THE SOCIETY OF THE FAITH CORPORATED Com All Islered Number 00214216 land & Walts umber 232821 ANNUAL REPORT FOR THE YEAR END 31ST MARCH 2025 THE SOCIETY OF T E FAITH INCORPORATED ber00214216 land & Wales islered with ihe Ch . Commission number 232821 Contents Legal and Administraiive Inforniaiion Report of the Trustees Report of the Independent Examiner 10- li Stat¢ment of Financial Activities 12 Balance Sheet 13-14 Notes fomiing part of the Financial Statements Account of Funds Held in Trust 26-27 THE SOCIETY OF THE FAITH INCORPORATED Re islered Number 00214216 land & Wales Re istered with the Chari Commission number 232821 Le l and Administralive Information CoD$litutio The Soci¢tv of the Faith IlncorpoTated} is a compan). limited by guarantee and a registcred charity governed b). its memorandum and articles of associalion. Charity number 232821. Company number 00214216. Directors alld trustees The direclors of the charitable company {'the charity) ar¢ ils Iruslees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The Irustees serving during the year and since ihe year end w¢r¢ as follows. THE COURT OF FELLOWS Dr. Andrew Hobley The Rev. David Lawrence-march Mr. Timothy Abraham The Rev. Dr. Charlie Bell Professor Andrcis. Chandl¢r William Chapman Esq. CVO The Rev. Canon Robert Gage {Until September 2024) Professor the Rev. Canon Peter Galloway LVO OBE Mr. PeterGaston Dr. Brian Hanson CBE The Ven. Dr William Jacob The Ven. Canon David Stanton The Rev. C.hristophcr Trundle Thc Rev. Stephen Tucker Mr. Martin Woods (Principal) {Vice Principal) {From September 2024) {Unlil November 2024) (Until September 2024) Members of the Courl act in an honorary capacity. Seeretary #nd Treasurer Mrs. Margery Roberts Principal Office & Registered O￿L¢C Faith House, 7 Tufton Street, Westminsler. London SWI P 3QB THE SOCIETY OF THE FAI CORPOIL4TED Re istere Number 00214216 land & Wal islered with ihe Chari . Commission number 232821 al and Adminisirative Infomiation Continued Accountant5 Azeis, 2nd Floor. Regis House, 45 King William Street. London EC4R 9AN Ballkers Barclays Bank Plc., tticester LE87 2BB Ceniral Board of Finance, CCLA, One Angel Lane, tA)ndon EC4R 3AB Solicilors Lee Bolton Monier-williams, l The Sanctuary. London SWI P 3JT THE SOCIETY OF THE FAITH tNCORPORA TED islered Number 00214216 land & Wales Re iisiered with the Charil ' Commission number 232821 Re om of Ihe Court of Fello￿.$ Directors 'ear ended 31 March 2025 for the The c.ourt of Fellows (trustee bodj. and board of directors) are pleased lo present their report together willi th¢ financial slaiemenls of the charity for the year ended 31 March 2025. The financial slalemenls comply with cu￿en1 statutory requirements (the Charities Act 2011, the Companies Act 2006. the Memorandum and Articles of A5SOClation and Accounting and Reporting by Charities.. Statemenl ot. Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. l. Objectives and attivities The objccts of the charity ar¢ to bring together Christians in communion w ith the See of Canierbury for mulual assislance in the work of th¢ Chri51ian church and to support and ILlrther charitable undertakings, particularl! those which popularise the Catholic faith. To achiev¢ these objects, the Society aims Éo carry out ih¢ follo￿]ng activities.. let out functional accornmodation to other charitable organisalions with similar objecls and to Watts & C.0 Lid.. a longThposiums on aspects of the Christian faith including Anglo-catholicism; conserve an archive, including Faith Craft drawings and Faith Press publications and make these available to scholars for enquiry and research- administer the Iloarc Trust, which grant-aids the conscrvation and provision ofecclesiastical needlework, especially in n¢edy parishes- administer the Liddon Fund. holding the annual Liddon L¢¢lure, awarding grants to young scholars for advanced theological study, and for retreats,. make occasional meeting spacc available in Faith House tor other church and charilable organisalions, e5p¢cially for tliose with limited funds: make granis and donations from the general fund in accordance with a donations policy. which includes 'Douglas granls, for scholarly research in a theological ¢ontext. The trustees have paid due regard io guidance issued by Ihe Charilv Commission in deciding what activiiies Ihe}' should undertake for the publi¢ benefil. THE SOCIETY OF TFIF. FAITH INCORPORATED istered Number 00214216 land & Wales islered with the Chari ' Commission number 232821 Re ort of ihe Court of Fellow's Directors 'ear ended 31 March 2025 for the 2. Structurey governance and manAgement A board of trustees (known as the Court of Fellows}. of up lo 14 elected members, administers ihe charity. Meelings are normally held at least four limes during the year and individual truslees also play an active part in thc day to day running of the Charity. A Secretary and Treasurer. elecled bK' th¢ membcrs of the Society, manage Ihe da>'_loJa)' w'ork ol-th¢ charit). in accordance w'ith the constitution and the trustees, policie5 and dircctions. At preseni, Ihese rolcs are combined and appropriate fees, delemiined b), the Court, are paid. There are iwo advisory. non*x¢culive committces.. the Activities and Publicalions Committee