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2023-12-31-accounts

the Joseph g Rank trust

the Joseph g Rank trust

Report and financial statements for the year ended 31% December 2023

Charity number 1093844 Company number 4465857 (A company limited by guarantee)

the Joseph g Rank trust

Trustees’ report and financial statements for the year ended 31*t December 2023

Contents Page
Legal and administrative information 2
Report ofthe Trustees 3 to 10
IndependentAuditor’s report 11 to 14
Statement offinancial activities 15
Balance sheet 16
Statement ofcash flows 17
Notes forming part ofthe financial statements 18 to 25
Grantcommitmentsmadeduringtheyear 26to28

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the Joseph @ Rank trust

THE JOSEPH RANK TRUST LEGAL AND ADMINISTRATIVE INFORMATION

Charityname : The JosephRank Trust The JosephRank Trust
Charity registration number : 1093844
Company registrationnumber: 4465857
Web address : www.ranktrust.org
Xhandle: @JosephRankTrust
Registered office and
Secretary’s office ; Worth Corner, Turners HillRoad, CRAWLEY,
RH10 7SL
Trustees
MrJames B Rank (Chairman) (1,2,3,4)
The ReverendDarrenHolland (2)
The Reverend CaroleHolmes (resigned6.4.2024) (2)
TheVeryReverendJohn Irvine (resigned12.10.2023)
MrJoseph Piers Jennings (1)3)
Ms GayMoon (Vice-Chairman) (1,3,4)
MrColinRHRank (1,3,4)
MrsSueWarner

(Committee membership: 1 = Finance, 2 = Methodist Fund Advisory Group, 3 = Nominations, 4 = Appointments)

Staff

Dr John H Higgs PhD MSc (City) MA (Lond) MA (Kingston) BA (Hons) Secretary Mr Alan T Lester FCA Accountant

Auditors

Moore Kingston Smith LLP, Betchworth House, 57-65 Station Road, REDHILL, RH1 1DL

Bankers

Barclays Bank plc, 100 Fenchurch Street, LONDON, EC3M 5JD.

Investment advisers

CCLA, 1 Angel Lane, LONDON EC4R 3AB

Solicitors

Bates Wells, 10 Queen Street Place, LONDON, EC4R 1BE

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the Joseph g Rank trust THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT

The Board of Trustees, who also served as Company Directors during the year, of The Joseph Rank Trust (‘the Charity’, ‘Trust’ or ‘Company’) present their report for the year ended 31 December 2023. The Trustees confirm that the financial statements have been prepared in accordance with the Companies Act 2006, the Trust’s governing document and the Statement of Recommended Practice applicable to charities preparing accounts in accordance with FRS 102, effective 1 January 2019.

REFERENCE AND ADMINISTRATIVE DETAILS

The Trust is a charitable company limited by guarantee. It was incorporated on 20" June 2002 and registered as a charity on 18" September 2002. The Company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its articles of association. In the event of the Company being wound up members are required to contribute an amount not exceeding £1 each. On 31% December 2002, the Company succeeded to the undertaking (including all assets, subject to all liabilities) of The Joseph Rank Benevolent Trust. The assets of that Trust comprised the Methodist Church Fund, a Restricted Fund to be applied for purposes connected with, or for the benefit of, Methodism and a General Fund, available to be applied to support wider charitable objects. The Joseph Rank Benevolent Trust itself, which was established on 29" April 1999, succeeded to the undertaking of The Joseph Rank Benevolent Trust (No. 3), which was established on 18" April 1929. The Joseph Rank Benevolent Trust (No. 3) succeeded to the undertakings and amalgamation of The Joseph Rank Benevolent Trust (No. 2), which was established on 1* October 1918, The Joseph Rank Benevolent Trust (No. 4), which was established on 23 June 1931, and The Joseph Rank (1942) Trust, which was established on 21% April 1942. All of these Trusts had been established by the late Mr. Joseph Rank or by members of his family.

Following a resolution made by the Trustees at the 2009 AGM, The Registrar of Companies for England and Wales authorised a change of name of the charity from The Joseph Rank Trust Limited to The Joseph Rank Trust. The change came into effect on 15" June 2009.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trust is governed by its Memorandum and Articles of Association adopted on 6" June 2002. The Trustees meet four times during the year to govern the Charity. Trustees’ meetings include Board meetings where Trustees review strategy, operational and investment performance and the setting of operating plans and budgets. An Annual General Meeting is held in July. The Trust is a member of the Charity Finance Group and the Secretary is an active member of the Foundation’s Forum, the Wales Funders Forum and the Christian Funders’ Forum.

