FORWARD IN FAITH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered charity number: 1057246 KNOX CROPPER chaTtered accounlanls
Page I FORWARD IN FAITH LEGAL AND ADMINISTRATIVE INFORMATION MEMBERSHIP OF THE EXECUTIVE COMMITTEE Under the Constitution of Fonvard in Faith, the members of the Executive Committee are the Trustees of the Charity. During 2024 the membcrship 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 Revd Paul Benfield The Revd Daniel Howard The Revd Canon Darren Slnith The Revd Canon Mark North The Revd Kylc McNeil Christopher Daubney Christopher Swift Chaim)an, nominated by The Society Clerical Vice-chaimian, elected by the membership Lay Vice-chairnian, elected by the membership Treasurer, co-opted Nominated by The Society Co-opted Co-opted (from 16th October 2024) Elected by the Tnetnbership (up to 18th January 2024) 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 Executive Committee. BANKERS tNDEPENDENT EXAMtNER Lloyds Bank plc 98 Victoria Street London SWI E 5JL Mr Greg Stevenson FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD CHARITY ADDRESS St Andrew Holborn 5 St Andrew Street London EC4A 3AF
Page 2 FORWARD IN FAITH TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 The Trustees present their annual report for the year ended 31 st December 2024 under the Charities Act 2011, together with the audited accounts for the year, and confimi that the latter comply with the requirements of the Act, the Charity's governing document and Charities SORP (FRS 102) issued in 2019. Objectives The Charity is established 'to advance the Christian religion by promoting the spread of the catholic faith in accordance with th¢ traditional understanding of the historic apostolic succession, the ministry of bishops and priests, and full ecclesial communion,. Fonvard in Faith affirnis the catholic faith as the Church of England received it 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 visiblc unity of Christ's Church. It achieves its objectives in a variety of ways, including through the magazine New Directions, and other publications, and by supporting the Catholic Group in Gcneral 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 tninistry and sacraments in which the faithful can have confidence, so that 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 parishcs, and to individual members of the clergy and laity. The 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 mission 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 2024, Forward in Faith continued its campaigning work on behalf of the Catholic Movement in the Church of England on issues of concem. The particular focus of this work remained the seven sacraments God has gifted to his Church with specific issues arising currently in the Church of England on those of Holy Orders, Holy Matrimony and Confession (in the context of the Seal). In the case of the latter two, there have yet to be any fomially agreed changes to the sacraments, only possible proposals which would undennine a catholic understanding of the sacrament in question. The Charity has also expressed deep concern for th¢ draft legislation on assisted dying under consideration in parliament. Thc Trustees welcomed Fr Daniel Howard, parish priest of St Columba, Anfield, as a co-opted trustee, in the light of his experience of missional work in a parish with social challenges. During the year the Trustees noted the following developments: A joyful and well attended Forward in Faith National Festival held at the church of St Alban, Holborn in May 2024. Questions arising as to the scope of the role of the Independent Reviewer, following her report into the appointmcnt of Bishop Philip North as the Bishop of Blackburn. The deaths of two leading supportcrs of The Society during 2024- Liz Paver and Fr John Brownscll. May they rest in peace. The appointment of Fr Luke Irvine-capel as the fourth Bishop of Richborough. It has been very encouraging to note that all three Provincial Episcopal Visitor (PEV) appointments in recent years havc gone to Society priests with up to 20 years, ministry each to offer to the Church in a stipendiary role.
