Company registration number: 05101167 Charlty registration number: 1104551 The Melanesian Mission (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2025 WESTCOTTS CHARTERED AC¢QUNTANTS a BVSINE$$ ADVISFRS
The Malanesian Mission Contents Reference and Administrative Detalls Trustees, Report 2to7 Independent Exarniner's Report Statement of Financial Activities Balance Sheet 10 Notes to the Financial Statements 11to26
The Melanesian Mission Reference and Administrative Details Trustees: Canon J Brooke (resigned 21 September 2024) Mr C Butler Rt Revd S Corley. Chair (appointed 21 September 2024) Revd C Duce (resigned 21 September 2024) Mr D Friswell (appointed 9 January 2025> Ven Dr M R Gilbertson, Vice Chair Ms J E M Mcilveen (appointed 21 September 2024) Revd K Pwaisiho Revd Dr A M Roblnson (appolnted 21 September 2024) Rt Revd M Rylands (resigned 21 September 2024) Revd S Rylands (appointed 21 September 2024) Mr S Scoffield (resigned 6 Janu8ry 2025) Revd J J Wise Secretary Katie Drew Charity Reglstration Number 1104551 Company Reglstratlon Number 05101167 The charity is incorporated in England and Wales. 5 Trumps Orchard Cullompton EX15 1TW Registered Office Independent Examlner Westcotts (SW} LLP 47 Boutport Street Bamstaple Devon EX311SQ 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 2025. Recruitment & Appolntment of Trustees As pemiitted in the Constitution, two 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 attends Trustee meetings. in a non-voting capacity. Purposes and Aims The nstItUtiOnal objective of the Mission is- 'To advance the Christian religion by furthering the charitable activities of the Anglican Church of the Province of Melanesia in the Province of Melanesia and the United Kingdom,. Mission Statement MMUK is a Christlan mission agency working in partnership with the Angllcan Church of Melanesia (ACOM) through prayer, companionship and giving. The strategic objectives are therefore: 1. Partnership MMUK seeks to develop living partnerships beeen ACOM and religious communities in Melanesia and churches in the UK. for example through 0-WaY visits, mlssion and theological training. 2. Financial Support MMUK seeks to provide financlal support for ACOM and its chosen projects. 3. Advocacy MMUK seeks to work in solidarity wlth ACOM and to speak out on issues that affect Melanesia and its people. 4. Educatlon MMUK seeks to facilitate connections beeen 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 leam 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 guidan 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, 2nd our planning for the future. the Trustees are of the opinion th8t 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 to the public benefit guidance published by the Charity Commission for England and Wales. Page 2
The Melanesian Mission Trustees. Report Achlevements and performance Govemance - The Trustees meet regularly throughout the financial year, online in April 2024, June 2024 and January 2025, and in person November 2024 and in March 2025 at the annual Trustees Residential. At the November meeting the charity reiVed its annual presentation from CCLA, who hold the charity's investments portfolio. The Trustees also received presentations from guests from Melanesia who were visiting the UK - Bishop Benedict Loe, Bishop Arthur Abui, Fr Nelson Bako and Br Augustine. The Annual General Meeting and Festival Day was held at the Chapel of St Michael's Within, Bath on 21st September, with over 30 supporters. At the meeting the accounts for 2023 12024 were approved and Thomas Westcott were approved to be the charitys Independent Examiner for the 2024 2025 accounts. The minutes of the 2023 AGM were approved and signed by the Chair of the Charity. Rt Revd Mark Rylands, Revd Catherine Duce and Canon Jane Brooke stepped down as Trustees and Rt Revd Sam Corley. Mrs Jen Mcilveen. Revd Dr Arabella Milbank Robinson and Revd Dr Sam Rylands were elected at Trustees for a term of three years, to fill the current vacancies. Rt Revd Sam Corley was also appointed as Chair of Trustees. The Charitls Executive Offficer Katie Drew was given the new job title of Executive Director of the charity, in recognition of her role and experience of working for the charity for the last 12 years. Following the Eucharist and a shared lunch, the MMUK Festival programme began, celebrating both transition and continuity in the charitys journey. Bishop Mark Rylands opened the afternoon with heartfelt reflection as he stepped down as Chair. The spirit of mission and partnership was brought to life through personal stories from Revd Angela Sheard and Mr Thomas Niblett, who shared insights from their placements in Solomon Islands. A film presented by Katie Drew offered a vivid revlew of the yearfs work, capturing the breadth of MMUK'S engagement across communitles. The handover to Bishop Sam Corley as incoming Trustee and Chair was a