**REGISTERED COMPANY NUMBER: 00058569 (England and Wales) REGISTERED CHARITY NUMBER: 234558** 

**Report of the Trustees and** 

## **Financial Statements** 

**for the Year Ended 31 December 2024** 

**for** 

**STEWARDS COMPANY LIMITED (A COMPANY LIMITED BY GUARANTEE)** 



## **STEWARDS COMPANY LIMITED** 

## _**CONTENTS**_ 

## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

||Page|
|---|---|
|Report of the Trustees|1 – 7|
|Reference and Administrative Details|8 – 9|
|Independent Auditors' Report|10 – 13|
|Statement of Financial Activities (Incorporating an Income and|14|
|Expenditure Account)||
|Balance Sheet|15|
|Statement of Cash Flows|16 – 17|
|Notes to the Financial Statements|18 – 31|





## **STEWARDS COMPANY LIMITED** 

## **REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

The trustees, who are also directors for the purposes of the Companies Act, present their report for Stewards Company Limited (the "company") for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the company's governing document, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). 

## As reported elsewhere in this report: 

- The company’s investments generally performed well and the company is financially viable. 

- During the year the new Director of Operations was appointed and took full responsibility at the year end. 

- The Board was able to meet as usual in person in May and November. 

- The various committees met either in person or remotely as was convenient. 

- Many ministries continued to be financially supported as in other years. 

## **OBJECTIVES AND ACTIVITIES** 

The objects for which the company is established are: 

- the advancement of the Christian religion in any manner which shall be charitable and in particular (but without in any way limiting the generality of the foregoing) by the furtherance of the Gospel of God and education in the Holy Scriptures and 

- the relief of the poor. 

The principal activities of the company are: 

- to act as administrative trustee of a number of Christian charitable trusts, the main ones being the J W Laing Trust and the J W Laing Biblical Scholarship Trust and, 

- to act as owner/trustee of various charitable properties, mainly used as places of Christian worship and situated either in the United Kingdom or overseas (see note 16). 

A full record of all such trusts is listed in note 21 in the accounts. All the trusts are administered as far as possible in accordance with the known wishes of the donors or the requirements of the relevant trust deeds. 

Since incorporation, for various reasons the company has acted as property trustee for numerous church properties and properties used by Christian ministries, both in the UK and overseas, with the leadership of the churches and ministries taking the day-to-day decisions on the use and maintenance of the properties. Annual contact is maintained with those who occupy these properties to ensure they are kept in good order, are insured and continue to be used for the purposes for which they were intended. The ownership or trusteeship of all UK properties have now been transferred to   UK Christian Trusts with objects consistent with those of the company dedicated to the ownership and maintenance of such properties. Steps are being taken to investigate if the remaining overseas properties can be similarly transferred to other Christian Trusts. 

For the two major trusts, the J W Laing Trust and the J W Laing Biblical Scholarship Trust, the J W Laing Committee (the "Committee") was formed to administer them. Trustees are appointed by the Board to the Committee which meets monthly. The Chairman and Vice-Chairman are ex-officio members of the Committee and can serve for a maximum of two consecutive terms of four years. The other members, other than the Secretary, can serve for a maximum of two terms of five years with a one-year break between terms. The Committee is responsible for approving all expenditure and monitoring the income and administration of the trusts and detailed reports are provided to the Board at every meeting, or earlier when necessary. 

In 2022, two Christian donors known to the company approached the Committee with a request for the company to act as trustee of a charitable fund ����������������� which they wished to establish in order to benefit causes which are in line with the company's objects. The Committee agreed to this request (after taking legal advice) on �������������������������������������������������������������������� 

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## **STEWARDS COMPANY LIMITED** 

## **REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

Christian ministries to be supported, the final decision rests with the Committee, which carries out necessary due diligence as it does for all other grants which it makes.  This arrangement has continued throughout the year to the satisfaction of all parties concerned and operating through a designated bank account for “The Reach Fund”. 

The J W Laing Trust has adopted as its principal objective "to help the church of Jesus Christ to fulfil the great commission". This is the instruction given by Jesus Christ to His disciples as recorded in Matthew's Gospel chapter 28, verses 16-20. Help is given to a range of ���������� evangelistic and mission organisations, movements publishing Bible resources, teaching of Scripture to school children and related enterprises. Further substantial financial support is given to Christian organisations, literature production, other evangelistic and church development programmes together with the relief of poverty in a variety of countries overseas. 

The objective of the J W Laing Biblical Scholarship Trust is to encourage the study of the Holy Bible. With this as its main objective, support is given to a variety of organisations furthering this cause including a number of evangelical Christian Bible Colleges; organisations which promote Christian work among university students both in the UK and overseas; and a centre which coordinates detailed Biblical research. 

In addition to the J W Laing Trust Committee there are also the following other committees in place: 

1. The Executive Committee. 

2. The Investment Committee. 

3. The Research Committee. 

4. The Audit & Financial Reporting Committee. 

5. The Barnabas Trust Committee. 

For each committee there are Terms of Reference and objectives and these are updated, reviewed and agreed by the Board as necessary. 

All committee members are appointed by the Board, and with the exception of one of the members, are all trustees of the company. All the above committees report initially to the Committee but ultimately to the Board with full reports being provided at each Board meeting. 

## **Grant-making Policy** 

Numerous funding requests are received, many unsolicited, and all are considered. An online application process is in operation and together with the customer relationship management system helps inform the trustees more fully when such applications are reviewed and discussed. Grants made by the two major trusts are decided by the Committee after taking into account: 

- the Christian aims and objectives of such charities, ensuring consistency with those of the grantmaking trusts; 

- the result of due diligence and risk reviews carried out on all applications; 

- the financial resources of the charities making application; 

- the efforts made by members of such charities to maximise their own funding, including where appropriate sacrificial giving by themselves and their supporters; and 

- the governance and policies of all applicants. 

## **Public Benefit** 

The trustees acknowledge the guidance of the Charity Commission in respect of Public Benefit and the Advancement of Religion and have paid due regard to it in the affairs of the company. The wide-ranging and varied financial support provided by all of the trusts administered by the company has resulted in evident public benefit to numerous charitable organisations and individuals throughout the world (see note 10). Reports and letters of thanks from the recipients detail how the financial support helps meet religious, spiritual and educational needs as well as relieving poverty of individuals irrespective of background, status and faith. 

