| Directors | JCB Birdwood | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| JR Brown | |||||||||
| RA Portlock | |||||||||
| Reverend PJ Whitworth |
(Chair) | ||||||||
| Company | Secretary | MBM Porter | |||||||
| Registered | Office | Stable Cottage | |||||||
| Eckington Road |
|||||||||
| Birlingham | |||||||||
| Pershore | |||||||||
| Worcestershire | |||||||||
| WR10 3DA | |||||||||
| Principal | Office | Stable Cottage | |||||||
| Eckington Road |
|||||||||
| Birlingh am |
|||||||||
| Pershore | |||||||||
| Worcestershire | |||||||||
| WR10 3DA | |||||||||
| Solicitors | Charles Russell Speechlys |
LLP | |||||||
| Compass House |
|||||||||
| Lypiatt Rd |
|||||||||
| Cheltenharn | |||||||||
| GLSO 2QJ | |||||||||
| Independent | Auditors | Saffery LLP |
|||||||
| 71Queen Victoria | Street | ||||||||
| London | |||||||||
| EC4V 4BE | |||||||||
| Bankers | Barclays Bank | Pic | |||||||
| Wytham Court |
|||||||||
| 11West Way | |||||||||
| Oxford | |||||||||
| OX2 OJB | |||||||||
| Investment | Managers | CCLA Investment | Management | Limited | |||||
| One Angel Lane |
|||||||||
| London | |||||||||
| EC4R 3AB | |||||||||
| Brewin Dolphin | |||||||||
| The Paragon | Building | ||||||||
| 32 Counters lip | |||||||||
| Bristol | |||||||||
| BS16BX |
| Total | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Year | Year | |||||||||
| Notes | Unrestricted | Restricted | 31May | 31May | ||||||
| 2023 | 2023 | 2023 | 2022 | |||||||
| Income from: | ||||||||||
| Investments | ||||||||||
| Rents receivable | 535,929 | 535,929 | 144,327 | |||||||
| Investment income |
7,514 | 4,671 | 12,185 | 4,064 | ||||||
| Gain on disposal | of property | (option) | 4 | 295,881 | 295,881 | |||||
| Total income | 839,324 | 4,671 | 843,995 | 148,391 | ||||||
| Expenditure on: |
||||||||||
| Raising funds | ||||||||||
| Finance costs | 1,200 | 1,583 | 2,783 | 3,227 | ||||||
| Charitable activities |
||||||||||
| Support of provision ofeducation | 41,552 | 5,000 | 46,552 | (14,488) | ||||||
| Donation to MMT | 750,000 | 750,000 | ||||||||
| Total expenditure | 792,752 | 6,583 | 799,335 | (11,261) | ||||||
| Net gains/(losses) | on | investments | 111,000 | (7,148) | 103,852 | (13,599) | ||||
| Net income / (expenditure) | 157,572 | (9,060) | 148,512 | 146,053 | ||||||
| Other recognised | gains/(losses) | |||||||||
| Actuarial gains on |
defined | |||||||||
| benefit pension | scheme | 292 | 292 | 588 | ||||||
| Net Movement | in | Funds | 157,864 | (9,060) | 148,804 | 146,641 | ||||
| Fund balance brought | forward | at | ||||||||
| 1June 2022 | 3,334,203 | 173,504 | 3,507,707 | 3,361,066 | ||||||
| Fund balance carried | forward | at | 3,492,067 | 164,444 | 3,656,511 | 3,507,707 | ||||
| 31May 2023 |
| Notes | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|
| f | f | |||||
| Tangible Fixed Assets |
3,900,000 | |||||
| Investments | ||||||
| Other Investments | 3,646,184 | 173,744 | ||||
| 3,646,184 | 173,744 | |||||
| Current Assets | ||||||
| Debtors | 2,234 | 959 | ||||
| Cash at bank | and in | hand | 38,766 | 12,828 | ||
| 41,000 | 13,787 | |||||
| Creditors: amounts | falling | due within one year | (17,548) | (118,669) | ||
| Net Current | Assets/(Liabilities) | 23,452 | (104,882) | |||
| Total Assets | less Current | Liabilities | 3,669,636 | 3,968,862 | ||
| Creditors: amounts | falling | due after more than one year | (506) | (440,785) | ||
