**Charity number: 211409**
## **THE CHURCH LANDS CHARITY**
**ANNUAL REPORT OF THE TRUSTEES AND STATEMENT OF ACCOUNTS**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
## **THE CHURCH LANDS CHARITY**
## **CONTENTS**
||**Page**|
|---|---|
|The Trustees and Officers|1-2|
|Annual Report of the Trustees|3-5|
|Independent Auditors’ Report|6-9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Cash Flow Statement|12|
|Notes to the Accounts|13-18|
|Rotation of Trustees|19|
## **THE CHURCH LANDS CHARITY**
## **TRUSTEES, ADMINISTRATOR AND ADVISERS**
|**Trustees**|Mr P Kaser|
|---|---|
||Mr M Waller|
||Mr M Olver|
||Mr L Garside|
||Ms Helena Ellis|
||Ms G Taylor|
||Rev M Dearnley|
|**Principal Office**|St Peter’s Church|
||St Peter’s Street|
||St Albans|
||Hertfordshire|
||AL1 3HG|
|**Charity Registration Number**|211409|
|**Clerk**|Collinson Hall|
||9-11 Victoria Street|
||St Albans|
||Hertfordshire|
||AL1 3UB|
|**Accountants**|Collinson Hall|
||9-11 Victoria Street|
||St Albans|
||Hertfordshire|
||AL1 3UB|
|**Architect**|Cannon Morgan & Rheinberg Partnership|
||38 Holywell Hill|
||St Albans|
||Hertfordshire|
||AU1 1BU|
1
## **THE CHURCH LANDS CHARITY**
## **TRUSTEES, ADMINISTRATOR AND ADVISERS (continued)**
**Property Agents** Collinson Hall 9-11 Victoria Street St Albans Hertfordshire AL1 3UB **Solicitors** Debenhams Ottaway Ivy House 107 St Peters Street St Albans Hertfordshire AL1 3EW **Auditors** Mercer & Hole LLP Gloucester House 72 London Road St Albans Hertfordshire AL1 1NS **Bankers** NatWest Bank plc St Albans Branch 10 St Peters Street St Albans Hertfordshire AL1 3LY
2
## **THE CHURCH LANDS CHARITY**
## **ANNUAL REPORT OF THE TRUSTEES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The trustees present the statutory report with the accounts of The Church Lands Charity for the year ended 31 December 2021.
## **Constitution**
The charity was regulated by a schedule set out by the Charity Commission on 29 July 1881 and reestablished by a new scheme of the Charity Commission dated 6 June 1995. The registration number is 211409.
## **Trustees and Officers**
The names of the Trustees and Officers who have served during the year are shown on the Trustees, Administrators and Advisers page of this report. The method of appointment of each trustee is shown on page 18. Trustees serve a four year term which is renewable.
New trustees are provided with documentation to enable them to appreciate the Trust's objectives, organisation, method of operation and their responsibilities under the law. In addition existing trustees assist them in becoming fully conversant with their role.
## **Principal Aims and Activities**
The objects of the charity are:-
- a. To provide funds for the upkeep and maintenance of the fabric of the Parish Churches of St Peter's, St Paul's and St Luke's all being in St Albans, Hertfordshire. Preference is given to the needs of St Peter's; and
- b. To further the religious and other charitable purposes of the Church of England in any or all of these Parishes.
The charity's main objective is to preserve and enhance its assets so that regular contributions can be made to the three beneficiary Parishes. These funds derive from rental income and income from cash deposits and other investment.
The trustees make grants periodically to the Parishes, with preference for St Peter's. Trustees are kept aware of the application of those grants by reports from the trustees appointed by the relevant Parish.
Originally the Charity was endowed with retail and domestic property in St. Albans. It is the policy of the Trustees to ensure properties are maintained in good order and the income is maximised. The gross commercial rents have increased to £223,718 (2020: £219,594) and the residential rents have increased to £457,708 (2020: £445,098). There has been no change in this policy since last year.
