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2024-12-31-accounts

ANNUALREPORT 2024 Report and Statement of Accounts

SPIRITUALISTS NATIONAL UNION TRUST Investing in Spiritualist Churches since 1926 www.snutrust.co.uk

VALUES The Seven Principles are fundamental to the values of the SNU Trust and form the basis of the ethical leadership and culture within the charity.

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To create a sustainab
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MISS
To provide our mem
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VALUES The interest of the members and the work they undertake within the community are at the heart of what the SNU Trust does.

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VALUES

The SNU Trust operates with a culture of openness, transparency, and respect, subject to complying with legal and regulatory requirements.

VALUES

The SNU Trust, and those who work and volunteer in and with the Trust, uphold the highest level of institutional integrity and personal conduct at all times.

A MESSAGE FROM OUR CHAIRMAN

Dear Member

I am pleased to present the SNU Trust’s 2024 Annual Report, which reflects the progress the charity continues to make towards achieving our mission to provide our members with financial and practical support to enable them to promote our religion within their communities.

It is a testament to the hard work and commitment of the Board, staff and members that we have had the most successful year in terms of income in our history as a charity. This success has allowed us, for the first time, to pay more than a quarter of a million pounds back to our members. This is money going directly back to members to allow them to plan more confidently for the future.

Our thanks need to go to our existing members, as without their support, the work undertaken by the Trust would not be possible. Our vision is to encourage all SNU Spiritualist churches to join the Trust and it is hoped that as non-members see the Trust continuing to thrive, they will be encouraged to invest with us.

Of course, the Trust provides more than just financial support to members. Every day the staff offer support, advice and practical help to all SNU churches, irrespective of whether they are members. I would encourage all churches to use the expertise our staff bring to the organisation.

Our Trustees play a vital role in guiding the charity and I would like to thank them for their time and dedication. During the year Jane Barton stepped down from the Board and I would like to thank Jane for her role in modernising the charity’s approach to governance. The Board has welcomed Richard Cullen whose knowledge of IT has already proved invaluable.

I hope you find the report useful and informative, and I look forward to welcoming you to our Annual General Meeting in September.

TIM COOMBE | CHAIRMAN

SNU TRUST ANNUAL REPORT

& FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2024

Registered in England and Wales No. 11382378 Charity No 1182379 (England & Wales) Charity No SC049738 (Scotland)

SNU T R UST AN N U AL R E P O R T

OUR AIMS & OBJECTIVES

Everything the SNU Trust does is governed by our charitable objects which set out the main purpose of the charity and what we aim to achieve.

We promote the advancement of SNU Spiritualism by providing financial support to SNU affiliated churches in three ways:

Offering accounts that pay competitive rates of interest

Give loans for new buildings or repair of existing ones

Award grants to help churches in need

The charity is aware that social and economic circumstances have changed considerably since the Trust was originally formed and not all churches are able to afford the costs involved in owning and maintaining their own premises.

The Trust therefore ensured that its objects allowed the organisation to purchase and make available properties by way of lease, this is an area that the board are keen to pursue in the coming years.

OUR STRATEGY

Following on from feedback from members and non-members at the charity’s Annual General Meeting in September 2024, the Board agreed that a lack of awareness of the Trust and its work needs to be addressed in order to fulfil its vision for the future.

It is hoped that any SNU church, member, or non-member, finds that the SNU Trust provides fair, impartial, and straightforward advice should it be requested from the charity. Members who offered first-hand experience of dealing with the Trust confirmed that they were very happy with the help and support provided. It is therefore apparent that the first step needs to be to increase the understanding and awareness of the Trust.

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HOW DO WE MAKE THIS HAPPEN?

The SNU Trust Board understand that to achieve the vision outlined above, more resource is needed in terms of time to devote to the strategy, and during 2024 it has become apparent that time is the limiting factor in enabling the charity to implement actions to help execute its plan. In order to address the issue, the Board and staff are looking at ways to better allocate resources to provide the opportunity to devote time to grow the charity. Measures have already been put in place and the impact of them will be reviewed at the end of 2025.

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SNU T R UST AN N U AL R E P O R T

2024 FINANCIAL REVIEW

The SNU Trust does not receive donations to fund its objects but instead has built a portfolio which provides income in the form of dividends paid on a portfolio of stocks and shares managed by Quilter Cheviot, rental income from properties, and management charges to the Spiritualists’ National Union for accounting services.

For a number of years the charity has been working to ensure that the return received on assets held by the charity is maximised where appropriate. During the accounting period, that focus has continued and whilst increased interest rates has contributed to the increase in investment income, more targeted and responsive actions have contributed to the improved income streams for the charity.

Whilst one of the primary objects of the SNU Trust is to give loans to member churches, the income the charity receives from interest on those loans makes up only 3.17% of the charity’s total income (2023 3.6%). The amount of loans outstanding in 2024 has reduced from £636,089 to £609,623, as churches make repayments.

Each year, the interest paid out to members forms the largest cost for the SNU Trust and in 2024, the focus on maximising returns has allowed the Trust to increase the credit interest rates across all savings products to remain very competitive with rates offered by high street banks.

The charity has, for the first time, paid out over a quarter of a million pounds to its members in interest. A total of £253,047 was paid during the accounting period (2023: £161,156).

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WHERE OUR INCOME CAME FROM IN 2024

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Rental income 30.24%
Interest on Advances 3.17%
Management Charges to SNU 13.04%
Investment Income 53.55%
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2024 INCOME STREAMS COMPARED TO 2023

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350,000
‘24
300,000
‘23
250,000
200,000
‘24 ‘23
150,000
100,000
‘24
‘23
50,000
‘24 ‘23
£
Rental Interest on Management Investment
income Advances Charges to SNU Income
TOTAL
2024 £172,027 £18,028 £74,180 £304,584 £568,819
2023 £166,864 £19,165 £64,928 £276,285 £527,242
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SNU T R UST AN N U AL R E P O R T

WHAT WE SPENT IN 2024

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Raising Funds 11%
Governance 9%
Other Support Costs 9%
Depreciation 1%
Staff Costs and training 22%
Interest to investors 46%
Grants to members 1%
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2024 EXPENDITURE COMPARED TO 2023

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300,000
‘24
250,000
200,000
‘23
150,000
‘24 ‘23
100,000
‘23
‘24
‘23 ‘24
‘24
50,000 ‘23
‘24 ‘23 ‘24 ‘23
£
Raising Governance Other Depreciation Staff Costs Interest to Grants to
Funds Support & training investors members
Costs
2024 £61,347 £49,493 £50,653 £5,534 £119,952 £253,047 £6,306
2023 £56,524 £42,495 £77,709 £5,906 £115,402 £161,156 £1,728
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HOW EACH POUND OF INCOME WAS SPENT IN 2024

Raising Funds 10.8% Governance 8.7% Other Support Costs 8.9% Depreciation 1% Staff Costs and training 21.1% Interest to investors 44.5% Grants to members 1.1% Surplus 4%

HOW EACH POUND WAS SPENT COMPARED TO 2023

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50
‘24
40
‘23
30
‘23
‘24
20
‘23 ‘23
‘24 ‘23
10 ‘24 ‘24
‘23
‘24
‘24 ‘23 ‘24 ‘23
£
Raising Governance Other Depreciation Staff Costs Interest to Grants to Surplus
Funds Support & training investors members
2024 11p 9p 9p 1p 21p 44p 1p 4p
2023 11p 8p 13p 1p 23p 31p 0 13p
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SNU T R UST AN N U AL R E P O R T

ASSETS OF THE SNU TRUST

The total assets of the SNU Trust are £13,739,635 (2023:13,091,251), are unrestricted in their nature, and are held in various ways to ensure that the charity limits its exposure to financial risk.

