Registered Charity Number 1063148 THE CHURCH STREET CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE CHURCH STREET CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Contents Page Trustees, Report Report of the Independent Examiner Statement of Financial Activities (including income and expenditure account) Balance Sheet Notes to the Financial Statements 7- 10
THE CHURCH STREET CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Referenee and administrative details The Church Street Charitable Trust Charity Number 1063148 Principal office and eorrespondence address CIO Sunderlands Offa House St Peters Square Hereford HRI 2PQ Trustees Mr C R George (Chainnan) Mr R H L Stokes Dr M M Helme Mr A R Thomas Mrs M E Campbell (resigned 30 November 2023) Miss M S Davis Mrs F M Hanks Advisors Solicitors A Cunliffe Messrs Lambe Corner & Co 36137 Bridge Street Hereford HR4 9DJ Investment Advisors CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Pro Advisor Sunderlands Offa House St Peters Square Hereford HR12PQ Inde endent Examiner I P Cooke FCA Crowthers Accountants Limited 10 The Southend Ledbury Hereford5hire HR8 2EY
THE CHURCH STREET CHARITABLE TRUST TRUSTEES? ANNUAL REPORT CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 The TSteeS present their annual report and financial statements of the Charity for the year ended 31 March 2024. The fmancial Statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS LO2. Structure overnanee and mana ement The Church Street Charitable Trust is a registered charity (number 1063148) and was fornied on 5 March 1997 under a Trust Deed set up by Mrs Christine Mary Frederica Bulmer as the founder. During the year the Trustees carried out a risk review, which involved identifying the risks the Charity faces, prioritising them in temis of potential impact and likelihood of occurrence. and identifyints means of mitigating the risks. Sy5terns are currently beincr reviewed and established to reduce the impact of the risks identified. New Trustees are appointed in line with the tenns of the Trust Deed. When selecting persons to appoint as new Trustees, the Trustees shall take into account the benefits of appointino a person who is able by virtue of his or her personal or professional qualifications to make a contribution to the pursuit of th¢ objects or management of the Charity. Ob'ectives and activities for the ublic benefit The objectives of the Trust Fund and its income is to apply the income for such charitable purposes as the Trustees at their absolute discretion think fit, and in particular, but not 50 as to limit the generality of the foregoing, for the general benefit and preservation of Church Street properties in the City of Hereford. The Charity is a public benefit entity. In settin(r our objectives and planning our activities. the Trustees have given careful ¢onsiderdtion to the Charity Commission's guidance on public benefit. Having budgeted on the sum to be put aside for future repairs and upkeep of the properties in Church Street it was decided, if requested. to make further donations again this year in line with earlier years to support The Courtyard for promotion of their Visual Arts for £12,000 (2023.. £22,000 which also included support for the Youth Theatre) and various other donations in the support and advancement of the education of the public in traditional crafts and handicrafts including £10,363 to the Alloy Workshop and £1 0,000 to the Hereford Cider Museum CIO. The TTUSt would like to see the uniqueness of Church Street Tnaintained as an independent shopping street offering a wide and interesting variety of individual retail and craft outlets and whenever possible to acquire firther properties in Church Street. Achievements and erformance- how we delivered ublie benefit The Trustees continue to maintain the buildings owned by the Trust. in 2024 spending £78,964 on general repairs and maintenance (2023: £60,684). The Trust continued in its ongoing 5UPPOrt of Hereford Cider Museum and in addition various grants were made available throughout the year in 5UPPOrt of education and further training in the arts and craft as shown in the accounts. In addition, a further £3,115 (2023.. £5,139) was spent by the Trust in promoting the Old Mayors Parlour, some of which ha5 been set aside to award Prizes to participating stydents through various education establishments. Financial review The Trustees are confident that the finances are strong and will be sufficient to allow for any reduction in rental income next year. The policy agreed by the Trnstees is to preserve and maintain the buildings, to take steps whenever possible to maintain maximum occupancy of the buildings and if considered appropriate to make donations or grants to other Charities and individuals in support of education and promotion in arts and craft5. The Trustees have reviewed the reserves of the Charity. The review concluded that the reserves were mainly the properties owned by the Trust in Church Street which should continue to produce a steady income. although suilable allowance is to be made to reflect possible reduction in rental income where properties have become vacant pending re- letting. The Trnstees consider sufficient funds will be available to continue support of local charities and education in arts and crafts as pern]itted in the Trust's 'Declaration of Trust,.
