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2023-12-31-accounts

MARTON-IN-CRAVEN CHURCH TRUST ACCOUNTS 2023

2022 INCOMEin 2023
Income intended for capital:
2750 Standing order 3,000.00
0 Donation 2,500.00
2018 HMRC Gift Aid refund 1,415.08 6,915.08
Income available for the church:
721 Dividends from Investment Fund 1,013.25
0 Dividends from Global Fund 143.95 1,157.20
Ordinary Income £8,072.28
BALANC
BEGINNING OF THE YEAR
Current Account 2,531.51
Capital Fund, at the end of 2022 36,000.00
Opening balance £38,531.51
Excess of ordinary income over expenditure 8,072.28
£46,603.79
2022 EXPENDITUREin 2023
0 Church expenditure 0.00
Ordinary Expenditure £0.00
0 Shares bought in Investment Fund 3,000.00
5000 Shares bought in Global Income Fund 4,000.00
Combined Expenditure £7,000.00
Excess of income over expenditure 1,072.28
£8,072.28
or 2023
END OF THE YEAR
Current Account 3,603.79
Shares in the Investment Fund 34,000.00
Shares in the Global Income Fund 9,000.00
Closing balance £46,603.79

BALANCE SHEET for 2023

ACCOUNTING NOTES

  1. Income . We continue to appreciate a most generous standing order. We also received an unexpected and most generous gift of £2,500 from Mrs Jenny Preston of East Marton.

  2. Expenditure . Payments for the works we were asked to support were delayed to 2024.

  3. Investment . We bought further shares in both our existing funds during the year, as follows:

Church of England Central Board of Finance Investment Fund (Income Shares): a further 141.10 shares were bought, for £3,000, on 16[th] May. At the end of the year, we held 1,710.39 shares – at £22 a share, this gave a market value of £37,000.

Church of England Central Board of Finance Global Equity Fund (Income Shares): a further 1,335.34 shares were bought, for £4,000, on 20[th] December. At the end of the year, we held 3,256.23 shares – at £3 a share, this gave a market value of £9,700.

The market value of our capital was, therefore, just short of £47,000. However, in the accounts, we use what is called ‘historic accounting’, being the price at which our shares were bought. This avoids the distraction of fluctuating values, in themselves of no direct relevance to us – it is the income that is used, not the capital.

  1. An AGM was held on 12[th] April. With further virtual meetings on 18[th] May and 20[th] December.

  2. Bank details for gifts:

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

Sort code : 20-98-98 Barclays

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 2023

Because our planned expenditure was delayed into the next year, we gave away nothing in 2023. This gives the opportunity to explain what we mean by ‘income’, for it comes in two forms.

During the year, we received a generous standing order and a generous donation to the Trust, a total (with its Gift Aid refund) of some £6,900. This is new money, from outside the charity, to be added to our Permanent Endowment.

This endowment has been invested (cautiously) in two Church of England funds set up precisely for charities such as ours. It is the money from this that can be used to support St Peter’s Church.

The reasonable expectation is that this annual income (which this year passed the modest but significant £1,000 mark) will recur next year, and the next, and so on. Of course, there will be ups and downs, and possibly many lean years, but the expectation is reasonable; and this remains the best way of providing support for all those who will come after us, worshipping in this ancient church with its Saxon origins.

It is the responsibility of the trustees to see that the capital is invested wisely and the endowment is not squandered.

A/c number : 23395413