1 

**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<br>Cost of Curate post<br>Purchase and  repair of sacristy items<br>Church Music costs<br>Transfer for  overhaul of church organs<br>Purchase of computers|£<br>41,290<br>205<br>43,192<br>230,280<br>801|
|---|---|
||315,768|





2 

## **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 -----**<br>
£<br>Parish<br>  Youth Club and Young Adults  4,582<br>  JAM Children's Group equipment and supplies   339<br>  Youth Pilgrimage to Walsingham   2,387<br>  Children's Pilgrimage to Walsingham  2,842<br>   Parents' contributions  (1,261)<br>   Monday Afternoon Social Club  122<br>   Bank charges  22<br> 9,033<br>324,801<br>**----- End of picture text -----**<br>


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 



3 

**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,: 

- accounting records were not kept in accordance with section 130 of the Act; or 

- 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 



4 

## **ST. URSULA’S HOME** 

## **Including Miss Duncombe’s Endowment Accounts for the Year Ended 31 December 2024** 

## **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>3<br>Incoming resources from charitable activities<br>Other incoming resources<br>Total incoming resources<br>**Resources expended**<br>Cost of generating funds<br>Costs of generating voluntary income<br>Charitable activities<br>4<br>Governance costs<br>5<br>Other resources expended<br>Total resources expended<br>N**et incoming  (outgoing) resources**<br>Realised profit on sale of  investments<br>Unrealised profit (loss) on investments<br>Net movement in funds<br>Fund balances at 1 January 2024<br>**Fund balances at 31 December 2024**|Unrestricted<br>Restricted<br>Expenda-<br>ble<br>Endow-<br>ment<br>Total<br>2023<br>(Music)<br>Endow-<br>ment<br>£<br>£<br>£<br>£<br>£<br>£<br>-<br>-<br>-<br>20,000<br>41,705<br>23,475<br>65,180<br>62,706<br>-<br>-<br> -<br>-|
|---|---|
||41,705<br>23,475<br> -<br>-<br>65,180<br>82,706|
||51,329<br>273,472<br>-<br>324,801<br>85,112<br>1,016<br>1,016<br>903|
||52,345<br>273,472<br> -<br> -<br>325,817<br>86,015|
||(10,640)<br>(249,997)<br>-<br>-<br>(260,637)<br>(3,309)<br>1,221<br>1,221<br>19,232<br>22,261<br>8,019<br>49,512<br>114,200|
||(10,640)<br>(229,544)<br>22,261<br>8,019<br>(209,904)<br>110,891<br>223,528<br>833,556<br>750,498<br>287,289<br>2,094,871<br>1,983,980|
||212,888<br>604,012<br>772,759<br>295,308<br>1,884,967<br>2,094,871|





5 

## **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**<br>Investments<br>6<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>7<br>Restricted (Music)<br>7<br>Expendable Endowment<br>7<br>Endowment<br>7|2023<br>£<br>£<br>1,874,498<br>1,873,125<br>-<br>-<br>160,199<br>223,341|
|---|---|
||160,199<br>223,341|
||(148,755)<br>(720)<br>(975)<br>(975)|
||(149,730)<br>(1,695)|
||10,469<br>221,646|
||1,884,967<br>2,094,771|
||212,888<br>223,528<br>604,011<br>833,556<br>772,760<br>750,498<br>295,308<br>287,289|
||1,884,967<br>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** 

- (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<br>Giving for music<br>Grant for youth Club|Unrestricted<br>Restricted<br>Expendable<br>Endowment<br>Total<br>2023<br>(Music)<br>Endowment<br>£<br>£<br>£<br>£<br>£<br>£<br>-<br>-<br>20,000<br>-<br>-<br>-<br> -<br> -<br> -<br>-<br> -<br> -<br>20,000|
|---|---|



## **3. Investment Income** 

|Dividends and interest on investments<br>Bank Interest receivable<br>Ground rental<br>**4.Charitable Activities**<br>Grants for Church<br>Grants for Parish<br>Cost of curate post<br>Miscellaneous|Unrestricted<br>Restricted<br>Expendable<br>Endow-<br>ment<br>Total<br>2023<br>(Music)<br>Endowment<br>£<br>£<br>£<br>£<br>£<br>£<br>33,227<br>23,475<br>56,702<br>53,789<br>4,578<br>4,578<br>5,017<br>3,900<br>3,900<br>3,900<br>41,705<br>23,475<br>-<br>-<br>65,180<br>62,706<br>Unrestricted<br>Restricted<br>Expenda-<br>ble<br>Endowment<br>Total<br>2023<br>(Music)<br>Endow-<br>ment<br>£<br>£<br>£<br>£<br>£<br>£<br>1,006<br>273,472<br>274,478<br>49,754<br>9,011<br>9,011<br>7,391<br>41,290<br>41,290<br>27,967<br>22<br>22<br>-<br>51,329<br>273,472<br>-<br>-<br>324,801<br>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<br>Trustee  meeting and  travel expenses<br>Independent examiner's fee<br>The Trustees  receive no remuneration|Unrestricted<br>Restricted<br>Expendable<br>Endowment<br>Total<br>2023<br>(Music)<br>Endowment<br>£<br>£<br>£<br>£<br>£<br>£<br>176<br>176<br>183<br>840<br>840<br>720|
|---|---|
||1,016<br> -<br> -<br>1,016<br>903|
|||



## **6.  Investment Fixed Assets** 

|Market value at 1 January<br>Acquisitions at cost<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 Short Duration Bond Fund Income Shares<br>Blackrock UK Equity Fund A  - income|2023<br>£<br>£<br>1,873,125<br>1,758,925<br>-<br>(49,360)<br>49,512<br>114,200<br>1,221|
|---|---|
||1,874,498<br>1,873,125|
||627,817<br>661,908<br>402,520<br>390,724<br>844,161<br>820,493|
||1,874,498<br>1,873,125|



## **7. 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>801,042<br>778,148<br>295,308<br>1,874,498<br>214,703<br>(49,116)<br>(5,388)<br>160,199<br>-<br>(1,815)<br>(147,915)<br>(149,730)|
|---|---|
||212,888<br>604,011<br>772,760<br>295,308<br>1,884,967|



## **8.    Employees** 

The Trust had no employees during the year  (2023 none).