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← The Christian Trust

2021-12-31-accounts

Company registration number: 02883771 Charity registration number: 1041237

Scottish Charity registration number: SCO38860

THE CHRISTIAN TRUST

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2021

The Christian Trust

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 14
Independent Auditors' Report 15 to 18
Consolidated Statement of Financial Activities 19
Comparative Consolidated Statement of Financial Activities 20
Consolidated Balance Sheet 21
Balance Sheet 22
Consolidated Statement of Cash Flows 23
Notes to the Financial Statements 24 to 50

The Christian Trust

Reference and Administrative Details

Chair P J Horrobin Trustees P J Horrobin A J Taylor F G Horrobin R Pook D M Cross (resigned 3 April 2022) M J Moore (appointed 1 April 2022)

Registered Office Ellel Grange Ellel Lancaster Lancashire LA2 0HN The charity is incorporated in England and Wales. Company Registration Number 02883771 Charity Registration Number 1041237 Scottish Charity Number SCO38860 Solicitors Oglethorpe Sturton and Gillibrand 16 Castle Park Lancaster Lancashire LA1 1YG Bankers Barclays Bank plc PO Box 6193 Basingstoke Hants RG21 3RX NatWest Bank plc PO Box 94 64 Church Street Lancaster LA1 1EZ Auditor Azets Audit Services Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

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The Christian Trust

Trustees' Report

The trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of The Christian Trust (the charity) for 1 January 2021 to 31 December 2021. The trustees confirm that the annual report and financial statements of the charity and the group comply with the current statutory requirements, the requirements of the charity and the group's governing document and the provisions of the Statement of Recommended Practice (SORP): 'Accounting and Reporting by Charities' effective 1 January 2015.

The charity also trades under the name Ellel Ministries.

The charity and the group currently operate out of the following UK centres:

Ellel Grange Telephone 01524 751651
Bay Horse
Ellel Email info.grange@ellel.org
Lancaster
LA2 0HN
Glyndley Manor Telephone 01323 440440
Stone Cross
Pevensey E-Mail info.glyndley@ellel.org
Sussex
BN24 5BS
Ellel Pierrepont Telephone 01252 794060
Frensham
Farnham E-mail info.pierrepont@ellel.org
Surrey
GU10 3DL
Blairmore House Telephone 01466 799102
Glass
Huntly E-mail info.scotland@ellel.org
Aberdeenshire
AB54 4XH

Note the work in Ireland was suspended during 2021 and we no longer have an established presence there.

Information can also be obtained from the charity’s website www.ellel.uk.

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The Christian Trust

Trustees' Report

Objectives and Activities

Objectives of the charitable company

The Christian Trust was established as a registered charity in 1977 and incorporated as a company in 1993. The Christian Trust operates as Ellel Ministries and is a non-denominational Christian Mission organisation with a vision to resource and equip the Church by providing training and personal ministry in Christian healing and discipleship. We aim to bring hope, healing and wholeness to the Body of Christ

and further equip the Church worldwide through the principles outlined in Luke 9:11 where Jesus welcomed the people, taught them about the Kingdom of God and healed those who were in need.

Mission statement

The mission of the trust is to fulfill this vision throughout the world, as God opens the doors, in accordance with the Great Commission of Jesus and the calling of the Church to proclaim the Kingdom of God by preaching the good news, healing the broken-hearted and setting the captives free. The trust is therefore, committed to evangelism, healing, deliverance, discipleship, and training. The Board of The Christian Trust is supported by the Executive Leadership.

Principal activities and main objectives

The Christian Trust offers, without charge, opportunities for personal prayer by holding evening events, running healing retreats and through personal ministry appointments. There are also a wide variety of other free events and also a free online discipleship and healing programme called Journey to Freedom. The help received enables individuals to overcome spiritual, emotional, and sometimes physical problems and difficulties in their lives and enables them to have more productive and fulfilled lives.

The trust equips others by offering training in Christian healing and discipleship through conferences, short courses, longer term programs and through the production and distribution of teaching material (audio, video and books.)

The training offered equips individuals and the Church in how to pray for and help others.

The main objective of the Trust is to continue to help people by offering prayer ministry and training in its established UK and overseas Centres and to develop the work so as to offer similar opportunities for prayer ministry and training in other Regions and Countries of the world. The trust has referred to the guidance on public benefit provided by the Charity Commission when reviewing its objectives and planning future activities.

Other than the primary objectives of the Charity and the means of fulfilling these objectives detailed in our Principal Activities, the first few months of 2021 saw a significant impact on all of our physical centre-based operations due to the Covid-19 pandemic which effectively forced a total shutdown until we were slowly able to commence reopening from mid-May onwards in line with government guidance. As a result, we sought to continue the development of further opportunities for teaching and ministry online to reach those who have benefited from the ministry or as a result of lockdown were desperate for any sort of spiritual input. Many of our physical residential events restarted from mid-May 2021.

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The Christian Trust

Trustees' Report

While this report is correctly focussed on the UK Registered Charity, it should be noted that the number of countries which are now requesting help in establishing their own teaching and ministry centre under

the Ellel Ministries umbrella is increasing. A robust structure of Regional Directors has been established in order to support and monitor these many financially independent operations.

Additionally, strenuous efforts continue to be made in expanding the range of books published by Sovereign World Ltd, which will help facilitate the work of all the centres, making it easier for the overseas centres to develop their work with adequate training materials.

Four new books were successfully published in 2021; ‘Discover Healing & Freedom’ by Peter Horrobin, ‘God’s Way Out of Depression’ by David Cross, ‘Israel the ingathering goes on’ by Esther Lever, and ‘Miracles in the Midst of War’ by Paula O’Keefe

We were also very excited to be able to distribute ‘One Life, Many Cars’ by Peter Horrobin and ‘Eyes Closed Eyes Opened’ by Derek Puffett.

Normally, course programmes, attendance, adequate and effective staffing, and the finances of the ministry are the most useful measures for determining the ongoing health of the Charity’ work.

With respect to our operational activities our primary aims, and objectives remain unchanged. However, the Trustees are keen to find ways of reducing the existing mortgage borrowings for our centres so that more of our incoming funds will be available for maintenance of the facilities which are so vital to the running of the work.

The Chapel which stands in the grounds of Ellel Grange has been derelict ever since the property was acquired by the Charity in 1986. The Trustees have determined that strenuous efforts must now be made to restore the building before further dereliction occurs. Planning permission had been obtained for this in March 2019 but expired in March 2022 due to the project not commencing. This was primarily due to the pandemic with resources diverted to sustain the charity through unprecedented times. There remains a desire to restore the chapel and the hope is that planning permission will be resubmitted during 2022.

During the year the Trustees became aware of renewed activity concerning a proposed development on land surrounding Ellel Grange of a major new village under the name Ellel Gardens (www.ellelgardens.com). Initial plans included development on land that is view protected. Legally we have asserted our rights in this respect and the appropriate Land Registry records show that this is the case - no buildings can be constructed which would obstruct the views from Ellel Grange either to the front or the rear of the property.

