**Registered number: 01134684 Charity number: 266686**
# **THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2021**
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
## **(A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Company, its Trustees and advisers**|1 - 2|
|**Trustees' report**|3 - 7|
|**Independent examiner's report**|8 - 9|
|**Statement of financial activities**|10|
|**Balance sheet**|11|
|**Notes to the financial statements**|12 - 28|
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
## **(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021**
**Trustees** Mr C Armstrong (appointed 5 October 2020) Mr N Blunt Mr O Chinn Mr D Fullman Ms F M Godden Ms M Gooch (appointed 22 October 2020) Ms S K H Gore, Appointed Chair 29 October 2020 Dr N W Groves, Education Officer Mrs F E Hartley Mr S R Heywood Mr P A Hunt (appointed 5 October 2020) Mr G Ismael Ms C A Oliver Mr A G Munro, Acting Chair from 17 August 2020 to 29 October 2020, Vice Chair Miss S F K Twford (appointed 16 October 2020) Mrs S Button (appointed 18 October 2020, resigned 18 June 2021) - Mr N C Handley Hanworth (resigned 9 September 2020) Ms C Herries, Chair (deceased 15 August 2020) Dr J S O Huntley (resigned 12 August 2020) Mr D Hoy, Treasurer (resigned 29 October 2020) Mr R E N Quinn (resigned 29 October 2020) Mr N Williams (resigned 27 June 2020)
|**Company registered**||
|---|---|
|**number**|01134684|
|**Charity registered**||
|**number**|266686|
|**Registered office**|King Street House|
||Upper King Street|
||Norwich|
||NR3 1RB|
|**Company secretary**|Ms R S Kidd|
|**Accountants**|Larking Gowen LLP|
||Chartered Accountants|
||King Street House|
||15 Upper King Street|
||Norwich|
||NR3 1RB|
|**Bankers**|Barclays Bank plc|
||Norwich|
||Norfolk|
||NR1 3QH|
Page 1
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
## **(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021**
**Solicitors**
Birketts LLP Kingfisher House 1 Guilders Way Norwich Norfolk NR3 1UB
Page 2
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021**
The Trustees present their annual report together with the financial statements of The Norwich Historic Churches Trust Limited (NHCT) (the company) for the 1 April 2020 to 31 March 2021. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
## **Objectives and activities**
## **a. Policies and objectives**
The charitable objects for which NHCT is established are: the preservation and maintenance for the public benefit of redundant churches of all denominations in the City of Norwich, which are of historic or architectural value.
## **b. Strategies for achieving objectives**
NHCT works closely with Norwich City Council, Historic England and other national and local organisations to achieve the objectives of letting and maintaining the buildings and allowing reasonable public access. NHCT employs a Surveyor of the Fabric & Conservation Manager, an Operations Manager and a Finance Officer to carry out its objectives and monitors its activities regularly.
## **c. Main activities undertaken to further the Company's purposes for the public benefit**
The Trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the charitable company's aims and objectives and in planning future activities. In this respect, they note that all of the properties leased by NHCT are open to the public at some time during the year.
## **Achievements and performance**
Page 3
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021**
## **Achievements and performance (continued)**
## **a. Review of activities**
## **Tenancies**
In March 2021, 16 of the 18 churches cared for by NHCT were occupied, including St Martin at Palace which serves as the NHCT’s headquarters. They are used for a variety of purposes including as arts venues, theatres, small business and charities.
NHCT welcomed a new tenant to the former church of St Saviours and finalised the lease in April 2021. It is now used as an education centre for young people. There has been interest in the lease of the main church of St Peter Parmentergate (the Vestry is let separately). During the Covid-19 pandemic NHCT worked closely with tenants affected.
## **Conservation and Repairs**
A large scale repair project to St John de Sepulchre has contined throughout the financial year and has been supported by Historic England. The majority of work was finished by spring 2021 and has meant that the building can be removed from the Heritage at Risk register.
NHCT have been successful in achieving a development phase grant for similar repairs at St Margaret de Westwick church. A conservation accredited architect and project team have been engaged to draw up full plans and investigation works have been undertaken. Work started in February 2021 and it is anticipated that the development phase will be completed in January 2022.
