THE CHURCH UNION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Cbarity Number 243535
THE CHURCH UNION Registered Charity No. 243535 CONTENTS Page Legal and administrative inforniation Trustees, annual report Statement of trustccs, responsibilities Independent Examiner's POrt Statcm¢nt of Financial Activitics Statement of Financial Activities for 2023 Balance Sheet Statement of Cash Flows io Notes to the Financial Statements
THE CHURCH UNION Registered Charity No. 243535 LEGAL ANL D ADMtNISTRATIVE INFORMATION Trustees: Th¢ Right R¢v¢T¢nd Martyn Jarr¢tt (President) The Reverend Father Darren Smith (Chairnian) The Reverend Father Martin Ennis Miss Mary Moore (Secretary) The Reverend Canon Steven Kirk Mr Pctt¢r Kringb¢rg Miss Sandra Baiden Mrs Clarie Epsom Mr Richard Morgan Father David Fisher Bishop Rog¢r Jupp Standing Commit¢ee: Th¢ Right Reverend Martyn Jarrett Er officio The Reverend Father Darren Smith Ex officio The Reverend Father Martin Ennis Ex officio Miss Mary Moore Er officio The Reverend Canon Steven KI Er officio Registered oifice: 16 Commercial Street Birniingham BI IRS Bankers: Lloyds Bank PIC 98 Victoria StrKt London SWIE 5JL Independent Examiner: Nicholas Simkins Butts Farni Staffordshire ST18 OTF Inveslment Managers: CCLA One Angel Lane LA)ndon EC4R 3AB
THE CHURCH UNION Registered Cbarity No. 243535 TRUSTEES, ANNUAL REPORT For Ihe year ended 31 December 2024 The trustees present their annual report and financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity's trust d¢cd, th¢ Chariti¢s Act 201 l and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective January 2019). STRUCTURE. GOVERNANCE AND MANAGEMENT The G¢n¢ral Trust Fund ofthc Church Union (Church Union) is govcrncd by a Trust D¢¢d dated 7 May 1934 as amended by a s¢h¢m¢ scalcd on 9 January 2008. It was registered as a charity on 13 September 1966. Organisation The Council, consisting of the President and 12 ¢l¢ctd m¢mb¢rs, governs the Church Union. Th¢se 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 Union. They s¢rvc for a period of four years. half being elected every two years in rotation. Thc Council annually appoints a Standing Committee comprising the Chaimian. Vice-Chairn)an, Secretary, Treasurcr and two ¢lerical and two lay membcrs of the Council. The Council appoints a Secretary, Honorary Treasurcr and Solicitor. Decisions are mad¢ by vote ai Council m¢¢tings and the Council may appoinl and dismiss all paid employees of the Church Union. Policies and procedures for the induction and training of Trustees Only those who are members of the Church Union are ¢ligible to be el¢ctd as mcmbcrs of th¢ Council and so it is unknown for anyone to b¢ so clccted 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 furth¢r induction being necessary it is provided by one of the OtTi¢ers or another appropria1¢ member of the Council.
