RegiSter•d numb•r: 02883771 Charfty numb•r5'. 1041237 nd SCO 38860 THE CHRISTIAN TRUST IA company Ilmlted by ouar•ntwl Annual Rèport and Flnancial Statgments For thg ygarfrnd•d 31 Do¢0m￿r 2020 THE CHRISTIAN TRUST {A company Ilmlted by guarantee) CONTENTS P4gg R•fertnc•and admlnknfrafv?d*al*cllhGhrt.11strustee5andatrthSth% 2-12 1ndyn￿taua￿*s 13-15 16 eMsc4thted Chority bAlaruJh2èt 17 con5￿￿￿at0d siatgmgntof cash kn¥s 19-44 THE CHRISTWN TRUST IA wnpamy Ilmitsd by guarant•el R•f•r•n¢* ind adminiBlrnfjv• dot•lls of charTrty. its trusts•s and idvls•rs For th• y•ir •nd•d 31 Do¢unb¢r 2020 MrDKl¢ro MrA J Tayhy Fhrs FG MrP J HorMt4n MrR Pook Compinyr•*tor•d Thufflb•r 02W771 Charftyr•gl*t*rtd 1041237 scoJ88fj0 IW Gran LA2 QHN ¢￿¥1•X¥cu￿& knwMdoh•lDir•si•r rP J Homt4n IndqpBnd•nl a4*Jtt zets A￿d*s￿C Fleet N￿R&#d L8ncÈ31er LAI 1GZ Ba￿￿or5 NatWestBArtkP PO Box 94 84 Ctyulth S￿•t casler LAI 1L6 B)rdays8ank p PO 804 6193 Bawngstoke HAnt> RG213RX HSBC B•r* 33 Tha Farnh Surr•y GV97 g0liBitLY¥ 054Utho￿ stvrton ar* &librAnd 16 Cayoè Parfrt Lancas LAI IYG THE CHRISTIAN TRUST IA company limited by guarantee} Dlrectors. R•port {Includlng Stratgglc Report) for the purposos of section 417 of tho Companie5 Act 2006 and Trustee5' Annual Report for the purpos•s of Part 8 of th• Chariti•s Act 2011 for thg year •nd¢d 31 Do¢&mbor 2020. The trustees (WFK) are also dlrectors of the ¢harity for the wrposes ol the Companies Acl} prttsent their annual report Icqether with the audited financial Statements of The Christian Trust (the tharity) for 1 January 2020 10 31 December 2020. The trustees confirm that the annual r8port and financial stalernenls of the chailly and the group comply with tha current statutory requiiements, th8 r8quirem8nts of the charity and the gTOUP'S goveming document and the provisions of the Statement of Recomm8ndéd Practic8 ISORPI. Accounting ènd Rèporting by Chariti&s' affective 1 January 2015. The charlty also tradeg under th8 nam8 Ellel Mini81ri89. The charity and Ihe group operate out of the following UK centres.. Ellel Grange Bay Horse Telephone Fax Email 01524 751651 01524 751738 info@graroe.e1181.org Lantsastsr QHN Glyndley Manor Stone Cross Pevensoy Sussex BN24 5BS Telephone 01323 440440 01323 440877 inlo@glyndley.ellel.org E-mail Ellel Plerrepont Frensham Farnham Surrey GU10 3DL Td8phone Fax E-mail 01252 794060 01252 794039 info@pier￿ponI.e1lel.Org BlaiTmore House Glass Hunlly Aberdeenshi AB54 4XH Telephone Fax E.mail 01466 799102 01466 700205 info scotland.ellel.org.uk Ellel Ireland Tonyt)ull Canningstown Coolehill County Cavan Republic of Ir•land Tèlephone F-mail + 353 0877 406 746 info.ir8land@ell81.org Information can also bg obtained from the charity's website www.ellel.org. Obl•ctlv•s and Actlvltlos Obloctlves of the charltabl• company The Christian Trust was established as a rggistered charity in 1977 and incorporated as a c¢ynpany in THE CHRISTIAN TRUST IA company Ilmlted by guarantee) Dlrectors. Report {including Strategic R•portl for the purpo$95 Of section 417 of the Companies A¢t 2006 and Trust袥' Annual Roport for the purposes ol Part 8 of ¢he Charftlfrs Act 2011 for the ygar gnded 31 Docamb•r 2020. 1993. The Christian Twsl operates as Ellèl MinislrTes and L8 a nOr￿denomInalK)naI Christi8n Mission oryanisalion with a vision to resource and equip the Church by providing training a￿1 personal minlsty in Christian healing and disCip￿ShIp. Ml$sl¢n statement The mission of the trust is to fulfill this vision throughout the world, as God opens the doors, in accordance wrth the Great Commission of Jesus and the Calling of th8 Church to proclaim th8 Klngdom of God by preaching th• good news, healing the broken-hearted and setttng the capts'ves frea. The trust is therefore. commrtted lo evang8lism. healing, deliverance. disopleship, and training. The Board of The Christian Trust Is supported ty the Execulfve Leadership. Prin¢lpal actlvltlos and main objectO¥•$ The Christian Trust offars, wilhoutcharge, opportunlties for personal prayer by holdlng healing servi¢e5, running healing retroats and through personal appointm&nts. The help received enablgs individuals to overcome spiritual. emotional. and sometimès physical woblams and dlfficulligs in their IIv88 and enab￿S them to have more produ¢live and fuffilled lives. The trust equips others by offering training in Christian healing and discipleshSp through conferences. short courses, longer term programs and through the kyoduction and distribution of teachlng material {tapes. CD'S, DVD'S, and Books.> The trainlng offeied equips individuals and the Church in how to pray lor and help others. The main objective of the Trust is lo continue lo help peopk by offering prayer ministry and training i Its established UK and overseas Centres and lo d8v•lop the work $0 as lo offer simllar opportunit￿S for prayèr ministy and training in other Regions an(J Countries of the worfd. The trust has refarr$d lo the guidancg on public bgnefil provlded by the Charty Commission when reviewing ils obl￿tIveS and planning future a¢ttviti&s. other than the prlmary objectives ol the Charity and the meang of fulftlling these objectives detailed in our Principal Activili&s, 2020 saw a svJnifKant impact on all of our physical contrg-based operations from mid￿arCh onwards due to tha Covid-19 pand8mr which effectively forced a total shuidown until we w8r• slowty able to commence reopening from mi¢J-July in line govemment guidance. Further porio¢Js of reStrict￿n followed during tho Autumn, culminating in a second national lockd¢)wn as the year came to an end. As a result, wa sought to d8velop further opportunltles ICY teaching and ministry online lo reach those who have benefrted from the mlnislry or a5 a result of lockdown were desperate for any sort of spiritual input. We restsrted many of our physical residential events from m£d-May 2021 onwards Including Creativlty fo¢us$ed events, Flagship and Explor•. These hav9 provèd to bg successful. While this report Is corre¢dy focussed on the UK Registered Charity. it shoukl be nol8d that the number of ￿￿nt￿O$ Ithich are now requesting help in establishing their own t8aching and ministry centre under the Ellel Ministries umbrelLI is increasing. A robust structurg of Regional Dlreclors has been established in c¢d8r to support and monitor these many financially independent operations. Additionalty. strenuous efforts continue lo be mad& ff) expanding the range ol tr￿￿ks published by Sovèreign World Ltd, whi¢h will help faolitale the wcyk of all the centres. maklng it èasier for Ihe THE CHRISTIAN TRUST {A company Ilmltad by guarants81 Dlr9Gtors' Roport Iln¢luding Stratg9l¢ R•portl for tho purposes ol $•¢tion 417 of th• Compani•s Act 2006 and Trust••s' Annual R•port for th• purpos•s of Part 8 01 th• Charltl•s Act 2011 for the year ended 31 December 2020. overseas centres to develop their work with adequate training malerials. Four new books were succassfulty published in 2020 induding the fin81 two titles in the Joumey to Freedom serie5, God Plan for My Hoalin9 and 'My Life in God's Hands,. We were also very 9x¢lted to flnally bo able to publlsh Fiona Horrobin's excellènt and highly a¢ck8imed new b(x* 'Healin9 Through Creativity. in time lor Christmas. Normally, course programmes. attendance, adgquale and effeclwe 818ffing, and the finances of the mlnlsty are the most useful measures for determining the ongoing health of the Charity, work. wrth respect to ouroperational activities our primary aims, and objectivès ramain unchanggd. Howovgr, the Trustees are keen to flnd ways of redudng the existlng mortgage borrowlngs for our cenlres so that mor8 of our incomlng funds vlll be avaiL8ble for malnlenance of th& faciltties which ar8 SO vttal to th8 nning ol th8 work. The Chapel which stands in the gr￿n￿9 of Ellel Grange has been