**REGISTERED CHARITY NUMBER: 272566**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
## **FOR**
**CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
**CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 4|
|**Independent Examiner's Report**|5|
|**Statement of Financial Activities**|6|
|**Balance Sheet**|7|
|**Notes to the Financial Statements**|8 to 15|
**CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objective of the charity is to maintain endowment funds to generate income for distribution to related charitable organisations of St. Laurence Ecclesiastical Charities and St. Laurence Relief In Need Trust. Income is distributed on a non-discretionary basis in accordance with the deed of trust.
The trustees have referred to guidance set out by the Charity Commissioner's and are satisfied that the charitable objectives of the charity and its related charities satisfy criteria for public benefit.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
During the year the charity made distributions to related charitable organisations in accordance with its constitution, as follows:
|St. Laurence Ecclesiastical Charities
St. Laurence Relief In Need Trust|**2021**
£
71,647
56,880
128,527|**2020**
£
88,938
64,969
153,907|
|---|---|---|
## **Investment performance**
The endowment fund fixed assets comprise freehold investment properties and listed investments. The investment properties were fully let during the year at market rental values. The return on listed investments was in line with expectation for the investment strategy and risk profile of the charity.
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
There are no restrictions on the trustees' power to invest the assets of the charity. Listed investments are low risk and held mainly in managed investment funds with a bias towards providing income. The investment properties are subject to full tenant repairing leases and held on a long term basis for rental yield.
## **Principal funding sources and reserves policy**
The principal funding sources are non-distributable endowment funds held to secure the long term funding of the charitable objectives. All investment income less management and capital repair costs are distributed to related charities on an annual basis.
Capital repair costs to freehold property incurred for the purpose of securing good market rental value may be recovered from the general reserve over the duration of the relevant leasehold tenancy agreement. This policy preserves the investment pool for the long term legacy and benefit of the combined charities.
Page 1
**CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document and trusteeship**
The Church Lands and John Johnson's Estate Charities is an unincorporated charity and controlled by its governing document, a deed of trust dated 1 January 1942.
The charity is under common trusteeship with two related charitable organisations of St. Laurence Ecclesiastical Charities (charity no. 203336) and St. Laurence Relief in Need Trust (charity no. 205043).
## **Recruitment, appointment and induction of new trustees**
Trustees are carefully selected for their knowledge and experience of charitable organisations. New trustees are elected at the Annual General Meeting. Newly appointed trustees are inducted to the work of the charity by the chairman and provided with all information required to fulfil their role as trustees in accordance with the deed of trust and the Charities Act 2011. A trustee may retire voluntarily.
## **Organisational structure**
The Chairman, Rev C R Jones, has overall responsibility for the charity and is assisted in this role by the Clerk. The Treasurer is responsible for the financial management of the charity. The charity engages a firm of chartered surveyors to manage property investments, stockbrokers to manage listed investments and lawyers to advise on legal matters.
## **Trustee meetings**
Trustee meetings are held twice a year, one of which is the Annual General Meeting.
## **Risk management**
The trustees acknowledge their responsibility to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Charity number**
272566
## **Principal address**
Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG
## **Trustees**
Mrs P Thomas Mrs R P Williams Mr N C Burrows Dr R A L Macleod (resigned 18.5.21) Mrs R E Pearse Rev C R Jones Dr N A Brown Mr L R Smith (appointed 4.7.21)
Page 2
**CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021**
## **REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner**
Graeme Hobbs FCCA Chartered Certified Accountant Hobbs Granger Roitt LLP 8f Millars Brook Molly Millars Lane Wokingham Berkshire RG41 2AD
## **Chairman**
Rev C R Jones
**Treasurer** J Pyke ACA
## **Clerk**
C Hubbard
**Bankers**
The Royal Bank of Scotland plc 17/27 Station Road Reading Berkshire RG1 1LG
## **Investment Managers**
Redmayne-Bentley LLP Market Place House 43 Market Place Henley-on-Thames RG9 2AA
## **Solicitors**
Blandy & Blandy 1 Friar Street Reading Berkshire RG1 1DA
## **Chartered Surveyors**
Dunster and Morton 6 Southern Court South Street Reading Berkshire RG1 4QS
Page 3
## **CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021**
Approved by order of the board of trustees on 12 September 2022 and signed on its behalf by:
Rev C R Jones - Trustee
Page 4
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
**Independent examiner's report to the trustees of Church Lands and John Johnson's Estate Charities** I report to the charity trustees on my examination of the accounts of Church Lands and John Johnson's Estate Charities (the Trust) for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material 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 Trust as required by section 130 of the 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.
