GLOUCESTERSHIRE HISTORIC CHURCHES TRUST (Registered Charity No. 1120266)
REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
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.
CHAIRS REPORT
2022 has been another active year for the Gloucestershire Historic Churches Trust (GHCT). After the Anniversary celebrations of last year, 2022 has been a year of building and of planning for expansion in the future.
Under the Grants leadership of Jonathan MacKechnie-Jarvis, GHCT approved £158,500 in 30 awards to churches. As pandemic conditions eased during the year, it became possible for churches to make faster progress on construction work. We have maintained our existing level of grant commitments in 2022 and in addition to cash reserves at Lloyds we hold fixed interest funds with COIF which are available to meet any short term grant payment commitments.
Our Total Income fell from £245,801 to £145,423. This was mainly due the 2021 figure having benefitted from the Appeal proceeds (£44,730) and legacies (£52,031). 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
While the value of our Investments fell to £1,834,907 (2021 £1,990,631), our investment income increased from £72,211 to £79,546 as corporate confidence continued 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 have done for the last three years. Organised again by Ray Singleton the event raised £23,401 of gross income (2021 £36,951). The National Churches Trust, which coordinates the Ride+Stride event nationally, recorded a similar reduction in revenue in other county Churches Trusts. We are working closely with NCT on programmes to reverse the decline in this source of funding.
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 donors, volunteers, Council Members and Trustees for their commitment and achievement during 2022. The Trust has performed well during another difficult year. We are planning to expand our activities during 2023 and we intend to maintain our level of grant-making to support the needs of our churches.
2
GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022
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, none of whom received any remuneration in 2022 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 sub-committee 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.
3
GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Chair - Colin Senior Vice-Chair - 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 Adam Klups Revd Canon Michael Garland Anthony Branson Sue Pearce Simon Ray
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
Charles Russell Speechly Compass House Lypiatt Road Cheltenham Gloucestershire
GL7 2AG GL50 2QJ
GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022
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:
-
Select suitable accounting policies and apply them consistently
-
Observe the methods principles in the applicable Charities SORP
-
Make judgements and estimates that are reasonable and prudent
-
State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
-
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
Signed ……………………………………. Colin Senior Chair of the Trustees
5
GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022 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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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:
6
GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Income | Capital | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||||
| Not | 2022 | 2021 | |||||
| e | |||||||
| £ | £ | £ | £ | ||||
| INCOME: | |||||||
| Donations, | Legacies | and | |||||
| Charitable Activities | |||||||
| Subscriptions & Donations | 32,47 | 32,476 | 29,914 | ||||
| 6 | - | ||||||
| Legacies | 52,03 | ||||||
| - | - | - | 1 | ||||
| Grant from Diocesan Funds | |||||||
| Stratton Davis Bequest | 10,000 | - | 10,000 | 10,000 | |||
| 40th Anniversary Appeal | - | - | 44,730 | ||||
| - | |||||||
| Ride & Stride event – gross income | 23,401 | - | 23,401 | 36,915 | |||
| Investments | 3 | 79,546 | - | 79,546 | 72,211 | ||
