2023-12-31-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 2023

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 2023, are:

Father Christopher Smith - Vicar of S. Alban’s (ex officio) Miss Alison Cratchley Miss José Tomlinson Mr Roger Lomax Mr David Ballance

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 £82,706 consisted of investment income £62,706 and a legacy of £20,000 for the purpose of music from Mr Eric Gourlay, a Trustee of S Ursula’s for many years. Outgoing resources in the year were £86,015, predominantly expenditure of £85,112 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 Sound system	£ 27,967 4,102 40,510 5,142
	77,721

ST. URSULA’S HOME

Including Miss Duncombe’s Endowment

(Charity Registration No 248937)

Report of the Trustees for the Year Ended 31 December 2023 (continued)

Parish Youth Club and Young Adults Youth Pilgrimage to Walsingham JAM Children's Group equipment and supplies Monday Afternoon Social Club Bank charges	£ 5,157 1,384 746 75 29
	7,391
	85,112

Music costs are met from a restricted fund whose assets of £833,556 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 31 January 2024 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 2023.

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.

…………………………………… 2024

Mark Passmore MA FCA

Passmore Weeks & Richardson

A Xeinadin Company

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 2023

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 Net incoming (outgoing) resources Unrealised profit (loss) on investments Net movement in funds Fund balances at 1 January 2023 Fund balances at 31 December 2023	Unrestricted Restricted Expenda- ble Endow- ment Total 2022 (Music) Endow- ment £ £ £ £ £ £ - 20,000 20,000 - 39,258 23,448 62,706 59,411 - - - -
	39,258 43,448 - - 82,706 59,411
	44,502 40,610 - 85,112 50,082 903 903 957
	45,405 40,610 - - 86,015 51,039
	(6,147) 2,838 - - (3,309) 8,373 61,501 36,663 16,036 114,200 (164,107)
	(6,147) 64,339 36,663 16,036 110,891 (155,734) 229,675 769,217 713,835 271,253 1,983,980 2,139,714
	223,528 833,556 750,498 287,289 2,094,871 1,983,980

ST. URSULA’S HOME

Including Miss Duncombe’s Endowment Accounts for the Year Ended 31 December 2023 (Ctd)

Balance Sheet 31 December 2023

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	2022 £ £ 1,873,125 1,758,925 - - 223,441 226,750
	223,441 226,750
	(720) (720) (975) (975)
	(1,695) (1,695)
	221,746 225,055
	2,094,871 1,983,980
	223,528 229,675 833,556 769,217 750,498 713,835 287,289 271,253
	2,094,871 1,983,980

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

Notes on Accounts for the Year Ended 31 December 2023

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 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 2022 (Music) Endowment £ £ £ £ £ £ 20,000 20,000 - - - - - - - 20,000 - - 20,000 - Unrestricted Restricted Expendable Endowment Total 2022 (Music) Endowment £ £ £ £ £ £ 30,341 23,448 53,789 54,900 5,017 5,017 611 3,900 3,900 3,900
	39,258 23,448 - - 62,706 59,411

4. Charitable Activities

Grants for Church Grants for Parish Cost of curate post Miscellaneous	Unrestricted Restricted Expendable Endowment Total 2022 (Music) Endowment £ £ £ £ £ £ 9,144 40,610 49,754 42,234 7,391 7,391 7,848 27,967 27,967 - - - - 44,502 40,610 - - 85,112 50,082

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

Notes on Accounts for the Year Ended 31 December 2023 (continued)

5. Governance Costs

Governance costs Trustee meeting and travel expenses Independent examiner's fee The Trustees receive no remuneration	Unrestricted Restricted Expendable Endowment Total 2022 (Music) Endowment £ £ £ £ £ £ 183 183 137 720 720 820
	903 - - 903 957

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 Short Duration Bond Fund Income Shares Blackrock UK Equity Fund A - income	2022 £ £ 1,758,925 1,923,032 - - 114,200 (164,107)
	1,873,125 1,758,925
	661,908 607,252 390,724 372,881 820,493 778,792
	1,873,125 1,758,925

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 £ £ £ £ £ 829,950 755,886 287,289 1,873,125 225,223 3,606 (5,388) 223,441 - (1,695) (1,695)
	223,428 833,556 750,498 287,289 2,094,871

8. Employees

The Trust had no employees during the year (2022 none).