CHURCH CORPORATION TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITY REGISTRATION NUMBER 1051555
CHURCH CORPORATION TRUST CONTEtrrrs FOR THE YEAR ENDED 31 DECEMBER 2023 Page Trustees, Annual Report 1to5 Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities 8&9 Statement of Financial Position 10 Notes to the Financial Statements 11 to25
CHURCH CORPORATION TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Legal and Administrative Details Governing documents: Charter of Edward Vl 1547 Scheme of High Court 1852 as varied by subsequent schemes Charity Commission Scheme 151090 sealed 30 December 1993 Draft Charity Commission Order 181805 of 2000 (subsequently approved) Charity registration: 1051555 Working name: The registered name of the Charity is Church Corporation Trust The working name of the Charity is Crediton Church Corporation Principal address: Clerk to the Governors Crediton Church Corporation Clo Parish Office Boniface Centre Church Lane Crediton Devon EX17 2AH GovernorslTrustees: A A White C M Clark Miss C S Nicholl JDWard G J Mortimer E J Heard Mrs R Cheriton J King D Brassington W J Crooke H M Parker R E Geering (resigned 10 October 2023) {appointed 10 October 2023) C M Clark, Mrs R Cheriton and J King (to 10 October 2023} are the three Governors representing Sandford. The Charity's professional advisers are as follows: Independent examiner: N Smy ACA Westcotts {SW) LLP Chartered Accountants Queens House, New Street Honiton EX14 1BJ Solicitors: Gilbert Stephens LLP 1 WeSrd Business Centre Mill Street Crediton EX17 1HB Bankers: National Westminster Bank plc 59 High Street Exeter EX4 3DL Investment managers: Charles Stanley & Co Limited Broadwalk House Southernhay West Exeter EX1 1TS CCLA Fund Managers One Angel Lane London EC4R 3AB
CHURCH CORPORATION TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Governorstfrustees present their report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out on pages 11 and 12 and comply with the Charity's governing documents. applicable law and the requirements of 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. Charity Objectives The original objects of the Corporation under the Charter of Edward VS were the furtherance of divine worship and the education of boys. This followed the purchase of the Church of the Holy Cross and its assets by the twelve Governors during the dissolution of the monasteries Crediton being a Collegiate Church. The purchase was on behalf of and for the benefit of the inhabitants of the Ancient Parish of Crediton (this included Sandford}. The Charter confimed the fact that the said inhabitants had subscribed and paid £200 for the purchase of the assets of the fomier Collegiate Church. There are normally twelve Govemors or Trustees, of which three represent Sandford, to the present day. The role of the Governors has evolved during this period. It is now principally the upkeep and rna1ntenan of Holy Cross Church, Credilon and the churchyard; the Chancel at St Martin's Church, Exminster. the upkeep of St Lawrence Chapel, Crediton and a similar responsibility for St Boniface Church, Knowle, Crediton. The freeholds of St Lawrence Chapel and St Boniface Church are vested in Crediton Church Corporation but thout any endowment for their upkeep. Under the Charity Commission Scheme 151090 sealed 30 December 1993 financial support is provided to Q. E. Educational Foundation (Charity no. 1059656) and via the Diocese a contribution is made to the stipends of the Clergy of Crediton, Sandford and Exminster. There is also a provision for poor relief in these areas. The Governors also handle the affairs of three associated charities whose accounts are included herein. These are principally for poor relief or educational purposes. Under the will of the late John Alan Kelly, the Corporation received a substantial legacy in 200412005. This was initially administered within the Corporation but as of 1 January 2007 a separate charity, Kelly Trust (Crediton), Charity Commission no.. 1116644 was set up and the balances held in respect of the legacy were transferred to the new Trust. Appointment of Governors In all, there are normally 12 Governors elected by existing members wth no time limit on their tenure in office. Nominees are normally recommended by an existing Governor and approved by all members. Where a vote is required, this is undertaken in accordance with the procedure adopted in the minute of 8 December 1835. All Governors are expected to live within the parishes of Crediton and Sandford {the Ancient Parish of Crediton). The ratio of nine Governors from Crediton and three from Sandford is maintained. Activities and Revlew General In the year the Governors continued their work of administering the Charity on behalf of the inhabitsnts of Crediton and Sandford including the provisions of the Charity Commission Scheme of 1993 no.151090. In addition, the Governors continued to administer the three associated charities as detailed below and herein, together with sundry endowment funds held in trust. In recent years, besides fulfilling their regular Commitments, the Governors have tried to build up their fr reserves from a very low base. This relates in particular, to the Unrestricted Fund, as shown in the statement of financial position. The balance of this fund at 31 December 2023 was £67,001 {2022.' £52,821).
