GREAT BARR CHURCH LANDS TRUST Registered Charity Number.. 220030 FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Dabns Audit Ltd Chartered Accountants St Johns Court Wiltell Road Lichf4eld Staffordshire WS14 9DS
GREAT BARR CHURCH LANDS TRUST INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 PAGE Annual Report Independent Examiners Report Statement of Financial Activities Balance Sheet Notes lo the Accounts 74
GREAT BARR CHURCH LANDS TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Reference and admlnistrative informatlon Trustees: The Charity Iruslees who served dL*ring the year are.. P Clark Chairman Mrs J Aubrook M D Hardy M S J Howell D J Large D M Milne Dr J F Milne C S Prilrhard Ex officio Ex officio C04)ptalive Co-optative C04)ptalive Co-optative Co-optative coPtative Principal Address.. Mr C J Spruce The Clerk lo the Trustees 12 Pery Avenue Streelhay Lichfield Staffs WS13 IIFW Reglstered Charity Number- 220030 Principal Bankers: Lloyds Bank plc The Brl(Ige Vvalsall Independent Examiner.. Mark Gurney FCCA. DChA of Dains Audit Ltd Chartered Accountants si Johns Court Wiltell Road Lichfield staffs WS14 9DS Solicitors: Ansons Solicitors Ltd St Marys Chambers Breadmarket Street Lichfield Stsffs WS13 6LQ Page 1
GREAT BARR CHURCH LANDS TRUST AN'uAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 {ContiDued) Report of the Trustees for the year ended 31 December 2024 The Iruslees present their report along with the finan¢ial statements of the Charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note I to the a¢coullts and comply with thc Charity Commission S¢heme, 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 applicable in the UK and Republic of Ireland effective l January 2019. Strueture, Governance and Management Great Barr Chur¢h Lands Trust was founded in 1891 and is now govcrned by a Charity Commission Scheme dated 13 November 1891 as varied by a scheme dated 30 March 1966. The trustees are lo use the income of ihe irust for thtt iii¢iLiagrJiicnt of the land and property held by the trust and to respond to requests to assist with the maintenan¢e and n]nning of St. Margaret's Church and graveyard. The trustees may also accumulate any income for future nccd. Msnagement and Governance The Scheme provide5 for thc appointn]ent of nine trustees, three ex-officio and six co- optative. The ex-officio trustees are the vicar and churchwardens of St Margaret's P.C.C Great Barr. New co-optalive trustees are identified from people residing or carying on business in or near Great Barr who have the necessary skills and irLLrrrst aiid arc appoint¢d by the remaining trustees. Co-oplative trustees are appointed for life. The indu¢tion process for any newly appointed trustee comprises an initial meeting with the Boai.d of Tru.ètee8, at which a pack is pmvided. This in¢ludes a copy of the governing docutnenl, a copy of the mosl recent annual report and accounts. copy minutes of previous Irustecs, meetings and a copy of the Charity Commission guidance 'The Essential Trustee,. The trustees norn]ally meet four times a year to consider the charity's affairs, including investmcnls, reserves and risk management policies and perfortnanLV. Tli¢ day to day athninistration of the charity is delcgated to ihe Clcrk. Risk Review Thc tru$tCC8 have examined the major internal and external risks which the Charity faces and confinn that 5ySt¢ms have been established to minimise these risks. Achievements and Performance During ihe year grants toialling £16,179 were made to St Margaret's Church, in response to sPtfIe requests from the P.C.C. PaBc2
