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2023-03-31-accounts

The Norfolk Churches Trust Limited

Limited by guarantee

Annual Report and Financial Statements For the year ended 31 March 2023

____________

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 2023

Contents

Legal and administrative details 2 - 4
Chairman’s Report 5
Trustees’ Report 6-12
Independent Examiner’s Report 13
Statement of Financial Activities 14
Balance Sheet 15
Notes to the Financial Statements 16 - 22

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 Norfolk NR16 1QF

Patron

HM The Former 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 Peter de Bunsen Neil Foster Lady Fraser Mrs. Sara Foster DL Roger Last Matthew Rice Peter Sheppard

Trustees/Directors

Dr John Maddison (Chairman) Michael Sayer (Chairman, Grants Committee) * Rosabelle Batt Amelia Courtauld Lady Egerton OBE * (resigned September 2022) Charles Inglis (Bike Ride Co-ordinator) Sarah Countess of Leicester * Patrick Lines Ian Lonsdale TD, DL* Lauren Parker Peter Sheppard *

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 DL Laura Baily (elected September 2022) Maurice de Bunsen Lady Egerton OBE * (elected September 2022) Col. Tom Fitzalan Howard CBE Jonathan Ellis Fr Philip Gray ( Hon Chaplain) Christopher Hartop (resigned September 2022) Stephen Heywood James Hickman Mrs Scilla Landale Rev Canon Mair McFadyen (Hon Chaplain) David Missen (Hon Treasurer) Moira Morrissey (elected September 2022) Julian Taylor ~~)~~ Michael Pollitt Matthew Rice* Mike Smith (elected September 2022) Ashley Spooner Frederique Baroness van Till John Vigar Mrs Alison Wakes-Miller Revd. Ian Whittle (Hon Chaplain) Michael Wingate Richard Wolstenholme (elected September 2022)

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

NCT Chairman’s report. 2023

This has been another productive year for the Norfolk Churches Trust in which, with the pandemic firmly behind us, we have been returning to normal levels of activity.

We have offered grants totalling £144,400 to 37 churches and have paid out £157,028 to a similar number. Grant offers yet to be redeemed by 61 churches total £302,047 and the Trust has of course to make provision to cover these as they materialise. The grants budget is made up of sums raised from events and from donations from other trusts and individuals who during the last year have given nearly £52,000 to our work.

Events and fundraising activities which provided the lion’s share of grant money this year achieved a total of £136,284 (gross). The Stately Car Boot Sale held in the lovely setting of Sennowe Park through the generosity of the Temple Richards family was a very remarkable success and raised £81,850 net in a single day. This event, delayed from the previous two years by the pandemic, was fruitfully combined with an auction of promises that attracted much interest. Once again Holkham Opera, a combination of great music in stunning surroundings, possible through the kindness of the Leicester family and a range of sponsors, made an important contribution of £20,700.

The Bike Ride was held two days after the very sad announcement of the death of Her Late Majesty the Queen. All the East Anglian churches trusts were clear that the rides should go ahead. The duty to protect our historic churches was an activity closely related to her life of service and her embodiment of the history and traditions that add so much to our national life. A record sum of £134,333 was achieved and meant that we reached a milestone of £4 million raised since the bike ride started in 1983. We are very grateful to our hardworking volunteer organizers and to all those who took part.

Trust merchandise made a total of £6,084 and much of this was contributed by the sale of our Christmas card (£4,638).

Because our staffing and general administration costs are supported by our investments - which have continued to perform reasonably well against recent headwinds - any sums given or raised for the trust, or received from the sale of merchandise, go in their entirety to the care of historic churches and chapels across Norfolk. This includes the 13 redundant churches that we lease from the Diocese of Norwich and the Roman Catholic Diocese of East Anglia. Urgent repairs, to the spectacular late Victorian church of Our Lady of Consolation and St Stephen at Lynford were completed with a grant from the Cultural Recovery Fund administered through the Roman Catholic Patrimony Committee. At St Peter’s Corpusty a further generous grant from the Behrens Foundation has enabled additional works to the building so that it may accommodate more exhibits and events. Legacies given during the year amounting to nearly £14,000 are increasingly helpful in the care of the leased churches and will help us meet future liabilities including the necessary structural repairs identified this year at St Peter’s, West Rudham.

5

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 2023.

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 1486 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.

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 reelection.

6

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.

7

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

Risk management

The Trustees assess 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:

8

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 2022-23, 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 £172,457 in grants to parish churches.

