Charity Commission Registration Number: 1134078
St Peter's Asset Management Group
ANNUAL REPORT and Financial Statements
For the Year Ended 31 December 2023
ST PETER'S ASSET MANAGEMENT GROUP
CONTENTS OF THE REPORT For the year ended 31 December 2023
| 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 |
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St. Peter's A5S8t Mana ment Grou establlshod foll l the dls501vtlon Year Endin 31 Decemb r 2023 er Hollow8 Parish Adminlst tiv Following the di$solulion of the Te?rn mnIStry by the Church Commissioners, th8 r@-tIOn of thre8 benefi¢es of the independent parlsh church85 of St. Mary's. Homsey Rise, St. Andrew'5, Whitehall Pafil, and St. John the Evangelist and the establishment of the Archway Group Ministry for those benefice5, th8 Team Parochial Church Council IPCCI, a regis- lered charity (No. 11340781. arranged for its affairs to b8 rrEan8ged by a small group of trLJstees. hereinafter called the St. Peter's Assel Management Group con5i5ting of hvo representabves frotn each church in the Archway Group. Stru¢tur• Governance ndma en Thp six trustees of St. Peter's ASSEI Mana9ernent Group (two representatives from èach of th8 churches In thè Archway Group) will be prop0$8d by tho church PCCS and appoint8d at thg speC"Ve Annua Parochial Church Meetin95 to Servg for th8 following year. ectlv•s and Activities The St. Peter's Asset Managerneni Group is est8blish8d to manage the leasing of St. Peterfs Church, curT8ndy to Little Angel's Nursery, In accord8nce with the Pastoral Measure and Directions signed by the Bishop of London. and the renting of Flats 10 and 11 in the old ¢hur¢h. currently through T8ylor Gibbs acting as Managing Agents, under a Twst Deed such that the net incorne from Sl. Peter'5 and the two flats ar8 sha equally by the thr8e parishes in the Archway Group for the purpose of promoting, in those pan5hes. the whole mission of the church - pastoral, 8vangeli5tic. social and e¢umeniGal. In March 2013, the Bishop of London signed the Di¢110n that incom8 from St. Pelerfs Church bè sh8T8d equally by the three benefices of St. Andrew's (Chanty No. 115216001, St. Mary's Icharily No. 11508211 and Sl. Johns (Charity No. 11983071 and a Declaration of Tnjsl forst Pet8r'8 flats 10 & 11 has been drawn up and $vJned such that income is similarty shared. The membgrs of Itt¢ Sl. P8t8rfs A5sel M8nagernent Group from 1st January to 31 December 2023 we¥e'. Maggie Smyth ard Rev Alan Comfort (unQl April 2023) St. John, Nick Evans (Chair) and Quentin Pkard St. Mary's Sue Hallam and Joanne Ryan (Tr8asur8r) St. Andrèw's Five me8ting$ were held during 2023 8kn February, 141h March. 13h Junè, 13th September. and 12th Decemb6r. Matter5 discussed included changing bank from HSBC lo Lloyds after an unsuccessful attempt at moving lo Metro Bank., updating banking snatOry lists,. t review of Litde Angels nursery.. tho EPC rating of th8 building contsining Little Angel¥ nursery., the extemal frabric repairs to the building containing the flats., general maintenance and lettirbg of th8 ffats,. opbons for a second trustee frotn St John'5 aft8r the dgparture ol Rev Ajan Cornfort,. and the equal distribution of available funds lo th6 three churche8. ncial R•vlow The fin3noal man8gernent of the assets relating to St. Peter'5 Church has b9en carried out by Ih8 St. Peter's Asset Management Group in accordance with the agreed direction to divide incom8 equally between the three churches of the Archway GrDUP. There were £6,895 UnStriCted net assets available as at 31st De¢ember 2023 aft6r th& increase in the designated emergency reserve fund. Rese Polic Reserves are dèfined as that part of the in¢ome that is freely 8V8ilab18. This theF0 exdudes pennanent or 8XP8ndable endowmentfunds. rÈslri¢ted income fund5, and 8ny part of unrestricted fundswhich is not currentty available for spending. The St. Peterfs Asse¢ Management Grouplhas agreed to hold a reserve of £40.000 to act as an 8m9rgen¢y fund to addres5 the declining fabric of the Sl Peterfs building. Should a replant of St Petefs Church be d88ired by tho Archway Group MiTristry in future. this fund could also b8 used lo support that purpose. The rnon8y VMII be moved to the CBF Deposit Fund accoLtnt in th8 nam8 of'Upp8r Holloway St Peters PCC, otTrce banking changes are flnalised. Otherthan keepin9 funds required to cover lik81y on-going maintenance of Iheflats and fees relating lo the ongoing axtemal repairs r¢ouired to the St Pet8rf8 Church 8uilding, St. Peterfs As58t Man8g8m8nt Group intends lo continu& to fdl¢)w the policy not lo hold unallocaied reserves. Approved by the St Peterfs Asset Mangernent Group on 3 Odobtr 2024 Nick Evans 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 2023 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 17[th] October 2024