| Provisions corn |
12 | (12,619) | (20,370) | |||
| Net Assets | 3,656,511 | 3,507,707 | ||||
| Funds | 10 | |||||
| Restricted funds | 164,444 | 173,504 | ||||
| Unrestricted | funds | 3,492,067 | 3,334,203 | |||
| Total funds | 3,656,511 | 3,507,707 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| f | f | |||||
| Cash flows from operating | activities | |||||
| (see below) | (813,540) | (5,853) | ||||
| Cash flows from investing | ||||||
| Investment income |
12,185 | 4,064 | ||||
| Purchase of investments | (3,126,643) | (35,951) | ||||
| Disposal of investments | 13,039 | 37,937 | ||||
| Cash received on disposal | of property | 4,352,506 | ||||
| Cash costs ofdisposal of property | (156,625) | |||||
| 1,094,462 | 6,050 | |||||
| Change in cash and cash |
equivalents | 280,922 | 197 | |||
| Cash and cash equivalents | at period start | 16,908 | 16,711 | |||
| Cash and cash equivalents | ||||||
| at period end | 297,830 | 16,908 | ||||
| 2023 | 2022 | |||||
| f | f | |||||
| Reconciliation of net income to |
cash flow | |||||
| from operating activities: |
||||||
| Net income | 148,512 | 146,053 | ||||
| Adjustments for: |
||||||
| (Gains)/losses on investments |
(103,852) | 13,599 | ||||
| Investment income |
(12,185) | (4,064) | ||||
| (Increase)/decrease in debtors |
(1,275) | 301 | ||||
| Increase/(decrease) in creditors |
under one year | (101,121) | (5,000) | |||
| Increase/(decrease) in creditors |
over one year | (440,279) | (84,828) | |||
| Increase/(decrease) in provisions |
(7,751) | (72,502) | ||||
| Actuarial movement on defined |
benefit pension | scheme | 292 | 588 | ||
| (Gain) on disposal of property | (295,881) | |||||
| (813,540) | (5,853) | |||||
| 2023 | 2022 | |||||
| f | f | |||||
| Cash at bank and in hand | 38,766 | 12,828 | ||||
| Cash at investment manager |
259,064 | 4,080 | ||||
| 297,830 | 16,908 |
| Current year | 31May | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted funds | 2023 | |||
| funds | Total | ||||
| f | f | ||||
| Raising funds | |||||
| Finance costs | 1,200 | 1,583 | 2,783 | ||
| Charitable activities |
1,200 | 1,583 | 2,783 | ||
| Bursary awards | 5,000 | 5,000 | |||
| Support costs | 29,396 | 29,396 | |||
| Amendment to pension |
|||||
| contribution schedule |
|||||
| Governance costs |
12,156 | 12,156 | |||
| Donation | 750,000 | 750,000 | |||
| 791,552 | 5,000 | 796,552 | |||
| Total expenditure | 792,752 | 6,583 | 799,335 | ||
| A donation off750,000 was |
made to the Martyrs | Memorial | and Church of England | Trust to fund | |
| future bursaries. | |||||
| Comparative year |
31May | ||||
| Unrestricted | Restricted funds | 2022 | |||
| funds | Total | ||||
| f | f | f | |||
| Raising funds | |||||
| Finance costs | 1,430 | 1,797 | 3,227 | ||
| 1,430 | 1,797 | 3,227 | |||
| Charitable activities |
|||||
| Bursary awards | 5,000 | 5,000 | |||
| Support costs | 22,379 | 22,379 | |||
| Amendment to pension |
(50,687) | (50,687) | |||
| contribution schedule |
|||||
| Governance costs |
8,820 | 8,820 | |||
| (19,488) | 5,000 | (14,488) | |||
| Total expenditure | (18,058) | 6,797 | (11,261) | ||
| Expenditure includes: |
|||||
| 31May | 31May | ||||
| 2023 | 2022 | ||||
| f | f | ||||
| Auditors' remuneration |
(excluding | VAT) for: | |||
| Audit services —current | year | 10,968 | 5,350 | ||
| Other services | 1,188 | 500 |
| 3 | Staff Costs | ||||||
|---|---|---|---|---|---|---|---|
