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2024-12-31-accounts

REGISTERED CHARITY NUMBER: 1206489 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 11 JAP4UARY 2024 TO 31 DECEMBER 2024 FOR THE EPHESIAN FUND ShaM' Gibbs Audit Ltd 264 Bai)bury Road Oxford Oxfordshire OX2 7DY

THF. F.PHESIAN FUND CONTENTS OF THE FINANCIAL STATEMENTS for the eriod 11 Januarv 2024 to 31 Deeember 2024 Pag¢ Report of the Trustees Report of the Independent Auditor Statement of Finaneial Activities Balance Sheet 13 C05h Flow Sta¢em¢nl 14 Notes to the Cash Flow Statement 15 Notes to the Financial Statements 16 to 19 Detailed Statement of Finaneial Aetivities 20

THF. F.PHESIAN FUND REPORT OF THE TRUSTEES eriod I l Janua - 2024 to 31 December 2024 for the The trustees present their report with the financial statements of the charity for the period I l January 2024 to 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Ststemeni of Recommended Practice appliLable to cl)arities preparing their accoui)ts in accordance witl) the Financial Reporting Standard applicable in the UK and Republic of Ireland IfRS 102) (effective l January 20191. 0￿ECTIVEs AND ACTIVITIES Ohjettives and Activities The objects of the CIO are for the public benefit to advance the Evangelical Christian Faith, including (but without limitation) by providinu grants or other fuiiding tts churche5 and otlier Christian Lliarities, group5 or iiidividuals thdt are in sympgihy with the Ststemeni of Faiih. Criteria for Measuring Succe55 There are various criteria that are used 10 measure the success of the Ephesian Fund. These include.. The e￿i¢]ent handling ol'donations. Continuin¥ bFro￿th in donations. The securing of repeat donations from churches and individuals. Innovative grant-making lin particular that enables newlsthrt-up local church initiatives to launch). A Steady iiicrease iii the nuniber of churches and dioceses eiigFaged in the fund. Significant activities Significant Activities Undertaken in Reporting Period Iii the twelve moiiths leadin¥ up to DeLeniber 2024. the fund took several significant 5tep5 forward.. Ot] I Ith Jaiiuary 2024. tlie fund became an indepelldellt charity {it had previously been operated by the Cliurch of England Evangelical Council). The charirj also laui)ched its first and own website. The recruitment of the board and the establishineiit of regular tii]5tee meetings. The fund recruited its fiTSt employee- an adminisiration manager. Achievement5 Versus Set Objectives The trustees are a￿are of Ihe appropriateness of developing greater diversity on the Board {in demographic and gender and ethnic tenns} and is working to achieve this. Positively, the number of dioceses in which churches are usii)g tl)e Ephesian Flind grew during 2024 to approximately half the dioceses of the Church of England. It is difficult to measure this achievement against set objectives, since the establishment of the fund was a journe}, into unknown territory. If trusttes l)ad known at the start of 2024 that more tl)an half the dioceses would have churches using the Ephesian Fund, that would have beeii considered to be sibFnificant. GrJntn]aking- How we n]#ke Grants Tl)e tIU5tees have approved a Graiit Making Policy, available via the Ephesian Fund website, which sets out how tTUStee5 applv the resources of the chariry in pursuance of its aims and objectives. They have identified three priorities for support. The Ephesiai) Fund will provide grants io organisations {including Parochial Church Councils) in accordance with the wishe5 expressed by the charity's donors {represeiiting the'lndividual Givin(T' stream of our workl. The trustee5 would nornially respect and honour the ￿lshe$ of such donors provided the iniended recipient meet the policy criteria. The charity will a150 provide grant5 to Church of En¥land dioceses in respect of PaTish Share in response to requests from donor Parochial Church Councils (representing the 'PCC Giving, stream of our ￿'orkI. In this case. grants are only made where the Ephesian Fund is assured Ihai they will be applied to churches which are in sympathy with the Ephesian Fund Basi5 of Faith. Finally. the charity will also provide grants (from our'General Fund,) for evangelism and mission initiatives in response to application5 submitted via the form available on the Ephe5iaii Fund website. Applicaiits are invited to demonstrate how any grant award would advaiice the evangeli¢al Christian faith and musi also demonstrat¢ due regard for responsible finai)cial management and safeguarding. All grants are made by The Ephesian Fund trustees, who retain fing1 decision-making power. Grants must be used for the purposes for ￿'hICh they are given or must be retumed to The Ephesian Fund. The policy is reVIe￿.ed every three years and was last reviewed 011 27th Au¥ust 2024. Page I

