Registered Charity Number: 1084337
The Latimer Trust
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
For the year ended 31 December 2024
The Latimer Trust
Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' annual report | 2 – 7 |
| Accountants’ report | 8 |
| Statement of Financial Activities | 9 |
| Balance sheet | 10 |
| Notes to the accounts | 11 - 15 |
The Latimer Trust Legal and administrative information for the year ended 31 December 2024
Charity number
1084337
Trustees
Rev Dr M Burkill Rev J Hughes Rt Rev WP Benn Rev P Breckwoldt Mrs S Finch Rev Dr C D E Moll Rt Rev Dr R Munro Rev Dr B Cooper Rev M W Lucas Rev Dr B Sargent Rev Dr R Keki Mody Rev B M Lucas
Chairman Vice-Chairman
Resigned 1 August 2024
Resigned 12 March 2025
Appointed 11 September 2024 Appointed 9 January 2025
Principal address
The Vicarage Vicarage Lane Duffield Belper Derbyshire DE56 4EB
Accountants
Seven Hills Accountants Limited 57 Burton Street Sheffield S6 2HH
Solicitors
Monro Fisher Wasbrough LLP 8 Great James Street London WCIN 3DF
Bankers
Lloyds TSB Bank plc 43 Iron Gate Derby DE1 3FT
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Investment Managers
Ruffer LLP 80 Victoria Street London SWIE 5JL
CCLA Investment Management Ltd COIF Charity Funds Senator House 85 Queen Victoria Street London EC4V 4ET
1
The Latimer Trust Trustees' annual report For the year ended 31 December 2024
The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and the relevant version of the 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).
Structure Governance & Management
The Latimer Trust is a Foundation Charitable Incorporated Organisation (CIO) (Charity number 1084337The charity is externally registered with Companies House, under the reference CE029849.
The Trustees are ultimately responsible for the operation of the charity and meet quarterly. New Trustees are required to sign the Latimer Trust Doctrinal Basis, as expressed in the CIO Constitution and are appointed by Trustees’ resolution duly passed. Their duties and obligations are set out in the document “LT Role description and Qs for Latimer Trustees”. Simple policies and procedures for the induction and training of charity trustees are in place. Other appropriate policies relating to the running of the Trust are in place and reviewed regularly.
The Trustees authorises sub-committees to recommend actions in specific areas of activity; in particular the Grants Committee (which has met once) and the Executive Committee (comprising the Chair of Trustees, the Vice-Chair of Trustees, the Director of Research, the Research Fellow(s) and the Operations Manager, which meets quarterly). The Operations Manager and Finance Officer meet regularly with the Chair, whilst the Publications team meet twice a year with the Operations Manager and once with the Vice-Chair.
Objects and activities
The objects of the charity, as set out in the constitution are:-
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(i) to promote, safeguard and advance the Protestant and Evangelical teaching and principles of the Church of England, and to advance such teachings and principles within the Christian Church generally, with particular attention to contemporary controversies and issues that may undermine biblical truth
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(ii) to create and administer and assist in the creation and administration of scholarships, exhibitions and prizes for the encouragement of study and learning.
The Latimer Trust is an evangelical think-tank, dedicated to encouraging biblical convictions and supporting people through publications, lectures, and research grants.
When planning our activities for the year, the trustees have considered the Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion.
2
The Latimer Trust Trustees' annual report - continued For the year ended 31 December 2024
Review of the activities during the year
The Trustees have applied the resources of the Charity to achieve its aims and objects in the following activities, which it is currently envisaged that they will pursue for the future.
1 Staff and research fellowships. The Trust employs Claire Alldritt as Finance Officer, Grace Raven as Publications Manager, Alison Brewis as Publications Assistant and Ellelein Kirk as Operations Manager. Revd. Dr Gerald Bray continues his work both in his professional fields of teaching, writing and research, and as a member of the Latimer Trust Executive, receiving an honorarium in his role as Director of Research.
On the administrative side, the pool of people with experience of working for the Trust continues to be drawn upon and provides flexibility in our business operations as demand for particular skills fluctuates through the year. The contribution of volunteers as authors and Trustees is acknowledged with gratitude.
Andrew Atherstone as Lecturer in History and Doctrine and Latimer Research Fellow at Wycliffe Hall, Oxford contributes to the Executive Group and continues working on important writing projects. In conjunction with CEEC, the Trust also funds consultancy with Dr Martin Davie, and each year Latimer Trust provides about half of his funding. The significance of academic work in furthering the aims of the Trust is recognised in the provision of the Latimer Fellowships.
