## **ST ETHELDREDA'S BEDFORD TRUST** 

## **Annual Report for the year ending 31 December 2023** 

The full name of the Charity is St Etheldreda’s Bedford Trust and is numbered 232849 in the Register of Charities.  The address of the Secretary, The Revd Jennifer Cappleman, is 107 Dover Crescent, Bedford, MK41 8QR. 

The Charity is governed by a Scheme sealed by the Charity Commissioners on 10 September 2021. 

The Custodian Trustee of the charity is The St Albans Diocesan Board of Finance and during the year the following served as Managing Trustees 

The Right Revd Richard Atkinson, Bishop of Bedford The Venerable David Middlebrook, Archdeacon of Bedford Ms Rachel Bennett The Revd Jennifer Cappleman Mrs Suzanne Clackson The Revd Canon Kevin Goss The Revd Kate Peacock Mrs Hannah Potter The Revd Dr Victoria Raymer 

The revised Scheme which came into effect on 10 September 2021 provides that the income of the Charity, subject to the payment of expenses, shall be applied to the purpose of advancing the work of female bishops, female priests, female deacons, female ordinands and female licensed lay ministers within the Diocese of St. Albans and to relieve the poverty of the remaining sisters of St. Etheldreda’s Home under the guidance of the Lord Bishop of that Diocese.  It is further provided that if in any year income is not required for the primary purpose it may be applied for the purpose of supporting women’s ministry with children within the Diocese of St Albans and under the guidance of the Lord Bishop. 

During the year the Trustees approved grants totalling £32,360 which includes provision for Sister Hazel who dedicated her life to helping run St Etheldreda’s Children’s Home. Sister Hazel is ordained and still exercises an active ministry, both to ‘the children of St Etheldreda’s Home’, in working with the Society of the Sacred Mission and in the wider community. 

1 



# **ST. ETHELDREDA’S BEDFORD TRUST Charity No. 232849** 

**Financial Statements for the year ended 31 December 2023** 



## **St Etheldreda’s Bedford Trust** 

## **Treasurer’s Report for the year ending 31 December 2023** 

## **Income** 

The trust’s main income stream from its investments remains healthy at £30,363, which is £812 less than last year.  This reduction is in part due to the sale of shares transacted at the end of 2022, which has lowered the dividend earned on the unrestricted investment fund. However in contrast the interest earned on monies in our deposit account increased from £68 in 2022 to £451 in 2023. A transfer of £750 from the Rogers Bequest was added to cover a grant which was not covered by the remit of the charity. 

## **Expenditure** 

In 2023 the trust distributed £32,360 in grants; the breakdown of which is listed below. 

Sister Hazel - £13,000 plus 8,840 for accommodation 

Grants for ministry support - £10,520 

Management and administration expenditure for the trust totalled £523, which included £450 for the examination of the accounts, £38 for postage and other costs and £35 for a gift for Sister Hazel’s 90[th] birthday. 

## **Investments** 

Following the turbulence in the stock market in 2022, 2023 saw stability and thus there was an uptick in the stock markets leading to a gain of £95,446 in the trust’s investment portfolio. This increase goes more than halfway to restoring the value of the trust’s investment portfolio to the value it was at the end of 2021. As a result of these healthy valuations, the trust’s assets continue to remain healthy, totalling ££1,146,212 at the end of this financial reporting period. 

During this year, the trust decided to move from distributing grants with cheques to using online banking.  This is partly due to the convenience and faster distribution of grants, but also in response to an unfortunate incident where a grant cheque was intercepted and fraudulently altered. Due to the rapid response by the trust’s bank and the police this was speedily rectified and the funds were recredited to our account. As a result to ensure the security of the trust’s account, in 2024 we will be transitioning to using bank transfers for our financial transactions. 

Janis Large 

Treasurer 



**INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF ST ETHELDREDA’S BEDFORD TRUST** 

## **Independent examiner's report to the trustees of St Etheldreda’s Bedford Trust ('the Charity')** 

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2023. 

## **Responsibilities and basis of report** 

The charity's trustees are responsible for the prepara�on of the accounts. The charity's trustees consider that an audit is not required for this year (under Sec�on 144(2) of the Chari�es Act 2011 (the 2011 Act)) and that an independent examination is required. 

## It is my responsibility to: 

-examine the accounts under Sec�on 145 of the 2011 Act 

-to follow the procedures laid down in the General Direc�ons given by the Charity Commission (under Sec�on 145(5)(b) of the 2011 Act); and 

-to state whether par�cular maters have come to my aten�on. 

