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← The Melanesian Mission

2024-03-31-accounts

Company registration number: 05101167 Charity registration number.. 1104551 The Melanesian Mission {A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 WESTCOTTS CHAItTERED ACeOUNYA14YS & BUSINESS ADVISEPS

The Melanesian Mission Contents Reference and Administrative Details Trustees, Report 2to7 Independent Examiner's Report Statement of Financial Activities Balance Sheet 10 Notes to the Financial Statements 11to24

The Melanesian Mission Reference and Administrative Details Trustees". Mr C Butler (appointed 16 September 2023) Canon J Brooke Revd M 8 Cox {resigned 16 September 2023) Revd C Duce Ven Dr M R Gilbertson - Vice Chair Mrs D Jordan (resigned 12 October 2023) Revd K Pwaisiho Rt Revd M J Rylands - Chair Mr S Scoffield Revd J J Wise Secretary Katie Drew Charlty Reglstratlon Number 1104551 Company Reglstratlon Number 05101167 The charity is incorporated in England and Wales. 5 Trumps Orchard Cullompton EX15 1TW Reglstered Office Independent Examiner Westcotts {SW) LLP 47 Boutport Street 8arnstaple Devon EX31 1SQ Page 1

The Melanesian Mission Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024. Recruitment & Appointment of Trustees As permitted in the Constitution, ￿0 of the Trustee Directors, Revd J Wise and Ven Dr M R Gilbertson (who replaced Mrs D Jordan), are appointed as Trustees by the Archbishop of Melanesia. The Revd Richard Carter, as Commissary to the Archbishop of Melanesia, normally attend5 Trustee meetings, in a non-voting capacity. Purposes and Aims The constitutional objective of the Mission is.. 'To advance the Christian religion by furthenng the charitable activities of the Anglican Church of the Province of Melanesia in the Province of Melanesia and the United Kingdom.. MS$slon Statement MMUK is a Christian mission agency working in partnership with the Anglican Church of Melanesia (ACOMI through prayer, companionship and giving. The strategic objectives are therefore.. 1. Partnershlp MMUK seeks to develop living partnerships be￿een ACOM and religious communities in Melanesia and churches in the UK, for example through I￿o-waY visits, mission and theological training. 2. Financlal Support MMUK seeks to provide financial support for ACOM and its chosen projects. 3. Advocacy MMUK seeks to work in solidarity with ACOM and to speak out on issues that affect Melanesia and its people. 4. Educatlon MMUK seeks to facilitate connections between schools and colleges in the UK and Melanesia and to support ACOM in its educational work. 5. Prayer MMUK seeks to resource and encourage prayer with and for the church in Melanesia and for the communities it serves. MMUK also seeks to learn from and be refreshed by the riches of the spiritual life in the church in Melanesia. In all of this, MMUK seeks to grow creative and constructive friendships in Christ, Public benefit The Trustees have considered the Charity Commission's guidance on public benefit and the specific guidance on charities for the advancement of religion. Having considered the activities which the Mission undertakes which are detailed in our achievements and performance, and our planning for the future, the Trustees are of the opinion that the Mission exists and conforms to the requirements for the public benefit. The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard te the public benefit guidance published by the Charity Commission for England and Wales. Page 2

