2023-12-31-accounts - Studland Church Lands Trust

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STUDLAND CHURCH LANDS TRUST

CHARITY NUMBER 1124710

TRUSTEES REPORT & UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

STUDLAND CHURCH LANDS TRUST

REPORT OF THE TRUSTEES INDEPENDENT EXAMINER'S REPORT BALANCE SHEET STATEMENT OF FINANCIAL ACTIVITY NOTES TO THE ACCOUNTS *The following page does not form part of the Financial Statements:* DETAILED INCOME & EXPENDITURE ACCOUNT CONTENTS	Page
	1-3 4 5 6 7-8 10

STUDLAND CHURCH LANDS TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 TRUST INFORMATION

The Trustees present their report and unaudited financial statements for the year ended 31 December 2023 and confirm that they comply with the requirements of the Charities Act 2011, the governing document and the Charities SORP (FRS102).

CUSTODIAN TRUSTEE OF THE CHARITY	The Salisbury Diocesan Board of Finance
THE BODY OF MANAGING TRUSTEES	The Reverend Doctor Ian Bird - Team Rector and Chairman
	Mr David Hogsflesh - Treasurer, Nominated by St Nicholas Church PCC
	Mrs Barbara Matthews - Church Warden
	Mr Eric Stobart - Church Warden
	Mr Iain Westman - Nominated by St. Nicholas Church PCC
	Mr Iain Westman - Honorary Secretary
CHARITY NUMBER	1124710
SOLICITORS	Humphries Kirk
	Glebe House
	North Street
	WAREHAM
	BH20 4AN
	Wilsons
	Alexandra House
	St Johns Street
	SALISBURY
	SP1 2SB
REPORTING ACCOUNTANTS & INDEPENDENT EXAMINERS	Harding Redmans
	Accountants
	Bridge House
	Court Road
	SWANAGE
	BH19 1DX
PRINCIPAL OFFICE & REGISTERED ADDRESS	The Rectory
	Church Hill
	SWANAGE
	BH19 1HU
BANKERS	Co Operative Bank
	The CBF Church of England Funds
	1 Angel Lane
	LONDON
	EC4R 3AB

Page 1

STUDLAND CHURCH LANDS TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

Statement of Trustee's Responsibilities

Charity law requires that the charity's trustees are responsible for the preparation of financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period.

In preparing those financial statements, the trustees are required to:-

select suitable accounting policies and apply them consistently;
make judgements and estimates that are reasonable and prudent.

The Trustees have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission when reviewing our aims and objectives and in planning our future activities.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the trust and to enable them to ensure that the financial statements comply with the Charities Acts 2011.

The Trustees are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Governing Document and Legal Status

The Governing Document is a Trust Deed or 'Scheme including appointment of Trustees' which was approved and established by the order of The Charity Commissioners for England and Wales on 18 January 1993 for the regulation of the Charity.

The Charity registered with the Charity Commission on 26 June 2008 (number 1124710).

Investment Powers

The 'Trust Deed' authorises the trustees to make and hold investments using the general funds of the Charity and using the proceeds of sale of investment assets including properties within the Permanent Endowment Fund.

Trust Objects Organisation and Policies

The trust's income arises through investment and rental income. After applying the income to defray the costs of maintaining the trust property and costs of administration the income is applied as follows:-

The establishment of a 'Fabric Fund' by the transfer of such annual sum sufficient for the repair, improvement or rebuilding of the Parish Church of St Nicholas, Studland. In so far as the fund is not applied for the purpose for which it was established, any surplus will be invested in the trust.
Funds in so far as they cannot be directed into the Fabric Fund will be applied for the religious and other charitable work of the Church of England in the Ecclesiastical Parish of Studland. Any further income not so applied may be paid by the Managing Trustees to The Salisbury Diocesan Board of Finance for the creation of a separate fund to be applied for the religious and other charitable work of the Church of England in the Benefice of Swanage and Studland.

All title to the trust's assets are vested with The Salisbury Diocesan Board of Finance who act as Custodian Trustee of the Charity.

The Trustees give careful consideration to the Charity Commission's general guidance on public benefit.

The body of Managing Trustees consists of five persons, three of whom are ex-officio being the Rector of The Swanage and Studland Team Ministry and two Churchwardens of the present Ecclesiastical Parish of Studland. The two remaining trustees are nominated and appointed by St Nicholas Church Parochial Church Council for a term of three years.

At least two ordinary meetings of the body of managing trustees are held in each year.

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STUDLAND CHURCH LANDS TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

Strategic Report

Review of Activities, Achievements and Future Developments

The results for the year are shown in the Statement of Financial Activities on page 6.

