Charlty number: 211409 THE CHURCH LANDS CHARITY ANNUAL REPORT OF THE TRUSTEES AND STATEMENT OF Accouiif8 FOR THE PERIOD ENDED 30 APRIL 2023
THE CHURCH LANDS CHARITY CONTENTS The Trusl8es and Offlcers Annual Report of the Trustees Ind&penéent Auditors, RepLYt Stalgrngnt of Finanryal Actiwties 10 Balance Sheet 11 CBsh Flrjw Statement 12 Notos to the Accnts 1&18 R¢)lation of Tru5tee5 19
THE CHURCH LANDS CHARrrY TRUSTEES, ADIIINISTRATOR AND ADVISERS Tru8t8e8 Mr P Ka8er Mr M Wa118r Mr M Otver Mr L Garside Ms He3 Ellis Ms G Taor Rev kl DearnY (ResKJnwJ March 2023) Prfnclpal Offlco st Petsrfs Church St Pelerfs Street St Aibans AL13HG Charfty R8glstratlon Numbor 211409 Clerk ColEnn H811 11 VIGtorH Street st Abans HertftKdshir& AL13U8 Accountants Collingjn Hall 11 Victoria Street Sl Abans Hert1hra AL13UB Archltect Cannon Morgan & Rhnberg Partnership 38 Hfvll Hill Sl Albans AU1 1BU
THE CHURCH LANDS CHARrrY TRUSTEES. ADMINISTRATOR AND ADVISERS (Contlnu Property Ag•nts ClIS0n Hall 11 vtOa Street StAib Hertfordshre L13UB Sollcitors Ivy Hse 107 St Poters Str88t St Alban8 Hertfordshire AL13EW Audltor¥ Mercer & Holo LLP Gkxjcosler House 72 Road St Abans Hertthshlro AL1 INS Bankgrs Nalwest Bank pk Sl Abans Branch 10 St Peters Street St Ajbans Hertlordshiro ALI 3LY
THE CHURCH LANDS CHARrrY ANNUAL REPORT OF ThE TRusfEES FOR fHEPERIOD ENDED 30 APRIL 2023 Th8 trustees present the statutory rewrt th the accwrts of The Churc L8nd8 Charity for the period ended 30 April 2023. This Period is 16-months12021: 12 nM)nths) folknving a financial year change from 31.12.2022 to 30.04.2023. a result. tho timing of Ihe audtt should ea8e seasonal demand on audit staff and avoid te filings. Con$titutlon The charity was regulated by a sthedvle set out by Charity CommissK)n on 29 Juty 1881 and re- establlshed by a new sch8m& of th8 Charity ComMissn dated 6 June 1995. The registration number k8 211409. Trusloes and 0ffi¢grs Thè names of the Tru8t8e8 and Officer8 ¥hL) have served dur1 Ihe are shown on 1he Trustea8. Administrators and AdSerS page of this reporL The Moth rf apprxntrnt of 8ach trusleè is sh)wn On page 19. Tnjstees serve a four-year tem vA)th is renewabl6. New trustees are providèd wtth documentrdtion to enabl8 them to aPpreale the Trusvs oblecllve8. organisation. method ol operation and thwrestM)nsiIitIeS under the law. In addthon exisknr¢g trustees asslst them in becoming fully conversant th thew role. Prfnclpal Alms and A¢fjvllles The objects of the chadty are:. a. To provlde fijnds forthe upkeep and maintenanceof the fabrfc ofthe Parlsh Churches of St Petevs. st Paufs and Sl Luke's all bglng in St Abans. rtfDrdSr8. Prnference is given to needs of St Peterfs., a b. To further the religious and olher charilabk purp of the Church of England in any or all of these Parishes. The ¢harfty's main oblethe isto preserye oThY enhatK8 its assets so that roguLqr contrt)utson5 rn be maile to the three beneficiary Pari8h88. These funds dethie from rent income aNI Inco from cash doposits ar other investmenL The tnjstees make grants periodl(xlty to the Parlshes, preferer for St Peterfs. Trustees are kept aware of the apFAication of thckse grants by reports from Ihe trustees appointed by the relevant Pgdsh. Orighialty the Gharity was erthwe(J vth retail and thmestic tryety in St. Abans. 11 1$ the policy of the Trustees to ensure properties are maintained in gc)d order and incon% is maximised. The gross COTnmercial rents have increased to £312.85112021'. £223.718) and the residential have Incr8ased to £639.21912021.. £457.708). There has been no change in Ihe poricd. During the periixj grants of £440.00012(r21.' £335,000) were made to the thurthe$ as sh(pM) In Not& 5 to theAc¢ounts. The trus18es' objective ofmaximisiThJ income has been m8tthi8 year, and fijrther0ppothnleS to enhan( inc(ne aro rj sought.