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## **STEWARDS COMPANY LIMITED** 

## **REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **Related Parties** 

The company has no formal links with any organisation, although some trustees have involvement with other charitable bodies to which financial support is provided by way of grants. In such instances the trustees concerned absent themselves from the decision-making process where grants are discussed and agreed. 

## **ACHIEVEMENTS AND PERFORMANCE** 

The trustees are always anxious to help fund Christian ministries, both in the UK and overseas, in sympathy with the objects for which the company was established and meeting the company's other criteria. 

The total charitable grants made in the year amounted to £7,402,972 (2023: £6,351,868) and these were paid to 360 (2023: 388) recipients. Of these grants, £2,506,576 (2023: £2,468,663) were for overseas causes and £4,896,396 (2023: £3,883,205) were for UK causes (note 10). 

All charities are required to acknowledge all gifts received. 

The trustees monitor the organisations it supports in a variety of ways including: 

- receiving accounts and reports; 

- visiting and meeting trustees and senior members of staff; 

- inviting trustees and senior members of staff to report at the company’s six-monthly Board meetings; and 

- disseminating all such information to the trustees. 

Such visits, whether in the UK or overseas, and reports enable the trustees to fulfil their legal duties. In addition, they also assist them in understanding in greater measure the nature and impact of the organisations supported. Sometimes these visits and reports may result in further interest and support and sometimes they may cause support to be reduced or withdrawn. 

## **FINANCIAL REVIEW** 

For the past financial year there was an operating deficit of £3,229,098 (2023: operating deficit of £1,450,261) which together with the gains on investments of £13,801,641 (2023: gains of £7,978,320) produced net incoming movement in funds for the year of £10,572,543 (2023: net incoming movement of £6,528,059). 

The accounts include a year-end provision of £500,000 (2023: £23,818) for all unconditional promises of grants that have not yet been paid; this reflects the requirements of SORP FRS102 to provide for liabilities which arise from a valid expectation in third parties that the company will make these grants. Allowing for this the operating results are considered reasonable bearing in mind the level of distributions made, and the trustees confirm that the company's assets are adequate to fulfil its obligations. 

## **Reserves Policy** 

The company holds investment funds for distribution to a wide range of Christian causes. The company seeks to respond flexibly to the ministry opportunities of the charities it supports and is not committed to maintaining the company in perpetuity. In view of this, the company accepts that the value of its reserves, after adjusting for general price inflation and after withdrawals to finance operating and donation requirements, is likely to fall over time. 

In May 2024 the Board considered in detail the likely path of the company's reserves under a variety of long- term scenarios of investment performance and aggregate levels of donations. This renewed a previous review undertaken on a similar basis in 2020. In the light of these considerations, the Board decided to limit the aggregate level of donations to a fixed amount each year until a further review is undertaken after 2029. The aggregate limit is helping to preserve the company's ability to support charities 

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## **STEWARDS COMPANY LIMITED** 

## **REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

in the longer term while still allowing the company to have significant flexibility to respond to the opportunities of individual charities in the near future. This is not expected to result in a reduction in the absolute aggregate level of giving compared to that which applied in recent years. 

At 31 December 2024 the company’s reserves totalled £169,050,529 (2023: £158,477,986) represented by expendable endowment funds of £166,329,687 (2023: £155,190,383) and unrestricted funds of £2,720,842 (2023: £3,287,603). 

## **Investment Policy and Performance** 

The Board approved the company’s Investment Policy Statement during the year. The Statement outlined the Board’s policy on investment objectives, attitudes to risk, diversification of assets, liquidity, time, horizon and reporting. The main objective of the investment policy is to produce a good and stable return, exceeding general price inflation by at least 3% per annum over three-to-five-year periods. This will enable the company to maintain support for charities with which it has a longstanding relationship whilst having a relatively low risk of needing to reduce giving in any one year due to low or unstable investment returns. Since the current framework was adopted in 2008, the overall return on the company’s investment portfolio has exceeded inflation by almost 4%. 

The Investment Committee implements investment policy on behalf of the Board and has agreed terms of reference from the Board setting out its responsibilities and powers. The Investment Committee works closely with its investment adviser, Mercer Ltd, in deciding the structure of its investment portfolio, selecting investment managers and assessing their performance against agreed benchmarks. 

In implementing the investment policy, the Investment Committee considers a range of factors in deciding on and changing the structure of its investment portfolio and selecting investment managers. These factors include economic outlook, expected total return, prospective volatility, manager performance, investment strategy, diversification of risk, liquidity and ethical, sustainability and governance (ESG) issues. Each investment manager has performance objectives set in a challenging relationship to benchmarks in the relevant asset class for each investment fund. Performance against these benchmarks is monitored closely. In overall terms, the investment portfolio has performed moderately below its aggregate benchmarks over the last three years due mainly to underperformance of an active equity, investment management mandate that has been terminated. 

The Investment Committee has particular regard to ESG issues in its choice of investment managers. In 2022 the Investment Committee consolidated the company’s equity investments in the Mercer Passive Sustainable Global Equity Fund. This fund does not invest in businesses engaged in controversial weapons, civilian firearms, tobacco, fossil fuels, alcohol and gambling. The fund also screens out investments that do not comply with sustainable development goals, labour rights and environmental regulations. 

The various investment managers and other professional advisers to the company are listed on pages 8 and 9 of the accounts. 

## **PLANS FOR THE FUTURE** 

With the continual demands and applications they receive, the trustees are conscious of the many needs and causes the company can support both in the UK and overseas. In addition, the necessary compliance with Charity Commission regulations, company law and best practice all demands time and attention be given to ensure the company is structured and administered in the most efficient manner. 

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**REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **STEWARDS COMPANY LIMITED** 

During the year Andrew Griffiths retired as Secretary and Director of Operations and was succeeded by Tom Underhill. The terms of office for the Chairman and Vice Chairman will conclude in May 2025 and the Board has already appointed their successors. 

The continuing work of the Research Committee enables fresh funding opportunities to be considered and explored. The Committee began to explore how emerging technologies and AI impact the work of Christian organisations while also looking closely at Christian work in higher education. It also continued to consider various opportunities to support and strengthen Christian organisations in the UK and around the world in light of its various research projects. This includes an ongoing focus on those working with young people throughout the UK and Republic of Ireland. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

The company (registration number 00058569) is a charitable company limited by guarantee and was incorporated on 15 August 1898. It is governed by its Articles of Association, the latest version of which was adopted by Special Resolution on 11 May 2022. 

The company, which is a registered charity (registration number 234558), also has the status of a trust 

corporation. 