THF. F.PHESIAN FUND REPORT OF THE TRUSTEES eriod I l Janua - 2024 to 31 December 2024 for the ACHIEVEMENT AND PERFORMANCE Charitable actii'ities- achievements and performance The bei)eficiaiies of the Ephesian Fund are both those using it as a means of giving, and those receivit)g from the generou5 donatioi) of parishes and individuals. The Ephesian Fund website carries a number of stories which indicate Ihe difference ihat the Ephesian Fund's work has made to the circum5taiices of its beiieficiaries.. A mid-sized church in London with a diverse congregation describes how it has chosen to use the Ephesian Fund as a way of expre55111¥ the concern5 thilt it Iiad offered to the dioLe5e, previously un5ULce55fully. A large and diverse inner-city multicultural Church of around 500 members has chosen to give to the diocese, through the Ephesian Fund. to raise awareness of concems that ihe parish holds with regard to curreni evenis in the Church Lif En¥land. A large church in a vibrant and Inulticultural Soutli London neiglibouThood has chosen to give to the Ephesian Fund to ensure thai 'every penny of our money, goes to churches holding onto a faiih-based approach to issues cenired on the bible. A small urban church in a context of extreme dcprivation in PlyThouth says the Ephesian Fund has been invaluable in enabling the church congregation to express its identity and convictions. In addition, it ha5 been a highligFht of the work of the trustees to begin to consider niaking gFrants from our general fund5 to churches, organisations, and individuals in sympathy with our Basis of Faith in response to grant applications made via the fom) on our website. In our inaugural vear, the trUs￿eS have been working to enable available funds for di5cretioiiat)' graiits to gFrow. Nonetheless, there was a small amount of grant-making activity., includingF a gryant foT the purchase of new pew bible% for a church in the Dio¢e%e of Ely, and a grant to support the emplo}'ment of a 10¢glly employed assistant minister in ihe Diocese of Oxford. We anticipate grani-making activity ro grow in 2025. Fundraising activities and performance The Ephesian Fuiid trustees are grateful to the Relay Trust for their gift tow'ards operational costs in 2024. This was relatively sniall but sufficient to enable the Ephesian Fund to launch. Page 2

THF. F.PHESIAN FUND REPORT OF THE TRUSTEES eriod I l Janua - 2024 to 31 December 2024 for the FINANCIAL REVIEW Financial review The charity cltssed tl)e reporting peiiod holding reserves of approxiinately £348.000, the Inajority of which represented funds that had not j'et been approved for disbursement to Church of Englaiid diocese5 in respect of Parish Sliare. Income during ihe Jear toialled approximately £4.65million. Of which (approximaielyl.. £4.3 n)illion was received from Parochial ChuTch Coiincils, to be paid to their diocese in Parish Share. £220,aOO was received from individuals to be directed to local churches £55,000 was received in Unrestrlc￿d donations to our general fund for disbursement by trustees, with a further £33,000 restricted for disbursenient to ChurLlI of En¥liind LhurLhes in the geograpliiLiil area of one partlLular diocese. £5,000 of operational support was raised. Expenditure for the period totalled approximately £4.3millioii. This included-. £4million distributed to diocese in support of Parish Share £215,000 granied 10 churches via individual directed giving £7.500 in trustee disbursemei)ts from general funds to support ministry initiatives £ 1,000 granted from the restricted ￿nd. The Ephesian Furtd incurred minimal adininistrative and operatioi)al expenditure due to extemal support coverii)g core costs. Ai year end, creditors comprised grani payments which had been approved but not yei disbursed owing to staff annual leave over the Christmas period. These grants were processed shortly. after year end. T￿Stee5 1)ote the efficient handling of donations, meaning the proponion of grant related reserve% left at year end ￿.9$ a %mall proportion of our overall income in our inaugural year. At the end of the year, Ihe charity held a balance of £260,014.55 under creditors which represented grgnts thai had been approved. bui not yet disbursed. The funds were committed prior to 3 1st December 2024 and were awaiting payment. Payinent Thas completed shortly after year-end. The charity holds no funds which could Linly be realised ihrough the disposal of tangible fixed assets andlor programme related investments. During the reporting period, the trustees operated one restricted fund, where a donor wished to restrict their giving to the geogrdphical area of a particular Church of England diocese. This fund is showi) sepaiatel>' in the accounts and closed the 2024 financial year w'ith a balance of £32,136.34. The trustees are satisfied ihe charity is in a stable financial position and are grateful for the extemal support received over the reporting period to cover core operatiniT Costs. In 2025. the trustee5 will consider fi￿ther fundraising initiatives to ensure the charity continues to be well placcd to meet its current commitments a% it takes on incrca%ing opeTatii)nal responsibiliry. Factors Likely to Affect Financial Performanee or Position Going Fonvard The biggest single factor likely to affect the growth or otl)erwise of the Ephesian Fund is the outcome of the current Liviiig in Love and Faith process ￿'ithin the Church of Englaiid. If thi5 process is not resolved satisfactorily, then there 15 the possibility of the Ephesian Fund experiencing considerable gromth. In the event of the Church of England finding a settlen)ent that workg for all interested parties, tl)en the immediate and presenting rolelvalue-addedness of the Ephesian Fund inay be diminished. Page 3

