FRIENDS OF ST MARGARET'S CHURCH DITCHLING TRUST TRUSTEES, ANNUAL REPORT 2023 Name of charity: Principal address: Friends of St Margaret's Church Ditchling Trust c/0 Jointure Cottage, 21 South Street Ditchling, Hassock4 West Sussex BN6 SUQ Charity Registration Number: 1024889 Trustees From l January 2023 to the date of this report, unless otherwise stated: A. Mackay (Chairnian) Mrs C. Robinson (Secretary) Mrs L. Hemsley (Treasurer) D. Cleary B. Robinson Bankers: Lloyds Bank Burgess Hill Branch 36-38 Church Road Burgess Hill, West Sussex RH15 9AH Independent Examiner: P. Mercer FCCA (retired) 13 Church M¢ad, Keymer, West Sussex BN6 8BN Structure, Governance and Management The Friends of St Margaret's Church Ditchlit]g Trust ('%he Trnst") is a charitable trust, governed by a Declaration of Trust dated 26 July 1993. It is run by a Board of Trustees who meet as and when required. There is no maximum number of Trustees but the number of Trustees is considered and kept under review from time to time. Objects of the Trust The objects of the Trust are the maintenance repair, replacement of and addition to (i) the fabric of the Parish Church of St Margaret'.s Church Ditchling (li) the organ within the parish church (iii) the contents of the building and (iv) the churchyard including the planting and replanting of sl]rubs and trees. The Trustees work closely with the Parochial Church Council ("PCC") of the Beacon Parishes, a united benefice of which St Margaret's Church is a part, and the body responsible for the church and its worship. The Trustees have determined a policy whereby the Trust does all it to raise funds to help the PCC carry out major repairs, replacement and conservation of the fabric of St Margaret's Church, Ditchling. The Trustees consider that they have complied with the duty in the Charities Act 2011 to have due regard to public benefit guidance issued by the Charity Commission. Achievements and Performance In 2023, the Trust made grants totalling £4.059. to the PCC. These were for electrical upgrade works, door repairs and maintcnance work on the flint wall in the churchyard. Financial RevRew and Policies on Reserves For the year ended 31 December 2023, the Trust had net income of £28,488 (2022: £15,911), comprising income of £32.547 (2022: £23,403) and expenditure of £4,059 (2022: £7,492). Income for both the current and prior year includes legacy bequests, of £20,000 and £1 0,000, respectively. The Trust's investment funds increased in value by £32,683 (2021: £57,778 decrease) during the year, resulting in an overall net increase in funds of £61,171 (2022: £41,867 decrease) from £452,343 at 31 December 2022 to £513,514 at the end of the year. All of the Trust's fimds comprise unrestricted funds and the majority of the amount of £513,514 at 31 December 2023 is represented by the investment funds. Net current unrestricted assets amounted to £50,682 which the Trustees consider to be appropriate to meet short terni requirements for the maintenance of the church. The Trustees consider the current level of unrestricted reserves to be appropriate given Ihe pattern of anticipated futurc cxpenditure indicaled by the latest quinquennial survey and discussions with the PCC compared to anticipated income that will be generated by investment income on those funds and the continuation of the current level of regular donations. The overall strategic aim of the Trust is that it should exist in perpetuity and investments will be managed to preserve the capital base and generate sufficient income therefrom to achieve this aim. The Trustees continue to support the efforts of the PCC to maintain the church fabric and are grateful to all the Friends of St Margaret's for their continuing support. Signed on behalf of the Trustees A Mackay - Trustee/Chaim)an Date: FRIENDS OF ST MARGARET'S CHURCH DITCHLll¥G TRUST CHAIUTY NUMBER: 1024889 Financial Statements For the year ended 31st December 2023 Page Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements FRIENDS OF ST MARGARET'S CHURCH DITCHLING TRUST Independent Examiller's Report to the Trnstees of the Frlends of St Margaret's Church Ditchling Trust Charity Number 1024889 I report to thc trustees on my examination of the accounts of the Fri¢Dds of St Margar¢t's Church Ditchling Trust ( the Trnst") for the year ended 31 st December, 2023. Responsibilities and ba$is of report As thc charity trustccs of the Trnst you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ( the Act"). I report in r¢spect of my examination of the Trust's accounts carried out under section 145 of the Act and in carryÉng out my cxamination I have followed all the applicable Directions giv¢n by thc Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confmn that no material matters have come to my attention in connection with the examination giving me cause to believe that in any matsrial respect: accounting records were not kept in respect of the Trust as required by section 