STUDLAND CHURCH LANDS TRUST
CHARITY NUMBER 1124710
TRUSTEES REPORT & UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
STUDLAND CHURCH LANDS TRUST
| REPORT OF THE TRUSTEES INDEPENDENT EXAMINER'S REPORT BALANCE SHEET STATEMENT OF FINANCIAL ACTIVITY NOTES TO THE ACCOUNTS The following page does not form part of the Financial Statements: DETAILED INCOME & EXPENDITURE ACCOUNT CONTENTS |
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STUDLAND CHURCH LANDS TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 TRUST INFORMATION
The Trustees present their report and unaudited financial statements for the year ended 31 December 2022 and confirm that they comply with the requirements of the Charities Act 2011, the governing document and the Charities SORP (FRS102).
| CUSTODIAN TRUSTEE OF THE CHARITY | The Salisbury Diocesan Board of Finance |
|---|---|
| THE BODY OF MANAGING TRUSTEES | The Reverend Doctor Ian Bird - Team Rector and Chairman |
| Mr David Hogsflesh - Treasurer, Nominated by St Nicholas Church PCC | |
| Mrs Barbara Matthews - Church Warden | |
| Mr Eric Stobart - Church Warden | |
| Mr Iain Westman - Nominated by St. Nicholas Church PCC | |
| Mr Iain Westman - Honorary Secretary | |
| CHARITY NUMBER | 1124710 |
| SOLICITORS | Humphries Kirk |
| Glebe House | |
| North Street | |
| WAREHAM | |
| BH20 4AN | |
| Wilsons | |
| Alexandra House | |
| St Johns Street | |
| SALISBURY | |
| SP1 2SB | |
| REPORTING ACCOUNTANTS & INDEPENDENT EXAMINERS | Harding Redmans |
| Accountants | |
| Bridge House | |
| Court Road | |
| SWANAGE | |
| BH19 1DX | |
| PRINCIPAL OFFICE & REGISTERED ADDRESS | The Rectory |
| Church Hill | |
| SWANAGE | |
| BH19 1HU | |
| BANKERS | Co Operative Bank |
| The CBF Church of England Funds | |
| 1 Angel Lane | |
| LONDON | |
| EC4R 3AB |
Page 1
STUDLAND CHURCH LANDS TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
Statement of Trustee's Responsibilities
Charity law requires that the charity's trustees are responsible for the preparation of financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period.
In preparing those financial statements, the trustees are required to:-
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent.
The Trustees have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission when reviewing our aims and objectives and in planning our future activities.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the trust and to enable them to ensure that the financial statements comply with the Charities Acts 2011.
The Trustees are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Governing Document and Legal Status
The Governing Document is a Trust Deed or 'Scheme including appointment of Trustees' which was approved and established by the order of The Charity Commissioners for England and Wales on 18 January 1993 for the regulation of the Charity.
The Charity registered with the Charity Commission on 26 June 2008 (number 1124710).
Investment Powers
The 'Trust Deed' authorises the trustees to make and hold investments using the general funds of the Charity and using the proceeds of sale of investment assets including properties within the Permanent Endowment Fund.
Trust Objects Organisation and Policies
The trust's income arises through investment and rental income. After applying the income to defray the costs of maintaining the trust property and costs of administration the income is applied as follows:-
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The establishment of a 'Fabric Fund' by the transfer of such annual sum sufficient for the repair, improvement or rebuilding of the Parish Church of St Nicholas, Studland. In so far as the fund is not applied for the purpose for which it was established, any surplus will be invested in the trust.
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Funds in so far as they cannot be directed into the Fabric Fund will be applied for the religious and other charitable work of the Church of England in the Ecclesiastical Parish of Studland. Any further income not so applied may be paid by the Managing Trustees to The Salisbury Diocesan Board of Finance for the creation of a separate fund to be applied for the religious and other charitable work of the Church of England in the Benefice of Swanage and Studland.
All title to the trust's assets are vested with The Salisbury Diocesan Board of Finance who act as Custodian Trustee of the Charity.
The Trustees give careful consideration to the Charity Commission's general guidance on public benefit.
The body of Managing Trustees consists of five persons, three of whom are ex-officio being the Rector of The Swanage and Studland Team Ministry and two Churchwardens of the present Ecclesiastical Parish of Studland. The two remaining trustees are nominated and appointed by St Nicholas Church Parochial Church Council for a term of three years.
