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: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified those laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experience of the sector; 

- we focused on specific significant laws and regulations which we considered were more likely to have a direct material effect on the financial statements or the operations of the charity; 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting the accounting records and legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

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

- performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions: 

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 

- investigated the rationale behind significant or unusual transactions. 





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: 

- agreeing financial statement disclosures to underlying supporting documentation: reading the minutes of meetings of those charged with governance; 

- enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with relevant regulators where applicable. 

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 

Page 11 



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