CHRISTCHURCH PRIORY BUILDING CONSERVATION TRUST (Charity Number 1107139) REPORT AND FINANCIAL STATEMENTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
CHRISTCHURCH PRIORY BUILDING CONSERVATION TRUST (Charity Number 1107139) REPORT AND FINANCIAL STATEMENTS OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES APPROVAL CERTIFICATE As Trustees, w¢ approve the Report and Financial Statements 6¢t out on pages I to 14 in all rc8p¢cts. On behalf of the Trustees Reverend Canon Charles St¢wart Chairnian of the Trustees 2025
CHRISTCHURCH PRIORY BUILDING CONSERVATION TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees of the ChrAStchurch Priory Building Conservation Trust present their Annual Report and Financial Statements for the year ended 31 December 2024. The accounts have been prepared in accordance with the accounting policies set out on page I l and comply with the Trust's Constitution and applicable law. BACKGROUND The Trust was established by means of a Declaration of Trust dated 9 July, 2004. Originally namcd Christchurch Priory Conservation Trust, this was amended during a Special Meeting of the Trustees held on 19 November, 2004, to 'Christchurch Priory Building Conservation Trust,, in order to achieve registered charitable status with the Charity Commission. On 27 April. 2017. th¢ original Declaration of Trust was further amended by D¢ed. During 2022, legacy income amounted to £1,168,312 and this, together with the Trust's status as a subsidiary of the Parochial Church Council of thc Ecclesiastical Parish of Christchurch Holy Trinity (PCC) required the enhanced level of reporting disclosed within this Report for 2022. However, the reduced income disclosed for 2023 and 2024 perniits a lower reporting level allowing an Independent Examination instead of an Audit. These Financial Statements continue to be prepared on the accruals basis thus facilitating consolidation within th¢ Financial Statements of the Parish. ORIEcfIvES AND ACTIVITIES The object of the Charity is the advancement of Christian religion and education for the Public Benefit by the conservation repair maintenance improvement restoration and refurbishment of Christchurch Priory, as defined within Clause 3 of the Trust Deed. Except for the receipt ofmonetary gifts and futur¢ legacies (if any) the Charity is, apart from distributing existing funds, dorniant, its active fundraising activities having been passed to the Building Conservation Fund of the PCC. Th¢ principal aim of thc Charity is to provid¢ th¢ means by which legacies in its favour can ontinue to be received and subs¢quently passed to the PCC Building Conservation Fund, whilst having due regard to the Charity Commission's guidance on Public Benefit and their responsibility to apply income in accordance with thc Trust Deed. Given the very restricted Aims of the Charity and of its Objectives and of its dependence upon future legacy income (if any) there are no further explanations to be made regarding its aimslachievements in tenns of fulfilling its legal purposes, strategies for achieving its stated aims and objectiv¢s, critcria or measures it uses to assess success and, finally, significant activities other than receiving lega¢i¢s and potential making. Furthernior¢, the Trust¢¢s have no short terni or longer tenn aims and objectives other than extrcising their responsibilities as d¢fin¢d in the Trust Dee(L The Trustees are of thc opinion that funds currently held in the Church of England Central Board of Finance Deposit Fund do not fall within the defltiOn of a Social Investment as they represent income accumulations awaiting distribution to the Building Conservation Fund of the PCC.
Grant making is a material part of the Trust's activities but restricted in scope by the Objects of the Trust's Deed as stated above. There are no volunteers whose contribution is significant to the Trust's ability to undertake any particular activity. ACHIEVEMEIYTS AND PERFORMANCE When considering Achievements and Perfornlance, it is n¢sSary to bear in mind that except for the receipt of monetary gifts and future legaci¢s (if any) the Trust is now doTmanÈ from an active fundraising point of view and th¢ following review points nced to be considered in that context: l The only SIlficant activitics relate to th¢ receipt of interest on funds dqx)sited with the CBF Dwosit Account. Th¢ Trustees have not been requested to consider and have not made any grants to the PCC during the period under review. 2 There are no sct objectives against which to review achievements. 3 Given that the rcceipt of legacies is not within the control of the Trustees, there are no fundraising activities to review. Furtherniore, the PCC is supported by the Trustees in its policy of encouraging future legacies to b¢ left directly to th¢ PCC Building Cons¢rvation Fund. 4 Funds awaiting distribution at the discretion of the Trust's Trustees are held in a deposit nd to ensure that they can be made available at short noti¢¢, if required. There is, therefore, no investmcnt p¢rfonnance to be revi¢w¢d except to ensure a reasonable retum commensurate with security. 5 No material expenditur¢ has been Incued to raise income in the future. FINANCIAL REVIEW The principal funding source of the Trust during 2024 was the receipt of interest. These receipts, together with the receipt of several legacies in prior years, have resulted in the Trust holding significant cash reserves awaiting distribution in accordan¢¢ with its Objects. The future financial perforniance of the Trust, aft¢r current funds have been disbursed, will d¢p¢nd up)n the receipt of future legacics (if any). RESERVESIRISK ASSESSMEiYr Total reserves amounting to £1,280,326 cxisted at 31 December, 2024, (2023 £1,217,798) of which all ar¢ restrictcd. Sufficient rescrvcs need to be retained to cover the limited ongoing costs that th¢ Charity may incur e.g. costs of independent examination as required by statute. (The 2024 examination has been carri¢d out on a pro bono basis). No other financial reserves are deem¢d necessary since no Trustee distributions have been committed as of 31 December, 2024. The Trustees do not enter into commitments of an ongoing nature. consequently, there are no financial risks to be managed. Grants to Christchurch Priory can only be mad¢ out of realised funds. It sbould be noted that there is no statutory guarantee associated with the CBF Deposit Fund balances should it be unabl¢ to meet its liabilities in whole or in part.
