Charity regiratk)n number.. 1189807 The Devon Historic Churches Trust Annual Report and Financial Statements for the Year Ended 31 March 2024 WESTCOTTS ARTERFO ACCOUNTANTS PUSINESX ADVI$¢P$
The Devon Historic Churches Trust Contents {¢ontinued Reference and Administrative Details Trustees, Repgrt 2toS Independent Examillevs Report Statement of Financial Activities Balance Sheet Noles lo the Financial Statements 9t017
The Devon Historic Churches Trust Reference and Adminlstratlve Details Chalmian Lady BuInelNUgen1 Trustges Rev. Canon N P Fennem(*e (appointed 15 July 20241 Mr H Harrison Mr C Hutthings Prof R J P Kain {appointed 15 July 2024) Rov. Dr D J Keep Mr A R G King lappolnled 15 July 20241 Mrs L A Martin Rl. Rèv N McKinnel Lt. Col. D Michie Mrs C Plumstead Ven. J Rawllngs Ven. N S Shutt (appolntgd 15 July 20241 Mr P Tuckett DL Mi H V(Alers y A Boles Ir8sign8d 15 July 20241 Mr P S Holmes (appointed 10 July 2023 and resigned 16 October 20231 Mr J Mills FCPFA (resed 25 Mar¢h 20241 LL Commandéf CB Tukè RN {r8signed 16 October 2023) Charlty Registritlon Nlimber 1189807 Principal Office The (Jd Farmhouse Hele Fatm Hennock Road Bovey Tracey TQ139PP Indopend•nt Examlner Stuart Carrington FCA We51o)tts {SW) LLP Timborly South stet Axminstsr Devon EX13 SAD Pagg 1
The Devon Historic Churches Trust Trustees. Report The Trustee5 present the annual report together with the financial 51alements of the charity for the year ende¢J 31 March 2024. Obje¢tlves and actlvltles Objects and aims The TTLlStees may apply the income and capital ol the charity In such manner as they shall in their absolute discretion think rrt for all or any of the following charitable purposes., the preseNation, repair. maintenance, improvement and upkeep ol churchès in the County of Devon and the Diocese ol Exeter. Public benefit The Trustaas confimi that they have complied wilh Ihe requirompnls ol section 17 of the Charities Acl 2011 tts nave dua regard lo the public benefit guidance ptjblishèd by th& Charity Gommission for England and W818s. Grdnt making policies Application for grants which musl fall within the objects of Ihe charity as outtined above are considered by the Tmslees who lake account i)f the detailed work proposals and the Ilnancial silualion of the organisation requ6skn.ng granl aid. In addition the Trustees also have regard to the funds available lo the charily for distribution. Achievements and pèrformancè In 2023124 the Trustee5 have beerb engaged in Considerable discussion and planning for a new website and the don8tion by Douglas Young of the amazing Devon Churchland websile to Ihe DHCT. These have reouired some legal advice and additional expendituro. These will both be finalissd and in place In the current fin8ncial year and the costs will be shown in the nexl annual report. Devon Churchland is now fully own8d and part of the DHCT. It has a slandalone websile. The annual Devon Historic Churches Day ralsed £19,936 12023.. £23.383). £10,747 of the sponsorship money raised from ihe Devon Historic Churches Day (incorporating the nalional Ride & SlridÈl was returned to the churches and chapels nominate(I by the participants12023= £13,5611- The Tfustees are very grateful to the volunteers who WDrked so hard to generate these valuable funds. Since the year end, preparations for the 2024 Devon Historic Churches Day (DHCDI in S@plerllber have ¢x>mmenced. Page 2
The Devon Historic Churches Trust Trustees. Report {continued) Financial revlew The financial ststements an(1 the accounting policies used in their preparation comply wrth all of the current statutory requirements and with the goveming document. Thè Stalement of Financial Activilies shows thai the charity had incoming resoLJrces of £93,28212023= £126,925). Charitable expendiÉure was £97,059 {2023.. £72,431). The value of the investment portfolio increased tD £1,396.164 {2023.' £1,300,596) by the year end. Nel current assets amounted tg £77,038 12023.. £90,488). The balance of nel assets was held primarily as cash on deposit so that the funds are rEadily available to meel actual and antiapaled grant quireMen1S whilst still earning interest. Grants awarded amounted to £76,050, compared with £58,406 in the previous year. 23 grants totslling £59,800 were awarded. 