CAVERSHAM THAMESIDE AND MAPLEDURHAM ST MARGARET. ST PETER. ST JOHN The Parochial Church Council of the Parish of Caversham Thameside and Mapledurham Trustees, Report and Financial Statements Year ending 31 December 2024 Charity registration number: 1133686
The Parochial Church Council of the Parish of Caversham Thameside and Mapledurham Trustees, Report and Financial Statements Year ending 31 December 2024 Contents Trustees, Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements Pages 2 - 10 Page 11 Page 12 Page 13 Pages 14- 24
Trustees, Report Aim and Pur oses The Parochial Church Council of the Parish of Caversham Thameside and Mapledurham is a charity registered with the Charity Commission, England and Wales. The rnembers of the Parochial Church Council (PCC) are the trustees of the charity. The PCC has a responsibility to co-operate with the incumbent, Revd Mike Srnith, in promoting, in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. .There are responsibilities and statutory duties in respect of 25 Ilkley Road RG4 7BD and Church House RG4 8AX under the Parochial Church Council Powers Measure 1956, and 6 Gosbrook Road RG4 8BS under the Incumbents and Churchwardens (Trust) Measure 1964. In this year the PCC employed six members of staff: The Parish Administrator who is also PA to the Rector, A Director of Music at St Peterfs Church, The Church House Administrator, A Bereavement Ministry Coordinator, The Parish Youth Worker, and The Chlldren and Families worker based at Stjohn's Church. Ob'ectives and Activities The PCC is committed to promoting the Christian faith in our parish, encouraging faith in Christ, to worship in our three churches and to become part of the life of our parish. The PCC, together with it5 sub-cornmittees, maintains an overview of the whole life of the parish and makes suggestions on how our church life can involve the people and groups that live within our parish. Our services and worship put faith into practice through prayer and scripture, music and sacrament. When planning our activities for the year, we have considered the Commission's guidance on public benefit, and particularly the supplementary guidance on charities for the advancement of religion. In particular, we try to enable ordinary people to live out their faith as part of our parish community through: Worship and prayer; learning about their faith," and developing their knowledge and trust in Christ Provision of pastoral care for people living in the parish Missionary, outreach and social awareness raising work To facilitate this work, it is important that we maintain the fabric of ourthree churches, and our ancillary properties which support our activities and finances. The Trustees are aware of the Charty Code of Governance and its principles, and how they affect the Charity. Achievements and Performance We have continued as a parish to rebuild and grow in 2024. We completed the second full year of our five-year parish priorities. We have developed a children and young people's strategy to frame our work in this area, and continued other work with the bereaved, in discipleship and healing ministry. Our children and young people ministry continues to flourish. We are in the top 200A of parishes in Oxford diocese for attendance of under 18's. Our paid workers for children's work at St John's and our parish youth worker, complimented by a paid Director of Music at St Peter's who particularly develops children and young people through music, allows us to develop and build strong teams for this ministry in two of our three churches. They are building teams of volunteers and the numbers of children and young people attending church and more widely affiliated to our work is growing.
In late 2024 our longstanding Parish Administrator, Caroline Smith, retired. She had generously given us 18 Inonths, notice of her desire to retire by the end of 2024. We successfully recruited a successor, Karen Eaves, who worked with Caroline to learn to the role, before taking over on her own in October. The parish gave its farewell to Caroline in October, including a lunch with clergy. Karen is already showing her skills and expertise and bringing her own gifts to the role. The PCC met on seven occasions during 2024, in person during the summer months, and online in the winter months. At the end of 2024 the PCC agreed that all future meetings should be in person. Besides the usual round of church business, including rnanaging our finances, buildings and ensuring parish policy is implemented, our principal focus was to develop the work plans for our five parish priorities. Safe uardin The PCC continues to abide by the House of Bishops Promoting a Safer Church, Safeguarding Policy and pays due regard to this in all its safeguarding work in the parish. This year we renewed our parish safeguarding polioi, which continues to be modelled on the latest version of the Diocesan policy. We follow the latest "Safer Recruitment" guidance to ensure that Safeguarding lies at the heart of all recruitment and have continued to ensure we have clear role definitions for each paid and volunteer post. We continue to ensure that all employees and volunteers have current DBS certificates and have access to the necessary safeguarding training their position requires. We have gratefully received support from diocesan colleagues in safeguarding case management. Our Parish Safeguarding Officer, Christine Bradbury, continue5 to work with our Parish Administrator to ensure the Safeguarding Parish Dashboard is up to date and we make progress in ensuring as much of safeguarding policy and practice is implemented as possible. Worshi and Pra er Our pattern of worship has been stable and largely unchanged in 2024. At the request of the bishop all our churches reverted to receiving holy communion in both kinds, bread and wine, duringthe year. Each of our Sunday congregations have seen modest grovrth in 2024. New member5 have joined each congregation. Two of our church buildings continue to remain open during daylight hours and receive a sizeable number of visitors each day. To complement our church building based worship, we have retained our online worship offering. St Peterfs and St Margaret's broadcast their Sunday worship live. St John's offered a recorded service each week for the first half of the year. This ceased whilst Penny Cuthbert was on sabbatical and has not restarted. We have an online prayer group that meets twice each month. We have allocated resources as part of our strategic Parish plan to allow each church to invest in the technology it needs to ensure online offering is as good as it can be. Our small group5 continued to meet throughoutthis year, sometimes in person, sometimes online. They study scripture, pray and worship together, and offer pastoral care to one another. We met online and in person in small groups for Advent and Lent. Our number of weddings and baptisms continues to be small. We work hard to ensure that these important occasions are offered as widely as possible to people in our parish, including providing a stall . I I:!"ILirdi I Ctefor pe4nle to get. dc4Ei4s aboilt baptifks iygddir(gs':
