THE CHURCH ESTATE CHARrrY, DURHAM No. 250248 RECEIPTS & PAYMENfs Accou￿[ FOR THE YEAR ENDED 31 MARCH 2024 RECEIPTS 114123 to 3113ll4 114122 to 31r3123 Charifund divi&nds Interest on cal￿oId a(Yount Int¢r¢st on Cafcash account TOTAL RECEIFTS 44.646.01 2 826.11 21.45 93J7 43 348.17 844.72 15.46 08J5 47 PAYMENTS To St John's Rector's Secretary Salary. office extMs¢s and contribution to cost of Youth Worker Tostma Youth Minis Insurance Bibles for sch(x)I leavers Bank char Redecoration tin Architert's F¢cs TOTAL PAYMENTS 13 310.82 15 645.20 2080.00 3 487.79 293.40 75.25 521.98 65.25 28 795.¢Y) 3 587.50 65JiKIJ5 19 Bank balances on 114122 12 912.( 44 208.35 165 120.43 19 501.64 145,61&79 Add Recei Less Pa Closin men Balance on 3113123 nin Catlash cat￿OId Bala￿¢ on IIW23 10 384.29 135 34.50 14 618.79 47,493.57 193,112J6 65J￿.55 127011.81 .19 121J(&62 19 870.47 101041.61 1211912.08 44.208.35 165 120.43 19 501.64 145,61&79 Add Recei Less Pa Closin Mon Mon ments Balance on 3113r24 in Cafcash account in Catf701d account 10 384.29 135 34.50 Total moneyy held at CafBank 127011.81 145,61&79 Signed......................................................................... Chainnan of Tn￿ on behalf of all the Trustees. THE CKURCH ESTATE CHARTfY. DURHAM No 250248 STATEMENf OF A&SETS & LIABILfflES YEAR ENDED 31 MARCH 2024 The only &sset of the Chan"ty is mows invested in M & G Clwifun(Ls. a Clwity Authorised Investment Fund This fund constitutes an endowmenL that is the actual fund cannot s save with th¢ Clwity Commissioners. cortsenL whereas the income it produc￿ is available to spend on all authorised purpK)S¢S. M & G otmte an ethical investment p)licy and py the divi(kn(Ls gross quarterly. Th¢ Charity holds 51,913.975 units and in the fina￿La1 ye4r covered by this Statement neither acquired nor th'sposed of any unil& The Charity has no other 8&8ets of any kind save moneys it holds in its bank accounts with CAFBaDk. The sole source of incom¢ of th Charity are the th'vithnds prodU￿d by the investment in the M & G Charifimds. The Charity do￿ not trade, nor make coll￿tiOnS of any ktnd nor solicit donations. It is not owed money by any ￿sOn or Immty. In the past M & G have explained their investment ￿lley. some of the fijnds are in interest bearing securities but much is invested in carefully chosen smaller comp￿leS with a good recor4 likely to grow to th¢ tM)ini that they will issue shares under a rights issue and from such the bulk of the income is generated. To an extent there is not a real corr¢lation betw¢¢n value of tk fund and the incorn¢ it pr(xlu¢¢s. Tabl¢ A ￿loW shows the divideThl distribution rnle and amounts r￿e1Ve4L Table B gives th¢ Val￿ of the fund at tirnes stated TABLE A PEIUOD DIVIDEND DISTRIBvfIoN RATE PER UNfT 24 20.5 28 13.5 DATE OF PAYMENr 112123 to 3014123 115123 10 3117123 118123 to 31110123 1111123 to 3111124 3115123 3118123 15112123 2912124 12 459.35 10 642.36 14 535.91 TABLE DATE 3113122 3016122 3019122 31112122 3113123 3016123 3019123 31112123 3113124 VALUE OF HOLDING 820 090.25 771015.97 712.207.82 762 886.25 769.972.50 729 489.99 742 904.56 744 960.35 755 909.01 Th¢ dividends re(%ived this year show a slight i￿reaSe over the previow Y￿ but the val￿S of the fund (awt from the March 2022 figure) are down on ￿ corresp)nding figures in the previous years. thich apEw to prove FK)ith aknut there being no correlation ￿tween income pr(KI￿ed and the value of the fun& In some c&w the fluctuation is what one could ex￿¢1 to see on a day to day b&sis (if one follows th¢ Val￿ of the fimd on a daily basis, rises or falls in the region of £20.0(Ki to £40.0(K) arc quite nornml). How¢v¢r. that the last four values ar¢ dow¥ it may be that it is eviden￿ of a trend The variations in v￿u¢ of thc fund and th¢ slight improvement in income may well suggest that a ¢lwng¢ of invthncnt fund would not b¢ appropriat¢ at present. The Charity does not have any liabilities". it (kns not Make any form of ￿Y￿ent to its Tntstees. does not hav¢ any ¢mployees" thes not employ canvassers. ths not engage in door to door or street ¢oll¢¢tions' does nol owry rent or have any forni of interest in real property. it does not possess any chattelsit does not hav¢ any outgoings of any sorL Signed..................................................................... On behalf of all The Trustees. ANNUAL REPORT FOR YEAR ENDED 31 MARCH 202 The Charity Commission Schern¢ Order dated 8 January 2(Kll governs the regulalion of the charity known &8 The Church Estat¢ Charity (250248) Durham. Under the Sche￿￿, the objects are: . The repair of tk fabric of the Parisb chU￿b of St Margarct and to maintsin the services there1￿ and subject thereto In furthering the reli￿0￿ and oth¢r work of the Church of England in the area of the n¢f)t. The area of the benefit comprises the ￿lshe5 of St Margar¢t of AntioclL Crossgate Durham and St John's Neville's Cross. Durham. In 2021 another parish was added to the united benefi¢¢, thai of St Ethnund's. Bear￿￿ but that dtts noi affpxt this chaTity- il is not included in the secondary objects of the charity and it would require various agreements such an alteration to include than as well as Charity Conllni&%ioners' approval to the amenthnent of the Scheme. The TruSt￿S of