fDL{that1 Churches Conservation Annual Report and Financial Statements For the year ended 31 March 2024
Churches Conservatlon Company information Charlty Reg15tration Number 1151J968 Company Re8iStratlon Number 08372099 Registered office Unit 14- CIO Vulcan Works 34-38 Gulldhall Road Northampton NNI IEW Bankers CAF Bank Ltd 25 Kings Hlll, West Malli Kent ME194JQ Investment managers Investec 2 Gresham Street London EC2V 7QP Auditors Forvls Mazars LLP 6 Sutton Plaza Sutton Court Road Sutton Surrey SMI 4FS
Churches Conservatlon Contents Trustees, Report for the year ended 31 March 2024 Independent auditorfs report to the members of Churches Conservatlon 7-10 Statement of financial activities li Balance sheet 12 Statement of cash flow 13 Notes to the financial statements 14-19
Churches Conservatlon Trustees, Report for the year ended 31 Marth 2024 The Trustees of Churches Conservation, who also act as Director5 for the purposes of company law, present their report and audited financial statements for the year ended 31 March 2024 Sn accordance with the Charities Act 2011 and the Companies Act 2006. The Trustees are satisfied, to the best of the7r knowledge, that these statements comply with the current statutory requirernents, the Churches Conservation governing documents, and are in accordance with the Charity Commission'5 Statement of Recommended Practice (SORP 2005). Strutture, Governance and Management Govemlng Document The organisation was incorporated as a charitable company on 23 January 2013. It Is limited bv guarantee and governed by its Memorandum and Articles of Association. ststement of Trustees, Respon51bllitie5 Law appllcable to charities in England and Wales require5 the Trustees to prepare financial statements for each financial year that give a true and frdlr view of the ChariV5 financial activities during the year and of it5 financial position atthe end of the year. In preparing financial ststements giving a true and falr view, the Trustees should follow best practice and: select suitable accounting policies and then apply theTn consistently. rnake judgments and estimates that are reasonable and prudent; state whether applicable United Klngdom Accounting Standards have been followed, subject to any material departure5 disclosed and explained in the financial statements; and prepare the financial statements on a going concern basis unless it 15 inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose. with reasonable accuracy at any tlme, the financial position of the Charity and which enable them to ensure that the financial statements comply wlth applicable law. They are also responslble for safeguarding the assets of the Charity and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities. Trustees Trustees are appolnted by the Board. The Trustees set out below held Offi for the whole of the year and up to the date of this report, unless Otherwise stated. Stephen Chater Colin Shearer Alice Ullathome Humphrey Welfare Inayat Omarji Chair
Churches Conservation Trustees. Report for the year ended 31 March 2024 Recruitment and Appointment of Trustse5 New Trustees are recruited to Meet the sklll needs of the organisation. Trustees are recruited through advertising or personal recommendation. Pubfic Benefrt The Trustees confirm that they have referred to the guidan contalned in the Charity Commission's general guidance on public benefit when reviewingthe Group's aims and objectives both in the year under review and in planning future activitie5. The Trustees give their time voluntarily and recelve no private benefit. A trustee training plan has been irnplemented. Rlsk Management The major rlsks to whlch the Charity is exposed, as identified by the Trustees, are reviewed and scored for current probability and impact. Risks are formally reviewed each year. ActNltles The main actlvities of Churches Conservation are: The conservation of churches and chapels of hlstoric and archaeological importance for the benefit of member5 of the communities in which they are located and for the benefit of the wider publi To benefit the residents of the communities in which such churches and chapels are located by adapting and improving premises so that they can be used for the provision of facilities for residents and for voluntary and other organisatlons for: (a) The advancement of education (b) The relief of people who are in need due to age, ill health. disability, social disadvantage. (c) The development of skills and capacity of residents of those communitie5 to enable them to participate more fully In society. Future plans Churches Conservation may seek opportunities to widen its funding sources to enable further grants to be made to suitable consep4ation projects. Any significant risks identified are discussed by Trustees at Board meetings. No significant risks have been identified. Flnanclal review Income of £1.55rn (2022123 £1.05M) and expenditure of £0.82M (2022123 £1.55M) were made in theyear. Churches Conservation move5 into 2024125 with a healthy balance sheet holding sufficlent unrestricted reserves to maintain operations and restricted funds to support the projerts for which restricted grant monles were given. Trustees consider the 2023124 performance to be acceptable. Investrnent returns have been slightly behlnd benchmarked returns In the year to 31st March 2024 and this has been driven by slowing economic momentum In Europe and the UK.
