## **REPORT AND FINANCIAL STATEMENTS** for the twelve months to ## **31[st] December 2024** ## Colchester Churches Charitable Trust ## **A Charitable Incorporated Organisation (CIO) Registered at the Charities Commission, Charity number 1196920** ## 1. Reference and administrative information ## **Trustees** Trustees who served during the year were as follows: Revd E B E Lammens, Chairman Mr N G Humphreys, Treasurer Revd J Chandler, Secretary Revd H R Cooper Mrs L Gettings Appointed 22 December 2021 for three years Appointed 22 December 2021 for five years Appointed 22 December 2021 for five years Appointed 9 January 2023 for five years Appointed 7 August 2023 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 2024 The Trustees present their report for the financial and reporting year to 31[st] December 2024. 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; or the Trustees may resolve to accept a specific donation for Restricted use, providing the restrictions are acceptable to the Trustees and in accordance with our objectives. The Constitution requires a minimum of four Trustees and a maximum of ten; there are currently five Trustees, all of whom served throughout the year. Trustees will normally be appointed for periods of five years, and that on expiry of their term of office they may put themselves forward for reappointment. Revd Lammens, appointed on inception of the Trust in December 2021, served until the Annual Meeting in 2025, at which he was re-elected Trustee and Chairman. 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 2024. There were three trustees’ meetings in the year. ## 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 Colchester Churches Charitable Trust Trustees Annual Report Page 2 applications against the CIO’s objects and to obtain assurances as to the deployment of the funds. ## 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. The Trustees operated a policy during the year that a grant may be 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. Additionally, any donations accepted by the Trust on a Restricted basis will be used to make grants in accordance with the agreed conditions of the donations. 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) Making grants** ## **i) The main Grant Fund for Capital works** The CIO has received and approved 9 grants since inception, three of which had been paid out by 31[st] December 2024. The remainder await completion of formalities – i.e. the Parish’s application for release of the funds when the Project has begun. The Trust received and approved two of the above grant applications in 2024. Sums awarded and not yet paid out are held in the accounts of the CIO 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. 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. ## **ii) Mission Opportunity Fund** A donation was received in 2023 from Chelmsford Diocesan Board of Finance, use of which was to be restricted, with the Trustees tasked to distribute it to Parishes against paid Colchester Churches Charitable Trust Trustees Annual Report Page 3 invoices for Parish Awaydays. Of this sum, £8,025 was paid out during 2024, with the remaining £4,211 retained in a Restricted Fund for future distribution. A further donation of £29,000 was received in 2024, to be distributed to Parishes in 2025. Interest was received on cash funds and the Trust’s assets were revalued at the end of 2024. In brief, the financial position is summarised as follows: - We have continued to award grants and distribute the funds when conditions have been met - From the initial balance of the Trust’s funds of £200,000, the total amount of grants awarded in the years to 31[st] December 2024 was £77,043; but with the increase in the value of funds invested, the amount remaining available for future applications is £148,995. - Grants received from the Diocese of Chelmsford and held in a Restricted Fund are to be distributed in full to Parishes in 2025 in accordance with given criteria. ## 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 10[th] March 2025 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 1[st] January 2024 to 31[st] December 2024, 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 25[th] February 2025 Colchester Churches Charitable Trust Trustees Annual Report Page 5 ## **RECEIPTS AND PAYMENTS 1 January to 31 December 2024** |Colchester Churches Charitable Trust
Trustees Annual Report
**Unrestricted**
**Restricted**
**Receipts**
Donations
£29,000
Bank Interest
£1,652
Investment Income
**Total Receipts**
**£1,652**
**£29,000**
**Payments**
Grants awarded, not yet released
£5,000
Grants released
£7,043
£7,845
Bank Charges
£60
**Total Expenditure**
**£12,103**
**£7,845**
Net gains/ (losses)
£7,885
on investments
**Net movement in funds**
**(£2,566)**
**£21,155**
**RECONCILIATION OF FUNDS**
Total funds brought forward
£151,551
£12,236
**Total Funds carried forward**
**£148,985**
**£33,391**
**STATEMENT OF ASSETS AND LIABILITIES**
**ASSETS**
**Cash funds**
CAF Bank Current Account
£2,897
£33,391
CAF Bank Deposit Account
£0
CCLA Deposit Account
£33,185
**Total Cash funds**
**£36,082**
**£33,391**
**Investments**
CCLA Investment Account
£162,903
£0
**Total Investments**
**£162,903**
**£0**
**TOTAL ASSETS**
**£198,985**
**£33,391**
**LIABILITIES**
Creditors:
Sums due within one year
£50,000
£33,391
**TOTAL LIABILITIES**
**£50,000**
**£33,391**
**NET ASSETS**
**£148,985**
**£0**
**FUNDS OF THE CHARITY**
General Fund
£148,985
Mission Opportunity Fund
**TOTAL FUNDS**
**£148,985**
**£0**|**2024**
**Total**
**Funds**
£29,000
£1,652
£0
**£30,652**
£5,000
£14,888
£60
**£19,948**
£7,885
**£18,589**
£163,787
**£182,376**
£36,288
£0
£33,185
**£69,473**
£162,903
**£162,903**
**£232,376**
£83,391
**£83,391**
**£148,985**
**£148,985**|**2023**
**Total**
**Funds**
£12,236
£1,376
£0| |---|---|---| |||**£13,612**| |||£35,000
£20,000
£60| |||**£55,060**| |||£17,066| |||**(£24,382)**| |||£188,169| |||**£163,787**| |||£34,437
£0
£31,568| |||**£66,005**| |||£155,018| |||**£155,018**| |||**£221,023**| |||£57,236| |||**£57,236**| |||| |||**£163,787**| |||| |||**£163,787**| |||Page 6|