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2021-03-31-accounts

The Norfolk Churches Trust Limited

Limited by guarantee

Annual Report and Financial Statements For the year ended 31 March 2021

____________

Registered company number 1247797 Registered charity number 271176 Environmental Body number 111076

The Norfolk Churches Trust Limited

Annual Report and Financial Statements

For the year ended 31 March 2021

Contents

Legal and administrative details 2 - 4
Chairman’s Report 5 - 6
Trustees’ Report 7 - 14
Independent Examiner’s Report 15
Statement of Financial Activities 16
Balance Sheet 17
Notes to the Financial Statements 18 - 23

1

The Norfolk Churches Trust Limited

Legal and Administrative Details

Company Number Registered Charity Number Environmental Body Number Registered Office

1247797 271176 111076

Manor Farmhouse Diss Road

Tibenham Norfolk NR16 1QF

Patron

HRH the Prince of Wales

Vice Patrons

The Duke of Norfolk The Bishop of Norwich The Bishop of Ely

President

General Lord Dannatt, GCB, CBE, MC, DL

Vice Presidents

Bolton Agnew Charles Bingham-Newland Emma Bridgewater CBE Neil Foster Lady Fraser Mrs Sara Foster DL Roger Last

Trustees/Directors

Peter Sheppard ( Chairman) Michael Sayer (Chairman, Grants Committee) * Amelia Courtauld Lady Egerton OBE * Jonathan Ellis ( resigned 9 September 2020 ) Mrs Holly Gold JP, DL Charles Inglis (Bike Ride Co-ordinator) Sarah Countess of Leicester * Patrick Lines Ian Lonsdale TD* Dr John Maddison (Vice Chairman) Lauren Parker (appointed 9/9/2020)

2

The Norfolk Churches Trust Limited

Legal and Administrative Details (continued)

Company Secretary

Mrs Scilla Latham

Advisory Council

The Trustees receive advice from the Advisory Council, which comprises the Trustees listed on page 2 and the following members at the yearend:

Lady Agnew Mrs Rosabelle Batt Maurice de Bunsen Peter de Bunsen Col. Tom Fitzalan Howard CBE Jonathan Ellis Fr Philip Gray ( Hon Chaplain) Christopher Hartop Stephen Heywood James Hickman Mrs Scilla Landale Mrs Jane Lane George Lynne Rev Canon Mair McFadyen (Hon Chaplain) David Missen (Hon Treasurer) Mrs Philippa Taylor (appointed 9/9/2020) Michael Pollitt Matthew Rice Ashley Spooner Frederique Baroness van Till John Vigar Mrs Alison Wakes-Miller Revd. Ian Whittle (Hon Chaplain) Michael Wingate

3

The Norfolk Churches Trust Limited Legal and Administrative Details (continued)

Bankers and Advisers

Bankers

Barclays Bank PLC 17 Market Place Fakenham Norfolk NR21 9BE

COIF Charity Deposit Funds Senator House 85 Queen Victoria Street London EC4V 4ET

Solicitors

Mills & Reeve 1 St James Court Whitefriars Norwich NR3 1RU

Larking Gowen LLP King Street House Norwich NR3 1RB

Independent Examiner

15 Upper King Street

Investment Advisers

Barratt & Cooke Limited 5 Opie Street Norwich NR1 3DW

4

Chairman’s Report

As with most other charities, last year was an Annus Horribilis for the Norfolk Churches Trust. The Covid19 lockdowns resulted in most of our fundraising events being cancelled or postponed. The Stately Car Boot Sale was the major casualty: the May 2020 date was put back to May 2021, which in turn has now been moved to Sunday 1[st] May 2022. Please put this date in your diaries! It was a bitter disappointment when the Holkham Operas had to be cancelled in July. Other events great and small fell by the wayside: the ever-popular tour of churches in the Stanta battle training area and the Summer Evening Broads boat trip to St Benets Abbey were two that had been eagerly awaited.

However, just when all appeared to be lost, the Annual Bike Ride in September organised by Charles Inglis and his team surpassed all expectations raising a staggering £175,000 almost doubling the previous year’s sponsorship and a record amount. The sponsorship money is shared with the participant’s chosen church. This success was in the face of gloomy predictions that potential participants would be put off by the fear of Covid or that churches would not welcome the event. Improvements to signing up and paying sponsorship online through the Trust website contributed to the achievement but real thanks go to the hundreds of people of all ages who took advantage of a wonderful opportunity to enjoy the fresh Norfolk air by getting on their bikes in support of the Trust.

Patrick Lines (Events Chairman) and Han Yang Yap opened their garden at Elsing Hall to members of the Trust for several days over two weeks in June and raised over £4,000. Clare Agnew arranged with Colin de Chair to offer drone photography of members houses and gardens which raised £2,500. And in December, Rosabelle Batt and Caroline Egerton arranged an online lecture by Tom Duncan entitled ‘Reimagining the Garden’ which raised £3,750. This was a first for the Trust and attracted an audience from across the UK and overseas, demonstrating the potential for more online talks in the future. So in the end total fundraising income was £93,000 net which was a remarkable result in what looked at first sight to be an uneventful year.

