FORWARD IN FAITH FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31 DECEMBER 2023 Registered charity number: 1057246
Page I FORWARD IIY FAITH LEGAL AND ADMINISTRATtVE INFORMATION MEMBERSHIP OF THE EXECUTIVE COMMJTfEE Under the Constitution of Forward in Faith, the members of the Executive Committee are the Trustees of the Charity. During 2023 the membership of the Executive Committee was as follows: The Rt Revd Paul Thomas The Revd Canon Paul Hutchins Mary Snape Sir Richard Mantle The Rt Revd Jonathan Baker The Rt Revd Tony Robinson The Revd Paul Benfield The Revd Canon Darren Smith The Revd Canon Mark North The Revd Kyle McNeil Christopher Daubney Christopher Swift Chairn)an. nominated by The Society Clerical Vice-chairnian, elected by the membership Lay Vice-chairnian, elected by the membership Treasurer, co-opted Nominated by The Society Nominated by The Society, resigned on I l November 2023 Co-opted Elected by the membership Elected by the membership Elected by the membership Elected by the membership Elected by the membership Tom Middleton, Director of Forward in Faith, routinely attends meetings of the Executiv¢ Committee. BANKERS Lloyds Bank ple 98 Victoria Street London SWI E 5JL INDEPENDENT EXAMINER Mr Greg Stevenson FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD CHARITY ADDRESS St Andrew Holborn 5 St Andr¢w Street London EC4A 3AF
Pagc 2 FORWARD IN FAITH TRUSTEES. REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 The Trustees present their annual report for the year ended 31" December 2023 under the Charities Act 2011, together with the audited accounts for the year, and confirn] that the latter comply with the requirements of the Act. the Charity's governing document and Charities SORP IFRS 102} issued in 2019. Objectives The Charity is cstablishcd 'to advanc¢ thc Christian religion by promoting the sprcad of the catholic faith in accordance with the traditional understanding of the historic apostolic succession, the ministry of bishops and priests, and full ecclesial communion,. Forward in Faith affimis the Catholic faith as the Church of England received il and proclaims it afresh in this generation. It upholds catholic order and the catholic doctrine of the Sacraments, and in particular the threefold ministry, which the Church of England shares with the Church throughout the world and across the ages. It seeks the visible unity of Cl)rist's Church. It achieves its objectives in a variety of ways, including through the magazine New Direclions and other publiutions and by supporting the Catholic Group in General Synod. Its Constitution empowers it to support The Society, established under the patronage of St. Wilfrid and St. Hilda (www.sswsh.com , as an ecclesial structure with a ministry and sacraments in which the faithfijl can have confidence, so thai they can flourish within the life and structures of the Church of England. It provides advice and support to The Society's bishops, to its parishes, and to individual members of the clergy and laity. Thc Trustees have had regard to the Charity Commission's guidance on public benefit. They are satisfied that the Charity's work is for the benefit of the public misskon of the Church of England and for the benefit of her members, as well as that of all those outside the Church to whom its clergy and people minister. Activities, Achievements and Performance In 2023 Forward in Faith has continued its campaigning work on behalf of the Catholic Movement in the Church of England on issues of concern. The two principal current issues relate to the sacraments of Holy Matrimony and of Confession. On Holy Matrimony, Forward in Faith has engaged positively with the Church of England's Living in Love and Faith (LLF) process, seeking to uphold the received understanding of marriage as being between one man and one woman for life, while also emphasising the importance of pasto1 sensitivity on this matter in line with ihe approach adopted by Pope FncIS. To this end, the Charity has participated in the work of the Alliance which seeks to defend the received understanding of marriage in the Church of England. This has involved substantial levels of collaborative work with conservative evangelicals in the Church of England, which represents a welcome developmenl. On Confession, there remains a strong concern that either, or both of, national government and the Church of England might seek to introduce mandatory reporting of sexual offences, thus threatening the integrity of the Seal of the sacrament of Confession. This is not something which would be - or could ever be - acceptable to traditional Catholics in the Church of England. Further, we very much doubt that it would lead to any improvement in safeguarding practices. A report from the Church of England's working group on this topic is due to be issued in 2024. We shall await its contents, along with the approach to be adopted by the in-coming national government following a general election. The Trustees pay tribute to the Right Reverend Tony Robinson who stood down as the Chairman of Fonvard in Faith in November 2023 after nine highly successful years in the role. The Trustces welcome the Right Reverend Paul Thomas as the new Chairnian. Congratulations are also offered to the following: Fr Adam Gaunt on being elected ChaiTman of the Catholic Group on General Synod, succeeding Fr Paul Bcnficld. A foThner Chainnan of the Catholic Group on General Synod, Fr David Houlding, announced his retirement as a parish priest and we wish him well in retirement. Sir Richard Mantle, Treasurer of Fonvard in Faith, on being awarded a knighthood. The Right Reverend Philip North on being appointed as the Bishop of Blackburn. The Right Reverend Jonathan Baker on being elected as the Chairnian of The Society.
