## **THE TRUSTEES ANNUAL REPORT AND ACCOUNTS**
In compliance with Charities Acts
Financial Year 1 April 2023 - 31 March 2024
## Trustees
J Douglas-Hughes, OBE DL, Esq (Chairman) Rt Hon Lord Petre, KCVO JP MA
His Majesty’s Lord-Lieutenant of Essex Mrs Jennifer Tolhurst B J Moody Esq (Managing Trustee)
P J Mamelok, DL FCA, Esq (Hon. Treasurer)
R H Wollaston, Esq
M F Pertwee, Esq Dr J Bettley, JP DL FSA Mrs S Brice (Resigned January 2024) Mrs K Twitchen, OBE T J Gregson, FRICS FFBE MEWI, Esq The current Chairman of Essex County Council
Administrator Mrs Sharon Hill
Trust Address Cressing Temple, Braintree, Essex, CM77 8PD
Bankers Barclays Bank, 40-41 High Street, Chelmsford, Essex
Investment Managers Quilter Cheviot, One Kingsway, London. WC2B 6AN
Charity Registration No. 802317
## 1. Objectives
The Trust has been established to safeguard or preserve for the benefit of the public, such lands, buildings, objects or records as may be illustrative of, or significant to, the history of the county or which enhance an understanding of the characteristics and traditions of the county.
## 2. Constitution
The charity is an independent organisation constituted and governed by a Trust Deed dated 27 October 1989. There have been various Deeds of Variation since the principal Trust Deed, to take account of appointment and retirement of Trustees.
Essex Heritage Trust does not have any direct relationship with any other charity or organisation.
## 3. Administration
Trustees meet three times a year to consider grant applications, review the Trust’s financial position and investment strategies, and deal with any other formal business. In addition, an Annual Meeting may be held, to which all the Friends of the Trust and others connected with the Trust are invited.
The Trust affairs are managed by the Trust Management Committee, supported by Mrs S Hill, who provides services as a Consultant.
Applications for grants are submitted, and these are considered at the Trustees’ meetings. In reviewing applications the Trustees consider the heritage nature of the projects, and attach importance to evidence of self-help and fund raising efforts in considering whether to award a grant, and if so, how much the grant shall be.
Costs for handling projects are kept to a minimum due to the fact that the Trustees advisors give freely of their time.
The Trustees carry out a review of risks that the Trust faces on a regular basis.
## 4. Friends of Essex Heritage Trust
The Friends of Essex Heritage Trust was launched in 1993 and the Trustees continue to be keen to recruit more members.
Our newsletter has played a vital part in promoting the role of the Trust and encouraging enquiries. Going forward the newsletter will be distributed digitally, and will be sent to all of our Friends, as well as being distributed widely to parish councils and similar bodies who might seek to apply for grants.
## 5. Accounting Matters
The Hon Treasurer, Mr P J Mamelok DL, who is a Chartered Accountant, has prepared the financial statements in conjunction with Mrs Hill. The financial statements have been prepared to comply with current statutory requirements and the requirements of the Trust Deed.
The independent examination of the financial statements has been carried out by Mr P J Bentley, who is a Chartered Accountant. As such, Mr Bentley is a member of a body approved under the Charities Act 2011.
## 6. Grants
During the financial year, 22 applications for grants were received, and 21 were awarded a grant totalling £75,870.
At the end of the financial year, grants awarded in this and previous years but remaining unpaid at 31 March 2024, amounted to £68,831 as set out in note 2 on page 9.
## 7. Trust Fund
At the start of the financial year the value of the Trust Fund stood at £1,553,435. By the end of the financial year the value of the Trust Fund was £1,606,723 reflecting largely the effect of general market conditions on valuations at the year end.
