THE CHURCH EsfATE CHARITY. DURHAM No 250248
ANNUAL REPORT FOR YEAR ENDED 31 MARCH 202
The Charity Cornrnission Scherne Order dated 8 January 21XII 8ovems the regulation of the charity
known as The Church Estste Charity1250248} Durham.
Under the Scherne. the objects are:.
The repairof the fabric of the Parish Church of St Margaret and to maintsin the service5
therein, and subjert thereto
In furthering the religious and other work of the Church of England in the area of the benefit
The area of the benefft comprises the parishes of St Margaret of Anti￿h. Crossgate Durham and St
John's Neville's Cross, Durharn. In 2021 another parrsh was added to the united benefice, that of St
Edmund's, Bearpark, but that does not affect this charity- it is not included in the secondary objerts
of the charity and it would require various agreements to such an alteration to include them as well
as Charity commissione￿ approbryl to the amendment of the Scheme.
The Trustees of the Chaiity during the year were:_
For St MargareYs- the Rector the Rev. BèrnabyT Huish (also appointed Chaim)anl; Jonathan
Bramley Cook; Susan Helen Lsfjns: Peter Athen Srnith. P05y (YNeill, Jennifer Smurthvmite.
For St John s-jo Cun(ty: Susan Massey: Kath Shanks.
The Secretary of the Trustees is Peter Athen Srnth: the post is an honornrium. He keeps the minutes,
advises the Trustees generally and is also responsible for keeping the accounting records of the
Charity and mairrtaining the Reg￿eT of Trustees.
The Charity's independent examiner is Mf John Bamborough Gibson. a retired Assistsnt Durham
County Council Treasurer.
The Charity has one asse( namely an endowment-that is funds-which are invested to produce
income and so coMEr the work tt undertakes, as desttibed above. Being an endowment. those funds
cannot themselves be spent save with the prior consent of the Charity Cornmissioner5 first obtained.
Presendy those funds are invested in Charrfunds. a unit trust managed by M & G. Further details of
the investment are set out in the Ststement of Assets and Liabilities.
As set out in that sepaTrte report there are other assets and there has been no change in the
assets held in Charifunds during the year.
Equally. the CharTty has no liabilitie5. ovethea(ts or staff and Trustees receive neither payment nor
expenses.
The prirnary objert of the Charity is the repair of the fabric of St Margaret's Church. which is a Grade
I listed building.. its repair and upkeep is a heavy burden. As an added guidance, there is a
requirement for every parish to obtain a quinquennial report from a suitsbly qualified architect as to
the state of their church building and carry out the repairs specified within the stipulated time frame.
The Trustees of the Charity held meetings within the period covered by this report in May 2024, July
2024. October 2024 and January 2025. Previously. it had been agreed to try and hold rneetin85

quarterly so as to assist St John's Church's cash flow (the Rectorfs secretsry is employed by St John s
and initially paid by them but they then claim that payment together with office expenses and
subscriptions frorn the Charity each quarterl. The Trustees, meetings were a mixture of Zoom and
face to face meetings. to suit the changing other commitments of the Trustees. Attendances were
good. and the time limit imwsed by Zoom suited the Trustees as it kept meetings short and to the
pointl
Dividend income in the year was increased by. in r￿rtd figures some £2.3ts) or so, and bank interest
received on our accounts with CafBank were up about £150 on last year. Our bank charges were
slightly lower. As interest Trte5 have changed over the past s￿ra1 rnonths. our bank has been very
quitk to pass on increases to investors but likewise I￿lef rates lust as quickly if the base rate drops:
they vrnrrant commendation for their faimess. The irterest received more than cowdrs the bank
tharges. We do not do internet bankin& as we onty i55ue about 8 cheques each year at most. To
further put the issue of bank charges into perspective. l am with Uoyds and I pay an account fee of
£25 per month on my accountl What the Charity Pays is small beer in comparison.
Expenditure was down by about £37.fxK) because there were no major repairslmaintenance works
carried out in the year. The charrty ought not to aim to attumulate money, rather it should expend it
in the furtherdnce of its objects. The PCC is now planning to carry out major refurbishment, namely
replacement of a substsntial part of the r(x>f but this year has been spent in obtainin8 quotstions
and the obtaining of a faculty for the work5.
Over the course of the year the value of the end(h¥M￿ has increased SI￿ht1V buL as l
repeatedly, there is no correlation between income and the value of the fund= look at the increased
dividends this past year. A change in investment would require specialist advice. which would incur
us in costs and one must bear in mind that any cash realised would need to be reinvested. The
Trustees may well conclude now is not the riqht time to think about changing investments.
Taking all in all, the perfomiance of the endowment has been encouraging during the course of the
year.
As I said last year, it is perhaps intere5tirw¥ therefore to at the incorne generdted bythe
investment over the course of the past 12 years and the value of the investment, 50 as to put this
year's figures in contexL
DATE
DIVIDEND INCOME
VAWE OF INVESfMENT
3113124
44,646.01
755,
3113123
769,972
3V3n2
38.935
820,090
3113121
33.484
764.386
3113120
43.348
620.616
3113119
41.531
798.270
3V3118
39.065
792,830