The Melanesian Mission Trustees. Report Achievements and perfomiance Trustees met regularly throughout the year, online in June and in person after the Annual General Meeting in September, in London in November and for days in January at Foxhill, Cheshire for the residential. At the residential most of the programme was devoted to sessions seeking to develop a more strategic way of orderirsg our work as a charity, facilitated by Charles Hobson. a consultant who has worked with a wide range of Christian organizations helping them in managing strategic change. The trustees identified important are2s of work including.. visits in both directions to build relationships., maintaining the real value of the annual grant to ACOM; increasing publicity and awareness of MMUK'S work,. developing educational resources relating to climate change,. fostenng partnerships be￿een schools., and encouraging prayer for, and learning from, the Melanesian Church. Work to co-ordinate and progress these strategic areas is being taken forward by the trustees. The Annual General Meeting and Festival Day took place at Chester Cathedral on Saturday 16th September with over 30 people attending, including representatives from Society of St Francis, the Community of the Sisters of the Church and the Sisters of the Jesus Way. At the meeting, the Accounts for 202212023, the appointment of an Independent Examiner for 202312024 and the Minutes of the last AGM, were received and approved by members. Revd Martin Cox stepped down as Trustee, after serving for 14 years. For the election of Trustees, members agreed to the following, as recommended by Trustees the re-election of Ven Dr Mike Gilbertson, as Trustee and Vice Chair for three years, and Canon Jane Brooke as Trustee for one year. Mr Colin Butler was also elected as Trustee for three years. with special ￿Sponsibl11ty for Education and School Partnerships. The remaining Trustee vacancy remained unfilled, as the charity continued to search for a person with Fundraising skills. At the Eucharist t￿0 new Associates were admitted lo the Community of the Sisters of Melanesia. At the Festival, presentations were given by Society of St Francis on their environment advocacy work with the UN, and by the charity on its Care for Creation work. There was also recognition for the 35th anniversary of the Diocese of Chester's link with the Province of Melanesia. In October MMUK Trustee Mrs Daphne Jordan, one of the Archbishop's appointed Trustees, resigned. The Archbishop of Melanesia appointed Ven Dr Mike Gilbertson to become his second appointed Trustee. Throughout the financial year the charity continued to support the mission of ACOM with a grant of £39,000. Additionally, the accounts reflect assistance provided for Acom-requested projects and missions in the region. Listed here some of the support provided, One of the earliest cyclones of the season Tropical Cyclone Lola, hit Temotu and Vanuatu at the end of October 2023, and in response MMUK sent £2,305 in emergency funds. The Community of the Sisters of Melanesia ICSMI consecrated their new chapel at Veranasso at Pentecost in May 2023. Although the building was completed, some work remained to be done, including a retaining wall and fixtures and fittings, and MMUK continued to fundraise for this project in this financial year sending £1,510. In total MMUK has collected from CSM Associates, other UK donors and parishes £12,523 in the past three years for this project. MMUK continued to collect funds to provide lunches for the Community of the Sisters of Melanesia, sending this year £2,850 St Patncks College in Verana'aso received a donation of £1,856. Page 3

The Melanesian Mission Trustees, Report MMUK continued to support the Environment Observatories project review and expansion in Solomons, with a salary contribution of £1,000 for the project manager and sending sets of equipment. In September 2023, six pilgrims walked sixty miles in six days raising awareness of the climate crisis and its impacts in Melanesia with over 100 people encountered at churches, reception at Wells Palace for church wardens, and along the walking route. £2,736 was raised for the Environment Observatories. A third shipment of sewing machines and materials was collected and sent to Melanesia for the Mothers, Union sewing workshops To assist with the completion of the Retreat House at the Community of the Sisters of the Church, HQ, TNK, £6,930 was sent in November 2023. Supporters and donors have been regularfy briefed on the charity's missions and with news and prayer requests from Melanesia. The new website was launched in February 2024 and regularly updated with blogs. events and prayer requests. The final magazine went out in autumn 2023 and email newsletters distributed in May, July, September, November 2023 and in 2024 in January. Over the last year the Executive Officer and the Care for Creation Officer have run online supporter events and training, and given talks in person and online, to parishes, MU meetings, universities and schools in Chester, Ely, Exeter, London Dioceses, reaching over 1,000 individuals. MMUK has also contributed to other online events with the Associates to the Melanesian Sisters. The charity posted recorded reflections for Advent 2023 from the Community of the Sisters of the Church and for Lent 2024 from the Society of St Francis. The charity continued to ne￿Ork with other mission agencies working in Melanesia and attended the ORAC (Oceania Regional Anglican Alliance Committee) conferences and presented at FONO (Pacific Anglican Primates) in Solomons in May 2023 and in Cairns, Australia in February 2024. After attending these conferences, the Executive Officer rnet with ACOM clergy, staff, schools, the religious orders and the Mothers, Union in Solomon Islands and Vanuatu. The Care for Creation Officer also attended and presented at the ORAC Tneeting in Solomons, reviewed the Environment Observatory sites, gave school talks and ran training programmes for ACOM staff and the religious orders. The Archbishop's appointed Trustee, Revd Jacky Wise attended Acom's General Synod and ran clergy training sessions in Solomons, in November 2023. The first placement in Solomons arranged by MMUK since COVID, took place in May 2023, and during the year the charity worked with six others preparing to make trips to the region in the next financial year. Following the appointment of a new Trustee responsible for school partnerships and education, the charity conducted a review of existing partnerships. As part of thi5 effort, the charity created a termly school newsletter to support existing partnerships and foster fresh initiatives. The renewed emphasis on connections be￿een Chester schools and Melanesian schools indicates the possibility of closer ties and potential teacher exchanges in the upcoming financial year. Flnanclal review The trustees report.. deficit of £12,837 12023 8 deficit of £9191 on Unrestricted fund5 before revaluations of investments. deficit of £775 (2023 surplus of £3,209) on restricted funds. The deficit is due to restricted funds received in previous years being spent in this financial year. Page 4

