**REGISTERED CHARITY NUMBER: 1015793**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **FOR**
**CLC INTERNATIONAL (UK)**
Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA
**CLC INTERNATIONAL (UK)**
## **CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2024**
|||**Page**||
|---|---|---|---|
|**Reference and administrative details**||1||
|**Report of the trustees**|2|to|4|
|**Independent examiner's report**||5||
|**Statement of financial activities**||6||
|**Balance sheet**||7||
|**Notes to the financial statements**|8|to|15|
|**Detailed statement of financial activities**|16|to|17|
**CLC INTERNATIONAL (UK)**
## **REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 31 March 2024**
**TRUSTEES** J Watkins (Secretary) W MacKenzie (resigned 13.9.23) Mrs E Dowey W Owen (Chair) Mrs L Owen P Dalton H Lessous S L Banner (appointed 13.9.23) **PRINCIPAL ADDRESS** Unit 5 Glendale Avenue Sandycroft Deeside CH5 2QP **REGISTERED CHARITY** 1015793 **NUMBER INDEPENDENT EXAMINER** Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA
Page 1
## **CLC INTERNATIONAL (UK)**
## **REPORT OF THE TRUSTEES for the year ended 31 March 2024**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Charitable Activities**
Jesus said:
Very truly I tell you, whoever hears my word and believes him who sent me has eternal life and will not be judged but has crossed over from death to life. (John 5:24)
At CLC International (UK) we know Christian books, that faithfully present God's word, change lives!
Unlike many countries around the world, the UK is blessed to have fairly easy access to incredible Christian resources from a variety of publishers, and as Trustees of CLC International (UK) we seek to make Jesus Christ known by the use of such resources that are at our disposal.
With the financial legacy entrusted to us we support ministry which makes God's word known, that people across the nation will indeed hear the words of Jesus Christ, and thus come to a saving faith in Him.
Our principal and direct activity has been in recent years to financially support the great work of Kingsway CLC Trust, as they distribute God's word, both as a wholesaler, and an online retailer.
We believe the loans recently provided to them have sustained and helped develop this important and vital ministry, and we continue to trust the Lord as many thousands of Bibles, books and other resources, that testify to the truth of the gospel, the good news of Jesus Christ, are thankfully being distributed across this country and beyond.
We are happy that in the financial year 2023/24 we have been able to continue this work, and give our wholehearted thanks to the One who provides for all our needs.
## **Public benefit**
The trustees have had regard to Charity Commission guidance on public benefit and consider that the objectives, aims and achievements of the charity described in the report enable it to meet its duty to the Charity Commission as per section 17 of the Charities Act 2011, and to the benefit of the public.
## **Financial Support to CLC Members**
Where reserves are available in the Mission Fund, CLC provides financial support to some of its members. CLC is not under a legal obligation to make such payments, and such financial support that is received is not remuneration for voluntary services. The policy for dividing the Mission Fund amongst members is determined by the trustees.
Page 2
## **CLC INTERNATIONAL (UK)**
## **REPORT OF THE TRUSTEES for the year ended 31 March 2024**
## **FINANCIAL REVIEW**
## **Financial position**
Total resources expended include accommodation costs relating to properties owned by CLC and made available to volunteers to enable them to meet the obligations under the constitution of CLC. Accommodation costs include rent, rates and light and heat and the amounts paid by CLC for the members are disclosed separately in the financial statements. Some members also live in properties owned by CLC and no rents are charged. The accommodation arrangement is by permission of the trustees.
The financial accounts disclose that the total income for the year ended 31 March 2024 totalled £118,308 (2023: £111,423), an increase of £6,885. After taking into account direct and overhead trading costs, as well as grants and exceptional items, the charity made a net surplus of £26,010 (2023: net deficit of £19,711).
The trustees have revalued the properties based on current market conditions and the current state of properties to fair value at the balance sheet date. The last professional valuation of the properties was carried out in 2014. However, management have used online resources and informal talks with local agents to revalue the portfolio of properties and consider this to be a sufficiently accurate method for the purposes of valuation.