and the Finance and Building Committee. The trustees, who are also the directors for the purpose of company law, and who served during the }'¢ar were.. Dr. Andrew Hobley The Rev. Canon Robert Gage The Rev. David Lawren¢¢-March Mr. Timoth). Abraham The Rev. Dr. Charlie Bell Professor Andrcw Chandler William Chapman Esq. CVO Professor the Rev. Canon Peter Galloway LVO OBE Mr. P¢t¢rGaslon Dr. Brian Hanson CBE The Ven Dr William Jacob The Ven. Canon David Stsnton The ReN. C.hristophcr Trundle The Rev. Stephen Tucker Mr. Martin Woods (Principal) (Vice Principal until I I Septernber 2024) (Vice Principal from I I September 2024) (appointed I I September 2024) (reiired 20 Noi'ember 2024) (retired I I S¢ptember 2024) Members of Ihc Court acl in an honorary Capacity. Secretary and Ir¢asurer'. Mrs. Margery Roberts The principal and registered otrice of the So¢ietv is Faith I louse. 7 Tufton Street. London. SW I P 3QB. THE SOCIETY OF THE FAITH tNCORPORA TED istercd Number 00214216 land & Wales istered wilh Ihe Chari C.ornmission number 232821 rt of thc Court of Fellows Directors ear ended 31 March ?025 for the 2. Structurt. governanct and managemenl- ¢ontinued Governing documenl The Society, of ihc faiih is a company limited by guarantee by its Memorandum and Articles of Association dated 7 June 1926, amended l April 2018. It is registered as a charity with the Charity Commission. Applications for membership of the Society of the Faith. in the forni required by the Articles. are submilted lo the Court of Fellows for approval. When an application is approved, the applicanl will be admilled lo membership of ihe Society upon pa}'ment of the subscription. Appointment of ¢rus¢ees Thc trustee bod!. is designated the Cciurt of Fellows. Trustees and officers arc elected by ihe members of ihe Sociels, 01 Ihe Faith at Annual General Meetings in accordance w'ith the proc¢edures set out in the Articles. No person who is not alr¢adv a membcr ol-the Society may stand for eleciion as a Irust¢e. Vacancies occuring in the trustee body bctween Annual General Meetings may be filled by Ihe Irusiees in ac¢ordance ￿'1th the Articles. There are curr¢nily 12 Iruslte5. No trustee has any beneficial interest in the compan).. In the event of winding up. all members. including the irusiecs. guarantee to contribute a sum not exceeding £ l O each. 3. Investment poivers and policy Under the Memorandum and Articles and relevant legislalion, Ihe charity has the power lo make any responsible investment w.hieh the trustees se¢ fil. The charity docs not have any pernianent endowment. 4. Public benefit The trustees confim) ihat ihey have r¢ferred to the advice contained in the Charity Commission's guidance on public benefit when reviewing the ¢harily's aim5 and objectives and in planning tuture activities. The Truslees consider thai the public benefits from the Society from the following.. the aivard of granis for education for both young poslgraduaie Theology students and older scholars, reli¥iuus activities and Ihe resioraiic)n of church needlework where there 15 an identified need: the provision of ¢ducalion in th¢ Christian faith. the Catholic Movcmenl in the Chur¢h of F.ngland and church furnishings throu￿ publications, Iccturcs and conf¢ren¢es' the provision ofaffordable accommodation in a central location. through leases, tenancics and meeling room provision. for a wide variety of church, ¢haritable and community. groups .hich themselves provide public benetil: makingF their arLI)ive available to scholars and researchers. THE SOCIF.TY OF THE FAITH INCORPORA TED istered Number 00214216 land & Wales ister¢d ￿'Ith Ihe Charil , Commission number 232821 rt of thc Court of Fellow's Directors ear ended 31 Marcli 2025 for the 5. Athievemellts and performance The Court of Fellows mel in June. Sepiember and November 2024 and February 2025, with the Annual General Meelinbj taking place on I I September 2024. All meelings were held in Ihe Douglas Room, Faith Ilouse. Ai the AGM. Mr. Tim Abraham and the Ven¢rable Dr. Bill Jacob were re-elected as trustees. The Rev'd. Dr. Charlie Bell was el¢cled lo lh¢ Court for Ihe first (ime. The Rev'd. David Laivrence-march ivas elected as Vi¢¢-Prin¢ipal following the retirement of the R¢i,'d. Canon Robert Gage. c.anon Gage was wamily thanked for his tremendous contribution to the work of th¢ So¢iet> and Ihe chU￿h of England generally. The Rev'd. Canon David Stanton resigned as a Iruslee in Novemb¢r. In October, i%e wer¢ very sad lo leam of the death of Dr. Julian Lilten. our di51inguished fomier Principal. who had Served on the Court of Fellows since 1984 and as Principal from 200110 2018. Five members of the Society attended hi8 memorial service in Nornich Cathedral. Dr. Litten was the countrv's foremost funerary hi51orian. (irants and donations were made from the general fund. Ihe Liddon Fund and the Hoare Furnishings Trust Fund. From the gcncral tund. a donation of £300 was made lo Westminster Abbes.. Douglas grants were awarded to five individual$ 10 support theological stud!. and research. A Liddon Fund grant of £2,000 was made to an auistanding young scholar towards his MPhil course at Oxford. This was the second award io him. A modest Hoare Trust Fuiid grani of £250 was made to