St. Andrew's Society For Ladies in Need 2021
St. Andrew’s Society For Ladies In Need
(Founded 1874 by Miss Charlotte Sterky)
(Registered under the Charities Act of 1993, No. 208541) “By Love Serve One Another”
PATRON
Lady Chisholm
TRUSTEES
Mr D C P Rabagliati (Chairman of the Trustees and Hon. Solicitor) Mr P A G T Bousfield
ANNUAL REPORT AND STATEMENT OF ACCOUNTS For the year ended 31st December 2021
ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Annual General Meeting of the St. Andrew’s Society for Ladies in Need will be held on Thursday, 30th June 2022 at 2.00 pm when the attached Report will be presented for adoption.
M POPE General Secretary
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GENERAL COMMITTEE
Chairman:
Hon. Treasurer:
Miss Bridget Clarke Mr David Burdon
Vice-Chairman
Ms Laura Sleath
Mrs Alison Boreham Mrs Lorna Baird Mrs Lucy Berry Miss Leonora Rae Miss Sophia Saban
GENERAL SECRETARY AND CORRESPONDENT
MRS M POPE, 20 Denmark Gardens, Holbrook, Ipswich, Suffolk, IP9 2BG Telephone: 01473 327408 Email: mpope1@btinternet.com website: www.standrewssociety.co.uk
(The General Secretary and the Hon. Treasurer are ex-officio members)
Hon. Solicitor
Mr D C P Rabagliati , c/o Gregsons Solicitors, St Christopher’s House, Tabor Grove, London, SW19 4EX
Accountants
Mrs H Rumsey, FCA, Ensors Accountants LLP, Connexions, 159 Princes Street, Ipswich, 1P1 1QJ
Bankers
Lloyds TSB PLC, Business and Corporate Service Centre, 3rd Floor Black Horse House, Medway Wharf Road, Tonbridge, TN9 1QS
Investment Advisers
Brewin Dolphin Ltd, 12 Smithfield Street, London, EC1A 9BD
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ST ANDREW’S SOCIETY FOR LADIES IN NEED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
CHAIRMAN’S REPORT 2021
GENERAL COMMITTEE
The Trustees held three Committee meetings during the year and the Annual General Meeting was held in June. Once again, all our meetings were conducted on Zoom and we were very pleased to welcome Miss Sophia Saban as a new member of our General Committee. At the AGM in June 2022 we will be sorry to say goodbye to Mrs Lucy Berry, who has been on the committee since 2012 and has contributed much wise advice and we hope she will thoroughly enjoy her new home in Wiltshire. I am happy to say that we will be joined in June 2022 by a new member, Mrs Glauce Brooks, who is the mother of an eighteen year old son and is studying for a Diploma in Counselling and Psychology at the Centre for Counselling and Psychotherapy Education.
ANNUAL GENERAL MEETING
Our Annual General Meeting was held on the 24th June 2021 and we were pleased to welcome Mr Tom Hartley from Brewin Dolphin and his colleague, Ms Eleanor Low, who gave a very thorough and interesting presentation of the Society’s investments.
ADMINISTRATIVE
The General Secretary, Maureen Pope, is responsible for the day-to-day running of the Society and is assisted by the Honorary Treasurer, Mr David Burdon. Requests come via various sources – for example, our website, Turn2us, Elizabeth Finn website, Citizens Advice, Care and Repair. This year Maureen has been busier than ever, receiving many urgent requests for assistance, exacerbated by illness and the effects of lockdowns with the loss of many part-time jobs. As usual she has made our grantees feel part of a caring community.
GRANTS
Our grants consist of regular, quarterly payments to help towards everyday living expenses or one-off special grants to help towards the purchase of essential house-hold items such as domestic appliances, essential furniture, etc. New requests we granted this year were for weighted blankets and a motor to power a wheelchair.
A selection of extracts from some very heart-warming ‘thank you’ letters received this year can be found interspersed throughout this report.
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ST ANDREW’S SOCIETY FOR LADIES IN NEED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
DONATIONS
We are extremely grateful to all those people who kindly donated to the Society this year. A special mention goes to:
The wonderful donation of £10,000, which was donated to our Society on the condition that the donor’s name would not be published.
The Sydney Black Charitable Trust donated the sum of £500 to the Society.
Sir John and Lady Heathcote Amory Charitable Trust very kindly donated £200.
