CHARITY REGISTRATION NUMBER: 267047 The Suffolk Historic Churches Trust Unaudited financial statements 5 April 2024
The Suffolk Historic Churches Trust Financial statements Year ended 5 April 2024 Page Trustèes, annual report Independent examinerfs report to (he Tnjstees Slalernent of financial activities Balance sheet 10 Notes to thé fin8ncial staternents
The Suffolk Historic Churches Trust Trustees, annual report Year ended 5 April 2024 Th6 Trustèes present their report and the unaudit8d financial statamants of Th8 Suffolk Historic Churches Trust Ithe 'Ch8rityl foi the year ended 5 April 2024. The financial statements have been prepared in accordance with Ihe accounting policies set out in notes lo the financial statements and comply with the Charity's goveming document, the Chaiities Act 2011 and Accounling and Reporting by Chsrities.. Statement of Recommended Practice applicable to charities pr8paring thèir fin8nC181 statement5 in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. R•ference and admlnlstratlva dotalls R•glstèrèd Charlty name The Suffolk Historic Churches Trust Charity registration numbèr 267047 Prlnclpal offiee Biinkleys H811 Str8èt Long Meword Suffolk C0109JR The Trustegs The Trustees who served during thè yÈ8r and 8t thè datè ol 8pprova5 wert as follows.. Geoffrey Probert DL (Chairman) David King (Honorary Treasurer) The Hon Charfes Boscawen John Dèv8ux DL David Gould Ltsudon Greenl8$S Mary Luxmoore4tyles Jamie Norman Nicholas Pearson OBE Tony Redman Simon Ronan Rachel Sloanè Sesi Turnbull (Appointed 17110120231 Edward Bland (Rèsigned 15107120241 Christophor Spicer IResigned 22101120241 Celia Stephens (Resigned 22101120241
The Suffolk Historic Churches Trust Trustees. annual report (¢gntlnued) Year ended 5 April 2024 Patron Clare Countess of Euston, Lord Lieutenant of Suffolk Vlce Patrons The Bishop of East Anglia The Bishop of St Edrnundsbury and Ipswich Vice Presidents Alan Barker Ray Bedwell Martin Favell Judith Foord Patrick Grigve Lady Julia Henniker Diana Hunt Christina van Melzen Clive P8ir16 Robert Rous DL Simon Tennant Roy Tricker BEM Robert Williams Mary Wolton Hon S•cr8tary Jill Taylor Asslstant Sécr•tary Helen Read Hon Treasurer David King Hon Blk• Rlde Trèasur•r David Gould Hon Grants Secretary Adrian August Horh Education Officer Jamie Norman Hon Publlclty Officer Rachel Sloane Sollcltors Birketls 24-26 Musaum Str8$t Ipswich IP1 1HZ
The Suffolk Historic Churches Trust Trustees. annual report (¢onllnu6d) Year ended 5 April 2024 Independent examlner Laigh Thurston FCCA Lovèwell Blake LLP Chartèrèd 8ccountsnts First Floor Suite 2 Hillside Business Park 8ury St Edmunds IP32 7EA Bankèrs Royal Bank of Scotland PLC 8-10 Prince5 Street Ipswich Suffolk IP1 1QT CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
The Suffolk Historic Churches Trust Trustees. annual report (¢ontlnued) Year ended S April 2024 ObJectiv•s and a¢tivltles The Charity's stated objectives per the Trust Deed are to apply the Income and capital of the Trust to the preservation, repair, maintenance, improvèmant, upkèèp, baautification and reconstruetion of churches in the County of Suffolk and of monutllent5, fittings, fixtures, stained glass, furniture. ornamenis and chattels in such hurches and of the churfjhyard belonging lo any such churches. "Church" means any Church, Chapel or other buildings used for public worship whether belonging lo or used by the Church of England or any other religious body. The Trustees have considered the Charlty Commission's guidance on public benefit when setting the objectives for the year. The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011. Grant maklng po15cy and procadur•s The Charity invites applications for funding of projects from churches in Suffolk in a specrfic format. The applicatit>ns are reviewed against specific ¢riteria by the Grants Committee who approve or refuse grants. The project perf0rrnan is monitored by the Grants Committee. Approved grants must be takèn up within two years of being awarded and are paid on receipt of evidence that the project has bèen compl&tèd. Achievements and perfomianco In shaping our objectivès ftrr th8 yéar and planning our activitiès, th8 Trust88s have Considered the Charily Commls5ion's guidance on public benefit. The income of the Trust is detailed in the Siatemenl of Financial Activities together w4th the supporting details of Fund Raising Events. It is the aim of the Trust to act as a long tem) distributor of grants in accordanc8 with its charitable purposes. Atl significant lègaciès aTè US8d tts *st8blish dèsignated funds which are transferred to the income fund sn 8qual annual affltsunts over five years unless they are designated for a specific purpose. Other unstrIcted lèga¢itrs, Sums received in mernoriam, substantial donation5 and Friends. life donations are credited to the Capital Fund. of which 33.3V/o of the opening fund balance at the start of each accounting year is transferrèd to the in¢ome fund and available for distribution. Details of all other restricted and designated funds 8ra shown in notes to the accounts.
