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2020-12-31-accounts

Charity Commission Registration Number: 1134078

St Peter's Asset Management Group

ANNUAL REPORT and Financial Statements

For the Year Ended 31 December 2020

ST PETER'S ASSET MANAGEMENT GROUP

CONTENTS OF THE REPORT For the year ended 31 December 2020

Page
Report of the Trustees 3
Independent Examiner's Report 4
Balance Sheet 5
Statement of Financial Activities 6
Notes to the Financial Statements 7 - 12

Page 2

Independent Examiner's Report to the Trustees of St Peter’s Management Group

I report on the accounts of the church for the year ended 2020 which are set in pages of the Annual Report.

Respective Responsibilities of Trustees and Examiner

The church’s trustees are responsible for the preparation of the accounts. The church's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.

It is my responsibility to:

Basis of Independent Examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner's statement

Since the gross income for the year exceeds the amount provided in section 145(3) of the Act, I confirm that I am qualified to act as Independent Examiner under the provisions of that section of the Act and that my qualification is as shown below.

In connection with my examination, no matter has come to my attention:

Kevin Ogilvie

Charity Bookkeeping and Examination Services 27[th] September 2021

13 Evelyns Close,

Hillingdon, Middlesex, UB8 3LR

. PEIER S ASBEI NANAGEMEN7 GROUP BALANCE SHEET AT 31 DECEMBER 2020 Note 2020 2019 FIXED ASSETS Investment assets 1,3QO,000 1,300.000 1,300,000 1,300,000 CURRENT ASSETS Debtors Short term deposits Cash al bank & in hand 185 11.240 20,567 10,630 11.193 24,711 31,993 46,534 LIABILITIES.. AMOUNTS FALLING DUE WITHIN ONE -8,142 -10,871 NET CURRENT ASSETS 23,851 35,663 NET ASSETS 1,323,851 1,335,663 FUNDS 8&9 Unrestricted Designated Restricted Endowment 13,851 10,000 25.663 10,000 1,300,000 1,323,851 1,300,000 1,335.663 Approved by the St. Peter's Asset Management Group on and signed on ils behalf by.. 20 Nick Evans Chairman - St Peter's Asset Management Group The notes on pages 7 to 12 attached form part of these accounts.

ST. PETER'S ASSET MANAGEMENT GROUP

STATEMENT OF FINANCIAL ACTIVITIES For the Period Ended 31 DECEMBER 2020

**Unrestricted ** Designated Restricted Endowment 2020 2019
Funds Funds Funds Fund
Note £ £ £ £ £ £
INCOMING RESOURCES
Letting of former church hall 2(a) 57,897 - - - 57,897 77,572
Letting of flats 2(b) 45,898 - - - 45,898 50,440
Interest on capital holdings 2(c) 48 - - - 48 84
103,842 - - - 103,842 128,095
RESOURCES USED
Donations to other churches 3(a) 88,500 - - - 88,500 93,000
Flats 3(b) 26,554 - - - 26,554 21,262
Governance costs 3(c) 600 - - - 600 500
115,654 - - - 115,654 114,762
NET INCOMING/(OUTGOING) -11,812 - - - -11,812 13,333
RESOURCES
GAINS AND LOSSES ON INVESTMENTS
Unrealised 4 - - - -
NET MOVEMENT IN FUNDS -11,812 - - - -11,812 13,333
TRANSFERS - - - -
BALANCES BROUGHT FORWARD
AT 1 JANUARY 2020 25,663 10,000 - 1,300,000 1,335,663 1,322,330
BALANCES CARRIED FORWARD
AT 31 DECEMBER 2020 13,851 10,000 - 1,300,000 1,323,851 1,335,663

The notes on pages 7 to 12 attached form part of these accounts.

Page 6

ST. PETER'S ASSET MANAGEMENT GROUP

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2019

1 ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Financial reporting standard 102 – reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’: - the requirements of Section 7 Statement of Cash Flows

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Voluntary income and capital sources:

Collections are recognised when received by or on behalf of the Charity

Grants and legacies to the Charity are accounted for as soon as the Charity is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the Charity is reasonably certain.

Other ordinary income:

Rental income from the letting of church premises is recognised when the rental is due.

Income from investments:

Interest is accounted for on a receivables basis.

Gains and losses on investments:

Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 December.

Volunteer help:

The value of any voluntary help received is not included in the accounts.

Expenditure and liabilities

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Governance costs

Cost of the preparation and examination of statutory accounts

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

Page 7

Investment properties are included at trustees’ best estimate of market value valued by the local estate agents.

Taxation

The charity is exempt from tax on its charitable activities

Fund accounting

General Unrestricted funds represent the funds of the Charity that are not subject to any restrictions regarding their use and are available for application on the general purposes of the Charity. Funds designated for a particular purpose by the Charity are also unrestricted.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

The accounts include all transactions, assets and liabilities for which the Charity is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Current assets

Amounts owing to the Charity at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectible.

