CHARITY NUMBER 240301 THE COMMUNITY OF THE RESURRECTION OF OUR LORD FINANCIAL STATEMENTS 30 APRIL 2024
THE COMMUNITY OF THE RESURRECTION OF OUR LORD GENERAL INFORMATION Trustees Mr B Vwakeham MrA W A Cameron Miss S Hennessy Charlty Nurnber 240301 Sollcltors Charfes Russell Speechtys LLP S Fleet Place London EC4M 7RD Address Chades Russell Speechtys LLP 5 Fleet Place London EC4M 7RD Independent Examiner Roger J Seaton FCA 23 Greenhill Park Barnet Herts EN5 1HQ Inveslmgnl Manayrs CCLA Inveslmenl Management Limrted The CBF Church of England Funds Senator House 85 Queen VKtoria Street London EC4V 4ET IMS1337923253.1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2024 The Trustees have paSre in presenting their report and cOUn15 for the year ended 30 April 2024. The Trust is managed by Trustees who have aLthority for overseeing the activilies of the Charity. There are no sub-committees. The original Trustees were appointed at the inceptn of the Trust. Subsequent Trustees musl be domiciled in Great Britain and a member of the Anglican Communion. The power of appointment is exerased IntlY by the SuperK)r. Assistant SuperKJr and Novice Mistress of the Order. If they do not make an appointnI within six months of being asked lo, persons as detailed in the Trust Deed may make an appoin1nnI on their behalf. CONSTITUTION The Trust 15 registered as a charity under number 240301. tt was established by a Trust Deed dated 8 June 1903. In accordance wlh a Scheme daled 24 Juty 2006. Ihe custodian of the Charity is the Archbishop'5 Council. OBJECTS The object of the Trust for Ihe public benefft is lo supp(¥tthe work of The CcAnmunrty ofthe Resurrection of Our Lord. Grahamslown. South Africa Ithe -Communty"l. This 5UPPOrt includes providing fof the maintenance of the buildings and the general costs of the Community. Further to a deed dated 1 March 2006. in the evenl that the CommunTty 15 dissolved or cease5 to exist, the Trustees are to app the income and capital of the Trust in relieving poverty amongst fomier members of the Community and. subject to that, in fijrthering the religious and other charitable work of the Anglican Church in South Africa. REVIEW OF ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR The Trustees confirm that they have had due regard lo the Charity Commiss1n.$ guidanee on public benefit when rewewing ots'ectTves and activrties. The Trust has continued to pay grants in support ofthework ofthe Communty which is. itsew. registered as a Public Benefit Organisalion in Souih Africa. The Trustees have maintained close link$ with th8 Community and two of their number are fuent visrtors Io bt. As the Community faces Ihe challenges of old age and reducing numbers, and examines its role and fvture. the Twstees have continued their ongoing work with the Communbty and its adwsers in South Africa lo ascertain how best to delNer grants to where they are most needed and will be most effective. to the benefit oflhe wider communty. During the year a snifICant eventwas the elecb'on of a new Mother Superior Imother Kekelehlso on 18 January 2024). and the Trustees have since particularly concentrated on developing the ielalionsl)ip with her ar her team. WKS1337923253.1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 REVIEW OF FINANCIAL ACTIVITIES The accounts are prepared on the receipts and payments basis of accounting. The Income for the year was £61,13812023". £60,940). The expendiiure amounted lo £67,04212023." £11,397) including grants tolalling £59,30712023. £4,543). There was a decrease in net rren1 assets for the year of £5.904. Unrealised investment gains totalled £135.304 {2023.. losses £23.1501. Fund balances carried fOard amount lo £2,351,754 12023.. £2,222.354) of which £2.248,55512023'. £2.1113.251) is held in an endovlmenl fund. RISK ASSESSMENT The Trustees have examined the principal aa$ of the Trust's aetivty and considered the major risks which may arise. In the opinion of the Trustee5, the Trust has established a process and reviewed systems which, under normal condrtDns, should allow the major risks identifd by them to be managed lo an acceptable thl. INVESTMENT POWERS. POUCY AND PERFORMANCE The Trustees. investment powers are govemed by the Trust Deed. which pemiits the Trustees lo invest in such stock, shares and Investments as they see fft. The Trustees. policy is lo seek retums over the long lemi to". proVe for ieal increase irb annual expendrture preserve the capital base of the Fund This policy involves investing the Twsl's assets for a baLanced return as btheen inwme and capital. The Fund'5 inve51men15 have continued