The Statement shows the activities of three funds. Two of these are unrestricted in that they are for spending at the Trustees' discretion, albeit within the objects of the trust. The third is the Permanent Endowment Fund. The fund is comprised of property, investments and deposits in interest bearing accounts. The assets of the fund may be sold but the net proceeds have to be re-invested so that the fund remains intact.

This year gross income of £47,979 (2022 - £46,640) was generated from rent, dividends, interest and sundry income. Although most of the income arises from the assets in the Permanent Endowment Fund, there are no restrictions on the use of the income and it has been transferred to unrestricted funds. The significant expenditure during the year were payments of £71,501 (2022 - £30,000) to St Nicholas PCC, being a larger sum this year due to St Nicholas PCC having quinquennial repairs and needing to restore the organ.

During the year the market value of investments increased by £142,354 (2022 decreased by £201,876). In line with current accounting standards, these investments will continue to be valued annually. Their value at 31 December 2023 was £1,655,413 (2022 - £1,513,059).

During the year the market value of freehold properties held as investments increased by £Nil (2022 increased by £Nil). Its value at 31 December 2023 was £85,000 (2022 - £85,000).

The Trustees consider there are adequate reserves to meet the charity's objects for the foreseeable future.

Risk Management

The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.

Reserves Policy

It is the policy of the charity to maintain unrestricted funds at a level which equates to approximately 12 months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs. Unrestricted funds are maintained at least at this level throughout the year.

Trustees

Appointment of the Trustees is governed by the Trust Deed.

Audit

The Managing Trustees do not consider that there is a requirement to carry out an audit as required by the Charities Acts 2011 s.144.

The report was approved by the Body of Managing Trustees on 4 March, 2024 and signed on its behalf:

D Hogsflesh - Trustee

B A Matthews - Trustee

Page 3

STUDLAND CHURCH LANDS TRUST

INDEPENDENT EXAMINERS' REPORT TO THE TRUSTEES OF THE STUDLAND CHURCH LANDS TRUST

I report to the Trustees on my examination of the accounts of the above Trust for the year ended 31 December 2023, which are set out on pages 5 to 8.

Responsibilities and Basis of Report

As the Trust's trustees, you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 ("the Act").

I report in respect of our examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all of the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiners' Statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

the accounting records were not kept in accordance with Section 130 of the Charities Act; or
the accounts do not accord with the accounting 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.

Bridge House Court Road SWANAGE BH19 1DX 21 March 2024

MA Haigh FMAAT ATT(Fellow) HardingRedmans Accountants

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STUDLAND CHURCH LANDS TRUST

NOTES
FIXED ASSET INVESTMENTS
Freehold Properties Held as Investments
2
85,000
Investments
3
1,655,413
1,740,413
CURRENT ASSETS
CBF Deposit Account (Fabric Fund)
42,941
Bank Current Account
11,989
54,930
LESS CURRENT LIABILITIES
Sundry Creditors - Amounts Falling Due Within One Year
714
NET CURRENT ASSETS
54,216
NET ASSETS
1,794,629
Financed by:
FUNDS
Permanent Endowment Fund - Restricted
4
1,500,557
Fabric Fund - Unrestricted
4
282,797
General Fund - Unrestricted
4
11,275
1,794,629
Charity Registration Number- 1124710
BALANCE SHEET AS AT 31 DECEMBER 2023
2023
£

85,000
1,513,059
1,598,059
54,615
24,527
79,142
690
78,452
1,676,511
1,378,829
273,846
23,836
1,676,511
2022
£

Approved by the Body of Managing Trustees on 4 March 2024 and signed on its behalf

D Hogsflesh	Trustee
BA Matthews	Trustee

The notes on pages 7 and 8 form part of these accounts.

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STUDLAND CHURCH LANDS TRUST

STATEMENT OF FINANCIAL ACTIVITY (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