defelict ever since the propety w8S acquired by the Charity in 1986. The Trustees have detemiined that strenuous efforts must now be made lo restore the building before further dereliction occurs. Accordiroly, new p￿nn1Th3 pemii5SlOll has be8n obtsin8d for the r8storatFon of th8 building as an additional meeting and worship venue and fvnd-r8lsing campaign for thls purpose wlll hopefvlty be Inhbaled In 2022. During th8 year th8 Trustees becam8 aware of a proposed development on land surrounding Ellel Grang8 of 8 major new vlllagè under the name Ellel Gard8ns {vMw.ellèl ardèn3.coml. The Inllial plans included development on land that according to the deeds of the Eljel Grange propety was view protected. Legal heW was required in order to confirm our rights in this respect and the appropriate Land Re9iStry records were updated lo ensure that Ellel Grange is permanently protected Bnd that no buildings Gan be constructed which would obstruct the views from Ellel Grange either lo the front or Ihe rear Df th8 propety. Whilst no planning application was put forward fr)r considèration by Lancast8r Cty Council during 2020, activity hag Subsequently restsrted and will be rep￿ted on in the 2021 report. Public benefit The trustees have had regard lo the Charity Commission s guidance on publ￿ beneffit The events organis8d and the serV￿8S offered by charity are open to anyone upon the undèrstanding th31 the leaching and pray9r ministy offarad lo them will be Christian. The programme of events organised are advertised on the website www.ellel.org. Through the application of teaching and Christian prayèr ministry. individuals struggling with a variety of problgms arè hèlpbd to undèrstand trhe roots of th¢sg problems and deal effectively with them so as to bo ablg tg live a mry¢ ￿￿illed lrfe. Equal access to the ministy is important to the trustees. The trust continues as far as possib￿ to only ¢hargg for ta8ching Courses whilst Continuing to make personal rninisty available free lo the public regardless of rac8, gender, disability, LY sexual orientation, retying on donations to fund this aciwity. The trust relies ffi donations from partirypanls, supporters, and sponsors lo cover the costs of Healing Retreats for which no charge is made. Through significant donations re￿Ved from supporters a fijlly functional Ilft is in place at the Glyndley Manor $it9 giving good quality disabled access. Through Irain#ig courses and longer-lem) programs attendees are taught how to minister and brin9 help aftd hoaling lo those struggling wth issues in their liv8s by the application of Biblie81 IrErth. Delegates al Ellel Minislrigs ¥vonts in¢ludg Pastors, missionarios, m&mbgrs of Church minislry tgams THE CHRISTIAN TRUST (A company Ilmltad by guarantsél Dlrg¢tgr8' Report {includlng Strat•gl¢ R•ptsrtl for the PurpO￿S of section 417 of the Companl•s Act 2006 and Trustees. Annual Rèport for the purposes of Part 8 of the Chariti•8 Act 2011 for th• year ended 31 December 2020. and individuals seeking training in th8 Christian healing ministy. Thg Tru51 sponsors a numbor of delegates from d•voloping countrtes on longer programs. Feedback Iwdtten and vèrbal) from people who hav8 been helped by the Charity confirnis that tha work of the Charity is positivgly impacting individual's lives. The majority of those comlng for help do $0 8S direct result of personal reComMenda￿Dn by someone previously helped by the work of the Ch8rity. Wisitors from overseas. including many third world nations, tell that what ihe Charity offers in tho UK is desparatety needed in their own Ctyjnty. The trust receives many invitstions lo brlng the work of the Charity to other ¢ountries. The Trustees of Thè Christian Trust believe that they have compliad the duty in secllon 17 of the Charili8s Act 2011 to have due regard to Ihg public benefit guidance publSshed by the Charity Ccrfnmisskjn. Our support•rs and volunt•ors ¢ontrfbu¢lon Th8 prayers and gifts of supporters, whlch frxm a significant part of th& Income of the ITUSI. aro grgally appreciated and are vitsl for conttnuiThJ the work. In accordance wilh the original vision, no charge is made for personal ministy as many who come would ba unable to pay for the personal attention they raceive. Th8 fees charged for training courses atyj longef programs ara also kept lo a minimum to ensure that they are accesslble lo as many people as possible- the fees bar8ly covgrthe real ¢ost, and the trust is therefor8 d8p8nd•nt on donation incorne to makg up the difference. The work of the Trust is carried out by both full and part time teBms amounting to around 130 people in the UK and well over 350 worfd.wide. Th8 Trust does not pay 'comm9r(aal salaries, but op8rateS 8 system of discrotionary alk)wance5. Some ol the full-time team who have alternatsve means of income choose not to tak8 these allowances. Thg work is fvrther supported by over 400 volunteer rninislry team members who minister to p80tye on healing ratrg01$, mlnlslry appointsnenls and during ministry times on training courses and longer-temi PTograms. The amount of time that volunteers make themselv8s available lo help in the work of the Trust d8p8nds on Iheir individual circumstances and can vary from a few hours a month to as much os four days a W￿k. The Trustees greatly value every member 01 the fijll. part4ime, and volunteer teams, apprecialFng their commitment lo the work of the ministy and thank God for every m8mb&r of the team, induding thoso who hav8 s8Th8d in tho past and have now moved on to olhor work. The Irustees look forward to continuing this valuable w¢yk and ministy und¥r GcKf5 guidance and enabling in the years ah8ad. Review of aetlvltlès and ftrture developments In 2020 the work of Ellel Minlstrles Intornatlonal continued aroLbnd th8 world. bullding on the foundations that have been carefulty laid down by the Trustees and staff in previous years. All the ov8rseas operations a￿ legally and financially Ind8￿ndent, although donations are periodically made by the UK Charfty lo help establish and support the ongoing operations of work in less affluent counlrfes. TPIE CHRISTIAN TRUST (A company Ilmlt•d by 9uarantè•l Dlr•ctors' Raport Iln¢ludlng Stratogl¢ RoPOrt} for th• purposos of sectlon 417 of the Companles Act 2006 and Trustees. Annual Réport for thg purposes of Part 8 of tho Charltlos Art 2011 forthe year onded 31 December 2020. All overseas developments are pioneered and fvnded locally and tharè arè no new liabilitie5 for the UK Charity associat8d wlth any of thèsè extensions ol the work. All Ihe overseas centres operate accordlng to the principles laid down for the original UK oporalions. Extensive work continued Ihroughoul 2020 on lh• coMp￿te rgbuilil ot lh8 Charity's website, so that all the overseas operalTons will have fully integrated pages wSthin the corporate websito of Ellel Ministrtes. This will finally be operational by th8 end of 2021 and will be well worth the extended wait for its completion. The suThmer of 2020 saw the sacond UK intake ofyoung people on our Undiwded gap year prcoramme 8$ tho Covid-19 reslrrtions eased. We are ¢urTenlly able to facilitate overseas and EU nationals joining ¢)ur t8am for pgriods of up to 2 years, $gNice or longgr-temi training pr¢>Jrammes. In spite of all that has happened with Covid-19 durfng 2020 we have very signfficantty been able lo adapt and increase our online actNltl8s. 8v8n when our physical centres havo bean closed. Key devekipmenls are from Pelar Horrobin's waèkly livestreams which have reached a huge numbèr of people- many of whom we ￿pe will visit one of our centres once we are able to reopen. ThLin we also made available free online our Truth and Freedom teaching series and anothor of our Truslges, David Cross, mado a sorios of lèaching vSdeos whlch we have ieleased