THF. F.PHESIAN FUND REPORT OF THE TRUSTEES eriod I l Janua - 2024 to 31 December 2024 for the FINANCIAL REVIEW Principal funding sources Tl)rough the reporting period, all fiinds Telated to grant-making to dioceses in 5UPPOrt of Parish Share originated from Parochial Church Councils. These funds were given specifically in response 10 our offering of this service. with this service represeniing the largest area of our activity. Grants made to churches were funded primaril}, individual donor5 giviiigF throuuFh Stewardship (RegFi5tered charity no. 234714, regFi5tered in Englaiid and Wales}. We are grate￿] to our panners at Stewardship for providing this service. Our iinrestri¢ted 'General Fund, income came, ggain, mainl). from individuals giving via S￿1VardShIp. wilh a smaller proportion coming from Parochial Church Councils. We are grateful for a 5niall nuniber of individua15 and Lliurches wlio ¥ave to Lover our operating costs. The trusiees give thanks for the generosiry and commitment L)f all those who support our charities aims. Reserves policy We are very thankful for the trustees and staff at the Church of England Evangelical Council (CEEC) who, in our inaugural year. provided the infrastructure and access to fundin¥F needed to meet the runnin¥ cost5 of The Ephe5ian Fund. As such, through the reporting period, the monitoring and reporting of operational reserves was carried out by CEEC in accordance with their Reserves Policy. Since the reporiing period, The Ephesian Fund has approved and iinpleniented a policy of its It is the policy of the Epliesian Fund to hold the equivalent of three nionths of operating costs in 'statutory reserve, to cover short-term cashflom., emergenc}. expenditure, gndlor the winding down of the charity. Funds held specifically in relation to grani making do noi form part of the statutory reserve. This was last reviewed by the trustees on 16th May 2025. Going concern There are no cutreiit conceriis abtsut the ability of the Lliarity to Lontiiiue a5 a goiii¥ LonLern. Notwithstsndin¥ thi5, tlie trustees hgve done some three-year planning to identify the funding thai will be needed to cover operational costs. The outcome of this exercise was that we have identified the need to nurture support from a number of churches and individuals, and this 15 being proactively pursued. Funds in defjcit As shown in note l O to the accounts the closin¥ balance on the Admi￿operatIOnal Fund, which form5 part of the wider Unrestricted Funds of the charipi, is a deficit of £6,495. This has arisen due to the accrual of the annugl audit fee. The trustees aniicipate that this fund will be returned to a surplus position in the following financial year. PLAIYS FOR FUTURE PERIODS Looking al)ead, we expect the 2025 reportin¥ period will be one of growth as niore churLI)es and individuals come forward to use The Ephe5iaii Fiind to facilitate theiT gFiving. The next reportii)g period will also See The Epliesian Fund take on greater operational responsibility, as the organisational infrastructure matures. enabling it 10 increase the share L)f operating costs it is administering direcily. The trustees are committed to encouraging more churches and individuals to engage with The Ephesian Fund, both as donors and applicants for grants. The charity remains committed io helping slrengihen the collective voice of those conceTned about tlie theolo¥ical direction of tlie Church of Eii¥land'5 House of Bishops aiid wants to reassure donor5 that funds entrusted to The Ephesian Fund will be used to suppon biblically orrhodox ministry. It has been Ihe joy and privilege of The Ephesian Fund Trustees to make our firsi grants from our general fund this vear. and we look fonvard to developing our Gospel partnerships M'ith churclies, charitie5. and individuals in the Chuich of EnbTlaiid to support new mission and evangelistic initiates aligned with our charitable objectives, in order to ￿rther the Gospel of Jesus Christ. The Ephesian Fund was founded in response to the needs ai)d concerns of evai)gelical Christians within the Church of England, and so in the long terni it is anticipated that the direction of the charity will be somewhat shaped by developments ￿'1th]n the denomination. The trustees remain committed to listening to the voices of evangelicals and providing a financial infrastructuie to meet their needs. Page 4

