2023-03-31-accounts

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WILTSHIRE HISTORIC CHURCHES TRUST

Registered Charity Number 1075598

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

WILTSHIRE HISTORIC CHURCHES TRUST

INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the charity’s trust deed and applicable law.

Reference and administration details

Charity number

Principal address

1075598

Thianex, 11 Chestnut Grange Corsham, SN13 9XR

Trustees’particulars

Name Mrs Sarah Troughton His Honour Mark Everall KC (Chair) Venerable Alan Jeans Right Reverend Vivienne Faull Venerable Christopher Bryan Mrs E Anne Cook Miss Ann Doyle Neil Skelton, BEM Michael Hodges Esq Brian Woodruffe Esq Right Reverend Stephen Lake Martin Knight Esq Canon Edward Buchan FCA – Finance Trustee Venerable Susan Anne Groom Reverend Graham Warmington Commodore Jamie Hay Luke March Esq William Hiscocks Esq Patrick Wintour Esq

Occupation Lord-Lieutenant of Wiltshire Retired Judge Archdeacon of Sarum Bishop of Bristol Archdeacon of Malmesbury

Retired

Representative for Roman Catholic Churches Retired Historic Buildings Inspector Retired banker Lecturer, photographer and author Bishop of Salisbury Retired wine merchant Retired Corporate Finance Director Archdeacon of Wilts Free Church Representative Retired Naval Officer Past Chairman National Churches Trust Retired Investment Director Retired Charity Director

Trust Treasurer Trust Secretary Accountant

Mrs Fiona Lawley Brigadier Nigel Jackson

Ian Sheekey Accountancy Ltd Suite 204 Warner House Salisbury, Wiltshire, SP1 3TB

WILTSHIRE HISTORIC CHURCHES TRUST

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Objectives and Activities, Achievements and Performance

Review of Activities

The Trustees have considered the Charity Commissioner’s guidance on public benefit and are happy that this is being achieved through the funding of work to preserve and maintain the County’s historic churches and chapels for the enjoyment of worshippers and the many who appreciate our rich heritage of ecclesiastical buildings.

The Friends of Wiltshire Churches membership fees, income and Gift Aid totaled £22,302.

Friends events and Christmas card sales made a profit of £1,899.

The Ride & Stride fundraising event raised £46,728 plus Gift Aid £6,396 total £53,124.

The Trustees continue to encourage donations from Churches that have benefitted from grants and this year £2,760 was gratefully received.

Personal donations were received, totaling £3,352.

Parish Book sales totaled £245.

The Trust is heavily dependent on the efforts of its honorary officers and volunteer supporters, including the deanery representatives, who play an active part in both fundraising and management.

Financial Review

Investments

The COIF Charities Ethical Investment Fund looks to provide regular income and long-term capital growth. This fund is unrestricted and the value of the fund as at 31[st] March 2023 stood at £391,218 (2022: £412,288).

A second COIF Charities Ethical Investment Fund holding a restricted grant made in 2018 from Hartham Church Charities Trust had a value at 31[st] March 2023 of £126,895 (2022: £133,729).

During the financial year the value of the above investments fell in line with world stock markets performance in a challenging economic and geopolitical climate but have since recovered in value.

Cash at bank and in hand stood at £149,814.

WILTSHIRE HISTORIC CHURCHES TRUST

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Grant Distribution

Grant applications are considered twice a year by Trustees, supported by reports from the Denomination and Deanery Representatives. After considering the current sources and sustainability of income, the Trustees were pleased to award 15 grants totaling £66,820 and 2 grants totaling £1,500 to churches from the HCCT investment income. (see note 4)

Reserves Policy

The Trustees aim to maintain reserves in unrestricted funds at a level which equates to approximately two years of unrestricted charitable expenditure. The Trustees consider that this level will provide sufficient funds to respond to applicable grants and ensure that there are sufficient funds available to cover support and governance costs.

Unrestricted reserves held at 31[st] March 2023 amount to £427,585 (2022: £446,017)

Restricted reserves held at 31[st] March 2023 amount to £132,520 (2022: £136,976)

Financial Review and Investment Policy

The trust remains in a sound financial position. The Trustees’ investment policy looks to maintain the present position in the short term and to look towards medium to long-term growth in income and capital.