The planning application continues, and we invited our supporters to send in their comments on the proposals to the Lancaster City Council website. Over 800 people responded to this appeal for support – all protesting the plans and expressing concern about the impact of the development on the work of the charity as a place of refuge and retreat. To date no decisions have been made by Lancaster City Council who continue to gather responses from relevant organisations. The trustees will continue to keep a close watch on developments with this and will respond as necessary.

Public benefit

The trustees have had regard to the Charity Commission’s guidance on public benefit.

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The Christian Trust

Trustees' Report

The events organised and the services offered by the charity are open to anyone upon the understanding that the teaching and prayer ministry offered to them will be Christian. The programme of events organised are advertised on the website https://ellel.uk. Through the application of teaching and Christian prayer ministry, individuals struggling with a variety of problems are helped to understand the roots of these problems and deal effectively with them so as to be able to live a more fulfilled life.

Equal access to the ministry is important to the trustees. The trust continues as far as possible to only charge for teaching courses whilst continuing to make personal ministry available free to the public regardless of race, gender, disability, or sexual orientation, relying on donations to fund this activity. The trust relies on donations from participants, supporters, and sponsors to cover the costs of the free events. Through significant donations received from supporters a fully functional lift was installed at Glyndley Manor a number of years ago giving good quality disabled access.

Through training courses and longer-term programs attendees are taught how to minister and bring

help and healing to those struggling with issues in their lives by the application of Biblical truth. Guests at Ellel Ministries events include Pastors, missionaries, members of Church ministry teams and individuals seeking help and training in the Christian healing ministry. The Trust sponsors a number of delegates from developing countries on longer programs.

Feedback (written and verbal) from people who have been helped by the Charity confirms that the work of the Charity is positively impacting individual's lives. The majority of those coming for help do so as a direct result of personal recommendation by someone previously helped by the work of the Charity. Visitors from overseas, including many third world nations, tell that what the Charity offers in the UK is desperately needed in their own Country. The trust receives many invitations to bring the work of the Charity to other countries.

The Trustees of The Christian Trust believe that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Our supporters and volunteers’ contribution

The prayers and gifts of supporters, which form a significant part of the income of the trust, are greatly appreciated and are vital for continuing the work. In accordance with the original vision, no charge is made for personal ministry as many who come would be unable to pay for the personal attention they receive. The fees charged for other courses and longer programs are also kept to a minimum to ensure that they are accessible to as many people as possible - the fees barely cover the actual cost, and the trust is therefore dependent on donation income to make up the difference.

The work of the Trust is carried out by both full and part time teams amounting to around 120 people in the UK and well over 350 world-wide. The Trust does not pay 'commercial salaries' but operates a system of discretionary allowances. Some of the full-time team who have alternative means of income choose not to take these allowances.

The work is further supported by around 390 volunteer ministry team members who minister to people on healing retreats, ministry appointments and during ministry times on courses and longer-term programs. The amount of time that volunteers make themselves available to help in the work of the Trust depends on their individual circumstances and can vary from a few hours a month to as much as four days a week.

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The Christian Trust

Trustees' Report

The Trustees greatly value every member of the full, part-time, and volunteer teams, appreciating their commitment to the work of the ministry and thank God for every member of the team, including those who have served in the past and have now moved on to other work.

The trustees look forward to continuing this valuable work and ministry under God's guidance and enabling in the years ahead.

Review of activities and future developments

In 2021 the work of Ellel Ministries International continued around the world, building on the foundations that have been carefully laid down by the Trustees and staff in previous years. All the overseas operations are legally and financially independent, although the UK Charity periodically makes donations to help establish and support the ongoing operations of work in less affluent countries.

All overseas developments are pioneered and funded locally and there are no new liabilities for the UK Charity associated with any of these extensions of the work. All the overseas centres operate according to the principles laid down for the original UK operations.

Extensive work continued throughout 2021 on the complete rebuild of the Charity’s website, so that all the overseas operations will have fully integrated pages within the corporate website of Ellel Ministries. This was finally launched in December 2021 and has proved to be well worth the wait for its completion.

The summer of 2021 saw the third UK intake of young people on our Undivided gap year programme as the Covid-19 restrictions were again relaxed. We are currently able to facilitate overseas and EU nationals joining our team for periods of up to 2 years’ service or on longer-term training programmes.

In spite of all that has happened with Covid-19 during 2021 we have continued to adapt and increase our online activities, even when our physical centres have been closed. Key developments are from Peter Horrobin’s weekly livestreams which have reached a huge number of people. We also made available free online our Truth and Freedom teaching series and Andy and Cath Taylor have continued a monthly podcast on various topics which has now exceeded 50,000 downloads.

Statistically, our corporate YouTube account has done very well during 2020. From the date of the first lockdown on 23 March 2020 until 20 May 2021 the total number of views we have received is 162,000. This amounted to people watching one of our YouTube videos for 37,000 hours. We subsequently increased our YouTube subscriber base by 3,500. Views for the same period on our Wistia video hosting account (used mostly for non-YouTube videos hosted on our website) are 25,000.

We also launched a ‘Let’s Talk’ podcast at the end of 2020. This has had just over 18,000 downloads from its 11 episodes so far and has reached individuals in 91 different countries worldwide.

We also made the 52-part Steps to Life audio series freely available on our website and it has had over 46,000 plays to date.

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The Christian Trust

Trustees' Report

Strenuous efforts were made during 2021 to continue to increase operating efficiency and minimise unnecessary expenditure, these efforts being further driven by the considerable reduction in earned income due to the ongoing effects of Covid-19. In particular this has included the following:

The Trustees are grateful for all the supporters who give so generously to maintain the work in the UK, enabling the organisation to remain financially strong, as it spearheads the encouragement of new overseas developments and facilitates all that is necessary for the running of a significant world-wide charitable work.

The Trustees look forward with faith and enthusiasm to all that lies ahead for the future work of the Charity and continue to do everything possible to limit the negative consequences of the pandemic, especially through minimizing overhead costs and appealing for additional donations, but, in common with most organisations, there has been a downturn in earned income during 2021, the impacts of which will continue to be felt well into 2022.

Fund-raising disclosure

As a faith-based organisation, the charity relies on donation income, and this takes the approach of periodic appeals for financial support to those who are supporters of the work. We also adopt the use of charity boxes in our centre reception areas for unspecified ad hoc donations which may be given by those attending our centres and occasionally take up free will offerings where appropriate. We actively promote our 1 in 1000 and other regular giving schemes to those who come on courses or attend any of our events and wish to give a specified amount on a regular basis to support our ongoing work.

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The Christian Trust

Trustees' Report

We do not use the services of any professional fundraisers or commercial participators but do receive personal donations given via Stewardship Giving Services, Charities Aid Foundation Vouchers and other similar schemes, which may include online giving sites, designed to help individuals channel their personal charitable giving accordingly and in a tax efficient way. We are fully subscribed to the standards set by the UK Fundraising Regulator, as the trustees consider this to be the best interests of assuring those wishing to support our work financially.

There are no known complaints concerning fundraising to report and the trustees are mindful of the importance of protecting vulnerable individuals; therefore, care continues to be taken to avoid unreasonable intrusion, persistence or undue pressure when seeking any form of financial support.

