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2022-04-30-accounts

Report and Financial Statements

For the year ended 30 April 2022

CHURCH PASTORAL AID SOCIETY Sovereign Court One (Unit 3), Sir William Lyons Road, Coventry, CV4 7EZ.

A company limited by guarantee Registered in England no. 02673220 Registered office at the above address Registered charity no. 1007820 (England & Wales)

Contents

page
Trustees’ Annual Report 3
Statement of Trustees’ Responsibilities 11
Independent Auditors’ Report 12
Statement of Financial Activities 14
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Financial Statements 17

CHURCH PASTORAL AID SOCIETY 3

Trustees’ Annual Report (Including Directors’ Report & Strategic Report)

Year Ended 30 April 2022

CHURCH PASTORAL AID SOCIETY (CPAS)

Registered office Sovereign Court One (Unit 3), Sir William Lyons Road, Coventry CV4 7EZ Registered company number 0 2673220 Registered charity numbers 1007820 (England & Wales)

President : The Rt. Rev Christopher Cocksworth

Vice-presidents

The Rt. Rev Ruth Bushyager The Rt. Rev Jill Duff The Rt. Rev Karowei Dorgu

The Rt. Rev Dr Emma Ineson The Rt. Rev Keith Sinclair The Rt. Rev Rod Thomas

Vice-patrons

The Archbishop of Armagh Lord MacKay of Clashfern

Trustees during year to 30 April 2022 and at 20 September 2022

Mrs Jenny Bray The Rev Jane Beaumont (to August 2021) Miss Deborah Buggs The Rev Simon Chesters

Mrs Eleanor Doolan Mrs Sarah Gough Vice-chair The Rev Paul Mathole (from May 2022) The Rev Tamsin Merchant (to January 2022) Mr Richard Montgomery

The Rev Paul Peterson The Ven Andrew Piggott Vice-chair The Rev Edward Scrase-Field (from May 2022) Mr Rod Street (to January 2022) The Rt. Rev Mark Tanner Chair

C ouncil of Reference as at 20 September 2022

The Rev Chris Balding The Rev Patrick Bateman The Rev Canon Mark Brown The Rev Stuart Browning Dr Nick Burt The Rt Rev Ruth Bushyager (Chair) The Rev Richard Coombs The Rev Lesley Currie The Rev Roger Driver The Ven Paul Dundas The Rev Mones Farah

The Rev (Sqn-Ldr) Geoffrey Firth The Rev Fiona Gibson The Rev Chris Green The Rev David Hammond The Rev John Hookway The Rev Samantha Hustwayte The Rt. Rev Dr Emma Ineson Mrs Davina Irwin-Clark Capt. Nicholas Lebey The Rev Catherine Mabuza The Rev Jane Morris

The Rev Alex Oehring The Rev William Parry The Rev Dr Philip Plyming Mrs Sarah Slater The Rev Rick Stordy The Rev Simon Talbot The Rev Charles Thomson Mrs Abi Todd Mrs Nikki Tomkins The Rev Jonathan Tuckwell

Recruitment Group as at 20 September 2022

Mrs Jenny Bray The Rev Sam Corley

Mrs Eleanor Doolan The Rev Canon Andy Perry

The Rev Dr Philip Plyming Miss Victoria Ritchie

Key Management Personnel

General Director Acting General Director Director of Operations & Finance

The Rev John Dunnett (to January 2022) The Rev Canon Graham Archer Mrs Valerie Floy (from March 2022)

Professional Advisers

Bankers

The Royal Bank of Scotland PLC Drummond House 1 Redheugh Avenue Edinburgh EH12 9JN

Auditors

Dafferns LLP One Eastwood Harry Weston Road Coventry CV3 2UB

Solicitors

Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES

Investment Advisers

CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET

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Structure, Governance and Management

Constitution and Governance

CPAS was founded as an unincorporated charity in 1836 and was incorporated on 19 December 1991 as a company limited by guarantee, having no share capital. The company took over the operations of the Society on 1 April 1992, the assets being transferred by a Charity Commission scheme dated 25 March 1993. On 1 May 2010, CPAS merged with CYFA Pathfinder Ventures Ltd, an incorporated charity. In the event of a winding-up, each member is liable to contribute a sum not exceeding £10 towards the assets of the Society.

CPAS’s governing document is its Articles of Association. The current Articles were adopted as from 12 October 2004 and amended at an Extraordinary General Meeting held on 1 October 2005 and further amended at the Annual General Meetings on 30 November 2006 and on 27 November 2007. At an Extraordinary General Meeting on 26 April 2010, the membership agreed further changes to the Articles in preparation for the merger with CPV Ltd, those changes becoming effective upon the merger on 1 May 2010. The Articles were subsequently further amended at the Annual General Meeting on 17 November 2010 and on the 13 November 2013. The members of CPAS are the President, Vice-Presidents, Trustees and Council of Reference; as at 30 April 2022 there were 50 members (2021: 48) and as at 21 September 2022 there were 50 members.

There are normally up to twelve Trustees, the Articles permitting the co-option of up to a further four trustees. With the exception of any who are co-opted, the trustees are elected by the members on the basis of skills and experience, from recommendations made by the Recruitment Group established for the purpose of identifying suitable candidates. Under the provisions of the Companies Act 2006 the Trustees are the directors. Newly-elected Trustees receive a comprehensive information pack, and participate in a programme of briefing meetings. Trustees generally meet six times a year. All major decisions regarding strategy, policy and finance are the responsibility of the Trustees. The implementation of decisions of the Trustees is delegated to the staff.

A Council of Reference, representative of the Anglican parishes and churches that the Society is established to serve pursuant to its object, advises the Trustees as to the needs of the beneficiaries of the Society.

CPAS holds insurance to indemnify the Trustees against the consequences of any neglect or default on their part.

Operational structure

Senior leadership – the general director leads the organisation plus, promotes and represents CPAS externally; the director of ministry (also deputy general director) is responsible for co-ordinating and overseeing the three ministry arms of CPAS; the director of operations and finance is responsible for overseeing the support functions.

Support functions – comprises: communications and fundraising, finance and office services teams.

Ministry – the three areas of CPAS’s ministry are:

Venture, Falcon and School Venture Holidays:

Trustees wish to build on the network of volunteers for Venture and Falcon Holidays and recruit volunteer and paid partners to facilitate, particularly, the leadership development ministry, and thus move towards a less staff-dependent model of delivery.

Financial Instruments

The financial instruments of CPAS comprise cash, liquid resources and various other items such as trade debtors, trade creditors etc, that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of CPAS. The nature of these financial instruments means that they are not subject to price risk or liquidity risk.

In addition, CPAS has investments with CCLA Investment Management Ltd. These investments are subject to price risk arising on the underlying investment portfolio. The trustees review the performance of the investments against market returns to ensure that price risk exposure is kept to a minimum.