INCOMING RESOURCES: CHARITABLE ACTIVITIES Rents Received (Net of Voids, etc.) INVESTMENT INCOME: Dividends - CBF Investment Fund CBF Deposit Account Interest TOTAL INCOMING RESOURCES RESOURCES EXPENDED DIRECT CHARITABLE EXPENDITURE: St Nicholas PCC Studland OTHER EXPENDITURE: Independent Examiners' Fees TOTAL RESOURCES EXPENDED NET INCOME/(EXPENDITURE) FOR THE YEAR GAINS & LOSSES ON INVESTMENTS: Unrealised Gains/(Losses) on Revaluation of Investments NET MOVEMENT IN FUNDS FOR YEAR TRANSFER BETWEEN FUNDS TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD		General Fabric £ £ 960 - 960 - 38,694 6,556 - 1,769 38,694 8,325 39,654 8,325 71,501 - 71,501 - 714 - 714 - 72,215 - (32,561) 8,325 - 20,626 (32,561) 28,951 20,000 (20,000) 23,836 273,846 11,275 282,797 Unrestricted Funds	£ - - - - - - - - - - - - 121,728 121,728 - 1,378,829 1,500,557 Permanent Endowment	Total 2023 £ 960 960 45,250 1,769 47,019 47,979 71,501 71,501 714 714 72,215 (24,236) 142,354 118,118 - 1,676,511 1,794,629	Year Ended 31/12/2022 £ 960 960 45,001 679 45,680 46,640 30,000 30,000 672 690 30,690 15,950 (201,876) (185,926) - 1,862,437 1,676,511	Year Ended 31/12/2022 £ 960 960 45,001 679 45,680 46,640 30,000 30,000 672 690 30,690 15,950 (201,876) (185,926) - 1,862,437 1,676,511
						31/12/2022 £ 960 960 45,001 679 45,680 46,640 30,000 30,000 672 690 30,690 15,950 (201,876) (185,926) - 1,862,437 1,676,511

There were no recognised gains or losses for 2022 or 2023 other than those included in the Statement of Financial Activities.

The notes on pages 7 and 8 form part of these accounts.

Page 6

STUDLAND CHURCH LANDS TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES

1.1 General

The principal accounting policies of the Trust are set out in the following sub-paragraphs.

1.2 Accounting Basis

The financial statements have been prepared under the historical cost convention with the exception of the valuation of investment assets which are shown at market value. The accounts are in accordance with United Kingdom accounting standards FRS102, the Charities SORP (FRS102), Charities (Accounts and Reports) Regulations 2008 and comply with the Charities Act 2011.

1.3 Income

Income comprises rent receivable, bank incentive, dividends and interest received.

1.4 Administration Expenditure

Administration Expenditure is accrued in the financial statements as it arises. Prepaid expenditure is carried forward to future periods. Included in administration expenditure are routine management and repair costs. Expenditure is apportioned between funds as applicable.

1.5 Charitable Expenditure

Charitable Expenditure is included in the accounts when paid, future commitments will be included by way of a note to the financial statements.

1.6 Fixed Assets - Land

Land is stated as valued in 2021. Land values will be reviewed every five years and will be re-stated where values significantly differ from those shown in the Balance Sheet.

1.7 Fixed Assets - Investments

Investments are included in the Balance sheet at market value as at the year end. Unrealised gains and losses are accounted for in the fund to which they apply.

1.8 Going Concern

The financial statements have been prepared on the going concern basis which assumes that the Trust will continue in operational existence for the foreseeable future. There are no material uncertainties about the Trust's ability to continue.

2 FREEHOLD PROPERTIES HELD AS INVESTMENTS - HELD WITHIN THE UK

Freehold Lands were re-valued by JE Corben FSVA, FCI Arb on 6 December 2021. The valuation was made on the basis that the land would be sold freehold and not subject to onerous restrictions or reservations. The Trustees have concluded that the financial statements present fairly the Trust's financial position.

3	2023 £ Rectory Field (2.01 acres) Market Value at 1 January 2023 85,000 Market Value at 31 December 2023 85,000 FIXED ASSET INVESTMENTS- HELD WITHIN THE UK 2023 £ Quoted Investments: Market Value at 1 January 2023 1,513,059 Net Unrealised Gains on Investments 142,354 Market Value at 31 December 2023 1,655,413 Cost of 73,231.19 (2022 - 73,231.19) Units in the Investment Fund of the Central Board of Finance of the Church of England 532,640	2022 £ 85,000 85,000 2022 £ 1,714,935 (201,876) 1,513,059 532,640

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STUDLAND CHURCH LANDS TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued)

4 FUNDS

The Assets and Liabilities of the funds are as follows:-

Freehold Land at 2021 Valuation CBF Investment Fund at Market Value CBF Deposit Account Cash at Bank and in Hand Less Accruals		General Fund £ - - - 11,989 11,989 (714) 11,275		Fabric Fund £ - 239,856 42,941 - 282,797 - 282,797	£ 85,000 1,415,557 - - 1,500,557 - 1,500,557 Permanent Endowment Fund	Total £ 85,000 1,655,413 42,941 11,989 1,795,343 (714) 1,794,629

The General Fund

The General Fund is used to achieve the objects of the Trust as set out in the Trustee's Report on pages 1 and 2.

The Fabric Fund

The Fabric Fund is designated for the repair, improvement or rebuilding of the Parish Church of St Nicholas in Studland.

