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ALLCHURCHES TRUST LIMITED
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As the owner of an ethical and successful, financial services group our vision is to. deliver steadily growing support to, churches and other charities for the. greater good of all, Allchurches Trust Limited, Table of Contents. Page Contents, 4 About us, 5 Explanation of terms, 6 Reference and administrative details. 7 Chairman s Report, 11 Strategic Report, 43 Trustees Report.
51 Independent Auditor s Report, 54 Charity statement of financial activities. including an income and expenditure account, 55 Charity balance sheet. 56 Charity statement of cash flows, 57 Notes to the charity financial statements. 70 Consolidated statement of financial activities, including an income and expenditure account. 72 Consolidated balance sheet, 73 Consolidated statement of cash flows.
75 Notes to the consolidated financial statements, 123 Supplementary information unaudited. Allchurches Trust Limited, Allchurches Trust Limited the Trust or the charity was established in 1972 It is a registered charity. that seeks to promote the Christian religion providing grants to Anglican churches churches of. other denominations and charitable organisations with an emphasis on heritage supporting those in. need and strengthening communities, The Trust is managed by the Board of trustees who are also the directors of the charitable company. for Companies Act purposes The Trust is completely independent of the Church of England. although because of its Christian aims some of its trustees and members are leading figures in the. Church of England, The Trust receives the majority of its income from the companies it owns none comes from public. donations It is the owner of the Ecclesiastical Insurance Group plc EIG plc which in turn owns. Ecclesiastical Insurance Office plc EIO plc an independent financial services company regulated by. the Financial Conduct Authority and Prudential Regulation Authority EIO plc insures heritage. buildings charities schools churches and other faith buildings and provides a range of specialist. investment management broking and advisory services. A full list of the Trust s related undertakings is presented in note 44 to the financial statements A. simplified organogram is shown below, Allchurches Trust Limited.
Ecclesiastical Insurance, Ecclesiastical Insurance. Office plc, Ansvar Insurance Limited Irish branch Canada branch. Australian subsidiary, Allchurches Trust Limited, Explanation of terms. Throughout the annual report the following terms are used as defined below. Ecclesiastical The abbreviation for the legal entities which together comprise. the Ecclesiastical Insurance group, Ecclesiastical Insurance group The overall term for the Ecclesiastical business which includes. Ecclesiastical Insurance Group plc and its direct and indirectly. owned subsidiaries, EIG plc Ecclesiastical Insurance Group plc the direct subsidiary of.
Allchurches Trust Limited, EIO plc Ecclesiastical Insurance Office plc a direct subsidiary of EIG plc. The Trust or the charity Allchurches Trust Limited. Allchurches Trust Limited, Reference and administrative details. Board of trustees Sir Philip Mawer DLitt LLD Hon FIA Chairman. Michael Arlington BSc Hon FRAgS, Caroline Banszky BA FCA. Timothy Carroll BA MBA FCII, The Very Revd Jane Hedges BA. Stephen C Hudson BA Hons FCA, Sir Laurie Magnus Bt.
The Venerable Karen Lund BA Hons, Company Secretary Mrs Rachael J Hall FCIS. Registered and Beaufort House, Head Office Brunswick Road. Gloucester GL1 1JZ, Tel 01452 873 189, Company Registration 1043742. Charity Registration 263960, Auditor Deloitte LLP, Statutory Auditor. Hill House, 1 Little New Street, London EC4A 3TR, United Kingdom.
Bankers National Westminster Bank plc, 21 Eastgate Street. Gloucester GL1 1NH, Solicitors Farrer Co, 66 Lincoln s Inn Fields. London WC2A 3LH, Investment Managers EdenTree Investment Management Limited. 24 Monument Street, London EC3R 8AJ, Rathbones Investment Management Limited. 8 Finsbury Circus, London EC2M 7AZ, Allchurches Trust Limited.
