##
#
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||~|A strong governance
framework
will be embedded,
meeting|
|---|---|---|---|
||||the required
standards
for charities
with a connected|
|Cl|||non-charitable
subsidiary;
continuing
to comply
with the
revised
Charity
Governance
Code; operating
within
risk
appetite; being appropriately
advised
by knowledgeable|
||||and competent
advisers, and assessing the adequacy ofthe|
||||rate ofreturn
received from the subsidiary.|
|Providing|solid|~|The Trust
will continue
to have
strong
overslqht
of Its|
|foundations|||subsidiary
and will support
its continued
development
as|
||||a surcessful
financial
services group.|
|||~|Impact
practice
will be embedded
in all of our grants|
||||proqrammes,
prowding
a framework
by which the success|
||||of individual
grants
programmes
can
be judged
and|
||||outcomes
can be utilised to inForm the Trusts strategic|
||||planning,
including
the development
ofnew and adapted|
||||open and recurrent
qrants
programmes
that respond to|
||||changing
beneficiary
needs.|
|||~|Impact
measurement
and
analysis
will
be
used
to|
||||continually
improve
the Trust's
beneficiary
offer and to|
|Enabling|greater||evidence the Trust's own impact to key stakeholders.|
|impact||~|The Trust
will take a leading
role in sharing
its learning
un impar. t practir. e with other Christian
funders
and its|
||||beneficiaries,
with the aim of enabling
and celebrating|
||||the Chnstian
charitable
sector's increasinqlq
positive and|
||||transformative
impact on communities.|
||||The Trust
will
play
an
increasinqly
prominent
role
in|
||||Christian
Networks.
A joint grants
programme
and/or|
||||campaign
will be explored
with one or more Christian|
||||funders that will enhance the Christian
sector's reputation|
||||for responding
tothe needs of its beneficiaries
and havinq|
||||a transformative
impact on communities.|
||||New and deeper connections
will be formed that generate|
||||an
increasing
percentage
and
enhanced
quality
of|
|Building Strategic
Partnerships|||applications
from denominations
outside the Church of
Fngland
and from rharities.
The Trust will grow an ambassadorial
network and increase|
||||awareness ofthe I rust's purpose and mission to the wider|
||||Christian
sector.|
##
##
##
|||The Trust will be the 'go to' for both funding
support and|
|---|---|---|
|||advice for Christian
charities and churches, offering a suite|
|||ofguidance and tools for beneficiaries
in a range offormats|
|||that help equip them to meet changing
needs and build|
|||resilience
in both their organisation
and their community.|
|||Gaps
in beneficiary
skills, kiiowledge
and
provision
will|
|||be identified
through
needs analysis
surveys
and a sector|
|||mapping
exercise, and the Trust will look to develop its own|
|||expertise
in the areas identified.|
|Adding|Value|Outreach
to
selected
partners
will
inform
planning,
exploring
the potential
for joint resource
development|
|||and campaigns
where both partners
can add expertise and|
|||value through
networks,
media, influencers,
etc.|
|||The Trust's deepening
expertise
will be shared through
its|
|||own and partner channels
and events.|
|||The operating
model ofthe Trust, inrluding
its technological|
|||needs, will be efficient and effective but also resilient and|
|||robust to respond to the challenge ofchange.|
|||Be increasingly
IT self-sufficient,
whilst
balani. ing the|
|||economic, resource,
risk and data protection
benefits of|
|||using shared group resource, to maintain
the Trust's agility|
|||particularly
in relation to digital services.|
|Investing|in our|Future
sustainability
will be considered
in fulfillinq
the
Trust's plans, including
the impact on the environment
and|
|Future||climate change.|
|||The Trust's staff and trustees
will also be better equipped|
|||and more confident to act as spokespeople
and/or|
|||ambassadors
for the Trust.|
|||Significantly
enhance
its reputation
as a champion
ofthe|
|||Christian
charitable
sector.|
|||Opportunities
ansing from the repositioning
under a co-|
|||shared
brand
name
with the Group, Benefact Trust and|
|||Benefact Group, will be rnaximised
to increase awareness|
|||and
extend
rearli
and
engagement,
while
protecting|
|||reputation
and ensunng
compliance
with charity
law and|
|||regulations.|
|Growing||As part ofdevelopment
ofthe Trust's next strategic chapter|
|reputation||plan
in 2023, consideration
will include
giving focus to
forming
the Trust's Thought
Leadership
position
in the|
|||Christian
charitable
sector.|
##
|Strategic|Goal||Strategic initiatives|
|---|---|---|---|
||||Strenr2then
the Trusty operational
resilience|
||||and develop a realistic resilience
plan which
is|
||||tested.|
||||Undertake
a review ofour advisers.|
|Providing|solid|||
|foundations||||
||||Undertake
an informed
and oblective review of|
||||the adequacy
ofthe return
received/targeted|
||||from the Group when weighed
against the risk.|
||||Impact framework
Establish
and implement|
||||an impact approach
for the Trust
in line with|
||||the new grants programmes.|
|Enabling|greater||Grants
review
implementation
- implement|
|impact||Oo|the new grants
prograrnmes
as outlined
in the
grants
review.|
||||Build existing
relationships
with key Christian|
||||sector stakeholders
to deepen
insight of the|
||||needs and opportunities
to inform the Trust's|
||||strategic planning.|
||||Grow denominational
network
to help grow|
||||awareness
of the
Trust's
grant-giving
and|
||||increase
the
charity's
presence
to
enable|
|Building Strategic|||greater denominational
reach.|
|Partnerships||||
||||Explore joint campaigns
with Christian|
|||F5|funders. Engage with key sector bodies and
'think tanks' to Identify trends, challenges
and
opportunities|
##
##
##
|K~|K~||Deepen and share expertise. Extend the effect of
our resources across all our marketing
channels|
|---|---|---|---|
|GRR|||and including
more thought
leadership
and
expert opinion.|
|Adding|Value|||
||||Continue to build capacity
and expertise of|
||||trustees
and staff and support
and develop|
||||a
flexible
workforce
in
a
post
Covid-19|
||||environment.|
|Investing|in our||Grants
management
system
upgrade.|
|Future||Oogo|Reviewing
and
identifying
the
most
appropriate
grants
system
to support
the
Trust's changing
needs.|
|||0|Maxlmise
the new Benefact Trust brand to
raise the Trust's
profile and to extend
reach|
||||and
engagement
with
beneficiaries
and|
||||audience.|
|Growing|||Establish an ambassador
network
lo raise lhe|
|reputation|||profile of Benefact Trust by extending
reach.|
##
##
|Our objectives for 2022|What we achieved|
|---|---|
|Strengthen
the Trust's
risk|A Working
Committee
was established
to consider
the|
|management
through|development
ofa risk management
policy and a defined
risk|
|the adoption ofa risk|appetite. The draft risk management
policy and risk appetite|
|management
policy and a|was considered
by the Audit 8 Risk Committee at its meeting|
|defined
risk appetite.|in November
and was approved
by the Board in December.|
|Undertake
an informed|Due lo Lhe volatility
in Lhe Stock Markets
in 2022, it was agreed|
|and objective review ofthe|to delay this initiative
until 2023.|
|adequacy ofthe return||
|received/targeted
from||
|Benefact c'roup when||
|weighed
against the risk.||
|Undertake
a review of|A Grants
Review,
undertaken
by the Grants
Committee,|
|the Trust's grant-making|was completed
in 2022 and aqreed
by the Board
in Q3.|
|to ensure the charity's|Implementation
of the Grants
Review's
recommendations|
|grant giving responds to|and changes to the Trust's qrants
proqramme
was made
in|
|beneficiary
need and is|early 2023.|
|aligned
with strategy
and||
|areas offunding
focus.||
|Continue to embed impact|Impact isvery difhcult to measure, and it isrecognised that the|
|practice
inLo Lhe TrusL's|grants system and application
processes need to be upgraded|
|grants prograrnmes
to|to generate
more sophisticated
reporting
to help embed|
|assess their success and|impact practice into the Trust's grant
making
prograrnrnes.|
|inform strategic planning|Improvements
were made to the reporting
processes
for|
|ofthe charity's
grant
giving.|Recurrent Grantsthis
year and Impart surveys wei'P conducted|
||durinq the year forthe Trust's
main grant programmes.|
|Deepen understanding|Further
connections
and
relationships
were
made
and|
|ofthe sector and|developed
with
key denominational
stakeholders
in 2022.|
|increase connections|Active participation
ofthe Christian
Funders
Forum has helped|
|and relationships
with|our understanding
ofchallenges
and opportunities
across the|
|key denominational|sec.lor.|
|stakeholders.||
##
##
##
|Grow denominational|Work
in this area resulted
in more grant applications
being|
|---|---|
|network to help grow|received from a broader range ofdenominations
durinq 2022|
|awareness ofthe Trust's|and the Trust aims to continue to broaden
its reach.|
|grant giving and increase||
|the charity's presence||
|to enable greater||
|denominational
reach.||
|Build existing relationships|Relationships
with
key Christian
stakeholders,
including|
|with key Christian
sector|significant
charities
and other Christian
funders, continued|
|stakeholders
to deepen|to be nurtured
and
developed
during
2022. Attending|
|Insight ofthe needs and|conferences and being able to meet with existing and potential|
|opportunities
to inform the|beneficiaries
once again has helped build the Trust's awareness|
|Trust's strategic planning.|ofthe most pressing
needs and issues facing the voluntary|
||and faith sectors. This resulted
in a Crisis Response
Grants|
||programme to help Ukrainian
refugees
in Ukraine and in the UK|
||and Ireland, a Cost of Living Grants programme
to support the|
||most vulnerable
in our communities.
The Trust also launched|
||a Brighter Lives Grants
Programme
in response to the impact|
||ofthe pandemicwhich
caused a huge increase
in the number|
||ofpeople struggling
with their mental
health.|
|Engage with key sector|Engagement
with
a broad
range
of other
funders
and|
|bodies and 'think tanks' to|membership
ofthe Christian
Funders
Forum and Association|
|identify trends, challenges|of Charitable
Foundations
has helped
broaden
the Trust's|
|and opportunities.|understanding
of trends,
challenges,
and
opportunities.|
||Attendances
at key faith and voluntary
sector conferences|
||and meetinqs
has also contributed
tothe Trust's unde rstandinq|
||ofsector specific issues.|
|Align the Trust and Group|In March 2022,tlie Trust repositioned
under a co-shared brand|
|under a new co-brand.|name with the Group
it owns —Benefact Trust and Benefact|
||Group. The rebrand
had been planned
for a number ofyears|
||and was a significant
project for the Trust and the Group.|
||The rebrand
was launched
successfully
and received positive|
||feedback from many stakeholders.|
|Establish an ambassador|The Trust will consider how to effectively
build an ambassadorial|
|network to raise the profile|network to raise the Trust's profile
in 2023.|
|of Benefact Trust.||
##
##
##
|Implement
and embed the|The Trust's ambition
is to become a value added funder and|
|---|---|
|Rpsolil'cp
Nppcls Strategy|In 2022 developed
new resources for its existing and potential
as'Benefits|
|to position the Trust as a|beneficiarie. Articles, advice, and support on areas ofinterest|
|value adding funder and lay|such
oCommunity
Businesses
in Places ofWorship'|
|the foundation
for further|and 'Church and Community
Working Together'have
been well|
|thought
leadership
activity.|received.
Further development
will take place in 2023. The|
||Trust will broaden
itsoffe by introducing
further guidance and|
||tools for beneficiaries
that
will help them to meet changing|
||needs and build resilience
in both their organisation
and their|
||community.|
|Continue to build capacity|An Interim
Trust Director was appointed
at the start of 2022|
|and expertise
ul trustees|and a permanent
Trust Director joined the Trust on 2nd May|
|and staff and su p port|2023. A new trustee from a legal and regulatory
background|
|and develup
a flexible|was recruited
during the year. The Board stayed abreast of|
|workforce
in a post Covid-19|key developments
which
impacted
on its subsidiaries.
Away|
|environment.|Day sessions were held at both trustee and management
level|
||during the year. New ways ofworking were established
in 2021|
||and continued
in 2022to reflect the post Covid-19 environment.|
|Review the Trust's|A full review ofthe technology
and software systems used by|
|technology
and software|the Trust took place in 2021,with a particular
focus on a high-|
|systems to ensure systems|level evaluation
of alternative
grants
management
systems.|
|are efficient and meet|During the year, a new Head of Grants
was appointed,
and|
|requirements
and build|the trustees
agreed to delay the implementation
ofthe new|
|staff skills to ensure|version ofthe grants management
system to enable the new|
|maximum
benefit
is|Trust Director and Head of Grants to assess the needs ofthe|
|derived
from system
use.|Trust with the benefit oftheir experience.|
|Maximise the new Benefact|The new Benefact Trust brand has been very well received and|
|trust brand to raise the|the Trust further aims to grow its awareness
and reach among|
|Trust's profile and to extend|key stakeholder
audiences
in 2023.Over the next year the Trust|
|reach and engagement
with|will continue to raise brand
profile and reach by evolwng the|
|beneficiaries
and audience.|marketing
approach.
Raising the profile ofthe Trust will be a|
||major focus ofthe next Strategic
Chapter 2024 2026.|
|Evolve the new Report and|Following the re-design ofthe 2021 Report ItAccounts reflecting|
|Accounts to reflect the new|the new Benefact Trust brand, further
work was undertaken|
|Benefact Trust brand
with|in 1022 to demonstrate
the
Irust's
evolved
grant-giving|
|a modern
and professional|work under the new brand.