130 of the Act. or 2. the accounts do not accord with those records. or the accounts do not comply with the applicable requirements concerning the fonn and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that thc accounts give a 'true and fair view which is not a matter consAdered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to whAch attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Date.. P. Mercer FCCA (w"rd) 13 Church Mcad Kcymer, West Sussex BN6 8BN FRIENDS OF ST MARGARET'S CHURCH DITCHLINC TRUST Statement of Financlal Activities For the year ended 31st December 2023 Unrestrlcted Funds 2023 2022 Note INCOME Gift aid donations Legacies Other donations Tax recovered on aid donations Investment income - interest and dividends Other income - fundraising ￿tiVitieS 345 20,000 100 86 12,016 345 10,000 595 86 12,353 24 TOTAL INCOME 32,547 23,403 EXPENDITURE Charitable activities - grants to PCC Othcr cxpenses - pitch hirc for Fair (4,059) (7,472) (20) TOTAL EXPENDITURE (4,059) (7,492) NET tNCOME BEFORE INVESTMENT GAINS (LOSSES) 28,488 15,911 Net gains (losses) on Investment a$$ets 32,683 (57,778) NET MOVEME￿ IN FUNDS 61,171 (41,867) RECONCII.TATION OF FUNDS Total funds brought forward 452,343 494,210 TOTAL FUNDS CARRIED FORWARD 513,S14 452,343 The Staternent of Financial Activities includes all gains and losses in the year. All income and expenditure derivc from continuing activities. FRIENDS OF ST MARGARET'S CHURCH DITCHLING TRUST Balance Sheet As at 31st December 2023 Unrestricted Funds 2023 2022 Note Fixed Assets Investments 462.832 430,149 462,832 430,149 Current Assets Debtors Cash at bank and in hand 3,202 47,480 13,143 9,051 22,194 50,682 NET ASSETS 513,514 452,343 Funds of the Trust Unrestricted funds 513,514 452,343 TOTAL FUNDS 513,514 452,343 The accounts on pages 2 to 6 were approved by the Trustees on Ao were signed on their behalf by: ,kn2 A. Mackay, Trtistee Mrs L. A. Hemsley, Trustee FRIEIYDS OF ST MARGARET'S CHURCH DITCHLING TRUST Not¢5 to the Ac¢ounts For the year ended 31st December 2023 C¢neral Information Th¢ Friends of St MaTgatcVs Church Ditchling Trust ("the Trust.) is a registered charity, nutnber 1024889. governed by a Declaration of Trust dated 26 July 1993. Its" PFincipal address is clo Jointure Cottage, 21 South Str¢et, Dit¢hlin& East Sussex BN6 8UQ The objects of the Trust are the maintenance repair, replacement of and addition to (i) the fabric of the PaTish Church of St MargaTet'8 Church Ditchling {ii) the organ within the parish Church {iii) the contents of the buildftng 8md (iv) the cburchyard inLluding the planting and Teplanting of shrubs and trees. The Trustees Work closely with the Parnchial Church Council "PCC") of th¢ Beacon Parishes. a united benefice of which St Margaret's ch￿￿h is a part. and the body responsible for the church and its worship. The Trustees bave detern]ined a policy whereby the Trust does all il can to raise funds to help the PCC caTry Out major repairs, replacement and consetvation of the fabric of St Margaret's Churcb, Dilchiing. Basls of preparydtlon 2.1 Basis of accoundng These accounts have been prepared under the historical cost convention (except that investh]cnts aT¢ shown at market valu¢). in accordance with Statement of Recommended Prdcticc: Accounting and Reporting by Charities preparing their accounts in accordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Charities Aci 201 Thc financial statements are pr¢par¢d in sterling which is the ￿nCtIOnal Cu￿encY of the Trust. 2.2 Golng concern Thc financial .%tat¢ments have been prepared on a going conceim b&giq 28 the TtU8tee8 believe that no material uncertainties exksl. The T￿sleeS have consid¢rcd the Icvel of funds hcld and thc expected level of income and expenditure for 12 inonths from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the ¢harity to be able to continue as a going concern. Summary Slgnlflunt Accounting Policie5 The principal accounting polioies applied in the preparation of these accounts ar¢ set out below. These policies have been consistently applied lo all the years presented. unless othenvise stated. (a) Recognition ofincomin¥ resource All incoming resources arc includcd in the Statement of Financial Activities whcn the Truqt becomes entitled to the resources after any perlom]ance conditions bave bccn met, the monetary value can be m¢a5ured with sufficicnt reliability and it is probable ihal the income will be received. For donations to be recognised the Trust will have been notified of the amounts and the qettlement date in writing. If there are conditions attached to the donation and this Tequircs a level of perfonnance before entitlement can be obtaincd then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Trust and it is probable thai they will be thlfilled. Ib) Deferred income Incom¢ that has been received bui for which the entitlement does not exist at the balance sheet date is deferred and disclosed as a liability on the