Charity registration number 1017321 (England and Wales) Company reglstratlon number 02778395 THE HISTORIC CHAPELS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 oisToTrIc CHAPELS • xeinadin
THE HISTORIC CHAPELS TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr C G Smith OBE Drw M Jacob Ms J M St8venson MA FCA Dr M Wellings Mr Paul Emery Ms Joanna Davidson Ms P Green Ms S Bell (Appointed 14 May 2024) (Appointed 14 May 2024) (Appointed 8 April 2024) (Appolnted 8 April 2024) S•¢rotary Ms R Cockatt Charlty number (England and Wal05) 1017321 Company numbor 02778395 Roglstsrod offlce clo st1$ 3 Wellbrook Court Girton Carnbridge CB3 ONA Audllor X8lnadin Audit Limiled 46 Hamilton Square Birkenhead Wirral Merseyslde CH415AR Bankers Royal Bank of Scotland 29 Old Brompton Road Loridon SW7 3JE CAF Bank 25 Klngs Hill Avenue Kln9s Hill Wesl Maillng Kent ME19 4JQ CCL4 85 Queen Victoria Street London EC4V 4ET
THE HISTORIC CHAPELS TRUST CONTENTS Page Trustees, report ststemént of trustées, responslbllltles Independent audltorfs report Statement of financial activities 12 Balance sheet 13 Notes to the financlal statements 14-25
THE HISTORIC CHAPELS TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustee5 present their annual report and financial statements for th8 y8ar ended 31 March 2025. The financial stat8m8nts have been prepared in accordance with the accounllng policies set out in note 1 to the financial statements and comply with the charfty's govemlng document, Ihe Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practlce applicable to charities preparing thelr accounls in accordance with the Financlal ReportJng Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objèctives and aclivili88 Prlnclpal Activity Historic Chapels Trust IHCT) takes Into owner6hlp redundant chapels and olh8r non-Angli¢an places of worship in England of outstanding architectural and histori¢ interesL Its object 1$ to securè for public b8n8fft the preservalion, repair and maintenance of ils buildings including their ¢ontents, burial grounds and curtilages. The Trustees conflmi that they referred to the guidance contained in Ihe Charity Commission's general guldance on public benefit when rev¢ewing the Trust's alms and objectives and In plannlng future activities. Since its foundation HCT has acquired 20 churches, chapels and meeting houses, 811 of whlch ara referred lo in this report as 'chapels' for 5impliGity. Twelve were transfeed from other charitable bodles on thg basis of Schemes agreed wilh the Charity Commissbn,. tsvo vffjre acqulred under the provlslons of the Charities Act 2011; and six were acquired from private owners. Trusteos & Governanc0 Trustses met formally as a board four times during th8 year under review. Trustees are not remunerated for their services. In addition to regular quarterly board meetings all Trustees take part In various other meetings in support of the charity. Publlc bonofit The Irustees have paid due regard to guidance issued by the Charity Commisslon In decldlng what activlties the charty should undertake.
THE HISTORIC CHAPELS TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORn (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Slrateglc report In previou6 year's Annual Reports I mentloned thal due to the decllne in fundlng from Historic England and the challenglng fundraislng cllmata, Truslaes had decldad to ambark on a schame of managed and controlled di8per8al of th8 Trust's assets. This process has been under-pinned by grant aid from the National Heritage Memorial Fund's Cultural Assets Fund (CAF) and Historic England for which we are deeply grateful. This assistance has also included funding to enable a major package of urgènt repeirs to take place. This year th8r8 Is th8 followlng progr8s8 to r8POrt'.- Emma Collins and Joseph Athns, at our consuttant8, Tricolor, have made excellent progre&8 In 8ecuring 5uitsble new ownars for a slgnlflcant number of the chap&l$. In partlcular l am very pleased to report that th8 Stoke-on-Trent based charlty, Re-form Heritage, has agreed lo take on Bethesda Methodist Chapel and the Council of Lutheran Churches have declared a willingness to purchas8 St George's German Lutheran Church. Sn London. Both Bathesda and Sl Georga's are a significant slze and It Is heartaning to know that they will have a sustainable fijture, wlth sympath8tic owners. In additlon. I would like to record my gratitude to th8 Friends of Friendless Churches for agreeing to take on iesponslblllty for Blddleslone RC Chapel. Coanwood Friends Meeling House. Cote Baptist Chapel and Farfield Frlends Meetlng House. A new charity has been registered by a gmup of local heritag8 experts in East Budlergh, Devon, whlch is in the process of taklng ownershlp of Salem Chapel. The ownership of Grittleton Strict Baptist Chapel in Wiltshire will go to the Shipp family, the owners of n8xt4Yoor neighbour Grade Il" listed Grittleton House. Grittleton Strict Baptist Chapel was itself formerly part of th8 Gr1tt18ton House estate, and the Shipp farnily plan to integrale it into the wider Giittleton House offer. We continua to work closely with the local groups who have registered as charitios at Walpole Old Chapel, Wainsgale Chapel and T¢xlmorden Unitarian Church to support them to take on ownership, as well as a range of other organisations that are interested in other sit95. The Nallonal Herltage Mamorial Fund's Cultural AsB8ts Fund (CAF) and Hlstorfc England are appris8d of this progress and we hope that it will be posslble to vest ownershlp of several other prop8rti8s by th8 end of the current finan¢lal year. On the Pair and malntenance front. Kathryn Moore. our ConseNatlon Programme Manager, made axcallent progress in appointing project archltects, who hav8 undertaken up to date condltlon surveys of HCTS portfolio of chapels and obtained tenders to enable major repalrs to be undertaken at the following locatlons In 2024125:_ Bethesda Methodist Chapel. Stokewon-Trent Grittleton Strict Baptist Chapel. Wiltshire Todmorden Unitarian Church. West Yorskshire St Benet's RC Chapel. Merseyside Shrln8 of Our Lady of Lourdes. Blackpool Umbarslade Baptlst Church, Warwickshlre Walnsgate Baptist Chapel. West Yorkshlra Wallasey Unitarian Church. Wirral Westgate Methodist Chapel. County Durham In addilion, repair work5 Commenced at Petre Chapel, Essex at the start of 2025126 and it has been posslble to accommodate a first phase of repair3 to Walpole Old Chapel, Suffolk, as a result of prudent management of the budgets for th8S8 repair projects.
