Registered number 213312 St Sepulchre (Finsbury) United Charities Report and Unaudited Accounts 31 March 2022 Smllhfleld Accountants LLP Charte1 Aecountsnts Suite 1, Unlt 2, Stanstsd Coutyard Parsonage Road, Takeley, Essex, Cfv122 6PU
St Sepulchre (Finsburyl Unitsd Chariti08 Registered number". 213312 Trustee8' Report The Tru8tee8 present their repjrt and accounts for the ye8r ermjed 31 March 2022. Lègal StatUB Thè Charty is governed by the Scheme of 10th 1973, which form$ the rules and rogulalions of the Charlty. 8$ amended by various later Schemes approved by the Charity Commisslon. The 8ppoinlm8nl and proceedlng8 of tho Trustee8 are dealt wth In the S¢hemg8, whiGh al80 8et out the qualificallons required. There is no foimal Iralning given to Trustees, bul all Trustee$ ar? glven copy of the S¢hemes on apptsintmenl. so that they are famlliar Iheir dulles and oblaon$. Method of Rocrultmont of Truste•• The TNste8s afe appointed by recommendat¢on of the exlsling Trus189s. ObJ•etlvo• The oblecl$ of the cth8rllle8 a th8 relf of peryJon8 resident In th• area of benefft who ar• in need. hardship or dSstr888. The trustees may relieve such persons in noed by.. . Plaklng grants of money to them,. or b. Providing or paying for goods. aervlces or facllilles for Irn-, or ¢. Maklng grants of money to other p8r8ons or bodies wfio provide goods, Services or ts¢ilit5 to those In need The area of benefit Sncludes.. a. The Eccleslasli¢al Parish ol Sl Sepulchre {as In 19121 b The ft>Ther Melropolltsn Borough of Fln8bury Ory•nl8ath)n •nd D•cl•lon Maklng The Trustees delegate the day to day respK)nsibility of achleving the Charity's objectlves to the clerk and the staff of Smithfield Accountants LLP who admlnlsier the day lo day tr¥n5acUons and maintain the books and stalulory reCd$, and the ChaSrman of the Trustees, who make8 dècl8ion• on gran18 and pen3ion¥. The Tru8tee8 regularly meet lo revl8w Ihese aGllvltleB and make dec6sion$ as to the slrategiG ltion the Charity Should lake, and communicate thSs to those responslble tor dellvery. Revlew of Actlvltlu and Achl•v•mnt• The Tfuslees are pursulng ways ol Increaslng di8tn'bullons from Incom8 including supplementing the n81{ch0ry b)$0 from whkh payments can be made. The disiribubons have In the past en governed prlmarlly by the numkr of pensioners to whom tha Chanty can m8ke payments. bul the Charity 15 now Collaboran9 whh the Cripplegale Foundat+on and L.B. Is1Snglon to make grants to qualfying individuals in addition lo the payment of pensions. This 1$ resulting in a greater (Il$trlbutlon of funds to qualtyln9 r8clplgnts. The Charity approved the payment of four grants to organl8atlon8 operatlng wlthln the catchment area durlng the ye8r. totslllng £28,600 (2021- £nil) The Charity deals dlrecuy with the org8nisations fr*r th¢80 grants, and one of the Tru8tee$ will vl$it Qh of them grants are appfoved.
