| Registered Charity No. 273390 |
|
|---|---|
| ALL SAINTS FOUNDATION | |
| ANNUAL REPORT AND ACCOUNTS | |
| FOR THE YEAR ENDED 31 DECEMBER 2023 | |
| Contents | Pages |
| Trustees’ Report | 1 to 2 |
| Independent Examiner’s Report | 3 |
| Statement of Financial activities | 4 |
| Balance sheet | 5 |
| Notes to the Accounts | 6 to 8 |
ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
Administrative information
The All Saints Foundation (“the Foundation”) was set up by Trust Deed dated 1 March 1977. The correspondence address is All Saints’ Vicarage, 7 Margaret Street, London, W1W 8JG.
The Foundation is a charity registered with the Charity Commission of England and Wales under number 273390.
The Trustees who have served from 1 January 2023 until the date of this report are as follows:
The Reverend Dr Peter Anthony (Vicar of All Saints - ex officio )
Miss Catherine Hodgetts (Churchwarden - ex officio ) Mr Huw Pryce (Churchwarden - ex officio ) Mr Christopher Swift (PCC Appointee - ex-officio until 12 May 2024) Mr Richard Everton (PCC Appointee - ex-officio from 12 September 2024) Dr Colin Podmore (Appointed with effect from 1 January 2021; resigned 31 March 2023) Sir Robert Chote (Appointed with effect from 10 October 2021; reappointed on 26 November 2024 with effect from 10 October 2024 (Chairman 2022 – 2023)) Mrs Ruth Ward (Appointed with effect from 10 October 2021; reappointed on 26 November 2024 with effect from 10 October 2024) Mr Paul Golding (Appointed with effect from 30 June 2022) Mr Alexander Read (Appointed with effect from 24 March 2023)
Structure, governance and management
The Foundation’s trust deed requires that the Trustees use their best endeavours to ensure that the number of Trustees serving at any time shall be no less than nine. The Vicar and two Churchwardens, of the Ecclesiastical Parish of St Marylebone, All Saints’, are ex officio Trustees and the Parochial Church Council (‘the PCC’), registered charity number 1132895, elects one representative Trustee, 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 term of three years and may be re-appointed for a second term, but cease to be Trustees after serving for six consecutive years 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 terms of service.
The trust deed provided that neither the Vicar nor any other Trustee who is a member of the PCC shall be disqualified from joining in the Trustees’ powers and discretions under the trust deed in relation to the Incumbent and PCC.
The Foundation trust deed also provides for the appointment of an Administrator who may or may not be a Trustee. In December 2020, the Trustees appointed Dr Colin Podmore as a Trustee and Administrator with effect from 1 January 2021; Dr Podmore resigned as both Administrator and Trustee in March 2023.
ASF report and accounts 2023
Page 1 of 8
ALL SAIi¥TS FOUNDATION ANNUAL REPORT AND AccouNfs OF THE TRusfEFS FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives aDd Activities The objects of the Foundaiion are: (a) to advance the worship, pastoral ministrations music and work of th¢ Parish chUh of All Saints Margaret Street. and such other charitabl¢ objects and activities ancillary thereto &$ are compatible with its traditio. (b) the restordtion. improvements. developmen( maintenance and repair of the Parish Church of All Saints Margaret Street. its furniture. ornaments. churchyard and eLclesiastical property connected therewith (including Numbers 6, 7 and 8 Margaret Street) to further th¢ work of the Institut¢ of Christian Studies. (c) A¢hiev¢ments and Perfomxnce The Trustees Met once in person during the year. They approved a granttothe PCC of up to £14.400 for electrical surge protection work of which £6,200 was paid before the year end (G125). The remaining £20.000 was paid to the PCC of a grant of £66.IX)O approved in 2022 for works to No 6 Margaret Street (G126). Financial Review Jn 2023 the Foundation r¢c¢iv¢d legacies of £51.758 (2022= £25.11 O). donations with gift aid of £1.267 (2022: £515), Investment income of £37,189 (2022: £26,100) and the capitsl value of inv¢sttn¢nts increased by £67,775 (2022: reduction of £1 18.575). which resulted in a gross increase of income and endowments of £157.988 (2022.. reduction of £66.850). The share porttolio had a book value when received of £523,307 and a market value at 31 December 2023 of £842,688 (2022: £804,429). The inveslment of £250.000 made with CCLA had a Ma¢t value at 31 December 2023 of £264.413 (2022: £234,897). As stated above in 2023 the Foundation made grants to the PCC during the year under review totalling £26.2(K) (2022.. £46.000). The Foundation paid £16.800 forthe monstrance wbich was presented to the Parish. Governance costs, investment management and bank fees We £5,704 (2022: £6,162). Grants and paym¢nts are made out of income to the extent that this is available and the rest from capital. No loans were tnade during the year. The net result for the