Page 8

ST. PETER'S ASSET MANAGEMENT GROUP

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

2 INCOMING RESOURCES
2(a)Letting of former church hall
2(b)Letting of flats
2(c)Interest on capital holdings
TOTAL INCOMING RESOURCES*		 Restricted Endowment
General Designated
Funds
Fund
2020
2019
£
£
£
£
£
£
57,897
-
-
-
57,897
77,572
45,898
-
-
-
45,898
50,440
48
-
-
-
48
84
Unrestricted funds
Total Funds
103,842
-
-
-
103,842
128,096

*Letting of former church hall figure for 2019 reflects prior year adjustment of £3,726 for rent increase which should have begun 18 June 2019

3 RESOURCES USED
3(a)Donations to other churches
3(b)Flats
repairs, renovation, redecoration*
management and letting fees
ground rent
external service charges
major works contribution
bad debts
running costs		 Restricted Endowment
General Designated
Funds
Fund
2020
2019
£
£
£
£
£
£
88,500
-
-
-
88,500
93,000
2,690
-
-
-
2,690
1,249
6,952
-
-
-
6,952
7,335
200
-
-
-
200
200
3,662
-
-
-
3,662
11,871
12,644
-
-
-
12,644
-
-
-
-
407
-
-
-
407
607
Unrestricted funds
Total Funds
26,554
-
-
-
26,554
21,262

*repairs, renovation, redecoration reflects prior year adjustments for reimbursement for insurance claim received in 2020 and payment made to Greys Property Services for invoice from 2018

3(c)Governance costs:
independent examination 600 - - - 600 500
TOTAL RESOURCES USED 115,654 - - - 115,654 114,762
Fund Balance b/fwd 25,663 10,000 - **1,300,000 ** 1,335,663 1,322,330
TRANSFERS - - - - - -
4 UNREALISED GAINS AND LOSSES ON INVESTMENTS
Revaluation of Investment Property - - - - - -
Fund Balance c/fwd 13,851 10,000 - **1,300,000 ** 1,323,851 1,335,664

Page 9

ST. PETER'S ASSET MANAGEMENT GROUP

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

5 FIXED ASSETS

Investments
Flats for rental
Valuation b/fwd
Revaluation
Valuation c/fwd
TOTAL INVESTMENTS		 2019
2018
£
£
1,300,000
1,300,000
-
-
1,300,000
1,300,000
1,300,000
1,300,000

With reference to St Peter’s Church the flats for rental shown represent two flats that were gifted to the parish in 2000, with the London Diocesan Fund acting as Custodian Trustee. The redundant Church had been converted into eleven flats by developers during 1999/2000 and by gifting the two flats it was envisaged that the parish could rent out the flats to produce income. At the time of the gift local managing agents Messrs Taylor Gibbs were asked for a valuation and visited the properties. A figure of £300,000 for each flat was considered a reasonable valuation and brought into account by way of creating an endowment fund. It is understood that the flats could be sold if the decision was taken and the endowment created would be expended at that point. The flats were most recently valued in 2018 by the local letting agents Messrs Taylor Gibbs each for £650,000.

6 DEBTORS
Ground rent prepaid
Taylor Gibbs overcharge
Church hall rent arrears
IPM property
Management fees prepaid		 2020
2019
£
£
50
50
135
-
-
3,726
-
1,738
-
5,116
185
10,630

7 LIABILITIES: AMOUNTS FALLING DUE WITHIN 1 YEAR

Due to other churches
Independent examination
Deferred income
Greys Property Maintenance*
Running costs
Service charge
Management and letting fees		 2020
2019
£
£
7,000
8,500
600
500
-
1,763
-
108
407
-
135
-
-
8,142
10,871

*Greys Property Maintenance reflect prior year adjustment for invoice from 2018 issued in 2020

Page 10

8 ANALYSIS OF NET ASSETS BY FUND

Fixed assets
Current assets
Liabilities under 1 year
Fund Balance		 Unrestricted Designated Restricted Endowment
Funds
Funds
Funds
Fund
Total
£
£
£
£
£
10,000
-
1,300,000
1,310,000
21,993
-
-
-
21,993
-8,142
-
-
-
-8,142
13,851
10,000
-
1,300,000
1,323,851

Page 11

ST. PETER'S ASSET MANAGEMENT GROUP

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020

9 FUND DETAILS

Designated funds

Designated funds are unrestricted funds that are designated for specific purposes.

The balance on St Peter’s designated fund is £10,000 (2019: £10,000). This is being held for replanting.

10 STATEMENT OF TRUSTEES REPSONSIBILITIES

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the Trustees to prepare statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

11 ROUNDINGS

The figures shown in these accounts are in some instances the result of rounding adjustments. The underlying amounts are accurate to a penny and have been rounded to the nearest pound. This has the effect that some totals in these accounts may not be exactly equal to the sum of their constituent amounts.

12 ULTIMATE CONTROLLING PARTY

The charity is controlled by the members of the St. Peter's Asset Management Group who act as Trustees.

13 REMUNERATION TO TRUSTEES

No trustees or persons connected with them received any remuneration.

Page 12