The Melanesian Mission Trustees. Report Principal funding sources Voluntary income During the year, the charity received £44,006 in voluntary donations (2023- £57,854). Investment income The accounts show an increase in investment income this year at £113,931 (2023 £113,239). The Trustees are pleased that investments continue to provide a consistent level of income for the charity. Reserves Policy and Golng Concern The Trustees hold restricted reserves of £10,037 and endowment reserve5 of £44,512 The following designated reserves are held at the yearond.. Lambeth the Trustees are building up a designated fund towards the costs of supporting ACOM attendance at the next Lambeth Conference. Al 31st March 2024, this fund held £5,083. Investment Reserve Unrestricted Investments are held to provide income to fund the activities of the charity. Invèstmènt income forms our principal source of funding. The Trustees have designated a reserve equal to the valuation of its unrestricted investments which cannot be used to fund expenditure without being sold of £3,287,960. The remaining reserves of £52,306 are held in the Unrestricted Income Fund. The Trustees have reviewed the circumstances of the Charity and consider that adequate resources continue to be available to fund its activities for the foreseeable future. The Trustees are of the view that the charity is a going concern. Investment pollcy and objectlves The Trustees adopted a revised investment policy at their meeting on 30 November 2015 which is reviewed annually. The aim is to balance the need of current and future beneficiaries. The capital remains invested to provide for future beneficiaries and the income is spent on current charitable activity. The Charity's investment funds are invested to produce the best financial return within an acceptable level of risk. The investment objective is to balance income and capital returns. The assets should be managed to at least maintain the real capital value of the funds, whilst generating a sustainable level of inve5trnent income to support the current charitable activities. The current income target is set at £100,000 per annum (a starting yleld of 50/0) and as such the overall investment objective is a retum of inflation plus 50/9 pa, which will maintain the real valuation of the assets. whilst funding annual increase in expenditure in the region of 50kn per annum. Management of Rlsk The Trustees are of the opinion that the charity's objectives and operation are inherently of low risk and this is minimised by its procedures in all areas. Page 5

The Melanesian Mission Trustees. Report The Trustees have identified that the main risks to the charity are.. The current cost of living crisis which may reduce our voluntary income. Static investment income which is not keeping with our expenditure Loss of Executive Officer The Trustees manage the risk to cashflows by preparing and reviewing budgets on a regular basis and ensuring sufficient cash deposits are held to meet current spending commitments. Plans for future periods Develop the strategic objectives of the charity into an achievable work packages for staff and Trustees Review of our investment strategy with the assistance of independent financial advisors. Ensure a smooth handover from the Care for Creation Officer to the Environment ObseNatory Project Manager, when the Cur￿nt contract finishes Develop ideas for a future PhD researcher at Southampton University to investigate flooding preparedness in Melanesia Increase supporter numbers in the UK, including volunteers to assist with areas of work, including fundraising, social media, giving talks and raising awareness for the charity Continue to update and resource the website, to include a prayer board, school resources and advice for placements Review the communications strategy, in moving away from printed materials to a solely online presence Recruit Trustees to fill vacancies and skills shortage, including a fundraising Trustee Support and develop school partnerships, encourage teacher exchanges Develop meaningful placements in Melanesia for UK clergy and lay people for the mutual benefit of the visitor and the hosting church, school or religious order Fundraise for a Mothers, Union project in Melanesia Organise a pilgrimage to pray for and raise funds for the Ministry to Women mission in Melanesia Deposit the charity's archive at suitable, accessible locations Statement of trustees, responslbllltles The trustees (who are also the directors of The Melanesian Mission for the purposes of company law) are responsible for preparing the trustees, report £nd the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies. Company law requires the trustees to prepare fin8ncial 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 tsir view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitsble company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and apply them consistently., observe the methods and principles In the Charities SORP., Page 6

The Melanesian Mission

Trustees' Report

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

The annual report was approved by the trustees of the charity on 21 September 2024 and signed on its behalf by:

Rt Revd M J Rylands Chair of Trustees

Page 7

The Melanesian Mission Independent Examiner's Report to the trustees of The Melanesian Mission ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibllitles and basls of report As the charity's trustees of the Company land also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5llb) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of The Melanesian Mission as required by Section 386 of the 2006 Act", or 2, the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination., or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard 8pplicable in the UK and Republic of Ireland {FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thi5 report in grder to enable a proper understanding of the accounts to be reached. Catherine Williams FCA DChA Westcotts ISW) LLP 47 Boutport Street Barnstaple Devon EX31 1SQ Date... 'kn-.. . ..S£.ptA2(NatE ￿ 2C> Page 8

The Melaneslan Mi53ion Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expendlture Account and Ststement of Totsl Recognised Gains and L03803) Unr•$trlcted Restrlcted Endowment funds funds funds Total 2024 Total 2023 Not• Income and Endowments from: Donations and legacies Investrnent income 24,885 112,300 19,121 44,006 113,931 57.854 113,239 1,631 Total incorne 137,185 19,121 1.631 157,937 171,093 Expendftur• on: Charitable activities 150,022 19,896 169,918 173,590 Total expenditure Net incomingl(outgoing} resources before gains {105sesl on Investment asset Gainsl(losses) on listed investments 150,022 19,896 169 918 173,590 12,837 775 11,981 2,497 107,596 1,536 109.132 208,133 Net (expenditure)lincome Transfers befvieen funds (120,433) {775) 95 (121,113) (210,630) 4,792 4,792 Net movement in funds (125.225) 4,017 95 {121,113) (210,630) Reconclllatlon of fund• Total funds brought for4vard 3,471,574 3522011 3 732 641 Total funds carried fonHard 18 3,346,349 10,037 44,512 3,400,898 3 522,011 All of the charity's activities derive trom continuing operations during the above I￿0 periods. The funds breakdown for 2023 is shown in note 16. The notes on pages 11 to 24 fom an integral part of these financial statements, Page 9

The Melanesian Mission

(Registration number: 05101167) Balance Sheet as at 31 March 2024

(Registration number: 05101167)
Balance Sheet as at 31 March 2024
2024 2023
Note £ £
Fixed assets
Investments 12 3,329,797 3,438,929
Current assets
Debtors 13 7,437 7,815
Cash at bank and in hand 14 67,045 79,088
74,482 86,903
Creditors: Amounts falling due within one year 15 {3,381} (3,821}
Net current assets 71,101 83,082
Net assets 3,400,898 3,522,011
Funds of the charity:
Endowment funds 44,512 44,417
Restricted income funds
Restricted funds 10,037 6,020
Unrestricted income funds
Unrestricted funds 3,346,349 3,471,574
Total funds 16 3,400,898 3,522,011

For the financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements on pages 9 to 24 were approved by the trustees, and authorised for issue on 21 September 2024 and signed on their behalf by:

Rt Revd M J Rylands Chair of Trustees

The notes on pages 11 to 24 form an integral part of these financial statements.

Page 10

The Melanesian Mission Notes to the Financlal Ststements for the Year Ended 31 March 2024 I Charlty •talu8 The charity is limited by guarantee. incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contnbute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. 5 Trumps Orchard Cullompton EX15 1TW These financial statements were authorised for issue by the trustees on 21 September 2024. 2 Accountlng pollclo• Summary of glgnlflcant accountlng pollcl88 and koy accountlng o•tlmatas The principal accounting policies applied in the preparation of these finanrjal st8tements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compllanc• The financial statements have been prepared in accordance with Accounting and Reporting by Charities. SL3tement of Recommended Practice (applicable to charits'es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) {issued in October 2019) - (Charitjes SORP (FRS 102)), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Basls of pr•paratlon The Melanesian Mission meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the levant accounting policy notes. The financial statements are prepared in sterling, which Is the functional currency of the entity. Golng concern The trustees consider that there are no materlal uncertainties about the charity's ablllty to contlnue as a 90ing concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Exemption from preparlng a ca8h flow Statement The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the arnount of the income receivable can be measured ￿lIablY. Page 11