With churches closed for during the first lockdown and later only partially open, grant applications dropped and repairs ground to halt for a while but eventually things picked up and by the end of the year grants totalling £104,500 were awarded to 27 churches but £8,000 previously awarded were no longer required making a net figure of £96,500 (£140,492 in 2019/20). Grants totalling £112,378 were paid to 32 churches that completed their repairs and a total of grants offered but not yet carried out stands at £277,075. There were no major repairs on the Leased Churches. The cost of their routine maintenance, minor running repairs and insurance for the year totalled £22,000.

Another consequence of the pandemic was that a number of companies within our investment portfolio reduced or cancelled dividends, with the result that our investment income fell by about a quarter. However, as the year progressed and markets could see signs of recovery, the capital value of the shares started to recover the losses incurred in the previous year, and by the year end our investment portfolio had achieved gains of just over £200,000 (compared to losses of £103,000 in 2019/20). The balance sheet is now showing investments of £1,533, 546 (2020 £1,339,925). Our net current assets stand at £354,420 which is in accordance with our formal policy on reserves, and which we believe will continue to provide a buffer against economic downturns and also as a reserve in the event of major work becoming necessary at the leased churches.

Work continued on the new website under the chairmanship of Amelia Courtauld, advised by Ashley Spooner and supported Scilla Latham, Caryl Wright and Helen Evans. We hope that new design and improved content will help to make it an indispensable source of information for members including news of upcoming events, repair projects and news, and also attract new members to the Trust. The new online payment system will make it easier to join the Trust, sign up for events and buy merchandise. The added advantage of online payments is to reduce administration time and costs related to processing cheques.

5

Membership remains strong with the total now standing at 1,411 members in all categories. The slight fall may reflect the lack of events to attract new members but is also due to time spent during lockdown checking our database and identifying duplicate membership records and removing records of members who have not paid their subscription for two years or more.

We are most grateful to the following Trusts for their generous donations this year: The Lady Hind Trust, The Charles Littlewood Hill Trust, The Antelope Trust, The Bedhampton Trust, The John Jarrold Trust and The J R Rudd Foundation as well as several anonymous donations. Donations totalled £50,327. There were two bequests totalling £4,000.

Jonathan Ellis who served as Hon Treasurer of the Trust for seven years and a further two as a Board member stepped down from the Board of Trustees but I am pleased to say we will continue to benefit from his wise counsel on Advisory Council. We were delighted to welcome Rosabelle Batt as a Trustee in Jonathan’s place. It is a pleasure to welcome Philippa Taylor to the Advisory Council as the Lord Lieutenant’s nominee. Finally, I would like to thank my fellow Trustees and Advisory Council members for their support during the year.

On reflection, the year turned out to be less of an Annus Horribilis than it might have been, largely thanks to the imaginative ideas for fundraising events to take the place of more familiar formats and the determination of the Bike Ride team to keep their event on the road. Churches did open again after the first lockdown and contractors got back to work on urgent repairs but above all the Trust demonstrated considerable resilience in the face of adversity.

Peter Sheppard Chairman, 8[th] July 2021

6

The Norfolk Churches Trust Limited

Trustees’ Report

The Trustees, as trustees and directors of the Trust, present their 44th report and financial statements for the year ended 31 March 2021.

Summary and the Public Benefit

The aim of The Norfolk Churches Trust is “to preserve, repair, maintain, beautify and reconstruct churches or chapels of any Christian denomination in the county of Norfolk or the Diocese of Norwich.”

In the terms of the Charities Act 2011, the Trust’s aim falls within two definitions of charitable activity, the advancement of religion and the advancement of heritage. On each count, the Trust provides benefits to the public generally. The direct beneficiaries of the Trust’s support are the parishes and congregations, which are responsible for churches and chapels in Norfolk or the Diocese of Norwich. These churches are preserved for the benefit of the communities they serve and for the wider public for which they are freely available.

The Trustees have been mindful of these public benefits since the formation of the Trust in 1976, in raising funds and making grants to support the preservation of churches. Over these years, the activities of the Trust have remained true to its original aims.

The Trustees have considered the Charity Commission’s guidance on public benefit. They confirm that in planning and carrying out the Trust’s activities they have had regard to this guidance.

Structure, Governance and Management

Governing Documents

The Norfolk Churches Trust Limited (the “Trust”) was incorporated on 31 December 1975 as a company limited by guarantee.

The Trust is registered as a charity with the Charity Commission and as an environmental body (number 111076).

Membership

The Trust has 1411 active members, who on payment of a subscription have been elected to annual, life, corporate or Parochial Church Council membership. Each member is entitled to one vote at a general meeting of the Trust. If the Trust is wound up, each member is liable to contribute up to £1. Furthermore the Trust has 298 Parochial Church Council members.

Appointment of Trustees

The Articles of Association of the Trust provide that the number of Trustees shall be not less than 5 and not more than 12 individuals and that all must be members of the Trust. Trustees shall be elected by members of the Trust in general meeting. The Trustees may appoint a person to act as trustee until the next general meeting.

