Charfty registrats.on number.. 1189807 The Devon Historic Churches Trust Annual Report and Financial Statements for the Year Ended 31 March 2025 WESTCOTTS CHAATIR•D A¢COUP4TANTS & •USINQSS ADVISERS
The Devon Historic Churches Trust Contents Icontinued) Reference and Admini5tr8tive Details Trustees, Report 2toS Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes lo the Financial Stslements 9t017
The Devon Historic Churches Trust Reference and Administrative Details ChaSrman Lady Burnell-Nugent Truste•s Rev. Canon N P Fennemore lappointed 15 July 20241 Mr H Harrison hAr C Hul¢hings Prof R J P Kain lappoinled 15 July 20241 Rev. Dr D J Keep (resigned 20 January 20251 Mr A R G King lappointed 15 July 20241 Mrs L A Martin Rt Rev N mcnnel Lt. Col. D Michi¢ Mrs C Plumstead Ven. J RaingS Ven. N S Shuit (appointed 15 Juty 2024) Mr P Tuckett DL Mr H Vollers Lady A 8oles Iresigne(11 S July 20241 Charlty Registration Number 1189807 Pronclpal Office The Old Farmhouse Hele Farm Hennock Road Bovey Tracey TQ13 9PP Ind•p•ndent Examiner Stuart Canington FCA Westcotts ISW) LLP Timberly South Street Axminster Devon EX13 SAD Page 1
The Devon Historic Churches Trust Trustees, Report The Trustees present the annual report together the financial ststemenls of the charrty for the year ended 31 March 2025. Objectives and activitiès Objects and aims The Trustees may apply thp income and capital of the charity in such manner as they shall in their ab501ute discretion think fit for all or any of the followng Charrtable purposes.. the preservation, repair, maintenance, improvement and upkeep of churches in the County of Devon and the Diocese of Exeter. Publlc benofil The Trustees confimi that they have complied with the requirements ol section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission for England and Wales. Grant making policies Application for grants vthich musl fall wlhin the objects of the charity as ouuined above ale considered by the Trustees who take account of the detailed work proposals and the financial 511uation of the organi5ation requesting grant aid. In addition the Trustees also have regard to the funds available to the oharily for dislribulion. Achi&vgmènts and perforniance The new website was commi55ioned in 202412025. Apart from looking much more modem and Up-to-date rt Is rne user friendly and easier for vislors to navigate. Parishes can now complete grant applications online. The annual Devon Historic Churches Day raised £30,092 12024.. £30,040). £11,469 of the sponsorship money raised from the Devon Historic Churches Day lincorporats.ng the national Ride & Sth"del wa5 returned lo the churches 8nd chapels nominated by the paCIPantS {2024.' £10,747). The Trustees are very grateful to the volunteers who wort(ed so hard to generate these valuable fvnds. Page 2
The Devon Historic Churches Trust Trustees, Report (continued) Financial review The financial statements and the accounting policies used in their preparation comply with all of the current slalulory requirements and wlh the governing documenl. The Statement of Financial Activibes shows that the charity had incoming resources of £84,82512024.' £93.282). Charitable expendibjre was £114,07712024.. £97.0591. The value ol the investment portfolio had fallen to £1,328,90512024'. £1.396.1641 by the year end. Net current assets amountÈd lo £39,509 12024.. £77,038). The balance of net assets was held primarily as cash on deposit so that fijnds are readily available to meet actual and anticipated grant requirements whilst still earning interest, Grants awarded amounted to £87,500, compared wth £76,050 in the previous year. These consisted of 30 main grants lolalling £70.500 and 14 small and emergency grants totalling £17,500. 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 al note 8 to show the split of item5 paid and unpaid. Support costs amounted to £14,899 12024.. £12,432) and governance costs werè £3,178 12024: £3,968). Policy on reserves The fund wag established by the Trustees in 1995 wilh ihe aim of rai51ng a capital sum the tsrget of the initial appeal being £1million. Signilicaiil legacies are generally used lo augment the capttal of the ftjnd. The income of the fund is available for furthering the aims of the tharity. At 31 March 2025 cash at bank vrd5 £111,683 12024.. £122,136). Oulstanding grants awarded stood at £69,00012024'. £42,030) Invostment policy and objKtiv•s DHCT seeks to Produce the be81 financial retum within an a¢¢eplable level of risk. The investment objective is to generate a return in excess of inflation over the long term. The DHCT adopts a total return approach to investment. generating the investment retum from in¢ome and capital gains or losses. It is expeeted that if in any one year the income retum is insufficient to meet the budgeted expenditure, in the long terni the real value of the investments wll still be maintained in accordance with the investment objective above. The fund is split into two pooled funds. Both fvjnds incorporate environmental, social and governance IESGI Considerations. structure. governance and managèment Natur• ol governing document The Devon Historic Churches Trust was originalty established by a trLJSt deed dated 1 January 1973. On 1 April 2021 the orhginal charity 265594 was Converted into a Charitable Incorporated Organisation ICIO), registered charity nuTnber 1189807, vdilh the transfer of assets to the new CIO also taking place on that date. Page 3