Page 3 FORWAIU) IN FAITH TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 continued Forward in Faith continues to support the work of The Society under its Council of Bishops. Priorities for The Society include initiatives in the areas of tnissiow vocations, and communications. The Society will also be promoting a Year of Faith from Advent 2024 to Christ the King 2025 to mark the 1,700th anniversary of the Council of Nicaea. Finally, it should be noted that, in September 2023, the Church Union decided to terniinate a contract it held jointly with Forward in Faith for communications consultancy work. The tcrn]ination of the contract involvcd both partics - that is. the Church Union and Forward in Faith - each becoming liable for £7,500 in penalty fees for its terniination without notice. Those penalty fees were paid to the consultant in November 2023. Future plans In 2024 the Charity's main focus will be to agree a new strategic plan and begin its implementation. The content of the plan will be based around two themes: firstly. supporting the work of The Society as the banner under which the Catholic Movement in the Church of England operates, and, secondly, identifying new funding sources to improve the financial standing of Forward in Faith. FINANCIAL REVIEW Financial Position at tbe Year End The Charity's Funds changed from a level of £953,959 as at 31 December 2022 (of which £119,524 was restricted) to a level of £913,102 as at 31 December 2023 (of which £140,885 was restricted). Trustees are mindful that income from legacies cannot be relied upon and that there is fvrther work to do to establish a financially sustainable budget for the Charity. Reserves 'I'hc Trustees are aware of the Charity Commission's guidance with regard to reserves. As set out above, the General Fund has been built up to such a level that reserves equivalent to several years of expenditure are available, should they be required. Investments Invcstments changed from a level of £777,602 as at 31 December 2022 to a level of £816,607 as at 31 Dccembcr 2023. Income from investments plays a part in fidIng the work of the Charity. Going Concern and Deficits The trustees are satisfied that there are no uncertainties with regard to the continuance of the Charity as a going conccrn. No funds of the Clwity are in deficit. Risks As noted above, the Charity will be looking to improve its financial standing in the coming years. REFERENCE AND ADMIIYISTRATIVE INFORMATION The name of the Trustees, the Charity's principal address and particulars of the Charity's professional advisers arc given on page l. Further inforniation about Forward in Faith can be found on its website: www.forwardinfaith.com
Page 4 FORWARD IN FArrH TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 continued STRUCTURE, GOVERNANCE AND AGEMENT Constitution The Charity is an unincorporated association. It is governed by its Constitution which was adopted by the National Assembly in 1994 and amended by the National Assembly on 20 October 2007. 19 October 2013, 14 November 2015 and 28 May 2022. Trustees The management and control of the Organisation is exercised by an Executive Committee. whose members are the Trustees of the Charity. The Executive Committee consisls of: Up to three members who are nominated by The Society, all of whom will be bishops as The Society is led by its bishops. Up to seven members elected by the membership of Forward in Faith, with a split of clerical and lay representative and a geographic spread of those repr&sentatives. Up to three members co-opted by the other members and chosen for their expertise in specific fields. A Chairn]an, a Clerical Vice-chairnian, a Lay Vice-chainnan and a Treasurer are elected by the Trustees from within their own number. Organisatlonal Management Thc day-to-day management of the Charity is in the hands of the Director, who has the right to attend all meetings of the Executive Committee. He is assisted by Administrator. Systems of internal financial control and Gricvance, Disciplinary and Safeguarding Policies are in place. Benchmarks for Staff Remuneration After completion of any probationary period, staff members are paid at the current standard point of the appropriate band of the National Church Institutions, INCI) pay bands identified in their contracts of employment. Related Parties The Right Reverend Jonathan Baker is also a tTUStee of the Number l Trust Fund which has awarded the Charity with a grant of £150,000 over a three-year period from 2022 to 2024, equating to £50,000 per annum. A Conflicts of Interest Policy is in place. Trustees withdrdw from discussions in respect of matters for which they have a conflict of interest. The Charity has adopted the Nolan Principles of Public Life as a set of standards to adhere to in the conduct of all of its business.