One Trustee has served continuously since the Trust’s foundation. The Trustees will continue in office until the next Annual General Meeting, at which one third of the Trustees will retire and will be eligible for re-election

7

The Norfolk Churches Trust Limited

Trustees’ Report (continued

Appointment of Trustees

Since its foundation, the Trust has sought to achieve in its governing body the widest possible representation throughout the county, by nominating individuals with knowledge and understanding of the aims of the Trust to preserve Norfolk’s churches. Additional trustees have been appointed with skills in the preservation of historic buildings, finance, business, investment and fundraising.

Trustees are nominated on the basis of their knowledge and experience. New trustees are provided with copies of the Trust’s Memorandum and Articles of Association, the latest annual report and accounts of the Trust and the Charity Commission’s guidance notes on the Responsibilities of Charity Trustees.

Advisory Council

The Trust’s Articles provide for an Advisory Council whose role is:

providing that the advice and recommendations from the Advisory Council shall not be binding on the Trustees.

The Advisory Council, with a minimum of 10 persons (no maximum), all of whom must be members of the Trust, is made up of:

The appointed members of the Advisory Council retire by rotation and are eligible for re-election at the AGM on a 3-year cycle. The Advisory Councillors may appoint additional members to serve until the next general meeting.

Organisation

The Trustees are directors of the company and they are also the charity trustees for the purposes of charity law. The Trustees, who must hold at least two meetings each year but expect to hold six meetings, control the management and administration of the Trust. The Advisory Council holds three meetings a year.

The Grants Committee considers all applications to assist with church repairs and makes recommendations to the Advisory Council and the Trustees, who then determine the award of grants. The Secretary is responsible for the day to day operations of the Trust.

The Trust has no subsidiary or affiliated company. However, in pursuit of its charitable objectives, the Trust frequently deals with a number of other organisations, such as the National Heritage Lottery Fund (NHLF) and Historic England. None of these is a related party of the Trust.

8

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

Risk management

The Trustees assesses annually risks which might arise during the course of the Trust’s operations. The Trustees concluded that the major risks to which the Norfolk Churches Trust is exposed, as identified by the Trustees, have been reviewed and systems or procedures are established to manage those risks.

Objectives and activities

The Trust’s Memorandum of Association states that it is established

“for the advancement of religion to preserve, repair, maintain, beautify and reconstruct churches or chapels of any Christian denomination in the County of Norfolk or the Diocese of Norwich, and the monuments, fittings, fixtures, stained glass, furniture, ornaments and chattels in such churches and chapels; and the churchyards belonging to such churches”.

The Trust also has similar powers in respect of churches or chapels of historical importance or architectural value and which have been declared redundant or otherwise ceased to be used regularly.

The Trust aims to support the preservation of as many Norfolk churches as possible in a given year. Faced with the competition for financial resources in relation to the sums needed to maintain and repair churches and, in many cases, the small size of congregations, the Trust seeks to support the timely completion of work. Delays in maintenance or repair will lead inevitably to more extensive work and higher costs. Parishes are often daunted by the scale of the tasks that confront them and the magnitude of the finances required. The Trust seeks to promote practical solutions, by combining the offer of grants from its own funds with its experience of dealing with the Heritage Lottery Fund and other grant-giving bodies. The Trust also leases 12 churches from the Diocese of Norwich and one church from the Roman Catholic Diocese of East Anglia, with the Trust taking responsibility for their repair.

In support of its principal activity, the Trust seeks to take the initiative in many related ways. The Trust:

The Trust makes no charge for its advice to, and support of, parishes. To finance its work, the Trust raises funds from:

9

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

The Trust’s main objectives and activities have remained unchanged over the forty-four years since the Trust was formed. The range of related activities has been progressively extended and refined to meet the needs of parishes confronted with the escalating cost of church repairs. The Trust expects to continue with this broad strategy.

Grant-making policies

Within the Trust’s aims and objectives, the Trust invites applications for the repair of churches and chapels of any Christian denomination in the County of Norfolk and the Diocese of Norwich. Grants are assessed on the urgency of the work proposed and on the financial resources already available to the parish or congregation. A financial statement is required with each application. Consideration is given also to other sources of funding, which are or may be available to the applicant.

Volunteers

From its foundation, the Trust has been able to function only with the dedicated support of a large number of volunteers in all areas of its activities. The Trust employs a part-time Secretary and part-time Financial and Administrative Assistants. All other work is done by unpaid volunteers. The principal tasks which are partly or wholly supported by volunteers include:

While it is not realistic to quantify the contribution of these volunteers, either in terms of time or the notional cost of staff equivalents, the Trust is almost wholly dependent on volunteers for its ‘‘activities for generating funds’’ and for a range of advice and support given to the Trust.

Achievements and performance

In the year 2020/21, the Trust continued to offer grants to churches across the county and carried out minor repairs and routine maintenance at the Leased Churches. Together with commitments of £104,500 in grants to parish churches.

