REGISTERED CHARITY NUMBER: 511025
Trustees' Report and
Unaudited Financial Statements for the Year Ended 31 March 2022
for
The Society of Yorkshire Brethren
Simon Hart FCCA Hart Wright Accounting Chartered Certified Accountants 24 Hall Drive Sutton In Craven North Yorkshire BD20 7NH
The Society of Yorkshire Brethren
Contents of the Financial Statements for the year ended 31 March 2022
| Page | |
|---|---|
| Trustees' Report | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 to 10 |
| Detailed Statement of Financial Activities | 11 |
The Society of Yorkshire Brethren
Trustees' Report for the year ended 31 March 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. 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 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
When planning our activities for the year, the trustees have considered the Charity Commissioner's guidance on public benefit. The object of the society is the assistance of such of its members who through sickness, infirmity or old age are unable to support themselves and who are in serious necessitous circumstances. In particular, but without in any way limiting the generality of the foregoing, the society may assist such persons in any of the following ways: (i) by making specific lump sum payment;
(ii) by making monthly or other periodical allowances;
(iii) by making grants or loans (with or without interest) of such amounts and subject to such conditions as the trustees shall from time to time determine;
(iv) by making grants or allowances for the purpose of medical or dental treatment and care;
(v) by paying subscriptions or making donations to hospitals, homes or institutions having amongst their objects the care and treatment of such persons.
Grantmaking
Grants payable are accounted for when the trustees have accepted an obligation to make a grant, in accordance with the objects of the society. This is usually when they are approved by trustees and communicated to recipient.
ACHIEVEMENT AND PERFORMANCE
REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS
The trustees are pleased to present the accounts for the year. As at the balance sheet date the charitable fund was valued at £2,384,526 (2021 - £2,301,698), representing a net increase of £82,828 on the previous year.
Investment income at £48,025 (2021 - £45,915) was more than in the previous year.
The council made grants of £74,200 (2021 - £78,100) in the year, this represented a decrease of £3,900 compared to the previous financial year.
The trustees hold a letter from HM Revenue & Customs dated 10 March 2000 which states "'I am now able to confirm that the grants made by the Yorkshire Brethren fund are non-taxable".
The trustees pay grants in December of each year.
The trustees are satisfied that the society's assets are available and adequate to fulfil its obligations
FINANCIAL REVIEW
Investment policy and objectives
The long term objectives of the trustees are:
a) To maintain the long-term purchasing power of the capital against inflation whilst achieving a balance between capital growth and the generation of income for the charity.
b) To review the long-term performance of the investment managers on a three year rolling basis
Reserves policy
The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the charity should be between 3 and 6 months of the unrestricted resources expended, which equates to £20,027 to £40,055 in general funds. The free reserves held as at 31 March 2022 were £58,085. At this level, the trustees feel that they would be able to continue the current activities of the charity in the event of a significant drop in funding.
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The Society of Yorkshire Brethren
Trustees' Report for the year ended 31 March 2022
FINANCIAL REVIEW
Going concern
The trustees have reasonable expectation that the charity has adequate resources to continue in existence for the foreseeable future. They continue to believe the going concern basis of accounting is appropriate in preparing the financial statements
STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION
The society was constituted under rules originally approved on 27 November 1667. The current rules of the Society were approved on 9 June 2015
METHOD OF ELECTION OF TRUSTEES
Trustees are appointed by the council
INVESTMENT POWERS
The council may invest as if they were beneficially entitled
ETHICAL RESTRICTIONS
a) No investments in armaments
b) The investments to reflect the teaching of the Catholic Church in moral matters
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 511025
Principal address
St Anne's Presbytery North Street keighley BD21 3AD
Trustees
Rev Canon D Grant Rev Canon P Hartnett Chairman Rev Canon M McCreadie Treasurer Rev Canon T Wiley Secretary Rev Fr T Elliot Rev Fr A Wilson Rev Fr M Kelly
Independent Examiner
Simon Hart FCCA Hart Wright Accounting Chartered Certified Accountants 24 Hall Drive Sutton In Craven North Yorkshire BD20 7NH
Bankers
Yorkshire Bank 94 Albion St Leeds LS1 6AG
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The Society of Yorkshire Brethren
Trustees' Report for the year ended 31 March 2022
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Rev Canon M McCreadie - Trustee
Page 3
Independent Examiner's Report to the Trustees of The Society of Yorkshire Brethren
Independent examiner's report to the trustees of The Society of Yorkshire Brethren
I report to the charity trustees on my examination of the accounts of The Society of Yorkshire Brethren (the Trust) for the year ended 31 March 2022.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Simon Hart FCCA Hart Wright Accounting Chartered Certified Accountants 24 Hall Drive Sutton In Craven North Yorkshire BD20 7NH
Date: .............................................