## Other works included:
- Rebuilding and repair of the vestry at All Saints Church, where flint work had become loose
- Extensive repairs to the east window at St Peter Parmentergate, the project finished in July 2021
- Pointing and external flint repairs to the east side and north transept at St Michael at Plea
- External repairs to the east end of St Martin at Palace including repairs to window tracery and stone copings
- Lime-washing to the interior arches at St Michael Coslany and repairs to external buttresses
- General repairs and preparation for a new tenant at St Saviours and St Peter Parmentergate
In March 2021 NHCT started urgent investigation works to decay of roof timbers in the chancel of St Michael Coslany. It is anticipated that this will be a major repair project for the financial year 2021/2.
## **Access and learning**
Many of NHCT’s access and learning activities were postponed or reduced during this financial year due to the Covid-19 pandemic. However, a large proportion of the former churches cared for by NHCT were still open during the Norfolk Heritage Open Days festival in September.
St Martin at Palace continued to operate as a visitor centre with the support of volunteers whilst restrictions allowed. A series of online lectures was organised by NHCT and the Centre for Parish Church Studies project. The Heavenly Gardens project has continued to work with volunteers to improve the look and maintenance of churchyards across the city.
## **Chris Herries**
The staff and Trustees of NHCT were deeply saddened by the death of its Chair, Chris Herries in August 2020. Chris had been a popular and active Trustee since joining in 2014. She was a key player in the successful Flintspiration Festival of 2017 before taking on the role of Vice Chair in 2018 and Chair from October 2019. Chris's experienced and community-centred approach brought a huge benefit to the organisation whilst her
Page 4
**THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021**
## **Achievements and performance (continued)**
compassionate and generous nature was strongly felt by the staff, volunteers and all who worked there.
## **Financial review**
## **a. Reserves policy**
The Policy of the Council of Management is to hold unrestricted free reserves amounting to approximately £40,000 sufficient to continue current activities for a three-month period.
All free reserves over this amount are put to a "General Repair" fund to enable ongoing repair of the 18 medieval churches under NHCT’s care. Due to the nature of the buildings significant reserves may be required in the case of emergency repairs. Whilst no target has been set a nominal figure of £150,000 would go some way to achieving this. The current level of unrestricted reserves (excluding fixed assets) is £136,406. Note 15 provides more information on the unrestricted funds held at 31 March 2021.
## **b. Principal funding**
Almost all of NHCT's income comprises rent and building hire fees, and grants for specific projects. NHCT also receive some public donations and payments for courses and books.
## **Structure, governance and management**
## **a. Constitution**
NHCT was incorporated and registered in the United Kingdom as a Company limited by guarantee with no share capital on 17 September 1973 (registered number 01134684) and was registered as a charity on 8 January 1974 (charity registration number 266686). Its governing document is its Memorandum and Articles of Association dated 17 September 1973 and as amended by special resolution dated 1 January 2016. NHCT was created by Norwich City Council to manage the historic churches in its care whilst the City Council holds the freehold of these buildings.
## **b. Methods of appointment or election of Trustees**
The management of NHCT is the responsibility of the Trustees who all are members of the Council of Management; each year one-third of the Trustees retire and may stand for re-election. Details of the elections are publicised locally to encourage applications from external candidates. Three Trustees are nominated annually by Norwich City Council under the terms of the Company's Memorandum and Articles of Association.
## **c. Organisational structure and decision-making policies**
The Council of Management meets four times each year to transact the necessary business. The Council elects an Executive Committee which meets as necessary but usually each month. NHCT employs a Surveyor of the Fabric & Conservation Manager who advises the Council of Management and Executive Committee on matters relating to the repair and maintenance of the churches in their care.
Page 5
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021**
## **Structure, governance and management (continued)**
## **d. Policies adopted for the induction and training of Trustees**
New trustees are presented with a welcome pack which includes a copy of the Articles of Association, information about the churches and NHCT's activities. They are invited to an induction workshop run by the Chair or Vice Chair of Trustees.
## **e. Financial risk management**
The Executive Committee has a risk register that it reviews on an annual basis. NHCT reviews the major risks to which it is likely to be exposed and puts proposals to manage or mitigate them to the Council of Management.
## **Plans for future periods**
NHCT will make every effort to ensure its properties are tenanted and all due income collected. Where possible, NHCT will prioritise re-uses with a cultural or community focus and which encourage greater public access.
NHCT will continue to look for opportunities to raise additional funds through grants or other opportunities for income.