THE HISTORIC CHAPELS TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Parallel to all this activity, Kathryn. with the help of colleagues. was able to ensure a full programme of regular gutter clearance and other rouline mainlenancg was undertaken over th8 winter of 2024125. Stgve Pilcher, a past colleague at HCT, continued to assist in the operation of the Trust, providing part-tima support for chapel commlttees and over a whole range of other tasks, Includlng helplng understand the complexities of HCT'S land ownershlp boundarfes and other legal Issues. Alongside thls, HCT'S Fundraising Consultant. Vikki Thompson, has continued to provlde support for HCT'S work. Sncludlng overseeing a successful fundraising campalgn which was w811 receiv8d by HCTS supporters. l am grateful to both Vikki and Steve for their oversight and productlon of two n8wslett8rs during the financial year. which helped keep our supporters and fijnding bodies Informed of progress. Joseph Atkins. at our consultants. Tricolor, has onsured that HCTS website is regularly malntained and updated. The Trustees and l are immeasurabty grateful for the wide ranging support and sheer hard work undert8ken by th8 siaff at Tricolor, who havè ensured thè smooth op8ration of tha charity and SucsfUllY found sultablg naw owners for many of our ch8pel8. Voluntaorlng at Historlc Chapols Trust The challenges of managing such a dispersed and varied collection of buildings with very slandar financial and human resource5 are made Gonsiderably easier due to the Gommitment of HCT'8 Volunt8ers. Volunt8erfng at HCT takes various forms. At all the chapels tha charity reliès on keyholders and other volunteers who look out for our bulldlngs and t811 us when matters need to bo addressed. Mora than hair our buildings have committees of lo¢al 5UPPOrtérs which operate with varying degrees of formality. They 5UPPOrt the charity's objective5 in sgveral important ways, including organlslng publlc evenls, undertaklng malntenance, cleaning and gardenlng and ralslng money from trusts and local donors for repairs to chapels. HCT works c105ely with the local committee5 to help their chape15 become more sustainable and financially resilient In the future. HCT could not continue its work without the valuable sUPPOrt of the local committees and volunteers who care for their chapels. The Trustees are immeasurably grateful and would like to record their sincere thanks to all volunteers. We are grateful to the following who acted as SeGretaries of local comrnittees or PTin¢ipal Keyholders in th8 year under review. Bethesda Methodist Chapel Biddle3tone RC Chapel Coanwood Friends, Meeting House Cote Baptist Chapel Farfield Friends. Megtin9 House Grittleton Baptist Chapel Longworth RC Chapel P8nros8 Methodist Chapal Petre Chapgl Roberta Higson Tony Henfrey Richard McDon8ld Michael St. John Parker Chri5 Skidmore None Alastair Knlght John Morphew None FL Salem Chapel Marla Mallnowska Shrine of Our Lady of Lourdes Denys Barber St Benat's RC Chapal Non8 St. Georg8's German Lutheran Church Immo Hilneke Todmorden Unltarlan Church Esther Fery-Kennlngton Umberstade Baptlst Church Peter & Janet Coults Wainsg8t8 Baptist Church Dave Nelson Wallasey Unltarfan Church Daborah Clarke Walpole Old Chapel Simon Woeks & Ann Thomas Westgate Methodist Chapel Charlie Allen HCT is also grateful to all those who voluntaer lass fomally by assisting at evants too numerous to list in this report. Without this support HCT'S buildlngs would be much less used and well known.
THE HISTORIC CHAPELS TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Public Profile and A¢5$ Two newsletters were published during the year and supporter5 responded v8ry POSitIV8ly to the fundraising appeals whlch appeared in both newsletters, which aimed to rais8 £15.000 towards works to improve healing in sevèral of our chapels. Thanks to th6 generoslty of our supportors, thi$ tsrget was rèached Newsletters are a key tool In keeping the charity's supporters and local commlttee members updated and offer an insight into HCT'S work and progres5 on s8curing a viable ftjture for thelr magnificent chapels. HCTS wÈb$ite continues to provide a useful means of informlng the publlc and all Interasted paI&S as to events and activities in HCT'S chapels and gives an insight into their rich histories. Access to HCT'S bulldlngs c2n be arranged by lelephonlng local volunteers at the sltes. Keys are held locally to facilitate this and details are given on the website. Foundations & Companlgs & Slatutory Funds We are grateful to the following who have supported both our core costs and projects at individual chapels. Grants were received during the year or pledged for payment agalnst completlon of planned work. In some cases the grants were made directly to the local committee.. Eversley Charitable Trust Henfrey Charitable Foundation Historic England Natlonal Harllage M8morial Fund's Cultural Assets Fund {CAF) Indlvlduals HCT is gratéful to all those who glve tlme, money and talents to Support the Trust, to all ils Supporters who subscrfbe annually., to our many indivldual benefactors. to tha huge numbers of supporters of individual chapels and lo those who help us by hlring our buildlngs. Wa ar8 particularly grateful to the following Supporters for their generous contributions.. Frlends of Bethesda Profe38or Clyde Binfield Mr George Breeze The Chap81s Society Mrs Debbie Dance Dr Mary Ede Dr James Holdcroft Mr D8nnis K80ling His Honour Humphr8y Lloyd KC Mr R D MacLeod Friend5 Of St George'5 German Lutheran Church MrAnthony Wood HCT Is also grateful to a number of Individuals and organisations that prgfer to remain anonymou5.
