2024-12-31-accounts - Incorporated Trustees Of The Number 1 Trust Fund

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THE INCORPORATED TRUSTEES OF THE NUMBER 1 TRUST FUND

(Registered Charity no. 275353)

Annual Report for the Year Ended 31 December 2024

Investment Managers

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 9-20 21-23

CCLA Investment Management Ltd One Angel Lane London EC4R 3AB

Bankers

CAF Bank Limited 25 Kings Hill Avenue West Malling ME19 4TA

Auditors

ADMINISTRATIVE DETAILS

Trustees

The Rt Revd Jonathan Baker, on the nomination of the Chairman of Forward in Faith to 28 June 2029 . Chairman from 28 June 2024.

Fr Oswin Gartside CR, as Superior of the Community of the Resurrection to 1 July 2029.

Dr Brian Hanson CBE. Co-opted to serve for three years to 8 July 2025. Chairman to 28 June 2024.

The Revd Prebendary David Houlding, on the nomination of the 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 Dr George Westhaver, as Principal of Pusey House, Oxford to 28 June 2029.

Gravita Audit Oxford LLP First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD

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.

Clerk to the Trustees

Mr Nicholas Hills St Andrew Holborn 5 St Andrew Street London EC4A 3AF

Treasurer

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.

Mr John Hanks

Property Administrator Mrs Eileen Clark

The trustees meet in full three times a year. The Clerk, 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 Clerk.

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.

During the year, in response to increasing pressure on the role of Secretary, the Trustees reviewed their staffing arrangements and now contract with St Andrew Holborn Trading Ltd for the services of a Clerk. The former Secretary deals now exclusively with property matters. The role of Treasurer remains more or less unchanged.

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.

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 three cottages are let to provide income for the maintenance of the church and estate.

A grant of £9,707 was made to the Parochial Church Council.

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.

A grant of £7,000 was made to the Community of St Clare.

No.25 Fund: derives from sale of properties at St Leonards-on-Sea providing rest for religious workers and others, and for retreats.

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 Parochial Church Council 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 .

No.56 Fund: for mission work in Canada and the former Southern Rhodesia.

£6,000 was given towards the work of Tariro - Hope for Youth in Zimbabwe

No.62 Fund: for St Saviour, Luton.

No.63 Fund: for Holy Trinity, Reading.

No.65 Fund: for St Michael, Maidstone.

No.66 Fund: for St Katherine, Little Barfield.

No.67 Fund: for St Mary, Lewisham.

A grant of £30,000 was made to the Parochial Church Council.

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 £30,000 to St John the Baptist, Leamington Spa; £20,000 to St John the Evangelist, New Hinksey; £20,000 to the Bishop of Oswestry; £18,000 to Pusey House, Oxford; £15,633 to St Michael, Abbey Wood; £15,000 to All Saints with St Saviour, Westonsuper-Mare; £10,500 to All Saints, New Longton; £10,000 to St Silas, Pentonville; and £10,000 to Walsingham College Trust Association Ltd.

FINANCIAL REVIEW

Income and Expenditure

Net outgoing resources for the year were £4,900 (2023: £103,400). The financial investments showed a gain on revaluation at the year-end of £222,600 (2023: £804,600.)

interest. The endowment funds (other than property) are managed by CCLA Investment Managers Limited and invested in CBF Church of England Investment Fund and Property Fund units.

Income is invested with the CBF Church of England Deposit Fund and with CAF Bank pending distribution. Cash balances not immediately required for distribution are transferred to the investment fund to improve growth prospects.

Investment Performance

The expected level of investment income was maintained throughout the year, and the value of investments recovered towards 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.

Reserves

The reserves of the Trust, the unrestricted and undesignated income balance on the No.100 Fund, amounted to £154,448 (2023: £81,542). 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 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

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.

