## **WILTSHIRE HISTORIC CHURCHES TRUST** **Registered Charity Number 1075598** **REPORT AND ACCOUNTS** **FOR THE YEAR ENDED 31 MARCH 2024** **WILTSHIRE HISTORIC CHURCHES TRUST** ## **INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024** ## 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 2024** The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2024. 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 1075598 Principal address 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 James 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 Jeremy Groom – appointed 01.02.2024 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 2024** ## **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 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** Income from membership fees plus Gift Aid amounted to £12,808 (2023: £15,906). Friends’ events and Christmas card sales made a profit of £1,666. The Ride & Stride fundraising event raised income of £45,233 plus Gift Aid £5,954 giving a total of £51,187. The Trustees continue to encourage donations from Churches that have benefitted from grants and this year £2,770 was gratefully received. Personal donations were received totalling £14,662. Parish Book sales totalled £252. ## 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 31st March 2024 stood at £430,218 (2023: £391,218). A second COIF Charities Ethical Investment Fund holding a restricted grant made in 2018 from Hartham Church Charities Trust had a value at 31st March 2024 of £139,546 (2023: £126,895). Cash at bank and in hand stood at £180,057. ## 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 36 grants totalling £178,520 (including the 70[th] Anniversary grants below) and 4 grants totalling £5,710 to churches from the HCCT investment income. (see note 4). ## 70[th] Anniversary This year marked the 70th anniversary of the Wiltshire Historic Churches Trust and as part of the celebrations, it was agreed that £100,000 would be made available for additional grants. In November the Trustees agreed three 70th Anniversary Grants: Malmesbury Abbey £70,000, All Saints Chapel, 2 **WILTSHIRE HISTORIC CHURCHES TRUST** ## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024** Wardour £20,000 and St Peter, Clyffe Pypard £10,000. It was recognised that to fund the grants it may be necessary to realise investments, but this may be mitigated by cash-flow management given the long-term nature of the funding projects. ## 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 31st March 2024 amount to £361,624 (2023: £427,585) Restricted reserves held at 31st March 2024 amount to £143,339 (2023: £132,520) ## 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 WILTSIIIRE IIISTORIC CIIURCHES'fRUSI' I'RUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCFI 2024 'I'IIL PLrs1)ii% li%lLd ()n pabiL I IILlcl ()tIiLc ¢1% .1 i'iistLL% f()i' thL Lh**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**
**£**
2,770
14,663
45,233
252
1,480
12,815
18,763
14,158
110,134
4,274
209,011
1,811
215,096
(104,962)
39,001
(65,961)
427,585
361,624||**Restricted**
**funds**
**£**
-
-
-
-
-
3,879
-
-
3,879
-
5,710
-
5,710
(1,831)
12,650
10,819
132,520
143,339||**Total funds**
**2024**
**£**
2,770
14,663
45,233
252
1,480
16,694
18,763
14,158
114,013
4,274
214,721
1,811
220,806
(106,793)
51,651
(55,142)
560,105
504,963||**Total funds**|**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| 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 HISTORIC CHURCHES TRUST BALANCE SHEET AT 31 MARCH 2024 Unrestrlcted funds Restrlcted funds Total funds 2024 2023 Notes FIXED ASSETS Quoled investments 430,219 139.545 569,764 518,113 CURRENT ASSETS Cash at bank and in hand 167,253 12,804 180,057 149,814 CURRENT LIABILITIES Creditors (235,848) 19,0101 1244,8581 (107,822) NET CURRENT ASSETS 168,595) 3,794 (64,8011 41,992 NET ASSETS 361,624 143 339 504.963 560,105 TRUST RESERVES Unreslricled Funds Restricted funds 361.624 361.624 143 339 504,963 427,585 132520 560,105 10 143,339 143,339 361,624 The financial statements were approved by the Trustees on on their behalf by 11. lJ.Z* and signed The notes on pages 8 to 12 form part of these financial statements. **WILTSHIRE HISTORIC CHURCHES TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **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 2024** ## **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 2024** |**2.**
**INCOME FROM INVESTMENTS**
Dividends
