Charity r•glstrtlon num1 2711S1 {ETh and Wales) Compury rnglslrallon number00366710 THE FREE CHURCH OF ENGLAND CENTRAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE FREE CHURCH OF ENGLAND CENTRAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees The Right RevereTrJ Dr P Hunl Miss LA Secker The Revèrend R sOn The Reverend M Sw5 Mrs N Stenstrom The Reverend Dr J tsoft Mrs T J C Sahadevan The ReveTend M P Firth The Rever8ndA G Ford Mrs E C Spvars Rfjverend Awalsh RevererKI S J Ivey IA4y)inted 23 May 2024} IA4wint8d 23 May 20241 IA4yointed 5 Junè 2(r251 (Awointed 5 June 2025) S•crntsry The Re4wend Dr R Stephen Charlty numb 271151 Cixr4>any nunth•r (KJ366710 Reglstrrnd offi¢• Azzwri Hwse Isall Ro*1 Akjridge Is1 EtvJlaNI WS9 ORB Indep•ndont •xaminer Chrislophor Hess C. A2zurri House Wa15all Road Ajdridge Walsall WS9 ORB
THE FREE CHURCH OF ENGLAND CENTRAL TRUST CONTENTS Trustses, report Ind&pend#rt exarnlnefs report statement of finanual aG*vlig$ Balance sheet Notès to lh& finanoal Statèments 10-21
THE FREE CHURCH OF ENGLAND CENTRAL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual rtp)rt and financgal statements for th? yggr ended 31 D11 2W24. The financAal ststements have been prepared in a(tordanc8 with the a(a))unbng pol set oul in note 1 10 financAal statements #nd compty with the Companls gov8ming docajfflent Imemorandum and Arlides of A¥so¢iationl, the Companies Act 2006 gnd "Accounting and Reporting by Chariiies.. Stslement of Recommended Practice applicabl& to charities preparin9 thèir accounts in accorda wrth the Financaal Report#)g Standard applicable in the UK and Republic of Ireland IFRS 102} {effective 1 January 20191-. Obje¢tlv•s •nd activities The charitsble objects of Ihe Company ar8 to act as a Central Board of Trustees for The Free Churth of England. OtheThSe called The Reformed Episcop Churth (hereinafter c811gd Ihe c), and lo pfomot• aid and furlher the objtr¢t$ and work of and to perform work and to transact busness nneCtl the Church and t has been no change in th¥sè dtrng year. Th& aims of th8 charity * th• advancement ofthe Christian Failh by supportry the Church&s ofthe DenomYAtion of th$ Free Church of England in WshIp and witness,. by plant#l9 now Churchos.. WKI by •clv4ibes swbve of these aims. The charity is committed to advanting the faith of the Fw Churth of England by seeking folowers and faalitating the pracli¢e of the faith by existing folkx¥ers. It also seeks to p¥osdytise new fcknwers sensrfiv wilhout coercion. 11 does by linter alia)=_ sgrmons and religious swninars. talks, meetirvJ$ and wfer8nc8s the encouragement and SUPFL¥t of past81 worK promoting the siudy of religious teathirwJs practi and suiptures,. support of roligious offKe holders fN acting a$ $uth, induding the yovision of arKI Othgr ¥Ing allu•Mnces, Ponsions and retirement accommod'on', the promsien aNI malnlenance of a buihJing$ used for refyKJus prackn. The Trusleos have paid due regard lo the public benefft guidan¢e pKtAlshed by ts Charity Commi$sK in reviwm the ¢haiiWG obAectlves a(vibes. The Trustees have paid due fegard to gLMdance issue¢J by the Charily Cc¥nmtrAth in decidin9 what 1he ¢harily should underL. Services continue in al Churches of the DewvJmination allWing for the Christian Faith to be shar1 publc* in worship and wlness, alongside the Occasiond Offices (Baptism5, SL4emnisa1ion of Malrimony and FunS) and ongoing Paslofal Ca. Grants ale made to frJrtherth¢ w¢vk ofTh8 Free Churth of Engknd.
