REGISTERED COMPANY NUMBER: 09067852 (England and Wales) REGISTERED CHARITY NUMBER: 1158476 Report of the Trustees and Audited Financial Statements for the Year Ended 30th June 2025 for The Jerusalem and the Middle East Church Association (a company limited by guarantee admlnistered by the Jerusalem and the East Mission Trust Limited)
The Jerusalem and the Middle East Church Association (a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited} Contents of the Financial Statements for the Year Ended 30th June 2025 Page Report ofthe Trustees Report of the Independent Audltors 8 to 10 Statement of Flnanclal Artivities li Balance Sheet 12 to 13 Note5 to the Financial Statement5 14 to 26 Detailed Statement of Finantial Activities 27
The Jerusalem and the Middle East Church Association (a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Report of the Trustees for the Year Ended 30th June 2025 The trustees who are also the directors of the Charity for the purposes of the Companie5 Act 2006, present their report with the financial statements of the Charity for the year ended 30th June 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1st January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The Charitable Company was formed with the objective of taking over the èctivities of The Jerusalem and the Middle East Church Association IIMECAI (registered charity 2487991. The object of the Charitable Company, as defined in the Articles of Association las amended by special resolution dated 25th November 20201, is to benefit the public by encouraging support in prayer, money and personal service for the religious and other charitable work of the Episcopal Church of Jerusalem and the Middle East and the Episcopal/Anglican Province of Alexandria in ¢ommunion with the See of Canterbury. In pursuance of the object the Charitable Company may maintain the Cathedral Church and the Close of Saint George the Martyr in Jerusalem and its ancillary buildings and may promote theological study in the Middle East and by the churches, ministers in any countrv. Following a review of the strategic objectives of the jerusalem and the East Mission Trust, the directors, who are also trustees of the Charitable Coinpany, established the following objectives for the period 2022 2027.. l. Hold and administer property for the benefit of the dioceses 2. Hold, invest and administer funds for the benefit of the diocese5 3. Develop effective partnerships and promote knowledge about and prayer for the life of the dioceses 4. Maintain excellent governance and working arrangements On 215t May 2020 the Diocese of Egypt with North Africa and the Horn of Africa was formally inaugurated as the autonomous Province of Alexandria, The Dioceses of Jerusalem, Cyprus and the Gulf and Iran continue to make up the Province of Jerusalem and the Middle East. In the year ended 30th June 2024, the trustees changed their policy regarding the timing of the calculation and payment of gr3nts compared to previous years. Prior to this, grants were calculated based on the net investment income receivable up to 31st March in a financial year together with an estimate of the income expected to 30th June. For the year ended 30th June 2024 and subsequent years, grants are based on the actual net investment income receivable to 30th June and agreed by the trustees al a trustees, meeting following the end of the accounting year. Under this policy, as no grants were approved by the trustees during the year ended 30th June 2024 no grants were included in the accounts for that year. One of the main criteria used by the trustees in measuring the success of the charity in a year 3g3inst the objertives set is whether the charity has maintained or increased the level of grants paid to the three dioceses that make up the Episcopal Church of Jerusalem and the Middle East and the four dioceses that make up the Episcopal/Anglican Province of Alexandria. Public Benefit The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of the Charity in planning future activities and in setting the grant making policy for the year. In particular the trustees consider how planned activitie5 will contribute to the aims and objectives that have been set. Page I
The Jerusalem and the Middle East Church Association (a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Report of the Trustees for the Year Ended 30th June 2025 ACHIEVEMENTS AND PERFORMANCE The Charity supports the three dioceses that make up the Episcopal Church of jerusalem and the Middle East and the four dioceses that make up the EpiscopallAnglican Province of Alexandria by the making of 8rants from donations received and investment income. Two special appeals, the Archbishops, Joint Appeal for the Diocese of Jeru531em and an appeal specifically for the Al Ahli hospital in the Diocese of Jerusalem continued to run du ring the year and £94,444 was received for the two appeals. The Charity also acts as a way for interested organisations and individuals to make donations to specific organisations and projects within the provinces. The Charity has endeavoured to maintain the awareness of the Charity's supporters through the issue of their publication 'Bible Lands, and a website. The work of the communications consultant has significantly enhanced the information available concerning the activities within the two provinces. During the year, the Charity recruited a new chair of trustees, who joined the Board in November 2024 and become chair in June 2025; three new trustees who joined the Board in lune 2025; and an Operations Mana8er who started in May 202S to replace the Administrator, who departed in December 2024. FINANCIAL REVIEW Investment Investment Powers The trustees, power 15 governed by the Trustee Act 2000. This confers a general power of investment and require5 the trustees to invest in a diversified range of suitable instruments. Investment Objectives The investment obje¢tive5 are al to generate a sustainable income stream year on year which maintains ils current purchasing power. bl to at least maintain the capital value of the investments over the long-term. Risk Tolerance The trustees place a high priority on maintaining the real value both of the investments and the income returns over the long-term while recognizing that at times achieving this will mean accepting short or medium term declines in capital value and/or income available for distribution. Ethical and Socially Responsible Investment The trustees have reviewed their investment policy with regard to the Charity Commission's guidance on ethical and responsible investment. The trustees recognize and approve the CBF funds manager's policy of investing only in investments that conform to the Church of England's 'Ethical Investment Advisory Group, IEIAGI guidelines, with particular sensltivity relating to investments in the occupied Palestinian territories. Performance Investment income, including deposit account interest, has increased by 3.5% compared to the previous year. The value of the investments has decreased by 3.4% over the year. Page 2
