The Ipswich Historic Churches Trust Ltd Company Number 1457990 Registered Charity umber 278924 A Company Limited by Guarantee Report and Financial Statements for the year ended 31 December 2023
The Ipswich Historic Churches Trust Ltd Contents Reference Admilli%tr#tive Infonnatio Trustee's report Independenl examiner's rtport Statement of financial activities Balance sheet io Noies to tbe financial ststements 12-21
The Ipswich HistorÈc Churches Trust Ltd Reference and Administrative Inforniation Charity Name The Ipswiclp Historic Chur¢h¢s Trnst Ltd Charity Registration Number 278924 Company Regi$trnÈion Number 1457990 Registered Oftrice Sara¢¢ns House Buslness Cei)tre 25 St Matg2rets Green Epswich P4 2BN Trustees Mr P J Brooks MT J S Field R W Alleii Mrs G F Brot)m Mr M A Evans Mr R J Kindred Mrs l E Lo¢kinoton MrRWPope Appointed By Members Metnbers Members Borough Members BomLig]I Borou Borough Chalr Vice Chair Appointed 19 December ?023 MrARae Mrs K J Salter Mrm J Sliarman MrPHLSmart Mr D J Viiicent Members Meinbers Borough Borough Members Bankers Ctropei'ativc Bank PLC PO Box 250 Skelmersdale Solicitors Birketts LLP 141 145 Princess Strttt Ipswich Ipi ioj
The Ipswich Historic Churches Trust Ltd Trustee5 report and revieiv "Ihe Trustees (who ai¢ also directors of ihe charity foi the purposes of the Comwdnies Act) present their annual report together with the fmancial 5tal¢Jnents of The Ip.8wich Historic Churches Trust Limited (the company) for the y¢ar ended 31 December 2023. The TTUStees confirn] that the ADnual Report and financial stalements of the company comply wkth thc cutrent Statuiory requirements. the requirements of the company's governing document and ep01510ns of the Sfatement of Recommended Prdclic¢ (SORP), applicable to charities preparing their accounts in accordance with the Financial R¢porling Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) Since the company qualifies as smdl under section 383, the strat¢gic teport required ol medium and large companie5 under The Companies Act 2006 (Sttat¢gic Rep)rt and Dkrectorfs Report) Regulations 2013 is not required. Structure, Governance and mgllagemeut The Trust was incorporated as a private limited company limited by Guarantee in 1979 and is regulated by the memorandum and arti¢lcs of association. T[US are appointed by Ipswich Borough Council or by members at an Annual General Meeting. Up to twelve TteeS may be appointed by Ipswich Borougb Council and six by members of the Trust. AppoiDtro¢nt as a Trustee is for three years but the appointed can be ienewed. The Trkjst has a manag¢rnent board To which a]1 Trustees are automatically appointed. All major decisions are made by the tnanagement board. The are also several sub committees dealing with sp¢cific issues. Truste ate apin1¢d to the sub committees as r¢quired. The sub committees can appoint external a(iviser5 to help with their work. All Trustces are unpaid and there a no employees. We welcome Adam Rae to the Board this year. Aims & Obj¢ctive5, Public Ben¢fi¢ The priinary objective of the trust is the preservation and mainten8nce, for ihe public benefit of redundant churches of aLI denominatiolls in the Borough of Ipswich which are of historic or architectural value. Currentlv. the Trust holds long leases on four redundant churches in Ipswich granted by Ipswich Borough Council, the freeholder. The Tn also holds a watcliing brief for other redundant churchcs in the town. The four churches are Si Peter, St Clement. St Lawrence and St Stephen. The Trust aim is to seek alternative uses of the churches having regard io the legal and other constraints imp)sed b).. the tcrins of the Trust's own lease planning and listed building controls grant conditions restriction5 imposed on the transfer of the churches to the Borough by the Church Commissioners the condition of the buildings.
