REGISTERED CHARITY NUMBER: 313916
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30th June 2025
for
St Mary's Waaf a charity administered by The Jerusalem and the East Mission Trust Limited
St Mary's Waaqf
a charity administered by The Jerusalem and the East Mission Trust Limited
Contents of the Financial Statements for the Year Ended 30th June 2025
Page
Report of the Trustees
Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements
1 to 5 6 7 8 9 to 16
Jerusalem and the East Mission Trust Limited
St Mary's Waaf a charity administered by The
Report of the Trustees
for the Year Ended 30th June 2025
The trustees present their report with the financial statements of the Charity for the year ended 30th June 2025. 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 (FRS 102) (effective 1st January 2019).
OBJECTIVES 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 North Africa and their associated religious and charitable work.
The specific object of the General Fund of the Charity is maintaining and operating educational and training establishments and assisting 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/Anglican Province of Alexandria it was agreed by the archbishops of the Province of Jerusalem and the Middle East and the Province 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 future.
The above object is normally achieved by the making 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 religious establishments serving the Christian and wider communities within the Province.
During the year ended 30th June 2024, 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. Sums will be disbursed from these funds at the request of the Diocese of North Africa. During the year an amount of £62,300 was received by the charity on behalf of the Diocese of North Africa and further amounts of £224,675 and £20,087 on behalf the Diocese of North Africa for the church in Chad and Tunisia respectively. Of the amount held for the diocese as a whole, £20,000 was paid to or on behalf the Diocese of North Africa during the year and £66,610 of the amount held for Chad. No amounts were paid from the amount held on behalf of Tunisia. The remaining balances held for the diocese as a whole of £42,300, for Chad of £158,065 and Tunisia £20,087 are included in other creditors as shown in note 10 to the financial statements. The interest arising on the amounts held less any service charge levied by The Jerusalem and the East Mission Trust Limited are included in restricted funds as shown in note 12 to the financial statements.
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 objectives 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 for the year was to maintain or increase the level of grant. This was achieved, as set out below.
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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 2025
ACHIEVEMENTS AND PERFORMANCE
Activities
In the year ended 30th June 2024, the trustees changed their policy regarding the timing of the calculation and payment of grants compared to previous years. Prior to this, grants were calculated based on the net investment 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 are based on the actual net investment income receivable to 30th June and agreed by the trustees at a trustees’ meeting following the end of the accounting year. Under this policy, as no grants were approved by the trustees during the year ended 30th June 2024 no grants were included in the accounts for that year.
Following this change in policy a grant of £47,000 from the General Fund was agreed by the trustees based on the investment income in the year ended 30th June 2024 and is included in these accounts. This is the same level of grant as made in the year ended 30th June 2023, prior to the change in policy. This grant will be allocated, on the recommendation of the Province, between a number of medical, educational and religious establishments serving the Christian and wider communities within the province.
During the year ended 30th June 2024, 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 East Church Association, were transferred to the charity. The value of the funds 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. £10,000 was paid from this fund in the year (2024 - £Nil).
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 suitable instruments.
Investment Objectives
The investment objectives are : a) to generate a sustainable income stream year on year which maintains its current purchasing power. b) 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 and/or 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 investment. 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 Advisory Group' (EIAG) guidelines, with particular sensitivity relating to investments in the occupied Palestinian territories.
Performance
investment income, including deposit account interest, has increased by 9.0% compared to last year. This increase, however, includes the additional income relating to the funds held for Chad and Tunisia. Excluding this, there was a decrease of 1.3% The value of the listed investments held in the General Fund has decreased by 3.9% over the year. The value of the listed investments held for Holy Trinity Church, Algiers, has decreased by 3.8% over the year.
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Jerusalem and the East Mission Trust Limited
St Mary's Waqf a charity administered by The
Report of the Trustees
for the Year Ended 30th June 2025
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 trustees consider it is appropriate to use the income of the Charity to 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 dioceses within the Province for major building projects on terms which, although commercial, are more easily affordable to the borrower.
