Registered number: 03404789 Charity number: 1065086 THE FRONTIERS CHARITABLE TRUST (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
THE FRONTIERS CHARITABLE TRUST (A ¢ompany1Smlted by guarantse) CONTENTS Page Reference and administrative detalls of the Company, its Trustees and advlsers Trustees. report Independent audltors. report on the flnanclal stataments Consolldated statement of financlal actlvltles 3-10 15 Consolldated balance sheet 16-17 Company balance sheet Consolidated statement of cash flows 18-19 20 Notes to the financial statoments 21-41
THE FRONTIERS CHARITABLE TRUST (A company limlted by guarantse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustèes MrAMBerry Mr R J Butler Mr J Phillips Ms J Williams, Chair Ms D Daniel Mr R Savage Company roglstsred number 03404789 Charlty registered number 1065086 Registered office Klngs Centre 27 Edison Road Eastbourne East Sussex BN23 6PT Company secretary Mr S D Cox (Appointed 18 July 2024) Independent auditors Baldwin Scofield Ltd Chartered Ac(x)untants 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU Page 1
THE FRONTIERS CHARITABLE TRUST (A company Ilmited by guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Bankers Bardays Bank PLC 63 Terminus Road Eastboume East Sussex BN213PQ CAF Bank Limited PO Box 289 Kings Hill West Mallin9 Kent ME19 4TA Santander UK PLC Bridle Road Bootle Merseyside L30 4GB Page 2
THE FRONTIERS CHARITABLE TRUST (A company Ilmltsd by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with the audrted financial statements of the The Frontiers Charitable Trust for the year 1 September 2023 to 31 August 2024. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and finanal statements of the charitable company comply with the current statutory r8qulrement8, the requirements of the charitable companys goveming document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Slnce the group and the Company quallfy as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulats'ons 2013 has been omitted. Objectives and activitles Policies and objectlves The objecttves of The Frontiers Charitable Trust (TFTC) are as follows: To advance Ihe Christian faith by such means as the charity shall determine from time to time. To relieve people who are in conditions of need, hardship or distress. To educate and assist young people through their leisure b'me activities so as to develop their physical. mental and spiritual capacity. To advan education in family life. in marriage and family r8lationships.' and To advance Christian religious education and training. Key objectives for the financial year ending August 2024 included: Advancement of the Christian faith Development of activities with all member5 of the Church Development of ftjrther links with Churches overseas In setting objectives and planning for actrvities. the Trustees have given due consideratlon to general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefit- running a charity (PB2)'. • Strategles for achleving objectives The over-arching aim of the charity is to reach out into society al every level to give hope and compassion where there is none" and to build a local Christian church. This church will consist of members who have a desire for the worship of God, love of one another. communication of Jesus to th8 world and training of the whole Church. Its members will.. Gath8r to family and frtendship. through r8gular meeb'ngs and midweek groups, wÉth meetings being made as accessible as possible Grow in Character and gifting; through education In the Bible. use of spiritual gifts and regular prayer meetings Go in mission and service. actively serving others and sharing the Gospel of Jesus Page 3
THE FRONTIERS CHARITABLE TRUST (A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THEYEAR ENDED 31 AUGUST2024 Achlevernents and performanrA Roviaw of actlvltles Sunday Moming, Sunday Evenlng and Thursday Dawime meetings - the church gathers at the Kings Centre to take part in collective worship, teaching and prayer. The primary Sunday Morning meeting attracts around 400- 500 people each week, the main meeting runs alongside groups catering for babies. young children, youth and those with specffic needs. The Thursday meeting, held weekly during regular work hours, has grown to a regular attendance of 60-70 members and can provide a much more intimate church experience, with a focus on pastoral care. A third meeting held on Sunday Evenings launched durfng the year. Running once a fortnight, thls allows a further opportunity for church members and visitors to gather together in smaller numbers with the meeting run in a different style by developing leaders across various ministry teams. A church plant Into Sovereign Harbour in Eastboume, led by existlng church members, has now been running for around 5 months. This mission-focused site known as Grace Community Church (GCC) allows further outreach into the local community with a specific focus on Ihe community of people in the harbour where the was no active church running. The site is administered by TFfc with specific giving set aside and used by GCC to fund the rental of a building as well as the salary of the site pastor. Prayer meetlngs - held weekly, the regular prayer meetings allow people to moet with the express purpose of praying for the church, the local community and also about national & global current affairs. Focus - a baby and toddler group that runs three momlng sessions a week during term time at the Kings Centre building. The group. CA)ordinated by a TFTC member of staff and a team of regular DBS-¢hecked volunteers, often has a full register and waiting list because of its popularity. Focus provides essential support to local families, offering their young children a safe space lo play together and gentle exposure to Bible stories & singing. The group gives parents an invaluable opportunity to meet together in communty. find understanding, support and friendship from the Focus team and from each other. Klds and Youth - meeting at least once p8r week. primarily at the Kings C8ntre, groups such as True (11-18s) and ID (11-14s) gather local young people together to socialize as well as experience coll8Ctiva worship, prayer and take part in age-appropriate discussions. The groups provide ideal opportunities for young people to experience the gospel and the church community. some for the first time. The Kids and Youth team take a large number of young people to Newday. a major Christian youth event held each summer. Individual church members often provide financial sponsorships to allow as many youths as possible to attend the event, take part in a conference atmosphere and explore some of life's big questions. Students and 20s - the group supports students attending the universrty campus in the town in addition to those who live locally. Each meeting provides a previous