Reglstered numbqr: 01134684 Charlty numbor: 288686 THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company Ilmited by guarantee) UNAUDrrED TRUSTEES. REPORT AND FINANCIAL STATEMFNTS FOR THE YEAR ENDED 31 MARCH 2024
THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company Ilmlted by guarant••) cowrEKrs Page R•foren and admknlstrative d¢la118 of the Company, Its TrustMs and •dvlsers TnrnteÈs' report Independent examlmrfs report ststam•nt of finan¢ial acilvllle8 10 Balanco 8heot 11 Not•5 to th• financlal statemgnts 12-26
THE NORWCH HISTORIC CHURCHES TRUST LIMITED (A company Ilmlted by guarart> REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. rrs TRUSTEES AND ADVER3 FOR THE YEAR ENDED 31 MARCH 2024 Mrs K E Carreno {apFoinled 28 Nove 2023)1 Mr O Chlnnl Mr A Giles1 Ms S K Gore. Chair1, Mrs F E HarUey4 Mr S He2 Mr G Ishmael (regned 28 NOvber 20Z3 Mr C McC8rthy. Vice-Chain23 Mr A G Munro (resgn 28 Novembw 2023)4 Mr8 S F K Norton2 Mrs C A Oliver4 Mr8 J A Roy, Trea5ur8rl, Mr S Smlth lapwinted 28 Nov8mb8r 2023)2 2 Prwrty management and HBrttag& 3 Health and Safety 4 Fundraing cnpallY reg18tered number 01134884 Charity registered 266686 R¥Jistered offlce St Martin al Palace Church 1 S St M8rtin al Palac8 Plain NoM4ch NR3 1RW C(ynpany secretary MS S C Marlin5 ACc(ntants L8rklng G(PAW LLP Chartered Accountants lQng Stre81 House 15 Upper lfjng Street Nonhich NR3 1RB Bankws Barclays Bank Pl¢ NOl¢h Norfolk NR13QH Solicitors 8ut¢her kndrew 15 Market Place Norfolk NR25 68E Page 1
THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A ¢ompwy Ilmlted by guarante•) TRUSTEE5' REPORT FOR THE YEAR ENDED 31 MARCH 2024 Th8 Trusta8s Prnt their annual rekK)rt together w1h the flnan¢lal sLqt8menls of the Company for the 1 Aprl 2023 to 31 March 2024. The Annual rep(Jrt serves thg purFoses of both a TNstee¥ r8POrt and a dlre¢tors' rep1 undw company law. The Trustees ¢orfflrm tt)at the Annual repcrt and financial statemen15 of the charitsb18 company comply with th8 current stst0ry requirement& the requirements of the charitable ¢ompan¥s governing document and the provisons of the St8tem8nt ol Recommended Prlca (SORPI appllc8ble lo ¢harities PWJaring Iheir acccyjnls in accordanca wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102y {effecliv8 1 January 2019). Since the Company qu81ifies as small under 382 of the Companies Act 2LY)6. th6 Stratsgic report required of medium and large MpanIeS und8r the Ccfflpanies Acl 20( (Straleglc Report and DI10 Rep)rtl Wulations 2013 has omitted. ObJectlv•s and a¢tl¥ttles Charftabh objo¢llveB The charitable objects for vknich NHCT is established arff. the preseNalon and maintenance for th& publ[¢ benefit of redundant thurthes of all denomination8 in th& aty of Nch ch e of historic or archileciural value. Maln •Gllvltl•s und•rtak•n to fvrthor the Company's PUrySe$ for the publlc benefft The TTUSt88s confirm that thay have referred to th6 Chwity ccAnmlsc,S general guldan( on publlc ben8flt vthen reviewng Ihe charitsble company's aims and objectives arKI in planning futu activifjes. In Ihis resp1. they note that all the properbes lea*d by NHCT are to the public at me lim8 during the year. R•vlew of actlvltl88 durfng t yow Our adivities and ff nanaal wroar8 are oullinwj below. T•nancl•8 Durfng the year 16 out of the 18 thurches carwj for by NHCT V•Bre cccupied including St Martin at Palacg whith is as the Trust's administrative heath]uarters. They are used for a variety of pu$85 including antique centres. arts venues, theatre& sm811 bUnesSes and chaiibe& Dudng the year Six rent in(TrasasBr0 succ888fully tenarrt5. The St John De Sepulchre leas8 C8me to an end in Febru8ry 2023 and was sjccessfully rgnthved 1th the tenant In May 2023. The lease for Ihg Sl Peter Pamentergate vesty 18 fKVW held by the maln church 18fbant The knant for St Marlin at Oak Indicated Ih8ir intention to not ren6w1heir lease du8 to complete in Awil 2024. Th& church has been vacated and newliations arg undervfay wth a n6w tenant. 11 Is hoped that. gJbject to planning pemisdon& Iha church will be rePOc[led by the of 2024. The tenant terminated tho St Mary coanY lease In October 2022. Lime washing orKI monument rep8irs V•pre completed in August 2023. Th8 initial pot8ntial tenants fell 8V48y due lo dlfflculti8s in obtaining planning Pemiission. A new tenant h8s been secured and bJect lo change of use king achieved it is hoped that the ckwrch will be rewCt¢upied by the end of 2024. Pag8 2
THE NORWICH HISTORIC CHURCHES TRUST LIED (A Gompany Ilmfted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 R•vlew of a¢tivrtl68 (rlfftq the year (contlnuadl During the year tenan15 fell Into arrears du8 to finanaal diffi11& Both are nthv p8yirKJ current invoic on8 has been Tepaying their awears st M8rtin at Palace is now d)8red CCLupancy th a tenant having been granted a licence. The church is n¢Jv u8ed as a support ¢entre for refugees, atyum seekers mlgr8nts. Whilst Ihe church Is no Iger u88d as a dedicated vitor centre public access is still available. Tha laa88 for St Gregory's came to an end on 28 August 2(r23. The existing tenant 1$ currenly cttupying under a licence %thilst nJolations for the naw lease are underny. St Saviours18 Currently occU0d under 8 licence 8thPitiThJ reg)luUon of a planning quory. Consor¥&tion and R•palrs Herhgfj at Rlsk Roglstor In July 2023 three further thurch85 were plac0d the register- St James. St Gregory's and St Simon St Jude. This takes the total to four orKe Sl Margaret De We5tswck has been removed follov+ing W)Mpletir of the repair project. Once the team stabi1Sses th& Tnjstees S11 r8view the available repair Optic¥ for each chLfCh. 