Effective partnership between Trustees and staff continues to contribute significantly to our success. The Board delegates the exercise of certain powers in connection with the management

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THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2023

and administration of the Charity as set out below. This is controlled by regular reporting back to the Board, so that all decisions made under delegated powers are ratified by the full Board.

The administration of the Trust is directed by the Board of Trustees, with certain aspects of the work being delegated to four committees: (1) finance, (2) methodist fund advisory group, (3) nominations and (4) appointments, which have defined terms of reference.

The primary function of the finance committee is to monitor the performance of the investment advisers and to keep the main Board advised of the level of funding available for the purposes of making grants. It also oversees the general financial administration of the Trust.

The Methodist Fund Advisory Group is responsible for considering in detail appeals submitted by churches, circuits and districts of The Methodist Church of Great Britain and The Methodist Church in Ireland, and thereafter to put forward recommendations to the main Board.

Both the above committees met formally four times during the year.

The nominations committee is responsible for keeping under review the constitution of the Board and making recommendations on the appointment of new Trustees. The appointments committee was established to put recommendations on staff matters to the Board.

All of the Trustees are involved in the grant-making process of the Trust. The Secretary is responsible for the day-to-day management of the Trust and for implementing policies agreed by the Board of Trustees. The Accountant assists the Secretary and is responsible for the Trust’s financial matters.

Recruitment and appointment of Trustees

The Trustees are also Directors for the purposes of Companies Act 2006.

Under the provisions of clause 12 of the articles of association, a Chairman is elected for a term of five years. Mr. James Rank was re-elected Chairman in July 2022. His office will run from October 2022 to October 2027, a period of five years.

Each year, at the annual general meeting, one third of the eligible Trustees retire by rotation.

At the forthcoming annual general meeting, Mr Colin Rank, Mrs Sue Warner and The Reverend Darren Holland retire by rotation and being eligible, offer themselves for re-election.

Under the provisions of clause 7(1) of the articles of association, Trustees are appointed by resolution of the Board following recommendations put forward by the Chairman.

Clause 7(2) of the articles of association stipulates that, in selecting persons to be appointed as Trustees, account shall be taken of the benefits of appointing a person who is able, by virtue of his or her personal or professional qualifications, to contribute to the pursuit of the objects or management of the Trust. All Trustees are required to declare at the AGM all relevant interests, details of which are kept in a Register of Interests which is maintained by the Secretary.

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THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2023 pre peesee—rrenensneesn

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Trustee roles, induction and training

The Trustees all have skills that enable them to contribute to the work of the Trust. Those skills are kept up to date by a combination of their involvement with the work of the Trust, both in reading about specific areas of the Trust’s work and visiting projects being supported by the Trust.

In addition, Trustees are provided with copies of literature produced by the Charity Commission and other organisations dealing with changes in legislation and current good practice.

Trustees also participate in periodic ‘Blue Skies days’ where the work of the Trust and possible future initiatives are considered away from the office with the help of an independent facilitator.

Statement of Trustees’ Responsibilities

The trustees (who are also directors of The Joseph Rank Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Company law requires 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 the financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2023

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In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

OBJECTIVES, ACTIVITIES AND ACHIEVEMENTS

The Trust’s registered objects are:

Grant making policy

The Trustees meet the objectives through two main activities:

  1. Projects that demonstrate a Christian approach to the practical, educational and spiritual needs of people of all ages.

  2. The adaptation of Church properties with a view to providing improved facilities for use by the church and its work in the community in which it is based, with due regard to the requirements of the Methodist Church Fund (a restrictedfund).

In making grants for the adaptation of Church properties, the Trustees work with all denominations plus churches, circuits and districts of The Methodist Church of Great Britain, and The Methodist Church in Ireland.

Consideration is given to Churches that advance the Christian faith by funding projects that meet the social needs of the community around them. After supporting these main activities, the Trustees are prepared to consider other appeals, although resources remaining to support such appeals are limited.

Other appeals which are selected for consideration by the Trustees must, in their view, demonstrate a Christian approach to the practical, educational and spiritual needs of people. The Trustees do not consider appeals from individuals, unregistered organisations or from charities for the benefit of named individuals.

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THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2023

When considering appeals to the Trust if there any conflicts of interest that arise from agenda items, the Trustee in question is required to withdraw from any subsequent discussion as deemed appropriate by the Chairman, and this is noted in the minutes of the meeting concerned.

The Trust’s online presence

During the year, the Trust maintained its existing website www.ranktrust.org and a social media presence on X using the handle @JosephRankTrust At the end of the year the Trust had 1,180 followers and achieved 23,144 post impressions (number oftimes people viewed our messages) during the year.

