Christian Vision (a company limited by guarantee) RegiSte￿d Number 02842414 Charity Number 1031031 Report and Flnanclal Statements Year Ended 31 December 2021 Christian Vision (a company limited by guarantee) Report and financial statements forthe year ended 310ecember 2021 Contents Page Officers and advisors Trustees, report Trustees. responsibilili&s 17 Independent audllor's report 21 Consolidaled statement of flnanclal acllvllles 22 Consolidated balanGe Sheet 23 Charlly balance sheel 24 Consolidated ¢a$hflow Slalemenl 25 Notes lo the financial stalemenl8 Christian Vision (a company limited by guarantee) Officers and advisors for tho ygarended 31 Decgmber 2021 INTRODUCTION The Trustees, who are also directors of the charity for the purpDses of the Companies Act 2008, have pleasure in presenting their report and the audited financial slalements for the year ended 31 December 2021. The Trustees have adopted th8 provisions of the Slalemenl of Recommended Practice ISORPI "Accounllng and Reporting by Charitles" issued in 2020 in preparing the Annual Report and flnanclal statements of the chaTIty. REFERENCE AND ADMINISTRATION DETAILS Board of Dlroctors The Board of DireGlors who served during the year were.. Trustees Lord Edmi$lon Lady Edmiston I P Baker N D Culhbert M H Wattis Prlnclpal Offlc•r8 T G K Boxall A L Flynn O J Raper (until 131h May 20221 G Beckert O Malyukhov Operatlonal Dlrectorn B Scales Ifrom 181h May 20221 N Spicer Ifrom 18U) May 20221 S Cranney D Eslella O Malyukhov H Oldewage Secretary and roglstered offlce T G K Boxall, The Rock. International Drive, Solihull, Birmingham, 890 4WA Company Roglstratlon number Charlty number 02842414 1031031 Audltor BDO LLP, Two Snowhill, Birmingham. B4 6GA Sollcltors Pinsent Masons, 55 Colmore Row, Birmingham, B3 2FG Bankers Nalwesl Bank Plc, Vvest Bromwich Branch, 309 High Street. West Bromwich, We51 Midlands, B70 8LX Bank of Scotland, The Mound, Edinburgh, EH1 1YZ Investment Advlsors l.m. Properties Plc, The Gate, Inleinational Drive, Solihull, B90 4WA Brewin Dolphin Securities Limited, 12 Smithfield Street. London, EC1A 9BD Christian Vision (a company limited by guarantee) Trustees, report for the yearended 31 December 2021 STRUCTURE AND MANAGEMENT Christian Vision is a charitable company limited by guarantee and does not have any share capllal. The company was incorporated on 30 July 1993 and is governed by Memorandum and Articles of A55ocialion that were last amended on 18 June 2015. The Trustees are detailed on page 3. There have been no changes in Trustees either during the year or since the year end. Trustees may be appointed by Lord Edmislon, the Trustees from time lo Ilme or by the members by ordinary resolution. The Trustees are responsible for decisions related lo the strategic direclion of the charity together with those that relate lo exceptional financial or repulalional risk. The Trustees meet around four limes a year lo monitor the progress of the charily and liaise on material matters with one another and with the operational management in the Periods between meetings. Day lo day operatlonal management rests with the principal officers detailed on page 3 and senior personnel ltscated around the world. Thèy are responsible directly to the Trustees. Lord and Lady Edmislon operate as unremunerated Execullve Trustees meeting regularly with the Group's four Regional Dir8clors idenlif18d on page 3 and other key executives as relevant lo review operational mallers worldwid6, reporting ba¢k lo the olh8r Trustees. In February 2022, mlndful that the charity's impact continuos lo increase as the S Year Plan is oulworked. Heinz Oldew8ge was appointed as Managing Dlreclor ol Chrisllan Vision. The charlty is launchlng a 100 Nations projeGt, gearing up CV Resources, increasing prayer, broadening partner ne￿orkS, and exploring opportunities and Solutions using new leGhnology. The Trustees are anllcipatlng further growth In 2022 and are keen lo oplimize every opportunity lo follow momentum arbd increase pace. Thls appolnlmenl strengthens the Gharily'5 leadership, in¢reasos ¢apacity. and helps ensure wnlinuity. Two other Trustees together with the Finance Dir¢¢lor foirn an audit Gommillee lo $¢rulini$e and report baGk lo the Trustees as a whole on audit and related mallers and lo di$¢u$s any issues with the external auditor$. sn addition, the eommillee wlll dlrect and Inform the Board on th$ internal audit $¢ope, framework, and reporting, su¢h sGope lo Include review5ng adherence lo the Fln8n¢e Policy, Data Prol¢¢tion Policy, Safeguardlng Poll¢y and Risk Management Policy inter 81ia. The training and induction provided for new Trustees wlll depend on Ihelr exlsllng experience. Where necessary induction will provide training on charity. legal and flnanclal mallers as well as the Charlty's global pollcies and governance. Christian Vision holds interests in subsidiaries as detailed In note 6. 11 also makes donations lo overseas operatlon8 lo further the oblectives of the charity. Pay and remuneration for key per80nnel are reviewed by the Trustees annually in the light of inflation and other relevant factors. Charlty Governance Code The Trustees have considered the amended Governance Code for Larger Charities and decided not to adopt it. The Trustees have re-confirmed their commitment lo principles of good governance through the adoption of Declaration and Principles of Trustee Conduct which include a commitment lo good governance and lo act with integrity and confirmation that they undèrstancj their roles and legal responsibilities and have read and understood the Charity Commission's guidance The Essential Trustee {CC3). Christian Vision (a company limited by guarantee) Trustees. report for the year ended 31 December 2021 (continued) OBJECTIVES AND ACTIVITIES The obje¢lives of Christian Vision continue lo be.. The advancement of the Christian faith. The relief of the needy, aged, or siGk people. The advancement of Christian based education. Other charitable purposes beneficial lo the community with particular reference lo the promotion of good citizenship and moral values. Mlsslon Statement To introduce people lo J85us and encourage them to become His true followers., In short, "Introducing Jesus,. Encouraging Followers As a part of the global Church community, Christian Vision undertakes ils various activities to see impact in three key areas.. Introduclng pgople to Je8US We work lo introduce a million people to Jesus each day, through oplimised social media advertising and effoclNe gospel content, alongside On.1h￿groUnd and digital pior¢e8ring aclivilies. Moblllslng Chrlstlans to èvangglls• Our mobillsalion aclivllies equlp and mobillse Chrlslians lo evangelise. We provlde tralning, Community and dlsoipleshlp lo Chri51ians who are hesStanl lo share their faith and equip IoG31 churches lo GonneGI with those who are searchlng for answers onllne. R6sour¢lng th• Church wlth fme dlgltal Contont and knowlodgo Our desire is lo freely resource the Church, in all languages, with hlgh quality videos, digital asset5 and key learnirbgs that will enable churches and minislrles across the globe lo achieve lasting, exponential impact for Jesus. Out of Ihe9e focus areas, we provlde proven and effecllve platforms that.. Introduce people lo faith and hope found in Jesus. 2. Inspire, train, and equip Christians to share their faith. 3. Enable local churches lo Connect with people searching for answ&rs onlin6. 4. Provide free, high quality digital conlenl that churches and organisalions can download and share. 5. Share knowledge and learnlngs in dlgltal evangelism and mission. 6. Provide pioneellng prlnciples for large- $¢ale, on-lhe-ground mi$$ion work. Christian Vision (a company limited by guarantee) Trustees, report for the year endgd 31 Decgmbar 2021 (continued) R6sourclng tha Chureh with free digital content and knowledge {contlnuedl c.oft?ortATE AttTsyiYlf:$ tcv Resources tcv Tralnlng tcv Prayer CV Resourees Is an onllne IIDrary of fre?. downloafjablo hEgh quaiiryvlde05. dlglral ssets and key learnlngs to eoulp chui¢he5 and mln15trle5 ro reach more pwpie for Jgsu& CV 7rainino Is arj onlin• spac• lor cThurcNos an CV Prnyermoblllses 1¢4m5 vllhln CV. and miTrlsfry pannÉrs atross Ihg wori(J. io ¥niie In prayer. seek Sod% fa¢• and cul1￿?14 ¢eep reuance on hls Splrir )sw+ ¢oi1*cr￿01Y work ro rullll Ihe Greèr ¢ammis%ion. arn hiwi its r*#ch more people lor Jesus. Designtti ro In¢ièaseètlècriv¢ gvanoèiism Olobaiiy, ¢V Tralnino prtr4ia•s ffr￿ vl¢1 lossens from hlpThiy Skllll peopio across irioo and t•st•d motThous. NPI outreach yèSFSEl$ Is a glooal communit of four miiiion young aauiTS who ar• cnanglno tTh• ¢uirur• ol wanoo115m. yo5HEls oqulps Th• Naiionai pl0￿•1$ Inir14llvo (NPI> pallfigr$ Wllh1o¢ai ehur¢hts and piono•r$ 10 Imw¢r CV Ourrea¢h connects peoplewho encountgr wang+u511c contgnt onllne to o local church ¢r bellwor noar them, provlalng è briaa• erneen ihf onllD• nd oflllnoworld and avaluableopportunlty fo enoago In conveisauons aboui Jesus. conlld•niiy sharo l•sus wiin anyon• In th•irworld by provioing rhem wlin snareab wanoèiisilc vla•OS and Ihfou9h ¢ofN¢ntlonalan Olgliai Fvangp115m an¢ In Iho ostab115hmoni Or susiain•bi•, lo¢aliy-wn ¢hurtn•s, ana enall•ng• thom alon thèlr falin 5nwlng Joulnoy. For further up lo date information please consult our webslle, www.ev lobal.co Publlc Bèn•flt The trustees of the Charity are commilled lo provide public benefit through pursuing its objeclSve of changed lives whether this is materially, educationally, psychologically, or splrilually. Such benefll is continually monitored and evaluated, whilst those workin9 for the charity are encouraged lo find new and more effe¢llve ways of making this objective a reality. The Trustees confirm that they have referred lo the Charity commission's guidance on public benefit when reviewing the Inslilulion'8 aims and objectives and in planning future activities. ACHIEVEMENTS AND PERFORMANCE Christian Vision {CW 1$ a Christian evangelistic organisalion that seeks to share the message of Jesus ChrSst and encourage and enable Christians to share their faith with others. Christian Vision projects have also shown poslllve influences on the communities they impact, promoting racial unity, tolerance, servanlhood, and high ethical $tandards. CV has developed follow up services lo respond accordingly lo those engaging with