THE FREE CHURCH OF ENGLAND CENTRAL TRUST TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 AchioTMm•nts and prforniance The Free Chur¢h of England Central Trust has CnntIn to work in line wilh the tharitab otieUNes of the institution. The apndas lor all meelings now follow a pattem where thg tharilable obiecbvos ore expkTt and this IS refiected in the headings of the report. 1. Pmperty: The Parsonage al Hart8sden has been utlsed by a o)mmunty houwng grujp who have completed essenliat repairs and have insured the building. The sale of the Cricket Ground at Tottington has been agreed. An agreement lo let St P8uI's. Bexhill has been agreed. The baso-io-purchase agreement at Hoyland is progressing. We are working on collating a compiehensiv8 1st of properliÈs held in Trust ty the FCECT. We have applied lo tho Charity Commission for pernIsS lo take act with regard Its SCA wcyety issues. 2. C•ntral Board of Flnn¢•: Sl Abdias, Sheffièld F8rsl Go$[S and trxts £3C Christ Church, Bro8d$tairs FHD ProJo¢lor £300 Chdsl Churth. LeiglH)TrS&a RedeCtIOn & Publicty £3C(I Chllst Chur¢h. Wllesborough PrInng. Bible Sludi¥s & Zoom LKense £3(L) st George, Blad(bum Easter Publiaty £3CfJ St Franc4s, Shoreham Messy Church & Love Your Street overt £30) Ernanu¥l, Morecam Publiuty Materias St Andrew, Bsnlley Easter Evants £3( York Welcome Lunch•s for Students £3(K) Central Tnjsl ms grant$ wthin the organisatvj) to ensLre that ftwKls are avalable to meet a¥ our cJwitat4e objectwes. 3. Tr41nlng forth9 Mlnlstry of th• Church: Funds have been rèsed as the fcrtmdry of Seabury Colege, th the authority to award both UK and USA adeMiC award$. The is lo provide an ackmic tnIng for nIS ondRlates akngswje 1he pro¥ision of arts degrees.
THE FREE CHURCH OF ENGLAND CENTRAL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 4. Malnt•nanc• for th• Mlnlsty: The Denominobonal Stipend Sceme aThJ the D8nominalThal Pen&on sthome are fuly operalional. Work ha3 begun on VI•WIng the contract of èngagement for Crgy. 5. Church Planting And Ev4ngo11$m: The congreyation at York has become a lull mèmber Church of the Denominath)n. Central Trust also agree 50% bursaries for any FCE Clergy atterbding the 2025 Church Planting Conference in York. $. Youth Education: Cent1 Tw$t has agreed lo offer £300 grants for any Yrth WOb within the ChLYc4& We wil Tewt on uptake of these grants nèxl year. There has been steady growth aNI cirfYJoldal¢on Ihrough 2024. The inv8$lmènts made durong the year have performed in line wsth markets genor41ty and Ihe Trustees consider th• investrnenl managerfs performance lo be satisfacw. Flnancial review The Company has operated sats'sfactority durng the year in the fijrtherancè of its acb¥ie$ 8nd a SLwnm of those activities is sel out in thg Statement ol Flnan¢ialActitI0s on page 4. There was a decrease offunds of £120.724 {2023- £92,299 inugase). As al 31 D¢¢ember 2024 the Company h8d reserves of £864,517 12023- £9852411 as detd cffi the 8a0 Sheet on page 6. 11 is the policy of the Company that Testricted funds whh rh)t been dew9nated for a spe¢ffi¢ use Sh(Id be maintained at a level equivalent lo befvleen three and six month's eypendrturè. The Tntstee5 c¢n$iders that rèserws at this level will onsure that. in the event of a si9nrfnt drop in fundin9. be able to r4ntinu6 the charity's current actl[leS whilts consideration is grven to dy5 in whh addiiional funds may b8 raised. This Ie1 of reserves has fjn maintained Ihrthjghout th• year. There are no fe$lrid)n$ on the Company's p¢)wer to inv8s1. The i14slment strategy is to maintsin the long term pur¢hasing power oflhè capital against infialion whilst achieving a balarKe tet* Cata gruwlh and in¢ome. Thg investments are managed within the finanad and ethical guhlelines set by the Trustees but al the disuation of the inveslrnenl managers. The Trustees have as$8ssed the major risks to whtyth the Cornpany 1$ exposed. and are s8tisfigd that system we place lo MItale exposure lo the maior risks. structurn. govemaneè and management The Cornpany is limited by guarantee and does not have a share c8pital. 11 is IKensefl by Department of Industy lo be règistered withoui the addon of word"Lwnit&l' lo name. Th• Company w88 in¢orporale(I C 23Awl 1941 underthe compansA 1929. Th¢ Company is a registered Cknty. un(ler the Charilbes Act 2011.
