FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST REGISTERED CHARITY NO: 249017 TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST CONTENTS Pa TTuslees' Annual Report IndependenlAuditofs Rewrt 8-10 Slalernent of Finanaal Actmties 11 Balance Sheet 12 Notes to the Financial Stslements 11-19
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST TRUSTEES, REPORT Legal •nd Admlnlstratlve Infomiatlon Ch•rlty Name French Huguenot Church of London Cttaritae Trust Ch•rlty Nwnbgr 249017 Tt0•S ethea Ato Laurence Colchester Floience de Maleprade Peter Duval Gtynda Easterbfook 8enedi¢te Fougier Martin Harcourt-wlliams Ghislain Leugue Alice Ma'nea Chartes Martineau Harry Martineau Natasha Martineau Anthony Wllson Governlng S¢heme$ Scheme approve(I by Order of the Court dated 26 July 1926 Charity Commmi5sion Scheme dated 12 April 1976 Charity Commmission Scheme dated 30 August 1984 Charity Commmi$$ion Scheme dated 4 October 1988 Ch8rily Commmission Scheme dated 17 July 1998 Charity Commmission Stheme dated 15 October 2000 Main T•rnis Church Fund - see Clause 51111 of Ihe 1998 S¢heff EdLtcalional Fund- see Clauses 51{2} and 52 of the 1998 Scheme Hardship Fund - see Clauses 51131 and 5>55 of the 1998 Scheme as amended by Clause 2 of the 2000 Scheme Clark to tho Trust•O8 sa Bryson lappoinled 8 July 2021) Audltor Haysmacintyre LLP. 10 Queen Street Place. London. EC4R 1AG Sollcltor¥ Bales Well$ & Braithwarte London LLP. 10 Queen Street Place. Lond¢, EC4R 1 BE Invo8tmont manar5 Baring$ Asset Management, 20 Old Bailey. LoNlon, EC4M 7BF Surveyors Spring 4 Limited, 60 Cheapside, London. EC2V 6AX
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST TRUSTEES, REPORT Report of tho trustges lor the year andod 31 Do¢•mb•r 2020 The trustees present their annual report and accounts for the year ended 31 December 2020. The accounts have been prepared in aCcdanCe the accounb'ng principk$ set out in note 110 the accounts and comply Y*ith the Chari(ies Act 2011, the Chafity. goveming 5Ghemes. and ihe Accounting and Reporting by Charities." Statement ol Recommended Practs"ce appliCae to charitie$ prepanng their Financial Statements in accordance wth thè Finan¢ial Reporb"ng Standard appli¢able in the UK and Republsc of Irela IFRS 102 _ Seeond Edits"on effective 1 January 20191. Objoctives and actlvStl•s for public benefit The trustees are charge<l vAlh holding the assets of the Ch•rty in three separate Funds, namely Church. Educatyonal and Hardship,. and using the income from each Fund as speofied in Clause 51 to 55 of the Charity Comnwsson Scheme dated 17 July 1998 as modified by the Scheme of 15 March 2000. Under the provisions of the governing scheme the income ol the Chur¢h Fund 15 paid to the Consi$lory of The French Protestant Church ol London I'the Chur¢h"I for ils purposes. The income of the Educab"onal Fund is apted for piomolion of education ol persons aged under 25. The Incorr of the Har(Iship Fund {fomerfy the Poor Fund) is applied lo reduce need, hardship and stress lof certain categories of people. The trustees confirm that Ihey have referred to the guidance ¢ontsined in the Chanty Commi$$v)n's general guidance on put4ic benefrt when reviewAng the Trusfs aims and obiecbves in planning future &tivities and setting the grant making policy for the year. structure, govgrnan¢• and management The Charity is adMinisted by 8 body of beh4ten 9-13 trustees meet at 3st 4 times per year. The Clerk lo the trustees is appnted by the trustees to manage the day-to-day operakn.ons of the Charity. New trustees are apFO"nled for lrfe by Resolution of the Iruslees passed at a special meeting of whKh not les5 than 21 days nob'ce has been given {Clause 31 of the Scheme of 17 JY 19981. The Consistory of the Church nominates 3 trustees serve for 3 years. Mhen Teeniting new tnJstÈes. the exisb'ng trustees look for 11r¥idUals skills and experienc• vthich are of value to the Charity. Any potential trustees are interviewed by the existing trustees and provided wth a pack ol inlormalion induding accnts and a copy of the trust deed. This enaeS them to betier urKler51and the purpose and operation of ihe charity before a de¢isJon is made over their appoinlmenl. The trustees are exFerienced individual$ appropriate urKleTStanding of the wuirements of a trustee of a charity. Where appropriate, the chanly supports the training of trustees. induding attendance at seminars.