STATEMENT OF TRUSTEES. RESPONSIBILfnES The Tntstees are respo17)le for preparing Annual ReFx)rt ard the financt& ststements in accordan with applicable law and regulations. rity law requires the TDJ5tees to prepare finanaaI Statements for eath fmancial yeaT. Under that law the Trustees have elected to prepare the finanoai stal•nents in accordancewith United KingdomGenerally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Undei that law the Trustees must not approve the financtal Statements unless they are salisfied that they sive a true and fair view of the state of affairs of the charity and of the incoming reS(rS and application of resourtrs ot the d)arity for that period. In preparing these Einancial statety theTrustees are required to: select suitable accountiThg policies and then apply them consistently,. make judgments and accounting estimates that are reasonable and prudent: prepare the finanaa] statemenls on the goins concern basis unless it is inapprowiate to pre5un that the tharity will continue in l)usines The Trustees are responsibk for keeping adequate accounting records that are sufh'cient kn show and explain the charity's transactions and disclo with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the f&nancial ststements comply with the Qwrities Act 2011. They are a]so responsible for safesuarding the assets OE the charity and hence for taking reasonable steps for the prevention and detection OE fraud and other irre8ularitie& Approved by the Trustees on 26]ure 2025, and SI*d on their behalf The Rt Revd Jonathan Baker airmlm of ih¢ Tr

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE INCORPORATED TRUSTEES OF THE NUMBER 1 TRUST FUND

Opinion

“Charity”) for the year ended 31 December 2024 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).

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

accounting in the preparation of the financial statements is appropriate.

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 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:

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.

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.

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.

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;

management, and from our knowledge and experience of the client’s sector;

financial statements or the operations of the charity;

of management and inspecting legal correspondence; and

alert to instances of non-compliance throughout the audit.

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

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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.

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.

Gravita Audit Oxford LLP (Statutory Auditor) First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD

03.07.2025

Gravita Audit Oxford 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 Saviour, Roath	Church work in the parish
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

YearendeL131EID8cenw2025 Ti lllllllllnlll OoMtion¥ l•gx8 A¢nts 71.7 ILM3 11111111 167.1 1&7 227J SJA 22&3 51.3 19.0 313 Tol•l Iro)m• 257.5 134.4 3•1.9 2904 132.3 382.9 eAp•ndltu Colts o1g•nw•brv4bJn 10.7 70 Grnntl •r donllity 11111111 21.4 2•7A 01.7 IS3.2 01.6 103.6 2118 75.1 Iiiiii 1S3.2 486.3 175.9 17.7) 87.4 1168.21 {lQ3.11 InvrAtmMI W¢P Fbmrthl 14.0 222 ¢67.7 N•tth¢•m•ll•Xp•ndrnTr IfA).6 P121 217.7 151.8 701.7 rJ1.21 217.7 TOI.1 Tol•l frJrAI It 111 JMY Tg101 fuTh1•uthodbMrd •131•t DeCt 712.4 1.224 2 1.228 11.7S5.5 11.724 ) lJ87.1 712.4 1.072.4 1.224.2 51.0 I1,7.$ IZ991.0 13.692 1 13,909.1 fl•prnMnl•d tsy Prlty. J1 Inth 3) 132.5 3.680 0 7.•56.3 150.41 131$ 132.5 3.886 0 132.5 3.686.0 ¥e¥trrnty In {ncts • Cash atb•nk onthwt Do($ pryymits1rt4) 744.7 7.2B7. 1s.oi 1,224.0 1¥9.11 21 11 11 724.4 719.9 13 719. LOSI lorpAyrMnl*lthincffje 27.5 t3.692.1 1.2826 11.724.4 712.4 1,224.2 f1,7S5.5 Apwo¥&1 tyth• 20 JuMWiS +1 The Rl Revd Jonathan eakw(CPb81mwl

The Incorporated Trustees of

THE NUMBER 1 TRUST FUND — Central Services

Statement of Financial Activities & Balance Sheet (£'000)

Year ended 31st December 2024 s	Year ended 31st December 2024 s	Year ended 31st December 2024 s	Year ended 31st December 2024 s	2023
Unrestricted Fund	Restricted Funds	Endowment Funds	Total	Total


0.0 8.4 6.2 (14.6)			0.0 8.4 6.2 (14.6)	0.0 7.9 3.7 (11.6)
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

22.3 2.1	0.0 0.0	0.0 0.0	22.3 2.1	6.0 1.5
24.4	0.0	0.0	24.4	7.5
24.4	0.0	0.0	24.4	7.5
0.0	0.0	0.0	0.0	0.0

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)