The Jerusalem and the Middle East Church Association la tompany limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Report of the Trustees for the Year Ended 30th June 2025 FINANCIAL REVIEW Financial review Income from all donations decreased by 57.0% compared to the previous year. This, however, was almost entirely due to a reduction in the amount received in connection with the appeals for the Al Ahli Hospital, Gaza and the Archbishops, joint appeal for the Diocese of Jerusalem, which raised £60,496 12024.. £145,309) and £33,948 12024..£97,7731 respectively. Unrestricted donations decreased by 18.4%. The Charity received no legacies in the year ended 30th June 202512024- one restricted legacy of £5,000 for the Archbishops, appeal). A need to preserve and enhance the capital base of invested funds in order to maintain the level of support provided each year throughout the Provinces of Jerusalem and the Middle East and Alexandria continues. This need determines the amount of grant expenditure authorised by the trustees, which for the current year totalled £166,967 a decrease of 42.8°A compared with the previous year. This was driven primarily by the reduction in donations above but tempered by a change in policy for the timing of grants from general donations and investment income. Of the grants payable £93,502 related to earmarked donations12024: £260,838) of which £91,23012024.. £243,082) related to the specific appeals for the Dio¢ese of Jerusalem. £73,465 related to grants from general donation5 and investment income12024.. £33,001,. following the change in policy, no grants were made from investment income or general donations ir¢ the year ended 30th June 2024, other than a number of travel grants from the Bishop Cragg Fund and a £30,000 grant to the Diocese of Cyprus and the Gulf to cover expenses relatin8 to the Diocese of Iran. The management service charge totalled £36,00112024.. £35,725). In March 2023 the charity engaged the services of a communications consultant lo raise the awarene55 of the work of the charity within the two provinces. Fees and expenses paid to the consultant amounted to £6,991 in the year ended 30th lune 202512024: £7,380). The cost of raising funds increased to £19,60812024'. £12,776). This included three 155ues of the 'Bible Lands, magazine12024: one issue) due to a change in publication date, and additional fees charged by The Jerusalem and the East Mission Trust Limited in connection with the appea15 for the Diocese of Jerusalem. Net incoming resources for the year, before gains or 1055es on investments. totalled £35,44712024.' net outgoing resources of £597,359), this, however, is after taking into account the transfer of funds to St Mary's Waqf amounting to £684,930 in the year ended 30th June 2024. Further details of grants payable are shown in the financial statements. Reserves The trustees take the view that the aim should be to fulfil the Charity's objects over the long-term. The experience of the trustees 15 that the Province of jerusalem and The Middle East and the Province of Alexandria expect both to receive a regular annual grant at a sustained level and from time to time to call upon the Charity for additional and urgent funding, and it is the policy of the trustees, within the terms of the Charity, to maintain reserves at an adequate level to support these two needs. While keeping the level of resources under constant review, the trustees consider the current level to be prudent for this purpose. In the opinion of the trustees the finances of the Charity are adequate to enable it, with prudent management, to continue to carry out their charitable objectives. The unrestricted reserves of the charity as at 30th June 2025 were £2,203,07412024.. £2,244,683), restricted reserves were £2,224,06312024.. £2,293,820). Page 3
The Jerusalem and the Middle East Church Association la company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Report of the Trustees for the Year Ended 30th June 2025 PRINCIPAL RISKS AND UNCERTAINTIES The principal risks facing the charity are a1055 of investment income and in the long term a significant reduction in the capital value of the investments. These risks are managed by investing the charity's funds in the CBF Church of England Investment Fund Iboth income and accumulation 5hares1, the CBF Church of England Property Fund and the CBF Church of England Deposlt Fund. The CBF Church of England Investment Fund is an actively managed, diversified international portfolio of assets designed to help protect both present and future beneficiaries from the effects of excessive market volatility and inflation. The CBF Church of England Property Fund is an actively mana8ed, diversified portfolio of principally UK commercial property. The CBF Church of England Depoglt Fund offers a high level of capital security and a competitive rate of interest. FUTURE PLANS The Charity aims to continue to support the dioceses which make up the Episcopal Church of Jerusalem and the Middle East and the Episcopal/Anglican Province of Alexandria both financially and by raising awareness of the wider needs of the Christian community within the Middle East. This will be achieved by continuing to maintain the level of grant to the dioceses and province and by raising issues in Bible Land5 and directly with relevant partie5. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charitable Company 15 governed by it5 amended Memorandum and Articles of Association adopted on 25th November 2020. The trustees of the Charity and the directors of the Charitable Company are the directors for the time being of The Jerusalem and the East Mission Trust Limited. To assist the trustees in the performance of their duties the council of the Charity is comprised of the trustees together with the patron, presidents, vice-presidents together with up to twelve additional co-opted members The council acts solely in an advisory capacity and any deci510nS taken at meetings of the council shall not be binding on the trustees. The directors met four times during the year to consider the overall policy of the Charity and the level of grants to be paid. Following a review of the objectives of the charity and the methods used to fulfil those objectives, the Directors of the Jerusalem and the East Mission Trust, who are the trustees of the Charity, resolved to form two working committees to 3SSlSt in the 3dministration of the Charity. They are The Resources and Governance Committee and The Grants Committee, and are made up of directors and consultants of the Jerusalem and the E3st Mission Trust and the Operations Manager. The committees will make recommendations to the directors of the Jerusalem and the East Mission Trust to take forward the objectives of the Charity. The Jerusalem and thè Middle East Church Association is onè tsf five charities administered by this trust company which was formed to administer charities and their fLJnds whose objects are to support and advance the work of the Episcopal Church of Jerusalem and the Middle East and the Episcopal/Anglican Province of Alexandria. The other four charities administered by this trust company are St Mary's Waqf, Trust Property held in connection with the Episcopal Church in Egypt, The Arthur Benjamin lone5 Travel Bursary Trust and The Jerusalem Bishopric Fund. Page 4
