ST MARVS FUND. SALISBURY REPORT OF THE TRUSTEES AND STATEMENT OFACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Trustees, Report Statement of Finan¢ial A¢tNities and Balance Sheet Notes to th8 Accnts Independent Examine¢s Report
ST MARYS FUND, SAUSBURY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 LEGAL STATUS The Fund is a registgied Charity, number 258822. Its governing instrument is a Charity Cornmlsslc Scheme dated 5 D8¢embèr 2003. as modlfleij by a Deed of Arnendm¢nt of 7 Folxuary 2006 a5 altered by the Charity CL¥nmi55ion Scherne of 14 July 2008 and a further Deed dated 2 08eember 2011. TRUSTEES The mwaging Iru8t888 who 88rved during lh8 year and to date are.. Revd L Holt IChairwoman} Mr8 C Rom8no E Goater Mr J Kilbee Ilo May 20231 The Ven S Gr(7 (to May 20241 Revd J Mac*enie (from May 20241 Revd F Moloney (from May 20241 The Managing Truste&s are not less than flve person$ appolnted by the Bishop'$ cn¢(l of Ihg Dio¢eso of S81isbury. The custodian Iru51ee is the Salisbury Dioc8san Board of Financ8. CONTACTS Grants Administrator: Mrs D l James, Emmaus House, The Avenu8. Wilton, SP2 OFG ADVISERS Independent Examiner Investsngnt Man8gw. Mrs N A Halls FCA, Fletcher & Partners. Bridge Street, S011sbury SP12LZ CCLA Investment Managomènt Ltd, One Angel Lane, London. EC4R 3A8 OBJECTS AND ACTIVITIES The Charitys purpose Is to promote and malntain m81 Welfa work in actordan¢è wllh Christian princlples malnly among girL8 and wom8n primarity within the Diocese of Sallsbury. Thls Is a¢hleveL1 by grant 8lding qualtyng Indlvldu8Lq, through applicatlons made by professionals supprxting and working With them, and other bodles which are directly Involv9d In thls tyw of ch8r1t8b work wmhln the dlocese. Grants are given al as starter grants for slngle, divorced or wldowed parents sthng up house, bl as spedal nee(Js grants to single, divorced or widowed parents and Gl for which assist disadvantagfrd parents. The Charitys accounting reo)rd8 8re mawitained by dlo¢esan 8tsff who also prepare the annual financlal staents. ACHIEVEMENTS AND PERFORMANCE The managing trustees held meaungs durfng th• ar to approve the annual 8c¢wnts, monitor kncome 8nd expenditure. including grants previously awarded. and to o)nsider new grant applications. Ourlng thè year some 2512 151 stsrter grants Wtt givèn for setting up hse and 22 grants 12022 19) were given for special needs. Four proje¢ts recelved block funding In 202312022.. 5 projècts) and those are detailed on Page 5 in the Notes to th& Accwnts. I these grants provide a publlc beneflt to 8 sethon of the public: the grants lo individual women enables soually deprfved P8op18 to get established in homes with reasonable faalities.. the proiect fundlng ¢r9 er wbllc tsenefhs by suworting s181 projocts which assist all their clients. The trustees have declded to malnt2in individual needs grants as o priority over prqgct futYiSng and so the level of th818tt8r fiuctualas as the charity needs to operate within its expable reserve. trustees have c4Jmpli&J with their duty to have due regard to the guidance on publlc benefk publlshed by the Charfty Commission in exerci8ing thelr powers or duties. FINANCIAL REVIEW Invesim8nl inwme increased during the year to È57.689 12022 - £54.886I. Tolal grant$ and assodated support o)sts In¢r¥ased lo £70.53412022 - £55,526). The cost of grants given to organizations was £40.161 {2022 - £33,816) and to individuals £30,37312022- £21.4401. Over811 there was an unreslricted 1088 for the year of £12,845 {2022 - loss £3701, and so the Fund's unrestrided reserv8 at th8 end of 2023 d&¢maseil to £127.570 12022 - £140.4141.Tho •ndowmgnt fund's investments have increased by £101,210 12022.. decrease of £218.917} to £1,695.421 at the end of 202312022- £1.594.221 I. As a result there w8s an overall increase in the Charitys resources by £88,365 to £1,822,991.
