Charity number: 265365
ST PETER MANCROFT MISSION HALL TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
ST PETER MANCROFT MISSION HALL TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 10 |
ST PETER MANCROFT MISSION HALL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020
| Holding Trustees | GeoffreyLoades,Chairman |
|---|---|
| Zara P Hammond | |
| Paul R King | |
| Colin I Pordham | |
| Managing Trustees | The Revd Canon Edward Carter,Vicar |
| Peter Threadkell,Churchwarden | |
| Helena Carr,Churchwarden | |
| Charity registered number 265365 Principal office Church Office The Chantry Norwich NR2 1QZ Accountants Larking Gowen LLP Chartered Accountants King Street House 15 Upper King Street Norwich NR3 1RB Solicitors Howes Percival Flint Buildings 1 Bedding Lane Norwich NR3 1RG |
Page 1
ST PETER MANCROFT MISSION HALL TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their annual report together with the financial statements of the charity for the 1 January 2020 to 31 December 2020.
Structure, governance and management
a. Constitution
The Mission Hall Trust was constituted by a Deed of Trust ('The Indenture') on 14 February 1899, and is a registered charity, No. 265365. For reasons of administrative convenience, accounts are drawn up to 31 December annually.
b. Methods of appointment or election of Trustees
The Indenture states that the land and buildings are under the sole control of the Vicar and Church Wardens.
Previous reports have been made by the Holding Trustees (see note 7), but during the year it was recognised that the report should be made by the Vicar and Churchwardens, who have always been acknowledged to be the Managing Trustees.
Objectives and activities
a. Charitable Objectives
The Indenture states that the land and buildings are under the control of the Vicar and Church Wardens and should be used for: -
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a. The celebration of divine service.
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b. As a class room, meeting room or lecture room.
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c As a place of meeting for clerical meetings or social conferences of the clergy.
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d. Any other meetings to cover the need of the congregation which the Vicar and Church Wardens think are desirable.
Rental income and income from licence and hiring fees from the Trust's property (the Chantry Hall) are received directly by St Peter Mancroft Church, where they are treated as unrestricted grant income and used towards the Church's general mission but in the future will be paid into a newly opened bank account in the Trust's own name.
b. Public benefit
The Trustees confirm that in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission.
Achievements and performance
a. Review of Transactions and Activities
During the year, the Trust received rents, licence and hiring fees amounting to £32,415 (2019: £32,325). Grants were made to the Church of St Peter Mancroft amounting to £32,415 (2019: £32,325). The Church of St Peter Mancroft has paid the charity's independent examination fees of £894 (2019: £702). The overall result for the year is £nil (2019: £nil). Negotiations over a rent review took place during the year and were concluded in early 2021 which will significantly enhance the Trust's rental.
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ST PETER MANCROFT MISSION HALL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Financial review
a. Reserves policy
Unrestricted reserves at 31 December 2020 amounted to £761,000, wholly made up of the freehold property. The charity's assets consist solely of the Chantry Hall, and so there are no free reserves in excess of the value of the property.
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 which give a true and fair view of the state of affairs of the company 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company 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:
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................................................ The Revd Canon E Carter Trustee Date: 26 October 2021
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ST PETER MANCROFT MISSION HALL TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
Independent Examiner's Report to the Trustees of St Peter Mancroft Mission Hall Trust ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 December 2020.
Responsibilities and Basis of Report
As the Trustees of the company you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the company's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the company has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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 a 'true and fair' 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 with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company'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 company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 27 October 2021 Giles Kerkham FCA DChA
Larking Gowen Chartered Accountants Norwich, NR3 1RB
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ST PETER MANCROFT MISSION HALL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Income from: Donations 2 Property 3 Total income Expenditure on: Charitable activities: 4,5 Grants Independent examiner's fees . Other charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward as restated Total funds carried forward |
Unrestricted funds 2020 £ 1,884 32,415 34,299 32,415 894 990 34,299 - 761,000 761,000 |
Total funds 2020 £ 1,884 32,415 34,299 32,415 894 990 34,299 - 761,000 761,000 |
Total funds 2019 £ 702 32,325 |
|---|---|---|---|
| 33,027 | |||
| 32,325 702 - |
|||
| 33,027 | |||
| - | |||
| 761,000 | |||
| 761,000 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 7 to 10 form part of these financial statements.
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ST PETER MANCROFT MISSION HALL TRUST
BALANCE SHEET AS AT 31 DECEMBER 2020
| Note Fixed assets Tangible assets 7 Current assets Debtors 8 Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds Total funds |
894 (894) |
2020 £ 761,000 761,000 - 761,000 761,000 761,000 761,000 |
702 (702) |
2019 £ 761,000 |
|---|---|---|---|---|
| 761,000 - |
||||
| 761,000 | ||||
| 761,000 | ||||
| 761,000 | ||||
| 761,000 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ The Revd Canon E Carter Trustee Date: 26 October 2021
The notes on pages 7 to 10 form part of these financial statements.
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ST PETER MANCROFT MISSION HALL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies
1.1 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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
St Peter Mancroft Mission Hall Trust 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.
1.2 Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.3 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 on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.
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 attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
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ST PETER MANCROFT MISSION HALL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies (continued)
1.4 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
1.5 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.
1.6 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 Trust and which have not been designated for other purposes.
2. Income from donations
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2019 | |
| £ | £ | £ | |
| Donations from the Church of St. Peter Mancroft | 1,884 | 1,884 | 702 |
All income from donations was unrestricted in 2019.
3. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2019 | |
| £ | £ | £ | |
| Rents, Licence and hiring fees | 32,415 | 32,415 | 32,325 |
All investment income was unrestricted in 2019.
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ST PETER MANCROFT MISSION HALL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
4. Analysis of grants
| Total | Total | ||
|---|---|---|---|
| Grants | funds | funds | |
| 2020 | 2020 | 2019 | |
| £ | £ | £ | |
| St Peter Mancroft PCC | 32,415 | 32,415 | 32,325 |
5. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £894 ( 2019 - £702 ).
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .
During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL) .
7. Tangible fixed assets
| Cost or valuation At 1 January 2020 At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 |
Freehold property £ 761,000 |
|---|---|
| 761,000 | |
| 761,000 | |
| 761,000 |
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ST PETER MANCROFT MISSION HALL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
7. Tangible fixed assets (continued)
As the Trustees frequently vary, particularly the Churchwardens, the freehold property is vested in a set of Holding Trustees to provide continuity. They are drawn primarily from the congregation of St. Peter Mancroft Church. Currently they are Geoffrey Loades, Zara P. Hammond, Paul R.King and Colin I. Pordham.
The freehold property is used partly towards the charity’s objectives (functional property) and partly to generate external income (investment property). In the view of the Trustees, the fair value of the investment property element cannot be measured reliably without undue cost or effort and therefore the entire property is accounted for as a functional property within Tangible Fixed Assets.
The property is carried at a deemed cost being its carrying value in the accounts at the FRS 102 transition date of 1/1/2015. That carrying value reflected an open market valuation effective at that date. No depreciation has been charged, reflecting the trustees' assessment that in the unlikely event of a disposal, proceeds would exceed the accounts carrying value.
8. Debtor
| Due within one year Grant debtor (note 10) |
2020 £ 894 894 |
2019 £ 702 |
|---|---|---|
| 702 |
9. Creditors: Amounts falling due within one year
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 894 | 702 |
10. Related party transactions
The accountancy and examination fee of £894 (2019: £702) is committed to be paid by St Peter Mancroft PCC (note 8 debtors) as well as £990 (2020: £Nil) of professional fees in the year.
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