THE CHURCH UNION Registered Cbarity No. 243535 TRUSTEES, ANNUAL REPORT (Continued) For the year ended 31 December 2024 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, and to confess Our Lord J¢su5 Christ as God and man" by upholding Catholic doctrinc. worship. order and discipline in 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: Commissioning. publishing and distributing literature for the furthcrance of the Church Union's objectives, and exploring and developing modern forms of communication. Encouraging missions and retr¢ats and other opportunities for personal renewal. Encouraging religious educalion, including the training of clergy and laity in their vocation and mission; Developing work among children and young people and providing appropriate resources" Fostering vocations to priesthood, the religious life and various forn)s of accredited lay ministy. Promoting study and research in all branches of thcology, especially Holy Scripture, doctrine, worship, spirituality, ethics and sociology. Organising congresses and conf¢r¢nc¢s' Collaborating with oth¢r Catholic Societies and organisations. To promote and encourage the practical application of Christian principl¢s to social lif¢; To work for the visible unity of Christ's Church; To afford counsel, protection and assistance to all people, whether clerical or lay, suffering hindranc¢, deprivation or pcrsccution in consequence of their fidelity to these aims and objectives. In pursuant of th¢se obj¢ctiv¢s, th¢ Charity continues to publish an in-house magazine The Church Observer, the magazine Together, and other materials including the Ordo and Foundations a resource for Sunday Schools. It also operates a website and recruits new members. PUBLIC BENEFIT The Trustees confirni that they have referred to the guidance containcd 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 committed to supporting parishes, institutions and individuals in various wider contcxts through modest grant-making and oth¢r activities; in considering such grants, the Trustees naturally look for demonstrable public benefit, as is ably demonstrated below. ACHIEVEMENTS AND PERFORMANCE The Church Union continued with its publishing work including the Ordo, Church Observer and Together. Togeiher is produced in partnership with oth¢[ Caiholic Societies. notably Forward in Faith, The Confraternity of the Blessed Sacrament and Additional Curates Society. The Union continued to give its full support to th¢ Forward in Faith National Assembly and to the Catholic Societies of the Church of England. GRANT MAKING POLICY The Church Union has established its grant making policy to achi¢ve its objects for the public benefit. Applications for grants are consid¢r¢d. with reference to the charity's objectives, on a case by cas¢ basis by the Board of Trustees. 8 grants were made in 2024 totalling £39,334. (2023 8 grants- £56.367)- Note 8.
THE CHURCH UNION Registered Charity No. 243535 TRUSTEES AIYNUAL REPORT {CoDtinued) For the year ended 31 December 2024 FINANCIAL REVIEW The year saw the charity generate net income of £20,192 (2023: £103.455 net income). Income arising on the investments held for Testricted funds was wholly re-invested. Unrealised gains arising from the investment portfolio in 2024 were £32,602 (2023: £124,119 gain) The investment policy agreed and actioned in the past remained in place throughout the year. The Trustees are satisfied with the perforniance of the portfolio having Tegard to the risk profile adopted. The Council approved the sale of inv¢stments of £1 00,000 from the CCLA portfolio during the year. The Council wished to IncaSe the value of the Jackson Trust and the Martin Trust to £1 00,00 ¢ach by the year end. This would enable further grants to be made in future years. A transfer of £44,328 was made from the general unrestricted fund into the restricted fund. RESERVES POLICY The Trust¢¢s are aware of the Charity Commission rquirement in regard to Reserves Policy and are satisfied that the level of rescrves currently held is warranted to enable them to maintain the objectives of th¢ Charity. The Trustees review regularly th¢ level of reservcs, and the undertying investments and the returns being received on these investments. At the 31 December 2024 unrestricted reserves amounted to £1.294.383 (2023: £1,313.750) and restricted reserves amountcd to £235,817 (2023: £196258) This repr¢scnts several years, of ongoing expenditure. It is the policy of the Truste¢s to maintain at least one year's expenditure in unrestricted r¢servcs. The Trustees may perniit funds to b¢ 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 TrusL and in a manner that is legally charitable. The Trustces, agreed Investment Policy is to maintain a balanced px)rtfolio with medium risk. GOING CONCERN Th¢ Trustees consider that the level and nature of the fanCIal reserves at 31 December 2024 does not impact upon thc assumption that the organisation is a going concern. KEY MANAGEMENT The day to day management of the Charity is the reswnsibility of th¢ Chairnian of the Church Union, who delegates particular areas of management to the Treasurer and Secretary. RISK FACTORS 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 suifici¢nt to mitigate those risks. During the year under VieW thc Charity maintained sound systcms of internal fjnancial control. including procedures for authorisation of all transactions Projects. Such procedures arc kept under on-going review in order to ensure that they meet the Charity's needs. This report was approved by the Trustees on 6 October 2025 and signed on its behalf by The Rev nd Father Darren Smith. ChairD)aD
