## **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** 

## **Contents** 

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



1 



## **The Norfolk Churches Trust Limited** 

## **Legal and Administrative Details** 

**Company Number Registered Charity Number Environmental Body Number Registered Office** 

1247797 271176 111076 Manor Farmhouse Diss Road 

Tibenham Norfolk NR16 1QF 

## **Patron** 

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)_ 

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 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 

3 



## **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** 

4 



## **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 

6 



## **The Norfolk Churches Trust Limited** 

## **Trustees’ Report** 

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

7 



## **The Norfolk Churches Trust Limited** 

## **Trustees’ Report (continued** 

## _**Appointment of Trustees**_ 

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

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

## _**Advisory Council**_ 

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

- 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. 

8 



## **The Norfolk Churches Trust Limited** 

## **Trustees’ Report (continued)** 

## _**Risk management**_ 

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

## **Objectives and activities** 

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

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

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

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

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

- 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. 

9 



## **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. 

10 



## **The Norfolk Churches Trust Limited** 

## **Trustees’ Report (continued)** 

Since the work on a church repair may be spread over a number of years, there is often a time lag between the offer of a grant and its eventual payment.  In 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. 

11 



## **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. 

12 



## **The Norfolk Churches Trust Limited** 

## **Trustees’ Report (continued)** 

Since 2004, Barratt & Cooke has managed the Trust’s investments on a discretionary basis.  The Trust has not applied social, ethical or environmental considerations or constraints on the investment of its funds. The investments are managed on a low risk basis. 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. 

13 



## **The Norfolk Churches Trust Limited** 

## **Trustees’ Report (continued)** 

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

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

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) . 

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 



14 

## **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: 

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 



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￿
D￿5 Roal
Tibwham
fdk NR16 1QF
Patron
HM The King
Vle• Patr4)
Tho DL*8 ol N(Mlolk
Thè Bishop ol NO￿lCh
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 (cl￿1￿￿an)
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 Lon￿1# TD". DL
Ms Lauren Pwker (ReS￿ned March 2024)
Peter Sheppard. fReS￿n￿dSOpt 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&m￿r$ 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 fReS￿ned Sept 2023)
Fr Philip Gray (Hon Chaplain) (Reswn8d S8Pt 2ff23)
Step￿n Heywo(Kl
Ja￿S 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 p￿lItt
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 H￿se
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 F*suse
15 Up￿r Krig Street
Norv*ich
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 ch￿ch building5. putrAisho(l its rewl in May. Laura McGillivray,
ils chair spoke al AGM. The lille of Ihe T0￿rt. Lifeknes for HislorK Churches and th￿r C(vnmuniti8s.'
Kggping Church Builthngs Open. convey5 its p05ibve and forWard.1￿kIrrfj firKling5. The full text wh￿h
¢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 r8commènd8li￿s 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 re￿￿￿nen(l9t1on$.
In November the Church of England ann0￿Ced the estabhShm￿l olthe Buildings for Mission Fund,
rinally providirrfJ financial backing for some of the key re¢ommw)dati(ms of the 2017 Taylor Review of th&
Sustainabilily ol Historic Church&s Cathedrals. Chuith Builithngs Support Officers in every dioc*se
and a fund lor sMal￿r repairs and imwovemenls are part ot Ihe packag8." a SI￿lf￿an1 aThJ
unpr8cedent8d cèntral ColE inibabve ￿ Supp(￿ for chwch bulkJin￿ in use.
Thss was Charles Inglis's last year as chair of the Bik& Rid8 CrKnmitte& and si is a measure of his onergy
and effectiveness Ihat it prodtJc&d once again an exc*lknt total of neady £130k Irom participant
contending with record tom￿ratureS on the day. We aTr very gralèlvl lo Charles for giving so mLtch lim&,
ener￿ and imagin8tion over several years lo this cenlwie(* of our annual fundiatsing that has Tnade
£4.2 million since its inaugufatH)n in 1983. Cha￿S arKI his committe8, ￿1Mposed of twslges, Advisory
Ci)uncil mem1￿rS and ordinary MOM￿r$ have been an inspiring of the way in wh￿h 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 sifi￿e
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 gen8rc*ity n allthving our M￿l￿rS and Ihoir guests this
privileged access lo their fascinating prq)ertigs. This very suc￿Ss[￿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 bUr￿h al St Pelerfs. c￿pUS1Y 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
va￿jaI$ 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 r￿C￿ved some generous18gacies and gr8nls that will enable
U5 to meet some of our repair lia￿litt&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 m￿e manageable. Our Hon. Treasurer. David Miwn has as usual prepared a

