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2021-12-31-accounts

THE FRIENDS OF ESSEX CHURCHES TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

Registered Charity Number: 236033

EDMUND CARR LLP

Chartered Accountants 146 New London Road Chelmsford Essex CM2 0AW

THE FRIENDS OF ESSEX CHURCHES TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

CONTENTS PAGE
Trustees (The Executive Committee) 1
Other Officials of the Association 2
Report of the Trustees 3
Report of the Independent Examiner 6
Statement of Financial Activities 7
Balance Sheet 8
Notes forming part of the Financial Statements 9

THE FRIENDS OF ESSEX CHURCHES TRUST TRUSTEES (THE EXECUTIVE COMMITTEE) In office during 2021 or at 21 March 2022

Chairman Mr H.M. Stuchfield, M.B.E., J.P., D.L., F.S.A., F.R.Hist.S.
Vice-Chairman Mrs R.A. Grainger
Hon Secretary Mr J.E.J. Pickthorn
Hon Treasurer Canon H.A. Marsh
Other Trustees Mr J.W. Beale
Dr F.J.A. Bettley, J.P., D.L., M.A., Ph.D., F.S.A.
Mrs G.J. Jones
Mrs C. Leeder
Mrs J. Pimblett

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THE FRIENDS OF ESSEX CHURCHES TRUST OTHER OFFICIALS OF THE ASSOCIATION

YEAR ENDED 31 DECEMBER 2021

Patrons Rt Rev Dr. G. Francis-Dehqani, Bishop of Chelmsford Mrs Jennifer Tolhurst, H M Lord-Lieutenant of Essex Rt Rev A. Williams, Bishop of Brentwood

President Rt Rev Thomas McMahon Holding Trustees Mr J.W. Beale Mr H.M. Stuchfield Canon H.A. Marsh

Registered Office

5 Vicarage Lane, Great Baddow, Chelmsford, CM2 8HY

Charity Commission Registration Number

236033

Bankers

Barclays Bank plc, 40-41 High Street, Chelmsford, Essex CM1 1DE

Shawbrook Bank, Lutea House, Warley Hill Business Park, Brentwood, Essex CM13 3BE

Virgin Money, Jubilee House, Gosforth, Newcastle-upon-Tyne NE3 4PL

Investment Manager

M & G Securities Ltd, Laurence Pountney Hill, London, EC4R 0HH

Independent Examiner

Ray Crace FCA, Edmund Carr LLP, 146 New London Road, Chelmsford, Essex, CM2 0AW

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THE FRIENDS OF ESSEX CHURCHES TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31 DECEMBER 2021

The trustees present their report together with the financial statements for the year ended 31 December 2021 which have been the subject of an independent examination.

OBJECTIVES AND ACTIVITIES

The principal objects of the Trust are the promotion of public interest in the history of the Christian Churches in the area of the Diocese of Chelmsford and assisting in the preservation, repair and restoration of their fabric, through grant giving. From January 2015 grants are also made for work to improve church buildings.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities.

Grant making policy

The charity invites applications for the funding of repair and restoration projects, and from 2015 also for improvements to churches. Applications are reviewed against specific criteria by the Grants Committee which meets quarterly. Grants are allocated based on the highest priority and the funds available.

In September 2019 the Trust received a grant of £20,000 from Allchurches Trust Limited to help fund the cost of alarms/protection systems for roofs of churches in the Diocese of Chelmsford. Half the cost of a roof alarm is funded, up to £2,500 and our Trust adds grants of up to £2,000 to assist with installation costs. No grants were awarded in 2021 (2020 - 1 grant of £2,500).

ACHIEVEMENTS AND PERFORMANCE

The 2021 grant allocations for maintenance and improvements were £114,500 (2020: £147,850). Grants were offered to a total of 13 Churches and ranged in amount from £3,000 to £15,000. Grant cheques of £120,500 (2020 - £165,000) were paid in the year for completed projects. During 2021 the total grant allocations included £15,000 for improvements to 1 church.

