Charity Registration No. 220121 (England and Wales) THE ANGLO-CATHOLIC ORDINATION CANDIDATES FUND REPORT and UNAUDITED FINANCIAL STATEMENTS for the year ended 31 December 2022
The Anglo-catholic Ordination Candidates Fund GENERAL COMMirrEE AND TRUSTEES TRUSTEES The Revd Canon Dr R M Harper, IChaimian} The Venerable L T Irvine-capel. (The General Secretsry) The Revd Prebendary H D Moore, Vicar of Sl Alphage. Burnt Oak. Middlesex (Vice Chairman) The Revd Canon Dr P E Ursell. The Revd Dr R VV F Beaken, Priest in charge- Catsfield and Crowhurst, East Sussex The Revd C M Smith, Vicar of Sl. Alban's, Holbom, London The Right Revd W P G Hazlewood, Bishop of Lewe5 Canon P Cathright, Priest in Charge Grimethorpe with Brierley, RyhiS1 & South Kirkby The Revd Dr H Williams, Vicar of the Wa15ingham Benefice (Subscriptions Secretary) KEY MANAGEMENT PERSONNEL The Revd G L Nunn (Treasurer) COMMIThEE FOR THE SELECTION OF CANDIDATES The Revd Canon Dr P E Ursell The Revd Prebendary H D Moore The Revd Canon Dr R M Harper Candidates, enquiries should be addressed to.. The General Secretary The Venerable L T Irvine-Cap81 The Palace Canon Lane Chichester Wesl Sussex poig 1PY Financial business but NOT subscriptions, donations. and church collections should be addressed to.. The Tre95urer The Revd G L Nunn 27 The Retal Prin$ Risborough Buckinghamshire HP27 OJG Mallers concerning subscrEPtion, donations, and church collections should be addressed to,. The Subscriptions Secretary The Revd Dr H Imlliams The Vicarage Church Street Little Walsingham Norfolk NR22 6BL
The Anglo-catholic Ordination Candidates Fund PROFESSIONAL ADVISORS BANKERS Lloyds Bank PIC 21 Station Avenue Calerham Surrey CR3 6YT Barclays Bank PIC 80 High Street Sevenoaks Kent TN13 1LR Charities Ald Foundation Bank (CAF) 25 Kings Hill Avenue Kings Hill West Malling ME19 4TA INDEPENDENT EXAMINER RSTrA UK Tax & Accounting Limited Chartered Accountants Portl2nd 25 High Street Crawley West Sussex RH10 1BG SOLICITORS Wrigleys Solicitors LLP 3rd Floor. 3 Wellington Place Leeds Wesl Yorkshire LS14AP INVESTMENT MANAGERS Quilter Cheviol Investsnenl Management Senator House 85 Queen Victoria Street London EC4V 4AB
The Anglo-catholic Ordination Candidates Fund TRUSTEES, REPORT for the ear ended 31 December 2022 The trustees presenttheir annual reportarKI financial statements forthe year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in notes lo the accounts and Comply with the charity's governing documenL the Charities Act 2011 and Accounting and Reporting by Charities-. Slalemenl ol Recommended Practice applicable to ¢harilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective 1 January 2019. OBJECTS The Anglo-calholic Ordination Candidates Fund 15 an unincorporated fund established under charitable constitution. The objects of the Funcl, as set out in the ¢on51itution, are to give grants to candidates lo train for the ordained ministry of the Chur¢h of England and of churches in full communion with the Chunh of England. to assist Theological Colleges and Courses, and to support other institutions approved by the Committee. Trustees have complied wlh their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. The Fund is governed by a General Committee whose members are elected by co-oplion by the members attending any ordinary meetings of the Committee. The General Committee elects one of ils members as Chairman and another as Vice Chairman who seNe for a period of three years and a eligible for re-appoinlmenl. No rnember of the General Committee, apart from officers, shall receive any payment out of the Fund ltravelling and subsistence expenses excepledl. REVIEW During the year, the Fund supported 312021.. 51 candidates in the United Kingdom. A more detailed review is contained within the Chairman's Report on page 6. FINANCIAL RESULTS The accounts are sel Dut in a formal to comply with the Charitles Act 2011 regulations and include Statement of Financial Activities showing all incoming resources and related expenditure. The deficit for the year relating to religious activities amounted to £58,731 {2021'. deficit £46,348). When net investment losses are added, the total defieil for the year is £998.47512021'. surplus £882,873), making the total value of funds held £4.991.96412021.' £5,990,439). The movements in investments held during the year are shown in note 4 to the a¢count5. The trusleeg have considered whether it is appropriate to prepare the financial statements on the basis that the charity is a going concern. The charity is reliant on income from 115 investment portfolio staled at £4.610,20212021.' £5,800,844) in the form of dividends to meet its annual expenditure. The trustees believe that the charity has sufficient funds to continue for at least