professional anatysis of these matters in his contri￿tiOn 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 suP￿rt and structure that t￿Y 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 a￿1 reconslrucl churches
chA￿LS of any Christian der￿M￿at￿)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 t￿nefftS to the public
nerally. The direct bene￿￿aneS 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 rai￿ng
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 gu￿anCe public be￿rIt. 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 De￿rnber 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 m￿ber 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 gene￿1 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￿$
SIr￿e ts fol￿dati￿). the Trust has s￿9h1 lo achieve in its UK>vemiThJ boty the widesl rr)ssible
Tepresentalion throu￿Out 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 I￿SteeS have l*en app(inled wlh skills in th&
presorvation of h￿10r￿ buil(k'rys. finance. business. investsment and fundrai￿n9 ar￿ a fomal proc*ss 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 Mem￿3￿jum and Artides ol AS￿￿latiOn, the latesl annual report and a￿oUntS of the
Trust and th& Ch￿lty C(mmiss*)n's guMJanc8 notes on the R8spMsblitios ol Charity TTUSlees.
Advisory Council
Tho Trust's Art￿eS 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 preservat￿n..
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 a￿lce and recommendatM)n5 from the Ath1￿y Cc#mcrf shall not be binthro on the
Trustees.
The AdvisDry Counol, with a M￿liMUM 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 Co￿tY Council: and
olh8r p8r8rms aprKMnted by ￿Mtse￿ of the Twst in ga*ral 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 cO￿￿11￿1S may apwhnt ad¢*bo￿l members to until the next general
meeting.
Oryanisation
The Trustees are d1￿CtOrS 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 man￿eMent arKI admiFMslralion of the Trust. The Advisory thncil hold5 three meetings 8 ytsaf.
The Grants Committeo consii*rs 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 Tn￿1.
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$k management
The Trustees assesses annualty risks wh￿h mWt Wise thring tho course of the TTUSt's opwations. The
Trusle8s concluded that the mqor risks lo wllch the Norfolk Churths Trust is exposed, &5 identified by
the Trustees, have begn reviewed and syslems or procedures are 8slabbsh&J lo manag& IIKJse risks.
ObA•¢tl¥oJ and actbViti•s
The Trust's MernoraThJum of KsscciatK)n ststes that it 15 esta￿1$
Yor the advancementof to KYes&rve. ￿￿r. M￿1￿￿. be8thify and reC￿stn￿l Chur￿￿$ ￿L￿ap￿lS
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 $uc* church&s and Gh8pels,' and the
churchyards bolongNJ to such churches-.
The Trust also has similar p(wers in reSp￿t of thurches or chapds (rf historical impL)rtance or aTchi10dural
value and which have t)een declared redundant or otherwse ceased lo IBed regularty.
The Trust aims 10 3UPPOrt the presekvalion Lrf as many Norfotk churchos &5 possitrAe in a given year. Faced
wilh the competitson lor fina￿la1 resour￿ in reL41ion kn the S￿)S needed to maintain and repair churches
and, in many case5, the small size of coThj￿11(￿$. 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 SO￿1￿￿1 by comb'ning the offer of grants frrmn its own
funds with its experience of dealing wilh the Heritage Lottery Fund aThl ot*r 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..
Rei*i¥es and reVi￿￿S 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, w￿19 neet*d, 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 Ins￿lI0nS of its Leased C￿r¢he5 every fTrB years. aNt underta￿8 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 a￿1 ￿g￿les.,
sub5cripts.ons from iNJividual. aThJ PCC mernbe￿-
Grants from a rar#Je of hJnd&rs",
Fund-faisiThJ events, incI￿1ng 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 activ￿eS have remaI￿d unChan￿d over Ihe lorty-eighl years sirKe Ihè
Trust was lOrm￿l. The ran￿ of r8lat9d activities has L*en progressNely gxl8ThJed and refined to meet th&
eds of parishès ujnfronted with the escalating ￿s( of chufch re￿91rS. 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 thurGtr*s aYMI chapels
of any Christian denomination in the C(MJnty of Norfdk and th8 DKrne of No￿lch. Grants are assessed
on the urgency of the work propctsed aThJ on the financial rosources are*Jy available lo the parish or
ngregalion. A financial ststement is required wrth e&h aA)li¢ation. c￿s￿leratiOn 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 fU￿110n 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 Fir*ncial
and AdminBlralive Assislanls. All olhef work is do￿ by unpakl vot￿leers. The prir¢ipa tasks which are
P8rtly or wlK)Ily supported by vdunteeTS indude:
Assessment of church {eqU￿ementS frrm QuiThJuwnial InsFoclion Reports and I￿al 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 contribut￿n of th￿ TrK)luntews. eithgr in lemis of limo rA the rK)lional
cost ol staff ￿U1valentS, Ihe Trust is almosl wPM)ly de￿ndant vol￿teerS lor its "activities for gernrating
funds" a￿1 for a iango of advu a￿1 sur¥>ort gven to tho Tr￿l
AChi•v•M￿tS 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 <lisbvrs8d
vrds £28944812022-23: £302045>.
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 r￿￿ed ￿ £4398, See mle 101 and received income of
£2012 12023-34.. £6631 Irom coll￿tiOnS al churth seNices and dOnatiL￿5 Irom visitors to the churches.
togelhw with a single donation of £100.000 tow*ds urgent repairs list8d in a sp8cification of January 2023
at West Rudham..
Financial Rovi
Poll¢y forrn$or¥•s
Every year OT so. the Trustees consider the bng le￿ ￿t￿re of the Tnjsl's cl￿mIlMan1 lo support the (xre
and mainten¥*ce of churc￿$ 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 Y￿rk 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 f￿M the risks of these
projecls and lo provide adequalp sUPVOrt lo parishes. the Tfusloes t*lieve that the Trust shoLtld retain
substantial reserves a9ain$l the conti￿JencieS that may arise ol these pr(iects.
The Trustees aL80 considefed the compK)srtion of the Trusys irwme. Onty a m(xYesl plot￿lOn of income
can be regard&J as relkgbly recurrenl. whi￿ the Trust has beneffted C(￿s￿erablY 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 g0Vema￿e, 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(*rtain￿aS and the receipt of a restricted diThtL)n of £1￿.0c￿l 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 IT￿reas9 in sh•e vaues Ir￿reased 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 revlew*d annuaNy by the TrL6tees.
Finandal pèrformanco
The Trust aims lo tthieve over lime a balarKe b@tw￿ I￿(￿n*n9 aThJ (Njigoing r030urce$. before g8ins or
losse5 on inveslmenl assets. The Tiusl geneialty de￿gnateS rec8lPts from 1gJaaes arKJ lile membershipg
to Ihe investments fund. A budget is prepared belore the start ol each financial year lo estimate the
ncoming resources less eslimaled runniro cosls and. th￿8. Ihe resour(xs avaikble for grants and other
expenditure on churches. The progress of income and exp8n(kture is reVi￿ed at each Trustee's Me8tir¥J
and the funding available for grants may be a￿.Usted xcordingly.
The Spx)n50red Blcycle RKle, now in Éls 39th ye¥. continu8s as I1￿ Trusl's Iwgest luThl-raising event. In
2314 there was a modesl decrease in Ihe irurne Irun thi5. at £129S98. The Ride continues lo operate
on its original principle, Ihal each participanl nominates a church or chapel whith will receNe half of the
money raised together wilh the ￿lated Gift Aid. less 2.5V• towwds ￿lMin cosls139e Note 61.
The re¥utt for the ye*, before investment gains Ioss8s, was an overall 5UTpIu5 of £136553120Y2-23
£43S73, wlwch reflected Ihe imFK8cl of all Ihe 18¢tors mnlioned abo%e and conlinuing major repair works
on the leased churches during the ye* as sel out in noles ￿10. The lul breakdown tstween the various
funds is shown in the Sta18ment of Financial Activili&s.
Invo$tment p•rfomMn¢e and In￿stmen¢POIkY
All Investments hekj by the Trust have t*en wuired in ￿COrdar￿ with powers available to the
Trustees. The f￿aT￿l81 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{* ir￿rne for
future activities.
12