The Devon Historic Churches Trust Trustees. Report (continued) RacTUitment and appointm•nt of TTUStees Followng an open and transparent advertisernenl and selection process four new Trustee5 have joined the DHCT this year. This has significaNUy strengthened and widened the Scope of the Trustee board of the DHCT. The power of appointing new Trustees is exerased by the existing Trustees. New Trustees are required to sign a dedaralion that the appointee accep15 the position of Trustee and undertakes to act in ac¢ordan¢e with the CIO constitution as varied by all legal modificatsons. Lady Anne Boles DL retired from the Trust in July 2024. She had been a supporter since inauguration in 1972. and served as Chairman for some 15 years. Leading with greal strength. humour and kno¥Medge, Anne inspired and initiated many good thing5 including DHCT participating in the annual "Ride and Stride" fund raising event. Her enthusiasm and energy were infectious. At her retirement. Lady Anne said that she had been proud to have been part of a charty that had helped so many parish communities in Devon to modernise, improve and maintain their historic church buildings. The Tiuslees thanked hei for her many years of setvice to the Trust and presented her wth a bouquet of flowers. Representatives of the Trust attended the funeral of The Reverend Dr David Keep in January 2025. David was invf(ed to be a Representative for Aylesbeare Deanery and Assessor of bids foT grant lunding. He was appointed a frustee in 2007 representing the Free Churches. A devout Methodist, David lectured about the Trust throughout Devon on more than 100 occasions, Presenting his extensive collection of photographic slides illustrating the architecture of Devon churches and the fascinating treasures that they contain. He continued lo preach on the Methodist circuit until Parkinson's look away his voice in 2019. David continued to attend an contribute to Trust meelings with courage, commitment and an inlelle¢tual mind until late 2024. Afte her year end, Lady Burnell-Nugent gave notice of her intention lo resign follo¥Mng her move out of the county. Canon Nick FenneoTe agreed to agcepl the role of Vice Chaimian, and advertising for her successor has begun. Organisational structur• The Trustees meel quarterf¥ to receive reports from officers and commitiees and to consider grant applications. A Genefal Purposes Committee meets regularfy to decide upon small or emergency grants and deal with oiher business as it arises. Malor risks and management of those Tisks The Trustees have given consideration to the risks to which the eharity may be exposed, and they consider that the systems that have been established are suitable for the minlmisation of such risk$, for safeguarding of the assets of the Gharily, and for the prevention and det8dion of fraud. Page 4
The Devon Historic Churches Trust Trustees. Report (continued) Statsment of Trustee5' Responsibillties The Tru51ees are responsible for preparing the Trustees. report and the financial statements in a¢cordan¢e wth the United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted A¢Gounting Practice) and applicable law and iegulatlOn5. The18w applicable to charrtie5 require5 the Trustees lo prep3Te financial statements for each 17nanci81 year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the Trustees are required to.. select suitable a¢¢ounting policies and then appty Ihem ¢on$istenUy'. observe the methods and prinuples in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting stsndards have been followed, subject to any material departures disclosed and explained in the financial statements,. and Prepare the financial statements on the going concem basis unless is inappropriate to presume that the charity wll continue in business. The Twstees are responsible fur keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply 4Mth the Charities Act 2011, the Charilies (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The Trustees 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 irregularits"e5. The Trustees ale responsible for the maintenance and inlegnty of the corporate and financial information included on the tharitsble mpanY'S web5rte. Legislation governing the pparation and dissemination of finanaal statements may differ from legislakn.on in other jUT15dictions. The annual report was approved by the Trustees of the charity on behalf and signed on its Mr H Voller5 Trustee Page 5