The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2024 Donatlons and legacles Donations are recognised when the chanty has been notified in wnting of both the amount and settbement date. In the event that a donation is subject to condibons that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those condits'ons are fully met, or the fulfilment of those conditions is wholty wilhin the control of the charity and it is probable that these conditions will be fuffilled in the repo￿.ng period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the fom of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Investment Income Investment income 18 Included when receivable. Expendlture All expenditure is recogni5ed once there is a leg81 or constructive obligation to that expenditure. rt Is probable settlement Is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charltabl• •¢tlvltle8 Charitable expenditure comprises th08e costs incurred by the charity in the delivery of its activities and services for its benef ciaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grnnt provlslons Provisions for gr8ntS are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Support Costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, lor example, allocating property Costs by Iloor areas, or per capita, slaff costs by the time spent and other costs by their usage. Taxathon The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potents'ally exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sectson 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exdusively to charitable purposes. Page 12

The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2024 Flxed asset Investments Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference be￿een sales proceeds and their market value at the start of the year, or their Subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the obJectives of the charity. Designated funds are unrestricted funds earmarked by the trustees for a particular future project or commitment. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Expenclable endowment funds are invested to produce income which is restricted to the purposes declared by the donor. Financial instruments Classlflcatlon Financial assets and financial liabilities are recognised when the charity becomes a paty to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Page 13

The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2024 Recognltlon and measurem•nt All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is nomially the transath'on price excluding transaction costs), unless the arrangement constitutes a financing transaction. It an arrangement constitutes a financing transacts'on, the financial asset or financial liability is measured at the present value of the future payrnent5 discounted at a market rate of interest for a similar debt instrurnenL Financial assets and liabilits'es are onty offset in the statement of financial posits'on when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, bl the charity transfers to another party substantially all of the risks and rewards ol ownership of the financial asset, or cl the charity. desplte having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another paty, Financial liabilities are derecognised only when the obligation specffied in the contract is discharged, cancelled or expires. Investments Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably. investments are measured at cost less impairment, Investments in subsidiaries and associates are measured at cost less impaimient. For Investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief. cost is measured by reference to the norninal value of the shares issued plus falr value of other consideration. Any premium is ignofed. Page 14

The Melanesian Mission Notes to the Financial Ststements for the Year Ended 31 March 2024 3 Income from donations and legacies UnrestrScted funds General Restricted funds Total 2024 DonatSons and legaclos; Appeals and donations Legacies Gift Aid 15,732 7,500 1,653 17,936 33,668 7,500 2,838 1,185 24,885 19,121 44,006 Unrestrlcted funds Ganaral Restrlcted funds Total 2023 Donatlons and legacles. Appeals and donations Gift Aid 22,309 1,544 23,853 31,709 2,292 54,018 3,836 57,854 34,001 4 Investment Income Unrestrlcted funds General Endowment funds Expendable Total 2024 Bank interest receivable Other income from fixed asset investments 1,831 110,469 1,831 112,100 113,931 1,631 1,631 112,300 Unrestricted funds General Endowment funds Expendable Total 2023 Bank interest receivable Other income from fixed asset investments 1,050 110,558 1,050 112,189 113,239 1,631 111,608 1,631 Page 15

The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2024 S Expenditure on charitable activities Unrestricted funds General Restricted funds Total 2024 Note Activities undertaken directly Grant funding of activities Allocated support costs 26,157 47,521 76,344 4,757 15,139 30,914 62,660 76,344 150,022 19,896 169,918 Unrestricted funds General Restricted funds Total 2023 Note Activities undertaken directly Grant funding of activities Allocated support costs 6,026 69,527 60,827 136,380 6,211 30,992 12,237 100,519 60,834 37,210 173,590 6 Analy818 of 8UPPOrt Costs Support costs allocatod to charltable actlvltles Total 2024 Total 2023 Staff costs Office expenses Travel and subsistence Independent Examiners fees Trustee expenses Governance expenses Insurance MMUK Pilgrimage Expenditure 57,485 6,937 3,475 2,518 2,667 502 980 1,780 46,073 6,530 2,951 2,450 1,444 463 923 76,344 60,834 Page 16

The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2024 7 Grant-making Analys15 of grants Grants to Instltutions 2024 2023 Grants to institutions Grants to institutions 62,660 100,519 The Trustees make an annual grant of £39,000 to the Anglican Church of Melanesia (ACOM), Applications for further grants are considered by the Trustees as appropriate, 8 Net Incomlngloutgoing resources Net outgoing resources for the year include.. 2024 2023 Gainsl(losses) on listed investments 109,132 208,133 9 Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. During the year, 8 Trustees We￿ reimbursed travel expenses totalling £2,667 {2023.' 4 Trustees.. £463). Page17