STRucfuRE, GOVERNANCE AND MANAGEMENr The Christchurch Priory Building Conservation Trust, Charity Commission number 1107139 is Governed by a Declaration of Tn]st dated 9 July, 2004, as amended on 27 April, 2017. The Dccd provides for the Vicar and Churchwardens of the Ecclesiastical Parish of Christchurch Holy Trinity for the timc being to bc ex officio trustecs of the Trust. The ex officio trustees may appoint furthcr trust¢¢s but currently this option is not under consideration. Trllstees The Trustees holding office during thc period since l January, 2024, and who wcre trustces at th¢ date of signing this Ilcport are: Reverend Canon Charl¢s Stewart Mr Colin Bacchus Mrs Tracy Froud tncumbent Churchward¢n Churchwarden Appointed 21 April 2015 Appointed 4 October 2020 Appointed 4 October 2020 The Trustees make all decisions affecting the Trnst, assisted by the Parish of Christchurch Chief Finance Officer. ThC are no policiesl procedures for the induction and training of Trustees given that their appointment is based un the senior oific£s they hold within the PCC. No rcmun¢ration is paid by the Trust. Connected Charities Th¢ Financial Stat¢m¢nts ol th¢ Parochial Church CounGil of thc Ecclcsiastical Parish of Christchurch Iqoly Trinity (Registered Number 1130918)- The PCC - ar¢ pr¢parcd in accordance with the provisions of the Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Rq)orting Standard (FRS 102) applicable in th¢ UK and Rq)ublic of treland. The tern]s of FRS 102 r¢quir¢ that by reason of the control vested in the PCC allowing the appointment of Trustees for the Christchurch Priory Building Conservation Trust, this Charity is connected with and has to be treated as a subsidiary of the PCC. and incorporated within the Financial Statements of the pcc. Parent Charity The following infomation is provid¢d regarding the parent charity (the PCC): Name The Parochial Church Council of th¢ Ecclesiastical Parish of Christchurch Holy Trinity Charity Registration Number 1130918 Address Priory House, Quay Road, Christchurch, Dorset BH23 IBU Address for Truslees, Report and Financial Statements The Chief Finance Officer, Th¢ Parish Office, Priory Hou8C. Quay Road, Christchurch, Dorset BH23 IBU
The principal PUTpose and activity of the PCC is to promote within the Parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical, in co-operation with the Viw, to whom day to day management of the Parish is delegat¢d an(L ¢xcqit as disclosed in thks R¢port and Financial Statements, there were no other connected transactions during the year. By reason of their association with th¢ PCC, the following may be regarded as connected with th¢ Christchurch Priory Building Conservation Trust: The Charity of Mary Waterfield (Registered Number 1055323) Friends of Christchurch Priory (Registered Number 1063246) Further details of each Charity may be obtained from the Trustccs, c/0 The Parish Officc. Thc operating policies adopted by the Trust may be infiuenced by Trustees but given th¢ very specific Objects of the Christchurch Priory Building Conservation Trust th¢ effect of such influence is minimal. REFERENCE AND ADMINISTIL4TION DETAILS The Chief Finance Officer, Mr J Puzey, is the person to whom the Trust¢¢s delegate day to day management of the Trnst. Relevant Names and Addresses Correspondence address The Parish Officc Priory House Quay Road Christchurch BH23 IBU Bank¢rs National Westminster Bank PIC 5, Old Christchurch Road Boumemouth Dorset BHI IDU CCLA Investment Management Limited The CBF Church of England Funds One Angel Lane London EC2R 3AB
Independent Examkner (2024) Independent Examiner (2023) Mr Douglas Forsyth Douglas FOrsh Limited Chartcred Accountants Royden Cottage Sandy Dosvn, Boldre Lymington S0418PL Mr Keith Adams Chartered Accountant Tarn Hows Vinegar Hill Milford on Sea Lymington S041 ORZ Solicitors Mrs Sue de Candole Diocesan Registrar Batt Broadbcnt Solicitors LLP 42-44 Castle Street Salisbury SPI 3TX PLANS FOR FirruRE PERIODSITRUSTEES GENERAL REVIEW The Trustees will consider making grants to th¢ PCC in accordance with the Objects of the Trust and remain pleased to receive and administer any futurc legacies in its favour. Should no legacies be r¢ceived in the future, activity levels will be much reduced although the Trust will need to be rctaincd as a separate entity to secure receipt of any futurc legacics. Overall, the Trustees regard the general affairs of the TTUSt as being satisfactory and there are no further matters requiring special mention. On behalf of th¢ Trustees Reverend Canon Charles Stewart Chairman of th¢ Trust¢es 2025
