REGISTERED CHARITY NUMBER: 203336 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR ST LAURENCE ECCLESIASTICAL CHARITIES ST LAURENCE ECCLESIASTICAL CHARITIES CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of¢he Trusltes Independent Examiner's Report Statemelll of Financial Aetii'i¢ie$ Balance Sheet Notes to the Financial Statemtnts 7 10 13 ST LAURENCE ECCLESIASTICAL CHARITIES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Irusiees preseni iheir report with the financial siatements of the charit). for the )'ear 31 December 2024. The trustees have adopted tlie provisions of Accounting and Reporting by Siateimenl of Recommended Practice appliLable io ¢harilies preparing their acLounts in aceordanLe with Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019). 0￿ECTIVEs AND ACTIVITIES Objectives and aims The primary obje¢live of the charity 18 to disiribuie annual income after managemeni ¢xpens¢s lo qupport the vicar. sexton and clerk of St. Lalirence Chiirch. Reading. The secoiidary objective is to distribute residual annual inLonie to the Parochial Church Council of Si. l.aurenc¢. Reading for the purw)se of maintaining and servicing the tabric. bells. turniiur¢ and ¢quipm¢nt of Si. Lauren¢e Chur¢h, Readiiig. The Irusle¢s have reterred to guidance sel oui by ihe Charity Commissionels and are satisfied Ihal the charitable objectives of the charity and ils related charities satisfy criteria for public benefit. ACHIEVEMENT AND PERFORMANCE Charitable u¢tiviti¢8 DLiringi IhL )'Lar the charity made &Frants and di51ributions of £93.968 (2023 £60.313) in total to beneficiaries in ac¢ordaii¢e wilh (he charitable objeclives. Inveqtmenl performance Thl Lild0￿MlI)I lui)d Iixed asseis comprise a modesi portfolio of lisied inveslmenls. The return on listed investments was in line with expectation for the investinent slrategy and risk profile of the charity. FINANCIAL REVIEW Inveqtmenl pThlic)' #nd objectives There are 110 restrictions on the Iruslees. power to invest the assets the charitv. Listed iiivestments are low risk and held in managed investment funds M'ith a bias lowards providing income. Principal funding Sources and reserves policy Thc principal fundii)g source 15 from rclalcd charit).. Church Land5 and Johii Johnson's Islatc Charitics (charity no. 27?566). Annual income may iary depending on the investm¢nt perfom?aiice of th¢ relaled charit} s endowment fund. The Iruslee5 maintain unreslricted cash reserve5 at a lei'el sutTicieni lo meet ai)ticipaled 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 unin¢orpornted ¢harity 8ov¢rn¢d by a d¢ed of trust dated I January 1942. The body of the trustees comprise three ex-oificio trustees and two representative trustees. The vicar and churCh￿,8rdens for th¢ tim¢ b¢ing of St. Laur¢n¢¢ Church, R¢ading are the ex-offi¢io trusl¢¢s. The representative trustees are appointed by the Parochial Church Council of St Laurence. Reading. Page I ST LAURENCE ECCLESIASTICAL CHARITIES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVF.RNANCE AND MANAC.F.MF.NT Recruitment, appointment and indu¢tion of new. Iruslees Trustees are carefull) selected for their knoivledge and experience of charitable organisations. New trustees are elecied at ihe Annual General Meeiing. Neth'ly apTX)inted iru%iees are inducied to ihe WOTk of the ¢hariiy by the chairman and provided w'ith all information required to fulfil tlieir role as trustees iii accordaiice wiih the deed of tru81 and ihe Charilie8 Aci ?0 I l. A Iruslee ma). retire voluniarily and representative iru8iees ma). serve for a period of four years. Or2anisa¢ional 8truclure The Cl)airii)aii, Rev C R Jones. has overall responsibility for the charity and is assisted in this role by the Clerk. The Treasurer is responsible for ihe financial managemeni of ihe charily. The Charity engages a firin of chartered surveyors to manage property investments. stockbrokers to manage listed investiiienls aiid lawyers to advise on legal mailers. Trustee meetings Truslee Ine¥ling?s are held twiLe a year. one of which is the Annual General Meeling. Risk man#gement TIIL trLl%tLLS aLknuwledge their responsibility to ideniifv Rnd review ihe risks lo which the charity is exposed and to ensure appropriate ¢onlrols ar¢ in place lo provide reasonabl¢ assiiran¢¢ ab)aji)sl fraud aiid error. RF.FF,RF.NCF. AND ADMINISTRATIVF. DF.TAILS Ré'gistered Charil). number 203336 Principal address ViLt()ria I IoLi4e 26 Queen Victoria Street RLading Berkshire RGI ITG Trustees Mr N C Burrows Mrs R E Pearse R¢v C R Jone.4 (Chairnian) Mr L R Stllith Independent Examiner Graeine Hobbs FCCA H()bbs Granger Roitt LLP I l Eastheath A venue Wokingham Berkshire RG412PP Page 2 ST LAURENCE ECCLESIASTICAL CHAIUTIES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 