THE CHURCH LANDS CHARITY ANNUAL REPORT OF THE TRUSTEES (¢ontlnwd) FOR ThIE PERIOD ENDED 30APRIL 2023 OTganlsatlon The trust88s meet thr88 times a year to review the PTogr855 of thè and lo declde upon the F¥)licy to be adopted. Tho d)aiman aT¥J derk are Ihe exe(JJtSv8 officers who cary out the wishes of the trusts88. Applcatlon of Income The incyjme of th8 charity after expenses 58 to b8 appr tcwards the maintenanc8 and fabrfc of the Parish Churches of thè Ecclesiasti Parishes of St. Peter. St. Paul, and St. Luk8, in the dioc8se of St Abans wh pr8fer8n¢8 for Sl. Petsr. andlor fvrtherirrfJ th8 of th8 Church of Engknd In these partshes. The grants madè are shown In Note 5 to the 8CCtyJnts. I Ihree churches m8k8 Ih8mselves and their servws aYaiLable to all partshk)ner8 and residents without charge. The trustees conslder that by supwrtirwj the thr88 churches they are fvlfilling the charity's public benefil requlrement. Inve8tm8nt Pollcy The trustges pariodully review any deFM)Wts aThl tak8 wdessK)nal adv to ensure that maximum inlergst 18 eamed. The trustees wlsh any Investrnents to be k)w risk and twts are therefm hokl wtth the CBF Churth of England fijnd. Future Obllgatlons The trustees are evèr mindful rellanL bythe Charity its freehold property but considerits re8(yJrce8 are od¢quote to fu11 its obligations. It has no rAJntractual commiiments of 8 capital nature. Futurn Plans The trustees intend to continue along the sam8 lines as Ihey are Current operalng. They want to maintain and enhance the existing prop portfolo, Ihereby preservirvJ the irKome stream and maximlslng the dlstr*utlons to the beneficiaries. Reserves Poll The charitys reserves are Teviewed on an annual basis. Th& trust uses designated funds to plan for speciffic works, including the renovatk)n of a building to form an a(kJttiLwal residential property (approx. £100kl and the Installatlon of new wlndows. front d1$ arKI bcMleTS throughout the r6sldentia] portrollo {8t least £230kl. Remaining r8serves (both c4Jrrent arKI ftrture) have been eai-marke(I for th& devglopment of a new (trelling on our land Iwhen a rtain ase expires in a few yaws). Rlsk Assossment The tNstse8 havo fulty revlthved the areas of to Ihe charity, being business. (Mmerc1 and finanlaal risk. Although the areas of risk are deemed to few. the maln risk is the possibility of fluctuations in the property marf(el and reduced income from proFeths not ng let Publk Baneflt The Trustses confirm that du8 W has been paid to the publi¢ benefft guldanc8 published by the Charity Comm5sslon.