The Trust’s website publishes important information on what the Trust aims to do, how to apply to the Trust for funding, and what the Trust has been doing. This information is available free to all visitors.

The Trust makes available a grant map on the homepage to showcase its grants. Since 2017 the Trust has submitted its grant data to 360Giving www.threesixtygiving.org

Public Benefit

The Trustees have complied with section 4 of the Charities Act 2006, having due regard for the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, when setting the grant making policy and in making awards.

The Trustees are satisfied that the Trust meets the public benefit requirement by supporting a wide and diverse range of charitable activities, and they carefully review the public benefit impact when considering grant applications and continue to support only UK registered charities.

Achievements and performance

The Trust aims to identify and support charities which can demonstrate that they can deliver successful outcomes on behalf of individuals, groups and communities they seek to serve.

Through the Trust policy of visiting appeals, both prospective and existing, we are constantly surprised to discover the diverse and wide range of activities and supplies that are delivered to front-line beneficiaries.

As a responsive grant-maker, with a grant-plus methodology (not only giving financial support but where appropriate impart project-relevant knowledge and best practice), we operate across a large number of sub-sectors in the Christian and faith-based communities that we serve.

See www.ranktrust.org/categorisedlinks.htm for further details.

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THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2023

A significant area of our funding is core funding or revenue funding, which is awarded to charities in both a restricted and unrestricted way.

During the year, grant commitments totalling £3,021,600 (2022: £2,551,500) were made of which £515,000 (2022: £447,000) represented commitments to Methodist Church appeals and £2,506,600 (2022: £2,104,500) represented commitments to community service, education and youth projects.

A summary list of commitments is produced later in this report (pages 26 to 28) showing the geographical spread in the UK based upon Royal Mail postcodes.

The Trust continued its policy of visiting prospective and existing appeals and 180 visits were made by the Secretary and Trustees. Details of grant commitments are given between pages 26 to 28.

FINANCIAL REVIEW

Investment policy

The main investment objectives are to protect the investment portfolio from the effects of inflation, thereby providing funds to respond to identified needs whilst also securing the capital base for the long-term future. In deciding upon investments, the Trust’s investment advisers adopt a Socially Responsible Investment (SRI) policy that includes carrying out research into the social, environmental and ethical stance of companies.

Investment performance

The Trust’s investment portfolio is managed by CCLA within guidelines agreed with the Trustees.

The performance of the investment portfolio is monitored by the finance committee, which meets quarterly with the investment advisers.

During the year the value of the Trust’s investment portfolio increased by £7.204m: the General Fund by £5.751m and Methodist Church Fund by £1.453m. The main reasons for the increase in value was the diversity of investments made by CCLA on a platform of low interest rates, the increase of progressive post-Brexit trade deals, stronger performance of US stocks and increased market optimism post-pandemic. Many major share indices recorded double-digit gains during the year, helped by a strong rally in November and December as falling inflation made global traders more hopeful of an interest rate cuts in 2024.

Reserves policy

The only restriction that the Memorandum and Articles of Association place on the use of capital is that the resources of the Methodist Church Fund must be applied for purposes connected with, or for the benefit of, Methodism.

The work of the Trust is dependent upon the income produced by the investment portfolio. As at 31* December 2023, it is estimated that it will produce a return of at least 3% which will be sufficient to enable the Trust to continue with its established pattern of grant making.

At 31% December 2023 the reserves within the General Fund amounted to £75.505m (2022: £69.707m) and within the Methodist Church Fund £18.552m (2022: £16.774m). As stated above, the reserves are required to produce an income sufficient to enable the Trust to finance its work.

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THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2023

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The Trust’s policy is to not make substantial increases in reserves, which, at their current level, are considered adequate to finance the work of the Trust. It is anticipated that resources expended in any one year might not always match incoming resources with the result that the level of reserves will fluctuate in addition to any increases or decreases because of movements in the value of investments within the portfolio. The increase in the value of the portfolio is explained on page 8 in the investment performance section.

The Finance Committee continues to review the reserves policy and the level of reserves held on an on-going basis to ensure that they are adequate to fulfil the Trust’s commitments and to ensure financial stability.

Risk assessment

Each year the Board of Trustees examines all areas of the Charity’s operations and consider what major risks may arise in each of these areas. The principal risks are the loss of our 2 staff (internal) and a significant downturn in the economy (external). In the opinion of the Trustees, the Charity has established procedures and review systems to manage these risks. In addition, the Finance Committee considers risks specifically related to finance and investments at each of their meetings, with any issues raised being reported to the main Board of Trustees.

