COUNT ON US BOOKKEEPING & ACCOUNTANCY LTD HONEST: RELIABLE: PROFESSIONAL HORNSEA CHURCH LANDS TRUST FINANCIAL STATEMENTS YEAR END 31 DECEMBER 2024 t.. 01964 535275 e. tnaik@covntonusuk.com w.. countonusuk.corn Se3ton G3rage, Hornsea Road, Seaion, E. Yorkshire, HUII 5RQ. Hornsea Church Lands Contents of the Financial Statements for the year ended 31st December 2024 Page Reference and Administrative Details Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 7 to 12 Hornsea Church Lands Reference and Administrative Details for the year ended 31st l)ecémber 2024 The Charty is administ&Ed ty a Maxi￿ of rune Ttsts for a ten ye8r term and GompFising Y officio Rev. C. N. Minett Stev￿8 {C￿]m￿￿) Trustees Mr. N. D. Stacey Mr. M. B*eman Mr. R G. Wallace Ms. H. Simms Mr. J. Moss Ms. J. Jones The Rev'd Minett Stevens ac(EpbJ the pos*tM of Chamtyi of the Homsea Churth Lands Tn￿ { an ex officio member. a [￿siLl0n vAith is usually held by the Vtcar of Homsea Church). PRINCIPAL AIX)RESS Vicarage East Yofkshtre HU18 1AB REGISTERED CHARrrY NUMBER 257705 INDEPENDEKf EXAhYNER Mark Efvin Cc4Jnt on Us Bojkke￿rS HU115RQ ADVISERS HSBC Bank P& 1 Kwig sÈrort BnrkntThi YO15 2DL J.Pl+. Finn & Co, 25 Coptsll Avenue, Hornsea Church Lands Report of the Trustees for the year ended 31st De¢ember 21)24 The trustees present thdr rep)rt with tha finan¢ial Staten￿ts olthe charity for the year ended 31st De￿rnber 2024. The trustees have adopted the F￿ViS[onS of Acc(Kmting and Reporting by charit￿.. Statenwt of Recommended Pr&ir£ atty)licatrk to d￿rItIeS prepaiing the5r ￿lUnts in accordance wrth the Financia Rep(xting Stthard appkth in the UK and Repubbc of Irejand {FRS 1021 (eff￿tiVe 1 January 2019). ACHIEVEMENT AND PERFORMANCE Charltable actlvlts.es Prope Valuations were carried t￿rt on aH the prcwlles in 2016 therefore these values remain unchanged this year. Imwovements Goal￿ £42,IXKJ ￿ere made to the properties during 2024 vkni¢h have been ad￿ to the VaJat￿8. Atwlck Road Fleld Thls has now tr*en registered V￿t￿ ts LarMI Registy, vestirnJ the18NI in the custodw for Chariti&s as ￿￿Te the allotrnents in 2017. Allotments Rent rernairts set at £10 for a haf ￿)t w wmum. Rents d £820 haye teen f￿82 hall plots. Rented propertses The lats and comrnercia] properlR8 in M¥ket Homsea mwged by Quick and Ctarke Collect the rents for all these pr6mis8s and pay the r*t amounts after Tnan¥nMt fees a￿1 related ¢0gts to th@ tTUSt Kwiodicalty. Under the tenr6 of a fam tenan￿ agreement negotiatmj during the year the rent for 46.26 acres of at Clrff aThd AtV4Kk Rml H￿nSe8 vras at £160 per payable half yearly. Total property rents for the year arTh)unted to £53,115 (£rtnrHed to £34,071 2023. Property repairs amoLnted to £21.504 for the year {2023 £36.698). Appllcatlon olfunds Grants of £24.977 to Homsea Parrthlal Churth CrAJ￿#1 In the year fumifmg the requirement under the Goveming Documrt that 70% of Unrestri￿ net i￿)Me be ￿loCated for charitable purrrt)Se& I￿¢$1ment Performan Investment income has irrtxeas&J by 1PA r￿p￿ed tothe year12023 10%> During the year the Ink8tees wthdrthy £65.000 frc4n the ttweSt￿ porifthi to rffovldo f[w￿$ for prDperty improvements and rew8. Taking thES into account the value of investm￿ has irrnased by I￿par￿j to previous y (2023 50kn) FINANCIAL REVIEW Resèrv￿ polky fortI￿omIng year. Hornsea Church Lands Report of the Trustees for the year ended 31st December 2024 STRUCTURE GOVERNANCE AIKI MANAGEMEKr Govemlng document The HDmsea Church Lands is registered the Chty commissb￿ as The Church in tl Parish of Homsea a￿1 constituted by Charty CommissKJn SC￿ da￿1 12 FeW 1932 and amend￿ in January 2023 and January 2024. As $tatad in the Scheme approved by the Charity ConThni¥sim on 12 February 1932. the objectives are the provislor) offunds for the rnainter￿n￿ of the fa￿lC of St Nicl)olas