The Norfolk Churches Trust Limited
Trustees, Report (continued)
Since X$04, 88rratl & Co(A(e has managed t1￿ T￿￿1.$ 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 SKJnl￿an1IY as worfd irter8s1 rates have
increased and this has L8rgely offset the of Sts￿ dividend income.
Staternfrnt ol T￿￿tea￿. 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 Ch￿1￿11e company and of ir￿Ornir¥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 SUita￿e accounlir¥J policies and then apply them cor6islently'.
observe the meth￿S and prin¢it4es in the Charities SORP IFRS 102}',
make judgemenls and estimates that are re8s0n8Ne and prudent.,
slate wlpther app4icaile UK AccountirwJ Slaridards h￿e been Idbw&, suLiecl to any
material departures disclcBed arid eXplai￿d 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 resp￿sIble 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 CoMpan￿S N£t 2LK)6. They are also responsiblè for safeguarding Ihe
assets of the charitable company and hence for taking ￿asor￿b1e 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 p￿￿8$ set out in notes lo the
accounls and compty with the ¢hantYs goveming docun*nl. the Chanb"•s Act 2011 and Companies Acl 2006
and A¢¢ountiftg and Réporting by Charitios.. Slalement ol ReC￿Mended 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 leff￿t￿fj 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 W￿l1r￿ lo conlwiue in off￿e as repofbry ac{xA￿t￿nI 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 sp￿la1 wovi%ons lor small compani8s undtsr Part
15 of the cOm￿ni85 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 wh￿h are sel out on pages 17 to 26.
ReS￿nSIbIlItIeS and basls of r•port
As the charity Irustebs of the ¢ompwy land also its dirBCtots lor the p￿r￿￿e5 of company law} you are
responsible lor the preparation of ts attounls in &Cord￿cO￿th lh8 r￿Ul￿mentS ol Ihe comp￿&8$ Act 20(
Iyhe 2￿6 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$dion 145 01 the Chaiibes Acl 2011 llhe 2013 Acl-l In carryir¥J out my
examination I have follcwed the Direcliors given by lh& C￿"ty C(Mnmk&on ￿nd￿r sècb"r￿ 14515) Ibl tsfth8 2011
Indeptnd?nt examlnrfs SL*em•nt
Since the company's gross irthm• èxcè8dèd £250.000 your examirw must be a M￿bfjr of a body li$t8d in
soction 145 01 Iho 2011 Ad. l ¢onfirm Ihal l am q￿lified 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 c￿be to my attention in connection with the
examinatKffi giving me cause lo tsl*v6 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 Ot￿r than
any requitemenl Ihat the accounts give a Inje and fair view. w￿h is not a mattèr tt)n%der*l as part of
an inde￿ndent èxamination; or
4. Th& ￿)Unts havè Mt bèèn pr*pared 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 acco10a￿e wjlh Fina￿la1 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 uni*rslwdir¥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 chU￿h￿ Trust Llmlt•d
Stat*m•nt of Financial Athltl•s for the y•ar ended 31 March 2024 Ir*(w & ACCI￿1}
Totsl
Fundi
Fund•
Lo8sod L88
Gwol knv8sbll•ll CthurL4*s 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$1 gwoni$ I￿￿1¢ 4)
S81e Lrf g¢xwts
Invèskn￿1￿ (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 CAr￿9￿ lorwAFd
84.652 I￿.￿28 127.719 I(K$,￿o 2.180,799
1.983.885
and ID Ihtr op￿￿Th ol Ihe TnJsl•es lh8 9rnsenialKJn of a 5epornt• aTh1•x￿TrJ￿xfr 8tttyJni*roJd WTP08a.
The gxpgTh1knfe for th& yoar 10 Ihe TILÉI'$
￿*re no f*CO9nised 9Bin5 u knss•solhaFlh￿ IhD r*t gans of £196.914 yow ￿ 31 ¥8th 2024
12Q23 ￿55.. £244961
Th• nDI05 pw 18 to 23 Ir*m 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
Investrr￿nfS Inrrte 111
J,680,113
1,623.702
Current assd•
Oeblors Inole 121
Investr￿n1$- UK Treaswy Stocks 13
Cash at bank in harKJ Incl8 141
22.876
184.993
621.690
18.926
182,868
517.730
829.558
719,524
Crndltor8'.
amounts lalllng due wlthln one y••r
Unpaid granls Irom General Fil￿ In0￿ 91
A¢¢fu81$ 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•$¢rl¢t•d'.
Generd lurbj
84,652
56,349
t)es￿n$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 ff*mbe¥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..
>hn M&Ydiwi
Ch￿￿an
Ro58ts1b 88tt
Trustee
The notss on pw 18 to rJ form part oft￿se flnarKial $tatements
17

