Charlty number: 209148 THE CHURCH AND TOWN ESTATE PROPERTY CHARITY UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER2024 THE CHURCH AND TOWVN ESTATE PROPERTY CHARrrY CONTENTS Page Reforonce and admlnlstradve detslls of the chartty. Its Trustses and advlsers TrusteÈ$' report Independent oxaminerfs report Stalement ol flnanclal aGtMtles Balanco sh••t No108 to the flnanclal 8tatements 8-16 THE CHURCH AND TOWN ESTATE PROPERTY CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHAft￿y, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 310ECEMBER 2024 Tru8te08 B Ma5terson. Hempnall Trust (Chairman) C Bames, Hempnall Trust P Brookes, Edurational Foundation R Eagle. Educational Foundation D Hook, Education81 Foundation G Munson, Hempnall Ttusl (Resigned 17 March 20241 D Scott, Hempnall Trust C R(xYger, Hempnall Trust D Trevanion, Educational Foundatlon Williams. Hernpnall Trust P Ba18s. Hempnall Tntst H Gray, Hempnall Trust J Gray, H8mpnall Trust H Grwm. Hempnall Trust N Ireson, Hempnall Tnjst M Sparham. Educational Foundation & Churth Eslats Charfty J Turner, Educational Foundalion & Church Eslale Ch￿lty L Chapman, Vicar (Resigned 15 February 20241 S Moss, Hompnall Trust lappointod 11 April 20241 Charity r•gl8tergd numbor 209148 Prfncipal offlce Karfnya, Bung8y Road, Hempnall, Norwith. NR15 2NG Independent examlner Larking Gowerb LLP. 1st Floor Pros￿1 House. Rouen Road, NoTwlch. NR1 1 RE Investm8nt Managers Barratt & Cooke. 5 Opie Street. Nwich. Norfolk, NR13DW, (from 25 April 2024} Page 1 THE CHURCH AND TOWN ESTATE PROPERTY CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustses present their annual report together Kmth the flnancl81 sLgtements of the chadty for the 1 January 2024 to 31 Decembei 2024. ObJectlv95 and aGtlvltles . Objedives and actlvitie$ The main objects of the charity are to divide the clear income of the tharily into four eqLBI parts and lo pay one of such parts to the trustees of the Town Estate Educational FouThJalion as the 8ndo￿nent of that foundallon, amther of such parts to the Trustees of the Church Estate Chartty a8 the endownenl of that charlty and thg remaining tTho of such parts to the Trustees of the Hempnall Trust as the endowment of that charlty. Incom& is received as dividends and interest from the charitys investment p￿rOllO. Bank interest a￿1 rents from the Chari￿8 proFéty are also received. In 89tting objedive$ and pLanning for activities. the Trustees have given due ￿nsideratIon to general guidance published by thg Charity Commiwon relating lo publiG benefit. includlng the guidance'Public benefrt: runniNJ charity (PB21'. b. Actlvttles undertaken to achleve objedves The income ts the year is £46,971 <2023: £39,715). and after property malntenance and admln15tratlve expenses Ihere a distributable income available to th8 related charities of £36.03312023'. £34.267). ¢. Grant4naklng pollcle8 Except for the oJsts of managing the tharity. its propety and listed inveslments, all income is dispersed to the related eharitles. Achlevements and perlonnanco a Investsnont pollcy The Irustees aim through the charitys Investment wlicy is to bal8rK8 capital growth wth income retums In order for the charfty to generate funds to meet the current futur8 needs of the beneficiaries of the related charities. Flnancl81 revlew a. ReseThes pollcy The Trustees have followed the advice glven by the Charfty CommIs￿on. and Investm￿ts provid81)olh capltal growih and Income sufficient to meet the needs of the related charities. AJI funds are eThJo￿Ed funds, and all net Inc4)m8 Is dl8tribLtted to th8 relal8d charlties as it is received. Henct no free reserves arrse. ErK1owm￿rt fund$ at 31 De¢&mb&r 2024 £1,785.068 (2023.. £1.794,655). Page 2 THE CHURCH AND TOWN ESTATE PROPERTY CHARtrY TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 8truGture¥ governance and management a. Constitutlon The Church and Town Estat6 Propety Charity Is wlstered 88 a charlty and bfds conslitLrted by a Charfty Commission