These commitments were made up of:

2022-23 £ Number of churches
Grants offered (net) 143,900 37
Leased churches 89,388 13

During the year and including unpaid grants offered in previous years, the Trust’s grants supported a total of 37 churches (31 in 2021/22). The full list is given in Notes 9 and 10 to the Financial Statements.

9

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 2022-23, the Trust made grant payments of £157,028 (2021-22: £131,495). At the end of the year, the total of grants offered by the Trust but not yet disbursed was £302,047 (2021-22: £315,175).

The General Fund represents the Trust’s own unrestricted resources, and at 31[st] March 2023 stood at £56,349

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 £89,388 on the Leased Churches ( offset to some extent by grants received of £58,710, see note 10) and received income of £664 (2021-22: £942) 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.

As at 31 March 2023 the net assets of the Trust were £1,983,885 (2022: £2,008,383), the increase in comparison with 2022 being mainly attributable to the decrease in share values as the markets continued to react to global uncertainties. Trust activities also continued to generate funds as expected, with the “stately car boot sale” giving a significant one-off boost, and as the impact of the pandemic receded, parishes looked again at restoration projects and the number of grant applications remained high. As a result of all these factors the trust’s unrestricted reserve rose by £28,009. Life memberships and the increase in share values increased the investment reserve by £18,215, although this was offset by a reduction in the portfolio value of £68,071, so this now stands at £1,799,817 (2022: £1,849,673)

The policy on reserves is reviewed annually by the Trustees.

10

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

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 39th year, continues as the Trust’s largest fund-raising event. In 2022/23 there was a modest increase in the income from this. at £3,973. 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 £43,573 (2021-22 deficit £28,774, which reflected the impact of all the factors mentioned above and continuing major repair works on the leased churches during the year as set out in notes 9-10. The full breakdown between the various funds is shown in the Statement of Financial Activities. As set out in more detail below, the uncertainties in world stock markets (including the situation in Ukraine) had an impact on our Stock Exchange investments, which decreased from £1,681,037 to £1,623,702 over the course of 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.

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. The values of the portfolio are set out above and 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 remained at approximately 2.8% with capital values remining static but previous dividend cuts over period of the pandemic having not yet been fully reversed. The interest earned on bank deposits has increased significantly as world interest rates have increased and this has largely offset the impact of static dividend income.

11

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

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:

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

22 June 2023

12

The Norfolk Churches Trust Limited

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

Year ended 31 March 2023

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2023 which are set out on pages 14 to 22.

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

13

The Norfolk Churches Trust Limited

Statement of Financial Activities for the year ended 31 March 2023 (incorporating Income & Expenditure Account)

Income from:
Donations and legacies
Donations
Legacies
Subscriptions
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 8)
Expenditure on leased churches (note 10)
Support costs (note 6)
Governance costs (note 6)
Total expenditure
Net income /(expenditure) 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:
General
Investments
£
£
51,917
-
-
13,725
36,270
4,490
664
-
-
134,333
-
136,284
-
6,084
-
51,739
-
417,291
18,215
20,138
-
121,552
-
143,900
-
28,027
-
60,690
-
14,975
-
389,282
28,009
18,215
-
(68,071)
28,009
(49,856)
28,340
1,849,673
-
-
56,349
1,799,817
Designated funds:		 Leased
Churches
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
130,370
(2,651)
127,719		 Restricted
Fund
Leased
Churches
£
-
-
-
58,710
-
-
-
-
58,710
-
-
-
61,361
-
-
61,361
(2,651)
-
(2,651)
-
2,651
-		 Total
Funds
2022-23
£
51,917
13,725
40,760
59,374
134,333
136,284
6,084
51,739
494,216
20,138
121,552
143,900
89,388
60,690
14,975
450,643
43,573
(68,071)
(24,498)
2,008,383
-
1,983,885		 Total
Funds
2021-22
£
50,909
100,000
43,233
127,809
130,360
39,213
5,481
45,419
542,424
15,644
102,843
169,595
213,984
58,744
10,388
571,198
(28,774)
149,191
120,417
1,887,966
-
2,008,383

The statement of financial activities is equivalent to an income and expenditure account as permitted under the Companies Act 2006 and in the opinion of the Trustees the presentation of a separate income and expenditure account would serve no purpose. The income and expenditure for the year relates entirely to the Trust's continuing activities.

There were no recognised gains or losses other than the net loss of £24,498 in the year ended 31 March 2023 (2022 net gain: £120,418).

The notes on pages 19 to 24 form part of these financial statements.