to be managed in conforniity with our policy and the Trust Deed. The Trustee5 have noted the satisfactory performance of the investments. RESERVES POUCY The Trustees have considered the seNeS held by the Trust a5 at 30 April 2024. The Trust needs reserves both lo enable (( lo pff)g$S its long temi aims and lo proteet its Current activitEs. in order to allow the Trustees lo meet their responsibilrties and ensure that rt continues to luifil its obligations. The Trustees have examined the nee(J5. risks and challenges laced by the Trust in both the short and medium term, and have formulated a pdicy to meet Ih05e needs. WKS1337923253.1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 The Trustees note that the unrestricted fUlS. whh at the year end date slcK%I al £103.199 (2023". £109.103}, exceeded their medium temi target. The Trustees note that reserves in general wll be adequate lo meet working ¢apital requirements and to hedge against fv1v risks. including the ement of risk arising from any future downturn in income receivab fr(Mn the investments held. The Itee$, inlentw 1$ browjly to targel reserves of £50.000 li.e. around the level of one year's income) bul having regard aayS lo the financsal needs of the Charity and of the Community. The Trustees review the tolal reserves posrtion reguL8rty, in conjunction wrth investment performance and their assessment of risks. 11 is antKipaled that future grant-making will bring the reserves lo around the target level. GRANT-MAKING POLICY The general policy is lo disburse grants taking into accounl the known needs of the Communty mmunicated by the Mother Superior. fvnds avaiL4ble. inveslmenl perfomiance and the resetves posilion. This year, responding lo specific reqs¢S from the Community land having iegard lo other resources ol the Ccvmmunty locally) the Trustees awarded grants of £59.307 12023." £4.5431 from unresllicted funds, in accofdance with their long tem commilment to supporting the work of the Community. FUTURE PLANS The Truste8$ inlend to continue suppIng the CLvnmunty lo best meet ils needs and charitable objectives. (S1337923253.1
THE COMMUNrrY OF THE RESURRECTION OF OUR LORD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are Tesponsible for preparing the Trustees. Annual Report and the accounts in accordance with applicable law and Unrted King¢Jom Accounting Standard5 (Unrted Kingdom Generally Accepted Accounting Practice). The law applicable lo charilies In England and Wales requires the Trustees lo prepare financial stalemenls for each financol year which give a true and fair view of the slate of affairs of the charity. and of the incoming resources and application of resources of the Ch for that period. In preparing these financial ststemenls. the Trustees are Tequired to-. select Suitab accounting poli 8NJ then appty them consistently: observe the methods and principles in the Charit$ SORP.. make judgments and estimates that are reasonable and prudent.. slate whether applicable UK accounting standard5 have followed, subject to any material departures discbsed and explainwj in the financial statements.. and prepare the financial statements on the g¢yng concem basL% Un$$ il is inappropriate to presLme Ihal the charity will continue in operat. The Trus1&8s are responsible for keeping proper accounting records that dtschjse with reasonable accuracy al any lime the financial position of the charity and enable them to ensure that the financial slalemenls comply wrth the ChantS Act 2011. the Chanty (Accounts and Reports) Regulation$ 2008 and the provisions of the trust deed. They are atso re5pon$ible lor safeguarding the assets ollhe charity and hence for taking reasonable steps for Ihe prevention and deteclK)n of fraud and other irregularities. Approved by the Trustees on CL36 2025 and *gned theii behalf by Chaimian WKS1337923253.1
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COMMUNITY OF THE RESURRECTION OF OUR LORD I report to Ihe charily trit5tees my exarnal of Ihè accixJThls ol ihe chanly f¢y Ihe ytai en(Jed 30 April 2024. whth are set out pa9es 7 10 11 Responsibih..eS and basi5 of rÈport As Ihe chafity s Iruslee5 you a ie5lM)n%ble lu the preparaton of the accourtLS n acc(Kdance wilh the reqbirements ol the Charrties kn 2011 I'IIE Au'i I report in respecl ol my examwlKffi ol the ch&rty s lntS carried oui uThJer sectDn 145 of ihe Act and in carrying out my examinion I lolhJ%d all the applicable Oireci,t5 gNen by Ibe Independent •xaminÈr'$ 5talement I have completed my examiTralion I conl.rm Ihal no maleiol mariers have come Io my alleniton in connection wrth Ihe