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2021-04-05-accounts

Society of All Saints

Registered Charity No: 228383

Accounts

for the year ended 5th April 2021

Wenn Townsend Chartered Accountants

Oxford

Society of All Saints

Community Leader: Sister Jane All Saints 15A Magdalen Road Oxford OX4 1RW Trustees: Mr N E Bell Rev Dr A Teal (retired 10th May 2020) Rev Dr A Allen Ms H Merrington-Rust Solicitors: HMG Law LLP 126 High Street Oxford OX1 4DG Auditors: Wenn Townsend 30 St. Giles' Oxford OX1 3LE Bankers: The Co-operative Bank plc Investment Managers: The Central Board of Finance of the Church of England 80 Cheapside London EC2V 6DZ Registered Charity Number: 228383

1

Society of All Saints

Trustees' Report for the year ended 5th April 2021

Reference and administrative details - see Page 1

Structure, Governance and Management

Governing Document

The constitution under which the Society operates has its origins in the original statutes drawn up in 1859 and was last amended in 2017. The Chapter (Sisters of the Community) is responsible for decisions on undertaking or relinquishing important activities and thus strategy is in the hands of the Sisters. The Trustees are responsible for holding and investing the assets of the community.

Appointment of Trustees

The number of the Trustees shall not at any time be more than six nor less than three, following a constitutional amendment passed in 2009.

Any of the Trustees who is an individual shall be a Christian of good standing in their own community of faith.

Each of the Trustees retires from office after three years. A retiring Trustee is eligible for re-election.

The power of appointing a new Trustee or new Trustees is vested in the Chapter and is exercised by resolution of a meeting of the Chapter passed in accordance with the Constitution of the Society.

Trustees induction and training

The induction of new Trustees includes preparation by the sisters in terms of matters pertaining to the constitution and in terms of matters pertaining to Trustee duties in general.

Organisation

The Trustees meet at least three times a year and receive reports from the Community Leader, the Trust Bursar and the Trust’s professional and investment advisors. The Society has a professional solicitor who acts as clerk to the Trustees.

Trustee remuneration

All Trustees give of their time freely and no Trustee remuneration was paid in the year.

Key management personnel

The Charity is managed by the Sisters who receive no remuneration.

Related Parties

The Society Trustees act as Members of The Porch, a charitable company limited by guarantee. As a member, they appoint the Trustees of this charity. The Society appoints a director to the Board of Helen & Douglas House who pay a rent to the Society. Sisters are currently represented on both Boards.

Principal risks and uncertainties

The Trustees have examined the principal areas of the Charity’s operation and considered the major risks in these areas. The Trustees consider the Charity’s systems are such that these risks are mitigated to an acceptable level. Covid-19 has introduced additional uncertainty into the Charity’s operations. The Trustees have made efforts to mitigate the risks by following government guidelines with regards to the virus. The financial implications cannot be reliably estimated at this stage, though the Trustees feel the steps taken are appropriate and sufficient to mitigate any risk to going concern.

2

Society of All Saints

Trustees' Report for the year ended 5th April 2021

.…………….. continued

Objectives, activities and public benefit

The Trustees have regard to the Charity Commissioner’s guidance on public benefit in carrying out the Charity’s objectives. The Society of All Saints Sisters of the Poor is an Anglican religious community for women in Oxford. The Sisters have an active ministry outside the convent. The aim is to be channels of God’s love, in whatever way they believe the Holy Spirit is leading them, helping all those who are in need by reason of age, health or social circumstance. The community at present consists of 5 sisters in life vows, one of whom has been undertaking ordained ministry in London. Founded in London in 1851, their work over the years and in four continents has taken many forms. They are responsible for all the gardens and grounds in which they and a number of other charities and religious organisations are located and which are central to the provision of the current and future amenities for all the resident projects, families and visitors to the site. In Oxford, they founded the Porch (support for the homeless and vulnerably housed), which now operates as a separate corporate charity of which the Society’s Trustees are the Members. The community continues to provide storage space at a peppercorn rent for food for consumption by Porch users and production of consumables sold by the Porch as part of their own fundraising activities. They also founded Helen House & Douglas House (hospices for children and young adults), which operates in separate premises in Oxford but makes use of the charity’s grounds and gardens for its own users. They transferred the business of St John’s Home which is a registered residential home for the elderly and attached to the former convent building to a new proprietor in September 2016. The Home accommodates 38 men and women fee paying residents who are offered companionship in a loving and caring environment enabling them to live their remaining years with dignity and who make full use of the charity’s gardens and grounds. The Home is open to any elderly person, who is no longer able to live alone, to apply to be a resident. Prospective residents are invited to spend time at the Home for mutual assessment before commitments are made. The Sisters maintain close involvement with the new proprietor and residents.