14

The Norfolk Churches Trust Limited

Balance Sheet as at 31 March 2023

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		 £
£
1,623,702
18,926
182,868
517,730
719,524
302,047
57,294
359,341
360,183
1,983,885
56,349
1,799,817
127,719
1,983,885
2023		 £
£
1,681,037
55,651
194,442
451,190
701,283
315,175
58,762
373,937
327,346
2,008,383
28,340
1,849,673
130,370
2,008,383
2022		 £
£
1,681,037
55,651
194,442
451,190
701,283
315,175
58,762
373,937
327,346
2,008,383
28,340
1,849,673
130,370
2,008,383
2022
2,008,383
28,340
1,849,673
130,370
2,008,383

For the year ended 31 March 2023 the company was entitled to exemption fom 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 22 June 2023 and are signed on their behalf by:

Dr John Maddison Ian Lonsdale Chairman Trustee The notes on pages 20 to 26 form part of these financial statements

15

The Norfolk Churches Trust Limited

Notes to the financial statements

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

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 financial statements are presented in sterling which is the functional currency of the Trust and rounded to the nearest £.

The charity constitutes a public benefit entity as defined by FRS 102.

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.

16

The Norfolk Churches Trust Limited

Notes to the financial statements (continued)

3 Major restoration works

In addition to the normal ongoing maintenance of the leased properties the trust incurred expenditure on the churches at Corpusty and Lynford of £28,811 and £32,551 respectively (2022: £55,122 and £136,142). Grants of £58,710 were received in respect of these works and are restricted in nature.(2022: £126,867). The corresponding expenditure has therefore been treated as restricted fund expenditure and the resultant deficit of £2,651 (2022: £85,894) has been transferred to the leased churches fund.

4
Trust events -gross funds raised		 Total
funds
2023
£
2,225
159
2,480
20,700
3,360
4,860
94,808
3,400
4,292
136,284
£
7,187
3,497
41,055
51,739		 Total
funds
2022
£
Gypsy swing
Aerial Photos
Harpland		 -
350
-
22,250
-
-
-
-
16,612
39,212
£
344
3,905
41,170
45,419
Holkham Opera
Mississippi
Houghton
Stately Car Boot Sale
Vickers
Sundry events and talks, incl. Gift Aid on various events
5
Income from Investments
Interest on bank & other deposits
Interest on fixed interest stocks
Dividends received

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 (2022:4) There is no employee with emoluments above £60,000. Staff costs totalled £70,056 (2021: £69,791) being gross salaries of £69,382 and social security costs of £674.

Office expenses
Salaries & Casual
Premises
Legal and accountancy
Administration and IT
Sponsored Bike Ride
Other fundraising expenses
AGM and Annual report
Sale of goods		 Support of
Voluntary
Fundraising
charitable
Governance
Income
& trading
activity
£
£
£
£
8,407
14,712
42,034
4,904
1,213
607
3,944
303
5,991
5,991
-
5,991
4,527
2,263
14,712
1,132
-
70,150
-
-
-
22,108
-
-
-
-
-
2,645
-
5,721
-
-
20,138
121,552
60,690
14,975		 Total
2023
£
70,057
6,067
17,973
22,634
70,150
22,108
2,645
5,721
217,355		 Total
2022
£
61,791
4,499
4,684
28,841
73,020
9,295
2,834
2,656
187,619

Total employee benefits of key management personnel were £39,457 (2022 - £32,430).

The independent examiner's remuneration amounts to an independent examiner's fee of £2,400 (2022 - £1,890).

17

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 (2022 : nil). The Trust has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the Trust at 31 March 2023.

