Registered Charity No 204018 ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDING 31" DECEMBER 2023 Carpenter Box Chartered Accountants Piper House 4 Dukes Court Bognor Road Chichester P019 8FX
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST CONTENTS Page Report Cover Contents Trust Information. Officers & Advisors Trustees, Report- Statement of Trustees. Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet io Notes to the Accounts Ilto15
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST TRUST INFORMATION AT 31. DECEMBER 2023 TRUSTEES Co-optative Mr Pavl Williams Lt Col Neville C N Harris Mrlohn E Jerome MBE Reverend john WA Harvey Mr Rob Duncan Nominative Cdr Patrick T Mayfield RN Lt Col David Ruffle Cdr Mike Pearce RN Ex Off icio Col Rev Dr james Francis MBE Clerk to Trustees Christine Thirkell CHARITY NUMBER 204018 OFFICE clo Christine Thirkell 12 New Odiham Road Alton Hants GU34 IQD BANKERS NATWEST Bank 30 Wellington Street Aldershot Hants GUII IEB INVESTMENT MANAGERS Charles Stanley & Company Limited Ropemaker Place 25 Ropemaker Street London EC2 9LY INDEPENDENT EXAMINERS Carpenter Box Chartered Accountants Piper House 4 Dukes Court Bognor Road Chichester P019 8FX
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST Registe Charity No. 204018 TRUSTEES. REPORT FOR THE YEAR ENDING 31° DECEMBER 2023 OBJEcfs OF THE CHARITY The Tru5tee5 shall apply the clear income of the Charity for the purpose of furthering the religious and other charitable work of the Church of En8land amongst members and former members of the Armed Forces of the Crown. resident or serving in the area of benefit. and the dependanls of such member5, and the promotion of the efficiency of the Armed Force5 of the Crown by provision of benefits not normal provided out of funds of the Exchequer in accordance with The Scheme dated 2" June 1981. as later amended. When planning activities for the year. the Trustees have considered the Charity Commission's guidance on public benefit and. in particular. the specific guidance on charitie5 for the advancement of religion. MANAGEMENT OFTHE CHARITY The adMinistraton of the Charity is carried out Fn accordance with The Scheme as set out ènd issEJed by the Charily Commissioners signed and sealed on the second of June nineteen eighty one and by Ihe Scheme varying the Scheme signed and sealed on the fifth day of December nineteen ninety four and the eighteenth day of April 2013. The body of Trustees shall consist of six Co-optative Trustees, three Nominative Trustees and one Ex-officio Trustee. The Co-optative Trustees shall be persons who through residence. oc¢upation or employment or otherwise hJve special knowledge of the area of benefit and are appointed for a period of five years. The Nominative Trustees shèll be appointed by the Council of the Church of England Soldiers. Sailors, & Airmen's Clubs for a period of four years. The Ex-officio Trustee shall be selected by the Trustee5 as the seNing Senior Chaplain Regional Command within the defined area of benefrt. All Trustees are voluntary but are entitled to reimbursement of expenses incurred on the busines5 of the Trust. Existing Trustees may nominate persons to fill a vacancy for a Co-optalive Trustee who will be invited to sit in at a meeting and, if all agreed and approved, will be appointed by the Board of Trustees. Trustees who served during the year and at the time of approval were= Co-optative Mr Paul Williams Ichairmanl Lt Col Neville C N Harris Mrjohn Ejerome MBE Reverend john WA Ha¥vev Mr Tim HR Milbank to 1711/23 Mr Rob Duncan from 1711123 Nominative Cdr Patrick T Mayfield RN It Col David Ruffle Cdr Mike Pearce RN Ex Officio Col Rev Drjames Frantis MBE
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST FINANCIAL REVIEW The Trust is a direct SLFccessor to one founded rn 1883. The original Tnjst established the Church of England Soldiers, and Sailors. Institute in Aldershot which provided off-duty Seicemen with spiritual and recreational facilities including accommodation. As a result of tompetltion from more modern facilities an(1 a dUCtIon in the size of the 8arri50n, the Instttute eventually closed its doors in 1971. The substantial freehold premises were sold the following year for £335,OCM) and the net proceeds passed to the present day Trust. Thus. over 140 years after its foundation. the successor body is continuing to provide welfare and support. albeit in a different form, to the Armed Forces of the Crown. With the redurtion in the size of the forces and the consequential thènge in their organi5ation and strncture. the Charity's Area of Benefit has expanded over the years to covertwelve counties. Investment Policy The Trust's investment objective is to obtain maximum income compatible with a medium low balanced level of risk. The level of risk applies to the portfolio as a whole rather than the individual Stocks