CHARITY REGISTRATION NUMBER: 230143 OSCR No: SC048259
The Community of All Hallows Financial statements
31 March 2024
The Community of All Hallows
Financial statements
Year ended 31 March 2024
| Page | |
|---|---|
| Trustee Board’s annual report | 1 |
| Independent auditor's report to the Trustee Board | 10 |
| Statement of financial activities | 14 |
| Balance sheet | 15 |
| Statement of cash flows | 16 |
| Notes to the financial statements | 17 |
The Community of All Hallows
Trustee Board’s annual report (continued)
Year ended 31 March 2024
The Trustee Board presents his report and the financial statements of the charity for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.
Reference and administrative details
| Registered charity name | The Community of All Hallows |
|---|---|
| Charity registration number | Charity Commission 230143 |
| OSCR SC048259 | |
| Principal office | 23 Trinity Street |
| Bungay | |
| Norfolk | |
| NR35 1EH | |
| Visitor | Rt Revd Timothy Stevens CBE |
| Trustee | CAH Trustee Limited (Sole Corporate Trustee) |
| Directors of CAH Trustee | Rev Canon Andrew Bryant |
| Limited (Trustee Board) | Sister Sheila Margaret Day |
| Stuart Jones (nominated by the Bishop of Norwich) | |
| Sister Susan Elizabeth Oldman | |
| Sister Carolyn Rachel Beckett (appointed 10 July 2023) | |
| Revd Michael Kingston | |
| Christopher Dicker | |
| Alan Cole | |
| Senior Staff | Beccy Gosling Administrator |
| Bankers | National Westminster Bank PLC |
| 53 London Road North | |
| Lowestoft | |
| Suffolk | |
| NR32 1BJ | |
| COIF | |
| One Angel Lane | |
| London | |
| EC4R 3AB | |
| Investment Advisors | Barratt & Cooke |
| 5 Opie Street | |
| Norwich | |
| Norfolk | |
| NR1 3DW | |
| Auditor | Lovewell Blake LLP |
| Chartered accountants & statutory auditor | |
| Bankside 300 | |
| Peachman Way | |
| Broadland Business Park | |
| Norwich | |
| NR7 0LB |
- 1 -
The Community of All Hallows
Trustee Board’s annual report (continued)
Year ended 31 March 2024
Solicitors
Birketts LLP Providence House 141-145 Princes Street Ipswich IP1 1QJ
- 2 -
The Community of All Hallows
Trustee's annual report (continued)
Year ended 31 March 2024
Objectives and activities
The objects of the Community and its members are the service of God in the faith of their Lord and Master Jesus Christ by prayer and worship, by humility and charity and by using their gifts in charitable works such as the following:
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the training and support of others in Christian life and working with others to forward the unity and mission of the Christian Church;
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providing facilities and teaching for promoting the general education, on Christian principles, of persons of all ages in the United Kingdom and abroad;
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care and relief of persons who are sick, infirm or in conditions of need, hardship or distress.
At the heart of All Hallows are the Sisters in Final Vows that now live as a dispersed Community. These Sisters form the core structure; observing a regular routine of prayer and dedication to God Oblates, Associates and Contact members form part of the Community's extended family. Participation at any level of involvement is voluntary and is marked by differing levels of formal commitment and obligation. The commitment to worship is expressed through the praying of a four-fold Office, celebration of the Eucharist whenever possible and regular periods of meditation. A Novice was clothed in May. There are five professed Sisters and two Novices in the Order.
Welcome and inclusion remain strong elements of the Community's ethos and is at the core of its activities. Sisters remain directly involved in offering hospitality to guests, spiritual direction, pastoral work and leading retreats and quiet days. They remain involved ecumenically with the churches on the Ross of Mull, in Bungay and at the Norwich Cathedral. A weekly shift in a local charity shop and volunteering at the food bank continues, as does stewarding at the Cathedral. Sisters have embraced social media platforms to reach out to and provide support for those in need. The website offers a prayer request function, and a weekly blog is posted. Monthly guides are prepared for the daily office to make prayer accessible to all. These are the outward and visible signs of a shared inward and spiritual common life.
The Board continues to commercially let the medical service properties within the Bungay/Ditchingham area and are grateful that a provision of care has continued for local residents after the closure of All Hallows Healthcare Trust in 2019. The Nursing Home remains let to NorseCare Ltd, the Hospital to the Oakleaf Group and the Day Care Centre to Empanda Care and Support CIC. The funds received from the commercial rents enabled further financial support to be given to charities and individuals by way of grant making.
Public benefit
The Community of All Hallows carries out a wide range of activities in pursuance of its charitable aims.
The Board supports the charitable work of Emmaus Norfolk and Waveney and The Julian of Norwich Partnership by making available the properties they occupy at below-market rates.
The Board welcomes grant applications to enable the Community to make grants to other organisations and individuals whose activities further the Community's own objects.
The Sisters provide hospitality, retreats and spiritual direction at their properties in Bungay and Mull at subsidised rates to ensure the services remain accessible to all.
The Board consider that these aims provide public benefit both to those who visit and worship with the Sisters, and to the wider public.
The Board have referred to the information contained in the Charity Commission's guidance on public benefit and consider this when reviewing the aims and objectives and in planning the Community's future activities.
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The Community of All Hallows
Trustee's annual report (continued)
Year ended 31 March 2024
Achievements and performance
Hospitality :
The Community continues to offer retreat accommodation at its properties: All Hallows House, Bungay and at Roan Cottage, Bunessan on the Isle of Mull. It has welcomed groups, individuals, and members of the wider family within the year. People come for space, acceptance, time to be listened to and support during difficult patches. Others are searching for a quiet place for prayer, reflection; seeking God in the silence of beautiful surroundings. Peace is the principal experience. Guests that come are not charged for their stay; the Community welcome donations if guests feel themselves to be in a position to contribute.
