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2023-02-28-accounts

CONTENTS Page
Trustees'
Annual Report		 2—9
Independent
Auditors'		 Report 10-12
Statement ofFinancial Activities 13-14
Balanoe Sheet 15
Statement ofcash Qows 16
Notes formmg part of the Financial Statements 17-32

Trustees: D.JPowell (Chairman)
A.C.Davies (Company Secretary)
T.D.Grieve
S.M.Home (appointed 20 July 2022)
J.N.Kingston
E.J.Marsh
(retired 3July 2023)
W.P.Massey
S.D.North (ietired 18 March 2022)
E.F.C.Small
Charity Leader J.T.Preston
Company registered number 03471812
Charity registered number 1066832
Registered oifice: 45-47 Lofi House
College Road
Bristol
BS79FG
Auditors: Haines Watts
Bath House
6-8 Bath St,Redcliife
Bristol BSI 6HL
Bankers: National Westminster Bank Pic
32Corn Street
Bristol
BSI IHQ
Solicitors: Knights Pic
Springfield
House
45 Welsh Back
Bristol
BSI4AG
Investment Managers Sarasin k Partners
100St.Paul's Churchyard
London
EC4M 8BU
RBCBrewin Dolphin Securities
12Smithfield Street
London ECIA 9BD

Current Fear Unrestrtc- U~ Expendable
ted General Designated estriated Endowment
Faads Fends Funds Fund Total Fends Total Funds
2023 2023 2023 2023 2023 2022
Note f, f f 8
income and endowments from
Donations and legacies 67,641 978,622 1,046463 1,157380
ln vcson tvltr 387,433 387,433 357,141
Charitable dcttvtttes 125,717 125,717 119,831
Total income aad endowments 580,791 978,622 1,559,413 1,634,352
Expenditure
on
Raising Funds 34204 34404 31,941
Charitable
acdvin'es		 583,790 33308 1,023,067 1,640365 1,643,772
Total Expenditare 583,790 33408 1,023,067 34404 1,674469 1,675,713
Net gainstposscs)
on
tovcstltl enis 12 (540,057) (540,057) 6183(8
Net orcome'(expenditure) (2,999) (33,508) (44,445) (574361) (6554)3) 576,957
Transfers between funds 18 75,636 (3,425) (72P.11)
Other gains(fosses) 2P.31 737 594
Net nro vowant lnfunds 74,868 (36,196) (44,445) (646,472) (65L245) 577551
Totolfunds brought
forward 18,19 226,162 2,141,884 107,846 12,664,708 15,140,600 14,563,049
Tonrlfunds carried
forward 18,19 301,030 2,105,688 63,401 12,018236 14,488355 15,140,600

Unresuic- Itnrcstrtctcd Expendable
ted General Designated Restricted Endowment
Funds Funds Funds Fund Total Funds
2022 2022 2022 2022 2022
Note f f f f
Income and endowments from
Donations and leg acies 79,466 1,030,635 47379 1,157380
invetnn
ants		 357,141 357,141
Charitable
Activities		 119,831 119,831
Total Income and endowmeots 556,438 1,030,635 47279 1,634352
Expendltare
on
Raising Funds 31,941 31,941
Charitable
activities		 511,607 35381 1,096,884 1,643,772
Total Expenditure 511,607 35481 1,096,884 31,941 1,675,713
Net gains)(tosses) on
nlvesnn etlts 12 618,318 618318
iVer income)(totpendlturc) 44,831 (35481) (66349) 633,656 576,957
Transfers
between		 funds 18 (150/15) (99,785) 4,725 245475
&her gains/(losses) 59 535
Net movement
htfunds		 (105,325) (134/31) (61,524) 878931 577451
Totalfunds
brought
forward 18,19 331,487 2,276,415 169,370 11,785,777 14,563,049
Toadfunds carrlut
forward 18,19 226,162 2,141,884 107,846 12,664,708 15,140,600

Notes 2023 2022
f f
Intangible fixed assets 10 7,600 10,640
Tangible fixcd assets 11 1,775,945 1,805,166
Fixed asset investments 12 12,011,742 12,638,825
Programme related investments 13 322,000
13,795287 14,776,631
Current Assets
Stock 14 1413 1,411
15 31506 30,101
Programme related investmcnts 13 322,667 5339
Cash at bank and in hand 469,510 485304
824,896 522,155
Creditors: Amounts falling due
within one year 16 (111,780) (132,922)
Net current assets 713,116 389233
Creditors: Amounts falling due
aitix more than one year 17 (20,048) (25464)
Ntn assets 14.488.355 15,140,600
Charity funds
Unrestricted funds 18,19 301,030 226,162
Unrestricted designated funds 18,19 2,105,688 2,141,884
Restricted funds 18,19 63,401 107,846
Expendable eadowmeat fund 18,19 12,018336 12,664,708
Total funds 14488355 15,140,600

