Company no. 02764183 Charity no. 1139618
The Ecumenical Council for Corporate Responsibility (ECCR) Report and Unaudited Financial Statements 31 May 2023
The Ecumenical Council for Corporate Responsibility (ECCR)
Reference and administrative details
For the year ended 31 May 2023 Company number 02764183 Charity number 1139618 Registered office and 61 Bridge Street operational address Kington HR5 3DJ Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Revd Grace Bally-Balogun Jeroen Bromilow Appointed 22 March 2023 Revd Dr Simon Cuff Vice Chair Revd David Haslam Revd Dick Johnson Simeon Mitchell Appointed 22 March 2023 Prof Geoff Moore Chair Austin Richards Appointed 22 March 2023 Sue Richardson Peter Speirs Resigned 8 December 2022 Dr Andrew Treharne Denise Wilkinson Chief executive officer Sarah Edwards - Executive Director Bankers The Co-Operative Bank 46-48 Arundel Street Portsmouth PO1 1TD Triodos Bank Deanery Road Bristol BS1 5AS Independent Godfrey Wilson Limited examiners Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
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The Ecumenical Council for Corporate Responsibility (ECCR)
Report of the trustees
For the year ended 31 May 2023
The trustees present their report along with the financial statements of the charity for the year ended 31 May 2023.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).
Objectives and activities
The JustMoney Movement is a trading name of the Ecumenical Council for Corporate Responsibility, whose core charitable objectives are to prevent and relieve poverty, and to advance environmental protection, human rights, conflict resolution, citizenship and community development, by promoting business ethics, corporate responsibility and ethical investment. In determining these objectives, the trustees have paid due regard to the Charity Commission's guidance on public benefit.
Our objectives are translated into a vision of a world where money is used to shape a fairer, greener future. We view money as playing a pivotal role in our society and as Christians we believe that our understanding and use of money flows from our faith and is part of our witness. We recognise that we can make decisions about our own money – how we bank, save, and spend – that contribute to a fairer, greener world. And we believe that policies and practices about money – for example in the tax system, the finance sector, or the corporate economy – can be shaped in ways that serve people and planet too.
Our approach, and the activities that flow from this approach, can broadly be described as a combination of grassroots education and campaigning, advocacy and thought leadership. We enact these approaches through our Money Makes Change programme, which promotes learning and action on ethical finance, and our Church Action for Tax Justice (CATJ) campaign for a fairer, more transparent tax system. In addition we have played active roles in a number of coalitions, for example on fair, inclusive banking, on economic reforms to address the cost of living crisis, and on the responsibility of companies to the communities and places where their subsidiaries operate.
Achievements and performance
The past year has been one of exciting change for the JustMoney Movement, as we rebranded to our new trading name and relaunched with a new website, social media channels and supporter conference. The aim of this rebrand has been to contribute to our strategic aim to engage with more Christians, churches and church networks, more deeply, and from more diverse backgrounds. It has continued to be a challenging context for charities and we hope our growing profile and reach will help us not just to survive but indeed to thrive, as we work to have an impact on policy and practice for a fairer, greener finance sector and wider economy.
We welcomed new Movement Builders, George Amadi and Matt Ceaser, on to the staff team during the year. They are leading a new 3 year project to engage with churches nationally and Black Majority Churches respectively, and build a network of JustMoney Champions. We also said goodbye to our CATJ Programme Manager Cat Jenkins. On the Board of Trustees, we said goodbye to trustee Peter Speirs, and having undertaken a review of skills and diversity, we appointed three new trustees, Jeroen Bromilow, Simeon Mitchell, and Matthew (Austin) Richards.
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The Ecumenical Council for Corporate Responsibility (ECCR)
Report of the trustees
For the year ended 31 May 2023
We continued to use our ‘Theory of Change’ to articulate how our activities and approaches build towards our vision of a world where money is used to shape a fairer, greener future. High level outcomes that we believe our education & reflection, campaigning & influencing, communicating and thought leadership activities can all contribute towards, which in turn can help achieve this vision, are as follows:
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Christians seeing how they use money as part of their faith - understanding their responsibility and their power as citizens;
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▪Christians changing their behaviour to align their money with their values;
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▪Churches teaching about money and making ethical decisions about their own finances;
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▪Christians having greater awareness of how money can shape a fairer, greener future;
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Christians campaigning for use of money to shape a fairer, greener future e.g. in tax policy, greener finance; and
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▪Stronger Christian voice in public discourse on money.