During the year grants of £335,000 (2020: £380,000) were made to the churches as shown in Note 4 to the Accounts. The trustees' objective of maximising income has been met this year, and further opportunities to enhance income are actively being sought.
3
## **THE CHURCH LANDS CHARITY**
## **ANNUAL REPORT OF THE TRUSTEES (continued)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **Organisation**
The trustees meet three times a year to review the progress of the charity and to decide upon the policy to be adopted. The chairman and clerk are the executive officers who carry out the wishes of the trustees.
## **Application of Income**
The income of the charity after expenses is to be applied towards the maintenance and fabric of the Parish Churches of the Ecclesiastical Parishes of St. Peter, St. Paul, and St. Luke, in the diocese of St Albans with preference for St. Peter, and/or furthering the work of the Church of England in these parishes. The grants made are shown in Note 4 to the accounts.
All three churches make themselves and their services available to all parishioners and residents without charge. The trustees consider that by supporting the three churches they are fulfilling the charity's public benefit requirement.
## **Investment Policy**
The trustees periodically review any deposits and take professional advice to ensure that maximum interest is earned. The trustees wish for any investments to be low risk and deposits are therefore held with the CBF Church of England fund.
## **Future Obligations**
The trustees are ever mindful of the reliance by the Charity on its freehold property but consider its resources are adequate to fulfil its obligations. It has no contractual commitments of a capital nature.
## **Future Plans**
The trustees intend to continue along the same lines as they are currently operating. They want to maintain and enhance the existing property portfolio, thereby preserving the income stream and maximising the distributions to the beneficiaries.
## **Reserves Policy**
The charity's reserves are reviewed on an annual basis. The trustees’ policy is to maintain the real value of the charity's assets, after accounting for distributions. In addition, the trustees seek to maintain free reserves of £50,000 to cover any unforeseen expenditure.
## **Risk Assessment**
The trustees have fully reviewed the areas of risk to the charity, being business, commercial and financial risk. Although the areas of risk are deemed to be few, the main risk is the possibility of fluctuations in the property market and reduced income from properties not being let.
## **Public Benefit**
The Trustees confirm that due regard has been paid to the public benefit guidance published by the Charity Commission.
4
THE CHURCH LANDS CHARITY
ANNUAL REPORT OF THE TRUSTEES leontlnu8dl
FOR THE YEAR ENDED 31 DECEMBER 2021
statement of Trust••s' Responsibilities
The trustees are responsible for preparing thè Trustees, Annual Report and the financial statements In
accordance wrth aPpIable law and Unrted Kingdom Accounting Stsndards (Unrted Kingdom Generally
Accepted Aeeounting Prath'cel.
The law applicable to charrfiies In England & Vvalès reqUIS the trustees lo prep8re financial staten*nts for
each financial year which give a true and fair view ol the Statè of affairs of the charty and of the Incoming
resources and application of iesource5 of the charfty for that pefiod. In piepanng these fjnancial ststements,
the trustees 8re required tts
select surtable accounting policies and then apply them consistenuy".
observe the ryEthods and principlès in the Charf(ies SORP 2019 IFRS 1 (r21'.
make judgments and estimates that 81e reasonable and pNdenL"
state whether applicablè aeeounting standards have been ftsllowèd, subject to any material
departures disclosed an¢Y explained in the financk41 statements,
prepare the )Inancial 5t8lements on thè going concem basis unle55 ¢t Is fnappropriate to Presu
that the charty will continue in operats.on
The trustees are responsible for kèaping proper accounting records that flisclose wf(h reasonable accuracy
at any time the financial position of the charty and enabk them to ensure that the financial ststements
comply with the Charities Aet 2011, the Charity (Accounts and Reportsl Regulations 2008 and th8
provisions of the trust deed They are also responsible for safegu81ding the assets of the charty and hence
for taking re8$onablè stèps for the preventh)n and det8cts.on of Iraud and other irregul8rrties.