These commitments were made up of:

2020-21 £ Number of churches
Grants offered 96,500 27
Leased churches 21,966 13

During the year and including unpaid grants offered in previous years, the Trust’s grants supported a total of 52 churches (78 in 2019/20). The full list is given in Notes 9 and 10 to the Financial Statements.

10

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

Since the work on a church repair may be spread over a number of years, there is often a time lag between the offer of a grant and its eventual payment. In 2020-21, the Trust made grant payments of £112,378 (2019-20: £135,589). At the end of the year, the total of grants offered by the Trust but not yet disbursed was £277,075 (2019-20: £292,953).

The General Fund represents the Trust’s own unrestricted resources, and at 31[st] March 2021 stood at £106,771

In addition to its grants to churches, each of the Leased Churches is subject to Quinquennial Inspection and repairs are undertaken as required. During the year, the Trust incurred expenditure of £21,966 on the Leased Churches (see note 10) and received income of £2,157 (2019-20: £2,067) from collections at church services and donations from visitors to the churches.

Financial Review

Policy for reserves

Every year or so, the Trustees consider the long term nature of the Trust’s commitment to support the care and maintenance of churches in Norfolk.

This commitment requires the Trust to support long term repair and restoration projects, over years or in some cases decades, where the extent and cost of the work cannot in many cases be assessed reliably in advance. The extent of the Trust’s support may be affected by the changing availability over time of other grants, including those from the National Lottery Heritage Fund. In addition, the Trust leases thirteen churches, with responsibility for their care and maintenance. To protect the Trust from the risks of these projects and to provide adequate support to parishes, the Trustees believe that the Trust should retain substantial reserves against the contingencies that may arise in many of these projects.

The Trustees also considered the composition of the Trust’s income. Only a modest proportion of income can be regarded as reliably recurrent. While the Trust has benefited considerably from a variety of other sources of income, circumstances may arise in the future which will restrict or exclude the Trust from access to such sources. The Trust has benefited also from the investment income earned on its reserves, which cover the majority of both the support costs for its charitable activities and the costs of governance, thus “freeing” the fund-raising and most of the other income for expenditure on churches. Therefore the Trust proposes to keep reserves, net of grants unpaid at the year end, at approximately their current level in real terms.

11

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

As at 31 March 2021 the net assets of the Trust were £1,887,996 (2020: £1,667,614), the increase in comparison with 2020 being mainly attributable to the increase in share values as the markets absorbed the extent to which coronavirus might have an impact on the economy, coupled with the success of the vaccination programme. Trust activities also generated funds during the year in excess of that which was expected, and as a result of the pandemic, there were fewer applications for grants. As a result of all these factors the trust unrestricted reserve rose by £31,740, together with legacies and life memberships of £7,735, which are allocated to our investment reserve. This now stands at £1,694,058 (2020: £1,485,636)

The policy on reserves is reviewed annually by the Trustees.

Financial performance

The Trust aims to achieve over time a balance between incoming and outgoing resources, before gains or losses on investment assets. The Trust generally designates receipts from legacies and life memberships to the investments fund. A budget is prepared before the start of each financial year to estimate the incoming resources less estimated running costs and, thus, the resources available for grants and other expenditure on churches. The progress of income and expenditure is reviewed at each Trustee’s Meeting and the funding available for grants may be adjusted accordingly.

The Sponsored Bicycle Ride, now in its 37th year, continues as the Trust’s largest fund-raising event. In the current financial austerity, a reduction was expected but contrary to expectations a record-breaking £175,066 was raised through sponsorship. (2020 £94,257). The Ride continues to operate on its original principle, that each participant nominates a church or chapel which will receive half of the money raised together with the related Gift Aid, less 2.5% towards admin costs (see Note 6).

The result for the year, before investment gains and losses, was an overall surplus of £19,666 (2019/20 deficit £101,164), which reflected the absence of the stately Car Boot sale and many other fundraising activities as set out in note 10. The full breakdown between the various funds is shown in the Statement of Financial Activities. As set out in more detail below, the recovery from coronavirus restored much of the value wiped off our Stock Exchange investments at the end of the previous year, and the total value of the Trust’s assets rose from £1,667,614 to £ 1,889,738 over the year.

Investment performance and investment policy

All investments held by the Trust have been acquired in accordance with the powers available to the Trustees. The financial statements demonstrate that at the end of the year assets were available to fulfil all the Trust’s obligations including grant offers, with additional amounts being invested to provide income for future activities.

12

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

Since 2004, Barratt & Cooke has managed the Trust’s investments on a discretionary basis. The Trust has not applied social, ethical or environmental considerations or constraints on the investment of its funds. The investments are managed on a low risk basis. At the end of the year, the value of the Investments had risen to £1,533,546 (2020: £1,339,925). The structure of the portfolio has remained largely unchanged (see note 11).

The estimated income yield on the main portfolio at the year-end has fallen from the long term return of about 3.5% to approximately 2.6% probably because capital values have improved but dividend cuts over the last 12 months have not yet been reversed. The interest earned on bank deposits remains negligible, but as companies are beginning to announce the resumption of dividend payments, we would anticipate that yield rising over the next twelve months.