8t Margaret Do Westwlck In 2020 St Margaret De Wethwck was placed on the 'Herilage at Risk registgrf. In 2021 a d8vglopmant grant was awarded by Historic England of £45k and this along ¥th match fulIng frcm the Trust was used to define the restc*aion n8ed. This propcÉad an extensiv8 r8storatlon progamme all around th8 churth. in tha T0r. Porch. South arKI North ge, Chanc£1 arKJ grounds. RcKTrf, mag)nry and drainage repaird involving the buttresses bng exposed and rq>8ired, masonry repolnting around 600A of the church, r8p8iring and reng the roof, address1 drainage IeS that are causing water ingress, and improving 8c¢ess. Further were later identified in respect of the vestry roof the north p¢Nth door. Th8 origin81 target completion date was April 2023. her dug to unforesgen 8thitions lo the IrkS lch requlred extenVe archaeology in the churchyar(I, the final completion date was April 2024. The Trustee$ are satisfied that nt)w lh8 project is complets the church's futur8 is 88cure. N8goliations o)ntinu8 ith a Potial tenant. The totsl pK4ect cost including VAT is antiupated to be £855k and a grant of £555k was a%vdrded by Historic EnglaNI. Tho Trustee8 vK)uld like to ackno4e(lg& the support of the lollowng charitst8 trusts for their generous financial supporL' the NoThwch Freemen's Charity. the Paul Basham Charitable Trust, Garfield Weston Foundation and Ihe Geoffrey Waling Charity. The balance of the funding V•?11 be mado up of VAT red8ims from t1 Listed Places of Worship grants Kheme (£130.Sk) and the Tru81'8 free reserves {£73k). We anticipate that the announcement to foThally remove the church from the'Herilage At Risk RwJisterf wll be m8de In November 2024. Page 3
THE NORWICH HISTORIC CHURCHES TRU8T LIMrrED (A company Ilmltad by guarants8) TRUSTEES, RepoRT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 R•vl•w of aGtl¥lil•s durfng thg year (contlnuod) st Mary Coslany As a rewlt of a tenancy chan. the OpMIty arose to cary out r8pairs to the church f8tric, rebulld a1 repairs lo monuments and lo undertak8 int8mal doratiOnS. Thls includes a rebuild of a flint section above the south chancel indow. the dwation of the south porch and a full internal Ilmewash. The monument removal and limewathing revealed cracks to ba fillad s9 very &n811 trac&s of medleval VRII palntlng& The prc4ect completed in Augusl 2023 vAth only the porch remalning to be Ilme?8h. ¢• HWIts Opon Days NHCT vras opgn for of the Hltage Open Days. induding 17 September vknlch doubled as a Soth blrthday CebratIon. The Trust hosted performane88 of 8cenes frcrfn Shakespeare by Pal8e Players and fdk musi perfomied by local group Pdlywiggle. NHCT was pleased to wpport the annual sponsnred bke ride ¢Ngani8ed by Norfok Historic CTCheS Tnjst and was grateful to all of its tenants th) open&Y for vislors over tha ts¥o V•eekend8. Heavenly Gardw)s The Heavenly Gardens proieGt ¢tInUed to tYk V•ith vdunleers to ImpTOV8 th8 Ik arKI Maintonce cl thur¢hyard$ arxo8S the city. 50th annlvwury celebrallon On 17 September 2023 approximately 75 pwl8 attend an went hel¢J at Sl Martln at Pala Church to refflect on the last 50 years of the Trusl. Flzz. lea and ne8 wth jam and cr8am ¥re Se@d to attendees vkno in¢ludwJ past tru8tee& ten8nt& key 5UPPCrtets. the Mayor and High Sheriff. Our pooplo The team was restructured in Auwsl 2023 to Share responsb1lY for adrninistration. maintonance. heiitag8 and tsnancy matter8 for the thurchgs be18n Iv+0 ProFty and Conservation managers. Th8 monit(Klng of the Sl marret De Wgstsmck prciect ¢clInUed to absorb a lot of staff time and the Trusta88 ackTh)wrfedge the major Impact that this project had on th8 t8am. NHCT advortisgj for tnJ8tees in mi&2023 and ty new 8ppolntees IrAn8d the boaryj In Novamber 2013. Their professlon81 bad(wnds and persorrdl interests further to th8 range of 8ki118 hdd by Ihe bo8rd as a whole. TMYJ long-standing trustees reggned in 2023 in Ilné wth the naw maxlmum lenn. The TTUStees are very gr8tdul to Dr Nichol85 Groves and SarKiy Munro for their many years of dedicated work for NHCT. Sandy contlnues to volunteer fcf Heavenly Gard. Twstees V•ere thked and saddenpA by the death of Dr Nic*K)las Groves ID ALpJusI 2023. just monlhs after he resgned from the board. Many twstees and staff attend&J a celebration of his Ilfe vthich wa8 hdd at th8 Octagon Chapd in N¢Jwich. Pago 4
THE NORV•lCH HISTORIC CHURCHES TRUST LIMITED (A company limit4d by guarant••} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal revlew FinanGlal out-tum The net movement in fuThJs wa$ a surplus of £6k eompared lo a deficit of £354k in the prior year. This wa5 dug lo the In exp8ndibJr8 on th8 St Margaret D8 WesfvAck project {completed April 20241. Income fell year on year from £432k to £356k. The prior year includ&Y funding to¥Ards the St Margaret D& Westswck project of £114k received from a number of grant giving organisations. Rental income increased to £209k from £201k as a result of new tenanae& deferred rent repayments and the rent increa888 Sred. Llstsd pLaces of OrshIp income (IncludpA In Ikxome from charftable activlllosl rose from £61k to £72k due to higher VAT rgdaims in year 4ri8ing from the large rgfwbishmenl project wd. Inve8knent income increased from £1.6k to £6.6k bse of the incfease in interest rates. Co¥ts lor the year reduced frnm £786k to £350k laffJ8ly to the dUced sperKI in year 2024: £121k12023: £504kl on the St Margaret Do W8thck pr(48c( thg lotsl c05t (including VAT) of whth 18 anticipated to be apwoximatety Z855k. The Trust experiènced a number of Increases in nm4epair related