In addition,
work commenced
on|
|design as well as the Trust's|developing
an Impact Report for 2023.|
|impactful
grant-giving.||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|Grant||||||KPI|
|---|---|---|---|---|---|---|
|Programme||KPI||Target|Result|met?|
|Hope|%|nf beneficiaries
reporting
that||At least|97%of|Yes|
|Beyond'|at|least one ofthe following||80%of|respondents||
||programme
outcomes has been|||respondents|||
||achieved:||||||
||~|delivering
new suppvrl.
vr|||||
|||activities to meet needs arising|||||
|||from the Coronavirus
pandemic|||||
||~|adopted
new ways ofworking|||||
|||to meet needs arising from|the||||
|||Coronavirus
pandemic|||||
|Methodist|~|%ofbeneficiaries
reporting|that|At least|87%of|Yes|
|||at least one ofthe following||80%of|respondents||
|||programme
outcomes
has|been|respondents|||
|||achieved:|||||
||~|a significant
increase
in commu-|||||
|||nity enqagcmcnt|||||
||~|a significant
improvement|in||||
|||art essibility
nf their building(s)|||||
||~|a significant
increase
in church|||||
|||growth|||||
|General||%ofbeneficiaries
reporting|that|At least|93%of|Yes|
|Grants||at least one ofthe following||80%nf|respondents||
|||programme
outcomes
has|been|respondents|||
|||achieved as a result oftheir|||||
|||grant:|||||
|||Enabled rhurrh
growth|||||
|||Helped address social|||||
|||challenges|||||
|||Enabled continued
use or wider|||||
|||iommunity
use ofrhurrh|||||
|||facilities|||||
|||Protected or promoted
hentage|||||
|Transform-|~|%nfapplications
submitted||Ai least 60%|82%of|Yes|
|ational||by either Christian
charities||of appli|applications||
|||or denominations
outside of||cations|submitted||
|||t hurch ofEngland||submitted|||
##
|Grant|||||KPI|
|---|---|---|---|---|---|
|Prograrnrne||KPI|Target|Result|met?|
|Transform|~|%of beneficiaries
reporting that|At least|100%of|Yes|
|ational||at least one ofthe followinq|80%of|respondents||
|||programme
outcomes has been|respondents|||
|||achieved:||||
||~|Oryanisal. ional reach extended||||
|||Lo agreater number ofpeople||||
|||and/or
over a wider geographical||||
|||area||||
||~|Significant
progress
in realising||||
|||organisational
vision and/or||||
|||strategic aims||||
||~|Organisational
growth or||||
|||step-change||||
||~|Benefit beyond the immediate||||
|||organisation
(e.g.for partner||||
|||organisations
orthe wider||||
|||community)||||
##
##
##
##
##
|ur total net|exp|endit|ure
in the ye|ar was|f12.6m|(restated|2021:net in|come f20.2m|).|
|---|---|---|---|---|---|---|---|---|---|
|||||||||Rc*otcd'||
||||||2022|||202I||
||||Unri stn«ted|En dow|men t||bnrestncted|Endowment||
||||funds||funds|Totalfunds|funds|funds|Total funds|
||||EOOO||EOOO|EOOO|EOOO|EOOO|EOOO|
|Total income|||15/27||8,945|24472|24,847|3,810|28,657|
|Total expenditure|||(24,172)||(356)|(24,528)|(20372)|(370)|(20,742)|
|Net
O oases)/gains
invesments|on|||(12,198)||(12,198)||12,332|12032|
|Taxation|||||(112)|(112)||(82)|(82i|
|Net (expenditure)/income
In the gear|||(8,845)|(3,721)||(12,566)||15,690|20,165|
|Tldl life i
lo el 1iluwirie
funds||iI|(2,000)||2,000||(4,000)|4,000||
|Transfers to unrestricted
funds|||3,550|(3,550)|||7,952|(7,952)||
|Net movement
in|funds||(7395)|(5,271)||(12,566)|8,427|11,738|20,165|
##
##
##
##
|Target|2022|2021|2020|
|---|---|---|---|
|c 7.5%|5.9%|5.4%|4 3%|
##
##
##
##
##
##
##
##
##
##
##
|||UK||Non-UK|Non-UK||Total||
|---|---|---|---|---|---|---|---|---|
||2021||2022|2021|2022|2021||2022|
|Scope 1|||143||23|103||166|
|Scope 2 - Lo«ation based|383||584|97|92|480||676|
|Scope 2- Market based|68||82|97|92|165||174|
|Scope 3|172||734|22|217|194||951|
|Tota I'|||959|125|332|462||1291|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||||||||Restated'||
|---|---|---|---|---|---|---|---|---|---|---|
|||||Nntes||2022|||2021||
||||||Linrestricted|Endowment|Total|Unrestricted|Endowment|Total|
||||||funds|funds|funds|funds|lunds|funds|
||||||EOOD|EOOD|f000|f000|f000|E000|
|Income and endowments|||from:||||||||
|Donations|||||269||269|3,841||3,841|
|Investments|||||||||||
|Gift oid from subsidiary|||||||||||
|undcrtohing|||||15,000|5,000|20,000|11,000||21,000|
|Dividenrl
ond Interest Income||||4|58|3,945|4,003|6|3,810|3,816|
|Totalincome|||||15,327|8,945|24+72|24,847|3,810|28,657|
|Expenditure
on:|||||||||||
|Raising funds||||||(356)|(356)||(370)|(370)|
|Charitable
activities|||||||||||
|Charitable
giving|—grants||||(22,821)||(22,821)|(19,329)||(19,329)|
|Other expeodirure||on|||||||||
|choritoble onivities|||||(1,351)||(1,351)|(1,043)||(1,043)|
|Total expenditure|||||(24,172)|(356)|(24,528)|(20,372)|(370)|(20,742)|
|~el (lusses)&gains|on investmeins|||12||(12,198)|(12,198)||12332|12,332|
|Taxation||||||(112)|(112)||(82)|(82)|
|Nei
(expenditure)/income
gear|||in the||(8,845)|(3,721)|(12,566)|4,475|15,690|20,165|
|Transfers between||funds|||||||||
|Gross transfers to|the endowment||||||||||
|fund||||16|(2,000)|2,000||(4,000)|4,000||
|Gross transters to|the unrestncted||||||||||
|f&irid||||16|3,550|(3,550)||7,952|(7,952)||
|Net movement
in|funds||||(7,295)|(5271)|(12,566)|8,427|11,738|20,16i|
|Total funds brought||forward|||20,958|115,827|136,785|12,531|104,089|116,620|
|Total funds carried||forward|||13,663|110,556|124319|20,958|11 &,827|136781|
##
||||||||Restated|
|---|---|---|---|---|---|---|---|
||||Notes||2022||2021|
|||||Unrestricted|Endowment|Total|Total|
|||||funds|funds|funds|funds|
|||||EOOO|EOOO|f000|EOOD|
|Fixed assets||||||||
|Investments||||50|109,615|109,665|109,952|
|Total fixed assets||||50|109,615|109,665|109,952|
|Current assets||||||||
|Debtors|||13||309|317|409|
|Cash at bank and in|hand||14|19+46|679|20425|30,767|
|Total current assets||||(9+54|988|20,542|31,176|
|Liabilities||||||||
|Creditors: amounts|falling|due within one year|15|(3,747)||(3,794)|(3,078)|
|Net current assets||||15,807||16,748|28,098|
|Total assets less current||liabilities||15,857|110,556|126,413|138,050|
|Creditors
amounts|falling|due after one year|15|(2,194)||(2,194)|(1465)|
|Total net assets||||13,663|(10556|(24+19|136,785|
|1he funds ofthe charity.||||||||
|Unrestricted
funds||||||||
|General funds|||16|11,681||11,681|14,612|
|Designated
funds|||16|1,982||1,982|6,346|
|||||13,663||13,663|20,958|
|Restricted funds||||||||
|Endowment
funds|||16||110,556|110,556|115,827|
|Total funds||||13,663|110,556|)24+19|136,785|
##
|||||||||||Restated'|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Notes|2022|2021|
||||||||||6000|(000|
|Net (expenditure)/income
forthe reporting||||period|||||(12,566)|20,165|
|Adjustments
for:|||||||||||
|Gift aid from subsidiary
undertaking|received|||in specie|||||(5,000)||
|Losses/(gains)
on investments|||||||||12,198|(12,337)|
|Dividend
and Interest income from investments|||||||||(4,003)|(5,816)|
|Decrease/(increase)
in debtors|||||||||172|(174)|
|Increase
in creditors|||||||||1,641|443|
|1axaLiun paid|||||||||112|82|
|Net cash (used in)/provided
by operating||activities|||||||(7,446)|4,368|
|Cash flows from investing
activities:|||||||||||
|Dividend
and interest income from investments|||||||||3,823|3,798|
|Proceeds from the sale ofinvestments|||||||||10,713|20,718|
|purr hase ofinvestments|||||||||(17,624)|(13,175)|
|Net cash (used in)/provided
by investing||a«tlvlties|||||||(3,088)|11,341|
|Change
in «ash and cash equivalents|in the|||reporting||period|||(10,534)|15,709|
|Analysis ofchanges
in net debt|||||||||||
|Cash and cash equivalents
at the beginning|||ofthe reporting||||period||30,767|15,079|
|Change
in cash and cash equivalents|in the reporting||||period||||(10,534)|15,709|
|Change
in cash and cash equivalents|due to||exchange|||rate movements|||(8)|(21)|
|Cash and cash equivalents
at the end ofthe||||reporting||period||14|20325|30,767|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||2022|||2021||
|---|---|---|---|---|---|---|
||Unrestricted|Endowment|Total|Unrestricted|Endowment|Total|
||funds|funds|funds|funds|funds|funds|
||EOOD|EOOD|EOOD|EODO|1000|EOOD|
|Income from financial assets at|||||||
|fair value|||||||
|Equity ser.urities|||||||
|- listed||3,330|3,330||3,292|3?92|
|Debt securities|||||||
|lisled||586|586||527|527|
|Income from frnan«ial assets at|||||||
|amortised
cost|||||||
|-cash at bank and in hand and|||||||
|cash deposits, net|||||||
|ofexchange movements|58|29|87||ly)|(3)|
||58|3,945|4,003|6|3,810|3,816|
##
##
|||Grants lo|Shared|Support.||
|---|---|---|---|---|---|
|||institutions|costs|COStS|Total|
|2022||1000|EOOD|EOOD|EOOD|
|National|projects|2,401|30|159|2,590|
|l.ngland||18/Ot||159|18,632|
|Ireland||1,153|32|159|I/44|
|Scotland|||28|159|728|
|Wales||485|27|159|668|
|Other||40||159|210|
|||?2,821|397|954|24,172|
|2021||||||
|National|projects|2,592|23|105|2,720|
|England||14,698||105|15,047|
|Ireland||1,022|58|105|1,185|
|Scotland||402|35|105||
|Wales||575|31|105|711|
|Other||40|22|105|167|
|||19,329||630|20,372|
##
|||||||||||2022|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||f000|
|National
projects
Baby Basics UK, Sheffield, South Yorkshire|||'|||||||92|
|QEST
(Queen Elizabeth
Scholarship|Trustj,||london||||||||
|Rose Castle Foundation.
Carlisle, Cumbna||||||||||200|
|Safe Spaces England
and Wales, London||||||||||250|
|Sanctuary
Foundation,
london||||||||||162|
|Spurgeons,
Rushden,
Northamptonshire||||||||||260|
|Street Connect, Glasgow||||||||||150|
|The Ecumenical
Council for Corporate Responsibility|||||||(ECCRI, Krngton,|Herefordshrre||165|
|The ssethodist
Church
rn Great Bntarn,||London||||||||150|
|Through the Roof, Morden, Surrey||||||||||150|
|vouthscape,
Luton, Bedfordshire'||||||||||30|
|England|||||||||||
|ACET UK, 1 hester, Cheshire||||||||||120|
|Ashbourne
Methodist
Church, Ashbourne,|||Derbyshlre|||||||100|
|Babg Basics UK, Sheffietd, South Yorkshire||||||||||50|
|Brltfsh Red Cross, London||||||||||150|
|Church ofthe Holg Famllg, Oxford,|Oxfordshire|||||||||130|
|Church Revitallsatlon
Trust, London||||||||||140|
|Chart. h Urban
Fund, London||||||||||280|
|Depoul intemoliunal,
London||||||||||150|
|Depoul
LK, Lundun||||||||||100|
|Giange Meliiudist
Chun. lx Grange|uver-Sorxls,||||Cumbno|||||100|
|Innervatiun
Trust Ltd, Tewkesbury,|Glour.eslerstiire|||||||||160|
|LifeLine Church. Dagenham,
Essex||||||||||171|
|Linking
Uves UK, Earley, Berksirire||||||||||145|
|Methodist
Connexion,
London||||||||||1,450|
|Nafferton
Metlrodist
Ctiurcir, NolTerton,||Norlii|||Humberside|||||100|
|NAYBA, Bagshot, Surrey||||||||||210|
|Newquay
Ilethodist
Church, Newquay,||Cornway||||||||150|
|Premier Christian
'vledia Trust, London||||||||||375|
|Ouakers
in Britain (Britain Yearlg Meeting|||of|The Religious Society of||||Friends), London||200|
|Restored, Teddington,
lliddlesex||||||||||120|
|Sanctuary
Foundation,
London '||||||||||20|
|Sanctuary
Mental
Health Society (DBA||Sanctuary||||Mental Health Ministriesj,|||London|150|
|Shefffield Cathedral||||||||||159|
|Sportily, Gloucester,
Cloucesters hire||||||||||100|
|Tewkesbury
Methodist
Church, Tewkesbury,||||Gloucestershire||||||120|
|The Branch Trust, Chippinq
Norton,|Oxfordshire|||||||||100|
|The Diocese of Bath and Wells||||||||||121|
|The Diocese of Birmingham||||||||||192|
|The Diocese of Blackburn||||||||||165|
|The Diocese of Bristol||||||||||139|
|Subtotal carried onlo page 63||||||||||5,667|
##
||||||||2022|
|---|---|---|---|---|---|---|---|
||||||||EODO|
|England (continued)||||||||
|Subtotal from page 62|||||||5,667|
|The Diocese|ofCanterbury||||||129|
|The Diocese|ofChelmsford||||||295|
|The Diocese|ofChester||||||172|
|The Diocese|ofChichester||||||174|
|Tire Diocese|ofCoventry||||||118|
|The Diocese|ofDerby||||||136|
|The Diocese|ofDurham||||||179|