14 5m811 and emergency grants were award¢d loldling £16,250. We reflected the higher costs of maintsining historic buildings with a small increase in the size of the grants. A number of payTllents were madè for grants pledged in the previous year, and a nvrnbar of grants werè not paid by the year end. A full anatysis is provided at note 8 to show the split of items paid and Ljnpaid. Support cosis amounted to £12.432 (2023.. £10,044) and govemance costs w8rè £3,968 12023.. £3.0521. Pollcy on reserves Thè fun¢J was established by the Trust68s in 1995 with lh8 aim of raising a capital sum the target of Ihe initial appeal being £1million. Significant legacies are generally used lo augment the capitsl of the Itjnd. The income of the fund is av8lable for furlhering the airns of the charity. Al 31 March 2024 cash at bank was £122,136 12023-. £116.6871. Outstanding grants awarded st¢)od at £42,03012023'. £23,150 Investment policy and objectives DHCT seek5 to produc8 th8 besl financial return withln an acceptable level of risk. The investment objeclive is to generate a return in excass ol inflation over the long lgrm. The DHCT adopts a total return approach to investment, generating the invèstment relum from incoffle and capital gains or losses. 11 is expected that if in any one year the income return 5$ insufficient lo meet the budgeted expenditurè, in the long terrn the real value of the inveslments will still be maintained in ac¢ordance with the investment objectivè above. The fund is split into Iwo pooled funds. Both funds incorporate gnvironmenlal, soci81 and govern3n¢e IESGI considerations. Siructure. governance and management Nature of govèrnlng document The Devon Historic Churche5 Trust was oiiginally establishèd by a trust deed dated 1 January 1973. On 1 April 2021 the original charity 265594 was converted into a CharitatAe Incorporated OrganisatlDn ICIO), registered charity number 1189807, with the transfer of assets to the new CIO also tsking place on that date. A cc>nslilution has been agreed by the Charity Commission. Page 3
The Devon Hi5tori¢ Churches Trust Trustees. Report (contlnued) Rocrultment and appolntment of Trustees Fdlowing Bn open and tr8nspar&nt advertis8m•nt and selection process four new Trustses have joined the DHCT this year. This has signthcantly strengthened and widened the scope of the Trustè8 board of the DHCT. The power of appointing new TruslÉès is exercised by the existing Trustees. New Trustees are required to sign a dedaralion that Ihe appointee accepts the position of Trustee and undertakes to act in accordan¢o with the trust deed as varied by all legal modrfutions. Oryanisational Structure Th8 Trustees meet qU8rtedy to receive reports from officers 8nd commillees and to consid8r grant applications. Major risks and manag•m•nt of thoso risks 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 foi the minimisation of SLJrh risks, for safeguardin9 of the 8S8ets of the charity, and for the prevention and detection of fraud. Pagt 4
The Devon Historic Churches Trust Trustees, Report (Continued) Statemènt of Trustees. Responsibilities The Trustees are responsitAe for preparing th8 Trustees. Teport and the financial stslements in accordance vnth the Unile(l Kingdom Accounting Standards (United Kingdom Generally ApIed Accounting Practice) and 8pplIGable law and regulalions. The law èpplicable to charities qUireS the Trustoes to prepare financial slalemenls for each financi81 year which give a true and fair view of the state Df affairs of the charity and of the incoming resources and application of resources of the charity for ihat period. In preparing these finanaal statements, the Truslees are required to.. select suitable accounting pcAicies and then apply thern conslstenly, obs8rvo the methods and principles in the Charitl8s SDRP: make judgements and estimate5 that are reasonable and prudent., slate whether applicable accounting standard5 have been fcllowed, subjed lo any