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2025-12-31-accounts

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

Report of the Trustees and

Financial Statements

for the Year Ended 31 December 2025

for

STEWARDS COMPANY LIMITED

(A COMPANY LIMITED BY GUARANTEE)

STEWARDS COMPANY LIMITED

CONTENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page
Report of the Trustees 1 – 6
Reference and Administrative Details 7 – 8
Independent Auditors' Report 9 – 12
Statement of Financial Activities (Incorporating an Income and 13
Expenditure Account)
Balance Sheet 14
Statement of Cash Flows 15 – 16
Notes to the Financial Statements 17 – 29

STEWARDS COMPANY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

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 2025. 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:

OBJECTIVES AND ACTIVITIES

The objects for which the company is established are:

The principal activities of the company are:

A full record of all such trusts is listed in note 20 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. The ownership, or trusteeship, of all UK properties have now been transferred to UK Christian trusts with objects consistent with those of the company. Where practical, remaining overseas properties may be similarly transferred to local Christian trusts suitable for holding property as opportunity arises. 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 J W Laing Committee (“the Committee") was formed to administer the two major trusts, the J W Laing Trust and the J W Laing Biblical Scholarship Trust. 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 three terms of five years with a one-year break between terms. The Committee is responsible for approving all expenditure and monitoring the income, investments and administration of the trusts and detailed reports are provided to the Board at every meeting, or earlier when necessary.

Since 2022, the company has operated the “Reach Fund”, which distributes grants to causes suggested by two Christian donors who contribute to this fund. All causes supported are in line with the company’s objects, and whilst the donors are at liberty to suggest Christian ministries to be supported, the final decision rests with the Committee, which carries out necessary due diligence as for all other grants.

1

STEWARDS COMPANY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

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 & Risk 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:

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 9). 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.

2

STEWARDS COMPANY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

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 £6,667,978 (2024: £7,402,972) and these were paid to 369 (2024: 360) recipients. Of these grants, £2,644,550 (2024: £2,506,576) were for overseas causes and £4,023,428 (2024: £4,896,396) were for UK causes (note 9).

All charities are required to acknowledge all gifts received.

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

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 £2,436,139 (2024: operating deficit of £3,229,098) which together with the gains on investments of £14,953,321 (2024: gains of £13,801,641) produced net incoming movement in funds for the year of £12,517,182 (2024: net incoming movement of £10,572,543).

The accounts include a year-end provision of £500,000 (2024: £500,000) 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. 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 in the longer term while still allowing significant flexibility to respond to the opportunities of individual charities in the near future.

3

STEWARDS COMPANY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

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 2025 the company’s reserves totalled £181,567,711 (2024: £169,050,529) represented by expendable endowment funds of £178,798,925 (2024: £166,329,687) and unrestricted funds of £2,768,786 (2024: £2,720,842).

Investment Policy and Performance

The Board approved the company’s Investment Policy Statement in 2024. 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.

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 marginally below its aggregate benchmarks over the last three years due mainly to the underperformance of one fund manager. However, due to favourable equity markets over this period, the portfolio has produced returns of around 10% per annum, which has been well ahead of average consumer price inflation of around 4%. The Investment Committee has continued to maintain a well-diversified portfolio and latterly has sought to contain the equity weighting of the portfolio to less than 40% in view of the challenging valuation multiples of equities in most international markets.

The Investment Committee has particular regard to ESG issues in its choice of investment managers. The company’s equity investments are consolidated 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 7 and 8 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.

A sub-committee of the Board, the Research Committee, in collaboration with the Research Director, equip the company with detailed research into various areas of support in order that informed and pro-active funding decisions can be made.

4

STEWARDS COMPANY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

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 7.

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. The new Chairman and Vice Chairman of the Board took office in May 2025 to begin their four year terms of service (having been elected in November 2024). The Board expressed sincere gratitude and thanks to the outgoing Chairman, Glyn Davies, and Vice Chair, David Bingham, for their many years of service to the company in these roles.

Tom Underhill has served his first full calendar year as Director of Operations and Company Secretary. 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.

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.

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. During the year one director resigned due to other commitments and one director retired having reached age 75. Two new directors were appointed.

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.

