## **REPORT AND FINANCIAL STATEMENTS** for the period from ## **22[nd] December 2021** to **31[st] December 2022** ## Colchester Churches Charitable Trust ## **A Charitable Incorporated Organisation (CIO) Registered at the Charities Commission, Charity number 1196920** ## 1. Reference and administrative information ## **Trustees** All Trustees were appointed on 22[nd] December 2021, for the periods stated: Revd Canon P R Norrington, Chairman Appointed 22 December 2021 for two years Resigned on 2[nd] September 2022 Revd E B E Lammens Appointed 22 December 2021 for three years Elected Chairman on 2[nd] September 2022 Canon Mr R J Ennals Appointed 22 December 2021 for four years Mr N G Humphreys, Treasurer Appointed 22 December 2021 for five years Revd J Chandler, Secretary Appointed 22 December 2021 for five years ## **Registered Address** 4 Longdryve, Wavell Avenue, Colchester Essex CO2 7HH ## **Bankers** CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME194TA ## **Independent Examiner:** Revd Canon D S Ainge, 42 Abels Road, Halstead, Essex CO9 1EW ## **Investment Managers:** CCLA Investment Management Ltd, Senator House, 85 Queen Victoria Street, London EC4V 4ET Colchester Churches Charitable Trust Trustees Annual Report Page 1 ## 2. Report of the Trustees for the period ended 31[st] December 2022 The Trustees present their report from the date of incorporation and approval of the Constitution, 22[nd] December 2021 to the end of the Financial and Reporting Year, 31[st] December 2022. The financial accounts have been prepared compliance with the Charity’s constitution, the Charities Act 1993 and the Statements of Recommended Practice: Reporting and Accounting by Charities published in 2005. ## 3. Structure, Governance and Management The Colchester Churches Charitable Trust was constituted as a Charitable Incorporated Organisation with a Constitution dated 22[nd] December 2021. It was established with an initial gift where the donor wished to remain anonymous but nominated ways in which the CIO’s assets should be distributed, which the Trustees have recorded as the Objects of the CIO. We do not actively fundraise but would accept donations provided that they are unrestricted, for use in accordance with our objectives. The Constitution requires a minimum of four Trustees and a maximum of ten; five were initially appointed; one resigned due to retirement and moving away; it is intended that a fifth Trustee will be appointed at the first Trustees’ Meeting in 2023. It is intended that in the future Trustees will be appointed for periods of five years, and that on expiry of their term of office Trustees may put themselves forward for reappointment. All decisions relating to grants are made in meetings of Trustees; correspondence is through the Secretary and the administration of finances is managed by the Treasurer in accordance with mandates. All Trustees have confirmed that they are fully conversant with the legal requirements of being Trustees and with the Constitution of the CIO. All Trustees give of their time freely, and received no remuneration in the period ended 31[st] December 2022. There were three trustees’ meetings in the period. ## 4. Risk Management The Trustees have considered the various risks to which the CIO is exposed, and consider the variability of the value of financial investments to be the major risk, as evidenced by the volatility of financial markets. They have sought to minimise the risk by keeping the investments with CCLA, a long-established Fund Manager whose investment policy and performance will be kept under review by the Trustees. A secondary risk is that money granted to beneficiaries may not be used well or in accordance with the objects of the CIO. Processes have been put in place to assess all applications against the CIO’s objects and to obtain assurances as to the deployment of the funds. Colchester Churches Charitable Trust Trustees Annual Report Page 2 ## 5. Reserves policy The Trustees intend to maintain free reserves in liquid assets to meet a minimum of three months’ grant expenditure, as evidenced by the information given in grant applications. Other funds will be kept in an Investment Account, the terms of which allow withdrawals on request. ## 6. Objectives for public benefit The objects of the CIO are, in summary, to advance the Christian faith by making grants to assist Churches in the improvement, maintenance, repair or preservation of Church buildings. ## 7. Grant making policy Trustees have developed a detailed grant-making policy, the main aspects of which are that applications will be considered from Parochial Church Councils in the Church of England Deanery of Colchester, to assist with Capital project expenditure for up to 20% of the total Capital cost to a maximum of £10,000 in any three-year period, where applicants can show that there is a missional purpose to the project. The Trustees have published grant application guidelines and procedures which are designed to ensure that the projects undertaken by potential recipient Parochial Church Councils meet the objects of the CIO, and that the ultimate beneficiaries are the general public within those Parishes. ## 8. Review of activities in the period ## **a) Setting up the CIO** Having been advised that funds were being made available by the anonymous donor: - i) a constitution was drawn up, the Charity was set up and was registered as a CIO at the Charity Commission - ii) a bank account was set up - iii) funds were received, and an Investment Account was set up - iv) the existence of the CIO was published to all potential beneficiary Parochial Church Councils by means of a website, inviting applications for funding for qualifying projects. ## **b) Making grants** The CIO received 2 grant applications during the period 1 grant was awarded, in the total amount of £10,000. The second grant application remained under consideration by the Trustees as at 31[st] December 2022. No funds have yet been paid out to Parochial Church Councils. The sum awarded, £10,000, will be held in the accounts of the CIO years until requested by the Beneficiary PCC. It is a condition of the grant that the Beneficiary PCC meet certain criteria, which they are to certify when accepting the grant. Colchester Churches Charitable Trust Trustees Annual Report Page 3 Grant Awards will lapse after three years from the date of the Award if application for the funds has not been made by that date. ## **c) Financial performance** The funds received by the charity have been placed in Bank Accounts and investments, in accordance with the Reserves Policy. The only entries during the period were: - receipt of the original donation - Bank charges - Loss on revaluation of investments - The approval of one grant, the funds for which have been recorded as a Creditor where the sum falls due for payment within one year. ## 9. Trustees’ responsibilities in relation to the financial accounts The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these statements, the trustees are required to: - select suitable accounting policies and apply them consistently - observe the methods and principles of the Charities SORP - make judgements and estimates that are reasonable and prudent - state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements - prepare the financial statements on an ongoing basis, unless it is inappropriate to presume that the charity will continue in business The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain to ensure that the financial statements comply with the Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. 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 are responsible for the maintenance and integrity of the charity and financial information on the charity’s website. Approved by the Trustees on 13 March 2023 and signed on their behalf by: Erwin B E Lammens Chairman of Trustees Colchester Churches Charitable Trust Trustees Annual Report Page 4 ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE COLCHESTER CHURCHES CHARITABLE TRUST** I report on the accounts for the period from 22 December 2021 to 31[st] December 2022, which are set out on page 6 of the Trustees Annual Report. ## **Respective responsibilities of the Trustees and the Independent Examiner** The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. ## It is my responsibility to: - Examine the accounts under section 145 of the 2011 Act; - To follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and - To state whether particular matters have come to my attention. ## **Basis of independent examiner’s statement** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes considering any unusual items or disclosures in the accounts, and seeking explanations from you the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below. ## **Independent Examiner’s Statement** In connection with my examination, no matter has come to my attention: - (1) which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts, which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or - (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Revd Canon David S Ainge 42 Abels Road Halstead Essex CO9 1EW 10 February 2023 Colchester Churches Charitable Trust Trustees Annual Report Page 5 ## **COLCHESTER CHURCHES CHARITABLE TRUST** ## **RECEIPTS AND PAYMENTS** for the period from ## **22 December 2021 to 31 December 2022** |**Unrestricted**
**RECEIPTS**
Donations
£200,000
Bank Interest
£274
Investment Income
**Total Receipts**
**£200,274**
**PAYMENTS**
Grants awarded
£10,000
Grants released
Bank Charges
£57
**Total Payments**
**£10,057**
Net gains/ (losses)
(£2,048)
on investments
**Net movement in funds**
**£188,169**
**RECONCILIATION OF FUNDS**
Total funds brought forward
£0
**Total Funds carried forward**
**£188,169**
**STATEMENT OF ASSETS AND LIABILITIES**
**ASSETS**
**Cash funds**
CAF Bank Current Account
£29,975
CAF Bank Deposit Account
£0
CCLA Deposit Account
£30,242
**Total Cash funds**
**£60,217**
**Investments**
CCLA Investment Account
£137,952
**Total Investments**
**£137,952**
**TOTAL ASSETS**
**£198,169**
**LIABILITIES**
Creditors:
Sums due within one year
£10,000
**TOTAL LIABILITIES**
**£10,000**
**NET ASSETS**
**£188,169**
**FUNDS OF THE CHARITY**
**Unrestricted General Fund**
**£188,169**|**2022**
**Restricted**
**£0**
**£0**
**£0**
**£0**
**£0**
**£0**
**£0**
**£0**
**£0**
**£0**|**Total**
**Funds**
£200,000
£274
£0
**£200,274**
£10,000
£0
£57
**£10,057**
(£2,048)
**£188,169**
£0
**£188,169**
£29,975
£0
£30,242
**£60,217**
£137,952
**£137,952**
**£198,169**
£10,000
**£10,000**
**£188,169**
**£188,169**|**2020**
**Total**
**Funds**| |---|---|---|---| ||||**£0**| ||||| ||||**£0**| ||||£0| ||||**£0**| ||||| ||||**£0**| ||||| ||||**£0**| ||||| ||||**£0**| ||||**£0**| ||||| ||||**£0**| ||||| ||||**£0**| ||||| ||||**£0**| Colchester Churches Charitable Trust Trustees Annual Report Page 6