Quiet Days :
The Advent and Lent Quiet Days were well attended, with Addresses and a Eucharist in the chapel and freedom to use the rest of the house for praying, reading etc. The Associates and Oblates enjoyed their Quiet Days held in Spring and Autumn. This year, both groups heard stories of a member’s visit to the Holy Land, and the Associates have also spent time sharing parables, either one that spoke to them or one that they found difficult. It is good to spend time and share in life together.
Spiritual direction and accompaniment :
Sisters have maintained links with individuals, supporting them in their spiritual journey and the way they embody this in their daily lives. These relationships are sometimes formalised under the title of 'spiritual direction' and more commonly are informal, proceeding at the pace and in the style that suits the people concerned. More people have asked for Spiritual Direction since the pandemic and that accounts for much of the Sisters' time.
Grant giving :
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The third instalment of a three-year grant was paid to the Community of Sisters of the Church towards their refugee work. The Board committed to extend the grant for a further two years.
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The third instalment of a three-year grant was paid to The Julian of Norwich Partnership . The grant is designated for the overheads of the house and staff costs.
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A proportion of the funding commitment to Emmaus Norfolk and Waveney toward the essential works at Abbe Pierre House has been released with the remainder to be released in 2024/25..
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Funding has been awarded to Kings Lynn Winter Night shelter towards the overhead costs to enable the shelter to remain open all year round.
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A grant was made to Norwich Christian Resources towards the upkeep of the Revelation Resource Centre.
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Funding was given to St Mary’s Church, Erpingham towards forming a children’s’ choir.
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Funding was given to The Norfolk Heart Trust towards the Norfolk Heart Trust’s appeal to purchase an MRI scanner for the Cardiology department of the Norfolk and Norwich University Hospital.
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A grant was made to Together Norfolk to fund two community development workers to support churches in Kings Lynn and Gt Yarmouth.
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A grant was made to The Papillon Project to assist with the salary costs required to undertake the valuable work of promoting sustainable living and environmental awareness to school children in disadvantaged areas of Norfolk.
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Funding was given to Home for Good, Suffolk towards the operational costs of the charity which will enable them to fund an additional coordinator to support foster families and special guardians in Suffolk.
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A grant was awarded to Priscilla Bacon Hospice towards the costs of the gardens at Priscilla Bacon Lodge.
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Donations have also been given to Aberlour towards their urgent assistance fund and Tobermory Lifeboat to assist with their lifesaving and rescue work on the Isle of Mull.
-
St Martin in the Fields towards their music and worship campaign.
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The Community of All Hallows
Trustee's annual report (continued)
Year ended 31 March 2024
Achievements and performance (continued)
Former convent site
New tenants have been secured for the buildings left empty following WITH’s departure. The leases are being finalised and the Board expect the properties to be occupied by mid-summer.
Conference centre
The lease with The Christian Conference Trust was terminated in August 2023 and the conference centre reverted back to the care of the Community.
Financial review
The Statement of Financial Activities is summarised as follows for this and the preceding year:
| Donations and legacies income Investment income Other income Expenditure on charitable activities Net income before gains/(losses) on investments Net gains/(losses) on investments and revaluations Net movement in funds |
2024 £ 108,816 570,115 2,040 (554,726) 126,245 427,774 554,019 |
2023 £ 148,402 508,455 159,915 (466,055) |
2023 £ 148,402 508,455 159,915 (466,055) |
|---|---|---|---|
| 350,717 (438,692) |
|||
| (87,975) |
Principal funding sources
The principal funding sources during the year was investment income from both the investment portfolio and properties owned by the Community. Income has decreased against last year largely due to the payment of the dilapidation claim from Church Army received in 2022/23. Expenditure is higher than the previous period mainly due to an increase in grants awarded and property costs. These are mitigated by a reduction in Sister care home costs.
Fundraising
The Board understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate, and does not currently fundraise from the public or use any internal fundraisers or external fundraising agencies for either telephone or face-to-face campaigns and received no fundraising complaints during the year.
Reserves policy
It is the Board’s intention to maintain free reserves equivalent to approximately 6 month's expenditure including £100k for potential property repairs (£200k). The Board consider that this level will provide sufficient to support the charity's objectives until the investments held are liquidated or alternative provisions for the activities are found. This policy is reviewed annually.
As at 31 March 2024 unrestricted free reserves were £662,419 (represented by unrestricted net current assets) (2023: £512,318).
The Community also holds investments within unrestricted funds having a value of £8,265,443 (2023: £7,839,946) at the year end. This is considered to be a capital fund which generates dividend income to support the activities of the charity.
Total funds held were £17,813,416 (2023: £17,259,397).
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The Community of All Hallows
Trustee Board’s annual report (continued)
Year ended 31 March 2024
Financial review (continued)
Investment policy and performance
The Board has adopted an ESG (environmental, social and governance) investment strategy in order that the underlying investments are better aligned with their ethical views. The investment strategy has three key pillars:
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Exclusions – avoiding investment into companies for which their core business falls into sectors or industries which are at odds with an ethical investment policy.
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Positive tilt – seeking investment into companies which are performing strongly (and avoid companies performing poorly) on key ESG credentials such as environmental impact and social and governance factors.
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Impact – investing into companies which are actively contributing to a sustainable society, primarily with their products/services helping to address the UN’s sustainable developments goals (SDGs).
