CHURCH CORPORATION TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CHARITY REGISTRATION NUMBER 1051555
CHURCH CORPORATION TRUST CONTENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 11to25
CHURCH CORPORATION TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Legal and Adminlstratlve Detalls 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 D Brassington W J Crooke H M Parker R E Geering Dr S Miller (appointed 9 July 2024> C M Clark, Mrs R Cheriton and S Miller 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 Solicltors: Gilbert Stephens LLP 1 Weslward 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 2024 The GovemorslTrustees present their report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 11 and 12 and comply with Ihe 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 Vl 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 Iwelve Governors during the dissolution of the monasteries Crediton being a Collegiate Church. The purchase was on behalf of and for the benefit of Ihe inhabilants of the Ancient Parish of Crediton (this included Sandford). The Charter confirmed the fact thal Ihe said inhabitants had subscribed and paid £200 for the purchase of the assets of the former Collegiate Church. There are nomially twelve Govemors or Trustees, of which three represenl Sandford, to the present day. The role of the Governors has evolved during this period. It is now principally the upkeep and maintenance of Holy Cross Church, Crediton and the churchyard; the Chancel at St Martin's Church, Exminster- Ihe 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 without any endowment for Iheir 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 Ihe 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 Govemors elected by existing members with 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 Ihe 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 Review General In the year Ihe Governors continued their work of administering the Charity on behalf of the inhabitants 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 commilments, the Governors have tried to build up their free reserves. This relates in particular, to th8 Unrestricted Fund, as shown in the statemant of financial position. The balance of this fund at 31 December 2024 was £87.32912023: £67,001 >.
CHURCH CORPORATION TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Activitles and Revlew (continued) La¢l•S etc The Governors invested into the Church Maintenance Fund. the legacy of £1,000 from the late Mrs F G Davie. received in 2023 and also the funeral colleclion of £520 in respect of the late Jean Yuen. In 2024, the Governors were very pleased to receive a further donation in memory of Jean Yuen from members of the family, in the sum of £1,426.53. Likewise, the Governors were very grateful for a legacy of £4,807.63, from the estate of the late Jean Cope. The last two items will be invested in 2025. Organ House The Organ House continued to be lel to Mr Nick Trott. The rent is £175 per calendar month. Crediton Dairy Ltd The Govemors were delighted to be the beneficiary of charilable donations instituted by their neighbour, Crediton Dairy Ltd. A total of £10,000 was received in amounts of £5,000, in respect of 2023 and ?.024. Principal Expenditure The main item of expenditure in 2024 was.. Churchyard maintenance - £5,700.30 nel (compared to £2,359.18 in 2023). Churchyard maintenance at Holy Cross continues to be a major ongoing expense. In addition, in 2024, the Governors replaced the flat roof of the store, adjoining the Organ House. With some incidental expenditure, the cost was £2,685.00. Restoration Committee This is considered a subcommittee of the Governors and accountable to them. The Governors maintain a significanl represenlation 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 £5,019. Campaign Roof Appeal 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 th8 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 lo be in several phases over a number of years. The balance held by the Restoration Committee as at 31 December 2024, for the roof appeal, was £311,997, including a donalion in 2019 of £50,000 from Kelly Trust (Creditonl. Church House Endowment As menlioned in earlier years, the COIF Investment Fund account in the name of the Organ Loan Repayment Fund was Iransferred into a pennanent endowment in Ihe name of Church House Endowment Fund on 2 January 2014, better to reflect its origin. We were 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 2024 was £127,342. Income from the investment is treated as unrestricled income as was the case with rents from Church House received in earlier years. Changes to Personnel Dr Stephen Miller was elected as a Governor on 9 July 2024. He will be one of the three representatives from Sandford. 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 2024 Actlvllles and Review (Continued) Additional Charities {3) admlnistered by the Governors (not in the 1993 Scheme). The Govemors continued the administration of th8 thr86 Charilies, 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 altending Hayward Charity Scht)ol, Crediton. Grants paid in the year totalled £46.00. The Dunn & Thomas Foundation.. Regislered 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 assistsnce. Grants made in the year totalled £470.00. 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 wilh 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. Permanent 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 Ihe various permanent endowments and designaled 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 inlo the 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 within 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 lo the proceeds