At least two ordinary meetings of the body of managing trustees are held in each year.
Page 2
STUDLAND CHURCH LANDS TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)
Strategic Report
Review of Activities, Achievements and Future Developments
The results for the year are shown in the Statement of Financial Activities on page 6.
The Statement shows the activities of three funds. Two of these are unrestricted in that they are for spending at the Trustees' discretion, albeit within the objects of the trust. The third is the Permanent Endowment Fund. The fund is comprised of property, investments and deposits in interest bearing accounts. The assets of the fund may be sold but the net proceeds have to be re-invested so that the fund remains intact.
This year gross income of £46,640 (2021 - £46,003) was generated from rent, dividends, interest and sundry income. Although most of the income arises from the assets in the Permanent Endowment Fund, there are no restrictions on the use of the income and it has been transferred to unrestricted funds. The significant expenditure during the year was a payment of £30,000 (2021 - £35,000) to St Nicholas PCC.
During the year the market value of investments decreased by £201,876 (2021 increased by £214,626). In line with current accounting standards, these investments will continue to be valued annually. Their value at 31 December 2022 was £1,513,059 (2021 - £1,714,935).
During the year the market value of freehold properties held as investments increased by £Nil (2021 increased by £30,000). Its value at 31 December 2022 was £85,000 (2021 - £85,000).
The Trustees consider there are adequate reserves to meet the charity's objects for the foreseeable future.
It is anticipated that in the next financial year, the amount payable to St Nicholas PCC may be considerably larger than usual due to the Quinquennial review and extensive costs regarding the Church organ.
Risk Management
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.
Reserves Policy
It is the policy of the charity to maintain unrestricted funds at a level which equates to approximately 12 months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs. Unrestricted funds are maintained at least at this level throughout the year.
Trustees
Appointment of the Trustees is governed by the Trust Deed.
Audit
The Managing Trustees do not consider that there is a requirement to carry out an audit as required by the Charities Acts 2011 s.144.
The report was approved by the Body of Managing Trustees on 6 March 2023 and signed on its behalf:
D Hogsflesh - Trustee
BA Matthews - Trustee
Page 3
STUDLAND CHURCH LANDS TRUST
INDEPENDENT EXAMINERS' REPORT TO THE TRUSTEES OF THE STUDLAND CHURCH LANDS TRUST
I report to the Trustees on my examination of the accounts of the above Trust for the year ended 31 December 2022, which are set out on pages 5 to 8.
Responsibilities and Basis of Report
As the Trust's trustees, you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 ("the Act").
I report in respect of our examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all of the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiners' Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with Section 130 of the Charities Act; or
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the accounts do not accord with the accounting records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a "true and fair" view which is not a matter considered as part of an Independent Examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Bridge House Court Road SWANAGE BH19 1DX 16 March 2023
MA Haigh FMAAT ATT(Fellow) HardingRedmans Accountants
Page 4
STUDLAND CHURCH LANDS TRUST
| NOTES FIXED ASSET INVESTMENTS Freehold Properties Held as Investments 2 85,000 Investments 3 1,513,059 1,598,059 CURRENT ASSETS CBF Deposit Account (Fabric Fund) 54,615 Bank Current Account 24,527 79,142 LESS CURRENT LIABILITIES Sundry Creditors - Amounts Falling Due Within One Year 690 NET CURRENT ASSETS 78,452 NET ASSETS 1,676,511 Financed by: FUNDS Permanent Endowment Fund - Restricted 4 1,378,829 Fabric Fund - Unrestricted 4 273,846 General Fund - Unrestricted 4 23,836 1,676,511 Charity Registration Number- 1124710 BALANCE SHEET AS AT 31 DECEMBER 2022 2022 £ |
85,000 1,714,935 1,799,935 47,416 15,758 63,174 672 62,502 1,862,437 1,551,455 295,896 15,086 1,862,437 2021 £ |
|---|---|
Approved by the Body of Managing Trustees on 6 March 2023 and signed on its behalf
| D Hogsflesh | Trustee |
|---|---|
| BA Matthews | Trustee |
The notes on pages 7 and 8 form part of these accounts.