poignant moment, marked by his own memories of time spent in Melanesia. The day concluded with a time of spiritual refreshment led by Revd Jacky Wise, drawing on Melanesian traditions and UK new monastic models. particularly Still Waters. and closing prayers led by Canon Jane Brooke. In August 2024, Marie Schlenker, MMUK'S Care for Creation Officer, transitloned to a full-time role with an environmental charity. We were grateful that, despite this change, Marie continued to generously volunteer her time and expertise, supporting Mmulf s ongoing commitment to creation care and climate justice. Environmental Advocacy and Expansion MMUK continued its support for the Environment Observatories in the Solomon Islands, contributing an additional £2,000 towards the project managerfs salary and providing further funding to cover travel costs for establishing new observatory sites. These observatories remain vital hubs for community-led climate monitoring and resilien. Pilgrimage for Gender Justice - In June, six pilgrims undertook the 44-mile St Hilda's Way in North Yorkshire, walking in prayer and solidarity with gender justice missions in Melanesia. Their efforts raised £2.900 to support programmes led by the Melanesian Sisters and the Sisters of the Church, empowering women and girls across the region. Visits and Global Fellowship - Exchange visits remained central to MMUK'S mission of mutual learning and fellowship. In July and August, MMUK co-funded and coordinated the UK sabbatical of Archbishop Leonard Dawea. In November, the charlty hosted Iwo Melanesian Blshops following their participation in the New Bishops, Course in Canterbury. arranglng a programm8 of parish and school visits across the UK. Page 3
The Melanesian Mission Trustees. Report From November through January, MMUK welcomed ACOM Misslon Secretary Fr Nelson Bako and Br Augustine MBH, facilitating opportunities to meet supporters and engage with parishes and schools across the UK. In March MMUK funded Revd Sr Veronica to make a pilgrimage to New Zealand to learn more about Bishop Selwyn. who founded the Anglican mission to Melanesia. Placements in Melanesla - Seven UK supporters and clergy travelled to Melanesia on placements ranging from 10 to 30 days. These visits focused on collaborative projects including teacher training on faith and science, and the development of climate adaptation resources tallored to local needs. The charltls Executive Director visited Solomon Islands in February 2025 to meet ACOM staff, the religious orders and the Mothers, Union. to gain insights into current priorities. challenges and joys. Responding to Needs Across Melanesia MMUK maintained its unrestricted annual grant of £39.000 to the Anglican Church of Melanesia (ACOM), enabling flexible support across diocesan priorities. In addition, the charity responded to specific requests from ACOM, including.. £2,000 to enable clergy wives to attend Women on the Frontline training in the Solomon Islands £485 to purchase 12 lifejackets for the DI0Se of Hanuato'o, improving safety for mission travel by sea Support for expanding sewing workshops run by the Mothers, Union and dlocesan sewing rooms, with sewing machlnes collected and serviced during the year, ready for shipment in the next financlal year Earthquake Response In Vanuatu Following earthquakes In Port Vlla, Vanuatu in December 2024. MMUK launched an emergency appeal to support Acom's response to affected communities. Thanks to the generosity of supporters, the charity exceeded its £10,000 target and was able to send £12.000 in aid. Communications & Networking Throughout the year, MMUK kept supporters and donors closely connected to its mission. sharing regular updates, prayer requests, and stories from Melanesia. The charitys website was consistently refreshed with blogs, event details, and intercessions, while six email newsletters provided timely insights and reflectlons. Following the 2024 AGM, MMUK produced its Annual Report in both print and digitsl formats, ensuring accessiblllty and transparency. Seasonal reflections offered moments of spiritual connection: recorded messages were shared for Advent 2024 from the Community of the Sisters of Melanesia, and for Lent 2025 from the Rt Revd Willie Pwaisiho, deepening engagement with Melanesian voices and perspectives. MMUK continued to strengthen its network with other mission agencies working across the region. The charity actively participated in the OanIa Regional Anglican Alliance Committee (ORAC) conferences and was honoured to present at FONO-the Pacific Anglican Primates, gathering-in New Zealand in 2025, reinforcing its role as a trusted partner in regional mission and dialogue. Financial review The trustees report: A deficit of £4,787 (2024: deficit of £12.837) on Unrestricted funds befor8 revaluations of investments. A deficit of £4.039 (2024- deficit of £775) 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 