**REGISTERED COMPANY NUMBER: 00946817 (England and Wales) REGISTERED CHARITY NUMBER: 224437** **Report of the Trustees and** **Audited Financial Statements** **for the Year Ended 31 December 2022** **for** **John Henry King Fund Limited** Town & Forest Chartered Accountants & Statutory Auditors First Floor, New Barnes Mill Cottonmill Lane St Albans AL1 2HA **John Henry King Fund Limited** ## **Contents of the Financial Statements for the Year Ended 31 December 2022** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Report of the Independent Auditors**|4|to|6| |**Statement of Financial Activities**||7|| |**Statement of Financial Position**||8|| |**Notes to the Financial Statements**|9|to|12| |**Detailed Statement of Financial Activities**||13|| **John Henry King Fund Limited** ## **Report of the Trustees for the Year Ended 31 December 2022** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objective and aims of the charity was the purchase and sale of investments and the generation of income from the investments to provide grants for sick and retired clergy. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The results for the year are detailed on page 7 and the trustees consider the state of affairs to be satisfactory. During the year grants were paid to 33 beneficiaries totalling £47,000. ## **FINANCIAL REVIEW** ## **Financial position** There was a net surplus in 2022 of £6,108 compared to a deficit of £12,724 in 2021. Details are shown on page 13. When this is combined with a net loss in market value of investments of £332,970 (£206,134 net gain in 2021) the overall decrease in the Fund was £326,862 (£193,410 increase in 2021). The total unrestricted fund was £2,082,200 at 31 December 2022 (£2,409,062 in 2021). ## **Investment policy and objectives** Rathbone Investment Management Limited are the appointed managers of the Portfolio. Quarterly statements are provided by the managers which are reviewed by the trustees. The policy agreed with the managers is to maintain the income and produce capital growth for future needs. The ratio of fixed interest bearing funds to equities is determined annually. The trustees have recently reviewed the investment policy and objectives with the portfolio managers. It has been agreed to transition to a lower risk-level, including an increased proportion of fixed interest investments.The aim is to maintain income while reducing volatility in return for lower growth targets (but still above inflation). ## **Reserves policy** The charity's policy is to maintain, where possible, the capital value of the fund and to utilise the annual investment income to pay grants to the beneficiaries. No restrictions are imposed by the fund rules concerning the way the charity fulfils its purpose, save that no payments may be made towards the funeral expenses of beneficiaries. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The governing document being the Memorandum and Articles of Association issued when incorporated on 28 January 1969 (in the original name of The Portsmouth R.C. Diocesan Sick Fund Limited - change of name to John Henry King Fund Limited registered on 6 January 1999). ## **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 Company number** 00946817 (England and Wales) Page 1 **John Henry King Fund Limited** ## **Report of the Trustees** ## **for the Year Ended 31 December 2022** **Registered Charity number** 224437 ## **Registered office** 67 Purewell Christchurch Dorset BH23 1EH ## **Trustees** Very Reverend G Hetherington (resigned 29.11.22) Reverend P J Townsend Monsignor T Mcgrath Fr A D'Mello Reverend J A Lee (appointed 29.11.22) ## **Auditors** Town & Forest Chartered Accountants & Statutory Auditors First Floor, New Barnes Mill Cottonmill Lane St Albans AL1 2HA ## **Bankers** CAF Bank Limited 25 Kings Hill Avenue KIngs Hill West Malling Kent ME19 4JQ ## **Investment Managers** Rathbone Investment Management Ltd Fiennes House 32 Southgate Street Winchester SO23 9EH ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees (who are also the directors of John Henry King Fund Limited for the purposes of company law) 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. Page 2 ## ## ## ## **Report of the Independent Auditors to the Members of John Henry King Fund Limited** ## **Opinion** We have audited the financial statements of John Henry King Fund Limited (the 'charitable company') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Statement of Financial Position 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. - In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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 charitable company 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 charitable company'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. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 4 ## **Report of the Independent Auditors to the Members of John Henry King Fund Limited** ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so. ## **Our responsibilities for the audit of the financial statements** 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. 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006, the Financial Conduct Authority and the Charities Act 2011. We assessed the risks of material misstatement in respect of fraud as follows: we made full enquiries with management. As part of our fraud discussions we discussed particular areas we believed to be susceptible to misstatement. Also during our audit we paid particular attention to looking for any related party transactions, these are listed within note 8 on page 12. 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 5 ## **Report of the Independent Auditors to the Members of John Henry King Fund Limited** ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Zara Dunster FCA (Senior Statutory Auditor) for and on behalf of Town & Forest Chartered Accountants & Statutory Auditors First Floor, New Barnes Mill Cottonmill Lane St Albans AL1 2HA 28 September 2023 Date: ............................................. Page 6 **John Henry King Fund Limited** ## **Statement of Financial Activities** ## **for the Year Ended 31 December 2022** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
**Total**
**EXPENDITURE ON**
**Charitable activities**
Grants
