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2023-12-31-accounts

Smailes Goldie

,

CREATING ADVANTAGE

REGISTERED COMPANY NUMBER: 02777096 REGISTERED CHARITY NUMBER: 1127720

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Financial Statements

31 December 2023

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The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Contents

Trustees’ Report 1to5
Independent Auditors' Report 6 to9
Statement of Financial Activities 10
Balance Sheet 11
Statement ofCash Flows 12
NotestotheFinancialStatements 13to24

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Trustees’ Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors’ report of the charitable company for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

Activity, business review and public benefit

The Company was incorporated on 5th January, 1993 and acts as trustee (whether as charity trustee or as custodian trustee) for the Evangelical Fellowship of Congregational Churches (hereinafter called "the Fellowship") and for such other charitable Churches as shown in note . The Trustees have considered the Commission's guidance on public benefit and are of the opinion that this is fulfilled by the charity's continued support of establishments for the advancement of religion.

The trustees meet four times throughout the year to carry out their duties and further meetings are held as and when required. During 2023 in total 8 meetings were held. Day to day operations are overseen by a smaller sub-committee of Custodian Trustees. Risk Management, Finance and Audit, Charity Investment, Office and Employment and Grants and Loans are, where the Board deem appropriate, overseen by Board appointed and Board led sub-committees.

The Trust Corporation has continued to support the EFCC's Mission Statement to ‘grow healthy churches' with a particular emphasis on strategic grants to enable church revitalisation projects and on championing healthy church governance within our fellowship and trusteeship churches. Typically grants made will support the installation of a minister into a church for several years. Such churches that may not have had a paid minister, so vital to spiritual leadership, ministry and growth, for many years. During 2023 significant ministry support grants were made io churches in locations across the country.

Trust Corporation funds have also allowed our network of Ministry Coordinators to grow with the addition of a Women’s Ministry Coordinator and a further Regional Ministry Coordinator covering South Wales and the South-East of England. Under the oversight of our Ministry Director, Ministry Coordinators are an important link with our churches, providing a visible face who can give spiritual support to those in ministry and advise on church revitalisation and other matters. The Women's Ministry Coordinator is particularly focused on supporting the wives of our pastors and the provision of a dedicated women’s conference. Our 2023 Ladies Conference - ‘A Call to Faithfulness’ was heid at Oldbury Congregational Church in March.

Again supported financially by the Trust Corporation, our annual Ministers’ Prayer Conference, entitled ‘Courageous Ministry: serving in the Spirit of Holiness’ was held in November. The Conference brings together our ministers and those in training for ministry from across England, Wales and Northern Ireland in an event that provides support, refreshment and vigorous and stimulating teaching.

Alongside the ministry support provided through our Ministry Coordinators, the Trust Board has continued to recognise the need to provide governance support for our churches. Such support is particularly important in the context of smaller churches where there might be significant skills gaps in the congregation. Under the oversight of our Operations Manager, the Trusteeship Coordinator role complements our Ministry Coordinators focus on ministry by provide a visible face able to give governance support to our churches.

Page 1

The Evangelical Fellowship of Congregational Churches Trust Corporation

Limited

Trustees’ Report

Alongside our major strategies, the trustees have continued to make grants and loans to churches affiliated to The Evangelical Fellowship of Churches to cover repairs, maintenance of buildings and to meet other miscellaneous needs. Payments are also made to support ministers on low stipends and to retired ministers and their widows to support their housing needs. The Trust Corporation has for many years encouraged churches to provide good pension provision for their ministers through our pension matching scheme. This will typically double the level of contributions made into an individual's pension pot. There are a number of properties owned by the EFCC Trust Corporation Limited, some of which are used as accommodation for retired ministers.

Vital to the Trust Corporation's ability to provide financially for our Fellowship Charity (Charity no. 262802) and the grants made to churches has been the Board's stewarding of investments and resources to generate income. This continues to be an important part of the EFCC Trust Board's work,

The trustees work closely with the Committee of The Evangelical Fellowship of Congregational Churches and during 2022 have looked to deepen that relationship with Joint Meetings that help both bodies to consider spiritual and practical governance issues in a joined up and more effective way.

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Financial review

The charity has net incoming resources for the year of £597,323 (2022: net outgoing resources of £775,580) including unrealised gains on investments of £86,324 (2022: unrealised losses of £617,106)

Policy on reserves

Reserves are retained to enable operations to be funded for a period of up to one year, after taking into account anticipated net income for that period.