2 Publications. The publications schedule is overseen by the Executive Group. The following manuscripts were published in 2024:
In January
- ‘In Search of a Perfect Father: The Beauty of the Doctrine of God’ by Aled Seago.
In April
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‘By Love to them I Cease Loving of Thee’ Michael Wigglesworth: Journaling Same-sex Love in the Puritan World’ by Christy Wang.
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‘Living in a Multiverse: A Guide for Christians by Martin Davie.
In July
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‘Thomas Cranmer and ‘Of Faith in the Holy Trinity’ by Chris Young
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‘Deaconess Margaret Rodgers. A Woman in a Man’s World’ edited by Erin Mollenhauer.
In August
- ‘Unity and Truth’ by Martin Davie
In October
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‘The Person of Christ’ by Mark Smith
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‘Evangelicals before Evangelicalism: The Use of Evangelical in the Early Englis Reformation’ by Rachel Ciano. .
The Trust has benefitted from using Print on Demand technology for these publications, which means that titles produced in this way are listed immediately on Amazon.co.uk and Amazon.com, and can be printed and shipped either from Milton Keynes, Tennessee or Melbourne. A selected number of publications are available on kindle. This policy controls shipping and stock costs, and also makes books immediately available through a number of trade and retail outlets, around the world. The Operations Manager pursues links with the wider Anglican world to make our publications better known.
3
The Latimer Trust Trustees' annual report - continued For the year ended 31 December 2024
Gerald Bray and Andrew Atherstone also continued producing papers and books through other publishers; Gerald has seen the publication this year of A History of Christian Theology: A Trinitarian approach by Crossway. His book Athens and Jerusalem. Philosophy, Theology and the Mind of Christ , is also finished but will be released in March 2025 He has also continued his regular speaking and teaching engagements around the world and contributed with various articles in different journals. Andrew also speaks widely and is involved in many writing projects. He has now finished Ryle and the Christian Life which will be published by Crossway at the end of 2025. He has written several chapters for other publications which will be published in 2025. His membership of General Synod has also led to him being involved in various Church of England bodies. During the second half of 2024 he took a sabbatical that gave him the opportunity to speak at different conferences like ReNew, IASCUFO and the American Society of Church History. Martin Davie writes regular items relating to current Anglican issues, the Gospel and the Anglican Tradition (in particular on his personal blog). Apart from the publications released by us in 2024, and listed above, Martin is working on a book entitled: On being the Patient People of God. Freedom of Religion, Christian Conscientious Objection and the Call to Patience Holiness in Today’s World which will be published at the beginning of 2025 by Gilead. He also continues to resource the Church of England Evangelical Council.
These publications are significant contributions to the promotion and advancement of the Protestant and Evangelical teaching and principles of the Church of England, and the Christian Church generally, and give particular attention to contemporary controversies and issues that may undermine biblical truth.
3 Scholarships. Following this year’s research grant process, a grants was awarded to Alexander MacDonald The annual research grant programme allocated £2,000 this year to beneficiaries on consideration of the merits of the candidate and of the proposed area of study, in particular the match with the Trust’s expressed historical and theological perspective and its relevance today, and the candidate’s express agreement with the Trust’s Doctrinal Basis.
4 Other developments. The Trust is very conscious that developments within the Church of England are creating serious division in England and the wider Anglican Communion. It therefore seeks to support evangelical thinking and responses to the issues. This support has been given through personnel and by providing bookstalls at events organised by other groups and on the national and global scene. The Trust has applied to be a member of the Global South Fellowship of Anglican Churches (GSFA), while continuing its historic links with Gafcon. The profile and influence of the Trust has been significantly enhanced by the public online engagements of Gerald Bray, Andrew Atherstone and Martin Davie. The Trust has begun to produce more blog material. The website and social media are maintained and developed, and used by the public. The Trustees and staff met together for a Vision Day in June 2024
Future plans
The Latimer Trust will be attending conferences such as Renew, CEEC and Fellowship of Word and Spirit, where some of our trustees will promote our work and in some cases resource the event with publications. There are also opportunities to do this at the Ebbsfleet regional meetings in April/May 2025. We are planning to release between 5-6 books in 2025.
4
The Latimer Trust Trustees' annual report - continued For the year ended 31 December 2024
Finance review and Reserves Policy
The initial capital funding for the Charity was provided by the transfer of the assets from the Oxford Evangelical Research Trust Limited (OERTL), whose objects it continues. These were regarded primarily as expendable endowment funds which should therefore be invested in a manner that would provide the income necessary to fund the beneficial activities of the charity, although they are not restricted and may be distributed. The policy adopted was that the capital value of the initial investments was to be maintained in real terms if at all possible, but the investments would be placed so that any excess expenditure over income could readily be drawn from the liquid reserves. The Charity continues to require drawn down funds from capital to cover the annual planned operating deficit arising from its activities.