The Ipswich Historic Churchcs Trust Ltd The Trust tries to match available funds with grants to undertake works of structural and external repair. Historically.. regular grants are made by Ipswich Borough Council. Grants for specific projecis are provided from our sources. The Tn)st applies aDy income generafrd from fhe chutches in normal tnaintenance and inbuilding reseTves for future work5. Sources of income The Trust h&5 aLKJUt 80 members i*ho pa). an annual subscription or a life en]be[sI]Ip. At the date of this report the subscription rates are £1 O for annual menibership and £1 00 for life membership. Ipswich Borough Council pays atnoun15 to pay for general mainl¢n8ncc of the churche5: and has this ye2r committed to fund Tepair works identified in the quinqueTmial reports on a rolling programme. The Trusi also r¢¢cives bequests or doDalions foT specifi repairs or acttvities. Other small amounts of Éncome come from the sa]e of information leatlets and donations for using the bells in the churches. In addition, the Trust is able to seek haritable donations fTOm Outsidc ChaTities wbo have funds io assist with our work. St Clement's Church Last year we reported that the works to levcl the floor and profvide the fsr phase of the plan haTre been implemented, and Éhat the 5ecolld phase to install toilets, which involved connections to 5ew'cr5, water and upgrdding electricitv distribution will commence in 2023. We are delighted to report that this H'ork was completed. despite difficult issues dra1[ge. which w¢ overcame just in time for the rst major letting. This work has been generously funded by Valen¢ia Communities Fund and a priN'ate donor. July Camra with Briarbank Brewery stsged the 35 AnDual Ipswich Beer Festival, which was a rip roaring success and over 2000 people came lo the chuirh oTrer 5 davs. Following this the 75 ' Anniversary dinner of the Old Gaffeis Ass(xiation grnced the church, and our mayor was on hand to open both cv¢nts. In Augusl Ipswich Arts Society's Annual Exhibition filled the space. a wonderfvl event lots more people in the church fulfilling our commitment to wider access. September brought tlie Bellriugers iNational Rally.. Heritage weekend and our AGM with bells and beauliful medÈeval music from Stephen and Jcnnic cLdY. October was a tribute lecture to Radio Caroline and in December we staged the first chrislaS Market in the church. sadly the 'eekend w&s the worst weather of the year but the brave souls who attended I] a treal of local stallholders to enjoy. 2024 will bring another phase of works once the reserves have been replenished. Lettings for 2024 are already buoyant with ne8rly all of 2023 events eominE agatn with some ncTh additions.
The Ipswich Historic Churches Trust Ltd St Lawrence Church Little has changed since we reported last year until the Quinquennial Inspection in December revealed a bulge in th¢ flint cladding on the souih side of the tower. Once identified IBC Building Control were advised and scaffolding erected almost immediately to protect the public from anv risk of falling stonework. Works 111 commcnce in April after the winter frosts to repair the tlint. This is Part of ihe quinquennial work and will impact the order in which IBC cary out their agreed fuuding of ihe woiks. The Trust has leased the church to Realise Futures Community Interest Companv. The annual l¢ase payment is £ 11.240.00. The Trust aIso reuts out vartous parts of the churchyard and foTmer boiler house to a neighbouring coffe¢ shop and others for an annual rent of £776 during the summer months. There remains considerable concern that the churchyard is being used by gangs for drug dealing and general rowdtness. the TFUStees' Building Sub Committee are part of the co- ordinated Borough. County and Police actions to seek a peaceful end io this behaviour. This year some of the denscr planting areas have been removed and furtheT works to Ihe trees are planned. St Peter's Church It ha5 be¢n a quiel year in St Peter's at the Waterfront and as lasl year the Trust has leased the chwch to the Ipswich Hospltsl Band Ltd. They opernte as the centre for ihe Hospital Band and a venue for fund Tai5ing a¢iivities foT the local hospitsl. The rent was last increased frorn £3,500 p.a. to £3964.00 p.a. During the year no major works to the Church have been carried oui but Ihe Trust has success11Y lobbi¢d the Borough Council to C3Try out repair and maintenane¢ to the church}'aFd and boundary w?Ils. St Sttphen's Church The Borough ha5 worked hard on St Siephens this )'ear and it is now open regularly as music and perfoTmance centre. The Tntsl i¥ishes tbe Borough well V*ith this venture and congratulat¢s them on the works, and we are delighted that here too more people are seeing inside one of our glorious medieval ¢hurches.
