Annual Report and Financial Statements for the year to 31 October 2025
## Company Number 11024016
## Charity number 1179162
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Letter from the Chair Stephen Beer
The Church Investors Group had another highly active year, supporting institutional church investors and helping develop thinking on ethical investment.
Our conferences have continued to explore the themes that matter most to church investors. Naturally, global warming was much discussed. We heard different points of view on the role of investors. Global warming is not only a matter of risk; it is also an ethical issue. Scenarios which project the global temperature rise of well below 2 C or 1.5 C ultimately rely on humankind, including governments and the corporate sector, acting ethically. This is why the voice of church investors is so important.
Artificial Intelligence presents investors with challenges. When AI company CEOs tell the world that the products and services they sell are likely to cause severe and even existential risks to humanity as well as potentially lead to great gains, it is important to listen carefully to what they are saying. Clearly, ethics are involved. We explored this and will continue to do so as the churches themselves provide teaching on the subject. Ethical investment approaches to war and conflict were also discussed during the year and we will continue to debate this issue.
In the investment sector as a whole, criticism of ESG has prompted investors to ensure their approaches stood up to scrutiny. Arguably, it has been a healthy exercise for investors to reconfirm and ensure they are clear about
what they are aiming to achieve; a focus on objectives brings much clarity. In this context, institutional church investors have continued to outline their ethical investment objectives and expectations, based on the Christian faith and teaching.
In addition to discussing the big issues we continued to provide a forum to help church investors think through the role of ethical investment when engaging with investment managers, how to think about refreshing an ethical investment policy, and an introduction to impact investing. On behalf of all the board, I record our thanks to Ole-Wilhelm Meyer, who stood down from the board at the end of the year, for his service and support.
In all our activities, we start from a position of grace as forgiven people seeking to apply Christian principles to the investment and business worlds in line with the teaching of our respective church organisations. In our turbulent times, this witness is much needed and the Church Investors Group will continue to support those who bear it.
## **Stephen Beer**
Signer ID: MU1CEBJPVY... 03/06/2026 GMT
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## Trustees’ Report (including Directors’ Report) Objectives
The trustees present their annual report together with the financial statements of the Church Investors Group for the year to 31 October 2025.
The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published in October 2019
- to advance the education of the public in the principles and effects of ethical investment, ethical business practice and subjects relating to sustainable development and to promote study and research in such subjects provided that the useful results of such study are disseminated to the public at large.
In each case in a manner which draws upon and reflects the body of Christian ethical principles derived from the beliefs and traditions of the different Christian denominations.
By sustainable development we mean development which meets the needs of the present without compromising the ability of future generations to meet their own needs.
The legal and administrative information on page 17 forms part of this report.
The directors of the charitable company are its trustees for the purposes of charity law.
## **Objectives**
The objects of the Charity are:
- to promote ethical investment and ethical business practice for the public benefit so as to advance: the relief of poverty; the protection of the environment; compliance with the law and ethical standards of conduct; and such other purposes as may be effectively advanced by such promotion which are charitable in law;
- to promote sustainable development for the public benefit by: the preservation, conservation and the protection of the environment and the prudent use of resources; and the promotion of sustainable means of achieving economic growth and regeneration;
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Trustees’ Report (including Directors’ Report)
Church Investors Group Strategy refresh and activities
## **Strategy Refreshed**
The Church Investors Group refreshed its strategy in 2025 against the background of both the general ESG backlash and the sustainability sector’s own questioning of the efficacy of engagement. These developments mean that there is renewed and real need for the churches’ voice to be heard, clearly and unashamedly, calling for values to be evident and transparently monitored when companies do business. During the year, this need has only become even clearer.
For the world to be able to deal with systemic risks, for instance climate change and threats to peace, are values such as fairness, justice, equality, and cooperation and theological principles more important than ever. This links very well with our Church Investors Group existing strategic theme of “Stranded Humans”.
The refreshed strategy has three main pillars:
- Equipping members’ to be ethical investors
- Using our agency
- Making our voice heard based on our Christian principles.