Risk Review

The Trustees examine the major risks to the charity and have developed systems to monitor and control these risks to mitigate the impact they may have on the Charity.

Accounting policies

The accounting policies of the Trust comply with the Statement of Recommended Practice for Charities. The Trustees consider this to represent best accounting practice for disclosing the activities of the Trust following registration with the Charities Commission.

Structure, Governance and Management

Legal Details, Constitution and Objectives

The Trust was founded on 11 November 1954. To quote the Trust Deed:

“The trustees shall stand possessed of the Trust Fund UPON TRUST to apply the income and capital thereof

In such a manner as they shall in their absolute discretion think fit for all or any of the following charitable purposes namely: the preservation, repair, maintenance , improvement upkeep, beautification and reconstruction of churches in Wiltshire and of monuments, fixtures, stained glass, furniture, ornaments and chattels in such churches, and of the churchyard belonging to any such churches.”

The Trust Deed was amended on 29 November 2013 in respect of the duties of the Trustees and the operation of the bank account.

The Trust is registered with the Charity Commission, registration number 1075598

'Il T.Sll CH 'RC'HF.-S TRlltsiT TRli%TF.F.S' AY IAL EPQRT FOR TII R F.NDED 31 %IARCH 2Q23 TTusiL The r$on$ lisi¢d on I h¢ld oilice 05 1 rusiiys ilK' ¢harii>' durinb !Lar under revie. The Lor(J-l.iLuiertani nf M'iltshire and tlK. Lli51w of Bris101 and Salisbur4 ark ¥K4)tTiiiO apin11)lLrtt5. Th¥ 'l'ru%i also aP)InIS a lor ihe Free C"hurKhi5 and a rL'pfLKniaiiiL for ihl Roiiil CaiholiL C hurLh¢s. CAhLY apTlIL1% drL maJL IIK. rLXi)mmLryndaii()n of IhL' Liislin&i Trus1¢¥ iih duL' fLbard TO an> uddiiional skills T usl R.muneraiiiJn and e Nu fru51eL' fLxciILxI an). r¥muttL"rnlion durinb• ik. l'ear. Expenses lolI1n £7 (101?: £?761 ere Teimbursed io Tru51e¢s duringv >'ear. Aeefjuntin nsibiliiies 'I"hL charit! I'rusices are IN)nsible for ryepiring a TnJ51ee's annual reTM)rt tina71 slaluninis In accorda¢ th iih appli¢obl¢ la and Llniid Kin&&)m Accouniing Siandard511."RSIO? The lai% appliiable io iharili¢5 in Liibiland a1 11 alc5 rcquifl'd IhL' chJrii% I"riisi¢LS Iii prLIIAfL rinancial siaiemenls for each )'eaT h1¢h gil'e a trne and fair i"ieii' ol. Ihe slal¢ of 411TJirs iifihL clkirilK QIKI ofihe incominbi resources and Jppli¢aiion orrLwUrcL. ofilK' 4h3ril) lor IhJi sKrii)d. In PTepariii ihe financial slaiements. the"I'rustCCs are wuir¢d io.. S¢l¢a suitable a¢¢ouniin¥ 11¢1 and Jppli. Ih¢m conSi¢nI1). (kn"Lrvc ThL niLihods and Pri1P1¢¥ in the apicable Chariti SORP 1ak¢ jud&ieiiitnt.s and e%itmations ihai are rrd50nabl¢ atKI plni SLryi¥ i%lK%liLr appli¥ablL lE?unli1)g¥ Iiail folloiiLd. 5ubj¢¢i io an!. maiLYiJI dlIrIUm di5LIosLxI a1 Liplthin4 in ihL financial sl¢m¢t. Prepa Ihe financial siJi¢nienis on I1 bi()ingi LOrn¢rn b¥1$ unlirys 5t is itsaNKuprialL II) PWsumL Ihal ihL rhatit! Mill ¢oniinuL in busi"5$. ThL Trusl¢L'5 are reskX)11sible for ke¢pin¥ prI)r a¢¢ouniinbD rccords thai di10¢ lIh rkttS(thabl¢ iurdc) ai an% limi the IiJkinLial wsilln vl'ilK' LhJrii) Jn4110 IIK'ni lli 1114urL ilidi IIIL rinancial stai¢m¢nis cMipl! i¥iih C hariiiLry JOI l. Ik. aNJlicablL C-hariti¢% {aLLullI a1 Re)nSI r¢btul.'Ili(111s. ihi rxi?i i%ion¥ (?l-IlK. Tru41 d¢<td. ThLry url. & l%ii rLf47n%ThlL fi)r 4dfLbiiarding IIK. for ihL Lharii! and wkinby rLwnablL prLraulions for ilx. prL'%¢nii¢)n and dLtLlion ol. frnud and ()[Y irrLbiulariliL%. Thc Tntsl¢¢s we r[m)nSIbIL for mainn&e aThl iniL%•rii%' of Charii! fina13} infomiaiion inLlud¥xI i)n IhL LIrIll. 5 Ilil(l. l.L%?islaiion for ihe Uniicd Kin&ydom gTroN"¢rninbD Ihe prL'paralion arml di$5cminaiion of financial Sutrment mal dÉff¢r from kbJiSlation in other juri5dirlion5. Approv¢d bi Ihe knrJ ofTnLSt<¢5 on ...2p..- I: nd sitsvned M li Ix.haifb%:

