Charity number. 262613 WYE ECCLESIASTICAL CHARITIES UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
WYE ECCLESIASTICAL CHARITIES CONTENTS Page Reference and Administrative Detalls of the Charlty. its Trustees and Advlsers Trustees. Report Independent Examiner's Report Statement of Flnancial Activitles Balance Sheet Notes to the Financial Statements 9-16
WYE ECCLESIASTICAL CHARrriES REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Mr Garelh Phillips, PCC Nominee & Chairman Dr Mark Deller, PCC Nominee The Revd Ravi Holy, Vicar Mr David Ross, Church Warden Mr Robert Dudley, Church Vvarden Charity registered number 262613 Prlnclpal office Cumberland Court Church Street Wye Kent TN2S 58J Independent Examiner Magee Gammon Corporate Limited Chartered Accountants Henwood House Henwood Ashford Kent TN24 8DH Bankers Lloyds Bank plc 81 High Street Ashford Kent TN24 8SS Sollcltors Hallett & Co 11 Bank Street Ashlord Kent TN23 1DA Treasurer and clerk to tho trustees Mr Francis Huntington Honorary advlsors Mr James Loudon Investrnent advlsors Central Board of Finance of the Church of England 80 Cheapside London EC2V 6DZ Page 1
IYE ECCLESIASTICAL CHARITIES TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report together with the financial statements of the charity Wye Ecclesiastical Charities (incorporating William Jarman} (the charity) for the year ended 31 December 2023. The Iruslees confirm that the Annual Report and financial statements of the charity comply wth the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffe¢live 1 January 20151. Objectives and octivlties of the Charity for Public Benefit a. Grant-making policies The charity invites applications for grants from Wye Parochial Church Council IPCCI. All applications, if in furtherance of the objects, are considered and approved by the trustees at their biannual meetings. Official applications are then made in writing and the grants are confirnled in writing when the relevant approved fijnds are paid out to Wye PCC. b. Main actlvities undertaken to further the Charity's purposes for tha public banefit In accordance with the Charity Commission Scherne of 2001, the objects of the charity are as follows, in order of priority= To repair and maintain the fabric of Wye Parish Church, inclusive of the tower and chancel. To repair and maintain the Parish Church and all things therein necessary to the performance of divine service. To repair and maintain the churchyard of the Parish Church. To assist in the provision and maintenance of such buildings in furtherance to the religious and Dther charitable WDrk of the Church of England in the Parish which may be erected within th8 CUrti13ge of the said thurchyard. The trustees confirm that they have referred to the guidance Contained in the Charity Commission's general guidan on public benefit when reviewing the charity's aims and objectives. and in planning fvture activities. Restriction The capital fund of the charity derives from investment in real propety and so is not available for distribution by the Injstees. Achlevemenls and performance Review of actlvities Total income from investments for the year amounted to £37.281 {2022'. £36,531). Total income from bequests for the year aTnounled to £Nil {2022'. £Nill. Total grallls amounted lo £14,601 12022.. £38.1701. of which £7,208 {2022-. £11,833) related to Church fabric repairs. Grants were also made for the church insurance of £7,393 {2022'. £6,337) and no grantwas made towards the Organ Fund in the year12022'. £20,000). Page 2
WYE ECCLESIASTICAL CHARITIES TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance {continuedl b. The Luxmoore Trust Wye Ecclesiastical Charities continues to administer the income from this IrusL whose objects are the sarne as its own. on behalf of the Wye PCC. The Canterbury Diocesan Board of Finance remain th$ custodial trustees, and they pay the income quarterfy direct to Wye Ecclesiastical Charities. At 31 December 2023, the total value of the Luxmoore Trust funds was £326.941 12022: £297,946) divided between the Investment Fund1590/ol, the Global Equity Fund {33%) and the Propety Fund180/01. The Luxmoore Trust is shown as a 3eparale source of income in the accounts, but grants are made from the joint income. . Investment policy and performance The charity invests in accordance with thè Trustee Act 2000. As al 31 December 2023, the total value of the )NEC capital funds was £976,744 (2022.. £889,799) divided beeen the CBF Investment Fund (810AI. the Global Equtty Fund116%1 and the Propety Fund {3%1. Financial review a. Going concern After making appropriate enquirie5, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting policies. b. Reserves policy The charity aims lo maintain reserves in unrestricted funds to allow the release of sajd fvnds as and when approved to further the charity's objects. As at 31 De¢ember 2023, the total value of the WEC unrestricted funds were £52,520 {2022.. £32,673). Page 3
