|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||||||||