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 2022 



## The Christian Trust 

## Contents 

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|||||||
|---|---|---|---|---|---|
|Reference and Administrative|Details|1|
|Trustees’|Report|2to11|
|Independent|Auditors’|Report|12 to|15|
|Consolidated|Statement|of|Financial|Activities|16|
|Comparative Consolidated|Statement|of Financial|Activities|17|
|Consolidated|Balance Sheet|418|
|Balance|Sheet|19|
|Consolidated|Statement|of Cash|Flows|20|
|Notes|to the|Financial|Statements|21|to 48|

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## The Christian Trust 

## Reference and Administrative Details 

|Trustees|P J Horrobin (resigned 28 March 2023)<br>A J Taylor (resigned 23 June 2023)<br>FG Horrobin (resigned 28 March 2023)<br>R Pook (resigned 9 March 2023)<br>D M Cross (resigned 3 April 2022)|
|---|---|
||M J Moore (appointed 1 April2022)<br>RWSteel (appointed 18 January 2023)<br>K Bandy (appointed 18 January 2023)<br>P Chambron (appointed 30 January 2023)<br>PA Ryan (appointed 19 January 2023)|
|Secretary|R J Hay|
|Registered Office|Ellel Grange|
||Ellei|
||Lancaster|
||Lancashire|
||LA2 OHN|
||The charity is incorporated in England and Wales,|
|Company Registration Number|02883771|
|Charity Registration Number|1041237|
|Scottish Charity Number|SC038860|
|Solicitors|Oglethorpe Sturton and Gillibrand|
||16 Castle Park|
||Lancaster|
||Lancashire|
||LAI 4YG|
|Bankers|Barclays Bank pic|
||PO Box 6193|
||Basingstoke|
||Hants|
||RG21 3RX|
||NatWest Bank plc|
||PO Box 94<br>-|
||64 Church Street|
||Lancaster|
||LA1 1EZ|
|Auditor|Azets Audit Services|
||Bulman House|
||Regent Centre|
||Gosforth|
||Newcastle upon Tyne|
||NE33LS|



4 



## 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 2022 to 31 December 2022. 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 2019. 

## 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|
|---|---|---|---|
|Baan<br>Ellel||||info.grange@ellel.org|
|a<br>LA2 OHN|||es|
|Glyndley Manor|:|Telephone|01323 440440|
|Stone Cross||||
|Pevensey||ee|info.glyndley@ellel.org|
|Ellel Pierrepont||Telephone|01252794060|
|Farnham|||info.pierrepont@ellel.org|
||||||
|Blairmore House||Telephone|01466 799102|
|Glass|||||
|Huntly||E-mail|Info.scotiand@ellel.org|



The work at Elle! Pierrepont ceased in September 2023. 

Information can also be obtained from the charity's website https://ellel.uk. 

2 



## 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 guidanes on public benefit provided by the Charity Commission when reviewing its objectives and planning future activities, 

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 Elle! 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. Two new books were published in 2022: ‘No Sacrifice to Great’ by Gardon Pettie, and ‘Mending the Nets' by Patrick Chambron and ‘Explaining Honour and Respect by Tom Marshall was put back into print. 

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\ 

## The Christian Trust Trustees’ Report 

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 $0 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 was obtained in March 2019 but expired in March 2022 due to the project not commencing. This was primarily due to the Covid-19 pandemic with resources diverted to sustain the charity through unprecedented times. There remains a desire to restore the chapel and a fresh planning permission application is currently being considered by Lancaster City Council. 

During the year the Trustees have continued to monitor activity concerning the 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 in our 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 Elle! Grange either to the front or to the rear of the property. The pianning application continues, but to date no decisions have been made by Lancaster City Council who continue to gather responses from relevant organisations. The Trustees continue to keep a close watch on all developments with this and will respond as necessary. 

## Public benefit 

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

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 Christlan 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 supporters and sponsors to cover the costs of the free events. Through significant donations received from supporters a fully functional lift was installed at Glyndiey 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. 

4 



## The Christian Trust 

## Trustees’ Report 

Feedback (written and verbal) from people who have been helped by the Charity confirms that the work of the Charity is positively impacting individuals’ 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 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 110 people in the UK and well over 350 world-wide, 

The work is further supported by around 300 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 with 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. 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 2022 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. The complete rebuild of the Charity's website was finally launched in December 2021 and we have seen the benefit of this resource coming fully online during 2022. It is intended that all the overseas operations will have fully integrated pages within the corporate website of Ellel Ministries. 

5 



. 

## The Christian Trust 

## Trustees’ Report 

The summer of 2022 saw the fourth UK intake of young people on our Undivided gap year programme, and we are currently able to facilitate overseas and EU nationals joining our team for periods of up to two years’ service or on longer-term training programmes, 

Strenuous efforts were made during 2022 to continue to increase operating efficiency and minimise unnecessary expenditure and the Trustees are grateful for all the supporters who give so generously to maintain the work in the UK, and 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. Serious discussions began in 2022 regarding the sale of Ellel Pierrepont as an Elle! centre. From a Charity perspective this is in response to significant and ongoing financial and practical challenges at that location. The Charity is pursuing the sale of the property in order to consolidate the UK operation, eliminate debt held by the Chairty and safeguard the future of the Charity as a whole. 

## Fund-raising disclosure 

As a faith-based organisation, the Charity relies on donation income, the vast majority is donated online or directly to the Charity’s bank accounts. We promote donations by a number of approaches including periodic appeals for financial support to those who are supporters of the work. We also adopt the use of charity boxes, and more recently tap and go contactless card donation points, 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. 

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 in 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 unreasonabie 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. 

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## The Christian Trust 

## Trustees’ Report 

## Summary of income and expenditure 

|||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||Funds 2022|Funds 2022|Funds 2022|Funds 2021|
|Total Incoming resources||3,078,792|576,369|3,655,161|2,602,516|
|TotalResources Expended||(3,032,779)|(184,609)|(3,217,388)|(2,534,966)|
|Exchange<br>losses<br>on<br>investments|net|(52,059)|-|(2,059)|(33,403)|
|Transfers<br>‘||7,335|(7,335)|-|-|
|Net Movement in Funds <br>Year|for|1,289<br>,|384.425<br>:|38544<br>,|34.147<br>?|
||Oe|||||
|Principalrisksanduncertainties||||||



Details of the charity's financial risk management objectives and policies are included in note 26 to the financial statements. 

## 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 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 sale of the Ellel Pierrepont centre will not only eliminate aii the debt on the Charity but will also provide reserve funds to invest in the operations and assets of the Charity, 

The fotal consolidated funds available as at the end of the year amounted to £3,776,371 (2021 £3,400,657) of which £541,130 (2021 £156,705) is restricted in their future use. Unrestricted free reserves amounted to a negative £8,827 (2021: positive £287,234). 

