finance - SNU Trust

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TRUST finance S

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A N N U A L R E P O R T

Notice of Agenda for Annual General Meeting 2019 Report and Statement of Accounts 2018

A Mutual Building Society for Churches

www.snutrust.co.uk

Investing in Spiritualist Churches since 1926

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A N N U A L R E P O R T

Notice of Agenda for Annual General Meeting 2019 Report and Statement of Accounts 2018

TRUST finance S

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NOTICE IS HEREBY GIVEN THAT THE AGM OF THE SNU TRUST WILL BE HELD ON FRIDAY 19TH JULY 2019 AT 8:15PM

VENUEThe Crowne Plaza Hotel, Congress Road,Glasgow, G3 8QT

PROXIESMay be appointed by instrument of Accredited Representatives only (see page 57)

VOTINGThe right to vote is conditional upon the holding and production of a current Credential Card or proof of the right to hold such a card. ACCOMMODATIONThe SNU Trust, Burton End Lodge, Stansted Hall, Stansted, Essex CM24 8UD. 01279 814158

QUESTIONSIn order that the correct information can be available to members at the Annual General Meeting,

it is requested that any member wishing to raise a query on matters included in the Agenda and Statement of Accounts should send such question in writing to the Trust Secretary at least 7 days prior to the date of the Annual General Meeting.

STANDING ORDERSThe SNU Trust has adopted the SNU Standing Orders (see page 55)

AGENDA

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WELCOME

APOLOGIES FOR ABSENCE

APPOINTMENT OF TELLERS AND SCRUTINEERS

MINUTES OF THE 2018 AGM

MATTERS ARISING FROM THE MINUTES OF THE 2018 AGM

STATEMENT OF ACCOUNTS AND ANNUAL REPORT

APPOINTMENT OF AUDITORS

DECLARATIONS OF ELECTION 2019

NOTICES OF MOTIONS

CHAIRMAN’S PRESENTATION

ANY OTHER BUSINESS

DATE OF NEXT MEETING

Welcome from Chairman

Minutes of the 2018 SNU Trust AGM

SNU Trust Annual Report and Financial Statements

Reference & Administrative details

Annual Report

Financial Review

Property Investments

Statement as to disclosure of information to auditors

Report of the trustees

Independent auditors report to the trustees of SNU trust

Statement of Financial Activities

SNU Trust Products

Standing Orders for general meetings

Form of Proxy for Accredited Representatives

Trustees & Staff

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CONTENTS

SNU TRUST ANNUAL REPORT 2019SNU TRUST ANNUAL REPORT 2019

AGM AGENDA & CONTENTSAGM NOTICE

A WELCOME FROM OUR CHAIRMAN

At an Extraordinary General Meeting of the members of the SNU Trust in April 2018, it was agreed to incorporate the existing Trust into a new charitable company and the work required to achieve this has been on going for the last year. As you will see from the accounts and our report, the incorporation process is now complete, and we now look to the future with renewed vigour and confidence.

The Trust has regrettably seen three long-stand-ing Trustees step down from the Board, all having decided that it was time for them to move on. As we move forward, we will have said goodbye to John Blackwood, Derek Jones and Janet Handley all of these Trustees have made a valuable contribution to the work of the Trust and have served as Trustees for a considerable number of years. As such, and on behalf of the whole Trust, I would like to record a vote of thanks to each of them for the time they have given, the effort they have expended and the in-dividual contributions they have all made to the work of the Trust.

OUR TRUSTEESCHAIRMAN WELCOME

Looking to the future, we are pleased to welcome Jane Barton and Robert Dangerfield on to the committee and are confident they bring the skills, ideas and enthusiasm that will benefit the charity in the coming years. The Trust has set itself an ambitious agenda for the forthcoming year and the committee is looking forward to not only presenting its ideas to you, but also inviting all members to share their thoughts and ideas about our future together.

As always our staff and Trustees will be on hand over the weekend to answer any questions you might have, and I look forward to welcoming you to our AGM in Glasgow on 19th July 2019.

Trevor Critchley | Chairman

SNU TRUST ANNUAL REPORT 2019

On behalf of the Board of Trustees I am delighted to present to our members the final report and accounts of the SNU Trust in its present form.

Looking to the future, we are pleased to welcome Jane Barton and Robert Dangerfield on to the committee and are confident they bring the skills, ideas and enthusiasm that will benefit the charity in the coming years.

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COMMITTEE OF MANAGEMENT: John Blackwood (Chairman) Derek Jones (Secretary) Janet HandleyKen SmithTrevor CritchleyAlan Baker

MINUTES OF THE ANNUAL GENERAL

MEETING OF THE SNU TRUST

HELD ON FRIDAY, 20th JULY 2018 AT THE CEDAR COURT HOTEL, HUDDERSFIELD

IN ATTENDANCE:Lesley GilbeyJulie Crocker

1 WELCOME John Blackwood welcomed everyone to the AGM; the Trustees introduced themselves to the meeting. John Blackwood introduced June English, President, South Yorkshire District Council. She welcomed the SNU Trust and the delegates to the AGM weekend.

Credential ReportManagement Committee: 06Representatives: 30Visitors: 34Total Voting Strength: 36

2 APOLOGIES FOR ABSENCE None

3 APPOINTMENT OF TELLERS AND SCRUTINEERS

Tellers: Jean Smart (Sheffield Attercliffe)Pat Seymour (Croydon)

Scrutineers: Mark Bradley (Northern District Council)Carol Harrison (North Shields SC)

4 MINUTES OF 2017 AGMProposed: Christine Hollis (Telford SC)

Seconded: Minister Marian Bishop (Bristol Westbury Park) Adopted

MINUTES OF 2018 EGMProposed: Velma Baker (Havant)

Seconded: Minister Marian Bishop (Bristol Westbury Park) Adopted

5 MATTERS ARISING FROM THE 2017 AGM MINUTES

None

6 STATEMENT OF ACCOUNTS AND ANNUAL REPORT

John Blackwood presented the 2017 SNU Trust accounts to the Annual General Meeting.

Minister David Bruton (Fund of Benevolence) asked if the annual return quoted of 1.89% on the value of Palmerston Place took into account the reported sum of £4090 paid to Palmerston Trust for works undertaken. John Blackwood confirmed that the return was calculated on capital investment only and did not include the sum paid.

Minister David Bruton (Fund of Benevolence) followed up by asking if the Trustees had any plans to increase the rate of return on Palm-erston Place. John Blackwood explained that three of the investment properties owned by the SNU Trust are care homes which provide the charity with a good rate of return. The leases and rental income are reviewed on a regular basis by the Trust. In 2011 the Trust invested in a further property, Palmerston Place, which is rented to Edinburgh Association of Spiritualists and Palmerston Trust on occupancy agreements.

The income represents a capital return of 1.89% on a valuation completed in 2017 however on the open market, the Trustees were advised that the resale value with vacant possession was around £1.5 million and as the property was bought with the intention of long term investment in mind, the Trustees are satisfied that should the building ever be sold, they would be confident of making a substantial return In addition, we have to look beyond SNU churches and look to the wider community; the work of the Palmerston Trust allows our investment to be able to have a broader public impact.

Adoption of Annual Report & Statement of Accounts: Proposed:Danny Goodchild (Salford SC)Seconded:Pat Seymour (Corydon SC)Adopted

MINUTES OF THE ANNUAL GENERAL MEETING OF THE SNU TRUST

SNU TRUST ANNUAL REPORT 2019 SNU TRUST ANNUAL REPORT 2019

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Derek thanked everyone for his gift saying that he has enjoyed his time as a Trustee.

Janet paid tribute to John and a presentation was made of an engraved quaich cup.

John expressed his appreciation of the thoughtful gift and spoke of Ray Taylor, a former Secretary of the SNU Trust who advised him that we must never lose sight of the fact that the Trust is about the church-es as they are the backbone of the Union.

12 DATE & VENUE OF 2019 AGM

8.15pm on the eve of the SNU AGM 2019 in Glasgow. John Blackwood thanked the Trustees and the staff for all their dedicated service to the SNU Trust. John extended his thanks to everyone for attending.

7 APPOINTMENT OF AUDITORSOn behalf of the Management Committee John Blackwood proposed on behalf of the management committee that Price Bailey be reappointed as auditors for the coming year.

Seconded: Tim Coombe (Bodmin)Accepted

8 DECLARATION OF ELECTION

Valid Nominations Received:Trevor Critchley: 31Minister Alan Baker: 29Derek Jones 34

All the above committee members were appointed for the coming year. John Blackwood informed the meeting that, due to the resignation of Ann Treherne, Minister Alan Baker from Havant Church will be co-opted on to the SNU Trust Committee following the conclusion of the AGM.