RF.FF.RF.NCE AND ADMINISTRATIVE DETAILS Chairman Rev C R Jones Treasurer J Pyke FCA Clerk W Sanders Bankers The Roj'al Bank of Scotland pl¢ Liverpool CSC Stephenson Way wa￿vrIr 19.575 RECONCILIATION OF FUNDS Total fLlI)ds brougiht forw'ard 196,600 10,499 207,099 187,524 TOTAL FUNDS CARRIED FORWARD 176568 10,762 187J30 207,099 The notes forni part of these financial statements Page 5 ST LAURENCE ECCLESIASTICAL CHARITIES BALANCE SHEET 31 DECEMBER 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted Endowinent fund fund Notes FIXED ASSETS Investments (53) 10,762 10,709 10,686 CURRENT ASSETS Debtors Cash at bank 54.946 159.514 33.714 ?03,357 1$9,514 214.460 214,460 237.071 CRF.I)ITOR8 Amoiints falling due wiihin one year 10 (37,839) (37,839) (40,658) NET CURRENT ASSETS 176.621 176.621 196.413 TOTAL A(ySETS LESS CURRENT LIABILITIF.S 176,568 10,762 187J30 207,099 NF.T ASSF.TS 10.762 187J30 207.099 FUNDS UiirLstricted funds Ei)dowmeiit funds 196.600 10.499 10,762 TOTAL FUIYDS 187J30 207.099 The fiiianci£11 statenients were approved by the Board of Trustees and authorised for issue ..3011012rJ2S...................... and wer¢ signed on ils ￿half by.. on R¢v C R Jones - Trusl¢e The notes forni part of these financial statements Page 6 ST LAURENCE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMEf4TS FOR THE YEAR ENDED 31 DECEMBER 2024 STATUTORY INFORMATION The St Laurence Ecclesiastical Charities is registered with The Charity Commission (registration number 203336). The principal address 1% Vi¢iorio House. 26 Queen Vicloria Sireet. Readin¥. Berkshire. The charity operates in Reading. Berkshire. ACCOUNTING POLICIES Basis of preparing the financial statemenls The financial %iai¢menis of ihe ¢harit}'. which is a public knefii entity under FRS 102. have been prepared in accordance w'ith the Charities SORP (FRS I O?) 'Accouiiting and Re]x)rting by Cl)arities'. Stalemeni of Recommended Pra¢ii¢e appli¢able io charilies preparing their accounis in accordance willi the Financial Reporting Standard applicable in the UK aiid Repiiblic of Ireland {FRS I O?) (etyective I January 90191,, FinanLial Repi)rting Siandard 10? 'The Financial Rewrting Siandai'd applicable iii the UK aiid Rcpiiblic of Ireland. and the Charities Act ?0 I l. The finaiicial statements have been prepared under the hi41orical cosl conveniion. wilh the excepiion of invesimenis which are included ai market value. as modifi¢d b), the r¢valuatioii of ¢¢rtain ass¢ts. Income All incoming reSou￿¢S are included on the Statement of Financial Aclivities when the Charity is legally entitled to the income and the amount cali be quaiitified wilh reasoiiable accuracy. Expenditure I,'XPLI)diture is accounied for on an accruals basis and has been classified under headii)gs thai agygireg>ale all ¢ost r¢lat¢d lo th¢ categTOry. Where costs cannot be dir¢¢ily atiributed to particular h¢adiiigis iliey l)av¢ been allocaied io aciiviiies on a basis consisteni wilh the use of resources. c.ost of generaiing funds comprises ihose costs direcily attribuiable io managing the investment portfolio and raising infveslmenl income. C'haritabl¢ a¢iivilies expenditur¢ ¢oniprise distributions lo b¢nefi¢iari¢5 ill accordance w'ith the objects of the charilv. Support costs comproniise manageineilt and administration C05t5 t-or the running of th¢ charity i15elf a5 an organi5aiion. (iofv¢rnancc ¢0515 includ¢ Iliose in the governance of its assets and are primarily associated with conslitulional and statutory requiremenls. Grants offered subject lo conditions which have not been met at the year end date are noted as a commitment but not accrued a5 Cxpenditure. Taxation 'I'hc charity is exempt from tax on its chariiable acliviiie5. Fund accounting Genrral tunds are unresiricled fund5 which are available for use in accordance with the charitable objectives. Endowment funds represent those assets M'hich must be held permanenily by the charity, principally inv¢stm¢nts. Income arising on the cndoii"wnent funds can b¢ uscd in accordance with the objecls of the charity and is included as unresrricted income. Any capital gains or losses arising on the iniwestmenls are rctaincd by th¢ cndowmcnt fund. Page 7 ¢ontinu¢d... ST LAURENCE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMEf4TS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES- continued Fund ac¢ounting The costs of adtninistering and managing the general and endowment funds are charged against the general fund. Invesimeni income and gains are allocaied io ihe appropriate fund. Fixed asset investments 1nve8lmeni8 are qiai¢d ai markei value ai ihe balance sheei dale. The SOFA includes th¢ net gains and losses arising in revaluations and disposals throughout tlie year. Goin2 Concern