Page 3 FORWARD IN FAITH TRUSTEES. REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 continued Fonvard in Faith continues to support the work of The Society under its Council of Bishops. The particular priority for Fonvard in Faith's support for The Society is the initiative on mission known as the Catholic Mission Network - being funded by the Archbishops, Council. In addition, The Society launched, with support from Forward in Faith, its Year of Faith in late 2024 to mark the 1,700th anniversary of the Council of Nicaea. Future plans In 2025 the Charity will be implementing the findings of the review which it conducted during 2024. The main themes of that review are focusing the Catholic Movement's activities under the banner of The Society and ensuring Forward in Faith is financially fit for purpose as a charity by reducing its expenditurc and seeking additional sources of income. FINANCIAL REVIEW Financial Position at the Year End The Charity's Funds changed from a level of £891,396 as at 3 1st December 2023 (of which £119,179 was rcstricted) to a level of £942,178 as at 31 st December 2024 (of which £130,287 was restricted). Trustecs are mindful that income from legacies cannot be relied upon and that there is rther work to do to establish a financially sustainable budget for the Charity. Reserves The 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 Investments changed from a level of £816,607 as at 31 st December 2023 to a level of £820,983 as at 31 st D¢c¢mb¢r 2024. Income from investments plays a part in funding the work of the Charity. Going Concern and Deficits The trustees are satisfied that there are no uncertainties with regard to the continuancc of the Charity as a going concern. No funds of the Charity are in deficit. Risks As noted above, the Charity will be looking to improve its financial standing in the coming years. REFERENCE AND ADMINESTRATIVE tNFORMATION The name of the Trustees, the Charity's principal address and particulars of the Charity's professional advisers are given on page l. Further infonnation about Forward in Faith can be found on its website: www.forwardinfaith.com
Page 4 FORWARD IN FAITH TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 continued STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The Charity is an unincoOrated association. It is governed by its Constitution which was adopted by the National AsseTnbly 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 Committcc, whose mcmbers are the Trustees of the Charity. The Executive Committee consists 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 cl¢rical and lay representative and a geographic spread of those representatives. Up to three members Co-opted by the other members and chosen for their expertise in specific fields. A Chairnian, a Clerical Vice-chainnan, a Lay Vice-chairman and a Treasurer are elected by the Trustees from within their own number. Organisational Management The 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 the Administrative Assistant. Systems of internal finaneial control and Grievance, Disciplinary and Safeguarding Policies are in place. Benchmarks for StalTRemuneration After completion of any probationary period, staff members are paid at the current standard point of the appropriate band of th¢ National Church Institutions, (NCI) pay bands identified in their contracts of employment. Related Parties A Conflicts of Interest Policy is in place. Trustees withdraw froTn 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. 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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its financial activities for that peri(Kl.
Page 5 FORWARD IIY FAITH TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 conrtinued STATEMENT OF TRUSTEES, RESPONSIBILITIES (continued) In preparing those financial statements the trustees are required to: Select suitable accounting policies and then apply them consistently. Make judgements and estimates 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 dcpartures discloscd and cxplained in th¢ financial statcm¢nts. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The 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 prevcntion and detection of fraud or other irregularities. tNDEPENDENT EXAMINER Knox Cropper has intimated its willingness to act and will be pmposed as Independent Examiners in the next meeting before which the accounts are laid. half of the Trustees Sir Richard Mantle Treasurer Date; 19th March 2025
Page 6 FORWARD IN FAITH REPORT OF THE INDEPENDENT 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 2024 which are set out on pages 7 to 20. This report is made to the Trustees, as a body, in accordance with the ternis of Tny engagcment. My work has been undertaken so that I might carry 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 anyone other than the Charity and the Charity's Trustees as a body for my work or for this report. Responsibilities and basis on report As the Charity Trustees you are responsible for the preparation of the accounts in accordancc with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Charity's accounts carried out undeT section 145 of the 201 l Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section R45(5)(b) 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 confirni that I am qualified to undertake the examination because I 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 ¢xamination. confinn 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 the accounts do not accord with those records. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the a¢¢ounts 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 connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of accounts to be reached. Greg Stevenson FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD 19th March 2025