## _**Equipping members to be ethical investors**_
Church Investors Group has throughout its existence been focused on increasing our members capacity as ethical investors. Following on from the successful launch of the publication “Working with your investment managers” members were asked to submit their ethical policies to enable research with the aim to identify changes over time as well as potential gaps Church Investors Group could provide resources for. The research showed that Members’ commitment to ethical policies is stronger than ever, and policies are revised more often. Climate concerns and associated restrictions were more frequently mentioned in the policies than social and governance issues. Additionally, the specific values underpinning the policy were not explicit in the ethical policies – the sample only had references to
Christian or specific denominational values in around half of the policies. There were, however, often references to membership of Church Investors Group which was a positive outcome of the research.
Exclusion, not surprisingly, was much more frequently mentioned than engagement with companies and policy engagement included even less. The findings will be followed up in 2026.
Further activities in the year were a few well-attended webinars, around the “How to work with your investment manager”, but also how our members can understand and use impact investment given their specific fiduciary responsibilities.
## _**Using our agency**_
Members were invited to individually join relevant investor collaborations, in addition to Church Investors Group being a member of the two collaborations Mining 2030 and Find it, Fix it, Prevent it. Regular updates from these two organisational collaborations have been made to the membership in newsletters and at conferences.
In addition, members were invited to join a letter to Amazon about workers’ rights in Quebec, and a member organisation’s activities linked to a call for peace in Goma, Democratic Republic of Congo involving business, and labour standards in the care sector in the UK.
Church Investors Group has provided panel discussions and speakers at our conferences related to new areas where members have expressed specific interest under the year covered by this report. Main examples were church investors approaches to investment in defence based on Christian theology and practice, and how developing technology – such as AI – might be seen through an ethical lens. Questions related to human rights and climate change are of course continuing to be
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## Trustees’ Report (including Directors’ Report) Strategy refresh and activities
strong areas of focus for Church Investors and conference programs have reflected this as well as how to find useful data and information for engagement, reflections on churches long history of engaging with investment issues, legal duties and how to reflect on the current context involving turbulence and need for transformation.
_A panel discussion exploring the history of Church involvement in ethical investment at our European conference June 2025_
## _**Making our voice heard – based on our Christian principles**_
This area of our work will have a renewed focus with strategies developed for finding opportunities to speak about values and investment as well as engaging more actively with media. A new, comprehensive communications strategy has been developed and a LinkedIn page for Church Investors Group created with a growing following.
The regular newsletters to members are of course also an important aspect of our internal communication.
During the year, Charity Finance published an article written by Stephen Beer with the title “Aligning your investments with your values” promoting the CIG
“Working with your investment manager” publication, and John Dalla Costa, a speaker at our Members’ Meeting
in June was interviewed in the Tablet with the published article having the title “Faith-based investors urged to rise above fear”.
## _**Future organisational development**_
As part of the renewed strategy is there also a plan to continue to strengthen Church Investors Group’s organisational development. The aims are the following:
_**International partnerships and encouraging equivalent networks and work worldwide**_ This aim has already led to plans for new European conferences planned by a steering group where Church Investors Group are represented, in Innsbruck in 2026 and in Berlin 2027.
_**Incorporating our Catholic members in a more structured way**_ Discussions are ongoing with a Catholic network in the UK and Catholic representation on the Board has increased.
- _**Membership recruitment, starting with CofE dioceses, driven by focus on our conferences**_
One Church of England diocese and one charity connected to Church of England joined as members in the year, and we are offering observer places for potential new members at our conferences. Attendance at conferences is increasing steadily, and other members joining recently came from Lutheran, Presbyterian, and Catholic backgrounds.
_**Securing our financial and administrative future**_ A decision was taken to carefully increasing membership fees but at the same time ensuring smaller members would still be able to afford their membership. Discussions about a new secretariat contract from 2027 are underway.
_**Board Strength and recruitment**_ Three new board members were elected at the 2025 AGM in November
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## Trustees’ Report (including Directors’ Report) Promoting Responsible Business
## **Proxy Voting and specific engagement**
## **The Church Investors Group’s Annual Proxy Voting Guidelines Initiative**
The annual Church Investors Group guidelines inform voting for the Church Investors Group’s largest UK asset owners and managers among the membership, and is considered one of our most important actions to encourage ethical values in business.
It is one of the ways the Church Investors Group promotes ethical business practice and sustainable development.
