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The Norfolk Churches Trust Limited

Limited by guarantee

Annual Report and Financial Statements For the year ended 31 March 2024

____________

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 2024

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

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

HM The King

Vice Patrons

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

President

General The Lord Dannatt, GCB, CBE, MC, DL

Vice Presidents

Bolton Agnew Charles Bingham-Newland Emma Bridgewater CBE Peter de Bunsen Lady Egerton Neil Foster Lady Fraser Mrs. Sara Foster DL Roger Last Matthew Rice Peter Shepherd

Trustees/Directors

Dr John Maddison (Chairman) Michael Sayer (Chairman, Grants Committee) * Mrs Rosabelle Batt Vice Chairman) Mrs Amelia Courtauld Charles Inglis (Bike Ride Co-ordinator) (Resigned Sept 2023) Sarah Countess of Leicester * Patrick Lines Ian Lonsdale TD*, DL Ms Lauren Parker (Resigned March 2024) Peter Sheppard (Resigned Sept 2023) Julian Lombe Taylor (Elected Sept 2023)

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 Mrs Rosabelle Batt Mrs Laura Baily Maurice de Bunsen Lady Egerton Col. Tom Fitzalan Howard CBE Jonathan Ellis (Resigned Sept 2023) Fr Philip Gray ( Hon Chaplain) (Resigned Sept 2023) Stephen Heywood James Hickman Charles Inglis Mrs Scilla Landale Revd. Canon David Longe (Hon Chaplain) (Resigned Sept 2023) Rev Canon Mair McFadyen (Hon Chaplain) David Missen (Hon Treasurer) Mrs Moira Morrissey Julian Lombe Taylor (Lord Lieutenant’s nominee) Michael Pollitt Matthew Rice* Mike Smith Ashley Spooner Mrs Delphine Steel (elected Sept 2023) Frederique Baroness van Till (Resigned Sept 2023) John Vigar Mrs Alison Wakes-Miller Revd. Ian Whittle (Hon Chaplain) Michael Wingate Richard Wolstenholme

indicates a Vice President

The Norfolk Churches Trust Limited

Legal and Administrative Details (continued)

Bankers and Advisers

Bankers

Barclays Bank PLC

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 Barratt & Cooke Limited 5 Opie Street Norwich NR1 3DW

Independent Examiner

15 Upper King Street

Investment Advisers

Norfolk Churches Trust

Annual Report the year ended 31[st] March 2024

Chairman’s report

This has been a significant year for historic churches in Norfolk.

The Bishop of Norwich’s Commission on church buildings, published its report in May. Laura McGillivray, its chair spoke at our AGM. The title of the report, Lifelines for Historic Churches and their Communities: Keeping Church Buildings Open, conveys its positive and forward-looking findings. The full text which contains very useful statistical and graphic analysis of the state of Norfolk’s churches can be found on the Diocese of Norwich website. Speculation that the Commission would initiate a round of numerous church closures proved groundless, and the diocese is actively following up its recommendations for the future support of churches and their people. Various members and staff of the Trust gave evidence, served on the commission, and played a part in drafting its recommendations.

In November the Church of England announced the establishment of the Buildings for Mission Fund, finally providing financial backing for some of the key recommendations of the 2017 Taylor Review of the Sustainability of Historic Churches and Cathedrals. Church Buildings Support Officers in every diocese and a fund for smaller repairs and improvements are part of the package; a significant and unprecedented central CofE initiative in support for church buildings in use.

This was Charles Inglis’s last year as chair of the Bike Ride Committee and it is a measure of his energy and effectiveness that it produced once again an excellent total of nearly £130k from participant contending with record temperatures on the day. We are very grateful to Charles for giving so much time, energy and imagination over the last few years to this centrepiece of our annual fundraising that has made £4.2 million since its inauguration in 1983. Charles and his committee, composed of trustees, Advisory Council members and ordinary members have been an inspiring example of the way in which voluntary effort by the Trust, enthusiastically supported by the public can make a real difference.

The Trust has a tradition of creative and successful events of which the House by the Church Day organised by Delphine Steel and her committee is a very good example. It raised around £24k in a single fine day in May and gave participants access to 20 private houses which opened on behalf of the Trust. We are very grateful to the owners for their generosity in allowing our members and their guests this privileged access to their fascinating properties. This very successful occasion has been a centrepiece of the programme of the Trust’s events committee chaired by Patrick Lines.

In September there was a lunch at St Peter’s, Corpusty to thank the Behrens Foundation for generous and sustained grant aid which has facilitated our joint project with the Lettering Arts Trust and allowed further repairs to the interior culminating in the repaving of the chancel whose floor had been stolen by vandals many years ago.

During the year we have given almost £150k in grant aid to Norfolk’s churches. Our investments have performed reasonably well, and we have received some generous legacies and grants that will enable us to meet some of our repair liabilities at our thirteen leased churches. Investment in digital resources and associated compliance with data protection regulations have proved expensive but in future years this issue will be more manageable. Our Hon. Treasurer, David Missen has as usual prepared a

professional analysis of these matters in his contribution to this report and we are very grateful to him for his expertise and diligence.

Finally, our sincere thanks go to Scilla Latham and her hardworking colleagues Helen Evans and Caryl Wright for the professional support and structure that they have given both to all aspects of the Trust’s work and to the many people who look after Norfolk’s historic churches during the past year.

John Maddison Chairman

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 2024

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 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 1385 members, who on payment of a subscription have been elected to annual, life, 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

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:

To advise the Trustees on all aspects of the activities of the Trust and on issues relating to the future of churches and their preservation;
To receive reports from the Trustees on the Trust’s work;
To assist in promoting interest in, and membership of, the Trust; and
To support fund-raising for the Trust;

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:

all Trustees;
one person nominated by the Lord Lieutenant of Norfolk;
one person nominated by the Bishop of Norwich;
two persons nominated by the Norfolk County Council; and
other persons appointed by members of the Trust in general meeting.

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.

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:

Receives and reviews Quinquennial Inspection Reports, to identify churches in need of support and identify the estimated cost and priority of work required for each church;
Advises parishes, where needed, in preparing their applications to the National Lottery Heritage Fund and other potential funding bodies for contributions in addition to the Trust’s own grants;
Encourages plans for phased repairs, to reflect the availability of funds from the Trust and other bodies, and to give support to successive phases of work;
Commissions inspections of its Leased Churches every five years, and undertakes repairs and other incidental work as the need arises, and;
Liaises with the Historic Religious Heritage Alliance, Historic England and the National Churches Trust in relation to national policy.

