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← Culham Chapel Trust

2024-03-31-accounts

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Company Registration No. 08350378 (England and Wales) Charity Registration No. 1169011

Culham Chapel Trust (A company limited by guarantee)

Trustees’ report and unaudited financial statements For the year ended 31 March 2024

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Company information

Trustees Caroline Armstrong-Jones
Craig Hamilton
Woody Clark
Canon Alexander Sherbrooke
Sr Veronica Thomson
Bishop Nicholas Hudson
Independent Examiner Peter Harker, FCA
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Company registration number 08350378
Charity registration number 1169011
Registered office The Coach House
Culham Court
Aston
Henley on Thames
RG9 3DL

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Contents

Page
Trustees’ report 1
Independent Examiner’s report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Trustees’ report (continued) For the year ended 31 March 2024

The Trustees (who are also the directors of Culham Chapel Trust for the purposes of Company Law) present their report and financial statements for the year ended 31 March 2024.

Structure, governance and management

Culham Chapel Trust (“the Charity”) is a Company, limited by Guarantee, which is governed by its Memorandum and Articles of Association.

The Trustees who served during the year are listed on the company information page. The company’s Articles of Association allows for a minimum of two Trustees. The existing Trustees may from time to time and at any time appoint any person who is willing to act as a Trustee, either to fill a casual vacancy or by way of addition to the existing Trustees.

The Trustees meet at least once a year and review the planned activities of the Charity and risks it faces. The day to day administration of the Charity is delegated to the Charity secretary. Trustees are provided with adequate support and training (where training needs are identified) to allow them to effectively conduct their role.

Objectives and activities

The objects of the Charity, as laid out in its Memorandum of Association are:

In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’.

Achievements and performance

Construction of the Chapel was completed on 4 December 2015 with the Consecration service conducted by the late Cardinal Cormac Murphy-O’Connor on 9 December 2015. The Trustees have entered into a formal agreement with the Catholic Diocese of Portsmouth to be recognised as a dedicated oratory. This agreement gives permission for Mass and other sacred celebrations including the Liturgy of the Hours and popular devotions to take place at the Chapel pursuant to Canon Law.

Another very good year for the Chapel of Christ the Redeemer at Culham, with 15 Public Masses held and a broad selection of visits and events in the period 1[st] April 2023 to 31[st] March 2024.

Page 1

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Trustees’ report (continued) For the year ended 31 March 2024

The following Masses and events have taken place in the Chapel:

The Trustees believe that the public masses held at the Chapel along with the programme of other events demonstrate without any doubt the public benefit that the Charity’s work brings to the community.

To assist with publicising the activities carried on at the Chapel, the Trustees operate a website (www.culhamchapel.co.uk) which details the dates and times of public Mass. Masses in the Chapel appear in the Portsmouth Diocesan Directory and on the website of St Thomas More Church in Twyford. Masses are also publicised in the parish newsletters of St Thomas More Church in Twyford, Sacred Heart Church in Henley-on-Thames and in the Remenham Parish Newsletter.

Culham Chapel Trust was accepted onto the register of charities on 1 September 2016 with the registration number 1169011.

Our volunteers

The Charity relies on voluntary help to assist with organising and stewarding events and services, enabling longer opening and lower staff costs than would otherwise be the case.

Page 2

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Trustees’ report (continued) For the year ended 31 March 2024

Future plans

The Trustees plan to continue with the programme of public masses and organised visits to the Chapel in line with its charitable objects. Attendance is up, and there is very much a feeling of an established, caring, church community.

Risk management

The Trustees have a risk management strategy which comprises:

This work has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due, regular liaison with key donors, and active management of trade debtors and creditors balances to ensure sufficient working capital for the Charity.

Attention has also been focused on non-financial risks arising from health and safety of volunteers and clergy and the physical security of the Chapel building. These risks are managed by having robust policies and procedures in place, appropriate levels of insurance and appropriate awareness training for those working in these operational areas.

The Trustees have also drawn up formal policies covering conflicts of interest and safeguarding. The Treasurer has met with the Safeguarding Officer at St Thomas More for input on our safeguarding policy.

Reserves policy and going concern

Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency repairs and other expenditure. The Trustees consider that the ideal level of unrestricted reserves as at 31 March 2024 would be 6 months of running costs which they estimate to be £62,000.