source of communty for those who may be living away from home or stsrting out in emplonent to share the gospel and grow in faith together. Inspire - meeting weekly at the Kings Centr8. the group attracts older adults who experience a church gathering followed by refreshments and activities. Whilst predominantly catering to an essential part of the local population demographic, Inspire is open to all and emphasizes the importance of community and friendship in the Christian walk. Fuslon - a fortnightly lrfe group open to adults who need a bit more time to leam, 8SP8cially those with learning difficulties. Fusion is almost always fully subscribed. a dose-knit community who enjoy a unique exposure to Christianity with the support of a passionate team of volunteers. Alpha - running several times per year at the church. the well-known Alpha course offers a chance for anyone to explore the Christian faith. Following a program of nine sessions, the course has proved pivotal for many people facing the consequences of Covid. asking some of lrfe's big questions and taking their first steps as new Christians. Page 4
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achlevements and performance (Contlnued) Rovi•w of actlvltles (continued) Livestream - launched during the start of the Coronavirus pandemic, Livestream offers the chance to experience church online for those unable to, or choosing not to, attend services in person. Sunday services are available to watch live and also via catch-up 24 hours afier the meeting. An invaluable resource during times of lockdown for people to remain connected to church lrfe, Livestream has continued to grow and has been a route by which new members have found the organisation and subsequently become part of the church family. Groups - smaller settings, known as Groups. fomi an essential part of church life: cultlvating friendships, growing in faith. exploring God's vmrd and sharing life together in community. Groups range from Bible reading, disapleship and prayer to badminton. bowling and boxing" allowing people to experience the Kings centre building and get a flavour of the Christian life in a more personal setting. Courses - running periodically through the year at the Kings Centre. established courses include Joining the Church.. digging deeper into church values. The Bereavement Joumey: for those affected by loss and grief. and The Marriage Course: for couples to invest and enrich their union. Love Eastboume - set up in response to the Covid-19 crisis. the Love Eastboume fijnd looks specifically at local need with 1000/0 of all donations going to those in the local community who are struggling financially. Since its inception in March 2020. Lov8 Easlbourne has given approximately £50.lJOO to support local people. Local organizations TFTC recognizes a number of local organizations to support their charitable and community work including Sanctuary Cafe: a meeting place for refugees. asjdum seekers and immigrants" Bramber Bakehouse: an award winning bakery supporting women survivors of human trafficking. Bea¢hy Head Chaplaincy: a search and rescue charity savings lives from suicide in the region; Eastboume Street Pastors: caring for people involved the local night life. Eastbourne FoodBank: providing emergency nutritional food to those in need. Overseas - the charity has strong links with a number of overseas projects including Inkosi Kids, a project in Zimbabwe to help chIldn in the rural areas of Bulawayo to enter education" and Africa Alive, providing gospel spreading opportunities for emerging leaders across Southern Africa. As part of New Ground, the church has connection and regular contact with organizations in France. Romania, Gemiany and the Nethertands. • Investment pollcy and perforniance TFTC holds minimal significant surplus funds that are not reqUId to condud the regular operatlons of the charity. A pothon of cash balances are held in high-interest accounts with our bankers to maximise the efficiency of funds being held for various purposes. In these circumstances, there is no requirement for an advanced investment policy. Financlal reviow • Golng concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Company 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. Page 5
THE FRONTIERS CHARITABLE TRUST IA company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 • Reserves pollcy The trustees review the r8s8rves policy gUlarlY in line with Charity Commission guidellnes. Tc truste8s have considered and established a reseNes policy based on an assessment of the needs of the charitys activilies. These are held in four distinct areas: long-term reserves, future projects. restrlcted funds and free reserves. Long-temi reserves represent those funds held specifically to safeguard TFfc in case of unforeseen financial circumstances. In light of full ownership of the Kings Centre by the charity and a high level of predictability of ongoing income and expenditure, a decision by the trustees was taken not to hold excess funds in long-terni reserves. However, where ongoing activtties allow, it is TFfc's intention to steadily increase the amount of long- term reseNes Whe possible. Long tenn reserves at the end of the reporting period were £76.958 (£76.958 Aug-23). Future projects reserves are held in anticipation of known projects to be undertaken by TFTC. These may indude Income from specific gift days for special events and provisions for strategic development for the benefft of the trust. The year-end balance in this category of serveS was £174,951 (£162,968 Aug-23). The increase year on year is due to gifts pledged as part of a specific building gtft day being realiz8d. Restricted funds represent donations received for spectfic activities. Whero possible and financially diligent. charity policy is to expend these fijnds as quickly as possible to benefrt the recipients. At 31st August 2024 the balance held in restrÈcted funds stood at £31,992 (£44.692 Aug-23), The primary reason for the dUctIon in these amounts is the release of tuition fee funds to support the Inkosi Kids project in Zimbabwe. Free reserves a undesignated but should be sufficient to provide TFTC with the flexibilty to manage change, cover increased costs and react to th8 increased needs of those beneficiari8s who coma within the bounds of th8 chariws objects. The year-end free serveS figure was £50.000 (£43.026 Aug-23). • Materlal Invostments policy TFTC holds minimal signfficant surplus funds that are not required to conduct the regular operations of the charity. A portion of cash balances are held in high-interest accounts with our bankers to maximise the efficiency of funds being held for various purposes. In these circumstsnc8S, there is no requlrement for an advanced investment policy. Pag8 6
