CORNWALL HISTORIC CHURCHES TRUST REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Charity No: 218340
CORNWALL HISTORIC CHURCHES TRUST CONTENTS Page Reference and adminislrative information Report of the trustees Independent examiner's report Statement of financial activities 10- 11 Balance sheet 12 Notes to the accounts 13-15
CORNWALL HISTORIC CHURCHES TRUST President The Lord Lieutenant of Cornwall, Colonel Sir Edward Bolitho KCVO OBE CStJ Vice President The Bishop of Truro Honorary Life President The Right Hon Viscount Falmouth Trustees, Executive Committee Members and Officers Trustees M rs Cecil ia Bisson Mrs Susie Gore Mr Charles Hall Dr Joanna Mattingly Mr David Purser Mrs Caroline Tetley Chairman Trustee Trustee (until 19/09/2024) Trustee (until 16/05/2024) Trustee (from 16/05/2024) Trustee Executive Committee Members and Officers Mr Mark Chanter Treasurer Mrs Chrissie Hogg Secretary (& Membership Sec from 19/09/2024) Mrs Libby Reed Membership Secretary (until 19/09/2024 Mr Jeremy Sharp Grants Secretary Revd Ray Borrett Methodist Representative Mrs Willa Bailey Lady Bolitho Mr Simon Coy OBE Mrs Christine Edwards MBE DL The Hon Christopher Harvey Clark QC Mr Charles Hulbert-Powell Rt Revd Graham James Mrs Jill Jobson Mr Andrew Langdon Mrs Kirstie Newton Mr David Purser Mrs Emma Williams Mr Trelawny Williams Mrs Katherine Willis (until 1910912024) (from 19/09/24) Charity Registration No Secretary Pri ncipal Address Website/email address Independent Examiners Bankers 218340 Mrs Chrissie Hogg Orchard House, Higher Pentire, Degibna, Helston, TR12 7PR www.chct.info; secretary@chct.info Francis Clark LLP, Lowin House, Tregolls Road, Truro TRI 2NA Barclays Bank plc, 14 King St, Truro TRI 2RB
CORNWALL HISTORIC CHURCHES TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report and the financial statements for the year ended 31 December 2024. The financial statements have been prepared on the accruals basis and comply with the charity's trust deed and applicable law. Structure, Governance and Management The Cornwall Historic Churches Trust is constituted under a trust deed dated 29 March 1955 and is a registered charity no. 218340. The Irustees who have served during the year are set oul on page 1. The power to appoint new trustees is vested in The Lord Lieutenant for Cornwall and The Lord Bishop of Truro. Relationship between Trustees and Committee As permitled under the Trust Deed, the Trustees have delegated without reslriction their functions to an Executive Committee. A nucleus of members of this Committee are also Trustees.. il is this group that, on behalf of all Trustees, makes or changes investment decisions. The Trustees may at their discretion remove any member of any committee or dissolve the committee. On behalf of the Trustees the appointmenl ofcommittee members is dealt with by the Chairman (ofthe Trustees and ofthe Committee) consulting and seeking the approval of the President and the Vice-President. Objectives and Activities Under the terms of the trust deed, the trustees are to apply the income and capital of the charity for all or any of the following Charitable purposes, namely.. "the preservation, repair, maintenance, improvement, upkeep, beautification and reconstruction of churches in Cornwall and of monuments, fittings, fixtures, stained glass, furniture, omaments and chattels in such churches and of churchyard belonging to any such churches.. In planning the activities for the year the trustees kept in mind the Charity Commission's guidance on public benefit at our trustee meetings. Grant making policy In exercising their execulive functions for deciding ihe use to be made of Ihe Trust Funds, the Committee members have, over the years established certain basic principles wilhin which they operate. A small amount oflhe Trust Fund would be used to generate further income however. the bulk ofthe expendilure is to provide grants to church communities for the purposes set out in the objecls clause above. Faclors taken inlo account when the amount of a grant is being detemiined include - 1. Age of the church or chapel. 2. Merit of the building architecturally or historically. 3. The church's own efforts in two respects - endeavour to help itself and participation in this Trust's annual sponsored event. 4. Financial need. 5. The church's own financial resources. 6. Exceptional reasons.