We have been focusing on partnerships, events, communications, media and advocacy to contribute towards our strategic aim of engaging more, more deeply and more diversely across the UK churches and are delighted to have exceeded our overall engagement target of 17,000, so that 21,525 Christians have engaged with us over the year (e.g. attending events, being on our mailing list, interacting with us online, making donations). This demonstrates the initial fruit of our rebrand as JustMoney Movement and also reflects the engaging campaigns we have run on banking & plastics and wealth taxes.
Money Makes Change (MMC) programme
Our Money Makes Change programme contributes to all the above outcomes particularly through approaches of education & reflection and campaigning & influencing. It aims to open up conversations around how Christians use, spend, save and invest the resources they have however big or small. It carries out activities among UK Christians and churches to educate and raise awareness around the ethical financial behaviour of individuals and congregations e.g. in terms of decisions about banking, savings & investments, pensions & spending. Our ethical bank account analysis for churches has been updated and continues to be the most downloaded resource from the Money Makes Change hub.
The Money Makes Change programme is entering a new phase including the start of the JustMoney Champions network of volunteers to disseminate resources and deliver content to engage their own congregations in taking action with their own finances and speaking out for a more just use of money. We are also scaling up our engagement with Black Majority Churches and developing tailored resources and activities with them. Our Don’t Bank on Plastics campaign has launched a new phase, including some shareholder engagement and enabling individuals to ask high street banks about their financing of plastics pollution.
Church Action for Tax Justice (CATJ) programme
Our Church Action for Tax Justice programme primarily contributes to our outcomes by taking a campaigning and advocacy approach. It equips UK Christians to campaign for a fairer tax system – both one in which everyone has to abide by the rules and tax avoidance and evasion are no longer tolerated, and one in which tax policies and procedures are fairer especially for people on the margins and for the environment.
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The Ecumenical Council for Corporate Responsibility (ECCR)
Report of the trustees
For the year ended 31 May 2023
Our aims this year have included:
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To have made progress on the Good Measure wealth tax campaign including parliamentary support and campaign support;
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To resource our supporters and continue to build good relationships across the church and tax justice movement; and
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To create resources and run events for Tax Justice Sunday and Fair Tax Week 2022, in partnership with Fair Tax Foundation, and plan our contribution to 2023 events.
Our Church Action for Tax Justice campaign has had significant media coverage as we have called for taxes on wealth to help tackle the cost of living crisis – including on Premier Radio, in the Church Times and on BBC1’s flagship ethics TV programme, Sunday Morning Live. We have promoted fair and responsible tax practices through running events and resourcing churches to participate in Fair Tax Week and will be doing so again this June.
We continued to run the Good Measure campaign calling for the introduction of a wealth tax. This included a letter to the Chancellor signed by over 2,000 supporters, and an action for supporters to contact their MPs. We handed this letter in to No 10 and 11 Downing Street.
Communications and thought leadership
We continue to provide a distinctive Christian voice in a number of financial and economic justice coalitions, including calling for a Fair Banking Act, and at the same time we play a unique role with UK churches connecting faith and finance, evidenced by our growing collaboration with the likes of Greenbelt Festival, St Paul’s Cathedral, and Churches Together in Britain and Ireland.
Our new trading name, JustMoney Movement, has been extremely successful so far, and we have seen increased engagement from supporters, much greater profile in the media, and a number of new partnerships developing. Our new website www.justmoney.org.uk underpins our education and campaigning work, enabling Christians and churches to connect faith and finance and to take action for a fairer, greener world. On relaunching, we held a successful supporter conference in November, gathering around 60 people from across the movement, hearing from speakers including Ruth Valerio, Rachel Lampard, Elaine Bowes and Alton Bell, on how we can connect issues of finance to our concerns about the climate crisis, racial and economic injustice. This will now be an annual event, and will be held in 2023 in Birmingham.
