COMPANY REGISTRATION NUMBER: 4419680 CHARITY REGISTRATION NUMBER: 1094952
The Proclamation Trust Company Limited by Guarantee Financial statements
31 August 2025
The Proclamation Trust
Company Limited by Guarantee
Financial statements
Year ended 31 August 2025
| Page | |
|---|---|
| Trustees' annual report (incorporating the directors' report) | 1 |
| Independent auditor's report to the members | 14 |
| Statement of financial activities (including income and expenditure account) | 18 |
| Statement of financial position | 19 |
| Statement of cash flows | 20 |
| Notes to the financial statements | 21 |
The Proclamation Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report)
Year ended 31 August 2025
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 August 2025.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Act 2006 and 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 published in October 2019.
Reference and administrative details
Registered charity name The Proclamation Trust Charity registration number 1094952 Company registration number 4419680 Principal office and registered The Proclamation Trust office 116-118 Walworth Road London SE17 1JL
The trustees
The trustees who served during the year and at the date of approval were as follows:
Mr N J Buttery Mrs E K Cox Mr M J Fuller Mr S J Medcroft (resigned 21 January 2026) Mr S D Pillar Mrs K D Soole Mr B Stone (resigned 26 January 2025, reappointed 22 January 2026) Mr H J Warde Company secretary Mrs K Peters Auditor Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
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The Proclamation Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2025
Objectives and activities
The objects of The Proclamation Trust (the charitable company) are the advancement of the Christian Gospel and, in particular, to preach and teach the Gospel of Jesus Christ as set forth in Scripture.
The vision of The Proclamation Trust is multiplying faithful word ministry.
These objects have been undertaken in five areas: in-person training courses at Proclamation House in central London, which run across the academic year; residential and day events; resources; international focus and through developing at ministry hub at Proclamation House (the home of The Proclamation Trust).
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities The Proclamation Trust should undertake as a public benefit entity.
A small number of grants are made to both overseas and UK-based students to attend courses. These grants are offered at the discretion of The Proclamation Trust and its trustees. During the reporting period, grants of £23,700 (Year ended 30 June 2024 (subsequently referred to as 2024): £25,530) were made to cover fees.
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The Proclamation Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2025
Achievements and performance
Robin Sydserff was appointed as Director in September 2024.
A major focus in his first year has been working with the trustees and staff to develop vision, culture and strategy.
Vision
The vision is multiplying faithful word ministry by equipping people to preach and teach the Bible.
The importance of this work can be expressed as follows:
God's passion is for His own glory.
God is glorified through people honouring Jesus as Lord.
Jesus is honoured as Lord when people believe in Him, grow to be like Him, and are equipped to serve Him.
This happens through spirit-empowered ministry of the word, authenticated by the transformed community of the local church.
Every Christian is called through their conversion to ministry of the word.
Some Christians are set-apart by their local churches to ministry of the word as their job or vocation. These are typically leadership roles of some form.
At The Proclamation Trust we want to partner with local churches in training people for ministry of the word. We are committed to training men and women in line with the Bible's positive teaching on complementarity, but are glad to welcome people who take a different view on this issue.
And not just training people for ministry of the word but investing in them throughout their ministry.
Culture
Our commitment is to build a healthy culture at The Proclamation Trust.
A healthy working culture, where every member of staff is valued, and embraced in developing vision and strategy. We thank God for a gifted and godly team, the unity we enjoy, and the healthy working relationship between staff and trustees.
A healthy training culture, where we are not just training people in ministry of the word, but modelling godliness and shepherd care in how we do this.
A healthy culture of serving local churches in training partnership.
A healthy culture of open-handed generosity towards our fellow training stakeholders.
A healthy culture of collaboration and gospel partnership across the evangelical constituency.
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The Proclamation Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2025
Achievements and performance (continued)
Strategy
The work is across five areas:
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PT Training Courses
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PT Conferences and Events
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PT Resources
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PT International
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PT Partnerships
1. PT Training Courses
All of our training courses are in-person at Proclamation House in the heart of Elephant and Castle.
The accessibility of the central London venue means students are able to come from across the country.
It is an excellent facility for flexible teaching and learning.
Student numbers were consistent with the prior year.
Total: 209 (2024: 209)
Breakdown: Cornhill Foundation Year 1: 69 (2024: 71) Cornhill Foundation Year 2: 62 (2024: 54) Cornhill Core Year: 13 (2024: 13) Cornhill Plus Years 1-4: 29 (2024: 35) International (online): 36 (2024: 36)
While there are signs of a recovery in the numbers coming forward to train for ministry in the UK, it is still a very challenging environment. In this context, the number training at The Proclamation Trust is very encouraging.
The student body represents a healthy demographic, men and women of all ages, from a diverse range of ethnic and socio-economic backgrounds. Students are equally split: Anglicans and Independents. A diversity of student reflects a healthy demographic of churches we are privileged to partner with.
As well as our staff teaching team at the Proclamation Trust, we have a growing number of teaching partners who help provide out students with the best possible training.
2. PT Conferences and Events
We run a number of conferences and events through the year.
The flagship is the Evangelical Ministry Assembly (EMA), a three-day event at the Emmanuel Centre in Westminster, London, in June each year. The theme of EMA 2025 was "Encouraged", with guest speakers from Canada and the US. Around 600 attendees gathered (an 18% increase on 2024).
The week following EMA is the annual Cornhill Summer School, an intensive week of training in ministry of the word. Over the years the Lord has used this week to encourage many people to take the step into formal training for ministry. This year was no exception.
The Men in Ministry conference at Highgate House near Northampton welcomed 50 people serving in church ministry. The purpose of this conference is to encourage and equip people in their ongoing preaching and teaching. As a residential event it also provides an opportunity for fellowship and support.