It will continue to carry out repairs needed to keep the historic buildings in good order and will focus primarily on works outlined in its Conservation and Repair Plan 2020-2024.
## I **nformation on fundraising practices**
Any fundraising has been carried out by volunteers or existing members of staff, and no professional fundraiser or commercial participator has been involved in any fundraising activities.
Page 6
THE NORWICH HISTORIC CHURCHES TRUST LIMITED
(A company limited by guarantee)
TRUSTEES. REPORT {CONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2021
Statement of Trustees. responsibllltles
The Trustees Ivtho are also directors of N(¥wch Historic Churches TTUSt for Ihe purp)ses of company lawl are
responsible for preparing the Trustees. report and the financial statements in accordance wlh applicable law
and United Kingd( Accounting Standards (United Kingdcxn Gwwally Accepted Accounting Praclicel.
Company law requires the Truslees lo prepare financial slatemenls for each financial year. Under company law
the Trustees musl not approve the financial slatemenls unless they are satisfied thal they give a true and fair
view of the stale of affairs of the charitable company and of the incoming resources an¢J application of
resources. including the income and expenditure. of the charitable comp8ny for that period. In preparing these
financi81 slalemenls, the Trustees are required lo..
se11 suitable accounting policies and then apply Ihem con&slently-
observe the methcmjs and principles of the Charilies SORP (FRS 102):
make judgments and accounting eslimates thal are reasonable pnjdent..
state whether applicable UK Accounting Standards IFRS 1021 have been foll0v, subject to any
material departures ¢Jisclosed and explained in the finanal statemerrts-
prepare the financial statements on the g(Mng corwn basis unle&8 il is inappropriate lo pregjme that th8
charitable company Wbll continue in operatiorb
The Truslees are resp(sIble for keeping adequate accounting records that are suflicienl to show and explain
the charitable companvs transactions and disclose %Mth reasonable acctjracy al any lime the financial position
of the charitable company and enable them lo ensure that the financial sialemenls comply wlh the Companies
Act 2¢)06. They are alx) responsible for safeguarding the assets of the charitable company aThY hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are reswnsble for Ihe maintenance and integrity Df the corporate and financial infomialion
included on the charitable company's webgle. Legislation in the United lQngdom goveming the preparation and
dissemination of financial statements may dilfer from legislation in other jurisdictions.
Approved by Ord of the members of the board of Trustees and on their behalf by:
Ms S Gore
Ichair of Trustees)
Dale..
. 10.1021
Pa99 7
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
## **(A company limited by guarantee)**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021**
## **Independent examiner's report to the Trustees of The Norwich Historic Churches Trust Limited ('the Company')**
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Page 8
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
**(A company limited by guarantee)**
## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021**
Signed:
Dated:
Giles Kerkham FCA DChA Larking Gowen LLP
Chartered Accountants King Street House 15 Upper King Street Norwich NR3 1RB
Page 9
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
## **(A company limited by guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
**Total income**
**Expenditure on:**
Charitable activities
7
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2021**
**£**
**250**
**45,344**
**-**
**-**
**45,594**
**145,942**
**145,942**
**(100,348)**
**194,031**
**(100,348)**
**93,683**|**Unrestricted**
**funds**
**2021**
**£**
**1,419**
**229,520**
**238**
**22,842**
**254,019**
**235,403**
**235,403**
**18,616**
**120,076**
**18,616**
**138,692**|**Total**
**funds**
**2021**
**£**
**1,669**
**274,864**
**238**
**22,842**
**299,613**
**381,345**
**381,345**
**(81,732)**
**314,107**
**(81,732)**
**232,375**|_Total_
_funds_
_2020_
_£_
_2,373_
_455,399_
_650_
_21,036_|
|---|---|---|---|---|
|||||_479,458_|
|||||_291,369_|
|||||_291,369_|
|||||_188,089_|
|||||_126,018_
_188,089_|
|||||_314,107_|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 28 form part of these financial statements.
Page 10
THE NORWICH HISTORIC CHURCHES TRUST LIMITED
(A company Ilmlted by guaranleg}
REGISTERED NUMBER: 01134684
BALANCE SHEET
AS AT 31 MARCH 2021
2021
2020
Note
Fixgd assets
Tangible assets
12
2,286
3,470
2,286
3,470
Current assets
Oeblors
Cash at bank and in hand
13
46.186
291.020
137,428
293,686
337.206
431. 114
Credilors.. amounts falling due wthin one
year
14
(107,1171
(120,477)
Net current assets
232.375
314. 107
Total net assets
232,375
314, 107
Charty funds
Reslricled funds
Unreslricled fundg
15
93.683
138,692
194,031
120,076
15
Total funds
232.375
374. 107
The Company was entitled lo exemption fr(ffi au(tht under section 477 of the Companies Act 2006.
