the Joseph o Rank trust the Joseph Rank trust Report and financial statements for the year ended 3 1st December 2024 Charity number 1093844 Company number 4465857 A company limited by guarantee)
the Joseph o Rank trusr Trustees, report and financial statements for the year ended 31° December 2024 Contents Page Legal and admiillstrative inforn]ation Report of the Trustees 3tolO Independent Auditor's report Ilto 14 Statement of financial activities 15 Balance sheet 16 Statement of cash flows 17 Notes forn]ing part of the financial statements 18to25 Grant commitsnents made during the year 26to27
the Joseph o Rank trust THE JOSEPH RANK TRUST LEGAL AND ADMINISTRATIVE INFORMATION Charity name Charity registration number Company registration number Web address The Joseph Rank Trust 1093844 4465857 www.ranktrust.org @JosephRankTrust X handle: Registered otrice and Secretary's office Worth Corner, Turners Hill Road, CRA WLEY, RHIO 7SL Trustees Mr James B Rank (Chairman) Th¢ Rcvcrend Darren Holland The Reverend Carole Holm¢s (resigned 6.4.2024) Mr Joseph Piers Jennings Ms Gay Moon (Vice-choirman) Mr Colin RH Rank Mrs Sue Warner (1,13,41 (2) {2) {1) (3) {1.3.4) {1,3.4) (Commiiree membership.. l = Finance. 2 - Meihodist FUndAdvOry Group, 3 - Nominalions. 4 = Appoinlments) Staff Dr John H Higgs PhD Msc (City) MA (Lond) MA (Kingston) BA (Hons) Mr Alan T Lester FCA Secretary Accountant Auditors Moore Kingston Smith LLP, Betchworth House, 57-65 Station Road, REDHILL, RHI IDL BAnkers Barclays Bank plc, l 00 Fenchurch StreeL LONDON, EC3M 5JD. CAF Bank Lllnited. 25 Ktngs Hill Avenue. Kings Hill. West Mallin& Kent ME19 4JQ Investment advisers CCLN l Angel Lane. LONDON EC4R 3AB Solicitors Bates Wells. l O Queen Street Plac4 LONDON, EC4R I BE
the Joseph a Rank trust THE JOSEPH RAI¥K TRUST REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REPORT The Board of Trustees, who also served as Company Directors during the year, of The Joseph Rank Trust ('th¢ Charity,, 'Trust' or 'Cornpany') present their report for the year ended 31 December 2024. The Trustees confirni that the financial statements have been prepared in accordance with the Compantes Act 2006, the Trust's governing document and the Statement of Recommended Practice applicable to charities preparing accounts in accordance with FRS 102. effectivc l January 2019. REFERENCE AND ADMINISTRATIVE DETAILS The Trust is a charitable company lirnitcd 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 requir¢d 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 29th 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 I. October 1918, The Joseph Rank Benevolent Trust (No. 4), which was established on 23, June 1931, and The Joseph Rank (1942) TrusL which was established on 21. April 1942. All of these Trusts had been establisbed by the latc Mr. Joseph Ratth or by Members of hi5 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 frorn The Joseph Rank Trust Limited to The Joseph Rank Trust. The change came into effect on 15 June 2009. STRUCTURE, GOVERNANCE AND MANAGEMEwr 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 strntegy. operational and investment perfomiance 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 mernber 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
Ihe Joseph a Rank trusr THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2024 and administration of the Charity &s set out below. This is controlled by regular reporting back to the Bort so that all dl$lOnS 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: (i) finance, (2) methodist fimd advisory group. (3) nominations and (4) appointments. which have defined ternis of reference. The primary function of the financc committ¢¢ is to monitor the perfornian¢¢ of the inveslment adviKrs and to keep the main Board advised of the Icvel of funding availablc for the purposes of making grants. It also oversees the general financial administrdtion of the Trust. The Methodist Fund Advisory Group is responsible for considertng in detail appeals submittcd by Melbodist chariti¢s, Independent Methodist Churches, churches. circuits and districts of The Methodist Church of Great Britain and The Methodist Church in Ireland, and thereafter to put fonvard recommendations to the main Board. Both the above committees met forn]ally four times during the year. The nominations committee is responsible for keeping under review the constittition of the Board and making r¢commendatTons on the appointment of new Trustees. The appointments committee was estsblished 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-tfrday management of the Trust and for implementing policies agreed by the Board of Trustees. The Accountant assists th¢ S¢¢r¢tary and is responsible for the Trust's financial matters. Recruitment Ydnd a ointment 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 terni of five years. Mr. James Rank was re-elected Chairnian in July 2022. His office will run from October 2022 to October 2027, a period of five years. Each year. at the annual general meetin& one third of the eligible Trustees retire by rotation. At th¢ 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 articl¢s of associatio Trustees are appointed by resolution of the Board following recommendations put forward by the Chainnan. Clause 7{2) of the articles of association stipulates tha( in selecting rSOnS to be appointed as Trustees, account shall be taken of the benefits of apinting a person who is able, by virtue of his or her personal or professional qualifications, to contribute to the pursuit of th¢ 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.