Scheme on 23 Febnjary 1917 varied by an order dated 16 February 1978. b. Related party relatlonshlps The charity sh8re8 common wntrol the followlng char￿les.. The Hempnall Trust-150%1 The Town Estate Educational Foundation - (25%) The Church Estste Charity (Hempnalll -125%) Th8 Church 8nd Tovm Estate Property Charity IHempnAII} provides funding for the above charities and the percentages represent th6 proportion of net income they each recelve from th& distribution. The Trustees of each of the related charities also seTV& as trustèes for this charity. Transaction8 betsv88n the related charities arg set out in notes S and 6. The mathods adopted for the recruitment and appointment of new Trustses therefore follow the policies adopted by tho ralaled charitles. as disclosed in their financial ststemonts. statement of Trustè88' respon8lblltties The Trustees are responslble for preparing the Twst888' report 8Th1 tho finand81 statements in accordance wth applicable law a￿1 United Kingdom Acwunling Slantlards (United Kingdom Generally Accepted Accounting Practice). The law appliCa￿e to chariknes in England & Wales requires the Tw¥tees to prepare financial ststements for 6ach financial which give a true and fair view of the state of 8ffairs of the charity and of ils Ino)mlng rasources and application of resources, including its income and expenditure. for that perlod. In prepariro th88e financial statements. the Twslees are requlred 10.. select sultsble 8CC4)unting policies and then apply them consistentty. observe the Metr￿d$ and prfnaples of the Cha￿￿e5 SORP IFRS 102),. make judgments and awjunting estimates lh* are reasonabla and prudent; state whether applicable UK Accounting St8ndards IFRS 102) hav6 been foll¢)wed, subject to any malerial departures disclosed 8nd 8xpLqined in the financlal ststements. prepare the financial statements on the going concem basis unlèss It Is Inappropriate to presume that the charity will ￿ntinue in business. The Trustees are responsible for keeping ad8qUOte accounting records that are sufflcient to Show and explain the Gharity's transadions and disdose with reasonable accuracy at any Ime the financial po8itfon of the Gharity and enable them lo ensure that the financial statements comply wSlh the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2C#J8 and tha provislons of the Charity Commission Scheme. They èr also responsible for saf¢guardlng the ass8ts of the charity and hence for takir¥J reasonabJ8 St8ps for the prevenllon and detecllon of fraud and other Irregularities. Page 3 THE CHURCH AND TOWN ESTATE PROPERTY CHARfTY TRU8TEES' REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Appro d by order f the members of the tjoard of Truslees and signed on thelr behalf by.. B Ma6teT50n Chair of Trnstees Date: Pagg 4 THE CHURCH AND TOWN ESTATE PROPERTY CHARrrY INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Indepondent examlneVs report to the Truste8s of The Church and Town Estate Property Charity ('the ¢harty'l I report to the charity TFU8tees on my examinat￿n of the accounts of thg ch￿ty for the year ended 31 Decamber 2024. R•¥ponslbllltl88 and basis of report As the Tru51e8s of tho chority you are responslble for the preparation of the accounts In accordance wtth the requirements of Ihfj Charities Act 2011 Ilha 2011 Acfl. I report in respect of my examination of the charitys accounts carried out urKler section 145 of tho 2011 Act and in Carrying out my examination I have followed the applicable Directsons giv8n by the Charty Commission under section 145lSllbl of the 2011 Act. Independent examlnorfs ststement Your attention is drawn to the fact that the charity has prepar&1 the accounts in accordance With Accounting and Reporting by Charities= Statement of Recommended Practit£ applicable to charities preparSng their acc(￿nts in accordance wilh the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021 in preference lo Ihe AcLDunting and ReFK)rting by Charitles: Slat8menl of