Registered Charity No 204018 ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDING 31° DECEMBER 2022 Jones Avens Ltd Chartered Accountsnts & Registered Auditors Piper House 4 Dukes Court Bognor Road Chichester P019 8FX
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST CONTENTS Page Report Cover Contents Trust Information, Officers & Advisors Trustees, Report Statement of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet io Notes to the Accounts Ilto15
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST TRUST INFORMATION AT31. DECEMBER 2022 TRUSTEES Co-optative MrTim HR Milbank Lt Col Neville C N Harris Mrjohn E Jerome MBE Revend John WA Harvey Mr Paul Williams Nominative Cdr Patrick T Mayfield RN Lt Col David Ruffle Cdr Mike Pearce RN Ex Officio Col Rev Dr james Francis MBE Clerk to Trustees Christine Thirkell CHARITY NUMBER 204018 OFFICE clo Christine Thirkell 12 New O(liham Road Alton Hants GU34 IQD BANKERS NATWEST Bank 30 Wellington Street Aldershot Hants GUII IEB INVESTMENT MANAGERS Charles Stanley & Company Limited 55 Bishopsgate London EC2N 3AS INDEPENDENT EXAMINERS Jones Avens Ltd Chartered Accountants & Registered Auditors Piper House 4 Dukes Court Bognor Road Chichester P019 8FX
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST Registered Charity No. 204018 TRUSTEES, REPORT FOR THE YEAR ENDING 31" DECEMBER 2022 OBJEcfs OF THE CHARITY The Trustees shall apply the clear income of the Charity for the purpose of furthering the religious and other charitable work of the Church of England amongst members and former members of the Armed Forces of the Crown. resident or serving in the area of benefit, and the depend3nt5 of such members, and the promotion of the effitiency of the Armed Forces of the Crown by provision of benefits not normalty provided out of funds of the Exchequer in actordance with The Scheme dated 2" June 1981, as later amended. When planning actwities for the year. the Trustees have considered the Charity Commission's guidance on public benefit and. in particular. the specific guidance on charities for the advancement of religion. MANAGEMENT OF THE CHARITY The administration of the Charity is carried out in accordance with The Scheme as set out and issued by the Charity Commissioners signed and sealed on the second of June nineteen eighty one and by the Scheme varying the Scheme signed and sealed on the fifth day of December nineteen ninety four and the eighieenth day of April 2013. The body of Trustees shall consist of six Co-optative Trustees, three Nominative Trustees and one Ex-officio Trustee. The C(Foptative Trustees shall be persons who through residence, occupation or employment or otheTh4ise have special knowledge of the area of benefit and are appointed for a period of five years. The Nominative Trustees shall be appointed by the Council of the Church of England Soldiers, Sailors. & Airmen's Clubs for a period of four year5. The Ex-officio Trustee shall be selected by the Trustees as the seNing Senior Chaplain Regional Command within the defined areè of benefrt. All Trustees are voluntary but are entitled to reimbursement of expenses incurred on the business of the Trust. Existin8 Trustees may nominate persons to fill a vacancy for a C(Foptattve Trustee who will be invited to sit in at a meeting and, if all agreed and approved, will be appointed by the Board of Twstees. Trustees who served during the year and at the time of approval were: Co-optative Mr rim HR Milbank (Chairman) to 1917/22 Mr Paul Williams Ichairmanl from 1917122 Lt Col Neville C N Harris Mr john E Jerome MBE Reverend John WA Harvey Nominative Cdr Patrick T Mayfield RN Lt Col David Ruffle Cdr Mike Pearce RN Ex Officio The Rev'd Mark Chadwick to 18110122 Col Rev Dr James Francis MBE from 18110122
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST FINANCIAL REVIEiIi The Trust is a direct successor to one founded in 1883. The original Trust established the Church of England Soldiers. and Sailors. Institute in Aldershot which provided off-duty servicemen with spiritual and recreational facilrties including accommodation. As a result of competition from more modern facililies and a redurtion in the size of the garrison, the Institute eventually closed its doors in 1971. The substantial freehold premises were sold the following year for £335.