Coronavirus and plans for future periods

Although partially protected by a prudent distribution policy and relatively low overheads, and perhaps better placed than many charities, we would expect that the activities of the Trust will be hampered for the next year, and possibly longer. The impact on the market value of the investments is not of immediate concern, since these are held for the long term, and the immediate call on grants previously pledged has also reduced as the parishes themselves find their restoration work held up by lockdown. However, the immediate effect of lockdown and social distancing has led to the cancellation or postponement of almost all fundraising in 2020/21 and it is at this stage difficult to see how this income can be recovered. The potential reductions in dividends will also put pressure on our resources, and the impact of these two factors means that the Trust will be very circumscribed in the support that it will be able to offer to parishes in 2020/21 and beyond. The Trust plans to continue its established strategy and to reinforce its services to parishes as far as possible in the longer term, but in the light of the budgetary pressures and current uncertainties it is likely that over the next 12-18 months the value of grants offered to parishes will be significantly lower than it has been in recent years .

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

13

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included in the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions.

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 Companies Act 2006 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 (FRS102) (effective 1 January 2019) .

Reporting Accountant

Larking Gowen LLP is willing to continue in office as reporting accountant and a resolution to reappoint them will be proposed at the annual general meeting.

Small company provisions

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

Signed on behalf of the Trustees

8[th] July 2021

P Sheppard J Maddison

14

The Norfolk Churches Trust Limited

Independent Examiner's Report to the Trustees of the Norfolk Churches Trust Limited

Year ended 31 March 2021

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2021 which are set out on pages 17 to 26.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and our eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s Statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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

  1. Accounting records were not kept in respect of the company as required under section 386 of the 2006 Act; or

  2. The accounts do not accord to those records; or

  3. The accounts do not comply with the accounting requirements of section396 of the 2006 Act other than any requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination; or

  4. The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in accordance 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.

Giles Kerkham FCA DChA Larking Gowen LLP Chartered Accountants, Norwich 27[th] July 2021

15

The Norfolk Churches Trust Limited

Statement of Financial Activities for the year ended 31 March 2021 (incorporating Income & Expenditure Account)

Income from:
Donations and legacies
Donations
Legacies
Subscriptions
Heritage Lottery Fund & other grants
Leased churches
Other trading activities
Sponsored bicycle ride
Trust events (note 4)
Sale of goods
Investments (note 5)
Total income
Expenditure on:
Raising funds (note 6)
Costs of generating voluntary income
Fundraising costs
Charitable activities
Grants offered (note 9)
Expenditure on leased churches (note 10)
Support costs (note 6)
Governance costs (note 6)
Total expenditure
Net income before investment gains
Net (losses) /gains on investment assets
Net income/(expenditure) and
Net movement in funds for the year
Reconciliation of funds:
Total funds brought forward
Transfer of funds (note 3)
Total funds carried forward		 Unrestricted funds:
Designated funds:
Leased
General
Investments
Churches
£
£
£
48,555
4,000
34,163
3,735
2,157
175,066
11,122
4,833
36,871
310,610
7,735
2,157
12,268
112,201
96,500
21,966
49,253
8,648
278,870
21,966
31,740
-19,809
200,687
31,740
208,422
-19,809
75,031
1,485,636
106,947
106,771
1,694,058
87,138		 Unrestricted funds:
Designated funds:
Leased
General
Investments
Churches
£
£
£
48,555
4,000
34,163
3,735
2,157
175,066
11,122
4,833
36,871
310,610
7,735
2,157
12,268
112,201
96,500
21,966
49,253
8,648
278,870
21,966
31,740
-19,809
200,687
31,740
208,422
-19,809
75,031
1,485,636
106,947
106,771
1,694,058
87,138		 Total
Funds
2020-21
£
48,555
4,000
37,898
0
2,157
175,066
11,122
4,833
36,871
0
320,501
12,268
112,201
96,500
21,966
49,253
8,648
300,836
19,666
200,687
220,352
1,667,614
1,887,966		 Total
Funds
2019-20
£
50,439
35,000
41,185
13,667
2,067
94,257
60,331
4,001
48,792
349,739
12,267
86,444
140,492
150,194
52,494
9,012
450,903
-101,164
-102,976
-204,140
1,871,754
106,771 1,694,058 1,667,614

The income and expenditure for the year relate entirely to the Trust's continuing activities.

The notes on pages 18 to 23 form part of these financial statements.

16

The Norfolk Churches Trust Limited

Balance Sheet as at 31 March 2021

Company Registration No. 1247796

Fixed assets
Investments (note 11)
Current assets
Debtors (note 12)
Investments - UK Treasury Stocks (note 13)
Cash at bank and in hand (note 14)
Creditors:
amounts falling due within one year
Unpaid grants from General Fund (note 9)
Accruals and deferred income (note 15)
Net current assets
Net assets
The funds of the charity(note 16)
Unrestricted:
General fund
Designated funds:
Investments fund
Leased Churches
Total charity funds		 £
£
1,533,546
5,386
193,474
455,737
654,597
277,076
23,102
300,177
354,420
1,887,966
106,771
1,694,058
87,138
1,887,966
1,887,966
2021		 £
£
1,339,925
22,119
187,433
433,499
643,051
292,953
22,409
315,362
327,689
1,667,614
75,031
1,485,636
106,947
1,667,614
1,667,614
2020		 £
£
1,339,925
22,119
187,433
433,499
643,051
292,953
22,409
315,362
327,689
1,667,614
75,031
1,485,636
106,947
1,667,614
1,667,614
2020
1,667,614
1,667,614
1,667,614

For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 as applicable to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to conpanies subject to the small companies regime.