Audltor
The charty's audrtor, Mercer & Hole. incorporated on 1 (ktober 2022 to become Mercer & Hole LLP. The
trustees have cornsent8d to trèating thè incorporatson of Mercer & H91¢ LLP as a continuab'on ol the
existing audrt arrangement.
Signed on behalf of the Trustees".
M Olver
Approved by thè TNstee8 on
## **THE CHURCH LANDS CHARITY**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CHURCH LANDS CHARITY**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
We have audited the financial statements of The Church Lands Charity (the ‘charity’) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## **In our opinion the financial statements:**
- give a true and fair view of the state of the charity’s affairs as at 31 December 2021, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
6
## **THE CHURCH LANDS CHARITY**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CHURCH LANDS CHARITY (continued)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.
7
## **THE CHURCH LANDS CHARITY**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CHURCH LANDS CHARITY (continued)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud**
We gained an understanding of the legal and regulatory framework applicable to the charity and the environment in which it operates and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure, and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
- Discussions with management, including considerations of known or suspected instances of noncompliance with laws and regulations and fraud;
- Gaining an understanding of management’s controls designed to prevent and detect irregularities; and
- Identifying and testing journal entries.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-andassurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilitiesforaudit.aspx. This description forms part of our auditor’s report.
8
## **THE CHURCH LANDS CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Steve Robinson**
For and on behalf of: Mercer & Hole LLP Chartered Accountants & Registered Auditors Gloucester House 72 London Road St Albans Herts. AL1 1NS
23 December 2022
9
## **THE CHURCH LANDS CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**Note**
**Income and Endowments**
Investment Income
4
**Total Income**
**Expenditure**
_Costs of Raising Funds:_
Property Expenditure
3
_Expenditure on Charitable_
_Activities:_
Grants & Donations
5
_Other_
6
**Total Expenditure**
Fair Value Revaluation of
Properties
**Net**
**Income/(Expenditure)**
Transfers between funds
**Net Movement in Funds**
**Reconciliation of funds:**
Total funds brought
forward at 1 January 2021
**Total funds carried**
**forward at 31 December**
**2021**|**2021**
**General**
**Funds**
**2021**
**Designated**
**Funds**
**2021**
**Total**
**Funds**
**£**
**£**
**£**
708,892
-
708,892
708,892
-
708,892
184,803
-
184,803
335,000
-
335,000
14,768
-
14,768
534,571
-
534,571
769,805
-
769,805
944,126
-
944,126
(30,004)
30,004
-
914,122
30,004
944,126
15,595,754
207,702
15,803,456
16,509,876
237,706
16,747,582|**2020**
**General**
**Funds**
**2020**
**Designated**
**Funds**
**2020**
**Total**
**Funds**
**£**
**£**
**£**
671,320
-
671,320|
|---|---|---|
|||671,320
-
671,320|
|||230,864
-
230,864
380,000
-
380,000
19,572
-
19,572|
|||630,436
-
630,436|
|||871,910
-
871,910
912,794
-
912,794
(37,004)
37,004
-|
|||875,790
37,004
912,794
14,719,964
170,698
14,890,662|
|||15,595,754
207,702
15,803,456|
All recognised gains and losses for the year are included in the Statement of Financial Activities.
10
THE CHURCH LANDS CHARITY
BALANCE SHEET
AS A T31 DECEaiBER 2021
Notè
2021
2021
20
2020
Fixed Assets
Investments
16.319,090
15,403.741
Current Assets
Debtors
Cash * bank and irs hand
54.057
479.089
62.190
431.478
533.146
493.6e6
Credttors: amounts falling dut
within onè year
104,642
93 957
Net current Sets
428.492
399.709
Total assets current
liabilities
16,747,5K2
15,803.456
Nèt Assets
16 747 582
15803456
Funds
UnrestrKted:
Designatèd fijnds
Genèral funds..
Accumulated surplus
Revaluab'on and tsir value reserve
10
237,706
207.702
4.349.024
12,160.852
4,204.707
11,391.047
16747 582
1580345e
Approv8d by the Trustses on
218nd signed on their beharf by..