WILTSHIRE HISTORIC CHURCHES TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WILTSHIRE HISTORIC CHURCHES TRUST I report on the accounts of the trust for the year ended 31 March 2023, which are sèt out on pages 6t012. ctive res nsibilities of thè trustees and examiner As the charitys trustees you are responsible for the preparation of the accounts,. you consider that the audit requirement of section 144121 of the Charities Act 2011 I'lhe charib.es ACY'I does not apply and that an independent examination is needed. It is my responsibility lo- examine the accounls under secb.on 145 of the Charities Act., to follow the procedures laid down in the General Directions given by the Charity Commission under section 14515llbl of the Charrties Act, and - to state whether particular matters have come to my attenb"on. Basi$ of indè endent examiners. rg My examination was carried out in awrdance with the General Directions given by the Charity Commission. An examination indudes a rewew of the a¢untIng rècords kept by the charty and a comparis()n of the accounts presented wrth those cordS. It also indudes ry)nsideration of any unusual items or disclosures in the accounts, and seeking explanab.ons from you as trustees conceining such matters. The pro¢edure5 undertaken do not proVe all the evidence that would be required in an audit, and con5equenUy no opinion is given as to whether the accounts present a 'true ané fairf view and the report is limited to Ih05e matters set OLrt in the statement below. Inde ndent examin¢rs' uallfifrd statement In connection with my examination, no matter has come lo my attention." - whKh gives me reasonable cause to believe that. in any material respect the requifements.. to keep accounting records wrthin section 130 01 the Charities Act.. and - to prepare accounts which accord wrth the accounting recoids and to comply th the accounting requirements of the Charities {Accounts and Reportsl Regulations 2008 have not been met." or lo which. in my opinion. attention should bè drawn in order to enable a proper understanding of the acLoun15 to be reached. lan Sheekey FCA IS Accountancy Limited Chartered Accountant Suite 204. Warner House 123 Casue Street Salisbury SP1 3TB Dale.. IzT_

WILTSHIRE HISTORIC CHURCHES TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