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Page 8 FORWARD IN FAITH BALANCE SHEET AS AT 31ST DECEMBER 2024 Note 2024 2023 As Restated FIXED ASSETS Tangible assets Investments 10 800,982 816,607 800,982 816,607 CURRENT ASSETS Debtors Cash at bank and in hand: National Funds Branches 12 17,787 7,103 ioo,010 33,973 41,773 35,151 151,770 84,027 CREDITORS.. due within one year 13 (10,574) (9,238) NET CURRENT ASSETS 141,196 74,789 TOTAL NET ASSETS £942,178 £891,396 FUNDS Unrcstricted Funds General fund Restricted Funds 15 15 811,891 130,287 772,217 119,179 TOTAL FUNDS £942,178 £891,396 Ap ed by the Trustees on 19th March 2025 Sir Richard Mantle Treasurer 6J The Rt Revd Jonathan Baker Trustee
Page 9 FORWARD IN FAITH STATEMEwf OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 2023 Total Funds Note Total Funds Restated Net Cash (used in)Iprovided by Operating Activities (12,290) (105,626) Cash flows from Investing Activities Purchase of Investments Bank Interest and Dividends Proceeds on Investments 29,349 40,000 29,643 Net Cash (used inyprovided by Investing Activities 69,349 29,643 Change in Cash and Cash Equivalents in the period 57,059 (75,983) Cash and Cash Equivalcnts at beginning of period 76,924 152,097 Cash and Cash Equivalents at end of period £133,983 £76,924 A) Reconciliation of Net Income/(Expenditure) to nct cashflow from operating activities Net Income/(Expenditure) for the reporting period Adjustments for: (Increase)/Decrease in Debtors (Decrease)/lncrease in Creditors Investment Income Lossl(Gain) on Investments 50,782 (40,857) (10,684) 1,336 (29,349) (24,375) 11,227 (7,348) (29,643) (39,005) Net Cash (used in)/provided by operating activities (12,290) (105,626} B) Analysis of Cash and Cash Equivalents Bank Balances Notice Dcposits (less than 3 months) 133,983 76,924 £133,983 £76,924 C) Analysis of Changes in Net Funds At 11112024 Cash Flows At 3111212024 Cash £76,924 £57,059 £133,983
Page 10 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31ST DECEMBER 2024 I. ACCOUNTtNG 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 othenvise 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 Republic of Ir¢land (FRS 102) effective 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the ChaTltics Act 2011. The accounts have been prepared to give a 'true 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 Financial Reporting Standard applicable in the UK and Republic 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 b¢n¢fit entity as defined by FRS 102. The Truste¢s considcr that there are no uncertainties about the Charity's ability to continue as a going concern. The most significant area of uncertainty that affects the Charity 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 PeDsions 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 funding at the current time. Leased Asset and Obligations Wh¢r¢ assets are financcd by leasing agreements that give rights approximately to ownership ('finance leases,), the assets are treated as if they had been purchased outright. The amount capitalised is the present valuc of the minimum lease payments payable during the lease tcmi. The corresponding leasing committnents are shown as obligations to the l¢ssor. Lease payments are trcated as consisting of capital and interest elements, and the interest is charged to the statement of financial activities in proportion to the remaining balance outstanding. All other leases are operating leases, and the annual rentals are charged to statement of financial activities on a straight-line basis over the lease term.
Page 11 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 continued I. AcCOuNTG 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 has to fulfil conditions before becoming entitled to it. In accordance with this policy, legacies are included when the charity is advised by the personal representative of an estate that a legacy is probable, and that payment will be made, or property transferred, and the amount involved can be quantificd. Donations are recognised when reccived. Subscriptions from Members are for a period coterminous with the year end and are recognised in the year in which they are receiv¢d. 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 th¢ amount of the obligation can bc 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. Wherc costs cannot be directly attributed to particular headings, thcy have been allocated to activities on a basis consistcnt with use of the resources. Rcsources expended includes VAT which cannot be recoverd. Raising funds consists of fundraising expenditure and allocated support costs. Charitable activities include publication costs, grants and donations and allocated support costs including governance costs. Allocation of Support Costs The support costs have been allocatcd as to l /0 to raising funds and 900/0 to charitable activities. Branches The Charity's accounts include the transactions of the Branches, and as the funds remain attributable to those branches, th¢ balances are held as restricted funds. Fund Accounting General funds are unrestricted funds which are available for use at the dlscretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Currently there are no designated funds. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the financial statements.
