REGISTERED CHARITY NUMBER: 205043
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
FOR
ST LAURENCE RELIEF IN NEED TRUST
ST LAURENCE RELIEF IN NEED TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 14 |
ST LAURENCE RELIEF IN NEED TRUST
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 apply the annual income after management expenses for financial assistance, either generally or individually, to those people residing in the Ancient Parish of St. Laurence, Reading, who face conditions of need, hardship or distress. Where the net annual income is not required for the primary objective, the Trustees may apply it in a similar manner to those people residing in the County Borough of Reading.
The charity invites applications for financial assistance from people residing in either the Parish of St. Laurence or County Borough of Reading and from charitable or other organisations for the benefit of such people.
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 donations and grant awards of £58,383 (2020 - £69,024) in total for the benefit of 40 organisations and 3 individuals.
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. 205043). 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 equivalent to one year's expenditure to ensure sufficient cash is available to fund charitable distributions arising in the first quarter of the next financial year.
Page 1
ST LAURENCE RELIEF IN NEED TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document and trusteeship
The St. Laurence Relief in Need Trust is an unincorporated charity governed by a deed of trust dated 1 January 1942.
The body of the trustees comprise three ex-officio trustees, two representative trustees and up to four co-opted trustees. The vicar and churchwardens for the time being of St. Laurence Church, Reading are the ex-officio trustees and representative trustees are appointed by Reading Borough Council.
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.
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
205043
Principal address
Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG
Trustees
Mrs P Thomas Mrs R P Williams Mr N C Burrows Dr R A L Macleod (resigned 18.5.21) Mrs R E Pearse Rev C R Jones Dr N A Brown Mr L R Smith (appointed 4.7.21)
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ST LAURENCE RELIEF IN NEED TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Graeme Hobbs FCCA Chartered Certified Accountant Hobbs Granger Roitt LLP 8f Millars Brook Molly Millars Lane Wokingham Berkshire RG41 2AD
Chairman
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
Page 3
ST LAURENCE RELIEF IN NEED TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
Approved by order of the board of trustees on 12 September 2022 and signed on its behalf by:
Rev C R Jones - Trustee
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST LAURENCE RELIEF IN NEED TRUST
Independent examiner's report to the trustees of St Laurence Relief in Need Trust
I report to the charity trustees on my examination of the accounts of St Laurence Relief in Need Trust (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
-
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
13 September 2022
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ST LAURENCE RELIEF IN NEED TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted Endowment fund fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 56,880 - Investment income 3 955 - Total 57,835 - EXPENDITURE ON Charitable activities Grants to institutions 57,180 - Grants to individuals 1,203 - Support costs 5,114 - Total 63,497 - Net gains/(losses) on investments - 2,364 NET INCOME/(EXPENDITURE) (5,662) 2,364 RECONCILIATION OF FUNDS Total funds brought forward 70,558 17,677 TOTAL FUNDS CARRIED FORWARD 64,896 20,041 |
31.12.21 Total funds £ 56,880 955 57,835 57,180 1,203 5,114 63,497 2,364 (3,298) 88,235 84,937 |
31.12.20 Total funds £ 64,969 912 65,881 67,000 2,024 5,078 74,102 (3,710) (11,931) 100,166 88,235 |
|---|---|---|
The notes form part of these financial statements
Page 6
ST LAURENCE RELIEF IN NEED TRUST
BALANCE SHEET 31 DECEMBER 2021
| Unrestricted Endowment fund fund Notes £ £ FIXED ASSETS Investments 7 - 20,041 CURRENT ASSETS Debtors 8 18,752 - Cash at bank 46,936 - 65,688 - CREDITORS Amounts falling due within one year 9 (792) - NET CURRENT ASSETS 64,896 - TOTAL ASSETS LESS CURRENT LIABILITIES 64,896 20,041 NET ASSETS 64,896 20,041 FUNDS 10 Unrestricted funds Endowment funds TOTAL FUNDS |
31.12.21 Total funds £ 20,041 18,752 46,936 65,688 (792) 64,896 84,937 84,937 64,896 20,041 84,937 |
31.12.20 Total funds £ 17,677 18,873 52,417 71,290 (732) 70,558 88,235 88,235 70,558 17,677 88,235 |
|---|---|---|
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 7
ST LAURENCE RELIEF IN NEED TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. STATUTORY INFORMATION
The St Laurence Relief in Need Trust is registered with The Charity Commission (registration number 205043). 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.
Incoming resources
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.
Resources expended
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 comprises the donations and grants to charitable organisations and individuals. Support costs comprise 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 objective.
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 form part of the 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 RELIEF IN NEED TRUST
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
----- Start of picture text -----
31.12.21 31.12.20
£ £
Investment income 953 863
Deposit account interest 2 49
955 912
GRANTS PAYABLE
31.12.21 31.12.20
£ £
Grants payable for the furtherance of the charity's objectives:
Donations and grant awards to 40 organisations (2020 - 43) 57,180 67,000
Donations and grant awards to 3 individuals (2020 - 4) 1,203 2,024
58,383 69,024
----- End of picture text -----
4. GRANTS PAYABLE
Donations and grant awards to organisations were made during the year to the following:
| Reading Association for the Blind Berkshire PHAB |
1,000 1,000 |
|---|---|
| Macmillan Cancer Relief | 1,000 |
| Berkshire MS Centre | 1,000 |
| The Samaritans of Reading | 1,000 |
| League of Friends Reading Hospitals | 1,000 |
| Reading Talking Newspaper for the Blind | 1,000 |
| Cruse Thames Valley Berkshire | 1,000 |
| Berkshire Vision | 1,000 |
| Readibus | 1,000 |
| Reading Cygnets Swimming Club | 1,000 |
| Duchess of Kent House Trust | 1,000 |
| Reading YMCA | 1,000 |
| Activity Club for Children with Special Needs | 1,000 |
| Home Start Reading | 1,000 |
| CIRDIC | 1,000 |
| Christian Community Action | 7,000 |
| Communicare Trust (Reading) Ltd | 1,000 |
| Tilehurst Junior Youth Club | 1,000 |
continued...
