REGISTERED CHARITY NUMBER: 203336
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
FOR
ST LAURENCE ECCLESIASTICAL CHARITIES
ST LAURENCE ECCLESIASTICAL CHARITIES
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| 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 |
ST LAURENCE ECCLESIASTICAL CHARITIES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The primary objective of the charity is to distribute annual income after management expenses to support the vicar, sexton and clerk of St. Laurence Church, Reading. The secondary objective is to distribute residual annual income to the Parochial Church Council of St. Laurence, Reading for the purpose of maintaining and servicing the fabric, bells, furniture and equipment of St. Laurence Church, Reading.
The trustees have referred to guidance set out by the Charity Commissioner's and are satisfied that the charitable objectives of the charity and its related charities satisfy criteria for public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the charity made grants and distributions of £114,518 (2020 - £73,365) in total to beneficiaries in accordance with the charitable objectives.
Investment performance
The endowment fund fixed assets comprise a modest portfolio of listed investments. The return on listed investments was in line with expectation for the investment strategy and risk profile of the charity.
FINANCIAL REVIEW
Investment policy and objectives
There are no restrictions on the trustees' power to invest the assets the charity. Listed investments are low risk and held in managed investment funds with a bias towards providing income.
Principal funding sources and reserves policy
The principal funding source is from related charity, Church Lands and John Johnson's Estate Charities (charity no. 272566). Annual income may vary depending on the investment performance of the related charity's endowment fund.
The trustees maintain unrestricted cash reserves at a level sufficient to meet anticipated expenditure for the maintenance and service of the Church of St. Laurence, Reading.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document and trusteeship
The St. Laurence Ecclesiastical Charities is an unincorporated charity governed by a deed of trust dated 1 January 1942.
The body of the trustees comprise three ex-officio trustees and two representative trustees. The vicar and churchwardens for the time being of St. Laurence Church, Reading are the ex-officio trustees. The representative trustees are appointed by the Parochial Church Council of St Laurence, Reading.
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ST LAURENCE ECCLESIASTICAL CHARITIES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment, appointment and induction of new trustees
Trustees are carefully selected for their knowledge and experience of charitable organisations. New trustees are elected at the Annual General Meeting. Newly appointed trustees are inducted to the work of the charity by the chairman and provided with all information required to fulfil their role as trustees in accordance with the deed of trust and the Charities Act 2011. A trustee may retire voluntarily and representative trustees may serve for a period of four years.
Organisational structure
The Chairman, Rev C R Jones, has overall responsibility for the charity and is assisted in this role by the Clerk. The Treasurer is responsible for the financial management of the charity. The charity engages a firm of chartered surveyors to manage property investments, stockbrokers to manage listed investments and lawyers to advise on legal matters.
Trustee meetings
Trustee meetings are held twice a year, one of which is the Annual General Meeting.
Risk management
The trustees acknowledge their responsibility to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
203336
Principal address
Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG
Trustees
Mr N C Burrows Mrs R E Pearse Rev C R Jones (Chairman) Dr N A Brown Mr L R Smith (appointed 4.7.21)
Independent Examiner
Graeme Hobbs FCCA Chartered Certified Accountant Hobbs Granger Roitt LLP 8f Millars Brook Molly Millars Lane Wokingham Berkshire RG41 2AD
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ST LAURENCE ECCLESIASTICAL CHARITIES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
REFERENCE AND ADMINISTRATIVE DETAILS Chairman
Rev C R Jones
Treasurer
J Pyke FCA
Clerk
C Hubbard
Bankers
The Royal Bank of Scotland plc 17/27 Station Road Reading Berkshire RG1 1LG
Investment Managers
Redmayne-Bentley LLP Market Place House 43 Market Place Henley-on-Thames RG9 2AA
Solicitors
Blandy & Blandy 1 Friar Street Reading Berkshire RG1 1DA
Chartered Surveyors
Dunster and Morton 6 Southern Court South Street Reading Berkshire RG1 4QS
Approved by order of the board of trustees on 12 September 2022 and signed on its behalf by:
Rev C R Jones - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST LAURENCE ECCLESIASTICAL CHARITIES
Independent examiner's report to the trustees of St Laurence Ecclesiastical Charities
I report to the charity trustees on my examination of the accounts of St Laurence Ecclesiastical Charities (the Trust) for the year ended 31 December 2021.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
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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.