INCOME AND EXPENDITURE Notes Incoming Resources Incoming resources from generated funds Voluntary income: Donations from parishes Covenants and other donations Activities for generating funds Ride and Stride Book sales Christmas cards Income from investments 2 Incoming resources from charitable activities Friends Membership Income and Gift Aid Friends fund raising events Total incoming resources Resources Expended Costs of generating funds Expenditure on raising funds 3 Charitable activities 5 Other trading activities 6 Total resources expended Net incoming resources before investment gains/(losses) Net gains/(losses) on investments Unrealised gain/(loss) on investments 7 Net movement in funds Total funds brought forward Total funds carried forward 9		Unrestricted funds £ 2,760 3,352 46,728 245 1,931 12,112 22,302 5,268 94,698 3,043 87,038 1,980 92,061 2,637 (21,069) (18,432) 446,017 427,585		Restricted funds £ - - - - - 3,879 - - 3,879 - 1,500 - 1,500 2,379 (6,835) (4,456) 136,976 132,520		Total funds 2023 £ 2,760 3,352 46,728 245 1,931 15,991 22,302 5,268 98,577 3,043 88,538 1,980 93,561 5,016 (27,904) (22,888) 582,993 560,105		Total funds	Total funds
									2022 £ 2,966 11,136 41,999 287 2,027 14,994 18,087 4,350
									95,846
									3,122 93,353 1,304
									97,779
									(1,933) 37,908
									35,975 547,018
									582,993

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

WILTSHIRE HIST RIC CHURCHES TR BALANCE ET AT 31 MARCH 2023 Ifun lund$ 2022 FIXED ASSETS Quoied ¢nveslrnentS 391.218 126.895 518.113 546.017 CURRENT ASSETS Cash al bank and In haryj 139.389 10,425 149,814 139.276 CURRENT LIABILITIES Creditors (103.0221 14.81X)I (107.8221 1102.3(X)) NET CURRENT ASSETS 36.7 5.625 41.992 38.978 NÉT ASSETS TRUST RESERVES Unrestftled Funds R•stricled funds 427.S85 427.585 132.520 560.105 446.017 136976 10 132.520 132.5 427.585 The finanoal staiemeNs were apwoN*d by the Tru$leo l•. i. On iheir behall by and s¥ngd The notes on pages 8 10 12 lorm part ol these finanual siaiements

WILTSHIRE HISTORIC CHURCHES TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. BASIS OF ACCOUNTING AND ACCOUNTING POLICIES Basis of accounting

1 These accounts 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 accounts have been prepared in accordance with:

the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

2 These financial statements have been prepared on a going concern basis. The Trust is dependent on the support of the members and the trustees consider that this support will continue to be available. The going concern basis is therefore believed to be appropriate. The financial statements do not include any adjustments that might arise from a withdrawal of support.
3 Recognition of income

These are included in the Statement of Financial Activities (SoFA) when:

the charity becomes entitled to the resources;
it is more likely than not that the trustees will receive the resources; and - the monetary value can be measured with sufficient reliability.
4 Income

Income from cycle ride and other voluntary income received by way of donations and gifts is included in full in the Statement of Financial Activities when received. Membership income, including events, is recognised in the same manner.

5 Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

6 Grants and donations

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).

7 Legacies

Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.

8 Tax reclaims on donations and gifts Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
9 Support costs

The charity has incurred expenditure on support costs.

10 Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

11 Income from interest, royalties and dividends

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

WILTSHIRE HISTORIC CHURCHES TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. BASIS OF ACCOUNTING AND ACCOUNTING POLICIES CONTINUED

12 Income from membership subscriptions

Membership subscriptions received in the nature of a gift are recognised in Donations and Legacies.

Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities.

13 Investment gains and losses

This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

14 Liability recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

15 Governance and support costs

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

16 Grants

Grants payable are charged to the SoFA in the year when the offer is conveyed to the recipient.

Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation is recognised. Should a recipient not be able to carry out the repairs or improvements for which the grant was awarded in the specified time period, the grant will lapse and be removed from the SoFA

17 Deferred income

No material item of deferred income has been included in the accounts.

18 Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end.

19 Restricted funds

Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of management and support costs.

20 Unrestricted funds

Unrestricted funds are donations and other income received or generated for the charitable purposes for which the trust was set up.

21 Designated funds

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

22 Expenditure

Expenditure is included on an accruals basis.