St Sepulchre {Finsbury) Unitod Charltigs Regislerod number: 213312 Tru8tse•' Report Flnan¢lal Rovl•w The Ch8Aty made 8 defidl of £30,845 before gainslllos88s) after making charrFable payments of £91,693. That deficrt has been deducted from the Accumulation Income from preVLFs years. At the year end, th• charity had re8eNes of £4.171.805, 01 whth £3,589,310 aro captt81 funds representing the charity's long term investments. Futurn Plan• The charity intends to raise in¢ome from property letb'ng and continue distributing funds to its b6nefichqrle$ in the same way going forward. The charfly is seeking to sell some of its investment propertie8 after obtoSning pnnIng pernirssn. Funds received from th8 88le are lo bg relnvesled lo prote¢l ¢apital and incr888e income 60 that the charity can Increase its level of benefit il can provtde. Publlc Benefft Stslem•nt Having due régard to the guidanee publishod by Ihg Ch8rity Commi88ion on publ 8en•fl( tho Twsiees are of the oplnion that the Chafity conlinugs to provide benefits lo tha persons resldlng or formerty employed In the Ecclosiaslical Parl8h of Sl. Sepulchrfr or the former Metropolitan BOroLh of Flnsbury by way of grants or penston5. InvMtm•nt Pow•rn and Pollcy The Trust Degd authoii8e6 the Tru$te88 to make and hold inve8lment8 u$ing the g•n•ral fvnds of the Gharfly. The Chadty8 fundamentsl Inv981menl pollcy over tho long tem Is to malntsln the real value of capltsl. Equlty InvlMnt Accountlng Poll¢y In Ofdgr lo comply with the Charity Commission's Accounting Jnd Reporting by Chadlles.. Statement of Recommended Practice ISORPI, the trustees are including inve8tmenl¥ at Market Value. This has resulted In an unrealised gain of £2,199 on Ited Investments. The accounts have been prepaied Jo that they accord wlth best pracll¢e as recommended by the SORP. Prfnclpal Fundlng Sourc The prin¢ipal Source of fvndlng lor the Charity Is the Inc0Th on its investments, wthich are prfn¢ipal rents. supplemented by Investrn8nls In managed funds and bank d9P08ts. The Chartty 8180 receives regular grants from The Henry Smllh Charity. R•¥orvos Polky At th• prasenl timg, the Charity ret8in¥ ¥ufflclent re6erv86 19 m•ot all It8 obllgalons for at least ong Rl•k Man•ggm•nt The Tru81eeB actbvely r•vl•w th• major riuks whlch th¢ ¢harlty fac•s on a regular basis and tell that maintsinin9 res8N¢s al current levels combined with an annual review of the conlrob over key financial systems will provide sufficient resources in the event of adverse conditions.
St Sepulehro {Finsburyl Unitsd Chariti08 Rogistered number: 213312 Trustses. Report Freehold Property Rovaluatlon A prOfe38n81 valuation of 117 Charterhousè Street as al 31st Mah 2021 was obtained. Slonehouse Fami was professionally valued during the year lo 31st March 2015. The Open Market Value at those dales is shown in th• accounts. 11 is tho chariVÈ policy to rov8lue every three years, h¢)wever In prevlous yoarn revaluafjon8 yr? delayed as the value of Slon6house Farm was likely to changg substantlally due to an agreement being drawn up ben th8 charity and the tenant to Modify th• lease. The charige lo the Se85e was finalised in the prfor year. however due lo th8 planning p8miission aplication 8nd change of use, any revaluation is Ilkely to not be relevant for long as the propety is to bg merketed for sale . Therefore the twstees do not think it is appfopriale lo r8valuo 8t the current year end. Grnnt M•klng Pollcy The conslilulion gives the TN8t805 the rfght k) givo grants Io suc$81UI 8ppli¢ants having fvlfilknd all Gondilions 5tipulaled (or such grants. AJI giants ar8 made to pgrsons residing or formerly employed In the E¢clesi88tlcal Parish of St. Sepulchr8 or the fomier MetrolItan Borough of Finsbury, or lo other org8nis8lions (Y inslltullons for such persons. COVID-19 Other than having to coordinate remotely more than ha8 prevlousty been nece88ary due to not being able to have in person trustee meetings and other factors causing some adminlslralive delays, the charity has been largety unnaffecled by the COVID-19 pandemic. At the date of th report the charty Is es8enlially opefating as il did before th• pandemi¢ again. Ind•p•nd•nt Examln•r FJM Aecountan¢v Lkl was appolnted a8 independent èxaminers during the y8•r and, bglng ollglble, offered themselves ft)r future re4ppolnlmenl.