The company does not have share capital and is limited by guarantee of the members. All trustees are also members of the company, and, under the terms of the company's Articles, all the trustees remain in office. There were 20 trustees in office at the year end (within a permitted maximum number of 25). A full list of all the trustees (the "Board") is shown on page 9. 

The Board meets twice yearly, usually in May and November, when the affairs of the company are discussed, and detailed reports are presented on its various activities. 

Andrew Griffiths retired during the year as the Secretary to the company and also as Director of Operations and was succeeded by Tom Underhill. He is joined in the Bath office by Rachel Daws, Financial Administrator, Fiona Gardner, PA and Andy Hoyle, Grants Officer. 

Jonathan Loose, Research Director, works remotely in Suffolk but visits the office and is in regular contact with fellow members of staff and trustees. 

## **Recruitment and Appointment of Trustees** 

The Board continued its discussions on the qualities and qualifications it deemed necessary to be found in future trustees to ensure continuity and the right balance of diversity, professional skills, qualifications, experience and geographical representation. During the year one director resigned due to other commitments and two other individuals have expressed an interest in being considered as prospective trustees and this interest will be brought to the attention of the Board. 

Trustees are appointed for a period of ten years after which they can offer themselves for re-election. All trustees retire on their 75th birthday. 

All new trustees are provided with a detailed portfolio of information on the history and progress of the company, basic guideline documents and relevant Charity Commission publications. After their appointment, all new trustees are invited to attend one of the Committee's meetings and gain an insight into the day to day matters of the company and its trusts. The Director of Operations keeps in contact with new trustees, seeking to advise on company matters and deal with any queries they may have. 

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## **STEWARDS COMPANY LIMITED** 

## **REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **Principal Risks and Uncertainties** 

The risks to which the company is exposed were reviewed and considered by the Board at each 6 monthly meeting in the year. Eric Dolan, trustee and Risk Director, continued his thorough review of all areas of risk faced by the company, enabling him to recommend the necessary systems and controls required. 

The principal risks are considered to be: 

1. potential declines in investment values and investment income, 

2. the loss of key staff and 

3. donations not achieving the impact expected. 

The Investment Committee regularly reviews all investment matters, maintains a diversified portfolio and liaises closely with its investment adviser, Mercer Ltd, to anticipate and contain investment risks. The trustees are cognisant of the risks arising from the continuing economic impact of the war in Ukraine, unrest in the Middle East and other international uncertainties. In overall terms, the investment portfolio has performed moderately below its aggregate benchmarks over the last three years due mainly to underperformance of an active equity, investment management mandate that has been terminated.  The Investment Committee is mindful of long-term structural factors and ESG issues in determining the disposition of its portfolio. 

The sharing of duties by staff, the involvement of trustees and securing key data in an accessible form helps to reduce the risks associated with potential loss of key staff. 

A risk score card is prepared for all funding applicants and similar risks reviews will be carried out on all beneficiaries. The company's mechanisms for assessment, reporting, monitoring of donations and visiting supported organisations enable the trustees to judge whether the desired funding impacts are being achieved. 

## **Key Staff Salaries** 

The trustees consider the Committee and the Director of Operations comprise the key management personnel of the company in charge of directing, controlling, running and operating the company on a dayto-day basis. All trustees give of their time freely and the remuneration information for the Director of Operations is disclosed in note 14 to the accounts. Details of trustees' expenses and related party transactions are given in notes 13 and 22 respectively. 

The Chairman and the Committee formally review the staff salaries annually, the last review took effect on 20 November 2024. 

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**REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

## **STEWARDS COMPANY LIMITED** 

## **REFERENCE AND ADMINISTRATIVE INFORMATION** 

## **Trustees** 

G J Davies Bridgend, Chairman D C Bingham Lisburn, Vice-Chairman J Aitken Bristol (resigned 24 October 2024) J Armstrong Kilwinning K A D Bintley Bishops Stortford Dr J H Burness Bristol I S Childs Enniskerry Ms A S M Chung London E Dolan Jersey G A Eccles Harpenden Dr J M Fitzhugh Belfast J Gamble Law A B Griffiths Bath H N Iley Brampton M Leto St Albans A I Mayo Caterham Mrs J M Michael Maidenhead D N Roberts Carshalton S Shaw Holywood S Tomlinson Lancaster P J Young Maesteg 

**Secretary & Director of Operations** A B Griffiths (resigned 31 December 2024) T M Underhill (appointed 31December 2024) 

**Financial Administrator** Miss R C Daws 

**Registered Office & Principal Office** 122 Wells Road, Bath, BA2 3AH **Charity Number** 234558 **Company Number** 00058569 (England and Wales) **Senior Statutory Auditor** Matthew Bracher BSc FCA **Auditors** Gravita Audit Western Limited, Chartered Accountants and Statutory Auditors, Bath House, 6-8 Bath Street, Bristol BS1 6HL 

**Bankers** NatWest, City of Bath, First Floor, 24-25 Stall Street, Bath BA1 1QF 

**Investment Adviser** Mercer Ltd, The Paragon, Counterslip, Bristol, BS1 6BX **Investment Managers** Cordea Savills, Lansdowne House, 33 Market Street, London, W1G 0JD 

CQS Investment Management Ltd, 5[th] Floor, 33 Grosvenor Place, London, SW1X 7HY 

Fulcrum Asset Management, Marble Arch House, 66 Seymour Street, London W1H 5BT (appointed 2023) 

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7 



**STEWARDS COMPANY LIMITED** 

**REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

J P Morgan **,** 60 Victoria Embankment, London, EC4Y 0JP 

Mercer Global Investment Europe, 78 Sir John Rogerson’s Quay, Dublin 2, Ireland 

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## **Solicitors** 

Anthony Collins, 134 Edmund Street, Birmingham B3 2ES 

## **Statement of Trustees’ Responsibilities** 

The trustees (who are also directors of Stewards Company Limited for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP 2019 (FRS102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable United Kingdom accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Statement of Disclosure to the Auditor** 

In so far as the trustees are aware: 

- there is no relevant audit information of which the company's auditors are unaware and 

- the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. 

## **Auditors** 

The auditors, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. 

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## **STEWARDS COMPANY LIMITED** 

## **REPORT OF THE TRUSTEES** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ 

The trustees consider it an honour and privilege to be involved in the support of God's work and they believe that the company fulfils a significant support role in the maintenance and growth of Christian life and witness both in the United Kingdom and overseas. 