Alongside portfolio reporting, the investment manager provides periodic updates on how investee companies are performing against such criteria.
The portfolio is managed by Barratt & Cooke with a cautious policy to produce a balance between income and capital growth over the longer term by ethical investment in a range of equities, collective interests and fixed interest stocks.
The investment objective of the Board is to produce a balanced return between capital growth and income. The income requirement should not erode the potential to maintain the capital value of the portfolio in real terms. The investment strategy is one of medium risk. In normal times funds are invested with a large bias towards equity investments for potential growth in capital and income. The equity element may consist of managed funds, direct shareholdings and up to 10% of higher risk equities, creating a diversified equity allocation.
The balance of the portfolio will provide exposure to gilt, fixed interest and preference shares which will have a minimum weighting of approximately 15%. The Board appointed a professional firm of investment advisors to ensure that the investment objective is achieved and the strategy is fully implemented. They monitor the portfolio on a daily basis and report regularly to the Board.
During the year the performance of the portfolio achieved £233,916 (2023: £218,799) of income. The Community resolved to reduce the income requirement of the portfolio to £225,000. The investment portfolio increased in value by £427,774 (2023: losses of £438,692). No funds were withdrawn from the portfolio during the year (2023: £450,000).
Social investments and investment properties
The gradual period of transition from when the Sisters were actively present in reasonable numbers at Ditchingham to a more dispersed community has led to many of the Community’s charitable activities being taken over by third parties, many of them charities themselves. Some of the properties are rented on a commercial basis and are classified as investment properties generating income and with the potential for capital growth.
Other properties are not suitable for letting on a fully commercial basis and the Trustee Board has taken decisions to lease these to other charities at a peppercorn rent in return for the buildings being maintained to a good standard and on the basis that the activities are closely aligned with the charitable objectives of The Community of All Hallows. These come under the definition of Social Investments, previously referred to by the Charity Commission as Programme-Related Investments. The Trustee Board considers that it has fulfilled its responsibility, in accordance with Charity Commission guidance, to ensure that the properties are let on bases which are in the best interests of the Charity.
In addition, the Community owns a number of investment properties which are occupied by individuals.
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The Community of All Hallows
Trustee Board’s annual report (continued)
Year ended 31 March 2024
Plans for future periods
The priority for the Board is to return the buildings to good order on the former convent site and secure a future use for the conference centre site.
There are plans to repair the roof at All Hallows Chapel.
As a dispersed Community the Sisters will continue with hospitality, vocation and charitable works. At present two Sisters live in a Community house in Bungay, one occupies a Community property on the Isle of Mull and one resides in a Community flat in Norwich. One Sister lives in a care home in Bungay.
The Community will continue, where possible, to use funds from the rental to pursue an active policy of making grants to other bodies and individuals who are able to further the charity’s objects.
Structure, governance and management
Introduction
The Community of All Hallows is a society of women who have come together at the call of God to share a corporate life. Its members, each of whom is referred to as 'Sister', intend to stay in the Community for life, having vowed to live according to its Rule and Constitution. The Rule is concerned with the ideals of the Christian life as shown in the Gospels and the Constitution with the government and the administration of the Community.
Governing Documents
The governing documents of the Community are the Rule and Constitution of the Community of 1898 as amended on 2 December 1981 and on 17 March 2018 and the Trust Deed dated 3 April 1946. Substantial amendments to the Constitution were made on 17 March 2018 to take account of the Community's changed circumstances and current practices and took effect on 30 July 2018 when the Charity Commission made a Scheme to appoint CAH Trustee Board Limited as the sole corporate Trustee Board of the charity. This company limited by guarantee was promoted by the Community for the purpose of acting as sole Trustee Board and all land belonging to the charity in now vested in the company, which can continue indefinitely.
Trustee Board
Until 30 July 2018 the Trustee Board were the professed members of Chapter. The sole corporate Trustee is now CAH Trustee Board Limited. The present directors of the company are listed on page 1.
Organisational Structure
The central seat of government of the Community is the Chapter, through which the corporate will of the Community is expressed. The Chapter consists of all Sisters who have made their final Profession. The day to day direction and governance of the Community may be shared among all its professed members who are in a position to exercise it, with due regard for such business affairs as already form the remit of CAH Trustees Limited. Should the need arise, the Community shall elect from among themselves one or more members who can be entrusted with this governance. In the event of there being no obvious candidate(s), the responsibility for the well-being of the Community will pass to CAH Trustees Limited, who shall call upon such expertise and advice as is necessary in their discharge of it.
In spiritual matters the Community is advised by the Visitor, the Rt. Revd. Timothy Stevens who, until his retirement, was the Bishop of Leicester and formerly Bishop of Dunwich.
All administrative matters, particularly those relating to the finances and property of the Community, are now the responsibility of CAH Trustee Board Limited. The salaries of key management personnel are reviewed and agreed by the Board of Directors of CAH Trustee Limited on an annual basis and takes into consideration national pay percentage increases.
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The Community of All Hallows
Trustee's annual report (continued)
Year ended 31 March 2024
Structure, governance and management (continued)
Related parties
The Community transacted in the year with the following connected entities:
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Stuart Jones, a director of CAH Trustee Limited, is a Legal Director at Birketts LLP. Birketts LLP act as the Community's solicitors.
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Canon Andy Bryant and Sister Carolyn Rachel Beckett are directors of CAH Trustee Limited, they are members of the Trustee Board of The Julian of Norwich Partnership. The Community lease a property and provide funding to The Julian of Norwich Partnership.
