Community of St. Peter, Horbury
a Charitable Incorporated Organisation (CIO)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Charity Registration No. 1169013
Community of St. Peter Horbury
Year Ended 31 March 2021
| CONTENTS | |
|---|---|
| Page | |
| Trustees' Annual Report | 1 - 4 |
| Independent Examiners' Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the accounts | 8 - 12 |
Community of St. Peter, Horbury Trustee's Annual Report for the year ended 31 March 2021
Charity Registration No. 1169013
The trustees present their report and accounts of the charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the charity's trust deed, Charities Act 2011 and the 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).
Trustees: Sister Robina Robina Byles Sister Elizabeth Jean Turnbull Sister Phyllis Peggy Schofield Sister Jean Clare Jean Rushton The Venerable Peter Townley (as Archdeacon of Pontefract) Father Brian Thomas Benedict Bell
The above named individuals served as trustees throughout both this year and the comparative year.
Charity Registration Number: 1169013
Charity Office: St. Peter's Convent 14 Spring End Road Horbury WF4 6DB
Advisers: Bankers HSBC Bank Plc City Branch, 33 Park Row, Leeds, LS1 1LD Solicitors Wrigleys Solicitors LLP 19 Cookridge Street, Leeds, LS2 3AG Accountants Forrest Burlinson 20 Owl Lane, Dewsbury, WF12 7RQ Investments Investec Wealth and Investment Quayside House, Leeds, LS11 5PU
Purpose and activities
The objects of the charity are specifically restricted to such purposes which are exclusively charitable in the laws of England and Wales and which are in keeping with the tenets of the Christian Faith as the Charity Trustees shall in their absolute discretion determine, including:
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the advancement of the Christian religion, in particular by enabling those who receive a vocation to membership of the Community to live a life of separation from the world under the threefold vows of poverty, chastity, and obedience to the end that they may, by the aid of prayer and self-abnegation, the better follow in the footsteps of our Lord and master Jesus Christ, and by union with Him give glory to God by the furtherance of those works of mercy to the discharge of which the Community may from time to time be called.
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among the works to which the Community is devoted, a special place is given to the spiritual and moral restoration of women and girls, to the education of children and parochial and other mission work.
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Community of St. Peter, Horbury Trustee's Annual Report for the year ended 31 March 2021
Charity Registration No. 1169013
Statement on public benefit
The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. The objects and other information set out in this report demonstrate this in more detail.
Charitable Incorporated Organisation (CIO) - structure, governance and management
The charity is governed by its CIO Constitution and was registered with the Charity Commission for England and Wales on 2 September 2016 as a Charitable Incorporated Organisation (CIO).
The members of the CIO are the voting members of the Community of St. Peter, Horbury. The members appoint the charity trustees, subject to a minimum number of 3 and a maximum number of 12 trustees being appointed at any one time.
The trustees manage the charity on a day-to-day basis, although they do have the power to delegate in accordance with the CIO Constitution.
Policies and procedures adopted for the induction and training of trustees
The charity recognizes that it has a responsibility to provide guidance and assist new trustees in fulfilling their duties and responsibilities, this is done in accordance with Charity Commission guidance. New trustees are given appropriate Charity Commission publications, as well as a copy of the constitution and any amendments to it; and the latest copy of this report and statement of accounts.
Risk management
The trustees have appraised the key risks of the charity. Broadly these are those of seeing that the charitable objects are continued to be carried out at a time when the number taking vows is falling and meeting the needs of the Community and investment risk, see policy note below.
Investment powers and policy
The trustees have powers under the Constitution of the CIO to invest surplus funds and to invest and dispose of capital. These investments are managed on behalf of the Community by Investec Wealth with a balanced approach to income generation and capital accumulation, whilst being mindful of the needs of beneficiaries and how these may change over time.
The trustees with the investment advisers undertake an annual review of the investment strategy and risk, in addition to receiving updates on performance on a quarterly basis.
Achievements and performance
During the year the charity's pastoral work has continued, as well as providing spiritual direction and facilities for quiet days, study days and retreats.
We continued to welcome visitors, including those from other religious communities.