## Principal funding 

Income to the trust in 2022 amounted to £3,655,161 (2021 £2,602,516). The main sources of these funds were as follows: 

16.2% (2021: 18.3%) - Trading company income including media sales 

29.3% (2021: 22.9%) - Training and conference income 

54.5% (2021: 51.1%) - Donation income and legacies 

0.0% (2021: 7.7%) - COVID related grants 

7 



## The Christian Trust 

## Trustees’ Report 

Overall, there has been a net increase in the Trust fund of £385,714 (2021 £34,147). 

## Donations 

During the year the group made charitable contributions to other organisations and individuals amounting to £216,452 (2021: £165,015). 

## 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. 

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 £52,124 (2021: £45,554) 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 alsa takes into account the benefits received by the employees, for example full accommodation and board when provided. 

8 



## The Christian Trust 

## Trustees' Report 

## Organisational structure and decision making 

The Executive Leadership, which includes all the current Trustees of The Christian Trust, is the group which directs the work of Elle! Ministries under the overall leadership of the International Director and Trustee 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 governance arrangements of the Charity are clear in that the key body in the Charity is the Executive Leadership. However, there is full recognition that it is the Trustees who carry the legal responsibility for the Charity in the UK, and only Trustees can vote on issues concerning legalities. 

The Trustees hold separate meetings on a regular basis to exercise good governance of the Charity and maintain a wider overview of key issues of concern to the UK Charities Commission and act accordingly. 

The current Executive Leadership (at the end of 2022) are as follows: 

|MrA J Taylor<br>MrsC Taylor<br>MrP Brokaar<br>MrKBandy<br>MrP Chambron|
|---|
|Mrs<br>LHanekom<br>Mr TKovacs<br>MrM Moore<br>MrRPook<br>Mr H Redelinghuys|
|Mr P Ryan<br>Mrs E Soa<br>MrT Soo<br>MrP Stanier<br>MrR Steel,|
|David Cross, Peter and Fiona Horrobin, and Derek Puffett retired from the Executive Leadership<br>during April 2022, along with Paul Stanierwho leftthe ministry later in the year, Roger Pook is due to<br>retire in April 2023. (Peter continued as Chair oftheTrustees unti! March 2023, beforestepping down<br>asaTrustee.)|



## Related party transactions 

Transactions with related parties are disclosed in note 27 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). 

## 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: 

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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Elle!|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|

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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% (2021: 25.5%) of the share capital of TCT Properties No1 Limited, a company holding investment property, and increased further during 2023. 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 loca! entities (other than subsidiaries) are: 

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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Ellel|Ministries|Australia|Ltd|Elle!|Ministries|Aotearoa|New|||Ellel|Ministries|Bulgaria|
|Zealand|
|Ellel|Ministries|Canada|Inc.|Eilel|Ministries|Canada|West|Ellel|Ministries|Columbia|Inc|
|Ellel|Ministries|Croatia|Elle!|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|Elle!|Ministries|Norway|Ellel|Ministries|Romania|
|Ellel|Ministries|Rwanda|Ellel|Ministries|Singapore|Ellel|Ministries|South|Africa|
|Ellel|Ministries|Sweden|Elle]|Ministries|Switzerland|Ellel|Ministries|USA|Inc.|
|Hungarian|Christian|Trust|Kereszteny|Alapitvany|
|Magyar|

**----- End of picture text -----**<br>


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. 

10 



## The Christian Trust 

## Trustees’ Report 

The Trust has appointed a representative 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. 

## 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: 

- select suitable accounting policies and apply them consistently: 

- observe the methods and principles in the Charities SORP; 

- * make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

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 

The auditors Azets Audit Services are deemed to be reappointed under section 487(2) of the Companies Act 2006. 

The annua! report was approved by the trustees of the charity on 20-09-2003. signed on its behalf by: 

Chairman and trustee 

14 



## 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 2022, 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: 

- give a true and fair view of the state of the group's and parent charity's affairs as at 31 December 2022 and of the group's incoming resources and application of resources, including its income and expenditure for the year then ended; 

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

- * have been prepared in accordance with the requirements of the Companies Act 2006. 

## 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. 

## Material uncertainty related to going concern 

We draw attention to note 1 in the financial statements, which indicates that there is a material uncertainty in the forecasts and projections over the timing and level of projected future income and therfore the derived cashflows of the charitable company. As stated in note 1, these conditions, along with the key scenarios and assumptions as described in note 1 and set out below, indicate that a material uncertainty exists, that may cast significant doubt on the charitable company's ability to continue as a going concern should these conditions occur. Our opinion is not modified in respect of this matter. 

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 appears to be reasonable in the circumstances. Our evaluation of the trustees’ assessment of the entity's ability to continue to adopt the going concern basis of accounting included, review of their forecasts, their assumptions and their underlying business plan. However, for the reasons explained above and in note 1, there are inherent uncertainties in the timing and amount of the levels of income being forecast, and there is a consequential uncertainty regarding the willingness of the funders to provide additional support should income fall below the amounts being forecast. 

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

12 



## The Christian Trust 

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

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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. 

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: 

- the information given in the and Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the and Trustees’ Report have been prepared in accordance with applicable legal requirements. 

-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: 

- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or 

- + the parent charitable company financial statements are not in agreement with the accounting records and returns: or 

- certain disclosures of trustees remuneration specified by law are not made: or 

- * we have not received all the information and explanations we require for our audit, Responsibilities of trustees 

As explained more fully in the Statement of Trustees’ Responsibilities (set out on page 11), 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. 

43 



## The Christian Trust 

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

## Auditor responsibllities 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. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and fraud; 

## - Reviewing board minutes; 

- Challenging assumptions and judgements made by management in their significant accounting estimates; and 

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness. 

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 Jess 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. fre. org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 

14 



## 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 2008, 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. MMimon “YL «Xs For and Brownon behalf BA ACAof Azets DChAAudit (SeniorServicesStatutory Auditor) Chartered Accountants Statutory Auditor Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS va Zola. Azets Audit Services is a trading name of Azets Audit Services Limited. 

