CHARITY NUMBER 240301 THE COMMUNITY OF THE RESURRECTION OF OUR LORD FINANCIAL STATEMENTS 30 APRIL 2025
THE COMMUNITY OF THE RESURRECTION OF OUR LORD GENERAL INFORMATION Trustees Mr B V Wakeham Mr A W A Cameron Miss S Hennessy Charity Number 240301 Solicitors Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD Address Charles Russell Speechlys LLP 5 Fleet Pla London EC4M 7RD Independent Examiner Roger J Seaton FCA 23 Greenhill Park Barnel Herls EN5 1HQ Inveslment Managers CCLA Investment Management Limited The CBF Church of England Funds Senator House 85 Queen Victoria Street London EC4V 4ET WKS1343541239.1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2025 The Trustees have pleasure in presenting their report and aeeounls for the year ended 30 April 2025. The Trust is managed by Trustee5 who have auttK)rity for overseeing the activities of the charity. There are no 5ub-commillees. The original Tluslees were appointed at the inceplion of Ihe Trust. Subsequenl Trustees musl be domIcled in Great Britain and a member of the Anglican Communion. The power of appointment is exercised jointly by the Superior. Assistant Superior and Novice Mislress of the Order. If they do not make an appointment within six months of being asked to, persons as detailed in the Trust Deed may make an appointment on their behalf. CONSTITUTION The Trust is registered as a charity under number 240301. 11 was established by a Trust Deed dated 8 Jurie 1903. In accordance wilh a Scheme dated 24 July 2006, Ihe custodian of the Charity is the Archbishop's Council. OBJECTS The object of the Trust for Ihe public benefit is lo support the work of The Communrty of the Resurrection of Our Lord, Grahamslown. South Africa Ilhe "Communily l. This support includes providing for the maintenance of the buildings and the general costs of the Community. Further lo a deed dated 1 March 2(KJ6, in Ihe evenl that the Community is dissolved or cease5 to exi51, the Trustees are to apply the income and capital of the Trust in relieving poverty amongst former members of the Communily and. subject lo Ihal. in furthering Ihe religious and other charitable work of the Anglican Church In South Africa. REVIEW OF ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR The TT4JStees confirm that they have had due regard lo Ihe Charity Commission's guidance on public benefit when reviewing objectNes and aclivilies. The Tiusl has continued lo pay 9ran15 in support of the work of ihe Community which is. itself, registered a5 a Public Benefil Organisalion in Soulh Africa. The Trustees have mainlained close links with the Community and two of their number are frequent visitors to il. As the Community faces Ihe challenge5 of old age and reducing nurnbers. and examines ils lo and future. the Trustees have conlinued their ongoing work with the Communily in South Africa, ils advisers. and Mother Kekelehlso elecled In the previous year. lo ascertain how besl lo deliver grants lo where they are most needed and will be most effeclive, lo Ihe benefil of the wider communily. WKS1343541239 1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 REVIEW OF FINANCIAL ACTMTIES The accounts are prepared on the receipts and payments basis of accounling. The income for the year was £62,42012024.. £61.138). The expenditure amounted to £65.477 (2024.. £67.042). There was a decrease in nel current assels for the year of £6,398. Unrealised inveslmenl losses lolalled £92,256 12024.. gains £135,304). Fund balances carried forward amount lo £2.253.100 12024 £2,351.7S4) of which £2,156.299 {2024.' £2.248,5551 is held in an end(Iwment fvnd. RISK ASSESSMENT The Tnjslees have examined the principal areas of the Trust's &livily and nSIdered the major Tisks which may arise. In the opinion of the Trvstees, the Trust has esiablished a process and reviewed systems which. under normal conditions. should allow the major risks identified by them lo be managed lo an acceptable level. INVESTMENT POWERS. POLICY AND PERFORMANCE The Trustees, inveslmenl powers are governed by the Tnjsl Deed, vthKh permits Ihe Trustees lo invest in such stock, shares arKI inveslmenls as they see fil. The Trustees. piCY is to seek retums over Ihe long temi lo: provide for real increase in annual expendilufe preserve the capital base of the