e1ve months from the dale of signing the financial statements lo conts'nue its activities. RESOURCES AND RESERVES The reserves of the fund are split beeen those available for the general requirements of the fund and those restricted for specific purposes. The committee is empowered under the constitution lo arrange for the securits'es and other properties of the fund to be invested and held in the names of nominees. There is a separate fijnd from the General Fund, being the Canon C12rke Memorial Fund. The Canon Clarke Memorial Fund 8 restricted fund set up ID assist candidates in the Bristol area. The Charity has obl8ined confi'rmation from the Charity Commission that the funds may be transferred to general funds on the basis that il has not been possible to identify any original documentation demonstr3ting a restrictson by the donor. At 31 December 2022 funds tolalling £36,043 were transferred to unreslricled funds {see note 91-
The Anglo-catholic Ordination Candidates Fund TRUSTEES, REPORT for the ear ended 31 December 2022 The Tru51ees Intend to maintain capital reserves at levels sufficient to generate income to meet annual operating requirements and to be able to rneel special grants as and when they arise. GRANT- MAKING POLICY Block grants are awarded to Colleges for training Ordinands upon the approval by the General Committee following Lellers of Recommendation from members. Individual grants lo Ordination candidates 8re 8W8rded upon recommendats'on of the Committee for the Selection of Candidates Nominations are presentèd by the Selection Committee lo the Chairman of the General Committee following review of letters from individuals seeking grants and interviews with those candidates whose written requests were provision811y successful. INVESTMENT POWERS, POLICY AND PERFORMANCE The Trustees, investment powers are governed by the Trust Deed, which permits the Charity's fvnds lo be invested in any security listed on the London Stock Exchange and Government Stocks. Al present, the Committee's policy is to achieve capital growth with a view to future income streams for the General Fund. The Committee works ctosely with the Charity's broker to determine how the policy will be achieved. Performance of the broker is assessed against the market average for equilie8 brokers. KEY MANAGEMENT PERSONNEL REMUNERATION The board of Trustees comprise the key man8gement personnel of the charity in charge of directing and controlling the Fund and running and operating the Fund on 8 day to day basis. Details of Trustees, expenses are disclosed In note 3 to the accounts. Trustees are required lo disclose all relevant interests and register them with the sècrètary and in accordance with the Fund's policy withdraw from decisions where a conflict of interest arises. Neither the Fund nor any of the Trustees have interests bul any such interests would be disclosed should they arise. The stipends of the Charity's Gener81 Secretary, Treasurer and Subscriptions Secretary are reviewed annually. RISK MANAGEMENT The Committee examines the major risks Ih2t the Fund faces each financial year when prepallng and updating future plans. The Committee works in alliance with the Fund's brokers to monitor and control risks lo miligale any impact that they rnay have on the Fund in the future. FUTURE PLANS The Fund will continue lo support ordination candidates by means of grants to needy irbdividual students and by making grants lo training institutions It will also support initiatives that encourage vocation5 10 the ordained ministry. In March 2023, the Charity completed the purchase of a propety for the Ladyewell House of Formation project in Preston. Approved by the Trustees on 023 and signed on their behalf by.. The Revd Canon Dr R rper- Chairman
The Anglo-catholic Ordination Candidates Fund TRUSTEES, RESPONSIBILITIES IN THE PREPARATION OF THE FINANCtAL STATEMENTS for the ear ended 31 December 2022 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance wtth applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales iequires the trustees to prepare financial statements for each finanGial year whioh give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these finanGial Statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent., stsle whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going conGem basis unless il is inappropriate lo presume that the charity will continue in busines5. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial posibtsn of the charity and enable them lo ensure that the financial statements comply with the ChaTlties Act 2011, the Charity (Accounts and Reports) Re9ulations 2008 and the provisions ofthe trust deed. They are also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularib"es.
