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| Coya}ce| CLADITY FA ratte : \Waey FORCHARITY ENGLAND COMMISSION AND WALES — Independentreportonthe examiner's accounts Report to the trustees ) . - members of LOWER SAPEY CENTENARY FUND On accounts for the year 05/04/2025 — _ a | Charity no 509249 ended fay) |
Set out on pages
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| r@port to the trustees on my examination of the accounts of the above charity (the Trust’) for the year ended 05 / 04 / 2025.
Responsibilities and As the charity tustees of the Trust, you are responsible for the preparation basis of repott of the accounts in accordance with the requirements of the Charities Act 2044 (the Act’).
| 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. | have followed the applicable Directions given by the Charity Commission under section 145(5(b) of the Act. Independent i have compieted my examination. | confirnftiatno material matters have examiner's statement. come to my attention (other than that disclosed below *) in connection with ihe examination which gives me cause to believe that in, any material respect:
® accounting records were not kept in accordance with section 180 of the Act or * the accounts do net accord with the accounting records
| have no concems and have come across no other matters in connection with the Gxamination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
- Pleagp delete the words in the brackets if they do not apply. Signed: | rn | Date: 31/01/2026 nr —— RC Er a ! Relevant professional FCA (ICAEWS i Qualification(s) or body | ivany}: | | Address: | Cockett & Co. Ltd } | | Chartered Accountants Leominster HRG BD
IER
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October 207&
Section B
- ‘Disclosure Dr re
Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and ouidance for examiners)
Give here brief details of \None any ttems that the examiner wishes to | disclose. i
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H |
IER rs October 2018
ST. BARTHOLOMEWS CHURCH
LOWER SAPEY
THE LOWER SAPEY CENTENARY FUND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
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THE LOWER SAPEY CENTENARY FUND
DECLARATION OF TRUST: TRUSTEES:
OBJECTS:
Dated 20 March 1979
Margaret Smith Richard Smith Danielle Connelly Nicholas Denniston
The maintenance of the Ministry and witness of The Church of England in the Parish of Lower Sapey for the benefit of the Parishioners thereof, by payments to the PCC for Lay Minister and for the maintenance of the Fabric.
The Trustees shall use every endeavour to ensure that such income is used for the benefit of the Parishioners only, and not for the benefit of a wider community within the Church of England.
REGISTERED:
- With Charities Commissioners under Reference Number 509249
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On 7 September 1986 it was resolved that the effect of Clause 9 of the Trust Deed be considered each year. Clause 9 reads:
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“The patron for the time being of the benefice of Lower Sapey shall be ex officio a Trustee. If and whenever the number of other Trustees shall be reduced below the number of four the continuing Trustees or a majority thereof, not including any retiring Trustee or a Trustee who shall cease to have been such by reason of his not having been a Parishioner for the space of two years shall appoint such number of new Trustees as shall be required to make the total number of Trustees for the time being to at least five. Every new Trustee so appointed shall be a Parishioner.”
The Trustees considered that the uniting of the Benefice with others made the first sentence ineffective, and that on grounds of cost, a scheme to clarify the deed was not justified. However, the resolution to review the matter annually evidenced the Trustees’ concern that it should be beyond doubt that the Fund was to be kept totally independent of the Diocese.
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By a minute passed on 9 April 1985 it was resolved that the normal business of the Trust be discharged by the Trustees by majority with a quorum of not less than three.
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By a minute passed on 15" January 2007 at an Extraordinary Meeting. The Trustees resolved unanimously that it would be appropriate to make the ‘following amendments to the Trust Deed, and it was understood that this could now be done by formal minute without incurring the expense of legal fees. A signed Trustee statement was completed to refiect this:
i) There would in future be no necessity for the Patron to be a Trustee of the Centenary Fund.
it) The number of trustees required would in future be three — the number presently required to make a quorum.
iii) A trustee should be a person who lives in the parish or who was born or previously lived in the parish.
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THE LOWER SAPEY CENTENARY FUND
SOURCE OF FUNDS - PRINCIPAL DONATIONS RECEIVED
| £ | ||
|---|---|---|
| 1976 | Hon. Mrs Geoffrey Evans Memorial | 300 |
| Burton Court Dance (Mrs G Edwards) | 277 | |
| Ancrum Evans | 100 | |
| 1978 | Ancrum Evans | 100 |
| 1980 | Ancrum Evans | 239 |
| 1981 | Coffee Evening | 109 |
| Brendon Gilliat Smith | 500 | |
| Richard Bird (a visiting preacher) | 490 | |
| 1984 | Oil Exploration Contractors | 500 |
| 1992 | Lucas Charitable Trust | 800 |
| St. Bartholomews Church | 103 | |
| 1997 | Executors of Col. John Cameron | 1000 |
| Anonymous | 260 | |
| Anonymous | 100 | |
| G Pearce | 250 | |
| 1998 | In Memory of PF Chisnall | 1000 |
| 2006 | Donation by Mrs Ancrum Evans and her daughters | |
| of one third of the donations received at Mr Evans’ | ||
| funeral (gifted to PCC) | 144 | |
| 2016 | Mrs Gwynne Edwards and Family from donations | |
| received at Mr Gwynne Edwards’ Funeral | 300 | |
| Total | £6572 |
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THE LOWER SAPEY CENTENARY FUND
Trustees Notes For 2024/25
Minutes of the annual meeting are recorded separately.
