**Registered Charity No. 212738** ## **THE EARSHAM CHURCH TRUST (TOWN ESTATE)** **ACCOUNTS FOR THE YEAR ENDED** **31 DECEMBER 2022** ## **THE EARSHAM CHURCH TRUST (TOWN ESTATE)** Trustees: **Role Appointing Body** Rev C Hutton Chair Incumbent Mrs Z Large Secretary PCC Mrs B Rush Church Warden Ex Officio Mr P J Weeks Treasurer NDBF Objects: To further the religious and other charitable work of the Church of England in the Ecclesiastical Parish of All Saints, Earsham. Constitution: Order issued by the Charity Commission on the 4th June 1992 Solicitors: Mills and Reeve Redwell Street Norwich Norfolk Independent Examiner: G Kerkham Larking Gowen LLP Chartered Accountants Faiers House Gilray Road Diss IP22 4WR Bankers: Barclays Bank plc Waveney Valley Branch Bungay Suffolk 1 ## **THE EARSHAM CHURCH TRUST (TOWN ESTATE)** ## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** ## **TRUSTEES' ANNUAL REPORT** The main asset of the Trust is the money raised by the sale of land in the centre of Earsham village for housing. The sale was proposed by the then Rector, John Walden, because the village school was threatened with closure. It was intended that money could be used to improve the school, and the new houses would provide greater pupil numbers. Improvements were made to the school using Trust funds, but since then a new school has been built and the old school disposed of. The Trust is now for the benefit of the church in Earsham and, as it has a central role in the benefice, it provides benefits for the other parishes within the benefice. The sale of land raised £400,000 which was invested in a number of Investment Funds; one held in the name of the Trust and two held in the name of The Norwich Diocesan Board of Finance Ltd. These funds generate quarterly income. From this income the objects of the charity are carried out. The Trust also owns a section of marshland comprising 3.88 acres which is currently let to provide a small amount of rental income. **Objectives:** To further the religious and other charitable work of the Church of England in the Ecclesiastical Parish of All Saints, Earsham. The Trustees invite requests for grants from Earsham PCC and allocate income accordingly towards running costs and also to fund pastoral work. **Achievements and performance:** The charity made a grant of £20,000 to the Earsham Parochial Church Council in the year to support the church finances including the parish share. A further grant of £590 was made to the local primary school to fund two visits to the Norwich Cathedral. **Reserves:** The Trustees' policy on reserves is to maintain a minimum of £10,000 of free reserves. The Trust currently has free reserves amounting to £55,191 (2021: £45,170). These funds have accumulated over a period of time and will be used to meet the costs of forthcoming projects which include the landscaping of the church meadow. The Trustees have had regard to the guidance issued by the Charity Commission on public benefit. ## **Approved by the Trustees and signed on their behalf by:** ## **P J Weeks** **Date:** 2 ## **Independent Examiner’s Report to the Earsham Church Trust (Town Estate)** I report to the trustees on my examination of the accounts of the Trust for the year ended 31 December 2022 which are set out on pages 3 to 6. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - (1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or - (2) the accounts do not accord with those records. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## **G Kerkham FCA** **Larking Gowen LLP Chartered Accountants Faiers House Gilray Road Diss, Norfolk IP22 4WR** ## **Date:** 3 ## **THE EARSHAM CHURCH TRUST (TOWN ESTATE)** ## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** ## **GENERAL (UNRESTRICTED) FUND RECEIPTS AND PAYMENTS ACCOUNT** |**Notes**
**Receipts**
Receipts from investments
