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2024-12-31-accounts

THE SOCIETY FOR THE MAINTENANCE OF THE FAITH

TRUSTEES’ REPORT AND ACCOUNTS

31 DECEMBER 2024

Registered Charity No. 247767

SOCIETY FOR THE MAINTENANCE OF THE FAITH

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Registration No: 247767
Address: St Silas Presbytery
11 St. Silas Place
London, NW 5 3QP
Governing Instrument: Constitution (1956) as amended in 2004, 2011, 2022 and 2023
Objects: To promote and maintain Catholic teaching and practice within the
Church of England. This is achieved primarily through the exercise of
patronage of 96 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) (to 15 June 2024)
Vicky Cole
Michael Cooper OBE (Treasurer) (from 15 June 2024)
Anne Gray (Vice-Chairman)
Tom Middleton (Co-opted)
Edward Dobson (Co-opted)
Dr Colin Podmore MBE (President)
Helen Sage
Mrs Susan Way
Clerical Members of Council
The Revd Philip Corbett (General Secretary)
The Revd Canon Robert Fayers
The Revd Canon Geoffrey Harbord
The Revd André Hart (to 15 June 2024)
The Revd Owen Higgs (from 15 June 2024)
The Revd Prebendary Mark McIntyre
The Revd Kyle McNeil
Bankers: CAF Bank
25 Kings Hill Avenue
West Malling
Kent, ME19 4JQ
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
EC2N 3AS
CCLA Investment Management Limited
One Angel Lane
London, EC4R 3AB
Independent Examiner: Olayinka Tomori ACA DChA
Longmeade Consult Ltd
The Old Rectory
Springhead Road
Northfleet, DA11 8HN

1

THE SOCIETY FOR THE MAINTENANCE OF THE FAITH

TRUSTEES’ REPORT

FOR THE YEAR TO 31 DECEMBER 2024

The trustees have pleasure in presenting their report for the year to 31 December 2024.

STRUCTURE, GOVERNANCE AND MANAGEMENT

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

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 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 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 £37,732 (2023: £47,985).

There were no changes to the Society’s patronage in 2024.

2

THE SOCIETY FOR THE MAINTENANCE OF THE FAITH

TRUSTEES’ REPORT

FOR THE YEAR TO 31 DECEMBER 2024

FINANCIAL REVIEW

The accounts show an excess of payments over receipts of £98,171 (2023: £29,290 excess of payments over receipts), All funds are held as unrestricted General Funds (see Note 7 for further information).

The overall value of the Society’s portfolios rose from £929,046 at 31 December 2023 to £1,026,093 at 31 December 2024, reflecting the additional cash transferred from CCLA Cash Deposits and cash, to the CBF Church of England Investment Fund. The total return on the portfolios (income plus/minus capital growth/loss) was approximately +5.20% (2023: +10.15%), which the Council considers to be satisfactory, as it aligned with the general optimism in global stock markets in the year.

During the year the Society paid grants and bursaries of £37,732 from the General Fund (2023: £47,985). 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. The Council is of the view that the level of overall reserves, or net assets, at the end of 2024 of approximately £1.07m 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. No designated funds were held as at 31 December 2024.

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, 2011, 2022 and 2023. 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 19[th] March 2025 and signed as authorised on their behalf by:

Oe Amee

…………………………………………….

Dr Colin Podmore MBE (President)

3

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 2024.

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 The Old Rectory Springhead Road Northfleet DA11 8HN

