REGISTERED CHARITY NUMBER: 313916 Report of the Trustees and Unaudited Financial Statements for the Year Ended 30th June 2024 for St Mary's Waqf charity administered by The Jerusalem and the East Mission Trust Limited
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Contents of the Financial Statement5 for the Year Ended 30th June 2024 Page Report ofthe Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Cash Flow Statement Notes to the Cash Flow Statement io Notes to the Financial Statements 11 to 17
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Report of the Trustees for the Year Ended 30th June 2024 The trustees present their report with the financial statements of the Chariiv for the year ended 30th June 2024. The trustees have adopted the provisions of 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 IFRS 1021 (effective 1st January 20191. OBJEcfivES AND ACTIVITIES Objectives and activities for the public benefit The Charity's objectives fall within the overall purpose of the advancement of the Christian religion through the episcopal/anglican churches in the Middle East and their associated religious and charitable work. The specific object of the Charity is maintaining and operating educational and training establishments and a5SlSting other organisations engaged in advancing education, furthering health and relieving poverty, distress and sickness. This is to be focused primarily in Egypt and the Middle East but can be used worldwide at the discretion of the trustees. Following the formation of the Episcopal/Anglic3n Province of Alexandria it was agreed by the archbishops of the Province of jerusalem and the Middle East and the Provirice of Alexandria to request that the income of the charity should be granted to the Province of Alexandria. The trustees have agreed to comply with this request for the time being but without restricting their ability to allocate grants elsewhere in the lulure. The above object is normally achieved by the makin8 of a grant to the Province of Alexandria. This grant is allocated on the recommendation of the Province between a number of medical, educational and religiou5 establishments serving the Christ12n and wider communities within the Province. During the year the charity acquired the funds previously held by The Jerusalem and the Middle East Church Association on behalf of the Province of Alexandria for the benefit of Holy Trinity Church, Algiers and the Diocese of North Africa. Surns will be disbursed from these funds at the request of the Diocese of North Africa. Public Benefit The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objective5 of the Charity in planning future activities and in setting the grant making policy for the year, In particular the trustees consider how planned activities will contribute to the aims and objectives that have been set. Objectives for the year The Charity's aim lor the year was to maintain tsr increase the level of grant. This was not achieved, however, for the reason5 set out below. Page I
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Report of the Trustees for the Year Ended 30th June 2024 ACHIEVEMENT AND PERFORMANCE Activities The trustees have changed their policy regarding the timing of the calculation 3T)d payment of grants compared to previous years. In the past, grants were calculated baged on the ir)vestmenl income receivable up to 31st March in a financial year together with an estimate of the income expected to 30th June. For the year ended 30th June 2024 and subsequent years, grants will be based on the actual investment income receivable to 30th lune and will be agreed by the trustees at a trustees, meeting following the end of the accounting year. As these grants will not have been approved by the trustee5 at the end of the financial year they do not appear as a creditor in the accounts. Owing to the change in policy set out above, the Charity m3de no grants during the year12023 - £47,000). The grant based on the income for the year ended 30th June 2024, will be allocated to the Province of Alexandria for assistance with various projects being undertaken in the Province. This grant will appear in the accounts for the year ended 30th lune 2025. During the year, the funds held on behalf of the Province of Alexandria for the benefit of Holy Trinity, Algiers and the Diocese of North Africa previously held within The Jerusalem and the Middle Sa5t Church As50Clation, were transferred to the charity. The value of the fund5 transferred was £684,930 primarily made up of investments in CBF Church of England Funds. Further details regarding this fund can be found in the notes to the financial statements. No requests for payments from thi5 fund were received in the year. FINANCIAL REVIEW Investment Investment Powers The trustees, power is governed by the Trustee Act 2000. This confers a general power of investment and requires the trustees to invest in a diversified range of 5Ultable instruments. Investment Objectives The investment objectives are al to generate a sustainable income stream year on year which maintains its current purchasing power. bl to at least maintain the capital value of the investments over the long-term. Risk Tolerance The trustees place a high priority on maintaining the real value both of the investments and the income returns over the long-term while recognizing that at times achieving