Risk management
The Board have a risk management strategy which comprises of:
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a review of the principal risks and uncertainties that the charity faces;
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the establishment of policies, systems and procedures to mitigate those risks identified in the annual review;
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the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.
The review has identified the key risks and considered the actions required to mitigate those risks.
The principal risk for the charity would be a significant downturn in rental and dividend income from its investments. Whilst this is a risk, the charity has sufficient reserves to be able to maintain the financial position during a period of downturn.
A further risk would be the surrender of lease by any party inhabiting the Ditchingham site and the buildings reverting back to the custody of All Hallows. The Board recognises the need for communication with the leaseholders. The Board will keep this under review.
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The Community of All Hallows
Trustee Board’s annual report (continued)
Year ended 31 March 2024
Trustee Board’s responsibilities statement
The Trustee Board is responsible for preparing the Trustee Board’s annual 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 and Scotland requires the Trustee Board 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 of the charity for that period.
In preparing these financial statements, the Trustee Board is 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 Charities SORP 2019 (FRS102);
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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 operation.
The Trustee Board is 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 and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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.
True and fair override
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Trustee Board’s annual report was approved on 1 July 2024 and signed on behalf of the Trustee Board by:
Revd Canon Andrew Bryant On behalf of CAH Trustee Limited
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The Community of All Hallows
Independent auditor's report to the trustees of The Community of All Hallows
Year ended 31 March 2024
Opinion
We have audited the financial statements of The Community of All Hallows (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including 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:
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give a true and fair view of the state of the charity's affairs as at 31 March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Charities Act 2011.
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have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 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 auditor 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 Trustee Board’s 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 Trustee Board with respect to going concern are described in the relevant sections of this report.
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The Community of All Hallows
Independent auditor's report to the trustees of The Community of All Hallows (continued)
Year ended 31 March 2024
Other information
The other information comprises the information included in the Trustee Board annual report, other than the financial statements and our auditor’s report thereon. The Trustee Board is responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
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 course of 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:
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the information given in the Trustee Board's report is inconsistent in any material respect with the financial statements; or
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Proper and sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of the Trustee Board
As explained more fully in the Trustee Board’s responsibilities statement set out on page 9, the Trustee Board is 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 Trustee Board determines 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 Trustee Board is 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 Trustee Board either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.
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The Community of All Hallows
Independent auditor's report to the trustees of The Community of All Hallows (continued)
Year ended 31 March 2024
Auditor responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts 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 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Enquiry of management and those charged with governance;
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Enquiry of entity staff compliance functions to identify any instances of non-compliance with laws and regulations;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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.
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The Community of All Hallows
Independent auditor's report to the trustees of The Community of All Hallows (continued)
Year ended 31 March 2024
Use of our report
This report is made solely to the charity’s Trustee Board, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. 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 Trustee Board as a body, for our audit work, for this report, or for the opinions we have formed.
Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
5 July 2024
Lovewell Blake LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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The Community of All Hallows
Statement of financial activities
Year ended 31 March 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 108,816 | – | 108,816 | 148,402 |
| Investment income | 5 | 570,115 | – | 570,115 | 508,455 |
| Other income | 6 | 2,040 | – | 2,040 | 159,915 |
| ------------------------------- | ------------- | ------------------------------- | ------------------------------- | ||
| Total income | 680,971 | – | 680,971 | 816,772 | |
| =============================== | ============= | =============================== | =============================== | ||
| Expenditure | |||||
| Investment management fees | 11,193 | – | 11,193 | 11,715 | |
| Charitable activities | 7 | 543,533 | – | 543,533 | 454,340 |
| ------------------------------- | ------------- | ------------------------------- | ------------------------------- | ||
| Total expenditure | 554,726 | – | 554,726 | 466,055 | |
| =============================== | ============= | =============================== | =============================== | ||
| Net income/(expenditure) and net | |||||
| movements in funds before gains and | |||||
| losses on investments | 126,245 | – | 126,245 | 350,717 | |
| Net gains/(losses) on investments | 9 | 427,774 | – | 427,774 | (438,692) |
| ------------------------------- | ------------- | ------------------------------- | ------------------------------- | ||
| Net income/(expenditure) and net | |||||
| movement in funds | 554,019 | – | 554,019 | (87,975) | |
| =============================== | ============= | =============================== | =============================== | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 15,373,132 | 1,886,265 | 17,259,397 | 17,347,372 | |
| -------------------------------------------- | --------------------------------------- | -------------------------------------------- | -------------------------------------------- | ||
| Total funds carried forward | 15,927,151 | 1,886,265 | 17,813,416 | 17,259,397 | |
| ============================================ | ======================================= | ============================================ | ============================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 17 to 27 form part of these financial statements.