THE FREE CHURCH OF ENGLAND CENTRAL TRUST TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustee3. who ar8 also the directois fwth¢ purpose of o)mpany l•w. and who seThed during tho yew army up t¢ the date of signature of the finarrial stalerrenls were". The Right Reverend Dr P Hunt The Right Revetend Or J Fenwi¢ Mr WA Cloments Miss LA Secker The R8vor8nd R Wlson The Revetend M Spiars Mrs N Stenstrom The Revefend A K Roberts The Revefftnd Dr J Wa150n Mrs T J C Sahadevan The Reverend M P Firth The Reverend B A Mwphy The Revend AG Ford Mrs E C Sk¥ers Thè Reverend A Walsh The Reverend S J Ivey IResiffj 10 Augusl 2024) IR•signed 10 August 2024) (Awointed 23 May 20241 (Appointed 23 May 2024) IpOinted 5 June 2025) (Appointed 5 June 2025) JI those elècted to serve on thè General Countyl of the Free Churth of Eryland are akn appointed Trustees. Artide111 states thaL Convocat)n shall apwint at its Annual Meeb"Th3 a CO1 of its members and de10gate to sud) 5uth administrative poweis and functions as ConvocatK)n shall from tirne to time r8sohe. The Courol thus appowrted shall hold once untsl the next succeing Annu81 Meeting of Convocation. No other peison or persons WTthin th¢ Frn8 Church of EnglarKI or 6xtemal lo rt has the power w aUtty to apw)int Trustees. None of the Tnts1 have any beneficiaf interest in the company. Al of the Trustees members ofthe Cofflpany and guarantee lo conlrlbute £1 in the event of a winthng up.
THE FREE CHURCH OF ENGLAND CENTRAL TRUST TRUSTEES, REPORT IINCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Committ095 arHI worklng partles The Executive Council ma. estsblish Committ99$ ccrfisisting of those persons wtr¥)m the &¥ecuti¥ Coul7 decide; dèl8gate to a Committee any of its p(swers'. aTrJ revoke a deleg81ion at any Thg EXeI•ve Council may estsbli$h WOlTr9 Parlies ¢onsisting of those persons tArtKJm Ihe Exerthr¥o Coun¢il decide. A Worknng Party may It tske deasions on behaK of the ExecxrtNe Ctsun¢il bul may consK issues in depth with a Mew to mthng recixrmernl8lion$ to the ExeoJtNe Councl. The members of a Committee or a 4)rkIng Pkn are lo be apw'nted by the ExtiVe Counal bul the Executive Coyncil may give a Committee or a Working Party the i¥Jhl to ¢o-OPt individuals to rts membership. The Executive Coun¢il 1$ to d•tsm)ine the chair of each Committee orV¥tthng Paty. Each member of a Commttle• or Worknng Party {induding the chairl is lo hokl Off from the date of hFS appointrn¥nt until the lemi of offiee for Wh he has been awinted expires or rmtil he resnS or is removed by the Exeurtrve Counal from the Committee or Workirg Party. The Exethe cou must determine the quotum kn each Committee and )rkllig Pkn rt estthish8s. The Executive Council rnust spèufy the financ1 h.mits vthch arby Committ90 may fim(on. A Worklng Party can have no authorrty to incur expandiiure. Every Commirtee or Working Party must report its prcteedings dec4sion$ to Ihe Exe as the Executive Council detem)ines. 1.1.1 1.1.2 1.1.3 A meeliny of a Commrttee or Workwig Party may be hekl entrdy through telephone, wdeo Conferw3 or other communi¢alion$ equipment, via a mixturÈ of such communications equpment or with some people physica•y pr8sent at the meeting WhSt olhers are Present ¢ONuniCans equyfflent. If al the [pIe partiopabng in the meeting are not in the ¥ame pè. they fflay decode that the megting is to be treated as taknng place ofthgm is. Funds hold 08 Custodlan trustee The Frge Church of England Central Trust holds fvnds as Tw$l¥8 on behall of the Denominabon vèrKIu$ churches within the denomin8lK)n. The objects of the dewninats.on the various ¢hurches witlin are the advancement of the Christian religK)n by means and in th the principles of The Fr•e Chur( of England. Investments al market V8lLtrè Cash deposts and other assets £921,556 {2023- £876,699) £42,138 {2023- £96.868)
THE FREE CHURCH OF ENGLAND CENTRAL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Thè amounts held Os eustothan In for ¢•th churCMrI 85 •t 31 December 14 89 frkn: 2024 2023 mmanuol Church, Bamstablo £195,54 £1SX). rowborcwgh Rec £34.12 reAJgh cJrch, East Sussèx £101.12 £98.41 mmanuel Chureh. Carshaknn £73.93 £71.27 vtnoy £89.1 sl¢lwrch ExrrThith Patt8n £125. £119, amham SSF £73,66 £71.7 t Gèorgas. Blackbury £44.48 £42. crfth Oh)eA £104. £1W2,84 Slerthen'8 iddlestrough Chwch, £121.04 £158. £973.S6 The objects of the56 thurcho8 and trust5 are lor Ihe of the F c1h (rf ETrjIw ctraI Tnjst. FuThls held as cusb)dian truslee w¢ scnted for as 8¢parate mdsv•hh)the books ¥¥J rtt(¥th. The TnJ¥t*es' rep(Kt WAS approved by the Board ofTnJslees. The Revwtnd R Sl$phon Company S•cretary The Rwjht Reverend Dr P Hu Dal8: . 15th sep.tember 2025