Future objectives and planned activities
In the coming year our strategic priority remains to increase the reach, depth and diversity of engagement of Christians, churches and Christian networks in the UK with JustMoney Movement, in order to have a meaningful impact on policy and practice for a fairer, greener future. We will continue to carry out our activities through Money Makes Change and Church Action for Tax Justice, as well as engaging in coalition advocacy on financial and corporate justice, and seeking to develop a distinctive Christian contribution to advocacy and thinking on money, finance and economics.
We will build engagement through events, resources, communications and partnerships and our own JustMoney conference. We will launch the JustMoney Champions project nationally, contributing to the depth and diversity of those engaging with us.
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The Ecumenical Council for Corporate Responsibility (ECCR)
Report of the trustees
For the year ended 31 May 2023
Our Money Makes Change programme will strengthen and initiate new strategic partnerships to broaden the reach of MMC and deepen engagement. We will increase grassroots and church investor engagement with the Don’t Bank on Plastics campaign, contribute towards engagement targets by increasing participation in Good Money Week and Good Money Sunday (October 2023) and drive engagement of more Christians and churches to understand the financial system and take tangible action.
Our Church Action for Tax Justice programme will continue to seek to influence tax policy including by calling for political party commitments to taxing wealth; building grassroots awareness including through events and talks, Fair Tax Week and Tax Justice Sunday; deepening engagement by incorporating tax justice and wider economic educational material within the Champions resources; and building awareness and support in local churches and congregations for campaigning on tax justice.
Other campaigns and thought leadership
We will continue to play an active role in financial and economic justice coalition campaigns, providing a distinctive Christian voice and a ‘way in’ for Christian activism on these issues, and engaging in shareholder activism, building grassroots capacity through Champions, with companies and banks. We will continue to build our theological understanding and presence, including through events and resources. We will continue regular patterns of prayer for supporters and incorporate intercessory and prophetic prayer into our campaign ‘moments’.
Communications
We aim to increase profile and engagement across our various communications channels, and fully integrate our newsletter communication streams, in order to engage more Christians in the JustMoney Movement. We will create new digital and physical communication assets in order to resource more Christians and churches in the movement, look for new actions to drive engagement, and develop our media strategy, to enable us to achieve consistent coverage in faith based press and other mainstream outlets, in order to reach many more, and more diverse Christians with our messages.
Financial review
A summary of the year's results can be found on page 10 of this report and accounts.
During the year, total incoming resources amounted to £244,713 (2022: £224,080). The primary component £197,208 (2022: £187,037) related to grant income. The other major item was donations: £33,524 (2022: £25,704).
Resources expended totalled £194,427 (2022: £161,121) with 80% being expended on direct charitable activities. Governance costs totalled £2,512 (2022: £2,367). Net movement in funds, therefore, was £50,286 (2022: £63,162).
Investment policy and objectives
The Charity holds a nominal number of shares in various companies. ECCR holds these shares so that it can engage with the respective companies.
Reserves policy
At the end of the financial year, the total unrestricted reserves of the charity amounted to £86,804 (2022: £56,929).
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The Ecumenical Council for Corporate Responsibility (ECCR)
Report of the trustees
For the year ended 31 May 2023
The JustMoney Movement (ECCR) aims to keep unrestricted reserves available equivalent to approximately three months of ongoing expenditure. The Board considers such a level gives reasonable security to staff expecting monthly payments and represents a workable balance between the fluctuations of cash received, often by annual grant or subscription, and ongoing monthly expenditure. If reserves fall below the three month level, the Board checks that anticipated grant receipts are imminent and will return the reserves to that level.
Going concern
The Board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.
Structure, governance and management Governing document
The charity is constituted as a limited company, limited by guarantee, as defined by the Companies Act 2006 and is governed by its Memorandum of Association version 2.0, dated 10 December 2020. It is incorporated in England and Wales (Company Number 02764183) and registered with the Charity Commission (Charity Number 1139618).
The purposes of the charity as set out in its governing document
The Ecumenical Council for Corporate Responsibility (ECCR), trading as the JustMoney Movement, is a church-based investor coalition, registered charity and membership organisation. ECCR leads and collaborates with others in advocacy and awareness raising on issues of business, human rights and environmental stewardship.
