THE COMMUNITY OF THE PRESENTATION TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity registration number: 297268
THE COMMUNITY OF THE PRESENTATION TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Contents
| Page | |
|---|---|
| Charity Reference and Administrative Details | 1 |
| Trustees’ Annual Report | 2 - 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 - 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 14 |
THE COMMUNITY OF THE PRESENTATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
| Charity registration number | 297268 |
|---|---|
| Trustees | Reverend Canon N Woods (Chairman) |
| Mr G H Parsons (Treasurer) | |
| Mr R E Finlinson MBE | |
| Ms E A Spence (Secretary) | |
| Ms SA Waters | |
| Principal Address | PO Box 933 |
| Canterbury | |
| Kent CT1 9AN | |
| Independent Examiner | M Wilkes, FCA |
| Azets Audit Services | |
| 5thFloor | |
| Ashford Commercial Quarter | |
| 1 Dover Place | |
| Ashford | |
| Kent. TN23 1FB | |
| Bankers | Barclays Bank Plc |
| 66 High Street | |
| Ashford | |
| Kent. TN24 8TL | |
| Investment managers | CCLA Investment Management Limited |
| 85 Queen Victoria Street | |
| London EC4V 4ET |
1
THE COMMUNITY OF THE PRESENTATION TRUST
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their report and financial statements of the charity for the year ended 31 December 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published in October 2019.
Trustees of the charity
The Trustees who have served during the year and since the year end were as follows:
Rev Canon N Woods (Chairman) G H Parsons (Treasurer) Mr R E Finlinson MBE Mrs E A Spence (Secretary) Mrs S-A Waters
Objectives and activities
The object of the charity is the furtherance of such charitable purposes not inconsistent with the doctrines and principles of the Church of England as the members for the time being of the Community shall select.
To maintain and preserve the Burial Ground;
Relieving persons who are sick, convalescent, disabled, handicapped or infirm by providing or paying for items, services and facilities which are calculated to alleviate the suffering or assist the recovery of such persons;
In furthering other charitable purposes not inconsistent with the doctrines and principles of the Church of England with a preference for furthering the religious and other charitable work of that Church.
Public benefit statement
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.
Strategic Report
Achievements and performance
During the year we were able to make donations to 49 (2022: 50) organisations in the year. Applications from organisations are considered at the quarterly Trustee meetings and acknowledgments of our support are requested from each organisations.
Our investment portfolio, which is our main source of income, returned an unrealised gain of £184,972(2022: loss £316,025). The performance of each investment was considered by the Trustees during the year.
Financial review (including reserves policy)
Investment income totalling £74,922 (2022: £74,565) was received during the year along with interest amounting to £968 (2022: £419).
Charitable donations totalling £73,000 (2022: £72,000) were made to 49 (2022: 50) organisations in the year. Other costs totalling £2,087 (2022: £1,795) were incurred resulting in a net surplus for the year of £803 (2022: £1,189). The unrealised gains for the year amounted to £184,972 (2022: unrealised losses £316,025). The increase in net funds for the year amounted to £185,775 (2022: decrease £314,836).
In accordance with the Charity Commission guidance, the Trusts reviews on a regular basis the level of income reserves that it considers appropriate. At 31 December 2023, the Trustees consider it appropriate to hold no free reserves and have deemed all funds, with the exception of the permanent endowment fund, as designated funds. The designated reserves at 31 December 2023 amounted to £2,167,360 (2022: £1,981,585).
Freehold land comprising the Burial Ground is vested in the Official Custodian for Charities and is stated at nominal value agreed at 1 January 1985.
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THE COMMUNITY OF THE PRESENTATION TRUST
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Plans for future periods
The Trustees are satisfied that the investments strategy adopted will enable them to continue to make donations which fulfil their charitable objects in the future.
Going concern
The charity generates funds from its investment portfolio and donates cash available in its bank account every quarter. The charity has no formal commitments as regards its donations; the biggest impact of COVID-19 will be reduced income to support our charities.
Structure, governance and management
The charity, which is registered with the Charity Commission under number 279268, is established under a Scheme dated 28 March 1985.
The body of the Trust shall consist when complete of 5 competent persons who shall be communicant members of the Church of England being three Nominative Trustees and two Co-operative Trustees are appointed at a special convened meeting at which 21 days’ notice must be given and must consist of at least 2 op-operative Trustees.