Year ended 31st December 2024	Year ended 31st December 2024	Year ended 31st December 2024	Year ended 31st December 2024	2023
Unrestricted Funds	Restricted Funds	Endowment Funds	Total	Total
	30.6 3.5 7.3		30.6 3.5 7.3	30.6 3.4 7.2
	41.4	0.0	41.4	41.2
	10.4 5.9 9.7 4.1		10.4 5.9 9.7 4.1	8.1 4.7 27.7 4.1
	30.1	0.0	30.1	44.6
	11.3	0.0	11.3	(3.4)
	5.8	0.0 2.8	0.0 8.6	0.0 31.1
	17.1 257.3	2.8 1,012.1	19.9 1,269.4	27.7 1,241.7
	274.4	1,014.9	1,289.3	1,269.4

Represented by

resented 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 assets	274.4	49.0 840.0 125.9	49.0 840.0 400.3 0.0	49.0 840.0 380.4 0.0
	274.4	1,014.9	1,289.3	1,269.4

	274.4	1,014.9	1,289.3	1,269.4

Net assets

The Incorporated Trustees of

THE NUMBER 1 TRUST FUND — No. 22 Fund (St Mary's House Freeland)

Statement of Financial Activities & Balance Sheet (£'000)

Year ended 31st December 2024	Year ended 31st December 2024	Year ended 31st December 2024	Year ended 31st December 2024	2023
Unrestricted Funds	Restricted Funds	Endowment Funds	Total	Total
	2.2 8.2		2.2 8.2	2.1 7.8
	10.4		10.4	9.9
	19.2 7.0 1.0		19.2 7.0 1.0	0.0 0.0 1.0
	27.2	0.0	27.2	1.0
	(16.8)	0.0	(16.8)	8.9
	6.5	1.7	8.2	28.9
	(10.3) 289.3	1.7 159.9	(8.6) 449.2	37.8 411.4
	279.0	161.6	440.6	449.2

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

279.0	83.5 0.0 78.1	83.5 0.0 357.1	83.5 0.0 365.7
279.0	161.6	440.6	449.2

279.0	161.6	440.6	449.2

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)

Year ended 31st December 2024	Year ended 31st December 2024	Year ended 31st December 2024	Year ended 31st December 2024	2023
Unrestricted Funds	Restricted Funds	Endowment Funds	Total	Total
	8.7 30.5 12.4		8.7 30.5 12.4	7.4 29.7 10.9
	51.6		51.6	48.0
	0.3 0.0 5.2		0.3 0.0 5.2	0.2 0.0 4.8
	5.5	0.0	5.5	5.0
	46.1	0.0	46.1	43.0
	9.9	24.2	0.0 34.1	0.0 118.5
	56.0 436.5 0.0	24.2 1,222.1 0.0	80.2 1,658.6 0.0	161.5 1,497.1 0.0
	492.5	1,246.3	1,738.8	1,658.6

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

492.5	150.0 1,096.3	150.0 1,588.8	150.0 1,508.6
492.5	1,246.3	1,738.8	1,658.6

492.5	1,246.3	1,738.8	1,658.6

The Incorporated Trustees of

THE NUMBER 1 TRUST FUND — No. 34b Fund (St Mary Wellingborough: general purposes) Statement of Financial Activities & Balance Sheet (£'000)

Year ended 31st December 2024	Year ended 31st December 2024	Year ended 31st December 2024	Year ended 31st December 2024	2023
Unrestricted Funds	Restricted Funds	Endowment Funds	Total	Total
35.8 0.0 3.7			35.8 0.0 3.7	33.0 0.0 3.2
39.5			39.5	36.2
6.7 10.8 4.0			6.7 10.8 4.0	9.6 10.8 3.6
21.5	0.0	0.0	21.5	24.0
18.0	0.0	0.0	18.0	12.2
3.0			0.0 3.0	0.0 12.8
21.0 169.9	0.0 0.0	0.0 950.9	21.0 1,120.8	25.0 1,095.8
190.9	0.0	950.9	1,141.8	1,120.8

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

151.8 39.1		990.0 (39.1)	990.0 151.8 0.0	990.0 130.4 0.4
190.9	0.0	950.9	1141.8	1120.8