THE HISTORIC CHAPELS TRUST TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Jnancial review Our accounts conform to the Flnanclal R8POrtlng Standard applicab18 in th8 United Kingdom and Republic of Ireland (FRS 102), Accountlng and R8POrtlng by Charities.. Statem8nt of Recommended Practlca appllcablè to charities preparing thelr accounts In accordance with FRS 102 issued on 16 July 2014 (Charltles SORP {FRS 102)), the Charltles Act 2011, the Companies Act 2006 and UK Generally Accepted Practlce as It applies from 1 January 2015. The Statement of Financial Activities set out on page 12 of tha Fln8ncial Stat8m8nts shows how HCT'8 incomlng resources have been expended in the year ended 31 March 2025. Totsl Incomlng r8sources amounted to £2.158,419 cornpared to £923,091 for the previou3 year. Grant8 rec8ived from Historic England amounted to £174.759. Natlonal Heritage Memorial Fund £1,626,251 and from the Listed Plac8s of Worship Grant Scheme £233,324. Oonations and lega¢ie$ amounted to £79.888. Total resources expended amounted lo £2,099,960, compared wlth £760,162 for the previous year. AfiJll breakdown tha resources exp8nded is provlded In Notes 7 & 8 to the Flnanclal Statements. The resufts this year show an surplus of £58,459 compared to a surplus of £182,929 in the previous year. The balance sheet on page 13 of Ihe FlnancSal Statements shows the financlal posltion of HCT at 31 March 2025. Total assets lass current liabilities amounled to £435.443 which is represented by Ihe auMUlated balances on the unrestricted fund of £391,805 and restricted funds of £43,638 The balances of funds held are eamiark8d for repairs to HCT'S chapels and offlce admlnlstratlon, Delails of the varlous restrlcted funds are provlded in Note 19 lo the Financial Statements. Roserv•s pollcy It is th8 policy of the charity that unreslrlcted funds which have not been designated for a specific use should be maintainod at a19vèI equivalent to 12 month's expanditure. Tha trust8es consid8r that reserves at thls level will ensure thaL in the event of a signfficant drop In fundlng. they will be able to continue thè charity's current actlvltles while consideration is given to ways In whlch additlonal funds may be raised. This level of reseNe8 has been maintsined throughout the year. Risk Anatyg19 Since its inception HCT has beneffited from financial support lowards its core Costs from th8 Oopartmant for Digital. Culture, Media and Sport and its predecessor and in recent year5 from HistoTiG England. Historic England confimied Ihat it would not continue to support HCT aft8r March 2022. with th8 level of funding decreasing each year to that date. However, the surxess of applications to th8 NHMF for 8 CAF grant in 2022, was accompanied by a generous additional 5UPPOrt from Historic England untll the end of March 2026 to fund a programme of urgent repalrs and disp8rs8ls of th8 ch8pels lo other organlsatlons whlch are better placed to care for them in the longer tem. The greatest risk to the charity al this time, therefore. Is that many chapels will still r8quir8 new ownors by March 2026 but HCT will not have the resour¢gs to fund this. However the success of the dispersals programma to dale makes this unlikely. Some HCT chapels are Isolated buildings, others are in inner<ty area$. and somè ar8 not used daily. Day-to4ay care discourages crfme at HCT sites and the spate of national metal thefts - common to many historic buiklings - has not abated. To mltigate these risk5, HCT is well insured, and keyholders, gardeners. local committee5 and others keep an eya on its properties. Those buildings Ihat are considered vulnerable are protected by intruder alamis and call-out seNices.
THE HISTORIC CHAPELS TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 SinKtUVe? gov•manc• #nd management The tharity i¥ 8 c¢Jmpany Wrnited by guarantee and is go¥em8d by its meMarKIrn and Artide8 ofAssocia¥on. The Cwany is also a rèllisterad dmrity in acurdance wlth Ihe QritIesACt 2011. The now MOrBndum and Artides ofAssocialian were approved and adopted attha June 2021 Ththe meeting. The Itee$, who are also the dlreGtors for the purpose of LMpanY law. and who served during the y88r and up to the date oftsIgnaT ofth8 finanaal ststements were.. Mr C G Smith OBE Drwm Jac(Jb Ms J M Stsven8on MA FCA Or M Wellings Mr Paul Ernery M8 Joanna Davidson M¥PGn Ms S Bell (Appolnted 14 2024) {Appointed 14 W 2024) (Awolnled 8hprll 2024) (A&pnted 8 April 2024) R•cNilment and appointment of trn$te88 Trustee8 are elected after consuliation at H fomMI rneetlng of HCT on th• recommendation of th& othor Tru8tee& TnJ&tees are rer)iJited for their exlsting relevant knowledge gnd expedeneé. Four now Tru were appolnted Sn 2024r2& Audlior In 8c¢rdance wlth company's artlth8, a resolution proposing that Xeinadin Audit Limited be reappolnted as auditor olthe conH)any will be put at a General Meeting, Dls¢lostsr• of InlornHllon to audltor Each of the trustees has confirmed that Ih8rn Ss no infomialion ot whlth they are aware whith h relevant to the audit bui of vthich the auditor is unaware. They have further confimied that thay hav8 taken appropriate stsp8 to tthtify such relevant information and to estabSh thatth• auditor is aware of suth infgmiation. The Inth, rnporL indudlng Ihe strategic rewL was approved by the Bo rd olTrustees. Mr C G Smith OBE Tru¥teo J M St2¥enson MAFCA Datè:
THE HISTORIC CHAPELS TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are a150 the directors of The Hi51oric Chapels Trust for the purpose of company law. ar6 responsible for preparing the TNslees' Report and the financial statements in accordance with applicable law and United Kingdorn AGcounting Slandards (United lfjngdom Generally Accepted Accounting PractirE). Company law requires the trustees to prepare financial statements for each financial year which glve a true and fair view of the state of affalrs of the charity and of Ihe in¢oming resources and application of resources, including the income and expendlture, of the charltable company for that year. In prèparing thè8e financial statements, the trustee$ are required to: selèd suiiable accountlng poli¢ies and then apply them consistently; obsorve the methods and principles in the Chariknes SORP; make judg8ments and estimates that are reasonable and prudent; slate whether applicable UK Accounting Standards h8V8 b88n follow8d, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basi5 unless it is inappropriate to presume that the charlty will continue in operation. Th8 trustees aro responsible for keeping 8d8qual& accountlng records that disclosa with reasonable acojracy at any lime the financial position of the charity and 8nable Ih8m to enstjra that the financial statements comply with the Companies Act 2006. They are also responsible for safeguardlng the assets of tho charity and hence for taking reasonab18 Steps for the prevention and detection of fraud and other Irregularities.