9 NOTICE OF MOTIONSNone.

10 CHAIRMAN’S ADDRESS John Blackwood opened his address by reflecting on the achievements of the last twelve months as well as looking forward to the future of the SNU Trust and the next generations of Spiritualists. John explained that the Trustees of the SNU Trust have been looking to ensure that the charity can sustain future trends and developments within spiritualism and in wider society.

In the Chairman’s Address at last year’s AGM, John outlined the vision to create a Limited Company with charitable status and gave an undertaking given to bring a new constitution to the members as soon as possible. A new constitution was reached based on legal advice and in consultation with the SNU early in 2018 and the Trust was in a position to give notice of an Extraordinary General Meet-ing. The meeting took place on 14 April 2018 at the Barbanell Centre in Stafford and members overwhelming supported the creation of a new constitution fit for a modern age.

John reported that the new charity has now been created but is dormant at present and is waiting for the Charity Commission and OSCR to award charitable status. Once this

has been completed, the process of transferring assets from the old charity to the new charity can begin. As John will be stepping down as Chairman of the existing Trust, he expressed his thanks the Trustees for their support during his time on the Board of trustees. He gave individual thanks to Derek Jones as his Secretary over the years and wished the remaining Trustees good luck for the future.

Derek Jones thanked John for his presentation and invited remarks from the floor. Minister David Bruton (Fund of Benevolence) asked for an update on the expected costs relating to the restructure of the charity. In addition, he asked that the new charity take on board the desire of the churches to consider a change of name in order to put to rest the ongoing confusion that some have regarding the distinction between the Spiritualists’ National Union and the SNU Trust. Minister Bruton went on to pay tribute to John Blackwood saying that the Arthur Findlay College would not be the place it is today without his support and his service to the SNU Trust.

John thanked David for his kind words and updated the meeting on the expenses relating to the restructure highlighting that there may be potential costs efficiencies to be found with the assistance of the Trust’s legal advisors. He was unable to give an accurate figure at this stage however £100,000 has been set aside in the Trust’s accounts and this figure is to be considered more than sufficient to cover the anticipated costs. In addition, it was reported that the new Trustees have considered at length the matter of introducing a new name as part of the restructure however it was decided that the name should remain until the transfer was complete.

11 ANY OTHER BUSINESS

Trevor Critchley (Trustee)Trevor spoke to pay tribute to John Black-wood and Derek Jones; to their professional-ism, dedication and spoke of how they will be sorely missed by everyone.

Janet Handley OSNU (Trustee)Janet expressed her gratitude to Derek and made a presentation of an engraved watch on behalf of the Trustees, staff and members of the SNU Trust.





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SNU TRUSTANNUAL REPORT

&FINANCIAL STATEMENTSFOR THE PERIOD ENDING

30 APRIL 2019Registered Charity No:

276902 (England and Wales) SCO43897 (Scotland)

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THE ANNUAL GENERAL MEETING OF THE SNU TRUST


SNU TRUSTREFERENCE &

ADMINISTRATIVE DETAILS

SNU TRUST FINANCIAL STATEMENTS


PRINCIPAL OFFICE Burton End Lodge, Stansted Hall, Stansted, CM24 8UD

CHARITY NUMBER 276902 (England and Wales) SCO43897 (Scotland)

BOARD OF TRUSTEES J. Blackwood | D.J. Jones | J. Handley K. Smith | T. Critchley | A. Baker

BANKERS Lloyds TSBCommercial BankingPO Box 1000BX1 1LT

SOLICITORSBirketts LLPBrierly PlaceNew London RoadChelmsfordCM2 0AP

CUSTODIAN TRUSTEESHigginson Securities LimitedBurton End LodgeStansted HallStanstedEssexCM24 8UD

INVESTMENT MANAGERSQuilter Cheviot LimitedOne KingswayLondonWC2B 6AN

AUDITORSPrice Bailey LLPTennyson HouseCambridge Business ParkCambridgeCB4 0WZ

Secure TrustOne Arleston WaySolihullB90 4HL

NatWest Commercial Banking7 North StreetBishop’s StortfordHertfordshireCM23 2LE

Virgin MoneyJubilee HouseGosforthNewcastle on TyneNE3 4PL

SNU TRUSTANNUAL REPORTThe Trustees have pleasure in presenting their Annual Report together with the audited financial statements for the charity for the year ended 30 April 2019 and confirm they comply with the Charities Act 2011, the Trust Deed and the Charities Statement of Recommended Practice 2015 and FRS 102.

The objects for which the Trust is established are to promote the advancement and diffusion of Spiritualism. Advances can be provided to members for:

• The purchase of land and the erection of buildings to be used for public worship in accordance with the Religion of Spiritualism, or otherwise for the advancement of Spiritualism

• Other capital expenditure which is desirable for the proper functioning of their respective properties

• Ancillary expenditure as may be provided for in the Regulations.

The Trust affords facilities for the investment of funds by any member.

In accordance with the Trust Deed, the Trust provides financial support for SNU and its members for the advancement of religion for the public benefit. The Trust provides advances to SNU Churches who are members of the Trust, in order to finance the building of new (or repair of existing) church buildings which provides the facility for members of the public to worship the religion of Spiritualism in their local community.

During 2018 the SNU Trust held an Extraordinary General Meeting at which the members agreed to adopt a further objective which allows the Trust to purchase and make available land and buildings which are to be used for the advancement of Spiritualism.

OBJECTIVES AND ACTIVITIES

The Trust has regard to the Charity Commission guidance on public benefit and how SNU churches exist to promote the seven principles of Spiritualism which encourages its followers to become socially responsible within the wider community. The Trust, by financially supporting SNU Spiritualist church-es, encourages a religious practice that leads to promoting spiritual welfare and improvement of society.

PUBLIC BENEFIT STATEMENT

Social and economic circumstances have changed considerably since the Trust was formed and not all churches are able to afford the costs involved in owning and maintaining their own premises. The Trust is likely to increase support for churches by purchasing and making premises available to them, rather than lending or granting funds for churches to purchase their own premises.

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PALMERSTONPLACEIn 2011 the Trust used surplus funds to purchase a property in Edinburgh, Palmerston Place, which not only promotes the religion of Spiritualism but acts as a community resource to benefit members of the public, as well as providing a home to Edinburgh Association of Spiritualists. In the unlikely event of the property being sold, any capital appreciation would be used for the furtherance of the SNU Trust’s charitable objectives.

The premises also act as a facility to promote wider spiritual, physical, mental and emotional wellbeing through a number of local community groups who use the building; the groups are engaged in promoting person centred holistic therapies by contribution for those who are financially disadvantaged, supporting individuals to improve their health and wellbeing.

During 2016 a formal valuation was undertaken by Knight Franks, Edinburgh, on 25 Palmerston Place, Edinburgh. The building has two Occupancy Agreements in place: between the SNU Trust and Edinburgh Association of Spiritualists’, and between the SNU Trust and Palmerston Trust. The valuation quoted in the SNU Trust’s accounts reflects fair value as at 31 December 2016 taking into account the current Occupancy Agreements, however the property value, on the assumption of vacant possession is £1.525 million.

The occupancy agreement with the Palmerston Trust stipulates that general repairs and maintenance are the responsibility of the Palmerston Trust however the SNU Trust are responsible for ensuring that the building is wind and watertight, and a safe environment for occupation by any users of the building. The managing commitment of the Palmerston Trust ensure that the property is maintained and any works that are required are completed to a good standard. Palmerston Trust and the SNU Trust liaise on a quarterly basis to ensure that any planned works required are agreed and, if the SNU Trust is responsible for the costs, they are reimbursed to the Palmerston Trust.

During 2018 an amount of £3,293 (2017 £4,090) was paid from the SNU Trust to Palmerston Trust for necessary works.

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£151,960

£120,329

£102,832

£0

Interest to investors

Staff costs and training

GovernanceRaising Funds

£17,351

EXPENDITURE

Other support costs

Impairments Depreciation

£71,701

£39,768

£5,765

During the year income was £553,708 (2017 £402,314) and was generated primarily from investment and rental income; expenditure was £498,176 (2017 £363,600). Assets rose to £12,144,484 (2017 £11,578,870) during the accounting period and have now been transferred to the Spiritualists’ National Union Trust Limited.

MONITORING ACHIEVEMENTS

£242,311

£205,987

£54,825

£0Investment

IncomeRental

IncomeInterest onAdvances

Management Charges

£50,585

INCOME

£5,944,860

£1,922,789

£1,067,023

£0InvestmentsInvestment

propertyCashLoans to

members

£207,770

ASSETS

£1,955.000

£1,015,982

Property for charitable purposes

Sundry debtors

Of the assets shown above, £9,389,665 (2017 £9,528,235) relates to bank loans, church deposits and sundry creditors leaving £2,754,819 (2017 £2,050,135) as SNU Trust reserves.

THE ANNUAL GENERAL MEETING OF THE SNU TRUST SNU TRUST FINANCIAL STATEMENTS


INVESTMENT BROKERSTrustees meet with Quilter Cheviot Investment Management, the SNU Trust’s broker, on a regular basis to assess and review the management and performance of the SNU Trust portfolio.