The assets include members’ deposits and of those assets, £8,706,700 (2023:£9,125,729) relates to church deposits and sundry creditors leaving £4,997,080 (2023:£3,965,522) in SNU Trust reserves.

The approach of the Board has always been to ensure that all funds are invested in multiple ways to ensure that, if necessary, the Trust’s assets could be liquidated to ensure that members are fully repaid. To that end the assets of the charity are spread across the following areas:

ASSETS 2024 2023
Investment Property £2,085,000 £2,085,000
Property for Charitable purposes £1,610,000 £1,015,982
Loans to Members £609,623 £636,089
Cash £976,648 £1,624,761
Fixed Assets £189,231 £195,171
Sundry Debtors £34,527 £35,310
Investments £8,234,606 £7,498,938
£13,739,635 £13,091,251

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INVESTMENT STRATEGY, OBJECTIVES & TARGET

The SNU Trust has a detailed investment policy that set out clear objectives and the parameters as to how we manage our reserves.

The general principles are:

TO PRODUCE THE BEST FINANCIAL RETURN WITHIN AN ACCEPTABLE LEVEL OF RISK

TO GROW THE CAPITAL OF THE PORTFOLIO OVER THE LONG TERM AS WELL AS GENERATING INCOME

TO GENERATE A RETURN OF INFLATION PLUS 3.5% PA OVER THE LONG TERM, AFTER EXPENSES

TO ADOPT AN EXCLUSIONARY POLICY IN RESPECT OF INVESTMENTS IN ARMAMENTS

TO BE MINDFUL OF BEING A RESPONSIBLE INVESTOR

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SNU T R UST AN N U AL R E P O R T

OVER THE LAST FINANCIAL YEAR

Inflation continues to fall from the high levels seen in 2022 helping ease the burden a little for members, although uncertainty remains for the coming year due to global political tensions.

As anticipated, the Bank of England base rate dropped during the second half of 2024 from 5.25% to 4.75% and it is possible that rates will fall to around 4% by the end of 2025.

The value of all portfolios at the end of the accounting period resulted in a net gain of £415,053 (2023: £359,346).

The investment income received during the accounting period increased by 1.5%, lower than the expected 3%, and the income in 2025 is expected to be in line with 2024.

Since the inception of the portfolio on 1 August 2016, Quilter Cheviot has achieved an overall (capital and income) return of 80.04% after expenses, against the stated annual target of CPI plus 3.5% which over the same period stands at 80.06%. This included the higher inflationary last few years whereby inflation was well ahead of the Bank of England target of 2%.

OVER THE LONGER TERM

Any investments with the Trust’s brokers are viewed as a longer-term investment and that means that it is expected that there could be some moderate disruption to the capital value of any investments, although 2024 showed an increase in capital value at the year end.

Since 2017 the value of the portfolio has increased overall and importantly the income received totalling more than £1.7 million has enabled the charity to continue to support SNU churches.

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MANAGEMENT OF THE PORTFOLIO

The SNU Trust continues to work closely with the charity’s broker, Quilter Cheviot Investment Management, and during 2023 have met regularly with our account manager to assess and review the management and performance of the SNU Trust portfolio.

The charity receives quarterly valuation and performance reports in addition to information around how the Brokers are engaging with organisations to hold them to account on business decisions and strategy.

The cost of managing the portfolio by Quilters is calculated as a percentage of the value of the portfolio at the end of each month; Quilter Cheviot therefore have a vested interest in ensuring the maximum growth of the Trust’s portfolio whilst ensuring that any investment adheres to the strict parameters laid out in the agreed Investment Policy.

Quilter Cheviot is instructed to manage the portfolio on a discretionary basis, and they are mindful of the objective of the portfolio at all times.

ASSET CLASSES 2024

To ensure that the risk is managed appropriately within the portfolio, we hold a diversified range of assets.

QUILTER CHEVIOT PORTFOLIOS

2024 2023
UK Equities £1,427,204 £1,518,214
UK Fixed Interest/bonds £1,754,171 £976,369
Overseas fxed interest/bonds £61,361 £61,583
Quilter Cheviot Investor Growth Fund £853,986 £783,303
Overseas Equities £3,406,195 £2,990,802
Alternative Investments £658,768 £714,470
Cash £72,921 £454,197
£8,234,606 £7,498,938

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SNU T R UST AN N U AL R E P O R T

RESPONSIBLE INVESTMENT

Although the only specific exclusion in the investment policy relates to armaments, the Trust is always mindful to pay close attention to its responsibilities as investors. The Board ensure that our fund managers take environmental, social and governance (ESG) issues into account when making decisions about the charity’s portfolio. These considerations, including details on engagement undertaken by Quilter Cheviot, form part of the regular reviews. As a charity, we believe in active engagement rather than divesting ourselves of holdings, this allows us to be part of the force for positive change.

PROPERTY INVESTMENTS

The SNU Trust own three properties in the south of England that are leased out on long term agreements to Choice UK who provide assisted living for adults with learning disabilities and other long-term needs. The Trust is not involved in the management or operation of the homes.

The leases on all the care homes are full repairing leases and as such, Choice UK are responsible for all repairs, maintenance, and insurance of the properties. The SNU Trust incur no costs during the year relating to these properties.

The Trust regularly appraises the market value of its investment properties to ensure an appropriate income return on investment and that the valuation of the investment properties accurately reflects their market value. In 2024, Paul Tarrant MRICS, of RES property Surveyors, reviewed the valuations of the buildings and the Trustee-Directors will continue to monitor the markets.

The lease relating to Pine Tree Lodge is due for renewal, heads of terms have been agreed with Choice UK, and a revised fifteen-year lease is due to be completed in early 2025. As part of the negotiation an increase in rent has been agreed.

The SNU Trust continued to receive rental income of £137,400 (2023 £135,150) from Choice UK which generates a return on Investment 6.59% (2023 6.48%).

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MV
31-12-24 Total: £2,085,000
£745,000
£685,000
£655,000
£0
Chafen Road Pine Tree Twynham
Lodge
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RETURN
2024 6.59%
8.21%
6.60%
4.82%
0%
Chafen Road Pine Tree Twynham
Lodge
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PALMERSTON PLACE

The SNU Trust owns a property in Edinburgh which, for thirteen years, has been home to both Edinburgh Association of Spiritualists and Palmerston Trust, a charity based in Scotland whose objects are based around the Seven Principles. The property is held as a charitable investment and as such, the Board of the SNU Trust has scope to take into consideration the aims of the tenant when reviewing the investment as part of the Trust’s wider portfolio.

The Trustee-Directors are mindful that whilst the rent charged to Palmerston Trust should be reflective of its core objects of the furtherance of spiritualism, it must

be balanced against the need to ensure a return that would ultimately enable the charity to pass any financial benefit on to all members.

Both Palmerston Trust and Edinburgh Association are in in the final year of five-year agreements which incorporate annual rental uplifts which will result in a return on investment of 3.75% in 2025.

At the Board meeting in November 2024, the Trustee-Directors considered the future of the building and agreed that they wished to continue to achieve a return of 3.75% in accordance with the stated policy approach set in 2019.

When the current leases were negotiated with the tenants, the Board of the Trust gave an undertaking that talks relating to the renewal of both leases would commence with one year remaining on the lease. Both tenants were contacted in November 2024 and discussions are ongoing with all parties.