9 Grants offered and paid

General Fund
Amner, St Mary
Beachamwell, St Mary
Billingford (by Diss), St Leonard
Blickling, St Andrew
Blo Norton, St Andrew
Bracon Ash, St Nicholas
Bradwell, St Nicholas
Brandon Parva, All Saints
Breckles St Margaret
Brisley, St Bartholomew
Brooke, St Peter
Caister on Sea, Holy Trinity
Colkirk, St Mary
Congham, St. Andrew
Cranworth, St Mary
Crostwight, All Saints
Dereham, Baptist
Deopham, St. Andrew
Elsing, St Mary
Felthorpe, St Margaret
Field Dalling, St Andrew
Flitcham, St Mary the Virgin
Foulden, All Saints
Geldeston, St Michael
Gooderstone, St George
Great Ryburgh, St Andrew
Guist, St Andrew
Hapton, St Margaret
Harpley St Lawrence
Haveringland St Peter
Helhoughton All Saints
Hemsby, St Mary the Virgin
Hickling, St Mary
Hindringham, St Martin
Ingham, Holy Trinity
Kettlestone, All Saints
Kirstead, St Margaret
Larling, St Ethelbert
Limpenhoe, St Botolph
Little Cressingham
Long Stratton, St Mary
Ludham, St Catherine
Marham, HolyTrinity
Marlingford, Assumption of the BV
Mutford, St Andrew
Narford, St Mary the Virgin
North Elmham, St Mary
North Tuddenham St Mary
Norwich Mile Cross, St Catherine
Norwich, New Catton, Christ Chur
Postwick All Saints		 Unpaid
1st April
2022
£
10,000
3,000
10,000
10,000
2,376
4,000
15,000
5,000
5,000
2,000
3,000
10,456
3,625
1,000
10,000
2,000
10,000
500
10,475
10,000
3,000
6,092
5,000
5,000
10,000
2,000
500
90

2,000
10,000
12,000
s
7,000
ch
500
190,614		 Offered
in year
£
5,000
6,000
500
3,000
3,000
1,000
500
5,000
2,000
4,000
7,500
1,000
5,000
2,000
5,000
3,000
2,000
3,000
5,000
7,000
1,500
72,000		 2022/2023
Paid
during
the year
£
3,960
3,000
10,000
500
13,000
2,376
4,000
4,853
5,000
2,000
1,000
10,456
2,588
1,000
9,901
2,000
5,000
2,000
500
10,000
4,820
7,000
104,954		 Released
in year
£
500
500		 Unpaid
31st March
2023
£
6,040
5,000
6,000
-
-
-
3,000
-
-
10,147
5,000
-
-
3,000
-
-
500
1,037
5,000
1,000
2,000
4,000
7,500
10,000
2,000
-
5,000
2,000
99
5,000
10,475
10,000
3,000
3,000
-
6,092
5,000
3,000
-
10,000
-
-
90
2,000
-
5,000
7,000
7,180
-
1,500
500
157,160

18

The Norfolk Churches Trust Limited

Notes to the financial statements (continued)

9
Grants offered and paid - contin
Brought forward
Brought forward
Pulham Market, St Mary Magdalene
Pulham St Mary, St Mary the Virgin
Reymestone, St Peter
Ringland, St Peter
Saxthorpe, St Andrew
Sculthorpe, St Mary & All Saints
Shropham, St Peter
Sloley St Bartolomew
Southburgh, St Andrew
South Burlingham. St Edmund
South Walsham, St Mary
Stockton, St Michael & All Angels
Stoke Holy Cross, Holy Cross
Surlingham, St Mary
Swaffham St Peter
Swainsthorpe, St Peter
Tasburgh, St Mary
Tatterford, St Margaret
Terrington, St John
Threxton, All Saints
Thrigby, St Mary
Thursford, St Andrew
Tittleshall, St Mary
Tivetshall, St Margaret
Topcroft, St Margaret
Tuttington St Peter
Twyford, St Nicholas
Wacton, All Saints
Warham, St Mary
Waxham, St John
Weasenham, St Peter
Wells next the Sea, St Nicholas
West Beckham, All Saints
Weston Longville, All Saints
West Lynn, St Peter
West Raynham, St Margaret
Wickhampton, St Andrew
Wilby, All Saints
Wiveton, St Mary
Wood Rising, St Nicholas
General Fund total		 ued
Unpaid
1st April
2022
£
190,614
6,000
10,000
1,008
2,000
10,000
5,000
4,000
2,000
7,000
5,000
1,018
2,000
8,000
5,000
3,000
2,340
7,000
4,500
10,000
8,000
7,500
2,195
5,000
7,000
315,175		 Offered
in year
£
72,000
3,000
5,500
1,000
3,000
2,400
5,000
5,000
10,000
1,500
1,000
5,000
5,000
2,000
7,000
12,000
4,000
144,400		 2022/2023
Paid
during
the year
£
104,954
6,000
2,000
3,000
2,000
1,018
5,064
5,000
3,000
1,992
7,000
4,500
7,500
1,000
1,000
2,000
157,028		 Released
in year
£
500
500		 Unpaid
31st March
2023
£
157,160
-
10,000
1,008
-
10,000
3,000
5,500
5,000
1,000
4,000
-
2,400
-
7,000
5,000
-
2,000
2,936
-
-
348
5,000
-
5,000
-
10,000
8,000
-
10,000
500
2,195
5,000
-
5,000
5,000
-
7,000
12,000
7,000
4,000
302,047

19

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
2023
£
1,086
1,554
1,757
32,380
2,263
974
1,674
33,371
1,093
1,620
2,597
1,179
7,840
89,388		 Total funds
2022
£
1,291
1,548
1,106
55,122
5,313
1,415
2,446
136,142
1,003
2,069
2,389
1,074
3,066
213,984

CATEW grants of £25,812 were received for work carried out at Lynford. LPOW grants of £4,371 were received in respect of Lynford.