|The Diocese|of Ely||||||103|
|The Diocese|ofExeter||||||147|
|The Diocese|ofGuildford||||||110|
|The Diocese|of Leeds||||||268|
|The Diocese|ofLeicester||||||136|
|The Diocese|of Lichfield|||||||
|The Diocese|of Lincoln||||||141|
|The Diocese|of Liverpool||||||188|
|The Diocese|of London|||||||
|The Diocese|ofManchester||||||235|
|The Diocese|of Newcastle||||||121|
|The Diocese|of Norwich||||||127|
|The Diocese|ofOxford||||||219|
|The Diocese|of Peterborough||||||121|
|The Diocese|of Portsmouth||||||112|
|The Diocese|of Rochester||||||146|
|The Diocese|ofSalisbury||||||119|
|The Diocese|ofSheffield||||||166|
|Tlie Diocese|ofSouthwark||||||258|
|The Diocese|ot Southwey|and Nottingham|||||147|
|The Diocese|ofSt Albans||||||188|
|The Diocese|ofTruro|||||||
|The Diocese|ofWinchester||||||138|
|The Diocese|ofWorcester|||||||
|The Diocese|ofYork||||||168|
|The Family Works, Owlerton,|||South Yorkshire||||250|
|The Good Faith Foundation,|||Ascot, Berkshire||||100|
|The Liverpnnl|Diocesan Bnard of Finance, Uverpool, Merseyside||||||202|
|The Salvation|Army, London||||||150|
|The Trussea Trust, saysbury,|||Wiltshire||||100|
|Windsor Leadership,
Windsor|||||||150|
|Yorkshire
North and East Methodist|||||District, Acomb,|North Yorkshire|102|
|Youth Ministry
in Communion||||(St Andrew' s, Fulhaml,||Fulham, London|100|
|Youthscape,|Luton, Bedfordshire||||||375|
||||||||12,575|
##
||||||||||2022|
|---|---|---|---|---|---|---|---|---|---|
||||||||||f000|
|Ireland||||||||||
|Ilelping|I lands Community||Outreach
project, portadoivn,||||County|Armarlh|122|
|Tile Representative||Body ofthe church|||of Ireland||||179|
|Trustees ofthe Methodist|||Church|in Ireland, Belfast|||||100|
||||||||||401|
|Wales||||||||||
|The Representative||Body ofthe C.hurch|||in Wales||||182|
||||||||||192|
|Total material grants|||||||||14,911|
|Total oi grants that are not|||individually||material|in aggregate:||||
|National|projects|||||||||
|I=nqland|||||||||5,626|
|Ireland|||||||||752|
|Scotland||||||||||
|Wales|||||||||303|
|OlIier|||||||||70|
||||||||||7,970|
|Total grants|||||||||22,921|
##
||||||||||||||2021|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||||EOOD|
|National
projects||||||||||||||
|A Rnrha UK, Brentford, london|||||||||||||150|
|British Youth for Christ, Halesowen,||||||West|Midlands|||||||
|Churcii
Urban
Fund, London|||||||||||||750|
|Feeding Britain, Westminster,||||London|||||||||150|
|Growing Hope, Landon|||||||||||||258|
|Kicx, tiiCnmOnd,
Surrey||||||||||||||
|Parish Niirsing
Ministries||LIK, Peterborough,||||||Cambridgeshire|||||125|
|The National|Society (operating||||as|the Church of Lngland|||Education||Office), Westminster,|London||
|The Prince's|Foundation,
London||||||||||||300|
||||||||||||||2,558|
|England||||||||||||||
|Bolton YMCA, Bolton, Greater||||Manchester|||||||||100|
|Exeter Cathedral|||||||||||||117|
|Greyfriars
Church, Reading,|||Berkshire|||||||||||
|Lighthouse|London Church||(Holy||Trinity||Swiss Cottage),||Camden,|London|||100|
|Methodist
Connexion,
London|||||||||||||1380|
|One YMCA,|Wafford, Hertfordshire||||||||||||136|
|Salisbury
Diorese Board ofEducation, Salisbury, Wiltshire|||||||||||||200|
|St Paul's Cathedral|||||||||||||225|
|The Diocese|ofBath and Wells||||||||||||126|
|The Diocese|ofBirmingham||||||||||||178|
|The Diocese|ofBlackburn|||||||||||||
|The Diocese|ofBristal||||||||||||118|
|The Diocese|ofCanterbury||||||||||||127|
|The Diocese|ofChelmsford||||||||||||286|
|The Diocese|ofChester||||||||||||169|
|The Diocese|ofChichester|||||||||||||
|The Diocese|ofCoventry|||||||||||||
|The Diocese|ofDerby||||||||||||137|
|The Diocese|ofDurham|||||||||||||
|The Diocese|of Ely||||||||||||103|
|The Diocese|ofExeter||||||||||||158|
|The Diocese|ofGuildford||||||||||||107|
|The Diocese|ofLeeds||||||||||||285|
|The Diocese|ofLeicester|||||||||||||
|The Diocese|of Lichfield|||||||||||||
|The Diocese|ofLincoln||||||||||||147|
|The Diocese|of Liverpool||||||||||||180|
|The Diocese|ofLondon||||||||||||385|
|The Diocese|ofManchester||||||||||||231|
|The Diocese|ofNewcastle||||||||||||121|
|The Diocese|of Norwich||||||||||||140|
|The Diocese|ofOxford||||||||||||232|
|The Diocese|ofPeterborougii||||||||||||120|
|Subtotal carried onto page||66|||||||||||6,919|
##
||||||||2021|
|---|---|---|---|---|---|---|---|
||||||||FOOD|
|England (continued)||||||||
|Subtotal
from page 65|||||||6,919|
|Ihe Diocese of|portsmouth||||||102|
|The Diocese of|Rochester|||||||
|The Dlnrese nf|Sall shunt||||||130|
|The Diocese of|Sheffield||||||160|
|The Diocese of|Southwark||||||258|
|The Diocese of|Southwell||and Nottingham||||145|
|The Dioce e of|St Albans||||||178|
|The Diocese of|Sl Ednmndsbui9|||arid Ipswich|||103|
|I he Diocese of|Truro||||||102|
|The Diocese of|Winchester||||||135|
|The Dkxese of|Worcester||||||117|
|The Diocese of|York|||||||
|Truro Methodist|Church,|Truro,||Comwall|||180|
||||||||8,850|
|Ireland||||||||
|The Big Ikiuse Oreland),||Limavady, County Londonderry|||||170|
||||||||170|
|Wales||||||||
|Tive Representative
Sudy|||oFl lie|Churcii|irr 'VVales||182|
||||||||182|
|Total material grants|||||||11,760|
|Total ofgrants that are not|||individually||material|in aggregate:||
|~ational proiects||||||||
|England|||||||5,848|
|Ireland|||||||852|
|Scotland|||||||402|
|VVales|||||||393|
|Oilwr|||||||40|
||||||||7469|
|total grants|||||||19,\29|
##
##
|||||National||||||
|---|---|---|---|---|---|---|---|---|---|
|||||proiects|England|Ireland|Basis||ofagocatlon|
|2022||||EOOO|EOOO|EOOO||||
|Shared costs||||30||32|Number ofgrants|||
|Support costs'||||||||||
|Governance|costs|||65|65|65|Equal||allocation|
|Finance||||||6|Equal||allocation|
|Information|technology|||10|10|10|Equal||allocation|
|Buildings||||10|10|10|Equal||allocation|
|Corporate||||||9|Equal||allocation|
|Other||||59|59|59|Equal||allocation|
|||||159|159|159||||
|Other expenditure||on charitable|activities|189|437|191||||
|||||Scotland|Wales|Other|Basis||ofallocation|
|2022||||EOOO|EOOO|f000||||
|Shared costs||||28||11|number ofgrants|||
|Support costs.||||||||||
|Governance|costs|||65|65|65|Equal||allocation|
|Finance||||||6|Equal||allocation|
|lnformalion|leclinology|||10|10|10|Equa|I|allocation|
|Buildings||||10|10|10|Equal||allocation|
|Corporate|||||||Equal||allocation|
|Other||||59|59|59|Equal||allocation|
|||||159|159|159||||
|Other expenditure||on charitable|activities|187|183|170||||
##
|||||National||||
|---|---|---|---|---|---|---|---|
|||||pi'oil.cts|England|Ireland|Basis ofallo«ation|
|2021||||f000|EOOO|EOOO||
|Shared costs||||23||58|lime spent|
|Support costs.||||||||
|governance|costs|||19|19|19|Equal allocation|
|Flnanr. e||||12|12|12|Equal allocatiun|
|Informatlonte«hnologg||||||11|Equal allur. ation|
|Buildings||||14|14|14|Equal allocation|
|Corporate||||||n|Equal allocation|
|Other||||38||38|Equal allocation|
|||||105|105|105||
|Other expenditure||on chantable|activities|128|349|163||
|||||Scotland|Wales|Other|Basis ofallocation|
|2021||||EOOO|EOOO|1000||
|Shared costs||||35|31|22|Time spent|
|Support costs.||||||||
|Cxovemance|costs|||19|19|19|Equal allocation|
|Finance||||12|12|12|Euual 48ocation|
|information|technolng9|||||11|Equal allocation|
|8ul irl lngs|||||14|14|Equal all ocat lan|
|1 orporate||||||11|Fquai aflnratinn|
|Other||||||38|Equal allocation|
|||||105|105|105||
|Other expcndilure||uri chantahle|aclivilies||136|127||
##
##
##
|||2022|2021|
|---|---|---|---|
|||EOOD|EOOD|
|)cages and salaries||620|413|
|Social security costs||||
|Pension costs - defined contrihution|plans||33|
||||400|
##
##
##
##
||||||||Restated'||
|---|---|---|---|---|---|---|---|---|
|||||2022|||2021||
||||Unrestricted|Endowment|Tote I|Unrestricted|Enduwment|Total|
||||funds|funds|funds|funds|funds|funds|
||||f000|f000|EOOD|EOOO|EOOO|(000|
|I1nanciel|assets at|fair value|||||||
|Egulty seciirltles|||||||||
|fisted||||100,099|100,099||100,726|I00,726|
|Debt securities|||||||||
|- listed||||9@(6|9416||o,rrf|9,176|
|Total investments||at fair value||109,615|109,615||roa,go?|iog,oo?|
|Financial|assets at|historic cost|||||||
|investment|in subsidiary||50||50|50||50|
|Total Investments||at historic cost|50||50|||50|
|Tutal investments|||50|109,615|109,665|50|109,902|109,O52|
|||||||Unrestricted|Unrestricted|Endowment|Endowment|Total|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||funds||funds|funds|
|2022|||||At|historic cost||At|fair value||
||||||||Eood||Eooo|Eood|
|At I )anuary|||||||50||109,902|109,952|
|inft aid from subsidiary||undertamng|received|in spede|||||5,000|5,000|
|Additions|at cost||||||||17,624|17,624|
|Sale pioceeds|||||||||(10,713)|(I0,713)|
|Fair value|losses||||||||(12,198)|(12,198)|
|At 31December|||||||50||109,615|109,665|
||||||||Restated'||||
||||||Unrestricted|||Endowment||Total|
||||||luiids||||funds|funds|
|2021|||||At historic|At|amartlsed||At fair||
||||||Cos't||r.osl||value||
||||||EOOO||EOOO||EOOO|EOOO|
|At 1 lanuary|||||50||2,00li||103,113|10),163|
|Adclitloris|at cost||||||1,016||12,159|13175|
|Sale proceeds|||||||(3,016)||(17,702)|(20,718)|
|Fair value|gains||||||||I?,33?|12,332|
|At 3I December|||||50||||109,902|109,952|
##
##
|||||2022|||2021||
|---|---|---|---|---|---|---|---|---|
||||Unrestricted|Endowment|Total|Unrestricted|Endowment|Tnt aI|
||||funds|funds|funds|funds|funds|funds|
||||EOOO|f000|EOOO|EOOO|EOOO|EOOO|
|Otherdebtors||||||172||172|
|Prepayments|and|accrued|||||||
|income||||309|314||237|237|
|||||309|317||237|409|
##
|Ca|sh at bank and|in hand||||||
|---|---|---|---|---|---|---|---|
||||2022|||2021||
|||Unrestricted|Endowment|Total|Unrestricted|Endowment|Total|
|||funds|funds|funds|funds|funds|funds|
|||f000|f000|f000|EOOO|f000|EOOO|
|Short|term deposits|19sdto|679|19,959|20,658|5,690|26,348|
|Cash|at bank and in hand|266||266|4,419||4,419|
|||19,546|679|20425|25,077|5,690|30,767|
##
||||2022|||2021||
|---|---|---|---|---|---|---|---|
|||Unrestricted|Endowment|Total|Unrestncted|Endowment|Total|
|||funds|funds|funds|funds|funds|funds|
|||EOOO|f000|EOOO|EOOO|EOOO|EOOO|
|Amounts|falling due within|||||||
|one year.||||||||
|Accruals|for grants payable|3,608||3,608|2,972||2,972|
|Amounts|due to related parties|||||||
|Other creditors||133|47|180|103||105|
|||3,747|47|3,794|3,076|2|3,078|
|Amounts|falling due after one|||||||
|year||||||||
|Accruals|for grants payable|2,194||2,194|1/65||1265|
|||2,194||2,194|1465||t?65|
##
##
|||||Unrestricted|funds|||
|---|---|---|---|---|---|---|---|
|||||General|Designated|Endowment||
|||||funds|funds|funds|Tota I|
|||||EOOO|EOOD|EOOO|EOOD|
|Fund balance at 1)anuary 2022||||14,612|6,346|115,827|136,785|
|Income||||15,313|14|8,945|24272|
|Expenditure||||(2($50)|(2,622)|(356I|(24528)|
|Taxa Linn||||||(112)|(112)|
|Fair value losses on investments||||||(12,198)|(12,198)|
|Gross transfers|to endowment||funds||(2,000)|2,000||
|Gross transfers|to unrestricted||funds|3/17|233|~50)||
|Gross transfers|to designated|funds||(11)||||
|Fund balance at 31December|||2022|11,681|1,982|110,556|124219|
|I und balance at I lanuarq
2021|||lrestated)'|5,585|6,946|104,089|116,620|
|Income||||21,343|3$04|3,810|28,657|
|Expenditure||||(18,136)|(2236)|(370)|(20,742)|
|Taxation||||||(82)|(82)|
|Fair value gains on investments||||||12+32|12,332|
|Gross transfers|to endowment||funds|(2,000)|(2,000)|4,000||
|Gross transfers|to unrestricted||funds|7,828|124|(7,952)||
|Gross transfers|to designated|funds||(8)||||
|Fund balance at 31December||2021(restated)||14,612|6,346|115,827|I36,785|
##
##
||||2022|2021|
|---|---|---|---|---|
||||f000|EOOO|
|Gift aid received|||20,000|21,000|
|Expenses|recharged||768||