TotalFunds Total Funds
2023 2022
f f
Net cash provided
by (used in) operating		 activities note 2 (457&770) (183,769)
Cash flows from investing activities:
Dividends
and interest		 387,433 357,141
Purchase ofproperty,
plant snd equipment		 (1,247) (5,061)
Investment
fees - unlisted
investments		 (6,108) (3,404)
Saleofquoted investments 226,278 397,511
Capital withdrawn
&om investments		 69,611
Purchase ofquoted investments
from additional		 cash invested (143,588)
Purchase ofquoted investments
Rom other		 cash (240,535) (398,931)
Purchase ofunlisted
investments		 (8,793)
Saleofunlisted
investments		 28,273
Change in cash held for settlements (24,697) (103,323)
Net cash provided by (used in) investing activities 439,008 91,552
Change in cash snd cash equivalents in the reporting period (18,762) (92,217)
Cash snd cash equivalents
at the beginniag ofthe reporting		 period 485,304 576,927
Change in cash and cash equivalents due to exchange rate movements 2,968 594
Cash and cash equivalents st the end of the reporting period 469,510 485804

Total Funds Total Funds
2023 2022
f f
Net Income/(expenditure) for tbe reporting period (as per the statement offinancial
activities) (655313) 5763/57
Adjustnents
for:
Depreciation
and smortisation		 charges 33308 35381
(Gains)/losses
on investments		 540,057 (618318)
Defaults &provisions (90) 714
Investment fees 34304 31,941
Exchange late losses/(gains) on PR investments (737) (535)
Microfiuancc repaid 5,499 17,417
Mortgage repaid 87350
Dividends and interest (387,433) (357,141)
Uncreasc)/decrease in stocks 198 701
(Increase)/dtxzeese in debtors (1,405) 5,994
Increase/(decnnse) in creditors (26358) 35,970
Net cash provided by (used in) operating activities (457,770) (183,769)
Donations and kgacies
Unrestricted
General		 R~ Endowmmt Total Funds
Funds Funds Funds 2023
f f f
Donations 56,641 978,622 1,035363
Legacies 11,000 11,000
Total 67,641 978,622 1,046363
Donations and legacies - prior year
Unrestricted
General Restrkted Endowment Total Funds
Fends Fends Funds 2022
f f
Donations 69,981 1,030,635 1,100,616
Legacies 9,485 47379 56,764
Total 79,466 1,030,635 47379 1,157380

Un restrictd
General Total Funds Total Funds
Funds 2023 2022
f f f
Dividends
Receivable		 387,420 387,420 357,136
Interest on cash deposits 13 13 5
Total 387,433 387,433 357,141
All oftbe 2022 investmeat income was in the Unrestricted General Fund.
Income from charitable activities
U~
General Total Funds Total Funds
Funds 2023 2022
f
Rental Income 105,753 105,753 104378
Interest on Community House Mortgages 17,187 17,187 12,937
Family Records IAI 1381 1,660
SaleofBooks 1,496 1,496 856
Total 125,717 125,717 119,831
All ofthc 2022 income fiom charitable activities was in the Unrestricted General Fund
Analysis ofexpcudttare by type
StaffCosts Other Costs Grants Total
2023 2023 2023 2023
f f f f
Investmeat
Maoaganent		 Costs 34304 34304
Cost ofraising funds 34304 34404
Global Partnerships (SKJ) 52,455 37,647 1418,633 1308,735
Inspiring Faith 59~4 123226
Nurturing
Families		 21.488 14320 36,008
Rcsourcing
Ministry		 31,818 32,307 64,125
Transforming
Communities		 6499 37,699 63,973 108371
176362 181397 1482,606 1,640365
Total expenditure 176362 215,601 1382,606 1,674469

Analysis ofexpendi ture by type - Prior Year(~
StaffCosts Other Costs Grants Total
2022 2022 2022 2022
Investmeat
Management		 Costs 31,941 31,941
Cost ofraising funds 31 6)41 31,941
Global Partncrships (SKD 39,946 40,061 1379376 1359483
Inspiring
Faith		 51,477 52,820 104397
Nurturing
Families		 18,944 14,443 33387
Resourcing
Mmistry		 35,697 34,758 70,455
Transforming
Communities		 5355 35,610 35,385 76350
Charitable
Activities		 151,419 177,692 1,314,661 1,643,772
Total expenditure 151,419 209,633 1314,661 1,675,713

