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 T￿SteeS 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 f￿d 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 f￿anCIal 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 I￿egular1t1es.
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 f￿anCIal 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 T￿SteeS 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 defe￿ed income
18,794
3.660
io