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 fo1￿￿Trn 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￿$. Vthttehall Park. and St John the Evangelist and the establishtnent ofthe Ardway Gioup Ministy for Iwefices. ￿ Tearn Parrxthid Churth Counril {PCCI, a regis- tered (*arity INO. 1134(1781, arranged fr)r its affaTS to be Manag￿ ty a small group of t￿￿. hereinafter cal￿d the St. Peterfs Asset Management Group consisting of1¥￿) rep￿$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**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| 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**
**£**
**£**
**£**
**£**
**£**
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: - 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