costs.. an above infiation increase in insurance refflecting th& mark9t conditions and noTrlenanted chwch88 an increa88 in bad debt as a result ot the tenant tinancial issues Idtified ab(N& an increase in marketing costs due to producuon of 8 new supwrter18afflet an increase in legal and prOfeonal cnsts arisng from ccrfnrnisslrming 11 EPC re[$ aml preparir¥J lease precedent fcK future leasgs. Staff o)8ts have not slgnlficarstly increased reflectlng resCe levds the year which has impacted on the extart of adivlty that vrds deliverable beyond the major project. The ye8 out.tum reflects the St Margaret WeMck proiecl c(¥ning to end. a much genernl rnpai run rale a st8ady rental Incc¥ng. Prlnclpa fundlng Almost all of NHcfs income comprises rent and building hire fee4 and grants for spwsflc pr•. NHCT al8D ve limited public donations. Golng CanM After making appropriat8 8nquiries. the Trustees hav8 a reasonabl8 expectation that th8 Company ha8 adUate resources lo continue in operational existen for the foreseeable futur6. For thls rnason. they ¢ontinue to adopt the going concem bass in preparing the fin8nci81 statements. Further detalls regarding the a(loption of the golng concem ba&s can be found in the accounting pollcles Page S
THE NORIMCH HISTORIC CHURCHES TRUST LIMrrED (A compAny 11m1t by guarants•) TRUSTEES. REPORT (coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2024 R•s•rv¢8 Pollcy The Policy of the True Boar(l is to hold unrestricted free re88rve8 amounting lo aPF0XIrnat0IY £40,OCQ fficlont lo continue Current aclsvities for a three-month PBriCd. Due to the nature of the tlIdg5 4gnificant reuerves may be required ID the ¢as8 of er9erry repairs. Whilst no tsrget ha5 teen set a nominal figure of £150.000 tAUld go some way to achi8ving thi8. In 21r22 the Trustg8S decid&J to ear mark £50,000 from unrestridad raserves for'GeneTal unplanned repaiTS' to begin building such a reseNe. The current levd of unrestricted re8erves (excluding fixed aB8ets) is £208k, with unr8stricted re8eNes excluding tangle fixed assets and de8ign8ted funds king £158k Note 15 provide8 more infomiation on the funds hdd at 31 M8rch 2024. 11 is estimale(I Ihat the increased costs of th8 St MavJarel De wethCk project ill reduce unrericted funds in 24r25 by £53.5k and in 22fj by £19.5k. Structur•, govornanca and mry?ment consti110n NHCT was IrKworaled and reglst8r8d in the United Klngdom as a Company Ilmited by guaranle8 no pthare c8pitsI on 17 September 1973 Iregistered number 01134684) and was registered as a charity C 8 January 1974 Icharfty registration number 266686). 118 govfming drxumenl is its original goveming dctumqnt dabj 17 Septgmber 1973 and 8S 8m8nd8d by 4)ed81 re8c4ution dated 1 January 2016. NHCT was created by Nech Clty Cnl to manage the historic churches In Its care whil81 the City CJnal holds the freehold of these building& In 2021 th8 Board of TNste8s {formarfy Cijunal of Man8gwnent) commisgoned a re10 of the Axticles of Asg)ciation to bring them Into line ith current best prackn'ce. Th& new goveming dccument adopted on 5 March 2024 8rKI has now 8ppn)ved by the Charity CMmISSIon and registered wlh Comp8ni88 House. Methods of appolntmont or •leclSon of Truste08 Tha mthmum numbw ¢)f Tr4JStees 1$ tsthe, 1th a uw81 tenn of IhT88 ye8r8 at th6 end of they can retire. If Ihey ¢hLw not to retire they ar8 81igible for re8ppolntrnent for Iw) further lemis up to a MUM of nine years A CoMprehenve extgmal recruitment wccess is undertaken to ¥8ek nthv IruBtee8 *1)Ich tskes accLyJnt of thlls nged8d to strengthen the board. Page 6
THE NORcH HISTORIC CHURCHES TRUST LIMITED (A company Ilmltad by guarantae) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure. governanc• and managoment (continued) Oryanlsotional strure and declslon4n•klng pollcS0S The wialist Board CcAnmlttee3 are as follow Finance Committee - this committe8 meets quartgrty to consider in detsil the charits finances, risk and other nCrtY Manament relatsd oFerational matters sh as staff managwnerrt. Property Management arKI Heritage Committee - this committee meets quarterfy to thnsider in detail and facilitste the Charity's effective, efficient arKI professional management of its. prcperty prfolio in fulfilment of the Charity'B ijbjectives Health and Safety Committee- this committee meets every 6 months to review in detail 118 •PFaCh lo Health aThJ Safety on repair Projects In Its nornal day to day aclvltie& Fundrai$ing Committee - this committee meets on an adhoc basis lo consider in detail its approxh to fundraing and volunteer recruitment. Durfng the year NH employed Ihree staff: Two Prcp8ty and CA)nservallon Managers manag8 the h8rftsg8, repai and m8intenancB successful tenanting of Ihe churches in the car8 of the Charity A Finance Officer is resp(sible for fln8ncial transactlon5 and regular rep(Ybng. From August 2024 th1$ structure changed to th8 following ihree part-time role8: A Head of Operdtions, consal0n and Heritage m8nag8s the team. repalrs maIntenare, th& conseNatlon prcJramme aThJ SUGcessful tenanting d the thurch An Operations Co4)rdinator Is r8sponsble for L¥)ard and commltteo administration. digitsl ¢J)mmunication$, ppOrter relations and 888tsting the Head of Operations. Conservat1 and Herit with lenanl matter& A Finance Officer 7htho is ressIble for financlal Ir8ns8cUons and regular reporling. Pollcl•s adoptod for th• Inductl¢)n and trnlning of Truste88 trust88s are presented wth a wplcome pack whi¢ indudes a copy of the Prtides of Assodalon, information abrt the churche8 an(1 NHCTs 8ctsvilte& Flnan¢141 risk managèmant The Finance Cunmittee has a risk register that it revie in dotail on an annual ba$. NHCT reviey the major rlsks to which il is Ilkely to be exFW)se(l and puts proposals to manage or mitigate them to th8 Board of Truste8& NHCT *?11 make every effort lo enwre its properttes are tenanted and all due in¢ome eAJIIKlgJ. Where Posgble. NHCT V•ill priodtis8 t8nants a cultural or community fLKUS and ttiCh 8ncoLrag8 gre8ter public Pa98 7
THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A ¢ompany Ilmlted by guarant••) TRUSTEES. REPORT {CoP1NUED} FOR THE YEAR ENDED 31 PIARCH 2024 StrtbCtur•* govom•nce and management {¢ontlnuodl Church Ropalr8 Programmo NHCT 11 continue to carry out paIrS needed lo keep thg historic buildings in g¢¥)d order and wll focus on developing feasbility plans for th0 thLKche$ on tha Heritage al Flsk Register. A naw conservallon plan f the next 5 years Nllll be under dev8lopmenl In 202425. Inforniation on furKlralslng practi Any fundrai&ng has been canled out by volunteers or existlNJ members of staff. arKI no Txofesgonal fundrai8er OT commercial particlpator ha8 been involved in any furwjrain9 activltie& NHCT wll Contin to1¢4)k tr oppJrtunltle8 to ralse addlttonal fund$ thmgh grants or olhw CPF¥Jiunities for incomè. Statement of TN•taes' responslblllties The Trustees I0 are also the directors of the Company for the pUoseS of company law) are responable f preparing th8 Trust8es' report and tho finanaal statements In YKcordance with applicable law and United Kingyom Accounting Standards Iunlted lQngdom Gen8r811y Accapted Accounting Practice). CLNmP8ny law requires the Trustees lo prepare fin8nclal statements for eath finanual . Under company law. the Trustees must not appyove the financial statsments unless they are satisfied that they give a true and fair view of the stste of affalrs of the Company and of its incnming reswrc8s and application of resources, includlng its income and axpenditure. thal peri. In preparing Ihesa finanas18tstem, the Twstees are requirthj to.. selact $ultable aCcotIng policies and then apply them Consten, obseNe the method8 and princlples of the Charities SORP IFRS 1021. make judgmants and a(xounting estimates Ihal are reownalle and prudentr stste whether applicable UK Accounting Slan(lards (FRS 102) havè been follo£d. wbject to any material departu di1059d and explained in the financial statements: prepare the finanoal slalements on the going ¢on¢em ba3 unle88 it is inappropriate to preyjne that tha Company 11 ¢onUnue in busTrnes& The Trustees ar& resF4)ndble for keeping ad4uale a¢¢ounting reccfds thot are W1ent lo show and exptain the Ccthpanls trans8ction8 and dios8 th reasonable acturacy at any me Ihe financial poslllon of the Company arKI anable than lo erUre Ihat Ihe finanal statements comply with the Comp8nie8 Act 2C()6. They are also respcfftgble for safeguarding the 8&8ets of the Gompany and hence for tang reag)n8ble steps fcf tho prevenbijn and detecti of fraud and other Irregularities. Apwoved ty order of the members of board of Trustees and signed on their behalf by: MrnJRoy Treasurer Date: Page 8
THE NORWICH HISTORIC CHURCHES TRUST LIMrrED (A company Ilmlt¢d by guarante¢) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Indewdant examinp/s rewt to the True6s of The Norwich Hlstorlc Churches Trust Limited Ilhe pan) I report to the charity TTU8tees on my examination of the accounts of the Company for th8 year ended 31 March RonbIlitieS and baEiS of rewt As the Trustees of the Company (and its directcfs for the pwposes of company law) y¢xJ we resprble for tha preparation of the accounts in accordance with the requlrements of the Companies Act 2006 llh8 2CIJ6 Act,). Having satisfied myself that the 8cccrfJnts of the Company are not required to be audited under Part 16 of tha 2006 A¢1 and are ellglble Independent examination. I report in rgSFeCt of my examination of the Cc4npanrf8 accounts carried out under section 145 of the Charities Act 2011 I'lhe 2011 A¢f>. In carying out my examination I have follofftd the Directions 9iven ty the Chadty Commis&on und8r xtion 14q51(bl of the 2011 ACL Independent examlnevs statement Since the Compary'$ gross income exceeded £250,000 your examlner must be 8 member of a boty lied in $8clion 145 of the 2011 Act. I confimi that l am qu11 to undertake the examlnation buse l am a member of The Institute of Chartered PLcountant8 in Enyand 8nd W81e4 which is one of the listad bodi88. I have completed my examination. I confim that no matters have come to my attention In connection with th8 8xamination giving me cause to beliave.. accwnling rd$ were not kept in resFect of th8 Company as required by saction 386 of th8 2006 Art. or the attounls do not accord those rOrds.. or the accounts do not compty V+ith the acCnting re(wirement8 of section 396 of the 20c Act othw than any requirement that the accounts givg a Irue and falv vlew vthlch 18 not a matter con$dtred as part of an indep8fKlenl ex8mination,' or the a(Lounts have not prepar&J in acc(Kdan¢e wilh the methc#J$ and PripIeS of the Statement of ReeL)mmended Practic8 for accounting and r8porbng by charities applicable to ChalIeS pparing thdr ac¢(wnls In ac£rKdan¢e the Finanaal Rewting Standard applScAt4e in the UK and Republic of Ireland {FRS 1021. I have rK) concems 8nd h8v8 com8 acro88 no other matters In cnlIon wth the eInation to which attention Shcld be drawn In this report in ord8r to 8n*Jl8 8 proper understanding of lh& accounts to be This report is madg lelY to tho cLPanS Truste8s. es a body, In accordance Part 4 of lh8 Chariile8 (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the CompanW8 Trustee8 those matters I rnquSred to 8t8te to them in an Independent examiners repcKt and for no other purpose. To the fullest exlenl permltted by law, I do not accept or assume re4xJnsbility to anYe other than the C¢ynpany and the Companys Twstees as a body, for my wcfk or for this report. Signed: ¢(LL Dated.. 17 December 2024 Glles Korkham FCA DChA Larking GOW LLP Chartered Accountsnts Norwch Page 9