Related parties

The Trust does not have any directly related parties.

Key Staff salaries

The Finance Committee formally reviews the staff salaries and conditions each year and makes recommendations to the main Board of Trustees.

Auditor

Moore Kingston Smith LLP has indicated its willingness to continue in office.

Small Companies Exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

FUTURE PLANS

The Trust plans to continue the activities along its established lines and will be responsive to new developments by organisations that share the Trust’s objectives.

The Trustees intend to continue to followa strategy that has the following aims:

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THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2023

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(4) to take steps to increase income;

(5) to promote best practice in the use of church and community buildings. (6) to be transparent, pro-active and open with our grant data.

The Trustees are content that Mr Joseph Rank, our founder, would approve of the efforts of the Trust over the last year and would be satisfied that the Trust is meeting the moral and legal obligations that it owes to its beneficiaries and to its benefactors.

Approved by the Trustees of The Joseph Rank Trust (charity number 1093844 and company number 4465857) on 18 April 2024 and signed on its behalf by:

S¥ J.B. RANK Chairman

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE JOSEPH RANK TRUST

Opinion

We have audited the financial statements of The Joseph Rank Trust (‘the charitable company’) for the year ended 31 December 2023 which comprise the Statement of Financial Activities including the Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

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 course of the audit or

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otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

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 trustees’ responsibilities statement set out on page 5, 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.

Auditor’s 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 an auditor’s report 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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James Saunders (Senior Statutory Auditor)
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(3 /s[r224! Betchworth House 57-65 Station Road Redhill RHI1 1DL

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Statement of financial activities for the year ended 31%* December 2023 (Including Income and Expenditure Account)

2023 2022
General
Fund		 Methodist
Church		 Total
Funds		 General
Fund		 Methodist
Church		 Total
Funds
Fund Fund
(restricted) 3 (restricted)
Notes £7000 £7000 £7000 £°000 £000 £000
Income from
Investment income 1e)&2 2.418 602 3,020 2,040 513 2,553
Donations 2 _- 2 - _- -
Total 2.420 602 3,022 2,040 513. 2,953
Expenditure on:
Charitable activities 3&4 2,573 327 2,900 2,346 452 2,798
Total 2,573 327 2,900 2.346 452 2,798
Realised net gains(losses) on
disposal ofinvestments - - - (1,453) (363) (1,816)
Unrealised gains (losses) on
revaluation ofinvestments
5,951 1,503 7,454 (8,922) (2,253) = (11,175)
Netincome (deficit) and net
movement in funds 5,798 1,778 7,576 (10,681) (2,555) (13,236)
Reconciliation offunds:
Total funds brought
forward 69,707 16,774 86,481 80,388 19,329 99,717
Totalfundscarriedforward 75,505 18,552 94.057 69,707 16,774 86.481

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

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Balance sheet

at 31‘ December 2023

2023 2022
General
Fund		 Methodist
Church		 Total
Funds		 General
Fund		 Methodist
Church		 Total
Funds
Fund
restricted)		 Fund
(restricted)
£7000 £7000 £7000 £’000 £000 £7000
Notes
Fixed assets
Investments i 76,429 19,295 95,724 70,678 17,842 88,520
Tangible assets 10 1 - i ze -
76,430 19,295 95,725 70,678 17,842 88,520
Current assets
Debtors 11 575 141 716 508 128 636
Cash atbank 891 (232) 659 963 (598) 365
1,466 (91) 1,375 1,471 (470) 1,001
Creditors
Amounts falling due
within oneyear		 a (1,875) (539) (2,414) 2,017 (529) (2,546)
Net current assets (liabilities) (409) (630) (1,039) 546 (999) (1,545)
Total assets less current
liabilities 76,021 18,665 94,686 70,132 16,843 86,975
Grants payable aftermore
thanoneyear		 13 (516) (113) (629) (425) (69) (494)
Net assets 75,505 18,552 94,057 69,707 16,774 86,481
Total funds
Unrestricted funds 75,505 - 75,505 69,707 - 69,707
Restricted funds - 18,552 18,552 - 16,774 16,774
75,505 18,552 94,057 69,707 16,774

The notes on pages 18 to 25 form part of these accounts.

These accounts are prepared in accordance with the provisions of the Companies Act 2006 subject to the small companies regime.

