| Page | |
|---|---|
| 1-7 | Trustees' Report |
| 8-9 | Auditors' Report |
| 10 | Balance Sheet |
| 11 | Statement ofFinancial Activities |
| 12 | Statement ofCash Flows |
| 13-21 | Notes to the Financial Statements |
| Forward in Faith Chaplaincy | 32,000 |
|---|---|
| Wolverhampton Christian Fellowship | 22,000 |
| The AdditionalCurates Society | 55,000 |
| Greek Orthodox Church Chaplaincy | 20,000 |
| Grants to supportPaddington Church | 422,298 |
| Various small grants | 5,775 |
| 557,073 |
| Risk Description | Mitigation | Risk Response | Actionee | |||||
|---|---|---|---|---|---|---|---|---|
| Trust fails to meetregulatory or legal | Use ofprofessional legal advisors. | Undertake remedial | action | Secretary | ||||
| obligations leadingto litigation,fines, | Trustees and Secretary to |
regularly | drawing on Legal Advice | and | ||||
| damage to assets or reputation. | monitor compliance with, and review, | and assistance. | Trustees | |||||
| Charity Commission rules |
and | Amend Trust policy |
and | |||||
| guidance. | procedures. | |||||||
| Maintenance of Trust policy |
and | |||||||
| rocedures. | ||||||||
| External economic downturn reduces | Use of professional Advisors |
and | Set level ofGrants, and | Secretary | ||||
| income and increases costs causing |
Managers to guide to optimise income | schedulebuilding | and | |||||
| the Trust financial difficulties. | and outgoings. | maintenance, | Trustees | |||||
| Maintain adequate reserves. | commensuratewith | |||||||
| available funds. | ||||||||
| Buildings and their users targeted and | Include appropriate terrorism | cover in | Claim on insurance. | Secretary | ||||
| attacked by terrorists, causing injury |
Trust's insurance policies. | |||||||
| or dama e. |
||||||||
| Outbreak ofwar or pandemic, etc. | Ensure systems and procedures |
are | Operate Trust remotely. | Secretary | ||||
| adequately robust and able to | continue | Maintain activities | to | the | and | |||
| o eration. | extent ossible. |
Trustees | ||||||
| Investment income falls significantly. | Use of Financial Advisors |
to | guide | Set level ofGrants, and | Secretary | |||
| investment strategy to optimise returns | schedule building | |||||||
| in the short and long term. | maintenance, | |||||||
| Quarterly review by Trustees. | commensuratewith | |||||||
| Maintain ade uate reserves. |
available funds. |
| Risk Description | Risk Description | Risk Description | Mitigation | Risk Response | Actionee | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Rent income | from | Cloisters flats fall | Use professional Property Management | Set level ofGrants, | and | Secretary | ||||
| significantly. | and Lettings Agents. | schedule building maint- | ||||||||
| Quarterly review by Trustees. | enance, commensurate | |||||||||
| Maintain ade uate reserves. |
with available funds. | |||||||||
| Paddington Church building suffers | of professional Structural Use |
Undertake permanent |
Trustees | |||||||
| significantcollapse or partial collapse | Engineering and Architectural advisors, | underpinning as advised. | ||||||||
| due to structural | faults. | and follow their advice carefully, |
||||||||
| prioritising building safety. | ||||||||||
