REGISTERED COMPANY NUMBER: 00149542 REGISTERED CHARITY NUMBER: 218980
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
ST ANNE'S CATHOLIC SETTLEMENT (THE)
A company limited by guarantee
ST. ANNE'S CATHOLIC SETTLEMENT(THE)
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023
| Page | |
|---|---|
| Company Information | 1 |
| Report of the Trustees | 1 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 |
| Independent Accountants’ Report | 13 |
| Income and Expenditure Account | 14 |
ST. ANNE'S CATHOLIC SETTLEMENT(THE)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2023
The trustees present their report and the audited financial statements for the year ended 31 March 2023.
Reference and Administrative Information
Charity Name : The St Anne’s Catholic Settlement Charity registration number : 218980 Company registration number : 149542 Registered Office address : 77 Erith Road Bexleyheath Kent DA7 6BS Trustees J Ginnane Chair A M Connor – resigned 13.6.22 L Wall M M Lynch – resigned 13.8.22 P Wall Rev G Wilson M Ginnane Company Secretary M Ginnane – appointed 13.6.22; resigned 21.6.22 A M Connor – resigned 13.6.22 Accountants Hilary Adams Ltd Chartered Accountants 158 High Street Herne Bay Kent CT6 5NP Bankers Metro Bank One Southampton Row London WC1B 5HA Solicitors Charles Russell Speechlys 5 Fleet Place London EC4M7RD
Page 1
ST. ANNE'S CATHOLIC SETTLEMENT(THE)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2023
Structure, Governance and Management
Governing Document
The organisation is a charitable company limited by guarantee, incorporated on 5 February 1918 and registered as a charity on 10 September 1963.
The company was established under a trust deed and following incorporation this became the Memorandum and Articles of Association.
Risk Management
The Trustees continue to update its assessment of the major risks to which the charity is exposed, particularly in relation to those which could, if they occurred, have a serious impact on its financial stability or operational effectiveness and, thus, its ability to deliver its aims and objectives.
Recruitment and Appointment of new trustees
The directors of the company are also charity trustees for the purposes of charity law. Regular trustee skills audits are carried out to identify the resources available within the Committee and gaps are addressed through training and by seeking new members with the requisite experience.
Objects and activities
The objectives of the charity are to relieve hardship among people of all faiths and of no faith living or working in the present Roman Catholic Archdiocese of Southwark by providing such persons with support including the provision of community, health and learning facilities and resources.
In furtherance of the above,
(a) offering resources, support, guidance and mentoring services to those organisations (particularly but without limitation) involved in supporting the vulnerable;
(b) supporting the work of and developing closer links with the Roman Catholic Parish of St Anne’s Vauxhall and the outreach work undertaken by it and the Charity.
Provided always such charitable objectives and activities shall be exercised in the furtherance of and in general accordance with the statements of the belief and doctrines of the Roman Catholic tradition.
Activities
The settlement provides low cost accommodation in the Vauxhall Cross area of London to Catholic charities. This enables these charities, which need a local or London base, to continue their work within the area. The charities concerned provide services such as before and after school care for children, a pre-school nursery and promotion of catholic religion through publications. A professional firm of surveyors is retained to manage the properties concerned.
By provision of this accommodation to other charities the Settlement discharges its own charitable objective.
Page 2
ST. ANNE'S CATHOLIC SETTLEMENT(THE)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2023
Achievements
The directors have throughout the course of the last year continued to ensure that the property offers both affordable accommodation to charities and also provides a facility for charities to utilise in order to help them deliver services effectively.
The office accommodation offers a base to three core charities that provide much needed services in the Diocese of Southwark and beyond.
Space has also been provided for the delivery of pre and post school hour clubs for children whose parents need child care either before or after school hours.
The hall is heavily utilised by the Latin American community for prayer meetings, children’s groups, Community groups and classes in literacy. In addition, it is used by other catholic groups, local groups and for community functions.
The Charity has continued to offer financial support the provider of pre and post school services to children in the area providing a safe and secure environment for them to continue to learn and to be cared for.
In more recent times, the higher utility costs and increasing inflation rates will have another strong negative impact on the Charity. Work is being done to prepare for what is likely to be a another very costly winter period.
A large percentage of the director’s time has been taken up with attempting to secure a planning permission - it was submitted to the Planning Authority over 34 months ago and has seen little response or reaction despite there being an obligation to determine the application within 16 weeks. This work is vital to the future of the Charity.