Investment policy

Under the Memorandum and Articles of Association, the charitable company has the power to make any investment which the trustees see fit. Investments are made where required to further the aims and objectives of the charity.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Summary of income and expenditure

Unrestricted Restricted Total Total
Funds 2021 Funds 2021 Funds 2021 Funds 2020
Total Incoming resources 2,477,989 124,527 2,602,516 2,636,720
Total Resources Expended (2,393,743) (141,223) (2,534,966) (2,301,394)
Exchange
losses
investments		 on net (33,403) - (33,403) (25,319)
Transfers 66,550 (66,550) - -
Net Movement in
Year		 **Funds ** for 117,393 (83,246) 34,147 310,007

Principal risks and uncertainties

Details of the charity's financial risk management objectives and policies are included in note 2 to the financial statements.

The charity has strong support from a wide cross section of people however the principal risks and uncertainties relate to the uncertainty of continued support from donors and attendance at courses, and the timing of receipts.

A senior member of the Ellel Grange staff is trained and qualified in all aspects of the Health and Safety of our UK Centres. Where any changes are envisaged to our operating procedures, full risk assessment will be undertaken.

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The Christian Trust

Trustees' Report

Reserves policy

As a Christian Mission, The Christian Trust is committed to fulfilling a God-given vision and is dependent on the prayers and gifts of supporters for the continuation and development of the work. The trust believes that it is not appropriate to have a policy of holding high cash reserves. The freehold properties which are held as security for bank borrowings currently have a market valuation in excess of their original cost. A report by an independent expert, specifically commissioned for the purpose in 2013 provided a conservative valuation of the UK properties of the group at £6,400,000 (£4,650,000 parent charity). The financial security provided by the asset value of these properties is adequate to cover the foreseeable future financial eventualities. In common with many other charities, the trust relies on a comprehensive process of budgetary planning and ongoing financial monitoring. This enables the identification of potential problem areas and gives the opportunity to take corrective action where necessary.

The total consolidated funds available as at the end of the year amounted to £3,400,657 (2020 £3,368,903) of which £156,705 (2020 £239,951) is restricted in their future use. Unrestricted free reserves amounted to £287,234 (2020: £421,278).

Principal funding

Income to the trust in 2021 amounted to £2,602,516 (2020 £2,636,720). The main sources of these funds were as follows:

18.3% (2020: 13.6%) - Trading company income including media sales

22.9% (2020: 15.4%) - Training and conference income

51.1% (2020: 61.7%) - Donation income and legacies

7.7% (2020: 9.3%) - COVID related grants

Overall, there has been a net increase in the Trust fund of £34,147 (2020: £310,007).

Donations

During the year the group made charitable contributions to other organisations and individuals amounting to £109,350 (2020: £104,886).

Structure, governance and management

Constitution

The charity is registered as a company limited by guarantee without share capital and was set up by a Memorandum of Association on 24 December 1993. It is registered under the Companies Act 1985, registration number 02883771.

The charity is governed by its Memorandum and Articles of Association dated 24 December 1993, as amended by special resolutions dated 28 September 1994, 18 October 2004 and 9 April 2008. Management of the charity's affairs is vested in the co-directors.

The principal object of the charity is to provide training and personal ministry in Christian healing and discipleship.

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The Christian Trust

Trustees' Report

In the event of a winding-up, the present members and those who have ceased to be a member within one year of such an event have guaranteed the liabilities of the company to the sum not exceeding one pound each.

The Memorandum and Articles of Association states that the number of members shall not exceed fifteen and shall not be less than three.

Method of appointment or election of Trustees

The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association. All newly appointed trustees and members require approval from the Board of Directors.

Policies adopted for the induction and training of Trustees

Newly appointed Trustees are provided with a comprehensive induction to The Christian Trust through the provision of in-house training.

Pay policy for senior staff

Total remuneration of £51,058 (2020: £46,747) was paid to trustees during the year. The remuneration paid to trustees and other senior staff such as centre directors is reviewed regularly by the executive leadership. The rates of remuneration are set in line with the roles carried out within the organisation. The remuneration also takes into account the benefits received by the employees for example full accommodation and board when provided.

Organisational structure and decision making

The Executive Leadership is the group which directs the work of Ellel Ministries under the overall leadership of the International Director and board, in accordance with the vision and mission God gave to the ministry. The executive leadership meets on a regular basis and the centre leaders manage the day-to-day operations of the charity.

The current Executive Leadership (at the end of 2021) are as follows:

Mr P J Horrobin Mrs F G Horrobin Mr A J Taylor Mrs C Taylor Mr P Brokaar
Mr K Bandy Mr P Chambron Mr D M Cross Mrs L Hanekom Mr T Kovacs
Mr M Moore Mr R Pook Mr D Puffett Mr H Redelinghuys Mr P Ryan
Mrs E Soo Mr T Soo Mr P Stanier Mr R Steel

Denise Cross and Anna Wood retired from the Executive Leadership during 2021, with David Cross, Peter and Fiona Horrobin, and Derek Puffett retiring in April 2022. (Peter continues as Chair of the Trustees until the 2022 Trust AGM and will then step down before retiring from the trustees in 2023).

Related party transactions

Transactions with related parties are disclosed in note 32 to the financial statements and in accordance with paragraph 33 of the SORP (Accounting and Reporting by Charities: Statement of Recommended Practice (effective 1 January 2015)).

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The Christian Trust

Trustees' Report

Risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

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The Christian Trust

Trustees' Report

Subsidiary companies

In the UK the group operates through the following wholly owned subsidiary companies:

Ellel Ministries Limited Intermediate holding company
Sovereign-World Limited Book publisher and book and other media retailer
Glyndley Manor Estates Limited Management of estate residences at Glyndley Manor
Overseas Education Trust Limited Intermediate holding company
Mediterranean Tours Limited Facilitator of overseas tours

All of the active UK subsidiaries are involved in trading both to raise additional funds for the charity and also to further the charitable objectives. Some produce and distribute Christian literature relating to the charity's training courses. It is the intention of the trustees that each of these companies should remain profitable.

The charity currently holds 32.4% (2020: 25.5%) of the share capital of TCT Properties No1 Limited, a company holding investment property, and increased further during 2022. The share capital of TCT Properties No1 Limited is divided into Ordinary shares and A Ordinary shares of £1,000 each, the

Ordinary share has as many additional votes as are required to defeat or pass a resolution, The Christian Trust hold the only Ordinary share in issue. On this basis it is deemed that The Christian Trust has control over TCT Properties No1 Limited and the results of TCT Properties No1 Limited have been included in the consolidated financial statements.

Overseas work in Hungary is undertaken in part through Ellel Ministries Hungary Kft, a wholly owned subsidiary of The Christian Trust.

