Devon Historic Churches Trust
Trustees' Annual Report
Year ended 31 March 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.
Reference and administrative details
Registered charity name Devon Historic Churches Trust Charity registration number 265594 Principal office The Old Farmhouse Hele Farm Hennock Road Bovey Tracey TQ13 9PP The trustees Lady Burnell-Nugent DL Lady Anne Boles DL Mr H Harrison Mrs R Howell DL Mr C Hutchings Mrs J Kauntze JP Rev. Dr. DJ Keep Mrs LA Martin Lt. Col. D Michie Mr J Mills Mrs C Plumstead Ven. J Rawlings Mrs E Stead Mr P Tuckett DL Lt. Commander CB Tuke RN Mr H Vollers Independent Examiner Mr S J Carrington (FCA) For and on behalf of Thomas Westcott Chartered Accountants Timberly South Street Axminster EX13 5AD
1
Devon Historic Churches Trust
Trustees' Annual Report (continued)
Year ended 31 March 2021
Structure, governance and management
Constitution
The Devon Historic Churches Trust was established by a trust deed dated 1 January 1973 and is a registered charity, number 265594. During January 2020 it was resolved that the Trust should take steps to become a Charitable Incorporated Organisation( CIO), a proposed constitution is in place however application has not yet taken place due to the current Covid-19 siutation.
Trustees
The power of appointing new Trustees is exercised by the existing Trustees. New Trustees are required to sign a declaration that the appointee accepts the position of Trustee and undertakes to act in accordance with the trust deed as varied by all legal modifications.
Policies
Risk management
The Trustees have given consideration to the risks to which the charity may be exposed, and they consider that the systems that have been established are suitable for the minimisation of such risks, for safeguarding of the assets of the charity, and for the prevention and detection of fraud.
Reserves
The fund was established by the Trustees in 1995 with the aim of raising a capital sum the target of the initial appeal being £1million. Significant legacies are generally used to augment the capital of the fund. The income of the fund is available for furthering the aims of the charity.
At 31 March 2021 cash at bank was £86,680. Outstanding grants awarded stood at £49,250.
Grants payable
Application for grants which must fall within the objects of the charity as outlined above are considered by the Trustees who take account of the detailed work proposals and the financial situation of the organisation requesting grant aid. In addition the Trustees also have regard to the funds available to the charity for distribution.
Investments
The Trust Deed authorises the purchase of, or lending on, security of any form of property, apart from loans or merely personal security or in bearer securities.
The Trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income shares and cash. In order to meet these objectives, the Trustees have split the investment fund between investment managers Charles Stanley and CCLA
Public Benefit
In accordance with the Trustees Act 2006, the Trustees confirm that the Devon Historic Churches Trust conforms to the Act and grants funds for the advancement of Religion and
2
Heritage. Grants are
Devon Historic Churches Trust
Trustees' Annual Report (continued)
Year ended 31 March 2021
confined to the objects set out on page 3 of these accounts.
Objectives and activities
Objects
The Trustees may apply the income and capital of the charity in such manner as they shall in their absolute discretion think fit for all or any of the following charitable purposes; the preservation, repair, maintenance, improvement and upkeep of churches in the County of Devon and the Diocese of Exeter.
Organisation
The Trustees meet quarterly to receive reports from officers and committees and to consider grant applications.
Achievements and performance
The annual Devon Historic Churches Day raised £34,840 (2020: £37,115). £15,985 of the sponsorship money raised from the Devon Historic Churches Day (incorporating the national Ride & Stride) was returned to the churches and chapels nominated by the participants. The Trustees are very grateful to the volunteers who worked so hard to generate these valuable funds.
Since the year end, preparations for the 2021 Devon Historic Churches Day (DHCD) in September have commenced.
3
Devon Historic Churches Trust
Trustees' Annual Report (continued)
Year ended 31 March 2021
Financial review
The financial statements and the accounting policies used in their preparation comply with all of the current statutory requirements and with the governing document.
The Statement of Financial Activities shows that the charity had incoming resources of £89,552 (2020: £95,384).
Charitable expenditure was £88,160 (2020: £128,264) and the costs of generating funds were £17,544 (2020: £15,071).