Main areas covered by this initiative are:
- a. Election of directors and Committee members
- b. Remuneration - incentivise the generation of sustainable, long-term, shareholder value and reflect our members’ values
- c. Shareholder resolutions – which can be adopted on a case-by-case basis
_The first European Church investors conference was held in connection with the Church Investors Group Members’ meeting in June 2025. The conference was a joint initiative between CIG, AKI in Germany and dNBK in the Netherlands_
## **Conclusion**
Specific engagement programmes in areas such as Climate Change; Modern Slavery; Living Wage; Tailings Dams; and Tax Transparency are decided and implemented by individual members, but suggestions are included in the guidelines relating to how Living Wage and diversity targets can be incorporated into voting since these are areas Church Investors Group have engaged with companies over a number of years.
## **International Partnerships and New members**
As described in more detail in the strategy section our collaboration with our existing international associate members has been strengthened in 2025.
In all their dealings the trustees have had regard to guidance issued by the Charity Commission relating to public benefit and particularly to its supplementary public benefit guidance in setting the objectives and planning the activities of the organisation.
The trustees believe that they can best further the charity’s charitable purposes for the public benefit by advancing ethical and sustainable investment and business practices in a manner which draws upon and reflects the body of Christian ethical principles.
Several new members, both from the UK and further abroad, joined CIG in 2025, representing charities, dioceses and other church-connected investors from different denominations.
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Trustees’ Report (including Directors’ Report) Financial Review
## **Financial review**
Total income during the financial year up to end of October 2025 totalled £71,227 (2024: £67,481) of which £69,602 (2024: £65,642) related to subscriptions while expenditure totalled £72,802 (2024: £63,679). The increase in subscription income was related to new members and payment of membership fees within the timeframe of the financial year. The increase in expenses were primarily related to additional website and conference costs. The charity closed the year with a healthy free reserves balance of £70,964 (2024: £72,539) despite a small movement in funds of (£1,575). As a result we are confident that the Church Investors Group is a going concern and fully expect that future day to day expenditure will be adequately covered by income from membership subscriptions.
Going forward we may seek grant funding to finance ad hoc projects; however, we do not expect to fundraise in other ways and, since we will not be holding investments, we do not expect any income from this source beyond the interest earned on surplus or reserve funds. We do not anticipate that we will be awarding grants.
## **Reserves**
The Board of the Church Investors Group have considered the need for the charity to maintain its activities in the face of unexpected events and balanced this with the recognition that holding too much in reserve will hinder the furtherance of the CIG’s charitable objectives in the present. We will hold in reserves enough money to cover at least six months committed expenditure. For the financial year 1 November 2025-31 October 2026 this level is £37,200.
We maintain this level of reserves to manage cash flow risks and ensure sufficient operating capital in the event of unforeseen circumstances. Our major expenditure (secretariat services) is paid at the end of the financial year. While efforts are made to ensure membership fees are paid within the financial year, a significant reduction in
memberships, or any significant unanticipated costs, could present risks to continued operation or to meet our financial commitments.
Where reserves are above the specified level the board will seek to spend any excess in line with the CIG’s charitable objective. Where reserves are below the specified level the Board will aim to build them up to a suitable level. The Secretariat and Treasurer will monitor, and report to the Board, the level of current reserves and anticipated reserves at the year end.
## **Future plans**
The Charity plans to continue its activities outlined above in accordance with the strategic refresh described on page 4-5. The Board is also developing plans to provide further trustee training resources; to offer options of joining engagement with listed companies; drive a few own engagement initiatives and review other opportunities of partnership working. A specific focus is to increase our communication efforts, both with members and the general public.
## **Risk management**
The principal risks facing the charity are that:
- We fail to meet our objectives. This risk is mitigated by consultation with our membership at member meetings about planned future activities and the review of our progress against these plans in detail at regular Board meetings.
- We fail in our duty to provide public benefit. This risk is mitigated by the consideration of the public benefit implications of any new proposal and, where necessary, the seeking of professional legal guidance.
- We fail to meet our financial obligations as they fall due. This risk is mitigated by the review of detailed financial reports and budgets at each Board meeting.