Recommendod PrartiC8 isSu￿j on 1 April 2005 whith is r9ferrgJ to in tho extant rggulations but has been withdrawn. I have completed my examlnallon. I conflmi that no matters have come lo my attention in Gonnedion with Ihe examination glving me Cal￿ to belleve that in ary malerial resp￿1. accounting record5 were not kept in respect of the chority as required by section 130 of the 2011 Act., or the accounts do not aocord thos8 record&" or the accounts do not compty ￿th Ihe applicabl8 requir6m8nts (onceming the form a￿1 content of accounts set out in the Charities (Accounts and RgPOrts1 Regulations 2008 oth8r than any requirement Ihal the accoun15 give a Irue and fairf view which is not a matter considerod as part of an Independant oxaminalion. I have no concems and hav8 come across no ot￿r matters In conneclion wth the examlnatton to whl¢h attention should be drawn in this report In order to enable a proper understandlng of the accounts lo be reachod. Slgned.. Glle8 K6rkham Dated: FCA DClh4 L•rklng Gow•n LLP Chartered Accountants Nomch Page 5 THE CHURCH AND TOWN ESTATE PROPERTY CHARITY STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 DECEMBER 2024 Endowment funds 2024 Total funds 2024 Tot fvnds 2023 Noto Income and endowm•nts from: Inv6stments Propety Inwme 42.971 4000 41971 36,619 3.096 Total Income and •ndowmerrt8 46,971 46.971 39.715 Expanditure on: Other costs P8ym&nts to relatwl charities 6,957 31033 36.033 34.267 Tot81 expènditur• 42,990 39.715 Net Income before not (lossesvgalns on Investments Nel Ilossesllgains on Inv8Stmenl8 3,981 113,568) 3,981 (13,568) 70, 764 Not movemgnt in funds 19,587) {9.58n 70,764 Reconcrliation of funds: Totsl funds broLuhl forward Net movement in furvjs 1,7¥655 (9,5871 1,794655 19,5871 1,723,891 70,764 Tolal fund8 carrled fonvard 1.785,068 1,785.068 1,794.655 Th& Ststement of fln8ndal acllviYe$ Includes all galns and losses recognlsed In the year. The notes on pajes 8 to 16 form part of Ihese fSnancSal s181em8nts. Page 6 THE CHURCH AND TOWN ESTATE PROPERTY CHARI BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 2023 Nots Flxed assets Investments 1,747,624 1,794,655 1,747.624 1, 794,655 Currnnt assèts Cash held In invastments Cash at be￿ and in hand 37,544 4,955 5.001 42.499 5.LX11 Credttors.. amounts falling du8 wlthin one year 10 (5,05¥ (5,001) wrront a$¥•ts 37,444 Total net assets 1.785.068 1,794,655 Charlty funds Endowment funds 1.785.068 I, T94,655 Totsl funds 1.785.068 1, 794,655 The finanryal stat8ments wgr9 approved and authorisgd for issue by the Tr￿ts8$ and sign8d on Ihgir behalf by.. B Masterson Chair of Trustees Dale.. 11 The notes on pagos 8 to 16 fomi part of thes8 financial statements. Page 7 THE CHURCH AND TOWN ESTATE PROPERTY CHARir NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng polScS9$ 1.1 Ba8ls of prwratlon of financlal 8tthThnts The have been prepared in awordanGe ￿th the Charities SORP IFRS 1021- ￿Counting aTrJ Reporbng by Charities.. Stalemgnt of R￿QMMended Practice applicable to charities preparing their aecounts In accordance with the Finanryal Reporting Standard applicable in the UK and RePu1￿le of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} and the Ch8rlli8s Act 2011. The Church and TO￿ Estate Property Charity meets the definition of a public bar￿11 endty under FRS 102. Assets a￿1 liabilities are inillally recoJnised at historical c05t or transaction value unl8&8 oth8W8e ststed In the relevant accountlng polioy. 1.2 Incomo All inttome is recognised once th8 charity has entitlement to the Income, It is probable th8t th8 income wll be re￿IVed arKI the amount of Income receIva￿e can be measured reliably. Income tsx recoverable in relatlon to investment income Is recognlsed at the knme investment ino)me is recewable. 