FINANCIAL REVIEW

The accounts for the financial year ended 31 December 2021 are set out on pages 7 to 13. The Statement of Financial Activities and the Balance Sheet, together with the accompanying notes, provide a detailed review of the charity’s performance for the year.

Our total income received increased from £145,657 in 2020 to £294,461. Both figures including the gross receipts from the Ride+Stride event. The increase was largely due to an increase of £127,436 in legacies received. Support expenditure remained low.

During a normal year a number of fundraising events are held at which volunteers provide support. These events, of which a principal one is Ride+Stride, have generated income in 2021 of £40,089. The trustees hope that this level of income will be increased to former levels again after the end of the pandemic. Of the money raised by Ride+Stride approx 50%, net of gift aid, is returned to the participating churches and this figure is shown in the notes.

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THE FRIENDS OF ESSEX CHURCHES TRUST REPORT OF THE TRUSTEES (Continued) YEAR ENDED 31 DECEMBER 2021

Investment Policy

There are no restrictions on the charity’s power to invest. The investment strategy is set by the trustees and takes account of recent demand for funds and the grant making policy set out above. Since 2014 the only stock investment has been in M&G Charifund income units. After earlier realisations in previous years £40,000 fresh investment was made in 2020. The performance of this investment will continue to be monitored by the Trustees.

Reserves Policy

It is the policy of the charity to maintain unrestricted reserves at a level consistent with enabling the charity to provide sufficient funds to meet the agreed grants allocation for the year plus expected outgoings and a provision for contingencies.

The agreed grants allocation for the year will be constrained by the previous year’s income less expected outgoings plus any reduction in reserves adopted by the Committee from time to time.

The reserves policy is reviewed annually and a range of options consistent with prudent investment policy considered.

The trustees consider the current level of reserves is just enough to meet this policy.

STRUCTURE GOVERNANCE AND MANAGEMENT

The Friends of Essex Churches Trust is registered as a charity with the Charity Commission. The affairs of the Trust are governed by its Constitution which was originally adopted on 29 January 1983 as amended most recently on 13 May 2015. The Constitution was amended on 23 July 1987, 7 May 1991, 11 May 1999, 15 May 2007, 15 May 2014 and most recently on 13 May 2015.

Trustees

The trustees of the Trust both during 2021 and at the date of signature are set out on page 1. The Executive Committee (trustees) consists of the honorary officers and not less than 5 and not more than 11 members elected at the annual general meeting, who hold office from the conclusion of that meeting.

The honorary officers, being the Chairman, Vice-Chairman, Secretary and Treasurer, are elected by the members from amongst themselves at the annual general meeting.

Other Executive Committee members are nominated by members of the Charity in writing to the Secretary of the Executive Committee at least 14 days before the annual general meeting. Should nominations exceed vacancies, elections are by ballot.

When a new trustee is appointed appropriate training and induction are provided.

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THE FRIENDS OF ESSEX CHURCHES TRUST

REPORT OF THE TRUSTEES (Continued)

YEAR ENDED 31 DECEMBER 2021

Trustees' Responsibilities

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping accounting records that disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent Examiner

Following the trustees' decision in 2015 to move to an independent examination, Ray Crace FCA of Edmund Carr LLP was appointed as Independent Examiner. Mr Crace has expressed his willingness to continue in office and a resolution to re-appoint him will be proposed at the annual general meeting.

The accounts (financial statements) have been prepared in accordance with the statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The accounts (financial statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Approved by the trustees on 21 March 2022 and signed on their behalf by:

......................

H.A. Marsh

Hon Treasurer

......................

H.M. Stuchfield

Chairman

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THE FRIENDS OF ESSEX CHURCHES TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

YEAR ENDED 31 DECEMBER 2021

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2021, which are set out on pages 7 to 13.

Responsibilities and basis of report

As the charity’s trustees 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 charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales. 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 charity as required by section 130 of the Act; 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 to be reached.

.................................

R Crace FCA

146 New London Road Chelmsford Essex CM2 0AW

....................................

