Charity registered number:311448
DIOCESE OF ELY RELIGIOUS EDUCATION TRUST (Formerly the Ely Theological College Trust)
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR 31 DECEMBER 2024
DIOCESE OF ELY RELIGIOUS EDUCATION TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| CONTENTS | Page |
|---|---|
| Trustees’ Report | 1 – 3 |
| Independent Examiners Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 – 11 |
DIOCESE OF ELY RELIGIOUS EDUCATION TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TRUST PROPERTY
The Trustees administer the funds accruing from the endowments and the investments of the former Ely Theological College as contained by a Scheme made by the Secretary of State for Education and Science under Section 18 of the Charities Act 1960, and sealed on 10th September 1970, and amended by a further Scheme dated 15th December 1999. The charity changed its name from the Ely Theological College Trust in March 2021 and at the same time changed its objects to “to advance religious education for the benefit of the public by: (1) providing financial assistance to enable any person resident in the Diocese of Ely to attend a course of instruction, meeting, lecture or similar event designed to promote religious education;
(2) providing financial assistance for candidates for ordination as Priests, Deacons or Deaconesses of the Church of England to enable them to pursue a course of education and training approved by the Governors; (3) any other activities promoting religious education in the Diocese of Ely as the Trustees see fit.
THE TRUSTEES during and after the year ended 31 December 2024 were:
Revd Canon Simon Talbott Resigned 31 December 2024. The Ven Hugh Kyle McCurdy Revd Canon Thomas Buchanan (Chair) The Ven Dr Alexander Hughes The Rt Revd Dagmar Winter Mr Jonathan Young Appointed 27 February 2025.
APPOINTMENT OF TRUSTEES
The Trustees are appointed by other bodies as follows: 2 by the Bishop of Ely 1 by the members of The Bishop's Council
1 by members of The Ely Diocesan Synod 2 by members of the Ely Diocesan Board of Education with the power to co-opt up to 2 further trustees.
PRINCIPAL ADDRESS
Etheldreda House, 206 Wellington Road, Lancaster Way Business Park, Ely, Cambs, CB6 3NX
BANKERS
Barclays Bank plc, High Street, Ely.
SOLICITORS
Mills & Reeve, 1 City Square, Leeds. LS1 2ES
INDEPENDENT EXAMINERS
Adam Halsey FCA, HaysMac LLP, Chartered Accountants 10 Queen Street Place, London, EC4R 1AG
CHARITY NUMBER
311448
1
DIOCESE OF ELY RELIGIOUS EDUCATION TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
APPLICATION OF INCOME AND CURRENT POLICY
The trustees apply the income of the charity in discharging the costs and expenses of the administration of the charity and then remaining income is applied in fulfilling the objects of the charity in the following ways:
(1) providing financial assistance to enable any person resident in the Diocese of Ely to attend a course of instruction, meeting, lecture or similar event designed to promote religious education;
(2) providing financial assistance for candidates for ordination as Priests, Deacons or Deaconesses of the Church of England to enable them to pursue a course of education and training approved by the Governors;
(3) any other activities promoting religious education in the Diocese of Ely as the Trustees see fit.
OBJECTIVES
In setting their plans for the year, the Trust has had due regard to the public benefit guidance published by the Charity Commission.
ACTIVITIES DURING THE YEAR
Following completion of the lease of Bishop Woodford House to the King’s School, Ely trustees have again been able to focus on the distribution of grants to applicants. The trustees received applications from one individual and also an application from the Ely Diocesan Education Committee. The Trustees were pleased to be able to make a grant to the individual to allow them to secure training towards further development of their ministry. Also, a significant grant to the Committee which would make a significant contribution to the provision of religious education across the Diocese of Ely.
FINANCIAL REVIEW
The Trust recorded a surplus for the year of £14,678. Changes in the valuations of the Charity’s assets during the year were a result of fluctuations in the valuations of global stock markets. The income of the Charity includes the rental from the lease of the freehold land and buildings (Bishop Woodford House) to The King’s School, Ely which continues to deliver a significant income stream to the charity.
RISK ANALYSIS AND RESERVES POLICY
The Trustees have identified the major risks to which the Trust is exposed to so that, where possible, systems can be established to manage those risks.
The Trustees' reserves policy is that the unrestricted funds should not fall materially below the amount invested in both tangible and investment fixed assets so that neither is depleted. For 2024 the amount invested in both tangible and investment fixed assets is £1.277m and the unrestricted funds are £1.304m.