1.3 Expenditure Exp8rKlilurg is reccgnised once there is a legal or construdive obligation lo transf8r economlc benefit to a third paty, il is probable that a transfer of economic benefits will be roquired in settlement ond the amount of the obligation can be measured reliably. Expenditure is classified by activity. Expendlture on tharltable advltles Is Incurred on dlr8Ctly undertaklng tha acllvltles whlch furthar the charity's objectives. as wll as any associated supwrt costs. All expenditure is Inch￿Va of irrecov&Table VAT. IA Invostments Investments are stated at market valu8 al the balance she8t dat8. The Statement of Financial Activlties Includgs net gains and Ios8es arising on revaluations and disposals throughout the year. 1A Stocks Stocks are valued at the lower of cost and nel realis8bie value after maklng allO￿nce for oEeolete and ￿0W-MOvIng stocks. Cost indudes all direct costs and an appropriate proportion of flxed and variBble overhe&ts. 1.6 Cash at bank and In hand Cash at bank in hand includes and short-lem) highly liquid Inv8Stments vAth a short maturity of Ihyee monthy or less from the date of acquisition or openirwj of the deposlt or slmilar a￿Ount. Page 8 THE CHURCH AND TOWN ESTATE PROPERTY CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pol1cl￿ Icontlnued) 1.7 Liabllitle8 and provl6lons abilitios are recognised when there Is an obllgatlon at the Balance sheet date as a result ol a past event, it 18 probable that a trnnsfer of economlc benefit Mll te requlred In setuement, and the amount of the settlement can be eslimated reliably. Liabilities are recognised at the amount th81 lh8 charfty anllclpates il wll pay lo settle the debt or the amount it has re¢%ived as advanced payments for the gcrfxls or seNices il must provlde. 1.B Financial instruments The charity only has finanaal a88818 and financial liabilities of a kind that qualify as basic financial instwments. Basic financial instwments are inltially reccgnis8d at transaction Yaiue and subsequenuy measured at their setU8ment value with the exception of bank loans which are subsequenly measured at arnortised cost wng the gffective intsrest method. 1.9 Fund accounting The endrjwment fund represents capilal of the charity. bthlch is invested in ￿rPetu1ty. Gains and losses on endowment fund inv8stments accw ID the fund. Invgstment incorne n81 of administration costs is divided between depend8nt Gharities as descllbed in the Trustees RetKfyrt. Page 9 THE CHURCH AND TOWN ESTATE PROPER￿ CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment Incomo Endowment funds 2024 Totsl funds 2024 Tot81 funds 2023 Dfvlderlts and Interest 42,971 42,971 36,619 Total 2023 36,619 36,619 Prop•rty Income Endowment lunds 2024 Totsl funds 2024 Tot81 lund$ 2023 Rentals Rural Payments Aggr 2,244 1,756 2, 100 996 1.756 4.000 4.000 3,096 Totsl 2023 3,096 3,096 Page 10 THE CHURCH AND TOWN ESTATE PROPERTY CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Anatysis of other costs Summary by fund type Endowment fvnds 2024 Tolal 2024 Total 2023 Secretar￿$ salary and expenses Independent ExamSnation and Accountancy Foreign Exchang& Fe88 Irwrance Propety Man&Jement Fees Investment Managèment Fees Allotment and Krons Mea¢knv m8inlenance 1,221 1,396 1.221 1,396 30 1.840 1.392 108 970 1,055 1,384 q. rt6 928 1.392 108 970 365 6,957 6,957 5,448 Totsl 2023 5.448 &448 R¢latsd ¢harltles ¢urront year Town Church Estats Estate Educational Charity FoundatSon 2024 2024 H•mpnall T￿￿1 2024 Total funds Total fvnds 2023 Balance at 1 January 2023 Allocation of Income for the year Amounts 8lreaYy paid Balance a131 December 2023 {DebtorVCredlt¢r 1,850 925 3,700 2.682 18,017 118.0381 9,008 {9.0201 9.008 {9,0201 36.033 136,0781 34.267 (33,249) 1.829 913 913 3.655 3. 700 Page11 THE CHVRCH AND TOWN ESTATE PROPERTY CfrIARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Relatsd chariti•$ prlor y￿r Town ChurGh Estate Educatlonal Charity Foundation 2023 2023 Hempnall Trust 2023 Totsl funds 2023 Total 2022 Balanc8 at 1 January 2022 Altocatlon of inGomo for lh8 year Amounts already paid (70) 1,376 1,376 1, 196 17,133 115,213) 8.567 {9,0181 8,567 (9,018 ¥267 (33,2491 33,565 (32,079) Balance at 31 December 2022