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The Community of All Hallows
Statement of financial position
31 March 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 13 | 902,839 | 916,418 | ||
| Investments | 14 | 16,256,158 | 15,830,661 | ||
| -------------------------------------------- | -------------------------------------------- | ||||
| 17,158,997 | 16,747,079 | ||||
| Current assets | |||||
| Debtors | 15 | 41,581 | 165,011 | ||
| Cash at bank and in hand | 983,307 | 962,975 | |||
| --------------------------------------- | --------------------------------------- | ||||
| 1,024,888 | 1,127,986 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 16 | (362,469) | (615,668) | ||
| --------------------------------------- | --------------------------------------- | ||||
| Net current assets | 662,419 | 512,318 | |||
| -------------------------------------------- | -------------------------------------------- | ||||
| Total assets less current liabilities | 17,821,416 | 17,259,397 | |||
| Creditors: Amounts falling due after | |||||
| more than one year | 17 | (8,000) | – | ||
| -------------------------------------------- | -------------------------------------------- | ||||
| Net assets | 17,813,416 | 17,259,397 | |||
| ============================================ | ============================================ | ||||
| Funds of the charity | |||||
| Endowment funds | 1,886,265 | 1,886,265 | |||
| Unrestricted funds: | |||||
| Revaluation reserve | 3,274,000 | 3,274,000 | |||
| Other unrestricted income funds | 12,653,151 | 12,099,132 | |||
| -------------------------------------------- | -------------------------------------------- | ||||
| Total unrestricted funds | 15,927,151 | 15,373,132 | |||
| -------------------------------------------- | -------------------------------------------- | ||||
| Total charity funds | 20 | 17,813,416 | 17,259,397 | ||
| ============================================ | ============================================ |
These financial statements were approved by the Trustee Board and authorised for issue on 1 July 2024, and are signed on behalf of the board by:
Revd Canon Andrew Bryant On behalf of CAH Trustee Ltd
The notes on pages 17 to 27 form part of these financial statements.
- 15 -
The Community of All Hallows
Statement of cash flows
Year ended 31 March 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income/(expenditure) | 554,019 | (87,975) |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 16,074 | 15,917 |
| Net (gains)/losses on investments | (427,774) | 438,692 |
| Dividends, interest and rents from investments | (570,115) | (508,455) |
| Cash added to / drawn down from investment portfolio | (14,443) | 41,813 |
| Changes in: | ||
| Trade and other debtors | 123,430 | (75,691) |
| Trade and other creditors | (245,199) | (58,767) |
| ------------------------------- | ------------------------------- | |
| Cash generated from operations | (564,008) | (146,491) |
| ------------------------------- | ------------------------------- | |
| Net cash (used in) operating activities | (564,008) | (146,491) |
| =============================== | =============================== | |
| Cash flows from investing activities | ||
| Proceeds from sale of tangible assets | (2,495) | – |
| Purchases of other investments | (1,297,375) | (601,550) |
| Proceeds from sale of other investments | 1,314,095 | 1,027,653 |
| Dividends, interest and rents from investments | 570,115 | 508,455 |
| --------------------------------------- | ------------------------------- | |
| Net cash from investing activities | 584,340 | 934,558 |
| ======================================= | =============================== | |
| Net increase in cash and cash equivalents | 20,332 | 700,092 |
| Cash and cash equivalents at beginning of year | 962,975 | 262,883 |
| --------------------------------------- | ------------------------------- | |
| Cash and cash equivalents at end of year | 983,307 | 962,975 |
| ======================================= | =============================== |
The notes on pages 17 to 27 form part of these financial statements.
- 16 -
The Community of All Hallows
Notes to the financial statements
Year ended 31 March 2024
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and Scotland and is unincorporated. The address of the principal office is 23 Trinity Street, Bungay, Norfolk, NR35 1EH.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with the Charity’s governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis as the Trustee Board believe that no material uncertainties exist. The Trustee Board has considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity.
Endowment funds are restricted funds, subject to specific trusts, where there is no power to convert the capital into income.
The Designated Medical Grant Fund relates to a legacy received for All Hallows Healthcare Trust and will be expended on grant making activities.
- 17 -
The Community of All Hallows
Notes to the financial statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Income
All income is included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established and its amount can be measured reliably.
-
investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rental income is recognised as the charity’s right to receive the payment is established.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Freehold property | - | 50 years (land is not depreciated) |
|---|---|---|
| Fixtures and fittings | - | 10% straight line |
| Motor vehicles | - | 25% reducing balance |
| Equipment | - | 15% straight line |
Investments
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
- 18 -
The Community of All Hallows
Notes to the financial statements (continued)
Year ended 31 March 2024
Investment Portfolio
Investments held in the charity’s investment portfolio are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors of sub sectors.
Property investments
Investment properties are included in the balance sheet at the directors of CAH Trustee Limited best estimate of open market value and updated by at the balance sheet date. It is the policy of the Trustee Board to have an external valuation of the properties every 5 years.
Social investments – properties
Properties rented to further the charitable objects of the charity are initially recognised at transitional cost or their net book value at date of transfer. Any impairment losses are immediately recognised in the Statement of Financial Activities.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Grants payable
Grants are issued in accordance with the requirements and objectives of the charity. A grant is recognised as a liability when the criteria for a constructive obligation is met, the grant has been communicated to a third party, it can be measured reliably and there are no conditions attaching to its payment that limit its recognition.