THE HISTORIC CHAPELS TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HISTORIC CHAPELS TRUST Opinion W8 have audited the flnancial statements of The Historic Chapels Trust (Ihe 'charlty') for the year ended 31 March 2025 which comprise the statement of financial activllies, the balance sheet and notes to the financial ststements, including significant accountlng policles. The financial r8POrting framework that has been applied In their preparalion is applicable law and Unlted Klngdom Accounting Standards, including Financial Raporting Standard 102 The Financlal Reporting Standard appliGablg in the UK and Republic ol Iréland (Unlted Klngdom G8nerally Aeceptéd Accounting Practico), In our oplnion, th8 financial statements: give a true and fair view of the state of the charitable company's affalrs as at 31 March 2025 and of its Incomlng resources and application of SourCes, including Its Income and expenditure. for the year then ended", have been properly pr8par8d in accordanc8 Wlth Unit8d Kingdom Generally Accepled Accounting Pradice." and hav6 been prepared In accordanc8 wlth tho requirements of the Companies Act 2006. Basls for opinion Wg conducted our audit in accordance with Intematlonal Standards on Auditing (UK) (ISA$ (UK)) and 8ppllcable law. Our re5ponsibililies under those standards are further described in the Auditorfs responsibililles lor audit of the financial sl8tement$ section of our report. We are independent of the charity in accordance with the ethical r8quirements that are relevant to our audit of the financial staternents in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other elhlcal responslbilities in accordance with these requirements. We believe that the audit 8vidence we have obtained 1$ suffi¢ient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statemants, wa have concluded that the trustees, use of the going concem basls of accounting in the pparatIOn of the financlal statements is appropriats, Based on th8 Vrk we have perfonned. have not Identified any materfal uncertalntles ralatlng to events or condltlons that, individually or colléctively, may cast slgnlficant doubt on th8 charity's abilty to continue as a going concern for a poriod of al least Iwelv8 months from whan tha financial slataments are authorised for issue. Our responslbllllles and the responsibillties of the trustees with respect 10 90ing conGem are d9rib8d in tho levant section8 of this report. other Infomiallon Tha other Infomiation compri8es Ihe infomiatlon Included in the annual report other than the financial statemen18 and our auditorfs report thereon. The trusteas ara r8sponsible for th8 Other information contained within the annual raport. Our oplnion on the financial statements does not cover the other information and. except lo the axtent otherwise explicilly 51ated in our report, we do not axpross any form of assurance conclusion thereon. Our responsibility is to r8ad the other infomiation and. in doing so. consider whether the other information is materially inconslst8nt with the financial statements or our knowledge ob18ined in th8 course of the audit, or otheThvise appears to be materially misstated. If we identify such matarial inconsistenci8s or apparent material misslatement8. we are required to detemiine whether Ihis gives rise lo a material misslatem8nt in th8 financial slalements thomselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we ar8 required to report that fact. We have nothing lo report In this regard. Opinlons on other matters proS¢rId by thè Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information glven In the trustees, report for Ihe financial year for which the financial statements are prepar8d. which includes the directors. report and Ihe strategic report prepared for the purposes of company law, is consistent with the financial statemants., and the strategic port and the directors, report included within the tru5tees' report have been prepared in accordanc8 Wlth applicable legal requirernents.
THE HISTORIC CHAPELS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE HISTORIC CHAPELS TRUST Matters on which wo are requlrod to roport by exceptlon In Ihe light of the knowledge and understanding of the chartty and Its envlronment obtslned In the course of the audit, we have not identified malerlal mlsstatements in the strategic report or the directors, report included within the trustees. report. We have nothing tr) report in respect of the following matters in relation to which the Companles Act 2006 requires us lo report to you if, in our opinion- adequate accounting records have not been kept, or retums adequate for our audlt have not been racelved from branches not visited by us,. or the financial statements are not in agreement wlth the accounting records and retum8- or certain disclosures of trustees, remuneratlon specified by law are not made: or we have not received all the InfOatIon and explanations wa r8quir8 for our audit. Rosponslblllllos of truste08 As explaingd more fully in the statement of trustee8' re8ponsibilities, the trustees, who are a180 the directors of the charity for the purpos8 of company law, are rasponsible for the preparation of Ihe financial $tatsment$ and for being satisfied that thay give a trua and fair view, and for such intemal control as the trustees detem)ine is ne¢e$sary to enable the preparation of financial slatomants that are free from material rnisstatement, whether due to fraud or error. In preparing the financial statements, the trustse3 a responsible for assessing the charity's ability to continue as a going concem, disclosing, a8 applicable, matters related to going concem and using the going ¢onc8m basis of accounting unlass thè trustee$ elther Intend to liquidate the chadtable company or to cease operations, or have no realistic altematlve but to do so. Audltoffs rosponslbllltlos for th8 audlt of Iho flnanclal statements Our objectives are to obtain rgasonable assuranca about whether tha financial st8t8ments as a whole ara fr88 from material misstatement, whethgr due to fraud or error. and to iS8U8 an auditorfs report that includ88 our opinion. Reasonable a5suranGe is a high level of assurance but is not a guarantee that an audit conducled in accordance with ISA5 (UK) will alway5 deteGI a material misstatement when it exists. Mi5Statements can arisg from fraud or error and are considered mat8rial rf, individualty or in the aggregate. they could r&asonably ba expèctad to influence the economic decisions of usgrs takon on the basis of Ih8se financial stat8ments. The extent to which our procedures are capable of detecllng Irregularltles, includlng fraud, Is detalled below.
