ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Contents Pag Tru5tees' Report Independent Examiner's R¢port ststement of Financial Activities Ito3 Balance Sheet Notes to the Ac¢ounts 7t09
ALL SAINfs FOUNDAIJON ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR Ef4DED 31 DECEMBER 2022 Administrative inforni&tion The All Saints Foundation ('the Foundation,) was set up by TTUSt Deed dated l March 1977. The correspondence address is All Saints, Vicarage, 7 Margaret Street, London, W IW 8JG. The Foundation is a charity registered with the Charity Commission of England and Wales (number 273390). The Trustees who served during the year l January to 31 December 2022 are &8 follows.. The Revd Dr Peter Anthony (Vicar of All S&ints'. ex officio) Mr John Forde (Churchwarden: ex officio- to 3 July 2022) (Churchwarden: ex officio- to 3 July 2022) (Churchwarden: ex officio- from 3 July 2022) (Churchwarden: ex officio- from 3 July 2022) {PCC Appointee.. ex officio- re-appointed with effect from26 July 2022) (to 9 March 2022) (Chairnian to 5 March 2022) {AdminiJlraior) (to 5 June 2022) (Chairmanfvm 30 June 2022) Mr Christopher Self Miss Catherine Hodgetts Mr Huw Pryce Mr Christopher Swift Mr Damon Brash Dr Colin Podmore Sir Timothy Waterstone Sir Robert Chote Mrs Ruth Ward Mr Paul Golding (from 30 June 2022) Strncturfy governance and management The Foundation's trust deed requires that the Trustees use their best endeavours to ensure that the number of TNstees serving at any time shall be no less than nine. The Vicar and two Churchwardens are ex officio Trustees and the All Saints Parochial Church Council ('the PCC.) elerts one representative TNstee, who is an ex officio Trustee. A quorum consists of five Trustees, of whom two must be ex officio Trustees. Trustees are appointed for a frrni of three years and may be re-appointed for a second tem, but cease to be Tnlstees after serving for six wnwutive y¢ar5 and may not serve again until at least a further year has expired. The ex officio Trustees are not subject to a limitation on their temis of service. The trust deed provides that neither the Vicar nor any other Ttee who is a member of the PCC shall be disqualified from joining in the exercise of the TNstees' pow¢rs and discretions under the trust deed in latiOn to the Incumbent and PCC. The trust deed also provides for the appointment of an Administrator who may or may not be a Trustee. Dr Colin Podmore has served as Administrator siTh¢e l January 2021. Page I
ALL SAIN15 FOiMATTON ANNUAL REPORT AND ACCOW4TS OF THE TRUSTEES FOR THE YEAR ENDED JI DECEMBER 2022 ObjectiVQS Ydnd Activities The Objects of the Foundation are: (a) to advance the worship, pastoral ministrations, music and work of the Parish Church of All Saints Margaret Street, and such other charitable objects and activities ancillary thereto as are compatible with its traditions, the restoration. improvements, developmenL maintenance and repair of the Parish Church of All Saints Margaret Street, its fijrniture, ornaments, churchyard and ecclesiastical property connected therewith (including Numbers 6, 7 and 8 Margaret Street). to further the work of the Institute of Christian Studies. (b) (c) Achievements and Perfornianee Th¢ Trust¢es m¢t three times during the year. They approved a grant to the PCC of up to £66,000, of which £46,000 was paid before the year end (2021.. £35,000). The grant approved in 2022 was for work on No. 6 Margaret Street. Financial Review In 2022 the Foundation received investment income of £26,100 but incurred a net capital loss or £92.950, which resulted in a net reduction of incon]e and endowments of £66,850 (2021: increase of £133,406). The capital value of the investments held by the Foundation decreased by £118.575 (2021: increased by £103,567) before deduction of investment management costs. The share portfolio had a book value when received of £523,307 and a market value as at 31 December 2022 of £804,429 (2021., £905,067). The investment of £250.DDD made with CCLA had a market value of £234,897 at 31 December 2022 (2021.. £258,256). As stated above, in 2022 the Foundation made grants to the PCC totalling £46,OIK) (2021: £35.000). In 2022 it made no payments in respect of liturgical articles (2021: payments totalling £11,187). Grants and payments are made out of income to the extent that this is available and the rest from capital. No loans were made during the year under review. The net result for the year was an excess of outgoing resources over in¢oming resources of £119,012 (2021: excess of incoming resources over outgoing resources of £81,254). This defjcit h&8 reduced the fund balances carried forward, giving a year-end total of £1,345,500 {2021: £1,464,512). As at 31 December 2022, total contingent liabilities of the Foundation stood at nil (2021: nil). Non- ontractual commitrnents to the PCC at the same tlme stood at £150,000 (2021: £100,000). Of this sum, £1 00,000 is in respect of the Undercroft project. However, the Trustees have been advised that the Cost of that project is likely to be significantly higher. (See note 9.) Page 2
ALL SA[ps FOUNDATION AP4NUAL REPORT AND ACCOUNTS OF THE TRUSTEKS FOR THE YWI ENDED 31 DECEMBEB 2022 The Trustee5 do not have a forniaI policy concerning reserves and do not fornially set aside specific sums as reserves. They do not consider that thi5 is necessary because (a) the assets held are periodically reviewed against current and likely future demands to ensure their adequacy, (b) the Foundation's activities conslst exclusively of grant-making and other requested payments, and each request for a grant or a payment is considered in light of available assets and cuThent and likely future demands on those assets, and (c) the administration costs of the Foundation are minimal. Approved by the Trustees on 24 Mareh 2023 and slgned on thelr behalf by Sir Robert Chote, Chairn)an Page 3
TrL" 11. RkP(IIiT II).Il'.C'oI'%'is ob rii& TRI S'lTrTr's bnR'I'IIF. )'Tr'R EN'DI."D JJ DF.( F..%IBER If121 INDF.PET¥DENT EXAMINER'S REP()RT TO THE TRUSTF.FS OF ALL SAINT5 FOI,NDATIOI I report on the aceounis of the All Saints Foundaiion for the j'ear ended 3 l December &Q2&. which are sei out tiii pages .fj to 4. Re5petiive reJpiin%lbllitles of Truste Eiaminer As '[ ru5tee5, You are responsible for the preparation of the account5. you consider th& an audii is ncyt required for this year under section 144 (2) of the Charlties Act 201 I Iihe 2011 Ad) 8nd thar an iiidepcndent ¢KnIn&l10n is needed. li is my responsibility" to examine the accounts under section 145 of the 101 l Aa: lo follom" the procedure laid doiyn in Ihe General Direciions given b% the Charii!. ('. ominis%ion under wiion 14515 51.bi ol-(he !(111 .4: and io slate whether parttcular mauers ha¢ come to my attention. Bsis of Independent Examiner'j repori examinaiion carried out in accordanL'e H'ith the Gcncral Direciions given bN' the Charity Q nmmissiiin. An examinyiion includ¢% 8 revie. of the uc¥ouniing rordS kepr bv the -fru #nd a Lomparison of the accounts with tho.se re¢ordg. li also inclLides considering ai)!. urtusual items or di.%L10sures in the aL'counis and seek ingi t'.Iplanaiion% lir>m vou tss Twsrees concerning anb SULh mailers. l-he prcKedures undenaken do iiot pro ide all (he vN'iden¢e Lhat would be reqIred in an IILILlit. and LLTrnyequentl!' no opinion is &7iven a5 lo wh&her Ihe accoun15 preseni a 'Xrue and lair le and the repon is limiied io these matlers.sei oui in ihe Stslement bL'Iow, IMdepeDdenl Examiller's slat¢rnen.t In connection ivith m), examinalion. no matter has come io In) auenlion.. { I I hich uive5 me reasonable cause lo believe thai in anv material respect the requiremenis lo keep accounting records in aLcordancL% ik-iih seeiion 130 (Trt th¢ 201 l ACL.. and u) piypare a¢¢ounis wliich accord wilh the accounlii)g reconjs and COTiipIN' 'It1? tlie aLcounting rL'quiremeiiis of ihe 70 I I ALI h&¥'L not heen mcl.. oi. l&1 lo iihiih, in mTr OPTnion. attenlioii shauld be drawn in ord¢r [(} en8blL a pruper under%Landing ol'the a¢iOUniS io be l¥hed. Francis Lee Francii Ltt & Co. Chartered Certifi&J AccountanL$ 6? Ainsdale koad London Il's l JX 15 . March 2023 P8ge 4