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST TRUSTEES, REPORT Rlsk Management The trustees are aware of their resp)n%bilities under the Stslemenl of Recommended Practice on Accounting and Reporting by Charitie5 and have undertaken a detsile<l anatysis of the risks involved in the Charity's activities. In response to this analysis, tt)e trustees have maintsined a contiNJency fund. contributed to by ea¢h of the Church, Education and Hardship funds. This has been established to cover larger rtems of un-budgeled expenditure where these would otherwise prevent or significantly reduce the ability of the trust to meet its objectives as set out above. The Iruslees have id8nl.fied the following risks.. - Investment5 wll drop in walue. - Donations made will not be spent how the trustee'5 fjuld like. Action tsken lo mitigate the risk.. - Trustee'5 have appointed a professional firm to manage the investsnents. - Trustee's a1vety rewew the donatnS and ask for updates and rerts. The ae¢ounts a approved during a period wthere there 1$ much uncertainty as a resutt of the emergence and international spread of a coronavirus ICOVIO-191. The Charrty has been able lo implement contingency planning arrangements for such arcum5tance5 and been able lo implement remote working. The ultimate impa¢t of COVID-19 on the UK, the world. the economy. the educatson community and the Charity is yel to be seen. Hi)wever, through appropriate constderation of risks as part of its normal risk management processes and mitigating actions both alrea¢fy taken and available lo be taken. U)e Trustees consKler it appropriate lor the going concern basis to be adople(I for these account$ Key Management Pgrsonnel The trustees consider the board of tnteeS and the senior rnana9èment team comprise the key managemtsnl personnel of the charity in charge ol directin9 and controlling, running and opefats.ng the Charity on a day to day basis. All trustee5 give their time freely and no director received remuneiabon in the year. Details of directors, expense$ and related party transaciions are disclosed in note 9 to the aceounts.
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST TRUSTEES, REPORT Grant makin9 poll¢y and review of acli¥ltlg9 Grants are made on an annual basis and the ch has no long temi commitment$. During the course of the year. the income of the fvnd$ was distributed as follows.. Church Fun(k Nel income of £113.000 {2019.' £140.000} was paid to the Consisttyy of the Church. This grant is the ¢hur¢h'5 largest swrce of income. In 2020. the focus of the church was mainly to successfully complete the Church's n0Vab.0n proiert and lo adapt the church lo tre challenge posed by Covid through an enhancfjd ortine presence as wdl as lo lay the foundab.on of a sucossful rentsl ath"vily. The conslfuctiorb vrkS and delling of the spaces started in June 2019 VEre completed during the rs1 lockdovm in April 2020. The projed has been ae to delNer three modem lully ac¢e55ible multi4)urpo$¥ room$, ideal for meetings. le¢ture5, training semina. school w0shOps. rehearsals and receptiondinnerS. They are fitted wTrth free Wl-Fi. adjustable lightirwj and prcyector. Sale of the art accesgible toilets. shower and kitchen are part ofthe new renovated space. Folowng the comFdetion of the project. a part b.me office and venue manager was recruited in June 2020. She has overseen the development of a marketing and finanual strategy to ffill the space up and build a knovAedge rnanagement stralegy. Despite very challengiry condiD"ons she managed to start renting our rooms and orgaThsed a series of con¢ert in December. As for the brary and A[c"¥e3, a new traiThng session led by the eonservator Caroline Bendix of two days took place in March 2020 just before the stsrt of the lockdo1. 11 especially focused on the makn.ng of book shoes and boxes for support and preservation. During the first N¥0 rrKJnths of the year. the leam has continued working on a long and painstaking process lo identify the books that wll need a more thorough studio restoration. and to stsbilise the others. The conservat session5 had to be inleffupled behveen March and September due to the panderni¢ They were ae to resume mid-september. Consequently, access lo the library has been limited. The m4.oi challenge tlis yèar was to adapt the thurch to the Covid cfrsis. Semces were only celebrated at the Church during the fir51 few months of 2020 (last service hdd on March 15th, ahead ol the natsonal lockdown announcement) as 3$ in September-O¢lolw before the start of the second l¢xkdovm. Due to the health situation, the churth had to otheA•Ase remain dosed. and seNice5 were celebrated online Our bilingual websrte Ihttp.'IIvw.egliseprotestanlelond¥es.g.ukjenI. 1¢h presents the church ath"vthes, its history and heritage as wdl as the renovation project, became in 2020 our main communication channel. Due lo the Pandem and renovation works. no event-except for the cuwe de rentré& could take aCe al the church this year but several events were organised online to keep the community logelher. Noiably an online yame night was organised by Angèle Monod in November and on Friday 4th December a ne and cheese lesting evening was organised online by ThibaLIt Lavergne. Vine and cheese bèing deled ahead of the event to those registered lo altend.