THF. F.PHESIAN FUND REPORT OF THE TRUSTEES eriod I l Janua - 2024 to 31 December 2024 for the STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Ephesian Fund is a registered cl)arity (registration i)0. 1206489) and is constituted as a Charitable Incorpordted OrgFanisatioii (CIO) with registration number CE034854. It5 governing document, The Ephesian Fuiid Constitution, sets oui how the chariry is run. Recruitment, Induction and Training of Trustees Potential new trustees can be suggested by anvone to the existing Board. The Board then invites one of its members to l)ave an initial conversation with anv individuiil no￿]nated to expltsre their possible interest. Should this be a fruitful conversation, a safer recruitment process is launched. This involves a collection of references, an actual interview, and checks to ascertain that the individual is suitable as an Ephesian Fund trustse, both in tenns of their financial and safeguardii)g history. No other peoplelbodies are able to appoint a trustee io tl)e Board. Ne￿. trustees are inducted and trained in a relation81 manner. They are provided with 811 appropriate policies and an opportunity is given for tl)em to be explore(Vinterrogated to enable trustee understanding. Shadowii)g ol. roles is oflered where appropriate le.gT. jll the iiidiiction of a potential treasurer). 'Buddyin¥' is offered as appropriate, and follow-up ca115 made to new irustees after their initial trustee meetings. Trustees are responsible for setting the 5trategFic direction of The Ephesian Fund. and have Specific responsibility for areas such as legal compliance, risk managenieni, major finaiicial decisions, and the setting of grant-making policies and priorities. Ke). P¢rsnnn¢l and their remuneration The Ephesiaii Fund does not have a chief executive. The equivalent role of chief executive is performed on a iion-reinunerated basis by one of the trustees. Other staff eTnplo)'ed by the fuiid are remunerated on a beiichmarked bdsis. In this benchmarking exercise, ¢onsiderationl¢omparison of roles and remunerative packages in equivaleni ¢hariiies was considered. The trnstees delegate day-tfrday management of the fund to trustee John Dunnett. The trustees are supported by a small staff ieam, ￿h0 assist with day-to-day management of the organisation. StatT administer grant-making within the scope of the poliLies and framewoik set by the trugtees, and take decisioi)s related to the elyicient running of the organisation. Any grants or activities outside of these paraineters are referred to the Board of Trustees for approval. Related partie5 During thc reporting period: the Church of England Evangelical Council (registered with the Charity Commission for England & Wales, no. 1104514} provided services to The Ephesian Fund with a toial value of approximatelv £34,000. In addition, the Chui¢h of England Evaii¥eliLal Council received dtsnations totalling £40,000 from a tl)ird-party donor to suppon the set-up costs of The Ephe%ian Fund. The%e amounts have been applied in ftill for th91 piirpose, with som¢ used to suppoff costs in the follo￿Ing reporting period. The Church of England Evangelical Council and The Ephesian Fund sliared one conunon trustee duriiig the reporting period. The National Director of the Church of England Evangelical Council also served as a trusiee of The Ephesian Fund. There is no contractual or constructive obligaiion for The Ephesian Fund to repay any amounts in respect of these services or the donated I'unds. Page S