The Suffolk Historic Churches Trust Trustees, annual report {¢onllnued) Year ended 5 April 2024 Financial review The year ended 5 April 2024 was an exception81 year lor the TKUSt. The Trustees set out to mark our 50th anniv9rsary by boosting awareness of the Trust's activities and stepping up our annual fund raising. summer garden party in May 2023 at whlch Rick Wakeman played and Griff Rhys Jones m8d8 a vidèo appeal. raised a gross £33,500 and diew in many new supporters. The Trust's nehvork of volunteer bike-ride organisers rose to the Challenge of making this an exceplional year and the joint 'Ride & Stride. and sister 'Pedal & Drive. car rally raised a record £215.000 in one day with half of the bike ride monies going straight to the churches nominated by the cyclists. The 50 anniversary celebrations We concluded by a multi- d8nominational Service of Thanksgiving at St Edmundsbury Galhedral to which every church and chapel i SLrfftslk wÈrè invited lo send representatives - over 600 allended,. the Bishop of St Edtnundsbury & Ipswich preached and the Roman Catholic Bishop ol East Anglia joined in the Blessing. Together with some very generous donations and legacies Ihe Trust's income rose to a record £386.543 12023.. £254,153) which in turn has allowed the Tru5t8es to dèclds to step up their grant-giving in 2025. Grants awarded to churehes in the year totalled £1 $0.60012023.' £260.051 which includes £152,000 of Queen Elizabeth 11 Platinum Jubilee grants). The grants awarded along with the share of fundraising events paid lo participating churches of 286,91112023.. £70,486) made up the majority of the lolal expenditure. After taking into account a gain12023.' lossl on itwestments, Income exceeded expenditure by £172,406 12023." expenditure exceeded income by £209,454). This resulted in total funds Carried for the year increased to £1,043,34912023.. £870,943). Reserves poli¢y Within designated funds 15 a reserve fund held for the general purposes ol the Charity and for the making of grants il 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 ye8r's income. Based on the ineome activity of 2024 the amount held as designated equates to a reserve position just over 24 months which the Tnjstees Consider to be prudent in light of the context ol the current environment. The Trustees aim to build the reserves by inflation each year and to expense exces5 re5ervÈs Inline wth its airn and objectives in limes ol need. In the tspinion of the Trustees the surplus held in excess of the reserves policy is therefore adequate to the purposes of the Charity. Invèstment policy Tha Flnanca Committee has considered the most appropriate policy for investing funds and has found that unil trLJSts, some specifically designed lor the charity sector, meet their requirements to generate conservatlV8 capital growth. The Finance Committee appointed CCLA lo manage lis ongoing investments. The investrnents 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 futurè pèriods The Charity plans lo Gontinue to support the sponsored cycle rid8 and other fundraising evènts in Ilnè with its aims and objectives. For the year ended 5 April 2025 the Charity is seeking to maximise its income and ¢apit81 lor the ongoing preservation, repair, maintenance. improvetllent. upkeep, beautification and reconstruction of churches in the County of Suffolk and of monuments. fittings, fixtures, stsined glass, lumiture, ornaments and chattels in such churches and ol the churchyard belonging to any such churches for which the Trustees consider to be an ongoing and constant priority year on year.