Page 12 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 continued l. AccoLfNTfNG POLICIES (continued) Critical Accounting Judgements and Key Sources of Uncertainty The preparation of the Financial Statements 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 Scheme's liability could have a significant effect on th¢ amounts shown in the Financial Statements. Useful Life of Tangible Fixed Assets The depreciation charge on tangible fixed assets is based on Management's cstimates of useful life. This is subject to uncertainty and reviewed by Management at each reporting date. General Fund Restrieted Fund Total 2024 Total 2023 2. SUBSCRIPTIONS, DONATIONS AND LEGACIES Subscriptions Donations Income tax recoverable Donations to Chapel Fund Branch income 95.262 4,427 24,138 95,262 32,297 24,138 24,000 7,470 98,279 65,406 14,960 24,000 7,761 27,870 24,000 6,249 1,221 125,048 133,973 58,119 183,167 133,973 210,406 17,000 Legacies £259,021 £58,119 £317,140 £227,406 2023 £132,897 £94,509 £227,406 3. CHARITABLE ACTIVITIES Publications Other income 21,273 2,313 21,273 2,313 14,184 6,610 £23,586 £23,586 £20,794 2023 £19,839 £955 £20,794
Page 13 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 4. OTHER TRADING ACTIVITIES General Fund Restricted Fund Total 2024 Total 2023 Branch activitics Other sales 1.365 1,365 480 £1,365 £1,365 £480 2023 £480 £480 5. INVESTMENTS Dividends receivable Interest receivable Branch intcrest and dividends receivable 29.120 45 29,120 45 184 28,513 770 360 184 £29,165 £184 £29,349 £29,643 2023 £29,283 £360 £29,643 6. RAISING FUNDS Fundraising Expenditure Allocated support costs (Note 8) 19,765 370 20,135 19,839 £19,765 £370 £20,135 £19,839 2023 £18,660 £1,179 £19,839 7. CHARITABLE ACTtVlTIES Publications costs Chaplaincy costs IT costs Catholic Group grant Catholic Mission Network General Synod Elections The Society Council of Bishops Donations and Gifts Branch cost of charitable activities Allocated support costs (Note 8) 89,707 1,709 28,353 91,416 28,353 7,015 2,500 3,164 83,350 58,287 1,756 2,500 1,406 7,015 2,500 3,164 2,059 5,259 2,059 5,259 3,888 4,769 854 2,976 178,560 3,909 3,332 3,909 181,223 177,891 £284,431 £40,467 £324,898 £338,346 2023 £265,062 £73,284 £338,346
Page 14 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 continued SUPPORT COSTS General Fund Restricted Fund Total 2024 Total 2023 Salaries National Assembly Office costs Sundry expenses Travel Catering Computer Bank charges Establishment ¢xpcnses Branch support costs Independent Examination Professional Fees Insurance R¢allocation of support costs 156,066 5,374 3,259 473 10,299 619 844 229 11,275 156,066 5,374 3,259 473 10,299 619 844 229 11,275 3,702 7,944 141,562 5,988 4,870 823 11,008 158 776 519 10,800 3,709 9,683 7,500 1,003 (198,399) 3,702 7.944 1,274 (197,656) 1,274 (201,358) (3,702) 2023 2024 2023 9. STAFF COSTS AND NUMBERS Payroll costs Wages and salaries Social security costs Pension costs 151,245 15,710 20,853 137,294 14,768 20,145 £187,808 £172,207 The headcount for the y¢ar was 2.4 full-time equivalents - FTES (2023.. 2.4 FTES), comprising.. Director (1.0 FTE), Administrator (0.8 FTE), Chaplain (0.5 FTE). and New Directions Advertising Manager (O. I FTE). The Director's salary in 2024 was £78,808 (the NCI Band I salary for 2024). Employer pension contributions for the Director amounted to 15 % of salary and totallcd £11,821 (2023: £11,392). For 2025, the Trustees have agreed to reduce the headcount to 2.1 FTES, comprising Director (0.8 FTE), Administrative Assistant (0.8 FfE), and Chaplain (0.5 FTE). As a result, the Director's salary will be £65,726 (0.8 x £82.157, the NCI Band I salary for 2025). The reduced headcount will produce an annual saving on salaries alone slightly in excess of £30,000 (that is, before savings on employer contributions for pensions and for National Insuranc¢ ar¢ factored in).
