The Ipsivich Historic Churches Trust Ltd Company Number 1457990 Reglstered Ch%irity Number 278924 A Company Limited by Guarantee Report and Financial Statements for the year ended 31 December 2024
The Ipswich Historic Churches Trnst Ltd Contents Reference and Admlnlstrative Inforniation Trustee's report Independent examiner's report Statement of financial aotivittes Baiao¢e 5kneet io Plotss to the financial statements 12
The Ipswich Historic Churches Trust Ltd Reference And Administr2tfve Infonnation Charity Iyame The Ipswich Historic Cburche5 Trust Ltd Charlty Registration Number 278924 Company Registratlon Number 1457990 Registered Office Sarn¢eDs House Business Celltre 2) St Margarets Green Ipswich IP4 2BN Trustees Mr P J Brooks Mr J S Field Mr R W Allen Mrs G F Broom Mr M A Evans Mr R J Kindred Appointed By Members Membffl3 Members Borough M¢mbers Borough Vice Cbair Appointed 10 June 2025 Mr C J Kreidewolf Mrs I E Liyckington Miss L J Mortimer Borough Borough Appointed 24 July 2024 Borough Resigned 10 June 2025 MrR WPope MrAR&e MTS K J Salter Mr M J S])arman MrPHLSmart Mr D J Vincent Borough Members Membe Bon)ugh Resigned 24 July 2024 Borough Members Bankers Co-operative Bank PLC PO Box 250 Skelmersdaie WN8 6WT Solieitor$ Birketts LLP 141- 145 l¥incess Street Ipswich Tpi IQJ
The Ipswich Historic Churches Trust Ltd Trustees report and review The Trustees (wbo are also directo of the clwity for th¢ purposes of the Cotnpanies Act) present their annual report together with the fmancial statements of The Ipswicb Historic Churches Tt Limited (the company) for the yearended 31 December2024. The Trustees confirnj that the Annual Report and financial statements of the company comply with the cunEnt statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice {SORP). applicable to charities preparing their accounts in accordance with the Financial Reporting StandaTd applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015). Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not r¢quir¢d. Structhre, Governance and management The Tt W&8 incorporated as a private limited company limited by Guarantee in 1979 and is regulated by the memorandum and articles of aS>CIatIon. Trustees are appointed by Ipswich Borough Council or by m¢n]bers at an Annual G¢ncral M¢cting. Up to twelve Trnstees may be appointed by Ipswich Borough Council and six by members of the Trnst. Appointment &s a Trustee is for tbree years but the appointed can be renewe(L It is anticipated that further discussion on this will be required durlng 2025 &s future structure of Local Government is imminent. The Tnt h&$ a manag¢ment board to which all TnteeS are automatically appointed. All major decisions are mad¢ by the management boaTd. There are also several sub committees dealing with specific issues. Trustees are appointed to the sub committees as required. The sub con]mitt¢es can appoint ¢xt¢rnal advisers to help with their work. All Trust¢¢s are unpaid and there are no employees. We welcome Lynne Mortimer to the Board this year. who replaced Phil Smart as tBC app)intee. We thank Phil for his years of Trusteeship and supporL Aims & Objective& Pobli¢ Benefit The primary objective of the trust is the preservation and maintenance. for the public ben¢fii of redundant churches of all denominations in the Borough of Ipswich which are of historic or archxte¢tural value. Cutrently, the Trust holds long leases on four redundant churches in Ipswich grdllted by Ipswich Borough Council. the freeholder. The Trust also holds a watching brief for other redundant churches in the town. The four churches are St Peter, St Clement, St Lawrence and St Stephen. The TTUSt aitn is to seek alternative uses of the churches having regard to the legal and other eongtraints i[nsed by:
The Ipswich Historic Churches Trust Ltd the tern of the Trust's own lease planning and listed building controls grant conditions restrictions imposed on the transfer of the churches to the Borough by the Church Commissioners the condition of the buildings. The Trust tries to match available funds with grants to undertake works of structural and external repair. Historically, regular grants arc made by Ipswich Borough Council. Grants for specific projects are provided from our Sources. The Tn]st applies any income generated from the churches in llornl maintenance and inbuilding reservcs for tUre works. Sources of income The Trust has about 80 m¢tnbcrs who pay an annual subscription or a life m¢mbeTship. At the date of this report the subscription rates are £10 for annual membership and £lOO for life m¢mbcrship. Ipswich Borough Council pays amounts to pay for some of th¢ general maintenance of the churches. and has this year committed to fund repair works identified in the 2020 quinquennial rcports on a rolIing progrdmme. The Trust also receives b¢quests or donations for specific repairs or activities. Other small amounts of incorne come from the sale of inforniation leaflets and donations for using the bells in the chUheS. In addition, the Trust ts able to seek charitable donations from outside ChaTities who have fimds to assist with our wod(. St Clément's Church In the year 2024. Ipswich Arts Society's 150 Amiual ExhibitiOD filled the space. a wonderful event lots more people in th¢ church lfilling our commitment to wider access. Then in July Camra with Briarbank Brewery stsged the 36 Annual Ipswich Beer Festival, which was again a rip-maring success and over 2(KKI people came to the church over 5 days. Woodbridge Arts had an exhilTrition in August and there were Saturday sales by Vintage vw small Concerts and talks plus w¢ were open for Heritage Open Day. The Bell ringing continucd with some Minor inteTruptions. M¢w lighting was install¢d in the Nave aDd upath'Dg el¢ctrAcs continu&8. 2025 will bring another phase of works once the reserves have been replenished. We are evaluating the future uses of th¢ church based on th¢ experiences of th¢ earlier letting to firmly establish the best route forwanl for new works and estsbltsh a priority list of works for the fortheoming years.