15 



## The Christian Trust 

## Consolidated Statement of Financial Activities for the Year Ended 31 December 2022 

## {Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) 

|||Unrestricted|Restricted|Total<br>2022|Total<br>2021|
|---|---|---|---|---|---|
||Note|£|£|£|£|
|Income and Endowments|from:|||||
|Donations and legacies|4|1,416,761|576,369|4,993,130|1,327,499|
|Charitable activities|5|4,071,533|-|1,071,533|597,860|
|Othertrading activities|6|586 496|-|586,496|475,511|
|Investment income|7|2|-|2|||
|Otherincome|8|4,000|-|4,000|201,645|
|Total Income||3,078,792|576,369|3,655,161|2,602,516|
|Expenditure on:||||||
|Raising funds||(15,101)|-|(15,101)|(54,325)|
|Charitable activities||(2,890,409)|(184,608)|(3,075,018)|(2,087,725)|
|Otherexpenditure||(127,269)|-|(127,269)|(392,916)|
|Total Expenditure|9|(3,032,779)|(184,609)|(3,217,388)|(2,534,966)|
|Net income||46,013|391,760|437,773|67,550|
|Transfers between funds||7,335|(7,335)|-|-|
|Other recognised gains||||||
|and losses||||||
|Other gains/losses||(52,059)|-|(52,059)|(33,403)|
|Net movement in funds||1,289|384,425|385,714|34,147|
|Reconciliation offunds||||||
|Total funds brought forward||3,135,952|156,705|3,292,657|3,258,510|
|Totalfundscarriedforward|2|3,137,241|544,130|3,678,371|3,292,657|



All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 25. 

16 



## The Christian Trust 

## Comparative 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) 

**==> picture [414 x 329] intentionally omitted <==**

**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|Total|
|Note|Unrestricted£|Restricted£|2021£|
|Income|and|Endowments|from:|
|Donations|and|legacies|4|1,202,972|124,527|1,327,499|
|Charitable|activities|5|597|860|-|597,860|
|Other trading|activities|6|475,511|“|475,511|
|Investment|income|7|4|4|4|
|Other|income|8|201,645|-|201,645|
|Total|income|2,477,989|124,527|2,602,516|
|Expenditure|on:|
|Raising|funds|(54,328)|-|(54,325)|
|Charitable|activities|(1,946,502)|(441,223)|(2,087,725)|
|Other expenditure|(392,916)|-|(392,916)|
|Total|expenditure|(2,393,743)|(141,223)|(2,534,966)|
|Net|income/(expenditure)|84,246|(16,696)|67,550|
|Transfers|between|funds|66,550|(66,550)|-|
|Other|recognised|gains and|losses|
|Other|gains/losses|(33,403)|-|(33,403)|
|Net movement|in funds|117,393|(83,246)|34,147|
|Reconciliation|of funds|
|Total funds|brought|forward|3,018,559|239,951|3,258,510|
|Total funds|carried|forward|25|3,135,952|156,705|3,292,657|

**----- End of picture text -----**<br>


17 



## The Christian Trust 

## (Registration number: 02883771) Consolidated Balance Sheet as at 31 December 2022 

**==> picture [414 x 412] intentionally omitted <==**

**----- Start of picture text -----**<br>
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2022|2021|
|Note|g|£|
|Fixed|assets|
|Intangible|assets|15|243,571|266,676|
|Tangible assets|16|5,423,522|5,537,693|
|Investments|17|420,000|250,000|
|6,087,093|6,054,369|
|Current|assets|
|Stocks|18|70,016|77,344|
|Debtors|19|147,804|124,295|
|Cash|at bank|and|in|hand|876,907|671,415|
|1,094,727|873,054|
|Creditors:|Amounts|falling due within|one year|21|(562,424)|(429,115)|
|Net|current|assets|532,303|443|939|
|Total|assets|less current|liabilities|6,619,396|6,498, 308|
|Creditors:|Amounts|falling|due|after more|than one|year|22|(2,843,025)|(3,097,651)|
|Net assets|3,776,371|3,400,657|
|Funds|of the|group:|
|Restricted|541,130|166,705|
|Unrestricted|income|funds|
|Designated|funds|406,978|418,607|
|General|funds|2,730,263|2,717,345|
|Total|unrestricted|funds|3,137,241|3,135,952|
|Total charity funds|3,678,371|3,292,657|
|Minority|interest|98,000|108,000|
|Total funds|,|25|3,776,371,|_3,400,657|

**----- End of picture text -----**<br>


The financial statements on pages 16 to 48 were approved by the trustees, and authorised for issue on 89209-4029and signed on their behalf by: 

## HZ... tee Mensa 

Chairman and trustee 

18 



## The Christian Trust 

## (Registration number: 02883771) Balance Sheet as at 31 December 2022 

**==> picture [415 x 387] intentionally omitted <==**

**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|2022|2021|
|Note|£|£|
|Fixed|assets|
|Intangible|assets|15|225,683|244,014|
|Tangible assets|16|4,179,684|4,257,509|
|Investments|47|$62,712|747,391|
|5,258,079|5,248,914|
|Current|assets|
|Stocks|18|9,121|5,514|
|Debtors|19|130,812|101,169|
|Investments|20|105,000|131,750|
|Cash|at|bank and|in|hand|848,037|623,562|
|1,092,970|861,995|
|Creditors:|Amounts|falling due within|one year|21|(423,345)|(354,196)|
|Net|current|assets|669,625|507,799|
|Total assets|less current|liabilities|5,927,704|5,756,713|
|Creditors:|Amounts|falling due|after more|than|one year|22|(2,406,926)|(2,621,123)|
|Net assets|3,520,778|3,135,590|
|Funds|of the|charity:|
|Restricted|541,130|156,705|
|Unrestricted|income|funds|
|Designated|funds|406,978|418,607|
|Unrestricted|funds|2,572,870|2,560,278|
|Total|unrestricted|funds|2,979,648|2,978,885|
|Total funds|25|3,520,778|3,135,590|

**----- End of picture text -----**<br>


The financial Sgtements on pages 16 to 48 were approved by the trustees, and authorised for issue on 497092 224and signed on their behalf by: 

Chairman and trustee 

19 



## The Christian Trust 

## Consolidated Statement of Cash Flows for the Year Ended 31 December 2022 

**==> picture [416 x 462] intentionally omitted <==**

**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|2022|2021|
|Note|£|£|
|Cash|flows from|operating|activities|
|Net|cash|income|385,714|34,147|
|Adjustments|to|cash|flows from|non-cash|items|
|Depreciation|172,961|169,733|
|Amortisation|29,992|9,201|
|Investment|income|7|(2)|(1)|
|Revaluation|of investments|(50,000)|-|
|538,665|213,080|
|Working|capital|adjustments|
|Decrease/{increase)|in|stocks|18|7,328|(5,924)|
|(Increase)/decrease|in|debtors|19|(23,509}|274,585|
|Increase|in|creditors|21|48,282|58,666|
|Net|cash|flows|from|operating|activities|570,766|540,407|
|Cash|flows|from|investing|activities|
|Interest|receivable|and|similar|income|7|2|1|
|Purchase|of|intangible|fixed|assets|15|(6,887)|(248,150)|
|Purchase|of tangible|fixed|assets|16|(78,724)|(167,875)|
|Sale|of tangible fixed|assets|9,032|4,896|
|Purchase|of investments|(120,000)|-|
|Movement|in|minority|interest|(10,000)|(2,393)|
|Net|cash|flows|from|investing|activities|(206,577)|(413,521)|
|Cash|flows from|financing|activities|
|Repayment|of|loans|and|borrowings|21|(161,204)|(93,125)|
|Repayment|of capital|element|of finance|leases|and|HP|
|contracts|23|2,507|(3,225)|
|Net cash flows|from|financing|activities|(168,697)|(96,350)|
|Net|increase|in|cash|and|cash|equivalents|205,492|30,536|
|Cash|and|cash|equivalents|at|1|January|671,415|640,879|
|Cash and|cash|equivalents|at|31|December|—_ 876,907|ee|01415|

