Charity Commission Registration Number: 1134078
## **St Peter's Asset Management Group**
## **ANNUAL REPORT** and Financial Statements
For the Year Ended 31 December 2021
## **ST PETER'S ASSET MANAGEMENT GROUP**
## **CONTENTS OF THE REPORT For the year ended 31 December 2021**
||**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
St. Poter's A55•t
rou
R$
established followln
Year Endin
the dlsg
ut
31 December 2021
Infomiatlon
Followng tre dissolution of th8 T8am Ministry by the ChuTch Commissioners, th8 r8r88tIoTr ol thraè benafiS of thè
independent parish churches of St. Mary's, Horn5ey Ris8, St. Andrew's. Whitehall Patk. and SL John the Evangelist and
the establishment of the Archway Group Ministry for those bgnefic8s, the Teatn Parochial Chuioh Council IPCCI. a regis
tered charity INO. 11340781, arraThJed for it5 affaits to be managed by a small group of trustees, hereinafter c811ed the St.
P8terfs Asset Management Group consisting of representatives from each church in the Archway Group.
Structure GovornanG
ment
The 51X trustees of Sl. Peter's Asset Manag8rnent Group liwo rèpr6sontats"v8s from each of thg churches in Ih8 Archw8y
Group) will b8 proposed by the church PCCS and 8ppoint8d at the r8SPeCtive Annual Parochlal Church Meetings to serve
for the following y88r.
Ob
èctlves and A¢tlvltSe8
The St. Peterfs Asset Management Group 15 established to manage the lea8ing of Sl. Pet8rf8 Church. curr8nUy to LitU8
Angel'$ Nurs8ry, in accordance wlth the Pastoral Measure and Directions signed by the Bishop ol London, and the renting
ol Flats 10 and 11 in the old church, currently through Taylor Gibbs acting as Managing Agents, under a Trust Deed such
that the net InMe from Sl. P8ter's and th8 flats are shared equally by the three parishes in the Archway Group for
th6 purpose ol promoting. in tho$8 pari5he5, th8 whola mission of the church pastoral, 8vangeli8lic, $oci81 and
ecumenul.
In March 2013, the Bishop of London signed the Direction tt)at income fron) Sl. Peterfs Church be sh8red equally by the
three benefices ol St. Andrew's, Sl. Mary's and Sl. Johns and a Declaration of Trust lor St. Peter's flats 10 & 11 has been
dr8wn up and signed such that Income is similarty sha.
The members of th8 St. Pet8rf8 Asset Managemtsnt Group trom 1a1 J8nu8ry to 31* December 2021 w8r8.'
Maggie Smyth and Rev Alan Cornlort SL Johns
Nick Evans {ChairJ an¢Y Quentin Pickard St. Mary's
Su6 Hallam and Joanne Ryan (TTr88ur8rl Sl. Andrew,
Five meetings wgr8 held duriry 2021 on 11th March, 1W June, 23rd September, 4th October and W D8c8mber.
Matters discussed induded the slow financial r8CDV8ry of Litue Angels Nursery as a result of the pandern,. the renovation
and general Maintenan ol the flats.. the difficulties19tting F18t 10.. the creatlon olthe letllng licen¢e scheme in LB Islingion;
the payments to IPM lating to Phase Three of th8 major works on the overall building and the potential for a cash-flow
prob18rn,' th8 ne8d to cr8at8 a substantlal sin"Thg fund to address the d8dining fabric of St Pet8r's and the lack of
communir2tion frorn IPM before levying larye demands", and the equal distribution- or $u$pension ther80f
of availablè
funds to the three churches.
Flnanclal Rovlew
The financial management of the 88sets r818ting to St. Petèr's Church has been (arried out by the SL Peierfs As8et
Managernent Group in accordance with the agreed dI¢"0n lo divide Income equally betwe8n the thre8 thurch8s of the
Archway Group. Th8fe wefe £32.348 unres¢ricl8d Mt assets available as at 31st December 2021.