Administration
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|31.12.22
Unrestricted
fund
£
9,148
58,621
67,769
47,000
14,661
61,661
(332,970)
(326,862)
2,409,062
2,082,200|31.12.21
Total
funds
£
3,663
51,645| |---|---|---| |||55,308| |||54,300
13,732| |||68,032| |||206,134| |||193,410
2,215,652| |||2,409,062| The notes form part of these financial statements Page 7 ## ## |||31.12.22|31.12.21| |---|---|---|---| |||Unrestricted|Total| ||Notes|tund
f.|fundst| |FIXEDASSETS|||| |Investments|4|1,996,531|2,364,049| |CURRENTASSETS|||| |Debtors|5|876|1,210| |Cash atbank||92,124|49,830| |||93,000|50,040| |CREDITORS
Amounts fallingduewithinoneyear|6|(7,331)|
(5,027)| |NET CI.]RRENTASSETS||85,669|45,013| |TOTALASSETS LESS CTJRRENT|||| |LIABILITIES||2,082,200|2,409,062| |NETASSETS||:
2,082,200|,,^rt,*,| |FUNDS|7||| |Unrestricted funds||2,082,200|2,409,062| |TOTALFT]IIDS||2,082,200|2,409,062| **John Henry King Fund Limited** ## **Notes to the Financial Statements** ## **for the Year Ended 31 December 2022** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, 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 Companies Act 2006. 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. ## **Financial reporting standard 102 - reduced disclosure exemptions** The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, 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; - the requirement of paragraph 3.17(d). ## **Fixed asset investments** The original costs of investments and the recognition of income streams are based upon records maintained by the Investment Managers, Rathbones Investment Management Ltd. The investments are accounted for at market value. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Foreign currencies** Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. continued... Page 9 **John Henry King Fund Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022** ## **1. ACCOUNTING POLICIES - continued** ## **Provisions and accruals** Provisions are recognised when there is a present legal or constructive obligation as a result of past events and the amount can be reliably estimated. Provisions are not recognised for future operating losses. ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| ||31.12.22|31.12.21| ||£|£| |Dividends receivable|49,283|45,630| |Interest receivable|9,338|6,013| |Deposit account interest|-|2| ||58,621|51,645| ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021. ## **4. FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 1 January 2022
Additions
Disposals
Realised loss
At 31 December 2022
**PROVISIONS**
Unrealised loss
**NET BOOK VALUE**
At 31 December 2022
At 31 December 2021|Listed
investments
£
2,364,049
548,206
(582,754)
(100,359)
2,229,142
232,611
1,996,531
2,364,049| |---|---| continued... Page 10 **John Henry King Fund Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022** |**5.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Legacy receivable
Tax repayable
**6.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accrued expenses
**7.**
**MOVEMENT IN FUNDS**
At 1.1.22
£
**Unrestricted funds**
General fund
2,409,062
**TOTAL FUNDS**
2,409,062
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
67,769
(61,661)
**TOTAL FUNDS**
67,769
(61,661)
**Comparatives for movement in funds**
At 1.1.21
£
**Unrestricted funds**
General fund
2,215,652
**TOTAL FUNDS**
2,215,652||31.12.22
£
-
876
876
31.12.22
£
7,331
Net
movement
in funds
£
(326,862)
(326,862)
Gains and
losses
£
(332,970)
(332,970)
Net
movement
in funds
£
193,410
193,410|31.12.21
£
400
810
1,210
31.12.21
£
5,027
At
31.12.22
£
2,082,200
2,082,200
Movement
in funds
£
(326,862)
(326,862)
At
31.12.21
£
2,409,062
2,409,062| |---|---|---|---| ||||| ||||| ||||| continued... Page 11 **John Henry King Fund Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022** ## **7. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
55,308
55,308|Resources
expended
£
(68,032)
(68,032)|Gains and
Movement
losses
in funds
£
£
206,134
193,410
206,134
193,410| |---|---|---|---| ## **8. RELATED PARTY DISCLOSURES** Donation of £50 was received from Reverend P J Townsend Donation of £25 was received from Fr A D'Mello Donation of £100 was received from Reverend J A Lee Donation of £50 was received from the Very Reverend G Hetherington (previous Director and Trustee) Grants of £1,600 were paid to previous Director and Trustee the Very Reverend G Hetherington Page 12 ## **John Henry King Fund Limited** |**Detailed Statement of Financial Activities**||| |---|---|---| |**for the Year Ended 31 December 2022**||| ||31.12.22|31.12.21| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations|2,272|2,051| |Tax reclaimed|876|812| |Legacies|6,000|800| ||9,148|3,663| |**Investment income**||| |Dividends receivable|49,283|45,630| |Interest receivable|9,338|6,013| |Deposit account interest|-|2| ||58,621|51,645| |**Total incoming resources**|67,769|55,308| |**EXPENDITURE**||| |**Charitable activities**||| |Administration|14,661|13,732| |Grants made|47,000|54,300| ||61,661|68,032| |Total resources expended|61,661|68,032| |**Net income/(expenditure) before gains and**||| |**losses**|6,108|(12,724)| |**Realised recognised gains and losses**||| |Realised gains/(losses) on fixed asset investments|(100,359)|10,942| |Unrealised gains/(losses)|(232,611)|195,192| |**Net (expenditure)/income**|(326,862)|193,410| This page does not form part of the statutory financial statements Page 13