Brownlow House is a modern guest house, well equipped for self-catering. It provides much needed space for retreat, for small groups and for time ‘just to be’ and is situated in the beautiful gardens which provide peace and serenity for all visitors and residents. There is no charge and people give according to their means and in appreciation.

St Michael's Cottage, Winson, Gloucestershire, converted in 1984 from the disused village schoolroom last used in 1923 is a small cottage available for holidays and retreats. When not in use by the Sisters it welcomes visitors who contribute through modest donations to the Society's income.

Achievements and performance

The Convent continues to offer hospitality to people who are vulnerable in a variety of ways and they return year after year. The flexible use of the Guest House allows small groups, including clergy cell groups, to come together for recuperation or work planning. They appreciate the sensitive and non-intrusive way in which their needs are provided through the arranging of rooms and availability of refreshments.

Since moving from the Old Convent buildings, the sisters have gradually begun to build up an active presence in the Parish Church which has been welcomed with enthusiasm.

They are recognised in the locality by homeless and vulnerably housed people who have known them through the Porch and the Steppin’ Stone Centre.

The chapel and former convent building has been occupied by a religious community of Catholic Franciscan Friars, much welcomed by the Sisters.

The gardens provide space and peace, and the changing patterns of growth and colour as well as some unusual cultivars, all help guests, visitors and the Friary and Hospice communities to unwind and find inner contentment.

Whilst the Covid pandemic has restricted the ability of the sisters to continue as normal much has been achieved through maintaining contacts by letter, by telephone call and through the use of Zoom and Skype.

3

Society of All Saints

Trustees' Report for the year ended 5th April 2021

.…………….. continued

Reserves policy

The Trustees have examined the requirement for “free reserves” which are those unrestricted funds not invested in fixed assets or committed for investment in fixed assets, designated for specific purposes or otherwise designated. The Trustees propose to put aside sums towards the likely costs of repairs and restoration of the listed buildings in the coming year.

The Charity’s total accumulated funds at the year end amounted to £10.5m (2020: £8.8m). Free reserves stand at £8.5m. (2020: £6.8m). The underlying investments produce just under half of the income of the Society. The Trustees intend to continue with its restoration programs and grow the support it already provides to residents within St John’s Home.

Restricted funds at the year end were £1.5k (2020: £4.1k).

Financial Review

The Charity’s total incoming resources for the year amounted to £509k. There was a deficit of £18.6k for the year, having undertaken significant repairs to the roof in St John’s Home. The bounce-back in the stock market saw investments increase by £1.1m and a property previously occupied by a sister has been revalued as an investment property increasing funds by £500k.

Investment powers and policy

Investments have been included in the Balance Sheet at their market value. 96.4% of total investments are in the CBF investment funds which increased in value by 17% (2020: 2.5% decrease). The Trustees meet with their advisers on a regular basis to confirm strategy and monitor performance.

The Trustees aim to preserve the real capital value of investments held, while at the same time maximising income. They are also seeking to increase monies held as investments to ensure the future viability of the charity.

Fundraising

The charity does not undertake any fundraising directly from the general public. Visitors are invited to give gifts.

Plans for future periods

The Society will continue to maintain its links with the Porch and Helen & Douglas House which it set up as separate charities and Sisters intend to maintain their close pastoral involvement with residents in the Home. Sisters will continue to provide the peace and enjoyment of the grounds and gardens to residents and families visiting the Home, the adjacent Helen and Douglas House Hospices and to the Friars and their visitors. The Old School has now been restored and will be put back into full use for occupiers sympathetic to the ethos and activities on the overall site.