(X)O and the net proceeds passed to the present doy Trust. Thus, nearly 140 years after its foundation. the successor body is continuing to provide weware and support. albeit in a different form. to the Armed Forces of the Crown. With the reduction in the size of the forces and the consequential change in their organisation and structure, the Charitrfs Area of Benefit has expanded over the years to cover twelve counties. Investment Policy The Trust's investment objective is to obtain maximum income compatible with a medium low balanced level of risk. The level of risk applies to the portfolio as a whole rather than the individual Stocks and Shares. In furtherance of this objective the current guidance. agreed with the i nvestment managers, Charles Stanley. is to maintain a segregated portfolio with an investment split in the range of.. Equities 55-75%. Fixed Interest ICk25%. Mixed Investments Nil-IOOA. Alternatives Nil-7.5%. Commercial Property Nil-7.5%, Cash Nil-7.5%. The appointed investment managers manage the portfolio on a discretionary basis. The investrnent funds are subject to the Trustee Art 2000. The Trustees review the investment policy annualty. Major Risks The Trustees consider that the major risks to the Trust are inflation and a significant fall in the stock market leading to a loss of income and devaluation of the portfolio of investments held. The portfolio is reviewed at each ordinary meeting of the Trustees and the investment managers provide reports an(J a briefing on the portfolio'5 performance. The portfolio is managed to maximise income whilst maintaining the portfolio value as far as possible in real terms. The Trustees monitor the investment manager's guidance on the fixed interest investment. equities and cash. The investments cover a wide Spad of industries and markets to minimise the impact of any of the market's inherent instabilities. The Trust relies solely on the income of the investment portfolto to provide the funds for making grants. The Trustees commit to Brants based on the merits of the application5 and the availability of funds as at the date the request is considered.. they do not eommit to making grant5 based upon future income projections.
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST Grant Making Poli The Trust onty Cons1de grant applications through Service channels of HM Armed Forces or from registered charttable organisations where any grant would meet the remit of the Trust. Grants are considered for 5pecrfic projects, not for ongoing running costs or where other sources of funding should be available through HM Am)ed Forces. Applitations for grants through Setvice channels must be presented to the Trustees on one of the Trust's application forms which must be completed and then endorsed by the commandrng officer and the Unit chaplain. Applications which come from charitable organisations with links to the armed forces must demonstrate that the benefits from receiving the grant will frt wtthin the eth05 and remit of the Aldershot Church of England Services Trust. The Trust may pledge a contribution towards larger projects, but before releasing it they will require confirmation that enough funds have also been raised elsewhere to allow the project to proceed. The Trustees always require confirmation that funds have been reteived and expect to receive letters of thanks once the project has been completed. Where projects are known to have been delayed, the Trustees will endeavour to keep in contact with the recipient to ensure that the project eventually proceed5 and that the Trust's funds have been used for their specified purpose. Overview of Progress At their January meeting the Trustees conducted a thorough review of all aspects of the Trust. They considered that post COVID many things had Changed and they needed to review the way they operated. The Trustees were keen to attraci MO 8rant applicanls from within the Armed Services of the Crown and to that end felt that extending their area of benefit to include Gloucestershire, Somerset and Avon. Bristol, Devon and Cornw311 would go some way to achieving this. Once the increased areo of benefrt had been approved the Trust's website would be updated and modernised attracting more visitors. The Trustees fett that insufficient of the Padres within the Armed Forces were aware of the Trust. When the website had been updated the Setvice Padres in all areas of the Trust's area of benefit could then be informed of the work the Trust does and the welfare benefits available to them. The portfolio started the year at a valuation of £1.741.417 and ended valued at El,523,395 The investment managers have provided quarterly reports which the Tnjstees have reviewed at each o their board meetings. They have kept a close watch on the investment 8uideline5 as the i nvestment managers have moved to a greater weighting on equities while ixed interest returns are low. The investment managers also contÉnue to invest funds into overseas markets, to diversify the portfolio. Following a suitability review with the investment managers. the Trustees reviewed the portfolio objectives and agreed the investment objective focus to generate income without diminishing the capital value of the portfolio in real terms. During 2022, the total investment income amounted to £61.7401£56.5341. The income of the Trust Wa5 Utili5ed in the payment of approved grants- four grant applications were approved totalling £36,3001£3,2221 which represents 59%16%1 of the Trust's unrestricted income. The administrative cost of managing the Trust amounted to £20,607 1£17,6751 including the honorarium of £4,(MIO and portfolio management fees of £14,3771£13.8501.