The Electoral Roll at 31 December 2024 totalled 225 people, made up of: 2024 2023 2022 2021 2020 123 117 124 126 128 41 39 38 37 38 61 56 55 50 51 2019 129 36 48 2018 143 45 72 2017 144 45 62 St Peter St Margaret St John lndlcates the year a new roll was made Deaner The Deanery Synod met 4 times in 2024 February included a reintroduction of a Deanery Membership fee to cover expenses. Small groups discussed current and future missional needs and opportunities, particularly as regards children, young people and families (CYPF). In June and September following a baseline survey by benefice, which established that many parishes already work across all age group5, Synod agreed that local plans for these needs will be developed, providing an opportunityfor parishes to work together. Plans were made to bid to the National Church through the Diocese for funding for the Axis apprenticeship scheme for trainin8 Youth Ministers but in November two Diocesan representatives attended to explain the removal of the scheme from the Diocesan bid for national church funding. Preparations will also be made for the new Mission Action Plan by reviewing, finance, churchmanship and building stock across the deanery. The Deanery Parish Share was presented and approved. It agreed to cease the Quinquennial Inspection Scheme. Revd Mike Smith, Area Dean, and Peter Stratton of CTM parish were elected to serve on the 2024/27 Diocesan Synod. orts on the fabric St Margaret's Church During 2024 at St Margaret's, we have enjoyed worshiping God in a brighter church thank5 to the complete internal decoration that took place in 2023. Some snagging work was undertaken with a final coat of lime wash to plaster behind the altar. Final payment was made in December 2024, and VAT has been reclaimed under the Listed Places of Worship VAT grant scheme. oods and ornament of the Parish Churches The faculty for the rernoval of S Pews was extended and the work complete in December 2024, giving more space for fellowship after services over coffee. The removal of one of the pews in the north aisle resulted in some plaster damage and this will be inspetted in the 2025 quinquennial inspection. An old unserviceable wall heater was removed from the Bell Tower and a new wall socket was fitted for a free-standing heater to be used. Lime wash left over from the decorating was used to make good the wall. The heater in the Vestry has also been replaced with a new fan heater. Churchyard Maintenance is proving expensive to have the grass cut for 9 months of the year. Members of the congregation have carried out Churchyard Tidy/maintenance days to help and we have bought a battery powered strimmer and mower in an effort to improve the care of the area. The Archdeacon's approval for the Peel Board has been granted and we hope to have this fitted in 2025. Along with our usual Sunday services we have enjoyed holdtng an Ascension.Day Service on 9 May and St. Margaret's Day on 20 July when Bishop Olivia was our guest preacher.
The fabric of the church (excludingthe Bardolph aisle which isthe property of the Mapledurham Estate) is in good order and the church is in daily use as a place for prayer and worship. St Peterfs Church Re-orderin We have now formed a reordering committee with Revd Mike Smith as Chair and Richard Larkin as Project Manager. We need a project development professional for help. If we get Heritage Lottery funds it would be for the whole project, but a phased approach is still being considered. Plans are being drawn up by JBKS. Fabric: List B application for plasterwork repairs - received permission from the diocese to go ahead with the plastering work under List B. All the plastering work is completed before May. A large branch came off the yew near the lower part of the church path in the high winds and was left balanced at approximately 15. above ground; this was made safe (secured) by church volunteers and removed by RBC later. New shelves are installed on windowsi115 either side of the font. Re-plastering, painting and new skirting completed in the west toilet; could still do with more comprehensive re-decoration, as could the east toilet. There was another fall of plaster from the vestry ceiling on 11 April, again at the far west end. We have put up debris netting across the vestry ceiling to catch falling plaster. Reports of intermittent leaks from the west toilet and under the kitchen sink. Cleared all roof valleys in preparation for the QI. The kitchen water boiler has ceased working and a new water boiler has been installed. New tap installed in kitchen sink to resolve leak. Leaks in the vestry roof (the western end of the valley and other places) have been particularly bad during the recent heawy rain. We have instructed our Architects JBKS to get a structural surveyor to inspect the roof area with a view to proposing a solution. We have received the diocesan net zero grant to cover the replacement of strip lights with LED. Electricians have changed all strip lights to LED (work 100% funded by diocese net zero grant). The latchlhandle of the St Peter's main door has fallen off. We have done a temporary fix. More work might be needed. Streamin One of the hinged flaps on the AV desk became detached, due to the desk being distorted on its uneven base - DSAV have attended and have placed blocks under the desk to make it level; they also secured the flaps with longer screws. There was a further problem with the AV desk in April (one of the flaps was becoming loose). We have changed the screws in the hinge for longer ones. We now have young people operating the AV desk wÉth super¥ision. Sound S stem: We have removed the flight case and old units from the previous sound system from the vestry, with a view to disposal. A mat has been placed underneath the organ console in the hope that this will prevent damp seeping into the electronics in the winter. Securit Our security alarm was serviced by ADT on 29 May 24 Porch light daylight sensor was fixed on 5 June 24 Installed a solar powered security light 00 tFi£, gast window (no wiring re34uirodl. Added another security light above the vestry door to cover the pathway Vestry alarm reported a couple of comrns fault on 28 April and 21 August- no issues found. A high th number of comms faults reported (16 emails) in thevestry alarm on 23rd and 24 Sept; no actual issues.
