Chafity number: 267414 THE ST PETER MANCROFT VICARAGE TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL ¥TATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE ST PETER MANCROFT VICARAGE TRUST CONTENTS Page Reference and Admlnlstrallve Detalls olthe Charity. its Trustees and Advlsers Trustees. Report Indgpondont Examinefs R•port statement of Flnancial Activitsos Balance Sheet Notss to the Financlal Stst8ments 8-12
THE ST PETER AIANCROFf VICARAGE TRUST REFERENCE ANO ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Geoffrey Loades. Chairman Paul R King Cdin I Pordham L Caroline Jarrokl Cherri D Moseley C R Tc*)rdS Harris Chartty rgglstored number 267414 Principal offlcg 5 The Mev+ Artington Lane Norwich NR2 2BY countants Larking Gowen LLP Chartered Accountants 1st Floor Prosped House Rtxjen Road NR1 1RE BankeF5 Barday5 Bank plc 517 Red Lion Street Norwich NR3 4DY Solicitors Howes Perov Flint Buildings l Beddir@ Lane Norwith NR3 1RG Investmont Managers Barratt & Cooke S Opie Street Norwich NRI 3DW Page 1
THE ST PETER MANCROFT VICARAGE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 310ECEMBER 2024 The Tnjslees present their annual report IcN3ether with the financial statements of the Charity for 1 January 2024 10 31 December2024. Slru¢tur•, governan¢• and management a. Constitution The St Peter Mancmft Vicarage Trust is govemed by a De1 of Trusl dated 12 February 1896 and schemes of 20 November 1951, 11 Dernber 1972 and 3 September 1973 anLI 8mended on 9 November 2017. It is a registered charity. No. 267414, with the principal office beiThJ 5 The Mews. Artinglon Lane, Norwich, NR2 2BY. The Trust appears on the Chartty Commission Register as -charity for a Vicarage 8nd Augmentation of the Income of the Vicar. For reasons of administrative txxwen1en. accounts are drawn up to 31 December annually- b. Methods of appolntment or el8Ctlon of Tru$tses New Trustees are appointed by the existing Tru51ee b(Mly. The majority of r1 appointrnents are from the congregation of Sl Peter Man¢roft Church, Norwch. In actordance with good practice al least two of the Trustees 8re not members of the uJngregalK)n. The Trust Deed Was amended on 9 November 2017 to provide that the number of Trustees sh811 not be reduced to less than fr48. c. Public beneflt The Trustees confimi Ihal in exerusing their pM)weTS and dut5. they have complied wTrth their duty lo have due regard lo the guidance on public benefrt published by the Charity Commission. ObJoCtIvos and activities a. Objects. Organisation and Actlvllles The income of the Tnjst should applied in: al Augmenling to extent as the Trustees think frt the stipend of the wir of the Ecdesiastical Parish of st Peter Manuoft Norwth. bl Toward meebng the expenses of prowdir¥J deri(81 or lay help for the said Vicar. cl Furthering religious and other tharitable work of the Church of England in the Ecclesiastical Parish. The Tnjsl makes grants to St Peter Mancroft Church. which treats that InMe as unrestricted contributions towards the Church's genèral mission. Page 2
THE ST PETER IAANCROFT VICARAGE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Obje¢tlvo$ and activities l¢ontinu•d) b. Revièw of transactions and finan¢lal position The Charity recorded a deficit for the year of £1.813 {2023: £4.082 dèfiol). This was before quoted investrnenl gains of £17,008 {2023-. £30.222 gains). Grants amounting lo £45,c {2023: £40,rA)01 were made lo St Peter Man(¥oft PCC: al the year end £15.000 12023.. £10.0001 was induded in creditor5 in respect of these grdnts. 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 lo the Investment Managers. who have discretion lo operate. Flnancial revlew . Ro$ar¥es pollcy Free reserves. being the total funds of the Chanty avarfable for use at the Trustees. disc¥ekn"on, amounted lo £1,364,573 at 31 December 2024. UnreslTiCted funds are hekl as the General FurKI th8 Chanty House FuTrJ. The Chantry HoL¢se Fund 1£1,354,9761 holds the capitsl proceeds that arose from the diswJs81 of Chanty House. Income therefrom is paid into Ihe General Fund1£9.5971. lo fund grants and administratM)n costs. The Trustees aim lo leave the Chantry House FurKI capFtal intact and lo maintain ts Gener81 Fund al a level sufficienl to pay professional and other adminislration fees as they arise. Page 3