The unrestricted fund consists of the general fund and the revaluation fund and totalled £4,008,829 at the year end, an increase of £36,877.
The level of reserves is continually under review to ensure that adequate reserves are always available. The reserves at 31 March 2024 stood at £4,144,111, with freely available reserves deemed to stand at £4,008,829. This is to ensure that the Charity can meet its objectives, and the trustees are satisfied that on a fund for fund basis, CLC have sufficient assets to fulfil the obligations of the Charity.
The total restricted funds held at the balance sheet date totalled £135,282 (2023: £146,149), and the balance is restricted to the Mission Fund, as contributions to volunteers' living expenses.
The revaluation fund totalling £1,901,972 at 31 March 2024 (2023: £1,795,972) can only be realised upon the sale of properties to which it relates.
## **Going concern**
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
CLC International (UK) was founded in 1941 by way of a Trust Deed as an international and inter-denominational Charity.
## **Recruitment and appointment of new trustees**
There can be up to nine CLC trustees of which at least two must not be CLC members. Appointments are for a term of five years. New trustees are appointed by the existing trustees at a special meeting which may be called by the chair, or any two trustees, at any time on giving at least fourteen days notice.
## **Organisational structure**
All senior appointments are made by the trustees. Day to day management is under the control of the Leadership Team but clearly defined "major decisions" are the province of the trustees alone.
## **Risk Assessment**
The risks which might result in harm or injury to personnel or create situations that might threaten the day to day effective continuation of the CLC ministry are subject to review by the Leadership Team on behalf of the trustees. This is an on-going exercise with regular assessments undertaken to ensure risks are minimised.
Page 3
**CLC INTERNATIONAL (UK)**
## **REPORT OF THE TRUSTEES for the year ended 31 March 2024**
Approved by order of the board of trustees on 8 October 2024 and signed on its behalf by:
W Owen (Chair) - Trustee
Page 4
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CLC INTERNATIONAL (UK)**
## **Independent examiner's report to the trustees of CLC International (UK)**
I report to the charity trustees on my examination of the accounts of CLC International (UK) (the Trust) for the year ended 31 March 2024.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Paul Allan BSocSc FCA (Senior Statutory Auditor) The Institute of Chartered Accountants in England and Wales
Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA
8 October 2024
Page 5
## **CLC INTERNATIONAL (UK)**
## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
Other income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
Support costs
Distributions to members
**Total**
**NET INCOME/(EXPENDITURE)**
**Other recognised gains/(losses)**
Gains on revaluation of fixed assets
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
**310**
**29,162**
**51,221**
**80,693**
**149,816**
**-**
**149,816**
**(69,123)**
**106,000**
**36,877**
**3,971,952**
**4,008,829**|Restricted
funds
£
**37,615**
**-**
**-**
**37,615**
**-**
**48,482**
**48,482**
**(10,867)**
**-**
**(10,867)**
**146,149**
**135,282**|**2024**
**Total**
**funds**
**£**
**37,925**
**29,162**
**51,221**
**118,308**
**149,816**
**48,482**
**198,298**
**(79,990)**
**106,000**
**26,010**
**4,118,101**
**4,144,111**|2023
Total
funds
£
56,740
8,096
46,587
111,423
41,871
89,263
131,134
(19,711)
-
(19,711)
4,137,812
4,118,101|
|---|---|---|---|---|
The notes form part of these financial statements
Page 6
## **CLC INTERNATIONAL (UK)**
## **BALANCE SHEET 31 March 2024**
|Notes
**FIXED ASSETS**
Tangible assets
6
**CURRENT ASSETS**
Debtors
7
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
9
**NET ASSETS**
**FUNDS**
11
Unrestricted funds:
General fund
Revaluation fund
Restricted funds
**TOTAL FUNDS**|Unrestricted
funds
£
**3,089,449**
**908,980**
**30,609**
**939,589**
**(14,556)**
**925,033**
**4,014,482**
**(5,653)**
**4,008,829**|Restricted
funds
£
**-**
**-**
**135,282**
**135,282**
**-**
**135,282**
**135,282**
**-**
**135,282**|**2024**
**Total**
**funds**
**£**
**3,089,449**
**908,980**
**165,891**
**1,074,871**
**(14,556)**
**1,060,315**
**4,149,764**
**(5,653)**
**4,144,111**
**2,106,857**
**1,901,972**
**4,008,829**
**135,282**
**4,144,111**|2023
Total
funds
£
2,870,934
601,788
709,363
1,311,151
(47,928)
1,263,223
4,134,157
(16,056)
4,118,101
2,175,980
1,795,972
3,971,952
146,149
4,118,101|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 8 October 2024 and were signed on its behalf by:
