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← The Capernwray Missionary Fellowship Of Torchbearers

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 03573958 (England and Wales) REGISTERED CHARITY NUMBER: 1073139

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS (A COMPANY LIMITED BY GUARANTEE)

GROUP REPORT OF THE TRUSTEES AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Xeinadin Audit Limited Accountants and Statutory Auditors Dalton House

9 Dalton Square LANCASTER LA1 1WD

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 6
Report of the Independent Auditors 7 to 10
Consolidated Statement of Financial Activities (Income 11
And Expenditure)
Consolidated Balance Sheet 12
Charity Balance Sheet 13
Consolidated Cash Flow Statement 14
Notes to the Consolidated Cash Flow Statement 15
Notes to the Consolidated Financial Statements 16 to 30

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025

Trustees M Thompson (resigned 9/9/2024)
A R Wadsworth
N L Firth
J M Showell-Rogers
N H Lavery
D P Moss
H Armbruster
Mr M C Styants (appointed 19/6/2025)
Company secretary Mrs J A Burrows
Registered office Capernwray Hall
Capernwray
CARNFORTH
LA6 1AG
Registered company number 03573958 (England and Wales)
Registered charity number 1073139
Auditors Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

Page 1

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019).

Objectives and activities Objectives and aims

The Objects (as set out in the Memorandum and Articles of Association and under "Public Benefit" below) are fulfilled in the programmes currently being run, namely short-term Bible Schools, Christian conferences and holidays with a Bible-teaching focus, and are reflected in the Charity's Mission Statement, which reads:

"Our mission is to proclaim the transforming presence of Jesus Christ through biblical teaching and practical training, equipping men and women for service in his Church worldwide."

All the programmes, including the conferences and holidays, involve a balance of formal teaching, times of worship and prayer, activity based learning and practical experience and application. Through these programmes, the Charity seeks to bring people into a vital relationship with Jesus Christ, and then equip them to better serve their home community and help others to come to the same understanding.

The Charity also, in accordance with its objectives, seeks to support work in countries overseas where there are particular needs that cannot be met because of a lack of resources. Funds are sent overseas to various mission organisations or national churches for training purposes or needed development, when CMFOT also acts as a conduit for the provision of relief in times of international catastrophe.

Page 2

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities Public benefit

The Charity's objects (the "Objects") as set out in the Memorandum and Articles of Association are: -

(a) To advance the Christian faith in accordance with the Statement of Beliefs appearing in the Schedule hereto in such parts of the United Kingdom or the world as the directors of the Charity (herein called the "trustees") may from time to time think fit;

(b) To relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in such parts of the United Kingdom or the world as the trustees may from time to time think fit.

The Objects are currently fulfilled, with due regard to the guidance issued by the Charity Commission, through the following:

The courses, conferences and holidays offered are available to any who wish to participate and are designed to introduce participants to the Christian faith and enable them to develop further in that faith. The fees charged are considered by the trustees to be reasonable, but provision is also made by the Charity to enable some to attend who, because of financial reasons, may otherwise be unable to participate.

The Charity also provides benefit to the wider community through the following: - Litter picking initiatives in conjunction with local authorities and other practical help to those in need in conjunction with local churches and charities in the community;

Volunteers

Voluntary workers play an important part in the ministry of Capernwray every year. Applications come from a variety of countries and are usually from young people who have a desire to serve in a Christian environment and want to serve and be stretched. They contribute to the ministry at Capernwray, while also seeing their own Christian lives develop. A training programme and regular social activities are organised for the voluntary team and they are given the opportunity to attend lectures, seminars and a local church.

Our voluntary workers assist in many aspects of the ministry, including involvement in the programmes and training of guests and students, along with opportunities of outreach into the community. This is in addition to hospitality, maintenance, sports and audio visual responsibilities.

The Serving and Leadership Training (SaLT) programme attracted 17 voluntary workers from the UK and from around the world for a one year duration during 2024/5. In 2022 the Charity was awarded Sponsor status (A rating) by UKVI, enabling us to assign 1 year Charity Worker (Temporary Worker) Visa certificates of sponsorship for 2023 onwards.

During the conference holiday period the number of volunteers rises to around 40 or more each week, as short term volunteers join us for between 1 and 10 weeks.

Page 3

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

The message of the Risen Christ remains at the centre of life at Capernwray and all its activities and the Bible is foundational in all that is taught.