Prlnclpal fundlng sources Voluntary income During the year, the charity received £45.898 In voluntary donations (2024 - £44,006). Investment income The accounts show an increase in investment income this year at £116,683 (2024 £113.931). The Trustees are pleased that investments continue to provide a consistent level of income for the charity. Reserves Policy and Going Concern The Trustees hold restricted reserves of £6,304 and endowment reseNes of £49,274 The following designated reserves are held at the year*nd: Lambeth Fund: £7,083 (towards supporting ACOM attendan at the next Lambeth Conference) Investment Reserve: £3.512,110 (valuation of unrestricted investments which cannot be used without being sold) Remaining reserves of £45,360 are held In the Unrestrlcted Incorne Fund The remaining reserves of £45,360 are held in the Unrestricted Income Fund. The Trustees have reviewed the circumstances of the Charity and consider that adequate reSoUrS continue to be avallable to fund its activities for the foreseeable future. The Trustees are of the view that the charity is a going concern. Investment policy and objectlves Adopted in November 2015 and reviewed annually. Objectives: Balan needs of current and future beneficiaries Maintain real capital value of funds Generate sustainable investment income Target return: inflation + 5% per annum Management of Risk Trustees consider the charity's objectives and operations to be inherently low risk, with prOdureS in place to minimise risks. Identified Risks Cost of living crlsis may redu voluntary income Statlc Investment income not keeping pace with expenditure Potential loss of Executive Officer Risk Management Page 5
The Melanesian Mission Trustees. Report Trustees manage cashflow risks by: Preparing and reviewing budgets regularly Ensuring sufflcient cash deposits are held to meet commitments Plans for future periods Priority Work for 2025-2026 Includes: Pilgrimage and placements: Coordinating reciprocal visits between the UK and Melanesia. offering training, learning. and spiritual growth for clergy. religious. and lay partners. Supporting placements of 2 weeks to 9-12 months in Melanesia, tailored to the gifts and skills of participants Learning for Life Appeal: Seeking to raise £25.000 by the end of 2025 in support of ACOM schools and educational institutions School partnerships.. Providing new RE and cultural resources, while facilitating teacher exchanges and peer learning across continents Religious Orders: Strengthening ties between UK-based Companions and Associates and the Melanesian Brotherhood. Sisters of Melanesia, Sisters of the Church, and Franciscans. through prayer and shared witness Trustee and staff visits.. Ensuring regular in-person engagement with church leaders and institutions in the region, offering relationship-building and project oversight Building our prayer support: Growing our dlgital presen to invite wider prayerful engagement with Melanesian communities Make reasonable and prudent judgements and estimates Prepare financial statements on a going concern basis Statement of trustees. responsibllltles The trustees (who are also the directors of The Melanesian Mission for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 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 tnje and fair view of the state of affairs of the charitable company and of the incoming reSoUrS and application of resources, including its income and expenditure, of the charitable 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: make judgements and estimates that ara reasonable and prudent: state whether applicable accounting standards, comprising FRS 102 have been followed. subject to any material departures disclosed and explained in the financial statements., and prepare the fInancial statements on the going concern basls unless it is inappropriate to presume that the charitable company will continue in business. Page 6
The Melanesian Mission Trustees. Report The trustees are responsible for keeplng proper accountlng 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 fsnancial information included on the charitable companys 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 accordan with the small companies regime under the Companies Act 2006. Th8 annual report was approved by the trustees of the charity on behalf by. 1210912025 and signed on its +S44K Sea Rt Revd S Corley 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 2025. Responsibilities and basis of report As the charity's trustees of the Company (and 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,). 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 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b> 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. accountlng 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, whlch 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 charitles [applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable 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 this report in order to enable a proper understanding of the accounts to be reached. Catherine Williams FCA DChA Independent Examiner Westcotts (SW) LLP 47 Boutport Street Bamstaple Devon EX31 1SQ Date:... Page 8
