Charity number: 209148
THE CHURCH AND TOWN ESTATE PROPERTY CHARITY
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
THE CHURCH AND TOWN[ESTATE] PROPERTY CHARITY
CONTENTS
Reference and administrative details of the charity, its Trustees and advisers Trustees’ report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements
THE CHURCH AND TOWN ESTATE PROPERTY CHARITY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025
Trustees
B Masterson, Hempnall Trust (Chairman) (deceased 28 August 2025) C Barnes, Hempnall Trust P Brookes, Educational Foundation R Eagle, Educational Foundation D Hook, Educational Foundation G Munson, Hempnall Trust (Resigned 17 March 2024) D Scott, Hempnall Trust (Chairman) C Rodger, Hempnall Trust D Trevanion, Educational Foundation M Williams, Hempnall Trust P Bates, Hempnall Trust H Gray, Hempnall Trust (resigned 11 March 2025) J Gray, Hempnall Trust (resigned 11 March 2025) H Groom, Hempnall Trust (resigned 16 June 2025) N Ireson, Hempnall Trust M Sparham, Educational Foundation & Church Estate Charity (resigned 14 May 2025) J Turner, Educational Foundation & Church Estate Charity D Kell (appointed 30 June 2025) E Tidder (appointed 1 August 2025) S Gunner (appointed 4 January 2026) S Moss, Church Estate Charity
Charity registered number
209148
Principal office
Karinya, Bungay Road, Hempnall, Norwich, NR15 2NG
Independent examiner
Larking Gowen LLP, 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE
Investment Managers
Barratt & Cooke, 5 Opie Street, Norwich, Norfolk, NR1 3DW, (from 25 April 2024)
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THE CHURCH AND TOWN ESTATE PROPERTY CHARITY
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees present their annual report together with the financial statements of the charity for the 1 January 2025 to 31 December 2025.
Objectives and activities
a. Objectives and activities
The main objects of the charity are to divide the clear income of the charity into four equal parts and to pay one of such parts to the trustees of the Town Estate Educational Foundation as the endowment of that foundation, another of such parts to the Trustees of the Church Estate Charity as the endowment of that charity and the remaining two of such parts to the Trustees of the Hempnall Trust as the endowment of that charity.
Income is received as dividends and interest from the charity's investment portfolio. Bank interest and rents from the charity's property are also received.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance "Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The income for the year is £47,352 (2024: £46,971), and after property maintenance and administrative expenses there was a distributable income available to the related charities of £41,177 (2024: £36,033).
c. Grant-making policies
Except for the costs of managing the charity, its property and listed investments, all income is dispersed to the related charities.
Achievements and performance
a. Investment policy
The trustees aim through the charity's investment policy is to balance capital growth with income returns in order for the charity to generate funds to meet the current and future needs of the beneficiaries of the related charities.
Financial review
a. Reserves policy
The Trustees have followed the advice given by the Charity Commission, and investments provide both capital growth and income sufficient to meet the needs of the related charities. Allfreefundsreservesare endowedarise. Endowmentfunds, andfundsall netat income31 Decemberis distributed2025 wereto the£1 ,826,137related charities(2024: as£1,785,068).it is received. Hence no
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10/06/2026
12 June 2026
THE CHURCH AND TOWN ESTATE PROPERTY CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| Endowment | Total | Total | |||||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | |||||
| 2025 | 2025 | 2024 | |||||
| Note | £ | £ | £ | ||||
| Income and endowments | from: | ||||||
| Investments | 2 | 43,673 | 43,673 | 42,971 | |||
| Property income | 3 | 3,679 | 3,679 | 4,000 | |||
| Total income and | endowments | 47,352 | 47,352 | 46,971 | |||
| Expenditure on: |
|||||||
| Other costs | 4 | 6,175 | 6,175 | 6,957 | |||
| Payments to related charities | 41,177 | M,177 | 36,033 | ||||
| Total expenditure | 47,352 | 47,352 | 42,990 | ||||
| Net income before |
net gains/(losses) | on | |||||
| investments | - | = | 3,981 | ||||
| Net gains/(losses) | on investments | 41,069 | 41,069 | (13,568) | |||
| Net movement in |
funds | 41,069 | 41,069 | (9,587) | |||
| Reconciliation of | funds: | ||||||
| Total funds brought | forward | 1,785,068 | 1,785,068 | 1,794,655 | |||
| Net movement in funds |
41,069 | 41,069 | (9,587) | ||||
| Total funds carried forward | 1,826,137 | 1,826,137 | 1,785,068 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 15 form part of these financial statements.