us through our media channels. conne¢ling them with local churches and ministries, as appropriate. Christian Vision (a company limited by guarantee) Trustees, report forth6 year ended 31 December 2021 (contlnued) ACHIEVEMENTS AND PERFORMANCE (Continuèd) GV Rgsources & CV Tralnln These inilialives exist lo generously give away whal we are producing and18arning lo Churches everywhe￿. To that end, we now have over 45,000 chltrches signed up globally accessing our platforms with over 30,000 downloads and course completion8 occurring in 2021, which represent5 a 50Vo increase on the previous year. Some recent sujvey feedback provlded In$lght Into how Churches are using our resources which included.. $o¢ial media, online churches servlces, in-person gatherings and for direct evangelism within their communities. Through being open handed with what we have and know, our desire is that 8ven more peopl8 will be introduced lo Jesus and Cv's impaGI will go beyond our own direct reach and active involvement. CV Pra Throughout the Covld lockdown, CV Prayer played an important part in how CV Staff have supported ga¢h other. Prayer has always been considered foundational In everything CV does, and in September 2021 an Increased focus and involvement in CV Prayor was launched. A member of stsff in South Afrlca was tasked with tho 5P8cific role of broadening the Involvement of the team and also selling prayer themes lo facilitate greater partlcipation In supptsrting the CV Migslon globally. The objecllve being lo build further prayer partnerships around the world and also release prayer champions. In addillon, rnonlhly vldeos have been produced by various CV staff member5 and others, to add the necessary themed Gonlexl, biblic81 teaching, and inforrnalion about a particular focus for that month. Currently there are 13 rtsgional Prayer Champions in 14 CV offices, tssked lo unlte the team in prayer to seek God as we work collecllvely to fulfll the Great Commission. The dislributlon of the CV Prayer leller has also gr¢)wn from 698 10 875 reclpienls who receive it every month. NPI Pro ects 2021 Currently wo have NPI projects In elghl nallons and one en¢lave. Our eastern Ukraine NPI project was handed over lo local partners and plonetsrs reab50rbed. The project Is ending wllh great Impact in the current ¢Dnflicl zones in eastern Ukraine and a final report 18 belng produced. Al the Mid-Term point are our Venezuela, Sri-Lanka and Madagascar NPI projects. Despite the economi¢ and polilioal chaos of Venezuela, there has been great impact as Christian churches are united in helping meet people's spiritual needs. In Sri Lanka, a highllght has been the greal unity of 25 GhurGh denominations who are praying together in unity online despite being separated by Covid-19 reslriclions. Given the current economic and political Grisis engulfing Srl Lanka, our pioneers and ¢oordinators continue lo impact many lives despite the challenges. Short-lerm financial relief has been provided by CV to staff and contractors due to the ¢ollapse of the currency and surging inflation. Madagascar has seen great progress as thousands of people have been baptis¢d and given up animistic pr8¢1ices. Newly started NPI projects are in Nagorno-Karabakh, Armonia. and Uzbekistan and Tajikistan in Central Asia, also Bangladesh in South Asia. A highlight of these projects are church partners and ploneers working in unity and the rllany isolated and oppressed believers supported by these partnerships. Christian Vision (a company limited by guarantee) Trust&e8' roport for tho year gndgd 31 December 2021 (continued) NPI Pro'ects 2021 Continugd Collectively, the mission effectivenes8 impact of the NPI proje¢l$ for 2021 is as follows.. People Evangelised Believing Converts Fellowship Locations Allendees Meeting Pioneer Successors 287,616 166,935 16,357 651,192 9,236 1,113 2,231 2,997 Pastoral Replacements Sustainable Churches Baplised Believer8 e8HEIs 2021 for ygsHEis was all about growth of the multi.channel strategy and the launch of the 'Llfe on Mission, evangelism methodology. Followlng the successful re-boot of the yesHEls strategy In June 2020, from app only lo a mulll-channel moblllsallon strategy, 2021 was all about klck-starting growth. Ahead of the start of the year, teams were encouraged lo select one or ￿o'fOcuS channels. and lo work towards 10% month on month growth for these ehannels.11 was slow going al firsl with most teams registering 0.19A growth across most channels, but as the year progressed and teams got realive, we started lo see results. This reached a high point in October which saw most teams reach tho goal of 10Qh month on month growth. From 8 communlty slze pef$p•clive this saw our lolal community grow from 3,164,702 10 4.377,381 over a 12- month period. To support Ihls focus on growth a monthly reporting system was introduced to help and encourage teams lo slay locused on the goal. 2021 also Saw a key update lo Ih8'Life on Mission. messaging plan for yesHEls. Life on Misslon Is both the yesHEis positioning Slalement and ils core evangelism methodology. An audit of the yesHEis channels supported by team discussion identified that Ihere was confusion about what Llfe on Misslon was and how lo communi¢ale it lo the yesHEi6 community. As such a simplified and focused messaging framework was developed and tested In focus groups in Brazil, the Philippines and in Australia. The results were very encoLJraging and the new 'Life on Mission Pray, Connect, Respond, framework was introduced as the foundational evangelisrn methodology for yesHEis. The second half of 2021 saw the yesHEis website and social media channels all updated with the new mess8glng. rga Throughout 2021 and into 2022, CV Outreach has contsnued lo contribute lo Cv's organisational vision by onnecling thousands of people with que81ions about faith to caring church communities in thelr viclnily. A total of 2.389 church partners loc)k part in the CV Outreach initiative in the 2021 calendar year, generating more than 6.3 million visits lo various sites with spiritual content. 256,193 of these visitors responded with written messages to content encountered on these websites, and 60.4% of those responses were rouled lo a local church within a 20-mil2 radius of th8 responder. Where this local rouling wasn't possible, responses were distributed lo select in-counlry partners for follow-up. This activity a150 resulted in a lolal of 19,614 face-to-face meetings between partners and people with faith questions. Christian Vision (a company limited by guarantee) Trustees. report for th8 yoar ended 31 Decembgr 2021 (continued) Measurin mission gffectivene89 1. Introducing people lo Jesus. 2. Mobilising Christians to evangelise. 3. Resourcing the Church with free digital content and knowledge. In respect of these objeclives, In 2021 CV achleved the foll¢)wlng.' Objective 1.. 1.38 billion12020.' 1,65 billion) clear opportunities lo explore the message of faith in Christ were offered, leading to over 451 million being introduced Ic) Je$us12020.' 241 million) by engaging with GV conlenl presenting the Gospel message. This prompted 696k response812020'. 1.7 million) and many more conversations about Jesus in private messaging channels. The daily goal of1 million Introdu¢lions to Jesus was a¢hieved on 294 day$12020.' 54 days). That these r88ulls demonslrale a dramatic exponential increase in impact on the previous year is a reflection th81 éurlng the global Ctsvld-19 pandemic the opportunity lo present a rnes$age of hope Jesuschrisl, and the hunger for peopl8 everywher8 to 8ngage with this message, using digital platforms and other m8ans, has never been giealer. Objective 2.. In 2021 the mobillsallon community expanded lo multiple 59cial platforms, growing lo 4.6 milllon 12020.. 3.5ml, measurod by followers and subscribers on Facebook,YouTube,and Inslagram, as well a3 Usgrs of the ye8HEis app. Here Chrl8llans are Invlled lo ongag$ with in$piralion81 ¢onlenl and community dlseu$$ion$ lo inspire and equip them lo live 'Life on Mission,. The CV Outreach programme expanded lo 83 countrie$12020'. 681 where over 2,150 churehes12020.. 2,200) wer& involved in sharing the Gospel online through the enabling ol CV and connecting seekers directly with the church. This generated more than 6.3 million vislls lo various siles with spirilLJal conlenl and over 205,000 of these visitors 12020.. 186,0001 responded with written messages lo conlenl encountered on these websites, these response$ routed lo a local Ghurch within a 20-mile radius of the responder. Where this local rouling wasn't possible, respDn8es were distributed lo select in-counlry partners for follow.up. This a¢livily also resulted In a tolal of 19,600 face-lo-fa¢e meetings between partners and people with faith questions. Objective 3.. By the end of 2021, over 3,550 vldeos and training resour¢e$ (2020.. 2,0701 in 33 languages had been made freely available lo churches and ministries for download. In the year there were 14.300 sign-ups and registrations to use these resource5 12020.. 18,4001 resulting in 19,400 video downloads {2020.'17,800} and 10,100 completions of training conlenl. With ￿gard8 to our on-the-ground projects, in 2021 CV sUPPOrted over 250 Christian workers in 7 Gountries involved in missionary pioneering activities including evangelism. church planting and successor training. 2,400 new fellowship loGalions and 1,100 sustainable churches were formed. CV has continued to strengthen in-house capability for measuring, reporting, and analysing strategy execution for improved declsions and ouleomes. FUNDRAISING POLICY Section 162a of the Charities Act 2011 requires us to make a statement regarding fundraising activ11ies because we have an external audit. We do not undertake any fundraising activities. We do not use professional fundraisers or "commercial parlicipalors" or indeed any third parties lo solicit donations. We 8re therefore not subject lo any regulatory scheme or relevant codes of practice. nor have we received any complaints in relation to fundraising activities nor do we consider il necessary to design specific procedures lo monitor such activities. Christian Vision (a company limited by guarantee) Trustees, report for the year ended 310ecember 2021 {conlinued) FINANCIAL REVIEW The financial results of the charity's aclivllies are summarlsed on pages 2110 42. The surplus for the year amounted 10 £52.7m 12020- £22.78m). Total incorne was £48.9m {2020 - £36.8m), representing a 33Vo increase on the 2020 figure. Donations of £30m12020 - £19. 