| Page | ||||
|---|---|---|---|---|
| Annual Report ofthe Trustees |
1-8 | |||
| Independent Examiner's Report |
9-10 | |||
| Statement of Financial Activities |
(including | Income and Expenditure | Account) | |
| Balance Sheet | 12 | |||
| Statement ofCash Flows |
13 | |||
| Notes to the Financial Statements | 14-20 |
| Expendable | Total | Total | ||||||
|---|---|---|---|---|---|---|---|---|
| Special | Endowment | Funds | Funds | |||||
| Note | Funds | Fund f |
2023 | 2022 | ||||
| Income and endowments | from: | |||||||
| Investment income |
10,608 | 48,994 | 59,602 | 54,775 | ||||
| Donations | 14,966 | 14,966 | 15,589 | |||||
| Charitable Activities |
7,184 | 7,184 | 6,405 | |||||
| Total income and endowment | 10,608 | 71,144 | 81,752 | 76,769 | ||||
| Expenditure on: |
||||||||
| Charitable activities Governance costs Investment Management |
costs | 6 8 10 |
(4,000) | (21,505) (61,032) (5,077) |
(25,505) (61,032) (5,077) |
(17,587) (55,974) (5,202) |
||
| Total expenditure | 4 000 | 87,614 | 91 614 | 78 763 | ||||
| Net income/(expenditure) | ||||||||
| before net gains/(losses) | on | |||||||
| investment assets |
6,608 | (16,470) | (9,862) | (1,994) | ||||
| Net gains/(loss) on |
||||||||
| investment assets |
||||||||
| Net movement in funds |
(4~97/) | (92,015) | (96,992) | 81,537 | ||||
| Reconciliation offunds: |
||||||||
| Total funds brought forward |
at 1 April | 2022 | 219,201 | 1,298,210 | 1,517,411 | 1,435,874 | ||
| Total funds carried forward | ||||||||
| at 31 March 2023 (page | 12) | K214,224 | j1,206,195 | 61,420,419 | 61,517,411 | |||
| 'I |
| THE | FELLOW | SHIP OF STALBAN AND STSERG | IUS | |
|---|---|---|---|---|
| BALANCE SHEET | ||||
| AT 31 MARCH 2023 | ||||
| Note | 2023 f |
2022f | ||
| Fixed Assets | ||||
| Investments at |
market | 2 | 1,372,255 | 1,464,576 |
| value | ||||
| Current Assets | ||||
| Debtors | 12,888 | |||
| 8,385 | ||||
| Cash deposits | held | 12 | 37,995 | 46,096 |
| Total current assets | 50,883 | 54,481 | ||
| Creditors —amounts | ||||
| falling due within one year | 13 | (2,719) | (1,646) | |
| Net Current Assets | 48,164 | 52,835 | ||
| Total Net Assets | 51 42D 419 | 51 511411 | ||
| Charity Funds: | ||||
| Expendable Endowment |
||||
| Fund | 1,206,195 | 1,298,210 | ||
| Special Funds | 214,224 | 219,201 | ||
| 51 42D 419 | f1,517,411 |
| Page | 2023 | ||||
|---|---|---|---|---|---|
| Cash flows from operating activities |
|||||
| Net movement in funds for the year |
(96,992) | 81,537 | |||
| Adjustments for: |
|||||
| Investment income |
(54,775) | ||||
| (59,602) | |||||
| Net (gain)/loss on investment Decrease/(increase) in debtors |
assets | 87,130 (4,503) |
(83,531) (628) |
||
| Increase/(decrease) in creditors |
1,073 | 5 | |||
| Net cash generated from operating |
activities | 72 894 | 57392 | ||
| Cash flows from investing activities |
|||||
| Investment income |
59,602 | 54,776 | |||
| Payments to acquire investments Receipts from sales ofinvestments |
15 15 |
(97,699) 102,927 |
(128,009) 128,860 |
||
| Net cash generated from investing |
activities | 64,830 | 55,627 | ||
| Net increase/decrease in cash and equivalent |
cash | (8,064) | (1,767) | ||
| Cash and cash equivalents at 1 |
April 2022 | 552,802 | E54,569 | ||
| Cash and cash equivalents at 31 March 2023 |
f44,738 | 652,802 | |||
| Cash and cash equivalents consist |
