THE FEOFFEES OF ST MICHAEL'S
SPURRIERGATE YORK
FINANCIAL ACCOUNTS
31ST DECEMBER 2024
Registered number: 1159025
HUNTER GEE HOLROYD
CHARTERED ACCOUNTANTS
York
THE FEOFFEES OF ST MICHAEL'S SPURRIERGATE YORK
FINANCIAL ACCOUNTS
FOR THE YEAR ENDED
31st DECEMBER 2024
CONTENTS
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Report of the Feoffees
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Independent examiner's report
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Statement of financial activities
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Balance sheet
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5 - 8. Notes forming part of the financial statements
Page 1a
THE FEOFFEES OF ST MICHAEL'S SPURRIERGATE YORK
FEOFFEES REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024
The Feoffees present their annual report and financial statements of the charity for the year ended 31st December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Standard applicable in the UK and Republic of Ireland published on 16 July 2014.
1. Reference and administrative information
The Feoffees (Trustees) who served during the year were:
Mr J Taylor Mr S Hallett (Resigned 29 November 2024) Mrs A Anelay Dr R Richards Dr J Nolan Mrs L Habgood-Joya (Appointed 29 November 2024) Ms H Phillip (Appointed 29 November 2024)
Clerk to the Feoffees: Mrs L Rickatson
Charity Number: 1159025
Principal Address: c/o Grays Solicitors Duncombe Place York YO1 7DY Bankers: Independent Examiner: HSBC Nigel Everard 13 Parliament Street Hunter Gee Holroyd York Club Chambers YO1 1XS Museum Street York YO1 7DN Investment Advisors: Evelyn Partners 103 Colmore Row Birmingham B3 3AG
2. Structure governance and management
The Charity is a Charitable Incorporated Organisation registered on 30 October 2014. The financial activities commenced on 1st January 2017.
The body of Feoffees when complete consists of up to seven competent persons who, through residence, occupation or employment or otherwise have a special knowledge of the City of York. Feoffees must always comply with the statutory qualifications under the Charities Act 2011. There must be at least three and no more than seven charity trustees. The first charity trustees' terms of appointment are set out in the constitution, thereafter every trustee must be appointed for a term of 3 years by a resolution passed at a properly convened meeting of the charity trustees.
A trustee can serve three consecutive terms but may not be reappointed thereafter except after an interval of at least one year.
The induction process for newly appointed Feoffees comprises an initial meeting with the Feoffees to brief them on their legal obligations under charity law, the decision making processes of the charity and its policies and procedures.
Continued …………..
Page 1b
THE FEOFFEES OF ST MICHAEL'S SPURRIERGATE YORK
FEOFFEES REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 (Continued)
3. Objects and activities
The objects of the charity are to apply the income of the charity in or towards the maintenance of any church or churches of the Church Of England in the City of York and for general charitable purposes for the benefit of the inhabitants of the City of York. The City of York for these purposes refers to the administrative boundaries of the same as at 31 March 1974.
The charity invites applications for funding of projects from local churches, charities and organisations with charitable aims.
Applicants are invited to submit a summary of their proposals in a specific format. The applications are reviewed against criteria which are set by the Feoffees. In planning the activities for the year the trustees have kept in mind the Charity Commission's guidance on public benefit at the trustee meetings.
4. Achievement and performance
The charity received a considerable number of new applications for grants in 2024. These were reviewed and discussed at the Feoffees' meetings during the year.
In total the Feoffees awarded grants in response to 18 applications, with the remainder being rejected. 19 grants were paid during the year including 1 outstanding application from 2023. At the year end there were 4 grants which had not yet been paid out.
5. Financial review
During the year grants, net of adjustments, amounting to £60,137 were promised. A total of £65,137 was paid out. As at 31st December 2024 grants promised but unpaid amounted to £17,397. A list of the grants paid can be found in note 3 to the accounts. The income available to the charity over the year was £104,071. The expenses of administering the charity totalled £32,494, of which £12,814 were investment management fees.
Reserves policy:
It is the policy of the charity to maintain accessible funds, which are the free reserves of the charity at a level which equates to approximately six months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs and to respond to emergency applications for grants which arise from time to time. The balance held in unrestricted funds at 31 December was £3,317,389 of which £45,435 are regarded as free reserves after allowing for funds tied up in investments.
The current level of free reserves is in excess of the target.
Risk management:
The Feoffees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen the risks.
