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2022-12-31-accounts

REGISTERED COMPANY NUMBER: 12120938 REGISTERED CHARITY NUMBER: 1185773

Two Churches One Town

Financial Statements

31st December 2022

SD-0210174-1-6

Two Churches One Town

Contents of the Financial Statements for the year ended 31st December 2022

Page
Reference and Administrative Details 1 to 2
Report of the Trustees 3 to 5
Report of the Independent Examiners 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 14

Two Churches One Town

Reference and Administrative Details for the year ended 31st December 2022

TRUSTEES

Rev.Canon J W Baker Mr T J Carlisle Mr D R Kilburn Rev R A Lumley Mr A L Marr Mr R I Townsend

COMPANY SECRETARY W A Fowler REGISTERED OFFICE Beverley Minster Parish Centre 38 Highgate Beverley East Yorkshire HU17 0DN

REGISTERED COMPANY NUMBER 12120938 (England and Wales)

REGISTERED CHARITY NUMBER 1185773

INDEPENDENT EXAMINER Smailes Goldie Chartered Accountants Regent's Court Princess Street Hull East Yorkshire HU2 8BA BANKERS Santander UK PLC 6-8 King Edward Street Hull East Yorkshire HU1 3SS SOLICITORS Wrigleys Solicitors LLP 19 Cookridge Street Leeds LS2 3AG

Page 1

Two Churches One Town

Reference and Administrative Details for the year ended 31st December 2022

ADVISERS

Architect: Carden & Godfrey 33 Clerkenwell Close London EC1R 0AU

Surveyors: Surveyors: Turner and Holman Brundell Woolley Ltd 7 The Paddock The Terrace Fangfoss Grantham Street York Lincoln YO41 5SH LN2 1BD

Page 2

Two Churches One Town

Report of the Trustees for the year ended 31st December 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Our charity's purposes as set out in the objects contained in the company's Articles of Association are:

The aims of our charity are to rescue and keep safe for all, Beverley Minster and St. Mary's Church and to nurture and grow the unique, lasting links of Heritage, Music and Learning that bind the two churches and the town.

The trustees in making decisions about what the charity has done during the period to carry out these purposes for the public benefit have had due regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.

Ensuring our work delivers our aims

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work during 2022. The review looks at the success of each key activity and the benefits each one has brought to those groups of people we are committed to help. The review also helps us to ensure our aims, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

The focus of our work

Our main objectives during the period were securing funds for the restoration work at Beverley Minster and St. Mary's Church, Beverley and facilitating ways and means to grow and develop the links of Heritage, Music and Learning. The strategies we have used to meet these objectives include:

Public benefit

We will deliver public benefit by saving this priceless heritage and keeping the buildings open for everyone and safe and free to visit. The Minster needs essential repairs to the leaking roof and windows. St. Mary's needs urgent repairs to its stonework. The current restoration project to preserve the heritage will cost £20 million over a ten year period.

The restoration will enable us to preserve and grow the music and learning opportunities flowing from the buildings.

We were successful in the year in attracting donations from grant making trusts and from individuals.

We continue to update our website, which explains our activities to our stakeholders: www.beverleytwochurches.co.uk. The website enables people to volunteer and to make a donation.

Page 3

Two Churches One Town

Report of the Trustees for the year ended 31st December 2022

OBJECTIVES AND ACTIVITIES

Public benefit – continued

We could not have achieved this success without the support of our trustees, officers, friends and volunteers and I would like to record our sincere thanks to them all.

FINANCIAL REVIEW

Financial position

The charity has total income of £78,328 (2021: £75,648) and total funds at 31st December 2022 were £98,193 (2021: £32,224). The trustees consider the financial position of the charity at the end of the year to be acceptable.

The contractual relationship for grants successfully received has been enacted between the Donor and the PCC of the relevant church: St Mary’s or the Minster. The funds secured were paid directly to the specific PCC and therefore are not included in these financial statements.