ST MARYS FUND. SAUSBURY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (¢¢ntlnued) RESERVES POUCY The TrusV5 policy Ss to hold modest reseNes, and lo alm to In¢ase the numbers of grants made to individuals in need. INVESTMENT POLICY The Fund's invostmgnt policy is 6el out Sn note S to the Account& RISKS REVIEW A8 regards risk management the trustees consider Ihal the Fund's prlncipal rfsk 1$ 8 signifunt oylapse In stod( markets which Ihey have addressed by placing a proportion of the Fund's investments in a propety fund. TRUSTEES, RESPONS181LITIES IN RELATION TO THE FINANCIAL STATEMENTS The Irusle8s are Tesponslble for prepartng the Tru51ees' Annual Report aThY the financial slatemonts in cn¢8 Ih 8ppllcable law and Untted ngdorn Accy)Lmling Standards (Unitsd ngdoM Generally Accepted Accd)unting Pr8Ctre}- The 18w applic8ble lo charities in England and Wales requlres th8 Charfty trustees to propare financlal stslam9nts for each y8ar which give a true and fair vlew of the stste of aff8irs of the Charity and of tha inojming rgSOUTCgS and applGabon of re50urcgs. of the Charlty fcf that p9riJ. In preparlng the fln881 staleffnts, the Trustees are required to.. select suilable acD)unting Folicies and then apply them consist8ntly," obsgrve the methods and principles in the Charities SORP-, makejudg8mènts and estimates that are reasonable and prudent. stale whether applicable accounting Standards hav8 b88n follDW8d, subiact to any materfal departure¥ tt¥at must be disdosed and explained in the financial statements- prepare the financial statements on Ihe going concern basis unless it is inappropriate to presume that Ihe Charlty 11 ConnUe In bu8ine88. The TnJst8es are responstble for kagping propgr alxounting rrdS th8t discl(Is8 With reason8bl8 8ccura¢y at any Ilme the financial position of thè charSty and enable th8m to ensure that the financial statements comply wilh th8 Charitles Act 2011, the applicablo Chaiilies (Accounts and Reports) Regulations, and the provislons of the Charltys schemes. They ar& also responslble lor safeguarding the 8ss9ts of the charfty and tskin9 was(#ble stsps fly the prev8ntKJn and d818clion of fraud and othar irr8gularitias. Thè truste$$ a $nSible for the maintenance and integrity of the charity and financial inf0mtIOn indud8d on the chartys website in accordaneè wth leglslatlon the Unlted Klngdom goveming the preparation and dissemination of financial statements. Slgned on behalf of the Trusts8s Revd L ort ICh8iThvcthanl Approved by the Trustees on S.io.Zg
ST hiARYS FUND. SALISBURY IR•ghtr•d charlty No. 25B8221 STAIEPAENTOF FINANCIALACTMnES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrictsd EnS)wnent FuThJs Funds rfrtal Funds Total FLmds INCOME FROM: Investrnents txvlder Intewt on c85h deposts 51,317 6.372 51,317 6,372 57.689 52,979 1.807 57,689 (PENDinJRE 011: Chariiablo 9[Vrtie Grants p8y86 TOTAL 70.534 70.534 55,256 NET INCOMEIIEXPENDITUREI BEFORE NET GN$1 ILOSSESI ON 114VESTMEtIT8 { 12.8451 112,8451 { 3701 OTHER RECOGNISED GAINSIILOSSESI.. G8lD51IIos58sI on Inve$tment ass¢l$ MOVEMENT IN FUNDS 101.210 101,210 1218,9171 1219,2871 112.8451 101,210 88,365 RECONCIUAIION IN FUNDS.. Tot81 fund$ bwghl foNArd Totsl frjnds carrfed lorngrd 140.415 1,594,211 1.734,626 £ 127570 £ 1695421 £ 1822991 1,953,913 £ 1734628 BALANCE SHEET AS AT 31 DECEMBER 2023 Unre8lric18d En1*%n8n1 FutHI¥ Funds 2023 2023 Totsl Funds 2023 Total FuTrJs 2022 FIXED A8SEf8.. vestments imi&stmgnts 1,695.421 1,695.421 1,594,211 CURRENY ASSETS.. Cash ot b•nk and in hand CBF Deposrf Fund Cash by Sallslxjry DBF 151,963 2.447 154,410 151.963 2,447 154,410 156.285 156,285 Debtors AccnJ8d Inu)me 2.011 156,421 2,011 15e,421 UABiunES: rèditors.. arnovnts Falling due thin On0 y¢ar 128,8511 128,8511 115,8711 CURRENT ASSETS OR LKABIUTIES 127.570 127,570 140,414 TOTAL ASSETS OR LIABILmE8 £ 127.570 £ 1,695,421 £ 1.822.991 £ 1,734.626 The FUNDS OF ThE CHARITY: EndowTn8nl fund8 Vnr6sM¢ted fu1$ 1¢,9, 10. 11, 12 1,895,421 1,695,421 127,570 127,570 £ 127.570 £ 1,695.421 £ 1,822,991 1,594.211 140.415 £ 1,734.6 These finandal statements approved bythe Trustus on....... .... ......... ....... .... Sned on thgirbthaW by.. Revd L Hott jchairwcfflanj The ncts8 Ptyos 4 to 7 fomi p8rtdlhosèaceount8