Page 5
STUDLAND CHURCH LANDS TRUST
STATEMENT OF FINANCIAL ACTIVITY (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2022
| INCOMING RESOURCES: CHARITABLE ACTIVITIES Rents Received (Net of Voids, etc.) INVESTMENT INCOME: Dividends - CBF Investment Fund CBF Deposit Account Interest OTHER INCOME: Incentive for Changing Banks TOTAL INCOMING RESOURCES RESOURCES EXPENDED DIRECT CHARITABLE EXPENDITURE: St Nicholas PCC Studland OTHER EXPENDITURE: Independent Examiners' Fees TOTAL RESOURCES EXPENDED NET INCOME/(EXPENDITURE) FOR THE |
YEAR stments |
Unrestrict | Fabric £ - - 6,521 679 7,200 - - 7,200 - - - - - 7,200 (29,250) (22,050) 295,896 273,846 ed Funds |
£ - - - - - - - - - - - - - - (172,626) (172,626) 1,551,455 1,378,829 Permanent Endowment |
Total 2022 £ 960 960 45,001 679 45,680 - - 46,640 30,000 30,000 690 690 30,690 15,950 (201,876) (185,926) 1,862,437 1,676,511 |
Year Ended 31/12/2021 £ 960 960 43,521 22 43,543 1,500 1,500 46,003 35,000 35,000 672 672 35,672 10,331 244,626 254,957 1,607,480 1,862,437 |
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| General £ 960 960 38,480 - 38,480 - - 39,440 30,000 30,000 690 690 30,690 8,750 - 8,750 15,086 23,836 |
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GAINS & LOSSES ON INVESTMENTS: Unrealised Gains/(Losses) on Revaluation of Inve NET MOVEMENT IN FUNDS FOR YEAR TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD |
There were no recognised gains or losses for 2021 or 2022 other than those included in the Statement of Financial Activities.
The notes on pages 7 and 8 form part of these accounts.
Page 6
STUDLAND CHURCH LANDS TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 ACCOUNTING POLICIES
1.1 General
The principal accounting policies of the Trust are set out in the following sub-paragraphs.
1.2 Accounting Basis
The financial statements have been prepared under the historical cost convention with the exception of the valuation of investment assets which are shown at market value. The accounts are in accordance with United Kingdom accounting standards FRS102, the Charities SORP (FRS102), Charities (Accounts and Reports) Regulations 2008 and comply with the Charities Act 2011.
1.3 Income
Income comprises rent receivable, bank incentive, dividends and interest received.
1.4 Administration Expenditure
Administration Expenditure is accrued in the financial statements as it arises. Prepaid expenditure is carried forward to future periods. Included in administration expenditure are routine management and repair costs. Expenditure is apportioned between funds as applicable.
1.5 Charitable Expenditure
Charitable Expenditure is included in the accounts when paid, future commitments will be included by way of a note to the financial statements.
1.6 Fixed Assets - Land
Land is stated as valued in 2021. Land values will be reviewed every five years and will be re-stated where values significantly differ from those shown in the Balance Sheet.
1.7 Fixed Assets - Investments
Investments are included in the Balance sheet at market value as at the year end. Unrealised gains and losses are accounted for in the fund to which they apply.
1.8 Going Concern
The financial statements have been prepared on the going concern basis which assumes that the Trust will continue in operational existence for the foreseeable future. There are no material uncertainties about the Trust's ability to continue.
2 FREEHOLD PROPERTIES HELD AS INVESTMENTS - HELD WITHIN THE UK
Freehold Lands were re-valued by JE Corben FSVA, FCI Arb on 6 December 2021. The valuation was made on the basis that the land would be sold freehold and not subject to onerous restrictions or reservations. The Trustees have concluded that the financial statements present fairly the Trust's financial position.