| 31May | 31May | ||||||
| 2023 | 2022 | ||||||
| E | f | ||||||
| Total staff costs comprised: | |||||||
| Wages and | sa laries | 502 | 500 | ||||
| Social security costs | |||||||
| Pensions cost | 462 | 2,618 | |||||
| Amendment | to pension | contribution | schedule | (50,687) | |||
| 964 | (47,569) | ||||||
| The average | numbers | ofemployees | in the period were: | 2023 | 2022 | ||
| Number | Number | ||||||
| Management 5administration | 1 | 1 |
| 31May | 31May | |||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||||
| f | f | |||||||
| Aggregate | employment | benefits | of | key | management | personnel | 502 | 500 |
| Freehold | Total | |
|---|---|---|
| property | ||
| Cost | ||
| At 1June 2022 Eliminated on disposal At 31May 2023 |
5,823,282 (5,823,282) |
5,823,282 (5,823,282) |
| Depreciation | ||
| At 1June 2022 | 1,923,282 | 1,923,282 |
| Eliminated on disposal At 31May 2023 |
(1,923,282) | (1,923,282) |
| Net BookValue | ||
| At 1June 2022 | 3,900,000 | 3,900,000 |
| At 31May 2023 |
| 2023 | 2022 | ||
|---|---|---|---|
| f | f | ||
| Balance brought forward | 173,744 | 190,113 | |
| Purchases | 3,126,643 | 35,951 | |
| Proceeds from disposals | (13,039) | (37,937) | |
| Net gains/(losses) | 103,852 | (13,599) | |
| Movement on investment |
cash | 254,984 | (784) |
| Balance carried forward | 3,646,184 | 173,744 |
| 2023 | 2022 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| f | f | ||||||||||||
| UK Equities | 3,253,992 | 36,594 | |||||||||||
| UK Bonds | 4,970 | 5,617 | |||||||||||
| Overseas | Bonds and Equities | 80,035 | 118,017 | ||||||||||
| Property | and | other | 48,123 | 9,435 | |||||||||
| Cash | 259,064 | 4,080 | |||||||||||
| 3,646,184 | 173,744 | ||||||||||||
| One holding | is considered | material | in the context | ofthe portfolio, | being E3,226,000 | held | in CBF | ||||||
| Church of England | Investment | Fund | Accumulation | Shares. | |||||||||
| Debtors | |||||||||||||
| 2023 | 2022 | ||||||||||||
| f | f | ||||||||||||
| Other debtors | 1,708 | ||||||||||||
| Prepayments | and | accrued income | 526 | 959 | |||||||||
| 2,234 | 959 | ||||||||||||
| 7 | Creditors: | Amounts | falling | due | within one year | ||||||||
| 2023 | 2022 | ||||||||||||
| f | f | ||||||||||||
| Accruals | and | deferred | income | 17,548 | 118,669 | ||||||||
| 17,548 | 118,669 | ||||||||||||
| Creditors: | Amounts | falling | due | after | more than one year | ||||||||
| 2023 | 2022 | ||||||||||||
| f | f | ||||||||||||
| Deferred | rental income (note | 9) | 435,365 | ||||||||||
| Accruals | 506 | 5,420 | |||||||||||
| 506 | 440,785 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| f | f | |||
| At 1June 2022 Released to income At 31May 2023 |
in the year | 518,292 (518,292) |
601,219 (82,927) 518,292 |
|
| The deferred income |
is expected to be recognised | as follows: | ||
| 2023 | 2022 | |||
| f | ||||
| Within 1year Within 1to 2years Within 2to 5 years After more than five |
years | 82,927 82,927 248,781 103,657 |
||
| 518,292 |
| Current | year | Brought | Income | Expenditure | Gains/ | Transfers | Balance carried |
|---|---|---|---|---|---|---|---|
| forward at 1 | (losses) | forward at 31 | |||||
| June 2022 f |
May 2023 f |
||||||
| Unrestricted | |||||||
| funds | |||||||
| General funds |
3,354,573 | 839,324 | (792,290) | 111,000 | (7,921) | 3,504,686 | |
| Pension | fund | (20,370) | (462) | 292 | 7,921 | (12,619) | |