with other vBJeos throughout the year. Statistically. our corKx)rat8 YouTub8 8CCIMJnt has done very well during 2020. Frc¥n the date of the first lockdown on 23 March. until 20 May 2021 the total number of vi9ws we hav9 rec￿Ved is 162,000. Thi5 arTtounted to people watching one of our YouTube videos for 37.000 hours. We subsequendy Increased our YouTube subscriber base by 3,500. Views for tho same pgriod on our Wists"a hosting account (Us￿ mostiy for nO￿yOutUbe vldeos hosted on our website) are 25,000. We aLso13un¢h8d a 'Let's Talk. FK)dcasl al the end of 2020. This has had just over 18.000 downkxds from its 11 episodes so far and has reoched individuals in 91 drfferent countrbes wor1dwlde. We also made the 52-part Steps to Life audio serios fr9ety available on our w&bslle and li h8s had over 46,000 plays to d818. Strenuous efforts Continu￿ lo be made during 2020 to continue to increase operating effi¢igncy and mlnimise unnecessary expenditure, these efforts belng further drfven by the considerabla r8du¢tion in e8med income ijue lo the effects of Covld-19. In particular this has included the following.. Taking full advantsge of the.UK Govemment's Job Retention Scheme Applying For all availabl8 grants from tre government due lo centre closure5 (Gtyndley Manor, GME, Elbl Grange and Blairmore have all benefiledl Suspending all ¢onlra¢ts that could be pul on hold- laundry etc. Applying for rnortgage repayment holidays for Pierrgponl and Ellel Grange Haad Offlce Taking out a Bounce Back Loan for Sovereign Worfd Lté. This effectively enab￿d us lo r8pay 50rn8 ofth8 loan lo H8ad Offica mganing ￿$h wuld come Into Head 0ffi¢g trom the new loan fundlng. Sending out an appeal lo our supportws wilh follow-up COMMUn￿atiOnS asking for supwrt. Recelvlng slgnlficant legacy incc*n8 during the pandemic period whtch covered the shortfalls in Income. THE CHRISTIAN TrUST IA company Ilmlt•d by guarantsol DlIKtors' Roport Ilncluding Strateglc Rèport) for the purposes of section 417 of th• Companio$ Ad 2006 and Trustees. Annual Report for the purpo$•$ of Part 8 of th8 Charitles Act 2011 for th• y•ar •nd•d 31 Oèeèmber 2020. The Trustses are grateful for all the supporteis who giva so g8nèrously to maintain tho work in the UK. enabling the organisation to rèmaln flnancially strong, as it spearhèads the encouragem8nt ol new ovwseas developments and facilitstes all that is necessary for the running ol a slgnfficant WOTk&w¥Je charitabl8 work. The TTUStees look forward with faith and enthusiasm to all that lies ahead for the futurè w(*k of the Charity. although, as 2020 cama to an end a further national kickdown was k)oming due to Covid-19. The TnJst6es continue to do everything possibl8 to limit tha n8gative ¢onsequences of tho paThJgmlc, especialty through minimizing ovorhgatJ costs and appealing for additional donations. but. in common wth mo8torganisalions. there has been a downturn in eamed Income during 2020. the impact$ ofwhich will continued to bè félt bv811 into 2021. Fund4al$ing disclosure As a faith&s8d organisation, the charity reli88 on donation income. and this lakes the approach of 8riodi¢ appeals for flnanclal sUPPOrt lo those WIM) are support8fS of the work. We also adopt use of charity boxas in our c8ntre r8c&plion areas for unspeafiod ad hoc donations which may be given by those attending our centres and oc¢asK)nalty tske up frea will offerings wher& appropriate. We actively promote our 1 in 1000 and other regular gfvlro schemes to those who come on ccyjrses or attend any of our events and wish to give a speclfiod amount on 8 regular basis lo support our ongoing work. We do not use Ihg servic8s of any profes51onal fundralsers or comm&rckg1 participators but do roceive personal donations given via Stewardshlp Glving S8rvrc8s, Gharities Foundab"on Vouchers aThJ othèr simiL4r schemes. which may include online giving sites. dèsigned to help individuals channel their personal charitable giving accordingly and in a tax efficyenl way. We ara fully subscribed to the standards sat by the UK Fundr8ising Regulator, as the trustees consider this lo be the best interests of assurin9 those wishing lo support our work financially. There are no known complaints ￿nC9rning fundraising lo re￿rt and the trustees ar8 mindful of the importance of protectin9 vulnerable individuals; therefore. care continues to be tak8n to avoid unreasonable intrusK)n. persistence or undue pressure when s8•king any fomi of financi&l support. Inv•stm•nt pollcy Under tha memorandum and art￿leS of associatlon, the charitable company has the power to make any investment which the trustO9S $80 fil. Investments are rnade where required to fijrther the aims and objectives ol the ¢h8rity. Golng conc•rn After making appropriate enquiri•s. th8 truslees have a reasonable expectation that the charity has Jequale resources lo wntinue in operational exlstence for the forèsèeable future. For this reason they continue to adopt the 90ing CDn¢em basis In preparing the financial statemants. Further details regardlng the adoption of thè golng con¢em basis can be found in Ihè Accounting Policies. THE CHRISTIAN TRUST IA company limited by guarantee) Dlroctors. Roport Ilncludlng Stratoglc Rgportl for the purpos0$ of sg¢tlon 417 of the Compani9$ A¢t 2006 and Trustees. Annual Report for the purpos•s of Part 8 of th• Charftl•s Act 2011 for the y•ar •nd•d 31 D¢¢¢mbèr 2020. Summary of Income and expènditure Unrestricted Re$tri¢ted Total Total Funds 2020 Funds 2020 Funds 2020 Funds 2019 £2,549.TT9 £86.941 £2.636.720 £2.704.723 £(2,221,3721 £80,022 £{2,301,3941 £12,688.325) Totsl Incoming iesources Totsl re$our¢as expanded ExGhange10ssos on n9t investments £{25.3191 £125,319) £(46,880) Not movom•nt in funds for y•ar £303.088 £6.919 £310,1)07 £128,482) PTlncipal rfsk$ and uncertalntles Detsi15 of the charitys financial risk manag8m8nl objactives and policies ara includod in note 35 lo Ihts Inancial stat8m8nts. The charity has strong support from a wide cross section of people however the principal risks and urbcertalnties relat& to thg uncèrtainty of continuèd supporl from donors and attenLl8nce al courses, and th8 timing ol rèceipts. A senlor membgr ofthe Ellel Grange staff Is tralngd and quallflgd In all aspects of the Health and S8fety of our UK Centres. Wher8 any changes are envisaged to our operating procedures. full risk assessment will be undertaken. Reservos poII¢y As a Christian Mission, Th• Christian Trust is ￿mMItt0d to fulfilling a Gcxj-glven vision and Is dep8nd&nl on the prayers and gifts of Supportérs for the continuation and devebpmenl of the work. The trust believes that it is not appropriate to have a policy of holding high cash reserv6s. Th* frÈ8hold prtsperbes which are held a5 security for bank borrowings currently have a market valuation In 8xcess of their original oost. A repc*rt by an Sndep&pdenl eyrt, speclfic8lly commlssloned fcjr the purpose In 2013 provided a wnservative valuation of the UK properties ol the group al £6.400.0001£4,650.000 parent eharityl. Tha financial sècurty provid￿ by thè assét valu8 of th8sé proporbes is adequate to cover foreseeable future financial eventualities. In common with many other charities, thg trust ￿lieS on a CoMp￿henSlve procass of budgetary planning and ongoing financial mniloring. This enables the identification of potential problem areas and gives the opporbjnity to take correcb've action whgr& ne¢essary- The total funds 8Vailab￿ as 8t the end of the year amounted lo £3,368,903 of which £239,951 is restrthd in their fvlure use. Unrestricted free reserves amounted to a deficit of £2.724,t95 {2019.' £3,208.8341. Th8 negativo fro0 reserves position is attributsble lo Ihe fact that the definition excludes the fixed assets which have been ffinanced by long term labilities whlch are Included wlthin th definition. This deficit is covered by the valu8 of freehold propety. It is the intention to reduce this deficAt through tutu￿ aclivilies. THE CHRISTIAN TRUST (A ¢ompaTry Ilmftod by guarant801 Dir•¢t9rs' Report Ilncludlng Strateg1¢ Report) for the purposes of s•ctlon 417 oltho Companies Act 2006 and Trustees. Annual R•port for the purposes of Part 8 of the Charitl•s Act 2011 for the year •nd•d 31 De¢emb•r 2020. Principal funding Incomè lo the Iru* in 2020 amounted to £2,636,720 12019 £2.704.7231. The main sources of these fvnds were as folk)ws: 61.7Vo12019.' 