Formed in 1989 (incorporated in 1992), ECCR believes that Christians are called to be stewards of God’s creation, to help the poor, and to seek justice. We aim to tackle issues of economic justice, human rights and environmental sustainability in corporate behaviour and wider economic life. ECCR has used shareholder activism and advocacy to seek changes in corporate behaviour. Since the creation of the Churches Investment Group (CIG), which coordinates the institutional churches’ responses on ethical issues arising from their corporate investments, and with which ECCR works closely, ECCR has focused on encouraging individual church members and local congregations to align their finances with their faith, and to speak out on issues of corporate and financial ethics. This approach recognises that the financial footprint of church members totals many billions of pounds (more than the corporate assets of the churches) and that the moral voice of the churches is still a powerful contributor to thought leadership and change.
ECCR continues to articulate ethical issues relating to corporate behaviour, such as human rights abuses and financial sector regulation, for example through our website and social media, and through coalitions and networks in which we play a role.
Organisational structure and decision making
Our trustees are also charity trustees for the purposes of charity law. The trustees are elected at general meetings or may be co-opted by the trustees in accordance with the Memorandum of Association.
The trustees take responsibility for the overall running of the Charity. The trustees meet at least four times each year to decide on matters of strategy and policy, and to deal with significant operational issues.
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The Ecumenical Council for Corporate Responsibility (ECCR)
Report of the trustees
For the year ended 31 May 2023
A sub-committee of the charity’s trustees (the Executive Committee) meet periodically throughout the year, providing steering and support in relation to a subset of the charity’s core operations. In implementing the charity’s work the trustees are assisted by a paid secretariat of 5 staff (3.7 full-time equivalent staff).
The trustees follow the Charity Governance Code for smaller charities, and regularly consider the skills, knowledge and experience they need to govern, lead and deliver the charity’s purposes effectively. They reflect this mix in their trustee appointments, balancing the need for continuity with the need to refresh the Board.
Statement of responsibilities of the trustees
The trustees (who are also directors of the charity 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, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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▪ observe the methods and principles in the Charities SORP; ▪ make judgements and accounting estimates that are reasonable and prudent; ▪ state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
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The Ecumenical Council for Corporate Responsibility (ECCR)
Report of the trustees
For the year ended 31 May 2023
Independent examiners
Godfrey Wilson Limited were reappointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 15 January 2024 and signed on their behalf by
Geoff Moore
Prof Geoff Moore - Chair
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Independent examiner's report
To the trustees of
The Ecumenical Council for Corporate Responsibility (ECCR)
I report to the trustees on my examination of the accounts of The Ecumenical Council for Corporate Responsibility (ECCR) (the charitable company) for the year ended 31 May 2023, which are set out on pages 10 to 21.
Responsibilities and basis of report
As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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(4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Date: 15 January 2024 Rob Wilson FCA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited
Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
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The Ecumenical Council for Corporate Responsibility (ECCR)
Statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 May 2023
| Restricted Unrestricted Note £ £ Income from: Donations and legacies 3 16,069 17,455 Charitable activities 4 122,525 88,573 Investments - 91 Total income 138,594 106,119 Expenditure on: Raising funds 18,254 16,496 Charitable activities 99,929 59,748 Total expenditure 5 118,183 76,244 Net gains on investments - - Net income 20,411 29,875 Net movement in funds 6 20,411 29,875 Reconciliation of funds: Total funds brought forward 69,069 56,929 Total funds carried forward 89,480 86,804 |
2023 Total £ 33,524 211,098 91 244,713 34,750 159,677 194,427 - 50,286 50,286 125,998 176,284 |
2022 Total £ 25,704 198,280 96 |
|---|---|---|
| 224,080 | ||
| 32,130 128,991 |
||
| 161,121 | ||
| 203 | ||
| 63,162 | ||
| 63,162 62,836 |
||
| 125,998 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 13 to the accounts.
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The Ecumenical Council for Corporate Responsibility (ECCR)
Balance sheet
As at 31 May 2023
| Note Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Liabilities Creditors: amounts falling due within 1 year 11 Net current assets Net assets 12 Funds 13 Restricted funds Unrestricted funds Total charity funds |
£ 15,401 165,193 180,594 (6,116) |
2023 £ 1,806 1,806 174,478 176,284 89,480 86,804 176,284 |
2022 £ 1,806 |
|---|---|---|---|
| 1,806 8,911 122,362 |
|||
| 131,273 (7,081) |
|||
| 124,192 | |||
| 125,998 | |||
| 69,069 56,929 |
|||
| 125,998 |
The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.