this will mean accepting short or medium term declines in capital value andlor income available for distribution. Ethical and Socially Responsible Investment The trustees have reviewed their investment policy with regard to the Charity Commission's guidance on ethical and responsible investrllent. The trustees recognize and approve the CBF funds manager's policy of investing only in investments that conform to the Church of England's 'Ethical Investment Acivisory Group, IEIAGI guidelines, with particular sensitivity relating to investments in thÈ occupied Palestinian territories. Performance Investment income, including deposit account interest, has increased by 44.5Yo compared to last year. This increase, however, includes the additional income relating to the funds held for Holy Tri nity Church, Algiers. ExcludinE this. the increage was 2.3Yo The value of the listed investments held in the General Fund ha5 increased by 7.60A over the year. The value of the listed investments held for Holy Trinity Church, Algiers, has increased by 6.5Yo since the date of transfer to the charitv. Page 2
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Report of the Trustees for the Year Ended 30th June 2024 FINANCIAL REVIEW Financial review The transactions for the period and the Charity's financial position at the end of the year are shown in the attached financial statements. The trustee5 consider it is appropriate to use the income of the Charity 10 support longer term projects requiring moderately Substantial funds. In addition it is also the trustees, policy, if circumstances permit, to allocate from the annual income a significant Sum for general charitable purposes within the Province of Alexandria. The maintenance of the Charity's capital base also enables the trustees to advance loans from time to time to the diocese5 Wlthin the Province for major building projects on terms which, although commercial, are more easily affordable to the borrower. ReseNes The trustees take the view that the aim should be to fulfil the Charity's objects over a long-term future. The experience of the trustees is that the archbishops and Synods of the Episcopal Church of Jerusalem and the Middle East and the EpigCOP21/Anglican Province of Alexandria expect both to receive a regular annual grant at a sustained level and from time to time to call vpon the Charity for additional and urgent funding, and it IS the policy of the trustees, within the terms of the Charity, to maintain reserves at an 3dequale level to support these two needs. While keeping the level of resources under constant review, the trustees consider the current level to be prudent for this purpose. The trustees consider, on the basis of current information available, that these funds are adequate to meet their known future commitments. FUTURE PLANS The Charity aims to continue to support the work of the church in the Province of Alexandria by the making of grants to organisations in support of long-term projects within the Province. In the opiriion of the trustees the finances of the Charity are adequate to enable it, with prudent management, to continue lo carry out their charitable objectives. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity, which is a registered charity Inumber 3139161, was e5t3blished under a trust deed dated 20th july 1967 with supplemental deeds drawn up on 3rd July 1968 and 4th October 1978. The Britlsh Government obtained compensation from the Egyptian Government for the latter'5 5eque51ration of the church's property in 1955,. one of the terms of the settlement wa5 that the sum was to be held upon charitable trust in English form. Page 3
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Report of the Trustees forthe Year Ended 30th June 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing body and related charitie5 The custodian trustee of the Charity Is The Jerusalem and the East Mission Trust Limited. The company's board of directors, who serve in an honorary capacity, as at 30th June 2024 comprised.. Rt Rev A J Ball (Chairl J M Clark D A Wright Dr C Amos Rev Y Said Rev C M Dawkins Mrs C A Hawkey The directors of The jerusalem and the East Mission Trust Limited are 3ppoirited by invit3lion. In accordance with company law, directors are confirmed in office at the annual general meeting following their appointment, The directors met five times during the year to consider the overall policy of the Charity and the level of grants to be paid. These meetings were held in conjunction with other charities administered by The jerusalem and the East Mission Trust Limited, being The jerusalem and the Middle East Church A550ciation, Trust Property Held in connection with the Episcopal Church in Egypt, The Arthur lones Travel Bursary Trust and the jerusalem Bishopric Fund The financial statements comply with current statutory requirements, the trust deed and the Statement of Recommended Practice Accounting and Reporting by Charities. Recruitment, appointment, induction and training of new trustees The custodian trustee of the Charity is The Jerusalem and the East Mission Trust Limited. The policy for recruitment and training of directors of the company is as follows.. New directors are recommended to fill vacancies by existing directors, Bishops of the Provinces or others closely associated with the Charity's activities. Prospective directors are interviewed by the chair and other directors as appropriate and detai15 including full Cvs are submitted to the board for approval. Prospective directors are given an introduction to the work of the Charity and information on the role of trustees and charity law. Charity Commission publications are regularly distributed to the directors. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 313916 Principal address l Hart House The Hart Farnham Surrey GU9 7HJ Page 4