the Joseph a Rank trust THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES (COIYTINUED) YEAR ENDED 31 DECEMBER 2024 Trnstee roles iDduction and traiDi The Trustees all have skills that enable them to contribute to the work of the Trust. Thos¢ skills are kept up to date by a combination of their involvemcnt with the work of the Tnjst, both in reading about spccific 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 th¢ 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, Res onsibilities "The trustees (who are also directors of The Joseph Rank Trust for the purposes of company law) are responsible for preparing the Truslees, 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 Rq)orting Standard applicable in thc UK and Republic of Ireland,. Company law requires trustees to prepare fmancial 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 ststements, the trustees are required to., select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estirnates that are reasonable and prudent. state whether applicabl¢ UK AoUntIng Standard3 havc been follow¢d, subj¢ct to any matcrial departures disclosed and explained in the fll)ancial statements: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the fmancial position of the cbaritable 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 ajid other irregularities.
rhe Josepha Rank trust THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2024 In so far as the trustees are aware.. there is no relevant audtt inforniation of which the charitable company's auditor is unaware. and. the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforniation and to establish that the auditor is aware of that inforn]ation. The trustees are responsible for the maintenance and integrity of the corporate and financial inforniation included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of fmancial statements may differ from legislation in other jurisdiction5. li OBJECTIVES, ACTIVITIES AND ACHtEVEMENTS The Trust's registered objects are: to advance th¢ Christian faith; to further any other objects or purposes which are exclusiveRy cbaritable according to the laws of England and Wales in force from time to timc. Grant makin olicv I"he Trustees meet the objectives through two main activities: l. Projects that demonstrate a Christian approach to the practical, educational and spiritual needs of people of alfi 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 reslricledfund). Tn making gr2nLs for the AdApIAtion of Church properties, the Trustees work with all denominations plus churclies: circuits and districts of The Methodist Church of Great Britain, and The Methodist Church in Ireland. Consideration is given to Churches that advance the Cl]ristian 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 musL 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.
Ihe Joseph a Rank trust THE JO,SEPH RANK TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2024 When considering appeals to the Trust if there any confiicts of interest that arise from agenda items, the Trustee in question is required to withdraw from any subsequent discussion as deemed appropriate by the Chainnan, and this is noted in the minutes of the mceting concerned. The Trust's online resence During the year, the Trust maintsined 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 1,150 followers and achieved 22,231 post irnpressions (number of times people viewedour 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 infonnation is available free to all visitors. The Trnst is committed to transparency and we work with 360Giving lo publish data about our grants. A link to the detailed analysis of our grant data between 2017 and 2024 click is provided on the homepage of the website. Since 2017 thc Trust has submitted its grant data to 360Giving". antvis.threesix ivin .or an1zat1onB-CHC- 109J844&fundin anizat10nB-C0H-O44658S7 Public Benefit The Trustees have complied wilh section 4 of the Charities Act 2006, having due regard for the Charity Commission's guidance on public benefit when reviewing the Trust's aitns and objectives, when setting the grant making policy and in making award5. 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 charilies. Achievements and erforn]ance The "frusl aims to identify and support charities which can demonstrate that they can deliver successful outcomes on behalf of individuals. groups and communities they scek to serve. Through the Trust policy of visiting appeals, both prospective and existing, we are constantly Surprised to discover the diverse and wide rang¢ of activities and supplies that are delivered to front-line beneficiaries. As a responsive grant-maker, with a grant-plus methodology (not only givingfinoncial support but where appropriate impartprojecl-relevani knowledge and bestpraclice), we operate across a large number of sub-sectors in the Christian and faith-based communities that we serve. See www.ranktrust.ory]categorisedlinks.htm for further details.