24[th] March 2025

4

THE SOCIETY FOR THE MAINTENANCE OF THE FAITH

RECEIPTS AND PAYMENTS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

2024
Total
General
£
RECEIPTS
Investment income (gross)
29,779
Deposit interest
4,865
Subscriptions and donations
446
------------------
Total ordinary receipts
35,090
Sale of investments
788,087
Sale of investments in previous year
5,000
-------------------
Total receipts
828,177
-------------------
PAYMENTS
Cost of generating funds
Investment management fees
6,531
-------------------
Administration expenses (including AGM and website)
3,794
General Secretary’s honorarium
6,500
Grants and bursaries paid (Note 4)
37,732
Other
61
-------------------
48,087
-------------------
Other Expenditure
Travel and other admin costs
3,398
Professional fees
1,800
-------------------
5,198
-------------------
Total ordinary payments
59,816
Purchase of investments
2,109
Transfer to investment portfolio
864,423
-------------------
Total payments
926,348
-------------------
EXCESS OF (PAYMENTS OVER RECEIPTS)/
RECEIPTS OVER PAYMENTS
(98,171)
Transfers between funds:
General & Designated Funds
-
-------------------
(98,171)
Cash at bank at start of year
144,420
-------------------
Cash at bank at end of year
£46,249
=========		 2023
General
Designated
Total
£
£
£
26,561
1,412
27,973
3,054
583
3,637
515
-
515
-------------------
------------------
------------------
30,130
1,995
32,125
10,963
-
10,963
-
-
-
-------------------
-------------------
-------------------
41,093
1,995
43,088
-------------------
-------------------
-------------------
6,315
-
6,315
-------------------
-------------------
-------------------
3,419
-
3,419
6,250
-
6,250
47,985
-
47,985
60
-
60
-------------------
-------------------
-------------------
57,714
-
57,714
-------------------
-------------------
-------------------
1,845
-
1,845
1,650
-
1,650
-------------------
-------------------
-------------------
3,495
-
3,495
-------------------
-------------------
-------------------
67,524
-
67,524
4,064
790
4,854
-
-
-
-------------------
-------------------
-------------------
71,588
790
72,378
-------------------
-------------------
-------------------
(30,495)
1,205
(29,290)
19,163
(19.163)
-
-------------------
-------------------
-------------------
(11,332)
(17,958)
(29,290)
155,752
17,958
173,710
-------------------
-------------------
-------------------
£144,420
£-
£144,420
=========
=========
=========

5

THE SOCIETY FOR THE MAINTENANCE OF THE FAITH

STATEMENT OF ASSETS AND LIABILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023 2023
Notes £ £ £ £
Net assets of the General Fund
FIXED ASSETS
Investments at market value 2
Charles Stanley portfolio (a) 20,953 789,999
CCLA Income Shares (b) 1,005,140 139,047
-------------------- --------------------
1,026,093 929,046
CURRENT ASSETS
Deposits 33,230 134,894
Cash at bank 13,019 14,527
------------------ ------------------
46,249 149,421
CREDITORS: Amounts falling due
within one year (1,800) (31,426)
------------------ ------------------
44,449 117,995
-------------------- --------------------
1,070,542 1,047,041
Net assets of designated funds
FIXED ASSETS
Investments at market value 3 - -
---------------------- ----------------------
TOTAL NET ASSETS £1,070,542 £1,047,041
========== ==========
Represented by unrestricted funds:
General Fund
Accumulated balance at start of year 1,047,041 983,877
Net change in investments (Note 2) 97,046 55,924
Capital transfers from designated funds - 48,197
Excess of receipts over payments (98,171) (11,331)
Capital transfer in previous year (5,000) -
Decrease/(Increase) in creditors 29,626 (29,626)
------------------ ------------------
Balance at end of year 1,070,542 1,047,041
Designated funds 7
Balances at end of year - -
--------------------- ---------------------
£1,070,542 £1,047,041
========== ==========

Approved by the Trustees on 19[th] March 2025 and signed on their behalf by

………………………………………………… Dr Colin Podmore MBE (President)