5

STEWARDS COMPANY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

Principal Risks and Uncertainties

The risks to which the company is exposed were reviewed and considered by the Board during the course of the year. During the year, the terms of reference of the Audit and Financial Reporting Committee were extended to include risk management and the resulting Audit and Risk Committee (ARC) provides a forum for consideration of risk issues and oversight of risk management approaches. Eric Dolan, Risk Director and a trustee member of the ARC, continued his thorough review of key areas of risk faced by the company, enabling him to highlight issues for attention by risk owners.

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 members of the Committee are cognisant of the investment risks arising from macroeconomic trends, the impact of AI, and the risks arising from international conflict and other international uncertainties. The Investment Committee is mindful of long-term structural factors and current concerns about stretched equity values, and takes regular steps to limit the exposure of the portfolio accordingly.

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 13 to the accounts. Details of trustees' expenses and related party transactions are given in notes 12 and 21 respectively.

The Chairman and the Committee formally review the staff salaries annually, the last review taking place on 17 December 2025.

6

STEWARDS COMPANY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees

S Shaw Holywood, Chairman (w.e.f. 14 May 2025) G J Davies Bridgend, Chairman (until 14 May 2025) S Tomlinson Lancaster, Vice-Chairman (w.e.f. 14 May 2025) D C Bingham Lisburn, Vice-Chairman (until 14 May 2025) J Armstrong Kilwinning K A D Bintley Bishops Stortford Dr J H Burness Bristol (retired 14 May 2025) I S Childs Kilmacanogue (resigned 4 December 2025) Ms A S M Chung London E Dolan Jersey G A Eccles Harpenden Dr J M Fitzhugh Belfast J Gamble Dundonald A B Griffiths Bath D Holmes Tamworth (appointed 12 November 2025) H N Iley Brampton M Leto St Albans A I Mayo Caterham Mrs J M Michael Maidenhead A Paterson Edinburgh (appointed 14 May 2025) D N Roberts Carshalton P J Young Maesteg

Secretary & Director of Operations T M Underhill Financial Administrator Miss R C Daws Registered Office & 122 Wells Road, Bath, BA2 3AH Principal Office Charity Number 234558 Company Number 00058569 (England and Wales) Senior Statutory Auditor Matthew Bracher BSc FCA Auditors Gravita, Audit Western, 2[nd] Floor, South, One Castle Park, Tower Hill, Bristol, BS2 0JA 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

7

STEWARDS COMPANY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

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

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

Ruffer LLP, 80 Victoria Street, London, SW1E 5JL

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:

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:

Auditors

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

Overview

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 7 May 2026

S Shaw Chairman

8

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 2025 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'.

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.

Page 9

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:

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:

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.

Page 10

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:

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.

Page 11

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 2nd Floor, South One Castle Park Tower Hill Bristol BS2 0JA Date: .............................................

Page 12

STEWARDS COMPANY LIMITED

Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
INCOME AND ENDOWMENTS FROM
Charitable activities
Advancement of Christian religion 4
Investment income
5
Other income
6
Total
EXPENDITURE ON
Raising funds
7
Charitable activities
8
Advancement of Christian religion
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
20
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2025
Unrestricted
Endowment
Total
funds
funds
funds

£
£
£
30,657
-
30,657
4,878,511
-
4,878,511
24,752
-
24,752
4,933,920
-
4,933,920
203,627
-
203,627
7,166,432
-
7,166,432
7,370,059
-
7,370,059
220,594
14,732,727
14,953,321
(2,215,545)
14,732,727
12,517,182
2,263,489
(2,263,489)
-
47,944
12,469,238
12,517,182
2,720,842
166,329,687 169,050,529
2,768,786
178,798,925 181,567,711		 2024
Total
funds
£
24,460
4,932,280
20,075
4,976,815
257,844
7,948,069
8,205,913
13,801,641
10,572,543
-
10,572,543
158,477,986
169,050,529

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 13

STEWARDS COMPANY LIMITED

Balance Sheet 31 DECEMBER 2025

Notes
FIXED ASSETS
Tangible assets
15
Investments
Investments
16
Social investments
17
CURRENT ASSETS
Debtors
18
Cash at bank
CREDITORS
Amounts falling due within one year
19
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
20
Unrestricted funds
Endowment funds
TOTAL FUNDS		 2025
Unrestricted
Endowment
Total
funds
funds
funds