THE ST PER MANCROFT VICARAGE TRUST TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 SL7ternent of Trusteas. rnsponsibiliti¢$ The Trusle8s are responsible for pparing the Truslees. Re)rt 8rKI the financial statements in accordance with applicable law and Unitgj Kingdom Accounting Standards (United lQryJdom Generalty Accepted A¢coLJnting Practice). The law applicatAe to charitles in Enand & Wath requi$ the Twstees to prepare finarla1 slalemenls for each financsal year which gNe a twe and fair view of the stale of affairs of the Charity and of its incoming resources and application of resources, induding its InMe and expenditure. for thal period. In preparing these financial ststements, the Trustees are required to.. select SUrtab acc(yJnling syjicies and then appty them o)nsisterbty. observe the methcmts and principles of the Charities SORP {FRS 1021,. mak8 judgments and accounting estimates that are reasonable an¢J prudent.. stale whether applicaLle UK Acc(yJnting Standards IFRS 1021 have been followed, subiect to any material departures disdosed and explained in the finanual statements., pr8pare the financial statements the g¢ing cMcern basis unless it is inappropriate to presume that the Charity will continue in business. The Tru51ees are reswnsible for keeping equate accounting rec(wds that a sufficient lo show and explain the Charitys transactions and disdose with reasonable acraCY at any time the finanaal posrtion of the Charity and enable them lo ensLbre that the finanaal stslemenis cOmY with the Charriies Act 2011. the Charity IA¢¢ounls and Reports) Regu18tsons 2LK)8 and the provisK)ns of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hen for taking reasonable steps for the pVention and detection of fraud and other irregularities. Approved by tyder ol the rnembers ofthe trd of Trustees a1 Sign cm their behalf by. Colln I Pordham (Trusleel Date.. Page 4
THE ST PETER mANCR0 VICARAGE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Enmlnerfs Report to the Trte0S of The St P&ter Mancroft Vicarnge Trust I'the Charlty'l I report lo the charity Trustees on my ex8minatm of the accounts of the Charity for the year ended 31 December 2024. Responslbilltigs and Basls of Report As the Trustees of the Charity you are resFX)nsible for the preparathyi of the aco)unls in accordance wlh the requirements of the Charities Act 2011 {Ihe 2011 Acri. I report in respect of my examination of the Charitys acc(MJnts carried out under sectM)n 145 of the 2011 Act and in carrying out my examination I have fc41owed Ihe applicable Direcb"ons given by the Charity Commission under section 14515llbl of the 2011 Act. Indepondent Examinerfs Statomenl Your attention is drawn to Ihe fact that the Charity has prepared the amwnts in accordan with Accounting and Reporting by Charities: Statement of Recommended Prathce applicable lo charities pparing their accoLtnls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accwnling ar)d Reporbng by Charit$.. Statement of Re¢mended Practic8 i&sued on 1 April 2005 which is refeffed to in the extant regulations but has been withdrawn. I have (xjmpleled my examination. I confirm that Th) matters have come to my attenb.on in (nelOn with the examination giving me cause to believe that in any materi81 SpeCt= acc(MJnling records wer6 not kept in resFct of th& Charity as required by seclion 130 of the 2011 Actr, or the accounts do not accord wilh those rgcords,. or the accounts do not compty wth the applicable requireTnents 1x)nMing the fomi and content ol accounts set out in the CharitS (Accounts and Reports} Regulab"ons 21Y)8 other than any requirement that