Page 5 FORWARD IN FAITH TRUSTEES, REPORT FOR THE YEAR EIVDED 31ST DECEMBER 2023 continued STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Charity law requires the trustecs to prepare financial statements for each fmancial ycar which give a tnie and fair view of the slate of affairs of thc Charity and of its financial activities for that period. In preparing those financial statements the trustees are required to: select suitable accounting policies and thcn apply them consistcntly. make judgements and cstimates that are reasonable and prudent. state whether the policies adopted are in accordance with the statement of recommend practice 'Accounting and Reporting by Charities, and with applicable accounting standards, subject to any material departures disclosed and cxplained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. Thc trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. INDEPENDENT EXAMINER Knox Cropper has intimated its willingness to act and will be proposed as Independent Examiners in the next meeting before which the accounts are laid. On behalf of the Trustees Thc Rt Revd Paul ChaiTman omas Date: 17th April 2024
Page 6 FORWARD IN FAITH REPORT OF THE INDEPENDEIYT EXAMINER TO THE TRUSTEES I report to the trustees on my examination of the accounts of Forward in Faith (the Charity) for the year ended 31 st December 2023 which are sei out on pages 7 to 19. This report is made to the Trustees, as a body, in accordance with the tern]s of my engagement. My work has been undertaken so that I might cany out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent perniitted by law, I do not accept or assume responsibility to anyonc other than the Charity and the Charity's Trnstees as a body for my work or for this report. Responsibilities and basis on report As the Charity Trustees you are respons1 le for the prepardtion of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of thc Charity's accounts carried out under scction 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)0)) of the Act. Independent examiner's statement Since your Charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I Can confinn that I am qualified to undertake the examination because l am a registered member of the Institute of Chartered Accountants in England and Wales which is one of the listed bodies. I have completed my examination. confmn that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by section 130 of the Act. or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in conncction with the examination to which attention should be drawn in this report in order to enable a proper undcrstandin f the accounts to be reached. Greg Stevenson FCA I(nox Cropper LLP Chartered Accountants 65 Leadcnhall Streel London EC3A 2AD .2024
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Page 8 FORWARD IN FAITH BALANCE SHEET AS AT 31ST DECEMBER 2023 Note 2023 2022 FIXED ASSETS Tangible assets Investments 10 11 816,607 777,602 816.607 777,602 CURRENT ASSETS Debtors Cash at bank and in hand: National Funds Branches 12 7,103 18,330 41,773 56,857 120,235 54,378 105.733 192,943 CREDITORS: due within one year 13 (9,238) (16,586) NEf CURRENT ASSETS 96,495 176,357 TOTAL NET ASSETS £913,102 £953,959 Unrestricted Funds General fund Restricted Funds 15 15 772,217 140,885 834,435 119,524 TOTAL FUNDS £913,102 £953,959 Approved by the Trustees on 17th April 2024 Revd Paul omas Sir Richard Mantle Treasurer
