2023-12-31-accounts - General Trust Fund Of The Church Union

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THE CHURCH UNION THE CHURCH UNION ANNUAL REPORT AND FINANCIAL STATEMENTS ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED FOR THE YEAR ENDED

31 31 DECEMBER 2023 DECEMBER 2023

Registered Registered Charity N um ber 243535 Charity Number 243535

THE CHURCH UNION THE CHURCH UNION

Registered Registered Charity No. 243535 Charity No. 243535

CONTENTS CONTENTS

		Page Page
Legal and administrative information Legal and administrative information	' 5	1 1
Trustees’ annual report Trustees’ annual report		2 - 4 2-4
Statement of trustees’ responsibilities Statement oftrustees’ responsibilities		5 5
Independent Examiner’s report Independent Examiner’s report		6 6
Statement of Financial Activities Statement ofFinancial Activities		7 7
Statement of Financial Activities for 2022 Statement ofFinancial Activities for 2022		8 8
Balance Sheet Balance Sheet		9 9
Statement of Cash Flows Statement ofCash Flows		10 10
Notes to the Financial Statements Notes to the Financial Statements		1 1 - 1 9 11-19

Registered Charity No. 243535 Registered Charity No. 243535

THE THE CHURCH UNION CHURCH UNION

LEGAL LEGAL AND ADMINISTRATIVE INFORMATION AND ADMINISTRATIVE INFORMATION

Trustees: Trustees:		The Right Reverend Martyn Jarrett (President) The Right Reverend Martyn Jarrett (President)
		The Reverend Father Darren Smith (Chairman) The Reverend Father Darren Smith (Chairman)
		The Reverend Father Martin Ennis The Reverend Father Martin Ennis
		Miss Mary Moore (Secretary) Miss Mary Moore (Secretary)
		The Reverend Canon Steven Kirk The Reverend Canon Steven Kirk
		Mr Petter Kringberg Mr Petter Kringberg
		Miss Sandra Baiden Miss SandraBaiden
		Mrs Clarie Epsom Mrs Clarie Epsom
		Mr Richard Morgan (appointed 21 November 2022) Mr RichardMorgan (appointed 21 November2022)
		Father David Fisher (appointed 21 November 2022) FatherDavidFisher (appointed 21 November 2022)
		Bishop Roger Jupp - (appointed 21 November 2022) Bishop RogerJupp - (appointed 21 November2022)
		The Reverend Grant Naylor - (resigned 18 March 2024) The Reverend Grant Naylor—(resigned 18 March 2024)
Standing Committee: Standing Committee:		The Right Reverend Martyn Jarrett_Ex officio_ The Right Reverend Martyn JarrettEx officio
		The Reverend Father Darren Smith_Ex officio_ The Reverend FatherDarren SmithEx officio
		The Reverend Father Martin Ennis_Ex officio_ The Reverend Father Martin Ennis Ex officio
		Miss Mary Moore_Ex officio_ MissMary MooreEx officio
		The Reverend Canon Steven Kirk_Ex officio_ The Reverend Canon Steven KirkEx officio
Registered Office: Registered Office:		16 Commercial Street 16 Commercial Street
		Birmingham Birmingham
		B1 IRS Bl IRS
Bankers: Bankers:		Lloyds Bank Pic LloydsBankPlc
		98 Victoria Street 98 Victoria Street
		London London
		SW1E5JL SWIE 5JL
Independent Examiner: Independent Examiner:		Nicholas Simkins FCA Nicholas Simkins FCA
		Butts Farm Butts Farm
		Staffordshire Staffordshire
		ST18 0TF ST18 OTF
Investment Managers: Investment Managers:		CCLA CCLA
		One Angel Lane OneAngel Lane
		London London
	;	EC4R 3AB EC4R3AB

THE CHURCH UNION THE CHURCH UNION

Registered Registered Charity No. 243535 Charity No. 243535

TRUSTEES’ ANNUAL REPORT TRUSTEES’ ANNUAL REPORT

For the year ended 31 December 2023 For the year ended 31 December 2023

The trustees present their annual report and financial statements of the charity for the year ended 31 December 2023. The trustees present their annual report and financial statements of the charity for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts

and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement

of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective January 2019). Standard applicable in the UK and Republic of Ireland (effective January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT STRUCTURE, GOVERNANCE AND MANAGEMENT

The General T rust F und of the Church Union (Church Union) is governed by a T rust Deed dated 7 May 1934 as amended The General Trust Fund of the Church Union (Church Union) is governed by a Trust Deed dated 7 May 1934 as amended

by a scheme sealed on 9 January 2008. It was registered as a charity on 13 September 1966. by a scheme sealed on 9 January 2008. It was registered as a charity on 13 September 1966.

Organisation Organisation

The Council, consisting of the President and 12 elected members, governs the Church Union. These members, (6 being The Council, consisting of the President and 12 elected members, governs the Church Union. These members, (6 being

clergy and 6 being Laity) having been nominated by and elected by a postal ballot of all the members of the Church clergy and 6 being Laity) having been nominated by and elected by a postal ballot of all the members of the Church

Union. They serve for a period of four years, half being elected every two years in rotation. Union. They serve for a period of four years, half being elected every two years in rotation.

The Council annually appoints a Standing Committee comprising the Chairman, Vice-Chairman, Secretary, Treasurer The Council annually appoints a Standing Committee comprising the Chairman, Vice-Chairman, Secretary, Treasurer

and two clerical and two lay members of the Council. The Council appoints a Secretary, Honorary Treasurer and and two clerical and two lay members of the Council. The Council appoints a Secretary, Honorary Treasurer and Solicitor. Solicitor.

Decisions are made by vote at Council meetings and the Council may appoint and dismiss all paid employees of the Decisions are made by vote at Council meetings and the Council may appoint and dismiss all paid employees of the Church Union. Church Union.

Policies and procedures for the induction and training of Trustees Policies and procedures for the induction and training of Trustees

Only those who are members of the Church Union are eligible to be elected as members of the Council and so it is Only those who are members of the Church Union are eligible to be elected as members of the Council and so it is

unknown for anyone to be so elected who is not already been active in the Church Union. New members, then, take up unknown for anyone to be so elected who is not already been active in the Church Union. New members, then, take up their post with a sound basic knowledge of the charity’s aims, objectives and working practices. In the event of any their post with a sound basic knowledge of the charity’s aims, objectives and working practices. In the event of any further induction being necessary it is provided by one of the Officers or another appropriate member of the Council. further induction being necessary it is provided by one of the Officers or another appropriate member of the Council.