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The Society of Yorkshire Brethren
Statement of Financial Activities for the year ended 31 March 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Other income Total EXPENDITURE ON Raising funds Raising donations and legacies 4 Charitable activities 5 Grants Governance costs Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 2,099 48,025 2,780 52,904 - - 77,627 2,484 80,111 - (27,207) 85,292 58,085 |
Restricted fund £ 1 - - 1 15,745 15,745 - - 15,745 125,778 110,034 2,216,407 2,326,441 |
2022 Total funds £ 2,100 48,025 2,780 52,905 15,745 15,745 77,627 2,484 95,856 125,778 82,827 2,301,699 2,384,526 |
2021 Total funds £ 600 45,916 1,700 48,216 14,629 14,629 79,037 2,520 96,186 517,507 469,537 1,832,162 2,301,699 |
|---|---|---|---|---|
The notes form part of these financial statements
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The Society of Yorkshire Brethren
| CURRENT ASSETS Debtors Investments Cash at bank CREDITORS Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds Restricted funds: Restricted Fund TOTAL FUNDS |
Statement of Financial Position 31 March 2022 Unrestricted Restricted fund fund Notes £ £ 10 - - 11 33,379 2,326,440 33,153 - 66,532 2,326,440 12 (8,447) 1 58,085 2,326,441 58,085 2,326,441 58,085 2,326,441 13 |
2022 Total funds £ - 2,359,819 33,153 2,392,972 (8,446) 2,384,526 2,384,526 2,384,526 58,085 2,326,441 2,384,526 |
2021 Total funds £ 2,401 2,279,600 27,959 2,309,960 (8,261) 2,301,699 2,301,699 2,301,699 85,292 2,216,407 2,301,699 |
|---|---|---|---|
| 31 March 2022 Unrestricted fund Notes £ 10 - 11 33,379 33,153 66,532 12 (8,447) 58,085 58,085 58,085 13 |
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
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The Society of Yorkshire Brethren
Notes to the Financial Statements for the year ended 31 March 2022
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 the Charities SORP (FRS 102) '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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to thc extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Income
All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met, where there is entitlement, probable assurance of receipt and the monetary value of incomeing resources can be measured with sufficient reliability.
Expenditure
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
Taxation
As a registered charity the entity benefits from rate relief and is generally exempt from Income Tax and Capital Gains Tax but not from VAT. Irrecoverable VAT is included in the cost of these items to which it relates.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
The charity only has the basic financial assets and liabilities of a kind that qualify as basic financial instruments. These are recognised at transaction value and subsequently at settlement value.
continued...
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The Society of Yorkshire Brethren
| Notes to the Financial Statements- continued for the year ended 31 March 2022 2. DONATIONS AND LEGACIES 2022 £ Donations 100 Legacies 2,000 2,100 3. INVESTMENT INCOME 2022 £ Dividends receivable 48,025 4. RAISING DONATIONS AND LEGACIES 2022 £ Brewer Dolphin fees 15,745 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 6) note 7) £ £ Grants 74,200 3,427 Governance costs - 2,484 74,200 5,911 6. GRANTS PAYABLE 2022 £ Grants 74,200 7. SUPPORT COSTS Governance Management costs £ £ Grants 2,581 846 Governance costs - 2,484 2,581 3,330 |
2021 £ 100 500 600 2021 £ 45,916 2021 £ 14,629 Totals £ 77,627 2,484 80,111 2021 £ 78,100 Totals £ 3,427 2,484 5,911 |
|---|---|
continued...