Th• Norfolk Chufch48 Trust Llmlted
N?tos to th• flnanclal •twl•m¢nts
S¢wWSolipmp
£tsi1iy￿E￿L*aTh￿￿dWa1eS
ThÈprln(Wl
YhÈat¢tsuiitslfiffl4nt￿al StilÈmÈntsllthtbEefi￿yWtdM￿Efw0￿e￿*h￿ech￿l￿soR9(*AS 1011.
kn￿11{ ol 1021 l la￿￿r#I019K
UK3nd Rppublk 01￿*41￿d (FR5 1021 ir•iknCompY¢5•412(
lo iel*cl Ihealhx411otsol kn&s￿the1rUsI￿X theTsY••tnw*SFunJ¥51k7•na5axpw•le￿￿￿d1￿￿I
tbEfinawal 5fatement5. ThelrA*51niemsFuTrJ lor Tr*poknofthe
Fund. LÈ¥AdCknurt￿Fv￿lwl5￿ the1HV(Erd5vf*+th￿hÈWt
ett1us￿￿Yo￿
Gian1% payableat*chafgod ￿t￿lh￿O[l￿of thÈrot¥*fit.
¢•theobh#lrofftrhp WdleAREs- TheTry51*o chyth1￿thP*￿ThTrC#￿<4ct￿￿￿e￿￿Eart￿￿
tt￿¢￿tIlnshlÈvztrth avknttyth¢se
lol thE7rust
ThE TFU51eE51wea%se%seObvth YPEr*xth
ThpwepaT•flonol the11￿￿1151￿1e￿enlsrery*t5 i0m•kethment&t51knI1•54Dd￿i￿￿I
tho b*￿d¢ne￿￿*Ea￿lllIh￿1ILtsVS.
the TKo¥er•b*yoltL¥éseypenthdtr
C•sh at

Tha Norfolk Churchos Tw$t Llmhod
Not•* to th• financlal stat•m?nts Icontinu•dl
W RUdh￿ ofE15075 andEILI)36 rosFwlty•ty A gr•*of £4Mw% 18c*46d4>¥•spKt ol fywsty.
Totsl
Totsl
fu
Trust •¥￿t% *ro•s tunds
2024
Gypsy S¥Wing
House by thp C￿Jr
C￿r¢￿ Tours
Hdkhom Owa
c￿n￿Wjge VOKOB
Roy¥l Nortdk St
Stat6ty Car SaK•
VKk•rs
4430
24465
2225
5975
851
15.151
52.821
136,284
Incomfr from InY••lm•
1rt*&510n bank & olher dèFO)5rts
i￿ar&10n fixod IDtW*Sl SlLxks
1•.112
152
7.187
3.497
41.¢155
DWond$
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$ $8L8Ms orr69.712 sé¢thty 01 £675
. Costs 01 thg Sp￿￿ed Ride IrKk¥lg Ihe 4T.S% of Pokl to panshes
ach with Ihg r4tsJ GifiA¥J bed•m&l iyth• T1￿( t¢th £57.7n {20YJ". t57.711}.
of oypanthiurt b81Jv4 rd8ts5 tr) UN•Skncted fuK*5.
Jpwrt of
VDluntary FuThdraisir¥ charitable &>vernance
Income
& trading
tmty
Toi•l
2023
So￿rI$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
sFo￿Ored R
OLherfunthBisir¥J vxpenses
AGIA Amu4 row
Sale
2598
16020
92478
62869
10336
181702
IAd•ynd•nt Ey*mirw¥ Remun•r¥tson
The *r￿ependent exarninerfs rernureratic￿ lo t3L￿j12￿23- £18901
19