Pagc 9 FORWARD IN FAITH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2023 2023 TotV41 Funds 2022 Total Funds Note Net Cash (used inyprovidcd by Operating Activities (105,626) (66,024) Cash flows from Investing Activitics Purchase of Investments Bank Interest and Dividends Proceeds on Investments 29,643 28,198 Net Cash (used in)/provided by Investing Activities 29,643 28,198 Change in Cash and Cash Equivalents in the period (75,983) (37,826) Cash and Cash Equivalents at beginning of period 174,613 212,439 Cash and Cash Equivalents at end of period £98,630 £174,613 A) Reconciliation of Net Incomel(Expenditure) to net cashflow from operating activities Net Income/(Expenditure) for the reporting period Adjustments for.. (Increase)IDecrease in Debtors (Decrease)/Increase in Creditors Investment Income Loss/(Gain) on Investments (40.857) (103,600) 11,227 (7,348) (29,643) (39,005) (9,383) 8,021 (28,198) 67,137 Net Cash (uscd inyprovided by operating activities (105,626) (66,024) B) Analysis of Cash and Cash Equivalents Bank Balances Notice Deposits (less than 3 months) 98,630 123,518 51,095 £98,630 £174,613 C) Analysis of Changes in Net Funds At 11112023 Cash Flows At 3111212023 Cash £174,613 £(75,983) £98,630
Page 10 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 l. AccouKfING POLICIES Basis of Preparation and Assessment of going concern The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. They have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Rcpublic of Ireland (FRS 102) effective 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The accounts have been prepared to give a 'tnie and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Fil}CIal Rq)orting Standard applicable in ihe UK and Rq)ublic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The financial statements include the income and expenditure of Forward in Faith branches which arrange activities in England and Scotland. The Charity constitutes a public nefit entity as defmed by FRS 102. The Trustees consider that there are no uncertainties about the Clwity's ability to continue as a going concern. The most significant area of uncertainty that affects the Chan'ty is the continued receipt of legacies. Tangible Fixed Assets And Depreciation Tangible fixed assets costing more than £1,000 are capitalised and included at cost including any incidental costs of acquisition. Depreciation of fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives as follows: Office equipment 3 years Pensions The charity participates in two defined benefit schemes: Pension Builder Classic (closed to new employees) and Pension Builder 2014, which cover all eligible employees. The schemes are administered by the Church of England Pensions Board. As Forward in Faith is unable to identify its share of underlying assets and liabilities FRS 102 requires pension costs to be accounted for on the basis of contributions payable to the scheme in the year (Note 18). There is no requirement for deficit ndIng al the current time. Leased Asset Ydnd Obligations Where assets are financed by leasing agreements that give rights approximately to ownership ('finance leases,), thc assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum Icase payments payable during the le&se tern]. The COespOndIng leasing commitments arc shown as obligations to the lessor. L£ase payments are treated as consisting of capital and interest elcmcnts, and the interest is cbarged to the statement of financial activiti&s in proportion to the remaining balance outstanding. All other leases are operating leases, and the annual rentals arc Charg to statement of financial activitics on a straight-line basis over the lease terni.