190.9	0.0	950.9	1141.8	1120.8

The Incorporated Trustees of

THE NUMBER 1 TRUST FUND — No. 53 Fund (Compton Durville Estate) Statement of Financial Activities & Balance Sheet (£'000)

Year ended 31st December 2024	Year ended 31st December 2024	Year ended 31st December 2024	Year ended 31st December 2024	2023
Unrestricted Funds	Restricted Funds	Endowment Funds	Total	Total
36.0 4.9 1.6			36.0 4.9 1.6	35.3 4.8 0.9
42.5			42.5	41.0
45.4 8.1 4.2			45.4 0.0 8.1 4.2	14.4 0.0 0.0 4.1
57.7	0.0	0.0	57.7	18.5
(15.2)	0.0	0.0	(15.2)	22.5
1.2		3.9	0.0 5.1	0.0 16.5
(14.0) 54.6 0.0	0.0 0.0	3.9 1,878.3	(10.1) 1,932.9 0.0	39.0 1,893.9 0.0
40.6	0.0	1,882.2	1,922.8	1,932.9

40.6		1,706.0 176.2 0.0	1,706.0 216.8 0.0	1,706.0 226.9 0.0
40.6	0.0	1,882.2	1,922.8	1,932.9
			0.0	0.0
40.6	0.0	1,882.2	1,922.8	1,932.9

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 2024				2023
	Unrestricted Funds	Restricted Funds	Endowment Funds	Total	Total
		4.2 0.6		4.2 0.6	7.4 0.4
		4.8		4.8	7.8
		30.0 0.2	0.0 0.0	30.0 0.2	120.0 0.4
		30.2	0.0	30.2	120.4
		(25.4)	0.0	(25.4)	(112.6)
		0.5	3.4	3.9	22.9
	0.0 0.0	(24.9) 23.1	3.4 147.5	(21.5) 170.6	(89.7) 260.3
	0.0	(1.8)	150.9	149.1	170.6

		0.0 (1.8)	150.9	150.9 (1.8)	170.6 0.0
	0.0	(1.8)	150.9	149.1	170.6
				0.0	0.0
	0.0	(1.8)	150.9	149.1	170.6

The Incorporated Trustees of

THE NUMBER 1 TRUST FUND — Funds Without Freehold Property Summary Statement of Financial Activities & Balance Sheet (£'000)

Year ended 31st December 2024	Year ended 31st December 2024	Year ended 31st December 2024	Year ended 31st December 2024	2023
Unrestricted Funds	Restricted Funds	Endowment Funds	Total	Total
162.2 13.3	20.0 6.2	0.0 0.0 0.0	0.0 182.2 19.5	0.0 177.9 20.9
175.5	26.2	0.0	201.7	198.8
0.0 2.4	8.0 2.6	211.5 0.0	219.5 5.0	267.9 4.9
2.4	10.6	211.5	224.5	272.8
173.1	15.6	(211.5)	(22.8)	(74.0)
10.4	4.9	144.4	159.7	573.9
183.5 487.9	20.5 218.0	(67.1) 6,384.7	136.9 7,090.6 0.0	499.9 6,590.7 0.0
671.4	238.5	6,317.6	7,227.5	7,090.6

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

552.4 119.0	241.7 (3.2)	6,328.9 (11.3)	7,123.0 104.5	7,083.5 27.1
671.4	238.5	6,317.6	7,227.5	7,110.6
		0.0	0.0	20.0
671.4	238.5	6,317.6	7,227.5	7,090.6

The No.1 Trust Fund

TOTAL THIS PAGE (Carried forward)	2024	17,727 4,901	22,628	2,000 2,263	4,263	0	18,365	3,880	22,245	172,290 0	194,535	194,577 (42)	194,535	0 (11,355) 14,049	2,694	623,089	625,783	637,138 (11,355) 0	625,783
	2023	17,408 4,372	21,780	5,014 2,177	7,191	0	14,589	12,770	27,359	144,931 0	172,290	172,100 190	172,290	0 (4,827) 50,789	45,962	577,127	623,089	623,089 0 0	623,089