Churches Conservatlon Truste Report for the year ended 31 Marth 2024 Investment Policy The Churches Conservation manages its invesknents using 3 Party investment managers where perfomance in reviewed annually in line with its objectives. These objectives are= Growth objective, generating a real return from capital in excess of inflation. Long-term investment tirne horizon (Iotr years) Medium Risk with income to be reinvested No direct Investrnent In: Tobacco, Amiaments. Gambling ar FossS1 Fuels Producers Reserves poli In the Trusteeg view, the reseNes 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 malntsin the charitvs reserves at a level which is at least equivalent to six months operatlonal expenditure and have done so having regards to its manner of operation of likely funding streams. The Trustees review the amount of reserves that are required to ensure that they are adequate to fulfil the charivs continuing obligations on a quarterly basis at their Trustee meeting. The Trustees have reviewed the current level of unrestricted reserves of £72,147 and feel they are adequate to cover slx months operation. Grant Makln8 Poll The Churches Conservation makes the following types of grants. Small Grant Scheme Given for speaal conseryation projects to the fabrlc and contents of historic listed churches and chapels in England, including archive5 held within the churth. Special conservatlon projerts mean projects to the fabric and contents of historic listed churches that would not normally be undertaken in the ular cycle of repalr and maintenance. Grants awarded will be between £250 and £2,000: thegrantmust normally be within a minimum of IO% and a maximum of 75% of the total project cosL Travel Grants This grant award scheme is for young craftspeople with an interest in religious herftage conservation wanting to travel to increase their expertise and knowledge, ultimately benefitting heritage skills in the UK awarding up to 2 awards per year.
Audlto So far as each of the Trustees is aware there is no relevant audit infomiation of whidi the charitable companvs auditors are unaware; and The Trustees havetaken all the steps they ought to have taken in order to make themselves aware of any relevant audit information and to establish that Churches Conservatlon's auditors are aware of that inforrnation. Forvis Maiars LLP will be proposed for re-appointment as audltors at the AG M. The financlal 5tatement5 have been prepared in acrdan wtth the special provislons of the Companies Act 2006 relating to small entities. Approved by the Trustees on 17th December 2024 and slgned on theiT behalf Stephen Ch Trustee 1711212024
Churches Conservation Independent audltoes report to the members of Churches Conservatlon Oplnion We have audited the financial statements of Churches Conservation (the 'charity} for the year ended 31 March 2024 which comprise the Statement of Financial Actlvlties. the Balance Sheet, the Statement of Cashflows and notes to the financial statements, including a summary of slgnificant accountlng policies. The flnancial reporting framework that has been applied in thelr preparation Is applicable law and United Kingdom Accountlng Standards, including FRS 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting practi). In our opinion, the financial statements= give a tNe and fairview of the stste of the charivs affairs as at 31 March 2024 and of its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice; and have been prepared iri accordan with the requirements of the Companles Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Audltlng (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the finanaal statements section of our report. We are Independent of the charity in accordan wlth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethlcal responsibilltles in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basi5 for our opinion. Concluslons relating to going concem We have nothing to report in respect of the following matters in relation to which the ISAS {UK) require us to report to you where: the tru5tees' use of the going concern basis of accounting in the preparation of the flnancial statements is not appropriate; or the trustees have not disclosed in the financial ststements any identified material uncertainties that may cast significant doubt about the charitrls ability to continue to adopt the going concern basis of accounting for a period of at least twelve month5 from the date when the financial statements are authorised for issue. Other informatlon The trustees are responsible for the other information. The other information comprises the information induded in the Annual report, other than the fjnanaal statements and our auditorfs report thereon. Our opinion on the finanaal statements does not cover the other informatlon and, except to the extent otherwise explicitly stated in our reporl we do not expre55 any form of assurance conclusion thereon.
