REGISTERED CHARITY NUMBER: 229443
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
BISHOP HENRY ROWLANDS
Williams Denton Cyf Chartered Certified Accountants Glaslyn Ffordd y Parc Parc Menai Bangor Gwynedd LL57 4FE
BISHOP HENRY ROWLANDS
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 12 |
| Detailed Statement of Financial Activities | 13 |
BISHOP HENRY ROWLANDS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees 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 of the charity is to provide accommodation for the poor elderly people within the Diocese of Bangor.
The administration of the accounts is carried out in accordance with the general diocesan accounting practice. There is a clearly defined system of internal control to ensure that the finances of the Trust are administered with probity and clarity.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity provides charitable accommodation in four flats in one building abutting the Cathedral Close in the centre of Bangor. A significant amount of the charity's day-to-day activities are focused on property maintenance and engagement with beneficiaries.
Investment performance
The value of the charity's investments decreased during the year, reflecting the downward trend of the Stock Market.
FINANCIAL REVIEW
Financial position
Income received from rents and investments was £49,505 compared to £48,625 last year. Expenditure was £39,174 this year compared with £34,190 last year. This results in a net income before realised gains on investments of £10,331 compared with £14,435 last year.
The balance sheet of the charity at 31 December 2022 shows cash at bank of £77,992 (2021 - £70,204) and market value of investment of £1,149,225 (2020 - £1,300,444). The trustees consider the financial position of the charity to be satisfactory.
Principal funding sources
The principal funding sources for the year were: - Rent received from investment property
- Dividends received from COIF charities investment fund
Investment policy and objectives
The trustees seek a level of investment income that is able to support a range of important charitable activities at a time of change, recognising that achieving such a level of income may, in the case of some investments, pose some challenges to the secondary goal of maintaining capital value. The trustees work with their investment managers to assess the ethical dimensions of their investment portfolio, prioritising the use of shareholder rights to achieve the advancement of a progressive ethical agenda through the investment portfolio.
Reserves policy
The Trustees' objective is to maintain the equivalent of the value of Fixed Assets plus a year's expenditure as a general reserve.
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BISHOP HENRY ROWLANDS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
FUTURE PLANS
A comprehensive review of the occupation arrangements of the Almshouses will be undertaken, to bring these arrangements up-to-date in line with the recommendations of the Almshouses Association. Work will also be undertaken to renovate and identify a suitable occupier for one of vacant properties.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Bishop Henry Rowlands Almshouse Charity was established by trust deed in 1616. It is a registered charity.
Recruitment and appointment of new trustees
The full complement of Trustees is not determinate. There are four on the board in this financial year.
Trustees are nominated to the Board at the Annual General Meeting and remain until they either retire voluntarily or fail to receive the support of the members at the Annual General Meeting.
Organisational structure
The Board of Trustees meets, on average, three times a year to review progress and expenditure and to plan for the future.
Staff in the Diocesan Office undertake the administration of the charity.
Related parties
Due to the nature of the charity's operations and the composition of the Board of Trustees it is inevitable that transactions will take place with organisations in which a member may have an interest. All transactions involving organisations in which a Trustee may have an interest are conducted at arm's length. The charity has a policy that all Trustees must declare an interest if a related party transaction occurs.