By order of the Board on 28 April 2025 

**G J Davies** Chairman 

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9 



**Report of the Independent Auditors to the Members of Stewards Company Limited** 

## **Opinion** 

We have audited the financial statements of Stewards Company Limited (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 

- In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  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 the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard. 

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**Report of the Independent Auditors to the Members of Stewards Company Limited** 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

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**Report of the Independent Auditors to the Members of Stewards Company Limited** 

## **Our responsibilities for the audit of the financial statements** 

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 Auditors 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: 

i) We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates. We determined the following laws and regulations of most significance were: Charity SORP 2019 and UK GAAP. 

(ii) We obtained an understanding of how the charity complies with those legal and regulatory frameworks by making inquiries of management. We corroborated our enquiries through our review of board minutes and other relevant meeting minutes. 

(iii) We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: 

- identifying and assessing the effectiveness of controls management has in place to prevent and detect fraud; 

- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; 

- challenging assumptions and judgements made by management in its significant accounting estimates; - identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; 

- and assessing the extent of compliance with the relevant laws and regulations. 

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 Auditors. 

12 



**Report of the Independent Auditors to the Members of Stewards Company Limited** 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 

Matthew Bracher BSc FCA (Senior Statutory Auditor) for and on behalf of Gravita Audit Western Limited Chartered Accountants and Statutory Auditors Bath House 6 - 8 Bath Street Bristol BS1 6HL 28 April 2025 Date: ............................................. 

13 



## **STEWARDS COMPANY LIMITED** 

## **Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2024** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>4<br>**Charitable activities**<br>Advancement of Christian religion<br> �<br>Investment income<br>5<br>Other income<br>7<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>8<br>**Charitable activities**<br>9<br>Advancement of Christian religion<br>**Total**<br>Net gains on investments<br>**NET INCOME/(EXPENDITURE)**<br>**Transfers between funds**<br>21<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|**2024**<br>Unrestricted<br>Endowment<br>**Total**<br>funds<br>funds<br>**funds**<br> <br>£<br>£<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**24,460**<br>**4,932,280**<br>**-**<br>**4,932,280**<br>**20,075**<br>**-**<br>**20,075**<br>**4,976,815**<br>**-**<br>**4,976,815**<br>**257,844**<br>**-**<br>**257,844**<br>**7,948,069**<br>**-**<br>**7,948,069**<br>**8,205,913**<br>**-**<br>**8,205,913**<br>**194,469**<br>**13,607,172**<br>**13,801,641**<br>**(3,034,629**)<br>**13,607,172**<br>**10,572,543**<br>**2,467,868**<br>**(2,467,868**)<br>**-**<br>**(566,761)**<br>**11,139,304**<br>**10,572,543**<br>**3,287,603**<br>**155,190,383** **158,477,986**<br>**2,720,842**<br>**166,329,687** **169,050,529**|2023<br>Total<br>funds<br>(as restated)<br>£<br>655,036<br>39,741<br>5,032,594<br>158,697<br>5,886,068<br>497,331<br>6,838,998<br>7,336,329<br>7,978,320<br>6,528,059<br>-<br>6,528,059<br>151,949,927<br>158,477,986|
|---|---|---|



## **CONTINUING OPERATIONS** 

All income and expenditure has arisen from continuing activities. 

The notes form part of these financial statements 

14 



## **STEWARDS COMPANY LIMITED** 

## **Balance Sheet AS AT 31 DECEMBER 2024** 

|Notes<br>**FIXED ASSETS**<br>Tangible assets<br>16<br>**Investments**<br>Investments<br>17<br>Social investments<br>18<br>**CURRENT ASSETS**<br>Debtors<br>19<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>20<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**NET ASSETS**<br>**FUNDS**<br>21<br>Unrestricted funds<br>Endowment funds<br>**TOTAL FUNDS**|**2024**<br>Unrestricted<br>Endowment<br>**Total**<br>funds<br>funds<br>**funds**<br> <br>£<br>£<br>**£**<br>**2,770**<br>**1,033,520**<br>**1,036,290**<br>**2,481,736**<br>**160,417,825** **162,899,561** <br>**-**<br>**1,283,628**<br>**1,283,628**<br>**2,484,506 162,734,973** **165,219,479** <br>**46,516**<br>**1,385,936**<br>**1,432,452**<br>**195,385**<br>**2,738,793**<br>**2,934,178**<br>**241,901**<br>**4,124,729**<br>**4,366,630**<br>**(5,565)**<br>**(530,015)**<br>**(535,580)**<br>**236,336**<br>**3,594,714**<br>**3,831,050**<br>**2,720,842 166,329,687** **169,050,529** <br>**2,720,842**<br>**166,329,687** **169,050,529** <br>**2,720,842**<br>**166,329,687** <br>**169,050,529**|2023<br>Total<br>funds<br>£<br>1,060,313<br>152,356,792<br>1,301,913<br>154,719,018<br>1,688,827<br>2,184,862<br>3,873,689<br>(114,721)<br>3,758,968<br>158,477,986<br>158,477,986<br>3,287,603<br>155,190,383<br>158,477,986|
|---|---|---|



These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. 

The financial statements were approved by the Board of Trustees and authorised for issue on 28 April 2025 and were signed on its behalf by: 

............................................. 

**G J Davies** Chairman 

The notes form part of these financial statements 

15 



## **STEWARDS COMPANY LIMITED** 

## **Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2024** 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Purchase of fixed asset investments<br>Purchase of social investments<br>Sale of tangible fixed assets<br>Sale of fixed asset investments<br>Sale of social investments<br>Management fee rebates<br>Dividends and interest from investments<br>Net cash provided by investing activities<br>**Change in cash and cash equivalents**<br>**in the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the end**<br>**of the reporting period**|**2024**<br>**£**<br>**(7,460,121)**<br>**(7,460,121)**<br>**(7,435,129)**<br>**-**<br>**-**<br>**10,687,286**<br>**25,000**<br>**286,084**<br>**4,646,196**<br>**8,209,437**<br>**749,316**<br>**2,184,862**<br>**2,934,178**|2023<br>£<br>(6,552,391)<br>(6,552,391)<br>(35,572,785)<br>(108,280)<br>1,360,776<br>35,052,783<br>28,006<br>237,083<br>4,795,511<br>5,793,094<br>(759,297)<br>2,944,159<br>2,184,862|
|---|---|---|