WYE ECCLESIASTICAL CHARITIES TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Structure. governance and managemtrnt a. Constltulion The charity is an unincorporated charity. consliluled by the Scheme of the Charity Commissioners dated 24 April 2001, and is a registered ¢h8rily, number 262613. The funds of the Wye Ecclesi8slical Charities are derived substantially from Ihe sale in 1985 of a piece of lan in Wye. The land was originally the subject of a ¢h8rity, ¢real8d by a Mr Jarman in 1481. the funds ol which are governed by an Order made in 1894 and a amended Ssheme in 2001 by the Charity Commissioners for England and Wales. Under Ihis Order.. The trustees are the Vicar and Churchwardens for the tirne being of the Parish of Wye and two others nominated by Wye Parochial Church Coun¢il. The net income is lo be applied "in or towards the Maintenan and repair of the fabric Dfthe Parlsh Church ofwye, in¢lusive of Ihe lower, chancel and churthyard and all things therein necessary to the performance of Divine Worship." The trustees have confirmed that in accordance with the Scheme lo be known as Wye EeaStical Charities (incorporating William Jarmen} surplus income may be retained lo form a fund to be usgd for extraordinary repairs or improvements in accordance wilh the objects of the charity. b. Trustee Body The tnjslees are the Vilr and Churchwardens for the lime being of the Parish of Wye. The Sch@me of the Charily Commissioners provides for a maximum of two nominated trustees appointed by the Wye Parochial ChurGh Cguncil - the procedure for their appoinlrnent being that suitable members of the church congreg81ion are nominated, and voted for by the whole PCC. The nominated Imslees are appoinled for terms of Ihrse years, at whith time they may be re*lected. trustees receive an induction throLJgh discussion with the Chairman and other Iruslees. The trustees who served during th¥ year were as follows.. The Revd Ravi Holy Mr Garelh Phillips Dr Mark Deller Mi David Ross Mr Robert Dudley IWicar} from 14 January 2010 (PCC Nominee & Chairman) from 7 November 2012 IPCC Nominee) from 15 July 2013 (Churth Ward8nl from 1 April 2020 {Church Warden) from 25 May 2022 Mr James Loudon and Mr David Collin9wood continu@d to serve as Advisors to the Trustees. Mr Francis Huntinglon continued lo serve as Clerk and Treasuror lo the Trustees. The trustees meet a minimum of Iwice a year. al which meetings the Irustees agree the broad strategy and areas of activity for Ihe charity, induding Consideration of fuiure grant making, investment and reserves. management and performance. Extra meeting5 of the twstees are called for any extraordinary expenditureldeci5ions. Page 4
WYE ECCLESIASTICAL CHARITIES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management Icontlnuedl c. Application of income The trustees shall first defray out of the income of the charity all proper costs, charges and expenses of, and incidental to. the adminislraliDn and management of the charity. Subject lo the payments aforesaid, the trustees shall apply the excess income of the charity in ftjrthering the objects of the charity- Approved by order of Ihe members of the board of Trustees on 9 September 2024 and signed on their behalf by.. Mr Gareth hillips (Chair of TFusleesl Page 5
WYE ECCLESIASTICAL CHARITIES INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Examlner's Report to the Trustees of Wye Ecclesiastical Chartties I'the Charity'l report lo the charity Tmstèes on my examination of the accounts of the Charity for the year ended 31 December 2023. Responslbillties and Basis of Report As the Trustees of the Charity you are responsible for the preparallon of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe 2011 Act'i. I report in respect of my examination of the Charity'5 accounts carried out under section 145 of the 2011 A¢1 and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examinerfs Stat8m8nt Your attention is drawn .10 the fact that the Charity has prepared the acctsunts in accordance wtth Accounting and Reporting by Charities.. Statement of Recommended PctiCe applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) in preference lo the Accounting and Reporting by Ch8rilie5.' Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Pfactice effective for reporb'ng periods beginning on or 8fter 1 January 2015. I have completed my examination. I confirm that no mallers have Come to my sttention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act. or the accounts do not accord with those records.. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accoun15 give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination to whtch allenlion should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. This reFX)rt is mad8 solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities IAccounls and R&portsl Regulations 2008. My work has been Ljndertaken so that I might slate to the Charity's Trustees those mallers l am required lo stale lo them in an Independent Examinels Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibilify lo anyorbe other than the Charity and the Charity's TrLJStees 8s a body, for my work or for this report. Signed- Dated.. 25 September 2024 MrAndrew John Childs FCA Magee Gammon Corporate Limited Henwood House Henwood Ashford Kent TN24 8DH Page 6