Financial review and investment performance
The charity's income for the year was £397,151 (2020: £175,065).
Income arises from investments, Sisters' pensions and donations and continues to fall short of the expenses of the Community. This was alleviated partly this year due to a receipt of compensation relating to historic property matters.
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Community of St. Peter, Horbury Trustee's Annual Report for the year ended 31 March 2021
Charity Registration No. 1169013
There was a surplus before movements on investments for the year of £243,298 (2020: £17,755 deficit). This includes net proceeds from the sale of White Cottage, Whitby of £234,696.
There has been no significant change in the level of activities for the trustees to report.
The net realised losses on investment sales in the year was £15,551 (2020: gains of £36,232). Unrealised gains on the revaluation of investment assets at the period end totalled £388,257, which followed losses in 2020 of £265,643.
This volatility in investment values was primarily due to the Covid-19 lockdown affecting the value of investments across the world and in particular the value of our investments in a six week period to 31 March 2020, which thankfully has subsequently been recovering.
Reserves policy
It is the policy of the charity to maintain unrestricted funds such that the normal activities of the organisation can be maintained at a satisfactory level in order to achieve the objectives set out above. The Charity has unrestricted General Reserves of £2,543,068 plus land, buildings and other assets of £615,250. The Charity has no restricted funds or endowments.
Trustees' responsibilities in relation to the financial statements
The trustees are responsible for preparing a trustees' annual report and 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 requires the charity 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, of the charity for that period.
In preparing the financial statements, the trustees are required to:
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l select suitable accounting policies and then apply them consistently;
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l observe the methods and principles in the applicable Charities SORP;
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l make judgements and estimates that are reasonable and prudent;
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l state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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l prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that 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. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Community of St. Peter, Horbury Trustee's Annual Report for the year ended 31 March 2021
Charity Registration No. 1169013
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy the financial position of the charity and which 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 CIO's constitution.
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.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approval
The Report of the Trustees was approved by the Board of Trustees on 26 July 2021 and signed on their behalf by:
…………………………………………… Robina Byles Trustee Community of St. Peter, Horbury
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Community of St. Peter, Horbury
Charity No. 1169013
Independent Examiner's Report to the Trustees of Community of St. Peter, Horbury
I report to the charity trustees on my examination of the accounts of the CIO for the year ended 31 March 2021, which are set out on pages 6 to 12.
Responsibilites and basis of report
As the charity trustees of the CIO 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 CIO's accounts carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the CIO'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 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 CIO 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 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.
Use of our report
This report is made solely to the charity trustees, as a body. My work has been undertaken so that I might state to the charity trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity trustees as a body, for my work, for this report, for the statements I have made, or for the opinions I have stated.
…………………………………………………….…………………...…
dated 27 July 2021
Ebrahim Suleman
Member of the Institute of Chartered Accountants in England and Wales for and on behalf of Forrest Burlinson Chartered Accountants 20 Owl Lane, Shawcross, Dewsbury, WF12 7RQ
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Community of St. Peter, Horbury Statement of Financial Activities for the year ended 31 March 2021
Charity No. 1169013
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Unrestricted Funds Unrestricted Funds
2021 2020
Note £ £
Income and endowments
Donations and legacies:
Donations 30 297
Legacies 34,723 --
Sisters' pensions 59,210 57,486
Charitable activities:
Compensation -- 45,065
Government Covid support 3,751 --
Investment income 59,437 72,217
Other income:
Proceeds from disposal of property 240,000 --
Total income 397,151 175,065
Expenditure
Costs of raising funds:
Investment management costs 14,162 14,683
Expenditure on charitable activities:
Donations made 5,000 682
Community expenses 4 127,227 157,773
Governance costs 5 7,464 19,682
Total expenditure 153,853 192,820
Net income/(expenditure) before gains/(losses) on investments 243,298 (17,755)
Net gains/(losses) on investment assets 6 372,706 (229,411)
Net movement in funds 616,004 (247,166)
Reconciliation of Funds
Total funds brought forward 2,542,314 2,789,480
Total funds carried forward 3,158,318 2,542,314
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There were no recognised gains or losses for the year ended 31 March 2020 or for the year ended 31 March 2021 other than those included in the Statement of Financial Activities above.
