2023-12-31-accounts

Company regislralion number. 02883771 Charity Wistration numbw.. 1041237 Scottish Charity registration number.. SC038860 THE CHRISTIAN TRUST (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 De￿mber 2023

The Christian Trust Contents Reference and Administrative Detsils Trustees, Report 2to12 lThdependent Auditors, Report 131015 Consolidated Stslement of Financ4al Activitses 16 Consoiidaled Balance Sheet 17 Balance Sheet 18 Consolidated Statement of Cash Flows 19 Notes to the Financial Statements 20to49 Comparative Consolidated Ststement of Financial A¢tMtie$ 50

The Christian Trust Reference and Administrative Details Chairn)an M J Moore P J Horrobin {resigned 28 Maich 2023) A J Tayfor {regigned 23 June 2023} F G Horrobin (resignèd 28 M¥ch 2023) R P¢wk Iresfv3ned 9 March 2023) M J Moore R W Steel {appoinled 18 January 20231 K Bandy (appointed 18 January 20231 P Chambron (appointed 30 J8nuary 20231 P A Ryan laFwinted 19 January 2023) Socretary RJHay Reglslergd Office Ellel Grange Ellel Lancastar Lancashire LA2 OHN The charity is incorporated li England and Walgs. Company Roglstratlon Number 02883771 Charity Registration Number 1041237 Scottlsh Charlty Number SC038860 Solicitor5 Oglethorpe Slurton and Gillibrand 16 Castle Park Lancaster Lanwhire LA1 1YG Bankgrs Barclays Bank pk PO Box 6193 Basingsloke Hanls RG213RX Nalwest Bank plc PO Box 94 64 Church Street Lancaster L41 1EZ Audltor Azets Audrf( S8rvieès Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

The Christlan Trust Trustees. Report The Trustéès (who •e also Directors of the Charity for the purposes of tho Companies Actl present their annual report together wlh the audited financial stslements of The Christian Trust {the chartyl for 1 January 2023 10 31 Decemter 2023. The Tnjslees confirm that the annual report and financial staternenls of the charity and the group comply ￿th the ¢)Jrrenl Ststutory requirements. the requirements of the chaiity and the group'5 governing document ond the provisions of the Slalemenl of ReGommended PraGb"ce (SORPI. Accounting and Reporting by Chariti9s' effective 1 January 2015, The Charity also trades ￿der the name Ellel Ministries. The Charity and thè group cjjrrently operate out of the following UK centre$'. Ellel Grange Bay Horse Ellel Lancaster LA2 OHN Telephone [phone] E-mail [e-mail] Glyndley Manor Stone Cross Pevonsey Sussex BN24 5BS Telephone [phone] E-mail info.g1￿[e-mail] Blairmc￿e H￿Be Glass Huntly Aberdeenshire AB54 4XH Telephone [phone] E-mail [e-mail] The work al Ellel Pièrreponl. Fren5ham, Famham. Surrey. GU10 3DL ceased in September 2023 and the site was sold lo the Redeemed Christian Church of God (UK) in November 2023. Information can also be obtained from the charitys website hltps:Ilellel.uk.

The Christian Trust Trustees. Report Ob'ectives and Activities ObJectlv08 of the Charltablè Company The Christian Trust was established as a registered charity in 1977 and incorporated as 8 company in 1993. The Christian Trust operates as Ellel Ministries 8nd is 8 nOn-der￿mInatiOnaI Christian Missron organisation with a vision lo resource and equip the Church by providing training and personal ministy in Chrfstian healing and diseipleship. Wè aim lo bring hope, healing and wholeness to the Body of Christ and further equip the Churth Wor1th￿de thiough the principles outknned in Luke 9."11 where Jesus welcomed Ihe peo￿8, taught them at#)Ut the lfjngdcffi of God and healed those who were in need. Mlsslon Stst9mont missK)n of the Trust is to fulfill this Msion throughout the world. 8s GOJ yns Ihg doors. in accordance wth the Great Commission of Jesus arMJ the calling of the Church to proclaim the Kingdom of God by preathiThJ the good news, healing the broken-hearted and setting the captives free. The Tfust is the￿ore committed to evangelism, healing, deliverance, discipleship, arKI training. The Board ofThe Christian Twst is supported by the Execubve Leadership. PrlnGlpal Actlvftlgs and Maln Objgctlvgs Christian Trust offers, ￿thout charge, opportunities for personal prayer by hokjing evening events, running heal￿g retreats and through personal ministy appoinlmenls. There are also a wde variety of other flee events and a free online disapieship and healing programme called Joumey to Freedom. The help received enables indiwduals to overcome spiritual. emotional, and sometimos physical problems and difficulties in their live5 and enables them to have more productive and fulfilled INes. The Trust equips others by offering training in Christian healing and discipleship Ihrcugh conferenGe5, short coursos, longer term programs and through th& produdion and distribution of teaching material (audio, video at)d 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 Cenlres and lo develop the work to offer similar opportunities for prayèr ministry and training in other Regions and Countries of t￿ world. The Trust has referred to the guidance on public benefit provided by the Charity CommissiC￿ when reviewtng its objeclNes and planning future activities. While this report 15 correcly fwJ55ed on the UK Registered Charty. it should be noted Ihat there are a numb81 of countries arourKI the V￿r1d where teaching and ministry under the Ellel Ministries umbrelk takes place and the nature of this work 1$ curienlty in the process of re-shaping. A robust structure of Regional Directors has been established to support and monilef these financially independent operations. Continuing efforts were mad8 to keep tha book publishing vdork of Sovereign Worfd Ltd operational. however, no new books were published during 2023 due to other changes taking klace in the wider ministry. The distributiorb srde of Sovereign Workl remains 8Ctive, though stock orders have been lighter than anticipated.

The Christian Trust Trustees. Report An effective measuretindicator for determining the ongoing health of the Charills work. 1$ the finandal performance of the cenlres. the number of events laid on and attendance of said everts, 8nd18st but not least, adequate and effective staffing of each cenlre. With respect lo our operational actmknes. our primary aims a￿1 objectives remain unchanged. During 2023. the Trustees took signifunt steps towards eliminating our existing mortgage borrowings. As fe8uII of ￿ compjetion of sale of El￿1 Pierrepcfit on 22 November 2023, loans were reduced from around £3.2m. to just £134k by the end of February 2024. These comprised £7k associated with Ple￿8p0nt and Iho rgmainiro £127k in respact of an interesl-fraa loan for the restricted purpose of purchasing a cottage at Glyndley. This will enable the Trustees to f¢xus more of our incoming funds during 2024 to be Svailable for the ongoing ministry and the maintenance of our remaining facilities which are $0 vital to the runnlng of the work. The Chapel ￿lch stsnds In the grounds of Elk81 Grange has been derelict evgr since the property was acquifftd by the Charity in 1986. The Trustees desire to restore thè buildirKJ furthef deroliclion occurs. Planning Femission was obtained in March 2019 but expired in March 2022 because the prolect had not commenced. This was primarily due to the co￿d-19 pandemic wth resource5 diverted lo sustain the charity through unpfecedenled times. However, there remains a desire lo restore the chapel and a fresh planning permission applicalion was submitted and approved by Lancaster Clty Council on 20th February 2024. DuriThJ the year, the Trustees have continuèd to monitor aetiwty concemlng the proposed development on land surrounding Ellel Grange of a major new village under the name El￿1 Gardens Ivthv.ellelgordens.com). Inibal plans induded development on land that is protected. The Trust asserted its legal rights. The appropriate Land Registry records show that no buildings ean be constructed ￿1¢h would obstruct the views fr￿ Ellgl Grangg eithgr to the front or to the rear of the property. The planning application remained oulstsTrJing al the end of 2023 but vas subsequently refused by Lancaster Cty Council on 19 Febwary 2024. The Tnjslees continue lo keep a close walth on all potential future d&veJopmonts for the impact this may hav8 on the work 8nd wll respond as necessary. Publlc Benefit The Trustees have had regard to th8 Charity Commission's guKlance on public knefit. The events organised and the services offwed by the Charity ar8 open to anyone upon the understanding that the leaching and prayer ministry offered lo them will be Christian. The programme of events organised are 8dvertised C￿ the website https'.Ilellel.uk. Throu￿ th8 applk?bon of teacFung and Christian prayer ministy, indivKluals struggling Wth a variety of problems are helped to understand the roots of these problems and de81 effectively ¥Mth them so as lo te able lo live a more fulfilled lrfe. Equal access to the ministy is important to the Trustees. The Trust continue$ to charge for teaching cours&s whilst continuing to make personal ministry available freg to the public regardless of race. gender, disability. or sexual orientation. The Trust relies on donations from supporteT$ and sponsors to cover the costs of personal ministy as well as other free or discolmted events. Through training courses and longer-term programs attendees are tsught how to minister 8nd brlng help and healing to those struggling ￿rith issues in their lives by the application of Bibliol IrLrth. Guests at Ellel Ministries events include pastors, missionaries, mgmbers of Church ministry teams and individuals seeku)g help and training in the Christian heabng ministy- The Trust sponsors 8 number of delegates from developing countries on longer proyrams.

