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2022-12-31-accounts

Charity number: 253387

CHRIST CHURCH LANDS CHARITY

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

CHRIST CHURCH LANDS CHARITY

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 5
Independent Examiner's Report 6 - 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 21

CHRIST CHURCH LANDS CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022

Mrs M Dymond, Churchwarden1
Mr R C Metcalfe, Churchwarden1
Mr A Griffiths2
Mr M Bracey2
Prof J R Kerridge, Chairman2
Mr R Hobbs3
Mr F Payne3
Mr J D R Price, Director of Music3
1
Ex-Officio
2
Nominated Trustees
3
Co-opted Trustees
Charity registered
number
Principal office
Clerk to the Trustees
Independent examiner
Bankers
Solicitors
Stockbrokers
Property Advisers
253387
1 All Saints Court
Bristol
BS1 1JN
Mr D Davies
Jonathan Marchant,Mazars LLP
Chartered Accountants
90 Victoria Street
Bristol
BS1 6DP
Nat West Bank Plc
45 / 49 Broadmead
Bristol
BS1 3EU
Richard Gore
Gregg Latchams Ltd
7 Queen Square
Bristol
BS1 4JE
Investec Wealth & Investment Limited
2 Gresham Street
London
EC2V 7QN
Burston Cook Associates
Lewins House
Lewins Mead
Bristol
BS21 2NN

Page 1

CHRIST CHURCH LANDS CHARITY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their annual report together with the financial statements of Christ Church Lands Charity for the year 1 January 2022 to 31 December 2022. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities

a. Policies and objectives

The objects of the Charity are:

Firstly to support persons in the parish in need, hardship or distress and to support the Christ Church Exhibition Fund (325124). The charity aims to provide help to transient persons living in the parish through provision of food, clothing etc. via the Community of the Sisters of the Church.

Secondly to support the parish of Christ Church in the City of Bristol by paying towards the stipend of the Curate and Incumbent of the benefice, by paying clergy or licensed lay workers to conduct services in the parish, for other religious or charitable work of the Church of England in the parish or the Archdeaconry of Bristol. The charity aims to support the clergy associated with the parish in the provision of regular worship at Christ Church.

Thirdly, for the repair, maintenance and insurance of the fabric of Christ Church. The charity aims to ensure that funds are available to the Parochial Church Council.

The Trustees' main objective for 2022 was to look after the property and investments in the light of the purposes for which the Trust was established. The Trustees are confident that the insurance cover on the properties is sufficient. The Trustees have continued to consider the market value of the properties and intend to perform a full revaluation in the year ended 31 December 2023.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

a. Review of activities

The Trustees’ main aim this year was to continue to make decisions placed before them based on their familiarity with the properties and investments. A property sub-committee meets regularly to assist with this.

b. Investment policy and performance

The investments held at the end of the year are as set out in the attached accounts.

The funds aim at steady income and capital appreciation to provide long-term protection from inflation. These objects are reviewed annually with the stockbrokers.

Page 2

CHRIST CHURCH LANDS CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Financial review

a. Financial review

Total income for the year amounted to £150,324 (2021: £109,769) and total expenditure amounted to £154,469 (2021: £104,768) leaving net losses, before revaluations and investment gains, of £4,415 (2021: surplus of £5,001). Investment losses amounted to £200,409 (2021: gains of £130,631).

b. Reserves policy

The Trustees are making an annual provision for the Church Fabric and for the repairs to properties.

Total funds amounted to £2,661,431 (2021: £2,865,985) of which £2,127,203 (2021: £2,327,612) related to endowment funds, £534,228 (2021: £502,559) related to restricted funds and £Nil (2021: £35,814) related to the unrestricted property repair fund.

c. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

The Charity's financial position was adversely affected by COVID-19. The Charity experienced reduced income in the prior two years but there has been some recovery in the current year. The Trustees will continue to monitor the position and are confident that the going concern basis for the accounts is appropriate. The Charity's capacity to award grants will continue to be monitored as income recovers.

Structure, governance and management

a. Constitution

Christ Church Lands Charity is a registered charity, number 253387, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

The Trustees of the Charity are appointed in accordance with the Charity Commission Scheme dated 15 September 2005 under Charity number 253387.