The value of the investment portfolio increased to £1,314,646 by the year end. This includes £75,000 invested by the charity from a legacy. The legacy is held as an unrestricted, ring fenced reserve to cover emergency repair applications. Therefore, this element of the capital invested does not form part of the main capital fund.
Net current assets amounted to £35,187. The balance of net assets was held primarily as cash on deposit so that the funds are readily available to meet actual and anticipated grant requirements whilst still earning interest.
Grants awarded amounted to £61,985 compared with £102,294 in the previous year. A number of payments were made for grants pledged in the previous year, and a number of grants were not paid by the year end. A full analysis is provided at note 10 to show the split of items paid and unpaid.
Support costs amounted to £8,631 (2020: £10,899) and governance costs were £2,795 (2020: £3,212).
Trustees' responsibilities statement
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
4
Devon Historic Churches Trust
Trustees' Annual Report (continued)
Year ended 31 March 2021
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
Mr J Mills Trustee
5
CHARITY REGISTRATION NUMBER: 1189807 COMPANY REGISTRATION NUMBER: CE022079
The Devon Historic Churches Trust Unaudited Financial Statements
31 March 2021
The Devon Historic Churches Trust
Financial Statements
Year ended 31 March 2021
| Page | |
|---|---|
| Trustee's annual report | 1 |
| Independent examiner's report to the trustee | 2 |
| Statement of financial activities | 3 |
| Statement of financial position | 4 |
| Notes to the financial statements | 5 |
The Devon Historic Churches Trust
Trustee's Annual Report
Year ended 31 March 2021
The trustee presents his report and the unaudited financial statements of the charity for the year ended 31 March 2021.
Reference and administrative details
Registered charity name The Devon Historic Churches Trust Charity registration number 1189807 Company registration number CE022079 Principal office The Old Farmhouse Hele Farm Hennock Road Bovey Tracey TQ13 9PP The trustee Independent examiner Mr S J Carrington (FCA) For and on behalf of Thomas Westcott Timberly South Street Axminster Devon England EX13 5AD
The trustee's annual report was approved on .............................. and signed on behalf of the board of trustees by:
1
The Devon Historic Churches Trust
Independent Examiner's Report to the Trustee of The Devon Historic Churches Trust
Year ended 31 March 2021
I report to the trustee on my examination of the financial statements of The Devon Historic Churches Trust ('the charity') for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustee of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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 charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Mr S J Carrington (FCA) For and on behalf of Thomas Westcott Timberly South Street Axminster Devon England EX13 5AD
2
The Devon Historic Churches Trust
Statement of Financial Activities
Year ended 31 March 2021
| 2021 | 2021 | ||
|---|---|---|---|
| Unrestricted | |||
| funds | Total funds | ||
| Note | £ | £ | |
| Income and endowments | |||
| Other income | 4 | 1,350,447 | 1,350,447 |
──────────── |
──────────── |
||
| Total income | 1,350,447 | 1,350,447 | |
════════════ |
════════════ |
||
──────────── |
──────────── |
||
| Net income and net movement in funds | 1,350,447 | 1,350,447 | |
════════════ |
════════════ |
||
| Reconciliation of funds | |||
| Total funds brought forward | – | – | |
──────────── |
──────────── |
||
| Total funds carried forward | 1,350,447 | 1,350,447 | |
════════════ |
════════════ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 5 to 9 form part of these financial statements.
3
The Devon Historic Churches Trust
Statement of Financial Position
31 March 2021
| 2021 | ||
|---|---|---|
| Note | £ | |
| Fixed assets | ||
| Tangible fixed assets | 8 | 614 |
| Investments | 9 | 1,314,646 |
──────────── |
||
| 1,315,260 | ||
| Current assets | ||
| Debtors | 10 | 526 |
| Cash at bank and in hand | 86,680 | |
──────── |
||
| 87,206 | ||
| Creditors: amounts falling due within one year | 11 | 52,019 |
──────── |
||
| Net current assets | 35,187 | |
──────────── |
||
| Total assets less current liabilities | 1,350,447 | |
──────────── |
||
| Net assets | 1,350,447 | |
════════════ |
||
| Funds of the charity | ||
| Unrestricted funds | 1,350,447 | |
──────────── |
||
| Total charity funds | 12 | 1,350,447════════════ |
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
The notes on pages 5 to 9 form part of these financial statements.
