**Charity number: 267414** 

## **THE ST PETER MANCROFT VICARAGE TRUST** 

## **UNAUDITED** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 DECEMBER 2021** 



## **THE ST PETER MANCROFT VICARAGE TRUST** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 4|
|**Independent Examiner's Report**|5|
|**Statement of Financial Activities**|6|
|**Balance Sheet**|7|
|**Notes to the Financial Statements**|8 - 12|





**THE ST PETER MANCROFT VICARAGE TRUST** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021** 

|**Trustees**|Geoffrey Loades, Chairman|
|---|---|
||Zara P Hammond (resigned 17 May 2021)|
||Paul R King|
||Colin I Pordham|
||L Caroline Jarrold|
||Cherri D Moseley|
|**Charity registered**<br>**number**<br>267414<br>**Principal office**<br>5 The Mews<br>Arlington Lane<br>Norwich<br>NR2 2BY<br>**Accountants**<br>Larking Gowen LLP<br>Chartered Accountants<br>King Street House<br>15 Upper King Street<br>Norwich<br>NR3 1RB<br>**Bankers**<br>Barclays Bank plc<br>5/7 Red Lion Street<br>Norwich<br>NR3 4DY<br>**Solicitors**<br>Howes Percival<br>Flint Buildings<br>1 Bedding Lane<br>Norwich<br>NR3 1RG<br>**Investment Managers**<br>Investec Wealth and Investment Limited<br>30 Gresham Street<br>London<br>EC2V 7QN||



Page 1 



**THE ST PETER MANCROFT VICARAGE TRUST** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021** 

The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2021 to 31 December 2021. 

## **Structure, governance and management** 

## **a. Constitution** 

The St Peter Mancroft Vicarage Trust is governed by a Deed of Trust dated 12 February 1896 and schemes of 20 November 1951, 11 December 1972 and 3 September 1973 and amended on 9 November 2017. It is a registered charity, No. 267414, with the principal office being 5 The Mews, Arlington Lane, Norwich, NR2 2BY. The Trust appears on the Charity Commission Register as "Charity for a Vicarage and Augmentation of the Income of the Vicar". For reasons of administrative convenience, accounts are drawn up to 31 December annually. 

## **b. Methods of appointment or election of Trustees** 

New Trustees are appointed by the existing Trustee body. The majority of new appointments are from the congregation of St Peter Mancroft Church, Norwich. In accordance with good practice at least two of the Trustees are not members of the congregation. The Trust Deed was amended on 9 November 2017 to provide that the number of Trustees shall not be reduced to less than five. 

## **c. 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. 

## **Objectives and activities** 

## **a. Objects, Organisation and Activities** 

The income of the Trust should be applied in: 

- a) Augmenting to such extent as the Trustees think fit the stipend of the Vicar of the Ecclesiastical Parish of St Peter Mancroft Norwich. 

- b) Toward meeting the expenses of providing clerical or lay help for the said Vicar. 

- c) Furthering religious and other charitable work of the Church of England in the Ecclesiastical Parish. 

The Trust makes grants to St Peter Mancroft Church, which treats that income as unrestricted contributions towards the Church's general mission. 

Page 2 



**THE ST PETER MANCROFT VICARAGE TRUST** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **Objectives and activities (continued)** 

## **b. Review of transactions and financial position** 

The charity recorded a deficit for the year of £15,324 (2020: £9,220 deficit). This was before quoted investment gains of £134,859 (2020: £38,297 losses). 

Grants amounting to £40,000 (2020: £35,000) were made to St Peter Mancroft PCC, at the year end £10,000 (2020: £Nil) was included in creditors in respect of these grants. 

The Trustees invested the proceeds from the sale of Chantry House in 2003 in medium risk investments. Day to day investment decisions have been delegated to the Investment Managers, who have discretion to operate. 

## **Financial review** 

## **a. Reserves policy** 

Free reserves, being the total funds of the charity available for use at the Trustees' discretion, amounted to £1,563,953 at 31 December 2021. 

Unrestricted funds are held as the General Fund and the Chantry House Fund. The Chantry House Fund (£1,546,045) holds the capital proceeds that arose from the disposal of Chantry House. Income therefrom is paid into the General Fund (£17,888), to fund grants and administration costs. 

The Trustees aim to leave the Chantry House Fund capital intact and to maintain the General Fund at a level sufficient to pay professional and other administration fees as they arise. 