| reserve | |||||||
| 3,334,203 | 839,324 | (792,752) | 111,292 | 3,492,067 | |||
| Restricted | |||||||
| funds | |||||||
| SBP | 173,504 | 4,671 | (6,583) | (7,148) | 164,444 | ||
| 173,504 | 4,671 | (6,583) | (7,148) | 164,444 | |||
| Total | 3,507,707 | 843,995 | (799,335) | 104,144 | 3,656,511 |
| Comparative | Brought | Income | Expenditure | Gains/ | Transfers | Balance carried |
|---|---|---|---|---|---|---|
| year | forward at 1 | (losses) | forward at 31 | |||
| June 2021 | May 2022 | |||||
| E | f | |||||
| Unrestricted | ||||||
| funds | ||||||
| General | 3,264,102 | 144,327 | 18,558 | (72,414) | 3,354,573 | |
| funds | ||||||
| Pension fund | (92,872) | (500) | 588 | 72,414 | (20,370) | |
| reserve | ||||||
| 3,171,230 | 144,327 | 18,058 | 3,334,203 | |||
| Restricted | ||||||
| funds | ||||||
| SBP | 189,836 | 4,064 | (6,797) | (13,599) | 173,504 | |
| 189,836 | 4,064 | (6,797) | (13,599) | 173,504 | ||
| Total | 3,361,066 | 148,391 | 11,261 | (13,011) | 3,507,707 |
| Present values of | provision | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 31May 2023 | 31May 2022 | 31May 2021 | |||||||
| (fs) | (fs) | (fs) | |||||||
| Present value of provision | 12,619 | 20,370 | 92,872 | ||||||
| Reconciliation of |
opening | and closing provisions | |||||||
| Year Ending | Year Ending | ||||||||
| 31May 2023 | 31May 2022 | ||||||||
| (fs) | (fs) | ||||||||
| Provision at the start ofthe period | 20,370 | 92,872 | |||||||
| Unwinding ofthe |
discount | factor | (interest expense) | 462 | 500 | ||||
| Deficit contribution | paid | (7,921) | (21,727) | ||||||
| Remeasurements | —impact | ofany | change | in | (292) | (588) | |||
| assumptions | |||||||||
| Remeasurements schedule |
—amendments | to the contribution | (50,687) | ||||||
| 12,619 | 20,370 | ||||||||
| Income and expenditure | impact | ||||||||
| Year | Ending | Year Ending | |||||||
| 31May 2023 | 31May 2022 | ||||||||
| (fs) | (fs) | ||||||||
| Interest expense | 462 | 500 | |||||||
| Remeasurements assumptions |
—impact | of any | change | in | (292) | (588) | |||
| Remeasurements schedule |
—amendments | to the | contribution | (50,687) | |||||
| Assumptions | |||||||||
| 31May | 2023 | 31May | 2022 | 31May | 2021 | ||||
| %per annum | %per annum | % per annum | |||||||
| Rate of discount | 5.93 | 2.87 | 0.61 |
| Unrestricted | Restricted | Total | |||||
|---|---|---|---|---|---|---|---|
| 2022 | 2022 | 2022 | |||||
| f | E | f | |||||
| Income from: | |||||||
| Investments | |||||||
| Rents receivable | 144,327 | 144,327 | |||||
| Investment income |
4,064 | 4,064 | |||||
| Total | 144,327 | 4,064 | 148,391 | ||||
| Expenditure on: |
|||||||
| Raising funds | |||||||
| Finance costs | 1,430 | 1,797 | 3,227 | ||||
| Charitable activities |
|||||||
| Support of provision ofeducation |
(19,488) | 5,000 | (14,488) | ||||
| Total | (18,058) | 6,797 | (11,261) | ||||
| Net gains/(losses) | on | investments | (13,599) | (13,599) | |||
| Net income/(expenditure) | 162,385 | (16,332) | 146,053 | ||||
| Other recognised | gains/(losses) | ||||||
| Actuarial losses |
on defined benefit | 588 | 588 | ||||
| pension scheme | |||||||
| Net movement | on funds | 162,973 | (16,332) | 146,641 | |||
| Fund balance brought | forward | at 1June | 3,171,230 | 189,836 | 3,361,066 | ||
| 2021 | |||||||
| Fund balance carried | forward | at 31 | 3,334,203 | 173,504 | 3,507,707 | ||
| May 2022 |