The Ipswich Historic Churches Trust Ltd St Lawrence Churcb Last year it w&% reported. -Little has changed since we rqrted last yw until the Quinquennial IDspeclion in December revealed a bulge in the flint cladding on the south side of the tower. Once identified IBC Building Control were advised and scaffolding erected almost immediately to protect the public from any risk of falling stonework. Works will commence in April aft¢r th¢ winter frosts to repair the fiinL This is part of the quinquennial work and will impact the order in which tBC carry out their agreed fimding of the works." During 2024 IBC appointed Architec Quantity Surveyors and Contractors. and reviewed and destgned the PTQjC¢t. but the frost-free window to complete the lime work was lost so the works will commence in 2025. The Trust h&$ leased the church to Realise Futures Community Jnterest Company. The annual lease paymeut is £ 11,240. The Tnt also rents out various parts of the churchyard and former boiler house to a neighbouring coffee shop and othaE for an annual rent of £776 during the summer months. There remains considerdble concern that the ¢hurchyard is being used by gangs for drug d¢aling and g¢n¢ral rowdiness, the Tntees. Building Sub Comtnittee are part of the co- orth'nated Borough, County and Police actions to seek a peaceful end to this bebaviour. This year some of the denser planting ar¢as hav¢ been remov¢d and furthcr works to thc trccs ar¢ planned. St Peter's Chur¢h It has been a quiet year in St Peter's at the Waterfront and as last year the Trust has leased the church to the Ipswich Hospital Band Ltd. Thcy opcrdtc as the centre for the Hospital Band and a venue for fund raising activities for the local hospital. The rent was last increased fro £3,500 p.a. to £3964 p.& During the year no major Works to th¢ church hav¢ be¢n carried out but the Trust ha5 successfully lobbied the Borough Council to carry out rwir and maintenance to the churchyard and boundary walls. St Stephen's Chureh The Borough h&$ worked hard on St Stepbens this year 2nd it is now open regularly as a music and perforn]ance centr¢. The Tnt wishes the Borough well with this venture and coiigratulates them on the works, and we are delighted that bere too more people are seeing inside one of our glorious medicval churche
The Ipswich Historic Churches Trust Ltd Quinquennial Inspections The Trust has sought funding to ¢atry out the works set out in the Quinquennial reFrf)rts and is delighted with the Borough's reswnse. TendeTS for the profe&sional works were sought in 2023 and Nicolas Jacob knbitects were appointed. Rqx)rts arc now in and set out a long road of works to care for our tnedievaI structures. We will need to continue to raise funds into the future and the Board is committ¢d to the tssL Repo
The Ipswich Historic Churches Trust Ltd Independent Examiner's Report I report on th¢ accounts ofThe Ipswich Historic Churches Tt Ltd for the eDded 31 DCrnb 2024 whtch are set out on page5 9 to 21. Respective responsibiliti of trustees and examiner The Charity's Trustees are restM)nsible for the ptep8ration of the accounts. The Charity's Tnsstees ton$ider that an audit is not rquired for this year (under 144 (2} of the Chatities Act 2011 (The A¢t) bui that an independent examination is neede It is tny responsibility to= - ExLTDine the accounts under section 145 of the Cbarities ACL - To follow the pro¢eduTes laid dowll in the General DITtionS given by the Charity Commissioners (under section 145(5)(b) of the Charities ACL aDd - To state whether particular matters have come to my attention. B$5s of independent examiner's Statement My examination wa5 carried out in a¢cordan¢e