THE CHURCH LANDS CHARITY ANNUAL REPORT OF THE TRUSTEES l¢ontlnuedl FOR THE PERIOD ENDED 30 APRIL 2023 stst&ment of Trustees. Responslbllltles The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the trustees lo prepare financial slalemenls for éach financial year which give a true and fair vi8w of the slate of affairs of the charity and of the incoThing resources and application of resources of the charity for that period. In preparing these financial statements. the Iruslees are required to.. $8le¢l suitsble a¢¢ounling policies and then apply them consislenlly., observe the methods and principles in the Charities SORP 2019 IFRS 1021., make judgments and estimates that are reasonable and prudent.. slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slalements., preparè the financial sts18ments on the going concern basis unless it is inappropriate lo presume that the charity will continue in operation. The Iruslees are responsible for keeping proper accounting r8cords that disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charity IA¢counls and Reports) RegLJlalions 2008 and the provisions of the trust deed. They are also responsible lor safeguarding the assets of the ¢h8rity and hence lor tang reasonable steps for the prevention and detection of fraud and other irregularities. Auditor The charity's auditor, Mercer & Hole, incorporated on 1 October 2022 to become Mercer & Hole LLP. The trustees have ¢onsenled lo Irealing th& in¢orporation of Mercer & Hole LLP as a continuation of the existing audit arrangement. Signod on behalf of the Trusl88s'. koc LQ- Approved by the Trustees on la rOaio13
THE CHURCH LANDS CHARrr INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHURCH LANDS CHARtTY FOR ThIE PERIOD ENDED 30APRIL 2023 We have audited the financial 8tatement8 of The Church Lands Charity (tho'thartyl ft)r the period end8d 30 April 2023 whKh cornpris8 the Slatement of FinancAal Acbvlties, the Balance Sheot, the Cash Row Statement and notes to the financlal statements, induding a summary of sHJnificanl accounting policies. The financial reporting framework that has LEen appl ni Ihelr prepw8tiw is appucable law and United Kingdom Accountlng Sl8ndths. Induding FinarK¥al Reporbng Standard 102 The F1nancial Reporting Standard appll(ble In tho UK and Republic of Iretond (Unii8d IQWM G8n8fdlty A(%8 Accountlng Practi(xl. In our oplnion thè financlal statsments: - gfvè a true and falr vlbw of the state of the chatills affairs as at 30 April 21Y23, aThl of its incorning r8sour¢e8 8ThY app1knon r&8ourrAgS, inckKlww its and axpthtwe. for U)e pgriod thon en(led; - have bgen property prepared in aL£(xxlanc wllh Unltwj King(k)m Ggneralty Accept8d Accounting Practic8', and - havo b88n prepared in accordance with ts requThnents oftha Charfues Art 2011. Bo$1$ for oplnlon We conducted our audlt In accordance wlh Interrbationa5 Standards on Audrfing (UK) IISAS (UK}l and appllcablè law. Our respon8ibililies under Ihose starKlards are further described in the Audltor's r&S)nSIbl11tIeS for the audit of the finanLaal ststsments section of our rewrL We aro independent of the charlty In accordance with thg 8th1 requiremènts that ar8 r61evant to our audr( of the financial statements In the UK, Including the FRC'S Ethlcal stard. and we have fuffilled our other ethkal reStsIbIlIe$ In accordarKe wth th&se requ*ements. W8 bellevo that the audit evKlgrKo wg have i)btain8d15 sufficient and appropriate lo provide a basls for our oplnkin. Concluslon5 rnlatlng to golng a¥ncem In audlling the fln8tla1 statements. wa have eA)ncluded that the trustees, use of the going (x)ncem bas of arLountlng in Ihe preparatKin of the financtal statements Is apkyopriate. Based on the work we have perfomied, we have not identifred any rnèterial uncertainties retIng to events or conditions that, individually or Collectrety. may Lwt swJntficant th)ubl on the diarivs abiltty to (x)nlinue as a going con¢em for a period of at18ast IWee months from when 1he financial statements are aulhorfsed for188ue. Our responBlbilMles and the responsiblHtie8 of th8 truste85 Wtth respect to gn9 are descrlbed I th8 re16vant secbons of this rewJrL The other infomiatksn ¢xJmprk88s th8 Irrf0MIm indudod in tho1rustees annual reporL other than th8 flnancial statements and our audllorfs rewrt ther8on. The trustoes are responsible for1he other Inforniathon contained within the annual reporL Our oplnion th8 financlal statements does not covgr thg other information arKI. except to Ihe exlent otherwise explicitly stated in our report. we do N)t express any fomi of assurance conclusion therwn. Our r8spon8lbllity Is to read the other Infomwtk)n and, in so. sider whethèr the othèr Informalb)n IB materially inGonsislent with the ffinanclal statements or our knowl8dg8 obtslned in th& u[s8 of tre audit or olh8Mise awears to be matwi1Y misstated. If we tdentlfy such materlal Inconslstendes or appa1