Registered Charity No. 243535 Registered Charity No. 243535

THE CHURCH UNION THE CHURCH UNION

TRUSTEES’ ANNUAL REPORT (Continued) TRUSTEES’ ANNUAL REPORT (Continued) For the year ended 31 December 2023 For the year ended 31 December 2023

OBJECTIVES AND ACTIVITIES OBJECTIVES AND ACTIVITIES

The principal object of the Church Union is to bring all to worship God in Trinity of Persons and Unity of Substance, The principal object of the Church Union is to bring all to worship God in Trinity of Persons and Unity of Substance,

and to confess Our Lord Jesus Christ as God and man; by upholding Catholic doctrine, worship, order and discipline in and to confess Our Lord Jesus Christ as God and man; by upholding Catholic doctrine, worship, order and discipline in the Church; and by renewing and extending Catholic faith and practice in the Church of England and elsewhere. the Church; and by renewing and extending Catholic faith and practice in the Church of England and elsewhere.

The objectives of the Church Union are to promote and renew Catholic faith and life by: The objectives of the Church Union are to promote and renew Catholic faith and life by:

e Commissioning, publishing and distributing literature for the furtherance of the Church Union’s objectives, and Commissioning, publishing and distributing literature for the furtherance of the Church Union’s objectives, and exploring and developing modem forms of communication; exploring and developing modern forms of communication;
e Encouraging missions and retreats and other opportunities for personal renewal; Encouraging missions and retreats and other opportunities for personal renewal;
e Encouraging Encouraging religious education, including the training of clergy and laity in their vocation and mission; religious education, including the training of clergy and laity in their vocation and mission;
e Developing work among children and young people and providing appropriate resources; Developing work among children and young people and providing appropriate resources;
e Fostering vocations to priesthood, the religious life and various forms of accredited lay ministry; Fostering vocations to priesthood, the religious life and various forms of accredited lay ministry;
e Promoting study and research in all branches of theology, especially Holy Scripture, doctrine, worship, Promoting study and research in all branches of theology, especially Holy Scripture, doctrine, worship, spirituality, ethics and sociology; spirituality, ethics and sociology;
e Organising congresses and conferences; Organising congresses and conferences;
e Collaborating with other Catholic Societies and organisations; Collaborating with other Catholic Societies and organisations;
¢ To promote and encourage the practical application of Christian principles to social life; To promote and encourage the practical application of Christian principles to social life;
e To work for the visible unity of Christ’s Church; To work for the visible unity of Christ’s Church;
e To afford counsel, protection and assistance to all people, whether clerical or lay, suffering hindrance, To afford counsel, protection and assistance to all people. whether clerical or lay, suffering hindrance, deprivation or persecution in consequence of their fidelity to these aims and objectives. deprivation or persecution in consequence of their fidelity to these aims and objectives.

In pursuant of these objectives, the Charity continues to publish an in-house magazine In pursuant of these objectives, the Charity continues to publish an in-house magazine The The Church Observer Church Observer, , the the magazine magazine Together, Together, and other materials including the and other materials including the Ordo Ordo and and Foundations Foundations a resource for Sunday Schools. It also a resource for Sunday Schools. It also operates a website and recruits new members. operates a website and recruits new members.

PUBLIC BENEFIT PUBLIC BENEFIT

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance

on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and that they remain on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and that they remain

committed to supporting parishes, institutions and individuals in various wider contexts through modest grant-making committed to supporting parishes, institutions and individuals in various wider contexts through modest grant-making

and other activities; in considering such grants, the Trustees naturally look for demonstrable public benefit, as is ably and other activities; in considering such grants, the Trustees naturally look for demonstrable public benefit, as is ably demonstrated below. demonstrated below.

ACHIEVEMENTS AND PERFORMANCE ACHIEVEMENTS AND PERFORMANCE

The Church Union continued with its publishing work including the The Church Union continued with its publishing work including the Ordo, Ordo, Church Observer Church Observer and and Together. Together. Together Together is is

produced in partnership with other Catholic Societies, notably Forward in Faith, The Confraternity of the Blessed produced in partnership with other Catholic Societies, notably Forward in Faith, The Confraternity of the Blessed

Sacrament and Additional Curates Society. The Union continued to give its full support to the Forward in Faith National Sacrament and Additional Curates Society. The Union continued to give its full support to the Forward in Faith National

Assembly and to the Catholic Societies of the Church of England. Assembly and to the Catholic Societies of the Church of England.

GRANT MAKING POLICY GRANT MAKING POLICY

The Church Union has established its grant making policy to achieve its objects for the public benefit. Applications for grants are considered, with reference to the charity’s objectives, on a case by case basis by the Board of Trustees. 8 grantsThe Churchare considered, Union has establishedwith referenceits grantto the makingcharity’s policyobjectives, to achieveon aitscase objectsby casefor the publicbasis by benefit.the BoardApplicationsof Trustees.for8 grants were made in 2023 totalling £56,367. (2022 8 grants - £43,818). grants were made in 2023 totalling £56,367. (2022 8 grants - £43,818).

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THE CHURCH UNION THE CHURCH UNION

Registered Registered Charity No. 243535 Charity No. 243535

TRUSTEES ANNUAL REPORT (Continued) TRUSTEES ANNUAL REPORT (Continued)

For the year ended 31 December 2023 For the year ended 31 December 2023

FINANCIAL REVIEW FINANCIAL REVIEW

The year saw the charity generate net income of £103,455 (2022: £194,333 net expenditure). Income arising on the The year saw the charity generate net income of £103,455 (2022: £194,333 net expenditure). Income arising on the investments held for restricted funds was wholly re-invested. investments held for restricted funds was wholly re-invested.

Unrealised gains arising from the investment portfolio in 2023 were £124,119 (2022: £173,617 loss) Unrealised gains arising from the investment portfolio in 2023 were £124,119 (2022: £173,617 loss)

The investment policy agreed and actioned in the past remained in place throughout the year. The Trustees are satisfied The investment policy agreed and actioned in the past remained in place throughout the year. The Trustees are satisfied with the performance of the portfolio having regard to the risk profile adopted. with the performance of the portfolio having regard to the risk profile adopted.