Approved by the Trustees of The Joseph Rank Trust (company number 4465857) and authorised for issue on 18 April 2024 and signed on their behalf by:

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Statement of cash flows for the year ended 31% December 2023

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||||||| |---|---|---|---|---|---| |2023|2022| |Total|Total| |Funds|Funds| |£000|£7000| |Cash|generated(used)|in| |operating|activities|(2,895)|(2,882)| |Cash|flows|from|investing| |activities| |Investment|income|2,940|2,501| |Purchase|of fixed|assets|(1)|-| |Proceeds|from|sales|of investments|15,250|18,005| |/ reduction|in|deposits| |Purchase|of investments|and| |additional|deposit|15,000|17,916| |Cash|provided|by| |investing|activities|3,189|2,590| |(Decrease)/increase|in|cash|in the|294|(292)| |year| |Cash|and|cash|equivalents|at the| |beginning|of the year|365|657| |Total|cash|and|cash|equivalents| |at|the|end|of the year|659|365|

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Reconciliation of net movement in funds to cash flow from operating activities

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||||||| |---|---|---|---|---|---| |Net movement|in|funds|per| |statement|of financial| |activities|7,576|(13,236)| |(Gains)|losses|on|investments|(7,454)|12,991| |Investment Income|(3,020)|(2,553)| |(Increase)/decrease|in|debtors|-|(1)| |Increase/(decrease)|in|creditors|(132)|(88)| |Increase/(decrease)|in|grants| |due|after|1|year|135|5| |Net|cash|used|in|operating| |activities|(2,895)|(2,882)|

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Notes forming part of the financial statements for the year ended 31‘ December 2023

1. Accounting policies

The financial statements have been prepared in accordance with 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) — (Charities SORP (FRS 102)), the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006. The particular accounting policies adopted by the Trustees are described below:

The financial statements have been prepared under the historical cost convention, as modified by the inclusion of fixed asset investments at mid-market value. The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with estimating the liability from multi-year grant commitments (see note 1(d) and notes 12 and 13 for more information).

With respect to the next reporting period, the year ending 31** December 2024, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of the investment markets (see the Financial Review on pages 8 and 9 for more information) including the impact of the conflict in the Middle East and Ukraine and associated economic pressures. These financial statements are prepared in sterling which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest one thousand pounds. The Charitable company meets the definition of a public benefit entity under FRS 102.

(b) Fund accounting

All income is included in the statement of financial activities when the Trust is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

(e) Fixed assets

Fixed assets (excluding investments) are stated at cost less accumulated depreciation. Depreciation is calculated to write off the cost of the assets by equal instalments over three years. Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the statement of financial activities.

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Notes forming part of the financial statements for the year ended 31%' December 2023 (continued)

(f) Retirement benefits The Trust operates a defined contribution scheme. The amount charged to the income and expenditure account in respect of pension costs and other retirement benefits is the contributions payable in the year. (g) Rental — operating lease

Rentals payable under operating leases are charged against income ona straight-line basis over the term of the lease. (h) Critical accounting estimates and areas of judgement In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year. (i) Financial Instruments (i) Cash and cash equivalents.

Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less. (ii) Debtors and Creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payments discounted at a market rate of interest.

(iii) Fixed Asset Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently remeasured at their fair value at the balance sheet date using mid-market value. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

a9

the Joseph g Rank trust

Notes forming part of the financial statements for the year ended 31% December 2023 (continued)

2023 2022
General Methodist Total General Methodist Total
Fund Church Funds Fund Church Funds
Fund Fund
(restricted) (restricted)
£000 £7000 £7000 £000 £000 £7000
2. Investment income
Cash heldwithin the portfolio 337 80 417 166 41 207
Dividends - - - 11 3 14
InvestmentFund Income 2,081 522 2,603 1,863 469 2.332
2.418 602 3,020 2,040 513 2.553
3. Resources expended 2023
Allocation Charitable Governance 2023
activities costs Total
£7000 £7000 £7000
Costs directly allocated to
activities
Grants committed (net) Direct 2,669 - 2,669
Auditfee Direct - 11 11
Support costs allocated to
activities
Premises Area 11 1 12
General officeexpenses Usage 23 10 33
Trustees’ expenses Time 2 1 3
Staffcosts Time 154 19 173
2,859 42 2,901
General Fund 2,573
Methodist Church Fund 327
2,900

20

the Joseph a Rank trust

Notes forming part of the financial statements for the year ended 31% December 2023 (continued)

