2021-04-05-accounts

CHARITY REGISTRATION NUMBER: 267047

The Suffolk Historic Churches Trust Unaudited financial statements

5 April 2021

The Suffolk Historic Churches Trust

Financial statements

Year ended 5 April 2021

	Pages
Trustees' annual report	1 to 5
Independent examiner's report to the trustees	6 to 7
Statement of financial activities	8
Balance sheet	9
Notes to the financial statements	10 to 19

The Suffolk Historic Churches Trust

Trustees' annual report

Year ended 5 April 2021

The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2021.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.

Reference and administrative details

Registered charity name The Suffolk Historic Churches Trust Charity registration number 267047 Principal office Brinkleys Hall Street Long Melford Suffolk CO10 9JR

The trustees

The trustees who served during the year and at the date of approval were as follows:

Geoffrey Probert DL (Chairman) David King (Honorary Treasurer) Tim Allen (Resigned in the year) Edward Bland The Hon Charles Boscawen John Devaux DL Martin Favell David Gould Patrick Grieve Mike Kiely Nicholas Pearson OBE Tony Redman Christopher Spicer Celia Stephens Simon Tennent

- 1 -

The Suffolk Historic Churches Trust

Trustees' annual report (continued)

Year ended 5 April 2021

Patron	Clare Countess of Euston, Lord Lieutenant of Suffolk
President	Diana Hunt DL
Vice Patrons	The Bishop of East Anglia
	The Bishop of St Edmundsbury and Ipswich
	The Moderator of Churches Together in Suffolk
Vice President	Alan Barker
	Ray Bedwell
	Christopher Bird
	David Dymond
	The Hon Jill Ganzoni DL
	Lady Julia Henniker
	Christina van Melzen
	Clive Paine
	Robert Rous DL
	Joy Rowe (Resigned in the year)
	Roy Tricker BEM
	Robert Williams
	Mary Wolton
Hon Secretary	Mike Kiely
Assistant Secretary	Helen Read
Hon Treasurer	David King
Hon Bike Ride Treasurer	David Gould
Hon Grants Secretary	Adrian August
Hon Education Officer	Diana Hunt DL
	Celia Stephens
Hon Publicity Officer	Rachel Sloane
Solicitors	Birketts
	24-26 Museum Street
	Ipswich
	IP1 1HZ
Independent examiner	Leigh Thurston FCCA
	Lovewell Blake LLP
	Chartered accountants
	First Floor Suite
	2 Hillside Business Park
	Bury St Edmunds
	IP32 7EA
Bankers	Royal Bank of Scotland PLC
	8-10 Princes Street
	Ipswich
	Suffolk
	IP1 1QT

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The Suffolk Historic Churches Trust

Trustees' annual report (continued)

Year ended 5 April 2021

Objectives and activities

The charitable purposes of the Trust are to apply the income and capital of the Trust to the preservation, repair, maintenance, improvement, upkeep, beautification and reconstruction of churches in the County of Suffolk and of monuments, fittings, fixtures, stained glass, furniture, ornaments and chattels in such churches and of the churchyard belonging to any such churches. "Church" means any Church, Chapel or other buildings used for public worship whether belonging to or used by the Church of England or any other religious body.

Grant making policy and procedures

The Charity invites applications for funding of projects from churches in Suffolk in a specific format. The applications are reviewed against specific criteria by the Grants Committee who approve or refuse grants. The project performance is monitored by the Grants Committee. Approved grants must be taken up within two years of being awarded and are paid on receipt of evidence that the project has been completed.

Achievements and performance

In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit.

The income of the Trust is detailed in the Statement of Financial Activities together with the supporting details of Fund Raising Events. It is the aim of the Trust to distribute all of its annual income net of expenses by way of grants in accordance with its charitable purposes.

All significant legacies are used to establish designated funds which are transferred to the income fund in equal annual amounts over five years unless they are designated for a specific purpose. Other unrestricted legacies, sums received in memoriam, substantial donations and Friends' life donations are credited to the Capital Fund, of which 33.3% of the opening fund balance at the start of each accounting year is transferred to the income fund and available for distribution. Details of all other restricted and designated funds are shown in notes to the accounts.

The carried forward unrestricted income fund balance of £284,718 (2020: £222,265) is available for distribution.