13 Evelyns Close,
Hillingdon, Middlesex, UB8 3LR
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ST. PETER'S ASSET MANAGEMENT GROUP BALANCE SHEET AT 31 DECEMBER 2023 Note 2023 2022 FIXED ASSETS Investment assets 1.300.000 1,300,000 1.300.000 1,300,000 CURRENT ASSETS Debtors Short term deposits Cash at bank & in hand 2,278 11,759 34.391 2,183 11,394 42,117 48.428 55,694 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE -1,533 -1,417 NET CURRENT ASSETS 46.895 54,276 NET ASSETS 1,346.895 1,354,276 FUNDS 8&9 Unrestricted Designated Restricted Endowment 6,895 40.000 24,276 30,000 1.300,000 1,346,895 1,300.000 1,354,276 Approved by the Sl. Peterfs Asset Management Group on and signed on its behalf by= Gdeknl 2<>&* Nick Evans Chairman - St Petefs Asset Manaoement Group The notes on pages 7 to 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 2023
| **Unrestricted ** | Designated | Restricted | Endowment | 2023 | 2022 | ||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Fund | ||||
| Note | £ | £ | £ | £ | £ | £ | |
| INCOMING RESOURCES | |||||||
| Letting of former church hall | 2(a) | 71,297 | 10,000 | - | - | 81,297 | 81,297 |
| Letting of flats | 2(b) | 50,620 | - | - | - | 50,620 | 45,448 |
| Interest on capital holdings | 2(c) | 365 | - | - | - | 365 | 148 |
| 122,283 | - | - | - | 132,283 | 126,893 | ||
| RESOURCES USED | |||||||
| Donations to other churches | 3(a) | 124,500 | - | - | - | 124,500 | 63,000 |
| Flats | 3(b) | 14,564 | - | - | - | 14,564 | 51,365 |
| Governance costs | 3(c) | 600 | - | - | - | 600 | 600 |
| 139,664 | - | - | - | 139,664 | 114,965 | ||
| NET INCOMING/(OUTGOING) | -17,382 | 10,000 | - | - | -7,382 | 11,929 | |
| RESOURCES | |||||||
| GAINS AND LOSSES ON INVESTMENTS | |||||||
| Unrealised | 4 | - | - | - | - | - | - |
| NET MOVEMENT IN FUNDS | -17,382 | 10,000 | - | - | -7,382 | 11,929 | |
| TRANSFERS | - | - | - | - | - | - | |
| BALANCES BROUGHT FORWARD | |||||||
| AT 1 JANUARY 2023 | 24,276 | 30,000 | - | 1,300,000 | 1,354,276 | 1,342,348 | |
| BALANCES CARRIED FORWARD | |||||||
| AT 31 DECEMBER 2023 | 6,895 | 40,000 | - | 1,300,000 | 1,346,895 | 1,354,276 |
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 2023
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 | 2023 | 2022 | ||
| £ | £ | £ | £ | £ | £ | |
| 2(a)Letting of former church hall | 71,297 | 10,000 | - | - | 81,297 | 81,297 |
| 2(b)Letting of flats | 50,620 | - | - | - | 50,620 | 45,448 |
| 2(c)Interest on capital holdings | 365 | - | - | - | 365 | 148 |
| TOTAL INCOMING RESOURCES | 122,283 | 10,000 | - | - | 132,283 | 126,893 |
| 3 RESOURCES USED | Unrestricted funds | **Restricted ** | Endowment | Total | Funds | |
| General Designated | Funds | Fund | 2023 | 2022 | ||
| £ | £ | £ | £ | £ | £ | |
| 3(a)Donations to other churches | 124,500 | - | - | - | 124,500 | 63,000 |
| 3(b)Flats | ||||||
| repairs, renovation, redecoration | 1,472 | - | - | - | 1,472 | 3,670 |
| management and letting fees | 7,423 | - | - | - | 7,423 | 7,541 |
| ground rent | 200 | - | - | - | 200 | 200 |
| external service charges | 2,269 | - | - | - | 2,269 | 4,403 |
| major works contribution | 3,135 | - | - | - | 3,135 | 35,104 |
| running costs | 66 | - | - | - | 66 | 448 |
| 14,564 | - | - | - | 14,564 | 51,365 | |
| 3(c)Governance costs: | ||||||
| independent examination | 600 | - | - | - | 600 | 600 |
| TOTAL RESOURCES USED | 139,664 | - | - | - | 139,664 | 114,965 |
| Fund Balance b/fwd | 24,276 | 30,000 | - | **1,300,000 ** | 1,354,276 | 1,342,348 |
| TRANSFERS | - | - | - | - | - | - |
| 4 UNREALISED GAINS AND LOSSES ON INVESTMENTS | ||||||
| Revaluation of Investment Property | - | - | - | - | - | - |
| Fund Balance c/fwd | 6,895 | 40,000 | - | **1,300,000 ** | 1,346,895 | 1,354,276 |
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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 |
2023 2022 £ £ 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 |
2023 £ - - 2,278 2,278 2023 £ - 600 933 - - - - 1,533 |
2022 £ 50 - 2,133 |
|---|---|---|
| 2,183 | ||
| 2022 £ - 600 817 - - - - 1,417 |
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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 £ £ £ £ £ 40,000 - 1,300,000 1,340,000 8,428 - - - 8,428 -1,533 - - - -1,533 |
|---|---|
| 6,895 40,000 - 1,300,000 1,346,895 |
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ST. PETER'S ASSET MANAGEMENT GROUP
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023
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 £40,000 (2022: £30,000). 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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