Treasurer’s Report and Accounts 2025
Income and expenditure
The income position was stable overall.
Subscription income was little changed at £1,444 (2024: £1,479); the number of paying subscribers was down from 82 to 75.
The bulk of our income continues to come from our holding of the CBF Church of England Investment Fund, which increased its dividend. Together with the modest interest income on cash held in the CBF Church of England Deposit Fund, investment income rose to £12,422 (2024: £12,310).
Miscellaneous income represents the contributions paid by committee members to the cost of the January dinner.
Total income was £14,939 (2024: £14,073).
Expenditure rose substantially in 2025, from £13,073 the previous year to £17,370. This was primarily the consequence of the number and amount of grants made (£10,785, after £2,900 in 2024). 2025 marked the 1,700th anniversary of the Council of Nicaea and the Association supported three conferences dedicated to this subject: one in Rome, one in Chichester (attended by the Ecumenical Patriarch), and one in Cambridge.
Our pilgrimage to the sites of the ecumenical councils was a great success and attracted two coachloads of pilgrims. As a result we qualified for free places for our hosting bishops, so costs were much lower than in 2024.
The costs of our journal Koinonia increased from £913 to £1,232, because we produced two issues rather than one. Printing costs per issue were reduced by switching to a new and cheaper printer.
Committee expenses appear to have risen sharply, from £1,274 to £1,829; however, this is the result of the costs of the January dinner (not held in 2024) and is offset by the contributions the committee members paid shown under miscellaneous income. Committee travel expenses were actually down.
In total, expenditure exceeded income and the deficit for the year was £2,431 (2024: surplus of £1,000). The committee took the view that it was appropriate to support the various efforts being made in the year to celebrate the anniversary of the Council of Nicaea because they fitted with the Association’s charitable purpose of promoting closer relations between the Anglican and Orthodox traditions. Given the healthy amount of undistributed income built up over previous year, we were able to do this while still remaining prudent.
Assets
The vast bulk of our assets remain invested in the CBF Church of England Investment Fund (2025: £417,070; 2024: £434,438). The small decline in capital value is no matter for concern provided the fund remains able to sustain and increase its dividends – which it managed to do.
We reduced our holding in the CBF Church of England Deposit Fund from £10,000 to £5,000 to enable us to finance the deficit incurred as a result of the grants paid.
Cash in our current account at Barclays Bank at the year-end was £7,075 (2024: £4,468).
Outlook
Our income is mostly predictable, in the form of quarterly dividends. We have increased the cost of subscriptions to £20 to £30 with effect from the start of 2026, which should raise more money (assuming members do not quit).
Our expenditure is hard to predict because much depends on the quality of the grant applications we receive. We are unlikely to see a repetition of the situation in 2025, where an anniversary of a major event in church history resulted in a string of commemorative events worthy of support.
We therefore do not at present expect to run a deficit again in 2026. The financial position of the Association remains sound.
CCLA, the firm which manages the fund making up most of our assets, announced in 2025 that it had agreed to be acquired by a rival: Jupiter Fund Management. Jupiter have so far said all the usual things about retaining the culture of the old firm and wishing to keep the staff. However, we will have to keep a close eye on how things develop.
Alan Trigle, Treasurer
Epiphany 2026
The Anglican and Eastern Churches Association (CIO) (registered charity no. 1205229)
Statement of Financial Activities for the year ended 31 December 2025 (for basis see Note 1)
| Incoming resources (for details see Note 2) Subscriptions Investment income Miscellaneous Outgoing resources (for details see Note 3) Journal Grants Expense of events Chairman's expenses Committee expenses Ecumenical hospitality Website Pilgrimage Legal fees Net incoming resources for the year Income surplus as at 1 Jan Balance carried forward |
2025 2024 1,444 £ 1,479 £ 12,422 £ 12,310 £ 1,073 £ 284 £ |
|---|---|
| 14,939 £ 14,073 £ |
|
| 1,232 £ 913 £ 10,785 £ 2,900 £ 2,713 £ 2,758 £ 85 £ 190 £ 1,829 £ 1,274 £ 658 £ 239 £ 180 £ 488 £ 3,264 £ 936 £ |
|
| 17,370 £ 13,073 £ |
|
| (2,431) £ 1,000 £ 37,258 £ 38,655 £ |
|
| 34,827 £ 39,655 £ |
Balance Sheet as at 31 December 2025
| Investments CBF Investment Fund Cash Barclays CBF Deposit Fund Total net assets |
31/12/2025 31/12/2024 417,070 £ 434,438 £ |
|---|---|
| 417,070 £ 434,438 £ 7,075 £ 4,468 £ 5,000 £ 10,000 £ |
|
| 12,075 £ 14,468 £ 429,145 £ 448,906 £ |
Represented by:
| Permanent endowment fund 1 January Investment revaluation fund 1 January Change in value for the year Total capital fund Income fund |
24,767 £ 24,767 £ 386,881 £ 377,160 £ (17,330) £ 9,721 £ |
|---|---|
| 369,551 £ 386,881 £ |
|
| 394,318 £ 411,648 £ 34,827 £ 37,258 £ |
|
| 429,145 £ 448,906 £ |
Note 1: Policies
The Anglican and Eastern Churches Association CIO was entered on the Register of Charities on 16 October 2023 under number 1205229. By a resolution of the Executive Committee of the Anglican and Eastern Churches Association (charity number 209555) passed at the meeting on 25 January 2024 the CIO took over all the assets and liabilities of the old charity, which then ceased to exist.