the parish of Latimer in the Diocese of Oxford towards the cost of conserving 19th century furnishings. In addition. sponsorship of £1,500 was aivarded lo ihL author of a biography of Eric Milner-white, who was a notable Dean of York between 1941 and 1963. I'he Liddon Leclure took place in the Douglas Room on 22 October 2024. The Rev'd. Marcus Walker, R¢clor of Cir¢al Si. Bartholomew, Smithfield, spoke on 'saving the parish,. The lecture was filmed and made available on YouTube. During the year, Ihe elderl), heating boiler was repla¢ed and the systcm upgraded at a total ¢osl of around £40,000. This was a planned replacement designed to make Faith House more energy-efficient. In May 2024. thc National Chur¢hes Trust's lease expired biit, to the salisfaclion ()f all. a new lease was granted by the Society,. The NCT is a major funder ot'works lo churLhes and chapels and the Society is pleased lo b¢ able lo accommodate them in Faith House. The Societiy is a joint patron ot- a benetice in the Diocese ot Worcester and. earl). in 2024, it fell vacant. Although the Bishop of Worcester subsequentlv suspcndcd presenlation, Ihe trusl¢es and Secretary have been involved in discussions aboui the futurc of the constiluent parishes. THE SOCIETY OF THE FAITH INCORPORATED istercd Number 00214216 land & Wales ist¢red with the Charit . Commission number 232821 rt of ihc Court of Fellows Directors ear ended 31 March 2025 tor ihe 6. Risk management The trustees aim to mainlain Faith Ilouse stru¢turall)' in good order. and to kccp all possible risks lo a minimlim through regular revie￿$. They identifv potential risks as affecting finance. govemancc, and the structure. use and occupation of Faith House. The trustees aim lo manage Faith Housc both to rais¢ inconie and as funclional pr()p¢rty to promole iheir own chariL2ble objects. In order lo limit financial risk, funds are invested in the well-rcspected Central Board of Finance (CBF} fund% managcd by" CC.LA Inveslmeni Managers. The Faith House building is insured b}, the Eu'clesiastical Insurance Ofti¢e, a ￿'ell- established provider of insurance for churches and charities. Financial contmls are tirn)ly mainlainL'd and no single individual has financial or managerial ¢ontrol. In addition, the trustees encourag¥e good relationships with the tenants. oc¢upanls and users of the building. The trustees play a full part in management. Recvgnising the importance of aclively managing risk ivithin Faith House. the trustees maintain and keep updal¢d a healih and salety file coniainin&T risk assessments and policies. Conlracts are maintsined for the servicin¥ of firc alartns. fire exlinguishers. ¢mergen¢}' lighiingy and the hea(ing boiler. The Secretary is a trained tire marshal and all tenanls are actively cncouraged to keep iheir om'n procedures for eniergen¢y evacuaiion up to dat¢. Fire drills are held at intervals. A risk register. togeiher with a schedule for regular revic￿'ing of all assessments and policies, ensures that potential risks are constantly kept under active rei'iew blw the trusiees. There 15 a continuous prograrnme of repairs and maintenance, owerseen bv the Society's architect. Small mainlenance items are carried oui routinely whilst larger projects are pursued from lime to lime. The trustees record their g7ratitude to their ar¢hilecl, Mr. Michael Poleliakhoff Dip. Arch. (PCL) RIBA, whose experise. knowledge of historic buildings and practical skills have supported Ihe trustees over man), vears in iheir mi55ion to carc for Faith House and its occupants and users as a landlord guided b), thc C"hrislian faith. The Societ), depends tor mosl of its income on the leases and ienanLies in Faith House. These are kepi und¢r revi¢￿ and professional advice is obtained. The cu￿ent tenants. ¢onsisting mainly of churLh charities and Wa115 and Company Ltd, reflect the So¢i¢tv's own iharitable object5 and niission very closely. The trustees consider it to be ¢ssenlial for Faith Hou5C to bc uscd and occupied in a way thai both promotes the specific objects of the Society of the Faith and its wider object of serving the Church of En¥land and its Christian outreach. THE SOCIETY OF THF FAITH tNCORPORATED istered Number 00214216 land & Wales istered with the Charit Commission number 232821 t1 of the Court of Fellows Directors 'ear ended 31 March 2025 for ihe 7. Reserves policy and total reseryes The trustees maintain a reserv¢s polic). in line with guidance from Ihe CharilS' Comniission. Ai present. lh¢ Cost ofrunning and maintaining the building and mcetin¥ business rates Iwitli charitable raiing rclicD is around £75,000 per annum. nol including improvemenl work or major repairs: and turth¢r funds are expended on governancc: including the mod¢sl fees paid to the SecretarylTreasur¢r, and io cover pcriods ii,hen parts of the building may be unlenantcd. Although a proportion of the running costs is recoverable from lenanis on a pro rala basis under the ternis of iheir leases. thc trustees consider it prudent lo relain ai Icast a year's costs ai'ailable in re8erve in order lo meet routine commiiments and the additional responsibility ol. mainthining and upgrading an hislori¢ listed building which has been associated with the Churcl) ofEngJland for 125 ￿'¢ars. The chariiy. wiihoul any pernianent endowment, rclies on receiving income froni invested funds a5 well as from rents. Bearingy all ihese mailers in mind, the truste¢s Consider that around £125.000 should b¢ kept easily accessible on deposil with the C.'BF for the lime being. both to cover immediate needs and oiher commitmenls and responsibilities for a year. provide for emergencies, including repair5, and to produce some income. The present policy is to place all other vnrestricicd funds in the CBF Investment Fund. The position is kcpt under constant revirw and wus lasl reviewed in Febriiar). 