**REGISTERED CHARITY NUMBER: 313916**
## **Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 30th June 2021**
**for**
**St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited**
## **St Mary's Waqf**
## **a charity administered by The Jerusalem and the East Mission Trust Limited**
## **Contents of the Financial Statements for the Year Ended 30th June 2021**
**Page Report of the Trustees** 1 to 5 **Independent Examiner's Report** 6 **Statement of Financial Activities** 7 **Balance Sheet** 8 **Notes to the Financial Statements** 9 to 13
**St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited**
## **Report of the Trustees for the Year Ended 30th June 2021**
The trustees present their report with the financial statements of the Charity for the year ended 30th June 2021. The trustees have adopted the provisions of 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 (FRS 102) (effective 1st January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and activities for the public benefit**
The Charity's objectives fall within the overall purpose of the advancement of the Christian religion through the episcopal/anglican churches in the Middle East and their associated religious and charitable work.
The specific object of the Charity is maintaining and operating educational and training establishments and assisting other organisations engaged in advancing education, furthering health and relieving poverty, distress and sickness. This is to be focused primarily in Egypt and the Middle East but can be used worldwide at the discretion of the trustees.
Following the formation of the Episcopal/Anglican Province of Alexandria it was agreed by the archbishops of the Province of Jerusalem and the Middle East and the Province of Alexandria to request that the income of the charity should be granted to the Province of Alexandria. The trustees have agreed to comply with this request for the time being but without restricting their ability to allocate grants elsewhere in the future.
The above object is normally achieved by the making of a grant to the Province of Alexandria. This grant is allocated on the recommendation of the Province between a number of medical, educational and religious establishments serving the Christian and wider communities within the Province.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of the Charity in planning future activities and in setting the grant making policy for the year. In particular the trustees consider how planned activities will contribute to the aims and objectives that have been set.
## **Objectives for the year**
The Charity's aim for the year was to maintain or increase the level of grant. This was not achieved, however, as there was a slight reduction in the grant as set out below.
## **ACHIEVEMENT AND PERFORMANCE**
## **Activities**
The Charity made a grant of £43,500 (2020 - £44,700), from investment income, during the year which was allocated to the Province of Alexandria for assistance with various projects being undertaken in the Province.
Page 1
## **St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited**
## **Report of the Trustees for the Year Ended 30th June 2021**
## **FINANCIAL REVIEW**
## **Investment**
## Investment Powers
The trustees' power is governed by the Trustee Act 2000. This confers a general power of investment and requires the trustees to invest in a diversified range of suitable instruments.
## Investment Objectives
The investment objectives are :
a) to generate a sustainable income stream year on year which maintains its current purchasing power.
b) to at least maintain the capital value of the investments over the long-term.
## Risk Tolerance
The trustees place a high priority on maintaining the real value both of the investments and the income returns over the long-term while recognizing that at times achieving this will mean accepting short or medium term declines in capital value and/or income available for distribution.
## Ethical and Socially Responsible Investment
The trustees have reviewed their investment policy with regard to the Charity Commission's guidance on ethical and responsible investment.
The trustees recognize and approve the CBF funds manager's policy of investing only in investments that conform to the Church of England's 'Ethical Investment Advisory Group' (EIAG) guidelines, with particular attention to investments in the occupied Palestinian territories.
## Performance
Investment income, including deposit account interest, has increased by 1.7% compared to last year. The value of the listed investments has increased by 13.8% over the year.
## **Financial review**
The transactions for the period and the Charity's financial position at the end of the year are shown in the attached financial statements.
The trustees consider it is appropriate to use the income of the Charity to support longer term projects requiring moderately substantial funds. In addition it is also the trustees' policy, if circumstances permit, to allocate from the annual income a significant sum for general charitable purposes within the Province of the Alexandria. The maintenance of the Charity's capital base also enables the trustees to advance loans from time to time to the dioceses within the Province for major building projects on terms which, although commercial, are more easily affordable to the borrower.
## **Reserves**
The trustees take the view that the aim should be to fulfil the Charity's objects over a long-term future. The experience of the trustees is that the archbishops and synods of the Episcopal Church of Jerusalem and the Middle East and the Episcopal/Anglican Province of Alexandria expect both to receive a regular annual grant at a sustained level and from time to time to call upon the Charity for additional and urgent funding, and it is the policy of the trustees, within the terms of the Charity, to maintain reserves at an adequate level to support these two needs. While keeping the level of resources under constant review, the trustees consider the current level to be prudent for this purpose.
The trustees consider, on the basis of current information available, that these funds are adequate to meet their known future commitments.
Page 2
## **St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited**
## **Report of the Trustees for the Year Ended 30th June 2021**
## **FUTURE PLANS**
The Charity aims to continue to support the work of the church in the Province of Alexandria by the making of grants to organisations in support of long-term projects within the Province.
In the opinion of the trustees the finances of the Charity are adequate to enable it, with prudent management, to continue to carry out their charitable objectives.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Charity, which is a registered charity (number 313916), was established under a trust deed dated 20th July 1967 with supplemental deeds drawn up on 3rd July 1968 and 4th October 1978.