- 19 -
The Community of All Hallows
Notes to the financial statements (continued)
Year ended 31 March 2024
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 7,902 | 7,902 | 7,401 | 7,401 |
| Sisters pensions | 42,489 | 42,489 | 57,034 | 57,034 |
| Legacies | ||||
| Legacies | 58,425 | 58,425 | 83,967 | 83,967 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 108,816 | 108,816 | 148,402 | 148,402 | |
| =============================== | =============================== | =============================== | =============================== |
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Bank interest | 43,673 | 43,673 | 7,892 | 7,892 |
| Rental income | 292,526 | 292,526 | 281,764 | 281,764 |
| Dividends and interest from investment | ||||
| portfolio | 233,916 | 233,916 | 218,799 | 218,799 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 570,115 | 570,115 | 508,455 | 508,455 | |
| =============================== | =============================== | =============================== | =============================== | |
| Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Dilapidations income | - | - | 159,664 | 159,664 |
| Other income | 2,040 | 2,040 | 251 | 251 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 2,040 | 2,040 | 159,915 | 159,915 | |
| =============================== | =============================== | =============================== | =============================== | |
| Expenditure on charitable activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Salaries | 47,078 | 47,078 | 47,925 | 47,925 |
| Property costs | 212,048 | 212,048 | 115,966 | 115,966 |
| Catering provisions | 9,191 | 9,191 | 9,775 | 9,775 |
| Sister care home costs | 61,940 | 61,940 | 118,034 | 118,034 |
| Sister living costs | 16,812 | 16,812 | 18,254 | 18,254 |
| Legal and professional | 25,581 | 25,581 | 43,156 | 43,156 |
| Office costs | 8,289 | 8,289 | 6,457 | 6,457 |
| Other costs | 2,083 | 2,083 | 1,437 | 1,437 |
| Donations | 4,978 | 4,978 | 7,551 | 7,551 |
| Depreciation | 16,074 | 16,074 | 15,917 | 15,917 |
| Grants (note 8) | 128,500 | 128,500 | 55,400 | 55,400 |
| Bank charges | 317 | 317 | 408 | 408 |
| Staff Training and Expenses | 136 | 136 | 2,999 | 2,999 |
| Governance costs | 10,506 | 10,506 | 11,061 | 11,061 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 543,533 | 543,533 | 454,340 | 454,340 | |
| =============================== | =============================== | =============================== | =============================== |
6. Other income
7. Expenditure on charitable activities
- 20 -
The Community of All Hallows
Notes to the financial statements (continued)
Year ended 31 March 2024
7. Expenditure on charitable activities ( continued)
Analysis of Governance costs
| Analysis of Governance costs | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Audit fee | 10,506 | 11,061 |
| -------------------------- | ---------------------- | |
| Total | 10,506 | 11,061 |
| ========================== | ====================== |
8. Grant making activities
| Grants to | Grants to | |||
|---|---|---|---|---|
| Institutions | Individuals | Total | ||
| £ | £ | £ | ||
| 2024 | ||||
| Community of Sisters of the Church | 16,000 | – | 16,000 | |
| Kings Lynn Winter Night shelter | 5,000 | – | 5,000 | |
| Norwich Christian Resources | 10,000 | – | 10,000 | |
| St Mary’s Church, Erpingham | 10,000 | – | 10,000 | |
| The Norfolk Heart Trust | 10,000 | – | 10,000 | |
| Together Norfolk | 15,000 | – | 15,000 | |
| The Papillon Project | 5,000 | – | 5,000 | |
| Home for Good, Suffolk | 5,000 | – | 5,000 | |
| Priscilla Bacon Hospice | 50,000 | – | 50,000 | |
| Aberlour | 1,000 | – | 1,000 | |
| Tobermory Lifeboat | 500 | – | 500 | |
| St Martin in the Fields | 1,000 | - | 1,000 | |
| -------------------------- | ------------- | -------------------------- | ||
| 128,500 | – | 128,500 | ||
| ========================== | ============= | ========================== | ||
| 2023 | ||||
| Discovering Prayer | 5,000 | – | 5,000 | |
| The Norwich Samaritans | 25,000 | – | 25,000 | |
| The Institute for Children Youth and Mission | 5,400 | – | 5,400 | |
| Bungay Medical Centre Charitable Trust/Scott Charity | 20,000 |
– | 20,000 | |
| -------------------------- | ------------- | -------------------------- | ||
| 55,400 | – | 55,400 | ||
| ========================== | ============= | ========================== |
See explanation of the purposes of the grants awarded during the year in the Trustee Board's annual report.
9. Net gains/(losses) on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Gains/(losses) on listed investments | 427,774 =============================== |
427,774 =============================== |
(438,692) =============================== |
(438,692) =============================== |
10. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation of tangible fixed assets
| 2024 | 2023 |
|---|---|
| £ | £ |
| 16,074 | 15,917 |
| ========================== | ========================== |
- 21 -
The Community of All Hallows
Notes to the financial statements (continued)
Year ended 31 March 2024
11. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 41,273 | 43,470 |
| Employer contributions to pension plans | 5,805 | 4,455 |
| -------------------------- | -------------------------- | |
| 47,078 | 47,925 | |
| ========================== | ========================== |
The charity considers that the key management personnel comprise the senior management team and the directors of CAH Trustee Board Limited.
The total employee benefits of the key management personnel of the charity were £34,497 (2023: £29,355) comprising of one (2023: one) individual.
The average head count of employees during the year was 2 (2023: 3).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
12. Trustee Board remuneration and expenses
The living and personal expenses of the Sisters of the Community who are members of the Trustee Board were borne by the Community but the Sisters received no remuneration or expenses in connection with their duties as board members (2023: £Nil). No remuneration or expenses were received by the remaining members of the Trustee Board.
13. Tangible fixed assets
| Freehold | Fixtures | Motor | |||
|---|---|---|---|---|---|
| property | and fittings | vehicles | Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 April 2023 | 946,532 | 8,754 | 6,000 | 23,060 | 984,346 |
| Additions | – | – | 2,495 | – | 2,495 |
| ------------------------------- | ---------------------- | ---------------------- | -------------------------- | ------------------------------- | |
| At 31 March 2024 | 946,532 | 8,754 | 8,495 | 23,060 | 986,841 |
| =============================== | ====================== | ====================== | ========================== | =============================== | |
| Depreciation | |||||
| At 1 April 2023 | 40,455 | 2,175 | 2,438 | 22,860 | 67,928 |
| Charge for the year | 13,485 | 875 | 1,514 | 200 | 16,074 |
| ------------------------------- | ---------------------- | ---------------------- | -------------------------- | ------------------------------- | |
| At 31 March 2024 | 53,940 | 3,050 | 3,952 | 23,060 | 84,002 |
| =============================== | ====================== | ====================== | ========================== | =============================== | |
| Carrying amount | |||||
| At 31 March 2024 | 892,592 | 5,704 | 4,543 | – | 902,839 |
| =============================== | ====================== | ====================== | ========================== | =============================== | |
| At 31 March 2023 | 906,077 | 6,579 | 3,562 | 200 | 916,418 |
| =============================== | ====================== | ====================== | ========================== | =============================== |
Included in Freehold property is £272,305 of land which is not depreciated.