THE FREE CHURCH OF ENGLAND CENTRAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FREE CHURCH OF ENGLAND CENTRAL TRUST I report to the Tnjstees on my exanMnatk)n of the fThnaal staternents of The Free Churt of Central Trust (the Company) for the year ended 31 December 2024. Responsibiliti•s and ba818 of r¢port As th• Trustees of the Company laThJ also its directors for the purposes of comp¥ry you ¥e responsIe for the preparation of the fmawal sl¥lemants in ao)Jrdance with the requirements of the clp¥nI•sAd 20C {Ihè 20LK Act). H8vKI9 satisfied mysew that the finanaal statements of the Company are not required to be au¢thted under Part 16 of Ihe Companies Act 2006 and are 81igible for indepèndent examination. I report m respert of my examination of th8 Company'5 financial statements carried out under s8th.on 145 of Ihe CharitE5 Aci 2011. In carrying out my gxamination I have foil¢Med the DrectKsns gIn by the Charity Commi83ion under sethon 145 151(bl of the Charrfies Ad 2011. Indopendent examin•rfs stalom•nt I have cOmpted my examinatKsn. I confinn that no matters havè come to my attenlv)n i) Connecti( with the trxaminalion giving me cause to bdwe Ihat in any material ieswL" acLounling records were nol kept in respect of the Company as requlred by 386 of the Ccthpani8S Acl 20C6. the financial statements not accord wilh tr+ose recy)rds'. or the finan81 slatèmonts do not o)mp wtth the accounting wuirements of secon 396 of the ComFonies Ad 2006 other than any requifement that U)e finanfial statement5 give a true 8nd fair Mew. whK 1$ not a matter ca)nsidered as part of an ind8p•ndenl ex8mination', or the ffinancial statements have not been prèpared in acLcdance vthh th8 methods and prin0pS of the Statement of Recommended Practice for accounting and reporting by ¢haribes applicabkn to ¢¥ithes preparing their financ(al statements in eo)rd¥nce with th& Finaal Repth"ng SIdard applc4e in thè UK and Republic of Ireland {FRS 102}. l am aware of ongoing correspormlenr vrith Charity commion in relatHJn to vatiws matters whith may have oCrTed over recent years. As al the dats of snIng this report the Matte remain outstanding and as such I have not noted this as g matter ol material con(m. I conffirm that there are no other matters in cnnnection th the examination lo attenti shoLld be drawn in this report in order to enable 8 pfoper undgrstan(ling of the finan(ial statements to be read1. Chrislopher Hession C.A. Auurri House Walsall Road Aldridge 1s811 WS9 ORB Dated.. 2 S&ptemter 2025
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THE FREE CHURCH OF ENGLAND CENTRAL TRUST BALANCE SHEET ASAT31 DECEMBER 2024 X124 2023 Notes Fixed assets Taroible assets Inveslmen15 15 16 666.703 128.418 666.932 271.950 795.121 Currènt assets Deblors Cash at bank 8nd in haThJ 17 132,499 T20.428 37.805 132,499 258.233 Cr¢dltors: amounts fdlllng dug wfthln one ytrar 19 162.975) 1211.746) Nèt Current assets 69.524 46.487 Total assets less eurr•nt Ilabllltl•$ Credltors". anKyJnt$ falllng due after more than one y•ar 20 11281 (128) Netass•ts 864.517 985,241 Funds Oes(qnated funds Reslricted thnds UNesln"cted lunds 114.933 311.637 437.947 111.031 322.418 551.792 24 864.517 985.241 The company i4 entitl8d lo Ihe exemplion frn th8 audit Wilent contn8(J in seclth 477 Lrf Ihe CLHnpar¥esAd 2006. lor the year ended 31 Dernber 2024. The directors a¢knoledge Iheir reSInSibIlI1S for the wuirefits ol the Comw8s Act 20 vhth resp8Ct to accounbro records lh8 prparats"on of financial Statemts. Th8 members have nDI required thè company to obtsin audrt of rt8 ()?aal slalemts f the ygar in quesitC*) awrdance with sectp)n 476. These financial slalements ha b¢8n preparwj in accordan the provisions a41cable lo 0xnnI9s to Ihe small companies reglme. 15-9-15 The finanual siatements were approved by the Trustees on ............... ..... The Righl Reverend Dr P Hunt Tru¥tee Coryjany regstrallon number 00366710 {England and Wales)
