ST MARYS FUND, SALISBURY REPORT OF THE TRUSTEES AND STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTETrrrs Truslees, RetKfyrt stalement of Financial Activities and Balance Sheet Notes to the Accounts Independent Examiners Report ST MARYS FUND. SAUSBURY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 LEGAL STATUS The Fund is a registered charity, nLJmb8r 258822. Its goveming instrument is a Charity Commission Scheme dated 5 December 2003, 88 mdified by a Deed of Amendment of 7 February 2006 as •￿ered by the Charity Commission Scheme of 14 Juty 2008 and a further Deed dated 2 December 2011. TRUSTEES The managing trustees who served during the year and to dato are.. Revd L Holl IChairwom8n) Mrs C Romano Mrs E Goaler The Ven S Groom {lo May 20241 Revd J Mackenzie (from May 2024} Révd F Moloney (from May 2024) The Managing Trustoes are nolless than fjve persons appointed by the Bishop's Council of the DM)cese of Salisbury. The custodlan trustee is the Salisbury Dioc8san Board of Finance. CONTACTS Grants Administrator: Mrs D l James. Emmaus House, The Avenue, Wikon, SP2 OFG ADVISERS Independent Examiner Investment Man8g8r'. Mrs N A Halls FCA Flolcher & Partners, Bridge Street, Salisbury SP12LZ CCLA Investsnent Management Ltd, One Angel Lane. London, EC4R 3AB OBJECTS AND ACTIVITIES The Charity's purpose is lo promote and maintsin moral welfare woth in accordance with Christian principles malnly among girls and women primarily within th8 Diocese of Salisbury. This is achigved by grant aiding qualifying indivlduals. through appli￿110n5 made by professionals supporting and wothing wtth them, and other bodies which are dlrectly involved in this type of charitable work wthin the dNese. Grants are given al as starter grants for single, dIvo￿ed or wdowed parents setting up house, bl as special needs grants 10 Single, divorced or wdowed parents and cl for projècls which assist disadvantsged parents. The Charity's a￿ouNting records are maintained by ￿1¢Xesan stsff who also prepare the annual financial slatemenls. ACHIEVEMENTS AND PERFORMANCE The managing trustees h&ld two meetings during the year to approve the annual a￿ounts. mOn￿Or income and expenditure, includlng grants previousty awarded. and lo considèr new grant applications. During the year some 2412023 251 starter grants wer6 given for setting up house and 16 grants (2023 221 were given for special needs. Four projècts r8c&ived block funding in 202412023= 4 projects) and these are detailed on Page 5 in the Notes lo the Accounts. All these grants provide a public benefft to a section of the publi¢- the yranls to individual women enables socially deprived people lo get established in homes wth reosonable facilitie5', the project funding confers wider public bènefits by supporting sodal projects which assist all their clients. The Iruslees have decided to maintain individual negds grants as a priority over prolect ftjnding and so the level of the latter fiuctuates as the charity needs to operat8 within ils &xpendable res8No. The trustees have Compl￿ wth their dLty to have due regard to the guidance on Publ￿ benefit published by the Ch8rity Commission in exercising their powers or duties. FINANCIAL REVIEW Investment income increased during the year to £60,531 (2023 £57.6891. TDtsI grants and associated support costs decreased to £60,246 12023 £70.534}. The cost of gTanls given to organizations was £33,19712023 - £40,161) and to individuals £27,04912023- £30,373). Overall there was an unrestrKted surplus for the year of £285 {2023 - loss £12,845), nd so the Fund's unrestricted resèNe at the end of 2024 increased to £127.855 (2023 - £127,5701.The &ndowmenl fund's investments have increased by £36,566 (2023.. increase of £101.2101 to £1,731,987 at the end of 2024 {2023 £1,695,421). A$ a result there was an overall increase in the Charitys resources by £36,851 to £1,B59.842. sr MARYE RINO. SWSBURY TRiisfEV RWIT FOR THE YFARENDED 31 DECEMBER2024 RESERVES POUCY The TN$Ys PDllcy b fo hda tkn f21.855 127 TOTAL IIEfAssEfsoR UABILrr e f27.85 £i.n1 ￿ £1 859N2 THE FUNDSOP THE CIIWtY: Ir•&l0.1L12 l.TJ7,987 1.731.9W 127.&55 127,885 £ 1ZI.865 £ 1.T81.￿l £ 1.￿9B42 1A95.421 12T,570 £ 1.822,gBi Unre8(rfctedfur￿$ ChAlrnwrn} ST MARYS FUND. SAUSBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting Policies ntin co tion The aGcounls Ifinancial statements) are prepared under the historical cost convention with items recognis8d at cost or transaction value unless otherwise slated in the relevant notes to these aGry)unts. The financial statements hav8 boen pr8pareLI in accordance with the Ststement of Recommended Pr*ice: Accounting and Reporting by Charities preparing their awounts in ac¢ordanGe the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective from 1 January 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ir8land IFRS 102) and the Charities Act 2011. The Charity constilLrtes a public benefit entity as defined by FRS 102. The