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The Proclamation Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2025
Achievements and performance (continued)
2. PT Conferences and Events (continued)
Women in Ministry is for women with a love for God's word and who are teaching it regularly, whether full-time, part-time or in their spare time. This is a long-standing and much-loved gathering for many people, with 69 attending. Each year we are delighted to welcome and integrate new people.
Recharge is for wives of ministers and welcomed 45 attendees. The residential conference is hosted by married couples in ministry.
Increasingly popular are "in-house" day events at Proclamation House, either a 'Book in a Day' or 'Teaching Day' on various topics. We also run 'online' teaching mornings. The combined attendance at these events was 332 (2024: 186).
Proclamation Trust staff speak at various conferences and events in the UK and around the world.
3. PT Resources
Over 40 years, The Proclamation Trust, has built up a large database of audio, video and written resources. A project this year has developed a new on-line resources hub to make this material more accessible. The response has been very encouraging, with an exponential increase in material being accessed.
4. PT International
From the start, The Proclamation Trust has had an international focus. The heart of this is people coming to London from around the world to train for 1 or 2 years. Relationships are built which lead to ongoing connections. This is particularly important when people who have trained at The Proclamation Trust establish training courses in their home countries. Cross Connections, while separate from The Proclamation Trust, is a close partner and a key player in these connections. Nigel Styles, previously Director of Cornhill at The Proclamation Trust, now works with Cross Connections. Through this role he travels to speak at various conferences and events around the world to support these partners. Proclamation Trust staff are also involved in this.
We also have an on-line cohort of students studying Cornhill Foundation Years 1 and 2.
5. PT Partnerships
PT Partnerships expresses our commitment to work with others in developing gospel vision and strategy.
The building (now called Proclamation House) was acquired in 2021.
Situated at the heart of Elephant and Castle, once described as the 'Piccadilly of the South', a £4billion project is transforming the area to create a diverse new town centre incorporating housing, restaurants, shops, a university, workspace, leisure and cultural facilities, transport infrastructure and green spaces.
This year, all of the outstanding refurbishment and fire safety work at Proclamation House was completed. To have a facility of this quality in central London, close to excellent transport links, is a wonderful provision. Thankful for the vision and generosity of those who made this possible 40 years ago, we want to honour their legacy with a vision that shares the site with stakeholders across our constituency. A ministry hub is not simply a place to work. It is a culture of collaboration and gospel partnership. We now have a number of partner organizations with dedicated space - London Project, Reach UK, Crosslinks and Christianity Explored - as well as many groups who use the building in flexible ways.
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The Proclamation Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2025
Achievements and performance (continued)
5. PT Partnerships (continued)
Another expression of PT Partnerships is encouraging our Director, Robin Sydserff, to serve in gospel initiatives outside PT. His main focus this year outside PT has been to work with others across the conservative evangelical constituency to enable a movement to multiply gospel workers across England and Wales. It will unite Anglicans, Independents and Others in a centrist training movement. Called the Yarnton Vision, the aim is to double in 5 years, and triple in 10, the number of people training to be gospel workers. A central training fund will award grants to individuals on a matched funding basis to enable people to access the training they need.
Our Director has also worked with the Church of England Evangelical Council (CEEC) and the Alliance of Evangelicals in the Church of England, to develop alternative training and ordination pathways in the Church of England, as a positive expression of meaningful action to create meaningful structural provision for evangelicals.
Financial review
The total income derived from donations and legacies, including gift aid and general donations amounted to £709,209 (year ended 30 June 2024: £619,421).
Income from deposits and bank interest totalled £9,077 (year ended 30 June 2024: £8,007).
Conference fee income was £123,717 (year ended 30 June 2024: £124,790), reflecting a slightly reduced level of activity during the year. The total income from PT Courses was £594,137 (year ended 30 June 2024: £609,902).
Rental income was received for the first time during this year, which amounted to £56,892.
Total income from all sources amounted to £1,577,990 (year ended 30 June 2024: £1,454,742).
Total expenditure was £1,747,552 (year ended 30 June 2024: £6,151,964 which included the impairment of the 116 -118 Walworth Road property of £4,523,316, with regular expenditure amounting to £1,628,648).
At the point that parts of the building were rented out to tenants during the year, property previously held as Freehold Property was reclassified as Investment Property based on value per square footage of the space rented. The value used in these calculations was the fair value of the whole property given at the property valuation undertaken at 31 December 2024.
This property valuation resulted in an impairment in the prior year but it remains the confident expectation of the trustees that market conditions will improve, particularly fuelled by the large amount of development being undertaken in the Elephant and Castle area.
The trustees of the charitable company acknowledge with gratitude the employees and those providing funds to the trust, without whose support the present strength of the company would not have been achieved. The trustees believe that the charitable company is successfully achieving its objectives and future plans involve building on the success of the past.
Reserves policy
It is the policy of the charitable company that free reserves (unrestricted funds not relating to fixed assets and which have not been designated for a specific use) should be maintained at a level equivalent to three month's expenditure. The trustees believe that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charitable company's current activities while consideration is given to ways in which additional funds may be raised.
In addition, a designated fund is being built to fund future bursaries to Cornhill students.
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The Proclamation Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2025
Financial review (continued)
Reserves policy (continued)
The free reserves at 31 August 2025 were £234,114 (31 August 2024: £314,428). Plans are in place to build reserves to sufficient levels over the next couple of years.