CHURCH CORPORATION TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Activities and Review (contlnued) Legacy The Governors were pleased to receive a legacy of £1,000 from the Estate of the late Mrs F G Davie. Organ House The Organ House was let to a new tenant, Mr Nick Trott, from April to be used as office space. The lease is for 3 years with an 18 month break clause. The rent is £175 per calendar month. Principal Expenditure The main item of expenditure in 2023 was.. Churchyard maintenance - £2,359.18 net (including £906 relating to work on trees) Churchyard maintenance at Holy Cross continues to be a major ongoing expense, although in 2023 it was g¢)od deal less expensive than in recent years. Restoration Committee This is considered a subcommittee of the Governors and accountable to them. The Governors maintain a significant representation on the committee and their accounts are incorporated herein. Fund-raising has not returned to pre-covid levels but the Christmas Tree festival, in particular, was very successful realising a surplus of £5,401. Campaign RoofAppeal In the Quinquennial Report carried out in February 2014, it was reported that the lead roofs were reaching the end of their useful life and would need replacing. Total cost would be in the region of £1.5 million. On 3 May 2014, the Campaign Roof Appeal was launched by the Restoration Committee, formerly the Fabric Fundraising Committee, with a view to seeking suitable grants and commencing local fundraising. It was realised that the work would have to be in several phases over a number of years. The balance held by the Restoration Committee as at 31 December 2023, for the roof appeal, was £291,350, including a donation in 2019 of £50,000 from Kelly Trust (Crediton). Church House Endowment As mentioned in earlier years, the COIF Investment Fund account in the name of the Organ Loan Repayment Fund was transferred into a permanent endowment in the name of Church House Endowment Fund on 2 January 2014, better to reflect its origin. We weE required by the Charity Commission to build up an investment of £80,050 over 40 years, maximum, to replace the sale proceeds of Church House - these funds helping to finance repairs to the organ in 2001. The target was finally met in February 2016 and the value of the fund at 31 December 2023 was £124,529. Income from the investment is treated as unrestricted income as was the case with rents from Church House received in earlier years. Changes to Personnel Mr Rupert Geering was elected as a Governor on 10 October 2023. Mr James King resigned for health reasons as of 10 October 2023 and was thanked for his years of servi Basis of preparation of the accounts The financial statements have been prepared on an accruals basis in line with previous years.