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ST LAURENCE RELIEF IN NEED TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
4. GRANTS PAYABLE - continued
| ABC to Read Readipop Mustard Tree Foundation St Laurence PCC 103rd Reading Scout Group Reading Mencap Reading YMCA Football Club Reading Sea Cadets Dingley Family & Specialist Early Years My Cancer My Choices Daisy's Dream Stepping Forward The Cowshed Mercy Central Chapter 2 Abbeyfield (Reading) Society Limited Brainwave Hearing Dogs for Deaf People Ridgeline Trust Sport In Mind Ufton Court Educational Trust LESS: Grant payment cancellation Reading Deaf Centre |
1,000 1,000 1,000 3,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 500 1,500 1,500 1,000 2,500 1,000 1,500 3,360 5,320 2,000 58,180 (1,000) 57,180 |
|---|---|
5. SUPPORT COSTS
| 31.12.21 | 31.12.20 | |
|---|---|---|
| Clerk's salary Treasurer's fees Accountancy fees Bank charges |
£ 1,605 2,580 852 76 5,113 |
£ 1,626 2,580 780 92 5,078 |
continued...
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ST LAURENCE RELIEF IN NEED TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
6. 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.
7. FIXED ASSET INVESTMENTS
| Listed investments Stockbroking cash accounts MARKET VALUE At 1 January 2021 Market movement At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
31.12.21 £ 20,041 - 20,041 Listed investments £ 17,677 2,364 20,041 20,041 17,677 |
31.12.20 £ 17,677 - 17,677 |
|---|---|---|
The listed investments comprise UK investment trust and unit trust funds.
The historical cost of listed investments is £5,753 (2020 - £5,753).
continued...
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ST LAURENCE RELIEF IN NEED TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|---|---|---|
| 31.12.21 | 31.12.20 | |||||
| £ | £ | |||||
| Other debtors | 18,752 | 18,873 | ||||
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| Other creditors | 31.12.21 £ 792 |
31.12.20 £ 732 |
||||
| 10. | MOVEMENT IN FUNDS | |||||
| Unrestricted funds | At 1.1.21 £ |
Net movement in funds £ |
At 31.12.21 £ |
|||
| General fund | 70,558 | (5,662) | 64,896 | |||
| Endowment funds | ||||||
| Endowment funds | 17,677 | 2,364 | 20,041 | |||
| TOTAL FUNDS | 88,235 | (3,298) | 84,937 | |||
| Net movement in funds, included in the above are as | follows: | |||||
| Unrestricted funds | Incoming Resources resources expended £ £ |
Gains and losses £ |
Movement in funds £ |
|||
| General fund | 57,835 | (63,497) | - | (5,662) | ||
| Endowment funds | ||||||
| Endowment funds | - | - | 2,364 | 2,364 | ||
| TOTAL FUNDS | 57,835 | (63,497) | 2,364 | (3,298) | ||
continued...
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ST LAURENCE RELIEF IN NEED TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.1.20 £ Unrestricted funds General fund 78,779 Endowment funds Endowment funds 21,387 TOTAL FUNDS 100,166 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 65,881 (74,102) Endowment funds Endowment funds - - TOTAL FUNDS 65,881 (74,102) |
Net movement At in funds 31.12.20 £ £ (8,221) 70,558 (3,710) 17,677 (11,931) 88,235 Gains and Movement losses in funds £ £ - (8,221) (3,710) (3,710) (3,710) (11,931) |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds | At 1.1.20 £ |
Net movement At in funds 31.12.21 £ £ |
|---|---|---|
| General fund | 78,779 | (13,883) 64,896 |
| Endowment funds | ||
| Endowment funds | 21,387 | (1,346) 20,041 |
| TOTAL FUNDS | 100,166 | (15,229) 84,937 |
continued...
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ST LAURENCE RELIEF IN NEED TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
10. 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 | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 123,716 | (137,599) | - | (13,883) |
| Endowment funds | ||||
| Endowment funds | - | - | (1,346) | (1,346) |
| TOTAL FUNDS | 123,716 | (137,599) | (1,346) | (15,229) |
The general fund represents the unrestricted funds available for distribution in accordance with the charitable objective of providing relief for those in need.
The endowment fund represents the non distributable investment of the charity.
11. OTHER FINANCIAL COMMITMENTS
As at 31 December 2021 the trust had authorised grants of £41,000 to be paid in the next financial period.
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 £56,880 (2020: £64,969) and was owed £18,752 from this related party (2020: £18,873).
Vale & West
The treasurer, Mr Pyke is a partner with Vale & West Chartered Accountants. During the year the charity paid Vale & West £2,580 (2020: £2,580) for accountancy services.
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