4, Resources expended 2022

,

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Allocation|Charitable|Governance|2022| |activities|costs|Total| |£7000|£7000|£7000| |Costs|directly|allocated to| |activities| |Grants|committed|(net)|Direct|2,492|-|2,492| |Audit fee|Direct|_|11|11| |Support|costs|allocated|to| |activities| |Investment management|Direct|102|-|102| |Premises|Area|11|1|12| |General|office|expenses|Usage|17|2|19| |Trustees’|expenses|Time|2|1|3| |Staff costs|Time|141|18|159| |2.765|33|2,798| |2,346| |General|Fund| |452| |Methodist|Church Fund|2.798|

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||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |General|Methodist|Total|General|Methodist|Total| |Fund|Church|Funds|Fund|Church|Funds| |Fund|Fund| |(restricted)|(restricted| |£000|£7000|£7000|£000|£000|£7000| |5.|Net incoming|(outgoing)|resources| |for|the year| |These|are|stated|after|charging:| |Auditors’|remuneration|EL|aOs|es|8| |Payments|under|operating| |leases|—__ll|wc|wee||.dE|Joe|oon|It|

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21

the Joseph g Rank crust

Notes forming part of the financial statements for the year ended 31 December 2023 (continued)

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2023|2022| |General|Methodist|Total|General|Methodist|Total| |Fund.|Church|Funds|Fund|Church|Funds| |Fund|Fund| |(restricted)|restricted)| |£7000|£7000|£000|£7000|£7000|£000| |6.|Staff costs|and|numbers| |Salaries|146|-|146|132|-|132| |Social|Security|costs|13|-|13|13|-|13| |Life,|Permanent Health &| |Medical|Insurance|4|-|4|5|-|5| |Pension|contributions|10|-|10|9|-|9| |(see note|16)|173|-|173|159|-|159|

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During the year, the Trust had one full-time employee and one part-time employee. One employee’s emoluments fell within the band £100,000 to £110,000 (2022: 1; £100,000 to £110,000).

Both employees are key management personnel.

7. Trustees’ remuneration and related party transactions

None of the Trustees received any remuneration during the year. Travel and out of pocket expenses amounting to £2,831 (2022: £2,014) were reimbursed to 6 Trustees (2022: 5).

The Reverend Darren Holland is an employee of Bolton Methodist Mission who received a grant payment of £12,500 during the year.

No other Trustees or other person related to the Trust had any personal interest in any contract or transaction entered into by the Trust during the year.

8. Taxation

As a charity, the Trust is exempt from tax on income and gains falling within part 10 ITA 2007 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Trust.

ae

the Joseph g Rank trust

Notes forming part of the financial statements for the year ended 31 December 2023 (continued)

2023 2022
General Methodist Total General Methodist Total
Fund Church
Fund		 Funds Fund Church
Fund		 Funds
restricted restricted)
£7000 £7000 £000 £7000 £7000 £7000
9. Investments
Market value at
1%January2023 70,678 17,842 88,520 81,124 20,475 101,599
Additions 12,000 3,000 15,000 - - -
Sales - - - (15,858) (3,963) (19,821)
Increase(decrease) inportfolio (12,200) (3,050) (15,250) 14,334 3,583
cash
Adjustmentto recordmarket 5,951 1,503 7,454 8.922 (2,253) _(11,175)
value ofinvestments
Market value at
31% December 2023
76.429 19,295 95,724 70,678 17,842 88,520
Historical cost at
31%December2023 59.848 14,933 74,781 60,048 14.983 75.031
Investments 74,187 18,735 92,922 56,236 14,232 70,468
Cash held within portfolios 2,242 560 2,802 14,442 3,610 18,052
Market value at
31December2023 76,429 19,295 95,724 70.678 17,842_88,520

At 31% December 2023 the investment portfolio which comprises marketable and listed securities consisted of the following investments:

Charities InvestmentFundUnits 74,187 18,735 92,922 56,236 14,232 70,468
UK listed shares - - - - - -
Overseas shares - - - - - -
Fixed income - - - - - -
Cash holdings 2,242 560 2,802 14,442 3,610 8,052
76,429 19,295 95,724 70,678 17,842 88,520

23

the Joseph @ Rank trust

Notes forming part of the financial statements for the year ended 31** December 2023 (continued)