The Christian Trust Trustees. Report Feedback (WTitten and vgrt)811 from people have been helped by the Charty confirms that the work of the Charity is positively impacting individuals. lives. The majority of those comiry fgr help do so as a direct resutt of personal recommndation by someone previously helped by the work 01 th8 Charity. Visitors from overseas. induding many thlrd worfd natlons, tell that vthat the Charity offers in the UK is des￿ratelY needed in their own country. The Tru51 recaves many invTlations to bring the work of Ihe Charity to other countries. The Trustees believe that they have complEd with the duty in Section 17 of the Charities Act 2011 to have due regard to tha publlc b8n8fft guidancé published by the Charlty Commlssion. Our Supporters and Volunteers, Contribution The prayers and gifts of supporters, vthich form o significant part of the ncome of the Trust. arè greauy appreciated and are vtt81 for continuing the woik. In accofdance with the original vision. no charge is made for personal ministry as many who come would be Ltnaue to pay for the personal attention they recerve. The fees charged for other courses and Icfflger programs are also kept lo a minimum to ensure that they are a￿Ssible lo 8$ many peO￿e as pgssiNe. However. the fees barely cover the actual costs, and so the Trust is Ih9rgforg dependent on donation inwme to make up the diff8r9nce. Th& vA)rk of the Trust Is carrled OLrt by a pald team of both full and part-time indivldu818. amounting at th8 end of 202310 78 peoe across the three UK centres. The work is further supported by around 160 volunteer m¥iisty team members %tho minister to people on healing ￿treats, ministry apwintmenls and during ministy times on cou￿e$ and longer-lerm programs. The arn￿jnt of lime that volunteers make themseives available to help with the work of the Trust depends on thelr Indlvidual arcumstanees and can vary frcm a few hours a month to as many as five days a week. The Trustees greatiy value every member of the full, part-time, and volunteer teams, appreciating their commilment to the work of the ministry and thank God for avery member of the team. including those who served faithfully for rnany years at Ellel Pierrepont. vthich closed in September. and those have ¥wKe moved on to other V•vrk. The Trustees look forward to continuing this valuable work arKJ ministry under G¢xl's guidance and enabling in the yeais ahead. Revlew of A¢tfvltles and Future Developments In 2023 the work of Ellal Mlnlstrles Intematlonal continued 8round the wortd. building on the foundations that have been carefully laid down by the Trustees and othets in previous years. All the overseas operations, wlh the excepb.on of Ellel Hungary, are legally and financially independent. although the UK Charty ￿riodiCallY makes donations to help establish #nd support the ongoing cperations of the work in less affiugnt countries. All overseas developments are p(oneered and fijnded Icvlly and there are no new liabilities for the UK Charlty assodated with any of these extensions of the work. PJI the overseas centr88 operate ording to the prinoples laid do￿ for the ¢yigino1 UK operations.

The Christian Trust Trustees. Report In 2023 several of the intemalional cenlres chose to no long8r b8 part of Ellel Ministries. These centres Include Slng8pore, Malaysla, ThaiL8nd. Israel, Romania, Bulgaria, SvAtzerfand and Western Canada. The complete rebuild of the Charrvs website was launched in December 2021. In 2023 there has been ongoing devolopmgnl and r&finem&nl of this vital resource. 11 is intended thal all the overseas operatK)ns wtl eventual￿ have fvlly integrated pages wthin the corwrate website of Ellel Ministries. The summer of 2023 saw the frfth UK #ttake of young people on our Undivided gap year programme, and we are currenUy able lo facilttale overseas and EU nationals joining our team for periods of up to tsvo years. service in the UK on Temporary Worker- Religious Worker Visas. Strenuous efforts were made during 2023 to continue lo increase operating efficiency and minimise unnecessary expendI￿re and the Trustee5 are graleful foi all the supporters who give so generously to maintsin the woik in the UK. enabling the organisalion to remain financially strong. as it spearheads the encouragement of new intemalional dèvelopments and f2cAliL*s all that is necessary for the running of a significant world-wide charitable work. Seriou5 Tru5188 di5cussion3 began during 2022 regarding the sale of Ellel Pierrepont as an ￿le1 cenlre. From a Charity perspective this has been in response to the very significant and ongoing financial and practical challenges 2t that IDcalion, exacerbated by significant escalation in mortgage interest rates, utility costs. and other posl-pandemic infL91ionary pressures. During 2023 the Charity was abla to pursua a sala to another Chiistian Charity, who are in ling with our overall charitablg objectives to advance the Christian faith. Thus. on 22 November 2023 the sale of Elbl Pierrepont to The Redeemed Christian Church of God IUK) was legally completed. This has enabled all remaining debt held by the Charity to be elimin8ted and wll considerat￿Y assist in safeguarding the fvture ol the Charity as a whole. Fund-raising Di5closur8 As a faith-based organisalion, the Charty relies heavily on donation inGome. the vast majority is donated either online or direcdy to the Charitys designated UK bank aGcounts. We promote donations by a number of appr¢)aches including per¢odic appeals for financial supwt to those vthg aro supporters of the work. We also adopt th8 US8 of charity box8s, and more r8c&ntly tap and go eonlaclless card donation ￿InIs, in our centre reception areas for unspeufied ad hoe donations which may be given by those attending our cenlres. Occasionally we also take up free wll offerings where appropriate. We activety promote our One In a Thousand and other regular giviw schemes lo those who come on courses or attend any of our events and wish lo 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 partiapators, Ixrt we do receNe persodic Person￿ donations given via Stewardship Giving Services. Charitie$ FourKlation Vouchers, and other similar schemes. This also indudes online giviro sites. designed lo help individuals channel their personal charitable giving accordingly and in a tax efficient way_ We are fully subscribed lo the standards sel by the UK Fundraising Regulator, as the Trustees consider this to be in the best interests of assuriNJ those wishing to SUPPOrt our ￿rk financially. T￿re are no knthvn complaints concerning fundraising to rew)rt and the Trustees are mindfvl of the importance of continuing to protect vulnerable individuals,. therefore. care is taken to avoid unreasonable intrusion, ￿r81StenCe u undue pressure when seeking any fom of financial support.

The Christian Trust Trustees. Report Investment Pollcy Under the Memorandum and Astides of Assoualion. the Charitable Company has the pcpwer to make any investment %thich the Trustees see fil. Investments are made where required to fvrther the airns and 04'ectives of the Charity. Golng Concern After making appropriate enquiries, the Trusteos have a reasonable expectation that the Charity has adequate resources to continue in operational oxist8￿¢ for the foroseeable future. For this raason, they cgntinue to adopt the going concem bas￿ in preparirKJ financial statements. Summary of Income and Expondlture UnrestrKted Restrictsd Total Total Funds 2023 Fund8 2023 Funds 2023 Funds 2022 Total I￿Oming Resources Total Resouces Expended Other gainsAosses Transfers £5.357.979 £125.718 £5.483,697 £3,655,161 (£3.297,8C61 {£2.9141 £318.170 {£147.510) {£3.445,316} 1£3.265,709) 1£2.9141 (£3.7381 {£318,170) {£339.962) Nel movement in funds in year £2,375,429 £2.035.467 £385,714 Prlnclpal Rlsks and Uncertalntles Details of the Charitys financial risk management objectives and policies are ncluded in note 26 to the financiai statements. ReseNes Pollcy As a Christian Mission. The Christian Trust is cnmmitted to ftrlfilling a God%iven visicfi and 15 dependent ¢)n the prayers and grfts of SUPF>Orters for the conlinualion and development of the wth. The three UK freehold properties currently have a market valuation in excess of their ¢yigind cost and the finanryal security provided by the asset value of these properties 18 adequate to cover the foresaeable future financral eventualities. In commn wlh many other charities, the Trust relias on a comprehensive process of budgetary planning 8nd ongoing fina￿lar monitoring. This enables the iilenlification of potential problem areas and gives the opporbjnity to tske correctNe action where necessary. The sale of the Ellgl Pi9rreponl cerrtre eliminatgd the majority of Charities debls by the gnd of 2023, wth the remainder being paid off in the first three months of 2024. The sale of Ellel Pierrepont has also provided cash resetves of over £lm io be placed in interest tearing deposit accwnls pending a longer term view being taken by the Trustees on potential investment or exFenditure to further supwt the operations of the Charty. Th8 total consolidated funds available as al tho end of tho year amowtgd to £5,751,838 (2022 £3,776.371) of which £201,168 (2022 £541,130) 1$ restricted in their fuiuro use. Unrestrided free reserves amounted to £1,639,983 (and a negative in 2022 of £8,827)

The Christian Trust Trustees. Report Piineipal Funding Income to the Trust In 2023 amounted to £5,483,697 {2022 £3,655,161). The main S¢jur￿$ of these lunds were as follows.. 12.9%12022.' 16.2%1- Trading compary irKome induding media sales 22.1 % {2022.' 29.3%)_ charitab￿ xliwlies 15.1% (2022.. 54.5%1- DC￿ation income and legacies 49.9%12022.' 0.¢yh)- Sale oftsngible as$ets for ¢harity Overall, there has been a nel increase in the Trust ffiJnd of £2,035.46712022 £385,714}. Donatlon$ During the year the group m&J8 charitable contributions lo other organisations and inrfividuals amounting to £259,14312022'. £216.4S21. Structure, Governance and Management Con8tltutlon The Charrty is registered as a company limited by guarantee without share capital and was sel up by Memorandum of Association on 24 December 1993. 11 is registered under the Companies Act 1985, registration numbgr 02883771. The Charfly Is govemed by Ils Memorandum and Arucles of A880ciation dated 24 December 1993, 0$ amended by special resolutions dated 28 September 1994, 18 October 2004, 12 September 2007 and 9 April 2008. Management ofthe Chartvs affairs is vested in the Trustees as CTrDireGtors. The princlpal oblect of the Charlty Is to pr￿de tr8lnirKJ and per80nal ministy in Christian healing and disclptaship. In the evgnl of o wnding-up, the presenl mambars of the Trust and those have ￿aSed lo be a member wrthin one year of such an event have waranleed the liabilities of the Company to the sum not exceeding one pound each. The Memorandum and Arttcles of Assoaation stales that Ihe number of members Shall not exceed fifteen and shall not be less than three. Method of Appolntm•nt or Eloctlon of Trustees The management of the Charity is the responsibility of the Trustees who are elected and c￿oPted under Ihe terms of the Arty"des of AssoeiatK)n. Al nthy appointed Trustees and members rgquire approval frtyn the ¢urrent Trustee Board. Policies Adopted for th¢ Induction and Trolnlng of Trustees Newly appointed Trustees are provided with a comprehensive inducti¢)n to The Christian Trust through the provision of in-house training.