The Ipswich Historic Churches Trust Ltd Quinquennial Inspections The Trust has soughi funding to ¢aTry Out the works set out in the Quinquemiial report5 and is delighted with the BoTough's response. TeThdeTS for the professional works were sought in 2023 and Nicolas Jacob Aichitects arc now appointed and have cornmenced a new inspection, building work5 will be hapnIng later in ?024. We look forward to see&ng our precious buildings being helped forward io gracc our towll for many years to ¢ome... Report prepared by the Trustees P.J. Brooks Chair
The Ipswich Historic Churches Trust Ltd Independent Examiner's Report I report on the aCCDunts of The Ipswich Historic Churclie5 Trust Ltd for the year ended 31 December 2023 which are set out on pages 9 to 21. Respective respoDSibilities ol trustees and examiner Th¢ Charity's Trust¢es are responsible for the preparation of d)e accounts. The Cliarity's Trustccs Consider that an audit is not required for this year (und¢r wtion 144 (2) of the Chariti¢s Act 2011 (The Act) but that an independent examination is needed. Jt is my responsibility to- Examine the accounts under sectioll 145 of th¢ Charities ACL - To follow th¢ proceduTC5 laid down in the General Ditections giv¢n by the Charity Commissioners (under section 145(5)(b) of the Charities ACL and - To state whether Wicular sDatte have coffte to my attenlion. Basis of independent ex*miller's Staternent My examination was carried out in accordance widi the General Directions givcn by the Charity Commissiorters. An &xamination includes a reIeW of the accounting records kept by the Charity aiid a comparison of thc a¢counts presented witl) those records. It also includes considcrdtions of ]Y unusual ileTns or disclosures in the accounts. and secking explanations from you as trustees eoncerninLT any 5urh matters. Th¢ procedurcs undertaken do not provide all the evidence that would be required in an audit and coiisequently I do not express an audit opinion on the view given by the accounts. IDdepeDdent ex¥miTher's Statement In th¢ ¢ourse of my examin&ion. no maierial matter5 have corne to Y att¢i)tion wbich gives Ine cause to believ¢ that in. any material Fespect-. - the accounting records w¥e not kept in accordance with section 130 of ihe Charities Act" or - the account5 did not accord with the accounting records. or - the accounls did not comply with the appli¢able requirements conceniing the forjn and coiitent of the ac¢ouiitS get out in the Charities (AccouT]ts and R¢ports) R¢gulAiioii$ 2008 other than any trquir¢m¢nt tliat the accounts give a 'trtte and fair" view which is not a matter ¢onsider¢d as par( of an independent examination. I have com¢ across no other matters wnnection with the examination to whi¢kL att¢ntiOfL should be di'awn in this report in order to CTJ&bl¢ a pmper understanding of the accounts to be reached. Shelley Rudling FMAAT AATQB for and on behalf of.. Comrnunity360 Winsl?y's Hous4 High StreeL Colchester Essex.