Page 3

CHRIST CHURCH LANDS CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

The Trustees have supervised the administration of the Charity in accordance with the provisions of the Charity Commission Scheme, and applied the income in accordance with those provisions. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The Trustees’ investment policy objectives are to obtain the maximum income by investing prudently and cautiously in a portfolio comprised of real property, equities, fixed income stock and cash. The portfolio is managed on a discretionary basis by the appointed stockbrokers and professionally qualified property managers.

The Trustees continue to retain the freehold property which originally formed part of the endowment where the net income (after costs of maintaining the property) justifies their retention.

All decisions are made at full Trustees’ meetings and carried out on a day to day basis by the Clerk.

d. Financial risk management

The Trustees have examined the major strategic operational risks which the Charity may face and will ensure that, to the extent that they do not already exist, systems are established to enable regular reports to be produced so that the necessary steps can be taken to minimise these risks.

Plans for future periods

The Trustees’ aims for the future are to continue to keep the properties fully let and in a state of good repair, and are fully committed to ensuring that the provisions of the Charity Commission Scheme of the 15 September 2005 continue to be fully met.

Page 4

CHRIST CHURCH LANDS CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them 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 assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Date:

Page 5

CHRIST CHURCH LANDS CHARITY

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Independent Examiner's Report to the Trustees of Christ Church Lands Charity ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2022, which are set out on pages 8 to 21.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the financial statements. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

This report, including my statement, has been prepared for and only for the charity’s trustees as a body. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body for my examination work, for this report, or for the statements I have made.

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect:

  1. accounting records were not kept in respect of Christ Church Lands Charity as required by section 130 of the 2011 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

Page 6

CHRIST CHURCH LANDS CHARITY

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

I have no concerns and have come across no other matters in connection with the examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Signed: Jonathan Marchant (Jun 1, 2023 12:55 GMT+1)

Dated: Jun 1, 2023

Jonathan Marchant (FCA)

Mazars LLP 90 Victoria Street Bristol BS1 6DP

Page 7

CHRIST CHURCH LANDS CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Income and
endowments from:
Investments
3
Total income and
endowments
Expenditure on:
Raising funds
4
Charitable activities
Total expenditure
Net
(expenditure)/income
before net
(losses)/gains on
investments
Net (losses)/gains on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2022
£
95,181
95,181
115,794
15,201
130,995
(35,814)
-
(35,814)
35,814
(35,814)
-		 Restricted
funds
2022
£
55,143
55,143
-
23,474
23,474
31,669
-
31,669
502,559
31,669
534,228		 Endowment
funds
2022
£
-
-
-
-
-
-
(200,409)
(200,409)
2,327,612
(200,409)
2,127,203		 Total
funds
2022
£
150,324
150,324
115,794
38,675
154,469
(4,145)
(200,409)
(204,554)
2,865,985
(204,554)
2,661,431		 Total
funds
2021
£
109,769
109,769
56,151
48,617
104,768
5,001
130,631
135,632
2,730,353
135,632
2,865,985

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 10 to 21 form part of these financial statements.

Page 8

CHRIST CHURCH LANDS CHARITY

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Fixed assets
Investments
10
Investment property
9
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
13
Restricted funds
13
Unrestricted funds
13
Total funds		 74,916
176,598
251,514
(25,268)		 2022
£
1,142,864
1,292,321
2,435,185
226,246
2,661,431
2,661,431
2,127,203
534,228
-
2,661,431		 60,075
171,983
232,058
(37,509)		 2021
£
1,379,115
1,292,321
2,671,436
194,549
2,865,985
2,865,985
2,327,612
502,559
35,814
2,865,985

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Date:

The notes on pages 10 to 21 form part of these financial statements.

Page 9

CHRIST CHURCH LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. General information

Christ Church Lands Charity is an unincorporated charity registered with the Charity Commission in England & Wales, registered number 253387. The registered office is 1 All Saints Court, Bristol, BS1 1JN.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view.

Christ Church Lands Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees are confident that they can manage expenditure to align with the income generated from investment returns despite reductions in returns due to the COVID-19 pandemic in prior years. As a result, the accounts have been prepared on a going concern basis.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.

Direct charitable expenditure included in the Statement of Financial Activities represents the amounts paid from the restricted funds during the year. Grants paid are made in accordance with the Charity Commission Scheme.

Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.