balance sheet until the charity is entitled to the incoming rcsourcc. (c) Grants and donalions Grants and donations are only included in the Statement of Financial Activities when the Trust has unconditional entitlement to the resources. FRIENDS OF ST MARCARET'S CHURCH DITCHLING TRUST Notes to the Accounts For the yettr ended 31st December 2023 (d) f4Y reclaiw on donations findgifts Incoming resources from tax rcclaims are included in the Statemenl of Financial Activities at the same tAn￿ as the gift lo which ihcy r¢lat¢. (e) Donated services tsndfaeilities Donated services and facilih.cs arc only includod iTt incomc (with an equivalent amount in expenditure) where the benefit to thc Trust is reasonably quantt'fiable. measurnble and material. The value placed on these ￿SOurCeS is the estimated value to the Trust of the service or facility received. Resources &rpended Expenditur¢ is recognised once there is a legal or constructive obligalion to make a payment to a third party. it is probabl¢ Ibat settlement wtll be required and the amount of the obligation call be U￿aSured reliably. Expenditure is classified ullder the following activity headings. where 8ppli¢abl¢.' the c05t of rdising ￿ndS comprise costs incurred in seeking voluntary contributions and any associated support costs expenditure on charitable activities comprises grants made to the PCC ond any associated support costs other expenth'ture represents thos¢ it¢ms not falling inl0 any oth¢r h¢adm8 (g) Support LIXTL$ Support costs are those functions that assist the work of the Trust but do not directly undertake charitable activities. The Trust incurs minimal support Costs. (h) Fund L7LLoun¢ing Genernl funds are unrestn'cled funds which are available for use at the discretion of the Trusteeg in furtherance of the general obJ¢¢ty'ves of the Trust and which have not been designated for other purpos￿. Restriclcd funds are funds which are lo b¢ uscd in accordance with specific restrictions imposed by donors or which have been ratsed by the Trust for particular purposes. (i) Inveslmenls Investments r￿ognISed initially at fair value which is nOM￿lIY the transaction price excluding transaction cosls. Subsequently. they are me88ured at fair vAlue, being the mid-market nel asset valuation, with changes recognised in 'net gains (losses) on investments, in the Statement of Financid Activities if the shares thre publicly trdded or their fair value can otherwise be measured reltably. The income from investments is included in the Statement of Financial Activities when receivable. Realised and unrealised gains and losses on investments are shown separately in the Ststement of Financial Activities. ts) Cash at bank and in hand Cash at bank 2nd in hand includ¢s cash and highly liquid investments with a short maturity of three months or less from thc date of acquisition or opening of the deposit or similar account. ft) Dffhto Debtors ar¢ T¢wgnised at the settlement amount due. (l) Credilors andprovision$ Creditors and provisions are recogmised when the Trust has a present obligation resulting from a past event that will probably rcsult in th¢ transfcr of funds to a third party and thc amount due to settle the obligation can be measured or estin￿ted reliably. Creditors and provisions are recognised at their settlement amollnt. discou¥Jts due. (m) FirtQllLEal inslrumenl. Thc TTUSt ollly has fllREkcial assets and f￿ancial liabilÈts"es of a kind that qualify basic financial instruments Basic financial in&truTn¢nts arc i7titially ￿cOgnIs￿ at transactt.oll valu¢ and subsequently measured at their settlement value. The Trust is an exeTllPt charity withiT] the meaning of schedule 3 of the Charities Act 2011. FIUENDS OF ST MARGARET'S CHURCH DITCHLJNG TRUST Notes to the Accounts For the year ended 31st December 2023 Investment Income 2023 2022 Bank and deposit interest Intcrc5t and dividends 225 11,791 26 12.327 12J53 12,016 Detalls of cert&ln itents tsf expendlture No fees were paid in the CUTr¢nt QT prior year to the independent examiner for reporting on the accounts or for any other seryices. No payinents or reimbursement of out of pocket expenses wer¢ mad¢ to Trustees and no payments wett made to third parties for expenses incurffd by Truste&8 in the CUTr¢nt or prior year. The Trust has no employees and therefore incuTS no staff costs. Investment as$et$ Carrying value at l January 2023 Net gainl(loss) on revaluation Carryxng (market) value at 31 December 2023 430.149 32,683 462,832 Analysts of Investments Income in year Market value at year end COIF Charities Investment Fund COIF Charities Fixed Interest Fund 7,652 4,139 11,791 278.723 184,lQ9 462,832 Debtor5 2023 2022 Amounts f811ing due within one year.. Acc￿ed investment ittcome Income tax receivable Accrued other income Amount due from PCC 3,013 86 3,057 86 io,(H)o 103 3,202 13,143 TrAns4¢tions with relAted parties The Trust has had no transactions with related parties during the current or prior year.