The Jerusalem and the Middle East Church Association la company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Report of the Trustees for the Year Ended 30th June 2025 STRucfuRE. GOVERNANCE AND MANAGEMENT Recruitment, appointment, induction and training of new trustees New trustee5 and members of the council are appointed or invited to serve in accordance with the constitution when vacancies arise. New members are provided with information on the work of the Charity. The secretary of the council and the existing trustees of the Charity ensure that all relevant aspects of charity law are drawn to the attention of trustees. The policy for recruitment and training for director5 01 The Jerusalem and the East Mission Trust Limited is as follows= New directors are recommended to fill vacancies by existing directors, bishops of the provinces or others closely associated with the Ch3ritV's activities. Prospective directors are interviewed by the chair and other directors as appropriate and details including full Cvs are submitted to the board for approval. Prospective directors are given an introduction to the work of the Charity and information on the role of trustees and charity law. Charity Commission publications are regularly distributed ro the directors. Risk management As required by the Charity Commission, the trustees regularly undertake reviews of any significant risks to the charitable company to ensure that appropriate mitigation policies exist. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 09067852 (England and Wales) Registered CharSty number 1158476 Registered offlce l Hart House The Hart Farnham Surrey GU9 7HJ Trustees Rev Canon D J H Longe Ichairl lappointed 27.11.241 Rt Rev AJ Ball J M Clark D A Wright Dr C Amos Rev Y Said Iresigned 20.1.251 Rev C M Dawkins C A Hawkey Iresigned 16.6.251 Rev C H Laing13ppointed 17.6.251 Rev A J Kirk (appointed 17.6.251 Dr J Roberts lappointed 17.6.251 Company Secretary G M Higgins (appointed 1.5.251 Page 5
The Jerusalem and the Middle East Church Association la company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited} Report of the Trustees for the Year Ended 30th June 2025 REFERENCE AND ADMINISTRATIVE DETAILS Auditors Sheen Stickland Chartered Accountants Statutory Auditors 2 Oriel Court Omega Park Alton Hampshire GU34 2YT Legal Advisers Winckworth Sherwood LLP Arbor 255 Blackfriars Road London SEI 9AX Investment Managers CCLA Investment Management Limited One Angel Lane London EC4R 3AB EVENTS SINCE THE END OF THE YEAR Information relating to events since the end of the year is given in the notes to the financial statements. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees Iwho are also the director5 of The jerusalem and the Middle East Church Association for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accountin8 Standards (United Kingdom Generally Accepted Accounting Practicel. Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Uniler company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP,. make judgements and estimate5 that are reasonable and prudent; prepare the financial Statements on the going concern basis unless it is inappropriate to presume that the charitable cornpany will continue in business. Page 6
The Jerusalem and the Middle East Church Association {a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Report of the Trustees for the Year Ended 30th June 2025 STATEMENT OF TRUSTEE5' RESPONSIBILITIES_ continued The trustee5 are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statement5 comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for takinE reasonable steps for the prevention and detection of fraud and other irregularities. In $0 far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware,. and the trustees have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors, Sheen Stickland, will be proposed for re-appointment at the forthcoming Annual General Meeting. This report ha5 been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companSes. 0910312026 Approved by order of the board of trustees on and signed on its behalf bv.. Rev Canon D J H Lon8e Trustee Page 7
Report of the Independent Auditors to the Trustees of The Jerusalem and the Middle East Church Association Opinion We have audited the financial statements of The Jerusalem and the Middle East Church Association (the 'ch3ritable company'l for the year ended 30th June 2025 which comprise the Statement of Financial Activities, the Balance Sheet and note5 to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kin8dom Generally Accepted Accounting Practicel. In our opinion the financial statements: give a true 2nd fair view of the state of the charitable company's affairs as at 30th June 2025 and of its incoming resources and application of resource5, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting 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 International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stand3rds are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo event5 or conditions that, individually or collectively, may cast significant doubt on the charitable comp3ny'5 ability to continue as a going concern for a period of at least twelve months from when the financial 5tatement5 are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information Included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify SLJch material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements- or the charitable company has not kept adequate accounting records,. or the financial staternents are not in agreement with the accounting records and returns,. or we have not received all the information and explanation5 we require for our audit. Page 8