CORNWALL HISTORIC CHURCHES TRUST REPORT OF THE TRUSTEES Iconlinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 Chairman's Report l Achievements and Perfomiance Looking back over the year it is encouraging thal the number of successful grant applications increased by 26 % over 2023. Thanks to the generosity of our benefactors, corporate sponsors (notably the Duke of Cornwall's Benevolent Fund, Cornwall Herilage Trust, Tanner Phoenix Trust. and the joint sponsors of our Christmas Party - Jonathan Cunliffe Estate Agent and Taylor Money Wealth Management) and the support of our CHCT Friends. the total value of grants we were able to approve was up by just over 18°/o to £86.350. Church and individual Friend membership income has also increased by 35 % overall. Less satisfactory was Ihe increasing number of applications we were unable lo support because either the projects fall outside our remit, were requested retrospectively or the buildings were nol open for worship land unlikely to reopen post refurbishment}. The only grants available for payment after Ihe work has been completed are the £500 Maintenance grants which we initiated in 2022 and have continued on Ihe basis that "a slitch in time saves nine" 11 is gratifying that Ihe National Churches Trusl and the C of E are now also supporting general maintenance, and I was pleased lo meet with Faye Edwardes, the Diocesan Buildings Support OffIr under the Buildings for Mission scheme soon after her appointment in January which has helped raise our profile with more establishments. Thanks to Revd Ray Borrett we had a presence atthe Spring Methodist Synod in Truro and in conjunction with the Methodist's Grant Officer we have seen an uptick in applications from this community too. After six years in the role of Grants Secretary, Jeremy Sharp, gave notice in March of his wish to retire later in the year. l am delighted that Sue Mcclaughry answered the call for volunteers issued to Friends in September and she officially took up the Grants Secretary role at the end of the January 2025 Grants Meeting. Before leaving Jeremy streamlined the application process to give the Area Representatives (formerly Deanery representatives) greater involvement with the applicants, thus reducing the Grants Secretary's workload which has grown considerably with the increased number of applications. He also provided training to Sue and all the Area Reps. I would like to thank Jeremy for all he has done and l am delighted that he has agreed to remain on the Executive as a key member of the Investment sub- committee and will continue to advise Sue if required. Long serving Committee members Dr Joanna Mattingley Ilrustee} Simon Coy OBE (previously Secrelary and Grants Secretary) and Charles Hall Itrusteel, stood down over the course of the year. The latter Iwo deciding that 80th birthdays were a good excuse to retire- Chades after 40 years of Servi lo CHCT. I have only known them for a comparative blink of an eye but I wish to thank them for all they have done to further the work of CHCT over Ihe years. l am particularly graleful that Joanna is continuing to be my fount of wisdom on Ihe history of Cornish Churches in collaboralion with Christine Edwards. David Purser agreed to take on a Irusteeship in May for which l am very grateful. Thank you too to all the Friends who offered themselves as potential committee members in response to CHCT secretary Chrissie Hogg's request to fill the committee vacancies, and to those who agreed to help without joining the main committee. Trelawny Williams represented us at the National Churches Trust Conference in London which gave useful insights into the experiences of other Historic Churches Trusts across the country. Most are similar lo us though I was surprised to learn that Norfolk HCT raises in the region of £250k annually from their Ride & Stride Event. Norfolk like Cornwall boasts a high proportion of Grade 1 listed churches but we clearly need to engage more parishes to take part in the Cornwall Churches Day concept. This was introduced by my predecessor Caroline Tetley to take the place of Ride & Stride which, apart from the valiant efforts of Maker with Rame parishioners, has fallen out offavour down here.
CORNWALL HISTORIC CHURCHES TRUST REPORT OF THE TRUSTEES Iconlinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 Kirstie Newton continues lo give CHCT a mention in the local media as often as possible., Libby Reed ensures the catering at all our events is superb with the support of so many capable chefs either on our committee or connected in some way as spouses or friends. Thank you one and all for making 2024 a success from which to step boldly into our Platinum Anniversary Year. Financial Review This year's accounts have again been prepared on an accruals basis. In essen all income and expenditure represents the total of each on a yearly basis, rather than when the money is received or expended. This has also meant that granls approved bul noi paid are included as creditors in the accounts. In the Statement of Financial Activities we account for grants approved rather than paid. with £86,350 {2023'. £73,108) being approved Ihis year (before grants withdrawn). Gains on investments of £296 are also included, representing the increase in the quoted value of the shares during the year. Total income reiVed has increased to £93,035 {2023= £76,840). This is largely attributed to an increase in donalions and granls which totalled £59,244 compared to £47.854. Administration expenses remained broadly consistent with the prior year al £4.08012023.' £3,577). Our cash on deposit has increased to £129,03912023'. £99.039) and £7,47612023= £128,131) sils in the current account. There is also a further £63,532 sitting in a bank savings account which is new in the current year. Due to a higher level of grants approved but more inslalments paid in the year, grant liabilities in the current account have decreased to £78,520 (2023.. £85,400). Before the gain on investments and transfers between funds, the Statement of Financial Activities shows a net inflow of funds of £6,618 (2023.. £12,245), together with the gain on investments of £296 to give a net movement of £6,914.