The Christian Trust Trustees. Report Pay Pollcy for Senlor Stsff Total remunoration of £58,060 {2022.. t52,1241 was paid to Twslg9s during tha year. The remuneration paid to the Trustees and other senior stsff suth a$ Centre Directors is reviewed ularty by the Trustees and the Executive Leadership of Ellel Ministries. The rates of remuneration are set in line wlh the respective roles carried out within the organi88tion. The ramuneration also takes into account ihe benefits received by the employees, for exampla full accommodation board when promded. 11 is expected that a further remew of policy will take place during 2024. Organisatk>nal Structure and Dgclslon Maklng The Executive Leadership, ￿1¢h indudes all the current Trustees of The Christian Trust, is the group which directs the work of Ellel Ministries International, in a¢￿dance with the vision and mission God gave to the ministry. The Executive Leadership meets on a regular basis and the Centre Directors and their centre leadership teams manage the day-lovday operalrons of the Charity- The govemance arrangements of the Charity are clear in that key body in the Chanty is the Executive LeadershSp. H¢)wever, there is fijll recognib'on that il is the Trustees who carry the legal respKJnsibility for Ihe Charity in Ihe UK, and only Trustees can vote on issues concgrning Iggaliti'es. The Trustees hold separate meetings on a regular basis lo exereise good govemance of the Charity and maintain a wider oveNew of key issues of concern to the UK Charities Commission and act acwrdingly. The current Executive Leadership (at the end of 20231 are 8$ folk)w5.' Mr A J Taylor Mrs C Ta￿Or Mr P Brcaar Mr K Bandy Mr P Chambron Mrs L Hanekom Mr T Kovacs Mr M Moor8 Mr P Ryan Mr H Rad81irghuys Mr R Stael. Related Party TransaGtions Transactions with relatgd partios are ¢Js¢lo$8d in note 27 to the ffinancial stat8ments and in a¢wrdan¢e ￿ paragraph 33 of Ihe SORP (Accounting and Rep)rting by Charities.. Statement of Recommended Practice (effective 1 January 2015)). Rlsk Management The Trnstees have assessed the m8jc risks to which the Charity is exposed. in parti￿48r those related lo the operations and finances of the Charity and are satisffied that systems and procedures are in Flaee to mitigate our exposure to the major risks. Subsidiary Companles In the UK the group operates through the fc4lowing wholty owned subsidiary companies.. Ellel Ministries Limited- Inlerme(fiale hdding company Sovereign-world Limited- Book publisher and book and other media retsilar

The Christian Trust Trustees. Report GlyTrJley Manor Eslales Limrted- Management of estate resrdences at Glyndley Manor Overseas Education Trust Limi18d- InterMed￿e holding cclnpany Mediterranean Tours ￿mIted- Faci1it8tor of overseas tours All of the active UK subsidiaiies are inVo￿ed in trading t(*th to raise addrtional fLmds for the Charity and also lo further the charitable objectives. Some produce and distribute Christian literature relating lo the charitys trainiry courses. It is the intention of the Tru$lee$ that each of Ihese companies should rem8in profitable. The Charfty started 2023 holding approximately 32.4% of the issued share capital of TCT Properties No1 Limited. o company holding investment propaty. Followng a sharo buyback iniliative this had incre85ed lo 73.8% by 31 Decemb81 2023 with thg pU￿hOse of the remaini￿￿ shares being ￿MPleted In January 2024. The share capital of TCT Properties No1 Limited 15 divided into (k(finary shares and A Ordinwy shares gf £1,000 each, the Ordinary share has as many addi11¢x￿1 votes as are required lo defeat or pass a resolution, The Chrtslian 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 iKluded in the o)nsolKlaled fmancial statements. The work in Hungary is undertaken through Ellel Ministries Hungary Kft, a vtholty owned subsKliary of The Christian Trust and th& Hungarian Christian Trust Magyar known locally as Kereszteny Ajapitvany. Assoclated Entitlos Other overseas work is undertaken through localty incorporated companieslcharilies established in the county that the work is taking place. As at the 31 De￿mber 2023 the main local entities {other than subsidiarlesl are.. Ellel Minislrigs Australi8 Ltd Eltel Ministries Aotearoa New Zealand Ellel Ministries Belgium Ellel Ministries Canada In¢ Ellel Ministries Croatia Ellel Czech Rewblic Ellel MiniStr￿S Denmark Ellel Ministrie8 F￿)land Ellel Ministries Fian Ellel Ministrtes Germany EUel Ministries India 8lel Ministries Kenya Ellel Ministries El￿1 Ministries Netherlands Ellel Ministries Norway Ellel Ministries Rwanda EIKg1 Slovenia Ellel Ministries ScMJlh Afr Ellel Ministries Sweden Ellel Ministries USA I￿. Each entty has signed a licence agr&ment wth The Christian Trust agreeing that thèir poficies. piactices and objective5 wll be in accord wlh those of The Chrislian TrusL The Trust also has appointed representstNes in Belarus. Curacao, Serbla and P8pua New-Guinea to ccpordinate the wolk in those places which is generally carried out with hdp from other established Centres. We also have an established team working on the ground in the Ukraine. 10

The Christian Trust Trustees. Report Quallfylng Thlrd Party Indgmnlty Provlslons During the year and 81 the dale of approval of the Directors. report. qualifying third party indemnty promsions were in place In respect of th8 Trustees. Statement of Responslbllltles The trustees {who are also the directors of The Christian Trust for the purposes of company lawl are responsible for prepariro the trustees. report and the financial statements in accoréance ￿th applicable law 8J)d United KirvJdom Accounting Standards Iuniled tQngdom Generally Accepted Accounting Practi￿). induding FRS 102 'The FinarKial RepK)rbng Stsndard applicable in the UK and R¢public of IrelarKI" Company law requires tho trustees to prepare financial statements for each financial year. Under company law the Iru5tees must not approve the financial slalemenls unless they are satisfied that thay grve a true and fail view of Iha state of affairs of the parent charitable company and the yroup and of the incomirKJ resources and application of resources, including its income and expenditure. of thè charitable group for that period. In preparing these financial ststements, the trustees ara requlred select suitsble accounting policEs and apply them cor￿lS1enUy', observe the methods and principles in the Charities SORP-, make judgements and estimates that are reasonable and ptuden( state whether applicable a￿unting $tandariSs, comprising FRS 102 have been followed, subject to any m8terial departures disclosad and explained in the fina￿al statements,. and prepare the fin￿al statements on the going concem basis Un￿$8 it is inappropriate to presume that the parent charilable company wtll continue in business. The trustees are responsible for keeping proper a¢Gounting records that can disclose ￿th reasonaNe accuracy at ary time the financial position of the parent charitable company and the group and enable them lo ensure that the financial statements comply wrth the Companies Act 2006. They are also responsible for safeguarding the assets of Ihe parent charitable cwipany and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the rna1ntenan￿ and integrity of the corporate and financial information included on the charit8bfe companls website. Legislats'on governing the preparation and dissemination of financial statements may drffer from legislation in other jurisdictions. Disclosure of Infomlatlon to audltor Each trustee has tsken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit Inf￿matiOn and to establish that the charity's a￿litOr is aware of that infomiation. The trustees confirm that thère is no relev8nt informath)n that they know of and of which they know the auditor is unaware. Reappolntment of auditor The audith hzets Audit SeN¢es are deemed to be reappointed under section 487(21 of the Companies Act 2006. 11

The Christian Trust Trustees. Report b¢half by-. M J Moore Chaimian and trustee 12

The Christian Trust Independent Audltorfs Report to the Members of The Chrlstlan Trust Opinion We have audited the financial statements of The Christian Trust {thg 'charitable parent compan￿> and its subsidiar￿8 (the 'group'l for the year ended 31 December 2023, %thich comprise the Consdidalod Statement of Financial Aelivilies, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flo￿. and Notes to the Finanaal Statements, including a summary of sSgnificant accounting policies. The ffnancial ieporting framework Ihal has been applied in their preparation is Unrted Kingdom Accounting Standards. comprising Charities SORP - FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law {United Ki'ngdom Generally Accepted Aceounling Practice). In our opirion the fina￿181 statements". give a trije and fair view of the state of the group's and parent charity's affairs as at 31 Oecember 2023 and of the group's incomlng resources and application of resources. induding its income and expenditure for the year then ended.. have Ixen properly prepared in acwrdance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in aG¢ordance with the requirement$ of the Comparites Act 2006. Basls for oplnlon We conduded oJr audit in acCOrda￿e WTlh Inlematicfial Standards on Auditing IUKI IISAS {UK)l and applicable law. Our responsibilitie$ under those standards are fvrther de￿ribed in the auditor responsibl￿"tIeS for the audit of th¢ financial statements section of our reporL We are independent of the group in accordance with U)e ethical requirements that are relevant lo our audit of the financial statements yi 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 aL*Yil evKlence we have obtained 15 sufficienl and appropriate to provide a basis fLY our opinion. Con¢luslons relatlng to golng concern In auditing thg financial statem8nts, wg ha￿ condudgd that the trustges use of Ihe gc4ng concern basis of accounting in the preparation of the financial statements is appfopriale. Ba58d on the work we have performed. wg havo not idgnlified any material uncgrtaintlgs relating lo evenl$ or conditions that, incfiwdualty or collectively, may cast significant doubt on the group's ability to continue as a going concem for a period of at Feast tsvelve months frcm ￿en the financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees wlh respect to going concem are described in the relevant sections of this report. Other infom)ation The trustees are responsible for the other infom)81ion. The other infomation comprise$ the infomalion induded in the annual report. other than the financial statements and our auditor's ￿pOrt thereon. Our opinion on the financial statements does not cover the other infonnation and, ex￿p1 to the extent othenwse explicifjy stated in our report, we do Tr)1 express any form of assurance nclusion thereon. In Conn￿150n wth our aLKlil of the ffinanclal ststements, our reswnslbillty Is to read the other information and. in doing so. consider whether the other information is materially inconsistent with tho financial slatam8nts or our knowt8dge obtained in th8 audrt or otherwis8 appears lo be materially mlsstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detemiine whether there is a material misstatement in the ffnancial slalernents or a mateiial Misstateme￿ of the other infomiation. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other infonnation, we are required to report that fart. 13