Housekee in Church receives a weekly clean from a team of volunteers. In addition, volunteers did a major autumn clean of the interior one November Saturday. This was followed by the Churchyard leaf clear up with the cub scouts and members of the congregation. Throughout the year the church property register was maintained and updated; the latest version was presented at the March 2024 PCC meeting. Miscellaneous: Lightning protection inspection took place on 9 May. Quinquennial Inspection was carried out on 29 August. Main issue is the structural integrity of the vestry roof, and we may have a bigger problem than a simple leaking valley gutter. DBS license had been renewed. Advertised the flight case for sale on Gumtree but no offers yet. We have another recruit to the Church opening team- Viv Vincent: We have issued a key and updated the keyholders register. Issued a revised cornmunion assistants rota to support the return to common cup. St John's Church Since the last report the church building ha5 continued to be open for regular worship and other uses e.g the 3Cs Café on Tuesdays and a small group meets for Bible study midweek in the Upper Room. There have been visits by schools and the church has been used for events and concert5. Pro ister Terrier and Invento The property register was maintained and updated through the year. Or an: The organ remains out of use, no further actions regarding the organ have occurred since the last report. Roof and utterin the south side of the roof has been stripped and the tiles replaced with all new. All the plastic gutters and downpipes have been replaced with period metal fittings The snow guards and Heras fencing have been removed. uin uenni31 Ins ection The last report was issued two years late on Wed 23/03/2022. The next QI is due this year and the appointment of an architect is under consideration. Users: The Lower Caversham Community Partnership's 3Cs café, which has a licence to operate in the church was open throughout 2024 although it was closed for the period of the roof works. St Johns continued the work started by Gosbrook Garden Growers usingthe south-east corner of the churchyard in partnership with members of the community. The scouts, whose groups are thriving continue in the hut in the churchyard. Prellminary discussions aboutthe huts and their possible replacement have taken place between the principal stakeholders. Pastoral Ca re Pastoral care to church mernbers and those living in our parish continues to be a priority. Through organised pastoral care teams, and the work of individuals. we reach out to a significant number of people. Our work with our new large nursing home in the parish continued to develop in 2024, with clergy and lay volunteers working together to provide a monthly holy communion service, and special services at major festivals. Our Bereavernent Ministry coordinator, paid for by the parish, continues to energise our team of volunteers in this important area of ministry. Mission and Evan elism The vision. for our parish is to '8ecome a Christ-like community and we interpret this to ensure all our ministry, mission and church activity is focused on becoming Christ-like. We engage in strategic community-facing activity to also build a Christ-like cornmunity outside of our church buildings. Our churches and congregations continue to be engaged with our local community. Each church makes its
own choices about where they sense God is calling them, and individuals also express their own faith through volunteering for a range of organlsations and projects. Our work with children and young people is providing rich opportunities to witness to our faith with families. Our bereavement work has a missional focus, reaching out to people at a point of pastoral need. We see good signs of this ministry encouraging some to examine their faith and come to church. Goingforward wewill develop plans forourdiscipleship and faith nurture and our healing ministrywork. Our churches continue to support mission agencies through their giving, with churches offering significant funds during the year for different agencies and organisations. Many individual members of our churches spend numerous hours each week supporting and encouraging community groups and providing our churches with invaluable contacts with the local community. We continue the policy of using surplus funds generated from rental of our Church House property to offer grants within the parish and to other Caversham churches to aid their rnission. Ecumenical Relationshi The parish continues to play an active role in Churches Together in Caversham ICTCI. We continue to support the REinspired project in Caversham which provides religious education support to state primary schools in our comrnunity. The project is highly valued in schools, as it provides material for anything from whole school assemblies to individual lessons and church visits. The parish has funded the project costs at £5,000 per year for several years. Church members also volunteer with the project toteach RE lessons. Members of all our churches supportthe summerCTC Holiday Club, which is valued by families throughout Caversham. We also run, and receive support from, CTC churches for a Messy Church project run at the Weller Centre in east Caversham. As churches together we continued developing our work focused on supporting young people. particularly in and around knife crime, following the death of two local young people to knife crime in 2021. At Christmas we were able once again to hold Nativity Live! which brought 400-500 people onto the Streets, moving between churches in Lower Caversham. On Pentecost Sunday CTC hosted a Songs of Praise celebration by the River Thames at which congregations joined together to worship and soclalise. Financial Review A copy of this Tru5tee5' Report and attached Financial Statements are filed with the Charities Comrnission. It is our policy to invest the balances of our short-term funds with the CBF Church of England Deposit Accounts and our investments with their Investment Funds. The Accounts of the Parish of Caversham Thameside and Mapledurham include the financial results of the three Churches, the parish fete, the parish fees account and Church House, together with the Caversham Parochial Fund and our CBF investments and properties. Income and expenditure is split between amounts held for ordinary (Unrestricted) purposes, and amounts held as Restricted or Endowment funds which can only be used for specific purposes. Overall, our ordinary Unrestricted Expenditure exceeded Income by £58,000 (2023 - £2,000), and we saw an increase in the value of our CCLA investments of £29,000 (2023 - £78,000), giving an overall deficit on Unrestricted funds of £29,000 {2023 surplus of £76,000). Restricted funds rose by £10,000 after including a gain on CCLA investments of £5,0(XJ. General Income and Expenditure Total income was £551,000 (2023- £414,000), an increase of £137,000, which includes rises of £17,000 in giving income, and £58,000 in legacy income. Similarly, total expenditure wa5 £609,000 {2023
