Charity Number.. 312554 The Church Tenements Charities: Educational and Church Branches Trustees, Report and Financial Statements For the year ended 31 March 2021 The Church Tenements Charltles- Educatlonal and Church Branthes Report and Flnanclal Statements for the year ended 31 March 2021 Contents Legal and administrative details Trusteè5' Report Independent Exarniner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 7-11 The Church Tenements Charltles- Edu¢atlonal and Church Branches Rèport and Financial Ststernents for the year ended 31 March 2021 Legal and administrative details Trustees Rev. A 8ishop Cllr. M Hen50n A Esdaile H Dunn P Hall Mwunn Cllr. J Perry air. T Letts - appointed May 2022 - resi8ned May 2022 Re8lStered charity number 312554 Registered address 125 Glentramrnon Road Green Street OrpSngton BR6 6DQ Independent examiner John Millidge ACA Simpson Wreford & Partners Suffolk House George Street Croydon CRO OYN Thè Church Tenements Charlties: Educational and Church 8ranches Trustees, Report For the year ended 31 March 2021 The trustees present thelr report with thè finantial statements of the tharity for the year ended 31 March 2021. The trustees have adopted the provisions of Accountin8 and Reportin8 by Charities.. Ststement of Recommended Practice applitable to charities preparin8 their accounts in accordance with the Financial Reporting Stsndard applitable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. OBJECTIVES AND ACTIVITIES Objectives The charity has two branches.. the education branth and the church brar*ch.. Education branch The aims ol the education branch are wide ran8in& including.. to cover expenses of any voluntary aided secondary Church of England school in the borough of Croydon.. to award sChola￿hIPs and bursaries., to provide finanoal assistsnce for school uniforms, tools, Snstruments or books- to prgvide maintenance to enable beneficiaries to travel abroad to pursue education,. and, assist towards the pr¢)vision of facilities lor recreation and social and physical training for any person resident in or atterTrding a secondary school in the London Borough of Croydon, under 25 years of age, who. in the opinion of the Trustees. is in need of finanaal assistance Church branch For the maintenance and repair of Cioydon Minster. A¢hievement5 and performan Education branch Durin8 the year. the charity provided funds that enabled students to participate in school trips relating to the courses thev were studyin8, and for the purchase of laptops and computer equipment, books and school uniforrns. A grant of £12,800 was given to Croydon Drop In, a local charity that provides accessible. mnfidential, independent, safe and flexible support and counselling foryoung people. Church branch The M￿nster received a total Brant of £28.506 for the continued maintenance of the church, allowing for worship and the benefit of the wider community. FINANCIAL REVIEW The Charity reports income in the year of £52.66312020- £52,340). expenditure of £49,11212020- £53,263) and a surplus of £3,55112020- net defiat of £9231. Al the year end, the charlty had a net asset balance of £891,71912020- £888,168). The Churth Tènèmènts Charities: Edu¢ational and Chur¢h Bran¢hes Trustees. Report Icontlnuedl Foi the year ended 31 March 2021 STRucfuRE. GOVERNANCE AND MANAGEMENT The charity was founded under a scheme dated June 1882, as amended by stheme dated March 1959 and as varied by scheme dated November 1969. It is re8iStered with the Charity Commission under charity number 312554. Trustee selection will include the Vicar of Croydon Minsler as Chair of Trustees, two Church Wardens and an appropriate parishioner appointed by Croydon Minster, two Croydon Councillors and an Honorary Alderman appointed by Croydon Council. This report Wa5 approved by the trustee5 on ..702.S. and signed on their behalf bv.. Rev. A Bishop Trustee Independent Examkner'g Report to the Tru5tee5 of The Church Tenements Charitres- Educational and Churth Branches For the year ended 31 March 2021 I report to the trustees on my examination of the accounts of The Church Tenements Charlties.. Educational and Church Branthes I'the Charity'l for the year ended 31 March 2021. Responslbllltles and basls of report As the charity's trustees, you are responsible f￿ the prèparation of the accounts in accordance w￿h the requirements of the Charities Act 20111.the Arfl. I report in respect of my examlnation of the Tru5Vs accounts carried out under section 145 of the 2011 Act and in carryin8 OJt my examination, I have followed all the applicable Directions 8wen by the Charity Commission under section 14515llbl of the Independènt ÈxaminÈr's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that In, any material respect.. the accounting records were not kept in accordance with sectlon 130 of the Charitie5 Act,. or the accounts did not accord with the accountSng records,. or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities IAccounts and Reports) Re8ulations 2008 other than any requirement that the accounts 8ive a 'true and fairf view which 15 not a rnatter