THE CHURCH LANDS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHURCH LANDS CHARITY (contlnuedl FOR THE PERIOD ENDED 30APRIL 2023 mal8rial misstatem&nts, w8 ar8 r8qured lo determine vtheth8r this gNes iise to a material misstatement in the finarla1 stalewnenls themsefves. tf. based the woth we have performed. we c(e1Ude that there is a material mlsstatement of th18 other infom)atK)n. we aTe wuirod to repxt U)at fact. We hav8 nothing to reFMIrt In Ihis ragard. Mattgrn on whl¢h wo are requlred to report by exceptlo We have nothing lo report in respect of the follovirwJ mattws in relation to whh the Ch0rib8s (Accounts and Rewtsl Regulathjns 2008 requira us to ra to YCYJ sf. In ¢JJr opinlon: - the Infomiation glven in the fEnarKaal 8tatemenis Is InconsSstent In any matertal respect bMth th8 twstees, reporL 01 - sUffiCt a¢ry)unling record¥ have mt been kep¢ or . the financlal statsment8 are tTrJt In agreem8rrt the a&)nth)g rd8' or . we have not recefved al the Inlrmalion aTrJ expknatKms we wuire for our audit. Rosponslbllltles of trustogs As explained more fully in the trustees. resrKJnsiblthes statement sel oul on page 5. the trusteès are responslble for the prepwation offjnancial stslements grve a tnje and fair view. and ft)r such intemal control as the trustees detenmine18 necess8ry lo enable lh8 prgparalion of finan(aal statements that are fre& from material mi58tatmnt. whets due to fraud (r error. In pparfng the financ581 statements. the trusie88 are r8sponsUe f( assesslng the chartty's ability to continue as a golng collm, di5doslng. as applicatA8. matters related to going rnncem and using golng concem basis of accounting unless ttee5 either intend to liquidate the charity IX to cease operatlons, or have no realistic allamative but to do so. Audttovs responslbllltlès for thè audm of th• flnanclal statements Wo have been appointed as auditor urKlor ¥eclion 144 of the Charibes Act 2011 and report In accordance with regulatlons made under Sect 154 of that Act. Our obiectives e lo obtain reasonable assuraTVX aboul whether Ihe financial stslements as 8 wIKJlo ar8 free fr(Hn material misststement, whether due to frdud or error. to issue an audttorfs report that includes our opinion. Reasonabl8 assurance is a hNJh Ve1 of asSUrarK, but is not a guarantee that an aud conducted In ac£ordanc6 ISAS (UK) will aayS detect a material misstatement when It exists. Mlsslalements can arise from fraud or erT arKI aro cOnd8[0d material if, individuolly or In the aggregate, they coukl reason81ty be expecaed to influenc8 th8 ecorwxnic de(ish)ns of users taken on th8 basis of thesg fanCra1 stalemenls. Irregularities, including fraud. are InStaS of rM¥ts4%pl18nQ with laws and regulation8. We deslgn proc8dure8 In line wth our responsibilities, outjingd above, to dete(I material misstatements in respect of Irr8gularttles. Indudlng fraud. The Specif rYCUreS for this engag8ment and the extent to which thes8 are capab18 of d8tectlng wregularities. induding fraud is detailed bek)w.
THE CHURCH LANDS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHURCH LANDS CHARITY Icontlnued} FOR THE PERIOD ENDED 30 APRIL 2023 Explanation as to what èxt•nt the audlt was ¢on$ld¢r¢d ¢apabl¢ of dotecting irregularitios, including fraud We gained an understsnding of the legal and regulatory framework applicable lo the charity and the envirtsnmenl in which it operates and considered the risk of acts by the charity that were contrary to applicable laws and regulaliDns, including fraud. We evaluated management's incentives and opportunities for fraudulent manipulation of the fin8n¢ial statemonls and the financial report (including the risk of override of controls), and determined that the principal risks were related lo posting inappropriate entries including journals to overstate revenue or underslale expenditure, and management bias in accounting eslimales. Audit procedures performed by the engagem&nt team inclijded.. Discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud., Gaining an understanding of management's controls designed to prevent and detect irregularities,. and Idenlrfying and testing journal entries. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, inGluding those leading to a material misstatemenl in Ihe financial statements or non-compliance with regulation. This risk in¢reasos the more that compliance with a law or regulation is removed frotn the events and tonsaclions reflected in the financial slalemenls, as we will be less likely lo become aware of instsnces 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 descri lion of our res onsibilities is available on the Financial Re ortin Council's website at.. htt s.'IIwwM.frc.or .uklOur-WorklAucSiUAudil-andassurancelSlandards-and uidancelSlandards-and- uidance-for-audilorslAuditors-res onslbilllies-for-audlVDes¢ri lion-of-audltors-res onsibililies- foraudil.as x. This descri lion forms ur auditor's re Drt.
