**REGISTERED CHARITY NUMBER: 1152206** 

## **REPORT OF THE TRUSTEES AND** 

**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **FOR** 

**TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

Barrow LLP Chartered Accountants Jackson House Station Road Chingford London E4 7BU 



**TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

||**Page**|
|---|---|
|**Report of the Trustees**|1 to  3|
|**Independent Examiner's Report**|4|
|**Statement of Financial Activities**|5|
|**Balance Sheet**|6|
|**Notes to the Financial Statements**|7 to  12|
|**Detailed Statement of Financial Activities**|13|





## **TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** 

The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. 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). 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The charitable trust was registered based upon a Trust Deed dated 26th February 1945 declared by Sydney Kingston Smith and Ernest William Beard with the following summarised objectives: 

- To support the religious purposes of The London Spiritual Mission (an unincorporated association holding the tenets of spiritualism) 

- The repair, rebuilding or improvement of the trust property 

## **TRUSTEES OF THE CHARITY** 

The trustees are appointed by the existing trustees and serve as long as they are willing to assist the charity's objectives. All current and previous trustees have been appointed by continuous deeds of appointment tracing back to the original 1945 deed. 

The trust does not have any employees and the trustees give their time voluntarily except as reported under Trustee's Benefits. The trustees operate as a single committee and devolve various aspects of running the trust to external contractors as appropriate. Examples of external contractors include professional advisors such as lawyers and surveyors plus service providers such as electricians and plumbers. 

The sole beneficiary of the Trust, the London Spiritual Mission (LSM) is itself run by a separate committee appointed by the LSM's membership and governed by its own rule book. The LSM may or may not have trustees of the Trust as members of its own committee. The LSM is an unincorporated association. 

## **TRUSTEE'S BENEFITS** 

Trustees Christopher Norris and Doreen Quinnell occupied the house at 13 Pembridge Place from October 2017 under license from the Trust. This was unanimously agreed by the other trustees and also, although not required, by the full committee of the LSM. The purpose is to better facilitate the management of the property and also to further spiritual development at The LSM. 

During the year, as outlined further below, substantial building work was carried out at the property. Some of this work was carried out by the brotherin-law of Christopher Norris and the husband of a niece of Christopher Norris. This work was done on a commercial and arms-length basis and all work done and payments made are recorded in invoices and bank statements that are incorporated within the accounts for this year. 

## **DELIVERY OF THE PUBLIC BENEFIT AIMS** 

The trustees have complied with their duty to have due regard to the guidance on public benefit published by the commission in exercising their powers and duties. The property continues to benefit from a repair program planned to continue over a rolling five-year period whilst still allowing the LSM to flourish as a leading independent spiritualist church. 

## **ACTIVITIES AND RESULTS FOR THE YEAR** 

In direct alignment with the trust deed, and as in previous years, the main aims for 2020 were to: - 

- Enable the continued use of the church and its outbuildings by the LSM subject to the extreme constraints of Covid. 

- Make substantial inroads to the refurbishment required for the three flats owned by the Trust at 13a Pembridge Place. 

Aim one was achieved and the LSM has conducted a full program of events including a setup of Zoom based online services and meditations to enable continued spiritual development whilst meeting in person was precluded. 

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## **TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** 

Aim two this year involved significant refurbishment of the building known as 13a Pembridge Place. This excluded Flat 1 which continued to be occupied by a tenant. Flats 2 and 3, the roof, the common parts and exterior of the building were all worked upon. 

This work was commenced at the start of Covid lock down with the various restrictions that involved and also the resulting lack of building personnel and supplies. 

Unfortunately as the work progressed major and unforeseen issues were discovered about the state of the building. This meant engaging structural engineers and building control to ensure that the building was brought to a modern standard of compliance with building regulations. This in turn meant far more work was needed than was initially envisaged at commencement. 

