Charity r•glstrtlon num￿1 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 Is￿1 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 D￿1￿1 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. OtheTh￿Se 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 ￿ ￿nneCt￿l￿ 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 W￿shIp 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 w*fer8nc8s the encouragement and SUPFL¥t of past￿81 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$sK￿ in reviwm the ¢haiiWG obAectlves a(*vibes. The Trustees have paid due fegard to gLMdance issue¢J by the Charily Cc¥nmtrAth in decidin9 what 1he ¢harily should underL*. Services continue in al Churches of the DewvJmination all￿Wing for the Christian Faith to be shar￿1 publc* in worship and wlness, alongside the Occasiond Offices (Baptism5, SL4emnisa1ion of Malrimony and Fun￿￿S) and ongoing Paslofal Ca￿. Grants ale made to frJrtherth¢ w¢vk ofTh8 Free Churth of Engknd. THE FREE CHURCH OF ENGLAND CENTRAL TRUST TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 AchioTMm•nts and prforniance The Free Chur¢h of England Central Trust has CnntIn￿ to work in line wilh the tharitab￿ otieUNes of the institution. The apndas lor all meelings now follow a pattem where thg tharilable obiecbvos ore expkTt and this IS refiected in the headings of the report. 1. Pmperty: The Parsonage al Hart8sden has been utlsed by a o)mmunty houwng grujp who have completed essenliat repairs and have insured the building. The sale of the Cricket Ground at Tottington has been agreed. An agreement lo let St P8uI's. Bexhill has been agreed. The baso-io-purchase agreement at Hoyland is progressing. We are working on collating a compiehensiv8 1st of properliÈs held in Trust ty the FCECT. We have applied lo tho Charity Commission for pernIsS￿ lo take act￿ with regard Its SCA￿ wcyety issues. 2. C•ntral Board of Fln*n¢•: Sl Abdias, Sheffièld F8rsl Go$[￿S and trxts £3C Christ Church, Bro8d$tairs FHD ProJo¢lor £300 Chdsl Churth. LeiglH)TrS&a RedeC￿￿tIOn & Publicty £3C(I Chllst Chur¢h. Wllesborough PrIn￿ng. Bible Sludi¥s & Zoom LKense £3(L) st George, Blad(bum Easter Publiaty £3CfJ St Franc4s, Shoreham Messy Church & Love Your Street overt £30) Ernanu¥l, Morecam Publiuty Materias St Andrew, Bsnlley Easter Evants £3( York Welcome Lunch•s for Students £3(K) Central Tnjsl m*s grant$ 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 rè*sed as the fcrtmdry of Seabury Colege, ￿th the authority to award both UK and USA a￿deMiC award$. The is lo provide an ac*kmic t￿nIng for ￿nIS￿ ondRlates akngswje 1he pro¥ision of arts degrees. THE FREE CHURCH OF ENGLAND CENTRAL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 4. Malnt•nanc• for th• Mlnlsty: The Denominobonal Stipend Sc*eme aThJ the D8nominalThal Pen&on sthome are fuly operalional. Work ha3 begun on ￿VI•WIng the contract of èngagement for C*rgy. 5. Church Planting And Ev4ngo11$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. $. Youth Education: Cent￿1 Tw$t has agreed lo offer £300 grants for any Y￿rth 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¢ialActi￿tI0s 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 det*d cffi the 8a0 Sheet on page 6. 11 is the policy of the Company that ￿Testricted funds wh￿h 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$iders that rèserws at this level will onsure that. in the event of a si9nrf￿nt drop in fundin9. be able to r4ntinu6 the charity's current act￿l[leS whilts consideration is grven to ￿dy5 in wh￿h addiiional funds may b8 raised. This I￿e1 of reserves has ￿fjn maintained Ihrthjghout th• year. There are no fe$lrid*)n$ on the Company's p¢)wer to inv8s1. The i14*slment strategy is to maintsin the long term pur¢hasing power oflhè capital against infialion whilst achieving a balarKe tet*￿ Ca￿ta 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 