**Registered number: 07759253 Charity number: 1144227** 

## **GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE VEAR ENDED 30 SEPTEMBER 2025** 




GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS
(Acornpany Ilmlted byguaranteo)
CONTENTS
Page
Reference and Admlnlstrative Details of the Charity. its Trusteesand Advisers
Trustees, Report
Independent Auditors, Report
statement of Flnancial Actlvlties
10
Balancesheet
11
Cash Flow Statement
12
Notes to the Flnanclal Statements
13-25

GLOBAL FELLOWSHIP OFCONFESSING ANGLICANS
{Acompany limited by guaranlee)
REFERENCE ANDADMINISTRATIVE DEfAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND
ADVISERS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Registered name
Global Fellowship of Confessing Anglicans
{Operating narne- 'Gafcon")
Trngtees
Mr D8vid Monro. Chair (resigned 10 December 2025)
Rt Revd John Guernsey, Chaii since 10 December 2025
Mrs Sarah Finch
Mr Olayinka Fisher
Revd Chris Green
Mr Emmanuel Kampourls
Preb Charles Marnham
Most Revd Dr Laurent Mbanda
Dr Laurence Scandrett
Rt Revd Paul Donison
Ms Carolyn Parlato
Mr Joel Reinhardt
Comp8nyregl8tratlon no. 07759253
Charityrogistratlon no.
1144227
Reglstered office
Christ Church Central
The DQ Centre
Fitzwilliam Street
Sheffield
S14JR
Companysecretary
Revd C8non Jodie McNeill
Independenl auditors
Griffin Stone Moscrop & Co
CharteredAccountanls
21-27 Lamb's Conduit Street
London
WCI N 3GS
Solleltoys
Charles Russellspeechlys LLP
5 Fleet Place
London
EC4M 7RD
Bankers
HSBC
12A North Street
Guildford
Surrey
GU14AF
Investment Managers
Rathbones Investment Management
30 Gresham Streel
London
EC2V 7QN
Page 1

GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS
{A¢ompany limited byguarant•e)
TRUSTEES. REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual
report for the year ended 30 September 2025 Ltnder the Companies Act 2006 and the Charilies Acl 2011. together
wilh the audited financial statements for that year. The financial statemenls eomply with the requirements of the
Companies Act 2006, the Charity's memorandum and articles of associatlon and the relevant Statements of
Recommended Practice (the Charities SQRP) "Accounting and Reporting by Charities" applicable to charities
preparing their financial statements in accordance with the Financial Reporting Slandaid applicable in the UK and
Republic of Ireland IFRS 102) effective 1 January 2019.
Since the company qualifies as small under seclion 383, the strategic report required of medium and large
companies under The Companies Act 2006 {Stralegic Report and Director's Report) Regulations 2013 is not
required.
Structure. Govemance and Management
a. Govemlng Docunwft and Constltution
The Charity is corsslituted as a charltable company limlted by guarantee, incorporaled on 1 September 2011 and
registered as a charity under charity number 1144227.
The charitable company's governing docijments are in the revised Artlcles of Association adopted on I l March
2024. These revised Articles have slrengthened the Governance ol the Company by sepaiating the functions of
Directorship and Membership.
b. Oryanisalional Stwcture 8nd Decision Making
The management of the charttable company isthe responsibility of the Truslees who are elected andloi co-opted
under the terms of the Articles of Association.
The Trustees met fourtimes during the year as a board. There is also an Annual General Meetlng IAGM) involving
the Guarantors. usually held in March or Aprll.
During the reporting year the day to day management was delegated to Ihe General Secretary, assisted by a
secretariat led by the Global Operations Manager, who is also Company Secretary and Secretary to the Trustees
and the Guarantors (the members of the company).
c. Mthod of Appointment of TNstees
Article 20 deals with the appointment and retirement of Trustees.
The Trustees may ctropt a person who is willing to act to be a Trustee either to fill a vacancy or as an additional
Trustee provided that ihe appointment does not cause the number of Trustees to exceed any number fixed by or
in accordance wilh ihe Articles as the maximum number of Trustees. A Twstee so appointed shall hold office
until the next AGM.
No new Trustees were appointed during the year.
d. Meetings and Policies Adopted for the Induction and Training of TNstees
New Tfuslees are inducted through a briefing carried out by the Chair which aims to give a new Truslee an inilial
understandlng of the Governan￿ of the Charity. and its Present position spiritually, operationally and financially.
including an understanding of any slgnificant risks.
The Chair carries out a periodic evaluation of board effectiveness and discusses the findings with the Tnjstee
Board and the Guarantors with a view lo ensuring ihe Board operates effectively and has the right overall balance
of skill and competence.
Page 2

GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS
(A company limlted by guarantee)
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 21Y25
e. Rlsk Managwnént
The Trustees have assessed the major risks to which the ch8rit8ble company is exposed, in particijlar those
related to the operations and finances of the charltable company. and are satisfied that systems and procedures
are in place to mitigate the Charitls exposure to the major risks.
Objectives and Activlties
a. Pollcies and Objectives
The charity's objects are specifically restricled to the advancement of the orthodox Anglican Christian faith for
the benefit of the public in accordance wlth thetenets of orthodoxy sel out in the Jerusalem Declaralion declared
on 29 June 2008 at the Global Anglican Future Conference and which is set oul in ihe Schedule to the Articles.
In setting objectives and planning for activities for the year, the Trustees have considered the Charity
Commission's genèral guidance on public beneflt and Its specific gLtidance on the advancemenl of religion.
Achlevements and Performance
a. Golng Concern
After making appropriate enquiries. the Trustees have a reasonable expectation that the charitable company has
adequate resources to continue in operational existence for the foreseeable *Ltture. For this reason they continue
to adopt the going concern basis in preparing the financial statements. Further details iegafding the adoptiors of
the going concern basis can be found in the Accounting Policies.
b. Rèview of Activitles
To fulfil the charitable objectives. against the backdrop of the Church of England General Synod's resolution to
welcome their bishops. Proposals for prayers of blessing for same-sex vnions in contTavention of the Bible, and
the lack of orthodox leadership in the Anglican Communion slructures, ￿ Chartycarried (xrtthefcl(p
activities inthe period-
1. Canon Daniel Willis stepped down as Global Operations Manager during the year, and was replaced by
Canon Jodie McNeill.
2. In March 2025 we held our G25 conference in Plano, Texas, with the theme of 'Leading the Renewal- (of the
worldwide Anglican Communion). 170 leaders from 25 couniries were present, including 10 Piimates and 83
other bishops and archbishops.
The particlpants agreed that Ihe four defining features of Gafcon. the basis of our fulure operations, were..
Gathering authentic Anglicans
Guarding God's Gospel
Growing orthodox leaders
Generating missional resources
3. Discussions have ¢ontinued with the Global South Fellowship of Anglican churches IGSFA) on proposals for
resetting ihe Anglican Communion.
4. The Bishops Tralning Institute continued in the year. with BT1￿ belng held in Kigali in October 2024. There
were 17 participants (bishops and their wives) and 10 faculty members, representing 9 Anglican Provinces.
5. Gafcon has maintained onlirle resources to build up and encourage faithful Anglicans worldwide wtth OLÈr
website and online prayer diary
6. G8f¢on ¢ontinues to provide support for faithful Anglicans and orthodox Anglican slructures around the
world= it has continued to support the Anglican Network in Europe and its three convocations.. it has been
supporting the Alliance. coTrsisting of various gfoupings of orthodox Anglicans within the Church of England,
who have been seeking to esiablish a third province in response to the proposals for Prayers of Love & Faith. It
Pag83

GLOBALFELLOWSHIP OF CONFESSING ANGUCANS
(Acompany limited by guarantee)
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2W25
has continued its support for the Church of Confessing Angllcans in Aotearora New Zealand. the Diocese of ihe
Souihern Cross in Australla and Ihe Reformed Evangelical Anglican Church of Southem Afrlca.
7. During Ihe year we engaged Rathbones Investment Management to manage and invest the funds in our
Endowment Fund. Over the 7 months from iheir engagement to 30 Seplember 2025 the returns achieved were
income of 1.2% and capital growth of 5.6%. The Endowment Fund value was £2,358.426 at 30 Seplember 2025.
8. During the year, the individua5 and organizational support base increased by 37% from 286 to 391 donors.
However, gift income decreased by 84%. chiefly due lo the pievious year including a particularly large
endowmenl donatlon. The number of subscribeTS to Gafcon decreased by 10% duTing the year.
g. Since 30 September 2025=
Our Chair of Trustees Mr David Monro stepped down in December the new Chalr of Trustees is Bishop
John Guernsey.
In Oclobei 2025 our Primates met in Sydney,. following this meeting, the Primates Council Chairman
and Trustee. The Most Revd Dr Laurent Mbanda, issued a statement calling for the reordering of the
Angllcan Communion
A further Bishops Training Institule, BTI-9, has just been held in Abuja. Nigeria.
At the date of approval of this report, we are holding our G26 conference in Abuja, Nigeria, to
prayerfully consider the reordering of the Anglican Communion.
c. Factors Relevant to Achieve Objectives
1. Our success continues to be the movement's unity in ChrisL i.e. all working foi the same Lord, having been
saved by the same Gospel. all trusting in the same Scriplures and all motivated bythe same cause- lo exalt Christ
in word and deed.
2. The abilily to give suslained attention lo our Purpose using our own paid intemal resources, the volunteer
resources available in the whole fellowship and by engaglng with other Christian partners who shareourvalues.
Flnanclal Revlew
Principal Ri$ks and Uncertalntles
Principal risks and uncertainties arise from the vulnerability of the current financial model to an external shock and
the low awareness among Anglicans globalFy of the Gafcon movement and rls misslon. These have all been
magnified by current global economic issues. As a global orgttnisation. worsening economic conditions affect the
voluntary income.
With ihe movement of Anglican provinces away from orthodox Christian belief, particularly within the Church of
England, there Is an Increase In those seeking support from Gafcon.
b. Reserves Policy
The Twstees aim to maintain reserves at a level which will cover (al the amount required to be able lo pay the
Up-froftt costs of the fiv&yearly conference, estimated al approx. £500,000,- and Ib) the level required io meet our
obligations to staff, volunteers and stakeholders in the event of an unplanned closure. eslimated at approx.
£50.000. In order lo meet ihe requirements of (a), £453.218 is held in a designated fund, the GAFCON V 2028
Designaled Reserve,. this along with ihe restricted GAFCON IV Bursary Fund. will provide the level of reserves
required to cover up-front costs of future conferences. As at 30 September 2025 the Chafrty had free reserves -
unreslricted reserves less fixed assets and fixed asset investments- of £209,116 (2024.. £652,218). The Truslees
ole that the reserves ale above the required level and will continue to monitor the position.
The Chafltls cosls have been funded in the Current year by generous donations from Provinces, di0￿Se$.
churches and individuals and by specific grants m8de by other Chrislian charilies. Ir¢ addition, our GAFCON IV
Conference made a large surplus which increased our reseNes levels.
Page 4

GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS
(A company limited by gtsarantee)
TRUSTEES. REPORT (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 21Y25
Inveslmenl Policy
The Ch8rltys aims to invest in a diversified portfolio of investments, with an eye to bolh fixed interesl/liquid
investments and capital gTOWth. The Charity will not invest in businesses involved in pornography, gambling,
alcohol manufacture, controversial weapons such as clusier munitions and land mines. lobacco manufacture,
significant thermal coal, and other areas inappropriate for a Christian charlty.
Plans for the Futufe
Gafcon's future directi(m is the subject of the G26 conference being held in Abuja. in particular seeking to stand
firm for the orthodox Anglican faf(h in the face of developments within the Church of England, to engage with the
Global South Fellowshlp of Anglican Churches about a resetting of the worldwide Anglican Communion, and to
support faithful Anglicans worldwide.
Trnstees, Responsibilftles Statsment
The Trustees (who are also direclors of Global Fellowship of Confessing Anglicans for Ihe PLTrrposes of company
law) are responsible for preparing the Trustees, report and the financial staterllents in accordance with applicable
law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢epted Accountlng Practice).
Company law Tequires the Trustees to prepare financial statements for each financial year which give a irue and
fair view of the state of affairs of the charitable company ar¢d of the incoming resources and application of
resources, including the income and expendilure, of the charitable company for that period. In preparing these
financial statements, the Trustees are required io..
select suitable accounting policies and then apply them consistenily,.
observe the methods and principles In the Charities SORP (FRS 102),.
make judgments arkd estimales that are reasonable and prudent,.
state whether applicable LIK Accounting Slandards have been followed. subject to any materi81
departures disclosed and explained in the financial statements-,
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy
at any time the financial position of ihe charf(able company and enable them to ensure thal the financial
statemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the
charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
Dlsclosure of Infomiatlon toAuditors
Each of the persons who are Trustees at the time when this Trustees. report is approved has confirmed th8t-.
so far as that Trustee is aware. there is no relevant audit information of which the charitable companls
auditors are un8ware,and
that Trustee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any
information needed by the charitable companls auditors in connection with preparing Iheir report and to
establish that the charttable cornpany s atjditors are aware of Ihat information.
Sn preparing this report, the Tfustees have taken advanlage of the small companies, exemptions provided by
section 415A of the Companies Act 2006.
This report Was approved bythe Trustees on 2 March 2026 and signed on Iheir behalf by..
ohn Guernsey, Ch
Page 5

GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS
(A ¢ompany Ilmlted by guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF GLOBAL FELLOWSHIP OF CONFESSING
ANGLICANS
Opin•on
We have audTted the financial statements of Global Fellowship of Confessing Anglicans (the'chaiitable companl)
for the year ended 30 September 2025 which comprise the Statement of Financial Aclivities, Balance Sheel and
Cash Flow Statement and notes tothe financial statements, including a surnmary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accourrting Slandards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in
the UK and Republic of Ireland (United Kingdom Generally Accepted Accounlirbg Practice).
In our opinion the financi81 statements..
give a true and fair view of the state of the charitable companls affairs as a130 Seplember 2025, and of
its incoming resources and application of resources, including its income and expenditure, for the yearthen
ended,.
have been Pfoperly prepared in accordance wlth Untted Kingdom Generally Accepted Accourrting Practice,.
and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with Irrternational Standards on Audiling (UK) (ISAS (UK)) and applicable
law. Our respor¢sibililies under those standards are further described in the Auditorfs responsibilities for ihe audit
of the financial stalemenls section of our report. We are independerrt of the charitable company in accordance with
Ihe ethical requirements that are relevant to our audit of the financi81 statements in the UK, including the FRC'S
Ethical Standard. and we have fulfilled our other ethical responsibiltties In accordance with these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provlde a basis for our oplnlon.
Con¢luslon$ relating to going concern
In auditing the financial statements, we have concluded Ihatthe trustees, use of the going concern basis of
accounting in the preparalion of the financial statements is appropriale.
Based on ihe work we have performed, we have not identified any rftaterial uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to
continue as a going concern for a period of at least Iwelve months from when the financial statements are
authorised for issue.
Our responsibllitles and the responsibilities of the trustees with respect to going concern are described in ihe
relevant sections of this report.
Other informalion
The other information comprises the information included in the trustees annual report, other ihan the financial
statements and our auditor's reportthereon. Thetrustees are responsible forthe other information conlained within
the annual report. Our opinion on the financial statements does nol ¢over the other information and, except lo the
extent otherwise expll¢itly stated in our report, we do not express any fomi of assurance concluslon Ihereon. Our
responsibility is to read the other information and, in doing so. consider whether the other information is materially
inconsistent with the flnanci81 statements Of our knowledge obtained in the course of the audit or otherwise
appears to be materially misstated. If we identify such material inconsistencies or apparent material
misslotements, we are required to determine whether this gives rise to a material misstalement in the financial
statementsthemselves. If, based on the work we have performed, we conclude that there is a material
misstalemenl of this other informatiors, we are required to report thai fact.
We have nothing to report in this regard.
Page 6

GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS
(A company limlted by guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF GLOBAL FELLOWSHIP OF CONFESSING
ANGLICANS
Opinions on other matters prescribed by the Companies Act 2006
In our opinion. based on the work undertaken in the course of the audit..
the information given in the trustees, report for the financial year for which the financial statemenls are
prepared is conslstent with the financial statements., and
Ihe trustees, report (including the directors, report) has been prepaTed in accordance with applicable legal
requirements.
Matters on vthlch w• are requlred to roport by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the
ourse of ihe audit. we have not identified material misstatements in the strategic report and the directors. report.
We have nothing to report in respecl of the following mattels In relation to which the Companies Acl 2006 require
us to report lo you if, in our opinion..
the infoTmation given in thefinancial statements is inconsistent in any material respect with the tTustees' repo
or
the charitable company has not kept adequate accounting records,. or
the financial statemenls are not in agreement with the accounling records and returns,. or
we have not received all the information and explanations we require for our audit.. or
the trustees were not entr(led lo prepare the financial statements in accord8nce with the small companies.
regime and take advantage of the small companies, exemptions in preparing the directors, report and from the
requirement lo prepare a strategic report.
Responslbilities of trustees
As explained more fully in the trustees, responsibiltties statement, the trustees (who are also the directors of the
charitable company for the purposes of Company law) are responsible fof the preparation of the financial
statements and for being satisfied that they give a true and fair view. and for such inlemal control as the trustees
determine is necessary to enable the preparation of financl81 statements that are free from material misstatemenl,
whether due to fraud or eTroT.
In preparing the financial statements. thetrustee$ are responsible for assessing ihe charitable companls ability to
conlinue as a going concern, disclosing, as applicable, matters related to going concem and using the going
conce¥n basis of accounting unless the trustees either intend to liquidate the charitable company or to cease
operations. or have no realistic alternative but to do so.
Auditors, respon$lbllltles for the audit of the financial statements
Our objeclives are to obtain reasonable assurance aboLrt whether the flnancial statements as a whole are free from
material misstatement whether due to fraud or error. and io issue an auditorfs report that includes our opinion.
Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accofdance
with ISAS (UK) will always detect a maleri81 misstatement when it exists. Misstatemenls can arise from fraud or
error and are considered material if, individually or in ihe aggregate. they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are in8lances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including
fraud. The specific procedures designed and implemented to detect irregularilies, Including fraud. are detailed
below:
General enquiries with management and those charged with govemance.,
Making specific enquiries of management lo identify the processes and procedures designed and
implemented lo evaluate the appropriateness of receiving slgnificant donalions..
Page 7

GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS
(Acompany Ilmited byguaranteo)
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF GLOBAL FELLOWSHIP OF CONFESSING
ANGLICANS
Carrying out substantlve checking to supporting documerrts on a sample b8sis of individualtFans8clions wfthin
income and expendlture to give comfort that on a sample basis the SOFA does not conlain any irregular items..
Carrylng OLrt walk-through testing lo verify that the charity's accounting systems and conlrols are being
implemented as designed,.
Verifying the existence on a sample basis of individual employees on the payroll,.
Verifying that material balances within the balance sheet are supported by third party evidence to confirm the
exlstence and valuation of these balances ai the balance sheet date: and
Reviewing minutes of trustees. meetings.
Because of the Inherent limitations of an audil. there is a riskthat we will not detect all irregularities. including those
leading to a material misstatement in the financial statements OT non-compliance with regulation. This risk
incieases the more thal compliance wf(h a law or regulation is removed from the events and transaction5 reflected
in the financial statements, as we will be less likely to become aware of instances ot non-compliance. The risk is
also greater regarding irregularities occurring due to fraud r8ther than error, as fraud involves illtenlional
concealment forgery, collusion. omission Of misrepresenlation.
As part of an audit In accordance with ISAS (UK). we exercise professional judgment and maintaln professlonal
scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or
er¥or, design and perform audit procedures responsivetothose risks, and obtain audit evidenceihat is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstalement resulting
from fraud ig higher than for one resulting from error. as fraud may involve collusion, folgery, intention81
omissions. misrepresentations. or the override of Internal control.
Obtain an Ltnderstanding of internal control relevanl to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
charilable companls internal control.
Ev8luatethe approprl8teness of aceounllng policles used and the reasonableness of accounting estimates and
related disclosures made by the Irustees.
Conclude on the appropriateness of the trustees. use of the going concern basis of accounting and, based on
the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the charitable company s ability to continue as a going concem. If we conclude that
material uncertainty exists, we are required to draw attention in OUT auditorfs report to the relaled disclosures
in the financial statements or, if such disclosures are inadequate, to modify our oplnion. Our conclusions are
based on the audit evidence obtained up to the date of our auditorfs report. However, future events or
conditions may Cause the charitable company to cease to continue as a going concern.
Evaluale the overall presentation, structure and content of the financial stalemenls, including the disclosures.
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with govemance regarding, among other matters, the planned scope and
tirning of the audit and significant audit findings, includirig any sigllifieant deflciencies in internal control thal we
identify during our aijdit.
Page 8

GLOBAL FELLOWSHIP OF CONFESSING ANGUCANS
(Acornpany limited by guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF GLOBAL FELLOWSHIP OF CONFESSING
ANGLICANS
Use of our report
This Teport is made solely to the charitable companvs members, as a body. in accordance wilh Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the ch8ritable
company s members and irustees those matters we are required to state to them in an auditor's report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilily to anyone other
than the charitable company, the charitable compan￿$ members as a body and the charitable company's trLbStees
8$ a body. for OLFT audit work, for this report, or forthe opinions we have formed.
Rlchard Hill FCA (Senior statutory auditor)
for and on behalf of
Griffin Stone Mos¢rop & Co
Chartered Accountants
Statutory Auditors
21-27 Lamb's Condult Street
London
WC1N 3GS
I IL (lknk ?026
Page g

GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
{Incorporating an income and expenditure ac¢ount)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Pemianènt
Restricted Endowment
funds
funds
2025
2025
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
Income from:
Donations and legacies
158,432
128.013
89.096
375.541
2,291,267
Charitable activities- conference
fees
17.515
17,515
Investment income
7.405
347
25.389
33,141
1.417
Other income
384
Exchange gain on uninvested
endowment funds
33,612
33,612
Total income and endowments
183.736
128.360
148.097
460.193
1292,732
Expended on:
Raising funds
36,707
1,102
9,929
47,738
49.225
Charitableactivities
252.452
121.088
373.540
354,968
Exchange loss on uninvested
endowment funds
133.773
Totsl exponditure
289,159
122.190
9.929
421,278
537.966
Realised Inveslment
gainslllosses)
(11,877) {11.877)
Nét ineome for the year
(105.423)
6.170
126.291
27.038
1,754,766
Unrealised Investfflent
gainsl(losses)
67
156.626
150,693
Total Movement in Funds
(105.356)
6,170
282.917
183,731
1,754,766
Total funds at 1 October 2024
652.518
66.652
2.075.509 2.794.679
1,039,913
Total funds at 30 September2025
547.162
72￿22
2.358.426 2.978,410
2,794,679
The notes on page$ 13 to 25 form part of these financialstatements.
Page 10

GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS
IA company Ilmlted by guarantge)
BALANCE SHEEr
ASAT 30 SEPTEMBER 2025
2025
2024
Noté
Fixed assets
Tangible assets
Investments
11
814
12
2,740,567
2.741,381
Current as$ots
Oebiors
Cash at bank
13
17.660
254.032
41,419
2,783,532
271.692
2,824,951
Credltors: amounts falling due withinone
year
14
(34.663)
130.2721
Net ¢urrentass6ts
237.029
2.794.679
Net assets
2.978.410
2,794,679
Charitable funds
Permanent Endowmenl funds
Restricted funds
Unrestricted funds..
Designated GAFCON V 2028 reserve
General Funds
16
2.358.426
72.822
2,075,509
66,652
15
15
453,218
93,944
446.602
205.916
Totsl funds
2,978,410
2.794.679
The company's financial statemenls have been prepared in accordance with the provisions applicable to
companles subject to the small companies, regime.
The financial statements were approved by the Trustees on 2 March 2026 and signed on iheir behalf by:
evd John Guemsey, Chalr
The notes on pages 13 to 25 form p
of these financialstatements.
Page11

GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS
IA company limited by guaranteg)
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Parm￿ent
Endowment
funds
2025
Unrèstrlcted Restricted
funds
Funds
2025
2025
Total
funds
2025
Total
funds
2024
Note
Ca$h Flows from Operating Activities:
Net cash provided byllused in)
operating activities
18
89
16
1,711681
Cash flows from Investlng Activities
Dividend$ And interest from
investments
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
7.405
{1,085)
347
25.389
33.141
{1.085)
117,974
117,974
(337.165) {40,000) 12.336,560) (2.713,725)
{330.845) , {39.653) (2,193.197) {2,563.695)
Change in cash and ¢a$h •qulvatents
In the year
(420,161) (33.830) (2.075,509) {2.529.500)
1,711681
Cash and cash equivalents at i October
2024
641.371
66.652
2,075,509 2.783.532
1.070,851
Cash and cash equivalents at 30
September2025
19
221.210
32￿22
254.032
2.783.532
The notes on pages 13 to 25 form part of these fln8ncialstatements.
Page 12

GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS
{Acompany limiled by guarantse)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Attountlng pollcies
1.1 Basis of preparation of financial statements
The financial statements have been prep8red in accordance wilh AccoLsnling and Reporting by
Charities.. Stalement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financ181 Reporting Standard applicable in the UK and Republic of Ireland (FRS
102) {effectlve l January 2019) (Charities SORP (FRS 102)), the Financial Reportlng Standard applicable
n the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the charitable
company. and are rounded to the nearest £1.
The preparation of financial slalements in compliance with the Charities SORP (FRS102) requires the
use of certain critical accounting estimales. It also requlres managemenl lo exercisejudgement in
applying the charty's accounting policies.
Global Fellowship of Confesslng Anglicans constitutes a public benefit entity as defined by the Charities
SORP.
1.2 Company sta￿8
The charitable company is a company limited by guarantee. There can be no less than three and no more
than six members. The membership of the company is available lo all applicants which are approved by
the Primates Council of the Global Anglican Future Conference. There are 5 members at present. In the
event of the charitable company being wound up, the liablllty in respect of the guarantee is limited 10 £1
per member of the charitable company.
1.3 Fund accounling
General funds are unrestricled funds which are available for use at the discretion of the Tr4JStees in
furtherance of the general objectives of the charitable company and which have not been designaled for
other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by
donors orwhich have been raised by the charitable company for particular purposes. The costs of raising
and administering such funds are chaiged against the specific fund. The aim and use of each restFiCted
fund is set out in the noles to the financial statements.
PeTm8nent endowment fund8 are funds wherethe c8Pltal is maintained. The charitable company's pollcy
on the use of the income is set out in nole 16.
1 A Income
All incoming resources are included in the Statement of Financial Activities when the charitable
company has entiilement to the income, it is probable that the income will be received and the amount
of income receivable can be measured reliably.
Income is recognised in the SOFA when it is received unless there is a clear basls for defeNal. Income tax
recoverable under gift aid on donations received is fecognised as income in the same pefiod as the
underlying income lo which it relates.
Page13

GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS
{A company limit￿ by guarantse)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Accounting pollcles (contlnued)
1.5 Expenditure
Expendlture is accounted for on an accruals basis and has been included under expense categories
that aggregate all costs for allocation lo activities. Where Costs cannot be directly attributed to
particular activities they have been allocated on a basis consistent wllh the use of the resources.
Support costs are those costs incurred directly in support of expenditUTe on the objects of the
charitable company and include overhead expendituie. These have been allocated as follows..
2025
2024
Generating funds
Charitable activities
20%
80%
20%
80%
Governance costs are included within support costs.
All resources expended are inclusive of irrecoverable VAT.
1.6 Golng Con¢om
There are no material uncertainties concerning the char6table companls ability to continue as a
going concem.
1.7 Tangible fixed assets and depreciati
All assets costing more than £500 are capitalised.
Tangible fixed assets are stated at cosl less depreciation. Depreciation is provided at rates calculated
to wrile off the cost of fixed assels, less their estimated residual value, over their expected useful
lives on the following b8ses-
Computer & electronic equipment
Fixtures & fittings
3 years straight linebasis
5 years straight line basis
1.8 Investments
Investments for whlch the￿ is a quoted markel value are valued at the bid-price ruling at the balance
sheet date. Other investments are v8lved at their realisable market value. Cash deposils held with
investment managers are included in investments on the Balance Sheet. Investment gains and
losses arising during the year are included the Statement of Financial Activities.
1.9 Deb￿$
Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid
net of any discounts due.
1.10 Cash * bank
Cash at bank includes cash and short tenn 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.
Page 14

GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS
(Acompany Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Accountlng pollcles {¢ontinuod)
1.11 Liabililies and provlsions
Liabilities are recognised when there is an obligallon al the balance sheet date as a result of a past
event it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimaled reliably. Liabilities are recognised at the amount that the
charilable company anticipates it will pay to settle the debL
1.12 Foreign currencies
Monetary assels and liabililies denominated in foreign currencies are Iranslated into sleiling at rates
of exchange ruling at the balance sheet date. Transactions in fofeign currencies are translated irrto
slerling on the day the Iransaction took place.
Exchange gains and losses are recognlsed in the statement of financial activities. Due to the effect of
currency fluctuations on large USD bank balances in our Endowment Fund, exchange gains and losses
pertaining to those balances are allocated to the Endowment Fund in the statement of financial
activities.
1.13 Financlal Instruments
The charity only has firsancial assets and financial liabllities 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 bank108ns which are
subseqL*ently measured at amortised cost using the effeclive interest method.
1.14 Pensions
The chartty operates a defined contribution pension scheme and the pension charge represents the
amounts payable by the charrty to the fund in respect of the year.
1.15 Operaling leases
Rentals under operating leases are charged to the statement of financial activities on a straight line
basis ovef the lease term.
Voluntsry Income
Unrestr
fund$
202
Restr Endowmt
funds
funds
2025
2025
Totsl Unrestr Restr Endowml
funds
funds funds
funds
2025
2024 2024
2024
Total
fund5
2024
Donations-
provinces,
branches &
churches
Grants
Donations from
individuals
24.088 26,787
45.951
7,783 58.658
45.951
51,897 1.600
6,458
59,955
134.344 55.275 81,313 270.932
71.183 15.154 2,144.975 2.231312
158.432 128,013 89,091 375.541 123.080 16,754 2,151,433 2,291.267
Page 15

GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS
(A company Ilmhed by guarantse)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Investment incorne
Vnrestr Restr Endowmt
funds funds
funds
2025 2025
2025
Total Unrestr
Restr
funds
funds funds
2025
2024 2024
Endowmt
fvnds
2024
Total
fijnds
2024
Dividends
Income from fixed
interest stocks
Bank interest
11,611 11.611
3.023
4,382
8.698 11,721
5,080
9.809
347
1,256
1,417
7.405
347 25￿89 33,141
161
1.256
1,417
£%￿ndItur0 Anatysis
Unrestr Restr Endowmt
funds
funds
funds
2025
2025
2025
Totsl
nds
2025
Unrestr Restr Endowmt
funds funds
funds
2024 2024
2024
Total
funds
2024
Raising funds
Charitable activities
Exchange loss on
endowment fund
36,707 1,102
252,452 121.088
9,929 47.738
48,117
39
373.540 330,261 24.707
1.069
49,225
354,968
133,T73 133,773
9.929 421,278 378,378 24,746 134.842 537.966
289,159 122,190
Analysls of resourees expended by expendlturetype
Depre-
clation
2025
Other
costs
2025
Totsl
2025
Total
2024
2025
Raising funds
Ch8rtt8ble Activities
Exchange loss on endowment
26,081
108,376
21,657
264.893
47,738
373.540
49,225
354,968
133,773
271
134.457
271
286.550
421.278
537.966
Costs of generating voluntary sncome
(8) Analysls of Resourees Expended
Dlre¢t
costs
2025
Support
costs
2025
Total
2025
Total
2024
Fundraising costs
47738 49 225
Page 16

GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Costs of generaling voluntaryincome
(continued)
(b) Dlrect costs of genorating voluntsry
Income
Permanenl
unrestrict￿ Rostrlcted Endowment
funds
funds
funds
2025
2025
2025
Total
funds
Total
funds
2025
2024
Office costs
Publicity costs
Consultancy costs
Bank & oiher charges
(52)
(52)
451
1,554
4.434 2,869
2.914
1.102
418
Investmenl Management charges
9,511
9,511
2.862
1.102
9.929
13.893 4,874
Anatysis of resources expended byactlvltles
(a) Analysls of Resources Expended
Direct costs Support costs
2025
2025
Totsl
2025
Total
2024
Charitable actlvitles including
conferences
238.157
735￿83 373.540
354,968
(b) Dlrect Charltable costs
Unrestricted Restricted
funds
funds
2025
2025
Endowment
Funds
2025
Total
funds
2025
Total
funds
2024
Staff costs
Recruitment, trainlng
Conference costs
Venue
Accommodation
Travel
Tr2llSPOrt
Publicity
Administration
Travel & Subsistence
Overnight Accommodation
Venue costs
Grants
Publicity costs
Office costs
IT costs
Consultancy costs
Bank & other charges
Depreciation
4.052
4.052
14,896
105
10,583
12.060
2.501
5.477
11,792
19,543
68,567
2.642
232
40
4.702
6,658
22,375
31,603
71,068
6.119
232
61
41.967
14,470
649
6.285
5.011
4,514
22,101
4,597
782
271
24,543
4,495
22,346
1,758
21
37.265
7.812
649
45.473
29,116
4,909
7,697
9,016
3.494
5,355
3.913
449
6,285
5.011
4.331
22.101
4.597
338
271
183
444
117.069
121,088
238,157
177,565
Page17

GLOBAL FELLOWSHIP OFCONFESSING ANGLICANS
(Acompany limited by guaTantsè)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Supportcosts
Unrestricted
funds
2025
Restrlcted
fund$
2025
Endowment
funds
2025
Totsl
funds
2025
Total
funds
2024
Staff costs
Recruitment & Training
Travel & Subsisience
Overnight accommodation
Office costs
IT cosls
Legal & professional costs
Bank & other chargeg
Depreciation
Exchange losses/(gains)
130,405
482
17.605
5.179
3.939
2,267
130.405
482
17.605
5.179
3.939
2,267
112.723
1,734
10.109
4,726
2,121
1,839
395
395
511
(474)
(474)
80,264
Govwnanee Items
Trustees Meeting expenses
Trustee Travel
Office costs
Audit fee
Other Legal & Professional fees
46
3,090
46
3.090
76
757
6,260
34
6,260
34
6,860
34
169,228
169,228
221,754
Alloc*iM:
Cost of Generating funds
Charitable Activities
33.845
135.383
33.845
135,383
44,351
177.403
169,228
169.228
221.754
Net hKomel(expenditure)
This is stated after charging=
2025
2024
Depreclation of tangible fixed assets..
owned by thecharily
Audttors, remuneration - audit fees
Auditors, remuneration
non-8udit fees
271
6,260
6,860
Durlng the year. no Trustees received any remuneration {2024- £NIL).
Durlng the year. no Trustees received any benefils in kind12024- £NIL).
Relmbuisemenl of expenses received by Trustees during Ihe current year totalled £1,29212024- £2.603).
Page 18

GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS
(Acompany limtted byguarantee)
NOTES TO THE HNANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
10.
Staff costs were asfollows:
2025
2024
Wages and salaries
Social securitycosts
Pensions
125,736
111.429
8.721
16.189
134,457
127,618
The avefage monthly number of employees during the year was as follows=
2025
No.
2024
No.
No employee recelved remuneration (exduding employerfs pension contributions) arnounting to more than
£60.000 in either year.
Remuneration of £67,904 in total was pald to key management personnel during the year12024- £64,601).
Included in creditors at the year end is an amount of £513 (2024- £640) of outstanding pension
contribLrtiorss due.
11. Tangible fixed assets
Fixtures.
Fittings &
Equipment
Cornp￿er
Equipment
Totsl
Cost
At beginnlng of year
Additions
6.648
1.085
6.648
1.085
Dlsposals
At end of year
Depreclatlon
At beginning of year
Depreciation
Disposals
At end of year
7.733
7,733
6.648
271
6.648
271
6.919
Net book value at year end
814
814
Net book value at beginning of year
Page 19

