REGISTERED CHARITY NUMBER: 240234
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
FOR
GUILD OF ALL SOULS
MMP Accounting Solutions Ltd Unit 34 Basepoint Shearway Business Park Folkestone Kent CT19 4RH
GUILD OF ALL SOULS
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 30 June 2023
| Page | Page | ||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
GUILD OF ALL SOULS
REPORT OF THE TRUSTEES for the Year Ended 30 June 2023
The trustees present their report with the financial statements of the charity for the year ended 30 June 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Guild of All Souls is an association of some 1100 members whose main objectives are:
-
Intercessory prayer for the dying and for the repose of the souls of the departed.
-
To promote the two great doctrines of the Christian creed: "The Communion of Saints" and "The Resurrection from the Dead". The following are particularly commended to the prayers of the members:
(a) The restoration of the scriptural rite of anointing the sick with holy oil, commonly called Holy Unction. (b) The restoration of the primitive custom of reserving the Holy Eucharist for the sick and dying.
As members of this devotional Guild we endeavour to care for the dying, the bereaved and the departed.
- To receive advowsons, by bequest in wills and administer patronage.
Public benefit
The objectives and aims of the Guild are religious in nature, membership of the Guild is open to any person who supports those objectives and aims, on payment of a modest subscription.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Guild of All Souls was formed in 1873 and is governed by Rules (last revised in 2023) and by a Trust Deed dated 4th September 2005 which vested the property of the Guild in 3 Holding Trustees. The property of the Guild includes advowsons of 41 English Benefices, a Chantry Chapel and a bungalow both in Little Walsingham, Norfolk.
The Guild is managed by the Council, the members of which are the Charitable Trustees of the Guild. The President and the Warden of the Guild, elected annually at an Annual General Meeting, are the Chairman and Deputy Chairman of the Council and are currently the Rt. Revd Norman Banks, Bishop of Richborough, and Mr John Furber KC. A maximum of 10 members are elected annually at the same time to serve as Council members. The 3 Holding Trustees are elected annually by the Council from among its members and at present are Mr John Furber KC, The Revd Robert Farmer and Mrs Anne Gray. A Patronage Committee consisting of Council members exercises all Church Patronage belonging to the Guild. Apart from a part-time General Secretary and the Chantry Priest, all the work of the Guild is carried out on a voluntary basis.
The Chantry Chapel in the Shrine grounds at Little Walsingham, built in 1965, is served by an appointed Chantry Priest. One of the most important aspects of the role of the Chantry Priest is to ensure the daily commemoration of departed members in prayer at a celebration of the Mass on the anniversary of their death. There is a Chantry Chapel Fund which provides some income to offset the annual expenses of The Chapel. That is one of three Restricted Funds administered by The Guild.
In the year under review the Council met five times. Apart from routine business, a revised set of Rules of the Guild was developed and adopted to ensure the governance and conduct of the Guild's affairs reflect current good practice. A programme of activities was undertaken to celebrate the organisation's 150th anniversary and work was commissioned to catalogue its archives. The Guild continued to fulfil its Patronage responsibilities, responding to applications for financial assistance, dealing with appointments to those vacant benefices of which the Guild is Patron and discussing cases where Presentation has been suspended by order of the relevant Diocesan Bishop. The Guild publishes a range of resources including prayer cards and books of prayers for the benefit of the sick, dying and bereaved. Such literature is distributed free-of-charge. The annual Intercession Paper was distributed to all members, with the names of recently departed members, for the purpose of aiding intercessory prayer on their behalf. The Guild maintains a website: www.guildofsouls.org.uk containing essential details of its work and events.
Page 1
GUILD OF ALL SOULS
REPORT OF THE TRUSTEES
for the Year Ended 30 June 2023
In carrying out the business of the Guild, a registered Charity, the Council always pays due regard to the advice of The Charity Commission relevant to the administration of the Charity.
