Registered charity number 276803
## **Guildford St Nicolas Dorothy Grover Trust**
## **Report and Accounts**
## **31 December 2021**
Julian Ansell FCCA Chartered Certified Accountant Reading RG4 8SR
## _Guildford St Nicolas Dorothy Grover Trust_ **Report and accounts**
## **Contents:**
||**Page**|
|---|---|
|Charity information|1|
|Trustees' report|2|
|Independent Examiner's report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the financial statements|8|
|Detailed Income and Expenditure account|11|
_Guildford St Nicolas Dorothy Grover Trust_ **Charity Information**
## **Trustees**
D Coom I Ferguson P Oldroyd
## **Principal Contact**
D Coom
## **Principal Address**
15 The Crossways Onslow Village Guildford Surrey GU2 7QQ
## **Independent Examiner**
J M Ansell FCCA 19 Brooklyn Drive Emmer Green Reading RG4 8SR
## **Bankers**
NatWest Bank plc 151 High Street Guildford GU1 3AH
CCLA Investment Management Limited COIF Charity Funds Senator House 85 Queen Victoria Street London EC4V 4ET
## **Registered Charity Number**
276803
1
## _Guildford St Nicolas Dorothy Grover Trust_ **The report of the Trustees**
The Trustees present their report and accounts for the 12 months ended 31 December 2021
## **Structure, Governance and Management**
The Dorothy Grover Trust's governing document is Dorothy Grover's will which directs that a Trust should be created and managed for the 'welfare of St Nicolas Church'. The Trust is a registered charity number 276803.
The Trust was established by an initial gift from the Estate of Dorothy Grover, as a permanent endowment fund. The gift was made to the Trust on condition that it is held as permanent endowment, the income from which is freely available to fund the activities of the Trust.
The charity is normally managed by four Trustees. The governing document of the Trust requires there to be four Trustees including the Rector. A new Rector Fr. Neil Roberts has recently been appointed and will shortly be joining as a Trustee.
New Trustees can only be appointed with the full agreement of the remaining Trustees, which shall exclude the retiring Trustee, at a properly convened Dorothy Grover Trust meeting.
Where possible persons independent of the PCC should be sought on any vacancies. The newly appointed Trustee should be of relevant ability for the Trustee position required.
The Trust works closely with the PCC so that its decisions reflect the PCC's strategy.
Apart from the St Nicolas PCC there are no relationships with other parties or with other charities or organisations.
## **Objectives and Activities**
The Dorothy Grover Trust is used to fund activities that contribute to the 'welfare of St Nicolas Church' and could not be funded from day-to-day financing. Four Trustees normally manage the Dorothy Grover Trust working closely with the PCC. The PCC is responsible for the future direction of the parish as well as the management of its day-to-day affairs.
A key objective is to confine spending to the income generated from the invested capital. This is considered prudent against the likely future need for the parish to fund activities that hitherto have been covered by central (Church Commissioners) funds.
## **Grant Making Policy**
The Trustees consider requests for funding received from the PCC and, if approved, notify the PCC accordingly. The Trustees do not seek applications from any other sources.
## **Achievements and Performance for the Public Benefit**
The Trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding what activities the charity should undertake.
During the financial period the Dorothy Grover Trust spent 69% of its income, of which 46% was spent on projects deigned to maintain and improve the church fabric and help to cover expenses. Expenditure during the year was for the welfare of St Nicolas Church.
The Dorothy Grover Trust has capital assets of £3,359,512 (2020 £3,080,017) split between property and equity investments. These are held to generate income against the likely increased future need for funding for the parish.
2
## _Guildford St Nicolas Dorothy Grover Trust_
## **The report of the Trustees (continued)**
## **Financial Review**
## Investment Policy
The investment policy is to hold a mixed portfolio of property and equities with equity funds invested in COIF Charity Funds set up under the Charities Act 1960 and CBF investments. These were chosen because they have a good record of delivering income even when capital values are depressed.