Chairman s Report, 2018 proved to be a year of mixed fortunes for the Ecclesiastical Insurance group The group had a. solid underlying insurance performance in all of its markets other than Canada where severe. weather events impacted the result The group continued to win many awards for its outstanding. customer service and its highly ethical investment business However nothing could shield it from. the volatility which particularly affected equity markets worldwide in the latter part of the year The. result was a recorded group profit before tax of 13 4m1 2017 80 7m1 the difference driven by a. loss of previous fair market value gains, In spite of this the Trust received a grant of 17 0m 2017 26 0m from Ecclesiastical which. together with a donation of 1 5m 2017 4 0m from Methodist Insurance PLC meant that the. Trust was able to distribute record grants totalling 16 9m 2017 15 6m In addition we invested. another 5 0m in our expendable capital endowment fund which at the year end stood at 85 7m. 2017 88 1m the reduction in the size of the Fund being again entirely accounted for by the. market volatility in the final quarter of the year The Fund nonetheless generated additional income. of 3 3m 2017 2 4m which we used to support our grant making to a total of 1 114 beneficiaries. Strategic Grants Review, I referred in last year s Report to the Trust s ongoing and comprehensive review of its grant making. The review has been a major undertaking for the Board and its staff involving extensive consultation. with key groups of beneficiaries I pay tribute to all involved notably the small group of trustees led. by Michael Arlington which spearheaded the review My thanks also go to Philip Arundel and to his. successor James Laing who left the Trust as the review concluded for the extensive assistance they. both gave the review team, Details of the outcome and of our new grant programmes which we began to implement from 1. January 2019 are given later in this Report and on our website www allchurches co uk In shaping. these new programmes the Board has been intent on maximising the effectiveness of its grant. making being more proactive and more strategic in its approach in order better to deliver its. charitable objects Our purpose is still the same to deliver those objects by helping churches. charities and other charitable organisations to fund projects which promote the Christian religion. and benefit communities wherever the business we own operates As our resources increase so we. expect to see a gradual widening in the scope of the work we support Thus 2018 saw for example. the award of our first grants explicitly intended to help the heritage sector both ecclesiastical and. This is the Ecclesiastical result under UK Generally Accepted Accounting Practice UKGAAP which is the accounting basis under which the. charity and consolidated accounts of the Trust are prepared Ecclesiastical prepares its accounts under International Financial Reporting. Standards IFRS A reconciliation of the IFRS result and shareholders funds to UKGAAP is shown in notes 21 f and 21 g. Allchurches Trust Limited, The review has identified three broad types of project which we will look in particular to support in.
future they are those which, Grow churches spiritually and numerically. Build communities especially where they are hurting or broken and. Show the love of God in action by helping those in particular need to flourish. And in all of these cases we will aim to pay particular attention to supporting those communities. which are less well off, Our Grants, Meanwhile we have continued to make grants under our existing programmes up to the end of. 2018 These ranged in size from as little as 100 to 0 91m Full details are given later in this report. along with some examples which illustrate the wide range of types of project we have supported. Through its Methodist Grants Giving Committee the Trust awarded grants totalling 2 2m 2017. 2 0m to support the mission and ministry of the Methodist Church in Britain and Ireland We were. grateful to receive a donation of 1 5m 2017 4 0m from the Methodist Insurance PLC just before. the end of the year which will support the work of the Trust. Our devolved grant making arrangements in Australia and Canada continue I was privileged to be in. Canada at the end of October to witness the announcement of the 2018 Community Impact Grants. and to visit Canadian grant beneficiaries as well as to thank the staff of Ecclesiastical Canada for. their noteworthy contribution to the group, Our Investments and Governance. Ecclesiastical is of course by far the Trust s largest investment At the end of 2018 shareholders. funds in the Group stood at 465 2m1 2017 474 0m1 At each of their meetings trustees receive a. report on Ecclesiastical s progress They also keep under regular review the management of their. other principal investment the capital endowment fund During 2018 the Trust appointed PwC as. its independent adviser to assist it in assessing the two investment managers to whom investment of. the Fund is allocated EdenTree Investment Management Limited and Rathbones Investment. Management Limited, The year also saw the Trust complete all the actions needed to ensure our full compliance with the. Charities Governance Code This included the introduction of policies on Safeguarding and on. Whistleblowing As the year ended we received the report of an independent evaluation of the. performance of the Trust s Board undertaken by ICSA Board Evaluation Overall this rated us as. Very Good The few recommendations made by the evaluator have been accepted by the Board. and will be implemented in the course of 2019, This is the Ecclesiastical result under UK Generally Accepted Accounting Practice UKGAAP which is the accounting basis under which the.
