Somerset Churches Trust Trustees Report and Unaudited Accounts For the year ended 30 June 2024 Registered Charity number: 1055840 Somerset Churches Trnst Reference and Athninislrative Info￿ation NAME.. Somerset Churches Trust REGISTERED CHARITY No. 1055840 ADDRESS: cjo Flourish Ho Cathedrdl Park Wells Somerset BA5 IFD WEBSITE.. www.somersetchurchestrusLorg BANKERS: National Westsninster Bank pl¢ The Commons Shafiesbury tknrset SP7 8JY CCLA Investment Management Ltd 80 Cheapside LAyndon EC2V 6DZ CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME194TA United Trust Bank Limited One Ropemaker Street London EC2Y 9A W TRUSTEES.. The Tn￿ are listed in the appended Trustees, Report SECRETARY: {Vacancy) rNDEPENDENT EXAMINER: Roland J. Adamson BA FCA OBJECTS: The Tntst is an independent non4lenominational body to raise money and make grants for the preS￿Vation and repair of churches and chapels in the historic county of Somerset. It also exists to encourage greater interest and involvement by all members of the wmmunity. whether churchgoing (r nol in the magnificent heritage of religious buildings in the wunty. Chairman's st8tement (trn the a¢tivitie5, aehievernents future plan5 of thc Trusl Somer5et Churches T￿st "keepine Somerset s churches and Cha￿18 aliN'c" This is thL Tru5t'5 "slraplint and Is a Llear atement ot our ruison d elre. In this 'post-IiJikdown' erd. IheT¥" i)l- thinos slartini7 lo return t(} 'nOT]iialiti 'lhe g¢iieral feeling is that panshes (predominanill rurnl) in &ini¢rsci aTe concentrdtsng i)n artii ¢1), huilding ¢n¥Tdbiem¢nt 14 Ith parishioners m their own commllnrties Local people being aclively engaged M iih their own parisli LoiDmunitiC5 has EK'en ihe of parish life for centurie5 This is it 8hould b¢ but ¢tssumes fpr¢aiLr IificanLC In Il)e ¢￿￿￿nI challenning economiL ciivifoiimeni M'here iliurches and chapels fac¢ Incre&sing costs and pa} Ing their sh this is di.%¢ippointing as M'e note some Oth￿ Lwty trusts rnise over £ I OU.OIXI pa. As part of 'keepiTrg Somerset's Churches and Chapels ali%e. Ive oiir.small rcsouFC¢S lo 'pump priiTJe fiindrnigino effnrts its facilitate works io ¢hurLhes and chapel% - Ilie l-nJ.81 its r¢wurLes iil-LoinmitlLd voluiitecr £Ls*s%iirs IL7 apprdise projects This is of cspccial valu¢ because, arnied ￿ iih our as5e55m¢nl aiicl a tangible granL pro.ject mana¥?¢r can approach major sourc¢5 of finance (whi) look al applicwions on paperl(x)line) with rLal evidenc¢ and verificati(?n l(J support their requests. In ?023Q024. the Trusi awanled ) granL8 totsllin4 £5,(KiO. In keeping with our ra150n d'èlre. Philip Skelhorn o￿Tants¥￿1 ali excepliihnal 5erie4 Of Chur¥h Craivls Al the )013 Annual Meetsn¥. we wcry Ircaied to Williain Newsom b ' %i?mLYS¢t L hiirche5 MO￿ than Ju%1 Inighih. tower5 ccScbratiDn of Snmerset church tuwerb. spires and bellcotes ill all their Vside vanelv Building i?n this, we arL' preparing g lull programme for ?025 We have rtady a programme of visits, organised bv a dedicated team to provide 8 balance of opFKirtunities in learn Inore about our historic churches and chapels. The Tru5t¢es" objeciive fnr the next 25 ye8TS is to continue lo keep Som¢rs¢t' rches chapels Jlive. l am most grateful to them. and all involved. for their SUPTK>rt and commithient. mer, 21 Deeember 2024 TRL'STELS REPORT FOR THE YEAR F.NDED ￿ JUNE 2024 The Tn￿teeS are pleased io preseni their reFrfffi and ￿OInts fv the Y￿ qmkd 30 June 2024. The Tn￿e¢S C{￿fiM) that ihej have Complic￿ ivith iheir duty. under the Chantics :. 