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2024-12-31-accounts

B

Charity registration number 1041743 (England and Wales)

MOUNTSORREL CHURCH OF ENGLAND FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

MOUNTSORREL CHURCH OF ENGLAND FUND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees D Allard
D Bird
A Evans
I Evans
N Harrison
G Lee
J Lowe
J Owen
M Rowley
A Scott
J Scott
D Winsor
Charity number (England and Wales) 1041743
Clerk to the trustees Kate Scranage
Contact details kate@mountsorrelcsf.org.uk
Principal address PO Box 11158
Leicester
LE8 8WH
Independent examiner Somerbys Limited
30 Nelson Street
Leicester
LE1 7BA
Bankers National Westminster Bank plc
Market Place
Loughborough
LE11 3NZ
Investment advisors RBC Brewin Dolphin Ltd
Waterfront House
Waterfront Plaza
35 Station Street
Nottingham
NG2 3DQ
CCLA Investment Management Ltd
One Angel Lane
London
EC4R 3AB

MOUNTSORREL CHURCH OF ENGLAND FUND

CONTENTS

Page
Trustees' report 1 - 6
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 17

MOUNTSORREL CHURCH OF ENGLAND FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Mountsorrel Church of England Fund is an unincorporated, registered charity in England and Wales, governed by a Charity Scheme.

The Charity Scheme is integrated within the Scheme of the Mountsorrel United Charities (registered charity no. 1027652) dated 1st September 1993.

The charity is governed by a board of up to 12 trustees. Day-to-day administration and bookkeeping is delegated to the Clerk, who provides services on a self-employed basis. All grant decisions are made by the board of trustees.

Professional investment managers are appointed to manage the investments. The investment managers provide quarterly written reports.

The charity works closely with Mountsorrel United Charities as its principal funder.

OBJECTIVES AND ACTIVITIES

The Mountsorrel Church of England Fund exists to promote the advancement of religion in the area consisting of the ecclesiastical parishes of Mountsorrel Christ Church and Mountsorrel St Peter. Together, these ecclesiastical parishes are known as the United Benefice of Mountsorrel.

The charitable objectives are defined by the following clauses of the charity scheme:

(a) Towards repairing, improving and extending the said parish churches and other church buildings and in maintaining services at the said parish churches;

(b)Towards improving, maintaining and repairing the vicarage of the said incumbent.

The charity’s objectives are achieved through making grants and payments for the purposes outlined above.

Income can only be applied under Clauses 41(1) and 41(2) if and so long as the Priest in Charge of the United Benefice of Mountsorrel preaches or causes to be preached by himself or an ordained member of the clergy of the Church of England two sermons in every year; namely, one on the first Sunday after Martinmas and one on the Sunday next before the Feast of Epiphany. Such sermons must be preached at either of the Parish Churches of Christ Church or St Peter. For 2024 the required sermons were preached on 31st December 2023 (being the Sunday before the Feast of Epiphany on 6th January 2024) at Mountsorrel St Peter’s and on 17th November at Mountsorrel Christ Church.

The trustees confirm that in carrying out their activities, they have given due regard to the guidance on public benefit issued by the Charity Commission.

MOUNTSORREL CHURCH OF ENGLAND FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENTS AND PERFORMANCE

Meetings

The board of trustees met three times in 2024. The trustees received reports to each meeting on income and expenditure and investment performance.

Grants – Clause 41(1)

Expenses of £4,141 were paid in 2024 (£4,470 in 2023) as incurred by the Priest in Charge of the United Benefice of Mountsorrel.

Grants – Clause 41(2)

The Trustees made payments totalling £15,625 in 2024 (£14,774 in 2023) to the Diocese of Leicester towards payment of the stipend of the Priest in Charge of the United Benefice of Mountsorrel. (The Revd. Colin Resch).

Grants – Clause 41(3)

In 2024 the Trustees applied the income of the fund in furthering the religious and other charitable work of the Church of England in the benefice as follows:

i) Grants to the PCC of Mountsorrel Christ Church

The following grants were made in 2024:

ii) Grants to the PCC of Mountsorrel St Peter’s Church

The following grants were made in 2024:

iii) Joint grants to the benefice of Mountsorrel Christ Church and St Peter’s

The following grants were made in 2024:

iv) Improvements to the Vicarage

No grants were made in 2024.

MOUNTSORREL CHURCH OF ENGLAND FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

TRUSTEES

The Charity Commission scheme dated 1 September 1993 stipulates that there should be twelve trustees who are communicant members of the Church of England, appointed as follows:

PCC appointed trustees may be, but do not have to be, members of the PCC.