These financial statements were approved by the Trustees on 8th July 2021 and are signed on their behalf by:

Peter Sheppard John Maddison Chairman Trustee

The notes on pages 18 to 23 form part of these financial statements

17

The Norfolk Churches Trust Limited

Notes to the financial statements

1 Status of company

The Trust is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales.

The liability of each member to contribute in the event of a winding-up is limited to £1.

2 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation and uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The accounts (financial statements) have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities prepating their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity constitutes a public benefit entity as defined by FRS 102.

b Fund accounting In order to reflect the allocation of funds by the Trustees, the Investments Fund is shown as a separate designated fund in the financial statements. The Investments Fund represents funds allocated for long term investment. The policy of the Trustees is to allocate all life membership subscriptions, most legacies and gains or losses on long term investments to this Fund. The Leased Churches Fund was set up as the result of significant legacies, the proceeds of which will be exclusively on the Trust's leased churches, on which significant work will be required over the next two or three years. Unrestricted funds are available for use at the discretion of the Trustees to further any of the Trust's purposes. Where funds are given for a restricted purpose they are held as a restricted fund until the relevant exenditure is met c Income Income is accounted for when receivable together with any related recoverable income tax, or, in the case of legacies, when an amount due is notified to the Trust and is readily quantifiable.

d Expenditure Grants payable are charged to expenditure in the year when the offer of a grant is conveyed to the recipient. Payment of the grant is made on receipt of an architect's certificate or receipted invoice for the work, for which the offer was made. e Investments Investments are included in the balance sheet at market value. f Taxation

The Trust is a charity within the meaning of the Taxes Act and is therefore eligible to claim certain exemptions to Corporation Tax. In common with other charities, the Trust has no similar exemption in respect of VAT.

g Leased churches

At various dates, the Trust has agreed with the Diocese of Norwich to lease, without charge, twelve redundant churches, each dating from the Middle Ages. The Trust also leases one church from the Roman Catholic Diocese of East Anglia. The Trust is responsible for the maintenance of each church, but may terminate a lease, subject to notice of six months. The Trustees consider that it would not be practical or appropriate to attribute a value to these leases in the balance sheet of the Trust. The costs of maintaining these churches are charged to expenditure as incurred.

h Going concern

The Trustees have assessed both the inherent risk environment and the specific risks arising as a result of COVID 19 and in their opinion, there are no uncertainties about the Trust's ability to continue as a going concern,

i Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

j Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

k Cash at bank

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar amount.

18

The Norfolk Churches Trust Limited

Notes to the financial statements (continued)

3 Major restoration works

In the light of the disruption cause by Covid 19, no major works were commissioned during the year. Ongoing maintenance of the Leased properties ocupied by the trust continued as far as possible.

4
Trust events -gross funds raised		 Total
funds
2021
£		 Total
funds
2020
£
Elsing open garden
Aerial Photos
Reimagining the garden webinar		 4,071
2,582
3,745
Holkham Opera
David Cannadine
Tony Scotland
Wildfowl & Wet Places
Jeremy Musson
Sundry events and talks, incl. Gift Aid on various events
The House by the Church
Faith and Place Conference
5
Income from Investments
Interest on bank & other deposits
Interest on fixed interest stocks
Dividends received		 724 20,100
1,827
1,400
950
925
5,674
21,963
7,492
11,122
£
965
2,066
33,840
36,871		 60,331
£
2,672
3,356
42,764
48,792

6 Allocation of expenditure

Expenses have been allocated on the basis of staff time, except where costs relate to a specific part of the Trust's activities. The average number of Trust staff was 4 (2020:4) There is no employee with emoluments above £60,000. Staff costs totalled £53,504 (2020 :£55,086) being gross salaries of £53,504 and social security costs of £nil

Office expenses
Salaries & Casual
Premises
Accountants Remune
Administration and IT
Sponsored Bike Ride
Other fundraising expens
AGM and Annual report
Sale of goods		 Support of
Voluntary
Fundraising charitable Governance
Total
Total
Income
& trading
activity
2021
2020
6,421
11,236
32,103
3,745
53,504
55,086
826
413
2,685
207
4,130
4,605
r
570
570
570
1,710
668

4,451
2,226
14,466
1,113
22,255
24,881
94,567
94,567
55,601
es
893
893
13,835
3,013
3,013
3,511
2,297
2,297
2,030
12,268
112,201
49,253
8,648
182,370
160,217

Expenditure on other churches totalled £nil

19

The Norfolk Churches Trust Limited

Notes to the financial statements (continued)

8 Related party transactions and Trustees' remuneration

No emoluments were paid to any Trustee in respect of their services to the Trust. No expenses were reimbursed to trustees (2020 expenses of £616 were reimbursed to three trustees).