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
229443
Principal address
Ty Deiniol Cathedral Close Bangor Gwynedd LL57 1RL
Trustees
The Most Reverend A T G John (resigned 30.10.22; appointed 25.2.23) The Rt Revd M K R Stallard (resigned 3.4.23) The Venerable A Herrick (resigned 3.4.23) The Venerable A C Jones (resigned 24.2.23) Canon Sion B E Rhys Evans (appointed 30.10.22) Patricia Lloyd-Borland (appointed 30.10.22) Canon Tracy Jones (appointed 30.10.22)
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BISHOP HENRY ROWLANDS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Mr Owain Ap Elfed FCCA Williams Denton Cyf Chartered Certified Accountants Glaslyn Ffordd y Parc Parc Menai Bangor Gwynedd LL57 4FE
Investment Advisers
CCLA Investment Management Ltd Senator House, 85 Queen Victoria Street, London, EC4V 4ET
Bankers
Lloyds Bank 268 High Street, Bangor, Gwynedd, LL57 1RT
Approved by order of the board of trustees on 17 October 2023 and signed on its behalf by:
The Most Reverend A T G John - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BISHOP HENRY ROWLANDS
Independent examiner's report to the trustees of Bishop Henry Rowlands
I report to the charity trustees on my examination of the accounts of Bishop Henry Rowlands (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr Owain Ap Elfed FCCA
Williams Denton Cyf Chartered Certified Accountants Glaslyn Ffordd y Parc Parc Menai Bangor Gwynedd LL57 4FE
Date: .............................................
Page 4
BISHOP HENRY ROWLANDS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes INCOME AND ENDOWMENTS FROM Charitable activities Providing accommodation Investment income 2 Total EXPENDITURE ON Charitable activities Providing accommodation Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted funds £ 15,188 34,317 49,505 39,174 (151,218) (140,887) 2,076,164 1,935,277 |
2021 Total funds £ 15,188 33,437 |
|---|---|---|
| 48,625 | ||
| 34,190 | ||
| 161,556 | ||
| 175,991 1,900,173 |
||
| 2,076,164 |
The notes form part of these financial statements
Page 5
BISHOP HENRY ROWLANDS
BALANCE SHEET 31 DECEMBER 2022
| Notes FIXED ASSETS Tangible assets 6 Investments Investments 7 Investment property 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
2022 Unrestricted funds £ 350,000 1,149,225 375,000 1,874,225 8,932 77,992 86,924 (25,872) 61,052 1,935,277 1,935,277 1,935,277 1,935,277 |
2021 Total funds £ 350,000 1,300,444 375,000 2,025,444 5,159 70,204 75,363 (24,643) 50,720 2,076,164 2,076,164 2,076,164 2,076,164 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 17 October 2023 and were signed on its behalf by:
The Most Reverend A T G John - Trustee
The notes form part of these financial statements
Page 6
BISHOP HENRY ROWLANDS
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 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.
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.
Tangible fixed assets
No depreciation is charged on properties because they are maintained in a state of repair such that estimated residual value of the land and buildings at the date of the balance sheet is not less than their net book value.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of financial activities. The investment property is professionally valued every 5 years. In the years were the investment property is not professionally valued, the trustees give their opinion on whether the investment property valuation is still appropriate.
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.
continued...
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BISHOP HENRY ROWLANDS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
2. INVESTMENT INCOME
| COIF Interest Dividends |
2022 £ 1 34,316 34,317 |
2021 £ - 33,437 |
|---|---|---|
| 33,437 |
3. INDEPENDENT EXAMINER'S REMUNERATION
Remuneration of £1,848 (2021 - £1,704) was paid to the independent examiners for the independent examination of the charity's financial statements.
4. 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.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Charitable activities Providing accommodation Investment income Total EXPENDITURE ON Charitable activities Providing accommodation Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward |
Unrestricted funds £ 15,188 33,437 48,625 34,190 161,556 175,991 1,900,173 |
|---|---|
continued...
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BISHOP HENRY ROWLANDS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | Unrestricted | |||
|---|---|---|---|---|
| funds | ||||
| £ | ||||
| TOTAL FUNDS CARRIED FORWARD | 2,076,164 | |||
| 6. | TANGIBLE FIXED ASSETS | |||
| Freehold | ||||
| land & | ||||
| buildings | ||||
| £ | ||||
| COST | ||||
| At 1 January 2022 and 31 December 2022 | 350,000 | |||
| NET BOOK VALUE | ||||
| At 31 December 2022 | 350,000 | |||
| At 31 December 2021 | 350,000 | |||
| Current year valuation is represented by: | ||||
| Freehold land & | ||||
| buildings | Total | |||
| Revaluation | 175,394 | 175,394 | ||
| Cost | 174,606 | 174,606 | ||
| ---------------- | ---------------- | |||
| 350,000 | 350,000 | |||
| ======== | ======== |
Freehold land & buildings, consisting of the Almshouse, was valued at market value on 15 March 2017 by Dafydd Hardy Chartered Surveyors who are independent of the charity. The trustees believe this valuation is still appropriate at 31 December 2022.
7. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2022 Movement in year At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
COIF charities investment fund £ 1,300,443 (151,218) 1,149,225 1,149,225 1,300,443 |
|---|---|
There were no investment assets outside the UK.
continued...
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BISHOP HENRY ROWLANDS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
8. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 1 January 2022 and 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 Current year valuation is represented by: |
£ 375,000 |
| 375,000 | |
| 375,000 | |
| Investment property Total Revaluation 279,874 279,874 Cost 95,126 95,126 ---------------- ---------------- 375,000 375,000 ======== ======== |
| Current year valuation is represented by: | ||
|---|---|---|
| Investment | ||
| property | Total | |
| Revaluation | 279,874 | 279,874 |
| Cost | 95,126 | 95,126 |
| ---------------- | ---------------- | |
| 375,000 | 375,000 | |
| ======== | ======== |
Investment property, consisting of Bryn Eryr Isaf Farm, was valued subject to existing tenancy on 28 March 2017 by Jones Peckover Estate Agents and Auctioneers who are independent of the Charity. The trustees believe this valuation is still appropriate at 31 December 2022.
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Debtors Prepayments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS At 1.1.22 £ Unrestricted funds General fund 1,900,770 Property Revaluation Reserve 175,394 2,076,164 TOTAL FUNDS **2,076,164 ** |
2022 £ 7,600 1,332 8,932 2022 £ 25,872 Net movement in funds £ (140,887) - (140,887) **(140,887) ** |
2021 £ 2,500 2,659 5,159 2021 £ 24,643 At 31.12.22 £ 1,759,883 **175,394 ** |
2021 £ 2,500 2,659 |
|
|---|---|---|---|---|
| 5,159 | ||||
| 2021 £ 24,643 |
||||
| 1,935,277 | ||||
| 1,935,277 |
continued...
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BISHOP HENRY ROWLANDS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 49,505 49,505 |
Resources expended £ (39,174) (39,174) |
Gains and Movement losses in funds £ £ (151,218) (140,887) (151,218) **(140,887) ** |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Property Revaluation Reserve TOTAL FUNDS Comparative net movement in funds, included in the above are a Incoming resources £ Unrestricted funds General fund 48,625 TOTAL FUNDS 48,625 |
At 1.1.21 £ 1,724,779 175,394 1,900,173 1,900,173 s follows: Resources expended £ (34,190) (34,190) |
Net movement in funds £ 175,991 - 175,991 175,991 Gains and losses £ 161,556 161,556 |
At 31.12.21 £ 1,900,770 175,394 2,076,164 2,076,164 Movement in funds £ 175,991 175,991 |
|
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Property Revaluation Reserve TOTAL FUNDS |
At 1.1.21 £ 1,724,779 175,394 1,900,173 1,900,173 |
Net movement in funds £ 35,104 - 35,104 35,104 |
At 31.12.22 £ 1,759,883 175,394 1,935,277 1,935,277 |
|---|---|---|---|
continued...
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BISHOP HENRY ROWLANDS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 98,130 98,130 |
Resources expended £ (73,364) (73,364) |
Gains and Movement losses in funds £ £ 10,338 35,104 10,338 35,104 |
|---|---|---|---|
12. RELATED PARTY DISCLOSURES
During the year, £23,070 (2021 - £22,620) was invoiced from Bangor Diocesan Board of Finance to cover shared administration costs. At the year end £23,070 (2021 - £22,620) was still outstanding.
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