GREAT BARR CHURCH LANDS TRUST ANNI UAL REPORT FOR THE YEAR EYDED 31 DECEMBER 2024 (Continued) FinaDcial Review Total funds of the charity at 31 December 2024 amounted to £1,000,569 and comprised pem)ancnl endowinenl £90,242 and unrestrieted reserves of £910,327. The tNstees respond to specific requests from the P.C.C. and aim to spend the nel income arising when averaged over a 5 year period. The investrnent portfolio is invested to achieve a balanced rdurn from income and capital growth by accepting a moderate level of risk over a long-lerni time liorizon. The portfolio is subject to ethical restrActions_ The pnrtfnlio acliieved a total return of 8.780/0 over thc year as compared with 6.6/9 in the ARC Sterling Balanced Asset ARC CEwilies index. The perfonnance of the portfolio is monitored on a regular basis by the trustees. Public Benefit The Trllstees confirni thal they have referred to the guidancc LUTLl<iiu¢d iii tli¢ Charity Cornmissioll's general guidance on publi¢ bcnefit whcn revicwing thc charity's aims and objectives and have complied with their duties under the Charities Act 2011. TrvstCCsJ R¢sponsibilities in RelAtion to the Finsneial Statements Law applicable to charitics in England and Wales requires the Trustees to prepare financial Slatements for each financial year which gJive a true and fair view of the Charity's financial activities during the year and of ils financial position at the end of the year. In preparing those financial stalemcnts. the Trustees are required 10: select suitable accounting policies and then apply them consistently. observe Ihc meihods and principles in the Charities SORP,. make judgeD]ents and eslimales that are reasonable and pnjdenl. state whether applicable accountiDg standards and statements 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 presutne that the Charity will continue in busine5S. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the funCIal position of the Charity and enable them to ensure that the financial statements comply with thc Charities Act 2011. They arc also responsible for safeguardin£ the assets of the Charity and hence for lakillg reasonable stq)s for the prevention and detection of fraud and other irregularities. Approved by the Ttustees and signed on their behalf by D J Large". Date: 14 July 2025 Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GREAT BARR CHURCH LANDS TRUST I report lo the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 54. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the a¢counls in accordan with the requirements of the Charities Act 2011 I'the Acl'l. I report in respect of my examination of the charivs accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the appli¢able Directions given by the Charity Commission under section 145{5}Ib} of the Act. Independent exarniner's statement I have completed my examination. I confirm that no material matters have come lo my attenllon in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or 2. the accounts do not accord with those records., or ? the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities IAccounls and Reportsl Regulations 2008 other than any requirement that the accounts give 8 true and fair view" which is not a matter considered as part of an independent examination. I liÈV¥ no Goncerns and have Gomc across no other marters in connection with the Èxamination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Mark Gurney FCCA, DChA of Dains Audit Ltd Sl John's Court Wilt811 Road Lichfield Siaffordshire WS14 9DS July 14, 2025 Page 4
GREAT BARR CHURCH LANDS TRUST STATEMENT OF FINANCIAL ACTIVSTIES YEAR ENDED 31 DECEMBER 2024 Income Fund Endowment Fund Total 2024 Total 2023 Notes Income and Endowmonts from: Rental Income- Chapel Works Land Income from Listed Investments Deposit Inleresl 3,500 9,095 36,583 4.746 3,500 9,095 36,583 4,746 3,500 8,194 30,841 3,120 Total Income 53,924 53,924 45,655 Expenditure on: St Mdiyai¥l's ChuiGh for speGifiG Items Clerk's Salary Independent Examinels Fee Investment Management Fee5 Legal Fees Surveyors Fees Bad debt written off Sundry Expenses Total 16.179 1,500 1,300 3,636 1*8.179 1,500 1,300 3,636 3,460 18.251 1,500 1,202 3,451 1,116 637 137 3,460 14 22,629 14 26,089 3,460 26.303 Nel gains on investments- re81ised unrealised Net Incomellexpenditvrgl I,Y81 21,553 60,829 7,981 21,553 60.829 4,017 28,626 Net movement In fund$ 60,829 {3,4601 57.369 28.e26 Reconciliation of Fund5-. Total funds brought forward 849,498 93.702 943,200 914,574 Total fund4 ¢arri•d forward 910.327 90.242 1,000,569 943,200 Page 5