Report of the Independent Auditors to the Trustees of The Jerusalem and the Middle East Church Association Responsibilities of trustees As explained more fully in the Statement of Tru5tees' Responsibilities, the trustees (who are also the directors of the charitable company for the purpose5 of company lawl are responsible for the preparation of the financial Statements and for being sat15fied that they give a true and fair view, and for such internal control as the trustees determine is nece55ary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for a55essing the charitable company's ability to ontinue as a Eoing concern, disclosing, as applicable, matters related to goinE concern and using the going concern basis of accounting unle55 the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibilities foT the audit of the finantlal statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financi31 statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue a Report of the Independent Auditors that includes our opinion, Re350nable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individu311y or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularitie5, including fraud, are instances of non.compliance with laws and regulations. We design procedures in line with our respongibilities, outlined above, to detect material misstatements in respect of irregularities, includin8 fraud. The extent to which our procedures are capable of detectin8 irregularities, including fraud is detailed below.. We ensured that the engagement team collectively had the appropriate competence, capabilitie5 and skills to identify or recognise non-compliance with applicable laws and re8ulations. The laws and regulations applicable to the company were identified through discu55ions with the trustees and other management, also from our commercial knowledge and experience of the charitable company. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the charitable company, including but not limited to The Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering, employment, environmental and health and safety legislation. The extent of compliance with these laws and regulations identified above was assessed through rnaking enquiries of management and inspecting legal expenditure and correspondence. The identified laws and regulations were communicated within the audit team, the team remained alert to in5tance5 of non-compliance throughout the audit. We assessed the 5U5ceptibility of the charitable company'5 financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations,. and understanding the design of the charitable company's remuneration policies. making enquiries of management as to where they tonsidered there was susceptibility to fraud, them knowledge of actual, suspected and alleged fraud.. Page 9
Report of the Independent Auditors to the Trustees of The Jerusalem and the Middle East Churth Association To address the risk of fraud through management bias and override of controls, we= tested journal entries to identify unusual transactions,. performed analytical procedures to identify any unusual or unexpected relationships- a55essed whether jud8ement5 and a55umptions made in determining the accounting estimates were indicative of potential bia5,' and investigated the rationale behind significant or unusual transactions. In response to the risk o irregularities and non-compliance with law5 and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged with governance,. enquiring of management ag to actual and potential litigation and claims,. and reviewing correspondence with relevant regLlators. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non.compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional con¢e31ment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report Thi5 report Is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008, Our audit work has been undertaken so that we might state to the charitable company'5 trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or a55ume responsibility to anyone other than the charitable company and the charitable company's trustees a5 a body, for our audit work, for this report, or for the ¢pinion5 we have formed. Sheen Stickland Chartered Accountants Statutory Auditors Eligible to act as an auditor in terms of Section 12 12 of the Companies Act 2006 2 Oriel Court Omega Park Alton Hampshire GU34 2YT Date.. Page 10
The Jerusalem and the Middle East Church Association (a company limited by guarantee administered by the Jerusalem and the East Mi55ion Trust Limited) Statement of Financial Activities {Incorporating an Income and Expenditure Account) for the Year Ended 30th June 2025 2025 Total funds 2024 Total funds Unrestricted funds Restricted funds Notes INCOME FROM Donations and legacies 29,921 97,723 127,644 301,704 Investment income 72,032 68,256 140,288 135,587 Total 101,953 165,979 267,932 437.291 EXPENDITURE ON Raislngfunds 15,384 4,224 19,608 12,776 Charltable actlvltles Support for the work of the Anglican churches in the Middle East and Africa Diocese of jerusalem 11,077 24,418 26,359 139,939 619 10,465 151,016 25,037 36,824 283,078 8,048 700,748 30,000 Diocese of Cyprus and the Gulf Province of Alexandria Diocese of Iran Total 77,238 155,247 232,485 1,034,650 Net gainslllossesl on investments 166,3241 180,4891 1146,8131 276,339 NET INCOME/{EXPENDITUREI 141,6091 169,7571 1111,3661 1321,0201 RECONCILIATION OF FUNDS Total funds brought forward 2,244,683 2,293,820 4,538,503 4,859,523 TOTAL FUNDS CARRIED FORWARD 2,203,074 2,224,063 4,427,137 4,538,503 The notes form part of these f inancial statements Page 11
The Jerusalem and the Middle East Church Association {a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Balance Sheet 30th June 2025 2025 Total funds 2024 Total funds Unrestricted Restricted funds funds Notes FIXED ASSETS Investments li 2,052,698 2,135,518 4,188,216 4,314,273 CURRENT ASSETS Debtors Cash at bank 12 56.363 112, 184 106,821 106,359 163,184 218,543 290,014 170,694 168,547 213,180 381,727 460,708 CREDITORS Amounts falling due within one year 13 118,1711 1124,6351 1142,8061 1236,4781 NET CURRENT ASSETS 150,376 88,545 238,921 224,230 TOTAL ASSETS LESS CURRENT LIABILITIES 2,203,074 2,224,063 4,427, 137 4,538,503 NET ASSETS 2,203,074 2,224,063 4,427,137 4,538,503 FUNDS Unrestricted funds Restricted funds 14 2,203,074 2,224,063 2,244,683 2,293,820 TOTAI FUNDS 4,427,137 4,538,503 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2025. The members have not deposlted notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statement5. The trustees acknowledge their responsibilities for ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial staternents, so far as applicable to the charitable company. Ibl These financial Statements have been audited under the requirements of Section 145 of the Charitie5 Act 2011. The notes form part of these financial statements Page 12 continued...