of: | ||||
| Cash held with: | |||||
| Redmayne Bentley |
6,743 | 6,706 | |||
| CCLA | 25,307 | 25,307 | |||
| Barclays Bank | 15,710 | 23,472 | |||
| PayPal | 270 | 678 | |||
| Banco Santander | 589 | 520 | |||
| 48,619 | 56,683 | ||||
| Less London Branch | (3,881) | (3,881) | |||
| 44,738 | 52,802 | ||||
| Less investment cash reported |
under note 2 | 6,743 | 6,706 | ||
| 12 | F37,995 | K46,096 |
| Special | Endowment | Total | Total | |||
|---|---|---|---|---|---|---|
| Investments at market value |
Funds | Fundsf | 2023 E |
2022 | ||
| comprise: | ||||||
| Quoted investments within |
the UK | 177,980 | 815,987 | 993,967 | 1,212,309 | |
| Quoted investments outside |
the UK | 371,545 | 371,545 | 245,561 | ||
| Total investments excluding |
cash | 177,980 | 1,187,532 | 1,365,512 | 1,457,870 | |
| Cash at Redmayne-Bentley | —capital | 6,743 | 6,743 | 6,706 | ||
| account | ||||||
| Total investment assets (page 12) |
E177980 | F1 194275 | E1 372255 | L'1,464 576 | ||
| Quoted investments | ||||||
| Market value at 1 April 2022 | 189,565 | 1,268,305 | 1,457,870 | 1,375,190 | ||
| Additions at cost |
97,699 | 97,699 | 128,009 | |||
| Disposals at carrying value Net realised gains/(losses) |
on sales | (102,927) 4,610 |
(102,927) 4,610 |
(128,860) 773 |
||
| Net unrealised gains/(losses) |
on | |||||
| revaluation | 11,585 | 80,155 | 91,740 | 82,758 | ||
| Market value at 31 March | 2023 | 8177,980 | 51,187,532 | 1,365,512 | L'1,457,870 | |
| Historical cost at 31 March | 2023 | F128894 | 61,017,075 | F1,145969 | 61 111912 | |
| Unrealised net gains on investment |
||||||
| Assets | F49,086 | E170,457 | 8219,543 | 6345958 |
| FlXED ASSETS INVESTMENTS (contin | FlXED ASSETS INVESTMENTS (contin | FlXED ASSETS INVESTMENTS (contin | ued) | |||||
|---|---|---|---|---|---|---|---|---|
| Value ofinvestments held exceeding |
5'/o | 2023 | 2022 | |||||
| ofthe investment portfolio |
||||||||
| M8G Investment Management |
Limited | Charifund | Inc | 177,980 | 8189,565 | |||
| 13.03'/a | 12.94'/o | |||||||
| Special | Endowment | Total | Total | |||||
| 3. | INVESTMENT INCOME | Funds | Fund 6 |
2023f | 2022f | |||
| Total Income from quoted | investments | 10,020 | 48,994 | 59,014 | 54,775 | |||
| Deposit Interest (page 11) | 588 610,608 |
848,994 | 588 F59,602 |
f54,775 | ||||
| 4. | DONATIONS AND LEGACIES |
2023 | 2022f | |||||
| Subscriptions | 14,203 | 14,652 | ||||||
| Gift Aid relief | 673 | 807 | ||||||
| Donations | 90 | 130 | ||||||
| Page | 11 | F14,966 | f15,589 | |||||
| 5. | INCOME FROM CHARITIABLE | ACTIVITIES | ||||||
| Conference Payments Publications |
6,975 209 |
5,881 524 |
||||||
| Page | 11 | 67,184 | K6,405 | |||||
| 6. | CHARITABLE ACTIVITIES | |||||||
| Expenditure on Charitable |
Activities; | |||||||
| Charitable grants made |
(see | note 7) | Page | 17 | 4,000 | 2,092 | ||
| Publication expenses |
10,453 | 9,883 | ||||||
| Annual conference |
11,052 | 5,612 | ||||||
| Page | 11 | 825,505 | E17,587 |
| F | O | R T | HE YEAR ENDED 31 | MARCH 2023 | |||
|---|---|---|---|---|---|---|---|
| Page | 2023 f |
2022 f |
|||||
| 7. | CHARITABLE GRANTS | MADE | |||||
| Rowan Williams Retirement |
Conference | 3,000 | |||||
| Pusey House Theological | Conference | 2,000 | |||||
| Dr Marcus Plested (book) | 1,000 | ||||||
| Special Fund travel grant | 1—(2022 x 1) | 92 | |||||
