CHARrrY REGISTRATION NUMBER: 241403 FRIENDS OF LANCING CHAPEL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 FRIENDS OF LANCING CHAPEL LEGAL AIYD ADMINISTRATIVE INFORMATION Trustee4 His Honour P W Birts QC R J Tornlinson R M Reeve C Reeve R Ebdon DAK¢mp D T Oliver S Linfield C M F Brooker C A Barley Dr l Gough The Revd. J Meyrick The Revd J Lawson R Hannam I Ward V Chapman Dr D A Kemey J Alun-Jones M Milling The Venerable Luke Irvin¢-Capel A Wynn-Mack¢nzie The Revd J C Porting¢r Charity number 241403 Independent examiner John Pudduck FCCA Martlet House El, Yeoman Gate Yeoman Way Worthing West Sussex BN13 3QZ FRIENDS OF LANCING CHAPEL CONTENTS Pages Trustees, report Ito3 Independent examiner's report Statement of finan¢ial activities Balance sheel Statem¢nt of cash flows Notes to the financial statements 8t014 FRIENDS OF LANCIIYG CHAPEL TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their annual report and financial 5tateTnents for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note I to th¢ financial statements and comply with th¢ ¢harity's constitution, the Charities Act 2011 and "A¢¢ounting and Reporting by ChaTlties'. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102)" (effective l January 2019). Objectives and activlties The aims of the Charity are the mainl¢nan¢e, conservation and enhaneement of the fabTiC of the Chapel of SS Mary and Nicol￿, Lancing College. In addition to being open to the public, the Chapel is used daily by LBncing College and occasionally by other Woodard Schools 8nd the Diocese of Chichesfer. The Charity assists with these activities. The tn]stees have paid due regard to guidance issued by the Charity Commission in deciding what activities the eharity should undertake. Achievements and perforniance The Charity continued to make substantial contributions to routine maintenance and specific on-going ¢onservation work. The recoinmended actions of the 2019 Quinquennial Report are being carried out in phases. in collaboration with the College. The Charity also continued to contribute to improvemenis in the electrical installations in the Chapel. Minor payments were again made for lh¢ ¢onservation of valuable artefacts. New publications and the administrnlion of fundraising activities added to annual administration costs in this financia] year. The new porch was d¢di¢ai¢d on 23 April 2022, completing the building of the Chapel after 154 year5. There is a retention held ov¢r until tlie anniversary of practical completion. The Friends contributed extra fund5 for various finishing touches, including resurfacing the drive, and these appear in the accounts for 2022-2023. The Chapel reopened to the public in April 2022 following a long period of enforced closure for the pandemic. Visitor numbers are beginning lo pick up and tourist income has recovered during this financial year. 11 was possible to hold the annual festival and other events including a flower festival in the 5urnmer of 2022. Income from the membership continued and new members have been recruited. Volunteer Guide numbers have increased and their duties have been extended to ¢nsure safeguarding. PlaDs for future perlods The Completion Campaign has been a great boost to publicity and 5UPPQrt. It is now paramount to increase membership of the Charity, invit¢ regular donations and boost the number of tourist visitors and coach parties. The TnJste¢s have r¢vis¢d their constitutional objective5 from 'completion and maintenance. lo 'maintenance. cons¢rvation and ¢nhancement' of the Chapel. New member5 paying regular direct debits are being sought to support these aims. More tourist activity will be encouraged along with ev¢nis at the Chapel. The Charity will continue lo advise and assist with all aspects of the Chapel's long-t¢m) preservation, use and public 5ignifi¢ance. Financial revlew The accounts show a deficit of £44,948 (2022.. £316,831) for the year ending 3 1st Mar¢h 2023. This refle¢ls the costs of completion of the West End Porch. Legacie5 received in the year were £nil (2022: £nil). The ¢harity made its annual ¢onlribution of £25,100 (2022: £23,900) to the Chapel Maintenance Fund. During the year £62.109 (2022.. £72,176} was received in donations from variou5 source5. At the year-end total r¢s¢rves were £122,236, all