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The Suffolk Historic Churches Trust

Trustees' annual report (continued)

Year ended 5 April 2021

Financial review

Total income in the year ended 5 April 2021 amounted to £326,014 (2020: £216,696) up significantly on the previous year with the main source of funds being £172,484 (2020: £143,984) raised from fundraising events, shared equally with participating churches. £152,394 (2020: £68,020) was received from donations and legacies and £1,136 (2020: £4,692) was generated from investments held.

Grants awarded to churches in the year totalled £108,921 (2020: £119,000). The grants awarded along with the share of fundraising events paid to participating churches of £79,212 (2020: £64,983) made up the majority of the total expenditure. grants towards the cost of maintenance inspections of eligible churches.

After taking into account a large gains on investment, income exceeded expenditure by £198,345 (2020: deficit of £33,759).

Reserves policy

Within designated funds is a reserve fund held for the general purposes of the Charity and for the making of grants if for any reason fund raising events in any particularly year did not take place. The reserves policy is therefore set to a minimum of one years income. Based on the income activity of 2021 the amount held as designated equates to a reserve position just under 22 months (2020: 24 months) which the Trustees consider to be prudent in light of the context of the current environment.

The Trustees aim to build the reserves by inflation each year and to expense excess reserves inline with its aim and objectives in times of need. In the opinion of the Trustees the surplus held over the reserves policy is therefore adequate to the purposes of the Charity.

Investment policy

The Investment Committee has considered the most appropriate policy for investing funds and has found that unit trusts, some specifically designed for the charity sector, meet their requirements to generate conservative capital growth.

The investments of the Trust are common investment funds as defined in charity legislation. Cash resources above immediate working requirements are deposited with a common deposit fund as defined in the same Act.

Plans for future periods

The Charity plans to continue to support the sponsored cycle ride and other fundraising events in line with its aims and objectives.

For the year ended 5 April 2022 the Charity is seeking to maximise its income and capital for the ongoing preservation, repair, maintenance, improvement, upkeep, beautification and reconstruction of churches in the County of Suffolk and of monuments, fittings, fixtures, stained glass, furniture, ornaments and chattels in such churches and of the churchyard belonging to any such churches for which the Trustees consider to be an ongoing and constant priority year on year.

The Trustees have considered the impact of the global pandemic, covid-19 on the funds and activities of the Charity and consider the effect to be minimal and short term as evidenced by the fact there is a gain on investment this year. The Trustees will review and monitor this annually as stated in the investment policy.

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The Suffolk Historic Churches Trust

Trustees' annual report (continued)

Year ended 5 April 2021

Structure, governance and management

The Suffolk Historic Churches Trust was established by a trust deed dated 21 December 1973. It is a registered charity, number 267047. The Trust de-registered as an environmental body, number 020182, in June 2017.

The Trust is governed by the Trustees who aim to meet four times a year and all major policy decisions are taken by them. Other matters are delegated to the Bike Ride Committee, the Grants Committee and the Investment Committee as indicated by the committee titles. These committees each aim to meet around four times a year. All members of committees are appointed by the Trustees.

Most of the current Trustees are very familiar with the work of the Charity, having served for some time. Prospective new Trustees are invited to attend a meeting with the Chairman to familiarise themselves with the Charity and the context within which it operates.

During this and the prior year the Trust employed an Assistant Secretary and paid for their office accommodation. All other officers are volunteers.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to mitigate these risks.

True and fair override

The financial statements have been prepared to give a true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide atrue and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Independent examiner reappointment

A resolution to appoint Leigh Thurston FCCA of Lovewell Blake LLP as independent examiner will be proposed at the next Annual General Meeting.

3/2/2022 The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Geoffrey Probert DL (Chairman) Trustee

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The Suffolk Historic Churches Trust

Independent examiner's report to the trustees of The Suffolk Historic Churches Trust

Year ended 5 April 2021

I report to the charity trustees on my examination of the financial statements of the charity for the year ended 5 April 2021 which comprise the statement of financial activities, balance sheet and the related notes.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since the charity’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 the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the financial statements do not accord with those records; or

3. the financial statements 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 accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

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The Suffolk Historic Churches Trust

Independent examiner's report to the trustees of The Suffolk Historic Churches

Trust (continued)

Year ended 5 April 2021

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.

Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.

I 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 Practice effective for reporting periods beginning on or after 1 January 2015.