W Owen (Chair) - Trustee
The notes form part of these financial statements
Page 7
**CLC INTERNATIONAL (UK)**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
The charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
## **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.
Donations, legacies and gifts are recognised when received or when CLC becomes legally entitled to them having been notified in writing of both the amount and settlement date. Donations are allocated specifically at the request of the donor, or to the general fund for volunteers. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either of those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution.
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.
Rental income is generated from properties previously held for housing volunteers in areas of the country that the charity no longer has any operations. Currently the charity does not consider the properties to be investment properties, but this may change in future years.
## **Government Grants**
Government grants are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis, exclusive of any VAT.
Expenditure which is directly attributable to specific activities has been included in these cost categories. Costs have been allocated to specific departments on a usage basis, as a result no further allocation of costs is required. There are no costs to be allocated to the cost of generating voluntary income.
Distributions to volunteers and centres are recognised on commitment to payment and are included in charitable expenditure. These costs have been included in charitable expenditure.
Governance costs includes all expenditure not directly related to the charitable activity. These costs include audit fees, conference, meetings and trustees costs and the allocation of establishment and office costs relating to the leadership, administration and finance offices.
continued...
Page 8
**CLC INTERNATIONAL (UK)**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024**
## **1. ACCOUNTING POLICIES - continued**
## **Expenditure**
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Fund accounting**
Unrestricted funds comprise of a general fund which can be used in accordance with the charitable objectives at the discretion of the trustees, and a revaluation fund which is realised and transferred to the general fund upon the sale of the revalued property or properties to which the fund relates.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. The mission fund is a restricted fund to provide financial support to CLC members that are in need.
## **Allocation and apportionment of costs**
In accordance with SORP FRS 102, governance costs have been included within support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating to statutory audit and legal fees together with the apportionment of overhead and support costs.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
- Long leasehold over period of lease - Improvements to property at varying rates on cost - Fixtures and fittings at varying rates on cost
The properties are included in the financial statements at fair value as at the balance sheet date. No depreciation is provided in respect of the freehold properties. This policy of non-depreciation, is, in the opinion of the trustees, necessary for the financial statements to give a true and fair view in accordance with applicable accounting standards as the properties are included in the financial statements at appropriate value. The properties will maintain a long useful economic life and high residual value through the policy of regular maintenance and repair (charges for which are recognised in the Statement of Financial Activities) such that the assets are kept to the previously assessed levels.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Personnel**
CLC distributes accommodation costs in respect of some of its non-paid members which are part of the establishment costs as summarised in the accounts. Distributions are restricted specific and general allocations from donations received by the CLC.
## **Operating leases**
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charges as incurred.
## **Realised gains and losses**
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on property sales are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.
## **Charitable activities**
continued...
Page 9
**CLC INTERNATIONAL (UK)**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024**
## **1. ACCOUNTING POLICIES - continued**
Costs of charitable activities include costs in connection with the sale of Bibles and Christian literature, governance costs and an apportionment of support costs as shown in note 8.
## **Trade and other debtors**
Trade and other debtors are recognised in the accounts are fair value on the date of the transaction. Impairments are recognised in the Statement of Financial Activities in the reporting period.
## **Trade and other creditors**
Trade and other creditors are recognised in the accounts are fair value on the date of the transaction. Impairments are recognised in the Statement of Financial Activities in the reporting period.
