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2022-04-30-accounts

HOLY TRINITY CHURCH ESTATE

CHARITY INFORMATION

FEOFFEES: Mr William Johnson
Mrs Susan Wilcox
Mr Peter Griffiths
Dr Alison Jackson
Prof Simon Brake
Mr Paul Doggett
Mr Christopher Howard
Rev Richard Hibbert – appointed March 2022
Mr Nehemiah Akinyele – appointed May 2022
Mr Andrew Selwyn – appointed May 2022
VESTRYMEN: Mrs Jean Howard
Prof Wilfrid Kendall
Miss Ann Russell
Mr Tony Richards
Mrs Lorna Ashley
Mrs Catherine Kendall
Mr James Sampson-Foster
PRINCIPAL OFFICE: Holy Trinity Church
5A Priory Row
Coventry
CV1 5EX
ACCOUNTANTS: Dafferns LLP
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB
SOLICITORS: Rotherham & Co
8 & 9 The Quadrant
Coventry
CV1 2EG
BANKERS: H.S.B.C. plc.
55 Corporation Street
Coventry
CV1 1QJ
CHARITY NUMBER: Charity Commissioners 242056

Page 1

HOLY TRINITY CHURCH ESTATE

FEOFFEES' REPORT

for the year ended 30 April 2022

The Feoffees present their report and financial statements for the year ended 30 April 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with 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 published in October 2019.

History, Objectives and Activities for the public benefit

All decisions of this Charity are taken by the Vestrymen of the Church being the Vicar for the time being and all present and past Church Wardens of the Church. Of this number the Vicar and present Church Wardens ex officio and certain other Vestrymen specifically appointed by Trust Deed as such are the acting Feoffees (Trustees) in whom the Charity property is vested.

The Vestrymen by resolution decide from time to time who should be appointed additional Feoffees from their number and current Feoffees confirm the appointment by Deed. The property is then vested in all the Feoffees.

The Feoffees have no evidence as to when and how the Charity came into existence but it is believed to have been created shortly after the Dissolution of the Monasteries in 1539 when Holy Trinity Church (which had been attached to the "dissolved" adjacent Benedictine Cathedral Abbey of St. Mary's) obtained independence. There is likewise no evidence of the existence of any original Trust Deed and there may well have been none.

However, the Charity is believed to have existed in its basic present form since that early date.

The Deeds of Appointment and the Annual Accounts confirm that the Charity has pursued its proper objects which it continues to apply. Those objects are to maintain the upkeep of the Church building of Holy Trinity Coventry and associated properties forming the endowment of the Trust and from defraying payments for the services in the church.

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

Management and Governance Arrangements

The Feoffees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Achievements and performance

Feoffees agreed to replace the kitchen at 85 Stoney Road, at a cost of £11,736. The property continues to be let to a Syrian refugee family.

A second family of refugees continue to occupy the flat at 4 Trinity Walk and the property continues to be kept in a good state of repair.

Fundraising for the proposed new pipe organ continues and discussion continues with the DAC regarding the proposed location.

Discussion continues with the DAC over the faculty application for screens to the Nave pillars and a final quotation for the work is awaited from Novum Ltd.

Grant funded masonry repairs have been carried out to the South side masonry, low level masonry and the West End stonework.

Discussions continue with Philip Cowen of Godfrey Payton and David Holt of Holt Property, regarding the possible value of our land at Allesley. Our solicitor, David Dumbleton, has been requested to formally register the land with the Land Registry.

Page 2

HOLY TRINITY CHURCH ESTATE

FEOFFEES' REPORT for the year ended 30 April 2022

Training and induction of feoffees

Feoffees are Holy Trinity churchwardens both past and present. As such, the individuals concerned will have a number of years experience of church management, accounting practices and administration of a large city centre church. This is as well as any personal experience and development they have received in public service or industry.

As churchwardens, they will have submitted themselves to election annually by the Parish for 5 - 6 years and will have worked as a group of four wardens, along with the parish clergy and treasurer, as the ‘senior management’ of the parish in all matters; and then worked in conjunction with the PCC on the implementation of policy and running of the parish and its assets.