THE CHURCH LANDS CHARITY STATEIIENT OF FINANCIAL ACTMTIES FOR THE PERIOD ENDED 30APRIL 2023 Use of ¢)ur report Thls repKJrt is made solety to the charTVs twstees. as a toJy. n aCCdartt with Part 4 of the Charitles (Accounls and R8POrts) R8gulath)n8 2008. Our audft work has been undertaken so that W8 mlghl stste to the chartty's trustees those matters we are required to state to them in an aLKlitorf8 report arKI for no other pur)$8. To the fullest extent perrtted ty law. we do T¥)t arLept or a&wme resPorIlIty to anyone olhor than the charity and the charity's Injslees as a bcty. for audit work. for this report, or forthe opinions we have foThed. steve Roblnson Sonlor statut Audltor For and on behalf OP. Mercer & Hola LLP Chartered ActrAJuntsnts & Registered Audit Glouc8st8r Hous8 72 London Road st AJban8 AL1 1NS 7 Novèmbèr 2023
THE CHURCH LANDS CHARrrf 8TATEMENT OF FINANCIAL ACTMTIES FOR THE PERIOD ENDED 30 APRIL 2023 Perfod Endgd 30 Apdl 2023 Year Endgd 31 De¢ 2021 Year Ended 31 De¢ 2021 Year Endod 31 Doc 2021 Ended 30 Aprll 2023 End8d 30 Aprfl 2023 G8noral Deslgnatfjd Funds Funds Totsl Fund$ Ggngr31 Doslgnatod Funds Funds Tot Fund Income and Endovm)gnls Inv8Stm8nt InrA)me 4 1,(N)1.963 1.D)1,963 708,892 708,892 Total Income 1.001.3 1.001,963 708,892 708,892 Expendlture Costs of Ralslng Funds.. Propw Exp8ndMure Expenditure on Chanlable Activities.. Grants & Donations Olhar 2TT.078 2TT.078 184.803 184,803 440.000 - 21.383 440.000 21,383 335.000 14,768 335,OOL) 14.768 Total Expondtture 738.461 738.461 534,751 534.571 Fair Value Revaluation of Prop8rt188 {3,868,813} {3,668,813) 769,805 769,805 Net Incomel{Expendllure} 263.2 - 263.502 944,126 944,126 Trark8fers been funds (80,005) 80.005 (30.(X)41 30,004 Not Movemont In Funds (3.485.316> 80.005 (3,405,311) 914,122 30,004 944.126 RÉconciliatM)n of funds: Totsl fuThJs bTought forw*d at 1 January 2022 16,509.876 237,706 16,747.582 15.595,754 207,702 15,803,456 Total lunds carried forward at 30 April 2023 13,024.560 317.711 13.342,271 16,509,876 237,7c 16,747,582 All recognised gaSns and Iosses tho year are indud&J in U)a Slatement of Flnanclal Activitios. 10
THE CHURCH LANDS CHARITY BALANCE SHEET ASA T30 APRIL 2023 Note 2023 2023 2021 2021 Fixed A$$et$ Investments 12.650,277 16,319,090 Currant Asséts Debtors Cash al bank and in hand 33,767 757,163 54,057 479,089 790,930 533,146 Credltors.. arnounts falling due within one year 98,936 104,642 Net ¢urr¥nt assets 691.994 428,492 Total assets loss currant 13,342,271 16,747,582 Net Assats 13,342,271 16,747,582 Funds Unrestrl¢ted: Designated funds General funds.. Accumulated surplus Revaluation and fair value reserve 10 317,711 237,706 4,532.521 8,492,039 4,349,024 12,160,852 13,342,271 16,747,582 Approved by the Trustees on nd signed on their behalf by- M Olver (Chairman of the Trusleesl Th@ notes on pages 13 to 18 form part of these accounts
THE CHURCH LANDS CHARrr CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 APRIL 2023 2023 2021 Nel cash u88d In operatlng actlvltle8 15 268.148 193.141 Cash flows from investing aGtwi&es Fixed asset Investment a(klitions Interest receDied 1145,537) 9,926 9.926 Not cash provldod by InVlIng acllvltles (145,528) Changè In cash and ¢ash 8qulvalants In prfod 278,074 47,613 Cash and ca8h aqulvalents bmwJht forward 479,089 431,476 Cash and cash èqufvalents carrled forniard 751.163 479.089 12