with the General Directions givffl by the Charitv Commission¢r5. An eXalatiOn includes a review of the accouniing records kept by th¢ Charity and a comparison of the accouthts presented with th(w records. It also includes ¢oMsiderdtions of any unusual items or disclosllres in the ac¢ounts. and seeking explanations from you as truste&% concerning any such matters. The procedur&% undertakell do noi provide all the evidence that would be required an audit and consequently I do not express an audit opinion on the view given bv the accoullts. fndependent examiner's ststemellt tn the course of my examinatioo Do material matEers bave come to llky attentioll which gives me cause to believe that any matrtial respect: - the accounting rrdS were not kept in accordance with lon 130 of the Charities Act. or - the accounts did not accord with the accow)ting records" or - the accounts did Dot comply with the applicable requirements concernillg Ébe forni and cont¢nt of the accounts set out in the Chariti¢s (A¢¢owits and Rew)ns) Regulations 2008 otb¢r than any requirement that the accounts give a 'truc and faiv vÈew which is not a matter considered as part of independeni examinatiotL I have come across no otber matters in connection with the examination to which attentioll should be drawn iTh this report in order io enable a proper uDderstanding of the accounts to be ieache(L David CoLtttier FMAAT AATQB f¢x and on behalf of. Collllllunity360 Winsley's House, High Str¢eL Colchesler Essex. Dafr l July 2025
The Ipswich Historic Churches Trust Ltd STATEMENf OF FINANCLIL AcfiviTIES Unrcstricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Donations and legacies 13.792 11.921 25.713 93,264 Charitable activities 25.036 25.036 47,966 Income from investments 359 359 311 Total 141.541 Resources expended Charitabl¢ activities 4 (25,355) (25,355) (174.473) Governan¢¢ costs (4237) (4.237) (3.451) Total 29,592 177,924 Net tncomel(expellditure) befo transfer between funds 9595 11.921 21,516 (36,383) Trdnsfer between 11.921 Net movement of funds 21.516 36,383 ReconciIiation of funds Funds brought forward Nct movement in funds from above 3.010 4.727 7.737 44.120 21,516 21,516 (36.383) Funds <arIed fowrd 24.526 4.727 29.253 7,737
The Ipswich Historic Cburches Trust Ltd BALANCE SHEET AS AT 31 DECEMBFR 2n24 2024 2024 2023 2023 Note Fixed assets Tangible &s5ets Total Current assets Prepayraents and accrued income 359 Cash at Ballk 41,182 16,582 Total current assets 41,541 16.582 Creditors: amounts falling due within one year Current asscts (12.288) (8,845) 29.253 7,737 Net assets 29,253 7,737 Charity Funds Restrictcd fid5 Unrestricted fidS Total ndS 4,727 24.526 29.253 4,727 3.010 7.737 For the year ended 31 December 2024 the Trust was entitled to exemption from the requirement to have an auditunder section 477 of the Companies Act 2006. No notice has been deposited with the Trnst under section 476. requiring an audit of these fman¢ial statements under the requirements of the Companies Act 2006. The Trustees acknowledge their responsibility for. ensuring the TTh keeps accounting records in accordance with FRS102 SORP" preparing financial statements which give a trne and fair view of the state of affaiis of the TTUSt as at the endof its financial year and of its net income for that financiaI year in accordance with FRS102 SORP.
The Ipswich Historic Churches Trust Ltd BALANCE SHEET ¢ontinued The fllwicial statements have bn ptepared in accordance with the spe¢ial provisions of part 15 of the Companies Act 2006 relating to small companies. Approved b rust n 9 July 2025 Bro Chair The notes on pages 12 to 21 fom) part of these financial statements.