Pagell FORWARD IN FAITH NOTES TO THE FINANCIAL sTATENTs FOR THE YEAR ENDED 31ST DECEMBER 2023 continued I . ACCOUNTING POLICIES (continued) Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Income is deferred only when the charity bas to fulfil conditions before becoming entitled to it. In accordance with this policy, legacies are included when the charity is advised by the personal reprcsentative of an estate that a legacy is probable, and that payment will be made, or property transferred, and the amount involved can be quantified. Donations are recognised when received. Subscriptions from Members are for a period cotenninous with the year end and are recognised in the year in which they are received. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure. it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with usc of the resources. Resources cxpcnded includes VAT which cannot be recovered. Raising fjnds consists of fundraising expenditure and allocated support costs. Charitsble activities include publication costs, grants and donations and allocated support costs including governance costs. Allocation of Support Costs The support costs have been allOted as to 10 % to raising fimds and 900/0 to charitable activities. Branches Thc Charity's accounts include the transactions of the Branches, and as the funds remain attributable to those branches, the balances are held as restricted funds. Fund Accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other .41 purposes. Designated ndS comprise unrestricted ndS that have been set aside by the tiustees for particular PUTposes. Currently there are no designated funds. Restricted fLmds aTe fLmds which are to be used in accordance with spccific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds arc charged against the specific fund. The aim and use of each restricted fimd are set out in the notes to the financial stat¢mcnts.
Page 12 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DEcEIBER 2023 continued I. ACCOUNllNG POLICIES (continued) Criticydl Accounting Judgements and Key Sources of Uncertainty The preparation of the Financial Ststements requires the Charity's management to make significant judgements and estimates. The items in the Financial Statements where these judgements and estimates have been made include: Employee Benefits The pension scheme disclosure has been prepared in accordance with the details provided by the Scheme's actuary and in consideration of the disclosure requirements under FRS 102. At present there is no liability to disclose, but changes in assumptions used in evaluating the Schcmc's liability could have a significant effect on the amounts shown in the Financial Statements. Useful Llfe of Tangible Fixed Assets The depreciation charge on Lqngible fixed assets is based on Management's estimates of useful life. This is subject to uncertainty and reviewed by Management at each reporting date. GeDeral Fund Restricted Fund Total 2023 Total 2022 2. SUBSCRIPTIONS, DONATIONS AND LEGACIES Subscriptions Donations Income tax recoverdble Legacies Donations to Chapel Fund Branch income 98,279 2,831 14,787 17,000 98,279 65.406 14.960 17,000 24,000 7,761 103,449 70,766 16,687 1,013 22,000 5,943 62,575 173 24,000 7,761 £132,897 £94,509 £227,406 £219,858 2022 £123.371 £96,487 £219,858 3. CHARITABLE ACTivrriES Publications oihcr income 14,184 5,655 14,184 6,610 22,708 6,264 955 £19,839 £955 £20,794 £28.972 2022 £28,972 £28,972
Page 13 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31ST DECEMBER 2023 4. OTHER TRADING ACTtvrriES General Fund Restricted Fund Total 2023 Total 2022 Branch activitics Other sales 480 480 754 £480 £480 £754 2022 £754 £754 5. INVESTMENTS Dividends receivable Interest receivable Branch intcrest and dividends receivable 28,513 770 28,513 770 360 27,918 79 201 360 £29,283 £360 £29,643 £28,198 2022 £27,997 £201 £28,198 6. RAISING FUNDS Fundraising Expenditure Allocated support costs (Note 8) 18,660 1,179 19,839 17,618 £18,660 £1,179 £19,839 £17,618 2022 £17.276 £342 £17,618 7. CHARITABLE ACTIVITIES Publications costs Chaplaincy cosls IT costs Catholic Group grani Catholic Mission Network General Synod Elections The Society Council of Bishops Donations and Gifts Branch cost of clwitable activities Allocated support costs (Note 8) 83,350 83,350 58,287 1.756 2,500 1,406 70,329 32,865 1,586 2,500 20,911 22 3,322 5,393 601 539 158,559 58,287 1,756 2.500 1,406 3,888 4,769 854 3,888 4,769 854 2,976 178,560 2,976 10,615 167,945 £265,062 £73,284 £338,346 £296,627 2022 £239,232 £57,395 £296,627
Page 14 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIWED 31ST DECEMBER 2023 continued SUPPORT COSTS General Fund Restricted Fund Total 2023 Total 2022 Salaries National Assembly Office costs Sundry expcnscs Travel Catering Computer Bank charges Establishment expenses Branch support costs Independent Examination Profcssional Fces Insurance Reallocation of support costs 141,562 5,988 4,870 238 11.008 158 776 519 10,800 141,562 5.988 4,870 823 11,008 158 776 519 10,800 3,709 9,683 7.500 1,003 1,486 (198,399) (176.177) 132,352 6,330 9,952 1,236 2,146 567 815 787 8,587 3,152 8,767 585 3,709 9,683 7,500 1,003 (186.605) (11,794) 2022 2023 2022 9. STAFF COSTS AND NUMBERS Payroll costs Wages and salaries Social security costs Pension costs 137,294 14,768 20,145 126,453 9,100 18,397 £172,207 £153,950 Thc head count for the year was four (2022: four) in total or 2.4 full-time equivalents (FTES) (2023.. 2.4) comprising: Director (1.0 FfE). Administrator (0.8 FTE), Chaplain (0.5 FfE) and New Directions Advertising Manager (O. I FTE). The Director's salary was £75,055 from l October 2022 (NCI Band l ). The salary will rise lo £78.808 from l January 2024 in line with NCI pay award. Employer pension contributions for the Director amount to 15 % of salary and totalled £11,392 (2022: £10,722).