The notes form part of these financial statements 

16 



## **STEWARDS COMPANY LIMITED** 

## **Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2024** 

|**1.**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM**|**OPERATING ACTIVITIES**|**OPERATING ACTIVITIES**|
|---|---|---|---|
|||**2024**|2023|
|||**£**|£|
||**Net income for the reporting period (as per the Statement of**|||
||**Financial Activities)**|**10,572,543**|6,528,059|
||**Adjustments for:**|||
||Depreciation charges|**24,023**|24,023|
||Gain on investments|**(13,801,641)**|(7,978,320)|
||Management fee rebates|**(286,084)**|(237,083)|
||Dividends and interest from investments|**(4,646,196)**|(4,795,511)|
||Decrease/(increase) in debtors|**256,375**|(10,994)|
||Increase/(decrease) in creditors|**420,859**|(82,565)|
||**Net cash used in operations**|**(7,460,121)**|(6,552,391)|



## **2. ANALYSIS OF CHANGES IN NET FUNDS** 

|**Net cash**<br>Cash at bank<br>**Total**|At 1.1.24<br>£<br>**2,184,862 **<br>**2,184,862 **<br>**2,184,862 **|Cash flow<br>£<br>**749,316**<br>**749,316**<br>**749,316**|**At 31.12.24**<br>**£**<br>**2,934,178**<br>**2,934,178**<br>**2,934,178**|
|---|---|---|---|



The notes form part of these financial statements 

17 



**STEWARDS COMPANY LIMITED** 

**Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **1. GENERAL INFORMATION** 

The charity is a charitable company limited by guarantee (registered number 234558 and company number 58569) registered in England.  The charity's registered office is 122 Wells Road, Bath, BA2 3AH. 

## **2. ACCOUNTING POLICIES** 

## **Basis of preparation** 

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. 

The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.  Comparative information relates to the year ended 31 December 2023. 

The trustees are confident that the secure level of unrestricted reserves means the charity has a secure future. There are no material uncertainties about the charity's ability to continue.  The accounts have been prepared on a going concern basis. 

## **Company status** 

The charity is a company limited by guarantee. The members of the company are the trustees named on page 9. In the event of the charity being wound up the liability in respect of the guarantee is limited to £5 per member of the charity. 

## **Income** 

Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

## **Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. 

Costs of activities in furtherance of the charity's objects are grants made by the charity to support Christian charitable projects, both overseas and at home and the support costs relating to this activity. 

Support costs comprise staff and other costs incurred directly as a result of the charity making grants. 

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. 

All resources expended are inclusive of irrecoverable VAT. 

Conditional grants are recognised as a pledge and are accounted for as expenditure when those conditions are fulfilled. 

Grants offered subject to conditions which have not been met at the year-end date are noted as a pledge but not accrued as expenditure. Where no conditions exist, grants are accrued. 

continued... 

18 



**STEWARDS COMPANY LIMITED** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **2. ACCOUNTING POLICIES - continued** 

## **Tangible fixed assets** 

Properties vested in the charity as trustee or on similar terms (inalienable properties) are included in the Balance Sheet at a nominal value of £1, together with the cost of vesting the property and any subsequent expenditure incurred on alterations and improvements if not otherwise charged to revenue. 

All other assets over £5,000 are capitalised. 

With regard to the company's offices at 122 Wells Road, the cost of property, other than land, is depreciated on a straight line basis over 50 years and the cost of plant and machinery is depreciated over 20 years. The assessed cost of land is not depreciated. 

In the opinion of the trustees, it is inappropriate to depreciate the sundry properties held by the company at nominal value in its capacity as a trustee. 

## **Programme related investments** 

Programme related investments are included at cost as adjusted for exchange gains and losses. 

## **Taxation** 

The charity has no liability to corporation tax as it does not engage in any taxable activities. 

## **Fund accounting** 

Expendable endowment funds are those endowment funds where the trust deed has specified that the initial capital could be converted to income. 

Unrestricted funds are funds where the distribution of income is at the discretion of the trustees. 

Investment income and gains are allocated to the appropriate fund. 

Where a trust comprises both an expendable endowment fund and an unrestricted fund it is the policy to transfer sufficient funds from the expendable endowment fund to cover any deficit in the other fund. 

## **Debtors** 

Debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount at which the charity is expected to benefit in a future-period. 

## **Cash at bank and in hand** 

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. 

continued... 

19 



**STEWARDS COMPANY LIMITED** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY** 

The preparation of the financial statements requires management to make some judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for income and expenditure.  However, the nature of estimation means that actual outcomes could differ from those estimates. 

There are no significant judgements made by management in preparing these financial statements. 

## **4. DONATIONS AND LEGACIES** 

|Donations<br>Gift aid<br>**INVESTMENT INCOME**<br>Dividends<br>Management fee rebates<br>Deposit account interest<br>Mixed motive investment income|**2024**<br>2023<br>**£**<br>£<br>**-**<br>530,000<br>**-**<br>125,036<br>**-**<br>655,036<br>**2024**<br>2023<br>(as restated)<br>**£**<br>£<br>**4,602,982**<br>4,745,969<br>**286,084**<br>237,083<br>**35,998**<br>43,483<br>**7,216**<br>6,059<br>**4,932,280**<br>5,032,594|
|---|---|



## **5. INVESTMENT INCOME** 

The comparative figure for management fee rebates has been reclassified as investment income and was previously netted against management fees payable. 

continued... 

20 



## **STEWARDS COMPANY LIMITED** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **6. INCOME FROM CHARITABLE ACTIVITIES** 

|Activity<br>Rental income<br>Advancement of Christian religion<br>**7.**<br>**OTHER INCOME**<br>Other income||**2024**<br>**£**<br>**24,460**<br>**2024**<br>**£**<br>**20,075**|2023<br>£<br>39,741<br>2023<br>£<br>158,697|2023<br>£<br>39,741|
|---|---|---|---|---|



Other income included £nil (2023 - £115,000) of refunded grants in the previous year. 

## **8. RAISING FUNDS** 

## **Investment management costs** 

|Portfolio management<br>Investment advice|**2024**<br>2023<br>(as restated)<br>**£**<br>£<br>**221,383**<br>430,839<br>**36,461 **<br>66,492<br>**257,844**<br>497,331|
|---|---|



The comparative figure for management fee rebates has been reclassified as investment income and was previously netted against management fees payable. 

## **9. CHARITABLE ACTIVITIES COSTS** 

|Advancement of Christian religion<br>**10.**<br>**GRANTS PAYABLE**<br>Advancement of Christian religion|Grant<br>funding of<br>activities<br>(see note<br>10)<br>£<br>**7,402,972**|Support<br>costs (see<br>note 11)<br>£<br>**545,097 **<br>**2024**<br>**£**<br>**7,402,972**|Totals<br>£<br>**7,948,069**|
|---|---|---|---|
||||2023<br>£<br>6,351,868|



continued... 