Bank interest
Dividends
Other incoming resources
Rent
Total receipts
**Payments**
Charitable activities
PCC running costs
Drainage rates
Grant to Earsham School
Governance costs
Professional fees
Total payments
Excess of receipts over payments
4
Cash balances brought forward
Cash balances carried forward|**£**
**£**
44
31,065
31,109
-
-
31,109
20,000
9
590
20,599
552
21,151
9,958
45,722
55,680
**2022**|**£**
**£**
3
30,675
30,678
95
95
30,773
20,000
8
-
20,008
528
20,536
10,237
35,485
45,722
**2021**|**£**
**£**
3
30,675
30,678
95
95
30,773
20,000
8
-
20,008
528
20,536
10,237
35,485
45,722
**2021**| |---|---|---|---| ||-|95|| ||20,000
9
590|20,000
8
-|| ||||30,773| ||||20,008
528| ||||| ||||20,536| ||||10,237
35,485| ||||45,722| 4 ## **THE EARSHAM CHURCH TRUST (TOWN ESTATE)** ## **STATEMENT OF ASSETS AND LIABILITIES AT 31 DECEMBER 2022** ||||**2022**||**2021**| |---|---|---|---|---|---| ||**Notes**|**£**|**£**|**£**|**£**| |**ASSETS**|||||| |Investments|||||| |Capital account|1||1,036,627||1,177,592| |Income account|2||12,413||14,337| |Bank Balances|||||| |Business Premium account|||55,678||45,722| |Accrued income|||||| |Rent|6||95||-| ||||1,104,813||1,237,651| |**LIABILITIES**|||||| |Creditors|7||(582)||(552)| ||||1,104,231||1,237,099| |**REPRESENTED BY**|||||| |Income Account|4||67,607||59,508| |Capital Account|3||1,036,624||1,177,591| ||||1,104,231||1,237,099| Approved by the Trustees and signed on their behalf by: ## **Name:** **Date:** 5 ## **THE EARSHAM CHURCH TRUST (TOWN ESTATE)** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2022** |||**2022**|**2022**|**2021**|**2021**| |---|---|---|---|---|---| |||**£**|**£**|**£**|**£**| |||**Cost**|**Value**|**Cost**|**Value**| |**1. **|**CAPITAL**||||| ||Investments held in the name of||||| ||Norwich Diocesan Board of Finance||||| ||Central Board of Finance of the Church||||| ||Investment Fund:||||| ||44,216 shares @ 2,066.14p|227,192|913,564|227,192|1,035,455| ||Central Board of Finance of the Church||||| ||Fixed Interest Securities Fund:||||| ||89,761.14 shares @ 137.10p|142,614|123,063|142,614|142,137| |||369,806|1,036,627|369,806|1,177,592| ||The investments at 31 December 2022 are stated in|the statement of assets and liabilities at market|||| ||value and are held in the name of “The Norwich Diocesan Board||of Finance”.||| |||**2022**||**2021**|| |||**£**|**£**|**£**|**£**| |||**Cost**|**Value**|**Cost**|**Value**| |**2. **|**INCOME**||||| ||Investments held in the name of||||| ||The Earsham Church Trust.||||| ||Central Board of Finance of the Church||||| ||Fixed Interest Securities Fund:||||| ||9,054.14 shares @ 137.10p|15,000|12,413|15,000|14,337| ||The investments at 31 December 2022 are stated in|the balance|sheet at market value and are held||| ||in the name of The Earsham Church Trust.||||| ||||**2022**||**2021**| |**3. **|**CAPITAL**||**£**||**£**| ||Opening balance||1,177,591||1,058,119| ||Increase / (decrease) in value of capital investments||(140,967)||119,472| ||||1,036,624||1,177,591| 6 ## **THE EARSHAM CHURCH TRUST (TOWN ESTATE)** ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2022** |**4. INCOME ACCOUNT**
Opening balance
Excess of receipts over payments
Movement in accruals
Movement in accrued income
(Decrease) / Increase in value of income investments
Closing balance|**2022**
**£**
59,508
9,958
(30)
95
69,531
(1,924)
67,607|**2021**
**£**
50,315
10,237
(24)| |---|---|---| |||60,528
(1,020)| |||59,508| ## **5. GRANTS** Grants made to Earsham PCC have been made out of income. ## **6. ACCRUED INCOME** The trust is owed £95 in respect of rent which had not been received at 31 December 2022. ## **7. ACCRUALS** The trust owed £582 in respect of the independent examination for the year ended 31 December 2022. 7