## **THE INCORPORATED TRUSTEES OF THE NUMBER 1 TRUST FUND** (Registered Charity no. 275353) ## **Annual Report for the Year Ended 31 December 2022** ## **Auditors** |**CONTENTS**

Annual Report
Auditors’ Report
Index of Funds
Statements of Financial Activities
and Balance Sheets
Notes to the Financial Statements|Pages
1-4
5-7
8
9-21
22-24| |---|---| Critchleys Audit LLP 23-38 Hythe Bridge Street Oxford OX1 2EP ## **Bankers** CAF Bank Limited 25 Kings Hill Avenue West Malling ME19 4TA ## **ADMINISTRATIVE DETAILS** ## **Trustees** The Rt Revd Jonathan Baker, on the nomination of the Chairman of Forward in Faith _to 5 June 2024_ . Fr Oswin Gartside CR, as Superior of the Community of the Resurrection to _1 July 2024._ Dr Brian Hanson CBE, on the nomination of the President of the Society for the Maintenance of the Faith _to 31 March 2022._ _Co-opted to serve for three years to 8 July 2025. Chairman from 18 July 2022._ The Revd Prebendary David Houlding, as President of the Church Union _to 26 April 2027._ The Revd Christopher Johnson, on the nomination of the Principal of St Stephen’s House, Oxford _to 31 March 2027._ Dr Colin Podmore MBE, as President of the Society for the Maintenance of the Faith _to 31 March 2027._ The Revd Prebendary Graeme Rowlands, on the nomination of the Master of the Guardians of the Holy House of Our Lady at Walsingham _to 7 October 2026._ The Revd Canon Robin Ward as Principal of St Stephen’s House, Oxford _Retired 31 March 2022. Chairman to 31 March 2022._ The Revd George Westhaver, as Principal of Pusey House, Oxford _to 5 June 2024._ ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** Under a scheme of the Charity Commissioners sealed on 21 June 2001, and as amended on 4 March 2014 and 5 June 2014, the following office holders are each entitled to nominate one trustee: The President of the Church Union. The Superior of the Community of the Resurrection The Chairman of Forward in Faith The Principal of Pusey House, Oxford The Principal of St Stephen’s House, Oxford The President of the Society for the Maintenance of the Faith The Master of the Guardians of the Holy House of Our Lady at Walsingham The new Scheme replaced the deed of 1909 and the provisions of the Fidelity Trust Act 1977 in regulating the affairs of the charity. On 11 June 1996 a Certificate of Incorporation was granted by the Charity Commissioners, and all freehold property formerly held in trust for the No.1 Trust by Fidelity Trust Ltd was thereupon vested in the Incorporated Trustees by virtue of §51 of the Charities Act 1993. **Secretary and Clerk to the Trustees** Mrs Eileen Clark 226 Philip Lane London N15 4HH The trustees meet in full three times a year. The Secretary, in consultation with the Chairman, has executive authority between meetings. ## **Risk Review** The trustees have reviewed the major risks which might affect the Charity’s operations and have taken what they consider to be the appropriate steps to mitigate their possible effect. ## **Induction and Training of Trustees** New trustees are provided on appointment with copies of the most recent Annual Report and Accounts and of the Trust’s governing documents. An informal induction session is arranged with the Secretary. ## **DESCRIPTION OF TRUSTS** Significant individual Funds within the Trust are as follows: No.13 Fund: residential property and a former school (now church hall) in the parish of St John Bovey Tracey in Devon. The Vicarage is normally licensed to the Diocese of Exeter at a full-repairing peppercorn rent, Wickham Hall provides church hall facilities for the community, and cottages are let to provide income for the maintenance of the church and estate. _A further £95,244 was spent to complete the project to refurbish and improve Wickham Hall._ ## **OBJECTS AND ACTIVITIES** During the year the Incorporated Trustees have continued to administer their various funds for the general promotion of the teaching and practice of the Catholic faith within the Church of England. This is subject to the special wishes of the several donors, to quote the terms of Clause 4 of the Fidelity Trust Act 1977 preserved in the new Scheme, _for the purposes (whether specified by the donors or not) which accord with the wishes ... of the donors (so far as these purposes are charitable)_ and _for such other charitable purposes … connected with the Church of England as defined in the Statutes of the Woodard Corporation … as the Trustees … may from time to time determine._ Where original donors’ wishes are capable of being carried out, the Incorporated Trustees are bound by their Scheme of Trust to regard the income in their hands as funds restricted to the purpose intended by each individual donor. The trustees take the view that this includes a duty to enhance and preserve their endowment funds in order to optimise the income available for the respective purposes intended. The Scheme gives the trustees power to spend capital where this best serves the purposes of the original donor. ## **Public Benefit** The Trustees have complied with the duty in the Charities Act 2011 to have due regard to public benefit guidance issued by the Charity Commission. ## **Grant-making Policy** Grants are made from reserves, and from designated or restricted funds in accordance with the wishes of the individual donors, to further the objects of the trust, i.e. the maintenance or promotion of Catholic teaching and practice within the Church of England. No.22 Fund: St Mary’s House, Freeland (occupied rent-free by the Community of St Clare), and investments to provide an income for the maintenance of the property. No.25 Fund: derives from sale of properties at St Leonards-on-Sea providing rest for religious workers and others, and for retreats. No.33 Fund: given by Viscount Halifax for the promotion of the Catholic Religion in the University and City of Cambridge _._ No.34a Fund: given by the founders of St Mary, Wellingborough, for completing and adorning the church, and maintaining ornaments, etc. No.34b Fund: investments, including houses in St Mary’s Paddock, held for the church of St Mary, Wellingborough, and its ministry. _£10,800 was paid to the PCC out of rental income in quarterly instalments._ No.53 Fund: originally a freehold estate at Compton Durville in Somerset. The Manor House and certain other properties having been vacated by the Community of St Francis, income and capital is applied for the advancement of religion according to the Catholic doctrine and principles of the Church of England _._ _A further transfer of £100,000 was made from the 53 Fund to the 100 Fund in accordance with legal advice that the 53 Fund constitutes funds which the trustees may apply to their own charitable purposes._ No.56 Fund: for mission work in Canada and the former Southern Rhodesia. No.62 Fund: for St Saviour Luton. No.63 Fund: for Holy Trinity, Reading. _A further £57,598 