2024 Spring Bible School ran successfully from April to June. The Summer Christian conference holiday Programme in 2024 was well attended across the 10 week summer season. The Winter Bible School commenced in September 2024 with approximately 120 students starting with us. There was a positive tone in the school and positive valuable feedback was received at the end.

The trustees are grateful for the team of staff who continue to serve the work of Capernwray and thank the Lord for all that He has been pleased to do in the past year. It is a great joy to see the impact that the message of the Lord Jesus Christ has in the many lives of those who participate in the various programmes. The trustees are also grateful to the volunteer team who have been willing and able to share in this vital work of His Kingdom on earth.

It is the continuing desire of the trustees to see that Capernwray will always stand firm on the Word of God and be a means in this broken world to proclaim the restoring message of the Gospel to the glory of God.

Financial review

Principal funding sources

Funds are principally sourced from fees paid for the Bible School and Christian conference holidays. Other resources are received by way of gifts each year. All these resources in the year have been used to enable the running of the Bible School and Christian conference holidays, which includes maintaining and improving the facilities available to guests and students, as well as promoting the courses.

Reserves policy

The Board resolved on 13 March 2024 that cash reserves are to be built up to and held equivalent to 3 months of normal overhead costs by March 2027, at which time a further review will take place. The reserves policy will be monitored on an annual basis. The free reserves as at 31 March 2025 amounted to £1,070,779 for the group and £907,813 for the parent charity (2024 - £933,646 for the group and £764,720 for the parent charity).

Pension fund

Further accruals to the Final Salary Scheme ceased at the end of March 2009. The employees who were formerly contributing members of the Final Salary Scheme at that date have now joined the Group Personal Pension Scheme. All new staff are automatically enrolled into the current scheme on the same terms.

Structure, governance and management Governing document

The governing documents for the charity are the Memorandum and Articles of Association dated 2 June 1998 as amended by Resolution passed on 11 February 2022. The charity is incorporated as a Company Limited by Guarantee, number 03573958.

Recruitment and appointment of new trustees

All trustees are made fully aware of the aims and purpose for which the Charity was established and must concur with the governing documents along with the "Principles and Practices" of Torchbearers International (see below under "Wider Network"). Trustees are provided with information made available by the Charity Commission that lays out the responsibilities of trustees, describes and clarifies legislation and ensures they are kept up to date with the charity sector.

Page 4

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

Organisational structure

The two key staff positions, appointments to which need to be made and endorsed by the board of trustees respectively, are those of the Managing Director and Bible School Principal.

Major financial decisions relating to capital expenditure are also taken at board level. An annual budget is prepared by the Finance and Operations Director and is presented annually to the board for approval, with regular financial updates at the quarterly board meetings.

These policies and the relationship between the board of trustees and the Managing Director are documented in the CMFOT Governance Policy.

Related parties

CMFOT has a wholly owned subsidiary company, Capernwray Parkland Farm Limited, which is responsible for the running of the Capernwray Hall estate. CMFOT leases the land to Capernwray Parkland Farm Limited. CMFOT has one other subsidiary company, Capernwray Hall Limited, which owns certain properties on the estate which CMFOT leases from it.

Transactions with related parties are disclosed in the notes to the financial statements

Risk management

The trustees carry out an ongoing review of risks identified in the Charity, with regular reports provided to the trustees. In conjunction with the Managing Director and key managers, they ensure that systems and procedures are in place to manage and, where appropriate, mitigate those risks.

Wider Network

The Capernwray Missionary Fellowship of Torchbearers is an autonomous legal entity, but is part of a broader fellowship known as Torchbearers International. The terms regarding unity and cooperation between the organisations of the worldwide fellowship are contained in an agreement dated 19 December 2000.

Statement of trustees' responsibilities

The trustees (who are also the directors of The Capernwray Missionary Fellowship Of Torchbearers for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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

Page 5

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Statement of trustees' responsibilities - continued

In so far as the trustees are aware:

Auditors

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 25 September 2025 and signed on its behalf by:

......................................................................

