2023-12-31-accounts - The Bishop Of St Edmundsbury And Ipswich Trust Fund

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The Bishop of St Edmundsbury & Ipswich Trust Fund

The Bishop of St Edmundsbury and Ipswich Trust Fund

REPORT AND ACCOUNTS

For the Year Ended 31 December 2023

Registered Charity No: 275100

The Bishop of St Edmundsbury & Ipswich Trust Fund

I N D E X

Page No

1 - 3 TRUSTEES’ REPORT 4 INDEPENDENT EXAMINER’S REPORT 5 STATEMENT OF FINANCIAL ACTIVITIES 6 BALANCE SHEET 7-10 NOTES TO THE ACCOUNTS 11 INCOME AND EXPENDITURE ACCOUNT

The Bishop of St Edmundsbury & Ipswich Trust Fund

REPORT OF THE TRUSTEE OF THE BISHOP OF ST EDMUNDSBURY AND IPSWICH TRUST FUND

The trustee presents his report for the year ended 31 December 2023.

OBJECTIVES AND ACTIVITIES

To support Ministers of Religion of the Anglican Communion in further training for their Ministerial duties;
To aid such Ministers in any emergency or special need in their personal affairs;
To advance the Christian religion and the education of children and young persons in Christian principles.

ACTIVITIES UNDERTAKEN FOR THE PUBLIC BENEFIT

The trustee has had regard to the guidance issued by the Charity Commission on public benefit.

As described above the charity provides assistance in the professional and personal lives of the Anglican Clergy and to assist in the Christian education of children and young persons.

Ministers assisted by the Trust, facilitate the parishes of the Diocese – which are charities in their own right – to fulfil their role of providing parochial ministry. Among the benefits gained by the public from parochial ministry are encouragement to live law abiding lives, seek to improve themselves spiritually and support others in need both locally and in the wider community.

POLICY OF THE TRUSTEE

There is no formal policy followed by the Trustee in distributing funds as he has ‘entire discretion to apply the income or such parts of the capital as he may deem advisable according to the terms of the particular fund’. Each case under review receives consideration on the merits of the situation.

ACHIEVEMENTS AND PERFORMANCE

In carrying out the charity’s objectives there were 101 grants totalling £52,191 paid to sundry individuals and groups during the year in furtherance of the objects of the trust.

FINANCIAL REVIEW

Total incoming funds for the year were £77,186 of which £76,070 were donations from dedicated trusts. Grants and other donations made totalled £52,191 and Governance costs were £1,752. The net income of £23,243 was transferred to reserves.

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The Bishop of St Edmundsbury & Ipswich Trust Fund

FINANCIAL REVIEW (continued)

RESERVES

Total reserves held at the end of the year were:

Unrestricted £9,783 Restricted £90,553

Of the restricted funds there is an overdrawn balance of £5,045 in the Kagera Trips fund, this is expected to be offset by future income.

The Charity’s free reserves are detailed in Note 9 to the accounts, and are represented by the balance at bank, less current liabilities, in the unrestricted fund, amounting to £9,783.

It is the Trustee’s intention to maintain sufficient reserves to meet claims as they are made on the Charity.

As funding may decrease in the future the Trustee considers that the current level of reserves is required to meet future commitments.

INVESTMENT POLICY

Investment of the Fund is with the Royal Bank of Scotland Current and High Interest Accounts to give a risk-free return. The policy is kept under review.

PLANS FOR FUTURE PERIODS

The Charity will continue to make grants in accordance with its objectives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Bishop of St Edmundsbury and Ipswich Trust Fund (BSITF) is a registered charity number 275100 set up under a Trust Deed dated 21 December 1977.

The principal address for the Charity is The Bishop’s House, 4 Park Road, Ipswich, Suffolk, IP1 3ST.

The sole trustee of the Charity is ex officio the current post holder of the Bishop of St Edmundsbury and Ipswich, The Rt. Revd M Seeley and all grants are made at his discretion.

The Bishop of St Edmundsbury & Ipswich Trust Fund

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

RISK MANAGEMENT

The Trustee is aware of the need to assess the risks to the Fund. Although the fund does not fall within the limits whereby a risk assessment is required, the Trustee has satisfied himself that procedures exist to ensure that the following areas of potential risk have been reduced to satisfactory levels:

Financial Risk
Reputational Risk
Operational Risk
Statutory and Legal Risks.

ADMINISTRATION OF THE FUND

There are no formal committees of the trust.

The administration of the Trust Fund is undertaken by the Bishop of St Edmundsbury and Ipswich, The Rt Revd Martin Seeley.