Risk Assessment

CPAS has a detailed risk register that is reviewed annually by the Trustees, this includes a specific review of the risks experienced by the Ventures and Falcons team. The Trustees assessed the principal risks as follows:

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These risks are assessed through a scoring system and assigned to a group or individual to be responsible for identifying actions to mitigate or manage the risks.

Pay Policy for Senior Staff

The directors, consider the board of directors, who are the Society’s trustees and the senior management team, to comprise the key management personnel of the Society in charge of directing and controlling, running and operating the Society on a day by day basis. All directors give their time freely and no director received remuneration in the year. Details of directors’ expenses and related party transactions are disclosed in note 5 to the accounts.

The pay of senior staff is reviewed annually and normally increased in accordance with CPI inflation and/or the Central Stipends Authority of the Church of England. The remuneration bench-mark is the National Stipends of senior clergy within the Church of England.

Connected Organisations

Church Pastoral Aid Trust (registered company number 00041145)

The Church Pastoral Aid Trust (CPAT) was incorporated on 12 May 1894. It acts solely for or under the direction of the Church Pastoral Aid Society. Certain investments and properties held in trust for other bodies are registered in the name of the Trust. The Directors are appointed by the Trustees of CPAS. Directors as at 30 April 2022:

The Rev Canon Graham Archer

The Ven Andrew Piggott

Mrs Sarah Gough

Church Pastoral Aid Society Patronage Trust (registered company number 00906861)

The Church Pastoral Aid Society Patronage Trust (CPASPT) is an Association incorporated on 24 May 1967. Its object is to hold and administer the patronage of benefices, including in particular the appointment of clergy. Trustees as at 30 April 2022:

The Rev John Cook Mr Ross Johnstone The Rev Canon Andrew Perry Ms Vic Ritchie The Rev Canon Gary Jenkins Chair The Rt. Rev Alistair Magowan The Rev Esther Prior Vice-chair Mrs Helen Simpson Rev Mark Wallace

Martyrs Memorial and Church of England Trust (registered company number 00317024)

The Martyrs Memorial and Church of England Trust (MMT) is an Association incorporated on 20 July 1936. Its object is to hold and administer the patronage of benefices, including in particular the appointment of clergy and administer the Allied Schools. Trustees as at 30 April 2022:

The Rev John Cook Mr Ross Johnstone The Rev Canon Andrew Perry Ms Vic Ritchie The Rev Canon Gary Jenkins Chair The Rt. Rev Alistair Magowan The Rev Esther Prior Vice-chair Mrs Helen Simpson Rev Mark Wallace

Church Trust Fund Trust

The Church Trust Fund Trust (CTFT) was established in 1871 by Trust Deed. Its object is to hold and administer the patronage of benefices, including in particular the appointment of clergy. Trustees as at 30 April 2022:

The Rev John Cook Mr Ross Johnstone The Rev Canon Andrew Perry Ms Vic Ritchie The Rev Canon Gary Jenkins Chair The Rt. Rev Alistair Magowan The Rev Esther Prior Vice-chair Mrs Helen Simpson Rev Mark Wallace The Peache Charitable Trust (charity number 289803) The Peache Charitable Trust was established by Declaration of Trust on 13 June 1984. Its object is to advance the Christian gospel throughout the UK by all charitable means available and in particular to foster and encourage the work of the gospel within the Church of England parishes where the advowson and rights of patronage are vested in the Trustees of The Peache Charitable Trust. Trustees as at 30 April 2022: The Rev John Cook Mr Ross Johnstone The Rev Canon Andrew Perry Ms Vic Ritchie The Rev Canon Gary Jenkins Chair The Rt. Rev Alistair Magowan The Rev Esther Prior Vice-chair Mrs Helen Simpson Rev Mark Wallace

The Peache Charitable Trust (charity number 289803)

The Peache Charitable Trust was established by Declaration of Trust on 13 June 1984. Its object is to advance the Christian gospel throughout the UK by all charitable means available and in particular to foster and encourage the work of the gospel within the Church of England parishes where the advowson and rights of patronage are vested in the Trustees of The Peache Charitable Trust. Trustees as at 30 April 2022:

The Church Patronage Trust

The Church Patronage Trust (CPT) was established in 1871 by Trust Deed. Its object is to appoint clergy of an evangelical complexion to the livings of which the Trust is Patron. Trustees as at 30 April 2022:

The Rev John Cook Mr Ross Johnstone The Rev Canon Andrew Perry Ms Vic Ritchie The Rev Canon Gary Jenkins Chair The Rt. Rev Alistair Magowan The Rev Esther Prior Vice-chair Mrs Helen Simpson Rev Mark Wallace

Objectives and Activities

CPAS is an Anglican evangelical mission agency, formed in 1836. Our work over that time has always been in keeping with the original intent of the founding members and focused on working to support local churches in their evangelical witness.

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The objects for which the Society is established are:

At the heart of CPAS’s existence is its mission to enable churches to help every person, whatever their background or situation, hear and discover the good news of Jesus Christ. The organisation’s vision, its way of seeing its mission achieved, seeks to see leadership at all levels in local churches developed, so that those churches will be much more effective at enabling local residents to engage with and participate in the life of the local church, coming to, and growing in personal faith. Venture and Falcon Holidays , as the residential youth ministry of CPAS, are a microcosm of this, where the leaders are enabled to work alongside children and young people.

CPAS’s strategic objectives reflect its mission and vision statements. The Trustees review these annually and in doing so have considered the Charity Commission’s general guidance on public benefit and in particular, its supplementary public guidance on the advancement of religion for public benefit.

The priorities for 2022-23 are:

Staffing

During year to 30 April 2022, the following appointments were made: Valerie Floy – Director of Operations & Finance, Mathew Ineson, John Valentine and Matthew Hogg – all Leadership Enablers, Bobby Youngwood – Supporter Relationship Manager, Naomi Randell and Jaqueline Titmas – both are Ventures Co-ordinators and Hope Johnson – Administrator. We said good-bye to our General Director John Dunnett, who has moved to a new role with CEEC, Caroline Davenport who retired, Jude Palmer, Aiden Sharpe and Karen Taylor all have moved to new roles.

CPAS continues to be enormously grateful to those whose contributions in a voluntary capacity enable the Society in the achievement of its objectives. This includes over 1800 leaders on Venture, Falcon and School Venture Holidays; those who offer support through the Council of Reference and other advisory bodies; the many friends of CPAS who give of their time to lead and teach on events and programmes, and offer administrative and practical support to staff. In addition, CPAS relies on parish representatives and others who promote and fundraise for CPAS through local churches. To all these, the Trustees wish to express their grateful appreciation.

Strategic Report

Achievements and performance

CPAS carries out a wide range of activities in pursuit of its charitable aims. Each local church has the opportunity to play an important role in and make a significant contribution to the community in which it is located. The Trustees consider the activities of CPAS, as summarised below, provide benefit both for the members of the local churches CPAS serves and the residents of the surrounding communities.