**----- End of picture text -----**<br>


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

20 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

## 1 Going Concern 

The Trustees have assessed going concern for the forth coming 12 months, past the point the financial statements are approved, by reference to forecasts they have prepared. These forecasts include the sale of Pierrepont, which is likely to complete before the end of November 2023, and in which scenario the charity would not have any cashflow concerns. However, should the sale of the property be delayed or not proceed to completion, the forecasts demonstrate that cashflow would become strained and would go negative in December 2023 and would continue to worsen in the 12 month forecast period thereafter. 

As a result, the Trustees’ have already taken steps to arrange a loan facility in the event that the sale of the property is either delayed beyond November 2023 or falls through. The Trustees have had a positive response to enquiries about arranging a mortgage over a few properties (which are not part of the sale). The Trustees are confident that the sale will proceed, but have alternative plans in motion should it be delayed or net proceed to completion. Whilst the conversations over a mortgage have started, there is no firm offer in place at the time the Trustees approved the financial statements. As a result, whilst the Trustees are confident that the charitable group will continue as a going concern, there is material uncertainty over going concern which the Trustees are managing. 

The Trustees have continued to prepare the financial statements for the charitable group on a going concern basis, 

## 2 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 CHN 

## 3 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. 

21 



## The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2022 

## Basis of consolidation 

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 December 2022, 

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a surplus after tax for the financial year of £385,188 (2021 - deficit of £29,748). A subsidiary is an entity controlled by the charity, Contro! 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. 

## 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 ls reviewed annually against the net assets and profitability of the subsidiaries to assess whether any impairment is required, 

## Income and endowments 

Alt 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. 

22 



## The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2022 

## 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. 

## 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 [s 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. 

23 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

## 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. |t 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. 

## 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 periad 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 ta 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 Goodwill Website development E-book development 

Amortisation method and rate 5% straight line 10% straight line 33% straight line 

24 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

## Tangible fixed assets 

Individual fixed assets costing £1,000.00 or more are initially recorded at cost. 

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. 

## 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 Leasehold property improvements over the life of the lease Freehold property 2% straight line basis 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 ail 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. 

25 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

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. 

## 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. 

26 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

## 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. 

## 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. 

af 



## The Christian Trust 

Notes to the Financial Statements for the Year Ended 31 December 2022 

## 4 Income from donations and legacies 

**==> picture [413 x 531] intentionally omitted <==**

**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|Unrestricted|
|funds|Restricted|Total|
|General|funds|2022|
|£|£|£|
|Donations|and|legacies;|
|Donations|and|legacies|1,376,761|576,369|1,953,130|
|Gifts|in|kind|40,000|-|40,000|
|1,416,761|576,369|1,993,130|
|Unrestricted|
|funds|Restricted|Total|
|General|funds|2021|
|£|£|£|
|Donations|and|legacies;|
|Donations|and|legacies|1,162,971|424,527|1,287,498|
|Gifts|in|kind|40,001|-|40,001|
|1,202,872|124,527|1,327,499|
|§|Income|from|charitable|activities|
|Unrestricted|
|funds|Total|
|General|2022|
|Training|£.|£|
|and conferences|1,077,533|1,071,533|
|Unrestricted|
|funds|Total|
|General|2021|
|£|£|
|Training|and|conferences|___597,860_|__597,860_|
|6|Income from from|other|trading|activities|
|Unrestricted|
|funds|Total|
|General|2022|
|£|£|
|Property|rental|
|UK|property|rental|193,579|193,579|
|Income from from|overseas|centres|79,185|79,165|
|Publishing|sales|117,023|117,023|
|UK|bookshop|sales|22,743|22,743|
|Other|income|173,986|173,986|
|586,496|586,496|

**----- End of picture text -----**<br>


## 6 Income from from other trading activities 

**==> picture [123 x 76] intentionally omitted <==**

**----- Start of picture text -----**<br>
||||
|---|---|---|
|Property|rental|
|UK|property|rental|
|Income from from|overseas|centres|
|Publishing|sales|
|UK|bookshop|sales|
|Other|income|

**----- End of picture text -----**<br>


28 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

**==> picture [410 x 137] intentionally omitted <==**

**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|Unrestricted|
|funds|Total|
|General|2021|
|Property|[rental]|£|£|
|UK property|rental|191,009|191,009|
|Income from|overseas|centres|69,636|69,636|
|Publishing|sales|123,239|123,239|
|UK bookshop|sales|13,922|13,922|
|Other income|77,705|77,705|
|475,511|475,511|

**----- End of picture text -----**<br>


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

## 7 Investment income 

**==> picture [156 x 25] intentionally omitted <==**

**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|interest|receivable|and|similar|income;|
|Interest|receivable|on|bank|deposits|

**----- End of picture text -----**<br>


- interest receivable and similar income; Interest receivable on bank deposits 

**==> picture [133 x 174] intentionally omitted <==**

**----- Start of picture text -----**<br>
Unrestricted<br>funds Total<br>General 2022<br>£ £<br>2 2<br>— ee nh<br>Unrestricted<br>funds Total<br>General 2021<br>£ £<br>1 1<br>4 1<br>**----- End of picture text -----**<br>


## 8 Other income 

**==> picture [86 x 73] intentionally omitted <==**

**----- Start of picture text -----**<br>
||||
|---|---|---|
|Covid|related|income|
|Covid|related|income|

**----- End of picture text -----**<br>


**==> picture [124 x 114] intentionally omitted <==**

**----- Start of picture text -----**<br>
|||
|---|---|
|Unrestricted|
|funds|Total|
|Generat|2022|
|£|£|
|4,000|4.000|
|Unrestricted|
|funds|Total|
|General|2021|
|£|£|
|201,645|201,645|

