OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

THE BOSTON STUMP RESTORATION TRUST CHARITY COMMISSION REGISTERED NO. 507699

FINANCIAL STATEMENTS

for the year ended 31st December 2020

THE BOSTON STUMP RESTORATION TRUST

Index

for the year ended 31st December 2020

INDEX

THE BOSTON STUMP RESTORATION TRUST

Trustees' Annual Report

for the year ended 31st December 2020

The trustees present their report and financial statements of the charity for the year ended 31st December 2020. The trustees have adopted the provisions of Statement of Recommended Practice ' Accounting and Reporting by Charities (FRS 102) in preparing the annual report and financial statements of the charity.

The Boston Stump Restoration Trust is a registered charity with the Charity Commission. Registration number is 507699. The charity is constituted by way of standard registration and was registered on the 28 June 1978.

The charity's registered address is The Rectory Offices, 1 Wormgate, Boston, PE21 6NP.

The charity's trustees are as below :-

Rev. Alyson Buxton Mr Paul Cooper Mr Christopher Ladner Rev. Jane Elizabeth Robertson Mrs Mariannce Alison Louis Fairman

The professional advisers to the charity are as below :-

Moore Thompson, Bank House, Broad Street, Spalding, Lincolnshire, PE11 1TB CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET Lloyds Bank, 51 Market Place, Boston, Lincolnshire, PE21 6NQ

Barclays Bank Plc, 52 Market Place, Boston, Lincolnshire, PE21 6LU

The objectives of the charity are to provide restoration, development, improvement, maintenance and repair of the Parish Church of Saint Botolph, Boston in the Diocese of Lincoln, its furniture and ornaments and ecclesiastical property connected therewith (including the Church House at 1 Wormgate and the Blenkin Memorial Hall).

The trustees consider that the objectives and activities of the charity are in accordance with the Charity Commissions' general guidance on public benefit.

Fundraising Practices

The charity does not undertake fundraising activities direct with the public.

Financial Review

At the 31 December 2020 there were unrestricted funds unspent and carried forward of £1,125,523 and £Nil restricted funds carried forward, giving overall funds of £1,125,523. Funds were received in the year from a large legacy of £1,211,499 from the estate of Juliet Tait, plus from donations and the sale of no longer required items, within the Parish Church of Saint Botolphs. The main expenditure was in relation to the Fabric Manager's costs at the above church and also the donation of £100,000 of unrestricted funds to the PCC of the Parish of Boston charity, as agreed, towards the restoration project being undertaken at the Parish Church of Saint Botolph.

Going Concern Review

During the year the charity received a large legacy from the residual estate of Mrs Juliet Ethel Tait. Mrs Tait left £1,211,499 to the charity during the 2020 accounting period. This sum will guarantee the reserves of the charity for the foreseeable future.

Risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the management of its investments and finances and are satisfied that the systems in place sufficiently manage its exposure to these risks. The trustees have also developed strong working relationships with assisting bodies who are able to provide professional advice when required.

Page 1

THE BOSTON STUMP RESTORATION TRUST

Trustees' Annual Report

for the year ended 31st December 2020

Investment policy/Reserves policy

Due to the increased level of reserves the charity now holds, not only does it uses the CCLA, Lloyds and Barclays Bank for its banking and deposits, but has also invested £675,000 with investment fund managers; St Jame's Place. This investment policy is considered reasonable and in line with the trustees' risk management levels.

Rev. Alyson Buxton On behalf of the Trustees

Dated: 22 August 2021

Page 2

Independent Auditor's Report to the Trustees of The Boston Stump Restoration Trust

for the year ended 31st December 2020

Opinion

We have audited the financial statements of the Boston Stump Restoration Trust for the year ended 31st December 2020, which comprise of the Statement of Financial Activity, Statement of Financial Position, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Other matters

The financial statements of The Boston Stump Restoration Trust, for the year ended 31st December 2019, were not subject to an audit as the charity did not meet the thresholds requirements for an audit and the trustees did not request one.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertanties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 3

Independent Auditor's Report to the Trustees of

The Boston Stump Restoration Trust

for the year ended 31st December 2020

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in lines with our responsibilities, outlined above, to detect material mistatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material mistatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Page 4

Independent Auditor's Report to the Trustees of The Boston Stump Restoration Trust

for the year ended 31st December 2020

We assessed the susceptability of the charity's financial statements to material mistatement, including obtaining an understanding of how fraud might occur, by;

To address the risk of fraud through management bias and override of controls, we:

Because of the inherent limitations of this audit, there is a risk that we will not detect all irregularities, including those leading to a material mistatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Page 5