The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2024 10 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs durlng the year were: Wages and salaries Social security costs Pension costs 55,986 216 3,561 59,763 42,818 3,255 46,073 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows.. 2024 No 2023 No Charitable activities No employee received emoluments of more than £60,000 during the year. 11 Taxatlon The charity is a registered charity and is therefore exempt from taxation. 12 Investment8 Llsted Investments Cost or Valuatlon At 1 April 2023 Revaluation 3,438,929 109,132 At 31 March 2024 3,329,797 Net book value At 31 March 2024 3,329,797 At 31 March 2023 3,438,929 All investments shown above are held at valuation. The historical cost of the investments is £1,781,67812023'. £1,781,678) Page 18

The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2024 13 Debtors 2024 2023 Other debtors 7,437 7,815 14 Cash and cash equlvalents 2024 2023 Cash at bank 67,045 79,088 15 Creditors: amounts falllng duo withln one yoar 2024 2023 Other taxation and social security Accruals 881 2,500 634 3,187 3,821 3,381 Page 19

The Melanesian Mission Notes to the Financial Ststements for the Year Ended 31 March 2024 16 Fund$ Balance at1 April Incomlng ReBource8 2023 resources expended Other recognlsed gainsl (losses Balance at31 March 2024 Transfers Unrestricted funds General funds Investment reserve Lambeth Teacher exchanges for Chester schools 72,935 3,395,556 3,083 137.185 (150,022) {7,792) 52,306 1107,5961 3,287,960 5,083 2,000 1,000 150,022 137,185 3,346,349 4,792 107,596 1,000 3,471,574 Restrlcted funds COVID Emergency - Solomons CSC Retreat House Extension CSM - General CSM - Lunch project CSM - Chape Emergency Appeal - Cyclone Harold Environment Observatories - Solomons Environment Observatories - Vanuatu Exeter Dicoese links Human Rights BHC Melanesian Brotherhood Mothers, Union Other restricted funds Society of St Francis St Stephens Pamua Girls, Dorm St Patrick's, Vanuatu Dux Award St 8arnabas Cathedral 113 (113> 6,168 916 2,875 3,313 16,930) (998} 12,850) (1,510) 762 339 2,064 498 257 2,089 2,301 50 (501 588 2,888 14,6551 3,984 2,805 305 807 19 (3051 750 1,557 19 38 21 50 70 88 57 (341 155 423 125 1245) 1150) 35 273 175 175 1,810 (1,856) {200) 46 425 225 156 156 Page 20

The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2024 Balance at1 April Incomlng Resource$ 2023 ra6ourcès expended Other recognised gainsl (10888$) Balance at31 March 2024 Transfers 6,020 19,121 19,896 4,792 10,037 Endowment funds Expendable Patteson Moss Fund Amy Rawson Elenor Rawson Cyril Rawson 4,227 13,396 13,396 13,398 104 509 509 509 1115) {474) (474) 473 4,216 13,431 13,431 13,434 44,512 3,400,898 44,417 1,631 1,536 Total funds 3,522,011 157,937 169,918 109,132 Balanco at1 Aprll Incomlng Resources 2022 resources expended Transfern Other recognlsed galnsl (losses) Balance at31 March 2023 Unrestricted funds General funds Investment reserve Lambeth 56,937 3,600,850 20,000 134,991 (116,993) {2,000) 72,935 (205,294) 3,395,556 3,083 19,387 2,000 3,677,787 135,461 136,380 205,294 3,471,574 Restrlcted funds Community of the Sisters of the Church General COVID Emergency - Solomons CSC- TNK Kindy CSM - General CSM - Lunch project CSM - Chapel Emergency Appeal - Cyclone Harold Environment Observatorie5 - Solomons Environment Observatories - Vanuatu Exeter Dicoese links 3,500 (3,5121 12 1,050 12 268 1,939 2,782 3,567 {4,504) 113 112) 971 2,825 1,593 1900) 12,700) (3,877) 339 2,064 498 50 50 1,595 3,298 (4,305) 588 305 807 305 807 Page 21