| _ | _ | _ | _ | ||||
| Total Income | 145,423 | - | 145,423 | 245,801 | |||
| _ | _ | _ | _ | ||||
| EXPENDITURE: | |||||||
| Costs & Raising Funds | |||||||
| Ride & Stride grants paid to | 11,365 | - | 11,365 | 16,867 | |||
| churches | |||||||
| Other fund raising costs | 4,506 | - | 4,506 | 11,320 | |||
| Grants payable to Churches | 4 | 146,450 | - | 146,450 | 150,000 | ||
| Other support | costs | 5 | 8,738 | - | 8,738 | 6,864 | |
| _ | _ | _ | _ | ||||
| Total Expenditure | 171,059 | - | 171,059 | 185,051 | |||
| _ | _ | _ | _ | ||||
| (25,63 | - | 60,750 | |||||
| 6) | (25,636) | ||||||
| - | |||||||
| Gains/(Losses) on Revaluation | |||||||
| of Investments – | Unrealised | 6 | - | (155,724 | (155,724) | 181,401 | |
| ) | _ | _ | |||||
| _ | |||||||
| _ | |||||||
| (25,636) | (155,724 | (181,360) | 242,151 |
)
| ) | ||||
|---|---|---|---|---|
| Net Movement in Funds for | ||||
| Year | ||||
| Total Funds brought forward | 8,854 | 1,990,63 | 1,999,485 | 1,757,33 |
| 1 | 4 | |||
| Transfer | - | - | - | - |
| _ | _ | _ | _ | |
| Total Funds Carried Forward | (16,78 | 1,834,90 | 1,818,125 | 1,999,48 |
| 2) | 7 | 5 | ||
| _ | ||||
| _ | _ | _ |
7
GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
BALANCE SHEET AT 31 DECEMBER 2022
| Note |
2022 | 2021 | ||
|---|---|---|---|---|
| £ | £ | |||
| Fixed Assets | ||||
| Investments | 6,7 | 1,834,907 | ||
| 1,990,631 | ||||
| ─────── | ─────── | |||
| Current Assets | ||||
| Debtors | - | - | ||
| Cash at bank | 96,718 | 126,354 | ||
| ─────── | ─────── | |||
| 96,718 | 126,354 | |||
| Less: Current Liabilities | ||||
| Creditors: Amounts due within one year | 8 | (113,500) | (117,500) | |
| ─────── | ||||
| ─────── | ||||
| Net Current Assets | (16,782) | 8,854 | ||
| ─────── | ─────── | |||
| Net Assets | 1,818,125 | 1,999,485 | ||
| ═══════ | ═══════ | |||
| Funds | ||||
| Unrestricted: | ||||
| Income Fund | (16,782) | 8,854 | ||
| Capital Fund | 1,834,907 | 1,990,631 | ||
| ─────── | ─────── | |||
| 1,818,125 | 1,999,485 | |||
| ═══════ | ═══════ |
The notes which follow form part of these accounts.
Approved by the Trustees at a meeting held on and signed on its behalf by
Chair
8
GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
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
-
(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.
-
(b) Dividends and interest are accounted for when due.
-
(c) Subscriptions and donations are recognised as received. Tax recoverable in respect of amounts received under Gift Aid are recognised as received.
-
(d) Grants to churches are recognised when committed and all expenses are treated on an accruals basis.
-
(e) Listed investments and unit trusts are valued at mid-market prices and Common investment funds at prices advised by management companies.
-
(f) Unrealised and realised investment gains and losses are shown net in the statement of financial activities.
3. Investment Income
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Listed investments | 79,500 | 72,198 |
| Bank and deposit interest | 46 | 13 |
| ───── | ───── | |
| 79,546 | 72,211 | |
| ═════ | ═════ |
GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022
4. Grants to churches - 2022
| £ | |||||
|---|---|---|---|---|---|
| Arlingham | St Mary the Virgin | Conservation of memorials | 5,000 | ||
| Batsford | St Mary | Renew pedal board of organ | 500 | ||
| Bisley | All Saints | Relining stone gutters | 2,000 | ||
| Bitton | St Mary | Major reordering improvements to | hall | 6,000 | |
| Bristol | SS Philip & Jacob | Quinquennial repairs | 2,000 | ||
| Cam | Quarry Chapel | Create accessible loo, kitchen | 15,000 | ||
| Cheltenham Minster | St Mary | Table tomb repairs | 1,000 | ||
| Corse | St Margaret | Rehang bells | 4,000 | ||
| Cotham | St Saviour w St Mary | Reordering | 10,000 | ||
| Didmarton | St Lawrence | Improve path and new disabled access | 2,750 | ||
| Dryham | St Peter | Roof repairs and redecoration | 10,000 | ||
| Duntisbourne Abbots | St Peter | Reroof porch and S slope of S aisle | 6,000 | ||
