Registered Chartty No 204018 ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDING 31" DECEMBER 2024 Carpenter Box Chartered Accountants Piper House 4 Dukes Court Bognor Road Chichester P019 8FX
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST CONTENTS Page Report Cover Cor*tents Trust Information. Officers & Advisors Trustees. Report- Statement of Trustees. Responsibilities Independent Examinerf5 Report Statement of Financial Activities Balance Sheet io Notes to the Accounts IltolS
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST TRUST INFORMATION AT31° DECEMBER 2024 TRUSTEES Co-optative Mr Paul Williams Lt Col Neville C N Harris Mrjohn E Jerome MBE Reverend John WA Harvev Mr Rob Duncan NominatÉve Lt Col David Ruffle Cdr Mike Pearce RN Rear Admiral Alan Rymer Ex Officio Rev Andrew Latrfa CF 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 Alder5hot 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 RegiSted Charity No. 204018 TRUSTEES, REPORTFOR THE YEAR ENDING 31" DECEMBER 2024 OBJEcfs OF THE CHARITY The Tru5tee5 shall apply the clear income of the Chartty for the purpose of furthering the religious and other charitable work of the Chtjrch of England amongst members and foimer members of the Armed Forces of the Crown. resident or serving in the area of benefit, and the dependants of such members. and the promotion of the efficiency of the Armed Forces of the Crown by provision of benefits not normally 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 benefri and, in particular. the specific guidance on charities for the advancement of religion. MANAGEMENT OFTHE CHARITY The administration of the Chartty is carried out in accordance with The Scheme as Set out and issued by the Charity Commissioners signed and sealed on the second of JLsne nineteen eiEhty one and by the 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 Tnjstees shall consist of six Co-optative Trustees, three Nominative Trustees and one Ex-officio Tnjstee. The Co-optative Trustees shall be persons who through residence. occupation or employment or otherwise have special knowledge of the area of benefit and are appointed for a period of five years. The NominatFve Trustees shall 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 Trustees as the serving Senior Chaplain Regional Command within the defined area of benefrt. All Trustees are voluntary but are entitled to reimbursement of expenses incurred on thè business of the Trust. Existing Trustees may nominate persons to fill a vacanty for a C0ptatWe Trustee who will be invited to Stt in at a meeting and, if all agreed and approved, will be appointed by the Board of Trustees. In recent years it has become increasingly drfficult to find volunteer5 prepared to give their time and expertise as Trustee5. 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 E Jerome MBE Reverènd John WA Harvey Mr Rob Duncan Nominative Cdr Patrick T Mayfield RN Lt Col David Ruffle Cdr Mike Pearce RN to 15110124 Rear Admiral Alan Rymer from 15110/24 Col Rev Dr James Francis M8E to 15110124 Rev Andrew Latrfa CF from 15/10124 Ex Officio
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST FINANCIAL REVIEW The Trust is a direct successor to one founded in 1883. The original Trust established the Church of England Soldiers, and Sailors, Instttute in Aldershot which provided off-duty servicemen with spiritual and recreational facilsties including accommodation. As a re5vlt of competition from more modern facilities and a reduction in the size of the garrison, the Institute eventually closed its doors in 1971. The substantial freehold premises were sold the following year for £335,000 and the net proceeds passed to the present day Trust. Thus, over 140 years after tts foundation, the successor body is continuing to provide welfare and 5UPPOrt, albeit in a different form. to the Armed Forces of the Crown. With the reduction in the size of the forces and the consequential change in their organisation and structure. the Charit(s Area of Benefit has expanded overthe years to cover twelve counties. Investment Policy The Trust's investment objectrve 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 objeclive the current guidance. agreed with the i nvestment managers, Charles Stanley, is to maintain a segregated portFolio with an investment split in the rènge of: Equities 55-75%, Fixed Interest 10-25%. 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 basi5. The investment funds are subject to the Trustee Act 2000. The Trustees review the investment policy annually. Major Risks The Trustees consider that the major risks to the Trust are inflation and a signtficant fall in the stock market leading to a loss of income and devaluation of the portfolio of investments held. The portfolio is reviewed at each ordinary meeting of the Trustees and the investment m3nagers provide reports and a briefing on the portfolio's perfomiance. The portfolio 15 managed to maximise income whilst maintaining the portfolio value as far a5 P055ible in real temis. The Trustees monitor the investment manage¢s guidance on the fixed interest investment, equities and cash. The investments cover a wide spread of in(Justries and markets to minimise the iwnpact of any of the market's inherent instabilities. The Trust relies solely on the income of the investment portfolio to provide the funds for mèking grants. The Trustees tommtt 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 grants based upon future income projertions.