The trustees who held office during the period and those in office since the year-end are:

Trustee name Office (if any) Dates acted if not for
whole year
Name of person (or body) entitled
to appoint trustee (if any)
David (Brian) Allard Mountsorrel United Charities
David Bird Vice Chair Mountsorrel United Charities
Andrew Evans Mountsorrel United Charities
Ian Evans PCC Mountsorrel St. Peter
Nicola Harrison PCC Mountsorrel Christ Church
Gary Lee PCC Mountsorrel Christ Church
John (Andrew) Lowe Mountsorrel United Charities
Jason Owen PCC Mountsorrel Christ Church
Melanie Rowley PCC Mountsorrel Christ Church
Alison (Sheila) Scott PCC Mountsorrel St. Peter
Jeffrey Scott PCC Mountsorrel St. Peter
David Winsor Chair PCC Mountsorrel St. Peter

When appointed, all new trustees receive copies of the governing document, history of the charity, latest minutes and the latest annual report and accounts. New trustees are also directed to key guidance from the Charity Commission and other bodies, including guidance on the responsibilities of charity trustees. At the new Trustee's first meeting the chair of Trustees welcomes and formally introduces the new Trustee to the body of Trustees and the Clerk. New trustees make a declaration of trust, certify that they are not excluded from acting as trustees, and complete a declaration of interests form.

The Chairman and Vice Chairman of the trustees are elected annually, at the first meeting each year, as required by the governing document.

MOUNTSORREL CHURCH OF ENGLAND FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

Financial position

The charity’s total income for the year was £100,589 (2023: £135,715). Expenditure totalled £202,551 (2023: £134,770), resulting in a net deficit of £75,467 including the gain on revaluation of investments.

At the year-end, the charity held total assets of £911,385 (2023: £986,852), all of which were unrestricted funds.

Principal sources of funds

The charity’s principal source of income is Mountsorrel United Charities. The charity is entitled to receive one-third of the income of the Mountsorrel United Charities (after expenses) each year.

The charity has an investment portfolio, held with RBC Brewin Dolphin and CCLA Investment Management, which generates further income.

Investments

The charity held investments valued at £882,179 at the year-end (2023: £751,637), which represented accumulated income funds.

Investment managers are appointed to manage and advise on the charity’s endowed investments on a discretionary management basis. The Trustees reviewed their investment management arrangements during the year, and half of the investment portfolio held with RBC Brewin Dolphin was transferred to CCLA Investment Management in February 2024.

Reserves policy

As at 31st December 2024, the charity held free reserves of £911,385.

Reserves are required to enable the charity to maintain its current activities and to meet its long term aims. Free reserves are the part of a charity’s unrestricted funds that are freely available to spend on any of the charity’s purposes.

It is the policy of the charity to maintain free reserves of:

The charity’s objects include ‘repairing, improving and extending the parish churches and other church buildings’. The trustees are mindful that should substantial building work to either of the churches be required, the cost of this is likely to be significant. Consequently, the trustees have devised a reserves policy that ensures that they would be in a position to meet their objects effectively should such a need arise.

MOUNTSORREL CHURCH OF ENGLAND FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees will keep the level of reserves in check by reviewing it alongside the management accounts at each meeting. At the year-end, the charity held reserves in accordance with its stated policy.

The Reserves Policy was reviewed during the year. In determining the target level of reserves, the trustees have reviewed the risks faced, both short and medium term, to ensure the charity can continue to operate on a going concern basis.

The majority of the charity’s free reserves are held as investment assets in order to preserve the funds required and to generate additional day to day income for the charity.

Risk management

The Trustees have examined the major strategic business and operational risks that the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

PLANS FOR FUTURE PERIODS

The Trustees will continue to consider grant applications for the various projects undertaken through the Parochial Church Councils of the United Benefice of Mountsorrel.

Following a change to the churches served by the incumbent (which no longer include St Leonard’s Swithland from September 2024) the Trustees plan to increase their stipend payments under Clause 41(2) from 2025.

In 2025, the Trustees will review and update their policies and procedures and adopt new policies as necessary.

The Trustees also plan to review their governing document, alongside the expected review of governance arrangements by Mountsorrel United Charities.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these accounts, the trustees are required to:

MOUNTSORREL CHURCH OF ENGLAND FUND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

The trustees' report was approved by the Board of Trustees.

D Winsor Chair and Trustee

9 July 2025

MOUNTSORREL CHURCH OF ENGLAND FUND

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF MOUNTSORREL CHURCH OF ENGLAND FUND

I report to the trustees on my examination of the financial statements of Mountsorrel Church of England Fund (the charity) for the year ended 31 December 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Somerbys Limited

30 Nelson Street Leicester LE1 7BA Date: ............................

MOUNTSORREL CHURCH OF ENGLAND FUND

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income and endowments from:
Donations and legacies 3 73,006 105,392
Investments 4 27,005 20,901
Other income 5 578 9,422
Total income 100,589 135,715
Expenditure on:
Raising funds 6 1,822 2,791
Charitable activities 7 194,690 125,654
Other expenditure 12 6,039 6,325
Total expenditure 202,551 134,770
Net gains/(losses) on investments 13 26,495 34,542
Net income/(expenditure) and movement in funds (75,467) 35,487
Reconciliation of funds:
Fund balances at 1 January 2024 986,852 951,365
Fund balances at 31 December 2024 911,385 986,852

