2022-12-31-accounts - Great Barr Church Lands

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GREAT BARR CHURCH LANDS TRUST Registered Charity Number: 220030

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

Dains Audit Ltd Chartered Accountants St Johns Court Wiltell Road Lichfield Staffordshire WS14 8DS

GREAT BARR CHURCH LANDS TRUST INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

	PAGE
Annual Report	1-3
Independent Examiners Report	4
Statement of Financial Activities	5
Balance Sheet	6
NotestotheAccounts	7-8

GREAT BARR CHURCH LANDS TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Reference and administrative information

Trustees:

: |

The Charity trusteeswho	who served during the year are:	who served during the year are:
Revd MC Rutter	Chairman		Ex officio
Mrs J Aubrook			Ex officio
T W Horreli	Terminated 30 January 2022		Co-optative
MS J Howell			Co-optative
D J Large			Co-optative
DM Milne			Co-optative
DrJF Milne			Co-optative
P Clark			Ex officio
Principal Address:		MrC J Spruce
		The Clerk to the	Trustees
		12 Perry Avenue
		Streethay
		Lichfield
		Staffs
		WS13 BFW
Registered Charity	Number:	220030
Principal Bankers:		Lloyds Bank pic
		The Bridge
		Walsall
Independent Examiner:		AP Morris FCA
		of Dains Audit Ltd
		Chartered Accountants
		St Johns Court
		Wiltell Road
		Lichfield
		Staffs
		WS14 9DS
Solicitors:		Ansons Solicitors Ltd
		St Marys Chambers
		Breadmarket Street
		Lichfield
		Staffs
		WS136LQ

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GREAT BARR CHURCH LANDS TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued)

Report of the Trustees for the year ended 31 December 2022

The trustees present their report along with the financial statements of the Charity for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note | to the accounts and comply with the Charity Commission Scheme, the Charities Act 2011 and 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 effective ! January 2019.

Structure, Governance and Management

Great Barr Church Lands Trust was founded in 1891 and is now governed by a Charity Commission Scheme dated 13 November 1891 as varied by a scheme dated 30 March 1966.

The trustees are to use the income of the trust for the management of the land and property held by the trust and to respond to requests to assist with the maintenance and running of St. Margaret’s Church and graveyard. The trustees may also accumulate any income for future need.

Management and Governance

The Scheme provides for the appointment of nine trustees, three ex-officio and six cooptative. The ex-officio trustees are the vicar and churchwardens of St Margaret’s P.C.C Great Barr. New co-optative trustees are identified from people residing or carrying on business in or near Great Barr who have the necessary skills and interest and are appointed by the remaining trustees. Co-optative trustees are appointed for life.

The induction process for any newly appointed trustee comprises an initial meeting with the Board of Trustees, at which a pack is provided. This includes a copy of the governing document, a copy of the most recent annual report and accounts, copy minutes of previous trustees’ meetings and a copy of the Charity Commission guidance ‘The Essential Trustee’.

The trustees normally meet four times a year to consider the charity’s affairs, including investments, reserves and risk management policies and performance. The day to day administration of the charity is delegated to the Clerk.

Risk Review

The trustees have examined the major internal and external risks which the Charity faces and confirm that systems have been established to minimise these these risks.

: confirm that systems have been established to minimise these these risks. | Achievements and Performance ? During the year grants totalling £17,534 were made to St Margaret’s Church, in response to 7 specific requests from the P.C.C. |

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GREAT BARR CHURCH LANDS TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued)

Financial Review

Total funds of the charity at 31 December 2022 amounted to £914,574 and comprised permanent endowment £93,702 and unrestricted reserves of £820,872. The trustees respond to specific requests from the P.C.C. and aim to spend the net income arising when averaged over a 5 year period.

The investment portfolio is invested to achieve a balanced return from income and capital growth by accepting a moderate level of risk over a long-term time horizon. The portfolio is subject to ethical restrictions. The portfolio achieved a total return of negative 11.73% over the year as compared with a fall of 8.10% in the MCSI Private Investor Balanced Total Return Index. The performance of the portfolio is monitored on a repular basis by the trustees.

Public Benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and have complied with their duties under the Charities Act 2011.

Trustees’ Responsibilities in Relation to the Financial Statements

Law applicable to charities in Bngland and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:

= select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
«state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
and
= prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for 7 safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention 7 and detection of fraud and other irregularities.

Raw bt * Chet a 7 Approved by the Trustees and signed on their behalf by: Rey, Pah) Maclin “oy

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| [:]
|Date: 15ATC May 2023iyKeeUe Page 3
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GREAT BARR CHURCH LANDS TRUST

| report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022 which are set out on pages 5-8.

Responsbibllities and basis of report

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2014 (‘the Act),

1 report In respect of my examination of the charlty's accounts carried out under section 146 of the Act and In carrying out my examination | have followed all the applicable Directions given by the Charity Commisslon under section 145(5)(b) of the Act.