the Joseph a Rank rrusr THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES (CONTIIWED) YEAR ENDED 31 DECEMBER 2024 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 totslling £2,695,300 (2023: £3,021,600) were made of which £310.800 (2023: £515,000) represented commitments to Methodist Church appeals and £2,384,500 (2023: £2,506,600) represented commitments to Community service and youth projects. A summary list of commitments is produced later in this report (pages 26 to 27) showing the geographical spread in th¢ UK based upon Royal Mail post¢od¢s. The Trust Continued its policy of visiting prospective and existing apal5 and 160 visits were made by the Secretary and Trustees. Details of grant commitments are given between pages 26 to 27. FllYANCL REEw Inve$tmeDt lie I'he 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-terni future. In deciding upon investments, the Trust's investment advisers adopt a Socially Responsible Investtnent (SRI) policy that includes carrying out research into the social, environmental and ethical stance of Companies. Investment erformaDce The Trust". s investment portfolio is managed by CCLA within guidelines aeed with the Trustee5. The perforniance 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 £2.281m: the General Fund by £1.821m and Methodist Church Fund by £460k. The main reasons for this modest incroase in value was the diversity of inv¢stm¢nts mt¢ by CCLA on a plalforni of low UK int¢re3t rates, the return of optimism to thc UK & US employment markets, strong perforniance of US stocks and increased optimism post the UK General Election. Reserves olic The only restriction that the Memorandum and Articles of Association placc on the use of capital is that the rc50urces 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 inveslment portfolio. As at 31. December 2024, 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 estsblished pattern of grant making. At 31¥1 December 2024 the reserves within the General Fund amounted to £77.195m (2023: £75.505m) and within the Methodist Church Fwid £19.304m (2023: £18.552m). As stated above, the reserves are required to produce an income sulTAcient to enable the Trust to finance its work.
the JosephaRank rrust THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2024 The Trust's policy is to not make substantial increases in reserves other than are necessary to finance the work of the Trust. It is anticipated that resources expended in any one year might not always mdtch 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. Th¢ increase in the value of the portfolio is explained on page 8 in the invesim¢nt perfomiance section. The Finance Committee continues to review the reserves policy and the levcl 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 (ext¢rnal). 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 spccifically related to finance and investments at each of their meelings, with any issues raiscd being reported to the main Board of Trustees. Related arties The Trust does not have any directly related parties. Staff salaries The Finance Committee fomally reviews the staff salaries and conditlODS each year and makes recommendations to the main Board of Trustees. Auditor Moore Kingston Smith LLP has indicated its willingness to continue in otyice. Small Com anies Exern tion This repon has en prepared in accordance with thc provisions applicable to companics cntitlcd to the small companies exemption. Tbe Methodist Church Fund On 9th January 2025 the Charity Cotnmission granted the TrusL through the methodology of a cy- pres scheme, new objects for the Methodist Church Fund: "For such charitable PuOseS connected with and for the benefit of the Methodist Church and to be in applied in such manner as the trustees shall in their absolute discretion think fit. In so tar as funds &2nnot be applied for the above purpose then they may be applied (i) to advance th¢ Christian Faith. (li) to further any other objecls or purposes which are exclusively charitable according to the laws of England and Wales."
