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|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|
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|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|
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|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.||||
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|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.||||
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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
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||||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||||||
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||||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|
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|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|
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|CREDITORS|2025|2024|
|---|---|---|
|Deferred income|69,015|30,027|
|Accrued expenses|11,100|11,100|
||€80,115|E41,127|
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|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|||
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|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|
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|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||
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|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|
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||||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|
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|||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|
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||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||
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|||||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|||