GLOUCESTERSHIRE HISTORIC CHURCHES TRUST (Registered Charity No. 1120266)
REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
OBJECTIVES AND ACTIVITIES
The Trust was originally established in 1980, launched in 1981, and reconfigured by Declaration of Trust dated 15 August 2006. The object of the Charity is to advance the Christian religion by the preservation, repair, maintenance, improvement, upkeep, beautification and reconstruction of churches in Gloucestershire and of the monuments, fittings, fixtures, stained glass, furniture, ornaments, goods and chattels in such churches and of the churchyard belonging to any of such churches for the benefit of the public.
The Trust is governed by a board of Trustees and administered by a Council, the membership of which is representative of the churches of Gloucestershire. The Trustee board is composed of no less than four Trustees, and in practice includes Honorary Officers of the Council as Chairman, Vice Chairman, Secretary and Treasurer.
CHAIRMANS REPORT
2021 has been a very active year for the Gloucestershire Historic Churches Trust (GHCT) despite all the difficulties caused by the pandemic. We celebrated our 40[th] Anniversary during the year by publishing Favourite Churches, Gloucestershire & Bristol by Simon Jenkins. We also launched a fundraising Appeal ‘ £40,000 for 40 Years’ and held a celebration event attended by over 200 people in Gloucester Cathedral on 5 October.
The Trustees and Council of GHCT are very grateful for the wonderful response from our supporters to our Appeal. Over 150 donations were received and by year-end we had exceeded our target by over 11%, with more to come in 2022. The money raised has been directed into our endowment funds, so as to ensure that GHCT can continue with its work with our churches long into the future.
Under the Grants leadership of Jonathan MacKechnie-Jarvis, GHCT approved £150,000 in 31 awards to churches. However, as with last year, the pandemic has caused considerable delays in carrying out the restoration and improvement work; and so, once again, we are holding a very high level of Grants Awaiting Payment (£116,000).
Our Total Income rose from £178,143 to £245,801, thanks in part to our Appeal, but also thanks to very generous legacies from the late Mr Gerry Bannister £44,000 and Mrs Parker £5000. We are very grateful for the support of £10,000 that we continue to receive from the Stratton Davis Bequest held by the Diocese of Gloucester. Our investment income increased from £66,154 to £72,211 as market confidence recovered during the year.
We were able once again to organise a Ride+Stride event in September, with all the arrangements being made on-line as we did last year. Organised again by Ray Singleton the event raised £36,951 of gross income (2020 £33,698).
GHCT is entirely volunteer run, with no office or salary overhead costs. Consequently, the vast bulk of our income can go where it is intended, to our churches. As Chair, I am very grateful to our Trustees, Council Members and volunteers for their commitment and achievement during 2021. The Trust has performed very well during another difficult year. We hope that conditions may be easier in 2022 and we intend to maintain and, if possible, increase our level of grant-making to support the needs of the 630 churches in our region.
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust is funded by subscriptions, donations and the proceeds of fundraising events. The Trustees are responsible for holding its assets and for the payment of grants recommended by a Grants Committee appointed by the Council.
The Trustees meet twice a year to agree the level of grants to be distributed, to decide investment policy and to discuss the general affairs of the Trust. The Council of the Trust meets at least three times a year to discuss fund-raising activities, recruitment of new members and any other matters relating to the actual operation of the Trust and its volunteers. As a matter of policy, the Trust's investments are all held in Gross Funds and Deposit Accounts to maximise revenue.
VOLUNTEERS
The Trust works through volunteers, virtually none of whom received any remuneration in 2021 for the work they have done.
PUBLIC BENEFIT
Trustees are aware of the requirement placed upon them by the Charities Act 2011 to demonstrate compliance with Section 4 dealing with “public benefit”. The Trust raises money in order to preserve churches, chapels, and other buildings, which are used for Christian worship and makes no discrimination between denominations. All applications for grants are supported by written applications and considered in detail by a Grants subcommittee of the Council. These applications are usually reviewed during visits to the scene of the proposed works, and it is a requirement that the work will lead to lasting physical improvements. It is clear that the work of the Trust benefits those members of the public that make use of these places of worship, either for worship or to enjoy and admire the buildings, many of which are of historic and architectural significance.
RESERVES
In the Trustees’ view, the reserves should provide the Charity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future.
The Trustees propose to maintain the Charity’s reserves at a level which is at least equivalent to three months’ operational expenditure.
