# **FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST**
# **REGISTERED CHARITY NO: 249017**
# **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
**Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG**
## **FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' Annual Report|**1 - 6**|
|Independent Auditor's Report|**7 - 8**|
|Statement of Financial Activities|**9**|
|Balance Sheet|**10**|
|Notes to the Financial Statements|**11 - 19**|
## **FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST TRUSTEES' REPORT**
## **Legal and Administrative Information**
## **Charity Name**
French Huguenot Church of London Charitable Trust
## **Charity Number**
249017
## **Trustees**
Alethea Ato Laurence Colchester Florence de Maleprade (retired 11 July 2022) Peter Duval Glynda Easterbrook Benedicte Fougier Martin Harcourt-Williams Ghislain Leugue Alice Martineau Charles Martineau Harry Martineau Natasha Martineau Anthony Wilson Fabien Lerede (appointed 11 July 2022)
## **Governing Schemes**
Scheme approved by Order of the Court dated 26 July 1926 Charity Commmission Scheme dated 12 April 1976 Charity Commmission Scheme dated 30 August 1984 Charity Commmission Scheme dated 4 October 1988 Charity Commmission Scheme dated 17 July 1998 Charity Commmission Scheme dated 15 October 2000
## **Main Terms**
Church Fund - see Clause 51(1) of the 1998 Scheme Educational Fund - see Clauses 51(2) and 52 of the 1998 Scheme Hardship Fund - see Clauses 51(3) and 53-55 of the 1998 Scheme as amended by Clause 2 of the 2000 Scheme
## **Clerk to the Trustees**
Dalia Ricketts
## **Auditor**
Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG
## **Solicitors**
Bates Wells & Braithwaite London LLP, 10 Queen Street Place, London, EC4R 1BE
## **Investment Managers**
Barings Asset Management, 20 Old Bailey, London, EC4M 7BF (until 4 August 2022) Rathbone Investment Management Limited, 8 Finsbury Circus, London, EC2M 7AZ (from 4 August 2022)
## **Surveyors**
Spring 4 Limited, 60 Cheapside, London, EC2V 6AX
- 1 -
**FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST TRUSTEES' REPORT**
## **Report of the trustees for the year ended 31 December 2021**
The trustees present their annual report and accounts for the year ended 31 December 2021.
The accounts have been prepared in accordance with the accounting principles set out in note 1 to the accounts and comply with the Charities Act 2011, the Charity' governing schemes, and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - Second Edition effective 1 January 2019).
## **Objectives and activities for public benefit**
The trustees are charged with holding the assets of the Charity in three separate Funds, namely Church, Educational and Hardship; and using the income from each Fund as specified in Clause 51 to 55 of the Charity Commission Scheme dated 17 July 1998 as modified by the Scheme of 15 March 2000. Under the provisions of the governing scheme the income of the Church Fund is paid to the Consistory of The French Protestant Church of London ("the Church") for its purposes. The income of the Educational Fund is applied for the promotion of education of persons aged under 25. The income of the Hardship Fund (formerly the Poor Fund) is applied to reduce need, hardship and stress for certain categories of people.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
## **Structure, governance and management**
The Charity is administered by a body of between 9-13 trustees who meet at least 4 times per year. The Clerk to the trustees is appointed by the trustees to manage the day-to-day operations of the Charity.
New trustees are appointed for life by Resolution of the trustees passed at a special meeting of which not less than 21 days notice has been given (Clause 31 of the Scheme of 17 July 1998). The Consistory of the Church nominates 3 trustees who serve for 3 years.
When recruiting new trustees, the existing trustees look for individuals with skills and experience which are of value to the Charity. Any potential trustees are interviewed by the existing trustees and provided with a pack of information including accounts and a copy of the trust deed. This enables them to better understand the purpose and operation of the charity before a decision is made over their appointment.
The trustees are experienced individuals with an appropriate understanding of the requirements of a trustee of a charity. Where appropriate, the charity supports the training of trustees, including attendance at seminars.
- 2 -
## **FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST TRUSTEES' REPORT**
## **Risk Management**
The trustees are aware of their responsibilities under the Statement of Recommended Practice on Accounting and Reporting by Charities and have undertaken a detailed analysis of the risks involved in the Charity's activities.