St Sepulchre (Finsburyl United Charities Registered numbar: 213312 Trustees. Report St•temfrnt of the Tru8t••8' R•8pon8lblllti The Tnjslees are responsible for preparing the Trustees, Annu81 report and the accounts in accordance wth the applicable law and United lfjngdom Accountsng Standards {United Kingdom Generally Accapted Accounting Practic8). The law appll¢able to charKlo8 In England and Wales requlre the Trustee5 to prepare ilnandal sl*ments for each financ181 year lch glve a true and tsir vW ol the financial actlvilles durtng the year and of the fin8n¢i81 p08ition 8t the end of the year. In prèparing those financl81 $tsiemenls. the Trust888 are reouired lo.. Selg¢t sult8ble 8c¢ountlng wlicie8 and apply them con3i8tenlty. Observe thè methods and principles in the Chari116s SORP Make ludgom•nl8 and e8tlm8tes that are reasonable and pwdMI. Slate whglher applic#ble accounting standards and Statements of racommended practlcg have been followed. subject to any m8teTial departures disclosed and explalned In th¢ finan¢lal ststements.. and Prepare th¢ ffinancial 8talam•nl8 on a going ¢¥)ncem basis. unlw rt Is Inappropri8ts to assum• the Charity will continue In operation. The Trustee8 are responsible for kooping proper %counling records, whlch dl$do8e wlth l•a8onable accuracy the fln8n¢lal Fxyltlon of the Charfty and enable them to ensure that the financi81 st818menls comply with the Charities Act 2011, the Chanty (Accounts and Reports) regulations 2008 and the prow5nS of the trust deed They are also responsible for safeguardlng the assets of the Charity and hence for taking reaeonable 8teps for the prevention and dgt•¢lion of fraud and brgatheB of law and rg9ulalion8. Th• Trustees arè respOnble for tho molnl8nance and Intsgdty of the cherlty and blnancLal infomialion included on the Charitvs websile L8gig181fv)n in the United Kingdom governlng th• preparation and dis8eminatson ol the financ1 statements may dKf•r from legislatlon In othor iurisdidon8. This report was approveJ by the board on 13 September 2022 and slqned on Its bohaff. D Sando11 Chaimian
St Sopulchre (Flnsburyl Unltsd Charitlos Charity Infomiatlon Tru•t•g8 The Mayor of Islington D Sando11 (Chairman) J Tiotter R Hussein Councillor M. Hamilouche (rasigned 03.03.2022} E Poll lappolnled 01.04 20211 Counclllor P Graham {appoinleded 26.05.2022) Councillor B Ma¢kmurdl8 (appoinled8d 26.05.2022) Cl•rk Simon Poll Account•nl• Smlthflel¢J A¢¢ounlants LLP Suits 1, Unlt 2, StsnstetJ Coutyard ParBonage Road, Takelèy. E8sex. CM22 6PU Ind•pgnd•nt Examln•r FJM Accountancy Ltd 23 Shackleton Court 2 Maritlme Quay London E14 3QF B•nk•rn COIF Charflle$ Deposlt Fund Senator House 85 Quo8n Victoria Streol London EC4V 4ET HSBC PLC 1-3 Bishopsgale London EC2N 3AQ Clyd88dale Bank PLC tradlng as Virgln Money 5 Lcckey House 1 St Peter6 Street St Alban's AL13LP Nation8 Bullding SOcty Q'ng5 Park Road Moullon Park Northampton NW3 8NW Invutment Advl•rn & Portlollo Nomln•• Account Holdarn CCLA InStment Management Ltd S¥nalor House 85 Queen Victoria Str••t London EC4V 4ET Reglst•rnd offi Suite 1. Unil 2, Stansted Courtyard Par50nage Road. Takeley, Essex, CM22 6PU R•gltsr•d charlty numbor 213312
