CHARITY REGISTRATION NUMBER: 1194069
THE JUNE PRESTON CHARITY UNAUDITED FINANCIAL STATEMENTS 31 MARCH 2022
RIDEHALGH LIMITED
Chartered Accountants Guardian House 42 Preston New Road Blackburn BB2 6AH
THE JUNE PRESTON CHARITY
FINANCIAL STATEMENTS
PERIOD FROM 17 MARCH 2021 TO 31 MARCH 2022
| PAGES | PAGES | |
|---|---|---|
| Trustees' annual report | 1 | to 2 |
| Independent examiner's report to the trustees | 3 | |
| Statement of financial activities | 4 | |
| Statement of financial position | 5 | |
| Notes to the financial statements | 6 | to 9 |
| The following pages do not form part of the financial statements | ||
| Detailed statement of financial activities | 11 |
THE JUNE PRESTON CHARITY
TRUSTEES' ANNUAL REPORT
PERIOD FROM 17 MARCH 2021 TO 31 MARCH 2022
The trustees present their report and the unaudited financial statements of the charity for the period ended 31 March 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name The June Preston Charity Charity registration number 1194069 Principal office Benefice of the Redeemer Parish Office Jack walker Way Blackburn BB2 4JJ The trustees J. Read (Appointed 17 March 2021) C. Leaver (Appointed 12 April 2021) C. D. Anderton (Appointed 12 April 2021) S. Fielding (Appointed 12 April 2021) R.A.H. Marshall (Appointed 12 April 2021) D.J. Wilkinson (Appointed 12 April 2021) Independent examiner Ridehalgh Limited Chartered Accountants Guardian House 42 Preston New Road Blackburn BB2 6AH
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THE JUNE PRESTON CHARITY
TRUSTEES' ANNUAL REPORT (continued)
PERIOD FROM 17 MARCH 2021 TO 31 MARCH 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is registered as a Charitable Incorporated Organisation (CIO). Its governing document is a written Constitution.
The CIO has power to do anything which is calculated to further its objects or is conductive or incidental to doing so.
The charity trustees shall manage the affairs of the CIO and may for the purpose exercise all the powers of the CIO. It is the duty of each charity trustee:
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to exercise his or her powers and to perform his or her functions as a trustee of the CIO in the way he or she decides in good faith would be most likely to further the purpose of the CIO: and
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to exercise, in the performance of those functions, such care and skill as is reasonable in the circumstances having regard in particular to:
a.) any special knowledge or experience that he or she has or holds himself or herself out as having: and
b.) if he or she acts as a charity trustee of the CIO in the course of a business or profession, to any special knowledge or experience that it is reasonable to expect of a person acting in the course of that kind of business or profession.
OBJECTIVES AND ACTIVITIES
The objective of the CIO is for the public benefit and in accordance with the statement of faith, the advancement of the Evangelical Christian faith with priority given to the area of the Ecclesiastical Parish of Church of the Saviour Blackburn.
ACHIEVEMENTS AND PERFORMANCE
The charity was formed March 2021 and since then has invested significantly within a portfolio of stocks and shares. The stocks and shares investment is long term, and with growth should ensure the longevity of the charity.
FINANCIAL REVIEW
Details of the Charity's financial activities on page 4 show a net income of £1,214,076 for the period. The Charity's financial position on page 5 shows net assets of £1,214,076. The stocks and shares portfolio generated £21,145 income for the period.
The trustees' annual report was approved on 17 February 2023 and signed on behalf of the board of trustees by:
S. Fielding Trustee
D.J. Wilkinson Trustee
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THE JUNE PRESTON CHARITY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE JUNE PRESTON CHARITY
PERIOD FROM 17 MARCH 2021 TO 31 MARCH 2022
We report to the trustees on my examination of the financial statements of The June Preston Charity ('the charity') for the period ended 31 March 2022.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
We report in respect of our examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination We have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
An independent examiners report has been undertaken rather than an audit in accordance with s34(3)(b) of The Charities (Accounts and Reports) Regulations 2008 due to a dispensation granted on 8 February 2023.