4
The Devon Historic Churches Trust
Notes to the Financial Statements
Year ended 31 March 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is a charitable incorporated organisation (CIO). The address of the principal office is The Old Farmhouse, Hele Farm, Hennock Road, Bovey Tracey, TQ13 9PP.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
The income fund is an unrestricted fund which may be used for any purpose in accordance with the charity's objects. The objects of the charity are to raise funds to repair and preserve churches and chapels of all denominations in the County of Devon and the Diocese of Exeter, where such work is beyond the means of the congregation and community. Assistance may be provided by loans or grants at the discretion of the Trustees. The income fund includes the Emergency Fund.
The capital fund has been established to provide income for furthering the aims of the charity. Income from legacies is used to augment the capital fund.
5
The Devon Historic Churches Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Incoming resources
All incoming resources are recognised when the charity is legally entitled to the income and amount can be quantified with reasonable accuracy. Income is only deferred when the charity has to fulfill conditions before becoming entitled to it or where the donor has specified that the income is to be expended in the future period.
Donations under the Gift Aid scheme together with the associated recoverable income tax are recognised as income for the year in which the net donation is received.
Bank interest receivable is recognised in the period over which it accrues.
Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.
Income from investments is included in the year in which it is receivable.
Legacies are recognised as income when definite notification has been received of the amounts bequeathed and of the anticipated date of payment.
Resources expended
All such expenditure is recognised in the statement of financial activities on an accruals basis.
Costs of fund raising events comprise the direct and indirect costs of organising such events.
Grants payable are awarded by the executive committee, after careful consideration of detailed proposals from relevant organisations and having considered their financial situation. The grants are not payable until the relevant work has commenced and costs in excess of the grant have been incurred. Grants awarded but not claimed at the year end are shown as commitments in the financial statement.
Most expenditure can be directly attributed to specific activities. However, some expenditure relates to more than one category. Such expenditure is apportioned between the categories. In the case of goods and services the apportionment is based on the estimated usage. In the case of employee costs the apportionment is based on estimated working times.
Support costs are those costs incurred directly in support of the charity's grant awarding
operations.
Expenditure on governance costs comprises all costs incurred in administering the organisational and compliance affairs of the charity.
6
The Devon Historic Churches Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Tangible assets
Tangible assets costing £500 or more are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment & - 20% straight line software
Investments
Fixed asset investments are included in the financial statements at market value. All changes in value, whether arising upon disposal or upon revaluation, are reported in the Statement of Financial Activities for the year in which the change occurs.
Financial instruments
4. Other income
| Unrestricted | Total Funds | ||
|---|---|---|---|
| Funds | 2021 | ||
| £ | £ | ||
| Transfer of funds | 1,350,447 | 1,350,447 | |
════════════ |
════════════ |
||
| 5. | Independent examination fees | ||
| 2021 | |||
| £ | |||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 550════ |
6. Staff costs
The average head count of employees during the year was 1.
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
7
The Devon Historic Churches Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
7. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
8. Tangible fixed assets
| Fixtures and | |
|---|---|
| fittings | |
| £ | |
| Cost | |
| At 1 April 2020 | – |
| Additions | 614 |
──── |
|
| At 31 March 2021 | 614 |
════ |
|
| Depreciation | |
| At 1 April 2020 and 31 March 2021 | – |
════ |
|
| Carrying amount | |
| At 31 March 2021 | 614 |
════ |
|
| Investments | |
| Other | |
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2020 | – |
| Additions | 1,314,646 |
──────────── |
|
| At 31 March 2021 | 1,314,646 |
════════════ |
|
| Impairment | |
| At 1 April 2020 and 31 March 2021 | – |
════════════ |
|
| Carrying amount | |
| At 31 March 2021 | 1,314,646 |
════════════ |
9. Investments
All investments shown above are held at valuation.