Page 15 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 conlinued 10. TANGIBLE FIXED ASSETS Office equipment Cost I st January 2024 Additions Disposals 3,469 3 1st December 2024 Depreciation I st January 2024 Disposals Charge for year 3,469 31 st December 2024 Nct book value 31 st Decembcr 2024 31 st tk¢ember 2023 All of the fixed assets are held for the use of the Charity. General Fund Schroders Property Fund Restricted Fund Branch I I. tNVESTMENTS CCLA Total Market Value at 1st January 2023 469,681 227,843 113,224 5,859 816,607 Disposals (40,000) (40,000) Realised Gains/(Losses) Unrcalised Gains/(Losses) 200 14,153 200 24,175 9,393 629 Market Value at 31 st December 2024 £444,034 £237,236 £113,853 £5,859 £800,982 Cost at 31 st December 2024 £325,000 £225,000 £125,000 £3,390 £678,390
Page R6 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 continued 2024 2023 12. DEBTORS Amounts falling due within one year Trade debtors Other debtors and Prepayments 4,910 12,877 3,643 3,460 £17,787 £7,103 13. CREDITORS Amounts falling due within one year Accruals and deferred income 10,574 9,238 £10,574 £9,238 14. ALLOCATION OF NET ASSETS BETWEEN FUNDS Net Current Assets Investments Total 2024 General funds Restricted funds 795,123 5,859 16,768 124,428 811,891 130,287 £800,982 £141,196 £942,178 2023 General funds Restricted funds 810,748 5,859 (38,931) 135,026 772,217 140,885 £816,607 £96,495 £913,102
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Page 18 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 continued 15. FUNDS (continued) Balance at 1st January 2023 As Restated Balance at 31st December 2023 As Restated 2023 Gainl(L05s) on Investments Income Expenditure TraDsfer5 Restricted funds Scotland Fund Branches Fund Branches (National) Fund Chapel Fund John Richards Memorial Fund Catholic Mission Network Number l Trust (Communication and Catechcsis) 3,575 38,531 3,283 4,413 740 3,575 40,510 3,283 1,906 765 9,249 (7,270) 25,028 25 (27.355) 45 47,231 4,022 57,500 (1,406) (38,252) 2,661 66,479 97,818 95.824 (74,463) 119,179 Unrestricted - General Fund 834,435 182,499 (283,722) 39,005 772,217 £932,253 £278,323 £(358.185) £39,005 £891,396 16. OPERATING LEASE COMMITMENTS At 31 st December 2024, the Charity had commitments under operating leases as follows: Land and Buildin 2024 2023 Other 2023 2024 Within one year Between 2 and 5 years Over 5 ycars 14,850 14,850 13,900 13,900 17. TRUSTEES, EXPENSES, REMUNERATION AND RELATED PARTY TRANSACTIONS The Trustees are not remunerated. During the year travel and accommodation expenses of £2,590 were reimbursed (2023: £2,968).
Page 19 FORWARD IN FAITH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 continued 18. PENSIONS Fonvard in Faith participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating etnployers. CWPF has two sections: l ) the Defined Benefits Scheme 2) the Pension Builder Scheme, which has two subsections" a) a deferred annuity section known as Pension Builder Classic, and, b) a cash balance section known as Pension Builder 2014. Pension Builder Scheme 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 ternis 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 scheme that provides a lump sum which members use to provide benefits at rctirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retireTnent, depending on investtnent returns and other ractors. The accounL plus any bonuses declared is payable, unreduced, from age 65. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The schemc 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 scheme. The pensions costs charged to the SOFA in the year are the contributions payable (2024: £20,853, 2023: £20,145). valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 st December 2022. For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective l January 2025, the Board chose to grant a discretionary bonus of 6.7 /0 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 2.70/0 (where usually it would be calculated based on inflation up to 2.5 /0). This followed improvements in the funding position over 2024. There is no requirement for deficit paymcnts at the current time. The next valuation is due as at 3 1st December 2025. For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time. The legal structure of the scheme is such that if another employer fails, Forward in Faith could become responsible for paying a share of the failed employer's pension liabilities.
Page 20 FORWARD IN FAITH PIOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 continued 19. PRIOR YEAR ADJUSTMENT As previously Reported Prior Year Adjustment As Restated Cash at Bank and In Hand Restricted Funds 98,630 (140,885) (21,706) 21,706 76,924 (119,179) The prior year adjustmerÉt relates to old balances on Branches that have closed and there is no evidence that balances in the bank still exist. A decision was made to write off these balances and to only include those balances which hav¢ b¢¢n verified via th¢ annual returns at the year end.