GLOBAL FELLOWSHIP OF CONFESSINGANGLICANS
(Acompany limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
12.
Investménts
Pemwnent
Endowment
Fund
Unrèstricted
Funds
Restrlcted
Funds
Totsl
Analysis of Movement
Market Value at beginning of year
Additions
Dlsposals
Gains/(losses) on investments
At end of year
Investments at mark￿ value
Equrties
Fixed Interest
Diversifiers
Cash & Deposils
At end of year
Investments at Cost
Equities
Fixed Interest
Diversifiers
Cash & Deposlts
At end of year
337,165
40.000
2,336,560
(129,851)
156,626
2.363,335
2.713.725
{129.851)
156,693
2.740.567
67
337.232
40.000
1.850,514
379.743
115.511
17,567
2363.335
1.850.514
716.975
115.511
57,567
2.740.567
337.232
40.000
40,000
337,232
1.714,003
378.852
95,687
17.567
2,206,709
1.714.603
716.017
95.687
57.567
2.583.874
337.165
40,000
40,000
337.165
13. Debtors
2025
2024
Other debtors
Piepayments and accrued income
324
41,095
17,660
17.660
41,419
14.
Creditors: Amounts falllny due within oneyear
2025
2024
Credtlors
Accruals and deferred income
Other Taxation and Social Security costs
12,538
21,472
653
21.501
6.628
2,143
34.003
30.272
Page 20

GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS
(Acompany limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
15. ststement of funds
Brought
Forward
Incoming Resources
Resourets Expended
Investmnt
gains
CaThied
Forward
Permanent Endowment fund$
The Gafcon Endowment Fund
2.075.509
148.097
(9.929) 144,749 2,358.426
Restrleted fund$
Bishops Training InstitLrte Fund
Bishop Lirses Fund
G25 Scholarship Fund
Video Productlon Fund
Suffering Church Nelwork Fund
Sustainable Development Network
Lawyers Task Force
Women in Ministry Network
Global Mission Partnershlps Network
General Network Fund
General Secretary Tr8vel Fund
Conference Organiser Fund
Kigali Buisary Fund
GAFCON IV Bursary Fund
G26 Abuja Bursaries Fund
Other Funds
50,650
6,300
68.851
(50.650)
{6,300)
(65.201)
3,650
6.998
4.275
349
153
949
120
49
6,998
4.275
349
153
949
120
49
356
53.399
356
53.740
2.173
347
2.212
(39)
66,652
128.360 {122.190)
72.822
Unrestricted funds
Designated GAFCON V 2028 reserve
General
446.602
205,916
6.549
177,187 (289.159)
67
453.218
93.944
Total Unreslricted Funds
652,518
183,736 (289,159)
67
547.162
Total funds
2,794,679
460,193 (421,278)
144,816 2,978.410
Supporting information in respect of each fund is given as follows:
Gafcon Endowment fund.. On 20 April 2023. at the GAFCON IV conference in Kigali, Gafcon announced its
inlenlion lo launch an endowment fund with Ihe intention of raising US$1 Omillion, in order to fund the work
of the Gafcon movement into the future. This was constituted in February 2024.
G25 Scholarshlp Fund.. This fund was to provide scholarships (or bursaries) for delegates from poorer
countries to enable them to attend our 2025 Bishops conference in Plano. Texas. in March 2025.
Page21

GLOBAL FELLOWSHIP OF cON￿S4NG ANGLICANS
(Acompany limit￿ byguarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Statement of funds {continued)
Re
inued
G26 Abuja 8ursaTies Fund.. Thi8 fund is to provide bursaries for delegates from poorer countries to enable
Ihem to attend our Bishops conference in Abuja, Nigeri8. in March 2026.
Bishops, Training In$titirte (BTI) Fund.. to pay for Bishops. Training conferences.
Bishop Lines Fund-. originally thig was to fund the office ar¢d expenses of the newly appointed Mlssionary
Blshop to Europe, and his work in the UK and Europe. This work is now carried out by the Anglican
Network in E￿rope, but some donatlons for ihis work are still received by us.
VideoProduction Fund.. to produce a video of the church in the Anglican Provlnce of the Congo.. illness (Ebola
and Covid-19) and violence have prevented this to dale.
The Sustsin•ble Development Network the Suff•rlng Church Nelwork, the L•wyers Task Force, the Wom
in Ministry Network and the Global Mission Partnerships Ne￿ork funds are to fund the work of those
individual Netwofks.
Kig811 Bursary Fund This fund was to provlde bLtrsaries for delegates from poorer countries to enable them
to attend our 2020 Bishops conference in Kigali. which never happened due to Covid-19. Some donors
agreed to have these funds transferred to the GAFCON IV Bursary Fund
GAFCON IVBursary Fund.. to provide bursarles for delegates from poorer countries to enable them to attend
our GAFCON IV conference in Kigali in April 2023.. the fund was not completely used and so funds will be
retained in order to fund bursaries at the GAFCON V conference in 2028.
The GAFCON V 2028 Reserve Fund has been established as a designated fund to fund the early expenses
of future conferences, specifically the 5-yearly GAFCON V confefence in 2028. The inlended reserve figure
is £500.000. made up of this reserve and the remaining balance of the GAFCON IV Bursary Fund.
Summary of funds
Brought
Incoming Re$ource8 Investment
Fopward Resovr¢05 Expended
Gains
Carrled
Forward
Year ended 30 Swember 2025:
Unrestricted funds
Restri￿ed funds
Permanent Endowment Funds
652.518
66.652
2.075.509
183,736 (289,159)
128,360 (122,190>
148.097
(9.929) 144,749
67
547,162
72.822
2.358,426
2 794 679
460 193
421278
144.816
2978410
Page 22