The Anglo-catholic Ordination Candidates Fund CHAIRMAN'S REPORT TO THE TRUSTEES for the ear ended 31 December 2022 The General Committee met twlce during the course of the year. Grants of £30,000 from the Gen8ral Fund were made to Sl Stephen's House and to Pusey House. In addltion. St Stephen's Hous8 was awarded 8 SP8ci81 Grant of £30.000. Individual awards were made to thr86 candldates. The Fund supported the launch of an Intern project at All Salnts, Llncoln. The trustees continued to be involved in preparations for the Ladyewell House of Formation project in Preston lo provide conlexl-based training for ordinands. The Venerable Luke 1[ne-capel contlnued to serve as General Selary. The Ttusl's investments have continued to be managed by Mr James Malcolmson, of Qullter Cheviot wllh the Revd Gordon Nunn as the Fund's Treasurer. The Revd Harri Williams continued lo serve as Subscriptions Secretary. The Revd Canon Dr R M HaTper- Chairman Date- ISM 2023
THE INDEPENDENT EXAMINERS'S REPORT TO THE TRUSTEES OF ANGLO-CATHOLIC ORDINATION CANDIDATES FUND for the ear ended 31 December 2022 I report to the trustees on my examination of the financial statements of The Anglo-catholic Ordination Candidates Fund I'th8 charity,) for th8 year ended 31 December 2022, which are set out on pages 8 to 15. Responsibilities and basis of report As the trustees of the chartty, you are responsible for the preparation of the financial statements in occordance with the requirements of the Charities Act 2011 Illhe 2011 Act'l- I report in respect of rny ex8min8tion of the chariWs finanoial statements carrfed oth under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Direclions given by the Charlty Commission under secllon 145 {51{b) of the 2011 ACL An independent examinalion does not involve gatheTing all the evidence that would be required in an audtt and conseqUenY doeg not cover all th8 matters that an auditor considers in giv5ng their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examinatlon can provide. Consequently. l express no opinion as to whether the financial ststements present a 'true and fair view, and my report is limited to those specthc matters set out in the independent examinerfs statement. Independent examlner's ststement I have completed my examination. I confinn that no material matters have come to my attention in connection wlh the examination giving me reasonable cause to believe that in any material respe¢t'. accounting records were not kept in respect of the charity as qUIred by section 130 of the 2011 Act,. or 2. the financial statements do not accord wlth those records; or 3. the financial statements do not comply with the applicable requirements conceming the form and content of accounts Sel out in the Charitie5 (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'tru8 and fair view. which is not a matter considered as part of an independent examinallon. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Slgned-. Name.. ZOE LONGSTAFF-TYRRELL FCA DChA The Institute of Chartered Accountants in England and Walgs ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Charteréd Accountants Portland 25 Hlgh Street Crawley West Sussex RH10 1BG Date.. 11107123
The Anglo-catholic Ordination Candidates Fund UNAUDITED STATEMENT OF FINANCIAL ACTIVITIES for the ear ended 31 December 2022 Notes Unrestricted funds Restrrcted funds 2022 2021 INCOME from Donations and Legacies 325 325 10,360 Income from investments= Dlvidends Interest 86.570 1,286 540 87,110 1,291 83,546 73 TOTAL INCOME 88,181 545 88.726 93,979 EXPENDITURE on Raising funds.. Investment management fees 26,720 167 26,887 28,234 Charitable activities 120,570 120,570 112.093 TOTAL EXPENDITURE 147.290 167 147,457 140,327 NET IEXPENDITUREIIINCOME 159,109) 378 {58,7311 146,3481 Net Ilosses)Igains on investments 1933.5441 16,2001 1939,7441 929,221 NET MOVEMENT IN FUNDS BEFORE TRANSFERS {992,6531 {5,822} 1998,475) 882,873 Transfer beeen funds 36.043 136,0431 NET MOVEMENT IN FUNDS AFTER TRANSFERS {956,610) 141.8651 1998,4751 882,873 RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD 5,948,574 41,865 5,990,439 5,107,566 TOTAL FUNDS CARRIED FORWARD 4,991,964 4,991,964 5,990,439 The notes on pages 10 to 15 form part of these accounts.