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THE FRIENDS OF ESSEX CHURCHES TRUST STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2021

Note
Income from:
Grants, donations and subscriptions
2
Legacies
Fundraising activities
3
Investment income
4
Total income
Expenditure on:
Fundraising activities
5
Charitable activities
6
Total expenditure
Net gains/ (losses) on investments
8
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Net (expenditure)/income /		 Unrestricted
2021
£
32,472
213,000
40,089
8,900
294,461
16,230
118,682
134,912
21,860
181,409
288,323
469,732		 Restricted
2021
£
-
-
-
-
-
-
-
-
-
-
17,500
17,500		 Total Funds
2021
£
32,472
213,000
40,089
8,900
294,461
16,230
118,682
134,912
21,860
181,409
305,823
487,232		 Total Funds
2020
£
27,416
85,564
23,994
8,683
145,657
9,974
153,663
163,637
( 20,504)
( 38,484)
344,307
305,823

The charity has no recognised gains or losses other than the results for the year as set out above.

The notes on pages 9 to 13 form part of these financial statements.

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THE FRIENDS OF ESSEX CHURCHES TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2021

Note
£
£
FIXED ASSETS
Investments
8
185,254
CURRENT ASSETS
Debtors
9
43
Cash at bank
10
459,945
459,988
CREDITORS: Amounts falling due within one year
11
158,010
NET CURRENT ASSETS/ LIABILITIES
301,978
NET ASSETS
487,232
FUNDS OF THE CHARITY
Unrestricted General Fund
469,732
Restricted Funds
12
17,500
TOTAL CHARITY FUNDS
487,232
2021		 2020
£
163,394
2,630
303,269
305,899
163,470
142,429
305,823
288,323
17,500
305,823

Approved by the Trustees on …............................... and signed on their behalf by:

…..........................

H A Marsh Hon Treasurer

…................................ H.M. Stuchfield Chairman

The notes on pages 9 to 13 form part of these financial statements.

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THE FRIENDS OF ESSEX CHURCHES TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021

1. Accounting Policies

Basis of accounting

The accounts (financial statements) have been prepared in accordance with the statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (SORP 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The accounts (financial statements) have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following SORP 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

General Information

The Friends of Essex Churches Trust is an unincorporated charity which meets the definition of a public benefit entity under FRS 102. The registered office is 5 Vicarage Lane, Great Baddow, Chelmsford, CM2 8HY.

Fundraising activities

The committee consider directly attributable expenditure on fundraising activities to be material, therefore income is accounted for gross of expenditure. The return payments to local Churches are shown as outgoings.

Income and expenditure

All income and expenditure is recognised once there is a legal or constructive obligation to that income/ expenditure, it is probable that settlement is required and the amount can be measured reliably.

Legacies received

Legacies are accounted for when receivable as long as they are capable of financial measurement.

Investment Income

Investment income is accounted for on a received basis.

Interest on bank deposits

Interest is accounted for on a received basis.

Grants Payable

Grants payable are recognised as expenditure when the grant is allocated.

Debtors and Creditors

Trade and other debtors are recognised at the settlement amount due. Creditors are recognised at their settlement amount.

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THE FRIENDS OF ESSEX CHURCHES TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 DECEMBER 2021

Fund accounting

Unrestricted general funds - these are funds which can be used in accordance with the charitable object at the discretion of the trustees. All funds received in 2021 were unrestricted. In 2020 no restricted grants was received.

Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity.

Taxation

As the Trust is a charity, it is exempt from taxation - other than VAT, which is included in the relevant costs in the Statement of Financial Activities - to the extent that any income and gains are applied to its charitable objectives.

