REGISTERED CHARITY NUMBER: 221621
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 January 2021
for
CHAPELRY OF SMETHWICK
Stanley Yule Chartered Accountants
Waterside House
Waterside Business Park
1649 Pershore Road
Birmingham
West Midlands
B30 3DR
CHAPELRY OF SMETHWICK
Contents of the Financial Statements
for the year ended 31 January 2021
|
|
Page |
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Report of the Trustees |
1 |
to |
3 |
Independent Examiner's Report |
|
4 |
|
Statement of Financial Activities |
|
5 |
|
Balance Sheet |
|
6 |
|
Notes to the Financial Statements |
7 |
to |
12 |
Detailed Statement of Financial Activities |
|
13 |
|
CHAPELRY OF SMETHWICK
Report of the Trustees
for the year ended 31 January 2021
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31January2021. The
trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicableto charitiespreparingtheir accountsin accordancewith the FinancialReportingStandardapplicablein the UK and
Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives
Underthegoverningdocument,theobjectivesaretolookafterthemaintenanceandupkeepofSmethwickOldChurch, its
churchyard and vicarage and to contribute towards the stipend and expenses of the Vicar.
Main Activities
TheTrusteescontinuetooverseetheaboveobjectsandmakepaymentsinfurtheranceofthem,financedby investment
income and subject to the PCC's sharing some of the costs.
Public benefit
The Trustees have consideredthe CharityCommission'sguidanceon publicbenefit and, in particular,the specific guidance on
charitiesfortheadvancementofreligion.Theobjectivesareofpublicbenefitastheyfacilitatetheworkthechurchdoes in
the advancement of religion in the parish.
ACHIEVEMENT AND PERFORMANCE
Duringtheperiodunderreviewthecharitycontributed£16,276towardstherunningcostsoftheVicarageand £23,532
towards the costs of providing the Vicar's stipend.
FINANCIAL REVIEW
Financial position
The income for the year before expenses was £69,915 (2020: £83,928).
Direct charitable expenditure amounted to £54,438 (2020: £67,112).
The surplus on the Unrestricted General Income Fund for the year amounted to £10,398 (2020: £19,480).
At31stJanuary2021thenetassetsofthecharitytotalled£2,039,037(2020:£2,050,625).Thisfigurerepresented the
Permanent Endowment Fund of £1,907,633 (2020: £1,929,619) and the Unrestricted Fund of £131,404 (2020: £121,006).
Investment Policy
Theinvestmentsareselectedforbothlongtermgrowthandincometofinancecurrentexpenditure.Theyhave performed
satisfactorily against this policy.
Reserves Policy
Basedonpastexperience,theUnrestrictedFundisconsideredtobemaintainedatanappropriateleveltomeetany large
repairs or other expenditure that could not be funded out of current incoming resources.
Going concern
The Charityhasbeenaffectedbytheadventof theCovid-19pandemicinearlyspringof 2020,whichhasadversely affected
the investmentvaluesnamedon the balancesheet,however,the totalinvestmentandreservesvalueare deemed sufficient
toenablethecharitytocontinueoperationsinthenormalwayuntiltheeffectofthepandemichasbeencorrectedin due
course.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
TheCharity'sgoverningdocumentcomprisesIndenturesofLeaseandReleasedatedrespectively29thand30thMay 1719
and enlarged by Acts of Parliament of 1815 and 1841. It is an unincorporated Charitable Trust.
Trustee Selection Method
Trustees are appointed by existing Trustees.
Page 1
CHAPELRY OF SMETHWICK
Report of the Trustees
for the year ended 31 January 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
InvestmentadviceisprovidedbyEFGHarrisAllday.Thearchitectpreparesanannualreportonworkscarriedoutto the
churchandvicarageduringthepreviousyearandonrecommendedrepairs.ThisisconsideredbytheTrusteeseachyear at
their meeting in July.
ThedaytodayadministrationisdelegatedtoVealeWasbroughVizardsLLPwherethesecretary,MrsJaimeHobday, an
associate, oversees matters.
Risks
Thereare no majorrisksidentifiedby the Trusteesthoughthe Trusteesare awarethatthe Charity'sinvestmentsare subject
to variationsin the stockmarketto whichthe Charityis exposed.These risksare reviewedannuallyby the Trusteeswith the
investment advisers who constantly monitor the investments.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
221621
Principal address
Veale Wasbrough Vizards LLP
3 Brindley Place
Birmingham
B1 2JB
Trustees
W T Hunt
Miss L Mair
J R Piggott
J Ankcorn (resigned 12.2.21)
N L Howl
A Reason
Independent Examiner
Birgitt Saunders FCCA ACA
Stanley Yule Chartered Accountants
Waterside House
Waterside Business Park
1649 Pershore Road
Birmingham
West Midlands
B30 3DR
Page 2
CHAPELRY OF SMETHWICK
Report of the Trustees
for the year ended 31 January 2021
REFERENCE AND ADMINISTRATIVE DETAILS Charity Name
The Charity's original name was the Charity of Dorothy Parkes in the Parish of Smethwick.
