## **THE SOCIETY FOR THE MAINTENANCE OF THE FAITH**
**TRUSTEES’ REPORT AND ACCOUNTS**
## **31 DECEMBER 2022**
**Registered Charity No. 247767**
**SOCIETY FOR THE MAINTENANCE OF THE FAITH**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
|Charity Registration No:|247767|
|---|---|
|Address:|c/o Mr Andrew Carter|
||28 Larksway|
||Bishop's Stortford|
||CM23 4DG|
|Governing Instrument:|Constitution (1956) as amended in 2004, 2011 and 2022|
|Objects:|To promote and maintain Catholic teaching and practice within the|
||Church of England. This is achieved primarily through the exercise of|
||patronage of 99 benefices and by making modest grants, mostly in aid|
||of the building or restoration of churches within its patronage.|
|Investment Powers:|There are wide powers of investment.|
|Charity Trustees:|_Lay Members of Council_|
||Andrew Carter (Treasurer)|
||Vicky Cole|
||Julia Elton DL|
||Christopher Gabriel|
||Anne Gray|
||Tom Middleton|
||Edward Dobson|
||Dr Colin Podmore MBE (President)|
||Helen Sage (from 5 May 2022)|
||_Clerical Members of Council_|
||The Revd Philip Corbett (General Secretary)|
||The Revd Canon Robert Fayers|
||The Revd Canon Geoffrey Harbord|
||The Revd André Hart|
||The Revd Owen Higgs|
||The Revd Prebendary Mark McIntyre (from 9 November 2022)|
||The Revd Canon Philip Ursell (to 25 June 2022)|
|Bankers:|Barclays Bank PLC|
||Bedford Square Business Centre|
||27 Soho Square|
||London|
||W1A 4WA|
|Investment Advisers:|Charles Stanley and Co Ltd|
||55 Bishopsgate|
||London|
||EC2N 3AS|
|Independent Examiner:|Olayinka ACA DChA|
||Longmeade Consult Ltd|
||Regus House|
||Victory Way|
||Admiral’s Park|
||Dartford|
||DA2 6QD|
1
**THE SOCIETY FOR THE MAINTENANCE OF THE FAITH**
**TRUSTEES’ REPORT**
## **FOR THE YEAR TO 31 DECEMBER 2022**
The trustees have pleasure in presenting their report for the year to 31 December 2022.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The government of the Society is vested in a council with the following membership:
- the President of the Society (ex officio).
- one holding trustee chosen by and from the holding trustees in whom the Society’s property is vested (see below).
- nine members elected from the members of the Society (for three-year terms).
- the General Secretary, and the Treasurer, who are elected for terms of three years at the Annual General Meeting.
- up to three members co-opted by the Council (for terms of up to three years)
Of the members, no fewer than three shall be lay persons and no fewer than three shall be clerics.
All property of the Society is vested in five holding trustees, one of whom is chosen by the holding trustees to serve on the Council for a term of three years. The President of the Society is an ex officio holding trustee.
The Officers of the Society comprise:
- The President - a lay person elected by the members in Annual General Meeting, serving for a term of five years with scope for further terms of three years
- Up to five Vice-Presidents elected by the council from the membership
- The General Secretary
- The Treasurer .
Those wishing to become members of the Society must apply in a prescribed form. To be eligible they must be communicant members of the Church of England, or of a Church in communion with her, and be in full agreement with the objects of the Society.
## **PUBLIC BENEFIT**
The trustees 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. In particular they consider how the Society’s activities help to contribute to the aims and objectives they have set.
## **REVIEW OF THE YEAR**
The Society continued to be active in exercising its rights of patronage. Where the right of presentation has been suspended, the General Secretary co-operated with the diocesan authorities in the appointment of priests-in-charge. The President and General Secretary made visits to parishes within the Society’s patronage and members of the Council attended the institutions and licensings of new priests. The Society has also responded to proposals for pastoral reorganization or the sale of a parsonage house relating to a number of its livings.
Grants paid to parishes and bursaries amounted to £18,878 (2021: £20,333). No Evelyn Light Bursary having been awarded in 2020 or 2021, in 2022 an Evelyn Light Bursary of £1,000 was paid towards the cost of a study visit undertaken by a number of priests.
