Charity Commission Registration Number: 1134078
St Peter's Asset Management Group
ANNUAL REPORT and Financial Statements
For the Year Ended 31 December 2022
ST PETER'S ASSET MANAGEMENT GROUP
CONTENTS OF THE REPORT For the year ended 31 December 2022
| 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
SL Peterfs Asset Ma ement Grou established fo1Trn Fo EndÉ tt dissolution of The U Team Parish Admlnlstrdtfrle lrfom7atton Followng the dissolubon of the Tean Mfftisty ty the Chun C(MnmissifXW. Ihe re-creati of three benefi of Ihe independent paThsh thuttthks of St Paarfs. Homsey Rise. St Aj)dre$. Vthttehall Park. and St John the Evangelist and the establishtnent ofthe Ardway Gioup Ministy for Iwefices. Tearn Parrxthid Churth Counril {PCCI, a regis- tered (arity INO. 1134(1781, arranged fr)r its affaTS to be Manag ty a small group of t. hereinafter cald the St. Peterfs Asset Management Group consisting of1¥) rep$errtkn from eath d)utth in the Arthway Group. Structure Governance and Idana The six trustees of St Petèrfs A%set M8n8gernent Group ltsvo rèprÈsertt3tives fr<xn èad) tsfthÈ d)Urtt in the Archway Groupl will be prowsed by the church PCCS and apwnbj at the reSl¥e Annual Parhla1 ChuK MJ[¥S to see for the following ye. Ob'ectives and Activilies The St Peterfs Asset Management Gmp is eIL$hed to manage tr leasing of St Peterfs Churth, currentty to Litde Angd's Nursery. in a)rdants wrth the Pa5total Measure and Direcbors Sie by the Bishop of Lonn, and the renting of Flats 10 and 11 in the old thur¢. ojrrenty thr(xJgh Tayky Gitth acthn9 as Managing Awts, uThJer a TTrt Deed such Ihat the net income from St Peters and the Ilats are shared wualty by the Ihree p8risIE5 in thè Archway Group for the purpose of Frnob"ng. in those pwshes. ts wh(Ae Miss of Ihe thurch - pasloral, evaroe1$5tc, scYAal and ecumenicd. In March 2013, the Bishop of LorKlcn sig1d t)reth(m Ihat irvJ)me from St Peterfs ChuTch be shared equally by the three benefices of St Andtev/s. St Mary's and St Johns aThJ a D&SaratiC ofTrust for SL Peterfs flats 10 & 11 has been drawn up aThJ signed gjch that inoJme is smilaty sharej. The mernrs ofthè St PetS Asset Management Grr¥Jp from 1aJanuary to 311t 2022 we.. Maggie Srnyth and Re¥an Comfort St Johns Ni¢k Evans (Chair) and Quentin P¢'ckard SL Mary's Sue Hallam and Joanne Ryan fr3s) St Andrvks Four rrwb"ngswere hekl durirKJ 2012 on 24th March. JWE. 21%1 Sepkntrer. 8rKI 111 Der£mber. Matter5 discusseil sndtxl¥l Ihe imwovgj ouuook for Liide Ws NLtr5ery'. the extémal fabric repairs to the building cc¥ttaining the flats and the res1ng rrtryae to the tenants vrtK) %Kxked from hoEr£". a 10% rent reduction for the duratK)n of the building WOTks tts address Ihe tenants. dissatisfacti(". general rnaintenan ofthè ffl." Ihè applItiOn for leth.ng liw)ces as required by LB Isliwn,. the ccffttinued th'ffiujlbes getiry infornalj.on fr(Kn the propwty managers, IPM, and the improved lationship the head of the restijents. as&x?ab"on" need to swtch banks in der to asS online banking", the redesignatiC of the St Pelefs ant hjnd as a gerera ergerry reserve and its iNxe&se to £30k. rising to £40k in 2023. and the equal distribubon Ofavable turyts to three thurches. Flnanclal Review The financial management of the assets relatiro to St Pelerfs Churth LEen ¢ed out by the SL Peter's Asset ManaJement GTOUP in acwrdm reed thrÈditin tr) ¢Sithde irxx%n& equalty tetrRen the three churches of the Ar(wdy Gr(MJP. Thewere £24,276 unrestn.ded net assets available as al 31st December 2022 after the increase in the desIgnaj emergercm reseNe fijnd. Reserves Polic Reserves are defin&Y a5 that part ofthe Ire that isfre avwlabl& This thef exdudes [Dent or expendable dowmentfvnds. restn.ded irwx¥ne ftjnts. arKI arry part Ofurtric1Wj futts 1¢h is Th)t ojrrenty aVailae for wding. The St. Peterfs Asset Manaent Group has agreed to hokj a reserve of£30.