The Devon Historic Churches Trust Independent Examiner's Report to the trustees of The Devon Historic Churches Trust I feport to the Trustees on my examination of the accounts of The Devon Historic Churches Trust lor the year ended 31 Marth 2025. Responsibilitles and basis of report As the charity Trustees of The Devon Historic Churches Trust you are SPOnsible foi the preparation ofthe a)Unts in accordance with the requirements of the Charities Act 2011 Ilhe ACVI. I report in respect of my examination of the The Devon Historic Churches Trust'5 accounts camed out under section 145 of the 2011 Act and in Gairying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515}Ibl of the Act. Independent oxamln9Vs statsment I have completed my examination. I conffimi that no mateTI81 matters have come to my attention in connection the examination giving Me cause to believe that in any materi81 respect.. 1. accounting record5 were not kept in respect of The Devon Historic Churthes Trusl as required by section 130 of the Act., or 2. the accounts do not accord wilh those records., or 3. the accounts do not comply wih the accounting requirements con¢Eming the fom and content of accounts sel out in the Charities (Accounts and Reportsl Regulations 2008 other Ihan any requirement that the accounts give 8 'lrue and fair view leh 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 reathed. Stuart Carrington FCA Westcotts ISVVI LLP Timberly South Street Axminsler Devtsn EX13 SAD D¥le". Page 6
The Devon Historic Churches Trust ststement of Financial Actlvltles for the Year Ended 31 March 2025 Unrnstricted funds Total 202S Total 2024 Ilote Incomo and Endovnnents from: Donations and legacies Other trading actwilies Investment income 7,728 30,092 47,005 7.728 30,092 47.005 17,429 30,040 45,813 Total income 84.825 84,825 93.282 Exp8nditurg on: Raising fund5 Charitable ackn"vrties 17,500) 114.0771 (7,500) 1114,077) {6,9161 97.0591 Total expenditure GainsllDsses on investment assets 1121,577) {67,2591 1121,577) 167,2591 (104,0111 (103.975) 95,568 Net lexpenditvrelAnGome Net movement in funds {104,0111 84,875 {104,011} 1104.0111 84,675 Reconciliation of fund8 Total fvnds brought forward 1,476,327 1,476,327 1.391,452 Total lunds carried foN4ard 1,372,316 1,372.316 1.476.327 All of the charity'5 activities derive from continuing operations during the above two periods. The funds breakdoN¥n for 2024 15 shown in note 17. The notes on pages 9 to 17 fomi an integral part of these flnanual ststements. Page 7
The Devon Historic Churches Trust (Registration number: 1189807) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed as$ets Tangible assets Investments 13 14 3.902 1,328,905 3,125 1,396,164 1,399,289 1,332.807 Current assets Debtors Cash al bank and in hand 1S 369 111.683 362 122.136 112,052 122,498 Crnditoys: Amounls falling due within one year Ngt curront agsets 16 172,5431 145,460 39,509 77,038 Net ets 1,372,316 1,476,327 Fund8 of the charity: Unrestricted income lunds Unrestricted fvnds 1.372.316 1,476,327 Total funds 17 1.372.316 1,476,327 The tements on pages 7 to 17 weTe approved by the Trustees, and authorised for issue and signed on their behalf by.. ollers Trustee The notes on pages 9 to 17 fom an Sntegral part of these financial ststements. Page 8
The Devon Historic Churches Trust Notes to the Financial Statements for the Year Ended 31 March 2025 1 A¢countlng policios StatÈmènt of compliance The financial statements have been prepared in accordance wilh the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard appIlble in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Basls of preparntlon The Devon HSt0C Churches Trust meets the definitson of 8 publi¢ benefit entity under FRS 102. The accounts (financial slatementsl have been prepared under the historical cost conventyon items recogni5ed al cost or transaction value unless OtheSe slated in Ihe relevant notelsl lo these accounts. Going concèrn The Trustees consider that there are no material uncertainties about the charity's ability lo Continue as a going concern. Income and èndowments Voluntary income including donation5, gifts, legacies and grants that provide core funding or are of a general nattjre is recogn15ed when the charity has entillemei)t lo the income, it is probable that the income will be received and the amount ¢8n be measured wth sufficient reliabilty. Donatlens and legaciès Donations and legaGies are recognised on a receivable ba515 when receipt is probable and the amDunt can be reliably measured. Grants ¢0{vable Grants are reGognised *en the charlty has an entitlement to the fvnds and any condition$ linked to the grants have been met. Where performance conditsons are altached lo the grant and are yet to be met, the income is recognised as a liability and induded orb the balance sheet as deferred income to be release(J. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement Is required and the amount can be meèsured reliably. All ¢osls are allocated to the applicable expenditure heading that aggregate SiTnilar costs to that category. Where cosls cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources. wth central staff costs allocated on the b3815 of time spent, and depreciation charges allocated on the porb.on of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These awe costs incurred in attracting voluntsry Income, the management of investmenls and those incurred in trading activities that Taise funds. Page 9
The Devon Historic Churches Trust Notes to the Financial Statements for the Year Ended 31 March 2025 (continued Charitable activities Charitable expendrture comprises those costs in¢urred by the Charity in the delivery of its activities and services for its benefiaaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grant provisions Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there 15 uncert8inty about either the liming ef the grant or the amount of gr8nt payable. Support Gosts Support C05t5 include central functions and have been allocated to actiwty cost ¢alegories on a basis consistent with the use of resources, for example. allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Taxation The charity is considered to pass the lesls sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meet5 the definition of a charitable company for UK ¢orporation tax purposes. Accordingly, the charity is potentially exempt from taxation in resped of income or capil81 gains received wthin categories covered by Chapter 3 Part 11 af the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exdusively to charitable purposes. Tangiblè fixèd ass&ts Individual fixed assets costing £SOO or more are inits.ally recorded at cost, le55 any subsequent accLJmulated deprecialion and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to WTrte off the cost or valuation, less any esty"maled residu81 value, over their expected useful economic life as follow5- Asset class Fixtures, fittings and equipment Dopreciation fflethod and rats 200k straight line Fixed assat inv8stm8nts Fixed asset inve5trnents, olheT than programme related investments, are included al market value al the balance sheet dale. Realised gains and losses on investments ale calculated as the difference betsveen sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the yeaT and are rediled or charged lo the Statement of Financial Activities based on the market value at the year end. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tem highly IiqLJid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Page 10
The Devon Historic Churches Trust Notes to the Financial Statements for the Year Ended 31 March 2025 Icontinued) Fund structure Unrestricted income funds are general fvnds that are available for use al the Twstees discrets'on in rtherance of the objectives of the d)arity. Financial instrumgnts Classlfication Financial assets and financial liabilities ar& recogni$ed when the charity become5 a party to the contractual provisions of the instrument. Financial liabilities and equty instruments are classffied according to the substance of the contracttsal arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognltlon and measurement All financial assets and liabilities are initially measured at transaction pri¢e (including transa¢tio stsl. Èxcept for thosÈ fin8ncial assets dassified as al fair value through profit or 1055, which are In'allY measured al fair value Iwhich is nomially the transaction Price excluding transaction ¢oslsl. unless the arrangement constittjtes a financing transaction. If an 8rr8ngemenl constitutes a financing transaction, the financial asset or financial liability is measured al the piesent value of the future payments di5COUnted at a market rate of interest for a similar debt instrument. Financial assets and liabilities ale only L)ffset in the statement of financi81 p0Son when, and only when there exists a legally enfoTceable iighl lo set off the recognised amounts and the charty intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only %then al the contractual rights to the cash flows from the financial a$set expire or are selued, bl the charrty transfers to another party substantially all of the risks and rewards of ownership of the financial 355et, or cl the charity, despite having retained some, bul not all. significant risk5 and rewards of ownership, has transferred Control of the asset lo another party. Financi31 liabilitie5 are derecognised only when the obligation specified in the contract is discharged, cancelled or expl$. Page11
