2023-12-31-accounts - Society For The Maintenance Of The Faith

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THE SOCIETY FOR THE MAINTENANCE OF THE FAITH

TRUSTEES’ REPORT AND ACCOUNTS

31 DECEMBER 2023

Registered Charity No. 247767

SOCIETY FOR THE MAINTENANCE OF THE FAITH

REFERENCE AND ADMINISTRATIVE DETAILS

Charity RegistrationNo:	Charity RegistrationNo:				247767

Address:					c/o MrAndrew Carter
					28 Larksway
					Bishop's Stortford
					CM23 4DG
Governing Instrument:					Constitution (1956) as amended in 2004, 2011, 2022 and2023
Objects:					To promote and maintain Catholic teaching and practice within the
					Church ofEngland. This is achievedprimarily	through the exercise of
					patronage of96 benefices andbymaking modest grants, mostly in aid
					ofthebuilding orrestoration ofchurches within its patronage.
Investment	Powers:			-	There are widepowers ofinvestment.
Charity Trustees:					LayMembers ofCouncil
					Andrew Carter (Treasurer)
					VickyCole
					Julia EltonDL (to 17 June 2023)
					Christopher Gabriel (to 17 June 2023)
					Anne Gray (Vice-Chairman)
					Tom Middleton
					Edward Dobson
					Dr ColinPodmoreMBE (President)
	:				Helen Sage
					Mrs SusanWay (from 17 June 2023)
.					ClericalMembersofCouncil
					TheRevd Philip Corbett (General Secretary)
					TheRevdCanon RobertFayers
					TheRevd Canon Geoffrey Harbord
		,			The Revd André Hart
					The RevdOwen Higgs (to 17 June 2023)
					TheRevd Prebendary Mark McIntyre
			’		TheRevdKyle McNeil (from 17 June 2023)
Bankers:					CAFBank
					25 Kings Hill Avenue
					West Malling
					Kent, ME19 4JQ
					Barclays BankPLC
					Bedford Square Business Centre
					27 Soho Square	;
	:				London, W1A 4WA
Investment Advisers:					Charles Stanley andCo Ltd
					55 Bishopsgate
					London
					EC2N 3AS
IndependentExaminer:	Examiner:				OlayinkaACADChA
					Longmeade Consult Ltd
					Regus House
;					VictoryWay, Admiral’s Park
					Dartford,DA26QD

THE SOCIETY FOR THE MAINTENANCE OF THE FAITH

TRUSTEES’ REPORT

FOR THE YEAR TO 31 DECEMBER 2023

The trustees have pleasure in presenting their report for the year to 31 December 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The government of the Society is vested in a council with the following membership:

e@ the President of the Society (ex officio). _
@ nine members elected from the members of the Society (for three-year terms).
e@ 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 four holding trustees. The President of the Society, the Vice-Chairman of the Council, the General Secretary and the Treasurer are ex officio the holding trustees.

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
e The General Secretary
e The Treasurer.

The Council also elects a Vice-Chairman. .

The Council has power to invite people to become members of the Society. 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 object 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 ofpresentation 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 £47,985 (2022: £18,878). A further £29,626 was payable at the yearend, to the parish in Mendlesham and is included in creditors. As 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 2023 Annual General Meeting further amendments to the Constitution of the Society aimed at improving its governance were approved.

The Society received from the Bishop of Sheffield the patronage of Edlington (St John the Baptist) and Hexthorpe (St Jude) in exchange for that of Holy Trinity Doncaster. It also received from the Bishop of Exeter the patronage of Torre (All Saints) and Torquay St John in exchange for its minority shares in the patronage of four multi-parish benefices in the Diocese of Exeter. ,

THE SOCIETY FOR THE MAINTENANCE OF THE FAITH

TRUSTEES’ REPORT

FOR THE YEAR TO 31 DECEMBER 2023

FINANCIAL REVIEW

The accounts show an excess of payments over receipts of £29,290 (2022: £3,862 excess of payments over receipts), consisting of an excess of payments over receipts of £11,332 in General Funds and an excess of payments over receipts of £17,958 in Designated Funds. This is after transferring three Designated Funds of £19,163 back into General Funds (see Note 7 for further information).

The overall value of the Society's portfolios rose from £870,375 at 31 December 2022 to £929,046 at 31 December 2023, showing the upturn in the stock markets after the impact of Covid-19 and the war in Ukraine. The total return on the portfolios (income plus/minus capital growth/loss) was approximately +10.15% (2022: -7.67%), which the Council considers to be satisfactory, with the rallying of the stock market in the year.

During the year the Society paid grants and bursaries from the General Fund and designated funds of £47,985 (2022: £18,878 from the General Fund), Details are set out in Note 4 to the Accounts, A further grant of £29,626 was payable at the year end and is included in creditors.