and shares. In furtherance of this objective the current guidance, agreed with the i nvestrnent managers, Charles Slanley, is to maintain a 5e8regated portfolio with an investment split in the range of: Equities 55-75%. Fixed Interest 1&25%. Mixed Investments Nil-IO%. Alternatives Nil-7.5%, Commercial Property Nil-7.5%, Cash Nil-7.5%. The appointed investment managers manage the portfolio on a discretionary basis. The investment funds are subjert to the Trustee Act 2000. The Trustees review the investment policy annually. Major Risks The Trustees consider that the major risks to the Trust a inflation and a Significant fall in the stock market leading to a loss of income and devaluation of the portfolio of investments held. The portfolio 15 reviewed at each ordinary meeting of the Trustees and the investment manager5 provide reports and a briefing on the portfolio's perfom)ance. The portfolio 15 managed to maximise income whilst maintaining the portFolio value as far as possible In real temis. The Trustees monitor the investment manager's guidance on the fixed interest investment. equities and cash. The investments cover a wide spread of industries an(J markets to minimi5e the imp3Ct of any of the market's inherent inst3bilities. The Trust relie5 solely on the income of the investment portfolio to provide the funds for making Brants. The Trustees commit to grants based on the merits of the applications and the availability of funds as at the date the request is considered,. they do not commit to making gfants based upon future income projections.
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST Grant Making Policy The Trust only considers grant applications through Setvice channels of HM Armed Forces or from registered charitable orEanisations where any grant would meet the remit of the Trust. Grants are considered for specrfic projects, not for ongoing wnning costs or where other sources of funding Should be available through HM Armed Forces. Applications for grants through Service channels must be psented to the Trustees on one of the Tnjst's application forms which must be completed and then endorsed by the comvnanding officer and the Unit chaplain. Application5 which come frot charitable organisations with links to the armed forces must demonslrate that the benefits from receiving the grant will ftt within the ethos and remit of the Aldershot Church of England Services Trust. The Trust may pledge a contribution towards larger projects, but before releasing it they will reqLsire confirmation that enough fund5 have also been raised elsewhere to allow the projert to proceed. The Trusiees always quIre confirmation that funds have been received and expect to receive letter5 of thanks once the project has been completed. Where projetts are known to have been delhyed, the Trustees will endeavour to keep in contact with the recipient to ensure that the project eventually proceeds and that the Trust's funds have been used for their specified purpose. Ovenriew of Progress Following the COVID pandemic the Trustees realised that many things had changed. Keen to attract more grant applicants from within the Armed Services of the Crown the Trust's website has en updaled. They also increased theii area of benefit to include Gloucestershire, Somer5et. Avon, Bristol. Devon and Cornwall. In order to make more Army Padres aware of the Trust's existence it was decided to mail as many Army Padres in the Tnjst's area of benefit as possible wrth a letter introducing the Trust and the welfare benefits available to them. Although initially thi5 has just been to Army Padies it is planned that future mailings will include Padres in the Royal Air Force and Royal Navv. The portfolio started the year at a valuation of £1,523,395 and ended valued at £1,593,409 The investment managers have provided quarterly reports which the Trustees have reviewed at each of their board meetings. They have kept a close watch on the investment guidelines as the i nvestment managers have moved to a greater weighting on equities while fixed interest returns are low. The investment managers a150 continue to invest funds into overseas markets, to diversify the portfolio. Following a 5Ultability review with the investment managers. the Trustees reviewed the portfolio objectives and agreed the investment objective focus to generate income without diminishing the capital v31ue of the portfolio in real terms. During 2023. the total investment income amounted to £64,7731£61.7401. The income of the Trust was utilised tn the payment of approved grants.. three grant applications were approved totalling £11.7441£36,3001 which represent5 18%159%1 of the Trusys unrestricted rncome. In view of the few grant application5 received in 2023 the Trustees decided to transfer £30,000 from *ncome to their investment portfolio towards maintairbing the capttal value of the portfolio.