The results for the year show a surplus for the year of £436,288 resulting in unrestricted funds carried forward of £63,711. The Trustees are therefore of the view that the Charity is a going concern.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 year. In preparing these financial statements, the Trustees are required to:

Page 3

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Trustees’ report (continued) For the year ended 31 March 2024

The Trustees are responsible for keeping proper accounting records that 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 Companies Act 2006. The Trustees 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.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board

(<}08CA4027FFC8465... by: Caroline Armstrong-Jones Chairman of Trustees

08 January 2025 Date: …………………………

Page 4

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Independent examiner's report to the trustees of Culham Chapel Trust For the year ended 31 March 2024

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Respective responsibilities of trustees and examiner

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

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 Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

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

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities

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. 08/01/25 Peter Harker FCA fol. Me. Date: ………………………………… Saffery LLP

Chartered Accountants

71 Queen Victoria Street London EC4V 4BE

Page 5

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Statement of financial activities (including income and expenditure accounts) For the year ended 31 March 2024

Income from generated funds:
Donations
4
Permanent endowment received
in year
Total income
Expenditure
Expenditure on charitable activities
Operation of the Chapel
5
Total expenditure
Net income for the year
Funds introduced in the year
Funds at 1 April 2023
Funds at 31 March 2024		 Permanent
endowment
fund
£
-
436,288
436,288
-
-
436,288
-
24,223,089
24,659,377		 Unrestricted
fund
£
119,264
-
119,264
(119,264)
(119,264)
-
-
63,711
63,711		 Total for
year ended
31 March
2024
£
119,264
436,288
555,552
(119,264)
(119,264)
436,288
-
24,286,800
24,723,088		 Total for
year ended
31 March
2023
£
73,705
40,685
114,390
(73,705)
(73,705)
40,685
-
24,246,115
24,286,800

The statement of financial activities contains all recognised gains and losses for the year.

The notes on pages 8 to 14 form part of these financial statements.

The results for the year relate to continuing operations.

Page 6

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Balance sheet As at 31 March 2024

Notes 2024 2023
Fixed assets
Tangible fixed assets 7 24,638,936 24,109,697
Current assets
Stock 8 171,405 171,405
Debtors 9 3,578 3,667
Cash at bank and in hand 7,425 11,395
182,408 186,467
Creditors: amounts falling
due within one year		 10 (98,256) (9,364)
84,152 177,103
Total assets less current
liabilities 24,723,088 24,286,800
Reserves
Permanent endowment fund 11/12 24,659,377 24,223,089
Income and expenditure
fund		 11/12 63,711 63,711
24,723,088 24,286,800

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 Companies Act 2006. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.

The trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and 387 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and resources expended for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.

These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS102.

The notes on pages 8 to 14 form part of these financial statements.

08 January 2025

Approved by the Board for issue on …………………………

Crs44C811FE4A44403...Signed HKamiltovby: Craig Hamilton Trustee

Company Registration No. 08350378

Page 7

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2024

1. Accounting policies

1.1

Basis of preparation

The financial statements have been prepared under the historic cost convention. The accounts (financial statements) 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 (FRS 102) (Second Edition, effective 1 January 2019) in relation to smaller companies and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from January 2015.

1.2

Going concern

There is an understanding (although no written undertaking) with the major benefactor of the Culham Chapel Trust that donations will continue to be made to support the activities and running of the Chapel. The intention is that these donations will cover the costs arising due to the above as well as many of the other on-going expenses of the charity. After reviewing the Charity’s forecasts and projections, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future.

1.3 Exemption from preparing a cash flow

The charity has taken the exemption provided in Update Bulletin 1 updating 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 (FRS 102) allowing small charities not to prepare a cash flow statement.

1.4 Company status

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. At 31 March 2024, the total of such guarantees was £10. The charity meets the definition of a public benefit entity under FRS 102.

1.5 Income

Incoming resources are recognised when the when there is (a) entitlement to receipt (b) probability of receipt and (c) the amount can be reliably measured.

1.6 Expenditure

Expenditure is recognised on an accruals basis and allocated to the categories of charitable expenditure as they arise.

1.7 Tangible fixed assets (including heritage assets) and depreciation

Page 8

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2024

Accounting policies

(continued)

Due to the unique nature of the assets concerned conventional valuation approaches lack sufficient reliability, as a consequence the construction of the Chapel is included at cost.

The heritage assets are considered to have an indefinite life and are therefore not depreciated but are reviewed for impairment at the reporting date by the trustees.

Tangible fixed assets are stated at cost less depreciation. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 33.3% on the straight-line method

1.8

Stock

The stock held relates to marble purchased by Culham Chapel Trust for use in the construction of statues.

The stock is confirmed annually to confirm its availability for use for the construction of future commissioned statues.

The marble is valued at the lower of the cost price and net realisable value.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered.

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 Creditors

Creditors are recognised when the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably.

1.12 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.13 Fund accounting

The permanent endowment fund is subjected to restrictions as imposed by the deed of covenant entered into on 25 January 2013.

Unrestricted fund income is available for use at the discretion of the trustees in furtherance of the objectives of the Charity.

Page 9

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2024

2. Resources expended

No remuneration or expenses were paid to the Trustees in the year.

The charity had one directly employed staff member in 2024 (2023: one). Day to day administration is carried out by the Trustees and the Secretary.