(KQ to as an emetgenw fund 19 address the dediThng frdbT ofthe St Peterfs builcfjng. shd a reJant of Sl Churth be desired by the ArcAMYay Group MÈnisty in fijture, this (xjukl also used to SUPFtrt that puw. The money wll be moved lo the CBF Depo%t Fund account in the name of'UFper Fk4bhBy St Pekns PCS banktng are erthan kee.n9fundS required to coverlikdyon-wng Maintena ofthe flats fee51datingto the Oroing extemal repairs required to the St Peterfs CFwrch BuihYir¥J. St Peterfs A8sÈt Management Group intends to ntinue to follow the poliq ntsl to unallted reserves. Approved by the SL Peterfs Asset IAanagement Group ¢)n 20Awil 2023 Nick Evan# Chair 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 2022 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:
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Examine the accounts under section 145 of the 2011 Act);
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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
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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:
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1 which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
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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 22[nd] May 2023
13 Evelyns Close, Hillingdon, Middlesex, UB8 3LR
ST. PETER'S ASSET mANAGEmETr GROUP BALANCE SHEET AT 31 DECEAIBER 2022 2022 2021 FIXED ASSETS Investment assets 1.300.fJ)O 1,300,000 1,300.WO 1.300,000 CURRENT ASSETS Debtors Short term deposits Cash at bank & in hand 2.183 11,394 42.117 2,541 11.246 65.186 55,694 78,973 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE -1,417 -36,625 NET CURRENT AssErs 54.276 42,348 NET ASSErs 1.354,276 1,342,348 FUNDS 8&9 Unreslricted Designated Restricted Endowment 24,276 30.OCM) 32,348 10,000 1.300.000 1,354,276 1.300,000 1,342,348 Approved by the St. Peterfs Asset Management Group on and signed on ts behaK by: Nick Evans Chairman - St Peterfs Asset Managemerrt Group The notes on pages 7 to 12 attached form part of these aco)unts. Page 5
ST. PETER'S ASSET MANAGEMENT GROUP
STATEMENT OF FINANCIAL ACTIVITIES For the Period Ended 31 DECEMBER 2022
| **Unrestricted ** | Designated | Restricted | Endowment | 2022 | 2021 | ||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Fund | ||||
| Note | £ | £ | £ | £ | £ | £ | |
| INCOMING RESOURCES | |||||||
| Letting of former church hall | 2(a) | 61,297 | 20,000 | - | - | 81,297 | 81,297 |
| Letting of flats | 2(b) | 45,448 | - | - | - | 45,448 | 33,947 |
| Interest on capital holdings | 2(c) | 148 | - | - | - | 148 | 6 |
| 106,893 | - | - | - | 126,893 | 115,250 | ||
| RESOURCES USED | |||||||
| Donations to other churches | 3(a) | 63,000 | - | - | - | 63,000 | 33,000 |
| Flats | 3(b) | 51,365 | - | - | - | 51,365 | 63,153 |
| Governance costs | 3(c) | 600 | - | - | - | 600 | 600 |
| 114,965 | - | - | - | 114,965 | 96,753 | ||
| NET INCOMING/(OUTGOING) | -8,071 | 20,000 | - | - | 11,929 | 18,497 | |
| RESOURCES | |||||||
| GAINS AND LOSSES ON INVESTMENTS | |||||||
| Unrealised | 4 | - | - | - | - | - | - |
| NET MOVEMENT IN FUNDS | -8,071 | 20,000 | - | - | 11,929 | 18,497 | |
| TRANSFERS | - | - | - | - | - | - | |
| BALANCES BROUGHT FORWARD | |||||||
| AT 1 JANUARY 2022 | 32,348 | 10,000 | - | 1,300,000 | 1,342,348 | 1,335,663 | |
| BALANCES CARRIED FORWARD | |||||||
| AT 31 DECEMBER 2022 | 24,276 | 30,000 | - | 1,300,000 | 1,354,276 | 1,342,348 |
The notes on pages 7 to 12 attached form part of these accounts.