4

Society of All Saints

Trustees' Report for the year ended 5th April 2021

.…………….. continued

Trustees' responsibilities in relation to the financial statements

The Trustees are responsible for preparing the Trustees’ Report 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 & 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 income and expenditure 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 Reports) Regulations 2008 and 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.

Auditors

A resolution will be proposed at the Trustees meeting that Wenn Townsend will be re-appointed as auditors of the charity.

On behalf of the Trustees

Helen Merrington-Rust

Trustee

1st July 2021

5

Society of All Saints

Independent Auditor’s Report to the Trustees of the Society of All Saints

Opinion

We have audited the financial statements of Society of All Saints (the ‘charity’) for the year ended 5th April 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting 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 applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 trustees’ annual report, other than the financial statements and our auditor’s report 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 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.

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:

6

Society of All Saints

Independent Auditor’s Report to the Trustees of the Society of All Saints (continued)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 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.

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.

Auditor’s responsibilities for the audit of the financial statements

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 or error, and to issue an auditor’s report 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

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 Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 auditor’s 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.

................................... Wenn Townsend Statutory Auditor 30 St Giles Oxford OX1 3LE

1st July 2021

Wenn Townsend is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

7

Society of All Saints Statement of Financial Activities for the year ended 5th April 2021

Unrestricted Restricted Unrestricted Restricted
Note Funds Funds Total Funds Funds Total
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Income from:
Donations and gifts 2 14,615 2,762 17,377 411,285 1,466 412,751
Other income – State pensions 42,269 - 42,269 39,703 - 39,703
Activities for raising funds
Sales and other income - - - 23 - 23
Income from investments
Income from securities 219,796 - 219,796 231,185 - 231,185
Rental income 187,707 41,750 229,457 200,306 41,750 242,056
────── ────── ────── ────── ────── ──────
Total income 464,387 44,512 508,899 882,502 43,216 925,718
Expenditure on:
Charitable activities
Community 3 (315,190) (212,372) (527,562) (432,226) (87,023) (519,249)
────── ────── ────── ────── ────── ──────
Net income before
(losses)/gains on investments 149,197 (167,860) (18,663) 450,276 (43,807) 406,469
Revaluation on investment property 4 499,318 - 499,318 - - -
Net (losses)/gains on investments
Investment gains/(losses) 5 1,190,255 - 1,190,255 (141,587) - (141,587)
────── ────── ────── ────── ────── ──────
Net movement in funds 1,838,770 (167,860) 1,670,910 308,689 (43,807) 264,882
Transfer to Sinking Fund (165,341) 165,341 - (34,468) 34,468 -
Reconciliation of funds:
Funds balance at 6th April 2020 8,822,329 4,085 8,826,414 8,548,108 13,424 8,561,532
────── ────── ────── ────── ────── ──────
Fund balance at 5th April 2021 10,495,758 1,566 10,497,324 8,822,329 4,085 8,826,414
══════ ══════ ══════ ══════ ══════ ══════

8

Society of All Saints

Balance Sheet at 5th April 2021

Total
Note 2021 2020
£ £
Fixed assets
Properties 4 1,920,807 1,982,530
Fixtures and fittings 4 80,849 93,494
Motor vehicles 4 5,142 6,856
─────── ───────
2,006,798 2,082,880
Investment property 4 545,000 -
Investments 5 7,351,856 6,161,601
Deposit fund 148,141 87,389
─────── ───────
10,051,795 8,331,870
─────── ───────
Current assets
Loan to The Porch 500,000 500,000
Debtors 6 70,938 73,438
Bank and cash 32,469 76,451
─────── ───────
603,407 649,889
Current liabilities
Creditors 7 (157,878) (155,345)
─────── ───────
Net current assets 445,529 494,544
─────── ───────
Net assets 10,497,324 8,826,414
═══════ ═══════
Accumulated funds
Restricted 12 1,566 4,085
Unrestricted 10,495,758 8,822,329
─────── ───────
10,497,324 8,826,414
═══════ ═══════