**----- End of picture text -----**<br>


2g 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

## 9 Analysis of governance and support costs 

|Costs directly allocated to activities|||||||||
|---|---|---|---|---|---|---|---|---|
||Governance<br>costs<br>£|=Fundraising<br>costs<br>£|Other<br>international<br>centres<br>costs<br>£|Trainingand<br>conferences<br>€||Healing<br>retreatsand<br>prayer<br>ministry<br>£|Total<br>2022<br>£|Total<br>2021<br>£|
|Conferences and fralning courses|-|-|-|18,967||9,483|28,450|22,815|
|Accommodation and catering|-|-|“|166,994||97,625|264,616|172,823|
|Media purchases|-|104,380|-||-|-|104,380|74,731|
|Travelling and moterexpenses|-|60,280|*||-|-|60,280|$6,257|
|Donations to otherorganisations|©|-|216,452||-|-|216,452|165,015|
|Legal and professional|28,282|-|-||6|-|28,282|31,826|
|Audit and accountancy|31,303|-|-||-|-|31,303|30,280|
|Baddebts|-|(1)|.||”|-|(4)|750|
|Amoartisation of intangible assets|-|4,811|-||.|-|4,811|5,085|
|Net loss on foreign exchange|-|(403)|-||.|-|(403)|418|
||59,685|169,087|216.452|185,958||107,108|738,170|§39,98¢|



30 



. 

## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

|Supportcosts allocated to charitable|activities|:||||||||
|---|---|---|---|---|---|---|---|---|---|
||||Fundraising: Fundralsing:<br>costs of|Fundraising: Fundralsing:<br>cost of|Other||Healing<br>retreats|||
|Staff<br>costsandallowances<br>Light, neatand water<br>Telephone<br>Rentand rates<br>Printing, postage andstationary<br>Marketing and advertising<br>Repairsand maintenance<br>Cleaning and laundry<br>Computercosts|Governance<br>costs<br>£<br>-<br>-<br>-<br>-<br>.<br>-<br>-<br>-<br>-||generating<br>voluntary<br>Income<br>£<br>30,737<br>8,949<br>1,152<br>2,378<br>861<br>505<br>3,129<br>-<br>2,362|generating <br>voluntary<br>Income<br>£<br>88,959<br>40,564<br>2,498<br>22,981<br>7,772<br>5,235<br>44,441<br>14,869<br>6,587|international<br>centres<br>costs<br>£<br>102,458<br>29,835<br>3,840<br>7,932<br>2,870<br>1,486<br>40,432<br>-<br>9,54¢|Training<br>and<br>conferences<br>£<br>$12,288<br>149,174<br>19,200<br>39,658<br>14,352<br>8,430<br>62,158<br>59,998<br>47,700|and<br>prayer<br>ministry<br>E<br>327,865<br>95,471<br>12,288<br>25,381<br>9,185<br>§,395<br>33,381<br>30,000<br>30,528|Total<br>2022<br>£<br>1,063,307<br>$23,893<br>38,978<br>98,330<br>35,040<br>21,251<br>443,544<br>404,668<br>97,217|Total<br>2021<br>£<br>966,964<br>244,974<br>36,722<br>102,150<br>35,936<br>40,040<br>117,415<br>81,292<br>$0,885|
|lnsurance||-|1,507|2,511|6,022|25,109|16,069|50,218|45,814|
|Sundry.expenses<br>Bankcharges||-<br>-|3,718<br>937|15,543<br>8,032|12,392<br>3,123|61,961<br>15,615|39,655<br>9,994|133,269<br>37,704|14,161<br>22,192|
|Bankoverdraftand Joan interest<br>Depreciation<br>Share ofgovernance costs||-<br>-<br>(59,585)|3,109<br>§,635<br>4,236|22,012<br>32,623<br>9,144|10,362<br>18,782<br>8,203|61,810<br>93,911<br>25,234|33,158<br>60,103<br>15,768|420,451<br>211,084<br>-|93,846<br>173,598<br>-|
|||(59,685)|86,715|324,771|228,477|1,176,599|744,241|2,479,218|4,994,986|



34 



. 

## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

Raising funds costs of £15,101 includes direct costs of Enil and support costs of £15,101, 

Charitable activities costs of £3,075,018 includes direct costs of £163,887, £186,046 and £107,152 and support costs of £226,477, £1,176,599 and £744,241, 

Other expenditure costs of £127,269 includes direct costs of £60,554 and support costs of £66,715. 

## 10 Net incoming/outgoing resources 

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

|Net incoming/(outgoing) resources for the year include:|||
|---|---|---|
||2022|2021|
||£|£|
|Operating leases - plant and machinery|26,144|48,952|
|Audit fees|26,650|26,650|
|Other non-audit services|1,350|1,350|
|Depreciation of fixed assets|172,961|169,733|
|Amortisation ofgoodwill|29,992|9,202|
|Trusteesremuneration|50,092|51,854|



## 11 Trustees remuneration and expenses 

During the year remuneration of £52,124 (2021: £45,554) was paid to trustees of the parent charity in line with the governing document of the charity. In addition teaching fees of £2,150 (2021: £6,300) 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 (2021 -1) in respect of defined contribution pension schemes. 

32 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

## 12 Staff costs 

The aggregate payroll costs were as follows: 

||2022|2021|
|---|---|---|
||£|£|
|Staff costs during the yearwere:|||
|Wagesand salaries<br>Social security costs<br>Pension costs|980,221<br>64773<br>13,997|885,623<br>63,225<br>18,113|
||1,045,991|966,961|



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

|The monthly average number of persons (including<br>by the group during the year waswas as follows:|(including senior managementmanagement / leadership|leadership team)|team) employed|employed|
|---|---|---|---|---|
||2022||2021||
|Leadership<br>Teaching and ministry|No|13<br>14|No|413<br>16|
|Household andgrounds||40||40|
|Administration and support||50||53|
|||117||121|



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

## 13 Auditors’ remuneration 

||2022|2021|
|---|---|---|
||£|£|
|Audit ofthe financial statements|26,650|26,650|
|Otherfees to auditors|||
|Taxationcomplianceservices|1,350|1,350|



## 14 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. 

33 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

## 15 Intangible fixed assets 

## Group 

|Group||||||
|---|---|---|---|---|---|
||Goodwill|W**e**bsit**e**<br>dev lopm nt|E-book<br>development||Total|
||£|£|£||£|
|Cost||||||
|At 1 January 2022<br>Additions|90,506<br>-|250,077<br>6,850||5,626<br>37|346,209<br>6,887|
|At 31 December2022|90,506|256,927||5,663|353,096|
|Amortisation||||||
|At 1 January 2022|68,192|6,063||5,278|79,533|
|Charge forthe year|4,463|25,181||348|29,992|
|At 31 December2022|72,655|31,244||5,626|409,525|
|Net book value||||||
|At 31 December 2022|17,851|225,683||37|243,571|
|At31December2021|22,314|244,014||348|266,676|



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 econamic fife of the titles published by Sovereign-World Limited. 