malerial departures disclosed and eXained in the financial statements., and prèpare the financial siatem6nts on the goiro concern basis unless it is inappropriate lo presume that the charity wll continLJe in business. The Trustees are responsible fr)r keeping proper accounting records that disclose wllh reasonable accuracy at any time the financial poslts.on of the charity and enablè them lo ensu Ihal the financial statements comply with the Charilies Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. Thè Trustees are also responsible for safeguarding the assets of the charity and hence lor tsking reasonable steps for the prevention and detection ol fraud and oth¢r irregularib"es. The Trustees are responslble for the mAinten8r and integrity of thè corporate and finanei81 inlormation included on the charitable company's website. Legislation govèming the preparation and dissemination of financial statements may differ from legislalion in other jurisdictions. Thp AnniJRI rp.pnrt was approved by the Trustees ol the charity on behalf by. (14 signed Dn it Mr H Vollers Trustee Page 5
The Devon Historfc Church05 Trust Independent Examlner's Report to the trustees of The Devon Hlstoric Churches Trust l Teport to the Trustees on my examination of the aOunts of The Devon Hislotic Churches Trust for th8 year ènded 31 M8r¢h 2024. Responsibilities and basls of report As Ihe charity Trustees of The Dèvon Historic Churches Tfust you are responsible for the preparab.on of the accounts in aOrdanCe wth the requirements of the Charities Act 2011 I'the AGt'I. I report in respect of my examination Df the The tkvon Histtsnc Churches Trusfs accounls carried out under section 145 of the 2011 Act and In carrying out my examinatlDn I have followed all the applicable Directions given by the Charty Commission under section 14515llbl of the Act. Independfjnt examlner's statèmènt I have completed my examinatlon. I conlimi that no material matters have come to my attention in conne¢lion with the examination giving me cau59 to beligvè that in any malefiai rospecl.. 1. aceounling records were not kept in respecl of The Devon Historic Churches Trust as required by section 130 of the Act., OT 2. the accounts do not accord wilh those records., or 3. the acc(yJnts do not comply with the accounting requlrements Concerning the form and content of accounts set out in th8 Charilies (Accounts aTrd R8porlsl Regulations 2008 other than any requirement that tha 8ccounts give a 'irue and fair view, which is not a malter considèr8d as part of an independent examination. I have no cOnmS and have Come across no other matters in conneclion wtth the examination to which attention should be drawn in trbis Port in order to enable a proper understanding of the accounts to be reathed. SIu8rt Carrington FCA Westcotts (SWI LLP Timberly South Street Axminster Devon EX13 SAD Page 6
The Devon Historic Churches Trust Statement of Financial Activities for the Year Ended 31 March 2024 Unrestricted funds Total 2024 Total 2023 Note Incomè and Endowments frorn: Donations and legacies Other trading activitie5 Investment inco)me 17,429 30,040 45,813 17,429 30.040 45,813 76,565 24,283 26,077 Total income 93,282 93,282 126,925 Expenditure on: Raising funds Charitable acts'vities 16,9161 197,059 16,9161 197,0591 19,640) 72,431) Total expenditure Gainsllosses on investment assets 1103,9751 95,568 1103,9751 95,568 182,0711 1116.8611 Net incomellexpendrturel Net movement In funds 84,875 84.875 72,0071 84,875 84,875 172,0071 Re¢onciliation of funds Total fvnds brought forword Total funds carried forward 1,391,452 1,391,452 1,463,459 17 1,476,327 1,476.327 1,391,452 All of the charity's activities derive from continuing operations during the above Nvo period5. The funds breakdown for 2023 is shown in note 17. The note5 on pages 9 10 17 forni an integral part of these financial slatemenls. Page 7
