lJiU.I CHURC Bedfordshire and HertfordshRre Historic Churches Trust Saving iliepastfor ihgfuture Charitable Incor orated Or anisation ort and Financial Statements for the Year Ended 31 March 2024 istered Charit No. 1197228 Com No. CE027716 an
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CHURCHES TRUST REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2024 REFERENCE AND ADMILYISTRATIVE ILYFORMATIOLY TRUSTEES Mrs M.A. Russell The Revd. Canon M.E. Grant Mrs T.C. Britt Sir Timothy Clitt"ord R.C.H Genochio Dr C.P. (Treen Mrs J. Howard D.L. The Ven. P.V. Hughes W.A.J. Marsterson J. Ma}, S.A. Russell The Revd. T.W. Sander T.W. Groom RJNorth ReTr L. Klimas Dr M. Newbery A. Lambourne {Chair- Appointed 8 Ma). 2024} (Resigned 8 May 2024) (Resigned 17 January 2024) (Resigned ?8 February 2024) (Resigned 15 November 2023) {Secretary) (Resigned 17 January 2024) (Treasurer) (Appointed 28 February ?024) (Appointed 8 July 2024) (Appointed 8 July 2024) (Appointed 8 May 2024} INDEPENDETr4T EXAMILYER Steve Robinson Mercer & Hol¢ LLP 72 London Road St Albans H¢rtfordshirc ALI INS BANKERS Barclays Bank Pl¢ I Chur¢hill Place London E14 5HP CORRESPONDENCE OFFICE The Honorary Secretary The Black Swan 64 Blanche Lane South Mimms Potters Bar Hertfordshire EN6 3PD CHARITY REGISTERED NUMBER 1197228 COMPANY NUMBER CE027716
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CHURCHES TRUST REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2024 OFFICE-BEARERS Joint Presidents Robert Voss. CBE, HM Lord-Lieutenant for Hertfordshire Susan Lousada HM Lord Lieutenant for Bedfordshire Patrons The Most Hon. The Marquess of Salisbury, PC, DL The Right Revd. Dr. Alan Sniith. Bishop of St. Albans The Revd. Dr. Andreii, Prasad, Moderator, Thames North Synod. United Reformed Cliurch The Revd. Dr. David.M. Chaprnan. Chairnian, B¢dfordshiTC, Essex & H¢rtfordshir¢ M¢thodist District The Revd. Geoff Coliner, Regional Minister & Team Leader, Central Area of the Baptist Union Vic¢-Presid¢nts The Right Revd. Richard Atkinson OBE, Bishop of Bedford The Very Revd. Dr. Jo K¢ll)'_Moor¢, Dean ot St. Albans The Right Revd. David Oakley, Bishop in Northan)ptonshire The Right Revd Dr Janc Mainwaring, Bishop of H¢rtford Vice Chairmen Tlie Ven. Janet Mcickenzie, Arelideacon of Hertford The Vert. Dave Middlebrook, Arehdeacon of Bedford The Ven Charles Hudson Archdeacon of St Albans TRUSTEES Chair The Revd. Canon M. Grant, 13 Rock Lane, Linslade, Beds. LUI 7 2QQ (Resigned 8 May 2024) Mrs. M. Russell, W}'chbrook. 31 Ivel Gardens, Biggleswade, Bedfordshire SGI 8 OAN (Appointed 8 May 20?4) Trustee Mrs. T. Britt. The Vicarage. 61. Church Road. Stotfold. SG5 4NE Trustee (Development) Sir Timothy Clifford, Ampthill Park House, Ampthill, Beds. MK45 2HF (Resigned 17 January 2024} Trustec R.C.H. Genochio Esq., The Old Post House, Th¢rficld, Royston, H¢rts SG8 9PH Trustee Dr. C.P. GreetL 17 Cowper Road, Berkhamsted. Hertfordshire HP4 3DE Trust¢¢ Mrs. Judith Howard, DL, Th¢ Glebc Housc, 5 Grange Lan¢, Copl¢: Beds. MK44 3TT {Rcsign¢d 28 Fcbruarn, 20?3) Trustee The Ven. P. Hughes, 156 Bu¢kingham Drive, Luton, LU2 9RE (Resigned 15 Noveinber 2023) Trust (Secretary) W. A.J. Marsterson, The Black Swan, 64 Blanche Lane, South Mimins, Potters Bar, Hertfordshire EN6 3PD Tn]stee (Membership) J. May Esq., 13 Rickyard Meadow, Redbourn, St. Albans, Herts, AL3 7HT Tn]stee (Grants) S.A. Russell Esq., Wychbrook, 31 Ivel Gardens, Biggleswade, Beds, SG18 OAN Trustee The Rev. T. Sander, The Rectory,, 15a Gower Street, London, WC I E 6HW (Resigned 17 January 2024) Trustee T.W. Groom. 6 Bell Close, Hitchin, Hertfordshire, SG4 9NJ