Patronage

CPAS made 60 clergy appointments during the year, (2021: 65). Of these 16 were in situations of sole patronage (2021: 17) and 44 joint patronages (2021: 48). The Patronage trustees now have responsibility for a total of 692 patronages across the five trusts administered (2021: 690). During the year 2 individual parishes have chosen to come under CPAS patronage. The number of vacancies has increased from 95 to 115 at 30 April 2022.

The reduction in appointments and increase in vacancies are both obvious results of the impact of the Pandemic on diocesan finances and their confidence to undertake appointment processes. In the last months of the year, however, it seems that confidence is returning, and the number of interviews increased dramatically; this included processes coming to a natural conclusion and also processes which had been long paused suddenly becoming live. It is hoped that this increase in appointment rate will continue through the rest of 2022 allowing vacancy numbers to drop back once again.

In January we said farewell to John Dunnett as General Director - also the most experienced member of the patronage team. With the appointment of Graham Archer (also a member of the patronage team) as Acting General Director, it was clear that patronage would come under particular stress through the leadership transition at CPAS. We are therefore very grateful for three new temporary members of the patronage team each offering 1 day per week during the coming year – Revd Mat Ineson (member of the Leadership Team), Revd John Coyne (retired Patronage Leadership Specialist) and +Alistair Magowan (patronage trustee). The Patronage Trustees agreed to be more involved in appointments, and we have also sought to recruit more patronage incumbents willing and able to represent us in interviews and licensing around the country.

The EPCC register continues to assist clergy looking for a move. Over the period an average of 58 names were on the register at any one time (2021: 67). Virtually all clergy registering this year were interviewed by the Patronage Secretary which allowed targeted support during this

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time of continuing uncertainty. The patronage team also delivered on-line training for clergy in how to navigate the tricky subject of moving on and handling the appointment process well.

The Martyrs Memorial and Church of England Trust (MMT) has an ownership responsibility for five independent schools (Canford School, Harrogate Ladies College, Stowe School, Westonbirt School and Wrekin College) of which Westonbirt is in the process of being sold. A new MMT governor was appointed at Canford.

In order to ease the governance of the 5 major trusts and 12 individual trusts in the patronage portfolio, a major project was completed during the year to enable the trustees to operate seamlessly across the trusts. Those parishes whose patronage was held by CTFT Special Trusts were all transferred to CPASPT. The deeds of the other three unincorporated trusts (CTFT, CPT, Peache) were changed to allow for a sole corporate trustee, and CPASPT was appointed as such; all diocesan registers were informed through the official Form 13 and then each new registration was checked to ensure that the right wording had been used. The Peache Charitable Trust (created to hold donations for trustee expenses) was then closed. Once this had all been accomplished, it was decided to complete the governance revision by updating the outdated Memorandum and Articles of MMT and CPASPT, and the first draft of this has been undertaken. As a side-effect of the research done for this project, the team was able to compile and release a brief history of CPAS patronage.

At the end of 2021 we celebrated the outstanding patronage service of 4 trustees – David Banting, Patrick Whitworth, Paul Oakley and John Coles. John and Paul had been transitional trustees for CPT and Patrick for Peache. The transitional trustees were grateful for the smooth handover of CPT and Peache to CPAS and felt confident to retire knowing the trusts were in safe hands. Together with John Dunnett the trustees had served for over a century in patronage appointment – and we praise God for their faithful and wise service. By the end of April 2022, 4 new patronage trustees had been appointed – and we look forward to the next 100 years!

Venture, Falcon and School Venture Holidays

As the financial year finishes, we are delighted that we have been able to relaunch our national programme of residentials for children and young people. We ran approximately 60% of our normal summer programme in 2021; running 11 Falcon holidays/day events for 187 children and 51 Venture holidays/day events for 2,602 children; we look forward to a full programme in summer 2022. We also restarted School Ventures (our term-time residentials for Church of England pupils) in March and by the end of April, we ran 7 School Ventures with 322 children attending. It is so good to gather young people together again for some much-needed fun, faith and friendship!

As with many event organisers, we have lost a significant amount of momentum which may take some time to rebuild. So far, our summer 2022 bookings are lower than pre-Covid levels at the same point in the year. Some leaders have fallen out of the habit of leading, and many older participants in 2019 who would have become leaders in 2020 have lost their connection with Ventures. During 2021 we had the support of just over 1,800 leaders (2020:700). We have experimented with a number of schemes to help build momentum, and we look forward to our first residential Overall Leaders conference in November 2022 to help with this.

School Ventures is in a good position to grow and we continue aiming to add 5 residentials to our portfolio each year. This includes making contacts with new churches and schools, and growing the staff team and processes to support volunteers. There is a good deal of appetite for this ministry.

Falcon (serving the more disadvantaged) grows in importance as the number of UK households facing extreme poverty is set to grow by another 250,000 making the total 1.5 million households. We are in conversation with likeminded charities and churches to consider how we best play a significant and growing contribution of making the gospel and our holiday experiences available to those most in need.

We hope and pray that over the next 12 months, we can stabilise our platform and extend this ministry.

Leadership

When this report was written last year, we didn’t imagine we would have another year of pandemic restrictions ahead of us. In some ways it has been an easier year than the previous one and in others just as challenging. Easier because we had learnt how to engage online and had got used to operating as a dispersed team without onsite engagement. Challenging because the long-term effects of the pandemic have begun to mean increased fatigue and lack of motivation impacting the ‘training’ world. More recently we have seen this:

We continue to be convinced the future will involve a blend of online and onsite training, but at the moment the appetite is mainly for onsite.

It is wonderful to have three new team members on-board (John Valentine, Matt Hogg, Mat Ineson) and they have brought energy and ideas to the work over the second half of the year. They are investing lots of their time into the new strategic goals and some of the projects associated with those. As I write, we are in the process of recruiting the final member of the team, with interviews set for Friday 13 May.

2021-2022

The work of the leadership development team falls into four broad areas:

1. Leadership training events for Dioceses/Organisations

During the last year we have continued to provide training through our staff and partners with twenty-four day events, including Continuing Ministerial Development (CMD)/Initial Ministerial Education (IME) days, alongside our five more substantial pieces of work. These have been a combination of online and onsite:

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2. Leadership development for Theological Educational Institutes (TEIs)

Having reduced our offer to TEIs since Ian Parkinson’s departure at the end of 2020, we were still able to deliver 18 sessions in TEIs, with John Valentine now overseeing this part of our work.

3. CPAS events

During the year we have run seven webinars, four online PCC evenings (which have continued to prove very popular), twenty-one online training days/mornings, two Arrow residentials and an Arrow conference for past participants and with the Patronage team, two Moving On mornings. Our online presence has significantly increased through the year and overall has been well received. We will probably reduce the total number for 2022-23, but will continue to offer significant online training opportunities.

4. Resources

We published How to Nurture a Faith-Sharing Culture in February 2022, and through a generous donor have been able to offer it free to 3000 Anglican church leaders. This book is linked to a range of resources and webinars that will run through the rest of 2023. We also published a revised and updated version of Growing Leaders Youth in April 2022. Both these resources were launched via online live events, which seemed to work well.