Bank and other interest receivable||**2024**
**£**
15,837
857
16,694||**2023**
**£**
15,837
154| |---|---|---|---|---| |||||15,991| |**EXPENDITURE ON RAISING FUNDS**
Printing, postage and stationery
Christmas card costs
Prizes
Website development
Insurance||**2024**
**£**
696
1,070
1,858
140
510
4,274||**2023**
**£**
458
1,611
414
50
510| |---|---|---|---|---| |||||3,043| ## **3. EXPENDITURE ON RAISING FUNDS** 10 **WILTSHIRE HISTORIC CHURCHES TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **4. GRANTS AWARDED** During the year grants were awarded to the following churches |Malmesbury Abbey
St Lawrence, Stratton Sub Castle
Wardour Chapel
Holy Cross, Sherston
St Thomas, Coulston
St Peter & St Paul, Heytesbury
St Michael's Wilsford
St George, Harnham
Bromham Methodist
St Leonard, Stanton Fitzwarren
St Leonard, Stanton Fitzwarren
HCCT Grant
St Mary, Cricklade
St Mary, Cricklade
HCCT Grant
St John, Charlton
St Leonard, Bulford
St John, Devizes
United Church, Bradford on Avon
Holy Rood, Rodbourne
Holy Trinity, Shaw
Holy Trinity, Shaw
HCCT Grant
St Peter, Clyffe Pypard
All Saints, Lydiard Millicent
St Mary, Calne
St John, Swindon
St Michael & All Angels, Atworth
St Nicholas, Fyfield
St Martin, Bremhill
St Anthony of Padua, Melksham
St Peter, Langley Burrell
Amesbury Methodist, Amesbury
Zion Baptist Church, Bradford on Avon
All Saints, Swindon
St Andrew's, Ogbourne St Andrew
St Mark, Salisbury
The Well, Swindon
The Well, Swindon
HCCT Grant
St Paul, Salisbury
Malmesbury Abbey
70th Anniversary Grant
All Saints Chapel, Wardour
70th Anniversary Grant
St Peter, Clyffe Pypard
70th Anniversary Grant
Total grants to institutions in reporting period|Grants to
institutions
10,000
3,000
6,000
3,500
2,500
1,000
1,300
2,500
200
250
250
2,000
2,000
500
1,500
1,300
800
1,500
1,550
1,550
5,000
3,000
3,000
2,500
2,000
1,500
3,000
2,000
3,000
1,500
620
500
4,000
3,000
2,000
1,910
2,500
70,000
20,000
10,000
184,230|Support
costs
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0|Total
10,000
3,000
6,000
3,500
2,500
1,000
1,300
2,500
200
250
250
2,000
2,000
500
1,500
1,300
800
1,500
1,550
1,550
5,000
3,000
3,000
2,500
2,000
1,500
3,000
2,000
3,000
1,500
620
500
4,000
3,000
2,000
1,910
2,500
70,000
20,000
10,000| |---|---|---|---| ||||184,230| 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 2024** |**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 2023
Additional investment
(Decrease)/Increase in value during year
Valuation at 31 March 2024
COIF Charities Ethical Investment Fund
No of units held
**8.**
**CREDITORS**
Grants committed not yet paid
Accrued charges
**9.**
**UNRESTRICTED FUNDS**
**At 1/04/2023**
General fund
427,585
427,585
**10.**
**RESTRICTED FUNDS**
**At 1/04/2023**
The Hartham Church Charitable Trust
132,520
132,520|**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 2023
Additional investment
(Decrease)/Increase in value during year
Valuation at 31 March 2024
COIF Charities Ethical Investment Fund
No of units held
**8.**
**CREDITORS**
Grants committed not yet paid
Accrued charges
**9.**
**UNRESTRICTED FUNDS**
**At 1/04/2023**
General fund
427,585
427,585
**10.**
**RESTRICTED FUNDS**
**At 1/04/2023**
The Hartham Church Charitable Trust
132,520
132,520||**Unrestricted**
**funds**
**£**
21,019
178,520
9,472|**Unrestricted**
**funds**
**£**
21,019
178,520
9,472|**Unrestricted**
**funds**
**£**
21,019
178,520
9,472|**Restricted**
**funds**
**£**
-
5,710
-|**Restricted**
**funds**
**£**
-
5,710
-|**Total funds**
**2024**
**£**
21,019
184,230
9,472
214,721
1,800
11
1,811
518,113
-
51,651
569,764
243,130
1,728
244,858
**Other**
39,001|**Total funds**
**2024**
**£**
21,019
184,230
9,472
214,721
1,800
11
1,811
518,113
-
51,651
569,764
243,130
1,728
244,858
**Other**
39,001|**Transfer**
-||**Total funds**| |---|---|---|---|---|---|---|---|---|---|---|---|---| |||||||||||||**2023**
**£**
23,370
61,480
3,688| ||||||209,011||5,710|||||88,538| ||||||1,800
11||-
-|||||1,980
-| ||||||1,811||-|||||1,980| ||||||391,218
-
39,001||126,895
-
12,650|||||546,017
-
(27,904)| ||||||430,219||139,545|||||518,113| ||||138,892.19
234,120
1,728||||45,051.13
9,010
-|||||106,202
1,620| |||||235,848|||9,010|||||107,822| |||||**Income**
110,134||**Expenses**
215,096||||||**At 31/3/2024**
361,624| ||427,585|||110,134||215,096|||39,001|-||361,624| ||**At 1/04/2023**
132,520|||**Income**
3,879||**Expenses**
5,710|||**Other**
12,650|**Transfer**
-||**At 31/3/2024**
143,339| ||132,520|||3,879||5,710|||12,650|-||143,339| 12