GILLIGATE CHURCH ESTATE CHARITY
Annual Report and Accounts
Year Ended 31 December 2021
A Registered Charity No. 222676
Registered Office
7 Elvet Waterside Durham City Co. Durham DH1 3DA
Trustees as at 31 December 2021
St Giles Church Belmont Church
Ex-Officio:
Vacant position Rev H Murray Ms S Petrovic Mr K Reynolds Mr M Richardson Mr A Port
Elected:
Mr A Moss Mr J Cotton Vacant position Mrs C Reynolds – Chairman Vacant Mrs A Corbett
Clerk and Receiver Mr T J Hardman
ANNUAL REPORT
The Gilligate Church Estate Charity is a registered Charity, which was established under a High Court Order of 1866 and now operates under schemes dated 6 October 1922, 31 January 1995 and 3 January 2001. The Vicars and Churchwardens of St Giles and Belmont Churches are Trustees “Ex-Officio” and a further four Trustees are elected by each Parochial Church Council to give a total of fourteen Trustees.
The objects of the Charity are to generate income from endowed funds and distribute that income according to prescribed shares under the scheme to the parish churches of St Giles and Belmont and to Education Trusts in each parish. Annual income not distributed is invested by the Charity in Extraordinary Repair Funds for each Church for their future use. Part of the endowed funds of the Charity forms the Chantry Fund, the income of which is divided equally between the incumbents of the two Churches.
The overall income of the Charity for the 2021 year has increased by £3,330 compared to the previous year to give a total revenue surplus for the year of £80,921. Part of the surplus was distributed to the two Churches and Education Trusts; the balance was credited to the St Giles and Belmont Churches ERFs. These reserve funds are available to be drawn on by the respective Churches as and when required to fund repairs. No capital distribution were made in the year from income.
The total net assets of the Charity also increased during the year by £294,341 to stand at £2,639,238 at the year end which was due to increases in investment asset values. Given present asset values and income returns the Trustees feel they can still meet the requirements of the beneficiaries and the beneficiaries are also aware of the position that there may be reductions in income levels over the next few years given the present lower yields on investments and lower interest rates due to the impact of the Corona Virus. However it was noted that a substantial loss of income and asset values due to the pandemic had not materialised as had been initially feared.
With this in mind the Trustees feel they can continue to provide ongoing surplus income to support the two Churches and Educational Trusts albeit at reduced levels in the future.
Mrs C Reynolds - Chairman on behalf of Trustees
26[th] April 2022
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GILLIGATE CHURCH ESTATE CHARITY Balance Sheet - Year Ended 31st December 2021
| FIXED ASSETS - Note 2 Property Investments CURRENT ASSETS Debtors Rental arrears Accrued interest PCC loans - Belmont Prepayments Bank Accounts Lloyds - General Cambridge & Counties Bank C of E CBF CURRENT LIABILITIES Creditors Distribution of surplus NET CURRENT ASSETS TOTAL NET ASSETS FUNDS - Note 4 Endowed Estate Restricted ERFs Estate St Giles Belmont TOTAL FUNDS |
0 0 4,500 796 |
5,296 212,801 |
2021 66,000 2,375,371 |
2020 66,000 2,090,497 |
|---|---|---|---|---|
| 2,441,371 197,867 |
2,156,497 500 0 6,000 0 |
|||
| 9,419 54,246 149,136 |
6,500 19,716 53,709 146,579 |
|||
| 0 20,230 |
220,004 | |||
| 218,097 20,230 |
226,504 8,166 29,938 |
|||
| 2,453,877 | 38,104 188,400 |
|||
| 2,453,877 185,361 |
||||
| £2,639,238 | £2,344,897 | |||
| 2,639,238 | 2,169,003 | |||
| 0 159,641 25,720 |
2,169,003 0 152,922 22,972 |
|||
| 175,894 | ||||
| £2,639,238 | £2,344,897 |
Mrs C Reynolds On behalf of Trustees 26th April 2022
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GILLIGATE CHURCH ESTATE CHARITY Financial Activities - Year Ended 31 December 2021
| Estate | Restricted | Endowed | Total | Total | |
|---|---|---|---|---|---|
| Fund | Funds | Funds | 2021 | 2020 | |
| Investment income | 83,322 | 1,759 | 0 | 85,081 | 80,790 |
| Rental income | 5,500 | - | - | 5,500 | 6,673 |
| Transfer to / from ERFs | - | 7,708 | - | 7,708 | 4,488 |
| TOTAL INCOMING RESOURCES | 88,822 | 9,467 | 0 | £98,289 | £91,951 |
| EXPENDITURE - NOTES 5 & 6 | |||||
| Property, admin and ERF expenditure | |||||
| Property repairs & costs | - | - | - | - | 1,011 |
| Insurances | 776 | - | - | 776 | 732 |
| Salaries and admin costs | 6,625 | - | - | 6,625 | 6,072 |
| Independent examiner | 500 | - | - | 500 | 500 |
| St Giles ERF spend | - | - | - | - | - |
| Belmont ERF spend | - | - | - | - | - |
| Total | 7,901 | 0 | 0 | £7,901 | £8,315 |
| Application of Income per Scheme | |||||
| St Giles PCC | 35,271 | - | - | 35,271 | 32,014 |
| Transfer to St Giles ERF | 5,190 | - | - | 5,190 | 6,712 |
| Belmont PCC | 17,712 | - | - | 17,712 | 19,363 |
| Transfer to / from Belmont ERF | 2,518 | - | - | 2,518 | - |