THE FREE CHURCH OF ENGLAND CENTRAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢wuntlng policies ChaTity information The Free chUh of England Central Trust is a privats company lirnited by guarantse incwth in Engl8nd and Vvales. The registerèd office isA2zU1 House. Wasall Road, Aldridge WS9 IRB. 1.1 A¢¢ountlng eonventlon The financial statements ha been pr8pared in accordan¢& wlh th& Companys gowning dI)Ment. thè Companiès Act 2006 and "Accounb"ng and Reporting by Chaiities." Ststement of Reojmmended Practic appIlble lo d)arities preparing their acc(AJnts in aOrdanCe wrth the FinancAal Reporbng Standard applicable in the UK and Republic of Ireland {FRS 1021 {effective 1 January 20191". The Company is a Pubk Benefft Entity as defined by FRS 102. The Company has taken advantsg& of the pfovisions in the SORP tr tha11 aPFWng FRS 102 Update Bullalin 1 not to prepare a Staternent of Cash Flth¥s. The finanrjal Statements are prepared in steding. whith Is the functional rrencY of the Company. amounts in these finaniial ststemgnts ar& roLThled lo the nearest £. The fffianti81 statements have teen prepar&J under the histoiical (wt nntion. The priwl aCtnting policie5 lople are $9t out behjw. 1.2 Going concern At the time of 8pproMng the financial statements. the Trustees have a TeasonaUe expeclation that the Company has adequate resources to cCline in operational ¢sten for the ffftseÈable fLrture. Thu5 the Truslggs continue lo adopt the going concem basis of #¢Unts.j in rxepariThJ the finamal st¥twnents. 13 Charftable funds Unrestricted funds are avadable for use at the disuetiw of the Twstees in fLvlhWao of their tharita 0.ectIVes. ReStrted funds $ubi'ect to specific o)n¢Jb"ons by (kjnors or grantors a5 to htsw thay may be used. The puSe5 and uses ofth$ rèstsicted funds are set out in the notes to the finanual statements. Endowment funds arg $i$et to s1C conditions by th)nors that the caprtal must maintained by the Company. IA Incom• Income is reci)9nisgd wh8n the Comwy is legalty onlilled lo il after any rtmar condilions been mel, the amounts Can be measured reliably. and it is probable that ine4)me wil be rec4¥ed. Cash (knallons are rec£Jgnised on re¢¢ipt. Other donations are re¢(tyJnised Or the Company has been notified of th• donation, unles5 perfonanCe ¢ondthons require deferral of the amount. Inrne tax re(x)wrabfe in relation to <Jonalions received under Gift AKI or deeds of covenant is rewised at the time of the donal1. Leg#(#ès are reeognised on receipt ty otheThwse ¢f the conY has bgen notified of an Impwding distribution. Ihg amount is known, and receipt is gxpe¢ted. If the amcrtml ts not knvAfn. the begacy is IrÈate<l as a conlingenl assèt. 10-
THE FREE CHURCH OF ENGLAND CENTRAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢otsntlng pollcl•s Iconfjnuedl 1 Exp•ndlture Expenditure 15 recognised once theft ts a legal or CA)nstructive obb"gaiiM lo transfer economic ben•fft lo Ihird paty. it is probable that a transfor ol econom benefits te required in settlement. and the alrU1 of the oblgation can be ffleasurtd rellay. Expenditure is classified by actwty. Tha ¢osts of each athity are m•d& up of Ihe lotsl of di[ sts and shared costs, induding support cos15 involved in undertaking each ¥caMty. tre¢# costs attributotle to a sing activity are allo¢aled diTectly to that actiwty. Shared costs whith contribute to more than one acbwty and 8UPPOrt costs which are not attributable to a single a¢fvty ara apportioned between thos8 acti$ on è basis ¢onsistent with the use of resour¢ès. Central staff costs are allocated on the basis of tima spenl. and depredation Charges are allocated on the porfion of the a6set'S Lrse. Charitsw expendiiure o)mwses those ¢osts wKurred ty the caity in the delfftry of 6ts aGlivitw and services for ils benefiuaries. It ince8 both costs akjcated diredy to such ar8$ and thos e¢sts ol an indirect naturo to support Ihem. Grants are accourrtod for when the ¢omwy Is committed to paying th¢m. Govemance ¢osls indude those incurred in the govemance of the tsity org primarly asswated constitutional and statutory requirements. 