A £26,500 grant from the Behrens Foundation was also received in respect of Corpusty. Donations of £1,400 were received specifically for works at Corpusty.

11
Fixed asset investments
At the beginning of the year: investments
Additions at cost
Disposal proceeds
Net gains (losses)
At the end of the year: investments
At the end of the year -cash		 Market value
£
1,595,561
308,468
(281,789)
(56,570)
1,565,670
58,032
1,623,702		 Cost
£
1,067,515
308,468
(208,626)
1,167,357
58,032
1,225,389

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:

Fixed interest stocks
Unit Trusts
Listed shares
Cash		 Market
value
percentage
8.8%
5.6%
82.0%
3.6%
100.0%		 Market
value
£
142,497
91,398
1,331,775
58,032
1,623,702		 Cost
£
144,473
35,784
987,100
58,032
1,225,389

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 £398,313 (2022 £528,046).

12
Debtors
Due within one year
HM Revenue & Customs
Other, including grants offered/receivable		 2023
£
2,451
16,475
18,926		 2022
£
1,856
53,795
55,651

20

The Norfolk Churches Trust Limited

Notes to the financial statements (continued)

13 Current Assets Investments in UK Government Treasury Stocks During the year, current asset investments were held in UK Government Treasury Stocks.

At the beginning of the year: Treasury Index-Linked Stocks
Net (losses)/gains
At the end of the year: Treasury Index-Limited Stocks/ corporate bonds
At the end of the year: Cash
Market
value
percentage
Fixed interest stocks
48.6%
Corporate bonds funds
50.0%
Cash
1.4%
100%
14
Cash at bank and on call deposit
Central Board of Finance of the Church of England (''CBF''):
CBF Deposit Fund
Barclays Bank plc
15
Accruals and deferred income
Deferred income brought forward
Released in the year
Deferred in the year
Deferred income carried forward
Accruals
Deferred income represents amounts received for events held in future periods.
16
Assets and liabilities of each fund
Fund balances at 31 March 2023 are represented by:
Fixed
Current
assets
assets
£
£
Unrestricted funds:
General
-
415,690
Designated funds:
Investments
1,623,702
176,115
Leased and designated churches
127,719
Total Fund Balances
1,623,702
719,524
Fund balances at 31 March 2022 were represented by:
Unrestricted funds:
General
-
402,277
Designated funds:
Investments
1,681,037
168,636
Leased and designated churches
-
130,370
Total Fund Balances
1,681,037
701,283		 Market value
£
191,795
(11,504)
180,291
2,577
182,868
Market
value
£
88,822
91,469
2,577
182,868
2023
£
325,631
192,099
517,730
2023
£
32,604
(32,604)
22,975
22,975
34,319
57,294
Current
liabilities
£
359,341
-
-
359,341
373,937
-
-
373,937		 Cost
£
189,125
189,125
2,577
191,702
Cost
£
85,048
104,077
2,577
191,702
2022
£
318,806
132,384
451,190
2022
£
13,413
(13,413)
32,604
32,604
26,158
58,762
Net assets
£
56,349
1,799,817
127,719
1,983,885
28,340
1,849,673
130,370
2,008,383

21

The Norfolk Churches Trust Limited

Notes to the financial statements (continued)

17 Legacy subject to a life tenancy

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.

Legacy received during 2021/22

A legacy of £100,000 was received during the previous year. The trustees decided that £90,000 would be designated into the leased churches fund, and £10,000 would be held in a designated fund for future use at St Mary's church Tunstead.

18 Financial instruments

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

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)		 2023
1,623,702
182,868
1,806,570		 2022
1,681,037
194,442
1,875,479

19 Restatement of comparatives

The trustees made the decision that the grants received in respect of leased churches would be more accurately disclosed as income in respect of leased churches and therefore the income shown as grant income in the year ended 31 March 2022 totalling £126,867 has now been included as income from leased churches in the Statement of Financial Activities.

22