The British Government obtained compensation from the Egyptian Government for the latter's sequestration of the church's property in 1955; one of the terms of the settlement was that the sum was to be held upon charitable trust in English form.
## **Governing body and related charities**
The custodian trustee of the Charity is The Jerusalem and the East Mission Trust Limited. The company's board of directors, who serve in an honorary capacity, as at 30th June 2021 comprised:
Rev Canon A J Ball (Chair) Rev Canon H M Wybrew J M Clark Rev Canon Dr W H Taylor D A Wright J G Pringle Dr C Amos Rev Canon Dr M I Rhodes
The directors of The Jerusalem and the East Mission Trust Limited are appointed by invitation. In accordance with company law, directors are confirmed in office at the annual general meeting following their appointment.
The directors met four times during the year to consider the overall policy of the Charity and the level of grants to be paid. These meetings were held in conjunction with other charities administered by The Jerusalem and the East Mission Trust Limited, being The Jerusalem and the Middle East Church Association, Trust Property Held in connection with the Episcopal Church in Egypt, The Arthur Jones Travel Bursary Trust and the Jerusalem Bishopric Fund
The financial statements comply with current statutory requirements, the trust deed and the Statement of Recommended Practice Accounting and Reporting by Charities.
Page 3
## **St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited**
## **Report of the Trustees for the Year Ended 30th June 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Recruitment, appointment, induction and training of new trustees**
The custodian trustee of the Charity is The Jerusalem and the East Mission Trust Limited.
The policy for recruitment and training of directors of the company is as follows:
New directors are recommended to fill vacancies by existing directors, Bishops of the Provinces or others closely associated with the Charity's activities. Prospective directors are interviewed by the chairman and other directors as appropriate and details including full CVs are submitted to the board for approval. Prospective directors are given an introduction to the work of the Charity and information on the role of trustees and charity law. Charity Commission publications are regularly distributed to the directors.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 313916
## **Principal address**
1 Hart House The Hart Farnham Surrey GU9 7HJ
## **Trustees**
Rev Canon A J Ball (Chair) Rev Canon H M Wybrew J M Clark Rev Canon Dr W H Taylor D A Wright J G Pringle Dr C Amos Rev Canon Dr M I Rhodes
## **Independent Examiner**
D A Sanders BA (Hons) FCA Sheen Stickland Chartered Accountants 4 High Street Alton Hampshire GU34 1BU
## **Legal Advisors**
Winckworth Sherwood LLP Minerva House 5 Montague Close London SE1 9BB
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## **St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited**
## **Report of the Trustees for the Year Ended 30th June 2021**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Investment Managers**
CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET
Approved by order of the Board of the Trustee Company on ............................................. and signed on its behalf by:
................................................................................ Rev Canon A J Ball - Trustee
Page 5
**Independent Examiner's Report to the Trustees of St Mary's Waqf**
## **Independent examiner's report to the trustees of St Mary's Waqf**
I report to the charity trustees on my examination of the accounts of St Mary's Waqf (the Trust) for the year ended 30th June 2021.
## **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 Act and in carrying out my examination I have followed all 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.
D A Sanders BA (Hons) FCA Sheen Stickland Chartered Accountants 4 High Street Alton Hampshire GU34 1BU
Date: .............................................
Page 6
## **St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited**
## **Statement of Financial Activities for the Year Ended 30th June 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
**Charitable activities**
3
Support for the work of the Episcopal/Anglican
Province of Alexandria
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|2021
Unrestricted
fund
£
51,875
52,011
220,410
220,274
1,773,137
1,993,411|2020
Total
funds
£
51,006
51,691
47,469|
|---|---|---|
|||46,784
1,726,353|
|||1,773,137|
The notes form part of these financial statements
Page 7
## **St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited**
## **Balance Sheet 30th June 2021**
|Notes
**FIXED ASSETS**
Investments
7
**CURRENT ASSETS**
Debtors
8
Cash at bank
**CREDITORS**
Amounts falling due within one year
9
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
Unrestricted funds
**TOTAL FUNDS**|2021
Unrestricted
fund
£
1,978,931
57,017
963
57,980
(43,500)
14,480
1,993,411
1,993,411
1,993,411
1,993,411|2020
Total
funds
£
1,758,521
13,762
854
14,616
-
14,616
1,773,137
1,773,137
1,773,137
1,773,137|
|---|---|---|
The financial statements were approved by the Board of the Trustee Company and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
Rev Canon A J Ball - Trustee
The notes form part of these financial statements
............................................. J G Pringle - Trustee
Page 8
## **St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited**
## **Notes to the Financial Statements for the Year Ended 30th June 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the Charity, which is a public benefit entity under FRS 102, 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 (FRS 102) (effective 1st January 2019) - (Charities SORP (FRS 102))', 'The Financial Reporting Standard applicable in the UK and Republic of Ireland - (FRS102)' and the Charities Act 2011.
The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared on the going concern basis as in the opinion of the trustees the effects of Covid-19 will not significantly impact on either the value of the charity's investments or its investment income in the long term.