CORNWALL HISTORIC CHURCHES TRUST REPORT OF THE TRUSTEES Iconlinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves policy Following the guidance issued by the Charity Commission, the trustees have formally adopted with effect from 1 January 2001, the following policy.. Unlike many charilies, the Cornwall Historic Churches Trusl has no large permanenl endowment. It is necessary therefore for Ihe Trust to hold a capital reserve fund for Ihe following reasons.. {11 The income from the investment capital is now our major source of annual income typically amounting to some 20% of the sum. Fundraising is becoming increasingly difficull and Ihe investment income is now heavily relied upon as the source of our grants. {21 The Trusl has been fortunale in the past to have had some substantial donalions which help the grant-giving but this is in no way guaranteed and is unlikely to recur so regularly in the future. {31 As well as inflation in building costs, the grants from sources such as English Herilage/Lottery for church repairs are reducing and it will be neSsarY to give larger grants from Ihis Trust to help future church restoration and repair costs. {41 The applications for grants fluctuate and do nol arise in an even paltern. Having investmenl reserves means thal investment capital can, in certain circumslances, be called upon if there happens to be an unusual run of applications justifying substantial grants. (51 As applications fluctuate the availability of investment capital provides a cushion to maintain an even and logical flow of grant-giving, even if the Trust's annual income is eXeded. To vary the rate of grant-giving up or down substantially from year to year would introduce an unacceptable degree of unfaimess between the beneficiaries. Conclusion The Trustees have therefore determined that of the CHCT'S capital 50°/o be designated a capital reserve., and 50 % be considered an expendable reserve where there is power for the Trustees to convert this capital money into income. Legacies policy The policy adopied by the Iruslees in respect of legacies is as follows.. {11 A legacy of £5,000 or more be treated as capital and added to the Trust's reserves. {21 Any legacy of less than £5,000 be considered by the Truslees wilh each case dealt with as the Trustees think appropriate al that time. (31 Any specific wish or intention expressed by the legator lo be faithfully honoured by the Trustees even if there is an apparent conflict with the decisions set out in11) and12} above.
CORNWALL HISTORIC CHURCHES TRUST REPORT OF THE TRUSTEES Iconlinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees responsibilities in relation to the financial statements Law applicable to charities in England and Wales requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to.. Select suitable accounting policies and then apply them consistently Make judgements thal are reasonable and prudent Slale whelher applicable accounting standards and slalements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements., and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Iruslees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charily and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of Ihe charity and hence for taking reasonable sleps for the prevenlion and deteclion of fraud and other irregularities. Approved by the Trustees and signed on their behalf by: Cecilia Bisson Chairman Date.. 20 March 2025
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CORNWALL HISTORIC CHURCHES TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 I report to the trustees on my examination of the accounts of Cornwall Historic Churches Trust (the Trust) for the year ended 31 December 2024. Responsibilities and basis of report As the 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'l. 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{5llb} of the Act. Independent examiner's statement I have compleled my examination. I can confirm that no malerial matters have come to my attention in connection with the examination giving me cause to believe thal in any material respect.. 1. Accounting records were not kept in respecl of the Trust as required by section 130 of the Acl., or 2. The accounts do not accord with those records. or 3. The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts 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 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 lo be reached. Signed.. Darren Perry Chartered Accounlant {ICAEWI Francis Clark LLP Lowin House Tregolls Road Truro TR12NA Date.. 27 March 2025
CORNWALL HISTORIC CHURCHES TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Restricted funds Unrestricted funds Designated Designated Capital Expendable RÈsÈrve RÈ$ÈrvÈ Income Fun 2024 Total 2023 Total Income and endowment8 from.. Donations and18gaci8S Friends of Cornish Churches sub8cription8 Fund r8ising events Investment income Miscellaneous income 59,244 7,410 7,259 19,115 59,244 7,410 7,259 19,115 47,854 5,492 7,736 15,758 Tolal incorne 93,035 93,035 76.840 Exp8ndlture on.. Cost of fund raising events Grants approved less gr8nts withdrawn Investment management fee Administration 1,777 77,550 3,010 4,080 1,777 77,550 3,010 4,080 1,488 58,858 672 3.577 Tolal expenditijre 86,417 86,417 64.595 Net Income/(expendlturn) 6,618 6,616 12,245 Transfers belween funds 6.618 16,6181 Gainslllossesl on investment assets 148 148 296 6,648 Netmovement In lunds 148 6,786 6,914 18,893 Fund balances blfvvd at 0110112024 1,945 191.441 240,442 433,828 414,935 Fund balan¢es ¢lfwd at 3111212024 1,945 191.589 247.208 440,742 433.828 10