CHURCH DEPOSITS

All churches are finding the current economic climate challenging, especially relating to energy costs.

There has been a net decrease in member deposits of around 4.3% (2023: +4.4%) for the accounting period, this is primarily due to the grants paid out by the Spiritualists’ National Union during 2024 from the SNU Suspense Account.

The Trust continues to provide support and advice for member and non-members, and through this interaction the SNU Trust has gained new investment from existing members, as well as new members. The Board would like to extend its thanks to those churches for their continued support.

In 2024, a 1-6-1 account was made available to those members fortunate enough to be able to invest a further £1,000 with the Trust for one year. It was pleasing to see that 43 churches took advantage of the generous rate of 6%.

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SNU T R UST AN N U AL R E P O R T

Again, the Trust offered a 5-5-1 account, inviting members to invest £500 for one year at a rate of 5% and two churches took up the offer. The Board will continue to offer products that allow as many members as possible to benefit from the rates available.

Products and interest rates offered to churches are reviewed at each Trustee-Director meeting to ensure that the charity continues to encourage existing and new members to further invest with the Trust. The SNU Trust is aware of the importance of the income provided to churches by way of interest on any savings held and the Board is always mindful to hold up rates on credit balances whilst holding rates down on loans whenever possible to support members to the best of their ability.

LOANS TO CHURCHES

In recent years, the SNU Trust has had minimal applications for loans from members who have been, understandably, reluctant to enter into any longterm financial commitments.

During 2024 the SNU Trust received no applications for loans, (2023:1).

It is important that churches taking out loans are able to comfortably afford the repayments over the full term and we work closely with any church to ensure that they are able to repay without difficulty. The SNU Trust takes care to not put any church committee or its members under financial pressure.

Any application must ensure that the church can demonstrate an ability to meet any repayments based on normal church activities. Whilst we understand that plans may include additional events that would generate income, it would be difficult to sustain this over the full term of any loan.

As any loan must be secured, the member will need to notify the SNU of any plans and we would encourage the member to contact them at the outset. A crucial part of any project is to ensure that there is complete understanding of the total financial commitment of any work and the Union are able to assist in obtaining the appropriate surveys, quotes and other costings. Once any loan is agreed and the charge is in place, the Trust is unable to lend any further funds without going through the application process again.

There are no penalties for over payments or early repayment, and we encourage churches to clear their loans as soon as possible without putting themselves under financial pressure.

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TRUSTEES MEMORIAL FUND

The Trustees Memorial Fund (formally the Ray Taylor Memorial Fund) is there to help member churches who are facing financial hardship.

Grants are awarded to member churches where a need is identified for financial assistance with essential items and applications are invited though the charity’s website. However, if the charity becomes aware of a member who could benefit from the Fund then this will be considered by the Board.

During 2024 the Board awarded three grants totalling £6,306 (2023: £1,728).

RESERVES POLICY

The reserves policy of any organisation is traditionally based around building sufficient reserves to allow it to cover its known liabilities, absorb setbacks and move forwards.

The SNU Trust is in an unusual position in that its accounts reflect a negative working capital position, that is to say should its members all wish to withdraw their funds at the same time, then the charity would need to sell some of its longer-term investments to meet its commitment.

During 2024 the Board moved forward with its new policy of ensuring that decisions should centre around what is best for the members whilst ensuring the long-term future of the charity, continuing its approach that what makes the Trust charitable is what is spent, not what is saved.

The SNU Trust has agreed that the charity’s desired level of unrestricted reserves should be sufficient to enable the charity to continue its day-to-day activities, using its reserves where necessary to support the needs of its members whilst building a contingency to safeguard the future of the SNU Trust. It is anticipated that the funds will be utilised during each accounting period, with the exception of the Contingency Fund, and that the level of each fund will be reviewed on an annual basis.

At the year end the level of unrestricted funds was £4,997,080 (2023: £3,965,522) of which £1,806,454 (2023 £1,212,436) was designated for a specific purpose as per note 18. The Trustees wish to maintain unrestricted funds of at least £250,000 to cover overhead costs. This has been achieved during the year and there is a remaining contingency fund of £2,940,626 after designations.

The Trustee-Directors have agreed that the current reserve should be divided into smaller funds targeting specific areas of activity of the charity. This will give comfort that in the event of unforeseen circumstances the SNU Trust has made provision to ensure the continuation of the SNU Trust in supporting Spiritualism.

The policy will be kept under review to ensure that it continues to be appropriate.

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GENERAL UNRESTRICTED FUND – CONTINGENCY

This fund is held to support the long-term future of the SNU Trust.

DESIGNATED FUND – CHARITY OVERHEADS

The General Fund will cover working capital for the SNU Trust for a 12-month period, currently £250,000 and representing 7.2% (2023:8.3%) of the total Unrestricted Reserves and is reviewed annually at the December meeting of the SNU Trust to ensure that the level of the fund is set at an appropriate level.

DESIGNATED FUND – MEMBERS DISBURSEMENTS

A designated fund should be set aside to cover for disbursements to members by way of credit interest and other payments during the course of the year.

DESIGNATED FUND –PROPERTY COSTS

This designated fund makes allowance for the costs relating to properties owned by the SNU Trust for both investment purposes and as programme related investments.

DESIGNATED FUND - TRUSTEES MEMORIAL FUND (FORMERLY THE RAY TAYLOR MEMORIAL FUND)

The Trustees Memorial Fund was established in memory of all Trustees who have served the charity over many year and its purpose it to assist member churches facing financial hardship.

During 2024 the Board agreed to increase the available resource within the fund to £10,000.

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SNU T R UST AN N U AL R E P O R T

PRINCIPLE RISKS

The SNU Trust assess all risks the charity may encounter at each meeting identifying the following as key risks.

RECRUITMENT OF NEW TRUSTEEDIRECTORS

The identification and recruitment of new Trustee-Directors continues to be an urgent priority for the SNU Trust during 2025. There are currently five Trustee-Directors, however a maximum of eight can be appointed to the Board.

CONFLICT OF INTEREST

The Trust operates a register of interests for all TrusteeDirectors and the Trust has developed and published a detailed policy on managing potential conflicts of interest and loyalty, a copy of which is published on our website and is available to download. This policy outlines the responsibility of TrusteeDirectors when considering any potential conflict which may affect their ability to make a decision as part of their duty as Trustee-Director. At each meeting of Trustee-Directors, a complete record of current declarations is circulated to the attendees and Trustee-Directors are asked to declare any changes in their register of interests and loyalty; the register includes details of membership of SNU Committees, Churches, allied Trusts and any contractual involvement that TrusteeDirectors might have with members of the Trust.

A Trustee-Director will withdraw from any discussion or decisionmaking in respect of any matter in which a conflict of interest may arise.

DISASTER RECOVERY PLAN

The SNU Trust has a comprehensive disaster recovery plan which is a documented, structured set of instructions to allow the Trust to respond to unplanned incidents and have the ability to continue to operate or quickly resume critical functions. The plan is accessible to all staff and Trustee-Directors and is constantly under review.

DATA SECURITY

The Trustee-Directors have taken steps to ensure that the integrity of the data and documents held by the Trust will not be compromised. Computer data is securely backed up both on and off site and its reliability is tested as part of the Trust’s Disaster Recovery Plan. Important documents are kept in a fireproof safe.

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PRINCIPLE RISKS continued

FRAUD PREVENTION

The SNU Trust has adopted the Internal Financial Controls for Charities Guidance (CC8) provided by the Charity Commission to ensure that essential checks and procedures are completed to ensure that the Trust meets their legal duties to safeguard the charity’s assets.