Indep8ndont Examlnerfs roport to the Truslees of St Sopulchre IFlnsbury) Unlted Charfti•• I report lo the TTUSt8es on my examinatpJn of the accounts of SL Sepulchre (Finsburyl United Chafities (the Trust) for the year ended 31 M8rch 2022. Respon8lbllltl•s and bas18 of report The Charty's Trusttrg 8re respon$ibl8 for thè prèp2rBlion of the aceounts in a¢¢OTdance with the requirements of the Chariles Act 2011 (the Act). The Charity's Tru$ts85 consider that an audit is not requlred for this year under Section 144121 of the Act and that an independent examlnabon is needed. I raport In reBPg¢t of my examlnation of the charlty's account6 on pages e to 15 carrled out under sectlon 145 01 the 2011 Act 8nd in carryang out my examination, I have followed all the applicable Directions given by the Charity Commission under section 1451Sllbl of the AGL The Charity 58 preparfng acwed accounts and l am quallfled to undertake tho ¢x¥mlngllon ty being qUaried FMA4T. Indop•ndent Ex•mlnoes Statsm•nt I havè eompleled my examin8tlon. I conflmi thbt no malorial m8tters have come to my attention in conn8clion with the examination whlch gfv88 me cau8e lo bel¢eve that in, any material respect.. the aDntIng record8 ware not kept In Kcordance with 8e¢kn"on 130 of the Charities Act,. or the accounts did not accord with the accounb'ng records., or the accounts did not comply with the applicable requirements concemlrwJ Ihe fom and content of 8ceounl$ set out in tha Charitiès {Aunts and Reports) Regulations 2008 other than any requirement Ihat the accounts gNe a and falf vlew %thtch Is not a matter wnsidered as part of an independent examination. I havè no concerns and have com8 acro8B no oth8r matter8 In eonnectlon wllh the examln8tlon to vthlch attentlon should be drawn In Ihls report in order lo enablo a proper underslandlng of Ihe 8ccounl$ to be reached Mr F J McDowell FMA4T FJM Accounl8w Ltd 23 Shackleton Court 2 Mantime Quay London E14 3QF 13 Septsmter 2022
st SepulGhro IFinsbury) Unitod Charltle8 statsment of Financial Activities for the year ended 31 March 2022 2022 2022 2022 2021 Unre31ncted Unrestricted Unfestr(8d Unre8trfcled Income Capital Total Total Fund Fund Fund8 Fund8 Incgmlng r0•ourl Investrnenl income {notes 8 and 9) Bank dèposit Inler88t Voluntary income 147,972 423 8,000 147,972 423 8,000 121.175 2,352 8,000 Tot•1 Incomlng r••our¢ 166.396 156,396 131,527 R••ouYG•• •xpend•d Charitable actlvSties INot•$ 10 and 11) Cost of generdling fiJndB {nolo 131 Govemance costs (Note 141 91.693 83,785 11,562 91,693 83,785 11,eé2 $8,322 89.023 8,750 Totsl mou5 expendod 187,040 136,095 N•t outgolng rn8OUtc•4 for the yoar Lo88 on Inve8lmenl proporty Inole 21 1120,000) Galn on equlty investments (nots 31 Intefaccount transfers 2,199 2,199 4,427 Ngt mov•m•nt In lund• 125 141 Roconclllatlon of fund¥s Total fund8 brought forward Total lund• c&rrf•d lorward 613.140 582 495 3,587,111 3,589,310 4,200,251 4 171,805 4.325.392 4 200.251 The were no recch3ni8ed galns or krysgeg for 2021 or 2022 other th8n those included in the statement of financial ¥tivities. None of the Chaiity8 8thili88 wer• acquired or di8continued in the above tsvo finan81 y•8r8.
