HOLY TRINITY CHURCH ESTATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
HOLY TRINITY CHURCH ESTATE INDEX Page Charity Intormallon Ftte8*, Report Ind•pend•nt Examlner'a R•port Statsm•nt ol Flnanclal Actlvltla8 8alonc• She•t Note8 to th• Flnanclal Slatom•nt•
HOLY TRINITY CHURCH ESTATE CHARITY INFORMATION FEOFFEES.. Mr William Johnson Mrs Susan Wilcox Mr Peter Grfftilhs Prof Simon Brake Mr Paul Doggett Mr Christopher Howard Rev Richard Hibbert Mr Nehemth Akinyele Mr Andrew Selwyn VESTRYMEN: Mrs Jean Howard Prof Wlllrld Kendall Mi$8 Ann Russell Mrs Catherine Kendall Mr James Samp50n.Foster Dr Alison Jackson PRINCIPAL OFFICE: Holy TrinSly Chureh 5A Priory Flow Coventry CV15EX ACCOUNTANTS: Daffems LLP One Easlwood Harry Weston Road Binley Business Park Coventry CV3 2UB SOLICITORS: Rotherham & Go 8 & 9 The Quadrant Coventry CV1 2EG BANKERS.. HSBC plc 5-6 High Street Covenlry CV15RE CHARITY NUMBER.. 242056 Page 1
HOLY TRINITY CHURCH ESTATE FEOFFEES. REPORT for the year ended 30 Aprll 2024 The Feoffe85 present their report and financial statements lor the year ended 30 April 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note 110 the accounts and Comply with the Charities Act 2011 and Accounting and Reporting by Charitie9: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wf(h the Financial Heportlng Standard applicabl? in the UK and Fl8public ol Ireland published in October 2019. Hl8tory. Obledlve8 and Activltles for Ihe publlc benefit All declslons ol this Charity are taken by the Vestrymen ol the Church being the Vicar for the tlme belng and all present and past Church Wardens ol the Church. Of this number tha Vicar and presenl Church Wardens ex officio and certain other Vestrymen specifically appointed by Trust Deed a$ such are the acting Feoffees (TNsleesl in whom the Charity piopety is vested. Th6 Vestrymen by resolution decide Irom lime lo tim8 who should be appointed additional Feoffees from their number and current Feollee5 confirm the appointment by Deed. The prop8ty is then vested in all the Feoffees. The Feoff8es have no evldence as to when and how the Charity came into existence bul it is believed to have been crèated shortly alter the Dlssolullon ol the Monasteries in 1539 when Holy Trinity Church (which had been allached lo the dlssolved. adlac8nl Benedlcline Cathedral Abboy ol St. Mary's) obtained Independence. There is Ilkewise no evidence ol th8 existence ol any original Trust Doed and there may well have been none. However, the Gharily18 bèllevod lo have ex181ed in Its basic present form since that early date. The Deeds ol Appolnlment and the Annual Accounlg confim that the Charily has pursued ils propor oblKIs which il conllnues to apply. Those objects are to maintaln the upkeep of the Church building of Holy Trinity Coventry and assoelated properties loning the endowment ol the Tiusl and from defraying payments lor the $6rvlces in the church. The Feoff888 conllrm that they have referred to the guidance ¢ontalned in the Charlty Commisslon's general guidance on publ bènolil whon reviewing the charlty's aims and objectives and in planning future actlvltles. Managemont and Gov•rnanc• Arrangements The Feoffees have examined the major slralegic, business and operallonal risks whbch the charity laces and confirm Ihal systems have been eslabllshed lo enab iegular reports to be produced so that the necessary steps can be taken to lossen these risks. A¢hlov4wn•nt• and Perfonnan¢• 85 Ston•y Road and Flat 4 Trinlty Walk A party ol volunteers have cleared up the ar garden al 85 Stoney Road and our new associale vicar moved into Iho property in October 2023, following redecoration, the installation of an intruder alam and minor repairs at a cost of £5,342. Our lenanl al Flat 4 ¢tInueS to keep the property in good order and only mlnor repairs have been necessary over the year. A benefit payment error has resulled in rent arrears of £390 and thls Is being repaid by the tenant al £401month. Church bulldlng A new contractor has been appointed for the pipe organ project and discussion continues wlth the DieSn Advisory Commlttee {DACI regarding the proposed ICation and design. A CAD survey ol the church bullding has been completed and the results sent to the organ contractor to aid in the design process. Faculty has been granted to install a delibrillalor at the front ol church and OAC agreement is awaited lor the proposed extemal CCTV system. Page 2