Additional measures have been implemented designed to ensure that members funds are only used for their intended purposes; the signatory mandates have been reviewed and updated to include changes which will give further protection.

TRUSTEE-DIRECTORS

The SNU Trust, like all voluntary bodies, continues to find it increasingly difficult to identify new Trustee-Directors to welcome on to the Board.

The Trustee-Directors are mindful that this is something that has been a cause for concern for a number of years and it is a matter that is discussed at each meeting of the Board as this is a key risk which must be addressed.

The current Trustee-Directors are aware that in order to safeguard the future of the charity, it is important to encourage more people to get involved to ensure a continuous approach to growing the charity to support SNU churches in the future.

Whilst the SNU Trust is primarily focused on finance, there are other areas of qualification or experience required of Trustee-Directors which would be beneficial to the charity including legal, property or governance sectors. However, the Board recognises the value of any volunteer who would like to support the SNU and its affiliated churches and would be happy to lend time and experience to the organisation.

Trustee-Directors are elected by SNU Trust member churches for a period of two years, with half retiring in alternate years. The retiring Trustee-Directors can be renominated and serve for a maximum of eight consecutive years, unless the TrusteeDirectors consider it would be in the best interests of the charity to continue to serve beyond that point, and that the TrusteeDirector is appointed in accordance with the Articles.

THE ROLE OF THE BOARD OF TRUSTEES

At its simplest, the role of the trustee board is to monitor the assets of the charity, safeguard them and apply them to the charitable purposes of the SNU Trust. The trustee board must always act in the best interests of the SNU Trust, exercising the same standard of duty of care that a prudent person would apply if looking after the affairs of someone for whom they have responsibility. The trustee board must act as a group and not as individuals.

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SNU T R UST AN N U AL R E P O R T

DUTIES OF A TRUSTEE BOARD MEMBER

The duties of a trustee board member are to:

In addition to the above statutory duties, each trustee should use any specific skills, knowledge or experience they have to help the board of trustees reach sound decisions. This may involve leading discussions, identifying key issues, providing advice and guidance on new initiatives, and evaluating or offering advice on other areas in which the trustee has particular expertise.

MINIMUM TIME COMMITMENT

Trustees are expected to attend all board meetings. Board meetings are held four times a year at dates agreed by all Trustees, usually in an evening by remote conferencing. Accommodation is provided should this be required due to the trustee’s location or circumstances. A December meeting each year is allotted to strategic planning and is an on-site meeting when possible.

Meetings last approximately five hours on site, and remote conferencing last approximately two hours..

PERSON SPECIFICATION

Each trustee must have:

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INDUCTION OF TRUSTEES

Before joining the Board of the charity, new Trustees are asked to sign up to the SNU Trust Code of Conduct, a copy of which is available via the SNU Trust website.

Trustees are provided with a copy of the charity’s governing document and a copy of the latest published accounts and annual report.

Trustees are given information and support prior to meetings to ensure that they are fully supported, enabling them to have the confidence to participate in any decisionmaking discussions with confidence.

interested in becoming a Trustee-Director, or if they would like to gain a better understanding of what would be required in the role, they are encouraged to contact the SNU Trust Head Office and speak to Lesley Gilbey.

Alternatively, Tim Coombe, the Chair of the SNU Trust can be contacted directly. (Details are available at the back of this brochure.)

Churches have been asked to consider if anyone of their members would be

GOVERNANCE AND MANAGEMENT OF THE CHARITY

The Trustees of the SNU Trust oversee the governance of the charity and delegate the day-to-day management of the charity to the Finance Manager, Lesley Gilbey. The staff work as a team to deliver support and service to all SNU affiliated churches, whilst also providing financial support to the Spiritualists’ National Union.

Decisions regarding financial matters as well as planning for the future of the charity are discussed by the Board and the actions required to enact those decisions are passed to the Finance Manger to take forwards.

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SNU T R UST AN N U AL R E P O R T

PUBLIC BENEFIT STATEMENT

The Trust has regard to the Charity Commission guidance on public benefit and how SNU churches exist to promote the seven principles of Spiritualism which encourages its followers to become socially responsible within the wider community. The Trust, by financially supporting SNU Spiritualist churches, encourages a religious practice that leads to promoting spiritual welfare and improvement of society.

REMUNERATION POLICY

The Trust aims to maintain remuneration at levels that enable the charity to recruit and retain employees of suitable calibre and motivate them to achieve their set objectives.

Remuneration of all staff is reviewed annually in December when the Board reviews the remuneration of all staff as advised by the Trustee-Director with responsibility for Human Resources and makes decisions on adjustments required. Any changes made take into account market movements applying to the role within the sector and all decisions are subject to overall budget approval by the board for the year in question.

FUNDRAISING COMPLIANCE

The Charity understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches, and undue pressure to donate.

The SNU Trust does not raise any funds from the general public and can confirm that no internal resources are used for this purpose. In addition, the charity does not commission a professional fund-raiser/commercial participator for fundraising.

The charity is not subject to an undertaking to be bound by any voluntary scheme for regulating fund-raising, or voluntary standard for fund-raising in respect of activities on behalf of the charity.

The SNU Trust has adopted principals of GDPR legislation and also has policies to protect the data of members of the public.

The Board confirms that no complaints were received during the year about activities for the purpose of fund-raising.

26

RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

CUSTODIAN TRUSTEE-DIRECTOR

The purpose of Higginson Securities Limited is to hold the legal charges in favour of the charity relating to members’ secured loans owed to the SNU Trust. Going forwards, any legal charges acquired after May 2019 will be held by the SNU Trust and when all historic charges are released, Higginson Securities Limited will be wound up.

All title deeds relating to properties owned by the Trust are held by the SNU Trust.

GOVERNING DOCUMENTS

The SNU Trust is governed by Articles of Association, a copy of which can be obtained by contacting our office. The SNU Trust is registered at the Charity Commission (reg no 1182379), The Office of the Scottish Charity Regulator (reg no SCO49738) and with Company House (reg no 11382378).

The members of the Committee of Management during the year ended 31 December 2024 and to the date of this report were: -

T Coombe (Chairman)

K Smith

Minister P Seymour

J Barton

Minister M Hibbert

R Cullen

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SNU T R UST AN N U AL R E P O R T

TRUSTEE-DIRECTORS’ RESPONSIBILITIES

In preparing the Trustee-Directors’ 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 directors to prepare financial statements for each financial year.

Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors 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 directors are required to:

1 select suitable accounting policies and then apply them consistently;

2 observe the methods and principles in the Charities SORP FRS102;

3 make judgments and accounting estimates that are reasonable and prudent;

4

state whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements;

----- Start of picture text -----
5
----- End of picture text -----

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable companywill continue in operation.

The Trustee-Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and 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, the Charities and Trustee-Director Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 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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RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

In so far as the Trustee-Directors are aware:

The Trustee-Directors 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.

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

BY ORDER OF THE COMMITTEE TIM COOMBE, CHAIR

Date: 03 Apr 2025

Principal address: Burton End Lodge Stansted Hall Stansted Essex CM24 8UD

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SNU T R UST AN N U AL R E P O R T

BOARD OF TRUSTEES SERVING DURING 2024

CHAIRMAN MR TIM COOMBE

TRUSTEE/DIRECTORS

MR KENNETH SMITH MINISTER MYRRHA HIBBERT MINISTER PAT SEYMOUR MRS JANE BARTON (to 18.10.24) MR RICHARD CULLEN (from 11.11.24)

OUR STAFF

RESPONSIBLE FOR THE DAY-TO-DAY RUNNING OF THE CHARITY.