Investment powers and policy:
The charity has no fixed time horizon and it is unlikely that there will be any additions to capital. The aim therefore is to preserve and if possible improve the real value of the assets, and to provide a rising income.
Continued …………..
Page 1c
FEOFFEES REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 (Continued)
THE FEOFFEES OF ST MICHAEL'S SPURRIERGATE YORK
6. Plans for future periods
The charity plans to preserve capital in real terms to meet the long term objectives of the charity. The charity will continue to review its investment policy on an annual basis. As a result of changes in the economy prompted by recent world events, the Feoffees currently anticipate the value of investments and income from them will to continue to be volatile.
7. Feoffees' responsibilities in relation to the financial statements
The Feoffees are responsible for preparing a Feoffees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to charities in England and Wales requires the Feoffees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year.
In preparing those financial statements, the Feoffees should follow best practice and: a) Select suitable accounting policies and then apply them consistently;
b) Observe the methods and principles in the applicable Charities SORP;
c) Make judgements and estimates that are reasonable and prudent;
d) State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements.
e) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The Feoffees 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 applicable Charities (Accounts and Reports) Regulations and the provisions of the trust deed. The Feoffees 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.
The report was approved by the Feoffees on ….......................... and signed on their behalf by
…........................ Dr R Richards - Chair
Page 2
THE FEOFFEES OF ST MICHAEL'S SPURRIERGATE YORK
INDEPENDENT EXAMINER'S REPORT TO THE
FEOFFEES OF ST MICHAEL'S SPURRIERGATE YORK
I report to the trustees on my examination of the accounts of The Feoffees of St Michael's Spurriergate York for the year ended 31st December 2024 which are set out on pages 3 to 8.
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 Trustee's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the charity Commissioner under section 145(5)(b) of the 2011 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:
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(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the applicable requirements concerning the form and content of
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of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any
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requirements 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.
Nigel Everard BA FCA
Club Chambers Museum Street York YO1 7DN
Date….............................
Page 3
THE FEOFFEES OF ST MICHAEL'S SPURRIERGATE YORK
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31ST DECEMBER 2024
| Note Income (unrestricted) Investment income 2 Total Income Expenditure Charitable Activities Donations and grants 3 Governance costs 4 Total Expenditure Net Income For The Year Other Recognised Gains and Losses Realised gains on disposal of investments Unrealised gain/loss on investments Total Profit/(Losses) On Disposals or Revaluations Net movement in fund for the year Accumulated funds as at beginning of year Accumulated funds as at end of year |
2024 £ £ 104,071 104,071 60,137 32,494 92,631 11,440 81,755 54,225 135,980 147,420 3,169,969 3,317,389 |
2023 £ £ 99,933 99,933 101,795 31,676 133,471 (33,538) 81,387 78,914 160,301 126,763 3,043,206 3,169,969 |
|---|---|---|
Page 4
THE FEOFFEES OF ST MICHAEL'S SPURRIERGATE YORK
BALANCE SHEET AS AT 31ST DECEMBER 2024
| Note Fixed Assets Investments 7 Current Assets HSBC Bank plc - Deposit account HSBC Bank plc - Treasurer account Evelyn Partners - Dividend account Creditors: amounts falling due within one year Sundry creditors & deferred income Donations & grants outstanding 3 Net Current Assets Net Assets General Fund Total Unrestricted Funds |
£ £ 3,271,954 3,271,954 43,278 7,931 13,998 65,207 2,375 17,397 19,772 45,435 3,317,389 3,317,389 3,317,389 2024 |
£ £ 3,148,788 3,148,788 21,302 12,594 11,902 45,798 2,220 22,397 24,617 21,181 3,169,969 3,169,969 3,169,969 2023 |
|---|---|---|
Approved by the Feoffees on…............................... and signed on their behalf by
…....................... Dr R Richards - Chair
FEOFFEES OF ST MICHAEL'S SPURRIERGATE YORK
Page 6
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024
3. DONATIONS & GRANTS