Church, Homsea, and the dl8tribution of surplus income to the Pwcthial Churth C￿nCil ft)r general use a9 Church funds. Wrth this in wthv, the Feoffees have hikni&4ly mantained two ful￿S. a Fabrio Fund and a Ganeral Fund, and this divist(M) of funds trAs bw M￿taIned ttKoW the current year. The Trustee5 have considered the comm￿,$ guIdat￿e on public IMefrt atKI are OF the opin that thi8 is fujfllled by the charl￿8 continueAI SUFWt estthllshment knthe advancement of rdigion. Recrultment and appolntment ol newtrustees The power ol appointment of new Trustees to Ilk T￿￿ lies j(inty Mryth the p8￿chial Church CouncÉl and existing trustees. New trustees ￿ aprrfJin￿ %Mth a ViV4V to the board of twstees pmiding the complementary mix of skills nec*swy to tnjstees, f￿￿tton. Inducth)n and training of nwtrustees Trustees are er￿Urag￿ to obtain trainirvJ so as lo inCr￿e skills, SUGh training to be (rgani￿1 and funded by the tharity. Approv￿£ by (N(kr oftha bo¥d of trustees on Jlty 2025 and signed (ffi its béhalf by. Ravd C N Minett Steven8- Trustee Independent Examlnefs Report to the Trustees of ornsea Church Lands I report Éo the charity I￿￿teeS on my eXaMw￿t10n of ttE aLounts of H(¥n8ea Church Lands {the Ttt￿) for tF year ended 31st D8￿mber 2024. Responslbilltie5 and b881s of Teport AS the charity knFStees of the Trust you are rwjmslbb for the of Ihp acGwts In with the reouirement8 of 'the Charities A(12011{￿ Art). I report in respect of my examtnation of the Trusts awcwnts txtt under ￿lon 145 rf the Acl oarryDig out my examlnation I twe foll￿1 all aF4)licab4e D1￿ctionS given by the Clwity Cornmission und Section 145(51(b) ofthe Act. l￿dePendent oxamlnetr$ St*•￿t I h8V6 Gornp￿d my ex8mfftat1￿. I C￿ that no material MatIe￿ have ¢otTO to my thrt#)n in c(xM￿l0ft wlth the examirtatton giving me cause to believe th* in any ni*rial YespeoL accountrno records were not kept in respect ofthp T[￿t as requwed by Sed](￿ 130 01 the Art or the accounts do not accord wsth ttrvjse recotd&' or the accounts do not compty wth the requirements Lx)rKwning thefomi th COntert￿a¢C0urtS set out in the Charities (Accounts Reports) Regulati￿5 2008 01t￿r than any r4uirement ttwt thg . acwunts givea true and fairviowwhiGh is ncrta matterwnsrdered a5 part0f￿ indepthdent examin3tio shO￿d be dpwn ir¢ this report in t)rder trj a woper unders1a￿ ofthe ￿ to be rethed. M Elvln MICB PM Count On Us BookkeeFxng & Accounlancy Homtsea Road Seaton East Yorkshire 30 July 2￿25 Hornsea Church Lands ststement of Financial Activities for the year onded 31st Decembor 2￿4 2023 INCOME AND ENDOWMEKfs FROM Inv8Stment inccffie 74n4 11122 63,848 EXPENDrruRE ON Ralsing ftwKIs 4,4T4 57,324 ChaAtablo adivltles Grants 249 24.9TI 45,176 other Totsl 4A74 103,782 Net galnsl{k)sses) ￿ investnEnts NET INCOMEI(EXPENDinJRE> 34012 (18,464) RECONCILIATION OF FUND3 Total funds brought foThwd 1.24156 1,6019 1,621411 TOTAL FUNDS CARRIED FORWARD 1256.094 381,865 1.637,859 1.8￿2.947 CONTINUING OPERATIONS All income and expenditure has arwl from eAff#inuirg orns a Church Lan alanGe Sheet 31at t*Combtt 202A 21Y23 Investments Invoslments Investment prowty 1,OQIO51 1.050,196 1.WJg.OS1 1.815,196 CURRENT ASSETS Debtors Cash at bank and tn hat 72,139 23.781 CREDrroRS Amouftts faling due one y 10 14231) {36,030} NET CURRENT ASSETS ILIABILmE5) TOTAL ASSETS LESS CURRENT LIABIUTIES 1.637,969 1,802,947 NET A.SSETS 1.637, 1.601947 FUNDS Unrestricted fijnds Restrirtsl fuNI 12 12￿094 1.229,156 TOTAL FUNDS 1.801947 30tIl July 2025 and wete signed on its beF$8lf by: C N Minett Stevens . Tn Hornsea Church Lands Notes to the Financial Statements for the year ended 31st Decembèr %J24 Accoufrrrii￿ POLICIES 89818 of preparing the finandal statements The financiai statements ofthectrority, whtcti Is a putrAic benefftentily under FRS 102, ha￿ been prepared