## **Contingent liabilities**
A contingent liability is identified and disclosed for those expenses resulting from:
-a possible obligation which will only be confirmed by the occurrence of one or more uncertain future events not wholly within the trustees' control; or
-a present obligation where settlement is either not considered probable; or
-the amount has not been communicated and therefore cannot be estimated reliably.
## **2. INVESTMENT INCOME**
|Deposit account interest
Interest due on loan|**2024**
**£**
**4,057**
**25,105**
**29,162**|2023
£
2,884
5,212
8,096|
|---|---|---|
## **3. OTHER INCOME**
|Profit/(loss) on disposal of fixed assets
Rental income|**2024**
**£**
**-**
**51,221**
**51,221**|2023
£
(5,376)
51,963
46,587|
|---|---|---|
continued...
Page 10
**CLC INTERNATIONAL (UK)**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024**
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
Other income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Support costs
Distributions to members
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
755
8,096
46,587
55,438
41,871
-
41,871
13,567
3,958,385
3,971,952|Restricted
funds
£
55,985
-
-
55,985
-
89,263
89,263
(33,278)
179,427
146,149|Total
funds
£
56,740
8,096
46,587
111,423
41,871
89,263
131,134
(19,711)
4,137,812
4,118,101|
|---|---|---|---|
continued...
Page 11
## **CLC INTERNATIONAL (UK)**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024**
## **6. TANGIBLE FIXED ASSETS**
|**COST OR VALUATION**
At 1 April 2023
Additions
Revaluations
At 31 March 2024
**DEPRECIATION**
At 1 April 2023
Charge for year
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023|Freehold
property
£
**2,798,000**
**108,538**
**106,000**
**3,012,538**
**-**
**-**
**-**
**3,012,538**
2,798,000|Long
leasehold
£
**101,554**
**-**
**-**
**101,554**
**31,044**
**8,673**
**39,717**
**61,837**
70,510|Improvements
to
property
£
**6,960**
**-**
**-**
**6,960**
**4,536**
**551**
**5,087**
**1,873**
2,424|Fixtures
and
fittings
£
**-**
**13,201**
**-**
**13,201**
**-**
**-**
**-**
**13,201**
-|Totals
£
**2,906,514**
**121,739**
**106,000**
**3,134,253**
**35,580**
**9,224**
**44,804**
**3,089,449**
2,870,934|
|---|---|---|---|---|---|
The historic cost of the freehold properties held at 31st March 2024 is £1,002,028 (2023: £1,002,028). The properties were last revalued professionally in 2014 by Howell Brooks, Chartered Surveyors. Two of the properties were revalued by the trustees in 2024.
## **7. DEBTORS**
|Amounts falling due within one year:
Other debtors and prepayments
VAT
Amounts falling due after more than one year:
Other debtors
Aggregate amounts|**2024**
**£**
**154,356**
**4,624**
**158,980**
**750,000**
**908,980**|2023
£
101,215
573
101,788
500,000
601,788|
|---|---|---|
continued...
Page 12
## **CLC INTERNATIONAL (UK)**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024**
|**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2024**
**£**
Bank loans and overdrafts (see note 10)
**10,198**
Trade creditors
**1,208**
Sundry creditors and accruals
**3,150**
**14,556**
**9.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
**2024**
**£**
Bank loans (see note 10)
**5,653**
**10.**
**LOANS**
An analysis of the maturity of loans is given below:
**2024**
**£**
Amounts falling due within one year on demand:
Bank loans
**10,198**
Amounts falling between one and two years:
Bank loans - 1-2 years
**5,653**
Amounts falling due between two and five years:
Bank loans - 2-5 years
**-**
**11.**
**MOVEMENT IN FUNDS**
Net
movement
At 1.4.23
in funds
£
£
**Unrestricted funds**
General fund
**2,175,980**
**(69,123)**
Revaluation fund
**1,795,972**
**106,000**
**3,971,952**
**36,877**
**Restricted funds**
Mission Fund
**146,149**
**(10,867)**
**TOTAL FUNDS**
**4,118,101**
**26,010**|2023
£
9,950
24,382
13,596
47,928
2023
£
16,056
2023
£
9,950
10,198
5,858
At
31.3.24
£
**2,106,857**
**1,901,972**
**4,008,829**
**135,282**
**4,144,111**|
|---|---|
continued...
