REGISTERED COMPANY NUMBER: 01352725 (England and Wales) REGISTERED CHARITY NUMBER: 275557 **Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2021** ## **St. Peter's & St. Paul's Marlborough Trust Limited** St. Peter's & St. Paul's Marlborough Trust Limited Page 1 **Contents of the Financial Statements for the Year Ended 31 December 2021** ||**Page**|| |---|---|---| |Report of the Trustees||3 to 5| |Independent Examiner's Report||6| |Statement of Financial Activities||7| |Balance Sheet|8 to 9|| |Notes to the Financial Statements||10 to 13| |Detailed Statement of Financial Activities||14 to 15| ## **St. Peter's & St. Paul's Marlborough Trust Limited** ## **Report of the Trustees** 2 Page ## **for the Year Ended 31 December 2021** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 01352725 (England and Wales) ## **Registered Charity number** 275557 ## **Registered office** 25, The Green Marlborough Wiltshire SN8 1AW **Trustees** Christopher M Rogers Jeremy York David Du Croz Alison Galvin-Wright John Yates David Williamson Died 22[nd] May 2021 Michael Williams Simon Eveleigh Died 29[th] January 2021 Jane Nicholson Ronald Yates Jane O’Regan Retired 22[nd] June 2021 AnneMarie Newbigin Michael Stokes **Company Secretary** Mr. Antony Michael Resigned 12[th] September 2021 Nicki Evans Elected as general Trustee 22[nd] June 2021 – Appointed Secretary 12[th] January 2022 ## **Independent examiner** Mrs. V.K. Parkes BSc. ACMA Yew Tree Cottage Great Shefford Hungerford RG17 7EE ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** Page 3 ## **GOVERNING DOCUMENT** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Trustees are nominated by the existing trustees and elected by the members at the annual general meeting. Under the Articles of Association, one third of the trustees retire by rotation and are eligible for re-election at the annual general meeting. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. When appointing new trustees, the trustees have regard to the guidance issued by the Charity Commission for their induction and training. A list of Management Committee members who served during the year can be obtained from the Secretary at the company's registered office. Risk management The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. ## **OBJECTIVES AND ACTIVITIES** The charity's objects and main responsibilities are to maintain and preserve the facilities of the redundant church of St Peter's Marlborough for the benefit of the community at large for cultural and educational purposes. The trustees have paid due regard to the guidance issued by the Charity Commission in deciding what activities the charity should undertake. Inevitably the pandemic and associated lockdowns and social distancing constraints have impacted considerably on the Trust's activities and the public's use of the church. However, whenever it has been possible events have taken place in line with prevailing guidelines. Lectures, meetings, art exhibitions and concerts have continued in the church when allowed, and once again the Trust hosted the annual sale of charity Christmas cards for Cards For Good Causes. Whenever possible the church has been open to the public for seven days a week, enabling visitors to enjoy the offerings of the coffee shop, and the history and architectural delights of the building. Many were still able to take advantage of guided tours up the tower on Saturdays from April to October and some bank holidays. The Trust regularly publicises the activities that go on in the church in local publications, as well as providing a community notice-board and information stand inside the church to advertise other local events. ## **ACHIEVEMENT AND PERFORMANCE** The Trust continued with its programme of maintenance, repair and improvement work during the course of the year. This mainly concerned the completion of the internal refurbishment and conservation of the building, namely the south aisle and the west end and the baptistry. These last named are now much more opened up for the fuller appreciation of visitors. Trustees and members continued to maintain the churchyard to a high standard and were rewarded for their efforts with a Gold award in the It's Your Neighbourhood scheme run by the RHS. CTIL (for Vodafone) made no use of their lease of the bell chamber in 2021 but say that they intend to budget for the appropriate works in 2022. The Trust continued with its reassessment of its plans and policies with a new vision and mission statement. The Trust's operational structures have been revised, Deputies