01 I ￿ hav¢ due ￿'4￿d fly guithce published by the L￿nmI&S1o￿ on public Ixilelil. TRUSTF.ES as at 30 June 2024 (in alpbatthal order of surname) Brown Bob Croft Ven. Simoll Hill Jane Street {since 27 Februurv 2024) Dr.4xel Palmer (Chairman) Philip %kelhi)rn Anlhnn). Sutcliffe Wc wvre pleascd to M'elcomL Mrs Jane SirLYI a new Trustee In Febru￿ ?024. STRu￿uRE. GOVERNANCE AND MANAGEMENT (iC)VERNINCI ￿Um The Trnsl Is uv{?vemed bi. I'rust D¢ed dated 9 Ma>.. 1996 ()n l January ?014 the nwne i)f the T[U￿ changoj troiii "Frierbd% of &)Inerset (..hiI￿hL￿ and Chapels lu-%)mLYsei LhurLhL% Tn￿1. RECRIJITMENT AND APPnlNfMF.NTQFTRUSTEES The 'fnisie¢s are 4PkX)Jnied tor an Iniii(Il lenn ol. live ve#Th which Is then rcnewtble for up ID two fwther i(This of ihrce years eaLh I'OW'LY uf uprM)illiineni 18 ￿t￿ll.￿ In the Trumtts having regiird to Ehe dTfferenl %killb arid hack¥Fn)ui)d.4 Ili' swcificallv drmaled lo Create a c8Pltal tiiiyl on which In¢()me aTrs￿g will Ix u$L￿ lor Ihe purtKW s￿ In no* $ paqe 7 monRs Invested in the Charitl¥Tr ()￿￿cIal Invesnxenl und. l)eha tlie Tru.Itee l.'hai*tnJn 21 I)ecem￿r 21tr24 PMgt3 Independent examiner's rew>rt to the Tn￿ of Somerset Churehes Trust I report on the accounts of the Trust for the year ended 30 JuDe 2(r24. which are set out on pages 5 to 8. Respective responsibilities of Trustees and E￿Miner The charity's trustees ar¢ responsible for the prepa￿tIOn of the aco)unts. The chty's In￿tee5 consider that an audit is not required for this year under section 144 of the Chartties Act 2011 (the Charities Act) and that It is my responsibility to- examine the accounts under Wion 145 of the CbaTities A¢ follow the procedures laid do￿Tr in the general Directions ￿Ven by the Charity Commission (under section 145(5)(b) of the Charities Act: and state whether particular matters have come io my attentio Basis of independent examiner's report My examination was carried out in accordanrx with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kepi by the Charity and a comparison of the accounts presented with those reconts. It also includes ¢oDsideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures uDdertaken do not provide all the evidence that would be requtred in an audiL and consequently no opinion is given as to whether the accounts present a true and fair view and the reFK)rt is limited to those matters set out in the ststement below. Independent examiner's statement In connection with my examinats'on, no matter has come to my attention: (i) which gives me reasonable cause to believe thal in any material respect the requirements.. to keep accounting records in xcordance with section 130 of the Charities Act. and to prepare accounts. which with the accounting records and compty with the accounting requirements of the Charities A have not b¢en rnel. or {2) to which, in my opinion, attention should be dra￿ in order to enable a proper understanding of the accounts to be reached. Roland J. Adamson BA FCA Chartered Accountsnt 45 Shgko8pear¢ Avenue Bath BA2 4RG December 2024 Somerset Churches Trust Receipts and Paymellts Aceount for the Year Ended 30 June 2024 Unrestricted Designated Endowm¢ot nds fuDds funds Total funds 2023 RECEIPTS Subseriptions including tax relief on subscriptions 16278 16278 17,568 Donations