THE FRONTIERS CHARITABLE TRUST (A company Ilmitsd by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 • Flnanclal rlsk management objectlves and pollclos The trustees have overall responsibilty for detemining risk management policy including how risks are identified. assessed, managed, reviewed and reported. The senior management team have responsibilty for implementing and maintaining systems that assist with the dellvery of successful rlsk management. consistent th the policy set out by the trustees. A risk register is compiled and r8viewed by all departments across the charity. scoring each identified risk by the likelihood of occurrence and the overall impact. Advice is taken from church members in risk areas as well as from the charivs accountants and other professional advisers. Policies for safeguarding children and vulnerable adults are published and are implemented. Financial management systems for cash handling and the authorization of transactions are in place. Each area is subject to periodic review by comparison with best practic8. Appropriate insurance is in place, via brokers fflpetent in this field. to protect the interests of the charity, its employees and trustees. The trustees and the senior management team regular review progress against budgeted financial and operational plans. Management accounts are prepared every month to allow the assessment of the financial position of the charity. These are reviewed in detail alongside a summary financial report to identify potential financial risks to the charity and agree actions for their mitigation. It is recognized Ihat the revh8W procedure cannot provide absolute assuRnce against loss or malerial misstatements, however the trustees aTr of the opinion that the approprtate systems of financial risk management and control are in place within TFTC. Prlnclpal fundlng Principal funding sources include: . Regular, voluntsry giving from Kings Church members, . Income from the Trading Company, . One-off Gift Days. and . Gift Aid • Slgnificant events durlng the year During the year, Mr. D.A. Gamester. Company Secretary and Executive Pastor retired from his position in the organisation after many years of dedicated service. A thorough recruitment process was undertaken after which Mr. S.D. Cox was appointed as Company Secretary and DireGtor of Operations & Staff. He will undertake the responsibilities previously hekl by Mr. D.A. Gamester after a transition period lo ensure continuity of operations. Towards the year of the financial year the first phase of bulldlng works to modemEze the Kings Centre were started. The initial works include replacing the roof of the building, adding insulation in order to improve energy performance. Once this has been completed, the next phase of works will include installation of solar panels which aims to minimise energy dravm from the local grid. reducing the carbon footprint and environmental impact of the building. Funds for this work will be drawn from a specific gift day, a mortgage and a one-off grant supporting green initiatives. Structure, governance and management • Constltutlon The Frontiers Charitsble Trust is registered as 8 charitable company limited by guarantee and was set up by a Trust deed. Methods of appolntmènt or el•ctlon of Trustoes The management of the Group and the Company is the responsibility of the Trustees who are elected and c opted under the temis of the Trust deed. Page 7
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 structure> governance and managom8nt (contlnued) • Organlsatlonal structure and declsion4naking pollcles TFCT is consl¢tuted as a company, limited by guarantee. and operates in accordance with its Memorandum and Artides of Associatlon. The charity is covered by the Board of Trustees. Trustees may not receive any remuneration for being a trustee other than professional services provided as permitted by the Articles. In practi, trustees provide their serl¢e$ free of charge. The trustees have appointed a Senior Management team. the members of which are set out in the charity's legal and administrative information. The senlor managers and their direct reports across a range of teams meet regularly to review, refine and set out the daY-tlaY running of the chariws activities. Senior managers are required to report to the trustees on the progress of activities, perfomiance against objectives and future plans. Policies adopted for tho inductlon and training of Trustees Truslees must accept the truth of, and hold a bellef In, the Statement of Christian Faith set out in the Appendix to the Memorandum of Association and a normally invited from existing members of Kings Church. Truslees are elected by the existing Board of Trustees. appointed by majority vote and are subject to periodic retirement and reappointment by rotation. Newly appointed trustees are subject to checks with the Disclosure and Barring Service (DBS) and are provided wrth a copy of TFCT'S Child Proteclion Policy and Practice Guidelines (revised March 2017), with which they are required to comply. Trustees are chosen for their ability to contrrbute to the efficient and effective management of the charivs actsvities. using their collective skills towards the govemance of the charity. The trustees are alert the need to expand their knowledge and skills as and when appropriate for the enhancement of their responsibilities. None of th8 trustees had any beneficial interest in the company during the period. Related party relatlonships KCEL. operated for the purpose of raising funds for the benefit of TFCT. through the hiring of the Kings Centre for conferences. meetings. weddings, sports and other events. The KCEL directors are Mr. D A Gamester (resigned Jul-24), Mr. S. Cox (appointed Jul-24), Mr. J R Phillips, Mr. A P Stevens and Mr. O W Stevens. • Trustees Meetings are held six times a year in which r8POrts are CeIved. as appropriate, from trustees andlor senior management team according to their areas of specialization. Specific sub-groups. for example a finance sub- committee. have been fomied to review charity perfomiance in greater detail, utilizing specific trustees with specialized knowledge and skills. Minutes from meetings of sub-groups are circulated to the full board of trustees vtho are encouraged to familiarize themselves and pose any questions concerning anything reported at the time of the next trustees, meeting. • S•nlor Management Team The senFor management team comprises of Church Leaders, Church Elders and the Executive Pastor. As leaders and elders, the members of this team exercise day-to-day management of church affairs. Although primarily spiritual, their leadership role encompasses the full range of church activities and pastoral care. The trust manager oversees the effiaent and effective management of the Kings Centre, its administration and financial operations. Page 8
