2024-12-31-accounts - The Yorkshire Historic Churches Trust

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THE YORKSHIRE HISTORIC CHURCHES TRUST (Registered Charity 1175099)

ANNUAL REPORT AND ACCOUNTS

FOR THE YEAR TO 31 DECEMBER 2024

THE YORKSHIRE HISTORIC CHURCHES TRUST (Registered Charity 1175099)

INDEX	PAGE
TRUSTEES REPORT	1-4
INDEPENDENT EXAMINER’S REPORT	5
RECEIPTS AND PAYMENTS ACCOUNT	6
ASSETS AND LIABILITIES	7
NOTES TO THE ACCOUNTS	8-12

THE YORKSHIRE HISTORIC CHURCHES TRUST (Registered charity 1175099)

TRUSTEES REPORT FOR THE YEAR TO 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES

The Charity is a charitable incorporated organisation (CIO) registered with the Charity Commission on 11 October 2017 with the purpose of taking over the assets and liabilities of The Yorkshire Historic Churches Trust (registered charity 700639). The transfer took place with effect from 1 February 2018.

The purpose of the Trust is the preservation, repair and maintenance of Christian Churches in Yorkshire and of the monuments, fittings, fixtures, stained glass, furniture, ornaments, bells, clocks and chimes in such Churches and the churchyard belonging to such Churches.

The trustees confirm that the Charity has complied with its duty to have regard to the guidance on public benefit published by the Charity Commission.

ACHIEVEMENTS AND PERFORMANCE

The Charity achieves its objectives by paying grants to churches and chapels for the carrying out of works within the objectives of the Charity. It is the policy of the Charity to award in grants in each year an amount approximating to its income after expenses (other than grants) for the previous year, and in the event of any awarded grant lapsing to reallocate the amount lapsed or if any balance is unawarded in any year to carry it forward to the following year. Grants are awarded by the Trustees on the recommendation of a committee which proposes grants on the basis of the Charity’s objectives, and the applicant’s needs, balanced against the resources allocated for awards. The Charity seeks to keep in cash deposits sufficient funds to pay all grants awarded or allocated.

During the period covered by the accounts £130,964 was paid out in grants and £183,200 of grants were awarded. At the year-end grants totalling £184,200 were outstanding for payment on completion of the work. Details of all grants paid or lapsed in the period covered by these accounts and all grants awarded but unpaid at 31 December 2024 are shown in the notes to the accounts. During 2024 the income of the Charity (after allowing for the monthly withdrawals from the Investment Fund and including legacies of £34,950 transferred to the Investment Fund for expenditure in later years) amounted to £216,157 (2023 £193,656) and its expenses (other than grants) were £23,318 (2023 £24,538) showing a surplus after the legacy transfer of £157,889 (2023 £156,368). The Trustees have allocated £178,000 for award in 2025, including a contribution from legacies of £13,608 and an unawarded allocation from 2024 of £3,284.

The greater part of the Charity’s income derives from grants from charitable trusts and it is most grateful to them for their support, and particularly to the Liz & Terry Bramall Foundation which has supported the Charity for many years and has promised support for at least a further 3 years. The trusts supporting the Charity are listed in note 3 to the accounts.

The Charity participates in the national Ride & Stride event held in September in conjunction with Yorkshire Churches Day as a means of raising funds for the Charity and the churches or chapels of the participants. This year this event attracted four participant groups and raised £3,463 of which half was rebated in grants to the participants nominated churches.

THE YORKSHIRE HISTORIC CHURCHES TRUST (Registered charity 1175099)

TRUSTEES REPORT FOR THE YEAR TO 31 DECEMBER 2024

The Charity has a membership of 128 friends and 62 subscribing churches. In addition to an annual report they receive periodic newsletters and activities, such as tours, lectures and social events, are organised to maintain contact and support. Online lectures originally introduced in 2020 as a response to Covid-19 have proved successful and are being continued regularly every winter.

The Charity seeks to demonstrate the public value of its work in supporting churches by encouraging churches, clergy and congregations to publicise its contributions and by promoting its activities through media coverage, locally and nationally including on social media. Yorkshire Churches Day to promote the work and membership of the Charity and raise funds was launched in September 2022 on a trial basis and has become an annual event coordinated with Heritage Open Day.

