THE FRIENDS OF ESSEX CHURCHES TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022
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 2022
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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
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THE FRIENDS OF ESSEX CHURCHES TRUST TRUSTEES (THE EXECUTIVE COMMITTEE)
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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 Resigned 12 September 2022
Mrs J. Pimblett From 12 September 2022
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 Resigned 28 January 2023
Mrs C. Ford Appointed 19 May 2022
Mrs C. Leeder
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THE FRIENDS OF ESSEX CHURCHES TRUST OTHER OFFICIALS OF THE ASSOCIATION
YEAR ENDED 31 DECEMBER 2022
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
Registered Office
Pentlow Hall, Pentlow, Essex C010 7SP
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 2022
The trustees present their report together with the financial statements for the year ended 31 December 2022 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.
ACHIEVEMENTS AND PERFORMANCE
The 2022 grant allocations for maintenance and improvements were £177,500 (2021: £114,500).
19 grants were offered to a total of 18 Churches and ranged in amount from £2,000 to £30,000. Grant cheques of £177,350 (2021: £120,500) were paid in the year for completed projects.
FINANCIAL REVIEW
The accounts for the financial year ended 31 December 2022 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 decreased from £294,461 in 2021 to £164,820. Both figures including the gross receipts from the Ride+Stride event. The decrease was largely due to an decrease of £130,429 in legacies received.
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 2022 of £49,027. A proportion of the money raised by Ride+Stride, net of gift aid, is returned to the participating churches and this figure is shown in the notes.
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REPORT OF THE TRUSTEES (Continued)
THE FRIENDS OF ESSEX CHURCHES TRUST
YEAR ENDED 31 DECEMBER 2022
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. 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 previously amended on 23 July 1987, 7 May 1991, 11 May 1999, 15 May 2007 and 15 May 2014.
Trustees
The trustees of the Trust both during 2022 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 2022
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.
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 20 March 2023 and signed on their behalf by:
.................................. J Pimblett
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 2022
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022, 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
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:
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Accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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 2022
| 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 2022 £ 22,829 82,571 49,027 10,393 164,820 19,467 178,115 197,582 ( 10,319) ( 43,081) 469,732 426,651 |
Restricted 2022 £ - - - - - - 17,500 17,500 - ( 17,500) 17,500 - |
Total Funds 2022 £ 22,829 82,571 49,027 10,393 164,820 19,467 195,615 215,082 ( 10,319) ( 60,581) 487,232 426,651 |
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 |
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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 2022
| Note £ £ FIXED ASSETS Investments 8 174,935 CURRENT ASSETS Debtors 9 4,874 Cash at bank 10 400,382 405,256 CREDITORS: Amounts falling due within one year 11 153,540 NET CURRENT ASSETS/ LIABILITIES 251,716 NET ASSETS 426,651 FUNDS OF THE CHARITY Unrestricted General Fund 426,651 Restricted Funds 12 - TOTAL CHARITY FUNDS 426,651 2022 |
2021 £ 185,254 43 459,945 459,988 158,010 301,978 487,232 469,732 17,500 487,232 |
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Approved by the Trustees on 20 March 2023 and signed on their behalf by:
…............................... …............................. J Pimblett H.M. Stuchfield Hon Treasurer 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 2022
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 Pentlow Hall, Pentlow, Essex, C010 7SP.
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 2022
Fund accounting
Unrestricted general funds - these are funds which can be used in accordance with the charitable object at the discretion of the trustees.
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
| Donations and subscriptions Gift Aid Income from Fundraising Activities Ride+Stride - Donations - Gift Aid Other Events - Donations & Charges |
Unrestricted 2022 £ 20,471 2,358 22,829 Unrestricted 2022 £ 23,678 2,516 22,833 49,027 |
Restricted 2022 £ - - - Restricted 2022 £ - - - - |
Total Funds 2022 £ 20,471 2,358 22,829 Total Funds 2022 £ 23,678 2,516 22,833 49,027 |
Total Funds 2021 £ 29,044 3,428 32,472 Total Funds 2021 £ 16,203 786 23,100 40,089 |
|---|---|---|---|---|
3. Income from Fundraising Activities
4. Investment Income
| Dividends received Interest receivable |
Unrestricted 2022 £ 9,881 512 10,393 |
Restricted 2022 £ - - - |
Total Funds 2022 £ 9,881 512 10,393 |
Total Funds 2021 £ 8,809 91 8,900 |
|---|---|---|---|---|
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THE FRIENDS OF ESSEX CHURCHES TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 DECEMBER 2022
5. Expenditure on Fundraising Activities
| Ride+Stride - Expenses - Returned to sponsoring Churches Other Event expenses 6. Charitable Activities Maintenance Grants awarded 13 (2021: 12) Improvement Grants awarded 6 (2021: 1) Grants released Grants for gutter clearance Return of unspent grant to Benefact Trust Promotion of public interest in churches Governance and support costs (note 7) |
Unrestricted 2022 £ 200 8,949 10,318 19,467 Unrestricted 2022 £ 126,500 51,000 (4,500) - 173,000 - 2,093 3,022 178,115 |
Restricted 2022 £ - - - - Restricted 2022 £ - - - - - 17,500 - - 17,500 |
Total Funds 2022 £ 200 8,949 10,318 19,467 Total Funds 2022 £ 126,500 51,000 (4,500) - 173,000 17,500 2,093 3,022 195,615 |
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 |
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Grants of £30,000 were awarded to St Mary with St Leonard (Broomfield) and All Saints (Brightlingsea) No other grants awarded in 2022 exceeded £15,000 (2021: None)
| 7. Governance and Support Costs Unrestricted 2022 £ Fees paid to independent examiner: Accounts preparation and examination 2,074 Bookkeeping services 524 Other administration costs 424 3,022 8. Investments Market value at 1 January Unrealised gain/(loss) on investments Market value at 31 December Historical cost at 31 December All investments are held in M&G Charifund Income units. |
Restricted 2022 £ - - - - |
Total Funds 2022 £ 2,074 524 424 3,022 2022 £ 185,254 (10,319) 174,935 165,768 |
Total Funds 2021 £ 1,670 490 422 2,582 2021 £ 163,394 21,860 185,254 165,768 |
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THE FRIENDS OF ESSEX CHURCHES TRUST
NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 DECEMBER 2022
| 9. Debtors Gift Aid recoverable 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 11. Creditors: amounts falling due within one year Outstanding obligations for grants Accruals 12. Restricted Funds Balance at Incoming 01/01/2022 Resources £ £ Benefact Trust 17,500 - |
2022 £ 4,874 4,874 2022 £ 230,382 - 85,000 85,000 400,382 2022 £ 151,500 2,040 153,540 Outgoing Resources £ (17,500) |
2021 £ 43 43 2021 £ 289,845 100 85,000 85,000 459,945 2021 £ 155,850 2,160 158,010 Balance at 31/12/2022 £ - |
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The Benefact Trust, formerly known as The Allchurches Trust, provided a grant of £20,000 in 2019 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. The unspent portion was repaid in the year to the Benefact Trust under the terms of the grant agreement.
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THE FRIENDS OF ESSEX CHURCHES TRUST
NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 DECEMBER 2022
13. Analysis of Net Assets between Funds
| Restricted funds Unrestricted funds |
Investments £ - 174,935 174,935 |
Other Net Assets £ - 251,716 251,716 |
Total £ - 426,651 426,651 |
|---|---|---|---|
14. Trustees Remuneration/ Related Party Transactions
No trustees or connected persons received any remuneration or personal expenses either directly or indirectly (2021: nil).
There were no related party transactions during the financial year (2021: nil).
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