Page 3 



THE ST PEfER IWICROFf VICARAGE TRUST
TRUSTEES. REPORT (COP￿INuED)
FOR THE YEAR ENOED 31 DECEMBER 2021
Stalwbwnt of TTUStees' responslbllltles
The Trustees are resp(Mwble f¢x preparir¥J the Trustees. Rekx)rt a￿1 the finarrial statements in aCc￿dan
with applicatAe law and United Kingdom A¢(￿ntir0 StarKlards (United Generally A¢cepled
Accounting Practice}.
The law applicable to charities in England & Wales requires ts Trustees to prepare financial statements for
each financial year vhkich give a In￿ and fair view of the state of affairs of the Charity and of its inc£rfning
resources and application of reS￿r¢e$. indudirKJ income aNJ exp￿ltUre. for that period. In preparing these
finanual statements, the T￿￿teeS are required lo.
select suitsble aceounting policies and then appfy them rJ)nsistently:
observe the methc*Js and prinaples of the C￿ltieS SORP (FRS 1021:
make judgrnents and xcounbng estimates that are rea￿ble aTrJ Fwudent.,
slate ￿ether appli(xble UK AccwntiThJ StsrKlards IFRS 102) have been fc4lcyAed. subj'ect to any
material departure5 disclo*J and 8x[Aain￿l in the financial ststements:
prepare the financial slatemerts s)n the going basis unless it is Inappr￿riate to presume that the
Charity N•ill continue in I￿SIness.
The Trustees are resFA)nsible for keepiTrJ *quate a(tountiThJ records that are suffic4enl to show and exFAain
the ChariV$ transao*ions and disclose rea￿ble accuracy at any lime the financial position of the Charity
and enable them to erwjre that the financial stateTnents c#)mpty *ith the Charrlies Act 2011. the Charity
(A￿OuntS and Retxirts) RegulatiC￿$ 2(K)8 aThJ the 5x0visi￿S of the Trust deed. Try are also responsble for
safeguarding the assets of the Charity and I(￿ t*"ng reasonabl6 steps for the prevenlion and detection
of fraud and other irregularities.
Apwoved by of the membws of the board of Tntslees and on Iheir behalf by..
Colln i Pordham
(Trusleel
Date: 26 May 2(r22
Page 4

## **THE ST PETER MANCROFT VICARAGE TRUST** 

## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **Independent Examiner's Report to the Trustees of The St Peter Mancroft Vicarage Trust ('the Charity')** 

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2021. 

## **Responsibilities and Basis of Report** 

As the Trustees of the Charity 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 Charity'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 Charity 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: 

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

2. the accounts do not accord with those records; or 

3. 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 Charity'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 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 work or for this report. 

Signed: Dated: 1 July 2022 Giles Kerkham FCA DChA 

Larking Gowen LLP Chartered Accountants Norwich 

Page 5 



**THE ST PETER MANCROFT VICARAGE TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021** 

|**Note**<br>**Income from:**<br>Investments<br>2<br>**Total income**<br>**Expenditure on:**<br>Brokers fees<br>Charitable activities:<br>Grants<br>Independent examiners fees<br>**Total expenditure**<br>**Net expenditure before net gains/(losses) on**<br>**investments**<br>Net gains/(losses) on investments<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>**40,047**<br>**40,047**<br>**13,997**<br>**40,000**<br>**1,374**<br>**55,371**<br>**(15,324)**<br>**134,859**<br>**119,535**<br>**1,444,418**<br>**119,535**<br>**1,563,953**|**Total**<br>**funds**<br>**2021**<br>**£**<br>**40,047**<br>**40,047**<br>**13,997**<br>**40,000**<br>**1,374**<br>**55,371**<br>**(15,324)**<br>**134,859**<br>**119,535**<br>**1,444,418**<br>**119,535**<br>**1,563,953**|_Total_<br>_funds_<br>_2020_<br>_£_<br>_39,767_<br>_39,767_<br>_12,853_<br>_35,000_<br>_1,134_<br>_48,987_<br>_(9,220)_<br>_(38,297)_<br>_(47,517)_<br>_1,491,935_<br>_(47,517)_<br>_1,444,418_|
|---|---|---|---|



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

The notes on pages 8 to 12 form part of these financial statements. 

Page 6 



THE ST PEfER MANCROFf VICARAGE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2021
20
2020
Flxed assets
Inve9Jnents
1.417.284
1.504,442
1.477.284
Current assets
Debtiys
Cash at bart and in hand
8.178
707
9,580
18.688
70.885
28,268
Creditors.. amcMJnts falling ¢kn wthin one
year
(11.374}
(1. 734)
Current ass•ts
$9.511
27. 134
Total assets less curr•nt liablllties
1.563.953
1,444,418
Tolal net assets
1,563.953
1,444,418
Chadty funds
R8Stricted fuThas
Unrestricted furKIs
1.563.953
1.444,418
Total funds
1,563,953
1.444.418
The finanoal st*ements ￿ere 8pprov&J arKI aulhoris&Y fry issue by the Trustees on 26 May 2022 and signed
on thgir behalf by..
Colln I Pordham
<TnJste81
The notes ijn pages 8 10 12 fom) part of these fin￿¢la1 statements.
Page 7

**THE ST PETER MANCROFT VICARAGE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **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 2019), 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 and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

The St Peter Mancroft Vicarage 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 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. 