CHURCH CORPORATION TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Activities and Review (continued) Permanent Endowments and Designated Funds {1993 Scheme) As at 31 December 2024, the balances held in respect of the pemianent endowments within the 1993 Scheme were: _ No.1 No.2 No.3 No.4 £668,579 £26,921 £233,786 £185,329 COIF Investment Fund COIF Fixed Interest Fund COIF Investment Fund {formerfy Exminster Capital) Charles Stanley & Co Ltd Personal Portfolio (formerly Exminster Inccffle) As at 31 December 2024. the balance held in respect of d8signaled funds within the 1993 scheme was.. No.2 £33,096 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 placed 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 Ihe 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 2024 and matters were kept under regular review. In 2024 it was again decided not to disturb exisling holdings within CCLA. Our investments perfomied very much in line wilh Ihe market. Financial Policy- ReseNes Whilst the unrestricled balances have improved in recent years, the Governors are limited largely to the income generated by our endowments etc, particularly wilhin the 1993 Scheme. Income cannot be increased from these investments to any greal extent without increasing risk. Financial Policy- Risks Day to day risks are reduced as far as possible by ensuring Ihal three Governors sign all negotiable instruments, 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 wilhdrawals 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). There is a further Governor on the committee. Prior approval of the Governors is required for payments over an agreed discretionary limit. It is fell by the Governors that some authority should be delegated to this committee and its officers, as they are instrumental 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 insurance.
CHURCH CORPORATION TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trustees, Responsibllltles The trustees are responsible for preparing Ihe 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 statemenls for each financial year which give a Irue 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 stalements the trustees are required to: select suitable accounting policies and then apply Ihem consistently., observe the methods and principles in the Charilies SORP,. make judgements and estimales 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 operalion. 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 statemenls comply with the Charities Act 2011 and the Charily (Accounts and Reporls) Regulations 2008. They are also responsible for safeguarding the assets of the charily and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the Governors on . !sl.io.las. and signed on their behalf by: A A White . IUAxNkL H M Parker
CHURCH CORPORATION TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 I report to the trustees on my examination of the accounts of Church Corporation Trust for the year ended 31 December 2024. Responsibillties and basis of r8POrt As the charity Irustees of Church Corporation Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) ofthe Acl. Independent examinerfs statement I have completed my examination. I confinn that no material matters have come to my attention in connection wilh the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the charity as required by section 130 of the Act: or the accounts do not accord with those records- or the accounts do not comply with the applicable requirements conceming the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attenlion should be drawn in this report 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 Honilon Devon EX14 1BJ Date: 11 I lol
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CHURCH CORPORATION TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 Notes 2024 2023 Fixed assets Investments 14 2,015,444 1,942,255 Current assets Debtors due within one year Stock Cash at bank and in hand 15 15,361 10,694 150 221 176,276 9,854 10,689 127 645 148,188 16 Creditors: amounts falling due withln one year 17 Net current assets 135 781 Total assets less current liabilities 2 151 225 2 059 797 Expendable Endowment funds Unreslricted funds Designated funds Restricted funds Permanent Endowment funds 19 20 21 22 23 98,886 87,329 169,549 366,251 1429 210 91,228 67,001 163,969 339,944 1397 655 18 2 151225 2 059 797 Approved by the Governors on . and signed on their behalf by- H M Parker 10
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. Principal accounting policies General Informatlon 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. EX17 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 Praclice 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. Basis of preparation The financial statements have been prepared on the historical cost basis, as modif18d by the revaluation of certain financial assets and liabilities and investment 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 frcm the requirement to produ 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 expectstions of future events that are believed to be reasonable under the circumstances. Income Investment income represents the interest arising on deposits and dividends received. This income has been included on an accruals basis. Donations represent the amounts actually received 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 Expendilure 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. Governance costs comprise all costs incurred in running the charity itself as an organisation.