The Anglo-catholic Ordination Candidates Fund UNAUDITED BALANCE SHEET as at 31 December 2022 Notes 2022 2021 FIXED ASSETS Investments 4.610.202 5,800.844 CURRENT ASSETS Debtors Cash al bank and in hand 318.198 74.932 76.710 128,819 393,130 205,529 CREDITORS.. amounts falling due within one year 111.3681 115,9341 Net current assets 381,762 189,595 TOTAL NET ASSETS 4,991.964 5,990.439 FUNDS Restricled Canon Clarke Memorial Fund 41.865 Unrestricled 4.991,964 5,948.574 TOTAL FUNDS 4,991,964 5,990.439 Approved by the Trustees on 202 ) and signed on their behalf by". The Revd Canon Dr R M Harper The Venerable L T Irvine-capel The notes on pages 10 10 15 form part of these a¢counts
The Anglo-catholic Ordination Candidates Fund NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the ear ended 31 December 2022 1. ACCOUNTING POLICIES BASIS OF PREPAFiATION AND ASSESSMENT OF GOING CONCERN These accounts have been prepared under the historical cost convention wilh Items recognised at cost or transaction value unless otherwise slated in the relevant notes to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice.. Accountin9 and Reporting by Charities preparing their accounts in accordanTr with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective 1 January 2019 and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. The accounts have been prepared to give a 'true and fail view and h2ve departed from the Charities IAccounls and Reports) Regulation5 2008 only lo the extent required lo provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective January 2019. The Charity o)nstitutes a public benefit entity as defined by FRS 102. GOING CONCERN The trustees have considered whether it is appropriate to prepare the financial ststements on the basis that the charity is a going concem. The charity is reliant on income from its investment portfolio staled at £4,610.20212021.' £5,800,844) in the form of dividends to meet ils annual expenditure. The trustees believe that the charity has sufficient funds to continue for at least twelve months from the date of signing the financial statements and that there are no material uncertainties about the ¢harily's ability to continue as a going concern. INCOME RECOGNITION Voluntary Income Income from donations. gifts and legacies are recognised when there is evidence of entillemenl. receipt is probable, and ils amount can be measured reliably. Enlrtlement usually arises immediately on its receipt. Investment Inwme Nel dividends, loan stock interest and associated tax Gredits are accounted for on the accruals basis as recorded in the Statement of Financial Activities. EXPENDITURE RECOGNITION All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Govemance costs include the costs which relate to the general running of the charity and compliance with constitutional and statutory requirements. Grants Grants payable a charged in the year when the offer is conveyed to the recipient. Grants agreed upon by the Trustees but not yet paid at the year-end are accrued. 10-
The Anglo-catholic Ordination Candidates Fund NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the ear ended 31 December 2022 1. ACCOUNTING POLICIES ICONTINUEDI INVESTMENTS Investments are included in the balance sheet at market value. FUNDS ACCOUNTING Unrestricted general funds - these are funds which can be used in aGwrdanGe with the charitable objects at the discretion of the trustees. Restricted funds- these are lunds that can only be used for restricted purposes within th8 objects of the charity. Reslriclions arise when specified by the donor. TAXATION The charity is registered with the Charity Commission and therefore is not liable for income lax or corporation lax on in¢ome derived from ils charitable activities, as it falls wtthin the various exemptions available to registered charitie5. IRRECOVERABLE VAT Itrecoverable VAT is charged against the expenditure heading for which it wag incurred. FINANCIAL INSTRUMENTS The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments including loan5 receivable are initially recognised at transacb.on value and subsequently measured al their settiement value. DEBTORS other debtors are recognised at the settlement amount_ CREDITORS Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be messured or estimated reliably.