Costs of generating funds are Investment management costs and those costs incurred in respect of maintaining, insuring and letting the properties.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Page 10

CHRIST CHURCH LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

The Charity is a registered charity and as such is not liable to taxation on the net income from its charitable activities.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.8 Investment properties

Investment properties are included in the Balance Sheet at their open market value in accordance with FRS 102 and are not depreciated.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

Page 11

CHRIST CHURCH LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.12 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds comprise the Reserve Fund and the Accumulation Fund. The Reserve Fund is for the repair and maintenance of the property of the charity, in addition to the church Fabric Fund. The Accumulation Fund represents unexpended income which was paid into the fund as capital prior to the scheme. The income from this fund must be used for the purposes set out in clause 21(3)(b) of the trust deeds.

Page 12

CHRIST CHURCH LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

3. Investment income

Unrestricted
funds
2022
£
76,248
1,984
16,878
72
Rents receivable
Insurance premiums recovered
Other investment income
Interest
95,181		 Restricted
funds
2022
£
38,178
989
15,698
277
55,143		 Total
funds
2022
£
114,426
2,973
32,576
349
150,324
Rents receivable
Insurance premiums recovered
Other investment income
Interest		 Unrestricted
funds
2021
£
44,073
3,251
19,317
1
66,642		 Restricted
funds
2021
£
24,433
1,802
16,888
4
43,127		 Total
funds
2021
£
68,506
5,053
36,205
5
109,769

4. Investment management costs

Unrestricted
funds
2022
£
Property expenses
88,475
Insurance
17,619
Legal and selling agents fees
1,872
Investment managers' and valuation fees
7,741
Bank charges
87
115,794		 Total
funds
2022
£
88,475
17,619
1,872
7,741
87
115,794

Page 13

CHRIST CHURCH LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

4. Investment management costs (continued)

Property expenses
Insurance
Legal and selling agents fees
Investment managers' and valuation fees
Bank charges
5.
Direct charitable expenditure
Clause 21 (3)(a)(i) Community of Sisters
Clause 21 (3)(a)(ii) Exhibition Fund
Clause 21 (3)(b)(iv) Clergy Fees
Clause 21 (3)(c) Christ Church PCC
6.
Governance costs
Accounts preparation fee
Office and administration costs
Independent examiner's fees
Clerk's remuneration		 Unrestricted
funds
2021
£
20,987
16,690
10,434
7,947
93
56,151
2022
£
4,100
8,215
2,129
9,030
23,474
2022
£
3,100
346
2,420
9,335
15,201		 Total
funds
2021
£
20,987
16,690
10,434
7,947
93
56,151
2021
£
6,000
10,955
1,598
16,544
35,097
2021
£
3,000
352
2,250
7,918
13,520

Page 14

CHRIST CHURCH LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

7. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £2,420 (2021 - £2,250) , and accounts preparation fee of £3,100 ( 2021 - £3,000 ).

8. Staff costs

Staff costs were as follows:

2022 2021
£ £
Wages and salaries 9,335 7,918

The average number of persons employed by the Charity during the year was as follows:

2022 2021
No. No.
Clerk 1 1

No employee received remuneration amounting to more than £60,000 in either year.

The Board considers that the key management personnel of the charity comprise the Trustees. The Trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind. No reimbursement of expenditure was made to the trustees during the year (2021: £nil).

Page 15

CHRIST CHURCH LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9. Investment property

Valuation
At 1 January 2022
At 31 December 2022		 Freehold
investment
property
£
1,292,321
1,292,321

The Trustees do not consider that the market value of the property is materially different from that of the 2017 valuation.

Details of the historical costs are not available.

There are four properties all situated in Bristol in the United Kingdom.

Investment properties comprise:

59 Broad Street
61 Broad Street
63 Broad Street
1 Mardyke Ferry Road
Total		 2022
£
380,000
412,321
275,000
225,000
1,292,321		 2021
£
380,000
412,321
275,000
225,000
1,292,321

Page 16

CHRIST CHURCH LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

10.
Fixed asset investments
Cost or valuation
At 1 January 2022
Additions
Disposals
Revaluations
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
Investments at market value comprise:
Listed Investments
All the fixed asset investments are held in the UK.
Material Investments
Charities Property Fund
Mercantile Investment Trust
Throgmorton Trust
Vanguard funds Plc		 2022
£
1,142,864
31
December
2022
£
101,104
31,922
27,734
72,242
233,002		 Listed
investments
£
1,379,115
241,646
(277,231)
(200,665)
1,142,864
1,142,864
1,379,115
2021
£
1,379,115
31
December
2021
£
109,736
53,800
50,570
88,197
302,303