Reserves policy

This is the reserves policy for Two Churches One Town ("TCOT"). This policy has been drafted after considering the Charity Commission guidance 'charity reserves: building resilience (CC19)', published in January 2016. This guidance was reviewed and updated by the Charity Commission in its paper 'charity reserves policies: demonstrating and building resilience', published in November 2018. TCOT was established in July 2019 and this is the Reserves Policy the trustees have adopted since that date. It is the trustees' intention to hold sufficient reserves to undertake an orderly winding up of the charity should this become necessary. Some monies raised by TCOT are restricted funds set aside to meet agreed future distribution, such as the restoration projects previously agreed. This policy will consider the reserves of unrestricted funds to be held and therefore designated funds are excluded. The policy will be reviewed annually and was last reviewed in April 2023.

Funds

Unrestricted funds reserve

On 31st December 2022 unrestricted funds were £73,193. Two Churches One Town (TCOT) does not own any fixed assets. The trustees have agreed to set aside £5,000 of unrestricted funds as a future reserve. This amount is considered to be sufficient to meet TCOT's outstanding liabilities, should it cease its activities.

Restricted funds reserve

On 31st December 2022 restricted funds were £25,000. These funds represent donations received for the Beverley Minster Nave Roof Phase 2 project. After considering the Charity Commission's guidance, the trustees do not consider that restricted funds should be held in reserve for the future. Should TCOT cease trading, the trustees will use their best endeavours to distribute restricted funds without undue delay.

Investment of reserves

Reserves of unrestricted funds will be held in an interest bearing account with not more than one month's withdrawal notice. This account will be held with TCOT's bank, currently Santander PLC.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is a charitable company limited by guarantee, incorporated on 24th July 2019 and registered as a charity on 14th October 2019. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

Page 4

Two Churches One Town

Report of the Trustees

for the year ended 31st December 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees

The directors of the company are also charity trustees for the purposes of charity law.

In selecting individuals for appointment as charity trustees, the trustees will have regard to the skills, knowledge and experience needed for the effective administration of the charity.

One third (or the number nearest one third) of trustees, other than the ex-officio Trustees, must retire at each annual trustees' meeting, those longest in office retiring first and the choice between any of equal service being made by drawing lots.

Mr T J Carlisle and Mr AJ Marr will therefore retire at the annual trustees meeting to be held on 7 August 2023 and being eligible, offer themselves for re-election.

All trustees give their time voluntary and receive no benefits from the company.

Organisational structure

The charity operates with a volunteer team of six fundraisers, a team of seven looking after the Learning, Music and Heritage segments, one in finance and a company secretary.

Risk management

The trustees have conducted a review of the major risks to which the charity is exposed. A risk register has been established and will be reviewed annually. The next annual review is due in September 2023. Where appropriate, systems or procedures will be established to mitigate the risks the charity faces.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Two Churches One Town for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to;

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 7 August 2023 and signed on its behalf by:

Mr T J Carlisle - Trustee

Page 5

Report of the Independent Examiners to the Members of Two Churches One Town

Independent Examiner's Report to the Trustees of Two Churches One Town

I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31[st] December 2022 which are set out on pages 7 to 15.

Responsibilities and basis of report

As the charitable company’s trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’) and Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the charitable company are not required to the audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitable company’s accounts as carried out under section 145 of the Act. In carrying out my examination I have followed the 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:

  1. accounting records were not kept in respect of the charitable company as required by section 130 of the Act or by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements of Section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)).

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.