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

MOUNTSORREL CHURCH OF ENGLAND FUND

BALANCE SHEET

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
The funds of the charity
Unrestricted funds
18		 2024
£
5,521
41,657
47,178
(17,972)		 £
882,179
29,206
911,385
911,385
911,385		 2023
£
8,131
241,603
249,734
(14,519)		 £
751,637
235,215
986,852
986,852
986,852

The financial statements were approved by the trustees on 9 July 2025

D Winsor Chair and Trustee

MOUNTSORREL CHURCH OF ENGLAND FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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

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

1.2 Going concern

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

1.3 Charitable funds

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

1.4 Income

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the Charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

The charity receives 1/3 of the income of Mountsorrel United Charities (MUC), net of costs. The income is recognised when receipt is probable and the amount can be reliably measured.

Dividends from the Church of England Fund's own investments are recognised once the dividend has been received.

1.5 Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

MOUNTSORREL CHURCH OF ENGLAND FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Charitable activities

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 allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable

Governance Costs

These include the costs attributable to the Charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.6 Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

1.7 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MOUNTSORREL CHURCH OF ENGLAND FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations from companies, trusts and similar proceeds 73,006 105,392
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 26,903 20,901
Interest receivable 102 -
27,005 20,901

MOUNTSORREL CHURCH OF ENGLAND FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

5 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Listed Places of Worship Grant 578 9,422
6 Costs of generating funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Investment management 1,822 2,791
7 Expenditure on charitable activities
Grants Grants
payable payable
2024 2023
£ £
Direct costs
Grants made (see note 8) 194,690 125,654
Analysis by fund
Unrestricted funds 194,690 125,654
8 Grants payable
Grants Grants
payable payable
2024 2023
£ £
Grants to institutions:
Saint Peter's Church 10,895 9,471
Christ Church 80,893 15,677
Joint grants to Benefice 15,464 19,388
Payment towards Stipend 15,625 14,774
Priest in charge expenses 4,141 4,470
Children and families workers/Youth worker 67,672 61,874
194,690 125,654

MOUNTSORREL CHURCH OF ENGLAND FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 1,830 1,740

10 Trustees

No trustees (or any persons connected with them) received any remuneration during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the current and prior year.

11 Employees

There were no employees during the year.

12 Other expenditure

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Governance Costs 1,830 1,740
Clerk's Fees 3,582 3,563
Sundry Expenses 627 1,022
6,039 6,325
Gains and losses on investments
Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 35,695 48,882
Sale of investments (9,200) (14,340)
26,495 34,542

13 Gains and losses on investments

14 Taxation

The charity is a registered charity and is therefore exempt from taxation

MOUNTSORREL CHURCH OF ENGLAND FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

15 Fixed asset investments
Listed Cash in Total
investments portfolio
£ £ £
Cost or valuation
At 1 January 2024 725,834 25,803 751,637
Additions 464,260 448,218 912,478
Valuation changes 26,495 - 26,495
Disposals (342,551) (465,880) (808,431)
At 31 December 2024 874,038 8,141 882,179
Carrying amount
At 31 December 2024 874,038 8,141 882,179
At 31 December 2023 725,834 25,803 751,637
The historical cost of the investments as at 31 December 2024 was £835,770 (2023: £729,193).

16 Debtors

Amounts falling due within one year:
Amounts owed by connected undertakings
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Grants provision
Accruals		 2024
£
-
5,408
113
5,521
2024
£
11,210
6,762
17,972		 2023
£
5,000
3,131
-
8,131
2023
£
7,500
7,019
14,519

17 Creditors: amounts falling due within one year

MOUNTSORREL CHURCH OF ENGLAND FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

18
Unrestricted funds
At 1
General funds
Previous year:
At 1
General funds		 January
2024
Incoming
resources
Resources
expended
Gains and
losses
At 31
December
2024
£
£
£
£
£
986,852
100,589
(202,551)
26,495
911,385
January
2023
Incoming
resources
Resources
expended
Gains and
losses
At 31
December
2023
£
£
£
£
£
951,365
135,715
(134,770)
34,542
986,852

19 Analysis of net assets between funds

Unrestricted
funds
2024
£
At 31 December 2024:
Investments 882,179
Current assets/(liabilities) 29,206
911,385
Unrestricted
funds
2023
£
At 31 December 2023:
Investments 751,637
Current assets/(liabilities) 235,215
986,852

MOUNTSORREL CHURCH OF ENGLAND FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20 Related party transactions

During the year the following related party transactions occurred:

Mountsorrel United Charities

Mountsorrel United Charities allocates income to Mountsorrel Church of England Fund. The Church of England Fund is entitled to one third of the income received by Mountsorrel United Charities (net of costs), which is paid over on a regular basis.

During the year, Mountsorrel United Charities allocated Mountsorrel Church of England Fund investment income of £73,006 (2023: £105,392). At the balance sheet date the amount due from Mountsorrel United Charities was £0 (2023: £5,000).

Four of Mountsorrel Church of England Fund's twelve trustees are appointed by Mountsorrel United Charities.