St Sopulchre (Finsbury) Unbted Charltios Registered numbor: 213312 Balance Shoot a8 at 31 March 2022 2022 2021 Flxed •Js0ts Inveslmentpmp8ty 117 Charterhouse Street Slonehouse Fam- Farmland and Cottages 1,875,000 1,875,CilO 1.135,000 3,010,1) 1,135,¢X#) 3,010,000 Eqully In¥tmentS 1,233.44 COIF Income Shar88 24.310 3,034,310 22,111 3,032,111 Curr•nt 4•89t• Investment propety- Stonehouse Fami Buildlng$ Dobtor$ Cash al bank - Current Account - HSBC Deposk Account - COIF Dep081t Fund - Nationwlde Deposlt - Vlroln Money 08posII - Wirgin Money Account 555.000 555,000 12,412 3,385 121,828 11.702 389,653 88.456 85,132 18 696,787 81,280 11.701 389.60S 88.082 85,132 18 655,798 1,284.199 1.214.183 Credltovl: amounts f•llSng du• wtthln ono yoir 1126.7041 148.043) N•t curront a88•ts 1,137,495 1,168.140 N•t a•8•ts 4 171805 4,200 251 Charlty funds Unr86tricted c8pStal fund Unrgstrl¢tgd Irwmo furKI 3,589,310 S62,495 3.587,111 613,140 Charlty funds 16 4 171.805 4.200.251 The aGwunts were approved by the board on 13 September 2022 and signed on its behalf. D Sandell Chairman Approved by the board on 13 September 21y22
St Sepulchre {Finsbury) Unltod Charltles Slatement of Cash Flows for the year ended 31 March 2022 2022 2021 Opofatlng Athltl•8 Deficit fof the financlal year 128,448) 1125.1411 Adjustments for. IGainlllos8 on revaluallon of investmen16 Intere31 receivable Divrdend Income Other income {Increaselldecrea8e in debtor8 Increase in credltorn 12,1991 {4231 (6591 15131 19,0271 80,681 120.573 12,352) {6461 {5131 9,997 18,951 Casfi generated ty 0rAtIng Bctiv6tle6 39.394 20,869 Invgstlng actl¥ltle• Intsresl receivabse DivKlend Incorn• Olher income 423 859 513 2,352 513 Cash generated by inNEsling athlles 3.511 N•t CA•h g•n•rnt•d Cash generated by operallng activilies Cgsh generated by invasling acti¥ili88 39,394 1,595 20,889 3,511 Nei ¢B8h 9oner8ted 40,989 24,380 Cash and cash equNalents at 1 Apn'l Cash and cash 8qUrlent$ at 31 March 655,798 896,787 631,418 855,798 Cash and cash equfvalents comprlse.. Cash At bank 6g6,787 8.787 866,798
St Sepulchre (Flnsbury) Unlted Charlt108 Notes to the Accounts for the ygar ended 31 Alarch 2022 1 Accounllng pollcl•• Accounting Convention The financial $latements have bean prepared in accordance the Charitys trust deed. the Charities Act 2011 and "Accounting and Reporting by Charities: Slalemenl of Rè¢ommgnded Pracllce appllcable lo charltles preparing thgir accounts In accordanc8 with th8 Financlol Reporting Standard aple&blo In the UK and Republlc of Ireland IFRS 1021 leffedve 1 J8nu•ry 20191" St Sepuclhre IFln$buryl United Charikn"es meets the definiti'on of a publ benefit enw under FRS 102. Assets and Iiabililies are Inlually recognised at hFstOrl $1 or Iransthn value unle55 otherwise Stsled in the relevant accounting pollcy notes. The trustees consider that there are no material uncertain$ abjul the Charitys ability to continue as a going concem. Dwoclaeion No provlslon 18 made for depreclalKJn of Ireehold bulldlng8 88 they ar8 can81d8a to be Inveslm8nl6. Flxod Assets- Investment Pmp•ty 117 Charterhouse Street was professnallY revalued by Chartered 8urveyors on the open market value basls a131sl March 2021. 117 Charterhou8e Slre8t, London, EC1 M 6A4 by M888r8'. Robart Wll8on FRICS. hb SuN8yOfS & Valuers Ltd- £1,875,000 - 8utyect to exlstlng tenancles. Ston•hous6 Fam was last revalu8(J durlng th? yoar erldèd 31st March 2015. The trustees dkl not wish to revalue the fann 51 the year end, as the tharity ij awaitsng advic8 from bts agents r8gardlng the mattef. Slonehouse Fami. Frindsbury. Roche81er, Kent by Mes8rs'. J.S. Cgkutt IFRICS FAAV), Compl¢le Land Management- £1,690,000- subject lo existing tenan¢ies. Curnt Assets- Investment Pmperty Part of the Slonehouse Farm sile was transferred to current assets during the prvjr year as the Inlenllon Is to sell 01 be