1.6 Tangible fix 4¥s•ts Tangible fixed assets are InaNY measured at cost and subsequentty measured at cost valuabon. net of depreCiatn 8nd any impairmenl10&ses. Depreciation is recognised so as lo wrrte off the cost or valuatton of assets less their Tes[du Vak over usefvl lives on th8 following bases.. Freehdd land and buildings 2% on (st and rMI The g•n or loss arising on the disposal of an asset is detern1r as thè difference betr the sale woceeds and thè carying value of the assel, and is recwiised in the statement of financAal acti15. The freehold prop8fties pur(ased in 2022 arKI 2023 are not deweuated. on the basts of th habirg S long useful hfe and a high residual value. 1.7 Fix•d 4¥¥•1 investm•nts Fixed asset investrnen15 a initially measured at transa¢tkN) wice exduding tranwhon costs, ¥e subsaquently measured at fair value at each reporting ¢Jate. CharS in fair Val fecognised in net in¢ome/l&xpenditure} for the year. Transaction costs are expens¢d as incurred. A subshliary is an entity controlled by the Ccrfnpany. Ctrol is tho to govem the financial and operaliTrJ polia&s of the entty so as to obtain beneffts from its adivitie& 1J 1mpalrnTht offlxed •••ts At each reporting end date, the Company reviews the ¢arrying amtyjnts of ts langbk assets lo d&t¢mine whether there is any indication that those assets have suff8r8d an impairment k)ss. If any suob #110n oxists, th8 reo)verable amount of the asset Is estimated in order to deterTnine the exlent of th8 ifTW8imnt loss lrfany). 11
THE FREE CHURCH OF ENGLAND CENTRAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (Continued) 1.9 Cah #nd cash •qui¥alents Cash and cash equivalents includè cash in h. deposits held al CAI wlh banks, other shorktern Ihiuid investments wrfh original maturities of three months or less. and ovwdrafts. Bk overdTafts are shcwn within borrowng$ in ¢uThent liabilities. 1.10 Financlal instrum9nts The Company has ele¢teil to appty pmmsions ol Se¢"on 11 '8asic Finan¢xl In5trumenW and 12 'Other Financial Instrumenls155ue$' of FRS 102 to all of it5 financial irbstruments. Fin8noal instruments are rgcogni5ed in the Comwys balanc• sheet when the Compwby beC0ffl paty to the contradual provisions of the instwment. Financaal assets and lialy"lrtie$ are offse( with the net amounts yesented in the statements. when Ih8r8 is a legaly enforceable light lo sel off the recognised amounts and there 15 an intenn to setllg M a net basis or lo ro8lis8 Ihe asset and settle the liat4.lrty Simuttaneousty. Basic finan¢i•l •ss•ts Basi¢ ffin8n¢ial assets, wfiich include debtors and cash and bank tslms. are initially nwswed transaction price including transaction costs and a subsoquenly Carr at arnoibsed cost Un9 the effedfft inter8s1 method UnSS thè arrangement constiLute$ a financing transaction. Whe the transa¢Xon is measured at the present V81ue of the firture receipts di5CY)uwrted at a market Tale of inlwesL Financtal assets das$tfi8d as receivable vthhln (Th year ¥e not ortl. Bas1¢ flMn¢llllabllltles Basic financial liabilities. including ¢rethlors and bank loans are inknaly re(y)gnised at Iran58thM KYT¢e unless the 8rr8nggment constitutes a finanryng Iran5a¢tv)n. vthefe the debt instrument is measwed at the present value of thè fkjlure payments discwnted at a mar1(et rate of interest Financi tsbilitS dassrfied as payab19 within one year 8re not amortised. Debt instruments are subsequentty earried at amortised cosl, using Ihe effeciNe wrteresl rate meth. Trade ¢yoditors are obligalitsns lo pay for goods or services that have t£en acquired in the or(linJy Course of operations from suppliers. Amounts payabbe are dassified as current liabilibes rf paent is due within one year or l&$$. If not. they are presented as non<urr8nt Irath'lit. Tradè creditors are recogni58d initialty at tran$8dion price and subsequenlty measured al amofbsed 51 Ung thè effe(ve interest method. Derncognilion of financial lYabMItI•s Financial liabili(K$ are derecognised when the Company's ccfrtractual oblhjab.ons wire are ¢harg8d or cancelled. 1.11 Employ•• benefts The cost of any unus•d hdiday entluet is recognisèd in the period in wh1¢ the pyee'S Se are received. Términation beneffts a re¢oynised immediately as an expense when the Company demonstrably commitled to terminate the employmenl of an employee orto provide tennnatKJn beneffts. 1.12 Retirement b•n•fits Paymènts to defined contributn relirem¢ni benefft scthrnes are charged 0$ an gxpense as they fall due. 12-
