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2023-12-31-accounts

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Registered Charity No. 511181

1

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31[st] DECEMBER 2023

CONTENTS

Administration and Reference 1
Purposes and Activities of the Trust 2
Constitution and Governance 3
Main activities in 2023 3
Performance of Fundraising in Year 4
Investment Policy and Performance in Year 4
Review of Financial Position 4
Statement of Trustees’ Responsibilities 6
Independent Examiner’s Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10 – 17

2

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

REPORT OF THE TRUSTEES

31 DECEMBER 2023

The Trustees present their Report and Accounts for the year ended 31 December 2023. These have been prepared in accordance with the accounting policies set out in Note 1 to the Accounts and comply with the Charity's governing document, applicable law and the Statement of Recommended Practice (FRS 102).

The Honorary Presidents of the Trust are the Bishop of Hereford and the Lord-Lieutenant of Herefordshire. New Trustees are appointed by a resolution of the Trustees and Trustees in office during the year were :

David Furnival Chairman The Venerable Derek Chedzey Archdeacon of Hereford Ali Haydn Jones Membership Secretary Lady Susanna McFarlane DL John Handby Grants & Churches Stephen Cheetham Treasurer Ben Furnival JP Tim Bridges Sue Burleigh

The Trust’s Charity Registration number is 511181 and the Charity's registered office is The Diocesan Office, The Palace, Hereford, HR4 9BL.

Professional advisers

Bankers: Barclays Bank plc Broad Street Hereford, HR4 9BH Central Board of Finance of the Church of England Senator House, 85 Queen Victoria Street London, EC4V 4ET Investments: Redmayne-Bentley Stockbrokers 9 Bond Court Leeds, LS1 2JZ Independent Examiner : David Marshall CA Damage Limited, Chartered Accountants Barton House, Newton St Margarets Herefordshire, HR2 0QN

1

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

REPORT OF THE TRUSTEES

31 DECEMBER 2023

Purposes and Activities

Objectives and aims of the Charity

The Trust exists to further the object set out in the scheme dated 8 November 1995, which is to make funds available "for the preservation, repair, maintenance, improvement, upkeep, beautification and reconstruction of Christian Churches in the County of Herefordshire and of monuments, fittings, fixtures, stained glass, furniture, ornaments and chattels of such churches or situated in the churchyards thereof".

All our charitable activities are undertaken to further our charitable purposes for the public benefit. The Trust is non-denominational and any Christian church congregation may apply to the Trustees for assistance.

The Trust aims to make available grants and loans to all Christian places of worship in the County of Herefordshire in order to enable their PCCs and congregations to preserve, maintain and improve the buildings and churchyards for current and future generations in the County.

Policy for making grants and loans

The Charity will continue to provide financial support to parishes that are undertaking repairs and maintenance to their churches, within the limitations of available funds and prioritizing applications from parishes of limited means.

Grants are available for most activities associated with structural repairs and maintenance. Grants for disabled access and reordering will be considered. Requests for assistance must be substantiated with details of the works proposed and the costs, and fully supported by the PCC or Governing Body of the Church, a Faculty or planning permission as appropriate and an indication of other sources of income. The full conditions are contained in the Grant application forms. Grant requests are considered at the meeting of the Trustees that take place in April and October. The usual maximum grant per project is £15,000 but at the Trustees’ discretion larger Cornerstone grants of up to £25,000 can be granted. The offer of a grant is valid for two years, after which the position is reviewed. The grant is paid in arrears against certificates or contractors' invoices.

The Trust will consider making interest free loans to support PCCs, which are experiencing difficulties in meeting the costs of approved projects. Loans of up to £10,000 are available, to be repaid in up to four equal annual instalments but which must be taken up within 6 months of the offer. The decision to offer a loan can be made by the finance committee after receiving evidence of the loan requirement and a simple cash flow showing the shortfall in funds. The Treasurer must receive plans for the repayments before the loan can be paid.