A R Wadsworth - Trustee

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

Opinion

We have audited the financial statements of The Capernwray Missionary Fellowship Of Torchbearers (the 'charitable parent company') and its subsidiaries (‘the group’) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and charitable parent company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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

Responsibilities of trustees

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

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

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

Our responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

Use of our report

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

Tim Preece FCCA (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited Accountants and Statutory Auditors Dalton House 9 Dalton Square LANCASTER LA1 1WD

Date: 29 September 2025

Page 10

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCOME AND EXPENDITURE) FOR THE YEAR ENDED 31 MARCH 2025

Notes
Income and endowments from
Donations and legacies
2
Charitable activities
4
Bible schools, courses and conferences
Investment income
3
Other income
Total
Expenditure on
Raising funds
5
Charitable activities
6
Bible schools, courses and conferences
Other
Total
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit
schemes
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
fund
£
330,784
2,198,812
15,222
134,818
2,679,636
49,798
2,498,886
111,081
2,659,765
19,871
-
19,871
5,340,654
5,360,525		 Restricted
funds
£
4,984
21,731
-
-
26,715
-
56,607
-
56,607
(29,892)
-
(29,892)
86,201
56,309		 2025
Total
funds
£
335,768
2,220,543
15,222
134,818
2,706,351
49,798
2,555,493
111,081
2,716,372
(10,021)
-
(10,021)
5,426,855
5,416,834		 2024
Total
funds
£
439,179
1,937,697
8,832
187,630
2,573,338
54,781
2,314,028
97,630
2,466,439
106,899
(12,000)
94,899
5,331,956
5,426,855

The notes form part of these financial statements

Page 11

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS (REGISTERED NUMBER: 03573958)

CONSOLIDATED BALANCE SHEET 31 MARCH 2025

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors
Amounts falling due within one year
16
Net current assets
Total assets less current liabilities
NET ASSETS
Funds
18
Unrestricted funds
Restricted funds
Total funds		 Unrestricted
fund
£
4,274,554
15,192
4,289,746
80,296
46,781
1,499,617
1,626,694
(555,915)
1,070,779
5,360,525
5,360,525		 Restricted
funds
£
-
-
-
-
-
56,309
56,309
-
56,309
56,309
56,309		 2025
Total
funds
£
4,274,554
15,192
4,289,746
80,296
46,781
1,555,926
1,683,003
(555,915)
1,127,088
5,416,834
5,416,834
5,360,525
56,309
5,416,834		 2024
Total
funds
£
4,394,333
14,470
4,408,803
77,748
59,667
1,572,235
1,709,650
(691,598)
1,018,052
5,426,855
5,426,855
5,340,654
86,201
5,426,855

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 25 September 2025 and were signed on its behalf by:

............................................. A R Wadsworth - Trustee

The notes form part of these financial statements

Page 12

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS (REGISTERED NUMBER: 03573958)

CHARITY BALANCE SHEET 31 MARCH 2025

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors
Amounts falling due within one year
16
Net current assets
Total assets less current liabilities
NET ASSETS
Funds
18
Unrestricted funds
Restricted funds
Total funds		 Unrestricted
Restricted
fund
funds
£
£
4,274,404
-
201,193
-
4,475,597
-
80,296
-
65,553
-
1,481,063
56,309
1,626,912
56,309
(719,099)
-
907,813
56,309
5,383,410
56,309
5,383,410
56,309		 2025
Total
funds
£
4,274,404
201,193
4,475,597
80,296
65,553
1,537,372
1,683,221
(719,099)
964,122
5,439,719
5,439,719
5,383,410
56,309
5,439,719		 2024
Total
funds
£
4,393,316
200,471
4,593,787
77,748
72,344
1,555,702
1,705,794
(854,873)
850,921
5,444,708
5,444,708
5,358,507
86,201
5,444,708

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 25 September 2025 and were signed on its behalf by:

............................................. A R Wadsworth - Trustee

The notes form part of these financial statements

Page 13

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of tangible fixed assets
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2025
£
13,435
13,435
(44,244)
(722)
-
15,222
(29,744)
(16,309)
1,572,235
1,555,926		 2024
£
341,792
341,792
(56,585)
(690)
50,200
8,832
1,757
343,549
1,228,686
1,572,235

The notes form part of these financial statements

Page 14

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

1.
Reconciliation of net (expenditure)/income to net cash flow from operating activities
2025
£
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
(10,021)
Adjustments for:
Depreciation charges
163,923
Loss/(profit) on disposal of fixed assets
100
Interest received
(15,222)
Increase in stocks
(2,548)
Decrease in debtors
12,886
(Decrease)/increase in creditors
(135,683)
Difference between pension charge and cash contributions
-
Net cash provided by operations
13,435
2.
Analysis of changes in net funds
At 1/4/24
Cash flow
£
£
Net cash
Cash at bank and in hand
1,572,235
(16,309)
Total
1,572,235
(16,309)		 2024
£
106,899
164,353
(48,874)
(8,832)
(17,041)
65,669
91,618
(12,000)
341,792
At 31/3/25
£
1,555,926
1,555,926

The notes form part of these financial statements

Page 15

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company (limited by guarantee), which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The Capernwray Missionary Fellowship of Torchbearers meets the definition of a public benefit entity.