|Investment|management|fees paid|182|221|
|Amounts|due to related|parties|||
##
|||As reported|Restatement|As restated|As reported|As restated|
|---|---|---|---|---|---|---|
|||Unrestricted||Unrestricted|Endowment|Total|
|2021||ftatds||funds|funds|funds|
|||f000|f000|EOOO|EOOO|EOOO|
|Total income||24,847||24,8r7|3,810|28,657|
|Total expenditure||(20,372)||(20,372)|(370)|(20,742)|
|Net gains on investments||68,445|(68,445)||12332|12,3 2|
|Taxation|||||(82)|(82)|
|Net (expenditure)/Income|In the year|72,920|(68,445)||15,690|20,165|
##
|||||Llnrestncted|Endowment|Restatement|As n'srrteci|
|---|---|---|---|---|---|---|---|
||||||funds||Total|
||||||||funds|
|||||2021|2021||2021|
|||||I.UUU|tUUO|Eorm|Ennn|
|Fixed assets||||||||
|Investmertls||||521517,|109,902|(521,464)|109.952|
|Total fixed assets||||521.514|109,902|f521,464)|109,952|
|Total current assets||||25249|||31,176|
|Creditors: amounts|||falling due within one gear|(3,076)|(2)||(3.078)|
|i(et current|assets|||22,173|5,925||28,098|
|Total assets|less|current liabilities||573,687|115,827|(521,464)|138,050|
|Creditors. amounts|||falling duc after onc year|((265)|||(1265)|
|Total net assets|||||115,827|(521,464)|136,785|
|The funds ofthe||r herilg:||||||
|Unrestricted|funds|||||||
|Genera( funds||||(4,612|||14,612|
|Designated|funds|||6346|||6346|
|Revaluatron|reserve|||521,464||(52(,464)||
|||||542422||(521,464)|20958|
|Restricted funds||||||||
|Endowment|funds||||11,827||115,827|
|Totalfunds||||542,422|115,827|(521,464)|136,785|
##
|||||||||||Restored||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||Notes||2022|||2021||
|||||||Unrestricted|Endowment|Total|Unrestn«ted|Endowment|Total|
|||||||funds|funds|funds|funds|funds|funds|
|||||||EOOD|(000|f000|(000|(000|COOO|
|Income from:||||||||||||
|Donations|||||||||3,500||3,500|
|Gift aid from|subsidiary|||||||||||
|undertal
ing|||||||5,000|5,000||||
|Other trading|activities|||||||||||
|Income arising from trodi ng||||||||||||
|actrvrties|||||21|428,487||428,487|385,342||385342|
|Investments||||||||||||
|Dividend,
interest||and rental||||||||||
|income|||||22|33,409|3,945|37,354|33,065|3,810|36,875|
|Total Income||||||461,896|8,945|470,841|r,21907|3,810|425,717|
|Expenditure|on:|||||||||||
|Raising funds|||||||(356)|(356)||(370)|(370)|
|Charitable
activnies||||||||||||
|Gronts||||||(22,821)||(22,821)|(19529)||(19,329)|
|Other expenditure|||an charitable|||||||||
|activities||||||(1,081)||(1,081)|(702)||(702)|
|Odier||||||||||||
|Charitable
donations paid||||by||||||||
|trading subsidiaries||||||(2,730)||(2,730)|(2548)||(2,548)|
|Expenditure|eris inq fiom tradinq|||||||||||
|activities||||||(424,678)||(424,678)|(404217)||(404217)|
|Total expenditure||||||(451,310)|(356)|(451,666)|(426,796)|(370)|(427,166)|
|Net (losses)/gains||on investments|||23|(50,379)|(12,198)|(62,577)|71,915|12,332|84247|
|Gain on dispmal||uf|suLsidiary||29|34,944||34,944||||
|Taxation|||||24|4,957|(112)|I,845|(15,r 82)|(82)|(I5,564)|
|||||||108|(3,721)|(3,613)|51,544|15,690|67234|
|Net income/(expenditure)||||In the||||||||
|year||||||||||||
|o.arising from the|||charity|||(23,845)|(3,721)|(27,566)|(16,526)|15,690|(836)|
|b.o rising from Irodrng activities|||||25|23,953||23,953|68,070||68,070|
|||||||108|(3,721)|(3,613)|51,544|15,690|67234|
##
||||||||Restated'||
|---|---|---|---|---|---|---|---|---|
|||Notes||2022|||2021||
||||Unrestricted|Endowment|Total|Unrestricted|Endowment|Total|
||||fUncls|Iuiicls|funds|funds|fti i»el 5|funds|
||||5000|1000|EOOO|EOOO|(000|EOOO|
|Transfer between|funds||||||||
|Gross transfers to|endowment||||||||
|funds||42|(2,000)|2,000||(4,000)|4,000||
|Gross transfers
ro|unrestricted||||||||
|fund»||42|3,550|(3,550)||7,952|(7,952)||
|Other recognised|(lasses)/gains||||||||
|Actuarial
(losses)/gains
an|||||||||
|retirement
benefits||41|(6,876)||(6,876)|||41260|
|Other gains/llossesl|||||||||
|Currency
tronslotion
differences||43|5,410||5,410|(2,357)||(2357)|
|(Lossesl/gain»on|net investment||||||||
|hedges||43|(4,514)||(4+14)|1,912||1+12|
|Tax attrlbutabfe
ta nther|||||||||
|recognised
(losses)/gains||24|2,545||2,545|(8,551)||(8551)|
|Minonty
interests|||(8,782)||(8;782)|(8,782)||(8,782)|
|Net movement
in
minority
Interests|funds excluding||(I0559)|(5,271)|(15,830)|78,978|11,738|90,716|
|Total funds brought
forward||42|545,022|115,827|660,849|466,044|104,089|570,133|
|Total funds carried forward|||534,463|110,556|645,019|545,022|115,827|660,549|
##
|||||||||Restated'|
|---|---|---|---|---|---|---|---|---|
|||||||~otes|2022|2021|
||||||||Total|Tata
I|
||||||||funds|funds|
||||||||EOOO|f000|
|Fixed assets|||||||||
|Intangible
assets||||||30|32,316|33,627|
|Tangible assets||||||31|14,764|14,613|
|Investment
property||||||32|140,846|163,55s|
|Investments||||||33|(,559,574|1229,029|
|Investment
in associate||||||35|12,611|12,148|
|Total fixed assets|||||||1.760.051|1.452,772|
|Current assets|||||||||
|Debtors||||||36|575.586|488,305|
|Cash at bank and
in|hand|||||37|166,096|174,779|
|Total current assets|||||||741,682|663,084|
|Uabllities|||||||||
|Creditors: amounts|falling||due within||one year|38|(170,062)|(146,467)|
|Net current assets|||||||571,620|516,617|
|Total assets less current|||liabilities||||2,331,671|1,969,389|
|Creditors
amounts|falling||due after one year|||38|(3,544)|(2,477)|
|Provisions for liabilities||||||39|((565,853)|(1,197,336)|
|Subordinated
liabilities||||||40|(252)18)|(24,433)|
|Net assets excluding||retirement||benefit obligations|||736,456|745,143|
|Net pension asset||||||41|75338|24,579|
|Other retirement
benefit|||obligations|||41|(4,960)|(7,058)|
|Total net assets including|||retirement||benebt obligations||746,834|762,664|
|The funds ofthe charity:|||||||||
|Unrestricted
funds|||||||||
|Gcnera
I funds||||||42|11,681|14,612|
|Designated
funds||||||42|1,982|6,346|
|Revaluation
reserve||||||42||268|
|Non charitable
trading||reserves||||42|50(316|506,256|
|Translation
and hedging|||reserve|||43|19262|17,540|
||||||||534,463|54S,O22|
|Restricted funds|||||||||
|Endowment
funds||||||42|110,556|115,827|
|Total funds (excluding||minority||interests)|||64S,019|660,849|
|Minonty interests|||||||101,815|101,815|
|Total funds|||||||746,834|762,664|
##
||||||||||Restated'|
|---|---|---|---|---|---|---|---|---|---|
||||||||Notes|2022|2021|
|||||||||f000|EOOO|
|Net (expenditure)/income
for the reporting|||period|||||0,6U)||
|Ad)ustments
fnr:||||||||||
|Depreciation ofproperty,
plant and equipment||||||||3,483||
|Gain on disposal ofpropeny, plant and equipment||||||||(28)|(41)|
|Amortisation
and impairment
ofintangible||assets||||||5,907|3,783|
|Loss on disposal ofintangible
assets|||||||||4,765|
|Share ofprofit ofassociate||||||||(1,463)|(2 27/ )|
|Tax (income)/expense||||||||(I,845)|15,564|
|Profit on disposal ofgroup undertaking||||||||(34,944)||
|Lusses/(gains)
ori fin~ncial investrrien(s
ancf||Investment|||pmperly|||I10,175|(69,783)|
|Dividend
and Intr resl income from Investments||||||||(27,889)|(27,395)|
|Finance costs||||||||1,705|1,444|
|increase
in debtors||||||||(82,'I59)|(64,186)|
|Increase
in creditors||||||||26,511|8,533|
|Increase in provisions||||||||340,415|97,559|
|Ad/ustment
for pension
Funding||||||||265|1,151|
|Increase/(dccrcasc)
in rctircment
bcncfit obiiqation
arne||||||||2|(115)|
|Proceeds from the sale ofinvestment
property||||by trading||subsidiaries||IBOO||
|Proceeds from the sale oFfinancial investments||||bg trading||subsidiaries||\8\2)46|175,794|
|Purchase ofFinancial investments
by trading|||subsidiaries|||||(506,944)|(217,021)|
|Dividends
received by trading
subsidiaries||||||||8,757|8,676|
|Interest received bg trading
subsidiaries||||||||17,785|15,340|
|Tax paid by trading
subsidianec||||||||(6,616)|(3,515)|
|Net cash provided
by operating
activities||||||||29,650|18,939|
|Cash flows from investing
activities:||||||||||
|Pu retie sea ofproperty,
p lani and equi|nl|||||||(3,752)|13,845)|
|Procewls from the sale ofprupeny,
plaiil and|||equipment|||||40|559|
|Purchases
orintangible
assets||||||||(4,179)|13,942)|
|Purchase otinvestments||||||||(17,624)|(13,175)|
|Proceeds trom the sale ofinvestments||||||||10,713|20,718|
|Acquisition
ofbusiness,
net ofcash acquired|||||||||(5258)|
|Acquisition
oFsubsidiary,
nct oFcash acquired||||||||(1,417)||
|Disposal ofsubsidiary,
net ofcash disposed||||||||36+55||
|Divlderxl
and intere~t income from pareril|charity investments|||||||3,823|3,798|
|Loan issued to associate undertaking||||||||(55,345)||
|Repagment
nf loan by assnciate underraklng||||||||686||
|Net cash used in investing
activities||||||||(30,700)|(1,145)|
##
||||||||||Restated'|
|---|---|---|---|---|---|---|---|---|---|
||||||||Notes|2022|2021|
|||||||||EOOD|EOOO|
|Cash flows from financing activities:||||||||||
|Interest|paid by tradmg subsidiaries|||||||(1,705)|(1,444)|
|Payment|offinance lease liabilities|||||||(172)|(217)|
|Proceeds|from other hnrrowings||||||||25,014|
|Dividends
paid to non-controlling
interests|||ofsubsidiaries|||||(8,782)|(8,782)|
|Net cash (used in)/provided
by financing|||activities|||||(10,659)|14,571|
|Change|in cash and cash equwalents|in the reporting|||period|||(11,709)|32,365|
|Analysis|ofchangea in net debt|||||||||
|Cash and cash equivalents
at the beginning|||ofthe reporting|||period||174,779|144,675|
|Change|in cash and cash equivalents|in the|reporting|period||||(11,709)|32,365|
|Change|in cash and cash equivalents|due to exchange|||rate movements|||3,026|(2,261)|
|Cash and cash equivalents
atthe end ofthe reporting|||||period||37|166,096|174,779|
##
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##
##
||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
||||||||EOOO|(000|
|United
Kingdom and|ireland||||||407,583|354,763|
|Australia|||||||99,698|93,365|
|Canada|||||||108,762|91,610|
||||||||616,043|539,738|
|kecnnrili*r inn nf turnover||to income||from trading||subsidiaries|||
|1umover|||||||616,043|539,738|
|Outward
reinsurance|premium||||||(238,069)|(198,601)|
|Net change
ln provision for|||unearned|premium|||(16,505)|(14,620)|
|Other Fee and commission|||income not included||in|turnover|65454|56651|
|Share ofprofit ofassociate|||||||1,464|2274|
|incnmr
ansing frnm|trading||activities||||428,487|385,342|
##
||||||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||EOOD|EOOD|
|General insurance||business|||||||||558,544|486220|
|Life insurance
business|||||||||||63|(2)|
|Investment
managemenl|||||||||||16r(31|14,878|
|Broklng and advisory|||||||||||41,005|38,642|
||||||||||||616,043|539,738|
|An analysis of hte||insurance||business||gross written||premiums
is set out below:|||||
||||||||||||2022|2021|
||||||||||||EOOD|E GOO|
|Single premiums|||||||||||56|(8)|
|Regular premiums||||||||||||6|
||||||||||||63|(2)|
|Results oftrading||subsidiaries|||engaged||in insurance|business|||||
|||||||||||||Restated'|
||||||||||2022|||2021|
|||||||||Ecclesiastical|Ansvar||||
|||||||||Insurance|Insurance|Ecclesiastical|||
|||||||||Office pic|Limited|Life Limited|Tota I|Total|
|||||||||EOOD|EOOO|EOOO|EOOD|EOOD|
|profit and loss account|||||||||||||
|Turnover||||||||461,592|99,699||561498|499343|
|Dividend
and interest|||income|||||30,044|3,043|3,670|36,757|32,627|
|Otherincome||||||||(122,866)|(48,754)||(171,620)|(I by,b95)|
|Totalincome||||||||368,770|53,988|3,677|426,435|362,175|
|Net incurred
claims||||||||(123,410)|(21,433)|(4+31)|(149,174)|(145,811)|
|Charitable donations||||||||(2,546)|(141)||(2,687)|(2,422)|
|Other expenditure||||||||(193,124)|(32,674)|(670)|(226FI68)|(204,965)|
|Total expenditure||||||||(319,080)|(54448)|(5,001)|(378,329)|(353,198)|