Page 15 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 continued 10. TANGIBLE FIXED ASSETS Office equipment Cost I st January 2023 Additions Disposals 3,469 31 st December 2023 Depreciation I st January 2023 Disposals Charge for year 3,469 31 st December 2023 Net book value 3 J st December 2023 31 st December 2022 All of the fixed assets a held for the use of the Charity. General Fund Schroders Property Fund Restricted Fund Branch I I. INVESTMETrrrs CCLA Total Market Value at I st January 2023 426,498 224,787 120,458 5,859 777,602 Additions Realised Gains/(Losses) Unrealised Gains/(Losses) 43.183 3,056 (7.234) 39,005 Market Value at 31 st December 2023 £469,681 £227,843 £113,224 £5,859 £816,607 Cost at 31 st December 2023 £365,000 £225,000 £125,000 £3,390 £718,390
Page 16 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 continued 2023 2022 12. DEBTORS Amounts falling due within one year Trade debtors Other debtors and Prepayments 3,643 3.460 6,050 12,280 £7,103 £18,330 13. CREDITORS Amounts falling due within one year Accruals and deferred income 9,238 16,586 £9.238 £16,586 14. ALLOCATION OF NET AssEfs BETWEEN FUNDS Net Current Assets Investments Total 2023 General fijnds Restricted funds 810,748 5,859 (38,931) 135,026 772,217 140,885 £816,607 £96,495 £913,102 2022 General funds Restricted funds 771.743 5,859 62,692 113,665 834,435 119,524 £777,602 £176,357 £953,959
Pagc 17 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 continued 15. FUNDS Balance at 1st January 2023 GainllLoss) on ExpeDditure Investmellts Balauce at 31st December 2023 2023 Income Transfer6 Restricted funds Scotland Fund Branches Fund Branches (National) Fund Chapel Fund John Richards Memorial Fund Catholic Mission Network Number l Trust (Communications and Catechesis) 3,575 60,237 3,283 4,413 740 45 47,231 3,575 62,216 3,283 1,906 765 2,661 66,479 9.249 (7.270) 25,028 25 4,022 57,500 (27,535) (1,406) (38,252) 119,524 95,824 {74.463) 140,885 Unrestricted - General Fund 834,435 182,499 (283,722) 39,005 772,217 £953,959 £278,323 £(358.185) £39,005 £913,102 Balance at 1st January 2022 G4lnl(Loss) on IDvestments Balance at 31st December 2022 2022 IDcome Expenditure Transfers Restricted funds Scotland Fund Branches Fund Branches (National) Fund Chapel Fund John Richards Memorial Fund Catholic Mission Network Number l Trust (Conununications and Catechesis) 3,575 57,912 3,283 4,167 680 10,956 3,575 60,237 3,283 4,413 740 45 47,231 6,286 (3,961) 22,842 60 10,000 57,500 (22,596) (20,911) (10.269) 80,573 96,688 (57.737) 119,524 Unrestricted- General Fund 976,986 181,094 (256,508) (67,137) 834,435 £1,057,559 £277,782 £(314,245) £(67,137) £953,959 The Scotland Fund is for the benefit of work in Scoiland. The Branches Fund comprises money raised and held by the branches for expenditure in their areas. The Branches (National) Fund comprises money, held nalionally, which is derived from branches that are in abeyance, pending re-establishment of the branches concerned. The Chapel Fund represents net income raised to cover the cost of leasing the Chapel at Gordon Square and the ministry excrcised within it. The John Richards Memorial Fund is held for expenditure on projects in memory of Bishop John Richards. Catholic Mission Network - Grant Funding has been received, on behalf of The Society, from the Allchurches Trust and from the Fellowship of St John, for a new iniliative to establish a Catholic Mission Network. The Number l Trust has awarded Forward in Faith grnnt fidIllg of £50,000 pcr annum over a three year period for comTnunications and catechctical work. The Church Union has agreed to provide £1 1,250 for the first year of the initiative to cover part of the costs of a consultant working on that initiative. The General Reserve represents the free funds of the charity which are not designated for particular purposes.