THE FREE CHURCH OF ENGLAND CENTRAL TRUST NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Crfllcal accountlng o$timal•$ and Judgqfiwnts In the applii¥tion of the Company'5 accounl'ng policies, the are requyed lo make judg8ments, estimates assumptions about the cwrying amounl ol assets and liablths thal are wdity ¥JpaTent from other sources. The esb'mates and associated assumplions are based on historical expernce and other faotors that are ndered lo bg r¢levant Actual resutts may from these eslimaltrs. The tsb"mates and underfying assumptions are reeWed on an ongoing basis. Rev15ions to accounling estimates * re¢ognised in the peTiod in which the estimate is revised whèrg the reWS affeds o)ly that period, or in the period of thè revision and futu pernds where the rewsion affecas both CaJrre fvture periotts. Donations nd l¢gael•s Totsl Unrestrned 2024 2023 Legac4es re¢¢ivable 500 kncome from charitable •¢Uv115•s Unr•strfcted Restri¢t•d funds lunds 2024 2024 Total funds 2023 nds 2023 2024 1023 Incoming resources from haritablè a¢tivities- contriblrtions from churches Other ino)me 81,754 81,754 52,770 12.211 202.211 434 81,754 82.188 2(r2,211 52,710 254.981 In¢om¢ from InvMtm•nts funds 2024 20Z3 Interest receivat4e 3,478 Inter&sl racervdble comprised £3.256 k)an interesl12023- £8241 and £442 bank interest12023- £2,654). 13-
THE FREE CHURCH OF ENGLAND CENTRAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charltabl• activit 2024 2023 sthnd costs Depreoation and impalm)ent Book-keeping fees Accountan General eypense$ Leg81 and professional fees Charggs and fees Propéty repairs 156.997 138,874 229 12.327 9.654 52.614 1.129 2,425 11.312 5.135 18,646 1.112 14.2C 236.963 189,970 Gr8nl fvnding of activibes Isee note n 3.929 30.01S 240,892 219.985 AftlyJl$ by fvnd Unreslricled fvn¢Js Rèstricted funds 131.020 109,8n 133,780 86.205 240.W2 219.985 GAnts pb 2024 2023 Grdnls 3,929 30,015 30,015 N•t mov•m•nt In fvnds 2024 2023 The net movem8nt in funds Is ststed after ¢arginty1cred"ftg): Fees payable lo Ihe ¢harity$ independent exarniner - for the independent examinatson of Iht ¢hantys financi staiefflents - for other assurance seMc*s Depre¢ialion of tangible fixed assgt$ 2.1fy) 10227 9.312 14-
THE FREE CHURCH OF ENGLAND CENTRAL TRUST NOTES TO THE FINANCIAL STATEMEKfs {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 Indepdent Examinerfs Remun•rntion Fe payabl• to the Charlty'¥ Independent Examlnor 2024 X123 Independenl Examlnalion ofthe Charitys Annua A¢ntS 2.1(Kl Non4udit s¢rvi¢• Ac¢ountsn¢y and payToII seryices 10227 9.312 10 Trusts•s None of the Trustees lor any peTsons v)nn¢ted wth them) recewd any remwraknn or LfftS from th Company during tho yèar. 11 Stipwd The average monlhty nurrtr ofoffKe hderS re¢eMng a stipend during lh* year was.. 2024 Il¥mb•r 2023 Numb•r Ministe General Secretary Total Employm¢nt eosts 2024 2023 Stinds Social security costs Olher pension costs 146.114 8,S98 2,195 132,763 1S6,997 138.874 There were no employees whose annual remuneralKin was £60,CKiI or more. 12 Other expenditure UnY¢$trlctod Restrlctod funds funds 2024 Tolal fvnds 2023 funds 1023 2024 2023 Interest on late PAYE 12 12 15-
THE FREE CHURCH OF ENGLAND CENTRAL TRUST NOTES TO THE FINANCIAL STATEMEfrrfs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Taxatlon The thaiity 18 exempt from tsx'on on rts actsbitses bKau$e all rts inclyne is i8d for charita14e purpow. 15 Tanglbl• fixed assets Freehold and bulld6r At 1 January 2024 669.451 At 31 December 2024 e69.451 D•pr•clatlon and impa1rnnt Al 1 January 2024 Depreciation d)arged in the year 2.519 229 At 31 D8C8mb8r 2024 2.748 CarylThg amount At 31 De¢¢mb$r 2024 6.703 At 31 Drnber 2023 866.932 16 Fix•d •u&t ifbve¥tments Tolal invèstm•nts inveslments CJt or v•luatlon At 1 J¥nuary 2024 valUatn changes Vwrthdrawals 271,850 34,285 (177,81n 271.950 34,285 {177.817) At 31 Decernber 2024 128,318 100 128.418 caIng amount At 31 December 2024 128.318 100 128.418 At 31 Decembtrr 2023 271,850 1() 271.950 2024 2023 Other invosbnents comprise: Loans lo subsidiariès 1Crf) 17-