The Charity is grateful to the members and volunteers who have given their time to organise tours and events and to members who support them.

FINANCIAL POLICIES

Legacies and Bequests

Since legacies and bequests are not received on a regular basis and in order to even out year on year the amount available for grants, legacies and bequests are not treated as income distributable in the year following receipt. Those under £2,000 are allocated for grants at the next 6-monthly grant meeting following receipt; those in excess of £2,000 but under £5,000 are allocated as to 50% at each of the next two meetings; those between £5,000 and £25,000 are allocated at the rate of 20% per annum and those over £25,000 are allocated at the rate of 10% per annum; pending distribution legacies and bequests will be invested as part of the Investment Fund.

Investment

Funds required to meet grants awarded or allocated are held in the CBF Church of England Fund or on deposit with banks. Funds not immediately required for this purpose are held in the form of listed investments managed on a discretionary basis by professional investment managers. The present managers were appointed following a selection process managed by a sub-committee of the Trustees during 2019. A monthly transfer (indexed to inflation) is drawn from the income and when required capital of the portfolio. The present mandate for the investment managers is to invest at medium to high risk and to generate a return after charges of at least CPI + approximately 3.2% on the portfolio. These funds and the returns made are regularly monitored by the Trustees.

Reserves

The Charity operates on the basis that it distributes in each year the surplus of the previous year and during the course of a year retains that surplus in cash deposits as a reserve for distribution in the following year; it does not require additional reserves since administrative costs can readily be met out of the monthly investment withdrawal. At 31 December 2024 there was a deficit of £108 (2023 £5,612) on the general fund after allowing for £50,000 made available for investment as part of the Investment Fund but which may be recalled at any time. The Trustees do not consider this to be of concern given that a significant proportion of the grants to be awarded in 2025 will not be paid before 2026 and the availability of the investment fund. The Charity does not retain reserves for future grant awards but distributes the whole surplus of the year whether more or less than previous years. It is the Trustees intention that the designated Investment Fund should remain invested to provide increasing income to be expended on the charitable objects of the Charity, but the Fund remains available for expenditure for these purposes at the discretion of the Trustees.

THE YORKSHIRE HISTORIC CHURCHES TRUST (Registered charity 1175099)

TRUSTEES REPORT FOR THE YEAR TO 31 DECEMBER 2024

RISK MANAGEMENT

The Charity has performed a Risk Management Review to identify risks associated with its activities, and systems and procedures are in place to manage the risks and adequate insurance is maintained.

LEGAL STRUCTURE

The Charity is a Charitable Incorporated Organisation managed by not less than four nor more than ten charity trustees; at 31 December there were ten Trustees. The Trustees meet four times a year. At present the Charity has two committees chaired by Trustees, one charged with recommending grants to be awarded by the Charity, the other organising events for members.

REFERENCE AND ADMINISTRATIVE INFORMATION

TRUSTEES

Trustees who served during the period were:

Tom Ramsden – Chairman

Richard Bailey – Treasurer (reappointed 12 July 2024) Robert Beaumont (resigned 1 March 2025) Joel Brookfield (appointed 2 February 2024) Jane Crease (resigned 2 February 2024) Moira Fulton Kate Giles

Sylvia Johnson – Chairman of Grants committee (reappointed 2 February 2024) Clive Lloyd Rory Wardroper Michael Wildblood

Treasurer	Secretary (principal address)	Grant Secretary	Investment Managers
Richard Bailey	Mrs Vanessa White	Jonathan Stamp	LGT Wealth Management
2 Dalton Terrace 17 Silverdale Close		5 Jubilee Drive	Minerva House
York	Guiseley	Consett	29 East Parade
YO24 4DA	Leeds	Co. Durham	Leeds
	LS20 8BE	DH8 7BW	LS1 5PS
Bankers	Solicitors		Independent Examiner
Co-operative Bank	Lupton Fawcett		Sarah Wearing FCA
PO Box 101	Stamford House		HPH
1 Balloon Street	Piccadilly		Chartered Accountants
Manchester	York		54 Bootham
M60 4EP	YO1 9PP		York
			YO30 7XZ

THE YORKSHIRE HISTORIC CHURCHES TRUST (Registered charity 1175099)

TRUSTEES REPORT FOR THE YEAR TO 31 DECEMBER 2024

Approved by the Trustees on 25 April 2025 and signed on behalf of the Charity by:

…………………………………………………………….