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CHURCHES TRUST REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2024 Tn]stee R.J. North, Pages Croft, Berkhamsted, Hertfordshire, HP4 1 BX (appointed n8 February 20241 THOSE ATTENDING COUNCIL (Other than Trustees and Vice-chairmen) Area Representatives J. Clark Esq. J. Creasey Esq. P. Gartside Esq. R. Jone5 Esq. M. White Esq. W. Hardy Esq. R.P. Hart Esq. P.M. Shirley Esq. T.W. Groom Esq. S.A. Russell Cllr. P. Ruffles MBE N. Scott Esq. G.D. Green Esq. D. Richards Esq. Bike 'n Hike A. Colley Esq. G.D. Grccn Esq. R. North, Esq. The Hon. N. Tufton R. Sambridge B. Wcnhain M.A. Russell S. Collins, Esq. G. Mackcnzi¢ Esq. R. Parlour Esq. Mrs. P. Ward H. Buxton W. Marsterson G. Cuminings Esq. Mrs. .1. Mclntosh R. Singleton: Esq. K. Whit¢, Esq. R. Jon¢s S.A. Russell Events Secretary Position Vacant Study Day Secretary Mrs. P. Ward Gift Aid Secretary R. North Esq. Bike 'n Hike Treasurer R. North Esq. Bike 'n Hike Documents Manager K. White, Esq.
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CHURCHES TRUST REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2024 Thc TrustCC5 pr¢nt thc Annual Report and Financial Stafrtllcnts of thc Trust for the ycar cndcd 31 st March 2024. The financial statcmcnts have bccn preparcd in accordance with the accounting policies set out in Note I to thc fiiianLial ststctnciits and coiiiply with th¢ Trust's Dccd, the Charitics Act 2011. Accountin¥ and Rcportin¥ by Charitics= Statcmcnt of Rccotnmcnded Practicc applicabl¢ to charities preparing their accounts in aCLordanL¢ with thc Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (issued in October 2019). Structure, Governance and Management The Bedfordshire & Hertfordshir¢ Historic Chur¢hes Trust was established under a ¢onslitution dated 5, May 2021, which was later revised on ?Oth December 2021. The charity is constituted as a Charitabl¢ Incorporated 0rgani88tii)n (CIO), as a Ix)dy corporate under part I l of th¢ Charities A¢1 201 l on 21 D¢c¢mb¢r 2021. The CIO registered wiih the Charit), Commission on the same day. The Trust is governed by the Trustees, who normally meet five or six times a year. All Trustees give of their time freely. No trustee remuneration is paid. All major policv decisions and grant awards are made by the Trustees. The arrangements and organisation of some matters, such as the practical organisation of the annual Bike 'n Hike, are delegated to committees. Members of comn)ittees are all appointed by Trustees and regular committee reports are made to the Trustees. In addition, a Council. (comprised of Trustees, Area Representstives, Area Organisers and Vice Chaim)en), 11)eets annually to share matters of conimon interest and ensure that the Trustees are ivell informed on developments affecting all local church denoiiiinations throughout Bedfordshire & Hertfordshire. The Trustccs have rcsponsibility for the day-to-da), managcmcnt of the Trust and all executive roles are undertaken by the Trustees. The Trust Deed requires the Trustees to elect a C.hairman, Secretary and Treasurer froiii among their numbcr- othcr Tru5tecs assutnc rcspon5ibilitics for tnciiibership. grants managetncnt, publicity and the organisation of th¢ Bike 'n Hike, the Trust's inajor annual fund-raising initiative. Once a year a special meeting of Trustees is devoted entirely to a review of the structure and working methods of thc Trust to ¢nsur¢ contiiiuing good govcti]anc¢ and cfficicnt manag¢tn¢nt practicc in th¢ li¥ht of changing needs and circumstances. The Trust Deed vests the appointment of new Trustees in the Truslees for the tiiiie being and provides that su¢h appointinents be approi'¢d by a Inajority of Truste¢s. Wlien r¢¢ruitm¢nl is undertaken to fill a va¢ancy, new Inislees are soughi for their specific experien¢e and attribul¢s. Trustees may froni liiiie lo time appoint non-executive Trustees with a view to their subsequent assumption of an executive role. The possibility of becoming a Trustee is nornially discussed with any potential or interested candidate by the Chairman, who provides guidance on the aims, workings and context in which the Trust operates. Once appointed, new Trustees are required to sign the minutes of their first Trustee meeting, forn)ally acknowledging their appointment as a Trustee. Although no specific Trustee training is provided by the Trust itselt, guidance is readily available from existing Trustees to ensure that any new Trustee becomes tamiliar with the work'ings of the Trust as quickly as possible. Moreover, Trustees are encouraged to attend relevant courses or seminars provided by other organisations. All Trustees giiwe of their time freely. No trustee remuneration is paid. Details of Trustees expenses are disclosed in Note l O to the financial statements. Related party transactions are disclosed in the financial statements in Note 13 and Trustees are required to disclose all relevant interest and withdraw frotn discussion of and voting on any matter, wh¢r¢ a conflict might arisc.