Th•NllrfUkCbU￿hUTI￿￿L￿HLlVd
)F
LY¥
STCknYrf
JA•
I￿%￿¥

Th• Norfolk ch￿￿h*S Trnit Llmtted
Not•s to th• fln•nclAI Atat•n*nts 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•• (c*￿T￿
iB*IZ
IDJ2
1TTSffj
1TIS
451 %•P
IJZ
fLgTS
22.915
J4J
G•w
laT.71•
117.711
11*113
S FV*AIT
FI•X4
J59yi
11

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￿
D￿5 Roal
Tibwham
fdk NR16 1QF
Patron
HM The King
Vle• Patr4)
Tho DL*8 ol N(Mlolk
Thè Bishop ol NO￿lCh
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 (cl￿1￿￿an)
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 Lon￿1# TD". DL
Ms Lauren Pwker (ReS￿ned March 2024)
Peter Sheppard. fReS￿n￿dSOpt 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&m￿r$ 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 fReS￿ned Sept 2023)
Fr Philip Gray (Hon Chaplain) (Reswn8d S8Pt 2ff23)
Step￿n Heywo(Kl
Ja￿S 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 p￿lItt
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 H￿se
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 F*suse
15 Up￿r Krig Street
Norv*ich
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 ch￿ch building5. putrAisho(l its rewl in May. Laura McGillivray,
ils chair spoke al AGM. The lille of Ihe T0￿rt. Lifeknes for HislorK Churches and th￿r C(vnmuniti8s.'
Kggping Church Builthngs Open. convey5 its p05ibve and forWard.1￿kIrrfj firKling5. The full text wh￿h
¢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 r8commènd8li￿s 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 re￿￿￿nen(l9t1on$.
In November the Church of England ann0￿Ced the estabhShm￿l olthe Buildings for Mission Fund,
rinally providirrfJ financial backing for some of the key re¢ommw)dati(ms of the 2017 Taylor Review of th&
Sustainabilily ol Historic Church&s Cathedrals. Chuith Builithngs Support Officers in every dioc*se
and a fund lor sMal￿r repairs and imwovemenls are part ot Ihe packag8." a SI￿lf￿an1 aThJ
unpr8cedent8d cèntral ColE inibabve ￿ Supp(￿ for chwch bulkJin￿ in use.
Thss was Charles Inglis's last year as chair of the Bik& Rid8 CrKnmitte& and si is a measure of his onergy
and effectiveness Ihat it prodtJc&d once again an exc*lknt total of neady £130k Irom participant
contending with record tom￿ratureS on the day. We aTr very gralèlvl lo Charles for giving so mLtch lim&,
ener￿ and imagin8tion over several years lo this cenlwie(* of our annual fundiatsing that has Tnade
£4.2 million since its inaugufatH)n in 1983. Cha￿S arKI his committe8, ￿1Mposed of twslges, Advisory
Ci)uncil mem1￿rS and ordinary MOM￿r$ have been an inspiring of the way in wh￿h 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 sifi￿e
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 gen8rc*ity n allthving our M￿l￿rS and Ihoir guests this
privileged access lo their fascinating prq)ertigs. This very suc￿Ss[￿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 bUr￿h al St Pelerfs. c￿pUS1Y 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
va￿jaI$ 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 r￿C￿ved some generous18gacies and gr8nls that will enable
U5 to meet some of our repair lia￿litt&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 m￿e manageable. Our Hon. Treasurer. David Miwn has as usual prepared a