was contributed towards the PCC’s project to restore and improve the fabric of Holy Trinity Church._ No.65 Fund: for St Michael, Maidstone. No.66 Fund: for St Katherine, Little Barfield. The trustees operate a single pool of investment to cover the endowments (other than property) of each fund, together with the restricted and unrestricted funds representing income from undistributed interest. The endowment funds (other than property) are managed by CCLA and invested in the CBF Church of England Investment Fund and Property Fund. Income pending distribution is invested with the CBF Church of England Deposit Fund and with CAF Bank. Some cash balances not immediately required for distribution have been transferred to the investment fund to improve growth prospects. ## **Investment Performance** No.67 Fund: for St Mary, Lewisham. No.100 Fund: for the General Purposes of the Trust, consisting of unrestricted donations and donations whose special purpose is no longer capable of fulfilment. _Grants awarded include £50,000 to Forward in Faith; £25,000 to St Matthew’s Sheffield; £25,000 to St George’s Preston; £25,000 to St Philip’s Tottenham; £25,000 to St Michael Abbey Wood; £20,112 towards the Fulham Priest Missioner’s stipend; £20,000 to Pusey House, Oxford; £20,000 to St Mary’s Handsworth; and £20,000 towards the Walsingham Youth Pilgrimage._ ## **FINANCIAL REVIEW** ## **Income and Expenditure** Net outgoing resources for the year were £247,400 (2021: £86,400 incoming). The financial investments showed a loss on revaluation at the year-end of £1,219,200 (2021: £1,333,300 gain). ## **Reserves** The reserves of the Trust, the unrestricted and undesignated income balances on the No.53 Fund and the No.100 Fund, amounted to £98,420 (2021: £163,497). Reserves are retained to meet unforeseen administrative expenses and to make grants for projects not specifically covered by the other designated or restricted funds of the Trust. ## **Investment Policy** The investment powers of the trustees, previously governed by the founding deed of 1909, are now subject to the statutory legal powers of trustees. The expected level of investment income was maintained throughout the year, and the value of investments decreased by the year end in line with general market trends. ## **Endowment Capital** Although all the endowments of the trust are classified as expendable endowment it is not the trustees’ normal policy to spend capital. ## **Valuation of Assets** The Charities SORP requires assets (other than functional assets) to be shown at market value or value in use. The trustees consider that properties held for occupation by beneficiaries as church halls, and by religious communities, are functional assets and that revaluation is neither required nor appropriate. The residential investment properties are shown at market value according to valuations carried out in December 2022. The Wellingborough garages were revalued in 2017. ## **Going concern** At the time of approving the financial statements the trustees have a reasonable expectation that adequate resources are available for the charity to continue in operational existence for the foreseeable future. Therefore the trustees have continued to adopt the going concern basis of accounting in preparing the financial statements. ## **FUTURE PLANS** The trustees continue to administer the funds of the charity in accordance with their charitable objects and, where possible, the wishes of the original donors. STATEMENfoF IRUSTEFS. RESPONSIBILMFS The Th￿tee8 are rtsponsible for preparing the Arnual Rep)rt atxl tk financial statements in accordantt with applicable law and Tr8u]ations. Charity law requires the Twstee5 to Prepa￿ fi[￿KIal stathents ft)r each financial ye￿. Under that law the TTLLStees haveelected to pieparetlp financialstatements inaccordantrwth Unrted Km8dom Generally AC￿pted Accounting Practitr (Untted Kin8dom Accountll)g kndards atxl applicable law). Under that law the T￿￿tee$ must rnt appruvethe fit)anciai statements unless they are sat￿rIed that they give a true and fair view of die state of affairs oftTrL' charity and ofthe incomm8 resources and appb"cationof resources of the charity for that period In prLyaring these financial statements. theTrustees re(Juired ￿." select suitable accountm8 FK)licies and applv them CO￿$￿tentI￿, make jud8ments and accountiryg thmate5 that are reasonable and prndent: propare the futhncRai statements on the 8om8 Co￿eM basis unlss It is inappropriate to pr￿me that the tharitywill contlnue in The Trustees are ￿spO￿lbIe for kwm8 adequate accountiv8 records that are sufficient to show and explain the charit￿5 transp£tions and disckw with reasonable accuracy at any till￿ the finaJ)cial p)sition of the charity and enable thern to ersure that the financial 5tatfflithts comply with the Charities Act 2011. They arc also responsible ft)r safe8uardm8 Assets of the charity and for taking reasonable steps for the prevention and detertion of fraud arml other irregulanties. Approved by theTrUSt￿ on 21 Juno 2023, and signed on their tthalf Dr Briam Hanson CBE Chairman (rftFK TnL8te45 ## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE INCORPORATED TRUSTEES OF THE NUMBER 1 TRUST FUND** ## **Opinion** We have audited the financial statements of The Incorporated Trustees of the Number 1 Trust Fund (the “Charity”) for the year ended 31 December 2022 which comprise the Statements of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the Charity’s affairs as at 31 December 2022 and of its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: - sufficient accounting records have not been kept; - the financial statements are not in agreement with the accounting records and returns; or - we have not obtained all the information and explanations necessary for the purposes of our audit. ## **Responsibilities of the trustees** As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experience of the client’s sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind any significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; and - enquiring of management as to actual and potential litigation and claims.; There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. Critchleys Audit LLP (Statutory Auditor) Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP 27June 2023 Critchleys audit LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. ## The Incorporated Trustees of ## **THE NUMBER 1 TRUST FUND** ## **Index to Funds and Principal Objects** |13|St John, Bovey Tracey|Maintenance of the vicarage, hall and choir; and work of| |---|---|---| |||the parish generally| |17|Riley Charity|Administrative expenses of the No.1 Trust Fund| |22|St Mary's House, Freeland|House of rest and retreat| |23|Elmore Abbey|For the benefit of the Community| |25|Reckitt Charity|Retreat houses in need| |30|St John, Kennington|Maintenance or promotion of work, as suggested