of which are unrestri¢frd and available for general expenditure. FRIENDS OF LANCING CHAPEL TRUSTEESI REPORT FOR THE YEAR ENDED 31 MARCH 2023 It is the policy of the ¢harity that unrestricted funds which hav¢ not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trusl¢¢s Consider that r¢serves at this level will ensure that, in the event of a significant drop in funding. they will be able lo continue the charity's current activities while consideration is given to ways in which additional fund5 may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the rnajor risks lo which the charity is exposed, and are satisfied thal system5 aTe in place to mitigate exposuTe to the major risks Structure? governance and management The charity is a public benefit entity and a regist¢red Charity in England and Wales and is unincorporated. The charity was established in 1946 and was r¢gistered with the Charity Commission in 1965 (Nurnber 241403). A written constitution wa5 adopted on behalf of the Member5 on 23 June 1998. The trustees who served during the year and up to the date of signature of the finan¢ia] statements were.. His HonourP W Birts KC R J Tomlinson R M Reeve C Reeve R Ebdon DAKemp D T Oliver P Bulman (resigned l October 2022) The Revd R P Harrison (resigned l October 2022) The Venerable l Jone5 (retired l October 2022) S Linfield C M F Brooker C A Barley Dr l Gough The R¢vd J Meyrick The Revd J Lawson R Hannam I Ward V Chapman Dr D A Kemey J Alun-Jones M Milling (appointed 25 July 2022) The Venerable L Irvine-capel (appointed l October 2022) A Wynn-Mackenzi¢ (appointed l October 2022) The Revd J C Pottinger (appointed l October 2022) The Exe¢utive Committ¢¢ is el¢¢l¢d on an annual basis with the Officers being elected from the membership of the Executive Committee. In nom)al eircumstanGes the Annual General Meeting is held during th¢ Annual Festival at which such election5 are made. The charity is organised ￿ an independent association of individuals interested in the maintenance and conservation of Lancing Chapel in Wesl Sussex. The meTnber5 appoint ihe Executive Committee who have the right to Co-opt nominated rnernbers for their particular expertise. ## **FRIENDS OF LANCING CHAPEL** ## **TRUSTEES' REPORT** ## **FOR THE YEAR ENDED 31 MARCH 2023** The Executive Committee of the Charity meets at least twice every year, more often if necessary. Decisions about fundraising methods and general policy are agreed at these meetings. The Charity has two non­ executive sub-committees which make recommendations on policy. The sub-committees have authority for minor expenditure on administrative and routine matters and meet at least three times each year. All major payments are discussed and voted on by the Executive Committee. New trustees are invited by the Executive Committee. They are people known to the committee and having relevant expertise and experience. The names of new trustees are put forward for election at the next AGM. New trustees are fully briefed about the policies and objectives of the Charity. Any relevant training for their role is provided by the Charity and the College. The trustees' report was approved by the Board of Trustees. His Honour P W Birts QC **Trustee** 21 September 2023 **- 3 -** **FRIENDS OF LANCING CHAPEL** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF FRIENDS OF LANCING CHAPEL** I report to the trustees on my examination of the financial statements of Friends of Lancing Chapel (the charity) for the year ended 31 March 2023. ## **Responsibilities and basis of report** As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 201 I Act. ## **Independent examiner's statement** Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2 the financial statements do not accord with those records; or 3 the financial statements 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 financial statements to be reached. John Pudduck FCCA Martlet House E 1, Yeoman Gate Yeoman Way Worthing West Sussex BN13 3QZ Dated: 21 September 2023 - 4 - FRIENDS OF LANCING CHAPEL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestrieted funds 2023 Restricted funds 2023 Totsl Unrestricted fijnds 2022 Restricted funds 2022 Total 2023 2022 Notes In¢oJne from: Donation5 and legacies Chariiable activities Investments 57,561 