THE CHURCH UNION Registered Charity No. 243535 STATEMENT OF TRUSTEES, RESPONSIBILTTIES For the year ended 31 December 2024 TRUSTEES, RESPOI¥SILITIEs IN RELATION TO THE FINANCIAL STATEMENrs The charity trustees are responsible for preparing a trustces, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (Unitd Kingdom Generally Accept¢d Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare fmancial statements for each year which give a t¢ 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 fll)ancial statements, the trustees are required to: select suitable accounting policies and then apply them consistently" observe the methods and principles in the applicable Charities SORP; make judgements and estimates that a reasonable and prudent; state whether applicabl¢ accounting standards have been followe<L subJt to any material departures that must be disclosed and explained in the fancial statem¢nts; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will Continue in business. The trustees arc SponSible for keeping proper accounting records that disclose with reasonable accuracy at any titne the financial position of the charity and to enable them to ensure that the financial statements comply with the Chariti¢s Act 201 I, 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 and other irregularities. The trustees are respK)nsible for the mainlenance and integrity of the charity and financial inforniation included on the charity's website in accordance with l¢gislation in the United Kingdom governing th¢ prepardtion and dissemination of financial statements. Approved by the Truste¢s on 6 thtober 2025 and signed on its behalf by The everend Father Darren Smitb, Cbairnian
THE CHURCH UNION Registered Charity No. 243535 STATEMENT OF TRUSTEES, RESPONSIBILITIES For the year ended 31 Deeember 2024 INDEPENDEiYf EXAMINER'S REPORT TO THE TRUSTEES OF THE CHURCH UNION I report to the trustees on my examination of the accounts of The Church Union (the Charity) for th¢ year ended 31 December 2024. This report is mad¢ 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 those matters I am required to state to them in an independent examinevs report and for no other purpose. To the fullest extent perniitted 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. Responsibilities and basis for report As the charity trustees of the Chur¢h Union you a restK)nsible for the preparation of th¢ accounts in accordance with th¢ requirements of the Charities Act 2011 ('the Act"). I report in respect of my examination of th¢ Charity's accounts carried out und¢r 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 section 145(SKb) of the Act. Independent examiner's statement I have completed my examination. I confirni that no material matters hav¢ com¢ to my attention in connection with the examination giving me cause to klievc: accounting records We not kept in respect of the Charity as required by section 130 of thc Act. or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the accounting requirements concerning the forni and content of ihe accounts set out in the Charities (Accounts and Reports) R¢gulations 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 4. the accounts hav¢ not been prepared in accordance wilh the methods and principles of the Statement of Recon]mended Practice for accounting and reporting by charities. I have no concerns and have come across no other matters in connection with ihe examination to which attention should be drawn in this r¢port in order to enable a proper understanding of the accounts to be reached. Nicholas Simkins Butts Farni Staffordshire ST18 OTF 6 October 2025
THE CHURCH UNION Registered Charity Iyo. 243535 STATEMENT OF FINANCIAL AcrIvrrIES (Incorporating Income and Expenditure Account) For the year ended 31 December 2024 Restricted Unrestricted Total Funds Totsl Funds Funds Funds 2024 2023 Note INCOME AND ETSDOWMEls FROM: Voluntary ineome: Donations and legacies Other income Subscription income Income from investments 25,074 25,074 11,803 10,021 40,428 36,211 9,368 10,235 39,874 11,803 10,021 35.174 5.254 Total incoming resour¢es 30,328 56,998 87,326 95,688 EXPENDITURE OIY: Charitsble activities 39.334 60.402 99,736 116,352 Total resources expended 39.334 60.402 99,736 116,352 Nct income/(expenditure) before gatns and losscs on inv¢stm¢nts (9.006) (3.404) (12,410) (20,664) Unrealis¢d (losses}/gains from investments Transfer between ndS 4237 44,328 28,365 (44,328) 32,602 124,119 15116 NET INCOME I (EXPENDITURE) 39,559 (19,367) 20,192 103,455 Reconciliation of funds Totsl ndS brought forward 196,258 1,313,750 1,510,008 1,406,553 Total funds carried forward 235,817 1,294,383 1,530 ?00 1,510,008 The notes on pages I I to 19 forni part of these financial statements.