4/2/2022

Leigh Thurston FCCA Independent Examiner

Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA

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The Suffolk Historic Churches Trust

Statement of financial activities

Year ended 5 April 2021

			2021		2020
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	4	152,394	–	152,394	68,020
Fundraising events	5	93,272	79,212	172,484	143,984
Investment income		862	274	1,136	4,692
					
Total income		246,528	79,486	326,014	216,696
					
Expenditure
Raising funds
Costs of raising funds	6	2,813	–	2,813	6,314
Charitable activities	7	122,837	79,212	202,049	197,193
					
Total expenditure		125,650	79,212	204,862	203,507
					
Net income/(expenditure) and net
movements in funds before gains and
losses on investments		120,878	274	121,152	13,189
Net gains/(losses) on investments	9	77,193	–	77,193	(46,948)
					
Net income/(expenditure) and net
movement in funds		198,071	274	198,345	(33,759)
					
Reconciliation of funds
Total funds brought forward		673,409	109,559	782,968	816,727
					
Total funds carried forward		871,480	109,833	981,313	782,968
					

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 19 form part of these financial statements.

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The Suffolk Historic Churches Trust

Balance sheet

5 April 2021

		2021		2020
	Note	£	£	£	£
Fixed assets
Tangible fixed assets	13		353		–
Investments	14		361,683		334,490
					
			362,036		334,490
Current assets
Debtors	15	11,992		7,339
Cash at bank and in hand		708,777		557,823
				
		720,769		565,162
Creditors: Amounts falling due within
one year	16	(101,492)		(116,684)
				
Net current assets			619,277		448,478
					
Total assets less current liabilities			981,313		782,968
					
Net assets			981,313		782,968
					
Funds of the charity
Restricted funds			109,833		109,559
Unrestricted funds			871,480		673,409
					
Total charity funds	17		981,313		782,968
					

These financial statements were approved by the board of trustees and authorised for issue on 3/2/2022 ........................, and are signed on behalf of the board by:

Geoffrey Probert DL (Chairman) Trustee

David King (Honorary Treasurer) Trustee

The notes on pages 10 to 19 form part of these financial statements.

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The Suffolk Historic Churches Trust

Notes to the financial statements

Year ended 5 April 2021

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Brinkleys, Hall Street, Long Melford, Suffolk, CO10 9JR.

2. Statement of compliance

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on the going concern basis and the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected income and expenditure for the next 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Trustees have taken into account the impact of covid-19 when assessing going concern.

Income tax

The charity's activities are not considered liable to income or capital gains tax. Value Added Tax is paid on supplies of goods and services made to the charity.

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The Suffolk Historic Churches Trust

Notes to the financial statements (continued)

Year ended 5 April 2021

3. Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Income

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

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The Suffolk Historic Churches Trust

Notes to the financial statements (continued)

Year ended 5 April 2021

3. Accounting policies (continued)

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Office equipment - 25% straight line

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

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The Suffolk Historic Churches Trust

Notes to the financial statements (continued)

Year ended 5 April 2021

4. Donations and legacies

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Donations
	Annual donation	20,909	20,909	15,399	15,399
	Gift aid reclaimable	26,088	26,088	2,023	2,023
	Legacies and donations in memoriam	45,397	45,397	25,598	25,598
	Grants
	Lord Belstead Charitable Settlement	–	–	25,000	25,000
	Allchurches Trust	60,000	60,000	–	–
					
		152,394	152,394	68,020	68,020
					
5.	Fundraising events
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
			£	£	£
	Sponsored cycle ride		79,212	79,212	158,424
	Winter study day		–	–	–
	Annual meeting of friends		–	–	–
	Pedal and drive		13,736	–	13,736
	Spring field day		–	–	–
	Yalda Davis concerts		324	–	324
					
			93,272	79,212	172,484
					
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2020
			£	£	£
	Sponsored cycle ride		64,983	64,983	129,966
	Winter study day		1,110	–	1,110
	Annual meeting of friends		444	–	444
	Pedal and drive		10,797	–	10,797
	Spring field day		397	–	397
	Yalda Davis concerts		1,270	–	1,270
					
			79,001	64,983	143,984
					

6.	Costs of raising funds
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Fundrasing expenses	2,219	2,219	5,740	5,740
	Publicity, newletters and leaflets	594	594	574	574
					
