## Financial Report Supplement to the 2023 Accounts ## Tardebigge Churches Trust ## Introduction This financial report serves as a supplement to the 2023 accounts for the Tardebigge Church’s Trust. It provides a detailed analysis of the financial performance of the Trust, focusing on investment income and the financial recovery from the losses incurred in 2022. ## Investment Income in 2023 In 2023, the Tardebigge Church’s Trust earned a total income of £37,154 from its investments. This income is purely from investment sources and represents a crucial component of the Trust's financial stability. The investment income has been instrumental in supporting the Trust's activities and sustaining its financial health. ## Comparison with Previous Year The investment income for 2023 marks a significant recovery from the previous year's financial setback. In 2022, the Trust experienced a substantial loss of £50,112.08, primarily due to a brief market crash that led to a severe decline in investment income. The loss in 2022 had a notable impact on the Trust's financial standing, necessitating strategic measures to restore financial stability. ## Analysis of Financial Recovery The recovery in investment income in 2023 can be attributed to several factors: - Market Stabilization: The financial markets experienced stabilization and gradual recovery following the brief crash in 2022. This stabilization allowed the Trust's investments to regain value and generate a steady income stream. - Diversification of Investments: The Trust undertook strategic measures to diversify its investment portfolio, reducing dependence on any single asset class. This diversification helped mitigate risks and enhance income generation. - Active Management: The Trust's investment management team actively monitored and adjusted the investment portfolio to capitalize on market opportunities and minimize potential losses. ## Financial Strategies and Future Outlook The financial recovery achieved in 2023 underscores the importance of prudent financial management and strategic investment decisions. The Trust's commitment to restoring and enhancing its financial health remains a top priority. ## Future Financial Strategies To build on the progress made in 2023, the Tardebigge Church’s Trust will implement the following strategies: - Continued Diversification: The Trust will continue to diversify its investment portfolio to ensure a balanced and resilient income stream. - Risk Management: Emphasis will be placed on identifying and managing investment risks to safeguard the Trust's financial assets. - Performance Monitoring: Regular monitoring and review of investment performance will be conducted to make informed decisions and optimize returns. ## Projected Financial Outcomes The Trust is optimistic about achieving positive financial outcomes in the coming years. With a robust investment strategy and proactive financial management, the Trust aims to: - Increase Investment Income: Enhance income generation from investments to support the Trust's activities and goals. - Strengthen Financial Resilience: Build a resilient financial foundation to withstand market fluctuations and unforeseen challenges. - Support Charitable Activities: Allocate sufficient financial resources to support the Trust's charitable missions and initiatives. ## Conclusion The financial performance of the Tardebigge Church’s Trust in 2023 reflects a significant recovery from the challenges faced in the previous year. The investment income of £37,154 has partly mitigated the loss incurred in 2022, demonstrating the effectiveness of strategic financial management. The Trust remains committed to further strengthening its financial position and supporting its charitable objectives through prudent and proactive investment strategies. By focusing on diversification, risk management, and performance monitoring, the Tardebigge Church’s Trust aims to achieve sustainable financial growth and continue its mission of serving the community. The outlook for the Trust is positive, with a clear roadmap for future financial success and resilience. ## **The Tardebigge Churches Trust** ## **Financial Statements for the Year ended 31st December 2023** |**Receipts & Payments Account**
**Receipts**
Rent
Donations
Deposit interest
Transfer between funds
Proceeds from sale of shares
Legacy held for PCC (St. Mary's)
**Payments**
Purchase of shares
Transfer to PCC for 2021 Capital projects