THE FREE CHURCH OF ENGLAND CENTRAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 D•btorn 2024 2023 Amounts falling dug wlthln on• r. Other debtors 132.499 220.428 OUr debtors indudes a loan from the Central Trusl to St Jude's Church, WAI. Interest 15 tharged at 3%. There are no fixed repayment terms. The balan¢e owed lo the Cerrtral Tw$1 as at 31 December 2024 was £101.943 {2023 - £38.1611. Also induded in other debtors is £24.997 12023 - £nitl 15 owed the Ihg Central Trust by Christthurch, Broadstairs. Intere51 1$ thargad at 3%. There e Th) fwed repayment term5. 1B Loan¥ and ovvdrafts 2024 2023 Bank overdraft5 Interest free loans 22,791 128 128 22,919 128 Payable within one year Payable after one year 22.791 128 128 19 Credttorn: amounts falling du• wlthln ong yur 2023 Bank ovfjrdrafts Other ¢dItorS 18 22,791 40,184 211,746 62,975 211,746 20 Crndltors: omounts falliNJ duè afkr mor• than one year 2024 2023 other hJan5 18 128 128 18-
THE FREE CHURCH OF ENGLAND CENTRAL TRUST NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Retlrement b•nofft ¥chemeB 2Q24 2023 D•fin•d contribution Charge lo pmfil or loss in respect of defined contribution schemes 2.195 The Company operates a defined contsibution penwon scherr for all qualifyTng ¢nNJloy88s. The assets of th s¢hgmg are hekl separalety from those ofth8 Company in an independenty adminrstwed fund. 22 Restricted fvnds The restn'ded fund5 of the charity comwise the uneygen(kd balan of (h)n8bons and ants hekl on trLtsI subj$¢t lo specifK conditions by doncrfs as lo how they rnay b& used. At 1 January kn¢omlng Rèsou$ Gakns and 2014 rnsourc•s •xpend¢d A131 2024 Soulhom Dioc85e Bishops Fund N'onal Stipend Scheme Russian Church Appeal 75.114 244,532 2,772 75.114 233.751 81.754 {109.8751 17.340 322.418 81,754 (109.8751 17.340 311,637 Prevlous ythy. At 1 J•nuary 2023 lTrGomlng Resour¢•s Gains and At31 2023 Soulhem Di¢)ce8e Bishops Fund National Stipend S¢hem• Russi8n Church Appeal 85.114 240.995 2,772 110.000) (76209) 75.114 244.532 2.772 52.770 26.976 328,881 52,770 {86,209> 26,976 322.418 al The Southem Dio¢es• StipeThJ Fund represents fvnds set asKle to augment stip8nds lo dwgy in the Southem Diocesé. bl The Russian Church Apwal represents fvnd8 avail•Yè to assi81 the devekwnnl of a church in St Petèrsburg. Russia. 19-
THE FREE CHURCH OF ENGLAND CENTRAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 31 DECEMBER 2024 Deslgnated funds The income fijnds of the charity include the following dgnated funds which have bew set aside of unrestrided fvnds by the trustees for specifK purpow.. At 1 January 2024 G•lns and At31 lo¥wJ Oecemlxr 2024 Clergy Benevolent Fund Somerville Bequest 110.930 101 3.902 114.832 101 111,031 3.902 114.933 Provioul year. At 1 January 2023 Gains and At31 2023 Clergy B8n8volent Fund Sornemye Bequest 104,860 101 6.070 110.930 101 lo4.1 6.070 111.031 al The Clergy Benevolent Fund is used to assist retirèd dergy of Thè Free Churdb of England and wid¢)ws and to augment penwon contributions on behalf of serving dergy ofThe Free Churth of England. bl The SorneMll BeqLbesl is used lo assist the running of The Free Churcb of Englwd Central TwsL 24 Unr•slrlcted fund¥ The unrestricted fijnds ofthe th8rty comprise the unexpended balances of dOli0n$ and arts whth not subject to $p8ofic conditms by donors *MI grantors as to how they may be used. At 1 January kncoming Resources G•lns and 2024 rosources expended At31 2024 General I5 551,792 4.132 1131.0201 13.043 437.947 Pmvlous Yr. At 1 January Ineomlng Resourt•s Galns and 2023 Tr¥ouru8 exponded At31 2023 General ftmds 459.100 206.189 1133.788) 20.291 551.792
THE FREE CHURCH OF ENGLAND CENTRAL TRUST NOTES TO THE FINANCIAL STATEMEKfs (CONTINUEO) FOR THE YEAR ENDED 31 DECEMBER 2024 26 Anatysis of n•t a88ets b•twwn fvnds Unr•strieted Designat R•str5cted fund Tolal 2024 2024 2024 2024 At 31 DK•mb•r 2024: Tangible assets Investments Current asselsl(liabilibe$) Lon9 term l*bilities 666,703 1307.2941 78.666 {1281 666.703 128.418 69.524 (128) 79,996 34,937 355,716 (44,079) 437,947 114.933 311,637 864.517 Unr•strl¢ted Deslgnated RMtrlet•d 2023 2023 2023 2023 At 31 December 2023: Tangible assets Investments Current asset{lIabilitISI Long tsm liablittes &86.932 1142.521) 27.509 {128} 666.932 271,950 48.487 (128) 76.09$ 34.936 338,376 (15.958) 551,792 111.031 322.418 985.241 Relatsd p•rty tr•n¥•¢kns During tho year the Company £1.38912023- £1.1051 lo Mrs Sharon Clements. fv wite of a Tnthe, )ok-keeping services. -21-