Page 18 FORWARD IN FArrH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 continued 16. OPERATING LEASE COMMITMENTS At 31 st Decembcr 2023, the Charity had commitments undet operating leases as follows: Land and Buildin 2023 2022 Other 2023 2022 Within one year Between 2 and 5 years Over 5 years 13,900 23,900 13,900 37,800 17. TRUSTEES. EXPENSES, REMUNERATION AND RELATED PARTY TRANSACTIONS The Trustees are not remunerated. During the year travel and accommodation expenses of £2,968 were reimbursed (2022: £1,183). The Right Reverend Jonathan Baker is a trustee of the Number l Trust Fund which has awarded the Charity with a grant of £150,000 over a three year period 2022 to 2024 equating to £50,000 per annum. There were no other related party transactions. 18. PENSIONS Fonvard in Faith participates in the Pension Builder Scheme section of The Church Workers Pension Fund (CWPF). The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separdtely from those of the Employer and the other participating employers. CWPF has two sections: the Defined Benefits Scheme 2. the Pension Builder Scheme, which has two subsections; a defeed annuity section known as Pension Builder Classic, and, b) a cash balance section known as Pension Builder 2014. Pension Builder Scbeme Both sections of the Pension Builder Scheme are classed as defined benefit schemes. Pension Builder Classic provides a pension accumulated from contributions paid and converted into a deferred annuity during employment based on t¢rnis set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors. Pension Builder 2014 is a cash balance schetne that provides a lump sum which members use to provide benefits at retirement. Pension contributions arc recorded in an account for each member. Discretionary bonuses may be added before retirement dq)ending on investment returns, and other factors. The account, plus any bonus dcclare& is payable unreduced from age 65.
Page19 FORWAIU) lly FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 continued 18. PENSIONS (continued) Pension Builder Scheme (continued) Thcre is no sub-division of assets between cmploycrs in each section of the PetL8ion Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution schcme. The pensions costs charged to the SOFA in the year are contributions payable (2023: £16,779 2022: £15,733). A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was arried out as of 31 December 2019. For the Pension Builder Classic section, the 2019 valuation revealed a deficit of £4.8m on the on-going assumptions used. At the most recent annual review effective l January 2024, the Board chose to grant a discretionary bonus of 6.7 % to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997. and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 5 % (where usually it would be calculated based on inflalion up to 2.5 % ). This followed improvements in the funding position over 2023. There is no requirement for deficit payments at the current time. For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for defjcit payments at the current time. The next valuation is due as at 31 December 2022. Calculations for this are cumtly under way. The legal structure of the scheme is such that if another employer fails, Forward in Faith could become responsible for paying a share of that employer's pension liabilities.