MIt￿ale 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 add￿on of word"Lwnit&l' lo name. Th• Company w88 in¢orporale(I C￿ 23Awl 1941 underthe compan￿sA￿ 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 Reve￿nd 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) I￿pOinted 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 CO￿￿1 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 succe￿ing Annu81 Meeting of Convocation. No other peison or persons WTthin th¢ Frn8 Church of EnglarKI or 6xtemal lo rt has the power w aUt￿￿ty 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¥* Coul￿7 decide; dèl8gate to a Committee any of its p(swers'. aTrJ revoke a deleg81ion at any Thg EXe￿I•ve Council may estsbli$h WO￿lTr9 Parlies ¢onsisting of those persons tArtKJm Ihe Exerthr¥o Coun¢il decide. A Worknng Party may I￿t tske deasions on behaK of the ExecxrtNe Ctsun¢il bul may consK issues in depth with a Mew to mthng recixrmernl8lion$ to the ExeoJtNe Councl. The members of a Committee or a ￿4)rkIng Pkn are lo be apw'nted by the Ex￿tiVe 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 res￿nS or is removed by the Exeurtrve Counal from the Committee or Workirg Party. The Exe￿the cou￿￿ must determine the quotum kn each Committee and ￿)rkllig Pkn rt estthish8s. The Executive Council rnust spèufy the financ￿1 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 Conferw￿￿3 or other communi¢alion$ equipment, via a mixturÈ of such communications equpment or with some people physica•y pr8sent at the meeting Wh￿St olhers are Present ¢ON￿uniCa￿ns equyfflent. If al the [￿pIe partiopabng in the meeting are not in the ¥ame p*è. 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 churCMr￿I 85 •t 31 December ￿14 89 frkn: 2024 2023 mmanuol Church, Bamstablo £195,54 £1SX). rowborcwgh Rec £34.12 reAJgh c￿Jrch, 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￿ c1￿￿h (rf ETrjIw￿ c￿traI Tnjst. FuThls held as cusb)dian truslee w¢ sc￿nted 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$phon Company S•cretary The Rwjht Reverend Dr P Hu Dal8: . 15th sep.tember 2025 THE FREE CHURCH OF ENGLAND CENTRAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FREE CHURCH OF ENGLAND CENTRAL TRUST I report to the Tnjstees on my exanMnatk)n of the fThnaal staternents of The Free Churt* of Central Trust (the Company) for the year ended 31 December 2024. Responsibiliti•s and ba818 of r¢port As th• Trustees of the Company laThJ also its directors for the purposes of comp¥ry you ¥e responsI￿e for the preparation of the fmawal sl¥lemants in ao)Jrdance with the requirements of the c￿lp¥nI•sAd 20C {Ihè 20LK Act). H8vKI9 satisfied mysew that the finanaal statements of the Company are not required to be au¢thted under Part 16 of Ihe Companies Act 2006 and are 81igible for indepèndent examination. I report m respert of my examination of th8 Company'5 financial statements carried out under s8th.on 145 of Ihe CharitE5 Aci 2011. In carrying out my gxamination I have foil¢Med the DrectKsns gI￿n by the Charity Commi83ion under sethon 145 151(bl of the Charrfies Ad 2011. Indopendent examin•rfs stalom•nt I have cOmp￿ted my examinatKsn. I confinn that no matters havè come to my attenlv)n i) Connecti(￿ with the trxaminalion giving me cause to bdwe Ihat in any material ieswL" acLounling records were nol kept in respect of the Company as requlred by 386 of the Ccthpani8S Acl 20C6. the financial statements not accord wilh tr+ose recy)rds'. or the finan￿81 slatèmonts do not o)mp￿ wtth the accounting wuirements of sec*on 396 of the ComFonies Ad 2006 other than any requifement that U)e finanfial statement5 give a true 8nd fair Mew. whK* 1$ not a matter ca)nsidered as part of an ind8p•ndenl ex8mination', or the ffinancial statements have not been prèpared in acLc*dance vthh th8 methods and prin0p￿S 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& Fina￿al Repth"ng SI￿dard applc*4e in thè UK and Republic of Ireland {FRS 102}. l am aware of ongoing correspormlenr￿ vrith Charity commi￿on in relatHJn to vatiws matters whith may have oC￿rTed over recent years. As al the dats of s￿nIng 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 read￿1. Chrislopher Hession C.A. Auurri House Walsall Road Aldridge 1s811 WS9 ORB Dated.. 