Net inflow of cash
Bank and Deposit funds 1st January
Bank and Deposit funds 31st December
**Statement of Assets and Liabilities**
Cash Funds
HSBC current account - no. 52093359
CBF CofE Deposit Fund - St Mary's
Investment Assets
Freehold land (Note 2)
Investments - shares at market value (note 3)|**£**
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
371.82
336.82
336.82
-
336.82
-
-
336.82
**Unrestricted**
**Funds**|**£**
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-
-
-
-
-
4,000.00
-
4,000.00
**Designated**
**Funds**|**£**
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2,740.84
2,828.68
-
2,828.68
2,828.68
-
42,250.38
45,079.06
**Restricted**
**Funds**|**Total 2023**
**£**
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3,112.66
3,112.66
336.82
2,828.68
3,165.50
4,000.00
375,006.35
382,171.85|**Total 2022**
**£**
0.00
0.00
0.00
0.00
0.00
0.00| |---|---|---|---|---|---| ||||||0.00
0.00
0.00| ||||||0.00
3,137.07| ||||||3,137.07| ||||||431.52
2,740.84| ||||||3,172.36
4,000.00
337,851.89| ||||||345,024.25| ## **Notes to the Accounts** 1. The financial statements have been prepared in accordance with Charities Act 2011 on the Receipts and Payments basis 2. Freehold land, known as Church Lawn, is included at cost and is used by St. Bartholomew's church at their own discretion 3. Investments and deposits held through CCLA Fund Managers. These are valued at bid market value. |321.30
777069001P The Tardebigge Churches Trust - St Mary's
8,434.46
CBF CofE Property Fund - Income Shares
4,353.22
777069002P - The Tardebigge Churches Trust - St. Bart's
28,289.29
CBF CofE Property Fund - Income Shares
852.11
Increase/decrease in investment funds:
Increased in investment value is due to
Sales of shares (value at time of fund valuation not sale)
Increased fiund rates following improvement in market conditions
Number of
shares
777069002J - St Mary's - ME a/c CBF
CofE Investment Fund Accum. Shares
777069003J - St Bartholomew - Murdock Preservation Fund
CBF CofE Investment Fund Accum. Shares
777069001J - The Tardebigge Churches Trust
CBF CofE Investment Fund - Accum. Shares|£
0.00
37,154.46
37,154.46
Date of
acquisition/
sale
Cost/
Proceeds (-)|£
19,186.04
10,333.06
259,947.31
34,657.21
50,882.73
375,006.35
37,154.46
Value at
31/12/23|£
17,044.32
10,261.13
230,929.81
34,413.90
45,202.73
Value at
31/12/22| |---|---|---|---| ||||337,851.89| ||||| 4. Limited accounting and administrative records could be found from periods prior to the appointment of Raymond Burn as Treasurer. These have been compiled from various sources and although it has been possible to trace the date of acquisition of the investments purchased before Mr. Burn's appointment, the funds manager CCLA no longer has details enabling it to confirm the numbers of shares originally purchased or the costs of those shareholdings. |**Account Details**
**Investment type**
777069002J - St Mary's -ME a/c
CBF CofE Investment Fund - Accum.
Note change of account number to CB3040577-001
Increase in fund value
Fund valuation
777069001P The Tardebigge Churches Trust - St Mary's
CBF CofE Property Fund - Income Shares
Note change of account number to CB3040576-001
Dividend reinvested
Dividend reinvested
Fund valuation
Total
777069003J - St Bartholomew - Murdock Preservation Fund
CBF CofE Investment Fund - Accum.
Note change of account number to CB3040580-001
Increase in fund value
Fund valuation
777069002P - The Tardebigge Churches Trust - St. Bart's
CBF CofE Property Fund - Income Shares
Note change of account number to CB3040579-001
Dividend reinvested
Dividend reinvested
Fund Valuation
777069001J - The Tardebigge Churches Trust
CBF CofE Investment Fund - Accum.
Note change of account number of CB3040575-001
Increase in fund value
Increase in fund value
Increase in fund value|**No. Shares**
321.30
31-Dec-22
30-Jun-23
31-Dec-23
321.30
8,023.38
31-Dec-22
97.42
31-Mar-23
108.91
30-Jun-23
204.75
31-Dec-23
8,434.46
4,353.22
31-Dec-22
30-Jun-23
31-Dec-23
4,353.22
26,917.19
31-Dec-22
326.77
31-Mar-23
365.29
30-Jun-23
680.04
30-Jun-23
28,289.29
852.11
31-Dec-22
20-Jun-23
31-Dec-23
852.11
**Date of**
**Acquisition or**
**Sale**|£
£
17,044.32
53.0480
860.19
55.7252
1,281.53
59.7138
19,186.04
10,261.13
1.2789
128.40
1.2794
143.77
1.2799
-200.24
1.2251
10,333.06
230,929.81
53.0480
11,654.25
55.7252
17,363.25
59.7138
259,947.31
34,413.90
1.2785
430.68
131.8000
482.22
132.0100
-669.59
1.2225
34,657.21
45,202.73
53.0480
2,281.27
55.7252
3,398.73
59.7138
50,882.73

