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2022-12-31-accounts

ANNUAL REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 Registered charity No: 221040

CONTENTS

Trustees Trustees 1
6
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flow 11
Notes to the Financial Statements 12
The following pages are for information only and do not form part of the audited financial statements
Income and expenditure account 21

TRUSTEES REPORT

For the year ended 31 December 2022

The Trustees present their report and financial statements for the year ended 31 December 2022.

Reference and Administrative Information

Charity Name Sain Charity Registration Number 221040 Trustees - appointed for life The Venerable H J Osborne The Revd Canon A M Townshend The Very Revd D R M Monteith The Revd Canon Q D Warbrick The Revd Canon Dr J W Woodward Trustees - Co-opted (appointed for four years) The Revd Canon R F Pailing The Revd Canon A A Gorham Clerk to the Trustees Mrs L A Davis Registered office No.1 Colmore Square Birmingham B4 6AA Bankers Lloyds Bank Plc Colmore Row Birmingham B3 3SD Auditors Cooper Parry Group Limited Statutory Auditors Cubo Birmingham Office 401, 4[th] Floor Two Chamberlain Square B3 3AX Solicitors Shakespeare Martineau LLP No.1 Colmore Square Birmingham B4 6AA Investment managers EFG Harris Allday 33 Great Charles Street Birmingham B3 3JN Property managers Cushman & Wakefield No.1 Colmore Square Birmingham B4 6AA

Page 1

For the year ended 31 December 2022

Structure, Governance and Management

The constitution and patronage

The governing instrument of the charity is Charity Commissioners sealed on 26 October 1993 and 2 November 2006.

namely St George, St Thomas and All Saints, upon five Trustees, the settlement requiring that the Trustees should always be ordained clergy of the Church of England. The Trustees are appointed for life. The Act provides that the trustees are to be the five Trustees of the 1837 deed, who may co-opt up to two further Trustees by virtue of clause 5 of a Scheme of the Charity Commission dated 2006. Co-opted Trustees are appointed for 4 years. On various dates the patronage of additional churches has been transferred to the Trustees. The patronage of the following parishes is at present held by the Trustees of the 1837 deed:

St Martin, St George, St Paul and St Mark, Bishop Latimer, St John and St Peter, and St Matthew (Perry Beeches): St Germain (Edgbaston) and St John (Perry Barr) (jointly with Bishop of Birmingham): and St Luke (jointly with

By established tradition the Trustees also support the parish of Christchurch Summerfield (the patron of which is the Rector of St Martin).

Section 2 of the Act vests the Five Ways Lands (formerly a portion of the Glebe Lands belonging to the rectory other necessary powers. Section 6 of the Act (as amended) provides for the use of income for the benefit of incumbents of parishes within the diocese of Birmingham.

The Scheme at 2 November 2006 inserts an appendix to the 1964 Order which enables the Trustees to apply any remaining income of the charity in furtherance of the religious or charitable work of the Church of England in the Diocese of Birmingham.

Recruitment and appointment of Trustees

The Trustees of the charity who served during the year and up to the date of this report are set out below:

Appointed for life:

The Venerable H J Osborne The Revd Canon A M Townshend The Very Revd D R M Monteith The Revd Canon Q D Warbrick The Revd Canon Dr J W Woodward

Co-opted (appointed for four years):

The Revd Canon R F Pailing The Revd Canon A A Gorham

Trustee induction and training

New Trustees are made aware of their responsibilities and are helped to familiarise themselves with the latest published accounts and appropriate Charity Commission publications.

Page 2

TR

For the year ended 31 December 2022

Risk management

The Trustees have reviewed the major strategic and operational risks to which the charity is exposed and are satisfied that management reporting systems are in place to minimise the effects of any such risks as may exist. The investment managers are EFG Harris Allday, the property managing agents are Cushman & Wakefield, both of whom provide regular reports from which the Trustees take appropriate action. The Trustees review the performance of the investments and of the investment adviser on a regular basis.

Organisational structure

The Trustees meet twice a year, with the Annual General Meeting held in May. A sub-committee of the Trustees meet as necessary to, for example, interview candidates for vacancies of benefices. The day to day management of the Trust is conducted by the clerk who liaises with the chairman as necessary.