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. Principal accounting policies {continued) Irrecoverable VAT Irrecoverable VAT is included in the cost of the items reported in the financial slatements. Taxation Under section 505 Income and Corporation Taxes Act 1988 the Charily is exempt from income tax and capital gains tax. Funds accounting Unrestricted funds These comprise those funds which the Governors are free to us@ in accordance with the Charity's objectives. Restricted funds Restricted funds represent those funds that can only be used for particular purposes within the objeds of the charity. Restrictions arise when specified by the donor or when funds are raised for 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 nole 19. Pemianent @ndowment 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 permanenl endowment without the commission's authority. The terms of the endowment may permit assets within the fund lo 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 relevanl cosl information is not available and conventional valuation approaches lack sufficienl reliability. Details of the inalienable and historic assets have been disclosed in nole 13. Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a paty to the contractual provisions of the instrument. Basic financial inslruments are initially recognis8d at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debl instrument. Current assets and current liabililies 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 otherwise be measured reliably, Ihe 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. 12
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2. Investment income Total Funds 2024 Total Funds 2023 Unrestricted Endowment Restricted Funds Funds Funds Permanent Endowment income 1993 Scheme (note 25) Permanent Endowment income Restoration interest Other interest Tax refund 32,645 5,515 12,482 32,645 13.153 12,482 2,310 31,240 12,931 10,885 1,639 7,638 2,310 3. Donations and legacles Total Funds 2024 Totsl Funds 2023 Unrestricted Endowment Restricted Funds Funds Funds Restoration fundraising Other Legacies 11,426 3,477 14,903 3,222 4. Festival income Total Funds 2024 Total Funds 2023 Unrestricted Endowment Restricted Funds Funds Funds Annual summer festival Christmas tree festival 1.678 1,678 5. Other income Total Funds 2024 Total Funds 2023 Unrestricted Endowrnent Restricted Funds Funds Funds Rent received Wayleave received Administralion charge for 3 administered charities Sundry receipts 2,100 2.100 27 1,582 27 27 225 225 225 535 6. Cost of other trading activities Total Funds 2024 Totsl Funds 2023 Unrestricted Endowment Restricted Funds Funds Funds Cost of shop sales Fundraising Costs Festival expenses: Annual summer festival Christmas tree festival 1,615 1,615 1,896 1.059 1,059 13
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7. Grants payable Total Funds 2024 Total Funds 2023 Unrestricted Endowment Restricted Funds Funds Funds QECC (Exhibition Foundalion) Tuckfield United Schools PCC Credilon 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 Exminster Reclor of Sandford Posbury Bodley and Elston St Boniface, Knowle 1,423 1,423 1,553 418 292 292 338 73 176 33 33 400 200 250 200 33 33 400 200 250 200 36 36 400 200 250 200 102 2,873 8. Support costs Total Funds 2024 Total Funds 2023 Unrestricted Endowment Restricted Funds Funds Funds Rent Insurance Churchyard and car park St Lawrence Church repairs Organ refurbishmenvrepairs Exminster Glebe Church fabric Heritage Project Organ House roof repairs 18,929 6,417 18,929 6.417 378 1,087 320 75 2,821 17,555 2.886 378 1.087 337 160 75 483 3,650 320 75 2.821 During the year the charity paid £31912023.. £3191 for Trustee Indemnity Insurance. 14
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 DECEMBER 2024 9. Governance costs Total Funds 2024 Total Funds 2023 Unrestrfcted Endowment Restricted Funds Funds Funds Clerk to Governors Accountancy Payroll costs Prof8ssional f88s Sundry expenses Bank charges Advertising 1,131 4,616 156 1,131 4,616 156 1,367 3,924 197 175 105 66 69 75 53 122 75 No employee {2023: none) received emoluments over £60,000 in the year. 10. Accountancy fees 2024 2023 Independent examination Accounlancy Olher 2,058 2,558 1,962 1,962 11. Trustees, remuneration and expenses Trustees received no remuneration (2023: £nil) and were not reimbursed for any of their expenses in the year (2023: £nil).