In response to this analysis, the trustees have maintained a contingency fund, contributed to by each of the Church, Education and Hardship funds. This has been established to cover larger items of un-budgeted expenditure where these would otherwise prevent or significantly reduce the ability of the trust to meet its objectives as set out above.
The trustees have identified the following risks:
- Investments will drop in value.
- Donations made will not be spent how the trustee's would like.
Action taken to mitigate the risk:
- Trustee's have appointed a professional firm to manage the investments.
- Trustee's actively review the donations and ask for updates and reports.
## **Key Management Personnel**
The trustees consider the board of trustees and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day to day basis. All trustees give their time freely and no director received remuneration in the year. Details of directors' expenses and related party transactions are disclosed in note 9 to the accounts.
## **Grant making policy and review of activities**
Grants are made on an annual basis and the Charity has no long term commitments. During the course of the year, the income of the funds was distributed as follows:
## Church Fund:
During 2021, in another highly challenging year, the focus of the Church has been to adapt to the challenge posed by Covid and to maintain its role as the spiritual home of the French-speaking community of Reformed faith in London through an enhanced online presence. The Church remained closed during the first months of 2021, during which services were celebrated online. The Church reopened its doors on Sunday 18th April and the following week, Sunday school could resume. During the second part of the year, the Church’s normal activities gradually resumed, with health and prevention measures maintained. Services were celebrated in French every Sunday and were attended by 30 to 100 people.
Due to the easing of the restrictions, the inauguration of our renovated space originally planned in May 2020 could finally take place during Remembrance Sunday weekend (13th and 14th November). You can watch a short movie highlighting the transformation of the space. On Remembrance Sunday (14th November), all donors or volunteers having contributed to the success of the project were invited to join the community and the veterans’ associations for a special service.
During the first two months of the year, the library remained closed due to the pandemic. The conservation team started meeting again in March 2021 and continued working on a long and painstaking process to identify the books that will need a more thorough studio restoration, and to stabilise the others.
Following Covid restrictions, no room rentals could be done until April 2021 and the contract of our manager was put on hold. A new part time office and venue manager was recruited in September 2021 in charge of developing a marketing and financial strategy to fill the space up and build a knowledge management strategy. Despite very challenging conditions she managed to start renting our rooms on a regular basis. At the end of 2021, our rooms were rented out on a regular basis to five different associations or small businesses all of whom have strong links to the French community. The single largest source of income for the Church is the grant received from the French Huguenot Church of London Charitable Trust.
- 3 -
## **FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST TRUSTEES' REPORT**
## Educational Fund:
The Education Fund sub-committee continue to distribute income in the form of bursaries, special allowances, general emergency and project grants to individuals, schools and charitable organisations concerned with educating young people. At the year-end trustees receive individual school reports from those who have received bursaries and reports from the charities supported. The reports show who the funding has helped and how the recipients have benefited.
A total of £117,950 (2020: £154,794) was paid in bursaries, grants and charitable payments. 52 pupils (2020: 53) at various colleges, boys and girls day schools and choir schools received special allowances, bursaries and emergency grants.
No young people were assisted with grants for overseas projects (2020: None). No grant (2020: None) was given to BSES Expeditions and no grant (2020: None) to Project Trust.
Grants totalling £41,000 (2020: £38,500) were made to 13 (2020: 12) organisations providing assistance mainly to disabled and under-privileged young people and included the following payments of £1,000 or more:
|Coram Beanstalk|£1,700|
|---|---|
|East Meets West|£1,000|
|Eglise Protestante unie de France|£10,000|
|French Protestant Church of London|£13,500|
|Jonas Foundation|£1,000|
|Khethani|£1,000|
|Lord Snowdon's Award Scheme|£4,000|
|Redthread|£1,700|
|Reedham Children's Trust|£1,700|
|SHINE|£1,700|
|St Woolos Cathedral|£1,000|
|TLG|£1,700|
|Zisize|£1,000|
In 2022 the Trustees will discuss educational support for Ukranian refugees and vulnerable children affected by fuel poverty.
Hardship Fund:
The Hardship Fund sub-committee continue to work with selected charities in London helping those in need who are old or homeless and children in need of support, as well as refugees and French Protestants in need elsewhere.
The trustees discuss with the charities about specific projects for which they require support and the charities send reports of their work at the year end. The projects vary from training and supporting volunteers, contributing towards the costs of staff to other costs of running a programme. The trustees remain in contact with the charities, but do not support the same charities each year.