Associated entities

Other overseas work is undertaken through locally incorporated companies/charities established in the country that the work is taking place. Currently the main local entities (other than subsidiaries) are:

Ellel Ministries Australia Ltd Ellel Ministries Aotearoa New
Zealand		 Ellel Ministries Bulgaria
Ellel Ministries Canada Inc. Ellel Ministries Canada West Ellel Ministries Columbia Inc
Ellel Ministries Croatia Ellel Ministries Denmark Ellel Ministries Finland
Ellel Ministries France Ellel Ministries Germany Ellel Ministries India
Ellel Ministries Kenya Ellel Ministries Latvia Ellel Ministries Malaysia
Ellel Ministries Netherlands Ellel Ministries Norway Ellel Ministries Romania
Ellel Ministries Rwanda Ellel Ministries Singapore Ellel Ministries South Africa
Ellel Ministries Sweden Ellel Ministries Switzerland Ellel Ministries USA Inc.
Hungarian
Christian
Trust
Magyar		 Kereszteny Alapitvany

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The Christian Trust

Trustees' Report

Each entity has signed a licence agreement with The Christian Trust agreeing that their policies, practices and objectives will be in accord with those of The Christian Trust.

The Trust has appointed representatives in Papua New-Guinea to co-ordinate the work in this country which is generally carried out with help from other established Centres.

Qualifying third party indemnity provisions

During the year and at the date of approval of the directors' report, qualifying third party indemnity provisions were in place in respect of the trustees.

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The Christian Trust

Trustees' Report

Statement of Trustees' Responsibilities

The trustees (who are also the directors of The Christian Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditor

In November 2021, the Board appointed MHA Tait Walker as new auditors to the Trust following a competitive tender process. Azets Audit Services Limited, trading as Azets Audit Services, were appointed auditor to the company following their acquisition of the trade of Tait Walker LLP, trading as MHA Tait Walker, on 1 May 2022.

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Azets Audit Services as auditors of the charity is to be proposed at the forthcoming Annual General Meeting.

The The annual annual report report was was approved approved by by the the trustees trustees of of the the charity charity on on bef .................... efeore and and signed signed on on its its behalf behalf by: by:

......................................... A J Taylor Trustee Trustee

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The Christian Trust

Independent Auditor's Report to the Members of The Christian Trust

Opinion

We have audited the financial statements of The Christian Trust (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

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

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The Christian Trust

Independent Auditor's Report to the Members of The Christian Trust

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the and the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 14), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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The Christian Trust

Independent Auditor's Report to the Members of The Christian Trust

Auditor responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; employment laws; and compliance with the UK Companies Act and Charities Act.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). For instance, the further removed non-compliance is from the event and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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

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The Christian Trust

Independent Auditor's Report to the Members of The Christian Trust

Use of our report

This report is made solely to the charitable parent company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Brown ShuBeau ACA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Chartered Accountants Statutory Auditor Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

Date:.. .........

Azets Audit Services is a trading name of Azets Audit Services Limited.

18

The Christian Trust

Consolidated Statement of Financial Activities for the Year Ended 31 December 2021 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total Income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
Total Expenditure
8
Net income/(expenditure)
Transfers between funds
Other recognised gains
and losses
Foreign exchange losses
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
24		 Unrestricted
£
1,202,972
597,860
475,511
1
201,645
2,477,989
(54,325)
(1,946,502)
(392,916)
(2,393,743)
84,246
66,550
(33,403)
117,393
3,018,559
3,135,952		 Restricted
£
124,527
-
-
-
-
124,527
-
(141,223)
-
(141,223)
(16,696)
(66,550)
-
(83,246)
239,951
156,705		 Total
2021
£
1,327,499
597,860
475,511
1
201,645
2,602,516
(54,325)
(2,087,725)
(392,916)
(2,534,966)
67,550
-
(33,403)
34,147
3,258,510
3,292,657		 Total
2020
£
1,626,459
407,220
358,940
38
244,063
2,636,720
(48,664)
(1,842,653)
(410,077)
(2,301,394)
335,326
-
(25,319)
310,007
2,948,503
3,258,510

All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 24.

19

The Christian Trust

Comparative Consolidated Statement of Financial Activities for the Year Ended 31 December 2020 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
Expenditure on:
Raising funds
Charitable activities
Other expenditure
Total expenditure
Net income
Other recognised gains and losses
Other gains/losses
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
24		 Unrestricted
£
1,541,388
407,220
357,070
38
244,063
2,549,779
(48,664)
(1,762,631)
(410,077)
(2,221,372)
328,407
(25,319)
303,088
2,715,471
3,018,559		 Restricted
£
85,071
-
1,870
-
-
86,941
-
(80,022)
-
(80,022)
6,919
-
6,919
233,032
239,951		 Total
2020
£
1,626,459
407,220
358,940
38
244,063
2,636,720
(48,664)
(1,842,653)
(410,077)
(2,301,394)
335,326
(25,319)
310,007
2,948,503
3,258,510

20

The Christian Trust

(Registration number: 02883771) Consolidated Balance Sheet as at 31 December 2021

2021 2020
Note £ £
Fixed assets
Intangible assets 14 266,676 27,727
Tangible assets 15 5,537,693 5,575,420
Investments 16 250,000 250,000
6,054,369 5,853,147
Current assets
Stocks 17 77,344 71,420
Debtors 18 124,295 398,880
Cash at bank and in hand 671,415 640,879
873,054 1,111,179
Creditors: Amounts falling due within one year 20 (429,115) (449,950)
Net current assets 443,939 661,229
Total assets less current liabilities 6,498,308 6,514,376
Creditors: Amounts falling due after more than one year 21 (3,097,651) (3,145,473)
Net assets 3,400,657 3,368,903
Funds of the group:
Restricted 156,705 239,951
Unrestricted income funds
Designated funds 418,607 430,236
General funds 2,717,345 2,588,323
Total unrestricted funds 3,135,952 3,018,559
Total charity funds 3,292,657 3,258,510
Minority interest 108,000 110,393
Total funds 24 3,400,657 3,368,903

onThe Theon .................... (6/9/2622. eel financial statements statements and and signed on their behalf signedon on on pages pages their behalf19 19 to to 50 50 byby: were were approved approved by by the the trustees, trustees, and and authorised authorised for for issue issue

any .........................................A J Taylor er Trustee Trustee

21

The Christian Trust

(Registration number: 02883771) Balance Sheet as at 31 December 2021

2021 2020
Note £ £
Fixed assets
Intangible assets 14 244,014 -
Tangible assets 15 4,257,509 4,379,129
Investments 16 747,391 667,391
5,248,914 5,046,520
Current assets
Stocks 17 5,514 5,685
Debtors 18 101,169 377,948
Investments 19 131,750 139,724
Cash at bank and in hand 623,562 608,810
861,995 1,132,167
Creditors: Amounts falling due within one year 20 (354,196) (368,452)
Net current assets 507,799 763,715
Total assets less current liabilities 5,756,713 5,810,235
Creditors: Amounts falling due after more than one year 21 (2,621,123) (2,644,897)
Net assets 3,135,590 3,165,338
Funds of the charity:
Restricted 156,705 239,951
Unrestricted income funds
Designated funds 418,607 430,236
Unrestricted funds 2,560,278 2,495,151
Total unrestricted funds 2,978,885 2,925,387
Total funds 24 3,135,590 3,165,338

Theon .................... onThe(6/9/2622. ae financial statements statementsand and signed on their behalf signed on on on pages pages their 19 19 behalfto to 50 50 by: by: were were approved approved by by the the trustees, trustees, and and authorised authorised for for issue issue