2025. Funds held in the two restricted fuiids. Liddi)n and Hoare. are not available for general use bul applied for the prescribed purposes of those funds. 8. Data protectio The Irusiees Comply H'ith the provisions of the Data Protection Act 2018. which ineorporaies tl)e General Data Protection Regulaiion {known as the GDPR), NN'hich came into force in May 2018. They maintain a data protec(ion polle} and policN' statement, with a separalc privacy noticc for the Liddon Fund whiLh 15 available to Liddon applicants. All of the Societ} s activties are on a not-for-profil basis. 9. Cliniale change The Irustees arc conscious of their r¢sponsibilily to mak¢ Faith House more ¢nergy-elli¢ienl and well insulated. The buildin& which is over 120 J'cars. old and listed as being of hisioric and architectural importan¢¢, presenis many challenges. There are larg¢ windows and high ceilings. In 2022. the trustees began seriously io address these challenges, b), inserting extra insulation in parts of th¢ roof space and by Lommissioning secondary gla7.ing f(Ir windom's where the heat loss ￿'aS breaiest. In 2024. they replaced the ¢ld¢rly bi)iler and associated equipment with a much more efticienl model. OCIETY OF THE FAITH INCORPORATED stered Number (K121421 land & Wale% stered with the Chari ComFnission number 232821 Re on of the Court of Fellow5 Directors ear ended 31 March 2025 for IhL 10. Trnstees, responsibilities in relation to the fin4Dfial statement5 Company law requires the trustees to prepare financial statements that give a true and fair view of the $tatc of affaiTr of the charity at ihe end of the financial vear and of its surplu8 or dcficii for the financia.. year. In domg so. the trnstees are r¢quir¢d to.. 5el¢ct suitable a¢¢ounting policies and then apply them consistently: ake judgemcnts and e8tim2tes that are reasonable and prudent; and prepare the finarlcial statements on the going Concetn basis uThless it is iiiappropriat¢ tu pr¢sume that ¢h¢ charity will continue ill businL8S. The irusiees are responsible for maintaining proper accounting records which dis¢lose with reasonable aceuiacy at any limc the financial positioii of the cliariry and cnabl¢s thcm lo Liisurc ihat thc finaMLial ststements comply with ibe Companies Aci 2(K)6. The trustees are also responsible for safeguardin8 the assets of the charity 2nd hence for tAkin8 reasonablc sicps for thc prevention and detection of fraud and other irtexulariÈi¢s. i l. Independent Ei*M1￿tr$ At the Annual Cieneral Mccting hcld on I I September 2024. Mr. John Howard of A7£ts (City of London bikillLhl was appointL.d as IhL Indcpendcnl ExdminLr until ihc ncxt Annual Gencrdl Mccting. "l-hc irustec record their thanks to Mr. Howard and his colleagues at Azets foT their helpfulness and efficiency. By order rt ofFellows". Dr. An rew Hobley- DaL¢: I l Jun¢ 2025 incipal THE SOCIETY OF THE FAJTH INCORPORATED islered Number 00214216 land & Wales istered with the Charili. Commission number 232821 Inde endent Examinerfs Re ort to the Trustees of The Socie of Ihe Faith Inco orated ear ¢nded 31 March 2025 I report lo thc charity trustees on my examinalion of the accounts for the year ended 31 st March 2025 set out on pages 12 to 27. Responsibilites and basis of report As the charity truslees of ihe company {and also its direciors for thc purpose olcompany law) you are responsible for the preparalion of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Aci,). Hawing satisfied myself that the a¢¢ounls of ihe company are not required to be audit¢d under Part 16 of the 2006 Acl and are eligible for independent examination, I report in respect of my examinalion of your compan} s accounts as carried out under section 145 of the c.harities Act 2011 I'ihe 201 l Act,). In caryin¥ out mv examinalion I have followed the DiTections given by the Chariry Commission under section 145(51(bl of the 2011 Act. Independent exgminer's statement I havc completed my examinalion. I can confimi that no matters hav¢ come to m), arteniion in connection with Ihe examination giving me cause to believe that any material respect.. a¢¢()uniing records were not kepl in r¢sp¢¢l of the company as required by s¢¢tion 386 of ihe 2006 Act; or the accounts do noi accord with those r¢¢ords' or the accounts do noi cumpl), with the accounting requirements of section 396 of ihe 2006 Act vthcr than any requirement that the accounis giive a 'truc and fair vic￿ which is noi a matter considered as part olan indepcndent examinalion: or the ac¢()unls havc not bcen prepared in accordan¢e with the mcihods and principles of the Stsicment of Recommended Pracli¢e for accounting and reporting by chariiies. 