Charity registrdtion number 1082344 {England and Wales) Company registrdtion number 03918058 CHRISTEL HOUSE EUROPE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CHRISTEL HOUSE EUROPE LEGAL AND ADMINISTRATIVE INFORMATION Trustees Lord Anthony St John Ms Diana Aitchison Mr Paul Baker Mr Dimitris Manikis Secretary Elizabeth Taylor Charity number {England and Wales) 1082344 Company number 03918058 Registered office Office 6 Harborough Innovation Centre Airfield Business Park Market Harborough Leicestershire LE16 7WB Independent examiner Mayfield & Co. 2 Merus Court Meridian Business Park Leicester LE19 IRi Banker5 Lloyds TSB Bank PIC 40 The Square Market Harborough Leicestershire LE16 7PE Solicitors Withers LLP 16 Old Bailey London EC4M 7EG
CHRISTEL HOUSE EUROPE CONTENTS Page Trustees report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 6-13
CHRISTEL HOUSE EUROPE TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements ft)r the year ended 31 December 2024. The accounts have been prepared in accordance with the accounting policies set out in note I to the account5 and comply with the charity's Memorandum of Association, the Companies Art 2(K)6 and "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 1021 leffertive l January 20151" Objectives and activities The charity's objectives are set out in the charity's trust deed and are summarised below. Christel House is an international non-profit organisation dedicated to fostering a world where poverty does not limit potential. We operate a network of nine no-fee schools latross India. South Africa, Mexico, Jamaica and the United States) that transform the lives of students experiencing poverty through career-focused education and holistic support. Our mission is to ensure our graduates achieve upward economic mobility. demonstrate good citizenship, and become empowered to identify and realise their goals, dreams. and human potential. We address the root causes of poverty through a proven 18-year. holistic human development model that combines rigorous academics with comprehensive wrap-around services including healthcare. nutrition, mental health support, parent and caregiver training, and college and career programming for five years after high school graduation. It is a deep commitment that helps students demonstrate that they have limitle55 Potential. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and performance Significont activities and achievements against objertives Over the past 25 years. Christel House has impacted the lives of more than 21,000 underserved students. Currently. we enrol more than 7,000 students across five countries with plans to expand our impact. Today, 97% of graduates are in education, training and employment, with 70% of graduates securing high quality early career employment (jobs Wlth benefits) - proof that the Christel House model works. At Christel House South Africa. 82% of graduates qualify for university study through the national senior exam Idouble the provincial average). 80% of Christel House India graduates complete post-secondary education (five time5 the rate of their national peers). Christel House Mexico graduates are twice as likely to secure formal employment (jobs with benefits) compared to their national peers. Christel House Jamaica opened in 2020 and has already seen a 45% increase in students reading at or above grade level. Christel House Indianapolis graduates are the second highest income earners on average among public school graduates in the district. Financial review The surplus for the year amounted to £13.940 {2023 Surplu5= £46.3801. During the year the charity made grants of £109.344 to Christel House South Africa. £53,675 to Christel House India, £1,000 to Christel House Jamaica and £1,000 to Christel House Mexico. Grants made during the year were up on previous years. Christel House International Inc has undertaken to donate sufficient funds to the company to cover it5 administrative and fundraising expenses, accordingly, the trustees request funds when required. Therefore the trustees have decided that reserves can be maintained at a relatively low level. due to limited administrative costs incurred.
