 during the financial year (2020: none). The average number of employees working on the activities of the Trust was 6 (2020: 6). None of the trustees received any remuneration or reimbursement of expenses from the Trust in 2021 (2020: none). No employee earned emoluments exceeding £60,000 (2020:£Nil). The employee benefits of the key management personnel of SMITFL engaged on Trust activities was £72,822 (2020: £65,257).
8. Fixed Asset Investments
| Total | Total | |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Listed Investments: | ||
| Market Value at 1 January | 2,597,332 | 2,320,910 |
| Additions | 1,484,256 | 2,062,766 |
| Disposals | (1,555,494) | (1,873,075) |
| Unrealised revaluation gain/(loss) | 312,931 | 86,731 |
| 2,839,025 | 2,597,332 | |
| Cash held as part of portfolio | 81,780 | 24,389 |
| Market Value at 31 December | 2,920,805 | 2,621,721 |
| Historic Cost at 31 December | 1,987,144 | 2,000,354 |
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St Martin-in-the-Fields Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
| 9. Debtors Amounts owed by the PCC of St Martin-in-the-Fields Amounts owed by the St Martin-in-the-Fields Ltd Trade Debtors Gift aid debtor Prepayments Accrued income |
Total 2021 £ 885 5034 29,745 21,923 705 219,944 278,236 |
Total 2020 £ 2,259 - - 25,611 9,036 59,363 96,269 |
|---|---|---|
| 10. Creditors: Amounts falling due within one year Trade Creditors Amounts owed to Connected Entities (see Notes 11 and 15) Accruals 11. Creditors: Amounts falling due after one year Amounts owed to Connected Charities |
Total 2021 £ 1,362 50,000 6,000 57,362 Total 2021 £ 250,000 |
Total 2020 £ 8,001 127,788 16,476 152,265 Total 2020 £ 300,000 |
|---|---|---|
The loan from a connected charity refers to The Vicar’s General Fund (see Notes 10 and 15).
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St Martin-in-the-Fields Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
12. Restricted Funds
| Restricted Funds | |||||
|---|---|---|---|---|---|
| Balance at | Balance | ||||
| 1 Jan 2021 | Income | Expenditure | Transfers 31 Dec 2021 | ||
| £ | £ | £ |
£ | £ | |
| Restricted Fund | |||||
| Theology and Worship | 18,426 | - | - |
18,426 | |
| HeartEdge | - | 80,630 | (35,010) |
45,621 | |
| Building | 67,485 | 42,824 | (8,205) |
102,104 | |
| Homeless | 69,635 | 63,900 | (103,785) |
29,750 | |
| Christmas Appeal | - | 39,201 | (355) |
38,846 | |
| Music | 58,295 | 35,453 | (45,746) |
48,002 | |
| Key Fund | 5,598 | 70,000 | (70,000) |
5,598 | |
| Building Futures | 714,048 | 219,610 | (276,377) |
657,281 | |
| Heritage Lottery Fund | 329,533 | 758,250 | (1,087,783) |
- | |
| COVID19 Emergency appeal | 22,123 | (22,123) | - | ||
| St Martin’s House | 40,636 | 193,166 | (73,165) |
160,637 | |
| SIG | 9,532 | 13,920 | (2,075) |
21,377 | |
| Chinese Congregation | - | 15,125 | (15,002) |
123 | |
| Nazareth Community | - | 297 | - |
297 | |
| Other | 2,512 | - | - |
2,512 | |
| 1,337,823 | 1,532,379 | (1,717,502) |
(22,123) | 1,130,574 | |
Restricted funds are raised by the Trust for specific projects of the beneficiary charities as set out above and relate to the work of the PCC and its trading subsidiary, St Martin-in-the-Fields Ltd, the Connection at St Martin’s and St Martin-in-the-Fields Charity. The Building Futures fund will be gifted as restricted funds to the PCC or its trading subsidiary, St Martin-in-the-Fields Limited, in support of the PCC’s charitable activities and income-generating activities, and also in line with the wishes of the Trust’s donors.
| - | |||||
|---|---|---|---|---|---|
| Balance at | Balance | ||||
| 1 Jan 2020 | Income | Expenditure | Transfers 31 Dec 2020 | ||
| £ | £ | £ | £ | £ | |
| Restricted Fund | |||||
| Theology and Worship | 18,426 | - | - | - | 18,426 |
| HeartEdge | 5,000 | 37,347 | (165,278) | 122,931 | - |
| Building | 371,399 | 40,069 | (270,207) | (73,776) | 67,485 |
| Homeless | 2,633 | 67,002 | - | - | 69,635 |
| Music | 119,624 | 27,929 | (89,258) | - | 58,295 |
| Key Fund | 9,997 | 40,000 | (44,399) | - | 5,598 |
| Building Futures | 1,029,762 | - | (266,559) | (49,155) | 714,048 |
| Heritage Lottery Fund | - | 554,350 | (224,817) | - | 329,533 |
| COVID19 Emergency appeal | - | 803,236 | (781,113) | - | 22,123 |
| St Martin’s House | - | 40,636 | - | - | 40,636 |
| SIG | - | 57,665 | (48,133) | - | 9,532 |
| Other | - | 2,512 | - | - | 2,512 |
| 1,556,841 | 1,670,746 | (1,889,764) | - | 1,337,823 | |
During 2020 funds of £122,931 were transferred from the Building Futures fund during the year to support the HeartEdge project. Funds of £73,776 also were transferred from the Building fund which reflect costs previously borne by the Building Futures fund.