All income and expenditure derives from continuing activities.
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Community of St. Peter, Horbury Balance Sheet as at 31 March 2021
Charity No. 1169013
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Combined Combined
2021 2020
Note £ £
Fixed Assets
Tangible Assets 7 619,000 628,000
Investments 8 2,088,111 1,742,261
2,707,111 2,370,261
Current Assets
Cash at bank and in hand 9 454,388 176,534
Total Current Assets 454,388 176,534
Creditors: amounts falling due within one year 10 (3,181) (4,481)
Net current assets 451,207 172,053
Total net assets 3,158,318 2,542,314
Funds of the charity:
Unrestricted Funds brought forward 2,542,314 2,789,480
Net movement in funds 616,004 (247,166)
Total funds 3,158,318 2,542,314
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The notes on pages 8 to 12 form part of these accounts.
Approved by the trustees on 26 July 2021 and signed on their behalf by:
…………………………………………… ……………………………………………
Robina Byles CSPH Trustee
Jean Turnbull CSPH Trustee
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Community of St. Peter, Horbury Notes to the Financial Statements for the year ended 31 March 2021
Charity No. 1169013
1 Accounting policies
The Charity is a public benefit entity as defined by FRS 102.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
1.1 Basis of preparation of accounts
The accounts are prepared under the historical cost convention and include the results of the charity's operations which are described in the Trustees' Annual Report and all of which are continuing.
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 (FRS 102) ' (Charities SORP (FRS 102)) , and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011 and applicable regulations.
1.2 Legal status
The Charity is a Charitable Incorporated Organisation (CIO). The members of the CIO are detailed in the Trustees' Annual Report as are the names of the trustees of the charity.
1.3 Recognition of income
Income is included in the Statement of Financial Activities when:
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l the charity becomes entitled to the resources;
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l it is more likely than not that the trustees will receive the resources; and
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l the monetary value can be measured with sufficient reliability.
Income and expenses are not offset, unless permitted by FRS 102 SORP or FRS 102.
1.4 Income from interest and dividends
This is included in the Statement of Financial Activities when receipt is probable and the amount receivable can be measured reliably.
1.5 Investment gains and losses
This includes any realised gains or losses on the sale of investments and any gain or loss resulting from the revaluation of investments to market value at the balance sheet date.
1.6 Other income - proceeds from disposal of property
During the year the charity sold a property known as White Cottage in Whitby. This property had been used for the purposes of the charity.
1.7 Expenditure and liability recognition
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activites includes premises expenses, providing facilities and support to beneficiaries who are members of the Community of St. Peter, Horbury, an anglican religious community of Sisters.
1.8 Pension costs
The charity operates a contributory pension scheme in respect of one staff member.
The pensions costs charged to the SOFA in the year are contributions payable of £698 (2020: £1,452).
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Community of St. Peter, Horbury Notes to the Financial Statements, continued for the year ended 31 March 2021
Charity No. 1169013
1.9 Governance and support costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice, these together with other support costs are included under the costs of the charity's one charitable activity, being the only activity against which costs are allocated.
1.10 Going Concern
There are no material uncertainties about the charity's ability to continue as a going concern.
1.11 Tangible fixed assets for use by the charity and depreciation
Tangible fixed assets for use by the charity are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful lives on the following bases:
Freehold buildings on a straight line basis on cost over 50 years Motor vehicles on a straight line basis on cost over 5 years Fixtures and equipment on a straight line basis on cost over 5 years
No depreciation is charged on freehold land.
1.12 Investments
Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at market value at the period end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less any impairment.
1.13 Creditors
Creditors are measured at settlement amounts less any discounts.
1.14 Provisions for liabilities
A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.
1.15 Funds structure
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. The charity currently has no restricted funds or endowments.
1.16 Taxation
No tax has been provided in these accounts because the trustees believe that the income and gains are within the exemptions granted for charities.
2 Trustee's remuneration and expenses and related party transactions
Trustees received no emoluments or expense reimbursements in the year. There are no transactions with related parties.