The Melanesian Mission statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted Restricted Endowment funds funds funds Total 2025 Total 2024 Note Income and Endowments from: Donations and legacies Investment income 19,185 115.020 26,713 45,898 116,683 44.006 113,931 1,663 Total income 134.205 26.713 1.663 162,581 157,937 Expenditure on: Charitsble activities (138.992! {138,992) (30.752) {169.744) (169,918) (169,918) Total expenditure 30.752) (169,744) Net Incomingl{outgoing) resources before gains (losses) on Investment asset Galnsl(losses) on listed investments (4.787 (4.039) 1,663 (7,163) {11.981) 224.150 3,099 227,249 (109,132) Net incomel(expendlture) Transfers between fijnds 219,363 (4,039) 4.762 220,086 (121,113) (306) 306 Net movement in funds 219.057 (3,733) 4,762 220.086 (121,113) Reconclllation of funds Total funds brought forward 3,346,349 10,037 44,512 3,400,898 3,522.011 Total funds carried forward 3,565.406 6,304 49,274 3,620.984 3,400,898 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 17. The notes on pages 11 to 26 form an integral part of these financial statements. Page 9
The Melanesian Mission (Registration number: 05101167) Balance Sheet as at 31 March 2025 2025 2024 Note Flxed assets Investments 13 3,557,045 3,329.797 Current assets Debtors Cash at bank and in hand 14 10,647 58,680 7.437 67,045 74,482 69,327 Creditors: Amounts falling due within one year 16 (5,388) (3,381) Net current assets 63.939 71.101 Net assets 3,620.984 3.400.898 Funds of the charlty: Endowment funds 49.274 44,512 Restricted income funds Restricted funds 6,304 10,037 Unrestrlcted Income funds Unrestricted funds 3,565,406 3,346.349 Total funds 17 3,620,984 3,400,898 For the fin8nd81 year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and The directDrs acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. 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 26 were approved by the trustees, and authorised for issue on 1210912025 and signed on their behalf by: Rt Revd S Corley Chair of Trustees The notes on pages 11 to 26 form an integral part of these financial statements. Page 10
The Melanesian Mission Notes to the Financial Statements for tha Year Ended 31 March 2025 1 Charity status 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 contribute 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 2 Accounting policies Summary of significant accounting policies and key accounting estlmates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented. unless otherwise stated. Statement of compliance The financlal statements have been prepared in accordance with Accounting and Reporting by CharitSes: Statement of Recommended Practice (applicable to charities preparing their accounts Sn accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparatlon The Melanesian Mission meets the definition of a public benefit entity under FRS 102. Assets and Siabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy notes. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The trustees consider that there are no material uncertainties about the charitys ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Exemption from preparing a cash 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 amount of the income receivable can be measured reliably. Page 11
The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2025 Donations and legacies Donatlons are recognised when the charity has been notlfled in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charlty before the charlty is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions Is wholly wlthin the control of the charity and it is probable that these conditions will be fulfllled in the reporting period. Legacy glfts are recognised on a case by case basis followlng the grant of probale when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the glft is in the form of an asset other than cash or a financlal 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 is included when receivable. Expendlture All expenditure Is recognised once there Is a legal or constructive obligation to that expenditure, it is probable settlement Is required and the amount can be measured reliably. A15 costs are allocated to the applicable expendlture heading that aggregate similar costs to that C8tegory. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, wlth 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. Charitable activities Charitable expenditure comprises those costs incurred by the charlty in the delivery of its actlvities and servIS for its beneficiaries. It includes both costs that can be allocated directly to such actlvities and those costs of an indirect nature neSSary to support them. Grant provisions Provisions for grants 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, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Taxation The charity is consldered 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 potentially exempt from taxation in respect of income or capital gains received wlthln categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sectlon 256 of the Taxation of Chargeable Galns Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Page 12
