CHARITY NUMBER: 1001314
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
FINANCIAL STATEMENTS
YEAR ENDED 8 NOVEMBER 2023
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
FINANCIAL STATEMENTS YEAR ENDED 8 NOVEMBER 2023
CONTENTS
| Page |
|---|
| Charity Information 1 |
| Report of the Trustees 2 |
| Independent Examiners Report 5 |
| Statement of Financial Activities 6 |
| Balance Sheet 7 |
| Notes to the Financial Statements 8 |
Page 1
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
FINANCIAL STATEMENTS YEAR ENDED 8 NOVEMBER 2023
CHARITY INFORMATION
Registered Charity Name
The Chester Parochial Relief in Need Charity
Address
The Parish Office, St Peters Church, Watergate Street, Chester, CH1 2LA.
Charity Number
1001314
Trustees
Mr David Walker (Chairman) (appointed 12 June 2023) Mrs Margaret Bellis Ms Carol Toms (appointed 15 March 2023) Ms Alison Davies (appointed 15 March 2023) Ms Christine Burkett (appointed 06 November 2023) Ms Jo Carter
(appointed 15 March 2023) (appointed 15 March 2023) (appointed 06 November 2023) (appointed 20 May 2024)
Independent Examiners
Xeinadin North West Limited 2 Hilliards Court Chester Business Park Chester CH4 9QP
Page 2
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
FINANCIAL STATEMENTS YEAR ENDED 8 NOVEMBER 2023
REPORT OF THE TRUSTEES
The Trustees present their report and the independently examined financial statements for year ended 8 November 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
The objects of the Chester Parochial Relief in Need charity are the relieving either generally or individually persons resident in the area of Chester who are in conditions of need, hardship or distress. The objects of the related consolidated charity are the providing of one or more persons with a bible, prayer book or other religious books with any remaining income being used to augment the income of the Chester Parochial Relief in Need charity.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The charity gave charitable grants of £1,714 (2022: £539) during the year.
Financial review
During the year the Chester Parochial Relief in Need charity received total income of £27,887 (2022: £48,544). This comprised fixed asset investment income of £6,637 (2022: £6,321), grants £3,000 (2022: £16,600) and the related consolidated charity rental income of £18,250 (2022: £25,623).
Expenditure totalled £16,446 (2022: £14,959). This comprised charitable grants of £1,714 (2022: £539), insurances of £3,793 (2022: £3,418), investment management fees of £1,609 (2022: £1,690) and other administration expenses of £9,330 (2022: £9,312).
The related consolidated charity transferred £15,283 (2022: £23,000) to the Chester Parochial Relief in Need charity. The charity has seen a revaluation deficit of £4,624 (2022: £17,586) on its investments and a disposal loss of £63 (2022: £31), so the overall movement of funds was a surplus of £6,754 (2022: £15,968).
The value of its investments decreased from £180,282 to £174,513. Cash reserves increased from £63,028 to £75,552. The value of the endowment fund as at 8 November 2023 was £173,560 (2022: £167,868) and the income fund was £69,750 (2022: £82,197).
Reserves
The board of trustees has examined the requirements for the reserves policy considering the severity and likelihood of the primary risks to the charity. It has established a policy whereby unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 3 and 6 months of projected expenditure for the following financial year.
Plans for the future
The charity have no formal plans for the future however will continue to operate as normal and implement plans next year.
Page 3
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
FINANCIAL STATEMENTS YEAR ENDED 8 NOVEMBER 2023
REPORT OF THE TRUSTEES - continued
Structure, Governance and Management
The Chester Parochial Relief in Need charity was registered on 17 December 1990 having been formed under a scheme dated 8 November 1988, varied on 25 March 1993, 7 October 1998 and 6 June 2005.
The charity trustees are responsible for the general control and management of the charity. The trustees give their time freely and receive no remuneration or other financial benefits. The administration work is carried on by an independent clerk who is paid for her services.
Existing trustees are responsible for the recruitment of new trustees as and when required. References are taken and the prospective trustee is invited to attend trustees meeting prior to their appointment.
Trustees
The trustees who served during the year and up to the date of signature of the financial statements were:
Ms Adrienne Elloy (Chairman) (resigned 18 March 2024) Mr David Walker (Chairman) (appointed 12 June 2023) Mrs Margaret Bellis Ms Carol Toms (appointed 15 March 2023) Ms Alison Davies (appointed 15 March 2023) Ms Christine Burkett (appointed 06 November 2023) Ms Jo Carter (appointed 20 May 2024) Ms Elizabeth Bolton (resigned 25 January 2023)
Trustees are appointed in accordance with the governing document of the charity. None of the trustees has any beneficial interest in the company. All Trustees have defined areas of responsibility commensurate with their skills and experience. An appropriate financial control policy is in place and is reviewed regularly by the trustees.