Churches Conservatlon Independent auditorfs report to the members of Churches Conservation Other informatlon (continued) In connection with our audit of the financial statements, our responslbllity is to read the other infomiation and, in doing so, consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent materlal mi55tatements, we are required to determine whether there is a material misstaternent in the financial statement5 or a material misststement of the other Information. If, based on the work we have performed, we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothlng to report in this regard. Opinion5 1)n other matters prescribed by the Companies Act 21x16 In our opinion, based on the work undertaken in the course of the audit: the information given in theTrustee's Report which indudes the Directors 'Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial ststements. and the Trustee's Report included within the Trustees, Report has been prepared in accordance with applicable legal requlrements. Matters on which we are required to report by exception In light of the knowledge and understsnding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Report induded within the Tnjstees, ReporL We have nothlng to report in respert of the followlng matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate and proper accounting records have not been kept, or returns adequate for our audlt have not been received from branthes not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of tru5tees' rernuneration specific by law are not made. or we have not receNed all the infonnation and explanations we require for our audit; or the trustees were not entitled to prepare the finanaal statements in accordance wwth the small companie< regime and take advantage of the srnall companles, exemption in preparing the Trustees. Report and from the requirement to prepare a Strategic Report.
Churches Conservatlon Independent audltorfs report to the members of Churches Conservatlon Responslbllltle5 of Trustees As explalned more fvlly in the trustees. responsibilities statement set out on page 3, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and falr vlew, and for such internal control as the trustee5 determine is necessary to enable the preparation of financial ststements that are free from material misstatement. whether due to fraud or error. In preparing the flnanaal statement5. the trustees are responslble for assessing the charitvs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basls of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibllltles for the audit of the flnanclal statements Our objectlves are to obtsin reasonable assurance about whether the financial statements as a whole are free from material Tnisstatement. whether due to fraud or error, and to issue an audltorfs report that Includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will alway5 detect a material misstatement when it exists. Mi55tatements can arise from fraud or error and are considered rnaterial if, individually or in the aregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial ststements. The extent to whlch our procedures are capable of detecting irregularities, Including fraud is detailed below. Irregularities, including fraud, are in5tance5 of non-cornpliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the charity aThl its sector, we considered that non*ompliance with the followinE laws and regulations might have a material effect on the financlal statements: the Charities Act 2011, tax legbslation, safeguarding. pensions legislation. ernployment regulation, health and safety regulatlon, anti-bribery41 corruption and fraud and anti-money laundering regulation. To help us identify instances of n¢)n-compllan with these laws and regulation5, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: Inquiring of management and, where appropriate, those tharged with governance, as to whether the charity is in Complian with law5 and regulations, and discussing their policies and procedures regarding compliance wlth laws and regulations: Inspecting correspondence, rf any, wlth relevant licenslng or regulatory authoTlties: Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non<ompliance throughout our audit; and
Nicola Wakefield (Dec 19, 2024 16:55 GMT)
19/12/2024
