REGISTERED CHARITY NUMBER: 232810
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 5 April 2024
for
The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Contents of the Financial Statements for the Year Ended 5 April 2024
Page Reference and Administrative Details Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements Detailed Statement of Financial Activities 14
The Parish Estate (The Feoffees of All Saints Church, Pavement, York) Reference and Administrative Details for the Year Ended 5 April 2024
| Trustees | S W Upright |
|---|---|
| J F Fenwick * | |
| P A Woodhead * | |
| A J Hammersley OBE TD JP | |
| J G Finlay OBE * | |
| R W Miers * | |
| S T Candelet | |
| D B Lindley | |
| R M Wools | |
| P Widdicombe | |
| * Feoffees | holding title to the charity's property |
| Clerk | A E Mead |
| Principal address | 2 Belgrave Crescent |
| Scarborough | |
| North Yorkshire | |
| YO11 1UB | |
| Registered charity number | 232810 |
| Independent examiner | Smailes Goldie Watson Limited |
| 12 Alma Square | |
| Scarborough | |
| North Yorkshire | |
| YO11 1JU | |
| Bankers | CAF Bank Ltd |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Investment advisers | BoultonCooper |
| St Michael's House | |
| Malton North Yorkshire | |
| YO17 7LR | |
| RBC Brewin Dolphin | |
| 10 Wellington Place | |
| Leeds | |
| LS1 4AN |
Page 1
The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Report of the Trustees for the Year Ended 5 April 2024
The trustees, who are known as the feoffees, present their report with the financial statements of the charity for the year ended 5 April 2024. 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
The charity, whose working name is The Feoffees of All Saints Church, Pavement, York, exists to hold the estate of the Ecclesiastical Parish of All Saints, Pavement, York for the public use and benefit of the parishioners, for the repairing of the church, the help and relief of the poor inhabitants of the parish and for other common uses of the parish.
The Parish Estate comprises land and buildings at Skirpenbeck and Youlthorpe, and three parcels of land at Tadcaster, together with a portfolio of investments arising from the proceeds from sale of other parcels of land and buildings over the years.
The charity's investment property and its investment portfolio are managed by agents on behalf of the feoffees.
In recent years, the main objective of the feoffees has been to make available funds as a contribution towards the maintenance of the church fabric and to support activities in the church and the parish.
The feoffees have given due regard to public benefit guidance published by the Charity Commission and consider that in assisting the church and activities in the parish to continue, the charity fulfils its responsibilities to provide benefit to the public.
Achievement and performance
During the year, the feoffees made contributions totalling £6,294 for the benefit of All Saints Church. A donation of £500 was also made to the Lord Mayor's Charities.
Discussions were held during the year regarding the need for work on some of the agricultural buildings at Church Farm to ensure they did not become a safety hazard. It has been a slow process to obtain quotations for the proposed work, but it is hoped that action will be taken during the summer of 2024.
The feoffees are aware of their responsibilities as custodians of the charity's properties. They are looking at the medium to long term future of these, to ensure both the provision of an ongoing return to fund the charity's purposes, and the maintenance of the holdings to fulfil their role as a responsible landlord.
Financial review
The investment property continued to be fully occupied, yielding income from rents and wayleaves of £30,311 (2023: £30,311). Income from the investment portfolio and from bank interest totalled £26,766 (2023: £19,910). The charity's reserves totalled £2,293,259 at 5 April 2024 (2023: £2,217,505) of which £1,370,000 is invested in property. The feoffees regard the investment portfolio as forming part of the charity's liquid reserves, which can be realised and used for charitable purposes as the need arises. On this basis, total free reserves amounted to £923,259 at 5 April 2024.
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The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Report of the Trustees for the Year Ended 5 April 2024
All Saints Church is one of the oldest churches in York and is a Grade 1 listed building. As such, the total cost of upkeep is very substantial. The state of the fabric of All Saints Church is subject to ongoing monitoring, including the use of "telltales" to indicate any significant movement of the structure. Past experience indicates that major renovation work will be required at some point in the future, the cost of which would require most of the funds currently held in the investment portfolio. The feoffees try to balance priorities to use the resources available to them to benefit the church to optimum effect, in assisting in maintaining both its fabric and the activities within the parish.
The feoffees consider that the current level of reserves should be sufficient to meet their known commitments and to enable them to provide support for future major work as the need for this arises.
The feoffees receive regular reports from both their investment property and investment portfolio managers and review the holdings and income in the light of market conditions. They continue to require the investment portfolio to be managed on a discretionary basis with the objective of providing a balanced return from income and capital growth with medium risk and no restrictions or limitations.
Structure, governance and management
The Parish Estate is a charity whose origins go back to before the Reformation. It was registered as a charity on 24 November 1965 and its governing document is its listing in the document PR12 p605-608.
The estate is held by the feoffees in trust. Under an indenture dated 5 November 1951, whenever the number of feoffees falls to four or fewer, further feoffees should be appointed from among the parishioners and inhabitants of the parish to bring the number to at least eight. New feoffees are recruited with a view to the skills and experience they can bring to the charity.