Some charity trustees are members of the Community and therefore are also beneficiaries of the charity as detailed in note 14.
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Community of St. Peter, Horbury Notes to the Financial Statements, continued for the year ended 31 March 2021
Charity No. 1169013
3 Fees to the independent examiner
| Independent examiner's fees Other fees - payroll services 4 Community expenses Staffing costs Food and household Premises costs Utilities and council tax Office and telephone Medical Travel Sisters' support costs Other costs Depreciation 5 Governance costs Accountancy fees Solicitors fees 6 Net gains/(losses) on investment assets Realised gains on disposals from investment portfolio Net gain/(loss) on revaluation at the period end 7 Tangible fixed assets for use by the charity COST as at 1 April 2020 Additions as at 31 March 2021 DEPRECIATION as at 1 April 2020 Depreciation - current year as at 31 March 2021 Net book value 31 March 2021 Net book value 31 March 2020 |
2021 2020 £ £ 2,160 3,810 401 468 2021 2020 £ £ 51,717 49,724 14,234 18,063 6,642 17,690 10,335 9,144 6,100 6,651 13,255 21,134 5,785 14,769 6,000 6,000 4,159 5,030 9,000 9,568 127,227 157,773 2,160 3,810 5,304 15,872 7,464 19,682 (15,551) 36,232 388,257 (265,643) 372,706 (229,411) Land and Motor Fixtures and Total buildings Vehicles Equipment £ £ £ 700,000 26,786 6,849 733,635 -- -- -- -- 700,000 26,786 6,849 733,635 72,000 26,786 6,849 105,635 9,000 -- -- 9,000 81,000 26,786 6,849 114,635 619,000 -- -- 619,000 628,000 -- -- 628,000 |
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Freehold land and buildings includes the land and dwelling house known as St. Peter's Convent, Horbury.
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Community of St. Peter, Horbury Notes to the Financial Statements, continued for the year ended 31 March 2021
Charity No. 1169013
8 Fixed Asset Investments
| Market Value as at 1 April 2020 Additions at cost Disposals at carrying value Net gain/(loss) on revaluation Market Value as at 31 March 2021 Historical cost (2020: £1,658,621) Sector analysis: Equities Fixed interest Cash held within the investment portfolio All investments are held and managed in the UK. 9 Cash at bank and in hand HSBC bank accounts Cash in hand 10 Creditors: amounts falling due within one year Taxation and Social Security (Refund) Accruals |
Quoted Cash held Investments on deposit Total £ £ £ 1,720,348 21,913 1,742,261 334,222 3,733 337,955 (380,362) (380,362) 388,257 388,257 2,062,465 25,646 2,088,111 1,590,569 25,646 1,616,215 2021 2020 £ £ 1,652,024 1,370,104 410,441 350,244 25,646 21,913 2,088,111 1,742,261 2021 2020 £ £ 452,113 174,982 2,275 1,552 454,388 176,534 2021 2020 £ £ -- (522) 3,181 5,003 3,181 4,481 |
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11 Securities and Charges
No charges exist over the property and assets of the charity.
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Community of St. Peter, Horbury Notes to the Financial Statements, continued for the year ended 31 March 2021
Charity No. 1169013
12 Staff costs
| The staff costs were: Wages and salaries Employers national insurance Employers pension contributions |
2021 £ 50,783 236 698 51,717 |
2020 £ 48,192 80 1,452 49,724 |
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The monthly average number of administration and domestic support employees in the year was 3 (2020: 3). The full time equivalent number was 2, (2020: 2).
13 Support costs
As the charity only has one activity the only costs that constitute support costs are those incurred in the governance of the charity and were £7,464 (2020: £19,682).
14 Transactions with Trustees
Robina Byles, Jean Turnbull, Peggy Schofield and Jean Rushton are Sisters of the Community of St. Peter, Horbury and as such their welfare is funded by the charity.
Any capital members of the Community possess is held on trust by the charity and the income generated from the capital is given to the Community. State and other pensions to which the Sisters are entitled are also given to the Community.
All the trustees named were also trustees of both merged charities at the date of transfer.
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