REGISTERED CHARITY NUMBER: 224208
Beverley Minster Old Fund
Financial Statements
31st December 2022
SD-0211252-1-6
Beverley Minster Old Fund
Contents of the Financial Statements for the year ended 31st December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Report of the Independent Auditors | 6 | to | 9 |
| Statement of Financial Activities | 10 | ||
| Balance Sheet | 11 | ||
| Cash Flow Statement | 12 | ||
| Notes to the Cash Flow Statement | 13 | ||
| Notes to the Financial Statements | 14 | to | 22 |
Beverley Minster Old Fund
Report of the Trustees for the year ended 31st December 2022
HISTORY
In 1579 Queen Elizabeth 1 made an endowment for the maintenance of the Minster Church of Beverley known as "Queen Elizabeth's Church Endowment" which subsequently became known as "Old Minster Fund". In an Act of Parliament of the year 1806, 46 Geo.III, c. 140 the Fund is referred to as the "Beverley Minster Old Fund at Beverley". The fund was recognised by the Board of Charity Commissioners for England and Wales in August 1882 and subsequently the charity became known as the Beverley Minster Old Fund (registered Charity No 224208).
On that date Charity Commissioners established a Scheme for the appointment of Trustees, which scheme was verified by the commissioners on 25[th] July, 1983.
On 10th March, 1998 the Charity Commissioners for England and Wales granted to the Trustees of the Beverley Minster Old Fund a Certificate of Incorporation of the Trustees as a body corporate as "The Trustees of the Charity of the Beverley Minster Old Fund" and the property (land, cash, stocks and other investments) is vested in the name of the incorporated body.
Since the date of the endowment it has been the practice for works of repair, restoration and maintenance of the fabric of the Minster to be funded and carried out by the Trustees of the Beverley Minster Old Fund. Work is carried out with the consent and approval of the Parochial Church Council. It is customary each year for the Beverley Minster Parochial Church Council to delegate to the Trustees of the Charity of the Beverley Minster Old Fund its powers and responsibilities in respect of the repair and maintenance of Beverley Minster.
At the Parochial Church Council meeting, it was agreed to delegate powers and responsibilities to the Beverley Minster Old Fund.
OBJECTIVES AND ACTIVITIES
Activities, Achievements and Public benefit
The object of the Charity is to repair, restore and maintain the fabric of Beverley Minster. The Trustees have considered the Charity Commission's guidance on public benefit and are of the opinion that this is fulfilled by the Charity's continued support of an establishment for the advancement of religion.
Investment Policy Statement
The Finance Committee, acting in accordance with the Terms of Reference agreed with the Trustees, is responsible for the investment of funds.
Quoted investments are managed by Walker Crips Stockbrokers Limited to a medium risk and medium capital growth/income mandate. The funds with stockbrokers at 31st December 2022 totalled £4,967,594 which generated an income of £235,464 in 2022, being a return of 4.6%.
Strategy is based on a 60% ordinary share and 40% fixed interest plus cash split. The investment manager's performance is monitored against relevant indices (being FTSE 100 and FTA Government All Stocks) half yearly when complete portfolio valuations and analyses are provided.
The cash on deposit with CCLA has remained at £40,000 at 31st December 2022.
As part of its investment policy the Finance Committee recognises the guidelines issued by the Church of England Advisory Group on ethical matters.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
As described above the charity is controlled by its governing document, a deed of trust, amended by a scheme dated 25th July, 1983.
Page 1
Beverley Minster Old Fund
Report of the Trustees
for the year ended 31st December 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
By decision of the bodies and persons listed below.
When new trustees are appointed they are briefed on their legal obligations under Charity Law, the activities of the Trustees and their decision making processes, the fund's strategy and performance.
During the briefing they will meet other Trustees, the Treasurer and Clerk.