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST TRUSTEES. REPORT Educational Fund.. The Education Fund sub-committee continue to distribute income in the fomi of bursaries. special allowances, general emergency and project grants to individuals. schools and charrtable organisations concerned wth educating young people. At the year-end trustees receive indiwdual schwl reports from those who have received bursaries and reports from the charib'e$ $upp)rte<l. The PortS show who the funding has helped and how the reapienls have benefited. A total cf £154,794 12019.. £166.8001 was pa in bursaries, grnnts and ¢harrtable payments. 53 pupi15 12019.. 511 at various colleges, boys and girfs day schools and choir $chool$ receNed speoal allowances, bursaries and ernergency grants. No young people were assisted thith grants for overseas projects {2019.' None). No granl12019". £2,500) was given to BSES Expeditions and no grant12019.' £2.500) lo Proje¢t Trust. Grants lotling £38.50012019' £61,000) vore made to 1212019.. 151 organisations prowding assistsnce mainly to disabled and under-privile9ed yourvj people and in¢lLJed the fomowing paynts of £1,000 or more.. East Meets Wesl Eglise Protestante unie de France French Protestant Church of London Jonas Foundation Khethani Lord Snowdon's Award Scherr Redthread Reedham Children's Trust SHINE St Woolos Cathedr TLG £2.000 £10.000 £7,0110 £2.000 £1.0 £5,000 £2,000 £2,000 £2.000 £1,500 £2,000 £2,000 size Since March 2020, a number of private school students. families have been financially affected by COVID-19. Trustees responded by offering an emergenry grant to those affe¢ied. Emergency grants for the year totalled £17.98012019'. £01 Hardship Fund.. The Hardship Fund sU)Mrt1ee continue to WO V*ith selected tharities in London helping those in need who are old or homeless and Children in need of support. as well as refugees and French Prolestsnls in need elsewhere. Trustees discuss speafic projects wth the charitr'es who send a report of their work al the year end. The projects vary from training and supporb'ng volunteers to contributing towards the costs of staff or the running CO8t$ of a kyoject. The trustees remain in contact wth the chanb"es. bul do not support the same ¢haritie$ each year. This year has been very challenging for all the charilies ¥ have hew due to COVD-19. but the trustees have been very impressed by the quick sponSe and llexibility of the charib.es in maintsining their support for those vtho they re for. while wmplying wth the changing reStr1dn$ in pla. In 2020 the trustees supported for Old Age, Age UK Westminsler. Toynbee Hall, Time & Talent and Living World. for Homeless. C4WS. Cari$ Camden. Caiitas. Cardinal Hume. the Soup Kitchen, the Trussel Trust and West London Day Centre, for Refvgees. Islington Refugees, Praxis and the Refugee Council, for the ChuTCh. the Basement refurbishment and Dispensaire Francaise and for the Young, Magic Me and Solusbury World. Funding was much lower due lo the lockdovm and gfants lotslled £102.00012019 £140.ODO).
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST TRUSTEES. REPORT Invulment policy and perfomian The Statement of Investment Policy, originty apFVed by Ihe trustees in 1996, is revithved from b.me to ts'me and was last modified during the year lo 31 December 2009. The policy Is designed to generate annual Income sufficient to support the athievement of the Charity's obj.ects vthilst ensurin9 sufficient long lem) capiial gTowth to enable the effecli¥e continuation of the Charity's work in the future. The lotsl value of the Stock Exchange Portfclio at 310et£mber 2020 was £11,644.35512019". £11,985,067). For the year ended 31 December 2020 the Stod( Exchange PortfolK*. induding uninvested cash. produced a total increase of 0.54%. This compared to a benchmark gainlloss in the FfsE All Share Fund of-9.82%. An income r8tum of 3.26% was achieved for the year. Reser¥o5 review includlng policy The Iruslees are aware that there may be Iwrbe5 when the level of inco eamed on each fvnd is insLrfficienl to meet their planned objectives. This may be Caused by a lower than expected income yield or an application for grant that is parb'cularty worthwhile but ex¢eeds the budget alocation. To addsS this, In aCCordare with the amended heme dated 15 October 2000. the trustees may retain income in a particular year that wll then be spent in the subsequent year. This Su1 in a reserve being esta1shed. amounting lo approximately £30.000 per fund. At the year-end. the three lunds each had in reserve amounts in excess of thi8 level, however plans for 2021 V•ill ensure that they a used in accordarKe ryth this policy. At the balarKe sheet dale, the Trust had Restn"cled furKls of £111.124 12019.. £132.3801 and a Permanent Endowment fund of £11.865.772 {2019'. £12,206,484). Confllct of inter8St The Iruslees have a system in pla¢e to identsfy any confiicts of interest Ihat may occur. When a conflict of interest arises. the relevant trustee or truslees agree to wthdraw from any discussion and decision. Going Concom The Board of Trustees is of the opinion that the chty ha$ adequate re$T5 lo conbnue in operational existence for the foreSeeae futu and Ihere are rKJ Matal un¢ertw'nkn"es warding the Trusfs ability to do so. Fundralslng The Trust does not undertake any public fwdraisrKJ acbwty and is not therefore registered Ihe Fundraising Regulalof. Plans for the fthure The Trust 15 expecled to conb.nue lo be managed as set out above in Ihe application of its Tesources to meet its charitable oLI"ect5.