34 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

## Charity 

**==> picture [407 x 209] intentionally omitted <==**

**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|Website|
|development|Total|
|£|£|
|Cost|
|At|1|January 2022|248,150|248, 150|
|Additions|6,850|6,850|
|At|31|December 2022|255,000|255,000|
|Amortisation|
|Ati|January 2022|4,136|4,136|
|Charge|for the|year|25,181|25,181|
|At|31|December 2022|29,317|29,317|
|Net|book|value|
|At|31|December 2022|225,683|225,683|
|At|31|December 2021|244|014|244,014|

**----- End of picture text -----**<br>


16 Tangible fixed assets 

Group 

**==> picture [410 x 256] intentionally omitted <==**

**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|Land|and|Furniture|and|Motor|
|buildings|equipment|vehicles|Total|
|£|£|£|£|
|Cost|
|At|1|January 2022|6,878,226|986,239|83,574|7,948,039|
|Additions|-|74,024|4,700|78,724|
|Disposals|(12,689)|(1,100)|-|(13,789)|
|Exchange|movement|(10,902)|-|-|(10,902)|
|At 31|December 2022|6,854,635|1,059,163|88,274|8,002,072|
|Depreciation|
|At|1|January 2022|1,588,159|760,891|61,296|2,410,346|
|Charge|for the year|122,416|41,056|9,489|172,964|
|Eliminated|on|disposals|(3,657)|(1,100)|-|(4,757)|
|At|31|December 2022|1,706,918|800,847|70,785|2,578,550|
|Net|book|value|
|At 31|December 2022|5147717|258.916|17|489|_|[5,423,522.]|
|At $1|December|2021|5.200067,|_226,348|____22,278|_|[5,537,693,]|

**----- End of picture text -----**<br>


35 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

Freehold property to the value of £4,675,983 (2021: £4,719,361) 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 (2021: £2,514,123), accumulated depreciation on historic cost is £746,076 (2021: £695,793), 

## 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: 

||||2022|2022|2021|
|---|---|---|---|---|---|
||||£||E|
|Fixtures, fittings and equipment|||11,872||5,784|
|Charity||||||
||Land and|Furniture and|Motor|||
||buildings|equipment|vehicles||Total|
||£|£|£||£|
|Cost||||||
|At 1 January2022|§,385,029|931,265||66,145|6,382,439|
|Additions|-|71,879||4,700|76,579|
|Disposals|(12,689)|(1,100)||-|(13,789)|
|At 31 December 2022|5,372,340|1,002,044||70,845|6,445,229|
|Depreciation||||||
|At 1 January2022|1,349,359|715,001||60,570|2,124,930|
|Charge forthe year|101,548|38,692||5,132|145,372|
|Eliminated on disposals|(3,657)|(1,100)||“|(4,757)|
|At 31 December2022|1,447,250|752,693||65,702|2,265,545|
|Net book value||||||
|At 31 December 2022|___3,925,090|249.451||5.143|4,179,684|
|At91 December 2021|4,095,670,|_216,264|___5,575. _4,257,509|||
|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:||||||
||||2022||2021|
||||£||£|
|Fixtures,fittingsandequipment|||11,872||5,784|



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

36 



## The Christian Trust 

Notes to the Financial Statements for the Year Ended 31 December 2022 

## 17 Fixed asset investments 

## Group 

**==> picture [409 x 32] intentionally omitted <==**

**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|2022|2021|
|£|£|
|Investment|properties|420,000|250,000|

**----- End of picture text -----**<br>


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 2022 is not materially different from the cost. 

**==> picture [412 x 288] intentionally omitted <==**

**----- Start of picture text -----**<br>
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Charity|
|2022|2021|
|£|£|
|Investment|properties|170,000|-|
|Shares|in|group|undertakings|and|participating|interests|682,712|747,391|
|852,712|747,391|
|Investment|properties|
|investment|
|properties|
|£|
|Cost|or|Valuation|
|Revaluation|50,000|
|Additions|120,000|
|At|31|December 2022|170,000|
|Provision|
|At|31|December 2022|=|
|Net|book|value|
|At|31|December 2022|170,000|
|There has been|no|valuation|of|investment|property|by|an|independent|valuer.|

**----- End of picture text -----**<br>


a7 



## The Christian Trust 

Notes to the Financial Statements for the Year Ended 31 December 2022 

## Shares in group undertakings and participating interests 

||Subsidiary||
|---|---|---|
||undertakings|Total|
||£|£|
|Cost|||
|At1January2022<br>Additions|1,592,524<br>55,321|1,592,524<br>55,321|
|At31 December2022|1,647,845|1,647,845|
|Provision for impairment|||
|At 1 January2022<br>Charge foryear|845,133<br>120,000|845,133<br>120,000|
|At34 December 2022|965,133|965,133|
|Net bookvalue|||
|At 31 December2022|982,712082,712|082,712|
|At31December2021|747,391|747391|



## 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: 

38 



## The Christian Trust 

Notes to the Financial Statements for the Year Ended 31 December 2022 

|Undertaking||Countryof<br>incorporation||Holding|Proportion ofvoting<br>Principal<br>rightsandshares held _ activity|Proportion ofvoting<br>Principal<br>rightsandshares held _ activity|Proportion ofvoting<br>Principal<br>rightsandshares held _ activity|||
|---|---|---|---|---|---|---|---|---|---|
||||||2022|2021||||
|Subsidiary undertakings||||||||||
|Se rl||England||ordinary|100%|100%|property<br>management|||
||||||||company|||
|Ellel Ministries|Limited|England||ordinary|100%|100%|holding<br>company|||
||||||||(Dormant)|||
|;<br>Sovereign-World<br>Limited||England||ordinary|400%|100%|publishers <br>Christian||of|
||||||||Basics|||
|a<br>Elle! Ministries<br>HungaryKft||Hungary||‘<br>ordinary|‘<br>100%|"<br>100%|property<br> a|||
||||||||intermediate|||
|Overseas Education<br>TrustLimited||England||.<br>ordinary|n<br>400%|*<br>100%|holding<br>company|||
||||||||(Dormant)|||
|Mediterr<br>rey<br>er raneai <br>Limited|T<br> LOU|England||ordinary|100%|100%|facilitor<br>overseas||of|
||||||||tours|||
|.<br>TCTPropertiesNot<br>Limited|Not|England||ordinary|32.4%|25.5%|holding<br>investment<br>croperty||of|
||||||||holding||of|
||||||||investment|||
|Kingdom Cottage No.3<br>lanited||England||:<br>ordinary|100%|62%|property<br>dieealvedk|= -<br> 44||
||||||||October|||
||||||||2022|||
|18 Stock||||||||||
||||2022|Group|2021|2022|Charity<br>2021|||
||||£||£|£|a|||
|Stocks|||70,016||77,344|9,121<br>5,514||||