As reported previously, during 2017 the SNU Trust had surplus liquidity and therefore increased the amount invested with Quilter Cheviot by £1,555,000. The SNU Trust was made aware that during 2018 the Spiritualists’ National Union would require repayment of significant sums to finance projects that were in the planning stages during 2017. The Trustees therefore requested the return of £697,000 from a short-term deal entered into during 2017, ensuring a balance between accessibility of funds required by members with the duty of a Trustee to ensure that all funds are placed where the best return for the charity can be made.

The objective of the portfolio remains to generate income whilst maintaining the real value of the capital over the long-term to ensure that the Trust can meet current and future expenditure requirements in line with its charitable objectives.

Total: £553,708

Total: £498,176

Tangiblefixed assets

£207,770

Total: £12,144,484

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PERFORMANCE DURING THE ACCOUNTING PERIODThe Trustees have appointed Quilter Cheviot to manage the portfolio on a discretionary basis. The objective of the portfolio remains to generate income whilst maintaining the real value of the capital over the long-term in order to ensure that the Trust is able to meet current and future expenditure requirements in line with its charitable objectives. The portfolio returned 6.8% over the 16 months to the end of April 2019. This is over a period which saw following returns from major indices:FTSE All Share 1.7%FTSE World Ex UK 10.4%,UK government bonds 2.4% Quilter Cheviot measure the performance of the portfolio on a relative basis against a composite benchmark consisting of market indices (including the FTSE All Share, FTSE World ex UK, UK government and corporate bonds and cash); over the period the portfolio outperformed the relative benchmark by 2.2%. Over the longer-term the brokers measure performance versus an inflation (as measured by CPI) plus 3.5% target in order to ensure that the objective of maintaining the real value of the portfolio whilst generating an income, is achieved.

THE ANNUAL GENERAL MEETING OF THE SNU TRUST SNU TRUST FINANCIAL STATEMENTS


MANAGEMENT OF THE PORTFOLIOThe cost of managing the portfolio by Quilters is calculated as a percentage of the value of the portfolio at the end of each month; Quilter Cheviot therefore have a vested interest in ensuring the maximum growth of the Trust’s portfolio whilst ensuring that any investment adheres to the strict parameters laid out in the agreed Investment Policy.

CHURCH DEPOSITSThe accounts and interest rates offered to churches are reviewed by Trustees and staff on a quarterly basis to ensure that we continue to encourage existing and new members to further invest with the Trust. Trustees continued to monitor the total amount of monies held on account by members and how that is used to set indicators of past performance and establish a future plan to grow the charity by encouraging new investment from existing and new members. New and existing investment products introduced during the accounting period have attracted an additional investment from members in excess of £200,000 (£1 million in 2017).

All members were contacted after the Extraordinary General Meeting in April 2018 to inform them of the agreed restructure, and to notify them that all accounts would be passed over from the existing charity the new SNU Trust Limited on completion of all formalities. The Trust was informed by seven churches that they no longer wished to be members and requested that their accounts be closed. The Trust would like to thank all members for their continued support and hope that more churches can be encouraged to join in the coming year.

TRUSTEESDuring 2018 Janet Handley resigned from the SNU Trust and the SNU Trust Limited with effect from 21 December 2017; the Board of Trustees felt that due to the restructure scheduled to take place In April 2019 it was not necessary to fill the vacancy on the existing charity. The Articles of the SNU Trust Limited however requires that there be a minimum of four members and to ensure compliance, John Blackwood stepped into the role until the next election.

The Trustees were conscious that due to the transition from the existing to the new charity at the end of April 2019, the election process for both charities would be affected. After taking legal advice, it was agreed that the existing charity would run their election process even though the planned transition meant that any new Trustees would not take up their position on the Board. A Resolution passed by the new charity gave an undertaking to honour any valid nominations received for one year only; this was put in place to ensure that all members’ opinions were fairly heard and that they were not disenfranchised in any way.

TRUST DEED AND GOVERNINGDOCUMENTS On 14th April 2018 an Extraordinary General Meeting was held at the Barbanell Centre in Stafford where the members approved the restructure of the SNU Trust to a Limited Company limited by Guarantee. Since then the Trust has been working closely with Birketts Solicitors to facilitate the change in status of the charity. The SNU Trust Limited is now re-registered at the Charity Commission (registration number 1182379) and registered with Company House (registration number 11382378). The SNU Trust Ltd is currently waiting for registration to be completed with the Office of the Scottish Charity Regulator.

£2,326,831

£1,798,229

£830,507

£0UK Equities UK Fixed

Interest/bondsOverseas Fixed interest/bonds

OverseasEquities

£116,622

AlternativesInvestments

Cash

£749,098

£136,911

Total: £5,958,188

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PLANNING FOR THE FUTUREThe Committee and Staff of the new SNU Trust Limited are pleased to be able to finally look forwards, spending more time and resources communicating with members and non-members alike, to find out what, as an organisation, the SNU Trust can do to further assist and support churches. The Board is welcoming new trustees and plans to utilise their skills, experience and knowledge to move the charity forward, building on the platform already laid by their predecessors over the last nine decades.

During the course of 2020 it is planned that all churches and bodies affiliated with or associated to the Spiritualists’ National Union will be invited to share their thoughts, ideas and concerns to enable the Trust to ensure that the products and services offered are appropriate and fit those needs.



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FINANCIAL REVIEW

RESERVESThe unrestricted fund of £2,754,819 (2017 £2,050,135) is divided into smaller funds targeting specific areas of activity of the charity. This will give comfort that in the event of unforeseen circumstances the SNU Trust has made provision to ensure the continuation of the SNU Trust in supporting Spiritualism.

GENERAL FUNDThe General Fund will cover working capital for the SNU Trust for a 12-month period and will be reviewed annually at the December meeting of the SNU Trust to ensure that the level of the fund is set at an appropriate level.

DESIGNATED FUND-CHURCH DEPOSITSThe SNU Trust have created a designated fund to set aside reserves related to church deposits. Initially the reserve was set at 5% of the total funds held by the Trust on behalf of all members with the intention to work towards increasing this percentage to eventually match the funds held on deposit by members

DESIGNATED FUND –INVESTMENTSWhilst the investment policy of the charity ensures that any risk is managed appropriately,the SNU Trust has taken the decision to set aside funds to provide protection for the charity in the event of a catastrophic market event which would threaten the investments held on behalf of the Trust by brokers and other financial organisations.

DESIGNATED FUND –PROPERTIESThis designated fund provides protection against an irrecoverable downturn affecting all the Trust’s investment properties. Each building has full insurance for all eventualities thereby ensuring that all steps are taken to minimise any risk.



The SNU Trust has transferred the reserves at the end of the accounting period to the Spiritualists’ National Union Trust Limited who will reconsider the Reserves policy in

the coming year.

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DESIGNATED FUND –RESTRUCTUREThe fund set aside to finance the restructure of the SNU Trust has not been required during the accounting period as all costs have been met by the income of the charity.

INVESTMENT POLICY STATEMENT:IN ACCORDANCE WITH THE TRUSTEE ACT 2000This Policy Statement has been prepared by the Trustees and provides guidance as to how the stock market asset management functions delegated to Quilter Cheviot Investment Management by the Trustees should be exercised. It has been formulated with a view to ensuring that the asset management functions will be exercised in the best interests of the Trust.

INVESTMENT OBJECTIVESThe Trust aims to produce the best financial return within an acceptable level of risk. Over the long term, the investment objective is to grow the capital of the portfolio as well as generating income. The investment objective parameters are to generate as a minimum, a return of inflation plus 3.5% pa over the long term, after expenses. This should allow the Trust to at least maintain the real value of the assets, whilst funding annual expenditure. The Trust has defined a Medium Risk tolerance with our Investment Brokers. The medium level risk tolerance allows for capital growth to be achieved in the longer term allowing for market fluctuations. The time horizon for our investments is more than 5 years which means we can accept moderate disruption to capital value or current income in order to achieve our longer-term objective.

The Trust is able to tolerate volatility of the capital value, as long as the Trust is able to meet its short-term expenditure requirements through either income or liquid capital assets. The Trusts’ investment assets can be invested widely and should be diversified by asset class and manage-ment institution. Asset classes could include cash, government and corporate bonds, equities – UK and worldwide, property, structured products, commodities and any other asset deemed suitable to meet the objectives of the Trust. Trustees, nominated by the Trust Committee, are charged with agreeing the suitable asset allocation with the Investment Brokers, subject to overall approval of all the Trustees. All proposed changes to investments will be agreed with the nominated Trustees.

LIQUIDITY REQUIREMENTS The Trust aims to fund its annual operational costs of £225,000 pa and its’ estimated payments of £150,000 for returns on investment to members. This can be funded from both income, and if necessary, capital. A minimum of 2% of total assets should be retained in cash, or near cash products at all times – this will be held as cash at bank and in hand.