marketing lo sell this privately. The valuauon lor the transfer was detsTmlned by the tru8te88 wllh reference lo m8rf¢et condMlon8 and ex1611ng tenancles. Dlr¢ct Charhablo Exp•nses Grants & Pensions pay8ble are accounted for on th9 gCeTuals basis when approved by the TTU$teeg. Liabilities are recogni8¥d as resour expended as soon as there is 8 Wl or ¢onstructive obligation committing the Charity lo the oxpendllure. All expendrture is ac¢ounl•d lor on an accruak basis and has been cla86ifk9d under headlng6 Ihat aggregate all costs related to the category Investmgnts Investmen15 are stated al market valu& at the balance sheèt date. The statemgnl of financial activitie5 includes the nel galns and 10$sos arising on revaluellons and diswsals Ihroughoul the year. All Investments are held In the UK and are held primarity to provide an investment retum for the Charfty. 10
St S8pulchre (Finsburyl United Charities Notes to the Accounts for the year ended 31 March 2022 Govèmanee Costs Govemanee rAJsts inGlude those Costs a8seLthd wmh meeting the constitutional and statutory requirem9nts ofthe Charity and costs linked to management oflhe Charity. FundAccountlng- detalls th• funds andpu080 of •a¢h fund." Capital Account - this represents the orfglnal capital of the Charity and accumulated orowth. Including revaluations and unrealised ggins and losses on investments. There are no restrictiong to its use, and the Trustegs ty to maintain th at a lovel which wll generata suffici8nl Incom8 to cover annual exFenditure. Incom• Account - th18 répre8en18 Umlated Income, 1•80 oxpondiluro. Th8 fvnd ts prlmarity used to meet the annual expend¢iufe and generate fvrthar InrAime. Income Income18 credited to the stslem8nl of financig18cb'vlles when the Charfty has enlilement to the resour¢e$ and to the extent that the resources wll reIved. Ch•rft•bl• Actlvltl•s Grants payable are accounted for on the accruals ba$ls when 8pprov8d by tho Tru$lees. Li8bllille8 are recnISed as resources are exwnded or as soon as thero is o kgal or constructiv obligation cDmmltUng the charlty lo the expenditure. Gr8nts payable are payments made to Ihlrd partle6 In Ihg furiherance of th8 tharftsblo objectives of the Ch8rify. The gr8nls are charged In the year when fomialty Awarded by the Charity and communlcated lo the reclplent Iirespeclfft of the perltxl covered by the grant 86 Ihey are regarded by the Trustees as financKg1 obligations. Annual grants are payable to benefiCn99 on a quarterty basis •nd arn r•vith¥ed annually by the Twslees. The annu81 grant8 are al the di8cr8tlon of the Tru61e88 and therefore are provlded 88 Ihay arUe. 11
St Sepulchre (Flnsbury) Unltad Charitios Notss to the Accounts for the year ended 31 March 2022 2 Flx•d a880ts- Inv••tmont PTop•rty 2022 2021 stonohou&• Crt00•• Total Totsl Valuatlon At 1 April 2021 ftedasslficallon as current assel investment 1,135,000 1,875,000 3,010,000 3,890,000 1680.0001 3,010,000 At 31 March 2022 1875,000 3 010,000 Dèpreclatlon Al 1 April 2021 Al 31 March 2022 Nol book value Al 31 March 2022 1 135,000 1,875,000 3,010,000 3 010,000 A¢ 31 Maroh 2021 1 136000 ¥ 010,000 3 090 000 Detalts of the propety revaluations are di8G103ed in note1 (Flxed Awets- lnytrnent Property). Th• charfty ha8 held the propertle8 lor many years ond the h18torl¢ coste are not av8ilgble. J Plx•d ••••t• . •qylty I0¥tM•1* common InvMtm•nt 2022 Total 2021 Total Fund ICOIFI Valuatlon Al 1 April 2021 Revaluation 22,111 2,199 22,111 2,199 17.684 4,427 At 31 March 2022 24,310 24,310 22,111 The cost ol the Common Inveslment Fund (GOIF) was not known due lo beln9 comblned wlth tha JP Morgan Fund. However it was e•timBted with ref•r•nc• to m8rk•t volu98 * £13,2C8. The shareholding of the COIF Fund as al 31st March 2022 was 1,233.44 shares. D•btorn 2022 2021 Rent recelyable Othar d&btorB 9,149 3.263 3.385 12.412 3.385 12