## **Income**
All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Investment income is recognised on a receivable basis and income accrued but not received at the year end is included in prepayments and accrued income.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Grants payable**
Grants payable are taken to the Statement of Financial Activities in the year they are approved. Grants from restricted income and funds are paid in accordance with the donors' wishes. Those paid from designated and unrestricted income and funds are distributed at the discretion of the trustees, sometimes in consultation with the archbishop and synod of the province.
## **Management charge**
The management charge is a support cost allocated to the activities of the Charity on a basis consistent with the use of resources, calculated by reference to the value of the funds as at 31st December of each year and is used to run the offices of The Jerusalem and the East Mission Trust Limited. The management charge is allocated entirely to charitable expenditure.
## **Taxation**
As a registered charity no liability to direct taxation arises on the charitable activities.
continued...
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## **St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30th June 2021**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
## **Restricted Funds**
Income received for restricted purposes is retained in a separate fund to the extent that such amounts remain unspent at the year end.
## **Investments**
Investments are stated at mid-market value at the balance sheet date. All movements in value arising from investment changes are shown in the Statement of Financial Activities.
Unrealised gains/losses are the difference in market value of investments held at the beginning of the year, or their cost if purchased in the year, and at the end of the year.
## **2. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
|Income from listed investments
Deposit account interest|2021
£
51,849
26
51,875|2020
£
50,892
114|
|||51,006|
All investment income derives from listed investments in The CBF Church of England Funds.
## **3. CHARITABLE ACTIVITIES COSTS**
|**CHARITABLE ACTIVITIES COSTS**||||
|---|---|---|---|
||Grant|||
||funding of|||
||activities|||
||(see note|Support||
||4)|costs|Totals|
||£|£|£|
|Support for the work of the||||
|Episcopal/Anglican Province of Alexandria|43,500|8,511|52,011|
One grant was made to an organisation. Support costs comprise the management service charge which has been taken entirely to charitable expenditure.
continued...
Page 10
## **St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30th June 2021**
## **4. GRANTS PAYABLE**
|Support for the work of the Episcopal/Anglican Province of Alexandria
The total grants paid to institutions during the year was as follows:
Diocese of Egypt
Diocese of the Horn of Africa
Diocese of North Africa
Diocese of Gambella|2021
£
43,500
2021
£
10,875
6,525
4,350
21,750
43,500|2020
£
44,700
2020
£
10,700
-
10,000
24,000
44,700|
|---|---|---|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
The Jerusalem and the East Mission Trust Limited (the company) when acting as trustee received remuneration in the form of a service charge of £8,511 (2020 - £6,991). £541 had been overpaid by the Charity to The Jerusalem and the East Mission Trust Limited in respect of service charge as at 30th June 2021 (2020 - overpaid £1,228), and is included as a debtor on the balance sheet.
£43,500 (2020 - £Nil) was owed to the charity by the Jerusalem and the East Mission Trust Limited in respect of unpaid grants as at 30th June 2021.
The Directors of the company did not receive any remuneration or expenses from the Charity.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30th June 2021 nor for the year ended 30th June 2020.
continued...
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## **St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30th June 2021**
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
All of the income, expenditure and net gains and losses on investments in the year ended 30th June 2020 relate to the one unrestricted fund of the charity.
## **7. FIXED ASSET INVESTMENTS**
|Shares
Loans|2021
£
1,818,931
160,000
1,978,931|2020
£
1,598,521
160,000|
|---|---|---|
|||1,758,521|
Additional information as follows:
|**MARKET VALUE**
At 1st July 2020
Revaluations
At 30th June 2021
**NET BOOK VALUE**
At 30th June 2021
At 30th June 2020
At 1st July 2020 and 30th June 2021|Listed
investments
£
1,598,521
220,410
1,818,931
1,818,931
1,598,521
The
Jerusalem
and The
East
Mission
Trust
Limited
£
160,000|
|---|---|
continued...
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## **St Mary's Waqf**
## **a charity administered by The Jerusalem and the East Mission Trust Limited**
## **Notes to the Financial Statements - continued for the Year Ended 30th June 2021**
## **7. FIXED ASSET INVESTMENTS - continued**
Cost or valuation at 30th June 2021 is represented by:
|||Listed|
|---|---|---|
|||investments|
|||£|
|Valuation in|2021|1,818,931|
The historical cost of listed fixed asset investments was £277,412 (2020: £277,412).
The loan of £160,000 is to The Jerusalem and the East Mission Trust Limited. The service charge made by the company to St Mary's Waqf is adjusted to reflect a 5% interest rate. This is considered by the trustees to represent an arms length commercial interest rate.
## **8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
## **9.**
|Debtors
The Jerusalem and The East Mission Trust Limited
Prepayments and accrued income
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Grants payable|2021
£
541
43,500
12,976
57,017
2021
£
43,500|2020
£
1,228
-
12,534|
|---|---|---|
|||13,762|
|||2020
£
-|
## **10. RELATED PARTY DISCLOSURES**
Other than as detailed in note 5, there were no related party transactions for the year ended 30th June 2021.
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