TIME HORIZONThe Trust is expected to exist in perpetuity and investments should be managed to meet the investment objectives and ensure this sustainability. The Trust can adopt a long-term investment time horizon.

ETHICAL INVESTMENT POLICYThe Trustees wish to adopt an exclusionary policy in respect of investments in Armaments.

MANAGEMENT, REPORTING ANDMONITORINGThe Trust has appointed a professional Investment Management firm to manage the assets (with the exception of the direct property portfolio), on a discretionary basis in line with this policy. The Investment Manager will provide custody of the assets. The Investment Managers will produce quarterly valuation and performance reports. The performance report will show the progress of the portfolio against an appropriate benchmark – likely to be the Charity Composite benchmark. In addition, capital and income transaction reports will be provided after each transaction.

Nominated Trustees and Staff members will also have access via the Investment Managers’ password protected website to view the portfolios valuations and transactions. Nominated Trustee authorised signatories are provided, two of which are required to sign instructions to the Investment Manager. The Investment Manager will meet bi-annually to review the portfolio with the nominated Trustees responsible for Investments and will report to the Board of Trustees on an annual basis.

APPROVAL AND REVIEW This Investment Policy Statement was prepared by the Trustees responsible for investment management of the SNU Trust to provide a framework for the management of its investment assets. It has been reviewed during 2017 and will continue to be reviewed annually to ensure continuing appropriateness.

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PROPERTY INVESTMENTSWhere the Trust has purchased property for the purpose of investment, the Trust has obtained a professional valuation and survey, ensuring that the Trust only paid the open market value and the property is in a fair state of repair. The Trust regularly appraises the market value of its investment properties to ensure an appropriate income return on investment and that the valuation of the investment properties accurately reflects their market value.

The three investment properties are as follows:

• Chafen Road, Southampton

• Pine Tree Lodge, Southampton

• Twynham, Southampton

Based on the current property price the Trust is achieving a 6.91% (2017: 9.01%) return on capital from the rental income generated as detailed below:

£0Chafen Road Pine Tree

LodgeTwynham

£455,00

£605,000

£895,000

Total: £1,955,000MV 2018

0%

Chafen Road

Pine Tree Lodge

Twynham

6.38%

6.78%

7.25%

6.91%RETURN

In 2018 formal valuations on all the Trust’s properties in Southampton were undertaken by Moses Rutland Chartered Surveyors, 18 High Street West, Dorchester DT1 1UW; all properties are leased by True Care Group who use the properties as care homes for people with learning disabilities and other complex needs. The leases on all the care homes are full repairing leases and as such, True Care Group are responsible for all repairs, maintenance and insurance of the properties. The SNU Trust incur no costs during the year relating to these properties.

The Trust regularly appraises the market

value of its investment properties to ensure an

appropriate income return on investment

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FRAUD PREVENTIONThe SNU Trust has adopted the Internal Financial Controls for Charities Guidance (CC8) provided by the Charity Commission to ensure that essential checks and procedures and completed to ensure that the Trust meets their legal duties to safeguard the charity’s assets.Additional measures have been implemented designed to ensure that members funds are only used for their intended purposes.

STATUTORY BODIESThe charity is not authorised under the Financial Services & Markets Act 2000 as its activities are considered exempt, as the charity accepts deposits only from members, which are also charities. However, the Trustees are mindful that it is important that our activities are continually monitored for compliance with FCA guidelines.

FUNDRAISING COMPLIANCEThe Charity understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches, and undue pressure to donate but does not currently fundraise from the public or use any internal fundraisers or external fundraising agencies for either telephone or face to face campaigns and received no fundraising complaints during the year’

RELATED PARTIESNone of the Trustees receive remuneration for their duties as charitable Trustees.

APPOINTMENT AND INDUCTION OF TRUSTEES Six Trustees are elected by SNU Trust member churches for a period of two years, with three retiring in alternate years. The retiring Trustees can be re-nominated. The Trustees meet every three months. lt is required that Trustees have appropriate qualifications or experience in areas beneficial to the charity including, but not limited to, the legal, financial or property sectors. The level of competence required of a Trustee is explained in the Trust Deed. New Trustees are inducted by an existing Trustee and trained through regular attendance at meetings. A Trustees’ Induction Pack has been formulated which outlines their responsibilities.

CUSTODIAN TRUSTEEThe aim of Higginson Securities Limited is to hold properties owned by the Trust which are secured on the investment properties.



GOVERNING DOCUMENTThe SNU Trust (the Trust), Registered Charity no. 276902 is an unincorporated trust, under a Trust Deed dated 22nd November 1926, as amended 1st July 1950 and 14th July 1990. The SNU Trust registered with the Office of the Scottish Charity Regulator (OSCR) on the 28th, of March 2013, and the Registered Charity no. is 5(043897.

Higginson Securities limited, Company no. 4208575, is a non-trading subsidiary company of the Trust. Its principal activity is to hold properties owned by the Trust and holds a first charge on a church property where the Trust has advanced a mortgage on the said property. Its directors are the Trustees of the Trust. Higginson Securities limited is a company limited by guarantee and a non-profit making company.

Membership of the Trust is open to the Spiritualists’ National Union (SNU), anybody being affiliated to or in association with the SNU, any branch or district council of the SNU and any Trust fund of which the SNU ls custodian trustee. The Spiritualists’ National Union is an organisation which spirit-ualist churches may affiliate to. The SNU Trust was formed to enable churches who are members of the SNU to invest in and borrow from the charity so formed.

RISK MANAGEMENTAt each meeting of the Committee of Management, Trustees undertake a full review of our risks and have identified the following as key risks:

DISASTER RECOVERY PLANThe SNU Trust has a comprehensive disaster recovery plan which is a documented, structured set of instructions to allow the Trust to respond to unplanned incidents and have the ability to continue to operate or quickly resume critical functions. The plan is accessible to all staff and Trustees and is constantly under review.

DATA SECURITYThe Trustees have taken steps to ensure that the integrity of the data and documents held by the Trust will not be compromised. Computer data is securely backed up both on and off site and its reliability is tested as part of the Trust’s Disaster Recovery Plan. Important documents are kept in a fireproof safe.

TRUSTEES AND STAFFAll new Committee members and staff will undergo DBS and Credit Reference checks prior to joining the Trust.

The Trust operates a register of interests of all Trustees and the Trustees have developed and published a detailed policy on managing potential conflicts of interest and loyalty, a copy of which is published on our website and is available to download. This policy outlines the responsibility of Trustees when considering any potential conflict which may affect their ability to make a decision as part of their duty as Trustee. At each meeting of Trustees, a complete record of current declarations is circulated to the attendees and Trustees are asked to declare any changes in their register of interests and loyalty; the register includes details of membership of SNU Committees, Churches, allied Trusts and any contractual involvement that Trustees might have with members of the Trust.

A Trustee will withdraw from any discussion or decision-making in respect of any matter in which a conflict of interest may arise



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STATEMENT AS TODISCLOSURE OFINFORMATION TOAUDITORSThe Trustees who were in office on the date of approval of these financial statements have confirmed,as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the Trustees have confirmed that they have taken all steps thatthey ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

AUDITORSA resolution proposing that Price Bailey LLP Chartered Accountants, be reappointed as auditors will be put to the Annual General Meeting.

APPROVAL OF FINANCIAL STATEMENTSThe financial statements and Report of the Trustees were approved by the Trustees and authorised for issue on the date shown below.

BY ORDER OF THE COMMITTEE J. BLACKWOOD, CHAIR

Date: 6th June 2019

Principal address:Burton End Lodge Stansted Hall, StanstedEssexCM24 8UD



ORGANISATIONThe Trust is administered and managed by a Committee of Management which consists of five members elected by members of the Trust from among full members of affiliated churches which are members of the Trust. With approval, the Committee of Management delegate day to day running of the Trust to the Finance Manager and other Trust Staff as appropriate.

The members of the Committee of Management during the year ended 30 April 2019 and to the date of this report were:-

J Blackwood Chairman D. J. Jones SecretaryJ. Handley (resigned 21 December 2018)K. Smith A. BakerT. Critchley



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REPORT OFTHE TRUSTEES (CONTINUED)

FOR THE PERIOD ENDED 30 APRIL 2019

The Trustees who were in office on the date of approval of these financial statements have confirmed,as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the Trustees have confirmed that they have taken all steps thatthey ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

STATEMENT OF TRUSTEES’RESPONSIBILITIESThe Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material

• departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume the Charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonableaccuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2012, the Charity (Accounts and Reports) Regulations 2008, by the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’sconstitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.