The members have not required the Company lo obtain an audit for the year in question in accordance wth
section 476 of Companies Act 2006.
The Trustees acknedge their rewisibilities for complying with the Tequirements of the Act wlh respect to
accounting records and preparation of finaal ststements.
The financial statements have been prepared in accordanc£ wth the proviyons applicable to entities subject to
the small companies regime.
The financial statements Te approved and auIhcSed for isgJe by the Trustees and signed on their behalf by..
M$ S Gore
(Chair of Trustees)
Date..
. 10 2£)11
The notes on pages 12 10 28 fomi part of these financial statements.
Page11
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **1. General information**
The company is a company limited by guarantee, incorporated in England and Wales. The registered office is King Street House, Upper King Street, Norwich, NR3 1RB. The registered company number is 01134684.
## **2. Accounting policies**
## **2.1 Basis of preparation 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 accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Norwich Historic Churches Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Company status**
The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.
## **2.3 Going concern**
The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect of a period of one year from the date of approval of these financial statements.
The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due.
Page 12
**THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **2. Accounting policies (continued)**
## **2.4 Income**
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably.
In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.
Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management.Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
All expenditure is inclusive of irrecoverable VAT.
## **2.6 Tangible fixed assets and depreciation**
All assets costing more than £300 are capitalised.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.
Page 13
**THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **2. Accounting policies (continued)**
## **2.6 Tangible fixed assets and depreciation (continued)**
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives.
Depreciation is provided on the following bases:
- Fixtures and fittings 5 years straight line - Computer equipment 3 years straight line
## **2.7 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.
## **2.8 Operating leases**
Rental income and expenditure under operating leases are brought into the Statement of financial activities incorporating income and expenditure account on a straight line basis over the lease term.
## **2.9 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.10 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.11 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it 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 Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present 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 recognised in the Statement of financial activities as a finance cost.
Page 14
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **2. Accounting policies (continued)**
## **2.12 Financial instruments**
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.13 Pensions**
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
## **2.14 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Income from donations and legacies**
|Donations
Donations|**Restricted**
**funds**
**2021**
**Unrestricted**
**funds**
**2021**
**£**
**£**
250
1,419
_Restricted_
_funds_
_2020_
_Unrestricted_
_funds_
_2020_
_£_
_£_
_589_
_1,784_|**Total**
**funds**
**2021**
**£**
**1,669**|
|---|---|---|
|||_Total_
_funds_
_2020_
_£_
_2,373_|
Page 15
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **4. Income from charitable activities**
|Rent receivable
Church studies
Grants received
Other incoming resources
Rent receivable
Church studies
Grants received
Other incoming resources|**Restricted**
**funds**
**2021**
**Unrestricted**
**funds**
**2021**
**£**
**£**
-
175,317
-
705
45,344
12,000
-
41,498
45,344
229,520
_Restricted_
_funds_
_2020_
_Unrestricted_
_funds_
_2020_
_£_
_£_
_-_
_179,028_
_-_
_4,249_
_251,848_
_-_
_2,319_
_17,955_
_254,167_
