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<br>Cost of Curate post<br>Purchase and  repair of sacristy items<br>Church Music costs<br>Parish<br>Youth Club<br>Children’s Pilgrimage to Walsingham<br>Youth pilgrimage to Walsingham<br>JAM Children's Group equipment and supplies<br>Contributions from parents and others<br>Toddler group<br>Bank charges|£<br>34,144<br>50<br>24,418|
|---|---|
||58,612|
||3,544<br>344<br>1,092<br>1,155<br>(785)<br>98<br>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<br>**Incoming Resources**<br>Incoming resources from generated funds<br>Voluntary income<br>2<br>Activities for generating funds<br>Investment income<br>4<br>Incoming resources from charitable activities<br>Other incoming resources<br>3<br>Total incoming resources<br>**Resources expended**<br>Cost of generating funds<br>Costs of generating voluntary income<br>Charitable activities<br>5<br>Governance costs<br>6<br>Other resources expended<br>Total resources expended<br>N**et incoming  (outgoing) resources**<br>Unrealised profit (loss) on investments<br>Net movement in funds<br>Fund balances at 1 January 2021<br>**Fund balances at 31 December 2021**|Unrestricted<br>Restricted<br>Expendable<br>Endow-<br>ment<br>Total<br>2020<br>(Music)<br>Endowment<br>£<br>£<br>£<br>£<br>£<br>£<br>1,400<br>-<br>1,400<br>3,000<br>33,335<br>23,229<br>56,564<br>48,724<br> <br>-<br> -<br> -<br>433,300|
|---|---|
||34,735<br>23,229<br> -<br> -<br>57,964<br>485,024|
||39,670<br>24,418<br>-<br>64,088<br>78,212<br>548<br>548<br>552|
||40,218<br>24,418<br> -<br> -<br>64,636<br>78,764|
||(5,483)<br>(1,189)<br>-<br>-<br>(6,672)<br>406,260<br>94,403<br>16,477<br>28,367<br>139,247<br>(18,332)|
||(5,483)<br>93,214<br>16,477<br>28,367<br>132,575<br>387,928<br>207,969<br>780,448<br>762,057<br>256,666<br>2,007,140<br>1,619,212|
||202,486<br>873,662<br>778,534<br>285,033<br>2,139,715<br>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**<br>Investments<br>7<br>**CURRENT ASSETS**<br>Debtors<br>Cash at Bank<br>**LIABILITIES**<br>Creditors falling due within 1 year<br>Ground rental received in advance<br>**NET CURRENT ASSETS**<br>**TOTAL NET ASSETS**<br>**FUNDS**<br>Unrestricted<br>8<br>Restricted (Music)<br>8<br>Expendable Endowment<br>8<br>Endowment<br>8|2020<br>£<br>£<br>1,923,032<br>1,783,785<br>-                 -<br>218,158<br>224,830|
|---|---|
||218,158<br>224,830|
||(500)<br>(500)<br>(975)<br>(975)|
||(1,475)<br>(1,475)|
||216,683<br>223,355|
||2,139,715<br>2,007,140|
||202,486<br>207,969<br>873,661<br>780,448<br>778,534<br>762,057<br>285,034<br>256,666|
||2,139,715<br>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<br>Giving for music<br>Grant for youth Club<br>**3.**<br>**Other Incoming Resources**<br>Assets transferred from<br>St Alban's Music Trust|Unrestricted<br>Restricted<br>Expendable<br>Endowment<br>Total<br>2020<br>(Music)<br>Endowment<br>£<br>£<br>£<br>£<br>£<br>£<br> <br>-<br>-<br>1,400<br>1,400<br>3,000<br>1,400<br> -<br> -<br> -<br>1,400<br>3,000<br>Unrestricted<br>Restricted<br>Expendable<br>Endowment<br>Total<br>2020<br>Endowment<br>£<br>£<br>£<br>£<br>£<br>£|
|---|---|
||-<br>-<br> -<br> -<br> -<br>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<br>Bank Interest receivable<br>Ground rental|Unrestricted<br>Restricted<br>Expendable<br>Endowment<br>Total<br>2020<br>(Music)<br>Endowment<br>£<br>£<br>£<br>£<br>£<br>£<br>29,414<br>23,229<br>52,643<br>44,657<br>21<br>21<br>167<br>3,900<br>3,900<br>3,900|
|---|---|
||33,335<br>23,229<br>-<br>-<br>56,564<br>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<br>Grants for Parish<br>Cost of curate post<br>Miscellaneous<br>**6.Governance Costs**<br>Governance costs<br>Trustee  meeting and  travel expenses<br>Independent examiner's fee|Unrestricted<br>Restricted<br>Expendable<br>Endowment<br>Total<br>2020<br>(Music)<br>Endowment<br>£<br>£<br>£<br>£<br>£<br>£<br>50<br>24,418<br>24,468<br>2,775<br>5,448<br>5,448<br>35,506<br>34,144<br>34,144<br>39,900<br>28<br>28<br>32|Unrestricted<br>Restricted<br>Expendable<br>Endowment<br>Total<br>2020<br>(Music)<br>Endowment<br>£<br>£<br>£<br>£<br>£<br>£<br>50<br>24,418<br>24,468<br>2,775<br>5,448<br>5,448<br>35,506<br>34,144<br>34,144<br>39,900<br>28<br>28<br>32|
|---|---|---|
|||39,670<br>24,418<br> -<br> -<br>64,088<br>78,212|
|||Unrestricted<br>Restricted<br>Expendable<br>Endowment<br>Total<br>2020<br>(Music)<br>Endowment<br>£<br>£<br>£<br>£<br>£<br>£<br>68<br>68<br>72<br>480<br>480<br>480<br>548<br> -<br> -<br>548<br>552|



## **7.  Investment Fixed Assets** 

|Market value at 1 January<br>Acquisitions at cost<br>Transfer from Music Trust<br>Proceeds of sale and redemptions<br>Unrealised gains (losses)<br>Realised gains/(losses)<br>Market value 31 December<br>Details of Investments<br>Church of England Investment Fund Income shares<br>Church of England  Fixed Interest Securities Fund Income Shares<br>Charinco Common Investment Fund Income Shares<br>Blackrock UK Equity Fund A  - income|2020<br>£<br>£<br>1,783,785<br>1,375,311<br>-<br>-<br>-<br>426,806<br>139,247<br>(18,332)|
|---|---|
||1,923,032<br>1,783,785|
||685,707<br>598,482<br>431,484<br>457,228<br>805,841<br>728,075|
||1,923,032<br>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<br>Cash and bank  deposits<br>Other current assets<br>Current liabilities<br>Total|Unrestricted<br>Restricted<br>Expendable<br>Endowment<br>Total<br>(Music)<br>Endowment<br>£<br>£<br>£<br>£<br>£<br>854,076<br>783,922<br>285,034<br>1,923,032<br>203,961<br>19,585<br>(5,388)<br>218,158<br>-<br>(1,475)<br>(1,475)|
|---|---|
||202,486<br>873,661<br>778,534<br>285,034<br>2,139,715|



## **9.    Employees** 

The Trust had no employees during the year  (2020 none).