.........................................A J Taylor ny on Trustee Trustee

22

The Christian Trust

Consolidated Statement of Cash Flows for the Year Ended 31 December 2021

Note
Cash flows from operating activities
Net cash income
Adjustments to cash flows from non-cash items
Depreciation
Amortisation
Investment income
6
Taxation charge
Differences on foreign exchange
Working capital adjustments
(Increase)/decrease in stocks
17
Decrease/(increase) in debtors
18
Increase/(decrease) in creditors
20
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
6
Purchase of intangible fixed assets
14
Purchase of tangible fixed assets
15
Sale of tangible fixed assets
Purchase of investments
Movement in minority interest
Net cash flows from investing activities
Cash flows from financing activities
Repayment of loans and borrowings
20
Repayment of capital element of finance leases and HP
contracts
22
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 2021
£
34,147
169,733
9,201
(1)
-
-
213,080
(5,924)
274,585
58,666
540,407
1
(248,150)
(167,875)
4,896
-
(2,393)
(413,521)
(93,125)
(3,225)
(96,350)
30,536
640,879
671,415		 2020
£
335,326
175,306
5,125
(38)
675
(132)
516,262
810
(134,212)
(102,257)
280,603
38
-
(12,895)
5,444
(16,617)
-
(24,030)
114,373
-
114,373
370,946
269,933
640,879

All of the cash flows are derived from continuing operations during the above two periods.

23

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. It is also a registered charity in England and Wales, and in Scotland.

The address of its registered office is: Ellel Grange, Ellel, Lancaster, Lancashire, LA2 0HN

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

The Christian Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 December 2021.

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a deficit after tax for the financial year of £29,748 (2020 - surplus of £405,160).

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

24

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Going concern

The financial statements have been prepared on a going concern basis.

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

Estimation uncertainty and judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported.

Key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives of the assets. These are assessed annually. They are amended when necessary to reflect changes in the condition of the assets and future economic utilisation. Current depreciation rates of the classes of tangible fixed assets are detailed in the relevant accounting policy.

The stock held by the group is reviewed each year to identify any items which are not selling in line with expectations. The directors review the sales made in the previous year and assume that this level of sales will continue for the next five years. A stock provision is applied by the directors against any stock not expected to sell within the five years.

The parent charity holds shares in the subsidiary undertakings and has long term investments in the form of loans made interest free to the subsidiary companies. The carrying value of these investments is reviewed annually against the net assets and profitability of the subsidiaries to assess whether any impairment is required.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

25

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Gifts in kind

Gifts in kind are recognised in different ways dependent on how they are used by the charity:

(i) Those donated for resale produce income when they are sold. They are valued at the amount actually realised.

(ii) Those donated for onward transmission to beneficiaries are included in the Statement of Financial Activities as incoming resources and resources expended when they are distributed. They are valued at the amount the charity would have had to pay to acquire them.

(iii) Those donated for use by the charity itself are included when receivable. They are valued at the amount the charity would have had to pay to acquire them.

Gift aid

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other trading activities

Income from commercial trading activities is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.

Charitable activities

Training and conference income is recognised when the training course has taken place.

Other income

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

26

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class Amortisation method and rate
Goodwill 5% straight line
Website development 10% straight line
E-book development 33% straight line

Tangible fixed assets

Individual fixed assets costing £1,000.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

As permitted by the transitional provisions of FRS 102 the antique fixtures and fittings held by the parent charity in the financial statements were revalued at the transition date. The group and parent charity will retain this value as deemed cost and have not adopted a policy of revaluation of fixtures and fittings.

27

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Freehold property 2% straight line basis Leasehold property improvements over the life of the lease Motor vehicles 25% straight line basis Fixtures, fittings and equipment 10% to 33% straight line basis

Freehold land is not depreciated.

An amount equal to the excess of the annual depreciation charge on revalued annually from the revaluation reserve to the general reserve.

Investment properties

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Fixed asset investments

Investments in subsidiaries are valued at cost less provision for impairment.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

28

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:

1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the group.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

29

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Hire purchase and finance leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are capitalised in the balance sheet as tangible fixed assets and are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. Lease payments are charged to the Statement of Financial Activities and are apportioned between finance costs and the reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability

The interest element of the rental obligation is charged to the Statement of Financial Activities over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Pensions and other post retirement obligations

The group operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 Income from donations and legacies

Donations and legacies;
Donations and legacies
Gifts in kind
Donations and legacies;
Donations and legacies
4
Income from charitable activities
Training and conferences		 Unrestricted
funds
General
£
1,162,971
40,001
1,202,972
Unrestricted
funds
General
£
1,541,388
1,541,388		 Restricted
funds
£
124,527
-
124,527
Restricted
funds
£
85,071
85,071
Unrestricted
funds
General
£
597,860		 Total
2021
£
1,287,498
40,001
1,327,499
Total
2020
£
1,626,459
1,626,459
Total
2021
£
597,860

Training and conferences

30

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Training and conferences
5
Income from other trading activities
Property rental
UK property rental
Income from overseas centres
Publishing sales
UK bookshop sales
Other income
Property rental
UK property rental
Income from overseas centres
Publishing sales
UK bookshop sales
Other income		 Unrestricted
funds
General
£
191,009
69,636
123,239
13,922
77,705
475,511
Unrestricted
funds
General
£
95,770
80,348
98,984
21,655
60,313
357,070		 Unrestricted
funds
General
£
407,220
Restricted
funds
£
-
-
-
-
-
-
Restricted
funds
£
-
-
-
-
1,870
1,870		 Total
2020
£
407,220
Total
2021
£
191,009
69,636
123,239
13,922
77,705
475,511
Total
2020
£
95,770
80,348
98,984
21,655
62,183
358,940

Other income includes gifts in kind, gift aid on donations, income from overseas subsidiaries and other sundry income.

31

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

6 Investment income

Interest receivable and similar income;
Interest receivable on bank deposits
Interest receivable and similar income;
Interest receivable on bank deposits
7
Other income
Covid related income
Covid related income		 Unrestricted
funds
General
£
1
1
Unrestricted
funds
General
£
38
38
Unrestricted
funds
General
£
201,645
Unrestricted
funds
General
£
244,063		 Total
2021
£
1
1
Total
2020
£
38
38
Total
2021
£
201,645
Total
2020
£
244,063

32

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

8 Analysis of governance and support costs

Raising funds expenditure

Costs directly allocated to activities

Conferences and training courses
Accommodation and catering
Media purchases
Travelling and motor expenses
Donations to other organisations
Legal and professional
Audit and accountancy
Tax
Bad debts
Amortisation of intangible assets
Net loss on foreign exchange		 Governance
costs
£
-
-
-
-
-
31,826
30,280
-
-
-
-
62,106		 Fundraising
costs
£
-
-
74,731
36,257
-
-
-
-
750
5,065
418
117,221		 Other
international
centres
costs
£
-
-
-
-
165,015
-
-
-
-
-
-
165,015		 Training and
conferences
£
15,210
113,565
-
-
-
-
-
-
-
-
-
128,775		 Healing
retreats and
prayer
ministry
£
7,605
59,258
-
-
-
-
-
-
-
-
-
66,863		 Total
2021
£
22,815
172,823
74,731
36,257
165,015
31,826
30,280
-
750
5,065
418
539,980		 Total
2020
£
20,973
163,462
82,851
41,596
112,756
19,275
30,314
674
(15)
5,125
552
477,563