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

Costs of generating income comprise those costs directly attributable to managing the investment portfolio and raising investment income.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its objectives. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the accountancy fees and costs linked to the strategic management of the Charity.

All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, other costs are apportioned on the basis of the proportion of direct expenditure.

3. Taxation

As a charity the Company is not liable for any tax on its wholly charitable activities.

4. Incoming resources

Gifts 2024
£
119,264
119,264		 2023
£
73,705
73,705

The income from gifts and donations above all of which was unrestricted in both years. The Charity benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.

Page 10

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2024

5. Analysis of expenditure on charitable activities

Operation of the Chapel
Administration of
services
Insurance, maintenance, heat, and
light
Governance costs (note 6)
IT & telecoms costs
Rent & rates
Total		 2024
£
10,236
84,687
16,426
355
7,560
119,264		 2023
£
9,729
40,142
14,169
615
9,050
73,705

6. Analysis of governance costs

The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Refer to the table below for the analysis of governance costs.

Legal and professional fees
Sundry expenses
Total		 2024
£
11,634
4,792
16,426		 2023
£
11,942
2,227
14,169

Page 11

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2024

7. Tangible fixed assets

Cost
As at 1 April 2023
Additions
As at 31 March 2024
Depreciation
As at 1 April 2023
Charge for the year
As at 31 March 2024
Net Book Value
As at 31 March 2024
As at 31 March 2023		 Heritage
Assets
£
24,109,697
529,239
24,638,936
-
-
-
24,638,936
24,109,697		 Fixtures &
Fittings
£
30,556
-
30,556
30,556
-
30,556
-
-		 Total
£
24,140,253
529,239
24,669,492
30,556
-
30,556
24,638,936
24,109,697

At the year end the Charity had committed to further expenditure on Heritage assets, at the year end the total of this commitment was £109,488.

Heritage assets comprise of Culham Chapel and chattels. The trustees are committed to the maintenance of the heritage assets.

Summary analysis of heritage asset transactions

Balance brought
forward
Purchases
Transfers
Balance carried
forward		 31 March
2024
31 March
2023
31 March
2022
31 March
2021
31 March
2020
24,109,697
24,067,937
23,904,236
23,997,252
23,938,510
529,239
41,760
163,701
78,389
58,742
-
-
-
(171,405)
-
24,638,936
24,109,697
24,067,937
23,904,236
23,997,252

Page 12

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2024

8.
Stock
Marble
9.
Debtors
Prepayments
10.
Creditors: amounts falling due within one year
Trade creditors
Other creditors and accruals
11.
Analysis of charitable funds
Balance at
1 April
2023
Income
£
£
General fund
63,711
119,264
Permanent endowment
24,223,089
436,288
24,286,800
555,552		 8.
Stock
Marble
9.
Debtors
Prepayments
10.
Creditors: amounts falling due within one year
Trade creditors
Other creditors and accruals
11.
Analysis of charitable funds
Balance at
1 April
2023
Income
£
£
General fund
63,711
119,264
Permanent endowment
24,223,089
436,288
24,286,800
555,552		 2024
£
171,405
171,405
2024
£
3,578
3,578
2024
£
91,056
7,200
98,256
Expenditure
£
(119,264)
-		 2023
£
171,405
171,405
2023
£
3,667
3,667
2023
£
259
9,105
9,364
Balance at
31 March
2024
£
63,711
24,659,377
555,552 (119,264) 24,723,088

Page 13

Docusign Envelope ID: 738C67EF-A80F-485B-BB71-AB253D03DC10

Culham Chapel Trust (A company limited by guarantee)

Notes to the financial statements For the year ended 31 March 2024

12. Analysis of net assets between funds

Tangible fixed assets
Cash
Other current assets
Current liabilities		 Permanent
endowment
Unrestricted
fund
£
£
24,638,936
-
(59,908)
67,333
171,405
3,578
(91,056)
(7,200)
24,659,377
63,711		 Total
£
24,638,936
7,425
174,983
(98,256)
24,723,088

13. Controlling party

The company is limited by guarantee and as such is controlled by its Trustees. No individual Trustee has overall control.

14. Statement of Financial Activities - year ended 31 March 2023

Income from generated funds:
Donations
Permanent endowment received in
period
Total income
Expenditure
Expenditure on charitable activities
Operation of the Chapel
Total expenditure
Net income for the year
Funds at 1 April 2022
Funds at 31 March 2023		 Permanent
endowment
fund
£
-
40,685
40,685
-
-
40,685
24,182,404
24,223,089		 Unrestricted
fund
£
73,705
-
73,705
(73,705)
(73,705)
-
63,711
63,711		 Total for
year ended
31 March
2023
£
73,705
40,685
114,390
(73,705)
(73,705)
40,685
24,246,115
24,286,800

Page 14