Restricted funds are retained according to the instructions of the donors of the funds. Total funds held at 31 August 2025 were £5,592,359 (31 August 2024: £5,761,920), including a restricted funds balance of £61,732 (31 August 2024: £63,703) which related to course bursaries of £23,391 (31 August 2024: £10,000) and pension donations of £38,341 (31 August 2024: £53,703). Most of the course bursary funds held at 31 August 2025 will be distributed according to student need during the 25/26 academic year.
Investment powers
The trustees have the power to invest funds as set out in the Trustees Investment Act 1961, as modified by the Trustees Act 2001. As reserves are built up over the next academic year, the investment strategy will be reviewed and updated. Cash reserves are currently held within a CCLA COIF Deposit account which combines competitive returns with relatively low risk
Investment property income is also now receivable from tenants, at current commercial rent.
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The Proclamation Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2025
Plans for future periods
1. Restructuring PT Training Courses
During the year, a large consultation exercise was undertaken to restructure the PT training courses. The rationale was profiling the courses in a way that is most conducive to partnership with local churches in training people for full-time gospel work.
Ministry Training Course (PT-MTC)
PT-MTC, 1 day a week over 1 or 2 years, is for anyone who wants to be equipped for ministry of the word.
Typically, people take a day out from their work to do the course. Or, they might be at a point in life, with the opportunity to invest time in training.
Some church-based Internship or Apprenticeship programmes will favour PT-MTC.
Cornhill Training Course (PT-CTC)
PT-CTC, 1 or 2 days a week over 2 years, is foundation training for people encouraged by their churches to train for ministry as their job, whether full-time or part-time.
The majority of people on PT-CTC will be on a Ministry Apprenticeship or Ministry Associate Programme in a local church, where the expectation is that many will go on to ministry as their job.
Compared to PT-MTC, more time, more in-depth, digging deeper into God's Word.
A distinctive is the emphasis on learning in small groups, not just a good model for learning, but a great way to develop team working skills, and a first step in learning how to train others. Training people to train others is how ministry of the word will be multiplied in local churches, and people identified to train for ministry as their job.
The PT-CTC 1 day a week option is for people on church training programmes with a significant component of training in ministry of the word. This tends to be larger churches with multiple people training, and staff in designated training roles.
Leaders Training Course (PT-LTC)
Foundation training is an important, for many essential, first step in formation for Christian ministry. The next step is advanced training.
Cornhill graduates will pursue a variety of options for advanced training. These include church-based training or residential training, and with a range of training providers, including Oak Hill, Union, Crosslands and London Seminary. At PT we want to profile and champion the range of training providers, recognising that different people and their churches will choose different options appropriate to the training they need and their circumstances. It is only through training churches and providers working together that we will serve the Church across the whole of the UK and beyond.
The advanced training option PT offers is called the Leaders Training Course (PT-LTC) - seminary level training for people committed to ministry as their job, men and women in line with the Bible's positive teaching on complementarity.
PT-LTC is one 1 day a week over 4 years, or 2 days a week over 2 years.
It is in-person at Proclamation House in central London, augmented by residential study weeks at Ashburnham Place in Sussex.
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The Proclamation Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2025
Plans for future periods (continued)
1. Restructuring PT Training Courses (continued)
For people outside London we offer travel bursaries and will try to arrange overnight accommodation in a host family.
Typically, the people on Cornhill Plus are employed in training roles in local churches: Leaders in Training, Trainee Christian Leaders, Pastors in Training, Women's Ministry Training.
What people are learning on PT-LTC, they get to put into practice in local church ministry. But also, the chance to take a step away each week from local church ministry to reflect and learn with others from a range of churches.
PT-LTC is taught by experienced leaders - people who are serving, or have served in local churches. Alongside the PT staff there are a number of others who work with us as teaching partners.
The teaching at PT-LTC is always with an eye to preparing people for local church ministry. It is practical and applied. But also, academically rigorous. A number of our staff have doctorates, in theology and a range of other disciplines.
An indispensable component of seminary-level training is learning theology.
There are different traditions in learning theology, for example systematic theology, biblical theology, historical theology. All are rich and valued traditions.
A distinctive of PT-LTC is learning theology in the way we teach the Bible, which keeps the focus on expository word ministry, the main thing in ministry. We can call this expository theology.
This approach also equips people to teach theology to the congregations they serve, as part of their regular expository ministry. It's not just ministers who are theologians; all Christians need to be equipped to think theologically.
And like all the PT training courses, with PT-LTC there are lots of opportunities to work on our preaching and Bible teaching together. Word ministry is always front and centre.
As well as theology, biblical studies, pastoral ministry, preaching and Bible teaching, PT-LTC teaches Church history and biblical languages.
Building on PT-CTC, another distinctive of PT-LTC is learning in small groups, where the emphasis on learning together, from one another. All the while we want to equip people to work well with others, learn to critique, giving and receiving critique, developing a healthy culture of training for a lifetime of ministry.
PT-LTC has the option of an integrated Masters in Ministry Mission and Theology at Oak Hill (subject to satisfying the entrance requirements for a Masters).
Looking ahead, a particular focus of PT-LTC will be training people to train others, in other words training trainers. This is an important part of the strategy to multiply gospel workers.
Flexibility across the training courses is key. We want to be flexible, to provide the training individuals need and align with church-based training programmes.
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The Proclamation Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2025
Plans for future periods (continued)
1. Restructuring PT Training Courses (continued)
The table below evidences a marked increase in student numbers for 2025-26, a very positive response to these changes.
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Student numbers for 2025-26
Men Women Total
PT - MTC 59 49 108
PT-CTC 31 20 51
PT - LTC 27 8 35
PT-MTC (Int) 23 6 29
Total 140 83 223
Prior year 138 71 209
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2. PT Resources and International
A review of PT Resources has been completed and a strategy agreed to develop this ministry. This will be done alongside PT International.