| Hartpury | St Mary the Virgin | Rehang bells and create training facility | 10,000 | ||
| Leckhampton | St Peter | Protect and presentation of C15 memorial2,500 | |||
| Longhope | All Saints | Major repairs to tower | 10,000 | ||
| Minchinhampton | Holy Trinity | Overhaul and extend organ | 5,000 | ||
| Naunton | St Andrew | Overhaul bells and fttings | 750 | ||
| Painswick | St Mary | Reroof nave and chancel | 10,000 | ||
| Poulton | St Michael & AA | Install new toilet and servery | 9,000 | ||
| Redbrook | St Saviour | Further repair training, removal of | paint | 5,000 | |
| Selsley | All Saints | Reroof organ chamber and vestry | 3,000 | ||
| Soundwell | St Stephen | Repairs to spire | 7,000 | ||
| Southrop | St Peter | Create Garden of Remembrance | 1,500 | ||
| Staunton | St James | Roof repairs | 8,000 | ||
| Stoke Bishop | St Mary Magdalene | Improvements to hall | 10,000 | ||
| Turkdean | All Saints | Rehang bells | 5,000 | ||
| Temple Guiting | St Mary | Re-leather organ bellows | 3,000 | ||
| Wick | St Bartholomew | Repair foor afected by wet | rot | 1,500 | |
| Windrush | St Peter | Table tomb repairs | 2,000 | ||
| Withington | St Peter | Repair organ | 1,000 | ||
| Previous | year | adjustment |
(12,050)
───── 146,450 ═════
GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | |||
| 5. | Other support costs | |||
| Printing, Postage & Stationery | 5,538 | 3,864 | ||
| Independent Examiners Fees | 3,200 | 3,000 | ||
| ─────── | ─────── | |||
| 8,738 | 6,864 | |||
| ═══════ | ═══════ | |||
| 6. | Fixed asset investments | |||
| Market value at 1 January | 1,990,631 | 1,684,230 | ||
| Disposals | - | - | ||
| Realised Gains | - | - | ||
| Unrealised gain/(loss) for the year | (155,724 ) | 181,401 | ||
| Additions | - | 125,000 | ||
| ─────── | ─────── | |||
| Market Value at 31 December | 1,834,907 | 1,990,631 | ||
| ═══════ | ═══════ | |||
| Historical Cost at 31 December | 1,312,564 | 1,312,564 | ||
| ═══════ | ═══════ | |||
| 7. | Analysis of fxed asset investments | |||
| Value | **% ** | of Total | ||
| £ | ||||
| M & G Charifund | 843,609 | 45% | ||
| COIF Investment Fund | 408,920 | 23% | ||
| M & G Charibond | 55,946 | 3% | ||
| COIF Fixed Interest Fund | 123,222 | 7% | ||
| M&G Global Dividend Fund | 139,277 | 7% | ||
| Schroders | 263,933 | 15% | ||
| ─────── | ─────── | |||
| 1,834,907 | 100% | |||
| ═══════ | ═══════ |
11
GLOUCESTERSHIRE HISTORIC CHURCHES TRUST
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| 8. | Creditors -Amounts falling due within one year | ||
| Accrued expenditure | 1,500 | 1,500 | |
| Grants awaiting payment | 112,000 | 116,000 | |
| _ | |||
| _ | |||
| 113,500 | 117,500 | ||
| _ | |||
| _ |
9. Movements in funds
| Funds at | Income | Income | Expenditure Transfers | Expenditure Transfers | Expenditure Transfers | Expenditure Transfers | Unrealised | Unrealised | Funds at | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1/1/2022 | Gains on | 31/12/22 | ||||||||||
| Investments | ||||||||||||
| £ | £ | £ | £ | £ | £ | |||||||
| Income funds | 8,854 | 145,423 | 171,059 | - | (16,782) | |||||||
| Capital funds | 1,990,631 | - | - | (155,724) | ||||||||
| 1,834,907 | ||||||||||||
| ─────── | ─────── | ─────── | ─────── | ─────── | ─────── | |||||||
| 1,999,485145,423 | 171,059 | - | (155,724) | |||||||||
| 1,818,125 | ||||||||||||
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | |||||||
| Analysis of net assets between funds | ||||||||||||
| Income | Capital | Total | Total | |||||||||
| Funds | Funds | Funds | Funds | |||||||||
| 2022 | 2021 | |||||||||||
| £ | £ | £ | ||||||||||
| £ | ||||||||||||
| Investments | - | 1,834,907 | 1,834,907 1,990,631 | |||||||||
| Current assets | 96,718 | - | 96,718 | 126,354 | ||||||||
| Current liabilities | (113,500) | - | (113,500) | (117,500) | ||||||||
| ─────── | ─────── | ─────── | ─────── | |||||||||
| Net assets at | 31 December | 2022 | (16,782) | 1,834,907 | 1,818,125 1,999,485 | |||||||
| ═══════ | ═══════ | ═══════ | ═══════ |
10. Analysis of net assets between funds
- Related Party Transactions None 12