The capital is split between that invested in an investment portfolio (investment) and that invested in the COIF Deposit Fund of CCLA (instant access cash).
The liquid reserve is defined as the net current assets of the Charity and is to be maintained at the level of approximately one year of net operating deficit.
The annual planned net operating deficit includes supporting the two research fellowships, grants for theological writing and research and sponsorship of other important books for publication.
The net current assets of the Charity have been built up over the course of 2024 to cover the planned net operating deficit for the year, which for 2025 is expected to be approximately £125,000. The Charity will require quarterly drawdowns of funds generated from the sale of securities to maintain the liquid reserves at this level.
As at 31 December 2024 the total unrestricted reserves were £1,271,129 (2023: £1,395,073) represented by:
-
Investments: £1,111,583 (2023: £1,363,048)
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Cash liquid reserves held in deposit fund £126,092 (2023: £30,800)
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Other net current assets £33,454 (2023: £1,225)
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Total liquid reserves £159,546 (2023: £32,025)
Investment Powers
Under the constitution, the Charity has the power to make any investment (after taking appropriate advice from a financial expert) of capital which the Trustees see fit. The Trustees have taken advantage of their powers and in the year took the decision to reduce the level of funds managed by Ruffer Investment Management Limited. In November 2024, £500,000 was transferred to a CCLA COIF Ethical Investment Fund.
Ruffer’s stated investment aims are never to lose money on a twelve-month rolling basis, and to achieve twice the return of the Bank of England base rate, after fees. This philosophy provides both for capital growth (to maintain the real value of the assets) and some revenue income (the surplus of which is re-invested), without an unacceptable level of risk. Social, environmental and ethical considerations are managed at their discretion. The stock market suffered a couple of turbulent years and the Ruffer portfolio performance has been poor, with a net loss on investment valuation of £3,231 for the year (2023: loss of £109,837).
5
The Latimer Trust Trustees' annual report - continued For the year ended 31 December 2024
The CCLA fund aims to provide a total return (growth in capital and income) over the long term (defined as five years) of UK CPI + 5% per annum, before costs and charges. The fund has a wide range of ethical restrictions and is advised by an ethical advisory committee that identifies potential areas of policy development and refinement of the fund’s client-driven ethical investment policy. Following commencing the investment in November 2024, the net loss on investment valuation was £8,456 for the remainder of the year.
The Trustees are keeping the investment portfolio under careful review with the hope that it will return to growth sufficient to cover the level of drawdowns and associated management costs each year.
The remainder of the capital continued to be deposited in the CCLA COIF Deposit Fund as noted above.
Risk management
The Trustees have completed a Risk Register and assessed risk for the coming year as follows:
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a) Occupation of property: The Trust has entered an rolling licence agreement with Kingham Hill Trust for occupancy of an office at Oakhill College with an annual service fee of £3,480.
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b) While the capital reserve fund is well managed, and relatively low risk, performance will be monitored closely given the poor returns in 2023.
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c) The main cost to the Trust is staff; a 5-year rolling budget is reviewed each year to ensure that staffing costs will be contained within this planned budget.
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d) The costs of publishing and administration will be monitored against the planned 5 year rolling budget.
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e) There are sufficient funds available in liquid reserves to meet the planned expenditure of the forthcoming year, and this is to be maintained by transfer from the investment portfolio managed by Ruffer and potentially CCLA in due course.
The Trustees therefore calculate that no major risks exist within the present operating plan.
Trustees’ responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the applicable Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
6
The Latimer Trust Trustees' annual report - continued For the year ended 31 December 2024
The trustees are responsible for keeping proper accounting records that 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, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Approved by the board of trustees on 4 June 2025.
Signed on their behalf by:
Revd Dr M Burkill Chairman
7
Chartered Accountants' report to the trustees on the preparation of the unaudited statutory accounts of The Latimer Trust (which is a Charitable Incorporated Organisation) for the year ended 31 December 2024
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the accounts of The Latimer Trust for the year ended 31 December 2024 which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet and the related notes from the charity's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulationsstandards-and-guidance.
This report is made solely to the trustees of The Latimer Trust, as a body, in accordance with the terms of our engagement letter dated 14 February 2023. Our work has been undertaken solely to prepare for your approval the accounts of The Latimer Trust and state those matters that we have agreed to state to the trustees of The Latimer Trust, as a body, in this report in accordance with ICAEW Technical Release 08/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Latimer Trust and its trustees, as a body, for our work or for this report.