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST Reserves The reserves of the Trust amounted to £1,582.4511£1,781.2641. Out of this £1.523.3951£1.741,4171 forms a restricted fund and the remainder £59.0561£39,8471 is unrestricted. The restricted fund is the value of the Trusys investment portfolio plus any balance in the capital account. i.e. the proceeds of disposals awaiting re-investment. which may not be distributed without prior ference to the Charity Commissioners, but which generates unrestrirted income for distribution. STATEMEMf OF TRUSTEES, RESPONSIBIUTIES The Trustee5 are required under the Charities Att 2011 to prepare financial statements for each financial year which give a true and fair view of the financial activities of the Charity and of its financial position at the end of that year. In pparIng these firtrancial statements the Trustee5 a required to: Select suitable accourhting policies and apply them tonsistently. b. Make judgements and estimates that are reasonable aT)d prudent. State whether the policies adopted are in accordance with the Statement of Recommended Practice ISORPI 2018 for charities applying FR5102 and with applicable accounting standards subject to any material departures being disclosed and explained in the financial statements. d. Prepare the financial statements on a "goin8 concern" basis, unless it is inappropriate to assume that the Charity will continue lo operate. Restrict Investments in the normal way for Capital Funds of an endowment under the Trustee Act 1981. The Trustees are responsible for keeping proper accounting CordS which disclose with reasonable accuracy at any time the financial position of the Chartty and enable them to ensure that the financial statements comply wtth applicable law and regulation5. They are responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. We, the Trustees confirm the above have been applied and are true. lo APPROVAL: This report was approved by the Board of Trustees on .......... signed on its behalf by Ic . and was Mr Paul Williams Chairman
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST I report to the trustees on my examination of the financial statements of Alder5hot Church of EnBland Services Trust Ithe chorityl for the year ended 31 December 2022. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in 3ccordance with the requirements of the Charities Act 2011 Ithe 2011 Actl. I report in respect of my examination of the chariws financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my altention in connection with the examinatiori giving me cause to believe that in any material respect= accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act- or the financial statements do not accord with those records.. or the financial statements do not comply wtth the applicable requirements concerning the form and content of account5 set out in the Charitses IA¢counts and Reports) RegulatiOT)s 2008 other than any requirement that the accounts give a true and fair view whith is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in conneclion with the examination to which attention should be drawn in this report in order to enable a proper nderstanding of the financial statements to be reached. Claire Norwood B5c FCA ATII Dated.. 1211012023 Jones Avens Ltd Piper House 4 Dukes Court Bognor Road Chichester West Sussex P019 8FX
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31° DECEMBER 2022 Total 2022 Total 2021 Notes Restricted Unrestricted Income from Investrnents Total Income 61,740 61.740 61,740 61.740 56.534 56,534 Expenditure on Raising Funds Charitable Activtties 14.377 14,377 42,530 13,850 7,047 5t09 42.530 Total Expenditure 14,377 42.530 56.907 20,897 Net Gains/ (Losses) on Investments -203.645 -203,645 169,563 Transfer Net income / expenditure & Net Movement of funds for the Year io -218.022 19.209 -198.813 205,200 Total Funds Brought Forward Total Funds Carried Forward 1.741.417 39.847 1,781,264 1,576,063 1.523,395 59,056 1.582.451 1,781.264
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST BALANCE SHEET AS AT 31" DECEMBER 2022 Notes Restricted Unrestrirted 2022 2021 FIXED ASSETS Investment5 li 1,475,221 1.475.221 1,707,429 Investment Managers, Capital Account 12 48,174 48,174 33,988 TOTAL 1,523,395 1.523.395 1,741,417 CURRENT ASSETS investment managers, Income Account Cash at Bank 13 2,445 2.445 2,763 58,193 58,193 38,592 LIABILITIES Creditors.. Amounts falling due within one year 16 1,582 1.582 1.508 Net Current Assets 59.056 59,056 39,847 Net Assets 1.523.395 59,056 1,582,451 1.781.264 THE FUNDS OF THE CHARITY 1.523,395 59,056 1,582,451 1,781,264 Approved by the Board of Trustees and signed on their behalf Mr Paul Williams Chaim)an 2012 io-