by the| |||Vicar, and dilapidations of church hall| |33|Halifax Charity|Catholic teaching and practice in Cambridge| |34a|St Mary, Wellingborough|Completion and maintenance of the church| |34b|St Mary, Wellingborough|Care and maintenance of the church: ministry and| |||mission of the clergy and people| |36|Riley Charity|Promotion of unity| |37|Harrison Charity|Training priests in the Catholic faith| |41|St Francis, Roath|Church work in the district| |53|Compton Durville|Advancement of religion according to the Catholic| |||doctrine and principles of the Church of England| |56|Southern Rhodesia & Canada|Mission work| |60|Heathfield School|Rights in relation to appointment of governors and to| |||distribution of assets upon liquidation| |62|St Saviour, Luton|For maintenance of Catholic teaching and practice in the| |||parish, and generally| |63|Holy Trinity, Reading (Lusty|For maintenance of Catholic teaching and practice in the| ||Bequest)|parish, and generally| |65|St Michael, Maidstone|For maintenance of Catholic teaching and practice in the| |||parish, and generally| |66|St Katherine, Little Bardfield|For maintenance of Catholic teaching and practice in the| |||parish, and generally| |67|St Mary, Lewisham|Charitable uses in connection with the church and the| |||parish| |68|SS Peter and Paul, Eye|For maintenance of Catholic teaching and practice in the| |||parish, and generally| |100|General Purposes|For the promotion of the Catholic faith in the Church of| |||England| THei￿ApORATED￿u$lE8OFTMEMuw¢ I TrU8TRllal 27S353 lllllllllnlli IneomB •nd •rth*m*rts and le0a¢￿S oo Rer 1075 1111 1688 195 Mcome 1Y¢ 2911 1168 3679 lxp•Thd￿r• ao 16.2 1785 11111 17&7 189.7 18.0 127.51 oo Tl.7 1S15 1785 2141 2875 (S211 V&9) V7851 J70 N•t g￿n￿l￿••I1*)n l.ctho FInI￿li IB7.81 112821 1320 1.1203 1.331J Ndt 113P.9} 1130 1￿? 1.152 1.419.7 Ndt mw•mthi Inlund¥ 113991 (8661 1130 1539 1,1828 Y.419 7 7$ e878 1.2275 1,0724 11.337 6 11.251 0 10736 1￿79 101848 11 3376 119M 75 lJJ728 R•pMs•nl•d by IrK*•3) 1325 3.0￿0 7.4716 P911 1329 2,￿7 O 8,843 2 139.1) J325 2.6Ql O 10.fj70.7 IrNetrMts m trOt¥xY)I IKth2) Y974 74.S 1.0726 1.141Jl 1,X4.2 6741 11.2510 8265 13.391.7 La• Iiabl&tN crny• 191 T4 N•t a55•ts $676 10724 112510 1L76 I1.￿75 13.3f26 CBE Icrrn) The Incorporated Trustees of ## **THE NUMBER 1 TRUST FUND — Central Services** ## **Statement of Financial Activities & Balance Sheet (£'000)** |**me and endowments**
tions and legacies
tment income
Rents
Other investment income and interest receivable
from endowments
from restricted and unrestricted funds
Income
**nditure**
Maintenance and management of investment properties
Maintenance of functional properties
Grants to or for beneficiaries (see footnote)
Audit and accountancy
Legal and professional
Secretarial and administration (see footnote)
expenditure
**ncome/(expenditure) before investment gains**
**gains/(losses) on investments**
Investment properties
Financial assets
**movement in funds**
Balances brought forward at 1st January
Balances carried forward at 31st December
**esented by**
Properties - functional
Properties - investment
Investments in trust pool
Cash at bank and on deposit
Debtors and prepayments
Gross assets
Less liabilities due for payment within one year
Creditors and accruals
ssets|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|_2021_| |---|---|---|---|---|---| ||**Unrestricted Funds**|**Restricted Funds**|**Endowment Funds**|**Total**|_Total_| ||||||| ||||||| ||0.0
7.0
5.1
(12.1)|||**0.0**
**7.0**
**5.1**
**(12.1)**|_0.0_
_6.4_
_2.0_
_(8.4)_| ||0.0|0.0|0.0|**0.0**|_0.0_| ||0.0|0.0|0.0|**0.0**|_0.0_| ||||||| ||0.0
0.0|0.0
0.0|0.0
0.0|**0.0**
**0.0**|_0.0_
_0.0_| ||0.0|0.0|0.0|**0.0**|_0.0_| ||||||| ||4.3
2.2|0.0
0.0|0.0
0.0|**4.3**
**2.2**|_5.3_
_1.7_| ||6.5|0.0|0.0|**6.5**|_7.0_| ||6.5|0.0|0.0|**6.5**|_7.0_| ||0.0|0.0|0.0|**0.0**|_0.0_| ## **Income and endowments** Donations and legacies Investment income Rents Other investment income and interest receivable from endowments from restricted and unrestricted funds Total Income ## **Expenditure** Total expenditure **Net income/(expenditure) before investment gains** ## **Net gains/(losses) on investments** **Net movement in funds** ## **Represented by** Net assets _The administration levy on each fund's income is deducted from Secretarial and administration expenses_ ## The Incorporated Trustees of ## **THE NUMBER 1 TRUST FUND — No. 13 Fund (St John Bovey Tracey)** ## **Statement of Financial Activities & Balance Sheet (£'000)** |**Income and endowments**
Donations and legacies
Investment income
Rents
Other investment income and interest receivable
from endowments
from restricted and unrestricted funds
Total Income
**Expenditure**
Maintenance and management of investment properties
Maintenance and management of functional properties
Grants to or for beneficiaries
Audit and accountancy
Legal and professional
Secretarial and administration
Total expenditure
**Net income/(expenditure) before investment gains**
**Net gains/(losses) on investments**
Investment properties
Financial assets
**Net movement in funds**
Balances brought forward at 1st January
Balances carried forward at 31st December
**Represented by**
Properties - functional
Properties - investment
Investments in trust pool
Cash at bank and on deposit
Debtors and prepayments
Gross assets
Less liabilities due for payment within one year
Creditors and accruals
**Net assets**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|_2021_| |---|---|---|---|---|---| ||**Unrestricted Funds**|**Restricted Funds**|**Endowment Funds**|**Total**|_Total_| |||32.1
3.4
9.2||**32.1**
**3.4**
**9.2**|_24.3_
_3.3_
_10.8_| |||44.7|0.0|**44.7**|38.4| |||5.1
100.8
2.0
4.5||**5.1**
**100.8**
**2.0**
**4.5**|_5.0_
_64.6_
_10.0_
_3.8_| |||112.4|0.0|**112.4**|_83.4_| |||(67.7)|0.0|**(67.7)**|_(45.0)_| |||(37.9)|285.0
(14.7)|**285.0**
**(52.6)**|_0.0_
_44.7_| |||(105.6)
345.2|270.3
731.8|**164.7**
**1,077.0**|_(0.3)_
_1,077.3_| |||239.6|1,002.1|**1,241.7**|_1,077.0_| ||||||| |||239.6|49.0
840.0
113.1|**49.0**
**840.0**
**352.7**
**0.0**|_49.0_
_555.0_
_458.1_
_14.9_| |||239.6|1,002.1|**1,241.7**|_1,077.0_| ||||||| |||239.6|1,002.1|**1,241.7**|_1,077.0_| The Incorporated Trustees of ## **THE NUMBER 1 TRUST FUND — No. 22 Fund (St Mary's House Freeland)** ## **Statement of Financial Activities & Balance Sheet (£'000)** |**Income and endowments**
Donations and legacies
Investment income
Rents
Other investment income and interest receivable
from endowments
from restricted and unrestricted funds
Total Income
**Expenditure**
Maintenance and management of investment properties
Maintenance and management of functional properties
Grants to or for beneficiaries
Audit and accountancy
Legal and professional
Secretarial and administration
Total expenditure
**Net income/(expenditure) before investment gains**
**Net gains/(losses) on investments**
Investment properties
Financial assets