The directors acknowledge their responsibilities for:
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(i) ensuring that the Company keeps proper accounting records which comply with section 386 of the Act; and
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(ii) preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
Approved by the trustees on 15 January 2024 and signed on their behalf by
Geoff Moore
Prof Geoff Moore - Chair
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The Ecumenical Council for Corporate Responsibility (ECCR)
Notes to the financial statements
For the year ended 31 May 2023
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Ecumenical Council for Corporate Responsibility (ECCR) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
b) Going concern basis of accounting
The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
d) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.
e) Funds accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
f) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
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The Ecumenical Council for Corporate Responsibility (ECCR)
Notes to the financial statements
For the year ended 31 May 2023
1. Accounting policies (continued)
g) Allocation of support and governance costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis:
| ities on the following basis: | ||
|---|---|---|
| 2023 | 2022 | |
| Raising funds | 12.5% | 12.5% |
| Charitable activities | 87.5% | 87.5% |
h) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
i) Investments
Listed investments traded on a recognised stock exchange are stated at fair value at the reporting date, which is deemed to be their market value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.
j) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
k) Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
l) Financial instruments
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.
m) Pension costs
The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.
n) Accounting estimates and key judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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The Ecumenical Council for Corporate Responsibility (ECCR)
Notes to the financial statements
For the year ended 31 May 2023
1. Accounting policies (continued)
n) Accounting estimates and key judgements (continued)
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
2. Prior period comparatives: statement of financial activities
| Income from: Donations and legacies Charitable activities Investments Total income Expenditure on: Raising funds Charitable activities Total expenditure Net gains on investments Net income Transfers between funds Net movement in funds 3. Income from donations and legacies Donations Gift aid Total income from donations and legacies |
Restricted £ £ 21,484 4,220 112,300 85,980 - 96 133,784 90,296 13,131 18,999 66,443 62,548 79,574 81,547 - 203 54,210 8,952 69 (69) 54,279 8,883 Restricted £ £ 14,474 14,253 1,595 3,202 16,069 17,455 Unrestricted Unrestricted |
2022 Total £ 25,704 198,280 96 |
|---|---|---|
| 224,080 | ||
| 32,130 128,991 |
||
| 161,121 | ||
| 203 63,162 - |
||
| 63,162 | ||
| 2023 Total £ 28,727 4,797 |
||
| 33,524 |
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The Ecumenical Council for Corporate Responsibility (ECCR)
Notes to the financial statements
For the year ended 31 May 2023
3. Income from donations and legacies (continued) Prior period comparative:
| Prior period comparative: Donations Fundraising campaigns Gift aid Total income from donations and legacies Income from charitable activities Grants Membership income Other income Total income from charitable activities Prior period comparative: Grants Membership income Other income Total income from charitable activities |
Restricted £ £ 9,465 2,529 9,565 855 2,454 836 21,484 4,220 Restricted £ £ 122,176 75,032 250 12,760 99 781 122,525 88,573 Restricted £ £ 112,037 75,000 250 10,780 13 200 112,300 85,980 Unrestricted Unrestricted Unrestricted |
2022 Total £ 11,994 10,420 3,290 |
|---|---|---|
| 25,704 | ||
| 2023 Total £ 197,208 13,010 880 |
||
| 211,098 | ||
| 2022 Total £ 187,037 11,030 213 |
||
| 198,280 |
4. Income from charitable activities
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The Ecumenical Council for Corporate Responsibility (ECCR)
Notes to the financial statements
For the year ended 31 May 2023
5. Total expenditure
| Engagement costs Office and development costs Governance costs Sub-total Total expenditure Allocation of support and governance costs |
Raising funds £ 27,899 - - 27,899 6,851 34,750 |
Charitable activities £ 105,834 5,884 - 111,718 47,959 159,677 |
Support and governance costs £ 28,289 24,009 2,512 54,810 (54,810) - |
2023 Total £ 162,022 29,893 2,512 |
|---|---|---|---|---|
| 194,427 - |
||||
| 194,427 |
'Engagement costs' incorporate those costs which are directly attributable to the furthering of the charity's objectives, and is principally composed of staff, conference and travel costs.