Names of the Charity's Custodians
The Charity's investments are held electronically by WB Nominees as nominees.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 224208
Principal address
c/o Office F1 Beverley Enterprise Centre Beck View Road Beverley East Yorkshire HU17 0JT
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Beverley Minster Old Fund
Report of the Trustees for the year ended 31st December 2022
Trustees
It is the aim of the Charity to have 12 appointed trustees at any one time. This is made up as below:
Ex-Officio Trustees:
The Mayor of Beverley Cllr. Mrs L. Johnson - to May 2023 Cllr. Mr. T Astell - from May 2023
The Archdeacon of the East Riding of the County of York
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The Venerable A. Broom
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The Vicar of Beverley Minster:
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The Reverend J. Baker
Representative Trustees:
Appointed by His Grace the Lord Archbishop of York - Mr. K. O'Berg - resigned 01/04/2022
- Mr N. McKechnie - appointed 20/04/2022
Appointed by the Archdeacon of the East Riding of the County of York- Mr. M. Whitehead
Appointed by the Dean and Chapter of the Cathedral of York - Mr. C. T. Lightowler (Finance Committee Chairperson)
Appointed by the two Assistant Curates of the Minster Church of Beverley and by the Church Wardens of the Parishes of St. John and St. Martin, Beverley
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Mr. S. George - resigned 20/04/2022
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Ms. S. Robson - appointed 31/10/2022
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Mr. P. Collins
Appointed by the Vicar and Church Wardens of the Parishes of St. Mary and St. Nicholas, Beverley - Mrs. D. Thomas (Chairperson)
Appointed by East Riding of Yorkshire Council - Mr. N. Adams
Cooptative Trustees:
Mr. R. Barton Mr. A. Needler - appointed 01/01/2022 Mr. S. Carr - appointed 31/10/2022
The Finance Committee is made up of the Chairperson of the Finance Committee and two further trustees from the above list (during the year Mr. R. Barton and Mr. N. McKechnie). The Finance Committee generally meets twice per annum and is responsible for administering investments and setting future budgets.
Trustees meet four times per annum to discuss matters arising in respect of the maintenance of the fabric of the Minster. In addition to the trustees, meetings are attended by the Minster Surveyor and the Minster Treasurer who each present quarterly reports to the trustees.
Page 3
Beverley Minster Old Fund
Report of the Trustees for the year ended 31st December 2022
REFERENCE AND ADMINISTRATIVE DETAILS Auditors
Smailes Goldie Chartered Accountants Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA
Advisers at 31st December 2022 Bankers:
National Westminster Bank plc, 60 Market Place, Beverley. HU17 8AH
Stockbrokers:
Walker Crips Stockbrokers Limited, Old Change House, 128 Queen Victoria Street, London. ECV 4BJ
Minster's Architect:
Mr. A. Burrell BSc(Hons), B Arch(Wales), RIBA, AABC, Carden & Godfrey, 33 Clerkenwell Close, London. EC1R 0AU
Surveyor to the Minster: Simon Delaney, Kingfisher Court,Plaxton Bridge,Woodmansey, Beverley. HU17 0RT
Treasurer and Clerk to the Trustees:
Rebecca Dymond, Office F1, Beverley Enterprise Centre, Beck View Road, Beverley, HU17 0JT
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.
RESERVES POLICY
The Charity Commission authorised the balance on capital account at 31st December, 1994 to be divided £977,457 as permanent endowment and £259,466 as expendable endowment funds.
Including realised and unrealised gains/losses the permanent endowment totals £2,404,211 at 31st December 2022 (2021: £2,665,775).
As major legacies to the Charity are unpredictable from year to year the Trustees regard the expendable endowment fund as being available to cover the cost of significant and sometimes unexpected renovations. It is also held for the purpose of earning income to be spent on essential annual maintenance.
It is the policy of the Trustees to maintain the income reserves which are the free reserves of the Charity at a level which equates to approximately six months' expenditure. This would provide sufficient funds to cover the cost of generating funds, charitable expenditure, support costs and management and administration. Income and expenditure have reduced significantly this year as the Nave and Sanctuary projects have come to and end. Income of £285,232 (2021: £1,335,736) and expenditure of £276,817 (2021: £1,756,881) generated a surplus before investment losses of £8,415 (2021: deficit of £421,145). Total unrestricted reserves at 31 December 2022 are £2,738,349 which exceeds the target of six months' expenditure.
Page 4
Beverley Minster Old Fund
Report of the Trustees for the year ended 31st December 2022
TRUSTEES' RESPONSIBILITY STATEMENT
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, 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.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:08 Nov 2023
.............................................................. Mrs D M Thomas - Trustee
Page 5
Report of the Independent Auditors to the Trustees of Beverley Minster Old Fund
Opinion
We have audited the financial statements of Beverley Minster Old Fund (the 'charity') for the year ended 31st December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31st December 2022 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in 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 trustees' use of the going concern basis of 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 charity's ability to continue as a going concern for a period of at least twelve 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 included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 6
Report of the Independent Auditors to the Trustees of Beverley Minster Old Fund
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the trustees are responsible for the preparation of the 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.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to 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.
