Wolborough Ecclesiastical Charity
Annual Report
Year Ended 31 December 2024
Wolborough Ecclesiastical Charity
Annual Report
Year Ended 31 December 2024
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Contents|Page|
|Reference|and|Administration|Details|1|
|Trustees’|Report|2-3|
|Independent|Examiner's|Report|4|
|Receipts|and|Payments|Account|5|
|Statement|of Assets|and|Liabilities|6|
|Non-Monetary|Assets|held|for investment|purposes|7-8|
|Notes|and Accounting|Policies|9|
----- End of picture text -----
Wolborough Ecclesiastical Charity
Reference and Administration Details
Year Ended 31 December 2024
Charity Name and Number
The Wolborough Ecclesiastical Charity registered charity number 1077386.
Trustees
The Trustees who served during the year and up to the date of approval of these accounts were as follows:
Mrs S Llewellyn Mr P Hewson Mr P Cooke Mrs M A Batten Mrs S Regan Mr D Jenkins
(Chairman)
Principal Address Church House Queen Street Newton Abbot Devon TQ12 2QP
Bankers Lloyds Bank plc 41 Courtenay Street Newton Abbot Devon
Solicitors WBW LLP Church House Queen Street Newton Abbot Devon
Advisers / Stockbroker Brewin Dolphin Ltd Vantage Point Woodwater Park Pynes Hill Exeter Devon EX2 5FD
Independent Examiner S Austen FCCA Francis Clark LLP Chartered Accountants Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF
1
Wolborough Ecclesiastical Charity
Trustees’ Report
Year Ended 31 December 2024
Trustees Report
The trustees present their report for the year to 31 December 2024.
Structure, Governance and Management
The Wolborough Ecclesiastical Charity is a registered charity, registered under the number 1077386, and was established under a scheme of the Charity Commissioners dated 21 April 1998 following the amalgamation of the Parish Lands Ecclesiastical Charity (known as the Feoffees of Wolborough) with the Cyril Hedgeland Trust.
The Charity will consider requests from Newton Abbot Benefice in the pursuit of its charitable objects.
One of the Trustees is a member of Newton Abbot and Ogwell PCC, one of the Trustees is a PCC Secretary of St Luke’s the Evangelist, Milber and a member of PCC Milber.
Trustees are appointed at a special meeting under Section 14 of their governing document and are appointed for life by the existing Trustees.
No remuneration or other benefits are paid or are payable to any charity trustee.
Objectives and activities
The object of the charity is to further the religious and other charitable work of the Church of England in the ecclesiastical parish of St Mary, Wolborough by:
a) repairing and maintaining the fabric of St Mary's Church; and b) maintaining the churchyard of the Church; and Cc) maintaining the services in the Church.
When planning our activities for the year, the trustees have considered the Commission’s guidance on public benefit at our meetings and, in particular, the specific guidance on charities for the advancement of religion.
If and in so far as the income of the charity cannot be applied towards the aforesaid objectives, the trustees may apply it in otherwise furthering the religious and other charitable work of the Church of England in the parishes of Newton Abbot and Ogwell and The Parish of Milber.
Grant Making Policy
The charity's policy is to make grants as follows:
Support Newton Abbot and Ogwell PCC and finance one off capital items to further the religious and other charitable work of the Church of England in the ecclesiastical parishes of Newton Abbot and Ogwell and The Parish of Milber.
They also consider appeals for grant aid towards capital projects affecting Schools and other organisations (within its charitable objects) in the Parish.
2
Wolborough Ecclesiastical Charity
Trustees’ Report
Year Ended 31 December 2024
Achievements and Performance
During the year the charity made grants totalling £73,248 to the following:
£73,248 to Newton Abbot and Ogwell PCC
Future Plans
The Trustees anticipate expenditure over the next 12 months including or work on St Mary's Wolborough and the balance of the agreed sum in respect of work to St Pauls and All Saints Church. In addition, the charity agreed to support further work at St Pauls. The annual grant to Newton Abbot and Ogwell PCC is also expected to continue.
Financial Review, Investment Policy and Reserves Policy Income for the year amounted to £77,696 which was split between rent and investment income. Investments sold were £546,076.
Grants paid amounted to £73,248. Other costs totalled £26,920. Investment purchases were £575,408. This resulted in a decrease in cash and bank balances from £163,749 to £111,945. The market value of investments was £2,914,854 (2023: £2,693,091).