2,722 4,239 14,488 72,049 2.722 4,239 36,372 103,585 139,957 3,848 3,848 64.522 14,488 79.010 40,220 103.585 143,805 Ex enditllre on: Charitable a¢tivities 88,820 14.488 103.308 363,711 103,585 467.296 Nel gains/(losses) on investments {20.650) {20,650} 6.660 6.600 Net movement ill funds (44,948) (44,948) (316,831) (316,831) Fund balances at l April 2022 167.184 167,184 484.015 484,015 Fund balances at 31 March 2023 122.236 122,236 167,184 167,184 The st&temenl of financial activities in¢ludes all gains and losses Tecognised in th¢ year. All income and expenditure derive from ¢ontinuing activities. ## **FRIENDS OF LANCING CHAPEL** ## **BALANCE SHEET** ## **AS AT 31 MARCH 2023** |**Fixed assets**
Investments
**Current assets**
Stocks
Debtors
Cash at bank and in hand
Notes
**10**
**12**
**13**
**Creditors: amounts flling due within one year**
**14**
**Net current assets**
**Total assets less current liabilities**
**Income funds**
Unrestricted funds
**2023**
£
**3,336**
**14,318**
**24,309**
**41,963**
**(26,083)**|£
**106,356**
**15,880**
**122,236**
**122,236**
**122,236**|2022
£
173,254
6,173
15,301
44,061
65,535
(71,605)
(6,070)
167,184
167,184
167,184| |---|---|---| The financial statements were approved by the Trustees on 21 September 2023 ��f;wv� His Honour P W Birts QC **Trustee** **-6-** FRIENDS OF LANCING CHAPEL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from operating activitles Cash ab50Tbed by op¢rations 16 (70,239) (192,420) Investing *ctivities Purchase of investments Proceeds on disposal of investments Investment income received (9,409) 55,657 4,239 3.848 Net eash generated from investing aetivitles Net eash used in financing aetivities 50,487 3.848 Net deerease in cash and cash equivaleDts (19,752) (188,572) Cash and cash equivalents at beginning of year Cash and c*5h equivalents at beginning of year 44,061 232,633 24,309 44,061 FRIENDS OF LANCING CHAPEL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 A£4RCH 2023 Accounting policies Charlty Information Friends of Lancing Chapel is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Lancing College, Lancin& West Sussex. 1.1 Accounting convention The financial stat¢m¢nts have been prepared in accordan¢¢ with the charity's constitution. the Charlties Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and ihe Charitie5 SORP"A¢¢ounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities prepaTing their accounts in accordance with th¢ Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective l January 2019). The charity is a Publi¢ Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (A¢¢ounts and Reports) Regulations 2008 only to the ¢xtent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Stalem¢nl of R¢¢ommended Practice which is r¢f¢rred to in the Regulations but which has since been withdrawn. The financial statements are prepared in 5t¢rling, which is the functional currency of th¢ charity- Mon¢iary amounts in these financial statements are rounded io the nearest £. The financial statements have been PTepared under the historical cost convention, Imodified to in¢lude inve5tmenls and certain financial instruments ai fair value]. The principal accounting poli¢ies adopted are set out below. 1.2 GolDg ¢ontern Ai the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus th¢ trustees continue to adopt the going ¢oncern basis of accounting in preparing the financial statrments. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtheran¢¢ of their eharitable objectives. Restricted funds Ère subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial ststements. Endowment fund5 are subj¢¢t to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been mel. th¢ amounts can be measured reliably, and it is probable that In￿Me will be reeeived. Cash donations are recogni5ed on receipt. Oth¢r donations are recogni5ed once the Charity has been notified of the donation, unless perfornian¢e conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant 15 r¢¢ognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. FRIENDS OF LANCING CHAPEL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 M4RCH 2023 Accounting pollcies 1.5 Expenditure Expenditure 15 recogni5ed once there is a legal or constructive obligation to Iransf¢r e¢onomi¢ b¢n¢fil lo a third party, it is probable that a iransfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is ¢lassified by activity. The costs of each activity are made up of the total of direct costs and shar¢d ¢osts, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's us¢. 