A legacy of £500 was received from the estate of Mrs M Smith. – Kay Smith, who was a very long term member of the Committee.
THE FUTURE
I have decided to resign from the Committee at this year’s AGM after 16 very enjoyable years as a member and latterly as chairman, as it seems the right time to hand over to our Vice Chairman, Laura Sleath, who I am sure will not only carry on our work but keep the charity up to date with new ideas and manage to continue the friendly contact which in these years of lockdown seems to have been as important to our recipients as financial help. It has been a pleasure to work with the Committee, Maureen, David and Tom Hartley, Lady Chisholm, Duncan and Perry and I look forward to hearing their plans.
BRIDGET CLARKE Chairman of the General Committee April 2022
EXTRACTS FROM LADIES LETTERS 2021
“You really stepped into my life at a very dark time, giving me hope and a practical solution to my difficulties, without which the struggles to stabilise my life would have been far greater. It wasn’t only the money, which of course was invaluable, but also the fact that you answered my cry for help, me, a stranger to you. You made me feel human again, after having lived through decades of cruelty, someone cared enough to help me. I mattered. Thank you from the bottom of my heart.”
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ST ANDREW’S SOCIETY FOR LADIES IN NEED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
The Trustees have pleasure in presenting their annual report and financial statements for the year ended 31st December 2021.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Society is governed by a Trust Deed, dated 25th October 1908 and subsequent amendments and its Trustees and General Committee. The General Committee is responsible for electing new members to the Committee.
RISK MANAGEMENT
The Trustees and General Committee keep under review the risks to which the charity is exposed and have procedures in place to lessen them. Our financial controls are reviewed annually and annual review is made of each annuitant so that the trustees are aware of any significant changes in their circumstances.
AIMS OF THE SOCIETY
The Society is intended for the benefit of ladies of good education who have been used to a better life but are now living in straitened circumstances and unable to live independently through age, illness or disablement. As a general rule, grants are made on the understanding that applicants are in receipt of all state benefits to which they are entitled.
“I would like to sincerely thank you and the exceptionally kind people who have donated to your worthy charity. I am so pleased and thankful to have been awarded this generous grant that will now enable me to purchase a new washing machine and vacuum cleaner. This will help me enormously and it is greatly appreciated. I very much enjoyed talking to you recently and I cannot thank you enough for supporting me through my application with my frequent queries. (It took me quite a few weeks to actually put pen to paper). You are all doing an excellent job carrying on this wonderful Trust.”
“From the time the Society have helped me my finances have improved and the assistance gave me an impetus to tackle matters on my situation with your timely support. I recall that you wanted me to look upon the Society as friends, caring about my welfare, and that in itself has been such a comfort and strength. Thank you for the help and for ‘being there’.”
“Thank you so much for your support and kindness in awarding me a grant. This truly makes such a difference to my day to day and without it I’m not sure where I’d be. Thank you from the bottom of my heart.”
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ST ANDREW’S SOCIETY FOR LADIES IN NEED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
PUBLIC BENEFIT
The Trustees and General Committee have paid due regard to Commission’s guidance on public benefit as we have considered our cases. We feel that by helping as many applicants as possible to stay in their home is of great benefit to them and the wider community. Also by giving ladies regular help through a particularly distressing period in their lives they are a given a chance, in some cases, to get well and return to independence.
Currently, the Society gives regular help to ladies through quarterly grants and special one-off grants to ladies of any denomination who are in need and unable to earn. Grants are made by the Committee and help is given when the need is urgent. We give priority to ladies who are trying to remain in their own homes although we also help towards shortfalls in nursing and care home fees.
The Committee has the right not to disclose why a particular application may have been approved or rejected, so as not to impugn its discretion but cases will be considered in accordance with its Trust Deed.
The Trustees and Committee members are aware of their responsibility to balance the needs of both current and future beneficiaries by controlling the number of new beneficiaries taken on and the extent of the commitment to them.
“I am writing to express my heartfelt thanks for the grant to help towards the purchase of a new fridge/freezer. I am sure you can imagine how indispensable this is for me. I want to say thank you to those involved in the charity who has made this possible. Best wishes to all of you who have helped me at this difficult time and have made such a difference to the quality of my life.”
“I just wanted to say a very big ‘thank you’ to the St Andrew’s Society for the recent quarterly grant. It is so appreciated, particularly as I have to go into hospital for an exploratory operation and will need to pay for a taxi there and back. I can’t tell you what a relief it is not to stress about how I will pay for the taxi and I can also afford to buy easy meals for the days following the procedure.”
