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Including Miss Duncombe’s Endowment (Charity Registration No 248937)
ST. URSULA’S HOME
Report of the Trustees for the Year Ended 31 December 2024
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 2024, 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 £65,180 consisted of investment income. Outgoing resources in the year were £325,817, predominantly expenditure of £324,801 on charitable activities, wholly for Church and Parish purposes.
The principal payments and commitments during the year were:
| S. Alban's Church Cost of Curate post Purchase and repair of sacristy items Church Music costs Transfer for overhaul of church organs Purchase of computers |
£ 41,290 205 43,192 230,280 801 |
|---|---|
| 315,768 |
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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 2024 (continued
----- Start of picture text -----
£
Parish
Youth Club and Young Adults 4,582
JAM Children's Group equipment and supplies 339
Youth Pilgrimage to Walsingham 2,387
Children's Pilgrimage to Walsingham 2,842
Parents' contributions (1,261)
Monday Afternoon Social Club 122
Bank charges 22
9,033
324,801
----- End of picture text -----
The cost of refurbishment of the organs, £230,280, represents the full amount agreed by the Trustees, of which £94,416 was paid in 2024
Music costs are met from a restricted fund whose assets of £604,011 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 165 Fleet Street London EC4A 2DN
This report and the accompanying financial statements were approved by the Trustees on 18[th] March 2025 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
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ST. URSULA’S HOME Including Miss Duncombe’s Endowment (Charity Registration No 248937)
INDEPENDENT EXAMINER’S REPORT
for the Year Ended 31 December 2024
I report to the trustees on my examination of the accounts of the above charity (“The Trust”) for the year ended 31 December 2024.
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,:
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accounting records were not kept in accordance with section 130 of the Act; or
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the accounts did not accord with the accounting records.
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.
…………………………………… 2025
Mark Passmore MA FCA
Xeinadin South East Limited
2 Beacon End Courtyard
London Road
Stanway
Colchester
Essex
CO3 0NU
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ST. URSULA’S HOME
Including Miss Duncombe’s Endowment Accounts for the Year Ended 31 December 2024
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 Realised profit on sale of investments Unrealised profit (loss) on investments Net movement in funds Fund balances at 1 January 2024 Fund balances at 31 December 2024 |
Unrestricted Restricted Expenda- ble Endow- ment Total 2023 (Music) Endow- ment £ £ £ £ £ £ - - - 20,000 41,705 23,475 65,180 62,706 - - - - |
|---|---|
| 41,705 23,475 - - 65,180 82,706 |
|
| 51,329 273,472 - 324,801 85,112 1,016 1,016 903 |
|
| 52,345 273,472 - - 325,817 86,015 |
|
| (10,640) (249,997) - - (260,637) (3,309) 1,221 1,221 19,232 22,261 8,019 49,512 114,200 |
|
| (10,640) (229,544) 22,261 8,019 (209,904) 110,891 223,528 833,556 750,498 287,289 2,094,871 1,983,980 |
|
| 212,888 604,012 772,759 295,308 1,884,967 2,094,871 |
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ST. URSULA’S HOME
Including Miss Duncombe’s Endowment Accounts for the Year Ended 31 December 2024 (Ctd)
Balance Sheet 31 December 2024
| 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 |
2023 £ £ 1,874,498 1,873,125 - - 160,199 223,341 |
|---|---|
| 160,199 223,341 |
|
| (148,755) (720) (975) (975) |
|
| (149,730) (1,695) |
|
| 10,469 221,646 |
|
| 1,884,967 2,094,771 |
|
| 212,888 223,528 604,011 833,556 772,760 750,498 295,308 287,289 |
|
| 1,884,967 2,094,771 |
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ST. URSULA’S HOME( Including Miss Duncombe’s Endowment) Notes on Accounts for the Year Ended 31 December 2024
1. Accounting Policies
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(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.
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(b) Incoming resources are recognised in the following manner:-
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(i) Grants when received
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(ii) Investment income and interest receivable when receivable.
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(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.
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( c) Expenditure is recognised on the accruals basis as a liability as incurred
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(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 |
Unrestricted Restricted Expendable Endowment Total 2023 (Music) Endowment £ £ £ £ £ £ - - 20,000 - - - - - - - - - 20,000 |
|---|---|
3. Investment Income
| Dividends and interest on investments Bank Interest receivable Ground rental 4.Charitable Activities Grants for Church Grants for Parish Cost of curate post Miscellaneous |
Unrestricted Restricted Expendable Endow- ment Total 2023 (Music) Endowment £ £ £ £ £ £ 33,227 23,475 56,702 53,789 4,578 4,578 5,017 3,900 3,900 3,900 41,705 23,475 - - 65,180 62,706 Unrestricted Restricted Expenda- ble Endowment Total 2023 (Music) Endow- ment £ £ £ £ £ £ 1,006 273,472 274,478 49,754 9,011 9,011 7,391 41,290 41,290 27,967 22 22 - 51,329 273,472 - - 324,801 85,112 |
|---|---|
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ST. URSULA’S HOME( Including Miss Duncombe’s Endowment)
Notes on Accounts for the Year Ended 31 December 2024 (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 2023 (Music) Endowment £ £ £ £ £ £ 176 176 183 840 840 720 |
|---|---|
| 1,016 - - 1,016 903 |
|
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 |
2023 £ £ 1,873,125 1,758,925 - (49,360) 49,512 114,200 1,221 |
|---|---|
| 1,874,498 1,873,125 |
|
| 627,817 661,908 402,520 390,724 844,161 820,493 |
|
| 1,874,498 1,873,125 |
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 £ £ £ £ £ 801,042 778,148 295,308 1,874,498 214,703 (49,116) (5,388) 160,199 - (1,815) (147,915) (149,730) |
|---|---|
| 212,888 604,011 772,760 295,308 1,884,967 |
8. Employees
The Trust had no employees during the year (2023 none).