General Fund
Acle,St Edmund
Alderford,St John the Baptist
Aslacton, St Michael
Beachamwell, St Mary
Beeston Regis, All Saints
Beeston St Mary
Billingford, St Leonard
Blickling, St Andrew
Bracon Ash, St Nicholas
Bradfield St Giles
Breckles St Margaret
Brockdish, St Peter
Burnham Deepdale, St Mary
Caister on Sea, Holy Trinity
Carleton Forehoe, St Mary
Carleton Rode, Baptist Church
Cawston St Agnes
Colkirk, St Mary
Congham, St. Andrew
Crostwight, All Saints
Deopham, St. Andrew
Easton St Peter
East Rudham, St Mary
East Walton, St. Mary
Edgefield Old Church
Elsing, St Mary
Felthorpe, St Margaret
Gateley St Helens
Gooderstone, St George
Great Ryburgh, St. Andrew
Great Snoring, St Mary
Great Walsingham, St Peter
Great Yarmouth, St Peter & St Spiridon
Haddiscoe, St Mary
Harpley St Lawrence
Haveringland St Peter
Heacham, St Mary
Helhoughton All Saints
Hethel, All Saints
Hickling, St Mary
Hindringham, St Martin
Hunstanton St Edmund
Kelling, St Mary
Kirstead, St Margaret
Little Cressingham, St Andrew
Little Massingham, St Andrew
Longham, St Andrew & St Peter
Marlingford, Assumption of the BVM
Merton, St Peter
Morston All Saints
Newton-by-Castleacre, St. Mary
North Elmham St Mary
North Tuddenham St Mary
North Wootton, All Saints
Carried forward		 2020/21
Unpaid
Paid
Offered
Released
Unpaid
1st April
during
in year
in year
1st April
2020
the year
2021
£
£
£
£
£
3,000
3,000
0
7,000
7,000
2,000
2,000
0
3,000
3,000
1,500
1,500
0
10,000
10,000
0
2,000
2,000
10,000
10,000
10,000
0
10,000
5,000
5,000
0
4,000
4,000
5,000
5,000
0
4,000
0
4,000
5,000
5,000
5,000
0
5,000
0
3,000
3,000
4,000
4,000
0
2,000
2,000
3,000
0
3,000
456
0
10,000
10,456
8,000
0
8,000
2,000
2,000
0
1,000
1,000
0
600
0
600
0
862
0
862
1,000
1,000
0
1,000
0
1,000
2,000
2,000
2,000
2,000
1,000
1,000
0
3,000
3,000
3,000
3,000
2,000
0
2,000
2,000
2,000
0
10,000
10,000
500
500
4,000
4,000
1,875
1,875
1,500
1,500
0
4,000
4,000
0
3,000
3,000
1,000
1,000
0
3,000
3,000
5,000
5,000
10,000
10,000
2,000
2,000
0
500
500
0
2,000
0
2,000
10,000
10,000
0
5,000
5,000
8,500
8,500
0
7,000
7,000
0
8,162
8,162
0
2,000
2,000
0
163,455
80,162
0
54,000
0
7,600
0
129,693

20

The Norfolk Churches Trust Limited

Notes to the financial statements (continued)

Grants offered and paid - continued
Brought forward
Norwich Mile Cross, St Catherines
Postwick All Saints
Pulham St Mary
Reymestone, St Peter
Ringland, St Peter
Saxthorpe, St Andrew
Scottow All Saints
Sloley St Bartolomew
Southburgh, St Andrew
South Lynn, All Saints
Spixworth, St Peter
Surlingham, St Mary
Swaffham St Peter
Swanton Abbott, St Michael
Tacolneston, All Saints
Tasburgh, St Mary
Terrington, St John
Thrigby, St Mary
Thurning, St Andrew
Tittleshall, St Mary
Topcroft, St. Margaret
Tunstead, St Mary
Tuttington St Peter
Twyford, St Nicholas
Upper Sheringham All Saints
Walcott, All Saints
Wellingham St Andrew
Wells next the Sea, St Nicholas
West Walton, St Mary
Wickmere, St Andrew
Wilby, All Saints
Wiveton, St Mary
Wood Norton, St Nicholas
Woodton All Saints
Wreningham All Saints
Wretton All Saints		 Unpaid
1st April
2020		 Paid
during
the year		 Offered
in year		 Released
in year		 Unpaid
1st April
2021
163,455
500
10,000
7,000
5,000
8,000
7,000
5,000
2,000
750
2,000
2,348
7,000
7,000
400
5,000
10,000
8,000
1,000
500
8,000
5,000
9,000
3,000
2,000
1,000
5,000
8,000		 80,162
2,500
7,000
2,000
0
216
0
0
5,000
0
1,000
500
0
3,000
2,000
1,000
8,000		 54,000
7,000
3,000
2,000
10,000
2,500
7,000
5,000
7,000
7,000		 7,600
400		 129,693
7,000
500
10,000
3,000
2,000
10,000
7,000
5,000
0
8,000
0
7,000
5,000
0
750
2,000
5,000
2,132
7,000
7,000
0
0
10,000
8,000
0
0
8,000
5,000
9,000
0
7,000
7,000
0
0
5,000
0
292,953 112,378 104,500 8,000 277,075