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST Grant Making Polity The Trust only considers grant applications through Service channels of HM Armed Forces or from gistered charitable organisations where any grant would meet the remtt of the Trust. Grants are considered for specrfic projects, not for ongoing running costs or where other sources of funding should be available through HM Armed Forces. Applications for grants through Service channels must be presented to the Trustees on one of the Trust'5 application forms which must be completed and then endorsed by the commanding officer and the Untt chaplain. Applications which come from charitable organisations with links to the armed forces must demonstrdte that the benefits from receiving the grant will frt 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 require confirmation that enough funds have also been raised elsewhere to allow the project to proceed. The Trustees always require confirmation that funds have been received and expert to receive letters of thanks once the project has been completed. Where projects are known to have been delayed. the Trustees will endeavour to keep in contact with the recipient to ensure that the project eventually proceed5 and that the Trnsys funds have been used for their specified purpose. Overview of Progress Following the COVID pandemic the Trustees realised that many things had changed. Keen to attract more grant applicants from wtthin the Armed Services of the Crown the Trust's website has been updated. They also increased their aa of benefrt to include Gloucestershire. Sornerset, Avon, Bristol. Devon and Cornwall. In order to make more Army Padres aware of the Trnst's existence it was decided to mail as many Army Padres in the Trust's area of beneftt as possible with a letter introducing the Trust and the welfare benefits available to them. Arthough inttially this has just been to Army Padres future mailings are planned. To further extend their reach in January 2024 the Trustees decided to include military Reserves 8nd Cadets as beneficiaries. The portfolio started the year at a valuation of £1.593,409 and ended valued at £1,656,385. The investment managers have provided quarterly reports which the Tnjstees have reviewed at each of their board meetings. They have kept a close watch on the investment guideline5 as the investment manèger5 have moved to a greater weighting on equities while fixed interest returns are low. The irbve5tment manager5 also continue to invest funds into overseas markets. to diversify the portfolio. Followin8 a 5UStability review with the investment m3naEets. the Trustees vieWed the portfolio objectives and agreed the investment objective focus to generate income wtthout diminishing the capital value of the portFolio in real terms. During 2024, the total investment income amounted to £62,0351£64,7731. The income of the Trust was utilised in the payment of approved grants- six grant applications were approved totalling £44,3921£11,7441 with a previously approved unused grant of £10.786 being returned to the Trust, bringing the total to £33.6061£11.7441 which represents 54% 118%) of the Trust's unrestricted income. At the end of the year the Trustees decided to transfer £40,¢XJO from income to their investment portfolio towards maintaining the capital value of the portfolio.
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST The administrative cost of managing the Trust amounted to £21,431 1£20,3621 including the honorarium of £4,600 and portfolio management fees of £14.091 IE13,7041. Reserves The reserves of the Trust amounted to £1.712.9011£1.668.8361. Out of thi5 £1,656.3851£1.593.4091 forms a restricted fund and the remainder £56,5161£75,4271 is unrestricted. The restricted fund 15 the value of the Trusvs 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 reference to the Charity Commi55ioners. but which generates unrestricted income for distribution. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are required under the Charities Act 2011 to prepare financial statements for each financial year which give a tnje and fair view of the financial attivtties of the Chartty and of its financial posttion at the end of that year. In preparing these financial statement5 the Trvstee5 are required to.. Select suttable actounting policies and apply them consistentty. b. Make judgements and estimates that are reasonable and prudent. c. State whether the policies adopted are in accordance with the Statement of Recommended Practice ISORPI 2018 for chartties applying FR5102 and with applrcable accounting standards subject to any material departures being disclosed and explained in the financial statements. d. Prepare the financial statements on a "going concern" basis, unless tt 15 inappropriate to assume that the Charity will continue to operate. e. Restrict Investments in the normal way for Capital Funds of an endowment under the Trustee Act 1981. The Trustees are 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 with applicable law and regulations. They are responsible for safeguarding the assets of the Charty and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularwtie5. We, the Trustees confirni the above have been applied and are true. APPROVAL: This report was approved by the Board ofTru5tees on .... signed on its behalf by 2015 . and was Mr Paul Williams Chaimian