the Joseph o Rank rrust THE JOSEPH RANK TRUST REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 31 DECEMBER 2024 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 follow & strategy that has the following aims: (i ) to be pro-active in the approach to grant giving. (2) to provide a grant-plus approach (not only givingfinancial .%uppori but where appropriale Empari projecl-relevani knowledge and besi practice), its dealings with charities seeking 13) to collaborate and network with other Trusts and organisations with similar objectives. (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 th¢ 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 24 April 2025 and signed on its behalf by: J.B. RANK Cbairmgn 10
the Joseph a Rank INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JOSEPH RANK TRUST riusr Opinion We have audited the financial statements of The Joseph Rank Trust ('the charitablc ci)mpany') for th¢ year ended 31 December 2024 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 fmancial ststements: give a true and fair view of the state of the charitsble company's affairs as at 31 December 2024 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. 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 tlie financial statements in the UK, including the FRC'S Ethical Standar(L and we have fvlfilled 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 tn auditing the financial ststements, 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 perfornied. we have not identified any material uncertainties relatTng to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue &s a going concern for a period of at least twelve rnonths 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 inforniation The other inforniation comprises the infonnation included in the annual repor¢ other than the financial statements and our auditor's port thereon. The trustees are responsible for the other inforniation contained within the annual rcport. Our opinion on the financial statements does not cover the other information and, exccpt to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion ther¢on. Our responsibility is to read the other inforniation and, in doing so, consider whether the othcr inforniation is materially inconsistent with the financial slatements or our knowledge obtained in the course of the audit or
Ehe Joseph a Rank trust otherwisc appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detertnine whether there is a material misstatement in the fanCIal statements themselves. If, based on the work we have perfornied, we conclude that there is a material misstatement of ihis other infonnation. 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: the inforniation given in the trustees, annual report for the fmancial year for which the financlal statcments are prepared is consistent with the financial statements; and the trustees, annual report have been prepared in accordance with applicable legal requirements. Matters on T¥hieh 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 audiL we have not idcntificd material misststements in the trustees, annual r¢port. We have nothing to report in respect of the following matters Whe the Companies Act 2006 r¢quir¢s us to repK)rt to you if. in our opinion". adequate accounting records have noi been kept, or returns adequate for our audit have not been received from branches not visited by us: or the financial statements are not in aeement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the inforniation and explanations we require for our audiL or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees, annual report and from preparing a strategic report. Responsibilities of trustees As explained more llY in the tnistees, 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 finAncig1 statement¢ 2nd for bein8 gatisFied that they give a true and fair vicw, and for such internal control as th¢ trustees deterniine is necessary to enable the preparation of financial siatements that are free from material misstatemeni whether due to fraud or eOr. tn preparing the financial statements, the trustees are responsible for assessing the charitable company's abilitv to continue as a going concern, disclosing, as applicable. matters rclated to going conccrn and using the going concern basis of accounling 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 reasonablc assurance about whether the financial statements as a whole are free from material misstatevnent, 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 Èn accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud OT error and are considered material if. individually or in aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these fmancial statements. 12