THE CHURCH UNION Registered Cbarity No. 243535 STATEMEiYf OF FINANCIAL AcfiviTIES UDcorpornting Income and Expenditure Aeeount) For the year ended 31 DeceD)ber 2023 (for comparative purp)ses) Restricted Unrestricted Total Funds Total Funds Funds Funds 2023 2022 Note INCOME AND ENDOWMENTS FROM: VoJuDtsry income: Donations and l¢ga¢i¢s Grant income Other income Subscription income Income from investments 36.211 36,211 50.124 500 2,889 10,931 39,101 9,368 10,235 34,380 9,368 10,235 39,874 5,494 Total incoming resources 41,705 53.983 95,688 103,545 EXPENDITURE ON: Charitable activities 56,367 59,985 116,352 124,261 Total resources expended 56,367 59.985 116,352 124.261 Nct incomel(expenditure) bcforc gains and losses on investmcnts (14,662) (6,002) (20.664) {20.716) Unrealised (105sesygains from investments 17,103 107,016 124,119 (173,617) NET U¥COME / (EXPENDITURE) 2.441 101,014 103,455 (194,333) Reconciliation of funds Total funds brought forward 193,817 1,212,736 1,406,553 1,600,886 Total funds carried forward 196,258 1,313,750 1,510,008 1,406,553 The notes on pages I I to 19 fomi part of these fmancial statcmcnts.
THE CHURCH UNION Registered Charity No. 243535 BALANCE SHEET For the year ended 31 December 2024 2024 2023 Note FIXED ASSETS 1,431,948 Investments 1,364,550 CURRENT ASSETS Cash at bank and in hand 12 172.750 81,000 172,750 81,000 CREDrroRS: Amounts falling due within one ycar 13 (7,100) (2,940) Net current assets 165,650 78,060 Net aets 1,530,200 1,510,008 FUNDS Restricted funds Unrestricted funds 15.16 15 235,817 1,294,383 196,258 1,313,750 1,530,200 1,510,008 The notes on page5 1 I to 19 fomi part of th¢se financial statements. In accordance with section 145 of the Charities Act 2011, the charity is exempt from the requirement for an audit. The constitution does not require the charity to obtain an audit of its accounts for thc year in question. the exemption from audit has therefore been claimed Th¢ financial ststements were approvd by the Trustees on 6 October 2025. Miss Mary Moore (Trustee) The Reverend Father Darren Smith (Cb*irnia Registered Charity No. 243535
THE CHURCH UNION Registered Charity No. 243535 STATEMENT OF CASHFLOWS For the year ended 31 Deeember 2024 Note 2024 2023 Cash flows from operating activiti¢8: Net cash provided byl(used in) operating activities 17a (48,678) (60,397) Net cash provided by/(used in) operating activities (48,678) (60,397) Casb flows from investing activities: Dividcnds and interest from investments Sale of investments 40.428 i 00.000 39,874 Net cash provided byl(u5ed in) iDvestiDg activities 140,428 39,874 Change in cash and cash equivalents in the reporting period 91,750 (20,523) Cash and cash equivalents at the beginning of the period 81,000 101,523 Cash #nd Cash equivalents at tbe end of the reporting period 17b 172,750 81,000 -1
THE CHURCH UNION Registered Charity No. 243535 NOTES TO THE FINANCIAL STATEMENrs For the year ended 31 December 2024 cHARy INFORMATION The Church Union is a charity registered in England and Wales No. 243535. The Registered Office is 16 Commercial StreeL Birn)ingham, Bl IRS. ACCOUNTll¥G POLICIES BASIS OF PREPARATION The financial ststements have been prepared under the historical cost convention with itcms recognised at cost or transaction valu¢ unless otherwise stated tn the relevant notes to th¢se accounts. The financial statements have been prepared in accordanrK with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland (FRS 102) (effective January 2019) and the Charities Act 2011. The functional and presentstional currency is GBP and the accounts are rounded to the nearest £1. b) ll¥COME RECOGMTIO All income is recognised once the charity has cntitlcment to the income, it is probable that the income will be r¢ceivcd and the amount of income receivable can be measured ieliabty. Legacies are credited to the accounts when they have been notified to the trustees and there is reasonable certainty of the amount to be received. Donations, subscriptions and other forn)s of voluntary income ar¢ cr¢dited to the accounts when received and shown gross: unless the event that a donation is subject to conditions that require a level of perfornianc¢ before the charity is cntitled to the funds. In this the income is defeed and not recognised until either those conditions are fully me( or the fulfilment of those conditions is wholly within the control of the charity and it is probable that thos¢ conditions will be fulfilled in the reporting riod. PREPARATION OF THE FINANCIAL STATEMEI¥TS ON A GOING CONCERN BASIS The financial statem¢nts have been prepared on a going concern basis. The charity has achieved an operaling surpluses in 2023 including changes in the market value of investments. At 31 December 2024, net assets amounted to £1,530,200 which included £172,750 in the bank and an investment portfolio with a market value of £1,364,550. It is r¢cognised that the market value of the investment portfolio may fluctuate in the next year which may affect the overall level of reserves. The Trustees consider that the level and nature of the financial reserves at 31 December 2024 does not impact upon the assumption that the Charity is a going conccm.