The Ipswich Historic Churches Trust Ltd STATEMENT OF FINANCJAL ACTIVITIES Unrestricted Restricted funds fund5 2023 2023 Total funds 2023 Total funds 2022 Note Donations and legacies 14.729 78,535 93.264 37,128 Charitable activities 21J40 26,626 47,966 56,024 Income from invesLments 311 180 Total 36.380 105 161 141.541 93.332 Kesour¢es ¢xpended Charitable activities 4 (174,473) (174,473) (119,883) Governance costs {3.451) (3,451) (5,431) Total 177,924 177,924 125.314 Net incomel{expenditure) b¢for¢ transfer between funds (141.544) 105.161 (36,383) (31.982) Transfer tWn fund5 107,161 107 161 Net movement of ndS 34.383) 2.000 (36.383 31,982) Reconciliation of fidS Funds brought forwaTd Net mov¢m¢nt in lunds from above 37.393 6.727 44.120 76.102 8 (34383) (2.0) (36.383) (31,982) Funds carried forward 3,010 4.727 7,737 44,120
The Ipswich Historic Churches Trust Ltd BAL4NCE SHEET AS AT 31 DECEMBER 2023 2023 2023 2022 2022 Note Fixed assets Tangible assets Total Current assets Dcbtors Prepayments and accrued income 46 37.381 Cash at Bank 16.582 26.626 Total CUTTent assets 16.582 64.053 Crethtors: amounts falling due within one year N.et current assets (8.845) (19.933) 7,737 44.120 Net assets 7.737 44.120 Charity Funds Restricted funds Unre5trictcd funds Total funds 4,727 3,010 7,737 6.727 37,393 44.120 For the year ended 31 December 2023 the Trust was entitled to exemption from the requirement to have an audit under section 477 of the Companies Act 2006. No notice bas been deposited with the Trust under section 476, requiring an audit of these fjnancial stalements under the requitements of the Cotnpanies Act 2006. The Trustees acknowledge tbeir responsibility for: ensurirAg the Tnjst keeps accounting records in accordance with FRS102 SORP" preparing financial statements whi¢h give a true and faiT view of the slate of affairs of the TnLSt as at the ¢nd of its finaucial year and of its net incomc for that financial year in accordance with FRS102 SORP. io
The Ipswich Historic Churches Trust Ltd BALANCE SHEET ¢onlinued The financial statements have been pwared in accordance with the special provisions of part 15 of the Companies Act 2006 Telating to small companies. AppToved by the Trnstees on 12 July 2024 P J Brooks Chair The notes on pages 12 to 21 forEn part of these financial statements.
The Ipswich Historic Churches Trust Ltd Notes formlng part of the financial slalements for the year ended 31 December 2023 1.1 Basis of gcetsunting These accounts have been prepared under the historical c4)st convention with items recognised at cost or transaction value unless otherwise 51ated in the Telei'ant note(s) to thesc accounts and with ihe Stat¢ment of Recommended Practice: Accounting and Reporting by Charttics preparing their accounts in accoTdance with the Financial Reporting Standard applicable in the UK and Repllblic of Ireland (FRS 102) issued on 16 July 2014. and with ihe Charitie5 Aet 2011. 1.2 Going concern The trustees believe that the charity has the ability to conlinue for the following reasons. Two Churches are let. The charity receives regular grants to deal with th¢ ongoing repairs to the churches. The charity has sufficient funds to deal with all costs and expenses for the foreseeable firture. 1.3 Change of ae¢ouDlinE policy The accounts PTcseni a ttue and fair view and no changes hav¢ been made lo the accounting policies adopied in note 2 1.4 Accounting estimates There have been no accounling estimates made in either of the two years reported in Ihis document. 1.5 Material prior y¢ar errors There are no material emr5 in the prior year's accounts. 2 Accounting policie5 2.1 Income A) Recognition of iDcome Incom¢ is included in the Statement of Financial Activiries (SOFAI when the charity becomes entitled to the resources and the monetary i'alue can be measuTed with sufficient reliability- B) Offsetting There has been no olysetting of assets aud liabilitie& or income and expenses. C} Grants & donation5 Grants and donations are only included in the SOFA when the generdl income recognAtion criteria are met. D) Legacie5 Legacies are included in the SOFA when receipt is probable, thai is. when there has been grant of probate, the executors have established that there are sufficient assetg in the estate and any conditions attached to the legacy are either within the control of the charity or have been met. E) Government grants The charily has received no goN'ernment grants in the reFrf)rttng ri0[L 12