Page 17

CHRIST CHURCH LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

11. Debtors

Due within one year
Rental arrears
Other accrued income
Prepayments		 2022
£
74,916
49,305
8,900
16,711		 2021
£
35,055
7,401
17,619
60,075

12. Creditors: Amounts falling due within one year

Other taxation and social security
Other creditors
Accruals and deferred income		 2022
£
567
17,275
7,426
25,268		 2021
£
142
25,175
12,192
37,509

Page 18

CHRIST CHURCH LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

13. Statement of funds

Statement of funds - current year

Unrestricted
funds
Generalfund
Property repair
fundnallocated
Endowment
funds
Reserve fund
Accumulation
fund
Restricted
funds
Clergy fund
Church Fabric
fund
Persons in Need
& Exhibition fund
Total of funds		 Balance at 1
January
2022
£
-
35,814
35,814
2,081,484
246,128
2,327,612
316,853
173,391
12,315
502,559
2,865,985		 Income
£
95,181
-
95,181
-
-
-
21,807
16,668
16,668
55,143
150,324		 Expenditure
£
(90,181)
(40,814)
(130,995)
-
-
-
(2,129)
(9,030)
(12,315)
(23,474)
(154,469)		 Transfers
in/out
£
(5,000)
5,000
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
(199,204)
(1,205)
(200,409)
-
-
-
-
(200,409)		 Balance at
31
December
2022
£
-
-
-
1,882,280
244,923
2,127,203
336,531
181,029
16,668
534,228
2,661,431

Page 19

CHRIST CHURCH LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

13. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General funds
Property repair
fund
Endowment
Fund
Reserve fund
Accumulation
fund
Restricted
funds
Clergy fund
Church Fabric
fund
Persons in Need
& Exhibition fund
Total of funds		 Balance at
1 January
2021
£
681
38,162
38,843
1,960,492
236,489
2,196,981
299,954
177,620
16,955
494,529
2,730,353		 Income
£
66,642
-
66,642
-
-
-
18,497
12,315
12,315
43,127
109,769		 Expenditure
£
(62,323)
(7,348)
(69,671)
-
-
-
(1,598)
(16,544)
(16,955)
(35,097)
(104,768)		 Transfers
in/out
£
(5,000)
5,000
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
120,992
9,639
130,631
-
-
-
-
130,631		 Balance at
31
December
2021
£
-
35,814
35,814
2,081,484
246,128
2,327,612
316,853
173,391
12,315
502,559
2,865,985

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CHRIST CHURCH LANDS CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

13. Statement of funds (continued)

The Reserve Fund is for the repair and maintenance of the property of the charity, in addition to the church Fabric Fund.

The Accumulation Fund represents unexpended income which was paid into the fund as capital prior to the scheme. The income from this fund must be used for the purposes set out in clause 21(3)(b) of the trust deeds.

The Clergy Fund is for payments of clergy stipends for the parish of Christ Church.

The Church Fabric Fund is for the repair, maintenance and insurance of the fabric of Christ Church and for the maintenance and support of services therein.

The Persons in Need and Exhibition Fund is to make payments for the relief of persons in need, hardship or distress resident in the parish of Christ Church.

The Property Repair Fund - the trustees have agreed to transfer £5,000 per annum from the general fund to fund future repairs to properties.

14. Analysis of net assets between funds

Investment
properties
£		 Investments
£		 Net current
assets
£		 2022
£		 2021
£
Capital funds (expendable)
Reserve fund 1,292,321 589,959 - 1,882,280 2,081,484
Accumulation funds - 82,386 162,537 244,923 246,128
1,292,321 672,345 162,537 2,127,203 2,327,612
Income funds- restricted
Clergy fund - 336,531 - 336,531 316,853
Church Fabric fund - 133,988 47,041 181,029 173,391
Exhibition fund - - 16,668 16,668 12,315
- 470,519 63,709 534,228 502,559
Unrestricted fund - - - - -
Property repair fund - - - - 35,814
- - - - 35,814
Total 1,292,321 1,142,864 226,246 2,661,431 2,865,985

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