INDEPENDENT EXAMINER'S STATEMENT
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. We confirm that we are qualified to undertake the examination because we are a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
We 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.
Ridehalgh Limited Independent Examiner
Guardian House 42 Preston New Road Blackburn BB2 6AH
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THE JUNE PRESTON CHARITY
STATEMENT OF FINANCIAL ACTIVITIES
PERIOD FROM 17 MARCH 2021 TO 31 MARCH 2022
| Period from 17 Mar 21 to | Period from 17 Mar 21 to | ||
|---|---|---|---|
| 31 Mar 22 | |||
| Unrestricted | |||
| fundsTotal funds | |||
| Note | £ | £ | |
| Income and endowments | |||
| Donations and legacies | 4 | 1,236,810 | 1,236,810 |
| Investment income | 5 | 21,145 | 21,145 |
| ----------------------------------------- | ----------------------------------------- | ||
| Total income | 1,257,955 | 1,257,955 | |
| ========================================= | ========================================= | ||
| Expenditure | |||
| Other expenditure | 6 | 26,154 | 26,154 |
| ----------------------------------------- | ----------------------------------------- | ||
| Total expenditure | 26,154 | 26,154 | |
| ========================================= | ========================================= | ||
| Net losses on investments | 7 | 17,725 | 17,725 |
| ----------------------------------------- | ----------------------------------------- | ||
| Net income and net movement in funds | 1,214,076 | 1,214,076 | |
| ========================================= | ========================================= | ||
| Reconciliation of funds | |||
| Total funds brought forward | – | – | |
| ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 1,214,076 | 1,214,076 | |
| ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
The notes on pages 6 to 9 form part of these financial statements.
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THE JUNE PRESTON CHARITY
STATEMENT OF FINANCIAL POSITION
31 MARCH 2022
| 31 Mar 22 | |||
|---|---|---|---|
| Note | £ | £ | |
| FIXED ASSETS | |||
| Investments | 10 | 882,129 | |
| CURRENT ASSETS | |||
| Cash at bank and in hand | 333,447 | ||
| CREDITORS: amounts falling due within one year | 11 | 1,500 | |
| -------------------------------- | |||
| NET CURRENT ASSETS | 331,947 | ||
| ----------------------------------------- | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 1,214,076 | ||
| ----------------------------------------- | |||
| NET ASSETS | 1,214,076 | ||
| ========================================= | |||
| FUNDS OF THE CHARITY | |||
| Unrestricted funds | 1,214,076 | ||
| ----------------------------------------- | |||
| Total charity funds | 12 | 1,214,076 | |
| ========================================= |
These financial statements were approved by the board of trustees and authorised for issue on 17 February 2023, and are signed on behalf of the board by:
S. Fielding Trustee
D.J. Wilkinson Trustee
The notes on pages 6 to 9 form part of these financial statements.
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THE JUNE PRESTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 17 MARCH 2021 TO 31 MARCH 2022
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Benefice of the Redeemer, Parish Office, Jack Walker Way, Blackburn, BB2 4JJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
There are no material uncertainties about the charity's ability to continue.
(c) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.