10. Debtors
Prepayments and accrued income
2021 £ 526 ════
8
The Devon Historic Churches Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
11. Creditors: amounts falling due within one year
| 2021 | |
|---|---|
| £ | |
| Accruals and deferred income | 2,769 |
| Undrawn grants | 49,250 |
──────── |
|
| 52,019 | |
════════ |
12. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||
|---|---|---|---|
| At | At | ||
| 1 April 2020 | Income 31 |
March 2021 | |
| £ | £ | £ | |
| General funds | – | 1,350,447 | 1,350,447 |
════ |
════════════ |
════════════ |
|
| Analysis of net assets between funds | |||
| Unrestricted | Total Funds | ||
| Funds | 2021 | ||
| £ | £ | ||
| Tangible fixed assets | 614 | 614 | |
| Investments | 1,314,646 | 1,314,646 | |
| Current assets | 87,206 | 87,206 | |
| Creditors less than 1 year | (52,019) | (52,019) | |
──────────── |
──────────── |
||
| Net assets | 1,350,447 | 1,350,447 | |
════════════ |
════════════ |
13. Analysis of net assets between funds
9
CHARITY REGISTRATION NUMBER: 265594
Devon Historic Churches Trust
Unaudited Financial Statements
31 March 2021
Devon Historic Churches Trust
Financial Statements
Year ended 31 March 2021
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 9 |
Devon Historic Churches Trust
Trustees' Annual Report
Year ended 31 March 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.
Reference and administrative details
| Registered charity name | Devon Historic Churches Trust |
|---|---|
| Charity registration number | 265594 |
| Principal office | The Old Farmhouse |
| Hele Farm | |
| Hennock Road | |
| Bovey Tracey | |
| TQ13 9PP | |
| The trustees | |
| Lady Burnell-Nugent DL | |
| Lady Anne Boles DL | |
| Mr H Harrison | |
| Mrs R Howell DL | |
| Mr C Hutchings | |
| Mrs J Kauntze JP | |
| Rev. Dr. DJ Keep | |
| Mrs LA Martin | |
| Lt. Col. D Michie | |
| Mr J Mills | |
| Mrs C Plumstead | |
| Ven. J Rawlings | |
| Mr P Tuckett DL | |
| Lt. Commander CB Tuke RN | |
| Mr H Vollers | |
| Independent Examiner | Mr S J Carrington (FCA) For and on behalf of |
| Thomas Westcott | |
| Chartered Accountants | |
| Timberly | |
| South Street | |
| Axminster | |
| EX13 5AD |
1
Devon Historic Churches Trust
Trustees' Annual Report (continued)
Year ended 31 March 2021
Structure, governance and management
Constitution
The Devon Historic Churches Trust was established by a trust deed dated 1 January 1973 and is a registered charity, number 265594. During January 2020 it was resolved that the Trust should take steps to become a Charitable Incorporated Organisation( CIO), a proposed constitution is in place however application has not yet taken place due to the current Covid-19 siutation.
Trustees
The power of appointing new Trustees is exercised by the existing Trustees. New Trustees are required to sign a declaration that the appointee accepts the position of Trustee and undertakes to act in accordance with the trust deed as varied by all legal modifications.
Policies
Risk management
The Trustees have given consideration to the risks to which the charity may be exposed, and they consider that the systems that have been established are suitable for the minimisation of such risks, for safeguarding of the assets of the charity, and for the prevention and detection of fraud.
Reserves
The fund was established by the Trustees in 1995 with the aim of raising a capital sum the target of the initial appeal being £1million. Significant legacies are generally used to augment the capital of the fund. The income of the fund is available for furthering the aims of the charity.
At 31 March 2019 cash at bank was £97,371. Outstanding grants awarded stood at £86,750 and the emergency fund stood at £64,793.
Grants payable
Application for grants which must fall within the objects of the charity as outlined above are considered by the Trustees who take account of the detailed work proposals and the financial situation of the organisation requesting grant aid. In addition the Trustees also have regard to the funds available to the charity for distribution.
Investments
The Trust Deed authorises the purchase of, or lending on, security of any form of property, apart from loans or merely personal security or in bearer securities.
The Trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income shares and cash. In order to meet these objectives, the Trustees have appointed Charles Stanley as their agent to manage a diversified portfolio of suitable investments on a discretionary basis.
Public Benefit
In accordance with the Trustees Act 2006, the Trustees confirm that the Devon Historic Churches Trust conforms to the Act and grants funds for the advancement of Religion and Heritage. Grants are
2
Devon Historic Churches Trust
Trustees' Annual Report (continued)
Year ended 31 March 2021
confined to the objects set out on page 3 of these accounts.
Objectives and activities
Objects
The Trustees may apply the income and capital of the charity in such manner as they shall in their absolute discretion think fit for all or any of the following charitable purposes; the preservation, repair, maintenance, improvement and upkeep of churches in the County of Devon and the Diocese of Exeter.
Organisation
The Trustees meet quarterly to receive reports from officers and committees and to consider grant applications.
Achievements and performance
The annual Devon Historic Churches Day raised £37,115 (2019: £37,679). £19,546 of the sponsorship money raised from the Devon Historic Churches Day (incorporating the national Ride & Stride) was returned to the churches and chapels nominated by the participants. The Trustees are very grateful to the volunteers who worked so hard to generate these valuable funds.
Since the year end, although preparations for the 2020 Devon Historic Churches Day ( DHCD) in September 2020 have commenced, there is still some doubt at the time of writing that it will take place because of the restrictions on gatherings arising from the Covid 19 crisis. The Trustees are currently considering alternative fundraising strategies, to be implemented if DHCD cannot take place, or only take place on a very restricted basis. The Trustees have also taken a decision to restrict the maximum size of grant until there is greater clarity about fundraising for the remainder of the 2020-21 financial year.
3
Devon Historic Churches Trust
Trustees' Annual Report (continued)
Year ended 31 March 2021
Financial review
The financial statements and the accounting policies used in their preparation comply with all of the current statutory requirements and with the governing document.
The Statement of Financial Activities shows that the charity had incoming resources of £95,384 (2019: £95,496).
Charitable expenditure was £135,264(2019: £114,010) and the costs of generating funds were £15,071 (2019: £16,156).
The value of the investment portfolio decreased to £1,151,887 by the year end. This includes £75,000 invested by the charity from a legacy. The legacy is held as an unrestricted, ring fenced reserve to cover emergency repair applications. Therefore, this element of the capital invested does not form part of the main capital fund.
Net current assets amounted to £13,846. The balance of net assets was held primarily as cash on deposit so that the funds are readily available to meet actual and anticipated grant requirements whilst still earning interest.
Grants awarded amounted to £89,300 compared with £72,650 in the previous year. A number of payments were made for grants pledged in the previous year, and a number of grants were not paid by the year end. A full analysis is provided at note 10 to show the split of items paid and unpaid.
Support costs amounted to £7,687 (2019: £7,725) and governance costs were £3,212 (2019: £3,431).
Trustees' responsibilities statement
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
4
Devon Historic Churches Trust
Trustees' Annual Report (continued)
Year ended 31 March 2021
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
Mr J Mills Trustee
5
Devon Historic Churches Trust
Independent Examiner's Report to the Trustees of Devon Historic Churches Trust
Year ended 31 March 2021
I report to the trustees on my examination of the financial statements of Devon Historic Churches Trust ('the charity') for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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 charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Mr S J Carrington (FCA) For and on behalf of Thomas Westcott Chartered Accountants Timberly South Street Axminster EX13 5AD
6
Devon Historic Churches Trust
Statement of Financial Activities
Year ended 31 March 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 20,519 | 20,519 | 12,749 |
| Other trading activities | 5 | 34,840 | 34,840 | 37,345 |
| Investment income | 6 | 34,193 | 34,193 | 45,290 |
──────── |
──────── |
──────── |
||
| Total income | 89,552 | 89,552 | 95,384 | |
════════ |
════════ |
════════ |
||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Costs of other trading activities | 7 | 5,791 | 5,791 | 7,165 |
| Investment management costs | 8 | 11,753 | 11,753 | 7,906 |
| Expenditure on charitable activities | 9 | 70,616 | 70,616 | 113,193 |
──────── |
──────── |
───────── |
||
| Total expenditure | 88,160 | 88,160 | 128,264 | |
════════ |
════════ |
═════════ |
||
| Net gains/(losses) on investments | 12 | 176,322 | 176,322 | (204,898) |
───────── |
───────── |
───────── |
||
| Net income/(expenditure) and net movement in funds | 177,714 | 177,714 | (237,778) | |
═════════ |
═════════ |
═════════ |
||
| Reconciliation of funds | ||||
| Total funds brought forward | 1,172,733 | 1,172,733 | 1,410,511 | |
──────────── |
──────────── |
──────────── |
||
| Total funds carried forward | 1,350,447 | 1,350,447 | 1,172,733 | |
════════════ |
════════════ |
════════════ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 16 form part of these financial statements.