The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going con¢¢m. INVESTMENT INCOME 31.12.24 31.12.23 Investment income Deposit account interest Bank Lompensation 706 383 5,201 400 6J86 5.984 RAlfilNC. FUNDS Investment manAgemen¢ costs 31.12.24 31.12.23 Stockbroker service charges Prop¢rly ¢xpcns¢5 25 218 50 213 243 ?63 Page 8 ¢ontinu¢d... ST LAURENCE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMEf4TS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 GRAiYfs PAYABLE 31.12.24 31.12.23 Reading Deanery Synod Parochial Church Council for maintenance Parochial Church Council for the Parish Clerk 33.607 57.000 3J61 36.289 20.395 3,6?9 93,968 60,313 The above were all grants payable to institutions. SUPPORT COSTS 31.12.24 31.12.23 Clerk's fees Treasiirer's fees Accouniancy fees Bank chargyes 846 1.383 1,03? 10 846 1,383 824 13 3.271 3,066 TRUSTEES, REMUNERATION AND BENEFITS Thcrc wcrc no Irusiees, remuneration or other benefits for the year ended 31 December ?024 nor for the year ended 31 December ?023. TrM$tees' expenses Thcrc wcrc no trustees, cxpenses paid for the year endcd 31 Dccember 2024 nor for the year end¢d 31 D¢¢¢mb¢r 2023. Page 9 continued... ST LAURENCE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMEf4TS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 FIXED ASSET INVESTMENTS 31.12.24 31.12.23 Listed investments Stockbroking cash accounts 10,709 10,446 240 10,709 10,686 Lisied ini'estments MARKET VALUE At l January ?094 Market movemeni 10,446 263 At 31 December 2024 10,709 NET BOOK VALUE At 31 December 2024 10,709 Ai 31 December 2023 10,446 The lisied inveslmenis comprise UK invesimeni irusi and unit trust funds. Thc historical cosi of listed investmenis is £4,256 (2023 £4,256). DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.?3 Other debtors Prepaym¢nls and accrued income 54,778 33,714 54,946 33,714 Page 10 coiitinued... ST LAURENCE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMEf4TS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 io. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other creditors 37.839 40,658 ii. MOVEMENT IN FUNDS Net movement in funds Ai 31.12.24 At 1.1.24 Unrestricted funds General tund 196,600 (20,032) 176,568 Endowment funds Endowment funds 10,499 263 10,762 TOTAL FUNDS 207,099 (19.769} 187J30 Nel movemeni in funds. in¢luded in ihe above are as follows: Incoming Resources expL'nded Gains and losses Movement in fiinds rL'soiifLes Unrestricted funds G¢n¢ral lund 77,450 (97,482) (2U,032} Endom'ment funds Endowment funds 263 263 TOTAL FUNDS 77,450 (97,482) 263 (19,769} Page I conlinued... ST LAURENCE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMEf4TS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 ii. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Nel movement in funds At 31.12.23 Ai 1.1.23 Unrestricted funds General fund 177.078 19,522 196.600 Endowment funds End0￿ment tunds 10,446 53 10,499 TOTAL FUNDS 187.524 19.575 207,099 Comparative net movement in funds. in¢luded in Ihe above are as follows.. Incoming resources Resou￿¢$ expended Gains and losses Movemeiil in funds Unrestricted Cunds General lund 83.164 {63.642) 19.522 F.ndowment funds EndO￿li)ent luiids 53 53 TOTAL FUNDS 83,164 (63.64?) 53 19,575 A ¢urr¢nt year 12 months and prior year l ? monihs combined wsiiion is as follows.. Nel movement in funds At 31.12.24 Ai 1.1.23 Unrestricted funds General tuiid 177,078 (510) 176,568 Endowment fund$ Endowii)ent tunds 10,446 316 10,762 TOTAL FUNDS 187.5?4 (194} 187,330 Page 12 conlinued... ST LAURENCE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMEf4TS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 ii. 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.. Incoming resources Resources expeiided Gaii)s and losses Movemeiil in funds Unre%tricted funds General tuiid 160,614 (161,1?4) (510) F.ndowment funds End0￿.n)Cnt lunds 316 316 TOTAL FUNDS 160.614 (161,1?4) 316 (194) The gyenLral lund rLpresents unrestricted funds available for the mainlenance and repair of the Church of St. Laurence. Reading. The endowment fund represenis the non dislribuiable investmeni of ihe charily. 12. RELATED PARTY DISCLOSURES Chureh Lands and John Johnson's Esl4le Ch*rilies -l-hL Lliarilv is undLr tIIL Lon)iiion IrustLLsI?ip aiid a bLneficiary of annual income from Church l.ands and John Johnson's l.slaie Lharilics. Durinbj ihe year ihe cl)arily received an ani)ual iiicome distribution of £71,064 1?023: £77.1801 and al the year end th¢ charity was owed £54.778 by this related party (2023.. £33,714 due from the charity). Vule & West The treasurer. Mr Pyke is a partner iviih Vale & West Chartered Accountants. During the year the charity paid Val¢ & Wesi £1,383 {?0?3: £1,383) for ac¢ounianLy s¢rvi¢¢s. Page 13