The Devon Historic Churches Trust (Registration number: 1189807) Balance Sheet as at 31 March 2024 2024 2023 Mote Fixgd a$$ots Tangible assets Investments 3,125 1,396,164 368 1,300,596 14 1,399,289 1,300,964 Curront assets Debtors Cash at bank and in hand 362 122,136 296 116.687 122.498 116,983 Credltors: Amounts falling due within one year 16 145,4601 126,4951 Nat curr•nt a55ets 77,038 90.488 Net assets 1,476,327 1.391,452 Funds of the charity.. Unro$tricted income fund Unrestricted fijnds 1,476,327 1,391,452 Total funds 17 1,476,327 1,391,452 The fi on al statements on pages 7 to 17 were approved by the Trustees, and authorised for issue d signed on their behalf by: MrH ollers Trustee The notes on pages 9 to 17 foim an integral part of these financial statements. Page 8
The Devon Historic Churche5 Trust Notes to the Financial Slatements for the Year Ended 31 March 2024 1 A¢counting pollc195 Statement of cornpliance The financial slalements have been prepared in ac¢ordance the second edition of the Charftles Statement of Recommen¢Jed Practice issued in October 2019, the Financial Reporting Stsndard applicable in the United Kingdom and Republlc of Ireland IFRS 1021 and the Charrties Act 2011. Basis of preparatlo The Devon Historic Churches TrLJs meets the definition of a public benefit entity und8r FRS 1Q2. The accounts lfinancial staternenlsl have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise slated in the relevant nolelsl to these Bccounts. Going concern The Trustees consider that there are no material uncertainties about the chariws abdity to ntinue as a golng concem. Income and endowments Voluntary Income including don8tk)ns, gifts, legacies ènd grants that provide cor¢ lundlng or are of 8 ggneral nature is rècognised when the charity ha5 entitlement lo thè income, il is probablè that the incomè will be receivèd and the amounl can be measured with sufficiènt reliabllity. Donations and legacies Donalions and legacies ar8 recognised on a receivable basis when receipt is probable and the amount can b8 reliably measured. Grants rÈeeivable Grants are racogni¥ed when th& charity has an entidem8nl to the fijnds and any conditions linked to thè grants have beèn met. Wherg p8rformance condib'ons arg attached Ici th8 9fant and gre yel to be mel, the incorlle is recognised as a liability and inrjuded on the balance sheet as deferred income to be relea$8d. EXndItUre Al expendilure is recognised once there is a legal or constructive obllgalion lo that expenditure. it is probabje sèttlemenl is required and the amoLJnt can be measured rèliably. All cc5ts are allocated to the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directty attributed to particular headings they have been allocated on a basts conslslenl wtth the us& of restsurces. with céntral stafl costs 8110¢8led on tha basis ol lime spent, and d8precialion charges allocatèd on th6 Portion of the asset's usè. Other support costs a allocated based on the spad of stafl costs. Raising funds These are costs incurred in attracting vduntary income, the management Df inveslments and Ihose incurred in trading activities that raise funds. Page 9
The Devon Historic Churches Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued} Charltable actlvlllos Charitsble expendfture comprises those costs incurred by the Gharily in the delivery of 118 activities and seTvices for lis beneficiaries. 11 Indudes both costs that Can be Jlocaled direcdy to such aclivities and Ihose costs of an indirect nalurè necessary to support thèm. Gi8nt provisions Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is Ljncertainty aboul either th8 liming of Ihe gTant Of the amount of grant payable. Support costs Support wsts indude central functions and have been allocated to activity cost categories on a basi5 consistènt with the use Df resoufces. for èxampl8. allocating property costs by floor areas. or per capSta, staff costs by the time spgnl and other c05ts by their usage. Taxation The charity is eonsidered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore It meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempl from laxalion In Tespe¢t of income or capital gains received within Galegories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of ChargeaLle Gains Act 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. Tangible