The accounts are attached which show that a considerable expenditure was required for aim two. This did result in a far more significant negative cash flow than predicted and eventually work was suspended to ensure sufficient funds for the ongoing running of the Trust and the LSM. Suspension of the work also means that rental of Flats 2 and 3 is not possible until sufficient funds are in place to complete their refurbishment. 

## **INVESTMENT POLICY** 

The trustees invest in an approved Charitable Investment Fund and do not use the services of an investment manager or Broker. The Investment intent is long term to produce income and short term fluctuations in market value do not affect this policy. All income from the fund is currently used to fund the Trust property maintenance and the LSM. This value may go down as well as up. Most of the fund was withdrawn this year to enable the work described in aim 2 above. 

## **RISK MANAGEMENT** 

The trustees have assessed the major risks to which the charity is exposed including those related to the operations of the charity, and are satisfied that measures are in place to mitigate exposure to the major risks. 

## **RESERVES** 

As far as possible the trustees endeavour to utilise all incoming funds in the furtherance of the charitable objectives. Due to the nature of the property a particular aim of the trust was to build sufficient cash reserves which, together with anticipated rental income, prove sufficient to deal with property maintenance over a rolling five-year period whilst ensuring that the LSM too can continue its own growth. 

As described above and shown in the accounts a major draw down of reserves was required for the building work at 13a Pembridge Place. Although significant expenditure was anticipated the unanticipated level of building work required resulted in an even larger than anticipated draw down of funds. It also means that the reserves cannot be easily replenished due to a lack of rental income. 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1152206 

## **Principal address** 

Church House 13 Pembridge Place London W2 4XB 

## **Trustees** 

C B Johnson D Quinnell G Smith S A Manning C J Norris 

Page 2 



## **TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner** 

Barrow LLP Chartered Accountants Jackson House Station Road Chingford London E4 7BU 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

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 financial 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 those financial statements, 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 to 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. 

Approved by order of the board of trustees on 23 February 2023 and signed on its behalf by: 

C J Norris - Trustee 


Page 3 



## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **Independent examiner's report to the trustees of Trust Property Held In Connection With The London Spiritual Mission** 

I report to the charity trustees on my examination of the accounts of Trust Property Held In Connection With The London Spiritual Mission (the Trust) for the year ended 31 December 2020. 

## **Responsibilities and basis of report** 

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). 

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 


T P Curtis ICAEW Barrow LLP Chartered Accountants Jackson House Station Road Chingford London E4 7BU 

24 February 2023 

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## **TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Investment income<br>2<br>**EXPENDITURE ON**<br>**Charitable activities**<br>General admin expenses<br>Net gains on investments<br>**NET INCOME/(EXPENDITURE)**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|31.12.20<br>31.12.19<br>Unrestricted<br>Total<br>fund<br>funds<br>as restated<br>£<br>£<br>25,330<br>45,027<br>151,570<br>91,295<br>1,272<br>16,299<br>(124,968)<br>(29,969)<br>5,127,190<br>5,157,159<br>5,002,222<br>5,127,190|
|---|---|



The notes form part of these financial statements 

Page 5 



## **TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **BALANCE SHEET 31 DECEMBER 2020** 

|Notes<br>**FIXED ASSETS**<br>Tangible assets<br>6<br>**Investments**<br>Investments<br>7<br>Investment property<br>8<br>**CURRENT ASSETS**<br>Debtors<br>9<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>10<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**NET ASSETS**<br>**FUNDS**<br>11<br>Unrestricted funds<br>**TOTAL FUNDS**|31.12.20<br>Unrestricted<br>fund<br>£<br>1,452<br>5,182<br>5,000,000<br>5,006,634<br>-<br>1,438<br>1,438<br>(5,850)<br>(4,412)<br>5,002,222<br>5,002,222<br>5,002,222<br>5,002,222|31.12.19<br> <br>Total<br>funds<br>as restated<br>£<br>1,936<br>98,910<br>5,000,000|
|---|---|---|
|||5,100,846<br>14,281<br>12,063|
|||26,344<br>-|
|||26,344|
|||5,127,190|
|||5,127,190|
|||5,127,190|
|||5,127,190|



The financial statements were approved by the Board of Trustees and authorised for issue on 23 February 2023 and were signed on its behalf by: 

C J Norris - Trustee 


G Smith - Trustee 


The notes form part of these financial statements 

Page 6 



## **TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **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 2019)', 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. 