40.7%1- Donation Incoma and legacies 15.4%12019.- 42.4%1- Trainlng and conference income 13.6¥.12019'. 16.9%)- Trading company incLJm8 includrn9 media salos 9.3•h12019= 0.0% COVID relatod grants (￿erall, there has been a net increase in the Trust fiJnd of £310,007 (2019.. defftase of £28,842). Donatlon$ During the year the group mad8 charitable contributions to other organisakn'ons and individuals amounting to £112,75612019-. £104,886). Structure. governance and management Constitutlon Tha charity is r8glslered as a company limited by guarantaè without share capttal and was set up by a Memorandum of Association on 24 December 1993. 11 is registered under the Companles Act 1985, registration number 02883771. The chadty is govemed by its Menw)r8ndum and Articlos of Ass(￿ratIOn dated 24 December 1993. as aménded by special resolutions dated 28 September 1994. 18 October 21W and 9 April 2008. Management of Ihe charity's affairs is vested In the C￿direCtorS. The principal object of the charity is lo provide training and personal ministy in Chrisb'an healing and dlscipleship. In the event Df a wnding-up, the present members and those who have ceased lo be a memberwithin one year of such an event havg guaranteed thg liabiltties of the company to the 3um not oxceeding one pound each. The Memorandum and Articles of As50cialion states that the number of members shall not exceed fiftgen and shall not belgss than thTrg. Method of appointmont or olè¢tlon of Trustsgs The management of the charity 15 the responsibility of the trusleas who are elected and co￿pted und8r the terms of thè Akn'¢les of Assocwtion. All newly appointed Iru8tses and mambers Tequlre approval frgm the Board of Dire¢tors. Pol•cl￿ adopted for th• inductlon and tralnlng of Trustee Newly appointed Tru51eos aro provKJed with a comprehensive Ind￿tK)n lo Th8 Christian Tiusl through the provision of in-hcMJse training. THE CfrIRISTIAN TRUST IA comp•ny limited by gu•rnnteel Directors. Report (5ncludlng Stratoglc Report) for tho purposas of soction 417 of thg Companie$ Aet 2006 and Trustè•s' Annual R•port far the purposes of Part 8 of the Chariti•5 Act 2011 for the year ended 31 Oecember 2020. Pay policy for senior 8t*ff Totsl remunaralbon of £46,74712019: £5S.0321 was pald to InJste8s during th8 yèar. The r8muneration paid to trustees and other senior staff such as centre directors is reviewed regulady by the executive leadership. The rates of remuneralton ar$ sel in line wth the roles carried out within Ihe organisation. The remunerallon also lakes into 8¢Gount the bgnefits re￿iVed by the employee8 for example full accommodatlon and board when provided. Organlsatlonal struelur• and d•cislon making The Executivo Lgadership is group which dirgcts the WQfk of Ellel Minislries under the overall leadership of tha Int8rnalional Director and board. in accordanc8 With the ViSkJn and mission GOJ gave to the ministry. The executive leadership meets on a regular basis and the centre leaders manage the day-tsday op8rations of th8 charity. The current Executive Leadgrship arg as follows.. Mr P J Hottobin Mr D M Cross Mrs F G Horrobin Mrs D Cross MrTSoo Mr P Ryan Mr T Kovacs Mr A J Taylor Mrs C Taybr Mr K Bandy rRPook Mrs A Wood Mrm Mwre Mr D Puffett Mrs E Soo Mr P Chambron Both Jill Soulhem and Paul 14Vatson retired from the Execulive L8adership during 2020. with Donise Cross and Allna Wood due to follow in early 2021. Related party transactions Transaclion¥ wlth related parties ar8 (Jlsclos8d In nots 3210 thè fir*ancial staternents and in accordance th paragraph 33 of thg SORP (Accounting and R•porbng by Chariti95'. Statement of Recommended Practtce (effective 1 January 201511. Risk managemfrnt The trustees have assessed the major risks lo which the charity is exposed, in parbcular those related lo the opgrations and finan¢es ofth¥ char¥ty and ar8 satisfpd th* systems 8nd procedures are in place lo miUgate our exposure to the major risks. Subsldlary companles In the UK the group operates through the following wholly owned subsidiary companies.. Ellel Ministries Limited Sovereign-vvodd Limi18LI Gtyndley Manor Estates Limited Oversea$ Edu¢ation Trust Limitod med118￿an8an Tours Limited Intemiediale holding company Book publisher an¢J book antl other media ralailer Management of 34 estate residences at Glyndley Manor Intemadialg holding ¢ompany Faulitator of overseas lours All of the active UK subsidiaries are involved in trading both to raise addIt￿nal funds lor charity and also to further the charitable objectives. Sorne Produce and dlstrlbute Christian Ilteratura ralating lo thg ch8rWs tralnlng courses. 11 Is the intention of th8 Iruslees that each of these cunpanies should rem8Sn profitable. 111 THE CHRISTIAN TRUST IA company Ilmltgd by guarant•el Dlrèettirs. R•port {includlng Strat•gi¢ RoPOrt} fgr the purposes of section 417 of the Companlo$ A¢t 2006 and Trustees. Annual Raport for tho purposes of Part 8 01 th• CharlUe$ Act 2011 for th• yèar •nd•d 31 Décèmbèr 2020. The charity now hokls 25.5% {2019'. 11.7%) of tha sharè Capital of TCT Prop8rt19s No1 Limited, a company hokling investm8nt prop8ty. followng the purchase of 20 A Ordinary Shares of£1.000 aach on 17 DeGember2020. The shar8 capital ofTCT Prope￿e$ No1 Limited Is dlvlded into Ordlnary shales and A Ordinary shares of £1.000 each, Ihe Ordinary share has as many 8ddilional votes as are required to dgf88t or p8$3 a resolution, The Christian Tnjsl hold the onty Ordinary $hare in issue. On this basis il is deemed that The Christian Trust has control over TCT Properties No1 Limlled and th8 results of TCT Properties No1 Limitad hav& b8èn included in the consolidated financlal statèments. ¢￿erSeaS work in Hungary is undertaken in part through Ellel Ministries Hungary Kft. a wholly ownad subsidiary of The Christian Trust. Asso¢latsd •ntitie$ Other overseas work is undertakèn through kncally incorporated companiaslcharitiès $$tablished in th8 county that th8 work 1$ takirYJ place. Currenlty the main local enllUes (other than subsidiarigsl ore.. Ellel Ministries Australla Ltd Ellel Ministries Aotearoa Z8818nd Ellel K4inistriss Bulgaria Ellel Ministries Canada Inc. Ellel Ministries Canada W9$1 Ellel Ministries Columbia Inc Ellol Ministries Croatia Ellel Ministries Dgnma Ellel Ministries Finland Ellel Ministries France Ellel Minlstries Gemany Ellel Ministries India Ellel Ministrie$ Kenya Ellel Ministri&s Latvia Ellel MlnSslrles Malaysia Ellel Minlstries N8therland$ Ellel Ministries Norway Ellel Ministries Romania Ellel Ministries Rwanda Ellel Mini8trie5 Singawe Ell81 Ministries South Africa Ellel Ministries Sweden Ellel Ministiies Switz&rfand Ellel Minlstrles USA Inc. Hungarian Christian Trust Magyar Keraszt6ny Alapifvany Each entity has signed a licence agreement with The Christs'an Trust agre&ing thai their policies. pracb"¢8s and objectives will be in accord with those of The Christian Trust. The Trust has appointed representatjves in Papua New-Guinea lo c(￿rdInat8 the work in thi5 ojunlry which is gonerally carried out with h81p from other established Cenlres. Quallfying thlrd party Indemnlty provlslons During the year and al the dal8 of approval of the dir8¢tors' report, qualifying third paty indemnity provlsSt)ns were in place in rgspecl