THF. F.PHESIAN FUND REPORT OF THE TRUSTEES eriod I l Janua - 2024 to 31 December 2024 for the STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management Tl)e trustees Iiave a duty to identify and review the risks to which the charity is exposed and to ei)sure appropriate controls are in place to provide reasonable assurance against fraud and error. Principal Risks Un¢¢rtainti¢$ The Irustees regularly review the risks facing the charity and have a comprehensive risk register in place to monitor and maiiage those risks in accordance with tl)e legal duties. Priiicipal iisk5 identified during the reporting period are.. Re utational.. As the charity was set up in response to a sensitive conversation taking place within the life of the Church of Ei)gland, there is risk of public misundersiandii)g or misrepresei)tation of the chariils ain)s andlor theological siai)ce. Due to this, the tnjstees eiisure that all ￿ant making aligns with the charity s stated ainis and Basi5 of Faith. Grant making criteria are published and freely available on the charity website in order to maintain transparency, and staff are trained to eiisure they are clear ai)d LOllSiStent in all cominunication with possible doiiors and bei)eficiaiies. erational Resource Risk.. It has been difficult to predict how many churches and individuals would be'early adopters, of the Ephesian Fund in its, opening l'ear. There had been a risk that (ake-up of the Ephesian Fund would outpace the operational resource available to administer graiits. With the help of a charitable trust, trustees were able to secure a dedicated incmber of staff to work on a part-tinie basis overseeing grant admiiiistration in March 2024. Trustees have carefully monitored the volume of 'receipts' and are actively planning io increase direct fundraising for core costs to ensure sustainability. Re ulato and Com liance.. Trustees have a duty to comply with Charity Climmission regulations, anti-mL)ney lauiiderin¥ requirenieiits and sale¥uarding standard5. Trustees uiidertake due dili¥ence Lhecks tts eiisure grants are only giveii if criteria proportionate to the size aiid iiature of tl)e award are met. The charity niaiiitains clear records, to ensure traceability of funds from the point a donation is enirusted to us until the point li is disbursed. We have pleased to partner with: and benelit from, the expertise and experience of Stewardship (Registered charit}, no. 234714, registered in England aiid Wales), who have Tnany years of experience in fundraising aiid managiiig doiiations froni individuals. Ecclesiasiical Uncenaint Developments within the Church of Ei)gland may atTect the needs and priorities of tl)e evangelical constitiiency the charity intend5 to support. The trustees are comniitted to ongoingF consultation and listening to respond to needs. In our inir(Iductory year, this led 10 the introduction of the 'PCC Giving, stream of our work whereas li was aniicipated prior to the charity's inception that mosi of our donations would come from individuals wishiiig to uFive to local churche5. Tru5tee5 will regFularly review the cliarity's gFrant-making priorities to ensure they remain responsive to the current context. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charitv number 1206489 Principal address First Floor 55 Ffordd William Morgan St Asaph Business Park St Asaph Denbighshire LL170JG Tru5te¢5 R Tumer (appointed 21.10.24) G Brisk (appointed 8.10.24) Rev J F Dunnett (appointed 19.1.24) S M Hofmeyr (appointed I1.1.24) P Jani (appointed I1.1.241 Page 6

THE EPHESIAN FUND REPORT OF THE TRUSTEES nod 11 JADUX 2024 to 31 Deeember 2024 for ibe REFERF.NCF. AND ADMINisfRATtVF. DF.TAIiS Audstor Shaw Gibbs Audii Ltd 264 Banbury Road Oxford Oxford8hire OX2 7DY Soliciton Jjward Connor Soli¢ilors IU The Poini Mgrkct Ilarborou8h l.E167QU STATF.MEiYT OF TRUSTEES, RESPONSIBILITIFS Thc trustL'¢S ar¢ r¢sponsible for prekwing the Rcwrt ol the Tr￿eS al￿ the financial mtements in accordance with pplicdbl¥ l￿W ond UnitL.d Kingdom Aocvunling Stsumlarth (Unl￿d Kin8dom Gen¢raily Acc¢pt¢d A￿vI1n11ng Praclic¢). The law applicable lo ¢hwi¢ics in England and Walc& the Charitscs Art 2011. Clwity (Am)unts ttt￿ Reports) R¢gul#tions 2()08 dnd ¢he provisio￿ of the In￿ dccd rcquircs trustees to prepare fJnan¢ial slatcm¢nts lor ¢ach lindllLidl yLar %thiih givr a (ruc dnd lair view of the stsi¢ of alyairs of thc charity and uf thL" illLomin¥ rn'wurLeb and appliLdiion ol rcsourc¢s. I￿luding the incomc and exFKndilurc. of th¢ chJri(y (or thai ￿ri￿A. In preporin¥ those rinancial ¥la¢¢mrrtw thL' trwitts ar¥. reqUI￿d sclccl suitsble aecouniin¥ pK)licies aTvJ thcn apply th¢m com1s￿y. ob¥L'rvL thl m¢th(x15 and prin¢iples in thc Lharit). SURP: makL judBemL'nls and esiimalLs that ar¢ rcLsvnablc atml pnmlcnt: bla￿. whL'thcr appliLablL aL¢oun¢ing stsrvJ4rds havc Eten followed. subied ￿ any material departures disc105ed and Lxpl#incd in th¢. finawkul stslcmcnts: prepare the lina￿la1 s&rwiLs on the 80in8 concern ba￿ unlcs5 it is iDaNKom to thai the charity will Unlin￿ In b￿S1￿.$S. 'The I￿￿¢S ar¢ resrM)nsibk for keeping prop¢r ¥COUMinB rtcords ￿1¢h disclose with rtay)nabl¢ al any tim¢ thi linancial posilion of the charity And to ¢nabl¢ thcm lo that the finwKial sth*nKnts ¢omply the Lharilie5 Acl ?01 l. the cl￿tY (Accounts and Rq￿rts) Regul￿101￿ 2￿8 and the provisions of tho tr￿51 thcd. 'fh¢y arc a15U responsibl¢ lor safeguardin8 the asscts of thc charity and hencc for tskin¥ reaKJnable ¥tL'ps for the pr¢vcnlioD and drtcclion of frdud and other irr¢Bularities. 1.3- 9-zo2.ii Approved by order of the Ixiard Ortr￿￿¢S on.......... ............ . ....... . siyKd on its behalf by: Tntske Pa8e 7

