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|CONTENTS||Page|
|---|---|---|
|Trustees'<br>Annual Report||2—9|
|Independent<br>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|





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|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<br>(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<br>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||



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|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<br>on|||||||||
|Raising Funds||||||34204|34404|31,941|
|Charitable<br>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)<br>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<br>ants||||357,141||||357,141|
|Charitable<br>Activities||||119,831||||119,831|
|Total Income and|endowmeots|||556,438||1,030,635|47279|1,634352|
|Expendltare<br>on|||||||||
|Raising Funds|||||||31,941|31,941|
|Charitable<br>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<br>between|funds||18|(150/15)|(99,785)|4,725|245475||
|&her gains/(losses)||||59|535||||
|Net movement<br>htfunds||||(105,325)|(134/31)|(61,524)|878931|577451|
|Totalfunds<br>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|





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|||||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<br>by (used in) operating||activities note 2||||(457&770)|(183,769)|
|Cash flows from investing activities:||||||||
|Dividends<br>and interest||||||387,433|357,141|
|Purchase ofproperty,<br>plant snd equipment||||||(1,247)|(5,061)|
|Investment<br>fees - unlisted<br>investments||||||(6,108)|(3,404)|
|Saleofquoted investments||||||226,278|397,511|
|Capital withdrawn<br>&om investments||||||69,611||
|Purchase ofquoted investments<br>from additional|||cash invested||||(143,588)|
|Purchase ofquoted investments<br>Rom other||cash||||(240,535)|(398,931)|
|Purchase ofunlisted<br>investments|||||||(8,793)|
|Saleofunlisted<br>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<br>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|



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||||||||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<br>for:||||||||||
|Depreciation<br>and smortisation||||charges|||33308||35381|
|(Gains)/losses<br>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<br>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|



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||||||||Un restrictd|||
|---|---|---|---|---|---|---|---|---|---|
||||||||General|Total Funds|Total Funds|
||||||||Funds|2023|2022|
||||||||f|f|f|
|Dividends<br>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<br>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<br>Families||||||21.488|14320||36,008|
|Rcsourcing<br>Ministry||||||31,818|32,307||64,125|
|Transforming<br>Communities||||||6499|37,699|63,973|108371|
|||||||176362|181397|1482,606|1,640365|
|Total expenditure||||||176362|215,601|1382,606|1,674469|



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|Analysis ofexpendi|ture|by type - Prior Year(~|||||
|---|---|---|---|---|---|---|
||||StaffCosts|Other Costs|Grants|Total|
||||2022|2022|2022|2022|
|Investmeat<br>Management||Costs||31,941||31,941|
|Cost ofraising funds||||31 6)41||31,941|
|Global Partncrships|(SKD||39,946|40,061|1379376|1359483|
|Inspiring<br>Faith|||51,477|52,820||104397|
|Nurturing<br>Families|||18,944|14,443||33387|
|Resourcing<br>Mmistry|||35,697|34,758||70,455|
|Transforming<br>Communities|||5355|35,610|35,385|76350|
|Charitable<br>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<br>Orphans ofthe||World is|the continuation<br>ofthe work formerly||||carried on by the SKItrust.|Its work is to provide grants,||
|support and encouragement<br>to those involved|||in Christian||work and education both||in the UK and overseas. Ithas an emphasis<br>on work amongst|||
|children<br>and in particular<br>orphans|and widows,|||||||||
|||||||||2023|2022|
||||||||||f|
|Grants to 119(2022:109)individual||Chrisdan|workers|||||673,489|676,365|
|Grants above f5,000to Orgsnismons<br>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<br>(gains)/ losses for Pmgramme||||related investments||(see note 13)||827|179|
|Total||||||||6 6.633|666. 61|
|Grauts to organbatlons<br>above|f5,000(dctalh below,||||where grants|were above f5,000 ln either the current||||
|or preceding<br>period)||||||||2023|2022|
||||||||||f|
|Gospel ofKingdom~cs||||||||8,413|21,516|
|Rwandan<br>Orphan pmject||||||||71,764|74,128|
|Haven Home Orphanage||||||||46,119|64,120|
|25:40Romania||||||||25,125|21,906|
|Ebenezer Children's<br>Centre||||||||28,666|30,145|
|Subtotal carried forward||||||||180,087|211,815|





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|||||||
|---|---|---|---|---|---|
||SKIGrants (continued)|||2023|2022|
|||||f|f|
||Subtotal brought<br>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<br>(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<br>China Cancan Ltd|||2300|7322|
||UM|||10,000||
||Operation<br>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'<br>remuneration|||103IN|2.m|





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|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||





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|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<br>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<br>2022|1399,172|82,934|77,645|39392|6,123|1,805,166|





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|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<br>fiom additional<br>cash invested||||||143,588|
|Reduction<br>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<br>investments|||||(28,095)|(28437)|
|UnreaiiuM<br>valuation|net|(loss)/gain|||(159,408)|63349|
|Realised net gain/Boss)|||||I11485|174431|
|At 28 Febnuuy 2023|||||4,689,611|4,794495|
|Being.|||||||
|Investments<br>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<br>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<br>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<br>related investmeats|||consist of:||||





||The follo|wing isa||~ ofrelated investments<br>between fix|ed and current assets:|||
|---|---|---|---|---|---|---|---|
|||||||2023|2022|
||||||||f|
||Fixed Assets||||||322,000|
||Current Assets|||||322,667|5339|
||Total|||||322.007|327.339|
||Programme<br>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|





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||||||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<br>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 <br>~e|Investments<br>Rdsted Investments|||||322,667||12,011,742|12,011,742<br>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|



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