## **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** ## Page - 1 - 4 Trustees' report - 5 Independent examiner's report - 6 Statement of financial activities - 7 Balance sheet - 8 - 12 Notes to the accounts **WILTSHIRE HISTORIC CHURCHES TRUST** ## **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 1 **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. 2 **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 3 '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 ap￿in11)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 ap￿T￿lI￿L￿1% 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 lo￿lI1n￿ £7 (101?: £?761 ￿ere Teimbursed io Tru51e¢s duringv >'ear. Aeefjuntin nsibiliiies 'I"hL charit! I'rusices are I￿N)nsible for ryepiring a TnJ51ee's annual reTM)rt tina￿7￿1 slaluninis In accorda￿¢ th iih appli¢obl¢ la￿ and Llniid Kin&&)m Accouniing Siandard511."RSIO? The lai% appliiable io iharili¢5 in Liibiland a￿1 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 Pri￿1P1¢¥ in the ap￿icable Chariti￿ SORP 1ak¢ jud&ieiiitnt.s and e%itmations ihai are rrd50nabl¢ atKI pl￿￿ni SLryi¥ i%lK%liLr appli¥ablL ￿lE?unli1)g¥ Iiail folloiiLd. 5ubj¢¢i io an!. maiLYiJI dlI￿rIUm di5LIosLxI a￿1 Liplthin4￿ in ihL financial s￿l¢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 di￿10*¢ ￿lIh rkttS(thabl¢ iurdc) ai an% limi the IiJkinLial wsill￿n 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¢% {aLL￿ullI￿ a￿1 Re￿)nSI r¢btul.'Ili(111s. ihi rxi?i i%ion¥ (?l-IlK. Tru41 d¢**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. 6 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. 8 **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. 9 **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| 10 **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 11 **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|**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)|**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| 12