Charity No: 211448
THE CHURCH ESTATE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
THE CHURCH ESTATE
CONTENTS
| Page | |
|---|---|
| Charity details | 1 |
| Trustees' annual report | 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 |
THE CHURCH ESTATE
CHARITY DETAILS
| Trustees: | June Eckton |
|---|---|
| Robert Tugwell | |
| Sally Howells | |
| Dione Nyangon | |
| Charity number: | 211448 |
| Independent examiner: | Marcel Jung, FFA/FIPA, FAIA |
| Address: | Ty Saith Vicarage |
| Weavering Street | |
| Weavering | |
| Maidstone | |
| Kent ME14 5JQ |
Page 1
THE CHURCH ESTATE
TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees have pleasure in presenting their report for the year ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16 July 2014.
Structure, governance and management of the charity
Governing document
Constitution – Scheme dated 15 September 1877 and resolution dated 22 May 2012.
The Trustees who have served during the year are set out on page 1.
Risk management
The trustees have examined the major strategic, business and operational risks which the charity faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen the risks.
Charity’s objectives, activities and achievements for the public benefit
Objects of the charity
The objects of the charity are to use one half of the income for the upkeep of the fabric of Thurnham Church and the other half for the maintenance of church services.
Charity’s activities and achievements during the year
The trustee has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future objectives.
Financial review
The (deficit)/surplus for the year was £(7,863) (2022: £(2,949)). Details of income and expenditure for the year are shown in the Statement of Financial Activities on page 4.
Reserves policy
The balance held on the unrestricted income fund at the end of the year was £62,556 (2022: £83,770). The charity maintains sufficient reserves to fund maintenance of the 4 properties which it owns. The restricted fund is in respect of the fabric fund and the endowment fund represents trust capital following land sales in 1969 and 1986.
………………………………….. Dione Nyangon
Page 2
THE CHURCH ESTATE
INDEPENDENT EXAMINER’S REPORT
I report on the accounts of the charity for the year ended 31 December 2023 which are set out on pages 4 to 6.
Respective responsibilities of trustees and examiner
The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
1 which gives me reasonable cause to believe that in any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met; or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
…………………………………………… Marcel Jung, FFA/FIPA, FAIA
Date ………………………….
Page 3
THE CHURCH ESTATE
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
| INCOME Rental income Investment income: C of E Fixed Interest Fund COIF Dividends COIF Fixed Interest Fund Deposit account interest Deposit Fund interest Total incoming resources RESOURCES EXPENDED Maintenance Renovation of Cottages Insurance Professional fees Misc Bank charges Distribution to PCC Total resources expended Net in/(out)coming resources before transfers Transfers between funds Net incoming resources before other recognised gains/(losses) Increase/(decrease) in value of investments Net movement in funds Balances brought forward 1 January Balances carried forward 31 December |
Unrestricte d Restricted Endowmen t Total Funds Funds Funds 2023 £ £ £ £ 31,697 - -31,697 147 - - 147 4,564 - - 4,564 361 - - 361 - 2,959 - 2,959 - - 36,769 2,959 - 39,728 936 - - 936 57,087 57,087 2,571 - - 2,571 5,388 - - 5,388 52) - - 52 1,834 - - 1,834 - - - 67,868) - 67,868 (31,099) 2,959 - (28,140 ) - - - - (31,099) 2,959 - (28,140 ) 9,885 10,392 20,277 (21,214) 13,351 (7,863) 83,770 189,338 105,771 378,878 62,556 202,689 105,771 371,016 |
Total 2022 £ 34,564 309 7,615 726 653 74 |
|---|---|---|
| 43,941 | ||
| 8,427 2,144 5,235 |
||
| 15,806 | ||
| 28,135 - |
||
| 28,135 (31,084) |
||
| (2,949) 381,827 |
||
| 378,878 |
Page 4
THE CHURCH ESTATE
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Note DEBTORS BANK ACCOUNTS DEPOSIT FUNDS (COIF) Estate Reserve Fabric Fund Creditors - amounts falling due within one year Net current assets INVESTMENTS 2 COIF Charites Investment Fund Income Trust Capital Fabric Fund COIF Charites Fixed Interest Income Trust Capital Fabric Fund TOTAL ASSETS TOTAL ASSETS BY FUND Unrestricted Restricted Endowment |
2023 £ 46,120 1,235 36 70,488 70,524 (-) 117,879 111,587 110,656 9,348 21,546 253,137 371,016 62,556 202,689 105,771 371,016 |
2022 £ 77,219 1,235 35 67,528 67,563 (-) 146,017 102,198 101,343 8,854 20,466 232,861 378,878 83,770 189,338 105,771 378,878 |
|---|---|---|
The accounts have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The Trust also owns 4 cottage properties which are insured for an indicative value of £360,000.
The accounts were approved by the Trustee on and signed on their behalf by
………………………... Rev Rob Tugwell
Page 5
NOTES TO THE ACCOUNTS
THE CHURCH ESTATE
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies
The accounts have been prepared under the historical cost convention and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16 July 2014, the Financial Reporting Standard for Smaller Entities (FRSSE), and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Income and expenditure
Income and expenditure are included in the statement of financial activities on the accruals basis.
2 Investments
Investments are valued at mid-market value at 31 December.
3 Unrestricted income fund
The fund is to be applied for the principal objects of the charity as described on page 2.
4 Trustees
No remuneration or other benefits were paid to the charity’s trustees or people connected with them.
Page 6