## Reserves Policy
The aim of the Dorothy Grover Trust is for the welfare of St Nicolas church and that the funds of the Dorothy Grover Trust should be used for the good of St Nicolas Church which include capital projects, maintenance and staff costs should this be necessary. As costs are long term, reserves will rise and fall according to the needs of St Nicolas Church.
## Financial Review
Total income for the period consisting of rents, dividends and interest received was £92,280 (2020 £92,527). The resources expended amounted to £63,788 (2020 £66,140 ), resulting in net incoming resources for the period of £28,492. Net total assets at the period end are £3,359,512 (2020 £3,080,017).
Investments increased by 14% (£251,003) during the period.
## Current Year
All properties were revalued at the end of 2019 and will continue to be revalued every three years.
## Major Risks
The Trustees consider that the major risks are declining equity values of the investments held and a reversal in the property market leading to a reduction in annual income. These risks are managed by the Trustees through regular reviews of the investments held.
## **Plans for the Future for the Public Benefit**
The Trustees always seek to manage the Trust so that its spending complements the wishes and resources of the PCC.
The PCC sets out a Development and Capital Project Plan which lays out the long term spending plan on projects of maintenance and capital purchases. This is used in co-ordination with Dorothy Grover Trust to agree funding of these projects. A target contribution of £60,000 per annum on a rolling three year basis is currently being made available to the church.
During the year ended 31 December 2021 the Church received £3,500 per month to aid the general expenses of the Church in addition to the specific items in the Development and Capital Projects Plan.
3
## _Guildford St Nicolas Dorothy Grover Trust_
## **The report of the Trustees (continued)**
## **The Trustees during the period ended 31 December 2021 were:-**
D Coom I Ferguson A Norman (resigned 31.08.2021) P Oldroyd
## **Statement of Trustees' Responsibilities**
Charity Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the
financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to :-
- select suitable accounting policies and then apply them;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence; and - state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
The Trustees are also responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with generally accepted accounting practice. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Board of Trustees on 21 October 2022
D Coom Trustee
4
_Guildford St Nicolas Dorothy Grover Trust_
## **Independent Examiner’s Report**
## **Independent Examiner’s Report to the Trustees of Guildford St Nicolas Dorothy Grover Trust**
I report on the accounts of the trust for the 12 months ended 31 December 2021, which are set out on pages 6 to 10.
## **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 2011 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:
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.
Julian Ansell Chartered Certified Accountant 19 Brooklyn Drive Emmer Green Reading RG4 8SR
21 October 2022
5
_Guildford St Nicolas Dorothy Grover Trust_
## **Statement of Financial Activities for the 12 months ended 31 December 2021**
|**Note**
**2021**
**Unrestricted**
**Funds**
**£**
_Incoming Resources_
Incoming resources from generating
funds - Investment income
5
92,280
**_Total Incoming Resources_**
**92,280**
_Resources Expended_
Cost of generating funds
- Investment management costs
7
20,541
- Charitable activities
8
42,497
- Governance costs
9
750
**_Total Resources Expended_**
**63,788**
**_Net Incoming (Outgoing) Resources for the Year_**
**28,492**
Gains/(losses) on Investments
63,852
Transfer between funds
-
Funds as at 1 January 2021
533,597
**_Funds as at 31 December 2021_**
**625,941**|**2021**
**Endowment**
**Funds**
**£**
-
**-**
-
-
-
**-**
**-**
187,151
-
2,546,420
**2,733,571**|**2021**
**Total**
**Funds**
**£**
92,280
**92,280**
20,541
42,497
750
**63,788**
**28,492**
251,003
-
3,080,017
**3,359,512**|**2020**
**Total**
**Funds**
**£**
92,527|
|---|---|---|---|
||||**92,527**|
||||10,567
54,823
750|
||||**66,140**|
||||**26,387**
62,103
-
2,991,527|
||||**3,080,017**|
All amounts relate to continuing activities and there has been no change in the nature of the Charity's activities in the 12 months and the prior period.
The notes on pages 8 to 10 form part of these financial statements.