The amount of reserves held are £7,364,204 comprising £7,322,875 unrestricted funds and £41,329 designated funds. The trustees consider the reserves amount sufficient to achieve their objectives.

Reference and Administrative Details

Charity Registration Number: 1127720
Company Registration Number: 02777096
Registered Office: Latimer Congregational Church
Grovehill Road
Beverly
East Yorkshire
HU170JD

Page 2

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Trustees‘ Report

Auditor: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA
Solicitors: Wrigleys Solicitors LLP
3 Wellington Place
Leeds
LS1 4AP
Pothecary Witham Weld Solicitors
84 Eccleston Square
Pimlico
London
SW1V 1PX
Bankers: Charities Aid Foundation
West Malling
Kent
ME194TA

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows: Trustees: Rev. G. Evans, Chair Mr P. J. Williams Rev. W. E. Calder (resigned 27 February 2023) Rev. J. Brown, Vice-Chair Mr. G. Stephenson Dr..D. L. James Rev. J. M. Devenish Rev C Coulter (appointed 6 April 2023) Rev K Plant (appointed 1 January 2024)

Structure, governance and management

Nature of governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Page 3

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Trustees’ Report

Recruitment and appointment of trustees

Due to the special nature of the role and the skills and expertise required, appointments to the EFCC Trust Board are by invitation. As a standing item, potential appointments are considered by the Board three times per year at their regular meeting in Spring, Summer and Autumn. Following the implementation of new recruitment procedures under the EFCC's Safeguarding Policy, work is currently being undertaken around developing a Role Description, Induction Pack, Personal Statements and an interview process.

Page 4

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Trustees’ Report

Statement of trustees’ responsibilities

The trustees (who are also the directors of The Evangelical Fellowship of Congregational Churches Trust Corporation Limited for the purposes of company law) are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires 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 and of the incoming resources 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:

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.]

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on 26 March 2024 and signed on its behalf by:

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Page 5

The Evangelical Fellowship of Congregational Churches Trust Corporation

Limited

Independent Auditor's Report to the Members of The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Opinion

We have audited the financial statements of The Evangelical Fellowship of Congregational Churches Trust Corporation Limited (the 'charity') for the year ended 31 December 2023, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of lreland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

Page 6

The Evangelical Fellowship of Congregational Churches Trust Corporation

Limited

Independent Auditor's Report to the Members of The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of trustees' responsibilities (set out on page 5), the trustees 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.

Page 7

The Evangelical Fellowship of Congregational Churches Trust Corporation

Limited

Independent Auditor's Report to the Members of The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

Due to 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 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council's website at: www. frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Page 8

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Independent Auditor's Report to the Members of The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Use of our report

This report is made solely to the charitable company's trustees, 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 trustees 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 charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

LD Taylor,Bsc (Hons) ACA (Senior Statutory Auditor) For and on behalf of Smailes Goldie, Statutory Auditor

Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA

26 March 2024

Page 9

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Unrestricted Designated Total Total
funds funds 2023 2022
Note £ £ £ £
Income and Endowments from:
Donations and legacies 2 587,449 34,989 622,438 3,169
Investment income 3 175,943 - 175,943 163,223
Total income 763,392 34,989 798,381 166,392
Expenditure on:
Charitable activities 4 (286,554) (828) (287,382) (324,866)
Total expenditure (286,554) (828) (287,382) (324,866)
Revaluation of investment
properties (15,000) - (15,000) 90,000
Net gains/(losses) on
investment assets 101,324 - 101,324 (707,106)
Net income/(expenditure) 563,162 34,161 597,323 (775,580)
Net movement in funds 563,162 34,164 597,323 (775,580)
Reconciliation offunds
Total funds brought forward 6,759,713 7,168 6,766,881 7,542,464
Totalfundscarriedforward 15 7,322,875 41,329 7,364,204 6,766,881

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 15.