The investment powers of the feoffees are governed by the Trustee Act 2000.
The feoffees have assessed the major risks to which the charity is exposed, in particular those related to its operations and finances and they are satisfied that systems are in place to manage their exposure to the major risks.
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 (FRS102) (effective 1 January 2019).
Approved by order of the board of trustees on 12 September 2024 and signed on its behalf by:
................................................................. S W Upright – Acting Feoffee
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Independent Examiner's Report to the Trustees of The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Independent examiner's report to the trustees of The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
I report to the charity trustees on my examination of the accounts of The Parish Estate (The Feoffees of All Saints Church, Pavement, York) (the Trust) for the year ended 5 April 2024.
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.
Use of report
This report is made solely to the Charity's trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed.
................................................................. Luke Taylor
Smailes Goldie Watson Limited 12 Alma Square Scarborough North Yorkshire YO11 1JU
Date: 12 September 2024
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The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Statement of Financial Activities for the Year Ended 5 April 2024
| Notes Income and endowments from Donations and legacies Investment income 2 Total Expenditure on Raising funds 3 Charitable activities 4 Charitable activities Total Net gains on investments NET INCOME Reconciliation of funds Total funds brought forward Total funds carried forward |
2024 2023 Unrestricted Total fund funds £ £ 2,000 - 57,077 50,221 59,077 50,221 12,719 15,467 18,777 39,562 31,496 55,029 48,173 7,359 75,754 2,551 2,217,505 2,214,954 2,293,259 2,217,505 |
|---|---|
The notes form part of these financial statements
Page 5
The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Balance Sheet 5 April 2024
| Notes Fixed assets Investments Investments 8 Investment property 9 Current assets Debtors 10 Cash at bank Creditors Amounts falling due within one year 11 Net current assets Total assets less current liabilities NET ASSETS Funds Unrestricted funds Total funds |
2024 Total funds £ 806,916 1,370,000 2,176,916 4,614 118,243 122,857 (6,514) 116,343 2,293,259 2,293,259 2,293,259 2,293,259 |
2023 Total funds £ 763,107 1,370,000 2,133,107 2,552 86,372 88,924 (4,526) 84,398 2,217,505 2,217,505 2,217,505 2,217,505 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 september 2024 and were signed on its behalf by:
............................................. S W Upright – Acting Feoffee
............................................. J F Fenwick - Treasurer
The notes form part of these financial statements
Page 6
The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Notes to the Financial Statements for the Year Ended 5 April 2024
1. Accounting policies
Basis of preparing the financial statements
The Parish Estate is an unincorporated trust registered in England/Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are to hold the estate of the Ecclesiastical Parish of All Saints, Pavement, York for the public use and benefit of the parishioners, for the repairing of the church, the help and relief of the poor inhabitants of the parish and for other common uses of the parish.
Basis of preparing the financial statements
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice.
Statement of compliance with prevailing laws and regulations
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 (FRS 102) (effective 1 January 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Judgements and key sources of estimation uncertainty
The trustees consider that no judgements, apart from those involving estimates, have been made in the process of applying the above accounting policies which have had a significant effect on amounts recognised in the financial statements.
The trustees consider that no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date have been made which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
continued...
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The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
1. Accounting policies - continued
Basis of preparing the financial statements
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Comparative figures
The charity held only unrestricted funds in the current and the previous year and therefore full fund movement and comparative information is available from the Statement of Financial Activities and Balance Sheet.
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Donated services and facilities
The Feoffees all act as volunteers. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Feoffees' Annual Report.
Rental income
Income from the rental of property is included when receivable.
Investment income receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis.
Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include administrative and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
continued...
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The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
1. Accounting policies - continued
Expenditure Irrecoverable VAT
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Recognised gains and losses
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.
Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in 'net gains / (losses) on investments' in the SoFA.
Investments
Investments 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 quoted mid-market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Provisions
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. In their view the budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
continued...
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The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
2. Investment income
| Income from UK investment property Income from investment portfolio Bank interest receivable Other investment income |
2024 £ 30,300 25,130 1,636 11 57,077 |
2023 £ 30,300 19,529 381 11 50,221 |
|---|---|---|
Other investment income comprises income from wayleaves over investment property.
3. Raising funds
Investment management costs
| Investment portfolio management fees Investment property management fees Investment property repairs and maintenance Investment property insurance 4. Charitable activities costs Grant funding of activities (see note 5) £ Charitable activities 6,794 5. Grants payable Charitable activities Donations and grants payable Contributions to All Saints Church premises costs Other contributions to All Saints Church Other charitable contributions |
2024 £ 5,549 2,794 805 3,571 12,719 Support costs (see note 6) £ 11,983 2024 £ 6,794 2024 £ 5,426 868 500 6,794 |
2023 £ 9,149 3,087 120 3,111 15,467 Totals £ 18,777 2023 £ 28,956 2023 £ 27,588 868 500 28,956 |
|
|---|---|---|---|
Other charitable donations comprise donations made to one (2023: one) York charity.
continued...