Page 7
Report of the Independent Auditors to the Trustees of Beverley Minster Old Fund
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:-performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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 Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 8
Report of the Independent Auditors to the Trustees of Beverley Minster Old Fund
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Smailes Goldie Chartered Accountants Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA
Date: .............................................08 Nov 2023
Page 9
Beverley Minster Old Fund
Statement of Financial Activities for the year ended 31st December 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 49,768 Investment income 3 235,464 Total 285,232 EXPENDITURE ON Raising funds 2,092 Charitable activities 4 Maintenance of Beverley Minster 271,515 Total 273,607 Net gains/(losses) on investments (212,774) NET INCOME/(EXPENDITURE) (201,149) RECONCILIATION OF FUNDS Total funds brought forward 2,939,498 TOTAL FUNDS CARRIED FORWARD 2,738,349 |
Restricted funds £ - - - - - - - - - - |
Endowment fund £ - - - 1,574 1,636 3,210 (258,354) (261,564) 2,665,775 2,404,211 |
2022 Total funds £ 49,768 235,464 285,232 3,666 273,151 276,817 (471,128) (462,713) 5,605,273 5,142,560 |
2021 Total funds £ 1,108,990 226,746 1,335,736 4,678 1,752,203 1,756,881 406,974 (14,171) 5,619,444 5,605,273 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 10
Beverley Minster Old Fund
Balance Sheet 31st December 2022
| Notes FIXED ASSETS Tangible assets 10 Investments 11 CURRENT ASSETS Debtors 12 Investments 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds Endowment funds TOTAL FUNDS |
2022 £ 90,501 4,967,594 5,058,095 51,797 40,000 57,028 148,825 (64,360) 84,465 5,142,560 5,142,560 2,738,349 2,404,211 5,142,560 |
2021 £ 92,138 5,492,402 5,584,540 57,699 40,000 18,468 116,167 (95,434) 20,733 5,605,273 5,605,273 2,939,498 2,665,775 5,605,273 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 08 Nov 2023
.............................................
D M Thomas - Trustee
............................................. Charles T Lightowler C T Lightowler - Trustee
The notes form part of these financial statements
Page 11
Beverley Minster Old Fund
Cash Flow Statement
for the year ended 31st December 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Amounts withdrawn from portfolio Dividends received Net cash provided by investing activities Cash flows from financing activities Expenditure attributable to endowment Net cash provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ (247,925) (247,925) 50,000 235,464 285,464 1,021 1,021 38,560 18,468 57,028 |
2021 £ (729,650) (729,650) 300,000 226,746 526,746 - - (202,904) 221,372 18,468 |
|---|---|---|
The notes form part of these financial statements
Page 12
Beverley Minster Old Fund
Notes to the Cash Flow Statement
for the year ended 31st December 2022
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Losses/(gain) on investments Dividends received Expenditure attributable to endowment Investment fees paid through portfolio Decrease in debtors Decrease in creditors Net cash used in operations 2. ANALYSIS OF CHANGES IN NET FUNDS At 1.1.22 £ Net cash Cash at bank 18,468 18,468 Liquid resources Deposits included in cash - Current asset investments 40,000 40,000 Total 58,468 |
2022 £ (462,713) 1,636 471,128 (235,464) (1,021) 3,681 5,902 (31,074) (247,925) Cash flow £ 38,560 38,560 - - - 38,560 |
2021 £ (14,171) 2,147 (406,974) (226,746) - 3,892 90,017 (177,815) (729,650) At 31.12.22 £ 57,028 57,028 - 40,000 40,000 97,028 |
| At |
The notes form part of these financial statements
Page 13
Beverley Minster Old Fund
Notes to the Financial Statements for the year ended 31st December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Income recognition
Income is measured at the fair value of the consideration received or receivable. The policies adopted for the recognition of income are as follows:
Donations and grants
Income from donations, government and other grants, whether capital or revenue, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.
Investment income
Income from listed investments is recognised as the charity's right to receive payment is established.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
Allocation and apportionment of costs
Support costs have been allocated between administration and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice such as costs related to bookkeeping and statutory audit.
There has been no apportionment of costs.
Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Freehold property (land) - not provided Freehold property (buildings) - 2% on cost Plant and machinery - 20% on cost
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continued...
Beverley Minster Old Fund
Notes to the Financial Statements - continued for the year ended 31st December 2022
1. ACCOUNTING POLICIES - continued
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used, at the discretion of the trustees, in accordance with the charitable objectives.