Under a Scheme established by the Charity Commissioners on 28 March 1985, the property and investments formerly administered as assets of the Community and the Presentation were, other than the sum of £8,000 in cash, to be administered as the property of this Charity.
Permanent endowment invested on a total return basis
The charity has been granted the investment power of total return by the Charity on 28 March 1985. This power permits the Trustees to invest permanently endowed funds to maximise total return and therefore to apply an appropriate portion of the unapplied total return to income. The unapplied total return remains invested as part of the permanent endowment until that power is exercised. When exercised it allows the Trustees to apply an appropriate portion of the unapplied total return to income each year. Investments are shown at market value. Details of investments are contained in Note 8 to these accounts.
The Trustees consider that the unrealised element of investments, which are arrived at by uplifting the cost to market value, does not form part of the funds available for charitable distribution.
Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2015 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
On behalf of the board
Reverend Canon N Woods, Trustee Date: 20 March 2024
3
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE COMMUNITY OF THE PRESENTATION TRUST
FOR THE YEAR ENDED 31 DECEMBER 2022
I report to the Trustees on my examination of the accounts of the charity for the year ended 31 December 2023 as set out on pages 5 to 14.
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:
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accounts records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
……………………………….
M A Wilkes (FCA) For and on behalf of Azets Audit Services
5[th ] Floor, Ashford Commercial Quarter,
1 Dover Place, Ashford, Kent. TN23 1FB
Date: 25 March 2024
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THE COMMUNITY OF THE PRESENTATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income and endowments from: Investment income Interest receivable Total income and endowments 2 Expenditure on: Charitable activities 5 Other 4 Total expenditure Net income and movement in funds before gains/(losses) on investments Net gain/(loss) on investments 8 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds Endowment funds 2023 Total £ £ £ 74,922 - 74,922 968 - 968 75,890 - 75,890 73,000 - 73,000 2,087 - 2,087 75,087 - 75,087 803 - 803 184,972 - 184,972 185,775 - 185,775 1,981,585 403,466 2,385,051 2,167,360 403,466 2,570,826 |
2022 Total £ 74,565 419 |
|---|---|---|
| 74,984 | ||
| 72,000 1,795 |
||
| 73,795 | ||
| 1,189 (316,025) |
||
| (314,836) 2,699,887 2,385,051 |
All income and expenditure derive from continuing activities.
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THE COMMUNITY OF THE PRESENTATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
| Comparative Year information Year ended 31 August 2022 Note Income and endowments from: Investment income Interest receivable Total income and endowments 2 Expenditure on: Charitable activities 5 Other 4 Total expenditure Net income/(expenditure) and movement in funds before gains on investments Net gain/(loss) on investments 8 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds Endowment funds 2022 Total £ £ £ 74,565 - 74,565 419 - 419 74,984 - 74,984 72,000 - 72,000 1,795 - 1,795 73,795 - 73,795 1,189 - 1,189 (316,025) - (316,025) (314,836) - (314,836) 2,296,421 403,466 2,699,887 1,981,585 403,466 2,385,051 |
2021 Total £ 72,326 14 |
|---|---|---|
| 72,340 | ||
| 72,000 1,682 |
||
| 73,682 | ||
| (1,342) 334,904 |
||
| 333,562 2,366,325 2,699,887 |
All income and expenditure derive from continuing activities.
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THE COMMUNITY OF THE PRESENTATION TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Note Fixed assets Tangible assets 7 Investments 8 Current assets Cash at bank and in hand Net assets Charity Funds Endowment funds Permanent endowment 9 Unrestricted designated funds 9 Total charity funds 10 |
2023 £ £ 1 2,533,004 2,533,005 37,821 2,570,826 403,466 2,167,360 2,570,826 |
2023 £ £ 1 2,533,004 2,533,005 37,821 2,570,826 403,466 2,167,360 2,570,826 |
2022 £ £ 1 2,348,032 2,348,033 37,019 2,385,051 403,466 1,981,555 2,385,051 |
2022 £ £ 1 2,348,032 2,348,033 37,019 2,385,051 403,466 1,981,555 2,385,051 |
|---|---|---|---|---|
| 2,570,826 | 2,385,051 | |||
| 403,466 2,167,360 2,570,826 |
403,466 1,981,555 2,385,051 |
The financial statements were approved and authorised for issue by the Board on 20 March 2024
Signed on behalf of the Board of Trustees
………………………. G Parsons, Trustee
…………..………………………. Rev. Canon N Woods, Trustee
The notes on pages 8 to 14 form part of these financial statements.