|Net (losses)/gains|on investments|||||||(28,326)|801|(2814)|(29,839)|75,428|
|laxation||||||||6458|(345)|1,158|7,071|(14,537)|
|Gift aid paid to parent|||charity|||||(20,000)|||(20,000)|(21,000)|
|Other comprehensive
changes
in equity|||(expense)/income||||and|(15,880)|1,503||(14+77)|19,459|
|(Loss)/profit
retained and transferred||||||to|reserves|(8258)|1,699|(2,480)|(9,039)|68,327|
|Balance sheet|||||||||||||
|Total assets||||||||7821,668|324,423|167,188|1,913,279|1,823,121|
|Equity||||||||544,769|5T,696|53,766|656231|659,190|
|Liabilities||||||||876,899|266,727|113,422|1457,048|1,163,931|
|Total equitg and liabilities||||||||1,421,668|324,423|167,188|1,913479|1,823,121|
##
||||||2022|||2021|
|---|---|---|---|---|---|---|---|---|
||||Ecclesiastical|EdenTree|5EI8||||
||||Planning|Investment|Insurance|Lytatts|||
||||Services|htanagement|Brokers|Holdings|||
||||Limited|Umlted|limited'|Limited|Total|Turn I|
||||&000|f000|EOOO|EOOO|EOOD|EOOO|
|Profit and loss account|||||||||
|Iu i fiovs I'|||5,879|9,349|12+10|25,602|53,340|58,211|
|Dividend
and intermt||income|13|(22)|832|127||1,056|
|Total income|||5,892|9,327|13,342|25,729|||
|Chantablc
donations||||&2)|&25)|(&7)|(44)|(127)|
|Otlrer expendiluie|||(6408)|(12432)|(10,924)|(22,616)|(52280)|i57,103)|
|total expenditure|||(BMB)|(12/34)|(10,9rg)|(22,633)|&52824)|&57430)|
|Taxation|||||(1,054)|(719)|(1,094)|(509)|
|Ottrer corriprehensive|||||||||
|(expense)hncomc|and|chanqcs|||||||
|in equity|||||(4,500)|2,471|(2,029)|(170)|
|(Loss)&profit retained
transferred
to reserves||and|&542)|&2+02)|(3,161)||(1,157)|1,358|
|Balance sheet|||||||||
|Tola
I asset~|||592vt60|Ir,040||30WT|636,647|327,117|
|Equity|||5,082|3,947||14,634|23,663|33,075|
|Liabilities|||587,178|10,093||15.713|612,984|294,042|
|Total equity and|liabilities||592r)60|14,040||30,347|636,647|327,117|
##
##
||||2022|||2021||
|---|---|---|---|---|---|---|---|
|||Unrestricted|Endowment|Total|Unrestricted|Endowment|Tota
I|
|||funds|funds|funds|fundc|fundc|fun dc|
|||f000|f000|f000|EOOO|EOOO|f000|
|Income from financial assets at||||||||
|fair value through
profit or loss||||||||
|Equity securities||||||||
|I I st ed||6,472|3/330|9,802|b,t)12|3492|9,304|
|-unlisted||874||874|2,003||2,003|
|Delvi securifies||||||||
|government|bonds|323||323|488||488|
|listed||10,749|586|11,335|11,635|527|12,162|
|Income from financial assets at||||||||
|amortised cost||||||||
|a.cash at bank|and in hand|||||||
|and cash deposits net of||||||||
|exchange qains and losses||~09|29|2/38|576|(9)|567|
|b.other income received||3,763||3,763|3,272||3,272|
|Otherincome||||||||
|c.rentalincome||9,019||9,019|9,079||9,079|
|||33,409|3,945|37/54|33,065|3,810|36,875|
##
|Net (losses|)/gains
on|investment|s||||||
|---|---|---|---|---|---|---|---|---|
|||||||Restated'|||
||||2022|||2021|||
|||Unrestricted|Endowment|Total|Unrestricted|Endowment|Tata|I|
|||funds|funds|funds|funds|funds|Funds||
|||EOOO|EOOO|EOOO|EOOO|1'000|EOOO||
|Net (losses)/gains|on investments|(76,768)|(12,198)|(88,966)|37/16|12,332|49,548||
|Net (losses)/gains|on investment||||||||
|praperty||(21+09)||(21,209)|20235||20,235||
|Impact ofdiscount|rate change||||||||
|an Insurance contract liabilities||47498||47,598|14,464||||
|||(50~9)|(12,198)|(62,577)|71,915|12,332|84247||
##
##
|Tax (credited)/cha|rg|ed
to net income/(ex|penditure)
forthe year|||
|---|---|---|---|---|---|
||||||Restated'|
|||||2022|7021|
|||||EOOD|EOOO|
|Current tax on|net income/(expenditure)||forthe year|||
|UK corporation|tax|||1/27|8,468|
|Double tax relief||||2251|1,457|
|||||3,678|9,925|
|Fnreign
lax||||(16)||
|Adjustments
in|respect oi prior years|||||
|UK corporation||tax||(315)|536|
|Foreign tax||||16|930|
|||||(299)|1A66|
|Total current tax||||3/63|11,416|
|Deferred tax||||||
|Origination
and|reversal oftiminq differences|||(11,098)|(r,168)|
|Effect ofchange||in tax rate an opemng|liability||9,203|
|Adjustment
m respect of prior years||||2,890|(887)|
|Total deferred tax||||(8308)|r,148|
|Total tax on net||income/(expenditure)|forthe year|(4,845)|15,564|
|||||Restated'|
|---|---|---|---|---|
||||2022|2021|
||||5000|EOOD|
|'let (expenditure)/income
before||tax|(B,r 58)|82,798|
|lax calculated
at the UK standard||rate oftax of19%(2021 19'7)|(1,607)|15,732|
|Facturs a/fee iirry (crau'ill/charge
for the year.|||||
|Expenses not deductible
fortax|purposes||(2,715)|(533)|
|Nun taxable income|||(5,314)|(3,015)|
|Lonq-term
insurance
and other tax paid at non-UK rates|||2,404|470|
|Tax paid at non standard
UK rates|||2,999|t3221)|
|Double tax relief|||(2,251)|( 1,457)|
|impact ofdifferential
between
current and deferred tax rate|||(952)|822|
|Utilisation
oftax losses for which||no deferred tax asset has been recognised||(451)|
|Deferred tax asset for tax losses|not previously
recoqnised|||(2,565)|
|Impact nf redur linn m deferred|tax ratr|||9203|
|Adjustments
to tax (credit)/charge||in respect ot prior periods|2,591|579|
|1otal tax (credit)/expense|||(4,845)|15,5( II|
##
||||||2022|2021|
|---|---|---|---|---|---|---|
||||||EOOD|EOOO|
|Current tax (credited)/charged||on:|||||
|I air value movements|on hedge|derivativec|||(341)|313|
|Deferred tax (credited)/charged||on:|||||
|Fair value movements|on owner-occupied||property|||18|
|Actuarial
movements|on retirement
benefit plane||||(1,719)|B,s50|
|lair value movements|on hedge|derivatives|||(485)|(130)|
|Total tax (credited)/charged
to||other recognised||(losses)/gains|(2,545)|8,551|
##
##
|Net income/(ex|p|enditure|)
in th|e gear|||||
|---|---|---|---|---|---|---|---|---|
||||||2022||2021||
||||||Unrestricted|Endowment|Unrestricted|Endowment|
||||||funds|funds|funds|funds|
|Net in«orna/(expenditure)||for the year|has been arrived at after||EOOD|EOOO|EOOD|EOOO|
|charging/(crediting)|||||||||
|Net foreign exchange
losses/(gains)|||||1,383|(6)|(592)|19|
|Depreciation
oftangible|fixed assets||||3,483||3,426||
|Amortisation
ofgoodwill|||||1,093||1,676||
|Amortisatiun
uf irdangible||assets|||||2,107||
|Operating
lease rentals|||||5,817||6,193||
|Fair value losses/(ga inc)|on|investments|decignated|at fair value|||||
|through
profit and loss|||||76,768|12,198|(37,216)|(12,332)|
|Fair value losses/(gains)|on|investment|property||21+09||(20,238)||
##
|Auditol's|remun|eration||||
|---|---|---|---|---|---|
|||||2022|2021|
|||||EOOD|EOOD|
|Fees paga b le to|the charity's auditor for the audit ofthe charity's annua||Iaccounts||31|
|Fees payable to|the charity's auditor and its associates for other services:|||||
|- The audit ofthe|charity's|subsidiaries||tpt2|1,187|
|Total audit fees||||1362|1218|
|- Audit
rein led assurance||services||332|291|
|- Other assurance|services|||87||
|Total non audit fees||||419|291|
|Total auditofs remuneration||||1,781|1,509|
##
##
|||||2022|2011|
|---|---|---|---|---|---|
|||||No.|No|
|United|rtlngdom|and|Ireland|1,411|1,358|
|Australia||||137|110|
|Canada||||79||
|||||1,627|1,546|
||||2022|2021|
|---|---|---|---|---|
||||5000|f000|
|Wages and salaries|||TOBvt95|97,848|
|Social secunty costs|||10,625|9,433|
|Pension costs - defined|contribution|plans|8,358|7,451|
|Pension costs
defined|benefit plans||872|1,982|
|Other post-employment|benefits||132|83|
||||128~2|116,798|
|Capftafised
staff costs|||(502)|i1,446)|
||||127,980|1i5,352|
##
##
|||||2022|2021|
|---|---|---|---|---|---|
|||||EOOO|EOOO|
|Chris Moulder||||78|75|
|Sir Stephen
Lamport||||71|59|
|Total emoluments
paid to trustees
subsidiary
undertakings|In their capamty|as non-executIve|drrectors of|149||
##
||||2022|2021|
|---|---|---|---|---|
||||EOOD|EOOO|
|Consideration
received or receivable|||45,197||
|Carrying|amount|of net assets sold|(10,253)||
|Gain on|disposal|before and aRer tax|||
||2022|2021|
|---|---|---|
||EOOO|EOOD|
|Goodwill and other intangibles|1,809||
|Propertg,
plant and equIpment|370||
|Other assets|7,496||
|Cash and cash equivalents|8,842||
|Total assets|18,517||
|ProvIsions forother liabilities|(51)||
|Current tax liabilities|(1,010)||
|Deferred income|(362)||
|Other liabilities|(6,841)||
|Total liabilities|(8+64)||
|Net assets|(0/53||
##
##
|||||Other||
|---|---|---|---|---|---|
||||Computer|intangible||
|||Goodwill|software|assets|Total|
|||EOOO|EOOO|EOOD|f000|
|Cost||||||
|At I lanuary
2022||51,980|46,13'7|192)50|H7,967|
|Additions||2,120|4,179||6v)99|
|Disposals||(22,600)||(5,789)|(28,389)|
|I=xchange|movements|||10|264|
|At 31December 2022||31,500|50,570|14,071|96,141|
|Accumulated
amortisatlon||||||
|At I )a n us|ry 2022|48,733|18,673|16,934|84,340|
|Provided|in the year|1,093|3,353|1,461|5,907|
|Disposal&||(21,303)||(5n77)|(26,580)|
|Exchange|movements||151|7|158|
|At 31December 2022||28,523|22,177|13,125|63,825|
|Net book|value|||||
|At 31December 2021||3,247|27,464|2,916|33,627|
|At 31December 2022|||28393||32/16|
##
##
|Tangible assets||||||
|---|---|---|---|---|---|
||Land and|Computer|Motor|||
||buildings|equipment|vehicles|equipment|Total|
||EOOD|EOOD|EOOD|EOOD|EOOD|
|Cost orvaluation||||||
|At llanuary
2022|1,465|9,988||16,782|29,960|
|Additions||3,135|374|573|4,082|
|Disposals||(654)|(624)|(tp(2)|(2,490)|
|Exchange movements||57||150|207|
|At 31December 2022|1,465|12,526|tx(75|16/93|31,759|
|Accumulated
depreciation||||||
|At I lanuary
2022||7.631|700|7,016|15,347|
|Charge for the year||1,943|198|1,342|3r483|
|Disposals||(473)|(390)|(1,075)|(1,938)|
|Exchange movements||||59|103|
|At 31December 2022||9,145|508|7,3I,2|16,995|
|Net book value||||||
|At 31December 2021|1,465|2357|1,025|9,766|14,613|
|At 31December 2022|1,465|3~1||8,951|14,764|
##
##
|investment
propert(I|||
|---|---|---|
||2022|2021|
||6000|(000|
|Fair value at Ilanuani|763835|142,142|
|Transfers from tangible assets||o73|
|Dlspose la|(1,300)||
|Fair value Ilossesi/gains|(27409)|20238|
|Fair value at 31December|140,846|163356|
##
##
||||||2022|2021|
|---|---|---|---|---|---|---|
||||||6000|EOOO|
|Financial assets at||fair value through|profit or loss||||
|Equity securities|||||||
|listed|||||368,879|382,408|
|unlisted|||||99,870|80,144|
|Deist 'spl ill'itips|||||||
|government
bonds|||||206394|204,072|
|listed|||||262,842|322,470|
|-unlisted||||||34|
|Structured|notes||||56,137|14,649|
|investment|contract assets||||485+t3|199,181|
|Derivative|financial|instruments:|||||
|- forwards|||||||
|options|||||100||
||||||1,479,435|1403vty4|
|Financial assets at||fair value through|other recognised|gains/(losses)|||
|Denvative|financial|instruments:|||||
|forwards|||||655|414|
||||||655|414|
|Financial assets at||amortlsed cost|||||
|Otherloans|||||79,424|25,321|
||||||79,424|25,321|
|Totalinvestments|||||1+59,514|1&9,029|
##
|||||||||||Endowment||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||Unrestricted||funds|||Total funds|
|||||||At fair|value|||||
||||||At fair value|through|other|||At fair value||
||||||through|recognised|||At amortised|through||
||||||profit orloss|(losses)/gains|||coal|profit or loss||
||||||EOOD||EOOO||EOOD|EOOO|EOOD|
|2022||||||||||||
|Fair value|at|1 lanuary|||1,093,391|||414|25,322|109,902|1429,029|
|Additions|at|cost|||506,946||||55344|17,624|579,914|
|Gift aid trom||subsidiarg|to Endowment|fund|(5,000)|||||5,000||
|Disposal|proceeds||||(159,333)|||4,134||(10,713)|(165,912)|
|Iair value|losses||||(51,8'70)||(3893)|||(12,198)|(67,961)|
|Redemption||and repayments|||(27,036)||||((442)||(28278)|
|Exchange|gains||||12,722||||||12,722|
|Fair value|at|31December|||(3692)20|||655|79,424|109,615|1,559,514|
|2021||||||||||||
|Fair value|at|1)anuary|||1,020,637|||401|17,728|103,113|1,141,879|
|Additions|at|cost|||206,337||||11,700|12,159|230,196|
|Disposal|proceed~||||(156,047)|||(655)|(3,016)|(17,702)|(177,420)|
|Fair value|gains||||44,827|||||)2+32|57,827|