Lead On subscriptions have increased slightly, and after 10 years of production we are planning a full review of Lead On later in 2022.

Through the year we have continued to produce a range of simple resources to help churches navigate the pandemic, along with the recordings of the webinars posted on our YouTube site.

Partners in Ministry

We continue to run our partner scheme, with people around the country who offer their services to deliver our ministry. We currently have five members who are involved with the delivery of our leadership training.

Fundraising

The Society does not contract with a third party to undertake fundraising on its behalf. The Society employs a team of 8 to work within fundraising and communications; their objectives are to raise donations from voluntary sources and to promote the work of the charity to the general public. Our fundraising focus is on church, individual and trust donations and for these audiences, 2021-22 was a challenging year.

Church income fell by 12% from the previous year, which is unsurprising: the pandemic disrupted church life, so congregation income fell and many churches were forced to economise. We have a three-strand approach to revitalise church giving to CPAS in the next financial year:

Donation income from Individuals was lower than previous year by 4%, however, this was boosted by an enthusiastic response to our annual Christmas Big Give campaign, which raised £92,000, also, there were two significant donations, one for £36,000 and the other being an anonymous donation of £30,000. We will reach new individual givers in the next financial year by working with church congregations and by increased social media, both of which require an improved online donation journey. We will also build relationships with more of our key individual supporters, as this has been identified as a major strength of CPAS.

Within the area of Trusts, we successfully secured £100,000 for our general work. We anticipate this income stream will grow next year as other CPAS programmes, including School Ventures, become available for grant applications.

With regard to our communications activities, we reached thousands of people with information about our leadership events, training resources and Venture and Falcon holidays, as well as launching a new supporter magazine called Connect, plus a downloadable prayer calendar with daily prayer points for every aspect of our work.

The Society only makes fundraising approaches to contacts who have given explicit consent to receive such campaign documentation under GDPR guidelines. We have received no fundraising complaints during the year.

Financial Review

Investments

The objects include the following investment powers:

‘To invest the monies of the Society not immediately required for its purpose in or upon such investments, securities or property as may be thought fit, subject nevertheless to such conditions (if any) and such consents (if any) as may for the time being be imposed or required by law ‘.

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CPAS’s investments are held in Collective Investment Scheme Units of the CBF Church of England Investment Fund, the income from which is used for the Society’s ministries. Ethical considerations form an integral part of the management of these funds. No specific investment objectives are set but results are monitored against market returns. Investment Units achieved an income yield of 2.8%.

Fixed Assets

The Society’s fixed assets include the following:

Reserves

CPAS holds reserves to fund its working capital and to cover fluctuations in levels of incoming resources needed to maintain the Society’s normal operations in the short term. During the year general and designated funds (excluding fixed assets) decreased from £7,434,000 to £7,313,000. This figure includes an unrealised gain in the value of general fund investments of £130,000. A part of these funds are held on deposit, giving an effective hedge against fluctuations in the stock market.

The Trustees’ reserves policy is to hold the equivalent of 6 months expenditure plus £1,600,000 to cover any defined benefits pension scheme liabilities that may arise and £1,000,000 for future purchase of premises; this amounts to approximately £3,900,000. The Trustees plan to use the excess reserves over the next 5 to 10 years on new projects or by extending existing ones.

All Funds

The results for the year showed an overall loss of £84,000 as compared with a gain of £129,000 in 2021, before funds transfer, revaluation of investments and actuarial gains and losses on the defined benefit pension scheme.

Unrestricted Funds

The net loss of £101,000 (excluding gains or losses on sale of tangible fixed assets, funds transfer and before other recognised gains or losses) compares with a gain in 2021 of £73,000. Donations from churches were £44,000 less than in 2021 and from individuals £8,000 less. Donations from Leaders amounted to £253,000 for the year (2021: £33,000). Receipts from legacies were £83,000 less than in 2021. CPAS continues to rely heavily on the generous voluntary giving of supporters, without which its ministry would not be sustainable, and the Society expresses its gratitude to all who have made donations or included CPAS in their Will during the year. Expenditure amounted to £2,427,000 for the year.

Restricted Funds

The combined totals for the restricted funds resulted in a gain of £17,000 (excluding funds transfer and before other recognised gains or losses), as compared with a gain of £56,000 in 2021. Donations of £84,000 were received during the year. Expenditure amounted to £89,000 for the year. Each of these funds carried forward surpluses which will support commitments for the training and grant-making programmes currently under way.

Commitments

Financial projections indicate that the Society’s general fund reserves are adequate for it to continue in operation for the foreseeable future. The realisable value of assets and investments are believed to be adequate to meet liabilities in the event of a major curtailment of activities or of liquidation. Information concerning pension contributions and other commitments is contained in notes 1 and 7.

Defined benefit pension scheme deficit

As at 30 April 2022 the deficit arising on the Society’s defined benefit scheme amounted to £nil. On 1 August 2011 the scheme was closed to both new entrants and future accrual. Details of the funding payments from the actuarial valuations are set out in note 7 to the financial statements.

Plans for future periods

As a result of our recent vision refresh exercise, we have identified several aspirations that would guide our ministry over the five-year period of 2020 to 2025.

CPAS longs to see:

It is to be noted that this refreshed vision has been derived from an investigation of current trends and initiatives within the Church of England as a whole and refreshes CPAS' founding commitment to support local churches in enabling those who are far from Christ to be reconciled to him. Christian witness today can feel an uphill challenge when narratives of contemporary culture often appear out of step with those of Scripture. It is therefore our intent over the foreseeable future to enable local churches to present the good news afresh to men, women and children by providing Venture and Falcon holidays, appointing evangelical clergy to our patronage parishes and training, resourcing and supporting leaders for evangelism and mission.

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Covid-19

Due to the Covid-19 pandemic, as the restrictions eased throughout 2021, we were able to hold some residential holidays and in-person events in addition to continuing to run online events. Although this resulted in reduced Holiday and Event Income, this was off-set by reduced costs in these areas.

Given our reserves, the Society is financially robust and we are looking to invest in our mission to enable churches to help every person, whatever their background or situation, hear and discover the good news of Jesus Christ.

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Trustees’ Responsibilities Statement

The trustees (who are also directors of Church Pastoral Aid Society for the purposes of company law) are responsible for preparing the Trustees’ Annual Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources of the charitable company for that period.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

In so far as the trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In approving the Trustees Annual Report, we also approve the Strategic Report included therein, in our capacity as trustees.