HOLY TRINy CHURCH ESTATE FEOFFEES. REPORT for the year ended 30 April 2024 Following a meellng with Ihe DAC, Iheir advlsors have requested that we treat all the proposed aKeralions lo the Wesl End turnilure and fixings as a single project. This will include., the AV desk, the welcom8 desk, the servery area and slorage area. This request will further delay the installation ol screens, as the AV desk musl be designed to accommodate all the new equlpment. A scheme to Improve parf(ing at the rear of ehurch has been submrtted lo the DAC lor their comments. Facuty has been granted lo replacè 4 No. small diameter rainwater down pipes. Our architect has estimated a cost of £285,000 for repairs lo th& South side roofs and stonework and a lundlng bid will be prepared to the NalK)nal Lottery. Land at All&8ley Philip Cowen ol Godlrey Payton has provKled a valuation ol our land al Alleslay1£125,000 excluding 'hope' valuel and OUT solicitor has used this vduation to apply lor land reglstralion In the name ol th8 Feoffees. E¢GrOUP Holy Trinity has become a member of the Eco-church community and a group has been formed lo progress environmental issues. Feoff•e membernhlp and Ve8trymen Dr Alison Jackson resigned as Feoffee on 12 May 2024 and became a Vestrymen. Tony Richards and Loma Ashley have both resigned as Vestrymen after many years ol servlce. Tralnlng and Inductlon of leollo•8 F8offees are Holy Trinity churchwardens both past and present. As such, the Individuals conc8med wlll have a number of years experience ol church management, accounting practlces and administration ol a large cily centr8 ¢hurch. This is as well as any personal experience and development they have re¢elved In public servlce or Industry. As churchwardens, Ihey will have submllled themselves to election annually by the Parlgh for 5 - 6 years and will have worked a5 a group ol four wardens, along with the parish clergy and Ir8asurer. as the 'senior management, ol the parish in all mallers,. and then worked In Conjunctlon wllh the PCC on the impk8mentation ol policy and running of the parish and its assets. On 1Srst 8ppoinlmenl as ward8ll they wlll have access to th8 Archdeacon's inlroJuctory tralnlng evenSng and a high level of montoring from exlsting wardens. Flnanclal review and reserve8 During the year the charity had net Income of £11,13812023 - £15.0531 after expenses 01 £36,496 (2023 - £32,740). Realisedlunreallsed gains of £8,866 Yesulled In a net Increase in funds of £20,004 {2023 dgcrease of £15,131). Total unrestricted funds brought foNard were £87,454 and £94.390 Is carried forward after accounting for the above transactions. These funds are required lo meet the charills Commitments and Planned expenditure. The Feollees consider the financial position at the year end to be satislaclory and that the funds aTe sumicrent to meet current obligations ON BEHALF OF THE FEOFFE R.C. Hibbert Feoffee Dated.. 9 October 2024 Page 3
INDEPENDENT EXAMINER'S REPORT TO THE FEOFFEES OF HOLY TRINITY CHURCH ESTATE I report on the accounts of the Trust tor the year ended 30 April 2024 which are set out on pages 5 to 11. Re8pectlve responsibilllle8 of feoffees and oxamlner The Charty's leoffees are responsible lor th8 preparation ol the accounts. The Charity's teoffees ¢SIder that an audit is not required lor this year under section 144{2} ol the Charities Act 2011 and that an Independent oxaminalion is needed. 11 is my respsibl1ty to: examine the accounts under section 145 of the 2011 Act. lollow the procedures laid down in the General Dlr8CthJns given ty the Charty Commissioners (under section 1451Sllbl ol the 2011 Act). and stale whether partkular matters have Come lo my altenllon. Ba*18 01 Independent •xamlner'8 report My examination was carried out in accordance wtth the General Dlreclions glven by the Chaty cnmisSlfi. An examination includes a revSew of the accounting records kept by the charty and a comparison ol the accounts presented with those records. It also Includes Consideratic of any unusual Item5 or disclosures in the accounts, and seeking explanallons from you as leoffees Goncemlng such matters. The procedures undertaken do not provide all the evldence that would be required In an audit, and consequently no opinicn is given as lo whether the accounts wesent a'lrue and lair vieyf and the report15 limited lo those matters sel out in the statomenl below. Ind •xamlner'8 •tat•m•nt In connection with my examination, no matter has le to my attentlcffi:. which gives me rea$etsIe cause to belleve that In any malerlal respect the requlremenls lo keep accountlng records In accordance with Selon 130 of the 2011 Act; and lo prepare accounts whlch accord with th8 accounllng records and to eomply wtth Ihe accounllng requirements of the 2011 Act. have not been mel; or to which, in my opinion, attention should be drawn in order lo enable a proper understsnding of the accounts lo ba reached. Geoffrey Cox FCA Dafferns LLP One Eastsvc(rtJ Hafry Weston Road Binley Business Park Coventry CV3 2UB Dated.. 9 October 2024 Page 4