£
£
£
2,770
1,009,497
1,012,267
2,573,980
173,200,480 175,774,460
-
1,206,189
1,206,189
2,576,750 175,416,166 177,992,916
32,122
1,218,904
1,251,026
169,067
2,692,571
2,861,638
201,189
3,911,475
4,112,664
(9,153)
(528,716)
(537,869)
192,036
3,382,759
3,574,795
2,768,786
178,798,925 181,567,711
2,768,786
178,798,925 181,567,711
2,768,786
178,798,925
181,567,711		 2024
Total
funds
£
1,036,290
162,899,561
1,283,628
165,219,479
1,432,452
2,934,178
4,366,630
(535,580)
3,831,050
169,050,529
169,050,529
2,720,842
166,329,687
169,050,529

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 7 May 2026 and were signed on its behalf by:

............................................. S Shaw Chairman

The notes form part of these financial statements

Page 14

STEWARDS COMPANY LIMITED

Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Purchase of social investments
Sale of fixed asset investments
Repaid social investments
Management fee rebates
Dividends and interest from investments
Net cash provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2025
£
(7,169,342)
(7,169,342)
(2,809,620)
(43,508)
4,915,899
93,088
289,667
4,651,276
7,096,802
(72,540)
2,934,178
2,861,638		 2024
£
(7,460,121)
(7,460,121)
(7,435,129)
-
10,687,286
25,000
286,084
4,646,196
8,209,437
749,316
2,184,862
2,934,178

The notes form part of these financial statements

Page 15

STEWARDS COMPANY LIMITED

Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2025 2024
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 12,517,182 10,572,543
Adjustments for:
Depreciation charges 24,023 24,023
Gain on investments (14,953,321) (13,801,641)
Management fee rebates (289,667) (286,084)
Dividends and interest from investments (4,651,276) (4,646,196)
Decrease in debtors 181,428 256,375
Increase in creditors 2,289 420,859
Net cash used in operations (7,169,342) (7,460,121)
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.25 Cash flow At 31.12.25
£ £ £
Net cash
Cash at bank 2,934,178 (72,540) 2,861,638
2,934,178 (72,540) 2,861,638
Total 2,934,178 (72,540) 2,861,638

The notes form part of these financial statements

Page 16

STEWARDS COMPANY LIMITED

Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2025

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 2024.

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 7. 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 pledges 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...

Page 17

STEWARDS COMPANY LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Properties vested in the charity as custodian 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 custodian or similar properties vested in the charity as they are held at a nominal value.

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...

Page 18

STEWARDS COMPANY LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

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.

The following significant judgements have been made by management in preparing these financial statements:

4. INCOME FROM CHARITABLE ACTIVITIES

Activity
Rental income
Advancement of Christian religion
5.
INVESTMENT INCOME
Dividends
Management fee rebates
Deposit account interest
Mixed motive investment income

6.
OTHER INCOME
Other income		 2025
£
30,657
2025
£
4,545,180
289,667
39,099
4,565
4,878,511
2025
£
24,752		 2024
£
24,460
2024
£
4,602,982
286,084
35,998
7,216
4,932,280
2024
£
20,075

continued...

Page 19

STEWARDS COMPANY LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

7.
RAISING FUNDS
Investment management costs
Portfolio management
Investment advice
8.
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
9)
£
Advancement of Christian religion
6,667,978
9.
GRANTS PAYABLE
Advancement of Christian religion
The total grants paid to institutions during the year was as follows:
Christian Workers Relief Fund
Christianity Explored Ministries
Counties
Echoes International
Gospel Literature Outreach
Innovista
International Fellowship of Evangelical Students
Operation Mobilisation
Retired Missionary Aid Fund
Strategic Resource Group
The Foundations Trust
Tyndale House
UCCF
Youth for Christ
Other £25,000 to £99,999
Other under £25,000		 2025
£
165,899
37,728
203,627
Support
costs (see
note 10)
£
498,454
2025
£
6,667,978
2025
£
300,000
305,000
375,000
180,000
126,500
40,700
176,000
56,500
264,000
230,000
30,000
220,000
286,000
107,200
1,991,612
1,979,466
6,667,978		 2024
£
221,383
36,461
257,844
Totals
£
7,166,432
2024
£
7,402,972
2024
£
300,000
305,000
375,000
185,000
126,500
114,950
276,000
106,500
264,000
245,000
110,000
720,000
411,000
82,200
1,880,636
1,901,186
7,402,972

continued...