| Special Fund library fund | grant | ||||||
| Total charitable grants made |
(see note 6) | 16 | f4,000 | f2,092 | |||
| 8. | GOVERNANCE COSTS |
||||||
| Salary costs (see note 9) | 46,128 | 45,195 | |||||
| Rental expenses | 6,345 | 5,821 | |||||
| Director and general secretarial | expenses | 3,159 | 1,334 | ||||
| Administration expenses |
1,064 | 847 | |||||
| Hospitality | 22 | 197 | |||||
| Office expenses | 1,027 | 731 | |||||
| Telephone and post |
871 | 840 | |||||
| Insurance | 856 | 724 | |||||
| Publicity | |||||||
| Subscriptions | 150 | 285 | |||||
| Legal fees | 1,410 | ||||||
| Total governance costs |
f61,032 | f55,974 |
| 9. | SALARIES | Page | 2023f | 2022f | ||
|---|---|---|---|---|---|---|
| Net Salary payments were made to:- |
||||||
| M Johnstone (Treasurer) |
6,939 | 6,814 | ||||
| The Very Revd Stephen Platt (General Secretary) |
22,464 | 21,984 | ||||
| The Revd Dr Kristian Akselberg | 5,797 | 5,676 | ||||
| PAYE & NIC | 7,580 | 7,440 | ||||
| Pension contributions |
3,348 | 3,281 | ||||
| Total salary costs (note 8) | 17 | f46,128 | f45,195 | |||
| 10. | INVESTMENT MANAGEMENT | FEES | ||||
| Redmayne Bentley |
f5,077 | f5,202 | ||||
| 11. | DEBTORS | |||||
| Investment income in course ofcollection |
6,760 | 5,750 | ||||
| HM Revenue &Customs - Gift Aid reclaim |
3,308 | 2,635 | ||||
| Legal Charges | 2,820 | |||||
| 12 | f12 888 | f8,385 | ||||
| 12. | CASH DEPOSITS HELD | |||||
| Barclays Bank —community | account | 15,710 | 23,472 | |||
| Redmayne Bentley —capital |
account | 6,743 | 6,706 | |||
| PayPal account | 270 | 678 | ||||
| Banco Santander —business | account | 589 | 519 | |||
| CCLA —Church of England | deposit account | 25,307 f48,619 |
25,307 f56,682 |
|||
| Less: Investment cash reported |
under note 2 | (6,743) | (6,706) | |||
| Less London Branch |
12 | (3,881) f37,995 |
(3,881) F46,095 |
| 13. | CREDITORS - amounts | falling due with | falling due with | one year | Page | 2023f | 2022f |
|---|---|---|---|---|---|---|---|
| HMRC & NEST | 889 | 893 | |||||
| Investment management |
fees | 637 | 753 | ||||
| General Secretary Expenses | 1,193 | ||||||
| 12 | f2 719 | f1,646 | |||||
| 14. | FUND RECONCILIATION | ||||||
| Balance | Gains/ | Balance | |||||
| b/f 2022f | Incomef | Expendituref | (losses)f | c/f 2023f | |||
| Special Funds (see below) |
219,201 | 10,608 | (4,000) | (11,585) | 214,224 | ||
| Endowment Fund |
1,298,210 | 71,144 | (87,614) | (75,545) | 1,206,195 | ||
| Total Funds | 1,517,411 | 81,752 | 91,614 | 87,130 | 1,420,419 | ||
| Special Funds: | |||||||
| Hill Fund | 48,450 | 2,346 | (1,000) | (2,562) | 47,234 | ||
| Anne Spalding | |||||||
| Fund | 55,305 | 2,678 | (1,000) | (2,925) | 54,058 | ||
| Library Fund | 7,054 | 342 | (373) | 7,023 | |||
| Gillet Fund | 157 | 157 | |||||
| Lascelles Fund | 108,235 | 5,242 | (2,000) | (5,725) | 105,752 | ||
| 219,201 | 10608 | 4,000 | 11585 | 214224 | |||
| 15. | ANALYSIS OF NET ASSETS | BETWEEN | FUNDS | ||||
| Special | Endowment | Total | Total | ||||
| Fundsf | Fundf | 2023f | 2022f | ||||
| Investments | 177,980 | 1,194,275 | 1,372,255 | 1,464,576 | |||
| Debtors | 12,888 | 12,888 | 8,385 | ||||
| Cash at Bank | 36,244 | 1,751 | 37,995 | 46,096 | |||
| Creditors | (2,719) | (2,719) | (1,646) | ||||
| Total Funds (page 12) | f214,224 | f1,206,195 | f1,420,419 | f1,517,411 |