The notes on pages 13 to 24 form an integral part of these financial statements. Page 10

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

(Registration number: 02777096) Balance Sheet as at 31 December 2023

2023 2022
Note £ £
Fixed assets
Tangible assets 10 713,861 713,861
Investments 12 5,926,937 5,739,336
6,640,798 6,453,197
Current assets
Debtors 13 31,564 128,476
Cash at bank and in hand 1,692,278 1,399,126
1,723,842 1,527,602
Creditors: Amounts falling due within oneyear 14 (1,000,436) (1,213,918)
Net current assets 723,406 313,684
;
Net assets 7,364,204 6,766,881
Funds of the charity:
Unrestricted income funds
General Funds 7,322,875 6,759,713
Designated Funds 41,329 7,168
Total unrestricted funds 7,364 204 6,766,881
Totalfunds 15 7,364,204 6,766,881

The financial statements on pages 10 to 24 were approved by the trustees, and authorised for issue on 26 March 2024 and signed on their behalf by:

Guba Rev. G. Evans, Chair Trustee

The notes on pages 13 to 24 form an integral part of these financial statements. Page 11

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Statement of Cash Flows for the Year Ended 31 December 2023

2023 2022
Note £ £
Cash flows from operating activities
Net cash income/(expenditure) 597,323 (775,580)
Adjustments to cash flows from non-cash items
Investment income 3 (175,943) (163,223)
Revaluation ofinvestments (86,324) 617,106
335,056 (321,697)
Working capital adjustments
Decrease/(increase) in debtors 13 96,912 (9,083)
Decrease in creditors 14 (213,482) (75,657)
Net cash flows from operating activities 218,486 (406,437)
Cash flows from investing activities
Interest receivable and similar income 3 78,301 69,824
Purchase ofinvestments 12 (101,277) :
Income from dividends 3 97,642 93,399
Net cash flows from investing activities 74,666 163,223
Net increase/(decrease) in cash and cash equivalents 293,152 (243,214)
Cash and cash equivalents at 1 January 1,399,126 1,642,340
Cashandcashequivalentsat31December 1,692,278 1,399,126

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 13 to 24 form an integral part of these financial statements. Page 12

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ireland (FRS 102)) (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 preparation

EFCC Trust Corporation Limited meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. 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. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

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.

Expenditure

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. 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.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation and amortisation

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Page 13

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Asset class

Freehold properties

Depreciation method and rate

No depreciation has been charged on freehold properties as the ongoing programme of maintenance is such that any depreciation charge would be immaterial.

Consecrated land and buildings and moveable church furnishings

Consecrated and beneficed property is excluded from the financial statements by s10(2)(a) and (c) of the Charities Act 2011.

All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether maintenance or improvement, is written off as expenditure in the Statement of Financial Activities.

Investment properties

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in net gains/(losses) on investments in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 set aside for specific purposes at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 14

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2 Income from donations and legacies

2
Income from donations and legacies
2023 2022
£ £
Transfers, Donations and Gifts 622,438 3,169
622,438 3,169
Transfers, Donations and Gifts comprise the following:
2023 2022
£ £
Braughing & Puckeridge 82,109 -
Hafodyrynys 49,654 -
Launton 131,954 -
Seacroft 34,989 -
Thorpe Edge 44,591 -
Torcross 260,983 -
Whitby 9,015 -
Other 9,143 3,169
622,438 3,169

3 Investment income

2023 2022
£ £
Rents received 49.677 64,463
Investment income 97,642 93,399
Deposit account interest 28,624 5,361
175,943 163,223

Page 15

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Expenditure on charitable activities

4
Expenditure on charitable activities
Total Total
2023 2022
£ £
Charitable activities
Ministerial and church support 68,955 99,379
Grant 9,803 37,583
Management fee 137,000 119,000
Administration fees 12,885 16,828
Contractor fees 32,663 30,022
Legal fees 12,904 10,033
Support costs allocated to activities:
Administration and finance 13,172 12,021
287 382 324 866
5
Analysis ofgovernance and support costs
2023 2022
£ £
Governancecosts 13,172 12,021

6 Trustees remuneration and expenses

For the year ended 31 December 2023 Gwynne Evans, trustee, was paid £10,999 (2022: £10,338) in relation to services for pastoral care for existing EFCC churches, support for churches joining EFCC and advising other employed staff on technical matters.

Trustees’ expenses

Trustee expenses were reimbursed amounting to £6,195 (2022: £4,004), with 4 (2022: 5) trustees being reimbursed.