Independent examiner's statement

| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting 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.

| have no concerns and have come across no other matters in connectlon with the examination to which attention should be drawn In this report In order to enable a proper understanding of the AP2773Morrls FC Chartered Accountant of Dains Audit Ltd St John's Court Wiltell Road Lichfield Staffordshire WS14 9DS May 15, 2023

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GREAT BARR CHURCH LANDS TRUST

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2022

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Income|Endowment|Total|Total| |Notes|Fund|Fund|2022|2021| |£|£|£|£| |income|and|Endowments|from:| |Rental|Income|-|Chapel|Works|3,500|3,500|3,500| |Land|8,176|8,176|8,152| |Income|from|Listed|Investments|28,583|28,583|28,144| |Deposit|Interest|767|767|1| |Bad|debt|recovery|including|interest|-|-|12,690| |Total|Income|41,026|41,026|52,487| |Expenditure|on:| |St|Margaret's|Church|for|specific|Items|17,534|17,534|20,729| |Clerk's Salary|41,500|1,500|1,500| |Independent|Examiner's|Fee|820|820|1,312| |Investment|Management|Fees|5,852|5,852|6,348| |Legal|Fees|-|-|2,100| |Tax|advice|780|780|-| |Sundry|Expenses|11|11|15| |Total|26,497|26,497|32,004| |Net|gains|on|investments|-|realised|4|409|409|14,005| |-|unrealised|(114,409)|(114,409)|58,079| |Net|income/(expenditure)|(99,471)|(99,471)|92,567| |Net movement|In|funds|(99,471)|(99,471)|92,567| |Reconciliation|of|Funds:| |Total|funds|brought forward|920,343|93,702|1,014,045|921,478| |Total funds|carried forward|820,872|93,702|914,574|4,014,045|

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GREAT BARR CHURCH LANDS TRUST BALANCE SHEET 31 DECEMBER 2022

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|||||||| |---|---|---|---|---|---|---| |Income|Endowment|Total|Total| |Fund|Fund|2022|2021| |Notes|£|£|£|E| |Fixed|Assets| |(nvestment Assets| |tnvestment|Property|3|-|77,000|77,000|77,000| |Listed|Investments|4|754,886|-|754,886|870,500| |754,886|77,000|834,886|947,500| |Current|Assets| |Debtors|4,672|-|1,672|2,778| |Balances|at|Bank:| |Deposit|66,000|-|66,000|1,000| |Current|773|16,702|17,A75|(65,816| |Total|Current Assets|68,445|16,702|85,147|69,594| |Liabilities:| |Creditors|falling due within|one year|2,459|-|2,469|3,049| |Net|Current Assets|65,986|16,702|82,688|66,545| |Net Assets|820,872|93,702|914,574|1,014,045| |The|funds|of the|charity:| |Permanent endowment|-|93,702|93,702|93,702| |Unrestricted|Income|funds|820,872|-|820,872|920,343| |Total|charity funds|820,872|93,702|914,574|1,014,045|

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These financial statements were approved by the Board of Trustees on 15 May 2023 and signed on their behalf by:

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AOL. Ke [wht]
ee
—% 1 * Cf
Roy. 1.0, Rutter Qya3 Cl Q
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GREAT BARR CHURCH LANDS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting Policies General

The financial statements have been prepared in accordance with 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 (FRS102) effective 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

These financial statements have been prepared on the accruals basis.

The income fund comprises those assets which the trustees are free to use in accordance with the charitable objects.

The endowment fund comprises those assets which must be held permanently by the charity. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of that fund.

2 Trustees Remuneration and Expenses

No remuneration directly or indirectly out of the funds of the Charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them. No expenses were paid to any Trustee during the year. (2027 - nil).

3 Investment Property

)

Investment Property
	2022	2021
	£	£
ChapelWorks	Notvalued	Notvalued
Freehold Land	77,000	77,000
	77,000	77,000

The trustees valued the freehold land during 2002 on the basis of open market value subject to existing use. The current trustees do not have the knowledge and expertise to value the investment property and are of the opinion that the cost of obtaining a professional valuation outweighs any benefit to the users of the accounts.

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| GREAT BARR CHURCH LANDS TRUST | NOTES TO THE FINANCIAL STATEMENTS : FOR THE YEAR ENDED 31 DECEMBER 2022

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4 Listed Investments

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|||||||| |---|---|---|---|---|---|---| |Income|Total|Total| |Fund|2022|2021| |£.|£|£| |investments|held|at|01.04.22|870,500|870,500|796,008| |Additions|18,690|18,690|455,153| |Disposals|(20,304)|(20,304)|(452,745)| |Profit on|disposal|409|409|14,005| |Net|unrealised|gains|(114,409)|(114,409)|58,079| |Investments|held|at|31.12.22|754,886|754,886|870,500|

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All investments are carried at their market value.

All investments are quoted on the London Stock Exchange.

Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value.

The portfolio includes the following material holdings:

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||||||||| |---|---|---|---|---|---|---|---| |Market Value|Market|Value| |:|31.12.22|31.12.21| ||| |Charities|Official|Investment|fund|income|units|39,918|45,106| ||| |:|Law|Debenture|Corp|investment|trust|45,489|51,935| |7|Alliance|Trust|ordinary shares|50,623|55,109| |||MerchantsScottish MortgageTrust 25p Investmentords|Trust 25p ords|42|9,|929743|55,|038900| |||Murray|International|Trust 25p|ords|44,689|38,726| |||North American|Income Trust|50,205|46,242| |||5|Related|party transactlons|

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The three ex officio trustees are all members of St Margaret's PCC. Grants to St Margaret's Church are separately disclosed in the Statement of Financial Activities.

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| 6 At 31 December 2021, the assets and liabilities of the Charity were represented by the funds
| as detailed:
: Income Endowment Total
| Fund Fund 2021
3
|Investment Assets 870,500 77,000 947,500
: Current Assets 52,892 16,702 69,594
) Creditors (3,049) (3,049)
| 920,343 93,702 1,014,045
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