RF.PORT OF THF. INDF.PF.NDF.NT AUDITOR TO THF. TRUSTEF.S OF THE EPHESIAN FUND Opinion We have audited the fjnancial staten)ents of The Ephesian Fund (the 'charity') for the period ei)ded 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statcment and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accountin&T Practice). In our opinion the financial statements.. give a true and fair view of the State of the charity's affairs as at 31 December 2024 and of its iiicoming resources and application of resour¢e%, for the periad then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in dccordance with tlie requireinents of the Charities ALt 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for Ihe audit of Ihe financial staiements sectioi) of our report. We are independent of the charity in accordance with the ethical requirenients tliat are relevant to our audit of tlie financial statemeiits in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requiremenrs. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing tl)e financial statetnents, we have concluded that the trustees, use of the tsoing conten) basis of accounting in the preparation of the finat]cial statements is appropriate. Based on the work we have perfomed. we have not identified any material uncertainties relating to events or conditions that, individually OT collectively, may cast significant doubt on the charity's ability to coiitit]ue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilitie5 and the re5poiisibilities of the trustees with respect to goin¥ concern are described in the relevaiit sections of this report. Other information The Irusiees are responsible for the other information. The other information comprises the information included in the Annual Report, other thai) the finai)cial statements and our Report of the Independent Auditor thereon. Our opinion on Ihe financial statements dlies not cover the other infom]ation and. except to the extent otherwise explicitly s[a￿d in our rep)rt. we do nor express any form of assurance conclusilin thereon. In connection M'ith our audit of the financial stsienients, our responsibility is to read the other information and, in doing 80, consider whether the other infomiaiion is ma￿rIallY inconsistent with the financial statements or our knowledge obtained in the iiudit or otherwise appears to be materially Ini55tated. If we identify such niaterial iiicoiisistencies or apparent maierial misstatements, we are required to deterniine ￿..hether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude thai there is a material mis5tatenient of thi5 Other infoTniation, M'e are required to report that fact. We have nothing to report iii this reuard. Matters on which we are required to report by exception We Iiave iiothing to report iii respect of the followiii¥ matters where the Charities (Accounts and Reports) Re¥ulation5 2008 requires us to report to you if, in our opinion.. Ihe infomiation given in the Report of the Trustees is inconsistent in anv material respect with the financial statements; or sufficieiit accounting records have not been kept., or the financial staiemenis are not in agreement with the accL)unting records and reiurns; or we have not received all the infomjation and explanations we require for our audit. Page 8

RF.PORT OF THF. INDF.PF.NDF.NT AUDITOR TO THF. TRUSTEF.S OF THE EPHESIAN FUND Responsibilities of trustees As cxplaincd Inore ￿1]Y in the Ststement of Trnstees, Responsibilities, the triistees are responsible for the preparation of the financial statemenis which give a true and fair view, and for such intemal control as the trustees determine is i)ecessary to enable the preparatioi) of financial statemei)ts that are free Irom n)aterial misstaten)ent, whether due to fraud or etTOr. In preparing the financial siatements, the trustees are responsible for assessing the charity's ability to continue as a going conceTn, disclosiiig, as applicable: matters related to goingF conceTn and u5illiT the bFoing concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no r¢alisti¢ alternative but to do Page 9

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF THE EPHESIAN FUND

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditor 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.