3. EMA 2026
Following on from EMA 2025, where the theme was 'Encouraged', the theme for EMA 2026 is 'Multiply'. The focus will be multiplying word ministry and multiplying gospel workers. During EMA, the initiative to enable a movement to multiply gospel workers across England and Wales will be launched. This is an opportunity to bring training stakeholders together from across the UK.
4. PT at 40 - 1986-2026
This year PT is 40 years old. There are plans to mark this in a number of ways as we give thanks for what the Lord has done over this time. We hope to be able to gather Cornhill alumni, partner churches, training providers and friends at various events in Proclamation House, PT's new home in central London.
5. The next 10 years
The Director and trustees are working on a 10-year vision and financial plan. The timescale is to align with the movement to multiply gospel workers across England and Wales.
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The Proclamation Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2025
Structure, governance and management
Governing document
The charitable company is a company limited by guarantee, incorporated on 8 April 2002 and registered by the Charity Commission on 6 December 2002. It commenced to operate on 1 January 2003. The previous trust was an unincorporated charity, registered number 293976, which transferred all its assets and liabilities to the company on 1 January 2003 at their balance sheet value. 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. Following legal advice, the original Articles of Association were replaced with new Articles of Association in May 2021.
Recruitment and appointment of trustees
Under the Articles of the charitable company, the trustees are elected at the Annual General Meeting to serve a maximum period of ten years, subject to ratification at each AGM. The trustees meet on a regular basis and appoint new trustees following consultation amongst themselves. The Articles of Association state that there must not be more than ten trustees.
Trustee induction and training
New trustees receive internal training as to their responsibilities.
Organisational structure
The trustees have authorised four senior executives, none of whom are trustees, to supervise the day to day running of the charitable company. They report to the trustees at their meetings. Decisions are made by the trustees at regular meetings by a simple majority. The key management personnel comprise the Director of PT, the Deputy Director of Cornhill Training, the Director of Women's Ministry, and the Company Secretary whose employee benefits totalled £212,497 (year ended 30 June 2024: £282,045).
The trustees, who are also the directors for the purpose of company law, and who served during the year are shown on page 1. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The charitable company's current policy concerning the payment of liabilities is to:
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settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the charitable company's contractual and other legal obligations.
Arrangements for setting pay and remuneration of key management personnel
The trustees are currently engaged in a review process looking at pay and remuneration levels across all staff. The work will be completed by April 2026 and reported in next year's accounts.
Risk management
The trustees have assessed the major risks to which the trust is exposed and are satisfied that systems are in place to mitigate exposure to these risks. The Risk register is maintained and reviewed regularly by both the management team and the trustees.
Fundrasing standards
The trustees are currently engaged in a review process looking at all levels of fundraising to support the work and ministry of PT. This work will be completed by April 2026 and reported in next year's accounts.
Fundraising is monitored by way of the charity recording all donations and events where income is received. No direct contact is currently made with the public regarding fundraising activities.
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The Proclamation Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2025
Trustees' responsibilities statement
The trustees (who are also directors for the purposes of company law) are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charity auditor is unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and
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they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity company's auditor is aware of that information.
Small company provisions
This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.
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The Proclamation Trust
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2025
The trustees' annual report was approved on 25 March 2026 and signed on behalf of the board of trustees by:
Mr H J Warde Trustee
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The Proclamation Trust
Company Limited by Guarantee
Independent auditor's report to the members of The Proclamation Trust
Year ended 31 August 2025
Opinion
We have audited the financial statements of The Proclamation Trust (the 'charity') for the year ended 31 August 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, 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:
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give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity'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.
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The Proclamation Trust
Company Limited by Guarantee
Independent auditor's report to the members of The Proclamation Trust
(continued)
Year ended 31 August 2025
Other information
The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
Comparative information in the financial statements is derived from the charity's prior period financial statements which were not audited.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement (set out on page 12), the trustees (who are also the directors of the charity 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
Draft Accounts
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29 January 2026
The Proclamation Trust
Company Limited by Guarantee
Independent auditor's report to the members of The Proclamation Trust
(continued)
Year ended 31 August 2025
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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
-
Enquiry of management and those charged with governance;
-
Enquiry of entity staff compliance functions to identify any instances of non-compliance with laws and regulations;
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
-
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Draft Accounts
- 16 -
29 January 2026
The Proclamation Trust
Company Limited by Guarantee
Independent auditor's report to the members of The Proclamation Trust
(continued)
Year ended 31 August 2025
A further description of our responsibilities is available on the FRC’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity'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 charity'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 anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mark Proctor FCA DChA (Senior Statutory Auditor)
For and on behalf of Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
25 March 2026
Draft Accounts
- 17 -
29 January 2026
The Proclamation Trust
Company Limited by Guarantee
Statement of financial activities (including income and expenditure account)
Year ended 31 August 2025
| Period from | |||||
|---|---|---|---|---|---|
| 1 Jul 24 to | |||||
| Year | to 31 Aug 25 | 31 Aug 24 | |||
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 695,820 | 13,390 | 709,210 | 47,369 |
| Charitable activities | 6 | 717,854 | – | 717,854 | 9,060 |
| Other trading activities | 7 | 84,932 | – | 84,932 | 12,835 |
| Investment income | 8 | 64,960 | 1,035 | 65,995 | 6 |
─────────── |
─────── |
─────────── |
─────── |
||
| Total income | 1,563,566 | 14,425 | 1,577,991 | 69,270 | |
═══════════ |
═══════ |
═══════════ |
═══════ |
||
| Expenditure | |||||
| Raising funds | |||||
| Costs of raising donations and | |||||
| legacies | 9 | 1,056 | – | 1,056 | – |
| Charitable activities | 10 | 1,730,099 | 16,397 | 1,746,496 | 191,522 |
─────────── |
─────── |
─────────── |
───────── |
||
| Total expenditure | 1,731,155 | 16,397 | 1,747,552 | 191,522 | |
═══════════ |
═══════ |
═══════════ |
═════════ |
||
─────────── |
─────── |
─────────── |
───────── |
||
| Net expenditure and net movement in | |||||
| funds | (167,589) | (1,972) | (169,561) | (122,252) | |
═══════════ |
═══════ |
═══════════ |
═════════ |
||
| Reconciliation of funds | |||||
| Total funds brought forward | 5,698,217 | 63,703 | 5,761,920 | 5,884,172 | |
─────────── |
─────── |
─────────── |
─────────── |
||
| Total funds carried forward | 5,530,628 | 61,731 | 5,592,359 | 5,761,920 | |
═══════════ |
═══════ |
═══════════ |
═══════════ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 21 to 35 form part of these financial statements.