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

Donations and legacies;
Subscriptions from individual, and PCC members;
Grants from a range of funders;
Fund-raising events, including the annual Bicycle Ride; and
Sale of goods, some of which are donated to the Trust.

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

The Trust’s main objectives and activities have remained unchanged over the forty-eight 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:

Assessment of church requirements from Quinquennial Inspection Reports and local knowledge;
Assessment of grant applications;
Identification of potential donors and supporters for the Trust;
Planning, organisation and accounting for the Sponsored Bicycle Ride;
Planning and management of other Trust fundraising events;
Financial management and reporting.

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 2023-24, the Trust continued to offer grants to churches across the county and carried out minor repairs and routine maintenance at the Leased Churches as set out below.

These commitments were made up of:

2023-24 £ Number of churches	2023-24 £ Number of churches
Grants offered 158,505	32
Leased churches 32298	13

During the year and including unpaid grants offered in previous years, the Trust’s grants supported a total of 32 churches (37 in 2022/23) The full list is given in Notes 9 and 10 to the Financial Statements.

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 2023-24, the Trust made grant payments of £154324 (2022-23: £157029). At the end of the year, the total of grants offered by the Trust but not yet disbursed was £289448 (2022-23: £302045).

The General Fund represents the Trust’s own unrestricted resources, and at 31[st] March 2024 stood at £80254

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 £32298 on the Leased Churches (offset to some extent by grants received of £4398, see note 10) and received income of £2012 (2023-34: £663) from collections at church services and donations from visitors to the churches, together with a single donation of £100,000 towards urgent repairs listed in a specification of January 2023 at West Rudham..

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.

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

As at 31 March 2024 the net assets of the Trust were £2,180799 (2021: £1,983,885), the increase in comparison with 2023 being mainly attributable to the rise in share values as the markets continued to recover from global uncertainties and the receipt of a restricted donation of £100,000 for specified works at West Rudham. Trust activities also continued to generate funds as expected, 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 £56349. Life memberships, legacies and the increase in share values increased the investment reserve by £68611, and the portfolio, including cash balances held with our brokers, now stands at £1865106 (2023 £1806570). 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 39th year, continues as the Trust’s largest fund-raising event. In 2023/4 there was a modest decrease in the income from this. at £129588. 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 £136553 (2022-23 £43573, 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.

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.

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. 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.

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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

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) .

The trustees’ report serves the purposes of both a trustees’ report and a directors’ report under company law

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

20th June 2024

The Norfolk Churches Trust Limited

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

Year ended 31 March 2024

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 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:

Accounting records were not kept in respect of the company as required under section 386 of the 2006 Act; or
The accounts do not accord to those records; or
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
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

The Norfolk Churches Trust Limitsd Limited by guarantee Annual Report and Financial Statements For the year ended 31 March 2024 Registered company number Registered charity number Environment81 Body number 1247797 271176 111076

The Norfolk Churches Trust Limited Annual Report and Financial Statements For the year ended 31 March 2024 Contents Legal and adm*ii$lrative details Chaimian's ReForl TrLbslees' Report 7-14 Independenl Ex2rniner's R8pori 15 Statement of Financial Activibes 16 Balance Shoel 17 Notes lo the Finanaal Statements 18-23

The Norfolk Churches Trust Limited Legal and Administrative Details Company Number R¢giBt¢rgd Charfty Numb•r Env4rowwnertal Body Number 1247797 271176 111076 Regl¥tored Offl MaThJr FannIK1L D5 Roal Tibwham fdk NR16 1QF Patron HM The King Vle• Patr4) Tho DL*8 ol N(Mlolk Thè Bishop ol NOlCh Thé Bishop of Ety Pro8tdent G&neral The Lord Dannatt. GCB, CBE, MC. DL Vl¢• Pr•Bldents Bolton Agnew Charlès 8ingham-N8wland Emma Blmlgewater CBE Peter de Bunsen Lady Eggrton OBE Neil Foster Lady Fraser Mrs. Sar8 Fostsr DL Rogèr Last Matthèw Ri¢e Pgt¥r Shephe Truste•slDk•¢to Dr John Maddison (cl1an) Mi¢ha81 Sayer (Ch9im?an, Grants ConNnitre•J" Mrs Rosabelle Batt Vice Chaimlan) Mrs Amelia C(ytrrtauld Chartes Inglis {8ike Ride Co-orthnalor) (Reswned Sepl 2023) Sarah Counte&s ol Leuster. Patrick Lines lan Lon1# TD". DL Ms Lauren Pwker (ReSned March 2024) Peter Sheppard. fReSndSOpt 2023) Julian Lombe Taylor {El8¢ted Sept 3(r23J

The Norfolk Churches Trust Limited Legal and Administrative Details (continued) Company SKretary Mis Scdla L8lh8m Advisory Council The Trustees receive admce from Ihe Advisory cour. wh'ch crynprEes the Trustees liqted on page 2 and the lollthvir¥J m&mr$ al the yearend.. Lady Agnew DL Mrs Rosabell6 Balt Mrs Laura Bally Maurice de Burtsen Lady Egerton Col. Tom FrtZaI Ho%vard CBE Jonalhan Ellis fReSned Sept 2023) Fr Philip Gray (Hon Chaplain) (Reswn8d S8Pt 2ff23) Stepn Heywo(Kl JaS Hickman Charles Inglis Mrs Scilla Landale Revd. C8non David Longe (Hon Chapl8inJ (R&s*Jmd S8Pt 2023) Revd CaTh)n Mair McFadyen (Hon Ch8plwn) David Missen (Hon Tm8suffj¢ Mrs Moira Morrissey Julon L0ml Tayl(x (Lonl Lioutenanl's nomin8e) Michael plItt Matthew Rice. Mike Smith Ashley Spooner Mrs Delphine Steel (elected Sept 2023) Frederique Baron8ss van Tll (Rgswd S6pl 2(r23) John Vigai Mrs Alison Wakes-miller Revd. lan Whittle (Hon Ch4)18inJ Michael Win9ale Richard Wolslenh)Ime ' iThJi¢ales a President

The Norfolk Churches Trust Limited Legal and Administrative Details (continued) Bankern and Adviser8 Bank& BarclaJE Bank PLC COIF Chty 0&s1t Funds Senator Hse 85 Queen Victoria Street Lon¢ EC4V 4ET Solicitors Mills & R88V8 1 Sl James Cowt Whrtefria Norwich NR3 1RU Ind•pend•nt Examin•r LarkirKJ Gowen LLP KiTrJ Street Fsuse 15 Upr Krig Street Norvich NR3 1RB Inv•stm•nt Adviser¥s Baffatt & Co)ke Limited 5 Opie Street Nopmch NR1 30W