1ml were received during the year. Resources expended were £19.1 m, repiesenling a 40/0 increase from the 2020 ligure of £18.33m. In conGluslon, the year has seen an overall increase in the charity funds lo £455.6m12020- £402.9ml. Note 13 to the financial slalemenls details the movements on reserves. Wo have made the following signilicanl charitable contributions to other charities with similar objective8 during the year.. £66.700 Alpha International £727.394 Calvary Tample Indla £50.000 Chrisllans in Parliament £910,610 CV Middle East £142,953 Llghl Impact £36.140 Nya¢k Collego Christian disGipling initiative Ministry work al Calvary Temple Promotlng Ghrls118nlty In Perliament YHI P8rtners in Middl8 East Ukrainian proj8Ct promoting church social action Partnership Network ft)r Evangelism We hold flxed assets consisting of property and equipment Ihal are used to further our ¢harilable oblectlves. Details of all th8 acquisitions and disposals of fixed assets durlng the year are reGo¥ded in the notgs lo the financial Slalemenls. Investment Pollcy Investment of Chrisllan Vislon's funds is managed lo seek lo a¢hleve a target income return of in ex¢e$s of 4% a¢ross the whole property portfolio with proper regard lo the maintenance of real value with residual I vacant PO8sesslon values al or close to the pur¢ha$e pri¢e and as Gonslrained by the terms of the donations received. Expertlse wllhin the Board and advisors in the property secloi has guided Investment decisions and a yleld of 5.1% was achieved in 2021. This approach Is reviewed annually, and the investment portfolio Is regularly reviewed lo ensure that capital gains aro realised wh8re appropriate and that Income streams generated are both secure and durable. In 2021 tsyo properties were sold and one property was purchased. Durlng 2021, although one suitable property investment was bought in March, the properly investment market has been extremely competitive, with transactions typically being completed resulting in yields of only 3% or lower, especially for investments with strong tenant covenant. Although the charity has taken part in bidding in some cases, none has been successful and in taking a prudent approach. cash reserves have been maintained during the year, and been further enhanced by donations received. Post year end it is anlicipaled that five further pioperties will be acquired 81 Ihe end of June 2022. They cost c. £23.5m and are worth c, £74m, the balance being a donation lo the charity from IM Group. In addition, Brewin Dolphin Securilles are appointed to rnanage equily investments with a view lo producing an overall nel yield of approximately 50k. The return achieved during 2021 was 7%12020- 5.01 %). 10 Christian Vision (a company limited by guarantee) Trustees, report for the year andad 31 Dgcgmbor 2021 (continued) FINANCIAL REVIEW (continued) Reserves Poll¢y (fotal re8erve8 at the year-end are £455.612.079) The prinGipal donors have informed the Trustees of Christian Vision that they are to build, with the donations they have received and will continue to make, a substantial expendable endowment to help ensure the longer-term financial security of the eharily's activity. The Trustees aim lo achieve, 50 far as reasonably possible tsking a¢¢ounl of market circumstances al the lime of any inveslmenl and the investment policy described above. an income that Is sufficlenl lo meet On-going operational requirements. The Trustees are able, subject lo any consent required in line with the terms on which donations are recelved, to draw funds fiom expendable endowments lo meèt the operallonal needs of the charity should income received from investments not rneel oulgoings. The unrestricted fund5 of the group as of 31 December 2021 are £934,079 {2020 . £1, 110,469). Negative unreslrlrled funds In the charity represent funds transferred to other enlilies in the 9roup. The notes lo the accounts show the assets and liabllllles allrlbulable lo the varlous activities and funds of Chrlslian Vision. The nel a8sels at tha balar)ce sheet dale are sufflcienl to maintain and expand commitments in those areas where Christian Vision ha$ already estsblSshed Itself. Expansion of these activities lo other arga¥ will rgqulre furtherfundlng, The Charity therefore continues lo be grateful for the assistance given lo11 over the years and especially through the donation8 of l.m. Group Limited as well a8 the gift of lime given by volunteers. 11 Christian Vision (a company limited by guarantee) Trustees, report for the year ended 31 December 2021 {conlinuedJ Sertion 172 Statement All companies qualifying as large under the Companies Act 2006 are now required lo disclosa in their strategic report a 'Section 172111 Slalement" describing how directors have had regard lo the matters sel out in sections 17211 Ila) -lfj of the Companies Act 2006 when performing their duty under the section. Directors of a comp8ny musl act in the way they consider. in good faith. would be most likely lo promote the success of the company for the benefit of ils members as a whole. and in éoing so have regard (amongst other mallersl to.. (al the likely consequences of any decision in the long term., Ibl th& interests of th8 company's employees., Ic} the need to fos18r the company's business relationships with suppliers, customers. donors and others,. Idl the impact oflhe company's operations Dn the community and the environment.. lel the desirability of the company maintaining a reputation for high standards of business conduct,. and (fj the need to act fairly between members of the company, The following is a statement by the Trustees in performance of their statutory dutbes in aGcordanGe with 5172111 of the Companies AGI 2006. The 8oard ol Trustees of Christian Vision consider, both individually and logelher, that they have acted in the way they consider, in good faith, would be most likely lo Pfomote the suGGes$ of the company for the benefit of ils members as a whole (having regard lo the stakeholders and mallers set out In s172111 la-n of the AGI} in the decisions taken during the year ended 31 Oecember 2021. Christian Vision'$ misslon is focused on people- 'changed lives, people engaging people online or in persors through Impa¢t a Nation. The principal decisions taken by the Board during the year were.. l. AS the COVID pandemic contSnued throughout 2021 as a global organisalion. CV continued lo take advantage of recent office updates and the development of a worldwide technology standard which have tsnabled CV lo fa¢ilitale closer inleraclion with parln8rs and be￿een staff through dedicated Zoom meeting rooms, SlaGk messaging Ghannels, agile working practices and as59Gialed ¢ommuni¢alion8 initialive¥, reduclng the need for In-reglon or inlernatlonal travel. Bullding on these experiences and resources, the followlng acllons were t8ken lo ¢onllnue Ihe development of global vi81on and Idenllty, nolwithslandlng the widespread inability lo travel.. Vldeo messages from Cv's found6rs, enGouragemenl, appreciallon, and direction, Key leaders and emerging leaders from 8cross various reglons and roles invlted lo gather monthly via Zoom and particlpate in a series of leadershlp development teachings. dislrlbuled lo staff lo provlde 2. Responded to COVID re¢ommendation$ by Closing office8 and allowing staff lo work from home. No staff members were placed on furlough because of COVID reslriclions and. according lo a global survey ofslaff, Ihefe was an overall rise in productivity and personal wellbeing. To encourage staff in these chan9ed circumstances, s8v8ral inilialives were implemented.. Staff teams around the world wefe given support re health and safely in the workplace, including rolas lo keep numbers in offices lo a manageable flgure Iwhere this was permissible) as well as protocols around mask wearing, hand sanilisers, packed lunches (to minimise virus exposure in local 5hops1, desk booking facilities. When office-based WOTking was either impractical or against governrnenl advice staff teams were encouraged and facilitated to work from home safely. Regular country or region-based zoom prayer meetings. 'Who We Are, section with video footage of our Founders telling of the DNA of CV, the heart behind our strategies and hope for the future. This also allowed for the seamless atquisilion of new starter information. Each new member of staff had a per50nalised Program of Induction sent n advance of their slarl, with zoom meetings organised with the key players for their role. Once plans were established lo reluin lo the office in smaller numbers, teams came in together and occupied a floor each, and on a rotation where each person had days in the office a week. with their team, but alternating with all the other teams Icx), so that as soon a5 practical, they were able lo meet everyone, albeit socially di51anced. Remote working guidelines clearly sel up on corporate inlranel sile, ad-hoc and scheduled virtual social gatherings organised, country-specific Slack channels dedicated lo COVID updates. Increased advertising spending by reallocating the savings made because of restrictions on travel. The extra advertising spend was to enable our benefi¢iaries to have greater opportunity to hear about the Christian faith, which is Cv's primary objective. Supported by the extra marketing spend, Introduction to Jesus KPIS tolalled a record of 451 m over 2021. 12 Christian Vision (a company limited by guarantee) Trustees. report for tho year andgd 31 December 2021 (continuedj Sèction 172 Statement {continuedl 3. Continued the Implementation of the Fiv&Year Plan to outline the slralegi¢ direction and vision for the mid- term future. The Five-year Plan slralegically fo¢usses a¢livities on locolions in which there is greatest need and potential for greatest impact. Informed by a high-quality data sel that map8 pèople groups, languages and countries across the globe, the plan is driven by the needs of beneficiaries and enable$ u5 to track large scale mission impaol over lime. Staff have been engaged in the development of slral8gies to support the plan, with collaboration and shared learning encouraged. A concerted effort has been made to foster communication regarding the plan, supported by hlgh quallty communications materials. All team members can receive a daily update of dala showing how the charity is progressing again51 its three key objectives under this plan. They are also invited lo regular 'Dala Demystified global webinars where the data behind the aclivlties and decisions is clearly explained. with the intention of encouragement for staff and beller largeling of material lo need5 of beneficiaries. In 2022 a Data Literacy learning project has been launched to 50 staff members globally, with sliuclurod learning taking plac8 in June and July. The project Is designed lo improve the organisalion's data-informed decision making. 