CHRISTEL HOUSE EUROPE TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investment policy The trustees have considered the most appropriate policy for investing funds and believe that. with the current level of funds, it is appropriate to hold the money in bank accounts, However as funds grow, alternative investments will be considered to ensure the best return is obtained whilst maintaining risk at a low level. Mojor risks The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in plate to mitigate exposure to the major risk5. Structure. governance and management The organisation is a charitable company limited by guarantee. incorporated on 28 January 2000, and registered as a charity on 8 September 2000. The company was established under a Memorandum of Association which established the objects and funds of the charitable company and is governed under its Articles of Association. There are two categories of mernbership= 'A' and 'B' rnembers. The sole 'A' member 15 Christel House International Inc. The directors of the company who are also the charitable trustees for the purpose of charity law are 'B' members. In the event of the company being wound up. each member's liability is limited to £1. The trustees, who are also the directors for the purpose of company law. and who served during the year and up to the date of signature of the financial statements were.. Lord Anthony St John Ms Diana Aitchison Mr Paul Baker Mr Dimitris Manikis RecruAtment ond oppointment of trustees None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The trustees report was approved by the Board of Trustees. Ms Diana Aitchison Trustee 16 April 2025
CHRISTEL HOUSE EUROPE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHRISTEL HOUSE EUROPE I report to the trustees on my examination of the financial statements of Christel House Europe (the charity) for the year ended 31 December 2024. Responsibilitie5 and basi5 Qf report As the trustees of the charity land also its directors for the purposes of company lawl, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under sertion 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llb) of the Charities Act 2011. Independent examiner's 5taternent I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006. the financial statements do not accord with those records: or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination- or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statement5 to be reached. Mayfield & Co. 2 Merus Court Meridian Business Park Leicester LE19 IRJ 16 April 2025
CHRISTEL HOUSE EUROPE STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrirted funds 2024 Re5trirted funds 2024 Total Unre5trirted funds 2023 Restricted funds 2023 Total 2024 2023 Notes Income from: Donations and legacie5 Other trading activities 85,077 22,216 123,926 2.750 209.003 24,966 106.523 29,549 74,230 7,379 180,753 36,928 Total income 107,293 126,676 233.969 136.072 81,609 217,681 Expenditure on: Raising funds Charitable activities Management and administration Grants expense 44,465 44.465 63.460 63,460 10,545 29,171 10,545 165,019 17.911 31,003 17,911 89,930 135.848 58,927 Total charitable expenditure 39,716 135,848 175.564 48.914 58,927 107,841 Total expenditure 84,181 135,848 220.029 112.374 58.927 171,301 Net income/lexpenditure) and movement in funds 23,112 {9,172) 13,940 23.698 22.682 46,380 Reconciliation of funds: Fund balances at l January 2024 33,818 35,438 69,256 10,120 12,756 22,876 Fund balance5 at 31 December 2024 56,930 26.266 83.196 33,818 35,438 69,256 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
CHRISTEL HOUSE EUROPE BALANCE SHEET ASAT31 DECEMBER 2024 2024 2023 Notes Current asset5 Debtors Cash at bank and in hand 12 14,019 71,637 5,114 67,862 85.656 12,4601 72,976 13,7201 Creditors: amounts falling due within one year 13 Net current assets 83.196 69,256 The fund5 ofthe charity Restricted income funds Unrestricted funds 15 26,266 56.930 35,438 33.818 16 83,196 69,256 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial ststements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on 16 April 2025 Ms Diana Aitchison Trustee Company registration number 03918058 (England and Wales)
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information Christel House Europe is a private company limited by guarantee incorporated in England and Wales. The registered office is Office 6, Harborough Innovation Centre, Airfield Business Park, Market Harborough, Leicestershire, LE16 7WB. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 IFRS 1021" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of tash flows. The financial statements are prepared in sterling, which is the functional currency of the charity- Monetary amounts in these financial statements are rounded to the nearest £. The principal accounting policies adopted are Set out below. 1.2 Going concern At the time of approving the financial statements. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial ststements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recoEnised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is experted. If the amount is not known, the legacy is treated as a contingent asset.
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {Continuedl 1.5 Expenditure Expenditure is recognised once there is 3 legal or construrtive obligation to transfer economic benefit to a third 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 15 classified by activity- The costs of each artivity 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 apportioned between those artivities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Costs of generating funds are those costs associated with the golf event which takes place annually to raise donations for the charity. Grants payable are recognised in the period in which they are incurred. Expenditure is recognised in the year in which it is incurred and includes attributable VAT which cannot be recovered. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recogni5ed in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Ba5icfinanciTal a55ets Basic financial assets, which include debtors and cash and bank balantes. are initially measured at transaction price including transaction costs and are subsequently carried at amortised c05t Using the effective interest method unless the arrangement constitutes a financing transattion, where the transattion is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basicfinuncial liabilities Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequentlv measured at amortised cost using the effective interest method.