Independent Auditor's Report to the Trustees of

The Boston Stump Restoration Trust

for the year ended 31st December 2020

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Moore Thompson Chartered Accountants, Statutory Auditor Bank House Broad Street Spalding PE11 1TB

Dated: 31 August 2021

Moore Thompson is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 6

THE BOSTON STUMP RESTORATION TRUST

Statement of Financial Activities

for the year ended 31st December 2020

£
Income from:
Donations and legacies
Donations - General public
500
Legacies
1,211,499
Guild
-
1,211,999
Other trading activities
Sale of goods
190
190
Interest receivable
35
Total income
1,212,224
Expenditure on:
Charitable activities
Wages
10,162
Repairs and maintenance
5,830
Bank charges
45
Office equipment depreciation
-
Independent examiners fee
-
Accountancy fees
632
Audit fees
1,800
Loss on disposal of fixed asset
-
Donations paid to PCC of the Parish of Boston
100,000
Total expenditure
118,469
Net income / (deficit)
1,093,755
Gain / (loss) on revaluation of investment
33,011
Net movement in funds
1,126,766
Total funds at 31st December 2019
(1,343)
Total funds at 31st December 2020
1,125,423
Unrestricted		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2020
Restricted		 Total
£
500
1,211,499
-
1,211,999
190
190
35
1,212,224
10,162
5,830
45
-
-
632
1,800
-
100,000
118,469
1,093,755
33,011
1,126,766
(1,343)
1,125,423		 2019
£
60
-
612
672
1,245
1,245
332
2,249
6,274
-
-
-
558
-
-
48
50,000
56,880
(54,631)
-
(54,631)
53,288
(1,343)

The notes on pages 13 to 14 do not form part of these financial statements.

Page 7

THE BOSTON STUMP RESTORATION TRUST

Statement of Financial Position

for the year ended 31st December 2020

Note
Unrestricted
£
FIXED ASSETS
Investments
5
708,011
708,011
CURRENT ASSETS
Debtors
51,272
Accrued income
286,499
Cash at bank and in hand
82,041
419,812
TOTAL CURRENT ASSETS
1,127,823
CURRENT LIABILITIES
Accruals:
Independent examiner's fee
-
Accountancy fees
600
Audit fee
1,800
2,400
NET ASSETS/LIABILITIES
1,125,423
Restricted funds
6
-
Unrestricted funds
6
1,125,423
TOTAL CHARITY FUNDS
1,125,423		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2020
Restricted		 Total
£
708,011
708,011
51,272
286,499
82,041
419,812
1,127,823
-
600
1,800
2,400
1,125,423
-
1,125,423
1,125,423		 2019
£
-
-
-
-
(785)
(785)
(785)
558
-
-
558
(1,343)
-
(1,343)
(1,343)

These financial statements on pages 7 to 12 were approved and authorised for issue by the Trustees on 19 August 2021 and signed on their behalf by:

Mr P Cooper Trustee

Dated: 19 August 2021

The notes on pages 13 to 14 do not form part of these financial statements.

Page 8

THE BOSTON STUMP RESTORATION TRUST

Statement of Cash Flows

at 31st December 2020

2020 2019
Note £ £ £ £
Cash flow from operating activities
(Deficit)/Surplus for the year 1,093,755 (54,631)
Adjustments for:
Interest and dividends received (35) (332)
Gain/(losses) on investments 33,011 -
Movements in working capital:
(Increase)/Decrease in investments (33,011) -
(Increase)/Decrease in debtors (337,771) -
(Decrease)/Increase in creditors 1,842 18
757,791 (54,945)
Cash flows from investing activities
Payments to acquire investments (675,000) -
Loss on disposal of tangible fixed assets - 48
Interest received 35 332
(674,965) 380
Net increase in cash and cash equivalents 82,826 (54,565)
Cash and cash equivalents at beginning of year (785) 53,780
Cash and cash equivalents at end of year 82,041 (785)
Cash and cash equivalents consists of:
Cash at bank and in hand 82,041 (785)

Page 9

THE BOSTON STUMP RESTORATION TRUST

Notes to the Accounts

for the year ended 31st December 2020

1 Accounting policies

The charity is an unincorporated charity registered in England and Wales with the Charity Commission with the registration number 507699. The charity's registered address is The Rectory Offices, 1 Wormgate, Boston, PE21 6NP.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

The financial statements have been prepared in accordance with:

The charity meets the definition of a public benefit entity under FRS 102.

All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met, the amount can be measured reliably and it is probable that the income will be received.

Gifts in Kind are brought into the accounts where there is either a reasonable estimate of their fair value to the funds or the amount which is actually realised. Where a value cannot be determined, or a reasonable estimate applied, the gift is not included in the Statement of Financial Activities.