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31. DECEMBER 2022 l. Accountin es Chari inforniation TheA dershot Church of England Services Trust is an unincorporated charity registered number 204018. The registered office 1$ 12 New Odiham Road, Alton. Hants. GU34 IQD. 1.1 Accounting convention These accounts have been Pfepared in accordance with -Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and UK Generally Accepted Accounting Practice as it applies from l January 2019. The charity is a Public Benefrt Entity as defined by FRS 102. The accounts are prepared in 5terlin& which is the fvnctional tUrnCY of the charity. Monetary amounts in these financial Statements are rounded to the nearest £. The accounts have been prepared on the historical cost convention. modtfied to include the revaluation of certain financial irTrstruments at fair value. The principal accounting policies adopted are set out below. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 not to prepare a Stalement of Cash Flows. l.Z Going concèrn At the time of approving the account5, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thu5 the trustees continue to adopt the going concern basis of accounting in preparing the accounts. 1.3 Incoming resour¢es Investment income plus associated tax recoverable is credited to income on an accruals basis, using dates dtvidends are received and daily accrual for interest. 1.4 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been (lesignated for other purposes. Restricted funds are SLtbject to specific conditions by donors as to how they may be used. The purpose5 and uses of the restrirted fund5 are set out in the notes to the accounts. 1.5 Resources expended Costs of generating funds comprise stockbrokerfs fees payable for the management of the Trust's Investment portfolio which providèd income for the chartty. VAT is included which is not recoverable by the charity. Charitable expenditure comprises grants that are paid in accordarbce with the declared objectives of the charity. Governance costs include the costs associated with meeting the constitutional and statutory requirements of the charity and include fees and costs linked to the strategic management of the charity. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. 1.7 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instnJment5. Financial instruments are reco to the contractual provisions o nised in the charity's balance sheet when the charity become5 Partv the Instrument. li
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST Financial assets and liabilities are offset, wr(h the net amounts presented in the financial statements, when there is a legally enforceable right to set off the reco nised amount5 and there is an intention to Settle on a nei basis or to realise the a55et and settle the lability simultaneously. 8osi¢finoncial t7ssets' Basic financial assets. which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effectNe interest method unless the arrangement constitutes a financing transaction, where the transaction 15 measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classrfied as receivable within one year are not amortlsed. Bt75icfinonciol liobilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangemenl conslitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified 3$ payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classrfied as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabililies. Trade creditors are recognised initially at transaction prite arbd subsequently measured at amortlsed cost usin8 the effective interest method. Derecognition offinonciol litsbilities Financial liabilities are derecognised when the charity's contrartual oblig3tions expire or are discharged or cancelled. 1.8 Fixed Asset Investments Fixed asset investments are initially measured at transartion price excludin are Subsequently measured at fair value at each reporting date. Change5 in transaction costs, and air value are reco@ni5ed in net incomellexpenditurel for the year. Transartion costs are expensed as incurred. 2. Critical accountin estimates and ud ements In the application of the chariws accounting policies, the trnstees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factor5 that are considered to be relevant. Actual results may differ from these estimales. The estimates and undetlying assumptions are reviewed on an ongoing basis. Revisions to accountin estimates are recognised in the period in which the estimate 15 revised where the revision affects onty that period, or in the period of the revision and future perK)ds where the revision affects both current and future periods. 12