Objectives and Activities

The overall objective of the charity is to support the Clergy of the Church of England within the Diocese of Birmingham and specifically within the Ancient Parish of St Martin and the other parishes of which the Trustees are patrons, or share the patronage.

The objectives are achieved by the making of grants, subject to conditions imposed by the Trustees (such as specifically for the maintenance of curates), and the making of gifts or loans for or towards activities within the Parishes lying within the beneficial area and the maintenance of the accommodation of the incumbents.

have considered how planned activities will contribute to the aims and objectives set.

Review of Activities

The Trustees continue to provide support for the nine parishes of which they are Patrons and the parish of Christchurch Summerfield. This support is in the form of a contribution to the Birmingham Diocesan Board of Finance towards payment of stipends, pensions, national insurance and council tax, and payments to the Clergy for assistance with heating, gardening and secretarial expenses and individual projects in the parishes. The Trustees also provide support to the Birmingham Diocesan Board of Finance by agreeing payments to support curates in training, clergy sabbaticals and the attendance of clergy in poorer parishes at diocesan conferences.

Financial Review

The principal funding of the charity is from the collection of rents received from the properties held. Rental income for the year was £643,028 (2021: £596,590). Investment income from its share portfolio yielded £144,479 (2021: £139,743) in the year.

Spending on charitable activities decreased from £600,867 to £581,097. Note 3 to the financial statements provides details of the Stipend payments made during the year together with payments made for ministerial support.

Investment management costs comprise legal fees (in connection with the management of the charity and the property portfolio) and management charges from the charit increased from £91,102 to £206,947 this year.

Support costs and governance costs are detailed at notes 4 and 6 to the financial statements respectively.

With respect to capital transactions, the trustees sold their interest in 6-7 Guildhall Hill, Norwich for £1.19m. A full valuation was obtained for the Investment properties increasing the value by £921,500. The trustees

Page 3

For the year ended 31 December 2022

also received the sum of £685,000, inclusive of costs, as a result of a settlement agreed arising out of Court Proceedings.

Investment policy

ek to maintain a consistent investment strategy based on their view of the medium term economic situation, their desire to secure the advice of their investment managers who produce regular reports for consideration by the Trustees.

Ethical Investments

The Trustees affirm their freedom of power particular circumstances. The statement is drawn to the attention of the investment managers in exercising

Grant making policy

The sum of £245,229 (2021: £248,354) was paid out to cover payments of stipend to incumbents in support of their ministry, and the sum of £321,116 (2022: £341,758) was paid out for ministerial support.

The Act formerly restricted the Trustees grant making to making payments to or for the benefit of incumbents Trustees will also consider applications for financial assistance from those incumbents who seek administrative and other help in funding their pursuit of alternative purposes when income permits and for example payments are now made to assist with music in churches and employment of staff by some parishes to expand activities.

Reserves policy

It is the policy of the Trustees to maintain unrestricted funds, which are the general funds of the Charity, at a level which provides sufficient funds to cover management, administration and support costs and to meet their continuing obligations for at least two years.

Free reserves are defined as those unrestricted funds that are not invested in fixed assets (i.e. those reserves that are liquid and readily available to the Trustees).

The general funds of the charity equal the free reserves as none of these funds are tied up in non-liquid assets. Note 11 to the financial statements provides an analysis of the general fund. At the year-end general funds amounted to £3,492,497 of which £3,422,028 is represented by investments and bank deposits, the remaining funds of £70,469 relate to other current assets and current liabilities.

are invested in property it has been their policy to build up their reserves against the time when income may be reduced.

Page 4

For the year ended 31 December 2022

The Trustees

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 and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that 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, the Charity (Accounts and Reports) Regulations 2008 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.

In so far as the trustees are aware:

Auditors

a resolution for their re-appointment will be made at the Annual General Meeting.