This has been the second year for charities to cope with the restrictions imposed by COVID and trustees continue to be impressed by the charities rising to the challenges of these restrictions.
In 2021 the trustees gave support to the following charities
Old Age : Age Concern East London, Living Words, Time and Talent, Spitalfield Music, Music in Hospitals.
Homeless: C4WS, Caris, Caritas, Cardinal Hume, Trussel Trust, Connection St Martin, St Cuthberts Centre, The Upper Room.
Refugees: CARA, KRAN, Notre Dame Refugee Centre, Southampton & Winchester Visitor Centre, Refugee Youth.
Young: St Giles Trust, West London Action for Children.
Funding continued to be low due to lockdown and totalled £100,000.
- 4 -
## **FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST TRUSTEES' REPORT**
## **Investment policy and performance**
The Statement of Investment Policy, originally approved by the trustees in 1996, is reviewed from time to time and was last modified during the year to 31 December 2021. The policy is designed to generate annual income sufficient to support the achievement of the Charity's Objects whilst ensuring sufficient long term capital growth to enable the effective continuation of the Charity's work in the future.
The total value of the Investment Portfolio at 31 December 2021 was £12,472,329 (2020: £11,644,355).
The portfolio is managed on a discretionary basis by Rathbone Investment Management Limited with a primary objective of providing income for the Church Fund, Educational Fund and Hardship Fund whilst also ensuring sufficient long-term capital growth to enable the effective continuation of the Charity’s work in the future. In addition to a longer-term total return objective of inflation (as measured by CPI) + 3.5% per annum net of all fees, portfolio performance is also monitored against an appropriate composite benchmark and asset ranges.
## **Reserves review including policy**
The trustees are aware that there may be times when the level of income earned on each fund is insufficient to meet their planned objectives. This may be caused by a lower than expected income yield or an application for grant that is particularly worthwhile but exceeds the budget allocation. To address this, in accordance with the amended scheme dated 15 October 2000, the trustees may retain income in a particular year that will then be spent in the subsequent year. This results in a reserve being established, amounting to approximately £30,000 per fund. At the year-end, the three funds each had in reserve amounts in excess of this level, however plans for 2022 will ensure that they are used in accordance with this policy.
At the balance sheet date, the Trust had Restricted funds of £133,862 (2020: £111,123) and a Permanent Endowment fund of £12,702,866 (2020: £11,865,772).
## **Conflict of interest**
The trustees have a system in place to identify any conflicts of interest that may occur. When a conflict of interest arises, the relevant trustee or trustees agree to withdraw from any discussion and decision.
## **Going Concern**
The Board of Trustees is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Trust's ability to do so.
## **Fundraising**
The Trust does not undertake any public fundraising activity and is not therefore registered with the Fundraising Regulator.
## **Plans for the future**
The Trust is expected to continue to be managed as set out above in the application of its resources to meet its charitable objects.
- 5 -
## **FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST TRUSTEES' REPORT**
## **Statement of Trustees' Responsibilites**
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing the financial statements, trustees are required to:
1. select suitable accounting policies and apply them consistently;
2. observe the methods and principles of the Charities SORP;
3. make judgements and estimates that are reasonable and prudent;
4. state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
5. prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will be able to continue to meet its objectives.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity at any time, and to enable the trustees to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the charity's assets, and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities.
The trustees also confirm that they have made all necessary enquiries and taken such steps that they ought to, to ensure that they become aware of any relevant audit information and that they confirm that the Charitable Trust's auditors have been made aware of such information.
## **Signature and Declaration**
By Order of the Trustees
H. R. A. Martineau
Signature: .....................................................................................................
Date: 26 October 2022
## C E M Martineau
Signature: .....................................................................................................
Date: 26 October 2022
- 6 -
## **Independent auditor’s report to the trustees of French Huguenot Church of London Charitable Trust**
## **Opinion**
We have audited the financial statements of French Huguenot Church of London Charitable Trust for the year ended 31 December 2021 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of the charity’s net movement in funds for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the [group/charity]'s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- adequate accounting records have not been kept by the charity; or
- sufficient accounting records have not been kept; or
- the charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees for the financial statements**
As explained more fully in the trustees’ responsibilities statement [set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to 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 conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Charity Law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, the Statement of Recommended Practice applicable to charities (SORP 2019) and FRS102.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to recognition of income. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular journal entries posted at the year-end or with unusual descriptions; and
- Challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.