“I just had to put pen to paper to thank you so much for the Christmas Gift. It was such an unexpected surprise and very much welcomed. It will be put to good use.”
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ST ANDREW’S SOCIETY FOR LADIES IN NEED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
SUMMARY OF ACTIVITIES DURING THE YEAR
During this financial year we have taken on another 13 ladies as regular quarterly grantees. We lost 13 of our beneficiaries and by year end we were helping a total of 47 ladies with a regular quarterly grant payment.
We assess the eligibility of applicants as broadly as possible and so their individual backgrounds are carefully considered too. We need to keep within the parameters of our Trust Deed in that ladies are expected to have achieved a good standard of education with accompanying qualifications or diplomas.
All of our grantees are unable to work for one reason or another and many are retired or close to retirement age. As the new pension age is now 66 for both men and women and will reach age 67 by 2028, we have seen a big increase in applications from ladies in their 60’s who are unable to find suitable employment and yet are still a number of years away from receiving their state pension. This new rule has caused huge problems for ladies in that age bracket.
Requests for help come to us from a variety of sources, usually via email, telephone and the internet, but many introductions to the Society come from our website and other advice helplines such as Turn2Us, Age Concern and Citizens’ Advice and we are very grateful to these organisations for their assistance.
“I can’t thank you and the Committee enough at this financially difficult time. This grant will make a huge difference to me and I am truly appreciative. The Committee has enabled me to purchase a cooker and other white goods. I note that the Committee would not normally agree to a second grant within a two year period and I would ask you to convey to them, my deepest thanks that they have made this exception. I will now be well equipped in my little flat and will be able to live on my state pension adequately. It has just been very hard, having to carpet the place and replace the items that were left behind in Bath, given the removal costs that would have been entailed. I truly thank you Maureen and the St Andrews Society for being so generous and understanding of my situation. It is such a relief to me, to get the help I have so desperately needed and which you have so kindly granted.”
“To all at St Andrew’s, I send my deep gratitude for your help – I just received your Christmas card and it made me cry! I wish you all a very merry Christmas – you are doing such wonderful work to shine the light of love and compassion through these uncertain times.”
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ST ANDREW’S SOCIETY FOR LADIES IN NEED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
Our special one-off grants usually amount to sums of £250 upwards and this year we were able to assist many ladies with help towards urgent requests such as a new cooker, washing machine, fridge/freezer, microwave, furniture, carpets, heating, moving costs, roof repairs and car repairs.
We were very pleased to assist one delightful couple in Cornwall towards the purchase of a battery to power her wheelchair so that her elderly husband could push her chair uphill for extended walks during lockdowns.
The Secretary tries to maintain a personal relationship with each of our grantees and is always on hand to lend a sympathetic ear and offer advice if possible. We ask all of our grantees to look upon us as friends who are interested in their welfare and would be pleased to hear how they are faring from time to time. The Secretary also sends a personal card to each grantee on her birthday and at Christmas, when a gift is also included.
We have again received lots of letters of thanks from our grateful beneficiaries and these remind us how vital and important our work is and, in today’s society, more than ever before.
It is extremely heart-warming for the Society to receive so many personal letters of thanks from beneficiaries during the year and we have included a selection of extracts in this Report.
“I would like to thank you for the grants you have given me this year. It has been an enormous help with my financial situation knowing I had that extra money coming and has relieved a lot of stress and anxiety for me. A lot of people suffer on Universal Credit especially now we’ve had a reduction and your grants have been a godsend.”
“Thank you so much for the beautiful Christmas card and the very kind gift. It is so much appreciated and I will never forget your kindness.”
“To Maureen and the team. I do not know how I would have managed. I will never forget you ‘Guardian Angels’.”
“I just read your email awarding me a regular grant and I am so relieved and grateful – it will make such a difference. It really helps to feel that someone understands and wants to help. Bless you all for the good work you do.”
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ST ANDREW’S SOCIETY FOR LADIES IN NEED REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2021
INCOME AND EXPENDITURE
1) The total income for the year recovered to £78,232 (increase of £5,176) as the economy recovered from the effects of Covid.
- 2) Grants paid were £64,307 (decrease of £3,877). This was probably due to the continued absence of requests for assistance with care home fees.
3) Annual administration costs were higher this year at £17,110 (increase of £517). The replacement of the office computer and fees accounting for a major part.
