Registered Charity Number: 1144283 ## **THE JAMES ALFRED AND EMMA CLARA HALL** # **FUND** ## **FINANCIAL STATEMENTS** **31 DECEMBER 2022** ## **THE JAMES ALFRED AND EMMA CLARA HALL FUND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022** |**CONTENTS**|**PAGE**| |---|---| |Details of trustees and advisers|1| |Trustees’ annual report|2| |Independent Examiners' report|5| |Statement of financial activities|6| |Balance sheet|7| |Notes to the financial statements|8 - 14| ## **THE JAMES ALFRED AND EMMA CLARA HALL FUND DETAILS OF TRUSTEES AND ADVISERS** |**Managing trustees:**|The Revd L F Davis| |---|---| ||Vicar of St Andrew’s Church| ||Mrs C G Wood| ||Churchwarden of St Andrew’s Church| ||Mrs C J Callen| |**Custodian trustee:**|The St Albans’ Diocesan Board of Finance| |**Officers**|Mr R C Levene, Treasurer| ||Mrs P H Wilkie, Secretary| ||Mr A Colley, Advisor| |**Principal address**|St Andrew’s| ||Church Kimbolton| ||Road Bedford| ||MK40 2NQ| |**Independent Examiners**|Victoria Moore FCCA| ||MDG Business Associates Limited| ||Chartered Accountants & Registered Auditors| ||Room 73, Wrest House| ||Wrest Park| ||Silsoe| ||Bedford| ||MK45 4HR| |**Bankers**|The Central Board of| ||Finance of The Church Of| ||England 85 Queen| ||Victoria Street London| ||EC4V 4ET| ‐1‐ ## **THE JAMES ALFRED AND EMMA CLARA HALL FUND TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2022** The trustees present their report and the financial statements of the charity for the year ended 31 December 2022, which have been prepared in accordance with the Trust Deed. The trustees have adopted the provisions of 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 2019). ## **LEGAL AND ADMINISTRATIVE INFORMATION** The Trust was created by the will of the late James Hall who died in September 1962. By the terms of the Trust Deed, income accumulated for 21 years until 1983. Upon the death in August 1997 of James Hall's daughter, Miss Edith Winifred Hall, the accumulated capital was transferred to the James Alfred and Emma Clara Hall Fund. The income is now available to fund the charitable objects of the Trust. The charity exists in order to apply its income for the following, as the trustees in their absolute discretion think fit:- 1. extensions to St Andrew's Church, Bedford and for maintaining the fabric of the building; 2. maintaining the Garden of Rest; 3. the relief of poverty of the elderly in the Parish or of those connected with the Church, and 4. the general religious purposes of St Andrew's Church. We confirm that we have referred to the guidance given in the Charity Commission's general guidance on public benefit and give full regard to the public benefit when reviewing, planning and implementing our objectives and aims. All trustees are appointed ex officio. The capital is held on behalf of St Andrew's Church by St Alban’s Diocese as custodian trustee. ‐2‐ ## **THE JAMES ALFRED AND EMMA CLARA HALL FUND TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2022** ## **ACTIVITIES AND ACHIEVEMENTS** At the year end the accumulated capital forming the Endowment Fund amounted to £4.42 million (2021 - £5.03 million). Grants were awarded to St Andrew's Church Parochial Church Council amounting to £95,506 (2021 - £162,204) with total expenditure for the year of £101,568 (2021 - £163,644). This was in order to support the parish workers, to fund Money Advice at St. Andrew’s (MASA) and various repairs and replacements to the church complex. ## **INVESTMENT POLICY** It is the policy of the trustees to invest the assets of the charity in the CBF Church of England Funds. The assets are spread across the deposit, the fixed interest securities, the share-based investment and the property funds offered by the CBF Church of England Funds. These funds are specifically designed for such holdings. ## **GRANT MAKING POLICY** As determined by the Trust Deed, the trustees award grants only to the parish and parishioners