Fund This policy involves invesling the Trust's assets lor a balanced relurn as between income and capital. The Fund's investments have continued to be managed in conformity with our policy and Ihe Trusl Deed. The TnJstees have noted the poor performance of Ihe inveslmenls over the year against comparators, after a lengthy period of salislaclory performance. and are resdved lo keep future performance under careful review. RESERVES POLICY The Trustees have considered Ihe reserves held by the Tnjst as al 30 April 2025. The Trust needs reserves bolh lo enable il to progress its long term aims and to prolecl ils current activities. in order to allow the Trustees lo meet their responsibililies and ensure that il continues lo fulfil ils obligations. The Trustees have examined the needs, risks and challenges faced by the Trusl in both the short and medium term. and have formulated a policy lo meel those needs. WKS1343541239.1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 The Trustees note that the unrestricted funds. which at the year end date sloi)d al £96.801 {2024: £103, 1991, exceeded Iheir medium term target. The Trustees note that reserves in general will be 3dequale to meet working capital requirements ar lo hedge against future nsks. including the element of risk arising Ifom any future downturn in income receivable from the investments held. The Iruslee5' intention is broadfy to largel reserves of £50.000 {i.e. around the level of one year's income) bul having regard aayS lo the financial needs ofihe Charity and of the Community. Increasing costs of care of members of the Community and Iheir health insurance premiums will continue lo pul pressure on the reserves. The Trustees review the tolal reserves position regularfy. in coniunclion with investment performance and Iheir assessment of risks. 11 is anlicipaled that future granl-making will bring the reseryes lo around the largel level. GRANT-MAKING POLICY The general policy is lo disburse grants taking into account the known needs of Ihe Community communicaled by the Molher Superior, funds available. investment performance and Ihe reserves posilion. This year, responding lo specific requests from the Community {and having regard lo other resources of the Communily locally) Ihe Trustees awarded gfanls of £55.562 12024.. £59,307} Irotn unreslficled funds, in accordance with Iheii long term commilmenl lo supporling Ihe work of the Cornmunily. FUTURE PLANS The Trustees intend to continue supporting the Community lo best meel its needs and eharilable objectives. WKS1343541239.1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees. Annual Report and the accounls in accordance with applicable law and United Kingdom A¢xounling Standards (United Kingdom Generally Accepted Accounling Practice). The law applicable lo charities In EnglaThJ and Wales requires the Trustees to Pfepare financial sl8lemenls for each financial year which give a true and fair view of the 51ale of affairs of the charity. and of the incoming resources and application of resources of Ihe chanty for that period. In preparing these financial slalemenls, the Trustees e required to- select suitable accounting policies and then apply them ¢onsistently.' observe Ihe method5 arKI principles in the Charities SORP,. make judgments and estimates that are reasonable and prudent- stale whelher applicable UK accounting standards have been followed. subject to any malerial departures di5dosed and explained in the financial stslemenls., and prepare the financial slatements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The Trustees are resp)nsible for keeping proper accountiThJ rerdS that disdose with reasonable accuracy al any lime the financial position of the charity and enable Ihem to ensure Ihal the financial slalemenls comply wilh the Charit5 Act 2011, the Charity (Accounts and Reporls} Regulations 2008 and the provisions of the Irusl deed. They are also responsible for safeguarding Ihe assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregul8Tilies. Approved by the Trustee5 on February 2026 and signed on heir behalf by Chairman WKS1343541239.1
Awil 202% are set 10. the requirements oflhe Charitie5 A& 2011 ('the Arf). and in carryinq out my ew#natw)n I have frJlk7*vJ all the appfKAtrAe Direcaions given by the Charity 26 Fekw 2028