4) After adding in our investment gains the charity saw an increase in our unrestricted funds to £98,035 an increase of £6,363. Somewhat unexpected as the economy is still recovering.
- 5) Our special thanks are again due to our anonymous donor for the £10,000 which we were able to use exclusively for grant payments.
INVESTMENT PORTFOLIO
St Andrews is reliant on the performance of the portfolio to maintain the capital base whilst providing the necessary income. Our investments therefore remain predominately in equities.
“Thank you so much for the lifeline you and your fellow Officers and your kind FORECAST FOR 2023 Treasurer have thrown me. As you promised, the funds arrived into my account overnight and for the first time for weeks I enjoyed a good night’s sleep. Thank you again. I will never forget it.”
“It was so lovely to chat to you on the phone recently. Your grant truly does make such a difference, I can’t begin to say how much, so thank you and all the trustees for helping me. This year has been testing for us all and we can only hope that it’s going to get better and return to some of normality.”
“I am speechless. Thank you so much for your help. I am overwhelmed. You just cannot imagine how grateful I am for your support. I feel enormously lightheaded as though a huge weight has been lifted from my shoulders. Truly.”
“Oh that is brilliant news, unbelievable. It will take some time for me to let it sink in. I am delighted and please thank everyone involved for me and especially you, Maureen. The grant is such a godsend. Thank you so much. I am really overjoyed.”
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ST ANDREW’S SOCIETY FOR LADIES IN NEED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
FORECAST FOR 2023
Despite the current cost of living and fuel increases our forecast for our grants can be met for the year. The number of current regular beneficiaries is budgeted for and can be maintained.
DONATIONS AND LEGACIES
Like all charities our existing capital has come from the generous support of many individuals over the years. We thank all those who have made donations to St Andrews in 2021 and previous years and look forward to receiving your continued support.
D Burdon Honorary Treasurer April 2022
“I would like to thank you and everyone at St Andrews Society for Ladies in Need for their consideration and decision to award me a grant to allow me to keep warm this winter and also an additional amount which I can use to purchase a new gas cooker. This will allow me to keep my home comfortable this winter and enjoy warm meals which will have a great impact on my health.”
“Thank you all so much for being able to continue my grant for another year. This is a big weight off my mind as finances are extremely tight at the moment. The windows are lovely - so good to be able to open them and not have to put cloths/pots down to catch the rain that used to drip inside.”
“Thank you so very much for your email and the generous support of St Andrew’s. We are enormously appreciative and this will make a huge difference to our circumstances. Please extend my gratitude to the Committee members. Thank you for your empathy and understanding, you are a real treasure.”
“Just to say thank you very much for the quarterly payment I received recently. It was an absolute godsend in that I was able to pay for my quarterly generated winter gas and electric bill without worrying.”
“I am extremely grateful to you and the Committee for your generosity and support over this period of time. I truly can’t thank you enough, appreciating everything that has been done for me to date.”
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ST ANDREW’S SOCIETY FOR LADIES IN NEED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
INVESTMENT MANAGEMENT
2021 saw a world hoping to escape the pandemic and never quite able so to do but the stock market peers ahead and looks to the perceived future. Despite the increase in covid figures, the prospects looked good by the year end and we saw our investments at an all time high, just shy of £2.25m. Dark clouds were, however, looming over Ukraine but as I write this report, from an investment perspective, after an initial fall, most of the World markets have shown resilience and our portfolio has held up well. We pray for the Ukrainian peoples in their brave defence against the woeful Russian aggression and disregard of the civilian population and their homes and we can already see and foresee the effect on our own beneficiaries as oil and utility prices rocket upwards, as the inability to harvest and export Ukrainian grain pushes up food prices and how all this drives up inflation and brings into prospect the likelihood of quite savage interest rate rises for those with mortgages to fund.
But the strength of our sound investment policy has been shown graphically, even over such a crisis period. The portfolio has a wide spread, with good quality UK quoted equities, a range of holdings where income and growth is US dollar based and still exposed, although with some rollercoaster fluctuations, to the technology boom across the Atlantic and a managed exposure to the Far East. A healthy income, now above pre pandemic levels, has enabled the Society to more than adequately cover grants to its needy beneficiaries but also to cover a significant proportion of administration costs.