|Redemptions||and repayments|||(17,350)||||(1,090)||(18,440)|
|Exchange|losses||||l5,013)||||||15,013)|
|Fair value|at|31December|||1,093,391|||414|25,322|109,902|1229,029|
##
##
|||||2022|||2021||
|---|---|---|---|---|---|---|---|---|
||||Contract/|||Contract/|||
||||notional|Fair value|Fair value|notional|Fair value|Fair value|
||||amount|asset|liability|amount"|asset|liability|
||||f000|EOOO|EOOO|EOOO|EOOO|EOOO|
|Non-hedge
derivatives|||||||||
|Equity/Index
contracts|||||||||
|Options|||100|100||||296|
|Foreign|exchonge contracts||||||||
|Forwardslfuro)|||93,712||2,475|99,369||35|
|I-ledge derivatives|||||||||
|Fore/gn|exchange controcts||||||||
|I-orwards|(Australian|dollar)|55,742||759|40,512|145||
|Forwards|(Canadian|dollar)|48,442|655||37,609|269||
||||197,996|755|3234|212,185|750|331|
##
##
||||Share ofnet|||
|---|---|---|---|---|---|
||||assets|Goodwill|Tola I|
||||EOOD|EOOD|f000|
|Atl)anuary
2021|||623|5,073|S,ege|
|ACqulred|In the year|||4,528|5257|
|Share of|net incornej(erpeialiture)|for tlie period|2374||2,274|
|Dividends|received||(1,079)||(1,079)|
|At 31December 2021|||2,57 7|9,601|12,148|
|Share ul|nel incomef (expenditure)|forthe period|1,463||1,463|
|Dividends|received||(1,000)||(1,000i|
|At 31December 2022|||3,010|9,601|12,611|
|||2022|2021|
|---|---|---|---|
|||EOOD|E000|
|Benefact Trust group ofcompanies|40K share of:|||
|Revenue||11,602|10,049|
|Assets||48311|2r, 815|
|Liab iI it ies||(45,301)|(22/68)|
|Share of net assets||3,010|2,547|
##
##
||||||Restated|
|---|---|---|---|---|---|
|||||2022|2021|
|||||EOOO|f000|
|(a) Amounts|falling|due within one year||||
|Trade debtors||||163,734|141,327|
|Otherdebtors||||19,922|20,382|
|Amounts
due|from|related parties||1,790||
|Reinsurers'
share of||technical|provisions|206,339|167398|
|Acciued reiil|arid irileresl|||4,436|4,166|
|Deferred acquisition||costs||52526|46,027|
|Current tax recoverable||||4,412|525|
|Other prepayments||and accrued income||8,486|8,550|
|||||461,645|388,375|
|(b) Amounts|falling|due after|one year|||
|Trade debtors||||2,147|2,140|
|Otherdebtors|||||68|
|Reinsurers'
share of||technical|provisions|100,623|86,038|
|Deferred tax|assets|||8,689|9,605|
|Other prepayments||and accrued income||2,405|2,079|
|||||113,941|99,930|
|Total debtors||||575,586|488,305|
##
##
##
|Ca|sh at ba|nk and|in hand||||||
|---|---|---|---|---|---|---|---|---|
|||||2022|||2021||
||||Dnrestrlcted|Endowment||Linrestricted|Endowment||
||||funds|funds|Total|funds|funds|Tata
I|
||||f000|EOOD|f000|EOOO|f000|f000|
|Short|term deposits||67,939|679|68,618|58,712|5,690|6I,402|
|Cash|at bank and|in hand|97,478||97,478|110,377||110,377|
||||165,417|679|166,096|169,089|5,690|174,779|
##
|ash calls from reinsurer
Creditors|s,
and (13380000(2026EI60780001ofrestricted|cash held on an agency basis.||
|---|---|---|---|
|||2022|2(121|
|||EOOD|EOO0|
|(a)Amounts
falling due within one year||||
|Trade creditors||54,073|38,103|
|Othor creditors||36,559|39,673|
|Derivative
liabilities||3434|331|
|Amounts
due to related parties||||
|Corporation
ta»|||1,236|
|Acciuals and deferred|inrume|75,754|67.100|
|||170,062|146,467|
|(b) Amounts
falling due after one gear||||
|Otht r crediiors||1+50|1212|
|Accrual s and defe rred|income|2,194|1,265|
||||2,477|
##
##
|||||Restated'|
|---|---|---|---|---|
||||2022|2021|
||||6000|6000|
|Provisions|for liabiliues||4,883|5,678|
|Deferred tax liabilities|||38,803|50,358|
|Tcrhnical|provisions||925,395|865,160|
|Life business technical||provisions|502|19/ 34|
|Investment|contract habilities||596cl70|256,706|
||||1865,853|1,197,336|
##
|||Regulatory|||
|---|---|---|---|---|
|||and legal|Other||
|||provisions|provisions|Tote I|
|||6000|EOOD|6000|
|At I l an ua ry|2022|2,619|3,059|5,678|
|Additional
provisions||1,783|247|2,030|
|Used durinq|qear|i1,825)|(I)|(1,826)|
|Not utilised||(157)|(796)|(953)|
|Disposal of|business||(52)|(52)|
|Cxchange differences|||6|6|
|At 31December 2022||2,420|2,'63|4,883|
|Current||2,420|1,766|4,186|
|Non current|||697|697|
##
##
##
##
||||||||||||Restated'|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||2022|2021|
|||||||||||(000|EOOO|
|At 1)anuaru||||||||||40,753|28,231|
|Credited to net income/(expenditure)||||||||||(Bw08)|(5,055)|
|Charged to net income/(expenditurel||- resulting|||fiom||reduction|in tax|rate||9,203|
|(Credited)/charged
to ellier recugr iised ga iris/(losses||||||l||||(2wn04)|10,137|
|Credited to other recognised
gains/(losses)|||-|resulting|||from reduction||in tax rate||(1,899)|
|Transfer on acquisition/
disposal of||subsidiani||||||||61||
|Exchange differences||||||||||(288)|136|
|At 31December||||||||||30,114|40,753|
||||||||||||Rcstotril'|
|||||||||||2022|2021|
|||||||||||EOOD|EOOO|
|Deferred tax assets in«luded
in|debtors|||||||||8,689|9,bu5|
|Deferred tax liabilities
included|in provisions|||for|liabilities|||||(382)03)|(50,s58)|
|het provision for deferred tax||||||||||(30,114)|140,753)|
|Deferrerl tax Is provided acfollows||||||||||||
|Unreallsed
investment
gams||||||||||(37,065)|(45,5/l)|
|Retirement
benefit obligations||||||||||(2,600)|(4,386)|
|Depreciation
in excess ofcapital ayowances||||||||||(563)|715|
|Other tfmmg difference||||||||||10,114|8489|
|Nel provisiun
foi deferred tax||||||||||(30,114)|(40,7 3)|
##
|||||2022|2021|
|---|---|---|---|---|---|
|||||EDOO|(000|
|Invest|ment|contract|liabilities|59IA270|256,706|
|||||596470|256,706|
##
##
|||||||2022|2021|
|---|---|---|---|---|---|---|---|
|||||||FOOD|E000|
|6.|144'll,|LUR|30m|subordinated|debt|25,818|24,433|
|||||||25,818|24,433|
##
##
##
##
||||||||2022|202I|
|---|---|---|---|---|---|---|---|---|
||||||||5000|F000|
|The amounts|recognised|in|the balance|sheet are determined|as follows:||||
|Presen( value|offunded|o bi|igni ior 6||||(238,191)|(393,689)|
|Fair value of|plan assets||||||311736|435,736|
||||||||73,045|42,077|
|Restrlitions|on asset recognised||||||(57,707)|(17,468)|
|Net asset in|the balance|sheet|||||15/38|24,579|
|The following|Is the analysis||ofthe net|pen sir n axxetf(de flut)|(ur fin are ial repoi ling|purposes|||
|Net pension|asset||||||15,338|28,304|
|Net pension|liability|||||||(5,725)|
||||||||15338|24,579|
##
||||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||EOOD|EOOO|
|The amounts
recognised
in the consolidated||||statement||offinancial||activities are as follows:|||
|Current service cost|||||||||573|853|
|Administration
cost|||||||||768|918|
|Interestincome
on plan assets|||||||||(8,150)|(5+02)|
|Interest expense on scheme liabilities|||||||||7,349|5,413|
|Effect ofinterest on asset ceiling|||||||||332||
|Total, included
in expenditure
arising||from||trading|activities||||872|1,982|
|The amounts
recognised
in actuarial||gains/(losses)|||on|retirr|mr nt benefits are as follows.||||
|Return on plan assets, excluding|interest||income||||||(119,180)|35,136|
|Experience losses on liabilities|||||||||(12,025)|(1,021)|
|Gains from changes
in demographic||assumptions|||||||?,993|3,913|
|Gains from changes
in fiinanrial|assumptions||||||||159.143|21343|
|Change in asset restriction|||||||||(39,907)|(17,J68)|
||||||||||(8,976)|ri1,903|
|The|movements
in|the fair|the fair|value of|plan|assets and the present value ofthe defined|benefit obligations|over the year are as|follows.|
|---|---|---|---|---|---|---|---|---|---|
|||||||||2022|2021|
|||||||||EOOD|EOOD|
||Plan assets|||||||||
||At I Ianuary|||||||435,736|rl06,605|
||Interest income|||||||8,150|5,202|
||Return on plan|assets,||excluding|interest income|||(119,180)|35,136|
||Pension benefits paid and payablc|||||||(13,966)|(11,977)|
||Cunlribulions
paid|||||||607|831|
||Employee contributions|||||||3|29|
||Administrative|expenses||||||(114)|(90)|
||At 31December|||||||377336|435,736|
||Defined benefit obligation|||||||||
||At I lanuary|||||||393,689|422,778|
||Current service|cost|||||||853|
||Administration|cost||||||654||
|||||financial||||||
||Interest cost|||||||7/49|5,413|
||Pension benefits paid and payable|||||||(13,966)|(11,977)|
||Emploiyee contributions|||||||3|2rl|
||Experience losses on||liabilities|||||12,025|1,021|
||Gains from changes||fn|demographic||assumptions||(2,993)|(3,913)|
||Gains from changes||in||assumption|||(159,143)|(21,343)|
||At 31December|||||||238,191|393,689|
||Asset ceiling|||||||||
||At I Ianuary|||||||17,468||
||Effect oFinterest on||thc asset ceiling|||||332||
||Change in asset|ceiling||||||39,907|17,468|
||At 31December|||||||57,707|17,468|
##
|||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|
|||||||||ts||
|Discount
rate|||||||||1.90|
|Inflation
(RPII||||||||3.30|3.40|
|inflation
(CPII||||||||2.79|2.98|
|Future salary increases||||||||4.09|4 42|
|Future increase|in pensions||in|defei ment||||387|3.55|
|Future average pension||increases|||(RPli|||3.05|3.19|
|Future average pensiun||incmases|||(CPII|||2.10|2.20|
|Mortality
rate||||||||2022|2021|
|The average
file|expectant||y irl|years ofa pensioner||retinng|at age 65,al Lite bafaixe slice( dale, isas|||
|follows:||||||||||
|Male||||||||22.8|227|
|Female||||||||24.1|24.0|
|The average
life|expectancy||In|gears ofa pensioner||retiring|at age 65,20 gears after rhr' balance|||
|sheet date, is as|foyows.|||||||||
|Male||||||||23.5|25.5|
|Female||||||||25.3|25.2|
|Plan assets are as followsi||||||||2022|2021|
|||||||||EOOD|1000|
|Cash and other'||||||||37468|41,185|
|Equity
instruments||||||||||
|UK quoted||||||||47,651|84,626|
|(IK unqunred|||||||||34|
|Overseas quoted||||||||45,773|95361|
|||||||||93,424|180,021|
|Liability
driven investments|||- unquoted|||||46,988|60,482|
|Debt instruments||||||||||
|UK public sector quoted|||fixed||interest||||227|
|LiK non-public|secror|quoted||- fixed interesr||||69,651|78,780|
|UK quoted
index linked||||||||2fv'I4(|24,806|
|||||||||90,892|10',813|
|Derivative
financiaf instruments|||||-unquoted|||(588I|851|
|Property||||||||71,984|47,663|
|cd her||||||||1+68|1,719|
|||||||||3(1+36|435,73b|
##
##
||||||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||f000|f000|
|Present value||ofunfunded||obligations||and net|obligations|in the|balance sheet||4,960|7,058|
|Movements|in the net obligations||||recognised||in the balance sheet are asfollows:||||||
|At I lanuary|||||||||||7,058|6,530|
|Total expense||charged lo|net Income((expenditure)||||||||132||
|Net actuarial||(gains)/losses,||recognised||in actuarial gains/(losses)|||on retirement|benefits|(2,100)|643|
|Benefits paid|||||||||||(130)|(198)|
|At 31December|||||||||||4,960|7,058|
|The amounts||recognised|through||net|(expenditure)/income||are|as follows:||||
|Interest cost|||||||||||132|83|
|Total, included||in employee||beriefits expense|||||||132|83|
|The principal|The principal|actuarial|assumptions|were as follows:|2022|2021|
|---|---|---|---|---|---|---|
||||||5'||
|Discount|rate|||||1.90|
|Medical|cost|inflation|||7.30|7.40|
##
##
|Summar|Ij o|freserve m|ovements||||||
|---|---|---|---|---|---|---|---|---|
|||Unrestricted|funds||||Translation||
|||General|Designated|Endowment|Revaluation|Non-charitable|and hedging||
|||fund|fund|fund|reserve|trading reserve|reserve|Tota I|
|||4000|EOOO|t000|EOOO|EOOO|4000|4000|
|I-und balance|at||||||||
|I lanuary
2022||1/,612|6,346|115,827|26$|506,256|17,5/0|660,849|
|Income||313|14|3,945||466869||470,841|
|Gift aid paid|to||||||||
|charity parent||15,000||5,000||(20,000)|||
|Expenditure||(21,550)|(2,622)|(356)||(427,138)||(/51,666)|
|Fair value|||||||||
|losses on|||||||||
|Investments||||(12,198)||(50+79)||(62477)|
|Gain on|||||||||
|disposal uf|||||||||
|subsidiary||||||||34,944|
|Taxatlon||||||4,957||4,845|
|Net reserve|||||||||