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Report of the Trustees for the Year Ended 30th June 2024 Trustees Rt RevAJ Ball (Chairl J M Clark Rev Canon Dr W H Taylor Iresigned 2. 12,231 D A Wright l G Pringle Ire5igned 29.11.231 Dr C Amos Rev Canon Dr M l Rhodes Iresigned 29.11.231 Rev Y Said Rev C M Dawkins C A Hawkev Independent Examiner D A Sanders BAIHonsl FCA Sheen Stickland Chartered Accountants 2 Oriel Court Omega Park Alton Hampshire GU34 2YT Legal Advisors Winckworth Sherwood LLP Arbor 255 Blackfriars Road London SEI 9AX Investment Managers CCLA Investment Management Limited One Angel Lane London EC4R 3AB EVENTS SINCE THE END OF THE YEAR Information relating to events since the end of the year is given in the notes to the financial statements. Approved by order of the board of trustees on *. and signed on its behalf bv.. RtRevAllaIT stee Page 5
Independent Examiner's Report to the Trustees of St Mary's Waqf Independent examiner's report to the trustees ofst Mary's Waqf I report to the charity trustees on my examination of the account5 of St Ma ry's Waqf (the Trust) for the year ended 30th lune 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the Trust's accounts carried out under Section 14S of the Act and in c3rrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 14515llbl of the Act. Independent examiner's Statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body, I can confirm that l am qualified to undertake the examination because l am a member ol the Institute of Chartered Accountants in England and Wales, which is one of the11gted bodies. I have completed my examination. I confirm that no materia5 matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust a5 required by Section 130 of the Act,. or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the form and content of account5 set out in the Charities IAccounts 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 acr055 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. D A Sander5 8AIHons1 FCA Sheen Stickland Chartered Accountants 2 Oriel Court Omega Park Alton Hampshire GU34 2YT Date.. P3ge 6
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Statement of Financial Activities for the Year Ended 30th June 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Note5 INCOME FROM Investment income Other income 56,370 23,237 684,930 79,607 684,930 55,086 Total 56,370 708,167 764,537 55,086 EXPENDITURE ON Charitable activities Support fcir the work of the EpiscopallAnglican Province of Alexandria 9,132 2.966 12,098 55,105 Net gains on investments 135,310 42,839 178,149 14,915 NET INCOME 182,548 748,040 930,588 14,896 RECONCILIATION OF FUNDS Total funds brought forward 1,953,140 1,953,140 1,938,244 TOTAL FUNDS CARRIED FORWARD 2,135,688 748,040 2,883,728 1,953,140 The notes form part of these financial slaternent5 Page 7
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Balance Sheet 30th June 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Notes FIXED ASSETS Investments 2,071,797 706,437 2,778,234 1,936,487 CURRENT ASSETS Debtors Cash at bank io 14,340 57,201 13,902 30,667 28,242 87,868 61,886 1,767 71,541 44,569 116,110 63,653 CREDITORS Amounts falling due within one year li 17,6501 12,9661 110,6161 147,0001 NET CURRENT ASSETS 63,891 41,603 105,494 16,653 TOTAL ASSETS LESS CURRENT LIABILITIES 2,135,688 748,040 2,883,728 1,953,140 NET ASSETS 2,135,688 748,040 2,883,728 1,953,140 FUNDS Unrestricted fund5 Restricted funds 12 2,135,688 748,040 1,953,140 TOTAL FUNDS 2,883,728 1,953,140 The financial statements were approved by the Board of Trustees and authorised for issue and were signed on ils behalf bv.. on Rt Permalk- rustee Rev C M Dawkins - Trustee The notes form part of these financial statements Page 8
St Mary'5 Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Cash Flow Statement for the Year Ended 30th June 2024 2Q24 2023 Notes Cash flows from operating activities Cash generated from operations 670,092 154,8441 Net cash provided by/lu5ed in) operating activities 670,092 154,8441 Cash flows from investlng activities Acquisition of fixed asset investments Interest received Dividends received 1663,5981 2,421 77,186 706 54,380 Net cash lused inl/provided by investing activitie5 1583,9911 55,086 Change in cash and cash equlvalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 86,101 242 1,767 1,525 Cash and cash equivalents at the end of the reporting period 87,868 1,767 The notes form part of these financial stateryients Page 9
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Note5 to the Cash Flow Statement for the Year Ended 30th June 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period las per the Statement of Financial Attivitiesl Adjustments for: Gain on investments Interest received Dividend5 received Decreasellincreasel in debtors IDeCreasellncrea5e in creditors 930,S88 14,896 1178,1491 12,4211 177,1861 33,644 136,3841 114,9151 17061 154,3801 146,7391 47,000 Net cash provided by/lused Inl operations 670,092 154,8441 ANALYSIS OF CHANGES IN NET FUNDS At 1.7.23 Cash flow At 30.6.24 Net cash Cash at bank 1,767 86,101 87,868 1,767 86,101 87,868 Total 1,767 86,101 87,868 The note5 form part of these financial statements Page 10