We have been fortunate to receive one generous income donation but we will always need more generous donors both in their lifetime and in wills: the Trustees continue to be very positive about both the immediate and the longer term future of our Society, with the ever increasing elderly population, the ever rising cost of care and the squeeze on middle-class incomes, all continuing to impact on the need for the Society’s beneficence in the years ahead and we must foresee heavier demand for the likely increasing cost of care home fees.
For those who may be reading this report for the first time, I set out, as previously the different roles of the Society’s Trustees and the General Committee.
The Trustees of the Society oversee its affairs and, in particular, the Society’s investment portfolio and investment management, in the hands of Brewin Dolphin, one of the leading investment firms. I would again like to thank Brewin Dolphin, and in particular, Mr Tom Hartley, for his care of and interest in the Society’s portfolio on a daily basis and now his regular hosting of our Society’s
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ST ANDREW’S SOCIETY FOR LADIES IN NEED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
AGM. The investment objective remains to provide a balance between capital appreciation and income generation. The Trustees meet formally with Brewin Dolphin, at least twice each year, now back to face to face contact after the pandemic and, in addition, are in direct contact with them on a regular basis. The level of investment risk is currently set at Moderate Investment Risk. This is reviewed annually.
The Society’s beneficence has been managed by the General Committee under the leadership of its Chairman, Miss Bridget Clarke, and the Trustees wish to pay a warm and heartfelt tribute to Bridget for steering the work of the Society and its day to day grant giving over these last eleven years. The Trustees also wish to welcome Ms Laura Sleath, a long-standing member of the General Committee, as the new Chairman designate. The aims of the Society are to give small annuities, grants and other payments to ladies who belong to the professional classes, or who have been well educated and are now living in straitened circumstances or are in need.
The Trustees’ policy of favouring equities with an above average yield and yet still holding a proportionate bond position have been a major part of the investment strategy; it is right that the worldwide allocation of the funds is kept on the agenda but currently serves the Society well.
The Society’s investments continue to produce an income that is vastly greater than that which could be obtained from liquid funds. The Trustees work with our investment advisors to provide the necessary funds so that the General Committee can plan and dispense its grants in an orderly and timely manner and continue their positive efforts to increase the beneficiary base. The Trustees wish them to be able to satisfy an enlarged number of grantees and it is right that time and resources continue to be devoted to increase these during the year, aided of course by our magnanimous Trust and Corporate donors, from whom we hope to seek even greater generosity during what continues to be uncertain and demanding times.
I am pleased to specifically state that, during 2021, the Society met its obligations to its beneficiaries out of the income derived from the investment portfolio and the grants it receives and has the ability to supplement these out of the capital. The level of reserves is more than adequate to cover the modest management and administrative expenditure of the Society, both now, and for the foreseeable future, together with the payment of all grants to which it is actually or morally committed.
In the wider arena, the Society highly values donations from individuals and
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ST ANDREW’S SOCIETY FOR LADIES IN NEED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
legacies received by the Society. One can only emphasise again that a gift to Charity escapes the Chancellor’s tax net, at the full maximum rate, up to 45% for top earners in the current year, whilst Charities reclaim tax at the rate of 20%. In addition, let us also all encourage the many who will be changing their wills, to add a tax free gift to the Society at the same time, with the added incentive of the charitable concession, that where more than a 10th of an estate is left to Charity in a Will, a reduced Inheritance Tax rate of only 36% (rather than 40%) applies to the whole of the remaining estate.
The Trustees continue to look at the possibility that links might be established with other charities if suitable opportunities could be found, to benefit from our Society’s strengths and resources. In addition, whilst these efforts will nonetheless continue, the current Committee also continue their efforts to renew and supplement links with grant making charities, to increase the annual income for the Society available for distribution to its beneficiaries.
The Trustees, in consultation with the General Committee, are unchanged in their view that the aims and work of the Society in its present format provides a valuable contribution to the welfare of its intended beneficiaries, for whom, with changing work practices, the advance of technology, the increase in fuel and daily living costs, and cost of food inflation, life has become very difficult for many families and the elderly in particular, and this need will continue to increase our assistance over the foreseeable future.
Finally, I would like again to warmly acknowledge the valuable support of my co-Trustee, Mr Perry Bousfield, and that of our Patron, Kitty, Lady Chisholm, and the great interest that she personally shows in the affairs of the Society
DUNCAN C P RABAGLIATI Chairman of the Trustees May 2022
“I just had to drop a note to say thank you for the Christmas gift which is so very much appreciated. Life is certainly tricky at the moment as all costs have risen so sharply and Universal Credit has been reduced. All somewhat bleak at the present time.”