The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2025 Fixed asset investments Flxed asset investments. other than programme related investments. are Included at market value at the balan sheet date. Realised gains and losses on investments are calculated as the difference between 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 Actimties 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 equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees dlscretion 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 8rea or purpose. Expendable endowment funds are invested to produce income which is restricted to the purposes declared by the donor. Financlal Instruments Classlfication Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of Ihe 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 2025 Récognition and measurement 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 normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position 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. Flnancial assets are derecognised when and only when a) the contractual rights to the cash flows from the financlal asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset. or c) the charity, despite having retained some. but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial Ilabilities are derecognised only when the obllgation specified in the contract is discharged, cancelled or expires. Investments Investments in non-convertible preferen shares and non-puttable ordinary or preference shares (where shares are publicly traded or their falr value is rellably measurable) are measured al fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impaiment. Investments in subsidiarles and associates are measured at cost less impairment. For investments in subsidlaries acquired for consideration including the issue of shares qu81ifying for merger relief. cost is measured by reference to the nominal value of the shares Issued plus fair value of other consideration. Any premium is ignored. Page 14
The Melanesian Mission Notes to the Financlal Statements for the Year Ended 31 March 2025 3 Income from donatlons and legacies Unrestricted funds General Restricted funds Total 2025 Donations and legacies; Appeals and donations Gift Aid 17,613 1,572 24.338 2,375 41,951 3.947 19,185 26,713 45,898 Unrestricted funds General Restricted funds Total 2024 Donations and legacles; Appeals and donations Legacies Gift Aid 15,732 7,500 1.653 17.936 33.668 7,500 2,838 44,006 1,185 24,885 19,121 4 Investment income Unrestricted funds General Endowment funds Expendable Total 2025 Bank interest receivable Other income from fixed asset investments 2,262 112.758 2,262 114,421 116.683 1,663 115.020 1,663 Unrestricted funds General Endowment funds Expendable Total 2024 Bank interest receivable Other income from fixed asset investments 1,831 110,469 1,831 112,100 1,631 112.300 1,631 113.931 Page 15
The Melanesian Mlssion Notes to the Financial Statements for the Year Ended 31 March 2025 5 Expenditure on charitable actlvities Unrestrfcted funds General Restrlcted funds Total 2025 Note Activitles undertaken dlrectly Grant funding of activities Allocated support costs 13,710 56,183 69,099 138,992 595 30,157 14,305 86,340 69,099 30,752 169,744 Unrestricted funds General Restrlcted funds Total 2024 Note Activities undertaken directly Grant funding of actlvities Allocated support costs 26,157 47.521 76,344 150,022 4,757 15,139 30,914 62,660 76,344 169,918 19,896 6 Analysls of support costs Support costs allocated to charitable activities Total 2025 Total 2024 staff costs Office expenses Travel and subsistence Independent Examiners fees Trustee expenses Governan expenses Insurance MMUK Pllgrimage Expenditure 51,761 4,271 4,616 2,800 2,888 57,485 6,937 3,475 2,518 2.667 502 980 1,780 76.344 980 1,783 69,099 Page 16
The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2025 7 Grant-making Analysls of grants Grants to institutions 2025 2024 Grants to institution5 Grants to institutions 86.340 62,660 The Trustee5 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 outgolng resources for the year include: 2025 2024 Gainsl(losses) on listed investments (227,249 109.132 9 Trustees remuneration and expenses No trustees. nor any persons connected with them, have reiVed any remuneration from the charity during the year. During the year, 10 Trustees were relmbursed travel expenses totalling £2,888 (2024: 8 Trustees: £2,667). Page 17
