2020-12-31-accounts - St Ursula's Home

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ST. URSULA’S HOME

Including Miss Duncombe’s Endowment (Charity Registration No 248937)

Report of the Trustees for the Year Ended 31 December 2020

Objects

The Trust continues to fulfil its purpose as an ecclesiastical charity for the benefit of the parochial purposes of the Church, School and Parish of S. Alban the Martyr, Holborn, London.

Trustees

The Trustees, all of whom held office throughout the year, were Father Christopher Smith (ex officio as Vicar of S. Alban’s), Mr Eric Gourlay, Miss José Tomlinson, Mr Roger Lomax and Miss Alison Cratchley. The Trustees met twice during the year.

Activities and Finances

Details of income, expenditure and investments are given in the accounts and notes.

Incoming resources include investments valued at £426,800 and cash of £6,500 transferred from the former St Alban’s Holborn Choir and Music Trust which have been included in the restricted fund established in 2019 to meet the costs of the music programme at the Church. Including amounts received in 2019 the Music Restricted Fund at 31 December 2020 stood at £780,000

Excluding receipts into the Restricted Fund, incoming resources of £51,700 consisted of investment income and a grant of £3,000. Outgoing resources in the year were £78,800, largely expenditure of £78,212 on charitable activities.

The principal grants and other payments made or committed during the year were:

S. Alban's Church Cost of Curate post Purchase and repair of sacristy items Church Music costs	£ 39,900 2,725 28,479
	71,104

ST. URSULA’S HOME

Including Miss Duncombe’s Endowment

(Charity Registration No 248937)

Report of the Trustees for the Year Ended 31 December 2020 (continued)

Parish Youth Club Youth (at home) Walsingham Pilgrimage Children's pilgrimage to Walsingham Confirmation candidates' away weekend JAM Children's Group equipment and supplies Miscellaneous Net of contributions totalling £520	4,340 269 1,520 6 762 180
	7,077
	78,181

Payments for the Youth Club were funded by a generous donation from the Community of St John the Baptist.

Bankers

The Charity’s Bank accounts are held at:-

National Westminster Bank plc Chancery Lane and Holborn Branch PO Box No 159 332 High Holborn London WC1V 7PS

This report and the accompanying financial statements were approved by the Trustees on 7 April 2021 and signed on their behalf by

Father Christopher Smith José Tomlinson Chairman of the Trustees Clerk to the Trustees

C/O The Clergy House 18 Brooke Street London EC1N 7RD

ST. URSULA’S HOME Including Miss Duncombe’s Endowment (Charity Registration No 248937)

INDEPENDENT EXAMINER’S REPORT

I report to the trustees on my examination of the accounts of the above charity (“The Trust”) for the year ended 31 December 2020.

Responsibilities and basis of report

As the charity trustees, you are responsible for the preparation of the accounts in accordance with 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 2011 Act and in carrying out my examination, I have followed all the 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 which gives me cause to believe that in, any material respect,:

the accounting records were not kept in accordance with section 130 of the Act; or
the accounts did not accord with the accounting records; or
the accounts did 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.

…………………………………… 2021

Mark Passmore MA FCA

Passmore Weeks & Richardson

Chartered Accountants and Registered Auditors

4 – 8 The Centre, Lakes Industrial Park

Braintree

Essex

CM7 3RU

ST. URSULA’S HOME

Including Miss Duncombe’s Endowment Accounts for the Year Ended 31 December 2020

Statement of Financial Activities

Note Incoming Resources Incoming resources from generated funds Voluntary income 2 Activities for generating funds Investment income 3 Incoming resources from charitable activities Other incoming resources 4 Total incoming resources Resources expended Cost of generating funds Costs of generating voluntary income Charitable activities 5 Governance costs 6 Other resources expended Total resources expended Net incoming (outgoing) resources Unrealised profit (loss) on investments Net movement in funds Fund balances at 1 January 2020 Fund balances at 31 December 2020	Unrestricted Restricted Expendable Endow- ment Total 2019 Endowment £ £ £ £ £ £ 3,000 - 3,000 349,466 32,431 16,293 48,724 45,006 433,300 - 433,300 -
	35,431 449,593 - - 485,024 394,472
	49,733 28,479 - 78,212 23,700 552 552 616
	50,285 28,479 - - 78,764 24,316
	(14,854) 421,114 - - 406,260 370,155 12,868 (18,229) (12,970) (18,332) 71,484
	(14,854) 433,982 (18,229) (12,970) 387,928 441,639 222,823 346,466 780,286 269,636 1,619,211 1,177,572
	207,969 780,448 762,057 256,666 2,007,140 1,619,211

ST. URSULA’S HOME

Including Miss Duncombe’s Endowment Accounts for the Year Ended 31 December 2020 (Ctd)