## **Basis of the independent examiner's report** 

My examina�on was carried out in accordance with the General Direc�ons given by the Charity Commission. An examina�on includes a review of the accoun�ng records kept by the charity and a comparison of the accounts presented with those records. It also includes considera�on of any unusual items or disclosures in the accounts, and seeking explana�ons from you as trustees concerning any such maters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those maters set out in the statements below. 

## **Independent examiner's statement** 

In connec�on with my examina�on, no mater has come to my aten�on: 

(1) which gives me reasonable cause to believe that, in any material respect, the requirements 

-to keep accoun�ng records in accordance with Sec�on 130 of the 2011 Act; and 

-to prepare accounts which accord with the accoun�ng records and to comply with the accoun�ng requirements of the 2011 Act have not been met; or 

(2) to which, in my opinion, aten�on should be drawn in order to enable a proper understanding of the accounts to be reached. 

Victoria Moore FCCA MDG Business Associates Limited Room 73, Wrest Park, Wrest House, Silsoe Bedford Bedfordshire MK45 4HR 

7[th] June 2024 



## 

|TATEMENT OF FI]IIANCIAL ACTIVIT<br>EAR ENDED31DECEMBER2023|IES|||
|---|---|---|---|
||Note|2023|2022|
|||€|€|
|lncomingnesources||||
|lnvestmentincome dividends||!!0,363|3L,L74.91|
|TransferfromRogersBequest||750|500.00|
|lnterest on deposit account||451|68.52|
|Saleofshares|||20,ooo.m|
|Totallncomingresources||31,554|5L,843.43|
|Resourcesexpended||||
|Charitableexpenditure:||||
|Grants||32,360|36,856.34|
|Managementandadministration||523|319.12|
|Tota!resourcesexpended||32.843|37.L85.46|
|Netresourcesfortheyear||(1.31s1|L4.6s7.97|
|Unrealisedand realised||95,ffi|ft603L4.2A1|
|gains/(loss)on investments||||
|Netmovementinfunds relatingto||94,L27|(145,656.23)|
|the year||||
|Balancesbroughtforward||1,052,O95|L,197,74L.76|
|Balancescarriedforward||1,L46,212|1,052.08s|





## 

|EAR ENDED31DECEMBER2|02|3||||
|---|---|---|---|---|---|
|||2023|2023|2022|2022|
||Notef||f|f|f|
|FIXED ASSETS||||||
|lnvestments-lncomeFunds|4|L.125.434||1.029,988.09||
||||t,l25,4yl||1,02g,ggg.0g|
|CURRENTASSETS||||||
|Cashatbank||Lt,o2l||||
|CBFDepositFund||12,567||||
|||23,588||||
|CREDITORS:Amountsfalling||||||
|duewithinoneyear||2,81O||||
|NETCURREilTASSETS||||||
|NETASSETS||||||
|FUNDS||||||
|Restrictedfunds|||1,022,590|||
|Unrestricted funds|||12?,532|||
|TOTATFU]ITE|||r.Lfi.212|||





## 

## 

## 

## 

## 

## 

## 

|bytheStAlbans Diocesan BoardofF<br>3.<br>EXPENDITURE|inance.|
|---|---|
||20232022|
||Ef|
|Charitahleactivities||
|Grants,donationsandotherpayments|32,:!5036,866.34|
|Managementandadministration||
|Reporting accountantsfee<br>Allcosts|45O<br>300.00<br>73<br>L9.L2|
||32,88337"L85.46|





## 

## 

|TheinvestmentsareheldintheCentralB<br>StAlbans Diocesan BoardofFinance.|oardofFinancef|undsasadmin|
|---|---|---|
||2023|2022|
||fE||
|MarketvalueatlJanuary2023<br>1,029,988<br>Gain/(Loss)on revaluation at 31 December2A23 95,445|||,L9O,3O2-29<br>(168,569.34)|
|Profit ondisposals inyear<br>MarketValueat 31Decernber2023|-<br>L.\25.4Y1|8,255.1,4<br> 1.029.988-09|



## 

|nvestmentsbyindividualentities:||||
|---|---|---|---|
||2023 2023|2022|2022|
||Cost Market|Cost|Market|
||Value||Value|
||ffff|||
|421..80Sharesin lnvestmentFund<br>4545 SharesinlnvestmentFund*<br>47798Units inFixedlnterestSecurities|255,OOg953,492<br>53,8471A2,754<br> 70,0ffi69,188|255,009<br>53,841<br>70,mO|870,844.06<br> 93,847.L8<br> 55,295.85|
|Fund||||
||3ZgsOL,L2s_434|3lgtrso|1_02gjgg-09|