The Suffolk Historic Churches Trust Trustees. annual r¥pDrt IcontlnueLI) Year ended 5 April 2024 StsuctLtre, 9ovemance and m4rsa9em?nt The Suffolk Historic Churhe5 Trust was established tsy a Trust deed dated 21 December 1973. It is regl$tered Charity. number 267047. The Trust de-regi5tered as an enronMents1 body. number 020182, In June 2017. The Trust is governcd by Ihe Trustees who meet four time5 8 year and all major policy decisions are tsken by th8m. Other matters are delesateo to the Bike Ride Cixnmitiee, th8 Gran15 Commillee ènd Ihe Finance Comrfjiitee as indicated by the cofflmittee titles. These CDrnmitl¢es earh rneEI around four tlmè$ a year. Al member$ of cornmittee5 are appointed by Ihe Trustees. Mosf of the currenl Twstee5 ale very tsmiliar with tha work of the Charity, having served for some time. Prospective new TnJsiees are Invlled lo attend a m8eting wilh the Chairman tD familiarise themselves with the Gh?riiy and th8 conlextwithin which il operates. During this and the prior year the Trust 8rnployed an A5SiSt8nt Secret8ry and pald for their office accommodaiioA. All other offlcers ere volunteers. FSk M8nagement The Tfuslee5 h8ve consldered the m8lor stratpgic. bustnB55 and operauond rlsks which the Charfty lacES and confirm that syslems have b8en 08t8bllshed to mitigate these ftsks. TN$ and falr overrlde The finoncial 5talem8nts h2ve been prep8red to glve a -tru8 and falf vl8W 2nd have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exient required to proiride 8 'true and fair view,. Thls departure has inwDlved following the Accounting 8nd Reporting by Charities. St8lement of RecommBndBd PrJ#tice applicable 10 charities preparing their finsncial stalemEnls in accordance wlth the Flnanti81 Reporting S18ndaid ipplic8ble in the UK and Republic cf Ir81and issued in Oclober201g rather than the A¢¢ounling and Reporting by ChaFits'8s.' Slatement ol R8commenOed Practice eff2cliv2 from 1 April 2005 which has since been withdrawn. Independent oxamlner ieappointmènt A resolution lo appoint Loigh Thurslon FCCA of Lovaw811 Blake LLP è6 indeFendÈnt exarnin&r will be proposed al th& nexl Annual Genaral Meetlng. The TnJs*e$' annual report was approved on Trustee5 by". and slgned on bohalf of the board of Geoffr8y Probert DL Chairman
The Suffolk Historic Churches Trust Independent examiner's report to the Trustees of The Suffolk Historic Churches Trust Year ended 5 April 2024 I reportto the Charily Trustees or? tny examination of the financial slaternents of the Charity forlhe year ended 5 April 2024 whi¢h Comprise the slalement of financial activities, balance sheet and the related notes. Responslbllltles and basls of report As the Charity's Trustees you are responslble for thè pr8paration ol the financial statements in accordance with the requirements of the Charities A¢1 20111'lhe Act'i. I report in respect of my examination of the Charity's financial statements earried out under section 145 of the Act and in carrying out rny examination I have followed all the applicable Directions given by thè Charity Commission under section 14515llbl of the Act. Ind8p•ndènt oxamlno*s statemènt 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 l am qualified to undertake the examination because l am a member ol the AssocAation of Chartered Certified Accountants, which is one of the list8d b¢)dies. I have complÉtéd my examination. I confirm that no material matters have come lo my attention in connection with the examination giving me ¢ause to believe that in any material respect.. accounting records were not kept in respect of the Charily as required by section 130 (rf thè Act- or the finaneial statements do not accord with those records., or the financial stalernents do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the financial statements give a 'true and fair. wew which is not a matter considered as part ol an independent Èxamination.