**Net movement in funds**
Balances brought forward at 1st January
Balances carried forward at 31st December
**Represented by**
Properties - functional
Properties - investment
Investments in trust pool
Cash at bank and on deposit
Debtors and prepayments
Gross assets
Less liabilities due for payment within one year
Creditors and accruals
**Net assets**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|_2021_| |---|---|---|---|---|---| ||**Unrestricted Funds**|**Restricted Funds**|**Endowment Funds**|**Total**|_Total_| |||2.1
8.1||**2.1**
**8.1**|_2.1_
_7.7_| |||10.2||**10.2**|9.8| |||22.7
0.0
1.0||**22.7**
**0.0**
**1.0**|_0.0_
_1.0_| |||23.7|0.0|**23.7**|_1.0_| |||(13.5)|0.0|**(13.5)**|_8.8_| |||(35.2)|(9.1)|**(44.3)**|_47.8_| |||(48.7)
306.4|(9.1)
162.8|**(57.8)**
**469.2**|_56.6_
_412.6_| |||257.7|153.7|**411.4**|_469.2_| ||||||| |||257.7|83.5
0.0
70.2|**83.5**
**0.0**
**327.9**|_83.5_
_0.0_
_385.7_| |||257.7|153.7|**411.4**|_469.2_| ||||||| |||257.7|153.7|**411.4**|_469.2_| The Incorporated Trustees of ## **THE NUMBER 1 TRUST FUND — No. 34a Fund (St Mary Wellingborough: maintenance of church)** ## **Statement of Financial Activities & Balance Sheet (£'000)** |**Income and endowments**
Donations and legacies
Investment income
Rents
Other investment income and interest receivable
from endowments
from restricted and unrestricted funds
Total Income
**Expenditure**
Maintenance and management of investment properties
Maintenance and management of functional properties
Grants to or for beneficiaries
Audit and accountancy
Legal and professional
Secretarial and administration
Total expenditure
**Net income/(expenditure) before investment gains**
**Net gains/(losses) on investments**
Investment properties
Financial assets
**Net movement in funds**
Balances brought forward at 1st January
Transfer between funds (see Note 13)
Balances carried forward at 31st December
**Represented by**
Properties - functional
Properties - investment
Investments in trust pool
Cash at bank and on deposit
Debtors and prepayments
Gross assets
Less liabilities due for payment within one year
Creditors and accruals
**Net assets**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|_2021_| |---|---|---|---|---|---| ||**Unrestricted Funds**|**Restricted Funds**|**Endowment Funds**|**Total**|_Total_| |||7.9
29.5
9.6||**7.9**
**29.5**
**9.6**|_6.1_
_29.0_
_7.8_| |||47.0||**47.0**|42.9| |||0.2
0.0
4.7||**0.2**
**0.0**
**4.7**|_0.2_
_0.0_
_4.3_| |||4.9|0.0|**4.9**|_4.5_| |||42.1|0.0|**42.1**|_38.4_| |||(41.5)|(127.9)|**0.0**
**(169.4)**|_0.0_
_179.2_| |||0.6
338.2
22.9|(127.9)
1,263.3
0.0|**(127.3)**
**1,601.5**
**22.9**|_217.6_
_1,383.9_
_0.0_| |||361.7|1,135.4|**1,497.1**|_1,601.5_| ||||||| |||361.7|150.0
985.4|**150.0**
**1,347.1**|_150.0_
_1,451.5_| |||361.7|1,135.4|**1,497.1**|_1,601.5_| ||||||| |||361.7|1,135.4|**1,497.1**|_1,601.5_| ## The Incorporated Trustees of ## **THE NUMBER 1 TRUST FUND — No. 34b Fund (St Mary Wellingborough: general purposes)** ## **Statement of Financial Activities & Balance Sheet (£'000)** |**Income and endowments**
Donations and legacies
Investment income
Rents
Other investment income and interest receivable
from endowments
from restricted and unrestricted funds
Total Income
**Expenditure**
Maintenance and management of investment properties
Maintenance and management of functional properties
Grants to or for beneficiaries
Audit and accountancy
Legal and professional
Secretarial and administration
Total expenditure
**Net income/(expenditure) before investment gains**
**Net gains/(losses) on investments**
Investment properties
Financial assets
**Net movement in funds**
Balances brought forward at 1st January
Balances carried forward at 31st December
**Represented by**
Properties - functional
Properties - investment
Investments in trust pool
Cash at bank and on deposit
Debtors and prepayments
Gross assets
Less liabilities due for payment within one year
Creditors and accruals
**Net assets**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|_2021_| |---|---|---|---|---|---| ||**Unrestricted Funds**|**Restricted Funds**|**Endowment Funds**|**Total**|_Total_| ||29.4
0.0
3.0|||**29.4**
**0.0**
**3.0**|_29.3_
_0.0_
_2.6_| ||32.4|||**32.4**|31.9| ||7.3
10.8
3.3|||**7.3**
**10.8**
**3.3**|_10.2_
_10.8_
_3.2_| ||21.4|0.0|0.0|**21.4**|_24.2_| ||11.0|0.0|0.0|**11.0**|_7.7_| ||(17.4)||280.0|**280.0**
**(17.4)**|_0.0_
_18.2_| ||(6.4)
151.3|0.0
0.0|280.0
670.9|**273.6**
**822.2**|_25.9_
_796.3_| ||144.9|0.0|950.9|**1,095.8**|_822.2_| ||||||| ||144.9||990.0
(39.1)|**990.0**
**144.9**
**(39.1)**|_710.0_
_151.3_
(39.1)| ||144.9|0.0|950.9|**1095.8**|_822.2_| ||||||| ||144.9|0.0|950.9|**1095.8**|_822.2_| The Incorporated Trustees of ## **THE NUMBER 1 TRUST FUND — No. 53 Fund (Compton Durville Estate)** ## **Statement of Financial Activities & Balance Sheet (£'000)** |**Income and endowments**
Donations and legacies
Investment income
Rents
Other investment income and interest receivable
from endowments
from restricted and unrestricted funds
Total Income
**Expenditure**
Maintenance and management of investment properties
Maintenance and management of functional properties
Grants to or for beneficiaries
Audit and accountancy
Legal and professional
Secretarial and administration
Total expenditure
**Net income/(expenditure) before investment gains**
**Net gains/(losses) on investments**
Investment properties
Financial assets
**Net movement in funds**
Balances brought forward at 1st January
Transfer between funds (see Note 13)
Balances carried forward at 31st December
**Represented by**
Properties - functional
Properties - investment
Investments in trust pool
Cash at bank and on deposit
Debtors and prepayments
Gross assets
Less liabilities due for payment within one year
Creditors and accruals
**Net assets**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|_2021_| |---|---|---|---|---|---| ||**Unrestricted Funds**|**Restricted Funds**|**Endowment Funds**|**Total**|_Total_| ||33.3
4.7
3.2|||**33.3**
**4.7**
**3.2**|_33.7_
_4.7_
_2.5_| ||41.2|||**41.2**|40.9| ||13.2
0.0
4.1|||**13.2**
**0.0**
**0.0**
**4.1**|_14.3_
_0.0_
_0.0_
_4.1_| ||17.3|0.0|0.0|**17.3**|_18.4_| ||23.9|0.0|0.0|**23.9**|_22.5_| ||(13.7)||520.0
(20.6)|**520.0**
**(34.3)**|_0.0_
_35.0_| ||10.2
119.4
(100.0)|0.0
0.0|499.4
1,364.9|**509.6**
**1,484.3**
**(100.0)**|_57.5_
_1,426.8_
_0.0_| ||29.6|0.0|1,864.3|**1,893.9**|_1,484.3_| ||||||| ||29.6||1,706.0
158.3|**1,706.0**
**187.9**
**0.0**|_1,186.0_
_298.3_
_0.0_| ||29.6|0.0|1,864.3|**1,893.9**|_1,484.3_| |||||**0.0**|_0.0_| ||29.6|0.0|1,864.3|**1,893.9**|_1,484.3_| The Incorporated Trustees of ## **THE NUMBER 1 TRUST FUND — No. 67 Fund (St Mary Lewisham)** ## **Statement of Financial Activities & Balance Sheet (£'000)** |**Statement of Financial Activities**|**& Balance Sheet (£'000)**|**& Balance Sheet (£'000)**|**& Balance Sheet (£'000)**|**& Balance Sheet (£'000)**|| |---|---|---|---|---|---| |**Income and endowments**