Page 13
## **CLC INTERNATIONAL (UK)**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024**
## **11. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
**80,693**
**(149,816)**
Revaluation fund
**-**
**-**
**80,693**
**(149,816)**
**Restricted funds**
Mission Fund
**37,615**
**(48,482)**
**TOTAL FUNDS**
**118,308**
**(198,298)**
**Comparatives for movement in funds**
Net
movement
At 1.4.22
in funds
£
£
**Unrestricted funds**
General fund
2,121,754
13,567
Revaluation fund
1,836,631
-
3,958,385
13,567
**Restricted funds**
Mission Fund
179,427
(33,278)
**TOTAL FUNDS**
4,137,812
(19,711)
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
55,438
**Restricted funds**
Mission Fund
55,985
**TOTAL FUNDS**
111,423||Gains and
losses
£
**-**
**106,000**
**106,000**
**-**
**106,000**
Transfers
between
funds
£
40,659
(40,659)
-
-
-
Resources
expended
£
(41,871)
(89,263)
(131,134)|Movement
in funds
£
**(69,123)**
**106,000**
**36,877**
**(10,867)**
**26,010**
At
31.3.23
£
2,175,980
1,795,972
3,971,952
146,149
4,118,101
Movement
in funds
£
13,567
(33,278)
(19,711)|
|---|---|---|---|
The unrestricted funds of the Charity include the following designated funds:
**Fixed Asset Revaluation Fund 2024** 2023 **£** £
continued...
Page 14
**CLC INTERNATIONAL (UK)**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024**
## **11. MOVEMENT IN FUNDS - continued**
**----- Start of picture text -----**
Net funds at 1 April 2023 1,795,972 1,836,631
-
Revaluation during year 106,000
-
Realised loss on sale of properties (40,659)
Net funds at 31 March 2024 1,901,972 1,795,972
**----- End of picture text -----**
The restricted fund relates to the Mission Fund, which provides financial support to CLC members that are in need.
## **12. RELATED PARTY DISCLOSURES**
Kingsway CLC Trust is a related party due to mutual trustees. By an Asset Transfer Agreement on 1 August 2019, CLC transferred assets totalling £3,179,349 to Kingsway CLC Trust, a Charity Company limited by guarantee. Company No 1093879 and Charity Number 265612. During this process CLC transferred its wholesale and ecommerce divisions as well as its warehouse and offices in Sandycroft, warehouse stock, trade debtors and creditors. 32 CLC employees were transferred to Kingsway under the TUPE arrangement, with the remaining employees transferred during the year to 31 March 2022. During the year £15,000 (2023: £8,400) was charged to CLC for management charges and £nil (2023: £nil) was purchased from them. £100,000 was paid as a donation to Kingsway CLC Trust during the year to 31 March 2024 (2023: £nil).
As at 31 March 2024 £895,034 (2023: £590,000) in total was owed by Kingsway CLC Trust as a result of loans made during the year. Included in amounts due within one year, is an amount of £145,034 (2023: £90,000). This relates to a short term loan, repayable within one month of the year end.
Included in amounts due after more than one year is a long term loan to Kingsway CLC Trust of £750,000 (2023: £500,000). This loan is due to be repaid after twelve months and has interest of £25,105 (2023: £5,212) accruing at the Bank of England rate..
## **Key management personnel**
On 1 August 2019 all key personnel were transferred to Kingsway CLC Trust. Included in wages and salaries is the remuneration paid to key management personnel of the charity during the financial period with the total employment benefits including employer pension contributions being £nil (2023 : £nil).
## **13. GRANTS PAID TO INSTITUTIONS**
During the year, grants were made to the following institutions:
||**2024**
**£**|2023
£|
|---|---|---|
|Kingsway CLC Trust|**100,000**|-|
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