RESERVES POLICY RESERVES POLICY

The Trustees are aware of the Charity Commission requirement in regard to Reserves Policy and are satisfied that the level The Trustees are aware of the Charity Commission requirement in regard to Reserves Policy and are satisfied that the level

of reserves currently held is warranted to enable them to maintain the objectives of the Charity. of reserves currently held is warranted to enable them to maintain the objectives of the Charity.

The Trustees review regularly the level of reserves, and the underlying investments and the returns being received on these The Trustees review regularly the level of reserves, and the underlying investments and the returns being received on these investments. At the 31 December 2023 unrestricted reserves amounted to £1,313,750 (2022: £1,212,736) and restricted investments. At the 31 December 2023 unrestricted reserves amounted to £1,313,750 (2022: £1,212,736) and restricted reserves amounted to £196,258 (2022: £193,817 This represents several years’ of ongoing expenditure. It is the policy of reserves amounted to £196,258 (2022: £193,817 This represents several years’ of ongoing expenditure. It is the policy of the Trustees to maintain at least one year’s expenditure in unrestricted reserves. the Trustees to maintain at least one year’s expenditure in unrestricted reserves.

The Trustees may permit funds to be invested in such a manner as they see fit, provided that such powers if investment are The Trustees may permit funds to be invested in such a manner as they see fit, provided that such powers if investment are only exercised for the purpose of attaining the objects of the Trust, and in a manner that is legally charitable. The Trustees’ only exercised for the purpose of attaining the objects of the Trust, and in a manner that is legally charitable. The Trustees’ agreed Investment Policy is to maintain a balanced portfolio with medium risk. agreed Investment Policy is to maintain a balanced portfolio with medium risk.

GOING CONCERN GOING CONCERN

The Trustees consider that the level and nature of the financial reserves at 31 December 2023 does not impact upon The Trustees consider that the level and nature of the financial reserves at 31 December 2023 does not impact upon the assumption that the organisation is a going concern. the assumption that the organisation is a going concern.

KEY MANAGEMENT KEY MANAGEMENT MANAGEMENT

The day to day management of the Charity is the responsibility of the Chairman of the Church Union, who delegates The day to day management of the Charity is the responsibility of the Chairman of the Church Union, who delegates particular areas of management to the Treasurer and Secretary. particular areas of management to the Treasurer and Secretary.

RISK FACTORS RISK FACTORS

During the year the Trustees continued to monitor the major risk factors facing the Charity and they remain satisfied that During the year the Trustees continued to monitor the major risk factors facing the Charity and they remain satisfied that existing systems and controls are sufficient to mitigate those risks. During the year under review the Charity maintained existing systems and controls are sufficient to mitigate those risks. During the year under review the Charity maintained

sound systems of internal financial control, including procedures for authorisation of all transactions projects. Such sound systems of internal financial control, including procedures for authorisation of all transactions projects. Such procedures are kept under on-going review in order to ensure that they meet the Charity’s needs. procedures are kept under on-going review in order to ensure that they meet the Charity’s needs.

This reportw^s approved by the Trustees on . This report approved by the Trustees on Ist I f I Ott, 2 ¥ and and signed on its behalf by signed on its behalf by

The Reverend Father Darren Smith The Reverend Father Darren Smith Chairman Chairman

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Registered Registered Charity No. 243535 Charity No. 243535

THE CHURCH UNION THE CHURCH UNION

STATEMENT OF TRUSTEES’ RESPONSIBILITIES STATEMENT OF TRUSTEES’ RESPONSIBILITIES

For the year ended 31 December 2023 For the year ended 31 December 2023

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each

year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to: resources, of the charity for that period. In preparing the financial statements, the trustees are required to:

— select suitable accounting policies and then apply them consistently; select suitable accounting policies and then apply them consistently;
- — observe the methods and principles in the applicable Charities SORP; observe the methods and principles in the applicable Charities SORP;
- make judgements and estimates that are reasonable and prudent; make judgements and estimates that are reasonable and prudent; * — state state whether applicable accounting standards have been followed, subject to any material departures that must be whether applicable accounting standards have been followed, subject to any material departures that must be disclosed disclosed and explained in the financial statements; and explained in the financial statements;
• * prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will will continue in business. continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act

2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud

and other irregularities. and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. financial statements.

vA i Approved by the Trustees on Approved by the Trustees on NE OK 24 and signed on its behalf by and signed on its behalf by

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The Reverend Father Darren Smith The R¢verend Father Darren Smith Chairman Chairman

Registered Registered Charity No. 243535 Charity No. 243535

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CHURCH UNION INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CHURCH UNION For the year ended 31 December 2023 For the year ended 31 December 2023

I report to the trustees on my examination of the accounts of The Church Union (the Charity) for the year ended 31 I report to the trustees on my examination of the accounts of The Church Union (the Charity) for the year ended 31 December 2023. December 2023.

This report is made solely to the charity's trustees, as a body, in accordance with Regulation 31 of the Charities This report is made solely to the charity's trustees, as a body, in accordance with Regulation 31 of the Charities

(Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity's trustees as a body, extent permitted by law, I do not accept or assume responsibility to anyone other than the charity's trustees as a body, for my work, for this report, or for the statement I have made. for my work, for this report, or for the statement J have made.

Responsibilities and basis for report Responsibilities and basis for report

As the charity trustees of the Church Union you are responsible for the preparation of the accounts in accordance with As the charity trustees of the Church Union you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under carrying out my examination J have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. section 145(5)(b) of the Act.

Independent examiner’s statement Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe: examination giving me cause to believe:

accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements concerning the form and content of the accounts 3. the accounts do not comply with the accounting requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or give a ‘true and fair view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Nicholas Simkins FCA Nicholas Simkins FCA Butts Farm Butts Farm ; Staffordshire Staffordshire ST18 0TF ST18 OTF

Registered Charity No. 243535 Registered Charity No. 243535

THE CHURCH UNION THE CHURCH UNION

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account)