_201,232_|**Total**
**funds**
**2021**
**£**
**175,317**
**705**
**57,344**
**41,498**|
|---|---|---|
|||**274,864**|
|||_Total_
_funds_
_2020_
_£_
_179,028_
_4,249_
_251,848_
_20,274_|
|||_455,399_|
## **5. Investment income**
|**Unrestricted**
**funds**
**2021**
**£**
Interest received
238
_Total 2020_
_650_|**Total**
**funds**
**2021**
**£**
**238**
_650_|_Total_
_funds_
_2020_
_£_
_650_|
|---|---|---|
||||
Page 16
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **6. Other incoming resources**
|**Unrestricted**
**funds**
**2021**
**£**
Insurances recharged
22,842
_Total 2020_
_21,036_|**Total**
**funds**
**2021**
**£**
**22,842**
_21,036_|_Total_
_funds_
_2020_
_£_
_21,036_|
|---|---|---|
||||
## **7. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Insurance
Maintenance
Water
St Martin at Palace
Wages and salaries
Independent Examiners Fees
Administration
Legal and professional
Marketing
Church Studies
Depreciation|**Restricted**
**funds**
**2021**
**Unrestricted**
**funds**
**2021**
**£**
**£**
-
30,866
143,807
100,471
-
144
-
2,154
-
65,018
-
3,600
2,135
19,856
-
9,704
-
1,796
-
100
-
1,694
145,942
235,403|**Total**
**funds**
**2021**
**£**
**30,866**
**244,278**
**144**
**2,154**
**65,018**
**3,600**
**21,991**
**9,704**
**1,796**
**100**
**1,694**|
|---|---|---|
|||**381,345**|
Page 17
**THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **7. Analysis of expenditure on charitable activities (continued)**
## **Summary by fund type (continued)**
|Insurance
Maintenance
Water
St Martin at Palace
Wages and salaries
Governance costs
Administration
Legal and professional
Marketing
Church studies
Depreciation|_Restricted_
_funds_
_2020_
_£_
_-_
_74,384_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_74,384_|_Unrestricted_
_funds_
_2020_
_£_
_27,052_
_77,888_
_242_
_2,283_
_65,320_
_2,935_
_21,273_
_12,073_
_1,959_
_3,334_
_2,626_
_216,985_|_Total_
_funds_
_2020_
_£_
_27,052_
_152,272_
_242_
_2,283_
_65,320_
_2,935_
_21,273_
_12,073_
_1,959_
_3,334_
_2,626_|
|---|---|---|---|
||||_291,369_|
Page 18
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **8. Analysis of expenditure by activities**
|Insurance
Maintenance
Water
St Martin at Palace
Wages and salaries
Church studies
Administration
Legal and professional
Marketing
Depreciation
Governance costs|**Activities**
**undertaken**
**directly**
**2021**
**£**
30,866
244,278
144
2,154
31,059
100
-
-
-
-
-
308,601|**Support**
**costs**
**2021**
**£**
-
-
-
-
33,959
-
21,991
9,704
1,796
1,694
3,600
72,744|**Total**
**funds**
**2021**
**£**
**30,866**
**244,278**
**144**
**2,154**
**65,018**
**100**
**21,991**
**9,704**
**1,796**
**1,694**
**3,600**|
|---|---|---|---|
||||**381,345**|
Page 19
**(A company limited by guarantee)**
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **8. Analysis of expenditure by activities (continued)**
|Insurance
Maintenance
Water
St Martin at Palace
Wages and salaries
Governance costs
Administration
Legal and professional
Marketing
Church Studies
Depreciation
**9.**
**Independent examiner's remuneration**
Fees payable to the Company's independent examiner for the
examination of the Company's annual accounts
**10.**
**Staff costs**
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|_Activities_
_undertaken_
_directly_
_2020_
_£_
_27,052_
_152,272_
_242_
_2,283_
_30,940_
_-_
_-_
_-_
_-_
_3,334_
_-_
_216,123_
independent|_Support_
_costs_
_2020_
_£_
_-_
_-_
_-_
_-_
_34,380_
_2,935_
_21,273_
_12,073_
_1,959_
_-_
_2,626_
_75,246_
**2021**
**£**
**3,025**
**2021**
**£**
**62,724**
**1,019**
**1,275**
**65,018**|_Total_
_funds_
_2020_
_£_
_27,052_
_152,272_
_242_
_2,283_
_65,320_
_2,935_
_21,273_
_12,073_
_1,959_
_3,334_
_2,626_|
|---|---|---|---|
||||_291,369_|
||||_2020_
_£_
_2,935_|
||||_2020_
_£_
_62,379_
_1,988_
_953_|
|||||
||||_65,320_|
Page 20
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **10. Staff costs (continued)**
The average number of persons employed by the Company during the year was as follows:
|Surveyor
Administration|**2021**
**No.**
**1**
**2**
**3**|_2020_
_No._
_1_
_2_|
|---|---|---|
||||
|||_3_|
No employee received remuneration amounting to more than £60,000 in either year.
The total amount of employee benefits received by key management personnel for their services to the charity was £65,018 (2020: £65,320).