THE CHURCH UNION Registered Charity No. 243535 NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 December 2024 d) RESOIIRCES EXPENDED Liabilities are recognised as expendIlu as soon as there is a legal or constructive obligation committing the charity to that expenditur¢. it is probable that settlement will be required and th¢ amount of the obligation can be measured reliably. Expenditure is chaTged on the a¢¢al$ basis. Costs are charged to the unrestricted fund unless the cost is specifically identifiable with th¢ restTiCted fund. Expcnditure included in charitable activities comprises costs of promoting and supporting thc objects of the Charity. Grants are charged at the point a commitment is made by the Trustees and in the case of ongoing support when there is an exp¢¢tation by the grantee that a grant will be r¢¢¢ived. The appropriate share of costs are charged on an accruals basis and are charged io the unrestrict¢d fund unless the cost is s¢IficallY id¢ntifiabl¢ with the restricted fund. e) llYVESTMEIYTS Invcstmcnts arc a forn] of basic fanCIal instrumenl and are initially recognis¢d at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Th¢ statement of financial activities includes the net gains and loss¢s arising on revaluation and disposals throughout the year. The Trust does not acquire options, derivatives or other complex fanCIal instruments. The main forni of 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 equities and within particular sectors or sub sectors. INVESTMEIYT GAINS AND LOSSES All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on inv¢stm¢nts 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 are calculated as the difference tween the fair value at the year end and their CayIng value. Realiscd and unrealised investment gains and losses are combined in the Statement of Financial Activilies -12-
THE CHURCH UNION Registered Charity No. 243535 NOTES TO THE FINANCIAL STATEMENTS {CoDtinued) For the year ended 31 December 2024 g) FINANCIAL INSTRUMEIYTS The charity only has financial assets and financial liabilities of a kind that clearly qualify as basic financial instruments. Basic fmancial instruments are initially recognised at ITansaction value and subsequently measured at their settlement. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impaimient. Ef objective evidence of impairnient is found, an impairnient loss is recognised in the Statement of Financial Activtties. h) JUDGMENTS IN APPLYING ACCOUNTING POLICIES AYL D KEY SOURCES OF ESTIMATION UNCERTAINrY In preparing the Financial Statements. management is wuired to make cstimatcs and assumptions which affect reported income, expenses, assets, liabilities and disclosurc of contingent assets and liabilities. Use of available inforniation and application of judgement are inherent in the forniation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could diffcr from such estimates. There are no key assumptions or other sources of estimation that have a significant risk of causing a material adjustment to the carying values of asscts and liabilities within the next financial year. RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT PERSONNEL The kcy management p¢rsonnel of the Charity are the Trustees. The Charity's policy is not to r¢munernte Trustees other than reimbursement for expenscs incurtcd. During the year £2.057 (2023 - £2,532) was reimbutscd for travel cost expenses to l O Trustees (2023 - 11). Note 7. There were no outstanding balances due to or from Trnstees at the year-end (2023 - nil). Father Darren Smith is the General Secretsry of Additional Curdtes Society and a Trustee of the Church Union. The Additional Curates Society (ACS) acts &8 a printer for a variety of the Church Union's publications and provid¢s office accommodation and administration support. ACS deducts commission at source from amounts received on the Church Union's bchalf and makes oth¢r charges as appropriate. Payments were made to Additional Curates Society in the year totalling £42,112 (2023: £40,981) and an accrnal of £4,000 for six months Tent that had not been invoiced at the year end. At the year end £nil (2023: nil) was owed to Additional Curates Society. DONATIONS AI¥D LEGACIES 2024 2023 Donations - unrestricted funds Donations - restricted funds 25,074 36,211 25,074 36211