At the 2022 Annual General Meeting amendments to the Constitution of the Society aimed at improving its governance were approved. The Council adopted policies on grants, the exercise of patronage, conflicts of interest, financial controls and records management.
The Society received from the Church Union the patronage of Great and Little Bardfield in the Diocese of Chelmsford (now shared with other patrons in a united benefice) and that of Up Hatherley in the Diocese of Gloucester.
2
**THE SOCIETY FOR THE MAINTENANCE OF THE FAITH**
**TRUSTEES’ REPORT**
## **FOR THE YEAR TO 31 DECEMBER 2022**
## **FINANCIAL REVIEW**
The accounts show an excess of payments over receipts of £3,862 (2021: £4,761 excess of payments over receipts), consisting of an excess of receipts over payments of £15,171 in General Funds and an excess of payments over receipts £19,033 in Designated Funds. This is after transferring two Designated Funds of £21,122 back into General Funds (see Note 7 for further information).
Due to the effects of the war in Ukraine and the lingering effects of the pandemic, the overall value of the Society’s portfolios decreased from £969,692 at 31 December 2021 to £870,375 at 31 December 2022. The total return on the portfolios (income plus/minus capital growth/loss) was approximately -7.67% (2021: 12.6%), which given global economic trends in the year, is considered to be satisfactory.
During the year the Society paid grants and bursaries from the General Fund of £18,878 (2021: £20,333). Details are set out in Note 4 to the Accounts
The Society continues to manage its assets conservatively.
## **RESERVES POLICY**
The Council aims to maintain the charity’s reserves at a level which generates sufficient income to meet the running costs of the Society. Any surplus income may be put to grant-making and occasional projects of the Society. With the uncertain outlook for investment returns and the fall in the capital value of the Society’s investments in the year, the Council is of the view that the level of overall reserves, or net assets, at the end of 2022 of approximately £1.05m is a satisfactory level of funding for its running costs. Expenditure and reserves levels will continue to be kept under review.
Designated Funds are monies which the Council would look to apply to the designated parish or area of activity.
## **RISKS**
The Council continues to monitor the major risks to which the Society is exposed and is of the opinion that appropriate steps have been taken to mitigate these risks as far as possible.
3
THE SOCIETY FOR THE MAINTENANCE OF THE FAITH
TRUSTEES. REPORT
FOR THE YEAR TO 31 DECEMBER 2022
STATEMENT OF TRU5TEES' RESPONSIBILITIES
The Irusiees of ihe Charit). are required io prepare for exh financiat year acwunts which c(miply with the Chariiies
(Accounts and Rewns} Regulations and the charit%"'s consiiwiion.
The trustees are resnsIble for keeping proper acc(Mffiting recoTds which disclose with re&sonable accuracy al any tiTt]e
the financial position of the Charit! and io enable them ro ensure thai the financial 5tat¢ments ¢omplJ with ststuiory
requir¢rn¢nts and with the Consiiiuiion (19561 as amended in ?(M)4. ?01 l and ?OL?. The> are also responsible for
safeguarding rhe a55ets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and
other irregulariiies.
Approved by the Trusiees on 30 March 2023 and signed as authorised on their behalf by:
Dr Colin Podmore MBE IPr¢sideni)
**INDEPENDENT EXAMINERS’ REPORT**
## **TO THE TRUSTEES OF THE SOCIETY FOR THE MAINTENANCE OF THE FAITH**
I report to the trustees on my examination of the accounts of the Society for the Maintenance of the Faith (the Society) for the year ended 31 December 2022.
## **RESPONSIBILITIES AND BASIS OF THE REPORT**
As the charity trustees of the Society you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (“the 2011 Act”).
I report in respect of my examination of the Society’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 section 145(5)(b) of the 2011 Act.
## **INDEPENDENT EXAMINER’S STATEMENT**
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 that in any material respect:
1. accounting records were not kept in respect of the Society as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records.
I have **no** concerns and 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.