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CHURCHES TRUST REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2024 Risk Management Th¢ Trust¢es acc¢pt that the manag¢ment of risk is their r¢spoiisibility and. havin¥ Cxamincd thc major strategic, business and operational risks M,hich thc Trust faccs. confirm that appropriate control systeiiis havc becn csthblished to mitigate such risks. as far as is possible. Objectives, Activities and Performance for the Public Benefit The objects of the Trust are to: assist those responsible for the care of buildings used for public Christian ivorship, and to make grants of money available for the restoration, maintenance, preservation. repair and reconstruction of. churches and chapels in the counties ot Bedfordshire and Herttordshire and in that part of the London Borou of Bamet ivithin the Diocese of St. Albans. The Trustees confirm they hai'e referred to the guidance contained in the Charity Commission's general guidance on public benefits when reviewing the Trust's aiiiis and objectives and in planning future activities and setting the Trust's grant making policy, and that all its activities are for the public benefit. Acbievemellts, Performance and how the Trust delivered public benefit. Th¢ financial statcm¢nts, including the ststcmciit of financial activities, the balanc¢ sheet and the covcring notcs. appcar on pages 13 - 21. Grant M*king Policv #nd Procedures The Trust has establislied ils grant making policy to a¢hiev¢ its obje¢tives for the public benefit. Grants are awarded by the Trust fc)r the repair of places of public Christiart 'Orship, iiicluding Anglican, Roman Cathc)lic and Non-coiiforniisl denominatii)ns, ti) presetw¢ i)ur h¢rilage of e¢clesiasti¢al buildings for th¢ wider benefit of the two counties communities, parishioners and congregations- which purpose is expressed in the Trust's straplin¢- SavinR ihe paslfor ihefulure. The Trust encourages grant and loan applications for the repair of churches and chapels from all denominations which are members of Churches Together in the two counties and the relevant part ot- Barnet. The Trustees award grants, and sometimes loans, after detailed consideration of each application, which includes full details of the project, an architectural assessment. builders, tenders and the accoiints and appropriate financial information provided by each church or church friends, group. Within the limits of available resources and considering the circumstances ot the applicant, the Trust is committed to support applications that are in line with the objectii'es ot the Trust. Approiwed grants must be taken up Thithin t.0 years of being awarded and are paid on receipt ot eiwidence, usually in the fomi of an architect's certificate. that the relevant project works have been completed. Reserves policy To safeguard the imtnediate grant making capability of the Trust, the Trustees have agreed that the Trust's Rcserves policy should aim to inaintain frcc rescrvcs in its unrcstrictcd Gcncral Fund broadly cquivalcnt to thc lowcr of on¢ y¢ar's unr¢striLtcd nct incoiii¢ or £50,000. In addition, l¢¥acic5, subjcLt to any special cunditions attachcd to thctn. arc trcatcd as dcsignatcd funds that arc availablc for grant Inaking purposcs. Investmellt policy The Trust's current poli¢y is that suffi¢i¢nl ¢ash should b¢ h¢ld in cutTent a¢counts and short-tern) deposits to satisfy the iminediate paynient of grants and the day-to-day expenditure of the Trust. Other cash is held in long¢r-t¢mi inler¢sl-b¢aring deposit a¢¢ounls.