The Jerusalem and the Middle East Church Association {a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Balance Sheet- continued 30th June 2025 These financial statements have been prepared in accordance with the provisions applicable to charitoble companies subject to the small companies regime. The d¥?66 statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by.. Rev Canon D J H Longe - Trustee Rev C M Dawkins - Trustee The notes form part of these f inancial statements Page 13
The Jerusalem and the Middle East Church Association (a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Notes to the Financial Statements for the Year Ended 30th June 2025 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the Charitable Company, which is a public benefit entity, have been prepared in accordance with 'Accounting and Reporting by Charities.. Statement of Recommended Practice (Charities SORPI,. 'The Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021', the Charitie5 Act 2011 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value. The Charitable Company had net current assets of unrestricted funds of £150,376 as at 30th June 202512024.. £145,661). The trustees consider, on the basis of the information available to them, that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future and for this reason the board of trustees continues to adopt the going concern basis in preparing the financial statements. The financial statements have been prepared on the goin8 concern basis as the trustees have considered the charity's financial p051tion, cash flow forecasts, and the impact of external factors including economic conditions and the regulatory environment, and have confirmed that the charity has adequate resource5 to continue its operations for the foreseeable future. Income All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliablv. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the Use of resources. Grant5 payable Grants payable are taken to the Statement of Financial Activities in the year they are approved. Grants from restricted income and fund5 are paid in accordance with the donors, wishes. Those paid from designated and unrestricted income and funds are distributed at the discretion of the trustees, sometimes in consultation with the archbishops at)d synods of the provinces. Management Service charge The management service charge is a support cost allocated to the activities of the Charity on a basis consistent with the use of resources, calculated by reference to the value of the funds as at 31st December of each year and is used to run the offices of The Jerusalem and the East Mission Trust Limited. The management service charge is allocated entirely to charitable expenditure. Audit fees are recognised within the service charge payable to The Jerusalem and the East Mission Trust Limited. Raising funds Fundr3i51ng and publicity/charity administration costs continue to be charged solely to The Jerusalem and the Middle East Church Association as it is the main beneficiary of fund5 raised. Page 14 continued...
The Jerusalem and the Middle East Church Association la company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Notes to the Financial Statements- continued for the Year Ended 30th June 2025 ACCOUNTING POLICIES- continued Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful Webslte 33% on cost Taxation As a re8lStered charity no liability to direct taxation arises on the ch3ritable activities. Investments Investments are stated at mid-market value at the balance sheet date. All movements in value arising from investment changes are shown in the Statement of Financial Activities. Unrealised gains/losses are the difference in market Value of investments held at the beginning of the year, or their cost if purchased in the year, and at the end of the year. DONATIONS AND LEGACIES 2025 2024 Donations Legacies 127,644 296,704 5,000 127,644 301,704 INVESTMENT INCOME 2025 2024 Income from listed ifivestments Deposit account interest 132,454 7,834 129,669 5,918 140,288 135,587 Page 15 continued...
The Jerusalem and the Middle East Church Association (a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Notes to the Financial Statements- continued for the Year Ended 30th June 2025 RAISING FUNDS Raising donations and legacies 2025 2024 Website expenses Magazine costs Fundraising expenses 610 14.556 4,442 778 4,939 7,059 19,608 12,776 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note Support costs (see note 71 Totals Support for the work of the Anglican churches in the Middle East and Africa Diocese of Jerusalem 121,882 18,191 26,894 29,134 6,846 9,930 151,016 25,037 36,824 Diocese of Cyprus and the Gulf Province of Alexandria 166,967 45,910 212,877 GRANTS PAYABLE 2025 2024 Support for the work of the Anglican churches in the Middle East and Africa Diocese of Jerusalem 121,882 18,191 26,894 260,361 304 686,103 30,000 Diocese of Cyprus and the Gulf Province of Alexandria Diocese of Iran 166,967 976,768 Grants for the Province of Alexandria in 2024 includes £684,930 in respect of funds held on behalf of Holy Trinity Church, Algiers which were transferred to St M3ry's Waqf in the year. An analysis of grants payable between the dioceses of Jerusalem and Cyprus and the Gulf and the Province of Alexandria and the source of those grants 15 Shown in the followinE table. The allocation of certain grants is at the discretion of the bishops of the dioceses whereas other grants are allocated to specific projects or organisations within a diocese. Page 16 continued...