Public Benefit Statement

The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, in planning future activities and setting the grant making policy for the year. The Trust furthers its charitable purposes for the public benefit through its grant- making policy which aims at:

2

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

REPORT OF THE TRUSTEES

31 DECEMBER 2023 (continued)

Constitution, Structure and Governance

Constitution/Governing document:

The Charity was established on 29 September 1954 by Deed of Appointment and is now regulated by a scheme approved and established by the Charity Commission dated 8 November 1995. It is a Registered Charity.

Organizational structure

Executive Committee Grant making Committee Finance Committee

All Trustees are members of the Executive committee which also includes a number of additional members with skills or experience which may be of benefit to the Trust.

The Grant-making and Finance committees are small sub-committees of the Executive. The Chairman and Treasurer are members of both committees. The services of a secretary may be contracted to facilitate effective minute taking.

Recruitment & Appointment of Trustees

When appointing members to the Executive committee the needs of the Trust are assessed; new Executive members should possess the skills to address any perceived gaps. New Trustees are normally chosen from members of the Executive committee after a period of time serving on the committee. Enthusiasm for the job and the time to commit to it are of greatest importance.

Trustees' induction and training

Possible new members of the Executive Committee are invited to attend our biannual meetings and subject to their enthusiasm and willingness to help in areas of need within the Trust are then invited to be a permanent member of the Executive Committee. Subject to there being a vacancy, a member from the Executive committee may then be invited to become a Trustee. He or she will, by that time, be aware of the work of the Trust and the responsibilities a Trustee will hold.

Main Activities in 2023

Main objective for the year

The Trust’s annual objective is to administer grants and loans as agreed by the Executive committee and to continue to raise money for the benefit of the Trust and advise PCCs on grant applications. As a guideline, the Executive committee consider 10% of the Trust net asset value as a target, or maximum budget, for grant awards in a year. That figure is reviewed annually in the light of prior year financial performance and awards.

3

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST REPORT OF THE TRUSTEES

31 DECEMBER 2023

(continued)

Significant activities in the year

Grant payments to PCC’s and other church bodies decreased to £65,105 compared to £96,544 in 2022, but loans totalling £17,000 were converted to grants (zero in 2022).

19 grants were approved during the year, totalling £87,535, a significant decrease on 2022’s total of £119,807 and reflecting lower funds available as a result of 2022’s disappointing investment performance. Grants totalling £16,420 lapsed during the year.

Performance of Fundraising in 2023

Total donations increased significantly during the year to £40,687 from £29,140 in 2022 . Trust and Corporate donations increased markedly, reflecting corporate sponsorship of our new Opera Evening event at Treago Castle which was a great success. Overall it was a good year for the Trust’s fundraising activities, and income and costs for these activities are shown in detail in Notes 3 and 6 to the accounts.

Investment Policy and Performance in 2023

In 2023 there was no material change in the investment policy of the Trust which continued to aim for a balanced return between capital and income with a medium approach to risk. Some portfolio rebalancing was carried out during the year, and investment performance was somewhat improved after the disappointing falls of 2022: at year end the portfolio was valued at £906,994, some 2% higher than the £887,161 recorded at the beginning of the year. Investment movements and major holdings are summarised in Note 10 to the accounts. Redmayne Bentley continued as the Trust’s investment broker throughout 2023 and their fees are shown in Note 5.

Review of Financial Position

Overview of the Year

The Trust aims to make Grants each year totalling about 10% of its asset value and it is the “free reserves” (ie net current assets) which provide the immediate funding. Due to grant approvals during 2023 net current assets were negative at the end of the year at minus £37,006: however although all grant approvals are recorded as current liabilities due within 12 months, in practice many projects take longer to come to fruition. The timing of grant claims and associated payments therefore remains uncertain and further liquidation of investment assets will be undertaken should it prove necessary in 2024. However, the Trust’s investments are sound and there are ample funds available to fulfil the obligations and terms of the Charity.