Tom Ramsden (Chairman)

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE YORKSHIRE HISTORIC CHURCHES TRUST

I report to the trustees on my examination of the accounts of The Yorkshire Historic Churches Trust (the “Trust”) for the year ended 31 December 2024.

This report is made solely to the charity's trustees, as a body, in accordance with Section 154 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the charity's trustees as a body, for my independent examination work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Trust 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 Trust’s accounts carried out under section 145 of the 2011 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 Trust as required by section 130 of the Act; or
the accounts do not accord with those records.

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.

Sarah Wearing FCA, DChA HPH, Chartered Accountants 54 Bootham YORK YO30 7XZ

25 April 2025

THE YORKSHIRE HISTORIC CHURCHES TRUST ASSETS AND LIABILITIES AT 31 DECEMBER 2024

Note GENERAL FUND Receipts Donations and Legacies Donations and Subscriptions Church Collections Grants from charitable trusts 3 Gift Aid tax reclaim Yorkshire Churches Day Legacies and Bequests Other activities Sponsored event Events Financial activities Interest on deposits Total receipts Payments Charitable Activities Grants to churches 4 Sponsored ride - repaid to churches Yorkshire Churches Day Raising funds Events Administration costs 9 & 10 Administration of grants Administration of membership Administration of charity Total payments Net Receipts before transfer Transfer of income from Investment Fund Transfer of bequests from Investment Fund Transfer of capital from Investment Fund Transfer of bequests to Investment Fund Net Receipts after transfers INVESTMENT FUND Receipts Income of Investment Fund Sale of investments Capital receipts Payments Purchase of investments Witholding tax Investment management fees Net Receipts before transfer Transfer of income to General Fund Transfer of bequests to Investment Fund Transfer of capital to General Fund Transfer of bequests from Investment Fund Net Receipts/(Payments) after transfers Reconciliation of Funds Total Funds brought forward Net receipts Total cash funds carried forward	2024 Restricted Funds £ - - 25,000 - - - - - - 25,000 18,000 - - - - - - 18,000 7,000 - - - - 7,000 - - - - - - - - - - - - - 44,000 7,000 51,000	2024 Unrestricted Funds £ 20,530 448 75,650 4,477 510 35,313 3,463 2,912 12,541 155,844 112,964 1,774 77 857 4,667 3,400 12,543 136,282 19,562 35,313 13,319 3,423 (34,950) 36,667 35,313 175,715 32,600 243,628 183,178 - 9,428 192,606 51,022 (35,313) (13,319) (3,423) 34,950 33,917 254,338 70,584 324,922	2024 Total Funds £ 20,530 448 100,650 4,477 510 35,313 3,463 2,912 12,541 180,844 130,964 1,774 77 857 4,667 3,400 12,543 154,282 26,562 35,313 13,319 3,423 (34,950) 43,667 35,313 175,715 32,600 243,628 183,178 - 9,428 192,606 51,022 (35,313) (13,319) (3,423) 34,950 33,917 298,338 77,584 375,922	2023 Total Funds £ 18,529 1,662 105,100 3,511 1,927 16,802 1,903 3,789 6,528
				159,751
				118,000 951 2,827 815 4,583 2,940 12,422
				142,538
				17,213 33,905 11,695 (12,750)
				50,063
				34,479 235,376 360
				270,215
				247,585 574 8,839
				256,998
				13,217 (33,905) 12,750 (11,695)
				(19,633)
				267,908 30,430
				298,338