## 

|.<br>FUNDS|||
|---|---|---|
||Unrestricted|RestrictedTotal|
||fff||
|BalanceatlJanuary2023<br>Unrealisedgain/(loss)oninvestments<br>Netresourcesfor theyear|1L5,944<br> 8,907<br>(1,319)|936,t411,052,085<br>86,53995,MG<br>(1,3191|
|Balanceat 31December2023|t8,532|1,022,680 1,146,2n|





## 

## 

|6.<br>CREDITORS:Amounts fallingdu|ewithinone yea|r|
|---|---|---|
||2423|2022|
|||f|
|Accruals anddeferredincome|2.810|3.050.00|



## 

## 



# **ST. ETHELDREDA’S BEDFORD TRUST Charity No. 232849** 

**Financial Statements for the year ended 31 December 2023** 



## **St Etheldreda’s Bedford Trust** 

## **Treasurer’s Report for the year ending 31 December 2023** 

## **Income** 

The trust’s main income stream from its investments remains healthy at £30,363, which is £812 less than last year.  This reduction is in part due to the sale of shares transacted at the end of 2022, which has lowered the dividend earned on the unrestricted investment fund. However in contrast the interest earned on monies in our deposit account increased from £68 in 2022 to £451 in 2023. A transfer of £750 from the Rogers Bequest was added to cover a grant which was not covered by the remit of the charity. 

## **Expenditure** 

In 2023 the trust distributed £32,360 in grants; the breakdown of which is listed below. 

Sister Hazel - £13,000 plus 8,840 for accommodation 

Grants for ministry support - £10,520 

Management and administration expenditure for the trust totalled £523, which included £450 for the examination of the accounts, £38 for postage and other costs and £35 for a gift for Sister Hazel’s 90[th] birthday. 

## **Investments** 

Following the turbulence in the stock market in 2022, 2023 saw stability and thus there was an uptick in the stock markets leading to a gain of £95,446 in the trust’s investment portfolio. This increase goes more than halfway to restoring the value of the trust’s investment portfolio to the value it was at the end of 2021. As a result of these healthy valuations, the trust’s assets continue to remain healthy, totalling ££1,146,212 at the end of this financial reporting period. 

During this year, the trust decided to move from distributing grants with cheques to using online banking.  This is partly due to the convenience and faster distribution of grants, but also in response to an unfortunate incident where a grant cheque was intercepted and fraudulently altered. Due to the rapid response by the trust’s bank and the police this was speedily rectified and the funds were recredited to our account. As a result to ensure the security of the trust’s account, in 2024 we will be transitioning to using bank transfers for our financial transactions. 

Janis Large 

Treasurer 



**INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF ST ETHELDREDA’S BEDFORD TRUST** 

## **Independent examiner's report to the trustees of St Etheldreda’s Bedford Trust ('the Charity')** 

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2023. 

## **Responsibilities and basis of report** 

The charity's trustees are responsible for the prepara�on of the accounts. The charity's trustees consider that an audit is not required for this year (under Sec�on 144(2) of the Chari�es Act 2011 (the 2011 Act)) and that an independent examination is required. 

## It is my responsibility to: 

-examine the accounts under Sec�on 145 of the 2011 Act 

-to follow the procedures laid down in the General Direc�ons given by the Charity Commission (under Sec�on 145(5)(b) of the 2011 Act); and 

-to state whether par�cular maters have come to my aten�on. 

## **Basis of the independent examiner's report** 

My examina�on was carried out in accordance with the General Direc�ons given by the Charity Commission. An examina�on includes a review of the accoun�ng records kept by the charity and a comparison of the accounts presented with those records. It also includes considera�on of any unusual items or disclosures in the accounts, and seeking explana�ons from you as trustees concerning any such maters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those maters set out in the statements below. 

## **Independent examiner's statement** 

In connec�on with my examina�on, no mater has come to my aten�on: 

(1) which gives me reasonable cause to believe that, in any material respect, the requirements 

-to keep accoun�ng records in accordance with Sec�on 130 of the 2011 Act; and 

-to prepare accounts which accord with the accoun�ng records and to comply with the accoun�ng requirements of the 2011 Act have not been met; or 

(2) to which, in my opinion, aten�on should be drawn in order to enable a proper understanding of the accounts to be reached. 