ST MARYS FUND. SAUSBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢ntIng PolS¢588 8) Accountln nv The accounts Ifin8ndal st8lementsl are prepar&J under the historical cost convention wilh items recognlseil * cost or transaction vahje unless otheNAse staled in the relèvant notes Its these accounts. The financial stslements have been ExepaTl in acca)rdance wth the Statement of Recommended Pradlce.. Accounting and Reporting by Charities preparing their accounts in ac)rdanCe th the Finan¢ial Reporung Stsndard aPFdic8ble In th8 UK and Republic of Ireland IFRS 1021 eff8¢tlve from 1 January 2019, the Flnanclal Reportlng Standard oppIIcgble In the Unlled lfjngdom and R8wbllc of Ireland IFRS 1021 and the Charfti8s Act 2011. The Charity o)nstitutss a wblie b8nefrt entity 8$ defined by FRS 102. The trustees consider that there are rK) matsrial uncertainties about the Ch8riVs ability to o)nllnue as a golng Concern. There are no Significant areas of judggmgnt or key assumptions thal affect items in the a(xnts. With respect lo the n&xt reportlng peri(xl, the year ended 31 December 2024. Ihfj most $Sgnrficant ar&as of uncertainty that affect the carrying valu8 of 91S held by the Charity are the level of investment relurn and thg pgrfoman¢e of inv¥slmgnl markets. bl Cash fk)w The accounts do not Include a cash flow statement because the Charity, as a small r8rxYUng ènlty, L8 exempt the requirement lo wepore su(a) a statement. Fund a ntin Unrestricted funds avaSlabl8 for uso at the discretion of the trustees in furtherance of the ggn8ral ot4e¢tlves of thg charity and have not b88n d&slgnated for other purposes. Endowmgnt fvtKls are p8mnent trusts whose income is intended for the benefft of the ¢hartty. Income from endowment funds LR unrestrictod. d) ncoffte reco nilion l income is rBcogni88d once the charlty has enItIent to the income. there Is suffioenl cortslnty of receipt and 8011 Is probabl? that the irKome 11 be received, and the amount of income recelvable be mgasurgd rellably. Infxne from Hiv&stments Is Induded in the year in whh it is r8c8ivabl8. el Ex eTrJilure non Liabilib'es are recognised as expendituro as soon as th8re 1$ 8 legal or ¢onstTuctNe obligation commiiling Ihe charity to thtr expenditure, il is probatAe that settlement will be required and tha amount of the obliyalion can be measured reliably. l expeThJilure 1$ a¢¢ountod for on an aalS basis. Grants payabl• arè eh8rgod when the offer 15 conveyed to the recipient, except in thos& casés where th¥ E)fffjr FS condiknonal. in which case the grant w0d bo recognised as eXnditUre when the condrbons attaching are fulfilbj. Charitable activities The expenditure on chgritable 0¢tivitie$ Indudes gr8nts F4us Support c)Jsts. g) Support costs hava be8n dlffgrentkqted between pvernance c¥)sts and othor SUPFYt costs. Govgmance Gosts MpSe of all costs involving tho public accltabllty of thg charity and its cLMnplian¢e with regulation and 0d pracuce. h) Fixed asset investments Listed investments are stated at markat Value as al the ba18nce sheet date. The Statsmenl of FinanrAal Activities Indudes the net gain3 and losses arising on revaluation and dispos81s throughout the ar. Realised ins aThJ losses AJI gains and losses are tsk8n to the Ststtsment of Financial Activities as they arise. R8alis8d gains and lossas on investments are calculated as the difference between salès proceeds and opening maFket value (purchase dale if laterl. Unreallsed 98lns and losses are calculated as the difference be¥een the makèt V8lue 8t the year end 8nd OFening rnarket value lor pUhaSe dal8 rf lalerl. Realised and unrealised gains are not separated in the Stat8mènt of Fin8n¢ial Actlvities.