Olayinka Tomori ACA DChA
Longmeade Consult Ltd Regus House Victory Way Admiral’s Park Dartford DA2 6QD
- ……. April 2023
5
## **THE SOCIETY FOR THE MAINTENANCE OF THE FAITH**
## **RECEIPTS AND PAYMENTS ACCOUNT**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
|**2022**
**General**
**Designated**
**Total**
**£**
**£**
**£**
**RECEIPTS**
Investment income (gross)
25,248
1,909
27,157
Deposit interest
531
500
1,031
Subscriptions and donations
425
-
425
Special projects
144
-
144
-------------------
------------------
------------------
**Total ordinary receipts**
26,348
2,409
28,757
Sale of investments
67,985
-
67,985
-------------------
-------------------
-------------------
**Total receipts**
**94,333**
**2,409**
**96,742**
-------------------
-------------------
-------------------
**PAYMENTS**
**Cost of generating funds**
Investment management fees
6,496
-
6,496
-------------------
-------------------
-------------------
**Direct Charitable Expenditure**
Administration expenses
(including AGM and website)
2,714
-
2,714
General Secretary’s honorarium
5,500
-
5,500
Grants and bursaries paid
(Note 4)
18,878
-
18,878
Other
142
-
142
-------------------
-------------------
-------------------
27,234
-
27,234
-------------------
-------------------
-------------------
**Other Expenditure**
Travel and other admin costs
2,466
-
2,466
Professional fees
1,620
-
1,620
-------------------
-------------------
-------------------
4,086
-
4,086
-------------------
-------------------
-------------------
**Total ordinary payments**
**37,816**
**-**
**37,816**
Purchase of investments
62,468
320
62,788
-------------------
-------------------
-------------------
**Total payments**
**100,284**
**320**
**100,604**
-------------------
-------------------
-------------------
**EXCESS OF RECEIPTS OVER**
**PAYMENTS/(PAYMENTS**
**OVER RECEIPTS)**
**(5,951)**
**2,089**
**(3,862)**
**Transfers**
General & Designated Funds
21,122
(21,122)
-
-------------------
-------------------
-------------------
15,171
(19,033)
(3,862)
Cash at bank at start of year
140,581
36,991
177,572
-------------------
-------------------
-------------------
**Cash at bank at end of year**
**£155,752**
**£17,958**
**£173,710**
=========
=========
=========|**2021**
**General**
**Designated**
**Total**
**£**
**£**
**£**
22,836
1,563
24,399
73
16
89
515
515
-
-
-
-------------------
------------------
------------------
23,424
1,579
25,003
35,847
-
35,847
-------------------
-------------------
-------------------
**59,271**
**1,579**
**60,850**
-------------------
-------------------
-------------------
6,373
-
6,373
-------------------
-------------------
-------------------
2,344
-
2,344
4,500
-
4,500
20,333
-
20,333
156
-
156
-------------------
-------------------
-------------------
27,333
-
27,333
-------------------
-------------------
-------------------
1,289
-
1,289
1,650
-
1,650
-------------------
-------------------
-------------------
2,939
-
2,939
-------------------
-------------------
-------------------
**36,645**
**-**
**36,645**
28,953
13
28,966
-------------------
-------------------
-------------------
**65,598**
**13**
**65,611**
-------------------
-------------------
-------------------
**(6,327)**
**1,566**
**(4,761)**
975
(975)
-
-------------------
-------------------
-------------------
(5,352)
591
(4,761)
145,933
36,400
182,333
-------------------
-------------------
-------------------
**£140,581**
**£36,991**
**£177,572**
=========
=========
=========|
|---|---|
6
THE SOCIETY FOR THE MAINTENANCE OF THE FAITH
STATEMENT OF ASSETS AND LIABILITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Note5
Net asseis of the GeDtr81 Fund
FIXED ASSETS
Investrnenis al markel value
Charles Stanley p)nfolio
CCLA Income Shares
(a)
(b}
741.886
827,671
57,117
824.924
884,788
CURRENT ASSETS
Deposht5
Cash at bank
117 147
48.605
89.352
56,229
160.752
145.581
CREDITORS: Amounts falling due
within ont year
I1.8)
11,800)
158.952
143.781
983,877
1.028.569
Net 4$5ets of dfsigD4ied funds
FIXED ASSETS
Investments at market value
45.450
CURRENT ASSETS
Deposit
17.958
36.991
63.408
121,895
TOTAL NET ASSETS
£1.047.?85
£1.150.464
Represented by unrestricted funds..
