Charity number: 254943 ALL SAINTS CHURCH CLIFTON ENDOWMENTS UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ? Bishop Fleming
ALL SAINTS CHURCH CLIFTON ENDOWMENTS CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trustees. Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Ststements 8-17
ALL SAINTS CHURCH CLIFTON ENDOWMENTS REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Mr R Hopkins Mr M Robinson Mrs A Bradley Miss L Trude Ms V Gordon (appointed 13 June 20231 Mr B Thorp lappoinled 13 June 20231 Charity registered number 254943 Principal office 68 Pembroke Road Clifton Bristol BS8 3ED Clerk to the Trustees A Morgan (elected annually to this offits and invited to attend meetrngsl Bishop Fleming LLP Chartered Accountants 10 Temple Back Bristol BS16FL Independent examlner Bankers Lloyds Bank plc 58 Queens Road Clifton Bristol BS8 1BQ Solicitors R Drewett Vvomble Bond Dickinson IUKI LLP 3 Temple Quay Temple Back East Bristol BS16DZ Page 1
ALL SAINTS CHURCH CLIFTON ENDOWMENTS TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annu81 report together with the financial slalemen15 of the charity for the 1 January 2023 to 31 December 2023. Objectives and actlvltles a. Policies and objectlves In setting objectives and planning for aclNilies, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running charity {PB2)'. b. Objectives and activities The objects of the Charity are for such purposes connected with the church of All Saints Clifton, Bristol or for such charitable, religious, or educational purposes whether connected or unconnected with the said church as the Iruslees shall think fit. The Trustees, strategy and the Trust's activities are planned to reflect the long-term nature and considerable costs of the care of a listed church which is both of immense Christian spiritual importance, being fimily rooted in the Catholic tradition as well as being of considerable historic and cultural value. The trustees have r4ard to the public benefit guidance of the Charity Commission when reviewng the Charity's aims and objectives and in planning for the future. Regular maintenance programmes for the church a based on the compulsory Quinquennial Inspection by the church archilecl, the most recent of which look place in 2019. Longer tem planned repairs are dealt with as necessary in consultation with the Churchwardens and with the approval and authority of the Parochial Church Council IPCC) of the church which is legally responsible for the care of the fabric of the church with 8dviee and recommendations of professional advisors and the approval of the necessary statutory bodies such as the Diocesan Advisory Council. All Saint's church was erected in 1967 and consequently certain parts of the fabric have now deteriorated and become ouldaled. In particular the "Piperf, wndows are deteriorating and need conserving. Also. the Trustees are aware of the PCC'S plans for the improvement of the Church's anci51ary facililities and its energy efficiency. Whilst giving requests from the PCC sympalhelic Consideration, the trustees are very aware of both their immediate and long-term obligatiorss and will, therefore, give very careful consideration to these commitments whilst trying lo support the church. The Trustees will continue lo commit significant annual expenditure to the provision of a vicarage and the maintenance of church gardens in its ownership and grounds and trees belonging lo the PCC, together with match-funding of the congregation's charity giving. Page 2
ALL SAINTS CHURCH CLIFTON ENDOWMENTS TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance a. Maln achievements of the Charity The Trustees continue to maintsin the vicarage and surrounding gardens. The vicar is housed on the ground and lower ground floor of 68 Pembroke Road, Clifton, BS8 3ED for which no rent is charged. This represents a18rge donation to the diocese. The extensNe grounds owned by The Trustees are maintained as are the lawns owned by the church. A mature row of Limes owned by the church in Alma Vale Road are also annually maintained by The Trustees. A gardener is employed on a weekly basis and a specialist tree surgeon is engaged when required to prune the numerous trees on the site. The Trustees have drawn up a legal agreement beeen themselves and the PCC to enable more use of the gardens by the church. The Iruslees are mindful of the increasing cost of maintenance of the church, the residential units and the likety but currently unknown challenges to be faced in supporting the work and witness of All Saints. The trustees endeavour lo maximise their capital lo provide sufFi¢ienl income to meet these challenges. The Trustees have agreed to match the charitable giving raised by the church and whilst planning to continue for the present, this arrangement will be reviewed annually. Financlal review . Golng concèm 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 lo adopt the going concern basis in preparing the financial statements. Further detsils regarding the adoption of the going Concern basis can be found in the accounting policies. b. Reserves pollcy The Trustees monitor their reserves policy through the review of their investment policy and aim lo maximise the return of their investments and properties. The fixed assets of £6,721,184 12022 - £6,203,638) a held lo provide future income. The policy is lo distribute all surplus income each year with ieserves retained at current levels to maintain annual income levels, unless funds are needed lo be retained for future major expenditure. The current level of free reserves of £62.001 (2022 - £131,979) is SLtfficient lo meet anlicipaled grant giving and property acquisitions in the near future. c. Principal funding The Charity derives ils income from rents from Its properties and from deposits and investments with The Church of England Central Board of Finance. These are regularly reviewed. Page 3