Reserves
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 Episcopal/Anglican Province of Alexandria expect both to receive a regular annual grant at a sustained level and from time to time to call upon 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 adequate 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 opinion of the trustees the finances of the Charity are adequate to enable it, with prudent management, to continue to carry out their charitable objectives. Following an approach by the Archbishop of Alexandria and recognising the origins of the charity'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. At the trustees' request, the diocese prepared a feasibility study to facilitate more detailed consideration of the proposal, which is ongoing.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity, which is a registered charity (number 313916}, was established under a trust deed dated 20th July 1967 with supplemental deeds drawn up on 3rd July 1968 and 4th October 1978.
The British Government obtained compensation from the Egyptian Government for the latter's sequestration of the church's property in 1955; one of the terms of the settlement was that the sum was to be held upon charitable trust in English form.
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St Mary's Waaqf a charity administered by The
Jerusalem and the East Mission
Trust Limited
Report of the Trustees
for the Year Ended 30th June 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing body and related charities
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 2025 comprised:
Rev Canon D J H Longe (Chair) Rt Rev A J Ball
JM Clark DA Wright Dr C Amos Rev C M Dawkins Rev CH Laing Rev AJ Kirk
DrJ Roberts
The directors of The Jerusalem and the East Mission Trust Limited are appointed by invitation. In accordance with company law, directors are confirmed in office at the annual general meeting following their appointment. The directors met four 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 Association, Trust Property Held in connection with the Episcopal Church in Egypt, The Arthur Benjamin Jones 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 details 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
1 Hart House The Hart Farnham Surrey GU9 7H
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St Mary's Waaf a charity administered by The Jerusalem and the East Mission Trust Limited
Report of the Trustees for the Year Ended 30th June 2025
Trustees
Rev Canon D J H Longe (Chair) (appointed 27.11.24) Rt Rev AJ Ball JM Clark D A Wright Dr C Amos Rev Y Said (resigned 20.1.25) Rev C M Dawkins C A Hawkey (resigned 10.6.25) Rev CH Laing (appointed 17.6.25) Rev AJ Kirk (appointed 17.6.25) DrJ Roberts (appointed 17.6.25)
Independent Examiner D A Sanders BA(Hons) FCA Sheen Stickland Chartered Accountants 2 Oriel Court Omega Park Alton Hampshire GU34 2YT
Legal Advisors Winckworth Sherwood LLP Arbor 255 Blackfriars Road London SE1 9AX
Investment Managers CCLA Investment Management Limited One Angel Lane London EC4R 3AB Approved by order of the board of trustees ON ieee12/03/2026 and Signed on its behalf by:
Rev Canon DJ H Longe - Trustee
Page 5
Independent Examiner's Report to the Trustees of St Mary's Waaf
Independent examiner's report to the trustees of St Mary's Waqf
| report to the charity trustees on my examination of the accounts of St Mary's Waaf (the Trust) for the year ended 30th June 2025.
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 2011 (‘the Act’).
| report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination | have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
| have completed my examination. | confirm that no material 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 as required by Section 130 ofthe Act; or 2. the accounts do not accord with those records; or 3. 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.