| Ensure all relevant permissions to |
||||||||||
| undertake remedial work in place in |
||||||||||
| timely manner. Installation of |
||||||||||
| recommended temporary structural |
||||||||||
| supports and safety equipment |
||||||||||
| com leted. |
||||||||||
| Paddington | Church | building | Monitor current and future costs of |
Use of capital reserves, |
Secretary | |||||
| structural faults |
too | expensive | to | planned repair carefully, taking advice | including seeking |
release | and | |||
| remedy using | readily available funds. | from the Trust's Structural Engineers, | of the property restricted | Trustees | ||||||
| Quantity Surveyor and Architect. |
endowmentfund. Consider | |||||||||
| Regularly match costs with Trust's |
reducing Trust's |
other | ||||||||
| funds. Prioritise funding to ensure |
outgoings. | |||||||||
| buildin safe |
||||||||||
| Occurrence of fire, | flood, damage, IT | Trust procedures maintained and |
Reconstitute operations | Secretary | ||||||
| failure or |
cyber-crime | adversely | duplicated in paper form. | from duplicates and | ||||||
| affects the operation ofthe Trust. | regularly Electronic systems |
backups. | ||||||||
| maintained, protected and backed up, |
||||||||||
| with physical separation of sensitive |
||||||||||
| data from external access. |
20 June 2025 Haysmac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.n 121
13 June 2025
| General | English | English | |||||
|---|---|---|---|---|---|---|---|
| Purposes | Property | Property | |||||
| Fund | Fund | Fund | Total | Total | |||
| (Unrestricted) | (Restricted) | (Endowment) | 2025 | 2024 | |||
| Notes | |||||||
| Income and endowments |
|||||||
| from: | |||||||
| Investments | 9 | 301,847 | 578,626 | 880,473 | 869,147 | ||
| Other trading activities | 10 | 1,471 | 1,471 | 1,771 | |||
| Other income | 82,818 | 16,986 | 99,804 | ||||
| Total | 386,136 | 595,612 | 981,748 | 870,918 | |||
| Expenditure on: | |||||||
| Raisingfunds: | |||||||
| Investmentmanagement costs | 11 | 169,244 | 169,244 | 162,246 | |||
| Charitable activities: | |||||||
| Religious | 142,256 | 142,256 | 160,718 | ||||
| Widows and poor | 426,629 | 426,629 | 193,098 | ||||
| Building maintenance | 277,731 | 364,338 | 642,069 | 485,554 | |||
| Total charitable activities | 12 | 846,616 | 364,338 | 1,210,954 | 839,370 | ||
| Total | 846,616 | 533,582 | 1,380,198 | ||||
| Net (expenditure)/income |
(4609480) | 62,030 | (398,450) | (130,698) | |||
| before (losses)/gains |
on | ||||||
| investments | |||||||
| (losses)/gains Net |
on | ||||||
| investments | |||||||
| - realised and unrealised | 4 | (398,582) | (299,185) | 62,030 | (635,737) | ||
| Unrealised losses on revaluation | |||||||
| ofinvestment property | (55,000) | ||||||
| NET MOVEMENT IN |
(859,062) | (237,155) | 62,030 | (1,034,187) | |||
| FUNDS | |||||||
| Reconciliation offunds | |||||||
| Totalfunds brought forward | 10,543,768 | 4,143,378 | 28,768,254 | ||||
| Totalfunds carried forward | 8 |
| 2025 | 2024 | |||
|---|---|---|---|---|
| Cash flows from operatingactivities: | ||||
| Net cash (used in) operating activities (see below) | ||||
| Cash flows from investing activities | ||||