100 nations pioneers project launched in the global reglons In accordance wllh Oblecllve 1 of Introducing people lo a faSlh In Jesus. 5. With the Russian inva¥iorb of Ukraine in early 2022, the Board immediately look steps lo support the $laff team located in Klev, together with close family members. Thelr safely and welfare have been uppemost in our thinking and using Ihg UK Homes lor Ukraine scheme Coleshill Manor has been refurbished lo accommodate 65 Ukrainian refugees. Chrisllan Vlslon is working with Mosaic Church on this project and North Warwickshire Councll have helped guide the refurbishment and many Contractors have worked Ilrelessly lo get the accomrrtodalion prepared. The power of partnershlp in the whole exercise has been Ihrllling to witness and ¢nGe all the famille5 are safely sellled in the work will begin to help these Indlvlduals further. The sliatggy for continuing lo work in Easlorn Europe is being re-evaluated. This illustrates the way In whlch the Board has directed the charlty and considered the Impact of its decl$lon$ upon the dilferenl 5tgkeholder5 identified by s172 of the Act. Strgamllned energy and carbon reportlng The Charity Is commilled lo reducing the energy con8umplion and the carbon impa¢1 ol our operallons. This will require behavlour change, especially in reducing international travel by employing and encouraging the use of vldeo conferenclng, a$ has begun already, both prlor to and during the COVID-19 pandemiG. Nevertheless, the charity has identified that emissions are hard lo avoid entirely and a¢¢ordingly reports as follows on these for 2021 below. The Charity reports on all the Greenhouse Gas {GHGI emission 60ur¢e$ as required under the Stroamlined Energy and Carbon Reporting {SECRI legislation. The Charity ha6 followed the UK Government reporting guidelines, including the relevant conversion factors. pertaining to those assets which the Charity owns and for which il 15 responsible for the level of emissions Ilhereby excluding investment properties where the tenant will be responsible for reporting these}. K GHG emis5ion5 data 2021 2020 co tonne8 C02 urchased - Offi¢e accommodation 13.60 18.34 Intensi measurement lonnes C02 erem lo ee 0.66 0.92 Ener usa olal electrici consumed kwh 64,70 79,391 13 Chrlstian Vision (a company limited by guarantee) Trustges, raport tor the year ended 31 Docembor 2021 (Gonlinued) Rlsk Management The Bo8rd and senior management continually review the risks to which Christian Vision may be exposed. The objective of such reviews is to ensure that Christian Vision has the resources and systems that, under normal conditions. will allow these risks lo be miligaled lo an acceptable level in its day-lo-day operations. The Board have as8e8sed that the major risk$ lo which the charity is exposed include exchange rate fluGtualions, UK property market exposure and overseas se¢urity issues in some locations, such as eastern Ukraine. Su¢h risks have been mitigated where possible and are under ¢ontinual monitoring and review lo protect the charity and ils aGlivilie5. Key performance indicators CV assesses ils success using Key Performance Indicators IKPI81 commensurate wllh ils Mission Statement.. 'To introduce people lo Jesus and encourage them lo become His true followers a$ an expression of'Touch A Billion.. These are.. Reaoh., the number of people who are exposed to an opportunity lo be Introduced to Jesus. Introductions to Jesu8'. the number of people inlroduGed lo Jesus and Gospel message by engaging with Cv's online conlenl Ilhis represent8 the 'Touch' of Tou¢h a Billionl. Responses.. the number of people who engage in response eonversalions and chats. Mobili8ed.' the number of people and Ghurches engaged in evangelism using Cv's tools and resources. Conclu8lon, future plan$ and Golng Concern The charity int8nd81o conllnue exiendlng Its acllvilles into oth$r r¢gSon$ and languages. The Covld.19 pandemic began lo Impact on our work in Mar¢h 2020, with staff welfare oui prlorily and offices closed by the end of that month. To maintain 8ffeclive and efficlenl operallonal dellvery, we inv&sted In addlllonal IT Support and supplies. We also mad? some pragmatic adjustments lo our operational delivery in order lo align with the requirements of the UK government advice. We successfully held our Board meetings online, arranging additional se$5i0ns wher? necessary, and kept the Board fully briefed on the evolving po811ion, our response lo il and any emerglng potential i6sue8 and risks. With in¢reasing tralfiG volume online amongst our benefioiaries, the pandemic ha$ also been an opportunity for increased impact and our teams have 80ughl lo fully oplimi8e this possibility. Many staff have been worklng from home during the pandemic, and there have been relatively few instances of employee5 or family members becoming Infected. Less travel has occurred, and this may continue lo be reflected in the medium lo longer term also with more online rneelings. With travel r8slri¢lions significantly decreasing operational costs, we were able to increase our onllne marketing spendlng lo serve more users and increase impact in the digital spac8. Supported by the extra marketing spend, Introduction lo Jesus KPIS lolalled a record of 451 m over 2021. Overall, the charity's performance has helped tts maintain morale as staff have fell encouraged by improved impact. Work is continuing to identify the longeT-term effects, however until the exlenl of the overall impact of the outbreak is beller understood this is not fully possible. This woik will be closely monitored and updated including consideration of the financial impact in the 2022 year and beyond. Our first quarter 2022 oper8ting results were favourable, producing a mode81 surplus with the pandemic showing no sign of significantly affecting investment performance. The conflict in Ukraine and inflationary pressures throughout much of the world has depressed share investment values al the present time bul these and property tenant covenants are considered lo be resilient even in current conditions. Taking a prudent approach, the charity's investment in the Ukraine based charity has been 100Vo impaired due to the ongoing conflict. In addition, the Kiev building, and all other assets located there have been provided against 1000A. as there is still much un¢erlainty around ongoing operations and the realisable value of the assets were the decision taken to remove from Kiev completely. 14 Christian Vision (a company limited by guarantee) Trustees, report for the year ended 31 December 2021 {eontinued) Concluslon, futur8 plans and Golng Concem (Contlnued) Since Charitable activltles were already taking place online prlor to the pandefflic. to a significant extent the impact of the virus has presented a wonderful opportunity lo meet beneficiafies at their point of need, and this will continue. Offline aGtivities were not materially affected, and this should continue lo be the case. Investment strategy may be affected by an increased pace lo moving away from non-e8senlial retail lenanls, since il Is recogni$ed that the longer-term effect of the pandemic may well be lo accelerate the move towards online rather than high street shopping. Specific Covid-19 related risk and uncertainties include those which affect the eGonomy al a maGro level i.e., pace of vaccine roll outs and emergence of new COVID variants. 15 Christian Vision (a company limited by guarantee) Trustees. report for the year frnded 31 December 2021 (continued) Trustegs. rgsponsibllltles The Trustee5 are responsible for preparing the Strategic Report, the Annual Report, and the financial statements in a¢¢ordance with applicable law and regulations. Company law requires the Trustees lo prepare financial slalemenls for each flnancial year in accordance with United Kingdom Gènerally A¢cepled Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the Trustees musl not approve the financial statements unless they are sallsfied that they give a truè and fair view of the slate of affairs of the group and charity and of the incoming resour¢8s and application of resources. in¢luding the incorne and expenditure, of the group for that period. In preparlng these flnancial statements, the Trustees are required to.. select suitable accounllng policies and then apply them consislenlly., make judgements and estimates that are reasonable and prudent., slate whether appllcable UK Accounting Standard8 have been followed, subject lo any maleilal deparlures dlsclosad and explalned in the financial slalemenls.. and prepare the financial 51atemenls on the basis unless11 is Inapproprlale to presumg that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufflclenl lo shtsw and explain the charity's transactions and disclose with reasonable accuracy al any lime the linanclal posltion of the charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responslble for safeguarding the assets of the charlly and hence for taking ￿asOnable $leps for the prevention and detection of fraud and other irregularities. All of the current trustees have lakon all Ihg steps that they ought tc have taken to rnake themselves awafe of any information needed by the company's auditor for Ihg purpose of Ihelr audll and lo estsblish that the audllors are aware of that information. The trustees are not awaro of any relevant Informallon of whlch Ihe auditors are not awar&. Audltor The resolullon lo re-appoint BDO LLP as auditor wlll be proposed al the next Annual General Meellng. Slgned on behalf of the Tru$too$ M H Wattis Truste8 Dale oFloilaoi¥ 16 Christian Vision (a company limited by guarantee) Independent Audltorfs report TO THE MEMBERS OF