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Trustees’ Report (including Directors’ Report) Governance and Structure
## **Governance document and constitution**
The Church Investors Group is a Private Company Limited by Guarantee without share capital. It is exempt under Section 60 from having to include ‘limited’ in its name. It is governed by its Memorandum and Articles of Association.
It is managed on a day to day basis by the Board; however, each organisation that is a member of the Church Investors Group is able to vote at the annual general meeting. Furthermore, the Board ensures that its work is informed by the membership and that the membership is regularly consulted and updated on current activities.
and relevant guidance provided by the Charity Commission.
## **Data protection and privacy policy**
The Church Investors Group has a privacy notice that is available on its website. The Secretariat, provided by CCLA Investment Management, operate under strict data protection practices.
## **Conflicts of interest and related parties**
The Church Investors Group has a written conflict of interest policy for trustees as laid out in its Articles of Association.
## **Board composition, trustee recruitment and trustee induction**
The minimum number of Board members is three. The Board comprises the Chair, the Vice-Chair and the Treasurer, at least one trustee who represents an International member and up to nine additional trustees.
Trustees may be appointed by ordinary resolution or by a decision of trustees.
A trustee appointed to the office of Chair or Vice Chair may be reappointed to the same office for a further three years. A trustee who has served for two consecutive terms of office in the office of Chair or Vice Chair must take a break from office although they may later be reappointed to the same office. A trustee appointed to the office of Treasurer may be reappointed for a further term or terms. At every annual general meeting one third of the trustees who are subject to the rules for retirement by rotation, and any trustees who have been appointed by the trustees since the last annual general meeting, must retire from office but may offer themselves for reappointment by the members.
New trustees undergo a formal induction process. They are provided with information including recent accounts, a copy of the Memorandum and Articles of Association
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Statement of trustees’ responsibilities
## **Statement of trustees’ responsibilities in respect of the trustees’ report and the financial statements and other declarations.**
The trustees (who are also directors of Church Investors Group for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
For the year in question (to 31 October 2025) the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. Given that no members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Company Act 2006, the trustees have taken advantage of this provision in in preparing the trustees’ report and financial statements.
The trustees declare that they have approved the trustees’ report and financial statements.
Approved by the trustees and signed on their behalf by:
- a. Select suitable accounting policies and then apply them consistently;
- b. Observe the methods and principles in the Charities SORP 2019 (FRS 102);
- c. Make judgements and estimates that are reasonable and prudent;
- d. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- e. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
Signer ID: MU1CEBJPVY...
Mr Stephen Beer Chair
Date: 03/06/2026 GMT
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Independent Examiner’s Report
## **Independent Examiner's Report to the Trustees of Church Investors Group**
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 October 2025 which are set out on pages 11 to 16.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Responsibilities and basis of report**
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
Signed:
Signer ID: WKOLTHN6RI...
Rachel Heath FCCA DChA BHP Professional Services Limited Rievaulx House 1 St Mary’s Court Blossom Street York YO24 1AH
Date: 03/06/2026 GMT
1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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## Statement of financial activities (including income and expenditure account) of the Church Investors Group for the year ended 31 October 2025
|**Note**
**Income from:**
Charitable activities
Membership income
Investment income
2
Other income
**Total income**
**Expenditure on:**
Charitable activities:
Support costs
3
**Total expenditure**
**Net income before other recognised**
**gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**2025**
**2024**
**£**
**£**
69,602
65,642
1,575
1,839
50
-|
|---|---|
||71,227
67,481|
||72,802
63,679|
||72,802
63,679|
||(1,575)
3,802
(1,575)
3,802
72,539
68,737|
||70,964
72,539|
All funds are unrestricted in both the current and previous year
The statement of financial activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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## Balance sheet as at 31 October 2025
|**Note**
**Current assets:**
Cash at bank and in hand
Debtors
**Creditors:**amounts falling due within
one year
4
**Net current assets**
**Total assets less current liabilities**
**Net assets**
**Charity funds**
Unrestricted funds
5
**Total funds**||**2025**
**2024**
**£**
**£**
73,454
74,828
410
411
(2,900)
(2,700)|
|---|---|---|
|||70,964
72,539
70,964
72,539
70,964
72,539
70,964
72,539
70,964
72,539|
||||
||||
||||
For the year to 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Company Act 2006.