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST TRUSTEES, REPORT Statemorit ol Trusteg$' Rospon$ibilitO6 The trustees a responsible for prepanng the Trustees. Re[ and the financial ststements in accordance wth applicable law and United Kingdom Accounting Stsndards. The law applicable lo charities in England and Wdles requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resource5 and application of resources of the charity forthat pertod. In preparing the ffinanrAal Statements. truytee$ are required to". 1. select su((able a¢counb'ng Fdicies and apply them consistentty; 2. observe the methods and princAples of the Charities SORP,. make judgements and estsmates that a reasonable and prudentr. 4. slate vthethei applicable ?ounting Standards have been followed. subjed to any departures disclosed and explained in the financial statements., and 5. prepare the f nanthal statements on the going eoncem ba&s unless rt is inappropriate to assume that the charity wll be able lo cCtinUe lo meet its 0.eCtIVeS. The trustees are responsible for keen9 accounting records Nthi¢h di5c105e Wth reasonable accuracy the financial posith.on of the charity at any tsme. and to enable the trustees lo ensure that the financial slalemenls comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also respOnte for safeguarding the charrty's assets. and hence for takn'ng reasonable steps for the prevention and detection of error. fraud and other irregUlare5. The Iruslees also confirm that they have made all necessary enquiries and taken such Steps that they ought to, lo ensure that they berne aware of any relevant audrt infomab.on and that they confim that the Charttable Trust's audrfors have been made avrnre of such infomwtion. Signaturo and D•claration By Order of the Trustees Signature.. Signature.. Date..
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST Oplnlon We have audited the financi81 slalemenls of French Huguenot Church of London Chaftlable Trust for the year ended 31 December 2020 wlN"ch compnse the Statement of Finanoal Acttvilies, Balance Sheet, and notes to the financial slalements. including a summary of significant accounting policie5. The financial reporting framework that has been applied in their preparalK)n is applicab law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applKable in the UK andRepublK of Ir8landlUnited Kingth)m GènerJlyAccepled Accounts'ng Practieel. In our opinion, the financial statements-. give a true and fair view of the state of the chanty's affairs as at 31 December 2020 and of the eharily's net movement in funds lor the year then ended.. have been property prepared in accordance with United Kingdom Generalty A¢¢epted Accountin9 Prath"¢e". and have been prepared in accordance wiéh the requirements of the charit Act 2011. Basis for oplnlon We have been appcinled as audttor under section 144 of the Charities Act 2011 and report in accordan wrth the Act and rdevanl reguktion5 made or having effect theTeunder. We conducted our audit in accordanee with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our iesponsibilrties under those standards are further described in the Audilof's responsibilities for the audit of the financial slalemenls seclion of our report. We are Independent of Ihe charity in accordance wth the ethical qUIreMentS that are relevant lo our audit of the financial slalernents in the UK including the FRC'S Ethical Standard. and we have fulfilled our other 8lhical responsibilities in accordan with these 9rements. We believe that the audrt evidence we have obtained 1$ sufficient and appropriate to pToMde a basis for our opinion. Con¢luslons relallng to goSng concern In auditing the finanual stalemenls. we have concluded Ihat the Truslees. use of the going concem bass of accounting In the preparation of the financ1 statements is appropriate. Based on the work we have perfomed, we have not identffth any m8lerial Urertaintles relating lo events or condOnS Ihal. inth"vidually or ccAleth"vely. may casl signffjanI doubl on the charity's ability to continue as a g(ing COrern for a period of al ast twelve months from when the financial statements are aLrthorised for issue Our re5ponsit¥'lities and the re3ponsitrilities of the trusleeswrth respect to going toncern are descnbed in the relevant sections of this report. Other Infomiation The Iruslees are responsble for the other information. The olhef infom)alon coTnpri5es the infomalion included in the Trustees, Annual Report. Our ¢Jpinion on the financtal stalemenls does not cover the othor infomiab.on and. except lo the extent olhemise explicitty staled in our report. we do not expres$ any form of assur or conclusron thereon. In COTr10n wrth our audrt of the finawal sLitemerts, ¢)ur responsibilrty is to Tead the othef information and, in doing so. con&der whether the other infomialion 15 materially in¢onsistenl with the finanoal sialemenls or our knowledge obtaned In the audit or otherwise appears lo be maierially misslaled. If we identfy such malena InconStenc1eS or apparent material misstal8menls, we are required to determine whether there is a malorial misslalement in the financia ststemenls or a materi81 misstatement ol the other information. If. base(l on the work we have perfomied. we conclude
INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST that there is a material misstalemenl of this oth8r information, we are required lo report that fact. We have nothing lo report In this regard. Matters on vA)ich we are requlred to veport by excepth)n We have nothing lo report in respect of the following matters in relatKJn lo which the Charities (Accounts and Reports) Regulations 2008 requir8 us lo r8POrt lo you if. in our opinion.. adequate aceounting records have not b kept by the charity.. or sufficignt auntIng records have not been kept,. or the ehanty financial statements are not in agreement with the xcounling rocords and returns., or we have not receNed dl the infomiation and explanatnS we requi for our audit. Rasponslbllitles of thè trusteos for th8 financlal statements As explained more fully in the trustees. responsibilities StatenI set out on page 6, the Iruslees are responsible for the pparatIOn of the financol stslements and for being sèlisfied that they give a true and fair view, and for such inlemal control as the trustees delemine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charty's abilty to ontinue as a going concefn. disclosing, as appIlble, matters related to going Concern and using the going concern ba$is of a¢counling unless the trustees erther intend to liquidate the charity or lo cease operations. or have no 811$11¢ attematNe but to do so. Audltor's r6spons1blll•9 for the audlt of the financlal statements Ouf objectives are to obtain reasonable assurance about whether the financial $ts18ments as a whole are free from material misstalemenl. whether due to fraud or erior, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit eonducled in accord8ncewith ISAS {UKI will always delect 3 material misslalementwhen il exists. Misstatements can arise from fraud or error and are considered material rf. individualty or in the aggregate, they could reasonably be expected to infiuerKe the economic decisions of users taken on the basis of these financial ststemenls. Irregularities. including fraLKI, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misslalements in respect of irregularities, including fraud. The extent to whKh our procedures are capable of detecting irregularities. includin9 fraud is detailed below. Ba$ed on our understanding ofcharity and the environment in which il operates. we idenirfied that th9 principal risks of non-compliancewilh laws and regulations relaled to compliance wi(h charity law, and we cOnSKJed the extent lo which non<ompliance might have a material effect on the financial slatemenls. We also Consided those laws and gUlatiOnS that have a direct impact on the preparation of the financial slalements such the Charities Act 2011. We evaluated Managen$ incentives and opportunities for fraudulent manipulation of the financial statements lincluding the risk of ovefflde of conlrolsl. and delennined that the principal risks were related to recognition ol income and management bias in certain a¢intIng estimalos. Audit procedures perfomied by the engagem8nl team included.. Inspecting minutes of Iruslees meelirKJs- Inspecling correspondence with regulators and tax authoritigs.,
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST Discussions wrth management including ConSerat)n of known or suspected inslances of non- eomplrance wrth laws and regUlatn and fraud," Evalualing management's controls designed to prevent and detecl Irglanties". Identifying and testing journals. In particular joumal entries posted wth unusual account combinations, Postings by unusual users or with unusual descriptions., and Challenging assumpbons and judgements made by management in their critical OUnt1r estimates. A further description of our responsibilities fo¥ the audit of the ffinanci81 $lalemenls is located on the Financial Reporting Council's website al". This description fomis part of tyjr audrtor's rep) Use of our report This report is made solely lo the ¢hanty's trustees. a5 a body. in accordance wth section 144 of the Charities A¢1 2011 and regulations mad& under seth.on 154 of that Act. Our audit work has been undertaken so that we might slate lo the chaTily'$ trustees those matters we are required lo slate lo them in an Auditorfs report and for no other purpose To the fullest extent pemitted by law. we do not accept or assume responsibility lo anyone other than the charty's trlsslees as a body lor our audrt woth. for this report, or for the opinpms we have formed. l-wts LL Haysmacinlyre LLP Slalulory Auditors 10 Queen Street Place London EC4R 1AG Dale.. 18 October 2021 Hay$macintyre LLP is eligiileto act as an auditor in tenns ofsKtion 1212 of the Companies Act 200S. 10-
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 2020 Restrlctsd Funds Church Educational Hardshlp Endowment Fund Fund Fund Fund 2020 Total Funds 2019 Tothl Funds INCOME FROM: Income from Invostrnents 125.195 139,677 118,224 383,096 458,453 Totsl Income 125.195 139,677 118,224 383,096 4SB,453 EXPENDITURE ON.. Charttable actlvlti•s,' In connection wlh.. Support ofthe Church Education Relief of Hardship 1124,2931 1124,293) 1167,3941 1112,665) 1151,2941 1179,4011 1150,6671 1167,3941 1112.66SI Totsl Expandltur• 1124.2931 1167,3941 1112,6651 1404,352) 1481,3621 Nel income I lexpendilurel before gains and105ses on investments 902 {27,7171 S.559 121,256) 122.9091 {LassM)IGalM on Inv•stm•nts 1340,7121 1340,712) 1,022,139 NET MOVEMENT IN FUNDS 902 127,717 5,559 1340.7121 I1,988} 999.230 RECONCILIATION OF FUNDS Total funds brought forward 30.477 67.626 34.277 12,206,484 12,338,864 11,339,635 Total fund$ carried forward 31,379 39,909 39.836 11,865,772 11.976,896 12,338.865 All transaclions during the year are derived frc¥n continuing actiwlies. All recognised gains and losses are Induded in the statement of financial activitie5. The notes pages 13 10 21 form part of these financial Stslennts.