2023 2022
General
Fund		 Methodist
Church		 Total
Funds		 General
Fund		 Methodist
Church		 Total
Funds
Fund Fund
(restricted) (restricted
£°000 £000 £7000 £000 £7000 £7000
10. Tangible fixed assets
Furniture& equipment
Cost
At 1January2023 21 - 21 21 - 21
Additions 1 - 1 - - -
Disposal - - - - - -
31%December2023 22 - 22 21 - 21
Depreciation
At 1"January2023 21 - 21 20 - 20
Charge fortheyear - - - il - 1
On disposals - - - - - -
At 31%December 2023 21 - 21 21 - 21
Netbook value
At 31%December 2023 1 - i - - -
At31December2022 1- - 1- 1 - 1
11. Debtors
Investment income receivable 573 141 714 506 128 634
Prepayments 2 - 2 2 > 2
575 141 716 508 128 636
Investmentincomereceivable is a financial instrumentand ismeasured atpresent presentvalue.
12. Creditors
Amounts falling due within one
year
Taxation 5 - 5 4 - 4
Accruals 11 - 11 12 - 12
Grants payable 1,859 539 2,398 2,001 529 2,530
1,875 539 2,414 2,017 529 2,546

24

the Joseph i/, Rank trust

Notes forming part of the financial statements for the year ended 31“ December 2023 (continued)

2023 2022
General
Fund		 Methodist
Church		 Total
Funds		 General
Fund		 Methodist
Church		 Total
Funds
Fund Fund
restricted) restricted)
£7000 £7000 £7000 £7000 £7000 £7000
13. Grant commitments
Grant commitments at
1*January2023 2.426 598 3,024 2,465 643 3,108
Grant commitments made in
theyear
Cancellations/recoveries		 2,507
(157)		 515
(196)		 3,022
(353)		 2,105
(40)		 447
(15)		 2,552
(55)
Grants paid (2,400) (266) (2,666) (2,104) (477) (2,581)
Movements intheyear (50) 53 3 (39) (45) (84)
Grant commitments at
31December2023 2,376 651 3.027 2,426 598 3,024
Payable as follows:
Within oneyear 1,860 538 2,398 2,001 529 2,530
After more than one
year 516 113 629 425 69 494
2.376 651 3,027 2,426 598 3,024

14. Capital commitments

At 31 December 2023 there were no capital commitments (2022: £nil).

15. Members

The Company is limited by guarantee, having no share capital, and, in accordance with clause 7 of the memorandum of association, every member, of whom there is no maximum number, is liable to contribute a sum not exceeding £1 in the event of the Company being wound up.

At 31% December 2023 the Company had 7 members (2022: 8). At 31% December 2023 and 31° December 2022 all of the members were also Directors of the Company.

16. Retirement Benefits

The Trust contributes to a defined contributions scheme, for the employee whose emoluments fell within the band £100,000 to £110,000 the assets of which are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the Trust and amounted to £10,300 all of which had been paid over to the fund before 31** December 2023.

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the Joseph / Rank trust

THE JOSEPH RANK TRUST — GRANT COMMITMENTS MADE IN 2023

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|||||||| |---|---|---|---|---|---|---| |LONDON:| |Christian Funders’|Forum|1,000| |Good Faith|Foundation|25,000| |All People|All|Places,|Edmonton|(over|3 years)|37,500| |Ascension|Community|Trust,|Beckton|(over|3 years)|30,000| |New|Hope,|Watford|(over|3 years)|45,000| |Safe|Women’s|Project,|Ilford|(over|3 years)|45,000| |New|River Church,|Edmonton|30,000| |St Mary the|Virgin,|Stotfold|30,000| |Frontier|Youth|Trust|(over|3 years)|42,900| |Alpha|100,000| |MK Bridgebuilder|Trust|(over 3 years)|37,500| |The|Hebe|Foundation,|Wandsworth|(over|3 years)|30,000| |St Edward RC|Church,|Romford|25,000| |Pathway,|North London|(over 3 years)|30,000| |Sutton|Schools Work|(over|3 years)|22,500| |LONDON:|531,400|531,400| |IRELAND:| |Dundrum|Methodist|Church,|Dublin|(over|3 years)|30,000| |Methodist|Centenary|Church,|Dublin|(over 3 years)|45,000| |Dublin|Central|Mission|25,000| |IRELAND:|100,000|100,000| |MIDLANDS:| |Ryders|Green|Methodist Day|Centre,|West Bromwich|25,000| |Magdalen|Road|Church,|Oxford|25,000| |St Mary|the|Virgin|Church,|Fawley|20,000| |Kidderminster|Baptist|Church|(over|3 years)|30,000| |St|John|Baptist,|Claines|20,000| |St Michael & All Angels,|Creaton|10,000| |Adavu,|Birmingham|(over 3 years)|30,000| |Student|Christian Movement,|Birmingham|(over 3 years)|30,000| |Youthscape,|Luton|(over 3 years)|37,500| |Ashbourne|Methodist|Church|50,000| |Holy|Trinity|Church,|Hereford|(over|3 years)|30,000| |MIDLANDS:|307,500|307,500| |NORTHERN|IRELAND:| |Braniel Methodist|Church|(over|3 years)|37,500| |Craigmore|Methodist|Church|45,000| |Larne|Methodist|Circuit|(over 3 years)|30,000| |Salt Factory|Sports,|Lisburn|(over 3 years)|45,200| |Towerview|Church,|Bangor|(over 3 years)|30,000| |North-West|Methodist|Mission|25,000| |Newtownabbey|Methodist Mission|25,000| |Belfast|Central|Mission|25,000| |East Belfast|Mission|25,000| |Living Hope|Charity,|Belfast|(over 3 years)|30,000| |Larne|Methodist|Circuit|(over|3 years)|30,000| |NORTHERN IRELAND:|347,700|347,700|

