**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.
Page 1
**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
Page 2
**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
Page 3
**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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
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.
Graeme Hobbs FCCA Chartered Certified Accountant Hobbs Granger Roitt LLP 8f Millars Brook Molly Millars Lane Wokingham Berkshire RG41 2AD
15 September 2022
Page 4
## **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
Page 5
**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
Page 6
**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...
Page 7
**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...
Page 8
**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...
Page 9
## **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)**|
|---|---|
continued...
Page 10
**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...
Page 11
**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.
Page 12