THE NORWICH HISTORIC CHURCHES TRUST LIMrrED (A compgny Ilmitod by guarant•o) STATEMENT OF FINANCIAL ACTMTIES {INCORPORATING INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Total funds 2024 Total funds 2024 funds 2024 2023 Incomefrom: Donations and legae8 Charitale acllvlues Inv8Stm8nts 1284 304.253 &819 384546 1,675 37. 73,184 231.069 Other Income 41,684 41,684 Total Incom• 73,184 282,807 355,791 432.300 Expendlluro on: Ch8rltable activities 133.056 216,663 349,719 T8&326 Total oxwnditur• 133,056 216,663 349.719 78&326 N¢t (expendlturnylncom• Transfers funds {.81 072 1354.026) 15 (1.823) Net movoment In fund8 {58.049} 84,121 6,072 (354,026) Recon¢lllatlon of fund8: Total funds brought foward N$1 movement in funds 175,010 158.049) 145,195 64.121 320,205 6,072 614,231 (354,026) Total fvnd8 rArrl•d forward 209,316 326.277 320,205 The Ststement of financial activities Includos all gains and Ios8es rwnlsed in the year. The notes on page8 12 to 28 forni part of th88e fincIal statement& Pag8 10
THE NORWICH HISTORIC CHURCHES TRUST LIMITED IA company Ilmlled by guarantse) REGISTERED NUMBER: 01134684 BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Flxed assets Tans4ble assets 12 917 1,419 917 1.419 Curr•nt assots Debloys Cath at bank and in hd 13 71.OT/ 410.026 358.203 423.993 481,103 Cr&Jitow. amounts falliNJ due wthin one 14 (98,633) (162,317) Net ¢urront a88ets 31&786 Totsl net assets 320.205 Charfty fund$ Restricted funds Unrestricted funds 15 15 116,901 209.316 174010 145. 195 Total fund8 320.205 The Comp8ny was entitled to exemplon from audlt under liOn 477 of the Ccthpanles Act 2006. The members have not required the company to obtain 8n audtt for year in In accordan¢e 1th section 476 of Companies Act 2006. The Twstees acknovl their rwonsbilities for complying the requirements of the Act hth resp1 lo accountlng record8 and preFaration of fin3n81 statements. The finanaal ststPJn8nts have been prepar8d In accordanc8 lth the proVIc$ aPF4ic8bl6 to entities sut4ecl lo Ihe small comwi9s regime. The financial 8tatements were approved and auth0ri8ed for isgue by the Trustees and signed on their behalf by.. 8 Goro (Chal The nolas on pages 12 to 26 form part of these financial statwnenl& Page11
THE NORWCH HISTORIC CHURCHES TRUST LIMrrED (A Gompzny Ilmlt•d by guarantee) NOTES TO THE FINANCIAL STATEME15 FOR THE YEAR ENDED 31 MARCH 2024 General Informatlon The company is a company limited by guarantee. Incorp(x8ted In Er¥Jl8nd 8nd Walgs. The reg18t8red office is St Marbn 8t P818C8 Church. 15 St Marbn ot Pala¢e Plain. NolCh NR3 1 RW. The resisternd company numbw Is 01134684. Accountlng polld05 2.1 Basls of prnparatlon of flnanclal 8tst•m¢nts The financial statemenls have been prepared in ac¢ordan¢e vAlh the Chariti88 SORP IFRS 1021- Accounting and Reporting by Ch8riti88.' Statement of RQMmanded Practice applicabl& to ch8ritie8 preparing h8ir accounts in acccdance th the Financial Reporting Standard applicable in the UK and Republic of Irdond (FRS 102) leffective 1 January 20191. the Financial Rgpordng Standard applicabl8 In Ihe UK and Republi¢ of Irdand IFRS 1021 and the Companies Act 2006. Tha Norw•ich Historfc Churches Trust Limited meets the doflNtion of a public benafit under FRS 102. The flnancial statements are pre88nl8d in sterting Yknich is the ftIonal currency of the company and rounded to the IreSt £. Assets and liabilities are Inlllally recognised al hi8torical cost or transac11c va@ unle88 olherwi8e stated in th8 relevant accounling polw. 22 Golng concorn The Truste88 have a58e88ed wh8ther Ihe use of the going concem a$sMp0n is appropriate in preparing these finandal statement& The Tnjstees heve m8dg this assassmont in rowt of a od of one yearfrom tha date of 8pprov81 of these finanal statements. The Trustees have concluded that thwe arg no material uncertainties related lo events or condltlons that may cast sgnificant doubt on the ability of the Charity lo conllnua as a going conc8m. Th& Trustee8 are of th8 Opinic Ihat the Charity vlll have ffient re9)urc8S to meet its liablllties as they f811 due. 2.3 Company Stst The company is a company Ilmlled by guaran188. The memtws of the company Bro the Trnstees named on page 1. In th& ev8nl of the CL¥npany being v•Und up. the liakmlity in respect of th& guarantee 1$ limibd to £1 per member of the company. Page 12
THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company limiEod by guarant••} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting poll¢i•s (contlnu•d) 14 Incomè l income is recognised once the Company has antitlement to ihe ince. il is probable that the income will be received and the amount of income Te1Vabl6 can be meawjred reliably. Donated services or facilie$ are recc>Jnised Wh Ihe company has control over the item, any conditions associated with th8 donated item have b88n m8L the recetpl of economic benefit from the use of the Compony of rhe item is wcthbFe and that Konomic ben8tit can be measured rdiably. In accordance th8 Charities SORP {FRS 102). the 9¥81 volunleor time of volunteers Is not recugniJ. On rac8iPt. donatad prof8ssional servicas and facilities 8r8 r8cr)JniseLI on the bass of the valu$ of the gift to the Company thICh is the amount it Wld have been vllllng to Pay to obtain servic8S C facAlities of equivalent &onurnic benefit on the open rnaet', a Corresponding amount is Ihen re¢ryJnised in expendlture In the pwiod of weipt. Income lax recoverable in relation to invethont income 18 rec(oni8ed at the tim8 lh8 inv8strn8nl Incom8 is rec8iV8ble. Other inccfne is recogni8ed in the period in thich it is rwxvable and to the extent the gc)d$ have been provided or on completion of the seThice. 