Helen Merrington-Rust

Trustee

1 July 2021

9

Society of All Saints

Cash Flow Statement for the year ended 5th April 2021

2021 2020
£ £
Net cash flow from operating activities:
(Deficit)/surplus (18,663) 406,469
Depreciation 31,779 34,825
Decrease/(increase) in debtors 2,501 (6,866)
Increase/(decrease) in creditors 2,533 (5,439)
Loan to The Porch - (500,000)
__ __
18,150 (71,011)
Investing activities:
Purchase of investments - (9,996)
Disposal of investments - 25,576
Expenditure on tangible assets (1,379) (2,795)
__ __
Decrease in cash balances 16,771 (58,226)
══════ ══════
Total
Movement
Central Board of Finance 148,141 87,389 60,752
Bank balances 31,695 74,935 (43,240)
Cash 775 1,516 (741)
__ __ __
180,611 163,840 16,771
══════ ══════ ══════

10

Society of All Saints

Notes to the Accounts for the year ended 5th April 2021

1. Accounting policies

The following accounting policies have been used consistently in dealing with items considered material in relation to the Society's accounts.

Basis of preparation

The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern

Incoming resources

All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received.

Donations

Cash donations are credited to the Income and Expenditure Accounts as received. Items (with the exception of land and buildings) donated to the Society are not included in these accounts because the difficulty in establishing a fair value for this purpose outweighs the benefit that would be obtained. A significant contribution is made by volunteers throughout the year and the value of these donated services is not reflected in the accounts.

Tax recoverable

Tax recoverable on amounts received by way of gift aid is included in the accounts when receivable.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.

Fundraising costs are those incurred in seeking voluntary contributions. Governance costs are those incurred in connection with administration of the Charity as a legal entity and are not connected with generating income or charitable expenditure.

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure.

Tangible fixed assets

These assets are shown at cost less accumulated depreciation.

Depreciation of fixed assets is calculated using the following rates and bases which are appropriate to the useful life of the asset and its residual value:

Buildings Nil – 6.67% straight line
Fixtures, fittings and equipment 15% reducing balance
Motor vehicles 25% reducing balance
Computer equipment 33 1/3% straight line
Double glazing 5% reducing balance

Surpluses or deficits arising on the disposal of fixed assets are adjusted in the depreciation charge for the year.

11

Society of All Saints

Notes to the Accounts for the year ended 5th April 2021

1. Accounting policies (continued)

Investment property

The property held as an investment is included at a market value having regards to its existing use with reference to similar properties in the local area.

Investments

Investments are included in the accounts at fair value at the year end. Gains or losses arising on revaluation are recognised in the Statement of Financial Activities as unrealised gains or losses. Gains or losses arising on disposal are recognised in the Statement of Financial Activities as realised gains or losses.

Restricted funds

Restricted funds are subject to specific conditions imposed by the donor or by the terms of an appeal, these conditions being legally binding upon the Trustees.

2. Donations and Gifts

Donations
Legacies
Gifts from visitors		 Total
2021
£
1,944
14,653
780
_
17,377
═════		 Total
2020
£
4,142
397,682
10,927
_
412,751
═════

3. Resources expended

Resources expended
Community Community
2021 2020
£ £
Wages and salaries 49,761 61,241
Operating costs 79,662 139,729
Establishment 314,802 219,717
Administration 51,558 63,737
Depreciation 31,779 34,825
__ __
527,562 519,249
══════ ══════
All charitable activities.

12

Society of All Saints

Notes to the Accounts for the year ended 5th April 2021

4. Fixed assets

Fixed assets
Fixtures,
Fittings & Motor
Properties Equipment Vehicles Total
£ £ £ £
Cost:
At 6th April 2020 2,934,197 414,468 23,509 3,372,174
Additions during the year - 1,379 - 1,379
Disposals - - - -
Reclassified as investments (45,682) - - (45,682)
At 5th April 2021 2,888,515 415,847 23,509 3,327,871
Depreciation:
At 6th April 2020 951,667 320,974 16,653 1,289,294
Charged in year 16,041 14,024 1,714 31,779
Disposals - - - -
At 5th April 2021 967,708 334,998 18,367 1,321,073
Net book value:
At 5th April 2021 1,920,807 80,849 5,142 2,006,798
At 5th April 2020 1,982,530 93,494 6,856 2,082,880
Properties (at cost)
2021 2020
£ £
Freehold
All Saints Convent, St Mary's Road, Oxford 2,392,165 2,392,165
The Old School 474,880 474,880
Bryntirion, Oxford (see below) - 45,682
Winson School House, Bibury 21,470 21,470
─────── ───────
Total 2,888,515 2,934,197
═══════ ═══════
Held as an investment
Bryntirion, Oxford
Reclassified from fixed assets 45,682 -
Revaluation 499,318 -
─────── ───────
545,000 -
═══════ ═══════