year was an excess of incoming resou over oirtgoing resources of £109.284 (2022: excess of outgoing resources over inwming resources of £1 l9,012). This amount h&8 Ien added to the fund balances brought forward givitig a year-end total of £1,454,785 (2022: £1,345,501). As at 31 D¢cember 2023. total contingent liabilities of the Foundation stood 8t nil (2022: nill. Non-contractua] ommitinents to the PCC at the same tim¢ st(x)d at £138,200 (2022: £150.000). Of this sum. £1 00.000 is in reSpt of the Undercroft project. However, the Trustees have been advised the wst of the project is likely to be significantly higher. (See note 9.) Reservey The Tnth5 do not have a fornlal policy concerning reserves and do not fom)ally set &side sp[fiC sums &s reserves. They do not consider that this is neSsary because {a) the a8sets held are periodically reviewed against urrent and likely future demands to ensure their adequacy, {b) the Foundation's activities Consist exclusively of grant-making and other requested payments, and each request for a grdnt or a paymenL is considered in light of available assets and current and likely future dernands on those assets, and (c) the administratlon costs of the Foundation are minimal. Approved by the Trust OD 26 November 2024 And signed on tbeir beha]fby: Sir Robert Chol4 Chairman 2022-2024 ASF report and accounts 2023 Page2of8
ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF ALL SAINTS FOUNDATION
I report on the accounts of the All Saints Foundation for the year ended 31[st] December 2023, which are set out on pages 4 to 8.
Respective responsibilities of Trustees and Examiner
As Trustees, you are responsible for the preparation of the accounts; you consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to examine the accounts under section 145 of the 2011 Act; to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and to state whether particular matters have come to my attention.
Basis of Independent Examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Trust and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to these matters set out in the statement below.
Independent Examiner’s statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Francis Lee
Francis Lee & Co.
Chartered Certified Accountants 62 Ainsdale Road London W5 1JX
…… December 2024
ASF report and accounts 2023
Page 3 of 8
| ALL SAINTS FOUNDATION | ALL SAINTS FOUNDATION | ALL SAINTS FOUNDATION | |||
|---|---|---|---|---|---|
| ANNUAL REPORT AND ACCOUNTS | OF THE TRUSTEES FOR THE YEAR ENDED | 31 DECEMBER | 2023 | ||
| STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 DECEMBER 2023 | |||||
| Notes | 2023 | 2023 | 2023 | 2022 | |
| Income | Capital | Total | Total | ||
| £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS | |||||
| Donations | 2 | 1,219 | 1,219 | 460 | |
| Gift Aid from HMRC | 2 | 48 | 48 | 55 | |
| Legacies | 3 | 51,758 | 51,758 | 25,110 | |
| Investment income | 4 | 37,189 | 37,189 | 26,100 | |
| Gains / Losses on Investments | 5 | 67,775 | 67,775 | (118,575) | |
| 37,189 | 120,799 | 157,988 | (66,850) | ||
| EXPENDITURE ON RAISING | |||||
| FUNDS | |||||
| Costs of generating voluntary income | 0 | 0 | 0 | 0 | |
| EXPENDITURE ON CHARITABLE | |||||
| ACTIVITIES | |||||
| Investment management fees | 5 | 5,224 | 5,224 | 5,422 | |
| Grants made to the PCC (for the fabric) | 6 | 26,200 | 26,200 | 46,000 | |
| Payments for liturgical articles | 7 | 10,509 | 6,291 | 16,800 | 0 |
| Bank fees | 60 | 60 | 20 | ||
| Fee for Independent Examiner | 420 | 420 | 720 | ||
| 37,189 | 11,515 | 48,704 | 52,162 | ||
| NET INCOME (EXPENDITURE) | 0 | 109,284 | 109,284 | (119,012) | |
| AND NET MOVEMENT IN FUNDS | |||||
| Fund balances brought forward | 0 | 1,345,501 |
1,345,501 | 1,464,512 | |
| FUND BALANCES CARRIED FORWARD | 0 | 1,454,785 | 1,454,785 | 1,345,501 |
STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 DECEMBER 2023
ASF report and accounts 2023
Page 4 of 8
ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 BALANCE SHKET AS AT 31 DECEMBER 2023 Notes 2023 2022 DEBTORS Nil Total debtors FIXED ASSET L¥VESTMENTS Brewin Dolphin CCLA 842,688 264.413 1,107.101 804.429 234.897 1,039,326 Total flled asset investments CURRENT ASSETS De51t with CCLA Cash at bank NW Cash at bank CAF TOJ lo be reel8imed Total current &ssets 271362 5.770 70.923 48 348.103 262,935 10.751 33.208 306,894 LE. CURRENT LIABILrfIES Creditors Net current assets 420 347.683 720 306,174 TOTAL ASSETS LESS LIABILTfiES 1.454.785 lJ45501 ACCUMULATED FUND CAPITAL COME 1,454,785 l J45,501 1,454.785 lJ45501 These Ydccounts were apprnved by the Trustees OD 26 November 2024 and sign¢d on their bebalf by Sir Robert Chote, Chairman 2022-2024 ASF report and accounts 2023 Page 5 of8
ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
NOTES TO THE ACCOUNTS
1 ACCOUNTING 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 Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 and the Charities Act 2011.