the Charity during the year w¢r¢: . For St Margaret's- the Rector the Rev. Barnaby T Huish (also atryK)inted Chainnan)" Jonathan Braml¢y Cook. Susan Helen Lyons. Peter Athen SmitlL Posy O'Neill. Jennifer Smurthwaite w&g ad(kd as a Tn￿ by St Margaret's PCC at its meeting on P November 2023. For St John's- Jo Cundy" Susan M&ss¢y: Kath Sbanks. The Secretary of the Tn￿CeS is Pefrr Athen Smith: the p￿st is an honorarium. He keqjs the minutes. advises the Tn￿eeS ge￿allY and is also resN)Dsible for keeping the accounting records of the C]￿lty and rnaintsining the Register of Tn￿ees. Th¢ Charity's independent emminer is Mr Jobn BamlK)rough Gibso￿ a r¢tircd Assistant Durlwn County Council Treasurer. The Charity has one &i8eL Dam¢ly an en&)wmenl- that is fimds- which are invested to produce income and so cover WQTk it un(krthkes, as described alx)ve. Being an endowin¢nL those funds cannot themselves be spent sav¢ with tk prior cons¢nl of the Charity Commissioners first oblaineil Presently those funds are investyj in Clwifimds, a Unit trust managed by M & G. Further d¢￿'1S of tbe investment are set out in the Statement of Assets and Liabilities. As s¢t out in that seForate rep))L there ate no other assets and tlwe has been no change in the &ssets h¢ld in Charifunds during the year. Equally. the Clwity no liabilitiffj overheads or staff and Tntstees receive neith¢r paym¢nt nor expenses. The primary objeth of the ChaTity is the ryir of the fabric of Sl Margaret's churc￿ vthich is a Grade I listed building: its retMir and upkeep is a heaTry burden. As an added guidance. there is a requir¢ment for every ￿TISh io obtsin a quinquennial TetM)rt from a suitably qualified architect as to th¢ state of their church building and cany out the repairs specified within th¢ stipulated tim¢ frame. The Tntstees of the Charity h¢id meetings within the pwiod o)vered by this re￿rt on IP May 2023 via Zoom. 19 July 2023 in perso￿ 25 Octokr 2023 via Zoom and 24 January 2024 via Zoom. Pr￿lOuslY, it had a￿d to ty and hold meetings quarterly so as to assist St John's Church's cash flow (th¢ Rector's secretary is employed by St John's and initially pmid by them but they then claim that pMymenL togeth¢r with office e￿￿nSeS and subscriptsons from the Charity exh quarter). The Trustees. meetings were virtually a]1 via Zoom and the rn¢th'um seems to be much appreciated Attendances were g(N)¢ and the time limit IMp￿d by Z￿M suited the as it kept mee1ings short and to the ￿int1 The next meeting after that in January 2024 in May. outside tk fina￿la1 year this rep)rt deals with. Dividend income in the year was increaseAJ by. in round figures some £1.3(X), and bank interest received on our accounts with CatBank were up about £2.(KX) on last year. Our bank chatg¢s were slightly lower. As interest ra*s have risen over the pmst severnl months, our bank has b¢¢n very quick to on that tKnefit to investors and they should be congratulated on that. The interest rK¢iv¢d more than LX)vus the bank ck&vg¢s. We do not do intern¢t bankin& as we only issue about 8 ¢￿qUeS each year. To further ￿t the issue of bank charges into perspective. l am with Lloy￿ and I an acwuni fee of £25 month on my account! What the Charity FHYS is small L*er in companso Expenditure was up by about £40.(￿. Expenth'ture exceeded income. It is gratsfying to see this. provided the Charity can sllstsin such expenditure. The charity ought nol to aim to accumulate money. radKr it should it tn the fiwtheran(% of its objects. The PCC h&s be¢n planning to cany two major refurbishments. those of red￿ratIng the interior of the church and upgrading thc liglrting to LED lights and finally execut¢d those works during the pres¢nt year and asked the Charity to reimburse its outlay to the tune of £45,822.50. The works have made quite a visible change to the aptww of the church and it is gratifying to know the charity's work h&8 enabl￿ such a conspicuous improvement: it exemph'fies the Charity's purws¢. Over the course of th¢ year the value of th¢ cndowment has decreas￿ buL as I say repeatedly, there is no correlation between income and the Val￿ of the fund.. l(K)k at the increased dividends this year. A change in investment would require stKcwlist advice. which would incur in costs and one bear in mitid that any cash realised would n¢¢d to be reinvested. The Trustecs may well c￿￿lude now is not the right time to think alM)ut changing investments. Taking all in all. the wforn)ance of the endowment has IKen encouraging duTing the Course of the y¢ar. As I said last y¢ar. it is kErhaps interesting therefore to look at the income genera*d by the investment over th¢ course of the Ixst 12 years and the value of the investmenL so as lo put this year's figures in context. DATE DIVIDEND INCOME VALUE OF INVESTMENT 3113124 3113123 3113122 3113121 3113120 3113119 3113118 3113117 3113116 3113115 3113114 3113113 3113112 3113111 769 972 620 616 798 70 792 830 809 427 785 821 754 071 681 189 592 594 Looking at matters in the rouniL th¢ Charity remains in a g￿d Ex)sition to meet likety calls for assistance by the PCC in funding works kn the church as well as funding the furtherance of the work of the Church of England in the benefice. such that no changes to ￿l1¢Y ar¢ require