CHURCH CORPORATION TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Activities and Review (continued Additional Charities13) administered by the Governors (not in the 1993 Scheme). The Governors continued the administration of the three Charities, approving grants where appropriate and retaining the unspent income for the benefit of the Charity andlor future applicants. Full details of this year's transactions are shown in note 24. The Charities are: Benjamin Wood Cleave.. Registered Charity number.. 254009 Objects.. The relief of persons resident in the Parish of Crediton who are in conditions of need, hardship or distress either by gifts in kind or grants of money. Benjamin Cleave (Haywards).. Registered Charity number.. 306761 Objects.. To clothe children attending Hayward Charity School, Crediton. The Dunn & Thomas Foundation: Registered Charity number.. 306655 Objects.. Promoting the education of boys and girls who are resident in the area of the Ancient Parish of Crediton and who are members of the Church of England and who are in need of financial assistance. Grants made in the year totalled £220 - to "Open the Book" ie educational purpose. Expendable Endowments (1993 Scheme) Exminster Church (Chancel Repair Fund) £800 is transferred each year to the fund in line with the 1993 Scheme and is available to be spent in accordance with the scheme. Crediton Church Repair Fund £3,200 is transferred each year to the fund in line with the 1993 Scheme and is available to be spent in accordance with the scheme. Pernianent Endowments and Designated Funds (not in the 1993 Scheme) The Governors paid over or retained on behalf of the beneficiaries, income received in respect of the various permanent endowments and designated funds, in line with the financial statements. Exminster School Site Monies (site sold 1987) With the knowledge of the Charity Commission and after taking extensive legal advice in 2007, the Governors agreed to transfer the funds held in respect of the above into Ihe Corporation's permanent endowments within the 1993 Scheme. The capital balance held was transferred to a COIF Investment Fund and the interest accruing invested in a Discretionary Portfolio with Charles Stanley & Co Ltd. Income from these investments is treated as income wthin the 1993 Scheme. The Governors agreed to take out additional indemnity insurance to protect themselves in the unlikely event of someone coming forward with a better title to the proceeds
CHURCH CORPORATION TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Activities and Review (continued) Permanent Endowments and Designated Funds (1993 Scheme) As at 31 December 2023, the balances held in respect of the permanent endowments within the 1993 Scheme were: . No.1 No.2 No.3 No.4 £653,809 £26,122 £228,621 £181,493 COIF Investment Fund COIF Fixed Interest Fund COIF Investment Fund (formerly Exminster Capital} Charles Stanley & Co Ltd Personal Portfolio (formerly Exminster Income) As at 31 Dernber 2023, the balance held in respect of designated funds within the 1993 scheme was: No.2 £32,115 COIF Fixed Interest Fund Financial Policy- Investments Capital monies have, for many years, been held in the COIF Charities Investment Fund, the Fixed Interest Fund or on COIF Deposit Account. Where it is anticipated the capital will never be called upon, the monies have usually been plad in the Investment Fund where there should be an element of capital appreciation in addition to income over the long term. In order to spread the risk, the Exminster funds were invested partly in COIF and partly in a Discretionary portfolio (since switched to a Personal Portfolio) with Charles Stanley & Co Limited. Members of the Finance Committee met regularly in 2023 and matters were kept under regular review. In 2023 it was again decided not to disturb existing holdings within CCLA. Our investments performed very much in line with the market. Financial Policy - Reserves Whilst the unrestricted balances have improved in recent years, the Governors are limited largely to the income generated by our endowments etc, particularly within the 1993 Scheme. Income cannot be increased from these investments to any great extent without increasing risk. Financial Policy- Risks Day to day risks are reduced as far as possible by ensuring that three Governors sign all negotiable nstruments, that Governors ensure they know the background to all cheques, etc. they sign and that on no account are cheques lo be signed blank. As regards the Restoration Committee account, all withdrawals have been signed by the Treasurer of the Committee, together with the Chairman or Secretary (their Chairman is a Governor and their Secretary is also Clerk to the Church Governors). Prior approval of the Governors is required for payments over an agreed discretionary limit. It is felt by the Governors that some authority should be delegated to this committee and its officers, as they are instrumentsl in raising their income. The Governors have taken the precaution of purchasing Trustee Indemnity Insurance in respect of any personal liability. It is believed that all other risks are covered by our general insurano.