You have approved the financial information for the year ended 31 December 2024 and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for its compilation. You consider that The Latimer Trust is exempt from the statutory audit requirement or independent examination requirement for the year.
We have not been instructed to carry out an audit or independent examination of the accounts of The Latimer Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Sever Hilly Accountanty
Seven Hills Accountants Limited
4 June 2025
Chartered Accountants 57 Burton Street Sheffield S6 2HH
8
The Latimer Trust
Statement of Financial Activities (incorporating the income and expenditure account) For the year ended 31 December 2024
| Notes Income from: Donations Charitable activities - sales of publications Investments 2 Total income Expenditure on: Raising funds - Ruffer investment management fees Charitable activities 3 Total expenditure Net gains/(losses) on investments 5 Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted Unrestricted Funds Funds 2024 2023 £ £ 1,499 808 11,244 13,541 5,900 4,904 18,643 19,253 - 8,247 130,900 137,665 130,900 145,912 (11,687) (109,837) (123,944) (236,496) 1,395,073 1,631,569 1,271,129 1,395,073 |
|---|---|
The net deficit before gains/(losses) on investments was £112,257 (2023: £126,659).
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
9
The Latimer Trust Balance Sheet As at 31 December 2024
| Total | Total | ||
|---|---|---|---|
| Notes | 2024 | 2023 | |
| £ | £ | ||
| Fixed assets | |||
| Investments | 5 | 1,111,583 | 1,363,048 |
| Current assets | |||
| Debtors | 6 | 1,409 | 3,261 |
| Stock | 742 | 560 | |
| Cash at bank and in hand | 7 | 164,540 | 45,935 |
| Total current assets | 166,691 | 49,756 | |
| Creditors: amounts falling due within one year | 8 | (7,145) | (17,731) |
| Net current assets | 159,546 | 32,025 | |
| Total assets less current liabilities | 1,271,129 | 1,395,073 | |
| Creditors: amounts falling due after more than one year | - | - | |
| Total net assets | 1,271,129 | 1,395,073 | |
| Funds of the Charity | |||
| Unrestricted income funds | 1,271,129 | 1,395,073 | |
| Total funds | 9 | 1,271,129 | 1,395,073 |
| Approved by the Board on 4 June 2025. |
Signed on behalf of the board by
Revd Dr M Burkill Chairman
10
The Latimer Trust Notes to the Accounts For the year ended 31 December 2024
1 Accounting Policies
a General
The Latimer Trust is a Charitable Incorporated Organisation. In the event that the charity is wound up the liability in respect of the CIO guarantee is limited to £nil per member of the charity. The address of the registered office is given in the company information on page 1 of these financial statements.
The accounts (financial statements) have been prepared in accordance with the relevant version of the 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) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice. The accounts (financial statements) 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 has involved following the relevant version of the 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have taken advantage of the exemption for small charities not to prepare a Statement of Cash Flows.
The charity meets the definition of a public benefit entity as defined under FRS102. The financial statements are presented in sterling which is the functional currency of the charity and are rounded to the nearest £1.
b Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from donations and grants is included in income when the general income recognition criteria are met.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material (see note 12).
Investment income included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Income received in advance of publication or provision of other specified service it is deferred until the criteria for income recognition are met.
c Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Grants payable are recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
11
The Latimer Trust Notes to the Accounts (continued) For the year ended 31 December 2024
1 Accounting Policies (continued)
d Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
e Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
f Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
g Stock
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slowmoving stocks.
h Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
i Fund accounting
- Unrestricted funds are donations and other income receivable or generated for the objects of the organisation without further specified purpose and are available as general funds.
j Defined contribution pension scheme
The charity contributes to a defined contribution pension scheme for the benefit of the employees. The pension costs charged against net incoming resources are the contributions payable to the scheme in respect of the accounting period in accordance with FRS102.
k Operating lease rentals
Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.
l Taxation
As a charity, the organisation is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
m Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist.
12
The Latimer Trust Notes to the Accounts (continued) For the year ended 31 December 2024
2 Income from Investments
| Dividends and interest from investments Bank and deposit account interest |
2024 £ 222 5,678 5,900 |
2023 £ 3,673 1,231 4,904 |
|---|---|---|
Dividends and interest from investments represents from investments listed on a recognised stock exchange or held in Common investment funds, open ended investment companies, Unit trusts or other collective investment schemes.