39 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

## 19 Debtors 

||2022|Group|2021|Charity<br>2022|2021|
|---|---|---|---|---|---|
||£||£|£|£|
|Trade debtors|9,375||10,157|1,770|S|
|Duefrom group undertakings||-|-|9,306|-|
|Prepayments and accrued||||||
|income|42,290||73,808|40,886|71,489|
|Other debtors|96,139||40,330|78,850|29,680|
||147,804||124,295|130,812|101,169|
|20 Current asset investments||||||
|||Group||Charity||
||2022||2021|2022|2021|
||£||£|£|£|
|Loanstogroupundertakings||“|-|405,000|131,750|



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

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

## 21 Creditors: amounts falling due within one year 

||Group||Charity||
|---|---|---|---|---|
||2022|2021|2022|2021|
||£|£|£|£|
|Bank loans|179,679|86,390|134,600|50,600|
|Trade creditors|55,403|44,130|43,147|31,942|
|Other loans|12,200|11,000|12,200|11,000|
|Hire purchase and finance|||||
|leases|5,179|3,739|5,179|3,739|
|Due to group undertakings|“|.|=|49,793|
|Other taxation and social|||||
|security|15,862|11,308|12,364|10,500|
|Othercreditors|53,420|48,584|23,877|26,988|
|Accruals and deferred income|240,681|223,967|191,978|169,664|
||562,424|429,115|423,345|354,196|



40 



## The Christian Trust 

Notes to the Financial Statements for the Year Ended 31 December 2022 

## Deferred income 

|Group|||
|---|---|---|
||2022|2021|
||£|£|
|Deferred income at 1 January 2022|425,425|116,335|
|Resources deferred in the period|165,403|425,425|
|Amounts released from previous periods|(125,425)|(116,335)|
|Deferred income at year end|165,403|125,425|
|Charity|||
||2022<br>a|2021|
|||£|
|Deferred income at 1 January 2022|109,024|88,407|
|Resources deferred in the period|142,761|109,024|
|Amounts released fromm previous periods|(109,024)|(88,407)|
|Deferredincomeatyearend|142,761|109,024|



## 22 Creditors: amounts falling due after one year 

||Group||Charity||
|---|---|---|---|---|
||2022|2021|2022|2021|
||£|£|£|£|
|Bank loans|2,819,428|3,072,721|2,383,329|2,596,193|
|Other loans|20,474|22,874|20,474|22,874|
|Hire purchase and finance|||||
|leases|3,123|2,056|3,123|2,056|
||2,843,025|3,097,651|2,406,926|2,621,123|
|Group|||||



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

After more than five years by instalments 

|after more thanmore thanthan five years:||
|---|---|
|2022|2021|
|£|£|
|___1,447,350_|___1:870,790_|



41 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

## Bank loans over five years 

The group bank loans amounting to £2,999,107 (2021: £3,121,532) 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 £4,675,983 (2021: £4,719,361). The bank loans represent 65.2% (2021: 66.1%) of the value of the group's property secured by the bank loans. 

The charitable company bank loans amounting to £2,517,929 (2021: £2,646,793) 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 £3,925,083 (2021: £4,035,870). The bank loans represent 64.1% (2021: 65.6%) of the value of the charitable company's property secured by the bank loans. 

Group bank loans amounting to £2,999,107 (2021: £3,121,532) and charitable company bank loans amounting to £2,517,929 (2021: £2,646,793) 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: 

**==> picture [415 x 36] intentionally omitted <==**

**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|2022|2021|
|£|£|
|After more than|five|years|by|instalments|1,447,350|_1,870,790|

**----- End of picture text -----**<br>


42 



## The Christian Trust 

Notes to the Financial Statements for the Year Ended 31 December 2022 

## 23 Obligations under leases and hire purchase contracts 

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

||Group<br>2022|2021|Charity<br>2022|2021|
|---|---|---|---|---|
||£|£|£|£|
|Withinone year<br>In two to five years|5,179<br>3,123|3,739<br>2,052|5,179<br>3,123|3,739<br>2,052|
||8,302|5,791|8,302|5,791|



## Operating lease commitments 

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

||Group<br>2022|2021|Charity<br>2022|2021|
|---|---|---|---|---|
||£|£|£|£|
|Land and buildings|||||
|Within one year|8.400|8,400|8,400|8,400|
|Other|||||
|Within one year|26,980|26,144|26,980|26,144|
|Between oneand fiveyears|37,151|43,314|$2151|43,314|
|Afterfive years|-|1,321|-|1,321|
||64,131|70,779|64,131|70,779|



24 Minority interests 

## Group 

|Group|||
|---|---|---|
||Minority||
||interest|Total|
||£|£|
|At 1 January2022|108,000|108,000|
|Movement inthe year|(10,000)|(10,000)|
|At31December2022|___98,000|98,000|



43 



## The Christian Trust 

Notes to the Financial Statements for the Year Ended 31 December 2022 

## 25 Funds 

## Group 

**==> picture [414 x 314] intentionally omitted <==**

**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|Balance|Balance|
|at|1|Other|at|31|
|January|Incoming|Resources|recognised|December|
|2022|resources|expended|Transfers|gains/(losses)|2022|
|£|£|£|£|£|£|
|Unrestricted|funds|
|General|
|General!|2,717,345|3,078,792|(3,021,150)|7,335|(52,059)|2,730,263|
|Designated|
|Revaluation|reserve|418,807|-|(11,629)|-|-|406,978|
|Total|unrestricted|
|funds|3,135,952|3,078,792|(3,032,779)|7,335|(52,059)|3,137,244|
|Restricted|funds|
|Head|Office|8,441|466,265|(109,700)|-|.|365,006|
|Elle!|Grange|13,872|10,910|(6,319)|(3,654)|-|14,809|
|Pierrepont|42,019|50,342|(46,678)|(2,082)|-|43,601|
|Glyndley|Manor|10,956|-|(3,326)|~|“|7,630|
|Scotland|24,643|48,852|(18,586)|(1,599)|-|53,310|
|Northern|Ireland|56,774|-|-|-|.|-|56,774|
|Total|restricted|
|funds|156,705|576,369|(184,609)|(7,335)|-|541,130|
|Total funds|3,292,657|3,655,164|(3,217,388)|-|(52,059)|3,678,371|