The Ipswich Historic Churches Trust Ltd Notes fornling part of the fmancial statements for the year ended 31 December 2024 1.1 Basis of aceounting These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accowjts and with the Statement of Recommended Practice: Accounting and RertIng by Charities prepaTing th¢ir accounts in accoidance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued OD 16 July 2014, and with the Charities Act 2011. 1.2 Going concern The tnteeS believ¢ that the charity h&8 the ability to continue for the following rEasons. Two churches are leL The charity receives regular grants to deal with the ongoing repairs to the churcbes. The chartty h&s sufficient funds to deal with all costs and expenses for the foreseeable future. IJ Change of accounting poli The accounts present a true and fair view and no changes have been made to the accounting policies adopted in not¢ 2 1.4 Accounting estimates There hav¢ been no accounting estimates madc in either of the two yeats reported in thÈs document. 1.5 Material prior year errors The are no material em)rs in the prior year's accounts. Cash Flow The financial statements do not include a thsh flow statement because the cllarity, as a small reporting entity. is exempt from the requirement to prepare such a statement under FiDallcial Rqx)rting Standard l -cash flow statements." 2 Accounting policies 2.1 Ineome A) Recognition of income Income is included in the Statement of Financial Artivities (SOFA) when the charity becomes entitled to the resources and the monetary value can be m¢&8ured with suITicient reliability. B) Offsetting There has been no offsetting of ass¢ts and liabilities, or incom¢ and expenses. C) Grants & donations Grants and donations are only included iu the SOFA when th¢ general incom¢ recogllition criteria are met. D) Legacies Legacies are included in the SOFA vthen receipt is probable, that is. when there has been Apdnt of pmb2te. the executors have egtablished th2t there are sufficient L%%et4 in
The Ipswich Historic Churches Trust Ltd the estate and &ny conditions attacbed to the legacy are either within the control of the charity or have been met. E) Government grants The charity has received no government grants in the reporting perio(t F) Tax reclaims on donations and gifts. Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on 3 donation is considered to be part of that gift and is treated as an addition to the same fimd as the initial donation unless the donor or the tem)s of the appeal have specified otherwise. G) Donxted goods. There have been no donated g(K)ds in the period. H) Interest Income. This is included the accounts when receipt is probable and the amount receivable can be measured reliably. 2.2 Expendvture and Liabilities A) Liability recognition Liabifities are reCOlSed where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out r¢sources and th¢ amount of the obligation can be measured with re&sonable certainty. B) Governance And support cosL Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the cljarlty and its compliance with regulation and good practice C) Grants with perfomanee conditiolls There were none in the year or the prcNqous year D) Grants payable without performance conditions Ther¢ were none in the year or the previous year. E) Redundancy cost The charity made no redundancy payments during the reporting period or the pr¢vious year. F) Deferred income No ¥natrnal it¢m of drfGrT¢d h&5 b¢¢n infjlud¢d ID thr aGrounts foi tbr Furrrnt or previous y¢ar. G) Creditors The charity bas Credito which are measured at settlement amounts le&8 any trade discounts. H) Provisions for liabilities
The Ipswich Historic Churches Trust Ltd A liability is measured on recognition at its bistorical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date. No provisions for liabilities bas been included in the accounts for the current or previous year. DCMS VAT Reclaim The Department for Medta Culture and Sport set up a fimd called The Listed Places of Worship {LPW) Grdnt Scheme. This gives grants that cover the VAT tllcurred in making repairs to listed buildings in use &s places of worship. The scheme COV¢TS repairs to the fabric of th¢ building, along with &ssociated professional fees. plus repairs to tutret clock& pews. bells and pipe organs. No Claims have been submitted. Basic financial instruments The clwity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent me&surement is as per paragraphs 11.17 to 11.19, FRS102 SORP. 2J Assets A) Fixed Assets The tnESt entered into a lease for the four churches on I l December 1980. The term is 99 years from 15 December 1980. No rent or lease premium És payable during the life of the lease. As the assets are listed buildings and date back hundred5 of years it is not possible to put a value on the asseL B) Current asset investments These include cash on deposit and cash equivalcnts with a maturity dat¢ of less than one year held for investsnent PUryKises rather than to meet short frrni cash commitm¢nts &s they fall due. C) Debtors Debtors {including trade debtots) are measured on initial Trcognition at settl¢m¢nt arnount after any trade discounts or amount advanced by th¢ charity. Subsequently, they are me&sur¢d at the cash or other consideration expected to be received. 14