'Office costs' incorporate those costs which are necessary to enable the charity's operations, and includes expenses such as insurance, IT and website costs.
'Governance costs' incorporate those costs which are necessary to ensure that the charity adheres to applicable legislation, and consists primarily of fees for the charity's independent examination.
| Engagement costs Office and development costs Governance costs Sub-total Allocation of support and governance costs Total expenditure Prior period comparative |
Raising funds £ 27,017 - - 27,017 5,113 32,130 |
Charitable activities £ 93,191 - - 93,191 35,800 128,991 |
Support and governance costs £ 27,170 11,376 2,367 40,913 (40,913) - |
2022 Total £ 147,378 11,376 2,367 |
|---|---|---|---|---|
| 161,121 - |
||||
| 161,121 |
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The Ecumenical Council for Corporate Responsibility (ECCR)
Notes to the financial statements
For the year ended 31 May 2023
6. Net movement in funds
This is stated after charging:
| Trustees' remuneration Trustees' reimbursed expenses Independent examiner's remuneration: |
2023 £ Nil 75 2,400 |
2022 £ Nil 37 2,280 |
|---|---|---|
Trustees' reimbursed expenses comprise payments to 1 trustee for travel and subsistence (2022: 1 trustee for travel and subsistence).
7. Staff costs and numbers
Staff costs were as follows:
| Salaries and wages Social security costs Retrospective application of Employment Allowance Pension costs |
2023 £ 136,519 7,734 - 7,775 152,028 |
2022 £ 128,203 7,867 (6,459) 7,688 |
|---|---|---|
| 137,299 |
No employee earned more than £60,000 during the year.
The key management personnel of the charitable company comprise the trustees, and Chief Executive Officer. The total employee benefits of the key management personnel were £53,856 (2022: £50,638).
| Average head count | 2023 No. 4 |
2022 No. 4 |
|---|---|---|
8. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
17
The Ecumenical Council for Corporate Responsibility (ECCR)
Notes to the financial statements
For the year ended 31 May 2023
9. Investments
| Investments | |||
|---|---|---|---|
| Market value at 1 June 2022 Unrealised gains Market value at 31 May 2023 Debtors Accounts receivable Prepayments and other receivables Creditors : amounts due within 1 year Trade creditors Accruals Taxation and social security Other creditors Analysis of net assets between funds Investments Current assets Current liabilities Net assets at 31 May 2023 |
£ - 92,575 (3,095) 89,480 Restricted funds |
2023 £ 1,806 - 1,806 2023 £ 6,800 8,601 15,401 2023 £ 105 5,819 - 192 6,116 £ 1,806 88,019 (3,021) 86,804 General funds |
2022 £ 1,603 203 |
| 1,806 | |||
| 2022 £ 3,755 5,156 |
|||
| 8,911 | |||
| 2022 £ - 5,478 1,199 404 |
|||
| 7,081 | |||
| Total funds £ 1,806 180,594 (6,116) |
|||
| 176,284 |
10. Debtors
11. Creditors : amounts due within 1 year
12. Analysis of net assets between funds
18
The Ecumenical Council for Corporate Responsibility (ECCR)
Notes to the financial statements
For the year ended 31 May 2023
| 12. Analysis of net assets between funds (continued) Prior period comparative Investments Current assets Current liabilities Net assets at 31 May 2022 |
£ - 70,587 (1,518) 69,069 Restricted funds |
£ 1,806 60,686 (5,563) 56,929 General funds |
Total funds £ 1,806 131,273 (7,081) |
|---|---|---|---|
| 125,998 |
13. Movements in funds
| Movements in funds | |||||
|---|---|---|---|---|---|
| Restricted funds MMC - Restricted Church Action for Tax Justice MMC - Barrow Cadbury Trust MMC Champions Project MMC Digital Upgrade Total restricted funds General funds Total unrestricted funds Total funds Unrestricted funds |
At 1 June 2022 £ 43,433 23,824 1,812 - - 69,069 56,929 56,929 125,998 |
Income £ 30,104 20,940 29,500 55,000 3,050 138,594 106,119 106,119 244,713 |
£ (47,195) (33,015) (29,122) (6,091) (2,760) (118,183) (76,244) (76,244) (194,427) Expenditure |
£ - - - - - - - - - Transfers between funds |
£ 26,342 11,749 2,190 48,909 290 At 31 May 2023 |
| 89,480 | |||||
| 86,804 | |||||
| 86,804 | |||||
| 176,284 |
Purposes of restricted funds
MMC - Restricted: Funds used to deliver the national Money Makes Change (MMC) programme. The MMC programme aims to open up conversations around how Christians use, spend, save and invest the resources they have. It carries out activities among UK Christians and churches to educate and raise awareness around the ethical financial behaviour of individuals and congregations.
