1 ## **ST. URSULA’S HOME** ## **Including Miss Duncombe’s Endowment (Charity Registration No 248937)** ## **Report of the Trustees for the Year Ended 31 December 2022** ## **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 are: Father Christopher Smith - Vicar of S. Alban’s (ex officio) Miss Alison Cratchley Miss José Tomlinson Mr Roger Lomax Mr David Ballance With the exception of Mr Ballance who was appointed on 21 September 2022, the Trustees held office throughout the year. 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 of £59,411 consisted of investment income. Outgoing resources in the year were £51,039, predominantly expenditure of £50,082 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|£
50
42,184| |---|---| ||42,234| 2 ## **ST. URSULA’S HOME** ## **Including Miss Duncombe’s Endowment (Charity Registration No 248937)** ## **Report of the Trustees for the Year Ended 31 December 2022 (continued)** |Parish
Youth Club
Youth Pilgrimage to Walsingham
Children's pilgrimage to Walsingham
Confirmation candidates' away weekend
JAM Children's Group equipment and supplies
Contributions from parents and others
Toddler group
Bank charges|4,330
1,770
1,504
335
822
(940)
-
27| |---|---| ||7,848| Music costs are met from a restricted fund whose assets of £769,000 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. ## **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 15 February 2023 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 2022. ## **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. …………………………………… 2023 ## **Mark Passmore MA FCA** Passmore Weeks & Richardson A Xeinadin Company 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 2022** ## **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
Total incoming resources
**Resources expended**
Cost of generating funds
Costs of generating voluntary income
Charitable activities
4
Governance costs
5
Other resources expended
Total resources expended
N**et incoming (outgoing) resources**
Unrealised profit (loss) on investments
Net movement in funds
Fund balances at 1 January 2022
**Fund balances at 31 December 2022**|Unrestricted
Restricted
Expendable
Endow-
ment
Total
2021
(Music)
Endowment
£
£
£
£
£
£
-
-
-
1,400
36,044
23,367
59,411
56,563
-
-
-
-| |---|---| ||36,044
23,367
-
-
59,411
57,963| ||7,898
42,184
-
50,082
64,087
957
957
548| ||8,855
42,184
-
-
51,039
64,635| ||27,189
(18,817)
-
-
8,373
(6,672)
(85,628)
(64,699)
(13,780)
(164,107)
139,247| ||27,189
(104,444)
(64,699)
(13,780)
(155,734)
132,575
202,486
873,661
778,534
285,033
2,139,714
2,007,140| ||229,675
769,217
713,835
271,253
1,983,980
2,139,715| 5 ## **ST. URSULA’S HOME** ## **Including Miss Duncombe’s Endowment Accounts for the Year Ended 31 December 2022 (Ctd)** ## **Balance Sheet 31 December 2022** |**FIXED ASSETS**
Investments
6
**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
7
Restricted (Music)
7
Expendable Endowment
7
Endowment
7|2021
£
£
1,758,925
1,923,032
-
-
226,750
218,158| |---|---| ||226,750
218,158| ||(720)
(500)
(975)
(975)| ||(1,695)
(1,475)| ||225,055
216,683| ||1,983,980
2,139,715| ||229,675
202,486
769,217
873,661
713,835
778,534
271,253
285,034| ||1,983,980
2,139,715| 6 ## **ST. URSULA’S HOME( Including Miss Duncombe’s Endowment)** ## **Notes on Accounts for the Year Ended 31 December 2022** ## **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.** **Investment Income**
Dividends and interest on investments
Bank Interest receivable
Ground rental|Unrestricted
Restricted
Expendable
Endowment
Total
2021
(Music)
Endowment
£
£
£
£
£
£
-
--
-
-
1,400
-
-
1,400
Unrestricted
Restricted
Expendable
Endowment
Total
2021
(Music)
Endowment
£
£
£
£
£
£
31,533
23,367
54,900
52,642
611
611
21
3,900
3,900
3,900| |---|---| ||36,044
23,367
-
-
59,411
56,563| ## **4. Charitable Activities** |Grants for Church
Grants for Parish
Cost of curate post
Miscellaneous|Unrestricted
Restricted
Expendable
Endowment
Total
2021
(Music)
Endowment
£
£
£
£
£
£
50
42,184
42,234
24,468
7,848
7,848
5,448
-
34,144
-
-
28
7,898
42,184
-
-
50,082
64,087| |---|---| 7 ## **ST. URSULA’S HOME( Including Miss Duncombe’s Endowment)** ## **Notes on Accounts for the Year Ended 31 December 2022 (continued)** ## **5. Governance Costs** |Governance costs
Trustee meeting and travel expenses
Independent examiner's fee|Unrestricted
Restricted
Expendable
Endowment
Total
2021
(Music)
Endowment
£
£
£
£
£
£
137
137
68
820
820
480| |---|---| ||957
-
-
957
548| ## **6. Investment Fixed Assets** |Market value at 1 January
Acquisitions at cost
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
Blackrock UK Equity Fund A - income|2021
£
£
1,923,032
1,783,785
-
-
(164,107)
139,247| |---|---| ||1,758,925
1,923,032| ||607,252
685,707
372,881
431,484
778,792
805,841| ||1,758,925
1,923,032| ## **7. 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
£
£
£
£
£
768,449
719,223
271,253
1,758,925
231,370
768
(5,388)
226,750
-
(1,695)
(1,695)| |---|---| ||229,675
769,217
713,835
271,253
1,983,980| ## **8. Employees** The Trust had no employees during the year (2021 none).