CHRISTIAN VISION IA COMPANY LIMITED BY GUARANTEE) Opiriion on the financial statements In our oplnlon, the flnancial stalemenls.. give a true and fair view of the slate of Ihe Group's and of the Parent Charllable Company's affairs as al 31 December 2021 and of the Group's incoming resources and application of resources and the Parent Charitable Company's Incomlng resources and application of resources for the y8ar then ended., have been properly prepared in ac¢ordance with United Kingdom Generally Accepted Accounllng Pra¢llce', and have been prepared in accordance with the requirernents of the Companies Act 2006. We have audited the financial statements of Christian Vision I'lhe Parent Charilabla Company") and Its subsidlaries I'the Group'll for the year ended 31 December 2021 which comprise the Consolidated Statement of Flnanclal Aclivilies. the Consolidated and Parent Charitable Company Balance shoels, the Consolldaled Cash Flow Statement and notes to the financial statements, including a summary of Signiflcanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unlled Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financlal Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A¢¢epled Accounllng Praclico}. Ba81s for oplnlon We conducted Ouf audit in aecordanc6 with international Standards on Audlllng IUKI {ISAs {UKII and applicable law. Our responslbililies under those standards are further described in the Audltor's responsibllilies for the audlt of the financlal slalemenls seclion of our report, We believe that the audit evldence we have obtained is suff Icient and appropriate lo provide a basis for our opinion. IndgpgndenGo We remain independenl of the Group and the Parent Charllable Company in accordance wllh the ethical requlremenls that are relevant lo our audll of the linancial slalemenls in the UK, including the FRC'S ElhiGal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Con¢lu$lon8 r8lated to golng concarn In auditlng the financial slatemenls, we have concluded that the Truslee5' vse of the going concern basis of accounllng In the preparation of the financial statements is appropriate. Based on the work we have performed, we have nol identified any material uncertainties relating lo events or condillons that, individually or collecllvely may cast significant doubl on the Group and the Parent Charitable Company's abllily lo continue as a golng concern for a period of at least fv4elve months from when the financial statements are aulhorised for issue. Our responslbililles and the responslbilltles of the Trustees with respect lo going concem are rJe5Gribed in the relevant sections of this report. 17 Christian Vision (a company limited by guarantee) Indepgndent AUdit0￿S report (continued) Other infomiation The Trustees are responsible for the other information. The other information comprises the information included in the Trustees, Report, other than th8 financial statements and our auditor's report Ihereon. Our opinion on the financial slalemenls does not cover th8 other informatson and. except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the course of the audit. or otherwise appears lo be materially misstated. If we identify $uch material inGon51Stencies or apparent maleiial misslalemenls, we are required lo determine whether thi$ gives ri$e to a material misslaternent in the financial statements themselves. If, based on the work we have performed, we GonGlude that there is a material misstalemenl of this other infomialion, we are required lo reporl that fact. We have nothing lo report in th18 regard. Other Companle8 Act 2006 reportlng In our opinion, based on the work undertaken In the course of the audit.. the Informallon givgn in the Trustegs. Report, which Includes the Directors, Report and the Strategic report prepared for the purposes of Company Law, for the financial year for which the linanclal statements are prepared is consislenl with the fSnancial Slatorngnls., and the Strategic report and the Directors, Report. which are Included in the Trustees, rgport. have begn prepa￿d in accordance with applicable legal requirements. In the light of the knowledge and understanding Of the Group and thè Parenl Charitable Company and ils envlronmenl obtained in the course of the audit, we have not idenlilied material misslatemenl in the Strategic report or the Trustee's report. We have nolhlng to report in respect of the following mallers In relallon to whlch the Companies Act 2006 requires us lo report lo you if, in Ouf opinion., adequate accounting records have not been kept by the Parent Charitable Company, OT rolurns adequate for our audll have not been r$¢eiv¢d from branches not vislled by u5,. or the Parent Charitable Company flnanclal slalemenls are not in agreem&nl with the accounllng records and returns., or certain disclosures of Direclors, remunerallon speclfled by law are not made., or w$ hav& not received all the information and exp18nation8 we requlre for our audit. Respon8ibilltle8 of Trusteeo A$ explained more fully in the Trustees, respon5ibililies statement, the Trustees Iwho are also the directors ol the harilable company for the purposes of Company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for suGh internal conlrol as the Trustees determines is necessary lo enable the preparation of finanGial statements that are free from material misslatemenl, whether due lo fraud or error. In preparing the financial st8temenls, the Trustees are responsible for assessing the Group's and the Parent Charitable Company's abilily lo continue a5 a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of a¢¢ounling unless the Trustees either intend lo liquidate the Group or the Parent Charitable Company or lo ¢ease operations, or have no realistic allernalive but to do so. 18 Christian Vision (a company limited by guarantee) Independent Auditorfs report (contlnued) Audltor's rèsponsibilities for the audlt of the financlal Statements We have been appointed as auditor under the Companies Act 2006 8nd report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo oblaln reasonable assurance about whether the financi81 slalemenls as a whole are free from material misslalement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol assurance, bul Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a malerl81 mlsslalement when il exists. Misslatem8nls can arise from fraud or error and are considered material if. indivldu8lly or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basls of these financial statements. Exlenl to whKh the audit Was Q8pabl8 of d8t8cting irregulantifrs, including fraud Irregularilie5, including fraud, are instances of non-Gompliance wllh laws and regulallons. We design procedures in line with our responsibilities, outlined above, lo detect material misslatemenls in respect of irregulari118S, including fraud. The exlenl lo which our procedure$ are capable of deleoling irregularllles. Including fraud Is detailed below.. We made enqulrles of managgmenl, and the Audit Committee. This included Ihg following.. how they have idenlilied, evaluated and complied with laws and regulallons and whether they were aware of any instances of non-compliance., their process for delecling and responding to the risks offraud and whether they have knowledge of any aotual. suspe¢led or alleged fraud., and which internal controls have been oslablished lo millgale rlsk3 related lo fraud or non-compliance with laws and regulatlons. We obtained an understanding of the legal and regulatory frameworks that are appllcable lo the Clarity. These include, but are not limited lo, Companies Act 2006. UK GAAP, Chaillles SORP, employment law and data protection. Auditing standards limit the requir8d audit procedures to identlfy non-compllance wllh these laws and regulalSon8 to enquiry of the Trustees and management and inspection of regulatory and legal corresponden¢a if any. We considered managomenl's incentives and opportunities for fraudulent manipulation of the financial slatemenl$ Ilncluding revenue recognition and the risk of override of controls}, and determined that the principal risks wtrre related lo posting Inapprtsprlal& journal entries lo manipulate financi81 re8uII8 and rnanagement bias in accounting esllmales. Audlt rnspons• to rlsks Idontlflgd We reviewed the financial 8lalèment disclosures and sample lesled to sUPPOrting documentation lo assess ompliance with relevant laws and regulallons dlscussed above., We made enquiries of the Audit Committee and management- We reviewed minutes of meetings of those charged with governan¢e- We reviewed any Serious Incident Reports submilled", In addressing the risk of fraud through management overrlde of controls. we le8ted the approprialene¥s of journal entries and other adjuslmenls,. assessed whether thejudgemenls made in making accounting estimates are indicative of a potential blas,. considered completeness of related party Iransaclions,. and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business., and We challenged assumptions made by management in their significant accounting eslimales in particular in relation lo the assumptions related lo the valuation of investment properties. Christian Vision (a company limited by guarantee) Independent Auditor's report (continued) Our audit procedures were designed to respond to risks of material misslalemenl in the financial slatemenls. recognising that the risk of not deleeling a material misslatemenl due lo fraud is higher than the risk of not delecling one resultlng from error. as fraud may involve deliberate Goncealmenl by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non- compllance with laws and r&gulalions is from the events ?nd transactions reflected in the financial slalements, the less likely we are lo becom8 aware of it. A further description of our responsibilities for the audit of the financial 8talemenl$ is lotsaled al the Financial Reporting Council's I"FRC's"I website at.. hllps.'Ilwww.frG.org.uklaUd￿IorSresp0n5iblliI1e5. This description forms part of our auditor's report. U$e of our report This report is made solely lo the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies AGI 2006, Our audit work has been Ltndertaken so that we might slate lo the Charitable Company's member8 Iho¥e mallers we are required lo stale lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do nol accept or assume responsibility lo anyone olher than the Charilabltr Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinion$ we have formed. Kyla Belling811 (Senior S18tulory Auditor) for and on be17alf of BDO LLP, S18tulory Audllor Blm7ingham United Kingdom Dale 6 July 2022 BDO LLP is a limited liabilily partnershlp registered in England and Wale$ Iwllh reglslered number OC3051271. 