FINANCE MANAGER LESLEY GILBEY FINANCE ASSISTANT JULIE ROGERS FINANCE ADMINISTRATOR NADINE YOUNG

AUDITORS

PRICE BAILEY LLP

TENNYSON HOUSE, CAMBRIDGE BUSINESS PARK, CAMBRIDGE CB4 0WZ

RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

BANKERS

NATWEST BANK PLC

7 NORTH STREET,

BISHOP’S STORTFORD,

HERTS CM23 2TJ

ALDERMORE BANK

THE BROADGATE TOWER 20 PRIMROSE STREET

LONDON EC2A 2EW

CAMBRIDGE & COUNTIES BANK

CHARNWOOD COURT

5B NEW WALK

LEICESTER

LE1 6TE

CLOSE BROTHERS GROUP

10 CROWN PLACE LONDON EC2A 4FT

SOLICITORS

BIRKETTS LLP

PROVIDENCE HOUSE 141 - 145 PRINCES STREET IPSWICH

IP1 1QJ

STOCKBROKERS

QUILTER CHEVIOT

85 QUEEN VICTORIA STREET,

LONDON EC4V 4AB

*J

RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES & MEMBERS OF SPIRITUALISTS’ NATIONAL UNION TRUST

OPINION

We have audited the financial statements of Spiritualists’ National Union Trust (the ‘charitable company’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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.

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SNU T R UST AN N U AL R E P O R T

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 to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements 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 other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 course of the audit or otherwise appears to be materially misstated. If we identify such 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

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RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary 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 assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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SNU T R UST AN N U AL R E P O R T

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity and how it operates and considered the risk of the charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the charity this included employment law, financial reporting and health & safety.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.

These included the following:

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 concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-thefi/ description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

36

RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

USE OF OUR REPORT

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Suzanne Goldsmith (Senior Statutory Auditor) for and on behalf of PRICE BAILEY LLP

Chartered Accountants Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Date: 7 April 2025

Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

37

SNU T R UST AN N U AL R E P O R T

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT) For the year ended 31 December 2024

INCOME:
Notes
Total
funds
2024
Total
funds
2023
£
£
CHARITABLE ACTIVITIES:
Interest on advances
2
18,028
19,165
Income from other trading activities:
Management charges to SNU
74,180
64,928
INVESTMENTS:
Income from investments
Rental income from investment
properties
3
304,584
172,027
276,285
166,864
TOTAL INCOME
568,819
527,242
EXPENDITURE:
Raising funds
4
61,347
56,524
Charitable activities:
5
484,985
404,396
TOTAL EXPENDITURE
546,332
460,920
Net income for the year before
investment gains
22,487
66,322
Net gains on investments
1,009,071
692,188
Net income for the year being
net movement in funds
1,031,558
758,510
Reconciliation of funds:
Total funds brought forward
3,965,522
3,207,012
TOTAL FUNDS CARRIED FORWARD
4,997,080
3,965,522		 Total
funds
2024		 Total
funds
2023
£ £
4,997,080 3,965,522

The statement of financial activities includes all gains and losses recognised in the year.All income and expenditure derive from continuing activities.The notes on pages 41 to 57 form part of these accounts.

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RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

BALANCE SHEET

As at 31 December 2024

Notes
2024
2023
£
£
Fixed assets
TANGIBLE FIXED ASSETS:
Freehold property
Computer equipment
Fixtures, fttings and equipment
11
11
11
179,665
460
2,106
183,732
920
2,519
INTANGIBLE FIXED ASSETS:
Computer equipment
12
7,000
8,000
INVESTMENTS:
Investments
Investment property
15
10
8,234,606
2,085,000
7,498,938
2,085,000
TOTAL FIXED ASSETS
10,508,837
9,779,109
Current assets
Programme related investments
Sundry debtors
Cash at bank and in hand
14
16
2,219,623
34,527
976,648
1,652,071
35,310
1,624,761
TOTAL CURRENT ASSETS
3,230,798
3,312,142
Liabilities
Creditors: amounts falling due within one
year
17
(7,525,695)
(8,103,465)
NET CURRENT LIABILITIES
(4,294,897)
(4,791,323)
Total assets less current liabilities
6,213,940
4,987,786
Creditors:amounts falling due after more
than one year
17
(1,216,860)
(1,022,264)
TOTAL NET ASSETS
4,997,080
3,965,522
The funds of the Trust:
Unrestricted funds:
General funds
Designated funds
18
18
3,190,626
1,806,454
2,753,086
1,212,436
TOTAL FUNDS
4,997,080
3,965,522		 2024 2023
£ £
4,997,080 3,965,522

39

SNU T R UST AN N U AL R E P O R T

BALANCE SHEET continued

As at 31 December 2024

The attached notes on pages 41 to 57 form part of these financial statements.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved by the Board of Trustees on 03 April 2025 and signed on their behalf by:

T. Coombe (Chair) | K. Smith (Secretary)

Registration No. 11382378 (England and Wales); Charity No. 1182379; Scottish Charity No: SC043897

CASHFLOW STATEMENT

For the year ended 31 December 2024

Notes
2024
2023
£
£
Cash Flows from Operating Activities
Net cash (used in) / provided by
operating activities
22
(722,833)
19,141
Cash Flows from Investing Activities
Rental income received
Investment income received
Purchase of investments
Proceeds from the sale of investments
One Year Fixed Term Investment Purchase
172,027
304,584
(928,222)
526,331
-
166,864
276,285
(1,351,755)
1,409,822
(300,000)
Net Cash Flows from Investing Activities
74,720
201,216
Change in cash and cash equivalents in
the year
(648,113)
220,357
Cash and Cash equivalents brought
forward
1,624,761
1,404,404
Cash and cash equivalents carried
forward
23
976,648
1,624,761		 2024 2023
£ £
976,648 1,624,761

40

RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

NOTES TO THE FINANCIAL STATEMENTS

As at 31 December 2024

1 - ACCOUNTING POLICIES

(1) Legal status of the Charity

The charity is a company limited by guarantee, with no share capital and is incorporated in England and Wales (registration number 11382378). It has registered with the Charity Commission in both England and Wales (charity number 1182379) and Scotland (charity number SCO43897). The registered office is Burton End Lodge, Stansted Hall, Stansted Mountfitchet, Essex, CM24 8UD.

In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

(2) Basis of preparation and assessment of going concern

The financial statements have been prepared 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 (FRS 102) (effective 1January 2019), the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The accounts are stated in pound sterling and rounded to the nearest pound.

(3) Going concern

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. Trustees have made the decision to invest some of the current assets over the years into listed investments and investment properties which provide a return, therefore giving rise to the charity showing negative net current liabilities. These can be sold should this become necessary to satisfy any debts.

The SNU Trust continues to consider forecasts and budgets to assess the ability of the charity to meet debts as they fall due. As such, they continue to adopt the going concern basis of accounts in the financial statements.

The Board has completed a comprehensive review and is confident of the SNU Trust’s ability to continue as a going concern.

(4) Group accounts

The financial statements contain information about the Trust as an individual charity and do not consolidate the subsidiary undertaking, Higginson Securities Limited (a company limited by guarantee). As the subsidiary is dormant and is not material to the group, the charity has taken account of the exemption not to prepare group accounts.

(5) Funds structure

Unrestricted funds comprise of funds which the Trustees are free to use for any purpose in the furtherance of the charitable objectives. The Trustees have created five designated funds to be used to support specific areas of the charity.