Page 20

STEWARDS COMPANY LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

9. GRANTS PAYABLE - continued

2025 2024
£ £
Home grants 4,023,428 4,896,396
Overseas grants 2,644,550 2,506,576
6,667,978 7,402,972
During the year, 369 (2024 - 360) grants were awarded.
10. SUPPORT COSTS
Governance
Management costs Totals
£ £ £
Advancement of Christian religion 420,849 77,605 498,454
Support costs, included in the above, are as follows:
Management
2025 2024
Advancement
of
Christian Total
religion activities
£ £
Salaries 241,216 252,485
Property costs 28,081 33,154
Printing, stationery and telephone 4,324 4,043
Travel and sundries 18,655 43,549
Group life assurance 1,516 3,057
Overseas property insurance 8,027 11,853
Legal and professional 52,372 45,311
Computer and IT implementation 30,248 22,896
Bank charges 1,533 1,990
Depreciation 24,023 24,023
General equipment - 1,151
Miscellaneous 10,854 6,388
420,849 449,900

continued...

Page 21

STEWARDS COMPANY LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

10. SUPPORT COSTS - continued Governance costs

SUPPORT COSTS - continued
Governance costs
2025 2024
Advancement
of
Christian Total
religion activities
£ £
Wages 30,737 54,728
Auditors' remuneration 7,710 7,720
Other non-audit services 2,640 2,750
Trustee meetings 36,518 29,999
77,605 95,197

11. NET INCOME/(EXPENDITURE)

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

Auditors' remuneration
Other non-audit services
Depreciation - owned assets		 2025
£
7,710
2,640
24,023		 2024
£
7,720
2,750
24,023

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Trustees' expenses

During the year, 15 (2024 - 16) trustees were reimbursed expenses of £10,162 (2024: £13,873), 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.

continued...

Page 22

STEWARDS COMPANY LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

13. STAFF COSTS

Wages and salaries
Employers NI
Contribution towards salary costs
Other pension costs		 2025
£
229,635
18,872
(-)
23,405
271,953		 2024
£
259,309
19,647
(10,804)
28,257
296,409

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 employment costs of £60,645 (2024 - £109,457).

There was an average of 5 employees during the year (2024 - 6), of whom there were no employees (2024 - 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).

14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Charitable activities
Advancement of Christian religion
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Advancement of Christian religion
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds		 Unrestricted
Endowment
Total
funds
funds
funds
£
£
£
24,460
-
24,460
4,932,280
-
4,932,280
20,075
-
20,075
4,976,815
-
4,976,815
257,844
-
257,844
7,948,069
-
7,948,069
8,205,913
-
8,205,913
194,469
13,607,172
13,801,641
(3,034,629)
13,607,172
10,572,543
2,467,868
(2,467,868)
-
(566,761)
11,139,304
10,572,543

continued...

Page 23

STEWARDS COMPANY LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

14.
COMPARATIVES FOR THE STATEMENT
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
15.
TANGIBLE FIXED ASSETS
Freehold
property
Totals
£
COST
At 1 January 2025 and
31 December 2025
579,603
DEPRECIATION
At 1 January 2025
40,680
Charge for year
11,623
At 31 December 2025
52,303
NET BOOK VALUE
At 31 December 2025
527,300
At 31 December 2024
538,923		 OF FINANCIAL ACTIVITIES - continued
Unrestricted
Endowment
Total
funds
funds
funds
£
£
£
3,287,603 155,190,383 158,477,986
2,720,842 166,329,687 169,050,529
Custodian
Plant and
property
Land
machinery
(inalienable)
£
£
£
£
290,000
247,997
2,770
1,120,370
-
43,400
-
84,080
-
12,400
-
24,023
-
55,800
-
108,103
290,000
192,197
2,770
1,012,267
290,000
204,597
2,770
1,036,290

In the opinion of the trustees the market value of the custodian and similar properties 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.

16. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2025
Additions
Disposals
Revaluations
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024		 Listed
investments
£
162,899,561
2,809,620
(4,915,899)
14,981,178
175,774,460
175,774,460
162,899,561

continued...

Page 24

STEWARDS COMPANY LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

16. FIXED ASSET INVESTMENTS - continued

There were no investment assets outside the UK.

17. SOCIAL INVESTMENTS

Programme related investments

MARKET VALUE
At 1 January 2025
Additions
Forex movement
Repaid
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024		 Investment
£
400,348
-
(27,859)
-
372,489
372,489
400,348
Loans
£
750,000
-
-
-
750,000
750,000
750,000		 Mixed
motive
investments
Totals
£
£
133,280
1,283,628
43,508
43,508
-
(27,859)
(93,088)
(93,088)
83,700
1,206,189
83,700
1,206,189
133,280
1,283,628

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

continued...