THE CHURCH LANDS CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2023 l. Accountlng Pollcle8 {a) The flnanclal Statsmant hava been prepar&1 under the hlstorlcal cxJ8t convorsh)n, rrK)drfi8d to Include Ihg revaluation of Investments and in accordanc8 With applirable AcuJunting Standards and stateMt of Recommended Practice. ACCntIng and Reportlng bycharitw prep¥ing Ihewaccounts In accordance vAlh the Flnanaal Reporting Standard appll(abl8 in the UK and Republic of Ireland {FRS 1021 i$3ued on 1 January 2019 and the ¢tIeS A& 2011. The charity ¢X$tituteS a W11C benefft entity as defined by FRS 102 {b) Reporknng period.. Th&8e fina11 statements ci)ver a 16 month period. Tho compaTrtlve Infomiatlon c¥)vers a 12 month period. (c} ProFerty incomg represents rents e1Vable in the year and proF¢rty expenses are those Incurred In the year. This 18 &xJunted for on an actruals ba8i8. Id) Investment Income represents divklends and hterest red in th8 year. Incomè is rwnlsed when the charity has ent[tment to the ffijnds. tt 15 probable that the ingjrne will be recolve(l aNJ the amount ran be measured reaNy. le) Grants are the amounts pa to the Varic Parc¢hial Church Courrils during tho year acwrdanc@ wlth the charity's objects. lfj Al works on the intendr and refuthi5hment Lrf the freelK)kJ vrtlilen durfng the year In whlch they are Incuryed. Works rokting to any buikffings will be Catalg Ir) thè fknancL81 perfod thay occw and r&vaknd at thè yw-end to market vakn8 for iiclusion wrfhin our property pothlio. Ig) Invegtments ar& shown on the ba[ sheet at their open market vakne at th8 yaar-8nd. (h} Invgstment properties are Induded at valuatlon and are held for an inestmenl relum. The SOFA includes th8 n8t gains a1 losses arisiry on revaknatw diswsaLs throughout the year. 111 Goneral funds are unrestricted fijnds whth are a¥ble for use al the discretion of Ihg trL¢Stees Sn furtherance of th6 genaral obAectives of the chaiity and which hav8 not been designated for oth8r purposes. DesIatsd fijnds rMpriSe reStri frdS thai have baon set asKIo by lh6 tnJste8s for parti(yJL4r purposes. The and Le of each desi1 fuTrJ 15 set (xfi in the notes to Ihe finarwl statnents. Ul Trad8 and other debtors are recognised althe setuemenl arrrfyjntdue afterany trade dISnI offor8d. Prepayments are Val at the anN)unt prepaNJ nel of any trado dCnts due. Ikl Cash at bank and cash k) hand includes cash and short tenn hhty liquKI investments 8 short matsjrity date of three rnonlhs lx from Ihe date of aul511)n 111 Creditors and provisions are re(x)gnised when the charity has a present obl¥JatiDn rp8ulting fr( a past event Ihat wlll prc4)ably result in the transfer of ftjnds to a third party and the amount due to settle thè obllgathn can be maaswed or estimated relw. Im) Going Con¢em.' At the te of apprnbryng the financial statements. the trustees have a re8sonabl8 expectation that IhB charity has adequate reswrces to continue in operational existera for the feseeab1e future. Thus the trustees c&tinUe to adopt the gryng o)nGem basis of arKounting in preparing the financial ststewnents. 13