THE YORKSHIRE HISTORIC CHURCHES TRUST ASSETS AND LIABILITIES AT 31 DECEMBER 2024

Note CASH ASSETS Central Board of Finance of the Church of England -Deposit Fund Bank Deposits 12 Current Account 12 Deposit within Investment Fund Income within Investment Fund Total Cash Assets INVESTMENT ASSETS Investments 13 TOTAL ASSETS LIABILITIES Amounts falling due within one year Grants to churches 6 TOTAL LIABILITIES NET ASSETS THE FUNDS OF THE CHARITY Investment Fund 13 Grant Fund Assets 8 Liabilities 6 General Fund TOTAL CHARITY FUNDS	2024 Restricted Funds £ - 51,000 - - - 51,000 - 51,000 26,000 26,000 25,000 - 51,000 26,000 25,000 - 25,000	2024 Unrestricted Funds £ 165,641 120,724 727 22,008 15,822 324,922 1,149,816 1,474,738 158,200 158,200 1,316,538 1,187,646 337,200 158,200 179,000 (50,108) 1,316,538	2024 Total Funds £ 165,641 171,724 727 22,008 15,822 375,922 1,149,816 1,525,738 184,200 184,200 1,341,538 1,187,646 388,200 184,200 204,000 (50,108) 1,341,538	2023 Total Funds £ 162,206 106,818 25,401 2,566 1,347
				298,338
				1,124,444
				1,422,782
				131,964
				131,964

				1,290,818
				1,128,357 350,037 131,964
				218,073 (55,612)
				1,290,818

The Notes on pages 8 to 12 form part of these financial statements

Approved by the Trustees on 25 April 2025

T J P RAMSDEN R C BAILEY Chairman Treasurer

THE YORKSHIRE HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. GENERAL INFORMATION

The charity is a Charitable Incorporated Organisation registered with the Charity Commission for England and Wales and is governed by the Charities Act 2011.

2. ACCOUNTING POLICIES

Basis of Accounts

The financial statements have been prepared to give a ‘true and fair’ view on a receipts and payments basis and under the historical cost convention, modified to include investments at market value.

The significant accounting policies applied in the preparation of these financial statements are set out below.

Funds

Unrestricted monies held are those which the trustees are free to use in accordance with the charitable objectives of the Trust.

Designated funds represent funds set aside by the trustees out of unrestricted funds for grants to churches or investment.

Restricted Funds are those where the use has been specified by the donor.

Income

All income is included in the Receipts and Payments account when received by the Charity.

Investment income generated is allocated to general unrestricted purposes.

Subscriptions are included in the Receipts and Payments account at the time of receipt. Advance and Life subscriptions are not offered. Life membership and advance subscriptions not already recognised by the predecessor trust were recognised as income by the charity in an earlier period.

Expenditure

Expenditure is accounted for on a payments basis and has been classified under headings that aggregate all costs related to the category. The Trust is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.

Charitable expenditure comprises those costs incurred by the charity in pursuit of its charitable objects.

Grants

Grants payable are included in the Receipts and Payments account for the year in which they are paid by the Charity; grants awarded but not yet paid are regarded as a liability of the Charity.

Investments

Quoted investments held in the nature of fixed assets are stated at market value.

Bank and other deposits held to meet operating requirements are treated as current assets.

THE YORKSHIRE HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

2024 Restricted Funds £ - 25,000 - - - - -	2024 Unrestricted Funds £ 75,000 - 650 - - - -	2024 2023 Total Total Funds Funds £ £ 75,000 75,000 25,000 25,000 650 700 - 1,000 - 2,000 - 500 - 900
25,000	75,650	100,650 105,100
£ 6,000 - - 3,000 - - 2,000 - - - - - - - - - - - - - - - - - 4,000 - - - 3,000 - - - -	£ - 2,000 9,000 - 9,000 8,000 - 7,000 4,000 1,000 2,500 3,000 10,000 6,000 1,500 4,000 1,500 6,000 5,250 5,000 2,000 500 5,000 6,385 - 329 5,000 3,000 - 1,000 2,000 3,000 -	£ £ 6,000 - 2,000 - 9,000 - 3,000 - 9,000 - 8,000 - 2,000 - 7,000 - 4,000 - 1,000 - 2,500 - 3,000 - 10,000 - 6,000 - 1,500 - 4,000 - 1,500 - 6,000 - 5,250 - 5,000 - 2,000 - 500 - 5,000 - 6,385 - 4,000 - 329 - 5,000 - 3,000 - 3,000 - 1,000 - 2,000 - 3,000 - - 118,000
18,000	112,964	130,964 118,000