## **11. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2020 - £NIL)_ .
During the year ended 31 March 2021, no Trustee expenses have been incurred _(2020 - £NIL)_ .
Page 21
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **12. Tangible fixed assets**
|**Cost or valuation**
At 1 April 2020
Additions
At 31 March 2021
**Depreciation**
At 1 April 2020
Charge for the year
At 31 March 2021
**Net book value**
At 31 March 2021
_At 31 March 2020_
**Debtors**
**Due within one year**
Trade debtors
Prepayments and accrued income|**Fixtures and**
**fittings**
**£**
**4,765**
**-**
**4,765**
**2,494**
**953**
**3,447**
**1,318**
_2,271_||**Computer**
**equipment**
**£**
**8,453**
**511**
**8,964**
**7,254**
**742**
**7,996**
**968**
_1,199_
**2021**
**£**
**24,874**
**21,312**
**46,186**|**Total**
**£**
**13,218**
**511**|
|---|---|---|---|---|
|||||**13,729**|
|||||**9,748**
**1,695**|
|||||**11,443**|
|||||**2,286**|
|||||_3,470_|
|||||_2020_
_£_
_125,887_
_11,541_
_137,428_|
## **13. Debtors**
Page 22
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **14. Creditors: Amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2020
Resources deferred during the year
Amounts released from previous periods|**2021**
**£**
**12,702**
**3,440**
**34,194**
**56,781**
**107,117**
**2021**
**£**
**33,122**
**25,830**
**(33,122)**
**25,830**|_2020_
_£_
_10,907_
_-_
_32,148_
_77,422_
_120,477_
_2020_
_£_
_31,208_
_33,122_
_(31,208)_
_33,122_|
|---|---|---|
Page 23
**(A company limited by guarantee)**
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **15. Statement of funds**
## **Statement of funds - current year**
|**Balance at 1**
**April 2020**
**£**
**Unrestricted funds**
General Funds - all funds
**120,076**
**Restricted funds**
Historic England
**1,408**
Paul Bassham Trust - Glass door
**699**
Jarrolds Trust - Flintwork repairs
**1,000**
Heavenly Gardens
**9,116**
The National Lottery Heritage Fund bid - pre
development phase
**1,663**
St Margaret's development phase
**-**
St Gregory's repairs
**-**
St John de Sepulchre (heritage at risk project)
**173,507**
Calthorpe Monument restoration
**5,713**
The Lady Hind Trust
**925**
**194,031**
**Total of funds**
**314,107**|**Income**
**£**
**Expenditure**
**£**
**254,019**
**(235,403)**
**-**
**-**
**-**
**-**
**-**
**-**
**344**
**(1,620)**
**-**
**-**
**45,000**
**-**
**250**
**-**
**-**
**(143,807)**
**-**
**-**
**-**
**(515)**
**45,594**
**(145,942)**
**299,613**
**(381,345)**|**Balance at**
**31 March**
**2021**
**£**
**138,692**|
|---|---|---|
|||**1,408**
**699**
**1,000**
**7,840**
**1,663**
**45,000**
**250**
**29,700**
**5,713**
**410**|
|||**93,683**|
|||**232,375**|
Page 24
**THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **15. Statement of funds (continued)**
**Historic England** – Historic grant received for the development work to be done at St Johns.
**Paul Bassham Trust** – glass door – the Paul Bassham Trust donated £1,000 in 2018 for the provision of a glass door.
**Jarrold Trust (flintwork repairs)** – Grant given in 2018 towards flintwork repairs at St Martin at Palace.
**Heavenly Gardens** – On-going project to fund the preservation and understanding of the city’s churchyards, through volunteer labour, planting and educational materials.
**The National Lottery Heritage Fund development phase** – In 2018, the Trust transferred £7,000 from general funds to be used in the development of a The National Lottery Heritage Fund application and project.
**St Margaret's development phase** - Grants received for development phase and planning for repairs at St Margaret's by Historic England.
**St Gregory's repairs** - Donation received towards repairs at St Gregory's.
**St John de Sepulchre (heritage at risk project)** – Grants received in 2020 for the restoration of St John de Sepulchre by, Historic England; The Norwich Freemen’s Charity; The Geoffrey Watling Charity; The Norfolk Churches Trust; The Pennycress Trust.