For the year ended 31 December 2023 For the year ended 31 December 2023

		Restricted Restricted	Unrestricted Unrestricted	Total Funds Total Funds	Total Funds Total Funds
	Note Note	Funds Funds	Funds Funds	2023 2023	2022 2022
		£ £	£ £	£ £	£ £
INCOME AND ENDOWMENTS FROM: INCOME ANDENDOWMENTS FROM:
Voluntary income: Voluntary income:
Donations and legacies Donations and legacies	4 4	36,211 36,211	- -	36,211 36,211	50,124 50,124
Grant income Grant income	5 5	- -	- -	- -	500 500
Other income Other income	5 5	- -	9,368 9,368	9,368 9,368	2,889 2,889
Subscription income Subscription income	5 5	- -	10,235 10,235	10,235 10,235	10,931 10,931
Income from investments Income from investments	6 6	5,494 5,494	34,380 34,380	39,874 39,874	39,101 39,101
Total incoming resources Total incoming resources		41,705 41,705	53,983 53,983	95,688 95,688	103,545 103,545
EXPENDITURE ON: EXPENDITURE ON:
Charitable activities Charitable activities	7 7	56.367 56,367	59,985 59,985	116,352 116,352	124,261 124,261
Total resources expended Total resources expended		56,367 56,367	59,985 59,985	116,352 116,352	124,261 124,261
Net income/(expenditure) before gains and Net income/(expenditure) before gains and		(14.662) (14.662)	(6,002) (6,002)	(20,664) (20,664)	(20,716) (20,716)
losses on investments losses on investments		=	===	SSaSS=	===
Unrealised (losses)/gains from investments Unrealised (losses)/gains from investments	11 11	17.103 17,103	107,016 107,016	124,119 124,119	(173,617) (173,617)
NET INCOME / (EXPENDITURE) NETINCOME /(EXPENDITURE)		2.441 2.441	101,014 101,014	103,455 103,455	(194,333) (194,333)
Reconciliation of funds Reconciliation offunds
Total funds brought forward Total funds brought forward		193.817 193.817	1,212,736 1,212,736	1,406,553 1,406,553	1,600,886 1,600,886
Total funds carried forward Total funds carried forward		196.258 196,258	1,313,750 1,313,750	1,510,008 1,510,008	1,406,553 1,406,553

The notes on pages 11 to 19 form part of these financial statements. The notes on pages 11 to 19 form part of these financial statements.

Registered Charity No. 243535 Registered Charity No. 243535

THE CHURCH UNION THE CHURCH UNION

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account)

For the year ended 31 December 2022 (for comparative purposes) For the year ended 31 December 2022 (for comparative purposes)

		Restricted Restricted	Unrestricted Unrestricted	Total Funds Total Funds	Total Funds Total Funds
	Note Note	Funds Funds	Funds Funds	2022 2022	2021 2021
		£ £	£ £	£ £	£ £
INCOME AND ENDOWMENTS FROM: INCOME AND ENDOWMENTS FROM:
Voluntary income: Voluntary income:
Donations and legacies Donations and legacies	4 4	33,649 33,649	16,475 16,475	50,124 50,124	38,463 38,463
Grant income Grant income	5 5	- -	500 500	500 500	10,000 10,000
Other income Other income	5 5	- -	2,889 2,889	2,889 2,889	1,880 1,880
Subscription income Subscription income	5 5	- -	10,931 10,931	10,931 10,931	10,181 10,181
Income from investments Income from investments	6 6	5,674 5,674	33,427 33,427	39,101 39,101	37,657 37,657
Total incoming resources Total incoming resources		39,323 39,323	64,222 64,222	103,545 103,545	98,181 98,181
EXPENDITURE ON: EXPENDITURE ON:
Charitable activities Charitable activities	7 7	52,622 52,622	71,639 71,639	124,261 124,261	64,856 64,856
Total resources expended Total resources expended		52,622 52,622	71,639 71,639	124,261 124,261	64,856 64,856
Net income/(expenditure) before gains and Net income/(expenditure) before gains and		(13,299) (13,299)	(7,417) (7,417)	(20,716) (20,716)	33,325 33,325
losses on investments losses on investments		—	===	=sS55	=SSSS=
Unrealised (losses)/gains from investments Unrealised (losses)/gains from investments	11 11	(25,194) (25,194)	(148,423) (148,423)	(173,617) (173,617)	186,236 186,236
NET INCOME / (EXPENDITURE) NETINCOME /(EXPENDITURE)		(38,493) (38,493)	(155,840) (155,840)	(194,333) (194,333)	219,561 219,561
Reconciliation of funds Reconciliation offunds
Total funds brought forward Total funds brought forward		232,310 232,310	1,368,576 1,368,576	1,600,886 1,600,886	1,381,325 1,381,325
Total funds carried forward Total funds carried forward		193,817 193,817	1,212,736 1,212,736	1,406,553 1,406,553	1,600,886 1,600,886

The notes on pages 11 to 19 form part of these financial statements. The notes on pages 11 to 19 form part of these financial statements.

THE THE CHURCH UNION CHURCH UNION

Registered Registered Charity No. 243535 Charity No. 243535

BALANCE SHEET BALANCE SHEET

For For the year ended 31 December 2023 the year ended 31 December 2023

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2023 2023 2022 2022
Note Note £ £ £ £ £
FIXED ASSETS FIXED ASSETS
Investments Investments 1] 1,431,948 1,431,948 1,307,830 1,307,830
CURRENT ASSETS CURRENT ASSETS
Cash Cash at bank and in hand at bank and in hand 12 12 81,000 81,000 101,523 101.523
81,000 81,000 101,523 101.523
CREDITORS: CREDITORS: Amounts Amounts falling falling
due due within one year within one year 13 13 (2,940) (2,940) (2,800) (2,800)
Net current assets Net current assets 78,060 78,060 98,723 98,723
Net assets Net assets 1,510,008 1,510,008 1,406,553 1,406,553
FUNDS FUNDS
Restricted funds Restricted funds 15,16 15,16 196,258 196.258 193,817 193,817
Unrestricted funds Unrestricted funds 15 15 1,313,750 1,313,750 1,212,736 1,212,736
1,510,008 1,510,008 1,406,553 1,406,553
----- End of picture text -----

The notes on pages 11 to 19 form part of these financial statements. The notes on pages 11 to 19 form part of these financial statements.