The Rt. Rev Mark Tanner Chair, For and on behalf of the Trustees

20 September 2022

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Independent Auditor’s Report to the Members of Church Pastoral Aid Society

Opinion

We have audited the financial statements of Church Pastoral Aid Society (the ‘charitable company’) for the year ended 30 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial Statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

CHURCH PASTORAL AID SOCIETY 13

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK will always detect a material misstatement when it exists). Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Geoffrey Cox BA FCA (Senior Statutory Auditor) For and on behalf of Dafferns LLP, Statutory Auditor One Eastwood Harry Weston Road Binley Business Park Coventry CV3 2UB

Date: 20 September 2022

CHURCH PASTORAL AID SOCIETY 14

Statement of Financial Activities for the year ending 30 April 2022

2022 2022 2022 2021 2021 2021
Unrestricted
Funds		 Restricted
Funds		 Total Funds Unrestricted
Funds		 Restricted
Funds		 Total Funds
Notes £000 £000 £000 £000 £000 £000
INCOME AND EXPENDITURE ACCOUNT
Income and endowments from:
Donations and legacies
Investments
Charitable activities
Total Income2
Expenditure on:
Raising funds
Charitable activities
Total Expenditure3
Net Income / (Expenditure) before Gains & Losses
on Investments and Fund Transfers
Net gains (losses) on investments 9
Net Income / (Expenditure) for year
Funds transfer
Actuarial gains (losses) on defined
benefit pension scheme 7
Net Movement in Funds13
Reconciliation of Funds
Total funds brought forward
Total Funds Carried Forward
1,642
230
454		 84
13
9		 1,726
243
463		 1,449
210
89		 92
13
0		 1,541
223
89
2,326 106 2,432 1,748 105 1,853
254
2,173		 3
86		 257
2,259		 152
1,523		 5
44		 157
1,567
2,427 89 2,516 1,675 49 1,724
(101)
116		 17
14		 (84)
130		 73
1,189		 56
141		 129
1,330
15 31 46 1,262 197 1,459
0

(200)		 0
0
31
1,424		 0
(200)		 0
359		 0
0
197
1,227		 0
359

(185) (154) 1,621 1,818
9,430 10,854 7,809 9,036
9,245 1,455 10,700 9,430 1,424 10,854

Restricted funds include £388,000 representing permanent endowment funds (note 13). All gains and losses recognised in the year are included above. All the activities of the Society are continuing activities, and there were no acquisitions in the year.

CHURCH PASTORAL AID SOCIETY 15

Registered Company No. 02673220

Balance Sheet as at 30 April 2022

Notes 2022
£000		 2021
£000
FIXED ASSETS
Tangible fixed assets
8
Investments (unlisted)
9		 1,932
8,268		 1,996
8,138
Total Fixed Assets 10,200 10,134
CURRENT ASSETS
Debtors
10
Deposits repayable on demand
Cash at bank and in hand
Total Current Assets
CURRENT LIABILITIES
Creditors falling due within 1 year
11
Net Current Assets
NET ASSETS BEFORE PENSION
ASSET/(LIABILITY)
Defined benefit pension scheme
asset/(liability)
7
NET ASSETS INCLUDING
PENSION ASSET/( LIABILITY)
FUNDS
13
Permanent endowment fund
Restricted funds
Unrestricted funds:
Designated fund
General fund		 293
268
268
104
9,141		 829
(329)
500
10,700
(0)
10,700
388
1,067		 167
3
681
293
9,137
(0)		 851
(131)
720
10,854
(0)
10,854
382
1,042
Pension reserve
7		 (0)
9,245 9,430
TOTAL FUNDS 10,700 10,854

Signed for and on behalf of the Trustees on 20 September 2022

The Rt. Rev Mark Tanner Chair

CHURCH PASTORAL AID SOCIETY 16

Statement of Cash Flows for year ending 30 April 2022

Notes 2022
£000		 2021
£000
Cash flows from operating activities:
Net Income for year
Adjustments for:
Depreciation charge
(Gains)/Losses on investments
Investment income
Decrease in stock
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Defined Benefit Pension Adjustments
Other
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Investment income
Proceeds from sale of investments
Purchase of investment
Proceeds from sale of fixed assets
Purchase of fixed assets
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Repayment of borrowing
Cash inflow from new borrowing
Receipt of endowment
Net cash provided by (used in) financing activities
Change in cash and cash equivalents during year
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
12		 46
66
(130)
(243)
0
(126)
198
(200)
0		 1,459
67
(1,330)
(223)
0
605
(196)
(187)
0
(389) 195
243
0
(0)
0
(2)		 223
500
(0)
0
(601)
241 122
0
0
0		 0
0
0
0 0
(148)
684		 317
367
536 684
Analysis of changes in net debt
1 May 2021 Cashflows 30 April 2022
£000 £000 £000
Cash and Cash Equivalents 684 (148) 536

CHURCH PASTORAL AID SOCIETY 17

NOTES TO THE FINANCIAL STATEMENTS

1 Summary of significant Accounting Policies

General information and basis of preparation

CPAS is a company limited by guarantee, incorporated in England within the United Kingdom. The address of the registered office is given in the company information on the front page of these financial statements. The Trustees of CPAS are directors for the purposes of the Companies Act 2006 and are trustees within the meaning of the Charities Acts (see page 3 for full list).

The Society constitutes a public benefit entity as defined by FRS102. 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 UK and Republic of Ireland (FRS 102), the Charities Act, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention as modified by the revaluation of fixed asset investments, adopting the policies set out below. The Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Society to be able to continue as a going concern. The financial statements are presented in sterling which is the functional currency of the Society and rounded to the nearest £000.

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.

Incoming resources

Donations represent amounts received during the year, together with any associated tax refund. Legacies are credited to the statement of financial activities in the year in which the Society becomes legally entitled, being the earlier of the Society being notified of an impending distribution, where the monetary amount can be measured with adequate reliability, or the date of receipt.

Venture and Falcon holiday fees are recognised in the statement of financial activities as the activities take place during the year. Holiday fees received in relation to activities taking place after the end of year are deferred and are included in deferred income (note 11).

Income due from both investments and deposits but not received during the year is included in the statement of financial activities. Investments are stated at fair value being market value at the year-end date. Monies placed in deposit funds are classified as short term deposits as they are repayable on demand.

Grants receivable for specific purposes are credited to the statement of financial activities in the year to which they relate as soon as conditions for receipt have been met. Unspent balances are carried forward to subsequent years within restricted funds. Grants for immediate financial support, or received against costs previously incurred, are recognised immediately in the statement of financial activities. Voluntary income is shown gross before deduction of fundraising expenditure.

Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Society to the expenditure. All expenditure is accounted for on an accruals basis and is classified under headings that aggregate all costs related to the category. Support costs attributable to more than one activity are apportioned on the basis of expenditure relating directly to those activities. Any expenditure relating to activities taking place after the end of year are deferred and are included in prepayments (note 10).

Governance costs comprise legal fees, audit fees and charges for audit advice, servicing of trustees and other governance bodies, bank charges, and overheads and staff costs apportioned on the basis of time expended on governance work.

Raising funds expenditure comprises: costs of fundraising mailings, consultancy fees, and staff costs apportioned on the basis of time expended on fundraising activities.