The Jerusalem and the Middle East Church Association (a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited} Notes to the Financial Statements- continued for the Year Ended 30th June 2025 GRANTS PAYABLE - continued From general donations & legacies From earmarked donations & legacies From investment income Total grants 2025 2025 Diocese of Jerusalem Diocese of Cyprus and the Gulf Province of Alexandria Diocese of Iran 7,444 7,444 7,444 91,705 547 1,250 22,733 10,200 18,200 121,882 18,191 26,894 73.00 10.89 16.11 22,332 93,502 51,133 166,967 loo.00 Eighteen grants totalling £166,533 were made to organi5ation5 and one grant of £434 was made to an individual. A grant of £20,000 for work on St. Peter's Church Jaffa was made in previous years but has not yet been spent on the designated purpose. Thi5 sum was therefore deducted from the £42,733 grant funding from investment income agreed for the Diocese of jerusalem in the year ended 30th June 2025. SUPPORT COSTS Support costs comprise the management service charge £36,001 12024 £35,725), the fees and expenses of the communications consultant £6,99112024 - £7,280) and travel and orher expenses £2,91812024 £2,001). These costs have been taken entirely to charitable expenditure. Total 8overnance costs of £6,98512024'. £6,350) paid by the ultimate controlling entity represents amounts paid to the auditor for the audit of the accounts. TRUSTEES, REMUNERATION AND BENEFITS The Jerusalem and the E25t Mission Trust Limited when acting as trustee received remuneration in the form of a management service charge of £36,00112024.. £35,7251. In addition, fund raising costs in connection with the appeals for the Diocese of Jerusalem of £3,21412024: £2,696) were recharged to the charity. The directors of The Jerusalem and the Middle East Church Association did not receive any remuneration from the charity. Page 17 continued...
The Jerusalem and the Middle East Church Association (a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited} Notes to the Financial Statements- continued for the Year Ended 30th June 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Total funds INCOME FROM Donations and legacies 36,690 265,014 301,704 Investment income 69,156 66,431 135,587 Total 105,846 331,445 437,291 EXPENDITURE ON Raising fund5 8,600 4,176 12,776 Charitable activities Support for the work of the Anglican churche5 in the Middle East and Africa Diocese of Jerusalem 5,578 7,744 14,645 277,500 304 686,103 30,000 283,078 8,048 700,748 30,000 Diocese of Cyprus and the Gulf Province of Alexandria Diocese of Iran Total 36,567 998,083 1,034,650 Net gains on investments 117,761 158,578 276,339 NET INCOMEIIEXPENDITURE} 187,040 1508,0601 1321,0201 RECONCILIATION OF FUNDS Total funds brought forward 2,057,644 2,801,879 4,859,523 TOTAL FUNDS CARRIED FORWARD 2,244,684 2,293,819 4,538,503 Page 18 continued...
The Jerusalem and the Middle East Church Association (a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Notes to the Financial Statements - continued for the Year Ended 30th June 2025 io. TANGIBLE FIXED ASSETS Website COST At 1st July 2024 and 30th June 2025 9,670 DEPRECIATION At 1st July 2024 and 30th June 2025 9,670 NET BOOK VALUE At 30th June 2025 At 30th June 2024 ii. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1st july 2024 Additions Disposals Revalu3tions 4,314,273 21,120 13641 1146,8131 At 30th lune 2025 4,188,216 NET BOOK VALUE At 30th June 2025 4,188,216 At 30th lune 2024 4,314,273 There were no investment assets outside the U K. Cost or valuation at 30th June 2025 is represented by.. Listed investment5 Valuation in 2025 4,188,216 The historical cost of f ixed asset investments was £2,833,42312024.. £2,812.6281. Page 19 continued...
The Jerusalem and the Middle East Church Association la company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited} Notes to the Financial Statements- continued for the Year Ended 30th June 2025 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other debtor5 The Jerusalem and the East Mission Trust Limited Prepayments and accrued income 2,471 125.512 35,201 5,047 250,551 34,416 163,184 290,014 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other creditors Grants payable Accruals and deferred income 240 98,065 44,501 525 191.012 44,941 142,806 236,478 14. MOVEMENT IN FUNDS Net movement in funds At 30.6.25 At 1.7.24 Unrestrlcted fund5 General fund General M inistrv Legacy reserve Phillips & Cane A B Jones discretionary fund Small funds not detailed Bishop Cragg Travel fund 13,322 968,380 482,091 317,714 277,494 45,441 140,241 112,8291 112,5161 11911 12,3081 17,7861 305 16,2841 493 955,864 481,900 315,406 269,708 45,746 133,957 2,244,683 141,6091 2,203,074 Restricted funds Jerusalem Girls College/Worsley fund Moore-steele Graham Brown/Phillips Small funds not detailed Diocese of Iran Gobat Stewart 966,490 697,313 282,236 153,807 84,690 109,284 13S,5861 126,2081 11,8371 12,3421 312 14,0961 930,904 671,105 280,399 151,465 85,002 105,188 2.293,820 169,7571 2,224,063 TOTAL FUNDS 4,538,503 1111.3661 4,427,137 Page 20 continued...