The Trustees have set an investment policy to maintain a balanced portfolio providing for a combination of income and capital growth within a medium risk framework. During the year Brewin Dolphin continued to manage the portfolio on a discretionary basis and continued to record separately the reinvestment in the stock market of surplus investment income. The investments provided returns in line with expectations.
The Charity has an established policy of maintaining reserve funds for future major repairs and improvements to St Mary’s and St Paul’s churches in Newton Abbot.
Signed on behalf of the Trustees on 2¢ [10125 py.
Mrs S Llewellyn Chairman
3
Wolborough Ecclesiastical Charity
Independent Examiner's Report to The Trustees of Wolborough Ecclesiastical Charity
Year Ended 31 December 2024
Independent Examiner’s Report to The Trustees of Wolborough Ecclesiastical Charity
| report to the trustees on my examination the accounts of Wolborough Ecclesiastical Charity for the year ended 31 December 2024 which are set out on pages 5 to 9.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).
| report in respect of my examination of the Trustees’ accounts carried out under section 145 of the 2011 Act and in carrying out my examination, | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:
-
e the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
e the accounts do not accord with those records.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
S Austen FCCA Francis Clark LLP Chartered Accountants Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF
4
Wolborough Ecclesiastical Charity
Receipts and Payments Account
Year Ended 31 December 2024
| Permanent | Year to 31 | Year to 31 | |||
|---|---|---|---|---|---|
| Endowment | Unrestricted | December | December | ||
| Notes | Fund | Fund | 2024 | 2023 | |
| Receipts | |||||
| Investment income receipts | |||||
| Dividends and interest | * | 69,716 | 69,716 | 62,232 | |
| Rents | “ | 7,980 | 7,980 | 8,861 | |
| . | 77,696 | 77,696 | 71,093 | ||
| Investment sales (net ofcommission) | 546,076 | - | 546,076 | 641,469 | |
| Total Receipts | 546,076 | 77,696 | 623,772 | 712,562 | |
| Payments | |||||
| Grants paid | 2 | . | 73,248 | 73,248 | 40,000 |
| Clerk's salary and incidental expenses | “ | 5.711 | 5,711 | 5,566 | |
| Independent examination | - | 2,010 | 2,010 | 1,980 | |
| Stockbrokers fees | 17,845 | 130 | 17,975 | 16,824 | |
| Insurance, repairs and legal fees to rental property | - | 1,224 | 1,224 | 1,151 | |
| 17,845 | 82,323 | 100,168 | 65,521 | ||
| Investment purchases (net ofcommission) | 575,408 | ° | 575,408 | 690,656 | |
| Total Payments | 593,253 | 82,323 | 675,576 | 756;177 | |
| Excess of receipts over payments/(payments over | |||||
| receipts)/ Net receipts forthe year before transfers | (47,178) | (4,627) | (51,804) | (43,615) | |
| Transfer between funds | - | = | = | - | |
| Excess of receipts over payments/(payments over | |||||
| receipts)/ Net receipts forthe year | (47,178) | (4,627) | (51,804) | (43,615) | |
| Cash and bank balances at 31 December 2023 | 56,185 | 107,564 | 163,749 | 207 364 | |
| Cashandbankbalancesat31December2024 | 9,007 | 102,937 | 111,945 | 163,749 |
5
Wolborough Ecclesiastical Charity
Statement of Assets and Liabilities at 31 December 2024
Year Ended 31 December 2024
| 31 December 2024 | 31 December 2023 | |
|---|---|---|
| £ | £ | |
| MonetaryAssets | ||
| LloydsTSB current account | 65,432 | 70,233 |
| COIF depositfund account | 29,067 | 29,066 |
| Stockbrokers investment account | 9,007 | 56,185 |
| Stockbrokers surplus income account 001 | 4,679 | 3,720 |