Bankers: Royal Bank of Scotland Customer Service Centre Drummond House 1 Redheughs Avenue Edinburgh, EH12 9JN

TRUE AND FAIR OVERRIDE

The accounts (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 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which has since been withdrawn.

INDEPENDENT EXAMINER

A resolution to reappoint Mark Proctor of Lovewell Blake LLP as independent examiner for the ensuring year will be proposed at the Annual General Meeting.

Signed:

________ Date: 23 October 2024 The Rt Revd M Seeley [The Bishop of St Edmundsbury & Ipswich]

The Bishop of St Edmundsbury & Ipswich Trust Fund

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF THE BISHOP OF ST EDMUNDSBURY & IPSWICH TRUST FUND – YEAR ENDED 31 DECEMBER 2023

I report to the charity’s trustee on my examination of the financial statements of the charity for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet and the related notes.

Responsibilities and basis of report

As the charity's trustee you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the 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:

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations2008 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.

Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) 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 since 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.

M Proctor FCA DChA Independent Examiner Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB 28 October 2024

The Bishop of St Edmundsbury & Ipswich Trust Fund

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023

Income and Endowments from : Note Donations and Legacies Investment Income Total Income Expenditure on: Charitable Activities 4 Governance 5 Total Expenditure NET INCOME / EXPENDITURE & NET MOVEMENT IN FUNDS Total Funds @ 1 JAN 2023 TOTAL FUNDS @ 31 DEC 23 6	2023 2022 Unrest'd Funds Restricted Funds Total Funds Total Funds £ £ £ £ 8,232 67,838 76,070 39,893 1,116 - 1,116 178
	9,348 67,838 77,186 40,071 15,727 36,464 52,191 33,685 1,752 - 1,752 1,620
	17,479 36,464 53,943 35,305
	(8,131) 31,374 23,243 4,766 17,914 59,179 77,093 72,327
	9,783 90,553 100,336 77,093

The Bishop of St Edmundsbury & Ipswich Trust Fund

BALANCE SHEET

As at 31 December 2023

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Note 2023 2022
£ £
CURRENT ASSETS
Cash at Bank:- Current Account 102,088 78,713
CURRENT LIABILITIES
Creditors due within one year 7 (1,752) (1,620)
NET ASSETS 100,336 77,093
REPRESENTED BY FUNDS
Unrestricted Funds 8 9,783 17,914
Restricted Funds 8 90,553 59,179
100,336 77,093
Approved on 23 October 2024
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The Right Revd Martin Seeley (Trustee) The Bishop of St Edmundsbury & Ipswich

The notes on page 7 to 10 form part of these financial statements

The Bishop of St Edmundsbury & Ipswich Trust Fund

NOTES TO THE ACCOUNTS

Year Ended 31 December 2023

1 ACCOUNTING POLICIES

a) STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102. ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (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 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) issued 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 charity constitutes a public benefit entity as defined by FRS 102.

b) BASIS OF PREPARATION

The financial statements have been prepared on a going concern basis under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.

c) GOING CONCERN

The financial statements have been prepared on a going concern basis as the Trustee believes that no material uncertainties exist. The trustee has considered the level of funds and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the levels of reserves for the charity to be able to continue as a going concern.

d) INCOME

Recognition of income

Income is included in the SOFA when the charity is entitled to the resources, the monetary value can be measured with sufficient reliability and the trustee considers it probable he will receive the resources.

Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.

Investment income is included in the accounts when receivable.

The Bishop of St Edmundsbury & Ipswich Trust Fund

1 ACCOUNTING POLICIES (continued)

e) EXPENDITURE AND LIABILITIES

Liability recognition

Liabilities are recognised as soon as there is a legal or constructive obligation Committing the charity to pay out resources.

Governance costs include the examination of the statutory accounts.

Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant that remain in the control of the Charity.

f) CASH AT BANK

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less.

g) FUND ACCOUNTING

Unrestricted funds: These funds are unrestricted and are available for use at the Trustee’s discretion under the objects of the charity.

Restricted funds: These funds are restricted to the purposes as in note 10.

2 DONATIONS AND LEGACIES

Donations	2023 £ 2022 £ 76,070 39,893

Donations represented £ 8,232 (2022 £8,020) to unrestricted funds and £67,838 (2022: £31,873) to restricted funds.

3 INVESTMENT INCOME

Bank Interest	2023 £ 2022 £ 1,116 178

Investment Income represented £ 1,116 (2022 £178) to unrestricted funds and £Nil (2022: £Nil) to restricted funds.