Secretary
Mrs J Hobday
Veale Wasbrough Vizards LLP
3 Brindley Place
Birmingham
B1 2JB.
Vicar of Smethwick Old Church
Reverend D Buckley
Bank
Lloyds Bank Plc, 114-116 Colmore Row, Birmingham, B3 3BD
Solicitors
Veale Wasbrough Vizards LLP, 3 Brindley Place, Birmingham, B1 2JB
Architect
Donald Insall Associates, Harborne Court, 67-69 Harborne Road, Edgbaston, Birmingham
B15 3BU
Stockbrokers and Investment Advisers
EFG Harris Allday, 33 Great Charles Street, Birmingham, B3 3JN
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
............................................................................
J R Piggott - Trustee
Page 3
Independent Examiner's Report to the Trustees of
Chapelry of Smethwick
Independent examiner's report to the trustees of Chapelry of Smethwick
I reporttothecharitytrusteesonmyexaminationoftheaccountsofChapelryofSmethwick(theTrust)fortheyear ended
31 January 2021.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportin respectof my examinationof the Trust'saccountscarriedout undersection145 of the Act and in carryingout my
examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattentioninconnectionwith the
examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts 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.
I have no concernsand have come acrossno othermattersin connectionwith the examinationto whichattentionshould be
drawn in this report in order to enable a proper understanding of the accounts to be reached.
Birgitt Saunders FCCA ACA
Stanley Yule Chartered Accountants
Waterside House
Waterside Business Park
1649 Pershore Road
Birmingham
West Midlands
B30 3DR
Date: .............................................
Page 4
CHAPELRY OF SMETHWICK
Statement of Financial Activities for the year ended 31 January 2021
Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
Other income
3
Total
EXPENDITURE ON
Charitable activities
Church and vicarage costs
Other
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
fund
£
69,915
-
69,915
54,438
9,090
63,528
4,011
10,398
121,006
131,404 |
Endowment
fund
£
-
-
-
-
-
-
(21,986)
(21,986)
1,929,619
1,907,633 |
2021
Total
funds
£
69,915
-
69,915
54,438
9,090
63,528
(17,975)
(11,588)
2,050,625
2,039,037 |
2020
Total
funds
£
73,455
10,473 |
|
|
|
|
83,928
67,112
10,133 |
|
|
|
|
77,245
225,854 |
|
|
|
|
232,537
1,818,088 |
|
|
|
|
2,050,625 |
The notes form part of these financial statements
Page 5
CHAPELRY OF SMETHWICK
Balance Sheet 31 January 2021
Notes
FIXED ASSETS
Tangible assets
6
Investments
7
CURRENT ASSETS
Cash at bank
8
CREDITORS
Amounts falling due within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
10
Unrestricted funds
Endowment funds
TOTAL FUNDS |
Unrestricted
fund
£
111
95,464
95,575
38,009
(2,180)
35,829
131,404
131,404 |
Endowment
fund
£
6,211
1,896,013
1,902,224
5,409
-
5,409
1,907,633
1,907,633 |
2021
Total
funds
£
6,322
1,991,477
1,997,799
43,418
(2,180)
41,238
2,039,037
2,039,037
131,404
1,907,633
2,039,037 |
2020
Total
funds
£
7,216
2,012,163
2,019,379
33,138
(1,892)
31,246
2,050,625
2,050,625
121,006
1,929,619
2,050,625 |
|
|
|
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon .............................................
and were signed on its behalf by:
.............................................
J R Piggott - Trustee
The notes form part of these financial statements
Page 6
CHAPELRY OF SMETHWICK
Notes to the Financial Statements
for the year ended 31 January 2021
1. ACCOUNTING POLICIES
Basis of preparation
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',FinancialReportingStandard 102
'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andtheCharitiesAct2011. The
financialstatementshavebeenpreparedunderthehistoricalcostconvention,withtheexceptionof investments
which are included at market value, as modified by the revaluation of certain assets.
Financial reporting standard 102 - reduced disclosure exemptions
Thecharityhastakenadvantageofthefollowingdisclosureexemptionsinpreparingthesefinancialstatements, as
permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
the requirements of Section 7 Statement of Cash Flows.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is
probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedas expenditureas soonas thereis a legalorconstructiveobligationcommittingthe charity
to that expenditure,it is probablethat a transferof economicbenefitswill be requiredin settlementand the amount
of the obligationcan be measuredreliably.Expenditureis accountedfor on an accrualsbasisandhas been classified
underheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributed to
particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Tangible fixed assets are stated at cost.