………………………………………………………… Chairman of Trustees
Date :
## **GRANTS AWARDED**
|**Location**|**Project**
|**Grant**|
|---|---|---|
|St Nicholas Church, Harwich|Clock restoration|£ 3,000|
|St James the Great with
StPaul, Colchester|Restoration of Lady Chapel windows|£ 3,500|
|St Michael’s Church,
Thorpe-le-Soken|Restoration of the Chancel Arch|£ 2,500|
|The Lopping Hall, Loughton|Restoration of the Foundation Stone|£ 3,000|
|Thomas Plume’s Library
Maldon|Restoration of paintings|£ 3,000|
|Essex Gardens Trust|Detailed inventory of the valuable parks, gardens
and landscapes of Southend City|£ 3,000|
|Victoria County History of
Essex Trust|Research work, Grant promise for three years
(2of3 paid)|£ 5,000|
|Ingatestone Museum Trust|Purchase display boards and cabinets|£ 2,500|
|Good Easter Parish Council|Water Pump restoration|£ 770|
|Stansted Mountfitchet Parish
Council|Restoration of Stansted Mountfitchet Windmill|£ 7,500|
|Tim Burrows|Publication ‘Clubbing and communing in Essex
1970 to now’|£ 2,000|
|St John’s Church, Little
Leighs|Woodblock flooring|£ 4,750|
|St Mary the Virgin Church,
Ardleigh|Bell restoration|£ 4,000|
|St Nicholas Church, Castle
Hedingham|New interior lighting|£ 4,700|
|Budworth Hall, Ongar|Re-instate original features in the Concert Room|£ 4,000|
|The River Stour Trust|Replace lock gates and modernise mechanism that
opens the sluices|£ 9,300|
|Writtle Parish Council|Writtle Archives|£ 3,500|
|St Mary’s Church, Little
Bromley|Bell restoration|£ 2,500|
|Friends of Historic Essex|Auction of Lot 16 – The Foyle Collection|£ 1,000|
|Ingatestone & Fryerning
Parish Council|Heritage Trail leaflets|£ 1,350|
|Chelmsford Museum|Acquisition of Baddow Hoard|£ 5,000|
|**TOTAL**|**GRANTS AWARDED**|**£ 75,870**|
## **Essex Heritage Trust**
## **Statement of Trustees Responsibilities**
The charity's trustees are responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
In preparing those financial statements, the trustees are required to:
- a) select suitable accounting policies and apply them consistently;
- b) make judgments and estimates that are reasonable and prudent;
- c) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
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 ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with Charities Act 2011. 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.
## Report of the Independent Examiner
In my examination of the books and records of the Essex Heritage Trust for the year ended 31st March 2024, I have, when conducting my review, recognised the Trustees financial and legal responsibilities as set out in the above statement to this Annual Report and Accounts.
My examination confirms that the Trustees have, in my opinion, met their obligations and that the Financial Statements, comprising the Balance sheet and Statement of Financial Activities together with the appended notes have been properly prepared in accordance with the Charities Act 2011.
In my opinion the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the charity’s affairs at 31st March 2024, and of its incoming resources and application of resources for the year then ended.
Mr P J Bentley FCA …………………………………….
Date
## **Essex Heritage Trust Statement of Financial Activities for the year ended 31 March 2024**
|**Incoming Resources**
Investment Income (note 4)
Gift Aid Donations and Friends Subscriptions (gross)
Donations
**Total Incoming Resources**
**Less: Resources Expended**
Grants approved and paid
Grants approved - not yet paid
Deduct: Grants withdrawn
**Less: Total Grants payable**
**Administration Costs**
Annual Meeting
Insurance
Licence (rent)
Stationery & Postage
Telecoms and Website
Administrator
Sundry
Investment Management Charge
**Total Administration Costs**
**Total Expenditure**
**Net Deficit for the year**
**Unrealised Gains/Losses on Investments:**
**Net Movement in Funds**
**Balance brought forward 1 April 2023**
**Balance carried forward 31 March 2024**|**2023/24**
**2022/23**
69,510
67.074
2,354
3,066
450
1,500|
|---|---|
||**£72,314**
**£71,640**|
||18,750
19,775
57,120
46,850|
||75,870
66,625
12,200
10,968|
||**£63,670**
**£55,657**|
||320
924
451
448
1,400
1,400
381
596
574
520
5,340
5,620
37
8
9,038
9,230|
||**£17,541**
**£18,746**|
||**£81,211**
**£74,403**|
||**(8,897)**
**(2,763)**
**62,185**
**(72,882)**|
||**£53,288**
**£(75,645)**
**£1,553,435**
**£1,629,080**|
||**£1,606,723**
**£1,553,435**|
## **Balance Sheet Year Ended 31 March 2024**
|**Fixed Assets**
**Investments at Valuation (note 3)**
**Current Assets**
Income Tax Recoverable
Cash at Bank
Debtors and Prepayments**(note 5)**
Charities Deposit Fund
Petty Cash
**Total Current Assets**
**Current Liabilities**
Grants approved but unpaid
**Total Current Liabilities**
**Net Current Assets**
**Total**
**Represented by Trust Fund**
**At 1 April 2023**
**Net Movement in Funds for the year**
**At 31 March 2024**|**31st March 2024**
**£1,579,771**
182
27,607
2,624
65,332
38
**£95,783**
68,831
**£68,831 **
**£26,952**
**£1,606,723**
**£1,553,435**
**£53,288**
**£1,606,723**|**31st March 2024**
**£1,579,771**
182
27,607
2,624
65,332
38
**£95,783**
68,831
**£68,831 **
**£26,952**
**£1,606,723**
**£1,553,435**
**£53,288**
**£1,606,723**|**31st March 2023**
**£1,517,586**
285
27,011
4,618
62,303
9
**£94,226**
58,377
**£58,377**
**£35,849**
**£1,553,435**
**£1,629,080**
**(75,645)**
**£1,553,435**|**31st March 2023**
**£1,517,586**
285
27,011
4,618
62,303
9
**£94,226**
58,377
**£58,377**
**£35,849**
**£1,553,435**
**£1,629,080**
**(75,645)**
**£1,553,435**|
|---|---|---|---|---|
||**£95,783**||**£94,226**||
||68,831||58,377||
||**£68,831 **||**£58,377**||
||||||
|||**£1,553,435**
**£53,288**||**£1,629,080**
**(75,645)**|
|||**£1,606,723**||**£1,553,435**|
The financial statements were approved by the Trustees on
…………………….. Mr P J Mamelok DL FCA Hon. Treasurer
## **Notes to the Financial Statements 31 March 2024**
## **1. Accounting Policies** :
## **1.1 Accounting Convention**
The financial statements are prepared under the historical cost convention, as modified by the annual revaluation of listed investments to market value, and in accordance with applicable accounting standards and Statement of Recommended Practice.