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and management (contlnued) • Network Bodies TFCT is a member of the Evangelical Alliance. an associatlon of mainstream UK Evangelical churches (Mvw.ea.org). TFCT is also a part of New Ground (v*vM.newgroundchurches.org) which has developed out of Newfrontiers Group of ChuheS (www.newfrontierstogether.org) Nationally, TFCT is part of over 250 UK churches involved in mission, outreach and discipling. Intemationally. there are over 1,500 Newfrontters related churches in over 80 nations throughout the wortd. Active membership of these bodies provides a wide forum for the exchange of information. training and support at a national and intemational level. No external party, including the Evangelical Allian and Newfronb'ers, took decisions or had voting rights in the governance of TFCT. Plans for future perlods The trustees of TFTC have continued to make preparations for several phases of development of the Kings Centre building. The centre. first purchased by the organisation in 1998 is beginning to show signs of age and is not a highly energy-efficient premises. As one of the primary exhibition and conference centres in the town as well as the home of Kings Church. works being discussed put emphasis on maximizing the environmental performance of the site and safeguarding its future for the years to come. Work started on the roof during the financial year. and installation of solar panels and upgrades to cladding are currently planned during next year. Statement of Trustees. responsibllitles The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicabl6 law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Practice). Company law requires the Trustees to prepare financlal 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 Group and the Company and of their incoming resour$ and application of resources, including their income and exp8nditure. for that period. In preparing these financial statements. the Trustees a required to: select suitabte accounting policies and then apply them conslstently. observe the methods and principles of the Charities SORP (FRS 102). make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disdosed and explained in the financial statements", prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are 5uffici8nt to show and explain the Group and the Companls transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial stat8ments comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 9
THE FRONTIERS CHARrrABLE TRUST (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Dlsclosure of Inforniatlon to audltors Each of Ihe persons who are Trustees at the tlme when this Trustees. report is approved has confinned that.. so far as that Trustee is aware, there is no relevant audlt infomiation of which the charitable group's auditors are unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish that the charitsble group's auditors are aware of that information. Auditors The auditors, Baldwin Scofiekl Ltd, have indicated their willingness to continue in office. The designated Trustees will propose a motion raappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees on 29 May 2025 and signed on their behaFf by: Ms J Williams (Chair of Trustees) Page 10
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FRONTIERS CHARITABLE TRUST Oplnlon W8 have audited the financial statements of Th8 Frontiers Charitab18 Trust (the 'parent charitable company) and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet. the Consolidated statement of cash flows and the related notes, induding a summary of signfficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Iland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the stale of the Group's and of the parent charitable companys affairs as at 31 August 2024 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 ACpted Accounting Practice: and have been prepared in aCrdance with the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are rther described in the Auditors. responslbilities for the audlt 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 United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We beSieve that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work ¥ have perfomied. we have not identified any material uncertainties relating to events or conditions that, Individually or collectively. may cast significant doubt on the Group's or the parent charitable companls ability to continue as a going concern for a period of at least h¥elve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees viith respect to going concem are described In the relevant sections of this report. Page11
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantoe) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FRONTIERS CHARITABLE TRUST (CONTINUED) Other infomiatlon The other information comprises the infomiation included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other inforniation contained within the Annual report. Our opinion on the financial statements does not cover the other information and. except to the extent othemse explicitly stated in our report, we do not express any form of assuran conclusion thereon. Our responsibility is to read the other infomiation and, in doing so. consider whether the other information is materially inconsistent with th8 financial statements or our knowledge obtsined in the course of the audit, or othernise appears to be materially misststed. If ident5fy such material inconsistencies or apparent material misstatements, we are required to detennine whether this gtves rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we condude that there is a material misstatement of this other infomiation. we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requIS us to report to you rf, in our opinion: the information glven in the Trustees, report is inconsistent in any material respect with the financial statements.. or the parent charitable company has not kept sufficient accounting records: or the parent charitable company financial statements are not in agreement with the accounting records and returns; or we have not received all the infomiation and explanations we require for our audit. Responsibilltles of trustees As explained more fully in the Trustees. responsibilities statement. the Trustees (who are also the directors of the Charitsble company for the purposes of company law) are responsible for the preparation of the financial ststements and for being satisfied that they give a true and fair view. and for such intemal 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 Group's and the parent charitable companys abiltty to continue as a going concern. disclosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the Trustees oithor intend to liquidate the Group or the parent charitable company or to cease operations. or have no realistic alternative but to do so. Page 12