THE CHURCH UNION Registered Charity No. 243535 NOTES TO THE FINANCIAL STATEMENTS {CoDtinued) For the year ended 31 December 2024 OTHER INCOME 2024 2023 Other ineome Royalties Other Gift aid 233 10,325 1,245 207 8,109 1,052 I103 9J68 Subseriptiolls ineome Membership FCP Other 9,159 407 455 9,419 447 369 10,021 10,235 INVESTMENT INCOME Restricted Unrestricted Funds Funds Restricted Funds Unrestricted Funds 2024 2023 Dividends on investments Interest on c&sh deposits 5,077 177 33,984 1,190 39,061 1,367 5,391 103 33,751 629 39,142 732 5.254 35.174 40.428 5,494 34.380 39,874 -14-
THE CHURCH UNION Registered Charity No. 243535 NOTES TO THE Fll¥ANCIAL STATEMENTS (Continued) For the year ended 31 December 2024 ANALYSIS OF CHARITABLE ACTIVITIES Restricted UDrtstrAeted Funds Funds Restricted Unrestricted Funds Fund5 2024 2023 Publications Administrative costs Office rent Council members expenses Subscriptions Legal & professional Grants (note 8) Social media and website Printing Sundry 36.172 6,058 8,000 2,057 36,172 6,058 8.000 2,057 37,678 6,350 8,000 2,532 463 3,722 37,678 6,350 8,000 2,532 463 3.722 56,367 600 6.458 6,458 39,334 820 797 40 39,334 56.367 820 797 40 600 640 640 39J34 60,402 99,736 56J67 59.985 116J52 ANALYSIS OF GRANTS 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. In 2024 the following grants were paid to: Restricted Unrestrieted Funds Funds Total St John's Kensal Green All Saints South Lynn Holy Trinity Leeds St Mary's Kenton St Paul. Brighton North Thornaby PCC St Georges Preston St Matthews. Westminster 500 2,000 3,000 5,000 5.000 3,000 160 17.674 500 2,000 3,000 5.000 5,000 3,000 160 17,674 39J34 39J34
THE CHURH UNION Registered Charity No. 243535 NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ellded 31 December 2024 In 2023 the following grants wcre paid to: Restricted Unrestricted Funds Funds Total St Michael's, Thorpe le Soken St Luke's, Kingstanding St Agnes & St Pancras St Chad, Bradford St Matthews, Westminster Grants to individuals (3) 5.000 2,000 7.000 i 0,000 26,867 5.500 5,000 2.000 7,000 i 0.000 26.867 5,500 56J67 56J67 STAFF COSTS Thcr¢ w¢r¢ no staff costs incuTr¢d in th¢ y¢ar. No remuneration was paid or is payable to Trustees for th¢ year (2023: £nil). The Trustees are considered to be the key management of the Charity. 10. INDEPENDENT EXAMINER'S REMUNERATION The Independent Examiner's remuneration was £3,100 (2023: £2,940) for the preparation and examination of the accounts. 11. FIXED ASSET INVESTMEIYTS CCLA IllvestmeDts Market value at l January 2024 Unrealiscd (Losses) I gains in the year Sale of investments 1,431.948 32.602 (100,000) Market value at 31 December 2024 l J64,5 Hislorieal cosl ai 31 December 2024 £919,902 Market value at l January 2023 Unrcalised (Losses) / gains in the year 1,307,830 124.118 Market value at 31 December 2023 1.431,948 Hislorical cos¢ al 31 Decenther 2023 £987,433