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

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

Page 10

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF THE EPHESIAN FUND

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditor.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Shaw Gibbs Audit Ltd 264 Banbury Road Oxford Oxfordshire OX27DY

25 September 2025

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THF. F.PHESIAN FUND STATEMENT OF FINANCIAL ACTIVITIES for the eriod I l Janua - 2024 to 31 December 2024 Unrestricted Restricted funds fund Total funds Notes INCOME AND ENDOWMENTS FROM Donaiions and legacies 4.623,305 33.136 4,656.441 Investment incom¢ 1,184 1,184 Total 4,624,489 33,136 4,657,625 EXPENDITURE ON Charitable activities Grant makiiig 4,297,231 1,000 4,298,231 Other 11,403 11,403 Total 4,308,634 1,000 4,309,634 NET IIYCOME 315,855 32,136 347,991 TOTAL FUNDS CARRIED FORWARD 315,855 32,136 347,991 The notcs form part of these financial statcments Pa¥¢ 12

THE EPHESIAN FUND BALANCE SHEET 31 December 2024 unrestr1c￿d Restricted funds fund Total funds No CURREN[ ASSETS Debrors C&sh at baTtk 12.561 574.708 12,561 606.844 32.136 587269 32,136 619.405 CRF.DITORS AnJ)unts falling du¢ within one ycar (?71.4141 (271.414) NET CURRENT ASSETS 315,855 32.136 347.9()1 TOTAL ASSETS LE&S CURRENT LIAHILITIF.S 315.855 32,136 347,991 NF.T ASSF.TS 315.855 32.136 347.991 10 Ilnresiricted funds Restricied funds 315,855 32.136 TOTAL FUNDS 347.991 Th¢ fl cial sthtrments approved bv the Bowd of Trus￿￿ arKI ¥uth0ri5¢d for issue on 1.3..f9..J...2ti.k.r... 4T $1￿d on its ￿h￿irbY. Trus¢ The notes forni part of th¢s¢ financial statements Page 13

THF. F.PHESIAN FUND CASH FLOW STATEMETr4T eriod I l Janua - 2024 to 31 December 2024 for the Notes Cash flows from operating activities Cash gei)erated from operations 605.660 Nei cash provided by operating aciiviiies 605,660 Cash flows from investing activities Iiiterest received 1.184 Net cash prL)vided by investing activities Change in cash and cash equivalents i the reporting period Cash and cash equivalents at the beginning of the reporting period 606,844 Cash and Cash ¢quival¢nls at the end of the reporting period 606.844 The notes fom) part of these financial statements Page 14

THF. F.PHESIAN FUND NOTES TO THE CASH FLOW STATEMENT for the eriod I l Janua - 2024 to 31 December 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Interest received In¢rease in debtors Jncrease in creditors 347,991 {1.184) 112,561) 271,414 P4et cash provided by operations 605,660 ANALYSIS OF CHANGES IN NET FUNDS At 11.1.24 Cash flow At31.12 ?4 P4et cash Cash at bank 606,844 606,844 606.844 606,844 Total 606.844 606,844 The notes fom) part of these financial statements Page15

THF. F.PHESIAN FUND NOTES TO THE FINANCIAL STATEMENTS for the eriod I l Janua - 2024 to 31 December 2024 ACCOUNTING POLICIES Basis of preparing the financial stAtemcnts The fiiiaiicial statenients of tl)e cliarity, wliich is a public benefit entity uiider FRS 102, have been prepared in accordance with the Charities SORP IFRS 102} 'Accounting and Reporting by Charities.. Statement L)f Recommended Praciice applicable to chariiies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelaiid (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Aci 2011. The financial siaten)ents have been prepared under ihe historical cost convention. Income All inconie is recognised in the Statemeiit of Financial Activities once the charity has et]titlement to the funds, it is probable that the income will be received and the amount Can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing Ihe cl)arit>' to that expenditure, it is probable that a transfer of economic benefits will be required in settlement ai)d the amouiit of the obligation can be measured reliably. The Trustees consider that these conditioiis are 5atlsfied when the amounts due to the recipient of the grant or donation are agreed and the recipieni has confirmed that Ihe terms on which the grani or donaiion is to be made will be mei. Expendittire is accounted for on an accrnals basis and has been classified linder hcading% that aggrcgate all cost relaied to the category. Where costs cannot be directly aitributed to particular headings thej have been allocated to activities On a basi5 con5lStent with the use of re50ur¢es. During Ihe period to 3 1st December 2024, The Church of England Evangelical Council ICEEC} provided administrative 5UPPOrt services without charge to the charity. Siiice 1st Jaiiuary 2025, The Ephe5ian Fund ha5 beeii taking increased responsibiliry for its expenses and are M'orkiiig towards meeting their 0￿1 expenses in full. Grants offered subjeci to conditions which have i)ot been met at the year end date are noted as a commitment but not accrued as expendi￿re. Taxation The charity is exempt from tax on lis charitable a¢iivities. Fund aceounting Unrestricted funds can be used in accordance with the charitable L)bjectives at the discretion of the trustees. Restricted funds can only be used for particular restricted PUTP05es within the objects of the charity. Restriction5 arise when specified by the donor or when funds are raised for particular resiri¢ied purposes. Further explanation of the nature aiid purpose Of each fuiid is included in the notes to the financial stateinents. The objects of the charity are the advancement of the Evangelical Christian Faith for the public benefit, by providing grants to parties which are in sympathy with the Statement of Faith. All donation5 to the charity are treated as being accepted on the basis that these objectives will be observed and as such are not treated as restricted funds due specifically to the nature of this applicaiion. Where donors place additional restrictions upon the application of their donatioi)s. such as linkin(T to specific geographical location, these restrictions are identified and handled accordingly. Pre registration actLVity The Ephesian Flind was registered as a charity. with the Charity Commission on I Ith January 2024. In aniiciparion of the registration some income and expendiiure arose prior to that date. As explained atx)ve CEEC provided administrative support services duriiig thi5 period. Tran5aLtion5 OLcurring botli prior to the date of formal date of registration gnd thereafter dealt with by CEEC on behalf of the charity have all been included within these financial statements. Page 16 continued...