33

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Support costs allocated to charitable activities

Support costs allocated to charitable activities
Governance
costs
£
Staff costs and allowances
-
Light, heat and water
-
Telephone
-
Rent and rates
-
Printing, postage and stationary
-
Marketing and advertising
-
Repairs and maintenance
-
Cleaning and laundry
-
Computer costs
-
Insurance
-
Sundry expenses
-
Bank charges
-
Bank overdraft and loan interest
-
Depreciation
-
Share of governance costs
(62,106)
(62,106)		 Costs of
generating
voluntary
income
£
Fundraising
costs
£
Other
international
centres
costs
£
Training
and
conferences
£
28,209
73,669
94,031
470,154
6,571
36,891
21,903
109,517
1,014
3,618
3,379
16,897
2,557
21,171
8,524
42,621
781
11,215
2,602
13,011
213
3,295
710
3,550
2,405
41,268
8,015
40,077
-
9,109
-
48,122
1,486
3,835
4,953
24,763
1,374
2,291
4,581
22,907
154
9,287
513
2,565
498
6,422
1,660
8,300
2,371
18,776
7,902
39,510
4,496
31,214
14,988
74,939
2,124
9,514
8,413
25,980
54,253
281,575
182,174
942,913		 Healing
retreats
and
prayer
ministry
£
300,898
70,092
10,814
27,277
8,327
2,272
25,650
24,061
15,848
14,661
1,642
5,312
25,287
47,961
16,075
596,177		 Total
2021
£
966,961
244,974
35,722
102,150
35,936
10,040
117,415
81,292
50,885
45,814
14,161
22,192
93,846
173,598
-
1,994,986		 Total
2020
£
891,151
219,946
1,512
97,639
38,353
55,925
62,295
46,178
44,228
45,968
31,135
28,783
85,412
175,306
-
1,823,831

34

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Raising funds costs of £54,325 includes direct costs of £nil and support costs of £54,325.

Charitable activities costs of £2,084,118 includes direct costs of £165,015, £128,775 and £66,863 and support costs of £182,178, £942,910 and £596,172.

Other expenditure costs of £398,916 includes direct costs of £117,221 and support costs of £281,695.

9 Net incoming/outgoing resources

Net (outgoing)/incoming resources for the year include:

Operating leases - plant and machinery
Audit fees
Other non-audit services
Depreciation of fixed assets
Amortisation of goodwill
Trustees remuneration		 2021
£
48,952
26,650
1,350
169,733
9,202
51,854		 2020
£
51,791
30,314
1,076
175,306
5,125
46,747

10 Trustees remuneration and expenses

During the year remuneration of £45,554 (2020: £43,897) was paid to trustees of the parent charity in line with the governing document of the charity. In addition teaching fees of £6,300 (2020: £2,850) were paid to trustees of the parent charity. The remuneration packages of the trustees are to compensate for their work for the charity. Full details of payments to trustees are included in note 25 to the financial statements.

Details of the expenses paid to trustees for travel and subsistence occurred in their duty as trustees of the charity are included in note 25 to the financial statements.

During the year retirement benefits were accruing to 1 trustee (2020 -1) in respect of defined contribution pension schemes.

35

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

11 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2021
£
885,623
63,225
18,113
966,961		 2020
£
822,246
53,824
15,081
891,151

Volunteers are used in many areas to help achieve the charitable objectives. Volunteers are used in the bookshop and in various household roles at the centres. The volunteers live on site with all meals provided and are paid an allowance to cover additional living expenses. The parent charity paid allowances of £Nil (2020: £Nil) during the year.

The monthly average number of persons (including senior management / leadership team) employed by the group during the year was as follows:

Leadership
Teaching and ministry
Household and grounds
Administration and support		 2021
No
13
15
40
53
121		 2020
No
13
14
45
57
129

No employee received emoluments of more than £60,000 during the year.

12 Auditors' remuneration

12 Auditors' remuneration
Audit of the financial statements
Other fees to auditors
Taxation compliance services		 2021
£
26,650
1,350		 2020
£
30,314
1,076

13 Taxation

The group is a registered charity and is therefore potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

36

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

14 Intangible fixed assets

Group

Group
Cost
At 1 January 2021
Additions
At 31 December 2021
Amortisation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Goodwill
£
90,506
-
90,506
63,729
4,463
68,192
22,314
26,777		 Website
development
£
1,927
248,150
250,077
1,927
4,136
6,063
244,014
-		 E-book
development
£
5,626
-
5,626
4,676
602
5,278
348
950		 Total
£
98,059
248,150
346,209
70,332
9,201
79,533
266,676
27,727

The amortisation charge is included in expenditure on charitable activities in the consolidated statement of financial activities.

E-book development costs are the costs of digitising the books sold by Sovereign-World Limited. The website development costs are the costs of developing a website for Sovereign-World Limited which enables the group to sell the books through an online platform. The trustees believe that future economic benefit to the group will arise from both the availability of electronic versions of these books and the ability for customers to purchase books online.

The goodwill arose on the acquisition on Sovereign-World Limited and is being amortised over 20 years to 5 April 2026. The trustees believe this rate of amortisation to be appropriate to due to the long useful economic life of the titles published by Sovereign-World Limited.

37

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Charity

Cost
Additions
At 31 December 2021
Amortisation
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021		 Website
development
£
248,150
248,150
4,136
4,136
244,014		 Total
£
248,150
248,150
4,136
4,136
244,014

15 Tangible fixed assets

Group

Cost
At 1 January 2021
Additions
Disposals
Exchange movement
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Eliminated on disposals
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Land and
buildings
£
6,793,291
120,904
(4,996)
(30,973)
6,878,226
1,465,689
122,570
(100)
1,588,159
5,290,067
5,327,602		 Furniture and
equipment
£
973,917
29,542
(17,220)
-
986,239
736,036
42,075
(17,220)
760,891
225,348
237,881		 Motor
vehicles
£
74,657
17,429
(8,512)
-
83,574
64,720
5,088
(8,512)
61,296
22,278
9,937		 Total
£
7,841,865
167,875
(30,728)
(30,973)
7,948,039
2,266,445
169,733
(25,832)
2,410,346
5,537,693
5,575,420

38

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Freehold property to the value of £4,719,361 (2020: £4,844,779) is held as security over the bank loans detailed in note 19 to the financial statements.

The property at Pierrepont was revalued in 1997 by qualified surveyors. Savills International Property Consultants, at current open market value at £2,750,000, which has previously been incorporated into the financial statements. The company has taken advantage of the transitional arrangements of FRS 102 and therefore the property valuation has not been updated. In the opinion of the directors the residual value of the freehold properties are in excess of their net book value. The historical cost of the Pierrepont property is £2,514,123 (2020: £2,514,123), accumulated depreciation on historic cost is £695,793 (2020: £645,511).