| Dividends, interest and rents from investments | 880,473 | 869,147 | ||
| Proceeds from sale ofinvestments | 1,938,511 | |||
| Net cash provided byinvesting activities | 2,818,984 | 869,147 | ||
| Change in cash and cash equivalents in the year | 860,124 | |||
| Cash and cash equivalents at the start of the year | 620,941 | |||
| Cash and cash equivalents at the end ofthe year | ||||
| RECONCILIATION OF NET (EXPENDITURE)/INCOME |
TO NET | CASH | FLOW | FROM OPERATING |
| ACTIVITIES |
| Net movement in funds (as per the Statement of | |||
|---|---|---|---|
| Financial Activities) | |||
| Adjustments for: | |||
| Losses/(gains)on investments | 635,737 | ||
| Dividends, interest and rent from investments | (880,473) | (869,147) | |
| Increase in debtors | (6,243) | (11,106) | |
| Increase in creditors | 38,988 | 1,926 | |
| Net cash generated by/ (used in) operating activities | |||
| Analysis ofchanges in net funds | |||
| Other | |||
| non-cash | 31 March | ||
| 1 April 2024 | Cash flows | changes | 2025 |
| Cash and bank/deposits | 1,572,806 | 3,053,871 |
| 2. | TANGIBLE FIXED ASSETS |
Churches | Other | Total |
|---|---|---|---|---|
| Freehold Properties | ||||
| As at 31 March 2025 | 201 | 300 | 501 | |
| As at 31 March 2024 | 201 | 300 | 501 | |
| See note 18 for more details. | ||||
| 3. | INVESTMENT PROPERTY | |||
| As at 1 April 2024 | ||||
| Revaluation | ||||
| As at 31 March 2025 | El 1,230,000 |
| 4. | INVESTMENTS | Cost | Market Value |
|---|---|---|---|
| As at 1 April 2024 | |||
| Disposals | (1,938,511) | ||
| Gains and losses on disposals and revaluation | (635,737) | ||
| As at31 March 2025 | |||
| The investments are: | |||
| COIF Charities Ethical Investment Fund income units | 8,974,069 | ||
| COIF Ethical Fund | 5,785,943 |
| 5. | DEBTORS | 2025 | 2024 |
|---|---|---|---|
| Prepayments | €103,682 | E97,439 |
| CREDITORS | 2025 | 2024 |
|---|---|---|
| Deferred income | 69,015 | 30,027 |
| Accrued expenses | 11,100 | 11,100 |
| €80,115 | E41,127 |
| ANALYSIS OF CHARITABLE F | UNDS - |
2025 | ||||
|---|---|---|---|---|---|---|
| English | English | |||||
| General | Property | Property | ||||
| Purposes Fund | Fund | Fund | ||||
| (Unrestricted) | (Endowment) | (Restricted) | Total | |||
| Tangible fixed assets | 501 | 501 | ||||
| Investments | 8,974,069 | 25,990,012 | ||||
| Current assets | 751,737 | 2,405,816 | 3,157,553 | |||
| Current liabilities | (41,100) | (39,015) | (80,115) | |||
| Total | 9,684,706 | 15,177,837 | 29,067,951 | |||
| Represented by: | ||||||
| Unrestricted/restrictedfunds: | ||||||
| Accumulated surpluses | 10,543,768 | |||||
| Unrealised investment losses | (859,062) | (859,062) | ||||
| Capital reserve | 10,972,429 | 10,972,429 | ||||
| Endowment fund: | ||||||
| Capital reserve | 4,205,408 | 4,205,408 | ||||
| The movementson the abovefunds | were as | follows:- | ||||
| Capital | Capital | Unrealised | ||||
| Reserve | Reserve | Investment | Accumulated | |||
| (restricted) | (endowment) | Gains | Surpluses | Total | ||
| At 1 April 2024 | 7,442,518 | 9,087,691 | 9,428,551 | |||
| Gains/(losses) on investments | 62,030 | (697,767) | (635,737) | |||
| (Deficit) in the year | (438,450) | (438,450) | ||||
| At 31 March 2025 | ||||||