Riley Charity (for trust administration) 17 Fund	2024	1,885 8	1,893	2,000 190	2,190		(297)	0	(297)	297	0	0	0	(11,355) 1,494	(9,861)	66,241	56,380	67,735 (11,355)	56,380
	2023	1,970 96	2,066	5,014 207	5,221		(3,155)	280	(2,875)	3,172	297	0 297	297	(4,827) 5,749	922	65,319	66,241	66,241	66,241
Riley Charity (promotion of unity) 36 Fund	2024	241 158	399	0 40	40		359	125	484	5,546	6,030	6,030 0	6,030	191	191	8,463	8,654	8,654	8,654
	2023	235 144	379	0 38	38		341	421	762	4,784	5,546	5,546 0	5,546	684	684	7,779	8,463	8,463	8,463
Reckitt Charity (Mirfield & other retreat houses) 25 Fund	2024	14,013 3,110	17,123	0 1,712	1,712		15,411	2,465	17,876	109,324	127,200	127,200 0	127,200	11,105	11,105	492,552	503,657	503,657	503,657
	2023	13,656 2,625	16,281	0 1,628	1,628		14,653	7,657	22,310	87,014	109,324	109,324 0	109,324	39,841	39,841	452,711	492,552	492,552	492,552

Harrison Charity (for training priests) 37 Fund	2024	75 (3)	72	0 7	7		65	0	65	(107)	(42)	0 (42)	(42)	60	60	2,649	2,709	2,709	2,709
	2023	73 (5)	68	0 6	6		62	0	62	(169)	(107)	0 (107)	(107)	214	214	2,435	2,649	2,649	2,649

Halifax Charity (teaching in Cambridge) 33 Fund	2024	881 521	1,402	0 140	140		1,262	413	1,675	18,320	19,995	19,995 0	19,995	698	698	30,961	31,659	31,659	31,659
	2023	858 475	1,333	0 133	133		1,200	1,385	2,585	15,735	18,320	18,320 0	18,320	2,504	2,504	28,457	30,961	30,961	30,961
Elmore Abbey (23 Fund)	2024	632 1,107	1,739	0 174	174		1,565	877	2,442	38,910	41,352	41,352	41,352	501	501	22,223	22,724	22,724	22,724
	2023	616 1,037	1,653	0 165	165		1,488	3,027	4,515	34,395	38,910	38,910	38,910	1,797	1,797	20,426	22,223	22,223	22,223
STATEMENT OF FINANCIAL AFFAIRS: Funds without freehold property (I)	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 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*

The No.1 Trust Fund

TOTAL Restricted and Endowment Funds	2024	20,024 6,202	26,226	8,000 2,623	10,623	15,603	4,912	20,515	218,007 0	238,522	241,706 (3,184)	238,522	0 (11,355) 15,870	4,515	703,849 0	708,364	719,719 (11,355) 0	708,364
	2023	19,647 6,003	25,650	21,602 2,564	24,166	1,484	17,529	19,013	198,994 0	218,007	217,817 190	218,007	0 (4,827) 57,321	52,494	651,355 0	703,849	703,849 0 0	703,849
TOTAL brought forward from Sheet I	2024	17,727 4,901	22,628	2,000 2,263	4,263	18,365	3,880	22,245	172,290 0	194,535	194,577 (42)	194,535	0 (11,355) 14,049	2,694	623,089 0	625,783	637,138 (11,355) 0	625,783
	2023	17,408 4,372	21,780	5,014 2,177	7,191	14,589	12,770	27,359	144,931 0	172,290	172,100 190	172,290	0 (4,827) 50,789	45,962	577,127 0	623,089	623,089 0 0	623,089

Southern Rhodesia and Canada (mission work) 56 Fund	2024	1,582 39	1,621	6,000 162	6,162	(4,541)	31	(4,510)	1,368	(3,142)	0 (3,142)	(3,142)	1,254	1,254	55,612	56,866	56,866 0	56,866
	2023	1,542 270	1,812	10,000 181	10,181	(8,369)	788	(7,581)	8,949	1,368	1,368 0	1,368	4,498	4,498	51,114	55,612	55,612 0	55,612