The Devon Historic Churches Trust Notes to the Financial Statements for the Year Ended 31 March 2025 (continued 2 Incom8 from donations and lggactes Unrestricted fund5 General Total 2025 Total 2024 Donali¢)ns from individuals Legacies Grants, including capital grants.. Grants from other chanties Subscripts'ons 3,624 3,624 6.698 1.802 5.000 3,929 4.104 4,104 7,728 7,728 17,429 3 Income from othÈr tr•dlng activities Unrtrstrlctsd funds Gènèral Total funds Total 2024 Devon HistOTiC Churches Day 30.092 30,092 30,040 30,092 30,092 30,040 4 Investment income Unre$trl¢tsd funds Géneral Total 2025 Total 2024 Bank interest ceIVable Income from listed investment5 2,754 44,251 2,754 44.251 2,150 43,663 45,813 47,005 47,005 Page 12
Tho Devon Historic Churches Trust Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) S Expgnd5turo on rnlglng funds UnTr5trictsd funds General Total 2025 Total 2024 Wages and salarles Advertising 6,918 582 6,918 582 6.436 480 7,500 7.500 6,916 6 Expendlturo on charitablo actlvltlgs Unrestrictsd funds Gonoral Total 2025 Total 2024 Grant funding of activities Support costs 99,178 14,899 114.077 99.178 14.899 84,627 12,432 114,077 97,059 Page 13
The Devon Historic Churches Trust Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 7 Analysbs of support costs Unrestricted funds General Total 2025 Total 2024 Staff cos15 Communications and IT Govemance costs General offiG¢ Ggsts Bank Charges 5,415 312 3,178 5.994 5.415 312 3,178 5,994 5.051 312 3,968 3,089 14,899 14.899 12,432 8 Grantwmaking Analysis of grants 2025 2024 Analysis Unpaid amounts brought foward Sums paid in the year Small grants paid Unpaid amounts caffied forward Devon Historic Churche5 Day payments to churches 142,0301 43,798 16,250 69.000 11.469 123.1501 43,000 12.000 42,030 10,747 98.487 84,627 9 Net incomingloutyoing resources Net outgoing resources for the yeaT inrlude.. 2025 2024 Depreciation of fixed assets 1.248 843 10 Trustees. remuneratlon and expenses No Trustees, nor any persons connected wth them, have received any remuneration from the charty during the year12024'. Nill. No trustees have ceiVed any reimbursed expenses from the charity during the year12024'. Nill. Page 14
The Devon Historic Churches Trust Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 11 Staff costs The aggregate payroll costs were as follows.. 2025 2024 Staff costs during Ihe year were: Wages and 581ariÈs 12,333 11,487 The rnonthty average number of persons (including senior management I leadership team) employed by the charity during the year was as follows.. 2025 No 2024 Average headcount No employee received emoluments of more than £60.000 during the year12024.' Nil) 12 Indendent pxaminer's Temuneration 2025 2024 Feès payable lo the independent examiner for.. Independent examination of the financial statements 817 677 13 Tanglbl• Ilxed a88ets Fixtures. fitting5. oquipm•nt & software Total Cost At 1 Awil 2024 Additions 4,214 2,025 4,214 2,025 At 31 March 2025 6,239 6,239 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 1,089 1,248 1,089 1,248 2,337 2,337 Net book valu8 At 31 March 2025 3,902 3,902 At 31 March 2024 3,125 3.125 Page 15
The Devon Historic Churches Trust Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) 14 Flxgd assgt Investments Other inve$lm8nts Total Cost or Valuation At 1 April 2024 Unrealised1055 on investments 1,396.164 1,396,164 67,2591 167,2591 At 31 March 2025 1,328.905 1.328,905 Net book value At 31 March 2025 1,328,905 1,328,905 Al 31 MaTch 2024 1,396.164 1.396,164 15 Debto 2025 2024 Prepayments 369 362 16 Crnditors: amounts falling due wlthln on• year 2025 2024 Other creditors Ac¢rual$ 69.000 3,543 72,543 42,030 3,430 45.460 Page 16
The Devon Historic Churches Trust Notes to the Flnancial Statements for the Year Ended 31 March 2025 (continued) 17 Funds Balance at 1 April 2024 Other Incoming Resourwts recognised resources expendo03ainslllossesl Balanco at 31 March 2025 Unrestricted funds General General Funds 1,476,327 84.825 1121,577) 167.2591 1.372,316 Balance at 1 April 2023 other Incomlng R8$our¢g$ ro¢ogni$8d rosourc•s èxp•nd•(trJainsllloss•s) Balance at 31 March 2024 Unrestrictèd funds General General Funds 1,391,452 93,282 1103.9751 95,568 1.476,327 18 Analysis of net assgts bolw&on funds Unrestricted funds GeneTal Total funds at 31 March 2025 Tangible fixed as$et$ Fixed asset investments Current assets Current liabilities 3,902 1.328,905 112,052 172,5431 1,372,316 3,902 1.328.905 112,052 172,543 1,372.316 Total nel assets Unre$trlcted funds G•neral Total funds at 31 March 2024 Tangible fixed asse15 Fixed asset investments Current assets Current li8bililies 3,125 1,396,164 122,498 145,4601 1,476,327 3.125 1,396,164 122,498 145,4601 Total net assets 1,476,327 19 Related party transa¢tlons There weie no related party transaction$ in the year12024". NIII. Page 17