The Suffolk Historic Churches Trust Independent examiner's report to the Trustees of The Suffolk Historic Churches Trust l¢onUFJuerll Year ended 5 April 2024 I have no concems and h3V8 eomè across no other mhtters In connection with thè 8xamination to which attention should bè drawn in thls rèport in ordèr to Ènablè a propèr undèrstanding of thè financlal statements to be reach&d. Your allenlion is drawn lo the fact that the Charity has prepared the financial statements in accordancB with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in aceordance wlth the Flnanclal Reporting Standard appllcable in the UK and R8publi¢ of Ireland IFRS 1021 in prefsrèncè to thè Accounting and Rèporting by ChaTltlgs.' Statement of Recommended Practice issued on 1 April 2005 whiGh is relerred to in the extant rogulation5 but has since been withdrawn. l understsnd that this ha3 been done in order for the financial statements to Provide a true and fair view In accordanc8 with lh8 Generally Accepted Accounting Pracllce effective for reportlng periods beginning on or after 1 January 2015. Leigh Thurston FCCA Independent Exarniner Lovewell Blake LLP Chartered accountants First Floor Sufce 2 Hillside Business Park Bury Sl Edmunds IP32 7EA
The Suffolk Historic Churches Trust statement of financial activities Year ended 5 April 2024 2024 Restricted funds Total funds 2023 Unreslricled funds Total funds Notè Income and endowments Donations and legacies Fundraising events Invèstmènt Incom8 127.213 132,926 24,146 12.960 86,798 2,500 140.173 219.724 26,646 87,458 163,649 3,046 Total income 284,285 102.258 386,543 254,153 ExpenditUTe Raising funds Costs of raising funds Charitable activities 12,843 170.645 12,843 255.993 10,137 447,745 85.348 Total expenditure 183,488 85.348 268,836 457,882 Net incomellexpenditurel and net movernents in funds before galns and losses on investments 100.797 16,910 117,707 1203,7291 Net gainslllossesl on investments 54,699 54.699 15,7251 Net incomellexpenditurel and net movement in funds 155,496 16,910 172,406 1209,4541 Reconciliation of funds Total funds brought forward Totsl funds e3rriÈd forward 770.921 100,022 870,943 1,080,397 926.417 116,932 1,043.349 870,943 The statement of financial activities inclLJdès all gains and losses recognised in the year. All income and expenditure derlve from continuing activities. The notes on pages 11 to 19 form part of these firhancial statement5.
The Suffolk Historic Churches Trust Balance sheet 5 April 2024 2024 2023 Note Flxed o$sets Tangiblo fixed asse15 Inveslrnents 13 14 377 892,351 892.728 575 382.009 382.584 Current assets Cash at bank and in hand 388.052 843.028 Credltor5= knounts falling due wlthln otse yeHr 1237,4311 (354,6691 Net ¢urrent 88s0ts 150,621 1,043.349 1,043.349 488,359 Total a$s8ts le$8 currtrnt Ilobllltles 870,943 Net 4$s&ts 870,943 Funds of the Charlty Restricted funds Unrgstricte¢ funds 118.932 928,417 100,022 770,921 870,943 rDt•l Charty funds 16 1,043.349 These fin8n al ststemenls were apprgveol by the board ol Trustees and aulhorfsod for Issue on and ar? signed on behglf vflhe board by". G80ffrey Probert DL Chairman Dad Klno Honorary Treasurer The not8% on pages 11 to 19 form part of thÈs$ fjnanG¢aS statements.
The Suffolk Historic Churches Trust Notes to the financial statements Year ended 5 Aprll 2024 General information The Charity is a public benefit entity and B registered charity in England 8nd Wales and is unlncorporated. The addr9$8 ol th¥ prn¢ip81 office is Brinkleys, Hall Street, Long Melford, Suffolk, C010 gJR. statement of compliance The Charity constitutes a public benefit entity as defined by FRS 102. The financial slalements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicablè to charities preparing their finan¢i81 statements in accordance with the Financial Rèporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial R9PQrting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021, thè Charities A¢1 2011 and UK Generally Accepted Accounting Practice. The financial statements hava bèèn pr8par8d to give 8 'true and fairf view and have departed from the Charities IAccounts and R@port51 Regulation5 2008 only lo the extent required to provide a 'lrue and fair view,. This d8parture has involved following the Accounting and Reporting by Charitiès.. Statèrn8nt of Recommended Practice applicable to charities preparing their financial statements in 8ccordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland iSSLJed in October 2019 rather than the Accounting and Reportlng by