2. Donations and Subscriptions

Unrestricted
2021
£
Donations and subscriptions
29,044
Gift Aid
3,428
Grant from Allchurches Trust (restricted)
-
32,472		 Restricted
2021
£
-
-
-
-		 Total Funds
2021
£
29,044
3,428
-
32,472		 Total Funds
2020
£
24,545
2,871
-
27,416

3. Income from Fundraising Activities

Ride+Stride
- Donations
- Gift Aid
Other Events
- Donations & Charges
- Gift aid		 Unrestricted
2021
£
16,203
786
23,100
-
40,089		 Restricted
2021
£
-
-
-
-
-		 Total Funds
2021
£
16,203
786
23,100
-
40,089		 Total Funds
2020
£
12,141
885
10,968
-
23,994

4. Investment Income

Dividends received
Interest receivable		 Unrestricted
2021
£
8,809
91
8,900		 Restricted
2021
£
-
-
-		 Total Funds
2021
£
8,809
91
8,900		 Total Funds
2020
£
6,930
1,753
8,683

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THE FRIENDS OF ESSEX CHURCHES TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued)

YEAR ENDED 31 DECEMBER 2021

5. Expenditure on Fundraising Activities

Ride+Stride - Expenses
- Returned to sponsoring Churches
Other Event expenses
6. Charitable Activities
Maintenance Grants awarded 12 (2020: 17)
Improvement Grants awarded 1 (2020: 5)
Grants released
Grants for gutter clearance
Installation of roof alarm
Promotion of public interest in churches
Governance and support costs (note 7)		 Unrestricted
2021
£
50
6,542
9,638
16,230
Unrestricted
2021
£
99,500
15,000
-
100
114,600
-
1,500
2,582
118,682		 Restricted
2021
£
-
-
-
-
Restricted
2021
£
-
-
-
-
-
-
-
-
-		 Total Funds
2021
£
50
6,542
9,638
16,230
Total Funds
2021
£
99,500
15,000
-
100
114,600
-
1,500
2,582
118,682		 Total Funds
2020
£
50
5,541
4,383
9,974
Total Funds
2020
£
108,850
39,000
(1,000)
100
146,950
2,500
2,149
2,064
153,663

No grants awarded in 2021 exceeded £15,000 (2020: Nil)

7. Governance and Support Costs
Fees paid to independent examiner:
Accounts preparation and examination
Bookkeeping services
Other administration costs
8. Investments
Market value at 1 January
Additional investments
Unrealised gain/(loss) on investments
Market value at 31 December
Historical cost at 31 December		 Unrestricted
2021
£
1,670
490
422
2,582		 Restricted
2021
£
-
-
-
-		 Total Funds
2021
£
1,670
490
422
2,582
2021
£
163,394
-
21,860
185,254
165,768		 Total Funds
2020
£
1,620
-
444
1,975
2020
£
143,898
40,000
( 20,504)
163,394
165,768

All investments are held in M&G Charifund Income units.

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THE FRIENDS OF ESSEX CHURCHES TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 DECEMBER 2021

YEAR ENDED 31 DECEMBER 2021
9. Debtors
Gift Aid recoverable
Interest accrued		 2021
£
43
-
43		 2020
£
2,321
309
2,630

10. Cash At Bank

Current
Barclays - 5 various accounts for each section
Deposit
Barclays - easy access
Virgin Money - easy access
Shawbrook - 12 months fixed deposit		 2021
£
289,845
100
85,000
85,000
459,945		 2020
£
53,269
80,000
85,000
85,000
303,269

11. Creditors: amounts falling due within one year

Outstanding obligations for grants
Accruals		 2021
£
155,850
2,160
158,010		 2020
£
161,850
1,620
163,470

12. Restricted Funds

Allchurches Trust Balance at
01/01/2021
£
17,500		 Incoming
Resources
£
-		 Outgoing
Resources
£
-		 Balance at
31/12/2021
£
17,500

The Allchurches Trust provided a grant to assist in carrying out the project of encouraging Churches to install roof alarm systems in order to prevent or minimise the theft of lead from churches' roofs. No grants were awarded in the year.

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THE FRIENDS OF ESSEX CHURCHES TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 DECEMBER 2021

13. Analysis of Net Assets between Funds

Analysis of Net Assets between Funds
Restricted funds
Unrestricted funds		 Investments
£
-
185,254
185,254		 Other Net
Assets
£
17,500
284,478
301,978		 Total
£
17,500
469,732
487,232

14. Trustees Remuneration/ Related Party Transactions

No trustees or connected persons received any remuneration or personal expenses either directly or indirectly (2020: nil).

There were no related party transactions during the financial year (2020: nil).

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