“Thank you for your help, kindness and support. I will never forget how the St Andrew’s Society helped me when I was at my very lowest point. Things are a little better than they were two years ago. The pandemic has enabled us to work out what is really important in our lives and friends are so very special!”
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ST ANDREW’S SOCIETY FOR LADIES IN NEED INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
I report to the Trustees of St Andrew's Society for Ladies in Need.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act 2011
I report in respect of my examination of the Charity’s 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 145(5)(b) of the 2011 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 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 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 financial statements to be reached.
Mrs H Rumsey Ensors Accountants LLP Cardinal House 46 St Nicholas Strreet Ipswich Suffolk IP1 1TT
22nd June 2022
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ST ANDREW’S SOCIETY FOR LADIES IN NEED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Notes Income from: Donations Investment income: Dividends and interest 2 Total Income Expenditure on: Cost of raising funds Charitable activities 3 & 4 Total expenditure Net gains/(losses) on investments 6 Net Income/(expenditure) Transfer between funds Net Movement in Funds Reconciliation of funds Total Funds Brought Forward Total Funds Carried Forward |
Unrestricted Restricted Total Total Funds Funds Fund Fund 2021 2021 2021 2020 £ £ £ £ 11,879 11,879 14,986 66,353 66,353 58,070 |
|---|---|
| 78,232 78,232 73,056 |
|
| 14,087 14,087 12,560 81,417 81,417 84,777 |
|
| 81,417 14,087 95,504 97,337 |
|
| 9,548 229,170 238,718 (56,792) |
|
| 6,363 215,083 221,446 (81,073) |
|
| 6,363 215,083 221,446 (81,073) |
|
| 91,672 1,937,063 2,028,735 2,109,808 |
|
| 98,035 2,152,146 2,250,181 2,028,735 |
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ST ANDREW’S SOCIETY FOR LADIES IN NEED BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes Fixed Assets Tangible Assets 10 Investments 8 & 9 Total fixed assets Current Assets Debtors Cash at bank and in hand 11 Total current assets Liabilities due within one year 7 Net current assets Total net assets Restricted funds Total Charity Funds Creditors: Amounts falling The Funds of the Charity: General Fund - unrestricted |
Unrestricted Restricted Total Total Funds Funds Fund Fund 2021 2021 2021 2020 £ £ £ £ 433 433 1 93,964 2,125,364 2,219,328 2,018,637 |
|---|---|
| 94,397 2,125,364 2,219,761 2,018,638 4,838 30,470 35,308 14,660 |
|
| 4,838 30,470 35,308 14,660 -1,200 -3,688 -4,888 -4,563 |
|
| 3,638 26,782 30,420 10,097 |
|
| 98,035 2,152,146 2,250,181 2,028,735 |
|
| 2,152,146 2,152,146 1,937,063 98,035 98,035 91,672 |
|
| 98,035 2,152,146 2,250,181 2,028,735 |
The notes on pages 9 to 15 form an integral part of these accounts
Approved by the Trustees on 1stJune 2022 and signed on their behalf by:
Mr D Burdon (Honorary Treasurer)
Mrs M Pope (General Secretary)
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ST ANDREW’S SOCIETY FOR LADIES IN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
a) 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) second edition - October 2019; 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). The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.
The Charity has taken advantage of the provisions in the SORP not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared in accordance with the 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) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice. The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
b) Income - Voluntary Donations
Income from voluntary donations is accounted for once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of the incoming resources can be quantified.
c) Depreciation
Depreciation of tangible fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives as follows:
Office and computer equipment - 33% p.a. on cost
d) Legacies
Legacies left to the Charity are recognised as incoming resources within the statement of financial activities in the year in which they are received. Gifts of stocks or shares or property, are transferred to the Restricted Fund.
All pecuniary legacies, donations and any gifts in kind are individually considered by the Committee and treated as income or as capital at their sole discretion.
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ST ANDREW’S SOCIETY FOR LADIES IN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES continued.
e) Investments
Investments are included in the balance sheet at their market value at the balance sheet date on the basis of the annual valuation by Brewin Dolphin Limited.
The investments are allocated between the restricted and unrestricted funds based on a pro rated basis, taking into account the dividend income and investment manager fees in the year.