charity and consolidated accounts of the Trust are prepared Ecclesiastical prepares its accounts under International Financial Reporting. Standards IFRS A reconciliation of the IFRS result and shareholders funds to UKGAAP is shown in notes 21 f and 21 g. Allchurches Trust Limited, Our people, 2018 saw us further strengthen our communications and marketing capability with the recruitment. of Emma Smith who joined Hannah Filmer who was recruited in 2017 Together they have. substantially increased our presence on social and mainstream media as well as offering advice and. support to beneficiaries on how to publicise their projects more successfully Our purpose in offering. this support is both to encourage beneficiaries to get the recognition their efforts deserve and to try. to ensure that potential new beneficiaries get to know about us. Our team of three Grants Officers and our Grants Administrator has continued to win praise from. applicants for their helpful and sensitive approach to advising on and reviewing applications for. support from the Trust The Grants Officers travel many miles in their work and their efforts in this. regard deserve high praise We have also continued to receive outstanding support from Rachael. Hall our Company Secretary and her colleagues a fact fully recognised during the independent. evaluation of the Board, The year also saw the retirement of three trustees at the conclusion of their respective terms of. appointment the Venerable Annette Cooper Christopher Smith and Denise Wilson OBE about. whose important contributions to the Trust I wrote in last year s Report and the arrival of two new. ones Caroline Banszky formerly CEO of Law Debenture Corp plc and the Venerable Karen Lund. the Archdeacon of Manchester Chris Moulder will succeed Denise Wilson as one of our two. common directors with Ecclesiastical in May 2019, As this is the last Annual Report of the Trust I will introduce I expect to retire as Chairman later this. year I hope I may be allowed to end on a more personal note Having been a member of the Trust. for over 26 years it has been a huge privilege to be a trustee for the last nine years and Chairman for. the last six During those six years the total of the Trust s grant making has increased markedly. from 9 5m in 2012 to 16 9m in 2018 The value of the Trust s investments has grown from. 368 8m to 550 9m over the same period The governance policies and administration of the. charity have been comprehensively reviewed and updated And we have entered into new. arrangements with others not least our friends in the Methodist Church. That this has happened has been due to three things First the solid foundations established by. previous generations of trustees and staff and of those in Ecclesiastical who have contributed to. fashioning a very special financial services group Secondly the hard work and commitment of the. current Board and staff of Ecclesiastical the latter so ably led by Mark Hews without whose. commercial success sustained by sound ethical principles the Trust would not have the resources it. is now able to grant to others, Last but by no means least has been the excellent teamwork and sustained efforts of my fellow. trustees and of the staff of the Trust Together we have faced a number of challenges which. together we have overcome I shall step down as a trustee and Chairman confident that Allchurches. Trust and the financial services group it owns are in good hands and will thus be able to contin. churches and other charities for the including an income and expenditure account 72 Consolidated balance sheet 73 Consolidated statement of cash flows 75 Notes to the consolidated financial statements 123 Supplementary information unaudited Allchurches Trust Limited 4 About us Allchurches Trust Limited the Trust or the charity was established in 1972 It is a registered charity that

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