The Jerusalem and the Middle East Church Assotiation (a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Notes to the Financial Statements- continued for the Year Ended 30th June 2025 14. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follow5: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund General Ministry Legacy reserve Phillips & Cane A 8 Jones discretionary fund Small funds not detailed Bishop Cragg Travel fund 29,925 31,346 14,630 10,326 9,084 1,930 4,712 142,7541 111,9581 13,5021 12,6071 18,8291 11,3351 16,2531 112,8291 112,5161 11911 12,3081 17,7861 305 16,2841 131,9041 111,3191 110,0271 18,0411 12901 14,7431 101,953 177,2381 166,3241 141,6091 Restricted funds Jerusalem Girls College/Worsley fund Moore-steele Graham Brown/Phillips Small funds not detailed Diocese of Iran Gobat Stewart 28,934 20,281 9,235 102,971 1,318 3,240 128,7391 119,5501 12,3171 1101,1781 13751 13,0881 135,7811 126,9391 18,7551 14,1351 16311 14,2481 135,5861 126,2081 11,8371 12,3421 312 14,0961 165,979 1155,2471 180,4891 169,7571 TOTAL FUNDS 267,932 1232,4851 1146,8131 1111,3661 Page 21 continued...
The Jerusalem and the Middle East Church Association (a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Notes to the Financial Statements- continued for the Year Ended 30th June 2025 14. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds At 30.6.24 At 1.7.23 Unrestrirted funds Gener21 fund Gener31 Ministry Legacy reserve Phillips & Cane A B lones discretionary fund Small funds not detailed Bishop Cragg Travel fund 19,0111 890,418 451,259 292,275 256,365 43,422 132,916 22,333 77,962 30,832 25,439 21,129 2,019 7,325 13,322 968,380 482,091 317,714 277,494 4S,441 140,241 2,057,644 187,039 2,244,683 Restricted fund5 jerusalem Girls College/Worsley fund Moore-steele Graham Brown/Phillips Holy Trinity Church, Algiers Small fund5 not detailed Diocese of Iran Gobat Stewart 880,363 633,972 259,850 678,463 142,435 107,482 99,314 86,127 63,341 22,386 1678.4631 11,372 122,7921 9,970 966,490 697,313 282,236 153,807 84,690 109,284 2,801,879 1508,0591 2,293,820 TOTAL FUNDS 4,859,523 1321,0201 4,538,503 Page 22 continued...
The Jerusalem and the Middle East Church Association la company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Notes to the Financial Statements- continued for the Year Ended 30th June 2025 14. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are a5 follows: Incoming resources Resource5 expended Gains and 1055es Movement in funds Unrestricted funds General fund General M inistry Legacy reserve Phillip5 & Cane A B Jones discretionary fund Small funds not detailed Bishop Cragg Travel fund 36,693 30,157 13,912 9,819 8,844 1,921 4,500 114,3601 17,8441 13,4091 12,5551 12,2311 13641 15,8051 22,333 77,962 30,832 25,439 21,129 2,019 7,325 55,649 20,329 18,175 14,516 462 8,630 105,846 136,5681 117,761 187,039 Restricted funds jerusalem Girls Collegelworsley fund Moore-steele Graham 8rownlPhillips Holy Trinity Church, Algiers Small funds not detailed Diocese of Iran Gobat Stewart 28,603 19,712 8,793 37 270,149 1,069 3,082 17,7761 15,6121 12,2701 1684,9301 1266,2501 130,3641 18801 65,31)0 49,241 15,863 6,430 7,473 6,503 7,768 86,127 63,341 22,386 1678,4631 11,372 122,7921 9,970 331,445 1998,0821 IS8,578 1508,0591 TOTAL FUNDS 437,291 11,034,6501 276,339 132 1,0201 The General Ministry Fund is an amalgamation of former funds as follows.. Endowment and Augmentation of Episcopal Stipends Fund. Jerusalem Chapter Endowment Fund. The Blair Fund and St Margaret's Fund. The fund is for the support of the Ministry in the IMECA area. The Legacy Reserve Fund arises from the trustees, established policy of capitalising unrestricted legacie5, the income from which enables support to be given each year where a particular need 15 perceived for which other funds are not available. The A B Jones, Discretionary Fund was established from a substantial legacy which the testator stated could be used for general purposes, but she expressed the wish that, if necessary, it could supplement a sm211 ftjnd whith assists Welsh ordinands in visiting Jerusalem. The Small Unrestricted funds not detailed comprises two funds. The first of which amounting to £23,935 is in regard to the St George's College General Fund. this fund is to meet the general UK expenses for St George's College, Jerusalem. The second fund balance of £21,811 is the staff Welfare Fund which is for the payment of gratuities to current and former employees. Page 23 continued...