The Charity is sad to record the death of Margaret Lynch, a long standing and extremely valued director of the Settlement. She is greatly missed.
Financial review
Results for the year
The net increase in funds for the year amounted to £38,974 (2022 £41,202). This figure includes investment income of £14,138 (2022 £4,675), and total investment losses of £5,535 (2022 gains of £6,152). These results are as expected.
Investment policy
The main investment assets of the Charity are the buildings themselves which continue to need a significant level of attention. The main investment objective of the Charity is to maintain the condition of the buildings to ensure they maintain their value and remain fit for purpose. The designated fund, which the Charity has set aside over the years for this specific purpose, is now being used to make the necessary improvements. Over and above the designated fund the Charity considers that it has sufficient resources for unplanned works to be undertaken should the need arise.
Reserves policy
The balance on unrestricted funds at 31 March 2023 was £3,859,276 (2022 £3,820,302) The Charity aims to maintain adequate reserves to ensure the continued provision of its charitable services. The Charity has set aside an amount of the reserves to fund future repairs to the buildings owned by the Charity, details of which are set out in note 13 to the Financial Statements.
Page 3
ST. ANNE'S CATHOLIC SETTLEMENT(THE)
REPORT OF THE TRUSTEES for the Year Ended 31 March 2023
Trustees
The trustees shown below have held office during the whole of the period from 1 April 2022 to the date of this report.
A M Connor J L D Ginnane M M Lynch P M D Wall L A Wall M Ginnane Rev G Wilson
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in March 2005) and in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small entities.
ON BEHALF OF THE BOARD:
....................................................... J L D Ginnane - Director
Date: .............................................
Page 4
ST ANNE'S CATHOLIC SETTLEMENT (THE)
STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) for the Year Ended 31 March 2023
| Funds 2023 Notes £ Incoming resources: Voluntary income: Donations & legacies 7,600 Investment income 14,138 Activities for generating funds: Fundraising income - Incoming resources from charitable activities: Rents 101,067 Grants 521 Total incoming resources 123,326 Resources expended Costs of generating funds: - Charitable activities 78,817 Total resources expended 3 78,817 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Net incoming resources before other recognised gains (net income for the year) 44,509 Other recognised gains Gain/(loss) on revaluation of investments (5,535) Gain on revaluation of investment property - Net movement in funds 38,974 Total funds brought forward 3,820,302 Total funds carried forward 13 3,859,276 Unrestricted |
Restricted Funds 2023 £ - - - - - - - - - - - - - - - |
Total Funds 2023 £ 7,600 14,138 - 101,067 521 123,326 - 78,817 78,817 44,509 (5,535) - 38,974 3,820,302 3,859,276 |
Total Funds 2022 £ - 4,675 - 66,829 11,367 |
|---|---|---|---|
| 82,871 | |||
| - 47,821 |
|||
| 47,821 | |||
| 35,050 6,152 - |
|||
| 41,202 3,779,100 |
|||
| 3,820,302 |
Movements in funds are disclosed in Note 13 to the financial statements.
The notes form part of these financial statements
Page 5
ST. ANNE'S CATHOLIC SETTLEMENT(THE) (REGISTERED NUMBER: 00149542)
STATEMENT OF FINANCIAL POSITION 31 March 2023
| Notes FIXED ASSETS Tangible assets 8 Investments 9 Investment property 10 CURRENT ASSETS Debtors 11 Cash at bank and in hand CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES FUNDS Unrestricted funds Designated funds Revaluation reserve Income and expenditure account 13 |
31.3.23 £ £ - 85,039 3,068,000 3,153,039 5,014 708,817 713,831 7,594 706,237 3,859,276 550,000 3,017,922 291,354 3,859,276 |
31.3.23 £ £ - 85,039 3,068,000 3,153,039 5,014 708,817 713,831 7,594 706,237 3,859,276 550,000 3,017,922 291,354 3,859,276 |
31.3.22 £ £ - 90,574 3,068,000 3,158,574 3,721 664,423 668,144 6,416 661,728 3,820,302 550,000 3,017,922 252,380 3,820,302 |
|---|---|---|---|
| 713,831 7,594 |
|||
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
-
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements have been prepared in accordance with the provisions of Section 1A “Small Entities” of Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Companies Act 2006.