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DIOCESE OF ELY RELIGIOUS EDUCATION TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
INVESTMENT POLICY
The Trustees make their investment decisions based upon the Ely Diocesan Board of Finance Assets Sub-Committee's findings on their own assessment of CCLA investment performance. They have an investment strategy which takes a cautious approach to risk, meaning that the investments should produce a good but reliable income, whilst protecting the capital value. The investment income from the year was £10,177 (2023: £9,931) a return of 2.70% (2023: 2.72%).
STATEMENT OF RESPONSIBILITIES
Charity law requires the Trustees of the Trust to prepare financial statements for each financial year, which give a true and fair view of the state of the Trust's affairs and of the income or expenditure for the year.
In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements; and
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prepare financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in being.
The Trustees are responsible for:
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keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011; and
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safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the Diocese of Ely Religious Education Trust
Signed: …………………………………………. Revd Canon Thomas Buchanan (Chair)
Date: 24[th] October, 2025
3
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF DIOCESE OF ELY RELIGIOUS EDUCATION TRUST
I report to the Trustees on my examination of the accounts of the Diocese of Ely Religious Education Trust for the year ended 31 December 2024 which are set out on pages 5 to 10.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.
I report in respect of my examination of the Trust’s accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the requirements the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Adam Halsey FCA HaysMac LLP, Chartered Accountants 10 Queen Street Place London EC4R 1AG
Date: 31 October 2025
4
DIOCESE OF ELY RELIGIOUS EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Designated | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | 2024 | 2023 | ||
| Notes | £ | £ | £ | £ | |
| INVESTMENT INCOME: | |||||
| CBF Dividends | 10,177 | - | 10,177 | 9,931 | |
| CBF Deposit Fund Interest | 900 | - | 900 | 360 | |
| Ground Rent | - | - | - | - | |
| Rental Income | 73,839 | - | 73,839 | 63,334 | |
| ────────── | ────────── | ────────── | ────────── | ||
| Total income | 84,916 | - | 84,916 | 73,625 | |
| ────────── | ────────── | ────────── | ────────── | ||
| EXPENDITURE ON: | |||||
| Charitable activities | 3 | 78,593 | - | 78,593 | 77,207 |
| ────────── | ────────── | ────────── | ────────── | ||
| Total expenditure | 78,593 | - | 78,593 | 77,207 | |
| ────────── | ────────── | ────────── | ────────── | ||
| Unrealised gains/(losses) on investments | 8,354 | - | 8,354 | 31,280 | |
| ────────── ────────── |
────────── ────────── |
────────── ────────── |
────────── ─── ─────── ─────── |
||
| NET INCOME | 14,677 | - | 14,677 | 27,697 | |
| Transfers between funds | - | - | - | - | |
| ────────── | ────────── | ────────── | ────────── | ||
| NET MOVEMENT IN FUNDS | 14,677 | - | 14,677 | 27,697 | |
| ────────── | ────────── | ────────── | ────────── | ||
| RECONCILIATION OF FUNDS | |||||
| Fund balances brought forward | |||||
| At 1 January 2024 | 1,263,557 | 25,715 | 1,289,272 | 1,261,575 | |
| ────────── | ────────── | ────────── | ────────── | ||
| Fund balance carried forward | |||||
| At 31 December 2024 | 1,278,234 | 25,715 | 1,303,949 | 1,289,272 | |
| ========== | ========= | ========== | ========== |
The notes on pages 7 to 11 form part of these financial statements.
5
DIOCESE OF ELY RELIGIOUS EDUCATION TRUST
BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Tangible assets | 5 | 900,000 | 910,000 | |||
| Investments fixed assets | 6 | 377,139 | 365,426 | |||
| ────────── | ────────── | |||||
| Total fixed assets: | 1,277,139 | 1,275,426 | ||||
| CURRENT ASSETS | ||||||
| Debtors | 1,336 | 1,336 | ||||
| Due from EDBF | 73,839 | 63,334 | ||||
| CBF Deposit Fund | 23,250 | 23,250 | 15,532 | 15,532 | ||
| Cash at bank | 7,103 | - | ||||
| ────────── | ────────── | |||||
| Total current assets: | 105,527 | 80,201 | ||||
| CURRENT LIABILITIES | ||||||
| Due to EDBF | 76,717 | 10,535 | ||||
| Due to EDEC | - | 55,000 | ||||
| Creditors and accruals | 2,000 | 1,000 | ||||
| ──────── | ────────── | |||||
| 78,717 | 66,355 | |||||
| NET CURRENT ASSETS | 26,810 | 13,846 | ||||
| ────────── | ────────── | |||||
| NET ASSETS | 1,303,949 | 1,289,272 | ||||
| ========= | ========= | |||||
| FUND BALANCES | ||||||
| Designated Funds | 7 | 25,715 | 25,715 | |||
| General Fund | 8 | 194,010 | 177,687 | |||
| Revaluation Reserve | 8 | 1,084,224 | 1,085,870 | |||
| ────────── | ────────── | |||||
| 1,278,234 | 1,263,557 | |||||
| ────────── | ────────── | |||||
| TOTAL FUNDS | 1,303,949 | 1,289,272 | ||||
| ========= | ========= |
The financial statements on pages 5 to 6 were approved by the Trustees and authorised for issue and are signed on their behalf by :
Revd Canon Thomas Buchanan (Chair)
The Ven Alex Hughes
Date: 24[th] October, 2025
6
DIOCESE OF ELY RELIGIOUS EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. STATEMENT OF ACCOUNTING POLICIES
a) Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition, effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The Charity constitutes a public benefit entity as defined by FRS102.