£430,000), representing an increase of £179,000 which includes £204,000 for the major roof repair at Stjohn. We paid the Diocesan quota on time in full and therefore received the maximum rebate. A detailed analysis of the income and expenditure is given on pages 16 and 17 of the Financial Statement5. Unrestricted Funds Excluding movements in investment values, St Peter's made a surplus of £60,000 due to a legacy of £60,000, St John's made a surplus of £39,000 and St Margaret's made a deficit of £2,000. The central parish fund recorded a deficit of £165,000 after making grants towards the St John roof project of £151,000 and to St Peter maintenance works of £10,000. Restricted Funds The Restricted Funds had a surplus of £5,000 during 2024, before investment 8ains of £5,000. Endowment Funds The Church House property is held as an Endowment fund, since the PCC can use any Income, but if the property was sold the proceeds would not go to the PCC. Church House made grants of £28,000 during the year (2023 - £29,000), and Church House funds rose by £1,000, after an increase in the value of investments of £5,000. Unrealised Galns /Losses All gains or losses on the revaluation of our freehold property and unit trust investments are unrealised and they do not have an impact on the day-to day running of the Churches or the Parish as a whole. Properties 25 Ilkle Road., The property is let to third party tenants at a rent of £19,000 after agents, fees. The property is managed by Walmsley on our behalf. Due to significant maintenance works, the decision has been made not to renew the current lease when it expires in June 2025. 6 Gosbrook Road.. The property is occupied by a commercial tenant under the terms of a twenty-year lease. Hicks Baker manage the property on our behalf. We received rent of £15,800 after agents, fees In 2024. Church House: The property is ably managed by the Propertie5 Committee (a sub-committee of the PCC) to whom we are most grateful. The Church House income is derived from commercial and residential leases together with room lettings. Overall rental income amounted to £51,000 in 2024. Church House spent £28,000 on mlscellaneous building repairs. Our H3slam Maintenance Reserve and the General Reserve CCLA accounts made combined total nvestment gains of £5,000 during 2024 {2023 - £14,000). Fete We were able to hold a parish church fete again in 2024 which raised £7,000 towards parish funds, The intention is to hold a reduced scale of fete in 2025. Reserves Pollcy It is PCC policyto maintain a cash balance equivalentto around six monthsof normal annual expenditure on Unrestricted funds. Based on the 2024 expenditure {excluding the St John roof repair} of £334,000
this implies a balance of approximately £170,000 is required. At the end of 2024 short-term deposits, cash, and net current assets, amounted to £295,000, of which £50,000 is designated for repairs to St Peter's church vestry roof, leaving a balance of £245,000. Bankers and Advisers to the PCC Bankers: Barclay5 (rnain bankers); Natwest; Co-operative Bank Legal Advisers: Winckworth Sherwood, Oxford Property Managing Agents: Domestic property - Walmsley Commercial property- Hicks Baker Mercer Lewin 6/7 Citibase, New Barclay House, 234 Botley Rd, Oxford OX2 OHP Independent Examiner.. Structure overnance and mana ement The method of appolnting members of the PCC is defined in the Church Representation Rules. There are nine elected lay representatives on the PCC; three from each of the parish churches. One member per church retires each year in accordance with the provisions of Church Representation Rules. These numbers may be altered by resolution of the Annual Parochial Church Meeting under Church Representation Rule M15{9). All church members designate their usual place of worship on their Electoral Roll form. Any dispute as to the usual place of worship of a candidate for election to the PCC shall be decided by the incumbent of the parish or the priest in charge of the parish where the rights of presentation have been suspended. Alongside its legal and statutory duties, the PCC has developed a governance structure which defines the remit of the PCC as: to develop a vision and a set of values which define the "whole mission of the Church" acros5 the parish. to link the churches to the deanery, the diocese and to ecumenical partners. to encourage and scrutinize the developrnent of the three churches against the vision and values of the PCC. to fulfil its legal responsibilities with regard to, amongst other things, charity law, safeguarding and health & safety. The Rector and Churchwardens appoint a Church Leadership Team for each church, which fortnally report to the PCC on their business. The Rector, clergy working in the church and churchwardens are ex officio members. This group also appoint other people to the team. The teams have the express purpose of growing the church spiritually, numerically. financially and in other less tangible (though no less importantl ways le.g. confidence) by giving attention to the health of: the people within the existing church through its programme of worship, nurture and pastoral care. the development, nurturing and sustainability of a fresh expression of church. the mission of the church. the fabric of the church (with reference to Faculty application5, CLTS are responsible for bringing fully completed proposals to the PCC in a form suitable for agreement). the finances of the church. The PCC operates through a number of committees, which meet in between full meetings of the PCC: Standing Committee- meets as needed, transacting'business between meetings. Church Leadership Teams {CLTs) rneet on average every 4-8 weeks and discuss items to do with the detailed management of church affairs, buildings, finance, volunteers and the implementation of decisions made by the PCC.