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THE COMMUNITY OF THE PRESENTATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1 Summary of significant accounting policies
(a) General information and basis of preparation
The Community of the Presentation Trust is a registered charity in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are the furtherance of such charitable purposes not inconsistent with the doctrines and principles of the Church of England as the members for the time being of the Community shall select.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Endowment funds represent those assets which must be held permanently by the charity, principally those assets mentioned in the Scheme as “St Saviour’s Chapel Fund”. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.
(c) Income recognition
All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established.
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
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Expenditure on charitable activities includes charitable donations; and
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Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
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THE COMMUNITY OF THE PRESENTATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(d) Expenditure recognition continued
Charitable donations payable to third parties are within the charitable objectives. Where unconditional donations are offered, this is accrued as soon as the recipient is notified of the donation, as this gives rise to a reasonable expectation that the recipient will receive the donation. Where donations are conditional relating to performance then the donation is only accrued when any unfulfilled conditions are outside of the control of the charity.
(e) Tangible fixed assets
Land and buildings comprise a burial ground which is vested in the Official Custodian for Charities and is stated at a nominal value agreed at 1 January 1985. No valuation has been carried out in respect of the burial ground, although if one were completed it is considered the valuation would be in excess of the book value.
(f) Investments
Investments are recognised initially at their transaction value which is normally the transaction price less transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
(g) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
(h) Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held 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 level of reserves for the charity to be able to continue as a going concern.
(i) Judgements and key sources of estimation uncertainty
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
No judgements or key assumptions were made in the preparation of the accounts.
2 Income from investments
| Dividends – equities Interest – deposits |
2023 £ 74,922 968 75,890 |
2022 £ 74,565 419 74,984 |
|---|---|---|
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THE COMMUNITY OF THE PRESENTATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3 Permanent endowment invested on a total return basis
The charity has been granted the investment power of total return by the Charity on 28 March 1985. This power permits the Trustees to invest permanently endowed funds to maximise total return and therefore to apply an appropriate portion of the unapplied total return to income. The unapplied total return remains invested as part of the permanent endowment until that power is exercised. When exercised it allows the Trustees to apply an appropriate portion of the unapplied total return to income each year.
4
| At 1 January 2023 Unapplied total return Movements Dividend return Gains Unapplied total return allocated to income Net movement in the year Total Other costs Independent examiner’s remuneration Postage and stationery Bank charges |
Endowment for investment Unapplied Total Return Total Endowment £ £ £ 403,466 - 403,466 - 1,944,566 1,944,566 403,466 1,944,566 2,348,032 - 74,922 74,922 - 184,972 184,972 - 259,894 259,894 (74,922) (74,922) - 184,972 184,972 403,466 2,129,538 2,533,004 2023 2022 £ £ 1,512 1,404 575 378 - 13 2,087 1,795 |
|---|---|
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THE COMMUNITY OF THE PRESENTATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
5 Analysis of charitable donations
| Analysis of charitable donations | |
|---|---|
| Donations to institutions Recipients of donations to institutions: Advantage Africa Archbishops of Jerusalem & Canterbury Emergency Appeal for the Diocese of Jerusalem Ashford Together Asthma Relief Canterbury Umbrella Catching Lives Demelza House Dover Outreach Project East Africa Childrens Project Find Your Feet Kajokejii Educational Trust Kent MS Therapy Centre KRAN Refugee Support L’Arche Bethlehem Mercy Ships Mosaic Middle East Pilgrims Hospice Porchlight Rising Sun Salvation Army (Thanet) Samaritans Purse Sewing Seeds for Life Smile Malawi SNAPP Starfish Malawi The Canterbury Umbrella Centre DEC Afghanistan DEC Turkish/Syrian Earthquake Disaster Fund DEC Pakistan DEC Ukraine Others < £2,000 |
2023 2022 £ £ 73,000 72,000 |
| 2023 2022 £ £ - 2,000 8,000 - 2,000 2,000 2,000 - 2,000 - 2,000 2,000 - 2,000 2,000 - - 2,000 2,000 - 2,000 - - 2,000 2,000 - - 2,000 - 2,000 - 2,000 - 2,000 2,000 2,000 2,000 - 2,000 2,000 - 2,000 - 2,000 2,000 - 2,000 - - 2,000 - 2,000 - 3,000 5,000 - - 3,000 - 4,000 34,000 30,000 73,000 72,000 |
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THE COMMUNITY OF THE PRESENTATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
6 Trustees' staff and key management personnel remuneration and expenses
The Trustees neither received nor waived any remuneration during the year (2022: £Nil).