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THE JUNE PRESTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS (continued)
PERIOD FROM 17 MARCH 2021 TO 31 MARCH 2022
3. ACCOUNTING POLICIES (continued)
(d) Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
(e) Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
(f) Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
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THE JUNE PRESTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS (continued)
PERIOD FROM 17 MARCH 2021 TO 31 MARCH 2022
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | ||
|---|---|---|---|
| Funds | 2022 | ||
| £ | £ | ||
| LEGACIES | |||
| Legacies | 1,236,810 | 1,236,810 | |
| ========================================= | ========================================= | ||
| 5. | INVESTMENT INCOME | ||
| Unrestricted | Total Funds | ||
| Funds | 2022 | ||
| £ | £ | ||
| Income from investments | 21,145 | 21,145 | |
| ============================ | ============================ | ||
| 6. | OTHER EXPENDITURE | ||
| Unrestricted | Total Funds | ||
| Funds | 2022 | ||
| £ | £ | ||
| Advertising and publicity | 70 | 70 | |
| Legal and professional fees | 3,258 | 3,258 | |
| Accountancy fees | 1,500 | 1,500 | |
| Bank Charges | 25 | 25 | |
| Transaction and management charges | 21,301 | 21,301 | |
| ---------------------------- | ---------------------------- | ||
| 26,154 | 26,154 | ||
| ============================ | ============================ | ||
| 7. | NET LOSSES ON INVESTMENTS | ||
| Unrestricted | Total Funds | ||
| Funds | 2022 | ||
| £ | £ | ||
| Net decrease of investment portfolio | (17,725) | (17,725) |
|
| ============================ | ============================ | ||
| 8. | INDEPENDENT EXAMINATION FEES | ||
| Period from | |||
| 17 Mar 21 to | |||
| 31 Mar 22 | |||
| £ | |||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 1,500 | ||
| ======================= | |||
| 9. | TRUSTEE REMUNERATION AND EXPENSES |
The trustees received no remuneration during the year.
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THE JUNE PRESTON CHARITY
NOTES TO THE FINANCIAL STATEMENTS (continued)
PERIOD FROM 17 MARCH 2021 TO 31 MARCH 2022
10. INVESTMENTS
| Other | |
|---|---|
| Investments | |
| £ | |
| Cost or valuation | |
| At 17 March 2021 | – |
| Additions | 899,854 |
| Fair value movements | (17,725) |
| -------------------------------- | |
| At 31 March 2022 | 882,129 |
| ================================ | |
| Impairment | |
| At 17 March 2021 and 31 March 2022 | – |
| ================================ | |
| Carrying amount | |
| At 31 March 2022 | 882,129 |
| ================================ |
All investments shown above are held at valuation.
11. CREDITORS: amounts falling due within one year
| 31 | Mar 22 | |
|---|---|---|
| £ | ||
| Accruals and deferred income | 1,500 | |
| ======================= |
12. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | |||||||
|---|---|---|---|---|---|---|---|
| At | Gains and | At | |||||
| 17 | March | 21 | Income | Expenditure | losses | 31 March 22 | |
| £ | £ | £ | £ | £ | |||
| General funds | – | 1,257,955 | (26,154) | (17,725) | 1,214,076 |
||
| ============== | ========================================= | ============================ | ============================ | ========================================= |
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THE JUNE PRESTON CHARITY
MANAGEMENT INFORMATION
PERIOD FROM 17 MARCH 2021 TO 31 MARCH 2022
The following pages do not form part of the financial statements.
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THE JUNE PRESTON CHARITY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
PERIOD FROM 17 MARCH 2021 TO 31 MARCH 2022
| Period from | |
|---|---|
| 17 Mar 21 to | |
| 31 Mar 22 | |
| £ | |
| Income and endowments | |
| Donations and legacies | |
| Legacies | 1,236,810 |
| ----------------------------------------- | |
| Investment income | |
| Income from investments | 21,145 |
| ---------------------------- | |
| ----------------------------------------- | |
| Total income | 1,257,955 |
| ========================================= | |
| Expenditure | |
| Other expenditure | |
| Advertising and publicity | 70 |
| Legal and professional fees | 3,258 |
| Accountancy fees | 1,500 |
| Bank Charges | 25 |
| Transaction and management charges | 21,301 |
| ----------------------------------------- | |
| 26,154 | |
| ----------------------------------------- | |
| ---------------------------- | |
| Total expenditure | 26,154 |
| ============================ | |
| Net losses on investments | |
| Net decrease of investment portfolio | 17,725 |
| ---------------------------- | |
| ----------------------------------------- | |
| Net income | 1,214,076 |
| ========================================= |
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