The Parish Properties sub-committee, made up of members of the parish, oversees the management and maintenance of all non-ecclesiastical properties in the parish. It reports to the PCC as appropriate. PCC Grants Team - made up of members of all three congregations, awards grants from the net income arising from Church House in accordance with the Trust Deed. Further details of how the various committees work is given on the Parish website htt www.ctm arish.or .uk olicies overnance-structure Administrative information The Parish of Caversham Thameside and Mapledurham is part of the Diocese of Oxford within the Church of England. There are three parish churches: St Peter, The Warren, Caversham RG4 7TH; Stjohn the Baptist, St John's Road, Caversharn RG4 8EB; St Margaret, Mapledurham RG4 7TR. The correspondence address for the whole parish is Church House, 59 Church Street, Caversham RG4 8AX. The parish website is www.ctm arish.or PCC members who have served at anytime from l January 2024 until the date of this report are: Ex Officio members Incumbent: Associate Vicars: Curates: Lay Readers: Churchwardens: 'Revd Mike Smith 'Revd Penny Cuthbert Rev Catherine Radcliffe Phil Blackburn Jeyasingh John Samuel David Spencer 'Peter Stratton Revd Rachel Ross Smith Anthony Wisdom Francis Serjeant Sally Harlow (to April 20241 Richard Purkis (from April 20241 Elected members Deanery Synod: Ifrom 2023 for 3 years) Jacquie Kavanagh 'Peter Stratton Richard Purkis Lay Representatives: Toni Smith '53lly Harlow Ifrom April 2024 to November 2024) Jeremy Woodham Anne Taylor lan Lowry (from April 20241 Pat Macgregor Jonathan Wheeler Jacqui Curtls Ifrom April 20241 Simon Porter Co-opted members {if not already members) Secretary: 'Caroline Smith Ito April 20241 Members marked with an asterisk are/were also members of the Standing Committee Approved by the Parochial Church Council on 26 March 2025 and signed on their behalf: Revd M K J Smith (Rector} io
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PARISH OF PARISH OF CAVERSHAM THAMESIDE AND MAPLEDURHAM I report to the trustees on my examination of the accounts of the charity for the year ended 31 December 2024, which are set out on pages 12 to 24. This report is made solely to the charity's trustees, as a body, in accordance with Regulation 31 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fu Ilest extent permitted by law. I do not accept or assume responsibility to anyone other than the charity's trustees as a body, for my work, for this report, or for the statement I have made. Responsibilities and basis for report As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111"the Act"). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l a member of the ICAEW. which is one of the listed bodies. I have completed my examination and I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Charity as required by section 130 of the Act: or the accounts do not accord with those records: or the accounts do not comply with the accounting requirements concerning the form and content of the accounts set out in the Charities {Accounts and Reports) Regulations 2008 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 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 applicable to charities preparing their qLLuuiII5 ill dCLvrddriig willi tl)e Fiii(IIICldl Reportill8 Standard applicable in the U K a lid Republic of Ireland IFRS 102). I have no concerns and have come acr055 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. Andrew Churchill Stone FCA DChA Mercer Lewin Ltd, Chartered Accountants 6/7 Citibase, New Barclay House 234 Botley Road Oxford OX2 OHP April 2025 li
PAROCHIAL CHURCH COUNCIL OF CAVERSHAM THAMESIDE AND MAPLEDURHAM STATEMENT OF FINANCIAL AcfiviTIES For the year ended 31 Dernber2o24 2024 Unrestrfcted Restrfrted Endowment Funds Funds Funds 2028 TOTAL Funds TOTAL Funds Notes INCOME Donations and legacles Income from donation5 and legaeies other voluntary income Income from investments Income from other tradlng actlvities 293,811 97,885 54,030 34,692 loo 4,289 10,716 293,911 102,174 120,629 34,692 232,249 30,983 112,991 38,097 2b 55,883 2d TOTAL INCOME 480.418 15,105 55,883 551,406 414.320 EXPENDrruRE Charltsble expendlture Dunations and grants Actlvlties relating to Church work Church management & admln Costs of ralsing funds Costs of Parish property Fund-raislnE and publlcity 9,905 504,756 6,261 28,326 3,432 38,231 518,161 6,261 34,850 340.963 7,337 3b 3d 9,973 13,286 4,773 27,870 41,156 4.773 40,447 6.228 TOTAL EXPENDrruRE 538,981 9,973 59,628 608,582 429,825 GAINS AND LOSSES ON INVESTMETrirs Property Valuations CBF Investments 4b 29.087 4,617 4,841 38,545 109,353 2g,087 4,617 4,841 38,545 109,353 NEf INCOMV(EXPENDITURE) (29,476) 9,749 1,096 (18,631} 93W8 RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD 1078,450 1,121,552 830,928 3,030,930 2,937,082 TOTAL FUNDS CARRIED FORWARD 1,048,974 1,131,301 832,024 3,012,299 3.030.930 12
PAROCHIAL CHURCH COUNCIL OF CAVERSHAM THAMESIDE AND MAPLEDURHAM BALANCE SHEEf AT 31 DECEMBER 2024 2024 Unrestrlcled Restrlcted Endowment Funds Funds Funds 2023 Total Funds Totsl Funds Notes INVESTMENTS Investment Property un Trusts 780,(KIO 206.347 986,347 600,(XK) 1,380,(N)0 1,380,000 141,270 1,101,649 1,132,216 741,270 2,481,649 2,512,216 4b 754.032 754,032 CURRENT ASSFrs Debtors and prepayment5 Short term deposit5 Cash at bank and in hand 12,650 109,417 2CKJ,519 322,586 648 80,269 12,337 93,254 13,298 328,216 219,280 560,794 10,151 373,701 159,337 543,189 138,530 6.424 144,954 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (27,6441 12.5(XII {30,144} (24,475} NET CURRENT ASSETS 294,942 144,954 90.754 530,650 518,714 NEf ASSETS 1,048,974 1,131,301 832,024 3,012,299 3,030,930 FUND5 Endowment Restricted Unrestrirted li 832,024 832,024 600,LNXI 1,131,301 1,352,480 1,048,974 1,078,450 1,131,301 1,048,974 1,048,974 1,131,301 832,024 3,012,299 3,030,930 The notes on pages 14to 24 form partof these Accounts. Approved by the Parochial Church Council on 26 Marth 2025 and 5i8ned on Its behalf by: Revd M K J Smith {Rectorl Simon Porter IPCC Treasurer) 13