of th8 t￿slee3. Trust••$' r•$pon$ibilities Statement The trustees Iwho are also dlreclors of The Christian Trust for the purposes of company lawl are responsible for pr&parin9 thé trusi8•s' annual report and the finan¢ial staterrenls in accordance with applScabl8 law and United Kingdom Accounting Stsndards (United Kingdom Generalty Accepted Accounting Practicel. Company requires the trustees to prepar& financial stalaments for each fln8nclal year which give a true and fair view of the stats ol affalr8 of the charitable company and the gr¢JJP and of the incoming resources and application of resources. including th8 income and exp8nditurè, of the charitable group for that pariod. THE CHRISTIAM TRUST IA company Ilmltéd by guarantéè Dlr•ctorg' Roport {In¢ludlng Strateg1¢ Roport) for th• Pu￿0$08 Of soctlon 417 of th• Compan19$ Act 2006 and T￿St￿S. Annual Report for tho purpo$o$ of Part 8 of th• Chariti•$ Act 2011 for the year ended 31 December 2020. In preparing these financh?I ststements, the trustee$ are required to: select SUItab￿ accounting policies and then apply them consist8ntty' observe the methods and principbs in the Charities SORP., make Il￿gmentS and accounting esllmates Ihal are reasonable and prudent., ststg whethor applicoblg UKA￿o￿nting Standards have begn followed, sublgcl to any materfal dapartL4res disclosed and explained in the financial stslements., prgparè th8 financial stat&m8nts ¢J) th8 going concam basis unle$$ it 1$ inappropri*0 to presume that tho charitsble gr￿P will continue in operation. Th8 tnJs188s ar8 r8sponsible kn k88ping ad8quat8 accounting r8cords that disdos8 with r8asonabl• accuracy al any time the financial posibon of the charitsble group and enable them to ensure that the financial statements compty with the Companies Act 2006, the Ch8rilies and Trustee Investment {Scollandl Act 2005 and the Charit￿$ Aco)unts (Scollandl R9guIat￿nS 2006 las am8nd8dl. They ar8 also rOSPCsnsible for safgguarding the assets of the Charitable company and the group and hence ft)r takir4J ￿8$Onable steps for the preventKJn and detects'on of fraud 8nd other Irregulari￿8$. Dls¢losuro of Inforniatlon to audltor Each of tha parsons who ar8 Irust8•s at tha time whon this trustsgs, report 1$ approvod has ¢onfimod that.. so far as that trust08 Is aware. thgrg Is no rfrlwant al￿11 information of which the Charitable group's audllor Is unaw8re, and that trustèe has tak8n all staps that ought to havè bèèn tsken as a trustee in order to be aware ol any relevant audit informats.on and to e5tabl¢sh that the charitable group's auditor is aware ofthat informatiThi. Audttor Thè auditor, A28ts Audit S•rvicas. is daamad to ￿ reappoint8d undar sa¢tion 487121 ofthg Companies Act 20Cfj. This repjrt, incorporating the group 51rategic report, was approved by the Iruslees, in their capacity as company dirgthrs. ThÉs report wa$ approvéd by tha trustaès on and signed on their behalf by.. MrAJTa Truslee 12 INDEPENDENT AUDITO￿ REPORT TO ThE MEhlBERS OF THE CHRISTIM TRU8T ILMITED BY GLIArtANTEEI W4 ha¥4 audknl stskÈmknis ofTha ¢hrislw Trust *greN chaltatdè compAnrfl its jU￿tIar1•Y Ith•'groLv'ltrthoiw*￿4 31 D￿ember￿020 Vwconso4dai•Y sta*menlolfiwdal ros￿00. th• ¢hwtyb8lanc¢ shgèt. ￿ cthixlldBW ¥t*wi ¢*o5h Jnd rnte¥ s￿*Ments. IMULIW A SummAry of 9gnifrC￿l aettyJni(v fjnarKkl reptyDng frAmaM?rk b)at r* 3PWI￿ ￿ Ihdr pigpqralknils United knunling SLyndaids. I￿l￿dI￿ FiD￿C￿al S￿03rd 102 Th& FlngtQ* StandArd wIlc4￿* In tn• UK anrt ROY*1￿01 (Untted ￿ngdrAm GèrrtralyAcctyied PrAthel. ourothknn Ihè finan￿4 9thL4ff*nti". 'Iro•4 lttdt•rvlewofi￿$w8 w0up.6￿4 p8rentcWknblè 8¥ 8131 DeGembw 2tr20. end otth2wllup End parwt thwrk•blectyrwy'8 Inctynlng 10g¢JJfc¢sAnd 4plk4ti0n OIrthy￿￿W, th•sfoup psr*ithJn￿b10 COWny'S incomo èfml ￿riha￿eNd8d'. .hqve batn pwpetyr*epa￿d In Vnil¥J Generaltrs Accoun￿79 Prxb£e'. . have baen pryaieo hi ￿￿rd￿￿te*rth the wwrèments ofd* coMpan￿Act2￿6 ¥nd ￿¢baD1￿￿t201l. th•ChaTrb*sandTntst40 Inw$fvi18coUandlA 2W5 andwU￿bc￿6 and 8tslthè ChAritiesknounl¥lSwUgMI Rc4ul8bons2006. Ba￿$ loroplnlon Weconductsd ourwditkn le￿[dan￿*￿th ￿A￿L￿b￿9 IUK>l¢fv*{UKllan4 applc4tle ￿￿.Ojrr•IP￿ts1L1￿￿Ig s￿￿a￿sar? furdwdBs¢rbed in thE Audibr's iewnsknilitrstslhe of*• finwcialstatements seclon ofuurwt Wg ￿￿￿￿￿￿0￿t0f1h8 gmup pamtcharth crywny ￿ 3rcwd¥nctrwithth•othical rewiremertsthat aro r41gv3ntthOuf of thÈfInan￿8l In ble UK, Includiw FRCS EthieAIStandafd. 8ndvJe havofrJlfknl Nrotroi¢thlcai reswaibilrtbèin Miirpmgnl& VleèoSM thaithèAudIt￿kn*en¢e Weh￿￿0￿￿81n￿ ¥ luffri￿l￿d approprfatè to Pft)vth È b8$ig w¢ifjn9 I￿ncial stal•rnonts. we havernncludodthattrm Nst4¢9' U￿01 iiiè w>ifva ba5isofaccowOr& in theprepArAtw ofthè1knar￿*l statwrwrt¥ Is Ba*8donth8wothwa havè wform8¢, Ide￿fiel 4rryrnBtèrf￿￿rK￿tsirt￿rCIat1llg tyevgntswcrndlikns trLal. kndivhluaiiyor ￿lIe￿¥t￿. m8y ca>t 8¥nltkafitdoLtstcnthe mmpa￿S 4biltyto ¢c￿tkn￿ *8A ts)nttmfLYJ pemdofat k%9•tMeke mnthg franwh&ith¢fThrv* ¥tknnenl5￿ authorfsed rro5ponsibhes the respOw￿l0•S r•w¢ttOgOing a￿deS￿￿￿d Inthe rel•VwtAQc￿Q￿ 13 INOEPEKIENT AiIDifoRS REPORT TO THE IAEMBERS OF THE CHRIST1414 7RU$T IUPAITED 8Y GIIARANTEEI Olhwlnl¢rniarioTh Elatgrngntsand ￿raudItorsr9Port Lhjroplnbi on ￿￿n￿￿￿151atth￿n1% thos mt ¢llyvth8 othgr Infrxm*n ald.9￿pit0th•oxtODtQthoTh4lso QXFlkMy $i*ed ￿ ourreport d) eye55ortyformola5suiarKe Conc￿J%￿n thwetsi. kn o￿a￿altO1 Ib• gtat•m4nts.our r•sF¥jn￿knIty VJ th• othw hifonNI(fftand. kl (1ti*1g stt. e¢JDddBr**8lh8r InforMff￿ mjwalty I￿￿]nSI￿t@￿twth the In wdilorothet*ts8 8ppp4r¥ to bg m8leri¥lly m185w4d. Wwg Inconsi5tenGw N awarQNmatwi￿ rniJJtawment3.wa tn requirediDdetonninJ whether ￿eT￿lS a rnslerial misS￿*¢mentIn ￿na￿data￿￿8rf5 crfa mètenal r•gylr•d * r<{￿rtthatl*¢L We have nthng ty re￿ inthisreqard. aTroth•r milt•rJ pr•scrI1￿￿ byth• *£t20DS In ￿r(linIC￿. bas*Jon th•vrt¢k th•￿￿￿401￿*•Lth'. . the k￿mI8￿gIven kn thètruth8&' reporL incbJdkngthegroup r¢wrtand diroctLTh' rwL Sxthfrflnen¢KqlyWk)rw￿¢hth￿￿hW￿ $w•msDIS •[* IAthrson to r•portby •xe4pUon I1￿1010￿r knovAwJg8arnl und**ndiig oftro ond p¥rgllt(*wiWkn c•m￿nYa￿ itsfjnv1n￿Mgrrtobts1rn￿ &i ts f*xrseolthw¥Art, w•havo not Idjmfied missworn•nt8 kn th•stra￿l¢r￿rtarntt directors. ry We h&¥e Dothlng knr•wrtlnre5PXtofb• frAJ￿9 mttw8in tovthkth th8 thpan*sAct200B, kn•Ctr0iVdeskt￿I1 andthè Cknb89 {S¢01a￿￿> Regulathxa roqulre u5 b)report LOYOU il. Inotsrcdnl￿. .￿qUa￿act￿n1ft1 have kèptbyts p8rentch8th￿￿￿MpKty,Qrrthrns ￿l￿￿&bfOr0ur￿￿rfIlhIY• nOtVi>W byus'.or • thoparwtcnArttabl•eompany'$flnAnpJal swernwtsarfrnot Inagr•￿•￿t￿￿h th• acc￿11￿ rg¢udi and r*Jm$,' or certain disGbwreso14jrertryu' rernLDerJtlx W￿fied tylawarg mt m*•.. ry ' we havenot recav*J al the InfonnA￿m0nd 6xpl￿tiL￿we Mqurre ftytyJfwj￿L 14 INDEPENDENT Aur￿T0￿S REPORT TOYHE A￿lBER$ OF THE CHRISn￿ TRUST IUMITED BY GUARA14TEEI hjlty ￿ the ivJ$t•8s' rwnsibilitiès Staiemeni Setaut 10. thstDJsthes Iwho ¥• also thfyfy4ctor5 clbmehsriiatik lorth&p￿8 ol conwny ar• r•yry4ibla Icrf the the fi￿(1￿1 and foi b*ng satsfi¢d twl a tru• l*vl8w. such i￿￿TraI wn￿141 th• trust￿8051￿mIne 01fina￿al atstThii¥ thèt•ru fiEefrom miS*¢8teMelll, whetherduetyfrwo oreNor. In prwarryl9 finarrcl4 slawDeMS. th• trusta&s ar4 r4spon$ibl& for aBsg551ry tho 9TtyJP'9 p¥•ilt tharitaido a￿lity b contirth aj a ￿nll ¢￿ttem, d15th￿￿9, w appl￿￿8, roLqtsd to g￿ll9 uS￿g Ihe corthr ba￿8￿( accwntyry unlèss th• tru$tOJS ￿ther Iniend ￿ I￿￿1￿*￿ group parentctr￿TttablQcomp￿nVwIo wer4Ions. or have no real$t￿aN￿[￿ab¥&bVttO th so. re*pDTrstyl￿￿lOTIh•lUdhOlth•fln*nctsl W• nav849BnapOrled a$ ￿thb2fUndlrgèct￿ 44lillclofthg ChgnDe5 andTIu8kn Invest￿onI{s￿l￿nd>Ad2fm7s wthriho Cornp•iltsAct2006￿ ¥¢¥t OJrotyKtives aièts rea8on¥bb a¥wJrarKe aboLd%thether st*rnents as a h*ole ar• fr4è from m*rl¥misytstamrt vthBth8rdug to trwl orwr(y, and to i$8ue sn report that In￿L￿&￿ Opmitsn. Relsonable g¥¥urance is a Ngh ￿¥•1 ol but *￿t 4 guAiahl8a an aud* c4nducied arcoidgn(9 ￿1b ISA8 IUKI ¥AII alwa￿ Y4hon h exk*. Pth58tsknThnts can ath from fraud or wror Etm5idBtBd tha￿ri￿ W. Ithldu?