2.5 Expondlture Expenditure is re¢ognised once Ihere is a legal or constructlve obligation to transfer economic benefit lo a third p8rty, il is probable th81 a transfer of ec(ClC teneflts Vill be required in 8etueMI and tho amount of the obligation (n be measured reliably. EXditUre is d8s%fie(I by activity. Charitable activities and Govemance costs are costs incuffed on the compan1$ operations. Induding support costs and costs relating to lh8 govemance of tha comp8ny apporbone(J to charitab activitie8. All eXlIur8 is Inclu¥0 of Irr0verable VAT. 2.6 Inlw6st rocelvabla Interest ¢)n fmds held cm deposil 1$ Indu vthen receivable and the amount can be measurnd reliably by Ihe Ccrnpany.. this is normally upon notlficalion of the interest paid or payable by the in8titLrtion wth the furn18 are deposited. 2.7 Tongibl¢ Ilx¢d a8s8ts and d¢preclatlon Tangible fixgj assets costing £300 or more are capitali88d and reco9nl8ed vthen fulure economic benefits are probabl8 and cost or v81ue of the 888et can be measur8d r81iably. Tangible fixed assets are initi8lly CanIs9d at cosL Aft8r recognition. under the ¢ost model, tsngible fixed assots are measured at cost Fess accumulated daprecIati arKI ary accumulated Impaimient losses. All costs incurred to bring a tangible fixed asset Into its intended swrf(ing ¢ondlIk shwld be indud&d In th8 meayjrement of ¢osL Page 13
THE NORMCH HISTORIC CHURCHES TRUST LIMrrED IA company Ilmlled by guarnntw) NOTES TO THE FINANCL4L STATEMEpirs FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pol1cl (contlnuodl 2.7 Tan9lble Ilxed assots and d&prn¢latlon {conllnued} Depwation is Charg1 so a8 to allte the cost ol tangrbla fixed assets I their residual valu& over their eslim818d usefvl liv88, u&ng the straight4ine methcrfl. D8pr8uation is prOvId on the following ba868.' Fixtures and fittings CPuter 4ulpmenl 5 years straight Ilne 3 ye8r straight line 2.8 Dabtor8 Trdde and other debtOT8 are recogni8od at the 8dUement amount aftw any trade discount offered. Prfjpayments are v81ued at the amount prepaid net of any trade discounts due. 2.9 Ca8h at bank and In hand Cash at bank and in hand includes cash and short-temi highly liquid irwestments wth a thort maturity of three me4kn or le&s from the data of acquistion or openlng of the dWI or similar account. 110 Llabllltl•s and provlslons Liaoilities are recognlsed there is an obllgallon at the Balance 8h8et date as a result of a past event. it 1$ prob8tAe that a transfer of onoMiC benefit Y+ill be requ11 in 8ettlemenL and the amount of the sewgmgnt can be e*Jmatsd reliably. Liabilities are (anIsed al the amount that the Company anticipates it wll pay to 8etU8 the debt or the arno1 il has received a8 advanced payments for thè gcods or 8ervlces It must provide. Provi&on8 are me8wr•J at the best estimate of the anounts required to 8eltle the ¢)bligation. 2.11 Finan¢lal In8trum•nts The Company only ha8 finandal 8ssets and finanaal liabilities of a Wnd that quallfy as ba&c financlal Instruments. Basc fln8ndal Instruments are Initlally recogni88d at transaclton valu8 8fKI gJb$eqUty mea8urvAJ at their $8tUement valu8 vlth the exceplon of bank loans vthich are subsequently measur&J at amortised cost Un9 the effeclive interest methcl. 2.12 Op•ratlng loa Rental income and expenditure undor operating le8888 are brought into the Ststemenl of financial activities as Inccme and expenditur8 r8yctivÉty on a stralg1rt41ne ba858 over the lease term. 2.13 Penslons The Company cp8r8tes a defin•J conlribulion pen8lon schem6 and th8 pension charg& repre8ent8 the amourrts pay8ble by the Company to the fvrKI In rasp1 of the year. P8g8 14
THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A Gompany Ilmlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (contlnued) 2.14 Fund accounting General funds are unrestricled fund$ Nthich a avallaEla for use at the discretion of the Tnjstees in furtherance of the genw81 objectiv88 of the Company aThJ bhich have nrA b88n d8signat8d for other purposes. Desgnated funds prIse unrestri¢twJ fund$ th h8ve been Set agde by th& Trustees for Particular purposes. Tho alm and u58 of aach dognat• fund is sel out in the rKJles to the financial statements. Restricted funds a funds whld) are to be u$8d In afxordance Yth speafic restrictions imposed ty dcmors or vknich have b88n rais8d by the Compary for p8rtrcu18r wrpos8& The c08ts of rain9 arKI administerfng such funds are charged against the specific fund. Tha alm and use of each restricted fuTrJ Is set out in the notss lo the financial statement& Invesbnenl income. galns and 10sS85 are allocat•J to the appropriate fund. Income from donatlons and legacles Unrostrfctod funds 2024 T¢)tal funds 2024 Total funds 2023 DonatiMs 6,819 Total 2023 6,819 6,819 Incom• from sharitobl¢ actlvltles Total fund¥ fund6 2024 funds 2024 2024 Rent receivable Church studi66 Grants received Llsted places of worthip grant income Ottrw Incorning r&SrceS 209,151 209,151 14,936 58.051 197 14.936 71,804 13.813 8,105 73.184 YJ1.089 253 Page 15