THE CHURCH STREET CHARITABLE TRUST TRUSTEES, ANNUAL REPORT CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Plans for Future Periods The plan is to effectively discharge the Charity's objectives of preserving and maintaining its buildings and to this end in 2016 the Trnstees commissioned a building survey report on all their properties and consider that based on that Report and the cost of repairs and general expenses for the past five years, it is reasonable to assume an annual need to allow for a sum of £75,000. It is the intention of the Trust to commission further reports once every 10 years to ensure the buildings are maintained to a high level, especially where the buildings are listed as being of historical and architectural importance. The current overall income give5 a surplus of approximately £50,000 that might be available to use for other pern]itted purposes in keeping with the Trust's objectives as pem)itted under the deed of the Charity. The success of an exhibition gallery in Church Street is considered important and the management agreement previously entered into by the Trustees is proving successful and is bringing the gallery into greater use, whilst maintaining to provide facilities to enable local arts and craftsmen to promote and market their work, and its use in an educational role in providing facilities and support for local pupils and young artistslcrafts. In addition to also continue making grants and donations available in support of the Trust's objectives. The Trust has sufficient funds in hand to purchase additional properties in Church Street and have purchased No. 19a Church Street. The Trustees are mindful that small independent traders, along with many high street traders, are continuing to fd trading difficult and are therefore mind] that rental values remain weak and may do so for some time. Trustees, res Onsibiliti in relation to the financial statements The Trustees are responsible for preparing the TTUStees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prdctice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. 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 have been followed, subject to any material departures disclosed and explained in the fanCIal staternents. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustee5 are responsible for keeping proper accounting records that 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 201 I, the applicable Charity (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other Iegular1t1es. Inde endent Examiner The Trustees intend to ask lan P Cooke FCA of Crowthers Accountants Limited to undertake the independent examination of the Trust for the following year. Signed on behalf of the Trustees on 30 May 2024 GE
THE CHURCH STREET CHARITABLE TRUST REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 I report on the accounts of the Trust for the year ended 31 March 2024, which are set out on pages 5 to l O. Respective responsibilities of Trustees alld examiner The Charity's Trustees are responsible for the preparation of the accounts. The Charity's Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 201 l Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Act. follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. and state whether particular matters have come to my attention. Basis of independent examiner's statement My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It a150 includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the 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 th¢ statement below. Independent examiner's report In the course of my examination, no matter has come to my attention.. which gives me reasonable cause to believe that in, any material respect, the Trustees have not met the requirements to ensure that.. proper accounting records ale kept (in accordance with section 130 of the 201 l Act)- and accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 201 l Act. or 2. to which, in my opinion, attention should be drawn in Order to enable a proper understanding of the accounts to be reached. J~c. I P Cooke FCA Crowthers Accountants Limifrd 10 The Southend Ledbury Herefordshire HR8 2EY 30 May 2024
THE CHURCH STREET CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUN FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds Note5 2024 2023 INCOME AND EIYDOWMENTS FROM: Investments 244.519 244,150 Total income and endowments 244.519 244,150 EXPENDITURE ON: Expenditure on raising funds Expenditure on charitable activities {112,163} (50.342) (89,371) (50,369) Total expenditure 162,50 139,740 Net income 82,014 104,410 (L05s)/gain on revaluation of investment assets (42) NET MOVEMENT IN FUNDS 82,014 104,368 Reconeiliation of funds: Total funds brought forward 2,895,015 2.790,647 Total funds carried forward 2,977,029 2,895,015 All income and expendiwre delive from continuing activities. The statement of fmancial activities includes all gains and losses recognised during the year.