- 18 -
The Proclamation Trust
Company Limited by Guarantee
Statement of financial position
31 August 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 15 | 4,116,484 | 5,383,789 | ||
| Investments | 1,175,029 | – | |||
─────────── |
─────────── |
||||
| 5,291,513 | 5,383,789 | ||||
| Current assets | |||||
| Debtors | 17 | 71,344 | 338,320 | ||
| Cash at bank and in hand | 330,823 | 77,253 | |||
───────── |
───────── |
||||
| 402,167 | 415,573 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 18 | (101,321) | (37,442) | ||
───────── |
───────── |
||||
| Net current assets | 300,846 | 378,131 | |||
─────────── |
─────────── |
||||
| Total assets less current liabilities | 5,592,359 | 5,761,920 | |||
─────────── |
─────────── |
||||
| Net assets | 5,592,359 | 5,761,920 | |||
═══════════ |
═══════════ |
||||
| Funds of the charity | |||||
| Restricted funds | 61,731 | 63,703 | |||
| Unrestricted funds | 5,530,628 | 5,698,217 | |||
─────────── |
─────────── |
||||
| Total charity funds | 21 | 5,592,359═══════════ |
5,761,920═══════════ |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 25 March 2026 and are signed on behalf of the board by:
Mr H J Warde Trustee
Company registration number: 4419680
The notes on pages 21 to 35 form part of these financial statements.
- 19 -
The Proclamation Trust
Company Limited by Guarantee
Statement of cash flows
Year ended 31 August 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net expenditure | (169,561) | (122,252) |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 92,276 | 17,690 |
| Dividends, interest and rents from investments | (65,995) | (6) |
| Accrued expenses/(income) | 313,255 | (15,812) |
| Changes in: | ||
| Trade and other debtors | 4,976 | (25,852) |
| Trade and other creditors | 12,624 | (6,332) |
───────── |
───────── |
|
| Cash generated from operations | 187,575 | (152,564) |
───────── |
───────── |
|
| Net cash from/(used in) operating activities | 187,575 | (152,564) |
═════════ |
═════════ |
|
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 65,995 | 6 |
───────── |
───────── |
|
| Net cash from investing activities | 65,995 | 6 |
═════════ |
═════════ |
|
| Net increase/(decrease) in cash and cash equivalents | 253,570 | (152,558) |
| Cash and cash equivalents at beginning of year | 77,253 | 229,811 |
───────── |
───────── |
|
| Cash and cash equivalents at end of year | 330,823 | 77,253 |
═════════ |
═════════ |
The notes on pages 21 to 35 form part of these financial statements.
- 20 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements
Year ended 31 August 2025
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is The Proclamation Trust, 116-118 Walworth Road, London, SE17 1JL.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
3. Accounting policies
Period of account
These accounts cover a 12 month accounting period and the prior period accounts cover a 2 month accounting period. The reasoning behind the shortened accounting period in the prior year was to bring the accounting period into line with the period of operations of the charity.
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the basis that the charity will continue as a going concern. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, as well as all other available information, including pledged donations from a number of generous supporters. On this basis, they have concluded that there are no material uncertainties to disclose.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
- 21 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
3. Accounting policies (continued)
Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
- 22 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
3. Accounting policies (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% straight line Fixtures and fittings - 25% straight line
Depreciation has not been provided on freehold and leasehold land and building as the residual value is higher than the carrying value.
Investment property
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Pensions
Defined Contribution Plan
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
The Church of England Funded Pension Scheme
Proclamation Trust participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Employer and the other participating employers.
Each participating employer in the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to pensionable stipends.
- 23 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
3. Accounting policies (continued)
Pensions (continued)
The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute the Scheme's assets and liabilities to each specific employers, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are contributions payable towards benefits and expenses accrued in that year, plus any impact of deficit contributions
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
4. Limited by guarantee
The charity is a company limited by guarantee and does not have a share capital. The members have guaranteed that in the event of the charity being wound up during their membership or one year thereafter, each would contribute to the assets of the charity a sum not exceeding £1.