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CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Fixed assets The Charity owns the following assets which are not included in the balance 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 Boniface Church, Knowle, near Copplestone. Crediton. St Lawrence Chapel, Threshers, Crediton. All of the churches are maintained to a good standard by the charity and are current places of worship. The Charily 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 2024 2023 Analysis of change in investments during year Valuation at 1 January Additions Disposal proceeds Net gainsl{losses) Valuation at 31 December 1,942,255 31,530 1,800,349 4,500 137 406 15. Debtors due within one year 2024 2023 Gift aid and tax reclaimable Interest receivable Shop takings Other debtors 1.064 297 1,104 16. Cash at bank and in hand 2024 2023 Natwest Bank - Current Account Natwest Bank - Business Reserve Account CBF Church of England - Deposit Fund Accounl Natwest Bank - re Restoration Committee Current Account Natwest Bank - re Restoralion Commiltee Deposit Account Cash in hand - re Restoration Committee 6,000 91,677 25,000 5,493 22,051 11,955) 67,365 25,000 37,124 111 17. Creditors 2024 2023 Money held by the Governors and owed to charities administered by them (note 24) Monies due in line with th8 1993 scheme (note 26) Other creditors Accruals 16,241 16,018 4,120 12,495 13,789 438 18
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CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMEbrrs FOR THE YEAR ENDED 31 DECEMBER 2024 24. Charltles administered by the Governors (not in the 1993 Scheme) Benjamin Wood Cleave {Charity Reg. No. 254009) 2024 2023 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 1,774 1.749 75 1,699 75 1,674 3,138 7,118 Money held by governors (see below) COIF inveslment Assets held at 31 December 7,267 5,568 Benjamin Cleave re. Haywards (Charity Reg. No. 3067611 2024 2023 Investment income Grants paid Adminislralion charge Net incoming resources Gainl(loss)on investments Net movement in funds Balance at 1 January Balance at 31 December 1,174 146) 75 1,053 953 2,006 1,158 75 1.083 4.686 Money held by govemors {see below) COIF investment Assets held at 31 December 4,154 3,101 Dunn & Thomas Foundation (Charity Reg. No. 306655) 2024 2023 Investment income Grants paid Administration charge Net incomlng resources Gainl(loss) on investments Net movement in funds Balance at 1 January Balance at 31 December 1,539 (470) 75 994 1,518 {220) 1,223 2,243 5,948 Money held by govemors (see below) COIF investment Assets held at 31 December 4,820 3,826 2024 2023 Total monles held by the govemors and owed to charitles administered by them (note 17> 23
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 25. Share of permanent endowment Income under 1993 scheme 2024 2023 Endowment Income Less: Insurance Crediton repair fund Exminsler repair fund Clerk's honorarium Clerk's expenses Accountancy and examination 32,645 31,240 {18,929) {3,200) (800) {1.117) (170) (17,555) (3,200) (800) (1,367) (197) Balance to be distributed 7120th to Crediton Educational Foundation (QECC) 1,423 1,553 13120. Divided 5 % Relief in need.. Crediton Exminster Sandford 66 33 33 72 36 36 132 144 Vicar of Crediton Assistant Clergy Rector of Exminsler Rector of Sandford 400 200 250 200 400 200 250 20 1,050 1,050 800/0 Balance for Crediton 20 % Balance for Exminster 1,168 292 1,352 338 24
CHURCH CORPORATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 26. Creditors due in Ilne wlth the 1993 Scheme 2024 2023 Crediton Educational Foundation (QECC) 2021 bal 2022 2023 2023 2024 28 1,891 {2,028) 1,553 28 1,891 (2,028) 1.553 2,867 Relief in need Exminster 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 bal 2023 2024 71 60 57 47 59 48 41 44 36 36 33 76 645 - Sandford 2021 2022 2023 2024 44 36 36 33 167 20% Balan for Exminster 2016 bal 2017 2018 2019 2020 2021 2022 2023 2024 65 634 407 336 321 608 457 338 292 65 634 407 336 321 608 457 338 3,458 3,166 Diocese re Clergy Stipends 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 1,050 1,050 25