7 Auditors’ remuneration

2023 2022
£ £
Other fees to auditors
The auditing ofaccounts ofany associate ofthe charity 3,700 3,430
All other non-audit services 9,472 8,591
13,172 12,021

Page 16

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8 Comparatives for the Statement of Financial Activities

Unrestricted Designated Total
funds funds 2022
Note £ £ £
Income and Endowments from:
Donations and legacies 2 3,169 - 3,169
Investment income 3 163,223 - 163,223
Total income 166,392 - 166,392
Expenditure on:
Charitable activities 4 (323,866) (1,000) (324,866)
Total expenditure (323,866) (1,000) (324,866)
Net gains/{losses) on investment assets (707,106) - (707,106)
Revaluation of investment properties 90,000 - 90,000
Net expenditure (774,580) (1,000) (775,580)
Net movement in funds (774,580) (1,000) (775,580)
Reconciliation offunds
Total funds brought forward 7,534,293 8,168 7,542,461
Totalfundscarriedforward 15 6,759,713 7,168 6,766,881

9 Trusts

Churches, Church funds and other Trusts for whom the Company has acted as Trustee during the year and up to the date of signing the financial statements are shown below:

The Evangelical Fellowship of Congregational Churches General Purposes Fund Charities Administered in connection with The Evangelical Fellowship of Congregational Churches Alderholt Congregational Church

The Alexandra Road Chapel (Hemel Hempstead)

Bethel Chapel (Launton) (closed)

Binfield Heath Congregational Church Birstall Community Church Braughing Congregational Church (closed) Bulford Chapel

Bulkington Congregational Church Calvary Baptist Church, Ogmore Vale Cockfield Congregational Church Connsbrook Avenue Congregational Church Dagenham Congregational Church Droylsden Congregational Church Eston Congregational Church (closed) Evangelical Free Church, Stony Strafford Gendros Congregational Church

Page 17

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Galmpton Independent Evangelical Church Great Chesterford Congregational Church Gwersyllt Congregational Church Hadham Cross Congregational Church, Much Hadham Hayes Town Chapel Heathfield Chapel Honiton Congregational Church Keswick Congregational Church Knockbracken Congregational Church Lee Mill Congregational Church Union Congregational Church, Leigh-on-Sea Marden Congregational Church Village Temple Congregational Church, Mynydd Isa New Inn Congregational Church* Oakhanger Congregational Church (Graveyard) Oldbury Congregational Church Ebenezer Evangelical Congregational Church, Pontnewydd Quinta Congregational Church Quinta Sunday School Trust Reeth Congregational Church Ruiton Congregational Church Scarr Chapel Seacroft Congregational Church (closed) Stanwell Congregational Church St Briavels Congregational Church St Johns Congregational Church, Thornton Heath Stuckton Congregational Church (closed) Thorpe Edge Congregational Church (closed), Bradford (closed) Tillingham Congregational Church (closed) Torcross Congregational Church (closed) Castle Street Evangelical Church, TredegarWest Cliff Congregational Church, Whitby (closed) Wheelock Congregational Church Wiveliscombe Congregational Church Woolwich Congregational Church Yaxham Congregational Church Zion Congregational Church, Hyde

*unaffiliated congregational churches

Page 18

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10 Tangible fixed assets

10 Tangible fixed assets
Freehold
property
£
Cost
At 1 January 2023 713,861
At 31 December2023 713,861
Net book value
At 31 December 2023 713,861
At31December2022 713,861

11 Investment Property

Investment properties

Investment properties
£
Cost or Valuation
At 1 January 2023 1,240,000
Revaluation (15,000)
At 31 December 2023 1,225,000
Net book value
Ai 31 December 2023 1,225,000
At31December2022 1,240,000

The trustees confirm that to the best of their knowledge and having taken appropriate professional advice that the valuations above are consistent with the fair value of the properties at 31 December 2023.

Page 19

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

12 Fixed asset investments

Other investments

Listed
investments
£
Cost or Valuation
At 1 January 2023 4,499 336
Revaluation 101,324
Additions 101,277
At 31 December 2023 4,701,937
Net book value
At 31 December2023 4,701,937
At 31 December2022 4,499,336
2023 2022
Analysis of investments £ £
UK Equity and Equity fund 1,943,050 1,951,125
Global equities and Equity funds 1,084,981 991,250
Multi assetfunds 624,488 612,451
Direct property and Property funds 85,098 81,184
Fixed interest and Fixed interest funds 322,172 281,946
Charity UK bonds 6,579 6,313
Other assets 581,923 568,759
Total cash 53,648 6,308
2023 2022
Investments exceeding 5% ofmarketvalue ofportfolio: £ E
Conbrio FN PTN Ltd CFP Castlefield Real Return 342,339 452,173
Conbrio FD PTN Ltd Castlefield Best Sust Income Gen 624,488 612,451
M&G Equities Funds for Charities (Charifund) Sterling Income 427,365 437 648
FirstSentierInvS!WidwideSust
BGBPDis		 243,019 -

The investment portfolio includes amounts invested on behalf of other trusts of which EFCC Trust Corporation Limited is the trustee.