Graeme Hobbs FCCA Chartered Certified Accountant Hobbs Granger Roitt LLP 8f Millars Brook Molly Millars Lane Wokingham Berkshire RG41 2AD
15 September 2022
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ST LAURENCE ECCLESIASTICAL CHARITIES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted Endowment fund fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 71,646 - Investment income 3 488 - Total 72,134 - EXPENDITURE ON Raising funds 4 145 - Charitable activities Reading Deanery Synod 31,380 - Parochial Church Council for maintenance 80,000 - Parochial Church Council for the Parish Clerk 3,138 - Support costs 2,953 - Total 117,616 - Net gains/(losses) on investments - 1,340 NET INCOME/(EXPENDITURE) (45,482) 1,340 RECONCILIATION OF FUNDS Total funds brought forward 197,022 9,906 TOTAL FUNDS CARRIED FORWARD 151,540 11,246 |
31.12.21 Total funds £ 71,646 488 72,134 145 31,380 80,000 3,138 2,953 117,616 1,340 (44,142) 206,928 162,786 |
31.12.20 Total funds £ 88,938 770 89,708 132 39,423 30,000 3,942 2,847 76,344 (1,381) 11,983 194,945 206,928 |
|---|---|---|
The notes form part of these financial statements
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ST LAURENCE ECCLESIASTICAL CHARITIES
BALANCE SHEET 31 DECEMBER 2021
| Unrestricted Endowment fund fund Notes £ £ FIXED ASSETS Investments 8 - 11,246 CURRENT ASSETS Debtors 9 - - Cash at bank 191,329 - 191,329 - CREDITORS Amounts falling due within one year 10 (39,789) - NET CURRENT ASSETS 151,540 - TOTAL ASSETS LESS CURRENT LIABILITIES 151,540 11,246 NET ASSETS 151,540 11,246 FUNDS 11 Unrestricted funds Endowment funds TOTAL FUNDS |
31.12.21 Total funds £ 11,246 - 191,329 191,329 (39,789) 151,540 162,786 162,786 151,540 11,246 162,786 |
31.12.20 Total funds £ 9,906 33,742 207,245 240,987 (43,965) 197,022 206,928 206,928 197,022 9,906 206,928 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 September 2022 and were signed on its behalf by:
Rev C R Jones - Trustee
The notes form part of these financial statements
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ST LAURENCE ECCLESIASTICAL CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. STATUTORY INFORMATION
The St Laurence Ecclesiastical Charities is registered with The Charity Commission (registration number 203336). The principal address is Victoria House, 26 Queen Victoria Street, Reading, Berkshire. The charity operates in Reading, Berkshire.
2. 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 incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Expenditure
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.
Cost of generating funds comprises those costs directly attributable to managing the investment portfolio and raising investment income. Charitable activities expenditure comprise distributions to beneficiaries in accordance with the objects of the charity. Support costs compromise management and administration costs for the running of the charity itself as an organisation. Governance costs include those in the governance of its assets and are primarily associated with constitutional and statutory requirements.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
General funds are unrestricted funds which are available for use in accordance with the charitable objectives.
Endowment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments are retained by the endowment fund.
The costs of administering and managing the general and endowment funds are charged against the general fund. Investment income and gains are allocated to the appropriate fund.
continued...
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ST LAURENCE ECCLESIASTICAL CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
2. ACCOUNTING POLICIES - continued
Fixed asset investments
Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising in revaluations and disposals throughout the year.