The Trustees review the level of reserves that are required to ensure that they are adequate to fulfil the Charity’s continuing obligations on a half yearly basis at their Trustee meeting.
GRANTS POLICY
The Trustees apply the funds of the Gloucestershire Historic Churches Trust at their discretion and in accordance with the charitable purposes and objectives of the Charity.
The GHCT Council has appointed a Grants Committee to consider the distribution of beneficial grants on its behalf and to make recommendations in accordance with the charitable purposes and objectives. Any decision whether to award a grant remains solely the responsibility of the Trustees.
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2021
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Chair - Colin Senior Vice-Chair - Mrs Helen Whitbread Treasurer - David Kingsmill Secretary - Stephen Langton
James Drennan Jonathan MacKechnie-Jarvis (Chair, Grants Committee)
Council Members
All Trustees are members of Council, which also includes: Ray Singleton Jane Jenner-Fust Naomi Buckler Mike Hayward (resigned 30 June 2021) Adam Klups Revd Canon Michael Garland
Address for Correspondence
FREEPOST GHCT
Registered Office
c/o Wenn Townsend (Chartered Accountants) 5 Gosditch Street Cirencester Gloucestershire GL7 2AG
Independent Examiner
Solicitors
Miss Ruth Herbert FCCA Wenn Townsend (Chartered Accountants) 5 Gosditch Street Cirencester Gloucestershire GL7 2AG
Charles Russell Speechly Compass House Lypiatt Road Cheltenham Gloucestershire GL50 2QJ
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2021
TRUSTEES’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
The Charity Trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources for that period. In preparing those financial statements, the Trustees are required to:
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Select suitable accounting policies and apply them consistently
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Observe the methods principles in the applicable Charities SORP
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Make judgements and estimates that are reasonable and prudent
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State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation
The Trustees are responsible for keeping proper accounting records which are sufficient to show and explain the Charity’s transactions and to disclose with reasonable accuracy at any time its financial position and to enable them to ensure that any financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved at a meeting of Trustees held on 29 March 2022
Signed ……………………………………. Colin Senior Chair of the Trustees
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
Independent Examiner’s Report to the Trustees of Gloucestershire Historic Churches Trust
I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2021 which are set out on pages 7 to 12.
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’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I 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:
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accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I 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.
Name:
Miss Ruth Herbert FCCA
Address:
Wenn Townsend 5 Gosditch Street Cirencester Gloucestershire GL7 2AG
Date: 29 March 2022
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Income | Capital | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||
| Note | 2021 | 2020 | |||
| £ | £ | £ | £ | ||
| INCOME: | |||||
| Donations, Legacies and Charitable | |||||
| Activities | |||||
| Subscriptions & Donations | 29,914 | - | 29,914 | 68,291 | |
| Legacies | 52,031 | - | 52,031 | - | |
| Grant from Diocesan Funds | |||||
| Stratton Davis Bequest | 10,000 | - | 10,000 | 10,000 | |
| 40th Anniversary Appeal | 44,730 | 44,730 | - | ||
| Ride & Stride event – gross income | 36,915 | - | 36,915 | 33,698 | |
| Investments | 3 | 72,211 | - | 72,211 | 66,154 |
| _ | _ | _ | _ | ||
| Total Income | 245,801 | - | 245,801 | 178,143 | |
| _ | _ | _ | _ | ||
| EXPENDITURE: | |||||
| Costs & Raising Funds | |||||
| Ride & Stride grants paid to churches | 16,867 | - | 16,867 | 15,289 | |
| Other fund raising costs | 11,320 | - | 11,320 | 8,300 | |
| Grants payable to Churches | 4 | 150,000 | - | 150,000 | 151,000 |
| Other support costs | 5 | 6,864 | - | 6,864 | 7,236 |
| _ | _ | _ | _ | ||
| Total Expenditure | 185,051 | - | 185,051 | 181,825 | |
| _ | _ | _ | _ | ||
| 60,750 | - | 60,750 | (3,682) | ||
| Gains/(Losses) on Revaluation | |||||
| of Investments – Unrealised | 6 | - | 181,401 | 181,401 | (124,556) |
| _ | _ | _ | _ | ||
| Net Movement in Funds for Year | 60,750 | 181,401 | 242,151 | (128,238) | |
| Total Funds brought forward | 73,104 | 1,684,230 | 1,757,334 | 1,885,572 | |
| Transfer | (125,000) | 125,000 | - | - | |
| _ | _ | _ | _ | ||
| Total Funds Carried Forward | 8,854 | 1,990,631 | 1,999,485 | 1,757,334 | |
| _ | _ | _ | _ |
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
BALANCE SHEET AT 31 DECEMBER 2021
| Note | 2021 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| Fixed Assets | |||
| Investments | 6,7 | 1,990,631 |
1,684,230 |
| ______ | ______ | ||
| Current Assets | |||
| Debtors | 8 | - | 24,044 |
| Cash at bank | 126,354 | 182,560 | |
| ______ | ______ | ||
| 126,354 | 206,604 | ||
| Less: Current Liabilities | |||
| Creditors: Amounts due within one year | 9 | 117,500 | 133,500 |
| ______ | ______ | ||
| Net Current Assets | 8,854 | 73,104 | |
| ______ | ______ | ||
| Net Assets | 1,999,485 | 1,757,334 | |
| ______ | ______ | ||
| Funds | |||
| Unrestricted: | |||
| Income Fund | 8,854 | 73,104 | |
| Capital Fund | 1,990,631 | 1,684,230 | |
| ______ | ______ | ||
1,999,485 |
1,757,334 | ||
| ______ | ______ |
The notes which follow form part of these accounts.