Churches Conservation Statement of flnancial activities (InCIlIng the Income and Expenditure Account) For the year ended 31 March 2024 Note5 Unrestricted Restrlrted Total 2024 Total 2023 Income frorn Raised Funds Income from Charitsble Activities Other Income Totsl Income 1.478,480 1,478,480 1,028,457 75,142 75.142 75,142 17,077 1.478N80 1.553.622 1.045,534 Expendlture Expenditure on Charitable Activities Total Expenditure 15.407 800,384 815,791 1.550,929 15.407 800.384 815.791 1.550.929 Net Income/ Expenditure Other recognlsed gaSn5 and losses Unrealised galns / (losses) on investments Net movement In funds 59.735 678.096 737.831 (505,395) 182,431 182,431 (138.657) 59,735 8527 920.262 {644,052) Balance B/fwd. at IApril 12.412 6,391,675 6,404,087 7,048,139 Balan Clfwd. at 31 March 71147 7.252,202 7.324.349 6.404,087 The notes on pages 13 to 18 form part of these accounts. All of the above results are derived from continuing activities. All gains and losse5 recognised in the year are included above. li
Churches Conservatlon Balance Sheet as at 31 March 2024 2024 2023 Flxed Assets Fixed asset investments Notes 2,168,575 1,986,144 Current assets Debtors Cash at bank and in hand 1,478,480 4,490,966 5,969,446 1,028,457 4,711,832 5,740,289 Creditors: Amounts falling due within one year 813.672 1,322,346 Net current assets 5,155,774 4,417,943 Net assets 7.324349 6.404.087 Funds Unrestricted Funds Restricted Funds 72,147 7,252,202 7.324J49 12,412 6,391,675 6.404,087 The financial statements have been prepared in accordance with the special provisions of the Companies Act 2006 relating to small entitie The notes on pages 13 to 18 form part of these accounts. Approved and authorised for issue by the board on xx xxx xxxx Slgned on its behalf by Stephen Chat Trustee 1711212024 12
Churches Conservatlon Statement of cash flows for the year ended 31 March 2024 2024 2023 Cash flows from operating activities Net Income l (expenditure) for the financial year Adjustments for: (Gain)110s5 on Investments (Increase) / Decrease in trade and other debtors (Decrease) / Increase in trade and other creditors Net cash (used by) operations 920.262 {644,052) 1182,431) 1450,024) (508,673) (220.866) 138,657 39,101 315,236 (151.058) Cash flows from Investing acthilties Purchase / Sales of fixed asset investments Net Cash generation foi investig artfvtties Net {de¢reaseJ in cash and cash equlvalents Cash and cash equivalents at start of year Cash and cash equiwalents at the end of the year (220,866) 4,711.832 4.490,%6 {151,058) 4,862.890 4.711.832 13
Churches Conservatlon Notes to the flnanclal ststements for the year ended 31 March 2024 l. Accounting pollcles Accountlng convention The finanaal ststements are prepared under the historical cost convention, as modified by the incluslon of fixed asset investments at market value, and in accordance with the Statement of Recommended Practice, 'Accounting and Reporting by Charities, (2019), Financial Reporting Stsndards 102 (the applicable Standards in the United Kingdom and Republic of Ireland) and the Companies Act 2006. The charlty Is a public benefit entity. The Trustees believe that It 15 appropriate for these financial statements to be prepared on the going concern basis given the level of reserves held. Fund5 accountlng Unrestrlcted funds are those which are not subject to any special restrictions, and they can be used as the Trustees decide in furtherance of the general objectives of the charity. Restricted funds are those where the donor has Imposed restrictions on how the fund may be used, but which do not prevent the fund being spent. Income All incorne is induded in the statement of financial activities when the tharity Is entitled to the income and the amount can be quantified with reasonable accuracy. The following 5pecrfic policies are applied to particular categories of income: Voluntary income is received by way of donations and gifts and is included in the Statement of Financial Activitie5 on a receipts basls. Tax recoverable on gift aid donations is recognised at the same time as the giftto which it relates. Income from charitable actlvlties is included when the activity occurs. Expendlture Expenditure is recognised on an accruals basis as a liability is incurred. Expendlture includes any VAT which cannot be recovered and is reported as part of the expenditure to whith it relates. Charitsble activities expenditure comprises those costs Incurred by the charity in the delivery of its activities. It includes both costs that can be allocated directly to such activitles and those costs of an indirect nature necessary to support them. Governance costs include those costs assoaated with meeting the constitutional and statutory requirements of the charity and include the audit. Investments Investments are valued at their mid-market price from the appropriate Stock Exchange or from the relevant fund manager at the date of the report and any unrealised gain or loss is recognised in the Statement of Financial Activities in the year it accrued. 14