All the above grants approved from restricted, designated and unrestricted funds were to institutions

THE YORKSHIRE HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

2024 Restricted Funds £ -	2024 Unrestricted Funds £ -	2024 Total Funds £ -	2023 Total Funds £ 3,000
-	-	-	3,000
£ - - - - - - - - 3,000 - 2,000 - - - - - - - - 1,000 - - - - - - - - - - - - - 5,000 - - 15,000 -	£ 5,000 3,000 5,000 3,000 500 6,000 5,000 2,000 - 8,000 - 5,000 7,000 5,000 1,500 300 1,900 8,000 7,000 - 6,000 2,500 12,000 8,000 2,500 4,000 7,000 2,000 8,000 8,000 5,000 3,000 7,000 - 5,000 5,000 - -	£ 5,000 3,000 5,000 3,000 500 6,000 5,000 2,000 3,000 8,000 2,000 5,000 7,000 5,000 1,500 300 1,900 8,000 7,000 1,000 6,000 2,500 12,000 8,000 2,500 4,000 7,000 2,000 8,000 8,000 5,000 3,000 7,000 5,000 5,000 5,000 15,000 -	£ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 131,964
26,000	158,200	184,200	131,964

THE YORKSHIRE HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

2024 Restricted Funds £ - - -	2024 Unrestricted Funds £ 10,000 6,000 10,000	2024 Total Funds £ 10,000 6,000 10,000	2023 Total Funds £ - - -
-	26,000	26,000	-
£ 33,000 11,000 (18,000) -	£ 98,964 172,200 (112,964) -	£ 131,964 183,200 (130,964) -	£ 136,464 116,500 (118,000) (3,000)
26,000 - - 25,000	158,200 26,000 3,284 149,716	184,200 26,000 3,284 174,716	131,964 - 44,373 173,700
51,000	337,200	388,200	350,037
		£ 4,570 97	£ 4,287 296
		4,667	4,583
		3,400	2,940
		3,400	2,940
		196 8,600 705 1,560 1,044 438 -	- 8,660 714 1,500 1,044 353 151
		12,543	12,422
		4,507 £ 1	4,287 £ 1

THE YORKSHIRE HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

11 TRUSTEES EXPENSES

£16 was reimbursed to 1 Trustee in the year (2023: £nil). No Trustee nor any person connected with them may receive any remuneration directly or indirectly from the Charity's funds.

12 BANK DEPOSITS Charity Bank Co-operative Bank - Business deposit account United Trust Bank - 1 year bond to 13/1/25 United Trust Bank - 1 year bond to 24/6/25 United Trust Bank - 1 year bond to 11/11/24 United Trust Bank - 1 year bond to 24/6/24 United Trust Bank - 1 year bond to 11/11/24 CURRENT ACCOUNT Co-operative Bank 13 INVESTMENTS Quoted Investments Market Value at 1 January 2024 Market Value at 31 December 2024 Historical Cost at 31 December 2024 Investments held at 31 December 2024 by category are: UK Government Bonds UK Bond Funds Global Bond Funds UK Corporate Bonds UK Equities UK EquityFunds UK Property Funds European Equities North American Equities Asian Equities Foreign & Global Funds Foreign Property Funds Alternatives and Infastructure Liquidity Funds	2024 £ 14,829 71,223 15,000 48,876 21,796 - -	2023 £ 14,361 24,912 - - - 46,827 20,718
	171,724	106,818
	727	25,401
	£ 1,124,444	£ 1,052,691
	1,149,816	1,124,444
	944,739	976,636
	96,670 101,564 21,076 5,172 203,162 7,616 226,296 328,702 75,944 8,466 - 75,148 -	96,097 102,836 21,273 15,883 266,371 9,681 198,732 242,492 39,356 18,346 9,424 89,551 14,402
	1,149,816	1,124,444

NB The Investment Fund includes £50,000 transferred from the General Fund which may be recalled to the General Fund at any time.