The Chrlstlan Trust Independent Auditor's Report to the Members of The Chrlstian Trust We have nothlng to report in thi$ règard. Oplnlon on other rnatter prescrlbed by the Companles Act 2006 In our opinion. based on the wc*fr undertaken in thè course Of the audit-. the infom)alion given in the and Trustees, Report for the financial year for whith the finanual statements are prepared is consistent with the financial Ststemenls.. and the and Trustees, Report have been prepared In accordance with ap￿itable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the group and the parent charitable company and Its enwronmenl obtained in the course of the auLfi( we have not identified material misstatements in the and the Trustees, Report. We have nothing lo report in respect of the followng matters %there ihe C¢)mpanies Act 2006 requires us lo report ID you if. in our opinion.. adequate accounting records have not been kept by the parent charitable company. or relums adequate for our audit have not been recelv8d from branches not visited by us- or the parent charitable company financial statements are not in agreement the accounting records and retums.. or certain disclosure8 of trustees remuneration specified ty law are not made., or we have not received all the infomiation and explanatiDns we require for our audit R•$ponslbilities of truste As eX￿ained more fulty in the Statement of Responsilxlities {set out on page 11}, the trustees are responsible for tho praparalion of tha financial statements and for being satisfied that they givg 0 truo and fair view, and for such intemal control as the trustees determine is necessary lo enable the preparalron of financi81 statement8 that are free from material misstatement. Ythelher due to fraud or error. In preparing the financHI statements, the trustees are responsyble for a88e85ing the charity's ability to continue as a going concern. disclosing. as applicable, matters rela18d to going concern and using the going concem basis of accounting unless the trustees ￿ther intend to liquidate the charity CK to cease op8ratK)ns, or have no realistic allernalive bul to do so. Auditor rgspon$lbllltles for the audlt of the flnanclal statements Our objectives are lo obtsin reasonable assuran￿ about whether the financial $tslements as a Ythole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that inGludes our opinion. Reasonable assurance is a high levd of assurance. bul is not a guarantee that an audit conducted in accordanca Mrith ISAS IUKI will always detect a material misststemenl gn it e￿51$. Misslatemenl$ can arise fr￿Tr fraud or error and ale considered material if. individually or in Ihe aggregate, Ihoy could reasonably be expected to influence the economic decisions of users taken on the basis of these financi81 slalements. Irregularities. including fraud, are instsnces of non-compliance wrth laws and regulations. We design procedures in line with Dur responsibilities, outlined 8bove. to delect material misststemenlg in respect of irregularities. including fraud. The extent lo ￿lch our procedure8 are c8pable of detecting iiregularilles, Including fraud Is detsiled below., 14

The Chrlstlan Trust Independent Auditor's Report to the Members of The Chrlstlan Trust Errfluiries management about any knoyffl or suspected instances of non-compliance with laws and regulations and fwd., - Reviewing board minutes.. Challanging assumptions and judgements made by management in their srgnificanl aGcounting estimates., and Auditing the iisk of management override of ¢ontrd$, irKluding through tssting joumal entries and other adjustments for appropriateness. Because of the T￿Id in vthich the dienl operates, we identified the follomng areas as those most likely lo hav& a material impact on the financial slatements.- Health and Safety.. ernployThenl laws.. and ¢ompliance wilh the UK Cempanies Act 8nd Charibes Act Owing to the Inherent limitations of an aLKfil, tsre is an unaycqda￿e risk that some material mlsstatements in the firrancial statements may not be detected, even though the audtt is properly planned and performed in accordance with ISAS (UKI. For instance. the further removed non-compliance is frcm the event and transactions refleded in the financial statements, the less likely the auditor is to become aware of rt or to recognisè the non-compliance. Use of our report This report is made solely to the charitable parent company's trustgos, as a ￿dy. in accordan¢e wth Chapter 3 of Part 16 of the Companies Act 2C￿6. Our audit work has baan 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 Irustee8 as 8 body. for our rk, for this reporL or for the orxnions we have fomied. Simon Brown BA ACA DChA (Senior Stalutw Auditor) For and on behalf of A2ets Audit Services Chartered Accountants Statutory Audtlor Bijlman House Regent Centre Gosforth Newc8Stle upon Tyne NE3 3LS Azets Audit Services is a Irading name of Azets Audit Services Limited. 15

The Christian Trust Consolldated Statemant of Flnancial Activities for tha Year Ended 31 December 2023 {Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2023 Totsl 2022 Unrestrict Restricted Note Income and Endowmènts from". tk*nalions and18gacias Charitable ectivitses Other trading aetwities Investment income Othei income 714,770 1.209,563 699.029 48 2.734.569 111,908 3.000 10.810 826,678 1,212,563 709,839 48 2.734.569 1,993,130 1,071,533 $86.496 4.000 Tclaf Income 5,357.979 125.718 5,483,697 3,655,161 Expenditure on: Raising funds Charitable ackn"vilies Other expenditure Total Expendrture (600,671) (2,690.914) 6.221 (600.671) (692.833) {2.836,612} {2.397.286) 8,033 175,590 {145,6981 1,812 3,297,806 1147,510 3,445,316 3,265,709) Net incomelleynditure) Transfers befvieen fvntJ$ 2.060.173 318,170 (21.7921 (318,170) 2.038.381 389.452 Olher rocognlsed galn$ and losses Other gainwlosses Net movement in funds (2,914 2,914 3,738 2,375,429 {339,962) 2,035,467 385.714 Re¢on¢lllatlon of funds Total funds brought forward Tcrfal fvnds carried forvrdrd 25 3.137.241 S41.130 3,678.371 3.292,657 5,512.670 201.168 5.713.838 3,678,371 All of the group's activities delive from continuing operations during Ihe above ￿ per&￿s. The fvnds breakdovm for 2022 is shmj in note 25. 16

The Christian Trust {Registration number: 02883771) Consolidated Balance Sheet as at 31 December 2023 2023 2022 Note Fixed assets Intanglble assets Tangible assets Investments 15 16 17 213.890 3,059,617 786,000 4,059,507 243,571 5.423.522 420,000 6,087,093 Current assets Stocks Debtors Cash at bank and in hand 18 19 68.847 265.370 2.363.870 70.016 147.804 876.9)7 1.094.727 2,698.087 Credltots: Amounts falllng due wlthln one year 21 856,936 562,424) Not current assets 1.841.151 532.303 Total as8gts less currnnt liabiliti88 5,900,658 148,8201 6.619,396 12,843,025 Crfrditors". Amounts falling due after moro than one year Net a88ets 5,751,838 3,776,371 Funds oflhe group: Restricted 201.168 541.130 Unrestricted incomo funds Designated funds General tunds 406,978 2,730.263 5.512.670 Totsl unrestricted funds 5,512,670 3,137,241 Total Gharty funds Minority interest Total funds 5.713.838 3.678.371 38,000 98,000 25 5.751,838 3.776.371 The fin cn 0.5 nci statements on pages 16 to 50 were approved by th8 tru$te8s, authorised for issue %¥and signed on their behalf by.. Chaimian and trustee 17

The Christian Trust (Registration number: 02883771) Balanco Sheet as at 31 December 2023 2023 2022 Note Fixed ass8ts InlaroiL4e assets Tangiblg assets Investments 15 16 17 200,502 1,966,698 1,321,400 3,488.600 225.683 4.179,684 852,712 5,258,079 Current assets SAocks Debtors Inve8tmen18 Cash al bank arKI in hand 18 19 7,419 151,838 105,000 2,347,589 2,611,846 9,121 130.812 105,000 848,037 1,092,970 Cr8dltor8: Amount8 f•lllng due wtthln one y￿r Net current assets 21 (321,0001 {423,345) 2,290,846 669,825 Total assets less current Ilabllltles 5.779,446 5,927.704 CreditOTS: Amounts f4lllng due after mor• than ono yoar 22 Net assets 135,822} 5.643,624 {2,406,926 3.520,778 Funds of the charlty: Restrlcted 201.168 541,130 Unrestricted Income funds Designated funds Unrestricted funds 406.978 2,572,670 5.442.456 Total unrestricted fvnds 5.442.456 2,979.648 Total funds 25 5.643.624 3,520,778 The fin lements on page5 16 10 50 ￿Ere wproved by the trustee5. and authorised for issue nd signed on their behalf by.. J Moore Ch￿{man and trustee 18

The Christian Trust Consolidated Statement of Cash Flows for the Year Ended 31 December 2023 2023 2022 Note Cash flows from operating activities Nel cash income 2.035.467 385.714 Adjustments to cash flows from non {64.056} 2.261.503 {366,000) {60.000} 1,771.495 206,577 20,434 12,435.4431 21 1161,204} 23 1.191 2.507 Nel cash flows from financing aclivities Net increase in cash and cash equivaler Cash and cash equivalents at 1 January Cash and cash equivalents at 31 Docember 2 413.818 158697 1,486.963 205,492 876,907 671,415 2,363,870 876,907 l of the cash flows are derived from cmtinuing operations during the above periods. 19