The Society makes no donations for charitable purposes outside the scope of its own work, neither are any donations made for any political purpose.

Assets

Fixed assets are capitalised if they are valued at more than £1,000 and are included at cost.

Depreciation is charged to write off the cost less the estimated residual value of fixed assets on a straight line basis over the periods of time shown below, commencing in the year of acquisition, with no depreciation in the year of disposal:

land no depreciation
staff houses (see below)
 no depreciation
office furniture & equipment 5 years
computer equipment 3 years
computer equipment – database 10 years

Depreciation is not provided on staff houses. The Trustees consider that the residual value is not materially different from the carrying value shown in the financial statements and consequently any depreciation charge would be immaterial.

Investments are included at fair value. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

CHURCH PASTORAL AID SOCIETY 18

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.

Funds

The following types of fund are available for use by the Trustees or Board:

Pensions

Staff who are ordained Church of England clergy are included in the Church of England Funded Pensions Scheme administered by the Church of England Pensions Board. No funding liability currently arises for the Society in respect of them. Section 28 of FRS102 requires the employer to account for pension costs on the basis of contributions actually payable to the scheme during the year (see note 7 – pensions) . For other staff the Society operates a funded, defined benefit pension scheme (see note 7 – pensions). Full actuarial valuations, by a professionally qualified actuary, are obtained at least every three years and updated to reflect current conditions at each balance sheet date. The assets are measured at fair value with liabilities measured using the projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency. A net pension surplus is recognised as an asset in the balance sheet only to the extent that the surplus may be recovered by reduced future contributions or to the extent that the Trustees have agreed a refund from the scheme at the balance sheet date. A net pension deficit is recognised as a liability to the extent that the Society has a legal or constructive obligation to settle the liability. The amounts charged to the statement of financial activities in respect of pension costs and other post-retirement benefits is the estimated regular cost of providing the benefits accrued in the year, adjusted to reflect variations from that cost. The interest cost and expected return on assets are included within the statement of financial activities. Actuarial gains and losses arising from new valuations and from updating valuations to the balance sheet date are recognised in other comprehensive income within the statement of financial activities. This scheme was closed to new entrants and future accrual ceased on 1 August 2011. A new defined contributions scheme with the Church Workers Pension Fund was commenced on 1 January 2012, with the Society matching employees’ contributions up to a maximum of 9% of salary. The amount paid by the employer into this scheme during 2022 was £53,000 (2021: £48,000).

Operating leases

The cost of operating leases is charged in the statement of financial activities on a straight line basis over the lease term.

2 Analysis of Income

Donations and legacies:
Donations - Churches
- Individuals
- Trusts
- CPAT
- Leaders
Legacies
Grants – Mabledon Charity
Grants – HMRC CJRS
Investment income:
Investments - note 9
Deposits
Bank and other interest
Net return on pension - note 7
Charitable activities:
Events & Resources
Venture and Falcon Holidays
Rent from land & properties
Miscellaneous
Other income:
Profit on sale of properties
Total Income		 2022
Unrestricted
Restricted
Total
funds
Funds
funds
£000
£000
£000
304
6
310
544
38
582
77
23
100
265
0
265
253
17
270
79
0
79
120
0
120
0
0
0		 2021
Unrestricted
Restricted
Total
funds
funds
funds
£000
£000
£000
348
7
355
552
55
607
218
21
239
0
0
0
33
9
42
162
0
162
120
0
120
16
0
16
1,642
84
1,726		 1,449
92
1,541
230
13
243
0
0
0
0
0
0
0
0
0		 210
13
223
0
0
0
0
0
0
0
0
0
230
13
243		 210
13
223
103
0
103
340
9
349
5
0
5
6
0
6		 68
0
68
9
0
9
3
0
3
9
0
9
454
9
463		 89
0
89
0
0
0		 0
0
0
2,326
106
2,432		 1,748
105
1,853

CHURCH PASTORAL AID SOCIETY 19

During the financial year CPAT made a donation to CPAS totalling £265,000 following the closure of the Ainley Trust investment portfolio held on behalf of CPAS (2021: £nil).

As at 30 April 2022 the Society had been notified of 5 legacies (2021: 6), with an estimated average value of £47,000 (2021: £40,000) which have not been included in the financial statements as no notification of impending distribution has been received. 1 is a pecuniary legacy (2021: 1) and 4 are residual legacies (2021: 5), including 1 residual legacy (2021: 2) which is subject to life interests. The Society does not have any indication of when it is due to receive these monies and there is no certainty of receipt.

CPAS aims to make its publications and training events available to as many churches and individuals as possible. Amounts charged for these resources (above) do not, therefore, include full staff costs.

3 Analysis of Expenditure

Expenditure on charitable activities:
Leadership
Patronage
Events & Resources
Venture and Falcon Holidays
Grants Paid
Ministers in Training
Expenditure on raising funds:
Fundraising
Advertising
Exhibitions
Venture & Falcon Brochures
Promotional DVD, Leaflets & Gifts
Other
Total Expenditure		 2022
Unrestricted
funds
Restricted
funds
Total funds
£000
£000
£000
863
0
863
272
0
272
126
0
126
912
83
995
0
3
3		 2021
Unrestricte
d funds
Restricted
funds
Total funds
£000
£000
£000
756
0
756
330
0
330
95
1
96
342
38
380
0
5
5
2,173
86
2,259		 1,523
44
1,567
18
0
18
4
0
4
1
0
1
15
1
16
3
0
3
213
2
215		 7
0
7
11
0
11
3
0
3
29
3
32
8
0
8
94
2
96
254
3
257		 152
5
157
2,427
89
2,516		 1,675
49
1,724

Staff costs: see note 6 for details of staff costs included in total resources expended.

Charitable activities

Grants : Ministers in Training Grants are made to individuals and are of amounts not exceeding £1,000. Support costs for the award of grants are included in the total for leadership.

Safeguarding : during the year £10,000 (2021: £4,000) was spent in respect of safeguarding children and vulnerable adults.

Subsidies are granted to assist individuals to attend Venture and Falcon Holidays and to contribute to the general costs of running Falcon Holidays . During the year subsidies, totalling £19,000 (2021: £nil) were granted in respect of Ventures and £3,000 (2021: £nil) in respect of Falcons .

Depreciation charges on and loss on disposal of tangible fixed assets

Depreciation charges for the year on tangible fixed assets amounted to £66,000 (2021: £67,000) and the loss on disposal of tangible fixed assets amounted to £nil (2020: £nil); these amounts are included in support costs above.

Venture and Falcon holidays: includes accommodations costs of £417,000 (2021: £29,000)

Other costs

£ 5,000 (2021: £ 6,000) in respect of operating lease costs for office equipment is included in Support Costs above.

£ 4,000 (2021: £ 9,000) in respect of operating lease costs for motor vehicles is included in Charitable Activities costs above.

£66,000 (2021: £66,000) in respect of operating lease costs for office accommodation is included in Support Costs above.