the Joseph a Rank trust As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audiL We also: Identify and assess the risks of material misstatement of the fmancial statsm¢nts, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from eor, as fraud may involve ollusion, forgery, intentional omissions. misrepresentations, or the override of internal contrnl. Obtsin an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charltable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trust¢es' use of the going concern basis of accounting and. based on the audit evidence obtsined, whether a material uncertainty exists related to events or onditions that may cast significant doubt on the Charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's reporL However. fure events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentstion, structure and content of the financial statements, including th¢ disclosures, and whether the tinancial statements represent the underlylng transactions and events in a manner that achieves fair presentation. 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 int¢rnal control that wc identify during our audit. Explanation as to what extent the audit Ivas considered capable of deteeting irregularities, including fraud IrTegularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material missLqtements 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 frau(L 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. Howevcr, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitsbl¢ company. Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006. the Charities Act 13
the Joseph a Rank trusr 2011. the Charity SORP, and UK fmancial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how th¢ charttable company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements. including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquirics of management and those charged with governance and obtaining additional rrObOraIlV¢ evidence as required. Ther¢ inherent limilations in thc 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 eOr, 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 charitsble 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 pernlitted by law. wc do not accept or assume responsibility to any party other than the charitable company and charitsble company's members as a body, for our audit work, for this tepor¢ or for the opinions we have formed. 11 ZOLS James Saunders (Seiiinr statutnry Aiiditor) for and on behalf of Moore Kingston Smith LLP. Statutory Auditor Betchworth House 57-65 Station Road Redhill RHI IDL 14
the Josepha Rank trust ststement of fmancial activities for the year ended 31° December 2024 neluding Income aDd Expenditure Account) 2024 2023 Methodist Church Fund restricted Gen¢Tal Fund Methodist chUh Fund restrict¢d Total Funds General Fund Total Funds Notes £'ooo £'ooo £'ooo £'o(K) £'ooo £'ooo Ineome from Investment income l(c) & 2 2,348 586 2,934 2.418 602 3.020 Donations Total 586 602 Expenditllre on: Charitable activities 3&4 2,481 294 2,775 2,573 327 2.900 Total 294 327 Realised net gains (losses) on disposal of investments Unrealised gains on revaluation of invesiments 1,821 460 2,281 5,951 1,503 7.454 Net income and net movement in funds 1.690 752 2,442 5,798 1,778 7.576 ReconciliatioD of funds: Total funds brought fonvard Total funds carried forward The statement of financial activities includes all gains and losses in the year. All incoming resources and reSoUeS expended derive from continuing activities. 15
Ihe Joseph a Rank trust Balance sheet at 31" December 2024 2024 Methodist Church Fund restricted 2023 General Fund Total Funds GeneraI Fund Methodist Church Fund restricted Totsl Funds £'ooo £'o £'ooo £'ooo £'ooo £'ooo Notes Fixed assets Investments Tangible assets 78250 19.755 98,005 76,429 19.295 95,724 10 98.006 95,725 Currcnt assets Debtors Cash at bank 586 11 145 212 731 499 575 891 141 232 716 659 1,297 (67) 1,230 1,466 (91) 1,375 Creditors Amounts falling due within one year Net current assets (liabilities) 12 333 539 514 400 914 409 630 Totsl assets less current liabilities 77,737 19,355 97,092 76,021 18.665 94,686 Grants payable after more than one year 13 542 593 516 113 629 Net assets Total funds Unrestricted ftLnd5 77.195 77.195 75.505 75,505 Restricted funds The notes on pages 18 to 25 forni part of these accounts. These accounts are prepared in accordance with the provisions of the Companies Act 2006 subject to the small companies regim¢. Approved by the Trustees of Th¢ Joseph Rank Trust (compapty number 4465857) and authorised for issue on 24 April 2025 and signed on their behalf by: Directors
the Joseph a Rank Irusr st Statement of cash flows for the year ended 31 December 2024 2024 2023 Total Funds Total Funds £'oc £'ooo Cash generated(used) in operating activities Cash flows from lovting activities Investment income 2.919 2,940 Purchase of fixed assets Proceeds from sales of investments I reduclion in deposits Purchase of investments and additional deposit (i) 15,250 2,000 Cash provided by investing activities (Decreaseyincrease in cash in the year Cash and cash equivalents at the beginning of the year TotAI cash and cash equivalents At the end of tbe year (160) 294 659 365 499 659 Reconciliation of net movement in funds to cash flow from operating activities Net movement in funds per statement of financial activities 2,442 7.576 (Gains) losses on investments (2.281) (7,454) Investment Income (Increase)/decrease in debtors Increase/(decrease) in creditors (2,934) (3,020) (270) {132) Increa%e/(decrease) in grants due after l year Net cash used in operating activities 36 135 17