of St Andrew's Church, Bedford. ## **RESERVES POLICY** The trustees consider that the reserves are adequate to meet the needs of the charity as they provide the core commitment for the coming year, which commitments are under review. As the charity is a grant making organisation it is able to adjust its expenditure to keep within its income from time to time. The charity relies on the continuing voluntary commitment of the trustees and officers. ‐3‐ THE JAMES ALFRED AND EMMA CLARA HALL FUND TRUSTEES ANNUAL REPORTfv4 YEAR ENDED 31 DECEMBER 2022 THE TRUSTEES Revd L F Davis Mr. l G Smith Mrs D S Whrtt8nKKe . r*ned 1* May 2022 Mrs C J Calen Mrs C G Wo(Kl - aKyinteAI * May 2022 TRUSTEES. RESPONSIBILrnES The Ch8rlties Act requires the trustees to prepare financial statements for èath financlal year which give a and fair view of the state of affairs of the charity at th8 8fKJ of the y8ar and of th8 incoming and outgoing resources for the year then In pr8paring th088 financial slat8monts. the trustees are requKed to select surtable accounting policies and then apply them consistenuy. making iudoem8nts and estlmates that are reasonable and prudent. The trustees must also prepare the financial statements on the going concem basls unless it is inappropriate lo presume that the chanty will continue its acts'viti6s. The truste88 are respcfftsitle lor keepir¥J Fyoper accountSng re(xth whk* dlsdose with r8asonabl8 accwacy at any time the financial F#)s[tK￿ of the chanty and to enabl8 them to ènsure that Ihe financ￿ statements comF4y wilh th8 ch￿1t1@S Act 2011. The trustees are also resFK)nsible for safeguarding ￿ assets of the charity and h8nc8 ￿ taking reasonaNe steps for the pr8v8nticffl and detection of fraud and other irregularltb8S. Slgned ￿ behalf cl the Intst898 Mr8 C qwood gq Approved bylhetrusteeson........ ... .......... THE JAMES ALFRED AND EMMA CLARA HALL FUND INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF THE JAMES ALFRED AND EMMA CLARA HALL FUND(con¢inued) YEAR ENDED 31 DECEMBER 2022 I on the accounts for the year ended 31st Decernber 2022 set (xrt on pag8s 6 10 14. Raspèctive responsibilitiw4 of tr￿tee5 and ?￿MIner The charitys trustees are responsit4e ts the Fryaration of the acujunts. The charitys trustees consider that an audit is not r8qured this year (under Se(#Km 14412) of the Charities Act 2011 {the 2011 Act}) and that an independent eXaMina￿n is required. It bs my r68p￿SIbIlIty to: -examine the accounts under Section 145 of the 2011 -to follow the procedur68 lakl down In the General Dlrections glven by the Charity Commission (under Section 14515)(b) of the 2011 Act>; and .10 state whether partKxdar matteAs have cc*ne to rny attenlTh. Bas1• of Independent examlnerfs report My exarninatic￿ was camed (xjt ￿ acE0rdan￿ with the General Dif&￿n$ grvèn by the Charity Commission. kn examinatk>n includes a review ol the accounting records kept by the charity and a comparison of the accounts pres8nt8d Nmth those records. It also indudes considerats'on of any unusual items or disclosures In the acc4)unts, and seeklng explanallons frc*-n you as trustees conceming any such matters. The prcKeduras undertaken do not provKle all the èvidence that would b8 required in an audit. and consequently no Opinic￿ is glven as to whether the accounts present a Irue and falr vlew ' and the repcrt is Ilmited to those matters set out in the ststements below. Independent examlnerf• •l•tem•nl In Connect￿ wilh my examinalK￿, no matter has come lo my attenirffl: (l) ¥*thich gr¥es me roasonth (xuse to b81eve thaL In any rnater￿ respe¢ Ihe rWements .to keep acLx)untirvJ records In accL)rdance vrith Section 130 of the 2011 knt: aKI -to prepare accounts which 8c¢ord with the accounling recc*d8 ar#1 to compty with the accountiro requirements of the 2011 Act have not been Tht,. (2) to whlth. n my opinlon, stKxAd be drawn In tt) enatAe a woper undorstan(kng of the ao>)unts to be read*d. Victoria Moore FCCA MDG Business Associates Llmited Chartered Accountsnts Room 73, Wr8St Hous8 Wrest Park Silsoe MK45 4HR ## **THE JAMES ALFRED AND EMMA CLARA HALL FUND STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2022** |**Notes**