Church Action for Tax Justice: Funds used to deliver the national Church Action for Tax Justice (CATJ) campaign. CATJ equips UK Christians to campaign for a fairer tax system - one in which everyone has to abide by the rules; in which tax avoidance and evasion are no longer tolerated; and in which tax policies and procedures are fairer, especially for people on the margins and for the environment.
19
The Ecumenical Council for Corporate Responsibility (ECCR)
Notes to the financial statements
For the year ended 31 May 2023
13. Movements in funds (continued)
Purposes of restricted funds
MMC - Barrow Cadbury Trust: Funds used to help deliver the MMC programme, as part of a three-year grant programme.
MMC Champions Project: These funds are restricted for the Champions project, which seeks to establish and grow a national network of JustMoney Champions to extend the charity’s reach and impact.
MMC Digital Upgrade: These funds are restricted for the purpose of digitally upgrading the resources and infrastructure of the Money Makes Change project.
| Prior period comparative Restricted funds MMC - Restricted MMC - Barrow Cadbury Trust Church Action for Tax Justice Total restricted funds General funds Total unrestricted funds Total funds Unrestricted funds MMC - Stockwell Social Media Fund Joseph Rowntree Charitable Trust |
At 1 June 2021 £ 756 1,882 12,221 14,790 48,046 48,046 62,836 - (69) |
Income £ 42,540 30,000 59,244 133,784 90,499 90,499 224,283 2,000 - |
£ (3) (30,070) (47,641) (79,574) (81,547) (81,547) (161,121) (1,860) Expenditure - |
£ 140 - - 69 (69) (69) - (140) Transfers between funds 69 |
£ 43,433 1,812 23,824 At 31 May 2022 - - |
|---|---|---|---|---|---|
| 69,069 | |||||
| 56,929 | |||||
| 56,929 | |||||
| 125,998 |
14. Related party transactions
There were no related party transactions in the current year. In the prior year the Stockwell trust made payments to The Ecumenical Council for Corporate Responsibility totalling £4,500; £2,000 of these payments were in respect of the MMC Social Media grant. Christopher Stockwell was a trustee of both the Stockwell Trust and The Ecumenical Council for Corporate Responsibility.
20
The Ecumenical Council for Corporate Responsibility (ECCR)
Notes to the financial statements
For the year ended 31 May 2023
15. Grants receivable
The charity is grateful to have received grants from the following organisations in the year:
| Barrow Cadbury Trust Benefact Trust Christian Aid Friends Provident Foundation Jesuit Fund for Social Justice Joseph Rowntree Charitable Trust MB Reckitt Trust Sisters of the Holy Cross Stockwell Trust Trust for London Total grants receivable Barrow Cadbury Trust Christian Aid Friends Provident Foundation Joffe Trust Joseph Rowntree Charitable Trust Lankelly Trust London Methodists National Lottery Sir Halley Stewart Sisters of the Holy Cross St Peter’s Saltley Trust Stockwell Trust Trust for London Total grants receivable |
Restricted 29,500 55,000 5,000 - 3,050 - 5,000 20,000 2,126 2,500 122,176 Restricted 30,000 5,000 - 20,000 - 10,000 6,000 8,537 5,000 20,000 500 2,000 5,000 112,037 |
- - - 32,500 - 36,000 - - 6,532 - 75,032 - - 50,000 - 25,000 - - - - - - - - 75,000 Unrestricted Unrestricted |
2023 Total 29,500 55,000 5,000 32,500 3,050 36,000 5,000 20,000 8,658 2,500 |
|---|---|---|---|
| 197,208 | |||
| 2022 Total 30,000 5,000 50,000 20,000 25,000 10,000 6,000 8,537 5,000 20,000 500 2,000 5,000 |
|||
| 187,037 |
21