THE CHURCH STREET CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2024 Notes 2024 2023 FIXED ASSETS Investments 2,552,625 2,400,725 CURRENT ASSETS Debtors Cash at bank in hand 70,281 372,917 497,950 443,198 497,950 Creditors.. amounts falling due within one year 18.794 3,660 Net current assets 424,404 494,290 IYET ASSETS 2,977,029 2,895,015 TOTAL CHARITY FUNDS - Unrestricted funds 2.977,029 2 895,015 The fanCIal statements on pages 5 to 10 were approved by the TTUStee5 on 30 May 2024 and signed on behalf by.. C R GEORG Trustee
THE CHURCH STREET CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 IIIARCH 2024 ACCOUNTING POLICIES (a) BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN The accounts (fmancial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note{s) to these accounts. The fmancial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and with the Charities Act 2011. The functional currency of The Church Street Charitable Trust is considered to be pounds sterling {£) because that is the currency of the primary economic environment in which the Charity operates. The Tntst constitutes a public benefit entity as defined by FRS 102. The TSteeS consider that there are no material uncertainties about the Trust's ability to continue as a going concem. The most significant area of adjustment and key assumptions that affect items in the accounts are to do with the valuation of investments. (b) INCOME RECOGNITION All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Legacy gifts are recognised on a case by case basis following the granting of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event the gift is in the fonn of an asset other than cash or a fmancial asset traded on a recofjnised stock exchange. recoonition is subject to the value of the gift being reliably measurable with a de(yree of reasonable accuracy and the title to the asset havin been transferred to the Charity. Interest on funds held on deposit Is included when receivable and the amount can be measured reliably by the Charity. this is nornially upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is nonnally upon notification by our investment advisor of the dividend yield of the investsnent portfolio. (e) EXPENDITURE RECOGNITION Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocat¢d or apportioned to the applicable expenditure headings. For more infomiation on this attribution please refer to note (e) below. (d) IRRECOVERABLE VAT Irrecoverable VAT is charged against the expenditure heading for which it was incurred. (e) ALLOCATION OF SUPPORT AND GOVERNANCE COSTS Support costs have been allocated between governance costs and other support Costs. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to the statutory independent examination and legal fees together with an apportionment of overhead and support costs.
THE CHURCH STREET CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (O CHARITABLE ACTIVITIES Costs of charitable activities include grants made, governance costs and an apportionment of support costs as shown in note 5. (g) FIXED ASSET INVESTMENTS Investments are a forni of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of fmancial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex fmancial instruments. The main forni of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. (h) REALISED GAINS AND LOSSES All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated a5 the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losse5 are calculated as the difference between the fair value at the year end and their carrying value. Realised and unreali5ed investment tsains and losses are combined in the Statement of Financial Activities. RELATED PARTY TRANSACTIONS AND TRUSTEES, EXPENSES AND REMUNERATION The Trustees all give freely their tirne and expertise without any forni of remuneration or other benefit in cash or kind (2023-. £nil). Expenses paid to the Trustees in the year totalled £Nil {2023.' £Nil). 3. INCOME FROM INVESTMENTS 2024 2023 Rental income Interest receivable Loss on sale of inve5trnents Dividends receivable from investments 237,132 7,994 (607) 240.738 2,884 528 244,519 244.150
THE CHURCH STREET CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 CONTINUED 4. EXPENDITURE ON RAISING FUNDS Expenses and repairs to rental properties Agent's fees 78,964 33,199 60,684 112,163 89,371 S. EXPENDITURE ON CHARITABLE ACTIVITIES Governance costs: Independent examiners fees Accountancy services Legal and professional fees Bank charges Sundry expenses 3,000 834 1,320 60 3.000 660 72 Donations: Hereford Cider Museum CIO Donations to individuals and Hereford College of Arts Hereford Make CIC The Coutyard John Masefield High School Alloy Workshop Gallery- Old Mayor's Parlour running costs 10,000 7,400 2,250 12,000 4,000 2,300 8,198 22,000 5,000 10,363 3,115 5,139 50,342 50,369 O. FIXED ASSET IIYVESTMENTS Market Value Freehold Investment Pro Listed Investments Total As at l April 2023 Additions Disposals Revaluations 2,375,683 176,942 25,042 2.400,725 176.942 (25,042) (25,042) As at 31 March 2024 2 552,625 2.552,625 The freehold property was donated to the Trust and was valued at 30 September 2000 by Carter Jonas, Chartered Surveyors, on an open market value basis, subject to the existing tenancies. The Trustees are of the opinion that the fair value is now not significantly different to that detailed above (valuation as at 31 March 2016 from Sunderlands & Thompsons LLP). The listed investments have an historical cost at 31 March 2024 of £Nil (2023: £16,522).
THE CHURCH STREET CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 CONTINUED 7. DEBTORS 2024 2023 Rents receivable from agents 70,281 8. CREDITORS: Amounts falling due within one year Accruals and defeed income 18,794 3.660 io