Fixed Asset Investments
Theinvestmentsareincludedatmarketvalueattheyearend.GainsandlossesareincludedintheStatement of
Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
TheUnrestrictedFundrepresentsfundsthatthetrusteesarefreetouseinaccordancewiththeobjects. The
PermanentEndowmentFund representsthose assets which must be held permanentlyby the charity.Income arising
ontheendowmentfundcanbeusedinaccordancewiththeobjectsofthecharityandisincludedas unrestricted
income.
continued...
Page 7
CHAPELRY OF SMETHWICK
Notes to the Financial Statements - continued for the year ended 31 January 2021
2. INVESTMENT INCOME
UK listed investments income
Interest on Church of England Deposit Fund
OTHER INCOME
Grant from the Listed Places of Worship grant scheme |
2021
£
69,914
1
69,915
2021
£
- |
2020
£
73,453
2 |
|
|
73,455 |
|
|
2020
£
10,473 |
3. OTHER INCOME
4. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31January2021norfortheyear ended
31 January 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 January 2021 nor for the year ended 31 January 2020.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Investment income
Other income
Total
EXPENDITURE ON
Charitable activities
Church and vicarage costs
Other
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
fund
£
73,455
10,473
83,928
67,112
10,133
77,245
12,797
19,480
101,526
121,006 |
Endowment
fund
£
-
-
-
-
-
-
213,057
213,057
1,716,562
1,929,619 |
Total
funds
£
73,455
10,473 |
|
|
|
83,928
67,112
10,133 |
|
|
|
77,245
225,854 |
|
|
|
232,537
1,818,088 |
|
|
|
2,050,625 |
continued...
Page 8
Notes to the Financial Statements - continued
for the year ended 31 January 2021
CHAPELRY OF SMETHWICK
6. TANGIBLE FIXED ASSETS
Fixtures
Freehold
and
property
fittings
Totals
£
£
£
COST
At 1 February 2020 and 31 January 2021
6,211
4,473
10,684
DEPRECIATION
At 1 February 2020
-
3,468
3,468
Charge for year
-
894
894
At 31 January 2021
-
4,362
4,362
NET BOOK VALUE
At 31 January 2021
6,211
111
6,322
At 31 January 2020
6,211
1,005
7,216
The cost of Freehold Property is made up of the following: |
Fixtures
Freehold
and
property
fittings
Totals
£
£
£
COST
At 1 February 2020 and 31 January 2021
6,211
4,473
10,684
DEPRECIATION
At 1 February 2020
-
3,468
3,468
Charge for year
-
894
894
At 31 January 2021
-
4,362
4,362
NET BOOK VALUE
At 31 January 2021
6,211
111
6,322
At 31 January 2020
6,211
1,005
7,216
The cost of Freehold Property is made up of the following: |
Fixtures
Freehold
and
property
fittings
Totals
£
£
£
COST
At 1 February 2020 and 31 January 2021
6,211
4,473
10,684
DEPRECIATION
At 1 February 2020
-
3,468
3,468
Charge for year
-
894
894
At 31 January 2021
-
4,362
4,362
NET BOOK VALUE
At 31 January 2021
6,211
111
6,322
At 31 January 2020
6,211
1,005
7,216
The cost of Freehold Property is made up of the following: |
Fixtures
Freehold
and
property
fittings
Totals
£
£
£
COST
At 1 February 2020 and 31 January 2021
6,211
4,473
10,684
DEPRECIATION
At 1 February 2020
-
3,468
3,468
Charge for year
-
894
894
At 31 January 2021
-
4,362
4,362
NET BOOK VALUE
At 31 January 2021
6,211
111
6,322
At 31 January 2020
6,211
1,005
7,216
The cost of Freehold Property is made up of the following: |
|
|
|
£ |
Freehold land at Smethwick (including Church and Church Hall. The Church
Parkes Centre and is let on a ground lease) |
Hall is known as the Dorothy |
|
509 |
Freehold Vicarage |
|
|
5,702 |
|
|
|
|
|
|
|
6,211 |
|
|
|
|
SmethwickOldChurch(built1723)hasnotbeencapitalisedasreliablecostinformationisnotavailable and
conventional valuation approaches lack sufficient reliability.
7. FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 February 2020
Additions
Disposals
Revaluations
At 31 January 2021
NET BOOK VALUE
At 31 January 2021
At 31 January 2020
There were no investment assets outside the UK. |
Listed
investments
£
2,012,163
70,096
(72,807)
(17,975)
1,991,477
1,991,477
2,012,163 |
|
|
Thefollowingholdingseachcomprisemorethan5%ofthemarketvalueoftheinvestmentportfolioand are
considered by the Trustees to be individually material.
continued...
