## ACCOUNTING NOTES 

1. **Income** .  We received no donations nor legacies in the course of 2022, but have a appreciated a most generous standing order. 

2. **Expenditure** .  St Peter’s Church Council were aware there will be some important work needed on the church building to fulfil the requirements of the last Quinquennial Inspection. 

It was not clear at the end of the year just how much of our annual income was wanted;  the sum of £950 will be kept in readiness, for a possible payment in 2023. 

3. **Investment** .  In order to diversify our portfolio, we opened an account in the Church of England Central Board of Finance Global Equity Income Fund (Income Shares), another fund specifically created for charitable trusts such as ours, but with (as its name implies) less dependence on the United Kingdom stock market. 

1,921.89 shares were bought in this fund, for £5,000, on 18[th] October;  with a market value of £5,050 on 31.12.22. 

No purchase was made in the Church of England Central Board of Finance Investment Fund (Income Shares);  at the end of the year, we continued to hold 1,569.29 shares – market value of £32,510. 

4. **An AGM** was held on 31[st] August, with all trustees present.  It offered an excellent opportunity to go over the details of the trust and its investment policy.  The principal decision concerned the diversification of our portfolio.  Money laundering compliance delayed a purchase until October, by which time it was too late to receive a dividend this year. 

5. **Bank details for gifts:** 

_**A/c name**_ **:  Marton-in-Craven Church Trust** 

_**Sort code**_ **:  20-98-98   Barclays** 

_**A/c number**_ **:  23395413** 

A Charitable Incorporated Organisation _supporting the long-term work of the Parish Church of St Peter, East Marton_ 

## **MARTON-IN-CRAVEN CHURCH TRUST** 

Charity Commission number:  1177395 

_Registered:  2[nd] March 2018_ 

## ANNUAL REPORT FOR 2022 

IT IS ESSENTIAL that a church council holds a Reserve Fund, for repairs and maintenance costs that may arise in the medium-term.  Just as important is financial provision for the long-term.  This Trust seeks to establish a source of annual income that future generations can rely on. 

To illustrate this, three excerpts from the Supplementary Notes to our Foundation Document:  ‘Unless otherwise specified in writing, all legacies, collections and donations to the trust (usually including any gift aid) will be invested so as to provide income to support the long-term future of St Peter’s, both the building and its ministry.’ 

‘The hope and deliberate intention is to provide ever increasing income year by year;  there will of course be ups and downs, and one year’s income can offer no guarantee for the next;  but the sober expectation is that this approach will prove most effective in the long-term.’ 

‘The trust should never spend more in one year than it receives from its investment income.  Rather it should seek, where possible and reasonable, to spend _less_ than it receives so that the potential for future income increases, even without any donations.’ 

TRUSTEES:   Canon Nicholas Turner  :  Mrs Glenys Taylor Mr David Nelson  :  Mr Toby Stephenson 



## **MARTON-IN-CRAVEN CHURCH TRUST  ACCOUNTS 2022** 

|_2021_|**INCOME**in 2022|||
|---|---|---|---|
||_Income intended for capital:_|||
|_5000_|Standing order|2,750.00||
|_0_|Donations & legacies|0.00||
|_2018_|HMRC Gift Aid refund|3,023.84|5,773.84|
||_Income available for the church:_|||
|_721_|Dividends from Investment Fund|964.34||
|_0_|Dividends from Global Fund|0.00|964.34|
||**Ordinary Income**||**£6,738.18**|



|_2021_|**EXPENDITURE**in 2022||
|---|---|---|
|_604_|Church expenditure|0.00|
||Expenditure|£0.00|
|_11000_|Shares bought in Investment Fund|0.00|
||Shares bought in Global Income Fund|5,000.00|
||**Combined Expenditure**|**£5,000.00**|
||Excess of income over expenditure|1,738.18|
|||£5,341.74|
|T for 2022|||
|END OF THE YEAR|||
|Current Account||2,531.51|
|Shares|in the Investment Fund|31,000.00|
|Shares|in the Global Income Fund|5,000.00|
|**Closing balance**||**£38,531.51**|



## BALANCE SHEET for 2022 

|BEGINNING OF THE YEAR||
|---|---|
|Current Account|793.33|
|Capital Fund, at the end of 2021|31,000.00|
|**Opening balance**|**£31,793.33**|
|Excess of ordinary income over expenditure|6,738.18|
||£38,531.51|