considered as part of an independent examination. I have no concerns and have corne atr05s no other matters in connection with the exarnination to which attention should be drawn in this report in orderto enable a proper understanding ol the accounts to be reathed. John Millidge ACA Simpson Wrelord & Partners Suffolk House George Street Croydon CRO OYN Date.. 17 March 2023 The Church Tenements Charlties: Educatlonal and Church Branches Ststement of Financial Activit￿$ Forthe year ended 31 Marth 2021 Unrestrlcted Fund Church Branch Educatlon 8ranch Total 2021 Total 2020 Notes INCOMING RESOURCES Investments Voluntary income 30,838 20,611 1.214 51.449 1.214 51,125 1.215 Totsl in¢omin8 resources 30,838 21,825 52.663 52.340 RESOURCES EXPENDED Property costs Charitable activities Administration and support costs 2.646 45.549 5,068 28,506 15.440 5,166 43,946 5,166 Totsl resources expended 28.506 20,606 49,112 53,263 NET MOVEMENTIN FUNDS 2.332 1,219 3,551 19231 Fund balances at l April 2020 888,168 889,091 Fund balances at 31 Marth 2021 891,719 888,168 The notes fom part of these attounts. The Church Tenements Charltles: Edu¢ational and Church Branches Balancè Sheet Re8iStered number.. 312554 At ai March 2021 2021 2021 2020 2020 Notes FIXED ASSETS Investment properties 810,000 810,000 CURRENT ASSETS Current asset investrnents Cash at bank and in hand 44.021 75,964 43,969 48,734 119,985 92,703 LIABILITIES Creditors.. Amounts fallin8 due within one year io 38,266 14.535 NET CURRENT ASSETS 81,719 78.168 TOTAL NET ASSErs 891.719 888,168 FUNDS Unrestrirted funds li 891,719 888,168 Thè financial statements were approved by the board of trustees on were signed on its behalf by.. Rev. A Bishop Trustee Trustee The notes form part of these accounts. The Chur¢h Tenements Charit￿$.. Educational and Church Branche5 Notes to the Financial Statements Forthe Year Èndèd 31 March 2021 I. ACCOUNTING POLICIES Basis of preparlng the financlal statements The financial statements of the charity, which is a public benefit erntity under FRS 102, have been prepared in attordance with the Charities SORP IFRS 1021 'Accounting and Reportyng by (haritles.. Sratement of Recommended Praetlce applicable to charStles preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 20191,. The financial statements have been prepared under the historical cost convention, with the exception that investment properties a￿ included at market value. Golng concern After making approprlate enquirles, the trustees have a reasonablè expectation that the charity has adequate resources to ontinue to operate and meet its liabilities a5 they fall due for at least 12 month5 frorn the date these financial Statements were authorised for issue. As a result, the trustees have decided it to be appropriate to adopt the 80in8 concern basis in preparing these accounts. Incomlng resources Income is recognised in the Statement of Financial Activities once the charlty has entitlement to the income. it is probable that the income will be receivable, any performance conditions attached to the Itemlsl of income have been met and the amount of income can be measured reliablv. Rental Sncome is recorded on an accrua15 basis in line with the rental agreement. Any income received in advance of the rental period is deferred until the criteria for income recognition are met. Voluntary income amounts to donated services. and are recorded on an accrua15 basis. They are valued by estimatin8 the time spent at normal commercial rates. Resources expended Liabilities are ￿Cognised as resources expended as soon as there 15 a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basls and has been classified under headings that aooreRate all cost5 related to the cateROry. Grant payable are payments made to third parties in the furtherance of the charitable objects of the charlty. Single or multl- year grants are accounted for when either the recipient ha5 a reasonable expectation that they will receive the grant and the trustees have agreed to pay the grant without condition. or the recipient has a reasonable expectation that they will receive a 8rant and any condition attachin8 to the 8rant is outside of the control of the charity. Govemènce costs intlude those costs associated with meetin8 the constitutional and statutory ￿qUirementS of the charity. Irre¢overatAe VAT Irrecoverable VAT 15 tharged against the category of resources expended for which it was incurred. Taxatlon The charity is exempt from torporation tax on its charitable actNitie5. The Church Tenements Charities.. Educational and Church Branthe5 Notes to thè Financial Stslements Icontinuedl For the year ended 31 March 2021 I. ACCOUNTING POLICIES ICONTINUEDI Invèstment propertles Investment properties are held initially at £ost and sUbsequen￿Y at fair value at the reporting date. The 5tstement of finantial activities includes the net gains and losses arisin8 on revaluation. Debtors Short term debtgrs are measured at transaction pfice, less any irnpairment. Current asset investments Current asset Investments are valued at fair value unless they qualify as'baslc. financlal