The Christian Trust Notes to the Flnanclal Statements for the Year Ended 31 December 2023 I Charlty status ¢harty is limited by guarantee, incorporated in England and Wales, and Cwsequèntly does not have share eapltal. Each of the trustees is liable lo contribute an amount not exceeding £1 towards the assets of the charty in the event of liquidation. It 1$ also a registered charity in England and Wales, and in scotl￿d. The 8ddres5 of its regi¥twa office 1$." Ellel Grange. Ellel. L8ncaster. L8ncashire. L42 OHN 2 Accounting policies Summary of 8lgnlflcant a¢countlng pollcl88 and key accountlng ￿lMateS The principal accounting policies applied in the pieparalion of these financial statements 8re 88t out below. These poiicies have been consistently applied to all the years piesented. unles5 otherwise stated. Statement of compllance The financial ststèments have bean prepared in accordance Accounting and Reporting by Charities.. Stslement of Recommended Pra¢lice lappluble to d)81￿leS preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireiand {FRS 102)) {issuad in October 2019} - (Charities SORP IFRS 102)), the Financial Repo￿.n9 Standard opplicable in the UK and Republic of IrelaTrJ (FRS 1021 and the Companies Act 2006. Bas1$ of preparation Th8 Christian Trnst meets the definition of 8 public ben8fft entity under FRS 102. Assets and liabilibes are initially recognised at histort¢al cost or transaction value unless otherws& stsled in the relevant accounting p)licy notes. Basis of consolldatlon The ¢onsdidated finanoal $18temenls con501idale the financial ststemen18 of the charity and ils subsidiary undertakiros drawn up to 31 December 2023. No ststement of financial aclivities is presented for the charity as permitted ty section 408 of the Companies Act 2(￿. The charity made a surplus after lax for the firtancial year of £2.122.846 {2022- surplu5 of £385.188). A subsidiary is an entity controlled by the charity. Control is aGhieved where the charity has th& power to govein the financial ￿ operating policies of an entity so as to obtain bènefits from ils acllvilies. Inter-company transactions, balances and unr8alisgd gains on transactions bafvmen the charty and ils subsidiaries, which are related part*s, are elimin8led in full. Ints￿roUp Ios6es are also eliminated bui may in¢ficate 8n Imp8im)enl that requires recognibon in the ¢ons01idaled finanrial statements. AccountirrfJ policies of subsidiartes have been changed where necessary to ensure consislensy with the policies adopted by the group. Non<ontrolling interests in the nel assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-eontrolllng Interests Con￿st of the amount of those interests at the date of the original tryJ8iness comblnation and the non-controll￿g shareholderfs share of thanges in equity since the dale of the combination. Total comprehensive incomo is attribLrted lo non-controlling Interests even rf this results in the n-controlling interests havirKJ a deficit balance. 20

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Estlmatlon uncertalnty and Judgements The preparation of the ffinancial slalemenls requires management lo make I￿￿geMents. estimates 8nd assumptions that affect amunts reported. Key sour¢e$ of estlmatlon uncertalnty The key assumptions concerning the fLrture and other key sources of estimation uncertainty at the reporting date that have a significanl risk of causing a maleiial adjustment to the canwng amounts of assets and liabilitses wthin the next financial year include.. The annual depreciation charge for tsngible fixed assets FS sensitive to changes in ihe estimated useful lives of the assets. These are assessed annually. They are amended when necessary lo refle¢t changes in the condition of the assets and ftrtuw economic utilisab'on. Current depreciation rates of the dasses of tangible fixed assets are detailed in the relevant accounting policy. The stwk held by the group is reviewed each ￿ar to identify any items whith ar8 not selk'ng in line with expectations. The drectors review the sales made in the prewous year and assume that this level of sales will continue for the next five years. A stock wovision is 8pplied by the directors against any stock not expected to sell within the fNe years. The parent charty holds shares in the subsidj'ary urKlertakings and h88 long term ￿estments in the fomi of loans made interest free to the subsidiary companies. Tha eanwng value of these investsnents is rewewed annually against the net assets and profrtability of the Subsidiaries to assess vthelher any impairment is required. Income and endowmonts All income is rectynised once the charity hes entitiemenl lo tho income, it is probable that the income will k received and the amwnt of the income receNable can be measured reliably. Donatlons and legacles Donations are re¢ognised when the charity has been notified in writing of b¢th thg amount and setU8ment date. In the evant that a donation is subject lo conditions that ￿qUIre a level of perfrymance by the charity before th8 charity is entrtled to the fuTKls. the income 1$ deferred and not recognised until either those ￿ndth0n$ are fully met, or the frjlfilment of those conditions is wholly within the contrc4 of the charity and it is probable that these conditions ￿11 be fulfilled In the reportirvJ period. Gifts In klrn Gifts in kind are recognised in different ways dep8ndent ￿ how thoy are used by the charrty.. li) Those donated for resale prtsyuce income ￿en they are sold. They are valued at the &m￿nt adually realised. lill Those donoled for onward transmission io ￿nefIciarIeS are induded in th& Statgmenl of Financial Activities a$ in¢¢Jming reSOu￿e$ and resources expended when they are di$lribLrtod. They are valued at Ihe amount the charity would have had to pay to acquire them. lili} Those donated for use by the charity itself Ire included when receivable. They are valued at the amount the charity would have had to pay lo aquire them. Gfftald Income tax recoverable in relatton to donations I￿1Ved under Gift or deeds of covenant 1$ recognised at thè time of the donation. 21

The Christian Trust Notes to the Flnanclal Statements for the Year Ended 31 December 2023 othertrading ae¢iviti8s Income from comrnercial trading activities is recognised at the lair value of the consideration received or ieceivable for goods and $eMce$ provided in the normal course of lyJsine$s, and is shown ngt of VAT and other sales related taxes. The fair value of consideration takes into account trade dI￿Oun1$. Charitable activities Training and conference in¢ome 1$ re¢ognised when the trainlng ¢0￿ has tsken place. Otherlncome Other income is recoJnised In the perfod In which 11 Is recelvable and lo the extent the goods have been provKled or on completion of the Se￿￿. Expondlture All expenditure is le￿nIsed orKe there is a legal or conslwctivo obligatiw to that expenditure. it is probable settlement is required and the amount can be measured reliably. All costs are aliocated to the applicable expenditure hoading that 8ggregale simi18r costs to th8t category_ Whgre costs canrnt directly attributed lo particular headings they have been allocated on a basis consistent with the use of resources. wlh c*nlral staff costs allocated on the basis of time spènt. and depreciation charges allocated on th8 portion of Ihg assgt's use. Other support costs are allocated based on the spread of slaft eosts. 22

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Raising funds These are c051s incU￿ed in attr8Gting voluntary income, the mgnagemenl of inve$trnents and those incurred In trading activilies that Taise funds. Ch&ritsble Ktlvltles Charitsble expenditure comprises those costs incurred by the charity in the delivery of ils acttvities and services foi its beneficiaries. 11 indudes both costs that Can be allocated directty to such activities and those costs of an indirect nolure necessary to support them. Support costs Support costs indude central functicfis and have been allo¢aled to aclivtty cost categories on a basis Con￿51ent ￿th the use of resources. for example. allocating propety costs by flo￿ aieas, or per capits, 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 censliluiional 8nd ststulory requirements, irKluding audi( strategic management and trustees meetings and relmbur8ed expenses. Governrnent grants Govemment grants are recognised based on the accru81 model and are meagured al the fair value of the asset recèived or receivable. Grants 8re classlfied as relating either to revenue or lo assets. Grants relating to revenue are rècognised in income over the peiiod in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Wlwe part of a grant 18lalin9 to an ass8t is d8ferrad, il is reco9nised as deferred income. Taxation Tha charity is considered to pass tha tests sel out in Paragraph 1 Schedule 6 of the Finan￿ Act 2010 and therefore it meets the definition of a charitabl& company for UK ￿rporatIon tax purpx)5es. Accordingly, the charity is potential￿ exempt from taxation in respKI of income or Capital gains received within categ)ries covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gain8 Act 1992. to the &xtent that suth income or gains are applK8d exclusively lo charltsble purposes. Goodwlll Goo￿111 18 amortised over its useful lrfe. which Shall rnt exceed ten years rf a reliable estimate of the useful fife cannot be made. Intsnglble as8et8 Intangible assets are slated in the Balance Sheet al eost le88 8ccumulated amorti8ation and impaimienL They are am¢)rtised m a stroighl line basis over their ests'maled u$eful lives. Amortisatlon AmDrtisalion is provided on InI￿gIble fixed assets so as to write off the cost. less any estimated residual value. over their exp￿ed useful economic life es follows= Asset class Goodwill Website development E-book development Tanglble fixed a$sets Amortlsatlon m&thod and rntg 5% straight line 10% straight line 330h straight line 23

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Individual fixed assets costing £1,OW.00 or more are initialty recorded at cost As pornitted by the transitson81 provisions of FRS 102 the antique fixtures and fittings hdd by the pargnt charity in the financial ststements were revalued at the transition dale. The group and parent charity Vill retain thi5 value as deemed cost and have not adopted a policy of revaluation of fixtu￿$ and fillings. Depreciation and amortisation D8precialion is provided on tsngible ffixed assets so as lo write off the cost ￿ valuation, less any estimated residual value, over their expected usefijl economie life as follows.. As$et class Leasehold propety improvements FTeehokl propety Motor vehicles Flxtures, frtts.ngs arKI equipment Depreciation method and rat• over the life of tho lease 2% straight line basis 25% straight line basis io% to 33°h straight line basis Freehokl laTrY is not depreciated. An amount equal to the excess of the annual depreciatbn ch8rge on revalued annually from the revalualion reserve to the general reserve. Investment propgrtles Investment property is Carried at fair value. derived from thè ￿rrent market pri￿$ for c£*nparable real estate detemiined annually by exiemal valuer5. The valuers use observable market wices, adjusted rf necessary for any drffergn¢e in tho naturo, locab'on or condf(ion of tho spocrfK asset. Changes in fair value are recognised in profil or loss. Fixed a95Ot investmenls Invastrnents in subsidiaries are valwd al ￿VIt less prowsion for impaim)enl. Stock Stock is valued at the lower of cost and estimated selling price less costs to complete 8TrJ sdl. after due regard for obsdete and slow mowng stocks. 24