| 2022 £ Rectory Field (2.01 acres) Market Value at 1 January 2022 85,000 Net Unrealised Gains on Investment - Market Value at 31 December 2022 85,000 FIXED ASSET INVESTMENTS- HELD WITHIN THE UK 2022 £ Quoted Investments: Market Value at 1 January 2022 1,714,935 Net Unrealised Gains on Investments (201,876) Market Value at 31 December 2022 1,513,059 Cost of 73,231.19 (2021 - 73,231.19) Units in the Investment Fund of the Central Board of Finance of the Church of England 532,640 |
2021 £ 55,000 30,000 85,000 2021 £ 1,500,309 214,626 1,714,935 532,640 |
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3 FIXED ASSET INVESTMENTS - HELD WITHIN THE UK
Page 7
STUDLAND CHURCH LANDS TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued)
4 FUNDS
The Assets and Liabilities of the funds are as follows:-
| Freehold Land at 2021 Valuation CBF Investment Fund at Market Value CBF Deposit Account Cash at Bank and in Hand Less Accruals |
General Fund £ - - - 24,527 24,527 (690) 23,837 |
Fabric Fund £ - 219,230 54,615 - 273,845 - 273,845 |
Permanent Endowment |
Total £ 85,000 1,513,059 54,615 24,527 1,677,201 (690) 1,676,511 |
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|---|---|---|---|---|---|---|
| £ 85,000 1,293,829 - - 1,378,829 - 1,378,829 Fund |
The General Fund
The General Fund is used to achieve the objects of the Trust as set out in the Trustee's Report on pages 1 and 2.
The Fabric Fund
The Fabric Fund is designated for the repair, improvement or rebuilding of the Parish Church of St Nicholas in Studland.
The Permanent Endowment Fund
Income from the Permanent Endowment Fund is restricted to the establishment of a Fabric Fund (see above) and thereafter to the religious and other charitable work of the Church of England in the Ecclesiastical Parish of Studland. Income not applied in this manner may be paid to the Salisbury Diocesan Board of Finance, as Trustee, for a separate fund to be applied for the religious and other charitable work of the Church of England in the Benefice of Swanage and Studland.
5 CONNECTED CHARITIES
The Charity is connected with St Nicholas Church PCC Studland. The Team Rector of the Swanage and Studland Team Ministry, the Reverend Doctor Ian Bird, is the chairman of the Charity. The address of the PCC remains as The Rectory, 12 Church Hill, Swanage, BH19 1HU.
Studland Church Lands Trust sets aside funds out of its income for the purpose of creating a 'Fabric Fund' for the repair, improvement or rebuilding of St Nicholas Church. It also makes further grants out of income to the PCC for religious and charitable work of the Church of England in the Parish of Studland.
During the year charitable grants of £30,000 (2021 - £35,000) were made to St Nicholas Church PCC.
6 EMPLOYEES AND TRUSTEES EMOLUMENTS
There were no employees during the year or preceding year. No Trustees have been paid any remuneration or received any other benefits and no expenses have been reimbursed.
7 NET MOVEMENT IN FUNDS FOR THE YEAR
| The | General Fund Fabric Fund Permanent Endowment Fund Total Funds net movement in funds is stated after charging:- Fees in respect of Independent Examination |
As at £ 15,086 295,896 1,551,455 1,862,437 01/01/2022 |
Incoming Resources £ 39,440 7,200 - 46,640 |
Outgoing Resources |
Unrealised (Losses)/Gains |
Unrealised (Losses)/Gains |
As at 31/12/2022 £ 23,836 273,846 1,378,829 1,676,511 2021 £ 672 |
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| o | n Revaluation | |||||||||
| o | f Investments | |||||||||
| £ (30,690) - - (30,690) |
£ - (29,250) (172,626) (201,876) 2022 £ 690 |
- 8 CREDITORS - Amounts Falling Due Within One Year
Accruals and Deferred Income 690 672
Page 8
STUDLAND CHURCH LANDS TRUST
The following page does not form part of the Financial Statements:
STUDLAND CHURCH LANDS TRUST
DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022
| INCOME Rents Receivable Field Rent Incentive for Changing Banks Income from Quoted Investments: CBF Investment Fund - General Fund CBF Investment Fund - Fabric Fund Interest Receivable: CBF Deposit Account GROSS INCOME LESS EXPENDITURE Administration Independent Examiners' Fees Charitable Grants: St Nicholas' Church PCC TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) FOR THE YEAR Revaluation of Investments Surplus/(Deficit) on Revaluation of Investments - Permanent Endowment Surplus/(Deficit) on Revaluation of Investments - Fabric Fund Reserves Brought Forward 1 January 2022 RESERVES CARRIED FORWARD 31 DECEMBER 2022 |
960 - 38,480 6,521 679 46,640 690 30,000 30,690 15,950 (172,626) (29,250) (201,876) 1,862,437 1,676,511 2022 45,001 £ |
960 1,500 37,215 6,306 22 46,003 672 35,000 35,672 10,331 213,528 31,098 244,626 1,607,480 1,862,437 2021 43,521 £ |
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