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26

the Joseph g Rank trust

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|||||||| |---|---|---|---|---|---|---| |NORTH EAST:| |St George’s|Church,|Fatfield|50,000| |Faith|in|Scarborough|Schools|(over 3 years)|22,500| |Barton|and Brigg Methodist Circuit|(over 3 years)|30,000| |Strathmore Road Methodist|Church,|Rowlands|Gill|(over 3 years)|37,500| |City Church Newcastle|(over 2 years)|20,000| |NORTH EAST:|160,000|160,000| |NORTH WEST:| |Blackpool|St.|John Church|25,000| |St Matthew’s|Church,|Sheffield|(over 3 years)|37,500| |Snowdrop|Project,|Sheffield|(over 3 years)|45,000| |The|Bridge|Church,|Bolton|25,000| |Restore,|York|(over|3 years)|30,000| |The Message|Trust,|Manchester|20,000| |Oldhams|Estate|Church,|Bolton|(over 3 years)|21,000| |St Bert’s|Church, Runcorn|25,000| |St Chad’s Romiley|(over 3 years)|24,000| |Kairos|Housing,|Blackburn|(over 3 years)|45,000| |St John the|Evangelist,|Donisthorpe|20,000| |Sports|Chaplaincy|UK,|Bradford|(over|3 years)|37,500| |Cathedral,|Isle|of|Man|30,000| |SS|Augustine|Church,|Chesterfield|20,000| |St Thomas’|Church,|Milnthorpe|20,000| |St|John’s|Bowling,|Bradford|(over 3 years)|37,500| |NORTH WEST:|462,500|462,500| |SCOTLAND:| |Tbrox Parish Church|25,000|.| |FireCloud,|Glasgow|(over 3 years)|25,500| |Chalmers|Ardler|Church, Dundee|(over|3 years)|30,000| |The Abbey|Church of Dunfermline|(over 3 years)|26,500| |SCOTLAND:|107,000|107,000| |SOUTH|EAST:| |Binscombe|Church,|Godalming|35,000| |Family|Support Work,|Brighton|(over 3 years)|45,000| |The|Lighthouse,|Woking|(over.3 years)|30,000| |Wintershall,|Bramley|(over 3 years)|60,000| |All|Saints|Church, North Baddesley|(over 3 years)|22,000| |Hope|Church,|Ferndown|25,000| |Stone|Parish Church|35,000| |Trinity Team|Trust,|Godalming|(over 3 years)|30,000| |Celebrate|Trust,|Haywards|Heath|(over|3 years)|30,000| |St James|Church,|Isle|of Grain|25,000| |Weston|Church|Youth|Project|(over 3 years)|30,000| |Holy Cross|Church,|Bognor Regis|20,000| |St Barnabas|Church,|Pound Hill|25,000| |Waverley Abbey|Trust|(over 2 years)|250,000| |SOUTH EAST:|662,000|662,000|

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ZI

the Joseph /) Rank trust

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||||||| |---|---|---|---|---|---| |SOUTH WEST:| |Church|of the|Good|Shepherd,|Rossmore|40,000| |St|Cleer Church,|Liskeard|30,000| |Winchester Vineyard Church|(over 3 years)|37,500| |St Jude’s|Church,|Plymouth|35,000| |All|Saints|Church,|Weston|(Bath)|45,000| |Loddiswell|Congregation|Church|(over 3 years)|30,000| |Camborne Community|Church|(over 3 years)|30,000| |St Peter’s|Church,|Yeovil|(over|3 years)|21,000| |SOUTH WEST:|268,500|268,500| |WALES:| |The|Parish Trust,|Trethomas|(over 3 years)|37,500| |Shrewsbury YFC|(over 3 years)|37,500| |WALES:|75,000|75,000| |TOTAL commitments made|in|2023:|£3,021,600|

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28