Haysmacintyre LLP 10 Queen Street Place Statutory Auditors London Date: 31 October 2022 EC4R 1AG
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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## **FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST**
## **BALANCE SHEET AS AT 31 DECEMBER 2021**
|**Note**
**2021**
**£**
**£**
**FIXED ASSETS**
Investment Property
**6**
220,000
Investments
**7**
12,472,329
12,692,329
**CURRENT ASSETS**
Cash at bank
**8**
169,338
Debtors
**9**
615
169,953
**CURRENT LIABILITIES**
Creditors: amounts falling due within one
year
**10**
(24,939)
**NET CURRENT ASSETS**
144,399
**NET ASSETS LESS CURRENT**
**LIABILITIES**
12,836,728
**REPRESENTED BY**
Permanent Endowment Funds
**12**
12,702,866
Restricted Funds
Church
**12**
40,691
Educational
**12**
47,270
Hardship
**12**
45,901
133,862
**TOTAL FUNDS**
12,836,728
Approved by the Trustees and signed on their behalf on26 October 2022
.....................................................
.....................................................
Trustee
Trustee
H. R. A. Martineau
C E M Martineau|**2020**
**£**
149,034
-
149,034
(36,493)
31,379
39,908
39,836|**£**
220,000
11,644,355|
|---|---|---|
|||11,864,355
112,541|
|||11,976,896|
|||11,865,772
111,123|
|||11,976,896|
||||
- 10 -
**FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **1** Principal Accounting Policies
The accounts have been prepared in accordance with applicable accounting standards, the particular accounting policies which have been adopted are described below:-
## (a)
## **Basis of accounting**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities (effective 1 January 2019) preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP(FRS102) (Second Edition)).
The French Huguenot Church of London Charitable Trust meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The registered address is: 10 Queen Street Place, London, EC4R 1AG.
## (b)
## **Going Concern**
The Trustees have assessed the Charity’s requirements for the foreseeable future, including any likely donations requests, in light of the COVID-19 pandemic. It is unclear what the medium-term outlook for group gatherings and meetings is likely to be, however the Trustees have taken a conservative approach to budgeting and will continue to assess the situation as it develops. The Trustees are however confident that the Charity’s reserves are sufficient to enable operations (including grants committed) to continue at a sustainable level for a period of at least 12 months from the date of approval of these financial statements. The Charity therefore continues to adopt the going concern basis in preparing its financial statements. As there are no material uncertainties about the Charity’s ability to continue operating, the accounts have been prepared on a going concern basis.
## (c) **Funds**
## _Endowment_
The endowment funds represent those assets, principally investment properties and investments, held permanently by the charity. Any gains or losses arising on the investments form part of the fund. The income generated by the investments is distributed as set out below.
## _Restricted Income Funds_
## _Church_
The income from this fund is paid to the Consistory of the Church to be applied for the purposes of the Church.
## _Educational_
The fund is mainly for distributing bursaries, special allowances and general emergency and project grants to individuals, schools and various charitable organisations concerned with assisting young people. Money is also paid to the Consistory of the Church to help fund their youth work and to provide bursaries for children of members of the Church.
## _Hardship_
The income is distributed in the provision of relief to persons who are in need, hardship or distress.
## (d) **Properties**
Freehold reversion is shown at market value.
- 11 -
**FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## (e) **Investments**
Listed investments are included at closing mid-market value at the balance sheet date. Any gains or losses on revaluation are taken to the Statement of Financial Activities.
Unlisted investments are included at cost, the trustees being satisfied that this represents a fair value for the investment.
(f) **Cash and cash equivalents** Cash and cash equivalents includes cash and short term highly liquid investments with short term maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## (g) **Grants**
Grants payable are payments made in furtherance of the charitable objectives of the Church. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the Trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
(h) **Foreign currency** Transactions in foreign currency are recognised at the rate of exchange at the date of the transaction. Assets held in foreign currency are translated into sterling at the exchange rate at the balance sheet date. All exchange rate differences are recognised through the statement of financial activities.
## (i) **Income and expenditure**
Income and expenditure of the Trust is allocated to each fund in proportion to each fund's share of the total permanent endowment, except for direct costs which are allocated to the fund to which they relate. Income and expenditure is accounted for on an accruals basis.