Approved by the Board of Trustees on _______ and signed on its behalf by:

The Venerable H J Osborne Trustee

Page 5

INDEPENDENT AUDITOR S REPORT TO THE TRUSTEES OF TRUST (FIVE WAYS LANDS)

Opinion

We have audited the financial statements of ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flow and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Tr accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the C y to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information auditor except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

INDEPENDENT AUDITOR S REPORT TO THE TRUSTEES OF ST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of 5, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Our assessment focussed on key laws and regulations the Charity has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Charities Act 2011, Charities (Accounts and Reports) Regulations 2008, Charities (Protection and Social Investment) Act 2016, taxation legislation, data protection, anti-bribery and employment legislation.

We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:

Page 7

OF

performing audit testing to address the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of activities and reviewing accounting estimates for bias.

Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial rg.uk/auditorsresponsibilities. This description forms part of our

Use of our report

(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other have formed.

COOPER PARRY GROUP LIMITED

Statutory Auditor

Cubo Birmingham Office 401, 4[th] Floor Two Chamberlain Square B3 3AX

Date: 4 October 2023

Cooper Parry Group Limited is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

Page 8

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 December 2022

Note
Income and endowments from:
Investments
2
Other Income
Total income and endowments

Expenditure on:
Investment management costs
5
Charitable activities
3
Total expenditure
Net (losses) / gains on investments
8
Gain on disposal of investment
properties
Gain on revaluation of investment
Properties
Net movement in funds
Reconciliation of funds
Fund balances at 1 January
Fund balances at 31 December		 2022
2022
2022
Endowment Unrestricted
Total
Funds
General
Funds
Funds
£
£
£
-
787,507
787,507
-
685,000
685,000
__
_
_
- 1,472,507 1,472,507
_
_
_
-
206,947
206,947
-
581,097
581,097

_
_
-
788,044
788,044

_
____
(187,974)
(322,266)
(510,240)
78,759
-
78,759
921,500
-
921,500
812,285
362,197 1,174,482
13,237,105
3,130,300 16,367,405
14,049,390
3,492,497 17,541,887		 2021
Total
Funds
£
736,333
-
_
736,333
_
91,102
600,867
_
691,969
_
468,677
-
-
513,041
15,854,364
16,367,405

All incoming resources and resources expended are derived from continuing activities. There are no other gains and losses other than those recognised above and accordingly no separate statement of total recognised gains and losses has been prepared.

Page 9

BALANCE SHEET

at 31 December 2022
Fixed Assets Note
Investment properties
7
Investments
8
Current Assets
Debtors
9
Cash at bank
Cash held by investment manager
Creditors:amounts falling due within
one year
10
Net current assets
Net assets
Reserves
Unrestricted general fund
11
Endowment fund
11
Total Charity funds		 2022
£
11,196,500
4,151,893
___
15,348,393
298,672
2,031,637
91,388
2,421,697
(228,203)
2,193,494
17,541,887
3,492,497
14,049,390
17,541,887		 2021
£
11,365,000
4,364,621
___
15,729,621
393,161
56,990
407,158
857,309
(219,525)
637,784
16,367,405
3,130,300
13,237,105
16,367,405

Total Charity funds

The notes on pages 12 to 20 form part of the financial statements.

Approved by the Board of Trustees on _______ and signed on its behalf by:

Trustee:

Trustee:

Page 10

STATEMENT OF CASH FLOW

For the year ended 31 December 2022

Note
2022
£
Cash flows from operating activities
Net cash provided/(used) in operating activities
15
123
___
Cash flows from investing activities
Dividends, interest and rents from investments
787,507
Proceeds from sale of investments
816,820
Proceeds from sale of investment property
1,168,759
Purchase of investments
(1,114,332)
Net cash provided by investing activities
1,658,754
Change in cash and cash equivalents in the reporting period
1,658,877
Cash and cash equivalents at the beginning of the period
464,148
Cash and cash equivalents at the end of the period
2,123,025
Analysis of cash and cash equivalents
Cash in hand
2,031,637
Cash held by investment manager
91,388
Total cash and cash equivalents
2,123,025
Analysis of changes in net debt
At 1-Jan-
22
Cashflows
£
£
Cash at bank and in hand
464,148
1,658,877		 2021
£
(803,512)
___
736,333
1,031,320
-
(673,427)
1,094,226
290,714
173,434
464,148
56,990
407,158
464,148
At 31-Dec-
22
£
2,123,025

Page 11

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022

1 Principal accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.

Basis of preparation and general information

is a charity governed by in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. 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 (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

Going concern

At the balance sheet date the charity had a significant investment holding. At the time of signing these financial statements, the Trustees consider that the charity will continue in operation for a period of at least 12 months from the date of signing these accounts, due to the close monitoring of its investments and already low risk approach to investment holding. On that basis, the Trustees have prepared these financial statements on a going concern basis.

Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Endowment funds represent those assets which must be held permanently by the charity, principally property and investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.

Incoming resources

All incoming resources are included in the Statement of Financial Activities when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Investment income is earned through holding assets such as shares and properties. It includes dividends, interest and rent. Income is included when the amount can be measured reliably.

All income and expenditure is stated gross unless otherwise indicated.

Income arising on the endowment fund can be used in accordance with the objects of the Charity and is included in unrestricted income.

Page 12

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity comprise both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Investments

Listed investments are initially recognised at their transaction value and subsequently measured at their market value at the year end using the closing quoted market price. Any surplus or deficit on revaluation or sale being included in the Statement of Financial Activities.

VAT

The charity is partially exempt for VAT. Value added tax which is not recoverable by the charity is written off as irrecoverable VAT within support costs.

Investment properties

Investment properties are included in the balance sheet at the Trustees taking account of professional advice. They are regularly revalued and the resultant surpluses or deficits are taken to the Statement of Financial Activity as an investment gain or loss. In accordance with FRS 102, no depreciation is provided on investment properties.

Judgements in applying accounting policies and key sources of estimation uncertainty

The charity makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the charit are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In preparing these financial statements, the trustees have made the following estimates and judgements:

Impairment and valuation of investment property

The charity reviews the carrying value of the investment property for indications of impairment at each period end. If indicators of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds its recoverable amount. This process will usually involve the estimation of future cash flows which are likely to be generated by the asset.

The charity engaged independent valuation specialists to determine fair value at 31 December 2022. The valuation was made as at 31 December 2022. The valuation has been carried out in accordance with the RICS Valuation Global Standards. The valuation practice statement 4 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Further detail is disclosed at note 7.

Page 13

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022

2 Income from investments

Rents receivable
Block B
Block C
City Tavern
Guildhall
Norwich
Trentham Lakes
Unit B, Cranmore Park
Investment income
Dividends
UK equities
Interest
UK fixed interest securities
Total income from investments		 2022
£
117,156
70,167
2,316
76,974
195,484
180,931
_
643,028
2022
£
128,610
15,869
_
144,479
787,507		 2021
£
114,235
68,262
2,316
78,500
181,819
151,458
_
596,590
2021
£
126,841
12,902
_
139,743
736,333

Investment income was wholly attributable to unrestricted funds in the current and previous period.

Page 14

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022

3 Grants payable in furtherance of charitable objectives

Contributions to payments of incumbents stipends, pensions,
council tax and national insurance
St George
St Paul
St John and St Peter, Ladywood
St Matthew
St John, Perry Barr
St Luke
St Martin
St Germain
Payment of ministerial support
Secretarial, heating, and gardening
St Martin
St Luke
Christ Church
St Paul
St Matthew
St George
St John and St Peter, Ladywood
St John, Perry Barr
St Germain
Bishop Latimer
Birmingham Diocese - Curates in Training
Birmingham Diocese
Grants for Sabbatical Placements
Swanwick grant
GAP Youth Project
Total grants payable
Support costs (note 4)
Governance costs (note 6)
Total expenditure on charitable activities		 2022
£
5,162
39,232
-
35,315
41,380
41,380
41,380
41,380
245,229
9,000
60,352
26,299
19,390
30,503
30,749
33,820
22,000
13,068
47,200
5,720
10,215
5,400
7,400
-
321,116
566,345
1,839
12,913
_
581,097		 2021
£
40,956
38,846
11,178
-
34,506
40,956
40,956
40,956
248,354
9,100
60,853
19,475
20,844
20,935
27,983
35,980
34,000
13,568
53,700
6,220
30,000
4,500
-
4,600
341,758
590,112
2,545
8,210
_
600,867

Expenditure on charitable activities was wholly attributable to unrestricted funds in the current and previous period.