GREAT BARR CHURCH LANDS TRUST BALANCE SHEET 31 DECEMBER 2024 Income Endowment Total Fund Fund 2024 Total 2023 Notes Fixed Assets Investment Assets Investment PrnpÈrty Listed Investments 77,000 77,000 77,000 790,308 763,960 77,000 867,308 840,960 790,308 790.308 Current Assets Debtors Balances at Bank.. Deposit Current Total Current Assets 3,821 3,821 2.160 107.758 9,540 121,119 13,242 121,000 91,000 9,540 11.739 13,242 134,361 104.899 Liabilities: Creditors falling due within one year Net Current Assets 1,100 120,019 1,100 2,659 13,242 133.261 102,240 Net Assets 910.327 90,242 1,000,569 943,200 The funds of the charity- Permanent endowment Unreslricled income fund$ Total charity funds 90,242 90.242 93,702 910,327 849,498 90,242 1,000,569 943,200 910,327 910,327 These financi81 statements were approved by the Board of Trustees on 14 July 2025 and signed on their behalf by.. C S Prilchard D J Large Page 6
GREAT BARR CHURCH LANDS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 Accounting Policies General The financial Statements have been prepared in accordance with Accounting and Reporting by Charities-. 518tement of RttLviniiiendeé Practice applicsblc to charities prepsring their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS102} effective 1 January 2019, the Financial Reporting Standard applicsble in the UK and Republic of Ireland IFRS102} and the Charities Act 2011. The charity conslilules a public benefit entity as defined by FRS 102. The financial sl2temenls have been prepared under the historical cost convention with items recognised al cost or transaction value unless otherwise slated in the relevant nolelsl lo these Louiils. These finan¢ial statements have been prepared on the accnjals basis. The income fund comprises those 2ssels which the trustees are free to use in a¢¢ordance with the charitable objects. The endowment fund eomprises those assets which musl be held permanently by the charity. Income arising on the endowment fund can be used in accordance with the objects of the charity and is includad as unrestricted inc.omg_ Any capital oains or losses arising on the investments form part of that fund. 2 Trustees Remuneration and Expenses No remuneration directly or Indirectly out of the fuiidb ul tlie Charity was paid or payablc for the year lo any Iruslee or lo any person or persons known lo be connected with any of them. No expenses were paid to any Trustee during the year.12023- nill. 3 Investment Property 2024 2023 Chapel Works Freehold Land Not valued Not valued 77,000 77,000 77,000 77,000 The trustees valued the freehold land during 2002 on the basis of open market value subject to exislino use. The current trustees do not have the knowledge and expertise lo value the investment property and are of the opinion that the cost of obtaining a prole5sional Valuatlon outweighs any benefit lo the usefs of the accounts. Page 7
GREAT BARR CHURCH LANDS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4 Llsted Investmgnts Income Fund Total 2024 Total 2023 Investments held al 01.01.24 Additions Disposals Profil on dispos81 Nel unre81ised gains Investments held al 31.12.24 763,960 80,292 183,478) 7,981 21,553 790,308 763,960 80,292 183.4781 7,981 21,553 790,308 754,886 59,743 159,9431 5,257 4,017 763,960 All investments are carried al their market value. All investments are quoted on the London Stock Exchange. Asset sales and purchases are recognised al the dale of trade at cost Ith81 is Ihelr transaction value. The portfolio includes the followng material holdings.. Market Value Market Value 31_12.24 31.12.23 Charities Official Investment fund income units Law Debenture Corp investment trust Alliance Trust ordinary shares Scottish Mortgage Investment Trust 25p ords Merchants Trust 25p ords MLJrray International Trust 25p ords North American Income Trust J P Morgan Global Growih 44,571 43,767 39,249 44,369 33,249 37,861 43,215 37,888 44,138 S Related party transadions The ex officio Iruslees are all members of St Margaret's PCC. Grants lo St Margaret's Church Sre separately disclosed in the Slalemenl of Financial Activities. 6 At 31 December 2023, the assets and Ilabilitles of the Charity were represented by th? funds as detalled.. Total 2023 InGome Fund Endowment Fund Investment Assets Current Asset5 Creditors 763,960 88,197 {2,659 849,498 77,000 16,702 840.960 104,899 2,6591 93,702 Page 8