Graeme Hobbs FCCA Chartered Certified Accountant Hobbs Granger Roitt LLP 8f Millars Brook Molly Millars Lane Wokingham Berkshire RG41 2AD
15 September 2022
Page 5
## **CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
3
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
5
Relief in Need
Ecclesiastical
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|Endowment
fund
£
**149,385**
**13,566**
**60,108**
**75,711**
**149,385**
**61,718**
**61,718**
**2,611,645**
**2,673,363**|**31.12.21**
**Total**
**funds**
**£**
**149,385**
**13,566**
**60,108**
**75,711**
**149,385**
**61,718**
**61,718**
**2,611,645**
**2,673,363**|31.12.20
Total
funds
£
145,583
13,856
67,849
92,868
174,573
(565,622)
(594,612)
3,206,257
2,611,645|
|---|---|---|---|---|
The notes form part of these financial statements
Page 6
## **CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **BALANCE SHEET 31 DECEMBER 2021**
|Notes
**FIXED ASSETS**
**Investments**
Investments
8
Investment property
9
**CURRENT ASSETS**
Debtors
10
Cash at bank
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
12
Endowment funds
**TOTAL FUNDS**|Unrestricted
fund
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|Endowment
fund
£
**863,361**
**1,810,002**
**2,673,363**
**43,425**
**25,800**
**69,225**
**(69,225)**
**-**
**2,673,363**
**2,673,363**|**31.12.21**
**Total**
**funds**
**£**
**863,361**
**1,810,002**
**2,673,363**
**43,425**
**25,800**
**69,225**
**(69,225)**
**-**
**2,673,363**
**2,673,363**
**2,673,363**
**2,673,363**|31.12.20
Total
funds
£
801,643
1,810,002
2,611,645
6,005
94,972
100,977
(100,977)
-
2,611,645
2,611,645
2,611,645
2,611,645|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 September 2022 and were signed on its behalf by:
Rev C R Jones - Trustee
The notes form part of these financial statements
Page 7
**CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. STATUTORY INFORMATION**
The Church Lands and John Johnson's Estate Charities is registered with The Charity Commission (registration number 272566). The principal address is Victoria House, 26 Queen Victoria Street, Reading, Berkshire. The charity operates in Reading, Berkshire.
## **2. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Incoming resources**
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **Resources expended**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Cost of generating funds comprises those costs directly attributable to managing the investment portfolio, raising investment income and collecting rental income. Charitable activities expenditure comprises the distribution to the two beneficiary charitable organisations. Support costs comprise management and administration costs for the running of the charity itself as an organisation. Governance costs include those in the governance of it assets and are primarily associated with constitutional and statutory requirements.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
General funds are unrestricted funds which are available for use in accordance with the charitable objective.
continued...
Page 8
**CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Endowment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.
The costs of administering and managing the general and endowment funds are charged against the general fund. Investment income and gains are allocated to the appropriate fund.
## **Going concern**
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
## **3. INVESTMENT INCOME**
|Rents received
Investment income
Deposit account interest
**RAISING FUNDS**
**Investment management costs**
Professional fees
Rent collection fees|**31.12.21**
**£**
**120,003**
**29,480**
**(98)**
**149,385**
**31.12.21**
**£**
**6,366**
**7,200**
**13,566**|31.12.20
£
117,964
27,552
67
145,583
31.12.20
£
7,078
6,778
13,856|
|---|---|---|
## **4. RAISING FUNDS**
continued...
Page 9
## **CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **5. CHARITABLE ACTIVITIES COSTS**
|Relief in Need
Ecclesiastical|Grant
funding of
activities
£
**56,880**
**71,647**
**128,527**|Support
costs (see
note 6)
£
**3,228**
**4,064**
**7,292**|Totals
£
**60,108**
**75,711**
**135,819**|
|---|---|---|---|
## **6. SUPPORT COSTS**
|Governance
Finance
costs
£
£
Relief in Need
**1,316**
**1,912**
Ecclesiastical
**1,657**
**2,407**
**2,973**
**4,319**|Totals
£
**3,228**
**4,064**
**7,292**|
|---|---|
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
continued...
Page 10
**CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **8. FIXED ASSET INVESTMENTS**
|Listed investments
Stockbroking cash accounts
**MARKET VALUE**
At 1 January 2020
Additions
Disposals
Market movement
At 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
**At 31 December 2020**
The listed investments comprise:
UK Fixed interest securities
UK Investment trust and unit trust funds|**31.12.21**
**£**
**861,689**
**1,672**
**863,361**
**Listed**
**investments**
**£**
**799,971**
**-**
**-**
**61,718**
**861,689**
**861,689**
**799,971**
**31.12.21**
**£**
**172,179**
**689,510**
**861,689**|31.12.20
£
799,971
1,672
801,643
31.12.20
£
181,706
618,265
799,971|
|---|---|---|
The historical cost of listed investments is £505,638 (2020 - £505,638).