b) Preparation of accounts on a going concern basis
Review of the financial position of the Trust, reserves levels, and future plans together with the expected future cash flows gives Trustees a reasonable expectation that the charity remains a going concern for the foreseeable future. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements.
c) Statement of cash flows
The Charity has taken advantage of the exemption in the Charities SORP as a small charity from the requirement to prepare a Statement of Cash Flows.
d) Income
Dividends and interest are accounted for when receivable.
e) Expenditure
Expenditure is recognised once there is legal or constructive obligation to make a payment to third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
f) Fixed assets
Freehold and leasehold land and buildings are stated at deemed cost; the Trust having taken advantage of the exemption in Paragraph 35.10 (d) of FRS to use the valuation at the date of transition as deemed cost.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight-line basis their expected useful economic lives as follows:
| Freehold land | Nil |
|---|---|
| Freehold and long leasehold buildings | 25 years |
g) Taxation
The Trust is a charity and as such is not liable to taxation.
h) Income and expenditure
The inclusion of an Income and Expenditure account is not deemed necessary as the relevant information is included in the Statement of Financial Activities.
2. INFORMATION ON TRUSTEES
The Trustees received no remuneration during the year (2023: £Nil). The charity did not employ any staff in this or the previous year.
7
DIOCESE OF ELY RELIGIOUS EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3. CHARITABLE ACTIVITIES
| Direct | ||||||
|---|---|---|---|---|---|---|
| Costs | Grants | Governance | Total 2024 | Total 2023 | ||
| £ | £ | £ | £ | £ | ||
| Provision of education and training | ||||||
| facilities | 11,593 | - | 1,000 | 12,593 | 21,207 | |
| Grant payments | - | 66,000 | - | 66,000 | 56,000 | |
| ───── | ───── | ───── | ───── | ───── | ||
| 11,593 | 66,000 | 1,000 | 78,593 | 77,207 | ||
| =============== | =============== | =============== | =============== | =============== | ||
| Total 2024 | Total 2023 | |||||
| 4. | GOVERNANCE | £ | £ | |||
| Accountancy | 1,000 | 1,000 | ||||
| ───── | ───── | |||||
| 1,000 | 1,000 | |||||
| =============== | =============== | |||||
| 5. | TANGIBLE FIXED ASSSETS | Freehold | ||||
| Land and | ||||||
| buildings | ||||||
| £ | ||||||
| Cost | ||||||
| At 1 January 2024 | 1,000,000 | |||||
| Additions | - | |||||
| Disposal | - | |||||
| ────────── | ||||||
| At 31 December 2024 | 1,000,000 | |||||
| ========== | ||||||
| Depreciation | ||||||
| At 1 January 2024 | 90,000 | |||||
| Charge for year | 10,000 | |||||
| Eliminated on disposal | - | |||||
| ───── | ||||||
| At 31 December 2024 | 100,000 | |||||
| ========== | ||||||
| Net book value | ||||||
| At 31 December 2024 | 900,000 | |||||
| ========== | ||||||
| At 31 December 2023 | 910,000 | |||||
| ========== |
Freehold land and buildings are included at deemed cost; the charity having taken advantage of the exemption in paragraph 35.10(d) of FRS 102 to use the valuation at the date of transition as deemed cost.
Freehold land and buildings include freehold land of £750k that is not depreciated.
The historical cost of land and buildings is £113,916.