SNU TRUST FINANCIAL STATEMENTSTHE ANNUAL GENERAL MEETING OF THE SNU TRUST

BY ORDER OF THE COMMITTEE J. BLACKWOOD, CHAIR

Date: 6th June 2019

Principal address:Burton End Lodge Stansted Hall, StanstedEssexCM24 8UD

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INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF SNU TRUSTOpinion We have audited the financial statements of SNU Trust (the ‘charity’) for the period ended 30 April 2019 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 30 April 2019, and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities and Trustee Invest-ment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011.

Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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Emphasis of matter

We draw your attention to note 1(b) of the financial statements, which describes that the financial statements have been prepared on a basis other than as a going concern, as all assets and liabil-ities were transferred to a new charitable company at the year end (with the exception of cash at bank which transferred to the new company after the year end). No further activities were carried out in the existing SNU Trust. The new charitable company is The Spiritualists’ National Union Trust (charity number 1182379). It is the intention of the Trustees to close the old charity in due course and as a result, the Trustees believe that these accounts should be prepared on an ‘other than a going concern’ basis. Our opinion is not modified in respect of this matter.

Conclusions relating to going concernExcept as noted in our emphasis of matter paragraph and the going concern policy note on page 20, we have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertain-ties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other informationThe trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exceptionWe have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities act 2011 requires us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.



Responsibilities of trusteesAs explained more fully in the trustees’ responsibilities statement set out on page 14, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Independent Auditors Report to the Trustees of SNU TrustWe have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under section 144 of the Charities Act 2011 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of this reportThis report is made solely to the charity’s trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Price Bailey LLPChartered AccountantsStatutory Auditors

Tennyson House,Cambridge Business Park,Cambridge,CB4 0WZ

Date: 24th June 2019

Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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SNU TRUST

STATEMENT OF FINANCIAL ACTIVITIES For the period ended 30 April 2019

16 months 16 months 16 months 12 months Unrestricted Restricted Total Total funds funds funds funds 2019 2019 2019 2017 Notes £ £ £ £ Income: Charitable activities: Interest on advances 2 54,825 - 54,825 42,725 Income from other trading activities: Management charges to SNU 50,585 - 50,585 34,598 Investments: Income from investments 3 242,311 - 242,311 170,951 Rental income from investment properties 205,987 - 205,987 154,040 ────── ────── ────── ────── Total income 553,708 - 553,708 402,314 ────── ────── ────── ────── Expenditure: Raising funds 4 71,701 - 71,701 54,409 Charitable activities 5 426,475 - 426,475 309,191 Transfer of assets to new company SNU Trust 17 2,748,805 6,014 2,754,819 - ────── ────── ────── ────── Total expenditure 3,246,981 6,014 3,252,995 363,600 ────── ────── ────── ────── Net income for the year before investment gains (2,693,273) (6,014) (2,699,287) 38,714 Net gains on investments 649,152 - 649,152 577,340 ────── ────── ────── ────── Net income for the year being net movement in funds (2,044,121) - (2,050,135) 616,054 Reconciliation of funds: Total funds brought forward 2,044,121 6,014 2,050,135 1,434,081 ────── ────── ────── ────── Total funds carried forward - - - 2,050,135 ══════ ══════ ══════ ══════ The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages xx to xx form part of these accounts.

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Balance Sheet as at 30 April 2019 31 December 2019 2017 Notes £ £ Fixed assets Tangible fixed assets: Freehold property 11 - 210,000 Computer equipment 11 - 723 Fixtures, fittings and equipment 11 - 1,188 Investments: Investments 14 - 6,502,465 Investment property 10 - 2,500,000 ────── ────── Total fixed assets - 9,214,376 Current assets Programme related investments 13 - 1,147,804 Sundry debtors 15 - 32,269 Cash at bank and in hand 1,922,789 1,183,921 ────── ────── Total current assets 1,922,789 2,363,994 Liabilities Creditors: amounts falling due within one year 16 (1,922,789) (7,215,937) ────── ────── Net current liabilities - (4,851,943) ────── ────── Total assets less current liabilities - 4,362,433 Creditors: amounts falling due after more than one year 16 - (2,312,298) ────── ────── Total net assets - 2,050,135 ══════ ══════ The funds of the Trust: Restricted funds 17 - 6,014 Unrestricted funds:

General funds 17 - 225,000 Designated funds 17 - 1,461,685 Revaluation reserve 17 - 357,436

────── ────── Total funds - 2,050,135 ══════ ══════ The attached notes on pages xx to xx form part of these financial statements. The financial statements were approved by the Board of Trustees on and signed on their behalf by: D. Jones (Secretary) J. Blackwood (Chair)

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Notes to the accounts for the period ended 30 April 2019 1 ACCOUNTING POLICIES

(a) Basis of preparation and assessment of going concern

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

(b) Going concern

At 30 April 2019 all assets and liabilities were transferred to a new charitable company with the exception of cash at bank which transferred to the new company after the year end. No further activities were carried out in the existing SNU Trust. The new charitable company is The Spiritualists’ National Union Trust (charity number 1182379). It is the intention of the Trustees to close the old charity in due course and as a result, the Trustees believe that these accounts should be prepared on an ‘other than a going concern’ basis. (c) Group accounts The financial statements contain information about the Trust as an individual charity and do not consolidate the subsidiary undertaking, Higginson Securities Limited (a company limited by guarantee). The charity and its subsidiary undertaking comprise a small-sized group. The charity has therefore taken advantage of the exemptions not to prepare group accounts in accordance with section 139(2) of the Charities Act 2011. (d) Funds structure

Unrestricted income funds comprise of funds which the Trustees are free to use for any purpose in the furtherance of the charitable objectives. The Trust also has a number of restricted income funds to account for situations where a donor requires that a donation must be spent on a particular purpose or where funds have been raised for a specific purpose. Further details of each fund are disclosed in note 18.

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Notes to the accounts for the period ended 30 April 2019

1 ACCOUNTING POLICIES (continued)

(e) Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio. Income from Government Securities is recognised when it is received. Income accrued and not received on these securities at 30 December is included in the market value of the investments held. Rental income under operating leases is charged to the profit and loss accounts on a straight line basis over the terms of the lease. (f) Expenditure

Expenditure is recognised once there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Costs of raising funds include fees and charges for the management of the investment portfolio and an apportionment of support costs. Expenditure on charitable activities includes interest paid on investor accounts governance costs and an apportionment of support costs.

(g) Taxation and Irrecoverable VAT

The Trust is a registered charity and is exempt from corporate taxes, to the extent of operating within its charitable objectives. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. (h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trust’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 6.

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(i) Tangible fixed assets

Tangible fixed assets costing more than £500 are capitalised at cost and are depreciated over their estimated useful lives as follows: Freehold property 2% straight line Computer equipment 20% straight line Fixtures, fittings and equipment 10% - 20% straight line The need for any impairment of a fixed asset write-down is considered if there is concern over the carrying value of an asset and is assessed by comparing that carrying value against the value in use or realisable value of the asset when appropriate. (j) Investment properties

Investment properties are valued by the trustees at fair value and are not depreciated. The statement of financial activities includes the net gains and losses arising on the revaluation and disposals throughout the year.

(k) Programme related investments – concessionary loans

Concessionary loans are initially recognised and measured at the amount paid, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest and adjusted if necessary for any impairment. Any impairment losses are immediately recognised in the income and expenditure account. The SNU Trust agrees advances to churches which are subject to agreements that are signed by the church for the full value of the advance as soon as the advance is agreed but funds are only drawn down by the church as required. Where the advance is for rebuilding or renovation costs the full value of the advance may not be drawn down in the same year as that in which the agreement is signed. In these cases, the value of the advance reported in the accounts is that which has been drawn down in the year not the full value of the advance. (l) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the bid price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

(m) Debtors

Sundry debtors are recognised at the settlement amount due. Prepayments are valued at the amount repaid net of any trade discounts due.

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(n) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. (o) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. (p) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. (q) Pension

Pension contributions to a defined contribution pension scheme are charged to the statement of financial activities as they occur. These contributions are invested separately from the Trust’s assets.

2 INTEREST ON ADVANCES

Interest on advances as received from the member churches of SNU are disclosed as charitable activities as they are fulfilling a primary purpose of the SNU Trust.

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Notes to the accounts for the period ended 30 April 2019 3 INVESTMENT INCOME 2019 2017 16 months 12 months £ £

Bank and other interest receivable 11,475 9,867 Income from listed investments 230,836 161,084 ────── ────── 242,311 170,951

══════ ══════ Income from listed investments consists of: 2019 2017 16 months 12 months £ £

Income from UK equities 86,557 82,176 Income from UK fixed interest / bonds 25,143 15,967 Income from UK trusts 60,724 - Income from overseas trusts 25 - Income from overseas equities 5,088 26,582 Income from overseas fixed interest - 3,851 Income from alternative investments 53,299 32,508 ────── ────── 230,836 161,084

══════ ══════ 4 RAISING FUNDS 2019 2017 16 months 12 months £ £

Investment portfolio management fees 54,586 31,667 Bank charges and interest 9,609 15,624 Support costs and governance (note 6) 7,506 7,118 ────── ──────

71,701 54,409 ══════ ══════ 5 CHARITABLE ACTIVITIES 2019 2017 16 months 12 months £ £

Interest paid on investor deposits 151,960 112,204 Impairment on programme related investments (5,765) 5,765 Support costs (note 6) 280,280 190,722 ────── ──────

426,475 308,691 ══════ ══════

All expenditure in the current and prior year relates to unrestricted funds.