13

Society of All Saints

Notes to the Accounts for the year ended 5th April 2021

5. Investments

5. Investments
2021 2020
Market Market
Value Value
£ £
Total
The Central Board of Finance of the Church of England
238,562 units investment fund
(2020: 238,562 units) 4,858,775 4,031,846
596,959 units property fund
(2020: 596,959 units) 776,047 805,477
553,544 (2020: 553,544) units
Global equity fund 1,453,607 1,118,879
Charles Stanley 263,427 205,399
─────── ───────
7,351,856 6,161,601
═══════ ═══════
Total Total
2021 2020
£ £
Valuation at 6th April 2020 6,161,601 6,318,768
Additions - 9,996
Disposals - (25,576)
Unrealised gains 1,190,255 (141,587)
─────── ───────
Valuation at 5th April 2021 7,351,856 6,161,601
═══════ ═══════
6. Debtors
2021 2020
£ £
Investment income 53,215 54,579
Prepayments 6,977 7,201
Other debtors 10,746 11,658
────── ──────
70,938 73,438
═════ ═════

14

Society of All Saints

Notes to the Accounts

for the year ended 5th April 2021

7. Creditors

reditors
2021 2020
£ £
Trade creditors 3,158 3,561
Accruals 29,489 26,083
Other creditors 1,513 1,594
Interest free loan 123,000 123,000
Taxation and social security 718 1,107
────── ──────
157,878 155,345
═════ ═════

8. Wages and salaries

The average number of employees in total during the year was:

2021 2020
Total
Full time 1 2
Part time 4 3
────── ──────
Total 5 5
═════ ═════
Staff costs were as follows:
Wages and salaries 46,121 52,827
Social security - 1,396
Pension costs 3,640 7,019
__ __
49,761 61,242
══════ ══════

No employee received more than £60,000 during this or the preceding year.

The Society of All Saints contributes to an externally administered pension scheme (The Pensions Trust’s Growth Plan “The Scheme”) on behalf of its staff. The scheme is a multi employer scheme and the Charity is unable to identify its share of the underlying assets and liabilities of each scheme on a consistent and reliable basis. Therefore, the Charity accounts for the schemes as if they were a defined contribution scheme. As a result, the amount charged to the income and expenditure account represents the contributions payable to the scheme in respect of the accounting period.

Society of All Saints paid contributions at the rate of 6% during the accounting period. Members paid contributions at the rate of 6% during the accounting period.

Qualified actuaries periodically value the scheme, using the “projected unit” method. The financial assumptions were derived from market conditions prevailing at the valuation date. The results of the latest triennial valuation are outlined below:-

Valuation date 30/09/17 Assets £795 million Amount needed to provide £926.4 million Shortfall £131 million Funding level 81%

15

Society of All Saints

Notes to the Accounts for the year ended 5th April 2021

8. Wages and salaries (continued)

The Pensions Trust has notified the Society of the estimated employer debt on withdrawal from the Scheme based on the financial position of the Scheme as at 30 September 2019. As of that date, the estimated potential employer debt for Society of All Saints was £49,098.

Although a reduction on previous estimates, the Society continues to contribute an additional £3,640 per annum.

9. Trustees’ remuneration

No remuneration or expenses was paid to any of the Trustees during this or the preceding year.