Churche5 Conservation Notes to the financlal statements for the year ended 31 March 2024 l. Accounting policies Icontinued) Goin8 Concern The Trustees have agreed budgets for the year ended 31 March 2024. Cash-flow projectlons are done 12 month5 from slgning the accounts. Both sources of income and types of expenditure have been revlewed. As a result the Trustees are satisfied that it is appropriate to prepare the accounts on a going concern basis. The Charivs busine artivities are set out on page 4. Trustees consider that Churches Conservation ha5 suffi¢lent reserves and is well place to manage it risks SUCSsfully. Trustees have a reasonable expectation that the Charity has adequate resource5 to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concem basis of accounting in preparing the annual financlal ststements. No other material unrtaintieS that may cast Slgnificant doubt about the ability of Churche5 Conservatlon to continue as a going concern have been identified by the Trustees. 15
Churches Conservatlon Notes to the financlal ststements for the year ended 31 Marth 2024 2. Income from charitable actlvltles 2024 2023 Total Unrestsitted Restritted Total Grant from the Churches Conservation Trust 1,478,480 IN78.480 1,028.457 Totsi &478,480 1,478.480 1,024457 3. Expendlture on charitable actlvities Unrestritted 2024 2023 Restrltted Total Total Charltable actlvlties Grants made 800.384 806.384 1,541,938 9,407 8.991 Support costs (Note 4) Totsi 9.407 15.407 815.791 1.550,929 4. Support Costs 2024 2023 Unrestrirted Restrlcted Total Total Audit Fees 7,260 7.260 Govemance 2,(X)O 2.LKIO Bank Fees 147 147 91 Total 9N07 9.407 8.991 16
Churches Conservatlon Notes to the flnandal statements for the year ended 31 March 2024 5. Imiestments Balance at l April 2023 Additions / (Sales) 1.986,144 Change in market value 182,431 Balance at 31 March 2024 2.168,575 Historic cost at 31 March 2024 1,986,144 Equities 1,514,099 Fixed interest 372,561 Property 60.070 Alternative assets 192,353 Cash 29,492 Total 2.168,575 TP*e is one hdding n excw of 5% of th8 P110. Vanguard S&P 500 fund {5.36%> 6. Debtors 2024 2023 Amount due from related party 1,478,480 1,028,457 Totsi 1.478. 1,028.457 All arnounts fall due within one year. 7. Credltors 2024 2023 Amounts falling due within one year Balance due to related party Accruals L309A31 12.915 13.288 Total 813,672 1.322.346 17
Churches Conservatlon Notes to the financial statements for the year ended 31 Marth 2024 8. Restrlcted Funds Balance at 31 March 2023 Income and Galns Balance at 31 March 2024 Expenditure 6.391,675 1,660.911 800.384 7252.202 9. Analysls of Net Assets Between Funds Unrestricted Restrlcted Total Fund balances at l April 2024 are represented by . Debtors 1.478,480 1,478,480 6,659,541 (813,672) Investments and Cash at bank 85,435 (13.288) 6,574,106 (800,384) Creditors Total net a55ets at 31 March 2024 72,147 7.252,202 7,324?49 10. Related party transactions Income from charitable activities Includes a grant of £1.48M (2022123: £1.03M) from the Churche5 Conservation Trust, which is restrirted for furtherance of the Churches Con5errfation Trusvs charitable objects. In addltion, restricted grants of £0.8M {2022/23: £1.54M) were made to the Churches Conservation Trust during the year. The balance due from Churches Conservation Trust at the yearond was £1.48M {2022123: £1.03M} and the balance due to Churches Conservation TnJ5t was £0.8M (202V22: £1.31M). Churches Conservation shares a mlnority of its Trustees wlth Churches Conservation Trust (Charity Number 258612). No Trustee received any rernuneratfjon or reimbursement of expen5e5 during the current year. The Trustees are considered to be the key management personnel of the charity. 18
Churches Conservation Notes to the financial ststements for the year ended 31 March 2024 11. Comparative Statsment of Flnandal Activities Unrestricted Restrlrted 2023 Incomlng from Raised Funds Income from Charitable Actlvities Other Income 1,028,457 1,028,457 17,077 17,077 17,077 1,028A57 1.045.534 Total Income Expendlture Expenditure on Charitable Activities 12,991 1,537,938 1,550,929 Total Expénditure IZ.991 1.537.938 1.550.929 Net Income / {Expenditure) {509.481) {505,395) Unrealised (Losses) on investments 1138,657) 1648,138) 1138,657) (644,052) Net movemert In funds Balance Blfwd. at l April 8,326 7,039,813 7,048, 139 Balance Clfwd. at 31 Maych 12.412 6.391,675 6.404.087 12. P05t balance sheet events None. 19