St Mary's Waqf charity administered by The Jerusalem and the East Mission Trust Limited Notes to the Financial Statements for the Year Ended 30th June 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial Statements of the Charity, which is a public benefit entity under FRS 102, 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 ReportinE Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1st january 20191 (Charities SORP IFRS 10211,, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland - IFRS1021' and the Charities Act 2011. The financial statementg have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The financial statements have been prepared on the going concern basis as in the opinion of the trustees the effects ol the current internation31 and financial situations will not significantly impact on either the value of the charity's investments or its investment income in the long term. Income All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Investment income is recognised on a receivable basis and income accrued but not received al the year end is included in prepayments and accrued income. Expenditure Liabilities are recognised as expenditijre as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted lor on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated lo activities on a basis consistent with the use of resources. Grants payable Grants payable are taken to the Statement of Financial Activities in the year they are approved. Grants from restricted income and funds are paid in accordance with the donors, wishes. Those paid from designated and unrestricted income and funds are distributed at the discretion of the trustees, sometimes in consultation with the archbishops and synods of the provinces. Management charge The management ch3rge is a support cost allocated to the activitie5 of the Charity on a basis consistent with the use of resources, calculated by reference to the value of the funds as at 30th lune of each year and is used to run the office5 of The jerusalem and the East Mission Trust Limited. The management charge is allocated entirely to charitable expenditure. Taxation A5 3 registered charity no liability to direct taxation arises on the charitable activities. Fund accounting Restritted Funds Income received for restricted purposes is retained in a separate fund to the extent that such amounts remain un5pental the yearend. Pase 11 continued...
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Notes to the Financial Statements- continued forthe Year Ended 30th June 2024 ACCOUNTING POLICIES- continued Investments Investments are stated at mid-market value at the balance sheet date. All movements in value arising from investment changes are shown in the Statement of Financial Activities, Unrealised gainsllosses are the difference in market value of investrnents held at the beginning of the year, or their c05t if purchased in the year, and at the end of the year. INVESTMENT INCOME 2024 2023 Income from listed investments Deposit account interest 77,186 2,421 54,380 706 79,607 55,086 All investment income derives from listed investments in The C8F Church of England Funds. OTHER INCOME 2024 2023 Funds transferred 684,930 Other income represents the value of the funds held for Holy Trinity Church, Algiers transferred to the charity in the year. CHARITABLE A1VITIEs COSTS Support costs Isee note 61 Support for the work of the Epi5copal/Anglican Province of Alexandria 12,098 No grants were made in the year. Support costs comprise the management service charge which has been taken entirely to charitable expenditure. Page 12 continued...
St Mary'5 Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Notes to the Financial Statements- continued for the Year Ended 30th June 2024 GRANTS PAYABLE 2024 2023 Support for the work of the Episcopal/Anglican Province of Alexandria 47,000 The total grants paid to institutions during the year was a5 follows.. 2024 2023 Diocese of Egypt 47,000 SUPPORT COSTS Management Support for the work of the EpiscopallAnglican Province of Alexandria 12,098 TRUSTEES, REMUNERATION AND BENEFITS The Jerusalem and the East Mission Trust Limited Ithe company) when acting as trustee received remuneration in the form of a service charge of £12,09812023 - £8,105). £10,616 was owed by the Charity to The Jerusalem and the East Mission Trust Limited in respect of service charge as al 30th lune 202412023 overpaid £1,482), and is included as a creditor on the balance sheet. £Nil12023- £47,000) wa5 owed to the charity by the Jerusalem and the East Mission Trust Limited in respect of unpaid grants as at 30th June 2024. The Directors of the company did not receive any remuneration or expenses from the Charity. Trustees, expenses There were no trustees, expenses paid for the year ended 30th June 2024 nor for the year ended 30th lune 2023, COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES All of the income, expenditure and net gains and losses on investments in the year ended 30th June 2023 relate to the then one unrestricted fund of the charity. Page 13 continued...