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Donations | |||
| Donations and gifts | 694,184 | 13,390 | 707,574 |
| Legacies | 1,636 | – | 1,636 |
───────── |
─────── |
───────── |
|
| 695,820 | 13,390 | 709,210 | |
═════════ |
═══════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Donations | |||
| Donations and gifts | 37,369 | 10,000 | 47,369 |
| Legacies | – | – | – |
─────── |
─────── |
─────── |
|
| 37,369 | 10,000 | 47,369 | |
═══════ |
═══════ |
═══════ |
- 24 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
6. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Conferences and Training | 123,717 | 123,717 | 9,060 | 9,060 | |
| Cornhill Training Course | 594,137 | 594,137 | – | – | |
───────── |
───────── |
────── |
────── |
||
| 717,854 | 717,854 | 9,060 | 9,060 | ||
═════════ |
═════════ |
══════ |
══════ |
||
| 7. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Other income | 12,269 | 12,269 | 1,211 | 1,211 | |
| Sponsorships | 72,663 | 72,663 | 11,624 | 11,624 | |
─────── |
─────── |
─────── |
─────── |
||
| 84,932 | 84,932 | 12,835 | 12,835 | ||
═══════ |
═══════ |
═══════ |
═══════ |
||
| 8. | Investment income | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2025 | |||
| £ | £ | £ | |||
| Income from investment properties | 56,892 | – | 56,892 | ||
| Income from cash investments | 8,068 | 1,035 | 9,103 | ||
─────── |
────── |
─────── |
|||
| 64,960 | 1,035 | 65,995 | |||
═══════ |
══════ |
═══════ |
|||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Income from investment properties | – | – | – | ||
| Income from cash investments | 6 | – | 6 | ||
──── |
──── |
──── |
|||
| 6 | – | 6 | |||
════ |
════ |
════ |
|||
| 9. | Costs of raising donations and legacies | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Costs of raising donations and legacies | |||||
| -Cost of raising funds | 1,056══════ |
1,056══════ |
–════ |
–════ |
- 25 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
10. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Wages and salaries | 644,255 | 16,397 | 660,652 |
| Grants and bursaries awarded to individuals | 23,700 | – | 23,700 |
| Council tax and water rates | 48,379 | – | 48,379 |
| Advertising and PR | 13,408 | – | 13,408 |
| Insurance | 29,326 | – | 29,326 |
| Course expenses | 48,050 | – | 48,050 |
| Conference expenses | 111,096 | – | 111,096 |
| Secondment staff | 49,410 | – | 49,410 |
| International director | 27,500 | – | 27,500 |
| Repairs and maintenance | 318,798 | – | 318,798 |
| Rent | 101,996 | – | 101,996 |
| Depreciation | 92,276 | – | 92,276 |
| IT and other computer expenses | 13,547 | – | 13,547 |
| Utilities | 42,425 | – | 42,425 |
| Travel and subsistence | 17,589 | – | 17,589 |
| Printing, postage and stationery | 5,928 | – | 5,928 |
| Telephone | 3,276 | – | 3,276 |
| Office costs | 48,193 | – | 48,193 |
| Cleaning and refuse | 25,486 | – | 25,486 |
| Bank & credit card charges | 7,508 | – | 7,508 |
| Book grants to individuals | 1,837 | – | 1,837 |
| Governance costs | 56,116 | – | 56,116 |
─────────── |
─────── |
─────────── |
|
| 1,730,099 | 16,397 | 1,746,496 | |
═══════════ |
═══════ |
═══════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Wages and salaries | 93,276 | 2,545 | 95,821 |
| Grants and bursaries awarded to individuals | – | – | – |
| Council tax and water rates | 7,691 | – | 7,691 |
| Advertising and PR | 450 | – | 450 |
| Insurance | 3,088 | – | 3,088 |
| Course expenses | 21 | – | 21 |
| Conference expenses | – | – | – |
| Secondment staff | 8,137 | – | 8,137 |
| International director | 7,500 | – | 7,500 |
| Repairs and maintenance | 8,469 | – | 8,469 |
| Rent | 17,856 | – | 17,856 |
| Depreciation | 17,690 | – | 17,690 |
| IT and other computer expenses | 2,085 | – | 2,085 |
| Utilities | 3,557 | – | 3,557 |
| Travel and subsistence | 441 | – | 441 |
| Printing, postage and stationery | 151 | – | 151 |
| Telephone | 292 | – | 292 |
| Office costs | 1,747 | – | 1,747 |
| Cleaning and refuse | 1,721 | – | 1,721 |
| Bank & credit card charges | 234 | – | 234 |
| Book grants to individuals | 160 | – | 160 |
| Governance costs | 14,411 | – | 14,411 |
| 188,977 | 2,545 | 191,522 |
- 26 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
10. Expenditure on charitable activities by fund type (continued)
Analysis of governance costs:
| Total Funds | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds 31 |
31 August | |
| Funds | funds | August 2025 | 2024 | |
| £ | £ | £ | £ | |
| Trustees' expenses | 607 | – | 607 | 42 |
| Legal and professional fees | 41,913 | – | 41,913 | 8,429 |
| Audit fees | 13,596 | – | 13,596 | – |
| Independent examination fees | – | – | – | 4,190 |
| Accountancy and taxation fees | – | – | – | 1,750 |
─────── |
──── |
─────── |
─────── |
|
| 56,116 | – | 56,116 | 14,411 | |
═══════ |
════ |
═══════ |
═══════ |
|
| Analysis of grants | ||||
| Total Funds | Total Funds | |||
| Unrestricted | Restricted | 31 August |
31 August | |
| Funds | funds | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Grants to individuals | 23,700 | – | 23,700 | – |
═══════ |
════ |
═══════ |
════ |
|
| Net expenditure | ||||
| Net expenditure is stated after charging/(crediting): | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 92,276═══════ |
17,690═══════ |
11. Analysis of grants
12. Net expenditure
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| Period from | ||
|---|---|---|
| Year to | 1 Jul 24 to | |
| 31 Aug 25 | 31 Aug 24 | |
| £ | £ | |
| Wages and salaries | 559,372 | 81,388 |
| Social security costs | 51,305 | 7,591 |
| Employer contributions to pension plans | 49,975 | 6,842 |
───────── |
─────── |
|
| 660,652 | 95,821 | |
═════════ |
═══════ |
The average head count of employees during the year was 19 (2024: 18).