￿Yor In agmaig. Ihpy¢ouK T￿￿¢￿bIlb*oxp￿ted lolnlbJ8ntsth¥ownfjm￿d0Q1bjlls oluset¥tsk9n tho bas15 of the8eflnancial S￿l￿m￿nts. ttOwhlEh th• ¢oNld•¥•dappllcab￿1¥W* and rwkg1lo￿. tr4ud. .￿QUIry¢l Man￿￿18￿d￿0s? Ghw *Aihgovemèr￿ea￿]u￿d ond ¥tlgatron aswall a&a￿uBl.￿Uspo(*d and ￿￿g90frw￿', Ss8wr¥J tho thentof¢c*MW￿a with io h8¥* Adi￿Em￿nI1 eifxt4n Lhefin8nci¥l$t•t•rn•ntsorlhecperalo￿oIIThé coMpanyLhrwn ¢wulry ¥wJ iwockn.. .Rwie*irg financial sLwt8menldKb5ur95 and tesikng ty 9UPWtrKJ tQ 9$998$cornr1￿¢• •ryli¢eblè I*￿3 .PErfllrTrung wd41￿rk over ￿ rbk olm•n*J•mnt txagand ￿art￿of¢￿trO￿, Incl￿1￿ tèstfvj ofJDwnal entr￿5 and oth•r8diy#tMgnts toi aFvfokryienèss, Boe4u8s¢ftr* nmréntkntalons ￿on•L￿rt. n&kthsty￿ wllrnlthlectal *TOgu￿)bes. ￿knIng ￿adn9t0& m*slatsrnnl ID Iho flnandai ststèm8nLs ofnwMpat1y5 m8mb8rs trus*es Ihosem*iÈrs w8 ￿lre0 fostato tQ BA auditorfs rerNxand lornoofvr purpose. To ths Heyi èxtentpèwm1i￿d bylw. weik) not acce￿ ¢¥èsSUn￿[ESponSItsll￿tQ the ¢harrfarA8wnwiy. th•chaTr￿￿ ¢t￿ph￿￿9 a ￿Y1Thd th&¢hanWtrcompJty$ trustses gs A body, for￿r￿u01th￿Fk.kntrIS r￿￿.Or101 the opnions we havèfarm8d. gJunTra cass￿ l$&ni¢lr•tsrt(ry rénd on s￿tOryAud10r Road L8ncast8r LAI 1EZ Dats.. 23 SÈptÈmbÈr 2021 15 THE CHRISTL4)I TRUST IUIAITED BY GUARA14TEEI ¢on$olklaLOd Stat•m¥nt of Fln•n¢lalAthvltl•A Summary and Ex￿ndItUr0 Acc F•ith• b*ar J1 O•¢•mlw 2020 R••trktsd Fuh Td•l Fund• 2020 202• 2020 2019 D￿￿tIOnS and Char￿bI8 acbvi••s 1.541JaB 4117220 Y57070 24063 1,826.4 407,220 358.9411 244,163 1.101.625 1.148.314 456.861 I.¥ID 0￿￿￿8.. CO￿19 rd*ed grwts InV4th1￿19 Total In¢ 2149,779 1638,720 2,704,723 R8i$ity funds Ch&mible Otr*r£ts*ts 4S,fj64 1,142.653 41Q,Q77 50,595 2.228,884 1,762.e31 410,077 Totsl •xpDndliur• 2￿,?n 1301,394 2.686.325 Illt lrtaffli b•forn trnnshrA 328,407 6.919 33&326 18.398 Traft8f•r8 Funds IIAtln£om•ll•xpgndttur•l b•fornoih•rrgcognlsAd ylns and 328.407 6.919 335.328 1&398 Fown exthBngÈkn5ses 125,3191 125J191 146,8801 N•t n%)v•DM￿l kn fvnd• 3DIIJ8B V19 JiQJ)J7 {2U.48ZI TotslfunO& kn4hlf(KWaTd 24 2.n44n 233,D32 2.976. T0ts1f￿nd•cwr￿ for￿r￿ 24 J.Q1&559 239.951 3258,51 2.918,$03 A¢bvIVèyreL4te Locontil￿nI Tho *otementoffin8n¢￿l I￿l￿dea all galns ano hJ8Bes rèca)]niied Intho y•ar. Tho pqgBs 18 1043 form partofth95ef*wc￿I $I*9￿ts. 16 ThBCHRISTL4N TRUST IUMITED BY GUARANTEEI Company ryrnb•r. 02183711 Consolldated and eh•rfty Balan¢• Shools A? at 3111•c•mbEr 202ts GAC￿p 31 Dt¢qmty•r 2020 31 D•c4mb 2019 51 D•¢•ffj￿ 31 D•c@n*èT )19 Flxed aa￿10 htsngible ￿9¢t¥ TangIts￿ a8set* Inv•stffl8nts 14 1$ 1&17 17,727 $75,410 2￿.000 32.892 S.￿.463 250.wo 4.378.129 107,11$ 4,530.502 785￿63 5.853.147 6.051.315 5.114244 5.32S.86S CuTh•Tht •u•t• 71.420 n.232 284.668 283.961 3,685 377.948 ¢Q&610 6.oeo 246.743 28125S C48h JI b4nk4n4 In hond 640,179 1,111.179 SY.058 ewlthki lThy￿r 155Z2011 IM8,4621 {520A091 N•trunntaSMtg1{l•bllht•AI 78.659 623.991 13,849 514.378 6.129.574 3.110,236 5.3%.S13 ¢rK4torn.' raTrwnts tsll du•4ft•rmor•lkn ¢neyear 13,145Ani 13.1154,1611 {2A41.8971 12.5T9,J351 N•t4•5ets 3,075.513 a,165￿3? 2.760.178 UDr•str*tsd lufftds . Unrtth¢￿d irtoma 24 158&323 4JQ,236 2.273.606 441,8QS 2M94151 2,085.281 441.865 TDtal wr•sir*￿ 41118,359 231.951 2,TtSA71 2JZ5.387 239.951 2.527.146 Rwtxlct•dfvnd• 24 233.032 233.032 Total¢h**yfumd• 3,258,5f• 1948.503 3.16*338 2.76Q.1T8 nOrty1nt￿¢ 110.J93 12T.010 &360,9D3 3,075.$13 3,1¢X33 2.7eO.176 ThB financial 1iat•mAnts I¥W• WtoYBaJnaathLY48•Y forty¥uobythg tyusw thi Z i /9/2021 a40 *gNed on theirbghoff by.. NrAJ T•y&x Tho not•$thl 19 to 44 fwD pjrtof ihesefinancial tststèmèAt*. 17 THE CHRISTIAN TRLIST IUWTED BY GUARANTEE) Con•olid*ted ca$h fl•w $tat•m* FOrt￿ythr ¢tydvd 31 DvG•mber202Q 2•20 2019 Cash firM•frorn 371,4 217.81e CAAhflow6 trom Inwstlng 4¢d¥M•6: irtfjrgst roC￿V￿d pu￿ha9£ of flxgd agget$ Puttias• oltanglblofixtyJ¥¥s•ts Ptsrcha90 of NCI shares Prowd$ ttiwn•ab fix¥d •wts 147 11.0401 1159.14ei 1118951 Natcath ustdlh In¥Esllnq 129.4511 1eo.043 ¢ash fiMnelh# thtllvMknÈ'. IncTease inl{RepayM￿ts(1) borrowAry$ 114J73 185,4141 IT2,7101 192,8921 N•¢u•h uK•d icthAIkn 28.959 116S.6421 ng¢ ysh Inlh•y•ar Cash and cqsh wJNAients brwJhlknq-4 370.W6 25457B {107.868) 372.447 C4•h and ¢uh¢qu*rf•k•nt•¢•rfod lov￿rd 27 63*S24 2fj4.5T8 R•￿1￿9t0.. Cath at bankand In hand Bank o¥etrdft6 Irdwjed li uedkor5 ODoyoar 540.879 293.961 129.3831 635,524 264,578 18 THE.CHR15TIAN TRUST ILIMITED BYGLIARANTEE) Aeeaunltng Poll¢l• PLYt •rondod 31 Do¢•mbor2020 The CMBtan Tr￿¢1¥ a pthAtè¢hathabl8 wmpanylknrted bywarthth and b IrwpDi4t•d and d)m*iifid andw￿l*. Thgaddrg89 ofts rtyl¥t•ted offic• I GA￿&. EIW, lo￿9t01, Lw$hir•.Lh2 OHN. Th•th*rWkn￿¢rynY￿j th• gwp¢o•rJtsfrThTrthè UK GBrth¥Js djtslod in th&dSrecrutyrgpryt. otpr•px4lhJn offiTh*noknl Wqm•nt• fknwckal 51atements yepared hi 4¢i¥Yosn¢• wth A¢r*xffjlNJ 8fNI RepDr￿￿ by Charfkn.. stat￿￿1 of ftqCLYnm￿dad Pfath appllcatd• to chkdUo5 wepariw th&r acC(￿*S M ac0y4￿+ th• Finan¢A RepOrtts￿ Stan#ard aPPlicabl• In thÈ UK 8nd Republic of IFR8 1021 (effective 1 January 2Q151- {Charihes SORP{FRS10211. IhB FinandalR8r*yUng SI￿dard In UKand RepthlG¢f I￿Lind IFRS 1021 CorrpaniesAet20ts8. The Chrl$UHnTrultKr*t$1*4efl￿lsts1 ofA publy bfjnaftenlltyL￿d2rFRS 102.knetsand libl1￿5￿r• inb31ty recollnlsed * histsficai costtytrarnBcbJThvwu• ￿0$* C*)•￿*&*¢a￿ In the rthYantawounUnqpoi*. The 9taknenlofffinon&al aGlvroaB ISOFAI ènd bglgrw sh•Otrnn￿IldatÈ thèffirtsn￿a1 •t8hmerts oltr* cTharty8￿ IL% 9Jbs￿￿ryUnd&rta￿￿9S.The olth• Subsid￿￿•54rè￿kn￿￿￿JdtQ0Offt a Ino b¥knwba*. Th&fi￿ClU15t￿￿rnWts in starling. *thk*iÈth• pjrrnncyofthe tyoup. 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Ictsmo reco¥Wab￿lTr T•￿￿on to oi tsèdg ol¢tyrfananll• Alth•lE￿orth*4uwts. r recoynlsed In iha perfDd 15￿ce5Vabkn aid * thoexiwt￿￿h￿￿S hpve pTr)¥￿e￿ oron eompwjntl thè gèmeè. THE.CHRISTLIN TRUST (UhlTED BY GUARA14TEe) Po16cl•s l¢•ntinu•dl F•rth¢ye&r ￿￿ed 31 D0￿Mber 2020 Exr￿jth ￿ rwnis84 once lhofy￿a *98lrywn¥lNdNe c*llgaiknn to rnthe • pO￿￿entt0 a Ulrd party. **wc&bl•1nai￿rym￿tWIll borwired Ana tr* 4fthe &Yigiknc4n be mea8ured adtAbkn h)s¢ ts)8L% by whjre prlmary elm delvery of acowiies and 9WvIC￿ rt48cts of th• ChBrity. Indth cwts thAI c4n be *atoOdb*yyto ￿ch •*¥riys8n4 thD$6 coyts Dran indired n*Jre necessary IDSUPPDriUw. GDVe[n&￿ kncbjde thoje rnsts assc¢Aat•d syrth theconstttrthnal FA(rJlrBn￿Ls Ih•audittseG profè&gK) irKurred. gUPPOrt¢t*ts thg rAeuorie5 Dlthg 5tJtsmerrt offfn4ncr81 arf¥￿eS w a basls do5￿n+￿t0 r•fi•ttth• 59 ofthfy re$￿¢86 atp on an •pwwate ba919 ￿ Btsff brne esbmakd uw•. oirec￿Y èknled co4t4 InGlude COSL% of￿fer￿nc8$, an¢ book purcha5•9. xCI)M￿at￿ and trwel coats irtutred In nJnntr¥ wursèy. Supred￿t￿ bekn¥Ya CO91 d£l.O 4ffjcumw4u•I tro th• gxr453 ofthe Jnnu¥l depx*¥tKJn ch¥rw cn r•Y*uod asJ•ts mr hknc Gcrft on thuse Jw8ts Is bvolerre¢ Amuaiiytrom the revaknlrAI reseryèkn thagwèrai reserye. As permltled bylhe ufFRS 102 ts 8ntiqU• fiX￿re￿and hold by tr9par￿l(horfty in th¢1￿￿(￿91 Swtorn8nts￿ reva￿d￿l￿￿ date. 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ThÈfinan¢È the ￿￿181 ttslhe 9tstemÈrtof finaNibl è¢bYities tr>prtsth¢ÈA (th$kAtpÈri￿1È lateofthtroet)n rtt THE-CHRISTIAN TRLIST ILIMYED BY GUARANTEEI Accrrtwrfing Polic￿5 (cont1n￿e¢l Foitl* y•ar•nd•d 31 OK•mb•r 202D RenwsundBr￿8Ta￿ leases are chary+J io the 8Wém*rtOffin*￿a actbri1￿5 on agtr8wJF4 bn8 b8lstrowihe ￿se kn. 1ntwb#t¥*¢￿V•bk Inter4*onfunds thpos*I$licbAod*th￿ receNAble anrlthe brn[￿1￿ bsffleasuro r￿lab￿ by th•L**iiy".ttwsiJnllrrnaltyLwon rthncauon ollh• Sntwgstp OrpaYab￿ tytho bonk. 