|transfers||3,306|(1,756)|(($50)|(46)|/6|||
|Currciiry|||||||||
|tran s Iat ion|||||||||
|differences|||||||5,410|5,410|
|Losses on net|||||||||
|investment|||||||||
|hedges|||||||(/,514)|(4574)|
|Art ua rial|||||||||
|losses on|||||||||
|retirement|||||||||
|benegt|||||||||
|obligations||||||(6,876)||(6,876)|
|Tax|||||||||
|anributable|to||||||||
|other|||||||||
|recognlsecl|||||||||
|(lossesl/gains||||||1,719|826|2.545|
|Minority|||||||||
|interests||||||(8,782)||(8,782)|
|Fund balance|||||||||
|at 31
necember||11,681|1.982|110,556|222|501,316|79262|645,019|
|2022|||||||||
##
||Unrestricted|funds|||||Translation||
|---|---|---|---|---|---|---|---|---|
||General|Designated|Endowment|Revaluation|Non chantable||and hedgin9||
||fund|fund|fund|reserve|tradinq|reserve|reserve|Total|
||f000|f000|f000|6000||f000|f000|f000|
|Fund balance at 1|||||||||
|lanuary
2021|||||||||
|(restated)'|5,585|6,946|104,089|624||434,720|18,169|570,133|
|Income||3,504|3,810|||418,060||425,717|
|Gift aid paid to|||||||||
|charity parent|21,000|||||(21,000)|||
|Expenditure|(18,136)|(2,236)|(370)|||(406,424)||(427.166)|
|Fair value gains|||||||||
|on investments|||12,332|||71,915||84,247|
|Taxation|||(82)|||(15,482)||(15,564)|
|Net reserve|||||||||
|transfers|5,820|(1,868)|(3,952)|(338)||338|||
|Currency|||||||||
|translation|||||||||
|differences|||||||(2,357)|(2,357)|
|( ains on net|||||||||
|investment|||||||||
|hedges|||||||1,912|1,912|
|Actuarial
gains|||||||||
|on retirement|||||||||
|benefit|||||||||
|0b I IcJd00Iis||||||4tv)60||41,260|
|Tax attributable|||||||||
|to other|||||||||
|recognised|||||||||
|(losses)/ga)ns||||(18)||(8349)|(184)|(8,551)|
|Minority|||||||||
|interests||||||(8,782)||(8,782i|
|Fund balance at|||||||||
|31December|14,612|6.346|115,827|2bx||506456|17,540|660,849|
|2021(restated)'|||||||||
##
##
|||||Translation|Hedging||
|---|---|---|---|---|---|---|
|||||reserve|reserve|Total|
|||||EOOD|EOOD|EOOD|
|At Ilanuary
2022||||13,134|47(06||
|Gains on currency|translation||differences|5,410|||
|Losses an net investment||hedges|||(7pta)|(7,514)|
|Attributable
tax|||||826|826|
|At 31Dcccmbcr 2022||||18544|718|19/62|
|At I lanuarg
2021||||15,491|2,678|18,169|
|Losses on currency|translation||differences|(2357)||(2,357)|
|Gains on net investment||hedges|||1,912|1,912|
|Attnbutable
tax|||||(184)|(184)|
|Al 31Dei.ember 2021||||13,134|4,406|17,540|
##
##
##
##
##
||||2022|2021|
|---|---|---|---|---|
||||EOOO|E000|
|Within|1|year|8,124|7,879|
|Between||185i)ears|24397|25,718|
|After 5|years||16,554|20217|
||||48,975|53,814|
##
|||||2022|2021|
|---|---|---|---|---|---|
|||||f000|E000|
|Wfthm|Iyear|||4375|6,156|
|Between||1 )S 5 years||11,164|14,755|
|After 5|years|||17+52|19,118|
|||||32,791|40,029|
|Operating||lease rentals charged to net income/(expenditure)|in the period|5,817|6,193|
##
##
|46Related undertakings|46Related undertakings|46Related undertakings|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|The charitg's interest
in related
undertakings|||at 31|December 2022 is as||follows.|||||||
||||||company|||Holdlngof|||||
||||||Registration|Share||shares by|||||
|Company|||||Number|Capital||Charity|Subsidiarg|Actirity|||
|Subsldlarg
undertakings|||||||||||||
|incorporated
in the United Kingdom|||||||||||||
|Benefact Group pic|||||171819G|Ordinarg||100%||In~estment
holding||company|
|Benefact Broking 8 Advisory
Holdings|Limited '||||14493617|Ordinary|||100%|Investment|holdinq|company|
|Benetact Manaqement
Services Limited|||||1811698|Ordinary|||100%,|Dormant company|||
|Ecclesiastical insurance
Office pic '|||||24869|Ordmary|||1004|Insurance|||
|||||||Preference|||||||
|Ecclesiaslkal
Life Limited '|||||027310|O dii ariJ|||1007|Life msuram. e|||
|Fccles asl
al Financial
Ad isu 9cerv|es|Hmiteil||*"|2046087|Ordniary|||100%|independent
finannal
advisoi9|||
|Ecclesiastical
Group Healthcare
Tiustees||Limited"|||1098812i|Ordinary|||100%|Trustee company|||
|Ecclesiastical
Planning
Services Limited|'||||02G448GO|Ordinary|||100%|iuneral
plan admrnistmtion|||
|Ecclesiastical
Vnderwrit
in q
Ilane
gement
ident ree Asset Manaqement
Limited '|||Limited|'|02368571
1192396C|Ordinary
Drdmary|||100'4,
100%|Insurance
Investment|manaqernent
services
management||
|IdenTree
Holdings
Limited '|||||ltm96067|Ordinary|||lou%|investment|holding|company|
|EdenTree investment
hlanagement
Dmited'|||||2519319|Ordinary|||100'Y|Investment|management||
|'|||||||||||||
|F
I O Trustees
Limited|||||0941199|Ordinary|||100%|Trusl en iompany|||
|Farme
8 Mercandle
insurame
8 oken||I|miled"||0314271r|O dine|g||100%|In uranrc|agents anil broke||
|G.D.Andersnn
8 Co Limited|||||00776446|Ordinary|||100%|Insurance|agents and brokers||
|Lgcett, Browne Swmburne
8 Douglass|Limited||||007060C2|Ordinary|||100'Y.|Insurance|agents and brokers||
|Lycctts Finanoal
Services Limited"
Lycetts Holdings
Limited "
Lycetts
~isk hlanagement
services Limited "|||||02057977
05866203
10906990|Ordinary
Ordmary
Ordinary|||100%
100%
1007|Insuranceaqcntsandbrol
ere
Investment
holdmg
company
Risk management
servires|||
|Robertson
Mclsaac LImited|||||03544899|Omlnary|||100%|Insurance|agents and brokers||
|Incorpurated
in Australia|||||||||||||
|Anhvar insnrance
limited|||||007216506|Oniinari1|||ulo'Y.|Imurance|||
|Ansvar Risk Manage mani services Ply|Limited||||&23&95054|Ordeiary|||100%|Rl k management||serwces|
|An\var
I~surance Services Pty Limited|||||8 26i228G|Ordinanl|||100'Y.|Dormant|company||
|Associated
undertakings|||||||||||||
|Incorporated
in the United Kingdom|||||||||||||
|Ileyd 8 Wiiyte
&ro up
I imbed|||||01141899|ordinary|||40'4|I~surance|agents and brokers||
##
|er
relate
emes|d
p|arties
of the|Benefact 1r|ust g|roup of companies
include
associated
u|ndertakings
and the trading
sub|sidiaries'
pe|
|---|---|---|---|---|---|---|---|
||||||||Restated'|
|||||||2022|2021|
|||||||EOOD|F000|
|Income|from|transactions|with other related||parties|6,361|4,738|
|Expenditure||arismg from|transactions|with|other related parties|55~5|10,500|
|Amounts|owed by other||related parties|||81,107|25,010|
|Amounts|due to other related parties||||||24|
##
|Analysis offair value measurement|bases||Fair value measurement|Fair value measurement|atthe|||
|---|---|---|---|---|---|---|---|
||||end ofthe reporting
period||based|on||
||||Level I|Level 2||Level3|Total|
||||f000|EOOD||EOOO|f000|
|At 31December 2021||||||||
|FInancial assets at lair value through|profit orloss|||||||
|Fin 4ncI4I mve sIments||||||||
|Equity securities|||281,169|186||80,471|361,Bib|
|Debt securities|||515,955|I/i12|||517,400|
|Structured
Notes||||14.649|||14,649|
|Funeral
plan Investments||||I')9,181|||19'),181|
|Derivatives||||336|||336|
||||797,124|215,764||80,504|1,093,392|
|Financial assets at fair value through|other recognised|||||||
|gains/(losses)||||||||
|Derivatives||||414|||414|
||||||||4I4|
|Total financial
assets at fair value throuqh||profit or loss|797,124|216,178||80,504|1,0'13,806|
##
##
##
##
##
##
##
##
##
##
|||||Potential (decrease)/|Potential (decrease)/|||
|---|---|---|---|---|---|---|---|
|||||increase|in net|Potentialchanges||
|||||Income/(expenditure)||in funds||
||||||Restated'||Restated'|
|Variable||Changein||2022|2021|2022|2021|
|||variable||8000|FOOO|f000|FOOO|
|Interest|rate risk|100basis points||(4,618)|(11,765)|(8)||
|||+100basis points||5,648|9,475|7|(48)|
|Currency|risk||108|3,466|5,192|13,123|10,845|
||||+108|(2,836)|(4248)|(10,737)|(8,873)|
|Equity price risk||+/|IOX|29,848|29,308|||
##
##
##
||||Restated'|
|---|---|---|---|
||2022||2021|
||$000||$000|
|Aus \|71,584|Aus $|64,071|
|Euro|41246|Euro|22,570|
|Can $|74,188|Can $|46,087|
|LISD 5|2,399|USD 3|2,001|
|HKD 3|15|HKD S|172|
##
##
|use ofderivative
|use ofderivative
|contracts from time t|o time which wo|uld
limit losses in the event o|fa fall in equity
mar|kets.|||
|---|---|---|---|---|---|---|---|---|
|The concentration||ofequity pnce risk|by geographical|kstlng, before the mitigating|effect ofderivatives|to which the trading|subsidiaries|are|
|exposed|is as follows:||||||||
||||2022|||2021|||
||||EOOO|||EOOO|||
|||UK|269,117||LIK|281,792|||
|||Europe|||Eui'ope|79,848|||
|||Hong Kong|||Hong Koiig|186|||
|||Total|368,492||Total|361,826|||
##
##
##
##
##
||||||||||Ufe||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||General|insurance||insurance||
||||||||Miscellaneous||||
||||||||finandal||||
||||||Property|U ability|loss|Other|Whole-of-life|Tote I|
|Territory|||||f000|1000|1000|6000|('000|f000|
|2022|||||||||||
|tlnlted||Kingdom|and Ireland|Gross|255v418|71~5|20,006|3,096|65|350,150|
|||||Net|1192I47|68,128|10,259|100|65|198,399|
|Aust|ra Iia|||Gross|55366|42,978|918|536||99,698|
|||||Net|5,886|36,037|868|101||42,892|
|Canada||||Gross|73,779|34,982||||108,761|
|||||Net|47535|31,914||||79449|
|Tot a|I|||Gross|384,463|149,535|20,924|3,622|65|558,609|
|||||Net|173,068|136,079|11,127|201|65|320,540|
|2021|||||||||||
|United||Kingdom|and Ireland|Gross|217,961|61.949|16,941||(1)|301243|
|||||Net|109242|60,060|82I63|3i6|(2)|li8,559|
|Australia||||Gioss|54,229|37,106|1,790|740||93+65|
|||||Net|5,891|31,733|1238|140||39,002|
|Canada||||Gross|64,086|27,524||||91,610|
|||||~et|44.750|15,306||||70,056|
|Total||||Gross|336,276|127,579|18,231||(2)|486218|
|||||Net|159,885|II7099|IO,f21|516|(2)|187,6I7|
##
##
||||||||General|Life||
|---|---|---|---|---|---|---|---|---|---|
||||||||insurance|insurance|Total|
||||||||EOOO|1000|EOOO|
|Forthe|year ended 31December 2022|||||||||
|Gross written
premiums|||||||558,544|65|558,609|
|Outward|reinsurance
premiums||||||(238,069)||(238,069)|
|Net written
premiums|||||||320,475|65|320,540|
|Change|in the gross provision
for unearned||premiums||||(30,619)||(30,619)|
|Change|in the provision
for unearned|premiums||reinsurer|'|herc|14,114||14,114|
|Change|in the net provision for unearned||premiums||||(16,505)||(16,505)|
|Earned|premiums,
net ofreinsurance||||||303,970|65|304,035|
|Forthe|year ended 31December 2021|||||||||
|Gross written
premiums|||||||486,220|(2)|486218|
|Outward|reinsurance
premiums
unearned||||||(198,b01)||(198,b01)|
|Net written
premiums|||||||287,619|(2)|287,617|
|Ciiange|ln the gross provision
for unearned||premiums||||(24,504)||(24,504)|
|Change|in the provision
for|premiums,||reinsurers'||share|9,884||9,884|
|Change|in the net provision
for unearned||premiums||||(14,620)||(14,620)|
|Earned|premiums,
net ofreinsurance||||||272,999|(2)|272,997|
||||||2022|2021|
|---|---|---|---|---|---|---|
||||||EOOD|f000|
|FeEs paid|||||1,608|2,361|
|Commission
paid|||||83,888|72,149|
|Charige in deferred||acquisition|costs||(5,349)|(4,376)|
|Other acquisition|costs||||28426|26,805|
|Fees, commissions||and other|acquisillon|costs|108,573|96,939|
##
##
##
||2022|202 I|
|---|---|---|
||EOOO|EOOO|
|At 1 lanuani|46,027|41,989|
|Increase
in the pcnod|52,539|46,122|
|Release in thc period|ll?,190)|(41,746)|
|Exchanqe differences|1,150|(338)|
|At 31December|52,526|46,027|
##
##
|||||Restated'|
|---|---|---|---|---|
||||2022|2021|
||||f000|EOOO|
|Gross|||||
|Claims outstanding|||635,944|612,00?|
|Unearned
premiums|||289,451|253,158|
|Total qross msurance|liabilities||925@95|865,160|
|Recoverable from reinsurers|||||
|Claims outstanding|||203,(48|165,347|
|Unearned
premiums|||103,817|88,089|
|Tulal reinsurers'
share o(insurarv||e liabililies|306,962|253,436|
|Net|||||
|Claims autstandmq|||432,796|446,655|
|Unearned
premiums|||'I&5,637|16S,069|
|Tatal net insurance|liabilities||618,433|611, 24|
|Gross Insurance
liabilities|||||
|Culrelil|||505,773|440,373|
|Nun-current|||419,622|4?4,78 r|
|Reinsurance
assets|||||
|Current|||206839|167898|
|lvoti-cuivent|||100,625|86,038|