assets. Cash at bank and In hand Cash at bank and in hand includes cash and short terrn highly liquid investments with a short maturity of three months OT le55 from the date of acquisition or opening of the deposit or similar account. Creditors and provis￿n5 Creditors and provisions are recognised where the charlty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the Obligat￿On can be measured or estimated reliably. Qeditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Baslc financlal Instiuments The charitable company has elerted to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues, o* FRS 102 to all of its financial instruments. Finanoal instruments are recognised in the Balance Sheet when the charitable company becomes party to the eontractual provi5ion5 of the instrument. Financial assets and liabilities are offset. with the net arnounts presented in the financial statements, when there Is a legally enforceable right to set off the reco8nised amounts and there ts an intention to setde on a net basis or to reallse the asset and settle ihe liabilitv simultaneouslv The Church Tenements Charlties: Educatlonal and Churth Branches Notes to the FlnancÉal Statèmènts Itontinutd) For the year ertd￿ 31 March 2021 2. INCOMING RESOURCES Church Branch Educatlon Branch Total 2021 roial 2020 Investments Rentsl incomè Interest on deposits 30.838 20.559 52 51,397 52 50,751 374 30,838 20,611 51,449 51,125 Voluntary income Donated services 1,214 1,214 1,215 30,838 21,825 52,663 52,340 3. RESOURCES EXPENDED PROPERTY COSTS Church Branch Educatlon Branth Total 2021 Total 2020 Repalrs and maintenance costs Legal and professional fees 621 2,025 2,646 4. RESOURCES EXPENDED CHARITABLE A￿1VITIEs Church Branch Educatlon Branch Total 2021 Total 2020 Church Wardens of Croydon Minster Grants funded 28,506 28,506 15.440 28,862 16.687 15.440 28,506 15,440 43,946 45.549 Grants fvnded include: Croydon Youth InformatSon & Counsellin8 Servlce Limlted Archbishop Tennison School Education grants made to 7 Indlviduals12020- 11 indlwdualsl 12.800 12.800 12,( 1,155 3,532 2,640 2,640 15,440 15,440 16,687 The Church Tenements Charotlès.. Educational and Church Branches Notes to the Finan¢ial Statements Icontlnuedl For the year ended 31 March 2021 5. RESOURCES EXPENDED ADMINISTIIATION AND SUPPORT COSTS Church Branth Educatlon Branch Total 2021 Total 2020 Management and administration costs Services donated by Croydon Council Independerit exarnination fees 1,792 1.214 2.160 1,792 1,214 2,160 1.693 1.215 2,160 5.166 5,166 5,068 Included within management and administration costs is an honorarium ol £1.600 paid to the Clerf( to the Trustees12020- £1,500). S£rvice5 provided by Croydon Councll relate to the provision of officers, time in attendance at the quartedy Trustees, meetings, other ad-hoc Meetings, bookkeeping service5 and the preparation of the annual accounts. Croydon Council also provides the use of a room in which all Trustees, meetings are held and pays for the reprographic and postal services incurred bv the Charitv. 6. COMPAPATIVE STATEMENT OF FINANCIAL ACTIVITIES- 2020 Church Branch Education Branch Totsl 2020 INCOMING RESOURCE5 Investments Voluntary income 30,451 20.674 1.215 51.125 1,215 Total incoming resources 30,451 21.889 52,340 RESOURCES EXPENDED Property costs Charitable adivities Administration and support costs 1,364 28.862 1,282 16,687 5,068 2.646 45.549 5,068 Total resources expended 30,226 23.037 53,263 NET MOVEMENT IN FUNDS 225 11,1481 19231 7. STAFF COSTS The tharity did not incur any staff costs in the year, or in the prior year. io The Church Tenements Charltles: Educational and Churth Branches Notes to the Flnanclal Staiernents Icontlnued) For the year ended 31 March 2021 8. INVESTMENT PROPERTIES Total Farr value At l April 2020 and 31 March 2021 810,CM)O Net book value At 31 March 2021 810,￿0 At 31 March 2020 810,(YJO The charity owns an investment property that is rented out to tenants. The property is held at current market value and was independently valued at £810,000 by Thurstan Hall Willlams, BSC, MRICS, RICS Registered Valuer of Stiles Harold William5 Partnership LLP on 12 November 2015. The valuation was carried out in accordance with the RICS Professional Stanflards. Januarv 2014. The trustees have reviewed the valuation of the investment property and conslder St to be stated at fair value after taking in to consideration comparable properties and market observation. 9. CURRENT ASSET INVESTMENTS 2021 2020 Charities Deposit Fund 44.021 43,969 10. LIA81LITIES Creditors- amounts fallint due within one year 2021 2020 Grants payable Other creditor5 Acuued expenses 6.000 6.375 2,160 33,946 4.320 38.266 14.535 IJ. FUNDS All funds are available to further the principal aims of the charity and as such are unrestricted. 12. RELATED PARTY TRANSACtIONS There were no ￿lated party transartion5 in the year. or in the prior year. None of the Trustees lor any persons connected with them) received any remuneration durin8 the year, or in the prior year. No tru5tee5 were reimbursed expenses durin8 the vear, or in the prior vear. li