Page 20

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

13 Debtors

2023 2022
£ £
Quinta Chapel 952 897
Quinta Sunday School 3,500 4,788
Seacroft costs - 78,076
Whitby - 13,107
Tillingham - 9,448
Torcross - 5,711
Other debtors 27,112 16,449
31,564 128,476
14 Creditors: amounts falling due within one year
2023 2022
£ £
Investments on behalf ofEFCC Administered Churches 271,885 271,885
General Purposes Fund 27,614 14,267
EFCC Administered churches 11,317 3,745
Quinta Chapel 766 -
Quinta Sunday School 739 45
Braughing & Puckeridge - 37
Investments on behalf of Marden 195,424 193,886
Heathfield 15,767 23,502
Tillingham manse 246,202 252,601
Tillingham 149,853 152,902
Torcross - 269,248
Cockfield 46,069 -
Accruals 34,800 31,800
1,000,436 1,213,918

Page 21

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

15 Funds

Balance at
Balance at Other 31
1 January Incoming Resources recognised December
2023 resources expended gains/(losses) 2023
£ £ £ £ £
Unrestricted funds
General
General 6,759,713 763,392 (286,554) 116,324 7,352,875
Designated
Puckeridge Graveyard 7,168 - (828) - 6,340
Seacroft - 34,989 - - 34,989
7,168 34,989 (828) - 41,329
Totalfunds 6,766,881 __
798,381		 __(287,382) __116,324 7,394,204
Balance at
Balance at Other 31
1 January Incoming Resources recognised December
2022 resources expended gains/(losses) 2022
£ £ £ £ £
Unrestricted funds
General
General 7,534,293 166,392 (323,866) (617,106) 6,759,713
Designated
Puckeridge Graveyard 8,168 - (1,000) - 7,168
Totalfunds 7,542,461 166,392 (324,866) (617,106) 6,766,881

Page 22

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The specific purposes for which the funds are to be applied are as follows:

Designated funds are made up of the Pukeridge Graveyard Fund and Seacroft Fund.

The Puckeridge Graveyard fund represents a legacy that the deceased wished to be used to fund the upkeep of the graveyard in Puckeridge, although this was not specifically requested in the will and is not, therefore, a restricted fund.

The Seacroft fund represents the net proceeds on the sale of land and buildings which the charity may apply to religious or other charitable purposes in connection with the Congregational Denomination.

16 Analysis of net assets between funds

Total funds
at 31
Unrestricted funds December
General Designated 2023
£ £ £
Tangible fixed assets 713,861 - 713,861
Fixed asset investments 5,926,937 - 5,926,937
Current assets 1,682,513 41,329 1,723,842
Current liabilities (1,000,436) - (1,000,436)
Total net assets 7,322,875 41,329 7,364,204
Total funds
at 31
Unrestricted funds December
General Designated 2022
£ £ £
Tangible fixed assets 713,861 - 713,861
Fixed asset investments 5,739,336 - 5,739,336
Current assets 1,520,434 7,168 1,527,602
Current liabilities (1,213,918) - (1,213,918)
Totalnetassets 6,759,713 7,168 6,766,881

Page 23

The Evangelical Fellowship of Congregational Churches Trust Corporation Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

17 Related party transactions

17 Related party transactions
During the year the charity had the following outgoing resources to related parties:
2023 2022
£ £
EFCC GP Fund 137,000 119,000
At the year end there were the following balances due from related parties:
2023 2022
£ £
Quinta Chapel 952 897
Quinta Sunday School 3,500 4,788
Seacroft costs - 78,076
Whitby - 13,107
Tillingham - 9,448
Torcross FT
4,452 112,027
At the year end the following balances were due to related parties:
2023 2022
£ £
Investments on behalfofEFCC Administered Churches 271,885 271,885
General Purposes Fund 27,614 14,267
EFCC Administered churches 11,317 3,745
Quinta Chapel 766 -
Quinta Sunday School 739 45
Braughing & Puckeridge - 37
Investments on behalfofMarden 195,424 193,886
Heathfield 15,767 23,502
Tillingham manse 246,202 262,601
Tillingham 149,853 152,902
Torcross - 269,248
Cockfield 46,069 -
965,636 __1,182,118

Page 24