WILTSHIRE HISTORIC CHURCHES TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. INCOME FROM INVESTMENTS Dividends Bank and other interest receivable		2023 £ 15,837 154 15,991		2022 £ 14,983 11
				14,994

3. EXPENDITURE ON RAISING FUNDS Printing, postage and stationery Christmas card costs Prizes Website development Insurance		2023 £ 458 1,611 414 50 510 3,043		2022 £ 828 1,204 405 190 495
				3,122

WILTSHIRE HISTORIC CHURCHES TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. GRANTS AWARDED

During the year grants were awarded to the following churches

St Mary, Castle Eaton St Thomas, Trowbridge Holy Trinity, Dilton Marsh Holy Trinity, Dilton Marsh HCCT Grant Bratton Baptist Church, Bratton St John the Baptist, Gastard Holy Trinity, Fonthill Gifford St Michael, Tidcombe St James the Great, Dauntsey All Saints, Burbage All Saints, Burbage HCCT Grant St Andrew, Wanborough St Bartholomew, Corsham St Michael and All Angels, Figheldean St Mary’s Chancel, Chitterne Studley Merthodist Church, Studley Christ Church, Bradford on Avon Grants cancelled or lapsed Total grants to institutions in reporting period	Grants to institutions 10,000 2,500 2,500 750 800 879 1,820 5,000 3,000 3,000 750 12,500 10,000 2,950 1,551 320 10,000 68,320 (6,840) 61,480	Support costs - - - - - - - - - - - - - - - - -	Total 10,000 2,500 2,500 750 800 879 1,820 5,000 3,000 3,000 750 12,500 10,000 2,950 1,551 320 10,000
			68,320 (6,840)
			61,480

The charity has made grants to particular institutions that are material in the context of its grant making. Details of the institution supported, purpose of the grant and total paid to each institution is available on the charity's web site.

www.wiltshirehistoricchurchestrust.org.uk

WILTSHIRE HISTORIC CHURCHES TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. CHARITABLE ACTIVITIES Share of Ride & Stride to parishes Grants awarded (Note 4) Friends costs 6. OTHER TRADING ACTIVITES Accountancy & Independent Examination Bank charges 7. QUOTED INVESTMENTS AT FAIR VALUE Valuation at 1 April 2022 Additional investment (Decrease)/Increase in value during year Valuation at 31 March 2023 COIF Charities Ethical Investment Fund No of units held 8. CREDITORS Grants committed not yet paid Accrued charges 9. UNRESTRICTED FUNDS At 1/04/2022 General fund 446,017 446,017 10. RESTRICTED FUNDS At 1/04/2022 The Hartham Church Charitable Trust 136,976 136,976	Unrestricted funds £ 23,370 59,980 3,688	Unrestricted funds £ 23,370 59,980 3,688	Unrestricted funds £ 23,370 59,980 3,688	Restricted funds £ 1,500	Restricted funds £ 1,500	Total funds 2023 £ 23,370 61,480 3,688 88,538 1,980 0 1,980 546,017 0 (27,904) 518,113 106,202 1,620 107,822 Other (21,069)	Transfer -	Total funds
								2022 £ 20,814 72,114 425
			87,038		1,500			93,353
			1,980 0		- -			1,296 8
			1,980		-			1,304
			412,287 0 (21,069)		133,730 0 (6,835)			468,109 40,000 37,908
			391,218		126,895			546,017
	138,892.19 101,402 1,620				45,051.13 4,800 -			101,040 1,260
		103,022			4,800			102,300
		Income 94,698		Expenses 92,061				At 31/3/2023 427,585
446,017		94,698		92,061		(21,069)	-	427,585
At 1/04/2022 136,976		Income 3,879		Expenses 1,500		Other (6,835)	Transfer -	At 31/3/2023 132,520
136,976		3,879		1,500		(6,835)	-	132,520

WILTSHIRE HISTORIC CHURCHES TRUST

INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

Page

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Reference and administration details

Trustees’particulars

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Objectives and Activities, Achievements and Performance

Review of Activities

Financial Review

Investments

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Grant Distribution

Reserves Policy

Financial Review and Investment Policy

Risk Review

Accounting policies

Structure, Governance and Management

Legal Details, Constitution and Objectives

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. BASIS OF ACCOUNTING AND ACCOUNTING POLICIES Basis of accounting

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. BASIS OF ACCOUNTING AND ACCOUNTING POLICIES CONTINUED

15 Governance and support costs

16 Grants

17 Deferred income

18 Investments

19 Restricted funds

20 Unrestricted funds

21 Designated funds

22 Expenditure

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. GRANTS AWARDED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023