1.6 Fixed asset investments Fixed asset investments are initially m¢asured at transaction price excluding Iransa¢tion ¢osts. and a subsequently measured at fair value ai each reporting date. Changes in fair value ar¢ r¢cognised in net income/(expendilure) for the year. Transaction costs are expensed as incurred. 1.7 Sto¢ks Stocks are stated at the lower of Cost aJ)d estimated selling price less costs to compl¢l¢ and sell. Cost comprises direct materia15 and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to iheir present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cosl and cost. Net realisable value is the estimated selling price less all estimated ¢osts of completion and costs to be incurred in marketing, selling and distribution. 1.8 Cash and Cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other 5hort-temi liquid investments with original maturities of three months or le55, and bank overdrafts. Bank overdrafts ar¢ shown within bom)wings in current liabilities. 1.9 Fin2neial instruments The charity has elected to apply the provisions of Section I I 'Basic Financial Instruments, and Sectitsn 12 'Other Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in th¢ chority's balance sheet when the charity becomes party lo the contractual provisions of the instrument. Financial a55ets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to Set off the recognised amounts and there 15 an intention to settle on a nei basis or to realise th¢ asset and settle the liability simultaneously. Basicfinanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price in¢luding transaction costs and aTe subsequently carried at amortised cost using the effe¢live interest method unless the arrangement constitutes a financing transaction, where the transaction is tnea5UTed at the present valu¢ of the futlire receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. FRIENDS OF LANCING CHAPEL IYOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 JlL4RCH2023 l Accounting policies Basicfinancial liabililies Basic financial liabilities. including creditors and bank loans are initially recogni5ed al transaction price unless the arrangemeni Constilules a financing transaction, where the debt instrument is measured at the present value of the future payments dis¢ounled at a market rale of interest. Financial liabilities classified as payable within one year are not atnortised. Debt instruments are subsequently carried at amortised cosL using the effective interest rate method. Trade creditors are obligations lo pay for goods or services that hav¢ been acquired in the ordinary Course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year OT less. If not. they are presented as non-current liabilities. Trade cieditors are recognised initially at transaction pric¢ and subsequently measured al amortised cost using the effective interest method. Derecognitlon offinanelal Ilabllllles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or can¢ell¢d. 2 Critical aceounting estimateg #nd Judgements In the application of the charity's accounting policies. the trustees are required lo make judgements, estimates and assumptions about the Carrying amoiint of assets and liabilities that are not readily apparent fTom other sour¢¢s. The estimates and associated assumptions are based on historical experience and other fa¢tors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. R¢visions to accounting estimates are recognised in the period in which the esiimate is revised where the revision affects only that period, or in the p¢riixl of the revision and fu￿re periods where ihe revision affects both current and futsre periods. 