6
_Guildford St Nicolas Dorothy Grover Trust_
## **Balance Sheet at 31 December 2021**
|**Note**
**Fixed Assets**
Freehold Investment Properties
- 47 Badminton Road
- 8 Printing House Square
- 20 Grosvenor House
2
Investments
- COIF investment property
- COIF unrestricted
- COIF investment
- COIF sinking
- CBF investment
-
- CBF unrestricted
3
**Total Fixed Assets**
**Current Assets**
Cash at Bank
- Current account
**Less Current Liabilities**
Sundry Creditors
**Net Current Assets**
**TOTAL ASSETS Less Current Liabilities**
**Reserves**
General Fund
4
Endowment Fund
4
**TOTAL RESERVES**|**2021**
**£**
625,000
335,000
290,000
1,250,000
481,579
334,938
263,880
62,590
675,522
122,992
52,661
1,994,162
3,244,162
115,350
115,350
-
115,350
**3,359,512**
625,941
2,733,571
**3,359,512**|**2020**
**£**
625,000
335,000
290,000|
|---|---|---|
|||1,250,000|
|||421,556
293,169
230,972
53,291
590,600
107,530
46,041|
|||1,743,159|
||||
|||2,993,159|
|||86,858|
|||86,858
-|
|||86,858|
||||
|||**3,080,017**|
|||533,597
2,546,420|
|||**3,080,017**|
Approved on 21 October 2022 and signed on behalf of the Trustees by:
D Coom
P Oldroyd
I Ferguson
The notes on pages 8 to 10 form part of these financial statements
7
## _Guildford St Nicolas Dorothy Grover Trust_ **Notes to the Accounts for the 12 months ended 31 December 2021**
## **1 Accounting Policies**
## _Accounting Convention_
These accounts have been prepared under the historical cost convention (as modified by the revaluation of investments) and on a receipts and payments basis, the charities SORP 2005 (Accounting and Reporting by Charities) and comply with the Charities (Accounts and Reports) Regulations 2005 issued under the Charities Act 2011.
## _Incoming Resources_
Dividends on quoted investments, bank interest and rental income are accounted for on a received basis.
## _Resources Expended_
Investment management costs are accounted for on a paid basis.
Charitable activities are grant payments for the welfare of St Nicolas Church.
Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice. The costs are accounted for on a paid basis.
## _Funds_
The purpose and use of the Permanent Endowment Fund is imposed by the donor.
## _Investments_
The properties were revalued at 31 December 2019. Where appropriate the valuation of these freehold investment properties has taken into account the fact that there are sitting tenants.
Securities held have been revalued and are shown at their market value as at the balance sheet date. Movements in the investment value are taken to the Statement of Financial Activities and shown as gains/losses on investment assets.
## _Cashflow statement_
The Trust has taken advantage of the exemption in Financial Reporting Standard No.1 from producing a cashflow statement on the grounds that it is a small charity.
## **2 Freehold Investment Properties**
|**2 Freehold Investment Properties**|||
|---|---|---|
|Value 1 January 2021
Reduction on revaluation
Value at 31 December 2021|**2021**
**£**
1,250,000
-
1,250,000|**2020**
**£**
1,250,000
-|
|||1,250,000|
8
## _Guildford St Nicolas Dorothy Grover Trust_ **Notes to the Accounts for the 12 months ended 31 December 2021**
## **3 Investments**
|Market value at 1 January 2021
Net unrealised investment gains/(losses)
Market value at 31 December 2021
COIF investment property
COIF unrestricted
COIF investment
COIF sinking
CBF investment
CBF unrestricted
CBF investment|**2021**
**£**
1,743,159
251,003
1,994,162
Units
Unit
Held
Price (p)
386,997.26
124.44
16,309.16
2,053.68
12,849.14
2,053.68
258.45
24,217.33
28,884.88
2,338.67
5,259.05
2,338.67
2,251.75
2,338.67|**2020**
**£**
1,681,056
62,103|
|---|---|---|
|||1,743,159|
|||Market
Value
481,579
334,938
263,880
62,590
675,522
122,992
52,661|
|||1,994,162|
The COIF sinking fund refers to the Charity Commission 20 year sinking fund order of 27 November 1984 which has now reached completion. These funds are of a restricted nature.