ALL SAINTS CHURCH CLIFTON ENDOWMENTS TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structure? governance and management a. Constltutlon The Charity was sel up under two dedaratSons of Trust dated 15th January 1884 and 26th January 1923 respectively and amended by an Order of the Commissioners dated 20th February 2001. b. Methods of appointment or election of Trustees As and when required Trustees are selected and appointed by existing Trustees having carefully consKlered the expertise that is requirgd. They are appraised of their duties a5 Trustees of a Charity and ftjrther training is offered when necessary. Plans for future periods The Iruslees are committed to preserving as much of their capital as possible in order lo maximise their income lo meet the increasing expenditure required lo maintain its fixed annual commitments outlined above, as well as being able to giva due consideration for donations to other areas of need. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United lQ'ngdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel- The 18w applicable to charities In England & Wales requires thè Trustee5 to prepare financial stalemgnls for each financial which give a true and fair view of the slate 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 ststemenls, th8 Twslees are required to.. select suitable accounting policies and then apply them consSslenlly.- obseTve the methods and principles of the Charities SORP IFRS 1021.. make judgments and accounting eslimales that are reasonablè and prudent., stale whether appllcable UK Accounting Standards IFRS 1021 have been followed. subject lo any material departures dis¢losed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are resw)nsible for keeping adequate accounting records that are sufficient lo show and explain the charitls transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the financial statetnents comply wth 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 ol the charity and hence for taking reasonable steps for the prevention and delectlon of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by. Mr R Hopkln Trustee Date. Qo2(fr Page 4
ALL SAINTS CHURCH CLIFfoN ENDOWMENTS INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ALL SAINTS CHURCH CLIFTON ENDOWMENTS {'the charity'l I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 Dember 2023. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charity you are responsible for the prepar8tiOf7 of the accounts in aecordan¢e with the requirements of the Charities Act 2011 ('the 2011 Act'}. Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 14S of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515)Ib) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm that no matters have come to my attention in connectron with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charty as required by section 130 of the 2011 Act., or the 8ecounls do not accord with those records,. or the accounts 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 8 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wilh the examination to whioh attention should be drawn in this report in order to enable a prOr understanding of the accounts lo be reached. This report is made solely to the charity's Trustees, as a body. in accordan¢e with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state lo the charitys Trustees those matters l am required to stale lo them in an Independent Examinerfs 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 work or for this report. Signed.. David Butl Dated.. Cl6Jb go Z+ r FCA DChA BISHOP FLEMING LLP Chartered Accountants 10 Temple Back Bristol BS16FL Page 5
ALL SAINTS CHURCH CLIFTON ENDOWMENTS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Charitable activities Investments 36,000 95,723 36,000 95,723 36,000 174,382 Total income 131,723 131,723 210,382 Expenditure on: Raising funds Charitable activib'es 19,784 81.917 19,784 81.917 15.001 182,646 Total expenditure 101,701 101,701 197,647 Net gainsl(lossesl on investments 417.546 417.546 1440,6571 Net movement in funds 447,568 447,568 1427,922) Rgconclllation of funds: Total funds brought forward Nel movement in funds 6.335,617 447,568 6,335.617 447,568 6,763,539 1427,9221 Total funds carrled forward 6,783.185 6,783,185 6.335,617 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 to 17 form part of these financial statements. Page 6