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10/06/2026
THE CHURCH AND TOWN ESTATE PROPERTY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
-
Accounting policies
-
1.1 Basis of preparation of financial statements
The have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Church and Town Estate Property Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
- 1.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably,
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
- 1.4 Investments
Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes net gains and losses arising on revaluations and disposals throughout the year.
- 1.5 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
1.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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THE CHURCH AND TOWN ESTATE PROPERTY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Accounting policies (continued)
- 1.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
- 1.8 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
- 1.9 Fund accounting
The endowment fund represents capital of the charity, which is invested in perpetuity. Gains and losses on endowment fund investments accrue to the fund. Investment income net of administration costs is divided between dependent charities as described in the Trustees Report.
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THE CHURCH AND TOWN ESTATE PROPERTY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Investment income
| Endowment | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Dividends and interest | 43,673 | 43,673 | 42,971 |
| Total 2024 | 42,971 | 42,971 |
Property income
| Endowment | Total | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2025 | 2025 | 2024 | ||
| : £ |
£ | £ | ||
| Rentals | 2,320 | 2,320 | 2,244 | |
| Rural Payments | Agency | 1,359 | 1,359 | 1,756 |
| 3,679 | 3,679 | 4,000 | ||
| Total 2024 | 4,000 | 4,000 |
Total 2024
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THE CHURCH AND TOWN ESTATE PROPERTY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of other costs
Summary by fund type
| Endowment | |||||||
|---|---|---|---|---|---|---|---|
| funds | Total | Total | |||||
| 2025 | 2025 | 2024 | |||||
| £ | £ | £ | |||||
| Secretary's | salary and expenses | 1,751 | 1,751 | 1,221 | |||
| Independent | Examination | and | Accountancy | 1,369 | 1,369 | 1,396 | |
| Foreign Exchange Fees | 58 | 58 | 30 | ||||
| Insurance | 1,349 | 1,349 | 1,840 | ||||
| Property Management Fees | 963 | 963 | 1,392 | ||||
| Investment | Management | Fees | 685 | 685 | 108 | ||
| Allotment | and Krons Meadow | maintenance | - | - | 970 | ||
| 6,175 | 6,175 | 6,957 | |||||
| Total 2024 | 6,957 | 6,957 |
Related charities current year
| Town | |||||||
|---|---|---|---|---|---|---|---|
| Church | Estate | ||||||
| Hempnall | Estate | Educational | Total | Total | |||
| Trust | Charity | Foundation | funds | funds | |||
| 2025 | 2025 | 2025 | 2025 | 2024 | |||
| £ | £ | £ | £ | £ | |||
| Balance | at 1 January | 2025 | 1,829 | 913 | 913 | 3,655 | 3,700 |
| Allocation | of income | for the | |||||
| year | 20,589 | 10,294 | 10,294 | 41,177 | 36,033 | ||
| Amounts | already paid | (20,404) | (10,202) | (10,202) | (40,808) | (36,078) | |
| Balance | at 31 December 2025 | ||||||
| (Debtor)/Creditor | 2,014 | 1,005 | 1,005 | 4,024 | 3,655 |
Other than those detailed above and in note 8, there are no other related party transactions.
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THE CHURCH AND TOWN ESTATE PROPERTY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Related charities prior year
| Town | |||||||
|---|---|---|---|---|---|---|---|
| Church | Estate | ||||||
| Hempnall | Estate | Educational | Total | Total | |||
| Trust | Charity | Foundation | funds | funds | |||
| 2024 | 2024 | 2024 | 2024 | 2023 | |||
| £ | £ | £ | £ | £ | |||
| Balance | at 1 January | 2024 | 1,850 | 925 | 925 | 3,700 | 2,682 |
| Allocation | of income for the | ||||||
| year | 18,017 | 9,008 | 9,008 | 36,033 | 34,267 | ||
| Amounts | already paid | (18,038) | (9,020) | (9,020) | (36,078) | (33,249) | |
| Balance | at 31 December 2024 | ||||||
| (Debtor)/Creditor | 1,829 | 913 | 913 | 3,655 | 3,700 |
Independent examiner's remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable for the independent examination of the charity's annual accounts |
1,415 | 1,400 |
Trustees’ remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 31 December 2025, no Trustee expenses have been incurred (2024 - £NIL).
