GILLIGATE CHURCH ESTATE CHARITY
Annual Report and Accounts
Year Ended 31 December 2022
A Registered Charity No. 222676
Registered Office
7 Elvet Waterside Durham City Co. Durham DH1 3DA
Trustees as at 31 December 2022
St Giles Church Belmont Church
Ex-Officio:
Vacant position Vacant position Ms S Petrovic Mr K Reynolds Mr M Richardson Mrs A Corbett
Elected:
Mr J Ashworth Mr J Cotton Mr P Jackson Mrs C Reynolds – Chair Mr G Jarvis Mr A Port
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 three Trustees are elected by each Parochial Church Council to give a total of twelve 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 2022 year has increased by £2,229 compared to the previous year to give a total revenue surplus for the year of £83,150. 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 decreased slightly during the year by £102,213 to stand at £2,537,025 at the year end which was due to decreases in investment values. Given present asset values and income returns the Trustees feel they can continue to 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 validity in investments prices and yields however the recent increases in interest rates has helped the Charity in recent months. 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
25[th] April 2023
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GILLIGATE CHURCH ESTATE CHARITY Balance Sheet - Year Ended 31st December 2022
| FIXED ASSETS - Note 2 Property Investments CURRENT ASSETS Debtors Debtor2 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 |
22 3,000 477 |
3,499 396,176 |
2022 0 2,158,138 |
2021 66,000 2,375,371 |
|---|---|---|---|---|
| 2,158,138 378,887 |
2,441,371 0 4,500 796 |
|||
| 16,007 55,134 325,035 |
5,296 9,419 54,246 149,136 |
|||
| 0 20,788 |
212,801 | |||
| 399,675 20,788 |
218,097 0 20,230 |
|||
| 2,342,614 | 20,230 197,867 |
|||
| 2,342,614 194,411 |
||||
| £2,537,025 | £2,639,238 | |||
| 2,537,025 | 2,453,877 | |||
| 0 173,237 21,174 |
2,453,877 0 159,641 25,720 |
|||
| 185,361 | ||||
| £2,537,025 | £2,639,238 |
Mrs C Reynolds On behalf of Trustees 25th April 2023
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GILLIGATE CHURCH ESTATE CHARITY Financial Activities - Year Ended 31 December 2022
| Estate | Restricted | Endowed | Total | Total | |
|---|---|---|---|---|---|
| Fund | Funds | Funds | 2022 | 2021 | |
| Investment income | 91,438 | 2,780 | 0 | 94,218 | 85,081 |
| Rental income | 3,000 | - | - | 3,000 | 5,500 |
| Transfer to / from ERFs | - | 6,269 | - | 6,269 | 7,708 |
| TOTAL INCOMING RESOURCES | 94,438 | 9,049 | 0 | £103,487 | £98,289 |
| EXPENDITURE - NOTES 5 & 6 | |||||
| Property, admin and ERF expenditure | |||||
| Property repairs & costs | 115 | - | - | 115 | - |
| Insurances | 774 | - | - | 774 | 776 |
| Salaries and admin costs | 6,897 | - | - | 6,897 | 6,625 |
| Independent examiner | 500 | - | - | 500 | 500 |
| St Giles ERF spend | - | - | - | - | - |
| Belmont ERF spend | - | - | - | - | - |
| Total | 8,286 | 0 | 0 | £8,286 | £7,901 |
| Application of Income per Scheme | |||||
| St Giles PCC | 30,375 | - | - | 30,375 | 35,271 |
| Transfer to St Giles ERF | 11,201 | - | - | 11,201 | 5,190 |
| Belmont PCC | 25,718 | - | - | 25,718 | 17,712 |
| Transfer to / from Belmont ERF | -4,932 | - | - | -4,932 | 2,518 |
| St Giles Education Trust | 10,394 | - | - | 10,394 | 10,115 |
| Belmont Education Trust | 10,394 | - | - | 10,394 | 10,115 |
| Total | 83,150 | 0 | 0 | £83,150 | £80,921 |
| TOTAL EXPENDITURE IN YEAR | 91,436 | 0 | 0 | 91,436 | 88,822 |
| NET INCOMING RESOURCES | 3,002 | 9,049 | 0 | 12,051 | 9,467 |
| BEFORE CAPITAL MOVEMENTS | |||||
| CAPITAL MOVEMENTS - Note 2 | |||||
| Property sale surplus | - | - | 105,971 | 105,971 | - |
| Capital distributions | - | - | - | - | - |
| Investment gains / losses | - | - | -217,233 | -217,233 | 284,874 |
| NET CAPITAL INCREASE | 0 | 0 | -111,262 | -111,262 | 284,874 |
| TOTAL INCOMING RESOURCES | 0 | 9,049 | -111,262 | -102,213 | 294,341 |
| TOTAL FUNDS 31 DEC 2021 | 0 | 185,361 | 2,453,877 | 2,639,238 | 2,344,897 |
| TOTAL FUNDS 31 DEC 2022 | 0 | £194,410 | £2,342,615 | £2,537,025 | £2,639,238 |
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GILLIGATE CHURCH ESTATE CHARITY Notes to the Accounts - Year Ended 31 December 2022
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
The last property owned by the Charity was sold during the year.