On first appointment as warden they will have access to the Archdeacon’s introductory training evening and a high level of mentoring from existing wardens.

Financial review and reserves

During the year the charity had net expenses of £432 (2021 – net expenses of £4,891) after expenses of £36,457 (2021 - £117,109). Realised/unrealised gains of £25,169 resulted in a net increase in funds of £24,737 (2021 - increase £117,564).

Total unrestricted funds brought forward were £78,719 and £78,287 is carried forward after accounting for the above transactions. These funds are required to meet the charity’s commitments and planned expenditure.

The Feoffees consider the financial position at the year end to be satisfactory and that the funds are sufficient to meet current obligations.

ON BEHALF OF THE FEOFFEES

Mrs Catherine Kendall - Feoffee

Dated: 18 January 2023

Page 3

HOLY TRINITY CHURCH ESTATE

INDEPENDENT EXAMINER'S REPORT TO THE FEOFFEES OF HOLY TRINITY CHURCH ESTATE

I report on the accounts of the Trust for the year ended 30 April 2022 which are set out on pages 5 to 10.

Respective responsibilities of feoffees and examiner

The Charity's feoffees are responsible for the preparation of the accounts. The Charity’s feoffees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 and that an independent examination is needed.

It is my responsibility to :

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 feoffees concerning 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

  2. to keep accounting records in accordance with section 130 of the 2011 Act; and

  3. to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act.

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

R.J. Miller, MA (Oxon), FCA Dafferns LLP One Eastwood Harry Weston Road Binley Business Park Coventry

CV3 2UB Dated 18 January 2023

Page 4

HOLY TRINITY CHURCH ESTATE

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 April 2022

Unrestricted Capital Total Total
Fund Endowment 2022 2021
Notes£
£		 £ £
Income
Charitable activities (Grant income) -
-
 - 74,003
Rent 15,731
-		 15,731 17,509
Income from investments 20,197
-		 20,197 20,429
Bank interest received 97
-		 97 277
__ ___ _ _____
36,025
-		 36,025 112,218
══════ ═════ ══════ ═════
Expenditure
Costs of charitable activities 2 26,733
-
 26,733 107,216
Cost of generating funds
(including governance) 3 9,724 - 9,724 9,893
__ ___ ______ ______
36,457 - 36,457 117,109
══════ ═════ ═══════ ══════
Net (expenses)/income resources (432) - (432) (4,891)
Net gains/(losses) on investments
5 - 25,169		 25,169 122,455
__ ____ ______ ______
Net movement in funds (432) 25,169 24,737 117,564
Fund balance brought forward
1 May 2021 78,719 1,051,109 1,129,828 1,012,264
_ _ __ __
Fund balance carried forward
30 April 2022
78,287 1,076,278		 1,154,565 1,129,828
═══════ ═══════ ════════ ════════

The notes on pages 7 to 10 form part of these accounts

Page 5

HOLY TRINITY CHURCH ESTATE

BALANCE SHEET 30 April 2022

FIXED ASSETS
Tangible fixed assets
Investments
CURRENT ASSETS
Debtors
Cash at bank
CREDITORS: Amounts falling due
within one year
NET CURRENT ASSETS
CAPITAL ENDOWMENT
UNRESTRICTED FUND		 Notes
£
4

5


6
1,534
179,321
_
180,855
7
1,632
_


8


 2022
£
£
115,355
859,987
_
975,342

29,738

150,784

_

180,522

16,007
_
179,223
_

1,154,565
════════

1,076,278
78,287
_

1,154,565
════════
 2021
£
114,595
850,718
_
965,313

164,515
_
1,129,828
════════
1,051,109
78,719
_
1,129,828
════════

Approved by the Board of Feoffees on 18 January 2023 and signed on its behalf by

Mrs Catherine Kendall - Feoffee

The notes on pages 7 to 10 form part of these accounts

Page 6

HOLY TRINITY CHURCH ESTATE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 April 2022

1. ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Charity’s financial statements.

The 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 the 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 (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charities: statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

The trust constitutes a public benefit entity as defined by FRS102.