Restricted funds can only be used for particular purposes within the objects of the charity.
Endowment funds represent those assets that must be held permanently by the charity. Income arising on the endowment funds 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 the fund.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the statement of financial activities if the shares are publicly traded, using the closing quoted middle price, or their value can otherwise be measured reliably.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of financial activities allocated to the appropriate heading.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of financial activities unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
2. DONATIONS AND LEGACIES
| Donations Grants |
2022 £ 49,768 - 49,768 |
2021 £ 655,718 453,272 |
|---|---|---|
| 1,108,990 |
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Beverley Minster Old Fund
Notes to the Financial Statements - continued
for the year ended 31st December 2022
2. DONATIONS AND LEGACIES - continued
Grants received, included in the above, are as follows:
| Nave Phase 1 project Sanctuary project 3. INVESTMENT INCOME Listed investments 4. CHARITABLE ACTIVITIES COSTS Maintenance of Beverley Minster 5. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Administrative expenses Property repairs and maintenance Professional fees |
Direct Costs (see note 5) £ 228,785 |
2022 £ - - - 2022 £ 235,464 Support costs (see note 6) £ 44,366 2022 £ 95,392 12,132 66,960 54,301 228,785 |
2021 £ 465,088 (11,816) 453,272 2021 £ 226,746 Totals £ 273,151 2021 £ 82,070 10,729 1,584,610 34,043 1,711,452 |
|
|---|---|---|---|---|
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Beverley Minster Old Fund
Notes to the Financial Statements - continued for the year ended 31st December 2022
6. SUPPORT COSTS
| Governance Administration costs £ £ Maintenance of Beverley Minster 29,145 15,221 Support costs, included in the above, are as follows: Administration 2022 Maintenance of Beverley Minster £ Rates and water 393 Insurance 11,710 Light and heat 11,015 Telephone 1,996 Postage and stationery 272 Sundries 2,123 Depreciation of tangible and heritage assets 1,636 29,145 Governance costs 2022 Maintenance of Beverley Minster £ Auditors' remuneration 4,920 Trustee liability insurance 701 Bookkeeping costs 9,600 15,221 |
Totals £ 44,366 2021 Total activities £ 498 18,256 2,513 2,036 47 746 2,147 26,243 2021 Total activities £ 4,280 628 9,600 14,508 |
|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration for the year ended 31st December 2022 nor for the year ended 31st December 2021. The charity paid a premium for trustees' liability insurance of £701 (2021: £628).
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2022 nor for the year ended 31st December 2021.
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Beverley Minster Old Fund
Notes to the Financial Statements - continued for the year ended 31st December 2022
8. STAFF COSTS
| 2022 £ Wages and salaries 89,303 Social security costs 2,622 Other pension costs 3,467 95,392 The average monthly number of employees during the year was as follows: 2022 Maintenance of Beverley Minster 3 No employees received emoluments in excess of £60,000. 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Endowment fund funds fund £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 48,791 1,060,199 - Investment income 226,746 - - Total 275,537 1,060,199 - EXPENDITURE ON Raising funds 2,861 - 1,817 Charitable activities Maintenance of Beverley Minster 689,857 1,060,199 2,147 Total 692,718 1,060,199 3,964 Net gains on investments 282,594 - 124,380 NET INCOME/(EXPENDITURE) (134,587) - 120,416 RECONCILIATION OF FUNDS Total funds brought forward 3,074,085 - 2,545,359 TOTAL FUNDS CARRIED FORWARD 2,939,498 - 2,665,775 |
2021 £ 73,470 5,347 3,253 82,070 2021 3 Total funds £ 1,108,990 226,746 1,335,736 4,678 1,752,203 1,756,881 406,974 (14,171) 5,619,444 5,605,273 |
|---|---|
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Beverley Minster Old Fund
Notes to the Financial Statements - continued for the year ended 31st December 2022
10. TANGIBLE FIXED ASSETS
| COST At 1st January 2022 and 31st December 2022 DEPRECIATION At 1st January 2022 Charge for year At 31st December 2022 NET BOOK VALUE At 31st December 2022 At 31st December 2021 11. FIXED ASSET INVESTMENTS MARKET VALUE At 1st January 2022 Additions Disposals Revaluations Management fees Withdrawals At 31st December 2022 NET BOOK VALUE At 31st December 2022 At 31st December 2021 |
Freehold property £ 97,779 5,823 1,456 7,279 90,500 91,956 Listed investments £ 5,309,107 99,970 (229,260) (471,140) - - 4,708,677 4,708,677 5,309,107 |
Plant and machinery £ 5,811 5,629 181 5,810 1 182 Cash and settlements pending £ 183,295 (99,970) 229,260 - (3,668) (50,000) 258,917 258,917 183,295 |
Totals £ 103,590 11,452 1,637 13,089 90,501 92,138 Totals £ 5,492,402 - - (471,140) (3,668) (50,000) 4,967,594 4,967,594 5,492,402 |
|---|---|---|---|
Included in above are £482,426 (2021: £778,962) of investments that are invested outside the UK. Cost or valuation at 31st December 2022 is represented by:
| Valuation in 2022 | Listed investments £ 4,708,677 |
Cash and settlements pending £ 258,917 |
Totals £ 4,967,594 |
|---|---|---|---|
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continued...