The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2025 10 Staff costs The aggregate payroll costs were as follows: 2025 2024 Staff costs during the year were: Wages and salaries Social security costs Pension costs 48,022 55.986 216 3.561 3.739 51,761 59.763 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows: 2025 2024 No Charitable activities No employee recelved emoluments of more than £60,000 during the year. 11 Independent examlner's remuneratlon 2025 2024 Examination of the financial statements 2,800 2,518 Page 18
The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2025 12 Taxatlon The charity is a registered charity and Is therefore exempt from taxation. 13 Investments Llsted investments Cost or Valuatlon At 1 April 2024 Revaluation 3,329,797 227,248 At 31 March 2025 3.557,045 Net book value At 31 March 2025 3.557,045 At 31 March 2024 3,329,797 All investments shown above are held at valuation. The historical cost of the investments Is £1,781,678 (2024: £1,781,678) 14 Debtors 2025 2024 other debtors 10,647 7.437 15 Cash and cash equivalents 2025 2024 Cash at bank 58,680 67.045 16 Creditors: amounts falling due wlthin one year 2025 2024 other taxation and social security Accruals 657 4,731 5,388 881 2,500 3.381 Page 19
The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2025 17 Funds Balance at1 April Incoming Resources 2024 resources expended Other recognised gainsl (losses) Balance at31 March 2025 Transfers Unrestricted funds General funds Investment reserve Lambeth Teacher exchanges for Chester schools 52,306 3,287,960 5,083 134.205 (138.992) (2,306) 45,213 224.150 3,512,110 7.083 2,000 1.000 1,000 224,150 3,565,406 3.346.349 134,205 (138,992) 306) Restrlcted funds Community of the Sisters of the Church General CSM - General CSM - Lunch project CSM - Chapel 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 Dux Award St Bamabas Cathedral Melanesian Brotherhood - Vanuatu Minlstry To Women Appeal 4,125 308 2,368 1,194 (3,625) (398) (3,000) (3.488) 500 669 1,339 127 257 2,089 2,301 502 (118) 120 2,805 (1,684) 1,121 142 750 (128) (393) 14 783 19 1,557 19 (1,131) 88 57 551 996 (620) (479) 19 390 (184) 35 273 100 135 273 175 225 175 25 (200) 156 (156) 1,043 (788) 120 375 3.021 {2,909) (112) Page 20
The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2025 Balance at1 April Incoming Resources 2024 resources expended other recognlsed gainsl (losses) Balance at31 March 2025 Transfers Mothers, Union - Vanuatu Restricted Fund Education - Vanuatu Selwyn College Appeal Vanuatu Earthquake Appeal 496 (496) 1,745 (1,745) 125 (125) 9,749 (9,908) 30,752 499 340 10,037 26,713 306 6,304 Endowment funds Expendable Patteson Moss Fund Amy Rawson Elenor Rawson Cyril Rawson 4.216 13,431 13,431 13,434 44,512 106 519 519 519 261 946 946 946 4,583 14,896 14.896 14,899 1,663 3,099 49.274 Total funds 3,400.898 162,581 169,744 227,249 3,620.984 Page 21
The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2025 Balance at1 Aprll Incoming Resources 2023 resources expended Transfers Other recognised gainsl (losses) Balance at31 March 2024 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 (107.596) 3,287,960 5,083 2,000 1,000 (4,792) (107,596) 3,346,349 1,000 3,471,574 137,185 (150,022) Restricted funds COVID Emergency- Solomons CSM - General CSM - Lunch project CSM - Chapel Emergency Appeal - Cyclone Harold Environment Observatori8S - Solomons Environment Observatories - Vanuatu Exeter Dicoese links Human Rights 8HC Melanesian Brotherhood Mothers, Union Other restricted funds Society of St Francis St stephens Pamua - Girls, Dorm st Patrick's. Vanuatu Dux Award st Barnabas Cathedral CSC Retreat House Extension 113 339 2,064 498 (113) (998) (2.850) {1,510) 916 2,875 3,313 257 2,089 2.301 50 (50) 588 2,888 (4.655) 3,984 2,805 305 807 (305) 750 1,557 19 38 21 155 423 50 70 125 88 57 35 273 (34) (245) (150) 175 175 1.810 (1.856) (200) 46 425 225 156 156 6.168 (6,930 19.896) 762 6,020 19,121 4.792 10.037 Endowment funds Page 22
The Melanesian Mission Not8S to the Financial Statements for the Year Ended 31 March 2025 Balance at1 Aprll Incoming Resources 2023 resources expended Transfers other recognlsed gainsl (losses) Balance at31 March 2024 Expendable Patteson Moss Fund Amy Rawson Elenor Rawson c11 Rawson 4.227 13,396 13,396 13,398 44.417 104 413 605 509 (115) (474) (474) (4731 (1,536} (109,132) 3.400,898 4,216 13.335 13,527 13.434 1.631 44.512 Total funds 3,522.011 157.937 169,918 Unrestricted funds Investment Reserve - Unrestricted Investments are held to provide income to fund the activities of the charity. Investment incorne forms the principal funding sour. The Trustees have designated reserve equal to the valuation of its investments INhich cannot be used to fund expenditure without being sold. The investment reserve and the endowment funds include unrealised gains on investments. Lambeth The are building up a fund towards the cost of supporting Acom's attendance at the nexk Lambeth Conference. Teacher exchanges for Chester Schools- The Trustees have designated £1,000 towards costs of exchanges beeen schools In Melanesian and Chester Diocese. Page 23