These financial statements have not been examined or audited as the Association's income falls below the level at which this is required (currently £25,000).
They have been drawn up on a cash basis, i.e. income and expenditure are recognised when credited to or debited from our bank account. This normally matches the way we operate. However, in September 2024 we agreed to make a grant of £3,000 towards the cost of a conference to beheld in Rome in June 2025; this had not been disbursed as at the end of 2024 and was only paid in March 2025.
All our income is normally unrestricted and we held no restricted funds at the end of any of the periods.
The Association draws up an annual budget, which is approved by the Committee and reviewed during the course of the year. The Committee also reviews the financial controls in place.
All debits to the Association's bank accounts require two signatures/electronic approvals. The authorised signatories are the Chairman, Secretary and Treasurer.
All income is credited to the Association's bank account; small amounts of cash are received at events, which are paid in as soon as possible. Most income is credited electronically.
Trustees (i.e. Committee members) are not paid, but appropriate expenditure incurred on behalf of the Association is reimbursed.
Please see Note 3 for details of Trustees' travel expenses for attending meetings and events.
Note 2: Breakdown of income
Item 2025 2024 Comments 74 subscriptions were received in 2025 (2024: Amount of subscriptions received £ 1,444 £ 1,479 82). Investment income £ 12,422 £ 12,310 Investment income consists almost entirely of dividends on our holding of income shares in the CBF Church of England Investment Miscellaneous income £ 1,073 £ 284 Contributions by Committee members to the annual dinner.
Total income £ 14,939 £ 14,074
Note 3: Breakdown of expenditure
| Item | 2025 | **2024 ** | Comment | ||
|---|---|---|---|---|---|
| Journal | £ | 1,232 |
£ | 913 |
|
| - Printing | £ | 672 |
£ | 576 |
Switched to new, cheaper printers. |
| - Postage | £ | 560 |
£ | 337 |
Two editions in 2025; one in 2024. |
| Grants | £ | 10,785 |
£ | 2,900 |
|
| - For ordinand to attend conference in Oxford | £ | 200 |
He delivered a paper at the annual conference of the Mystical Theology Network. | ||
| - Towards the cost of a conference in Tubingen | £ | 1,000 |
"Retreiving Nicaean Trinitarianism". | ||
| - For US academic to consult archives in the UK | £ | 1,700 |
She visited Oxford and Lambeth. | ||
| - For ordinand to do placement in Athens | £ | 250 |
Visited over Easter in a year when the feast fell on the same date for both traditions. | ||
| - Towards the cost of a conference in Chichester | £ | 3,000 |
Put on by the Ecclesiastical Law Society to mark the anniversary of the Counil of Nicaea. | ||
| - Towards the cost of a conference in Rome | £ | 3,000 |
Put on by the International Orthodox Theological Association to mark the anniversary of the Coun | ||
| - Towards the cost of a conference in Cambridge | £ | 3,968 |
Put on by the Institute for Orthodox Christian Studies to mark the anniversary of the Counil of Nica | ||
| - For a new cassock | £ | 567 |
For the CofE's newly appointed National Advisor for Ecumenical Relations. | ||
| Cost of events | £ | 2,713 |
£ | 2,758 |
|
| AGM dinner | £ | 210 |
2024: no AGM dinner, cost was postage only. | ||
| Orthodox reception | £ | 2,288 |
£ | 1,851 |
|
| - Catering | £ | 2,126 |
£ | 1,722 |
|
| - Postage | £ | 162 |
£ | 130 |
|
| Constantinople lecture | £ | 425 |
£ | 696 |
|
| - Speaker's fee and expenses | £ | 363 |
£ | 400 |
year. |
| - Catering and wine | £ | 62 |
£ | 75 |
The event is now self-catered. |
| - Postage | £ | 222 |
|||
| Chairman's expenses | £ | 85 |
£ | 190 |
|
| - Hospitality | £ | 190 |
Entertaining Serbian and Romanian bishops. | ||
| - Travel | £ | 85 |
Cambridge. | ||
| Committee expenses | £ | 1,829 |
£ | 1,274 |
|
| - Travel to Association meetings and events | £ | 360 |
£ | 684 |
The Association has a policy of allowing trustees who live outside London to claim travel expenses |
| -Wedding gift for Secretary | £ | 50 |
|||
| - Annual dinner | £ | 1,419 |
£ | 590 |
This is offset by contributions made by committee members, shown under miscellaneous income. |
| Website | £ | 239 |
£ | 180 |
|
| - Website | £ | 187 |
£ | 180 |
|
| - Hosting | £ | 51 |
|||
| Pilgrimage | £ | 488 |
£ | 3,264 |
|
| 2025: Gifts for hosts, expenses of Biship | |||||
| - Pilgrimage | £ | 488 |
£ | 3,264 |
Richard. |
| Ecumenical hospitality | £ | 658 |
2024: reception for pilgrims in Westminster | ||
| Legal fees | £ | 936 |
2024: for conversion to CIO. | ||
| Total expenses | £ | 17,370 |
£ | 13,073 |