| Stockbrokers surplus income account002 | 379 | 379 |
| Stockbrokers cumulative income fund | 2,491 | 1,803 |
| WBW Solicitors LLP client account | 891 | 2,363 |
| 111,945 | 163,749 | |
| Split between: | ||
| Permanent Endowment Fund | 9,007 | 56,185 |
| General Purpose Fund | 102,938 | 107,564 |
| 111,945 | 163,749 | |
| Debtors | ||
| Dividends not banked | 1,977 | 2,134 |
| 1,977 | 2,134 | |
| Creditors amounts falling due within one year: | ||
| Independentexaminers fees | 2,110 | 2,010 |
| 2,110 | 2,010 |
6
Wolborough Ecclesiastical Charity Non-Monetary Assets held for investment purposes
Year Ended 31 December 2024
Stocks and Shares held in the Permanent Endowment Fund
----- Start of picture text -----
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Number|Market|Number|Market|
|shares|at|31|Value|31|shares|at|31|Value|31|
|December|December|December|December|
|2023|2023|2024|2024|
|Admiral|Group|Ord|GBP0.001|730|19,593|730|19,301|
|Adobe|INC|COM|USD0O.0001|94|43,993|-|-|
|Alcon AG|CHF0.04|650|39,775|650|44,025|
|Alphabet|INC|Capital|Stock|USD0.001|CLA|-|-|341|51,524|
|Amazon|COM|INC|USD|0.01|-|.|290|50,783|
|Apple|Inc Com|USD|190|28,696|-|:|
|Applied|Materials COM|USD0O.01|370|47,041|292|37,904|
|Ashtead|Group|Ord|GBP0.10|1,000|54,620|4,000|49,650|
|Asia|Dragon|Trust|Ord|GBP0.20|7,950|28,064|7,950|33,708|
|Biotech|Growth|TR|Ord|GBP0.25|2,945|26,328|2,945|25,180|
|Blackrock|Throgmor ORD|GBP0.05|3,400|21,012|-|.|
|Booking|Holdings|INC COM|USD0.008|-|-|14|55,520|
|Colchester|Mul-Strat|GBL|BD|FD|PLC|Global|Bond|3,481|31,361|3,481|30,058|
|Croda|INTL|ORD|GBP0.10609756|619|31,260|619|20,953|
|Diageo ORD GBX28.101/108|1,550|44,268|-|”|
|Deutsche Telekpm|NPV|1,320|24,797|-|-|
|Estee|Lauder Companies|INC|USD0.01|Class A|150|17,209|-|-|
|Foresight|Environmental|Infrastruct|ORD|NPV|-|-|42,666|30,976|
|Fidelity|European|Trust|PLC ORD|GBP0.025|20,908|75,269|20,908|73,596|
|Fidelity UCITS|ICAV|US|ETF|13,755|101,065|13,755|118,637|
|First|State|Inv|Stewart|Inv|Asia|Pacific|Leaders|B|14,270|43,852|-|-|
|First|Sentier|Investors|ICVC|Stewart|INVRS|Asia|PAC|LDRS|-|-|14,270|46,450|
|Glaxosmithkline|ORD|BPO.25|2,632|38,169|-|.|
|GSK|PLC|ORD|GP00.3125|-|-|2,632|35,440|
|Haleon|PLC ORD|3,290|10,582|5,858|22,108|
|HSBC|Holdings ORD|USD0.50|(UK|REG)|5,666|36,007|5,666|44,495|
|Institutional|Cash|Series|PLC|T1|GBP|DIS|67,190|67,190|45,000|45,000|
|Ishares|Core S&P|500|UCITS|1,930|(2,102|3,018|142,148|
|ISHARES|Core|FTSE100|UCITS|-|-|4,968|39,401|
|Ishares|Il|PLC|USD|TIPS|UCITS|ETF|GBP|DIS|11,350|55,606|11,350|54,083|
|JLEN|Environ|Assets|Group|ORD|NPV|42,666|43,349|-|-|
|JP|Morgan American|IT ORD|GBP0.05|33,500|287,765|28,723|324,570|
|JP|Morgan|Asian|IT ORD|GBP0.25|20,000|68,000|-|-|
|JP|Morgan|Asia|Growth|&|Income|PLC ORD|GBP0.25|-|-|20,000|75,000|
|JP|Morgan|Investment|Funds|450|36,558|-|-|
|Legal|&|General|GP ORD|GBP0.025|9,440|23,704|9,440|21,693|
|Legal|&|General|UCITS|ETF|Multi|Strat Commod|ETF|4,500|47,205|4,500|49,761|
|Lloyds|Banking GP|Ord|GBP0.10|37,365|17,826|-|
|Man|Funds|PLC|Global|Investment|Grade|Opportunities|-|-|410|44,333|
|Mercantile|Investment TST|PLC|ORD|GBP0.25|16,400|36,326|16,400|39,032|
|MI|Select|Managers|Bond|INSTL ACC|57,400|57,399|98,213|90,147|
|MI|Select|Mngrs|Alt|DIS|-|-|52,968|56,156|
|Microsoft|Corp|Com|130|38,349|130|43,736|
|Nuveen|Global|Investors|Fund|PLC|Nuveen|GBL|-|-|1,961|42,613|
|Novartis AG|CHF0.49|(REGD)|210|16,615|367|28,672|
|Nvidia|Corp COM|USD0O.001|-|-|358|38,373|
----- End of picture text -----
t
Wolborough Ecclesiastical Charity
Non-Monetary Assets held for investment purposes (cont.)