Stephen Bramall BSc., FCA for and on behalf of Smailes Goldie Chartered Accountants Regent's Court Princess Street Hull East Yorkshire HU2 8BA

7 August 2023

Page 6

Two Churches One Town

Statement of Financial Activities for the year ended 31st December 2022

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and Grants
2
77,025
Investment income
3
1,303
Total
78,328
EXPENDITURE ON
Charitable activities
4
Support costs
12,359
Church preservation
-
Total
12,359
NET INCOME/(EXPENDITURE)
65,969
Transfers between funds
11
-
Net movement in funds
65,969
RECONCILIATION OF FUNDS
Total funds brought forward
7,224
TOTAL FUNDS CARRIED FORWARD
73,193		 Year ended
Year ended
2022
2021
Restricted
Total
Total
funds
funds
funds
£
£
£
-
77,025
75,610
-
1,303
38
-
78,328
75,648
-
12,359
4,286
-
-
139,202
-
12,359
143,488
-
65,969
(67,840)
-
-
-
-
65,969
(67,840)
25,000
32,224
100,064
25,000
98,193
32,224

The notes form part of these financial statements

Page 7

Two Churches One Town

Balance Sheet 31st December 2022

Unrestricted
funds
Notes
£
CURRENT ASSETS
Prepayments and accrued income
2,787
Cash at bank
82,806
85,593
CREDITORS
Amounts falling due within one year
10
(12,400)
Unrestricted funds:
General fund
Designated fund – Future Reserve
Restricted funds:
Beverley Minster Nave Roof Phase 2
TOTAL FUNDS
NET ASSETS
73,193
FUNDS
11		 Restricted
funds
£
-
25,000
25,000
-
25,000		 2022
Total
funds
£
2,787
107,806
110,593
(12,400)
68,193
5,000
73,193
25,000
98,193
98,193		 2021
Total
funds
£
1,257
32,647
33,904
(1,680)
7,224
-
7,224
25,000
32,224
32,224

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies’ regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 7 August 2023 and were signed on its behalf by:

Mr T J Carlisle - Trustee

The notes form part of these financial statements

Page 8

Two Churches One Town

Notes to the Financial Statements for the year ended 31st December 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

Income recognition

Income is measured at the fair value of the consideration received or receivable. The policies adopted for the recognition of income are as follows:

Income from donations, government and other grants, whether capital or revenue, is recognised when the charity has entitlements to the funds, any performance conditions attached to the grants have been met and it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. All expenses including support costs and governance costs are allocated to the applicable expenditure heading.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Support costs have been allocated between administration and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice such as costs related to bookkeeping and independent examination fees. There has been no apportionment of costs.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of financial activities allocated to the appropriate heading.

Page 9

continued...

Two Churches One Town

Notes to the Financial Statements - continued for the year ended 31st December 2022

2. DONATIONS AND LEGACIES

Donations
Grants
Grants received, included in the above, are as follows:
Headley Trust grant
Do it for East Yorkshire grant
Beverley Town Council grant
3.
INVESTMENT INCOME
Bank account interest
4.
CHARITABLE ACTIVITIES COSTS
Support costs
Church preservation		 Grant
funding of
activities
(see note
5)
£
-
-
-

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continued...

Two Churches One Town

Notes to the Financial Statements - continued for the year ended 31st December 2022

5. GRANTS PAYABLE

Church preservation
The total grants paid to institutions during the year was as follows:
St Mary's Church (Clerestory)
Beverley Minster (Nave Roof)
St Mary's Church (South Nave Clerestory)
Beverley Minster (Pinnacles)
6.
SUPPORT COSTS
Accounts Examiners' remuneration
Website development
Directors and Officers Liability Insurance
Fundraising Service
Administration costs
7.
NET INCOME/(EXPENDITURE)		 2022
£
-
2022
£
-
-
-
-
-		 2021
£
139,202
2021
£
34,101
34,101
36,000
35,000
139,202
£
1,400
718
313
9,800
128
12,359

Net income/(expenditure) is stated after charging/(crediting):

2022 2021
£ £
Independent Examiners' remuneration (2021: Audit) 1,400 2,160

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continued...

Two Churches One Town

Notes to the Financial Statements - continued for the year ended 31st December 2022

8. TRUSTEES' REMUNERATION AND BENEFITS

Trustees' and officers liability insurance of £313 was paid in the year (2021 £258). There are no trustees' remuneration or other benefits for the period ended 31st December 2022 (2021 £NIL).