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The Society of Yorkshire Brethren
Notes to the Financial Statements - continued for the year ended 31 March 2022
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020
| Trustees' expenses 2022 £ Trustees' expenses 1,000 9. STAFF COSTS There were no staff costs for the year ended 31 March 2021 nor for the year ended 31 March 2020. The average monthly number of employees during the year was as follows: 2022 Trustees 7 No employees received emoluments in excess of £60,000. 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Other debtors - |
2021 £ - 2021 7 2021 £ 2,401 |
|---|---|
continued...
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The Society of Yorkshire Brethren
Notes to the Financial Statements - continued for the year ended 31 March 2022
11. CURRENT ASSET INVESTMENTS
| UK quoted investments UK Portfolio cash MOVEMENT IN FAIR VALUE Market value at 1 April 2021 Acquisitions at cost Disposals at opening book value Net gains (losses) on revaluations in the year Market value at 31 March 2022 Cash awaiting investment Fair value at 31 March 2022 Historical cost as at 31 March 2022 |
Value 2022 £ 2,332,659 27,160 2,359,819 |
Value 2021 £ 2,244,442 35,158 2,279,600 |
Income 2022 £ 45,916 0 45,916 2020 £ 2,244,442 24,254 (56,979) 120,941 2,332,659 27,160 2,359,819 1,670,444 |
Income 2021 £ 45,916 0 45,916 2021 £ 1,754,856 262,173 (255,181) 482,594 2,244,442 35,157 2,279,600 1,690,536 |
|---|---|---|---|---|
Investments are valued at fair value at each year end. All investments are held within restricted funds.
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors |
2022 £ (1) 8,447 8,446 |
2021 £ 2 8,259 8,261 |
|---|---|---|
13. MOVEMENT IN FUNDS
The restricted fund is represented by the Investment portfolio held by Brewin Dolphin.
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
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The Society of Yorkshire Brethren
| Detailed Statement of Financial Activities | Detailed Statement of Financial Activities | Detailed Statement of Financial Activities | ||||
|---|---|---|---|---|---|---|
| for the year ended 31 March 2022 | ||||||
| 2022 | 2021 | |||||
| Unrestricted | Restricted | Total | Total | |||
| funds | funds | funds | funds | |||
| £ | £ | £ | £ | |||
| INCOME AND ENDOWMENTS | ||||||
| Donations and legacies | ||||||
| Donations | 100 | - | 100 | 100 | ||
| Legacies | 2,000 | - | 2,000 | 500 | ||
| 2,100 | - | 2,100 | 600 | |||
| Investment income | ||||||
| Dividends receivable | 48,025 | - | 48,025 | 45,916 | ||
| Other income | ||||||
| Mass Offering | 2,780 | - | 2,780 | 1,700 | ||
| Total incoming resources | 52,905 | - | 52,905 | 48,216 | ||
| EXPENDITURE | ||||||
| Raising donations and legacies | ||||||
| Brewer Dolphin fees | - | 15,745 | 15,745 | 14,629 | ||
| Charitable activities | ||||||
| Grants to individuals | 74,200 | - | 74,200 | 78,100 | ||
| Support costs | ||||||
| Management | ||||||
| Trustees' expenses | 1,000 | - | 1,000 | - | ||
| Postage and stationery | 1,581 | - | 1,581 | 937 | ||
| 2,581 | - | 2,581 | 937 | |||
| Governance costs | ||||||
| Accountancy and legal fees | 2,484 | - | 2,484 | 2,520 | ||
| Trustees' meetings and AGM | 846 | - | 846 | - | ||
| 3,330 | - | 3,330 | 2,520 | |||
| Total resources expended | 80,111 | 15,745 | 95,856 | 96,186 | ||
| Net (expenditure)/income before gains and | ||||||
| losses | (27,206) | (15,745) | (42,951) | (47,970) | ||
| Realised recognised gains and losses | ||||||
| Unrealised gains/(losses) on fixed asset investments - |
120,992 | 120,992 | 482,594 | |||
| Realised gains/(losses) on fixed asset | investments - |
4,786 | 4,786 | 34,93 | ||
| Net (expenditure)/income | (27,206) | 110,034 | 82,827 | 469,537 |
This page does not form part of the statutory financial statements
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