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CHURCHES TRUST REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2024 Main risks to the Trust Principal risks to the Trust include any future dcterioration in the financial and econotllic Situation of the country a5 a whole and particularly as cxpcrieiiced in B¢dford5hirc and Hcrtfordsliire: thc faint but not negli¥ibl¢ possibility of substantial dcLr¢ascs in th¢ r¢v¢nu¢ rais¢d from th¢ Bikc 'n Hik¢; and any d¢Llinc or ¢essalion of finanvial support from the Wixamlr¢e Trust. All or any of these would limit the Trust's ability to support its grant making activities al recent levels. AcLordingly.. the availabilil}' of funding is monitored by th¢ Trustees at ¢a¢h of their regular meeliiigs befor¢ grants ar¢ awarded or short-temi funding loans are agreed. A further risk aris¢s from the loss of one or more key Truslees ¢arying major responsibilities, and the ¢onsequenl necessity of having to pay for professional services. The Triist regularly rei'i¢ws its resilience, r¢sponsibiliti¢s and su¢¢ession planning. Plans for Future Periods The Trustees registered with the c.harity Commission as a c.haritable Incorporated Organisation with the same aims and objectii'es as the existing unincorporated Tn]st (Registered Charity No. 1005697) and the with the same Trustees. The CIO has set up a new bank account. arranged for menibership standing orders to be transferred to the new account and registered the CIO with HMRC. and JustGiving. All assets, liabilities and reserves were transferred from the Trust to the CIO, with the CIO taking over operations in the next financial year.
STATEMENT OF TRUSTEES, RESPONSIBIiifIL8 YEAR ENDED 31 MARCH 2024 Th¢ IRW applicable to Chariti in FgISts1 & Wales rquires the trustets to preFwe fitiaticial statem¢Dts for each fiDatici21 yearwhich give a true 8lld fair view of the of afftirs of the charity and of tb¢ in¢ome aThl observe the mdhods and principles in Charities SORP 2019 IFRSIIY2I. disd0sl and explained in the fillancid siatem the chaTity will continue in oimtiotL any time th¢ financial FrtisltiL of th¢ ¢Ilty and enable than to erLsure that the fiJ)ancial statemettts comply with the Cbarilies Ad 2011. the Charity (A¢¢ounts and Rerth5) R¢guiatioo$ 2(K18 and the proviSiOELS of the trust d¢¢d. They are also rwil)le for safeguardingthe assets of the charity and hence fortsknng re8sonable 13 2014- Sigll on their bebaifby: Rus3ell- ChAtr
INDEPETr4DELYf EXAMINER'S REPORT TO THE TRUSTEES OF BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CHURCHES TRUST Independeni Examiner'5 Report to tbe Trustees of Bedfordshire & Hertfordshire Historic Churches Trust I report on the financial statcnient5 for thc Trust for thc ycar cnded 31° March 2024 which are set out on pages I to 19. Responsibilities and bayis of report As the Charity's trustees you are responsible for the preparation of the financial stateiiients in accordance 1th th¢ requir¢ments of the Charities A¢t 2011 {'the Acl'}. I report in r¢sp¢¢l of my examination of th¢ charity's financial statements ¢arri¢d out under section 145 of the Act and in carrying out my examination I haN'e followed all the applicable Directions given by the Charity Commission under s¢ction 145(5)(b) of th¢ Act. Since the charity's gross income exceeded £250,000 your examiner must be a rllember of a body listed in section 145 of the Act. I confirm that l am qualified to undertake the examination because l am a member of the ICAEW ivhich is one of the listed bodies. Independent examiner's statement I have completed my exatllination. 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 the financial stat¢tll¢iits do not accord with thos¢ rthords the financial slaleiiients do not comply with Ihe applicable requireinents Concerning the forni and content of fii)ancial stat¢m¢nts set out in th¢ Charities {AcLounts and Il¢ports) Regulations 2008 other tl)aii any requir¢meiit that th¢ fiiiancial statements give a 'tru¢ and fair view, whi¢h is not a Inatter ¢onsid¢red as part of an independent examination I have no concerns and have come a¢ross no other matters in ¢i)nnection i¥ith the examination to which attention should be drawn in this report in order to enable a proper iinderstanding of the financial statements to be r¢a¢hed. Stel'e Robinson FCA Mercer & Hole LLP Chartcrcd Accountants 72 Inndon Road St Albans ALI INS Date 20 Novembèr 2024
