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2023-12-31-accounts

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Charity Registration No. 284909

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

Contents Page
Charity Reference and Administrative Details 1
Council’s Annual Report 2-4
Independent Examiner’s Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8-13

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

CHARITY REFERENCE AND ADMINISTRATIVE DETAILS

YEAR ENDED 31 DECEMBER 2023

Charity registration number 284909
Council Members John Doyle MBE (President)
Peter Anwyl-Harris (Chairman)
Elizabeth Marshall (Secretary)
David Williams (Treasurer)
William Barham
Rev’d Patricia Fogden
David Hanbury
Celia Heritage
Dr Nick Hudd
Graham Maple
Heather Maple
George Staple KC
Joanna Thompson
Registered office Ring Cottage
Wissenden Green
Bethersden
Kent TN26 3EW
Independent Examiner M A Wilkes FCA
Azets Audit Services
5thFloor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent TN23 1FB
Bankers CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent ME194JQ
Royal Bank of Scotland
Drummond House (M) Branch
1 Redheughs Avenue
Edinburgh EH12 9JN

1

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

COUNCIL’S ANNUAL REPORT

YEAR ENDED 31 DECEMBER 2023

The Members of the Council present their report and examined financial statements of the charity for the year ended 31 December 2023. The Members of the Council have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 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 published in October 2019.

Objectives and activities

The objects of the Trust shall be to preserve and maintain the fabric and curtilage of the churches of Brenzett, Brookland, Burmarsh, Dymchurch, East Guldeford, Fairfield, Ivychurch, Lydd, Newchurch, New Romney, Old Romney, St Mary in the Marsh, Snargate and Snave and the ruined churches of Broomhill, Eastbridge, Hope and Midley, in the counties of Kent and East Sussex; to make physical improvements, alterations and additions to the said churches, to include the installation of basic facilities; to support other religious purposes in connection with the said churches; and to advance the education of the public in the history and architecture of the said churches.

In furtherance of the above objects, the Trust shall have the following powers:

Public benefit statement

The Council confirms that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.

Strategic Report

Achievements and performance

The Trust made grants totalling £105,000 during the year (2022: £35,000); the principal recipients being St George, Ivychurch (£69,300), St Dunstan, Snargate (£14,500), St Augustine, Snave (£10,000), St Peter & St Paul, Dymchurch (£5,000) and St Clement, Old Romney (£4,000),

2

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

COUNCIL’S ANNUAL REPORT

YEAR ENDED 31 DECEMBER 2023

Financial review (including reserves policy)

The total income received of £91,000 (2022 - £333,000) was well below the 2022 number because of the very exceptional level of legacies received in 2022. Investment income and income on deposits rose compared with 2022.

Stockmarkets had a much steadier year in 2023 and the unrealised losses incurred in 2022 were reversed. The overall result was an small increase in the Trust's net assets at 31 December 2023 to £1,236,000 (2022 - £1,121,000).

The Trust's designated funds, amounting to £1,109,000 (2022 - £1,002,000) represent the investment portfolio which the Council is holding to generate income and long term capital growth which is then applied for charitable purposes. The Trust's restricted funds amounting to £51,000 (2022 - £49,000) are restricted to the future maintenance of St Nicholas, New Romney.

The Council aims to maintain free reserves in unrestricted funds at a level which will be sufficient to make grant payments in 2024, estimated at £50,000 (2022 - £60,000), and ensure that there are sufficient funds of, say, £20,000 (2022 - £20,000) to cover support and governance costs. At 31 December 2023 the balance of the Trust's unrestricted funds amounting to £77,000 (2022 - £159,000) is considered by the Council to be sufficient to achieve this aim.

The Council is actively working with the churches to submit applications though grants can only be awarded if appropriate applications are received. Churches are subject to quinquennial inspections and the Council would look to spend any excess funds at these inspections.

Investment policy

The investment committee, which at at 31 December 2023 consisted of Peter Anwyl-Harris, David Williams and David Hanbury, is responsible for the Trust’s investment policy and meets regularly, both formally and informally to discuss the Trust’s investments. The Trust’s investment objective is to maintain a balance between income and capital growth over the longer term with medium risk.