IJ 0r Ichairman oflhe Trustèès)
The notés on pages 13 to 17 form part of thes• accounts
## **THE CHURCH LANDS CHARITY**
## **CASH FLOW STATEMENT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**Note**
**Net cash used in operating activities**
14
_Cash flows from investing activities_
Fixed asset investment additions
Interest received
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents brought forward
**Cash and cash equivalents carried forward**|**2021**
**2020**
**£**
**£**
193,141
(55,834)
(145,537)
9
94|
|---|---|
||(145,528)
94|
||47,613
(55,740)
431,476
487,216|
||**479,089**
**431,476**|
12
## **THE CHURCH LANDS CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1. Accounting Policies**
- (a) The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments and in accordance with applicable Accounting Standards and Statement of Recommended Practice, Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 January 2019 and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
- (b) Property income represents rents receivable in the year and property expenses are those incurred in the year. This is accounted for on an accruals basis.
- (c) Investment income represents dividends and interest received in the year. Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
- (d) Grants are the amounts paid to the various Parochial Church Councils during the year in accordance with the charity's objects.
- (e) All works on the maintenance and refurbishment of the freehold property are written off during the year in which they are incurred. Works relating to any new buildings will be capitalised in the financial period they occur and re-valued at the year-end to market value for inclusion within our property portfolio.
- (f) Investments are shown on the balance sheet at their open market value at the year-end.
- (g) Investment properties are included at valuation and are held for an investment return. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.
- (h) General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
- (i) Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
- (j) Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity date of three months or less from the date of acquisition
- (k) Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
- (l) 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.
13
## **2. Judgements and key sources of estimation uncertainty**
In the application of the charity’s accounting policies, the directors 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 factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an outgoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **Key sources of estimate uncertainty**
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows..
## _**Valuation of Investment Property**_
The valuation of the Investment property as at 31[st] December 2021 is based on the professional valuation undertaken by D Ambrose as at 25[th] March 2014. This is then revised each year in line with market indices. A review of the valuation as at 31[st] December 2021 has been undertaken by the trustees who have proposed a change in the valuation to coincide with the 3.8% rise in the UK House Price Index.
## _**Changes to Investment Property potfolio**_
During the year, a new property was built on existing land at the rear of 61 Catherine Street. This property development is now known as “3 Bakery Mews” and has been valued at £330,000.
14
## **THE CHURCH LANDS CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**3. Costs of Raising Funds**
**General**
**Funds**
**Designated**
**Funds**
**Property Expenditure**
**£**
**£**
Commercial management charge
-
Insurances
7,334
-
Rent Collection
76,928
-
Architectural Fees
1,029
-
Legal Fees
7,242
-
Utilities
1,820
-
Property Maintenance and Refurbishme
82,137
-
Miscellaneous
8,313
-
184,803
-
4.**Investment Income**
**General**
**Funds**
**Designated**
**Funds**
**£**
**£**
Interest on deposit accounts
9
-
Lease Extensions
25,692
-
License Fee income
1,766
Commercial Rents
223,718
-
Cottage Rents
457,708
-
708,892