**Calthorpe Monument at St Martin at Palace** – Grants received for the restoration of the Calthorpe Monument by The Barbara Whatmore Charitable Trust; The Society of Antiquarians of London (William and Jane Morris Church Conservation Grants); The John Jarrold Trust; The Friends of Norwich Historic Churches Trust.
**The Lady Hind Charitable Trust** – Grant towards the production of information boards and interpretation at St Martin at Palace.
Page 25
**(A company limited by guarantee)**
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **15. Statement of funds (continued)**
## **Statement of funds - prior year**
|_Balance at_
_1 April 2019_
_£_
**Unrestricted funds**
General Funds - all funds
_112,359_
**Restricted funds**
Historic England
_1,408_
Paul Bassham Trust - Glass door
_699_
Jarrolds Trust - Flintwork repairs
_1,000_
Heavenly Gardens
_9,017_
The National Lottery Heritage Fund bid - pre
development phase
_1,535_
St John de Sepulchre (heritage at risk project)
_-_
Calthorpe Monument restoration
_-_
The Lady Hind Trust
_-_
13,659
**Total of funds**
_126,018_
**16.**
**Summary of funds**
**Summary of funds - current year**
**Balance at 1**
**April 2020**
**£**
General funds
**120,076**
Restricted funds
**194,031**
**314,107**|_Income_
_£_
_Expenditure_
_£_
_224,702_
_(216,985)_
_-_
_-_
_-_
_-_
_-_
_-_
_2,578_
_(2,479)_
_1,000_
_(872)_
_240,889_
_(67,382)_
_9,289_
_(3,576)_
_1,000_
_(75)_
254,756
(74,384)
_479,458_
_(291,369)_
**Income**
**£**
**Expenditure**
**£**
**254,019**
**(235,403)**
**45,594**
**(145,942)**
**299,613**
**(381,345)**|_Balance at_
_31 March_
_2020_
_£_
_120,076_|
|---|---|---|
|||_1,408_
_699_
_1,000_
_9,116_
_1,663_
_173,507_
_5,713_
_925_|
|||_194,031_|
|||_314,107_|
|||**Balance at**
**31 March**
**2021**
**£**
**138,692**
**93,683**|
|||**232,375**|
Page 26
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **16. Summary of funds (continued)**
## **Summary of funds - prior year**
|General funds
Restricted funds|_Balance at_
_1 April 2019_
_£_
_112,359_
_13,659_
_126,018_|_Income_
_£_
_224,702_
_254,756_
_479,458_|_Expenditure_
_£_
_(216,985)_
_(74,384)_
_(291,369)_|_Balance at_
_31 March_
_2020_
_£_
_120,076_
_194,031_|
|---|---|---|---|---|
|||||_314,107_|
## **17. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|**Restricted**
**funds**
**2021**
**Unrestricted**
**funds**
**2021**
**£**
**£**
-
2,286
108,917
228,289
(15,234)
(91,883)
93,683
138,692|**Total**
**funds**
**2021**
**£**
**2,286**
**337,206**
**(107,117)**|
|---|---|---|
|||**232,375**|
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Restricted_
_funds_
_2020_
_£_
-
210,485
(16,454)
194,031|_Unrestricted_
_funds_
_2020_
_£_
3,470
220,629
(104,023)
120,076|_Total_
_funds_
_2020_
_£_
_3,470_
_431,114_
_(120,477)_|
|---|---|---|---|
||||_314,107_|
## **18. Pension commitments**
The Charity operated a defined contributions pension scheme. The assets of the scheme are held
Page 27
## **THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **18. Pension commitments (continued)**
separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £1,844 (2020: £953). Contributions totaling £nil (2020: £nil) were payable to the fund at the balance sheet date and are included in creditors
## **19. Operating lease Operating lease income arrangements**
The company earns rental income by leasing properties to tenants under non-cancellable operating leases.
At 31 March 2021 the company had contracted with tenants to receive the future minimum lease payments:
|Within 1 year
Between 1 and 5 years
After more than 5 years|**2021**
**£**
**173,983**
**379,654**
**360,000**
**913,637**|_2020_
_£_
_179,525_
_419,887_
_244,375_|
|---|---|---|
||||
|||_843,787_|
## **20. Related party transactions**
Ishmaelandscapes, where Trustee G Ishmael is the owner, provided services for the Charity of £706 (2020: £2,667) in the financial year. At the year end 31 March 2021 £Nil was still outstanding (2020: £825).
Page 28