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST The administrative cost of managing the Trust amounted to £20.362 1£20,6071 including the honorarium of £4.2(K) and portfolio management fees of £13.7041£14.3771. Reserves The reserves of the Trust amounted to £1,668.8361£1,582,4511. Out of this £1,593,4091£1.523,3951 forms a restricted fund and the remainder £75.427 1£59.0561 is unrestricted. The restricted fund is the value of the Tmst's investment portfolio plus any balance in the capital account, i.e. the proceeds of disposals awaiting re-investment, which may not be distributed without prior ference to the Charity Commissioners. but which generates unrestrirted income for distribution. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees a required un(ler ihe Charities Act 2011 to prepare financial statements for each finèncial year which give a true and fair view of the financial activities of the Charity and of its financial position at the end of that year. In preparing these financial statements the Trustees are required to.. a. Select suitable accounting policies and apply them consistentlv. b. Make judgements and estimates that are reasonable and prudent. State whether the policies adopted a in accordance with the Slatement of Recommended Practice ISORPI 2018 for charities applying FRS102 and with applicable accounting standards subject to any material departures being disclosed and explained in the financial statements. d. Prepare the financial statements on a '8oing concern" basis, unless it is inappropriate to assume that the Charity will continue to operate. Restrict Investments in the normal way for Capital Funds of an endowment under the Trustee Act 1981. The Trustees ale responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial posttion of the Charity and enable them to ensure that the financial statements comply wtlh applicable law and regulations. They are responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. We. the Trustees confirm the above have been applie(l and are true. APPROVAL: This report was approved by the Board of Trustees on ... signed on Tts behalf by and was Mr Paul Williams Chairman
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST INDEPENDENT EXAMINER'5 REPORT TO THE TRUSTEES OF ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST I report to the trustees on my examir7ation of the financial stalements of Alder5hot Church of England Servi5 Trust Ithe charity) for the year ended 31 December 2023. Responsibilities and basis of report the truslees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respert of my examir)ation of the charitS financial statements carried out under section 145 of the 2011 Art. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under 5ectiOT) 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examination. I Confir that no mètters have come to my attention. in connection with the examination gNing me cause to believe that in any material respect.. accounting records weie not kept in respect of the charity as required by section 130 of the 2011 Art,. or the financial statement5 do not accord with those records- or the financial statement5 do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities IAccounts and Reports) Regulations 2(N)8 other than any requirement that the accounts give a true and fair view which is not a matter considered a5 part of an independent examination. I have no concerns ènd have come across no other matters in connection with the examination to which attention shoul(1 be drawn in this report in order to enable a proper understanding of the financiol statements to be reached. Claire Norwood Bsc FCA ATII Dated.. 1611012024 Carpenter Box Piper House 4 Dukes Court Bognor Road Chichester West Sussex P019 8FX
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDEO 31" DECEMBER 2023 Total 2023 Total 2022 Notes Restricted Unrestricted Income from Investments Total Income 64,773 64,773 64.773 64.773 61,740 61.740 Expenditure on Raisin Funds Charitable Activities 13.704 13,704 18.402 14,377 42,530 5t09 18.402 Total Expenditure 13.704 18,402 32,106 56,907 Net Gain51 ILosse51 on Investments 53.718 53,718 -203.645 Transfer io 30,(MXJ -30.0(YJ Net income l expenditure & Net Movement of fun(Is for the Yeai 70,014 16,371 86.385 -198,813 Total Funds Brought Forward Total Funds Carried forward 1,523,395 59.056 1.582.451 1,781,264 1,593.409 75.427 1,668,836 1.582,451