Balance Sheet 31 December 2019

FIXED ASSETS Investments 7 CURRENT ASSETS Debtors Cash at Bank LIABILITIES Creditors falling due within 1 year Ground rental received in advance NET CURRENT ASSETS TOTAL NET ASSETS FUNDS Unrestricted 8 Restricted 8 Expendable Endowment 8 Endowment 8	2019 £ £ 1,783,785 1,375,311 - - 224,830 245,375
	224,830 245,375
	(500) (500) (975) (975)
	(1,475) (1,475)
	223,355 243,900
	2,007,139 1,619,211
	207,969 222,823 780,448 346,466 762,057 780,286 256,666 269,636
	2,007,139 1,619,211

ST. URSULA’S HOME( Including Miss Duncombe’s Endowment)

Notes on Accounts for the Year Ended 31 December 2020

1. Accounting Policies

(a) The financial statements are presented in accordance with the Charity Commission’s Statement of Recommended Practice 2015 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (the FRSSE) and are prepared under the historical cost convention except for investment assets.
(b) Incoming resources are recognised in the following manner:-
(i) Grants when received
(ii) Investment income and interest receivable when receivable.
(iii) Realised gains and losses on investments are recognised when the investments are sold or redeemed while unrealised gains and losses are accounted for on revaluation of the investments at 31 December.
( c) Expenditure is recognised on the accruals basis as a liability as incurred
(d) Investments are valued at market value at 31 December except for the freehold interest in the property to which a nil value is attributed.

2. Voluntary Income

Legacies Giving for music Grant for youth Club 3. Other Incoming Resources Assets transferred from St Alban's Music Trust	Unrestricted Restricted Expendable Endowment Total 2019 Endowment £ £ £ £ £ £ 253,772 92,694 3,000 3,000 3,000 3,000 - - - 3,000 349,466 Unrestricted Restricted Expendable Endowment Total 2019 Endowment £ £ £ £ £ £
	433,300 - 433,300 -

Assets transferred from S. Alban’s Choir and Music Trust comprised investments with a market value of £426,806 and cash of £6,494

4. Investment Income

Dividends and interest on investments Bank Interest receivable Ground rental	Unrestricted Restricted Expendable Endowment Total 2019 Endowment £ £ £ £ £ £ 28,363 16,293 44,657 40,508 167 167 598 3,900 3,900 3,900
	32,431 16,293 - - 48,724 45,006

ST. URSULA’S HOME( Including Miss Duncombe’s Endowment)

Notes on Accounts for the Year Ended 31 December 2020 (continued)

5. Charitable Activities

Grants for Church Grants for Parish Cost of curate post Miscellaneous	Unrestricted Restricted Expendable Endowment Total 2019 Endowment £ £ £ £ £ £ 2,775 2,775 1,308 7,027 28479 - 35,506 9,749 39,900 39,900 12,569 32 32 75
	49,733 28,479 - - 78,212 23,700

6. Governance Costs

Unrestricted Restricted Expendable Endowment Total 2019 Endowment £ £ £ £ £ £ Governance costs Trustee meeting and travel expenses 72 72 136 Independent examiner's fee 480 480 480 552 - - 552 616 7. Investment Fixed Assets 2020 2019 £ £ Market value at 1 January 1,375,311 983,826 Acquisitions at cost - 320,000.00 Transfer from Music Trust 426,806 Proceeds of sale and redemptions Unrealised gains (losses) (18,332) 71,484 Realised gains/(losses) Market value 31 December 1,783,785 1,375,311 Details of Investments Church of England Investment Fund Income shares 598,482 39,387 Church of England Fixed Interest Securities Fund Income Shares 457,228 394,333 Charinco Common Investment Fund Income Shares Blackrock UK Equity Fund A - income 728,075 941,591 1,783,785 1,375,311	Unrestricted Restricted Expendable Endowment Total 2019 Endowment £ £ £ £ £ £ 72 72 136 480 480 480	Unrestricted Restricted Expendable Endowment Total 2019 Endowment £ £ £ £ £ £ 72 72 136 480 480 480
	552	- - 552 616
		2020 2019 £ £ 1,375,311 983,826 - 320,000.00 426,806 (18,332) 71,484 1,783,785 1,375,311 598,482 39,387 457,228 394,333 728,075 941,591 1,783,785 1,375,311

ST. URSULA’S HOME( Including Miss Duncombe’s Endowment) Notes on Accounts for the Year Ended 31 December 2020 (continued

8. Analysis of Net Assets by Fund Type

Investment fixed assets Cash and bank deposits Other current assets Current liabilities Total	Unrestricted Restricted Expendable Endowment Total Endowment £ £ £ £ £ 759,673 767,445 256,666 1,783,785 209,444 20,774 (5,388) 224,830 - (1,475) (1,475)
	207,969 780,448 762,057 256,666 2,007,139

9. Employees

The Trust had no employees during the year (2019 none).