Charities.. Statement of Recommended Pracb'ce effective from 1 April 2005 which has since been wlthdrawn. Accounting policlg5 Basis of preparation The financial statements have been prepared On the histtsrical cost basis. as modified by the revaluatlon ol certain financial assets and liabilities and investrnent properties measured at fair value thrtsugh income or expendlture. The financial statements are Prepared in sterfing, which is the functional currency of the entity. Going concern The financial statements have been prepared on the goin9 concem basis and the Trustees believe that no matèrial uncertaintiès Èxist. Th8 Tsle&S have Considered the level of funds held and the expect8d inctsmè and exp8nditur8 for the next 12 months from authorising these financial statements. The budgatéd income and expenditure is sufficient with the level of reserves for the Charity to be able to ontinue as a goir)g concem. Inccme tax The activities ol The Suffolk Historic Church85 Trust are Exempt from United Kingdom Incorne and Corporation taxation, provided that the ineom8 Is applied to charitable purposes. Fund accounting Unrestricted funds are available for use at the discretion of the Trustees to further any of thè charity's purposes. Designated funds are unrestricted funds eamiaiked 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 ol an appeal, and fall into onè of two 5ub-olas5es'. r8Stricted incorne funds or endowment funds. 11
The Suffolk Historic Churches Trust Notes to the financial statements (conllftuedj Year ended 5 April 2024 A¢¢ounting polieias (COnlAnued) Income All Incomlng resources are included in the ststemènt ol financial activities when enliUÈm6nt has passèd to the Charily,. IL is piobable that Ihe economi¢ benefits associated with the tran5aclion will flow lo the Charity and the amount can be reliably measured. The lollowing specific policies are applied lo particular categories of in¢ome= income from donations or grants Is Tecognised when there 15 evidence of entitlèment tr> th¢ gift, recgipt Is probable and its amount can be measured rèliably. legacy income is rècognised when receipt is probable and entitlement is established. in¢ome from donated goods is measured at the fair value of the goods unless this is impraclieal to measure reli8bly. in which case the value is derived from the cost to the donor or the estimaled resale value. Donated faciliti.es and services are recognised in the financial stalements when received il the value can be reliably measUd. No amounts 8Te in¢lLJded lor the contrlbution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classrfied as unrestricted funds unless there 15 a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which casè it may be regarded as restricted. Expenditur• Expenditure is reeognised on an accruals basis as a liability is incurred. Expendilure includes any VAT which cannot be fully reooverèd, and is classified under headings of the statèment ol financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, 8V8nts, non-ch8rStablè trading activlties, and the sale of donated goods. expenditure charitable activities includes 811 costs Incurrèd by a charity in undertaking activities that further its charitable aims for the benefit ol its beneficiaries. including those 5UPPOrt costs and costs Telating lo the governance of th8 Charity apportioned to charitable activities. other expenditure includes all expenditure that is nèithèr rèlated to raising funds for the Charity nor pari of it5 expenditure on charitable activities. All costs are allocated to exp8nditUTe categories reflecting the use ol thè rèsource. Direct costs attributable to a single activity arg allocated directly to that activily. Shared costs are apportioned between the activities they contribute lo on 8 reasonable, justifiable and consistent ba51S. T•ngible assets Tangible assets are initially rècorded 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 lair value at the dale of revaluation less any subsequent accumulated deprecialion and subseqLient accumulated impairment Ioss85. Doprèelatlon Deprèciation is calculated so a8 lo write off the cost or valuation ol an asset, less its resldual value, over the useful economic life of that asset as follows.. Office equipment 25 /0 Straight line 12