FINANCIAL REVIEW
Reserves policy
Investments of approximately £390,000 are held in the general fund so as to provide reliable investment income at a level such that the objectives of The Guild can be carried out at an acceptable level. Reserves within the restricted funds are determined by the nature of the restrictions.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
240234
Principal address Dalton House 60 Windsor Avenue London SW19 2RR
Trustees
Ms A F M Gray Mr J Furber KC Revd R Farmer Rt Revd N Banks Mrs V Cole, Secretary ex officio Revd A F Davis Revd Canon B J Fry Revd Canon A Howard Mrs M I Howard Revd P E Jones Dr C J Podmore MBE Revd K Smith Mrs M Suckling
Independent Examiner
MMP Accounting Solutions Ltd Unit 34 Basepoint Shearway Business Park Folkestone Kent CT19 4RH
Investment Advisers
Charles Stanley & Co Ltd 55 Bishopsgate London EC2N 3AS
CCLA Investment Management 1 Angel Lane London EC4R 3AB
Page 2
GUILD OF ALL SOULS
REPORT OF THE TRUSTEES
for the Year Ended 30 June 2023
REFERENCE AND ADMINISTRATIVE DETAILS Bankers
National Westminster Bank Fleet Street (B) Branch PO Box 281 156 Fleet Street London EC4A 2DX
National Westminster Bank Fakenham Norfolk NR21 9BA
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
....................................................... Mr J Furber KC - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GUILD OF ALL SOULS
Independent examiner's report to the trustees of Guild of All Souls
I report to the charity trustees on my examination of the accounts of Guild of All Souls (the Trust) for the year ended 30 June 2023.
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 2. 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.
Nick May
MMP Accounting Solutions Ltd Unit 34 Basepoint Shearway Business Park Folkestone Kent CT19 4RH
Date: .............................................
Page 4
GUILD OF ALL SOULS
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 30 June 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 7,115 Investment income 2 19,974 Total 27,089 EXPENDITURE ON Raising funds 3 5,966 Charitable activities Promotion of the doctrines of the Christian creed 28,534 Total 34,500 Net gains/(losses) on investments 4,263 NET INCOME/(EXPENDITURE) (3,148) RECONCILIATION OF FUNDS Total funds brought forward 569,296 TOTAL FUNDS CARRIED FORWARD 566,148 |
Restricted fund £ 4,862 10,195 15,057 4,214 16,595 20,809 8,307 2,555 311,276 313,831 |
30.6.23 Total funds £ 11,977 30,169 42,146 10,180 45,129 55,309 12,570 (593) 880,572 879,979 |
30.6.22 Total funds £ 19,956 34,180 54,136 11,732 40,071 51,803 (45,238) (42,905) 923,477 880,572 |
|---|---|---|---|
The notes form part of these financial statements
Page 5
GUILD OF ALL SOULS
BALANCE SHEET
30 June 2023
| Notes FIXED ASSETS Tangible assets 6 Investments 7 CURRENT ASSETS Prepayments and accrued income Cash at bank and in hand 8 CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted Restricted fund fund £ £ 148,760 - 393,148 275,850 541,908 275,850 974 634 26,056 53,543 27,030 54,177 (2,790) (16,196) 24,240 37,981 566,148 313,831 566,148 313,831 |
30.6.23 Total funds £ 148,760 668,998 817,758 1,608 79,599 81,207 (18,986) 62,221 879,979 879,979 566,148 313,831 879,979 |
30.6.22 Total funds £ 148,760 653,658 802,418 968 94,510 95,478 (17,324) 78,154 880,572 880,572 569,296 311,276 880,572 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr J Furber KC - Trustee
The notes form part of these financial statements
Page 6
GUILD OF ALL SOULS
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 30 June 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants payable are recognised in the accounts when paid and other charitable expenditure is recognised when a constructive obligation arises.
Tangible fixed assets
Tangible fixed assets other than freehold land and long leasehold buildings are stated at cost less depreciation. Fixed assets below a cost of £100 are not capitalised. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:
Chapel equipment 20% per annum on a straight line basis
Freehold and long leasehold building are not depreciated because in the opinion of the trustees any depreciation would not be material and based upon local land and property values, the estimated residual value exceeds book value.
There are no inalienable or historic assets.
Accumulated funds
Any restricted fund in deficit is eliminated by a transfer from the restricted fund.
2. INVESTMENT INCOME
| Rents received Investment income Deposit account interest |
30.6.23 £ 7,480 20,708 1,981 30,169 |
30.6.22 £ 8,976 23,662 1,542 |
|---|---|---|
| 34,180 |
continued...