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2022 nor for the period ended 31st December 2021.

9.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
14,610
Investment income
38
Total
14,648
EXPENDITURE ON
Charitable activities
Support costs
47
Church preservation
68,202
Total
68,249
NET EXPENDITURE
(53,601)
Transfers between funds
(162)
Net movement in funds
(53,763)
RECONCILIATION OF FUNDS
Total funds brought forward
60,987
TOTAL FUNDS CARRIED FORWARD
7,224
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses		 Restricted
funds
£
61,000
-
61,000
4,239
71,000
75,239
(14,239)
162
(14,077)
39,077
25,000
2022
£
12,400
12,400		 Total
funds
£
75,610
38
75,648
4,286
139,202
143,488
(67,840)
-
(67,840)
100,064
32,224
2021
£
1,680
1,680

Page 12

continued...

Two Churches One Town

Notes to the Financial Statements - continued for the year ended 31st December 2022

11. MOVEMENT IN FUNDS

At 1.1.22
£
Unrestricted funds
General fund
7,224
Designated fund – Future Reserve
-
Restricted funds
Beverley Minster Nave Roof Phase 2
25,000
TOTAL FUNDS
32,224
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
At 1.1.21
£
Unrestricted funds
General fund
22,987
Designated fund - Beverley Minster Nave
Roof
38,000
60,987
Restricted funds
Professional Fees
4,067
Beverley Minster Pinnacle Repairs
35,010
Beverley Minster Nave Roof Phase 2
-
39,077
TOTAL FUNDS
100,064		 Net
movement
in funds
£
65,969
-
-
65,969
Incoming
resources
£
78,328
78,328
Net
movement
in funds
£
(19,500)
(34,101)
(53,601)
(4,239)
(35,000)
25,000
(14,239)
(67,840)		 Transfers
between
At
funds
31.12.22
£
£
(5,000)
68,193
5,000
5,000
-
25,000
-
98,193
Resources
Movement
expended
in funds
£
£
(12,359)
65,969
(12,359)
65,969
Transfers
between
At
funds
31.12.21
£
£
3,737
7,224
(3,899)
-
(162)
7,224
172
-
(10)
-
-
25,000
162
25,000
-
32,224

Page 13

continued...

Two Churches One Town

Notes to the Financial Statements - continued for the year ended 31st December 2022

11. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated fund – Beverley Minster Nave Roof
Restricted funds
Professional Fees
Beverley Minster Pinnacle Repairs
St Mary’s South Nave Clerestory
Beverley Minster Nave Roof Phase 2
TOTAL FUNDS		 Incoming
resources
£
14,648
-
14,648
-
-
36,000
25,000
61,000
75,648		 Resources
Movement
expended
in funds
£
£
(34,148)
(19,500)
(34,101)
(34,101)
(68,249)
(53,601)
(4,239)
(4,239)
(35,000)
(35,000)
(36,000)
-
-
25,000
(75,239)
(14,239)
(143,488)
(67,840)		 Resources
Movement
expended
in funds
£
£
(34,148)
(19,500)
(34,101)
(34,101)
(68,249)
(53,601)
(4,239)
(4,239)
(35,000)
(35,000)
(36,000)
-
-
25,000
(75,239)
(14,239)
(143,488)
(67,840)
(53,601)
(4,239)
(35,000)
-
25,000
(14,239)
(67,840)

The Beverley Minster Nave Roof Phase 2 fund relates to donations received to commence the second phase of the nave roof repairs. The £25,000 remaining in the restricted fund has been spent post year-end, with £12,500 each being allocated to both Friends of Beverley Minster and Beverley Minster Old Fund who paid in advance for repairs to same.

The general fund represents funds which have no specific designation.

The Future Reserve represents amounts designated to meet expected liabilities and closure costs, should the charity decide to cease its activities.

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2022.

Page 14