Expenditure is included in the Statement of Financial Activities on an accruals basis and is allocated to a particular fund where the costs relate directly to that fund. Expenditure is categorised under the headings recorded in the Statement of Financial Activities.

No amount is included in the financial statements for volunteer time in line with the SORP

The charities wages costs relates to employees formally employed by the PCC of the Parish of Boston (an associated charity). Relevant employees time is recharged to The Boston Stump Restoration Trust.

The PCC of the Parish of Boston charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable in relation to employee costs recharged are included in the Statement of Financial Activity.

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011.

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 the next 12 months from authorising the financial statements, which is sufficient with the level of reserves of the charity to be able to continue as a going concern.

Page 10

THE BOSTON STUMP RESTORATION TRUST

Notes to the Accounts

for the year ended 31st December 2020

Accounting Policies (Continued)

There are no significant judgements or estimations which have been made in the process of applying the above accounting policies, other than usual cut off judgements included in prepayments and accruals.

(i) Investments

Quoted investments are shows at their fair value at the balance sheet date (see note 5). Any movement in their fair value is recognised in the SoFA.

(j) Definition of Funds

Unrestricted funds are available for use at the discretion of the Trustees in the furtherance of the general objects of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of administering such funds are charged against the specific fund. The intended use of each restricted fund is set out in the notes.

2 Employee costs

The aggregate staff costs incurred during the year amounted to:

Salaries
Social security cost
Pension costs		 2020
£
9,132
775
255
10,162		 2019
£
5,991
283
-
6,274

The average number of persons employed by the charity during the year amounted to 1 (2019: 1).

3 Related party transactions

The charity is controlled by the trustees as a body and no individual does or could exert control.

There were no transactions with any related parties that require disclosure in the financial statements.

4 Trustees' remuneration and expenses

No remuneration directly or indirectly, out of the funds of the charity, was paid or payable for the year to any trustee or to any person or persons known to be connected to them.

No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year.

Page 11

THE BOSTON STUMP RESTORATION TRUST

Notes to the Accounts

for the year ended 31st December 2020

5 Investments

St James Wealth Account
UT26064865		 2020
£
708,011		 2019
£
-

The above investment is held by the Boston Stump Restoration Trust and is an unrestricted fund.

6 Funds

Funds
Unrestricted funds
General fund
Restricted funds		 At 1 Jan
2020
£
(1,343)
-
(1,343)		 £
1,245,235
-
1,245,235
Incoming
resources		 £
(118,469)
-
(118,469)
Outgoing
resources		 Transfers
£
-		 At 31 Dec
2020
£
1,125,423
- -
- 1,125,423

All transactions in the 2020 year were in relation to unrestricted funds.

The funds are constituted as follows:

Unrestricted
Funds
£
Fixed assets
-
Investments
708,011
Debtors
337,771
Cash at bank and in hand
82,041
Other net assets / (liabilities)
(2,400)
1,125,423		 Restricted
Funds
£
-
-
-
-
-
-
2020		 Total
£
-
708,011
337,771
82,041
(2,400)
1,125,423		 2019
Total
£
-
-
-
(785)
(558)
(1,343)

Page 12

THE BOSTON STUMP RESTORATION TRUST

Notes to the Accounts

for the year ended 31st December 2020

The following page does form part of the financial statements

Page 13

THE BOSTON STUMP RESTORATION TRUST

Notes to the Accounts

for the year ended 31st December 2020

7
8		 Fund comparatives
Income from:
Donations and legacies
Donations
Legacies
Guild
Charitable trusts
Other trading activities
Reimbursement
Sale of goods
Interest receivable
Total income
Expenditure from:
Charitable activities
Wages
Office equipment depreciation
Independent examiner fee
Loss on disposal of fixed asset
Donations paid to PCC of the Parish of Boston
Total expenditure
Net income / (deficit)
Funds
At 1 Jan
2019
£
£
Unrestricted funds
General fund
3,288
1,917
Restricted funds
Building restoration works
50,000
332
50,000
332
53,288
2,249
Incoming
resources		 Unrestricted
£
60
-
612
-
672
-
1,245
1,245
-
1,917
6,274
-
558
48
-
6,880
(4,963)
£
(6,880)
(50,000)
(50,000)
(56,880)
Outgoing
resources		 Restricted
£
-
-
-
-
-
-
-
-
332
332
-
-
-
-
50,000
50,000
(49,668)
Transfers
£
332
(332)
2019		 Total
£
60
-
612
-
672
-
1,245
1,245
332
2,249
6,274
-
558
48
50,000
56,880
(54,631)
At 31 Dec
2019
£
(1,343)
-
(332) -
- (1,343)

Page 14