Page 10
The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
6. Support costs
| Governance Management costs £ £ Charitable activities 9,639 2,344 Independent examiner's remuneration 2024 £ Independent examination 1,620 |
Totals £ 11,983 2023 £ 1,620 |
|---|---|
Support costs, included in the above, are as follows:
Management
| 2024 | 2023 | |
|---|---|---|
| Charitable | Total | |
| activities | activities | |
| £ | £ | |
| Administrative support | 9,624 | 8,268 |
| Other administration costs | 15 | - |
| 9,639 | 8,268 | |
| Governance costs | ||
| 2024 | 2023 | |
| Charitable | Total | |
| activities | activities | |
| £ | £ | |
| Independent examiner's remuneration | 1,620 | 1,620 |
| Feoffees' liability insurance | 605 | 605 |
| Cost of feoffees' meetings | 119 | 113 |
| 2,344 | 2,338 |
7. Trustees' remuneration and benefits
No remuneration was paid to any feoffee (2023: £Nil).
Trustees' expenses
No expenses were reimbursed to feoffees (2023: £Nil).
continued...
Page 11
The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
8. Fixed asset investments
| Listed investments £ Market value At 6 April 2023 756,242 Additions 151,734 Disposals (144,157) Revaluations 36,776 At 5 April 2024 800,595 Cost At 5 April 2024 690,157 At 5 April 2023 670,174 |
Cash and settlements pending £ 6,865 155,555 (156,099) - 6,321 6,321 6,865 |
Totals £ 763,107 307,289 (300,256) 36,776 806,916 696,478 677,039 |
|---|---|---|
Fixed asset investments were valued on an open market basis as at 5 April 2024 by RBC Brewin Dolphin Investment Managers.
Reconciliation to the statement of financial activities
| Sales Proceeds from disposal on investments Disposal at opening valuation Net gain on disposal of investments Net (loss)/gain on revaluation of investments Net gain on revaluation of investment property Net (loss)/gain on revaluation and disposal of investment assets |
2024 £ 155,554 (144,157) 11,397 36,776 - 48,173 |
2023 £ 184,419 (172,414) 12,005 (74,646) 70,000 7,359 |
|---|---|---|
9. Investment property
| Fair value At 6 April 2023 and 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 |
£ 1,370,000 1,370,000 1,370,000 |
|---|---|
Investment property was valued on an open market basis on 4 June 2024 by BoultonCooper, Chartered Surveyors.
continued...
Page 12
The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
10. Debtors: amounts falling due within one year
| Other debtors Prepayments and accrued income 11. Creditors: amounts falling due within one year Accruals and deferred income Accrued expenses |
2024 £ 2,164 2,450 4,614 2024 £ 1,911 4,603 6,514 |
2023 £ 564 1,988 2,552 2023 £ 11 4,515 4,526 |
|---|---|---|
12. Related party disclosures
There were no related party transactions for the year ended 5 April 2024.
13. Operating leases - lessor
Total future minimum lease payments receivable under non-cancellable operating leases for the properties owned by the charity are as follows:
| Within one year Between one and five years 14. Financial instruments Financial assets measured at fair value Fixed asset listed investments |
2024 £ 15,150 - 15,150 2024 £ **800,595 ** |
2023 £ 26,550 11,400 37,950 2023 £ 756,242 |
|---|---|---|
continued...
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The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Detailed Statement of Financial Activities for the Year Ended 5 April 2024
| Income and endowments Donations and legacies Legacies Investment income Income from UK investment property Income from investment portfolio Bank interest receivable Other investment income Total incoming resources Expenditure Investment management costs Investment portfolio management fees Investment property management fees Investment property repairs and maintenance Investment property insurance Charitable activities Donations to All Saints Church Other charitable donations Support costs Management Administrative support Other administration costs Governance costs Independent examiner's remuneration |
2024 £ 2,000 30,300 25,130 1,636 11 57,077 59,077 5,549 2,794 805 3,571 12,719 6,294 500 6,794 9,624 15 9,639 1,620 |
2023 £ - 30,300 19,529 381 11 50,221 50,221 9,149 3,087 120 3,111 15,467 28,456 500 28,956 8,268 - 8,268 1,620 |
|---|---|---|
This page does not form part of the statutory financial statements
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The Parish Estate (The Feoffees of All Saints Church, Pavement, York)
Detailed Statement of Financial Activities for the Year Ended 5 April 2024
| Governance costs Brought forward Feoffees' liability insurance Cost of feoffees' meetings Total resources expended Net income/(expenditure) before gains and losses Recognised gains and losses Gains/(losses) on fixed asset investments Gain on investment property Net income |
2024 £ 1,620 605 119 2,344 31,496 27,581 48,173 - 75,754 |
2023 £ 1,620 605 113 2,338 55,029 (4,808) (62,641) 70,000 2,551 |
|---|---|---|
This page does not form part of the statutory financial statements
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