HOLY TRINITY CHURCH ESTATE STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 April 2024 Unrestricted Fund Capital Endowment Total 2024 Total 2023 Notes Income Rent 12,727 12,727 17,144 Income from investments 25,410 25.410 22,700 Bank Interest received 5,295 5,295 2,063 Grant Income 4,202 4,202 5.886 43,432 4,202 47,634 47.793 Expendlture Costs ol charitable actlvRkgS 14.247 14,247 18,928 Cost of generating tunds (in¢luding governanc81 22,249 22,249 13.812 36,496 36,496 32,740 Not Income1(•Xp•na) rn8ourc 6,936 4,202 11.138 15,053 Nel galnslllosses) on investments 8,866 8,866 130,184) N•1 mv•ment In tund8 6.936 13,068 20,004 115,131) Fund balance brougm forward 1 May 2023 87,454 1,051.980 1,139,434 1,154,565 Fund balanc• carrl•d forward 30 Aprll 2024 94,390 1.065,048 1,159,438 1,139.434 The notes on pages 7 to 11 form part of these acctyJntS Page 5
HOLY TRINITY CHURCH ESTATE BALANCE SHEET 30 April 2024 2024 2023 Notes FIXED ASSErs Tangible fixed assets 149,063 148.484 Investmentg 861,862 832.246 1,010,925 980,730 CURRENT ASSETS Debtors Cash al bank 1,650 148,727 5,446 157,409 150,377 162,855 CREDITORS= Amounts falling duo within one year 1,864 4.151 NET CURREpif ASSETS 148,513 158,704 1,159,438 1,139,434 CAPITAL ENOOWMENT 1.085,048 1,051,980 UNRESTAICTED FUND 94,390 87,454 1,159,438 1,139,434 Approved by th8 Board ol Feoffees on 9 October 2024 and signed on its bghall by R.C. Hibbort Feollee The notes on pages 7 to 11 tom part ol Ihese accounls Pagg 6
HOLY TRINITY CHURCH ESTATE NOTES TO THE FINANCIAL STATEMENTS for th• year ended 30 Aprll 2024 ACCOUNTING POLICIES The following accounting policies have been applied consistently In dealing with items which are considered materlal in relation lo the Charws linanGial statements. B0818 of preparatlon and a88essment ot going concern The accounts Ifinancial statements) have been prepared under the historical cost convention with rtems recognised at cost or transactlon value unless otherwise slated in the f&levanl nolelsl lo these accounts. The Financial statements have been prepared in ac¢ordan¢e with the Statement ol Recommended Pracllce.. Accounting and Reporting by Charrties preparing their aecounls in accordance with the Financial Reportlng Standard applicable in the UK and Republic ol Ireland IFRS102) issued in October 2019 and the Financial Reporting Standard applicable In the United Kingdom and Republic ol Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to gNe a 'true and lairf vlew and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required lo provlde a Irue and falr view,. Thls departure has Involved following the Accounting and Reportlng by Charities.. Statement of R8commended Practice applicable lo charrties preparlng their accounts In accordance with the Financial Reporting Standard applicable In the UK and Republic ol Ireland IFRS1021 issued in October 2019 rather than the A¢counling and Reporting by Charllles.. sialemenl of Flecommended Practice 8118Ctive from 1 Aprll 2005 whieh has sinc8 been wkhdrawn. The flnaneial slatemenls are presented in sterling which is the lunctlonal eurrency of the charity and rounded to the near681 £1. The twst conslltutes a publlc benelil enttty as defined by FRS102. The trustees Csider that there are no malerlal uncertainties aboth the Trusts, ab1tY lo conilnue as a going concern b) Depreclallon L8888hold property Is deprecialed over the perlod of thè remalnlng lea89. Funds These are divided as follows:. Capltal endowment lund The lund comprises capital investments and property transferred to the ¢harrty together whh any gains related thereto. The pollcy ol the Trustees is to relaln capllal in an endowmenl fund in order to gonerale Income Irom which grants are made. Restrie fund These consist ol individual donations for specrfic purposes. Unrestrl¢ted tund Tho income lunij repre8enls Investment and othar income less expendllure and grants made. dl Irwe8tments Investment assets are staled al market value al the balance sheet dale. Realised and unrealised gains and losses are included in the statement of financial activities. Pag8 7