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST NOTES TO THE ACCOUNTS 3. INVESTMENT INCOME Income from listed investment Unrestrirted 2022 £61.739.70 2021 £56,534.14 Restrirted Interest Receivable on Cash Deposits Total £0.00 £61,739.70 £0.00 £56,534.14 4. COSTS of RAISING FUNDS These are the investment manager's charges for the management of the investment portfolio which provides the income for the Trust. The charges include VAT which is not recoverable by the Trust. 2022 £14.376.82 2021 £13,849.88 Charles Stanley Management Fees Legal and Professional Fees 5. CHARITABLE ACTIVITIES 2022 £36,300.00 £6,230.37 £42.530.37 2021 £3,222.14 £3,825. 14 £7.047.28 Grants payable Isee note 61 Share of governance costs (see note 71 Total 6.GRANTS The grants payable figure of £36.3 for 2022 relates to 4 approved applicdtions. All grants approved were wtthin the Trust's remit and to organisations. Organisation Type Number of Grants Value of Grants Approved SASRA £2,000.00 CESSAC IAldershot Weffare Hub) £4.800.00 CESSAC IBlandford Gimp) £19.500.00 Blind Veterans £io,000.Ix) £36,300.00 Total 7.GOVERNANCE COSTS 2022 £4,(KX).00 £160.21 £388 00 £1.610.16 £72.00 £6,230.37 2021 £2,000.00 £132.60 £107.10 £1,513.44 £72.(K) £3,825.14 Honorarium Stalionery. Postage & Honorarium Expenses Trustee Travel Expenses Independent Examiner5 fees Web51te Totsl Analysed between CharÈtable Activities £6.230.37 £3.825.14 13
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST 8. INDEPENDENT EXAMINATION The cost of the Independent Examination for the 2021 accounts which wa5 paid for during 2022 was £1.536. The planned cost for the 2022 Independent Examination is £1,582.08. 9.TRUSTEES' EXPENSES All Trustees are allowed to claim expenses incurred on the business of the Trust. Trustees, claims for mileage during 2022 were paid at 45p per mile. Expenge Type Mileage None of the Trustees received any remuneration during the year12021- none) 10. TRANSFERS There were no transfers In the year Number of Trustees Claimed Amount Claimed £388.00 11. INVESTMENTS 2022 Market Value 2021 Market Value £87.442 £521,765 £53.453 f688,094 £77,013 £128,854 £150.808 £1.707.429 Listed Investments Cost Cost UK Fixed Interest UK Equtties Overseas Fixed Interest Overseas Equilies Property Mixed Investments Alternatives Total £135.940 £425.876 £118,693 £511.217 £86.122 £424,920 £49,818 £496.919 £63,805 £124,510 £95.295 £1,341,389 £440.340 £63,805 £124,510 £141,805 £1.332.276 £522,066 £35.322 £113,483 £174,440 £1.475.221 Included in the above are the following investments in excess of 5% of the portfolio value.. Cost Market Value None None UK Fixed Interest Mtxed Investments Overseas Investments Schroder Unit Trusts US £69,417 £80.815 5.48 % 12.INVESTMENT MANAGER'S-CAPITAL ACCOUNT 2022 2021 Investment Managerfs Capital Account £48,173.78 £33.987.56 This account shows the balance of investments that had not been re-invested in the portFolio a5 at the 31" December. 14-
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST 13.INVESTMENT MANAGERS- INCOME ACCOUNT 2022 2021 Investment Managerfs Income Account 2,445. 15 £2.763.30 This account shows the balance of the dividend income that Is due to be paid to the Trust as at 31" December. 14.MOVEMENTIN INVESTMENTS Market value at 01.01.22 Additions Valuation changes Disposals Market value 31.12.22 £1.707.429 £66,469 -£192,254 -£106,423 £1,475,221 Carrying amount at 31.12.21 Carrying amount at 31.12.22 £1,707,429 £1,475,221 The investments are measured at fair value with reference to the market value of the investment fund. 15. FINANCIAL INSTRUMENTS 2022 2021 Carrying Amount of Financial Assets Instruments measured at fair value through profit or Ioss. £1,523,395 £1,741,417 16. LIABILITIES. Creditors. Amounts falling due within one year 2022 £1,582 £1,582 2021 £1,508 £1.508 Independent Examiners fees Total 17. EMPLOYEES. During the year the Trust had no employees12021.- nonel 18. RELATED PARTY TRANSACTIONS. There were no related party transactions during the period. 12021:nonel 15