The Trustees did not have any expenses reimbursed during the year (2022: £Nil).
No staff are employed by the Trust.
7 Tangible fixed assets
Land and buildings comprise a burial ground which is vested in the Official Custodian for Charities and is stated at a nominal value agreed at 1 January 1985. No valuation has been carried out in respect of the burial ground, although if one were completed it is considered the valuation would be in excess of the book value.
8 Fixed asset investments
| Listed investments Valuation At 1 January 2023 Revaluation At 31 December 2023 Historical cost as at 31 December 2023 Investments at fair value compromise: Equities The fair value of listed investments is determined by reference to the mid-market at the Balance Sheet date. Holdings in investments at 31 December 2023, which are material in value are: CBF Investment Fund – Income Fund CBF Investment Fund – Property Fund CBF Investment Fund – Global Equity Income Fund |
2023 2022 £ £ 2,348,032 2,664,057 184,972 (316,025) 2,533,004 2,348,032 |
|
|---|---|---|
| 1,099,946 1,099,946 |
||
| 2023 2022 £ £ 2,533,004 2,348,032 |
||
| value of one share in the Fun 2,198,598 2,009,533 224,039 242,447 110,367 96,052 2,533,004 2,348,032 |
The fair value of listed investments is determined by reference to the mid-market value of one share in the Fund at the Balance Sheet date.
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THE COMMUNITY OF THE PRESENTATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9 Fund reconciliation
Unrestricted funds - 2022
| Designated fund Unrestricted funds - 2021 COMPARATIVE INFORMATION ONLY Designated fund Endowment funds - 2023 St. Saviours Chapel Fund Endowment funds - 2022 COMPARATIVE INFORMATION ONLY St. Saviours Chapel Fund |
Balance at 1 January 2023 Income Expenditure Gains Balance at 31 December 2023 £ £ £ £ £ 1,981,585 75,890 (75,087) 184,972 2,167,360 |
Balance at 1 January 2023 Income Expenditure Gains Balance at 31 December 2023 £ £ £ £ £ 1,981,585 75,890 (75,087) 184,972 2,167,360 |
|---|---|---|
| Balance at 1 January 2022 Income Expenditure Gains Balance at 31 December 2022 £ £ £ £ £ 2,296,421 74,984 (73,795) (316,025) 1,981,585 |
||
| Balance at 1 January 2023 Income Expenditure Gains Balance at 31 December 2023 £ £ £ £ £ 403,466 - - - 403,466 |
||
| Balance at 1 January 2022 Income Expenditure Gains Balance at 31 December 2022 £ £ £ £ £ 403,466 - - - 403,466 |
Fund descriptions
a) Designated fund
The Trustees have designated the unrestricted funds of the charity to provide income for future distribution. The aim being to distribute income received during the year as charitable distributions. Therefore, the Trustees have deemed that no free reserves are held at 31 December 2023 and accordingly all other funds, other than the permanent endowment fund are deemed to be designated for the principal charitable activity.
b) Endowment fund
The permanent endowment fund represents the value of those assets mentioned in the Scheme as “St Saviour’s Chapel Fund”. Any appreciation arising from this sum can be shown as part of unrestricted funds.
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THE COMMUNITY OF THE PRESENTATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10 Analysis of net assets between funds - 2023
| Fixed assets Current assets Total Analysis of net assets between funds - 2022 COMPARATIVE INFORMATION ONLY Fixed assets Current assets Total |
Designated funds Endowment funds Total £ £ £ 2,129,539 403,466 2,533,005 37,821 - 37,821 2,167,360 403,466 2,570,826 |
|---|---|
| Designated funds Endowment funds Total £ £ £ 1,944,566 403,466 2,348,032 37,019 - 37,019 2,385,051 403,466 2,384,051 |
11 Related party transactions
Mr R E Finlinson MBE, trustee, is also a trustee of Ashford Together. During the year, the charity donated £2,000 (2022: £2,000) to Ashford Together.
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