4 Support & Governance Costs

Support costs are allocated in proportion to the total known costs for each area of ministry, with the exception of Ventures, Falcons and School Ventures which do not have support costs. Charitable activities include support costs of £639,000 (2021: £620,000) in respect of head office costs including salaries, equipment costs and building costs; and governance costs of £181,000 (2021: £181,000) including legal fees, audit fees, trustee costs and bank charges.

CHURCH PASTORAL AID SOCIETY 20

Allocation of support costs

Support Cost
Governance
Staff Costs
Equipment
Depreciation
Office incl. Rent
Other
Total		 Leadership
£000
Patronage
£000
Resources & Events
£000
Total
£000
124
39
18
181
235
74
34
343
31
10
4
45
45
14
7
66
36
12
5
53
90
28
14
132
561
177
82
820

Analysis of governance costs

Legal & Professional Fees
Audit Fee
Trustees
Patronage Trustees
Pension Scheme Administration
Pension Deficit Reduction Cost
Bank Charges
Credit Card Commission
Other Costs		 2022
Unrestricted
funds
Restricted
funds
Total funds
£000
£000
£000
24
0
24
14
0
14
9
0
9
2
0
2
32
0
32
54
0
54
4
0
4
12
0
12
30
0
30		 2021
Unrestricted
funds
Restricted
funds
Total funds
£000
£000
£000
20
1
21
14
0
14
2
0
2
0
0
0
47
0
47
39
0
39
4
0
4
2
0
2
52
0
52
181
0
181		 180
1
181

5 Trustee and Key Management Personnel Remuneration and Expenses

The trustees neither received nor waived any remuneration during the year (2021: £nil) Travel expenses totalling £2,000 (2021: £nil) were reimbursed to 12 trustees (2021:12); these amounts are included in governance costs .

The total amount of donations received from trustees and key management personnel during the year was £5,000 (2021: £3,000).

Mr R Street is a director of RSConsult Ltd, in this capacity he charged the Society £2,000 (2021: £nil) during the year in respect of delivering training days.

The total amount of employee benefits received by key management personnel is £107,000 (2021: £113,000). The Society considers its key management personnel to comprise General Director, Director of Ministry and Director of Operations & Finance.

6 Staff Numbers and Costs

The average monthly head count was 33 staff (2021: 31) and the average number of full-time equivalent employees, (including casual and part-time staff) during the year were as follows:

art-time staff) during the year were as follows:
Numbers 2022 2021
Charitable activities 22.2 24.2
Cost of generating funds 4.2 2.0
26.4 26.2
Cost of employment of staff 2022 2021
£000 £000
Salaries 922 852
National Insurance contributions 86 83
Pension costs (see notes 1 and 7_– pensions)_ 107 87
Staff housing 28 40
Other (incl. Redundancy) 2 2
1,145 1,064

No employee received emoluments in excess of £60,000.

CHURCH PASTORAL AID SOCIETY 21

7 Pensions (see note 1)

Church of England Funded Pensions Scheme

CPAS participates in the Church of England Funded Pensions Scheme. Contributions (up to an agreed threshold) in respect of clergy staff employed by the Society are paid for by the Archbishops’ Council of the Church of England.

For schemes such as the Church of England Funded Pensions Schemes, FRS 102 requires CPAS to account for pension costs on the basis of contributions actually payable to the Scheme in the year and for any deficit recovery plan. The expense recognised in the Statement of Financial Activities, which is equal to the contributions due for the year, amounted to £nil (2021: £nil).

CPAS Pension and Life Assurance Scheme

The Society operates a defined benefit scheme in the UK. This is a separate trustee administered fund, holding the pension scheme assets to meet long term pension liabilities. A full actuarial valuation was carried out at 31 July 2020 and updated to 30 April 2022 by a qualified actuary, independent of the scheme’s sponsoring employer. The major assumptions used by the actuary are shown below.

Principal actuarial assumptions: 2022 2021
% %
Discount rate 3.1 2.0
Inflation assumption - RPI 3.6 3.3
Inflation assumption - CPI 2.9 2.6
Salary growth 4.4 4.1
Pension in payment increases of RPI or 5% if less 3.4 3.1
Pension in payment increases of CPI or 2.5% if less 2.0 1.9
Deferred pension revaluation of CPI or 5% if less 2.9 2.6
Deferred pension revaluation of CPI or 2.5% if less 2.5 2.5
Pension in payment increases of RPI or 5% if less, minimum 3% p.a. 3.8 3.7
Pension in payment increases of CPI or 3% if less 2.3 2.1
Allowance for commutation of pension for cash at retirement 100% of Post A Day 100% of Post A Day
Post retirement mortality assumptions: 2022 2021
Years Years
Male retiring in 2022 26.3 26.3
Female retiring in 2022 28.3 28.2
Male retiring in 2042 27.8 27.8
Female retiring in 2042 29.8 29.8
The amounts recognised in the balance sheet are as follows: 2022 2021
£000 £000
Fair value of plan assets 9,491 10,389
Present value of defined obligation 8,368 9,900
Surplus /(deficit) in plan 1,123 489
Unrecognised surplus (1,123) (489)
Defined benefit asset (liability) to be recognised (0) (0)
Defined benefit costs recognised in Statement of Financial Activities: 2022 2021
£000 £000
Current service cost 0 0
Expenses 54 39
Net interest cost/(income) (11) 8
Losses/(gains) due to benefit changes 0 6
Defined benefit costs recognised in Statement of Financial Activities 43 53
Defined benefit costs recognised in other comprehensive income: 2022 2021
£000 £000
Return on plan assets (excl. amounts included in net interest cost) – gain/(loss) (1,053) 847
Experience gains & losses arising on the plan liabilities – gain/(loss) 65 22
Effects of changes in assumptions of present value of liabilities – gain/(loss) 1,422 (21)
Effects of changes in the amount of surplus not recoverable – gain/(loss) (634) (489)
Total amount recognised in other comprehensive income – gain/(loss) (200) 359

CHURCH PASTORAL AID SOCIETY 22

Reconciliation of opening and closing balances of the defined benefit obligation:

2022
£000
Defined benefit at start of year
9,900

Current service cost
0
Expenses
54
Interest cost
196
Contributions by plan participants
0
Actuarial losses/(gains)
(1,487)
Benefits paid & expenses
(295)
Losses/(gains) due to benefit changes
0
Defined benefit obligation at end of year
8,368
Reconciliation of opening and closing balances of the fair value of plan assets:
2022
£000
Fair value at start of year
10,389
Interest income
207
Actuarial gains/(losses)
(1,053)
Contributions by the Society
243
Contributions by plan participants
0
Benefits paid & expenses
(295)
Fair value of plan assets at end of year
9,491		 2021
£000
10,017
0
39
168
0
(1)
(329)
6
9,900

2021
£000
9,471
160
847
240
0
(329)

10,389

The actual return on the plan assets over the year ended 30 April 2022 was a loss of £846,000 (2021: £1,007,000 gain)

The amount that each major class of pension plan assets constitutes of the fair value of the total plan assets was as follows:

Assets
2022
£000
Equities
2,122
Bonds
0
Cash
86
Real Estate
1,013
Other
6,270
Total assets
9,491		 2021
2020
£000
£000
2,012
2,682
0
0
42
23
1,171
1,231
7,164
5,535
10,389
9,471

Contributions for CPAS for the year ending 30 April 2023 are estimated to be £244,000. The defined benefit pension scheme was closed to all new entrants on 1 August 2011 with future accrual ceasing on that date.