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST BALANCE SHEET AS AT 31 DECEMBER 2020 14oto 2020 2019 FIXED ASSETS Investment Property Investments 220,000 11,644,355 220 000 11 985.067 11.864.355 12.205,7 URRENT ASSETS Debtors Cash at bar 18.282 146 588 149.034 149 034 164 870 CURRENT LIABILITIES Cred'tors amounts fal ng due wth n one year (36.493) 131.0731 NET CURRENT ASSETS 112.541 133 797 NET ASSETS LESS CURRENT LIABILITIES 11,976 896 12,338,864 REPRESENTED 8Y Permanent Endowment Fund5 11,86S.772 12,206 484 Restricted Funds Church Educat clnal Hardship 11 11 11 31.379 39.909 39.836 30.477 67.626 34.277 111 124 132.380 TOTAL FUNDS 11,976 896 12,338,864 Approved by the Trustees and signed on th*r behalf on If. JL¢ J ZL) L( ..k.L I #11,, l... eioi Trustee Truslee
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 1 Principal Accounting Polictes The accounts have keen prepared in acrdanCe applicab accounting 5tsndards, the partilar accounting poli¢ies have been adopted a descrthd below.- lal Basis of a¢¢ounting Thè financial slalemenls have been prepared in accordance with Accounting and Reporting by Charits"es Stslemenl of Recommende(I Practice applicable to charities leffeclive 1 January 20191 preparing their accounts in accordance wth the Financial Repong Standard appli¢able in the UK and Republic of Ireland IFRS 1021- (Charities SORP{FRS1021 (Second Edition)). The French Huguenot Church of London Charitable Trust rneets Ihe definilion of a public entity under FRS 102. Assets and liabilth.es are initially recognised at hislorical cost or transaction value unless othewse ststed in the levant accg)unting policy notes. The registered address is.. 10 Queen Street Place. London. EC4R 1AG. Ibl Golng Concern The Trustees have assessed the Charty's requirements for the fofeseeable fvture, including any likely donations request$. in light of the COMD-19 pandemic. It 1$ unclear what the medium- term outlook for group gatherings and meetings is likety lo be, however the Trustees have taken a conservative approa¢h to budgeb.ng and wll conb.nue lo assess the 511uation as it develops. The Trustees are however confident that the Charity's reseNe$ are suffi¢ienl lo enable operations linduding grants committed) lo continue at a sustainable level for a period of at least 12 months from the dale of approval of these financial ststemenls The Char"ty therefo continues to adopt the going nceM basis in preparTrng its financial statements. As the are no malenal uncertainties about the Charrty's abilty to contsnue operating. the accounts have been prepared on a going nCeM basis. Icl Funds Endowment The endowmenl funds repre$ent those assets. prinupalty inveslment properties and investTnent5, held permanently by the charity. Any gain5 or losses arising on the investments foim pèrt of the fvn(l. The income generated by the investments is distributed as sel ¢ul below. Restitled Income Funds Chur The income from this fund is paid to the Consistory of the Church lo be applied for the purposes of the Church. Educatnal The fvnd is mainly for distributing bur5arie5, special allowances and general emergency and project grants to individuals. sthools and various tharrtable organisations eoncemed with assisting young people. Money is also paid to the Consistory of the Church lo help fund their youth work and lo provide bursarie5 for children of members of the Church. Hardship The income is di$tribuled in the provisim of rel*f to Fersons who are in need, hardship or distress. Idl Propertlos Freeho1cJ reversion is sho% at cost. 13-
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (e) Investrn•nts Li51ed investments are induded at dosing mid-market value at the balance sheet dale. Any gains or1055es on reVuatiOn are taken to the Statement of Finanaal Activib"es. Unlisted investments are dUde al cost. the trustees bng sa¢i$fied that this opre5ents a fair value for the investment ifj Cash and cash twwval•nt Cash and cash equivalents indudes cash arbd short temi highly Itquid investments th short term maturity of three months or less frcm the date of a¢quisth"on OT opening of the deposit or similar account. (gi Grnnts Grants payat4e are payments made in furtheran of the charrtable objectives of Ihe Church, Single or multi-year grants are accounted for vhen eilher the reapient has a asonable expedation that they VAII receive a grant and the trustees have agreed to pay the grant without condrtion. or the reCi.ent ha$ a reasonable expectatson that they wll receive a grant and any conditi'on attaching to the grant is Outs the conlrol ofthe Trust. Prowsions for grants are made vthen