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St Martin-in-the-Fields Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
13. Endowment Funds
| Endowment Funds | ||||||
|---|---|---|---|---|---|---|
| Balance | at | Unrealised | Balance at | |||
| 1 Jan 2021 | Income | Expenditure | gain | 31 Dec 2021 | ||
| £ | £ | £ | £ | £ | ||
| Endowment Fund | 2,875,956 | (13,248) | 312,931 | 3,175,639 | ||
As at the year end, the endowment funds were held |
as follows: | |||||
| Total | Total | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Catalyst Expendable (to be | held until 2037) | 3,065,640 | 2,765,956 | |||
| Expendable | 110,000 | 110,000 | ||||
| 3,175,640 | 2,875,956 |
Purpose of Endowment Funds
One of the objects of the Trust is the advancement of the Christian religion for the public benefit by the repair, maintenance and improvement of the Church of St Martin-in-the-Fields (the “Church”) and all other properties in the Church and such other buildings as may be used for worship by the PCC of the Ecclesiastical Parish of St Martin-in-the-Fields, so that the Church and such other buildings can continue to be used for religious worship. The Endowment Fund represents funds raised by the Trust, or set aside by the trustees, which are invested with the intention that income from such investment will be used for this charitable purpose. The expendable portion of the Endowment Fund would be utilised at the discretion of the trustees for the same charitable purpose. In line with the terms of the Heritage Lottery Fund Catalyst Grant, £2m (plus any capital appreciation on invested sums) of the endowment funds will be maintained as a capital fund until 2037.
| Balance at | Unrealised | Balance at | |||
|---|---|---|---|---|---|
| 1 Jan 2020 | Income | Expenditure | Gain | 31 Dec 2020 | |
| £ | £ | £ | £ | £ | |
| Endowment Fund | 2,801,701 |
- | (12,476) | 86,731 | 2,875,956 |
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St Martin-in-the-Fields Trust
~~N~~ otes to the Financial Statements for the Year Ended 31 December 2021
14. Analysis of Net Assets between Funds
| Unrestricted Restricted Endowment Funds Funds Funds £ £ £ Investment Assets 2,992,043 Current Assets 819,113 1,130,574 183,597 Current Liabilities (57,632) Long-term Liabilities (250,000) 511,481 1,130,574 3,175,640 Unrestricted Restricted Endowment Funds Funds Funds £ £ £ Investment Assets - - 2,621,721 Current Assets 690,975 1,337,823 254,235 Current Liabilities (152,265) - - Long-term Liabilities (300,000) - - 238,710 1,337,823 2,875,956 |
2021 Total £ 2,992,043 2,133,284 (57,632) (250,000) |
|---|---|
| 4,817,695 | |
| 2020 Total £ 2,621,721 2,308,897 (152,265) (300,000) |
|
| 4,477,489 |
15. Related Party Transactions
Two of the trustees of the Trust are members of the PCC of St Martin-in-the-Fields. Grants paid to the PCC in 2021 were £ 700,775(2020: £1,070,648). The PCC owed the Trust £ 885 at the 2021 year-end (2020: £2,259).
Two of the trustees of the Trust are persons with significant control over St Martin-in-the-Fields Limited (the trading subsidiary of the PCC). Grants paid to St Martin-in-the-Fields Limited in 2021 were £ 795,311 (2020: £285,392). In 2021 St Martin-in-the-Fields Limited recharged to the Trust staff costs of £ 252,407 (2020: £244,823) and other management charges £nil (2020: £8,089). At the 2021 year-end, the Trust owed St Martin-inthe-Fields Limited £699 (2020: £24,452) which included £ nil of grant funds (2020: £11,621).
One of the trustees of the St Martin-in-the-Fields Trust is a trustee of The Vicar’s General Fund, which has provided an interest free loan to the Trust of £500,000 which has been fully drawn down. The loan is repayable at a rate of £50,000 per year from 1st January 2017, which is disclosed within Note 10, being “Creditors: Amounts falling due within one year”, and note 11, being “Creditors: Amounts falling due after one year”.
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St Martin-in-the-Fields Trust
15. Related Party Transactions (continued)
The Trust has one Trustee in common with the St Martin-in-the-Fields Charity which also includes the Vicar’s Relief Fund. Grants to the St Martin-in-the-Fields Charity and Vicar’s Relief Fund were £120,000 (£233,750). Christmas Appeal donations were received by the Trust of £39,451 (2020: £nil) £49,596 was transferred to the Charity for 2020 donations and Gift Aid.
The Trust has one Trustee in common with the Connection at St Martin-in-the-Fields. Grants to the Connection at St Martin-in-the-Fields were £122,440 (which included £66,960 to STMH and £1,750 to Friends of the Connection) (2020: £230,575). There was no balance owing at the year-end (2020: £nil).
21