CHRISTCHURCH PRIORY BUILDING CONSERVATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEE RESPONSIBILITIES APPLICABLE TO THE TRUSTEES OF CHRISTCHURCH PRIORY BUILDING CONSERVATION TRUST Th¢ Trustecs are rcsponsible for prepaTing th¢ Annual Report and the fmancial statements in acc()rdance with applicabl¢ law and regulations. Law applicable to charities in England and Wales requira8 the trustees to pr¢pare financial statements for each financial year which give a true and fair view of the charity's financial actkvities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustces should follow best practice and: select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudent. observe the methods and principles in the Charities SORP. state whether applicable accounting standards and statements of recommended practice have been followed, suty¢ct to any departures disclosed and explained in the fitwicial statements" preparc thc financial statements on the going conccrn basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keIng accounting records which disclose with reasonabl¢ accura¢y the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prcv¢ntion and detection of fraud and other irregulariti&8.
CHRISTCHURCH PRIORY BUILDING CONSERVATION TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHRISTCHURCH PRIORY BUILDING CONSERVATION TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 I report to the Trustees on my examination of the financial statements of thc Charity for the year ¢nd 31 December 2024 set out on pages 8 to 14. 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 ('*he Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. INDEPENDENT EXAMtNER'S STATEMENT I have completed my cxamination. I confllTh that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any Matla1 rcspect: accounting records were not kept in accordance with section 130 of the Charities Act, or the accounts do not accord with the accounting records. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Tam Hows Vinegar Hill Milford on Sea Lymington S041 ORZ Keith Adams Chartered Accountant 2025
CHRISTCHURCH PRIORY BUILDING CONSERVATION TRUST Charlty number: lllb7139 STATEMENT OF FINANCIAL ACTIVITIES For the Ye ended 31 December 2024 RESTIUCTED FUNDS 2024 2023 Notes INCOME FROM Interest 62,553 15 51041 25 Donations and tax recoverable Legacies 105 TOTAL SCOME 62,568 52,171 EXPENDITURE ON Charitabl¢ a¢tivitics 40 575 TOTAL EXPENDITURE ON CILIRITABLE ACTIVITIES 40 575 NET MOVEMENT IN FUNDS 62,528 51,596 RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD AT I JANUARY 1,217,798 1,166202 TOTAL FUNDS CARIUED FORWARD AT 31 DECEMBER 1,280026 1,217,798 The notes on pages l I to 14 forni part of these fllwicial statements
CHRISTCHURCH PRIORY BUILDIIYG CONSERVATION TRUST Charity number: 1107139 BALANCE SHEET AS AT 31 DECEMBER 2024 RESTRICTED FUNDS 2024 2023 Notes CURRENT ASSETS Debtors Casb at bank 40 1,218,333 1,280,326 1,280J26 1,218J73 LIABILITIES Creditors: Amounts falling due within one year {575) NET CURRENT ASSETS 1,280,326 1,217,798 TOTAL NET ASSETS 1,280,326 1,217,798 REPRESENTED BY FUNDS OF THE CIIAIUTY: Restricted Funds 1,280J26 1217,798 TOTAL CHARITY FUNDS 1,280J26 1217,798 The financial stst¢m¢nts w¢re approved by the TTUStees on b¢half by.. 2025 and signed on tbeir Reverend Canon Charles Stewart Chainnan of the Trnstees Th¢ not¢s on pages I I to 14 forni part of these financial statements
