REGISTERED CHARITY NUMBER: 203336 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR ST LAURENCE ECCLESL4STICAL CHAIUTIES ST LAURENCE ECCLESIASTICAL CHARITIES CONTENTS OF THE FINANCIAL STATEMELYrs FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees Independent Examiner's Report Statement of Financial Aetivilies Balanee Sheet Notes to the Financial Statements 7 to 12 ## **ST LAURENCE ECCLESIASTICAL CHARITIES** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023** The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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 oflreland (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 £60,338 (2022 - £53,936) m 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 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment, appointment and indllction of new tru$tee.8 Trustees are carefully selected for their knoM,ledge and experience of charitable organisations. New trustees are ¢lecred at the Annual G¢neral Me¢ting. Newly appointed trustees are inducl¢d 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 th¢ Charities Act ?0 I l. A trust¢e may retire volunrarily and represeiitative trustees may senwe for a period of four years. Organisatianal struetllre The Chairiiian, Rev C R Jones, has overall responsibility for the charity and is assisted in this role by the Clerk. Tli¢ Tr¢asur¢r is responsible for the financial management of the chariry. Th¢ Charity engages a fimi of chartered surveyors to manage property investn)ents, stockbrokers to tllanage listed investments and [a￿yerS 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 revieiv ihe risks to M,hich the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance againsi fraud and error. REFERENCE AND ADM1Tr41STRATIVE DETAILS Registered Charity number 203336 Principal address Victoria Hoiise 26 Queen Victoria Street Reading Berksliire RGI ITG Trustees Mr N C. Burrows Mrs R E Pearse Rev C R Jones (Chairman) Dr N A Browii (resigned 2.8.23) Mr L R Smith Independent Examiner Graeme Hobbs FCCA Hobbs Grang¢r Roitt LLP 8g Millars Brook Molly Millars Lane Wokingham Berkshire R(i412AD Page 2 ST LAURENCE ECCLESIASTICAL CHARITIES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Chairman Rev C R Jones Treasurer J Pyke FCA Clerk W Sanders Bankers The Royal Bank of Scotland plc Liverpool CSC Siephensoii Way Wavertree Liverpool L13 IHE Investment Managers Redtna}'ne-Bentley LLP Marker Place House 43 Market Place H¢nley-on-Thames RG9 2AA Solieitors Blandy & Blandy l Friar Street Rcading Berkshire RGI IDA Chartered Surveyors Simmons & Sc)rts 12 Wote Street Basingstoke Hampshire RG•17NW Approved by order of the board of trustees on ..05J.091.2024 and sigried on its behalf by-. Rev C R Jones - Trustee Page 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST LAURENCE ECCLESIASTICAL CHARITIES Independent exatlliner's report to the trustees of St Laurence Eccleyiastic#l Charities I report to the charity trustees on my examination of the accounts ot St Laurence Ecclesiastical Charities (the Trust) for th¢ y¢ar Cndcd 31 D¢cciiib¢r •023. Responsibilities and basis of report As the ¢haril}' trustees of the Trust you are responsible for the preparation of the accounts in a¢¢ordance 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 hai'e followed all applicable Directic)ns given by the Charit}, Cominission under Section 145(5)(b) of the Act. Independent examiner'$ statement I have completed my examination. I confirtn that no material tnatters 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 account5 do not accord with those records; or the accounts do not compl}, with the applicable requirements concerning the forn) and content of accounts set out in the Charities (Accounts and Rcports) Rcgulations 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 cotne across no other tllatters 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 FC.CA Hobbs Granger Roitt LLP 8g Millars Brook Molly Millars Lane Wokinghaiii Berkshire RG412AD Date.. 0910912024 Page 4 ST LAURENCE ECCLESIASTICAL CHARITIES STATEMENT OF F1Tr4ANCL4L ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 31.12.23 Total fullds 31.12.22 Total funds Unrestricted Endowment fund fund Notes IIYCOLVIE AND ENDOWMENTS FROM Donations