THE HISTORIC CHAPELS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE HISTORIC CHAPELS TRUST Our approach to id8nlifying and assessing the risks of malerial mi8Statement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the approprlats competence, capabilities and skills to identify or recognise nonwcompliance with applicablg law5 and regulations: • we id8ntif18d the laws and regulations appllcablè to the charity through discussions with trustees and other management, and from our thowladge and 8xp8rienc8 of charity sector; • we focused on speclflc laws and regulations which we considered may have a dlrect material @ffed on the financial statements or the operations of Ihe tharity, including the Companles Act 2006, Charities Act 2011, data protectlon, anti-bribery. employment, food hygiene and health and safety legislation., we assessed the 8Xt8nt of compliance with the laws and regulatlons identified above through making anqulrles of management team and inspe¢lingIal correspondence. and id8nlified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non- compliance throughout the audit. We ass8SS8d tha susceptibility of the charitys financial statements to materlal mlsstalgment, Including obtalning an understandlng of how fraud might occur, by.. maklng ènqulrl8s of management team as to where they consldered Ihere was su5Geptibility to fraud, their knowl&dg8 ot actual. suspected and alleged fraud; and considering the internal controls in place to mitigat8 risks of fraud and non-compliance with laws and regulations. To address the rfsk of fraud through management blas and override of controls, we: performed analyllcal procedures to identify any unusual or unexpected relationships; tested Joumal entries to identify unusual transactions., assessed whelher ludgemgnts and assumptlons made In determlnlng the accounting estimates w8r8 indi¢ative of potentlal blas; and investigated the ratlonale behind significant or unusual transactions. In r8sponse to th8 risk of Irregularltles and non-compliance with laws and regulations. we deslgnad proGedur88 which included, but were not limited to: agreeing financial statement disclosures lo underlying supporting documentation., enquirfng of management as lo actual and potenlial Iltlgatlon and clalrns: and reviawlng correspondence with HMRC and relevant regulators. A further description of our responslbllltles is available on the Financial Reporting Coundl's wgbsite at.. httPS.'II W4fyW.frc.org.uklauditorsre8ponsibllltles. Thls description forms part of our auditorfs report. Use of our roport Thls report is made 5018ty to the charitable CoMpanS rnembers, as a body, in accordance with Chaptsr 3 01 Part 18 of the Companlas Act 2006. Our audit work has been undertaken so that we might stste to the charitable company's members thosa matters we aro required to slate to them in an 8uditor's r8POrt and for no other purpose. To the fu118St extent permltted by law, we do not accept or assume responslblllty to anyone other than the charftable company and the charitable companvs members as a body, for our audlt work, for thls report. or for the opinlons we have fomed. 10-
THE HISTORIC CHAPELS TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE HISTORIC CHAPELS TRUST Helen Furlong FCCA {Seni statutory Auditor) For and on behalf of Xeinadin Audit Llmited, StatutoryAuditor Chartered Accountants 46 Hamilton Square Birk8nhe8d Wirral Merseyside CH41 SAR Da18:..17:..11: If 11
THE HISTORIC CHAPELS TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unreslrlctsd Rastricted fvnd3 funds 2025 2025 Total Unrestrlcted Rostrlcled funds funds 2024 2024 Total 2025 2024 Notes Income and endowments from: Donations and legacies Chsrftable 8Ctivitl8S Investmants other Income 71,188 8,700 79,888 233,324 1.801,010 2.034,334 43,856 43,858 341 341 32,479 65.881 26,366 18,250 1.431 778.684 33,910 844.565 26.366 18.250 Total Income 348,709 1.809,710 2.158,419 142,976 780,115 923.091 Expenditure on: Raising funds Charitable a¢tiviti8S 11,402 11,402 118,402 1,970,156 2.088,558 2,550 113,708 2,550 757.612 843.904 Total oxpendlturo 129,804 1.970,156 2.099,960 116,258 643,904 760,162 Not In¢omg1(oxpgnditure) 218,905 1160,446) 58,459 26,718 136,211 162.929 Transfers beeen funds (13,853) 13,853 N8t movomont In funds 12 205,052 (146,593) 58,459 26,718 136,211 162.929 Roconclllatlon of fund9; Fund balances at 1 April 2024 186,753 190,231 376.984 160.035 54,020 214,055 Fund balancos at 31 March 2025 391,805 43,638 435.443 186,753 190.231 376.984 The statement of flnanclal activities includes all gains and I0e$ re¢ognised in the year. All Incoma and exp8nditure derive from continulng actlvltios. 12-
THE HISTORIC CHAPELS TRUST BALANCE SHEEr ASAT31 MARCH 2025 2025 2024 Flxed assots Investrnants 16 10,¢xio Current ass•t8 Debtors , h bank and in hand 17 285,627 632,808 111,234 356.537 Cr•ditor8: mountrs falllng duo Withln ono year 918.436 487,771 1482,9921 {100,787} Net currnnt ass•t8 435.443 366,984 Total a¥8ets1•88 cuTr6nt Ilabllftl¢8 435.443 376.984 Tho fund• oftho charfty Restricted income fvnds Unre8tsicted fund8 43,638 391,805 190.231 186,753 21 435,443 376.984 The finandal statements were approved by the Iw$lees on ......................... Mrc G &nith OBE Trust•9 J M Stevenson MA FCA Company rngi5tration number 02778395 (England and Kèl8s) 13-