Page 7
GUILD OF ALL SOULS
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023
3. RAISING FUNDS
Raising donations and legacies
| Support costs Investment management costs Investment manager's fees Aggregate amounts 4. TRUSTEES' REMUNERATION AND BENEFITS Trustees' salaries |
30.6.23 £ - 30.6.23 £ 10,180 10,180 30.6.23 £ 1,251 |
30.6.22 £ 1,044 30.6.22 £ 10,688 |
|---|---|---|
| 11,732 | ||
| 30.6.22 £ - |
Trustees' expenses
During the year, reimbursement of trustees' expenses amounted to £1,693 (2022: £224).
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 15,350 Investment income 23,406 Total 38,756 EXPENDITURE ON Raising funds 7,205 Charitable activities Promotion of the doctrines of the Christian creed 22,391 Total 29,596 Net gains/(losses) on investments (21,123) NET INCOME/(EXPENDITURE) (11,963) RECONCILIATION OF FUNDS Total funds brought forward 581,259 TOTAL FUNDS CARRIED FORWARD 569,296 |
Restricted fund £ 4,606 10,774 15,380 4,527 17,680 22,207 (24,115) (30,942) 342,218 311,276 |
Total funds £ 19,956 34,180 54,136 11,732 40,071 51,803 (45,238) (42,905) 923,477 880,572 |
|---|---|---|
continued...
Page 8
GUILD OF ALL SOULS
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023
6. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|
| COST At 1 July 2022 and 30 June 2023 DEPRECIATION At 1 July 2022 and 30 June 2023 NET BOOK VALUE At 30 June 2023 At 30 June 2022 |
Land and buildings £ 148,760 - 148,760 148,760 |
Office Equipment £ 5,166 5,166 - - |
Chapel Equipment £ 5,795 5,795 - - |
Totals £ 159,721 |
| 10,961 | ||||
| 148,760 | ||||
| 148,760 |
Land & buildings includes freehold property at cost of £124,793 (Chantry House at 20 Cleaves Drive) and long leasehold property at cost of £23,968 (Chapel at Walsingham).
The market value of the land and buildings recorded in the accounts at a cost of £148,760 may be substantially different from the market value. The Trustees do not consider it a good use of the Guild funds to obtain a professional valuation so can not give particulars of any difference. Fixed assets costing under £100 are capitalised. Impairment reviews are not considered necessary on account of the nature of the assets held.
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 July 2022 | 653,658 |
| Additions | 658,025 |
| Disposals | (653,079) |
| Revaluations | 10,394 |
| At 30 June 2023 | 668,998 |
| NET BOOK VALUE | |
| At 30 June 2023 | 668,998 |
| At 30 June 2022 | 653,658 |
| There were no investment assets outside the UK. |
Cost or valuation at 30 June 2023 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2021 | 694,360 |
| Valuation in | 2022 | (40,702) |
| Valuation in | 2023 | 15,340 |
| 668,998 |
continued...
Page 9
GUILD OF ALL SOULS
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 June 2023
8. CASH AT BANK AND IN HAND
| 30.06.23 | 30.06.22 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Current accounts | 26,581 | 30,673 | |||||
| Short term deposits: | |||||||
| General Fund | 115 | 114 | |||||
| Charles Stanley - general capital account | - | 10,820 | |||||
| Parents of Rev J Jones Memorial for the Guild | Chapel in | ||||||
| Walsingham | 250 | 250 | |||||
| Rev J Jones Bequest for St Mary the Virgin, Great Snoring | 500 | 500 | |||||
| Rev P Laister for Holy Redeemer, Clerkenwell | 553 | 553 | |||||
| Chapel General Fund | 41,850 | 41,850 | |||||
| Parents of Rev J Jones Memorial for the Guild | Chapel in | ||||||
| Walsingham | 9,750 | 9,750 | |||||
| 79,599 | 94,510 | ||||||
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||
| 30.6.23 | 30.6.22 | ||||||
| £ | £ | ||||||
| Other creditors | 18,986 | 17,324 | |||||
| 10. | MOVEMENT IN FUNDS | ||||||
| Net | |||||||
| movement | At |
||||||
| At | 1.7.22 | in funds |
30.6.23 |
||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 569,296 | (3,148) | 566,148 | ||||
| Restricted funds | |||||||
| Restricted Funds | 311,276 | 2,555 | 313,831 | ||||
| TOTAL FUNDS | 880,572 | (593) | 879,979 | ||||
| Net movement in funds, included in the above are as follows: | |||||||
| Incoming | Resources | Gains and |
Movement |
||||
| resources | expended | losses |
in funds | ||||
| £ | £ | £ | £ | ||||
| Unrestricted funds | |||||||
| General fund | 27,089 | (34,500) | 4,263 | (3,148) | |||
| Restricted funds | |||||||
| Restricted Funds | 15,057 | (20,809) | 8,307 | 2,555 | |||
| TOTAL FUNDS | 42,146 | (55,309) | 12,570 | (593) |
continued...