Further details of each fund are disclosed in note 18 and in the reserves policy note in the trustees’ Annual Report.

41

SNU T R UST AN N U AL R E P O R T

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

(6) Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, this is normally upon notification of the interest paid or payable by the bank.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio. Income from Government Securities is recognised when it is received.

Income accrued and not received on these securities at 31 December is included in the market value of the investments held.

Rental income under operating leases is charged to the profit and loss accounts on a straight line basis over the terms of the lease.

(7) Expenditure

Expenditure is recognised once there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds include fees and charges for the management of the investment portfolio and an apportionment of support costs.

Expenditure on charitable activities includes interest paid on investor accounts, governance costs and an apportionment of support costs..

(8) Taxation and Irrecoverable VAT

The Trust is a registered charity and is exempt from corporate taxes, to the extent of operating within its charitable objectives. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

(9) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trust’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated is determined by analysis of staff time sheets completed on a daily basis.

(10) Tangible fixed assets

Tangible and Intangible fixed assets costing more than £1000 are capitalised at cost and are depreciated over their estimated useful lives as follows:

Freehold property 2% straight line Computer equipment 20% straight line (33.3% straight line in the prior year) Database 10% straight line

All fixtures, fittings and equipment should be assessed on acquisition and their useful life defined.

The asset should then be depreciated over its expected life on a straight-line basis. The remaining useful life of the asset must be reviewed at least every year.

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RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

The need for any impairment of a fixed asset write-down is considered if there is concern over the carrying value of an asset and is assessed by comparing that carrying value against the value in use or realisable value of the asset when appropriate.

(11) Investment properties

Investment properties are valued by the trustees at fair value and are not depreciated.

The statement of financial activities includes the net gains and losses arising on the revaluation and disposals throughout the year.

(12) Programme related investments – concessionary loans

Concessionary loans are initially recognised and measured at the amount paid, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest and adjusted if necessary for any impairment. Any impairment losses are immediately recognised in the Statement of Financial Activities.

The Trust agrees advances to churches which are subject to agreements that are signed by the church for the full value of the advance as soon as the advance is agreed but funds are only drawn down by the church as required. Where the advance is for rebuilding or renovation costs the full value of the advance may not be drawn down in the same year as that in which the agreement is signed. In these cases, the value of the advance reported in the accounts is that which has been drawn down in the year not the full value of the advance.

(13) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the bid price.

The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

(14) Debtors

Sundry debtors are recognised at the settlement amount due. Prepayments are valued at the amount repaid net of any trade discounts due.

(15) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

43

SNU T R UST AN N U AL R E P O R T

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

(16) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(17) 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 at their settlement value. Fixed assets are recognised at cost less depreciation and investments are recognised at their fair value being the market value, all other assets and liabilities are measured at cost being their fair value and are disclosed in note 15.

(19) Pension

Pension contributions to a defined contribution pension scheme are charged to the statement of financial activities as they occur. These contributions are invested separately from the Trust’s assets.

2 - INTEREST ON ADVANCES

Interest on advances as received from the member churches of SNU are disclosed as charitable activities as they are fulfilling a primary purpose of the Trust.

3 - INVESTMENT INCOME

2024
£
2023
£
Bank and other interest receivable
Income from listed investments
67,466
237,118
42,719
233,566
304,584
276,285
ncome from listed investments consists of:
2024
£
2023
£
Income from Global equities
Income from UK equities
Income from UK fxed interest / bonds
Income from overseas equities
Income from overseas fxed interest
Income from alternative investments
Interest
25,318
53,131
47,845
56,406
2,783
47,623
4,012
23,576
55,022
37,050
56,205
3,457
53,044
5,212
237,118
233,566		 2024
£		 2023
£
237,118 233,566

Income from listed investments consists of:

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RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

4 - RAISING FUNDS

4 - RAISING FUNDS
2024
£
2023
£
Investment portfolio management fees
Bank charges and interest
Support costs and governance (note 6)
47,365
1,069
12,913
45,058
1,167
10,299
61,347
56,524		 2024
£		 2023
£
61,347 56,524

All expenditure in the current and prior year relates to unrestricted funds.

5 - CHARITABLE ACTIVITIES

2024
£
2023
£
Interest paid on investor deposits
Support costs (note 6)
Grants to Members
253,047
225,632
6,306
161,156
241,512
1,728
484,985
404,396		 2024
£		 2023
£
484,985 404,396

Included within charitable activites are designated funds of £10,000 (2023: £10,000)

Grants to institutions

Included within charitable activities are grants made to 4 churches amounting to £6,306 (2023: £1,728) as follows:

Southampton Spiritualist Centre

Bognor Regis Spiritualist Church Blackwood Spiritualist Church

Bury Spiritualist Church

45

SNU T R UST AN N U AL R E P O R T

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

6 - ALLOCATION OF SUPPORT COSTS

Current Year

Cost Type:
Basis of
allocation
£
Charitable
activities
£
Raising
Funds
£
Total
2024
£
GOVERNANCE:
Auditor’s remuneration
Direct
28,832
-
28,832
Management committee expenses
Direct
412
-
412
Trustees’ indemnity insurance
Direct
352
-
352
AGM expenses
Direct
6,852
-
6,852
Legal & professional fees
Direct
13,045
-
13,045
49,493
-
49,493
SUPPORT:
Staf costs
Staf time
119,738
8,778
128,516
Staf training
Staf time
214
16
230
Depreciation
Staf time
5,534
406
5,940
Stationery and advertising
Staf time
1,181
87
1,268
Water rates
Staf time
68
4
72
Ofce expenses
Staf time
20,952
1,536
22,488
Telephone
Staf time
1,632
120
1,752
Postage
Staf time
102
7
109
Repairs and maintenance
Staf time
19,623
1,438
21,061
Light and heat
Staf time
2,302
169
2,471
Insurance
Staf time
4,779
350
5,129
225,632
12,913
238,545		 Basis of
allocation
£		 Charitable
activities
£		 Raising
Funds
£		 Total
2024
£
225,632 12,913 238,545

46

RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

Prior Year

Cost Type:
Basis of
allocation
£
Charitable
activities
£
Raising
Funds
£
Total
2023
£
GOVERNANCE:
Auditor’s remuneration
Direct
24,740
-
24,740
Management committee expenses
Direct
144
-
144
Trustees’ indemnity insurance
Direct
285
-
285
AGM expenses
Direct
6,636
-
6,636
Legal & professional fees
Direct
10,690
-
10,690
42,495
-
42,495
SUPPORT:
Staf costs
Staf time
115,141
5,958
121,099
Staf training
Staf time
261
13
274
Depreciation
Staf time
5,906
306
6,212
Stationery and advertising
Staf time
1,747
90
1,837
Water rates
Staf time
68
4
72
Ofce expenses
Staf time
20,633
1,068
21,701
Telephone
Staf time
1,331
69
1,400
Postage
Staf time
187
10
197
Repairs and maintenance
Staf time
46,244
2,393
48,637
Light and heat
Staf time
2,661
138
2,799
Insurance
Staf time
4,838
250
5,088
241,512
10,299
251,811		 Basis of
allocation
£		 Charitable
activities
£		 Raising
Funds
£		 Total
2023
£
241,512 10,299 251,811

7 - NET INCOME/(EXPENDITURE):

Net income/(expenditure) is stated after charging:

2024
£
2023
£
Auditor’s remuneration
28,832
24,740
Depeciation
4,940
5,212
Amortisation
1,000
1,000		 2024
£		 2023
£

47

SNU T R UST AN N U AL R E P O R T

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

8 - STAFF EMOLUMENTS

8 - STAFF EMOLUMENTS
2024
£
2023
£
Wages and salaries
110,890
104,889
Social Security costs
11,537
10,710
Employer’s contribution to defned
contribution pension scheme (snote 9)
11,089
10,490
133,516
126,089		 2024
£		 2023
£
133,516 126,089

The average number headcount of employees during the year was made up as follows:

2024
2023
Ofce and administration
3
3		 2024 2023

No employees had emoluments in excess of £60,000 (2023: none).