ALL SAINTS CHURCH CLIFTON ENDOWMENTS BALANCE SHEET AS AT 310ECEMBER 2023 2023 2022 Note Fixed assets TangSble assets Investment property Investments 10 11 12 800,000 1.835.000 4,086,184 800,000 1,835.000 3.568,638 6.721,184 6.203,638 cent assats Bank and cash balances 67.354 135.269 67,354 135,269 Credltors-. amounts falling due within one year 13 {5,3531 (3,2901 Net current assets 62.001 131.979 Total asset$ less current Ilabllitles 6,783.185 6.335,617 Total not a$$¢ts 6.783.185 6,335.617 Charity funds Unieslricted funds 14 6.783,185 6,335,617 Total funds 6,783,185 6,335,617 The financial ststements were approved and aulhorlsed for issue by the Trustees and signed on their behalf by. Mr R Hopklns Chair of Trustees The notes on pages 8 10 17 form part of these finanaal stalemenls. Page 7
ALL SAINTS CHURCH CLIFTON ENDOWMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 GENERAL INFORMATION All Saints ChuTch Clifton Endowments is a charity registered in England and Wales. The registered charity number is 254943 and address of the registered office 15 68 Pembroke Road, Clifton. Bristol, BS8 3ED. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10218nd the Charib'es Act 2011. The presentational currency of the financial statements is sterling which is the functional currency of the company and the financial slalemenls are rounded to the nearest £. The financial information of the current period relates to the year ended 31 December 2023 and the comparative information related lo the year ended 310ecember 2022. I Saints Church Clifton Endowments meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olherwse stated in the relevant accounting policy. 2.2 GOING CONCERN The Trustees have a reasonable expectation that the charity has adequate resour$ lo continue in operational existence for the foreseeable future. The Trustees believe the going concern basis of accounting is appropriate in preparing the annual financial slalemenls. 2.3 INCOME All income is recognised once the charity has entitlement to the income, il is probable that the Income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the lime the investment income is receivable. 2.4 EXPENDITURE Expenditure is recognised once there is a legal or constructive obli9alion lo transfer economic benefrt lo a third paty, 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. The costs of each activity are made up of the total of direct costs and shared Costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated d1cl1Y lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activib'es on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation Charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its ¢haritable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the harity's objectives. as well as any associated support costs. Page 8
ALL SAINTS CHURCH CLIFTON ENDOWMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (continued) 2.4 EXPENDITURE ICONTINUEDI Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fulfilled. Grants offered subject lo conditions which have not been met al the year end are noted as a commitment, but not accrued as expenditure. All expenditure 1$ inclusive of irrecoverable VAT. 2.5 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costr'ng £100 or more are capitalised and recognised when future economic benefits are probable and the eost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at Cost. After recognition, under the cost model, tangible fixed assets are measured at eost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depre¢ialion is provided on the following bases.. Freehold property Fixtures and fitting$ not depreciated 200% slraighl line b8SiS Freehold propety is valued at market value on an annual basis. 2.6 INVESTMENT PROPERTY Investment propety is staled at market value and revalued regularfy either by the Trustees or a qualified professional as deemed appropriate by the Trustees. The market value at the 31 December 2023 was provided by A. Morgan, Estate Agent and Clerk lo the Trustees. 2.7 INVESTMENTS Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case il is measurecs at cost less impairment. Investment gains and losses, whether realised or unre81ised. are combined and presented as 'GainsllLossesl on investments. in the Statement of Financial Aclivilies. 2.8 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Page 9
ALL SAINTS CHURCH CLIFTON ENDOWMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (continued) 2.9 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation al the Balance Sheet dale as 8 result of a past event, it is probable that a transfer of economi¢ benefit will be required in settlement, and the amount of the selllement can be eslimaled ieliably. Liabilities are recognised at the amount that the charity anlicipales it will pay to settlè the debt or the amount it has received as advanced payments for the goods or services il must prowde. Provisions are measured al 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. 2.10 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 Sre subsequently measured at amortised cost using the effeth've interest method. 2.11 FUND ACCOUNTING General funds are unreslricled 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. Designated funds comprise unreslricled funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial stalemenls. The charity only has unreslricled funds. INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2023 Total funds 2023 Total funds 2022 Vicarage rent 36.000 36,000 36,000 Page 10