The Anglo-catholic Ordination Candidates Fund NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the ear ended 31 December 2022 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Unrestricted 2022 2021 GRANTS Grants lo 3 candidates12021'. 51 Block and special grants to institutions Pusey House Sl Stephens House All Saints, Lincoln 1,673 3,282 30,000 60,000 8,000 30,000 60,000 99,673 93,282 ADMINISTRATIVE COSTS Stipends and office expenses Meeting expenses Fees payable to the independent ex8miner. Independent examiner's fees Accountancy fees Insuonce Telephone, postage, and sundries Bank charges 14,470 1.012 13,442 611 1,980 2,970 368 1,740 2,700 250 68 97 20.897 18.811 TOTAL EXPENDITURE ON CHARITABLE ACTIVIES 120,570 112,093 Block and special grants are awarded to Colleges for training Ordinands upon the approval by the General Committee following Lell&rg of Recommendation from members. STAFF COSTS The key management personnel of the Charity being the General Secretary, Treasurer and Subscriptions Secretary re¢eived a total of £14,47012021." £13,442) in stipend5 for the year and £nil in expen5es12021". £1251. Therè were no other employees. Six Trustees were reimbursed travelling and secielarial expenses totalling £1,01212021'. £590 to six Trustees). There are no related party transactions in the accounting period that qUIre disclosure. The trustee5 received remuneration for their roles within the charity. in line with the Constitution as follows. Payments are made lo the trustees for the specific roles performed within the charity. 2022 2021 The Venerable LT Irvine-caple (General Secretary) The Revd H William5 5,788 2,894 5,668 2.107 8,682 7,775 12-
The Anglo-catholic Ordination Candidates Fund NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the ear ended 31 Dember 2022 INVESTMENTS Unrestricted Restricted Funds Funds Totsl 2022 Total 2021 1 January Additions Disposal proceeds Net realised and unrealised Ilossesll gains in year Transfer {note 9) 5,609.318 496.228 1601,7481 33,404 5,642,722 496,228 1601,7481 4.882,772 253,349 1422,6201 1933,5441 27,204 (6,200) {27,2041 1939.7441 929,221 4,597.458 4,557,458 5,642,722 Cash deposits 12,744 12,744 158,122 Market value al 31 December 4,610,202 4,610,202 5,800,844 Historical cost at 31 December 2,648,220 2,648,220 2,693,204 Th8 investment5 are split as follows.. Equities UK Equities- Overseas Fixed interest securities- UK Allernalive investments Cash deposits 1.739,273 2.119,112 404,172 334,901 12,744 2.190,697 2.785,396 545,863 120,766 158,122 4,610,202 5,800,844 DEBTORS 2022 2021 Ladyewell House of Formation 240,400 Due within one year.. Other debtors 10,607 9,519 Due in more than one year.. Loan receivable (secured) 67,191 67,191 318,198 76,710 13-
The Anglo-catholic Ordination Candidates Fund NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the ear ended 31 December 2022 DEBTORS (Continued} The loan of £67,191 to St Stephen's House is secured upon a specified part of the freehold propety of 16 Marslon Street, Oxford. The loan is intended to subsist for the life of the House as defined in an indenture dated 31 December 1977 with interest payable on the capital outstanding at 0.1Yo per 8nnum. The debtor in respect of Ladyewell House of Fomiation represents fund held on deposit for the purchase of a property completed post year end. CASH AT BANK AND IN HAND 2022 2021 Unrestricted Funds 74,932 120,358 Restricted Fund.. Canon Clarke Memorial Fund 8.461 74,932 128,819 CREDITORS.. amounts falling due within one year 2022 2021 Accruals 11,368 15,934 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Funds Funds Total Investmerbts Net currenl assets 4,610.202 381.762 4,610,202 381,762 4,991,964 4,991,964 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PREVIOUS YEAR Unrestricted Reslricled Funds Funds Total Investments Nel currenl assets 5.767,440 181,134 33,404 8,461 5,800,844 189.595 5,948.574 41,865 5.990.439 14-
The Anglo-catholic Ordination Candidates Fund NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the ear ended 31 Dember 2022 MOVEMENT OF Balance at FUNDS 1 January 2022 Balance al 310ecember 2022 Investment Income Expenditure movements Transfers Unrestricted Funds 5.948,574 88,181 1147,2901 1933,5441 36,043 4,991.964 Restri¢ted Funds Canon Clarke Memorial Fund 41,865 545 11671 16.2001 136,0431 MOVEMENT OF Balance at FUNDS- 1 January PREVIOUS 2021 YEAR Balance at 31 December 2021 Investment Income Expenditure movements Transfers Unrestricted Funds 5.070,202 93,461 (140,152} 925.063 5,948,574 Reslricled Funds Canon Clarke Memor1 Fund 37,364 518 11751 4,158 41,865 The transfer from the Canon Clarke Memorial Fund totalling £36,043 to General Fund has been ade, on the basis that it has not been possible to identify any original documentation demonstrating a restriction by the donor. 10 POST BALANCE SHEET EVENT On 28 March 2023. The Anglo-catholic Ordination Candidates Fund completed the purchase of a house for the Ladyewell House of Formation. A project in Preston lo provide context-based training for ordinands. 15
The Anglo-catholic Ordination Candidates Fund DONATIONS AND LEGACIES for the ear ended 31 December 2022 Donations and Legacies Hawley Green PCC St Nicholas SkirkbeGk PCC 225 100 325 This page dS not form part of the statutr)ry financial slatemenls. 16-