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Trnde debtoys Trade debtors are amounts due from customers for merchandise sold or servi￿$ performed in the ordinary course of business. Trade debtors are recognised initially al the transaction piice. They are subsequently me8surgd al amorbsed cost using the effective interest meth)d, less provision for impaimienl. A provision for the impairnient of trada debtors is established when there is objective evidence that the Charity wll not be able to collect all amounts due according to the original temjs of the receivables. Cash and cash oqulvalents Cash and cash equivalents comprise cash on hand and call dept)sits. and other short-lerm highly liquid investments that are readity convertible to a known amount of cash and are suts'ect'to an insignificant risk of change in vafue. Trade ¢reditors Trade creditors are obligations to pay for goods ¢y serVi￿S that have been acquired in the ordinary c￿r$e of business from suppliers. kcounls payable are dassified as current liabilities if the charity does not have an unconditional rtghl, al the end of the reportrng pemd, to defer settlement of the creditor for al least fvlelve months after the reporting dale. If there is an uncondf(ional right to defer settlement for at 18ast twalve months after the reporting date, they are wesented as ncffl-current liabilities. Trade credrtors are recognised initially at the transaction price ond subsequenlly measured at amortised cost using the effective interest method. BorTi>wings Interesl-bearing borrowings are initialty recorded at fair value. net of I￿s￿tion costs. Interest-bearing borrowings are subsequenuy carried at amortised cost, wth the difference beknn the proceeds. net of transaction costs, and the amount due on redemption being reccgnised as a charge to the Statement of FInar￿la1 Activities over the ￿rIOd of the relevant borrowing. Intèrest expense 18 recognlsed on the basis of the effective ￿terest method and is included in interast payable ond Similar tharges. Borrowings are classffied as ¢urr8nt liabilities unless the charity has an uncondibonal right to defer settlement of the liabilty for al least ￿1ve months after Ihè reporting date. 25

The Chrlstian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Forelgn exchange Transactions in foreign currencies are recorded at the rate ol exchange al the dale of the transaction. Monetary assets and liabilities denominated in foreign currenaes al the balgnrR sheet date are report8d at tho rates of gxchango provailing al that date. The results of overseas operations are translated at the average rates of exchange during the period and thèir balance sheets at the roles ruling al thé balance sheet date. Exchange differences arising on translation of the opening net assets and resutts of overseas operations are reported In other compiehensive income and accumulated in equity (attributed lo r￿n-COntrollIng Thiterests as 8pproprialg1. Other exchaThJe differences are recognised in the Statement of Ffv)ancial Actiwties in the period in which they arise except I￿.. 1) exchange drfferences (m trans￿tionS entered into to hedge ￿rtain foreign currency rSsks (see above)., 21 exchange differences arising on gains or losses on nonwmonetary items which are recognised in other comprehensive income; and 3) in the case of the consolKlatsd financial sLitemenls. exthange drfferences on monetary items Teceivable from or payable lo a foreign operation for whith settlement is neither planned nor likely to occur (therefore fomiing part of th8 net investm9nt in the foreign operation). whith org recognised in othor comprehensNe income and reported under equity. Fund structure Uniestrlcted income fijnds are general funds that 8re avallable for use at the trustees discretion in furtherance of the objectives of the group. Designated funds are unrestricted funds set aside for spe¢rf￿ purposes al the discretion of the iruslees. Restricted income fvnds are those donated for use in a partKular area or for spfjGifiG purp)ses. the use of ¥thich is restricted to that area or purpose. 26

The Christian Trust Notes to the Flnanclal Statements for the Year Ended 31 December 2023 Hire purchase and finance leases Leases in which substantially all the risks and rewards of ￿￿nership are retsined by the ￿$SOr are classified as operating leases. Rentals payable under operakn.ng lèases are charged In the Ststwnenl of Financial Activitses on 8 straight line ba5rs over the lease term. Leases are dassified as finance leases bthenever the temis of the lease transfer substan11al￿ all the risks and rewards of ownership to the lessee. Assets held under finance leases are capitalised in the balancg sh991 as tsngible fixed assets and are recogntsed al the lower of thew fair value al inception of the lease and the present value of the minimum lease payments. These assets are depreaaled on slraight-line basis over the shorter of the useful life of the asset and the lease temi. The capital elements of future obligations under the leases are inclLKled as liabilities In the balance sheet. Lease payments are charged to the Statement of Financial Activities and are app¢ytKsned behveen finance sls and the redUCt￿n of the lease obligaknon so as to achieve a constsnt periodic rale of interest on the remaining balance of the liability The interest element of the rental obligation is charged to the Slalement of Fin￿ela1 Activit*s over the period of the lease and represents a constsnt propNtK)n of the balanr£ of Ca￿ts1 repayments Jtstanding. PènsSons and other po$t retlrement obllgatlons The group operates a defined contribution pension stheme which is a pension plan under whiGh fixed conlribulions are paid into a pension fund arKI the group h8s no legal or constructive obligation to pay further contributions even rf the fvnd does not hdd suffKAent assets to pay all employees the benefits rel#lirvJ to employee semce in the current and prior periods. Corthbution$ to defined contribution plans are recognised n the Slalement of Financial Activities when Ihey are due. If contribLrtion payments exceed the contribution due for se￿￿, the excess is recognised as a prepayment. 27

The Chrlstlan Trust Notes to the Financial Statements for the Year Ended 31 December 2023 3 Incomt from donations and leg*¢ies Unrestricted funds Genernl Restricted lunds Total 2023 Donations and legacies., Donations and legaeies 714,770 714,770 111,908 826.678 111.908 826,678 Unrèstricted funds General Restrlcted fund8 Total 2022 Donations and legacie8: Donations and legacies Gifts in kind 1,376,761 40.000 576,369 1.953,130 40,000 1.993.130 1.416.761 576,369 4 Income from charitable activities Unrestricted funds Gen&ral RestriGted funds T¢)tal 2023 Tralnlng and conferences 1,209.563 Unr9Stricted funds General 3,000 1,212,563 Rg$trl¢tod lund8 Totsl 2022 Trairung and trJnferen￿S 1,071,533 1.071.533 28

The Christian Trust Notes to the Flnancial Statements for the Year Ended 31 December 2023 6 Incomè fmm other trading activities Unre$¢rid•d nds General Restrlcted funds Total 2023 Propety rental UK propety rentsl Income from overseas centres Publishing sales UK bookshop sales Other income 170,988 66.842 116.976 8,119 336,104 699,029 170.988 86.842 116,976 8,119 346,914 10,810 10,810 709,839 Unrestricted funds General Restrlcted funds Total 2022 Property rental UK propety rental IT￿Orne from overseas cenlres Publishing sales UK bookslKJP sales Other inG¢Jne 193.579 79,165 117,023 22,743 173.986 193,579 79.165 117.023 22,743 173,986 586,496 586,496 29

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 other income indude8 gifts in kind, gift aid on donations, Income from overseas Subsi￿ra￿e$ and other sundry ineome. 6 Investment Income Unrestricted funds General Totsl 2023 Interest receNable and similar income.. Interest receivable on bank deposits 48 48 48 48 Unrostricted funds Ggnoral Totsl 2022 Interest receivable and similar income: Intefesl recetvable on bank deposiis 7 Other incorne Unr•strict8d funds General Total 2023 Gwns on sale of tangible fixed a$$et$ fc* charity's own use 2,734,569 2,734.569 Unrestricted funds General Total 2022 Covid related ncome 4,000 4,0(K) 30

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Expendlture on raising funds Total costs Costs Costs of generaliny donations and legacies Costs of trading adivities Total for 2023 117.287 483,384 117.287 483,384 600.671 600,671 Total for 2022 11 692,833 692,833 Total 2022 Costs Costs of generating donations and legacies Costs of trading activities 237,782 455,051 237,782 455.051 692,833 692,833 31

rx>nnzn 11 Ai O to i)? NJ gj ¢7J

9>0CDa¥> jnxT>Txnmn ) CO ts) ( ¥ ¢0 PJ foj W tij 8_ tn oh Ln tsaoj￿¢0 a)￿ OJ h) hj0cao￿C ra O ￿ Lh OJ ) ui ￿ O ￿ ab 17) OJ 1 CO N) L CV O a 10 01 ro O tn ¢0 O ¢0 bj tL) (O tr> CO th (4) ts)

The Christian Trust Notes to the Financlal Statements for the Year Ended 31 December 2023 Raising funds costs of £15,101 in¢lud8s dired costs of £nil and support costs of £15,101. Charitsble actiwlies costs of £3.075.018 indudes direct Costs of £163.887. £186.046 and £107.152 and support cost8 of £226.477. £1.176.599 and £744.241. other experKliture Costs of £127,269 includes direct costs of £60,554 and support costs of £66,715. 10 Not incomingloutgolng resources N61 ineoming resources for the year include: 2023 2022 Operating leases- Flant and machinery Audit fees Other noTraudit services Depreciatson of fixed assets Am¢xtisation of goothll Trustees remuneration 26.980 36,100 26.144 26,650 1.350 172.961 29.992 50,092 171,637 29,681 79.103 11 TnMteo8 remuneratlon and 8xpen8es During year remuneration of £58.06012022.. £52,124) wa5 paid to trustees of the parent charity in line wtth the goveming document of the charity. In addition teaching fees of Enil {2022.. £2,150) were paid to tnjslees of the parent charty. The remuneration packages of the trustees are lo ￿mFenSate for theii work for the charity. Full details of payments to trusteos are induded in note 27 to the financial sL*ements. Details of the expenses paid lo trustees lor travel and subs4Stence occurred in their duty as trustee$ of the charity are induded in note 28 to the financial statements. During the year retirement beneffts We￿ a¢¢ruirvJ lo 1 fJu$tee (2022.. 1) In wpect of defined C￿tribution pension schemes.