Norfolk Churches Trust Annual Report the year ended 31" March 2024 Chairman's report This has been a signifir8nt year for histor churches in Norfd The Bishop of NoNich's CunmiSsi on chch building5. putrAisho(l its rewl in May. Laura McGillivray, ils chair spoke al AGM. The lille of Ihe T0rt. Lifeknes for HislorK Churches and thr C(vnmuniti8s.' Kggping Church Builthngs Open. convey5 its p05ibve and forWard.1kIrrfj firKling5. The full text whh ¢ontains v8ry useful sialistical and graphic analysis ol the slate of Norfolk's churches can be four¢d on the Diocese of Norwich websrte. SFeculation th Ihe CcmnmisslL wDuld inibate a rouThY ol numerous church closures proved 9roundless. and the diwese is activepy followng up its r8commènd8lis for the future support of churches and their peop18. Various Mern and stsff of th& Trust gave evid&nce. 5erv8d on the commission, and played a part in drafting it3 renen(l9t1on$. In November the Church of England ann0Ced the estabhShml olthe Buildings for Mission Fund, rinally providirrfJ financial backing for some of the key re¢ommw)dati(ms of the 2017 Taylor Review of th& Sustainabilily ol Historic Church&s Cathedrals. Chuith Builithngs Support Officers in every diocse and a fund lor sMalr repairs and imwovemenls are part ot Ihe packag8." a SIlfan1 aThJ unpr8cedent8d cèntral ColE inibabve Supp( for chwch bulkJin in use. Thss was Charles Inglis's last year as chair of the Bik& Rid8 CrKnmitte& and si is a measure of his onergy and effectiveness Ihat it prodtJc&d once again an exclknt total of neady £130k Irom participant contending with record tomratureS on the day. We aTr very gralèlvl lo Charles for giving so mLtch lim&, ener and imagin8tion over several years lo this cenlwie( of our annual fundiatsing that has Tnade £4.2 million since its inaugufatH)n in 1983. ChaS arKI his committe8, 1Mposed of twslges, Advisory Ci)uncil mem1rS and ordinary MOMr$ have been an inspiring of the way in whh voluntary elfort by the Trusc enlhusiastully SUFPOrted by the pthic can Tnake a real dtffeTer. The Tiusl has a 1radib.on of creative aThl su(xessful events of wknch the H(se by the Church Day organised by Delphine Sted and her committee is a very gorxj examp. rt raised around £24k in a sifie fine day in May and gave participants access to 20 privat8 hows whith op8ned on behalf of th8 Trust. We are very gral8ful to the owners for ther gen8rcity n allthving our MlrS and Ihoir guests this privileged access lo their fascinating prq)ertigs. This very sucSs[l (K¢asi has been a centrepiece of the programmo of the Trusl's evwls c(Mnmittee chaved by PatriL Lines. In Septembef there was a bUrh al St Pelerfs. cpUS1Y to thank the Behrens Foundation for generous and svslained grant aid which has faulitaled our joint PToiecl with Ihe Lettering Arts Trust and allowed further repairs lo the interior culminating in the repaving of Ihe chancel whose flo had b8en slolen by vajaI$ many years •Jo. During the year we have given almost £150k in granl aid lo Norfolk's churches. Our invostmènts have performed reasonably well. and we have rCved some generous18gacies and gr8nls that will enable U5 to meet some of our repair lialitt&S at our thirteen leas chLErches. Investment in digilal resources and associated comlian¢e wrth data prolection regulali()ns have proved expensive bul in fuiure year5 this issue will be me manageable. Our Hon. Treasurer. David Miwn has as usual prepared a

professional anatysis of these matters in his contritiOn to this report and we are very grateful lo him for his expertise and diligence. Finally, our sincere thanks SK> lo Scilla Latham aThY her hardwDrking colleagues Helen Evans and Caryl Wright lor the prolessional suPrt and structure that tY have given trx)th lo all aspects of the Tnjst's work and lo the many people who look after Norfolk's historic churches during the past year. John Maddison Chaimian

The Norfolk Churches Trust Limited Trustees, Report The Trustees, as Iruslees and directors d Ihe Twst, twnl thw'r 44th retA)rt and financial statements for the year ended 31 March 2024 Summary and thg Public Benefit The aim of The Norfdk Churches Trust i% "to preserve. repair. mainlain. beautsfy a1 reconslrucl churches chALS of any Christian derMat)n fft the cwnty (rf Nwldk or Ihe Di$8 of Norwith." In the lerms of the Charities Act 2011. the Trust'5 ain falls W((h two definilK)rs of chwttablo activity. the Jvancement of and Ihe alvancemenl cl heritag2. On each C+JJnt, Ihe Trust prowdes tnefftS to the public nerally. The direct beneaneS of the Trust's supw)rt are the parishes and ccngregatK)ns, which are rosponsitrJe For churches and chape[5 in Norfolk or D#)ces8 of Norwich. These churches we preserv8d for the benefit of the communib'es they serve and for Wider lor whith they are fredy available. The TrusteBS have boen miTrlful of these Wb1 benofits Sin the f0m8t cl tha Tfust in 1976, in raing funds and making grants to suwort the preservation of churches. Ovef these yews, the adivili8s of the Trust have remained twe to its cryinal aims. The Trustees have consiikred the Ctsrity Commission's guanCe public berIt. They corrfinn that in planning and carrying out the Trusl's aclivities they ha had iegard to Ih4S Lwidance. Structure, Govemanc• and Man•g•mw Governlng Oo¢uments The Ncrfolk Churches Trust Limited (the YnJ5t"I wa5 irwrpordted cn 31 Dernber 1975 as a company limited by guarantee. The Trust is gIStered as a ch*rty with the Chwity Commission as an en¥ironmental body Inumtér 1110761. Memb•rshlp The Trust has 1385 memtrETS, who payment of a suljscription have been elected to annual. life. or Parochial Chwch Council membership. Each mber is enlitlwj lo one vote al a gerEral meeting of Ihe Trust. W th8 Trust is wound up, eth member is liable to contribute up to £1 Appolntment of Truste•s The Artides of A550cialion of the TTu31 prowde that the numb8r CA Trust88s shall not less than 5 and n more than 12 irKJividuals and that all must be members ol the Trust. Trustees shall be elected by membefs of the Trust in gene1 meelng. The Trustees may appovit a PWS( to act as trustee uniil the next general me81ing. One Trusiee has served conlinwusly since Ihe Tritst's fojndation. T1 Trustees will (tinUe in (Kice unlil the next Annual Genwal Mgeling, al which one Ilwrd of the Trustee5 wil retire and will be elsgit48 lor r8- electKin