for the key roles have been appointed, and trustees' skills have been audited. In line with its aim to increase and diversify its engagement with the local community, the Page 4 Trust employed a Development Manager to help chart a way forward, and although that particular employment only lasted a couple of months it has enabled trustees to build on previous progress. In particular the Trust's focus is now clearly fivefold: to build a vibrant community of supporters; to provide a sustainable financial future; to deliver a varied programme of events; to share the stories of St Peter's church; and to preserve and maintain and manage the church building. Half-yearly Newsletters keep members in touch with what is going on, as well as highlighting aspects of interest with regard to the church. Very sadly two serving trustees died during the course of the year. One trustee resigned, one retired and one new trustee was appointed. Further lockdown closures again reduced the Trust’s income from collections, licensees and lettings, but, as last year, this was largely offset by reduced utilities costs. Expenditure on re-configuring the west end of the church was met from deposit account reserves, as planned. Staff costs turned out to be less than anticipated as the Development Manager left during her probationary period. The Trust’s portfolio gained 2.6% in value over the year and dividend interest showed a 4.5% increase on 2020. Investment strategy is regularly reviewed with JM Finn. Budgeting for 2022 is under review pending changes to the coffee shop licensees and conclusion of future resourcing options following departure of the Development Manager Overall, finances are secure and well able to support the Trust’s anticipated future development. Copies of the Balance Sheet and of the detailed statement of the Trust's Financial Activities for 2021 accompany this notice. Copies of the full accounts will be available for those who wish to see them at the AGM. As the Trust's activities, achievements and performance in 2021, and its plans for the future demonstrate, this level of financial wellbeing is necessary in order to cover the costs of maintaining and improving a 550 year-old building, and to safeguard against unforeseeable circumstances. The Trustees continue to give freely of their time, effort and expertise. ## **PLANS FOR THE FUTURE** The charity plans to continue its objective of preserving the church and ensuring its use by the public for educational and cultural and community purposes. The Trust will look to employ people in 2022 to assist in the administration of the charity, the promotion of events, and the care of the building. The Trust will further develop a variety of policies to underpin key areas of the its activities, and will continue to develop its Strategic Development Plan. The Trust is also continuing with its ambitious programme of Brilliant Young international Musicians'/Pianists' recitals, which have so far proved extremely successful, to showcase the Trust's excellent Yamaha piano and the building as a venue for concerts, as well as to boost membership of the Trust. In order to further underpin the Trust's wish to increase and diversify its engagement with the local community and visitors to the town, trustees will look to promote additional use of the church building, relate more closely with other local organisations, and find new ways to tell the story of St Peter's. With a view to its longer term health, the Trust will also actively recruit new trustees to strengthen its skill set. ## **ON BEHALF OF THE BOARD** ............................................................................. Page 5 Date:...................................................... ## **Independent Examiner's Report to the Trustees of St. Peter's & St. Paul's Marlborough Trust Limited** I report on the accounts for the year ended 31 December 2021 set out on pages seven to fifteen. ## **Respective responsibilities of trustees and examiner** The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees 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 required. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, 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 the 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 charity and a comparison of the accounts presented with those records. It also includes consideration of 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 those matters set out in the statements below. ## **Independent examiner's statement** In connection with my examination, no matter has come to my attention: - (1) which gives me reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and - to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act Page 6 2006 and with the methods and Practice: Accounting and Reporting by Charities or principles of the Statement of Recommended have not been met; (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Mrs. V.K.Parkes BSc. ACMA Yew Tree Cottage Great Shefford Hungerford RG17 7EE Date: ............................................. ## **St. Peter's & St. Paul's Marlborough Trust Limited** **Statement of Financial Activities for the Year Ended 31 December 2021** ||**31/12/20**