**Cost/**
**Proceeds**
**Value per**
**Share**|£
£
£
£

17,044.32

17,904.51

19,186.04
19,186.04
17,044.32
2,141.72
13%

10,261.13

10,389.53

10,533.30

10,333.06
10,333.06
10,261.13
71.93
1%

230,929.81

242,584.06

259,947.31
259,947.31
230,929.81
29,017.50
11%
0.00

34,413.90

34,844.58

35,326.80

34,657.21
34,657.21
34,413.90
243.31
1%

45,202.73

47,484.00

50,882.73
50,882.73
45,202.73
5,680.00
11%
0.00
**Fund Value**
**(cumulative)**
**Value of**
**Holding**
**31/12/22**
**Gain/Loss in**
**Year**
**Realised**
**Gain/Loss on**
**disposals in**
**Year**| |---|---|---|---| 4/15/2025 ## **TARDEBIGGE CHURCHES TRUST** ## **Investments** ## **Accounts to 31st December 2019** ## **Account Details** ## **HSBC 52093359 - General** |**BC 52093359 - General**|**Debit**|**Credit**|**Balance**|**Verification**|**General**|**Income**|**Restricted**|**Income**|| |---|---|---|---|---|---|---|---|---|---| ||**£**|**£**|**£**||**Donations**|**Rental**|**Donations **|**Interest**|| ||||||**£**|**£**|**£**|**£**|| |12/31/2022 Balance b/fwd|||371.82||||||431.52| |1/29/2023 Bank chanrge|5.00||366.82||||||| |3/1/2023 Bank chanrge|5.00||361.82||||||| |3/29/2023 Bank chanrge|5.00||356.82||||||| |4/29/2023 Bank chanrge|5.00||351.82||||||| |5/29/2023 Bank chanrge|5.00||346.82||||||| |6/29/2023 Bank chanrge|5.00||341.82||||||| |7/29/2023 Bank charge|5.00||336.82||||||| |8/29/2023 Bank charge|||336.82||||||| |9/29/2023 Bank charge|||336.82||||||| |10/29/2023 Bank charge|||336.82||||||| |11/29/2023 Bank charge|||336.82|Per statement - sheet no 137|||||| |12/29/2023 Bank charges and balance c/f|||336.82|Per statement - sheet no 138|||||| ## **CCLA CofE Deposit - 777069002D - St. Mary's - ME A/c** |12/31/2021 Balance b/fwd
3/31/2022 Interest
6/30/2022 Interest
9/30/2022 Interest
12/31/2022 Account valuation
Balance c/fwd
Total deposit interest
**Totals**|24.73
28.39
34.71|2,740.84

2,765.58

2,793.97

2,828.68
2,828.68
2,828.68

2,828.68|0.00
0.00|28.39
34.71
0.00
0.00| |---|---|---|---|---| ||63.10|||| |||||| |||||0.00
63.10| CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of Tarbebigge Churches Trust On accounts for the year ended 31st December 2023 Charity no (If any) 1061473 Set out on pages I report to the trustees on my examination of the accounts of the above charity ('the Trust") for the year ended Responsibilities and As the charity trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordance with the requirements of the Charities Act 2011 (°the Act.). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. I have completed my examination. I confimi that no material matters have come to my attention (other than that disclosed below ') in connection with the examination which gives me cause to believe that in, any material respect: accounting ￿CordS were not kept in accordance wrth section 130 of the Act or the accounts do not accord with the accounting records Independent oxaminer's statsment I have no cOn￿mS and have come across no other matters in connection with Ihe examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Please delete the words in the brackets rf they do not apply. Slgned.. Date: 2610712024 Name: Katy watson Relevant professional qualification(s> or body (if any): MAAT Address: 45 Alcester Road, Studley Warwickshire, B80 7NJ IER October 2018 Section B Disclosure Only complete if the examiner needs to highlight matters of concem (see CC32, Independent examination of charity accounts: directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. IER October 2018