PAROCHIAL CHURCH COUNCIL OF CAVERSHAM THAMESIOE AND MAPLEDURHAM NOTES TO THE FINANCIAL STATEMENTS For the yeor ended 31 December2024 l AccouMfiNG POLICIES The financlal statements have been prepared under the Charitie5 Art 2011 and in accordan with the Church Accounting Regulatlons 26, together with the Accounting and Reporting by Charities: Ststement of Recommended Practice {SORP {FRS 102)). The charity is a Public Benefit Enterprise IPBE) and has applied the provision5 of FRS102 specifically applicable to PBES. The financial statement5 have been prepared to give a 'true and falr, vlew and have departed from the Charities IActouTrts and Reports) Regulations 21J)8 only to the extent required to provide a 'true and fair view,. This departure has Involved followingAccounting and Reporting by Charfcies preparingtheir 3t£ounts In accordance with the Financial Report.ing Standprd applicable In the UK and Republic of Ireland {FRS 102) issued on 16 July 2014 rather than the Accounting and Reportlng by Charlties: Ststement of Recommended Practice effective from l April 2005 whlch has since been withdrawn. The financial statements have been prepared under the historlcal cost conventlon except for the valuation of certaln assets, which are shown at market value. Golng concein The parlsh has recovered from the disruptlon of the COVID-19 outbreak and donations are generally at or near the pr pandemic leve15. The parish has adequate reserves to continue operatlng throughout 2025 and beyond, with unre5tricled current assets of £295,000 {2023 £284,000). Furthermore the parish has an unrestrlcted CCLA Investment 3ccount amountingto £318,0 whlch can be made avallable tofund the Parish Mission projects {5ee note 14 on page 24}. There is no reason to doubt that the parish is a 8oingconcern. Judgements in applying accounting policles and key Sour of estlmatlon uncertalnty In the appllcatlon of the charity's accountinB policies. whtth are descrlbed In thls note, Trustees are required to make judgements, estlmates and assumption5 about the tarrying values of assets and liabllltles that are mt readily apparent from other sources. The estimates and underlying a55umption5 are based on hlstorlcal experience and other factors that are consldered to be relevant. Artual results may differ from these estimates. The estlmates and underlying assumptions are revlewed on an ongoing basis. Revisions to accounting estimates are recognlsed in the period in which the estimate 15 revised if the revlsion affects only that period or in the period of the revision and future perlods if the revision affect5 the cur nt and future periods. Funds Restricted funds represent a) income from trusts which may be expended only on those restrlcted objects provided in the term5 of the trust or bequest, and bl donations or grants received for a speciflc object or Invested by the PCC for a speclflc object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried fonvard as a balance on that fund. Unrestrfcted funds represent the funds of the PCC that are not subjert to any restrictions regardin8 tlieir use and are avallable for application on thè general purposes of the PCC. Certain of these UnstrICted funds are designated for a particular purpose bythe PCC. Endowment funds represent assets from which the PCC is entitled to the income, but if the assets are sold then the proceeds are distributed elsewhere. The 3ccounts include all transactions, assets and liabilitles for whlch the PCC Is responslble in law. They do not Include the accounts of Church groups that owe thelr maln affiliation to another body nor those that are informal gatherlngs of Church members. 14
PAROCHIAL CHURCH COUNCIL OF CAVERSHAM THAMESIDE AND MAPLEDURHAM NOTES TO THE FINANCIAL STATEMENTS For the yeur ended 31 December2024 l AccouprfiNG POLiaES (convd) Income Voluntary Income and capltol resources Collections a recognised when received by or on behalf of the PCC. Planned grvinB receivable under tovenant is recogni5ed only when the charity Is entitled to reipt, when receipt is probable and amounts can be measured reliably. Income tsx recoverable on covenants or Grft Aid donations is recognised when the income is recognised. Grants and Legacles to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due, Grants receible in instalments are recognised subject to condltions attathed. Funds raised by the fete and similar events are accounted for gross. Investment Income Rental Income from the tenanted properties is recogni5ed when the rentsl is due. Casual lettln85 of the upper rooms at Church House are recognised when the income is receivable. Dfvldends and Interest are accounted for when receivable. Giins and1055e5 on Investment5 Realised galns or losse5 are recognlsed when investments are sold. Unreali5ed galns or losses are accounted for on revaluation of investments at the year end. Expenditure 6r4nts Grants awarded and donatlons advised are accounted for when paid over. or when awarded, tf that award creates a bindirig obligation oil the PCC. Activities directly relating to Church work The diocesan quota or parish share 15 accounted for when payable. Any quota unpaid at 31 December is provided for in these accounts as èn operational (though not 3 legall liability and 15 shown a5 a creditor In the Balance Sheet. Consecrated lund ond buildings and movable churchfvrnishings Consecrnted and beneficed property is excluded from the accounts by the Charities Act 2011 Section 1012)Icl. No value 15 plated on Church fixtures, fittings and furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC con51ders this to be inallenable property. All expenditure incurred durlng the year on consecrated or benefi building5 and Church fixtures, fittings and furnlshlngs, whether mainteiiance, Improvement or repl3Ment, is Written off a5 expenditure in the Ststement of Financlal Actlvities. otherllxture5 andfithngs and office equipment Equipment used wf(hin the Parish is depreciated on a straight line basis over 4 years. However. indlvldual Items of equipment wlth a purchase price of £5,000 or less are wrttten off when the asset is acquired. Investments Investment property Is valued at falr value. The Trustees conslder any changes in falr value on an annual basls. The unlt trust Investments are valued at 31 December by reference to their published bid prices. Current assets Amounts owlng at 31 December in respert of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectable. Short-term deposlts Include cash held on dep051t wfch the CBF Church of England Funds or at the bank. Flnunelttljnstruments The charity only enters Into baslc flnancial instruments transactlons that result in the recognition of financial assets and 113bllities like trade and other debtors and creditors, loans from banks and other third parties, loan5 to related parties and investments in non-ptrttable ordinary shares. 15