21

The Norfolk Churches Trust Limited

Notes to the financial statements (continued)

10 Expenditure on leased churches

Expenditure on leased churches from the Trust's general funds comprised:

Bagthorpe, St Mary
Barmer, All Saints
Cockthorpe, All Saints
Corpusty, St Peter
Dunton, St Peter
Hargham, All Saints
Illington, St Andrew
Lynford, Our Lady of Consolation
Moreton-on-the-Hill, St Margaret
Rackheath, All Saints
Snetterton, All Saints
West Bilney, St Cecilia
West Rudham, St Peter
Total leased churches' expenditure		 Total funds
2021
£
774
2,154
874
1,490
1,273
731
1,304
3,584
829
1,508
2,657
849
3,939
21,966		 Total funds
2020
£
761
3,910
878
1,484
2,240
719
1,333
1,421
991
66,403
47,054
836
22,164
150,194

In 2019-20 LPOW grants of £17661 were received in respect of major works carried out during the year at Rackheath and West Rudham.

11 Fixed asset investments Market value Cost
£ £
At the beginning of the year: investments 1,309,083 1,101,474
Additions at cost 184,694 184,695
Disposal proceeds (214,446) (204,156)
Net gains (losses) 194,578 - 5,171
At the end of the year: investments 1,473,909 1,076,842
At the end of the year -cash 59,637 59,637
1,533,546 1,136,479
Investments are held in securities listed on a recognised stock exchange or in unit trusts invested in such
securities. At the year end the investments were held in the following categories:
Market Market Cost
value value
percentage £ £
Fixed interest stocks 5.1% 75,176 73,814
Unit Trusts 6.5% 95,629 35,784
Listed shares 84.4% 1,243,467 967,244
Cash 4.0% 59,637 59,637
100.0% 1,473,909 1,136,479

At the year end, there were no investments representing 5% or more of the fund

Investments held at market value at the year end include revaluation gains from historic cost of £397067 (2020: £212777).

12
Debtors
Due within one year
HM Revenue & Customs
Other, including grants offered/receivable		 2021
£
1,772
3,615
5,387		 2020
£
1,763
20,356
22,119

22

The Norfolk Churches Trust Limited

Notes to the financial statements (continued)

13
Current Assets Investments in UK
During the year, current asset invest
At the beginning of the year: Treasu
Net (losses)/gains
At the end of the year: Treasury Ind
At the end of the year: cash
Fixed interest stocks
Corporate bonds funds
Cash
14
Cash at bank and on call deposit
Central Board of Finance of the Chu
CBF Deposit Fund
Barclays Bank plc
15
Deferred income
Amounts deferred in year
Accruals
16
Assets and liabilities of each fund
Fund balances at 31 March 2021 a
Unrestricted funds:
General
Designated funds:
Investments
Leased churches
Total Fund Balances
Fund balances at 31 March 2020 we
Unrestricted funds:
General
Designated funds:
Investments
Leased churches
Total Fund Balances		 Government Trea
ments were held in
ry Index-Linked Stoc
ex-Limited Stocks/ c
rch of England (''CB

re represented by:
Fixed
assets
£
1,533,546
1,533,546
re represented by:
-
1,339,925
-
1,339,925		 sury Stocks
UK Government Treasu
ks
orporate bonds
Market
value
percentage
62.2%
36.2%
1.6%
100%
F''):

Current
assets
£
408,120
160,512
87,138
655,770
390,394
145,711
106,947
643,052		 ry Stocks.
Market value
£
184,311
6,109
190,420
3,054
193,474
Market
value
£
120,290
70,130
3,054
193,474
2021
£
318,473
137,263
455,736
2021
£
13,413
9,688
23,101
Current
liabilities
£
300,177
300,177
315,363
-
-
315,363		 Cost
£
182,684
182,684
3,054
185,738
Cost
£
113,608
69,076
3,054
185,738
2020
£
317,546
115,953
433,499
2020
£
12,535
9,874
22,409
Net assets
£
107,943
1,694,058
87,138
1,889,139
75,031
1,485,636
106,947
1,667,614

The Trust is the residuary beneficiary of an estate, which includes a residential property with a probate valuation of £110,000. Since this legacy is subject to a lifetime tenancy interest, no amount has been brought in to the accounts. The solicitor concerned has confirmed that the property is in reasonable condition and that the Trust's interest has been notified to the household insurers.

18 Financial instruments

The carrying amounts of the Trust's financial instruments are as follows:

Financial assets
Measured at fair value through net income/expenditure:
Fixed asset listed investments (note 11)
Current asset listed investments (note 13)		 2021
1,533,546
193,474
1,727,020		 2020
1,339,925
187,433
1,527,358

23