THE HISTORIC CHAPELS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Charity inforniatlon The Historic Chapels Trust is a private company limited by guarant88 Incorporatod in England and Walas. The registsred office Is rJo Streets, 3 Wellbrook Court, Girton, Cambridge, CB3 ONA. 1.1 Basls of preparatlon The financlal statomenls have been prepared in accordance with the charlvs memorandum and artlcles of association. the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable In th& UK and Rapublic of Ireland. ('FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recomm8nd8d Practice applicable io charities preparing th8ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" {effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The flnanclal slataments ara prepared in sterling. whlch Is the functlonal currency of the charlty. Monetary amounts In th888 financial slatements are rounded to the n8ar8St £. The financial st8tements have been prepared under the hlstorlcal cost convention, modified lo include c8rtain financial instruments at fair value. The principal accounting policies adopted are sel out below. 1.2 Golng concom Al tha tlm8 of approvlng the financlal statements, the trustees have a reasonable expectation that the charty has ad8quate resources to continue in opèrational exlstence for th8 foreseeable future. Thus the trustees continu8 to adopt the going conrn basis of accounting in proparing the financial statements. 1.3 Charitable funds UnrgStri¢tod funds ar8 avallable for usa at thg dis¢ralion of the truste8s In furtheranca of their charllable objectives. Restricted fundg are subject to speclflc conditions by donors or grantors as to how they may be used. The purposes and uses of the restrfcted funds ar8 set out in Ihg noto9 to the financlal stataments. End¢)wm8nt funds are subject to spo¢ific condltions by donors that the capital must be malnlalned by the charlty. 1.4 Incomé Income is rewgnised when the charity is legally entitled to it after any performance conditions have been met. Ihe arnounts ran be measur8d reliably. and it is probable that income will be received. Cash donation5 ara recognised on receipt. Other donations are Tr¢0gnised once th8 charity h8s been notified of the donation, unless perfomiance conditions require deferral of the amount. Incom& tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or othenvise if the charity has been notified of an impending distribution. the amount 1$ known. and r8C8iPt is expected. If the amount is not known, the legacy is treated as a ontingent asset. 14-
THE HISTORIC CHAPELS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ac¢ountlng pollclos Icontlnuod) 1.5 Expondlturo Expenditure is recognised once there Is a legal or constructlve obllgatlon to transfer economlc benefit to a third party, il is probable that a Iransfgr of economic benefits wlll be requlred In settlemenL and the amount of the obligation can be measur8d reliably. Expenditure is Classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support wsts involved in undertaking each adivity. Direct Gosts attributable lo a single actlvlty are allocated directly to that activity. Shared costs which contribule to more than one aclivity and 8UPPOrt costs which are not attributable to a single activity are apportioned beeen Ihose activities on a ba8iS consistant with the use of resour$. Central staff costs are allocated on the basi$ of time spent. and depCiatIon charges arg alloGated on the portion of the asset's Use. 1.6 Horitago assets HCT owngd ernty churches, chapels and m88ting houses, all of which aro r8ferr8d to a8 'chapels' for simplicity. The chapels were pres8rved by the Trust In order to keep thelr historic nature and qualltles to such a high level as to contribute lo knowledge and cultu. The Trust held the chapels as a last resort unlll such time as it could no longer raisa sufficient revenue to contlnue. Having attracted an offer of 5tat8 funding (c.£4.5mn from Natlonal Herftage Memorlal Fund and Herftage England) to dispose of the chapels to new owners who rJ)uld provlde th8 best posslble future for the chapels. it is now approaching tha third year of that programme wlth 16 chapels elther In naw hands (or In the process of transfer to that end). Thls success Is such that funding applications have been encouraged to enable r8solutlon of th8 mmalnlng four chap818. It remalns thg case that. at the end of thls proc988, Hisloric Chapels Trust will close. 1.7 Flxed asset Investments Flxad asset Investments are Snitially measured at transaction price excluding transaction costs. and are subsequently measured at fair value at each PortIng dale. Changes in fair valuè are recognised in nel Incom81(exp8nditur8) for the y8ar. Transaction co$ are expensed as incurr8d. 1.8 Cash and cash equlvalonts Cash and cash equlvalents include cash In hand, deposits hetd at call wlth banks, other 8hort-term Ilquld investments with original malurities of three months or less, and bank overdtaft8. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnanclal Instruments Th8 ch8rity has elected to apply the provlslons of Sectlon 11 'B8sl¢ Flnanclal Instruments, and Secllon 12 'oth8r Financlal Instruments Issu8s' of FRS 102 to all of its fin8ncl81 Instruments. Financial instruments are recognlsed in the charity's balance Sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities a offset, with the net amounts presented in the finanGial statements, when there is a legally enf0e0bIQ right to set off the regniSed aTnounts and there is an intention tQ Settle on a net basis or to reallse the asset and settle the liability simultaneously. Basic finaftclal assets Basi¢ financial assets, which inGlude debtor5 and cash and bank balances, are initially measured at Irdnsaclion price including transaction costs and ar8 subsequently carried at amortiS8d cost using the 8ff8Ctive interest method unless the arrangement constitut8s a financing transaction, wh8re th8 transaction is moasured al the present value of tha futura receipts discounted at a market rate of intarest. Financial assets classified as receivable within one year are not amortised. 15-