Ongoing from 2023-24 Trustee Report, a decision was made unanimously by Trustees during 2024-5 to make a substantial grant of £55,000 to St Bartholomew’s Church due to the perilous state of the ceiling.
Due to this requiring the grant of almost 50% of the fund value; severely restricting the longevity of the fund, as well as grants that could be offered in the future. The grant offer was therefore made to include a written agreement that in turn the PCC would actively undertake that environmental conditions were maintained within the church to avoid further deterioration, and that the PCC usé all reasonable efforts to make an annual donation to the Lower Sapey Centenary Fund of £1500 over at least the next 10 years to ensure the fund’s assets are partially replenished to a level that would not put the fund at risk. This was felt to be of particular importance, as no evidence was presented of any funds having been raised by the PCC themselves towards this project. A formal letter of agreement was received from Church Warden Mr David Ricahrds to this effect.
The above grant thus reflects a significant decrease in value of £51,544.14 being recorded within the Lower Sapey Centenary Fund investments, bank balances and cash balance on investments. Total Fund value at 05.04.25 being £67999.23
The investment return during the year ended 5 April 2025 achieved on the remaining funds of the charity was 4% (net of investment expenses)
As usual the Trustees kindly made no charge for their time, postage, telephone or travelling.
Material developments up to January 2026:
It is with great sadness that we report the passing of one of the Trustees; Glynn Dallow in August 2025. He has been a source of wise counsel for the Trust and will be much missed. We would also like to remember the long and faithful service provided by Jane Edwards; who was one of the founding Trustees, who also raised much needed funds for the LSCF; who sadly passed away in December 2025. Danielle Connelly has also advised that she will be standing down, once new Trustees have been appointed. We thank Danielle for her tireless work, particularly bringing her investment expertise for the benefit of the Fund.
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THE LOWER SAPEY CENTENARY FUND
TRUSTEES APPROVAL STATEMENT
We approve the financial statements for the year ended 5 April 2025 and confirm that we have made available all relevant records and information for their preparation.
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Signed be Q-——
Trustee Trustee
Name bRichecel, Smith, Decssedscs, Gonteadi
Date vechtnl Pn. ZOZ6. eI 2 [IV OZ cccecene
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ACCOUNTANTS’ REPORT
In accordance with instructions given to us, we have prepared, without carrying out an audit, the annexed financial statements for the year ended 5 April 2025 from the accounting records of the Trustees of The Lower Sapey Centenary Fund and from information and explanations supplied to us.
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Cockett & Co. Ltd Chartered Accountants steconsaanecesssesssosesenneoncecees 2e Rainbow Street Leominster Herefordshire HR6 8DQ Date seueWsubaseeseteenenutsanwiinecceaes
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THE LOWER SAPEY CENTENARY FUND
RECEIPTS AND PAYMENTS ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2025
Receipts £ £ £ Dividends received 1237.82 Interest from UK securities 850.18 Bank interest received 64.67 Share sales 54729.58 56882.25 Payments Accountancy fee ye 05.04.24 0.00 Pilling & Co management fee 180.00 Bank charges 60.75 Portfolio reinvestment 991.70 Donation 55000.00 56232.45 Surplus of payments over receipts 649.80 Bank Balances Opening 2223.59 Closing 3673.31 Increase 1449.72 Cash balance on investments Opening 1445.80 Closing 645.88 Decrease -799.92 Net cash movement 649.80
Cash balance on investments
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THE LOWER SAPEY CENTENARY FUND
BALANCE SHEET
AS AT 5 APRIL 2025
| 2025 | 2024 | |
|---|---|---|
| Assets | ||
| Investments at market value | 63,680.04 | 115,873.98 |
| Bank balances | 3,673.31 | 2,223.59 |
| Cash balance on investments | 645.88 | 1,445.80 |
| £67,999.23 | £119,543.37 |
Capital Account
| Balance brought forward | 119,543.37 | 115,236.62 |
|---|---|---|
| Add: Surplus of payments over receipts | 649.80 | 1,110.56 |
| Add: Increase/(Decrease) in investment value | 2,806.06 | 3,196.19 |
| Less: Share sales | 54,729.58 | 0.00 |
| Lesg:TransferfromCapitaltoIncome | 270.42 | 0.00 |
Balance carried forward £67,999.23
£119,543.37
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THE LOWER SAPEY CENTENARY FUND
SCHEDULE OF INVESTMENTS
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At 5 April 2025
Cost Value Net
Income
£ £ £
Appendix A
Pilling & Co 56802.35 63680.04 2088.00
Overall Totals at 05.04.25 £56802.35 £63680.04 £2088.00
Overall Totals at 05.04.24 £115873.98
Add: Increase in value for year £2535.64
Less: Share sales £54729.58
Reconciled to 05.04.25 £63680.04
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