The Bishop of St Edmundsbury & Ipswich Trust Fund

4 GRANTMAKING

Purpose for which grants are made Counselling Financial Assistance Other Total OVERNANCE COSTS Independent examiner’s fees for reporting on the accounts	Grants to Individuals £ Number 4,623 30 9,140 33 38,428 38 52,191 101
	2023 2022 £ £ 1,752 1,620

5 GOVERNANCE COSTS

6 TRUSTEE

No renumeration or expenses were paid to the Trustee during the year (2022: Nil)

7 CREDITORS

Accruals	2023 2022 £ £ 1,752 1,620

8 FUNDS MOVEMENT

Unrestricted AM Berry General Restricted St Lawrence Kagera Trips Queen Victoria Edward Creasy St Stephens Bishop Ingle Clergy Rest Suffolk Saints Henry Smith	Bal: 01/01/23 Incoming resources Outgoing resources Bal: 31/12/23 £26,269 £6,081 £300 £32,050 £(8,355) £3,267 £17,179 £(22,267)
	£17,914 £9,348 £17,479 £9,783
	£45,000 £15,000 - £60,000 - £9,316 £14,361 £(5,045) £569 £4,067 £3,340 £1,296 - £14,000 - £14,000 £6,295 £4,275 £4,623 £5,947 £300 £6,000 £1,900 £4,400 £50 £1,500 - £1,550 £6,220 £1,600 - £7,820 £745 £12,080 £12,240 £585 £59,179 £67,838 £36,464 £90,553

The Bishop of St Edmundsbury & Ipswich Trust Fund

8 FUNDS MOVEMENT (continued)

Unrestricted AM Berry General Restricted St Lawrence Queen Victoria St Stephens Bishop Ingle Clergy Rest Suffolk Saints Henry Smith	Bal: 01/01/22 Income Expenditure Bal: 31/12/22 £27,184 £6,020 £6,935 £26,269 £(2,506) £2,178 £8,027 £(8,235)
	£24,678 £6,503 £11,088 £17,914
	£30,000 £15,000 - £45,000 £3,969 - £3,400 £569 £5,424 £4,251 £3,380 £6,295 £300 - - £300 £50 - - £50 £4,620 £1,600 - £6,220 £3,286 £11,022 £13,563 £745 £47,649 £31,873 £20,343 £59,179

9 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Cash at Bank Creditors Total	General Restricted Total £11,535 £90,553 £102,888 (£1,752) £0.00 (£1,752) £9,783 £90,553 £100,336

10 PURPOSE OF FUND

Each of the following donors provides support to clergy under a number of specific headings as follows:

Ann Marie Berry Religious or other charitable purposes of the Church of England Queen Victoria Assistance with financial concerns St Stephens Assistance with holidays, health, counselling, financial concerns, new babies, and conferences Bishop Ingle Assistance with holidays Clergy Rest Assistance with holidays Henry Smith Assistance with financial concerns Suffolk Saints To help Churches serving families & individuals in areas of deprivation in our county St Lawrence To support the life and work of the diocese and the needs, training and welfare of clergy. Kagera Trips To Support Curates on trips to our Link Diocese Edward Creasy to support parishes who are making a significant contribution to outreach in social projects (food banks etc) but which cannot pay their full share.

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The Bishop of St Edmundsbury & Ipswich Trust Fund

11 RELATED PARTIES

There were no transactions with related parties during the year.

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The Bishop of St Edmundsbury & Ipswich Trust Fund

INCOME AND EXPENDITURE ACCOUNT Year Ended 31 December 2023

	INCOME	2023 2022 Unrestricted Restricted Unrestricted Restricted Funds Funds Funds Funds £ £ £ £
	Donated Income A M Berry Fund St Stephen's Trust Fund Queen Victoria Clergy Fund Clergy Rest Fund Henry Smith Charity Suffolk Saints Kagera Trips Edward Creasy Bishop Ingle Miscellaneous St Lawrence Total Donated Income Investment Income Bank Interest TOTAL INCOME EXPENDITURE Expenditure on Charitable Objects Grants Made Total on Charitable Objects Governance Independent Examination TOTAL EXPENDITURE (DEFICIT) / SURPLUS FOR THE YEAR	6,081 - 6,020 - - 4,275 - 4,251 - 4,067 - - - 1,500 - - - 12,080 - 11,022 - 1,600 - 1,600 9,316 14,000 6,000 2,151 - 2,000 - - 15,000 - 15,000
		8,232 67,838 8,020 31,873 1,116 - 178 -
		9,348 67,838 8,198 31,873
		15,727 36,464 13,342 20,343
		15,727 36,464 13,342 20,343 1,752 - 1,752 -
		17,479 36,464 14,962 20,343

		(8,131) 31,374 (6,764) 11,530

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