THE CHURCH LANDS CHARITY NOTES TO TrIE FINANCIAL STATEMEp¥rs FOR ThIEPERIOD ENDEO 30 APRIL 2023 2. Judg•m¢nts arKI koy sourc•s of estimatlon uncertalnty In the appllcatfon of the chaiiWs aCnItg policies. the directors requlred to make judgements. estimates and assumpth)ns aut the carrylng amount of assets and Ilabilities that are not readlly apparent from (rth8r sourc8s. The 8Stimai8s and associated assumptions are based on hl&torical experience and other factor8 that are (x)nswJered to be relevanL Acbjal results may differ from these 85tima18S. The estimal8s and und8rtyiNJ assumptions are rewewed on an outgoing basls. Revislons to acwunting estlmates are recogni8ed in the Per) in which the esbmate is revised where Ihe revision affects on that perl¢yJ, or in the p8ri0d of th6 mision and )lJture pthM*% where Ihe rtivisw)n affects tK)th rrent and fvture periods. Key sourc9$ 01 gStlmat• un¢ortalnty Th8 eslmates and assumptiws whth have a $6gnlfjrant rk of cauwng a materlal adjustment to the carrying amount of assets arKI liabilities are as follows.. Valuallon of Investment Pmperty Thè valualon of the InVestrt proFwty as at 30th Atyil 2023 is based on thè wofe$51onal valuation undertaken by FNlekl Glyn Ltd. as at 4th May 2023. hanges to InveseRwnt Propertyportfollo Durfng Ihe podod, there has boen no addilion5 or disposa15 of invesbnent propwty. 14
THE CHURCH LANDS CHARrrY NOTES TO THE FINANCIAL STATEMEirrs FOR ThTE PERIOD ENDED 30 APRIL 2023 3. Costs of Ralslng Funds Gengral Deslgnated Funds Fund5 Total 2023 Total 2021 Propgrty Expendlturo Commercial rT)anagement charge Insurances Rent Collection chitecturdl Fees Legal Fees utilitigs Maintenance and ReIshMent 11.500 102,848 11.5CiI 102,848 7,334 76,928 1,029 7,242 1,820 27.415 1.357 27,415 1.357 115,867 18.091 277.078 115.867 18.091 277.078 82,137 8,313 184,803 Miscellaneous 4. Investmant Income General Deslgnatad Funds Funds Totsl 2023 Totsl 2021 Interest on dewstt a¢)Unts Lease Extens•)ng License Fee income Commarclal Rents Cottage Rents 9.926 37.400 2.%7 312,851 639.219 9.926 37,400 2,567 312,851 G¥a219 25,692 1.766 221,718 457,7C 1.001.963 1,001,963 7(B,892 5. Expendltur• on Charltable Adlvltlos GOral De$lgnatad Fund8 Funds Total 2023 Total 2021 Grnnts and Donatlons Parish Church of St Pet8 Parish Church of St Paul's Parish Churth of St Luk8'S 352,OCX) 44,0(KJ 44,orx) 352,000 44,0(X) 44,000 288.000 33,500 33.500 335.0 6. Other Expenses Gèn•rdl Do8lgnatgd Funds Funds Total 2021 2023 Managernent Fees Bad Debl Provision Audit Fees Bank Chorges 14.314 14.314 9,248 7.¢X)O 69 5,520 21.383 21.383 14,768 15
THE CHURCH LANDS CHARITY NOTES TO THE FINANCIAL sfATEMENTS FOR THE PERIOD ENDED 30APRIL 2023 7. Flxod Asset Inv08tments Proport1•6 2023 2021 Morket value at 1 January 2022 Investsnent &Jdttions In the year Falr value revaluatv)n Mark8t value 8t 30 April 20¥3 16.319,090 15,403,747 145,538 769,805 16,319.090 (3.668.813 12.650.277 Investment property comwlses rent81 propertles. The fair value of Ihe investment preTty, as at 30 Jun8 2023, has been anfved at on the basls of a valualEon carried out on 4th May 2023 by Fifield Glyn Lirnit¢d. who are not Connled with tt)e charlty. From time to time {Se upon accounti standards) the trustees arrdnge for a Red-Book vahjation of the trust's portfollo {and appty Ind8xalh)n changos for inteTvenlng yoarsl. Tr 2023 Valuatton use(J a drffnI approach than the prevlous Red-Book Valuation (conducted 9 years ago). Th8 ngw quantitativ8 mgthod (basing VuatIOnS on rental income potential. rather than residential sejes wnarketl is fell to be a more robust method to ewdence any fluctuation in prfolio vdue - e7Adenced by £3.6m reduction In portfollo value. 