| ANALYSISOF CHARITABLE | FUNDS | - 2024 | English | English | ||
| General | Property | Property | ||||
| Purposes Fund | Fund | Fund | ||||
| (Unrestricted) | (Endowment) | (Restricted) | Total | |||
| Tangible fixed assets | 501 | 501 | ||||
| Investments | 9,561,162 | 4,143,378 | 14,859,720 | 28,564,260 | ||
| Current assets | 993,706 | 584,798 | ||||
| Current liabilities | (11,100) | (30,027) | (41,127) | |||
| Total | no, 102,138 | |||||
| Represented by: | ||||||
| Unrestricted/restrictedfunds: | ||||||
| Accumulated surpluses | ||||||
| Unrealised investment gains | 824,205 | 4,819,311 | ||||
| Capital reserve | 6,988,462 | 6,988,462 | ||||
| Endowmentfund: | ||||||
| Capital reserve | 143,378 |
| as follows: | - | ||||||
|---|---|---|---|---|---|---|---|
| Unrealised | |||||||
| Capital | Capital | Investment | Accumulated | ||||
| Reserve | Reserve | Gains/(losses) | Surpluses | Total | |||
| (restricted) | (endowment) | ||||||
| At 1 April | 2023 | 3,995,106 | 7,771,382 | 9,559,248 | 28,768,254 | ||
| Gains on | |||||||
| investments | 148,272 | 1,464,581 | |||||
| (Deficit) | in | the | |||||
| year | (130,697) | (130,697) | |||||
| At 31 March | 2024 |
| 9. | INVESTMENT | INCOME | 2025 | 2024 |
|---|---|---|---|---|
| Dividends | 522,294 | 526,632 | ||
| Bank interest | 47,991 | 31,715 | ||
| Rents received | 310,188 | 310,800 | ||
| €880,473 | €869,147 | |||
| 10. | OTHER TRADING ACTIVITIES | 2025 | 2024 | |
| Book sales | €1,471 | El,771 | ||
| 11. | INVESTMENT | MANAGEMENT COSTS | 2025 | 2024 |
| Property management | 23,536 | 42,906 | ||
| Property repairs | and maintenance | 37,623 | 81,297 | |
| Support costs | 108,085 | 38,043 | ||
| El69,244 | €162,246 |
| CHARITABLE ACTIV |
ITIES - 20 |
25 | 25 | |||
|---|---|---|---|---|---|---|
| Activities undertakendirectly | ||||||
| Church | ||||||
| almanacs and | Property | Governance | Support | |||
| Grants | sermons | Costs | costs | Costs | Total | |
| Religious | 129,000 | 3,150 | 1,832 | 2,499 | 136,481 | |
| Widows and Poor | 1,832 | 2,499 | 4,331 | |||
| Grant to Paddington | 422,298 | 422,298 | ||||
| Albury Grant | 1,000 | 1,000 | ||||
| Building maintenance | 270,995 | 21,670 | 349,404 | 642,069 | ||
| Other churches | 4,775 | 4,775 | ||||
| 557,073 | E3,150 | 270,995 | 25,334 | E354,402 |
| CHARIT | BLE ACTI |
VITIES - 20 |
24 | 24 | |||
|---|---|---|---|---|---|---|---|
| Activities undertakendirectly | |||||||
| Church | |||||||
| almanacs and | Property | Governance | Support | ||||
| Grants | sermons | Costs | costs | Costs | Total | ||
| Religious | 144,000 | 4,723 | 2,009 | 3,797 | 154,529 | ||
| Widows and Poor | 7,820 | 2,009 | 3,797 | 13,626 | |||
| Grant to | Paddington | ||||||
| Church | 179,472 | 179,472 | |||||
| Albury grant | 6,000 | 6,000 | |||||
| Building | maintenance | 254,723 | 13,886 | 225,945 | 485,554 | ||
| Other churches | 189 | 189 | |||||
| €337,481 | E4,723 | 254,723 | El 7,904 | 233,539 | €839,370 |
| General | English | General | English | |||||
|---|---|---|---|---|---|---|---|---|
| Purposes | Property | 2025 | Purposes | Property | 2024 | |||
| Fund | Fund | Total | Fund | Fund | Total | |||
| Religious | 142,256 | 142,256 | 160,725 | 160,725 | ||||