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THE CHURCH AND TOWN ESTATE PROPERTY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Fixed asset investments
| Listed | Freehold | Total | Total | |
|---|---|---|---|---|
| Investments | Land | funds | funds | |
| 2025 | 2025 | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Market Value | ||||
| At 1 January 2025 | 1,268,624 | 479,000 | 1,747,624 | 1,794,655 |
| Additions | 145,320 | - | 145,320 | 1,396,101 |
| Disposals | (138,064) | - | (138,064) | (1,429,564) |
| Gain/(Loss) | 41,069 | - | 41,069 | (13,568) |
| Total 2025 | 1,316,949 | 479,000 | 1,795,949 | 1,747,624 |
| Total 2024 | 1,268,624 | 479,000 | 1,747,624 |
The freehold land was valued by Durrants Chartered Surveyors in June 2022. The trustees consider there have been no material changes to the fair values between then and 31 December 2025.
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THE CHURCH AND TOWN ESTATE PROPERTY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Investments (at market value)
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Investments | |||
| Listed Investments | 1,316,949 | 1,268,624 | |
| Freehold Land (at market value) | |||
| Pasture Land |
189,000 | 189,000 | |
| 7.32 Acres - Great Town Carr | |||
| 2.85 Acres - Little Town Carr | |||
| 1.90 Acres - West Town Tindales | |||
| 2.40 Acres - East Town Tindales | |||
| 2.76 Acres - Town Meadow | |||
| 0.25 Acres - East Town Tindales | Allotments | ||
| Arable Land | 115,000 | 115,000 | |
| 5.98 Acres - Bressingham | |||
| 8.47 Acres - Town Piece | |||
| 4.29 Acres - Middle Town Piece | |||
| Allotments | 175,000 | 175,000 | |
| 1.72 Acres - Mill Close | |||
| 479,000 | 479,000 | ||
| 1,795,949 | 1,747,624 |
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THE CHURCH AND TOWN ESTATE PROPERTY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. Creditors: Amounts falling due within one year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Accruals | 1,415 | 1,400 | |
| Related | charities | 4,024 | 3,655 |
| 5,439 | 5,055 |
- Summary of funds
Summary of funds - current year
| Balance at |
|||||
|---|---|---|---|---|---|
| Balance at 1 |
31 | ||||
| January | Gains/ | December | |||
| 2025 | Income | Expenditure | (Losses) | 2025 | |
| £ | £ | £ | £ | £ | |
| Endowment funds | 1,785,068 | 47,352 | (47,352) | 41,069 | 1,826,137 |
| Summary offunds -prior year | |||||
| Balance at |
|||||
| Balance at |
31 | ||||
| 1January | Gains/ | December | |||
| 2024 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Endowment funds | 1,794,655 | 46,971 | (42,990) | (13,568) | 1,785,068 |
- Analysis of net assets between funds
Analysis of net assets between funds - current year
| Endowment | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2025 | ||
| £ | £ | ||
| Fixed asset investments Current assets |
1,795,949 35,627 |
1,795,949 35,627 |
|
| Creditors | due within one year | (5,439) | (5,439) |
| Total | 1,826,137 | 1,826,137 |
Total
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THE CHURCH AND TOWN ESTATE PROPERTY CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year
| Analysi | s of net assets between funds -prior year | ||
|---|---|---|---|
| Endowment | Total | ||
| funds | funds | ||
| 2024 | 2024 | ||
| £ | £ | ||
| Fixed asset investments | 1,747,624 | 1,747,624 | |
| Current | assets | 42,499 | 42,499 |
| Creditors | due within one year | (5,055) | (5,055) |
| 1,785,068 | 1,785,068 |
Total
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