Approved by the Trustees at a meeting held on 29 March 2022 and signed on its behalf by
Chairman
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP (FRS 102)). Gloucestershire Historic Churches Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The Charity has applied Update Bulletin 2 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
2. Accounting policies
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(a) The Trustees hold monies and investments as either a Capital Fund or an Income Fund. The Capital Fund was established to provide a capital base to generate income to further the objectives of the Charity. Dividends and interest received, together with monies received from fund raising events are applied to making grants and is credited to the Income account. Monies received from special events, earmarked as raising funds for Capital, specific donations stipulated by the donor and legacies will be credited to the Capital Account, unless they have specific directions to be treated as income. Grants and administrative expenses will be paid from the Income Fund unless specifically attributable to the Capital Fund.
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(b) Dividends and interest are accounted for when due.
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(c) Subscriptions and donations are recognised as received. Tax recoverable in respect of amounts received under gift aid is included with the income to which it relates.
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(d) Grants to churches are recognised when committed and all expenses are treated on an accruals basis.
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(e) Listed investments and unit trusts are valued at mid-market prices and Common investment funds at prices advised by management companies.
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(f) Unrealised and realised investment gains and losses are shown net in the statement of financial activities.
| financial activities. | ||||
|---|---|---|---|---|
| 1 | 2021 | 2020 | ||
| 3. | Investment Income | |||
| Listed investments | 72,198 | 66,102 | ||
| Bank and deposit interest | 13 | 52 | ||
| ______ | ______ | |||
| 72,211 | 66,154 | |||
| ______ | ______ |
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021
4. Grants to churches - 2021
| Ashchurch | St Nicholas | Repairs to door etc and minor reordering | 1,250 |
|---|---|---|---|
| Awre | St Andrew | Repairs to roof | £500 |
| Bagendon | St Margaret | Renewal of valley gutter | 5,000 |
| Bisley | All Saints | Repairs to stonework and rwg | 5,500 |
| Bitton | St Mary | Major Reordering Phase 2 | 10,000 |
| Bourton on the Hill | St Lawrence | New servery, disabled access and loo | 13,000 |
| Coberley | St Giles | Repairs to render etc, of S aisle | 2,000 |
| Compton Greenfield | All Saints | Provide new path to churchyard extn | 1,500 |
| Didbrook | St George | Tower repairs and bell rehanging (top up) | 3,000 |
| Dowdeswell | St Michael | Repairs to E window | 1,500 |
| Down Ampney | All Saints | Repairs to masonry, electrics etc | 2,500 |
| Frampton Mansell | St Luke | Repairs, also construct new WC | 10,000 |
| Gloucester | St Mary de Lode | Repair and conserve stonework | 1,500 |
| Hardwicke | St Nicholas | Repairs to roof | 1,250 |
| Kingswood | St Mary | Organ rebuild (top up) | 5,000 |
| Lechlade | Baptist | Repairs to sash windows | 8,500 |
| Little Barrington | St Peter | Conservation of table tombs | 4,000 |
| Mangotsfield | St James | Enhance AV system, and kitchen eqpt | 5,500 |
| Newland | All Saints | Report on options for lighting+heating | 1,000 |