The Permanent Endowment Fund

Income from the Permanent Endowment Fund is restricted to the establishment of a Fabric Fund (see above) and thereafter to the religious and other charitable work of the Church of England in the Ecclesiastical Parish of Studland. Income not applied in this manner may be paid to the Salisbury Diocesan Board of Finance, as Trustee, for a separate fund to be applied for the religious and other charitable work of the Church of England in the Benefice of Swanage and Studland.

5 CONNECTED CHARITIES

The Charity is connected with St Nicholas Church PCC Studland. The Team Rector of the Swanage and Studland Team Ministry, the Reverend Doctor Ian Bird, is the chairman of the Charity. The address of the PCC remains as The Rectory, 12 Church Hill, Swanage, BH19 1HU.

Studland Church Lands Trust sets aside funds out of its income for the purpose of creating a 'Fabric Fund' for the repair, improvement or rebuilding of St Nicholas Church. It also makes further grants out of income to the PCC for religious and charitable work of the Church of England in the Parish of Studland.

During the year charitable grants of £75,501 (2022 - £30,000) were made to St Nicholas Church PCC.

6 EMPLOYEES AND TRUSTEES EMOLUMENTS

There were no employees during the year or preceding year. No Trustees have been paid any remuneration or received any other benefits and no expenses have been reimbursed.

7 NET MOVEMENT IN FUNDS FOR THE YEAR

Outgoing Resources	Unrealised (Losses)/Gains	Unrealised (Losses)/Gains
	o	n Revaluation
	o	f Investments
£ (72,215) - - (72,215)		£ - 20,626 121,728 142,354

8 CREDITORS - Amounts Falling Due Within One Year

Accruals and Deferred Income

714 690

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STUDLAND CHURCH LANDS TRUST

The following page does not form part of the Financial Statements:

STUDLAND CHURCH LANDS TRUST

DETAILED INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

INCOME Rents Receivable Field Rent 960 Income from Quoted Investments: CBF Investment Fund - General Fund 38,694 CBF Investment Fund - Fabric Fund 6,556 Interest Receivable: CBF Deposit Account 1,769 GROSS INCOME 47,979 LESS EXPENDITURE Administration Independent Examiners' Fees 714 Charitable Grants: St Nicholas' Church PCC 71,501 TOTAL EXPENDITURE 72,215 NET (EXPENDITURE OVER INCOME)/INCOME OVER EXPENDITURE FOR THE YEAR (24,236) Revaluation of Investments Surplus/(Deficit) on Revaluation of Investments - Permanent Endowment 121,728 Surplus/(Deficit) on Revaluation of Investments - Fabric Fund 20,626 142,354 Reserves Brought Forward 1 January 2023 1,676,511 RESERVES CARRIED FORWARD 31 DECEMBER 2023 1,794,629 2023 45,250 £	960 38,480 6,521 679 46,640 690 30,000 30,690 15,950 (172,626) (29,250) (201,876) 1,862,437 1,676,511 2022 45,001 £
Revaluation of Investments Surplus/(Deficit) on Revaluation of Investments - Permanent Endowment Surplus/(Deficit) on Revaluation of Investments - Fabric Fund Reserves Brought Forward 1 January 2023 RESERVES CARRIED FORWARD 31 DECEMBER 2023

INCOME
Rents Receivable
Field Rent
960
Income from Quoted Investments:
CBF Investment Fund - General Fund
38,694
CBF Investment Fund - Fabric Fund
6,556
Interest Receivable:
CBF Deposit Account
1,769
GROSS INCOME
47,979
LESS EXPENDITURE
Administration
Independent Examiners' Fees
714
Charitable Grants:
St Nicholas' Church PCC
71,501
TOTAL EXPENDITURE
72,215
NET (EXPENDITURE OVER INCOME)/INCOME OVER EXPENDITURE FOR THE YEAR
(24,236)
Revaluation of Investments
Surplus/(Deficit) on Revaluation of Investments - Permanent Endowment
121,728
Surplus/(Deficit) on Revaluation of Investments - Fabric Fund
20,626
142,354
Reserves Brought Forward 1 January 2023
1,676,511
RESERVES CARRIED FORWARD 31 DECEMBER 2023
1,794,629
2023
45,250
£

960
38,480
6,521
679
46,640
690
30,000
30,690
15,950
(172,626)
(29,250)
(201,876)
1,862,437
1,676,511
2022
45,001
£

Revaluation of Investments
Surplus/(Deficit) on Revaluation of Investments - Permanent Endowment
Surplus/(Deficit) on Revaluation of Investments - Fabric Fund
Reserves Brought Forward 1 January 2023
RESERVES CARRIED FORWARD 31 DECEMBER 2023

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