3 Expenditure on charitable activities
| Expenditure on charitable activities | |||
|---|---|---|---|
| Note | Total 2024 |
Total 2023 |
|
| Salaries | 4 | £ 56,556 |
£ 52,150 |
| Publishing | 7,912 | 12,976 | |
| Research Fellowships | 51,269 | 49,298 | |
| Grants payable (to individuals) | 2,000 | 3,000 | |
| Conference costs | 1,600 | 10,230 | |
| Marketing costs | 233 | 453 | |
| Administrative costs | 4,974 | 4,061 | |
| Office rental | 3,326 | 1,919 | |
| Bad debts | - | 810 | |
| Accountancy fees | 1,500 | 1,440 | |
| Meeting expenses | 991 | 633 | |
| Trustees expenses | 10 | 539 | 695 |
| 130,900 | 137,665 | ||
| Staff Costs and Numbers | |||
| Salaries | 2024 £ 54,834 |
2023 £ 50,940 |
|
| Employer's pension contribution | 1,722 | 1,210 | |
| 56,556 | 52,150 | ||
| No employee received emoluments of more than £60,000 (2023: nil). The average number of employees | during the | ||
| year was 5.0 (2023: 5.0). | |||
| Full-time equivalent number of employees, working in: | 2024 £ |
2023 £ |
|
| - Charitable activities | 0.8 | 0.8 | |
| - Governance | 0.2 | 0.2 | |
| 1.0 | 1.0 |
- 4 Staff Costs and Numbers
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund.
13
The Latimer Trust Notes to the Accounts (continued) For the year ended 31 December 2024
5 Investments
| Listed Investments £ Cost or Valuation At 1 January 2024 1,363,015 Acquisitions at cost 500,145 Disposal proceeds (739,964) (11,704) At 31 December 2024 1,111,492 Investments (listed on recognised stock exchanges) at market value comprised: Overseas investments(including global funds) 6 Debtors Other debtors Prepayments and accrued income 7 Cash at bank and in hand COIF deposit fund Current accounts 8 Creditors: amounts falling due within one year Other creditors Accruals and deferred income Net cash released from investments in the year was £240,000 (2023: £60,200). Net gain/(loss) on revaluation (including foreign currency exchange) |
Cash held in investment portfolio £ 33 41 - 17 91 2024 £ 1,111,492 2024 £ 301 1,108 1,409 2024 £ 126,092 38,448 164,540 2024 £ 5,306 1,839 7,145 |
Total £ 1,363,048 500,186 (739,964) (11,687) 1,111,583 2023 £ 1,363,015 2023 £ 496 2,765 3,261 2023 £ 30,800 15,135 45,935 2023 £ 13,800 3,931 17,731 |
|---|---|---|
14
The Latimer Trust Notes to the Accounts (continued) For the year ended 31 December 2024
9 Analysis of net assets by fund
| Fixed asset investments Cash at bank and in hand - COIF deposit fund Other net current assets |
Unrestricted 2024 Total £ 1,111,583 126,092 33,454 1,271,129 |
Unrestricted 2023 Total £ 1,363,048 30,800 1,225 1,395,073 |
|---|---|---|
10 Trustees remuneration, benefits and expenses
Trustees were able to claim reasonable travel expenses to meetings on the business of the Trust. 4 trustees received a total of £539 in relation to reclaimed travel expenses. (2023: 5 trustees received £695 in relation to travel expenses).
The charity trustees were not paid or received any benefits from employment with the Charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).
The following costs were incurred by the Charity in the year:
- Paying for James Hughes to attend CEEC conferences - £462 (2023: £199).
11 Related party transactions
The Latimer Trust is associated with CEEC (Church of England Evangelical Council) by way of a being a member organisation. James Hughes, trustee, is currently the representative council member. CEEC was paid for the support of a research fellowship costing £18,000 during the year (2023: £18,000).
Sarah Finch, trustee, is also a trustee of Wycliffe Hall. The amount payable to Wycliffe Hall for the support of a research fellowship during the year was £32,614 during the year (2023: £31,298).
Mark Burkill, trustee, is also a trustee of ReNew Conference. £975 was paid for a stall at the conference, at the same rate as other stall holders (2023: £925).
There were no additional related party transactions, other than those disclosed in note 10.
12 Contingent asset - legacy income
As at 31 December 2024 the charity had been notified of one residuary legacy, the value of which is uncertain as the executor is awaiting the sale of properties. The value is likely to be in the region of £5,000. An interim payment was due in early 2025.
Operating lease commitments
As at 31 December 2024 the charity was committed to making the following payments under operating leases as follows:
| Payable within 1 year | 2024 £ 1,150 1,150 |
2023 £ - - |
|---|---|---|
15