examinalion gMTrJ me cause lo beheve that m any malerial respe accounting ¢0$ were ncl kept in respect of Ihe chariy as required by geciion 130 01 Ibe Aci. the accounts do n¢X accord IIK)se records I have no concerns and have come 0$$ olher mallers In connection with the examination 10 which aiiention shtsjkj be drawn in Ihts repc¥t In ordw 10 enable a pioper un¢Jerstan¢Jing ol the accounts 10 be reached qJ-L F<oger J SAaon FCA 23 Greenhill Park. Barne:. Herls EN5 1HQ 24. February 2025 )mSlJ37923£S3 1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2024 Notes Unrgstrlcted funds 2024 2023 Incom8 Investment income Bank interest 60,896 242 60,896 242 60,896 44 Total Income 61.138 61,138 60,940 Expenditure Charitable activits- Grants Sundry expenses Governance costs 59,307 122 7.613 59.307 122 7.613 4,543 6,854 Total expenditure 67,042 67,042 11,397 Net lexpendlture) income 15.904} (5,904) 49,543 Balance at bank brought forward a11May 2023 111.320 111.320 61,777 Balance at bank carried forward at 30 Aprll 2024 105,416 105.416 111,320 WKS1337923253 1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD STATEMENT OF ASSETS ANO LIABILITIES AS AT 30 APRIL 2024 Notes 2024 2023 Flxgd assets Inve51menls- at m*et value 2.246,338 2.111,034 Current a559ts Balance at bank 105,416 111,320 Currgnt liability Aeerual - professional charges Nel current assgts 105,416 111,320 Net assets 2.351,754 2,222,354 Funds Endowment fund Unreslricled lunds 2.248,555 103.199 2,351,754 2.113,251 109.103 2.222,354 Approved by the Tnjslees and authorised for iSSLFe on 2025 and signed on their behalf by: Trustees (S1337923253.1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD NOTES TO THE ACCOUNTS AS AT 30 APRIL 2024 1. A¢¢ountlng policie5 al Basi5 of accounting The accounts are prepared on a receipls and payments basis. bl Investment Income Investment income and bank inte$t is accounted for on receipt. ¢) Chawitablt activities and governance costs Charrtable activrties comprise all costs which are directty attributable to the objects of the charity. Grants and other eXnSeS are recognised when a conslTuclive or legal oblwalion lo the recipient has been created by the charity. Governance costs comprBe the costs of slalulory mplkance including legal atlvice. dl Fixed asset investments Fixed assel investments are stated al markel vae in Ihe slalement of assets and liabdrties. Realised gains I losses on investments are calculated as th8 drfterence between the disposal proceeds and the market value of the investments at the end of the previovs ye*. Unrealised gains I losses on investments are Cakulaled as the drfference beiween the market value at the end of the current year and the mathet value at the end of the previous year. 01 Endowment fund The endowment fund is a peTmanenl endLvMienl subj.ect lo a limited aceess lo caprtal. The income from the permanent endowment fund is able to be applied for any purpose within the harity's objects and so is shown as unrestrKted income in the receipts and payments accounls. WKS1337923253 1
- Governance costs Govemance costs all relate lo transactions for prOfeSsnal services Wrth Charles Russell Speechtys LLP at an arm's length basis. A W A Carreron. one of the trustees, is a partner In this firm. The Trustees review the provisK)n of these servsces lo ensure best practice is uphekl. The Trustees dNJ not receive any renumeratKJn or roimbursements durir4J the year. 2024 2023 Grants Grant5 to the Communrty in South Africa General purposes grant Grant for retiring Supeiiorfs cuslomary sabbats.cal Grants for Irav cosls 54,7Crf) 1.107 4.543 59,307 4.543 10 Mn(S1337923253 1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD NOTES TO THE ACCOUNTS ICONTINUEDI AS AT 30 APRIL 2024 2024 2023 4. Fixed a$$gt Investments Quoted investments in Central Board of Finanee Market value as at 1 May 2023 Nel gains Ibsses) unrealised Market value as at 30 April 2024 2,111.0 2.134,1 135.304 123.1501 2,246,3 2.111,0 38 Cosl as al 30 April 2024 211.549 211.549 5. End¢)wment fund Balance as at 1 May 2023 brought forward UnaliSed nel gains Ik)sses} on investrnenls Balance as at 30 April 2024 arried forward 2.113.2 2.136.4 51 01 135,304 {23.150) 2.248,5 2,113.2 55 51 The endcwmenl fund Consists of the onginal end¢ywmenl fund established in 1903. These are permanent endowments, subject to an extremely lirThled prywer lo resort lo capital up to £1,000 lor any purp)se at the Tequest of the Superior. 6. Analysis of funds Investment Net Total tUent Endow ment fund Unrestricted fund 2.246,338 2.217 2.248,5 55 103.199 103,199 2.246.338 105.416 2,351,7 54 11 WKS1337923253 1