professional anatysis of these matters in his contri￿tiOn 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 suP￿rt and structure that t￿Y 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 a￿1 reconslrucl churches
chA￿LS of any Christian der￿M￿at￿)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 t￿nefftS to the public
nerally. The direct bene￿￿aneS 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 rai￿ng
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 gu￿anCe public be￿rIt. 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 De￿rnber 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 m￿ber 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 gene￿1 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￿$
SIr￿e ts fol￿dati￿). the Trust has s￿9h1 lo achieve in its UK>vemiThJ boty the widesl rr)ssible
Tepresentalion throu￿Out 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 I￿SteeS have l*en app(inled wlh skills in th&
presorvation of h￿10r￿ buil(k'rys. finance. business. investsment and fundrai￿n9 ar￿ a fomal proc*ss 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 Mem￿3￿jum and Artides ol AS￿￿latiOn, the latesl annual report and a￿oUntS of the
Trust and th& Ch￿lty C(mmiss*)n's guMJanc8 notes on the R8spMsblitios ol Charity TTUSlees.
Advisory Council
Tho Trust's Art￿eS 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 preservat￿n..
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 a￿lce and recommendatM)n5 from the Ath1￿y Cc#mcrf shall not be binthro on the
Trustees.
The AdvisDry Counol, with a M￿liMUM 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 Co￿tY Council: and
olh8r p8r8rms aprKMnted by ￿Mtse￿ of the Twst in ga*ral 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 cO￿￿11￿1S may apwhnt ad¢*bo￿l members to until the next general
meeting.
Oryanisation
The Trustees are d1￿CtOrS 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 man￿eMent arKI admiFMslralion of the Trust. The Advisory thncil hold5 three meetings 8 ytsaf.
The Grants Committeo consii*rs 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 Tn￿1.
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$k management
The Trustees assesses annualty risks wh￿h mWt Wise thring tho course of the TTUSt's opwations. The
Trusle8s concluded that the mqor risks lo wllch the Norfolk Churths Trust is exposed, &5 identified by
the Trustees, have begn reviewed and syslems or procedures are 8slabbsh&J lo manag& IIKJse risks.
ObA•¢tl¥oJ and actbViti•s
The Trust's MernoraThJum of KsscciatK)n ststes that it 15 esta￿1$
Yor the advancementof to KYes&rve. ￿￿r. M￿1￿￿. be8thify and reC￿stn￿l Chur￿￿$ ￿L￿ap￿lS
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 $uc* church&s and Gh8pels,' and the
churchyards bolongNJ to such churches-.
The Trust also has similar p(wers in reSp￿t of thurches or chapds (rf historical impL)rtance or aTchi10dural
value and which have t)een declared redundant or otherwse ceased lo IBed regularty.
The Trust aims 10 3UPPOrt the presekvalion Lrf as many Norfotk churchos &5 possitrAe in a given year. Faced
wilh the competitson lor fina￿la1 resour￿ in reL41ion kn the S￿)S needed to maintain and repair churches
and, in many case5, the small size of coThj￿11(￿$. 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 SO￿1￿￿1 by comb'ning the offer of grants frrmn its own
funds with its experience of dealing wilh the Heritage Lottery Fund aThl ot*r 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..
Rei*i¥es and reVi￿￿S 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, w￿19 neet*d, 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 Ins￿lI0nS of its Leased C￿r¢he5 every fTrB years. aNt underta￿8 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 a￿1 ￿g￿les.,
sub5cripts.ons from iNJividual. aThJ PCC mernbe￿-
Grants from a rar#Je of hJnd&rs",
Fund-faisiThJ events, incI￿1ng 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 activ￿eS have remaI￿d unChan￿d over Ihe lorty-eighl years sirKe Ihè
Trust was lOrm￿l. The ran￿ of r8lat9d activities has L*en progressNely gxl8ThJed and refined to meet th&
eds of parishès ujnfronted with the escalating ￿s( of chufch re￿91rS. 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 thurGtr*s aYMI chapels
of any Christian denomination in the C(MJnty of Norfdk and th8 DKrne of No￿lch. Grants are assessed
on the urgency of the work propctsed aThJ on the financial rosources are*Jy available lo the parish or
ngregalion. A financial ststement is required wrth e&h aA)li¢ation. c￿s￿leratiOn 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 fU￿110n 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 Fir*ncial
and AdminBlralive Assislanls. All olhef work is do￿ by unpakl vot￿leers. The prir¢ipa tasks which are
P8rtly or wlK)Ily supported by vdunteeTS indude:
Assessment of church {eqU￿ementS frrm QuiThJuwnial InsFoclion Reports and I￿al 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 contribut￿n of th￿ TrK)luntews. eithgr in lemis of limo rA the rK)lional
cost ol staff ￿U1valentS, Ihe Trust is almosl wPM)ly de￿ndant vol￿teerS lor its "activities for gernrating
funds" a￿1 for a iango of advu a￿1 sur¥>ort gven to tho Tr￿l
AChi•v•M￿tS 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 <lisbvrs8d
vrds £28944812022-23: £302045>.
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 r￿￿ed ￿ £4398, See mle 101 and received income of
£2012 12023-34.. £6631 Irom coll￿tiOnS al churth seNices and dOnatiL￿5 Irom visitors to the churches.
togelhw with a single donation of £100.000 tow*ds urgent repairs list8d in a sp8cification of January 2023
at West Rudham..
Financial Rovi
Poll¢y forrn$or¥•s
Every year OT so. the Trustees consider the bng le￿ ￿t￿re of the Tnjsl's cl￿mIlMan1 lo support the (xre
and mainten¥*ce of churc￿$ 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 Y￿rk 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 f￿M the risks of these
projecls and lo provide adequalp sUPVOrt lo parishes. the Tfusloes t*lieve that the Trust shoLtld retain
substantial reserves a9ain$l the conti￿JencieS that may arise ol these pr(iects.
The Trustees aL80 considefed the compK)srtion of the Trusys irwme. Onty a m(xYesl plot￿lOn of income
can be regard&J as relkgbly recurrenl. whi￿ the Trust has beneffted C(￿s￿erablY 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 g0Vema￿e, 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(*rtain￿aS and the receipt of a restricted diThtL)n of £1￿.0c￿l 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 IT￿reas9 in sh•e vaues Ir￿reased 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 revlew*d annuaNy by the TrL6tees.
Finandal pèrformanco
The Trust aims lo tthieve over lime a balarKe b@tw￿ I￿(￿n*n9 aThJ (Njigoing r030urce$. before g8ins or
losse5 on inveslmenl assets. The Tiusl geneialty de￿gnateS rec8lPts from 1gJaaes arKJ lile membershipg
to Ihe investments fund. A budget is prepared belore the start ol each financial year lo estimate the
ncoming resources less eslimaled runniro cosls and. th￿8. Ihe resour(xs avaikble for grants and other
expenditure on churches. The progress of income and exp8n(kture is reVi￿ed at each Trustee's Me8tir¥J
and the funding available for grants may be a￿.Usted xcordingly.
The Spx)n50red Blcycle RKle, now in Éls 39th ye¥. continu8s as I1￿ Trusl's Iwgest luThl-raising event. In
2314 there was a modesl decrease in Ihe irurne Irun thi5. at £129S98. The Ride continues lo operate
on its original principle, Ihal each participanl nominates a church or chapel whith will receNe half of the
money raised together wilh the ￿lated Gift Aid. less 2.5V• towwds ￿lMin cosls139e Note 61.
The re¥utt for the ye*, before investment gains Ioss8s, was an overall 5UTpIu5 of £136553120Y2-23
£43S73, wlwch reflected Ihe imFK8cl of all Ihe 18¢tors mnlioned abo%e and conlinuing major repair works
on the leased churches during the ye* as sel out in noles ￿10. The lul breakdown tstween the various
funds is shown in the Sta18ment of Financial Activili&s.
Invo$tment p•rfomMn¢e and In￿stmen¢POIkY
All Investments hekj by the Trust have t*en wuired in ￿COrdar￿ with powers available to the
Trustees. The f￿aT￿l81 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{* ir￿rne for
future activities.
12