In accordance with section 145 of the Charities Act 2011, the charity is exempt from the requirement for an audit. The In accordance with section 145 of the Charities Act 2011, the charity is exempt from the requirement for an audit. The constitution constitution does not require the charity to obtain an audit of its accounts for the year in question; the exemption from audit does not require the charity to obtain an audit of its accounts for the year in question; the exemption from audit has therefore been claimed has therefore been claimed

The The financial statements were approved by the Trustees on . financial statements were approved by the Trustees on ..{S£.. S.SZ Pctoel 227

Registered Charity No. 243535 Registered Charity No. 243535

THE THE CHURCH UNION CHURCH UNION

STATEMENT OF CASHFLOWS STATEMENT OF CASHFLOWS

For For the year ended 31 December 2023 the year ended 31 December 2023

----- Start of picture text -----
|||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Note|Note|2023|2023|2022|2022| |£|£|£|£| |Cash|Cash flows from operating activities:|flows|from|operating|activities:| |Net|Net cash provided by/(used in) operating activities|cash|provided|by/(used|in)|operating|activities|17a|17a|(60,397)|(60,397)|(59,617)|(59,617)| |Net|Net cash provided by/(used in) operating activities|cash|provided|by/(used|in)|operating|activities|(60,397)|(60,397)|(59,617)|(59,617)| |Cash|Cash flows from investing activities:|flows|from|investing|activities:| |Dividends|Dividends and interest from investments|and|interest|from|investments|39,874|39,874|39,101|39,101| |Net|Net cash provided by/(used in) investing activities|cash|provided|by/(used|in)|investing|activities|39,874|39,874|39,101|39,101| |Change|Change in cash and cash equivalents in the reporting period|in|cash|and|cash|equivalents|in|the|reporting|period|(20,523)|(20,523)|(20,516)|(20,516)| |Cash|Cash and cash equivalents at the beginning of the period|and|cash|equivalents|at|the|beginning of the|period|101,523|101,523|122,039|122,039| |Cash|Cash and cash equivalents at the end of the reporting period|and|cash|equivalents|at|the|end|of the|reporting|period|17b|17b|81,000|81,000|101,523|101,523|

----- End of picture text -----

Registered Charity No. 243535 Registered Charity No. 243535

THE THE CHURCH UNION CHURCH UNION

NOTES NOTES TO THE FINANCIAL STATEMENTS TO THE FINANCIAL STATEMENTS

For For the year ended 31 December 2023 the year ended 31 December 2023

1. 1. CHARITY INFORMATION CHARITY INFORMATION

The The Church Union is a charity registered in England and Wales No. 243535. The Registered Office is 16 Church Union is a charity registered in England and Wales No. 243535. The Registered Office is 16 Commercial Commercial Street, Birmingham, B 1 1RS. Street, Birmingham, B1 1RS.

2. 2. ACCOUNTING POLICIES ACCOUNTING POLICIES

a) a) BASIS OF PREPARATION BASIS OF PREPARATION

The The financial statements have been prepared under the historical cost convention with items recognised at financial statements have been prepared under the historical cost convention with items recognised at cost cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019) and the Charities Act 2011. in the UK and Republic of Ireland (FRS 102) (effective January 2019) and the Charities Act 2011. The The functional and presentational currency is GBP and the accounts are rounded to the nearest £1. functional and presentational currency is GBP and the accounts are rounded to the nearest £1.

b) b) INCOME RECOGNITION INCOME RECOGNITION

All income is recognised once the charity has entitlement to the income, it is probable that the income will be All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. received and the amount of income receivable can be measured reliably.

Legacies are credited to the accounts when they have been notified to the trustees and there is reasonable Legacies are credited to the accounts when they have been notified to the trustees and there is reasonable certainty certainty of the amount to be received. of the amount to be received.

Donations, subscriptions and other forms of voluntary income are credited to the accounts when received and Donations, subscriptions and other forms of voluntary income are credited to the accounts when received and are are shown gross; unless the event that a donation is subject to conditions that require a level of performance shown gross; unless the event that a donation is subject to conditions that require a level of performance before before the charity is entitled to the funds. In this case the income is deferred and not recognised until either the charity is entitled to the funds. In this case the income is deferred and not recognised until either those those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and and it is probable that those conditions will be fulfilled in the reporting period. it is probable that those conditions will be fulfilled in the reporting period.

c) c) PREPARATION OF THE FINANCIAL STATEMENTS ON A GOING CONCERN BASIS PREPARATION OF THE FINANCIAL STATEMENTS ON A GOING CONCERN BASIS

The The financial statements have been prepared on a going concern basis. The charity has achieved an financial statements have been prepared on a going concern basis. The charity has achieved an operating operating surpluses in 2023 including changes in the market value of investments. surpluses in 2023 including changes in the market value of investments.

At 31 December 2023, net assets amounted to £1,510,008 which included £81,000 in the bank and an At 31 December 2023, net assets amounted to £1,510,008 which included £81,000 in the bank and an investment investment portfolio with a market value of £1,431,948. It is recognised that the market value of the portfolio with a market value of £1,431,948. It is recognised that the market value of the investment investment portfolio may fluctuate in the next year which may affect the overall level of reserves. portfolio may fluctuate in the next year which may affect the overall level of reserves.

The The Trustees consider that the level and nature of the financial reserves at 31 December 2023 does not Trustees consider that the level and nature of the financial reserves at 31 December 2023 does not impact impact upon the assumption that the Charity is a going concern. upon the assumption that the Charity is a going concern.

Registered Registered Charity No. 243535 Charity No. 243535

THE CHURCH UNION THE CHURCH UNION

NOTES TO THE FINANCIAL STATEMENTS (Continued) NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 December 2023 For the year ended 31 December 2023

d) d) RESOURCES EXPENDED RESOURCES EXPENDED

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. can be measured reliably.

Expenditure Expenditure is charged on the accruals basis. Costs are charged to the unrestricted fund unless the cost is is charged on the accruals basis. Costs are charged to the unrestricted fund unless the cost is specifically specifically identifiable with the restricted fund. identifiable with the restricted fund.

Expenditure Expenditure included in charitable activities comprises costs of promoting and supporting the objects of the included in charitable activities comprises costs of promoting and supporting the objects of the charity. charity. Grants are charged at the point a commitment is made by the Trustees and in the case of ongoing Grants are charged at the point a commitment is made by the Trustees and in the case of ongoing support support when there is an expectation by the grantee that a grant will be received. when there is an expectation by the grantee that a grant will be received.

The The appropriate share of costs are charged on an accruals basis and are charged to the unrestricted fund appropriate share of costs are charged on an accruals basis and are charged to the unrestricted fund unless unless the cost is specifically identifiable with the restricted fund. the cost is specifically identifiable with the restricted fund.

e) e) INVESTMENTS INVESTMENTS

Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. disposals throughout the year.

