1
ST. URSULA’S HOME
Including Miss Duncombe’s Endowment (Charity Registration No 248937)
Report of the Trustees for the Year Ended 31 December 2021
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, Miss José Tomlinson, Mr Roger Lomax and Miss Alison Cratchley. Mr Eric Gourlay resigned as a Trustee on 5 April 2021. The Trustees met once during the year and conducted business by correspondence during COVID restrictions.
Activities and Finances
Details of income, expenditure and investments are given in the accounts and notes.
Incoming resources of £57,963 consisted of investment income and a grant of £1,400 towards youth projects. Outgoing resources in the year were £64,635, predominantly expenditure of £64,087 on charitable activities consisting of grants for Church and Parish purposes.
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 Parish Youth Club Children’s Pilgrimage to Walsingham Youth pilgrimage to Walsingham JAM Children's Group equipment and supplies Contributions from parents and others Toddler group Bank charges |
£ 34,144 50 24,418 |
|---|---|
| 58,612 | |
| 3,544 344 1,092 1,155 (785) 98 28 |
|
| 5,476 |
2
ST. URSULA’S HOME
Including Miss Duncombe’s Endowment
(Charity Registration No 248937)
Report of the Trustees for the Year Ended 31 December 2021 (continued)
Music costs are met from a restricted fund whose assets of £875,000 consist principally of investments transferred from the former S. Alban’s Holborn Choir and Music Trust and the proceeds of legacies for the purpose of music.
Payments for the Youth Club were again 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 16 February 2022 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
3
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 2021.
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.
…………………………………… 2022
Mark Passmore MA FCA
Passmore Weeks & Richardson
Chartered Accountants and Registered Auditors
4 – 8 The Centre, Lakes Industrial Park
Braintree
Essex
CM7 3RU
4
ST. URSULA’S HOME
Including Miss Duncombe’s Endowment Accounts for the Year Ended 31 December 2021
Statement of Financial Activities
| Note Incoming Resources Incoming resources from generated funds Voluntary income 2 Activities for generating funds Investment income 4 Incoming resources from charitable activities Other incoming resources 3 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 2021 Fund balances at 31 December 2021 |
Unrestricted Restricted Expendable Endow- ment Total 2020 (Music) Endowment £ £ £ £ £ £ 1,400 - 1,400 3,000 33,335 23,229 56,564 48,724 - - - 433,300 |
|---|---|
| 34,735 23,229 - - 57,964 485,024 |
|
| 39,670 24,418 - 64,088 78,212 548 548 552 |
|
| 40,218 24,418 - - 64,636 78,764 |
|
| (5,483) (1,189) - - (6,672) 406,260 94,403 16,477 28,367 139,247 (18,332) |
|
| (5,483) 93,214 16,477 28,367 132,575 387,928 207,969 780,448 762,057 256,666 2,007,140 1,619,212 |
|
| 202,486 873,662 778,534 285,033 2,139,715 2,007,140 |
5
ST. URSULA’S HOME
Including Miss Duncombe’s Endowment Accounts for the Year Ended 31 December 2021 (Ctd)
Balance Sheet 31 December 2021
| 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 (Music) 8 Expendable Endowment 8 Endowment 8 |
2020 £ £ 1,923,032 1,783,785 - - 218,158 224,830 |
|---|---|
| 218,158 224,830 |
|
| (500) (500) (975) (975) |
|
| (1,475) (1,475) |
|
| 216,683 223,355 |
|
| 2,139,715 2,007,140 |
|
| 202,486 207,969 873,661 780,448 778,534 762,057 285,034 256,666 |
|
| 2,139,715 2,007,140 |
6
ST. URSULA’S HOME( Including Miss Duncombe’s Endowment)
Notes on Accounts for the Year Ended 31 December 2021
1. Accounting Policies
-
(a) The financial statements are presented in accordance with the Charity Commission’s 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) 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 2020 (Music) Endowment £ £ £ £ £ £ - - 1,400 1,400 3,000 1,400 - - - 1,400 3,000 Unrestricted Restricted Expendable Endowment Total 2020 Endowment £ £ £ £ £ £ |
|---|---|
| - - - - - 433,300 |
Assets transferred from S. Alban’s Choir and Music Trust in 2020 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 2020 (Music) Endowment £ £ £ £ £ £ 29,414 23,229 52,643 44,657 21 21 167 3,900 3,900 3,900 |
|---|---|
| 33,335 23,229 - - 56,564 48,724 |
7
The ST. URSULA’S HOME( Including Miss Duncombe’s Endowment) Notes on Accounts for the Year Ended 31 December 2021 (continued)
5. Charitable Activities
| Grants for Church Grants for Parish Cost of curate post Miscellaneous 6.Governance Costs Governance costs Trustee meeting and travel expenses Independent examiner's fee |
Unrestricted Restricted Expendable Endowment Total 2020 (Music) Endowment £ £ £ £ £ £ 50 24,418 24,468 2,775 5,448 5,448 35,506 34,144 34,144 39,900 28 28 32 |
Unrestricted Restricted Expendable Endowment Total 2020 (Music) Endowment £ £ £ £ £ £ 50 24,418 24,468 2,775 5,448 5,448 35,506 34,144 34,144 39,900 28 28 32 |
|---|---|---|
| 39,670 24,418 - - 64,088 78,212 |
||
| Unrestricted Restricted Expendable Endowment Total 2020 (Music) Endowment £ £ £ £ £ £ 68 68 72 480 480 480 548 - - 548 552 |
7. Investment Fixed Assets
| Market value at 1 January Acquisitions at cost Transfer from Music Trust Proceeds of sale and redemptions Unrealised gains (losses) Realised gains/(losses) Market value 31 December Details of Investments Church of England Investment Fund Income shares Church of England Fixed Interest Securities Fund Income Shares Charinco Common Investment Fund Income Shares Blackrock UK Equity Fund A - income |
2020 £ £ 1,783,785 1,375,311 - - - 426,806 139,247 (18,332) |
|---|---|
| 1,923,032 1,783,785 |
|
| 685,707 598,482 431,484 457,228 805,841 728,075 |
|
| 1,923,032 1,783,785 |
8
The ST. URSULA’S HOME( Including Miss Duncombe’s Endowment)
Notes on Accounts for the Year Ended 31 December 2021 (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 (Music) Endowment £ £ £ £ £ 854,076 783,922 285,034 1,923,032 203,961 19,585 (5,388) 218,158 - (1,475) (1,475) |
|---|---|
| 202,486 873,661 778,534 285,034 2,139,715 |
9. Employees
The Trust had no employees during the year (2020 none).