Reserves policy

There were no changes to the Reserves Policy during the year and as in previous years, the bulk of the Charity's reserves were held in investments, generating income to provide financial assistance to churches. As mentioned above, the Trust may liquidate investments and use that capital to improve the level of free reserves thereby allowing it to give away up to 10% of asset value every year. Sufficient funds are available to fulfil the obligations and terms of the Charity.

4

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

REPORT OF THE TRUSTEES

31 DECEMBER 2023

(continued)

Risk management

The Trust has no property assets and is not subject to third party risks. Investment performance is the principal risk to the Trust. The investment portfolio is managed on a discretionary basis by brokers, with whom the Finance Committee is in close contact. Two signatures are required on the Trust's cheques and three Trustees are authorised in this capacity. Most records are maintained in duplicate or can be retrieved from other sources. The knowledge shared by the Trustees would enable the Trust's function to be carried out if one member became unable to undertake his or her duties. The Trust is covered by Public Liability Insurance and Trustee Liability Insurance.

Related parties and transactions therewith are set out in Note 9.

Plans for the future

2024 will see a repeat of our very successful opera evening at Treago Castle as well as the continuation of our other fundraising efforts. We will continue to provide grants to Churches and expect to match our grant awards with income and some capital, and to provide loans to Churches where these are required and fulfil our criteria.

Independent Examiners

David Marshall CA, of Damage Limited Chartered Accountants, has agreed to offer himself for reappointment as Independent Examiner of the Trust.

On behalf of the Trustees

David Furnival Chairman

Diocesan Office The Palace Hereford October 17[th] 2024

5

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDING 31 DECEMBER 2023

The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In managing the Trust, the Trustees have complied with the duty in the Charities Act 2011, to have due regard to public benefit guidance published by the Charity Commission.

The law applicable to charities in England and Wales 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 Charity and of its incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are 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 and the Charity (Accounts and Reports) Regulations 2008. They are 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.

Approved by the Trustees on October 17th 2024. and signed on their behalf by:

David Furnival Chairman

6

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

I report on the accounts of The Herefordshire Historic Churches Trust for the year ended 31 December 2023, which are set out on pages 8 to 17.

Respective responsibilities of Trustees and Examiner

The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of Independent Examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent Examiner’s statement

In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements:

to keep accounting records in accordance with section 130 of the 2011 Act; and

to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met.

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued in 2005 which is referred to in the Charities (Accounts and Reports) Regulations 2008. Although the law has not been changed, we understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

No other matter has come to my attention in connection with my examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

DAVID MARSHALL CA

………….…… 2024

DAMAGE LIMITED Chartered Accountants Barton House, Newton St Margarets, Herefordshire HR2 0QN

7

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

STATEMENT of FINANCIAL ACTIVITIES

for the YEAR ENDING 31 DECEMBER 2023

Notes
INCOME
Donations and Legacies
2
Income from Charitable Activities
3
Income from Investments
4
Total Income
EXPENDITURE
Cost of raising funds
Investment management costs
5
Fundraising activities
6
Expenditure on Charitable Activities
7
Activity Grants
Major Grants and Awards
Cost of Grants
Total resources expended
Net income/(expenditure) and net
movement in funds before gains and
losses on investments
Net gains/(losses) on investments
10
Net income and movement in funds
Reconciliation of funds:
Total funds brought forward
Fund Balance at Year End		 £
£
£
£
40,687
29,140
13,283
9,952
35,530
35,149
89,500
74,241
5,478
5,895
7,594
4,213
5,730
2,745
73,459
120,384
79,189
123,129
92,261
133,237
(2,761)
(58,996)
24,289
(125,519)
21,528
(184,515)
848,460
1,032,975
869,988
3%
848,460
2023
2022

8

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

----- Start of picture text -----
BALANCE SHEET
AS AT 31 DECEMBER 2023
2023 2022
Notes £ £ £ £
ixed assets
Investments 10 906,994 887,161
urrent assets
Debtors: 11 - 17,000
Cash at bank and in hand: 12 70,144 62,364
otal Current Assets 70,144 79,364
urrent liabilities
Creditors due within one year 13 107,150 118,065
Net Current (Liabilities)/Assets (37,006) (38,701)
Total Assets less Current Liabilities 869,988 848,460
Net Assets 869,988 848,460
unds
Unrestricted 869,988 848,460
----- End of picture text -----

The notes on pages 10 to 17 form part of these accounts.