Investments are identified as restricted or unrestricted as set out in the Charity Deeds.
f) Restricted Fund
These movements include increases and decreases in valuation and profits and losses on disposal of investments. Charges for managing the fund are included in the SoFA.
g) Investment Fund Income
The annual income is paid by the Trustees into the current bank account.h) Resources Expended
h) Resources Expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Grants payable to beneficiaries are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are met.
Grants offered subject to conditions, which have not been met at the year-end, are noted as a commitment, but not accrued as expenditure.
Support costs consist of the office costs of the Charity, including staff salaries apportioned on the estimated time spent on the charitable activities of the Charity.
Governance costs are those associated with the governance arrangements of the Charity and in relation to the strategic as opposed to day to day management of the Charity.
The charity is not VAT registered therefore all amounts are shown gross of VAT.
i) Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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ST ANDREW’S SOCIETY FOR LADIES IN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES continued.
j) Financial Instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity’s balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
k) Retirement Benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
l) Fund Policy
General funds are unrestricted funds which are available for the use at the discretion of the Trustees and the Committee in furtherance of the charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used.
m) Employee Benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
n) 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.
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ST ANDREW’S SOCIETY FOR LADIES IN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
| 2. Interest and Dividends Equities and Bonds Brewin Dolphin Deposit Interest 3. Charitable Activities - Grants to Beneficiaries Quarterly grants less any amounts refunded Special grants less any amounts refunded Governance and Support Costs ( see note 5 ) Quarterly grants payments made Special one off grant payments 4. Governance and Support Costs Salaries & pensions, honorariums Insurance Data Protection registration Independent examination Travelling expenses Cost of meetings Broadband Printing annual reports Advertising Postage Stationery Computer expenses Depreciation Allocated to Charitable Activities |
2021 £ 66,353 - 66,353 2021 £ 50,825 13,482 64,307 16,593 80,900 242 36 Support Governance costs costs £ £ 13,855 729 129 35 1,320 124 126 208 198 33 136 207 10 |
2020 £ 58,047 23 58,070 2020 £ 54,505 13,679 68,184 16,593 84,777 260 47 2021 £ 14,584 129 35 1,320 - 124 126 208 - 198 33 136 217 17,110 17,110 |
2020 £ 14,366 On time spent basis 129 Governance 35 Governance 1,200 Governance - 124 Governance 126 Based on cost incurred 248 Governance - 248 Based on cost incurred 61 Based on cost incurred 180 Based on cost incurred On time spent basis 16,717 16,583 |
|---|---|---|---|
| 14,556 2,555 |
|||
| 14,556 2,555 |
Salaries and pensions, honorariums are payable to members of the committee.
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ST ANDREW’S SOCIETY FOR LADIES IN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
5. Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits or reimbursement of expenses from the Charity during either year. There were no donations from trustees in the year.
6. Other Recognised Gains and Losses
| Unrealised (losses) / gains on revaluation of investment assets (Losses)/Gains on disposal of investment assets Total (Losses)/Gains on Disposal and Revaluation of investment assets. |
2021 £ 234,852 3,866 238,718 |
2020 £ (28,883) (27,909) |
|---|---|---|
| (56,792) |
7. Creditors
| 2021 | 2020 | |
|---|---|---|
| Creditors: amounts falling due within one year | £ | £ |
| Accruals | 4,888 | 4,563 |