THE mORcH HISTORIC CHURCHES TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMDED 31 MARCH 2024 h)come from charltable actlvltles {contInu) Restrictsd unr@strtecl funds fvnds 2023 2023 Total lunds 2023 Rent ceIvable Church studies Grants received Listed plBrAs of grant Income Olh8r incoming rosourc8s 201,085 497 201,085 497 114,5L4) 59,984 732 114,500 60,618 9,846 9,114 175,216 211.330 386,546 Inv•stmnt Inc¢)mo Unre8trlcted fund 2024 Total fuTrdB 2024 Total fvnds 2Q23 Irrterest recdvgd 8.S90 1,6T5 Totsl 2023 1,675 1,675 (Xher Incomlng re8ourc6s Unr•8trlctod funds 2024 Total funds 2023 funds 2024 41,684 41.684 37,260 Tota12023 37,260 37,2SJ Page 16
THE NORIMCH HISTORIC CHURCHES TRUST LIMrrED (A company limitod by guar¥nt•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of oxpendllure on Gharltable aGtlvltl8s Summaryby fvnd typè R¢stri¢tod UTrro8trfctod funds funds 2024 2024 Total 2024 InsLCe Malnlenan¢e St Martin at Palace Wages and salaries Administration L81 and prOfeSonal Marketing D8pr8ciation Bad debts Independent Examlnef8 fee 49,829 38,841 5.670 82.757 15,072 7,192 2,489 503 8,265 133,056 171,897 5.670 82.757 15,072 7,192 2.489 503 045 133.056 216.663 349,719 Rethcted Unrestiyded fvnds fvnds 2023 2tr23 Tot81 2023 Insurance Maintenance Sl Marbn at Palace Wages and salaries Admini81ration Legal and profeonal Marketing Depreciation Bad debts Independent Ex8min8f8 fee 43.458 83,118 2.954 82.232 14,916 3,386 475 1,224 43,458 &31.993 548.875 82,232 74.916 3,386 475 1.224 3,838 3.838 548.875 237,451 786,326 Page 17
THE NORYaCH HISTORIC CHURCHES TRUST LIMrrED {A ComnY Ilmtt•d by guarnnta¢) NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of •xp•nditur• by actlvltl•B Actlvlti undertaken dlrectly 2024 8upport costs 2024 Tot fund8 Insurance Malntenance Sl Martin at Palac Wages and salarles. Administration Lagal and PTofes%on81 Marketlng Deplation Bad debts Ind8pend8nt Examinerfs 180 49.829 171.897 5.670 41.022 49,82 171,897 5,870 82.757 15.072 7.192 2A89 $03 8205 41.735 15.072 7.192 2,489 503 8,265 276,683 73,036 349.719 undertaken Support drectly 2023 fvnds 2023 2023 Ingjrance Maintsnance St Marbn at Palaco Wages and salaries. Administration Legal and prOfeonal Marketing Depreciation Bad debts Independent Examlnef8 fee 631,993 2,954 36,269 831.993 2.954 82.232 14.916 3.386 475 1.224 45,9&3 14,916 3.386 475 1.224 3.838 3,838 716,524 69,802 786,326 aps and Salaries are alloc8t8d on the b85is of perL*ntage of staff lime. Page18
THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company Ilmlt•d by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Indepdent examlnef8 romunorallon 2024 2023 Fees payabl8 to th8 Companys Independt examlner for the SndeFendent examination of the Company's annual aOunts 3,875 3.165 10. Staff costs 2023 Wages and salarias ScrAal security costs Contribution to defInj ¢xJnlribution pen1r hOM&S 77,055 1,868 3,834 76,659 1,579 82,757 82.232 The averagg nun*er of p8r8on8 empbyed by the Company durfng the year was as follcMB'. 2024 2023 Surv8y¢X Administrauon No emplo recelved remungration amountirTrg to more than £60,000 in githgr yfrar. Tho total amount of employee befitS recelved by key managament p¥nl for their wvices to the charity was £82.757 {2023.' £82,232). 11. Trustoes. r•muneratlon and oxp•nsos DurfrvJ th? year, no Trustees ceIVed ary remunerdon or other beneffts (2023- £NIL). During the year ondwj 31 March 2024, expenses lotslling £NIL were lbUr8•S lo Twstees {2023 - £108 to 1 Trustael. Page 19
THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company Ilmlt•d by gu•rnntM) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIARCH 2024 12. Tanglble flxed aogets xtures arKI Computer flttlngs •quipment Total Cost or valuatlon At 1 April 2023 4765 10M71 15.636 At 31 March 2024 4765 10,B71 15,838 D•w•clatlon Al 1 April 2023 Charg8 for th8 yè 4723 14.217 At 31 March 2024 4.765 9.954 14,719 N•t book v•lu• At 31 March 2024 917 917 At 31 March 2023 42 1,377 1,419 13. Debtors 2024 2023 within one year Trade debtors Prepayments and accru i1Ce Grants T8rAvabl8 38.979 21.811 &ooD 26,556 19,521 25,0 65,790 T1,077
THE NORWICH HISTORIC CHURCHES TRUST LWITED (A compfiny Ilmlted by guarnnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 Credltor8: Amount8 falllng due wlthln on¢ year 2024 2023 Trade creditors other creditors Accruals and deferred inc(me 15,487 39,204 86.507 37.601 38.209 gB,633 162,317 2024 2023 Déferréd income at 1 April 20f3 R89)urc6s d8ferr&J during the year Amcwnts leaSed f prlouS perv)ds 33.747 38,001 (33,747) 28,840 33,747 (2a840) 38,001 33.747 Deferred inc(¥ne relates to nt and in5ufdnce received in advance. Page 21
THE NORWICH HISTORIC CHURCHES TRUST LIMrrED (A company Ilmltod by guarnntae) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Statom•nt ol fvnd$ Statsmont ol funds- Gurrnnt yur Balance at 31 March 2024 Bahnce at 1 Aprfl 2023 Tran8for8 Inloul Incom• Expndlturo Unr88tr1ct8d funds Deslgnated funds Gen8ral Unplanned RairS 50.000 General fund• General Funds 95.195 282,807 (21fj663) {1,823) 159.316 Total Unre8trtc funds 145,195 282,607 (214663} 209,316 ReBtrlcl•d funds Historic Englan(i - St Margarevs Rwir5 Phe st Gr5 Repairs Historic England - Sl Michael Coslany Paul Bastham Trust- Glas8 149.975 250 88.051 (120,888) 97.140 (S,S22) 2,023 Jarrdd8 Trust- Fllntvnrk Repalrs Heavenly Gardens The National Lottery Heritsg8 Fund Bid - Pre Development Ph8S8 Architectural Herftag8 Fund- St Margaret's The Lady Hind Trust 1,000 18,514 1,000 16,789 197 11.912) (4736) (2001 410 410 175.010 73.184 (133,0561 1.B23 116.961 Totsl of fund8 320205 355,791 (349.719 328277 Page 22