CORNWALL HISTORIC CHURCHES TRUST STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2024 Restrlcted funds Unrestricted funds Designated Designated Capital Expendable Reservè Re58rv8 Income Fund 2023 Total Note Income and endowments frorn: Donations and legacies Friends ol Cornish Churches subscriptions Fund raising 8V8nts Investment income Miscellaneous income 47.854 5,492 7,736 15.758 47.854 5.492 7.736 15.758 Tolal income 76.840 76.840 Expenditure on: Cost of fund raising events Grants approved less grants withdrawn Investrnent rnanag8m8nt f88 Administration 1.488 58,858 672 3.577 1,488 58,858 672 3,577 Tot818xpenditure 64.595 64.595 Net In¢ome/(expendltureJ 12,245 12,245 Transf8rs b81w8&n funds 12,245 112.2451 Gainslllossesl on investment assets 3.324 3,324 6,648 Net movement In funds 3.324 15,569 18,893 Fund balan¢es blfwd at 0110112023 1.945 188,117 224.873 414.935 Fund balances clfwd at 3111212023 1.945 191,441 240.442 433,828
CORNWALL HISTORIC CHURCHES TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Fixed Assets Investments 312,860 285.445 Current Assets Debtors CBF Church of England deposit fund Inv8Stm8nt manag8rfs capitsl account Bank curr8nt account Bank savings 3CGQUnt 8,830 129,039 16 7,476 63,532 208,893 8,842 99,039 129 128.131 236.141 Current Llabllltles Accruals Other Creditors Grant creditors 2,491 2,358 78,820 81,011 85.400 87.758 Net Current Assets 127,882 148.383 Net A6set8 440,742 433,828 Unrestricted Fund5 Designated Capital Reserve General fund Restricted funds- Emergèncy funds 191,589 247,208 1,945 440,742 191.441 240.442 1,945 433.828 Approved by the Irusl&&s and sign&d on tt)eir behaw by.. C8cilia Bisson Chaimian Oate.. 20 March 2025 12
CORNWALL HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 Principal aeeounting polici•s lal Aeeounting convèntion These accounts have been prepared in accordance with Accounting and Reporting by Charities Statemenl of Recommended Practice ISORP 2019 FRS1021, the Financial Reporting Standard 102 and the Charities Act 2011. Ibl Incomlng r&sourc8s Donalions, legacies and other fomis of voluntary income are recognised as incoming resources when receivable. Inveslrmenl inwme is reoognised on 8 receivable basis. Incorming resources for tsx reclaims are included in the statement of financi81 activities 8t the satne tirne as the gift to which they relate. Icl Resour¢e$ expended Expenditure is included on an accruals basis. Idl Investments Investments are shown at open market value, with any unrealised gains or losses being recognised in the statement of financial activities. lel Gift Aid rècovèrablè Gift Aid recoverable is accounted for on an accruals basis. Donations and 1•gael•S R•striet•d Unrestrietèd Incom• Fund Funds Fund Total 2023 Giants Donations- ChLJrehes Donations- Other Legacies 42,000 42,000 4,767 4,767 12,477 12,477 30,000 5,540 4,814 7,500 47,854 59,244 59,244 Frlands of Comlsh Church8s subscriptions Ineoma Fund 2023 Subscriptions 7,410 5,492 7,410 5,492 13
CORNWALL HISTORIC CHURCHES TRUST NOTES TOTHEACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Fund-raising ov•nts Income Fund 2023 Summer Open Days Christmas Drink5 731 6,528 700 7,036 7,259 7,736 Investment Income Income Fund 2023 CBF Irit8re5t Bank interest Portfolio dividends and interest 6,146 548 12,421 3,212 12,546 19,115 15,758 Cost of fund ralsln9 events Income Fund 2023 Christrna5 Drinks Party Summer Open Days 1,717 60 1,488 1,T17 1,488 Independent examlners fee During the year the Trust paid independent exarnination fees of £2,220. An accrual has been made for the 2024 independent exarnination fee5 Of £2,398. During the year the trust also incurred £369 in respect of Xero subscription fees and other matters. Payments to trustees No trustees, or any persons conn8Ct8d with th8rn, receiv8d any rernun8r8tion or oth8r banefits from the charity during the year. Trustees are Only reimbursed for purchases made on behalf of the charity. Investsnents 2024 2023 Market Value Blfwd Additions Disposals Change in Market Value Mark&t Value Clfwd 285,445 69.858 142,7391 296 312,860 272,370 55.515 149,0881 6,648 285,445 2024 2023 Cost of investnEnts 304,459 279.502 14
CORNWALL HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 10 Restricted fvnds Blfwd Income Expenditure Cld Emergency Fund 1,945 1,945 1,945 1,945 The restricted funds are all held in cash deposits. 11 Contingent asset The Trust has been notified of its entitlement to a legacy of £250,000. However the Trust has no certainty over when this will be received, whether any conditions will be attached to it, or whether the full amount will be paid. Therefore the income has not been recognised in the accounts. 15