CHURCH CORPORATION TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Law applicable to Charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records which are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the Governors on .... and signed on their behalf by.. A A White H M Parker
CHURCH CORPORATION TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 I report on the financial statements for the year ended 31 December 2023 which comprise the statement of financial activities, statement of financial position and the related notes. Respective responsibilities of trustees and independent examlner The Charity's Trustees are responsible for the preparab'on of the financial statements. The Charity's Trustees consider an audit is not required for this year under section 144{2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to: (i) examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the General Directions given by the Charity Commission (under section 14(5}(b) of the Charities Act), and to state whether particular matters have come to my attention. Basis of independent examlner's statement My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examiner's statement In connection with my examination, no matter has come to my attention.. {1) which gives me Easonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 130 of the Charities Act,. and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act have not been met: or (li) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. N Smy ACA Independent Examiner Westcotts (SW) LLP Chartered Accountants & Business Advisors Queens House Honiton Devon EX14 1
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CHURCH CORPORATION TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 Notes 2023 2022 Fixed assets Investments 14 1,942,255 1,800,349 Current assets Debtors due within one year Stock Cash at bank and in hand 15 9,854 10,689 8,246 11,280 97 117,128 16 148,188 Creditors: amounts falling due within one year 17 Net current assets 117542 Total assets less current liabilities Expendable Endowment funds Unrestricted funds Designated funds Restricted funds Permanent Endowment funds 19 20 21 22 23 91,228 67,001 163,969 339,944 97 79,455 52,821 150,467 321,294 1287 450 18 Approved by the Govemors on . e I Ic IzLt......... and signed on their behalf by: H M Parker 10
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 1. Principal accountlng policies General inforniation The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is Boniface Centre, Church Lane, Crediton, Devon, EXI 7 2AH. Statement of compliance 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 Iland (FRS 102) (Charities SORP (FRS 1021) and the Charities Act 2011. Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of rtain financial assets and liabilities and investrnent properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Disclosure exemptions The charity has taken advantage of the exemption in FRS102 from the requirement to produce a cashflow statement because it is a small charity. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Income Investment income represents the interest arising on deposits and dividends reiVed. This income has been included on an accruals basis. Donations represent the amounts actually reiVed by the charity from donors during the year. along with any tax recoverable. Legacies are included when the Charity is advised by a personal representative of an estate that payment will be made and the amount can be quantified. Expenditure Expenditure is included on an accruals basis and incorporates provisions for known liabilities where the costs can be predicted. Grants payable are charged in the year when the offer is conveyed to the recipient. Cost of generating funds comprise those costs directly attributable to raising shop and festival income. Support costs comprise costs associated with the upkeep and maintenance of the church. Governan costs comprises all costs incurred in running the charity itself as an organisation. 11