**Incoming resources**
Investment income
**3**
**Total Incoming resources**
**Resources expended**
**Charitable expenditure:**
Costs in furtherance of charitable objects
**4**
Management and administration
**5**
**Total Resources expended**
Unrealised and realised gains/(losses) on
investments
Net resources for the year
before transfers
Transfer between funds
**6**
Net movement in funds
relating to the year
Balances brought forward
Balances carried forward|**UnrestrictedEndowment**
**Total**
Total
**Funds**
**Funds**
**Funds**
Funds
**2022**
**2022**
**2022**
2021
**£**
**£**
**£**
£
**1,740**
**137,697**
**139,437**
135,303| |---|---| ||**1,740**
**137,697**
**139,437**
135,303| ||**100,506**
**-**
**100,506**
162,564
**1,062**
**-**
**1,062**
1,080| ||**101,568**
**-**
**101,568**
163,644| ||**(5,120)**
**(608,230)**
**(613,350)**
608,697
**(104,948)**
**(470,533)**
**(575,481)**
580,356
**137,697**
**(137,697)**
**-**
-
**32,749**
**(608,230)**
**(575,481)**
580,356
**157,666**
**5,032,547 5,190,213**4,609,857| ||**190,415**
**4,424,317 4,614,732**5,190,213| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The notes on pages 8 to 14 form part of these financial statements. ‐6‐ THE JAMES ALFRED AND EMMA CLARA HALL FUND Balance Sheet 31 DECEMBER 2022 2021 FIXED ASSETS Inveslments- Capital Funds Investments - Income Funds 4,424.317 38,381 4,462,698 5.032,547 43.501 5,076,048 CURRENT ASSErs Debtors Cash at bank 35,201 120,936 156,137 36,055 79.160 115,215 CREDITORS: Amounts falling duo within one year 4103 NEf CURREKf ASSErs 152,034 114,165 NEf ASSErs 4,614,732 5,190,213 FUNDS Unrestr￿ed Income Endowment TOTAL FUNDS 10 11 190,415 4.424317 4,614,732 157.668 5.032,547 5.190,213 These finan￿81 statements were approved by the trustees on the IIIEI ictz THE REVD L F DAVIS C¢WOOD The r#)tes on paw 8 to 14 f(*m part of thgse financial Strt￿￿ts. ## **THE JAMES ALFRED AND EMMA CLARA HALL FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022** ## **1. ACCOUNTING POLICIES** ## **Basis of accounting** 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 2019) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## **Investment assets and income** Investments are shown at market value. Realised and unrealised gains and losses in the year are shown in the statement of financial activities. Gains and losses are calculated at the basis of the previous balance sheet valuation or the purchase cost whichever is lower. Investment income is credited to the year to which it relates. Tax credits are matched to the year in which the investment income is credited. ## **Grants and other expenditure** Grants and other expenditure are charged to the Statement of Financial Activities on an accruals basis. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Only the income from the Endowment Fund, which is transferred to the Unrestricted Fund each year, can be spent, though it is possible to borrow monies from the Endowment Fund with special permission from the Charity Commissioners. Further explanation of the nature and purpose of each fund is included in the notes to the financial ## **2. CONNECTED CHARITIES** The James Alfred and Emma Clara Hall Trust has some trustees who are also members of the Parochial Church Council. During the year grants amounting to ‐ £95,506 (2021 £162,404) were awarded. ## **3. INVESTMENT INCOME** |**3.INVESTMENT INCOME**||||| |---|---|---|---|---| ||**Unrestricted**|**Endowment**|**2022**|2021| ||£|£|**£**|£| |Interest|**1,740**|**-**|**1,740**|1,043| |CBF Fixed interest securities fund|**-**|**5,577**|**5,577**|6,280| |CBF Property fund|**-**|**13,519**|**13,519**|13,623| |CBF Investment fund|**-**|**105,476**|**105,476**|101,495| |CBF Global Equity fund|**-**|**13,125**|**13,125**|12,862| ||**1,740**|**137,697**|**139,437**|135,303| ‐8‐ ## **THE JAMES ALFRED AND EMMA CLARA HALL FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022** ## 4. **COSTS IN FURTHERANCE OF CHARITABLE OBJECTS** |**Provision of charitable services:**
Grants for Ministry