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FRONTIERS CHARITABLE TRUST (CONTINUED) Audltors. responsibllltles for the audit of th• financlal statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regutations made or having effect thereunder. 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 Auditors, report that includes our opinion. Reasonable assurance 15 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. Misststements can arise from fraud or error and are considered material rf, 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. lo detect material misstatements in respe¢t of irregularities, including fraud. The extent to which our procedures are capable of detecting irregulartties. including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that th8 most significant are those that relate to the reporting framework in conformity with the requirements of the Companies Act 2006 and Charities Act 2011 and the re18vant direct and indirect tax Compliance regulations in the United Kingdom. We understood how the charitable company is complying with those frameworks by making enquiries of management to understand how the charÉtable company maintains and communicates its policies and procedures in these areas and cormborated Ihis by reviewing supporting documentation and minutes of Meetings of those Charged with governan. We assessed the SUSptIbIlity of the charitys financial statements to material misstatement. including how fraud might occur by considering the risk of management override to be a fraud risk. In addition, we considered the risk of management override by sampling from the entlre population of journals, id&ntityng specific transactions which did not meet our expectations based on specific criteria and investigated these to gain an understanding and then agree back to source documentation. Based on this understanding we designed our audbt procedures to identify noncompliance with such lav and regulations. Our procedures involved verifying that material transactions were recorded in compliance with Financial Reporting Standards in conformity with the requirem8nts of the Compani8s Act 2006 and Charities Act 2011. A further description of our responsibilFties for the audit of the financial statements is located on the Financial Reporting Council's webslte at: wvM.frc.o .uklauditorsres Auditors, report. nsibilities. This description fomis part of our Page 13
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FRONTIERS CHARITABLE TRUST (CONTINUED) Usè of our rnport This report is made solely to the charitable companvs trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulalions 2008. Our audit work has been undertaken so that we might stste to the charitsble companls trustees those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent pem)itted by law. we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audrt work. for this report, or for the opinions we have formed. Baldwin Scofield Ltd Chartered Accountsnts Statutory auditors 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU 29 May 2025 Baldwin Scofield Ltd are eligible to act as auditors in ternis of section 1212 of the Companies Act 2006. Page 14
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other trading activities Investm8nts 106,062 4,178 774,222 41,957 195.491 5,671 880.284 46.135 195,491 5,777 829,314 52.102 144,332 2, 136 106 Total Income 110,346 1,017.341 1,127.687 1.027.884 Expenditure on: Raising funds Charitabl8 activities 53.200 950,730 53.200 1,057,371 44.569 982,119 106.641 Totsl exponditure 106,641 1.003,930 1,110,571 1,026.688 Net income Transfers between funds 3,705 420 13.411 (420) 17.116 1. 196 20 Not movement in funds before other recognlsed galnsl(losses) 4.125 12,991 17,116 1.196 other recognlsed galnsl(losses): Gains on revaluation of fExed assets 2,301,113 2,301,113 Net movemont In funds 2,305.238 12,991 2,318,229 1, 196 RencIlIatIOn of funds; Totsl funds brought forward Net movement In funds 1.203,579 2,305,238 348,445 12,991 1,552,024 2.318,229 1.550.828 1,196 Total funds carrfed forward 3,508,817 361,436 3,870,253 1,552.024 Page 15
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) REGISTERED NUMBER: 03404789 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assgts Tangible assets Current assets 13 3,747,240 1,231,345 Stocks Debtors Cash at bank and in hand 15 16 5,928 104.345 444.313 6.435 159,358 314.347 554,586 480. 140 Current Ilabllltles Creditors: amounts falling due within one year 17 (266,503) (126,590) Not current assets 288,083 353.550 Total assets less Current liabilities 4,035,323 1,584,895 Creditors: amounts falling due afler more than one year 18 (165,070) (32,871) Total net assets 3,870,253 1,552,024 Charlty funds Restricted funds Unrestricterj funds 20 20 3,508,817 361.436 1,203,579 348,445 Total fund5 3,870,253 1,552,024 The Company was entiUed to exemption from audit under section 477 of the Companies Act 2006. The members have not requlred the entity to obtain an audit for the year in question in accordance wlth section 476 of the Compani8s Act 2006. However, an audit is required in accordance wtth section 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for Complying wlth the requirements of the Act with respect to accountlng records and preparatlon of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. Page 16
THE FRONTIERS CHARITABLE TRUST (A company Ilmited by guarantee) REGISTERED NUMBER: 03404789 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024 The financlal statements were approved and authorised for issue by the Trustees on 29 May 2025 and signed on their behalf by.. Ms J Wllllams (Chair of Trustees) The notes on pages 21 to 41 form part of these financial statements. Page 17
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee} REGISTERED NUMBER: 03404789 COMPANY BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets Investments 13 14 3,747.240 100 1,231,345 100 3,747,340 1.231,445 Current assets Stocks Debtors Cash at bank and in hand 15 16 3,478 102,003 391,946 3.433 89.651 293.225 497,427 386,309 Current Ilabllltles Creditors: amounts falling due within one year 17 (283,752) (74. 751) Net current assots 213.675 311,558 Totsl assets less current Ilabllltles 3.961.015 1,543,003 Creditors: amounts falling due after more than one year 18 (165,070) (32,871) Total net assets 3,795,945 1.510, 132 Charfty funds Restricted funds Unrestricted funds 20 20 3,508.817 287,128 1,203,579 306,553 Total funds 3,795,945 1.510.132 The Companys net movement in funds for the year was f2,285,813 (2023 - £(20.465)). The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in qu8stion in accordance with section 476 of the Companies Act 2006. However. an audit is required in accordance with sectlon 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. Page 18