The financial statements consolidate the results of the charity and its wholly owned subsidiaries, Capernwray Parkland Farm Limited and Capernwray Hall Limited. A separate Statement of Financial Activities for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

Indirect costs, including support and governance costs have been apportioned to the charity's activities using a basis consistent with the use of resources. For example, staff costs are apportioned by time spent, property costs by floor area and other costs by their usage.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% - 4% Straight line
Plant and machinery - 25% Reducing balance
Fixtures and fittings - 20% Reducing balance

Business Combinations

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the charity. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Page 16

THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies - continued

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The charity operates a defined benefit pension scheme which was closed to new entrants on 31 March 2004. In the light of consultation held with the then active members of the scheme and following the decision of the directors, there have been no further accruals to the defined benefit scheme since 31 March 2009.

For defined benefit schemes the amounts charged in resources expended are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the SOFA if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over that period until vesting occurs. The interest cost and the expected return on assets are shown as a net amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in Other recognised gains/losses.

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the group, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined benefit asset or liability is presented separately on the face of the balance sheet.

Going concern

There are no material uncertainties regarding the charity's ability to continue as a going concern.

2. Donations and legacies

Donations
Legacies
Platinum jubilee appeal
Timothy campaign
Investment income
Deposit account interest
Interest from investments		 2025
£
196,419
137,200
245
1,904
335,768
2025
£
14,500
722
15,222		 2024
£
226,690
190,127
17,934
4,428		 2024
£
226,690
190,127
17,934
4,428
439,179
2024
£
8,142
690
8,832

3. Investment income

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

4. Income from charitable activities

Activity
Literature and merchandise
Bible schools, cour
Bible schools, courses and
conferences
Bible schools, cour
Outreach income
Bible schools, cour
Other income
Bible schools, cour
Conference fund gifts
Bible schools, cour
Student fund gifts
Bible schools, cour
5.
Raising funds
Raising donations and legacies
Staff costs
Advertising
6.
Charitable activities costs
Bible schools, courses and conferences
7.
Support costs
Bible schools, courses and conferences		 ses and conferences
ses and conferences
ses and conferences
ses and conferences
ses and conferences
ses and conferences
Direct
Costs
£
2,405,002
Finance
Other
£
£
21,509
109,119		 2025
£
99,921
1,988,665
-
110,226
-
21,731
2,220,543
2025
£
35,633
14,165
49,798
Support
costs (see
note 7)
£
150,491
Governance
costs
£
19,863		 2024
£
87,965
1,752,785
260
84,144
1,923
10,620
1,937,697
2024
£
32,265
22,516
54,781
Totals
£
2,555,493
Totals
£
150,491

Staff costs have been allocated according to time spent and overheads have been allocated on a usage basis.

8. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Auditors' remuneration for non-audit work
Depreciation - owned assets
(Deficit)/surplus on disposal of fixed assets		 2025
£
4,186
8,895
163,923
100		 2024
£
5,240
10,742
164,353
(48,874)

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

9. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

During the year the aggregate amount of donations from trustees was £740 (2024 - £1,560), of which £nil was for restricted purposes.

Trustees' expenses

Trustees' expenses
Trustees' expenses
10.
Staff costs
Wages and salaries
Social security costs
Other pension costs		 2025
£
1,238
2025
£
964,188
72,886
66,914
1,103,988		 2024
£
1,525
2024
£
878,424
53,227
69,541
1,001,192

The total amount of employee benefits received by key management personnel during the year, including trustees, was £236,668 (2024 - £221,862).