The Trust considers its key management personnel comprise the Finance Manager and other Trust Staff as appropriate. This therefore includes all 3 members of staff and their aggregate remuneration as noted above. Included within other trading income is £74,180 (2023: £64,928) in relation to salaries recharged to other organisations during the year.

None of the trustees received any remuneration or benefits in kind from the Trust during the period (2023: £Nil).

Expenses relating to travel and subsistence for attendance at trustee meetings were reimbursed to 3 trustees (2023: 5) during the period and amounted to £1,216 (2023: £455). In addition £1,716 (2023: £1,866) was paid by the SNU Trust for Trustees AGM accommodation in relation to 5 Trustees (2023:5).

During the period Trustees Indemnity Insurance was purchased for £352 (2023: £285).

9 - PENSION COSTS

The Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Trust in an independently administered fund. Contributions payable by the Trust amounted to £11,089 (2023: £10,490). At the year end, contributions totalling £866 (2023: £685) remained outstanding and are included in sundry creditors.

48

RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

10 - INVESTMENT PROPERTIES

Valuation
2024
£
2023
£
As at 1 January 2024
2,085,000
1,752,500
Revaluation
-
332,500
As at 31 December 2024
2,085,000
2,085,000		 2024
£		 2023
£
2,085,000 2,085,000

The properties were revalued on at 31 December 2024 by Paul Tarrant MRICS of RES Property Surveyors in accordance with the requirements of RICS Valuation -Professional Standards 2017 and FRS102.

11 - TANGIBLE FIXED ASSETS

Freehold
property
£
Computer
equipment
£
Fixtures,
fttings and
equipment
£
Total
£
COST
As at 1 January 2024
203,333
20,660
4,692
228,685
Additions
Disposals
-
-
-
-
-
-
-
-
203,333
20,660
4,692
228,685
DEPRECIATION
As at 1 January 2024
Depreciation on Disposal
19,601
-
19,740
-
2,173
-
41,514
-
Charge for year
4,067
460
413
4,940
23,668
20,200
2,586
46,454
NET BOOK VALUE
At 31 December 2024
179,665
460
2,106
182,231
At 31 December 2023
183,732
920
2,519
187,171		 Freehold
property
£		 Computer
equipment
£		 Fixtures,
fttings and
equipment
£		 Total
£
179,665 460 2,106 182,231
183,732 920 2,519 187,171

49

SNU T R UST AN N U AL R E P O R T

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

12 - INTANGIBLE ASSETS

Computer
equipment
£
Total
£
COST
As at 1 January 2024
33,120
33,120
Additions
-
-
33,120
33,120
AMORTISATION
As at 1 January 2024
25,120
25,120
Charge for year
1,000
1,000
26,120
26,120
NET BOOK VALUE
At 31 December 2024
7,000
7,000
At 31 December 2023
8,000
8,000		 Computer
equipment
£		 Total
£

13 - FIXED ASSET INVESTMENTS

The charity holds more than 20% of the share capital of the following company:

Higginson Securities Limited is a company limited by guarantee and incorporated in the United Kingdom. The company is dormant.

Cost Type:
Holding
%
Capital and
Reserves 2024
£
Proft/(Loss)
for the year 2024
£
Higginson Securities Limited
(company no: 04208575)
100
1
-		 Holding
%		 Capital and
Reserves 2024
£		 Proft/(Loss)
for the year 2024
£

The financial statements contain information about the Trust as an individual charity and do not consolidate the subsidiary undertaking, Higginson Securities Limited (a company limited by guarantee), on the basis that it is a dormant company.

50

RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

14 FIXED ASSET PROGRAMME RELATED INVESTMENTS

2024
£
2023
£
PROPERTY - PALMERSTON PLACE
Cost at 1 January
1,015,982
1,015,982
Revaluation
594,018
As at 31 December
1,610,000
1,015,982
CONCESSIONARY LOANS
Cost at 1 January
Repayments
636,089
(26,466)
689,241
(53,152)
Cost at 31 December
609,623
636,089
Total Programme reated investments
2,219,623
1,652,071
 2024
£		 2023
£
2,219,623 1,652,071

All concessionary loans made by the Trust are charged interest at 3.75% and are secured by way of a first legal charge on the properties to which the loans relate. These relate to loans given to member churches of the SNU which are part of the charitable purposes of the Spiritualists’ National Union Trust. There were no concessionary loans committed to or offered but not taken up at the period end (2023: one loan £50,000).

For information:
Loans due within one year
Loans due after more than one year		 20,750
588,873		 35,564
600,525
609,623 636,089

51

SNU T R UST AN N U AL R E P O R T

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

15 - INVESTMENTS

MARKET VALUE
At 1 January
Additions
Disposals proceeds
Net gains / loss on investments
Movements in cash accounts
One Year Fixed Term Investment Addition
Market value at 31 December
Historical cost at 31 December
Investments are allotted to each range as
follows:
UK equities
UK fxed interest / bonds
Overseas fxed interest / bonds
Overseas equities
Alternative investments
Quilter Cheviot Investor Growth Fund
Cash		 2024
£		 2023
£
7,498,938
6,860,733
928,222
1,351,755
8,427,160
(526,331)
415,053		 8,212,488
(1,409,822)
359,688
8,315,882
(81,276)
-		 7,162,354
36,584
300,000
8,234,606
6,959,571		 7,498,938
6,582,872
2024
£		 2023
£
1,427,204
1,754,171
61,361
3,406,195
658,768
853,986
72,921		 1,518,214
976,369
61,583
2,990,802
714,470
783,303
454,197
8,234,606 7,498,938

All investments are held primarily for the purpose of providing an investment return.

52

RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

16 - DEBTORS

2024
£
2023
£
Trade debtors
5,687
4,072
Other debtors
15,400
13,690
Prepayments and accrued income
13,440
17,548
34,527
35,310		 2024
£		 2023
£
34,527 35,310

17 - CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Investors’ balances:
Deposit account
Investment accounts
Super accounts
95 Day Notice accounts
Fixed rate bonds
Regular saver plus accounts
Amounts held on behalf of Members
Trade creditors
Sundry creditors
Accruals
Tax and social security		 2024
£		 2023
£
196,315
6,063,508
-
239,993
981,958
8,066
363,271
4,992,544
59,706
623,306
2,029,592
5,651
7,489,840
2,955
1,182
29,068
2,650
8,074,070
835
1,158
24,864
2,538
7,525,695 8,103,465

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

REDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR MORE THAN ONE YEAR
2024
£
2023
£
Investor’s Balances - Fixed Rate Accounts
1,216,860
1,022,264
1,216,860
1,022,264		 2024
£		 2023
£
1,216,860 1,022,264

53

SNU T R UST AN N U AL R E P O R T

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

18 - FUNDS: MOVEMENTS IN YEAR

CURRENT YEAR
1 January
2024
£
Income
£
Expendture
£
Transfers
£
Gains/
(losses)
£
31 Dec
2024
£
UNRESTRICTED
FUNDS
Contingency Fund
General Overheads
2,503,086
250,000
-
378,764
-
(265,918)
22,487
(112,846)
415,053
-
2,940,626
250,000
DESIGNATED FUNDS
Property Repairs
& Maintenance
Members
Disbursements
Investment Property
Valuation Reserve
Ray Taylor Memorial
Fund
60,000
200,000
942,436
10,000
172,027
18,028
-
-
(21,061)
(253,047)
-
(6,306)
(150,966)
235,019
-
6,306
-
-
594,018
-
60,000
200,000
1,536,454
10,000
3,965,522
568,819
(546,332)
-
1,009,071
4,997,080		 1 January
2024
£		 Income
£		 Expendture
£		 Transfers
£		 Gains/
(losses)
£		 31 Dec
2024
£
3,965,522 568,819 (546,332) - 1,009,071 4,997,080

The Trustees Memorial Fund (formerly the Ray Taylor Memorial Fund) is in memory of all Trustees who have served the charity, further details can be found in the Trustees Annual Report.