Page 10
GUILD OF ALL SOULS
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 June 2023
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Restricted Funds TOTAL FUNDS |
At 1.7.21 £ 581,259 342,218 923,477 |
Net movement in funds £ (11,963) (30,942) (42,905) |
At 30.6.22 £ 569,296 311,276 |
|---|---|---|---|
| 880,572 |
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds General fund Restricted funds Restricted Funds TOTAL FUNDS |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 38,756 (29,596) (21,123) (11,963) 15,380 (22,207) (24,115) (30,942) 54,136 (51,803) (45,238) (42,905) |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted Funds TOTAL FUNDS |
At 1.7.21 £ 581,259 342,218 923,477 |
Net movement in funds £ (15,111) (28,387) (43,498) |
At 30.6.23 £ 566,148 313,831 |
|---|---|---|---|
| 879,979 |
continued...
Page 11
GUILD OF ALL SOULS
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 30 June 2023
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
Unrestricted funds General fund Restricted funds Restricted Funds TOTAL FUNDS |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 65,845 (64,096) (16,860) (15,111) 30,437 (43,016) (15,808) (28,387) 96,282 (107,112) (32,668) (43,498) |
|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2023.
12. RESTRICTED FUNDS
The restricted funds total net assets of £313,831 (2022 : £311,276) includes gross investments in endowment funds of which £NIL (2022 : £190,436) comprises the P Laister Fund. Sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with any restrictions.
The unrestricted fund is for the purpose of promoting the two great doctrines of the Christian creed "The Communion of Saints" and "The Resurrection from the Dead". The restricted and endowment funds are maintained for the benefit of the parishes. The unrestricted fund has arisen from retained incoming resources and the restricted funds have arisen from legacies and bequests.
Page 12
GUILD OF ALL SOULS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 30 June 2023
| 30.6.23 | 30.6.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Subscriptions & Donations | 8,809 | 7,963 |
| Legacies | 3,168 | 11,993 |
| 11,977 | 19,956 | |
| Investment income | ||
| Rents received | 7,480 | 8,976 |
| Investment income | 20,708 | 23,662 |
| Deposit account interest | 1,981 | 1,542 |
| 30,169 | 34,180 | |
| Total incoming resources | 42,146 | 54,136 |
| EXPENDITURE | ||
| Investment management costs | ||
| Investment manager's fees | 10,180 | 10,688 |
| Charitable activities | ||
| Trustees' salaries | 1,251 | - |
| Staff costs | 6,753 | 8,604 |
| Travelling | 1,230 | 2,237 |
| Intercession papers, prayer cards and | ||
| other printing | 5,862 | 4,367 |
| Patronage | 654 | 317 |
| Annual requiem expenses | 1,159 | 1,300 |
| Chapel costs | 3,789 | 5,438 |
| Bungalow expenses | 5,709 | 1,266 |
| Payments to beneficiaries | 10,156 | 10,449 |
| 36,563 | 33,978 | |
| Support costs | ||
| Management | ||
| Office rent, postage and office costs | 2,820 | 1,893 |
| Finance | ||
| Bank charges | 166 | 180 |
| Governance costs | ||
| Accountancy | 5,580 | 5,064 |
| Total resources expended | 55,309 | 51,803 |
| Net (expenditure)/income before | ||
| gains and losses | (13,163) | 2,333 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | 9,387 | 2,623 |
| Net (expenditure)/income | (3,776) | 4,956 |
This page does not form part of the statutory financial statements
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