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. The Council is of the view that the level of overall reserves, or net assets, at the end of 2023 of approximately £1.05m is a satisfactory level of funding for its running casts. 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. As at 31 December 2023 there were no designated funds; all amounts held in designated funds at the end of the prior year were paid out as grants during 2023,

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.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees of the Charity are required to prepare for each financial year accounts which comply with the Charities (Accounts and Reports) Regulations and the charity’s constitution.

The trustees are responsible for keeping proper accounting records which 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 statutory requirements and with the Constitution (1956) as amended in 2004, 201! and 2022. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on (¢ April 2024 and signed as authorised on their behalf by:

Dr Colin Podmore MBE (President)

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 2023.

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:

accounting records were not kept in respect of the Society as required by section 130 of the 2011 Act; or
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 2024

THE SOCIETY FOR THE MAINTENANCE OF THE FAITH

RECEIPTS AND PAYMENTS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |General|Designated|Total|General|Designated|Total| |£|£|£|£|£|£| |RECEIPTS|.| |Investment|income|(gross)|26,561|1,412|27,973|25,248|1,909|27,157| |Deposit|interest|-|583|583|531|500|1,031| |Subscriptions|and|donations|515|-|515|425|-|425| |Special|projects|3,054|-|3,054|144|-|144| |Total|ordinary|receipts|30,130|1,995|32,125|26,348|2,409|28,757| |Sale|of investments|10,963|-|10,963|67,985|-|67,985| |Total|receipts|41,093|1,995|43,088|94,333|2,409|96,742| |PAYMENTS| |Cost|of generating|funds| |Investment management|fees|6,315|-|6,315|6,496|-|6,496| |Direct|Charitable|Expenditure| |Administration|expenses| |(including AGM|and|website)|3,419|-|3,419|2,714|-|2,714| |General|Secretary’s|honorarium|6,250|-|6,250|5,500|-|5,500| |Grants|and bursaries|paid| |(Note|4)|47,985|-|47,985|18,878|-|18,878| |Other|60|-|60|142|-|142| |57,714|-|57,714|27,234|-|27,234| |Other|Expenditure| |Travel and other|admin|costs|1,845|-|1,845|2,466|-|2,466| |Professional|fees|1,650|-|1,650|1,620|-|1,620| |3,495|-|3,495|4,086|-|4,086| |Total|ordinary|payments|67,524|-|67,524|37,816|-|37,816| |Purchase|of investments|4,064|790|4,854|62,468|320|62,788| |Total payments|71,588|790|72,378|100,284|320|100,604| |EXCESS|OF RECEIPTS|OVER|.| |PAYMENTS/(PAYMENTS| |OVER RECEIPTS)|(30,495)|1,205|(29,290)|(5,951)|2,089|(3,862)| |Transfers| |General & Designated|Funds|19,163|(19.163)|-|21,122|(21,122)|-| |(11,332)|(17,958)|(29,290)|15,171|(19,033)|(3,862)| |Cash|at bank|at|start|of|year|155,752|17,958|173,710|140,581|36,991|177,572| |Cash|at bank|at end|of year|£144,420|£-|£144,420|£155,752|£17,958|£173,710|

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THE SOCIETY FOR THE MAINTENANCE OF THE FAITH

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STATEMENT OF ASSETS AND LIABILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

					2023		2022
			Notes	£	£		£	£
Net assets ofthe General Fund
FIXED ASSETS
Investments at market	value		2
Charles Stanley portfolio			(a)		789,999			741,887
CCLA Income Shares			(b)		139,047			83,038
					929,046			824,925
CURRENT ASSETS
Deposits				134,894			VIDA7
Cash at bank				14,527			48,605
				149,42]	:		160,752
CREDITORS: Amounts falling due
within oneyear				(31,426)			(1,800)
					117,995			158,952
					1,047,041			983,877
Net assets ofdesignated funds
FIXED ASSETS						.
Investments at market value			3	.			45,450
CURRENTASSETS		;
Deposits				-			17,958
	.
					-			63,408
TOTALNET ASSETS					£1,047,041			£1,047,285

Represented by unrestricted funds:
General Fund
Accumulated balance at start ofyear				983,877			1,028,569
Net change in investments (Note 2)				55,924			(59,863)
Capital transfers from designated		funds		48,197			-
Excess ofreceipts overpayments	payments			(11,331)			15,17]
(increase) in creditors				(29,626)			-
Balance at end ofyear					1,047,041]			983,877
Designated funds			7
Balances at end ofyear
Capital accounts				-			45,450
Accumulated income				-			17,958
					-			63,408
					£1,047,041 eeee			£1,047,285 ee

Approved by the Trustees on \S. April 2024 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 2023

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.