PAROCHIAL CHURCH COUNCIL OF CAVERSHAM THAMESIDE AND MAPLEDURHAM NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 (contlnuedj 2 INCOME Unrestrlcted Restrlcted Endowment Total Funds Funds Funds Funds 2024 2023 2a. Income trom Donations and Legacles Planned Giving with Gift Aid IncomeTax refund Planned Giving- Non Gift Aid Collections (open platel at seryice5 Sundry donations & Transfers In Grants from Church House Legacles 139,378 57,799 7,275 5,432 13,463 10,000 60,464 139,378 57,799 7,275 5,432 13,563 ,000 60,464 128,131 42,049 9,185 7,879 loo 23.590 2.500 293,811 loo 293,911 232,249 2b, Other voluntary Income Fundraising & Appeals Charitable Collection5 External Grants 65,097 6,342 26,446 4,289 69.386 6.342 26A46 9,725 4,958 16,3(K 97,885 4,289 102,174 30.983 2¢. Income from Investments Dlvldends and Interest Rent Church House lettlngs eto 17,412 36,618 10,716 5,102 50A72 309 33.230 87.090 309 30,362 73,624 54,030 10,716 55,883 120,629 112,991 2d. Income from other Trddlng Actlvltles Church Fete Income from CDs/guides etc Church Lettings Feos Insurance clalm Other Incomlngs (St Peters and St Margarets Belts) 11,415 969 1,958 19,963 387 11,415 969 1.958 19,963 387 9,862 670 19,347 6,316 1,036 34,692 34,692 38,097 TOTAL INCOME 480,418 15,105 55,883 551,406 414,320 16
PAROCHIAL CHURCH COUNCIL OF CAVERSHAM THAMESIDE AND MAPLEDURHAM NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December2024 (ntInued) 3 EXPENDITURE Unrestricted Restrlrted Endowment Total Funds Funds Funds Funds 2024 2023 3a. Donattons Mlsslonary and charitable glving: Home Overseas Church House Grants 7,358 2,547 7.358 2,547 28,326 3,443 2,739 28,668 28,326 9,905 28,326 38,231 34,850 3b, Actfvltles dlrectly relating to the work of the Churth Minlstry: Diocesan quota Min15try: Diocesan rebate Clergy expenses, Inc tralnSn8 & retreats Incumbent'5 Expense5 Church running expense5 Church maintenance Ministry activities Employment costs 5t Peters Re-ordering expenses st Peters & St Margarets bell tower c05t5 Upkeep of services 0,044 (2,9391 0,044 12.939) 116,390 1,862 2.632 57,883 62,212 1.615 60.181 6,013 15,329 19,295 2,160 60,022 227,720 11,172 71,293 2,160 60,022 227,720 11,172 74,725 4,767 5.206 8,240 3,432 4,767 5,206 8,240 504,756 9,973 3,432 518,161 340,963 3¢. Fund-raising and publicity 4,773 4,773 6,228 3d. Church management and adminlstration 6,261 6,261 7,337 3e. Costs of Parish property Professlonal Fees 11,286 26,016 1,854 27,870 37,302 3,854 41,156 39,587 860 40,447 13.286 TOTAL EXPENDITURE 538,981 9,973 59,628 608,582 429,825 17
PAROCHIAL CHURCH COUNCIL OF CAVERSHAM THAMESIDE AND MAPLEDURHAM NOTES TO THE FINANCIAL STATEMENTS For the yÈor Ènded 31 0mber2024 fcontinued} 4 INVESTMEf+JTS 4a. Freehold Investment Property (Restrlcted and Endowment Fundsl Restricted Endowment 2024 2024 TOTAL 2024 2023 PropErtles held wlthln restrlcted and endowment funds Church Ilouse 6 Gosbrook Road 25 Ilkley Road 600,000 600,000 180,000 600,000 600,0(KI 180,OC 600,000 180,000 600.0(NJ 780,000 600,OCQ 1,380,000 1,380,000 Church House, 57159 Church Street, Caversham RG4 8AX Church House is a separate Charitable Trust within the PCC, and is held and administered on behalf of the PCC. In the event that the property was sold the proceeds would be payable to another Parish. The value is based on a valuatlon performed by Haslams Chartered Surveyor5 in January 2018 and is considered to be a fair estimate of the current value of the property. 6 Gosbrook Road, Caversham RG4 8BS The beneficlal owners of the freehold land and buildin&s are the Tlector and Churthwarden5 of the parish of Caversham Thameside and Mapledurham, but the property 15 vested in the Diocesan Trustee5 (Oxford) Limited. The Trust Deed {dated 23 Aprll 19741 made under the Incumbents and Churchwardens (Trusts) Measure 1964 ststes that rents and profits shall be applied "to the general funds of the parish church" The property 15 managed by Hicks Baker on behalf of the parlsh. It is let to a launderette at an annual gr055 rent of £14,Cth pa (less 7.5% agent fees). The property was valued at £180,000 by Hasl¢Jms in November 2019. Since then we have had an lnsuran'rebUild. valuation of É405,OLIO, but we have retalned the £180,000 valuation in tho accounts as we consider this to be a more realistic open market resale value. The current land registry entry is not deaf, and the parish is currently applying to the Land Registry to have the full title of the land vested in the Diocese. 25 Ilkley Road, Caversham RG4 7BD The beneficial owner of the freehold land and buildings is the PCC, and the property is vested in the DIDsan Trustees (Oxford) Limited. The value was updated by Walmsley Estate Egents In March 2022, who estimated the value at £600,OCM) to £625,000. whlch is consldered to be a fair estimate of the ojrrent value of the property. As 8t 31 December 2023 the property is occupied on a 12 month lease at a gross rental of £20,340 pa (less 7% agents fees). The 1969 Conveyance states that If t'he propefty was to be sold the net proceeds of sale may be applied as part of the general income of the Parochial Council of the parish of Caversham (now represented by the CTM Parish PCC}, subject to the approval of the Diocesan Trustees {Oxfordl Ltd. 18
PAROCHIAL CHURCH COUNCIL OF CAVERSHAM THAMESIDE AND MAPLEDURHAM NOTES TO THE FINANCIAL STATEMENT5 For the year ended31 Dember 2024 (contsnuedj 4b, Invèstments 2024 Total 2023 Total Unrestrlcted Restrkted Endowment 5t Peter's Church Balmore Hall Fund 5,924 CCLA Income shares at £23.122712023 - £22.6053) 206,347 206,347 201.730 St Peters Reserve 6,383 CCLA Accumulatlon shores at £62.7622 {2023 - £59.71381 4CI),621 400.621 381,163 St Margaret's Church Church Fabric Fund 1.27112023: 1,2291 CCLA Income shares at £23.1227 {2023- £22.60531 29,406 27,783 ljliscellaneous Fund 266 CCLI Income shares at £23.122712023- £22.60531 6,159 6.159 6.021 Caver5ham Parochial Fund crm Parish Reserve 13,746 (2023 - 16,7701 CCLA Income shares at£23.1227 {2023- £22.60531 317,846 317,846 379,090 Church House Haslam Bequest Maintenance Reserve 1.022 CCLA Accumulation shares at £62.7622 {2023- £59.71381 64,164 64.164 61,048 Church House ReSee 3,335 CCLA Income share5 at £23.1227 {2023 - £22.6053} 77,106 77.106 75,381 TOTAL INVESTMENT VALUE 754,032 206,347 141.270 1,101.649 1,132,216 Unrestrftted Restrkted Endowment 20Z4 2023 Marketvalue at l January 2024 {Propertyl Market Value at l January 2024 (exc property) Income Relnvested Gain I ILossl excluding income reinvested Less Transfer Restricted funds to Unrestritted Less WÈthdrawals 780,000 201,730 6CKI,O(X) 1.380.000 1,380,000 136,429 1,132,216 1,024,877 751 109.353 12,765} 794,057 887 29,087 4,617 4.841 38,545 (70.LXKI) (70,000) Market Value at 31 December 2024 754,031 986,347 741,270 2,481,648 2,512,216 19