21 



**STEWARDS COMPANY LIMITED** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **10. GRANTS PAYABLE - continued** 

The total grants paid to institutions during the year was as follows: 

|Christian Workers Relief Fund<br>Christianity Explored Ministries<br>Counties<br>Echoes International<br>Gospel Literature Outreach<br>Innovista<br>International Fellowship of Evangelical Students<br>Operation Mobilisation<br>Retired Missionary Aid Fund<br>Strategic Resource Group<br>The Foundations Trust<br>Tyndale House<br>UCCF<br>Other £25,000 to £99,999<br>Other under £25,000<br>Home grants<br>Overseas grants||**2024**<br>**£**<br>**300,000**<br>**305,000**<br>**375,000**<br>**185,000**<br>**126,500**<br>**114,950**<br>**276,000**<br>**106,500**<br>**264,000**<br>**245,000**<br>**110,000**<br>**720,000**<br>**411,000**<br>**1,962,836**<br>**1,901,186**<br>**7,402,972**<br>**2024**<br>**£**<br>**4,896,396**<br>**2,506,576**<br>**7,402,972**||2023<br>£<br>300,000<br>305,000<br>377,239<br>-<br>126,500<br>48,700<br>206,000<br>106,500<br>264,000<br>300,000<br>24,000<br>220,000<br>286,000<br>1,841,242<br>1,946,687<br>6,351,868<br>2023<br>£<br>3,883,205<br>2,468,663<br>6,351,868|
|---|---|---|---|---|
||||||



During the year, 360 (2023 - 388) grants were awarded. 

continued... 

22 



**STEWARDS COMPANY LIMITED** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **11. SUPPORT COSTS** 

|Governance<br>Management<br>costs<br>£<br>£<br>Advancement of Christian religion<br>**449,900**<br>**95,197 **<br>Support costs, included in the above, are as follows:<br>**Management**<br>**2024**<br>Advancement<br>of<br>Christian<br>religion<br>**£**<br>Salaries<br>**252,485**<br>Property costs<br>**33,154**<br>Printing, stationery and telephone<br>**4,043**<br>Travel and sundries<br>**43,549**<br>Group life assurance<br>**3,057**<br>Overseas property insurance<br>**11,853**<br>Legal and professional<br>**45,311**<br>Computer and IT implementation<br>**22,896**<br>Bank charges<br>**1,990**<br>Depreciation<br>**24,023**<br>General equipment<br>**1,151**<br>Miscellaneous<br>**6,388**<br>**449,900**<br>**Governance costs**<br>**2024**<br>Advancement<br>of<br>Christian<br>religion<br>**£**<br>Salaries<br>**54,728**<br>Auditors' remuneration<br>**7,720**<br>Auditors' remuneration for non-audit work<br>**2,750**<br>Trustee meetings<br>**29,999**<br>**95,197 **|Totals<br>£<br>**545,097 **<br>2023<br>Total<br>activities<br>£<br>244,450<br>36,161<br>3,252<br>24,501<br>2,884<br>11,420<br>26,589<br>15,467<br>1,635<br>24,023<br>138<br>3,933<br>394,453<br>2023<br>Total<br>activities<br>£<br>54,902<br>6,825<br>2,625<br>28,325<br>92,677|
|---|---|



continued... 

23 



**STEWARDS COMPANY LIMITED** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **12. NET INCOME/(EXPENDITURE)** 

Net income/(expenditure) is stated after charging/(crediting): 

|Auditors' remuneration<br>Other non-audit services<br>Depreciation - owned assets|**2024**<br>**£**<br>**7,720**<br>**2,750**<br>**24,023**|2023<br>£<br>6,825<br>2,625<br>24,023|
|---|---|---|



## **13. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. 

## **Trustees' expenses** 

During the year, 16 (2023 - 17) trustees were reimbursed expenses of £13,873 (2023: £14,848), in accordance with the charity's Articles of Association, for travel to meetings. 

General insurance expenditure includes trustee indemnity insurance with cover of £1,000,000. 

## **14. STAFF COSTS** 

|Wages and salaries<br>Employers NI<br>Social security employer's allowance<br>Contribution towards salary costs<br>Other pension costs|**2024**<br>**£**<br>**259,309**<br>**24,647**<br>**(5,000)**<br>**(10,804)**<br>**28,257 **<br>**296,409**|2023<br>£<br>246,733<br>27,635<br>(5,000)<br>(9,900)<br>29,984<br>289,452|
|---|---|---|



The Board of Trustees consider that the Committee and the Director of Operations are the key management personnel of the charity.  The employee benefits of key management personnel included in staff costs above is a salary of £86,446 (2023 - £84,119), employers' national insurance of £9,838 (2023 - £10,319) and pension costs of £13,173 (2023 - £15,367). In the prior year, the Director of Operations was reimbursed expenses, mainly for travel, of £1,015. 

There was an average of 6 employees during the year (2023 - 5), of whom there was 1 employee (2023 - 1) whose emoluments as defined for taxation purposes amounted to over £60,000 in the year, falling into the band of £90,000 to £99,000. 

continued... 

24 



## **STEWARDS COMPANY LIMITED** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

|**15.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**||||
|---|---|---|---|---|---|
|||Unrestricted|Endowment||Total|
|||funds|funds||funds|
|||£|£||£|
||**INCOME AND ENDOWMENTS FROM**|||||
||Donations and legacies|655,036||-|655,036|
||**Charitable activities**|||||
||Advancement of Christian religion|39,741||-|39,741|
||Investment income|5,032,594||-|5,032,594|
||Other income|158,697||-|158,697|
||**Total**|5,886,068||-|5,886,068|
||**EXPENDITURE ON**|||||
||Raising funds|497,331||-|497,331|
||**Charitable activities**|||||
||Advancement of Christian religion|6,838,998||-|6,838,998|
||**Total**|7,336,329||-|7,336,329|
||Net gains on investments|115,063|7,863,257||7,978,320|
||**NET INCOME/(EXPENDITURE)**|(1,335,198)|7,863,257||6,528,059|
||**Transfers between funds**|1,809,386|(1,809,386)||-|
||**Net movement in funds**|474,188|6,053,871||6,528,059|
||**RECONCILIATION OF FUNDS**|||||
||Total funds brought forward|2,813,415 149,136,512 151,949,927||||
||**TOTAL FUNDS CARRIED FORWARD**|3,287,603155,190,383158,477,986||||



25 

continued... 