and Icgacies 77,18 77,18 81,145 Investment income 5,984 5,984 1,540 Total 83,164 83,1fv1 82,685 EXPENDITURE ON Raising tunds 263 263 191 Charitable activiti R¢adiiig Deanery Synod Pari)chial Chur¢h Coun¢il for maintenanc¢ Parochial Church Council for the Parish Clerk Support costs 36289 20J95 36289 20J95 36.124 14,200 3,629 3,064 3,629 3,064 3,612 Total 63,640 63,640 57,147 Net gains/(losses) on investments 51 51 (800) NET INCOME 19575 19O75 RECONCILIATION OF FUNDS Total funds brought forward 177,078 10,446 187524 162,786 TOTAL FUNDS CARIUED FORWARD 196,6$3 10,446 207,099 187,5?4 The notcs fortn part of these financial statements Pagc 5 ST LAURENCE ECCLESIASTICAL CHARITIES BALALYCE SHEET 31 DECEMBER 2023 31.12.23 Total fullds 31.12.22 Total funds Unrestricted Endowment fund fund Notes FIXED ASSETS Invcstsnents 240 10,446 10,686 10,446 CURRENT ASSETS Debtors c.ash at bank 33,714 203J57 33,714 203 J57 76,534 140,988 237,071 237,071 217,522 CREDITORS Amounts falling due within one year 10 (40,658) (40,658) (40,444) NET CURRENT ASSETS 196,413 196,413 177,078 TOTAL ASSETS LESS CURREIYT LIABILITIES 196,653 10,446 207,099 187,524 NET ASSETS 196,653 10,446 207,099 187,524 FUTr4DS Unrcstrictcd funds Endoivincnt funds 196,653 10,446 177,078 10,446 TOTAL FUNDS 207,099 187,594 The financial statements were approv¢d by the Board of Trustees and authorised for issue on 05J091.2024 . and were signed on its behalf by.. Rcv C R Joncs - Trustce The notcs fortn part of these financial statements Pagc 6 ST LAURENCE ECCLESIASTICAL CHARITIES P40TES TO THE FILYANCIAL STATEMELYTS FOR THE YEAR ENDED 31 DECEMBER 2023 STATUTORY INFORMATION The St Laurence Ecclesiastical Charities is registered with The Charity Commission (registration nuinber 2033J6). The prinuipal address is Victoria House, 26 Queen Victoria Street, Reading, Berkshire. The charity operates in Reading, Berkshire. ACCOUNTING POLICIES Basis of preparing the finallcial statements The financial statements of the charity, ￿hICh is a piiblic benefit entitv under FRS 102, have been prepared in accordance with ihe Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of R¢coinm¢nded Pra¢ti¢¢ appli¢able to ¢hariti¢s pr¢paring Ih¢ir a¢counls in a¢¢ord&n¢¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 10?) (effective l January ?019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in thc UK aiid Rcpublic of Ireland, and thc Chariti¢s Act 2011. The finaiicial statcmciits have been prepared under the historical cost convention, with the exception of investments which are includcd at market valuc, as tnodificd by thc revaluation of ccrtain asscts. Income All incoming resources are includcd on the Statciiient of Financial Activiti¢s when the charity is legally entitled to the income and the amount can be quantified witli reasonable accuracy. Expenditure Expenditure is accounted for on an accruals basis and has been classified under headings that aggregale all cost related lo tlie ¢ategory. Where costs cannot be direcily 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 tnanaging the investtllent portfolio and raising inN'estment income. Charitable activities expenditure comprise distributions to bcncficiaries in accordaiice wit]i tlie objects ot the charitv. Support costs comproiiiise tnanagetnent 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 priniarily 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 Thc charity IS Cxctnpt from tax on its charitablc activitics. Fund aecounting G¢iieral funds are unrestri¢t¢d funds which are availabl¢ for use in a¢cordance wilh th¢ ¢haritabl¢ objectives. Endoivment funds represent those assets which must be held permanently by the charity. principally inveslmenis. Income arising on the endo￿lme111 funds ¢an be us¢d in a¢cordan¢¢ with the objects of the charity and is included as unrestricted income. Any capitsl gains or losses arising on the inveslmenis are reiain¢d by th¢ ¢ndowm¢nl fund. The ¢osts of adminisiering and managing the general and endowment funds are charged against the general fund. Investtnent incotne and gains are allocated to the appropriate fund. Page 7 continued... ST LAURENCE ECCLESIASTICAL CHARITIES LYOTES TO THE FIIYAIYCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - continued