3113117
36.988
809.427
3113116
35,950
734.645
3113115
34.652
785.821
3113114
33,136
754,071
3113113
32.165
681,189
3113112
592.594
3113111
29.658
603.323
Looklng at matters in the Tound, the Charity remains in a gTr)d position to meet likely calls for
assistance by the PCC in funding works to the church as well as funding the furtherance of the V￿rk
of the Church of England in the benefice, such that no changes to policy are required, and I
commend the adoption of this reporL
P A Smith
27January 2026

TYPED COPY
RECEIPTS AND PAYMENfs ACCOUNT AND STATEMENT OF
ASSETS AND LIABILITIES
under section 42(3) of the Charities Act 1993
Charity Name:
The Chureh Ejtste Charity, Durham.
Charity Cornmission Number:
2x1248
Finaneial Year:
12 montbs to 31 March 2025
INDEPEI¥DE]Yr EXAMINER'S REPORT
I have examined the R￿eipts and Payments Account of the Church Eslate Charity
Durham for the yw ¢nd¢d 31 Ma￿h 2025 with the vouchers. bank statements and
infonnation submitted to me and I am of the opirnon the Accounts are a true record of
the income and disburs¢m¢nts of the Charity for the aforementioned year.
I further certify that thc infomwtion given in the Staten￿￿ of Assets & Liabilities is
)rrect.
Signed l K GROVES
DAIED 29" January 2026
Inde￿ndent Enminer
DECLARATION ON BEHALF OF THE TRUSTEES
The Reccipts & Payments A¢￿￿t as allached for the year ended 31 March 2025 aThl
the Statement of Ass¢ts & Liabilities al that date as also set out attached are as
approved by th¢ TrusÉe¢s.
Signed.....................................................
Trustee authorised to sign on IKhalf of all Trust¢¢s.

RECEtPTS AND PAYMENTS ACCOUNT AND STATEMENf OF
ASSETS AND LIABILrrIES
under section 42(3) of the Charities Act 1993
Charity Name:
The Chureh Estate Charity. DllrhaDI.
Charity Commission Number:
250248
12 months to 31 Marcb 2025
IM)EPEIYDENT EXAMINER'S REPORT
I have examined the Receipts and Payments Accouth of the Church Estate CharRty
Durtmm for the year end¢d 31 March 2025 with the vouchers. bank statements and
infornmtion submitted to m¢ and l am of the opinion the Accounts are a tsue rrford of
the income and disbursements of th¢ CIMrity for the aforementioned year.
I further certify that the infonnation given in the Stat¢ment of Assets & Liabilities is
correct.
DECLARATION ON BEHALF OF THE TRUSTEES
The Receipts & Pa￿nellts Account as attached for the year ended 31 March 2025 aThl
the Statsment of Assets & Liabilities at that date &8 also set out attached as
approved by the TnL8tees.
Trustee authoris¢d to sign on behalf of all Tn￿.