The Trust does not acquire options, derivatives or other complex financial instruments. The main form of The Trust does not acquire options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider

economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. equities and within particular sectors or sub sectors.

f) f) INVESTMENT GAINS AND LOSSES INVESTMENT GAINS AND LOSSES

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities unrealised investment gains and losses are combined in the Statement of Financial Activities

Registered Charity No. 243535 Registered Charity No. 243535

THE THE CHURCH UNION CHURCH UNION

NOTES TO THE FINANCIAL STATEMENTS (Continued) NOTES TO THE FINANCIAL STATEMENTS (Continued) For For the year ended 31 December 2023 the year ended 31 December 2023

g) g) FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS

The The charity only has financial assets and financial liabilities of a kind that clearly qualify as basic financial charity only has financial assets and financial liabilities of a kind that clearly qualify as basic financial instruments. instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at Basic financial instruments are initially recognised at transaction value and subsequently measured at their their settlement. settlement.

Financial Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in in the Statement of Financial Activities. the Statement of Financial Activities.

h) h) JUDGMENTS JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY UNCERTAINTY

In In preparing the Financial Statements, management is required to make estimates and assumptions which affect preparing the Financial Statements, management is required to make estimates and assumptions which affect reported reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information information and application of judgement are inherent in the formation of estimates, together with expectations of and application ofjudgement are inherent in the formation of estimates, together with expectations of future future events that are believed to be reasonable under the circumstances. Actual results in the future could differ events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. from such estimates.

There There are no key assumptions or other sources of estimation that have a significant risk of causing a material are no key assumptions or other sources of estimation that have a significant risk of causing a material adjustment adjustment to the carrying values of assets and liabilities within the next financial year. to the carrying values of assets and liabilities within the next financial year.

3. 3. RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT PERSONNEL RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT PERSONNEL

The The key management personnel of the Charity are the Trustees. The Charity's policy is not to remunerate Trustees key management personnel of the Charity are the Trustees. The Charity’s policy is not to remunerate Trustees other other than reimbursement for expenses incurred. than reimbursement for expenses incurred.

During During the year £2,532 (2022 - £1,976) was reimbursed for travel cost expenses to 11 Trustees (2022 - 7). the year £2,532 (2022 - £1,976) was reimbursed for travel cost expenses to 11 Trustees (2022 - 7).

There There were no outstanding balances due to or from Trustees at the year-end (2022 - nil). were no outstanding balances due to or from Trustees at the year-end (2022 - nil).

Father Father Darren Smith is the General Secretary of Additional Curates Society and a Trustee of the Church Union. The Darren Smith is the General Secretary of Additional Curates Society and a Trustee of the Church Union. The Additional Additional Curates Society (ACS) acts as a printer for a variety of the Church Union’s publications and provides Curates Society (ACS) acts as a printer for a variety of the Church Union’s publications and provides office office accommodation and administration support. ACS deducts commission at source from amounts received on accommodation and administration support. ACS deducts commission at source from amounts received on the the Church Union's behalf and makes other charges as appropriate. Church Union’s behalf and makes other charges as appropriate.

Payments Payments were made to Additional Curates Society in the year totalling £40,981 (2022: £61,170) were made to Additional Curates Society in the year totalling £40,981 (2022: £61,170)

At At the year end £nil (2022: nil) was owed to Additional Curates Society. the year end £nil (2022: nil) was owed to Additional Curates Society.

4. DONATIONS AND LEGACIES DONATIONS AND LEGACIES 2023 2023 2022 2022 ‘ £ £ :Donations Donations - unrestricted funds - unrestricted funds - - 16,475 16,475 Donations Donations - — restricted funds restricted funds 36,211 36,211 33,649 33,649 36,211 36,211 50,124 50,124

-1313 -

Registered Charity No. 243535 Registered Charity No. 243535

THE THE CHURCH UNION CHURCH UNION

NOTES NOTES TO THE FINANCIAL STATEMENTS (Continued) TO THE FINANCIAL STATEMENTS (Continued)

For For the year ended 31 December 2023 the year ended 31 December 2023

OTHER INCOME OTHERINCOME
	2023 2023	2022 2022
	£ £	£ £
Grant income Grant income
Other grant income Other grant income	- -	500 500
	- -	500 500
	£ £	£ £
Other income Other income
Royalties Royalties	207 207	283 283
Other Other	8,109 8,109	1,210 1,210
Gift aid Gift aid	1,052 1,052	1,396 1,396
	9,368 9,368	2,889 2,889
	£ £	£ £
Subscriptions income Subscriptions income
Membership Membership	9,419 9,419	9,951 9,951
FCP FCP	447 447	489 489
Other Other	369 369	491 491
	10,235 10,235	10,931 10,931

6. INVESTMENT INCOME INVESTMENT INCOME	6. INVESTMENT INCOME INVESTMENT INCOME
	Restricted Restricted		Unrestricted Unrestricted		Restricted Restricted	Unrestricted Unrestricted
		Funds Funds	Funds Funds	2023 2023	Funds Funds	Funds Funds	2022 2022
		£ £	£ £	£ £	£ £	£ £	£ £
Dividends on investments Dividends on investments		5,391 5,391	33,751 33,751	39.142 39.142	5.649 5.649	33,276 33,276	38,925 38,925
Interest on cash deposits Interest on cash deposits		103 103	629 629	732 732	25 25	151 151	176 176
		5,494 5,494	34,380 34,380	39,874 39,874	5,674 5,674	33,427 33,427	39,101 39,101

-1414 -

4 d

Registered Registered Charity No. 243535 Charity No. 243535

THE CHURCH UNION THE CHURCH UNION

NOTES TO THE FINANCIAL STATEMENTS (Continued) NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 December 2023 For the year ended 31 December 2023