The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2025 Restricted funds Community of the Sisters of the Church (CSC) General - Monies recelved to assist in the funding of csc. Community of the Sisters of Melanesia (CSM) General - Monies received to asslst in the general funding of CSM. Community of the Sisters of Melanesia (CSM) Lunch Project - Monies received to provide lunches for CSM Sisters and Novlces in Solomon Islands. Community of the Sisters of Melanesia (CSM) Chapel- Monies received for the building and furnishing of a new chapel for CSM in Solomon Islands. Dux Awards Monies received for two annual awards given to students, one at Acom's Selwyn College on Guadalcanal and the other at Bishop Patteson Theological College on Guadalcanal. Education Vanuatu - Monies received for ACOM education pury)oses in Vanuatu. Environment Observatorles Solomon Islands - Monies reiVed for the establishment of Environment Observatories for recordlng climate change in Solomon Islands. Environment Observatories Vanuatu Monies received for the establishment of Environment Observatories for recording climate change in Vanuatu. Exeter DI0Se Ilnks - Exeter Diocese donates £750 per year to fund the dioceses link activlties with Melanesia, including events and vlsits. Supporters of MMUK also donate to this fund. Human Rights 8HC- Funds received from the British High Commlssion for the purposes of provlding resources for the teachlng of human rights in ACOM Schools. Melanesian Brotherhood (MBH} Vanuatu Vanuatu. Monies received to assist in the fundlng of MBH in Ministry to Women Appeal - Fundraising appeal in 2024-2025 for the ministry to women delivered by CSM & CSC. Mothers, Union - Monies recelved to assist in the funding of the Mothers, Union In Melanesia. Mothers, Union Vanuatu - Monies received to assist in the funding of the Mothers, Union In Vanuatu. Selw College - Monies rslsed for educational purposes at Acom's boarding school Selwyn College on Guadalcanal. Society of St Francis (SSF) - Monies received to assist in the general funding of SSF in Melanesia. St Bamabas Cathedral - Monies received to assist in the general funding of Acom's Cathedral in Honiara, Guadalcanal. St Stephen's Pamua Gir5s' Dorm - Monies recelved for the building and furnishing of a girls, dormitory at Acom's St Stephen's Pamua boarding School in the Dlocese of Hanuatoo. Page 24
The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2025 Vanuatu Earthquake Appeal - Fundraising appeal in 2024-2025 for Acom's emergency efforts following the earthquake in Port Vila, Vanuatu in December 2024. Endowment funds Patteson-moss Memorial Fund- Donaled 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 Melanesian theological students. Amy Rawson Trust Fund- Bequest received in January 1975, the income for the benefit of the Diocese of Vanuatu (which was later split into two dI0SeS, Vanuatu and Banks & Torres). Eleanor Rawson Trust Fund- Bequest received in January 1975, the income for the benefit of the DI0Se of Vanuatu (which was later split into iwo 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 dioceses, Vanuatu and Banks & Torres). Transfers between funds Transfers have been made from unrestricted funds to restrlcted funds and designated funds where part of the Income has been made to general funds. Endowment funds 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 recelved in January 1975, the income for the benefit of the DI0Se of Vanuatu (whlch was later split Into dI0SeS, 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 beneflt of the Diocese of Vanuatu (which was later split into two dI0SeS, Vanuatu and Banks & Torres) Transfers beeen funds Transfers have been made from unrestricted funds to restricted funds and designated funds where part of the income has been made to general funds. 18 Analysis of net assets between funds Unrestricted funds General Endowment funds Expendable Total funds at 31 March 2025 Restricted funds Fixed asset investments Current assets Current liabilities 3,507,771 63.023 (5,388) 3,565,406 49.274 3.557.045 69,327 5.388) 3.620.984 6,304 Total net assets 6.304 49,274 Page 25
The Melanesian Mission Notes to the Financial Statements for the Year Ended 31 March 2025 Unr8Strlcted funds General Endowment funds Expendable Total funds at 31 March 2024 Restricted funds Fixed asset investments Current assets Current liabilities 3.285,285 64,445 (3.381) 3,346,349 44,512 3.329,797 74,482 (3,381) 3,400,898 10,037 Total net assets 10,037 44,512 19 Related party transactions There were no related party transactions in the year. Page 26