| 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. YS D A Sanders BA(Hons) FCA
Sheen Stickland
Chartered Accountants 2 Oriel Court Omega Park Alton Hampshire GU342YT_ Date: \2\ anG :
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St Mary's Waaf a charity administered by The Jerusalem and the East Mission Trust Limited
Statement of Financial Activities
for the Year Ended 30th June 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME FROM | |||||
| Investment income | 2 | 58,016 | 28,728 | 86,744 | 79,607 |
| Other income | 3 | - | - | - | 684,930 |
| Total | 58,016 | 28,728 | 86,744 | 764,537 | |
| EXPENDITURE ON | |||||
| Charitable activities | 4 | ||||
| Support forthe work ofthe Episcopal/Anglican | |||||
| Province ofAlexandria | 56,009 | 13,917 | 69,926 | 12,098 | |
| Netgains/(losses) on investments | (74,102) | (26,996) | (101,098) | 178,149 | |
| NET INCOME/(EXPENDITURE) | (72,095) | (12,185) | (84,280) | 930,588 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds broughtforward | 2,135,688 | 748,040 | 2,883,728 | 1,953,140 | |
| TOTALFUNDSCARRIEDFORWARD | 2,063,593 | 735,855 | 2,799,448 | 2,883,728 |
The notes form part of these financial statements
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St Mary's Waqf a charity administered by The Jerusalem and the East Mission Trust Limited
Balance Sheet 30th June 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 8 | 1,997,695 | 679,441 | 2,677,136 | 2,778,234 |
| CURRENTASSETS | |||||
| Debtors | 9 | 14,502 | 14,795 | 29,297 | 28,242 |
| Cash at bank | 60,405 | 268,483 | 328,888 | 87,868 | |
| 74,907 | 283,278 | 358,185 | 116,110 | ||
| CREDITORS | |||||
| Amounts falling due within one year | 10 | (9,009) | (226,864) | (235,873) | (10,616} |
| NETCURRENTASSETS | 65,898 | 56,414 | 122,312 | 105,494 | |
| TOTALASSETS LESSCURRENT LIABILITIES | 2,063,593 | 735,855 | 2,799,448 | 2,883,728 | |
| NETASSETS | 2,063,593 | 735,855 | 2,799,448 | 2,883,728 | |
| FUNDS | 11 | ||||
| Unrestricted funds | 2,063,593 | 2,135,688 | |||
| Restricted funds | 735,855 | 748,040 | |||
| TOTALFUNDS | 2,799,448 | 2,883,728 |
The financial statements were approved by the Board of Trustees and authorised for issue on vevee 2/03/2026 and were signed on its behalf by:
Rev Canon D J H Longe - Trustee
Catherine Dawkins
Rev C M Dawkins - Trustee
The notes form part of these financial statements
Page 8
St Mary's Waaf a charity administered by The Jerusalem and the East Mission Trust Limited
Notes to the Financial Statements for the Year Ended 30th June 2025
1. 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 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019) - (Charities SORP (FRS 102))', ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland - (FRS102)' and the Charities Act 2011. The financial statements 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 the trustees have considered the charity's financial position, cash flow forecasts, and the impact of external factors including economic conditions and the regulatory environment, and have confirmed that the charity has adequate resources to continue its operations for the foreseeable future.
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 at the year end is included in prepayments and accrued income.
Expenditure
Liabilities are recognised as expenditure 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 for 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 to 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 charge is a support cost allocated to the activities of the Charity on a basis consistent with the use of resources, calculated by reference to the value of the funds as at 30th June of each year and is used to run the offices of The Jerusalem and the East Mission Trust Limited. The management charge is allocated entirely to charitable expenditure.
Taxation
As a registered charity no liability to direct taxation arises on the charitable activities.
Fund accounting
Restricted Funds
Income received for restricted purposes is retained in a separate fund to the extent that such amounts remain unspent at the year end.
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St Mary's Waaf a charity administered by The Jerusalem and the East Mission Trust Limited
Notes to the Financial Statements - continued for the Year Ended 30th June 2025
1. 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 gains/losses are the difference in market value of investments held at the beginning of the year, or their cost if purchased in the year, and at the end of the year.
2. INVESTMENT INCOME
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Income | from listed investments | 74,931 | 77,186 |
| Deposit | account interest | 11,813 | 2,421 |
| 86,744 | 79,607 |
All investment income derives from listed investments in The CBF Church of England Funds.
- OTHER INCOME
Funds transferred
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| - | 684,930 |
Other income in the year ended 30th June 2024 represents the value of the funds held for Holy Trinity Church, Algiers transferred to the charity in the year.
4. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Grant | |||
| funding of | |||
| activities | |||
| (see note | Support | ||
| 5) | costs | Totals | |
| £ | £ | £ | |
| Support forthe work ofthe | |||
| Episcopal/Anglican Province of | |||
| Alexandria | 57,000 | 12,926 | 69,926 |
Two grants were made to two organisations in the year. Support costs comprise the management service charge which has been taken entirely to charitable expenditure.
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continued...
St Mary's Waaf a charity administered by The Jerusalem and the East Mission Trust Limited
Notes to the Financial Statements - continued for the Year Ended 30th June 2025
- GRANTS PAYABLE
| GRANTS PAYABLE | |||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Support forthe work ofthe Episcopal/Anglican Province ofAlexandria | 57,000 | - | |
| The total grants paid to institutions during the yearwas as follows: | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Diocese of Egypt | 47,000 | - | |
| Diocese of North Africa | 10,000 | - | |
| 57,000 | - |
- TRUSTEES’ REMUNERATION AND BENEFITS
The Jerusalem and the East Mission Trust Limited (the company) when acting as trustee received remuneration in the form of a service charge of £12,926 (2024 - £12,098), £12,926 was owed by the Charity to The Jerusalem and the East Mission Trust Limited in respect of service charge as at 30th June 2025 (2024 - £10,616), and is included as a creditor on the balance sheet.
£6,670 (2024 - £6,670) was owed to the charity by the Jerusalem and the East Mission Trust Limited in respect of the remainder of assets transferred in respect of the funds held for Holy Trinity, Algiers.as at 30th June 2025.
£2,495 (2024 - £Nil) was owed by the charity to the Jerusalem and the East Mission Trust Limited in respect of grants paid on behalf of the charity.
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 2025 nor for the year ended 30th June 2024.
- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted — Restricted | Unrestricted — Restricted | Total | |
|---|---|---|---|
| fund | funds | funds | |
| £ | £ | £ | |
| INCOME FROM | |||
| Investment income | 56,370 | 23,237 | 79,607 |
| Other income | - | 684,930 | 684,930 |
| Total | 56,370 | 708,167 | 764,537 |
EXPENDITURE ON
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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 2025
| 7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| fund | funds | funds | ||
| £ | £ | £ | ||
| Charitable activities | ||||
| Support for the work ofthe | ||||
| Episcopal/Anglican Province ofAlexandria | 9,132 | 2,966 | 12,098 | |
| Net gains on investments | 135,310 | 42,839 | 178,149 | |
| NETINCOME | 182,548 | 748,040 | 930,588 | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 1,953,140 | - | 1,953,140 | |
| TOTAL FUNDS CARRIEDFORWARD | 2,135,688 | 748,040 | 2,883,728 | |
| 8. | FIXED ASSET INVESTMENTS | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Shares | 2,517,136 | 2,618,234 | ||
| Loans | 160,000 | 160,000 | ||
| 2,677,136 | 2,778,234 | |||
| Additional information as follows: | ||||
| Listed | ||||
| investments | ||||
| £ | ||||
| MARKET VALUE | ||||
| At 1st July 2024 | 2,618,234 | |||
| Revaluations | (101,098) | |||
| At 30th June 2025 | 2,517,136 | |||
| NET BOOK VALUE | ||||
| At 30th June 2025 | 2,517,136 | |||
| At30thJune2024 | 2,618,234 |
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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 2025
8. FIXED ASSET INVESTMENTS- continued
Loan £ At 1st July 2024 and 30th June 2025 160,000
There were no investment assets outside the UK.
Cost or valuation at 30th June 2025 is represented by:
Valuation in 2025
Listed investments £ 2,517,136
The historical cost of listed fixed asset investments was £941,010 (2024: £277,412).