| Widows and poor | 4,331 | 4,331 | 13,486 | 13,486 | ||||
| Grant | to | Paddington | ||||||
| Church | 422,298 | 422,298 | 179,472 | 179,472 | ||||
| Building | maintenance | 277,731 | 364,338 | 642,069 | 166,527 | 319,159 | 485,687 | |
| €846,616 | f364,338 | 520,210 | E319,159 | E839,370 |
| Basis of | Raising | Charitable | |||
|---|---|---|---|---|---|
| Cost type | apportionment | Funds | Activities | Total | |
| Salaries | Stafftime | 164,800 | 164,800 | ||
| Other costs | Stafftime | 189,602 | 189,602 | ||
| E- | E354,402 | €354,402 | |||
| Comparative figures | |||||
| Salaries | Stafftime | 151,153 | 151,153 | ||
| Other costs | Stafftime | 82,386 | 82,386 | ||
| €233,539 | €233,539 | ||||
| 14. | GOVERNANCE | COSTS | 2025 | 2024 | |
| Fees paid to the | Auditors | ||||
| - Audit | 7,700 | 7,000 | |||
| - Accountancy | 5,962 | 5,962 | |||
| - Other | 8,801 | 4,018 | |||
| Other | 22,463 | 16,438 | |||
| Trustees' travelling expenses (4 Trustees) (2024: 4 Trustees) | 2,871 | I,466 | |||
| 25,334 | €17,904 | ||||
| 15. | STAFF COSTS | 2025 | 2024 | ||
| Wages and salaries | 150,226 | 140,683 | |||
| Social security costs | 13,033 | 10,470 | |||
| Pension costs | 1,541 | 513 | |||
| El 64,800 | €151,666 | ||||
| Number of employees: 2 administration; 3 caretaking) | 5 | 4 |
| There are no material amounts authorised | or contracted for at the | year end. | |||
|---|---|---|---|---|---|
| 18. | FREEHOLD PROPERTIES |
Insurance | Book Value | Book Value | |
| Value | 2025 | 2024 | Notes | ||
| CHURCHES | |||||
| Gordon Square | 100 | 100 | f) | ||
| Wolverhampton | 100 | 100 | a) | ||
| OTHER PROPERTIES | |||||
| Cooks Place, Albury | 3,745,413 | 100 | 100 | b) | |
| Lyne Cottage, Albury | 785,330 | 100 | 100 | c) | |
| Apostles Chapel,Albury | 100 | 100 | d) | ||
| OTHER CHURCH | |||||
| Paddington Church | 1 | 1 | |||
| €501 | €501 |
| General | English | English | |||||
|---|---|---|---|---|---|---|---|
| Purposes | Property | Property | |||||
| Fund | Fund | Fund | Total | ||||
| (Unrestricted) | (Restricted) | (Endowment) | 2024 | ||||
| Income and endowments | from: | ||||||
| Investments | 315,790 | 553,357 | 869,147 | ||||
| Other trading activities | 1,771 | 1,771 | |||||
| Total | 317,561 | 553,357 | 870,918 | ||||
| Expenditure on: | |||||||
| Raisingfunds: | |||||||
| Investmentmanagement costs | 162,246 | 162,246 | |||||
| Charitable activities: | |||||||
| Religious | 160,718 | 160,718 | |||||
| Widows and poor | 193,098 | 193,098 | |||||
| Building maintenance | 166,392 | 319,162 | 485,554 | ||||
| Total charitable activities | 520,208 | 319,162 | 839,370 | ||||
| Total | 520,208 | 481,408 | |||||
| Net (expenditure)/income |
and | net | |||||
| movement in funds |
before | gains | on | ||||
| investments | (202,647) | 71,949 | (130,698) | ||||
| Net gains on investments | |||||||
| - realised and unrealised | 824,205 | 148,272 | |||||
| Unrealised losses on |
revaluation | of | |||||
| investment property | (55,000) | (55,000) | |||||
| NET MOVEMENT IN FUNDS |
621,558 | 564,054 | 148,272 | 1,333,884 | |||
| Reconciliationoffunds | |||||||
| Total fundsbrought forward | 14,850,938 | 28,768,254 | |||||
| Total funds carried forward | El |