Church Fund 32.68% Educational Fund 36.46% Hardship Fund 30.86%
## (j) **Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## (k) **Estimates and judgements**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the trustee's best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The trustees do not consider there to be any material estimates and judgements.
## (l) **Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.
- 12 -
## **FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
**2 Investment Income** Income from listed investments Bank and other interest
Income from listed investments Bank and other interest
## **3 Costs of generating funds**
Investment management fees
|**2021 Restricted Funds**
**Church**
**Educational**
**Hardship**
**£**
**£**
**£**
128,249
143,083
121,106
4
-
-
128,253
143,083
121,106
**2020 Restricted Funds**
**Church**
**Educational**
**Hardship**
**£**
**£**
**£**
125,184
139,664
118,223
11
13
11
125,195
139,677
118,223
**2021 Restricted Funds**
**Church**
**Educational**
**Hardship**
2,974
3,318
2,808
2,974
3,318
2,808|**2021**
**Total**
**£**
392,438
4|
|---|---|
||392,442|
||**2020**
**Total**
**£**
383,071
35|
||383,095|
||**2021**
**Total**
9,100|
||9,100|
## **4 Grants**
|**Grants**
**2021 Restricted Funds**
**Church**
**Educational**
**Hardship**
**£**
**£**
**£**
Bursaries, grants and charitable payments
-
117,950
100,000
Income paid to Church
103,000
-
-
103,000
117,950
100,000
**2020 Restricted Funds**
**Church**
**Educational**
**Hardship**
**£**
**£**
**£**
Bursaries, grants and charitable payments
-
154,794
102,000
Income paid to Church
113,000
-
-
113,000
154,794
102,000|**2021**
**Total**
**£**
217,950
103,000|
|---|---|
||320,950|
||**2020**
**Total**
**£**
256,794
113,000|
||369,794|
- 13 -
## **FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
|Details of grants made are shown below.
Church Fund:
Consistory of The French Protestant Church of London
Governance costs (note 5)
Education Fund:
Grants to individuals
Ancestry grants
Bursaries
Consistorial grants
Project grants
Huguenot Research Scholarship
Grants to institutions
Coram Beanstalk
East Meets West
Eglise Protestante unie de France
French Protestant Church of London
Jonas Foundation
Khethani
Redthread
Reedham Children's Trust
SHINE
Snowdon Awards
St Woolos Cathedral
TLG
Zisize
Governance costs (note 5)
Hardship Fund:
Grants to institutions
Age UK
Age UK Westminster
C4WS
Cardinal Hume Centre
Caris Camden House
Caritas
Council for at risk Arcade Fellows
Dispensaire Francais
French Protestant Church of London
Islington Centre for Refugees and Migrants
Kent Refugee Help
Living Words
Magic Me
Music in Hospitals
Notre Dame Refugee Centre
Praxis Community Projects|**2021**
**£**
103,000
12,968
115,968
**2021**
**£**
-
76,950
13,500
-
-
1,700
1,000
10,000
-
1,000
1,000
1,700
1,700
1,700
4,000
1,000
1,700
1,000
14,454
132,404
**2021**
**£**
7,500
-
5,000
5,000
7,500
5,000
5,000
-
-
-
6,000
2,500
-
3,000
6,000
-|**2020**
**£**
113,000
11,293|
|---|---|---|
|||124,293|
|||**2020**
**£**
800
96,930
14,500
-
4,064
-
2,000
10,000
7,000
2,000
1,000
2,000
2,000
2,000
5,000
1,500
2,000
2,000
12,600|
|||167,394|
|||**2020**
**£**
-
7,500
5,000
5,000
5,000
5,000
-
5,000
10,000
7,500
-
2,500
5,000
2,000
-
7,500|
- 14 -
## **FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
Total
|Re-engage Suport for the Elderly
Refugee Council
Solusbury World
Soup Kitchen at the American Church in London
Southampton and Winchester Visitors Group
St Cuthbert's Centre
St Giles Trust
The Connection at St-Martin-in-the-Fields
Time and Talents
Toynbee Hall
Trussel Trust
Upper Room
West London Action for Children
West London Day Centre
Governance costs (note 5)|5,000
-
-
-
5,000
5,000
5,000
5,000
7,500
-
5,000
5,000
5,000
-
12,232
112,232
360,604|-