8
DIOCESE OF ELY RELIGIOUS EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
6. INVESTMENT FIXED ASSETS
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Units | Valuation | Cost | Valuation | Cost | ||
| £ | £ | Units | £ | £ | ||
| Vested in EDBF | 8,865 | 204,983 | 8,976 | 8,865 | 200,396 | 8,976 |
| Stothert Bequest | 928 | 21,458 | 1,690 | 928 | 20,978 | 1,690 |
| Gilbert Bequest | 77 | 1,780 | 150 | 77 | 1,741 | 150 |
| Divested (Recoupment) Fund | 5,444 | 125,890 | 58,112 | 5,300 | 119,798 | 54,752 |
| Ely Theological College Trust | 996 | 23,028 | 10,000 | 996 | 22,513 | 10,000 |
| ───── | ───── | ───── | ───── | ───── | ───── | |
| 16,310 | 377,139 | 78,928 | 16,165 | 365,426 | 75,569 | |
| =============== | =============== | =============== | =============== | =============== | =============== | |
| Movements in the year: | £ | |||||
| Balance at 1 January 2024 | 365,426 | |||||
| Distribution of income | - | |||||
| Reinvested income | 3,359 | |||||
| Revaluation in year | 8,354 | |||||
| ────── | ||||||
| Balance at 31 December 2024 | 377,139 | |||||
| =============== | ||||||
| 7. DESIGNATED FUND | ||||||
| Property | ||||||
| Fund | ||||||
| £ | ||||||
| Balance at 1 January 2023 and at 31 December 2024 | 25,715 | |||||
| ────── | ||||||
| 25,715 | ||||||
| =============== |
The Property Fund was set up, following the disposal at a surplus of previously held property, for use on property expenditure.
8. UNRESTRICTED FUNDS
| 8. UNRESTRICTED FUNDS | |||
|---|---|---|---|
| General | Revaluation | ||
| Fund | Reserve | Total | |
| £ | £ | £ | |
| Balance at 1 January 2024 | 177,687 | 1,085,870 | 1,263,557 |
| (Deficit)/Surplus for the year | 6,323 | 8,354 | 14,677 |
| Depreciation | 10,000 | (10,000) | - |
| ──────- | ─────── | ────── | |
| Balance at 31 December 2024 | 194,010 | 1,084,224 | 1,278,234 |
| =============== | =============== | =============== |
9
DIOCESE OF ELY RELIGIOUS EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Designated | ||
|---|---|---|---|
| Funds | Funds | Total | |
| £ | £ | £ | |
| Tangible Fixed Assets | 900,000 | - | 900,000 |
| Investment Fixed Assets | 351,424 | 25,715 | 377,139 |
| Net Current Assets | 26,810 | - | 26,810 |
| ------------- | ------------- | ------------- | |
| 1,278,234 | 25,715 | 1,303,949 | |
| =============== | =============== | =============== |
10. RELATED PARTY TRANSACTIONS
No trustee received any remuneration or expenses for services as a trustee.
A grant of £65,000 was made to the Ely Diocesan Education Committee which is part of the Ely Diocesan Board of Finance.
10
DIOCESE OF ELY RELIGIOUS EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11. STATEMENT OF FINANCIAL ACTIVITIES DETAIL FOR 2024
| Unrestricted | Designated | Total | |||
|---|---|---|---|---|---|
| Funds | Funds | 2024 | |||
| Notes | £ | £ | £ | ||
| INVESTMENT INCOME: | |||||
| CBF Dividends | 10,177 | - | 10,177 | ||
| CBF Deposit Fund Interest | 900 | - | 900 | ||
| EDBF - Ground Rent | - | - | - | ||
| BWH Retreat - Ground Rent | - | - | - | ||
| Rental Income from BWH | 73,839 | - | 73,839 | ||
| ────────── | ────────── | ────────── | |||
| Total income | 84,916 | - | 84,916 | ||
| ────────── | ────────── | ────────── | |||
| EXPENDITURE ON: | |||||
| Charitable activities | 12,593 | - | 12,593 | ||
| Grants | 66,000 | - | 66,000 | ||
| ────────── | ────────── | ────────── | |||
| Total expenditure | 3 | 78,593 | - | 78,593 | |
| ────────── | ────────── | ────────── | |||
| Unrealised gains on investments | 8,354 | - | 8,354 | ||
| ────────── ────────── |
────────── ────────── |
────────── ────────── |
────────── ─────── ─────── |
||
| NET INCOME | - | ||||
| Transfers between funds | - | - | - | ||
| ────────── | ────────── | ────────── | |||
| NET MOVEMENT IN FUNDS | 14,677 | - | 14,677 | ||
| ────────── | ────────── | ────────── | |||
| RECONCILIATION OF FUNDS | |||||
| Fund balances brought forward | |||||
| At 1 January 2024 | 1,263,557 | 25,715 | 1,289,272 | ||
| ────────── | ────────── | ────────── | |||
| Fund balance carried forward | |||||
| At 31 December 2024 | 1,278,234 | 25,715 | 1,303,949 | ||
| ========== | ========= | ========== |
11