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST I report to the trustees on my examination of the financial statements of Aldershot Church of England Services Trust (the charity} for the year ended 31 December 2024. Responsibilities and basis of report As the trustees 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). l port in respect of my examination of the charrW5 financial statements carried out unLler section 145 of the 2011 Act. In carrying out my examinatiorb I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent e]Eaminerfs statement I have completed my examination. I confimi that no 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 2011 Act.. or the financial statements (Jo not accord wtth those records: or the financial statements do not compty with the applicable requirements concernin8 the form and content of accounts set out in the Chartties (Atcounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come acro55 no other matters in connertton with the examination to which attention should be drdwn in this report in order to enable a proper understanding of the financial statements to be reached. Claire Norwood Bsc FCA ATII .1610712025 Carpenter Box Piper House 4 Dukes Court Bognor Road Chichester West Sussex P019 8FX
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST STATEMENT OF FINANCIAL A1VITIEs FOR THE YEAR ENDED 31" DECEMBER 2024 Total 2024 Total 2023 Notes Restricted Unrestricted Income from Investments 62,035 62,035 64,773 Total Income 62,035 62,035 64,773 Expendilure on Raising Funds Charitable ActNities 14,091 14,091 40,946 13,704 18,402 Sto9 40,946 Total Expenditure 14,091 40,946 55,037 32,106 Net Gains/ (Losses) on Investments 37.068 37,068 53.718 Transfer io 40,O¢KJ Net income / expenditure & Net Movement of funds for the Year 62,977 -18,911 44,066 86,385 Total Funds Brought Forward Total Funds Carried Forward 1.593,409 75,427 1,668,836 1,582,451 1.656,385 56,516 1,712.901 1,668,836
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST BALANCE SHEEf AS AT 31" DECEMBER 2024 Notes Restricted Unrestricted 2024 2023 FIXED ASSETS Investments li 1,597,082 1.597.082 1.518,311 Investment Managers, Capital Account 12 59.303 59.303 75.098 TOTAL 1,656.385 1.656,385 1.593,409 CURRENT ASSETS Investment Managers. Income Account Cash at Bank 13 5.176 5.176 4,152 53.132 53,132 72,944 LIABILITIE5 Creditors.. Amounts falling due within one year 16 1,792 1.792 1,669 Net Current Assets 56.516 56.516 75,427 Net Assets 1.656,385 56,$16 1,712,901 1,668,836 THE FUNDS OF THE CHARITY 1,656.385 56.516 1.712,901 1,668,836 Approved by the Board of Trustees and stgned on their behalf Mr Paul Williams Chairman io-
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31" DECEMBER 2024 l. Accountin olicies Charity infomiation The Aldershot Church of England SerVis 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 with "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying the Financial Reporting Standard applicable in the UK aftd Republic of Ireland IFRS 1021 and UK Generally Accepted Accounting Practice as it applies from l January 2019. The charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared rn sterlin& which is the functional currency of the charity. Monetary amounts in these financial stJtement5 are rounded to the nearest £. The accounts have been prepared on the historical cost convention. modified to include the revaluation of certain financial instnjments at fair value. The principal accounting policies adopted are set out below. The thartty has taken advantage of the provFSions 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 trustees have a reasonable expertation 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 preparing the accounts. 1.3 Incoming resources Investment income plu5 associated tax recoverable is credited to income on an accruals basis, using dates dividends are received 3nd daily accnjal 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 fund5 have been designated for other purposes. Restricted funds are subjett 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 expended Costs of generating funds comprise stockbrokerfs fees payable for the management o* the Trust's investment portfolio which provided income for the charty. 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 charity. Governance costs include those costs associated WTth meeting the constitutional and statutory requirements of the char.ity 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-term liquid investments wtth original maturities of three months or less, and bank overdrafts. 1.7 Financial instruments The charity has elected to apply the provisions of Section 11 '8asic Financial Instrument5. and Section 12 '0ther Financial Instruments 15sues' of FRS 102 to all of its financial instrument5. Financial instruments are recognised in the charty's balance sheet when the tharity becomes pèrty to the contractual provisions of the instrument. li
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST Financial assets and liabilities are offset, with the net amounts psented in the financial statements, when there is a legally enforceable right to set off the recognised amount5 and there 15 an intention to Settle on a net basis or to realise the asset and settle the liability simultaneously. Busicfinanciol t755ets Basic financial assets. which include debtors and cash and bank balance5, are initially measured at tran53Ction price including tran5artion costs and are subsequently carried at amortlsed cost using the effective interest method unless the arrangement constrtute5 a fsnancing 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 within one year are not amortised. Bosicfinonciol liabilities Basic financial liabilities. including creditors and bank loans are initially cOgnISed at transèction price unle55 the arrangement constitutes a financing transaction, where the debt instrument 15 measured at the present value of the future receipts discounted at a market rate of interest. Financial liabrltties classtfied as payable within one year are not amortised. Debt instruments are subsequently Carried at amortised cost, using the effertÉve interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities rf payment 15 due within one year or less. If not, they are presented as non-current liabilities. Trade creditor5 are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition offinonciol liabilities Financial liabilities are decOgnised when the charitS contractual obligations expire or are discharged or Cancelled. 