## **4 Movement in Funds**
|**4 Movement in Funds**|||
|---|---|---|
|Unrestricted Fund
Balance at 1 January 2021
Surplus/(Deficit) for the year
Transfer between funds
Balance at 31 December 2021
Endowment Fund
Balance at 1 January 2021
Surplus/(Deficit) for the year
Transfer between funds
Balance at 31 December 2021|**2021**
**£**
533,597
92,344
-
625,941
2,546,420
187,151
-
2,733,571|**2020**
**£**
479,593
54,004
-|
|||533,597|
|||2,511,934
34,486
-|
|||2,546,420|
The endowment fund was established to be used for the welfare of St Nicolas Church as stated in the will of Dorothy May Grover.
## **5 Investment Income**
|**5 Investment Income**|||
|---|---|---|
|Ground Rent Received - 48 Badminton Road
CBF Dividends
COIF Dividends
Rents received|**2021**
**£**
132
21,630
36,665
33,853
92,280|**2020**
**£**
132
20,888
36,829
34,678|
|||92,527|
## **6 Employees**
There were no employees during the year (2020 Nil)
9
## _Guildford St Nicolas Dorothy Grover Trust_
## **Notes to the Accounts for the 12 months ended 31 December 2021**
## **7 Investment Management Costs**
|Agents fees
Repairs
Insurance
**8 Charitable Activities**
- Boilers
- Sacristy
- Church roof
- Church expenses
**9 Governance Costs**
Independent examination
**10 Analysis of Net Assets Between Funds**
**Tangible**
**fixed assets**
**£**
Endowment Fund
- Dorothy Grover bequest
1,250,000
Unrestricted Funds
-
1,250,000|Agents fees
Repairs
Insurance
**8 Charitable Activities**
- Boilers
- Sacristy
- Church roof
- Church expenses
**9 Governance Costs**
Independent examination
**10 Analysis of Net Assets Between Funds**
**Tangible**
**fixed assets**
**£**
Endowment Fund
- Dorothy Grover bequest
1,250,000
Unrestricted Funds
-
1,250,000|**2021**
**£**
4,743
15,287
511
20,541
**2021**
**£**
-
497
-
42,000
42,497
**2021**
£
750
**Investments Net current**
**assets**
**£**
**£**
1,483,571
-
510,591
115,350|**2020**
**£**
4,835
5,243
489|
|---|---|---|---|
||||10,567|
||||**2020**
**£**
4,847
7,976
-
42,000|
||||54,823|
||||**2020**
£
750|
||||**Total**
**£**
2,733,571
625,941|
||1,250,000|1,994,162
115,350|3,359,512|
## **11 Transfer Between Funds**
Investment income arising on the endowment capital is being included in the unrestricted fund. The original capital amount of the legacy remains in the endowment fund, enhanced by subsequent capital gains.
## **12 Trustees Remuneration and Expenses**
The Trustees received no remuneration (2020 £Nil) nor were reimbursed any expenses (2020 £Nil) during the year.
10
## _Guildford St Nicolas Dorothy Grover Trust_ **Income and Expenditure Account for the 12 months ended 31 December 2021**
|Income
Ground rent received
Rents received
CBF dividends
COIF dividends
Total Income
Expenditure
Agents' fees
Repairs
Insurance
Boilers
Sacristy
Church expenses
Independent examination
Total expenditure
Surplus / (Deficit) for the period|**2021**
**£**
4,743
15,287
511
-
497
42,000
750|**2021**
**£**
132
33,853
21,630
36,665|**2020**
**£**
4,835
5,243
489
4,847
7,976
42,000
750|**2020**
**£**
132
34,678
20,888
36,829|
|---|---|---|---|---|
|||92,280
63,788||92,527
66,140|
||||||
|||28,492||26,387|
11