AIL SAINfS FOtJNDATION ANNUAL REPORT AND ACCOI]Nfs OF THE TRUSTELS FOR IHE YEAR EfyDED 31 DECEMBER 2022 STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 DECEMBER 2022 2022 Notes Income 2022 Cydpital 2022 Total 2021 Total INCOME AND EIYDOWMENTS Donations 460 460 460 Gift Aid from HMRC 55 55 (503) 7,975 21,907 103,567 113,406 Legacies Investment income 25,110 25.110 26,1 (118,575) (118,575) (92,950) (66.850) 26,100 Gainsl(losses) on investnwits 26,100 EXPENDfnJRE ON RAISING FUNDS Costs of generating voluntary income EXPENDITURE ON CHAIUTABLE ACTivrriES Investment management costs Grants made (to the PCC) Payments for liturgical articles Bank fees 5,422 20,640 5,422 46,000 5220 35,000 11,187 25.360 20 20 Fee for Independent Examiner 720 720 745 26,100 26,062 52,162 52,152 ET INCOME (EXPENDITURE) AND f4ET MOVEMENT IN FUNDS (119,012) (119,012) 81,254 Fund balances brought fon¥ard 1.464,512 1,464,512 1,383258 FUND BAIANCES CARIUED FORWARD lJ45,500 la45,500 1,464,512 Page 5
ALL SAIN13 FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEKS FOR THE YEAR ENDED 31 DECEMBER2022 BALANCE SHEET AS AT 31 DECEMBER 2022 Notes 2022 2021 DEFfoRS Total debtors FIXED ASSET INVESTMEIYTS Brewin Dolphin CCLA 804,429 234,897 1,039,326 905,067 258,256 1,163,323 Total fixed asset investments CURRErfr A&SETS Deposkt with CCLA Cash at bank 262,935 10,751 33,208 306,894 9,654 292,255 Deposit with CAF Total current assets 301,909 LESS: CURRENT LIABILITIES Creditors (Fee for Independent Examiner) Net ¢urr¢nt assets 720 720 306,174 301.189 TOTAL ASSETS LESS LtABILITIES lJ45,500 IA64,512 FUNDS ACCUMULATED FUIYD Capital Income 1,345,500 1,464,512 ACCUTrIULATED Fuf+4D lJ45,500 1,464,512 These accounts were approved by tbe Trustees on 24 March 2023. Sir Robert Chot¢, Chairn141k Page 6
ALL SAirfrs FOUIYDATION ANNUAL REPORT AND ACCOiTPm OF THE TRUSTEES FOR THE YEAR E[ED 31 DECEMBER 2022 NOTES TO THE ACCOUNTS I ACCOUNTJNG POLICIES The accounts The accounts have been prepared under the historic cost convention and in accordance with suitable accounting standards, except as mentioned below, and the Ststement of Recommend¢d Practice applicable to chartties preparing their accounts in accordance with FRS 102 and the Charities Act 2011. Fixed Aet Investments Equity investments are a forni of basic financial Instment and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the market value. The Ststement of Financial Activities includes the net gains and losses arising on revaluation and disp)sals throughout the year. The Foundation does not acquire put options, derivatives or other complex financial instruments. The Foundation is not currently subject to identifiable financial risk. Short-temi deposits include cash held on deposit with CCLA in its CBF Church of England Deposit Fund and cash held at the banks. ReAliyed galns losges All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and lo¢$ on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losse5 arc calculated as the difference between the fair value at the year end and th¢ir carrying value. Funds The Foundation was set up by Trust Deed dated l March 1977 and is registered as a charity in England and Wales (number 273390). Following the expiry of the first twenty-one years of the trnst. there is no longer power to accumulate income. and it therefore becomes necessary to distinguish between income and capital. All covenants, gifts and legacies are treated as capital unless the donor specifies otherwise. Interest and other investment income are treated as income. All expenditure on grants and administration is treated as coming out of income to the extent that income is available. Incoming resources Donations and legacies Donations and immediate legacies are recognised as soon as the Trustees are notified of the Foundation'5 entitlement and the amount due. Reversionary legacies are recognised when the reversion falls in. Investment income Dividends and Interest and any recoverable tax thereon are recognised when due. Page 7
