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2021-06-30-accounts

THE FRIENDS OF ST GEORGE'S MEMORIAL CHURCH YPRES

Registered charity number: 213282

TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2021

THE FRIENDS OF ST GEORGE'S MEMORIAL CHURCH YPRES

CONTENTS

Page
Charity information 1
Trustees' report 2 to 4
Statement of Financial Activities 5
Balance sheet 6
Notes to the financial statements 7 to 9
Independent Examiner's Report 10

THE FRIENDS OF ST GEORGE'S MEMORIAL CHURCH YPRES

CHARITY INFORMATION

Chairman Sir Edward Crofton, Bt
Trustees
Sir Edward Crofton, Bt
Dr Derek Gallagher
Mr William Leetham
Mr Michael McKeon
Miss Eve Speare
The Revd Canon Graham Derriman
Mr Nigel Divers
Mr Brian Fawcett
Mr Colin Butler
Miss Valerie Jacques
Mr David Humberston
Mr Christopher Sims
Ms Amy Harrison
Charity Registration Number 213282
Principal Address 69 Honey Hill
Whitstable
CT5 3BP

1

THE FRIENDS OF ST GEORGE'S MEMORIAL CHURCH YPRES

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2021

The Trustees present their report and accounts for the year ended 30 June 2021.

The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the governing document, statutory requirements and the Statement of Recommended Practice: Accounting and Reporting by Charities 2011 (SORP).

Structure, Governance and Management

The charity is organised so that the Trustees meet to manage its affairs. There are currently thirteen trustees who manage the charity. The trust is also assisted by volunteers who offer their services from time to time.

In selecting individuals for appointment as Trustees regard is given to the skills, knowledge and experience needed for the effective administration of the charity. New trustees are provided with the trust deed and latest report and accounts, and appraised of the application of the charitable objectives set, and of the essential duties of a Trustee. This includes an annual evaluation of risks facing the Trust in pursuit of its charitable objectives.

Risk Management

The Trustees have informally assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate the exposure to major risks.

Objectives and Activities

The object of the charity is to to provide interest and knowledge of St George's Memorial Church in Ypres, and to provide funds to ensure the future of the Church and augment the Endowment Fund administered by the Ypres British Settlement.

Grant Making Policy

Grant applications are considered by the Trustees and grants are given consistent with the charity's objectives.

Statement of Public Benefit

We have reviewed the Trust’s objectives in accordance with the Charities Commission guidance on public benefit.

Financial Review

The Statement of Financial Activities is shown on page 5. There was a net increase in total funds of £160,764 (2020: £176,968) after realised and unrealised losses on investments of £155,801 (2020: £94,696), and the sale of the chaplaincy which realised £244,743 for the charity in the previous year. The Trustees confirm that the charity’s assets are available and adequate to fulfil its financial obligations.

2

THE FRIENDS OF ST GEORGE'S MEMORIAL CHURCH YPRES

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2021

Achievements and performance

The Trust was set up in 1957 to promote interest in St George's Memorial Church, Ypres and acting as a link between the Church and people in the United Kingdom and overseas, co-operating with other organisations in Belgium and Britain for the benefit of the Church, making grants to the Church for specific projects, and arranging visits to the Church by groups of members and friends.

We have made grants to the Diocese to assist prospective clergy candidates as well as the grants to the Church in Ypres. The investment income stream remains stable and shows a rate of return that is way above anything that can be obtained from normal deposits.

The stock market recovered from the effects of the previous years' covid-19 pandemic resulting in a further increase back of capital values; dividend yields are expeted to be lower hoowever. The portfolio is kept under constant review and changes are made from time to time bearing in mind the alterations to the fortunes of our investments.

The charity has ended the financial year in a sound and healthy state.

Investment Policy and Performance

In accordance with the Trust Deed, the Trustees have the power to invest in such stocks, shares, investments and property in the UK as they see fit. Investec manage the investments on behalf of the trust.

Reserves Policy

Whilst the need for certain specific reserves are identified to produce income for grants, the balance representing the general fund is retained on the basis of working capital being required in order to allow the charity to fund future activities in furtherance of its charitable objects over future years.

3

THE FRIENDS OF ST GEORGE'S MEMORIAL CHURCH YPRES

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2021

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' report and financial statements in accordance with applicable law and UK Generally Accepted Accounting Principles.

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees on ….................. and signed on their behalf by

Sir Edward Crofton, Bt Chairman

4

THE FRIENDS OF ST GEORGE'S MEMORIAL CHURCH YPRES

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 JUNE 2021

Note
INCOME
Voluntary income
Investment income
2
Total income
EXPENDITURE
Expenditure on
Charitable activities
3
Other expenditure
4
Total expenditure
Net losses on investments
7
Net gains on property sold
6
Net movement in funds
before gains on investments & property
Total funds brought forward
Total funds carried forward
Net income and net movement in funds
Income from		 General fund
£
7,355
34,451
41,806
16,227
20,616
36,843
4,963
155,801
-
160,764
1,097,580
Unrestricted Funds
1,258,344		 2021
Total
£
7,355
34,451		 2020
Total
£
8,474
36,093
41,806 44,567
16,227
20,616		 3,000
14,646
36,843 17,646
4,963
155,801
-		 26,921
(94,696)
244,743
160,764
1,097,580		 176,968
920,612
1,258,344 1,097,580

All reserves movements are on Unrestricted Funds.