Grants for Administrative support
Grants for Church enhancements
Other Grants
**Analysis of provision of charitable**
**services:**
**Grants for Ministry**
Youth Worker
Verger
Music Director
Locum Organists
Choristers
Parish Nurse –
Wages
Expenses
**Grants for Administrative Support**
Centre Manager
Administrative Assistant
Caretaker
Cleaner
Employer’s National Insurance
Employer’s Pension Contributions
Recruitment Expenses
Payroll, IT, Printing and Training
Money Advice Administrative Assistant
SMP & ShPP
Childrens’ worker’s expenses|**Unrestricted**
**Funds**
**Endowment**
**Funds**
**Total**
**Funds**
Total
Funds
**2022**
**2022**
**2022**
2021
**£**
**£**
**£**
£
**35,242**
**-**
**35,242**
39,201
**63,758**
**-**
**63,758**
64,115
**1,506**
**-**
**1,506**
59,088
**-**
**-**
**-**
160|**Unrestricted**
**Funds**
**Endowment**
**Funds**
**Total**
**Funds**
Total
Funds
**2022**
**2022**
**2022**
2021
**£**
**£**
**£**
£
**35,242**
**-**
**35,242**
39,201
**63,758**
**-**
**63,758**
64,115
**1,506**
**-**
**1,506**
59,088
**-**
**-**
**-**
160| |---|---|---| ||**100,506**
**-**|**100,506**
162,564| |||**2022**
2021
**£**
£
**17,300**
11,285
**6,242**
3,514
**9,660**
9,564
**440**
160
**456**
231
**1,067**
12,672
**77**
1,775| |||**35,242**
39,201| |||**26,280**
25,993
**9,600**
9,036
**12,636**
13,347
**6,379**
6,838
**529**
-
**1,846**
1,729
**452**
184
**554**
594
**8,687**
6,394
**(3,942)**
-
**737**
-| |||**63,758**
64,115| ‐9‐ ## **THE JAMES ALFRED AND EMMA CLARA HALL FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022** |Grants for Church Enhancements
Swift boxes
Audio Visual
Lighting
**Other Grants**
Centenary week-end|**2022**
**£**
2021
£
**738**
-
**768**
42,000
-
17,088| |---|---| ||**1,506**
59,088| ||**2022**
2021
**£**
£
**-**
160| ||**-**
160| ## **5 MANAGEMENT AND ADMINISTRATION** |**5 MANAGEMENT AND**
**ADMINISTRATION**|| |---|---| |Examination fees
Other|**Unrestricted**
**Endowment**
**Total**
Total
**Funds**
**Funds**
**Funds**
Funds
**£**
**£**
**£**
£
**1,062**
**-**
**1,062**
1,050
**-**
**-**
**-**
30| ||**1,062**
**-**
**1,062**
1,080| ## **6. TRANSFERS BETWEEN FUNDS** The capital of the Trust has arisen from the accumulation of the legacy from the estate of James Alfred and Emma Clara Hall and is held by the trustees as a permanent Endowment Fund. The income from this Fund is transferred to the Unrestricted Fund each year. ||**Unrestricted**|**Endowment**|**Total**|Total| |---|---|---|---|---| ||**£**|**£**|**£**|£| |Transfer of expendable||||| |Endowment income|**137,697**|**(137,697)**|**-**|-| ‐10‐ ## **THE JAMES ALFRED AND EMMA CLARA HALL FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022** ## **7. INVESTMENTS** ## **a. CAPITAL FUNDS** ## **Movement in market value** |**a. CAPITAL FUNDS**
**Movement in market value**|| |---|---| |Market value at 1 January 2022
Net gains on revaluations in the year ended
31 December 2022
Market value at 31 December 2022
Historical cost at 31 December 2022
**Analysis of investments at 31 December 2022**
CBF fixed interest securities fund
CBF property fund
CBF investment fund
CBF Global Equity fund
Cash on deposit
Historical cost at 31 December 2022
**b. INCOME FUNDS invested in CBF investment funds**
Market value at 1 January 2022
Sales
Net gains on revaluations in the year ended
31 December 2022
Market value at 31 December 2022
Historical cost at 31 December 2022
**8. DEBTORS**
Debtors|**2022**
2021
**£**
£
**5,032,547**
4,429,699
**(608,230)**
602,848| ||**4,424,317**
5,032,547| ||**2,415,679**
2,415,679| ||**Total**
Total
**Funds**
Funds
**2022**
2021
**£**
£
**205,005**
236,780
**271,047**
307,077