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST BALANCE SHEET AS AT 31" DECEMBER 2023 Notes Restricted Unrestricled 2023 2022 FIXED A55ETS Investments li 1.518,311 1.518,311 1.475.221 Investment Managers, Capital Account 12 75.098 75.098 48,174 TOTAL 1.593,409 1,593,409 1,523,395 CURRENT ASSETS Investment Managers, Income Account C35h at Bank 13 4.152 4,152 2,445 72.944 72,944 58,193 LIABILITIES Credilors= Amounts fallin 16 due withÉn one year 1.669 1,669 1,582 Net Current Sets 75,427 75,427 59,056 Net Assets 1.593.409 75,427 1.688.836 1,582,451 THE FUNDS OF THE CHARITY 1.593.409 75,427 1.668,836 1,582.451 Approved by the Board of Trustees and signed on their behalf Mr Paul Williams Chairman Date. io-
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31" DECEMBER 2023 ountin olities Charity information The Aldershot Church of England Services Trust is an unincorporated charity registered number 204018. The registered office is 12 New Odiham Road. Alton. Hants. GU34 IQD. 1.1 Accounting convention These accounts have been prepared in accordance wilh -Accounting and Reporting by Charities~ the Statement of Recommended Practice for charities applying the Financial Reporting Standard applicable in the VK and Republic of Ireland IFRS 1021 and UK Generally Accepted Accounting Practice as it applies from l January 2019. The charity is a Public Benefit Éntity as defined by FRS 102. The accounts are prepared in sterlbng. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prep3fed on the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are sel Out below. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 not to prepare a Statement of Cash Flows. 1.2 Going concern At the time of approving the accounts. the tmstees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the gohng concern basis of accounting in preparing the accounts. 1.3 Incoming resources Investment income plus associated tax recoverable is credited to income on an accruals basis. using dates dividends are received and daily atcrual for interest. 1.4 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. 1.5 Resources empended Costs of generating funds comprise stockbrokerfs fees payable for the managemeni of the Trust's investment portfolio which provided income for the charity. VAT is included which is not recoverable by the charity. Charitable expenditure comprises grants that are paid in accordance with the declared objectives of the charsty. Governance cost5 include ihose cosls associated with meeting the constitutional and statutory requifements of the charity and include fees and costs linked to the strategic management of the charity. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-lerm liquid investments with original maturities of three months or less. and bank overdrafts. 1.7 Financial instruments li
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST The charity has elected to appty the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instnjments. Financial instruments are reco to the contractual provisions o nised in the charity's balance sheet when the charity becomes party the Instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to Set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Bosi¢fint7ncial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at tr3n5aCtion price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of Interest. Financial assets classified as receivable wtthin one year are not amortised. Bosicfinonciol liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transartion price unle55 the arrangement constitutes a financing transacrion. where the debt instrument 15 measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified a5 payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest fate method. Trade £redFtors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classrfied as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilil*es. Trade creditors are reco8nised inttially at transactiorb price and subsequently measured at amortised cost usinE the effective interest method. Derecognition offinonciol liobilities Financi31 liabilitie5 are derecognised when the CharItS contractual obligations expire or a discharged or cancelled. 1.8 Fixed Asset Investments Fixed asset investments are initially measured at transaction price excludin are subsequently measured at fair value at each reporting date. Changes in tran5aclion costs, and air value are recognised in net Income/lexpenditUj for the year. Transaction costs are expensed as incurred. 2. Critical accountin estimates and ' ements In the application of the chariws accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabiltties that are not readily apparent from other sources. The estimates and 3ssociated assumptions are based on historical experience and other factors that are considered to be relevarit. Actual resulis may dtffer from these estimate5. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountin revision a estimates are recognised in the period in which the estimate 15 revised where the etts only thèt period, or in the period of the revision and future period5 where the revision affetts both current and future periods. 12