Ihe intenb.on to make a grant has been communicated lo the recipient but ther is uncertainty aboLbt ther the b.ming of the grant or the amount ol grant payat4e. Ihl Forelgn cwrnncy Transactions in foreign currency are recognised at Ihe rate of exthange at the date of the transaction Assets held in fol9n currency are translated into sterfing at the exchange rate at the balance sheet dale. All exchange rate differences are recognised through the stalemenl of finanoal actsvib"es. Income and experMlTrtur• Income and expenditure of the Trust is alk>cated to each fund in proporb'on to each fund's share of the total perrnanenf endowment. excÈpl for dLrect costs which are all¢xaled lo the fund lo whith they rdate. Inco and expenditure is accounted for on an accruals basis. Churth Fund Educational FurKI Hardship Fund 32 68% 36.460 30.66% (J'l Crodltors and pvovlslons Credrtors and prowsions are recognised vthere the chanty has a present obligation Tesulling from a past event that WH Probably result in the transfer of fvnds to a third paty and the amount due t¢ settle the obligation can be measured or e5timaled rellay. Creditors and provisions are nomialty recogniserj al their setuement OUnt after allmng for any trade discounts (tue. {k} E$timat•s and judgoments Esknmales arKI judgements are continually evaluated and are based on historical experience and other factors, induding expectations of ftrture events that are lieved to be reasonable under the urcumstances. Athough these esb"mates are based on the Iruslee's best knowbedge of the amount, everts or a¢b"ons, actual results ultimatety dffter frorn these estimates. The trustees do not consider there to be any material esb"mates and ILgeMents. Financial instrum•nts The charity only has finanoal assets and finanual liabilities of a kind that qualify a$ basic financial inslrumenls. Bas finan¢ial instruments, including trade and other debtor5 and creditors are inib.ally recognised at transaction value and subsequenty meaSUd at their setyemenl value. 14-
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 2 Investsnerrt Income 2020 Rostrlct•d Funds Church Educatoonal Hardshlp 2020 Total Income from listed investrnents Bank and other interest 125.184 11 139,664 13 118.213 383,061 11 35 125,195 139,677 118.224 363,096 2019 Restricted Funds Church Educatlonal Hard8hlp 2019 Total Income from listed investrnents Bank and other interest 149.801 21 167,129 24 141.458 458.388 20 65 149.822 167.153 141,478 458.453 3 Grants 2020 RtrIcted Funds Chur¢h EduutloMI H•rd8hlp 2020 Total Bursaries, grants and charitable payments Income paid to Church 154.794 102.000 256.794 113,000 113,000 113,000 154.794 102,000 369,794 2019 Restrlcted Funds Church Educational Hard$hip 2019 Totsl Bursaries. grants and tharttable payments In¢ome paid lo Ghurch 166,800 140.000 306,800 140.000 140.000 140,000 166.800 140.000 446.800 Detsils of grants made are shovm below. 2020 2019 Consi510ry of The French Protestant Church of London Governan¢e cLJst$ (note 41 113,000 11.293 140,000 11,294 124.293 151,294 15-
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 2020 2019 Education Fund.. Grants to indiv?dua15 Ancestry grants Bursaries Conyslorial grants Project grants Hugvenot Researth S¢hdar5hip Grants to insbtulions Coram Beanstslk East Meets Wesl Eglise Protestanle unie de France French Protestant Churth of LorOn Granville Plus Nursery Jonas Foundation Khethani Magic breakfast Music in Hosprtals Redlhread Reedham Children's Tnt SHINE Snowdon Awards St Wodos Cathedral TLG 3size Govemance costs (note 4) 800 ,930 14,500 73.100 18,500 5.000 2.500 4.064 3.000 4,000 10,000 16,700 5,000 2,000 2,500 2,000 2,500 2,000 2,1)00 10,000 7,000 2,000 1,0110 2.OlXI 2.0(M) 2.orM) s.0) 1,500 2,OC 2.000 12.6CA) 2.000 10,000 1,500 2,000 2.500 12,601 167.394 179,401 2020 2019 Grants lo Inststub"on$ Age UK Age UK Westminster C4WS CARA Cardina Hume Centre Caris Camden House Caritas Dispensalre Fran¢ais French Prolestsnt Church of London Islington Centre for Refugees aThJ MBJrants Kent Refugee Help Living Words Magi¢ Me Music in Hospitals Nolre Dame Refugee Centre Pra$ Community ProJe¢ts Refugee Council Solusbury Wortd Soup Kitchen al the Ameri¢an Churth in London southampt and Winchester Visitors Group SpWfidd$ Music 7,000 7,000 7,500 5,000 5,000 5,000 5,000 5,000 5,000 10,000 7.500 5.000 15.000 5.000 7,000 2,500 5,000 2,000 5,000 7.000 5,000 7.000 5,000 5.000 5,000 2,500 7,500 7,500 5,000 5,000 16-