## 1.2 **Donations**
All donations, other than specific donations for fundraising purposes are credited to the Trust Fund.
## 1.3 **Investments**
Listed investments are stated at market value. Investment income is brought into account when received.
All realised profits and losses on realisation of investments, and unrealised profits and losses on revaluation, are credited to the Trust Fund
|**2.**
**Grants**
Unpaid Grants from previous years
Grants awarded during the year
Grants withdrawn during the year
Grant payments made during the year
**Grants remaining unpaid at 31 March 2024**
**3.**
**Investments**
**Investments held at market value: 1 April 2023**
Net Increase/Decrease in market value during year
**Investments held at market value 31 March 2024**
**Pooled investment funds:**
COIF Fixed Interest Fund
M&G Charifund
Henderson Global Income
Lion Trust Investment Fund
Artemis Income Fund
Edinburgh Investment Trust
Charities Property Fund
City of London Ord
Vanguard FTSE 100 ETF
Royal London Sterling Income
Artemis Global Income
**Total Pooled Investment Funds**
Treasury Stocks
**Total Investments**
**4.**
**Investment Income**
COIF Fixed Income
Dividend and Interest Income
**TOTAL**||**2023/24**
**2022/23**
58,377
48,468
75,870
66,625
(12,200)
(10,968)
**£122,047**
**£104,125**
53,216
45,748
**£68,831**
**£58,377**
**2023/24**
**2022/23**
**£1,517,586**
**£1,590,468**
62,185
(72,882)
**£1,579,771 **
**£1,517,586**
**Market**
**Value**
**% of**
**Portfolio**
98,376
6.23%
211,132
13.36%
137,977
8.73%
106,192
6.72%
215,320
13.64%
124,200
7.86%
129,883
8.22%
117,450
7.43%
138,860
8.79%
41,918
2.65%
196,544
12.45%
**£1,517,852**
**96.08%**
61,919
3.92%
**£1,579,771**
**100.00%**
**2023/24**
**2022/23**
3,029
1,085
66,481
65,989|**2023/24**
**2022/23**
58,377
48,468
75,870
66,625
(12,200)
(10,968)
**£122,047**
**£104,125**
53,216
45,748
**£68,831**
**£58,377**
**2023/24**
**2022/23**
**£1,517,586**
**£1,590,468**
62,185
(72,882)
**£1,579,771 **
**£1,517,586**
**Market**
**Value**
**% of**
**Portfolio**
98,376
6.23%
211,132
13.36%
137,977
8.73%
106,192
6.72%
215,320
13.64%
124,200
7.86%
129,883
8.22%
117,450
7.43%
138,860
8.79%
41,918
2.65%
196,544
12.45%
**£1,517,852**
**96.08%**
61,919
3.92%
**£1,579,771**
**100.00%**
**2023/24**
**2022/23**
3,029
1,085
66,481
65,989|**2023/24**
**2022/23**
58,377
48,468
75,870
66,625
(12,200)
(10,968)
**£122,047**
**£104,125**
53,216
45,748
**£68,831**
**£58,377**
**2023/24**
**2022/23**
**£1,517,586**
**£1,590,468**
62,185
(72,882)
**£1,579,771 **
**£1,517,586**
**Market**
**Value**
**% of**
**Portfolio**
98,376
6.23%
211,132
13.36%
137,977
8.73%
106,192
6.72%
215,320
13.64%
124,200
7.86%
129,883
8.22%
117,450
7.43%
138,860
8.79%
41,918
2.65%
196,544
12.45%
**£1,517,852**
**96.08%**
61,919
3.92%
**£1,579,771**
**100.00%**
**2023/24**
**2022/23**
3,029
1,085
66,481
65,989|
|---|---|---|---|---|
||||||
|||||**96.08%**
3.92%|
|||||**100.00%**|
|||||**2022/23**
1,085
65,989|
|||**£69,510**||**£67,074**|
|**5.**
**Debtors**
XD Dividends
Quilter trading balances
Sundry Debtors
**TOTAL**|**2023/24**
**2022/23**
616
544
2,008
3,724
0
350|
|---|---|
||**£2,624**
**£4,618**|