**21**|**31/12/20**
**20**| |---|---|---| |**Notes**|**£**|**£**| |**INCOMING RESOURCES**||| |Incoming resources from
generated funds||| |Voluntary
income
**2**|9,183|10,347| |Activities for generating funds
**3**|21,499|16,620| |Investment
income
**4**|11,410|11,226| |Other incomingresources|2,276|1,387| |**Total incoming resources**|**44,368**|**39,580**| |**RESOURCES EXPENDED**||| |Costs of generating funds||| |Costs of generating voluntary
income|14,550|15,945| |Investment management costs
**5**|2,012|1,948| |Governance
costs|19,499|9,481| |Other resources expended|67,248|,30,394| |Total resources expended|103,309|57,768| |**NET INCOMING /**
**(OUTGOING) RESOURCES**
**6**|**(58,941)**|**(18,188)**| |Other recognised gains/losses||| |Gains/losses on investment
assets|10,865|(16,190)| |Page
7||| |Net movement in funds|**(48,076)**|**(34,378)**| |---|---|---| |**RECONCILIATION OF FUNDS**||| |**Total funds brought forward**|**596,176**|**630,554**| |**TOTAL FUNDS CARRIED**
**FORWARD**|**548,100**|**596,176**| ## **St. Peter's & St. Paul's Marlborough Trust Limited** ## **Balance Sheet At 31 December 2021** |**Notes**|**31/12/20**
**21**|**31/12/20**
**20**| |---|---|---| ||**£**|**£**| |**FIXED ASSETS**||| |Tangible assets
**8**|40,359|38,464| |Programme related
investments
**9**|425,672|414,807| ||466,031|453,271| |**CURRENT**
**ASSETS**||| |Stocks|605|746| |Debtor
s
**10**|2,063|3,225| |Prepayments and accrued
income|913|397| |Cash at bank and in hand|80,966|140,310| ||**84,547**|**144,678**| |**CREDITORS**||| |Amounts falling due within one
year
**11**|(2,478)|(1,773)| |**NET CURRENT ASSETS**|**82,069**|**142,905**| |**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**|548,100|596,176| |**NET ASSETS**|548,100|596,176| |**FUND**
**S**
**12**||| |Unrestricted
funds|548,100|596,176| |**TOTAL FUNDS**|**548,100**|**596,176**| 8 Page ## **St. Peter's & St. Paul's Marlborough Trust Limited** ## **Balance Sheet - continued** ## **At 31 December 2021** The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021. The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015). The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by: ............................................. David Du Croz -Trustee ............................................. John Yates -Trustee ............................................. 9 Page ## **St. Peter's & St. Paul's Marlborough** ## **Trust Limited** **Notes to the Financial Statements for the Year Ended 31 December 2021** ## 1. **ACCOUNTING POLICIES** ## **Accounting convention** The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities. ## **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. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. Piano : is not depreciated Fixtures and Fittings : are depreciated at 10% of cost per annum ## **Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Page 10 ## **St. Peter's & St. Paul's Marlborough Trust Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021** ## **2 VOLUNTARY INCOME** Gift Aid was claimed on the eligible elements of Voluntary income and on an eligible Concert donation. |**3**
**ACTIVITIES FOR GENERATING**
**FUNDS**|**31/12/20**
**21**|**31/12/20**
**20**| |---|---|---| ||**£**|**£**| |Income from
Licensees|9,779|5,580| |Income from other lettings|11,720|11,039| ||**21,499**|**16,169**| |||| |**4**
**INVESTMENT INCOME**|**31/12/20**
**21**|**31/12/20**
**20**| ||**£**|**£**| |Deposit account interest|12|292| |Portfolio Dividends &
Interest|11,398|10,934| ||11,410|11,226| |**5**
**INVESTMENT MANAGEMENT**
**COSTS**|**31/12/20**
**21**|**31/12/20**
**20**| ||**£**|**£**| |Portfolio
management|2,012|1,948| |**6**