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1. Principal accounting policies (continued) Irrecoverable VAT Irrecoverable VAT is included in the cost of the items reported in the financial statements. Taxation Under section 505 Income and Corporation Taxes Act 1988 the Charity is exempt from income tax and capital gains tax. Funds accounting Unrestricted funds These comprise those funds which the Govemors are free to use in accordance with the Charity's objectives. Restricted funds Restricted funds represent those funds that can only be used for particular purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised ft)r particular restricted purposes. The Charity has a number of restricted funds and these are shown in note 22 to the financial statements. Expendable endowment funds These endowment funds represent assets which are expendable, a transfer is made each year to each of the funds from unrestricted funds as per the 1993 Scheme etc. See note 19. Permanent endowment funds Property of the charity (including land, buildings, cash or investments) that the trustees may not spend as if it were income. It must be held permanently, sometimes to be used furthering the charity's purposes, sometimes to produce an income for the charity. The trustees cannot nomially spend permanent endowment without the commission's authority. The terms of the endowment may pemit assets within the fund to be sold and reinvested, or may provide that some or all of the assets are retained indefinitely (for example. in the form of a particular building). See note 23. Investments Investments are stated at market value. Inalienable and historic assets Inalienable and historic assets have not been capitalised as relevant cost infomiation is not available and conventional valuation approaches lack sufficient reliability. Details of the inalienable and historic assets have been disclosed in note 13. Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount r1Vable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is cogniSed at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares or preference shares are publicly traded or their fair value can othetwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2. Investment Income Total Funds 2023 Total Funds 2022 Unrestrlcted Endowment Restrlcted Funds Funds Funds Permanent Endowment income 1993 Scheme (note 25) Permanent Endowment income Restoration interest Other interest Tax refund 31,240 5,430 10,885 31,240 12,931 10,885 1,639 31,671 12,872 2,974 270 7,501 1.639 3. Donations and legacies Total Funds 2023 Total Funds 2022 Unrestricted Endowment Restricted Funds Funds Funds Restoration fundraising Other Legacies 3,222 3,222 4.352 4. Festival income Total Funds 2023 Total Funds 2022 Unrestricted Endowment Restricted Funds Funds Funds Annual summer festival Christmas tree festival 1,130 389 5. Other income Total Funds 2023 Total Funds 2022 Unrestricted Endowment Restricted Funds Funds Funds Rent received Wayleave received Administration charge for 3 administered charities Sundry receipts 1,582 1,582 27 1,043 27 27 225 225 225 529 700 6. Cost of other trading activities Totsl Funds 2023 Total Funds 2022 Unrestricted Endowment Restricted Funds Funds Funds Cost of shop sales Fundraising costs Festival expenses.. Annual summer fests'val Christmas tree festival 1,896 1,898 278 13
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 7. Grants payable Totsi Funds 2023 Total Funds 2022 Unrestricted Endowment Restricted Funds Funds Funds QECC (Exhibition Foundation) Tuckfield United Schools PCC Crediton PCC Exminster PCC Yeoford Tuckfield Episcopal School Relief in need - Crediton Relief in need- Exminster Relief in need - Sandford Vicar of Crediton Assistant Clergy Rector of Exrninster Rector of Sandford Posbury Bodley and Elston St Boniface, Knowle 1,553 418 1,553 418 1,891 407 200 457 71 338 73 176 338 73 176 36 36 400 200 250 200 102 2.873 400 200 250 200 102 2,873 35 400 200 250 200 99 2,798 8. Support costs Total Funds 2023 Total Funds 2022 Unrestricted Endowment Restricted Funds Funds Funds Rent Insuran Churchyard and car park St Lawrence Church repairs Organ refurbishmenvrepairs Exminster Glebe Church fabric Heritage Project 100 17,033 5,555 3,050 11,538 1,010 50 4,982 17,555 2,886 17,555 2,886 337 337 160 75 483 160 75 During the year the charity paid £319 (2022: £319) for Trustee Indemnity Insurance. 14
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 DECEMBER 2023 9. Governance costs Total Funds 2023 Total Funds 2022 Unrestricted Endowment Restricted Funds Funds Funds Clerk to Governors Accountsncy Payroll costs Professional fees Sundry expenses Bank charges Advertising 1,367 3,924 197 1,367 3,924 197 175 105 66 1,242 4,074 180 130 399 175 105 66 No employee {2022'. none) received emoluments over £60,000 in the year. 10. Accountancy fees 2023 2022 Independent examination Accountancy Other 1,962 1,962 2,037 2,037 11. Trustees. remuneration and expenses Trustees received no remuneration (2022: £nil) and were not reirnbursed for any of their expenses in the year {2022- £nil). 15