These accounts are prepared in accordance with the Charities Act of 2011, Financial Reporting Standard 102, and the Charities SORP (FRS 102). The Trust holds only Unrestricted Funds. The Trust has no Restricted Funds and no Endowment Funds. Furthermore, the Trust does not undertake any Trading Activities, as a result, the SoFA and the Balance Sheet present only the Trusts actual activities. Unused categories and their columns are omitted.

Signed on behalf of the Trustees on October 17th 2024

D. Furnival, Chairman

9

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDING 31 DECEMBER 2023

1 Principal accounting policies

Basis of accounting

The charity constitutes a public benefit entity as defined by FRS 102 and the accounts have been prepared in accordance with the Charities SORP (FRS 102), as amended for accounting periods commencing from 1[st] January 2019, as recommended by guidance notes prepared by the Charity Commission. Historical cost accounting rules have been applied, except for investments which are stated at market valuation. The usual practice of rounding exact figures to the nearest pound has been followed. Individual adjustments of one pound or accumulated adjustments of £5 are treated as “not material” and are made without reference.

Investments

Investments are stated at market value at the balance sheet date. Any gain or loss on revaluation or sale is taken to the Statement of Financial Activities (SoFA)

Debtors

Debtors, including interest-free loans to PCCs and others, are stated at their recoverable amounts.

Creditors

Creditors are stated at their settlement amounts.

Taxation

The Charity is not generally liable to taxation. For this reason, no tax reconciliation note is included in the notes to the accounts.

Incoming resources

All incoming resources are included in the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. For bequests, entitlement is the earlier of the Charity being notified of an impending distribution or the legacy being received.

Resources expended

All expenditure is accounted for on an accruals basis. Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be directly allocated to the activities and the relevant support costs. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity. Note 7 contains further details.

Grants payable

Grants are recognised once they are authorised by the Trustees and are valid for two years after which they lapse.

Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance with the general objectives of the Charity and have not been designated for other purposes.

Restricted funds, if held, are funds which are to be used in accordance with specific restrictions imposed by the donor or which have been raised by the Charity for specific purposes. The cost of raising and administering such funds would be charged against the specific fund, if relevant.

Realised gains and losses

All gains and losses are taken to the SoFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the recognised market value at year end and their carrying value at the start of the financial period.

10

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDING 31 DECEMBER 2023

(continued)

Going Concern

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

As in previous years, the most significant area of uncertainty that would affect the carrying value of the Trust’s assets with respect to the next reporting period (i.e. 2024) is the level of investment return and the performance of investment markets.

Financial instruments

Financial instruments are recognised in the charity’s balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include investments, debtors and bank balances, are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method. Financial assets, classified as receivable within one year, are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities, classified as payable within one year, are not amortised.

Trade creditors represents an obligation to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Donations:
Personal
PCCs
Trusts and Corporate
Legacies
Income tax refunds
3
Activities for generating funds:
Income from Charitable Activities
Coffee morning
Church crawl
Annual Friends Meeting
Opera Evening
Music in Quiet Places		 2023
2022
£
£
8,578
9,522
9,915
3,895
19,870
13,095
2
168
2,322
2,460
40,687
29,140
2023
2022
£
£
1,657
1,558
1,604
1,370
183
769
5,598
-
4,241
6,255
13,283
9,952

11

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDING 31 DECEMBER 2023

(continued)

4 Investment Income

Redmayne Bentley (Dividends)
CBF Deposit Funds
5
Investment Management Costs:
Broker fees
6
Fundraising Activities:
Costs for:
Coffee morning
Church crawl
Music in quiet places
Opera Evening
Total Fundraising Costs
Allocated Governance
and Support Costs
Total Fundraising Costs		 2023
2022
£
£
29,100
28,782
6,430
6,367
35,530
35,149
2023
2022
£
£
5,478
5,895
5,478
5,895
2023
2022
£
£
320
441
360
1,000
1,240
711
3,798
-
5,718
2,152
1,876
2,061
7,594
4,213