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST NOTES TO THE ACCOUNTS 3. INVESTMENT INCOME Income from listed investment Unrestricted 2023 £64,772.94 2022 £61,739.70 Restricted Interest Receivable on Cash DeposrÉs Tota £000 £64,772.94 £0.00 £61.739.70 4. COSTS of RAISING FUNDS These are the investment manager's charges for the management of the investment portfolio which provides the income for the Trust. The charges include VAT which 15 not coverable by the Twst. 2023 £13.704.04 2022 £14,376 82 Charles Stanley Management Fees Legal and Professional Fees 5. CHARITABLE ACTIVITIES 2023 £11,743.78 £6,658.43 £18.402.21 2022 £36.300.00 £6,230.37 £42.530.37 Grants a able (see note 61 Share of governance costs lsee note 71 Total 6.GRANTS The grants payable fi8ure of £11.744 for 2023 relates to 3 approved applications. All grants approved were within the Trust's remit and to organi5alion5. Organisation Type Number of Grants Value of Grants Approved 5ASRA £843.78 CESSAC (Aldershot Welfare Hub) £9,600.00 RMAS £1,300.00 £11.743.78 Totsl 7.GOVERNANCE COSTS 2023 £4,200.00 £203.36 £404.55 £1.706.52 £144.00 £6.658.43 2022 £4,000.00 £160.21 £388.(K) £1,610.16 £72.00 £6.230.37 Honorarium Stationery, Postage & Honorarium Expenses Trustee Travel Expenses Independent Examiners fees Website Total Analysed between Charitable Artivities £6.658.43 £6,230.37 13-
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST 8. INDEPENDENT EXAMINATION The cost of the Independent Examination for the 2022 accounts which was paid for during 2023 was £1,620. The planned cost for the 2023 Independent Examination is £1,669 9.TRUSTEES' EXPENSES All Trustees are allowed to claim expenses incurred on the business of ihe Trust. Trustees. claims for mileage during 2023 were paid at 45p per mile. Expense Type Mileage None of the Trustees received any remuneration during the year12022'. none) Number of Trustees Claimed Amount Claimed £404.55 10. TRANSFERS The transfer relates to £30,1)Xl of unrestricted funds that were added to the investment fund with Charles Stanley. 11. INVESfMENTS 2023 Market Value 2022 Market Value £118,693 £511.217 Listed Investments Cost Cost UK Fixed Interest UK Equities Overseas Fixed Interest Overseas Equilies Propertv Mixed Investments Alternatives Total £190,294 £432.183 £193,799 £547,594 135,940 £425,876 £434.718 £63,805 £124.510 £81.328 £1.326.838 £538,705 £38,263 £115,705 £84,245 £1.518.311 E440,340 £63,805 £124,510 £141,805 £1,332,276 £522,D66 £35,322 £113,483 £174,440 £1.475.221 Included in the above are the following investments in excess of 5% of the portfolio value.. Cost Market Value None None UK Fixed Interest Mixed Investments Overseas Investments Schroder Unit Trusts US £69,417 £89,796 5.91% 12.INVESTMENT MANAGER'S-CAPITAL ACCOUNT 2023 2022 Investment Mana erfs Capital Account £75,098 27 £48.173.78 This account shows the balar)ce of investments that had not been re-Énvested in the portfolio as at the 31° December. 14
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST 13.INVESTMENT MANAGERS-INCOME ACCOUNT 2023 2022 Investment Manager's Income Account 4,15137 2,445 15 This account shows the balance of the divHlend income that is due to be paid to the Trust as at 31. December. 14.MOVEMENT IN INVESTMENTS Market value at 01.01_23 Additions Valuation changes Disposals Market value 31.12.23 £1,475.221 £183,442 £59,720 -£200,072 £1.518,311 CarryÈng amount at 31.12.22 Carrying amount at 31.12.23 £1.475.221 £1.518,311 The investments are measured at fair value with reference to the market value of the investment fund. 15. FINANCIAL INSTRUMENTS 2023 2022 Canying Amount of Financial Assets Instruments measured at fair value through profit or loss. £1,593.409 £1,523.395 16. LIABILITIE5. Creditors, Amounts falling due wtthin one year 2023 £1.669 £1,669 2022 £1,582 £1,582 Independent Examifters fees Total 17. EMPLOYEES. During the year the Trust had no employees12022: none) 18. RELATED PARTY TRANSACTIONS_ There were no related party transartions during the period. 12022:nonel 15-