3 Donatlons and legacies Unrestri¢ted Restricted Funds Funds 2023 2023 Total UnrestTlCted Re5tri¢l¢d Funds Funds 2022 2022 Total Funds 2022 2023 Donations and gifts Legacies receivable Lisied Places of Worship Grant 57.561 4,548 62,109 36.372 35,804 72,176 9,940 9.940 67,781 67.781 57,561 14,488 72,049 36.372 103,585 139,957 io- FRIENDS OF LANCING CHAPEL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEIIR ENDED 31 JIURCH 2023 Investments Unrestrlcted Unreslri¢ted Funds Funds 2023 2022 Income from listed investments Interest receivable 4.139 loo 3,836 12 4,239 3,848 Charltable activities Unrestricted Restricted Funds Fund$ 2023 2023 Total Unreslri¢ted Restricted Funds Funds 2022 2022 Tota] 2022 2023 Maintenance fund Cost of sales West Porch Costs 25,100 2,837 45,277 25.100 2,837 59,765 23,900 5,172 317,388 23,900 5,172 103.585 420,973 14,488 73,214 14.488 87.702 346,460 103,585 450,045 Share of support costs (see note 7) 15.606 15,606 17,251 17.251 88.820 14,488 103,308 363,711 103.585 467.296 Analysts by fund Unrestricted funds Restricted funds 88,820 88,820 14,488 363,711 363,711 103,585 103,585 14,488 88,820 14.488 103,308 363,711 103,585 467,296 li FRIENDS OF LANCING CHAPEL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR E]VDED 31 hL4RCH 2023 Support costs Support costs Governance Costs 2023 Support costs Govemance costs 2022 General Office Travel and subsistence Accountancy fees Conservation Advertising Printing, postsge and stationery Bank charges 1.473 76 1,473 76 1,800 2,000 2,781 1,886 1,132 420 4.000 2.285 1,886 1,132 2,620 4.000 2.285 1,800 2.200 2,000 2.781 7,126 350 7,126 350 5,035 293 5,035 293 13.806 1,800 15.606 15.051 2,200 17.251 Analysed beiween Charitable activities 13,806 1,800 15,606 15,051 2,200 17,251 A¢¢ounlancy fees include payments to the independent exarniner of £1,800 (2022.. £2,620). In¢luded in this figure is £nil (2022.. £420) relating to the provision of non-independent examination services. Trustees None of the trnstees (or any p¢rsons connected with them) received any remunernlion or benefiis from the ¢harity during the year. Employees The average monthly number of employees during the year was- 2023 Number 2022 Number Total There were no employees during the year. The trustees gave their lime without receiving any benefits and Lancing College provided administration services without charging the charity. Net gainsl(losses) on Snvestments Unrestrieted Unrestricted funds funds 2023 2022 Revaluation of investments (20,650) 6.660 12- FRIENDS OF LANCING CHAPEL NOTES TO THE FINANCIAL STATEMENTS {CONTtNUED} FOR THE YEAR ENDED 31 M4RCH2023 10 Flxed asset investments Listed investments Cost or valuation Ai l April 2022 Additions Disposals Valuation changes At 31 March 2023 173,254 9,409 (55,657) 120,650) 106,356 Carrying amount At 31 March 2023 106,356 At 31 March 2022 173,254 Flxed asset Investments revalued Fixed assel investJnents are measured at fair value through the income and expenditure account. Basis for valuation is the mid-market price at ea¢h reporting date as provided by Inleraclive Data (Europ¢} Itd. The historic cost of fixed asset investments at the r¢porting date is £93.082 (2022.. £132,517). 11 Flnanelal instruments 2023 2022 Carrying amount of financial assets I￿trUments measured al fair value through profit or loss 106,356 173,254 12 Stocks 2023 2022 Goods for resale 3,336 6,173 13 Debtors 2023 2022 Other d¢biors Prepayments and accrued in¢om¢ 14,001 317 12,932 2,369 14,318 15,301 Other debtors includes a grant due from the Department for Digital, Culture, Media & Sport of £9,940 (2022- £113). 13- FRIENDS OF LANCING CHAPEL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 fvL4RCH 2023 14 Creditor5: amounts fallin2 due within one year 2023 2022 Amounts owed to related parties A¢¢ruals and deferred income 35,119 36.486 26,083 26,083 71,605 15 Related party transactions 2023 2022 Amounts owed to related parties Lancing College 35,119 On occasion Lancing College, a school which shares grounds and adrninistration services with the charity, pays for goods and 5ervic¢s on the charity's behalf. The amount owed in respect of goods and services ai the year-end was £nil (2022.. £35,119). 16 Cash generated from operations 2023 2022 Defi¢it for the year (44,948) (316,831) Adjustments for.. Investment income recognised in statement of finan¢ial activities Fair value gains and losses on investments (4,239) 20,650 (3,848) (6,660) Movetnents in working capital Decreas¢ in sto¢ks Decre&se in debtors (De¢rease)lincrease in creditors 2,837 983 (45,522) 5,172 113,696 16,051 {70,239) (192,420) 17 Analysis of changes in net funds The charity had no debt during the year. 14-