5

THE FRIENDS OF ST GEORGE'S MEMORIAL CHURCH YPRES

BALANCE SHEET

AS AT 30 JUNE 2021

Notes
Fixed assets
Investments
7
Current assets
Cash at bank
Creditors: amounts falling due within one
year
Net current (liabilities)/assets
Total assets less current liabilities
Represented by:
Unrestricted funds:
General funds
Total funds
8		 £
12,360
(17,026)		 2021
£
1,263,010
(4,666)
1,258,344
1,258,344
1,258,344		 2020
£
£
834,581
263,276
(277)
262,999
1,097,580
1,097,580
1,097,580		 2020
£
£
834,581
263,276
(277)
262,999
1,097,580
1,097,580
1,097,580
1,097,580
1,097,580
1,097,580

The financial statements were approved by the Trustees and authorised for issue on ….................. and signed on behalf of the Trustees by

Sir Edward Crofton, Bt Chairman

Mr William Leetham Treasurer

6

THE FRIENDS OF ST GEORGE'S MEMORIAL CHURCH YPRES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

1 Principal accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments. The financial statements have been prepared in accordance with the Charities Act 2011, the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities'.

Incoming resources

Donations are accounted for on receipt, at the estimated value of investments donated, or the actual value of cash donated. Voluntary income and donations, and any gift aid relief, are accounted for on receipt by the charity, and recognised in the Statement of Financial Activities.

Resources expended

Expenses and grants payable are recognised in the accounts when they are incurred by the charity.

Investments

Investments are stated at market value. Realised and unrealised gains and losses on investments are recognised within the Statement of Financial Activities. Dividend income is credited to income on an accruals basis, using the date of payment of the dividend.

Reserves

The charity holds reserves in order to fund future charitable activities and grants in furtherance of the charitable objectives.

2 Investment income

Income from investments
Interest receivable on cash deposits
Grants made
Grants to Church and Diocese
Talbot House, Poperinge
Charitable grants		 Unrestricted
funds
£
34,345
106
34,451
Unrestricted
funds
£
16,227
-
16,227		 Total
Total
2021
2020
£
£
34,345
36,093
106
-
34,451
36,093
Total
Total
2021
2020
£
£
16,227
2,000
-
1,000
16,227
3,000

3 Grants made

7

THE FRIENDS OF ST GEORGE'S MEMORIAL CHURCH YPRES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

4 Other expenditure

Other expenditure
Exchange loss
Newsletter
Fundmanagers' fees
IT costs
Insurance
Sundry expenses
Independent Examiners' fee		 Unrestricted
Total
Total
funds
2021
2020
£
£
£
9,962
9,962
-
2,868
2,868
2,866
5,489
5,489
4,539
985
985
-
495
495
-
577
577
7,001
240
240
240
20,616
20,616
14,646

4 trustees (2020: 6) received reimbursement of expenses during the year for travel costs, postage and stationery, of £894 (2020: £2,133).

5 Fixed assets

Cost
At beginning of year
At end of year
Depreciation
At beginning of year
At end of year
Net book value
At 30 June 2021		 Website
costs
£
21,572
21,572
21,572
21,572
-

6 Property sale

The Friends of St George's Memorial Church at Ypres had made a grant of £108,000 in 1996, to assist the Church with the purchase of the chaplaincy house. This was held in a trust. The trustees had undertaken to pay the sale proceeds to The Friends of St George's Memorial Church at Ypres should the property ever be sold; during the year to 30 June 2020 the sale realised £244,743 for the charity.

8

THE FRIENDS OF ST GEORGE'S MEMORIAL CHURCH YPRES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

7 Investments

Investments
At Market Value
At beginning of year
Additions & disposals
Realised and unrealised (losses)
At end of year		 Listed
investments
£
834,581
272,628
155,801
1,263,010		 Total
Total
2021
2020
£
834,581
916,391
272,628
12,886
155,801
(94,696)
1,263,010
834,581

8 Analysis of fund balances: movement in resources

Unrestricted funds
General fund
Total Unrestricted Funds		 At beginning
of year
£
1,097,580
1,097,580		 Incoming
resources
£
197,607
197,607		 Outgoing
resources
£
36,843
36,843		 At end
of year
£
1,258,344
1,258,344

9 Registered charity

The charity is registered in England (No. 213282) and as such is not liable to tax.

9

THE FRIENDS OF ST GEORGE'S MEMORIAL CHURCH YPRES

INDEPENDENT EXAMINER'S REPORT

Independent examiner's report to the trustees on the unaudited accounts of The Friends of St George's Memorial Church Ypres, for the year to 30 June 2020

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of accounts in accordance with the Charities Act 2011 ('the Act').

The charity's trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed.

It is my responsibility to

Basis of independent examiner’s statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no material matters have come to my attention which gives me cause to believe that in any material respect

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Alex Spofforth FCA Spofforth Partners Limited Chartered Accountants Byne Cottage Manley's Hill West Sussex RH20 4BN

….......................

10