ST MARfs FUND, SAUSBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 sh at bank and in hand Cash al bank and in hand indudes cash on deposit 8vallot49 on ¢Jgmand and (*8h held by SalSsbury Dlocesan Board of Finan¢8. k) Creditors Creditors are recognlsed where the charfly h8s a prosent oblhjatlon muming fr¢ a past event that wll probabty result In the tran8f8r of fijnds to a thlrd party and Ihe amwnt due lo sethe fv obligalon can measured reliay. Creditors ore normally recognis8d at their selU8ment amount. Financial Instruments Fixed asset investments are a form of ba$1¢ finanryal inslrumgnt and are Inibally rewJnised at Ihelr transaction cost and subsequently measured al fair value at the Balance $hgel dats. Invostmenl gains and losses, whether realis9d or unrealised, are c4Jmbin8d and shown in thg heading 'N¢l gaInlI0¥) on investments. in the Statsment of financial activities. Cost of charttable actlvltles Granls costs INde 31 2023 (Note 81 Grants to individuals 25 SA grants12022.' 15 grtntsl 22 Sp99"¥ nqed& 9ron¢ 12022.. 19 grantsl 18,073 6,483 24,555 3,09S 2,723 5,818 21,167 9.206 30,373 12,428 9,012 21,440 Grants to org8n1881ions Moth8Vs Union l Hollday Fund and Dev8lopmènl 5srJrki Smile Conne¢VFallhworks Christchurch, Creekmoor PCC Longmead Community Fa Dorset Coundl Outroath LitU8moor PCC 25.lJ]O 5.ClJO 495 248 25,495 5.248 12,664 5,163 5,163 3,663 2,047 7,000 39,047 248 124 1,114 2295 7,124 40,161 7,163 33.816 £ 63,602 £ 6,932 £ 70,534 55,256 Support costs are allted bgtween grant tyr based on Ine num1 of grants awarded in the year. AI G05ts of charitable activities In both y6ers war8 charged to unreslrthd funds. Support costs Governance costs costs 2022 Administra¥ salary11 employee) Management fee for finanaal administration Trustè8s' m89Ung rwm hire Independent examinets fees 4,234 1.647 4.234 1,647 55 996 6.932 4.070 1.637 996 9 £ 5,936 £ The management fges shown above have been charged by Sali8bury DicfEsan Board of Finance for S•Nlc•s and a0mmOdation provlded to the Charty by the Board. R•lat•d partytransactlons, trusttts. expenses and romunoratlon and koy manogomont personnol The charity consid8rs Its key management personnel comprise Ihe truslees and thg grant adminlslTatc¢. No remuneration was paid to any of th8 tmst8ès durfng th& year {2022 - £nill. No trustees received reimbursgmenl for trav•1 expon$8s dLiring the period12022'. £nill. Th8 grant adminSslrator receFved a salary of £4,23412022- £4.0701. T charity had no olhÈr rèlated paty transactions during the year (2022- £nil}.
ST MARYS FUND. SAUSBURY NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Fixed asset investments - Llst•d InvMtm•nts Endowffient lunds Total funds Total funds Market V81ue at 1 January G8in I Ilossl in the year Market value al 310ecèmbor 2023 1,594,211 1,594,211 101,210 101,210 £ 1.695,421 £ 1,695,421 1,813,128 218.917 £ 1,594,211 Hi8torfcal u)sl at 31 December 2023 768,098 £ 768,098 768.098 Unrealised gainsnoss 0131 Decembèr 927,323 £ 927.323 826,113 Charws wllcy Is lo hold 811 its investrnents In th6 CBF Church of England Common investsnenl funds WTlh the aim of long tsmi capital a1 income groYAh. Al 31 Dember 2023. the value of the invèstmgnts was represenlgd by 63% In the Investment Fund. 20% in the Fixe(I Interest Fund and 17% in the Property Fund. The maln risk to thg ChorNy frcAn financial instruments