WYE ECCLESIASTICAL CHARITIES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Endowment funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income and endowments from: Investments 37,281 37,281 36,531 Total in¢ome and endowments 37.281 37,281 36,1 Expenditure on: Charitable activities 17,434 17,434 40,990 Total expenditurg a7,434 17,434 40,990 Net incomellexpendlture) before net gain$l{losse5) on investments Net gainslllossesj on investments 19,847 19,847 86,975 (4,459) (122.855) 86,975 Net movement In funds 19,847 86,975 106.822 (127,314) Reconciliation of funds: Tolal funds brought fonMard Net movement in funds 32,673 19,847 889,799 86,975 922,472 106.822 1,049,786 (127,314) Total funds carried fonNard 52,S20 976.774 1,029,294 922,4T2 The Statement of Financial Activities includes all gain5 and losses recognised in the year. The notes on pages 9 to 16 fom part of these financial statements. Page 7
WYE ECCLESIASTICAL CHARITIES BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Investments Current assets 976,774 889, 799 Debtors Cash at bank and in hand 9,169 44,521 9,169 24,629 53,690 33,798 Creditors.. amounts falling due within one year 10 11,170) (f. 125) Net current assets 52,520 32,673 Total net assets 1,029,294 922.472 Charity funds Endowmentfunds Unrestricted funds 12 12 976.774 52.520 889,799 32,673 Total funds 1,029,294 922,472 The financial statements were approved and authorised for issue by the Trustees on 09 Sep18mber 2024 and Signed on their behalf by.. Mr Gareth Phillip5 {Chair of Trusleesl Mr Huntingto (Clerk) The notes on pages 9 to 16 form part of these financial statements. Page 8
WYE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General infomiation Wye Ecclesiastical Charity is a charity reglstered in England and Wales under number 262613. The principal office is Cumberland Court, Church Street, Wye. Kent, TN25 5BJ. Accountlng policies 2.1 Basis of preparatlon of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordancè with the Financial Reporting Standard applicable in th2 UK and Republic of Ireland {FRS 1021 leffeclive 1 January 2019), the Financial Reporting Standard applicable in the UK and R8public of Ireland {FRS 1021 and the Charities Act 2011. The financial statements have been prepared lo give 8 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'lrLte ond fair, view. This departure has invofved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.- Statement of Recommended Practice effects've from 1 April 2005 whieh has since been withdrawn. Wye Ecclesiastical Charities meets the definition of a public benefit entity under FRS 102. As5et5 and liabilities are initially recognised at historical cost or trans?ction value unless otherwise 5tsted in the relevant accounting policy. 2.2 Income All income is recognised once the Charity has entitlement to the income, it Is probable thal the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacie5 is dependent on establishing entillem@nt, the probability ol receipt and the ability to estimate with sufficienl accuracy the amount receivable. Evidence ol entitlement to a legacy exists when the Charity has sufficient evidence that a gift has beèn left to them (through knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the propety in question will not be rèquired lo satisfy clairns in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount reeeivable, which will generally be the expected cash amount to be distributed to the Charity. can be reliably measured. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to Iransler ecL)nomic benefit lo a third party, il 15 probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 15 classified by activity. The Costs of each activity are made up of the total of dire¢l costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributablè to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistènt with the use of resources. Central staff costs are allocated on the basis of time spent, and depre¢ialion charges allocated on the portion of the asset's use. Charitable activities and Govemance costs are costs incurred on the charity's operations, including 5UPPOrt Gosts and costs relating to the governance of the charity apportioned to charit8ble aclivilies. Governance costs are those incurred in connection with adminislralion of the charity and compliance with cons1itLrtional and statutory requirements. Page 9
WYE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcies l¢ontinuedl 2.3 Expenditure {continuedl All expenditure 15 incltssive of irrecoverable VAT. 2.4 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity,. this is normally upon nobficalion of the interest paid or payable by the institution with whom the fvnds are deposited. 2.5 Investrnents Fixed asset investments are a form of financial instrument and a Inltl8lly recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet dale. unless the value cannot be measured reliably in which case it is measured at cost les5 impaimienl. Investment gsins and losses. whether realised or unrealised, are combined and presented as 'Gain51{Lossesl on investments, in the Statement of Financial Activities. 2.6 Debtors Trade and other debtors are Trcognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel Df any trade discounts due. 2.7 Cash at bank and In hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short maturity of three month5 Or less from the dale of acquisltion or opening of the deposit or similar account. 