Investment income, gains and losses are allocated to the appropriate fund. 

## **1.3 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. 

## **1.4 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. 

## **1.5 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. 

## **1.6 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. 

Page 8 



**THE ST PETER MANCROFT VICARAGE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **1. Accounting policies (continued)** 

## **1.7 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. 

## **1.8 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. 

## **2. Investment income** 

|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>Listed investments<br>40,047<br>_Total 2020_<br>_39,767_|**Total**<br>**funds**<br>**2021**<br>**£**<br>**40,047**<br>_39,767_|_Total_<br>_funds_<br>_2020_<br>_£_<br>_39,767_|
|---|---|---|
||||



## **3. Analysis of grants** 

|St Peter Mancroft PCC<br>_Total 2020_|**Grants to**<br>**Institutions**<br>**2021**<br>**£**<br>40,000<br>_35,000_|**Total**<br>**funds**<br>**2021**<br>**£**<br>**40,000**<br>_35,000_|_Total_<br>_funds_<br>_2020_<br>_£_<br>_35,000_|
|---|---|---|---|
|||||



## **4. Independent examiner's remuneration** 

The independent examiner's remuneration amounts to an independent examiner fee of £1,374 ( _2020_ - _£1,134_ ). 

Page 9 



**THE ST PETER MANCROFT VICARAGE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **5. Fixed asset investments** 

|**Cost or valuation**<br>At 1 January 2021<br>Additions<br>Disposals<br>Revaluations<br>At 31 December 2021<br>**Net book value**<br>At 31 December 2021<br>_At 31 December 2020_<br>The historical cost of the listed investments is £1,114,356.|**Listed**<br>**investments**<br>**£**<br>**1,417,284**<br>**178,108**<br>**(225,809)**<br>**134,859**|
|---|---|
||**1,504,442**|
||**1,504,442**|
||_1,417,284_|
|||



## **Investments at market value comprise:** 

|UK Equities<br>UK Fixed Interest<br>Overseas Equities<br>Other<br>**Debtors**<br>Accrued income<br>Accrued interest|**2021**<br>**£**<br>**565,824**<br>**148,958**<br>**497,269**<br>**292,391**<br>**1,504,442**<br>**2021**<br>**£**<br>**6,271**<br>**1,907**<br>**8,178**|_2020_<br>_£_<br>_594,684_<br>_192,300_<br>_430,275_<br>_200,025_<br>_1,417,284_<br>_2020_<br>_£_<br>_7,386_<br>_2,194_<br>_9,580_|
|---|---|---|



## **6. Debtors** 

Page 10 



## **THE ST PETER MANCROFT VICARAGE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **7. Creditors: Amounts falling due within one year** 

|St Peter Mancroft PCC grant<br>Accruals|**2021**<br>**£**<br>**10,000**<br>**1,374**<br>**11,374**|_2020_<br>_£_<br>_-_<br>_1,134_|
|---|---|---|
||||
|||_1,134_|



## **8. Statement of funds** 

## **Statement of funds - current year** 

|**Balance at 1**<br>**January**<br>**2021**<br>**£**<br>**Unrestricted funds**<br>General Funds<br>**19,215**<br>Chantry House Fund<br>**1,425,203**<br>**1,444,418**<br>**Statement of funds - prior year**<br>_Balance at_<br>_1 January_<br>_2020_<br>_£_<br>**Unrestricted funds**<br>General Funds<br>_15,582_<br>Chantry House Fund<br>_1,476,353_<br>_1,491,935_|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**40,047**<br>**(41,374)**<br>**-**<br>**(13,997)**<br>**40,047**<br>**(55,371)**<br>_Income_<br>_£_<br>_Expenditure_<br>_£_<br>_39,767_<br>_(36,134)_<br>_-_<br>_(12,853)_<br>_39,767_<br>_(48,987)_|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**134,859**<br>**134,859**<br>_Gains/_<br>_(Losses)_<br>_£_<br>_-_<br>_(38,297)_<br>_(38,297)_|**Balance at**<br>**31**<br>**December**<br>**2021**<br>**£**<br>**17,888**<br>**1,546,065**|
|---|---|---|---|
||||**1,563,953**|
||||_Balance at_<br>_31_<br>_December_<br>_2020_<br>_£_<br>_19,215_<br>_1,425,203_|
|**Unrestricted funds**<br>General Funds<br>Chantry House Fund||||
||||_1,444,418_|



Page 11 



**THE ST PETER MANCROFT VICARAGE TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021** 

## **9. Related party transactions** 

No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any Trustee or to any person or persons known to be connected with them. 

Page 12