##
##
##
##
##
|||||Mean term ofdiscounted|Mean term ofdiscounted|
|---|---|---|---|---|---|
|||Discount|rate|Babilities (gears)||
||||Restated'||Restoted'|
|Geographical|territory|2022|2021|2022|2021|
|UK and Ireland||3.6%to 5.4%|-0.5%tu 2.1%|7.5|8.2|
|Canada||4.5%to 5.2%|L24to 2.)%|4.3||
|Australia||3.8%||3.9||
##
##
##
##
|(vg Claims developme|nt
tab(|nt
tab(|es|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Ttw nature ofliabiBtg|classes||of business|isthat claims
may||take a number ofgears to settle||||and before|the final|llabilitg|is|known. The|tables below|
|show the development||ofthe|un discounted
estimate ofultimate
gross|||||and net claims cost forthese classes across an terri|||||tones.|||
|Estimate ofgross|ultimate||deims|||||||||||||
||||2013|2014|2015||2016|2017|2018|2019|2020|2021||2022|total|
||||EOOD|EOOD|EOOO||f000|EOOD|f000|f000|EOOO|EOOO||E'000|EOOO|
|At end ofqeur|||81,725|61,901|46/64||51238|50,736|r8,759|4794|50,13r|602b7||51,969||
|Oni
yr ar later|||A0,027|505
I|4'(,582|46,073||46,88|40,4GI|42,467|42,044|58,774||||
|Two gears later||69,860||48227|40237||41,041|41,883|34,680|39,859|r1,655|||||
|Tiuet gearvlaiei|||66.192|45,495|33,804|38468||38 GI,B|33262|41,600||||||
|I-our years later|||60,174|37,064|29436|37,044||70,177|34,355|||||||
|Foegears later|||56,912|34,606|28211|34,649||39,801||||||||
|Six years later|||54,901|57,962|31,i38||35261|||||||||
|Seven gears later|||55.516|36,195|31,322|||||||||||
|Eight iyears later|||55,252|37,091||||||||||||
|Nine years later|||56,777|||||||||||||
|Current estimate|ot|||||||||||||||
|ultimate
claims|||56,777|3,091|31222||35261|39801|3rs355|41,boo|41,655|58,774||51,989|428,625|
|Curnulatwe||||||||||||||||
|Payment
~ Iodate||(48759)||(292I19)|(21,970)|(23,914)||(21,679)|(156991|(14187l|(9,642)|(4,832)||(1,402)|(191,903)|
|Outstandmg
Babigty|||8,018|72i2|9352||11,(47|18122|18.656|27/13|32,013|53,942||50,58,|23G.722|
|Effect ofdiscounting|||||||||||||||(37,571)|
|Present value|||||||||||||||199,151|
|Discounted
liabilitq||m respect of earlier gears|||||||||||||151,717|
|Total discounted|gross gaby in) (for Babnltg classes) Inrluded
in provisiuns
in th» balance|||||||||sheet||||||
|Estimate ofnet ultimate|||claims|||||||||||||
||||2013|2014|2015||2016|2017|2018|2019|2020|2021||2022|Total|
||||f000|f000|f000||EOOO|f000|f000|f000|EOOO|f000||f000|fooo|
|Al arid o(year|||76,729|59,633|42,739||47,402|45,920|44,053|44230|45/59|4 289||77,559||
|One year later|||66,475|47,690|r0,397||41,*31|41,706|37,4 SO|39,842|37,509|47,t02||||
|Two gears later|||60,07|47,428|37, 40||37.740|37,797|32,867|372!3|36,193|||||
|Three gears later|||55,710|41,494|32297||36,33i|34,818|31,647|39,164||||||
|Four years later|||51.482|3 .164|28,506||33,217|36,431|32,884|||||||
|Tive gears later|||49,196|33233|2,418||32,993|36,550||||||||
|Six gears later|||47+18|33,309|30,544||3',896|||||||||
|Seveii year
lair'r|||47,443|34245|30,296|||||||||||
|Eight gears later|||47,338|35233||||||||||||
|Nme years later|||48,374|||||||||||||
|Current
estimate|of|||||||||||||||
|ultimate
claims|||48,'574|35,233|tn296||'\3,896|36950|32,88'|39,164|3G,193|47,102||77,559|387,251|
|Cumulative
payments||||||||||||||||
|to date|||(41,072)|(28,448)|(21,472)|123543)||(21288)|(15G89)|i14130)|19,5PO)|(4804)||(1,371)|(181667)|
|Outstendmg
lrabihty|||7,302|6, 85|8,827||10253|14,962|1,195|25,034|26,643|42298||sb,188|105,584|
|ttfect of discounting|||||||||||||||(35,352)|
|Resent value|||||||||||||||170232|
|Discounted
liabinty||m respect ofearner years|||||||||||||128,61|
|Total riiscuuritvd|nei liabihtg (for liability
classevi mr luded||||||in provisions
in the balance sheet||||||||298,847|
##
||||2022|2021|
|---|---|---|---|---|
||||f000|EOOO|
|Gross life business||prowsion|502|19,434|
|Net life business|provision||502|19,434|
|Gross life business||provision|||
|Current|||r5|430|
|Non-current|||457|19,004|
##
##
||||2022|2021|
|---|---|---|---|---|
||||f000|f000|
|UK and overseas government|bonds: non-linked||||
|UK and overseas government|bonds: index|linked|O.tgk,|2.71%|
|Corporate debt instruments:|Index linked||I.OO'I|228v|
##
##
##
##
##
||||||||||Potential increase/|Potential increase/|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Change ln|(decrease) In net income/||
|||||||||variable|(expenditure)||
||||||||||2022|2021|
||variable||||||||1000|EOOO|
||Detenoration
in annuitant||mortality|||||+to'r|!0|1,3(io|
||Improvement
in annuitant||mortality|||||-I 0'v|(50)|(1500)|
||Increase in fixed interest/cash|||yields||||~1%pd|(400)||
||Decrease
in fixed interest/cash|||yields||||1%pa|400|(400)|
||Worsening
ofbase renewal||expense||level|||i IOY|(300)|(200)|
||Improvement
in base renewal|||expense||level||-10%|300|200|
||Inw ease in expense inflation|||||||i1%pa|(200)|(600)|
||Decrease iii expense infldtiun|||||||1%pa|200|500|
|C|Movements
in insurance|liabilitie~ and||||ieinsuiance|assets||||
|||||||||Gross|Reinsurance|Net|
|||||||||EOOD|EOOD|1000|
||Claims outstandirig||||||||||
||At I lanuanl 2022|||||||612,002|(165,347)|446,655|
||t.ash (paid)/received
for|claims||settled||in the year||(214,032)|93,073|(120,959)|
||Change
in liabilities/reinsurance|||assets||||223,563|(126,319)|97,244|
||Exchange differences|||||||14,411|(4455)|9,856|
||At 31December 2022|||||||635,944|(203,148)|432,796|
||Provision for unearned|premiums|||||||||
||At I january 2022|||||||253,158|(88,089)|165,069|
||Increase
in the period|||||||289,404|(103,664)|185,740|
||Release in the period|||||||(258,785)|89,550|(169,235)|
||Exchange differences|||||||5,674|(1,611)|4,063|
||At 3 I December 2022|||||||289,451|(103,814)|185,637|
||Ufe business
provision||||||||||
||At I lanuaru
2022|||||||19,434||19,434|
||Effect ofclaims during the||year|||||2+33||2433|
||Clidnges
in dssumptioiis|||||||(2,885)||(2,885)|
||Change
ln inlercompany|provision"||||||(8,944)||(8,944)|
||Other mnvementc|||||||(9836)||(9,336)|
||At 31December 2022|||||||502||502|
|4|transfer ofI lie p row siun|iu|BG|Gruup|||||||
##
||||||Restored||
|---|---|---|---|---|---|---|
|||||uroup|Reinsurance|Net|
|||||8000|8000|f000|
|Claims outstanding|||||||
|Attlanuanl2021||||560~55|(129,157)|431,098|
|Cash (paid),'received for|daims settled||in the year|(191,685)|83435|(108,450)|
|Change
In lla bill ties/reinsure||rx eassets||250,770|(121,913)|128,857|
|tx«ha»go differences||||(7338)|2,488|(4,850)|
|At 31December 2021||||612,002|(165,347)|446,655|
|Provision fnr»nearned|premium-||||||
|At I )anuary 2021||||230,800|(79,394)|151,406|
|Increase in the period||||253,759|(88464)|165295|
|Release in the Period||||(229,255)|78580|(150,675)|
|Exchange differences||||(2,146)|1,189|(957l|
|At 31December 2021||||253,158|(88,089)|165,069|
|Life business
provision|||||||
|At I lanuary
2021||||19,434||19,434|
|Effect ofclaims during the||year||(264)||(264)|
|Changes
ln assumptions||||118||118|
|Change
In discount
rate||||147||147|
|Other movements|||||||
|At 31December 2021||||19,434||19,434|
##
##
||||As reported|Restatement|As restated|As reported|As restated|
|---|---|---|---|---|---|---|---|
||||Unrestricted||Unrestricted|Endowment|Total|
|2021|||funds||funds|funds|funds|
||||3000|EOOO|f000|f000|f000|
|Income from:||||||||
|Donations|||3,500||3+00||3,500|
|Other trading activities||||||||
|Income onsing from trading activities|||385,342||385,342||385,342|
|Investments||||||||
|Dividend, interest|ond rental|||||||
|mcome|||13065||55,065|3810|36,875|
|7otal income|||r41,907||421,907|3810|425,7I7|
|expenditure
on:||||||||
|Raising funds||||||(3701|(370)|
|Chantable
activities||||||||
|Grouts|||(19,329)||(Iq,129)||(19,379)|
|Other expenditure|on choiito hie ocxivrties||(702)||(702)||(702)|
|Utheir||||||||
|Charitable
donations paid by||||||||
|crnriing subsid/aries|||(2,5UI)||(2,548)||l2,548)|
|Expenditure
or!sing|from rroding|ocr ivities|1404217)||(404217)||(404,217)|
|Total experidlture|||(r26,796)||(426,796)|(370)|(427,166)|
|~et losses on investments|||69,315|ZAOO|71,915|12.332|84/47|
|Taxation|||(14,988)|(494)|(15.482)|(82)|l15864)|
||||49,7 38|2,106|51,544|15,690|6 234|
|Net income/(expendffure)
in the||||||||
|year||||||||
|o arising from the|choritu||116,526)||(16,526)|15,690|(836)|
|6 odslng from rioding ocrivirier|||65,964|2,1!16|68,070||68,070|
||||49 / 38|Z,iob|51,5rm|15,690|67~|
##
|||||||As reported|Restatement|As restated|
|---|---|---|---|---|---|---|---|---|
|||||||Total|Tul el|Total|
|||||||funds|funds|funds|
|||||||2021||2021|
|||||||f000|f000|(000|
|fixed assets|||||||||
|Intangible
assets||||||33,627||33,627|
|Tangible assets||||||14,613||14,613|
|Investment
property||||||163,355||163,355|
|Investments||||||1229,029||1229,029|
|Investment
in associate||||||12,148||12,148|
|Tota Ifbied assets||||||1,452,772||1,452,772|
|Current assets|||||||||
|Debtors||||||489,318|(1,013)|488,305|
|Investmpnts|||||||||
|Cash at bank and in|hand|||||174,779||174,779|
|Total current assets||||||664,097|(1,013)|663,084|
|Liabilities|||||||||
|Creditors. amounts|falling due within||||one year|(146,467)||(146,467)|
|Net current assets||||||517,630|(1,013)|516,617|
|Total assets less current|||liabilities|||1,970,402|(1,013)|1,969,389|
|Creditors: amounts|faylng||due after one year|||(2,477)||(2,477)|
|Provisions for liabilities||||||(1,200,949)|3,613|(1,197,3 6)|
|Subordinated
liabihties||||||(24,433)||(24,433)|
|Net assets excluding||retirement||benefit obligations||742,543|2,600|745,143|
|Net pension deficit||||||24,579||24,579|
|Other retirement
benefit|||obligations|||(7,058)||(7,058)|
|Total net assets including|||retirement||benefit obligations|760,064|2,600|762,664|
|The funds ofthe charity|||||||||
|Unrestricted
funds|||||||||
|General funds||||||14,612||14,612|
|Designated
funds||||||6,346||6,346|
|Revaluation
reserve||||||268||268|
|Non-charitable
trading||reserves||||503,656|2,600|506,256|
|1ranslation
and hedging|||reserve|||17,540||17,540|
|||||||542,422|2,600|545,022|
|Restricted funds|||||||||
|Endowment
funds||||||115,827||115,827|
|Total funds (exduding||minority||interests)||658249|2,600|660,849|
|Maioiity Interests||||||101,815||101,815|
|Total funds||||||760,064|2,600|762.664|
##
|Board oftrustees|Board oftrustees|Board oftrustees|||limothy
Carroll, BA, MBA,|limothy
Carroll, BA, MBA,|limothy
Carroll, BA, MBA,|FCII|FCII||Choir|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||Carohnc Banszky, BA, FCA|||||||
||||||Revd Paul Davis, BA|||||||
||||||The Very Revd lane Hedges,||||BA|||
||||||Stephen C Hudson
BA||(Hons),|||FCA||
||||||SirStephen
Lamport,|GCVO|||DL|||
||||||The Venerable
Karen|Lund, BA||||(Honsl||
||||||Chris Moulder,
MA, FCA|||||||
||||||David Paterson,
BA|||||||
|Company|Secretary||||Mrs Ra«haei
l. Hall FCIS|||||||
|Registered|and Head|||Office|Bene(act House,|||||||
||||||2000 Ihoneer Avenue,|||||||
||||||Glouccstcr Business|Park,||||||
||||||BIockwonh,|||||||
||||||Gloucester
GL3 4AW|||||||
|Company|Registration|||Number|1043742|||||||
|Charity Registration|||Number||263960|||||||
|Independent||Auditor|||Pricewaterhousecoopers|||LLP,||||
||||||2 Class Wharf,|||||||
||||||Bristol,|||||||
||||||Avon,|||||||
||||||BS2OFR|||||||
|Bankers|||||National
Westminster||Bank||pic,|||
||||||21Eastgate Street,|||||||
||||||Gloucester
GLI INH|||||||
|Solicitors|||||I-arrer &Co,|||||||
||||||66 Lint oint hm Fields,||London|||||
||||||WC2A 3LH|||||||
|Investment||Managers|||FdenTree Asset Management|||||Limited,||
||||||24 klonument
Street|||||||
||||||Londnn,|||||||
||||||F('3R BAI|||||||
||||||Rathbones
Investment||Management||||Limited,|
||||||8 Finsbury
Circus,|||||||
||||||London,|||||||
||||||EC2M 7A2|||||||