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ThE CMRLSTL4N TRUST ILIMTEO BY GU￿1414TEEj For th• y•ar •nd•d 31 D•¢•mb•r 2020 Fkn4ndAi In￿rum*nI1 Tro thadty has Ilmndal a56ets of a ihat a5 bBsts Basbc fknandal Instrumpnts rrn Inits&lV wniS4d at transxlon v*u• and Subs•qu•nuy rngASUrnd at thdr 94wgm•nt va￿￿& w*h th• •%e4plon cl bank which ¥• subs￿￿0n￿ m•aiLThd 4t C¢s*t using P•r*kn group cwrtN￿te5 lo InLlvh*Jal personal Pen￿On pla￿. Pensbn CQGts tharyd thè SOFA Tekwnl ts con1rf￿1(rf￿ payable by ihe group kn thè yoAr. Pgrts vJrr•n MMei¥y as8ei8 and in Irrripn cur￿¢￿ èretranS￿tryd al th& T&ièoftrxGhangp aithE balarKethEeLdate. TT&n5aGborb5 ￿ thvJn wttwF re¢¢rd9d•tth• r•i¢ Jth¢ tr•w¢l￿n. Ex¢tr*n•0dfvw¢•s** a￿VAt￿l lottrrtuohth•stst•wértoffr*¢w th#NitW. The balanc4 sheetresutsof*vehJn Subs￿i?rI0S are transknj alme rBtsof èxcharyruling all￿ b8knco smgldate. &FAtransacbJnslnkngn rAmne￿a trAn$l&tdd avarngo exc*èw rAtaforthè ACCOunlng pernd. Galns tètranswoTrolf)telW tn rgwgni5odwl￿1n •¥¢hary• r•51rn5. 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E4244.0751 ishektJs wcunty over1￿ ban¥ rth• 21 to th•financiai nbtl*¢k vaiu•ofax* hahj L￿d￿t￿narth whir9 GrntrKta, aboY& 8tE ￿ tolws.. 2020 2D19 Ch• Flthr•J. fftUr¥as•nd 4¥￿•rt CO22 10.280 The woporty ÈtH*t•wntwws In 1997 tyquèlifithl yutveyorB, SsvdLs kntcm8bwl Property C(m$ulknts. 81 curniiopen m&%•1 valu* at £2.7￿.00Tr, has pr•vknugly I￿ tho ￿an¢1￿ gt•Wrn*ts. Th• L¥knP*V 18 tsking of trJr4ibDnal airnrvJeM￿rts ot FRS 102 therefoTe the valuatw has Mtb¢en updat￿. kn thèwnth olthodireckys th9￿4￿jaIv81u?0lt￿ f[Etho￿ wopwrios aro m &A¢ÈS$ of thwrrnl tr*Jokv&uè. Tr hiattiital ca*tof Plèrreport rwityi8 t2.S14.1231•119'. £2,514.1231. ￿￿￿￿jIaled depr￿tion ￿ h1*t￿cCo￿lLg£64$.51)l20I9.. e5952291. 33 THE CHRJSTIAN TRUST IUVJTED BY GUAPANTEEI Motos tolh• flnartlal star•T•n¢s l¢¢ntlnuodl F•rth• h*ar&nd•d 31 o¢C￿￿r 1020 16 wty•rty Fr•oho Tot*1 2D2Q QWDMP 202 At l J8nuary2020 Z50.WO 25•.Q At31 Dxerr*or20ZO 24OC¥) 250￿ knYOSbTr￿t￿op￿OBs aroshty￿ alfwi valug3nttar•al in UK. 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TH& CHRISTIAN TRUST ILIMITED BY GUAR￿TEEl Nole* to thefinanel&l Alatsm•rto Iconlln Forth4 y•ar•nd•d 31 Do¢￿bor202o 16 8ioek* Grotsp 31 Doc•mb•r 2V20 Ch•rfty 31 D*c*mbRr 31 D8rfjthr 2019 31 Dèc¢w& 2019 Fln￿he￿ goods and 5v)ds rorrtt￿e 71,420 n232 5,105 71A20 72232 4685 19 D•bto Group 31 D￿l￿bIr 20 Chwlty 31 Ooc•mb 20 31 D￿th￿bEr 2019 31 Dec9rnber 20T9 Trddè thbto Tax recoverablo ouiordebtor6 pr￿9￿tts ond arcvjed Incomè 443¥ 8.886 109,728 234.M1 18.fpaD 11.391 129.716 107,471 29.•65 2.160 IC4.189 233,808 127M70 I￿.12? 264.668 3n 246.743 20 Cr•dltws'. lnkiunts ￿11￿9 *)no ymr GroLV Jl O#¢qmb•r 2Q211 31 Dgcthi**r 2019 JI O•c4Thb•r 2020 31 DEcemb J19 Bank loans and o¥erdr*lA Loang fvcffj5uppthrs ptht llb*gabgn¥ und•r t￿￿¢&￿0$ ￿ Pirg purthqae Trade cr•diknlS Amunts Ov￿ uThdertakings Othèrtwtyon >id wdAI s￿r OtherC￿ltCrf$ 120,932 2&500 J225 34.977 119.SOI 28.QOQ 2M23 92217 08.38T 11.000 3221 78.936 1102r2 9.677 31.732 207.582 12,97ty 44B76 2W70 15.044 37.J77 257.239 8,970 36,929 1*691 449.950 552201 1$9.4 ThE CHRISTL4N TRUST IUMITED BY au*Jw4TEEI Nol•% to tho flnanclal Atatsm•nts Iconiinu•dl Fwth• y••r •nd•d 31 O•¢•mb•r202 21 ¢r¢thor•: duB all•rrnor¢ th￿0￿￿•r Group 31 D•¢•mb•r 2020 Ch•rKy Jl D•¢•mts•r 2Q20 31 31 DK•mt4r a)19 2019 eank LOar0f￿rn suP￿rterS N•t¢bhg*w urrfjvhirt 3,022.535 24.974 6.55Z 2,547,409 24.974 6.952 24.974 5,795 24974 9,795 1145A73 3.Q54A81 2.IM897 2.579.335 1￿Ude4rrvJu￿snl*1*bJlY ￿paya￿ewhh￿ 5 ￿ar￿a$ *kn.. Group 31 p*¢wth•r 2020 Chorty 31 tY8c•mber 2Q19 31 Oece 2019 Rep•yaWe byln*aknenty 1.B80.124 1,932.034 1WO.124 1.932.034 JI creditors dk* than 5 54arA r*•b) hèh1 in Th* Cnttstsn Tftk*ihndG￿￿￿ klhnr* bmrtwl. ObllgabJnB underfinw¢e lèaBe3 and rA￿tra¢Ll. above. è(e payabieas fel*￿￿. Group 31 D•ceffd)or 2020 Ch•r 31 00￿Mber 31 Oecember )19 31 De￿ber 2019 BeiY4ew one ￿ fNeyears &795 Th8 group bank lo £3.188.389 12U19.' £3.112.6531 b•nk wotdrgfts £5,355 IZ019.' £29M831 aro SOGured by ￿?1 mortgagos ¢hwgo5 over Ihg freehohy propwbes and Invesbmqm propwDas gmU￿￿ bqnkots. Thg valug 01 th980 wcyerdeg *TrKurrtg E4.844.779 (2019.. £4.962.9211. T ropr•wit $3.8%12019'. 63.3%)￿￿tt Ofthèg￿P.E PYOPètyÈ•G￿Thll bsnk knani. ThBthèritaLIBtsnWnY￿k k)Bns a[n[X￿￿￿llto￿.7O2AI7(20l9.. t2.615,7981 arB yeCUT￿ by rnorlgayey and Q￿rth￿frfth￿ tYQPgrbg5 yKrtl kn¥•strl*ntPT¢￿th¥ (xynp•nV$ty•Thk¢rn. Th¢v¥u¢ ¢+Ulty$¢ t4.137.371 12019.. t4.Z44.0751.Th• b￿k bJns 12019." 61.5%) of the v*u90fwhg (￿N￿bIg (xJrnpgn*s property 59¢urgd by￿8 bank ￿9￿$. Grwp bank loJn¥amcdJnOw lots,229.88912019. £3.112.8531and ¢harltrabfe Mmpany bankloans amounlry ￿E2.702.417 (2Q1>. £2.$15.796}ar•Apayabh) by In￿Men1$￿tth an iiteiestrab b8iween 2% Ènd 225% 2bOv&bBse rète. Grou Ji D•¢wTrb•r 2020 ¢h•rfty 31 O•wmbg1 2020 31 Dec•rr*w 2019 31 D￿ember 2019 inEfxneb[￿OhtI0[wa Rdeasod ID In thB 17&651 1178.6681 11£.335 141.$93 {141.$931 178. 157JBY 1157,31n 89.4D7 119.355 1119.3851 157.387 110,335 178.Q8 88.4VT 157J87 36 THE CHRISTNN TRUST IUMITEO 8Y GUARANTEEI Noi¢•to the fiTr4n¢l•l (c￿11￿4•d) Forthe yearqn(Ivd 31 Oecembar 2020 23 Mlnorltylnterwts EquNy Al l Januuty2020 Movwn8ntdurfng thèye¥ A131 Dec•mbw20 127.010 110.393 The mlmrtty Intw•strd*as lolhè 74S%12019..88.3%lofshTh in TCTPryrtes No1 which Mdbylhli¢J part*$. T￿ CNl$Dan Trust￿8 ¢Mtrcd ofl ccmpany a5 detr￿ed ￿ Doto 34 knthe f￿anCIal alit8￿￿ts. Z4 alatrfflqni¢)ffv CarF￿d Forwllrd 31 DK•rnber 2020 (L￿1•#} l Janu8ry 2020 I￿veStr￿dI￿￿j$ RwgrY95 2,714AT1 1549.779 12221,3ni 3.011,¥89 Head Gr￿* Pknpont tslyndl8y Manc S¢otLwo $5.7QS 9.fj69 ,033 11,549 46,481 56.774 62.871 TA12 140,9221 77.fj51 B.183 41,970 10.137 1217Z61 {5,827) It949} 4J15 5&T14 233.•J2 .022 239.951 Totelo1fv￿ 2.948.503 2,6347111 12.3D1,3•41 125A19 3.25eAIO The uAre*trktsl Iwd Inrcrpwat•s r96wy9ontr*frnaho￿ w(¥erty ot lierr•w¢ Svfftyd£430.23612019'.£441.8731. •1& F￿r￿•￿SId8precw￿r$IffiIhe propetyand Che a¢￿ardI￿r￿clal￿￿ on tho f•valu8d arntyJnl bw tran￿￿try frtsm thEr•valualM to kn•yernl ur(•S1￿fiJ1d9. 1) Gurrentyearthis ￿oU￿red kn E11.62912019.'£11.6291. R*s￿et￿d fund&c(rytsg &￿rge numb•r¢flunds ana￿ by1W￿￿on Jnd type es r•[Ye￿nIcon￿th>￿& fortr* purpos99 oIwop0ty•lld Otiw fixBd assqt Intorna￿n4l ¢￿ts and othei of•xwndbJre. Transthol£NIl ￿19.. £5,T911 i*te b r•siiKtad donallons reb}B$￿ to urtrestrlctsd fvndy. Transfers o1£N￿12019." É5.7911 r9lalotorèstrt¢￿d (knafyons rn￿1&¢d tr>Unres1F￿￿ i￿UdINa￿x￿ a&wlpurthagAS provk￿Y Urnlrfcbj LI￿5 ofez&.31912019.' £46.th)I r*tg tolorew]n•xcharwJe IDs¥q¥on th• rntran¥Lqbon ofth•n•tassotsLrf4 IoNi9n ￿l￿l￿VIltO as at shqet Tran•l•fv rrl•d F￿￿rd l Januory IQ19 lncarno E¥wdftyr• J1 DBcarnbor ftosarvos 2,745NTS 2.W9.é 12.M6OSJ {4&880 2,71&471 R•strki•d fw ad offie• EW Cran9 ptgrreponi GlfftldyM￿r nd Northem $0,$74 IQ609 11,085 24221 11,479 I7￿$2? PO.J4n 56.71 9,Wttr SJ,033 11,349 6,491 56.774 1102141 9.303 (27.3921 113,549 1247) 17.810 1511 $7,021 231,SllJ 9*033 7,720 15,n1 231032 Tc•al offund 197fj,984 17M,723 12.696,*5 148AèOI 2,941,SQJ 37 THE CHRISTWI TRUST ILIMITED BY GUWiApifEEI N•i•*w th• fln•nclal *f*mBnts l¢ontlnuod) For tho yvar•ndgd 3104¢wDbwr 2020 25 •ts*•ts tyltswi rtcmrrt asa•tsl• Ilroup kntswklo Ilx•d lrkv•4try￿t propèrfy Ttsi 31 Docornb9r2Q20 Rgstrtw IL￿5 239.951 P,714,19S} 239.•$1 3,121,gSZ 27.727 SJ7SA20 T¢iai 17.¥27 S,575￿2 250,OOQ IW4J441 &3M,9•3 Chvtty 6rybhfrx•d Al 31 DeuThber2020 Re5knctedfunds Unresblthd (unds Z39,951 I2.2￿.85￿ 239,951 2.￿,30? 4,37*12• 807.115 Totsl 4,JD,129 8QT.115 IIVZQ.9Q$l l•tc￿rr•Tht av4•1s k6S ¢r•u Inv•skn•iit prop•rty ass•ts T•r41bkTr￿**t* Tptsl At 31 DOrom￿r2019 Rostrfcigd fvnds UtYgsltyd￿dÈ 233.032 {3.208.8J41 23&032 2.842A81 32W2 S,788.483 250.0 32,852 5.708.46J 250,0 3.Q75513 N•t pJrNbii 4•5•ts lknbUlll•& Char In¥•*tM•r Toi*l At31 Dfjc9mW2019 Rosirktedknds Unr&thLtsd ¢unds 233.032 12.79&T181 4A30.5 795,363 2,527.1 Totsl 4530.W2 795.363 (2.