7
Devon Historic Churches Trust
Statement of Financial Position
31 March 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 17 | 614 | – |
| Investments | 18 | 1,314,646 | 1,151,887 |
──────────── |
──────────── |
||
| 1,315,260 | 1,151,887 | ||
| Current assets | |||
| Debtors | 19 | 526 | 5,909 |
| Cash at bank and in hand | 86,680 | 97,371 | |
──────── |
───────── |
||
| 87,206 | 103,280 | ||
| Creditors: amounts falling due within one year | 20 | 52,019 | 82,434 |
──────── |
───────── |
||
| Net current assets | 35,187 | 20,846 | |
──────────── |
──────────── |
||
| Total assets less current liabilities | 1,350,447 | 1,172,733 | |
──────────── |
──────────── |
||
| Net assets | 1,350,447 | 1,172,733 | |
════════════ |
════════════ |
||
| Funds of the charity | |||
| Unrestricted funds | 1,350,447 | 1,172,733 | |
──────────── |
──────────── |
||
| Total charity funds | 21 | 1,350,447════════════ |
1,172,733════════════ |
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
Mr J Mills Trustee
Mr H Vollers Trustee
The notes on pages 9 to 16 form part of these financial statements.
8
Devon Historic Churches Trust
Notes to the Financial Statements
Year ended 31 March 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Old Farmhouse, Hele Farm, Hennock Road, Bovey Tracey, TQ13 9PP.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The charity has taken advantage of the exemption in FRS102 from the requirement to produce a cashflow statement because it is a small charity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
The income fund is an unrestricted fund which may be used for any purpose in accordance with the charity's objects. The objects of the charity are to raise funds to repair and preserve churches and chapels of all denominations in the County of Devon and the Diocese of Exeter, where such work is beyond the means of the congregation and community. Assistance may be provided by loans or grants at the discretion of the Trustees. The income fund includes the Emergency Fund.
The capital fund has been established to provide income for furthering the aims of the charity. Income from legacies is used to augment the capital fund.
9
Devon Historic Churches Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Incoming resources
All incoming resources are recognised when the charity is legally entitled to the income and amount can be quantified with reasonable accuracy. Income is only deferred when the charity has to fulfill conditions before becoming entitled to it or where the donor has specified that the income is to be expended in the future period.
Donations under the Gift Aid scheme together with the associated recoverable income tax are recognised as income for the year in which the net donation is received.
Bank interest receivable is recognised in the period over which it accrues.
Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.
Income from investments is included in the year in which it is receivable.
Legacies are recognised as income when definite notification has been received of the amounts bequeathed and of the anticipated date of payment.
Resources expended
All such expenditure is recognised in the statement of financial activities on an accruals basis.
Costs of fund raising events comprise the direct and indirect costs of organising such events.
Grants payable are awarded by the executive committee, after careful consideration of detailed proposals from relevant organisations and having considered their financial situation. The grants are not payable until the relevant work has commenced and costs in excess of the grant have been incurred. Grants awarded but not claimed at the year end are shown as commitments in the financial statement.
Most expenditure can be directly attributed to specific activities. However, some expenditure relates to more than one category. Such expenditure is apportioned between the categories. In the case of goods and services the apportionment is based on the estimated usage. In the case of employee costs the apportionment is based on estimated working times.
Support costs are those costs incurred directly in support of the charity's grant awarding
operations.