## **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. 

## **Expenditure** 

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. 

## **Tangible fixed assets** 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

Fixtures and fittings -  20% on cost 

## **Investment property** 

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. 

## **Taxation** 

The charity is exempt from tax on its charitable activities. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

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. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## **Management and administration expenditure** 

Expenditure on management and administration of the charity includes all expenditure not directly related to the charitable activity.  This includes the day to day running of the charity, audit fees and administrative staff  salaries. 

## **Fixed assets investments** 

Investment of quoted stocks and shares are included in the balance sheet at market value, ex-dividend. 

## **Realised gains and losses** 

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated on the difference between sale proceeds and opening market value (or date of purchase if later). Unrealised gains and losses on investments are calculated as the difference between market value at the year-end and opening market value (or date of purchase if later). 

In accordance with the new SORP 2015 (FRS102), the net gains and losses are shown under the heading for expenditure. 

Page 7 



## **TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **1. ACCOUNTING POLICIES - continued** 

## **Management and administration expenditure** 

## **Debtors and creditors receivable / payable within one year** 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 

## **Going concern** 

The trustees consider that there are no material uncertainties about the Society's ability to continue as a going concern. Therefore, the financial statements have been prepared on a going concern basis. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern. 

## **2. INVESTMENT INCOME** 

|**INVESTMENT INCOME**|||
|---|---|---|
||31.12.20|31.12.19|
|||as restated|
||£|£|
|Rents received|22,867|42,096|
|Investment income received|2,463|2,931|
||25,330|45,027|



## **3. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no Trustees ' remuneration paid for the year ended 31 December 2019 and nor for the year ended 31 December 2020. 

Trustees Christopher Norris and Doreen Quinnell occupied the house at 13 Pembridge Place from October 2017 under license from the Trust at £nil (2019 - £nil). 

## **Trustees' expenses** 

There were no  trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019. 

## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** 

|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**||
|---|---|
||Unrestricted|
||fund|
||as restated|
||£|
|**INCOME AND ENDOWMENTS FROM**||
|Investment income|45,027|
|**EXPENDITURE ON**||
|**Charitable activities**||
|General admin expenses|91,295|
|Net gains on investments|16,299|
|**NET INCOME/(EXPENDITURE)**|(29,969)|



Page 8 



## **TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued** 

||Unrestricted|
|---|---|
||fund|
||as restated|
||£|
|**RECONCILIATION OF FUNDS**||
|Total funds brought forward|5,157,159|
|**TOTAL FUNDS CARRIED FORWARD**|5,127,190|



## **5. PRIOR YEAR ADJUSTMENT** 

The 2019 year has been restated to exclude church activities that did not relate to the charity and to reflect the financial position on accruals basis. 

## **6. TANGIBLE FIXED ASSETS** 

|**TANGIBLE FIXED ASSETS**||
|---|---|
||Fixtures|
||and|
||fittings|
||£|
|**COST**||
|At 1 January 2020 and 31 December 2020|2,420|
|**DEPRECIATION**||
|At 1 January 2020|484|
|Charge for year|484|
|At 31 December 2020|968|
|**NET BOOK VALUE**||
|At 31 December 2020|1,452|
|At 31 December 2019|1,936|



## **7. FIXED ASSET INVESTMENTS** 

|**FIXED ASSET INVESTMENTS**||
|---|---|
||Listed|
||investments|
||£|
|**MARKET VALUE**||
|At 1 January 2020|98,910|
|Disposals|(95,000)|
|Revaluations|1,272|
|At 31 December 2020|5,182|
|**NET BOOK VALUE**||
|At 31 December 2020|5,182|
|At 31 December 2019|98,910|



There were no investment assets outside the UK. 