the accounts gNe a Irue and fairf vi8 v*hith is a matter o)nsidered as part of an iNJeperKlent examination. I have no concems and have C4)me across no other matter5 in connectton with the examination to which attention should be drdwn in this rewt in order to enable a proper understanding of the accounts to be feached. This report is made solety to the Charitys Tfustees. as a trmjdy. hi a&))rdan wth Part 4 of the Charities (Accounts and Reports) Regulations 2008. My has been urnlèrtaken so that I mKJht state lo the Charitys Trustees those matters l am quired to stale to them in an Independent Examinerfs Report and for no other purpose. To the fullest exlenl pemiitted by law. I do not accept or assume reswnsibility to anyone other than the Charity and the Charws Trustees as a bcrfty. for my work for this rwt. Signed: Dated: Giles Kerkham FCA DChA Larking Gowen LLP Chartered Accounlanls Norwich Page 5
THE ST PETER klANCROFT VICARAGE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted fvnds 2024 Total fund$ 2024 Tot81 funds 2023 Note Income fr¢)m: Investments 44.807 44,807 40.085 Total Income 44,807 44,807 40,085 Expendlturo on: Brokers fees Gharilable activities= Granls Independent examiners fees 2,607 45.0011 1.62D 45.000 1.620 40,000 1,560 Total expendlture 46.620 46.620 44,167 Not expenditurè before net gains on investments Net gains on investments (1.813} 17.(KJ8 (1,813) 17.008 (4.082) 30,222 Net movement in funds 15,195 15.195 26,140 Reconciliation ¢f funds: Total funds brought forward Nel movement in funds 1.349,378 15.195 1.349.378 15,195 1,323,238 26, 140 Totsl funds carried forward 1.364.573 1,364,573 1,349,378 The Statement of Financial kntivites includes all gains and losses recognised in the year. The notes on pages 8 to 12 fom part of these financaal statements. Page 6
THE ST PETER MANCROFT VICARAGE TRUST BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 2023 Fixed a$sgts Investments 1.318,708 1.332.66T 1,318.708 1,332,667 Current assets Debtors Cash at bank and in hand 587 61.898 1.677 26,594 62.485 28,271 Creditors.. omounts falling due within year {16,620) (11.560) Net curr•nl as$gts 45.865 16,711 Total assets less curren¢ liabilities 1,364,573 1,349,378 Total net a$s•ts 1,364,573 1,349.378 Charity funds UnreslTiCted funds 1,364.573 1,349.378 Total funds 1,364,573 1,349,378 The financial statements were approve(l and authorised for issue by the Trustees and signed on their behaw by.. Colin I Pordham (Trusleel Date. ILr The notes on pages 8 to 12 form part ol these finanoal statements. Page 7
THE ST PETER PAANCROFT VICARAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poll¢le$ 1.1 Basis of preparation of financial statements The finanaal ststements have been prepared in acCOrdae vthh the Charities SORP {FRS 1021- Accounting and Reporting by Chariti8s: Statement of Recommended Practi applicable to charities preparing their accounts in accordance th the Finanaal Reporting Stsndard applicable in the UK and Republic of IrelarKI {FRS 1021 (effectrve 1 January 2019). the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 1021 and the Chartties Act 2011. The St Peter Man¢roft vrage Trust meels the definitIr of a public benefit entity under FRS 102. Assets and liabilities are initialty recognised al historic81 wsl or Irdnsaclion value unless otherwise stated in the relevant accoJntiNJ FKAiry. 12 Fund accountlng General funds are unrestricted funds which a availaNe for use at the disuelion of the TNslees in furtherance of the generdl obieclNes of the Charity and whith have not been designated for other purposes. Investment income. gains and k)sses are al)ted lo the apwopriate furKI. 1J Income AJI income is rec(KJnised the Charity has entilthent to the irbcoma. il is probable that the income will be receivefj and the amount of InMe receivable can be measure(J rebiabty. 