fixeil assets Individual fixed assets costing £500 OT more are inrtially recorded al cost, less any subsequent accumulated depreciahon and subsequent a¢cumulated impairmeni losses. Depreciation and amortisation Depreualion is provided on n91te fixèd assets so as tr) lte off the cost or vUatiOn, Igss any estimated residual value, over their expected useful economic life as follows". Deprecialion method and ratè 20% straight line Asset class Fixtures, fitlings and equipment Fixad asset investm•nts Fixed assel investments, other than progTamme related investments, are sncluded al market valve * the balance sheet dale. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market vJue al the Start of the year, or their subsequent cost. and are chargeEI ot credited to the Slaietnent of Financial Activitias in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market v8luÈ at the year end. Cash and cash •quSvalenl¥ Cash and tAsh equivalents comprlse cash on hand and call deposits, and other short-tem highly Ilquid investrnents thal are readily conveth'ble to a known amount of cash 8nd are subject to an insignificant risk ol change in value. Page 10
The Devon Historic Churches Trust Notes to the Financial Statement5 for the Year Ended 31 March 2024 (continued) Fund structure Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the charity. Financial instruments Classification Financial assets and financial liabilities are re¢ognised when the charity becomes a party to the contractLJal provisions of the inslwment. Financial liabilib'e5 and equity instruments are dassified according to the substance of the contractual arrangements entered into. An equty instrument is any Contract that evidences a sidUal interest in the assets of the charity after deducb'ng all of its liabilities. Recognition and mea3urement All financial assets and liabilitiès are ini11ally measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, whiGh are initially Measured at fair value (which is normally the transaction price excluding transaction cos151, unless the aryangement conslilules a financing transaction. If an arrangement constitutes a financing transaction. the financial asset or financial liability is rneasured al the present value of the future payments discounted at a market Tate of interest for a sirnilar debt instrument. Financial assets and liabilrties are only offset in the statement of financial p05iiion when, and only when there exists a legalty enforceable right to sel off the recogni5ed awnounls and the charity intends either to Settle on a net basis, or to realise the asset and settle the liability simult8neou51y. Financial assets are derecognised when and only when al the contractual rights to the cash flows from the financial asset expire or are settled, bl the charity transfers to another paty subslanlially all of Ilie iisK"s aiid I¢Wdl ul owiieiship of the financlal asset. or cl the charity. despite having retained some. bul not all, significant risks and rewards of ov*nership, has transferred control of the 3s5et to another paty. Financial liatiilities are deTecogni$ed onSy when the obligab.trn 8pecTfied in the contract is discharged, cancelled or expires. Page 11
The Devon Historic Churches Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 2 Income from donatlons and legaciès Unrestricted funds General Totsl 2024 Total 2023 Donations from in(lividuals Legacies Grants, including capital grants.. Grants from other charities SubscTiplions 6,698 1,802 6,698 1,802 9,159 e3.404 5,000 3,929 17,429 5.000 3,929 4,002 17,429 76,565 3 Income from Othgr tradlng acllvilies Unrestricted funds General Total lund$ Total 2023 Devon Historic Churches Day Scooter Ride 30,040 30,040 23,383 900 30.040 30,040 24,283 4 Investment income Unrestricted funds Genernl Total 2024 Total 2023 Bank interest receivable Income from listed investments 2,150 43,663 2,150 43,S63 445 25.632 45,813 45,813 26,077 Page 12