The Ipswich Historic Churches Trust Ltd F) Tax reclaims OD donations and gifts. Gift Aid receivable is included in income wheD there is a valid declaration from tbe donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is tr¢ated as an addition to the same fid as th¢ initial donation unless the donor or the ternis of the appeal have specified oth¢rwise. Gl Donated good& There have been no donated goods in thc period. H) Intcr¢st Ineome. This is includcd in the accounts when receipt És probable and the amount receivable an b¢ measured Teliably. 2.2 Expenditure and Liabilities A) Liability recognitio Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out Tesources and the amount of the obligation can be Measured with T¢asonable eettsinty. B) Governance and support C115t. Support costs have been allocaied between governance costs and otber suppoLI. Governance cosls comprise all costs involving public acLountabiLity of the charily and its Eompliance with Tegulation and good PTactice C) Grants with perfornixnee conditions There were none in the year or the previous year D) Grants payable without perforn)ance eondi¢ions There were none in the year or the previous year. E) Redundancy cost The charitv made no rcdundancy paynnts during tIie reporting peIiod or the previous Deferred income No rnaterial item of deferred ineome been included in the aecounis for the currenl 01 previous year. G) Creditors The charity has Creditors which are measured al settlemeni amounts less aniT trade discounts. H) Provisions fow liabilities A liability is measured on recognition at its historical cost and then subsequently meptsured at the best estimate of the amount required to settle the obligation at the reporting date. No provistons for liabilities h&8 been included In the accounts for the current OT previous year. 13
The Ipswich Historic Churches Trust Ltd I) DCMS VAT R¢¢laim The Department for Media Culiure and Srt set up a fund called The Listed Places of Worship (LPW} Grant Scheme. This givcs grants that cover the V AT incui'Ted making repairs to listed buildings in use as places of woiship. The scheme covers r¢paiTS to the fabtic of the building, along with associated professional fees. plus iepatrs io turrei Clocks, pews. bells and pipe organs. Claims have been rnadc foi the urrent and previous year. Basic financial instruments The charity accounts fur basic financial iDStruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurcmenl is as per paragraphs 11.17 to 11.19. FRS102 SORP. 2.3 A55ets A) Fixed Assets The ist ent¢r¢d into a lease for th¢ fouT churches on I l D¢cemkT 1980. The lern is 99 years from 15 December 1980. No rent or Ie premium 1.8 pa!aDle during Ihe life of the lease. As the a&5ets are listed buildings and date back hundreds of years it is not possible to put a value on the asset. B) Current asset investmenty These include cash on deposit and cash equivalents with a maturity date of less than one year held for infv'estment putposcs lather than to meet short frrm cash commitments a5 they fall due. C} Debtors Debtors (including trade debtors) are measured on initial recognition at s¢ttlement amount after any trade discounis or amount advanced by the charity. Subsequently, they are measured at the c&8h or other consideration expected to be received. 14
The Ipswich Historic Churches Trust Ltd 3. Analysis of Income 2023 Unrestricted Restricted fun(ts funds 2023 ?023 Total fund5 2023 Tolal fimds 2022 Donations and legacies General Grants Donations & tsifts Membership Subscriptions Other Total 13.000 896 833 13.000 79,431 833 13,150 23,535 443 78,535 14.729 78,535 93.264 37,128 Charitable activities Rent & ContributioTh to Costs Gift aid DCMS VA T Reclaim Othcr income Total 21,340 21,340 16,490 5.167 31,887 2.480 26,626 26,626 21,340 26.626 47.966 Income from investments Interest Income 311 311 180 Total Income 36,380 105.161 141.541 93,332 15
Thc Ipswich Historic Churches Trust Ltd Analysis of income continued 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Douations and legacies Gcn¢ral Grants Donations & gifts Membership Sub5CTiPlions Other Toial 13,150 1.535 443 13,150 23.535 22,000 15.128 Charitable activities Rent & Contribution to Costs GAft DCMS VAT Reclaim Other income Total 16,490 5,167 16,490 5.167 31,887 2,480 56.024 31,887 2,480 Income from investments Interest Income 180 180 Total Income 39,445 93.332 16