trustees wnsider that there are no material uncertainties about the Charrws ability b ¢onlinue as a going concem. There are no significant area5 of judgement or key assumptions that affect ilems in the accounts. With respect lo the next reporting period, the year ended 31 December 2025. the most significant areas of uncertainty that affect the carrylng value of assets hgkl by the Charity are the level of investment rolum and the Perforrnan￿ of Inve8lmenl markets. b) Cash flow The acmunts do not include a cash flow state￿Ent because the Charity, as a small ￿PortIng entity, 18 exempl from the requirement to prepare such a statement Unreslricled funds are available for use al the discretion of the trustees in furtherance of the gèneral objectives of the charity and have not been d8suJnaled for other purposes. Endowrnenl funds are pemanent trusts whose income is intended for the knefft of the charty. Income fiom endowm8nl funds is unrestricted. d) Income reco nition All incorne is recognised once the charity has entitlemenl to the income. there is sufficient certainly of rocoipl and so il is probable that the income will be received. and the amount of income receivable can be measured r81igbly. Income from invesiments is included in the year in which it is receivable. Ex Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation wrrTmitting the Charity to the expenditure. it is probable that settlernent will be required and the amount of the obligation can be rneasured reliably. All èxpendilur8 is accounted for on an 8ccNals basis. Grants payable are charged when the offer is conveyed to the reciplent, except in Ihose cases where the offer is conditional, in vthich case the grant would be reccgnised as expendilure when the conditions attaching are futh'lled. Charila le actNitie5 The expendilura on charitable actMti8s includes grants plus support eosls. Su ort costs Support costs have been differentiated beknn govemance costs and other support costs. Govemance costs comprise of all c08ts involving the public a¢xountability of the charlty and its compliance with r8gulation and good practice. Fixed asset investments Listed investjnents are Staled at market value as at the balance sheet dale. The Stalomenl of Financial Actiwties includes the net goins and losses arising on revaluation and disposals Ihroughoul the year. ealised ains nd losses All gains and knsses are lak8n to the Sla18m&nt of Financial A¢tivitses as they 8rise. Realised gains and rosses on Investments are ealculated as the drfference between sales proceeds and opening market value (PU￿haS¢ dote if ￿ter1. Unrealised gains and losses are calculated as the drfterence between the market value at the year end and opening market value lor purchase date if later). Realised and unrealised gains are not separated in the Stalenient of Financial Activities. ST MARYS FUND, SALISBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 and in hand Cash al bank and in hand includes cash on deposit avail8b￿ on demand and cash held by Salisbury Diocesan B08rd of Finance. k) Creditors are reccgnised where the Gharity has a present ￿ligation resulbng from a past event that wtll probably result in th6 transfer Of furKls lo a third party and the anK)unt due to settle the obligatkjn can ￿￿asured reliably. Creditors are normally reo)gnised at their settlement amount. en Fixed ass8t investments are a forTll of basic financial instrument and are initially recognised al their Iransactlon cost and subsequently measured al fair valu6 at the Balance sheet date. Investrnent gains and losses, whether realised or unrealised, are combined and shown in the heading 'Net gainsll1053esl on investments, in th8 Slalemenl of linancial actnirt1￿. Cost of charltable activi￿e$ haT (Note 81 2024 23 (Nole 31 Gr8nt8 to individuals 24 Stsrtei grants12023.' 25 grants) 16 Spetxal neÈds grant (2023.. 22 graTrtsl 16.390 3.686 20.076 4.184 2,789 6,973 20,574 6475 21.167 9,206 30,373 Grants lo organisations Motherts Union i Hol￿aY FyrKI arKI Oevd0￿￿tw￿) Smile Conn8GVFaithworks Womèn's Refuge Sl Franci8, Litllemoor PCC (Farnty￿1ker) Dorset Council Otslreach Littlemoor PCC 5.500 5.000 15.000 7.000 174 174 174 174 5,874 5,174 15,174 7,174 25.495 5.248 2.295 32,5C 697 33.197 40,161 £ 52.576 £ 7,670 £ 70,534 Support costs are allocated between grant types based on the number of grants awdrded in thè year. I costs of charitsbte actSvities in trK>th years were charged to unrestrvAed funds. Support costs Other To 15U rt Total s costs ort su co 2023 Adrninislratorfs $8lary11 employee) Management fee for finanaal administration Trustees. m881ing room hire Ind8p8ndenl examinerf5 fees 4,435 1,558 537 4,435 1,558 537 1,140 7,670 4,234 1,647 55 996 6,932 1,140 1,140 £ 6,530 £ Tha management fees shown above have charged by Salisbury Diocesan Board of Finance fDr servic8s and office aceommodation provided to the Charity by the Board. Relatsd party transacllons, trustees. 