The Norfolk Churches Trust Limited Trustees, Report (continued Appolntment d rmst$ SIre ts foldati). the Trust has s9h1 lo achieve in its UK>vemiThJ boty the widesl rr)ssible Tepresentalion throuOut Ihe county. by n(Mninalmg iTrJividuals with kn(wledge and understanding d the aims of the Trust lo preseJve Norf(Ak's churches. Athliih)nal ISteeS have len app(inled wlh skills in th& presorvation of h10r buil(k'rys. finance. business. investsment and fundrain9 ar a fomal procss 18 in place to ensure the collective knowledge of th8 board in those ar8as is i¥iaMlained. Trustees aro nomirnqted on the ba$K8 of Iheir krKwWe and oxperience. New tTuslees are Prowded with pies of the Tws¢'s Mem3jum and Artides ol ASlatiOn, the latesl annual report and aoUntS of the Trust and th& Chlty C(mmiss)n's guMJanc8 notes on the R8spMsblitios ol Charity TTUSlees. Advisory Council Tho Trust's ArteS provide for an Advisory Cwncil wtrK)se r(Ae is.. To adv¢se the Trustees on all aspects of activi of the Twst and on lysuas relati lo the future of churches and Ih8ir preservatn.. To receive repms from the Trustees the Trust's w(xk" To assist in promotir¢g interest in. arbj membership of. the TNst; and To support fund-raisir4J for the Tru5L providiTrJ Ihal Ihe alce and recommendatM)n5 from the Ath1y Cc#mcrf shall not be binthro on the Trustees. The AdvisDry Counol, with a MliMUM of 10 persons {no maxniwn). all of vthLYn must bts members of Ihg TrusL is mwje up of: all Trust88& one person nominated by the Lord Lieutenart of Norfolk.. ong person nominated by the Bishop of NoTh¥ith: two persons nominaled by the N[k CotY Council: and olh8r p8r8rms aprKMnted by Mtse of the Twst in garal meeling. The 8PPtinted members of the lsory Council reb'rg ty to131ion and af9 91igibk for re-election al the AGM on a 3-year cycle. Thè Advisory cO111S may apwhnt ad¢bol members to until the next general meeting. Oryanisation The Trustees are d1CtOrS ofthe a)mpany and they are also chanty Iwsteesfor purwses of charity law. The Tnjstees. wFK> must hold al le&81 Iwo meeting5 e8ch year but expect to hold six meeliThJs. control the maneMent arKI admiFMslralion of the Trust. The Advisory thncil hold5 three meetings 8 ytsaf. The Grants Committeo consiirs all aptAicatM)ns to assist with chLrch repaFr5 and makes reccffimer¢dalion¥ lo the Advisory Council and the Truslees, who Ihen detetmne the award of grants. The Secrelary is responsible f(x th& day to day operations ol thg Tn1. The Trnsl has subsidiary or affilialed ¢(PanY. Hwer. in puNHI of its charitable obiectives, th8 Trust Irequenlly deals with a number of other 0ryantsatsO. such as the Nation81 Herila9e LLrttery Fund INHLFI a)d Historic Engl*. N¢Me of these is a rekled party the TnJsL

The Norfolk Churches Trust Llmited Trustees. Report (continued) Rl$k management The Trustees assesses annualty risks whh mWt Wise thring tho course of the TTUSt's opwations. The Trusle8s concluded that the mqor risks lo wllch the Norfolk Churths Trust is exposed, &5 identified by the Trustees, have begn reviewed and syslems or procedures are 8slabbsh&J lo manag& IIKJse risks. ObA•¢tl¥oJ and actbViti•s The Trust's MernoraThJum of KsscciatK)n ststes that it 15 esta1$ Yor the advancementof to KYes&rve. r. M1. be8thify and reCstnl Chur$ LaplS of any Christlan denominalK ITI tho Cotmty oc NorfLlk or the DkKes8 of Non¥iGh, and the monuments, Illings, fixtures, steinpd glass, fumiture. omarnenls and chatgls iii $uc church&s and Gh8pels,' and the churchyards bolongNJ to such churches-. The Trust also has similar p(wers in reSpt of thurches or chapds (rf historical impL)rtance or aTchi10dural value and which have t)een declared redundant or otherwse ceased lo IBed regularty. The Trust aims 10 3UPPOrt the presekvalion Lrf as many Norfotk churchos &5 possitrAe in a given year. Faced wilh the competitson lor finala1 resour in reL41ion kn the S)S needed to maintain and repair churches and, in many case5, the small size of coThj11($. the Trust seeks to support the timely completion of Wofk. Delays in Maintenan or ropar will lead inevrtabty lo mrye extensive w(xk higher costs. Parishes are often daunted by the scale of tssks that confront Itwn and the maJnitude ol the finances required. Trusl seeks lo profflote praclical SO11 by comb'ning the offer of grants frrmn its own funds with its experience of dealing wilh the Heritage Lottery Fund aThl otr grant-giving t)dies. The Trust also leases 12 churches from tho DM)c8se of Norwich and one church trom the Roman Catholic Dlocese East Anglia, with Ihe Trusl lakiry resFx)nsibility for ther repar. In support of rts prinrjpal aclivty, the Twst seeks lo lake the initiatNe in many related ways. The Trust.. Reii¥es and reViS QLFirNuennial Inspection Repvis. to identify churches in ed of survort and idgnlify the estimated cost arvj rKK)rty of work required lor each church" Advises parishes, w19 neetd, in preparing Ihw'r applubons lo Ihe Nati(al Lottery Heritage Fund and other polenlia lunding trKKlies for contributions in addibon lo Ihe Trust's i)wn grants.. Encoufages plans for phased repairs, to reflect the availa)iliLy of funds from lh8 Trust and othef ty)dies, and lo give suptort lo su$S1¥e plkgses of %M)rk,' Commissions InslI0nS of its Leased Cr¢he5 every fTrB years. aNt underta8 repairs and other Incidental work as the ne ari$8s. and., LiaL8e5 wilh the Hisloric Rdig'ous Herilage All1. Historic ErwJlatKI and the National Churches Trust in r81all( lo nati{al ¢y_ The Tru51 makes no charge for ts adv1 to. and support of. wishes. To finan its wryk, the Trusl raises funds from.. Donalions a1 gles., sub5cripts.ons from iNJividual. aThJ PCC mernbe- Grants from a rar#Je of hJnd&rs", Fund-faisiThJ events, incI1ng the annual Bwle RNJe'. Sale of gwds, some ol whith are dcmated to the TrusL