In the case of investments held on behalf of Holy Trinity Church, Algiers, cost represents the market value of the investments at the date of transfer to the charity.
The loan of £160,000 is to The Jerusalem and the East Mission Trust Limited. The service charge made by the company to St Mary's Waaf is adjusted to reflect a 5% interest rate. This is considered by the trustees to represent an arms length commercial interest rate.
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTSAMOUNTS FALLING DUE WITHIN ONE YEARYEAR | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| TheJerusalem and The East Mission Trust Limited | 6,670 | 6,670 |
| Prepayments and accrued income | 22,627 | 21,572 |
| 29,297 | 28,242 |
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St Mary's Waaqf a charity administered by The Jerusalem and the East Mission Trust Limited
Notes to the Financial Statements - continued for the Year Ended 30th June 2025
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| The Jerusalem and The East Mission Trust Limited | 2,495 | - | ||
| Other creditors | 220,452 | - | ||
| Accruals and deferred income | 12,926 | 10,616 | ||
| 235,873 | 10,616 | |||
| 11. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.7.24 | in funds | 30.6.25 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 2,135,688 | (72,095) | 2,063,593 | |
| Restricted funds | ||||
| Holy Trinity Church, Algiers | 748,040 | (19,400} | 728,640 | |
| Diocese of North Africa -Chad | - | 5,435 | 5,435 | |
| Diocese of North Africa - Tunisia | - | 318 | 318 | |
| Diocese of North Africa | - | 1,462 | 1,462 | |
| 748,040 | (12,185) | 735,855 | ||
| TOTALFUNDS | 2,883,728 | (84,280) | 2,799,448 |
11. MOVEMENT IN FUNDS
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 58,016 | (56,009) | (74,102) | (72,095) |
| Restricted funds | ||||
| HolyTrinity Church, Algiers | 20,569 | (12,973) | (26,996) | (19,400) |
| Diocese ofNorth Africa - Chad | 6,116 | (681) | - | 5,435 |
| Diocese of North Africa -Tunisia | 497 | (179) | - | 318 |
| Diocese of North Africa | 1,546 | (84) | - | 1,462 |
| 28,728 | (13,917) | (26,996) | (12,185) | |
| TOTALFUNDS | 86,744 | (69,926) | (101,098) | (84,280) |
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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 2025
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
----- Start of picture text -----
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Net|
|movement|At|
|At|1.7.23|in|funds|30.6.24|
|£|£|£|
|Unrestricted|funds|
|General|fund|1,953,140|182,548|2,135,688|
|Restricted|funds|
|Holy Trinity|Church,|Algiers|-|748,040|748,040|
|TOTAL FUNDS|1,953,140|930,588|2,883,728|
|Comparative|net|movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|56,370|(9,132)|135,310|182,548|
|Restricted|funds|
|Holy Trinity Church,|Algiers|708,167|(2,966)|42,839|748,040|
|TOTAL FUNDS|764,537|(12,098)|178,149|930,588|
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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 loss 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 (JMECA), this amount was held on deposit by JMECA in a UK bank account. This fund was subsequently transferred to St. Mary's Waaf and is held as a restricted fund. The majority of this fund is now invested in CBF Church of England funds. Sums will be disbursed from this account at the request of the Diocese of North Africa.
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St Mary's Waaqf a charity administered by The Jerusalem and the East Mission Trust Limited
Notes to the Financial Statements - continued for the Year Ended 30th June 2025
12. RELATED PARTY DISCLOSURES
The Rt Rev AJ Ball (the chair of the charity until 17th June 2025 and continuing as a trustee) was Bishop in North Africa within the Province of Alexandria during part of the year ended 30th June 2025. As such there could have been perceived to be a conflict of interest between this role and his position within the charity. The trustees were aware of this potential conflict of interest and therefore he was not involved in decisions regarding grants to be paid by the charity.
Other than as above and as detailed in note 6, there were no related party transactions for the year ended 30th June 2025,
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