The trustees acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and for the preparation of the accounts. (Company number 11024016).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and in accordance with FRS102 SORP.
The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:
Signer ID: MU1CEBJPVY... Stephen Trevor Beer Chair Date: 03/06/2026 GMT
The notes on pages 13 to 16 form part of these financial statements.
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## Notes to the financial statements
Year ended 31 October 2025
## **1. Accounting Policies**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **1.1 Company Information**
Church Investors Group is a Private Company Limited by Guarantee registered as a charity under the Charities Act 2011. It was registered as a company on 20 October 2017 and its company number is 11024016. It was registered as a charity on 18 July 2018 and its charity number is 1179162. Its principal office address is C/o CCLA Investment Management Ltd, One Angel Lane, London, EC4R 3AB. There are no controlling parties.
## **1.2 Accounting Convention**
The financial statements have been prepared on a going concern basis in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The financial statements have been prepared to give a true and fair view and comply with the Charities (Accounts and Reports) Regulations 2008.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
Church Investors Group meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **1.3 Going Concern**
The trustees have at the time of approving the financial statements a reasonable expectation that the charity will continue in operational existence for the foreseeable future. They have therefore adopted the going concern basis of accounting in preparing the financial statements.
## **1.4 Income**
Income from all sources is recognised in full in the Statement of Financial Activities in the year in which it is receivable. Where subscriptions have not been received by the year end, they are not recognised.
## **1.5 Interest receivable**
Interest on funds on deposit is included when receivable and the amount can be measure reliably by the charity; this is normally upon notification of the interest paid or payable by the banks.
## **1.6 Expenditure**
Expenditure is included in the statement of financial activities on an accruals basis inclusive of any VAT that cannot be recovered. All expenditure relates those costs incurred by the charity in the delivery of its activities and services. The charity does not currently employ staff or fundraise.
## **1.7 Fixed assets**
The charity holds no fixed assets.
## **1.8 Debtors**
Other debtors, if any, are recognised at the settlement amount due. Prepayments, if any, are valued at the amount prepaid.
## **1.9 Cash at bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity held for working capital.
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## Notes to the financial statements
## Year ended 31 October 2025
## **1.10 Creditors, loans and provisions**
Creditors, loans and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **1.11 Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured by their settlement value.
## **1.12 Fund accounting**
Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.
## **1.13 Taxation**
As a charity the Church Investors Group is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable object. No tax charges have arisen in the charity for the year ended 31 October 2025.
## **1.14 Critical accounting estimates and areas of judgement**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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## Notes to the financial statements
## Year ended 31 October 2025
## **2. Investment income**
|Interest receivable
**3. Support costs**
Conference Expenses
Bank charges
Secretariat
Independent examiner's fee
IIGCC Membership
Website Costs
Insurance
Secretariat Expenses
Survey Monkey|**2025**
**2024**
**£**
**£**|
|---|---|
||1,575
1,839|
||**2025**
**2024**
**£**
**£**
2,705
462
120
101
53,195
53,195
3,060
2,924
5,400
4,320
6,682
420
1,640
1,633
-
240
-
384|
||72,802
63,679|
During the year, no Trustees received any remuneration or benefits in kind. Trustees received no reimbursement of expenses (2024 - £nil).
There have been no staff employed during the current and previous year.
## **4. Creditors: Amounts falling due within one year**
|**4. Creditors: Amounts falling due within one year**
Accruals|**2025**
**2024**
**£**
**£**
2,900
2,700|
|---|---|
||2,900
2,700|
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Notes to the financial statements Year ended 31 October 2025
## **5. Statement of funds**
|Unrestricted funds
**Prior year Statement of funds**
Unrestricted funds|Balance at 1 November
2024
Income
Expenditure
Balance at 31
October 2025
**£**
**£**
**£**
**£**|
|---|---|
||72,539
71,227
72,802
70,964|
||Balance at 1 November
2023
Income
Expenditure
Balance at 31
October 2024
**£**
**£**
**£**
**£**
68,737
67,481
63,679
72,539|
## **6. Analysis of net assets between funds**
|Current assets
Creditors due within one year|**Total funds**
**2025**
**Total funds**
**2024**
**£**
**£**
73,864
75,239
2,900
2,700|
|---|---|
||70,964
72,539|
## **7. Related party transactions**
There are no related party transactions in either year. Some trustees are also directors of organisations that are members. These transactions have been assessed at commercial rates.