The Ipswich Historic Churches Trust Ltd 4. Analysis of expenditure UTJrestricted fimds 2023 Restricted fidS 2023 Total funds 2023 Tota] funds 2022 Expenditure on= General church repairs St Clement redevelopment Security Other direct Costs 4,746 4.746 1,878 166.740 2,275 712 166.740 2,275 712 114,640 1,528 1,837 Total expenditure 174.473 174,473 119,883 Governance costs Insurance Web site Registered office Independent examination Otlier governance costs 2.878 2.878 4,950 45 45 73 350 178 3.451 350 178 3.451 250 158 5,431 TotaI expenditure 177,924 177,924 125,314 17
The Ipswich Historic Churches Trust Ltd Analysis of expenditure continued Unrestricied funds 2022 Restricted funds 2022 Total funds 2022 ExpendituTe on: General chur¢h repairs St Clement Tedevelopmenl Security Other direci costs 1,878 1,878 114,640 1.528 1.837 114,640 1.528 1,837 Totat expenditure 119.883 119,883 Governance costs Insurance Web sitt Registered office Independeni examination Other governanx costs 4,950 4.950 73 73 250 158 250 158 5,431 5.431 Total expenditure 125.314 125.314 18
The Ipswich Historic Churches Trust Ltd 5. Prepaid gnd accrued income 2023 20?2 Ipswich Borough Council Contribution to exten)al lighting costs 150 DCMS VAT Reclaim 2021 13.838 DCMS VAT Reclaim 2022 18,049 Gift aid 5,167 Deposit account int¢rest 177 Total 37,381 6. Cssh at Bank 2023 2022 COIF Deposlt Account 49 Redwood Deposit account 11,080 10.592 Co-op ¢urr¢nt account 5,502 15.985 Tota 16,582 26.626 Short ierxn deposits are held in the COIF chaTities deposit fund and Redwood BaDk PLC. COIF funds are repayable on demand and Redwood bank is subject to thirty five days, notice. The trust closed the COIF fund during the ytrdr 19
The Ipswich Historic Churches Trust Ltd 7. Aecruals and deferred income 2023 2022 Trade Creditors 2,783 Accruals and deferred income 8845 6,650 Short term loan 10,500 Total 8,845 19.933 8. Statement of fLmds 2023 TraT]sfer between fvnds Funds Opening Income ExrKnses Closing Resti'icled Elizabeth Walfrr St Cleinents VA T reclai 4,727 2.000 78.535 26,626 4,727 (80.535) (26.626) Total RestriGted 6,727 105.161 {107,161 4.727 Unrestricted Income Geiieral St ClthT]ents costs 37.393 36,380 (11,184) (166.740) 62.589 107,161 {59.579) Total Unrestricted 37.393 36.380 177 924 107,161 3.010 Total 44,120 141,541 177.924 7.737 The Elizabeth Walters award is reslricted to work Carried out on Si Lawrence. No relevant expenditure bas been carried out in the y&gr. St Clements. £2,000 granted in the prior }'ear for WOTk on the [e and burglar alarms. This has now been completed. Valencia Communities Fund provided a grant of £78.535 towards the costs of the works to the church. These works were completed in the year. Both these ornT)ts were rele&qed during the y&qr as all works related to the grant were Completed. 20
The Ipswich Historic Churches Trust Ltd VAT reclaim. Three Claims weTe made to the Ikpartment for Digiial. Culture. Media and Sport grant seheme for 2023 for work on St Clements church. As Ihe costs exceed these amounts, the has been fully utilised and released Statemenl ofFunds continued 2022 Tran5ftr between nd5 Funds Opening In¢on]e Expenses Closing R¢stri¢l¢d Elizabeth Walter St Clernents VAT reclaim 4,727 4.727 2,000 22.000 31.887 {20.000} (31.887) Total Restrict¢d 4.727 53,887 (51,887 6,727 Unrebtricted Income General St Cleinents costs 71.375 39.445 (10.674) (114,640) 51,887 152.031 (114.640) Totil Unrestricted 71.375 39.445 (125,314 51.887 37,393 Total 76,102 93,332 (125,314) 44,120 9. Details of oertaill items of expenditure Independ¢nt examiner's fees paid £460 including VAT (2022 £300) No fees were paid for assurdnce oth¢r than independeni examinatio tax advisory alld any other fees. 10. Paid employees There were no ¢mployees during the or the ptevious year. 11. Transaetions with trustees and related parties No trustecs were paid in the year (2022 £Nil) for expenses incUed on behalf of the trust. No trustcc r¢¢¢ived any remuneration QT Tcccivcd any othu bcn¢fits from any employment with the cbarity or a related entity. 12. The Ipswich Historic Churches Tn Ltd is a company limited by guarantee. 21