- 27 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
13. Staff costs (continued)
The number of employees whose total employee benefits excluding pension contributions earning over £60,000 in the year, classified within bands of £10,000, is as follows:
| Period from | ||
|---|---|---|
| Year to | 1 Jul 24 to | |
| 31 Aug 25 | 31 Aug 24 | |
| £60,000 - £69,999 | 1 | - |
| £80.000 - £89,999 | 2 | - |
| £90,000 - £99,999 | 1 | - |
| £100,000 - £109,999 | 1 | - |
───────── |
─────── |
|
| Total | 5 | - |
═════════ |
═══════ |
Key Management Personnel
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity during the period was £212,497 (31 August 2024: £25,507).
14. Trustee remuneration and expenses
None of the trustees received any remuneration or benefits from the charitable company during the period or the previous period.
During the year three (2024: two) trustees were reimbursed expenses in connection with trustee meeting attendance totalling £528 (2024: £42).
15. Tangible fixed assets
| Freehold | Fixtures and | ||
|---|---|---|---|
| property | fittings | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 September 2024 | 10,252,116 | 85,803 | 10,337,919 |
| Transfers | (1,175,029) | – | (1,175,029) |
──────────── |
─────── |
──────────── |
|
| At 31 August 2025 | 9,077,087 | 85,803 | 9,162,890 |
════════════ |
═══════ |
════════════ |
|
| Depreciation | |||
| At 1 September 2024 | 4,896,777 | 57,353 | 4,954,130 |
| Charge for the year | 73,129 | 19,147 | 92,276 |
──────────── |
─────── |
──────────── |
|
| At 31 August 2025 | 4,969,906 | 76,500 | 5,046,406 |
════════════ |
═══════ |
════════════ |
|
| Carrying amount | |||
| At 31 August 2025 | 4,107,181 | 9,303 | 4,116,484 |
════════════ |
═══════ |
════════════ |
|
| At 31 August 2024 | 5,355,339 | 28,450 | 5,383,789 |
════════════ |
═══════ |
════════════ |
- 28 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
16. Investments
| Investment | |
|---|---|
| properties | |
| £ | |
| Cost or valuation | |
| At 1 September 2024 | – |
| Additions | – |
| Transfers from tangible assets | 1,175,029 |
─────────── |
|
| At 31 August 2025 | 1,175,029 |
═══════════ |
|
| At 31 August 2024 | –═══════════ |
All investments shown above are held at valuation.
Investment properties
Investment property comprises the parts of the Walworth Road property that are rented out, and is valued in accordance with a valuation of the whole Walworth Road property as at 31 December 2024 by Colliers International Property Consultants Limited.
17. Debtors
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Prepayments and accrued income | 57,931 | 50,863 |
| Legacies receivable | – | 262,000 |
| Other debtors | 13,413 | 25,457 |
─────── |
───────── |
|
| 71,344 | 338,320 | |
═══════ |
═════════ |
|
| Creditors: Amounts falling due within one year | ||
| 2025 | 2024 | |
| £ | £ | |
| Accruals and deferred income | 96,212 | 36,562 |
| Other creditors | 5,109 | 880 |
───────── |
─────── |
|
| 101,321 | 37,442 | |
═════════ |
═══════ |
|
| Deferred income | ||
| 2025 | 2024 | |
| £ | £ | |
| At 1 Sep 24 | 9,898 | 12,408 |
| Amount released to income | (9,898) | (12,408) |
| Amount deferred in year | 18,293 | 9,898 |
─────── |
─────── |
|
| At 31 Aug 25 | 18,293 | 9,898 |
═══════ |
═══════ |
18. Creditors: Amounts falling due within one year
19. Deferred income
- 29 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
19. Deferred income (continued)
Deferred income in both periods related to conference fee income received in advance.
20. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £35,966 (2024: £6,842).
- 30 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
21. Analysis of charitable funds
Unrestricted funds
2025
| At 1 | |||||
|---|---|---|---|---|---|
| September | At 31 August | ||||
| 2024 | Income | Expenditure | Transfers | 2025 | |
| £ | £ | £ | £ | £ | |
| General | 5,698,217 | 1,563,566 | (1,731,155) | – | 5,530,628 |
═══════════ |
═══════════ |
═══════════ |
════ |
═══════════ |
|
| 2024 | |||||
| At 1 July | At 31 August | ||||
| 2024 | Income | Expenditure | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| General | 5,827,924 | 59,270 | (188,977) | – | 5,698,217 |
═══════════ |
═══════ |
═════════ |
════ |
═══════════ |
|
| Restricted funds | |||||
| 2025 | |||||
| At 1 | |||||
| September | At 31 August | ||||
| 2024 | Income | Expenditure | Transfers | 2025 | |
| £ | £ | £ | £ | £ | |
| International Courses | |||||
| Bursary Fund | – | 6,313 | – | – | 6,313 |
| Courses Bursary Fund | 10,000 | 7,078 | – | – | 17,078 |
| Pension Donations | 53,703 | 1,035 | (16,397) | – | 38,340 |
─────── |
─────── |
─────── |
──── |
─────── |
|
| 63,703 | 14,426 | (16,397) | – | 61,731 | |
═══════ |
═══════ |
═══════ |
════ |
═══════ |
|
| 2024 | |||||
| At 1 July | At 31 August | ||||
| 2024 | Income | Expenditure | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| Courses Bursary Fund | – | 10,000 | – | – | 10,000 |
| Pension Donations | 56,248 | – | (2,545) | – | 53,703 |
─────── |
─────── |
────── |
──── |
─────── |
|
56,248═══════ |
10,000═══════ |
(2,545)══════ |
–════ |
63,703═══════ |
International Courses Bursary Fund
This fund consists of restricted donations and grants received specifically towards fund the fees overseas students.