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ST. PETER'S ASSET MANAGEMENT GROUP
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
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.
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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.
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ST. PETER'S ASSET MANAGEMENT GROUP
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
| 2 INCOMING RESOURCES | Unrestricted funds | Unrestricted funds | **Restricted ** | Endowment | Total | Funds |
|---|---|---|---|---|---|---|
| General Designated | Funds | Fund | 2022 | 2021 | ||
| £ | £ | £ | £ | £ | £ | |
| 2(a)Letting of former church hall | 61,297 | 20,000 | - | - | 81,297 | 81,297 |
| 2(b)Letting of flats | 45,448 | - | - | - | 45,448 | 33,947 |
| 2(c)Interest on capital holdings | 148 | - | - | - | 148 | 6 |
| TOTAL INCOMING RESOURCES | 106,893 | 20,000 | - | - | 126,893 | 115,250 |
| 3 RESOURCES USED | Unrestricted funds | **Restricted ** | Endowment | Total | Funds | |
| General Designated | Funds | Fund | 2022 | 2021 | ||
| £ | £ | £ | £ | £ | £ | |
| 3(a)Donations to other churches | 63,000 | - | - | - | 63,000 | 33,000 |
| 3(b)Flats | ||||||
| repairs, renovation, redecoration | 3,670 | - | - | - | 3,670 | 14,588 |
| management and letting fees | 7,541 | - | - | - | 7,541 | 5,662 |
| ground rent | 200 | - | - | - | 200 | 200 |
| external service charges | 4,403 | - | - | - | 4,403 | 5,004 |
| major works contribution | 35,104 | - | - | - | 35,104 | 35,104 |
| running costs | 448 | - | - | - | 448 | 2,595 |
| 51,365 | - | - | - | 51,365 | 63,153 | |
| 3(c)Governance costs: | ||||||
| independent examination | 600 | - | - | - | 600 | 600 |
| TOTAL RESOURCES USED | 114,965 | - | - | - | 114,965 | 96,753 |
| Fund Balance b/fwd | 32,348 | 10,000 | - | **1,300,000 ** | 1,342,348 | 1,323,851 |
| TRANSFERS | - | - | - | - | - | - |
| 4 UNREALISED GAINS AND LOSSES ON INVESTMENTS | ||||||
| Revaluation of Investment Property | - | - | - | - | - | - |
| Fund Balance c/fwd | 24,276 | 30,000 | - | **1,300,000 ** | 1,354,276 | 1,342,348 |
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ST. PETER'S ASSET MANAGEMENT GROUP
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
5 FIXED ASSETS
| Investments Flats for rental Valuation b/fwd Revaluation Valuation c/fwd TOTAL INVESTMENTS |
2022 2021 £ £ 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 |
2022 £ 50 - 2,133 2,183 2022 £ - 600 817 - - - - 1,417 |
2021 £ 50 - 2,491 |
|---|---|---|
| 2,541 | ||
| 2021 £ - 600 872 - 50 - 35,104 |
||
| 36,625 |
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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 £ £ £ £ £ 30,000 - 1,300,000 1,330,000 25,694 - - - 25,694 -1,417 - - - -1,417 |
|---|---|
| 24,276 30,000 - 1,300,000 1,354,276 |
Page 11
ST. PETER'S ASSET MANAGEMENT GROUP
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
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 £30,000 (2021: £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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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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.
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