Victoria Moore FCCA MDG Business Associates Limited Room 73, Wrest Park, Wrest House, Silsoe Bedford Bedfordshire MK45 4HR 

7[th] June 2024 



## 

|TATEMENT OF FI]IIANCIAL ACTIVIT<br>EAR ENDED31DECEMBER2023|IES|||
|---|---|---|---|
||Note|2023|2022|
|||€|€|
|lncomingnesources||||
|lnvestmentincome dividends||!!0,363|3L,L74.91|
|TransferfromRogersBequest||750|500.00|
|lnterest on deposit account||451|68.52|
|Saleofshares|||20,ooo.m|
|Totallncomingresources||31,554|5L,843.43|
|Resourcesexpended||||
|Charitableexpenditure:||||
|Grants||32,360|36,856.34|
|Managementandadministration||523|319.12|
|Tota!resourcesexpended||32.843|37.L85.46|
|Netresourcesfortheyear||(1.31s1|L4.6s7.97|
|Unrealisedand realised||95,ffi|ft603L4.2A1|
|gains/(loss)on investments||||
|Netmovementinfunds relatingto||94,L27|(145,656.23)|
|the year||||
|Balancesbroughtforward||1,052,O95|L,197,74L.76|
|Balancescarriedforward||1,L46,212|1,052.08s|





## 

|EAR ENDED31DECEMBER2|02|3||||
|---|---|---|---|---|---|
|||2023|2023|2022|2022|
||Notef||f|f|f|
|FIXED ASSETS||||||
|lnvestments-lncomeFunds|4|L.125.434||1.029,988.09||
||||t,l25,4yl||1,02g,ggg.0g|
|CURRENTASSETS||||||
|Cashatbank||Lt,o2l||||
|CBFDepositFund||12,567||||
|||23,588||||
|CREDITORS:Amountsfalling||||||
|duewithinoneyear||2,81O||||
|NETCURREilTASSETS||||||
|NETASSETS||||||
|FUNDS||||||
|Restrictedfunds|||1,022,590|||
|Unrestricted funds|||12?,532|||
|TOTATFU]ITE|||r.Lfi.212|||





## 

## 

## 

## 

## 

## 

## 

|bytheStAlbans Diocesan BoardofF<br>3.<br>EXPENDITURE|inance.|
|---|---|
||20232022|
||Ef|
|Charitahleactivities||
|Grants,donationsandotherpayments|32,:!5036,866.34|
|Managementandadministration||
|Reporting accountantsfee<br>Allcosts|45O<br>300.00<br>73<br>L9.L2|
||32,88337"L85.46|





## 

## 

|TheinvestmentsareheldintheCentralB<br>StAlbans Diocesan BoardofFinance.|oardofFinancef|undsasadmin|
|---|---|---|
||2023|2022|
||fE||
|MarketvalueatlJanuary2023<br>1,029,988<br>Gain/(Loss)on revaluation at 31 December2A23 95,445|||,L9O,3O2-29<br>(168,569.34)|
|Profit ondisposals inyear<br>MarketValueat 31Decernber2023|-<br>L.\25.4Y1|8,255.1,4<br> 1.029.988-09|



## 

|nvestmentsbyindividualentities:||||
|---|---|---|---|
||2023 2023|2022|2022|
||Cost Market|Cost|Market|
||Value||Value|
||ffff|||
|421..80Sharesin lnvestmentFund<br>4545 SharesinlnvestmentFund*<br>47798Units inFixedlnterestSecurities|255,OOg953,492<br>53,8471A2,754<br> 70,0ffi69,188|255,009<br>53,841<br>70,mO|870,844.06<br> 93,847.L8<br> 55,295.85|
|Fund||||
||3ZgsOL,L2s_434|3lgtrso|1_02gjgg-09|



## 

|.<br>FUNDS|||
|---|---|---|
||Unrestricted|RestrictedTotal|
||fff||
|BalanceatlJanuary2023<br>Unrealisedgain/(loss)oninvestments<br>Netresourcesfor theyear|1L5,944<br> 8,907<br>(1,319)|936,t411,052,085<br>86,53995,MG<br>(1,3191|
|Balanceat 31December2023|t8,532|1,022,680 1,146,2n|





## 

## 

|6.<br>CREDITORS:Amounts fallingdu|ewithinone yea|r|
|---|---|---|
||2423|2022|
|||f|
|Accruals anddeferredincome|2.810|3.050.00|



## 

##