The average monthly number of employees during the year was as follows:

Course and conference staff
Senior management		 2025
37
6
43		 2024
35
5
40

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

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

11. Comparatives for the statement of financial activities

Income and endowments from
Donations and legacies
Charitable activities
Bible schools, courses and conferences
Investment income
Other income
Total
Expenditure on
Raising funds
Charitable activities
Bible schools, courses and conferences
Other
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit
schemes
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
fund
£
398,427
1,923,154
8,832
187,630
2,518,043
54,781
2,203,860
97,630
2,356,271
161,772
32,277
(12,000)
182,049
5,158,607
5,340,656		 Restricted
funds
£
40,752
14,543
-
-
55,295
-
110,168
-
110,168
(54,873)
(32,277)
-
(87,150)
173,349
86,199		 Total
funds
£
439,179
1,937,697
8,832
187,630
2,573,338
54,781
2,314,028
97,630
2,466,439
106,899
-
(12,000)
94,899
5,331,956
5,426,855

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

12. Tangible fixed assets

Group

Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for year
Eliminated on disposal
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
Charity
Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for year
Eliminated on disposal
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Freehold
property
£
6,797,870
36,244
-
6,834,114
2,470,406
147,985
-
2,618,391
4,215,723
4,327,464
Freehold
property
£
6,715,312
36,244
-
6,751,556
2,388,666
147,167
-
2,535,833
4,215,723
4,326,646		 Plant and
machinery
£
82,134
6,500
(750)
87,884
68,955
4,899
(650)
73,204
14,680
13,179
Plant and
machinery
£
72,134
6,500
(750)
77,884
59,154
4,850
(650)
63,354
14,530
12,980		 Fixtures
and
fittings
£
254,806
1,500
-
256,306
201,116
11,039
-
212,155
44,151
53,690
Fixtures
and
fittings
£
254,806
1,500
-
256,306
201,116
11,039
-
212,155
44,151
53,690		 Totals
£
7,134,810
44,244
(750)
7,178,304
2,740,477
163,923
(650)
2,903,750
4,274,554
4,394,333
Totals
£
7,042,252
44,244
(750)
7,085,746
2,648,936
163,056
(650)
2,811,342
4,274,404
4,393,316

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

13. Fixed asset investments

Group Unlisted
investments
£
Market value
At 1 April 2024 14,470
Additions 722
At 31 March 2025 15,192
Net book value
At 31 March 2025 15,192
At 31 March 2024 14,470

There were no investment assets outside the UK.

Charity

Charity
Shares in
group
Unlisted
undertakings
investments
£
£
Market value
At 1 April 2024
186,001
14,470
Additions
-
722
At 31 March 2025
186,001
15,192
Net book value
At 31 March 2025
186,001
15,192
At 31 March 2024
186,001
14,470		 Totals
£
200,471
722
201,193
201,193
200,471

There were no investment assets outside the UK.

Details of undertakings

The charity holds two investments of 20% or more of the nominal value of any class of share capital. These are the two 100% owned subsidiary undertakings as follows:

The profit/loss after tax for the year of Capernwray Parkland Farm Limited was a loss of £4,190 (2024 – a loss of £15,582) and the aggregate amount of capital and reserves at the end of the year was £11,138 overdrawn (2024 - £6,948 overdrawn).

The profit/loss after tax for the year of Capernwray Hall Limited was a loss of £842 (2024 – a loss of £599) and the aggregate amount of capital and reserves at the end of the year was £174,254 (2024 - £175,096).

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

14. Stocks

Group
Stocks for resale
Raw materials
Charity
Stocks for resale
Raw materials
15.
Debtors: amounts falling due within one year
Group
Trade debtors
Other debtors
VAT
Prepayments and accrued income
Charity
Other debtors
VAT
Prepayments and accrued income		 2025
£
35,700
44,596
80,296
2025
£
35,700
44,596
80,296
2025
£
-
37,853
-
8,928
46,781
2025
£
56,625
-
8,928
65,553		 2024
£
33,859
43,889
77,748
2024
£
33,859
43,889
77,748
2024
£
4,275
38,805
9,695
6,892
59,667
2024
£
55,757
9,695
6,892
72,344

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

16. Creditors: amounts falling due within one year

Group
Trade creditors
Social security and other taxes
VAT
Other creditors
Accrued expenses
Pension contributions accrual
Deferred income
Charity
Trade creditors
Social security and other taxes
VAT
Other creditors
Accrued expenses
Pension contributions accrual
Deferred income		 2025
£
41,892
17,702
2,402
21,296
46,799
8,158
417,666
555,915
2025
£
41,891
17,702
2,402
186,366
44,914
8,158
417,666
719,099		 2024
£
59,499
14,476
-
18,724
87,826
8,648
502,425
691,598
2024
£
59,498
14,476
-
183,795
86,031
8,648
502,425
854,873