During the year the Society made no contributions to any employee’s personal pension scheme (2021: £nil).

8 Fixed Assets

8Fixed Assets
Land and Staff Office Total
property houses and other
bequests freehold equipment
£000 £000 £000 £000
Cost or valuation
At 1 May 2021 4 1,454 696 2,154
Additions 0 0 2 2
Disposals (0) (0) (21) (21)
At 30 April 2022 4 1,454 677 2,135
Depreciation
At 1 May 2021 0 0 158 158
Charge for year 0 0 66 66
Disposals (0) (0) (21) (21)
At 30 April 2022 0 0 203 203
Written down value
At 01 May 2021 4 1,454 538 1,996
At 30 April 2022 4 1,454 474 1,932

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|| |---| |Land and property bequests|

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Included within Land and Property Bequests is 22 acres of land in Devon, held as tenanted farmland.

CHURCH PASTORAL AID SOCIETY 23

9 Investments (unlisted)

Investments(unlisted)
Market value at 1 May 2021
Additions
Disposal
Net Investment Gains/(Losses)
Market value at 30 April 2022
Cost at 30 April 2022		 2022
£000
8,138
0
(0)
130
8,268
3,940		 2021
£000
7,308
0
(500)
1,330

8,138

3,940

These United Kingdom investments, comprising the Collective Investment Scheme Units of the CBF Church of England Investment Fund administered by CCLA Investment Management Ltd, are primarily held to provide a return where monies are not required immediately for the charity’s activities.

10 Debtors

0Debtors
2022 2021
£000 £000
Debtors falling due within one year:
Trade debtors 20 5
Other debtors 0 0
Prepayments 150 76
Accrued income 123 86
293 167
1Creditors
2022 2021
£000 £000
Creditors falling due within 1 year:
Trade creditors 94 29
HMRC – Tax, NI & VAT 32 33
Accruals 45 51
Deferred income 158 18
329 131

11 Creditors

Included within the deferred income is £153,000 (2021: £8,000) in relation to holiday fees received for activities taking place after the end of the year.

12 Analysis of cash and cash equivalents

2Analysis of cash and cash equivalents
2022 2021
£000 £000
Cash in hand 268 681
Deposits repayable on demand 268 3
Total cash and cash equivalents 536 684

CHURCH PASTORAL AID SOCIETY 24

13 Funds

13Funds
Balance Other
Incoming		 Outgoing Transfer Balance Represented by
1 May gains / resources resources 30 April 2022 Invest- Fixed Net
2021 (losses) ments assets current
assets
£000 £000 £000 £000 £000 £000 £000 £000 £000
Permanent Endowment
fund 382 6 0 0 0 388 388 0 0
Restricted fund
Augmentation 42 0 1 0 0 43 31 0 12
Ministers in Training 122 0 7 (3) 0 126 0 0 126
Bishop Stratton 35 0 0 0 0 35 35 0 0
LCEAS 230 4 0 0 0 234 228 0 6
Falcons 613 3 98 (85) 0 629 191 0 438
1,042 7 106 (88) 0 1,067 485 0 582
Designated fund
Ventures & Schools 292 0 810 (998) 0 104 0 0 104
General fund 9,138 (84) 1,516 (1,429) 0 9,141 7,395 1,932 (186)
Total funds 10,854 (71) 2,432 (2,515) 0 10,700 8,268 1,932 500

Net current assets include £268,000 of monies invested on short term deposit (2021: £3,000).

Permanent Endowment fund: the income from this fund is available for general purposes.

Restricted funds

Augmentation fund: this exists for the purpose of increasing the value of poor benefices in evangelical patronage (per CPAS’s 1926 annual report).

Ministers in Training fund : this fund comprises donations and legacies received for the purpose of providing assistance to those in training for the ordained or licensed ministry.

Bishop Stratton and LCEAS (London Clerical Education Aid Society) funds: these funds are available for similar purposes to the Ministers in Training fund (see above).

Falcons: this assists young people with the costs of attending Falcons and provides funds for the general running costs of the holidays; it includes individual donations, the proceeds of sale of property at Pooley Bridge, Cumbria and interest received.

Designated fund

Ventures & Schools: comprises monies allocated to the fund by the Trustees from general fund reserves together with donations made to the fund; its purpose is to grant subsidies to assist young people with the costs of attending Ventures & Schools and also to provide funds for the general running costs of Ventures & Schools .

General fund : funds which are not subject to external restrictions or internally determined designations.

14 Future commitments

Operating leases (see note 1 – operating leases)

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022 2021
£000 £000
Within 1 year 37 43
1 – 5 years 4 9
Capital commitments
As at 30 April 2022 the Society had £nil outstanding capital commitments (2021: £nil).

Other commitments

The Society had no material legally binding commitments except as shown above and those arising under staff contracts of employment and other obligations in the normal course of business.

15 Related Parties

Church Pastoral Aid Trust

Certain non-operational properties of the Society remain registered in the name of Church Pastoral Aid Trust (CPAT), a company limited by guarantee, which acts solely for or under the direction of the Church Pastoral Aid Society (see page 5 – Report of the Trustees). During the financial year CPAT made a donation to CPAS totalling £265,000 following the closure of an investment portfolio held on behalf of CPAS (2021: £nil).

CHURCH PASTORAL AID SOCIETY 25

J F W Deacon’s Mabledon Charity

This charity is administered by Church Pastoral Aid Trust as trustee acting under the direction of the Society. It provides grants and assistance for training, conferences, study leave, rest and special needs to evangelical church societies and to individuals engaged in similar work. Its figures are not consolidated in these financial statements. It made grants to the Society totalling £120,000 in the year to 30 April 2022 (2021 £120,000).

As at 30 April 2022 no balance was due to CPAS from J F W Deacon’s Mabledon Charity (2021: £nil).

Other trusts

The Society administers a number of separate trusts without any legal right over their assets or income. Accordingly their figures are not consolidated with those of the Society as to do so would be inappropriate and misleading.

Appointments of clergy to Church of England livings on behalf of certain of these trusts are administered by the Society through its Board of Patronage Trust, MMT, CTFT, Peache and CPT (see page 5 – Report of the Trustees).

The Society administers grants to the Allied Schools on behalf of MMT. These grants are to be used for Christian educational purposes only.

Administration charges receivable from connected charities amounted to £1,000 in the year to 30 April 2022 (2021: £1,000).