Investment policy
The trustees have delegated the management of its listed investments to a firm of stockbrokers who report back to the trustees on a quarterly basis.
Risk management
The trustees recognise their responsibilities with regard to risk management. Risks to which the charity may be exposed are identified and reviewed by the trustees on an annual basis.
Recruitment and appointment of new trustees
New trustees are recruited and appointed by the existing trustees as vacancies arise on the Board.
Induction and training of trustees
New trustees are provided with information about the charity and its work and their role and responsibilities as trustees.
Page 4
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
FINANCIAL STATEMENTS YEAR ENDED 8 NOVEMBER 2023
REPORT OF THE TRUSTEES - continued
Trustees’ responsibilities statement
The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and 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 for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in operation.
The trustees are responsible for keeping adequate accounting records that 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 and the provisions of the Trust Deed.
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.
By order of the trustees Mr David Walker (Chairman) Date: 18[th ] December 2024
Page 5
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF CHESTER PAROCHIAL RELIEF IN NEED CHARITY
YEAR ENDED 8 NOVEMBER 2023
I report to the trustees on my examination of the financial statements of Chester Parochial Relief In Need (the charity) for the year ended 8 November 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
Stephanie Baker BA(Hons) ACA Xeinadin North West Limited 2 Hilliards Court Chester Business Park Chester Cheshire CH4 9QP
Date: 18[th] December 2024
Page 6
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 8 NOVEMBER 2023
| INCOME Charitable activities (Note 2) Other trading activities (Note 3) Investments (Note 4) TOTAL INCOME EXPENDITURE Charitable activities (Note 5) TOTAL EXPENDITURE NET FUNDS BEFORE TRANSFER Gains/(losses) on investments: On disposal (Note 7) On revaluation (Note 7) Net transfer between funds NET MOVEMENT IN FUNDS Balance at 9 November 2022 Balance at 8 November 2023 |
Bible Fund £ - 18,250 - 18,250 (2,967) (2,967) 15,283 - - - (15,283) - - - |
Income Fund £ 3,000 - 565 3,565 (11,941) (11,941) (8,376) - (541) (541) 15,283 6,366 69,750 82,197 |
Perm Endow £ - - 6,072 6,072 (1,538) (1,538) 4,534 (63) (4,083) (4,146) - 388 173,560 167,868 |
2023 Total £ 3,000 18,250 6,637 27,887 (16,446) (16,446) 11,441 (63) (4,624) (4,687) - 6,754 243,310 250,065 |
2022 Total £ 16,600 25,623 6,321 |
|---|---|---|---|---|---|
| 48,544 | |||||
| (14,959) | |||||
| (14,959) | |||||
| 33,585 (31) (17,586) |
|||||
| (17,617) | |||||
| - | |||||
| 15,968 227,341 |
|||||
| 243,310 |
Page 7
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
BALANCE SHEET 8 NOVEMBER 2023
| 2023 2022 | ||
|---|---|---|
| £ £ | ||
| FIXED ASSETS | (Note 7) | |
| INVESTMENTS - PERMANENT ENDOWMENT | ||
| Investment Assets with Rathbones at valuation | 167,075 172,303 | |
| INVESTMENTS - ACCUMULATED INCOME | ||
| Investment Assets with Rathbones at valuation | 7,438 7,979 | |
| __ ____ | ||
| 174,513 180,282 | ||
| __ ____ | ||
| CURRENT ASSETS | ||
| Cash at CCLA | 7,082 7,082 | |
| Cash at Rathbones – Permanent Endowment | 793 1,257 |
|
| Cash at Rathbones – Accumulated Income | 340 411 | |
| Cash at Bank | 67,337 54,278 | |
| __ ___ | ||
| 75,552 63,028 | ||
| __ ___ | ||
| TOTAL NET ASSETS | 250,065 243,310 | |
| __ ____ | ||
| FUNDS |
(Note 8) | |
| Permanent Endowment Fund | 167,868 173,560 | |
| Accumulated Income Fund | 82,197 69,750 | |
| __ ____ | ||
| 250,064 243,310 | ||
| __ ____ | ||
| Approved by the Trustees on 18thDecember 2024 | ||
| Signed on its behalf by: |
Mr David Walker (Chairman)
Page 8
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 8 NOVEMBER 2023
_____________
1. Accounting policies
a) Charity information
Chester Parochial Relief in Need is a charitable trust registered with the Charity Commission in England and Wales. The registered number is 1001314 and the registered off is The Parish Office, St Peters Church, Watergate Street, Chester, CH1 2LA.
b)Basis of preparation
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity.
Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, except the investments which are included at market value. The principal accounting policies adopted are set out below.
c) 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.
d) Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
e) Income
Grants and donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Investment income is recognised on a received basis.
Page 9
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 8 NOVEMBER 2023
_____________
1. Accounting policies (continued)
f) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
The charity has taken exemption from disclosing the names of grant recipients and their amounts as permitted under the charity SORP section 16.25.
g) Fixed asset investments
Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
h) Cash at bank
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the account.
i) Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted.
2. Charitable activities
| Grant received | Unrestricted funds Total Total 2023 2023 2022 £ £ £ 3,000 3,000 16,600 |
|---|---|
| 3,000 3,000 16,600 |
The above grants were received from The John Holford Charity in 2023 and The Henry Smith Charity in 2022. All income from charitable activities in 2022 were unrestricted.
Page 10
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 8 NOVEMBER 2023
______________
3. Other trading activities
| Rent received | Restricted funds Total Total 2023 2023 2022 £ £ £ 18,250 18,250 25,623 |
|---|---|
| 18,250 18,250 25,623 |
All income from other trading activities in 2022 was restricted.
4. Investments
| Dividends from listed investments | Unrestricted funds Endowment funds Total Total 2023 2023 2023 2022 £ £ £ £ 565 6,072 6,637 6,321 |
|---|---|
| 566 6,072 6,637 6,321 |
In the comparative period dividends from listed investments totalled £6,321 of which £318 was unrestricted and £6,003 was endowed.
5. Charitable Expenditure
| Direct costs Grants awarded Support costs Insurances Clerks fees Independent examiners fees Investment management fees |
Bible Fund £ - 2,967 - - - 2,967 |
Income Fund £ 1,714 826 8,400 930 71 11,941 |
Permanent Endowment £ - - - - 1,538 1,538 |
2023 Total £ 1,714 3,793 8,400 930 1,609 16,446 |
2022 Total £ 539 3,418 8,400 912 1,690 |
|---|---|---|---|---|---|
| 14,959 |
Page 11
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 8 NOVEMBER 2023
______________
5. Charitable Expenditure (continued)
| Direct costs Grants awarded Support costs Insurances Clerks fees Independent examiners fees Investment management fees |
Bible Fund £ - 2,623 - - - 2,623 |
Income Fund £ 539 795 8,400 912 75 10,721 |
Permanent Endowment £ - - - - 1,615 1,615 |
2022 Total £ 539 3,418 8,400 912 1,690 |
|---|---|---|---|---|
| 14,959 |
6. Trustees
Trustees received no emoluments or expenses for the period (2022: £nil)
7. Fixed Asset Investments
| 7. Fixed Asset Investments | ||
|---|---|---|
| Movement in fixed asset investments Market value brought forward at 9 November Surplus/(deficit) on revaluation Disposals Market value as at 8 November |
2023 £ 180,282 (4,688) (1,081) 174,513 |
2022 £ 199,584 (17,617) (1,685) |
| 180,282 |
If the investments were stated at historical cost. The value at 8 November 2023 would be £189,478 (2022: £190,622).
Page 12
CHESTER PAROCHIAL RELIEF IN NEED CHARITY
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 8 NOVEMBER 2023
______________
8. Statement of funds
| Bible fund Income fund Permanent endowment Bible fund Income fund Permanent endowment |
As at 9 Nov 2022 £ - 71,009 172,301 243,310 As at 9 Nov 2021 £ - 48,502 178,840 227,342 |
Income £ 18,250 3,565 6,072 27,887 Income £ 25,623 16,918 6,003 48,544 |
Expenditure £ (2,967) (11,941) (1,538) (16,446) Expenditure £ (2,623) (10,721) (1,615) (14,959) |
Other Movements £ (15,283) 14,742 (4,146) (4,687) Other Movements £ (23,000) 16,310 (10,927) (17,617) |
As at 8 Nov 2023 £ - 77,375 172,689 |
|---|---|---|---|---|---|
| 250,064 | |||||
| As at 8 Nov 2022 £ - 71,009 172,301 |
|||||
| 243,310 |
9. Analysis of funds
| . Analysis of funds | ||
|---|---|---|
| Fixed asset investments Current assets |
At 8 November 2023 Income Permanent Total Fund Endowment Funds £ £ £ 7,438 167,075 174,513 74,759 793 75,552 82,197 167,868 250,065 |
At 8 November 2022 Income Permanent Total Fund Endowment Funds £ £ £ 7,979 172,302 180,281 61,771 1,257 63,029 |
| 69,750 173,560 243,310 |