Donations and legacies
Investment income
Rents
Other investment income and interest receivable
from endowments
from restricted and unrestricted funds
Total Income
**Expenditure**
Maintenance and management of investment properties
Maintenance and management of functional properties
Grants to or for beneficiaries
Audit and accountancy
Legal and professional
Secretarial and administration
Total expenditure
**Net income/(expenditure) before investment gains**
**Net gains/(losses) on investments**
Investment properties
Financial assets
**Net movement in funds**
Balances brought forward at 1st January
Transfer between funds
Balances carried forward at 31st December
**Represented by**
Properties - functional
Properties - investment
Investments in trust pool
Cash at bank and on deposit
Debtors and prepayments
Gross assets
Less liabilities due for payment within one year
Creditors and accruals
**Net assets**|**Year ended 31st December 2022**||||_2021_| ||**Unrestricted Funds**|**Restricted Funds**|**Endowment Funds**|**Total**|_Total_| |||7.4
0.2||**7.4**
**0.2**|_8.7_
(0.2)| |||7.6||**7.6**|8.5| |||0.0
0.4|0.0
0.0|**0.0**
**0.4**|_50.0_
_0.4_| |||0.4|0.0|**0.4**|_50.4_| |||7.2|0.0|**7.2**|_(41.9)_| |||(0.9)|(31.9)|**(32.8)**|_42.3_| ||0.0
0.0|6.3
8.1|(31.9)
277.8|**(25.6)**
**285.9**|_0.4_
_285.5_| ||0.0|14.4|245.9|**260.3**|_285.9_| ||||||| |||14.4|245.9
0.0|**260.3**
**0.0**|_285.9_
0.0| ||0.0|14.4|245.9|**260.3**|_285.9_| |||||**0.0**|_0.0_| ||0.0|14.4|245.9|**260.3**|_285.9_| ## The Incorporated Trustees of ## **THE NUMBER 1 TRUST FUND — Funds Without Freehold Property** ## **Summary Statement of Financial Activities & Balance Sheet (£'000)** |**Income and endowments**
Donations and legacies
Investment income
Rents
Other investment income and interest receivable
from endowments
from restricted and unrestricted funds
Total Income
**Expenditure**
Maintenance and management of investment properties
Maintenance and management of functional properties
Grants to or for beneficiaries
Audit and accountancy
Legal and professional
Secretarial and administration
Total expenditure
**Net income/(expenditure) before investment gains**
**Net gains/(losses) on investments**
Investment properties
Financial assets
**Net movement in funds**
Balances brought forward at 1st January
Transfer between funds (see Note 13)
**Balances carried forward at 31st December**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|**Year ended 31st December 2022**|_2021_| |---|---|---|---|---|---| ||**Unrestricted Funds**|**Restricted Funds**|**Endowment Funds**|**Total**|_Total_| ||162.8
14.2|19.6
5.5|0.0
0.0
0.0|**0.0**
**182.4**
**19.7**|_0.0_
_175.7_
_20.1_| ||177.0|25.1|0.0|**202.1**|195.8| ||261.7
2.4|7.5
2.5|178.5
0.0|**447.7**
**4.9**|_95.6_
_4.2_| ||264.1|10.0|178.5|**452.6**|_99.8_| ||(87.1)|15.1|(178.5)|**(250.5)**|_96.0_| ||(56.6)|(22.8)|(788.9)|**(868.3)**|_966.0_| ||(143.7)
536.7
100.0|(7.7)
229.6
(22.9)|(967.4)
6,866.1|**(1,118.8)**
**7,632.4**
**77.1**|_1,062.0_
_6,570.4_
_0.0_| ||493.0|199.0|5,898.7|**6,590.7**|_7,632.4_| ## **Represented by** Properties - functional Properties - investment Investments in trust pool Cash at bank and on deposit Debtors and prepayments Gross assets Less liabilities due for payment within one year Creditors and accruals ## **Net assets** |422.9
70.1|199.2
(0.2)|5,898.7
0.0|**6,520.8**
**69.9**|_7,579.9_
_64.6_| |---|---|---|---|---| |493.0|199.0|5,898.7|**6,590.7**|_7,644.5_| |||0.0|**0.0**|_12.1_| |493.0|199.0|5,898.7|**6,590.7**|_7,632.4_| |**INCOMING RESOURCES**
**Investment income**
From endowments
From restricted funds
**_Total incoming resources_**
**RESOURCES EXPENDED**
Grants to or for beneficiaries
Net incoming resources
**_Total outgoing resources_**
**_Net incoming resources_**
**_excluding endowment_**
**GAINS AND LOSSES on investment assets**
**NET MOVEMENT IN RESTRICTED FUNDS**
Balances brought forward
at 1st January
Transfer between funds (see Note 13)
**Balances carried forward**
**at 31st December**
**REPRESENTED BY**
Investment assets
Cash available for distribution
**_Total restricted funds_**
**ENDOWMENT TRANSACTIONS**
Donations received
Grants made (shown as negative grant received)
**GAINS AND LOSSES on endowment assets**
**NET MOVEMENT IN ENDOWMENT FUNDS**
Balances brought forward
at 1st January
Transferred to 100 Fund
**Balances carried forward**
**at 31st December**
**REPRESENTED BY**
Investment assets
Cash at bank and on deposit
Debtors/(creditors)
**_Total endowment funds_**
**STATEMENT OF FINANCIAL AFFAIRS:**
**Funds without freehold property (I)**|**Elmore Abbey**
**(23 Fund)**|**Elmore Abbey**
**(23 Fund)**|**Halifax Charity**
**(teaching in**
**Cambridge)**
**33 Fund**|**Halifax Charity**
**(teaching in**
**Cambridge)**
**33 Fund**||**Harrison Charity**
**(for training priests)**
**37b Fund**|**Harrison Charity**
**(for training priests)**
**37b Fund**|
|**Reckitt Charity**
**(Mirfield & other**
**retreat houses)**
**25 Fund**|**Reckitt Charity**
**(Mirfield & other**
**retreat houses)**
**25 Fund**|**Riley Charity**
**(promotion**
**of unity)**
**36 Fund**|**Riley Charity**
**(promotion**
**of unity)**
**36 Fund**|**Riley Charity**
**(for trust**
**administration)**
**17 Fund**|**Riley Charity**
**(for trust**
**administration)**
**17 Fund**|
|**TOTAL**
**THIS PAGE**
**(Carried forward)**|**TOTAL**
**THIS PAGE**
**(Carried forward)**|**The No.1 Trust Fund**

| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||_2021_|**2022**|_2021_|**2022**||_2021_|**2022**||_2021_|**2022**|_2021_|**2022**|_2021_|**2022**||_2021_|**2022**|| ||_600_
_932_|**613**
**989**|_836_
_399_|**854**
**437**||_150_
_(11)_|**73**
**(6)**||_5,856_
_2,538_|**13,580**
**2,185**|_229_
_123_|**233**
**134**|_1,919_
_277_|**1,959**
**230**||_9,590_
_4,258_|**17,312**
**3,969**|| ||_1,532_|**1,602**|_1,235_|**1,291**||_139_|**67**||_8,394_|**15,765**|_352_|**367**|_2,196_|**2,189**||_13,848_|**21,281**|| ||_0_
_153_|**0**
**160**|_0_
_124_|**0**
**129**||_0_
_14_|**0**
**7**||_0_
_839_|**0**
**1,577**|_0_
_35_|**0**
**37**|_3,970_
_220_|**7,464**
**219**||_3,970_
_1,385_|**7,464**
**2,129**|| ||_153_|**160**|_124_|**129**||_14_|**7**||_839_|**1,577**|_35_|**37**|_4,190_|**7,683**||_5,355_|**9,593**|| |||||||||||||||||_0_|**0**|| ||_1,379_|**1,442**|_1,111_|**1,162**||_125_|**60**||_7,555_|**14,188**|_317_|**330**|_(1,994)_|**(5,494)**||_8,493_|**11,688**|| ||_4,548_|**(4,278)**|_1,948_|**(1,893)**||_0_|**0**||_12,378_|**(9,453)**|_597_|**(578)**|_1,353_|**0**||_20,824_|**(16,202)**|| ||_5,927_|**(2,836)**|_3,059_|**(731)**||_125_|**60**||_19,933_|**4,735**|_914_|**(248)**|_(641)_|**(5,494)**||_29,317_|**(4,514)**|| ||_31,304_|**37,231**|_13,407_|**16,466**||_(354)_|**(229)**||_85,202_|**105,135**
**(22,856)**|_4,118_|**5,032**|_9,307_|**8,666**||_142,984_
_0_|**172,301**
**(22,856)**|| ||_37,231_|**34,395**|_16,466_|**15,735**||_(229)_|**(169)**||_105,135_|**87,014**|_5,032_|**4,784**|_8,666_|**3,172**||_172,301_|**144,931**|| ||_37,231_|**34,395**|_16,466_
_0_|**15,735**