Page 9 



**TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020** 

|**8.**<br>**INVESTMENT PROPERTY**<br>**FAIR VALUE**<br>At 1 January 2020<br>and 31 December 2020<br>**NET BOOK VALUE**<br>At 31 December 2020<br>At 31 December 2019<br>**9.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Other debtors<br>**10.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Other creditors<br>**11.**<br>**MOVEMENT IN FUNDS**<br>**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**<br>Net movement in funds, included in the above are as follows:<br>Incoming<br>resources<br>£<br>**Unrestricted funds**<br>General fund<br>25,330<br>**TOTAL FUNDS**<br>25,330|At 1.1.20<br>£<br>5,127,190<br>5,127,190<br>Resources<br>expended<br>£<br>(151,570)<br>(151,570)|31.12.20<br>£<br>-<br>31.12.20<br>£<br>5,850<br>Net<br>movement<br>in funds<br>£<br>(124,968)<br>(124,968)<br>Gains and<br>losses<br>£<br>1,272<br>1,272|£<br>5,000,000<br>5,000,000<br>5,000,000<br>31.12.19<br>as restated<br>£<br>14,281<br>31.12.19<br>as restated<br>£<br>-<br>At<br>31.12.20<br>£<br>5,002,222<br>5,002,222<br>Movement<br>in funds<br>£<br>(124,968)<br>(124,968)|
|---|---|---|---|



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## **TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **11. MOVEMENT IN FUNDS - continued** 

## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|At 1.1.19<br>£<br>5,157,159<br>5,157,159|Net<br>movement<br>in funds<br>£<br>(29,969)<br>(29,969)|At<br>31.12.19<br>£<br>5,127,190<br>5,127,190|
|---|---|---|---|



Comparative net movement in funds, included in the above are as follows: 

||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|45,027|(91,295)|16,299|(29,969)|
|**TOTAL FUNDS**|45,027|(91,295)|16,299|(29,969)|



A current year 12 months and prior year 12 months combined position is as follows: 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|At 1.1.19<br>£<br>5,157,159<br>5,157,159|Net<br>movement<br>in funds<br>£<br>(154,937)<br>(154,937)|At<br>31.12.20<br>£<br>5,002,222<br>5,002,222|
|---|---|---|---|



A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|Incoming<br>Resources<br>Gains and<br>Movement<br>resources<br>expended<br>losses<br>in funds<br>£<br>£<br>£<br>£<br>70,357<br>(242,865)<br>17,571<br>(154,937)<br>70,357<br>(242,865)<br>17,571<br>(154,937)|
|---|---|



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## **TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020** 

## **12. RELATED PARTY DISCLOSURES** 

During the year, property refurbishments were carried out by two family members of the trustees totalling £20,202. These services were performed on a commercial basis and at arm's length. 

Page 12 



## **TRUST PROPERTY HELD IN CONNECTION WITH THE LONDON SPIRITUAL MISSION** 

## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020** 

||31.12.20|31.12.19|
|---|---|---|
|||as restated|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Investment income**|||
|Rents received|22,867|42,096|
|Investment income received|2,463|2,931|
||25,330|45,027|
|**Total incoming resources**|25,330|45,027|
|**EXPENDITURE**|||
|**Support costs**|||
|**Management**|||
|Rates and water|4,982|2,446|
|Insurance|3,313|4,016|
|Light and heat|5,865|3,856|
|Property repairs and maintenance|5,690|4,576|
|Property refurbishment|126,566|75,365|
|Sundries|75|60|
|Security costs|3,050|474|
|Fixtures and fittings|484|484|
||150,025|91,277|
|**Governance costs**|||
|Legal and professional fees|1,545|18|
|Total resources expended|151,570|91,295|
|**Net expenditure**|(126,240)|(46,268)|



This page does not form part of the statutory financial statements 

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