b) Investments
These are shown at their market value as at 31 December 2022.
| Main Fund CBF Investment Fund CBF Property Fund M & G Charifund Schroders Charity Equity Inc Trust Total fixed assets at Property Investments Per accounts |
31.12.21 Purchase Increase in 31.12.22 Cost to (Sale) Value Date 1,170,503 -137,788 1,032,715 329,705 527,834 -61,932 465,902 478,911 403,105 -22,453 380,652 348,764 273,929 4,940 278,869 278,911 |
31.12.21 Purchase Increase in 31.12.22 Cost to (Sale) Value Date 1,170,503 -137,788 1,032,715 329,705 527,834 -61,932 465,902 478,911 403,105 -22,453 380,652 348,764 273,929 4,940 278,869 278,911 |
|---|---|---|
| 2,375,371 0 -217,233 2,158,138 1,436,291 |
||
| 31.12.21 66,000 2,375,371 2,441,371 |
31.12.22 0 2,158,138 2,158,138 |
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 2,158,138 184,476 0 2,342,614 0 0 0 0 0 173,237 0 173,237 0 21,174 0 21,174 0 20,788 -20,788 0 |
|---|---|
| £2,158,138 £399,675 -£20,788 £2,537,025 |
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GILLIGATE CHURCH ESTATE CHARITY Notes to the Accounts - Year Ended 31 December 2022
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 (2021 - 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 £6,269 were transferred to the respective ERFs.
The balance on the loan to Belmont PCC was at £3,000 (2021 £4,500) 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 31.12.21 Resources Resources Losses 31.12.22 2,453,877 0 0 0 -111,263 2,342,614 159,642 2,394 0 11,201 0 173,237 25,720 386 0 -4,932 0 21,174 |
|---|---|
| 2,639,239 2,780 0 6,269 -111,263 2,537,025 |
5. EMPLOYEE REMUNERATION
Remuneration of £6,500 (2021 £6,012) was paid in the year to the Clerk of the Charity.
6. INDEPENDENT EXAMINER
Fees of £500 (2021 £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 Examinerfs Report To the Trustees of The Gilligats Church Estste Charity, Durham I report on the accounts of the Chartyfor the year ended 31 December 2022. Respertive 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 144121 of the Charities Act 2011 (the 2011 Act) and that an independent examination 15 needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Act- to ft)Ilow the procedures laid down in the general dirertions given by the Charity Commission under section 14515llbl of the 2011 Att- 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 wtththose records. It also includes corTrsideration of any unusual items or disc105ures in the account5. and seeking explanations from you as trustees concerning any such matter5. The procedures undertaken do not provide all the eviden that would be required in an audit and consequently no opinion is gtven as to whether the accounts present a 'true and fair and the rerM)rt is limited to those matters set out in the statement below. Independent exarninef'5 Statement In connection with my examination. no matter has come to my attention= 111 which gives me reasonable cause to believe that in any material respect the requirementS-. to keep accounting records in accordance with 5ettion 130 of the 2011 Act,. and to prepare accounts which actord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met: or {21 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 25 April 2023