THE NORWICH HISTORIC CHURCHES TRUST LIMITED (A company Ilmlted by guarnnteo} NOTE8 TO THE FINANCIAL sTATEMEPs FOR THE YEAR ENDED 31 MARCH 2024 1& 8latement of funds {contlnuod) Ignated Funds - The Trustees have decided to earmark £50,000 from unre8tricted reseNes to establish a 'G9neral Unplanned Repairs, tund. It 1$ the Trustees, inlontion to tlId this fund to £150,000 over time. This renects the fact that the trust is th8 custodian of 18 grade 1 Ilsled medieval buildings and exp8ri8nce demonstrates that emergency repaiTS tend lo be ¢oslly and grant funding may r1 alvRys be availle. Hlstorlc England - St Margarevs d•vdopment phw - Grants received for development phase and plannlng for r&palr3 at St MargareV$ by Historic England. Hl8torlc England - St Maryarfs repalrs phase - Grants reIved from Hl8torfc England for the repairs phase at St Margarets. Fund incJne includ85 £S8,051 from The Listed P18¢es of Worship Grant Scheme. St Grogorfs r•palr5- received tiward8 repair8 al Sl Grego5. st Palchael Coslany - Grants received for rc4)f PaIrS from Hlstortc EThJland. NoNlch Fren,$ 8fKI The Paul B8ssh8m Trust. Hlstorfc England St John'5 - Historic grant recelved for tho development Yrk to be de at St Johns. Paul Bassham Trust - glass d¢)or- the Paul Bassham Tru81 donated £1,0(Ki in 2018 for the prOVion ol a glass dcmy. Jarrold Trust {Illntwork ropalrsl- Grant siven in 2018 towards fllnfvrt1( repair8 at St Martin at Palaca. Hoav•nly Gardgns - Owoing project to fund Ihe presepéation and under8tanthng of the cityB churthyards Ihrough volunteer labour, plantirKJ and ju¢811Onal materials. The Natlonal Lottery H¢rltsge Fund devolopm•nt phaso- In 2018, the Trust transForred £7,000 from genardl fId8 to be in the developm8nl of 8 The National Lottwy Heritage Fund application and projt. Calthorp• Monumont at st Martln at pala - Grants received for the restoration of the Callhorpe Monument by Th8 B8rbar8 Wh8tmore Charitabl8 Trust," The Society of Anliquarians of London (William arbj Jane Morris CFMJrch Conservatyon Granlsk Tha John J8rrcAd TwsL' The Friend8 of Non4ich Hlsloric Churches Tnjst. Th• Lady Hlnd Charltabl• TnTht Interpretslon at St Martin at Palace. Grant to4Mrd8 the produ¢tion of infoThation to8 and General Funds Transfer8 - the 8mount IransferrJ frcjm Gengral Fund8 Includes £2,023 to fund the excess eXpdIture the St Michael CoanY raicled furKI. Page 23
THE NORYIICH HISTORIC CHURCHE8 TRusf LIMrrED (A company Ilmlt•d by gu•rantso) NOTES TO THE FINANCIAL sTATEMEs FOR THE YEAR ENDED 31 MARCH 2024 1& Slatem of funds (¢ontinu•d) Statament of funds- prfor Balance at 31 March 2023 Balance at 1 Aprll 2022 Transfers Unrgtstrktsd fund8 Dgslgnat¢d funds Genero1 Unp18nn•J Ryi G•n•rnl fund8 Genernl Funds 79, 788 257,084 (237.451) f4.226) 95. 195 Total UnroBtrlct•d fundr6 129.788 257,084 (237,451) f4,228) 144 195 Restrlctod fund6 Hlstoric England - Sl Margarevs D6velotKnent Phaso Historic England- Sl Margarevs Repalrs Pha88 St Grem's Repalrs Sl Mlchael CoanY P8uI Bastham Trust- Glass Dr•Jr Jarrdds Trust- Flinknrtt Repairs Heavenly G8rdgns Th8 National Lottery Heritage Fund Bid- Pre D8velopm8nt Phase Calthorpe PAemal Restoration The L*Jy Hlnd Trust (4,226) 4,226 Is3,1 (593.856) 149,915 250 3,499 16,361 24,879 (37. 741) t&347 732 (565) 18,514 (1,CkX)) 6&3 4713 410 (6.713) 410 544.443 174216 (548,875) 4,226 175,010 Totsl of funds 674.231 432,3CII (78&326) 320.205 Pwje 24
THE NORWICH HISTORIC CHURCHES TRUST UAIITED (A company limitad by guarants•) NOTES TO THE FIP4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Summary of funds Summary of fund6 - currerrt year Balanc• at 31 March 2024 Balance at 1 Awll 2023 Tr4n8fern Inlout In¢om• Expondlturo D88ign8ted funds General funds Restricted furKIs 50,000 95,195 175,010 50.000 159.318 116,961 282.607 73,184 1216,e63) 1133,OS6> <1,823) 320,205 355.791 (349.719) Summary of funds- prior year Balance 8t Tran*s 31 March Wout 2023 Balan¢a 81 l 2022 Income Expenditure Desgnated funds General funds 79. T88 257,084 17&216 (237.451) (548.875) (4.226) 4.226 94 195 174010 Restricted funds 674.231 432.300 (T86.326J 320,205 17. Anaty81s of net assets botween fund8 Anatysls of rbet ass•ts bot4v•en fundg- current porl¢d RtrIcted Umostrlctod funds funds 2024 fvnds 2024 2024 Tangible fixed asBets Curr8nt assets Credit$ due within ¢Me year 917 306,005 {97.6C6) 917 423,993 194633) 117.988 {1,0271 Tolal 116.961 209,316 326.277 P8g8 25
THE NORMCH H18TORIC CHURCHES TRUST LIMITED (A company Ilmltod by guarant•a) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2024 17. Anoty8i8 of n¢t ••sots between fvnds {contlnuad Analysls of net Sets between fund5- wlor p•rfod Restiyced Unrnstrlcf8d fvnds fvnds 2023 2023 Total 2023 TanL¥ble fix&J 8688ts Curr9nt assets Credll¢ys du8 V•itlMn ce ye¥ 1,419 1,419 232,070 481.103 f88.294J (162,317) 249,033 174.023) Tolal 175,010 145, 195 320,205 18. Ponslon commltments The Charfty operatés a defined CA)ntributlon Xh9. The asts of the ftheme aro held SeP8ralely from those of the Charlty in an independenY administered fund. Th8 p8nsDn cost tharge represents contributions payable by the Charity to the fund and amounted to £3.834 {2023 - £3.993). amounts of £nil12023 - £nill vRre poy8ble to the furKI at the balance sheet dale. 19. Operatlng l••s• InMm• ar9•Monts Thg coryany eams rentsl irtome by leasng properties to tenants under nOnnelaa opèrating lease& At 31 March 2024 the company ccthcted ¥th tenants to receive the future minlmum loase PW8nls'. 2023 Within 1 year Betbwi 1 and 5 years After m¢xe than S years 132,233 183,167 161,250 143,867 277,250 180.250 476,650 607.367 R•lat•d paty tran•actlons Ther8 were no rdalwj pety ir8ns8ctions reqiiring di*lowre otsr than thcbsa disLlosed In not8 11.