The financial statements were approved by the Board of Directors on ............................................. and were signed on its behalf by:
............................................................
J L D Ginnane - Director
The notes form part of these financial statements
Page 6
ST. ANNE'S CATHOLIC SETTLEMENT(THE)
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023
1. STATUTORY INFORMATION
St. Anne's Catholic Settlement(The) is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
Financial Reporting Standard Number 1
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.
Turnover
Turnover represents rents and donations received.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc
- 33% on cost, 20% on cost
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Fund accounting
-
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectivities of the charity.
-
Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes.
-
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-
Rents are recognised when receivable;
-
Donations are recognised when received;
-
Investment income is included when receivable.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT and is reported as part of the expenditure to which it relates:
-
Costs of generating funds comprise the costs associated with both the costs of attracting the income and those of providing the facilities to generate the income.
-
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.
-
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
Page 7
continued...
ST ANNE'S CATHOLIC SETTLEMENT (THE)
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
3. TOTAL RESOURCES EXPENDED
| Basis of allocation Costs directly allocated to activities Donations Direct Establishment costs Direct Agents commission Direct Professional Direct Accountancy Direct Support costs allocated to activities Office costs Usage Total resources expended |
Charitable activities 2023 Total £ £ 28,110 28,110 37,332 37,332 7,200 7,200 3,802 3,802 1,980 1,980 393 393 78,817 78,817 |
2022 Total £ 17,422 19,099 9,000 - 1,890 410 |
|---|---|---|
| 47,821 |
Donations represent rent free space granted to two local Catholic charities.
Page 8
continued...
ST. ANNE'S CATHOLIC SETTLEMENT(THE)
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
4. OPERATING SURPLUS
The operating surplus is stated after charging:
| 31.3.23 | 31.3.22 | ||
|---|---|---|---|
| £ | £ | ||
| Independent Examiners’ remuneration | 1,980 | 1,890 | |
| Directors' remuneration and other benefits etc | - | - | |
| 5. | REVALUATION OF INVESTMENTS | ||
| 31.3.23 | 31.3.22 | ||
| £ | £ | ||
| Surplus/(loss) adjusted | **(5,535) ** | 6,152 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 or for the year ended 31 March 2022.
There were no trustees' expenses paid for the year ended 31 March 2023 or for the year ended 31 March 2022.
7. TAXATION
As a charity, St Anne’s Catholic Settlement is exempt from tax on income and gains falling within section 505 Of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
8. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Plant and | |
| machinery | |
| etc | |
| £ | |
| COST | |
| At 1 April 2022 | |
| and 31 March 2023 | **7,691 ** |
| DEPRECIATION | |
| At 1 April 2022 | |
| and 31 March 2023 | 7,691 |
| NET BOOK VALUE | |
| At 31 March 2022 | |
| and 31 March 2023 | - |
Page 9
continued...
ST. ANNE'S CATHOLIC SETTLEMENT(THE)
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
9. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Other | |
| investments | |
| £ | |
| COST OR VALUATION | |
| At 1 April 2022 | 90,574 |
| Revaluations | **(5,535) ** |
| At 31 March 2023 | 85,039 |
| NET BOOK VALUE | |
| At 31 March 2023 | 85,039 |
| At 31 March 2022 | 90,574 |
Cost or valuation at 31 March 2023 is represented by:
| Other | |
|---|---|
| investments | |
| £ | |
| Valuation in earlier years | 53,571 |
| Valuation in current year | (5,535) |
| Cost | 37,003 |
| 85,039 |
If fixed asset investments had not been revalued they would have been included at the following historical cost:
| Cost | 31.3.23 £ 37,003 |
31.3.22 £ 37,003 |
|---|---|---|
Fixed asset investments were valued on an open market basis on 31 March 2023 by Hays Macintyre Chartered Accountants.
10. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| Total | |
| £ | |
| £ | |
| FAIR VALUE | |
| At 1 April 2022 | 3,068,000 |
| Revaluations | - |
| At 31 March 2023 | 3,068,000 |
| NET BOOK VALUE | |
| At 31 March 2023 | 3,068,000 |
| At 31 March 2022 | 3,068,000 |
| Fair value at 31 March 2023 is represented by: | |
| £ | |
| Valuation in 2023 | 3,017,922 |
| Cost | 50,078 |
| 3,068,000 |
Page 10
continued...