The Trust’s portfolio is currently invested through a range of Common Investment Funds (CIFs), professionally managed funds providing the benefits of diversification, and a fixed term deposit. CIFs are themselves registered charities and as such the Trust enjoys all the tax advantages of a segregated portfolio in an administratively efficient manner. The CIFs held by the Trust are invested in a range of UK and overseas equities and fixed interest securities. It is the Council’s intention to invest only through CIFs where there is a commonality of interest with other investors.

Other than small cash balances, sufficient cash is maintained on deposit in accordance with the Trust’s reserves policy.

Risk register

The Council has developed a list of the current risk factors which have the potential for endangering the operations of the charity and is satisfied with this analysis and the measures which have been taken to mitigate the effects of these factors.

The main risk is that although the Trust’s grant making activities rely on income derived from a number of different sources, many of those levels, particularly income from donations and legacies, vary from year to year and cannot either be predicted or relied upon.

Going concern

The Council considers the Trust to continue to be a going concern. The Trust received fewer legacies than in the exceptional 2022 year but continued to receive good levels of subscriptions, donations and other funds. Most of the Trust’s assets are held in a range of investment funds and although, along with the majority of stock market investments, the value of these increased by 5.6% over the year, they continue to be held for the long term. These investments are readily realisable and can be sold in order to fund the Trust’s grant giving activities as required.

3

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

COUNCIL’S ANNUAL REPORT

YEAR ENDED 31 DECEMBER 2023

Plans for future periods

The Trust will continue to pursue its objectives and activities as detailed in this report. The Marsh churches PCCs submit applications for grants for the year at the March Council meeting which include details of proposed work, architects’ reports, quotes and sources of any other funds. Applications for emergency grants may be submitted at any time during the year.

Structure, governance and management

Council members of the charity

Members of the Council who have served during the year were as follows:

John Doyle MBE (President) Celia Heritage
Peter Anwyl-Harris (Chairman) Dr Nick Hudd
Elizabeth Marshall (Secretary) Graham Maple
David Williams (Treasurer) Heather Maple
William Barham Georgia Small (resigned 27 October 2023)
Rev’d Patricia Fogden George Staple KC
David Hanbury Joanna Thompson

The Trust comprises a Council of not more than 24 members who are subject to re-election every three years by Trust members. The Council meets formally four or five times a year and in addition the Trust's Constitution provides for an Executive Committee comprising the Chairman, the Honorary Treasurer and the Honorary Secretary together with such other members of the Council as are necessary to deal with the day-to-day running of the Trust.

The annual general meeting is normally held in May or June each year.

Council’s responsibilities

The Council is responsible for preparing the Council’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Council is required to:

The Council is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The Council is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the Council

P D Anwyl-Harris

Chairman

4

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

INDEPENDENT EXAMINER’S REPORT

YEAR ENDED 31 DECEMBER 2023

Independent Examiner's Report to the Council of The Romney Marsh Historic Churches Trust

I report to the trustees on my examination of the accounts of The Romney Marsh Historic Churches Trust for the year ended 31 December 2023 which are set out on pages 6 to 13.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounts records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

I have no concerns and have come across no other matters in connection 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.

M A Wilkes (FCA)

For and on behalf of Azets Audit Services

5[th] Floor, Ashford Commercial Quarter, 1 Dover Place Ashford, Kent. TN23 1FB

12 March 2024

5

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
2
Other trading activities
3
Investments
4
Other
Total income
Expenditure on:
Raising funds
Tours and lectures
Cards
Charitable activities
5
Governance
6
Total expenditure
Net gains/(losses) on investments
8
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net expenditure and movement in funds before
gains on investments		 2023
Unrestricted
funds
£
38,680
6,876
43,848
-
89,404
841
4,793
105,172
11,224
122,030
(32,626)
56,525
23,899
1,161,392
1,185,291		 2023
Restricted
funds
£
-
-
1,720
-
1,720
-
-
-
-
-
1,720
-
1,720
49,162
50,882		 2023
Total
£
38,680
6,876
45,568
-
91,124
841
4,793
105,172
11,224
122,030
(30,906)
56,525
25,619
1,210,554
1,236,173		 2022
Total
£
284,923
11,495
36,136
200
332,754
1,150
4,984
35,337
9,213
50,684
282,070
(57,873)
224,197
986,357
1,210,554