20 Christian Vision (a company limited by guarantee) Consolidated statement of financial actlvltles for the year ended 31 December 2021 Ilncorporating an income and expenditure acGount} Unrestricted funds Expendable gndowments Total funds 2020 2021 Note InGome Donalions 30,000,000 30,000,000 19,100,000 Invaslmenl Income 18,938,244 18.938,244 17,666,053 Total Incom• 18,938,244 30,000,000 48.938.244 36,766,053 Expendlture on: Charitable acllvllles 19,114,634 19,114,634 18.326,004 Total expendlture 19,114,634 19,114,634 18,326,004 Not Incomelllossl before Invgstment galns 1176,3901 30,000.000 29,823,810 18,440,049 Nel galns on investments 22,864,745 22,864,746 4,344.433 Not movomont In funds 1176,390} 52,864,745 52,688,355 22,784,482 Rèconelllatlon of fund8 Tolgl funds brought forward 1,110,469 401,813,255 402,923.724 380,139,242 Total funds earrlgd forward 13 934.079 454,678,000 455,612.079 402,923,724 All disclosures relate only lo conllnuing operations. All re¢ogni5ed gains and losses are Included in the consolidated statement of financial aclivitles. The note5 on pages 25 to 42 form part of Ih8se financial statements. 21 Christian Vision (a company limited by guarantee) Consolidatgd balance sheet 31 DeGember 2021 Charlty reglstration number. 1031031 Company number: 02842414 Not8 2021 2021 2020 2020 Fixed assots Tangible assets Investments 9,291,303 337.661,228 10,488,827 301,897,364 346,942,531 312,386,191 Currènt 8$8gts Debtors Cash al bank and in hand 865,295 113,019,505 877,320 93,630,121 113.884,800 94,507,441 Credltors: amounts falllng du8 wlthln one year 15.216,2621 13.969,9081 Net current assets 108,e69,548 90,537,533 Total net Assets 14 455,612,079 402,923,724 Fund8 Expendable endowments Unreslricled general funds 13 13 454,678,000 934,079 401,813,255 1,110,469 Total Fund8 455,612.079 402,923,724 Approved by the board of Trustees on and signed on ils behalf by: M H Wattl$ Trustèè T G K Boxall Secrgtary The notes on page$ 25 10 42 form part of these financial statements. 22 Christian Vision {a company limited by guarantee) Charlty balance sheet 31 Docember 2021 Charity registratlon number: 1031031 Company number: 02842414 Note 2021 2021 2020 2020 Fixed as6et8 Tangible assets Investments 2,643,804 337,651.228 2,820.918 302,285,013 340,295,032 305,1 OS,931 Gurrgnt assets Debtors Cash al bank and In hand 607,972 102,546,995 667.695 85,230.316 103,154,967 85,898,011 Crèditor8: amounts falllng duo wlthin one yèar 14,446,642) {3,098,2761 N•t curr•nt 8880t8 98.708.325 82,799,735 Total net assets 439,003,357 387,905,666 Funds Expendable endowments Unreslrlcled general funds 13 13 454,678,000 115,674,643) 401,813,255 {13,907,589) Total Funds 439,003,357 387,905,666 Approved by th8 board of Trustees on and signed on ils behaSf by.. M H Wallis Trustee T G K Boxall Sècrotary The notes on pages 25 to 42 form part of these financial statements. 23 Christian Vision (a company limited by guarantee) Consolidated cash flow statemènt forthe year ended 31 December 2021 Note 2021 2021 2020 2020 Net cash (expended) by operatlng actlvitleg 12 (1.627,767) {4,055,8031 Cash flow$ from investing activities Payments lo acquire investment properties Movement In ¢ash in Investment portfolio Payments lo acqulre tanglble fixed assets Proceeds from sale of tangible fixed assets Proceeds from 8aSe of investment Properties Payments lo acqulre listed inveslmenls Investment Income 133,700,000) 124,1191 18,723) 1325,8901 15,862,048) 94.376 2,605,641 20,83S,000 83,123,881 124,827,888) 2,603,547 3.766.659 Net cash {usod 5nl I gonorated by Investlng actlvltle8 19,353,975) 57,634,412 C46h flows from flnanclng actlvliles Additions to &ndowmenl 30,000,000 N•t cash generated by flnan¢ing aGtivitie$ 30.000.000 Ngt change in cash and ca8h ¢quivalènt8 in the year 19.018,268 53,578,609 Cash and cash equivalents al beginning of year C88h and cash equivalents due to exchange rale movements 93,630,121 40,059,789 {179,445) 18,2771 Change in cash and cash equlvalents at the end of year 112,468,934 93.630,121 Cash and cash equlvalents at the end of year comprlse: Cash al bank and in hand 112.468.934 93,630,121 The notes on pages 25 to 42 form part of these financial statements. 24 Christian Vision (a company limited by guarantee) Notes to the flnanclal statements for the year ended 31 Decgmbgr 2021 AcGounting pollcles 8asFS of 8GGounling The financial statements have been prepared in accordance wllh Accounllng and Reportlng by Charities- Statement of Recornrnended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and thè Companie5 Act 2006, under the hisloriGal Gosl convention as modified by the revaluation of investment propertles. Basis ol consolid8tlon The consolidation financial statements include the income and expenditure and asset and liabilities of Christian Vision and its subsldiary undertakings. The results of the subsidiary undertakings are consolldaled on a line-by-line basis. The following overseas enlilies are considered lo be within the operational Gonlrol of the Charity. In accordanc8 with the SORP the chafily's accounts includo Ihgir results in full. Christian Vlsion LLU Ukrain8 & CVC LLU Ukralne INGO One Hope Ukraine Christian Vision Amerlcas Inc. Christian Vision North America Christian Vision South Africa CVC Network Limited CV Zambia CV Brazil Tangib18 fixed 8ssets Tangible fixed assets are slated al cost or valuallon less depreclallon. Depreciation 1$ provided to wTlte off the CO81 or valuation, less estimated residual value of all langlble flxed assets. except investment propertles, over their expected useful Ilves. 11 is calculated al the following rale8'. Freehold property Studio equipment and transmlllers Office equipment Motor vehicles Moblle apps 2.5% straight line 200A 25Oh straight line 250A straight line 25% straight Ilne 33.3% slraighl line Imp8im78nl of fixed sssels Impairment of asset value$ 1$ recognised in the accounts as soon as the trustees become aware that the carrying value of assets is over51aled when compared with their economic value. Investment properties Investment propertles, In accordance with FRS 102, are revalued annually lo open maTkel value Ifalr value) and no depreciation Is provided. Unrealised surpluses or deficits arising on revaluation of investment properties are shown in the Slatemtrnt of Financial Activitie8. Investments Inveslmenls are slated at thelr market value less provision for impairment. Any gains or108ses are taken to the Statement of Flnanclal A¢livilies. 25 Christian Vision (a company limited by guarantee) Notes to thg financlal statements for the year ended 31 December 2021 (continued) Accountlng pollcles (ctsnlinued) Income Incoming resources represents donations, amounts received under gift aid and rental income. nel of value added lax. Donaltons received for current and future rev8nue expenditure are trealod as income in the year in which Ih8y are recelved. Taxation recovered und@r gift aid is accounted for on a receivable basis. Investment Income, including rtsntal income, dividend income and bank interest, is aceounled for on an accruals basls. Expenditu All expendilure, other than that whiGh has been Gapitalised, Is inGluded In the Slalemenl ol FinanGial AGlivllies. Expenditure 1$ a¢¢ounled for on an aGGrual's basis. Resources expended includes all expenditure in¢urred in pursuance of the charllable objecllve8 of the charity Includlng projects. Indlrecl costs In respect of these have been Irealed as support costs. Cost 8PPOrtionmenl A proportion ol management and admlnislrallon expen8e8 are 811rlbuted lo cost of activities based on the lirne eslimaled lo be spent by the employees. Funds Restricted Funds are avallable for a specific purpose which have been allocated solely accoiding lo Ihe terms of eaGh grant. Operating18ases Annual rentals are ¢hargod lo tho Slaterngnt of Financial Activitigs on a slraight-line basi$ over the lerrn of the lea$e. Rental income, adjusted for tho gffecl of lease incentives, is recognised on a slraight-lino basi$ ovgr the lease term. Foreign currency Transactions denominated in foreign currencies are recorded al the actual rale of exGhange on the date of the Iransaclion. Monetary assets and liabilities denominated in foreign currencies at the year-end are acGounted for al the rates prevailing al the year end dale. Any gain or loss arising fiom a Ghange in the rates of exchange subsequent lo the dale of the transaction is included as an exchange gain or loss in the Statement of Financial Activities. Pension Gosts Conlribullons lo the Company's defined contribution pension schemes are charged to the Slalement of Finan¢ial A¢livilie$ in the year in which they become payable. 