The trustees present their annual report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing documents, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)
The charity's objects are to support the training of candidates for Holy Orders in the Church of England and for foreign mission work, by giving grants.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
During the year £14,195 (2024: £20,857) was distributed as grants to students. Expenditure of £9,202 (2024: £7,661) was incurred in managing and administering the company, including the investments. Realised and unrealised losses on investment assets amounted to £31,860 (2024: Gain of £39,018).
Reserves policy
At 5th April 2025, the charity held reserves totalling £494,901 (2024: £532,265). These reserves are held for the furtherance of the charity's objects and are considered by the trustees to be at an appropriate level to facilitate the future activities of the charity to enable grants to be made, and meet management and support costs which arise from time to time.
Investment policy
There are no restrictions on the charity's power to invest. The investment strategy is set by the trustees for a period of five years and takes into account recent demands for funds and the quality of funding applications. The trustees consider the income requirements, the risk profile and the investment manager's view of the market prospects in the medium term. The strategy is set within an overall policy which states that the funds be invested in low and medium risk investments in any type of investment. Our strategy is reviewed with the investment manager's annually.
Risk policy
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity is a company limited by guarantee number 00333693 registered in England and Wales and established for charitable purposes and without a view to profit-making. The company is a registered charity number 313817.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
New trustees who hold the relevant knowledge and skills required to administer the funds of the trust are appointed as necessary.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Ordination Candidates Training Fund Incorporated Trust Ltd for the year ended 5 April 2025, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 15 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of The Ordination Candidates Training Fund Incorporated Trust Ltd and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Ordination Candidates Training Fund Incorporated Trust Ltd and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that The Ordination Candidates Training Fund Incorporated Trust Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of The Ordination Candidates Training Fund Incorporated Trust Ltd. You consider that The Ordination Candidates Training Fund Incorporated Trust Ltd is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of The Ordination Candidates Training Fund Incorporated Trust Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Raising funds
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Ordination Candidates Training Fund Incorporated Trust Ltd is a registered charity and a company limited by guarantee, not having a share capital. The registered office is 24 Ferndale,Tunbridge Wells, Kent, TN2 3NS.
The accounts have been prepared in accordance with the charity's articles of association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of listed investments. The principal accounting policies adopted are set out below.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised in the statement of financial activities on an accruals basis including applicable VAT.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
A Trustee, Mr E.G. Peacock, received a salary of £2,316 (2024: £2,317), and expenses of £306 (2024: £265) in his capacity as Secretary to the Trustees. In addition £431 (2024: £149) was paid to the trustees for the reimbursement of expenses incurred.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year, in addition to those detailed in Note 2.