10- THE SOCIETY OF THE fNCORPORA TED Re isiered Number 00214216 land istered v'iih the Charitv Commission number 232821 Inde endent E.xaminer's Re ort to ihe Trustees of The Socie of the Faith Inco orated 'ear ended 31 March 2025 I have no concerns and have come across no other matters in connection w'ith ihe examination to which atteniion Should be drawn in this report in ord¢r to enable a proper understsndin8 of the accounts to be reached. John Howard. FCA knts 2nd Fli)or Regis House 45 King William Street London EC4R 9AN I l June 2025 THE SOCIETY OF THE FAITH INCORPORATED Re )islered Nun)ber 00214216 En )land & Wales istered with the Charit Commission nuTnbcr 232821 Re STATEMENT OF FINANCIAL ACI"IVITIES INCLUDtNG INCOME AND EXPENDITURE ACC.OUNT FOR THE YEAR ENDED 31ST MARCH 2025 Notes Unrestricted Restricled Fund5 Funds Total Funds Total Funds 2025 2024 Incoming resources Activilies for generaling funds,. Recharges to Tenant5 Income from Publi¢aiionslGreeting Cards Donation5 Investmeni Income Total incoming r￿oUrceS 36,064 36.064 40.596 216 851 176.768 218,431 878 154.688 191.746 878 161.330 198,388 6.642 6.642 Less Cost of generating funds- Faith House Expenditure 109,540 109.540 106,109 Charitable Expenditure,. Grants Payable Oth¢r Charitsble activilies Total r¢sour¢¢s expended 6.SOO 30.878 146.918 2,750 2.272 5,022 9.250 33.150 151,940 8,890 40,722 155,721 NET INCOMING RESOURCES 44.828 1.620 46.448 62.710 Reali5¢d and unreali5ed investment gains i Ilosses} 174,595 9,876) (84,471) 156,493 Movement in total funds for th¢ year; net incomeiexpenditure for the y¢ur Total funds brought lOr￿ard 10 (29,767) 1.916,581 18.256) 236,197 (38,023) 2,152,778 219.203 1,933.575 Total funds ¢affied fL)rward 18 1,886,814 227,941 2,114,75.5 2,152,778 All incoming resources and resources ¢xpcnded derive from continuing aclivilies. The Siatern¢nl ol. Financial Activities includes all gains and Ioss¢s Tecognised in the year. E SOCIETY OF THE FAITH INCORPORA TED d Number 00214216 land Wales i5tered with ihe Charit Commission number 232821 BALANCE SHE T MARCH 2025 Notes 2025 2024 FIXED ASSETS Tangible Investmenis 12 13 35.000 1,869.542 35,000 1,929.013 CURRENT ASSETS Cash al Bank Debtors 14 15 216.038 6.936 •22,974 209,178 2,227 211.405 Creditors: Amounts falling due within one year 16 112,761) {22.6401 NET CURRENT ASSETS 210.213 188.705 2.114.755 2.152.778 FINANCED B Y: Unrestricted Fund5 18 1,886.814 1,916.581 Resiri¢ied Funds 18 227.941 236,197 TOTAL CHARITY 114,755 2.15*.778 'Il."I'Y Ob THI.. .'AITH IN IIATLI) i¥ILred Number l)0214216 E"n i$iered iih ihe Charit COM￿￿￿1￿￿u￿l￿￿ 23 BALANCE SI.IF.ET- cn T 31ST MARCH 202S Thc cnnipany is ¢ntitlcd to cxempti¢m fnmi audi( undcr Section 477 of ihc compan1￿ ALI 2on6 r( Ihe ￿r ended 31%1 March 202 TIIL JliL'i￿bCr￿ litsve n(Trl required the ciirnpany IL) i)b¢ain on audii of lis financial siatemenis thL yeuT ilmled 31%1 March 2025 in aecord#nce wilh S¢dioD 476 ofih¢ Lomp¥nie% Aci 2(M>b. Thc Court of F¢llaws ackrh¢)wledge its resrx)n%ibiliiies for.. ensurin¥ that thc kLYps al￿￿U￿11Tr￿ whiih comply wilh Sc¢iion¥ 3Xfi and 387 of thc Companies A¢[ 21)06. 1rtd. prLparin¥ tinanLial %>*meftls which 8ive & trut and fair vitw of th¢ 141al¢ of affairs of ihy compdny ¥s di ihe eTMI ol. ealh finunLial ycur dnd ol. its profil or Ios¥ li)T ea¢h tinwJ¢iul y¢#r iii ccprdanLL wilh Ihe re4uir¢inenl& (pf SeL'lioNs 194 and .IYS anil which (?Ihirwi¥¢ ioniplv willi ihe rLquii'ciiiL 1)t diL Ci)mpanie5 Acl ?()00 r￿1￿ing to find￿1111 Sta￿'ments. Mi f•T ￿ ¥ppliLablL to th¢ 'I'h¢bL finJnbial slaiLmcnts have prcparcd in acLor&ill¢¢ wilh IhL %p(*i81 pftivisi(In¥ (If I'art 15 L)f ihe ('ompani¢8 Ad 2Q¢Nfj Telaiing io $rtMII compani¢$ and with the Financi81 R¢p)rting gthndard 102 rhL linaiwidl weTC approved by thc Court of Fello￿5 on I l June 21125 and were ¥iye4J 011 Lls behalf Dr. Andrew Hobley (Princi￿15 t2.L. LJ Marbrry Robgrts (Treusurerl THE SOCIETY OF THE FAITH INCORPORATED i5tcred Numb¢r 00214216 En land & Wales istered with the Charit Commission number 232821 Re NOTF.S RELATtNG TO THE FNANCIAL STATEMENTS FOR THF. YF,AR ENDED 31 ST MARCH 2025 Acfounling Policies Charity informolion The Societs, of Ihe faiih (Incotporated) is a priva1¢ company limitcd by guarant¢¢ incorporated in England and Wales. The regisiered office address is Faith House, 7 Tufton Sireel. London. SWI P JQB. The nature of Ihe charity's operations and principal activities are to bring together Christians in communion w'ith Ihe See of Canterbury. for mulual assistance in the work of the Christian ChU￿h and lo supporl and further charitable undertakings. particularl}, Ihose ivhich popularise Ihc Catholic laith. 