the Joseph a Rank rrust Notes forming part of tbe financial stAtements for the year ended 31 December 2024 l. Aeeounting policies Th¢ financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities pr¢paring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financtal Reporting standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006. The particular arxounting policies adopted by the Trustees are described below: (a) Accounting eonv¢Dtion Vdnd assessment of going concern The financial ststements have been prepared Under the historical cost convention, as modified by the inclusion of fed asset investments at mid-maTket value. The Trustees consider that there are no material uncertainties about the I'rust'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 ¢stimating the liability from mu]ti-year grant commitments (se¢ not¢ l(d) and notes 12 and 13 for more inforniation). With respect to the next rep)rting peri(xl, the year ending 31° December 2025. the most significant areas of unc¢rtainty that affect the carrying value of assets held by tbe Trust are the level of Anvesiment return and the perforniance of the investment markets (see the Financial Review on pages 8 aT]d 9 for more inforniation) including the irnpact of the ongoing conflicts in the Middle East and between Russia and Ukraine and associat¢d 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 round¢d to the nearest one thousand pounds. The Charitsble company meets the defTnition of a public benefit entity under FRS 102. (b) Fund accounting The Methodist Cburch Fund is restricted to b¢ applied for purpos¢5 connected with. or for the benefit 0£ Methodism. The General Fund is available for us¢ at the discretion of the Trustees in fijrtherance of the general objectives of the Trnst. (c) Income All income is included in the statement of financial activities when the TTht 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: Investment income repr¢sents inteTesL divTdends, and prop¢rty fund income (together with the associaied tax credit). tn additiOT], the Fund has concluded an agreement for a partial rebate of management fees which is treated as income. {d) Expenditure Expenditur¢ is rocosnksed on art accruals basAS a liability 13 AncutrGIL Expcndilurc illclllL1¢5 VAT, which the Trust is unable to recover, and is reported as part of the expenditure to which it relates: Charitable expenditure comprises grants and those costs incU¢d by the Trust in funding its activities. It includes both costs that can be allated directly to such activitie5 and those costs of an indirect nature necew to support th¢m. Grants comprise commitments made during the y¢ar ieSpeCtive of the dates when payments thereunder become due. Governance costs include those costs associated with meetingy the constitutional and statutory r¢quirements of the Trust and include audit fees and costs linked with the strategic management of the Trust and are allocated to charitable expenditure. (e) Fixed assets Fixed a55ets (excluding investments) are stated at C05t 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 sh¢¢t date and the gain or loss taken to th¢ statement of financial activities. Unlisted investtnents are initially rec(wiised at cost and subsequently measured at fair value where practicable. 18
the Joseph a Rank rrust St Notes forniing part of the financial statements for the year ended 31 Deeember 2024 (continued) (O RetlremeDt benefits The Trust operates a deflned contribution scheme. The amount charged to the income and expenditure account in respect of pension costs and other retirement benefits ts the contributions payable in the y¢ar. (g) Rent81- operating lease Rentals payable under operating le&ses are charged against ir]come on a strdight-line basis over the terrn of the lease. (h) Critical accounting estimatÉs 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 statement5 nor do any estimat¢s or assumptions made carry a significant risk of material adjustm¢nt 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-terni deposits with a maturity date of three months or less. (li) Debtors and Creditors Debtors and creditors receivable or payable within one year of the reporting date are Caled at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subj¢ct to a market rate of interest are measured at th¢ present value of the expected future receipts or payments discounted at a maTket rate of interest. (iii) Fixed Asset Investments Investments ate a forni of basic fmancial 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 losse5 arising on revaluation and disposals throughout the year. 19