12

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDING 31 DECEMBER 2023

(continued)

7 Allocation of Governance and Support Costs

Activity Grants to Participating Churches and subsequent allocation of costs

Activity
Music in Quiet Places
Opera Evening
Church Crawl
Coffee Morning
Annual Friends Meeting
Total
Allocated Governance
and Support Costs
Total
Governance Costs
Trustee expenses
Insurance
Accountancy & Examination fees
Annual Report and Meetings
Support Costs
Governance costs
Total costs for Allocation		 2023
2022
£
£
750
1,030
3,828
-
-
450
500
250
183
500
5,261
2,230
469
515
5,730
2,745
2023
2022
£
£
119
820
711
691
975
1,100
2,434
2,180
450
362
4,689
5,153
4,689
5,153
Fundraising
Grants after Activities
Major Grants & Awards		 Activity
Costs
Total
Activity
Costs
Total
5,718
1,876
7,594
2,152
2,061
4,213
5,261
469
5,730
2,230
515
2,745

71,115
2,344
73,459
117,807
2,577
120,384
82,094
4,689
86,783
122,189
5,153
127,342
2023
2022

It is estimated that Fundraising accounts for 40% of Governance and Support time, Activity Grants 10%, and Major Grants and Awards 50%: costs are allocated on this basis.

13

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 31 DECEMBER 2023

(continued)

(continued)
8
Major Grants
Opening
Balance
Allensmore
-
Bodenham
-
Bosbury
10,000
Breinton
-
Bridge Sollers
3,000
Bromyard
-
Burrington/Elton
-
Byford
-
Colwall
-
Cradley
-
Craswall
-
Dewsall
5,000
Dorstone
-
Downton on the Rock
-
Eardisland
-
Eastnor
3,000
Eaton Bishop
-
Ganarew
-
Garway
2,450
Goodrich
1,000
Hatfield
4,000
Hope-under-Dinmore
1,000
Humber
8,000
Kilpeck
-
Kington
5,000
Kinnersley
1,300
Leinthall Starkes
-
Leominster RC
-
Letton
7,000
Leysters
-
Little Birch
-
Llangarron
8,000
Llanwarne
-
Lugwardine
-
Madley
1,000
Moccas
6,000
Monkland
4,000
Monnington on Wye
-		 2022 2023
Auth.
Paid
Year End
in year
in year
Balance
6,000
-
6,000
8,000
-
8,000
-
10,000
900
900
-
-
-
3,000
-
-
-
490
-
490
917
917
-
-
-
-
15,000
5,000
10,000
-
-
-
-
5,000
-
10,000
-
10,000
2,000
-
2,000
-
-
-
3,000
4,000
2,000
4,000
-
4,000
-
-
-
10,000
-
12,450
(1,000)
-
-
4,000
-
(1,000)
-
-
8,000
15,000
15,000
-
-
-
5,000
-
-
1,300
-
-
-
2,000
-
2,000
-
7,000
-
1,000
-
1,000
-
-
-
8,000
-
2,000
-
2,000
-
-
-
-
-
1,000
2,000
8,000
-
-
-
4,000
10,000
-
10,000

(continued overleaf)

14

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDING 31 DECEMBER 2023

(continued)