8. Debtors other debtors.. Rents held by agents Prepaywnenls and 8¢xnJed inc¥)me Recoverable from tenants 2023 2021 24,959 40,928 13,129 33,767 54.057 Within the Rents held by agents, is a sum 01 £24.959 (221. £40.928) represènung rent in arrears at th8 balance sheet dale. 9. Llabllltles.. Amounts falllng duè wlthln one year 2023 2021 Other CreditLYs Trade creditors 81.075 17,861 98.936 68,955 35,698 104,654 10.Unre$trIct Fun(ts Dfyslgnatsd Fund 2021 Transfers Expended 2023 Renovation re8eNe Redecoration rasè Roof reserve 74,852 1(X).016 62,838 237. 13,333 26.672 40,000 80,005 88,185 126.688 102,838 317,711 The designated fund's purpose is to provide funds for the upke8p of prt¥Jerties, including the peri(Mlio exierlor redec£Jratk)n ofthe Charitys propetyand the refurbishment of propths tt1 fall below current standards. 16
THE CHURCH LANDS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2023 11. Unrgslrf¢t•d Funds contlnugd General Fund This wmprise8: ArKumulated surplu5 ReVaSt10n resernle 2023 2021 4.560,021 8.492,039 4,349,024 12,160,852 13.052.060 16,509.876 2023 Total 2021 Total UnrgstrIGt¢d Dgslgnated Fd assets Current assets 12.332,566 7,930 317.711 11650,277 790,930 16,319,090 533.146 Current UabIlle9 (T1,436} (71.436) (104,6541 13,052.060 317,711 13.369.771 16,747,582 IZ Truststr's Remunernti¢ No rgrnunerafion is paid nor any exper8& reimburs to the tru8tee8. 13. Rolatod Partlos During Ihe year the followirrtJ trwwctions took fv TMLh related parknes: 2023 2021 Donatlons madg St Peterfs PCC st Paul's PCC St Luke'8 PCC 268,0(Kl 33.500 33,500 41,250 41,250 412.5CA) 335.fxKJ Al of Ihe aLe are related pwues thr(wh thoir involvement in dmIlng appoinknonts to the board of trustees. 14. Control The charity is under the ¢))nlrcl ofthe of InJ8tee8. 17
THE CHURCH LANDS CHARITY NOTES TO THE FINANCIAL STATEMEPUS FOR 7HE PERIOD ENDED 30APRIL 2023 15. Roconclllatlon of not rnovoment In funds to net flow from operatln9 activitt8S 2023 2021 Nèt movement In lunds Deduct Interest Income shown In Investing *iVi8 R8valuallon of ftxod assets Decrease in debtors Dgcrease in c¥edito {3.377.8111 (9,9261 3.668,813 20,290 (33,218) 944,126 (91 1769,8051 8.133 10.697 Not cash used In oporatlng actlvltlos 268,148 193.141 16. Legal Forn) The charlty Is an nIrporated enuty rogted wilh the Chwlty Commission ort 6th June 1995. 18
THE CHURCH LANDS CHARrrY ROTAMN OF TRUSTEES FOR THE PERIOD ENDED 30 APRIL 2023 Nama Date of Rellroment Rev M Dearnley (vicar at St Peter) Nomlnated by Parochlal Church Councll of St Peter For a t•mi of four y8ars Mr M Wler Holen8 Ellls Mr M Olver (Chairman) Mrs G Taylor June 2025 arch 2024 March 2025 Reslgnad March 2023 Due to an increase In other work Mmitments. Mrs G Taylor had to step down from her role as tr8asurer at St Peters and atso as a trustge for thi5 Trust. Nomlnated by Parochlal Church Councll of St Luke For a term of fouryears r P Kasar June 2026 Nomlnated by Parochlal Church c(ncIl of St Paul For a tèrni of four years Mr L Garsklo October 2024