$8&6881 1760.178 THFCHRISTI4N TRUST (LIMITED BY GUARANTeEI N*f•¥ trj the fin•nGtal ¥tat•fflqnkn le1iniin￿d￿ For th•>T•rendqd 31 Da¢*￿￿•r 20Z 26 of mov•Mr￿1 lThfvrtdÈttsMI cwhflo¥vfrun op•t*tlng acu 2019 Noriwhefry￿￿r[&5 pe[*3tem￿tofftn?ndal ÉCtivi￿j 18.398 ju$imwtf¢r. 175￿6 5.125 5.443 810 1134.2121 11012571 675 85,414 knIottsalon Charp L0$9 ts) Iho s* offlxed xsots De¢￿Se ￿ 9￿kS D￿￿se thde￿￿r lkncwse1￿e￿e1s@ kn ¢redP Taxationeh8 Intereslpty In*restre¢eiv&l8 214.018 14$4 120Z2661 6S.$38 N•ttaFh prgwthdtyop•Y*tity 371,438 27 otcthonges knnrtthbt.Iroup 31 D¥e•Mty•r 2ty 1 J*nuary 2020 CAAh Calh atrbgrth In hand ovwdrafi5 283,961 346,918 24,038 370,955 15.3551 635.524 264.5fj8 èx¢WwovgTdrats {115.138} 13.28Q.7551 Tolai P,101.Q491 255.B18 1104$2311 The Gbarfiabk eoryllny W ￿￿eTr an unfinlt•d warartow wmh Natwest Bank pk In favwr of Gbjndkny MAn¢r EstatyG Lknllgd. 5heetdatt maxvnun Wats1￿ *m￿A￿￿￿E491.720{2Ol>. £526.2401. 2& P•Mfjon ¢ommhntnts group rnakt5 tywtJln Ind￿￿u¥￿Per$0r￿1pqfis￿￿ schBrnes. Th•aÈg#tsoflhe Bth9meèareh￿ujn t•Foratstyadmin¢tertd full￿. co* charge i8prngentsconthbuty)MpaY4blebytt￿ graup arnounted b£l5.081 12019. £14.38SI. C￿tr￿ut￿￿$ of £3,205 Woreoutst•￿ altre ye¥ÈtsJ. THE CHRISTIAN TRUST ILiwfÈD B Y GUARANTEE) Not•s to the flnanclal statVmoth¥1¢ortlihu•d Forth•yMrentlfjd 31 D•¢￿b*r 2020 Oporattng kn40• cornmitmw Thg c4thÈgroup's luwre rn*iYnurn P8ymwts Lar￿and*￿1￿11n95 )1 Dec•m￿r 2020 31 D•¢•mhv 31 Decan* 2•20 2019 2VI9 Within 1 ye4r B91wogn 1 and Spr¥ *r5y•Af5 8.400 37.40 34,ty5 43,391 6.400 171.699 Land Ind JI D￿+￿bIr 2QZO 31 Decembgr 2019 31 D￿Nt￿Vr J)19 Wikn 1 year Bdiwryen 1 and gr5￿r$ 8,400 8.400 43391 Total 8,400 71 111,699 ThE CHRISTLAII TRUST ILthI￿ED OY GLIAKAP4TeE) Not•s ¢0 Ih*fln*hrlal itat•monts Icontlnu¢dl Forth•yqar Bndgd 31 Dgcwnb4f 2020 31 Tvi*tw' b•Mllb'. •d¥•n¢K¢rooW•nd iuarant* th?￿rts ￿ rrHde in*re¥llr•a ad¥arKe5 a￿￿onyt0 £7,2rN)12019.E7200)trJMrP J to cowereyDSOB Incurrwj hiswty*fty ihg •muntsd to£8.829{2019. £8.787I.Attt￿ bailnce shgetdate thegroup e4,514 b)12019'. waè Dwqttt3.a25 by) Mr P J Horrobln. AJTay*¢. a trustr￿. roc•￿￿j￿1￿Unrt￿ of£31.897{201*. E31.$991 •ndtr•wup mwjo pen￿n0￿￿￿￿ti￿￿ cI£770{2Q19." C7(Lllin rE¥PKtolhi%dules u An tr R Po(& a tr￿. ieceivwj remnorotbnof£12.W)1201*.£YZOOOI In mp8¢tofhBdub85 asaTheryloyoe. OuM9 ioE23.05712019".£20,4251w*• papa to 3P01tr. $1 In reljtron I0￿rro￿•S tru5teE8fryfvul4￿ Su￿%￿n¢•. DurtrvJ the £NII12015.'E250Iwa5p* 10 woporty ML4. D￿n9 th9 warth•gtow book ￿y￿be5 *K¥Jnthry to£8.028 {IQ19' £7,5C61 i&è¢hlt¥ to￿￿￿￿Untyng to£2,8￿<2015.. e11,3341fromtho p￿ent￿￿￿ty. In the group maoe puf¢na*•s fr￿ arno￿￿￿ to ti.018 (2019." £1.W918ndpaldcansu￿￿￿l￿es arnoU￿￿t0 £e.ON12019". £6MOOI.Atth• b2Lincè sh￿td￿tthègr￿￿ ¢J¥￿￿ ￿,?14 IkYJ19.' £3841 tOtrust88sof P￿￿t(￿anty. Dur&w th￿￿the pAr•ntehthty donaUwffjol£NII12019. EI.830}ffom th•truiiM8. Ouring tha ￿al the wp Chyd tW$arnounww to £25612019". É15fj1 1OeBamouthng to£tii12019'. £2.3481 frthm lamity ma￿￿@1801 gths. 1) ￿grOUP paidexpgnse5 arnounfjrpj to El.21812019 £4.875itOfa￿1I￿ mon*•￿.At￿v bHlwGpGheet datethegroup0w￿£NII IZ019' £Nillto Nooih8F ￿L￿t@￿S rn￿￿neratlc￿ dunwth• eutrènt(rwi9rpa￿. t￿Y￿arth&gr¢wp 5alarF95 amounlw toE68.5S812019."£6f.1681 ￿ rolabi paititrs. Th2 cthantyr*g ￿ a￿*￿139￿ ofthg gxgmpkn kn Flnanry41 RGpornJn9 St*gnJ 102ftomthèwuir•r•th*ty thsdose tran8ttcltr*N•ith￿ on the nds 1kn•ndal*taiemthitsar•w£p￿ tyth8 paremcornpany. lthè ba&nc8 sh88td•leth•th*ty wa$owoo by Its sUlsshfj￿ry corn￿￿.. Swgreigfywortd Lm￿d.. E35,395 I￿1$.. £25,￿) nBtofa rf£51.43012019.É51.4301', Mediwranean Tours LwThted. £4.19)12019. £4.19JI.' TCT No.1 Lirni*d..E105.(W 12Q19' £105MWI. the 5he* dato the chartyowed to tswb5hYk7ry compani￿.. 04er6èas TfttstknmitÈd_ EfOO12019. t1001.' MwrE¥tyt•¥ Limrtod. £42.48612019'.£113.6721. Mini5rri05 ￿ni1￿d.. £Nil12019.' £NIII, 33 Contrd*r*p*Ly mem￿ra of Chrisliun Twsth¥ve overthecc*npanyin thg¢vrrertaThJ prfcrp￿d.Th@rv i¥ rou1u￿tO<0mrnlltrffj p#rtylngthqrihe uJrentu prevM)u$ 41 THE CHRISTIAN TRUST ILIMITED BY QUARANTÈEI 14otesto tho financlal •latoments l¢ortUnu•d) For th• yoar•ndÈd 31 D•c•mb•r 2020 34 Subghlllry und•￿￿ng$ T￿su￿s￿l￿1u￿dartakin9I asfokn¥s. Comp nuThb•r Gkyrdoy Esbtss EW MiniSMLlrniied $overelgD.Workl lolmhii5tr18sF￿￿g￿ry￿ft 020164 02353217 F*c*ertyrrAn•Jerrwt wrnpany IDorm8nll Publsh8TS of ChrL%Van England England England Hun9ary 1QO 140 100 100 100 100 07121353 06914914 07992388 kniermEtha￿hD￿i￿g It)0r￿n1> FaBilblurofoverseas touts Im olinvesbDeM WLyerty Jit•nJrw Ljrnited TCTPropth No. 1 ￿rni￿d EWwJ￿nd Th•perC￿￿ge 8haroholdir4 is ofo￿1nary shar•B of £1 and Fepr8unlstr8 k¥tyorth)i of ncfflirhJl ¥*Je ￿ld Jndlho proporn￿￿ of ihe votry roprosgnte 8h?rè$ oth*r than GI￿&8Y Msntsr Estqt48 Lin￿1￿d lftwilch me Saarè ¢apitsi & diyided Ordlnaty A ¥h￿&￿a￿ Trdin8ry B $harè& ThB $hafecaWI of TCT PKperua5 No. 1 LwrJl8d 154iyidgd Into l)rdifiaryshar98 Athdlnary sharB¥ of ei.ODO qarh. sbare has rnany addli￿ Yo￿a￿ a$ requir9d ts dqtg* c¢ pas$ 8 The Chrisisan Trusi ho￿ the only Ordinwy shale ityje. On thls it is deemed C￿ls￿aTr TNsi has control Ner TCT Properbes No. 1 rnIW ￿L￿ts olTCTProp8rb85 No. 1 Linmtod h￿￿ bB8n I￿lld@d in the rOnS(did8bJ financ￿1 5t&trJmBntS. M￿lIerraneAnT(djr$L￿rtOy IsathDllyownad sub51dkiry of ￿}￿ga5 EdwxUonTw51Llrtgd. li Dflh• ￿&t￿O$. Th•Chrf5wan TFustha& ￿tr￿a¥8[all01th￿subS￿L9ry ￿￿Or13k￿￿ as th. In yews the trustees h•ve licen$4 agreement* ts8￿&￿ Th& Cmsfjai Tnjst nun*er of foreiw Lyer￿￿￿#. In add*in eertQkl OF thè ¢Ir¢¢lW4￿ The Chris1i8n Tn￿t are aL8Ddirectors of kn2se OVEtY*&s c￿, Vthllsi ￿su￿ng the suffoefflt liwd ￿L¥Jr¢e$to rneeiihe opefakng need5 busines¥. ¢urr•nryrlsk Thègroup y￿kstO Irw0￿ wd be *i¥ciced 10 i5pf•iwal trjdiry rJJrrqrysvtrorevcr pos3iWc3p￿tQrnbiTh1x ts¢y4x>wfE to movÈmÈnts. JI E¥•Thts aft•fthi During ￿ ￿ar￿nd￿￿￿Lirlj sincYth&yew e￿. the sprpad olCOVID-19ha$ $wèr8tyimpac4od many &th)n¢thths around th• gb*o and Incowrfnon wNh many other UK the grow tharity￿r@I￿d ￿ C49as8operakn%ts p￿t al th8 y8ar Th8 groupa(Ed thaTityop8r&i&in 50clorswhere mEaSuies tskeD based upon G0vEM￿lad¥Ice b CDn1￿￿ Ihe spTEad Glts irKluthnA trayelbatss, waranbnes. and 60oal r￿￿ th•toperatw)ns￿cQnl1llue to ¥Hxtgd inlothB fijtyre untiiiw rKtrckns Jre I￿00.The9r￿p￿ chartyh2Y8 coBts 2nd tsk￿ thJvankgeol8valablp ￿t￿jdinggfalts. furfoughs and ￿rtgag* bcq*Joys w mnap ih?h•icwlirnpxtol*e pandgTh¢. R•swn$o* thi¥ion•pW$havp ￿9¢ ¥ub$tsnlW, $Wg recèiptoflegadès thathavQ 9UP￿￿0d tho gFoJpand Ch￿ty Iwgh ts downwrn ￿n￿re￿¢ b¢kdown. Th?gmup and¢horty hovedetstmined th&tthese eventsArÈ non.￿u￿b￿￿ $ubgequeni ￿en1$.A¢1￿rdI￿ty, and rosuitsofoperntow a￿0f￿￿f0r theperiod ènded 31 DKernb¥20a) h8v•wtbegn atystgdto tsir Im￿L THE CHRISTIAN TRUST IMrrED BY GLIARANTEEI Par•nt d8tall•d Incom8 and •xpvnd5turo 4¢¢￿rt Forth• J••r•I￿•d 31 Dgc•mbor 2020 2•2• X)19 Chllw*llbh•#M Torm c￿rEe5 2XMts2 144,158 4t2.925 679,092 1.142M17 RouukarOon•t*n$ Ol￿rir￿ & av￿ra1 DOn•t￿n$ 4)po81 Otsialon$ GfftAhl Dn Don8Uo R•strlctAd Dcfisuon 263.123 399.528 95.839 105,289 J•?A51 144.126 130.284 85,071 500.000 154,817 1,101.629 ol￿rI￿dIng I￿¥111•4 10M35 &7,$21 Ov*se¥$ fi￿$ Jndry 77,PAkT 57,325 1TT,11Z 102.190 2D1h54 Oth•r kncomv: rd•l•d 2W.115 Totolln¢orn• 2M4028 2,420,759 L•••: chodty •Ap•nL¥tw• Staff Alowanw 8thJ Nl Stsff Ppnsws st4ff Costs 772.503 13.61S 11,600 22.700 69,072 45.451 214,806 93.586 248.809 14229 10A50 20A50 852 4¢97 163062 46,1 199 29,98 603 knÉurancEt Caltrnry H￿9ehdd & L￿dry ctririty. & Water Prtrt Posta90 &Slgknary 37.744 tsrketing & Pubkity 40.591 24UJ 145,82 48,187 rso.Rètreats*)d Ev￿* Co8ty Chant￿￿ Don￿￿)￿5 JtDr. TN¥daThJ 8thkg*nc6 It￿rtY and EwirrfMTrt Repai Olh&rCosts 151,152 270 98203 6,812 28,662 24,476 187,950 Profe&&bJMI Fea Depre(¥abon Fwe*n •xthllng• dffw•nc•s 15B3T2 2462• 72A4J 30,991 80.137 Bank b)tere Tolal Ch•rfty•xpBndtsY• 2,4W.034 N•tlTr¢¢m•frwn ¢hBrftsbk• •wrc•i 405.11• 20,725 N•tlr*orn• forth• 4￿.16• 20.n8 Tho80 nEltonn pwtolth•Juditqd finThr￿ 81otern•nts