The Suffolk Historic Churches Trust Notes to the financial statements (continuedj Year ended 5 Aprll 2024 Accounting policies l¢ontlnuod} Inv•stmenls Unlisl&d equity investmants ar6 initially recorded at cost. and subsequently measurèd at lair value. If fair value Cannot be reliably m88sured, assèts are measured at cost less impairment. Listed investments are measured al fair value with changes in fair valuè being recognised in income or gxpenditure. Financial in$truments A financial asset or a finoncial liability is recognised only when the entity become5 a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount re1Vable Of payable includlng any related trarisaction Gosts, unless the atrangemenl constitutes a financing tran58Ction, where it Is recognised at Ihe present value of the future payments discounted at a markel rate of Interest for a similar debt inslrurnent. Currant assets and current liabilities are subsequently measured at the cash or other consideralion &xpacted to be paid or recelved and not discounted. Debt instrumtrnts are subsequendy measured at amortised cost. Where investments in shares or preference shares are publicly traded or their fair value can otherwise b& measured reliably, the investment is subsequently measured at fair value with changes in fair value rècognised in income and expenditure. All other Such investments are subsequently measured at cost less impalm)ent. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Dortatlons Annual donatiun Gift aid reclaimable Legacies and donations in m8tnori8m 42,825 19,888 64,500 42,825 32,848 64,500 12,960 127,213 12,960 140,173 Unrestricted Funds Reslricled Totsl Funds Funds 2023 Donatlons Annual donation Gift aid reclaimable Legacies and dc>nations in mèmoriam 18,774 22,779 45,905 18,774 22,779 45,905 87,458 87,458 13
The Suffolk Historic Churches Trust Notes to the financial statements (¢onllnued) Year ended 5 April 2024 Fundralslng events Unrestricted Funds Restricted Total Funds Funds 2024 Other fundraising events Sponsored cycle ride Pedal and drive 32,004 86.797 14,125 32.004 173,595 14,125 86,798 132.926 86.798 219,724 Unrestricted Funds Restrieted Total Funds Funds 2023 Other fundraising èvents Sponsor¥d cycle ride Pgdal and drive 4,716 70.702 17.529 4,716 141,404 17,529 70,702 92.g47 70,702 163,649 Costs of raSslng funds Unrestrictèd Total Funds Funds 2024 Unreslricled Total Funds Funds 2023 Fundraising expenses Publicity. newsletters and leaflets 12,398 445 12,398 445 8,929 1,208 8,929 1,208 12.843 12.843 10.137 10,137 Expendltur• on oharltabl• aetlvltl•s Unreslricled Funds Restricted Total Funds Funds 2024 Share of fundraising event paid to participating churches Grants awarded to churches Support costs 1.563 150,600 18,482 85,348 86,911 150,600 18,482 170,645 85,348 255,993 Unrèstriclèd Funds Restricted Total Funds Funds 2023 Share of fundraising event p8id lo participating hurches Grants awarded to churches Support costs 70,486 10,680 70,486 360,051 17,208 349,371 17,208 366,579 81.166 447.745 14
The Suffolk Historic Churches Trust Notes to the financial statements (conllnued) Year ended 5 April 2024 Analysis of support costs 2024 2023 Salary Heat and light Rent and rates Insurance Other office costs Depreciation charge Independent examination fee 7,582 392 1.738 936 5,842 198 1,794 6,660 408 1,962 981 4,494 117 2,S86 18,482 17,208 Net 9ainslllossesl on Snv8stments Unre$tri¢led Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainslllossesl on investments 54.699 54,699 15,7251 15,7251 10. Not Ineom•llèxpèndlturèl Net incomtrlloxpondilurel is slated after chargingl{creditingl= 2024 2023 Depreciation of tangible fixed assets 198 117 11. Staff costs 2024 2023 Wages and salarles 7,582 6,660 The average head count of employèès during the year was 1 12023- 11. No employee reeeSved èmpltsyee benefits of more than £60.000 during ihe year12023'. £Nill. 12. Trusteg remuneration and expenses No remuneration was paid by the Trust to any Trustee durfng the yoar. Three Trustees received reimbursed expenses during the year totalling £93012023-. Three Trustees £1,310). 15
The Suffolk Historic Churches Trust Notes to the financial statements (conllnued) Year ended 5 April 2024 13. Tangible fixed assets Office equipment Cost At 6 April 2023 and 5 April 2024 Deprgciation Al 6 April 2023 Charge for the year At 5 April 2024 5,191 4,616 198 4,814 Carrying amount At 5 April 2024 377 Al 5 April 2023 575 14. Investment¥ Li$tèd investments Cost or valuation At 6 April 2023 Additions Disposals Fair value movements 382,009 840,462 1384.8191 54.699 At 5 Aprll 2024 Impalmient At 6 AprS12023 and S April 2024 Carrying amount At 5 April 2024 At 5 April 2023 892,351 892,351 382.009 All investments shown above are held at valuation. Financial assets held at falr value Investments a stated èt market value on the last day ol each financial yoar. Gains 8nd losses on disposal and revaluation are credited 01 ch8rged to the Statetnent of Financial Activities. 15. Creditor5= Amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 235,121 2,310 349,629 5,040 237,431 354,669 16