9xp9ns￿ and rernunerdtion and managomont personnel The charity considers its key management personnel comprise the trustees and the grant adminislr8lor. No remuneration was paid lo any of the trustees ¢Juring the year 12023 - £nil}. No trustees reeenied reimbursement for travel expenses during the period (2023.. £nill. The grant administrator received a $818ry of £4,435 {2023 - £4,234}. The charity had no other related paty transactions during the year12023- £nill. ST MARYS FUND, SAUSBURY NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Fixed a55et Investments - Llstod Investments fund 2024 funds 2023 2024 Market value at 1 J8nuary Gain I Ilos$l in the year MaTko1 value 8t 31 December 2023 1,695.421 36.566 £ 1,731,987 £ 1.731,987 1.695,421 1,5g4,211 101,210 £ 1.695,421 Historical CC&st al 31 December 2023 768,D98 £ 768 098 £ 768.098 Unrealised gainslloss at 31 December 963,889 £ 9S3,88g £ 927.323 The Charity's policy is to hold all rfLS investments in the CBF Church of England common investment funds with the aim of long term capital 8nd income growth. At 31 December 2024: the value of the investments was r8pT&sented by 650/0 in the Investment Fund. 20QA in the Fixed Interest Fund and 15% In the Propety Fund. The main risk lo thè Charlty from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Cash held by Salrsbury Diocesan Board of Finance The Charity dees I￿1 holé a bank account in ils own name. Banknng facilities are operated through a designated Tru51s Account held in the name of Salisbury Diocesan Board of Finance and a CBF Deposit Fund. Creditor¥: amounts falllng due wlthln one year 20 Accruals for yran18 payable Other accruals 27,5DO 3,464 26,500 2,351 28,851 Movomont In fundlng commlth)ents for grnnts durfng the year 20 20 rant commrfcments recognised as at 1 January New grant commitments charged lo SOFA (see Note 2) Grants paid durlng Ihe year Grant commilmenls recognised as at 31 De￿mber 2024 26,500 52,576 51,576 27,500 12,000 63,602 26.500 Anatysls ofcharitsblefunds Analy318 of Fund8 movernen15 In Gains an 31.12.2024 Endowrnenl funds Unrestricted funds 1,695.421 127.570 £ 1,822.990 £ 36.566 1.731,987 127,855 £ 1,859,842 60.531 60,531 £ 60,246 60.246 36,566 10. Analysls of charltable tunds - prevlous year Analysis of Funds movemants Bala￿e at 1.1.23 Gains and OS5 Endowment funds Unrestricted funds 1,594,211 140,414 57.689 £ 1,734,625 £ 57,689 £ 101,210 1,695,421 127 570 2 1,822,990 70,534 70,534 £101,210 ST MARYS FUND. SALISBURY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2D24 11. Analysis of net assets between funds Unrestrl E dowm8nt unds Funds Fixed as5el invèstments Current assets Curr8nl liabilities Total 1,731,987 1,731,987 158,819 30,964 £ 1,859,842 158,819 30,964 £ 127,855 £ 1,731,987 12. Anatysl¥ of net assets between funds - previous year nd To FuThJs Fulld$ Fixed asset investments Current assets Current liabillcies Totsl 1,695,421 1,695.421 156,421 28.851 £ 1,822,991 156,421 28,851 £ 127,570 £ 1,S95421 13. Flnanclal Instruments Note 2024 Financial assets measured at falr value through profrt and loss- Investments held at falr value 1,731,987 £ 1,731,987 1695,421 £ 1,695,421 Incom8, expense, gaiTrs or bsse5, including changos in fair value, recognised on.. GainsllLos8È81 on Financial 8ssels measured at fair value Interest on cash deposits Income Irom listed investments 36,566 7,145 53,386 97,097 101,21Q 6,372 £158,899 ST MARY'S FUND. SAUSBURY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 I report lo the trustees on my examination of the 8ccount$ of the St Marls Fund. Salisbury (the Trust) for the year ended 31 December 2024, which are set out on pages 3 to 7. Rèsponsibilitiés and basls of report As the charty trustees of the Trust you are ￿spOnsIble for the preparallon of the ac£ounts in accordance wlth the requirements of the Charities Act 2011 Cthe Acf). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 A¢1 and in carrying out my examinatlon I have followed all the appI￿abl0 Diredions glven by the Charity Commission under section 14515llbl of the Ad. Independent examlner's statement I have completed rny examination. I confirm that no material matters have come to my attention in wnnection with the examination giving me cause to believe that in any material respecl- accounting records were not kept in re5PeCt of th6 Trust as required by section 130 of the Act., or 2. the accoun15 do not accord with those records,. or 3. the a¢counl8 do not comply wilh the applicable requirements concerning the form and conlenl of 8ccounts set out in the Charities (Accounts and Reports) Regulations 2008 olher than any roquiremenl thal the accounts giv9 a'true and fair view which k8 not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection y￿¢h the examination to ￿lCh attention should be drawn in this report in order lo enable a prcper urKlerntanding of the accounts to be reached. Mrs N A Halls FCA Fletcher & Partners Ciowrb Chamb&rs Bridge Street Salisbury Date.. 0￿Qj t) 2>-