ALL SAINTS CHURCH CLIFTON ENDOWMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT INCOME Unrestricted funds 2023 Total funds 2023 Total funds 2022 Investment income from UK investment properties Income from UK listed investments 57,240 38,483 57.240 38,483 55,200 119,182 95,723 95,723 174,382 INVESTMENT MANAGEMENT COSTS Unrestricted funds 2023 Total funds 2023 Total funds 2022 Repairs and maintenance Insuran Legal and professional Depreciation 18,609 1,175 18.609 1,17S 11,324 271 2,700 706 19,784 19,784 1 S,001 Page11
ALL SAINTS CHURCH CLIoN ENDOWMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ANALYSIS OF EXPENDITURE BY ACTIVITIES Vicarage and other costs 2023 Grant Support and funding of governanee activities costs Total funds 2023 Total funds 2022 2023 2023 Total costs Other donations 52.351 9.833 850 18.883 81.067 850 182,646 52,351 10,683 18,883 81,917 182.646 TOTAL 2022 69,291 91,635 21,720 182,646 ANALYSIS OF DIRECT COSTS Total funds 2023 Total funds 2022 Depreciation Rent 839 36,000 294 16,057 36,000 541 31,911 Insurance Repairs and maintenance 52,351 69,291 ANALYSIS OF SUPPORT COSTS Total funds 2023 Total funds 2022 Support costs A¢¢ounlancy fees - Independent Examinerfs fees Clerk to the Trustees, fees and expenses 4,191 8,692 6.000 11,670 4,760 5,290 18,883 21,720 Page 12
ALL SAINTS CHURCH CLIFTON ENDOWMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ANALYSIS OF GRANTS Grants to Institutions 2023 Total funds 2023 Total funds 2022 Grants and Donations lo the PCC Other Donations 9,833 850 9,833 850 91,635 10,683 10,683 91,635 INDEPENDENT EXAMINER'S REMUNERATION 2023 2022 Fees payable to the charity's independent examiner for the independent examination of the charity's annual accounts Fees payable to the charity's independent examiner in respect of.. Al other services not included above 4,200 3,290 2.692 1.225 TRUSTEES, REMUNERATION AND EXPENSES During the year. no Trustees received any remuneration or other benefils12022 - £NILI. During the year ended 31 December 2023. no Trustee expenses have been incLtrred {2022 - £NILI. Page 13
ALL SAINTS CHURCH CLIFTON ENDOWMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. TANGIBLE FIXED ASSETS Freehold Fixtures and property fittlngs Total COST OR VALUATION At 1 January 2023 800,000 21,455 821.455 Al 31 Decernber 2023 800.000 21,455 821,455 DEPRECIATION At 1 January 2023 21.455 21,455 At 31 Dember 2023 21,455 21,455 NET BOOK VALUE At 31 December 2023 800,000 800,000 At 31 December2022 800,000 800,000 The 2023 valuations were made by A.Morgan, Estate Agent and Clerk to the Trustees, on an open market value for existing use basis. The charity has adopted a poliey of revaluation for tangible fixed assets. Had these assets been measured al historic cost. the carrying values would have been as follows= 2023 2022 Freehold property 170,157 170,157 Page 14
ALL SAINTS CHURCH CLIFTON ENDOWMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. INVESTMENT PROPERTY Freehold Investment property VALUATION At 1 January 2023 1,835,000 At 31 December 2023 1.835.000 The 2023 valuations were made by A.Morgan, Estate Agent and Clerk lo the Trustees, on an open market value for existing use basis. The historical cost of the Investment property is £1.171.887. 12. FIXED ASSET INVESTMENTS Listed investments COST OR VALUATION At 1 January 2023 Additions Revaluations 3.568.638 100,000 417,546 AT 31 DECEMBER 2023 4,086,184 NET BOOK VALUE AT 31 DECEMBER 2023 4,086,184 AT 31 DECEMBER 2022 3,568,638 All the fixed asset investments are listed investments and are held in the UK. 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 other creditors Accruals and deferred income 1,153 4,200 3.290 5,353 3,290 Page 15
ALL SAINTS CHURCH CLIFTON ENDOWMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 Transfers Gainsl December inlout {Lossesl 2023 Balance at 1 January 2023 Incorne Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Investments 6,203,638 100.000 417,546 6,721,184 GENERAL FUNDS General Funds 131,979 131,723 {101,7011 1100.0001 62,001 TOTAL UNRESTRICTED FUNDS 6,335,617 131,723 1101,701) 417,$46 6,783,185 STATEMENT OF FUNDS - PRIOR YEAR Balance at 31 December 2022 Balance al 1 January 2022 Gainsl (Losses) Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Investments 6.469,913 174,382 1440,6571 6.203.638 GENERAL FUNDS General Funds 293,626 36,000 (197,6471 131,979 TOTAL UNRESTRICTED FUNDS 6,763,539 210,382 {197.6471 1440,6571 6.335,617 The funds of the charity have been split between designated and unrestricted within the current year. As all funds are classified as unrestricted. a nel assets beeen funds analysis is not required. Page 16
ALL SAINTS CHURCH CLIFTON ENDOWMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. RELATED PARTY TRANSACTIONS A Morgan, Clerk to the Trustee5, has declared his interest in transactions with the Charity. He rents a flat from the Charity and has paid rent of £13.200 al market value 12022.. £12,000) and received fees of £6,000 (2022.. £5,290) for his services as Clerk to the Trustees. Al 31 December 2023 the Charity owed A Morgan £nil {2022.. £3,000) in respect of fees. The Endowment Trust has also directly mel net expenses relating lo the Vicarage of £16.351 12022.. £33,291). Page 17