R•
orvès Poll
Reserves are defined as that part of the income that is freely available. This th9rgfor9 exdud8$ P8rn8nent or axpandabl•
8ndowm8nt funds, resthct8d incom8 fund5, and 8fty part of unrèstsicted funds which is not currently available for 8pen¢Jin9.
The St. Peter's Asset Management Group has agreed to continue to hold a reserve of £10,000 to 8ither support the r
launch of St Peterfs church when this Is pra¢ti(able or to act as a r888rv8 fund to addr8S5 ihe dedining fabrie of the St
Peter'5 building. The trustees wll ¢onsider increasing this r888rve in 2022. Th8 money is in a CBF Depxlt Fund acc4)unt
in the name of'upper Holloway St Peters PCC..
Otherthan keeping funds required to Cover likely on-going rnaintenancèof the llats and lees relating to the ongoing 8Xt8mal
pairs reqUId to the St Peter's Church Building, St. Pgte¢s A5881 Man8gemant Group Intends to continue to frAlow the
policy not io hold unallocaled r8S8rve5.
Approved by tho St Peterf8 Asset Management Group on 10 October 2022
Nlck Evan8
Chalr
Page 3
## **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 2021 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:
- Examine the accounts under section 145 of the 2011 Act);
- To follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and
- To state whether particular matters have come to my attention.
## **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:
- 1 which gives me reasonable cause to believe that in any material respect the requirements
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Kevin Ogilvie
Charity Bookkeeping and Examination Services 28[th] October
2022
13 Evelyns Close, Hillingdon, Middlesex, UB8 3LR
ST. PETER'S ASSET MANAGEMENT GROUP
BALANCE SHEET AT 31 DECEMBER 2021
Note
2021
2020
FIXED ASSETS
Inveslment assets
1,300,000
1,300,000
1,300,000
1,300,000
CURRENT ASSETS
Debtors
Short temi deposits
Cash at bank & in hand
2,541
11,246
65,186
185
11,240
20,567
78.973
31,993
LIABILITIES: AMOUNTS
FALLING DUE WITHIN ONE
-36.625
-8.142
NET CURRENT ASSETS
42,348
23.851
NET ASSETS
1,342,348
1,323.851
FUNDS
8&9
Unreslricled
Designated
Restricted
Endowment
32,348
10,000
13.851
10,000
1,300,000
1.342,348
1,300.000
1,323,851
Approved by the St. Pelerfs Asset Management Group on
and signed on its behalf by..
10 (9cXoW
Nick Evans
Chaiman - St Peterfs Asset Management Group
The notes on pages 7 10 12 attached fonn part of these accounts.
Page 5
## **ST. PETER'S ASSET MANAGEMENT GROUP**
## **STATEMENT OF FINANCIAL ACTIVITIES For the Period Ended 31 DECEMBER 2021**
|||**Unrestricted **|**Designated**|**Restricted**|**Endowment**|**2021**|**2020**|
|---|---|---|---|---|---|---|---|
|||**Funds**|**Funds**|**Funds**|**Fund**|||
||**Note**|**£**|**£**|**£**|**£**|**£**|**£**|
|**INCOMING RESOURCES**||||||||
|Letting of former church hall|2(a)|81,297|-|-|-|81,297|57,897|
|Letting of flats|2(b)|33,947|-|-|-|33,947|45,898|
|Interest on capital holdings|2(c)|6|-|-|-|6|48|
|||115,250|-|-|-|115,250|103,842|
|**RESOURCES USED**||||||||
|Donations to other churches|3(a)|33,000|-|-|-|33,000|88,500|
|Flats|3(b)|63,153|-|-|-|63,153|26,554|
|Governance costs|3(c)|600|-|-|-|600|600|
|||96,753|-|-|-|96,753|115,654|
|**NET INCOMING/(OUTGOING)**||18,497|-|-|-|18,497|-11,812|
|**RESOURCES**||||||||
|**GAINS AND LOSSES ON INVESTMENTS**||||||||
|Unrealised|4|-|-|-|-|-|-|