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SNU TRUST

Notes to the accounts for the period ended 30 April 2019 6 ALLOCATION OF SUPPORT COSTS Current Period

Cost Type: Basis of Charitable Raising Total allocation activities Funds 2019 16 months £ £ £ Governance: Auditor's remuneration Direct 22,680 - 22,680 Management committee expenses Direct 3,869 - 3,869

Trustees’ indemnity insurance Direct 494 - 494 AGM expenses Direct 10,787 - 10,787

Legal & professional fees Direct 65,002 - 65,002 ────── ───── ────── 102,832 - 102,832 Support:

Staff costs Staff time 118,871 5,030 123,901 Staff training Staff time 1,458 62 1,520 Depreciation Staff time 17,351 734 18,085 Stationery and advertising Staff time 2,060 87 2,147 Water rates Staff time 76 3 79 Office expenses Staff time 17,445 737 18,182 Equipment rental Staff time 1,145 48 1,193 Telephone Staff time 1,852 78 1,930 Postage Staff time 1,306 55 1,361 Repairs and maintenance Staff time 10,019 424 10,443 Light and heat Staff time 3,644 154 3,798 Insurance Staff time 2,221 94 2,315

────── ────── ────── 280,280 7,506 287,786 ══════ ══════ ══════

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Notes to the accounts for the period ended 30 April 2019 6 ALLOCATION OF SUPPORT COSTS (continued) Prior Year

Cost Type: Basis of Charitable Raising Total allocation activities Funds 2017 12 months £ £ £ Governance: Auditor's remuneration Direct 21,600 - 21,600 Management committee expenses Direct 4,944 - 4,944

Trustees’ indemnity insurance Direct 368 - 368 AGM expenses Direct 9,018 - 9,018

Legal & professional fees Direct 20,617 - 20,617 ────── ────── ────── 56,547 - 56,547 Support:

Staff costs Staff time 97,390 5,169 102,559 Staff training Staff time 2,005 106 2,111 Depreciation Staff time 6,913 367 7,280 Profit on disposal of tangible fixed assets Staff time (26) - (26) Stationery and advertising Staff time 2,545 135 2,680 Water rates Staff time 30 2 33 Office expenses Staff time 10,144 534 10,678 Equipment rental Staff time 885 47 932 Telephone Staff time 1,263 67 1,330 Postage Staff time 1,050 56 1,106 Repairs and maintenance Staff time 8,334 442 8,776 Light and heat Staff time 2,061 109 2,170 Insurance Staff time 1,580 84 1,664

────── ────── ────── 190,722 7,118 197,840 ══════ ══════ ══════

7 AUDITORS REMUNERATION Included within audit and accountancy costs in Note 6 is the following: 2019 2017 16 months 12 months £ £

Auditor's remuneration - audit services 15,960 15,200 Auditor's remuneration - accountancy 6,720 6,400

────── ────── 22,680 21,600

══════ ══════

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8 STAFF EMOLUMENTS 2019 2017 16 months 12 months £ £

Wages and salaries 106,244 86,988 Social Security costs 10,032 8,350 Employer's contribution to defined contribution pension scheme (note 9) 10,625 8,439

────── ────── 126,901 103,777

══════ ══════ The average number headcount of employees during the year was made up as follows: 2019 2017 Office and administration 3 3 ────── ────── No employees had emoluments in excess of £60,000 (2017: none).

The Trust considers its key management personnel comprise the Finance Manager and other Trust Staff as appropriate. This therefore includes all 3 members of staff and their aggregate remuneration as noted above. Included within other trading income is £50,585 (2017: £34,598) in relation to salaries recharged to other organisations during the year. None of the trustees received any remuneration or benefits in kind from the Trust during the period (2017: £nil). Expenses relating to travel and subsistence for attendance at trustee meetings were reimbursed to 6 trustees (2017: 7) during the period and amounted to £6,945 (2017: £4,804). During the period Trustees Indemnity Insurance was purchased for £494 (2017: £368).

9 PENSION COSTS The Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Trust in an independently administered fund. Contributions payable by the Trust amounted to £10,625 (2017: £8,439). At the year end, contributions totalling £691 (2017: £391) remained outstanding and are included in sundry creditors.

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10 INVESTMENT PROPERTIES

31 December VALUATION 2019 2017 £ £

As at 1 January 2018 2,500,000 2,500,000 Additions 15,982 - Transfer to programme related investments (1,015,982) - Uplift on revaluation 455,000 - Transfer to new charitable company (1,955,000) - ─────── ─────── As at 30 April 2019 - 2,500,000 ═══════ ═══════ The original cost of these properties was £948,500 (2017: £2,260,280). The properties were revalued during the year and Trustees believe this represents the fair value of the investment properties. All investments were held in the UK. The bank loan in note 16 of £Nil (2017: £407,240) is secured on three of these investment properties.

11 TANGIBLE FIXED ASSETS

Fixtures, Freehold Computer fittings and Property equipment equipment Total £ £ £ £ COST As at 1 January 2018 250,000 32,916 28,234 311,150 Additions - 9,444 4,499 13,943 Disposals - - (6,193) (6,193) Transfer to new charitable company (250,000) (42,360) (26,540) (318,900) ────── ────── ────── ────── - - - - ══════ ══════ ══════ ══════ DEPRECIATION As at 1 January 2018 40,000 32,193 27,046 99,239 Charge for year 6,667 9,926 1,491 18,084 Disposals - - (6,193) (6,193) Transfer to new charitable company (46,667) (42,119) (22,344) (111,130) ────── ────── ────── ────── - - - - ══════ ══════ ══════ ══════ NET BOOK VALUE At 30 April 2019 - - - - ══════ ══════ ══════ ══════ At 30 December 2017 210,000 713 1,188 211,911 ══════ ══════ ══════ ══════

15

SNU TRUST


12a FIXED ASSET INVESTMENTS

The charity holds more than 20% of the share capital of the following company: Higginson Securities Limited is a company limited by guarantee and incorporated in the United Kingdom. The company is dormant.

Capital and Profit/(Loss) reserves for the year Holding 2019 2019 % £ £

Higginson Securities Limited 100 - -

(company no: 04208575) ══════ ══════ ══════ The financial statements contain information about the Trust as an individual charity and do not consolidate the subsidiary undertaking, Higginson Securities Limited (a company limited by guarantee). The charity and its subsidiary undertaking comprise a small-sized group with aggregate gross income being under £500,000. The charity has therefore taken advantage of the exemptions available as a small charity not to prepare group accounts.

12b FIXED ASSET PROGRAMME RELATED INVESTMENTS 31 December

2019 2017 £ £

PALMERSTON PLACE Cost at 1 January - - Transfer from investment properties 1,015,982 - Transfer to new charitable company (1,015,982) - ─────── ─────── As at 30 April 2019 - - ═══════ ═══════

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16

SNU TRUST


13 CURRENT ASSET PROGRAMME RELATED INVESTMENTS 31 December

2019 2017 £ £

CONCESSIONARY LOANS Cost at 1 January 1,147,804 1,354,957 Impairment - (5,765) ─────── ─────── 1,147,804 1,349,192 Repayments (80,781) (201,388) ─────── ─────── Cost at 30 April 1,067,023 1,147,804 Transfer to new charitable company (1,067,023) - ─────── ─────── Cost at 30 April - 1,147,804 ═══════ ═══════

For information: Due within one year - 58,286

Due after more than one year - 1,089,518 ─────── ───────

Net book value - 1,147,804 ═══════ ═══════

All concessionary loans made by the Trust are charged interest between 3.75% and are secured by way of a first legal charge on the properties to which the loans relate. These relate to loans given to member churches of the SNU which are part of the charitable purposes of the SNU Trust. There were no concessionary loans committed to or offered but not taken up at the period end (2017: £nil).