THE HISTORIC CHAPELS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollclwd (Contlnued) Basic financlal Ilabllltles Baslc financial liabilities, including creditors and bank loans are Initially reco9nised at Iransactlon price unless the arrangement constitutes a financing transaction. where the debt instrument is measur8d at the present value of th8 future payments discounted at a market rate of inlerest. Financial liabllities classified as payable wlthin one year are not smortlsad. Debt instruments are subsequenuy carrled 81 amort15ed cost, using Ihe aff8cIIvg interest rats method. Trade creditor8 are obllgatlons to pay for goods or services that have been acquired in th8 ordinary course of operations from suppli8rs. Amounts payable are classified as current liabililies rf payment is due wilhin one year or les5. If not. thay are presonled as norKurrent liabiliti68. Trada creditors are recognised initially at transaction price and subsequently measured at amortised cost using the affective interest method. Derocognftlon of flnanclal Ilabllltles Financial liabilities are dèracognlsed when the charity's contractual obligations explre Or are dlscharged or cancelled. Crltlcal accountlng estimates and Judgements In the appllcatlon of the charity's accounting policies, the trustees are required to make judgements, estlmales and assumptions about the carrying amounl of assets and liabilities that are not readily apparent from other sources. The estimates and associatéd assumptions are based on hlstorlcal experienre and other factors that are considered to bè relevant. Actual results may differ from these estimates. The estlmates and underlying assumptions are reviewed on an ongoing basls. Revisions to accounllng estlmates are recognised in tha parfod in whlch the eslimate 18 revlsed where the revision affects only that period, or in the period of thé révlslon and future periods where the revision affects both current and future periods. Incomo from donatlons and lagaclos Unr•8lrict8d R88trfctod funds funds 2025 2025 Tolal Unr•stricted Restrlctod funds funds 2024 2024 Total 2025 2024 Donatlons and glfts 71.188 8.700 79,888 32,479 1,431 33,910 Income from charltable actlvltles Unreslrlcted Rostrlctod funds funds 2D25 2025 Total Unrostrlcted Restrtcted funds funds 2024 2024 Total 2025 2024 Malntananco of chapo1$ Perfonnance related grants 233,324 1,801,010 2.034,334 65.881 778,684 844.565 le
THE HISTORIC CHAPELS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from charltable actlvllles (Continued) Perfomiance ralatad grants analysis Maintenance Maintenance of chapels of ehapèls 2025 2024 Historic England National Heritage Memorial Fund Listsd Places of WorshSp Grant Scheme 174,759 1,626,251 233,324 216,182 562,502 65,881 2,034,334 844,565 Incomo from Investments Unrostrlclod Unreslrirtsd funds funds 202S 2024 Rental Inccme Interèst r8celvable 32,238 11.618 22.189 4,177 43.856 26.366 Other Income Unr•strict•d Unrestrlcted funds fund$ 2025 2024 Other income 341 18,250 Expèndllum on ratslng funds Unrestricted Unrestricted funds fund$ 2025 2024 Fundrdlslng and publlclty Fundraising costs 1,402 2.550 1,402 2.550 17-
THE HISTORIC CHAPELS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expendlture on donations and dislrlbutlon of funds Unrostrlctod Rostrictad Unrestrlcted Restrlcled funds funds funds funds 2025 2025 2024 2024 Donations Distribulion of funds 10,000 9,804 10,000 9,804 Expendlturo on ¢harllablo activitles Maintenance Maintenance of chapels of chapels 2025 2024 Dlrect costs Grant funding of activities {58e nol8 10) 1,474,546 237,266 Shar• of support and governance costs (seo note 11) Support Governanca 972 613,040 7,926 512,420 2,088,558 757,612 Anatysls by fund Unreslriclad funds Restricted funds 118.402 1,970,156 113,708 643.904 2,088,558 757,612 18-
THE HISTORIC CHAPELS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Repalrs and malntonance costs of buildings Malntanance Maintonance of chapels of chapèls 2025 2024 Bethesda Methodist Chapel Blddl8stone Roman Catholic Chapel Coanwood Friends, Meeting House Cote Baptist Chap81 Farfield Quaker Meeting House Gritt18ton Baptlst Church Longworth Roman Catholic Chapel Penrose Methodist Chapel Petre Chap81 Salem Chapel Shrine Of Our Lady Of Lourdes St Benet's Roman Catholi¢ Chapel St George's German Lutheran Church Todmorden Unitarian Church Umbgrslade Baptist Chawl Wainsgate Baptist Church Wallasey Unitarian Church Walpole Old Chapel Westgate Primitive Methodist Chapel 102,351 16,091 4,130 8,696 3,573 71,892 2,540 1,910 13,111 2,545 74,126 104,352 23,736 184,934 333,249 138,950 32,883 31.071 232,099 11.252 2,859 2,187 6.038 2.577 7,667 2,201 4.739 6,619 5,034 4,296 8.648 11.637 19,309 13.702 4.527 20.946 11,939 1,382,216 146,177 11 Support C08ts allocat•d to acllvltl•3 2025 2024 Trustees, 8xpen3es Legal and other professlonal charges Governance costs 708 813.040 7.926 512,420 614,012 520.346 Analysod betweon: Maintenance ofchapels 614.012 520.346 19-
THE HISTORIC CHAPELS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Support costs allocated to acllvlti {Conllnued) 2025 2024 Govornan¢e costs comprlse: Audit fees Legal and professional CCT conservation management Tricolor disposal management Tricolor finance and governance Slalionery and admin 8,500 23,968 164,211 272.385 140,260 3,716 8,400 16,490 147,798 203,735 131,291 4,706 613,040 512,420 12 N•t movemènt in funds 2025 2024 The net movem8nt In funds Is stated after charglngl{crediting): Fees payable for the audit of the ¢harity'8 financial statements 8,500 8,400 13 Trustoes None of the trustees (or any persons conneGtsd with th8m) received any r8muneration during the y88r, but 1 ol them was relmbursed a tolal of £14.20 travelllng expenses (2024 - Nil). 14 Employ•as The average monthly number of employees during the year was: 2025 Number 2024 Numb•r Total There were no employees whose annual rernuneralion was more than £60.000. 15 Taxallon The charity is ax8mpt from t8xation on its activities because all its income is applied for charitable purposes. -20-