Since the balance sheet date, the market value of the listed investments has, due to market movement fluctuations, decreased by £57,379 to £804,310.
continued...
Page 11
**CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **9. INVESTMENT PROPERTY**
## **£**
|**INVESTMENT PROPERTY**||**£**|
|---|---|---|
|**FAIR VALUE**
At 1 January 2021
and 31 December 2021
**NET BOOK VALUE**
At 31 December 2021
At 31 December 2020
Cost or valuation at 31 December 2021 is represented by:||**1,810,002**
**1,810,002**
1,810,002|
|Valuation
Historic cost||**£**
1,539,625
270,377
1,810,002|
Investment property was last externally valued on an open market basis at 31 December 2020 by Dunster and Morton, Chartered Surveyors, and the trustees consider this to be an appropriate estimation of the market value as at the Balance Sheet date.
## **10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**DEBTORS: AMOUNTS FALLING DUE WITHIN**|**ONE YEAR**|
|---|---|
|Other debtors|**31.12.21**
31.12.20
**£**
£
**39,999**
2,158|
|Prepayments and accrued income|**3,426**
3,847|
||**43,425**
6,005|
continued...
Page 12
## **CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
**12.**
**MOVEMENT IN FUNDS**
At 1.1.21
£
**Endowment funds**
Endowment Funds
**2,611,645**
**TOTAL FUNDS**
**2,611,645**
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Endowment funds**
Endowment Funds
**149,385**
**(149,385)**
**TOTAL FUNDS**
**149,385**
**(149,385)**
**Comparatives for movement in funds**
At 1.1.20
£
**Endowment funds**
Endowment Funds
3,206,257
**TOTAL FUNDS**
3,206,257||**31.12.21**
**£**
**69,225**
Net
movement
in funds
£
**61,718**
**61,718**
Gains and
losses
£
**61,718**
**61,718**
Net
movement
in funds
£
(594,612)
(594,612)|31.12.20
£
100,977
At
31.12.21
£
**2,673,363**
**2,673,363**
Movement
in funds
£
**61,718**
**61,718**
At
31.12.20
£
2,611,645
2,611,645|
|---|---|---|---|
continued...
Page 13
**CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **12. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Endowment funds**
Endowment Funds
**TOTAL FUNDS**|Incoming
resources
£
145,583
145,583|Resources
expended
£
(174,573)
(174,573)|Gains and
Movement
losses
in funds
£
£
(565,622)
(594,612)
(565,622)
(594,612)|
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Endowment funds**
Endowment Funds
**TOTAL FUNDS**|At 1.1.20
£
3,206,257
3,206,257|Net
movement
in funds
£
(532,894)
(532,894)|At
31.12.21
£
2,673,363
2,673,363|
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Endowment funds**
Endowment Funds
**TOTAL FUNDS**|Incoming
resources
£
294,968
294,968|Resources
expended
£
(323,958)
(323,958)|Gains and
Movement
losses
in funds
£
£
(503,904)
(532,894)
(503,904)
(532,894)|
|---|---|---|---|
The general fund represents the annual investment income as generated by the endowment fund and the distribution of net income to related charitable organisations in accordance with the charitable objectives.
The endowment fund represents the non distributable investment of the charity held to secure the long term funding of the charitable objectives.
continued...
Page 14
**CHURCH LANDS AND JOHN JOHNSON'S ESTATE CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021**
## **13. RELATED PARTY DISCLOSURES**
## **St. Laurence Ecclesiastical Charities**
St. Laurence Ecclesiastical Charities share common trusteeship with the charity and is a beneficiary of its distributable income. During the year the charity made distributions of £71,647 (2020: £88,938) and at the year end the charity was owed £4,611 from this related party (2020: £33,742 owed by the charity).
## **St. Laurence Relief in Need Trust**
St. Laurence Relief in Need Trust shares common trusteeship with the charity and is a beneficiary of its distributable income. During the year the charity made distributions of £56,880 (2020: £64,969) and at the year end the charity owed £18,752 to this related party (2020: £18,872).
## **Vale & West**
The treasurer, Mr Pyke is a partner with Vale & West Chartered Accountants. During the year the charity paid Vale & West £2,580 (2020: £2,580) for accountancy services.
## **Blandy & Blandy**
Mr N C Burrows is a trustee and a partner with Blandy & Blandy. During the year the charity paid Blandy & Blandy £1,206 for legal services.
Page 15