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

6

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

BALANCE SHEET

YEAR ENDED 31 DECEMBER 2023

Note
Fixed assets
Investments
8
Current assets
Debtors
9
Cash at hand and in bank
Creditors: amounts falling due within one year
10
Net current assets
Net assets
Charity funds
Designated funds
11
Restricted funds
12
Unrestricted funds
Total charity funds
13		 2023
Total
£
1,108,761
8,353
222,374
230,727
(103,315)
127,412
1,236,173
1,108,761
50,882
76,530
1,236,173		 2022
Total
£
1,002,236
39,039
209,264
248,303
(39,985)
208,318
1,210,554
1,002,236
49,162
159,156
1,210,554

The financial statements were approved and authorised for issue by the Council on 7 March 2024

Signed on behalf of the Council

P D Anwyl-Harris Chairman

D A R Williams

Treasurer

The notes on pages 8 to 13 form part of these financial statements.

7

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

1 Summary of significant accounting policies

1.1 General information and basis of preparation

The Romney Marsh Historic Churches Trust is a registered charity with the Charity Commission in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are to preserve and maintain the fabric and curtilage of the churches of Brenzett, Brookland, Burmarsh, Dymchurch, East Guldeford, Fairfield, Ivychurch, Lydd, Newchurch, New Romney, Romney, St Mary in the Marsh, Snargate and Snave and the ruined churches of Broomhill, Eastbridge, Hope and Midley, in the counties of Kent and East Sussex.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Funds

Unrestricted funds are available for use at the discretion of the Council in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Council for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds can only be used for particular restricted purposes within the objects of the charity or for the maintenance of specified churches. Restrictions arise when specified by the donor.

1.3 Income recognition

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

8

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

1.3 Income recognition - continued

Membership subscriptions income is recognised when receivable.

Income from trading activities includes income earned from fundraising events to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established.

1.4 Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

 Costs of raising funds includes of costs incurred in putting on tours and lectures;

 Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them. The purchase of postcards and brochures is included in the Statement of Financial Activities in the year of purchase. Costs of printing publications and cards are expensed in the year they are incurred;

 Other expenditure represents those items not falling into the categories above.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

1.5 Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

1.6 Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

1.7 Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

9

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

1.8 Going concern

The financial statements have been prepared on a going concern basis as the Council believes that no material uncertainties exist. The Council has considered the level of funds held and the expected level of income and expenditure for next 12 months when authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Trust to be able to continue as a going concern.

1.9 Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no judgements or key sources of estimation technique.

2
Income from donations and legacies
Membership subscriptions
Donations
Legacies
Income tax refund		 Unrestricted
funds
2023
£
12,002
5,719
18,531
2,428
38,680		 Restricted
funds
2023
£
-
-
-
-
-		 Total
2023
£
12,002
5,719
18,531
2,428
38,680		 Total
2022
£
9,774
8,042
264,547
2,560
284,923

3 Income from other trading activities

3
Income from other trading activities
Fundraising events - all for unrestricted funds
4
Income from investments
Dividends - equities
Interest - deposits		 Unrestricted
funds
2023
£
39,032
4,816
43,848		 Restricted
funds
2023
£
-
1,720
1,720		 2023
£
6,876
Total
2023
£
39,032
6,536
45,568		 2022
£
11,495
Total
2022
£
34,987
1,149
36,136

The comparative numbers for 2022 includes £312 relating to restricted funds.

10

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

5 Expenditure on charitable activities

Recipients of grants to institutions. In both 2023 and 2022, these were all from unrestricted funds.