The Norfolk Churches Trust Limited
Trustees, Report (continued)
Since X$04, 88rratl & Co(A(e has managed t1￿ T￿￿1.$ 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 SKJnl￿an1IY as worfd irter8s1 rates have
increased and this has L8rgely offset the of Sts￿ dividend income.
Staternfrnt ol T￿￿tea￿. 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 Ch￿1￿11e company and of ir￿Ornir¥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 SUita￿e accounlir¥J policies and then apply them cor6islently'.
observe the meth￿S and prin¢it4es in the Charities SORP IFRS 102}',
make judgemenls and estimates that are re8s0n8Ne and prudent.,
slate wlpther app4icaile UK AccountirwJ Slaridards h￿e been Idbw&, suLiecl to any
material departures disclcBed arid eXplai￿d 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 resp￿sIble 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 CoMpan￿S N£t 2LK)6. They are also responsiblè for safeguarding Ihe
assets of the charitable company and hence for taking ￿asor￿b1e 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 p￿￿8$ set out in notes lo the
accounls and compty with the ¢hantYs goveming docun*nl. the Chanb"•s Act 2011 and Companies Acl 2006
and A¢¢ountiftg and Réporting by Charitios.. Slalement ol ReC￿Mended 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 leff￿t￿fj 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 W￿l1r￿ lo conlwiue in off￿e as repofbry ac{xA￿t￿nI 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 sp￿la1 wovi%ons lor small compani8s undtsr Part
15 of the cOm￿ni85 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 wh￿h are sel out on pages 17 to 26.
ReS￿nSIbIlItIeS and basls of r•port
As the charity Irustebs of the ¢ompwy land also its dirBCtots lor the p￿r￿￿e5 of company law} you are
responsible lor the preparation of ts attounls in &Cord￿cO￿th lh8 r￿Ul￿mentS ol Ihe comp￿&8$ Act 20(
Iyhe 2￿6 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$dion 145 01 the Chaiibes Acl 2011 llhe 2013 Acl-l In carryir¥J out my
examination I have follcwed the Direcliors given by lh& C￿"ty C(Mnmk&on ￿nd￿r sècb"r￿ 14515) Ibl tsfth8 2011
Indeptnd?nt examlnrfs SL*em•nt
Since the company's gross irthm• èxcè8dèd £250.000 your examirw must be a M￿bfjr of a body li$t8d in
soction 145 01 Iho 2011 Ad. l ¢onfirm Ihal l am q￿lified 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 c￿be to my attention in connection with the
examinatKffi giving me cause lo tsl*v6 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 Ot￿r than
any requitemenl Ihat the accounts give a Inje and fair view. w￿h is not a mattèr tt)n%der*l as part of
an inde￿ndent èxamination; or
4. Th& ￿)Unts havè Mt bèèn pr*pared 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 acco10a￿e wjlh Fina￿la1 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 uni*rslwdir¥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 chU￿h￿ Trust Llmlt•d
Stat*m•nt of Financial Athltl•s for the y•ar ended 31 March 2024 Ir*(w & ACCI￿1}
Totsl
Fundi
Fund•
Lo8sod L88
Gwol knv8sbll•ll CthurL4*s 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$1 gwoni$ I￿￿1¢ 4)
S81e Lrf g¢xwts
Invèskn￿1￿ (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 CAr￿9￿ lorwAFd
84.652 I￿.￿28 127.719 I(K$,￿o 2.180,799
1.983.885
and ID Ihtr op￿￿Th ol Ihe TnJsl•es lh8 9rnsenialKJn of a 5epornt• aTh1•x￿TrJ￿xfr 8tttyJni*roJd WTP08a.
The gxpgTh1knfe for th& yoar 10 Ihe TILÉI'$
￿*re no f*CO9nised 9Bin5 u knss•solhaFlh￿ IhD r*t gans of £196.914 yow ￿ 31 ¥8th 2024
12Q23 ￿55.. £244961
Th• nDI05 pw 18 to 23 Ir*m 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
Investrr￿nfS Inrrte 111
J,680,113
1,623.702
Current assd•
Oeblors Inole 121
Investr￿n1$- UK Treaswy Stocks 13
Cash at bank in harKJ Incl8 141
22.876
184.993
621.690
18.926
182,868
517.730
829.558
719,524
Crndltor8'.
amounts lalllng due wlthln one y••r
Unpaid granls Irom General Fil￿ In0￿ 91
A¢¢fu81$ 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•$¢rl¢t•d'.
Generd lurbj
84,652
56,349
t)es￿n$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 ff*mbe¥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..
>hn M&Ydiwi
Ch￿￿an
Ro58ts1b 88tt
Trustee
The notss on pw 18 to rJ form part oft￿se flnarKial $tatements
17