St John Kennington 30 Fund	2024	389 850	1,239	0 124	124	1,115	673	1,788	29,871	31,659	31,659 0	31,659	308	308	13,673	13,981	13,981	13,981
	2023	379 799	1,178	0 118	118	1,060	2,331	3,391	26,480	29,871	29,871 0	29,871	1,106	1,106	12,567	13,673	13,673	13,673
St Francis Roath 41 Fund	2024	326 412	738	0 74	74	*664*	328	992	14,478	15,470	15,470 0	15,470	259	259	11,475	11,734	11,734	11,734
	2023	318 562	880	6,588 88	6,676	(5,796)	1,640	(4,156)	18,634	14,478	14,478 0	14,478	928	928	10,547	11,475	11,475	11,475
STATEMENT OF FINANCIAL AFFAIRS: Funds without freehold property (II)	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 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*

The No.1 Trust Fund

TOTAL Restricted and Endowment Funds (b/f from Sheet 2)	2024	20,024 6,202	26,226	8,000 2,623	10,623		15,603	4,912	20,515	218,007 0	238,522	241,706 (3,184)	238,522	0 (11,355) 15,870	4,515	703,849 0	708,364	719,719 (11,355) 0	708,364
	2023	19,647 6,003	25,650	21,602 2,564	24,166		1,484	17,529	19,013	198,994 0	218,007	217,817 190	218,007	0 (4,827) 57,321	52,494	651,355 0	703,849	703,849 0 0	703,849
TOTAL Unrestricted and Endowment Funds	2024	162,192 13,313	175,505	0 2,399	2,399	0	173,106	10,394	183,500	487,941 0	671,441	552,359 119,082	671,441	0 (200,133) 128,534	(71,599)	5,680,778 0	5,609,179	5,609,179 0 0	5,609,179
	2023	158,283 14,872	173,155	213,117 2,336	215,453	0	(42,298)	37,216	(5,082)	493,023 0	487,941	461,018 26,923	487,941	0 (28,382) 461,798	433,416	5,247,362 0	5,680,778	5,700,778 0 (20,000)	5,680,778

General Purposes 100 Fund	2024	127,328 197	127,525	0 0	0		127,525	0	127,525	26,923 0	154,448	35,366 119,082	154,448	(150,133) 100,905	(49,228)	4,455,394 0	4,406,166	4,406,166	4,406,166
	2023	124,310 2,115	126,425	169,622 0	169,622		(43,197)	0	(43,197)	70,120 0	26,923	0 26,923	26,923	(28,382) 362,679	334,297	4,121,097 0	4,455,394	4,475,394 (20,000)	4,455,394

SS Peter & Paul Eye (Gooderham Bequest) 68 Fund	2024	6,335 517	6,852	0 343	343		6,509	410	6,919	18,185	25,104	25,104 0	25,104	(50,000) 5,021	(44,979)	222,657	177,678	177,678	177,678
	2023	6,173 333	6,506	0 325	325		6,181	970	7,151	11,034	18,185	18,185 0	18,185	18,010	18,010	204,647	222,657	222,657	222,657
St Katherine Little Bardfield 66 Fund	2024	2,812 457	3,269	0 163	163		3,106	362	3,468	16,074	19,542	19,542 0	19,542	2,228	2,228	98,833	101,061	101,061	101,061
	2023	2,740 364	3,104	0 155	155		2,949	1,061	4,010	12,064	16,074	16,074 0	16,074	7,995	7,995	90,838	98,833	98,833	98,833
St Michael & All Angels Maidstone 65 Fund	2024	2,964 2,595	5,559	0 278	278		5,281	2,057	7,338	91,215	98,553	98,553 0	98,553	2,349	2,349	104,173	106,522	106,522	106,522
	2023	2,888 2,390	5,278	0 264	264		5,014	6,973	11,987	79,228	91,215	91,215 0	91,215	8,427	8,427	95,746	104,173	104,173	104,173
Holy Trinity Reading (Lusty Bequest) 63 Fund	2024	13,878 3,190	17,068	0 853	853		16,215	2,528	18,743	112,121	130,864	130,864	130,864	10,998	10,998	487,794	498,792	498,792	498,792
	2023	13,524 3,857	17,381	43,495 869	44,364		(26,983)	11,251	(15,732)	127,853	112,121	112,121	112,121	39,456	39,456	448,338	487,794	487,794	487,794
St Saviour Luton 62 Fund	2024	8,875 6,357	15,232	0 762	762		14,470	5,037	19,507	223,423	242,930	242,930 0	242,930	7,033	7,033	311,927	318,960	318,960	318,960
	2023	8,648 5,813	14,461	0 723	723		13,738	16,961	30,699	192,724	223,423	223,423 0	223,423	25,231	25,231	286,696	311,927	311,927	311,927
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*