2.8 Liabilitigs and provisions Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it fflust provide. Provisions are measured al the best estimate of the amounts required lo settle the obligab"on. Where the effect of the time value of money 15 material, the provision is based on the presènt value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recogni5ed in the Statement of Financial Activities a5 a finance cosL 2.9 Finanelal Instruments The Charity only has financial a5se15 and ffinanaal liabilities of a kind that qualify as basic financial instruments. Basic financial instrument5 are initially recognised at transaction value and subsequently measured at their settlement value with the exceplion of bank loans which are subsequently measured at amortised eost using the effective interest method. 2.10 Fund accounting General funds are unreslrieted funds which are available for use at the discretion of the Trustees in furtherance uf the general objectives of the Charity and which have not been designated for other purposes. Investrnenl income, gains and losses are allocated lo the appropriate fund. Page 10
WYE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Invesknent income Unrestricted funds 2023 Total funds 2023 Total funds 2022 Cash on Deposit CDBFILuxmoore Trust Global Equity Fund Property Fund Investment Fund 997 9,314 3,957 1.407 21,606 997 9,314 3.957 1A07 21,606 247 9,314 3,957 1,407 21.606 Total 2023 37.281 37,281 36,531 Total 2022 36,531 36,531 Analysls of expenditure on charitablè activities Summary by tund type Un- restrlcted funds 2023 Total 2023 Total 2022 Direct costs 17,434 17,434 40,990 Total 2022 40,990 40,990 Analysls of expenditure by activities Activities undertaken directly 2023 Support costs Total funds 2023 rotal fvnds 2022 2023 Direct costs 14,767 2,667 17.434 40,990 Totsl 2022 33.366 2,624 40,990 Page11
VIYE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by actlvities {¢ontlnuedl Analysis of dlrect costs Total funds 2023 Total funds 2022 Chuich insurance Various fabric repairs Sundry expenses Organ fLsnd grant 7,393 7,208 166 6,337 11,833 196 20,000 Total 2023 14,767 38.366 Anatysis of support costs Total funds 2023 Total funds 2022 Cletk to the trustees honoraria Independent examiner's fees 1,500 1.167 1,500 1, 124 Total 2023 2,667 2,624 Independent examiner's remuneration 2023 2022 Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accoursls 1,153 1,124 Trustees. rernuneration and expenses During the year, no Tnjstees received any remuneration or other benefits (2022- £NIL). During the year ended 31 December 2023. no Tnjstee expenses have been incurred (2022- £fvIL)- Page 12
WYE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Fixed as5Et investments Other flxed asset Investment$ Cost or valuatlon At 1 January 2023 Revaluations 889,799 86,975 At 31 December 2023 976,774 Net book value At 31 December 2023 976,774 At 31 December 2022 889.799 The market value of investments is represented by. The CBF Church ofEngland 2023 2022 Property Fund - inGome shares Investment Fund - income shares Global Equity Income Fund - income shares 28,218 722,447 139,134 31,969 818,838 161,847 889,799 1.012.654 Debtors 2023 2022 Prepayments and accru8d income 9,169 9,169 10. Creditors: Amounts falllng due within one yoar 2023 2022 Accruals and deferred income 1,170 1, 125 Page 13
IYE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Financial instruments 2023 2022 Financial assets Financial assets measured al fair value through income and expenditure 44,521 24,629 Financial assets measured at fair value through income and expenditure comprise of cash al bank and in hand. 12. Statement of funds statement of funds - currant year Balance at 31 Gainsl December (Losses) 2023 Balance at 1 January 2023 InGome Expenditurg Unrestricted funds General FLÉnds- all funds 32,673 37,281 117,4341 52,520 Endowment funds Capital fund 889,799 86,975 976,774 Total of funds 922,472 37,281 {17.434} 86.975 1,029,294 Statement of funds - prior year Balance at 31 December 2022 Balancp at 1 January 2022 Gains/ (Losses) Incom6 Expenditure Unrestricted funds Gengral funds 37,132 36,531 (40, 990) 32,673 Endowment funds Capital fLtnd 1.012.654 (122,855) 889,799 Total of funds 1.049.786 36,531 (40.990) (122.855) 922.472 Page 14
WYE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Summary of funds Summary of funds - Gurrent year Balance at 31 Galnsl December {Losses) 2023 Balance at 1 Januar 2023 Income Expenditure General funds Endowment funds 32,673 889,799 37,281 (17,434> 52,520 976.774 86,975 922.472 37.281 {17,434) 86,975 1,029,294 Summary of funds - prior year Balance al 31 Decembe 2022 Balance at l January 2022 Gains/ (Losses) Income Expenditure General fvnd5 Endowment funds 37,132 1,012.654 36,531 (40,990) 32.673 889, 799 (122,855) 1.049, 786 36,531 (40.990) (122.855) 922.472 Page 15
WYE ECCLESIASTICAL CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysi5 of net assets betwèen fund5 Analysis of not assets between fvnds - currgnt year Unrestricted Endowment funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 976,774 976,774 53,690 {1,170) 53,690 {1,170} Total 52,520 976.774 1,029.294 Analysis of net assets between funds- Prlor year Unrestric18d Endowment funds funds 2022 2022 Total funds 2022 Fixed asset investments Current assets Creditors due within one year 889,799 889, 799 33, 798 (1. 125) 33,798 (1, 125) 32.673 889,799 922.472 Total 15. Related party transactlons The Charity has not entered into any relaled party transaction during thè year, nor are there any outstanding balances owing beeen related parties and the Charity at 31 December 2023. Page 16