**0**||_0_
_(229)_|**0**
**(169)**||_105,135_
_0_|**87,014**
**0**|_5,032_
_0_|**4,784**
**0**|_0_
_8,666_|**3,172**
**0**||_163,864_
_8,437_|**145,100**
**(169)**|| ||_37,231_|**34,395**|_16,466_|**15,735**||_(229)_|**(169)**||_105,135_|**87,014**|_5,032_|**4,784**|_8,666_|**3,172**||_172,301_|**144,931**|| ||_2,926_|**(2,651)**|_4,078_|**(3,694)**||_(3,000)_
_729_|**(316)**||_250,000_
_64,880_|**0**
**(58,768)**|_1,115_|**(1,010)**|_9,361_|**(8,479)**||_0_
_247,000_
_83,089_|**0**
**0**
**(74,918)**|| ||_2,926_|**(2,651)**|_4,078_|**(3,694)**||_(2,271)_|**(316)**||_314,880_|**(58,768)**|_1,115_|**(1,010)**|_9,361_|**(8,479)**||_330,089_|**(74,918)**|| ||_20,151_|**23,077**|_28,073_|**32,151**||_5,022_|**2,751**||_196,599_|**511,479**|_7,674_|**8,789**|_64,437_|**73,798**||_321,956_|**652,045**|| ||_23,077_|**20,426**|_32,151_|**28,457**||_2,751_|**2,435**||_511,479_|**452,711**|_8,789_|**7,779**|_73,798_|**65,319**||_652,045_|**577,127**|| ||_23,077_|**20,426**|_32,151_|**28,457**||_2,751_|**2,435**||_511,479_|**452,711**|_8,789_|**7,779**|_73,798_|**65,319**||_652,045_
_0_
_0_|**577,127**
**0**
**0**|| ||_23,077_|**20,426**|_32,151_|**28,457**||_2,751_|**2,435**||_511,479_|**452,711**|_8,789_|**7,779**|_73,798_|**65,319**||_652,045_|**577,127**|| |**INCOMING RESOURCES**
**Investment income**
From endowments
From restricted funds
**_Total incoming resources_**
**RESOURCES EXPENDED**
Grants to or for beneficiaries
Net incoming resources
**_Total outgoing resources_**
**_Net incoming resources_**
**_excluding endowment_**
**GAINS AND LOSSES on investment assets**
**NET MOVEMENT IN RESTRICTED FUNDS**
Balances brought forward
at 1st January
Transfer between funds (see Note 13)
**Balances carried forward**
**at 31st December**
**REPRESENTED BY**
Investment assets
Cash available for distribution
**_Total restricted funds_**
**ENDOWMENT TRANSACTIONS**
Donations received
Grants made (shown as negative grant received)
**GAINS AND LOSSES on endowment assets**
**NET MOVEMENT IN ENDOWMENT FUNDS**
Balances brought forward
at 1st January
Transferred to 100 Fund
**Balances carried forward**
**at 31st December**
**REPRESENTED BY**
Investment assets
Cash at bank and on deposit
Debtors/(creditors)
**_Total endowment funds_**
**STATEMENT OF FINANCIAL AFFAIRS:**
**Funds without freehold property (II)**|**St Francis Roath**
**41 Fund**|**St Francis Roath**
**41 Fund**|
**St John Kennington**
**30 Fund**|
**St John Kennington**
**30 Fund**||**Southern Rhodesia and**
**Canada (mission work)**
**56 Fund**|**Southern Rhodesia and**
**Canada (mission work)**
**56 Fund**||**TOTAL**
**brought forward**
**from Sheet I**|**TOTAL**
**brought forward**
**from Sheet I**|**TOTAL**
**Restricted and**
**Endowment Funds**

|**TOTAL**
**Restricted and**
**Endowment Funds**

|

**The No.1 Trust Fund**| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||_2021_|**2022**|_2021_|**2022**||_2021_|**2022**||_2021_|**2022**|_2021_|**2022**|| ||_310_
_506_|**316**
**536**|_369_
_722_|**377**
**764**||_1,502_
_177_|**1,533**
**221**||_9,590_
_4,258_|**17,312**
**3,969**|_11,771_
_5,663_|**19,538**
**5,490**|| ||_816_|**852**|_1,091_|**1,141**||_1,697_|**1,754**||_13,848_|**21,281**|_17,434_|**25,028**|| ||_0_
_82_|**0**
**85**|_0_
_109_|**0**
**114**||_0_
_168_|**0**
**175**||_3,970_
_1,385_|**7,464**
**2,129**|_3,970_
_1,744_|**7,464**
**2,503**|| ||_82_|**85**|_109_|**114**||_168_|**175**||_5,355_|**9,593**|_5,714_|**9,967**|| ||||||||||_0_||||| ||_734_|**_767_**|_982_|**1,027**||_1,529_|**1,579**||_8,493_|**11,688**|_11,720_|**15,061**|| ||_2,468_|**(2,320)**|_3,523_|**(3,304)**||_865_|**(957)**||_20,824_|**(16,202)**|_27,680_|**(22,783)**|| ||_3,202_|**(1,553)**|_4,505_|**(2,277)**||_2,376_|**622**||_29,317_|**(4,514)**|_39,400_|**(7,722)**|| ||_16,985_|**20,187**|_24,252_|**28,757**||_5,951_|**8,327**||_142,984_
_0_|**172,301**
**(22,856)**|_190,172_
_0_|**229,572**
**(22,856)**|| ||_20,187_|**18,634**|_28,757_|**26,480**||_8,327_|**8,949**||_172,301_|**144,931**|_229,572_|**198,994**|| ||_20,187_
_0_|**18,634**
**0**|_28,757_
_0_|**26,480**
**0**||_8,327_
_0_|**8,949**
**0**||_163,864_
_8,437_|**145,100**
**(169)**|_221,135_
_8,437_|**199,163**
**(169)**|| ||_20,187_|**18,634**|_28,757_|**26,480**||_8,327_|**8,949**||_172,301_|**144,931**|_229,572_|**198,994**|| ||_1,511_|**(1,369)**|_1,801_|**(1,631)**||_7,326_|**(6,635)**||_0_
_247,000_
_83,089_|**0**
**0**
**(74,918)**|_0_
_247,000_
_93,727_|**0**
**0**
**(84,553)**|| ||_1,511_|**(1,369)**|_1,801_|**(1,631)**||_7,326_|**(6,635)**||_330,089_|**(74,918)**|_340,727_|**(84,553)**|| ||_10,405_|**11,916**|_12,397_|**14,198**||_50,423_|**57,749**||_321,956_
_0_|**652,045**
**0**|_395,181_
_0_|**735,908**
**0**|| ||_11,916_|**10,547**|_14,198_|**12,567**||_57,749_|**51,114**||_652,045_|**577,127**|_735,908_|**651,355**|| ||_11,916_|**10,547**|_14,198_|**12,567**||_57,749_
_0_|**51,114**
**0**||_652,045_
_0_
_0_|**577,127**
**0**
**0**|_735,908_
_0_
_0_|**651,355**
**0**
**0**|| ||_11,916_|**10,547**|_14,198_|**12,567**||_57,749_|**51,114**||_652,045_|**577,127**|_735,908_|**651,355**|| ## **STATEMENT OF FINANCIAL AFFAIRS: Funds without freehold property (III)** ## **INCOMING RESOURCES** ## **Investment income** From endowments From restricted funds ## _**Total incoming resources**_ ## **RESOURCES EXPENDED** Grants to or for beneficiaries Administration _**Total outgoing resources**_ ## _**Net incoming resources**_ ## _**excluding endowment**_ ## **GAINS AND LOSSES on investment assets** ## **NET MOVEMENT IN RESTRICTED FUNDS** Balances brought forward at 1st January Transfer between funds (see Note 13) **Balances carried forward** ## **at 31st December** ## **REPRESENTED BY** ## Investment assets Cash available for distribution ## _**Total unrestricted funds**_ ## **ENDOWMENT TRANSACTIONS** Donations received - Grants made (shown as negative grant received) ## **GAINS AND LOSSES on endowment assets** ## **NET MOVEMENT IN ENDOWMENT FUNDS** Balances brought forward at 1st January Transferred to 100 Fund **Balances carried forward** ## **at 31st December** ## **REPRESENTED BY** Investment assets Cash at bank and on deposit Debtors/(creditors) ## _**Total endowment funds**_ |**St Saviour**
**Luton**
**62 Fund**|**St Saviour**
**Luton**
**62 Fund**|**Holy Trinity**
**Reading**
**(Lusty Bequest)**
**63 Fund**|**Holy Trinity**
**Reading**
**(Lusty Bequest)**
**63 Fund**|
**St Michael**
**& All Angels**
**Maidstone**
**65 Fund**|
**St Michael**
**& All Angels**
**Maidstone**
**65 Fund**|**St Katherine**
**Little Bardfield**
**66 Fund**|**St Katherine**
**Little Bardfield**
**66 Fund**|**SS Peter & Paul**
**Eye**
**(Gooderham**
**Bequest)**
**68 Fund**|**SS Peter & Paul**
**Eye**
**(Gooderham**
**Bequest)**
**68 Fund**||**General**
**Purposes**
**100 Fund**|**General**
**Purposes**
**100 Fund**||**TOTAL**
**Unrestricted and**
**Endowment Funds**|**TOTAL**
**Unrestricted and**
**Endowment Funds**|**TOTAL**
**Restricted and**
**Endowment Funds**
**(b/f from Sheet 2)**

|**TOTAL**