1.8 FiKed Asset Investments Fixed asset investments are initially measured at transactioft price excluding transaction c05ts. and are subsequently measured at fair value at each reporting date. Change5 in fair value are recognised in net incomellexpenditurel for the year. Transattion costs are expensed as incurred. 2. Critical accountin estimates and ud ements In the application of the chartt¥s accounting policies. the trustees are required to make judgements, estimate5 and assumptions about the carrying amount of assets and liabiltties that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiente and other factors that are considered to be relevant. Actual results may differ from these estimate5. The e5tirnates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the eStIate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 12-
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST NOTES TO THE ACCOUNTS 3. INVESTMENT INCOME Income from listed investment Unrestricted Restricted 2024 £62.034.80 2023 £64,772.94 Interest Receivable on Cash Dewjsits Total £0.00 £64,772.94 £62.034.80 4. COStS of FiAISING 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 is not recoverable by the Trust. 2024 £14.091.10 2023 £13,704.04 Charles Star)ley Management Fees Legal and Professional Fees 5. CHARITABLE ACTIVITIES 2024 £33,606.(X) £7339.66 £40.945.66 2023 £11.743.78 £6,658 43 £18.402.21 Grants payable Isee note 61 Share of governance costs (see note 71 Total 6.GRANTS The grants payable figure of £44.392 for 2024 relates to 6 approved applications. In the year the Trust received the return of unused grant of £10,786 from previous years, this has been offset against grant expenditure for the year. All Erants approved were wtthin the Trust's remit and to organisations. Organisatiori Type Number of Grants Value of Grants Approved SASRA £1,900 CESSAC £17,442 Sea Cadets £22,000 Aldershot Garrison Church £850 Soldier Academy £2,200 Unspent Grant Returned -£10,786 £33,606 Total 7.GOVERNANCI COSTS 2024 £4,600.00 £307.26 £424.80 £1863.60 £144.00 2023 £4.200.00 £203_36 £404.55 £1,706.52 £144.00 £6.658.43 Honorarium Stationery, Postage & Honorarium Expenses Trustee Travel Expenses Independent Examiners fees Website Total £7.339.66 Analwd between Chèritable Activities £7,339.66 £6.658.43 13
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST 8. INDEPENDENT EXAMINATION The cost of th8 Independent Examination for the 2023 accounts whith was paid for during 2024 was £ 1,740. The planned cost for the 2024 Independent Examination is £ 1.792.20. 9.TRUSTEES' EXPENSES All Trustees are allowed to claim expenses incurred on the business of the Trust. Trustees, claims for mileage during 2024 were paid at 45p per mile. Expense Type Number of Trustees Claimed Mileage None of the Trustees received any remuneration during the year12023.' none) Amount Claimed £424.80 10. TRANSFERS The transfer relates to £40.000 of unrestricted funds that were added to the investment fund with Charles Stanley. 11. INVESTMENTS 2024 Market Value 2023 Market Value £193,799 £547,594 Listed Investments Cost Cost UK Fixed Interest UK Equities Overseas Fixed Interest OveTsea5 Equities Propertv Mixed Inve5tmentS Alternatives Total £241,061 £376,030 £242,886 £500.321 £190,294 £432,183 £507,532 £88.618 £74,644 £46,509 £1,334,394 £676,531 £59,941 £71.063 £46.340 £1.597.082 £434.718 £63.805 £124,510 £81,328 £1,326.838 £538,705 £38,263 £115,705 £84,245 £1,518.311 Included in the above are the following investments in excess of 5% of the portfolio value.. Cost Market Value None None £69,417 UK Fixed Interest Mixed Investments Overseas Investments Schroder Unwt Trusts US £104,887 6.57°A 12.INVESTMENT MANAGER'S- CAPtTAL ACCOUNT 2024 2023 Investment ManaEerf5 Capr(al Account £59.303.37 £75,098.27 This account shows the balance of investments that had not been re-invested in the portfolio as at the 31" December. 13.INVESTMENT MANAGERS- INCOME ACCOUNT 2024 2023 Investment Managerf5 Income Account 5,176.25 4,151.37 This account shows the balance of the dividend income that is due to be paid to the Trust as at 31" December. 14-
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST 14.MOVEMENT IN INVESTMENTS Market value at 01.01.24 Additions Valuation changes Disposals Market value 31.12.24 £1,518.311 £162,574 £40,117 £123,920 £1,597,082 Carrying amount at 31.12.23 Carrying amount at 31.12.24 £1.518,311 £1,597,082 The investmerts are measured at fair value with reference to the market value of the investment fund. 15. FINANCIAL INSTRUMENTS 2024 2023 Carrying Amount of Financial Assets Instruments measured at fair value through profit or loss. £1,656,385 £1,593,409 16. LIABILITIES. Credttors, Amounts falling due within one year 2024 £1,792 £1,792 2023 £1.669 £1.669 Independent Examiners fees Total 17. EMPLOYEES. During the year the Trust had no employees12023: nonel 18. RELATED PARTY TrANSACTIONS. There were no related party transaction5 during the period. 12023=nonel Is-