THE COMMUNITY OF THE RESURRECTION OF OUR LORD RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2025 Notes Unrestrlcted funds 2025 2024 In¢ome Investment income Bank interest 62,118 302 62,118 302 60,896 242 Total income 62.420 62.420 61.138 Expenditure Charitable activities Grants Sundry expenses Governance costs 55,562 55,562 59.307 122 7.613 9.915 9.915 Total expenditure 65.477 65,477 67.042 Net (expenditure) income (3,0571 13.0571 15,904 Balance al bank brought forward a11May 2024 105.416 105.416 111.320 Balance at bank caNi8d forward at 30 April 2025 102,359 102,359 105,416 WKS1343541239.1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD STATEMENT OF ASSETS AND LIABILITIES AS AT 30 APRIL 2025 Notes 2025 2024 Fixed assets Investments- al market value 2,154.082 2,246,338 Current assets Balance al bank 102,359 105,416 Current Ilability Accrual - professional charges 3,341 Net current assels 99,018 105,416 Net assets 2,253.11)0 2.351,754 Fund$ Endowment fund 2.156,299 96,801 2.253,100 2.248.555 103.199 2,351,754 Unreslricled funds Approved by the Truslees and aulhorised for issue on Jg/ l_ February 2026 and sned on their beha5f by: Trustees WKS1343541239.1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD NOTES TO THE ACCOUNTS AS AT 30 APRIL 202$ 1. Accounting policles al Basis of accounting The accounts are prepared on a receipts and payments basis. b) Investment incomg Investment income and bank interest is accounted for on receipt. c) Charitable actlvities and gov8fnance costs Charitable activities comprise all costs which are directly attributable lo the objects of the charity. Grants and other expenses are recognised when a conslruclive or legal obligation to the recipient has been created by the charity. Governance costs comprise the cosls of stslulory compSiance including legal 1vIce. dl Fixed asset investments Fixed asset inveslmenls are slated al market value in the statement of assets and Realise¢J gains I losses on investments are calculated as Ihe rferen between the disposal proceeds and the markel value of the investments at the end of the previous year_ Unrealised gains I losse5 on investments are calculated as the difference belween Ihe market value al the end of the current year and the market value at the end of the previous year. el Endowm•fit fund The endowment fund is a pemianent endowfflenl subj'ecl to a limited access to capital. The income from the permanent endowment fund is able to be applied for any purpose within the charity's obj'ects and so is shown as unreslricled income in the receipt5 and paymenls a¢coLJnls. 2. Governance costs Governance costs all relate lo transactions for professional services with Chades Russell Speechlys LLP on an arm's Eength basis. A W A Cameron, one of the Iruslees. was a parlner in WKS1343541239.1
Ihis firm. The Truslees review the proVisn ol Ihese services lo ensure best practice is uphdd. The Trustees did not receive any renumeration or reimbursements during the year. 3. Grants Granls lo Ihe Comrnunily in South Africa General purposes granl Grant for the publication of a history of the Community GTant for retiring Superior's customary sabbatical Grants for Superiorfs travel costs 2025 2024 55,000 562 54,700 3.500 1,107 55,562 59,307 10 WKS1343541239.1
THE COMMUNITY OF THE RESURRECTION OF OUR LORD NOTES TO THE ACCOUNTS (CONTINUED) AS AT 30 APRIL 2025 2025 2024 4. Fixed assel investments Quoted investments in Central Board of Finance Market value as at 1 May 2024 Nel gains (losses) unrealised Market value as al 30 April 2025 2.246.338 2,111,034 {92,2561 135,304 2,1 $4,082 2,246.338 Cost as at 30 April 2025 211.549 211.549 5. Endowment fund Balance as at 1 May 2024 brought forward Unrealised nel gains (losse5) on investments Balance as al 30 April 2025 carried foThvard 2.248,555 2,113,251 192,2561 135.304 2,156,299 2,248.555 The endowment fund consists of the lginal endowment fund established in 1903. These are permanenl endowments, subject lo an exlremely limited power lo resort lo capital up £1,000 for any purpose at the requesl of the Superior. 6. Analysis of funds Investments Net Total current assets Endowment fund Unreslricled fund 2.154,082 2,217 2.156,299 96,801 99.018 96.801 2,253.100 2.154.082 11 WKS1343541239.1