26 Christian Vision {a company limited by guarantee) Notes to the financial statements for the year ended 31 December 2021 (continuadj Accounting pollcles (¢ontinued) Liability Recognition Liabilities are recognised as soon as there is a legal or constructive obligation commilling Ihe Charity lo pay out resources. Trade debtors Al each reporting dale, trade debtors are assessed for recoverability. If there is any evidence of Impairment, the ¢arrying am¢unl of the debtor is reduced to ils recoverable amount. The impairment loss Is recognised immediately in the In¢ome statement. Golng Concern The Trustee Board has assessed the Golng Concern slalus of the charlly for a F)8riod of at least 12 months, from the signing of these accounts. In the short term, Chrisllan Vision hav8 c. £95m cash al bank al the time of signing these statements which Is enough lo cover 4 years, worth of activity. In addition, income streams are carefully monilored daily lo ensure timely collection of all amounts due. The Trustees recognise that there remains a degree of uncertainly because of the covld-19 pandemic and th8 war in Ukraine. Howev8r, after considering the level of reserves Icurrenl and projecledl. the diverslly of income stream5, steps taken lo miligale. including cost reductions. Tru8lees assess that the charity will continue lo provide its public benefit during the crisis period and beyond. They Ihereforg wnsider that il Is appropriate for the financial slalemenls lo be prepared on the going concern basi8, Taxation The company 15 a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Acctsrdingly, the company is potentially exempl from taxation in respect of incomg or ¢apilal gain$ wilhln categories covered by Chaptèr 3 of Part 11 of th8 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gain5 are 8pplied exclusively lo charitable purposes. No lax charge arose in the period. Judgements in 8pplylng accountlng pollcAes and key sources of esflmallon uncertalnty In preparing these financial stalemenls, the Trustees are required lo make judgernents, estimates and a55umplions about the carrying amounts of asse15 and liabilities than th81 are not readily apparent from other soui¢es. The eslimales and a¥socialed assumptions are based on hi$lori¢al experience and other fa¢lors Ihal are consirjered lo be relevant. Actual results may dffer from those eslimales and underlying assumptions are ntinually Teviewed. The following are Grilical judgements that the Trustees have made in thg proGess of applying the aGcounling policie5'. Determining whelher18ases entered into by the group. erther as a lessor or a lesse& are operating leases or finance 1oas8s. These decisions depend on an assessment ol whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease-by-lease basis. 27 Christian Vision (a company limited by guarantee) Notes to the flnanclal statements for the year ended 31 Decembgr 2021 (continued) Accountlng pollcles (continued) Judgements in applying accounling policies and key sources of estimation uncertainly {Gontinugd) other key sources of estimation uncertainty.. Tangible fixed assels Isee note 5}. Tangible fixed assets are depreciat8d over their useful lives taking into account residual values where appropria18. Th8 actual lives of these assets are assessed annually and may vary depending on a number of factor5. In assessing asset lives, factors such as life cycle and maintenance programmes are taken into account. Residual value assessments consider issue5 suGh as the remalning life of the asset and project disposal values. Inveslrnent properties (see note 61. These are valued by professionally qualifled 8uNeyors on the ba$5$ of open market value, which reprèsents the fair value. Listed Investments (see note 61. These are staled al fair value. Th8 fair value of investments are obtained al the balance sheet date based on net asset value readlly available from the investment manager. Foreign currency. Transaction8 denominated in foreign currencie8 are recorded al the actual rale of exchange on the dale of the transaction. Monetary assets and liabiliti&$ denomlnaled in forelgn currencSes al the year-end are a¢¢ournled for al the rates prevailing al the year-end date. Investment Income 2021 2020 Rental InGome Other inGome Interest and dividends receivable Over5ea5 undertaking inlefe51 re¢eived 14,552,459 619,125 3,740,019 26,841 14.026,478 1.036,028 2,560,108 43,439 18,938,244 17.666,053 28 00 r¢ CFJ tL £ J o) Christian Vision (a company limited by guarantee) Notes to thp financial statements for the year ended 31 December 2021 (continued) Analysls of staff costs. trustee remuneratlon and expenses and the cost of key management personnel 2021 2020 Staff costs include the following.. Wages and salaries So¢ial security costs Pension cost8 5,902,435 401,530 286,612 5.823,759 223,614 385,984 8,590,577 6,433,357 During the year,13 employees received remuneratltsn In excess of £60,000, Including benefits in kind12020- 111. These employees are in the followlng bands.. £ 60,001- £ 70,000 £ 70,001- £ 80,000 £ 80,001- £ 90,000 {2020 - 71 {2020 - 3} 12020- 11 There were 13 employees in the company's defined conlribullon pension scheme during the year who received remuneration in exces8 of £60.00012020 - 111. Conlributlons of £63.00512020 - £56,189) were mad8 in respe¢l of those employees during the year. The Iruslees re¢elved no emoluments 12020 - £Nill. One of the Irusle8$ 12020 - 1} received relmbufsed expenses, as permitted by tho governing document, of £5812020- £55} in respect of travel and subsistence. Relations lo the Trustees working within th8 charity received salaries lolalling £70,54312020 - £74,015) and CV paid expenses of £41912020 - expenses refunded lo CV were £1,205). The key management per$onn?l Gomprisg Ihe trustees and the prinGipal offiGers and 8enior personnel employed overseas whose employee bgnefi15 total £1,081,13112020- £1,050,467). The average number of employee8 of the group durSng the year was as follows.. 2021 Number 2020 Number Broadcaslingloperations staff Project support staff Management support staff 139 67 199 64 30 260 293 Christian Vision (a company limited by guarantee) Notes to th8 financial statements for the yoar ended 31 Dgcpmbor 2021 (continupd) Tangible fixed assets Freehold Property and long term lease Studlo and other equlpment Group Motor vohlGles Total Cost Al l Jenuary 2021 Additions Disposal$ Exchange movemen18 11,378,870 6,178 1199,4871 146,8211 3,607,689 291,009 1230,6021 173,6561 185.15f 28.703 122,7751 (2,8351 15.171.710 325,890 1452,8641 1123,3121 At 31 D8cemb8r 2021 11,138,740 3,594,440 188,244 14.921,424 Depreclatlon Al 1 January 2021 Charg6 Disposals Impairment provision Exchange movemenls 2,091,611 237,614 (91,1301 480,863 6S,517 2.445,399 450,714 1213,5761 69,708 {46,1941 145,873 15,855 {18,4301 4,682,883 704,183 1323.1361 550,571 15,620 13,7031 At 31 December 2021 2,784,475 2,706,051 139,595 5,630,121 Net book value At D•cemb•r 2021 8,354,265 888,389 48,649 9,291,303 At 31 December 2020 9,287.259 1,162,290 39,278 10,488,827 31 Christian Vision (a company limited by guarantee) Notes to the financial statements for the year ended 31 December 2021 (continued) Tangiblo fixed assets (continued) Freohold property and long term lease Studio and other equipment Total Charity Cost Al 1 JanuAry 2021 Addltions Disposals 2,614,333 731,332 29,581 3,345,865 29,581 At 31 D&cemb&r 2021 2,614,333 760.913 3.375,246 Depreciatlon Al 1 January 2021 Provided for the year Disposals 63.783 63.783 460.964 142,912 524.747 206,695 At 31 Doe•mbor 2021 127,566 603,878 731,442 Net book valuo At 31 Dgcembgr 2021 2,486,767 167,037 2,843,804 Al 31 December 2020 2,550,550 270,368 2,820,918 32 Christian Vision (a company limited by guarantee) Notes to the financial statements forthè yèar èndèd 31 Dèeember 2021 (continuéd) Fixed as$et investments Invgstment properties 2021 Listed investments 2021 Total 2021 Group and Charity Valuation at 1 January 2021 Additions Disposals Movemenl in cash held In inveslmanl portlollo Unrealised gain$ 256,015,000 33,700,000 119,100,000) 45,882,364 301,897,364 33,700,000 (19,100,000) 24,119 21,129,74S 24,119 6,304,745 14,825,000 Valuatlon at 31 December 2021 285,440,000 52,211,228 337,651,228 Inv¢5tmenl properties arg slated at open market values as al December 2021 as prgpared by JLL Inc who is member of the Royal Inslilule of Chartered Sutveyors. If land and buildings had not been revalued. they would havo bggn slated al their cost of £269,099,00012C120 - £254,499,000). Al 31 December 2021 and 2020, the charity had the following holdings constituting more than 5% af the listed investment portfolio. 2021 2020 Amount Equltlè8 1,220,000 Aviva 412,000 8HP Billlton PIC 1,067.700 BP 319,000 GlaxoSmilhKline 2,100.000 Legal & General 8,826,800 Lloyds Banking 500,000 National Grid 125,30D Rio Tinlo 235,000 Royal Dulch-shell 3,235,000 Vodafone S,006,880 9,061,940 3.528.749 5,125,054 6,247,500 4,219.210 5,299,000 6,129,676 3,812,640 3,631,611 3,967,440 7,931,000 2,720.500 4,280.980 5,590,200 3,216,486 4,325,000 6,853,910 2,959,590 3,912,409 52,062,260 45,757,515 In April 2022, a further £1 Om was invested in listed shares. 2021 Charlty At 1 January 2021 Impaiirnent 387,649 1387,6491 At 31 De¢ember 2021 The inveslment in the Kiev, Ukraine based charity has been impaired due lo the ongoing wnfli¢t. 33 Christian Vision (a company limited by guarantee) Notes to the financial statements for the year ended 31 December 2021 (continued) Fixed asset Investments (Gontinued) The charity had the following subsidiaries al the end of the year.. Country Df r•gl•trati ¢tsmp•ny number Niture of buslnesB Op¢r*tlTru surplusl Fund5 •t 31 December 2021 ¢•pital Twnover Fxpendl- turo £'oo t'OUD £￿00 Christian Vision North America Christian Med￿8 Dlslrfbutlon Christian Media Dlslrlbullon USA 100% 81-1512376 1.336 1.040 296 417 Christian Vision Brazll 8ra211 100% 30.453.805100 01-51 584 54 302 Christian Vision Zambia. Chrisllan Voice Zambla Christian Vislon LLU Ukraine, CVC LLU Ukraine and NGO One ope Ukraine Chri$118n Vlslon Amaric88 Inc. Chrislign 30116, 30114 M•di8 Distribution Zambla 100% 268 183 85 592 Chrfstlon Media Distribullon and mi58ion projecls Chrisllan Media Radlo Transmlsslon Chrisllan Media Distribution and mlssion projects Christian Media 75091607420 Distribution and mission projects 35529588, 35531576, 36593015 Ukraine 100% 1,113 869 244 885 USA 100% 65-0804512 4,237 2,114 2,123 6.271 Christian Vlsion South Africg South Afrlca 100% 200210106901 08 818 782 CVC Ne￿Ork Limited Australlo 100% 5,280 6,052 17921 7.906 The Charity also owns 1CKJYo ol the share capital of four domiant subsidlarfes regSstered In England. These arÈ.. Christian Voice Limited Icornpany no. 031945261, CVC Media SeNice Limited (company no. 026269191, CVC Asla Limited (company no. 031945211 and CV Europe (company no.123741331. The results of CV Eu¥ope are not shown as il is not yel in Use. The others above are not shown as they are in the process of being dissolvèd 8nd arè not significant lo the resu115 for the year. The Ukraine basgd 8ub8idiaries results have been consolidated In thase accounts, bul Iheir assets have bèen provided against 100V/a duè lo the ongoing uncertainties in the region. 