THE CHURCH UNION Registered Charity No. 243535 NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 December 2024 12. CASH AT BANK 2024 2023 Bank accounts CCLA investments 159,068 13,682 68,411 12,589 172,750 81,000 13. CREDrfoRS: Amounts falling due within one year 2024 2023 Accruals 7.100 2,940 7,100 2.940 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Funds Totsl Inv¢stments Curr¢nt assets Creditors: amounts falling due within one year 1,128,733 172.750 (7,100) 235,817 1,364,550 172,750 (7,100) 1294J83 235,817 1,534200 15. FUNDS RECONCILIATION Balan¢¢ at Incoming Outgoing Inveslments l Jan 2024 Resources Resources gaIn(loSSeS) Trnnsfer Balance at 31 Dec 2024 Unrestricted Funds Restricted Funds 1,313,750 196,258 56,998 30,328 (60,402) (39,334) 28,365 4,237 (44,328) 44,328 1,294.383 235,817 1.510,008 87,326 (99,736) 32,602 1,530,200 The Council approved the sale of investments of £1 00.000 from the CCLA portfolio during the year. The Council wished to increase the value of the Jackson Trust and the Martin Trust to £ 100,000 each by the year end. This would enabl¢ further grants to be made in futUT¢ years. A transfer of £44,328 was made from the general unrestricted fund into the restricted fund. -17-
THE CHURCH UNION Regiqtered Charity No. 243535 NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 December 2024 16. RESTRICTED FUNDS Ba12nee #s at l January 2024 Incoming Resources Outgoing Resources Investment gaiDsI(losses) Transfer Balance as at General 31 December Fund 2024 Jackson Trust Martin Trust Oliphant Trust Morgan Trust Tudor Roberts 61,076 82.236 28.751 5,640 18.555 1,865 2.511 878 (18,500) (3.000) (160) 1,504 2,025 708 54,055 16,228 100,000 100,000 30,177 5,640 25.074 (17,674) (25,955) 196,258 30.328 (39.334) 4,237 44.328 235,817 Jackson Trust In accordance with the ternls of the Will. the bequest fund is to provide grants to parishes towards repairs and improvements of church buildings. The Council approved the sale of inveslments during the year and a transfer was made from the general fund to increase the fund to £100.000 by the year end. Fr John Martin Trnst In accordance with the ternis of the Will, the bequest fund is to be used for the support of churches in the Province of York that are of Catholic naturc and which do not support the ordination of women. The Council approved the sale of investments during the year and a transfer was from the general fund to increase the fund to £ 100,000 by the year end. Oliphant Bequest Fund In accordance with the ternis of the Will. the bequest fund is to be used for training Ordinands for the Ministry of the Church of England. mOan Trust Donation towards funding the stsffing costs of the Church Union. £20,000 was Teceived in 2021 to fund a future Communications Director post. The balance at Ye end is £5,640. Tudor Roberts Will Trust The Church Union acts as custodian trustee for this Will TrusL The Chuwh Union received a donation of £25,074 in the year. In accordan¢¢ with th¢ Will Trust a payment of £17,674 was made to the only beneficiary St Matthew's Westminster.
THE CHURCH UNION Registered Charity No. 243535 NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 December 2024 17. NOTES TO THE CASH FLOW STATEMENT Reconciliation of net ineomel(expenditure) to net cash flow from operating activities 2024 2023 Reconciliation of net income/(expenditure) for the reporting period (as per the statement of financial activities) Adjustments for: Loss¢s/{Gains) on investments Dividends and interest from investments Incrcasel(decTease) in creditors Nct cash (used in) operating activities 20,192 103,456 (32,602) (40,428) 4,160 48,678 (124,119) (39,874) 140 60J97 Analysis of ¢ash and eash equivalents 2024 2023 Cash at bank and held in investments Tolal c&8h and cash equivalents 172,750 172.750 81,000 81,000 18. FUNDS HELD ON BEHALF OF A THIRD PARTY The Trustees of the Church Union act as custodian trustees for the following trusts: The Hary & Katie Pollard Trust has a portfolio which is managed by CCLA. The market value octhe portfolio at the year end was £1,313,225 (2023: £1,262.995) The Tudor Roberts Will Trust h&$ a portfolio which is managed by CCLA. The market value of the portfolio at the year end was £1,026.988 {2023: £1,010,920) 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 Statcment of Financial Activities. -l9-