The Norfolk Churches Trust Limited Trustees, Report (continued) The Trust's main objedives and activeS have remaId unChand over Ihe lorty-eighl years sirKe Ihè Trust was lOrml. The ran of r8lat9d activities has Len progressNely gxl8ThJed and refined to meet th& eds of parishès ujnfronted with the escalating s( of chufch re91rS. The Trust expects lo Ly)nlinu8 wlh this broad slr81egy. Gr•nt-maklng polkles Within the Trust's aHn5 arvj objectives. the Trust irNilfjs applraliorB for the repair of thurGtrs aYMI chapels of any Christian denomination in the C(MJnty of Norfdk and th8 DKrne of Nolch. Grants are assessed on the urgency of the work propctsed aThJ on the financial rosources areJy available lo the parish or ngregalion. A financial ststement is required wrth e&h aA)li¢ation. csleratiOn is given also to other sources of fundir¥J, which are or may be a¥a41ablg to aptAunt. VoluntOWS From ils f0untjatl, the Tnjsl h85 been atrfe to fU110n onty with the dedicaled sukwrt of a large number of volunteers in all areas of ils acb"vilies. The Trust erryloys a part-lune Seuetary and part4ime Firncial and AdminBlralive Assislanls. All olhef work is do by unpakl votleers. The prir¢ipa tasks which are P8rtly or wlK)Ily supported by vdunteeTS indude: Assessment of church {eqUementS frrm QuiThJuwnial InsFoclion Reports and Ial knowlodge,. Assessment of grant applications.. Idenlificab'on ol Wenlid donors and Supporters for ttie Trust PlannirvJ. orgarisatr>n and accolinting for the Sponsored Bicyde RklB' PlanniThJ and managemenl of other Trust lundraising 8vents', Financial management and rewtiThJ. While il 1$ not Teabstic to quanlify thp contributn of th TrK)luntews. eithgr in lemis of limo rA the rK)lional cost ol staff U1valentS, Ihe Trust is almosl wPM)ly dendant volteerS lor its "activities for gernrating funds" a1 for a iango of advu a1 sur¥>ort gven to tho Trl AChi•v•MtS and performanc• In the year 2023-24. the Trust conlirxjed lo offer artS lo churches 08$ the county and carried out mimr r8pairs and routine maintenarre al th8 Leased as sel trffjlrA¥. These commrfmenls were maje up of: 2023-24 Number of church88 Grants offergd 158,505 32 Loased chwches 13 DurifWJ the yvar and i[[Udi unpaNJ grants leted in prev¥)us yeats, Trusl's grants supported 8 Itxal 0132 churches137 in 20221231 The lull h.st is given in Notes 9 and 10 to the Firsancial Slalemenls. 10

The Norfolk Churches Trust Limited Trustees, Report (continued) Since the work a church repar may te spread over a number of years, there is often a lime lag between the offer of a grant and its eventual payment. In 2023-24. the Trust made grdnt payments of £154324 12022-23.. £157029}. Al the end d the year, the total of grants offpred by the Tmsl but not yel . The Genwal Fund r8presents the Trust's ry4vn unre5trid8d resowces, an¢J al 31 * March 2D24 81LN)d at £80254 In addition lo its grants lo churches. each of the Leased Churches is sut4ec lo Quinquennial Inspeclw)n and repairs a undertaken as required. During the year. the Trusi irturred expen(kture of £32298 on the Leased Chyrches loffsel lo some extent by ganls red £4398, See mle 101 and received income of £2012 12023-34.. £6631 Irom colltiOnS al churth seNices and dOnatiL5 Irom visitors to the churches. togelhw with a single donation of £100.000 towds urgent repairs list8d in a sp8cification of January 2023 at West Rudham.. Financial Rovi Poll¢y forrn$or¥•s Every year OT so. the Trustees consider the bng le tre of the Tnjsl's clmIlMan1 lo support the (xre and mainten¥ce of churc$ in Norfdk. Thk8 crmmilmenl roquires th& Trust to SLVPOrt bng term repar and resloration projects, over ye8rs or in Some cases decades, where the exl8nl arnj cost of the Yrk camol mary cases be assessed reliably in advance. The ext6nt of Ihe Trust's SLPPOrt 8Y be affected by the thanging availability over lime of olhor grants. irrluding Ihose frofn the Nationa Lottery Herrtage Fund. In addilKJn. the Trust lease5 thirteen churches, with rgsponsTrbility for their care and mairtenance. To prolgcl the Trust fM the risks of these projecls and lo provide adequalp sUPVOrt lo parishes. the Tfusloes tlieve that the Trust shoLtld retain substantial reserves a9ain$l the contiJencieS that may arise ol these pr(iects. The Trustees aL80 considefed the compK)srtion of the Trusys irwme. Onty a m(xYesl plotlOn of income can be regard&J as relkgbly recurrenl. whi the Trust has beneffted C(serablY from a variety ol Dlher SOUiC8s 01 income, circumstances may arsse in Ihe future which will restrict exdude the Trusl from ac£ess lo such sources. The Trust has benefited aso from the inveslfflenl income earned on ils reserves, which cover the majority ol both the support Costs fLY its ch&ttable activib'es and the costs of g0Vemae, thus Yreeing" the lutyl-raising and most of the olhei incrMn8 for expendilure on churches. Therelotp lh8 Trust proposes to keep ieser¥es. nel of grdnts unpad al lh8 year etMJ, al approximately their current level in real terms.