Going Concern
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
3. INVESTMENT INCOME
| Investment income Deposit account interest 4. RAISING FUNDS Investment management costs Portfolio management Property expenses 5. GRANTS PAYABLE Reading Deanery Synod Parochial Church Council for maintenance Parochial Church Council for the Parish Clerk |
31.12.21 £ 394 94 488 31.12.21 £ - 145 145 31.12.21 £ 31,380 80,000 3,138 114,518 |
31.12.20 £ 357 413 770 31.12.20 £ 40 92 132 31.12.20 £ 39,423 30,000 3,942 73,365 |
|---|---|---|
The above were all grants payable to institutions.
continued...
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ST LAURENCE ECCLESIASTICAL CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
6. SUPPORT COSTS
----- Start of picture text -----
31.12.21 31.12.20
£ £
Clerk's fees 825 825
Treasurer's fees 1,320 1,320
Accountancy fees 720 648
Bank charges 88 54
2,953 2,847
----- End of picture text -----
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
8. FIXED ASSET INVESTMENTS
| 31.12.21 | 31.12.20 | |
|---|---|---|
| Listed investments Stockbroking cash accounts |
£ 11,193 53 11,246 |
£ 9,853 53 9,906 |
| MARKET VALUE At 1 January 2021 Market movement At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Listed investments £ 9,853 1,340 11,193 11,193 9,853 |
|---|---|
The listed investments comprise UK investment trust and unit trust funds.
The historical cost of listed investments is £4,256 (2020 - £4,256).
continued...
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ST LAURENCE ECCLESIASTICAL CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS At 1.1.21 £ Unrestricted funds General fund 197,022 Endowment funds Endowment funds 9,906 TOTAL FUNDS 206,928 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 72,134 (117,616) Endowment funds Endowment funds - - TOTAL FUNDS 72,134 (117,616) |
31.12.21 31.12.20 £ £ - 33,742 31.12.21 31.12.20 £ £ 39,789 43,965 Net movement At in funds 31.12.21 £ £ (45,482) 151,540 1,340 11,246 (44,142) 162,786 Gains and Movement losses in funds £ £ - (45,482) 1,340 1,340 1,340 (44,142) |
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continued...
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ST LAURENCE ECCLESIASTICAL CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.1.20 £ Unrestricted funds General fund 183,658 Endowment funds Endowment funds 11,287 TOTAL FUNDS 194,945 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 89,708 (76,344) Endowment funds Endowment funds - - TOTAL FUNDS 89,708 (76,344) |
Net movement At in funds 31.12.20 £ £ 13,364 197,022 (1,381) 9,906 11,983 206,928 Gains and Movement losses in funds £ £ - 13,364 (1,381) (1,381) (1,381) 11,983 |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS |
At 1.1.20 £ 183,658 11,287 194,945 |
Net movement in funds £ (32,118) (41) (32,159) |
At 31.12.21 £ 151,540 11,246 162,786 |
|---|---|---|---|
continued...
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ST LAURENCE ECCLESIASTICAL CHARITIES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Endowment funds TOTAL FUNDS |
Incoming resources £ 161,842 - 161,842 |
Resources expended £ (193,960) - (193,960) |
Gains and Movement losses in funds £ £ - (32,118) (41) (41) (41) (32,159) |
|---|---|---|---|
The general fund represents unrestricted funds available for the maintenance and repair of the Church of St. Laurence, Reading.
The endowment fund represents the non distributable investment of the charity.
12. RELATED PARTY DISCLOSURES
Church Lands and John Johnson's Estate Charities
The charity is under the common trusteeship and a beneficiary of annual income from Church Lands and John Johnson's Estate Charities. During the year the charity received an annual income distribution of £71,647 (2020: £88,938) and at the year end the charity owed £4,611 to this related party (2020: £33,742 due to the charity).
Vale & West
The treasurer, Mr Pyke is a partner with Vale & West Chartered Accountants. During the year the charity paid Vale & West £1,320 (2020: £1,320) for accountancy services.
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