Page 15

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022

4 Support costs

2022 2021
£ £
Travelling and other expenses 1,839 2,545

Trustees received no remuneration and five (2021: six) Trustees were reimbursed £549 (2021: £665) for their expenses in the year.

5. Investment management costs

General legal charges
Cushman & Wakefield management fees
Investment manager fees
Professional fees
6.
Governance costs
Other professional fees
 2022
£
151,279
18,385
18,194
19,089
__

206,947
2022
£
10,523
2,390
_____

12,913		 2021
£
54,788
32,834
-
3,480
_
91,102
2021
£
6,950
1,260
_
8,210

Page 16

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022

Investment properties
Value at 1 January
Revaluation in the year
Disposal in the year
Value at 31 December		 2022
£
11,365,000
921,500
(1,090,000)
11,196,500		 2021
£
11,365,000
-
-
11,365,000

7. Investment properties

The closing value of properties is represented by:

The closing value of properties is represented by:
2022 2021
Freehold investment property £ £
Unit B Cranmore Park 3,400,000 3,000,000
Block B- Broad Street 2,450,000 2,430,000
Block C_-_187 Broad Street 1,546,500 1,545,000
6/7 Guildhall Hill - 1,090,000
Trentham Lakes 3,800,000 3,300,000
11,196,500 11,365,000

The investment properties are held at the open market value at the balance sheet date. In ascertaining the open market value the Trustees have taken professional advice obtained from their property managing agents Cushman and Wakefield. The last valuation was undertaken at 31 December 2022.

The properties were valued by an external valuer, Mr J Crawford MRICS of Cushman and Wakefield. The valuation has been made in accordance with the appropriate section of the current Practice Statement and Guidance Notes contained within the Appraisal and Valuation Manual issued by the independent valuers, qualified for the purpose of valuation.

The value of the properties has been assessed in accordance with the relevant parts of the current Practice Statement 4.

Page 17

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2022

8. Investments

2022
2022
Permanent
General
Endowment
Investments
£
£
Market value at 1 January
1,703,053
2,661,568
Additions at cost
499,582
614,750
Disposal proceeds
(369,190)
(447,630)
Unrealised (loss)/gain
42,797
39,007
Realised (loss)/gain
(230,771)
(361,273)
_
__
Market value at 31 December
1,645,471
2,506,422
Historical Cost:
Permanent Endowment

General Investments



All investments are listed securities.
9.
Debtors
Rent
10.
Creditors
Accruals
Deferred income
VAT		 2022
Total
£
4,364,621
1,114,332
(816,820)
81,804
(592,044)
_
4,151,893
1,600,820
2,473,956
_
4,074,776
2022
£
298,672
2022
£
102,127
97,931
28,145
_
228,203		 2022
Total
£
4,364,621
1,114,332
(816,820)
81,804
(592,044)
_
4,151,893
1,600,820
2,473,956
_
4,074,776
2022
£
298,672
2022
£
102,127
97,931
28,145
_
228,203		 2021
Total
£
4,253,837
673,427
(1,031,320)
141,046
327,631
_
4,364,621
1,703,053
2,275,962
_
3,979,015
2021
£
393,161
2021
£
73,466
116,512
29,547
_
219,525
2022
£
102,127
97,931
28,145
_
228,203

Deferred income relates to rental amounts invoiced in the current year (and included within debtors) which relate to the period 25 December 2022 to 24 March 2023 and which will be recognised in the

Page 18

NOTES TO THE FINANCIAL STATEMENTS

for year ended 31 December 2022

11. Statement of funds

Balance at Income Expenditure Gains / Balance at
2021 (losses) 2022
£ £ £ £ £
Unrestricted Funds
General fund 3,130,300 1,472,507 (788,044) (322,266) 3,492,497
Endowment Funds
Endowment fund 13,237,105 - - 812,285 14,049,390
___ ___ ___ ___ ___
Total of funds 16,367,405 1,472,507 (788,044) 490,019 17,541,887

The unrestricted general fund comprises those funds which the Trustees are free to use in accordance with the charitable objects.

The endowment fund represents those assets which must be held permanently by the Charity, principally property and investments. Income arising on the endowment fund can be used in accordance with the objects of the Charity and is included in unrestricted income.