17. Leasing agreements

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

Within one year
Between one and five years		 2025
£
13,970
21,445
35,415		 2024
£
13,696
35,416
49,112

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

18. Movement in funds

Unrestricted funds
General fund
Restricted funds
Sponsored student fund
Sponsored conference fund
Library books
Platinum Jubilee Fund
Main house maintenance
Timothy Campaign
Games Room
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Sponsored student fund
Sponsored conference fund
Library books
Platinum Jubilee Fund
Main house maintenance
Timothy Campaign
TOTAL FUNDS		 At 1/4/24
£
5,340,654
35,365
5,778
7,411
-
6,351
26,519
4,777
86,201
5,426,855
Incoming
resources
£
2,679,636
21,731
-
2,000
245
835
1,904
26,715
2,706,351		 Net
movement
in funds
£
19,871
(26,560)
(2,071)
(37)
245
(3,373)
1,904
-
(29,892)
(10,021)
Resources
expended
£
(2,659,765)
(48,291)
(2,071)
(2,037)
-
(4,208)
-
(56,607)
(2,716,372)		 At
31/3/25
£
5,360,525
8,805
3,707
7,374
245
2,978
28,423
4,777
56,309
5,416,834
Movement
in funds
£
19,871
(26,560)
(2,071)
(37)
245
(3,373)
1,904
(29,892)
(10,021)

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

18. Movement in funds - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Sponsored student fund
Sponsored conference fund
Library books
Main house maintenance
Timothy Campaign
Games Room
TOTAL FUNDS		 At 1/4/23
£
5,158,607
24,745
6,294
5,411
2,970
133,929
-
173,349
5,331,956		 Net
movement
in funds
£
149,770
10,620
(516)
2,000
3,381
(80,889)
10,533
(54,871)
94,899		 Transfers
between
funds
£
32,277
-
-
-
-
(26,521)
(5,756)
(32,277)
-		 At
31/3/24
£
5,340,654
35,365
5,778
7,411
6,351
26,519
4,777
86,201
5,426,855

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Sponsored student fund
Sponsored conference fund
Library books
Platinum Jubilee Fund
Main house maintenance
Timothy Campaign
Games Room
TOTAL FUNDS		 Incoming
resources
£
2,518,043
10,620
1,923
2,000
17,934
3,381
4,428
15,009
55,295		 Resources
expended
£
(2,356,273)
-
(2,439)
-
(17,934)
-
(85,317)
(4,476)
(110,166)		 Gains and
losses
£
(12,000)
-
-
-
-
-
-
-
-		 Movement
in funds
£
149,770
10,620
(516)
2,000
-
3,381
(80,889)
10,533
(54,871)
94,899
2,573,338 (2,466,439) (12,000)

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

18. Movement in funds - continued

The specific purposes for which the funds are to be applied are as follows:

The sponsored student fund is to sponsor students through their studies. The sponsored conference fund is used to help visitors pay holiday and conference fees. The library book fund is to buy new books and other educational material, including online resources. The platinum jubilee fund is to finance property improvements and building projects. The main house maintenance fund is to restore and maintain the main house property. The Timothy fund is an appeal to make building improvements and to sponsor students. The games room fund is to purchase games equipment.

Transfers between funds

The transfers from the restricted fund to the general fund in 2024 represents the use of these funds to purchase capital items.

19. Employee benefit obligations

The employer operated a defined benefit scheme in respect of certain employees, which is now accruing no further benefit. This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. Contributions are paid to the scheme in accordance with the recommendations of an independent actuarial advisor.

The most recent comprehensive actuarial valuation was carried out at 31 March 2022 by Chris Hunter of Broadstone Corporate Benefits Limited. Interim FRS102 disclose information was provided by Gary Hatch of Broadstone Corporate Benefits Limited.

The most recent full actuarial valuation showed a deficit of £76,000. The employer and the trustees have agreed to review the contribution levels annually, with the support of the Scheme Actuary where relevant. In addition the employer has agreed with the trustees that it will meet expenses of the scheme and levies due to the Pension Protection Fund.

The Scheme ceased all future service benefit accrual with effect from 31 March 2009.

The Scheme also provides benefits to spouses/dependants in the event of a member's death after retirement.

Based on the current Schedule of Contributions dated 10 May 2024, the Employer expects to pay no contributions to the scheme during the next accounting period and Scheme expenses will be paid from the Scheme’s assets.