THE CHURCH EsfATE CHARrrY. DURHAM No. 2￿248
RECEIPTS & PAYMENTSACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
RE￿IpTs
114123 to 3V3124
Y4m to 3113nS
Charifund dividends
44.646.01
46.982.14
Interest on CafGold account
2,826.11
2,998.36
Interest on Cafcash account
21.45
17.47
TOTAL RECEIPTS IA)
47,493.57
49,997.97
PAYMEKrs
To Stjohn's
Rector's Secretsry Salary* office
expenses and contribution to
cost of Youth Worker
13,310.82
23,113.18
To St Margarevs
Youth Ministry
2080.CKI
Insurance
3.5LM).(KI
4,171.49
Bibles for school leavers
521.98
652.79
Bank charges
65.25
64.50
Redecoration
13.440.(K)
Lighting
28.795.(Kl
Architecvs Fees
3.587.50
TOTAL PAYMENTS (B)
653CM).55
2&IX)1.96
Financial Year 202312024
Financial Year 202412025
Opening Balance on 114123
Opening balance on 114124
Cafcash
10.384.29
6.505.19

THE CHURCH ESTATE CHARTfY. DURHAM No 250248
STATEMEKf OF A&SETS & LIABtLrrtES
YEAR ENDED 31 MARCH 2025
The only asset of the Charity is moneys invested in M & G ChaTifimds. a Ckwity Authorised
Investment Fund. This fund constitutes an eDdowrnenL that is the actual fund cannot be spent
sav¢ with the Charity CommissioneTS' COA8enL whereas the Income it Wlmluces is available to
spend on all authonsed pUry￿Ses.
M & G opernte an ethical investment tx)licy and the dividen(Is gross quarterfy.
The Charity holds 51.913.975 units and in the fin￿￿la1 year covered by this Statement
neither acquired nor dis￿ of any units.
The Charity has no other assets of any kind save moneys it holds in its bank accounts with
CAFBank. The moneys in these accounts do presently earn interest and in this financial year.
earned £3.015.83 in inieresL which handsomely covers total bank charges and fees
amounting to £64.50.
The sole source of income of the Charity (save for the interest mentioned above) are the
th'vidends produced by the investm¢nt in th¢ M & G Chan'funds. The Charity does not trade,
nor mak¢ collections of any kind nor solicit donations. It is not owed rnoney by any person or
In the past M & G havc ¢xplained their investment PK)licy.' some of the funds are in interest
bearing securities but is invested in carefully chosen smaller comEonies with a go(MJ
recorit likely to grow to th¢ w)int thai tly will i&sue shares under a rights issue and from
such the bulk of th¢ inwm¢ is g¢n¢rated
To an extent tlKTe is not a real correlation betweth the value of the fuDd and the income it
produces.
Table A below shows the dividend distribution rate and amounts received.
Table B gives the Val￿ of the futKI at tim¢s stat¢d
TABLE A
PERIOD
DIVIDEND
DISTRIBUTION
IL4TE PER UNrr
24.5
20.5
31.5
14.
DATE OF
PAYMENT
AMOUNT
112124 to 3014124
115124 to 3117124
118124 to 31110124
1111124 to 3111125
3115124
3118124
13112124
2812125
12 718.92
10 642.36
16 352.90
7.267.96
46 982.14

TABLE B
DATE
3113122
3016122
3019122
31112122
3113123
3016123
3019123
31112123
3113124
3016124
3019124
31112124
3113125
3016125
3019125
VALUE OF HOLDING
820 090.25
771015.97
712207.82
762,886.25
769 972.50
729 489.99
742 904.56
744 960.35
755.909.01
787 415.60
788 438.30
764 381.37
788 209.88
816,596.44
842 174.46
The dividends received this year show a slight increase over the previous year. Fund vaiucs
for daks outside the financ￿1 year are included to demonstra* that there is no Correlation
lthve¢n income tThluccd and the value of th¢ fund In some Lxses the fluctuation is what
one could extwt to sec on a day to (kny b￿1$ (if one follows the v81ue of the fi￿d on a daily
basis. rises or fa]Is in the region of £20.(KKI to £40.(￿￿ are quite nornial). The variations in
value of the fund and the slight improvement in income may well suggest that a change of
investment fund would not be appropriate at present. Str￿kS and shares might produce a
better return but an investment in such would require activ¢ management by a s￿la11$t
which would incur charges and such an investment is gcnerally prrc¢iv¢d to ¢xpose one to an
increas¢d risk of loss.
Th¢ Charity does not have any lith'litics: it Lkns not make any forn] of ￿Yrn¢nt to its
TnLSttts" does not have any cmpdoy¢cs" thes not employ canva&s¢rs" does not engage in door
to door or street collections. does not OWT4 rent or bave any fonn of interest in real property"
it does not t￿)ssesS any chattels. it does not have any outgoings of any sorL
Signed... ....................... ......................... ... ........... Chainnan OfTn￿teeS
On beR￿lf of all Thc TnLSt¢cs.