Any capital gains or losses arising on the investment form part of the fund. Investment management charges and legal advice relating to the fund are charged against the general fund.

Statement of funds prior year

Balance at Income Expenditure Gains / Balance at
2020 (losses) 2021
£ £ £ £ £
Unrestricted Funds
General fund 2,800,754 736,333 (691,969) 285,182 3,130,300
Endowment Funds
Endowment fund 13,053,610 - - 183,495 13,237,105
___ ___ ___ ___ ___
Total of funds 15,854,364 736,333 (691,969) 468,677 16,367,405

12. Analysis of funds

Analysis of funds
General Endowment
Fund Fund Total
£ £ £
Land and buildings - 11,196,500 11,196,500
Investments 2,506,422 1,645,471 4,151,893
Debtors 298,672 - 298,672
Bank balances and investment manager cash balances 915,606 1,207,419 2,123,025
Creditors (228,203) - (228,203)
___ __ __
3,492,497 14,049,390 17,541,887

Page 19

NOTES TO THE FINANCIAL STATEMENTS

for year ended 31 December 2022

12. Analysis of funds (continued) prior year

General Endowment
Fund Fund Total
£ £ £
Investment properties - 11,365,000 11,365,000
Investments 2,661,568 1,703,053 4,364,621
Debtors 393,161 - 393,161
Bank balances and investment manager cash balances 295,096 169,052 464,148
Creditors (219,525) - (219,525)
___ __ __
3,130,300 13,237,105 16,367,405

13. Taxation

sections 485 and 486 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen within the charity.

14. Related party transactions

During the year payments of £151,279 (2021: £54,788) were made to Shakespeare Martineau LLP for legal services provided to the charity. Mrs L A Davis, current clerk to the Trustees, is a partner in Shakespeare Martineau LLP.

15. Reconciliation of net income to net cash flow from operating activities

2022 2021
£ £
Net income for the reporting period 1,174,482 513,041
(Gains) / Losses on investments (490,019) (468,677)
Dividends, interest and rents from investments (787,507) (736,333)
Decrease / (increase) in debtors 94,489 (83,129)
Increase / (decrease) in creditors 8,678 (28,414)
__ __
Net cash used in operating activities 123 (803,512)

Page 20

INCOME AND EXPENDITURE ACCOUNT for year ended 31 December 2022

INCOME
Rents receivable
Net income from investments Dividends
Stock interest
Other income
EXPENSES
Contributions to payments of stipends, council tax
and national insurance:
St George
St Paul
St John & St Peter Ladywood
St Matthew
St John, Perry Barr
St Luke
St Martin
St Germain
Birmingham Diocese
Curates in Training
Swanwick grant
Sabbatical Placements
GAP Youth Project
Ministerial support
Shakespeare Martineau LLP fees
Auditor
Cushman & Wakefield management fees
EFG Harris Allday fees
Travelling and other expenses
Professional fees
SURPLUS FOR THE YEAR		 2022
£
£
643,028
128,610
15,869
685,000
_
1,472,507
5,162
39,232
-
35,315
41,380
41,380
41,380
41,380
245,229
5,260
7,400
5,400
-
303,056
(566,345)
151,279
10,523
18,385
18,194
1,839
21,479
(221,699)
_
684,463		 2021
£
£
596,590
126,841
12,902
-
_
736,333
40,956
38,846
11,178
-
34,506
40,956
40,956
40,956
248,354
30,000
-
4,500
4,600
302,658
(590,112)
54,788
6,950
32,834
-
2,545
4,740
(101,857)
__
44,364

This page is for the information of the Trustees only and does not form part of the statutory accounts.

Page 21

INCOME AND EXPENDITURE ACCOUNT

For year ended 31 December 2022

For year ended 31 December 2022
2022
£
RENTS RECEIVABLE
Block B
117,156
Block C
70,167
Guildhall
76,974
City Tavern
2,316
Trentham Lakes
195,484
Unit B, Cranmore Park
180,931
643,028		 2021
£
114,235
68,262
78,500
2,316
181,819
151,458
596,590

This page is for the information of the Trustees only and does not form part of the statutory accounts.

Page 22