THF. F.PHESIAN FUND NOTES TO THE F1Tr4ANCIAL STATEMETr4TS- continued for the eriod I l Janua - 2024 to 31 December 21J24 DONATIONS AND LEGACIES Donations 4,656,441 INVESTMENT INCOME Interest receivable CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 5) Grant making 4,298.231 GRANTS PA YABLE Grant making 4,298,231 The total grants paid to institutions during the period was as follow5.. Diocesan Giving ChurLh Giving Discretionary Grants Other 4,075,320 214.406 8,500 4,298,231 SUPPORT COSTS Goi'eniancc costs Finance Totals Other resources expended 11,400 11,403 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the period ended 31 December 2024. Trustees, expenses There were no truste¢s' expenses paid for the period ended 31 December 2024. Page 17 continued...

THF. F.PHESIAN FUND NOTES TO THE F1Tr4ANCIAL STATEMETr4TS- continued for the eriod I l Janua - 2024 to 31 December 21J24 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 12,561 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grants payable Accrued expenses 260.014 11.400 271.414 10. MOVEMENT IN FUNDS Net movement in funds At 31.12.24 Unrestricted funds Adniin/OperatlOTiiil Fund PCC Giving (10 Dioceses) Individual Giving (to Churches) General Fund- Grant Making (6,4951 272,751 2.030 47,569 (6,4951 272.751 2,030 47,569 315.855 315.855 Restricted funds Restricted by location 32.136 32.136 TOTAL FUNDS 347.991 347,991 Net movement in ftinds, included in the above ar¢ as follo￿$.. Incoming r¢qoiirc¢q Resources ¢xp¢nd¢d Movetnent in funds Unrestrieted funds Admin/Operational Fund PCC Giving (to Dioceses) Individual Giving (to Churches) General Fund - Grant Making 4,908 4,348.071 216.441 55,069 {11,4031 14,075,320) (214.411) (7,5001 (6,4951 272.751 2.030 47,569 4,624.489 14,308.634) 315.855 Restrieted funds Restricted by location 33,136 (1,0001 32,136 TOTAL FUNDS 4,657.625 14,309.634) 347,991 Page 18 continued...

THF. F.PHESIAN FUND NOTES TO THE F1Tr4ANCIAL STATEMETr4TS- continued for the eriod I l Janua - 2024 to 31 December 21J24 RELATED PARTY DISCLOSURES One trustee. Rev J F Dunnett is also an employee of The Church of England Evangelical Council {"CEEC") and 01)e Trustee. S M Hofme}'r is also a Trustee ol. CEEC. Durii)g the year CEEC provided services in kind for accounting and administration support, ￿lth an estiniated value of £34,000 to The Ephcsiaii Fund. As at 31 December 2024 £11,956 was Liwed to the charity by CEEC. this amount being included in "Other debtors" Page 19

THF. F.PHESIAN FUND DETAILED STATEMETr4T OF FINANCIAL AcTIv￿IEs for the eriod I l Janua - 2024 to 31 December 21J24 IIYCOME AP4D ENDOWMENTS Donations and legaci¢s Donations 4.656,441 InveslnJ¢nt income Interesi receivable 1,184 Total incoming resources 4.657,625 EXPENDITURE Charitable actii'ities Grants ￿ insiiiutions 4,298,231 Support costs Finance Bank charges Governance costs Auditors, remunerdtion Accountancy and legal fees 9,000 2,400 11,400 Total resour¢¢s expended 4.309,634 Net income 347,991 This page does noi form part of the statutory financial statements Page 20