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2022-12-31-accounts

THE BOSTON STUMP RESTORATION TRUST CHARITY COMMISSION REGISTERED NO. 507699

FINANCIAL STATEMENTS

for the year ended 31st December 2022

THE BOSTON STUMP RESTORATION TRUST

Index

for the year ended 31st December 2022

INDEX

THE BOSTON STUMP RESTORATION TRUST

Trustees' Annual Report

for the year ended 31st December 2022

The trustees present their report and financial statements of the charity for the year ended 31st December 2022. 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

St James's Place Wealth Management, St James's Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP.

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 2022 there were unrestricted funds unspent and carried forward of £1,018,199 and £Nil restricted funds carried forward, giving overall funds of £1,018,199. (2021: Unrestricted - £1,186.387 / Resticted £Nil).

Funds were received in the year from legacies totalling £100,000, plus from donations. The main expenditure was in relation to the Fabric Manager's wages and ongoing repair costs for the Parish Church of Saint Botolph. In addition, the charity donated to the PCC of the Parish of Boston the £150,000 it had set aside for work being undertaken, in 2022, by the PCC on the renovatoion of the Blenkin Memorial Hall. A further £25,000 remains designated by the charity to donated to the PCC of the Parish of Boston to help finance the renovation work to be done to the Library held within the Parish Church of Saint Botolph.

Going Concern Review

The charity has large levels of cash and investment reserves due to large legacies received over the previous couple of years. As a result there is deemed no going concern issues for the charity.

Page 1

THE BOSTON STUMP RESTORATION TRUST

Trustees' Annual Report

for the year ended 31st December 2022

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.

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. Jane Robertson On behalf of the Trustees

Dated: 6 July 2023

Page 2

Independent Examiner's Report to the Trustees of THE BOSTON STUMP RESTORATION TRUST

for the year ended 31st December 2022

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022 which are set out on pages 4 to 10.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirement of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the 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 charity 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.

H. J. Bright B.A., F.C.A., C.T.A. Moore Thompson Chartered Accountants Spalding

Date: 13 July 2023

Page 3

THE BOSTON STUMP RESTORATION TRUST

Statement of Financial Activities

for the year ended 31st December 2022

£
Income from:
Donations and legacies
Donations - General public
500
Legacies
100,000
100,500
Other trading activities
Sale of goods
-
-
Interest receivable
52
Total income
100,552
Expenditure on:
Charitable activities
Wages
36,053
Donations paid to PCC of the Parish of Boston
150,000
Repairs and maintenance to the Parish
Church of St Botolph
4,065
Bank charges
106
Independent examiners fee
1,060
Investment management fees
14,564
Total expenditure
205,848
Net income / (deficit)
(105,296)
Gain / (loss) on revaluation of investment
(62,892)
Net movement in funds
(168,188)
Total funds at 31st December 2021
1,186,387
Total funds at 31st December 2022
1,018,199
Unrestricted		 £
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2022
Restricted		 Total
£
500
100,000
100,500
-
-
52
100,552
36,053
150,000
4,065
106
1,060
14,564
205,848
(105,296)
(62,892)
(168,188)
1,186,387
1,018,199		 2021
£
341
40,253
40,594
-
-
1,459
42,053
31,488
-
28,232
116
930
13,224
73,990
(31,937)
92,901
60,964
1,125,423
1,186,387

The notes on pages 6 to 8 do not form part of these financial statements.

Page 4

THE BOSTON STUMP RESTORATION TRUST

Statement of Financial Position

for the year ended 31st December 2022

Note
Unrestricted
£
FIXED ASSETS
Investments
5
712,151
712,151
CURRENT ASSETS
Debtors
42,492
Cash at bank and in hand
265,116
307,608
TOTAL CURRENT ASSETS
1,019,759
CURRENT LIABILITIES
Creditors
600
Accruals:
Independent examiner's fee
960
NET ASSETS/LIABILITIES
1,018,199
Restricted funds
6
-
Unrestricted funds
6
1,018,199
TOTAL CHARITY FUNDS
1,018,199		 £
-
-
-
-
-
-
-
-
-
-
-
-
2021
Restricted		 Total
£
712,151
712,151
42,492
265,116
307,608
1,019,759
600
960
1,018,199
-
1,018,199
1,018,199		 2020
£
789,137
789,137
51,272
348,872
400,144
1,189,281
1,964
930
1,186,387
-
1,186,387
1,186,387

These financial statements on pages 4 to 8 were approved and authorised for issue by the Trustees on 6 July 2023 and signed on their behalf by:

Mr P Cooper Trustee

Dated: 6 July 2023

The notes on pages 9 to 10 do not form part of these financial statements.