HOLY TRINITY CHURCH ESTATE NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 Aprll 2024 ACCOUNTING POLICIES CONTINUED el Incom• ro¢ognltlon All incoming resources are included In the Statement ot Financlal Activilles {SoFAI when the charity is leglY entitled lo the income after any performance conditions have been met, the amount can be measured reliably, and h is probable Ihat the Income wlll be received. Interest on funds held on deposit Is included upon nolificallon of the interest paid or payable by the bank. Dividends ar8 recognis8d once the dividend has been declared and nolilication has been received ol the dividand due. This is normally upon nolilicalion by our investment aévisor ol the dividend yield of the inveslmenl portlolio. Expondftur• Llabllitios are recognised as exponditure as soon as there Is a legal or constructivè obllgalSon committing the charity to the expendllure, it 18 probable that settlemenl wlll be requlred and tha amount ol the obligallon can be measureé reliably. All exp8ndilure is 8¢¢ounled lor on an accruals basis and has b88n classified under headings that aggregale all ¢03ls related lo the category. gl Dlro¢1 charltabl• oxp8ndltuv• This Is recorded In the accounts when it Is approved and il payable after the dale of the accounts 1$ Included in creditors. h} Debtorn and ¢f•dltor8 r•ceIvablpayab10 wlthln onè y•ar Debtors and credllors wllh no stated Inleresl rate and receivablè or payable wrthin one year are recorded al transaction price. Any losses arislng from impalrmenl are recognised in expendllur8. COSTS OF CHARITABLE ACTIVITIES 202 Trinilas Insuran¢6 Si Peter's Grant Church repairs'.- Quinquennial report Water rates Tollets Chanc81 lights Roof repairs Flower Proleci Lightning protection lesl Alarm system Pipes and Hoppers 10.711 120 9,391 120 1,200 68 1,172 6,338 2,574 72 179 258 972 14.247 18,928 Page 8
HOLY TRINITY CHURCH ESTATE NOTES TO THE FINANCIAL STATEMEprrs for the yeaf ended 30 Aprll 2024 OTHER COSTS 2024 2023 Expenses of residences Accountan Bank charges Si¢xkbrokers fees Depreclallon of leasehold propety Sutveys Professional le88 6.502 1,742 61 5,681 3,319 1,512 63 8,574 344 7,481 438 22,249 13,812 INOEPENOENT EXAMINERS REMUNERATION The Independent examln8rs remunerallon amounts lo an Indepèndènt 8xamlners lee of £1,74212023: £1,584). TANGIBLE FIXED ASSETS Freehold ro Leasehold COST At 30 April 2023 Improvements 109,237 923 48.197 157,434 923 AI 30 April 2024 110,160 48,197 158,357 DEPRECIATION AI 30 April 2023 Charge lor the year 8,950 8,950 344 At 30 April 2024 9,294 9,294 NET BOOK VALUE At 30 April 2024 110,160 38,903 149,063 AI 30 Aprll 2023 109,237 39.247 148,484 The Feoffees do not consider that the cost of a proles9ional valuallon of the propert18s Is juslrfied at Ihis lime and they are therefore shown at cosl less depreciation where appropriate. Land at Allesley and Dove House Fami are included at Nil value for the same reason as above. Page 9
HOLY TRINITY CHURCH ESTATE NOTES TO THE FINANCIAL STATEMENTS for the year onded 30 April 2024 INVESTMENTS auoted investments MaTkel value at 30 April 2023 Additions Disposal Realisedlunreallsed gainsl(losses) 832,246 86,499 165.749) 8,866 Market valua at 30 April 2024 861,862 Historical cost at 30 Aprll 2024 757,460 The following Inv88tments represent more than 5% of Ihe portfolio. Market value HSBC ETFS PIC Franklin T8mpleion Global Funfjs PIC Quitters Investors Ltd 55,791 33,580 25,152 69,711 50,313 44,080 OEBTORS Debtor8 Prepayments 1,512 138 138 1,650 5,446 CREDITORS 2024 2023 Accruals 1,864 4,151 1,864 4,151 Page10
HOLY TrINITY CHURCH ESTATE NOTES TO THE FINANCIAL STATEMENTS lor Ihe year ended 30 April 2024 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed ssets Cash lances Other net asse Capllal endowment fund Unrestri¢led lund 1.010.925 54,123 94,604 1,065,048 94.390 1214) 1,010,925 148,727 {2141 1,159,438 10. FEOFFEES, REMUNERATION AND EXPENSES No remunèratlon dlrectly or Indireclly out ol the funds of the charty was paid or payable lor th8 year lo any Feoffee or lo any person or persons known to be connected with any ol Ihem. No reimbursement ol expenses has b88n made or Is du8 to be made lo any of the Feoffees In respect of the year. 11. EMPLOYEES The charity had no employees during the year (2023: None). Pagg11