THE FRONTIERS CHARITABLE TRUST (A company Ilmltsd by guarantee) REGISTERED NUMBER: 03404789 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024 Th8 financial statements were approved and authorised for issue by the Trustees on 29 May 2025 and signed on their behalf by-. Ms J Wllllams (Chair of Truslees) Th8 notes on pages 21 to 41 fomi part of these financial statements. Pag8 19
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from oporating activities Net cash used in operating activities 228,136 615 Cash flows from investlng actlvltles Proceeds from the sale of tangible fixed assets Purchase of tsngible fixed assets 73,163 (38,351) (290.9751 Net cash (used In)Iprovldod by Investing activities (290,975) 34,812 Cash flows from flnancing activities Cash inflows frorn new borrowing Repayments of borrowing 192,805 (4.333) Net cash provlded byl(used In) financlng actlvltles 192,805 (4,333) Change in cash and cash equivalents in the year Cash and cash equNalents at the beginning of the year 129,966 31.094 314.347 283.253 Cash and cash equivalents at the end of the year 444.313 314.347 The notes on pages 21 to 41 fomi part of these financial statements Page 20
THE FRONTIERS CHARITABLE TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General inforniatlon The Frontiars Charitable Trust Is a charitable company (registration number 03404789) registered In England and Wales. Accountlng policies 2.1 Basis of preparation of fEnanclal statements The financial statements have been prepared in accordance WFlh the Charities SORP (FRS 102) - 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) (effective 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The Frontiers Charitable 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 otheThvise stated in the relevant accounling policy. The Consolidated statement of financial adivittes (SOFA) and Consolidated balance sheet consolidate the financial stat8ments of the Company and its subsidlary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. 2.2 Income AJI income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income CeIVable can be measur8d reliably. Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant fijnds on the Balance sheet. Where income is received in advance of entitlement of reipt, its recognition is deferred and included in creditors as deferred income. whe entitlement occurs before income is received. the income is accrued. Income tax recoverable In relation to Investment income is recognised at the time the investment income is receivable. 2.3 Expenditurn Expenditure is recognlsed once there is a legal or constructive obligation to transfer economSc benefft to a thlrd party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportloned betwaen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charge5 allocated on the portion of the asset'5 use. Expenditure on raising funds indudes all expenditure incurred by the Group to raise funds for ts charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Page 21
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 Accountlng pollcles (contlnued) 2.3 Expendlture (contlnuod) Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives. as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional. such grants b&ing recognised as expenditure when the conditions atlaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2A Intsrest rncelvable Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the Group: this is nomially upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tanglble fixed assets and depreciatlon Tangible fixed assets wsting £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at C05t. After recognition, under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended wort(ing condition should be induded in the measurement of cost. Depreciation is charged so as to allocate the ¢05t of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the following basis: Freehokl property Fixtures and fittings 2% on cost 20Q/o on cost 2.6 Investments Fixed asset investments are a form of financlal instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impaiment. 2.7 stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Page 22
THE FRONTIERS CHARITABLE TRUST (A company Ilmltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcl6s {contlnued) 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepanents are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or simitar account. 2.10 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in setuement, and the amount of the settlement Can be estimated reliably. Liabilitles are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received a5 advanced payments for the goods or services it must provide. Provisions are measured at the best astimate of the amounts requirod to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts. discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the dis(XJunt is recognised in the Consolidated statement of financial activities as a finance cost. 2.11 Flnancial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest melhod. 2.12 Fund accounting General funds are unrestrtcted funds whlch are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprlse unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrÉctions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the spectfic fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allOted to the appropriate fund. Page 23
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donatlons and lègacles Restricted Unrnstrlcted funds funds 2024 2024 Total fund5 2024 Donations Church offerings and gÉfts Sundry gifts Gift Aid - tax refunds 3.299 42,763 671,557 6,115 96.550 674.856 48.878 96,550 Subtotal detailed dlsclosure 46.062 774,222 820.284 Grants 60,000 60,000 106.062 774.222 880.284 Restricted Unrestricted fvnds funds 2023 2023 Total fvnds 2023 Donations Church offerings and gtfts Sundry gifts Gift Aid- tsx refunds 12.852 34,174 686,123 9,895 86,270 698.975 44.069 86.270 Subtotal detailed dlsclosure 47.026 782,288 829,314 Grants 47,026 782,288 829.314 Page 24
THE FRONTIERS CHARITABLE TRUST (A company Ilmltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitable actlvltles Restrlcted Unrestrlcted fund5 funds 2024 2024 Total funds 2024 Kings Church - Event income Kings Church - Church bookstall Frontier Community Clubs - Focus Frontier Community Clubs - Kidz and Youth Activites 4,178 37,313 76 3.615 953 41.491 76 3,615 953 4.178 41.957 46.135 Restncted Unreslricted funds funds 2023 2023 Total funds 2023 Kings Church - Event income Kings Church - Church bookstall Frontier Community Clubs - Focus Frontier Community Clubs - Kidz and Youth Activites 9,575 36,839 418 4,186 964 46.414 418 4.306 964 120 9,695 42.407 52,102 InMme from other tradlng activltles Income from non charltable trading actlvltles Unrestrlcted funds 2024 Total funds 2024 Charges to subsidiary undertaking Sales 22.477 173.014 22,477 173.014 195.491 195.491 Pag8 25