GLOBAL FELLOWSHIP OFCONFESSING ANGLICANS
(Acompany limited by guaranlfje)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
15. Slatemènt of funds (ciwrtinuod)
Brought
Forward
In￿mIng Resour¢es Transfers of
Resources Expènded
funds
Carri
Forward
Comparative Figuros:
Year ended 30 September 2024..
Permanent Endowment funds
The Gafcon Endowment Fund
1151689 (134.842)
57.662
1075.509
RestrlctedFunds
Gafcon future endowment fund
Bishops Training Institute Fund
Bishop Lines Fund
Video Pioduction Fund
Suffering Church Nelwork Fund
Sustainable Development Network Fund
Lawyers Task Force
Women in Ministry Network
Global Mission Partnershlps Network
General Network Fund
General Secretary Travel Fund
Conference Organiser Fund
Kigali Bursary Fund
GAFCON IV Bursary Fund
Othef Funds
57,662
2,314
13
6.998
4.275
252
153
910
120
49
5,801
(57,662)
8,783 (11.097)
7,713
17.726)
6,998
4.275
349
153
949
120
49
ioo
(3)
40
(i)
118
11181
15.8011
356
53,399
356
53.399
132,306
16,754 (24,746) (57,662)
66,652
Unrestricted funds
Designated GAFCON V 2028 reserve
General
446.602
446,602
205916
123,289
378.378
Total of funds
1,039,913
1292,732 (537,966)
2,794.679
16. Permanent Endowment Fund
During 2024 the Charity established a permanent endowment fund. The alm is lo reach US$10million to
produce sustalnable funding for Ihe Charity into the future.
The fund will accumulate income until the value of the fund (combined with the Designated GAFCON V
2028 reserve and GAFCON IV Bursary Fund) reaches US$4million. After that. Y3 of income will be
accumulated and ⅔ of income treated as unrestricted income. Therefore for the yeaf ended 30 September
2025 the fund is accounted for on a total return basis.
The Fund is governed by an Oversight Committee, wlth an Investment Committee to advise on investment
strategy. The Investment Committee appoinled Rathbones Investment Managernent to manage
investments on behalf of the fund. and funds were transferred to them in March 2025. Prior to that the
funds were held in bank accounts in both US dollars and pounds slerling.
Due lo exchange rate fluctuations the fund made an exchange galn of £33.612 in the year (2024- £133.773
loss) prior lo investment.
Page 23

GLOBAL FELLOWSHIP OF CONFESSING ANGLICANS
(A company limlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
16. Permanent Endowment Fund (contlnued)
Unapplied
Tolal
Retum
2025
Trnst for
Investment
2025
Totsl
2025
Total
2024
At beginning of ihe year:
2,209,095 {133.586) 2.075.509
Movements in the year
Transferred from restricted fund in the year
Gifts of endowment funds
Investment return.. Dividends & Interest
Investment return.. Exchange gain/llos5)
Charges on gifts received, and investment
management
Investment gains/(losses)
57.662
2.151,433
1,256
(133.T13)
89.096
89,096
25.389
33.612
25.389
33,612
(9,929)
(9.929)
144,749
11.069)
144,749
Nel movements in the year
Ai the end of the year.
Gift componenl of the permanent endowment
Unapplied total relum
Total
233.845
49,072
282,917
1075,509
2.442,940
2.442.940
2.209.095
133 586
2.442,940
(84,514) 2358.426
2.075.509
17. Anatysis of nel assets between funds
Ut)re8tricted Restricted Endowment
funds
funds
funds
2025
2025
2025
Totsl
Funds
2025
Total
Funds
2024
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
814
337.232
238.870
(29.754)
814
40.000 2￿63.335 2,740,567
32.822
271.692
(4.909) (34.663)
2,824,951
130,2721
547.162
72,822 2,358,426 2.978.410
2,794,679
Page 24

GLOBALFELLOWSHIP OFCONFESSING ANGLICANS
(A company Ilmiled by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
18. Reconciliation of not Income lo net Cash flow ftom operatlng a¢liYltlo8
Unfestrlcted Restrl¢ted Endowment
funds
lund8
Fund
2025
2025
2025
Totsl
fund$
2025
Total
Funds
2024
Net income for the year
(as per the St8lemenl of
Financial Activtties)
Depreciation
Investment income
Loss on disposal of
investrnents
Changes in Debtors
Changes in Creditors
(105.423)
6,170
126.291
27.038
1.754,766
271
(7,405)
271
(25.389) (33.141)
(347)
11,877
11.8TI
23.759
4.391
23.759
{518)
{37.788)
(4.297)
4.909
(89.316)
5,823
117.688
34.195
1.712.681
19. Analysls of Cash and Cash Equival•nts
Unrestricted Restrlcted
funds
funds
2025
2025
Endowment
Fund
2025
Tolal
funds
2025
Total
Funds
2024
Cash at bank and in hand
221,210
32.822
254.032
2.783,532
20. Relat￿ party tran88ction8
Related parties include the cha¥ity twstees. close relatives and key management personnel, and bodies of
which they are directors. Don8tions received in the year from Trustees and key management personnel
tolalled £38,38812024- £18.803). There were no confeieg)ce fees received in ihe year (2024: £Nil}.
Total payments to provinces, dioceses and churches of which Trustees are senior officlals are as follows..
£Nil to Eglise Anglicane du Rwanda, of which province Most Revd Dr Laurent Mbanda is Archbishop,
(2024.. £51,777 to relmburse Bishops Training Institule expenditure).
£3,461 (2024= £472) to Christ Church CaihedTal Plano. of which Rt Revd Paul Donison is Dean, to
reimburse costs of publicity materials and air fares.
The non-dependent daughter of one of the Trustees, engaged as a consultant in previous years on an
arms-length basis, was re-engaged on a voluntary basis in May 2024. No remuneralion was paid to her in
the year12024- £Nil). Expenses of £1,12512024'. £1,648) were reimbursed to her.
21. Operating lea$e commitments
There were no non-cancellable operating leases as at 30 Seplember 2025 {2024- Nil). There were no
lease/licence payments in the year12024- £Nil).
Page 25