**Restricted and**
**Endowment Funds**
**(b/f from Sheet 2)**

|**The No.1 Trust Fund**


| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |_2021_|**2022**|_2021_|**2022**|_2021_|**2022**|_2021_|**2022**|_2021_|**2022**||_2021_|**2022**||_2021_|**2022**|_2021_|**2022**|| |_8,425_
_4,943_|**8,600**
**5,383**|_17,580_
_4,711_|**13,449**
**5,036**|_2,814_
_2,065_|**2,872**
**2,231**|_2,669_
_200_|**2,725**
**276**|_6,014_
_0_|**6,139**
**152**||_126,473_
_2,517_|**128,980**
**1,170**||_169,989_
_14,436_|**162,765**
**14,248**|_11,771_
_5,663_|**19,538**
**5,490**|| |_13,368_|**13,983**|_22,291_|**18,485**|_4,879_|**5,103**|_2,869_|**3,001**|_6,014_|**6,291**||_128,990_|**130,150**||_184,425_|**177,013**|_17,434_|**25,028**|| |_0_
_668_|**0**
**699**|_0_
_1,115_|**57,598**
**924**|_0_
_244_|**0**
**255**|_0_
_143_|**0**
**150**|_0_
_301_|**0**
**315**||_169,288_
_0_|**204,104**
**0**||_169,288_
_2,772_|**261,702**
**2,343**|_3,970_
_1,744_|**7,464**
**2,503**|| |_668_|**699**|_1,115_|**58,522**|_244_|**255**|_143_|**150**|_301_|**315**||_169,288_|**204,104**||_172,060_|**264,045**|_5,714_|**9,967**|| ||||||||||||||||**0**|||| |_12,700_|**13,284**|_21,176_|**(40,037)**|_4,635_|**4,848**|_2,726_|**2,851**|_5,713_|**5,976**||_(40,298)_|**(73,954)**||_12,365_|**(87,032)**|_11,720_|**15,061**|| |_24,105_|**(23,294)**|_10,354_|**(21,795)**|_10,072_|**(9,656)**|_973_|**(1,195)**|_0_|**(655)**||_0_|**0**||_45,504_|**(56,595)**|_27,680_|**(22,783)**|| |_36,805_|**(10,010)**|_31,530_|**(61,832)**|_14,707_|**(4,808)**|_3,699_|**1,656**|_5,713_|**5,321**||_(40,298)_|**(73,954)**||_57,869_|**(143,627)**|_39,400_|**(7,722)**|| |_1,659,929_|**202,734**|_158,155_|**189,685**|_69,329_|**84,036**|_6,709_|**10,408**|_0_|**5,713**||_84,372_|**44,074**
**100,000**||_484,494_
_0_|**536,650**
**100,000**|_190,172_
_0_|**229,572**
**(22,856)**|| |_202,734_|**192,724**|_189,685_|**127,853**|_84,036_|**79,228**|_10,408_|**12,064**|_5,713_|**11,034**||_44,074_|**70,120**||_542,363_|**493,023**|_229,572_|**198,994**|| |_202,734_
_0_|**192,724**
**0**|_189,685_
_0_|**127,853**|_84,036_
_0_|**79,228**
**0**|_10,408_
_0_|**12,064**
**0**|_5,713_
_0_|**11,034**
**0**||_0_
_44,074_|**0**
**70,120**||_498,289_
_44,074_|**422,903**
**70,120**|_221,135_
_8,437_|**199,163**
**(169)**|| |_202,734_|**192,724**|_189,685_|**127,853**|_84,036_|**79,228**|_10,408_|**12,064**|_5,713_|**11,034**||_44,074_|**70,120**||_542,363_|**493,023**|_229,572_|**198,994**|| |_41,087_|**(37,217)**|_(169,358)_
_85,737_|**(58,201)**|_13,722_|**(12,430)**|_13,019_|**(11,792)**|_29,329_|**(26,566)**||_0_
_616,192_|**(178,508)**
**(558,148)**||_0_
_(169,358)_
_799,086_|**0**
**(178,508)**
**(704,354)**|_0_
_247,000_
_93,727_|**0**
**0**
**(84,553)**|| |_41,087_|**(37,217)**|_(83,621)_|**(58,201)**|_13,722_|**(12,430)**|_13,019_|**(11,792)**|_29,329_|**(26,566)**||_616,192_|**(736,656)**||_629,728_|**(882,862)**|_340,727_|**(84,553)**|| |_282,826_|**323,913**|_590,160_|**506,539**|_94,454_|**108,176**|_89,611_|**102,630**|_201,884_|**231,213**||_4,241,561_
_0_|**4,857,753**
**0**||_5,500,496_
_0_|**6,130,224**
**0**|_395,181_
_0_|**735,908**
**0**|| |_323,913_|**286,696**|_506,539_|**448,338**|_108,176_|**95,746**|_102,630_|**90,838**|_231,213_|**204,647**||_4,857,753_|**4,121,097**||_6,130,224_|**5,247,362**|_735,908_|**651,355**|| |_323,913_|**286,696**|_506,539_|**448,338**|_108,176_|**95,746**|_102,630_|**90,838**|_231,213_|**204,647**||_4,857,753_|**4,121,097**||_6,130,224_
_0_
_0_|**5,247,362**
**0**
**0**|_735,908_
_0_
_0_|**651,355**
**0**
**0**|| |_323,913_|**286,696**|_506,539_|**448,338**|_108,176_|**95,746**|_102,630_|**90,838**|_231,213_|**204,647**||_4,857,753_|**4,121,097**||_6,130,224_|**5,247,362**|_735,908_|**651,355**|| ## The Incorporated Trustees of **THE NUMBER 1 TRUST FUND Statement of Cash Flows (£'000)** |Year ended 31 December 2022
Cash flows from investing activities
Dividends and rents from investments
385.2
Sale/(purchase) of investments
250.0
Net cash provided by investing activities
635.2
Cash and cash equivalents at the start of the year
45.8
Cash and cash equivalents at the end of the year
35.2
Change in cash and cash equivalents in the year
10.6
Net inward cash flow from operating activities
£645.8
**Reconciliation of net income/(expenditure) to net cash flow from operating activities**
Net income/(expenditure) for the reporting period
(381.6)
(as per the statement of financial activities)
Adjustments for:
(Gains)/losses on financial assets
1,219.1
(Gains)/losses on investment properties
(1,085.0)
Dividends and rents from investments
(385.2)
(Increase)/decrease in debtors and loans
(0.5)
Increase/(decrease) in creditors
(12.6)
Net cash used in operating activities
£(645.8)|2021
367.9
(100.0)| |---|---| ||268.0| ||296.5
45.8| ||250.7| ||£518.7| ||1,419.7
(1,333.3)
(367.9)
0.4
(237.5)| ||£(518.7)| ## **THE INCORPORATED TRUSTEES OF THE NUMBER 1 TRUST FUND Notes to the Accounts for the Year Ended 31 December 2022** ## **1. ACCOUNTING POLICIES** 1.1: The accounts have been prepared under the historical cost convention (except for the revaluation of investments), and in accordance with the Charities Statement of Recommended Practice (FRS 102), applicable accounting standards, and the Charities Act. 1.2: The historical cost convention has been modified by the revaluation of certain fixed assets. Freehold land and buildings used for the purposes of the trust are stated at valuation at 31st December 1976, together with the cost of improvements and additions since that date. These are held for occupation by beneficiaries (e.g. by a PCC or a religious community) and are functional assets. Investment properties held for rental income are shown at market value, last reviewed in December 2022 by reference to recorded sale prices of nearby comparable properties. The garages at Wellingborough were revalued in 2017. 1.3: No depreciation has been provided on freehold buildings, most of which are listed buildings which the trustees are under a statutory duty to maintain in perpetuity. 1.4: Donations are included in the Statement of Financial Activities when they are received, as are investment income and rents. Legacies are recognised in the Statement of Financial Activities upon receipt, or if earlier, when there is sufficient certainty that the legacy will be received and the value of the legacy can be measured with sufficient reliability. 1.5: Grants payable are recorded as resources expended when they are approved by the trustees and the beneficiaries have been notified. 1.6: Investments are recorded at their year-end valuation with any changes in the value in the year being recorded in the Statement of Financial Activities. 1.7: Unrestricted funds which have not been designated for other purposes are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. 