54

RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

PRIOR PERIOD -
restated
The below has been
restated to show the
contingency fund
as part of general
unrestricted funds.
1 January
2023
£
Income
£
Expendture
£
Transfers
£
Gains/
(losses)
£
31 Dec
2023
£
UNRESTRICTED
FUNDS
Contingency Fund
General Overheads
-
225,000
-
341,213
-
(249,399)
2,143,398
(66,814)
359,688
-
2,503,086
250,000
DESIGNATED FUNDS
Church deposits
Investments
Properties
Modernisation
1,212,519
915,261
233,794
502
-
-
-
-
-
-
-
-
(1,212,519)
(915,261)
(233,794)
(502)
-
-
-
-
-
-
-
-
Property Repairs
& Maintenance
Members
Disbursements
Investment Property
Valuation Reserve
Ray Taylor Memorial
Fund
-
-
609,936
10,000
166,864
19,165
-
-
(48,637)
(161,156)
-
(1,728)
(58,227)
341,991
-
1,728
-
-
332,500
-
60,000
200,000
942,436
10,000
3,207,012
527,242
(460,920)
-
692,188
3,965,522		 1 January
2023
£		 Income
£		 Expendture
£		 Transfers
£		 Gains/
(losses)
£		 31 Dec
2023
£
3,207,012 527,242 (460,920) - 692,188 3,965,522

During the accounting period, the Board agreed the following reserves policy. Further details can be found in the Trustees Annual Report.

General Unrestricted Fund – Contingency Fund

This fund is held to support the long-term future of the SNU Trust.

General Unrestricted Fund – Overheads

The General Fund will cover working capital for the SNU Trust for a 12-month period, currently £250,000 and representing 7.3% (2023:8.3%) of the total Unrestricted Reserves and is reviewed annually at the December meeting of the SNU Trust to ensure that the level of the fund is set at an appropriate level.

Designated Fund – Members Disbursements

A designated fund should be set aside to cover for disbursements to members by way of credit interest and other payments during the course of the year.

Designated Fund – Property Costs

This designated fund makes allowance for the costs relating to properties owned by the SNU Trust for both investment purposes and as programme related investments.

55

SNU T R UST AN N U AL R E P O R T

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

Designated Fund - Trustees Memorial Fund

The Trustees Memorial Fund (formerly the Ray Taylor Memorial Fund) was established in memory of all Trustees who have served the charity over many year and its purpose it to assist member churches facing financial hardship.

During 2024 the Board agreed to increase the available resource within the fund to £10,000.

19 - NET CURRENT ASSETS

CURRENT YEAR
Fixed
Assets
£
Net current
assets /
(liabilities)
£
Creditors
greater than
one year
£
Fund
balance
£
UNRESTRICTED FUNDS
Contingency Fund
General Overheads
-
10,508,837
2,940,626
(9,041,977)
-
(1,216,860)
2,940,626
250,000
DESIGNATED FUNDS
Property Repairs &
Maintenance
Member Disbursements
Trustees Memorial Fund
-
-
-
60,000
200,000
10,000
-
-
-
60,000
200,000
10,000
Investment Property
Valuation Reserve
-
1,536,454
-
1,536,454
10,508,837
(4,294,897)
(1,216,860)
4,997,080
PRIOR PERIOD
Fixed
Assets
£
Net current
assets /
(liabilities)
£
Creditors
greater than
one year
£
Fund
balance
£
UNRESTRICTED FUNDS
Contingency Fund
General Overheads
-
9,779,109
2,503,086
(8,506,845)
-
(1,022,264)
2,503,086
250,000
DESIGNATED FUNDS
Property Repairs &
Maintenance
Member Disbursements
Ray Taylor Memorial
-
-
-
60,000
200,000
10,000
-
-
-
60,000
200,000
10,000
Investment Property
Valuation Reserve
-
942,436
-
942,436
9,779,109
(4,791,323)
(1,022,264)
3,965,522		 Fixed
Assets
£		 Net current
assets /
(liabilities)
£		 Creditors
greater than
one year
£		 Fund
balance
£
9,779,109 (4,791,323) (1,022,264) 3,965,522

56

RE P O RT A ND ST A T E ME NT O F A C C O U NT S 2 024

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

20 - OPERATING LEASES

LESSOR:

At 31 December 2024 the Trust had agreed commitments as a lessor under non-cancellable operating leases to receive the receipts as follows:

2024 £
2023 £
Investment Properties:
Not later than one year
Later than one year and not later than fve years
Greater than fve years
184,700
442,967
1,120,950
164,741
258,333
528,000
1,748,617
951,075		 2024 £ 2023 £
1,748,617 951,075

21 - RELATED PARTIES

During the year, some members of the SNU Trust Board were part of the member churches who undertook transactions with the SNU Trust. All of these transactions were part of the normal activities of the Trust and were not influenced or controlled by those members of the Board. There are no other related party transactions (2023: none).

22 - RECONCILATION OF NET INCOME TO NET CASHFLOW IN OPERATING ACTIVITIES

2024
£
2023
£
Net Income
Adjusted for:
Depreciation charges
Loss / gains on investments
Cash movement on investment portfolio
Dividends interest and rents from investments
Decrease (increase) in debtors
(Decrease)/Increase in creditors
1,031,558
5,940
(1,009,071)
81,276
(476,611)
27,250
(383,175)
758,510
6,212
(692,188)
(36,584)
(443,149)
42,899
383,441
Net cash provided by operating activities
(722,833)
19,141		 2024
£		 2023
£
(722,833) 19,141

57

SNU T R UST AN N U AL R E P O R T

NOTES TO THE FINANCIAL STATEMENTS continued

As at 31 December 2024

23 - ANALYSIS OF CASH AND CASH EQUIVALENTS

2024 £
2023 £
Cash at hand
976,648
1,624,761
Total
976,648
1,624,761		 2024 £ 2023 £
976,648 1,624,761

24 - ANALYSIS OF NET DEBT

At 1
Jan 2024
£
Cash
fows
£
Other
non-cash
changes £
At 31
Dec 2024
£
Cash and cash equivalents:
Cash at bank and in hand
1,624,761
(648,113)
-
976,648
Total
1,624,761
(648,113)
-
976,648		 At 1
Jan 2024
£		 Cash
fows
£		 Other
non-cash
changes £		 At 31
Dec 2024
£
1,624,761 (648,113) - 976,648

58

Burton End Lodge, Stansted Hall, Stansted, Essex CM24 8UD

01279 814158 office@snutrust.co.uk www.snutrust.co.uk