Expenditure on governance costs comprises all costs incurred in administering the organisational and compliance affairs of the charity.
10
Devon Historic Churches Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Tangible assets
Tangible assets costing £500 or more are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment & - 20% straight line software
Investments
Fixed asset investments are included in the financial statements at market value. All changes in value, whether arising upon disposal or upon revaluation, are reported in the Statement of Financial Activities for the year in which the change occurs.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
11
Devon Historic Churches Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | 15,702 | 15,702 | 9,277 | 9,277 |
| Legacies | 1,000 | 1,000 | – | – |
| Subscriptions | 3,817 | 3,817 | 3,472 | 3,472 |
──────── |
──────── |
──────── |
──────── |
|
| 20,519 | 20,519 | 12,749 | 12,749 | |
════════ |
════════ |
════════ |
════════ |
5. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Devon Historic Churches Day | 34,840 | 34,840 | 37,115 | 37,115 |
| Tour | - | - | 230 | 230 |
──────── |
──────── |
──────── |
──────── |
|
| 34,840 | 34,840 | 37,345 | 37,345 | |
════════ |
════════ |
════════ |
════════ |
6. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Income from listed investments | 33,354 | 33,354 | 44,846 | 44,846 |
| Bank interest | 62 | 62 | 152 | 152 |
| Treasury stock interest | 777 | 777 | 292 | 292 |
──────── |
──────── |
──────── |
──────── |
|
| 34,193 | 34,193 | 45,290 | 45,290 | |
════════ |
════════ |
════════ |
════════ |
7. Costs of other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Devon Historic Churches Day - salaries | 5,494 | 5,494 | 5,419 | 5,419 |
| Devon Historic Churches Day - office | - | - | 645 | 645 |
| Advertising and publicity | 297 | 297 | 1,101 | 1,101 |
─────── |
─────── |
─────── |
─────── |
|
| 5,791 | 5,791 | 7,165 | 7,165 | |
═══════ |
═══════ |
═══════ |
═══════ |
12
Devon Historic Churches Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
8. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Portfolio management | 11,753 | 11,753 | 7,906 | 7,906 |
════════ |
════════ |
═══════ |
═══════ |
|
| Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Grants made (see note 11) | 61,985 | 61,985 | 102,294 | 102,294 |
| Support costs (see note 10) | 8,631 | 8,631 | 10,899 | 10,899 |
──────── |
──────── |
───────── |
───────── |
|
| 70,616 | 70,616 | 113,193 | 113,193 | |
════════ |
════════ |
═════════ |
═════════ |
9. Expenditure on charitable activities by fund type
10. Analysis of support costs
| Total 2021 | Total 2020 | |
|---|---|---|
| £ | £ | |
| Staff costs | 4,280 | 4,258 |
| Communications and IT | 312 | 312 |
| General office | – | 2,394 |
| Governance costs | 2,795 | 3,212 |
| Insurance | 643 | 632 |
| Sundry | 447 | 91 |
| Depreciation | 154 | – |
─────── |
──────── |
|
| 8,631 | 10,899 | |
═══════ |
════════ |
|
| Analysis of grants | ||
| 2021 | 2020 | |
| £ | £ | |
| Grants made | ||
| Unpaid amounts brought forward | (79,750) | (50,500) |
| Sums paid in year | 42,750 | 47,000 |
| Emergency grants paid | 33,750 | 8,550 |
| Unpaid amounts carried forward | 49,250 | 79,750 |
| Devon Historic Churches Day payments to churches | 15,985 | 17,494 |
──────── |
───────── |
|
| Total Grants made | 61,985 | 102,294 |
════════ |
═════════ |
11. Analysis of grants
12. Net gains/(losses) on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Gains/(losses) on listed investments | 176,322 | 176,322 | (204,898) | (204,898) |
═════════ |
═════════ |
═════════ |
═════════ |
13
Devon Historic Churches Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
13. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
| Net income/(expenditure) is stated after charging/(crediting): | |||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets | 154 | – | |
════ |
════ |
||