34 Christian Vision (a company limited by guarantee) Notes to the flnancial statements forthe year ended 31 December 2021 (contlnued) Debtors Group 2021 Group 2020 Charity 2021 Charity 2020 Trade debtors Recoverable taxes Other debtors Prepayments and accrued in¢ome 110,194 52,434 40,940 661.727 136,848 63,989 69,470 e07.013 38.349 41.961 566,011 51,700 577,646 885,295 877.320 607,972 667,695 Credltors amount8 falllng due wlthln one year Group 2021 Group 2020 Charity 2021 Charlty 2020 Trade credllor$ Other taxation and soGlal security Other creditors Accruals and deferred Income 148,821 660,505 704,911 3,801,216 322,716 272,276 795.358 2,579.558 26,402 552,817 113,831 3,754,792 210,393 264,698 80,520 2,542,665 5.215,252 3,969,908 4,446,642 3,098,276 Deferred income relal8s lo rents and 8ale8 received in advance. The movement on the deferred Income account during the year was.. 2021 B8lan¢e at 1 January 2021 Amount$ relegsed in the year Amounts deferred in the year 1.776,461 (1.776,4611 2,990,530 Balance 8131 December 2021 2,990,530 35 Christian Vision (a company limited by guarantee) Notes to the financial stataments forthe yèar ended 31 December 2021 (continued) 9 Commitments under op•rating 1gase8 The group and charity had commllmenls under non-cancellable operating leases a5 sel out below.. 2021 Land and buildings 2021 2020 Land and buildlngs 2020 Equipment Equlpm•nt Operating leases whi¢h expire.. In one year In one lo years In two to five years In greater than 5 years 255,042 217,655 351.275 231 1,635 247,716 215,836 442,012 498 3,818 824,203 1,635 906,062 3,818 Durlng the year, £312.71312020 - £328,9201 was charged to the Slalemenl of Flnanclal Activity in respe¢l of operating leases payable. The group and charity had a lolal of future minlmum rentals receivable under non-cancellable rental agraement as $01 out below.. 2021 Land and bulldlngs 2020 Land and bullding8 Operating leases whl¢h expire.. In one year In one lo two years In lo five years In greater than 5 years 14,433.088 14,546,456 40,992,203 79,574,259 13,452,193 13,165.759 40,361,099 73,195,623 149,546,005 140.174,674 During the year, £14,104,41312020- £13.878,0221 ronlal Income was recelv$d in respeGI ofoperating leases receivable. 10 Capital Gommltments The Group had no capital commilm&nls at the 31 DeGember 2021 12020 - £Nil}. 36 Christian Vision {a company limited by guarantee) Notes to the tinancial statements for the year ended 31 December 2021 (continued) 11 Pgnsions The company operates a defined contribution pen8iOn scheme for certain employees. The assets of th8 schemes are held separately from those of the charity in an independently administered fund. The pensions charge represents ¢onlribulions pay8ble by the chaiity to the fund and amounted to £286.612 12020 £385.9841. There were no oulslanding or prepaid contributions al either the beginning or end of the financlal year. 12 ReconGlllatlon of net cash loutflowl from opèrating actlvlt1è8 2021 2020 Net income for the year Nel Igainl on investments Addition lo endowment Non.cash donation Depreciation and impairment of tangibl8 fixed a$$els Decrease In debtors Increase I (Decrease) In creditors Investment income Impairment of fixed assets Exchange movements on fixed 853915 Profil on dlsposal of flxed assets Foreign exchange gain on translation of cash and cash equlvalenls 52.688,355 122.864,7451 {30,QOO.0001 22,784.482 {4,344,4331 119,100,000) 850,491 3,092.892 {4,994.6971 {2,603,$471 704,183 12,025 1,245,344 {3,76e,6591 650,571 138,931 35,354 179,446 241,752 8.980 8,277 Nel cash (expended) from operating aclivlli88 (1,077,196) {4.055,8031 37 Christian Vislon (a company limited by guarantee) Notes to the financial statements for the year ended 31 December 2021 {continuedJ 13 Fund8 Group 2021 Charity 2021 unreStr￿16d fvnds Balance al 1 January 2021 Incomo Dislribulions Overheads 1.110,469 18,938,244 116,059.4071 13,055,227) (13,907,589} 18,629,627 117,843,897) 12,452,784) Balance at 31 Decembèr 2021 934,079 {15,674.643) Expendable endowments 8alanGe at 1 January 2021 Income Net galn on investment a$$els 401,813,255 30,000,000 22,864,745 401,813,255 30,000.000 22.864.745 Balanc8 At 31 Decfrmbfrr 2021 454,678,000 454,678,000 Group 2020 Charlty 2020 Unreslrlclad funds Balance at 1 January 2020 Income Distributions Overheads 1,770,420 17,666,053 {15,848,8941 12,477,110) {6,521,9181 17,052,858 {22,029,451) 12,409,078} Balance at 31 Dacèmber 2020 1,110.469 113,907,589) Expgndable 8ndowments Balance al 1 Jalluary 2020 Income Net gain on investment assets 378,368,822 19,100,000 4,344,433 378,368,822 19,100,000 4,344,433 Balance at 31 DeGember 2020 401,813,255 401,813,255 Expendable endowments represent funds and assets that have been donated on the basis that the donations in question may be retained as capital unless the donor agrees in writing that they may be expended. 38 Christian Vision (a company limited by guarantee) Notes to the financlal statements for the year ended 31 Decgmber 2021 (contlnued) 14 Analysls of group net assets between funds Expendabla Endowment Funds 2021 Unr6Strlctèd funds Total Funds balances at 31 December 2021 are represented by.. Tangible fixed a$$els Investments Nel eurrenl assets 9,291,303 337,651,228 107,735,469 9.291,303 337,651,228 108,669.548 934,079 934,079 454,678,000 455,612,079 Expendablg Endowment Fund$ 2020 Unrestrlcted funds Total Funds balances al 31 December 2021 are repre¥enled by.. Tangible fixed a$$els Investments Net current assets Llabllilies due after mole than one year 10,488,827 301.897,364 89,427,064 10,488,827 301,897,364 94,507.441 13,969.9081 5,080,377 13,969,908} 1,110,469 401,813.255 402,923,724 15 Retalned funds for thè flnanclal year No slalemenl of financial activities is presented for Christian Vision as permitted by the Companles Act 2006. The nel movement In funds for the year was a surplus of £51,097.691 12020 - £16,058,762). 2021 2020 Gross Income for the year for the charity was.. Unreslricled funds Expendable endowment 18,529,827 30,000,000 17,052,858 19,100,000 48,529,827 36,152,858 39 Christian Vision (a company limited by guarantee) Notes to the finaneial statements for the year endad 31 December 2021 (Contlnued) 16 Relatgd party transactions The following transactions have taken place with parties during the year. Lord Edmislon. a dlrector and trustee of the charlly, is the ultimate sole shareholder of the l.m. Group Limited. l.m. Group Companies made donations of £30.000,00012020 £19,100,0001 lo th$ charity during the year. International Motors Llmiled la subsidiary of l.m. Group Limiledl invoiced Christian Vision for £48,707 Ival inclusivel12020- £59,788) during the year al commercial rates for service5 rendered. Lady Edmi51on's brother Is employed by Ihe Ghafily's subsidiary CVC Netwoik and received lolal remuneration of £52.43512020 - £58,031). Rolaled travel expenses refunded lo CVC Netwoik were £nil12020 - £1,647). Lord Edmislon's granddaughter Is employed by Christian Vlslon and received total remuneration of £18.108 (2020- £16.0021. Related expen58s incurred by Christian Vlslon were £41912020 - £4421, The investment piopertie8 held In the b8lan¢e sheet are managed and valued by IM Properties PLC la 8ub$idiary of l.m. Group Limited). In 2020, IM Properties PLC donated £19,100,000 to the charity during the year which consisted of two properties in Blythe Valley Park. fhere was a management charge of £500,465 during the year {2020- £647,713}, based upon the value of the assets managed. IM Properties PLC invoiced Chri5tlan Vision for expense8 of £192,083 12020 - £202,248). In 2020 the charity also paid IM Properties PLC for its new office building I"The Rock'l £2.900.000, in¢luding £1,435.000 for a 999-year lease premium a$ agreed with the Charity Commission. Durlng the year, th¢ charily donated £20,00012020 - £20,000110 8nolh$r charity 'Cana Tru51' of which I P Baker was a Iruslee until 1 September 2020. Cana Trust exists lo promote tho Christian faith and does so by faGililatlng the minlstry of Nlck Culhbert (a Iruslee of Christian Vislonl and his wife Loi8 Culhberl. Variou5 expenses for trustees Incurred In the Ilne ol their duty were pald for or reimbursed as follow8.. 2021 2020 Lord Edmi3lon Lady Edmislon N Culhbert I P Baker M Waltls 58 55 40 Christian Vision (a company limited by guarantee) Notes to the financial statements for the year ended 31 December 2021 (continued) 17 Financial instruments The Group'5 and Company's flnancial instruments may be analysed 88 follows.. Group 2021 Charlty 2021 Group 2020 Charity 2020 Financial a88ets'. Financial assets measured al fair valu8 through profit or loss 52.211,228 52,211,228 45,882,364 45,882,364 Cash arsd cash equivalents 113,019,505 102,546.995 93,630.121 85,230,316 Financlal assets that are d8bl instruments measured al amortised ost 151,134 41,961 206,318 90,049 165,381,867 154,800,184 139,718.803 131,202,729 Flnanclal Ilabllltles Flnaneial Liabilities that ar& debt instruments moasured at amorllsed cost 4,654,746 3.893,82J 3,697.632 2,833,578 Flnanclal assets measLtred al falr value Ihrough profil 8nd loss ¢umprise fixed asset investments in a trading portfollo of listed company share8, which are valued at the quoted market prlce. Financial assets measured al amorlised cost comprise trade debtors and olhei debtors. Financial liabllltie8 measured at amorlised ¢051 Gompri88 trade creditors, olhei creditors, and accruals. 18 Subsequgnt event The Charity held 8 number of investments al 31 December 2021 al falr value. The investment value ha$ increased In the last 4 months despite the economic uncertainty due to the global Coronavirus pandemic and the conflict in Ukraine. In April 2022, a further £10m was invested in listed share8. The balance sheet fair values have not been adjusted. The table below eslimales the In¢rease in value as al the accounts signlng dale. Balancg sheet fair valuo as at 31 December 2021 Fair value asat 30 April 2022 Note Listed investments 52,211,228 67,355.672 Five properties al The Hub, Binmit)gh8m valued al c £74m are being acquired from IM Group post year end. Acquisition of the$e properties will be made partly from the charities funds of £23.5m, the remainder will be donated from IM Group. 41 Christian Vision (a company limited by guarantee) Notes to the financlal statements forthe year ended 31 December 2021 (continued) 19 Legal charges Fixed legal charges dated 21 December 2017 exist over Ihe18nd and buildings known as.. BSQ, Sealand Road, Chester., 202 Terminus Road17-11 Seaside Ride. Easlbourne,. G Park, Mollison Avenue, Enfield., North Wesl side of Ihts Friary, Lichfield., Ashburton Road Wesl, Trafford Park, Manchester., and 57 Gipsy Lane, Swindon, SN2 BDH. Thè combined value of these properties al year end was £123,565,000. Al the dale of signing and al 31 December 2021 there were no loans outstanding. 42