CHARITY REGISTRATION NUMBER: 509204 Spalding Rectory Feoffees Unaudited Financial Statements for the year ended 5th April 2024 Spalding Rectory Feoffees Financial Statements for the year ended 5th April 2024 Pages Trustees, annual report 1to2 Independent examinerfs report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements 6t09 Spalding Rectory Feoffees Trustees. Annual Report for the year ended 5th April 2024 The trustees present their report and the unaudited financial statements ofthe charity for the year ended 5th April 2024. Reference and Administrative Details Registered charlty name Spalding Rectory Feoffees Charlty reglstratlon number 509204 Princlpal offlce clo David Hicken LLB Clerk to Spalding Rectory Feoffees Maples Solicitors LLP 23 New Road Spalding PE11 1DH The Trustees Adriaan Pieter Van Egmond Michael John Richardson Nell Melvyn Price Thomas Henry Charlton Adrian Robert Parker Sarah Marion Chadd Andrew Mark Briggs Catherine Helen Hay David John Clements Alan Machin Roger Jeffrey Smith (Resigned 161h March 2024) (Appointed 271h June 2023) Independent examlner David Wright Structure, Governance and Management The Charity Commissioners for England and Wales, under the power given in the Charities Act 1993, ordered that as from 1st October 2003 (as amended on 2n0 January 2022) a new scheme would govern the charity. This new scheme replaced the original trust deed dated 1st March 1620. In accordance with the Charity Commission Scheme new Feoffees are appointed by the existing Feoffees. When a vacancy exists the Feoffees carefully consider potential new trustees, taking into account connections with St. Mary and St. Nicolas Spalding and appropriate skills required for the good governance of the Charity (particularly farming, legal and accountancy skills). At Slh April 2024 there were four vacancies and the Feoffees are actively considering this. Spalding Rectory Feoffees Trustees, Annual Report (continued) for the year ended 5th April 2024 Objectlves and Activities The objects of the charity are: {1 } trustees first to pay a stipend to the Vicar of Spalding that will be no less than the highest stipend usually payable to clergy (not being Bishops, Archdeacons or the Dean) within the Diocese of Lincoln with the trustees (subject to that) having discretion as to the amount of the stipend to be paid from time to time,. and then (2) apply the residue of the income to further religious and other charitable work of the Church of England in the area of benefit, (the area of benefit means the ecclesiastical parish of St. Mary and St. Nicolas, Spalding). Achievements and Performance The Charity trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to Public Benefit Guidance published by the Charity Commission. The charity trustees consider that the Charity has in the year to 5th April 2024 provided a Public Benefit by provision of clergy (the Rev'd J D Bennett and the Rev'd A Workman (reiired 31st January 2024)) who exercise a wide ministry to those within the church community and in the wider community. For example, pastoral ministry is provided through funerals, weddings and baptisms to many in the community- clergy lead school assemblies and provide other support to schools, The grant to St. Mary and St. Nicolas PCC enabled appropriate office staff to be employed which increases the efficiency of the work of the clergy and the availability of church facililies to the whole community. Flnanclal Revlew Financial position The net expenditure for the year amounted to £3,882. (2023 The net expenditure for Ihe year amounted to £9,019). Reserves policy The Trustees aim to maintain the capital value of the Charity in real terms and to apply the surplus income for the purposes of the Charity. However, the working capital and cashflow requirements of the Charity mean that the Trustees maintain within free reserves 8 minimum amount of not less than six months opefaling expenses. The trustees, annual report was approved on 5th November 2024 and signed on behalf of the board of trustees by.. Adrian Robert Parker Trustee Spalding Rectory Feoffees Independent Examiner's Report to the Trustees of Spalding Rectory Feoffees for the year ended 5th April 2024 I report to the trustees on my examination of the financial statements of Spalding Rectory Feoffees I'the charity,) for the year ended 5th April 2024. Responslbilities and Basis of Report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 {'the Act,). I report in respect of my examination of the charity's financial statements carried out under section 145 ofthe 2011 Act and in carrying out my examination I have followed 811 the applicable Directions given by the Charity Commission under section 145{5)(bl of the Act. Independent Examlner's Statement I have completed my examination. I confirm that no material matters have come to my attention in connection wilh the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Acl., or the financial statements do not accord with those records., or the financial statements 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. David Wright Independent Examiner 5th November 2024 Spalding Rectory Feoffees Statement of Financial Activities for the year ended 5th April 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Income Investment income Other income 84,358 5.597 84,358 5,597 75,317 8,482 Total income 89,955 89,955 83,799 Expendlture Expenditure on charitable activities Total expendlture 93,837 92,818 93,837 92,818 92,818 92,818 Net lexpenditure)lincome {3,8821 (3,882) (9,019) Other recognlsed galns and losse8 Unrealised surplus on revaluation of investment assets Net movement In fund8 175,000 175,000 171,118 171,118 (9,0191 Reconclllatlon of funds Total funds brought forward Total funds carrled forward 3,845,940 4,017,058 3,845,940 3,854,959 3,845,940 4,017,058 The ststement of financial activities includes all galns and losses recognised In the year. All income 8nd expenditure derive from continuing activities. The notes on pages 6 to 9 fom part of these financial slalements. Spalding Rectory Feoffees Statement of Financial Position as at 5th April 2024 2024 2023 Note Flxed assets Investments 11 3,924,280 3,749,280 Current assets Debtors Cash at bank and in hand 12 14,661 78,117 92,778 10,097 87,516 97,613 Creditors: amounts falling due wlthln one year Net current assets 13 953 92,778 4,017,058 96,660 Net assets 3,845,940 Funds of the charlty Unrestricted funds 4,017,058 4,017,058 3,845,940 Total charlty fund8 14 3,845,940 These financial statements were approved by the board of trustees and authorised for issue on 5th Novemb r 2024, and are signed on behalf of the board by.. Melvyn Price Trustee Adrian Robert Parker Trustee The notes on pages 6 10 g fomi part of these financial slalements. Spalding Rectory Feoffees Notes to the Financial Ststements for the year ended 5th April 2024 General Information The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is clo David Hicken LLB, Clerk to Spalding Rectory Feoffees, Maples Solicitors LLP, 23 New Road, Spalding, PE11 1 DH. Statement of complianc? These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) (Charities SORP (FRS 102)) and the Charities Act 2011. Accountlng pollcles Basls of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain fixed assets. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgements and key 80urce8 of e8tlmatlon uncertalnty The preparation of the financial statements requlres the trustees to make judgements, estimates and assumptions that affect the amounts reported, These estimates and judgements are continually revlewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Incoming resources All income is included in the statement of financial activities when entillement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured, Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Governance costs are those incurred in conneclion with the administration of the Gharity and compliance with statutory requirements. Investment property The trustees have valued the investment propety on an open market value basis. Spalding Rectory Feoffees Notes to the Financial Statements (continued) for the year ended 5th April 2024 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from investment properties Bank interest receivable 82,054 2,304 82,054 2,304 73,917 1,400 73,917 1,400 84,358 84,358 75,317 75,317 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Wayleave Fees receivable 78 5,519 5,597 78 5,519 78 8,404 8,482 78 8,404 8,482 5,597 Expendlture on charltable actlvltles Activities undertaken directly Support costs Total funds Total funds 2024 2023 Clergy stipends (including amount paid to the Diocese as a contribution to the costs of the Associate Vicar) Amount paid to the Parochial Church Council of St. Mary and St. Nicolas, Spalding Amount paid to the Church Hall Managers Governance costs 43,673 43,873 44,246 25,640 25,640 15,000 10,000 23,572 24,524 24,524 69,313 24,524 93,837 92,818 Independent examlnatlon fees No fees were paid to the independent examiner in respect of his examination of the financial statements (2023.. Nil). Staff costs The total staff costs and employee benefit5 for the year are analysed as follows.. 2024 2023 Clergy stipends 32,500 30,950 Spalding Rectory Feoffees Notes to the Financial Ststements (contlnued) for the year ended 5th April 2024 Staff costs (contlnued) The average number of employees during the year was 1 (2023.. 1 }. Governance costs 2024 2023 Clerking cost Insurance House utility costs Repairs and maintenance Legal and agents fees Sundry expenses 3,500 4,384 2,369 12.798 1,123 350 3,100 3,729 2,240 13,111 1,142 250 24,524 23,572 10. Trustee remuneratlon and expense8 No remuneration or other benefits from employment with the charity were received by the trustees. 11, Investment8 Investment propertles Valuatlon At 6th April 2023 Unrealised surplus on revaluation 3,749,280 175,000 At 5th Aprll 2024 Carrylng amount At 5th Aprll 2024 At 5th April 2023 3,924,280 3,924,280 3,749,280 All investments shown above are held at Valuation. The trustees have valued the investment properties on an open market value basis, 12. Debtors 2024 2023 Prepayments and accrued income 14,661 10,097 Spalding Rectory Feoffees Notes to the Financial Statements feontinued) for the year ended 5th April 2024 13. Creditors: amounts falling due withln one year 2024 2023 Accruals and deferred income 953 14. Analysls of charltable funds Unrestrlcted funds At60423 Income Expenditure Revaluation At50424 General funds 3,854,959 89,955 (93,837) 175,000 4,017,058 At60422 Income Expenditure Revaluation At50423 General funds 3,854,959 83,799 {92,818) 3,845,940 15. Analys18 of net assets between funds Unrestricted Totsl Funds Funds 2024 Investments Current assets Creditors less than 1 year Net assets 3,924,280 92,778 3,924,280 92,778 4,017,058 4,017,058 Unrestricted Total Funds Funds 2023 Investments Current assets Creditors less than 1 year Net assets 3,749,280 97,613 (953} 3,845,940 3,749,280 97,613 (9531 3,845,940