The Jerusalem and the Middle East Church Association la company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited} Notes to the Financial Statements- continued for the Year Ended 30th June 2025 14. MOVEMENT IN FUNDS- continued The Bishop Cragg Travel Fund was originally for the travel of Bishop Cragg but now provide5 grants to holders of similar appointments. The jerusalem Girls College and Worsley Fund, formed by the amalgamation of two smaller funds, is for the education of children anywhere within the Province of Jerusalem and the Middle East and the Province of Alexandria, in consultation with the provinces. The Moore-steele Fund is for the provision of educational work in Israel and Jordan in consultation with the Archbishop in jerusalem. The Phillips and Cane Fund was originally established to assist with the training of Palestinian clergy and also to enable theological students from England to visit Palestine, The fund was re-designated in November 2013 to fund training of clergy aiid lay leadership in the Province of the Episcopal Church of Jerusalem and the Middle East and the Episcopal/Anglican Province of Alexandria. The Graham Brown and Phillips Fund was established for the training of clergy and religious workers and the furtherance of Christian Studies. By an agreement dated 21st March 2019, the Diocese of Egypt with North Africa and the Horn of Africa received the sum of £1, 100,000 as compensation for the loss of income in respect of a building owned by Holy Trinity Church, Algiers. The balance of this fund was transferred to St Mary's Waqf during the year ended 30th June 2024. The Small Restricted Fund balance of £151,465 12024..£153,8071 comprises fund5 split into educational, medical and other. The education fund with a balance of £2 1,267 is to help students at St George's College. Medical funds of £67,051 represent the Newton Fund (incorporating the Isabella Bailey Fund). This fund Is used at the discretion of the Archbishop in Jerusalem. The Other fund balance of £63,147 is for the Archbishop's Assyrian Mission this fund is used in the Diocese ol Cyprus and the Gulf, with particular reference to its work in Iraq and, where possible the A55yrian Christians in that country The Gobat Stewart Fund is to provide bursaries at St George's School, jerusalem. Funds allocated to or received for the Diocese of Iran are held in a restricted fund until such time as these funds can be transferred to the diocese or used for the benefit of the diocese. Page 24 continued...
The Jerusalem and the Middle East Churth Association (a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Notes to the Financial Statements - continued for the Year Ended 30th June 2025 15. RELATED PARTY DISCLOSURES As at 30th June 2025 funds of the Charitable Cornpany totalling £125,51212024'. £250,551) were held by the Jerusalem and the East Mission Trust Limited. £36,001 was owed 12024= £35,2741 by the Charity to the Jerusalem and the East Mission Trust Limited in respect of management service charges as at 30th June 2025 and is included as a creditor on the balance sheet. The Rt Rev A J Ball (the chair of the charity until 17th lune 2025 and continLJing as a trustee) was Bishop in North Africa within the Province ot Alexandria during part of the year ended 30th June 2025. As such there could have been perceived to be a conflict of interest between this role and his position within the charity. The trustees were aware of this potential conflict of interest and therefore he was not involved in decisions regarding grants to be paid by the charitv. Other than as above and as detailed in note 8, there were no related party transactions for the year ended 30th June 2025. 16. POST BALANCE SHEET EVENTS Post year end the Grants Sub-committee has recommended to the trustees that at least £86,500 of grants be paid to the dioceses which make up the Episcopal Church of jerusalem and the Middle East and the Episcopal/Anglican Province of Alexandria as follows.. At least £34,900 to the Diocese of Jerusalem, and at least £ 15,300 to each of the Diocese of Cyprus and the Gulf and the Province of Alexandria, with at least £21,000 still to be discussed. 17. ULTIMATE CONTROLLING PARTY The ultimate controllin8 party is The jerusalem and The East Mission Trust Limited re81Stration number 00244633, a company registered in England and Wales at l Hart House, The Hart, Farnham, Surrey, GU9 7HJ. 18. COMPANY STATUS The Charitable Company is a private company limited by guarantee and consequently does not have a share capital. Each of the member5 15 liable to contribute an amount not exceeding £1 toward5 the a55et5 of the company in the event of liquidation. Page 25 continued...
The Jerusalem and the Middle East Church Association (a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited) Notes to the Finantial Statements - contlnued for the Year Ended 30th June 2025 19. LEGACIES The Jerusalem and the Middle East Church Association is one of the beneficiaries of a legacy in relation to a property trust. The timing of the receipt of thi5 legacy and its value cannot be ascertained with any accuracy or reasonable certainty at present, therefore no amounts have been inclLJded in these accounts. 20. ASSETS HELD ON TRUST The Charitable Company holds the deeds of title to a number of properties on behalf of various bodies within the area of The Episcopal Church of Jerusalem and the Middle East. The custodian ownership of these properties is vested in the Charitable Company as trustee in perpetuity for the benefit of the members of those bodies. B v reason of the nature of the Charitable Company's interest in these properties, the trusrees consider that no value should be specified in respect thereof. Page 26
The Jerusalem and the Middle East Church Association {a company limited by guarantee administered by the Jerusalem and the East Mission Trust Limited} Detailed Statement of Financial Activities for the Year Ended 30th June 2025 2025 2024 INCOME Donations and legacies Donations Legacie5 127,644 296,704 5,000 127.644 301,704 Investment income Income from listed investments Deposit account interest 132,454 7,834 129,669 5,918 140,288 135,587 Total Incomlng resources 267,932 437,291 EXPENDITURE Raising donations and legacles Webslte expenses MaEazine costs Fundraising expenses 610 14,SS6 4,442 778 4,939 7,059 19,608 12,776 Charltable actlvities Grants Funds transferred 166,967 291,838 684,930 166,967 976,768 Support costs Management Service charge Communication consultant fees Communications consultant expenses Travel expenses Sundry expenses 36,001 5,040 1,951 2,662 256 35,725 5,760 1,620 2,001 45,910 45,106 Total resources expended 232,485 1,034,650 Net intome/lexpenditure) 35.447 1597,3591 This page does not form part of the Statutory financial statements Page 27