-
**5. Expenditure on Charitable Activities**
**General**
**Funds**
**Designated**
**Funds**
**Grants and Donations**
**£**
**£**
Parish Church of St Peter’s
268,000
-
Parish Church of St Paul’s
33,500
-
Parish Church of St Luke’s
33,500
-
335,000
-
**6. Other Expenses**
**General**
**Funds**
**Designated**
**Funds**
**£**
**£**
Management Fees
9,248
-
Bad Debt Provision
-
-
Audit Fees
5,520
-
14,768
-|**3. Costs of Raising Funds**
**General**
**Funds**
**Designated**
**Funds**
**Property Expenditure**
**£**
**£**
Commercial management charge
-
Insurances
7,334
-
Rent Collection
76,928
-
Architectural Fees
1,029
-
Legal Fees
7,242
-
Utilities
1,820
-
Property Maintenance and Refurbishme
82,137
-
Miscellaneous
8,313
-
184,803
-
4.**Investment Income**
**General**
**Funds**
**Designated**
**Funds**
**£**
**£**
Interest on deposit accounts
9
-
Lease Extensions
25,692
-
License Fee income
1,766
Commercial Rents
223,718
-
Cottage Rents
457,708
-
708,892
-
**5. Expenditure on Charitable Activities**
**General**
**Funds**
**Designated**
**Funds**
**Grants and Donations**
**£**
**£**
Parish Church of St Peter’s
268,000
-
Parish Church of St Paul’s
33,500
-
Parish Church of St Luke’s
33,500
-
335,000
-
**6. Other Expenses**
**General**
**Funds**
**Designated**
**Funds**
**£**
**£**
Management Fees
9,248
-
Bad Debt Provision
-
-
Audit Fees
5,520
-
14,768
-|**3. Costs of Raising Funds**
**General**
**Funds**
**Designated**
**Funds**
**Property Expenditure**
**£**
**£**
Commercial management charge
-
Insurances
7,334
-
Rent Collection
76,928
-
Architectural Fees
1,029
-
Legal Fees
7,242
-
Utilities
1,820
-
Property Maintenance and Refurbishme
82,137
-
Miscellaneous
8,313
-
184,803
-
4.**Investment Income**
**General**
**Funds**
**Designated**
**Funds**
**£**
**£**
Interest on deposit accounts
9
-
Lease Extensions
25,692
-
License Fee income
1,766
Commercial Rents
223,718
-
Cottage Rents
457,708
-
708,892
-
**5. Expenditure on Charitable Activities**
**General**
**Funds**
**Designated**
**Funds**
**Grants and Donations**
**£**
**£**
Parish Church of St Peter’s
268,000
-
Parish Church of St Paul’s
33,500
-
Parish Church of St Luke’s
33,500
-
335,000
-
**6. Other Expenses**
**General**
**Funds**
**Designated**
**Funds**
**£**
**£**
Management Fees
9,248
-
Bad Debt Provision
-
-
Audit Fees
5,520
-
14,768
-|**Total**
**2021**
**£**
-
7,334
76,928
1,029
7,242
1,820
82,137
8,313
184,803
**Total**
**2021**
**£**
9
25,692
1,766
223,718
457,708
708,892
**Total**
**2021**
**£**
268,000
33,500
33,500
335,000
**Total**
**2021**
**£**
9,248
-
5,520
14,768|**Total**
**2020**
**£**
-118
7,165
68,965
3,191
11,815
3,383
127,858
8,605|
|---|---|---|---|---|
|||184,803
-||230,864|
|||**General**
**Funds**
**Designated**
**Funds**
**£**
**£**
9
-
25,692
-
1,766
223,718
-
457,708
-
708,892
-
**General**
**Funds**
**Designated**
**Funds**
**£**
**£**
268,000
-
33,500
-
33,500
-||**Total**
**2020**
**£**
94
-
6,534
219,594
445,098
671,320
**Total**
**2020**
**£**
304,000
38,000
38,000|
|||335,000
-
**General**
**Funds**
**Designated**
**Funds**
**£**
**£**
9,248
-
-
-
5,520
-||380,000
**Total**
**2020**
**£**
7,440
7,212
4,920|
|||14,768
-||19,572|
15
## **THE CHURCH LANDS CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**7. Fixed Asset Investments**
**Properties**
Market value at 1 January 2021
Investment additions in the year
Fair value revaluation
Market value at 31 December 2021|**2021**
**£**
15,403,747
145,537
769,805
16,319,089|**2020**
**£**
14,531,837
-
871,910|
|---|---|---|
|||15,403,747|
The investment additions in the year are property development costs of £145,537 which were capitalised and relate to a new property built on existing land at the rear of 61 Catherine Street. This property development is now known as 3 Bakery Mews. The Investment Properties were valued on 31 December 2021 by the trustees with reference to the Land Registry House Price Index. Within the total revalued gain £184,463 relates to the new property at 3 Bakery Mews and the remaining £585,342 relates to the existing portfolio at the start of the year.