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## Administrative information for the year to 31 October 2025
Company number: 11024016 Charity number: 1179162 Trustees: Stephen Barrie Stephen Beer (Chair) Paul Blyth Paolo Camoletto James Corah (Appointed 26 November 2025) Christoph Flad Reverend Andrew Harper Stig Halvor Langmoen (Appointed 26 November 2025) Fr Keith McMillan SJ (Appointed 26 November 2025) Ole-Wilhelm Meyer (Resigned 26 November 2025) Bridget Micklem (vice-Chair) Dr John Millar (Appointed 19 November 2024) Daniel Neale (Treasurer)
The CIG does not have any corporate trustees.
Staff: Church Investors Group does not have any employees or volunteers. Principal address: c/o CCLA Investment Management Ltd, One Angel London EC4R 3AB Independent examiner: Rachel Heath FCCA DChA, BHP Professional Services Limited, Rievaulx House, 1 St Mary’s Court, Blossom Street, York, YO24 1AH Bankers: Unity Trust Bank, Four Brindley Place, Birmingham, B1 2JB Secretarial services: CCLA Investment Management Ltd, One Angel Lane London EC4R 3AB Solicitors: Bates Wells and Braithwaite, 10 Queen Street Place, London, EC4R 1BE Company Secretary: Marcelina Mochalska
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## Membership 2025
Anglican Financial Care / Te Maru Mihinare, New Zealand The Archbishops’ Council Archdiocese of Dublin CBF Church of England Funds Church Commissioners for England The Church of England Pensions Board The Clergy Support Trust Karibu Foundation, Norway The Representative Body of the Church of Ireland The Representative Body of the Church in Wales The Scottish Episcopal Church USPG Churches Together in Britain and Ireland Baptist Union of Great Britain BMS World Mission Stella Maris - the Apostleship of the Sea Catholic Trust for England and Wales Congregation of Jesus Charitable Trust Daughters of the Cross of Liège Diocese of Arundel and Brighton Diocese of Auckland, New Zealand Diocese of Clifton Diocese of Hallam Diocese of Hexham and Newcastle Diocese of Plymouth Diocese of Northampton Diocese of Nottingham Diocese of Rochester Diocese of Southwell and Nottingham Diocese of Shrewsbury Diocese of Salford Diocese of Westminster The English Province of the Order of Preachers Handmaids of the Sacred Heart of Jesus Jesuits in Britain Medical Mission Sisters Congregational Federation Servite Friars Church of Norway The Lutheran Council of Great Britain Evangelisch-Lutherische Kirche in Bayern Allstad (The Norwegian Church Endowment)
Central Finance Board of the Methodist Church The Investment Advisory Board of the Methodist Church in New Zealand Methodist Ministers’ Pension Trust Trustees of the Methodist Church in Ireland The William Leech Foundation Limited The Barrow Cadbury Trust The Friends Provident Foundation The Joseph Rowntree Charitable Trust The Church of Scotland Investors Trust The United Reformed Church Ministers’ Pension Trust Ltd The United Reformed Church Trust The United Reformed Church South West Synod The United Reformed Church Wessex Synod The Salvation Army Trust for London British and Foreign Bible Society Council for World Mission KNIF Trygghet Bishop Radford Trust BlackRock Catholic Charities Growth and Income Fund Eglise Protestante Unie de France St John’s College Trust Board, New Zealand JACEI – Methodist in Wales Worth Abbey Presbyterian Church in Ireland
## **International Partners**
Arbeitskreis Kirchlicher Investoren CIG South Africa De Nieuwe Beurskoers The Interfaith Center on Corporate Responsibility SHARE
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Further information
www.churchinvestorsgroup.org.uk or from the CIG Secretary at: cig.secretariat@ccla.co.uk or call (+44) 0207 489 6119
The Church Investors Group represents institutional investors from many church denominations and church related charities. Whilst each investor is responsible for its own investment policy our members come together on issues of common concern.
CIG members are predominantly drawn from the UK and Ireland with some international representation. Together members have combined investment assets of over £26 bn.
The CIG secretariat is provided by
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