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Notes to the Financial Statements - continued for the Year Ended 30th June 2024 FIXED ASSET INVESTMENTS 2024 2023 Shares Loans 2,618,234 160,000 1,776,487 160,000 2,778,234 1,936,487 Additional information as follows.. Listed investments MARKETVALUE At 1st July 2023 Transfers in Revaluations 1,776,487 663,598 178,149 At 30th lune 2024 2,618,234 NET BOOKVALUE At 30th lune 2024 2,618,234 At 30th June 2023 1,776,487 The Jerusalem and The East Mission Trust Limited At 1st july 2023 and 30th June 2024 160,000 Cost or valuation at 30th June 2024 is represented by.. Listed investments Valuation in 2024 2,618,234 The historical cost of listed fixed a55et investments was E941,01012023.. £277,412). Page 14 continued...
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Notes to the Financial Statements- continued for the Year Ended 30th June 2024 FIXED ASSET INVESTMENTS- continued In the case of investments held on behalf of Holy Trinity Church, Algiers, cost represents the market value of the inve5tment5 at the date of transfer to the charity. The loan of £160,000 is to The lerLisalem and the East Mission Trust Limited. The service charge made by the company to St Mary's Waqf is adjusted to reflect a S% interest rate. This is considered by the trustee5 to represent an arms length commercial interest rate. io. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Debtors The Jerusalem and The East Mission Trust Limited Prepayments and accrued income 1,482 47,000 13,404 6,670 21,572 28,242 61,886 ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Grants payable Accruals and deferred income 47,000 10,616 10,616 47,000 12. MOVEMENT IN FUNDS Net movement in funds At 30.6.24 At 1.7.23 Unrestrirted funds General fund 1,953,140 182,548 2, 135,688 Restricted f unds Holy Trinity Church, Algiers 748.040 748,040 TOTAL FUNDS 1,953,140 930,588 2,883,728 Page 15 continued...
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Notes to the Financial Statements- continued forthe Year Ended 30th June 2024 12. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 56,370 19,1321 135,310 182,548 Restricted funds Holy Trinity Church, Algiers 708,167 12,9661 42,839 748,040 TOTAL FUNDS 764,537 112,0981 178,149 930,588 Comparatives for rnovement In funds Net movement in funds At 30.6.23 At 1.7.22 Unrestricted funds General fund 1,938,244 14,896 1,953,140 TOTAL FUNDS 1,938,244 14,896 1,953,140 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement i n funds Unrestricted funds General fund 55,086 155, 1051 14,915 14,896 TOTAL FUNDS 55,086 155,lOSI 14,915 14,896 By an agreement dated 21st March 2019, the Diocese of Egypt with North Africa and the Horn of Africa received the sum of £1,100,000 as compensation for the Ioss of income in respect of a building owned by Holy Trinity Church, Algiers. By an agreement between The jerusalem and the Middle East Church Association IIMECAI, this amount was held on deposit by JMECA in a UK bank account. This fund was Subsequently transferred to St. Mary's Waqf and is held as a restricted fund. The majority of this fund is now invested in CBF Church of England fund5. Sums will be disbursed from this account at the request of the Diocese of North Africa. Page 16 continued.
St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited Note5 to the Financial Statements- continued for the Year Ended 30th June 2024 13. RELATED PARTY DISCLOSURES The Rt Rev A J Ball (the chair of the charity) is Bishop of the Diocese in North Africa within the Province of Alexandria. As such there could be perceived to be a conflict of interest between this role and his position within the charity. The trustees are aware of this potential conflict of interest and therefore the chair is not involved in decisions regarding grants to be paid by the charity. Other than as above and as detailed in note 7, there were no related party transactions for the year ended 30th June 2024. 14. POST BALANCE SHEET EVENTS On Ilth july 2024 the charity received a donation of £120,986 1$148,$001 net of fees from a US based donor for the benefit of the Diocese of North Africa. This amount will be allocated as to £114,675 towards the building of an educational focility in Chad and £6,311 for St George'5 Church, Tunis. This donation will be reflected in the accounts for the year ended 30th lune 2025. Following an approach by the Archbishop of Alexandria and recognising the origins of the charitv's capital, in September 2024 the Trustees agreed that they would, in principle, be prepared to release a substantial portion of that capital to fund the building of a school in the Diocese of Egypt. They have asked the Diocese to prepare a business case to facilitate more detailed consideration of the proposal. Page 17