11 The Norfolk Churches Trust Llmlted Trustees, Report (continued) As at 31 March 2024 the net ass&ts of the Trust were £2,18079912021.. £1.983,B851. the irtT8ase in comparison wilh 2023 beinj mainly attributab lo th8 rise in shwe vabes as tho markets continued lo rewver from global Un(rtainaS and the receipt of a restricted diThtL)n of £1.0cl specified Works at Wesl Rudham. Trust actwibes also conlirmjed lo pnerale furmts as 8xpected. and as Ihg impact of the Kk8ndemic receded, parishes Icoked again al restoratic projects the num of grant application$ remain8d high. A8 a resuli of all Ihese fadors the trust's unrestrided reserve rose by £56349. Life memberships, leg&ies and the ITreas9 in sh•e vaues Irreased irNostment reserve by £68611, and the portfolio, including cash balance5 held with our brok8rs, n(Y4V Stan(Ls at £186510612023 £18065701. The policy on reserves is revlewd annuaNy by the TrL6tees. Finandal pèrformanco The Trust aims lo tthieve over lime a balarKe b@tw I(nn9 aThJ (Njigoing r030urce$. before g8ins or losse5 on inveslmenl assets. The Tiusl geneialty degnateS rec8lPts from 1gJaaes arKJ lile membershipg to Ihe investments fund. A budget is prepared belore the start ol each financial year lo estimate the ncoming resources less eslimaled runniro cosls and. th8. Ihe resour(xs avaikble for grants and other expenditure on churches. The progress of income and exp8n(kture is reVied at each Trustee's Me8tir¥J and the funding available for grants may be a.Usted xcordingly. The Spx)n50red Blcycle RKle, now in Éls 39th ye¥. continu8s as I1 Trusl's Iwgest luThl-raising event. In 2314 there was a modesl decrease in Ihe irurne Irun thi5. at £129S98. The Ride continues lo operate on its original principle, Ihal each participanl nominates a church or chapel whith will receNe half of the money raised together wilh the lated Gift Aid. less 2.5V• towwds lMin cosls139e Note 61. The re¥utt for the ye, before investment gains Ioss8s, was an overall 5UTpIu5 of £136553120Y2-23 £43S73, wlwch reflected Ihe imFK8cl of all Ihe 18¢tors mnlioned abo%e and conlinuing major repair works on the leased churches during the ye as sel out in noles 10. The lul breakdown tstween the various funds is shown in the Sta18ment of Financial Activili&s. Invo$tment p•rfomMn¢e and Instmen¢POIkY All Investments hekj by the Trust have ten wuired in COrdar with powers available to the Trustees. The faTl81 statemenls demonslrale Itot al the eThJ of the year assets re avaiLible lo fulfil all the Trust's obligatic$ irsduding grant offers, wsth a(kJitional amrAJnts being invested to provi{* irrne for future activities. 12

The Norfolk Churches Trust Limited Trustees, Report (continued) Since X$04, 88rratl & Co(A(e has managed t1 T1.$ investments on a (fiscrelK)nary basis. The Tnjst has t applied social, ethical or envwonmenlal considerations or constraints on the investment of ils lunds. The veStMentS manag&1 on a Icfyv risk basis. The values of portfdio are sel oul abov8 and the slru¢lure ol the portlolio has remained largety unthanged {see note 11)- The eslimaled income weld on the fflain portfolio al the Ye-end has remained at apprryximately 2.8Yo with capital values remir¥ng static but wev70us diwdend cuts over period of the paThYemic having not yel begn fully reversed. Th8 interesl earnal on bank deposits has increased SKJnlan1IY as worfd irter8s1 rates have increased and this has L8rgely offset the of Sts dividend income. Staternfrnt ol Ttea. Rosponsibiliti•s The Tiyslees are responsib for eparIng the Truslees Rewjrl and the financial statements in accordance with applicable law and United KirvJdDin Arxounting StarNfard5 Iurmted K1rwjd Generalty A¢xepte AccounliThJ Practice}. Company Iw•V requwes the Trustees lo prepwre finanoal s18temanls for each financial year, whith give a Iwe and lair view of the slate of affairs of the Ch111e company and of irOrnir¥J resourGes and appli¢atK)n of resources. including the irm and expenditure. of th8 chan"lable company for that peri(KJ. In preparing these f5narKial slalements. the Trustees a Tewired to.. select SUitae accounlir¥J policies and then apply them cor6islently'. observe the methS and prin¢it4es in the Charities SORP IFRS 102}', make judgemenls and estimates that are re8s0n8Ne and prudent., slate wlpther app4icaile UK AccountirwJ Slaridards he been Idbw&, suLiecl to any material departures disclcBed arid eXplaid In the firAncial statements.. Prepar8 the financia slalemenls on Ihe trng ccmcorn basis unless it is ir4)propriat8 10 presum8 Ihal Ihe charitable comkxgny will continue fft operalion. 13

The Norfolk Churches Trust Limited Trustees, Report (contlnued) The Trustees are respsIble keepiry adequate accountiry reco$ thal disclose with reasoroble curacy al any limo the linancial posjlK)n of the chafilable cyjmpany and enatrAè them lo 8nsure that the finanaal statement5 comply with the CoMpanS N£t 2LK)6. They are also responsiblè for safeguarding Ihe assets of the charitable company and hence for taking asorb1e steps the prevwrtion and detection ol fraud and other irregularities. The Tru51ees are resw)siile lor Ihe maintenance and inlegrity of Il corporate and finanryal information incltjded in the Charilab company s wetsile. Legislation in the United Kngth)m governing the preparation d drssemination of linanckil information may drftei fmm islatI in othor jurisdictions. Th& finw¢ial statements ha been prepar&J in accordarKe wrth the ac0)trn9 p8$ set out in notes lo the accounls and compty with the ¢hantYs goveming docunnl. the Chanb"•s Act 2011 and Companies Acl 2006 and A¢¢ountiftg and Réporting by Charitios.. Slalement ol ReCMended Praclice applicable to charities Ffeparing thei¥ accc)unts in aou)rdance wrth the Financial R8p(ting Standard applicable in the UK and Republic of Ireignd IFRS1021 lefftfj 1 Jawary 20191 . The Iwstees. report serye5 PLY¥KJses cl tK4h a tnjslees, replwt and a directcxs, repcrt under MpanY law Reportlng A¢¢ountant Larknng Gowen LLP Wl1r lo conlwiue in offe as repofbry ac{xAtnI and a reSolLEt1L to reappoint Ihem wll be proproed at the annLHI generdl meeling. Small company provlslons Th¢s repryt has been prepared ir) accordance with the spla1 wovi%ons lor small compani8s undtsr Part 15 of the cOmni85 Ad 2LTh. Signed on behalf of the Trustees Dr John Maddison Mrs Rosabelle Batt 20th June 2024 14