1.1 Aceounting eonventlOD These accounts havc been prepared in accordance wilh FRS 102 "The Financial Reporting Standard applicable in th¢ UK and Republic of Ireland" I'FRS 102,1, 'Accounling and Reporting b), Charities" the Statement of Recommend¢d Pra¢lice for charities appli'ing FRS 102, Ihe Companieq Act 2006 and UK Gen¢rallN Accept¢d Accounting Poli¢ies as li applies from I January 2019. The Society. is a Public Benefit Enlity, as defined by FRS 102. Th¢ accounts are prepared in sterling, whi¢h is the functional currency of the charity. Monctary amounts in these financial slalemenls are rounded to the nearest £. The accounts have been prepared under Ihe historical cost convention, and to in¢lude certain rinancial instruments at fair value. The prinLiple accounting policies adopted are set out below. The trustees confirm thal they. have referred lo Ihe guidance contained in Ihe Charity Commission's &Fuidan¢e on publiL beiiefit ￿,hen reviewing Ihe charity's aims and objectives and in planning luturc activilies. Assets and liabilities are initall), recugJnised ai historic cost or transaction value unless othenvise slated in the relevant a¢counling policy note. 1.2 Going eon¢ern At the lime of approving the a￿OUnt5. the trustccs have a reasonable expe¢lalion that ihe charity has adequale resources to continue in operational existan¢e for ihe forcsceable future. Thus the trusl¢es continue to adopi the going concern basis of accounting in preparing the a¢¢ounts. THE SOCIETY OF THE FAITH INCORPOIL4TED istered Number 00214216 land & Wales islered with the Chari Commission number 232821 NOTES RELA TtNG TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2025 l. A¢¢ounting Policies- continued 1.3 ChAritable funds Unrestri¢t¢d funds are available for use at the discretion of the Irusiees in furthcrance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as lo how they may be used. The purposes and uses of the restri¢ted funds are sel out in the notes to the accounts. .4 Incoming resourees al Rental of Faith House Income from rcntal is included in the period in which the charity is entitled to the r¢c¢ipt. b} Donations Income from donations is included in incoming resources when ih¢se are re¢eivable, except as follows.. When donors specify that donations given to the charity musi be used in future accounting periods, the incom¢ is deferred uniil ihose periods. When donors impose conditions which have to be fulfilled before the charity becomes entiiled to use su¢h income. the income is deferred and nol included in incoming resources until the pre- condilions for use have been met. When donors specify thai donations are for particular Testricted purposes. which do not amount to pre-condition5 regarding enlitlem¢nt. (his income is included in incoining resources of restri¢l¢d funds wh¢n receivable. c) Investment Income RenL inteTest and dividends are included when r¢¢¢ivable by ihe charity. .S Resources expended Rcsources expended are included in th¢ Statement of Financial Aclivities on an a¢¢ruals basis, inclusive of any VAT which cannot be re¢ov¢red. Cerlain expenditUTe is directly attributable to specific activities and has been included in those cost ¢al¢gori¢s. .6 Fund #teounting Funds held by the charity are either.. Unrestricled general funds - Ihesc are funds which can be used in accordance with the charitable objects al the discretion vf the iruslees. 16- THE SOCIETY OF THE FAII'H INCORPORATED istered NumI￿r 00214216 land & Wales isiered with the Charli Commission numbcr 232821 NOTES RF.I.A TING TO THE FINANCIAL STATEMENTS FOR I'FIE YEAR ENDED 3 1ST NIARCH 2025 l. Accounting Policies - continued 1.6 Fund ac¢ounting- continued Restricl¢d funds these are funds that can only be used for particular restricted purposes within Ihe objecls of the charilv. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 1.7 Tangible fjxed assets Individual Iixed assets are capilalised at cost and are depreciated over iheir estimated useful economi¢ lives on a basis as follows.. Long leasehi)Id buildings - 00/0 Any oiher fixed assets are written off in the year of purchase. 1.8 Inve5trnen¢s Listed investments held as fixed assels are revalued annually by CCLA Investment Managemeni Limited at the market value, and the gain or loss on revalualion taken to ihe Statement of Financial Activities. 1.9 Repairs and renewals All expenditure on the Faith House building ts wrillen off in the year as repairs and mainlenance. 1.10 Governanee Costs GovemanLC COSt.s comprise all costs involving th¢ public accouniabilitj of the charity and its compliance with regulations and good pra¢tice. This cost is now showing on the Staiemenl of Financial A¢livilies wiihin Other Charilable activites. I Cash and eash equivalents Cash and C¢ish eqtsivalents include cash in hand. deposits held al call with baiiks. other short-tem) liquid invesiments with original malurilics of three months or less, and bank overdrafis. Bank overdrafis are shown within borrowing5 in current liabilities. a) Basic financial assets Basic finanLial assels, which include debtors and cash and bank balances. are initially measured al transaction price including transaction costs and are subsequently carried at amortised ¢osl using the eftective interest method unless the arrangement constitutes a financial transaction, where the transaction is measured at the presenl value ot- the fulure receipts discounted at a market rale ot in(eresi. Financial assels classified as reccivable within one }'car are not amortised. THE SOCIETY OF THE FAITH INCORPORATED isiered Number 00214216 land & Wales istered wilh the c.hant Commission number 232821 NOTES RELA TtNG TO THF. FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 l. Accounting Policies - Continued 1.1 I Cash and cash equivalents - continued b) Basic financial liabilities Basic financial