1.4 Expendlture Expenditure is recognised once there is a legal c constructfve otAigation to transfer econom benefit lo a third party, it is probatAe that a transfer of economic benefits will required in settlement and the amount of the ob1igats.c can t* measurwj liay. ExpendKture on raising funds includes all expendilure incurred by the Charity to raise funds for ils charitable purwses and indudes costs of all fundrdiSing athvities events and non•charilable trading. Expenditure on charitsble acbvthes is incurred on diredy undertaking the activities Ythich further the Charity's objectives. as well as any as%)ciated support cx)sts. 1.5 Invostm8nts Fixed asset investsnents are a forni of financial instrument and are inibally recognised al their transaction cost and s¥Jbsequenty measured al fair value at the BalarKe Sheet dale. 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 comtsn8d and presented as 'GainsllLossesl on investments. in the Ststement of Financial Activibes. 1.6 Debtors Trade and other debtors are re(x¥Jnised at the setdement amount after any Irade discount offered. PrepayTnents are valued at the amount prepaid nel of any trade di%counts due. Page 8
THE ST PETER PIANcR0 VICARAGE TRUST NOTES TO THE FINANCI STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poll¢les {contlnued) 1.7 Cash at bank and in hand Cash at bank and in hand indudes cash and short-temi highly liquid Mvesth78nts with a short maturity of three months or18ss frcAn the date of acqUItion or opening of Ihe d8posit or similar account. 1.8 Liabilities and provlsions LIabltieS are rnIsed vthen th8re is an cdigal¥M at Ihe Balar Sheet date as a result of a past event, it is probable that a transfer of econom benefft will be required in settlement. and the amount of the Setement can be est#nated reliably. Liabilities are tecogrbised at Ihe amount that the Charity anliupates il will pay lo settle the debt or the amount il has received as advanced payTnents for the goods or services it must provide. Investmént Incomo Unrestriclod funds 2024 Total lunds 2024 Total funds 2023 Listed investrnents 44,807 44,807 40.085 Total 2023 40.085 40.085 Anatysls of grants Grants to Institut•ons 2024 Total funds 2024 Total funds 2023 Sl Peter mar0ft PCC 45.(YJO 45,000 40,000 Total 2023 40,0(X) 40,000 Independent examinef5 remuneration The indeperent examinerfs remunerdtvjn amounts lo an independent examiner fee of £1.620 12023 - £1,560). Page 9
THE ST PETER lAANCR0 VICARAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees. rgmuneration and expense¥ During the year. m Trustees received any remuneration or olher benefits (2023- £NIL). During the year ended 31 December 2024, no Twstee exPereS have been incurred (2023- £NIL?. Flxed asset Investments Listed investments Cost or valuation Al 1 January 2024 Additions Disposals Revalualvjns 1.332,667 396,981 1427.9481 17,008 Al 31 Dmber 2024 1,318,708 Not book valua Al 31 December 2024 1,318,708 Al 31 December 2023 1,332,667 Debtors 2024 2023 Accrued investment income Accrued interest 549 1,352 325 38 587 1,677 Page 10
THE ST PEfER MANCROFT VICARAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Creditors: Amounts falling due within one year 2024 2023 Sl Peter Mancroft PCC grant Ac¢ruals 15.000 1.620 10,000 1,560 16.620 It,560 S*atemsnt of funds Statement of fvnds - current year Balan¢e at 31 Galnsl DeceMr {Los$¢sl 2024 8alan¢e at 1 January 2024 Income Expgnditure Unr•strict¢d funds General FLbnds Chantry House Fund 11.410 1,337.968 44.807 (46.620) 9,597 1,354.976 17,008 1.349,378 44,807 {46.620) 17,008 1,364,573 statsment of funds - prlor year Ba18n 81 31 09mber 2023 8818nce al l January 2023 Gains/ (Losses) Incorne Expenditu Unrestricted funds General Funds Chanty House Fund 12,885 1,310.353 40.085 (41.560) 12,607) 11,470 1.337,968 30,222 1.323,238 40,085 (44, 167) 30,222 1,349.378 Page11
THE ST PETER MANCROFT VICARAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Relatsd party transa¢tlons There were no transactions related parties other than grant payments to Sl Peter Mancroft PCC (Note 3} Page 12