The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2024 Balance at1 April Incomlng Resources 2022 resources expanded Transfers Other recognised gainsl 110s88s) Balance at31 March 2023 Human Rights BHC Melanesian Brotherhood Mothers, Union Other restricted funds Society of St Francis St Stephens Pamua - Girls, Dorm St Patrick's, Vanuatu Oux Award 19 38 21 30 63 2,812 {2,812) 38 21 155 423 125 625 1265) 250 2,732 11,328 (2,8071 111,328) 200 175 425 34.001 37,210 6,020 Endowment funds Expendable Patteson Moss Fund Amy Rawson Elenor Rawson Cyril Rawson 4,262 13,787 13,787 13,789 104 509 509 509 (139) 1900) (9001 900 4,227 13,396 13,396 13,398 45,625 1,631 2,839 44,417 Total funds 3,732,641 171,093 173,590 208,133 3,522,011 Unrestricted funds Investment ReseNe - Unrestricted Investments are held to provide income to fund the activities of the charity. Investment income forms the principal funding source. The Trustees have designated a reserve equal to the valuation of its investments which cannot be used to fund expenditure without being sold. The investment reserve and the endowment funds include unrealised gains on investment5. Lambeth The are building up a fund towards the cost of supporting Acom attendance at the next Lambeth Conference. Teacher exchanges for Chester Schools The Trustees have designated £1,000 towards costs of exchanges between schools Melanesian and Chester Page 22

The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2024 Restricted funds John Coleridge Patterson University IJCPU)- Funds received for the establishment and support of the John Coleridge Patterson University with in the Anglican Church of Melanesia. CSC Retreat House Extension- Funds received towards costs of Retreat House Extension. Melanesian Brotherhood- Monies received to assist in the funding of the Melanesian Brotherhood CSM Lunch Project- Monies received through donations for the purpose of providing lunches for a community of approximately 30 people. CSM General Funds- Relating to other donations received for other specific projects of the Community of the Sisters of Melanesia CSM Chapel- Funds received for the building of a new chapel for the Community of the Sisters of Melanesia. CSC TNK Kindy- funds received to assist the funding of the Community of the Sisters of the Church Kindy School at TNK in the Solomon Islands Community of the Sisters of the Church General- Relating to other donations received for other specific projects of the Community of the Sisters of th2 Church. Emergency Appeal Cyclone Harold- Funds received to support cyclone relief following storms. Society of St Francis- Relating to other donations received for other specific projects of the Society of St Francis. Exeter Diocese links-Exeter Diocese donates £500 per year to fund the dioceses link activities with Melanesia, including events and visits. Supporters of MMUK also donate to this fund Human Rights BHC- Funds received from the British High Commission for the purposes of providing resources for the education of human rights in Melanesia. Mothers, Union- Relating to other donations received for other specific projects of the Mothers, Union. Dux Award- to provide annual prises for Students. St Barnabas Cathedral fund- Funds received to suppart the work of the Cathedral. Page 23

The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2024 Endowment fijnds Patteson-moss Memorial Fund Donated by Mrs John Patteson-moss of Toronto, to form a trust in England in memory of her son. Any income generated from the capital is to be used to purchase books for Melansian theological students Amy Rawson Trust Fund - Bequest received in January 1975, the incorne for the benefit of the Diocese of Vanuatu (which was later split into dioceses, Vanuatu and Banks & Torres) Eleanor Rawson Trust Fund - Bequest received in January 1975, the income for the benefit of the Diocese of Vanuatu (which was later split into two dioceses, Vanuatu and Banks & Torres) Revd. Cyril Rawson Trust Fund - Bequest received in January 1975, the income for the benefit of the Diocese of Vanuatu (which was later split into diDceses, Vanuatu and Banks & Torres} Transfers be•￿een funds Transfers have been made to designated funds and to restricted fund where part of the expenditure has been made from general funds. 17 Analysis of net assets between funds Unre8trl¢ted funds General Endowment funds Expendable Total funds at 31 March 2024 Restrlcted funds Fixed asset investments Current assets Current liabilities 3,285,285 64,445 3,381 44,512 3,329,797 74,482 3,381 10,037 Total net assets 3,346,349 10,037 44.512 3,400,898 Unrestrlcted funds General Endowment funds Expendable Total funds at 31 March 2023 Restrlcted funds Fixed asset investments Current assets Current liabilities 3.394,512 80,883 3,821 44,417 3,438,929 86,903 3,821 6,020 Total net assets 3,471,574 6,020 44,417 3,522,011 18 Related party transactlons There were no related paty transactions in the year. Page 24