7. 7. ANALYSIS OF CHARITABLE ACTIVITIES ANALYSIS OF CHARITABLE ACTIVITIES

	Restricted Restricted	Unrestricted Unrestricted		Restricted Restricted	Unrestricted Unrestricted
	Funds Funds	Funds Funds	2023 2023	Funds Funds	Funds Funds	2022 2022
	£ £	£ £	£ £	£ £	£ £	£ £
Publications Publications	- -	37,678 37,678	37,678 37,678	- -	48,391 48,391	48,391 48,391
Administrative costs Administrative costs	- -	6,350 6,350	6,350 6,350	- -	6,977 6,977	6,977 6,977
Office rent Office rent	- -	8,000 8,000	8,000 8,000	- -	8,000 8,000	8,000 8,000
Council members expenses Council members expenses	- -	2,532 2,532	2,532 2,532	- -	1,976 1,976	1,976 1,976
Subscriptions Subscriptions	- -	463 463	463 463	- -	324 324	324 324
Legal & professional Legal & professional	- -	3,722 3,722	3,722 3,722	- -	3,582 3,582	3,582 3,582
Grants (note 8) Grants (note 8)	56,367 56,367	- -	56,367 56,367	43,818 43,818	- -	43,818 43,818
Social media and website Social media and website	- -	600 600	600 600	- -	600 600	600 600
Sundry Sundry	- -	640 640	640 640	- -	1,789 1,789	1,789 1,789
Communications & Communications &	-	-	-	8,804 8,804	-	8,804 8,804
Catechetical Catechetical
	56,367 56,367	59,985 59,985	116,352 116,352	52,622 §2,622	71,639 71,639	124,261 124,261

8. 8. ANALYSIS OF GRANTS ANALYSIS OF GRANTS

The grants are in furtherance of the main objects as set out in the Trustees’ Annual Report. The trustees’ policy for The grants are in furtherance of the main objects as set out in the Trustees’ Annual Report. The trustees’ policy for

making grants is to consider applications and prioritise those grants seen as pursuing the objectives most efficiently. making grants is to consider applications and prioritise those grants seen as pursuing the objectives most efficiently. In 2023 the following grants were paid to: In 2023 the following grants were paid to:

	Restricted Restricted	Unrestricted Unrestricted	Total Total
	Funds Funds	Funds Funds
	£ £	£ £	£ £
St Michael’s, Thorpe le Soken St Michael’s, Thorpe le Soken	5,000 5,000	- -	5,000 5,000
St Luke’s, Kingstanding St Luke’s, Kingstanding	2,000 2,000	- -	2,000 2,000
St Agnes & St Pancras St Chad, Bradford St Matthews, Westminster StAgnes& StPancras StChad, Bradford StMatthews, Westminster	7,000 10,000 26,867 7,000 10,000 26,867	- - - - - -	7,000 10,000 26,867 7,000 10,000 26,867
Grants to individuals (3) Grants to individuals (3)	5,500 5,500	“ -	5,500 5,500
	56,367 56,367	- -	56,367 56,367

-15- 15 -

THE CHURH UNION THE CHURH UNION

Registered Registered Charity No. 243535 Charity No. 243535

NOTES TO THE FINANCIAL STATEMENTS (Continued) NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 December 2023 For the year ended 31 December 2023

9. 9. STAFF COSTS STAFF COSTS

There There were no staff costs incurred in the year. were no staff costs incurred in the year.

No No remuneration was paid or is payable to Trustees for the year (2022: £nil). The Trustees are considered to remuneration was paid or is payable to Trustees for the year (2022: £nil). The Trustees are considered to be be the key management of the Charity. the key management of the Charity.

10. 10. INDEPENDENT EXAMINER’S REMUNERATION INDEPENDENT EXAMINER’S REMUNERATION

The Independent Examiner’s remuneration was £2,940 (2022: £2,800) for the preparation and examination The Independent Examiner’s remuneration was £2,940 (2022: £2,800) for the preparation and examination of the accounts. of the accounts.

11. 11. FIXED ASSET INVESTMENTS FIXED ASSET INVESTMENTS

		CCLA CCLA
		Investments Investments
Market value at 1 January 2023 Market value at 1 January 2023		1,307,830 1,307,830
Unrealised (Losses) / gains in the year Unrealised (Losses) /gains intheyear	Unrealised (Losses) / gains in the year	124,118 124,118
Market value at 31 December 2023 Marketvalue at31 December2023		1,431,948 1,431,948
*Historical cost at 31 December 2023 £987,433* Historical costat31December2023	*Historical cost at 31 December 2023 £987,433* £987,433
Market value at 1 January 2022 Market value at 1 January 2022		1,481,447 1,481,447
Unrealised (Losses) / gains in the year Unrealised (Losses) /gains inthe year	Unrealised (Losses) / gains in the year	(173,617) (173,617)
Market value at 31 December 2022 Marketvalueat31December2022		1,307,830 1,307,830

*Historical cost at 31 December 2022* Historicalcost	*Historical cost at 31 December 2022* costat	*Historical cost at 31 December 2022* at31	*Historical cost at 31 December 2022* 31December	*Historical cost at 31 December 2022* December2022	*Historical cost at 31 December 2022* 2022
*£987,433* £987,433

12. 12. CASH AT BANK CASH AT BANK

CASH AT BANK CASH AT BANK
	2023 2023	2022 2022
	£ £	£ £
Bank accounts Bank accounts	68,411 68,411	88,934 88,934
CCLA investments CCLA investments	12,589 12,589	12,589 12,589
	81,000 $1,000	101,523 101,523

-1616-

THE CHURCH UNION THE CHURCH UNION NOTES TO THE FINANCIAL STATEMENTS (Continued) NOTES TO THE FINANCIAL STATEMENTS (Continued)

Registered Registered Charity No. 243535 Charity No. 243535

For the year ended 31 December 2023 For the year ended 31 December 2023

13. 13. CREDITORS: Amounts falling due within one year CREDITORS: Amounts falling due within one year

	2023 2023	2022 2022
	£ £	£ £
Accruals Accruals	2,940 2,940	2,800 2,800
	2,940 2,940	2,800 2,800

14. 14. ANALYSIS ANALYSIS OF NET ASSETS BETWEEN FUNDS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETSNET ASSETSASSETS BETWEEN FUNDSFUNDS
	Unrestricted Unrestricted	Restricted Restricted	Total Total
	Funds Funds	Funds Funds
	£ £	£ £	£
Investments Investments	1,235,690 1,235,690	196,258 196,258	1,431,948 1,431,948
Current assets Current assets	81.000 81.000	-	81,000 81,000
Creditors: amounts falling due within one year Creditors: amounts falling due within one year	(2.940) (2,940)	-	(2,940) (2,940)
	1,313,750 1,313,750	196,258 196,258	1,510,008 1,510,008

15. 15. FUNDS RECONCILIATION FUNDS RECONCILIATION

	Balance at Balanceat	Incoming Incoming	Outgoing Outgoing	Investments Investments	Balance at Balance at
	1 Jan 2023 1 Jan 2023.	Resources Resources	Resources Resources	gains/(losses) gains/(losses)	31 Dec 2023 31 Dec 2023
Unrestricted Funds Unrestricted Funds	1,212,736 1,212,736	53,983 53,983	(59.985) (59.985)	107.016 107,016	1.313.750 1.313.750
Restricted Funds Restricted Funds	193,817 193,817	41,705 41,705	(56,367) (56,367)	17,103 17,103	196.258 196,258
	1,406,553 1,406,553	95,688 95,688	(116,352) (116,352)	124,119 124,119	1.510.008 1.510.008

17 - 17.