| 14. | Independent examination fees | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 550═══════ |
525════ |
15. Staff costs
| The total staff costs and employee benefits for the reporting period are analysed as | The total staff costs and employee benefits for the reporting period are analysed as | follows: |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Wages and salaries | 9,774═══════ |
9,677═══════ |
The average head count of employees during the year was 1 (2020: 1).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
16. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
17. Tangible fixed assets
| Fixtures and | |
|---|---|
| fittings | |
| £ | |
| Cost | |
| At 1 April 2020 | 3,675 |
| Additions | 768 |
─────── |
|
| At 31 March 2021 | 4,443 |
═══════ |
|
| Depreciation | |
| At 1 April 2020 | 3,675 |
| Charge for the year | 154 |
─────── |
|
| At 31 March 2021 | 3,829 |
═══════ |
|
| Carrying amount | |
| At 31 March 2021 | 614 |
═══════ |
|
| At 31 March 2020 | – |
═══════ |
14
Devon Historic Churches Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
18. Investments
| Cash or cash | Other | |||
|---|---|---|---|---|
| equivalents | investments | Total | ||
| £ | £ | £ | ||
| Cost or valuation | ||||
| At 1 April 2020 | 20,631 | 1,131,256 | 1,151,887 | |
| Additions | – | 220,105 | 220,105 | |
| Disposals | – | (262,856) | (262,856) | |
| Realised gain/(loss) on investments | 19,124 | 19,124 | ||
| Unrealised gain/(loss) on investments | – | 156,818 | 156,818 | |
| Net movement in cash | 29,568 | – | 29,568 | |
──────── |
──────────── |
──────────── |
||
| At 31 March 2021 | 50,199 | 1,264,447 | 1,314,646 | |
════════ |
════════════ |
════════════ |
||
| Impairment | ||||
| At 1 April 2020 and 31 March 2021 | – | – | ||
════════════ |
════════════ |
|||
| Carrying amount | ||||
| At 31 March 2021 | 50,199 | 1,264,447 | 1,314,646 | |
════════ |
════════════ |
════════════ |
||
| At 31 March 2020 | 20,631 | 1,131,256 | 1,151,887 | |
════════ |
════════════ |
════════════ |
||
| All investments shown above are held at valuation. | ||||
| 19. | Debtors | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Prepayments and accrued income | 526 | 544 | ||
| Other debtors | – | 5,365 | ||
──── |
─────── |
|||
| 526 | 5,909 | |||
════ |
═══════ |
|||
| 20. | Creditors: amounts falling due within one year | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Accruals and deferred income | 2,769 | 2,684 | ||
| Undrawn grants | 49,250 | 79,750 | ||
──────── |
──────── |
|||
| 52,019 | 82,434 | |||
════════ |
════════ |
15
Devon Historic Churches Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
21. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||||
|---|---|---|---|---|---|---|---|
| At | Gains and | At | |||||
| 1 | April 2020 | Income | Expenditure | losses | 31 March 2021 | ||
| £ | £ | £ | £ | £ | |||
| General funds | 1,172,733 | 88,093 | (86,701) | 176,322 | 1,350,447 | ||
════════════ |
════════ |
════════ |
═════════ |
════════════ |
|||
| At | Gains and | At | |||||
| 1 | April 2019 | Income | Expenditure | losses | 31 March 2020 | ||
| £ | £ | £ | £ | £ | |||
| General funds | 1,410,511════════════ |
95,384════════ |
(128,264)═════════ |
(204,898)═════════ |
1,172,733════════════ |
22. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2021 | |
| £ | £ | |
| Tangible fixed assets | 614 | 614 |
| Investments | 1,314,646 | 1,314,646 |
| Current assets | 87,206 | 87,206 |
| Creditors less than 1 year | (52,019) | (52,019) |
──────────── |
──────────── |
|
| Net assets | 1,350,447 | 1,350,447 |
════════════ |
════════════ |
|
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Tangible fixed assets | – | – |
| Investments | 1,151,887 | 1,151,887 |
| Current assets | 103,280 | 103,280 |
| Creditors less than 1 year | (89,434) | (89,434) |
──────────── |
──────────── |
|
| Net assets | 1,165,733 | 1,165,733 |
════════════ |
════════════ |
16