- 22 -
The Community of All Hallows
Notes to the financial statements (continued)
Year ended 31 March 2024
14. Investments
| Cash or cash | Cash or cash | Listed | Investment | ||
|---|---|---|---|---|---|
| equivalents | investments | properties | Total | ||
| £ | £ | £ | £ | ||
| Cost or valuation | |||||
| At 1 April 2023 | 86,302 | 7,753,644 | 7,990,715 | 15,830,661 | |
| Additions | – | 1,297,375 | – | 1,297,375 | |
| Disposals | – | (1,314,095) | – | (1,314,095) | |
| Fair value movements | – | 427,774 | – | 427,774 | |
| Other movements | 14,443 | – | – | 14,443 | |
| ------------------------------- | --------------------------------------- | --------------------------------------- | -------------------------------------------- | ||
| At 31 March 2024 | 100,745 | 8,164,698 | 7,990,715 | 16,256,158 | |
| =============================== | ======================================= | ======================================= | ============================================ | ||
| Impairment | |||||
| At 1 April 2023 and 31 March 2024 | – | ||||
| ============================================ | |||||
| Carrying amount | |||||
| At 31 March 2024 | 100,745 | 8,164,698 | 7,990,715 | 16,256,158 | |
| =============================== | ======================================= | ======================================= | ============================================ | ||
| At 31 March 2023 | 86,302 | 7,753,644 | 7,990,715 | 15,830,661 | |
| =============================== | ======================================= | ======================================= | ============================================ | ||
| Historical cost of investment portfolio was £6,957,775 | (2023: £6,956,887). | ||||
| Investment assets – Property | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Value brought forward at 1 April | 6,434,000 | 6,434,000 | |||
| ---------------------------------------- | ---------------------------------------- | ||||
| Value carried forward at 31 March | 6,434,000 | 6,434,000 | |||
| ======================================= | =================================== | ||||
| Social investments – Property | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Value brought forward at 1 April | 1,556,715 | 1,556,715 | |||
| ---------------------------------------- | ------------------------------------------- | ||||
| Value carried forward at 31 March | 1,556,715 | 1,556,715 | |||
| ======================================= | =================================== |
The historic cost of investment properties is £5,081,072 (2023: £5,081,072).
Investment properties
Property investments are included in the balance sheet at the Trustee Board’s best estimate of open market value. An updated external revaluation was provided by Savills in September 2021. It is the policy of the Trustee Board to have an external valuation of the properties every 5 years.
- 23 -
The Community of All Hallows
Notes to the financial statements (continued)
Year ended 31 March 2024
14. Investments (continued)
Financial assets held at fair value
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments in equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy and performance sections of the Trustee Boards' annual report.
The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield.
The charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield and historic studies of quoted financial instruments have shown that volatility in any particular five year period will normally be corrected.
15. Debtors
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 5,207 | 9,360 |
| Prepayments and accrued income | 24,173 | 152,529 |
| Other debtors | 12,201 | 3,122 |
| -------------------------- | ------------------------------- | |
| 41,581 | 165,011 | |
| ========================== | =============================== | |
| Creditors: Amounts falling due within one year | ||
| 2024 | 2023 | |
| £ | £ | |
| Trade creditors | 18,418 | 11,376 |
| Accruals and deferred income | 343,099 | 603,186 |
| Social security and other taxes | 463 | 735 |
| Other creditors | 489 | 371 |
| ------------------------------- | ------------------------------- | |
| 362,469 | 615,668 | |
| =============================== | =============================== | |
| Creditors: Amounts falling due after more than one year | ||
| 2024 | 2023 | |
| £ | £ | |
| Accruals for grants payable | 8,000 | – |
| ====================== | ============= |
16. Creditors: Amounts falling due within one year
17. Creditors: Amounts falling due after more than one year
- 24 -
The Community of All Hallows
Notes to the financial statements (continued)
Year ended 31 March 2024
18. Deferred income
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| At 1 April 2023 | 15,000 | 15,860 |
| Amount released to income | (15,000) | (15,860) |
| Amount deferred in year | 22,500 | 15,000 |
| -------------------------- | -------------------------- | |
| At 31 March 2024 | 22,500 | 15,000 |
| ========================== | ========================== |
Deferred income includes rental income received in advance of the period to which it relates.
19. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,005 (2023: £855).
20. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | Gains and | At | |||
| 1 April 2023 | Income | Expenditure | losses | 31 March 2024 | |
| £ | £ | £ | £ | £ | |
| General funds | 12,033,599 | 622,543 | (494,726) | 427,774 | 12,589,193 |
| Revaluation reserve | 3,274,000 | – | – | – | 3,274,000 |
| Medical Grants Fund | 65,533 | 58,425 | (60,000) | – | 63,958 |
| -------------------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | -------------------------------------------- | |
| 15,373,132 | 680,971 | (554,726) | 427,774 | 15,927,151 | |
| ============================================ | =============================== | =============================== | =============================== | ============================================ | |
| At | Gains and | At | |||
| 1 April 2022 | Income | Expenditure | losses | 31 March 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 12,101,574 | 816,772 | (446,055) | (438,692) | 12,033,599 |
| Revaluation reserve | 3,274,000 | – | – | – | 3,274,000 |
| Medical Grants Fund | 85,533 | – | (20,000) | – | 65,533 |
| -------------------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | -------------------------------------------- | |
| 15,461,107 | 816,772 | (466,055) | (438,692) | 15,373,132 | |
| ============================================ | =============================== | =============================== | =============================== | ============================================ |
The Medical Grants Fund relates to a legacy received for All Hallows Healthcare Trust which was dissolved and the remaining funds being paid over to CAH Trustee Limited as a donation.
- 25 -
The Community of All Hallows
Notes to the financial statements (continued)
Year ended 31 March 2024
20. Analysis of charitable funds (continued)
Endowment funds
| Endowment funds | |||||
|---|---|---|---|---|---|
| At | Gains and | At | |||
| 1 April 2023 | Income | Expenditure | losses | 31 March 2024 | |
| £ | £ | £ | £ | £ | |
| Convent Freehold | 336,265 | – | – | – | 336,265 |
| All Hallows Hospital | |||||
| Freehold | 50,000 | – | – | – | 50,000 |
| Revaluation reserve on | |||||
| Hospital | 1,500,000 | – | – | – | 1,500,000 |
| --------------------------------------- | ------------- | ------------- | ------------- | --------------------------------------- | |
| 1,886,265 | – | – | – | 1,886,265 | |
| ======================================= | ============= | ============= | ============= | ======================================= | |
| At | Gains and | At | |||
| 1 April 2022 | Income | Expenditure | losses | 31 March 2023 | |
| £ | £ | £ | £ | £ | |
| Convent Freehold | 336,265 | – | – | – | 336,265 |
| All Hallows Hospital | |||||
| Freehold | 50,000 | – | – | – | 50,000 |
| Revaluation reserve on | |||||
| Hospital | 1,500,000 | – | – | – | 1,500,000 |
| --------------------------------------- | ------------- | ------------- | ------------- | --------------------------------------- | |
| 1,886,265 | – | – | – | 1,886,265 | |
| ======================================= | ============= | ============= | ============= | ======================================= |
21. Analysis of net assets between funds
| Unrestricted | Endowment | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | 902,839 | – | 902,839 |
| Investments | 14,369,893 | 1,886,265 | 16,256,158 |
| Current assets | 1,024,888 | – | 1,024,888 |
| Creditors less than 1 year | (362,469) | – | (362,469) |
| Creditors greater than 1 year | (8,000) | – | (8,000) |
| -------------------------------------------- | --------------------------------------- | -------------------------------------------- | |
| Net assets | 15,927,151 | 1,886,265 | 17,813,416 |
| ============================================ | ======================================= | ============================================ | |
| Unrestricted | Endowment | Total Funds | |
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 916,418 | – | 916,418 |
| Investments | 13,944,396 | 1,886,265 | 15,830,661 |
| Current assets | 1,127,986 | – | 1,127,986 |
| Creditors less than 1 year | (615,668) | – | (615,668) |
| Creditors greater than 1 year | – | – | – |
| -------------------------------------------- | --------------------------------------- | -------------------------------------------- | |
| Net assets | 15,373,132 | 1,886,265 | 17,259,397 |
| ============================================ | ======================================= | ============================================ |
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The Community of All Hallows
Notes to the financial statements (continued)
Year ended 31 March 2024
22. Analysis of changes in net debt
| At | At | |||
|---|---|---|---|---|
| 1 | April 2023 | Cash flows | 31 March 2024 | |
| £ | £ | £ | ||
| Cash at bank and in hand | 962,975 | 20,332 | 983,307 | |
| =============================== | ========================== | =============================== |
23. Operating lease commitments
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
| follows: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Not later than 1 year | 191,991 | 240,388 |
| Later than 1 year and not later than 5 years | 494,910 | 563,699 |
| Later than 5 years | 705,000 | 825,000 |
| --------------------------------------- | --------------------------------------- | |
| 1,391,901 | 1,629,087 | |
| ======================================= | ======================================= |
24. Contingencies
In August 2022 The Christian Conference Centre Trust gave CAH Trustee Limited one-years notice to terminate the lease of the conference centre. In December 2022 CAH Trustee Limited issued The Christian Conference Centre Trust with a claim for dilapidations in the region of £390k. There is uncertainty over the recovery of this claim therefore no accrual has been included within the financial statements.
25. Related parties
Revd Canon Andrew Bryant and Sister Carolyn Rachel Beckett who are both directors of CAH Trustee Limited are also Trustees of The Julian of Norwich Partnership. The Community have agreed to lease a property to The Julian of Norwich Partnership for Hazelnut rent (2023: Hazelnut rent £Nil). Insurance for the property is recharged to The Julian of Norwich Partnership, during the year £3,471 (2023: £3,153) was recharged, no balance was outstanding at the year-end (2023: £Nil). During the year ended 31 March 2022 the Charity approved a three year grant to the Julian of Norwich Partnership totalling £150,000. The final instalment of £50,000 was paid during the year with £Nil included in creditors at the year-end (2023: £50,000).
During the previous year a close family member of Beccy Gosling (a member of key management personnel) completed building works for the Community. The total invoiced during the previous year was £5,330, there was no balance outstanding as at 31 March 2023. There have been no transactions in the year ended 31 March 2024.
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