|8.**Debtors**
Other debtors:
Rents held by agents
Prepayments and accrued income
Recoverable from tenants|**2021**
**£**
40,928
13,129
-
54,057|**2020**
**£**
49,885
12,305
-|
|---|---|---|
|||62,190|
Within the ‘Rents held by agents’ is a sum of £40,928 (2020: £49,885) representing rent in arrears at the balance sheet date.
|9.**Liabilities: Amounts falling due**
**within one year**
Other Creditors
Trade creditors
**10. Unrestricted Funds**
**Designated Fund**
Renovation reserve
Redecoration reserve
Roof reserve|**2021**
**£**
68,955
35,698
104,654
**2020**
**Transfers**
**Expended**
**£**
**£**
**£**
64,852
10,000
-
80,012
20,004
-
62,838
-
-
207,702
30,004
-||**2020**
**£**
73,436
20,521
93,957
**2021**
**£**
74,852
100,015
62,838
237,706|
|---|---|---|---|
|||||
The designated fund’s purpose is to provide funds for the upkeep of properties, including the periodic exterior redecoration of the Charity’s property and the refurbishment of properties that fall below current standards.
16
## **THE CHURCH LANDS CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **10. Unrestricted Funds continued**
|**General Fund**
This comprises:
Accumulated surplus
Revaluation reserve
Fixed assets
Current assets
Current liabilities|**Unrestricted**
**Designated**
**£**
**£**
16,319,090
-
295,440
237,706
(104,654)
-|**2021**
**£**
4,349,024
12,160,852
16,509,876
**2021**
**Total**
**£**
16,319,090
533,146
(104,654)
16,747,582|**2020**
**£**
4,204,707
11,391,047|
|---|---|---|---|
||||15,595,754
**2020**
**Total**
**£**
15,403,747
493,666
(93,957)|
||16,509,876
237,706||15,803,456|
## **11. Trustee’s Remuneration**
No remuneration is paid nor any expenses reimbursed to the trustees.
## **12. Related Parties**
During the year the following transactions took place with related parties:
|**Donations made**
St Peter's PCC
St Paul's PCC
St Luke's PCC|**2021**
**£**
268,000
33,500
33,500
335,000|**2020**
**£**
304,000
38,000
38,000|
|---|---|---|
|||380,000|
All of the above are related parties through their involvement in deciding appointments to the board of trustees.
## **13. Control**
The charity is under the control of the board of trustees.
17
## **THE CHURCH LANDS CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS**
_**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **14. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net movement in funds
Deduct interest income shown in investing activities
Revaluation of fixed assets
Decrease in debtors
Increase in creditors
**Net cash used in operating activities**|**2021**
**£**
944,126
(9)
(769,805)
8,133
10,697
193,141|**2020**
**£**
912,794
(94)
(871,910)
(23,362)
(73,262)|
|---|---|---|
|||(55,834)|
## **15. Legal Form**
The charity is an unincorporated entity registered with the Charity Commission on 6[th] June 1995.
18
## **THE CHURCH LANDS CHARITY**
## **ROTATION OF TRUSTEES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**Name**|**Date of Retirement**|
|---|---|
|Rev M Dearnley (vicar at St Peter) Ex-Officio||
|**Nominated by Parochial Church Council of St Peter**||
|**For a term of four years**||
|Mr M Waller|June 2025|
|Helena Ellis|November 2022|
|Mr M Olver (Chairman)|March 2025|
|Mrs G Taylor|March 2025|
|**Nominated by Parochial Church Council of St Luke**||
|**For a term of four years**||
|Mr P Kaser|June 2026|
|**Nominated by Parochial Church Council of St Paul**||
|**For a term of four years**||
|Mr L Garside|October 2024|
19