The Devon Historic Churches Trust Notes to the Financlal Slatements for the Year Ended 31 March 2024 (continued) 5 ExpondSthre on ralslng funds •) Costs af trading activities Unrestricted funds General Total 2024 Total 2023 Wages and salarias Advertising 6,436 480 6,436 6,136 1.200 6,916 6,916 7.336 bl Invèstment managèment costs Tot*1 2024 Total 2023 Portf(4io management costs 2,304 2,304 6 ExpendSture on charitsble actlvlties Unrestricted fund5 General Total 2024 Total 2023 Grant funding of acbvtbes Support cSt$ 84,627 12.432 84,627 12,432 62.387 10.044 97.059 97,059 72,431 Page 13
The Devon Historic Churchos Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 7 Anatysls of support costs Unrestricted funds General Total 2024 Totsl 2023 Staff cos15 Communications and IT Govemance c05tS General office costs Bank charges 5,051 312 3,968 3.089 12 5,051 312 3.968 3.089 12 4,822 312 3,052 1.858 12.432 12,432 10,044 8 Grant-making Analysis of grants 2024 2023 Analysis Unpaid amounts brought forward Sums paid in the year Small grants paid Unpaid amounts caThied forward O¥vui i HistiJ11b Chiircliès D8y p8yinents to churcho. {23,1 $01 43,000 12,000 42,030 10.747 155,5501 66,151 15.075 23,150 84,627 62.387 9 Ngt incomlngloutgoing re50urc•s Nel loutgoivinc0mln9 resources for the year indude.. 2024 2023 Depreciation of fixed assets 123 10 Trustees remunÈration and expensès No Trustees, nor any persons connected wlh them, have received any remuneration from the charity during Ihe year12023.. Nill. No trustees h8ve receivèd any reimbursed expenses from the charily during the year12023'. Nill. Page 14
The Devon H16toric Churchos Trust Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 11 Staff costs The aggrègate payToII costs were as fdlows= 2024 2023 staff costs durlng the year wèrè: Waw and salaries 11,487 10.958 The monthly averdge number of persons lincluding senior managemant I leadership leaml employed by the charity during the year oxprèsséd as full lime equivalen15 was as follows". 2024 No 2023 No Average headcount No employee received emoluments of more than £60.000 during the year12023'. Nil) 12 Indep8ndènt •xaminerfs romunoratlon 2024 2023 Fees payabl$ to the independenl 8xamlner for.. Independent examination of the financial ststemènts 677 630 13 TanAible flxèd a8sets Fixtures. fittings and oquipm•nt Total Cost Al 1 April 2023 AdditnS 614 3.600 614 3.600 Al 31 March 2024 4.214 4,214 Dgprg¢lation Al 1 April 2023 Charge for the year Al 31 March 2024 246 246 1,089 1.089 Net book valu Al 31 March 2024 3,125 3.125 Al 31 March 2023 368 368 Page 15
Tho Dovon Hlstorl¢ Chur¢h8$ Trust Notes to the Flnanclal Statements for the Year End•d 31 March 2024 (conlinued} 14 Flxod assgt Invoslmonts other Investments Total Cost or Valuatlon At 1 April 2023 Unrealised gain on investments 1.300,596 1.300,596 95.568 95.568 At 31 March 2024 1,396,164 1.396,164 N9t book valug At 31 March 2024 1,396,164 1.396.164 At 31 March 2023 1,300,59e 1.300.596 15 Debtors 2024 2023 Prep8yrnent8 362 16 Creditors: amounts falllng due wlthln one year 2024 2023 other creditor5 Arual5 42,030 3,430 23,150 3,345 26,495 45.460 Page 16
The Devon Historic Churches Trust Notes to the Financial Slatements for the Year Ended 31 March 2024 (continued) 17 Funds Balance at 1 Aprll 2023 Other Incomlng Resourcès recognised resources expende(¥alnsl{lossès) Balance at 31 March 2024 Unrestrlcted funds General General Funds 1,391,452 93,282 1103.9751 95,568 1,476,327 Balancé at 1 Aprll 2022 Other Incoming Rosources re¢ognised rèsources exp8ndgr¥alns1119sses1 Balance at 31 Marrh 2023 Unr&stricted funds Gèneral General Funds 1.463,459 126,925 82,0711 1116,8611 1,391,452 18 Anatysis of net ass5 between funds Unrnstrlct8d funds General Total funds at 31 March 2024 Tangible fixed assets Fixed asset investments Current assèts CLJrrent liabilities 3,125 1.396.164 122,498 145,4601 1,476,327 3,125 1,396,164 122.498 145,4601 Total nel assets 1.476.327 Unrestricted fund5 General Total fund$ at 31 March 2023 Tangible fixed assets Fixed asset investments Current assets Current liabilities 368 1,300,596 116,983 126,4951 1,391.4S2 368 1,300,596 116.983 126,4951 1,391,452 Tot81 nel assets 19 Related party transactlons There were no related party transa¢tions in the year12023". Mill. Page 17