10. Auditors’ remuneration

2021 2020
£ £
Charge recognised in the year 7,926 7,590
═════ ═════
Net assets by fund
Unrestricted Restricted
funds funds Total
£ £ £
Fund balances at 5th April 2021
were represented by:
Tangible fixed assets 2,006,798 - 2,006,798
Fixed asset investments 8,044,997 - 8,044,997
Current assets 601,841 1,566 603,407
Current liabilities (157,878) - (157,878)
─────── ─────── ───────
10,495,758 1,566 10,497,324
═══════ ═══════ ═══════
Unrestricted Restricted
funds funds Total
£ £ £
Fund balances at 5th April 2020
were represented by:
Tangible fixed assets 2,082,880 - 2,082,880
Fixed asset investments 6,248,990 - 6,248,990
Current assets 611,336 38,553 649,889
Current liabilities (155,345) - (155,345)
Sinking Fund Support 34,468 (34,468) -
─────── ─────── ───────
8,822,329 4,085 8,826,414
═══════ ═══════ ═══════

11. Net assets by fund

16

Society of All Saints

Notes to the Accounts for the year ended 5th April 2021

12. Restricted funds

Gift Sinking Total
fund fund
£ £ £
Balance at 6th April 2020 4,085 - 4,085
Income 2,762 41,750 44,512
Expenditure (5,281) (207,091) (212,372)
Transfer from the Society - 165,341 165,341
─────── ─────── ───────
Total net assets 1,566 - 1,566
═══════ ═══════ ═══════
Gift Sinking Total
fund fund
£ £ £
Balance at 6th April 2019 5,498 7,926 13,424
Income 1,466 41,750 43,216
Expenditure (2,879) (84,144) (87,023)
Transfer from the Society - 34,468 34,468
─────── ─────── ───────
Total net assets 4,085 - 4,085
═══════ ═══════ ═════

St John’s Home was run as a separate fund until the operation was transferred to a new proprietor at the end of September 2016.

Some funds within St John’s Home have specific restricted purposes, firstly a gift fund now standing at £1,566 which is to be spent for the benefit of residents of the home and secondly a sinking fund which has been agreed under the lease to be spent on certain service costs revolving around the maintenance of the fabric of the building. As at 5th April 2021, expenditure from the sinking fund amounted to £474,163 out of a maximum of costs scheduled to total £675,000 by 30th September 2025. Funding yet to be reimbursed from future contributions totals £199,809.

13. Related party transactions

A Sister in the Society is a director of Helen & Douglas House. The Society received rent of £46,767 (2020: £46,747) from Helen & Douglas House in the year ended 5th April 2021 and paid donations to Helen & Douglas House of £nil (2020: £20,000) in the year.

The Society is the sole member of The Porch and paid The Porch donations of £10,000 in the year (2020: £20,000). It also lent The Porch £500,000 pending the disposal of its property.

Approval of accounts

These accounts were approved by the Trustees on 1st July 2021.

17

Society of All Saints

General Fund Income and Expenditure Account for the year ended 5th April 2021

Income
Investment income
Rents
Service charges
Gifts from visitors
State pensions
Donations
Other income
Expenditure
Wages and salaries
Operating costs
Catering
Housekeeping
Sister’s Allowances
Medical and nursing care
Chapel
Winson
110 St Mary’s Road
London
Charity
Training and conferences


Establishment
Water and council tax
Light and heat
Insurances
Repairs
Garden (exc. wages)


Administration
Motor and travel
Postage and stationery
Telephone
Professional
Miscellaneous
Bank charges
Depreciation
Total expenditure
Surplus before legacies
Legacies
Investment gains/(losses)
Surplus before transfers		 2021
£
219,796
187,707
41,750
780
42,269
1,944
-
_
494,246
49,761
_
5,715
1,681
6,964
1,393
531
4,070
10,788
27,050
16,423
5,047
──────

79,662
──────

6,095
10,774
9,719
284,923
3,291
──────

314,802
──────

1,752
894
2,440
40,310
6,052
110
_
51,558
_
31,779
_
527,562
_
(33,316)
14,653
1,132,226
──────
1,113,563
══════		 61,242
_
7,563
2,777
10,841
865
2,043
4,537
18,166
27,594
62,579
2,764
──────
139,729
──────
4,586
18,193
9,240
176,083
11,614
──────
219,716
──────
4,854
925
1,656
50,196
5,960
146
_
63,737
_
34,825
_

 2020
£
231,185
200,306
41,750
10,927
39,703
4,142
23
_
528,036
519,249
_
8,787
397,682
(141,587)
──────
264,882
══════

18