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Sl Cuthbert'5 Centre Sl Giles Trust The Connection at St4Aartin-in-the-Fields Time and Talents Toynbee Hall Tnjssel Trust Upper Room VlÈsl London Action for Children Èsl London Day Centre G¢eManCe costs (note 41 7.000 5,000 8,000 2.500 5.000 5.000 7,000 8,500 5,000 7,000 10,667 5,000 10,665 112.665 150,667 Total 404,352 481,362 4 Gov•manc• Costs 2020 Rgstrlctsd Funds Church Educational HanlBhip 2020 Total Auditors remuneration.. Slalutory audit Clerkship fees Bank ¢harge$ Other 2,726 8.516 35 16 3.040 9.501 40 19 2,574 8.043 33 15 8,340 26.060 108 so 11,293 12,600 10,665 34,55B 2019 Restrfctèd Funds Church Educational Hardshlp 2019 Total Auditors remLmeralion: Slalutory audit Clerkship fees Bank charges Other 2.725 8.530 49 {101 3.040 9.517 55 (11) 2,575 8,055 46 19} 8,340 26,102 15D (301 11.294 12,601 10,667 34,562 S Investment Property 2020 2019 Freehold Reversions.. 14 to 18 Noel Street, Soho. W1 1250 year lease expiring 25ffj312258) 220,000 220,000 17-
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 6 Inv8stm•nts 2020 2019 Martet value as at 1 Jarbuary 2020 Add.. Nel gainlllossl on revaluation Add.. Net gairvllossl on sale of investments 11.985.067 1340.712) 10.%2.929 1,022,138 Market value at 31 December 2020 11.644.355 11,985.067 Historical Cost 11,185.2B4 11.185.284 An investments held at Ihe beginning, through¢xJl and at the erhd ofthe year Ere sted on Tecognised sloek exchanges. The 2020 market valuation of £11.644.35512019: £11,985.067) inclLhYed aggregated unrealised loss of £340,712 {2019. gain of £1,022.1381. 7 Cash 2020 2019 Cafbank Current Account Cafbank Deposit Account 105.997 43,037 103,572 43,016 149.034 146.588 8 D•btors 2020 2019 Kleinwort Benson re Noel Street Insurance 18.282 9 Crndltors: amounts falling due Y•ithin on• year 2020 2019 Trade creditors Grants payafje VAT payat4e 14,940 15,009 22,740 5,000 3,333 36,493 31,073 10 Trustso$' Expenses No expenses were reimbursed to ITuslee'5 during the year12019.. £nil). No trustee$ recfy'ved any remunerotion in conneckn'on with their trustee dub.es (2019" none). The Iwst Yoe$ not employ staff {2019'. none). There were no olher rdated paty Iransaclions in the year12019." none). except for payments made to the French Protestant Church of London of £113,00012019." £140.0001 Tr*thi¢h has Common Iruslees. 18-
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 11 Funds Rgstricted Funds Educatlonal Endovmiont Funds Educatlonal Church H•rdshlp ChuT¢h Hardshlp Total At 1 January 2020 Income Expendrture Gainlllossl on investments 30,477 125,195 1124,2931 67.628 139.677 167.3941 34,277 118,224 {112,665} 3.989.079 4.450,484 3,766.921 12,338.864 383,096 1404.3521 1340.7121 (111.3451 1124,2231 1105,1441 Al 31 December 2020 31,379 39,909 39,836 3,877.734 4,326.261 3,661,777 11,976.896 R•pr•gentsd by: Inve61menl property Investment$ Debtors C8gh Creditors 71.89fj 3,805.375 80,212 4,245,532 67.892 3,593.448 220,000 11,644,35S 38,399 17,1321 62.751 122.9661 46,467 16,7351 517 437 149.034 136,493 31,379 39,909 39,836 3,877.734 4,326.261 3,661.777 11,976.896 19
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Rest11¢t Fund5 Educatlonal Hardjhlp Endowment Funds Educatlonal Funds comparatlve Church Church Hardshlp Total At 1 January 2019 Income Expendrture Gainlllossl on investments 31.949 149.822 1151.2941 79,875 167,153 1179,4011 43,465 141,478 1150,6671 3,655.044 4,077,813 3,451.489 11,339,635 458,453 1481,3621 1,022, 138 334,035 372,671 315,432 At 31 D•¢emb•r 2019 30,477 87,626 34.277 3,989,079 4,450,484 3,766.921 12,338,864 R•pr•tsnt•d by: Tangible assets Investments Debtors Cash Creditors 71,896 3,916,720 80,212 4,369,755 67,892 3,698,592 220,000 11,985.C67 18,282 146,588 131,0731 5,975 33,023 18,5211 6,665 75.467 114.5061 5.642 36.681 18,0461 463 517 437 30,477 67.626 34,277 3,989,079 4,450,484 3,766,921 12,338,864 -20-
FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS 12 Comparativg St•tsm•nt of Flnan¢lal Activiti•s 2019 Restrlctod Funds Church EducatloMI Hardship End01ont Fund Fund Fund Fund 2019 Total Funds INCOME FROM: Income from Investments 149.822 167,153 141.478 458,453 Total Income 149.822 167.153 141,478 458,453 EXPENDITURE OM: Charitable actlvitles- In ¢onnection wth". Support of the Church Educab'on Relief of Hardship 1151,294) 1151,2941 {179,4011 {150,6671 1179.401) 1150,667) Totsl Expendlture {151,294) 1179.4011 1150,667} (481,3621 Net income I (expenditure) before gains and losses on investments 11.4721 112.248) 19,1891 122,9091 ILossgsyGalns on assets 1,022.139 1.022.139 NET MOVEMENT IN FUNDS 11.472) (12,248) (9.1891 1,022,139 999,230 Totsl lunds brought fop*r4rd 31.949 79.875 43.465 11.184,346 11,339,635 Totsl funds carried forward 30.477 67.627 34.276 12.206,485 12,338,865 21