the Joseph a Rank trust Notes forming part of the fancial statements st for the year ended 31 December 2024 (continued) 2024 2023 General Fund Methodist Church Fund restricted Totsl Funds General Methodist Fund Church Fund restrlcted Total Fundq £'ooo £'ooo £'ooo £'o £'ooo £'ooo 2. Investment income Cash held within the portfolio 52 13 65 337 80 417 Dividends Investment Fund Income 573 522 48 586 602 3. Resources expended 2024 Allocation Charitable activities Governanc¢ costs 2024 Total £'o(K) £'ooo £,0 Costs directly allocated to activities Grants committed (net) Audit fee Direct Direct 2.527 2,527 12 12 Support costs allocated to activities Consultancy Premises General office expenses Trustees, expenses Staff costs Dire 12 31 Usage Time Time 21 10 164 17 50 181 General Fund 2,481 Methodist Church Fund 294 20
the Joseph a Rank trust Notes forming part of the fmancial statements for the year ended 31" December 2024 (continued) 4. Resources expended 2023 Allocation Charitable activities Governance costs 2023 Total Costs directly allocated to activtties Grants committed (net) Audit fee Direct Dir¢ct 2,669 2,669 Support costs allocated to activities Investment management Premises General office expenses Trnstees, expenses Staff costs Direct 11 22 12 32 Usage Time Time 10 154 19 42 173 2,573 General Fund 327 Methodist Church Fund 2024 2023 General Methodist Fund Church Fund restricted General Fund Methodist Church Fund r¢stri¢ted Total Funds Total Funds £'ooo £'ooo £'ooo £'ooo £'ooo £'o 5. Net incoming (outgoing) resources for the year These are stated after charging: Auditors, remuneration 12 12 Payments under operating leases 12 12 li 21
the Joseph a Rank rrust Notes forming part of the finaneial statements for the year ended 31" December 2024 (continued) 2024 2023 General Fund Methodist Church Fund (restrActed) Total Funds General Methodist Fund Church Fund restricted Total Funds £'ooo £,0} £'ooo £'ooo £'ooo £'O(K) 6. Stsff costs and numbers Salaries Social Security costs Life, Pennanent Health & Mediciil Insurance Pensioii contributions (see nole 16) 152 14 152 14 146 13 146 13 10 173 10 173 181 During the year, the Trust had on¢ full-time employee and one part-time employee. One employee's emoluments fell within the band £1 l 0,000 to £120,000 (2023: 1. £100,000 to £110,000). Both employees are key management personnel. 7. Trustees, remuner&tion and related party traosactions None of the Trustees received any remuneration during the year. Travel and out of pock¢t expenses amounting to £2,742 {2023: £2,831) were reimbursed to 6 Trustees (2023: 6). No other Trnstees 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 witbin part 10 ITA 2007 or section 256 of the Taxation of c.hargeable Cjains Act 1992 to the extent that these are 8pplied to its charitable objects. No tax charges bave arisen in thc Trust. 22
the Joseph a Rank trust Notes forming part of the fmancial statements for the year ended 31° December 2024 (continued) 2024 2023 General Fund Methodist Church Fund restricted Total Funds General Fund Methodist Church Fund restricted Total Funds £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo 9. Investments Market value at 151 January 2024 Additions 76,429 2,000 19,295 95.724 2,000 70.678 12,000 17,842 88,520 3,000 15,000 Sales Increase (decrease) in portfolio (2,000) cash (2,000) (12.200) (3.050) (15.250) Adjustment to record market value of investments 460 Market value at 31" December 2024 19295 95724 Historical cost at 31 ' December 2024 14 933 74 781 Inveslments (listed) Cash held within portfolios Unlisted invesknents 76,008 242 19.195 560 95,203 802 74.l87 2,242 18,735 92.922 560 2,802 2,000 2,000 Market value at 31" December 2024 429 At 31° December 2024 the investment portfolio which comprises marketable and listed securities Consisted of the following invesiments: Charities Investment Fund Units UK listed shares UK unlisted shares Overseas shares Fix¢d income Cash holdings 76,008 19.195 95,203 74,187 18,735 92,922 2,000 2,000 242 560 802 2,242 560 2.802 78 23
the Joseph a Rank trusr Notes forming part of the financial statements for the year ended 31" December 2024 (continued) 2024 2023 General Fund Methodist Church Fund restrict¢d Total Funds General Fund Methodist Church Fund restricted Total Funds £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo 10. Tangible fixed xssets Furniture & equipment Cost At I st January 2024 Additions 22 22 21 21 Disposal 31. December 2024 22 22 Depreciation At 151 January 2024 Charge for the year 21 21 21 21 On disp05als At 3 1st December 2024 21 21 21 21 Net book value At 3 1st December 2024 At 3151 December 2023 11. Debtors Investment tncome receivable Prepayments 584 145 729 573 141 714 586 145 3] 57 141 16 Investtn¢nt incotne receivabl¢ is a financial instrument and is measured at present value. 12. Creditors Amounts falling due within one year TatIOn Accruals Grants payable 333 333 539 539 24