SKIGrants SKIGrants
SKIgrants including
Orphans ofthe		 World is the continuation
ofthe work formerly		 carried on by the SKItrust. Its work is to provide grants,
support and encouragement
to those involved		 in Christian work and education both in the UK and overseas. Ithas an emphasis
on work amongst
children
and in particular
orphans		 and widows,
2023 2022
f
Grants to 119(2022:109)individual Chrisdan workers 673,489 676,365
Grants above f5,000to Orgsnismons
period)		 (dtxsds bdow, where grants were above f5,000 in the current or~g 470,077 502,065
Grants below f5,000to Organisations 74340 67,882
Defaults and exchange
(gains)/ losses for Pmgramme		 related investments (see note 13) 827 179
Total 6 6.633 666. 61
Grauts to organbatlons
above		 f5,000(dctalh below, where grants were above f5,000 ln either the current
or preceding
period)		 2023 2022
f
Gospel ofKingdom~cs 8,413 21,516
Rwandan
Orphan pmject		 71,764 74,128
Haven Home Orphanage 46,119 64,120
25:40Romania 25,125 21,906
Ebenezer Children's
Centre		 28,666 30,145
Subtotal carried forward 180,087 211,815

SKIGrants (continued) 2023 2022
f f
Subtotal brought
forward		 180,087 211,815
Bright Hope WorM 13314 10,600
Shared Hope 15300 22,000
Hebmn Hostel Trust 12300 12,952
Afiica Naturally 14,865 9318
UNIVIDA 8319 3339
Hands at Work in Afiica-Baudeni 17,803 23,434
Hands at Work in Aiiica - Oshoek 18,690 19356
Helping Them to Smile 7388 21,004
Five Talents 10,000 10,000
Holland Wharf Girls Hostel 14,044 13,026
SaltMalawi
(The Joseph		 Pmject) 7381 6,814
House ofHope 5398 38331
SSSNtgnri 9396 11,072
DFN UK 15350 18,638
New Victory Child Care 5,987 7,522
Ripple Effect (SeedaCow) 14,898 14,633
Solid Rock International Ministries 21,314 28390
International
China Cancan Ltd		 2300 7322
UM 10,000
Operation
Mobilisation		 19,800
Home Leone 25356
For Ethiopia 20387 12399
Total 0077 502665
8 Nm Income/(expcnwture)
This is afier (crediting)/chargmg: 2023 2022
f f
Depreaation/amottisation oftangible and intangible fixed assets owned by thc charity 33308 35381
Auditors'
remuneration		 103IN 2.m

StaffCosts
2023 2022
f
Wages and Salaries 160,057 138,083
Social Security costs 5,872 5,066
Other Pension costs 10,433 8270
Total 176262 121.119
Management
Administration
Total 8 8
10 fntangtbk Fixed Assets
Compater Total
Software 2023
f f
Cost asat 1March 2022 15300 15200
Cost as at 28 F688ruary 2023 15300 15200
Amortisation
As at 1 March 2022
Charge for the year 3,040
As at28 February 2023
Net Book Value as at28
February 2023 7,600 7,600
Net Book Valae as at 28
February 2022 10,640 10,640

Tangible Fixed Assets
Building Furniture
Land and Plant gr Mnscum Fixtures & Offic Total
Bullngs Machinery Content Fittings F4quipment 2023
8
Cost asat 1March 2022 1,693,915 111,821 104,690 56,919 24,868 1,992213
Additions 1247 1347
As at 28 February 2023 1,693,915 111,821 104,690 56,919 26,115 1,993,460
Accamulated
Depreciation
As at 1 March 2022 94,743 28,887 27,045 17,627 18,745 187,047
Charge for the year 11,182 10,469 5,692 3,125 30,468
As at 28 February 2023 94,743 37414 23319 21,870 217,515
Net BookValue as at 28
Febraary 2023 599, 72 7,752 57,179 33,499 4245 177594,5
Net BookValue as at 2S
February
2022		 1399,172 82,934 77,645 39392 6,123 1,805,166