Courses Bursary Fund
This fund consists of restricted donations and grants received towards granting bursaries to students taking the Proclamation Trust courses.
Pension Donations
The Proclamation Trust makes payments to a former employee using donor funding received.
- 31 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
22. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Tangible fixed assets | 5,291,513 | – | 5,291,513 |
| Current assets | 239,115 | 61,731 | 300,846 |
─────────── |
─────── |
─────────── |
|
| Net assets | 5,530,628 | 61,731 | 5,592,359 |
═══════════ |
═══════ |
═══════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | 5,383,789 | – | 5,383,789 |
| Current assets | 314,428 | 63,703 | 378,131 |
─────────── |
─────── |
─────────── |
|
| Net assets | 5,698,217 | 63,703 | 5,761,920 |
═══════════ |
═══════ |
═══════════ |
- 32 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
23. Pension fund
The Proclamation Trust participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Responsible Bodies.
Each participating Responsible Body in the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to pensionable stipends.
The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute the Scheme's assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, which were £14,009 in the period (period ended 31 August 2024: £2,206), plus any figures arising from contributions in respect of any Scheme deficit.
A valuation of the Scheme is carried out once every three years. The 2021 valuation showed the Scheme to be fully funded. The most recent Scheme valuation completed was carried out as at 31 December 2024, and also showed the Scheme to be fully funded; as such in 2025, the deficit contributions paid were £Nil (2024: £Nil).
The December 2024 valuation revealed a surplus of £560m, based on assets of £2,570m and a funding target of £2,010m, assessed using the following assumptions:
-
An average discount rate of 6.0% p.a.;
-
RPI inflation of 3.4% p.a. (and pension increases consistent with this);
-
CPIH inflation in line with RPI less 0.7% pa pre 2030 moving to RPI with no adjustment from 2030 onwards;
-
Increase in pensionable stipends in line with CPIH;
-
Mortality in accordance with 90% of the S4NA_L tables, with allowance for improvements in mortality rates from 2017 in line with the CMI2023 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5% pa and an allowance for 2020 and 2021 data of 20% (i.e. w = 20%).
The 2024 valuation reflects the benefit improvements that the General Synod agreed in principle in July 2025 (and confirmed in February 2026)
- 33 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
23. Pension fund (continued)
Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there were no deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 August 2024 and 31 August 2025 is nil. The movement in the balance sheet liability over 2024 and over 2025 is set out in the table below.
| 2025 | 2024 | |
|---|---|---|
| Balance sheet liability at 1 January | - | - |
| Deficit contribution paid | - | - |
| Interest cost (recognised in SoFA) | - | |
| Remaining change to the balance sheet liability | - | - |
| (recognised in SoFA) | ||
| Balance sheet liability at 31 December | - | - |
- Comprises change in agreed deficit recovery plan, and change in discount rate and inflation assumptions between year-ends.
The legal structure of the scheme is such that if another Responsible Body fails, The Proclamation Trust could become responsible for paying a share of that failed Responsible Body's pension liabilities.
24. Analysis of changes in net debt
| At | ||||
|---|---|---|---|---|
| 1 | September | At 31 August | ||
| 2024 | Cash flows | 2025 | ||
| £ | £ | £ | ||
| Cash at bank and in hand | 77,253 | 253,570 | 330,823 | |
═══════ |
═════════ |
═════════ |
25. Operating lease commitments
The total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Not later than 1 year | 4,104 | – |
| Later than 1 year and not later than 5 years | 15,354 | – |
─────── |
──── |
|
| 19,458 | – | |
═══════ |
════ |
- 34 -
The Proclamation Trust
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2025
26. Contingencies
The Proclamation Trust received a donation of £250,000 in February 2012 to be used to make "pension" payments to two former employees for the remainder of their lives. One of these employees is still receiving payments and these are made on a monthly basis. Payments are subject to an annual increase of 4%.
The former employee is currently 97 years of age. The future payments to be made have been identified as a contingent liability as:
-
it is estimated that payments will be made for two more years based on the former employee's remaining life expectancy;
-
the present value of estimated financial payments is £32,554 split between:
payments due within 12 months £16,277 payments due between 12 months and 60 months £16,277
27. Related parties
In some circumstances, the trustees volunteer their time to assist at conferences and as a consequence pay no conference fees. During the year £2,015 (31 August 2024: £Nil) was received from four trustees for conferences and £790 (31 August 2024: £360) from close family members of trustees.
During the period £27,260 (31 August 2024: £3,973) of unrestricted funding without conditions was donated from Pillar Investments II Pty Ltd, and £265,000 (31 August 2024: £Nil) of unrestricted funding without conditions was donated from Firstfruits Gospel Foundation. The wife of S Pillar (Trustee) holds a controlling interest in Pillar Investments II Pty Ltd. S Pillar (Trustee) holds a controlling interest in Firstfruits Gospel Foundation.
The charity also received £100,000 (31 August 2024: £Nil) of unrestricted funding without conditions from Ben Stone, who was a Trustee until 26 January 2025.
Mr S J Medcroft (trustee) is also a trustee of Danbury Mission Church. Course income of £3,460 (31 August 2024: £Nil) was received from the Danbury Mission Church.
Mr M Fuller (trustee) is also a Senior Minister of Christ Church Mayfair. Course income of £5,190 (31 August 2024: £Nil) was received from Christ Church Mayfair.
- 35 -