| St Giles Education Trust | 10,115 | - | - | 10,115 | 9,681 |
| Belmont Education Trust | 10,115 | - | - | 10,115 | 9,681 |
| Total | 80,921 | 0 | 0 | £80,921 | £77,451 |
| TOTAL EXPENDITURE IN YEAR | 88,822 | 0 | 0 | 88,822 | 85,766 |
| NET INCOMING RESOURCES | 0 | 9,467 | 0 | 9,467 | 6,185 |
| BEFORE CAPITAL MOVEMENTS | |||||
| CAPITAL MOVEMENTS - Note 2 | |||||
| Property sale surplus | - | - | - | - | 22,320 |
| Capital distributions | - | - | - | - | -4,891 |
| Property revaluation | - | - | - | - | 0 |
| Investment gains / losses | - | - | 284,874 | 284,874 | -61,424 |
| NET CAPITAL INCREASE | 0 | 0 | 284,874 | 284,874 | -43,995 |
| TOTAL INCOMING RESOURCES | 0 | 9,467 | 284,874 | 294,341 | -37,810 |
| TOTAL FUNDS 31 DEC 2020 | 0 | 175,894 | 2,169,003 | 2,344,897 | 2,382,707 |
| TOTAL FUNDS 31 DEC 2021 | 0 | £185,361 | £2,453,877 | £2,639,238 | £2,344,897 |
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GILLIGATE CHURCH ESTATE CHARITY Notes to the Accounts - Year Ended 31 December 2021
1. ACCOUNTING POLICIES
These accounts have been prepared under the historic cost convention and in accordance with applicable accounting standards under the Charities Acts.
2. FIXED ASSETS
a) Property
Houses and land held as part of the charity endowment are valued nominally at ten times their annual rent, there has been no change to the valuation during the year. No property was sold during the year.
The open market value of houses and land owned by the Charity is believed to be substantially in excess of the balance sheet value.
b) Investments
These are shown at their market value as at 31 December 2021.
| Main Fund CBF Investment Fund CBF Property Fund M & G Charifund Schroders Charity Equity Inc Trust |
31.12.20 Purchase Increase in 31.12.21 Cost to (Sale) Value Date 1,024,013 146,490 1,170,503 329,705 461,939 65,895 527,834 478,911 355,539 47,566 403,105 348,764 249,006 24,923 273,929 278,911 |
|---|---|
| 2,090,497 0 284,874 2,375,371 1,436,291 |
| Total fixed assets at Property Investments Per accounts |
31.12.20 66,000 2,090,497 2,156,497 |
31.12.21 66,000 2,375,371 |
|---|---|---|
| 2,441,371 |
3. ANALYSIS OF NET ASSETS BY FUND
| Fund Type Endowment Main Charity Restricted Estate ERF St Giles ERF Belmont ERF Unrestricted |
Fixed Current Current Total Assets Assets Liabilities 2,441,371 12,506 0 2,453,877 0 0 0 0 0 159,641 0 159,641 0 25,720 0 25,720 0 20,230 -20,230 0 |
|---|---|
| £2,441,371 £218,097 -£20,230 £2,639,238 |
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GILLIGATE CHURCH ESTATE CHARITY Notes to the Accounts - Year Ended 31 December 2021
4. DESCRIPTION OF FUNDS
Main Estate Fund
This is the permanent endowment of the Charity from which income is derived for the beneficiaries. No capital distributions were made in the year (2019 - nil).
Estate ERF
This fund exists to finance the extraordinary repairs or improvements to the Charity's properties. The fund must be maintained out of annual income at a sufficient level for its needs. Given the level of reserves and income levels the Trustees do not consider it necessary to maintain this reserve as any Extraordinary repairs could now be met out of current income.
St Giles and Belmont Churches ERFs
These funds exist to assist with the extraordinary repair, improvement or rebuilding of the fabric, fixtures, and fittings of each church and their respective churchyards. Payments are made at the Trustees discretion under the terms of the scheme. No payments were made in the year and surplus funds not spent of £7,708 were transferred to te respective ERFs.
The balance on the loan to Belmont PCC was at £4,500 (2020 £6,000) at the year end.
Movement of Major Funds
| Fund name Estate Fund St Giles ERF Belmont ERF Total funds |
Balance Incoming Outgoing Transfers Gains / Balance 31.12.20 Resources Resources Losses 31.12.21 2,169,003 0 0 0 284,874 2,453,877 152,922 1,529 0 5,190 0 159,641 22,972 230 0 2,518 0 25,720 |
|---|---|
| 2,344,897 1,759 0 7,708 284,874 2,639,238 |
5. EMPLOYEE REMUNERATION
Remuneration of £6,500 (2020 £6,012) was paid in the year to the Clerk of the Charity.
6. INDEPENDENT EXAMINER
Fees of £500 (2020 £500) were paid in the year to Mr S W Armstrong in his position as independent examiner of the Charity's accounts.
7. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or expenses was paid either directly or indirectly out of the funds of the Charity to any Trustee or any person or persons known to be connected with any Trustee with the exception of the Chantry Fund income paid to the relevant incumbents under the scheme.
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Independent Examiner’s Report To the Trustees of The Gilligate Church Estate Charity, Durham
I report on the accounts of the Charity for the year ended 31 December 2021.
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;
-
to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
to 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.
S W Armstrong BSc (Econ.) ACA 26 April 2022