| York Churches York Community Church Roof repairs St Michael le Belfrey Major repairs and reordering project St Columba's United Reformed Church York Repair of organ humidifier and associated works All Saints Pavement Ongoing works General Charitable Purposes Wilberforce Trust Provision of raised flower/vegetable beds The Hut York Refurbish and update main building 1st Holgate Scout Group Replacement of minibus Open Country Printing of breakfree pack York Neighbours 3 year projected running costs Big Futures Foundation Funding for BFF programme York Inspirational Kids Funding towards running Autism Hub Door 84 Funding for ongoing community work St Sampsons Centre Equipment and toys for grandparents café Foxwood Community Centre Funding for hub co-ordinator York Sea Cadets Running costs of updating ongoing training Planet Food Increased capacity and project development costs The Little Push 4 Good Ongoing support services of the charity Home-start York Ongoing support services Foxwood Tai Chi Group Ongoing funding and support of the group Treasure Chest Breastfeeding Group Ongoing training of volunteers Survive Annual running costs Move the Massess Funding for move mates project Friends of Rowntree Park Funding for volunteer engagement officer |
Outstanding Grant 01.01.24 Date 5,000.00 Jun-23 10,000.00 Jun-23 Sep-24 Dec-24 397.05 Jun-23 5,000.00 Sep-23 2,000.00 Dec-23 - Jun-24 - Jun-24 - Jun-24 - Jun-24 - Jun-24 - Jun-24 - Jun-24 - Sep-24 - Sep-24 - Sep-24 - Sep-24 - Sep-24 - Dec-24 - Dec-24 - Dec-24 - Dec-24 22,397.05 |
Amount | |
|---|---|---|---|
Page 5
THE FEOFFEES OF ST MICHAEL'S SPURRIERGATE YORK
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024
1. Accounting Policies
Charity information
The Feoffees of St Michael's Spurriergate York is a charitable incorporated organisation (Charity Number 1159025).
a) Basis of preparation
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011. The accounts are prepared in Sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to the accounts.
b) Going concern
The Feoffees consider there are no material uncertainties about the Charity's ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives the Feoffees confidence the charity remains a going concern for the foreseeable future.
c) Investment income
Investment income is accounted for in the period in which the charity is entitled to receipt.
d) Expenditure
Expenditure is included on an accruals basis.
Donations and grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Governance includes those costs incurred in the governance of the charity and its assets including costs related to the Independent Examination and professional fees.
e) Fixed asset investments
Fixed asset investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing market price.
The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
f) Fund accounting
Funds held by the charity are either:
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the Feoffees.
Designated funds - where the Feoffees, at their discretion, have created a fund for a specific purpose.
g) Basic financial assets and liabilities
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs. All financial assets are classified as receivable within one year and are not amortised.
Basic financial liabilities, which include creditors and grants payable, are initially recognised at transaction price. All financial liabilities are classified as payable within one year and are not amortised.
2. Investment Income
| Interest and dividends on quoted investments Bank interest receivable |
2024 2023 £ £ 103,227 99,352 844 581 104,071 99,933 |
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Page 7
THE FEOFFEES OF ST MICHAEL'S SPURRIERGATE YORK
NOTES TO THE ACCOUNTS CONTINUED
4. Governance costs
| Salary & expenses of clerk Independent examiner's fee Investment management fee Website expenses Bank charges |
2024 2023 £ £ 16,800 16,800 2,375 2,208 12,814 12,118 436 481 69 69 32,494 31,676 |
|---|---|
Investment management charges totalling £12,814 (2023 £12,118) are deducted from the deposit account of the investment portfolio. In addition £10,747 (2023 £6,254) transaction charges are included in the cost of investments bought and sold during the year.
5. Remuneration
The Feoffees received no remuneration during the year and were not reimbursed for any of their expenses in the year .
6. Related party transactions
There were no related party transactions during the year.
Page 8
FEOFFEES OF ST MICHAEL'S SPURRIERGATE YORK
NOTES TO THE ACCOUNTS CONTINUED
7. Fixed asset investments
| Valuation at 1st Jan 2024 Additions Disposals Revaluation Cash spent on investments Cash realised on investments Investment management fees Valuation at 31st Dec 2024 |
Bonds £ 519,396 133,599 (27,029) (19,176) - - - 606,790 |
Alternatives & Multi-Asset £ 486,457 52,757 - (31,952) - - - 507,262 |
UK Equities £ 695,962 64,375 (275,592) 30,685 - - - 515,430 |
Overseas Global £ £ 912,038 511,172 638,984 - (300,188) (297,464) 100,095 56,329 - - - - - - 1,350,929 270,037 |
Investment Deposit Account £ 23,763 - - - (889,716) 900,273 (12,814) 21,506 |
Total Investments £ 3,148,788 889,715 (900,273) 135,981 (889,716) 900,273 (12,814) 3,271,954 |
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Evelyn Partners transaction charges of £10,747 (2023 £6,254) are included within the Additions/Disposals figures above.