L£gacies (see note 3) General (inc tsx reliefj 45651 2.501 Interest and dividends Deposit account interest Investment income 3A24 973 3.424 973 1.314 969 Events 2023 Ride+Stride (inc t&x reliefj (excluding payaways of £341.50) Church visits and other events 816 816 2.376 45 376 Publications ind advertising 20 20 Total Ineome 28,619 28.619 70,755 PAYMENTS Postage and general expenses Subscriptions and donations Membership administration Website maintenance and software Insurance Events TTUStee expenses (note 4) Bank charges Total expenses (291 (46) 1300) (320) (271) (53) (98) (1.184) (487) (271) (58) (232 {60) (2J90) {98) (1,184) (487) (271) (58) (232) {60) (2J90) {63) (1.082) SURPLUS BEFORE GRANTS PAID 26229 26229 69.673 GRANTS PAID (note 6) {145(M)) {145(Kl) (24.500) EXCESS OF RECEIPTS OVER PAYMENTS 11,729 11,729 45,173 page 5 Somerset Churches Trust Statement of Assets and Liabilities as at 30 June 2024 ASSETS Unrestricted Designated EDdovrnient FuDds Funds Fund (note 6) Totsl Funds 2024 Total Funds 2023 Investment (at market value) Chariti¢s Official Investment Fund (COtF): 1,779.3 Income Units (note 5) 194 36,194 33,464 Bank Balances (n(rte 2) 176J83 973 177J56 165,627 Total Funds 176J83 37,167 213J50 199,091 SOURCE OF FUNDS Funds Brought ForwArd 165,627 199,091 152,903 Invesbnent gain in year Surplus for th¢ year Grants paid (note 6) 2,730 973 2,730 26,229 {14,500) 1.015 69,673 (24,500) 25256 {14.5(K)) Funds carried forward 176J83 37,167 213,550 199,091 Grants approved but not paid at 30 June 2024 (note 6) {4,(N)O) (4.000) (15,000 Approved by t Trustees and signed on their behalf by: Anthony L Davies MA MBA FIC CMC (Hon Treasurer) Somerset Cbllrches TThst Notes to the Accounts for the Year Ended 30 June 2024 l The accounts have been prepared in accordance with the Charities Act 2011 and with applicable accounting standards and statements of recommended practict. All transactions accounted foT on a reccipts and payments basis. 2 Bank balanc￿. except funds for imrndiate needs. are all in potentially interest bearing accounts: Natwest £19,107 CAF Bank £9.737 United Trust Bank £84.878 Shawbrook Bank £50,000 TOTAL OF UNRESTRicfED FLTNDS £163,722 COIF Deposit account £13.634 TOTAL OF ALL ACCOUNTS £177.356 3 During the period. one legacy was received from the estate of: Mr Michael Green £5,000.00 4 No Trustee received any remuneration or other benefits during the ¢utTent or p￿iOUS year. Routine out of pocket expenses such as postsgq ststionery and approved travel expenses were reimbursed. 5 Endowment Fun at market value rnianent fun This represents a legacy of £20,000 from the late Robert Hill. The inrA)me to be used for ￿ants to chur¢he5 in the Axbridge deanery of the diocese of Bath and Wells . Balance at 30 June 2023 33,464 Investment gain/(loss) Dividend income Grants paid to Axbridg¢ Deanery ¢hurches Balancc at 30 June 2024 2,730 973 37,167 Somerset Churches Trust Notes to the Accounts for the Year Ended 30 JuDe 2024 Grants paid in the year 202&24 St Peter & St Paul. Muchclney St Mary, Bridgwater St Peter & St Paul. Wincanton St Peter & St Paul, Chiselborough St Mary the Virgin,Chedzoy Emmanuel Church. Weston super Mare St John the Baptis( Pawlett St Mary & St Pcter, Winford £3,000 £500 £2.000 £3,000 £1,500 £1.500 £2.000 £i.000 £14.500 Grants outstanding at 30 June 2024 Holy Cross, Babcary St Nicholas & B VM. Stowey £2,000 £2,000 £4,000