lies in combination of un(rtain inve5trnenl wnarkets and volatility in YId. Cash held by Sall$bury Dlocosan Board of Flnancg The Charity does not )1 a bank acctsunt in its own name. Banking facllllles are operated through a dgslgnatgd Trts Ac(x)unt held in the name of S011sbury DIof£san Bo8id of Finance and a CBF Dept Fund. Credltors: amounts falllng due wlthln one yoar TrgJ8 uedilcrfs Cash chved to Sallsbury Dlocosan Bts8rd of Finance Accruals for grants payablè Other a¢cnJals 1.372 1,519 12,OCK) 26.500 2,351 28.851 15,871 ovement in fundlng commltm•nts for gr•nts during the year 2023 2022 Grant COMMnts ro¢cJnised as al 1 January New grant commttments charged to SOFA Ise8 Note 21 Grants pald during the year Grant commiimgnts r8cryJnis8d as 8131 De(mber 2023 12,000 63.602 49.102 26.500 48,522 36,522 12,(K)O Any¥l of charltable funds Anatysls of Funds movements BalarKe at 1.1.23 ains and Btlanceat 1.12.2023 nditure En(Jowment fu8 Unrestricted funds 1.594,211 140.414 £ 1,734,625 £ 101.210 1.695,421 127 570 57,689 57,689 £ 70.534 70.534 101.210 10. al1$ of ¢h•rttablo fund8- prevlou$ yoar An8tysl$ of Funds movements B8lanc at Gains and BalanL* at .20 1.1.22 Endovment funds Un$trd funds 1,813,128 140,785 £ 1.953,912 £ 1218,917) 1,594,211 140.414 £ 1.734,625 54,886 54,886 £ 55.256 55.256 218.917
ST MARYS FUND, SALISBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 310ECEMBER 2023 11. An#ly8i$ of net assets botwe•n fund8 Unr8slricts Endowment Fund Flxed asset inveslmenl8 Current 8ssels Current liabilities Totsl 1,695,421 1.695.421 156,421 28,851 £ 1,822.991 156.421 28,851 £ 127,570 £ 1,695,421 12. Analy818 of not ¢ts botween fvnds- prevlous y•ar unSInGted Fun End(¥t Tolal Funds Fixed asset Investhwnts Currenl assets Current liabililtes Total 1.594.211 1,594,211 156286 15.871 £ 1.734,626 156.286 15,871 £ 14D,415 £ 1.594.211 13. Financlal Instrum•nts Not8 2023 Financial assets measured al falr valug through profll and loss: Investments held at falr value 1695 421 £ 1,695,421 £ 1,594,211 Income, expgnse, gains or Ioss8s, Including changes in fair value. recognised on: GalnsllLossesl on Financial assets m8asur8d * fair value Intoresl on cash deposits In¢om8 fr(xn listed investments 101.210 6,372 1218.9171 1,907 164,031
8T MARfs PUND, sAURy DEPENDENT EXAWNER% REPORT TOTHE TRUSTEFS FOR THE y ENOED 310ECEMOER 2023 I rèptyt to th&lw&ob# e4) myexYwthx olthe cUnts ofth St Fund. 8818 Its Tnmt) forlJKI •ld 81 Dgoontsr 2021 are 9010 pagetsa kn 7,. Rwontlblllts• 8nd bMl¥ of r•w tru8ta•8 ol th• Tu1 W¥ for th w•pwthi ¢4 the l) th rWr•mènts ofthtr Ch8rfds&M2011 (IP Aof I rwt In r•gp•)¢ of my.•xambwUon of tho TnJEfe owounts oafflod cth undor ¥OLIkn 145 rl lh• 2011 A¢t and my l tro¥• tha •ppNLwtslè •Ni try tr• Chaffty fAmrnbJkn undvr oK41on 1461SXb)oftho I hR¥o Lxfflp1kn1 ftyexBmfr. I rn1 matsrshw omtsmy oti•hth Jh ¢¢K¥wtronknlth 1. •ccownlr4 rntfjrdy not r•W Thilt •m4uhd by 1x1 oftho 4)r Z thoaEwunts ts) notAÈLKYd Lr 3. th•awirAs th>rth o)mkrfywith ihoappllpbt40 wrlomlw Iho &lhl•rtofoxwts t ¢xrt In thbChwitlM (>z&)unts •Jd RqJort61 R•gutsUtyn• 2W any10qrnrtth1tIh• aBcnts o4v arKI If¥WwNth h nola mattgrrAxwlderwJ aD1>4rtof an wnhalkn. I h•vè no orKI hw• (¥xno 8rrn no thr ID èY4mlwUm to *kl¥ b•fy¢wn In thFB répDrt k) onth i prop•rurJd•r•bnthw oftho to bv rna¢hwJ. Mrn N A Hells FCA Flthr & Pathorn ct¢•rb Swjiqbury Dats., 19 ¢)clolaU 20