2 S&ptemter 2025 Or¢0 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 fr￿n th8 audit ￿Wil*￿ent cont*n8(J in seclth 477 Lrf Ihe CLHnpar¥esAd 2006. lor the year ended 31 De￿rnber 2024. The directors a¢kno￿ledge Iheir reSI￿nSibIlI1*S for the wuirefi￿ts ol the Comw*8s Act 20 vhth resp8Ct to accounbro records lh8 pr*parats"on of financial Statem￿ts. Th8 members have nDI required thè company to obtsin ￿ audrt of rt8 (*)?￿aal slalemts f￿ the ygar in quesitC*) aw￿rdance with sectp)n 476. These financial slalements ha￿ b¢8n preparwj in accordan￿ the provisions a￿41cable lo 0xn￿nI9s 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 chU￿h of England Central Trust is a privats company lirnited by guarantse incwth in Engl8nd and Vvales. The registerèd office isA2zU￿1 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 appIl￿ble lo d)arities preparing their acc(AJnts in a￿OrdanCe 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 ￿n￿ntion. The priwl aCt￿nting 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 cC￿lin￿e 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 fLvlhWa￿o of their tharita￿￿ 0￿.ectIVes. ReStr￿ted funds ￿ $ubi'ect to specific o)n¢Jb"ons by (kjnors or grantors a5 to htsw thay may be used. The pu￿￿Se5 and uses ofth$ rèstsicted funds are set out in the notes to the finanual statements. Endowment funds arg $￿i$et to s￿1￿C 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 ￿rt￿mar￿ 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 perfo￿nanCe ¢ondthons require deferral of the amount. In￿rne tax re(x)wrabfe in relation to FOR THE YEAR ENDED 31 DECEMBER 2024 Indep￿dent 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 remw*raknn or L￿fftS from th Company during tho yèar. 11 Stipwd The average monlhty nurrt*r ofoffKe h￿derS re¢eMng a stipend during lh* year was.. 2024 Il¥mb•r 2023 Numb•r Ministe General Secretary Total Employm¢nt eosts 2024 2023 Sti￿nds 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 impa1rn￿nt 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 D￿rnber 2023 866.932 16 Fix•d •u&t ifbve¥tments Tolal invèstm•nts inveslments C￿Jt or v•luatlon At 1 J¥nuary 2024 valUat￿n changes Vwrthdrawals 271,850 34,285 (177,81n 271.950 34,285 {177.817) At 31 Decernber 2024 128,318 100 128.418 ca￿Ing 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 OU*r 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 devekwn*nl 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 d￿gnated 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 Churc*b of Englwd Central TwsL 24 Unr•slrlcted fund¥ The unrestricted fijnds ofthe th8rty comprise the unexpended balances of dO￿li0n$ and ￿ar￿ts whth not subject to $p8ofic conditms by donors *MI grantors as to how they may be used. At 1 January kncoming Resources G•lns and 2024 rosources expended At31 2024 General I￿￿5 551,792 4.132 1131.0201 13.043 437.947 Pmvlous Y￿r. At 1 January Ineomlng Resourt•s Galns and 2023 Tr¥ouru8 exponded At31 2023 General ftmds 459.100 206.189 1133.788) 20.291 551.792 THE FREE CHURCH OF ENGLAND CENTRAL TRUST NOTES TO THE FINANCIAL STATEMEKfs (CONTINUEO) FOR THE YEAR ENDED 31 DECEMBER 2024 26 Anatysis of n•t a88ets b•twwn fvnds Unr•strieted Designat￿ R•str5cted fund Tolal 2024 2024 2024 2024 At 31 DK•mb•r 2024: Tangible assets Investments Current asselsl(liabilibe$) 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￿{lIabilitI￿SI 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-