libilities: including creditors and bank loans are initially recognised at transaction price unless ihe arrangemenl constilutes a financing transaclion, where the debt instrument is measured al the present value of the future receipls discountcd al a market rale of int¢rest. Financial liabilities classified as payable ￿'1th1n one J'ear arc not amortised. Debi instruments arc subsequenily carried at amort15ed cost, using the effective inleresl rate meihod. Trade creditors are obligations lo pay for goods or services that have been aquired in the ordinary c()urse of- c)peraiion5 from suppliers. Amounls payable are c13ssilied as curreni liabililies if payment is due within one year or less. If not, they are presenled as non-curreni liabililies. Trade creditors are re¢ognised initially ai transaction price and subsequently measured al amortised cost using ihe effective interest meihod. c) Derecognition of financial liabilities Financial liabilities are derccognised when the charity's contractual obligalions expire or are discharged or cancellcd. 2. Critieal accounting estimates judgements In the application of ihe charity's accouniing policies, Ihe irustees are required to make judgenients. estimates and assumptions about the carrying amounl of assets and liabilities that are not readily apparent from other sources. The esiimates and associaied assumptions are based on historical experience and other lactors that are considered relevanl. Actual results may differ from thcse Lstimates. The estimates and undcrlying assumptions are reviewed on an ongoing basis. Revisions lo accouniing esiimales arc rcco8nis¢d in the period in which the estimate is refvised where ihe revision afyecis only that period. or in the period of the revision and future pcriods where Ihe rewisic)ns affects both current and future periods. .18- THE SOCIETY OF THE F CORPORATED istered Number 00214216 land & Wales isiered wilh the Char ommission number 232821 Re THE FINANCIAL STATEMENT FOR THE YEAR ENDED 3. L¢%al status of the eharlty The charity is 8 company limited by guarantee and has no share capital. Every memb¢r undertak'es to contribute lo tl)e assets of tlie charit!. in the ei'enl of the san)e being wound up during the time thai he is a member, or within one year after14-ards, for paymeni of ihe debts and liabilities of the charity contracted before the tim¢ al which he ceases to be a member, and of th¢ costs, charges and expense5 of winding up ihe same, and for the adjustment of the rights of the ¢ontribulories amongst themselves. such amount ￿ may be required not exceeding £1 O. 4. Goillg colleern The accounts have been prepared on a going concern basis. the trustees are not aware of any existan¢e of any material uncertainties. .19- E SOCIETY OF THE FAITH INCORP TED istered Num 1st d with the Char 4216 land &. Wales Commission number 2 S RELA TfNG TO THE FINAN NTS Continued FOR THE YEAR ENDED 31ST MARCH 2025 2024 5. Incoming resources Rechar estoT Service charg¢ use 36.064 40,596 Income from Publications Donations Donations received Gifi aid Subscripiions 260 505 878 738 851 Investmeni I Unrestricted F Bank inieresl Invesimeni income Renial of Faith House Use of D()ugla5 Room co 6,203 46.038 101,017 1,430 154.688 5.282 42.951 120.826 1,330 170,389 Bank intere￿. Hoare Tll￿t Liddon Fund Investment income: Hoare Trust Liddon Fund 112 319 83 208 472 5,739 6.642 462 5,626 6.379 6. Falth House expendSture Generdl rates Water, electricity and gas Insurance Repairs and building mainienance Cleaning and M'ashroom costs Deed of variation reni 23,659 5,341 7,131 48.850 20.183 4.376 109.540 22.238 4.401 6,819 48.437 18,236 5.978 106.109 -21k HE SOCIETY OF THE FAITH INCORPORATED ister umber 00214216 land Wales Charit Commission number 232821 iste NOTES RELATIN TO THE FINANCIAL TA MENTS Continued FOR THE YEAR ENDED 31ST MARCH 2025 2025 2024 7. Grants Pay*ble Unrestricted Funds Publicaiion Sponsorship Special grani: St. John the Evangelist. Upper Norwood Dougla5 grant5: Theological research 1,500 1,295 5,000 6,500 500 5,795 Restri Funds Educational Grants- Liddon Fund Needlework Grants- Hoare Trust 2,500 250 2,750 2,500 595 3,095 Other Cbaritable Activities Unrestricted Fu Donation to Dean and Chapler of Westminsier Abbey Venue hire.. Symposium 300 300 2.395 2.695 300 Restricted Funds Film - Liddon Fund Leciure Expenses - Liddon Fund 1,175 520 1.695 1,572 1,572 Governance Costs Unr Travellin¥ General Secretarial expenses Annual Return fee Legal & professional fees Secretary and Treasurels Honorarium Accountancy Fee5 Bank" Charges 3,176 984 34 9,449 14.000 2,760 175 30,578 3,642 1,955 13 14,109 13,000 2,700 35,632 Re5lricled Fun Secreiary and Treasurer'5 Honorarium - Liddon Fund 700 700 Unresiricted Fund toials 30,878 38.327 Resiricied Fund totals 2,272 2.395 -21. THE SOCIETY OF THE FAITH INLORPORA TED istered Number 00214•16 d & Wales islered wilh th ri ' Commission number 23*8?1 OTES RELA TtNG T HE FfNANCIAL STA S Continued EAR ENDED 31ST M RCH 2025 2025 2024 9. Reallstd and unrealised Investment {losses) I gains Unresirirted Funds (Loss) / Gain on TeNalualion of invesimeni 74,595 74,595) 137.474 137,474 (Lossl l Gain on revaluation of inv¢stmenl Hoare Trust Liddon Fund (751) (9.125) (9,876 1,445 17.574 19.019 10. Net {expendi¢ureyln¢ome lor the year The (deficit)Isurplus on ordinary activities is stated after crediling the following: Operating Leas¢- Faith House 138.511 162.752 11. Taxatlon The Society of the Faith (In¢orporaled) ts a registered charity. and as such is exempted from lax&tion. .22- THE SOCIETY OF THE FAITH CORPO istered Number 0021421 En land & Wales istered with ¢Cha Commission number ?3282 NOTE RELATtNG TO THE F NCIAL STATEMENTS Contitiu FOR THE YEAR NDED 31ST MARCH 20 12. Tanglble rued awts Long Leas¢hold Land and Buildings Total Cost as ￿ l April 2024 and at 31 March 2025 35.000 35,000 Depreciation as at l April 2024 and al 31 March 2025 N¢1 book value As at 31 March 2024 and al 31 March 2025 35,000 35.000 13. Investments Cost at 31.03.24 Addilions Cost at Gross 31.03.25 In¢ome Market Value at 31.03.25 Market Value at 31.03.24 Unrestritted Funds C.B.F Investment Fund 73041.86 shares 995.291 25,000 1,020,291 46.038 1,650,118 1.699,713 eied Funds HoAre Trnst C.B.F Ini'estment Fund 748.53 shares 6.494 6,494 472 16,668 17,419 Liddom Fumd C.B.F Investment Fund 9105.17 shares 91,410 91,410 5,739 202,756 211,881 1.093,195 25.000 1,118,195 52,249 1.869,542 1,929,013 Under the Statement of Recommended Prarti¢e all investments have lo be valu¢d at their mark¢i value at the )'ear end. -23- THE SOCIETY OF THE FAITH INCORPORATED istered Number 00214216 and & Wales Re istered wi Chari Commission number 232821 NOTES RELA G TO THE FINANCIAL STATE TS Continued OR THE YEAR ENDED 31 ST MARCH 2025 2025 2024 14. Cosh 91 Bank Unresiricled Funds Current Account C.B.F. Deposii Accounl 68.696 138.125 06.8?] 95,707 106,574 202.281 Hoare Trust Liddon Fund 2.402 6.815 9,217 2,068 4.829 6,897 216,038 209.178 15. Debtors Unrestricted Funds Prepal'ments and accrued income Oiher debtors 6,936 2.227 6,936 2.?27 16. Creditors Amounts falling due within on¢ year Unrestricted Funds Granis pa)"able (hher creditors 4.000 8,761 12,761 4.000 18,640 22,640 17. Related party Ir#nJ#¢tions Th¢re ￿ere no contracts of significance. subsistin8 during or at the end of ihe year in which a member of the Court of Fellow's 1$ or was materially interested, excepi as ststed below. Traielling expense5 amounting lo £2,20212024 - £2.752) w¢r¢ reimbursed 10 812024.. 9) Trustees. THE SOCIETY OF THE FAITH INCORPORA TED Re ist¢r¢d NuTnb¢r 00214216 land & Wales istered i¥ith the Charli Commission number 232821 NOTES RELATtNG TO THF. FtNANCIAL STATEMEN'I'S Continued FOR THE YEAR ENDED 31ST MARCH 2025 18. An8lysis of eharilable fund$ Analysis of movem¢nts in funds Funds Inv¢stm¢nt 31 March Expenditure gainlllossl 2025 Balance l April 2024 Income Unrestricted fund 1,916,581 191,746 146,918 {74.595) 1,886,814 Hoare fund 19,487 584 250 1751) 19,070 Liddon Fund 216.710 6,058 4.772 19.125) 208.871 236.197 6.642 5.022 (9,876} 227.941 Analysis of movemenis in funds Funds Investment 31 Mar¢h ExpenditUTe gainl(loss) 2024 Balance April 2023 Income Unrc5tricted fund 1.717,286 212.052 150.231 137.474 1.916.581 Iloare fund 18.092 545 595 1,445 19.487 Liddon Fund 198,197 5,834 4,895 17.574 216.710 216,289 6,379 19,019 236,197 The UllTestTILted lund is held for the objeclives of the charity. Fiiiids hcld in the two restricted funds are not available for general use. The funds Llse dre as follows; Hoare Trust. which grant-aids th¢ conservation and provision of ccclesiastical needlework- Liddon Fund. holding ihe annual Liddc>n l.ecture and awarding grants to )'oung scholars for advanced theological study, and for r¢ir¢ats. The unrestricted fund has been reinstated to refleci ihe presentation of iangible fixed assets to Comply with SORP and FRS 102. The value of the property knoM'n a5 'Faith Hous¢, is now included as a tangible fixed asser of £35.00012024 £35,000). The requiren)ent ol obtaining an annual valuation has made it cost prohibiiive to record the assei as an invesim¢n¢ ai faiT value. -25- SOCIETY OF THE FAIT RPO istered Number 0021421 isiered with the Chari Commi Wales umber 232821 T OF FUNDS HELD ￿ TRU HOARE TRUST rNCOME AND EXPEN R THE YEAR NDED 2025 2025 2024 Investment Income Bank Inierest Gain on revaluation of invesimeni asseis 472 112 462 83 1,445 1,990 584 EXPENDITURE Charitable Expendilure Grants Payable 250 595 Loss on rei'aluaiion of invesmieni assets 751 (Deficit) I Surplus for Year 1417) 1.395 BALAN ET Investments 13 16,668 17,419 T ASSE Cash at Bank 14 2,40* 19,070 2,068 19,487 ENTED BY.. Accumulated Fund Broughi Forward Itkficiti I su￿lus foi Year 18 18 19,487 14171 19.070 18.092 1,395 19.487 .2 IETY OF THE FAITH INCORPO Re istere Re istered wi land & Wales ber 232821 COUNT OF FUNDS HELD ￿ TRUST DON FUND INCOME E YEAR EN ST MARC Notes 2S Investment In¢ome Bank Interest Gain on revaluation of investment assets 5.739 319 5.626 208 17.574 23.408 6,058 EXPENDITURE Charitable Expendityr¢ Grants Pa>'8ble Other Charitable Aaivities Loss on revaluation of iniesimtnt assets 2,Si 2.272 2,500 2.395 9.125 13.897 4.895 {Deficiil I Sutplu5 for Year 7,839 18,513 AT 31ST MARCH 20 In￿.¢$¢mentS CURRENT A Cash at Bank LIABtLITIE Unrestri¢ted fund 13 202,756 211.881 ET 14 6,815 4,829 (71)0) NET CURRENT A SE ?08,871 216,710 Accumulated Fund Brought Fvrward (Deficit} i. Surplus for Year 18 18 216,710 17.839 208.871 198.197 18,513 216.710 .27.