General Fund
Accurnulated balance ai start of lear
Net ¢hang¢ in inv¢stm¢DlS INoi¢ 21
Capitsl transfers from designated funds
Exce55 of receipts over payments
D¢crease in treditors
-078.569
(59.863)
943.541
85.124
5,000
15.352)
256
15.171
Balance at end of year
983.877
1.028.569
De5ign8ted funds
Balances at end of year
Capital accounLS
Accumulated income
45.450
17.958
36,991
63.408
121.895
£ l.(H7.285
£1.150.464
Approved by the TTU5tee5 on 30 March 20?3 and Signed on their behalf by
Dr Colin Podmore MBE (President)
**THE SOCIETY FOR THE MAINTENANCE OF THE FAITH**
## **NOTES ON THE ACCOUNTS**
## **TO 31 DECEMBER 2022**
## **1. ACCOUNTING POLICIES**
The accounts have been prepared in accordance with the Charities (Accounts and Reports) Regulations and the Constitution dated 11 May 2004, as amended in 2011. These permit the preparation of a Receipts and Payments account. The accounts are prepared on the historical cost basis of accounting, as modified by the revaluation of investments.
Direct charitable expenditure consists of all expenditure directly relating to the objects of the Society.
## **2. INVESTMENTS OF THE GENERAL FUND**
|**VESTMENTS OF THE GENERAL FUND**|||||
|---|---|---|---|---|
||**2022**||**2021**||
||**£**|**£**|**£**|**£**|
|**(a) General Portfolio**|||||
|Market value at 1stJanuary 2022||827,671||749,695|
|Purchases|62,468||28,953||
|Sales|(67,985)||(35,847)||
||---------------||---------------||
||(5,517)||(6,894)||
|Realised and unrealised gains /(losses)|(80,268)||84,870||
||----------------||----------------||
|||(85,785)||77,976|
|||----------------||----------------|
|Market value at 31 December 2022||£741,886||£827,671|
|||=========||=========|
|**Analysis of investment holdings**|**Cost**|**Market**|||
|||**Value**|||
|Fixed interest stocks|96,215|86,055|||
||------------------|------------------|||
|Equities|||||
|UK Shares|238,502|346,962|||
|North America|35,148|80,982|||
|Europe|23,686|27,251|||
|Asia Pacific|34,350|56,269|||
|Global|32,418|50,689|||
|Property|38,938|31,134|||
|Alternatives|28,157|31,945|||
||----------------|------------------|||
|Total equities|431,199|625,232|||
||-----------------|------------------|||
|Cash|30,599|30,599|||
||------------------|------------------|||
|At 31 December 2022|£558,013|£741,886|||
||=========|==========|||
|**(b) Central Board of Finance Income Shares**|**Shares**|**Cost**|**Market Value**||
||**No.**|**£**|**£**||
|Opening|2,439|1,809|57,117||
|Transfer from designated funds|1,580|12,000|32,646||
|Change in value in year|-|-|(6,725)||
||------------------|------------------|------------------||
|Closing|2,382|£13,809|£83,038||
||=========|=========|=========||
8
**THE SOCIETY FOR THE MAINTENANCE OF THE FAITH**
## **NOTES ON THE ACCOUNTS (continued)**
## **TO 31 DECEMBER 2022**
## **3. INVESTMENTS OF THE DESIGNATED FUNDS FOR SPECIAL OBJECTS**
|||**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
|Market value at 1 January 2022||84,904|83,478|
|Purchases||320|13|
|Sales (Transfer to General funds)||(32,646)|(5,000)|
|Realised and Unrealised (losses)/gains||(7,128)|6,413|
|||----------------------|----------------------|
|Market value at 31 December 2022||£45,450|£84,904|
|||==========|==========|
||||**Market**|
||**Holding**|**Cost**|**Value**|
|||**£**|**£**|
|Central Board of Finance of the Church of England||||
|-
Investment Fund Shares|1,007|829|20,806|
|Central Board of Finance of the Church of England||||
|-
Deposit Fund|24,644|24,644|24,644|
|||---------------------|--------------------|
|At 31 December 2022||£25,473|£45,450|
|||=========|=========|
|**RANTS AND BURSARIES PAID**||||
|||**2022**|**2021**|
|||**£**|**£**|
|All Saints, Notting Hill||5,000|-|
|Westbury Upon Trym||-|5,000|
|All Saints Wrington||-|1,000|
|Mendlesham||-|5,000|
|Clevedon||-|9,333|
|South Lynn||5,000|-|
|Welton Le Marsh||2,878|-|
|Bishop of Richborough||1,000|-|
|St John, Clevedon||5,000||
|||-----------------|-----------------|
|||£18,878|£20,333|
|||=========|========|
## **4. GRANTS AND BURSARIES PAID**
## **5. RELATED PARTY TRANSACTIONS**
The General Secretary (Philip Corbett) received an honorarium of £5,500 (2021: £4,500). This honorarium was paid in accordance with Clause 8(3) of the Society’s Constitution. No other trustee received any remuneration.