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

Fixtures, fittings and equipment
Charity
Cost
At 1 January 2021
Additions
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
Eliminated on disposals
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Land and
buildings
£
5,385,029
-
-
5,385,029
1,247,657
101,702
-
1,349,359
4,035,670
4,137,372		 Furniture and
equipment
£
924,919
23,566
(17,220)
931,265
693,098
39,123
(17,220)
715,001
216,264
231,821		 2021
£
5,784
Motor
vehicles
£
66,145
-
-		 2020
£
8,022
Total
£
6,376,093
23,566
(17,220)
6,382,439
1,996,963
145,187
(17,220)
2,124,930
4,257,509
4,379,130
66,145
56,208
4,362
-
60,570
5,575
9,937

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

Fixtures, fittings and equipment 2021
£
5,784		 2020
£
8,022

39

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

16 Fixed asset investments

Group

Investment properties 2021
£
250,000		 2020
£
250,000

Investment properties are shown at fair value and are all in the UK. In the opinion of the directors the fair value of the properties at 31 December 2021 is not materially different from the cost.

Charity

Shares in group undertakings and participating interests 2021
£
747,391		 2020
£
667,391

Shares in group undertakings and participating interests

Cost
At 1 January 2021
Additions
At 31 December 2021
Provision for impairment
At 1 January 2021
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Subsidiary
undertakings
£
1,512,524
80,000
1,592,524
845,133
845,133
747,391
667,391		 Total
£
1,512,524
80,000
1,592,524
845,133
845,133
747,391
667,391

Details of undertakings

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:

40

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Country of Proportion of voting Proportion of voting Principal
Undertaking incorporation Holding rights and shares held activity
2021 2020
Subsidiary undertakings
Glyndley Manor
Estates Limited		 England ordinary 100% 100% property
management
company
holding
Ellel Ministries Limited England ordinary 100% 100% company
(Dormant)
Sovereign-World
Limited		 England ordinary 100% 100% publishers
Christian
books		 of
Ellel Ministries
Hungary Kft		 Hungary ordinary 100% 100% property
management
company
intermediate
Overseas Education
Trust Limited		 England ordinary 100% 100% holding
company
(Dormant)
Mediterranean Tours
Limited		 England ordinary 100% 100% facilitor
overseas
tours		 of
TCT Properties No1
Limited		 England ordinary 25.5% 25.5% holding
investment
property		 of
Kingdom Cottage No.3
Limited		 England ordinary 62% 31% holding
investment
property		 of
17 Stock
Group Charity
2021 2020 2021 2020
£ £ £ £
Stocks 77,344 71,420 5,514 5,685

41

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

18 Debtors

18 Debtors
Trade debtors
Prepayments and accrued
income
Other debtors		 Group
2021
£
2020
£
10,157
45,325
73,808
234,941
40,330
118,614
124,295
398,880		 Charity
2021
£
2020
£
-
29,065
71,489
233,808
29,680
115,075
101,169
377,948
377,948

19 Current asset investments

Loans to group undertakings Group
2021
£
2020
£
-
-		 Charity
2021
£
2020
£
131,750
139,724

Loans to group undertakings include a provision for impairment of £51,430 (2021 - £51,430).

The impairment against loans is to write down the investments in Glyndley Manor Estates Limited and Sovereign-World Limited. The loans to the subsidiary companies are interest free loans which are not secured, and are deemed as repayable on demand.

20 Creditors: amounts falling due within one year

Bank loans
Trade creditors
Other loans
Hire purchase and finance
leases
Due to group undertakings
Other taxation and social
security
Other creditors
Accruals and deferred income		 Group
2021
£
2020
£
86,390
120,932
44,130
34,977
11,000
25,500
3,739
3,225
-
-
11,308
12,970
48,581
45,876
223,967
206,470
429,115
449,950		 Charity
2021
£
2020
£
50,600
88,288
31,912
28,856
11,000
11,000
3,739
3,225
49,793
42,486
10,500
8,970
26,988
36,929
169,664
148,698
354,196
368,452		 Charity
2021
£
2020
£
50,600
88,288
31,912
28,856
11,000
11,000
3,739
3,225
49,793
42,486
10,500
8,970
26,988
36,929
169,664
148,698
354,196
368,452
368,452

42

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Deferred income

Group

Group
Deferred income at 1 January 2021
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end
Charity
Deferred income at 1 January 2021
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end		 2021
£
116,335
125,425
(116,335)
125,425
2021
£
88,407
109,024
(88,407)
109,024		 2020
£
178,688
116,335
(178,688)
116,335
2020
£
157,387
88,407
(157,387)
88,407

21 Creditors: amounts falling due after one year

Bank loans
Other loans
Hire purchase and finance
leases		 Group
2021
£
2020
£
3,072,721
3,114,704
22,874
24,974
2,056
5,795
3,097,651
3,145,473		 Charity
2021
£
2020
£
2,596,193
2,614,128
22,874
24,974
2,056
5,795
2,621,123
2,644,897		 Charity
2021
£
2020
£
2,596,193
2,614,128
22,874
24,974
2,056
5,795
2,621,123
2,644,897
2,644,897

Group

Included in the creditors are the following amounts due after more than five years:

After more than five years by instalments 2021
£
1,870,790		 2020
£
1,880,124

43

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Bank loans over five years

The group bank loans amounting to £3,121,532 (2020: £3,188,389) and bank overdrafts amounting to £Nil (2020: £5,355) are secured by legal mortgages and charges over the freehold properties and investment properties with the group’s bankers. The value of these properties amounts to £4,719,361 (2020: £4,844,779). The bank loans represent 66.1% (2020: 63.8% sbe 65.8%) of the value of the group’s property secured by the bank loans.

The charitable company bank loans amounting to £2,646,793 (2020: £2,702,417) are secured by legal mortgages and charges over the freehold properties and investment properties with the company’s bankers. The value of these properties amounts to £4,035,670 (2020: £4,137,371). The bank loans represent 65.6% (2020: 65.3%) of the value of the charitable company’s property secured by the bank loans.

Group bank loans amounting to £3,121,532 (2020: £3,229,889 sbe £3,188,389) and charitable company bank loans amounting to £2,646,793 (2020: £2,702,417) are repayable by instalments with an interest rate between 2% and 2.25% above base rate.

Charity

Included in the creditors are the following amounts due after more than five years:

After more than five years by instalments 2021
£
1,870,790		 2020
£
1,880,124

44

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

22 Obligations under leases and hire purchase contracts

The total value of future minimum lease payments was as follows:

Within one year
In two to five years		 Group
2021
£
2020
£
3,739
3,224
2,052
5,795
5,791
9,019		 Charity
2021
£
2020
£
3,739
3,224
2,052
5,795
5,791
9,019		 Charity
2021
£
2020
£
3,739
3,224
2,052
5,795
5,791
9,019
9,019

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and buildings
Within one year
Other
Within one year
Between one and five years
After five years		 Group
2021
£
2020
£
8,400
8,400
26,144
37,409
43,314
34,059
1,321
-
70,779
71,468		 Charity
2021
£
2020
£
8,400
8,400
26,144
37,409
43,314
34,059
1,321
-
70,779
71,468		 Charity
2021
£
2020
£
8,400
8,400
26,144
37,409
43,314
34,059
1,321
-
70,779
71,468
37,409
34,059
-
71,468