Year Ended 31 December 2024
| Numper | Numper | |||
|---|---|---|---|---|
| shares at 31 | Market Value | shares at31 | MarketValue | |
| December | 31 December | December | 31 December | |
| 2023 | 2023 | 2024 | 2024 | |
| Relx PLC GBP0.1444 | 1,043 | 32,437 | 1,043 | 37,851 |
| Rio Tinto ORD GBPO.10 | 750 | 43,815 | 750 | 35,423 |
| Robecopsam GlobalSDG Credits IH GBP | 303 | 32,066 | - | - |
| Sandoz GroupAG CHF0.05 | 42 | 1,060 | - | - |
| Schroder Unit TSTGBL | 42,000 | 35,914 | - | - |
| Schroder Unit TrustTST Global Energy | 51,640 | 23,822 | - | - |
| Schwab(Charles)CorpCOM USD0.01 | 563 | 30,386 | 563 | 33,258 |
| Sergro PLC ORD GBP0.10 | - | . | 4,921 | 34,506 |
| Shell PLC | 1,635 | 42,044 | 1,635 | 40,483 |
| Sherwin-Williams Com STK USD1 | 150 | 36,701 | - | . |
| Smiths Group Ordinary Shares GBP0.375 | 1,860 | 32,801 | 4,860 | 31,974 |
| TaylorWimpeyORD GBP0.01 | 9,750 | 14,337 | - | - |
| Templtn Emg Mkt inORD GBP 0.25 | 36,250 | 54,955 | 36,250 | 59,595 |
| Thermo Fisher Scientific INCCOM USD1 | 36 | 14,990 | 62 | 25,745 |
| TR Property INVTRORD GBP 0.25 | 10,430 | 35,723 | - | - |
| TwentyfourAM Corporate Bond | GBP DIS | 688 | 58,232 | 515 |
| UK (Govt of) 3.5% BDS 22/10/25 GBPO.01 | 80,094 | 79,979 | 80,094 | 79,912 |
| UK (Govt of) 4.125% BDS 29/01/27 GBP1000 | 151,161 | 156,130 | 151,161 | 153,145 |
| Unilever PLCORD GBP0.031111 | 500 | 19,000 | 500 | 22,740 |
| Vanguard Funds PicS&P 500 UCITS ETF incGBP | 2,440 | 172,987 | 2,440 | 218,752 |
| Winton UCITS FUNDS ICAVTrend UCITS | GBPACC | 275 | 38,779 | 275 |
| Xtrackers MSCI Japan UCITS ETF 1C | 1,500 | 87,465 | 1,500 | 95,460 |
| Xtrackers (IE) PLC S&P 500 | - | ° | 293 | 19,782 |
| 780,611 | 2,674,648 | 705,735 | 2,896,932 | |
| Stocks and Shares held in the Cumulative income Fund | ||||
| UK(Govt of)4.25%SNRBDS 07/12/27GBP | 17,841 | 18,443 | 17,841 | 17,922 |
| Valueof25FairfieldTerrace,NewtonAbbot | 180,000 | 180,000 |
8
Wolborough Ecclesiastical Charity
Notes and Accounting Policies
Year Ended 31 December 2024
1. Accounting Policies
The accounts are prepared on a receipts and payments basis.
2. Grants Paid
Newton Abbot PCC
----- Start of picture text -----
|||
|---|---|
|2024|2023|
|£|£|
|73,248|40,000|
|~_73,248|40,000|
----- End of picture text -----
3. Trustees Remuneration
No remuneration is paid to the trustees.
9