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {Continuedl Derecognltlon oAfinontiol liobilities Financial liabilities are derecognised when the charitvs contrartual obligations expire or are discharged or cancelled. 1.8 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.9 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Incorne frorn donations and legacie5 Unrestricted funds 2024 Restricted funds 2024 Totsl Unrestricted funds 2023 Restricted funds 2023 Total 2024 2023 Donations and gifts 85,077 123,926 209,003 106,523 74,230 180,753 Donations and gifts Christel House International Inc 84,544 533 84,544 533 32,653 89.273 1.000 i.O(KJ 105.003 1.520 105,003 1,520 21,615 52,615 General donations India South Africa Jamaica 32,653 89.273 1,000 1.000 21,615 52,615 Mexico 85,077 123,926 209,003 106.523 74,230 180,753
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from other trading artivities Unrestricted Restricted Totsl Unrestricted Restricted Total funds 2024 funds 2024 funds 2023 funds 2023 2024 2023 Fundraising events 22,216 2,750 24.966 29,549 7.379 36,928 Expenditure on raising funds Unrestrirted funds Unrestricted funds 2024 2023 Fundraising and publicity Staging fundraising events Other fundraising costs Staff costs 4.796 28.055 11.614 7,479 10.243 45,738 44,465 63,460 Grants payable Grants Grants expense 2024 expense 2023 Grants to institutions= Donations to India 53,600 109,419 25,009 64,921 Donations to South Africa Donations to Jamaica Donations to Mexico 165,019 89,930 Support costs allocated to activities 2024 2023 Governance costs 2,340 2,100 Analy5ed between: Management and administration 2,340 2,100
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Net movement in funds 2024 2023 The net movement in funds is stated after chargingllcreditingl= Fees payable for the independent examination of the charity's financial statements 2,340 2,100 Trustees None of the trustees lor any persons connerted with them} received any remuneration or benefits from the charity during the year. io Ernployees The average monthly number of employees during the year was: 2024 Number 2023 Number Ernployment cost5 2024 2023 Wages and salaries Other pension costs 17,887 1.035 46,990 4,873 18,922 51.863 There were no employees whose annual remuneration was more than £60,(0. Remuneration of key management personnel The remuneration of key management personnel was as follows.. None of the key management personnel received an remuneration during the year12023.. £Nill. li Taxatlon The charity is exempt from taxation on its attivities because all its income is applied for charitable purposes. 10-
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued income 13,809 210 5,114 14,019 5,114 13 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 2,460 3,720 14 Retirement benefit schemes 2024 2023 Defined contrlbutlon schemes Charge to profit or loss in respect of defined contribution schemes 1,035 4,873 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 15 Restrirted fund5 The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At l January 2024 Incoming resources Resources At 31 December expended 2024 South Africa India Jamaica 22.825 12.613 92,023 32,653 1.000 1.000 191,8311 142,0171 11,0001 11,0001 23,017 3,249 Mexico 35,438 126,676 1135,8481 26,266 11
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Restricted funds {Continuedl Previou5 year: At l January 2023 Incoming resources Resources At 31 December expended 2023 South Africa India 12.756 59,994 21,615 149,9251 19,0021 22,825 12,613 12.756 81.609 158,9271 35,438 16 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At l January 2024 Incoming resources Resources At 31 December expended 2024 General funds 33.818 107,293 184,1811 56,930 Previou5 year: At l January 2023 Incoming resources Resources At 31 December expended 2023 General funds 10,120 136,072 1112,3741 33,818 17 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 December 2024: Current assets1lliabilitiesl 56,930 26,266 83,196 56.930 26,266 83,196 12-
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Analysis of net assets between funds {Continuedl Unre5trirted funds Re5trirted funds Total 2023 2023 2023 At 31 Decernber 2023: Current assets/lliabilitiesl 33.818 35,438 69,256 33,818 35,438 69,256 18 Related party transactions Christel House International Inc. which is the 'A' member of the charity. agreed to cover all administrative expenses during the year. An amount of £84.54412023 - £105.0031 was received during the year. Grants of £109,41912023 - £64,921) have been incurred by Christel House Europe during the year in relation to Christel House South Africa. Grants of £53,60012023 - £25.0091 have been incurred by Christel House Europe in relation to Christel House India. Grants of £l,00012023 - Enill have been incurred by Christel House Europe in relation to Christel House Jamaica. Grants of £l,00012023 - £nil} have been incurred by Christel House Europe in relation to Christel House Mexico. 13-
REF. NUMBER QJBWU-XPPGE-YSOVW-6SKWF
SIGNER
DIANA AITCHISON
EMAIL DAITCHISON@UK.CHRISTELHOUSE.ORG SHARED VIA LINK
TIMESTAMP
SENT 16 APR 2025 11:45:33 UTC VIEWED 16 APR 2025 21:04:30 UTC SIGNED 16 APR 2025 21:04:50 UTC
DOCUMENT COMPLETED BY ALL PARTIES ON 16 APR 2025 21:04:50 UTC
SIGNATURE
IP ADDRESS 2.137.22.250 LOCATION ADEJE, SPAIN
Signed with PandaDoc PAGE 1 OF 1