Ihe Joseph a Rank rrust Notes forming pgdrt of the fmancial statements for the ye¥4r ended 31st December 2024 (Continued) 2024 2023 General Fund Methodist Church Fund restricted Total Funds General Fund Methodist Church Fund restricted Total Funds £'ooo £'o £'ooo £'ooo £'o 13. Grant commilments Grant commitments at I'january 2024 651 598 Grant commitments made in the year Can¢¢llations/recoveries Grants paid 2,385 (140) (2.284) 311 2.696 (21) (161) (557) (2,841) 2,507 (157) (2,400) 515 3,022 (196) (353) (266) (2,666) Movements in the year Grant commitments at 31" December 2024 39 267 (306) 50 53 384 651 Payable as follows: Within one year 1,795 333 2,128 1,860 538 2,398 After more than one year 542 51 384 593 516 113 651 629 14. Capital commitments At 31. December 2024 there were no capital commitments (2023: £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 2024 the Company had 6 members (2023: 7). At 31. December 2024 and 315t Lkcember 2023 all of the members were also Directors of the Company. 16. Retirement Benefits The Trust contributes to a defined contributions scheme, for the employec whose emoluments f¢ll within the band £ I I 0,000 to £120,000 the asscts of which are held separately from those of the charity in an 1ndendentIY administered fund. The pension cost charge represents contributions payable by the Trust and amounted to £11,434 all of which had been paid over to the fund before 31. D¢cember 2024. 25
the Joseph a Rank trust THE JOSEPH RANK TRUST- GRANT COMMrrMENfs MADE IN 2024 EAST ANGLIA: Triangle Church, Ipswich (over 3years) Parish of Green5teaiL Colchester (over 3 yeors) 27,000 30,0 EAST ANGLIA: 57,000 57,000 LOIYDON: Holding Forth Ministy, Milton Keynes Holy Trinity Church, Clapham St Heller Centre of Mission (over 3years) The Manna Society (over 3years) Christian Funders Forum Philo Trust, Chorl¢ywood (over 3 years) The Centre for Theology and Community (over 3 years) St Aldhelms Church, Edmonton (over 3 years) St Mary of Zion Church, Clapton The Bear Church, Deptford Holy Trintty Church, South Woodford (over 3 years) 30,000 75.0 50,000 60,000 5,000 45,000 37,500 37,500 35,000 50,000 37,500 LONDON: 462,000 462,000 IRELAND: Dublin Christian Mission Praxis MovemenL Dublin (over 3years) Portlaoise Circuit (over 3years) Calvary Church, Claremotris 25,000 37,500 25,800 30,000 IRELAND: 118,300 118,300 MIDLANDS: NOAH Enterprise, Luton (over 3 years) St Christopher's Church: Springfield St James's Church, Shirley St Nic's Church, Nottingham The Gatewav Church. Leek The Manna House TrusL Northampton (over 3 years) BRF Ministries (over 3 years) Derby City Mission (over 3 ye) 45,000 20.000 15.000 75.000 20.000 30.000 45.000 45.000 MIDLANDS: 295,000 295,000 NORTHERN TRELAND: Exodus, Lisburn (over 3years) Ar(Ls Peninsula Youth Outreach project (over 3 years) East Belfast Mission Priesthill (Zion) Methodist Church The Hub, Belf&st (over 3 years) J29 Project, Banbridge (over 3years) Buckna Presbyterian Church 45,000 37,500 15,000 40,000 40,000 37,500 45.000 NORTHERN IRELAND: 260,000 260,000 NORTH EAST: CARE Grimsby Blank Canvas, Redcar (over 3years) 45.000 37,500 NORTH EAST: 82.500 82.500 26
the JosephaR2nk Irust NORTH WEST: Grange Methodist Church Stones Methodist Church Edale Methodist Chapel Christ Church Dore Keswick Ministries Church un the Stree( Burnley (over 3 years) Moorlands Church, IAncaster St Abdi&s of Susa, Sheffield (over 3years) St John the EvangelisL Crosby on Eden Sl Peter's Church, Lymm Saint Philips Chapel Street. Salford (over 3years) The Naked Truth Project, Manchester (over 3years) Mustard Tree. Manchester (over 3 years) Sl Helens Parish Church (over 3 year.1) Transforniing Lives Togeth¢r, Ch¢st¢r (over 3years) The Jonas Centre. Leyburn Wat¢rways Chaplaincy, Sheffield (over 3 years) St Peters Church, Conisbrough (over 3 years) 45,000 50,000 10,000 35,000 50.000 30,000 40.000 37,500 25,000 35,000 30,000 45,000 45,000 45,000 37.500 40,000 37,500 30,000 NORTH WEST: 667,500 667,500 SCOTLAND: Carnoustie Church Kidron ProjecL Greenock (over 3 years) Intogethcr. P¢rth (over 3 years) Broughty Feny Presb>Qerian Church (over 3years) Ellon Baptist Church Glasgow City Mission (over 3 years) Stirling Methodist Church The Louise Project. Glasgow (over 3 years) Elgin Baptist Church The Windmill Cbristian Centre, Arbroath MaddiSn Lommuniiy Church. Faikirk (over 3 years) 20.000 30,000 30,000 30,000 40,000 37.500 35.000 37,500 30.000 20,000 37,500 SCOTLAND: 347,500 347,500 SOUTH EAST: St Barnabus Church. Bearwood (over 3 years) St Margaret's Church. Horsmonden Gravesham Sanctuary (over 3 yeors) 37,500 25,000 30.000 SOUTH EAST: 92,500 92,500 SOUTH WEST: Truth be Tol¢ Poole (over 3years) Gloucester City Mission (over 3 years) Chichester Developrnent Trust (over 3 years) ReBorne Community ChuTch, Milborne Port Taunton Team Chaplaincy (over 3 years) St Stephen's Church. Soundwell (over 3 years) St Lawrence Church. Lechlade 30,000 45,000 30,000 30,000 37,500 30,000 35.000 SOUTH WEST: 237,500 237,500 WALES: Cardiff Methodist Circuit Llanishen Evangelical Church, Cardiff 50,000 25,000 WALES: 75.000 75.000 27