**STEWARDS COMPANY LIMITED** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **16. TANGIBLE FIXED ASSETS** 

|**TANGIBLE FIXED ASSETS**||||||
|---|---|---|---|---|---|
|**COST**<br>At 1 January 2024 and<br>31 December 2024<br>**DEPRECIATION**<br>At 1 January 2024<br>Charge for year<br>At 31 December 2024<br>**NET BOOK VALUE**<br>At 31 December 2024<br>At 31 December 2023|Freehold<br>property<br>Totals<br>£<br>**579,603**<br>**29,057**<br>**11,623**<br>**40,680**<br>**538,923**<br>550,546|Land<br>£<br>**290,000**<br>**-**<br>**-**<br>**-**<br>**290,000**<br>290,000|Plant and<br>machinery<br>£<br>**247,997**<br>**31,000**<br>**12,400**<br>**43,400**<br>**204,597**<br>216,997|Trustee<br>property<br>(inalienable)<br>£<br>**2,770**<br>**-**<br>**-**<br>**-**<br>**2,770**<br>2,770|£<br>**1,120,370**|
||||||**60,057**<br>**24,023**|
||||||**84,080**|
||||||**1,036,290**|
||||||1,060,313|



In the opinion of the trustees the market value of the properties held by the company in its capacity as a trustee is in excess of the amount at which they appear in the financial statements but this value cannot be ascertained with any certainty due to the nature of their use. 

## **17. FIXED ASSET INVESTMENTS** 

Listed investments £ **MARKET VALUE** At 1 January 2024 **152,356,792** Additions **7,435,129** Disposals **(10,687,286** ) Revaluations **13,794,926** At 31 December 2024 **162,899,561 NET BOOK VALUE** At 31 December 2024 **162,899,561** At 31 December 2023 152,356,792 

There were no investment assets outside the UK. 

26 

continued... 



**STEWARDS COMPANY LIMITED** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **17. FIXED ASSET INVESTMENTS - continued** 

The trust had the following investments representing more than 5% of the investment portfolio (including cash) by value: 

||**2024**||**2023**|**2023**|
|---|---|---|---|---|
||**£**|**%**|**£**|**%**|
|TM Fulcrum Diversified Absolute Ret Fund C Acc|19,052,744|11.7|11,418,912|7.5|
|GBP|||||
|Mercer Passive Sustainable Global Equity|32,901,034|20.2|30,137,137|19.8|
|Mercer Passive Sustainable Global Equity (hedged)|34,590,641|21.3|32,586,546|21.4|
|CQS Credit Multi Asset Fund|18,270,329|11.2|17,825,959|11.7|
|Cordea Savills - Charities Property Fund|18,907,207|11.6|18,804,150|12.3|
|J P Morgan IIF UK 1 Hedged LP|19,584,114|12.0|18,370,299|12.1|
|Ruffer Charity Assets Trust H (inc) Fund|19,592,599|12.0|-|-|



## **18. SOCIAL INVESTMENTS** 

|Programme related<br>Equity<br>£<br>**MARKET VALUE**<br>At 1 January 2024<br>**393,633**<br>Disposals<br>**-**<br>Revaluations<br>**6,715**<br>At 31 December 2024<br>**400,348**<br>**NET BOOK VALUE**<br>At 31 December 2024<br>**400,348**<br>At 31 December 2023<br>393,633|investments<br>Loans<br>£<br>**750,000**<br>**-**<br>**-**<br>**750,000**<br>**750,000**<br>750,000|Mixed<br>motive<br>investments<br>Totals<br>£<br>£<br>**158,280**<br>**1,301,913**<br>**(25,000)**<br>**(25,000)**<br>**-**<br>**6,715**<br>**133,280**<br>**1,283,628**<br>**133,280**<br>**1,283,628**<br>158,280<br>1,301,913|
|---|---|---|



The programme related investments loans relate to redeemable loan stock held which it is not intended to redeem in the immediate future. 

## **19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Other debtors<br>Prepayments|**2024**<br>**£**<br>**1,410,636**<br>**21,816**<br>**1,432,452**|2023<br>£<br>1,664,236<br>24,591<br>1,688,827|
|---|---|---|



continued... 

27 



**STEWARDS COMPANY LIMITED** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Other creditors<br>Investment management charges<br>Grants payable<br>Accruals and deferred income|**2024**<br>**£**<br>**14,024**<br>**3,038**<br>**500,000**<br>**18,518**<br>**535,580**|2023<br>£<br>15,081<br>62,708<br>23,818<br>13,114<br>114,721|
|---|---|---|



## **21. MOVEMENT IN FUNDS** 

|**Unrestricted funds**<br>Revenue Account<br>The Barnabas Trust<br>The J W Laing Trust<br>The J W Laing Biblical Scholarship Trust<br>Guarantee Fund<br>The Reach Fund<br>**Endowment funds**<br>The J W Laing Trust<br>The J W Laing Biblical Scholarship Trust<br>**TOTAL FUNDS**|At 1.1.24<br>£<br>**214,933**<br>**2,539,406**<br>**-**<br>**-**<br>**105**<br>**533,159**<br>**3,287,603**<br>**126,250,102**<br>**28,940,281 **<br>**155,190,383**<br>**158,477,986**|Net<br>movement<br>in funds<br>£<br>**(147,326)**<br>**96,256**<br>**(1,173,266)**<br>**(1,294,602)**<br>**-**<br>**(515,691)**<br>**(3,034,629)**<br>**10,780,582**<br>**2,826,590**<br>**13,607,172**<br>**10,572,543**|Transfers<br> <br>between<br>funds<br>£<br>**5**<br>**-**<br>**1,173,266**<br>**1,294,602**<br>**(5)**<br>**-**<br>**2,467,868**<br>**(1,173,266) **<br>**(1,294,602)**<br>**(2,467,868) **<br>**-**|At<br>31.12.24<br>£<br>**67,612**<br>**2,635,662**<br>**-**<br>**-**<br>**100**<br>**17,468**<br>**2,720,842**<br> **135,857,418**<br>**30,472,269**<br>**166,329,687 **<br>**169,050,529**|
|---|---|---|---|---|



continued... 