Major Grants (continued) Major Grants (continued) 2022 2023
Year End Auth. Paid Year End Auth. Paid Year End
Balance in year in year Balance in year in year Balance Due by
Ocle Pychard - - - - 3,000 3,000 -
Orcop - - - - 2,000 2,000 Oct-25
Pembridge 1,000 - - 1,000 1,000 -
Pipe Aston 2,500 - 2,500 - - - -
Staunton-on-Wye - - - - 2,398 398 - was loan
Storridge 727 - 727 - - - -
St Weonards - 4,000 4,000 - 3,000 3,000 -
Tedstone Delamere - 8,000 - 8,000 - - 8,000 Oct-24
Turnastone 2,000 - - 2,000 2,000 -
Upper Sapey 3,000 - 3,000 - - - -
Walterstone - 4,000 - 4,000 - 4,000 -
Weobley 5,000 3,000 8,000 - 5,000 - - was loan
Withington - 2,500 2,500 - 6,000 - 6,000 Oct-25
Woolhope - 1,000 1,000 - 2,000 2,000 -
Wormbridge - St Dev. 3,000 - 3,000 - 4,000 4,000 -
Yarpole - St Leonards 4,000 - 4,000 - - - -
Total 90,977 112,807 86,544 117,240 66,115 60,105 106,250
Development Grants included above
Church Buildings Officer 5000 5,000 10,000 - 5,000 5,000 -
Governance and support costs 2,577 2,344
Totals 95,977 120,384 96,544 117,240 73,459 65,105 106,250

Reconciliation of major grants payable for the year

Grants outstanding at start of year
Grants authorised in year
Grants withdrawn, returned or lapsed
Grants converted from loan *
Grants paid in year
Grants outstanding at end of year		 2023
2022
117,240
95,977
87,535
119,807
(16,420)
(2,000)
(17,000)
-
(65,105)
(96,544)
106,250
117,240

15

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST NOTES TO THE ACCOUNTSFOR THE YEAR ENDING 31 DECEMBER 2023

( continued)

9 Trustees and employees

The Trust has no employees, and no emoluments were paid to the Trustees during the year. Reimbursements to Trustees totalled £460 during the year. Aggregate reimbursements to Trustees in 2022 totalled £820.

10
Investments
Market value of investments at start of year
Additions
Disposals at market value
Realised gains/(losses) on disposal
Unrealised gains/(losses)
Market value of investments at end of year
Historical Cost of Investments at end of year		 2023
2022
£
£
887,161
1,020,825
81,779
47,830
(86,235)
(55,975)
(1,970)
24,166
26,259
(149,685)
906,994
887,161
631,687
603,538

All investments are quoted: FTSE 100 31st December 2023: 7722 FTSE 100 31st December 2022: 7452 FTSE 100 31st December 2021: 7385

The following holdings each represent more than 5% of the value of the portfolio in the respective year: Figures shown are based on closing market value.

2023 2022
% £ % £
COIF Charity Funds Invest Inc 12.1 109,985 11.4 100,803
CBF C of E Investment Fund 11.7 105,780 10.9 97,052
JP Morgan US Equity Income - - 10.4 92,188
JP Morgan Global Growth and Income 8.8 80,229 8.7 76,893
M&G Inv Man Charifund 7.9 71,842 8.3 73,571
BNY Mellon Newton High Inc Gbl 6.4 58,376 7.9 69,957
Tritax Big Box Reit PLC 6.6 59,960 5.5 49,203
GCP Infrastructure Investments Ltd - - 5.5 49,164
Jupiter Unit Trust Strategic Bond 5.2 47,464 5.2 45,928
Polar Capital Global Convertible Bonds - - 5.1 45,041
Rathbone Unit Trust Mgmt Bond 5.2 46,861 5.0 44,651

16

THE HEREFORDSHIRE HISTORIC CHURCHES TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDING 31 DECEMBER 2023

(continued)

11 Debtors

Reconciliation of Debtors in the year
Debtors outstanding at start of year
Loans converted to grant
Loans approved and paid out in year
Debtors outstanding at end of year
12
Cash at Bank
Church Central Board of Finance
Barclays Current Account
Redmayne Bentley Deposit
13
Creditors
Grants awarded, still outstanding
Other		 2023
2022
£
£
17,000
-
(17,000)
-
-
17,000
-
17,000
2023
2022
£
£
18,574
15,163
45,840
39,582
5,730
7,619
70,144
62,364
2023
2022
£
£
106,250
117,240
900
825
107,150
118,065

17