THE INCORPORATED TRUSTEES OF THE NUMBER 1 TRUST FUND Notes to the Accounts for the Year Ended 31 December 2024

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 Invested during year Withdrawn during year Gain/(loss) on revaluation Market value c/f	£000s 9,608.8 0.0 (100.0) 221.0	£000s 9,729.8
CBF Church of England Property Fund b/f Invested during year Gain/(loss) on revaluation Market value c/f	257.3 0.0 1.4	258.7
Total		9,988.5

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 byPCC	8.0
No 2, 4 & 5 St John’s Cottages Brought forward Revaluation		840.0 0.0
Total as at 31 December 2024	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	2024 £000s 0.0 2.1 0.0	2023 £000s 0.0 0.0 1.5
Total	2.1	1.5
Creditors Auditors’ remuneration Legal fees Other accruals Grants unpaid at year end	7.8 9.8 1.8 5.0	7.2 0.0 0.3 20.0
Total	24.4	27.5

5. CONTINGENT ASSETS & LIABILITIES

There were no contingent assets or liabilities at the year end.

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 2024		150.0

34b Fund: St Mary, Wellingborough

		investment:
16, 26 & 31 St Mary’s Paddock Brought forward Revaluation		£000s 990.0 0.0
Total as at 31 December 2024		990.0

6. EMPLOYEES

The trust has no employees.

7. INVESTMENT INCOME & INTEREST RECEIVED

CBF Church of England Funds: Investment Fund Property Fund Bank interest	2024 £000s 266.1 13.9 0.9	2023 £000s 262.3 13.7 0.7
Total	280.9	276.7

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 1,706.0 0.0
Total as at 31 December 2024		1,706.0

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
	2024 £000s	2023 £000s
Grants and donations Share of support costs (Note 10)	263.6 34.0	416.6 32.4
	297.6	449.0
Repair and maintenance of functional properties Share of support costs (Note 10)	25.1 3.2	4.7 0.4
	28.3	5.1
Total	325.9	454.1

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.

12. RELATED PARTY TRANSACTIONS

Clerking services were provided by St Andrew Holborn Trading Ltd to the value of £1,800 (2023: nil). The Rt Revd Jonathan Baker is Chair of the St Andrew Holborn Guild Church Council and a Trustee of the St Andrew Holborn Church Foundation, which are equal shareholders in St Andrew Holborn Trading Ltd

A grant of £18,000 was made to Pusey House, Oxford (2023: £15,000). The Revd Dr George Westhaver is the Principal of Pusey House.

A grant of £10,000 (2023: £5,000) was made to the Walsingham College Trust Association Limited of which the Rt Revd Jonathan Baker and the Revd Prebendary Graeme Rowlands are members.

In 2023 a grant of £4,000 was made towards the See of Fulham’s clergy retreat. The Rt Revd Jonathan Baker and the Revd Prebendary David Houlding attended the retreat.

In 2023 a grant of £4,004 was made to cover expenses of the Bishop of Fulham’s Priest Missioner

13. LEGAL STATUS OF THE TRUST

The trust is an incorporated charity, registered in England and Wales.

10. SUPPORT COSTS

Auditors’ remuneration Legal fees_(excluding those charged_ to specific funds) Administration costs	2024 £000s 8.4 6.2 22.6	2023 £000s 7.9 3.7 21.2
Total	37.2	32.8

Its principal place of business is:

St Andrew Holborn 5 St Andrew Street London EC4A 3AF

The charity is a public benefit entity.

Administration costs include honoraria for the property administrator and treasurer, clerking fees, trustees’ indemnity insurance, and meeting expenses etc.

11. TRUSTEES’ EXPENSES

Reimbursement of travel expenses totalling £665 (2023: £1,014) was made during the year to five (2023: six) trustees.

Subsistence and refreshment at trustees’ meetings was provided at a cost of £1,365 (2023: £1,011).

Management liability insurance cover was provided at a cost of £875 (2023: £777).