Page 25

STEWARDS COMPANY LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

18.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments
19.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
Investment management charges
Grants payable
Accruals and deferred income
20.
MOVEMENT IN FUNDS
Net
movement
At 1.1.25
in funds
£
£
Unrestricted funds
Revenue Account
67,612
(143,148)
The Barnabas Trust
2,635,662
90,908
The J W Laing Trust
-
(1,234,192)
The J W Laing Biblical Scholarship Trust
-
(929,297)
Guarantee Fund
100
-
The Reach Fund
17,468
184
2,720,842
(2,215,545)
Endowment funds
The J W Laing Trust
135,857,419
11,843,412
The J W Laing Biblical Scholarship Trust
30,472,268
2,889,315
166,329,687
14,732,727
TOTAL FUNDS
169,050,529
12,517,182

continued...

Page 26

STEWARDS COMPANY LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

20. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
Revenue Account
The Barnabas Trust
The J W Laing Trust
The J W Laing Biblical Scholarship Trust
The Reach Fund
Endowment funds
The J W Laing Trust
The J W Laing Biblical Scholarship Trust
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
Revenue Account
The Barnabas Trust
The J W Laing Trust
The J W Laing Biblical Scholarship Trust
Guarantee Fund
The Reach Fund
Endowment funds
The J W Laing Trust
The J W Laing Biblical Scholarship Trust
TOTAL FUNDS		 Incoming
resources
£
15,313
76,422
3,982,495
859,506
184
4,933,920
-
-
-
4,933,920
At 1.1.24
£
214,933
2,539,406
-
-
105
533,159
3,287,603
126,250,102
28,940,281
155,190,383
158,477,986
Resources

expended
£
(158,462)
(206,108)
(5,216,687)
(1,788,803)
-
(7,370,059)
-
-
-
(7,370,059)
Net
movement

in funds
£
(147,326)
96,256
(1,173,266)
(1,294,602)
-
(515,691)
(3,034,629)
10,780,582
2,826,590
13,607,172
10,572,543
Gains and

losses
£
-
220,594
-
-
-
220,594
11,843,412
2,889,315
14,732,727
14,953,321
Transfers

between

funds
£
5
-
1,173,266
1,294,602
(5)
-
2,467,868
(1,173,266)
(1,294,602)
(2,467,868)
-
Movement
in funds
£
(143,148)
90,908
(1,234,192)
(929,297)
184
(2,215,545)
11,843,412
2,889,315
14,732,727
12,517,182

At
31.12.24
£
67,612
2,635,662
-
-
100
17,468
2,720,842
135,857,418
30,472,269
166,329,687
169,050,529

continued...

Page 27

STEWARDS COMPANY LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

20. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
Revenue Account
The Barnabas Trust
The J W Laing Trust
The J W Laing Biblical Scholarship Trust
The Reach Fund
Endowment funds
The J W Laing Trust
The J W Laing Biblical Scholarship Trust
TOTAL FUNDS		 Incoming
resources
£
13,832
82,072
3,997,364
879,238
4,309
4,976,815
-
-
-
4,976,815
Resources

expended
£
(161,158)
(180,285)
(5,170,630)
(2,173,840)
(520,000)
(8,205,913)
-
-
-
(8,205,913)
Gains and

losses
£
-
194,469
-
-
-
194,469
10,780,582
2,826,590
13,607,172
13,801,641
Movement
in funds
£
(147,326)
96,256
(1,173,266)
(1,294,602)
(515,691)
(3,034,629)
10,780,582
2,826,590
13,607,172
10,572,543

continued...

Page 28

STEWARDS COMPANY LIMITED

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025

20. 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 general religious charitable objects and 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 benefits certain work connected with students and undergraduates which was specifically mentioned by the original donor. The charitable objective is for income to be used for the inter varsity fellowship or applied to the encouragement of Bible scholarship.

The Barnabas Trust - The Barnabas Trust is for charitable purposes such the trustees shall in their absolute discretion think fit.

The Reach fund - This fund reflects donations received from two donors who express their wishes for the distribution of grants but the decision rests with the Committee. The charitable objective is the promotion of the Christian religion.

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 and The J W Laing Biblical Scholarship Trust are the net amounts expended of the unrestricted aspect of those funds.

21. 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.

Page 29