Beverley Minster Old Fund
Notes to the Financial Statements - continued for the year ended 31st December 2022
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors VAT Prepayments and accrued income 13. CURRENT ASSET INVESTMENTS Deposit account 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Endowment fund funds fund £ £ £ Fixed assets - - 90,501 Investments 2,694,575 - 2,273,019 Current assets 108,134 - 40,691 Current liabilities (64,360) - - 2,738,349 - 2,404,211 |
||
|---|---|---|
Withdrawals totalling £200,000 had inadvertently been made from the charity's permanent endowment investment fund instead of the charity's expendable endowment investment portfolio at 31 December 2021. This has all been paid back during 2022.
Page 20
continued...
Beverley Minster Old Fund
Notes to the Financial Statements - continued for the year ended 31st December 2022
16. MOVEMENT IN FUNDS
| At 1.1.22 £ Unrestricted funds General fund 2,939,498 Endowment funds Permanent Endowment 2,665,775 TOTAL FUNDS 5,605,273 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 285,232 (273,607) Endowment funds Permanent Endowment - (3,210) TOTAL FUNDS 285,232 (276,817) Comparatives for movement in funds At 1.1.21 £ Unrestricted funds General fund 3,074,085 Endowment funds Permanent Endowment 2,545,359 TOTAL FUNDS 5,619,444 |
Net movement in funds £ (201,149) (261,564) (462,713) Gains and losses £ (212,774) (258,354) (471,128) Net movement in funds £ (134,587) 120,416 (14,171) |
At 31.12.22 £ 2,738,349 2,404,211 5,142,560 Movement in funds £ (201,149) (261,564) (462,713) At 31.12.21 £ 2,939,498 2,665,775 5,605,273 |
|
|---|---|---|---|
Page 21
continued...
Beverley Minster Old Fund
Notes to the Financial Statements - continued for the year ended 31st December 2022
16. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Nave Project Sanctuary Project Nave Project Phase 2 Endowment funds Permanent Endowment TOTAL FUNDS |
Incoming resources £ 275,537 699,015 (11,816) 373,000 1,060,199 - 1,335,736 |
Resources expended £ (692,718) (699,015) 11,816 (373,000) (1,060,199) (3,964) (1,756,881) |
Gains and losses £ 282,594 - - - - 124,380 406,974 |
Movement in funds £ (134,587) - - - - 120,416 (14,171) |
|---|---|---|---|---|
The Charity has both Permanent Endowment Funds and Unrestricted (Expendable Endowment) Funds whose purpose is to generate income for the maintenance and reparation of Beverley Minster.
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2022.
18. POST BALANCE SHEET EVENTS
After the year end the Charity has been notified of the existence of material legacies, being receivable from two estates, totalling approximately £440,000. It is unclear whether either payment had been authorised by the respective executors prior to 31 December 2022.