The amounts recognised in the Balance Sheet are as follows:

The amounts recognised in the Balance Sheet are as follows:
Defined benefit
pension plans
2025 2024
£ £
Fair value of plan assets 458,000 509,000
Present value of defined benefit obligation (458,000) (509,000)
- -

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

19. Employee benefit obligations - continued

The amounts recognised in the Statement of Financial Activities are as follows:

Pension scheme expenses
Actual return on plan assets		 Defined benefit
pension plans
2025
2024
£
£
68,000
-
68,000
-
25,000
29,000

Changes in the present value of the defined benefit obligation are as follows:

Opening defined benefit obligation
Interest cost
Benefits paid
Actuarial (gains)/losses from changes in
financial assumptions		 Defined benefit
pension plans
2025
2024
£
£
509,000
729,000
25,000
29,000
(15,000)
(220,000)
(61,000)
(29,000)
458,000
509,000

Changes in the fair value of scheme assets are as follows:

Opening fair value of scheme assets
Assets surplus not realisable
Scheme expenses paid
Contributions by employer
Expected return
Benefits paid
Return on plan assets (excluding interest
income)		 Defined benefit
pension plans
2025
2024
£
£
509,000
729,000
141,000
(229,000)
(68,000)
-
-
12,000
25,000
29,000
(15,000)
(220,000)
(134,000)
188,000
458,000
509,000

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

19. Employee benefit obligations - continued

The amounts recognised in other recognised gains and losses are as follows:

Actuarial (gains)/losses from changes in
financial assumptions
Return on plan assets (excluding interest
income)
Irrecoverable surplus		 Defined benefit
pension plans
2025
2024
£
£
61,000
29,000
(134,000)
188,000
141,000
(229,000)
68,000
(12,000)

The major categories of scheme assets as amounts of total scheme assets are as follows:

Equities (UK and Overseas)
Gilts and Bonds
Property
Cash and net current liability
Other / Pensions managed fund
Asset surplus, not realisable		 Defined benefit
pension plans
2025
2024
£
£
93,000
105,000
740,000
928,000
22,000
22,000
39,000
31,000
5,000
5,000
(441,000)
(582,000)
458,000
509,000

The return on plan assets during the period is (£109,000). In 2024, the return on plan assets was £217,000.

Principal actuarial assumptions at the balance sheet date are as follows:

Discount rate: 5.7% (2024 - 4.9%) Rate of increase in prices (RPI): 3.2% (2024 - 3.3%) Rate of increase in prices (CPI): 2.7% (2024 - 2.7%) Rate of revaluation in deferred pensions: 2.7% (2024 - 2.7%)

Rate of increases in future pensions in payment (unless fixed): RPI max 5% p.a. - 3.0% (2024 - 3.1%) RPI max 2.5% p.a. - 2.0% (2024 - 2.05%) RPI max 3% p.a. - 2.3% (2024 - 2.35%)

Allowance for commutation of pension for cash at retirement: 100% of maximum tax-free cash (2024 - 100%)

GMP equalisation cost: estimated using actuarial value method.

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THE CAPERNWRAY MISSIONARY FELLOWSHIP OF TORCHBEARERS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

19. Employee benefit obligations - continued

GMP equalisation cost (transfers out): no allowance. GMP equalisation for insured pensions: no allowance.

Pre-retirement mortality assumptions: nil (2024 - nil) Post-retirement mortality assumptions in 2025 and 2024: 115% of S3PMA/S3PFA CMI 2023 (Core) 1.25% pa.

The mortality assumptions adopted at 31 March 2025 imply the following life expectancies at age 65 years: A male retiring in 2045 has a life expectancy of 86.7 years.

A female retiring in 2045 has a life expectancy of 89.4 years. A male retiring in 2025 has a life expectancy of 85.4 years. A female retiring in 2025 has a life expectancy of 88 years.

20. Related party disclosures

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The charity is the sponsoring employer of Capernwray Retirement Benefits Scheme, a defined benefits pension scheme. The charity bears some of the cost of the scheme's administrative expenses. During the year the total amount of the expenses paid by the charity was £8,645 (2024 - £94,273).

In 2025, two of the charity's trustees received discounts for conferences they attended at Capernwray Hall. The total value of trustee discounts given was £178 (2024 - £315).

This page does not form part of the statutory financial statements

Page 30