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 12 Staff costs The aggregate pa￿￿1 costs were as folloYr6'. 2023 2022 Staff costs during the year were." Wages and salaries s￿la1 security costs penS￿n wsts 1.157.200 48.877 15,372 980.221 51,773 13,997 1,221,449 1,045,991 Volunteers are used in many areas to help achieve the charitsble objectives. Volunteers are used in the trx)okshop and in various household roles al the cenlres. The vdunteers Iwe on srte wlh dl meals promded and are pa￿ an ollowanGe lo wver addibonal living expenses. The monthly average number of persons {including senior management I leadership leaml empkryyed by the group during the year wa$ as follows.. 2023 No 2022 No Leadership Teaching ond ministy Household and grounds Administration and support 11 13 32 42 13 14 40 50 98 117 No emFIoy88 r8C8ived emoluments of mcfe than £60,000 during the year. 13 Auditors, remuneratlon 2023 2022 Audit of the financial stslements 36.100 26.650 other feos ¢0 auditors Taxation compliance services 2,250 1,350 14 Taxatlon The group is a registered charity and is therefore potentialty exempt from taxation in respect of income or cspilal gains received svithin catsgori8$ covered by Chaptor 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Charyeable Gains Aca 1992, to the extent that s￿h income or gains are applied exclusively to charitable purposes. 35

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 16 Intanglble fixed asgets Group Website E-book devèlopment development Goodwill Total Cost At 1 January 2023 Al 31 December 2023 90.506 256,927 5,663 353,096 90,506 256,927 5,663 353,096 Amortlsatlon At 1 January 2023 Charge for the year 72,655 4.463 31,244 25,181 5.626 37 109.525 29,681 At 31 December 2023 77,118 .425 5.663 139,206 Net b¢)ok value At 31 December 2023 13,388 200.502 213,890 At 31 Decembar 2022 17.851 225,683 37 243,571 The am￿￿s8t1on charge is included in expenditure on charitsble aciivits'es in the consolidated statement of fin8nct£l activities. E-btsok development costs are the costs of digitisirKJ the books sold by S¢wereign.World Limlled. The website development costs are the costs of developing 8 website for SO￿re19n-Wo￿d Limitèd whlch enables the group to sell the books through an online ￿atrOm1. The trustses believe that future economic benefit to the group will arise from both the avai181ility of electronic versions of th888 books and the abilty ft)r customers to purchase books online. Thè goothAII arose on the acquisition on Sovereign-worlj Limited and Is being amortised over 20 years to 5 April 2026. The trustees believe this rate of amortisalion to be appropriate to due 10 the long useful economic life of the titles published by soVere￿n-WC{1d Limited.

The Chrlstlan Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Charlty Webslte development Totsl Cost At 1 January 2023 At 31 Decomber 2023 255.0fy) 255.000 255,000 255,000 Amortisatlon At 1 January 2023 Charge for the year At 31 December 2023 29,317 25,181 29,317 25,181 54,498 54,498 Net book value At 31 December 2023 200,502 2C￿,502 At 31 December 2022 225,683 225.683 16 Tanglbla flxed assets Group Land and buildings Furniture and quipment Motor vehicles Total Cost At 1 January 2023 Additions Disposals Exchange movement At 31 December 2023 6.854.636 1.059,163 64,056 {189,145) 88.274 8.002,073 64.056 153,424) (3,459,006) 5,178 {3,216,437} 5,178 3.643.377 934.074 34.850 4,612,301 Depreclation Al 1 January 2023 Charge for the year Ellmlnaled on disposals 1,706,918 117.154 977,251 800.847 48.454 178,288) 70,785 2,578.550 6,029 171,637 141.964 11,197.503 At 31 Oecombor 2023 846.821 671.013 34,850 1.552,684 Net book value At 31 December 2023 2,796.556 263.061 3.059,617 At 31 December 2022 5,147,718 258.316 17.489 5.423.523 37

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Assets held under financo18asas and hirn purchaso conlracts The net ca￿1n9 amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts.. 2023 2022 Fixtures. fittings equipment Charity 9,319 11,872 Land and building$ Fumlture and gquipment Motor vehlcles Total C08t At 1 January 2023 Additions Dispos915 5.372,340 1,002,044 70,845 6,445,229 64,056 64,056 35.995 (189,145) ￿ 13.320,673) 876.955 34.850 3,188.612 (3.095,5331 2.276,807 At 31 Decernb8r 2023 DepreGlatlon At 1 January 2023 harge f¢x the year Eliminated on disposals 1.447,250 96,286 (977,2511 752.593 48,474 (178,288) 65.702 2.265,545 1.672 144,432 (32.524) {1.188.063) At 310gcember 2023 566,285 620,779 34,850 1.221,914 Net book value At 31 December 2023 1.710.522 256.176 1.966.698 At 31 December 2022 3,925.090 249.451 5.143 4.179.684 Assets held under financo leases and hire purchase contvacts The nel Cal￿n9 amount of tangible assets includes the following amounts in respecl of assets held under finance ￿aSeS and hire purchasg contracts.. 2023 2022 Fixtures, fittings and equipment 9.319 11.872 38

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 17 Fixed asset investments Group 2023 2022 Investment properties 786,￿0 420,000 Investment properties are Sho￿ at fair value and are all In the UK. In the oplnlon of the (firectC￿s the fair value of tho propgrtigs at 31 December 2023 Is not rnaterially drflerent from the cost. Charity 2023 2022 Investment properties Shares in group undertakings and parti¢ipafrng interests 536,000 785,400 170,000 682.712 1.321.400 852,712 Investment propertios Investment propertl¢$ Cost or Valuation At 1 January 2023 Additlons 170.000 366,000 At 31 Docember 2023 s36,0￿) Provlslon At 31 December 2023 Net bookvalue At 31 De¢emb8r 2023 536,000 At 31 December 2022 TIEre has been no Valuati￿ of investment property by an indep8nd8nt valugr. 170.(QO 39

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Shares in group yndortaklngs and partlclpallng Interests Subsidiary und&rtakings Total Cost At 1 January 2023 Additions Dtsposals At 31 Decembar 2023 1,647,845 1,647,845 102,688 102,688 {120,0001 1120,0001 1,630,533 1,630.533 P￿vIsIOn for impaimient At 1 January 2023 Eltyninaled on disposal 965,133 96S,133 (120.000) {120,ow) Al 31 December2023 845.133 845,133 Net book value Al 31 December 2023 785,400 785.400 At 31 December 2022 682,712 682,712 Dotalls of undertaklngs Delails of the invesbnents in vthich the charity holds 200h or MO￿ of the rb)mlnal value of any class of share capital are as follow3.. 40

The Christian Trust Notes to the Financlal Statements for the Year Ended 31 December 2023 Country of incorporation Proportlon of votlng rfghts and $hares h•ld 2023 2022 PrinGipal activity Undertaking Holdlng Subsldlary undortaking$ Gtyndley Manor E8tates Limitsd property management ompafly holding company (DOM￿nt) publishers of Christian books England ordinary 1CQ% 100DA El￿1 Minlstrtes Llmlt6d England ordinary 1000 11JO% Sovereign-wodd Limited Eroland ordinary 100% 11))% El￿1 Ministries Hungary Kft propety management ccmpany Hungary ordinary 10J% inlemedhqte holding company (D¢)rnanll facAlrtor overseas tours Overseas Educalron Trust Limlted England ordinary 100% 100% Mediterranean T(￿rS Limtted of Engiand ordinary 100% 100% TCT Prop8rti8s No1 Limited h￿dIng of investment propety holding Investment property dissolved 11 October 2022 England ordinary 73.8% 32.4% Klngdom Cottage No.3 Limited England ordlnary 100% 100% 18 Sto¢k Group Charlty 1023 2022 2023 2022 Stocks 68,847 70,016 7,419 9,121 41

The Christian Trust Notes to the Flnancial Statements for the Year Ended 31 December 2023 19 Debtors Group Charty 2023 2022 2023 2022 Trade debtors Due from group undertakings Prepayrnents arKI accrued incomg Other debtors 5,013 9.375 173 1,770 9,306 49,133 211,224 42.290 96.139 47,446 104.219 40,886 78.850 265,370 147,804 151,838 130,812 20 Current assgt Invostrn9nts Group Charity 2023 2022 2023 2022 Loans to group undertakirvJs 105.000 105,000 Loans to gr(yJp undertakings Ind￿le a provision for impaimient of £51,43012022 - £51,430). Tts impairrnenl against h)ans is to write dgwn the investment in Sovereign-world Limited. bans lo the subsidiary companies are interest free loans which are not secured, and are deemed as repayable on demand. 21 Creditors: amounts falling dua within ong y•ar Group Charlty 2023 2022 2023 2022 Bank overdraft8 Bank loans Trade Creditors other loans Hlre purtha8e and finance leases Due to group undertakings other taxation and s￿181 security VAT grant repayable Other creditors Ac(¥uals and deferred income 20.434 436.366 59,167 19,000 179.679 55,403 12.200 134.600 43,147 12,200 44,514 19.000 1.645 5.179 1,645 12,482 5.179 13,767 3.039 125,499 178.019 856.936 15,862 11,761 12,364 53,420 240.681 562.424 111,257 120,341 321,o¢XI 23,877 191.978 423,345 42

The Christian Trust Notes to tha Financial Statements for the Year Ended 31 December 2023 D8ferrod income Group 2023 2022 Deferred income at 1 January 2023 Resources deferred in the period Amounts released from previous pertods Defèrred income at year end 165,403 97,260 1165,4031 97,260 125,425 165,403 1125.4251 165.403 Charlty 2023 2022 Deferred incoma at 1 January 2023 ReT￿UrCeS deferred In the period Amounts released from previous periods Deferred Income at year end 142.761 76,357 142,761) 76,357 109.024 142,761 109.024 142,761 22 Credito￿. amounts falllng dug after one year Group Charity 2023 2022 2023 2022 Bank loans other loans Hire purchase and finance leases 12,998 127.974 2.819.428 20,474 2.383.329 20,474 127,974 7.848 3,123 2,843,025 7,848 135,822 3,123 2.406,926 148,820 Group Included in the creditors are the following amounts due after more Ihan five year5.. 2023 2022 After more than five years by instslmgnts Charity 1,447.350 Induded in the creditors aro th8 following amounts due after more than fNe years: 2023 2022 After more Ihan five years by inslalments 1.447.350