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CHURCHES TRUST STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account} For thc Year Ended 315t March 2024 UnrestriLted Restricted F.ndvwment Fund$ Funds Funds 2024 2023 Notes Funds Income: Iiicomejrom generaledfunds - Incoine from other trading activities Donations and legacies Investtnent income Grants Other income 266,269 24,000 301,790 592,059 Total ineotlle endowments 266,269 24,000 301,790 592,059 Expenditure: Cu.%1 ofriiE.sing.fvnds - Fuiidraising Costs Charitable activiti¢s Grants awarded to churches Share of Bike 'n Hike paid to churches Other expenditure 5,964 5,964 Total expenditure 5,964 5,964 Nct gains1(10ss¢s} on invcsttllcnts Net in¢omel ex enditure 260,305 24,000 301,790 586,095 Net moTrement in funds ?60,305 301.790 586,095 RecoHciliation offunds Total funds brought forward Total fund5 carried forward 260J05 24,000 301,790 86,095 The staieni¢nt of financial activities includes all gains and losses r¢cognised in the year. All in¢om¢ and expenditure derives from continuing activities. Separate funds split for the comparatii'e are shown in note 16. The notes on pages 13 to 19 form part ot these financial statements. io
BALANCE SHEET As t 3101 Mrch 2024 CeReral Rutrlckd EDdoJvmeRt 2024 Tots1 2023 Tot81 Fuids Fnds Funds FDnds FuDd5 Long Term As. Investments Total LDDg Terni As¥ 47 47J24 47,224 47224 Current Awts: 372 372 55.972 18J76 37596 C&sh at bxT]k 8ryJ on Short deposit Total Current Assets 345.028 147,1)Xl 216971 147JMMI 254J67 765J43 708.999 34S400 I16 Cllrrellt Lixbllltlu: io Grdnts payable 385(KJ 55.gll 123,(kn) I61.5) 55.972 TotAI CprreDt Llabilitles 103A72 123.W 226,472 Net Current Asaets 24L928 1&376 , 53Wi Totsl Net A5ts 241 I76 301,791 586,095 Represented by: Unrestri¢t¢d- Gth¢rnl 12 241.928 241.928 18.376 Ik5led- Legacies 12 18J76 13 6,5(Kl Restricted- All cburcbes 13 17.51K) 17.51X> 14 208.613 208,613 93.178 Elldownt. Jubil¢e 14 93.178 Totsl Ch 24J IL176 R¢coD]rnended Prxtic£ (SOIiP)'A¢¢(Xmtrog aDd cW..2e)2ik MAILssoll M. A. Ru$8¢ll- Chair of Tn The notes on 13 to 19 form Imrt of these finatiwl li
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS AT 31ST MARCH 2024 Accounting Policie5 {a) Basis of prcparation The finanLial statcmcnts have been prepared under the historic cost Lonvention rounded to tl)e ncar¢st £ and in accordance with Accounlin¥ and Reporting by Charili¢s= Statctncnt of Recotnmended PraLtiLe applicable to charities preparing their financial statements ill accordance with thc Financial Reporting Standard applicablc in th¢ UK and Rcpublic of Irclaiid (FRS 102) (issued in October •O19)- (Charities SORP {FRS 102)). B¢df()rd8hir¢ & H¢rtford8hir¢ Hi.qtori¢ Churcheq Trust m¢etq the definition of a public benefit ¢niity under FRS 102. Ass¢ts and liabililies are initially r¢cognised at historical cost or transaction value unless otheN'ise stated in the relei'ant accounting p)licy notes. The financial statements have been prepared to giiwe a 'true and fair, view and have departed from the Charitieq (Accounts and Reports) Regulations 2008 only to the extent required to provide a'trii¢ and fair view, This departure has involved following the Accounting and Reporting by Charities.. Statement ot Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities.. Statement