THE CHURCH UNION THE CHURCH UNION

Registered Registered Charity No. 243535 Charity No. 243535

NOTES TO THE FINANCIAL STATEMENTS (Continued) NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 December 2023 For the year ended 31 December 2023

16. 16. RESTRICTED FUNDS RESTRICTED FUNDS

	Balance as at Balance as at	Incoming Incoming	Outgoing Outgoing	Investment Investment	Balance as at Balance as at
	1 January 1 January	Resources Resources	Resources Resources	gains/(losses) gains/(losses)	31 December 31 December
	2023 2023				2023 2023
Jackson Trust Jackson Trust	64,884 64,884	1,991 1,991	(12,000) (12,000)	6,201 6,201	61,076 61,076
Martin Trust Martin Trust	83,671 83,671	2,569 2,569	(12,000) (12,000)	7,996 7,996	82,236 82,236
Oliphant Trust Oliphant Trust	30,411 30,411	934 934	(5,500) (5,500)	2,906 2,906	28,751 28,751
Morgan Trust Morgan Trust	5,640 5,640	- -	- -	- -	5,640 5,640
Tudor Roberts Tudor Roberts	9,211 9,211	36,211 36,211	(26,867) (26,867)	- -	18,555 18,555
	193,817 193,817	41,705 41,705	(56,367) (56,367)	17,103 17,103	196,258 196,258

Jackson Trust Jackson Trust

In accordance with the terms of the Will, the bequest fund is to provide grants to parishes towards repairs and In accordance with the terms of the Will, the bequest fund is to provide grants to parishes towards repairs and improvements of church buildings. improvements of church buildings.

Fr Fr John Martin Trust John Martin Trust

In accordance with the terms of the Will, the bequest fund is to be used for the support of churches in the Province In accordance with the terms of the Will, the bequest fund is to be used for the support of churches in the Province of of York that are of Catholic nature and which do not support the ordination of women. York that are of Catholic nature and which do not support the ordination of women.

Oliphant Oliphant Bequest Fund Bequest Fund

In In accordance with the terms of the Will, the bequest fund is to be used for training Ordinands for the Ministry of accordance with the terms of the Will, the bequest fund is to be used for training Ordinands for the Ministry of the Church of England. the Church of England.

Morgan Trust Morgan Trust

Donation towards funding the staffing costs of the Church Union. £20,000 was received in 2021 to fund a future Donation towards funding the staffing costs of the Church Union. £20,000 was received in 2021 to fund a future

Communications Director post. Communications Director post.

Tudor Roberts Will Trust Tudor Roberts Will Trust

The Church Union acts as custodian trustee for this Will Trust. The Church Union received a donation of £36,211 The Church Union acts as custodian trustee for this Will Trust. The Church Union received a donation of £36,211 in in the year. In accordance with the Will Trust a payment of £26,867 was made to the only beneficiary St Matthew’s the year. In accordance with the Will Trust a payment of £26,867 was made to the only beneficiary St Matthew’s Westminster. Westminster. The balance of £18,555 is retained by the Church Union. The balance of £18,555 is retained by the Church Union.

THE CHURCH UNION THE CHURCH UNION

Registered Registered Charity No. 243535 Charity No. 243535

NOTES TO THE FINANCIAL STATEMENTS (Continued) NOTES TO THE FINANCIAL STATEMENTS (Continued)

For the year ended 31 December 2023 For the year ended 31 December 2023

NOTES TO THE CASH FLOW STATEMENT NOTESTO THE CASH FLOW STATEMENT
Reconciliation of net income/(expenditure) to net cash flow Reconciliation ofnet income/(expenditure) to net cash flow	2023 2023	2022 2022
from operating activities from operating activities	£ £	£ £
Reconciliation of net income/(expenditure) for the reporting period Reconciliation ofnet income/(expenditure) for the reporting period
(as per the statement of financial activities) (as per the statement offinancial activities)	103,456 103,456	(194,333) (194,333)
Adjustments for: Adjustments for:
Losses/(Gains) on investments Losses/(Gains) on investments	(124,119) (124,119)	173,618 173,618
Dividends and interest from investments Dividends and interest from investments	(39,874) (39,874)	(39,102) (39,102)
Increase/(decrease) in creditors Increase/(decrease) in creditors	140 140	200 200
Net cash (used in) operating activities Net cash (used in) operating activities	(60,397) (60,397)	(59,617) (59,617)
Analysis of cash and cash equivalents Analysis ofcash and cash equivalents	2023 2023	2022 2022
	£ £	£ £
Cash at bank and held in investments Cash at bank and held in investments	81,000 81,000	101,523 101,523
Total cash and cash equivalents Totalcashandcashequivalents	81,000 $1,000	101,523 101,523

18. FUNDS HELD ON BEHALF OF A THIRD PARTY 18. FUNDS HELD ON BEHALF OF A THIRD PARTY

The Trustees of the Church Union act as custodian trustees for the following trusts: The Trustees of the Church Union act as custodian trustees for the following trusts:

« The Harry & Katie Pollard Trust has a portfolio which is managed by CCLA. The market value of the The Harry & Katie Pollard Trust has a portfolio which is managed by CCLA. The market value of the portfolio at the year end was £1,262,995 (2022: £1,159,934) portfolio at the year end was £1,262,995 (2022: £1,159,934)
e = The Tudor Roberts Will Trust has a portfolio which is managed by CCLA. The market value of the portfolio The Tudor Roberts Will Trust has a portfolio which is managed by CCLA. The market value of the portfolio at the year end was £1,010,920 (2022: £932,513) at the year end was £1,010,920 (2022: £932,513)

The portfolios are held only in the capacity of custodian trustee, they are not reflected in the Balance Sheet. The portfolios are held only in the capacity of custodian trustee, they are not reflected in the Balance Sheet. Similarly, income generated by the portfolio is not reflected in the Statement of Financial Activities. Similarly, income generated by the portfolio is not reflected in the Statement of Financial Activities.