**----- End of picture text -----**<br>


44 



## The Christian Trust 

Notes to the Financial Statements for the Year Ended 31 December 2022 

**==> picture [414 x 344] intentionally omitted <==**

**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|Balance|Balance|
|at|1|Other|at 34|
|January|Incoming|Resources|recognised|December|
|2021|resources|expended|Transfers|gains/(losses)|2021|
|£|£|£|£|£|£|
|Unrestricted|funds|
|General|
|General|2,588,323|2,471,989|(2,376,114)|66,550|(33,403)|2,717,345|
|Designated|
|Revaluation|
|reserve|430,236|-|(11,629)|-|-|418,607|
|Total|
|unrestricted|
|funds|3,018,559|2,471,989|(2,387,743)|66,550|(33,403)|3,135,952|
|Restricted|funds|
|Head|Office|77,658|51,635|(70,852)|(50,000)|-|8,441|
|Ellel|Grange|9,183|9,461|(7,774)|3,002|-|13,872|
|Pierrepont|41,970|48,852|(48,803)|-|-|42,019|
|Glyndley|Manor|10,137|11,044|(3,293)|(6,932)|-|10,956|
|Scotland|44,229|3,536|(10,501)|(12,620)|-|24,643|
|Northern|
|lreland|56,774|-|-|-|-|56,774|
|Total|restricted|
|funds|239,951|124,527|(141,223)|(66,550)|-|156,705|
|Total funds|3,258,510|2,596,516|(2,528,966)|~|(33,403)|3,292,657|

**----- End of picture text -----**<br>


The specific purposes for which the funds are fo 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 £7,335 relate to resticted donations released to unresticted funds. 

A5 



## The Christian Trust 

Notes to the Financial Statements for the Year Ended 31 December 2022 

## 26 Analysis of net assets between funds 

## Group 

|Group||||||
|---|---|---|---|---|---|
||Unrestricted|||||
||||||Totalfunds|
||||||at 31|
||||||December|
||General<br>£|Designated<br>£||Restricted<br>£|2022<br>£|
|Intangible fixed assets<br>Tangible fixed assets|243,571<br>5,016,544||~<br>406,978|-<br>-|243,571<br>§,423,522|
|Fixed asset investments|420,000||-|-|420,000|
|Net current assets/(liabilities)|(8,827)||-|541,130|532,303|
|Creditors over 1 year|(2,843,025)||-|-|(2,843,025)|
|Total net assets|2,828,263||406,978|541,130|3,776,371|
||Unrestricted|||||
||||||Total funds|
||||||at 31|
||||||December|
||General|Designated||Restricted|2021|
||£||£|£|£|
|Intangible fixed assets|266,676||-|-|266,876|
|Tangible fixed assets|5,119,086||418,607|-|5,537,693|
|Fixed asset investments|250,000||~|-|256,000|
|Net current assets/(liabilities)|287,234||-|156,705|443,939|
|Creditors over 1 year|(3,097,651)||-|-|(3,097,651)|
|Total netassets|2,825,345|_418,607,_156,705.|||__3,400,657_|
|Charity||||||
|||Unrestricted||||
||||||Total funds|
||||||at 31|
||||||December|
||General<br>FE|Designated<br>£||Restricted<br>£.|2022<br>£|
|Intangible fixed assets|225,683||-|~|225,683|
|Tangible fixed assets|3,772,706||406,978|-|4,179,684|
|Fixed asset investments|852,712||-|-|852.712|
|Net current assets/{liabilities)|128,495||-|541,130|669,625|
|Creditors over 1 year|(2,406,926)||-|-|(2,406,926)|
|Totalnetassets|2,572,670||406,978|541,130|3,520,778|



46 



## The Christian Trust 

Notes to the Financial Statements for the Year Ended 31 December 2022 

**==> picture [412 x 145] intentionally omitted <==**

**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|
|Total|funds|
|at|31|
|December|
|General|Designated|Restricted|2021|
|£|£|£|£|
|intangible|fixed|assets|244,014|-|-|244,014|
|Tangible|fixed|assets|3,838,902|418,607|”|4,287,509|
|Fixed|asset|investments|747,391|-|-|747,391|
|Net|current|assets/|(liabilities)|351,094|-|156,705|507,799|
|Creditors|over|1|year|(2,621,123)|-|-|(2,621,123)|
|Total|net|assets|2,560,278|418,607|156,705|3,135,590|

**----- End of picture text -----**<br>


27 Analysis of net funds 

Group 

**==> picture [413 x 255] intentionally omitted <==**

**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|At|31|
|At|1|January|Financing|December|
|2022|cash|flows|2022|
|£|£|£|
|Cash|at bank|and|in|hand|671,415|205,492|876,907|
|Debt due within|one|year|(97,390)|(94,489)|(191,879)|
|Debt due|after more than|one|year|(3,095,595)|255,693|(2,839,902)|
|Finance|Jeases|and|hire|purchase|contracts|(5,795)|(2,507)|(8,302)|
|Net debt|(2,527,365)|364,189|2,163,176|
|At|34|
|At|1|January|Financing|December|
|2021|cash|flows|2021|
|£|£|£|
|Cash|at|bank|and|in|hand|640,879|30,536|671,415|
|Bank|overdraft|{5,355)|5,355|-|
|635,524|35,891|671,415|
|Debt due|within|one|year|(146,432)|49,042|(97,390)|
|Debt due|after more|than|one|year|(3,280,755)|185,160|(3,095,595)|
|Finance|leases|and|hire|purchase|contracts|(9,020)|3,225|(5,795)|
|Net debt|(2,800,683)|273,318|(2,527,365)|

**----- End of picture text -----**<br>


47 



## The Christian Trust 

## Notes to the Financial Statements for the Year Ended 31 December 2022 

## 28 Related party transactions 

## Group 

Mr A J Taylor, a trustee, received remuneration of £37,164 (2021; £32,758) and the group made pension contributions of £928 (2021: £796) in respect of his duties as an employee. 

Mr R Pook, a trustee, received remuneration of £12,000 (2021: £12,000) in respect of his duties as an employee. 

During the year expenses amounting to £9,961 (2021: £9,321) were paid to 4 (2021: 4) trustees in relation to their role as trustees for travel and subsistence, 

During the year the group was charged book royalties amounting to £10,017 (2021: £13,429) and teaching fees amounting to £2,150 (2021: £6,300) from the trustees of the parent charity. In addition the group paid consultancy fees amounting to £6,000 (2021: £6,000). At the balance sheet date the group owed £1,095 (2021: £4,508) to trustees of the parent charity. 

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

During the year the group paid salaries amounting to £86,749 (2021: £77,676) 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. 

## 29 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. 

48