Page 5

THE BOSTON STUMP RESTORATION TRUST

Notes to the Accounts

for the year ended 31st December 2022

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 (FRS102).

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 6

THE BOSTON STUMP RESTORATION TRUST

Notes to the Accounts

for the year ended 31st December 2022

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		 2022
£
31,814
3,290
950
36,054		 2021
£
28,000
2,648
840
31,488

The average number of persons employed by the charity during the year amounted to 1 (2020: 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.

The charity is also associated with PCC of the Parish of Boston (Charity No. 1138045) with the Rev Jane Robertson and Chris Ladner sitting on The Trustees Board of both charities. The charities work closely together in relation to any renovation work required at The Parish Church of St Botolph, Boston.

During the year £150,000 (2021 - £nil) funds, set aside by The Boston Stump Restoration Trust to help fund the redevelopment of the Blenkin Memorial hall (owned by the PCC of the Parish of Boston) was donated to the PCC. In addition, as under the terms of the Trust Deed of The Boston Stump Restoration Trust, in 2022 the charity spent a further £4,065 on providing repairs to the fabric of the stump directly.

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 7

THE BOSTON STUMP RESTORATION TRUST

Notes to the Accounts

for the year ended 31st December 2022

5 Investments
Units
Unit
St James Wealth Account
UT26064865
Held
Cost
Global Class M UT
314.90
Sust & Resp Equity Class M UT
334.60
Balanced Mgd Class M UT
183.50
Intl Equity Class M UT
1,070.00
Corp Bond Class M UT
329.00
54,781.526
47,920.484
71,657.162
11,703.107
37,260.800		 2022
£
172,507
160,342
131,491
125,223
122,588
712,151		 2021
£
179,816
175,647
149,292
147,847
136,535
789,137

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

6 Funds

Unrestricted funds
General fund
Designated funds:
Blenkin Memorial Hall
Library
Total
Restricted funds		 At 1 Jan
2022
£
1,011,387
150,000
25,000
1,186,387
-
1,186,387		 £
100,552
-
-
100,552
-
100,552
Incoming
resources		 £
(118,740)
(150,000)
-
(268,740)
-
(268,740)
Outgoing
resources		 Transfers
£
-
-
-
-		 At 31 Dec
2022
£
993,199
-
25,000
1,018,199
- -
- 1,018,199

All transactions in the 2022 year were in relation to unrestricted funds.

Within unrestricted funds the board of trustees have designated amounts to be donated to the PCC of the Parish of Boston to help fund the redevelopment of the Blenkin Memorial Hall, owned by the PCC, and the library held within Boston Stump. Both projects commenced in 2022 with the monies being donated over to the PCC in relation to the Blenkin Memorial Hall designated fund in December 2022.

The funds are constituted as follows:

Unrestricted
Funds
£
Fixed assets
-
Investments
712,151
Debtors
42,492
Cash at bank and in hand
265,116
Other net assets / (liabilities)
(1,560)
1,018,199		 Restricted
Funds
£
-
-
-
-
-
-
2022		 Total
£
-
712,151
42,492
265,116
(1,560)
1,018,199		 2021
Total
£
-
789,137
51,272
348,872
(2,894)
1,186,387

Page 8

THE BOSTON STUMP RESTORATION TRUST

Notes to the Accounts

for the year ended 31st December 2022

The following page does form part of the financial statements

Page 9

THE BOSTON STUMP RESTORATION TRUST

Notes to the Accounts

for the year ended 31st December 2022

7
8		 Fund comparatives
Income from:
Donations and legacies
Donations
Legacies
Other trading activities
Sale of goods
Interest receivable
Total income
Expenditure from:
Charitable activities
Wages
Repairs and maintenance
Bank charges
Accountancy fees
Investment management fees
Total expenditure
Net income / (deficit)
Gain / (loss) on revaluation of investment
Net movement in funds
Funds
At 1 Jan
2021
£
Unrestricted funds
General fund
1,125,423
Designated funds:
Blenkin Memorial Hall
-
Library
-
Total
1,125,423
Restricted funds
-
1,125,423		 £
134,954
-
-
134,954
-
134,954
Incoming
resources		 Unrestricted
£
341
40,253
40,594
-
-
1,459
42,053
31,488
28,232
116
930
13,224
73,990
(31,937)
92,901
60,964
£
(73,990)
-
-
(73,990)
-
(73,990)
Outgoing
resources		 Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
£
(175,000)
150,000
25,000
-
-
-
2021		 Total
£
341
40,253
40,594
-
-
1,459
42,053
31,488
28,232
116
930
13,224
73,990
(31,937)
92,901
60,964
At 31 Dec
2021
£
1,011,387
150,000
25,000
1,186,387
-
1,186,387

Page 10