The Vicar of Westbury Upon Trym (André Hart) is a Council Member.
A member of the PCC of St Mary the Virgin, Mendlesham (Anne Gray) became a Council Member after the Council approved the grant of £5,000 to the Parish of St Mary the Virgin, Mendlesham in 2021.
The Priest-in-Charge of All Saints, Notting Hill (Philip Corbett) is a Council Member. The Council approved a grant of £5,000 to the Parish of All Saints, Notting Hill.
Seven (2021: Seven) trustees received reimbursement of expenses amounting to £2,028 (2021: £1,289).
9
**THE SOCIETY FOR THE MAINTENANCE OF THE FAITH NOTES ON THE ACCOUNTS (continued)**
## **TO 31 DECEMBER 2022**
## **6. TAXATION**
The Society is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Irrecoverable VAT is included with the category of expense to which it relates.
## **7. DESIGNATED FUNDS**
Funds earmarked for the benefit of individual parishes are set out below. The balances on the Income and expenditure funds are held in individual deposit accounts with the Central Board of Finance of the Church of England Deposit Fund.
During the year the Council undertook a review of the funds previously listed as designated funds. The Council decided to lift the designation of funds held for the benefit of the parishes of St Albans, Copnor and All Saints, Portsea, and these funds were accordingly transferred to the General Fund.
## **SCHEDULE OF DESIGNATED FUNDS**
|||**INCOME**|||||**CAPITAL**||
|---|---|---|---|---|---|---|---|---|
||**Un-**|||**Sale/**|**Un-**||||
||**expended**|**Investment**|**Transfers**|**(Purchase)**|**expended**||||
||**Income**|**income for**||**of**|**Income**||||
|||**the year**||**investments**|||||
||**at31**||||**at31**|**No. of**|**Cost**|**Market**|
||**December**||||**December**|**Shares**||**Value**|
||**2021**||||**2022**||||
||**£**|**£**|**£**|**£**|**£**||**£**|**£**|
|**FUND**|||||||||
|Wendron|8,840|472|-|-|9,312|574|392|11,860|
|Strelley|5,332|309|-|-|5,641|386|263|7,975|
|Mendlesham|2,937|68|-|-|3,005|47|174|971|
|St Albans,|||||||||
|Copnor|9,941|620|(10,561)|-|-|790|6,000|-|
|All Saints,|||||||||
|Portsea|9,941|620|(10,561)|-|-|790|6,000|-|
||-------------------|-------------------|------------------|------------------|-------------------|-------------|------------------|------------------|
||36,991|2,089|(21,122)|-|17,958|2,587|12,829|20,806|
|||||||Church of|England Deposit|Fund|
|Mendlesham|-|320|-|(320)|-|24,644|
24,644|24,644|
||-------------------|-------------------|------------------|-------------------|-------------------||------------------|------------------|
|2022|£36,991|£2,409|£(21,122)|£(320)|£17,958||£37,473|£45,450|
||=========|=========|========|=========|=========||========|========|
|2021|£36,400|£1,579|£(975)|£(13)|£36,991||£37,151|£84,904|
||========|=========|========|=========|=========||=========|========|
Note 3 provides details of movements in capital during the year.
10