|**NET MOVEMENT IN FUNDS**||18,497|-|-|-|18,497|-11,812|
|**TRANSFERS**||-|-|-|-|-|-|
|BALANCES BROUGHT FORWARD||||||||
|AT 1 JANUARY 2021||13,851|10,000|-|1,300,000|1,323,851|1,335,663|
|BALANCES CARRIED FORWARD||||||||
|AT 31 DECEMBER 2021||32,348|10,000|-|1,300,000|1,342,348|1,323,851|
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 2021**
## 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 2021**
|**2 INCOMING RESOURCES**|**Unrestricted funds**|**Unrestricted funds**|**Restricted **|**Endowment**|**Total**|**Funds**|
|---|---|---|---|---|---|---|
||**General Designated**||**Funds**|**Fund**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**2(a)**Letting of former church hall|81,297|-|-|-|81,297|57,897|
|**2(b)**Letting of flats|33,947|-|-|-|33,947|45,898|
|**2(c)**Interest on capital holdings|6|-|-|-|6|48|
|**TOTAL INCOMING RESOURCES**|115,250|-|-|-|115,250|103,842|
|**3 RESOURCES USED**|**Unrestricted funds**||**Restricted **|**Endowment**|**Total**|**Funds**|
||**General Designated**||**Funds**|**Fund**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**3(a)**Donations to other churches|33,000|-|-|-|33,000|88,500|
|**3(b)**Flats|||||||
|repairs, renovation, redecoration|14,588|-|-|-|14,588|2,690|
|management and letting fees|5,662|-|-|-|5,662|6,952|
|ground rent|200|-|-|-|200|200|
|external service charges|5,004|-|-|-|5,004|3,662|
|major works contribution|35,104|-|-|-|35,104|12,644|
|running costs|2,595|-|-|-|2,595|407|
||63,153|-|-|-|63,153|26,554|
|**3(c)**Governance costs:|||||||
|independent examination|600|-|-|-|600|600|
|**TOTAL RESOURCES USED**|96,753|-|-|-|96,753|115,654|
|**Fund Balance b/fwd**|**13,851**|**10,000**|**-**|**1,300,000 **|**1,323,851**|**1,335,663**|
|**TRANSFERS**|-|-|-|-|-|-|
|**4 UNREALISED GAINS AND LOSSES ON INVESTMENTS**|||||||
|Revaluation of Investment Property|-|-|-|-|-|-|
|**Fund Balance c/fwd**|**32,348**|**10,000**|**-**|**1,300,000 **|**1,342,348**|**1,323,851**|
Page 9
## **ST. PETER'S ASSET MANAGEMENT GROUP**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021**
## **5 FIXED ASSETS**
|_Investments_
**Flats for rental**
Valuation b/fwd
Revaluation
Valuation c/fwd
**TOTAL INVESTMENTS**|**2021**
**2020**
**£**
**£**
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. Messrs Taylor Gibbs confirmed at the time these accounts were prepared that this is still a reasonable valuation.
|**6 DEBTORS**
Ground rent prepaid
Taylor Gibbs overcharge
Management fees prepaid
**7 LIABILITIES: AMOUNTS FALLING DUE WITHIN 1 YEAR**
Due to other churches
Independent examination
Deferred income
Running costs
Ground Rent
Major works
Management and letting fees|**2021**
**£**
50
-
2,491
2,541
**2021**
**£**
-
600
872
-
50
-
35,104
36,625|**2020**
**£**
50
135
-|
|---|---|---|
|||185|
|||**2020**
**£**
7,000
600
-
407
-
135
-|
|||8,142|
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
68,973
-
-
-
68,973
-36,625
-
-
-
-36,625|
|---|---|
||32,348
10,000
-
1,300,000
1,342,348|
Page 11
## **ST. PETER'S ASSET MANAGEMENT GROUP**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021**
## **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 (2020: £10,000). This is being held as a reserve fund for major fabric repairs and any other unexpected urgent expenses.
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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