ot Recommended Practice etyective from l April 2005 iyhich has since been withdrawn. On 31 March 2024. the charity acquired the net assets and operations from an unincorporated charity of the same i)ame, as a donation for nil consideration. In accordance with the charities SORP, the assets and liabilities have been brought in at their fair value at the date of transfer. The cl)arity was dom]ant in the prior period. Thcsc accounts havc bccn preparcd for a pcriod of12 tnonths. The prior pcriod, which was donnant, was a loiig period of account, prepared froin the date of incorporation, 20, December 2021 to 31° March 2023. (b) Funds struLture The Trust has two pemianent endowment funds.. the Wixamtree Endowment and the Jubilee Endowment. The Wixamtree Endowment provides for the Trustees to invest the capital in petyeluity. Ho,eVer, the Triistees al their discretion iiiay allocat¢ any part of th¢ unapplied return to the general purposes of the Trust. The Jubilee Endowment Fund was established in 2017. The tem)s of the end0.Ment allow the income from the ¢apital of the fund to be unr¢slri¢ted. Fundraising ¢osts for th¢ ¢stablishm¢ni of the Endowment can be allocated to the fund. The Restricted Wixamtree Fund may only be used to make grant awards which satisfy certain conditions in the geographical area of Bedfordshire. The Restricted Allchurches Fund may only be used to grant awards w,hich assist churches insLqll root alamls to protect their roofs. Unrestricted funds comprise those funds which Trustees are free to use for any purpose in furtherance of the Trust's charitable objectives. Unrestricted funds include the designated Legacies Fund which tlie Trustees, in their discretion. have created. The Trustees intend to use the Legacies Fund to achiei'e maximutn benefit from the legacies received and, b). spreading the use of the Funds provided over four years, to proiwide longer tetill recognition of the donor's original gift. {c) Incotne All inLOtllc is r¢cogniscd onc¢ the Trust has ¢ntitlcm¢ntto th¢ incotnc or r¢sourccs, th¢rc is ccrtainty that tlic rcsources will bc rcccivcd and the Inonctary value of thc incom¢ can b¢ mea5urcd with sufficient reliability. 12
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CIWRCHES TRUST NOTES TO THE ACCOUNTS AT 31 MARCH 2024 Accounting Policies (continued) Legacy gifts are recognised on a case by case basis following the granting of probate when the adtninistratorlcxccutor for thc cstate has cotlltnunicated in writing both thc atnount and scttlcinent date. (d) Expenditure Liabilities arc recognised as exp¢nditure as soon as thcrc is a legal or constructive obligation comii)itting the Trust tc) the expenditure. All expenditure is accourtted for on an aicruals basis and is classifi¢d on a natural ¢xpens¢ basis under headings that aggregate all costs related to a parli¢ular category. Grants payable are provided when an award is approved by the Trustees, as recorded in the Trust's Ininiires, and iiotifi¢d in 'rIting to the appli¢ant. Grants r¢present th¢ amount due, in furth¢rantye of the charitable objects of the Trust, to a third party, subject to the completion of the specified conditions attaching to each grant award. (e) Charitable activities These costs principally comprise printing, including the Trust's Newsletter, stationery, postage and insurance expenses. (fj Investments Listed investments are stated at their fair value at the end of the financial year. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investsiients are calculated as the difference between sales proceeds ai)d their 0FnIng carrying value or their purchase valuc if acquircd subscquciit to thc first day of the tinancial year. Unrcalised yins and losses are calculated as the difference between the fair value at the year end and their carying valuc. Rcaliscd and unreali5ed invcstmcnt gains and losscs arc cotnbin¢d in thc Statctlleiit of Financial Activitie5. (g) Debtors D¢btors arc rcLo¥niscd at th¢ scttl¢m¢nt atnount du¢ after any tradc discount offcred. PrepayinentS are valued al the amount prepaid after taking a¢count of any trade discounts due. (h) Cr¢ditors and provisions Creditors and provisions are recognised ivhere the company has a present obligation resulting from a past event tlial will probablsw resulr in the transfer of funds tc) a rhird party and the amount due tc) settle the obligation can be measured or estimated reliably. Creditors and provisions are normally r¢cognised al their s¢ttl¢m¢nt amount after allowing for any trade dis¢ounls due. (i) Going ¢on¢ern At the time of approving the financial statements, the trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in the preparation of the financial statements. 13
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CIWRCHES TRUST NOTES TO THE ACCOUNTS AT 31 MARCH 2024 2. Voluntary Income 2024 2023 Subscriptions Doiiations Donations from Predecessor Charity Legacies Total 2,450 574,609 592 059 On 3151 Mar¢h 2024, B¢dfordshir¢ & Herifordshire Historic Chur¢h¢s Trust, esLqblished as a Charitsbl¢ Incorporated Orgaiiisalioii (CIO}, received all assels and liabilili¢s from Bedfordshire & Hertfordshire Historic Churches Trust, as the successor charity,. In accordance iwith the Charities SORP the assets and liabilities have be¢n brought in ai Iheir fair valu¢ al the dale of transfer. 3. Other Income lind Other Expenditure The amounts shown include the fees received and the related costs incurred for the Trust's annual study day and the tours ot historic churches organised for members and supporters. 4. Grant ProTrision 202312024 Grants Committed to by Predecessor charity Unyestrieted Funds Balance Forward 0110412023 Paid Carried Foard 3110312024 &t Hyde Letchworth North Mymms Pirton St Albans Watford St Charalambous St Paul Si Mary St Mary the Virgin St Julia St Michael 1,000 18,000 2,000 5,000 5.000 7.500 1,000 18,000 2,000 5,000 5,000 7,500 Total unrestricted 38,500 38,500 14
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CIWRCHES TRUST NOTES TO THE ACCOUNTS AT 31 MARCH 2024 4. Grant Provision 202312024 (continued) Restricted Funds Bal#net Forward 0110412023 Grants Committed toby Predeeessor Charity Paid Carrivd Forward 3110312024 Bedford Bluiihani Bolnhurst Chalgrave Clophill Dunton St Paul St Edmund St Dunstan All Saints St Mary the Virgin St Mary Magdalene All Saiiits. St Mary St Nicholas 20,000 10,000 5,000 2,000 10,000 2.000 6,000 10,000 10,000 6.000 10,000 4,000 5,000 1,000 10,000 10,000 2,000 20,000 i 0,000 5,000 2.000 i 0,000 2,000 6.000 10,000 i 0,000 6,000 i 0,000 4,000 5,000 1,000 i 0,000 10,000 2.000 Greilt Bartford Harlington Hockliffe Ke)wsoe Luion St Mar5, the Virgin St Christopher St Peter Pertenahall Potton St Mary the Virgin St John ihe Baptist All Saints All Saints Royswi) Southhill Sutton Toddington St George Total restricted 123,000 161.500 123,000 161,500 Total Restricted and Unre$tric¢ed S. In¢erfund Debtors and Creditors Th¢ balan¢¢s shown as amounts payabl¢ are in respect of ¢ash balances held in the Gen¢ral Fund bank accounts %Yhich are due to the designated Legacies and Endowment Funds. 6. Investments 2024 2023 COIF Fixed Interest Securities Fund 38,402 shares Market value transferred from former charity Market value adjustment Transfer 47,224 Market value as at year-end Cost 50.000 All invcstmcnts arc carried at their fair valu¢. Fixed interest securities at the bid pricc. 15