**3,485,851**
3,950,943
**461,478**
536,811
**936**
936| ||**4,424,317**
5,032,547| ||**2,415,679**
2,415,679| ||**2022**
2021
**£**
£
**43,501**
62,652
**-**
(25,000)
**(5,120)**
5,849| ||**38,381**
43,501| ||**20,578**
20,578| ||**2022**
2021
**£**
**35,201**
£
36,055| Debtors represent interest and dividends receivable on funds invested. ‐11‐ ## **THE JAMES ALFRED AND EMMA CLARA HALL FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022** ## **9. CREDITORS: Amounts falling due within one year** Accruals PCC |**2022**|2021| |---|---| |**£**|£| |**1,050**|1,050| |**3,053**|-| |**4,103**|1,050| ## **10. ANALYSIS OF NET ASSETS (between restricted and unrestricted funds)** ||**Other net**|**Total**|Total| |---|---|---|---| ||**assets**||| ||**2022**|**2022**|2021| ||**£**|**£**|£| |Unrestricted Income Fund|**190,415**|**190,415**|157,666| ## **11. ENDOWMENT FUNDS** ||**Balance at**|**Incoming &**|**Outgoing &**|**Balance at**| |---|---|---|---|---| ||**1 Jan 2022**|**Revaluations**|**Transfers**|**31 Dec 2022**| ||**£**|**£**|£|**£**| |**Permanent endowments**||||| |Endowment Fund|**5,032,547**|**(470,533)**|**(137,697)**|**4,424,317**| |**2. ANALYSIS OF NET ASSETS**|**BETWEEN FUNDS**|||| ||**Unrestricted**|**Endowment**|**Total**|Total| ||**Funds**|**Funds**|**Funds**|Funds| ||**£**|**£**|**£**|£| |Investments|**38,381**|**4,424,317**|**4,462,698**|5,076,048| |Debtors|**35,201**|**-**|**35,201**|36,055| |Cash at bank|**120,936**|**-**|**120,936**|79,160| |Current liabilities|**(4,103)**|**-**|**(4,103)**|(1,050)| ||**190,415**|**4,424,317**|**4,614,732**|5,190,213| ## **12. ANALYSIS OF NET ASSETS BETWEEN FUNDS** ‐12‐ ## **THE JAMES ALFRED AND EMMA CLARA HALL FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022** ## **12. FINANCIAL COMMITMENTS** The Trust has no paid employees. However, in the past it is committed to continuing to support the cost of certain employees of St Andrew’s Church for the foreseeable future. These are the Youth Worker as well as the Church Centre Manager, Administrative Assistant, Verger, Musical Directors/Organists and Choristers, Parish Nurse, Caretaker and Cleaner of St Andrew’s Church. The commitment for all these posts amounts to an estimate of £104,900 per annum. The costs will be met by accumulated and future income. This commitment is under review with the PCC and a decision is likely to be made with effect from 2024. ## **13. CONTINGENT LIABILITIES** The Trustees confirm that there are no contingent liabilities to report as at 31 December 2022. (2021 - £Nil). ## **14. TRUSTEES’ REMUNERATION AND RELATED PARTIES** The trustees received no remuneration or other benefits in the year from the Fund (2021 - £Nil). There were no trustees’ expenses paid in the year by the Fund (2021 - £Nil). Other than those specifically disclosed in the notes to the financial statements there were no other outstanding balances with related parties as at 31 December 2022 (2021£Nil). ‐13‐ ## **THE JAMES ALFRED AND EMMA CLARA HALL FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022** ## **15. COMPARATIVES FOR STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted|Endowment|Total| |---|---|---|---| ||Funds|Funds|Funds| ||2021|2021|2021| ||£|£|£| |**Incoming resources**|||| |Investment income|1,043|134,260|135,303| |**Total Incoming resources**|1,043|134,260|135,303| |**Resources expended**|||| |**Charitable expenditure:**|||| |Costs in furtherance of charitable objects|162,564|-|162,564| |Management and administration|1,080|-|1,080| |**Total Resources expended**|163,644|-|163,644| |Unrealised and realised gains on investments|5,849|602,848|608,697| |Net resources for the year|||| |before transfers|(156,752)|737,108|580,356| |Transfer between funds|134,260|(134,260)|-| |Net movement in funds|(22,492)|602,848|580,356| |relating to the year|||| |Balances brought forward|180,158|4,429,699|4,609,857| |Balances carried forward|157,666|5,032,547|5,190,213| ‐14‐