Fixed #sset investments Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arisiiig iii rei'aliialions and disposals throughout the year. Going Concer The trustees consider that Ih¢r¢ ar¢ no material un¢ertainties about the Trust's ability lo conlinue as a going concern. INVESTMENT INCOME 31.12.23 31.12.22 Investment income Deposit account interest Bank compensation 383 5,201 400 442 1,098 5,984 1,540 RAISING FUNDS Investmenl management costs 31.12.23 31.1?.22 Stockbroker service charges Property expenses 50 213 40 151 263 191 GRANTS PAYABLE 31.12.23 31.12.22 Reading Deanery Synod Parochial Church Council for maintenance Parochial Church Council for the Parish Clerk 36,289 20,395 3,629 14,200 3,612 60,313 The above were all grants payable lo instilulions. Page 8 continued... ST LAURENCE ECCLESIASTICAL CHARITIES LYOTES TO THE FIIYAIYCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS 31.12.23 31.12.22 Clerk's fees Treasurels fees Accountancy fees Bank charges 846 1,383 824 857 1,383 756 64 3,064 3,060 TRUSTEES, REMUNEIL4TION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 Deceiiiber •022. Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2023 nor for the year ended 31 Dcc¢tnbcr 2022. FIXED ASSET INVESTMENTS 31.12.23 31.12.22 Listed ini'estments Sio¢kbroking cash ac¢ounts 10,466 10.393 53 10,706 10,446 Liskd investments MARKET VALUE At l January 2023 Markct tnovctncnt 10,393 53 At 31 Dccctnbcr 2023 10.446 NET BOOK VALUE At 31 December 2023 10,446 At 31 December 2022 10,393 The listed investments comprise UK investment trust and unit trust funds. The historical cost of listed investments is £4.256 {?0?2 - £4.256). Page 9 continued... ST LAURENCE ECCLESIASTICAL CHARITIES LYOTES TO THE FIIYAIYCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other debtors 33,714 76,534 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other creditors 40,658 40,444 11. MOVEMENT IN FUNDS Nct movement in funds At 31.12.23 At 1.1.23 Unrestrieted funds General fund 177,078 19,575 196,653 Endowment funds Endowmeiit fund8 10,446 10,446 TOTAL FUIYDS 187,524 19,575 207,099 Nct tnovement in funds, included in the above are as follows- In¢oming resources Resources expended Gains and Movement losses in funds Unrestricted funds General fund 83,164 (63,640) si 19,575 TOTAL FUNDS 83,164 (63,640) 51 19,575 Page 10 continued... ST LAURENCE ECCLESIASTICAL CHARITIES LYOTES TO THE FIIYAIYCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 I I. MOVEMENT IN FUNDS- continued Comparatives for movement in fund$ Net movement in funds At 31.12.22 At 1.1.22 Unrestricted funds G¢neral fund 151,540 25,538 177,078 Endowment funds Endowment funds 11,246 {800) 10,446 TOTAL FUNDS 162,786 24,738 187,524 Coiiiparative net moi'ement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrestrieted funds General fui)d 82,685 (57,147) 25.538 Endowment funds Endoivment funds {800) (800) TOTAL FUNDS 82,685 (57,147) (800) 24,738 A current year 12 months and prior year 12 months combined position is as follows.. Net niovement in tunds At 31.12.23 At 1.1.22 Unrestrieted fund$ General fuiid 151,540 45,113 196,653 Endowment funds Endowment funds 11.246 {800) 10.446 TOTAL FUNDS 162,786 207,099 Page 11 continued... ST LAURENCE ECCLESIASTICAL CHARITIES LYOTES TO THE FIIYAIYCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 I I. MOVEMENT IN FUNDS- continued A current year 12 months and prior year l ? above are as follo￿'s. months combined net movement in funds, included in the Incoming resources Resources expended Gains and Movement losses in funds Unrestricted fund$ General fund 165,849 (120,787) 51 45,113 Endowment funds Endowment funds {800) (800) TOTAL FUNDS 165,849 (120,787) {749) 44,313 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 cotnmon trusteeship and a beneficiary of annual incotne frotn Church Lands and Jolin Johnson's Estate Charili¢s. During the year the charity receiw¢d an annual income distribution of £77.180 {2022- £81.145} aiid at the year cnd thc charity was oived £33,714 by this related party (2022-. £76,534 due from the charity). Vale & West The treasurer, Mr Pyke is a partner ivith Vale & West Chartered Accountants. During the year the charity paid Val¥ & W¢st £1,383 (202?: £1,383) for aLcounianLy s¢rviv¢s. Page 12