Page 22
Issuer
Smailes Goldie
Document generated Fri, 27th Oct 2023 15:23:00 UTC
Document fingerprint 2b95d6a7eefdd60ce300183735fce4f6
Parties involved with this document
Document processed
Party + Fingerprint
Wed, 8th Nov 2023 6:41:44 UTC Wed, 8th Nov 2023 12:06:00 UTC Wed, 8th Nov 2023 12:06:00 UTC Wed, 8th Nov 2023 12:14:00 UTC
Deann Thomas - Signer (0e82c1a6f55ee90a80b6e7aaf975f46d) Charles Lightowler - Signer (495878109f3bb10b6314096af6a11e83) Katy Hind - Copied In (8b52de3f1dfbbbc3e6f51cf43042d307) Steve Bramall - Signer (b64a004ed9e7a36bcb7f5f8a6a579caa)
Audit history log
| Date | Action | |||
|---|---|---|---|---|
| Wed, | 8th Nov | 2023 | 12:14:01 UTC | Steve Bramall viewed the envelope. (213.249.229.122) |
| Wed, | 8th Nov | 2023 | 12:14:00 UTC | This envelope has been signed by all parties (213.249.229.122) |
| Wed, | 8th Nov | 2023 | 12:14:00 UTC | Steve Bramall signed the envelope (213.249.229.122) |
| Wed, | 8th Nov | 2023 | 12:13:37 UTC | Steve Bramall viewed the envelope. (213.249.229.122) |
| Wed, | 8th Nov | 2023 | 12:06:32 UTC | Steve Bramall opened the document email. (40.94.103.126) |
| Wed, | 8th Nov | 2023 | 12:06:02 UTC | Document emailed to katyhind@smailesgoldie.co.uk (35.176.227.16) |
| Wed, | 8th Nov | 2023 | 12:06:02 UTC | Document emailed to stevebramall@smailesgoldie.co.uk (18.135.98.159) |
| Wed, | 8th Nov | 2023 | 12:06:01 UTC | Charles Lightowler viewed the envelope. (83.100.157.118) |
| Wed, | 8th Nov | 2023 | 12:06:01 UTC | Sent the envelope to Steve Bramall (stevebramall@smailesgoldie.co.uk) |
| for signing (83.100.157.118) | ||||
| Wed, | 8th Nov | 2023 | 12:06:01 UTC | Sent the envelope to Katy Hind (katyhind@smailesgoldie.co.uk) for signing |
| (83.100.157.118) | ||||
| Wed, | 8th Nov | 2023 | 12:06:00 UTC | Charles Lightowler signed the envelope (83.100.157.118) |
| Wed, | 8th Nov | 2023 | 12:00:53 UTC | Charles Lightowler viewed the envelope. (83.100.157.118) |
| Wed, | 8th Nov | 2023 | 6:45:18 UTC | Charles Lightowler opened the document email. (172.226.0.27) |
| Wed, | 8th Nov | 2023 | 6:41:46 UTC | Document emailed to charleslightowler@gmail.com (18.135.5.52) |
| Wed, | 8th Nov | 2023 | 6:41:45 UTC | Deann Thomas viewed the envelope. (82.132.236.68) |
| Wed, | 8th Nov | 2023 | 6:41:44 UTC | Sent the envelope to Charles Lightowler (charleslightowler@gmail.com) for |
| signing (82.132.236.68) |
Wed, 8th Nov 2023 6:41:44 UTC Wed, 8th Nov 2023 6:39:30 UTC Wed, 8th Nov 2023 6:39:19 UTC Fri, 27th Oct 2023 15:32:09 UTC Fri, 27th Oct 2023 15:29:17 UTC Fri, 27th Oct 2023 15:29:16 UTC
Deann Thomas signed the envelope (82.132.236.68) Deann Thomas viewed the envelope. (82.132.236.68) Deann Thomas opened the document email. (146.75.174.13) Deann Thomas opened the document email. (146.75.168.38) Document emailed to deanne964@yahoo.co.uk (18.130.59.122) Sent the envelope to Deann Thomas (deanne964@yahoo.co.uk) for signing (213.249.229.122)
Fri, 27th Oct 2023 15:25:11 UTC Fri, 27th Oct 2023 15:25:11 UTC Fri, 27th Oct 2023 15:25:11 UTC Fri, 27th Oct 2023 15:25:11 UTC Fri, 27th Oct 2023 15:23:07 UTC
Steve Bramall has been assigned to this envelope (213.249.229.122) Katy Hind has been assigned to this envelope (213.249.229.122) Charles Lightowler has been assigned to this envelope (213.249.229.122) Deann Thomas has been assigned to this envelope (213.249.229.122)
Fri, 27th Oct 2023 15:23:07 UTC Document generated with fingerprint 1cdf560bd16bed35418ed88ad50823b2 (213.249.229.122) Fri, 27th Oct 2023 15:23:04 UTC Document generated with fingerprint 2b95d6a7eefdd60ce300183735fce4f6 (213.249.229.122) Fri, 27th Oct 2023 15:23:00 UTC Envelope generated by Gail North (213.249.229.122)