CHRISTCHURCH PIUORY BUILDING CONSERVATION TRUST STATEMENT OF CASH FLOWS FOR THE YEAR EIYDED 31 DECEMBER 224 RESTRICTED FUNDS 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES N¢t cash provided by operating activities (asper the Statement ofFinancwlActivities) 62,528 51,596 Adjustmellts for: Decrease l (In¢r¢ase) in debtors (Decrease) I Increase in ¢reditOTS 40 (575) 52,810 {1,525) Net eash provAded by l (used by) operatlDg &etivities (535) 51,285 Change in cash during the r¢porting period 61,993 102,881 Cash at the beginning of the rq)orting period 1,218,333 1,115,452 Cash at the end of the reporting perfiod 1,280a26 1218J33 The notes on pages I I to 14 forni part of these financial stat¢m¢nts 10
CHRISTCHURCH PRIORY BUILDING CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 DECEMBER 2024 I. ACCOUNTING POLICIES 2) Basis of accounting The Financial Statements have been prepared in accordance with applicablc accounting standards and the Charities SORP (FRS 102). The Financial Statements have been prepared under tbe historical cost convention. The Financial Statements include all transactions. assets. and liabilities for which the Charity is responsible in law. The Financial Statements have been prq)ared on a going concern basis. b) Funds All funds are r¢stric*d and represent l¢ga¢iesl donations etc. r¢¢¢ivable for tb¢ sp¢¢ific objects of the TrusL Any balance remaining unspcnt is carried forward as a balance in the Restricted Fund. e) Income Planned giving and donations are recognised when receivable. Tax refunds are r¢cognised when the relevant infonrAation is provided by the administrator of the estate concerned. Legacies are accounted for when the Trustees are legally entitled to the amounts due. Any other income is recognised when it is receivable. All incoming resources are accounted for gross. d) Expenditure Grants or donations ar¢ accounted for when agree if that creates an obligation on the Charity. All other expenditure is r¢cognised when it is in¢urra and is accounted for gross. li
CHRISTCHURCH PIUORY BUILDING CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (continueql) FOR THE YEAR ENDED 31 DECEMBER 2024 2. EXPENDITURE ON CHARITABLE ACTIVITIES RESTIUCTED FUNDS 2024 2023 Ind¢p¢nd¢nt Examination Debtor not pursued 575 40 40 575 3. DEBTORS RESTRICTED FUNDS 2024 2023 Sundry debtors (income tax recoverable) A¢¢rued in¢om¢ (legac1 receivable) 40 4. CREDITORS RESTRICTED FUNDS 2024 2023 Sundry creditors (professional fe) 575 575 5. ACCUMULATED RESTRICTED FUNI)S Opening Funds l Jan. 2024 Incoming Resources Expenditure Closing Funds 31 2024 Rcstrictcd funds 1,217,798 62,568 (40) 1,280,326 1217,798 62,568 (40) 1280J26 12
CHIUSTCHURCH PRIORY BUILDING CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 6. ANALYSIS OF NET ASSETS BY FUND RESTIUCTED FUNDS 2024 2023 Debtors Cash at bank Current liabilities 40 1218,333 (575) 1,280,326 Fund b4¢¢ 26 7. INDEPENDENT EXAMINATION C OSTS 2024 2023 Provision for Independent Exarnination fee 575 575 13
CHRISTCHURCH PRIORY BUILDING CONSERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED 31 DECEMBER 2024 8. RELATED PARTIES AIYD GOING CONCERN The following trustees were members of related entities: TRUSTEE RELATED TRUSTEESHIP Reverend Canon Charles Stewart The Pamchial Church Council Of the Ecclesiastical Parish of Christchurch Holy Trinity (Registered Number 1130918) The Charity of Mary Wat¢rfield (Registered Numb¢r 1055323) Mr Colin Bacchus The Parochial Church Council Of the Ecclesiastical Parish of Christchurch Holy Trinity (Registered Number 1130918) The Charity of Mary Waterfield (Registered Number 1055323) Mrs Tracy Froud The Parochial Church Council Of the Ecclesiastical Parish of Clwist¢hurch Holy Trinity (Registered Number 1130918) The Charity of Mary Waterfield (Registered Nvmber1055323) There were no related paty transactions between the above trustees and any of the related tsstee$hIPs. None of the trustees received any remuneration or reimbursed expens¢s from the Trust or the r¢lated entities, except as dis¢losed in the PCC'S 2024 financial statements. The Ttust had no employe¢s during the year (2023." none) and no other financial commitments other than those described in the above notes. There no material uncertaintles about the Trust's ability to continue as a going concern. 14