17

SNU TRUST


14 INVESTMENTS 31 December 2019 2017 £ £

MARKET VALUE At 1 January 6,502,465 4,401,792 Additions 1,470,691 2,857,681 ─────── ─────── 7,973,156 7,259,473 Disposals at carrying value (2,159,500) (1,198,180) Unrealised gains on investments 132,430 495,079 ─────── ─────── 5,946,086 6,556,372 Movements in cash accounts 12,102 (52,486) Transfer to new company (5,958,188) - ─────── ─────── Market value at 30 April - 6,502,465 ═══════ ═══════ Historical cost at 30 April - 5,546,724 ═══════ ═══════ 31 December Investments are allotted to each range as follows: 2019 2017 £ £ UK equities - 2,278,680 UK fixed interest / bonds - 1,170,453 Overseas fixed interest / bonds - 119,102 Overseas equities - 1,936,854 Alternative investments - 872,567 Cash - 124,809 ─────── ─────── - 6,502,465 ═══════ ═══════

All investments are held primarily for the purpose of providing an investment return. All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

15 DEBTORS 31 December 2019 2017

£ £

Trade debtors - 1,758 Other debtors - 17,065 Prepayments and accrued income - 13,446 ─────── ─────── - 32,269 ═══════ ═══════

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SNU TRUST


16 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31 December 2019 2017 £ £ Investors’ balances: Deposit account - 332,661 Investment accounts - 5,492,035 Super accounts - 7,010 Fixed rate bonds - 1,212,242 Regular saver plus accounts - 14,920 ────── ─────── - 7,134,018

Sundry creditors 1,922,789 6,622 Accruals - 21,423 Bank loan - 52,181 Tax and social security - 1,693 ───────

─────── 1,922,789 7,215,937 ═══════ ═══════

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31 December 2019 2017 £ £

Investor's Balances - Fixed Rate Bonds - 1,957,237 Bank Loans - 355,059 ─────── ─────── - 2,312,296 ═══════ ═══════ ANALYSIS OF BANK LOANS Not wholly repayable within five years by instalments - 407,240 Included in current liabilities - (52,181) ─────── ─────── - 355,059 ═══════ ═══════ Instalments not due within five years - 129,041 ═══════ ═══════ LOAN MATURITY ANALYSIS In more than one year but not less than two years - 53,859 In more than two years but not more than five years - 172,159 In more than five years - 129,041 ═══════ ═══════

The bank loan of £Nil (2017: £407,240) had been secured on the investment properties. Interest is charged at 2.67% above the Bank of England base rate. The loan was repaid during the year.

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SNU TRUST


17 FUNDS: MOVEMENTS IN YEAR CURRENT PERIOD

1 January Income Expenditure Gains/ Donation 30 April 2018 (losses) 2019 £ £ £ £ £ £ Unrestricted Funds

General funds 225,000 50,585 (443,590) - 168,005 -

Designated Funds Church deposits 454,563 54,825 - - (509,388) - Investments 655,213 242,311 (54,586) 194,152 (1,037,090) - Properties 251,909 205,987 - - (457,896) - Restructure 100,000 - - - (100,000) -

Revaluation Reserve 357,436 - - 455,000 (812,436) -

Restricted Funds 6,014 - - - (6,014) - ─────── ────── ─────── ─────── ────── ─────── 2,050,135 553,708 (498,176) 649,152 (2,754,819) - - ═══════ ══════ ═══════ ═══════ ══════ ═══════ The restricted fund is the Ray Taylor Memorial Fund. This fund was set up during 2010 in memory of Ray Taylor, a former trustee of the charity and the funds are to be used for distressed churches.

PRIOR YEAR 1 January Income Expenditure Gains/ Transfers 30 December 2017 (losses) 2017 £ £ £ £ £ £ Unrestricted Funds

General funds 1,070,131 402,304 (363,100) 577,340 (1,461,685) 225,000

Designated Funds Church deposits - - - - 454,563 454,563 Investments - - - - 655,213 655,213 Properties - - - - 251,909 251,909 Restructure - - - - 100,000 100,000

Revaluation Reserve 357,436 - - - - 357,436

Restricted Funds 6,514 - (500) - - 6,014 ─────── ────── ─────── ─────── ────── ─────── 1,434,081 402,304 (363,600) 577,340 - 2,050,135 ═══════ ══════ ═══════ ═══════ ══════ ═══════

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SNU TRUST


18 NET ASSETS OF THE FUNDS OF THE CHARITY CURRENT PERIOD

At the period end, all net assets have been transferred to a newly formed charitable company (see note 21).

PRIOR YEAR

Net current Creditors Fixed assets / greater than Fund Assets (liabilities) one year balance £ £ £ £ Unrestricted Funds General funds 8,306,617 (5,769,309) (2,312,298) 225,000 Designated Funds Church deposits - 454,563 - 454,563 Investments 655,213 - - 655,213 Properties 251,909 - - 251,909 Restructure - 100,000 - 100,000 Revaluation Reserve 637 356,799 - 357,436 Restricted Funds - 6,014 - 6,014 ─────── ─────── ─────── ─────── 9,214,376 (4,851,943) (2,312,298) 2,050,135 ═══════ ═══════ ═══════ ═══════

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SNU TRUST


19 OPERATING LEASES LESSEE: At 30 April 2019 the Trust had commitments under non-cancellable operating leases as follows: 31 December 2019 2017 £ £

Fixtures, Fittings and Equipment: Not later than one year - 832

Later than one year and not later than five years - 1,664 ─────── ─────── - 2,496 ═══════ ═══════

LESSOR:

At 30 April 2019 the Trust had agreed commitments as a lessor under non-cancellable operating

leases to receive the receipts as follows: 31 December 2019 2017 £ £

Investment Properties: Not later than one year - 139,383

Later than one year and not later than five years - 425,100 Greater than five years - 255,725 ─────── ─────── - 820,208 ═══════ ═══════

20 RELATED PARTIES

A Scottish Charity was set up during 2012 called the Palmerston Trust. The Trust is a related party by virtue of having a common trustee, J. Handley (resigned 21 December 2018). There is an agreement in place whereby the investment property at Palmerston Place, which was purchased by the SNU Trust during 2012, is being rented out to the Palmerston Trust with a rental of £25,787 charged in the year (2017: £10,890). Rental income of £14,175 was received in the year ended 31 December 2017 (2017: £9,990) with £945 outstanding at the year end (2017: £900). Palmerston Trust recharged repairs expenses in relation to the property totalling £2,993 (2017: £4,090) to SNU Trust during the year. The total amount due from Palmerston Trust to SNU Trust at the year end was £945 (2017: £900). During the year, some members of the SNU Trust Board were part of the member churches who undertook transactions with the SNU Trust. All of these transactions were part of the normal activities of the Trust and were not influenced or controlled by those members of the Board. There are no other related party transactions.

21 POST BALANCE SHEET EVENTS

On 30 April 2019 all assets and liabilities were transferred to a newly formed incorporated charity, The Spiritualist’s National Union Trust (charity number 1182379) and the unincorporated Trust ceased operations from that date.

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SNU TRUST ANNUAL GENERAL MEETING 2018 SNU TRUST ANNUAL GENERAL MEETING 2018

62 63SNU TRUST FINANCESNU TRUST FINANCE

SNU TRUST ACCOUNTS Deposit Account 0.00% Instant Access

Investment Account 0.50% Instant Access

Regular Saver or 1.00% Monthly payments of £1 - £100

Regular Saver + 1.50% Monthly payments of £101 - £249

2.00% Monthly payments of £250 - £1,000

1-4-1 Fixed Rate Account 4.00% Invest £1,000 for 1 year (from 15.10.18)

1 Year Fixed Rate Deposit 1.00% Interest payable at end of term

2 Year Fixed Rate Deposit 2.00% Interest payable at end of term

1 Year Limited Edition Fixed Rate Deposit 2.00% Min Balance £50,000 (new money)



SNU TRUSTACCOUNTSDeposit Account 0.00% Instant AccessInvestment Account 0.50% Instant Access

Regular Saver or 1.00% Monthly payments of £1 - £100Regular Saver + 1.50% Monthly payments of £101 - £249 2.00% Monthly payments of £250 - £1,000

1-4-1 Fixed Rate Account 4.00% Invest £1,000 for 1 year (from 15.10.19)1 Year Fixed Rate Deposit 1.00% Interest payable at end of term2 Year Fixed Rate Deposit 2.00% Interest payable at end of term1 Year Limited Edition Fixed Rate Deposit 2.00% Min Balance £50,000 (new money)

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SNU TRUST


22 STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 December 2017 Unrestricted Restricted Total Total funds funds funds funds 2017 2017 2017 2016 £ £ £ £ Income: Donations - - - 102 Charitable activities: Interest on advances 42,725 - 42,725 47,795 Income from other trading activities: Management charges to SNU 34,598 - 34,598 30,757 Investments: Income from investments 170,951 - 170,951 185,589 Rental income from investment properties 154,040 - 154,040 153,950 ────── ────── ────── ────── Total income 402,304 - 402,304 419,193 ────── ────── ────── ────── Expenditure: Raising funds 54,409 - 54,409 50,357 Charitable activities 308,691 500 309,191 343,032 ────── ────── ────── ────── Total expenditure 363,100 500 363,600 393,389 ────── ────── ────── ────── Net income / (expenditure) for the year before investment gains 39,214 (500) 38,714 25,804 Net gains / (losses) on investments 577,340 - 577,340 (917) ────── ────── ────── ────── Net income for the year being net movement in funds 616,554 (500) 616,054 24,887 Reconciliation of funds: Total funds brought forward 1,427,567 6,514 1,434,081 1,409,194 ────── ────── ────── ────── Total funds carried forward 2,044,121 6,014 2,050,135 1,434,081 ══════ ══════ ══════ ══════



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STANDING ORDERS FOR GENERAL MEETINGSThe SNU Trust, as an effective charity, is accountable to members and the public in a way that is transparent and understandable. In order to do this the SNU Trust, through its committee of management, has adopted this policy based on the following principles:

GENERAL1. The business of general meetings shall be conducted in accordance with these Standing Orders.