Page 9
CHAPELRY OF SMETHWICK
Notes to the Financial Statements - continued for the year ended 31 January 2021
7. FIXED ASSET INVESTMENTS - continued
Holding
The Central Board of Finance of the Church of England
Investments are allocated to the following funds:
Unrestricted General Income Fund
Permanent Endowment Fund
8.
CASH AT BANK
Unrestricted
General
Income Fund
£
Lloyds Bank plc
36,233
The Central Board of Finance of the Church
of England Deposit Fund
200
EFG Harris Allday Clients' Accounts
1,576
Total
38,009
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
10.
MOVEMENT IN FUNDS
Unrestricted funds
Unrestricted General Income Fund
Endowment funds
Permanent Endowment Fund
TOTAL FUNDS |
Market Value |
Market Value |
Market Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
31.01.21 |
|
|
|
|
|
|
£ |
|
|
|
|
|
|
621,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.01.21 |
31.01.20 |
|
|
|
|
|
£ |
|
|
£ |
|
|
|
95,464 |
|
|
91,453 |
|
|
|
1,896,013 |
|
|
1,920,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,991,477 |
|
|
2,012,163 |
|
|
|
|
|
|
|
|
Permanent
Endowment
Fund
£
2,239
-
3,170
5,409
At 1.2.20
£
121,006
1,929,619
2,050,625 |
|
2021
Total
funds
£
38,472
200
4,746
43,418
2021
£
288
1,892
2,180
Net
movement
in funds
£
10,398
(21,986)
(11,588) |
|
2020
Total
funds
£
31,455
200
1,483
33,138
2020
£
-
1,892
1,892
At
31.1.21
£
131,404
1,907,633
2,039,037 |
|
|
|
|
|
|
|
|
continued...
Page 10
CHAPELRY OF SMETHWICK
Notes to the Financial Statements - continued
for the year ended 31 January 2021
10. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
Unrestricted General Income Fund
69,915
(63,528)
Endowment funds
Permanent Endowment Fund
-
-
TOTAL FUNDS
69,915
(63,528)
Comparatives for movement in funds
At 1.2.19
£
Unrestricted funds
Unrestricted General Income Fund
101,526
Endowment funds
Permanent Endowment Fund
1,716,562
TOTAL FUNDS
1,818,088
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
Unrestricted General Income Fund
83,928
(77,245)
Endowment funds
Permanent Endowment Fund
-
-
TOTAL FUNDS
83,928
(77,245) |
Gains and
losses
£
4,011
(21,986)
(17,975)
Net
movement
in funds
£
19,480
213,057
232,537
Gains and
losses
£
12,797
213,057
225,854 |
Movement
in funds
£
10,398
(21,986)
(11,588)
At
31.1.20
£
121,006
1,929,619 |
Movement
in funds
£
10,398
(21,986)
(11,588)
At
31.1.20
£
121,006
1,929,619 |
|
|
2,050,625 |
|
|
|
Movement
in funds
£
19,480
213,057
232,537 |
|
|
|
|
232,537 |
continued...
Page 11
CHAPELRY OF SMETHWICK
Notes to the Financial Statements - continued
for the year ended 31 January 2021
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 January 2021.
Page 12
CHAPELRY OF SMETHWICK
Detailed Statement of Financial Activities for the year ended 31 January 2021
|
2021 |
2020 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Investment income |
|
|
UK listed investments income |
69,914 |
73,453 |
Interest on Church of England Deposit Fund |
1 |
2 |
|
69,915 |
73,455 |
Other income |
|
|
Grant from the Listed Places of Worship grant |
|
|
scheme |
- |
10,473 |
Total incoming resources |
69,915 |
83,928 |
EXPENDITURE |
|
|
Charitable activities |
|
|
Vicarage expenditure |
16,276 |
5,411 |
Church and Churchyard expenditure |
7,833 |
37,739 |
Insurance |
5,708 |
5,622 |
Charity bread, garments and bibles - Smethwick |
|
|
Old Church (contribution) |
190 |
5 |
Charity bread, garments and bibles - Harborne |
|
|
Parish Church (contribution) |
5 |
5 |
Vicar's stipend and employers' NIC (contribution) |
23,532 |
17,435 |
Depreciation of fixtures and fittings |
894 |
895 |
|
54,438 |
67,112 |
Support costs |
|
|
Other |
|
|
Legal and professional fees |
7,860 |
9,143 |
Accountancy |
738 |
738 |
Broker fees |
- |
(240) |
|
8,598 |
9,641 |
Governance costs |
|
|
Independent examination |
492 |
492 |
Total resources expended |
63,528 |
77,245 |
Net income before gains and losses |
6,387 |
6,683 |
Realised recognised gains and losses |
|
|
Gains/Losses on fixed asset investments |
(17,975) |
225,854 |
Net (expenditure)/income |
(11,588) |
232,537 |
This page does not form part of the statutory financial statements
Page 13