28 



**STEWARDS COMPANY LIMITED** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **21. MOVEMENT IN FUNDS - continued** 

Net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>Revenue Account<br>The Barnabas Trust<br>The J W Laing Trust<br>The J W Laing Biblical Scholarship Trust<br>The Reach Fund<br>**Endowment funds**<br>The J W Laing Trust<br>The J W Laing Biblical Scholarship Trust<br>**TOTAL FUNDS**<br>**Comparatives for movement in funds**<br>**Unrestricted funds**<br>Revenue Account<br>The Barnabas Trust<br>The J W Laing Trust<br>The J W Laing Biblical Scholarship Trust<br>Estate of Miss Edwards deceased<br>Guarantee Fund<br>The Reach Fund<br>**Endowment funds**<br>The J W Laing Trust<br>The J W Laing Biblical Scholarship Trust<br>Estate of Miss Edwards deceased<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>**13,832**<br>**82,072**<br>**3,997,364**<br>**879,238**<br>**4,309**<br>**4,976,815**<br>**-**<br>**-**<br>**-**<br>**4,976,815**<br>At 1.1.23<br>£<br>266,445<br>2,531,796<br>-<br>-<br>100<br>15,074<br>2,813,415<br>121,233,998<br>27,885,987<br>16,527<br>149,136,512<br>151,949,927|Resources<br> <br>expended<br>£<br>**(161,158)**<br>**(180,285)**<br>**(5,170,630)**<br>**(2,173,840)**<br>**(520,000)**<br>**(8,205,913)**<br>**-**<br>**-**<br>**-**<br>**(8,205,913)**<br>Net<br>movement<br>in funds<br>£<br>(73,387)<br>7,610<br>(1,040,138)<br>(752,721)<br>(16,527)<br>5<br>539,960<br>(1,335,198)<br>6,056,242<br>1,807,015<br>-<br>7,863,257<br>6,528,059|<br>Gains and<br> <br>losses<br>£<br>**-**<br>**194,469**<br>**-**<br>**-**<br>**-**<br>**194,469**<br>**10,780,582**<br>**2,826,590**<br>**13,607,172**<br>**13,801,641**<br>Transfers<br> <br>between<br>funds<br>£<br>21,875<br>-<br>1,040,138<br>752,721<br>16,527<br>-<br>(21,875)<br>1,809,386<br>(1,040,138) <br>(752,721)<br>(16,527)<br>(1,809,386) <br>-|<br>Movement<br>in funds<br>£<br>**(147,326)**<br>**96,256**<br>**(1,173,266)**<br>**(1,294,602)**<br>**(515,691)**<br>**(3,034,629)**<br>**10,780,582**<br>**2,826,590**<br>**13,607,172**<br>**10,572,543**<br>At<br>31.12.23<br>£<br>214,933<br>2,539,406<br>-<br>-<br>-<br>105<br>533,159<br>3,287,603<br> 126,250,102<br>28,940,281<br>-<br>155,190,383<br>158,477,986|
|---|---|---|---|---|



continued... 

29 



**STEWARDS COMPANY LIMITED** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **21. MOVEMENT IN FUNDS - continued** 

Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>Revenue Account<br>The Barnabas Trust<br>The J W Laing Trust<br>The J W Laing Biblical Scholarship Trust<br>Estate of Miss Edwards deceased<br>Guarantee Fund<br>The Reach Fund<br>**Endowment funds**<br>The J W Laing Trust<br>The J W Laing Biblical Scholarship Trust<br>**TOTAL FUNDS**|Incoming<br>Resources<br>resources<br>expended<br>£<br>£<br>42,864<br>(116,251)<br>84,041<br>(191,494)<br>4,229,690<br>(5,269,828)<br>899,500<br>(1,652,221)<br>7<br>(16,534)<br>5<br>-<br>629,961<br>(90,001)<br>5,886,068<br>(7,336,329)<br>-<br>-<br>-<br>-<br>-<br>-<br>5,886,068<br>(7,336,329)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>-<br>(73,387)<br>115,063<br>7,610<br>-<br>(1,040,138)<br>-<br>(752,721)<br>-<br>(16,527)<br>-<br>5<br>-<br>539,960<br>115,063<br>(1,335,198)<br>6,056,242<br>6,056,242<br>1,807,015<br>1,807,015<br>7,863,257<br>7,863,257<br>7,978,320<br>6,528,059|
|---|---|---|



continued... 

30 



**STEWARDS COMPANY LIMITED** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **21. MOVEMENT IN FUNDS - continued** 

## **Funds** 

**Guarantee Fund -** The guarantee fund represents a contribution of £5 for each of the present members in accordance with the charity's Articles of Association.  In the financial year in which a person ceases to be a member of the charity their contribution is transferred to the revenue account. 

**Revenue Account -** The revenue account represents the assets of the Stewards Company Limited for which a use has, as yet, not been determined.  All income is allocated to the revenue account unless otherwise restricted by the donor or specifically designated by the trustees. 

**The J W Laing Trust -** This trust is for the benefit of Christian work in the UK and overseas. The object of this trust is defined as "To help the Church of Jesus Christ to fulfil the great commission" (Matthew 28 vv 16-20). 

**The J W Laing Biblical Scholarship Trust -** This trust is concerned with matters covering Bible Studies generally and also benefits certain work connected with students and undergraduates which was specifically mentioned by the original donor. 

**The Barnabas Trust -** The Barnabas Trust is for charitable purposes. 

**Estate of Miss M Edwards deceased -** The income is distributed among full time Christian workers connected with Wales. 

**The Reach Fund** - This fund reflects donations received from two specific donors where there are expressed wishes for the distribution of grants but the decision rests with the Committee. 

**Endowment Funds** - Expendable endowment funds are those capital funds relating to the respective Trusts where the trust deed has specified that the initial capital could be converted to income. 

The transfers to the Unrestricted Funds of The J W Laing Trust, The J W Laing Biblical Scholarship Trust and the Estate of Miss M Edwards deceased are the net amounts expended of the unrestricted aspect of those funds. 

A transfer of £nil (2023 - £21,875) has been made from the Reach Fund to the Revenue Account to reflect an administration fee. 

## **22. RELATED PARTY DISCLOSURES** 

During the year the company paid grants to charitable institutions that have trustees in common with Stewards Company Limited. In such cases the trustees concerned absented themselves from the decision-making process when grants were discussed. 

The company has provided the services of an administrator and rented a small office to Western Counties and South Wales Evangelization Trust (charity number 234557), of which Mr G J Davies is a trustee.  All transactions and charges are treated at arm's length. 

In the prior year, a grant of £1,033 was awarded to Mr P J Young, a trustee, from the Miss Edwards Trust. 

31