ALL SAINfs FOUNDATION Af4NUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE ITAR ENDED 31 DECEMBER 2122 Rre¢S pended All costs are alliKated between the expenditure categories of the Statement of Financial Activities on a basis design to reflect the use of th¢ resource. Costs relating to a particular activity are allocafrd directly. Grants are recognised when payable within available income. All other costs are regnised when the relevant liability is incurred. No remuneration or other material benefits have been paid or are payable directly or indirectly to any person connected with the Trust (see also nole 10), 2 DONATIONS AND GIFT AID Donations totalling £460 were received, some of which were eligible for Gift Aid. In 2022 a Gift Aid claim was submitted in respect of donations re¢eived in 2022. A payment of £55 was received from HMEiC. 3 LEGACIES Legacies were ceIved during 2022 as follows: Estate of Marion Eva Hill £110 Estste of Mrs Elaine Mary Bullock Total £25,000 £25,110 4 INVESTMENT 11¥4COME The investments with Brewin Dolphin (see note 5 below) Produced a total net income during the year ended 31 December 2022 of £22,799 (2021.. £21,892). Having transf¢ed £250,000 to its deposit account and opened a bank ac£ount with CAF Bank, tbe Foundation also received £3,281 in interest on monies held on deposit with CCLA in its CBF Church of England Deposit Fund (2021: £15) and £20 in interest on the fLmds held in its CAF Bank account. This gives a total of £26,100. 5 INVESTMENTS During 2012 a portfolio of shares and investments was received from the estate of the late Denzil Freeth. The book value upon receipt was £523.307. Since 2012 the Trustees have added other benefactions to the portfolio. As at 31 December 2022 the portfolio had a value of £804,429. a decrease of £95.216 before account is taken of investment management costs of £5,422. This is a total net decrease of £100,638 (2021: increase of £90.091). Investment management costs are paid from cash held within the investment portfolio and are not paid from investsn¢nt income generated by that portfolio. In August 2021 £250,000 was invested in CCLA'S CBF Church of England Investment Fund. The investment is tn accumulation shares and thus does not produce investment income. As at 31 December 2021 this investment had a value of £234, 897 (2021.. £258,256). This is a decrease of £23,359 (2021: increase of £8.256). The toial losses on investments amount to £118,575 (2021: gains of £103,567). Page 8
ALL SAINtS FOIJNDATION ANNUAL REPORT ANDACCOUNTS OF TIIE TRUSTEES FOR THE YL4R Ef4DED31 DECEMBER 2022 6 GRANTS MADE TO THE PCC Grants made to the PCC: Grant G125: For work on No. 6 Margaret Street Total £46,000 £46,000 7 PAYMENTS FOR LITURGICAL ARTICLES No payments were made in respect of litwgical articles (2021: payments totalling £11,187). 8 CREDITORS 2022 2021 Independent exarniner Totsl 720 720 720 720 9 CONTINGENT LIABILITIES AND NONIONTRAcfuAL COMMtTMEIYTS At 31 December 2022, the Foundation had no contingent liabilities (2021". nil). The Foundation has non-contractual commitments to the PCC in the sum of £150,tKiO (2021.. £IOO,000). These are in the fonn of: a loan facility of up to £30.0(K) to support the PCC in short-terni cashflow during 2023. Grant 125 (£66,000) for work on No. 6 Margaret StreeL of which £46,000 was drawn doMTr in 2022; and Grant Gl19 (£100,000) for works in relation to the basement of the parish buildings, including the kitchen and water closets, which has not yet been drawn down. The Trustees have been advised that the cost of the latter project is likely to be significantly higher. 10 TRUSTEES, REMUNERATION AND EXPENSES No remuneration or reimbursement of expenses w&8 paid. directly or indirectly. to any Trustee. Page 9