Fixed Asset Investments
Equity investments are a form of basic financial instrument 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 Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals 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-term deposits include cash held on deposit either with CCLA in its CBF Church of England Deposit Fund and cash held at the banks.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses 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 losses are calculated as the difference between the fair value at the year end and their carrying value.
Funds
The Foundation was set up by the Trust Deed dated 1 March 1977 and is registered as a charity in England and Wales under registration number 273390.
Following the expiry of the first twenty-one years of the trust, 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’s 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.
Resources expended
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly.
Grants are recognised when payable within available income. All other costs are recognised 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 note 9).
ASF report and accounts 2023
Page 6 of 8
ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
2 DONATIONS
Donations totalling £1,219 were received, some of which (£190) are eligible for Gift Aid.
In 2023 no claim for Gift Aid claim was submitted in respect of donations received in 2023. (2022: £55)
3 LEGACIES
Legacies were received during 2023 as follows:
| Estate of Rosemary Harris | £50,941 | (First payment) |
|---|---|---|
| Estate of Diana Stonebanks | £817 | (Final payment; £62,530 received in 2013) |
| Total | £51,758 |
4 INVESTMENT INCOME
The investments with Brewin Dolphin (see note 5 below) produced an income during the year ended 31 December 2023 of £28,671 (2022: £22,799). Having previously transferred £250,000 to its deposit account and opened a bank account with CAF Bank, the Foundation also received £8,427 (2022: £3,281) on monies held on deposit with CCLA in its CBF Church of England Deposit Fund and £91 (2022: £20) on the funds held in its CAF Bank account. This gives a total of £37,189 (2022: £26,100).
5 INVESTMENT PORTFOLIO
During 2012, a portfolio of shares and investments was received from the estate of the late Denzel Freeth. The book value upon receipt was £523,307. Since 2012 the Trustees have added other benefactions to the Portfolio.
As at 31 December 2023, the portfolio had a value of £842,689 (2022: £804,429) an increase of £38,260 before account is taken of investment management costs of £5,224. This is a total net increase of £43,484 (2022 net decrease £100,638). Investment management costs are paid from cash held within the investment portfolio and are not paid from investment income generated by that portfolio .
In August 2021 £250,000 was invested in CCLA’s CBF Church of England Investment Fund. The investment is in accumulation shares and thus does not produce investment income. As at 31 December 2023 this investment had a value of £264,412 (2022: £234,897). This is an increase of £29,515 (2022 decrease of £23,359).
The total gains on investments amount to £67,775 (2022 losses of £118,575).
6 GRANTS MADE TO THE PCC
Grants made to the PCC:
The final £20,000 of a grant of £66,000 agreed in 2022 towards the cost of works on No 6 Margaret Street of which the first £46,00 was paid in 2022 (G125). £20,000 The first £6,200 of a grant of up to £14,400 for further electrical surge protection and arc fault detection devices (G126). £6,200 Total £26,200
ASF report and accounts 2023
Page 7 of 8
ALL SAINTS FOUNDATION ANNUAL REPORT AND ACCOUNTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
7 PAYMENTS FOR LITURGICAL ITEMS
The Foundation presented an antique silver gilt monstrance to the Parish to mark the Coronation of King Charles III and in memory of recent benefactors: Diana Stonebanks; John Welch; Geoffrey Hughes; Robin Fletcher; Philip and Yvonne Harland; Chris Ellis; Marian Eva Hill; Eleanor Chapman; and Elain Bullock. The cost of the monstrance was £16,800.
8 INDEPENDENT EXAMINER AND CREDITORS
| 2023 | 2022 | |
|---|---|---|
| Independent examiner | £420 | £720 |
| Total | £420 | £720 |
9 CONTINGENT LIABILITIES AND NON-CONTRACTUAL COMMITMENTS
At 31 December 2023, the Foundation had no contingent liabilities (2022: nil).
The Foundation has non-contractual commitments to the PCC in the sum of £138,200 (2022: £150,00) comprised of £100,000 for the undercroft project (G119) , £30,000 for church doors repairs, choir stall adaptation and communion rail elongation (G127) and a further £8,200 for remaining surge protection works in 2024 (G126) .
10 TRUSTEES’ REMUNERATION AND EXPENSES
No remuneration or reimbursement of expenses was paid, directly or indirectly, to any Trustee or to any person known to be so.
ASF report and accounts 2023
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