All Saints, Burmarsh
All Saints, Hope
St. Augustine, Brookland
St. Augustine, Snave
St. Clement, Old Romney
St. Dunstan, Snargate
St. Eanswith, Brenzett
St. George, Ivychurch
St. Mary the Virgin, St. Mary in the Marsh
St. Mary, East Guldeford
St. Peter & St. Paul, Dymchurch
St. Peter & St. Paul, Newchurch
Governance costs
Postage
Independent examiner's remuneration
Insurance
Printing and stationery
Website development
Other costs		 2023
£
2,246
1,500
-
10,000
4,047
14,498
(1,500)
69,345
-
50
4,986
-
105,172
2023
£
683
1,458
617
2,424
4,609
1,433
11,224		 2022
£
146
-
511
744
-
-
-
6,907
7,000
4,458
-
15,571
35,337
2022
£
1,215
1,350
497
3,691
700
1,760
9,213

6 Governance costs

The comparative numbers for 2022 all related to unrestricted funds.

7 Staff costs, Council remuneration and expenses

No staff were employed by the Trust during the year (2022: none).

The Council members neither received nor waived any remuneration during the year (2022: £Nil).

Four Council members received reimbursements for expenses incurred amounting to £2,403 (2022: three Council members were reimbursed £2,232).

11

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

8 Fixed asset investments

UK Quoted investments
Valuation
At 1 January 2022
Additions
Unrealised gains/(losses)
At 31 December 2022
Historical cost as at 31 December 2023		 2023
£
1,002,236
50,000
56,525
1,108,761
722,792		 2022
£
860,109
200,000
(57,873)
1,002,236
672,792

The fair value of listed investments is determined by reference to the mid-market value of shares at the Balance Sheet date.

Holdings in investments at 31 December 2023

Blackrock Charities UK Equity Fund A Inc.
BNY Mellon Charities Fund - Newton Growth & Inc. Inc. class
COIF Charities Investment Fund
M&G Charifund Income
SUTL Cazenove Charity Equity Value Fund A Income
Shawbrook Bank Fixed Term Deposit
9
Debtors
Prepayments, loans and accrued income
10
Creditors: amounts falling due within one year
Accruals for grants payable
Other accruals
Accruals for grants payable
Commitments at 1 January 2022
Grants awarded in year (note 5)
Grants paid in year		 2023
£
216,335
221,603
216,534
193,946
210,343
50,000
1,108,761
2023
£
8,353
2023
£
101,857
1,458
103,315
2023
£
38,143
105,172
(41,458)
101,857		 2022
£
204,761
209,257
198,311
198,612
191,295
-
1,002,236
2022
£
39,039
2022
£
38,143
1,842
39,985
2022
£
70,929
35,337
(68,123)
38,143

12

THE ROMNEY MARSH HISTORIC CHURCHES TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

11 Designated funds

2023
Investment portfolio
2022
Investment portfolio		 Balance at
1 Jan 2023
£
1,002,236
1,002,236
Balance at
1 Jan 2022
£
860,109
860,109		 £
106,525
106,525
£
142,127
142,127
Transfers,
purchases,
gains/(losses)
Transfers,
purchases,
gains/(losses)		 Balance at
31 Dec 2023
£
1,108,761
1,108,761
Balance at
31 Dec 2022
£
1,002,236
1,002,236

The designated fund represents the investment portfolio which the Council is holding to generate income and long term capital growth which is then applied for charitable purposes.

12 Restricted funds

12 Restricted funds
Balance at Balance at
2023 1 Jan 2023 Income 31 Dec 2023
£ £ £
Maintenance of St Nicholas New Romney 49,162 1,720 50,882
49,162 1,720 50,882
Balance at Balance at
2022 1 Jan 2022 Income 31 Dec 2022
£ £ £
Maintenance of St Nicholas New Romney 48,850 312 49,162
48,850 312 49,162
13 Analysis of net assets between funds
2023 Unrestricted Designated Restricted Total
£ £ £ £
Fixed assets - 1,108,761 - 1,108,761
Current assets 179,845 - 50,882 230,727
Current liabilities (103,315) - - (103,315)
Total 76,530 1,108,761 50,882 1,236,173
2022 Unrestricted Designated Restricted Total
£ £ £ £
Fixed assets - 1,002,236 - 1,002,236
Current assets 199,141 - 49,162 248,303
Current liabilities (39,985) - - (39,985)
Total 159,156 1,002,236 49,162 1,210,554

14 Related party transactions

Peter Anwyl-Harris, a Trustee, is also a Trustee of Church of St. Augustine, Snave. During the year a grant of £10,000 (2022: £774) was awarded to that charity.

13