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CIWRCHES TRUST NOTES TO THE ACCOUNTS AT 31 MARCH 2024 7. Amounts paid to the Trust's Independent Examiner The following amounts were paid for the provision services by the Trust's Independent Examiner. 2024 2023 Fee for the Independent Examination 8. Trustees, Remuneration and Benefits Th¢r¢ were no tnist¢¢s' remuneration or other benefits in the y¢ar ended 31 Mar¢h 2024 nor in th¢ year ended 31 March 2023. Trll$tees) Donations In the year the following donations received from Trustees was £nil. Trllstees, Expenses During the year, no trustees were reimbursed for expenses paid personally on behalf of the Trust. The amounts paid during the year totalled to £1,080 (2023.. £nil). 9. Debtors 2024 2023 Accrued interest & dividend income Other 372 372 10. Creditors 2024 2023 Accruals & deferred incoine I l. Related Party Transactions On 31st March 2024, Bedfordshire & Hertfordshire Historic Churches Trust, established as a Charitable Incorporated Organisation (CIO}, received all assets and liabilities from Bedfordshire & Hertfordshire Historic Churches Trust as the successor charity. In accordance with the Charities SORP, the assets and liabilities have been brought in at their fair value at the date of transfer, as detailed in note 15. There were no related party transactions during the current or previous year other than those disclosed in note 8. 16
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CIWRCHES TRUST NOTES TO THE ACCOUNTS AT 31 MARCH 2024 12. Ullrestricted Fund5 CutTcnt year B#lall¢e brought foard Income Expenditure Tranyfen Gains #nd losses Funds carried forward General funds Designated funds Total 247.893 (5,964} 241,928 18,376 18,376 266,269 5,964 260,305 c.omparative year Balance brought forward Income Expenditure Trallsfers Gains and losses Funds carried fonvard General funds Designated funds Total 13. Restrieted Funds Current year Balance brought fonviird Income Expenditure Transfers Gains and losses Funds carried fonvard Wixamtree Allchurches Total 6,500 17,500 24,000 6,500 17,500 ?4.000 Comparative y¢ar Balance brought ronvard Income Expenditure Transfers Gains and o$ses carried forward Wixamlr¢e Allchurches Total 17
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CIWRCHES TRUST NOTES TO THE ACCOUNTS AT 31 MARCH 2024 14. Endoivment Funds CutTcnt year B#lall¢e brought foard Income Expenditure Tranyfen Gains #nd losses Funds carried forward Wixamlree Jubil¢¢ Total 208,613 93,178 301,790 208,613 93,178 301,790 Comparative year Balance brought forward Income Expenditure Transfers Gains and losses Funds carried fonvard Wixamtree Jubilee Total 15. Transfer lo Charitable incorporated organisation On 31 sl Mar¢h 2024, the Charity acquired the operations, assets and liabilities from an unin¢ory)ora¢ed Charity of the same name, registered Charity number 1005697 in England and Wales, as a donation for nil consideration. On this date, the tomier Charity had the following assets.. Fixed asset investments Current assets Current liabilities 47,?23 550.857 (223,472) Net assets 374,608 The net assets Ivere represented by the following funds: Capital funds Endowments 301,790 lllcome fullds Restricted 24,000 Unrestricted= Gcncral funds Designated funds 30,442 18,376 248 818 Total funds 374,608 During thc ycar, th¢ charity also rcccivcd a £200,000 cash donation from an unincorporat¢d Charity of the samc natnc, rcgistcrcd charity numbcr 1005697. 18
BEDFORDSHIRE & HERTFORDSHIRE HISTORIC CIWRCHES TRUST NOTES TO THE ACCOUNTS AT 31 MARCH 2024 16. SOFA comparative note UnrestriLted RestriLted Endom'ment Funds Funds Funds 2023 Total Fund$ Notes Income: Incomelrom generaled]wids - Income from other trading activities Donations and legacies Investment income Incoine from charitable activities Other income Total income and endowments Expellditure: Cosf ofruisin¥.fvnd5 - Fundraising costs Charitable activities Grantq a,rded to ¢hurch¢q Share of Bike 'n Hike paid lo churches Other expenditure Total expenditure Nct gainQ(105sesI on invcsttncnts Net ex enditure / income Net moi'ement in funds Reconcilialion offund Total funds brought fOard Total fund5 carried forn'ard 19