The Norfolk Churches Trust Limited Independent Examinerfs Report to the Trustees of the Norfolk Churches Trust Limited Year ended 31 March 2024 I r&wrt lo the ¢harity trusleos my examirotion of the KIn1$ ol the company lor tho year ¢nded 31 M8r¢h 2024 whh are sel out on pages 17 to 26. ReSnSIbIlItIeS and basls of r•port As the charity Irustebs of the ¢ompwy land also its dirBCtots lor the pre5 of company law} you are responsible lor the preparation of ts attounls in &CordcOth lh8 rUlmentS ol Ihe comp&8$ Act 20( Iyhe 26 Acl'l. Having satisfied rysell that thè accounts of the company are rKbt Tequwed lo be atjjiled under Part 16 of th8 2006 Act and our eligible for independ&nt examination. I mpcxl in rèsped d my èxamirK4tfjon of your company's accounis as carrifjd out under s$dion 145 01 the Chaiibes Acl 2011 llhe 2013 Acl-l In carryir¥J out my examination I have follcwed the Direcliors given by lh& C"ty C(Mnmk&on ndr sècb"r 14515) Ibl tsfth8 2011 Indeptnd?nt examlnrfs SLem•nt Since the company's gross irthm• èxcè8dèd £250.000 your examirw must be a Mbfjr of a body li$t8d in soction 145 01 Iho 2011 Ad. l ¢onfirm Ihal l am qlified to undertake the examinalion because l am a member thè Intslilute of Chartered A¢ccwrlanlB in aTrJ Wales. which is one ol Ihè listed trKJdl8s. I havo complet8d ftw examinati. I confirm that no rnatte have cbe to my attention in connection with the examinatKffi giving me cause lo tslv6 that in any material rnsp&. Acu>untlng rècords wére rK)I kept in r8sFectof the company as required der section 386 of th8 2006 A¢t.' 2. The xcounls do not accord to those records; or 3. The &covnL8 do nol compty thè aceA)unling reqthremnls of seclkm396 of the 21Th Acl Otr than any requitemenl Ihat the accounts give a Inje and fair view. wh is not a mattèr tt)n%derl as part of an indendent èxamination; or 4. Th& )Unts havè Mt bèèn prpared in Ydar with Ihe Ththcds aTrJ pmcipl85 of Ihe Slatement Recommended Praclre for accounling and roporting by charitss aprAi¢atA8 lo Charities prop8ring their accounls in acco10ae wjlh Finala1 Rep¢Mb"ng Standard apylicable in the UK and Republic of Imland IFRS 1021. I havè no cffl¢em$ and have cm no othermatters in 1rdanCeWith the examtnab.onto whi¢h attenllon should be dTawn in Ihis report in ord8r to enabl& a prcper unirslwdir¥J of thè acc(18 to be reached. Giles Kerkham FCA DC Larking Gow6n LLP Charterod A¢¢ounlants. N<¥wich 4 September 2024 15

Th• Norfolk chUh Trust Llmlt•d Statm•nt of Financial Athltl•s for the y•ar ended 31 March 2024 Ir(w & ACCI1} Totsl Fundi Fund• Lo8sod L88 Gwol knv8sbll•ll CthurL4s Chur(9s 201>24 202243 Incomg Irom= Donabonts and •¢jeS Donaiwns L6oa¢$ Sub6¢fipiwy Hgritago Lottèry FurKI & oihBr wBnls Loa5ed chwches Othèr Iiadiw 8¢lN Swnsor8¢J bkyd8 Tw$1 gwoni$ I1¢ 4) S81e Lrf g¢xwts Invèskn1 (note 51 84P)I B6.791 51,917 13,725 40.760 37J86.IK) 3.250 41.136 1(4,398 2.012 4.398 ILXI,( 1012 59.374 y. 52,821 6.893 63.641 129.588 52.821 6.893 63.641 134,333 136,284 51.739 Totsl Income 379.632 8.250 4.398 IWAKI 492.280 494.216 Exwn(Illur• on.. Rtyisino IuruJ$ Inole 61 Co&1& ol generatlry ¥rAunW incorr FuThSraslno costs CharllabFe actNitses Grants orfeFed Inole ai Exp8ndhlurn ckn leasod thLK¢he8 10 Support C0815 lrtite 6} Governance costs (j18 61 16.OZO 92.478 i&ozo 92.478 ZO.138 121,552 141.726 27.9M) 141.726 32.298 62.869 10.336 143.9 89,388 10.336 14,975 Totsl •KpwMMlur• 351.329 4.3 355.727 450.643 Not Ir¢com• Ilèxpondltur•l 10[ Inv•slm•nl 28303 8,250 Im.(D) 136,553 d13.573 60.361 60,361 .68,071 N•t Incom•ll•xpondllur•l and N•t mov•mont In fufbd• lor lh• y•Ar 28,305 68.611 196.914 -24.498 R•¢•n¢lll•Won lund8- Totthl brouglrt 1+)yw•rd 56.349 L799.817 127.719 1.983.885 2.rin.383 Transl•r ol lund• Inol• 31 Totsl funds CAr9 lorwAFd 84.652 I.28 127.719 I(K$,o 2.180,799 1.983.885 and ID Ihtr opTh ol Ihe TnJsl•es lh8 9rnsenialKJn of a 5epornt• aTh1•xTrJxfr 8tttyJniroJd WTP08a. The gxpgTh1knfe for th& yoar 10 Ihe TILÉI'$ re no fCO9nised 9Bin5 u knss•solhaFlh IhD rt gans of £196.914 yow 31 ¥8th 2024 12Q23 55.. £244961 Th• nDI05 pw 18 to 23 Irm pat of 18

The Norfolk Churches Trnst Llml 8a13nGg Sheet as at 31 March 2024 CornpAny R•ohiratlon 140. 1247796 2024 2023 Flx•d assets InvestrrnfS Inrrte 111 J,680,113 1,623.702 Current assd• Oeblors Inole 121 Investrn1$- UK Treaswy Stocks 13 Cash at bank in harKJ Incl8 141 22.876 184.993 621.690 18.926 182,868 517.730 829.558 719,524 Crndltor8'. amounts lalllng due wlthln one y••r Unpaid granls Irom General Fil In0 91 A¢¢fu81$ end delerred wome 151 289.449 39,423 302,047 S7.824 328,872 359.871 500.686 360.183 N•t ass•t• 2.180.799 1.983.885 rh• lund oltito ¢h•rfty lTh)te 161 L)nr•$¢rl¢t•d'. Generd lurbj 84,652 56,349 t)esn$t8 futNI$: 1.868,428 127.719 1.799.817 127.719 Re5trKted knd 100,¢wJ Total ¢horlty fvnd• 2.180,799 1,983,885 For the year ended 31 Mach 2024 ihe company was entltled to exemptlon lorn audlt undef section 477 01 the Companies Aci 2006 as applicable to small companies. The ffmbe¥s ha¥e not required the compaThy lo obtain an audit of its accounts lor the year in question in accordance with secthin 476. The directors acknowledge thebr resportsibilittes for cornptying with the requirements of the Act w¢th fe5pect to accounting record5 and the preparation of accounts. These accounts have been prepared lfi accordance with the provI510ns applicable i(> ronpanies subjett to the small companies re8tme. Th&s¢ fin#n¢ial stsiements were 8¢wrovgd by Ihe Tntsws 2fAh J124 8nd are signed on their b8half by..