in aexordarK* With the Charitigs SORP {FRS 102)'Ac¢¢xtniing and ReF￿￿ts'ng by Charit￿$.. Statement of R￿Mrnended Prthe applK8bie to Chariti￿ p)repai￿ their a￿￿nIS accord8n¢e wfth the Financial ReF4)rting Standard appli(xble in the UK and Rewblic of Ire1w￿ {FRS 102) (a￿tiVe 1 January 2019),, Financial Reporting Standwd 102'The FKHicial RetN)Ttiro Stsndard applic*le in the UK and Republlc of Irel8nd' and the Charities Ad 2011. The fina￿la7 stat￿ents have tÉen prepared under the hlstorical cost convention, with the exr*ion of wwestmerts are included * market vatue, as MCKlif￿ by the revaluation of certaln asset& Incom8 All income is recoJnk8ed in the State￿￿t of Firwthl Actits On￿ the charity has entttlement to the funds. it B yobabte that the incffft will be re¢elwJ aTKI the amtxmtt can b& measur￿£ reliably. Expendit Liabilities are recognised as expendiiure as socfft as ltr￿e is a legal (K constructrve obligation iy)mmttbng the Charity to that expenditure, it is prr*)abte that a transfer of ￿nDm￿ teneffts will be required in settlement aTkd the amwnt ￿ the o￿l98tH)n nEasured reliabty. Exwditure Is acct>unted tor on an aC￿U￿8 basis 2nd has been cI￿l￿ed under headings that aggregate atl cost related to the catsgory. Where costs cannot be directly attiibuted to wticular heayingg they have been all0￿e￿ to activi￿￿$ on a basts consistent with the use of resour￿. Granb offered suw to condikn vh¥ch have not tA*n met & the year date are noted as a Commth￿1 IXA not as exFtrAbture. Invostsnent property Investment propety is shown at most r￿t V￿Uati￿ plus addth￿ $irLe that d*. Any aggregate surplus or defi￿t wising from thanges in matetvalue is transf￿red trj reserves. Taxatlon Fund a¢counllng Unrestricted fijnds Gan be used in ￿cold￿tr Mniti c&i&ti¥es at the disueti￿ of the Rostiicted funds can onty be used for tArt￿lar Yestricknl purKx)ses withtn the objth of the charlty. Further explanation of the nakne and of fund is inclLKkd in the notes to the financk81 Investmenl income stocks and 8hares quoted on a Yecognised strKk excharrfJe are included in the balan￿ sheet at thelrmi markat value at the year ar￿. The vaiarw bets¥e￿ market value and the origind c05t or annual revaluation of the Ènvestments are SIM7￿Tr as un￿r*I inv*Htt gains or losses in othw ch*bl& tUT#Ys. Each year the movement, as adiusbj for &￿di110ns. Is transferr￿1 through the statement of financlal actsvitses to other charitable funds. The differal￿ ieiween fv origtnal cost or amual valuatlon and the p￿eedS of investM￿ts olare shtMTr as a gainl{loss) in the &*ement offIna￿traI *Nitie8. omsea Church Lands o*es. to the Flnancial Statements - continu INVESTW4T INcor Rentsl income recdve(I 1 Market Place, Homsea 3 Market Place. Homsea 6Flat 1, 5 Market Pl￿, HOr￿a Flat 2, 5 MaTket Pl￿, Homsea Flat 3, 5 Market P*, Homsea 7 Market Place, H¢Nn*a 9 Marf23 There were no Invthnt assets outsiL* the I ornsea Church Lands otes to the Financial S tements - continued INVESNENT PROPERTY FAIR VALUE At 1st January 2023 pl￿ thKINS yw wlgd 31st December 21r24 NET BOOK VALUE At 31s1 December 2024 At 31st December 2023 Historical cost at 31 D8cemb8r 2023 was £197.503. The vakn&l by Lerx7ards Chartered SuNeyi)rs an open marl*t tksis In 201& DEBTORS.. AUOUNTS FALLING DUE IMTHIN ONE YFAR Rentpj tr Investment incxjme 2023 11. ANALYSIS OF NEf ASSEfs BEf¥￿EN FUNDS Tot81 funfjs Tot Inveskn&its Cuffent assi* Current I￿￿T￿lieS 1239.3T7 59.948 369.674 12,191 1.6(e.OS 71789 1,615,196 23,781 1.637,959 1,601947 Hornsea urch Lands s to the FlnaoGi3L Statements - continued IZ MOVEYENT IN FUNDS . ¢onthHwJ tn functs Generd ￿r￿1 52,520 {￿.404) 18.923 {27.961) Re8trl¢ted funU8 Restricted (F*ic) Fund 11.328 {4.378) 2.547 9,4971 TOTAL FUNDS 1& RELATED PARPI DISCLOSURES There ￿ere no rela￿1 party tr9n￿1￿M tslhe year ￿d￿j 31st Dwmbps Th24.