THE HISTORIC CHAPELS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Flxed assel investments In¢ome bonds Cost or valuation At 1 April 2024 Disposals 10,000 {10,000) At 31 March 2025 Carrylng amount At 31 March 2025 At 31 March 2024 10,000 17 Debtors 2025 2024 Amounts falllng due wlthln one year: Trade dabtors Other debtors Prepayments and acGrued income 153.023 9,129 123.475 53.800 57.434 285,827 111,234 18 Creditors: amounts falling duo wlthln one ygar 2025 2024 Not•8 Deferred income Trade creditors Other creditors Accruals 19 1,583 49,434 300,000 131.975 1,750 90.637 8,400 482,992 100,787 19 D•forr•d Incom• 2025 2024 Oth8r deferred income 1,583 1,750 Deferred income is included in the financial statements as follows: 21
THE HISTORIC CHAPELS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Dèferred Incoma Icontlnued) 2025 2024 Deferred income is included within: Current liabilities 1,583 1,750 Movernent5 in the year. D8f8rr8d income at 1 Aprll 2024 R818as8d from previous periods R8sources d8ferr8d in the year 1.750 (1,750) 1,583 4,742 (4,742) 1,750 Deferred Income at 31 March 2025 1,583 1,750 20 Rostrl¢ted funds The r8Strictad funds of the charity comprise the ungxponded balances of donallons and grants held on trust subject to specific conditions by donors as to how they rnay be usgd. At 1 April 2024 Incoming R•sourcès r•sources •xpendod Transfers Galns and At 31 March losses 2025 Historic England National Horilage Belh8sda Biddlestona Coanwood Friends, Meeting House Cote Farf5eld Longworth Sl George's Todmorden Umberslade Walnsgate Walpole Guidebook (& Newsletter) Fund 62,804 174,759 (237,563) 73,189 1,626,251 530 {1,713.293) 13.853 530 2,791 2,791 1,099 11,544 6,870 2,418 1,467 4.498 1,827 5,306 14.934 1,099 12,744 6.262 2.418 1.467 1,200 (608) 6,970 (6,970) {4,498) 1.827 {5,306) {486) 14,448 1.484 (1,432) 52 190,231 1,8D9,710 (1.970.156) 13.853 43,638 -22-
THE HISTORIC CHAPELS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Rostrlcted funds (Continued) Prevlous year: At 1 April 2023 Incoming R¢sourco5 resources OXPgnded Transf•rg Gains and At 31 March losses 2024 Historic England National Heritage Biddleslona Coanwood Frfends, Meeting House Cote Farfield Londworth St George's Todmord8n Umberslade Wainsgate Walpole Guidebook Fund 216,182 (150,236) <3,142) 62,804 562,502 (489,313) 73,189 2.791 2,791 1.099 11,326 6,870 2,418 1,467 4,498 1,827 5,306 14,934 1.099 11.544 6,870 2,418 1.467 4,498 1,827 5.306 14,934 1,200 1982> 231 (3,373) 3,142 1.484 1.484 54.020 780.115 {643,904) 190.231 -23-
THE HISTORIC CHAPELS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Rgslrl¢tad funds (Contlnuad} The Bethesda World War One Memorial fvnd was established to provide an exhibition commemorating the S8crific8 of members of the congregalion in the war. The 8iddleston8 fund was established In 1994 to fund th8 purchase and Maintenan of Biddlestone RC Chapel, near Netherton, Northumbgrland. Thè Coanwood fund was establlshed in 1999 to fvnd repalrs and maintenance programmes at Coanwood Frlends, Me8ting House. Northumberland. The Cole fvnd was established in 1997 to fund repalrs and maintenance programmes at Cots Baptist Chapgl, Oxfordshire. The Farfield fund was established in 1994 to fund repalrs and maintenance programmes at Farfield Friends, Meeting House, Addingham. West Yorkshire. The Longworth fund was established in 2002 to fund repalrs and maintenance programmes at Longworth RC Chapel. Bartestree, Herefordshlre. The St. George's fund was established in 1999 to fund rapalrs and maintenance programmes at St. Geor98'8 German Lutheran Church. Tower Hamlets, London. The Umb8rsladg lund was estsblished In 2000 tc fund repairs and rnaintenanrn programmas at Umberslada Baptist Church, Hockley Heath, West Midlands. The Wain8gale fund was established in 2004 to fund repair8 and maintenance programmes at Wainsgate Baptigt Church, naar Hebden Brldge. West Yorkshlre. The Walpole fund was establish8d In 1995 to fund repairs and maintenance programme8 at Walpole Old Chapel, Suffolk. The Historic England is grant fundlng recelved from HSsioric England for central overheads and for maintenance and mlnor repair works. As and whan the conditions ol the grants are satlsfied, a transfer is made from thls fund to the unrestricled fund. The Guldebooks fund was established in 20Q7, followlng receipt of £11.000 to asslst with the costs of writing and prfnting a new range of colour guidebooks and inforniation leaflets. -24-
THE HISTORIC CHAPELS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Unrestrlctod fund$ The unrestricted funds of th8 charity comprise thè unexpended balances of donatlons and granls whi¢h are not subject to specifi¢ conditions by donors and grantots a5 to how they may b8 used. These include designated funds which have been set aside out of unrestricted funds by the Irustees for specific purposes. At 1 April 2024 Incoming Resources resourGo$ gxponded Transfers At 31 March 2025 Keep Chapels Warm Appeal Wak8llng Bequest General funds 13,997 50,000 284,712 (10,0001 3,997 50.000 337,808 186.753 (119,8041 113.853) 186,753 348,709 (129,804) 113.853) 391,805 Pr•vlous year: Incoming Resources resources expend•d Transfers At 31 March 2024 2023 General funds 160,035 142,976 (116.258) 186,753 22 Analysls of nèt ass•ts b•tw••n funds Unr•slrlct•d funds 2025 Restrlctad funds 2025 Total 2025 Al 31 March 2025: Current ass8tsl(liabllltle$) 391,805 43,638 435.443 391,805 43,638 435.443 Unrostrfcted lund$ 2024 Rastrfct•d funds 2024 Tolal 2024 At 31 March 2024: Invostmants Current asselsllliabllities) 10,000 176,753 10,000 366,984 190,231 186,753 190,231 376,984 23 Related party transacllons There were no disclosable related party transactions during the year {2024 - none). -25-