The trustees consider that there are no material uncertainties about the Trusts’ ability to continue as a going concern

Leasehold property is depreciated over the period of the remaining lease.

Funds

Capital endowment fund

The fund comprises capital investments and property transferred to the charity together with any gains related thereto. The policy of the Trustees is to retain capital in an endowment fund in order to generate income from which grants are made.

Restricted fund

These consist of individual donations for specific purposes.

Unrestricted fund

The income fund represents investment and other income less expenditure and grants made.

d) Investments

Page 7

HOLY TRINITY CHURCH ESTATE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 April 2022

1. ACCOUNTING POLICIES CONTINUED

2. COSTS OF CHARITABLE ACTIVITIES

Trinitas Insurance
St Peter’s Grant
Church repairs:-
Vestry floor
Water rates
Drain cleaning
Weatherproof socket
Roof repairs
Toilets
Stonework repairs
Alarm system
_
═		 2022
2021
£
£
9,470
9,940
120
120
2,304
-
140
-
690
-
-
378
9,009
-
5,000
-
92,734
-
4,044
_ ____
26,733
107,216
═════
══════

3. OTHER COSTS

Expenses of residences

Accountancy
Bank charges
Stockbrokers fees
Depreciation of leasehold property
_
═		 2022
£
2,021

1,512
22

5,825
344
_____ _
9,724
═════
═		 2021
£
3,006
1,440
-
5,103
344
_____
9,893
═════

Page 8

HOLY TRINITY CHURCH ESTATE

NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 April 2022

4. TANGIBLE FIXED ASSETS

COST
At 30 April 2021

Improvements


At 30 April 2022

═
DEPRECIATION
At 30 April 2021
Charge for the year

At 30 April 2022

NET BOOK VALUE
At 30 April 2022

═
At 30 April 2021

═		 Freehold
Leasehold
property
property
£
£
74,660 48,197
1,104 -
_ _
75,764 48,197
═══════
════════
══
-
8,262
-
344
_ _
-
8,606
═══════
═══════
═
75,764
39,591
═══════
═══════
══
74,660
39,935
═══════
═══════
══		 Total
£
122,857
1,104
_
123,961
══════
8,262
344
_
8,606
══════
115,355
══════
114,595
══════

The Feoffees do not consider that the cost of a professional valuation of the properties is justified at this time and they are therefore shown at cost less depreciation where appropriate.

Land at Allesley and Dove House Farm are included at Nil value for the same reason as above.

5. INVESTMENTS Quoted
investments
£
Market value at 30 April 2021 850,718
Additions 208,700
Disposal (224,600)
Realised/unrealised gains/(losses) 25,169
___
Market value at 30 April 2022 859,987
════════
Historical cost at 30 April 2022 715,438
════════
The following investments represent more than 5% of the portfolio.
Market
Cost value
£ £
HSBC ETFS Plc 48,630 50,873
Quilter Investors Ltd 37,057 53,010
Legg Mason Global Funds Plc 33,244 45,051

Page 9

HOLY TRINITY CHURCH ESTATE

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 30 April 2022

6. DEBTORS
6. DEBTORS 2022 2021
£ £
Debtors 1,396 29,600
Prepayments 138 138
__ __
1,534 29,738
═══════ ═══════
7. CREDITORS 2022 2021
£ £
Accruals 1,632 16,007
_ _
1,632 16,007
═══════ ═══════

8. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Capital endowment fund
Unrestricted fund
__
═══		 Fixed
assets
£
975,342
-
_
_
975,342
══════
═		 Cash
Other net
balances
assets
£
£
£
100,936
-
1,076,278
78,385
(98)
78,287
_
_
____
179,321
(98)
1,154,565
═══════
═══════
═════════

9. FEOFFEES' REMUNERATION AND EXPENSES

No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any Feoffee or to any person or persons known to be connected with any of them.

No reimbursement of expenses has been made or is due to be made to any of the Feoffees in respect of the year.

Page 10

HOLY TRINITY CHURCH ESTATE

INDEX

Page
Charity Information 1
Feoffees' Report 2 - 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 - 10

HOLY TRINITY CHURCH ESTATE

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022