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from other tradlng actlvltles (contlnued) Income from non charltable tradlng actlvltles {contlnued) Unrestricted funds 2023 Total funds 2023 Charges to subsidiary undertaking Sales 22.081 122,251 22,081 122.251 144.332 144,332 Investment income Restricted Unrestricted fvnds funds 2024 2024 Total funds 2024 Deposit account interest 106 5,671 5.777 Restricted Unrestricted fvnds funds 2023 2023 Total nds 2023 Deposit account interest 30 2,106 2, 136 Grant fundlng of a¢tlvltles Grants to Grants to Institutions Individuals 2024 2024 Total funds 2024 Kings Church 77,259 7.914 85,173 Pag8 26
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Grdnt fundlng of actlvltles (contlnued) Grants to Institutions 2023 Grants to Individuals 2023 Total funds 2023 lfjngs Church 47.767 5.108 52,875 The Group has made the following material grants to institutions during the year: 2024 2023 Namè of Institution Support for other chartties Evangelical Alliance Supporting Churches in Zimbabwe Newfrontiers Local charities Love Eastbourne Grants for Church in Berlin Apostolic Mission 6.800 361 700 22,644 6.402 181 9.284 8,195 46,126 7,100 1,075 5,989 10,169 77,259 47,767 77,259 47.767 Analysis of expendlture on charitable actlvltles Summary by fund type Restrfct•d Unrgstrlcted funds funds 2024 2024 Total 2024 Kings Church Frontier Community Clubs 106.641 942.235 8.495 1,048,876 8.495 106,641 950,730 1,057,371 Page 27
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of expendlture on charltable actlvltlos (contlnued) Summary by fund type (contlnued) Restricted Unrestricted fvnds funds 2023 2023 Total 2023 Kings Church Frontier Communlty Clubs 84,890 944 888.361 7,924 973.251 8,868 85.834 896.285 982.119 Analysis of expenditure by activities Actlvitles undertaken directly 2024 Grant fundlng of actlvttles 2024 Support costs 2024 Total funds 2024 Kings Church Frontier Community Clubs 73.712 8.495 85.173 889.991 1,048,876 8,495 82.207 85.173 889.991 1.057.371 A¢tivities undertaken ditsctly 2023 Grant funding ol aGtivibes 2023 Support costs 2023 Total funds 2023 Kings Church Frontier Community Clubs 79,394 8,868 52,875 840,982 973.251 8,868 88,262 52.875 840,982 982,119 Page 28
THE FRONTIERS CHARrrABLE TRUST (A company Ilmlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of expendlture by actlvltles (contlnued) Analysls of dlrect costs Frontier Kings Community Church Clubs 2024 2024 Total funds 2024 Activty Groups Bookstall Focus Costs Kidz and Youth ActNities 73.533 179 73,533 179 1,720 6,775 1,720 6,775 73.712 8.495 82,207 Frontier Community Clubs 2023 Kings Church 2023 Total funds 2023 Activity Groups Bookstall Focus Costs Kidz and Youth Activities 78.458 936 78,458 936 2, 125 6. 743 2.125 6, 743 79.394 8,868 88,262 Page 29
THE FRONTIERS CHARITABLE TRUST (A company Ilmltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of expendlture by actlvlties (contlnued) Anatysls of support costs Total funds 2024 Total fvnds 2023 staff costs Bank charges Books and Equipment Cleaning and household Depreciation of tangible fixed assets Extemal audit fee Insurance Trustee compliance costs Travel costs Legal and professional fees Telephone Light and heat maintenan and repairs Rates and water Building rent Office costs 570,339 3,990 896 34,105 76,195 10,703 15,541 10,344 254 7,702 5,142 78,122 30.482 21,365 557,877 4,307 786 31,241 80,110 7,241 13,560 10,918 462 6.433 4,254 62.222 26,777 14,433 6.654 13.707 15,471 889.991 840,982 10. Audltors. remuneratlon 2024 2023 Fees payable to the Companvs auditor for the audit of the Companvs annual accounts 6.000 Page 30
THE FRONTIERS CHARITABLE TRUST (A company Ilmltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Staff costs Group 2024 Group 2023 Company 2024 Company 2023 Wages and salarfes 589,340 574,869 570.339 557,877 589.340 574,869 570,339 557,877 The average number of persons employed by the Company during the year was as follows: Group 2024 Group 2023 No. Company 2024 No. Company 2023 Direct charitable Administrative 24 23 12 24 23 12 33 35 33 35 No employee received remuneration amounting to more than £60.000 in either year. 12. Trustees. remuneratlon and expenses During the year, no Trustees receiv8d any remuneration or other benefrts (2023 - £NIL). During the year ended 31 August 2024. no Trustee expenses have been incurred (2023 - £NIL). Pag8 31
THE FRONTIERS CHARITABLE TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Tanglble fixed assèts Group Freehold Flxtures and property fittings Total Cost or valuatlon At 1 September 2023 Additions Revaluations 2,100,937 276,756 2,301,115 591,471 14,219 2,692,408 290.975 2.301.115 At 31 August 2024 4,678,808 605,690 5.284,498 Depreclation At 1 September 2023 Charge for the year 942,052 43.595 519,011 32,600 1,461,063 76.195 At 31 August 2024 985,647 551,611 1.537.258 Net book value At 31 August 2024 3,693,161 54,079 3.747.240 At 31 August 2023 1.158,885 72,460 1,231.345 Page 32
THE FRONTIERS CHARITABLE TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Tanglble flxed assets (contlnued) Company Freehold Flxtures and property fittings Total Cost or valuation At 1 September 2023 Additions 2,100,937 276,756 2.301.115 579,147 14,219 2,680,084 290,975 2.301,115 Revaluations At 31 August 2024 4.678,808 593,366 5,272,174 Depreclatlon At 1 September 2023 Charge for the year 942,052 43,595 506.687 32.600 1,448,739 76,195 At 31 August 2024 985.647 539,287 1.524,934 Net book value At 31 August 2024 3.693.161 54,079 3.747,240 At 31 August 2023 1. 158.885 72,460 1.231.345 1 Flxed asset investments Investments in subsidiary ¢ompanies Company Cost or valuatlon At 1 September 2023 100 At 31 August 2024 100 Net book value At 31 August 2024 100 Page 33
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Flxed asset Investments {contlnued) At 31 August 2023 100 Prlnclpal subsldlaries The following was a subsidiary undertaking of the Company: Name Company numbor Class of shares Holding Included in consolldation Kings Centre (Eastboume) Ltd (KCEL) 05049241 Ordinary 100% Yes The financial results of the subsidiary for the year were: Name Income Expenditure Net assets Kings Centre (Eastbourn8) Ltd (KCEL) 173.014 173,014 41.992 15. Stocks Group 2024 Group 2023 Company 2024 Company 2023 Finished goods 5.928 6.435 3,478 3,433 16. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income 22,413 75,194 6,738 38.115 112,905 8,338 20,125 75,140 6.738 11.959 69.354 8,338 104.345 159,358 102.003 89,651 17. Credltors.. Amounts falllng due wlthln one year Group 2024 Group 2023 Company 2024 Company 2023 Page 34