The Suffolk Historic Churches Trust Notes to the financial statements i¢onllnu4 Year ended 5 April 2024 16. Analysis of charitable funds Year ended S April 2024 R•stTlctèd funds Al 6 April Net incomel 2023 lexpenditurel Gains and Ilossesl At 5 April 2024 Transffyrs James Mair Legacy Fund 100,022 16.910 116.932 Designated funds At 6 April Net incomel 2023 lexpenditurel Gains and Ilossesl Al S April 2024 TT8n$fers Capitsl Fund Reserves Fund 165,007 382.470 66,750 155,0021 176,755 375,000 17.4701 17,4701 547,477 66,750 155,0021 551,755 Unrestrictod funds At 6 April Net incomol 2023 lexpendilurel G¥in5 and Ilossesl At 5 April 2024 Transfers Income Fund 223,444 34,047 62,169 55,002 374,662 Yèar and•d 5 April 2023 Restricted funds Al 6 April Nel income/ 2022 (expenditure} Galns and Ilosgesl Al 5 April 2023 TTansf8rs James Mair Legacy Fund 110.164 110,1421 100,022 Designated fvnds At 6 April N6t incomèl 2022 lèxpènditur81 Gain5 and Ilossesl Al 5 April 2023 Transfers Capital Fund Reserves Fund aim Fund 178,653 388,195 66,579 45,905 159.5511 165,007 382,470 15,7251 166.5791 120,6741 633,427 15.7251 159,5511 547.477 Unrestricted fund5 At 6 April Net incomel 2022 {expenditurel Gains and Ilossesl At 5 Aprtl 2023 Transfers Income Fund 336,806 1172,9131 59,551 223,444 The James Mair Legacy Fund is Teslrictsd as investment capiial, the interest of which is to be applièd primarily for the fabric ol the churches at Baclon. Wyverstone and Cotton. 11 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 (conllnuedl Year ended 5 Aprll 2024 The Trustees were appointed 88 Truslges of these funds by the last will and testament of Mr Mair in 2001 butthe fund itself can never be the capital of the Trust. Accordingly, the Trustees a investigatSng whether the funds can be distributed to independent Trustees (possibly the Diocese of St Edtnundsbury and Ipswich) to clarfy the position. The Capitsl Fund was estsblished in 2009-10. All unre51ricted legacies which have not been designated. surns received in memoriam, donations in exce55 01 £1,000 and Friends. life donations are credited to the Capital Fijnd. Each year 33.3°/. {20Y. prior to 5 April 20141 of the opening fund balance will be transferred to the Income Fund and will be available for grant making, at the discretion of the Trust885. The Reserve Fund is the result of specific fundTaising in earfier yeaTS and Tt is aim of the Trust that the fund should inerease at the rate of inflation each year. The fund is available forlhe general purposes of thè Trust and lor the making of grants if for any reason fund raising events in any particular year did not take place. The Alarm Fund is an extmelY successful, Charity-run. campaign to grantfunds to ChUeS in Suffolk to provide roof alarm5 in answer to an upsurge in lead thefts in previous years howev8r, there were number ol Churehes which did not s88k fLJnding and did nal take part in this initial funding round and rèmained 8t 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 2019120 and received an inilial grant of £25,000 from the Lord Belstead Trust. Furtherfundlng was received in 2020121 and grants were made for alarms to protect more Churches in Suffolk in thè years ahead. Now that applications have ceased the remaining funds were repaid and the balance was transferred tc* the Charity's general funds. 17. Analysis of net asset$ between fund$ As at 5 April 2024 Unrestricted Funds Deslgnat&d Funds R8strict8d Total Funds Funds 2024 Tangible Fixed Assets Inve5trnenls Net current assets 377 517.351 1143,0661 377 892,351 150,621 375.000 176,755 116,932 Net A$sgts 374,662 551,755 116.932 1,043,349 As at 5 April 2023 Unrestricted Funds D¢$ignaled Funds Reslricled Total Funds Funds 2023 Tangibl8 Fixed Assets Investments Nel currenl assets 575 575 382,009 488,359 382.009 165,468 222,869 100,022 Net A55ets 223,444 547.477 100,022 870.943 18
The Suffolk Historic Churches Trust Notes to the financial statements (conllnuedj Year ended 5 April 2024 18. Financial Instruments 2024 2023 The carrying amount of financial instruments at 5 April 2024 were.. Flnancial assets measud al fair value.. Investments 911,197 382.009 19. Related parties There have been no related party transactions in this or the prèvious rewjrting year. 19