**NET INCOMING/(OUTGOING)**
**RESOURCES**|**31/12/20**
**21**|**31/12/20**
**20**| |Net resources are stated after charging/(crediting):|**£**|**£**| |Depreciation - owned assets|681|681| |**7**
**TRUSTEES' REMUNERATION AND BENEFITS**||| |There were no trustees' remuneration or other benefts 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||| There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December Page 11 2020. ## **St. Peter's & St. Paul's Marlborough Trust Limited** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2021** ||**8**
**TANGIBLE FIXED ASSETS**||**£**
42,094
1,895
**43,989**
3,630
**40,359**
**38,464**
**Equity**
**£**
276,347
138,460
10,865
149,325
425,672
414,807
**31/12/20**
**20**
**£**
3,225
**31/12/20**
**20**
**£**
1,774| |---|---|---|---| ||Plant and machinery etc||| ||**COST**||| ||At 1 January 2021||| ||Additions||| ||At 31 December 2021||| ||**DEPRECIATION**||| ||Depreciation to date @
31 December 2021||| ||**NET BOOK VALUE**||| ||At 31 December 2021||| ||At 31 December 2020||| ||**9**
**PROGRAMME RELATED**
**INVESTMENTS**||| ||||| ||**MARKET VALUE**||| ||At 1 January 2021 and 31 December
2021||| ||**PROVISIONS**||| ||At 1 January 2021||| ||Revaluation adjustments||| ||At 31 December 2021||| ||**NET BOOK VALUE**||| ||At 31 December 2021||| ||At 31 December 2020||| ||**10**
**DEBTORS: AMOUNTS FALLING DUE WITHIN**
**ONE YEAR**|**31/12/2**
**021**|| |||**£**|| ||Trade debtors|2,063|| ||**11**
**CREDITORS: AMOUNTS FALLING DUE WITHIN**
**ONE YEAR**|**31/12/2**
**021**|| |||**£**|| ||Other creditors|2,478|| **St. Peter's & St. Paul's Marlborough Trust Limited** ## **Notes to the Financial Statements - continued** Page 12 ## **for the Year Ended 31 December 2021** |**12**
**MOVEMENT IN**
**FUNDS**|**12**
**MOVEMENT IN**
**FUNDS**|||| |---|---|---|---|---| |||**At**|**Net**
**Moveme**
**nt**|**At**| |||**01/01/2**
**1**|**in**
**Funds**|**31/12/2**
**1**| |||**£**|**£**|**£**| |**Unrestricted**
**funds**||||| |General fund||596,176|(48,076)|548,100| |**TOTAL**
**FUNDS**||596,176|(48,076)|548,100| |Net movement in funds, included in the above are as
follows:||||| ||**Incomi**
**ng**|**Resour**
**ces**|**Gains**
**and**|**Movem**
**ent**| ||**Resour**
**ces**|**Expend**
**ed**|**Losses**|**in**
**Funds**| |**Unrestricted**
**funds**|**£**|**£**|**£**|**£**| |General fund|44,368|(103,30
9)|10,865|(48,076)| |**TOTAL**
**FUNDS**|44,368|(103,30
9)|10,865|(48,076)| **St. Peter's & St. Paul's Marlborough Trust Limited** 13 Page ## **Detailed Statement of Financial Activities for the Year Ended 31 December 2021** |**INCOMING**
**RESOURCES**||**31/12/2**
**021**|**31/12/2**
**020**| |---|---|---|---| |||**£**|**£**| |**Voluntary income**|||| |Collection Boxes||368|297| |Donations & An
Service||1,809|343| |Gift aid||2,061|1,742| |Legacies||50|3,500| |Subscriptions||4,895|4,465| |||**9,183**|**10,347**| |**Activities for generating funds**|||| |Income from Licensees||9,779|5,580| |Income from other
lettings||11,720|11,039| |||**21,499**|**16,619**| |**Investment income**|||| |Deposit account interest||12|292| |Portfolio Dividends &
Interest||11,398|10,934| |||**11,410**|**11,226**| |**Other incoming**
**resources**|||| |Sale of mugs and cards
etc||304|50| |Tower Visits||802|0| |Sundry Income & Event
Sales||0|523| |Net income from
Concerts||1,1
70|814| |||**2,276**|**1,387**| ||||| |**Total incoming**
**resources**||**44,368**|**39,580**| Page 14 |||| |---|---|---| |**RESOURCES**
**EXPENDED**||| |**Investment management costs**|2,012|1,948| |**Governance costs**||| |Salaries & Recruitment|8,638|0| |Accountancy|940|640| |Computer Costs|6,006|744| |Printing & Stationery|1,495|1,441| |Cleaning|1,020|1,204| |Annual Return Fee &
Other|653|13| |Sundries / Licensee Fee
Refund|441|5,262| |Telephone|306|177| ||**19,499**|**9,481**| |**St. Peter's & St. Paul's Marlborough**
**Trust Limited**
**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2021**||| ||**31/12/2**
**021**|**31/12/2**
**020**| |---|---|---| |**Other resources**
**expended**|**£**|**£**| |Building Maintenance -
Build|13,067|2,873| |Building Maintenance -
Elec|3,172|2,318| |Building Maintenance -
Misc|475|260| |Build Maint -
Landscaping|773|668| |Build Maint - New Build|49,080|23,594| |Fixtures &
fttings|681|681| ||**67,248**|**30,394**| |**Support**
**costs**||| |**Management**||| |Rates and|239|1,591| Page 15 |water||| |---|---|---| |Insura
nce|4,378|4,371| |Light and heat|7,633|9,117| |Advertising &
Promotion|218|250| |Sundri
es|1,159|106| |Piano &
Equipment|923|510| ||14,550|15,945| |||| |**Total resources**
**expended**|103,309|57,768| |**Net income before gains and**
**losses**|**(58,941**
**)**|**(18,188**
**)**| |**Realised recognised gains**
**and losses**||| |Realised gains/(losses) on investment
property|10,865|(16,190)| |**Net income**|**(48,076**
**)**|**(34,378**
**)**| 16 Page