Th• Norfolk Chufch48 Trust Llmlted
N?tos to th• flnanclal •twl•m¢nts
S¢wWSolipmp
£tsi1iy￿E￿L*aTh￿￿dWa1eS
ThÈprln(Wl
YhÈat¢tsuiitslfiffl4nt￿al StilÈmÈntsllthtbEefi￿yWtdM￿Efw0￿e￿*h￿ech￿l￿soR9(*AS 1011.
kn￿11{ ol 1021 l la￿￿r#I019K
UK3nd Rppublk 01￿*41￿d (FR5 1021 ir•iknCompY¢5•412(
lo iel*cl Ihealhx411otsol kn&s￿the1rUsI￿X theTsY••tnw*SFunJ¥51k7•na5axpw•le￿￿￿d1￿￿I
tbEfinawal 5fatement5. ThelrA*51niemsFuTrJ lor Tr*poknofthe
Fund. LÈ¥AdCknurt￿Fv￿lwl5￿ the1HV(Erd5vf*+th￿hÈWt
ett1us￿￿Yo￿
Gian1% payableat*chafgod ￿t￿lh￿O[l￿of thÈrot¥*fit.
¢•theobh#lrofftrhp WdleAREs- TheTry51*o chyth1￿thP*￿ThTrC#￿<4ct￿￿￿e￿￿Eart￿￿
tt￿¢￿tIlnshlÈvztrth avknttyth¢se
lol thE7rust
ThE TFU51eE51wea%se%seObvth YPEr*xth
ThpwepaT•flonol the11￿￿1151￿1e￿enlsrery*t5 i0m•kethment&t51knI1•54Dd￿i￿￿I
tho b*￿d¢ne￿￿*Ea￿lllIh￿1ILtsVS.
the TKo¥er•b*yoltL¥éseypenthdtr
C•sh at

Tha Norfolk Churchos Tw$t Llmhod
Not•* to th• financlal stat•m?nts Icontinu•dl
W RUdh￿ ofE15075 andEILI)36 rosFwlty•ty A gr•*of £4Mw% 18c*46d4>¥•spKt ol fywsty.
Totsl
Totsl
fu
Trust •¥￿t% *ro•s tunds
2024
Gypsy S¥Wing
House by thp C￿Jr
C￿r¢￿ Tours
Hdkhom Owa
c￿n￿Wjge VOKOB
Roy¥l Nortdk St
Stat6ty Car SaK•
VKk•rs
4430
24465
2225
5975
851
15.151
52.821
136,284
Incomfr from InY••lm•
1rt*&510n bank & olher dèFO)5rts
i￿ar&10n fixod IDtW*Sl SlLxks
1•.112
152
7.187
3.497
41.¢155
DWond$
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$ $8L8Ms orr69.712 sé¢thty 01 £675
. Costs 01 thg Sp￿￿ed Ride IrKk¥lg Ihe 4T.S% of Pokl to panshes
ach with Ihg r4tsJ GifiA¥J bed•m&l iyth• T1￿( t¢th £57.7n {20YJ". t57.711}.
of oypanthiurt b81Jv4 rd8ts5 tr) UN•Skncted fuK*5.
Jpwrt of
VDluntary FuThdraisir¥ charitable &>vernance
Income
& trading
tmty
Toi•l
2023
So￿rI$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
sFo￿Ored R
OLherfunthBisir¥J vxpenses
AGIA Amu4 row
Sale
2598
16020
92478
62869
10336
181702
IAd•ynd•nt Ey*mirw¥ Remun•r¥tson
The *r￿ependent exarninerfs rernureratic￿ lo t3L￿j12￿23- £18901
19

Th•NllrfUkCbU￿hUTI￿￿L￿HLlVd
)F
LY¥
STCknYrf
JA•
I￿%￿¥

Th• Norfolk ch￿￿h*S Trnit Llmtted
Not•s to th• fln•nclAI Atat•n*nts 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•• (c*￿T￿
iB*IZ
IDJ2
1TTSffj
1TIS
451 %•P
IJZ
fLgTS
22.915
J4J
G•w
laT.71•
117.711
11*113
S FV*AIT
FI•X4
J59yi
11