PAROCHIAL CHURCH COUNCIL OF CAVERSHAM THAMESIDE AND MAPLEDURHAM NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 20241continued} 4£. Short Term Deposlts 2024 Total 2023 Total Unrestricted Restricted Endowment St Peter's Church CBF Deposit A/c- Legacy Fund CBF Deposlt A/c- Peter Shock Estate Barclay5 High Interest A/c - St Peter's Churth Appeal CBF Dep051t Alc- Keith Brow Fund CBF Deposit A/c- Balmore Hall Fund'lncome" Barclays High Interest Alc - St. Peter'5 GeneTrl Fund Bellrlngers NS&I Investment Alc 4,408 4,408 1,587 ii.ioi 1.186 92,126 66.226 27,151 4,186 1,507 15,481 1.126 82,109 11,039 27,151 1.587 ii,ioi 1,186 92,126 66,226 27,151 70,634 133,151 203,785 42,599 IE. Church House Natwest'stxiety Reserve A/c" CBF Deposit A/c- Church House Reserve 15.648 64,621 15,648 64,621 24.901 61,452 80,269 80,269 86.353 111. St Margaret's Churrh CBF Deposlt A/c- Fabric Fund CBF Dep051t A/c- Mlscellaneous Fund 4.W7 15,000 4.007 15.CKK) 3.899 15,IXXI 19,007 19,007 18.899 Iv. CavÈrsham Parochlal Fund CBF Deposlt A/c - Property Malntenance Reserve Barclays Dep051t Alc 19,144 632 19,144 632 120,273 470 19,776 19,776 120,743 i. Held for Caversham Group Ministry CBF Deposit A/c - Nash Memorial Fund- Income 5,379 5,379 5,107 5,379 5,379 5.107 TOTAL SHORT TERM DEPOSITS 109,417 138,530 80,269 328,216 373,701 20
PAROCHIAL CHURCH COUNCIL OF CAVERSHAM THAMESIDE AND MAPLEDURHAM NOTES TO THE FINANCIAL STATEMEMrs For the year ended 31 December2024 {continuedJ 4d.cash at Bank 2024 Total 2023 Total Unrestrkted Restrfcted Endowmeirt Caversham Parochial Fund Caversham Parochial Fee5 Alc Church House Fete Account St Peter's Church St Margaret's Church St John's Church Bellringers.. St Peter St Margaret 18,IiJ) 5,150 .100 5,150 12,337 600 21.161 2,901 152.607 8,955 12,337 10,405 1,450 15,364 7,567 105,407 6(K) 21,161 2,901 152.607 376 376 5.707 2(Kl,519 6.424 12.337 219,280 159.337 4e. Other bank accounts othe.r bank accounts operated in the Parish, but not intluded in these Flnanaal Statements, together with their balances at 31 Dmber 2024, are detsiled bel0w:_ 2024 2023 5t Peter's choir 624 1,049 Church House rent Dep051t Account 13,103 13,103 21
PAROCHIAL CHURCH COUNCIL OF CAVERSHAM THAMESIDE AND MAPLEDURHAM NOTES TO THE FINANCIAL STATEMENTS For the ye4r ended 31 December 2024 (contlnuedj S SUMMARY OF RESTRICTED FUNDS includin8 allowance for Debtor5 & Credrtors Balmore Hall Bellringers StM&StP Other Funds TOTAL Balances brought forw4rd l January 2024 Changes to Property Valuation In¢ome: 283,839 34,492 803,221 1,121,552 Dividend5 and interest Other income Expendtture: Bellringers Transferred to unrestrlcted funds Galns on Investments Balances carried forward 31 December 2024 10,017 699 loo 10,716 4,389 4.289 (5,206} 14.7671 (9,973) 4,617 298,473 4,617 799,253 1,131.301 33,575 6 DEBTORS & PREPAYMENT5 2024 2024 2024 Unrestricted Restricted Endowmeirt 2024 TOTAL 2023 TOTAL Income Tax Recoverable Debtors and Pre-payments 2,2iY) 10,450 2,21X) 11,098 648 8,351 12,650 13,298 10,151 7 CREDITORS: AMOUNTS DUE WITHIN ONE YEAR Accruals and Deferred Income 27,644 2,500 30,144 24,475 27.644 2,5 30,144 24,475 22
PAROCHIAL CHURCH COUNCIL OF CAVERSHAM TrIAMESIDE AND MAPLEDURHAM NOTES TO TIIE FINANCIAL STATEMEf*NS For the year ended 31 December2024 {continueLI) 8 FUND DETAIL5 St. Peter's Church, Caver5ham The restricted funds comprise the Balmore Hall Funds (for various purposes): the Keith Brow Fund (for upkeep of the churchyard). St Peter's Appeal Fund (for the funding of current appeals Including the reOrderIng of the west end crf the church); the Peter Shock Estate (to asslst the development of young people) and the Bellrlngers (for upkeep and replament of Church bells). st. MarBaret's Church, Mapledurham The restritted funds comprise the Badger Bequest (for upkeep of the Church Clock), the Bellringers (for upkeep and replacement of Church bells) and the Bell Tower Fund (for bell tower repalrsl. Durlngthe year the Badger Bequest and Tower Ftfnd were llY spent. Caversham Parochial Fund The restricted funds tomprise the freehold land and buildin8s at 25 Ilkley Road, Caversham, being a Functional Asset (when used as a Curate's House) and the property at 6 G05brook Rd. Fund5 held for the Caversham Group Mlnlstry The following funds are held by the Rertor and Churchwardens of St Peter's Church Caversham, being for the benefit of the Caver5ham Group Ministry: Canon Nash Memorial Funds (granted to ordination candidates and irthers tralnlng for work in the Church of England). Church House {indudlng Haslam Bequest) The endowment funds comprise the freehold land and buildings at 57/59 Church Street, Caversham and the prOed$ from the sale of land at 57159 Church Street, Caversham (Haslam Bequest). The Income from these funds is held in a separate Investment account and is restrlcted to the maintenance and repair of Church House. The surplus funds raised by the management of Church House are either granted to approprlate beneficlaries or held in Reserve Accounts. The Trustees of this separate trust within the PCC must decide upon the use of the income. in accordance with the Trust Deeds. 9 NEf INCOME Church management and administration includes: -The independent examlner'5 fee of £1,710 {2023- £1,6801. - No employee received emoluments of more than £60,000. - The Parish is blessed wlth many volunteers who are involved in almost all areas of activty and give thelr time for free. They are relmbursed for parish approved expenses in conducting their role. 23
PAROCHIAL CHURCH COUNCIL OF CAVERSHAM THAMESIDE AND MAPLEDURHAM NOTES TO THE FINANCIAL STATEMENTS For the yeor ended311)ecember2024 {¢ontlnuedJ 11 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total 2023 Total Unrestrlrted Restrfcted Endowment 1nve5tme.nts Current Assets Current liabilities 754,032 322,586 (27,644) 986,347 144,954 741.270 2,481,649 2,512,216 93,254 560,794 543,189 {2,500} 130,144) 124,475) 1.048,974 1,131,301 832,024 3,DIZ,299 3,030,930 12 INVESTMENT PERFORMANCE The parlsh invest5 Sn the CCIA Investment Fund (both Accumulation and Income Units). In 2024 the funds performed asfollows: Fund Accumulation Fund Income Fund Investment Return 5.11% 2.29% 24