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CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 13. Fixed assets The Charity owns the following assets which are not included in the balan sheet as they are considered Inalienable Assets. Church of the Holy Cross, Crediton purchased on behalf of the citizens of Crediton and Sandford for £200 in 1547. St BOn1fa Church, Knowle, near Copplestone. Crediton. st Lawren Chapel, Threshers. Crediton. All of the churches are maintained to a good standard by the charity and are current places of worship. The Charity owns various heritage assets for which no market value nor cost value has been established, as such these assets are not included in the balance sheet. 14. Fixed asset investments 2023 2022 Analysis of change in Investments during year Valuation at 1 January Additions Disposal proceeds Net gainsl(losses) Valuation at 31 December 1,800,349 4,500 2,003,269 7,552 {366) 210 1C6) 15. Debtors due within one year 2023 2022 Gift aid and tax reclaimable Interest receivable Prepayments Other debtors 1,104 622 16. Cash at bank and in hand 2023 2022 Natwest Bank- Current Account Natwest Bank - Business Reserve Account CBF Church of England - Deposit Fund Account Natwest Bank - re Restoration Committee Cash in hand - re Restoration Committee (1,955) 67,365 25,000 37,124 111 1,543 49,905 25,000 21,154 17. Credltors 2023 2022 Money held by the Governors and owed to charities administered by them (note 24) Monies due in line with the 1993 scheme (note 26) Other creditors Accruals 12,495 13,789 438 8,515 12,804 933 18
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CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMETrTrs FOR THE YEAR ENDED 31 DECEMBER 2023 24. Charities administered by the Governors (not in the 1993 Scheme) Benjamin Wood Cleave (Charity Reg. No. 254009) 2023 2022 Investment income Grants paid Administration charge Net incoming resources Gainl(loss) on investments Net movement in funds Balance at 1 January Balance at 31 December 1,749 1,742 {750) 75 917 75 1,674 7,118 62 165 (6,748) Money held by govemors {see below) COIF investment Assets held at 31 December 5,568 3,894 Benjamin Cleave re. Haywards (Charity Reg. No. 306761) 2023 2022 Investment income Grants paid Administration charge Net incoming resources Gain/{loss)on investments Net movement in funds Balance at 1 January Balance at 31 Decembor 1,158 1,071 {197) 75 799 75 1,083 4,686 {4,087) Money held by govemors (see below) COIF investment Assets held at 31 December 3,101 2,018 Dunn & Thomas Foundation (Charity Reg. No. 306655) 2023 2022 Investment income Grants paid Administration charge Net Incomtng resources Gainl(loss) on investments Net movement in funds Balance at 1 January Balance at 31 December 1,518 (220) 75 1,223 1,429 {400) 954 5,948 172 15,511) 58 683 Money held by governors (S below) COIF investment Assets held at 31 December 3,826 2,603 50 569 2023 2022 Total monies held by the governors and owed to charltles admlnistered by them (note 17)
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 25. Share of pernianent endowment income under 1993 scheme 2023 2022 Endowment Income Less: Fee farm rent Insurance Crediton repair fund Exminster repair fund Clerk's honorarium Clerk's expenses Accountancy and examination 31,240 31,671 (100} {17,033) 13,200) (800) (1,242> {194) 699 (17,555) {3,2001 (800) (1,367) (197) 26 268) Balance to be distributed th 7120 to Crediton Educational Foundation {QECC) 1,553 1,891 13120YI Divided 5 % Relief in need: Crediton Exminster Sandford 72 88 144 176 Vicar of Crediton Assistant Clergy Rector of Exminster Rector of Sandford 400 200 250 200 400 200 250 200 1,050 1,050 80Yo Balance for Crediton 209/0 8alance for Exminster 1,352 1,829 457
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 26. Creditors due In Ilne with the 1993 Scheme 2023 2022 Crediton Educational Foundation (QECC) 2021 2022 2023 2023 28 1,891 {2028) 28 1,891 1,919 Relief in need Exminster 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 71 71 60 57 47 59 48 44 41 60 57 47 59 48 41 36 645 609 Sandford 2021 2022 2023 54 36 134 98 200/0 Balance for Exminster 2016 bal 2017 2018 2019 2020 2021 2022 2023 65 634 407 336 321 608 457 338 65 634 407 336 321 608 457 3,166 2,828 Diocese re Clergy Stipends 2016 2017 2018 2019 2020 2021 2022 2023 1,050 1,050 1,050 1,050 1,050 1,050 1,050 1.050 1.050 1.050 1,050 1,050 1,050 1,050 25