The Ipswich Historic Churches Trust Ltd 3. Analysis of Income 2024 Unrestricted RestTiCted funds funds 2024 2024 Total funds 2024 Total fijnds 2023 Donations and legacies General Grants Donattons & gifts Memberthip Subscriptions 13,000 304 488 13,0(M) 12.225 488 13,000 79,431 833 11.921 Total 11,921 25.713 93,264 Charitable Activities Rent & Contribution to Costs Gift aid DCMS VAT Reclaim 25.036 25.036 21.340 26,626 Total 25,036 Income from investments Interest Income 359 359 311 Total Income 39,187 11,921 51.108 141,541 15
The Ipswich Historic Churches Trust Ltd ANALYSIS OF INCOME CONTtNUED 2023 UDrestricted Restricted fid$ funds 2023 2023 Total funds 2022 Donations and legacies General Grants Donations & gifts Membership Subscriptions 13.(X)O 896 833 13,000 79,431 833 78.535 Total 14.729 78,535 Charitable activities Rent & Contribution to Costs Gift aid DCMS VAT Reclaim 21,340 21.340 26,626 26,626 Total 21.340 26.626 47,966 Income from investments Interest Income 311 311 Total Income 36.380 105.161 141.541 16
The Ipswich Historic Churches Trust Ltd 4. Anatysis of expenditure Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Expenditure on: General church repairs St Clement redevelopment Security Other direct costs 3,736 3,736 4,746 18,315 3280 24 18.315 3.280 24 166,740 2275 712 Totsl expenditure 25,355 174473 Governance costs Insurance Web site Registered office Indcp¢ndent examination Other governance costs 3,176 3,176 2,878 92 92 45 745 224 745 224 4,237 350 178 3,451 Total expenditure 29.592 29.592 177,924 17
The Ipswich Historic Churches Trust Ltd Analysis of expenditure continued Unrestricted fimds 2023 Restricted funds 2023 Total funds 2023 Expenditure on: General church rq)airs St Clement redevelopment Security Other direct costs 4,746 4,746 166,740 2,275 712 166.740 2,275 712 Total expenditure 174.473 174473 Governance costs Insurance Web site Registered oifice Independent examination Other governance costs 2.878 2.878 45 45 350 178 350 178 3.451 3,451 Total expenditure 177.924 177.924 18
The Ipswich Historic Churches Trust Ltd 5. Prepayments and accrued income 2024 2023 Accrued Income 359 Total 359 6. Cash at Bank 2024 2023 Redwood Deposit account 11.080 11.080 Co-op current acL¥)unt 30.102 5.502 Total 41.182 16.582 Short tern) deposits are held in Redwood Bank PLC and is subject to thity five days. noti¢¢. 19
The Ipswich Historic Churches Tnt Ltd 7. Aeeruals and deferred ineome 2024 2023 Trade Creditors Accruals and deferred income 12,288 8,845 Total 12.288 8,845 8. Statement of funds 2024 Trdnsfer between Funds oping Income Expa)ses Closing Restricted EIiTalxth Walter St Clements 4.727 4.727 11.921 (11.921) Total Restrict 4.727 11.921 11.921 4.727 Unrestri¢ted Income General St Clements costs 3.010 39.187 (11,277) (18.315) 30.920 11.921 (6.394) Total Unrestricted 3.010 39 187 29.592 24,526 Total 7.737 51,108 29,592 29,253 The Elizabeth Walters award is restrict¢d to work caTried out on St Lamryence. No relevant expenditur¢ h&s been carried out in the year. St Clements. Significant WOTks have been and will continue to be undertaken in this church to allow it lo bc uscd thtoughout the year. The bijsi is able recovcr VAT on the works from The Department of Culture Media and Sport. These funds are not restricted. The Trustees consider that the funds should be used to defray the costs for St Clernents. Grdnts awarded by other bodies are restricted to some of the works in St Clernents. Again, the trustees record the gratits as r¢stricicd and offset these grants against the costs of works for St Clements. 20
The Ipswich Historic Churches Trust Ltd Statement of Funds continued 2023 Trdnsfer b¢tween Openitig Jncome Expenses fimds Funds Closing Restricted Elizabeth Walter St Clements VAT reclatm 4,727 4.727 78.535 26.626 (80.535) (26.626) Total Restrirted 6 727 105 161 107 161 Unrestricted Income General St Clem¢nts costs 37,393 36.380 (11.184) 62.589 {166,740) 107.161 (59,579) Totsl Unrestrict¢d 37.393 177924 107 161 3.010 Total 44,120 141.541 177,924 7.737 9. Detai15 of certain items of expenditure Independent examiner's fees paid £340 including VAT (2023 £450) No fees w¢re paid for assurance other than independent examination, tax advisory and any other fees. 10. Paid employees There were no employees during the year or the previous year. I l. Trnnsactions with trustees and related partAes No trustees were paid in the year (2023 £Nil) for expenses incutred on behalf of the trust. No trustee rec¢iv¢d any reniun¢ration 01 receivcd any othcr benefits from any employment with the charity or a related entity. 12. The Ipswich Historic Churches Tn Ltd is a company limited by guarantee. 21