Fixed Asset Invcstm eats
2023 2022
Listed investments Total Total
Market Value f
As at I March 2022 4,794395 4333,532
Saleproceeds (226478) (397,511)
Additions
fiom additional
cash invested		 143,588
Reduction
in capital,		 cash withdrawn fiom investment manager. (23396)
Other additions 240435 398,931
Change in cash held for settlements (19,627) 106,412
Costs ofmanaging
investments		 (28,095) (28437)
UnreaiiuM
valuation		 net (loss)/gain (159,408) 63349
Realised net gain/Boss) I11485 174431
At 28 Febnuuy 2023 4,689,611 4,794495
Being.
Investments
managed		 by Brewin Dolphin 4,650,804 4,689,740
Cash hdd for settlaneuts 38,807 104,555
4,689,611 4,794/95
Analysis ofInvestments
UK Equities 1,409,915 1,427,806
UK Bonds 425,314 467,319
Overseas Equities 1,440,614 1,456,604
Overseas Bonds 103,302 127A5
Other 1310,466 1,315~1
Total 4,689,611 4,794395
Historical costofinvestments 3,759,756 3,633,912
2023 2022
Total Total
Unlisted investments f
As at 1 March 2022 7,844,530 7,458388
Reduction
in capital,		 cash withdrawn fiom investment manager. (46315)
Purchase ofSarasin Alpha CIFfor Endowments 8,793
Saleofunits (28273)
Realised gains 3,994
Change in cash htdd for settlements 44324 84
Unreal ised valuation net gain/()oss) (496328) 377265
At 28 February 2023 7322,132 7,844430
Fixed Asset Investments (continued) 2023 2022
Total Total
f
Sarasin Endowments Fund Class A Inc 5,906,787 6,194,524
Units in Property Funds 1,413,262 1,646,033
Cash 2,083 3,973
Total value ofunlisted investments 7,322,132 7,844,530
2023 2022
Total Total
Quoted Investments 4,650,804 4,689,740
Units in property
funds		 1,413,262 1,646,033
Sarasin Endowments Fund Class A Inc. 5,906,787 6,194,524
Cash held for settlements 40,889 108,528
Total value ofinvestments 12,011,742 12,638,825

Microfinance
Loans Mortgage Total
f f
As atIMarch 2022 5,339 322,000 327,339
Additions (new loans)
Exchange rate gains (losses) 737 737
Amounts repaid (5,499) (5,499)
Defaults and provisions (charged) credited to Charitable
activities —grants 90 90
At 28 February 2023 667 322,000 322,667
Programme
related investmeats		 consist of:
The follo wing isa ~ ofrelated investments
between fix		 ed and current assets:
2023 2022
f
Fixed Assets 322,000
Current Assets 322,667 5339
Total 322.007 327.339
Programme
Related		 Investments - Prior Year
hDcrofinanca
Loans Mortgage Total
f f f.
As at I March 2021 22,935 409250 432.185
Additions (new loans)
Exchange rate gains (losses) 535 535
Amounts repaid (17,417) (87~0) (104,667)
Deihults and provisions (charged) credited to Charitable
sct3vlttcs gr2mts (714) (714)
At 28 February 2022 5339 322,000 327339
14 Stocks
2023 2022
Total 2 3 1.41
15 Debtors
2023 2022
f f
Debtors and prepayments 22485 19,824
Income tax recoverable 8,921 10377
Total 31300 30.7111
16 Creditors: Amounts falling due within one year
2023 2022
f f
Trade Creditors 13,676 12377
Social Security and other taxes 5413 4,836
Accruals and deferred income 20352 37,333
Suodry creditors and SKIgrants not yet paid 65,617 72,466
Other credit - pension obligation 6,422 6,010
Total 777.700 32,922

At Trsllsfcfs At
IMarch Income and Expenditure bctwtnu 28February
2021 Galas aad losses funds 2022
Unrestricted Funds f f f f
Fred reserves (Unrestricted Genaal fund) 331,487 556,497 (511,607) (150315) 226,162
Unrestricted Fixed Asset Fund (designated) 1,846,026 (35381) 5,061 1,815,806
Programme Related Investment Fund (designated) 430,389 535 (104,846) 326,078
2,607,902 557,032 (546,888) (250,000) 2368,046
Restrkted Funds
SKI 71393 1,006,874 (1,048,834) 4,725 34,058
The Churches
City Fund		 74,752 23,761 (35,384) 63,129
Restricted Legacies 23325 (12,666) 10,659
169,370 1,030,635 (1,096,884) 4,725 107,846
Expendable Endowment Fond 11,785,777 665,597 (31,941) 245375 12,664,708
Total funds 14363,049 2353364 (1,675,713) 15,140,600
Anslysk ofnet assets between funds V~ Unrtutrttxed
General Designated Restrkted Endowment Total Fends
Funds Funds Funds Funds 2023
f f f f
Tangible R Intangible Fixed Assets 1,783345 1,783,545
Fixed Asset
~e		 Investments
Rdsted Investments		 322,667 12,011,742 12,011,742
322,667
Other Net Assets 301,030 (524) 63,401 6,494 370,401
Total 301,030 2,105,688 63,401 12,018336 14,488355
Analysis of net assets between funds - Prior Year
Unrestrkted Unrestrkted
General Dcdgnatcd Restrkted Endowment Total Funds
Funds Funds Funds Funds 2022
f f f
Tangible 2t Intsnuble Fixed Assets 1,815,806 1,815,806
Fixed Asset Investmcnts 12,638,825 12,638,825
Pmgnunme Rdsted Investments 326,078 326,078
Other Net Assets 226,162 107,846 25,883 359,891
Total 226,162 2,141,884 107,846 12,664,708 15,140,600