23 Minority interests

Group

At 1 January 2021
Movement in the year
At 31 December 2021		 Minority
interest
£
110,393
(2,393)
108,000		 Total
£
110,393
(2,393)
108,000

45

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

24 Funds

Group

Unrestricted funds
General
General
Designated
Revaluation reserve
Total unrestricted
funds
Restricted funds
Head Office
Ellel Grange
Pierrepont
Glyndley Manor
Scotland
Northern Ireland
Total restricted
funds
Total funds		 Balance
at 1
January
2021
£
2,588,323
430,236
3,018,559
77,658
9,183
41,970
10,137
44,229
56,774
239,951
3,258,510		 Incoming
resources
£
Resources
expended
£
2,471,989
(2,376,114)
-
(11,629)
2,471,989
(2,387,743)
51,635
(70,852)
9,461
(7,774)
48,852
(48,803)
11,044
(3,293)
3,535
(10,501)
-
-
124,527
(141,223)
2,596,516
(2,528,966)		 Transfers
£
Other
recognised
gains/(losses)
£
66,550
(33,403)
-
-
66,550
(33,403)
(50,000)
-
3,002
-
-
-
(6,932)
-
(12,620)
-
-
-
(66,550)
-
-
(33,403)		 Balance
at 31
December
2021
£
2,717,345
418,607
3,135,952
8,441
13,872
42,019
10,956
24,643
56,774
156,705
3,292,657

46

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Unrestricted funds
General
General
Designated
Revaluation reserve
Total unrestricted funds
Restricted funds
Head Office
Ellel Grange
Pierrepont
Glyndley Manor
Scotland
Northern Ireland
Total restricted funds
Total funds		 Balance at
1 January
2020
£
2,273,606
441,865
2,715,471
55,709
9,669
53,033
11,349
46,498
56,774
233,032
2,948,503		 Incoming
resources
£
2,549,779
-
2,549,779
62,871
7,412
11,663
4,315
680
-
86,941
2,636,720		 Resources
expended
£
Other
recognised
gains/(losses)
£
(2,209,743)
(25,319)
(11,629)
-
(2,221,372)
(25,319)
(40,922)
-
(7,898)
-
(22,726)
-
(5,527)
-
(2,949)
-
-
-
(80,022)
-
(2,301,394)
(25,319)		 Balance at
31
December
2020
£
2,588,323
430,236
3,018,559
77,658
9,183
41,970
10,137
44,229
56,774
239,951
3,258,510

The specific purposes for which the funds are to be applied are as follows:

The unrestricted fund comprises the revaluation reserve on the freehold property at Pierrepont, Surrey.

Restricted funds comprise a large number of funds analysed by location and type as as above and represent contributions received for the purposes of property and other fixed asset additions, internationcal costs and other specific items of expenditure.

Transfers of £66,550 relate to resticted donations released to unresticted funds.

47

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

25 Analysis of net assets between funds

Group

Unrestricted

Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Net current assets/(liabilities)
Creditors over 1 year
Total net assets
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Net current assets/(liabilities)
Creditors over 1 year
Total net assets
Charity
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Net current assets/(liabilities)
Creditors over 1 year
Total net assets		 General
£
Designated
£
266,676
-
5,119,086
418,607
250,000
-
287,234
-
(3,097,651)
-
2,825,345
418,607
Unrestricted
General
£
Designated
£
27,727
-
5,145,184
430,236
250,000
-
421,278
-
(3,145,473)
-
2,698,716
430,236
Unrestricted
General
£
Designated
£
244,014
-
3,838,902
418,607
747,391
-
351,094
-
(2,621,123)
-
2,560,278
418,607		 Restricted
£
-
-
-
156,705
-
156,705
Restricted
£
-
-
-
239,951
-
239,951
Restricted
£
-
-
-
156,705
-
156,705		 Total funds
at 31
December
2021
£
266,676
5,537,693
250,000
443,939
(3,097,651)
3,400,657
Total funds
at 31
December
2020
£
27,727
5,575,420
250,000
661,229
(3,145,473)
3,368,903
Total funds
at 31
December
2021
£
244,014
4,257,509
747,391
507,799
(2,621,123)
3,135,590

48

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

Unrestricted

Tangible fixed assets
Fixed asset investments
Net current assets/(liabilities)
Creditors over 1 year
Total net assets		 General
£
3,948,893
667,391
523,764
(2,644,897)
2,495,151		 Designated
£
430,236
-
-
-
430,236		 Restricted
£
-
-
239,951
-
239,951		 Total funds
at 31
December
2020
£
4,379,129
667,391
763,715
(2,644,897)
3,165,338

26 Analysis of net funds

Group

Group
Cash at bank and in hand
Bank overdraft
Debt due within one year
Debt due after more than one year
Finance leases and hire purchase contracts
Net debt
Cash at bank and in hand
Bank overdraft
Debt due within one year
Debt due after more than one year
Finance leases and hire purchase contracts
Net debt		 At 1 January
2021
£
640,879
(5,355)
635,524
(146,432)
(3,280,755)
(9,020)
(2,800,683)
At 1 January
2020
£
293,961
(29,393)
264,568
(245,720)
(3,165,617)
(9,775)
(3,156,544)		 Financing
cash flows
£
30,536
5,355
35,891
49,042
185,160
3,225
273,318
Financing
cash flows
£
346,918
24,038
370,956
99,288
(115,138)
755
355,861		 At 31
December
2021
£
671,415
-
671,415
(97,390)
(3,095,595)
(5,795)
(2,527,365)
At 31
December
2020
£
640,879
(5,355)
635,524
(146,432)
(3,280,755)
(9,020)
(2,800,683)

49

The Christian Trust

Notes to the Financial Statements for the Year Ended 31 December 2021

27 Related party transactions

Group

Mr A J Taylor, a trustee, received remuneration of £32,758 (2020: £31,897) and the group made pension contributions of £796 (2020: £770) in respect of his duties as an employee.

Mr R Pook, a trustee, received remuneration of £12,000 (2020: £12,000) in respect of his duties as an employee.

During the year expenses amounting to £9,321 (2020: £23,057) were paid to 4 (2020: 3) trustees in relation to their role as trustees for travel and subsistence.

During the year the group was charged book royalties amounting to £13,429 (2020: £8,028) and teaching fees amounting to £6,300 (2020: £2,850) from the trustees of the parent charity. In addition the group made purchases from the trustees amounting to £Nil (2020: £1,018) and paid consultancy fees amounting to £6,000 (2020: £6,000). At the balance sheet date the group owed £4,508 (2020: £3,214) to trustees of the parent charity.

During the year the group was charged book royalties amounting to £Nil (2020: £256) and teaching fees amounting to £Nil (2020: £Nil) from family members of trustees. In addition the group paid expenses amounting to £Nil (2020: £1,218) to family members. At the balance sheet date the group owed £Nil (2020: £Nil) to family members of trustees.

No other trustees received any remuneration during the current or prior period.

During the year the group paid salaries amounting to £77,676 (2020: £66,558) to related parties.

The charity has taken advantage of the exemption in Financial Reporting Standard 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

28 Parent and ultimate parent undertaking

The members of The Christian Trust have control over the company. There is not considered to be an ultimate controlling party.

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