INVESTMENTS OF THE GENERAL FUND

INVESTMENTS OF THE GENERAL FUND
‘	2023		2022
	£	£	£	£
(a) General Portfolio
Market value at1January 2023		741,887		827,671
Purchases	4,064		62,469
Sales	(10,963)		(67,985)
	(6,899)	.	(5,516)
Realisedandunrealised gains/(losses)	55,011		(80,268)
		48,112		(85,784)
Market value at 31 December 2023		£789,999		£741,887
Analysis ofinvestment holdings	Cost	Market
		Value
Fixed interest stocks	96,070	89,340
Equities
UK Shares	235,468	372,050
North America	35,148	90,408
Europe	23,686	29,204
Asia Pacific	34,735	58,418
Global	32,418	65,960
Property	38,938	30,507
Alternatives	28,156	29,363
Total equities	428,549	675,910
Cash	24,749	24,749
At 31 December2023	£549,368	£789,999
(b) CentralBoardofFinance Income Shares	Shares	Cost	MarketValue
	No.	£	£
Opening	4,019	13,809	83,038
Transferfrom designated funds — shares	1,007	829	22,763
Transferfrom designated funds—DepositFund	-	25,434	25,434
Change in value inyear	-	-	7,812
Closing	5,026	£40,072	£139,047

THE SOCIETY FOR THE MAINTENANCE OF THE FAITH

NOTES ON THE ACCOUNTS (continued)

TO 31 DECEMBER 2023

3. INVESTMENTS OF THE DESIGNATED FUNDS FOR SPECIAL OBJECTS

			2023	2022
			£	£
	Market value at 1 January 2023		45,450	84,904
	Purchases		790	320
	Transfer to General funds		(48,197)	(32,646)
	Realised and Unrealised (losses)/gains		1,957	(7,128)
	Market value at31 December2023		£48,197	£45,450
				Market
		Holding	Cost	Value
			£	£
	Central Board ofFinance ofthe Church ofEngland
	- Investment Fund Shares	-	-	-
	Central Board ofFinance ofthe ChurchofEngland
	- DepositFund	-	-	-
	At 31 December 2023		£-	£-
4.	GRANTSANDBURSARIES PAID
			2023	2022
			£	£
	All Saints, Notting Hill		3,000	5,000
	Bishop ofFulham		1,000	-
	Bishop ofRichborough		-	1,000
	Council ofCatholic Societies		60	-
	South Lynn		2,500	5,000
	StJohn, Clevedon		-	5,000
	Strelley		22,162	-
	Walsingham College Trust		5,000	-
	Welton Le Marsh		-	2,878
	Wendron		14,263	-
			£47,985	£18,878

RELATED PARTY TRANSACTIONS

The General Secretary (Philip Corbett) received an honorarium of £6,250 (2022: £5,500). This honorarium was paid in accordance with Clause 8(3) of the Society’s Constitution. No other trustee received any remuneration.

The Priest-in-Charge of All Saints, Notting Hill (Philip Corbett) is a Council Member. The Council approved a grant of £3,000 (2022: £5,000) to the Parish of All Saints, Notting Hill.

The Council approved a grant of £29,626 to the St Mary the Virgin Mendlesham Charitable Trust. The husband of a Council member (Anne Gray) is a trustee of that trust.

Eight (2022: Seven) trustees received reimbursement of expenses amounting to £1,845 (2022: £2,028).

THE SOCIETY FOR THE MAINTENANCE OF THE FAITH NOTES ON THE ACCOUNTS (continued) TO 31 DECEMBER 2023

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.

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.

_ Inthe prior year (2022), the Council undertook a review of the funds previously listed as designated funds and decided to lift the designation of funds held for the benefit of the parishes of St Albans, Copnor and All Saints, Portsea. These funds were accordingly transferred to the General Fund. In 2023 the Council approved grants to the parishes of Wendron, Strelley and Mendlesham equivalent to the totals of the designated funds held for the benefit of each parish. Accordingly, at the year-end there were no designated funds.

The creditors in the Statement of Assets and Liabilities include £29,626 being grants payable to the parish of Mendlesham following the closure of the designated fund.

SCHEDULE OF DESIGNATED FUNDS

			INCOME					CAPITAL
		Un- expended	Investment	Transfers	Sale/ (Purchase)	Un- expended
		Income	income for		of	Income		5
		at31 December 2022	theyear		investments	at31 December 2023	No.of Shares	Cost	Market Value
		£	£	£	£	£		£	£
	FUND
	Wendron	9,312	657	(9,969)	.	-	-	.	oe
	Strelley	5,641	423	(6,064)	-	-	-	-	-
~	Mendlesham	3,005	125	(3,130)	-	-	-	-	-
		17,958	1,205	(19,163)	-	-	-	-	-
							Church ofEngland	England DepositFund	Fund
	Mendlesham	-	790	: -	(790)	-	-	-	-
	2023	£17,958	£1,995	£(19,163)	£(790)	£-		£-	£-
	2022	£36,991	£2,409	£(21,122)	£(320)	£17,958		£37,473	£45,450

Note 3 provides details of movements in capital during the year.