The Christian Trust Notes to the Flnanclal Statements for the Year Ended 31 December 2023 23 Obligation$ und•r1oa$•$ and hirn purchase ¢ontr•cts The total value of ftrture minimum lease pa￿nentS was as follow5: Group Charlty 2023 2022 2023 2022 tthin one year In lo fwe years 1.645 7,848 9,493 5.179 3,123 8,302 1,645 7,848 9,493 5.179 3.123 8,302 Operating leaso comrnitments Total future minimum lease payments under non-cancellable c¢)eratitvJ leases are as follows.. Group Charfty 2023 2022 2023 2022 Land and bulldings Within one year Other Withln one year BethNeen one and five y&ars 8.400 8.400 15,709 27,309 43.018 26,980 37,151 64,131 15,709 27.309 43.018 26,980 37,151 24 Minority interests Group Minoiity Interest Totsl Al l January 2023 Movement in the year 98.000 160.0001 38.000 98,000 60,000 At 31 December 2023 38,000

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 25 Funds Group Balance Balance at1 Other at31 January Incomlng Resources recognbed December 2023 resour¢￿ gxpended TTrnsfors galnsl{lossos} 2023 Unr•stri¢tsd funds General General 2.730.263 5,357,979 13.297.806) 725.148 12.9141 5.512.670 Deslgnated Revaluation reseNe 4C6.978 4c￿,978 Totsl unrestricted funds 3,137.241 5,357.979 (3,297.806) 2,914 318,170 ￿ 5,512,670 Restrlcted funds Head Office Ellel Grange Pierrepont Glyndley Monor Scotland Northem Ireland 365,006 14,809 43.601 7,630 53,310 56,774 39,8( 6,123 24.%1 15.510 39.318 {50.533) (308.094) 17.996) (3,789) (62,273) 16,2871 {10,7911 {15.917) 46.185 9,147 12.349 76.711 56,774 Total restrlcted funds 541.130 125.718 (147,510) 318,170 201,168 T¢)tal funds 3.678.371 5.483.697 13,44S.316 2.914 5.713.838

The Christian Trust Notes to the Flnancial Statements for the Year Ended 31 December 2023 Balan¢¢ at1 January 2022 Balance Other at31 Incomlng Resourees recognlsed December resources expendgd Transfers galnsl{10950s) 2022 Unrestrkted funds Genernl General 2,717.345 3.078.792 (3,021,150) 7,335 {52,0591 2,730,263 Designated Revaluation reserve 418.607 11.629 406.978 Total unrestrlcted funds 3.135,952 3,078,792 3,032,779) 7,335 (52,0591 3,137.241 Restrlcted funds Head Office Ellel Grange Pierreponl Glyndley Manor Scouand Northern Ireland 8,441 13.872 42,019 10.956 24,643 466.265 10,910 50,342 {109,700} {6,3191 146.678) 13.326) (18,586> 365,006 14.809 43,601 7,630 53.310 {3,654) 12.082) 48.852 (1,5991 56.774 56,774 Ti)tal restricted funds 156,705 576,369 1184,609) Cl.335 $41.130 Totsl fundg 3.292.657 3,655.161 3,217,388 52.059 3.678.371 The specrfic purposes for which Ihg funds are to be applied are as follows.. The unrestrlcted furKI eomprises of the general un￿strICted ftjnds and the revaluation reserve on the freehold property at Pierrewnt, Surrey which has been reduced to £nil al the year end as noted bek)w. Restr￿ed funds ￿MprISe a large number of funds analy3ed ty location and type a$ as above and represent contributions received for the purposes of propety and other fixed asset additions, internatio￿al o)sls ané other SpeC￿[C Items of expenrlilure. Transfers of £318,170 relate to restricted donati￿$ rel&ased to unrestrictgd fuTrJs. Thg designatgd transfer lo unrestricted funds of £406,978 vras the release of the revaluation reser¥e upon the sale of Pierreponl in the ye8r.

The Christian Trust Notes to the Flnancial Statements for the Year Ended 31 December 2023 26 Anatysls of net a$$ets betwogn fund$ Group Unrestrlcted Total funds at31 Decern￿r 2023 General Deslgnated Restrlct•d Intaroible fLxed assets Tanglble fixed assets Fixed asset invaslmenls Net ¢urrenl asselsl(Ikgbilitie51 Creditors over 1 year 213,890 3,059,617 786.000 1,639.983 1148.820) 5,550.670 213.B90 3,059,617 786,WO 1.841.151 1148,820} 5.751,838 201,168 Tota net assets 201,168 Unrestricted Totsl fund$ •t31 December 2022 General Deslgnated Rgstrlctgd Intangible fixed assets Tangible fixed assets Fixed asset investments Net current ass81$1{liabililiesl Creditors i>ver 1 year Total nel assets 243.571 5.016.544 420.000 (8.827} {2,843.025 2,828,263 243.571 5,423,522 420,000 532.303 (2,843,025) 3,776,371 406,978 541.130 408.978 541.130 Charlty Unrestrict Tolal funds at31 Decembar 2023 General Deslgnated Restrlctsd Intsngible fixed assets Taroible fixed assets Fixed asset investments Nel curr9nl as$&tsl{liabilities) Creétiors over 1 year Ti)tsl not assets 200,502 1,966,697 1,321,400 2.089.679 1135,8221 5,442,456 200.502 1.966.697 1,321,400 2,290,847 (135.822 5,643,624 201,168 201,168 47

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Unrestrlcted T¢)tal funds at31 December 2022 General Designated Restrided Intangible fixed assets Tangible f￿ed assets Fixed asset Investments Net cuirent assgtsllltabilitiesl Creditors over 1 year T¢)tal nel assets 225,683 3,772,706 852,712 128,495 (2.4C6,9261 2,572,670 225,683 4,179,684 852.712 669.625 {2.406.9261 3,520,778 406.978 541.130 406,978 541.130 27 Analysis of net funds Group At31 December 2023 At 1 January 2023 Financing cash flows New finan¢¢ 1ga$es Cash at bank and in hand Bank overdraft 876,907 1,486,963 20,434 2,363,870 120,434 2,343.436 (455.366} 876.907 {191,879} 1,466,529 (263,487} Debt due swthin cTh ygar Debt due after more than one year Finance leases and hire purchase contracts Nel debt (2,839.902) 2,698.930 {140,972) 8,302 8,302 9,493 9.493 2,163,176 3,910.274 9,493 1,737,605 At31 D￿ember 2022 At 1 January 2022 Flnanclng cash flowa New flnance loa89S Cash 8t bank 8ThJ in h￿d Debt duo Within one year Debt due after more than one y88r Finance leases and hire purchase contracts Net debt 671,415 {97.390) 205.492 194.489) 876,907 1191.879) 13.095,5951 255,693 (2.839,9021 5.795 2,507 8,302 2,527.3651 364.189 2.163.176 48

The Christian Trust Notes to the Financial Statements for the Year Ended 31 December 2023 28 Rolated party transa¢tlon$ Group Mr A J Ta￿or. a trustee, recelved remuneration of £40,467 {2022.. £37.164) and the group made pension contri￿tiOnS of £1.02712022-. £9281 in respect of his duties as an employee. Mr R Steel, a twste?. received remuneration of £35.636 {2022'. £niD and the group made pension conlribubons of £882 {2022.. £nif) in respect of his duties as an employe8. Mr R Pook, a trustee, re¢eived remuneration of £3,000 {2022'. £12,000} in ￿5peGt of his dutie$ 8$ an employee before he resigned on 9 March 2023. During the year expenses amounting to £7.377 {2022.. £9,961) were paid to 2 (2022.. 41 trustees in lati￿ lo their role as trustees for travel and subsistence. During the year the group was Charged tr￿0k rO￿tieS amounting to £nil (2022.. £10.0171 al￿ leaching fees amounting to £nil 12022-. £2,150) Irom the trustees of parent tharty. In addition Ihe group pahd ¢on$ultsncy foes amounting to £nil {2022.' £6,000). At the balance sheet dale the group owed £nil12022: £1,095) to trustees of the parent charity. No other trustees received any remuneration during the current or prior p￿10d. During the year the group paid salaries amounting to £86,692 (2022.. £86,749) to related parties and travel and subsistence expenses of £4,415 (2022.. £1,262). The charity has taken advantage of the axgmplion in Financial ReFQrting Standard 102 from the r￿UreMent to disclo$* transactions wth gioup companies on th8 grounds that consolidated financial statements are prepared by the ultimate parent company. 29 Parent and ultimate parent undertaklng The member5 of The Christian Twst have control over the company. There is not ccnsidored to be an ultimate controlling paty. 49

The Christian Trust Comparative Consolldatad 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) Total 2022 Unrestrict R8striGtgd Not• Income and Endowmgnts from: Donations and legacies CharitalAe activities Other tradirvJ activities Inveslment irthme Other income 1,416,761 1,071,533 586.496 576,369 1,993.130 1,071.533 586.496 4,000 4.000 T(*al income 3,078,792 576,369 3.655.161 ExpendI￿re on: Raising fvnds Charitable aclivitses Other expenditure Total expenditure Net18xpenditurelAncom8 Transfers btheen funds {692.833} 12.212,6771 175.S90 (692,833) 1184,6091 (2.397.286) (175.590) (3,081,100) (184.609) (3.265,7091 (2,308) 7.335 391.760 17,335) 389.452 othèr recognisod gains and losses Other gainsnosses Nel movement in funds 3,738 (3,7381 1,289 384,425 385,714 ReGon¢iliation of funds Total fL￿dS brought forward Total funds carried forward 3,135,952 3,137.241 156,705 3.292.657 25 541.130 3,678,371 50