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ST ANDREW’S SOCIETY FOR LADIES IN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
8. Investments held at 31 December 2021
| vestments held at 31 December 2021 UK BONDS 89,250 ARTEMIS FD MNGRS STRATEGIC BOND 49,942 FIL INV SVCS UK MONEY BUILDER INCOME I 4,100 GAM FUND MANAGEMEN CREDIT OPPORTUNITIES MZ 57,500 HENDERSON DIVSFD I ORD 15,938 TWENTYFOUR INCOME ORD RED OVERSEAS BONDS 66,490 JUPITER UT MNGRS STRATEGIC BOND Z INC UK EQUITIES 2,275 ABERFORTH SMLR COS ORD 725 ASTRAZENECA ORD 1,595 BHP GROUP PLC ORD 710 BRIT AMER TOBACCO ORD 2,555 COMPASS GROUP ORD 1,740 DIAGEO ORD 1,125 GLAXOSMITHKLINE ORD 7,560 LEGAL & GENERAL GP ORD 46,005 LLOYDS BANKING GP ORD 12,500 MERCANTILE INVESTM ORD 3,047 NATIONAL GRID ORD 1,600 PRUDENTIAL 1,134 RECKITT BENCK GRP ORD 1,325 RELX PLC 750 RIO TINTO ORD 3,500 ROYAL DUTCH SHELL 'B'ORD 1,870 SMITHS GROUP ORD 5,375 TESCO ORD 2,281 UNILEVER PLC ORD NORTH AMERICAN EQUITIES 43,261 JPMORGAN FUNDS LTD US EQUITY INC K 13,250 NORTH AMERICAN INC ORD EUROPEAN EQUITIES 25,250 BLACKROCK FM LTD CONTL EURP INC D UNITS 145 HEINEKEN NV 552 NESTLE SA C JAPANESE EQUITIES 58,000 JUPITER UT MNGRS JAPAN INCOME ZH ASIA PACIFIC EQUITIES EX JAPAN 65,379 BNY MELLON FD MNGR ASIAN INCOME U carried forward |
Market Value £ 51,729 50,592 41,615 47,265 18,289 43,949 33,306 62,916 35,082 19,408 42,183 70,226 18,074 38,377 21,990 33,563 32,292 20,392 71,918 31,826 36,690 56,784 29,537 12,300 89,997 64,503 37,100 48,594 12,037 57,016 72,181 77,469 |
|---|---|
| 1,379,200 |
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ST ANDREW’S SOCIETY FOR LADIES IN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
| 8. Investments held at 31 December 2021 (continued) brought forward EMERGING MARKET EQUITIES 33,000 JPMORGAN GBL EMERG ORD GLOBAL INVESTMENTS 33,573 BNY MELLON FD MNGR GLOBAL INCOME U 55,437 FUNDSMITH LLP EQUITY I INC NAV 38,000 NINETY ONE FD MGRS GLOBAL QUALITY EQTY K 2 ABSOLUTE RETURN 50,000 ARTEMIS FD MNGRS ARTEMIS SHT DATED PROPERTY 75,000 SCHRODER REAL EST ORD 25,964 TRITAX BIG BOX REI ORD PRIVATE EQUITY 24,796 SCHIEHALLION FUND C SHS NPV 23,799 OTHER INVESTMENTS 31,973 3I INFRASTRUCTURE ORD 37,250 OCTOPUS RENEWABLES ORD Reconciliation and Summary Market Value at 1 January Additions to investments at cost Disposals at carrying value Net gain/(loss) on revaluation Market Value at 31 December 9. Division between unrestricted and restricted funds Unrestricted funds Restricted funds |
Market Value £ 1,379,200 47,933 61,271 339,739 59,945 48,050 40,125 64,650 23,799 41,273 113,344 |
|---|---|
| 2,219,329 | |
| 2021 £ 2,018,637 33,036 67,196 - 234,852 |
|
| 2,219,329 | |
| 2021 £ 92,897 2,126,432 |
|
| 2,219,329 |
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ST ANDREW’S SOCIETY FOR LADIES IN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
| 11. Tangible Fixed Assets Cost Depreciation Net Book Value 12. Cash at Bank Brewin Dolphin Ltd Lloyds Bank PLC Lloyds Current Account |
Office and Computer Equipment £ At 1 January 2021 595 Disposals -594 Additions 649 At 31 December 2021 650 At 1 January 2021 594 Charge for year 217 Eliminated on disposals -594 At 31 December 2021 217 At 31 December 2021 433 At 31 December 2020 1 2021 2020 £ £ 30,470 8,852 4,838 5,808 |
|---|---|
| 35,308 14,660 |
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ST ANDREW’S SOCIETY FOR LADIES IN NEED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
13. Analysis of Funds
The income funds of the Charity include restricted funds comprising the following unexpended balances especially of donations and grants held on trust for specific purposes:
| Restricted Fund | Balance at | **Resources ** | Investment | **Balance 31st ** | **Resources ** | Investment | Balance 31st |
|---|---|---|---|---|---|---|---|
| **1st January ** | **expended ** | **gains/(losses) ** | December | **expended ** | **gains/(losses) ** | December | |
| 2020 | 2020 | 2020 | 2020 | 2021 | 2021 | 2021 | |
| £ | £ | £ | £ | £ | £ | £ | |
| 2,002,528 -12,560 -52,905 1,937,063 -14,087 229,171 2,152,147 |
The restricted funds may be used to support specific event-related fundraising efforts
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