THE FRONTIERS CHARITABLE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Credltors: Amounts falllng du• wlthln one year (contlnued) Group 2024 Group 2023 Company 2024 Company 2023 Bank overdrafts Bank loans and overdrafts Trade creditors VAT 1.223 5,556 14,417 51.902 52,887 605 67,385 107,843 67,385 107,843 5.556 14,417 9,366 44.807 605 Other creditors Accruals and deferred income 84.733 6.542 69,566 38.958 266,503 126.590 283,752 74,751 18. Credltors: Amounts falling due after more than one year Group 2024 Group 2023 Company 2024 Company 2023 Bank loans 165.070 32,871 165,070 32,871 Included within the above are amounts falling due as follows: Group 2024 Group 2023 Company 2024 Company 2023 Between one and two years Bank loans 14,484 5,556 14,484 5.556 Between two and flve years Bank loans 16,668 16,667 16,668 16.667 Over five years Bank loans 133.918 10.648 133,918 10,648 The mortgage loans as set out above are secured on the freehold property of the charity at 37 Edison Road, Eastbourne, BN23 6PT. Page 35
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Flnanclal Instruments Group 2024 Group 2023 Company 2024 Company 2023 Financlal assets Financial assets measured at fair value through income and expenditure 444,313 314.347 391,946 293.225 Financial assets measured at fair value through income and expenditure comprise bank balances. Page 36
THE FRONTIERS CHARITABLE TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Ststement of funds ststement of funds - current year Balance at September 2023 Balance at Galn51 31 August (Losses) 2024 Transfers Inlout Income Expendlture Unrestricted funds Designatod funds Strategic Development 1,300 (1.100) 200 General funds Kings Church Fund 305,713 818,768 (802,308) (4,809) 317,364 Special Events Fund Reserves 24,259 173,014 {27,508) (173,014) 4.389 1.980 41.892 41,892 348,445 1,016.041 (1,002,830) (420) 361,236 Total Unre5trictod funds 348.445 1.017,341 (1.003,930) {420) 361.436 Rostricted fvnds Building Fund Restricted Reserve Fund 1,158,887 60.000 (43,595) 420 2,301,113 3,476,825 44,692 50,346 (63,046) 31,992 1,203.579 110,346 (106,641) 420 2,301,113 3,508,817 Total of funds 1.552,024 1,127,687 (1,110,571) 2,301,113 3,870.253 Page 37
THE FRONTIERS CHARITABLE TRUST (A company Ilmitod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Ststement of funds (contlnued) Statement of funds - prlor year Balance at 1 September 2022 Balance at 31 August 2023 Transfers in/out Income Expenditure Unrestricted funds Deslgnated funds Strategic Development 23.350 2,119 (1.500) (23,969) General funds lQngs Church Fund Special Events Fund Reserves 258,948 1.572 20,231 815,550 31,212 122,251 (801,514) (37. 107) (100.590) 32. 729 5,163 305,713 840 41.892 280, 751 969,013 (939,211) 37.892 348,445 Total Unrestricted funds 304, 101 971, 132 (940. 711) 13,923 348,445 Restrlcted funds Building Fund Restricted Reserve Fund Resourcing & Training Fund 1,197,772 46,905 2,050 (42,153) (43,824) 3.268 (15.141) (2.050) 1.158,887 44,692 56.752 1.246, 727 56, 752 (85.977) (13,923) 1,203.579 Total of funds 1,550,828 1.027.884 (1.026,688) 1,552,024 Page 38
THE FRONTIERS CHARITABLE TRUST {A company Ilmltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Statement of funds (contlnued) The nature and purpose of each fund are as follows: Restricted Funds The restrlcted funds are to be used for specific purposes and laid down by the donor. Expenditure that meets these crtteria Is charged to the fund together with the appropriate management and support costs. a) Building Fund This relates to monies specifically given or set aside to fund the acquisition of the whoEe building known asThe lfjngs Centre, 27 Edison Road. Eastbourn8 and the refurbishment and development to date of the building. b) Resourcing and Training Fund This relates to the Impact Project. which trains adults in church mission and theology and Newfvontiers Leadership One training. which trains adults in church leadership. for a fee. c) Special Events Fund Various church activity special events take place during the year within Kings Centre. held under the umbrella of the Special Events Fund. the intention of them also generating fund5 or at least being self financing. This can include social, educational, sporting and youth events. or various other community activities. Designated Funds (Unrestricled) The designated funds are unrestricted funds eamiatked by the trustees for particular purposes. a) Giving Fund This relates to monies specifically set aside by Kings Church and given away to other charities, Christian organisations and to those in need. b) Strategic Development Fund This relates to monies specifically set aside by Kings Church for strategic projects. 21. Summary offunds Summary of funds - currnnt year Balance at 1 September 2023 Balance at Galnsl 31 August (Losses) 2024 Trangfers Inlout Income Expenditure Designated funds General funds Restricted funds 1.300 348.445 1,016,041 1,203,579 110,346 (1.100) (1,002,830) (106,641) 200 361.236 3.508.817 (420) 420 2,301,113 1,552.024 1.127,687 11,110,571) 2,301,113 3,870,253 Page 39
THE FRONTIERS CHARITABLE TRUST (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Summary of funds {contlnued) Summary of funds - prfor year Balance al 1 September 2022 Balance at 31 August 2023 Transfers in/out Income Expenditure Designated funds General funds Restricted funds 23,350 280. 751 1,246.727 2,119 969.013 56. 752 (1.500) (939,211) {85,977) (23,969) 37,892 (13.923) 348.445 1,203,579 1.550,828 1.027,884 (1.026.688) 1,552,024 22. Analysls of net assets between funds Analysis of net assets betweon funds - current perlod Rostrictod Unrestrlcted funds funds 2024 2024 Total funds 2024 Tangible fed assets Current assets Creditors due within one year Creditors due in more than one year 3.476.825 31.992 270,415 3.747,240 522.594 554,586 (266.503) (266,503) (165.070) (165,070) Total 3.508,817 361,436 3.870,253 Analysls of net assets between funds - prfor perlod Rest17Ctgd Unrestricted funds funds 2023 2023 Total fvnds 2023 Tangible fixed assets Current assets Credltors due within one year Creditors due in more than one year 1, 158,887 44,692 72.458 435.448 (126,590) (32,871) 1,231,345 480,140 (126.590) (32.871) Total 1,203,579 348,445 1,552,024 Page 40
THE FRONTIERS CHARITABLE TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles Group 2024 Group 2023 Net income for the period (as per Ststement of Financial Activities) 17,116 1,196 Adjustments for: Depreciation charges Decreasel(increase) in stocks Decreasel(increase) in debtors Increase in creditors 76,195 $07 55,013 79,305 23.075 (2,387) (76.807) 55.538 Nel cash provided by operatlng activlties 228,136 615 Analysis of cash and cash equivalents Group 2024 Gmup 2023 Cash in hand 444,313 314.347 Total cash and cash equlvalents 444,313 314,347 25. Analysis of changes in net debt September At31 2023 Cash flows August 2024 Cash at bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Debt due after 1 year 314.347 129,966 (1.223) 1,223 (5,556) 161.829) (67,385) (32,871) (132,199) (165,070) 444,313 274,697 (62,839) 211.858 Page 41