		2,813	2,813	6,314	6,314
					

- 13 -

The Suffolk Historic Churches Trust

Notes to the financial statements (continued)

Year ended 5 April 2021

7. Expenditure on charitable activities

			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
			£	£	£
	Share of fundraising event paid to participating churches		–	79,212	79,212
	Grants awarded to churches		108,921	–	108,921
	Support costs		13,916	–	13,916
					
			122,837	79,212	202,049
					
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2020
			£	£	£
	Share of fundraising event paid to participating churches		–	64,983	64,983
	Grants awarded to churches		119,000	–	119,000
	Support costs		13,210	–	13,210
					
			132,210	64,983	197,193
					
8.	Analysis of support costs
				2021	2020
				£	£
	Salary			6,231	4,250
	Heat and light			164	959
	Rent and rates			1,807	1,783
	Insurance			889	883
	Other office costs			3,072	3,925
	Deprecation charge			51	–
	Independent examination fee			1,702	1,410
					
				13,916	13,210
					
9.	Net gains/(losses) on investments
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2021	Funds	2020
		£	£	£	£
	Gains/(losses) on investments	77,193	77,193	(46,948)	(46,948)
					
10.	Net income/(expenditure)
	Net income/(expenditure) is stated after	charging/(crediting):
				2021	2020
				£	£
	Depreciation of tangible fixed assets			51	–
					

- 14 -

The Suffolk Historic Churches Trust

Notes to the financial statements (continued)

Year ended 5 April 2021

11. Staff costs

	2021	2020
	£	£
Wages and salaries	6,231	4,250
		

The average head count of employees during the year was 1 (2020: 1).

No employee received employee benefits of more than £60,000 during the year (2020: £Nil).

12. Trustee remuneration and expenses

No remuneration was paid by the Trust to any Trustee during the year. One Trustee (2020: One) received reimbursement expenses of £313 (2020: £614).

13. Tangible fixed assets

	Office
	equipment
	£
Cost
At 6 April 2020	4,398
Additions	404
	
At 5 April 2021	4,802
	
Depreciation
At 6 April 2020	4,398
Charge for the year	51
	
At 5 April 2021	4,449
	
Carrying amount
At 5 April 2021	353
	
At 5 April 2020	–
	

- 15 -

The Suffolk Historic Churches Trust

Notes to the financial statements (continued)

Year ended 5 April 2021

14. Investments

	Listed
	investments
	£
Cost or valuation
At 6 April 2020	334,490
Additions	–
Disposals	(19,565)
Fair value movements	77,193
Transfers	(30,435)
	
At 5 April 2021	361,683
	
Impairment
At 6 April 2020 and 5 April 2021
Carrying amount
At 5 April 2021	361,683
	
At 5 April 2020	334,490
	

All investments shown above are held at valuation.

Financial assets held at fair value

Investments are stated at market value on the last day of each financial year. Gains and losses on disposal and revaluation are credited or charged to the Statement of Financial Actvities.

15. Debtors

		2021	2020
		£	£
	Trade debtors	11,992	7,339
			
16.	Creditors: Amounts falling due within one year
		2021	2020
		£	£
	Trade creditors	99,500	109,530
	Accruals and deferred income	1,992	1,460
	Other creditors	–	5,694
			
		101,492	116,684
			

- 16 -

The Suffolk Historic Churches Trust

Notes to the financial statements (continued)

Year ended 5 April 2021

17. Analysis of charitable funds

Year ended 5 April 2021

Restricted funds
	At 1 April	Net income/	Gains and		At 31 March
	2020	(expenditure)	(losses)	Transfers	2021
	£	£	£	£	£
James Mair Legacy Fund	109,559	274	–	–	109,833
					
Designated funds
	At 1 April	Net income/	Gains and		At 31 March
	2020	(expenditure)	(losses)	Transfers	2021
	£	£	£	£	£
Capital Fund	94,654	45,397	–	18,449	158,500
Reserves Fund	334,490	–	77,193	(50,000)	361,683
Alarm Fund	22,000	44,579	–	–	66,579
					
	451,144	89,976	77,193	(31,551)	586,762
					
Unrestricted funds
	At 1 April	Net income/	Gains and		At 31 March
	2020	(expenditure)	(losses)	Transfers	2021
	£	£	£	£	£
Income Fund	222,265	30,902	–	31,551	284,718
					