ST. ANNE'S CATHOLIC SETTLEMENT(THE)
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023
10. INVESTMENT PROPERTY (cont)
If investment property had not been revalued it would have been included at the following historical cost:
Cost
| 31.3.23 £ 50,078 |
31.3.22 £ 50,078 |
|---|---|
Investment property was valued on an open market basis on 31 March 2021 by Union Street Partners Estate Agents.
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Net movement 13. MOVEMENT IN FUNDS At 1.4.22 in funds Unrestricted Funds Income & Expenditure Account 252,380 38,974 Revaluation Reserve 3,017,922 - Designated Funds 550,000 - TOTAL FUNDS 3,820,302 38,974 Net movement in funds, included in the above are as follows: Incoming Resources resources expended Unrestricted funds Income & Expenditure Account 123,326 (78,817) Revaluation Reserve - - Designated Funds - - 123,326 (78,817) |
31.3.23 £ 5,014 31.3.23 £ 7,594 At 31.3.23 291,354 3,017,922 550,000 3,859,276 Revaluation (5,535) - - (5,535) |
31.3.22 £ 3,721 31.3.22 £ 6,416 Movement in funds 38,974 - - |
|---|---|---|
| 38,974 |
Page 11
continued...
ST. ANNE'S CATHOLIC SETTLEMENT(THE)
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023
13. MOVEMENT IN FUNDS (cont)
Purposes of funds
Revaluation reserve
The revaluation reserve contains the unrealised surplus on the revaluation of the investment assets.
Designated funds
The designated fund contains the funds which have been set aside by the trustees for future major repairs.
Page 12
CHARTERED ACCOUNTANTS' INDEPENDENT EXAMINER’S REPORT TO THE BOARD OF DIRECTORS ON THE UNAUDITED FINANCIAL STATEMENTS OF ST. ANNE'S CATHOLIC SETTLEMENT(THE)
We report on the accounts of the company for the year ended 31 March 2023, which are set out on pages 5 to 12.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied ourselves that the charity is not subject to audit under company law and is eligible for independent examination, it is our responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to our attention.
Basis of independent examiner’s report
Our examination was carried out in accordance with the 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 you as 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 our examination, no matter has come to our attention:
(1) which gives us reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
(2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Hilary Adams Ltd Chartered Accountants 158 High Street Herne Bay Kent CT6 5NP
Date: .............................................
This page does not form part of the statutory financial statements
Page 13
St. Anne's Catholic Settlement(The) Income & Expenditure Account For The Year Ended 31 March 2023
| TURNOVER Rental income Service charges Donation Other coronavirus grant income Administrative Expenses Rates Light and heat Cleaning & rubbish collection Repairs Insurance Post and stationery Donations Accountancy fees Agents commission Professional fees Sundry expenses OPERATING PROFIT Amounts written off investments Other interest receivable and similar income Bank interest receivable Other fixed asset inv - UnFII SURPLUS FOR THE FINANCIAL YEAR |
2023 £ £ 67,665 33,402 7,600 521 109,188 4,147 14,967 7,781 7,139 3,298 - 28,110 1,980 7,200 3,802 393 (78,817) 30,371 (5,535) (5,535) 9,952 4,186 14,138 38,974 |
2023 £ £ 67,665 33,402 7,600 521 109,188 4,147 14,967 7,781 7,139 3,298 - 28,110 1,980 7,200 3,802 393 (78,817) 30,371 (5,535) (5,535) 9,952 4,186 14,138 38,974 |
2022 £ £ 46,025 20,804 - 11,367 78,196 776 9,688 2,696 2,673 3,266 4 17,422 1,890 9,000 - 406 (47,821) 30,375 6,152 6,152 432 4,243 4,675 41,202 |
2022 £ £ 46,025 20,804 - 11,367 78,196 776 9,688 2,696 2,673 3,266 4 17,422 1,890 9,000 - 406 (47,821) 30,375 6,152 6,152 432 4,243 4,675 41,202 |
|---|---|---|---|---|
| 109,188 (78,817) |
78,196 (47,821) |
|||
| (5,535) | 6,152 | |||
| 30,371 | 30,375 | |||
| (5,535) | 6,152 | |||
| 9,952 4,186 |
432 4,243 |
|||
| 14,138 | 4,675 | |||
| 38,974 | 41,202 |
Page 14