| Redbrook | St Saviour | Repairs to stonework and plaster | 3,000 |
| Redmarley | St Bartholomew | Tower repairs (top up) | 6,500 |
| Sandhurst | St Lawrence | Repairs to roofs, rwg, and rendering | 6,500 |
| Stanley Pontlarge | St Michael | Repairs to drainage | 7,000 |
| Stinchcombe | St Cyr | New access for disabled, WC servery etc | 3,000 |
| Stinchcombe | St Cyr | New access for disabled, WC servery etc | 10,000 |
| Thornbury | St Mary | Releading two windows | 4,000 |
| Tibberton | Holy Trinity | Create level floor to chancel, + repairs | 5,500 |
| Tirley | St Michael | Commission reports re flood and tombs | 1,500 |
| St Mary | |||
| Tormarton | Magdalene | Major reordering | 10,000 |
| Twyning | St Mary Magdalene | Renew clock autowinder | 1,000 |
| Uley | St Giles | Reordering to provide level access | 3,000 |
| Warmley | St Barnabas | Renew boiler | 5,000 |
| Wick | St Bartholomew | Remedial work following dry rot | 1,500 |
Ashchurch
______ £ 150,000
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
| NOTES TO THE ACCOUNTS (continued) | NOTES TO THE ACCOUNTS (continued) | ||
|---|---|---|---|
| FOR THE YEAR ENDED 31 DECEMBER 2021 | |||
| 2021 | 2020 | ||
| £ | £ | ||
| 5. | Other support costs | ||
| Printing, Postage & Stationery | 3,864 | 4,986 | |
| Independent Examiners Fees | 3,000 | 2,250 | |
| _ | _ | ||
| 6,864 | 7,236 | ||
| _ | _ | ||
| 6. | Fixed asset investments | ||
| Market value at 1 January | 1,684,230 | 1,808,786 | |
| Disposals | - | - | |
| Realised Gains | - | - | |
| Unrealised gain/(loss) for the year | 181,401 | (124,556) | |
| Additions | 125,000 | - | |
| _ | _ | ||
| Market Value at 31 December | 1,990,631 | 1,684,230 | |
| _ | _ | ||
| Historical Cost at 31 December | 1,312,564 | 1,187,564 | |
| _ | _ | ||
| 7. | Analysis of fixed asset investments | ||
| Value | % of Total | ||
| £ | |||
| M & G Charifund | 893,370 | 45% | |
| COIF Investment Fund | 462,061 | 23% | |
| M & G Charibond | 62,588 | 3% | |
| COIF Fixed Interest Fund | 140,551 | 7% | |
| M&G Global Dividend Fund | 137,758 | 7% | |
| Schroders | 294,303 | 15% | |
| _ | _ | ||
| 1,990,631 | 100% | ||
| _ | _ | ||
| 2021 | 2020 | ||
| £ | £ | ||
| 8. | Debtors | ||
| Legacy | - | 24,044 | |
| _ | _ | ||
| - | 24,044 | ||
| _ | _ |
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GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021
9.
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Creditors -Amounts falling due within one year | ||
| Accrued expenditure | 1,500 | 1,500 |
| Grants awaiting payment | 116,000 | 132,000 |
| _ | _ | |
| 117,500 | 133,500 | |
| _ | _ |
10. Movements in funds
| Funds at | Income | Expenditure | Transfers | Unrealised | Funds at | |
|---|---|---|---|---|---|---|
| 1/1/2021 | Gains on | 31/12/21 | ||||
| Investments | ||||||
| £ | £ | £ | £ | £ | £ | |
| Income funds | 73,104 | 245,801 | 185,051 | (125,000) | - | 8,854 |
| Capital funds | 1,684,230 | - | - | 125,000 | 181,401 | 1,990,631 |
| _ | _ | _ | _ | _ | _ | |
| 1,757,334 | 245,801 | 185,051 | - | 181,401 | 1,999,485 | |
| _ | _ | _ | _ | _ | _ |
11. Analysis of net assets between funds
| Income | Capital | Total | Total | |
|---|---|---|---|---|
| Funds | Funds | Funds | 2020 | |
| £ | £ | £ | £ | |
| Investments | - | 1,990,631 | 1,990,631 | 1,684,230 |
| Current assets | 126,354 | - | 126,354 | 206,604 |
| Current liabilities | (117,500) | - | (117,500) | (133,500) |
| _ | _ | _ | _ | |
| Net assets at 31 December 2021 | 8,854 | 1,990,631 | 1,999,485 | 1,757,334 |
| _ | _ | _ | _ |
12. Related Party Transactions
None
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