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Th• Norfolk Chufch48 Trust Llmlted N?tos to th• flnanclal •twl•m¢nts S¢wWSolipmp £tsi1iyELaThdWa1eS ThÈprln(Wl YhÈat¢tsuiitslfiffl4ntal StilÈmÈntsllthtbEefiyWtdMEfw0ehechlsoR9(AS 1011. kn11{ ol 1021 l lar#I019K UK3nd Rppublk 0141d (FR5 1021 ir•iknCompY¢5•412( lo ielcl Ihealhx411otsol kn&sthe1rUsIX theTsY••tnwSFunJ¥51k7•na5axpw•led1I tbEfinawal 5fatement5. ThelrA51niemsFuTrJ lor Trpoknofthe Fund. LÈ¥AdCknurtFvlwl5 the1HV(Erd5vf+thhÈWt ett1usYo Gian1% payableatchafgod tlhO[lof thÈrot¥fit. ¢•theobh#lrofftrhp WdleAREs- TheTry51o chyth1thPThTrC#<4cteEart tt¢tIlnshlÈvztrth avknttyth¢se lol thE7rust ThE TFU51eE51wea%se%seObvth YPErxth ThpwepaT•flonol the1111511eenlsreryt5 i0m•kethment&t51knI1•54DdiI tho bd¢neEalllIh1ILtsVS. the TKo¥er•byoltL¥éseypenthdtr C•sh at

Tha Norfolk Churchos Tw$t Llmhod Not• to th• financlal stat•m?nts Icontinu•dl W RUdh ofE15075 andEILI)36 rosFwlty•ty A gr•of £4Mw% 18c46d4>¥•spKt ol fywsty. Totsl Totsl fu Trust •¥t% ro•s tunds 2024 Gypsy S¥Wing House by thp CJr Cr¢ Tours Hdkhom Owa cnWjge VOKOB Roy¥l Nortdk St Stat6ty Car SaK• VKk•rs 4430 24465 2225 5975 851 15.151 52.821 136,284 Incomfr from InY••lm• 1rt&510n bank & olher dèFO)5rts iar&10n fixod IDtWSl SlLxks 1•.112 152 7.187 3.497 41.¢155 DWond$ 3&X+7 61641 s?, Allo¢atlon of •xp•ndhur• Tts a¥er8u• olTru• siaftw 412Wd3.41 kn 1$ at¢vè£60.0W. Sl&fl cos13 tolaknd £70.3e7 12ff23 £70.0561 gros$ $8L8Ms orr69.712 sé¢thty 01 £675 . Costs 01 thg Sped Ride IrKk¥lg Ihe 4T.S% of Pokl to panshes ach with Ihg r4tsJ GifiA¥J bed•m&l iyth• T1( t¢th £57.7n {20YJ". t57.711}. of oypanthiurt b81Jv4 rd8ts5 tr) UN•Skncted fuK5. Jpwrt of VDluntary FuThdraisir¥ charitable &>vernance Income & trading tmty Toi•l 2023 SorI$s & Cas 14ni 42232 6277 4927 483 70,3B7 9.057 3,670 22.092 70.272 70.057 6.rfh7 17.973 22.634 70.150 22.108 2.645 5.r21 217.355 1931 Lgg•l And ¥c(wn AdministratA)n Bnd Ir 1223 4418 1223 2209 70272 1166 1223 1105 14360 sFoOred R OLherfunthBisir¥J vxpenses AGIA Amu4 row Sale 2598 16020 92478 62869 10336 181702 IAd•ynd•nt Eymirw¥ Remun•r¥tson The rependent exarninerfs rernureratic lo t3Lj1223- £18901 19

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Th• Norfolk chhS Trnit Llmtted Not•s to th• fln•nclAI Atat•nnts l¢ontlnu•d) T*)tsllw4• 1335 Cwty. Bl Pét•r Sl P¢tw L736 226J 974 1710 1.674 33Jii Al Sort• Wèste. Sl Cw) 2557 JJ,7J4 32J91 1.1$7,&$7 t79.445 iirL2651 alco 179AIS V4l112J 57ABO Ind.SJ7 19. 1244.367 IW.1lJ 164.464 UM T 62 1A34M4 1J)19279 CBS ith)o% IJID.11J I244.1 {2023 £3983131. 1.7 2•I71 2.451 16.41$ 22176

Th• Nortdk chu Tr¢ LlmN•d Nol•• (cT iBIZ IDJ2 1TTSffj 1TIS 451 %•P IJZ fLgTS 22.915 J4J G•w laT.71• 117.711 11113 S FVAIT FI•X4 J59yi 11

hn M&Ydiwi Chan Ro58ts1b 88tt Trustee The notss on pw 18 to rJ form part oftse flnarKial $tatements 17

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Th• Nortdk chu Tr¢ LlmN•d Nol•• (cT iBIZ IDJ2 1TTSffj 1TIS 451 %•P IJZ fLgTS 22.915 J4J G•w laT.71• 117.711 11113 S FVAIT FI•X4 J59yi 11

2024-03-31-accounts

The Norfolk Churches Trust Limited

Limited by guarantee

The Norfolk Churches Trust Limited

Annual Report and Financial Statements

For the year ended 31 March 2024

Contents

The Norfolk Churches Trust Limited

Legal and Administrative Details

Patron

Vice Patrons

President

Vice Presidents

Trustees/Directors

The Norfolk Churches Trust Limited

Legal and Administrative Details (continued)

Advisory Council

The Norfolk Churches Trust Limited

Legal and Administrative Details (continued)

Bankers and Advisers

Bankers

Barclays Bank PLC

Solicitors

Independent Examiner

Norfolk Churches Trust

Annual Report the year ended 31[st] March 2024

Chairman’s report

The Norfolk Churches Trust Limited

Trustees’ Report

Summary and the Public Benefit

Structure, Governance and Management

Governing Documents

Membership

Appointment of Trustees

The Norfolk Churches Trust Limited

Trustees’ Report (continued

Appointment of Trustees

Advisory Council

Organisation

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

Risk management

Objectives and activities

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

Grant-making policies

Volunteers

Achievements and performance

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

Financial Review

Policy for reserves

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

Financial performance

Investment performance and investment policy

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

Statement of Trustees' Responsibilities

The Norfolk Churches Trust Limited

Trustees’ Report (continued)

Reporting Accountant

Small company provisions

The Norfolk Churches Trust Limited

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

Year ended 31 March 2024

Responsibilities and basis of report

Independent examiner’s Statement