1.8: Designated funds comprise unrestricted funds over which the trustees have full discretion but intend to follow the donor’s intention insofar as this does not conflict with the objects of the trust. 1.9: Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors. The costs of administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the financial statements. 1.10: Endowment funds (which are expendable at the discretion of the trustees) represent those assets which are expected to be in the long-term use of the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as either unrestricted or restricted income depending on the terms of the endowment. Any capital gains or losses arising on the investments form part of the fund. 1.11: Investment income and gains are allocated to the appropriate fund. 1.12: Expenses relating to properties held as investments are shown as costs of raising funds. Other property costs are included among charitable activities. Support costs are allocated across charitable activities. ## **2. INVESTMENTS** 2.1: Cash in hand in restricted and unrestricted funds is held at the trust’s bankers, CAF Bank, or on deposit with the CBF Church of England Deposit Fund. 2.2: Investments are held and managed on behalf of the Trustees by CCLA Investment Management Ltd in CBF Church of England Funds. By a minuted decision of the trustees, these investments are held as a single pool, each participating fund being entitled to the same proportion of each investment. 2.3: The investment of endowment funds (other than property) together with accumulated undistributed interest (restricted and unrestricted funds) totalled, at 31st December: |ecember:||| |---|---|---| |CBF Church of England
Investment Fund b/f
Withdrawn during year
Gain/(loss) on revaluation
Market value c/f|_£000s_
10,305.0
(250.0)
(1,187.5)|_£000s_
8,867.5| |CBF Church of England
Property Fund b/f
Invested during year
Gain/(loss) on revaluation
Market value c/f|305.7
0.0
(31.6)|274.1| |Total||9,141.6| ## **3. SCHEDULE OF FIXED ASSETS** ## **13 Fund: St John, Bovey Tracey** |**3 Fund: St John, Bovey Tracey**||| |---|---|---| ||_functional: investment_|| |Vicarage normally occupied
and maintained at peppercorn
rent by Exeter Diocesan Board
of Finance|_£000s_
41.0|_£000s_| |Wickham Hall occupied rent
free as church hall by PCC|8.0|| |No 2, 4 & 5 St John’s Cottages
Brought forward
Revaluation||555.0
285.0| |Total as at 31 December 2022|49.0|840.0| ## **22 Fund: St. Mary’s Convent, Freeland, Oxford** ||_functional:_|_investment:_| |---|---|---| |Convent buildings
occupied for the benefit of
the Order of St Clare|_£000s_
83.5|_£000s_| ## **4. LOANS, DEBTORS AND CREDITORS** ||**Loans**
**Debtors**
Garage rent accrued
Service charge prepaid|2022
_£000s_
0.0
0.7
1.5|2021
_£000s_
0.0
0.2
1.5| |---|---|---|---| ||Total|2.2|1.7| ||**Creditors**
Auditors’ remuneration
Other accruals
Conditional grants (Note 5)
Grants unpaid at year end
Tenants’ deposits (53 Fund)
VAT|6.5
0.0
0.0
0.0
0.0
0.0|6.1
0.0
0.0
12.1
0.4
0.5| ||Total|6.5|19.1| ## **5. CONTINGENT ASSETS & LIABILITIES** ## **34a Fund: St Mary, Wellingborough** |||_investment:_| |---|---|---| |Garages constructed in part
exchange for the paddock
Brought forward
Revaluation||_£000s_
150.0
0.0| |Total as at 31 December 2022||150.0| There were no contingent assets or liabilities at the year end. ## **6. EMPLOYEES** The trust has no employees. ## **7. INVESTMENT INCOME & INTEREST RECEIVED** ## **34b Fund: St Mary, Wellingborough** |||_investment:_| |---|---|---| |16, 26 & 31 St Mary’s Paddock
Brought forward
Revaluation||_£000s_
710.0
280.0| |Total as at 31 December 2022||990.0| ## **53 Fund: Compton Durville** |**3 Fund: Compton Durville**||| |---|---|---| |||_investment:_| |1 - 4 Manor Cottages, 1 & 2
Manor Farm Cottages, Dutch
Barn, and Manor Farm Offices
Brought forward
Revaluation||_£000s_
1,186.0
520.0| |Total as at 31 December 2022||1,706.0| |CBF Church of England Funds
Bank interest|2022
_£000s_
282.4
0.1|2021
_£000s_
274.5
0.1| |---|---|---| |Total|282.5|267.3| ## **8. EXPENSES OF ADMINISTRATION AND FUNDRAISING** The Trustees do not seek funding and there has been no expenditure on publicity or fund-raising. The costs of administration are met from a levy made on the gross income of each fund. ## **9. CHARITABLE ACTIVITIES** |**9. CHARITABLE ACTIVITIES**||| |---|---|---| ||2022
_£000s_|2021
_£000s_| |Grants and donations
Share of support costs
(Note 10)|453.0
23.7|162.4
17.9| ||476.7|180.3| |Repair and maintenance of
functional properties
Share of support costs
(Note 10)|123.5
5.5|64.6
7.1| ||130.0|71.7| |Total|606.7|252.0| ## **12. RELATED PARTY TRANSACTIONS** A grant of £20,112 (2021: £19,500) was made towards the stipend of the Bishop of Fulham’s Priest Missioner. The Rt Revd Jonathan Baker is Bishop of Fulham. A grant of £20,000 was made to Pusey House, Oxford (2021: £20,000). The Revd Dr George Westhaver is the Principal of Pusey House. A grant of £20,000 (2021: nil) was made to the Walsingham College Trust Association Limited of which the Rt Revd Jonathan Baker, Dr Brian Hanson, and the Revd Prebendary Graeme Rowlands are members. A grant of £8,000 was made to the PCC of St Peter and Leonard, Horbury (2021: £nil), of which the Revd Christopher Johnson is incumbent. ## **13. TRANSFERS BETWEEN FUNDS** Grants are made to institutions and not to individuals. Details of significant grants made in the year are given in the Trustees’ Report. Support costs (Note 10) are allocated between the two categories of charitable activities. ## **10. SUPPORT COSTS** |Auditors’ remuneration
Legal fees
Administration costs|2022
_£000s_
7.0
5.1
18.1|2021
_£000s_
6.4
2.1
16.5| |---|---|---| |Total|30.2|25.0| In accordance with legal advice that the 53 Fund constitutes unrestricted funds which the trustees may apply to their own charitable purposes, a further £100,000 (2021: £nil) has been transferred from the 53 Fund to the 100 Fund. In the 2020 accounts a grant of £19,500 from the 25 Fund was inadvertently charged to the 34a Fund. A compensatory transfer of £22,856 has been made in the 2022 accounts, to include an adjustment for interest and capital growth forgone in 2020 and 2021. ## **14. LEGAL STATUS OF THE TRUST** The trust is an incorporated charity, registered in England and Wales. Its principal place of business is 226 Philip Lane, London N15 4HH. The charity is a public benefit entity. Administration costs include honoraria for the secretary and treasurer, indemnity insurance, and expenses in respect of trustees’ meetings etc. ## **11. TRUSTEES’ EXPENSES** Reimbursement of travel expenses totalling £854 (2021: £101) was made during the year to five (2021: three) trustees. Subsistence and refreshment at trustees’ meetings was provided at a cost of £809 (2021: £356). Management liability insurance cover was provided at a cost of £777 (2021: £736).