6

THE SOCIETY FOR THE MAINTENANCE OF THE FAITH

NOTES ON THE ACCOUNTS

TO 31 DECEMBER 2024

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
2024 2023
£ £ £ £
(a) General Portfolio
Market value at 1stJanuary 2024 789,999 741,887
Purchases 2,109 4,064
Sales (788,087) (10,963)
--------------- ---------------
(785,978) (6,899)
Realised and unrealised gains /(losses) 16,932 55,011
---------------- ----------------
(769,046) 48,112
---------------- ----------------
Market value at 31 December 2024 £20,953 £789,999
========= =========
Analysis of investment holdings Cost Market Cost Market
Value 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 25,312 20,128 38,938 30,507
Alternatives - - 28,156 29,363
---------------- ---------------- ---------------- ----------------
Total equities 25,312 20,128 428,549 675,910
----------------- ----------------- ----------------- -----------------
Cash 825 825 24,749 24,749
------------------ ------------------ ------------------ ------------------
At 31 December 2024 £26,137 £20,953 £549,368 £789,999
========= ========== ========= ==========

The investment portfolio is managed by Charles Stanley & Co Limited.

7

THE SOCIETY FOR THE MAINTENANCE OF THE FAITH

NOTES ON THE ACCOUNTS (continued)

TO 31 DECEMBER 2024

2. INVESTMENTS OF THE GENERAL FUND (CONTINUED) INVESTMENTS OF THE GENERAL FUND (CONTINUED) INVESTMENTS OF THE GENERAL FUND (CONTINUED)
2024 2023
£ £ £ £
(b) CBF Church of England Investment Fund
Market value at 1stJanuary 2024 139,047 83,038
Purchases 890,990 48,197
Sales (27,331) -
--------------- ---------------
863,659 48,197
Realised and unrealised gains /(losses) 2,434 7,812
---------------- ----------------
866,093 56,009
---------------- ----------------
Market value at 31 December 2024 £1,005,140 £139,047
========= =========
Cost £1,008,388 £40,042
========== =========
The investment is managed by CCLA Investment Managers Limited and is held entirely in “The CBF Church of
England Investment Fund”; an actively managed multi-asset fund.
3. INVESTMENTS OF THE DESIGNATED FUNDS FOR SPECIAL OBJECTS
2024 2023
£ £
Market value at 1 January 2024 - 45,450
Purchases - 790
Transfer to General funds - (48,197)
Realised and Unrealised (losses)/gains - 1,957
---------------------- ----------------------
Market value at 31 December 2024 £- £-
========== ==========
4. GRANTS AND BURSARIES PAID
2024 2023
£ £
All Saints, Notting Hill - 3,000
Bishop of Fulham - 1,000
Council of Catholic Societies 60 60
The St Mary the Virgin Mendlesham Charitable Trust 29,626 -
South Lynn - 2,500
St George’s Preston 3,046 -
St Paul’s Brighton 5,000 -
Strelley - 22,162
Walsingham College Trust - 5,000
Wendron - 14,263
----------------- -----------------
£37,732 £47,985
========= ========

8

THE SOCIETY FOR THE MAINTENANCE OF THE FAITH NOTES ON THE ACCOUNTS (continued)

TO 31 DECEMBER 2024

5. RELATED PARTY TRANSACTIONS

The General Secretary (Philip Corbett) received an honorarium of £6,500 (2023: £6,250). This honorarium was paid in accordance with Clause 8(3) of the Society’s Constitution. No other trustee received any remuneration.

The former Vicar of All Saints, Notting Hill (Philip Corbett) is a Council Member. There were no grants approved by the Council to the Parish of All Saints, Notting Hill (2023: £3,000).

In 2023, 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. The grant was paid in 2024 (see Note 4).

Ten (2023: Eight) trustees received reimbursement of expenses amounting to £3,398 (2023: £1,845).

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

In 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 and Strelley and to the St Mary the Virgin Mendlesham Charitable Trust 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.

In 2023, the creditors in the Statement of Assets and Liabilities included £29,626 being grants payable to the parish of Mendlesham following the closure of the designated fund. This was settled in 2024.

All designated funds were closed as at 31 December 2023.

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
2023 2024
£ £ £ £ £ £ £
Church of England Deposit Fund
2024 £- £- £- £- £- £- £-
========= ========= ======== ========= ========= ======== ========
2023 £17,958 £1,995 £(19,163) £(790) £- £- £-
======== ========= ======== ========= ========= ========= ========

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

9