7,500
5,000
5,000
-
-
-
-
2,500
5,000
5,000
-
-
5,000
10,665
112,665
404,352|
|---|---|---|
## **5 Governance Costs**
|**Governance Costs**
Auditors remuneration:
Statutory audit
Clerkship fees
Bank charges
Other
Auditors remuneration:
Statutory audit
Clerkship fees
Bank charges|**2021 Restricted Funds**
**Church**
**Educational**
**Hardship**
**£**
**£**
**£**
2,998
3,347
2,832
9,562
10,668
9,029
81
75
63
327
364
308
12,968
14,454
12,232
**2020 Restricted Funds**
**Church**
**Educational**
**Hardship**
**£**
**£**
**£**
2,726
3,040
2,574
8,516
9,501
8,043
35
40
33
11,293
12,600
10,665|**2021**
**Total**
**£**
9,177
29,259
219
999|
|---|---|---|
|||39,654|
|||**2020**
**Total**
**£**
8,340
26,060
108|
|||34,558|
## **6 Investment Property**
Freehold Reversions: 14 to 18 Noel Street, Soho, W1 (250 year lease expiring 25/03/2258)
|**2021**|**2020**|
|---|---|
|**£**|**£**|
|220,000|220,000|
- 15 -
**FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
|**7**|**Investments**||**2021**|**2020**|
|---|---|---|---|---|
||||**£**|**£**|
||Market value as at 1 January 2021|11,644,355||11,985,067|
||Acquisitions at cost|11,089,066||-|
||Disposals|(12,158,578)||-|
||Add: Net gain/(loss) on revaluation|447,323||(340,712)|
||Add: Net gain/(loss) on sale of investments|389,771||-|
||Market value at 31 December 2021|11,411,937||11,644,355|
||Historical Cost|10,964,614||11,185,284|
||All investments held at the beginning, throughout and at the end|of the year were listed on recognised stock|||
||exchanges.||||
||The 2021 market valuation of £11,411,937 (2020: £11,644,355) included an aggregated unrealised|||gain of|
||£447,323 (2020: loss of £340,712).||||
|**8**|**Cash**|**2021**||**2020**|
|||**£**||**£**|
||Cafbank Current Account|122,073||105,997|
||Cafbank Deposit Account|43,027||43,037|
||Rathbones Income Account|4,238||-|
|||169,338||149,034|
|**9**|**Debtors**|**2021**||**2020**|
|||**£**||**£**|
||VAT repayable|615||-|
|||615||-|
|**10 **|**Creditors: amounts falling due within one year**|**2021**||**2020**|
|||**£**||**£**|
||Trade creditors|18,554||14,940|
||Grants payable|7,000||15,009|
||VAT payable|-||6,544|
|||25,554||36,493|
- 16 -
## **FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **11 Trustees' Expenses**
No expenses were reimbursed to trustee's during the year (2020: £nil). No trustees received any remuneration in connection with their trustee duties (2020: none).
The trust does not employ staff (2020: none).
There were no other related party transactions in the year (2020: none), except for payments made to the French Protestant Church of London of £103,000 (2020: £113,000) which has common trustees.
- 17 -
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**FRENCH HUGUENOT CHURCH OF LONDON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS**
## **13 Comparative Statement of Financial Activities**
|**INCOME FROM:**
Income from Investments
**Total Income**
**EXPENDITURE ON:**
**Charitable activities:**
In connection with:
Support of the Church
Education
Relief of Hardship
**Total Expenditure**
Net income / (expenditure) before
gains and losses on investments
**(Losses)/Gains on assets**
**NET MOVEMENT IN FUNDS**
Total funds brought forward
Total funds carried forward|**2020 Restricted Funds**
**Church**
**Educational**
**Hardship**
**Endowment**
**Fund**
**Fund**
**Fund**
**Fund**
**£**
**£**
**£**
**£**
125,195
139,677
118,223
-
125,195
139,677
118,223
-
(124,293)
-
-
-
-
(167,394)
-
-
-
-
(112,665)
-
(124,293)
(167,394)
(112,665)
-
902
(27,717)
5,558
-
-
-
-
340,711
902
(27,717)
5,558
340,711
30,477
67,626
34,277
12,206,484
31,379
39,909
39,835
11,865,773|**2020**
**Total**
**Funds**
**£**
383,095
383,095
(124,293)
(167,394)
(112,665)
(404,352)
(21,257)
340,711
361,968
12,338,864
11,976,896|
|---|---|---|
- 20 -