Year ended 5 April 2020
Restricted funds
	At 1 April	Net income/	Gains and		At 31 March
	2019	(expenditure)	(losses)	Transfers	2020
	£	£	£	£	£
James Mair Legacy Fund	108,763	796	–	–	109,559
					
Designated funds
	At 1 April	Net income/	Gains and		At 31 March
	2019	(expenditure)	(losses)	Transfers	2020
	£	£	£	£	£
Capital Fund	103,583	25,599	–	(34,528)	94,654
Reserves Fund	380,042	1,396	(46,948)	–	334,490
Alarm Fund	–	22,000	–	–	22,000
					
	483,625	48,995	(46,948)	(34,528)	451,144
					
Unrestricted funds
	At 1 April	Net income/	Gains and		At 31 March
	2019	(expenditure)	(losses)	Transfers	2020
	£	£	£	£	£
Income Fund	224,339	(36,602)	–	34,528	222,265
					

The James Mair Legacy Fund is restricted as investment capital, the interest of which is to be applied primarily for the fabric of the churches at Bacton, Wyverstone and Cotton. If the income in any ten year period exceeds the actual or foreseen expenditure then any surplus may be transferred to the Trust's Income Fund.

- 17 -

The Suffolk Historic Churches Trust

Notes to the financial statements (continued)

Year ended 5 April 2021

The Capital Fund was established in 2009-10. All unrestricted legacies which have not been designated, sums received in memoriam, donations in excess of £1,000 and Friends' life donations are credited to the Capital Fund. Each year 33.3% (20% prior to 5 April 2014) of the opening fund balance will be transferred to the Income Fund and will be available for grant making, at the discretion of the Trustees.

The Reserve Fund is the result of specific fund-raising in earlier years and it is the aim of the Trust that the fund should increase at the rate of inflation each year. The fund is available for the general purposes of the trust and for the making of grants if for any reason fund raising events in any particular year did not take place.

Alarm Fund is an extremely successful, Charity ran, campaign to grant funds to Churches in Suffolk to provide roof alarms in answer to a upsurge in lead thefts in previous years. However, there were a number of Churches which did not seek funding and did not take part in this initial funding round and remained at risk of lead theft. There has now been a second wave of lead theft and the Charity has responded by starting a second phase of Alarm grants supported by a suitable separate fund. This was started in 2019/20 and received an initial grant of £25,000 from the Lord Belstead Trust. Further funding has been received in 2020/21 and grants will be made for alarms to protect more Churches in Suffolk in the years ahead.

18. Analysis of net assets between funds

As at 31 March 2021

	Unrestricted	Designated	Restricted	Total Funds
	Funds	Funds	Funds	2021
	£	£	£	£
Investments	–	361,683	–	361,683
Net current assets	284,718	225,079	109,833	619,630
				
Net Assets	284,718	586,762	109,833	981,313
				
As at 31 March 2020
	Unrestricted	Designated	Restricted	Total Funds
	Funds	Funds	Funds	2020
	£	£	£	£
Investments	–	334,490	–	334,490
Net current assets	222,265	116,654	109,559	448,478
				
Net Assets	222,265	451,144	109,559	782,968
				
Financial instruments
			2021	2020
The carrying amount of financial
instruments at 5 April 2021 were:			£	£
Financial assets measured at fair value:
Investments			361,683	334,490

19. Financial instruments

- 18 -

The Suffolk Historic Churches Trust

Notes to the financial statements (continued)

Year ended 5 April 2021

20. Related parties

The Charity did not receive a grant (2020: £25,000) from The Lord Belstead Charitable Settlement in the year. Trustee C R Boscawen is also a Trustee for The Lord Belstead Charitable Settlement.

There were no other related party transactions during the year or the prior year (2020: £Nil).

- 19 -

A/70

Client name - Suffolk Historic Churches Trust

Profit Reconciliation

For the Year Ended 5th April 2021

----- Start of picture text -----
£
Profit per client quickbooks N3 63,036
Difference to management accounts 130,579
Profit per management accounts 193,615
Accountancy accrual movement J8 (532)
Depreciation in the year E8 (51)
Increase in Gift Aid Receipts H1 5,316
Rounding (3)
Profit per the accounts A11 198,345
----- End of picture text -----

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