On points of interpretation and in cases not provided for, the Chairman shall decide.

2. The order of business shall be as printed on the circulated agenda, unless otherwise decided bythe Chairman.

3. All printed minutes, reports and accounts shall be taken as read.

THE CHAIR4. The Chairman shall vacate the Chair if he wishes to take an active part of a controversial nature in

any proceedings.

RULES OF DEBATE5. A member desiring to speak shall rise in his place and await the Chairman’s leave to speak. He shall then

give his name and qualifications and, if a delegate or proxy for a delegate, the name of the Church or oth-er body which he represents, and state his business. If two or more members rise at the same time, leave to speak shall be given by the Chairman.

6. A member desiring to move next business shall rise in his place and say, ‘Mr Chairman, I move next business.’ If the motion is seconded, it will immediately be put to the vote. If passed, no further action will be taken on the matter in hand.

7. Except by leave of the Chairman no person other than the mover of a motion or amendment (who shall have the right of reply as provided below) shall speak more than once to any motion or amendment, except to explain a point in his own speech which has been misunderstood, in which case he must not introduce new matter.

8. The mover of a motion or amendment shall be allowed five minutes to introduce the motion or amend-ment and three minutes to reply at the end of the debate; other speakers shall be allowed three minutes. These times may be extended at the discretion of the Chairman.

9. A member desiring to move that the vote be taken on any motion or amendment shall rise in his place and say, ‘Mr Chairman, I move that the vote be taken.’ If the motion is seconded, it will immediately be put to the vote, provided that not less than two persons have spoken for and two against the motion or amendment or have been given the opportunity to do so. No person who has spoken on the motion or amendment may propose that the vote be taken. The mover shall have right of reply if the motion that the vote be taken is passed.

10. Points of order may be raised on questions of procedure, relevance or offensive language. A member who wishes to raise a point of order shall rise in his place, say, ‘Mr Chairman, on a point of order’ and await the Chairman’s leave to proceed; he shall then state his point briefly. No speeches shall be permitted but the Chairman shall give his ruling forthwith.

11. A member may by motion object to a ruling from the Chair. Such motion shall be in the form ‘That the Chairman’s ruling not be accepted’ and shall not be considered unless at least twelve members rise in their places to support it. No discussion shall be permitted, but before putting the motion the Chairman may explain the reasons for his ruling, including the authorities upon which it is based. Unless the motion is carried by a three-fourths majority of the members present and entitled to vote and voting the ruling shall stand.

MOTIONS12. Every motion other than one in the exact terms included in the circulated agenda or a formal or routine

motion shall be submitted in writing and signed by the mover and seconder and shall be read out by the Chairman both immediately after it is moved and again before it is put to the vote.

13. A motion on the circulated agenda, if not moved by the person who gave notice of it, may be moved by any member present.

14. The Chairman shall disallow a motion or an amendment which has not been included in the circulated agenda if in his judgement the subject matter is such that no vote ought to be taken thereon until notice has been given to the Committee or to all members. In deciding whether to disallow an amendment to a resolution proposed as a Special Resolution the Chairman shall consider whether it introduces significant considerations which could not reasonably be foreseen by members receiving notice of the meeting, and in case of doubt he shall disallow it.

15. A declaration by the Chairman that a motion has been lost or carried shall be conclusive unless challenged in accordance with Standing Order No. 10 before the meeting proceeds to the next business.

AMENDMENTS16. A motion may be amended by

(a) omitting words;(b) adding or inserting words;(c) striking out certain words and substituting others;(d) striking out all the words after the first (‘That’) and substituting others dealing with the samesubject.

17. An amendment must be relevant to the motion and not contradict it.

18. An amendment may be reconsidered by resolution of the meeting.

19. When amendments have been negatived the original motion shall be put.

20. When amendments have been agreed to, the original motion as amended shall be put as the substantive motion.

21. Formal corrections made necessary by amendments may be made by the Chairman.

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FORM OF PROXY

FOR ACCREDITED REPRESENTATIVESIf an Accredited Representative of a Member Church of the Spiritualists’ National Union Trust is unableto be present him, he may, in consultation with the Committee of his Church, appoint another member of his Church as his proxy, to use his Credential Card at the meeting.

The proxy should be in the form set out below and should be presented to the Credential Officer before the time fixed for the beginning of the meeting

I, ................................................................................................................................................

being an Accredited Member of the Trust, representing

..................................................................................................................................... Church

and being registered as such at the offices of the SNU Trust, hereby appoint:

...................................................................................................................................................

who is a full member of the said Church, as my proxy to attend and use my CredentialCard at the Annual General Meeting to be held at The Crowne Plaza Hotel, Congress Road, Glasgow G3 8QT on Friday 19th July 2019, and any adjustment thereof.

Signature .................................................................................................................................

SNU TRUST ANNUAL GENERAL MEETING 2018SNU TRUST ANNUAL GENERAL MEETING 2018

7071 SNU TRUST FINANCE SNU TRUST FINANCE

FORM OF PROXYFOR ACCREDITED REPRESENTATIVES

If an Accredited Representative of a Member Church of the Spiritualists’ National Union Trust is unable to be present himself, he may, in consultation with the Committee of his Church, appoint another member of his Church as his proxy, to use his Credential Card at the meeting.

The proxy should be in the form set out below and should be presented to the Credential Officer before the time fixed for the beginning of the meeting.

I, ................................................................................................................................................

being an Accredited Member of the Trust, representing

..................................................................................................................................... Church

and being registered as such at the offices of the SNU Trust, hereby appoint:

...................................................................................................................................................

who is a full member of the said Church, as my proxy to attend and use my Credential Card at the Annual General Meeting to be held at Cedar Court Hotel, Lindley Moor Road, Ainley Top, Elland, HD3 3RH on Friday 20th July 2018, and any adjustment thereof.

Signature .................................................................................................................................

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SNU TRUST ANNUAL GENERAL MEETING 2018 SNU TRUST ANNUAL GENERAL MEETING 2018

72 73SNU TRUST FINANCESNU TRUST FINANCE

TRUSTEESJOHN BLACKWOOD (CHAIRMAN) DEREK JONES (SECRETARY)0131 665 7944 02476 [email protected] [email protected]

JANET HANDLEY KEN SMITH01590 683310 01379 [email protected] [email protected]

TREVOR CRITCHLEY ALAN BAKER0207 733 6171 01329 [email protected] [email protected]

STAFFJULIE CROCKER [email protected]

LISA JOHNSON [email protected]

LESLEY GILBEY [email protected]

BURTON END LODGESTANSTED HALLSTANSTEDESSEXCM24 8UD

REGISTERED CHARITY: 276902 (England and Wales) SCO43897 (Scotland)

01279 814158

[email protected]

www.snutrust.co.uk



TRUSTEESJOHN BLACKWOOD (CHAIRMAN)01279 [email protected]

TREVOR CRITCHLEY0207 733 6171 [email protected]

DEREK JONES (SECRETARY)02476 [email protected]

KEN SMITH01379 [email protected]

ALAN BAKER01329 841152 [email protected]

STAFFJULIE [email protected]

LESLEY [email protected]

SNU TRUSTBurton End Lodge Stansted Hall Stansted Essex CM24 8UD

01279 814158 [email protected] www.snutrust.co.uk

REGISTERED CHARITY:276902 (England and Wales) SCO43897 (Scotland)

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HAVE YOUR SAY!

TRUST finance S

NU

THE SNU TRUST IS CHANGING

AND WE WANT YOUR OPINION

Everyone is welcome, member or non member, no need for a credential card its your chance to question our staff and trustees and share your views.

The Q&A will take place after our AGM meeting on Friday 19th July please join us from 7.30 for free drinks and refreshments.

Take part in our Q&A help shape your future!

www.snutrust.co.uk

*Please note this event will be filmed for use on our website

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NOTES



NOTES

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NOTES

67

TRUST finance S

NU

A Mutual Building Society for Churches

Burton End Lodge Stansted Hall, Stansted

Essex CM24 8UD

01279 814158 [email protected]

www.snutrust.co.uk

finance - SNU Trust

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