Company registration number 03918058 (England and Wales) Charity registration number 1082344 (England and Wales) CHRISTEL HOUSE EUROPE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
CHRISTEL HOUSE EUROPE LEGAL AND ADMINISTRATIVE INFORMATION Trustees Lord Anthony St John Diana Aitchison Paul Baker Elizabeth Taylor Caron Chung Adrian Santos Ruiz Charles Niehaus Tarun Ghulati (Appointed 11 May 20251 (Appointed 11 May 20251 (Appointed l April 20251 (Appointed 14 May 20251 (Appointed l April 20251 (Appointed 28 May 20251 (Appointed l April 20251 (Appointed 16 May 20251 Ju5tine Gevi55er Nina Amin Laura Ferguson Carlos Zabala 5e¢retary Elizabeth Taylor Country of incorporation United Kingdom (England and Wales) 03918058 Charlty reglstration England and Wales 1082344 Registered offi Office 6 Harborough Innovation Centre Airfi&ld 8usin&ss Park Market H8rborough Leicestershire LE16 7W8 Independent examiner Mayfield & Co. 2 Merus Court Meridian Business Park Leicester LE19 IRJ Bankers 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 PaEe Trustees report Independent examiner's report Statement of flnanclal activltles Bal3nce sheet Notes to the financial 5t3tementS 6-13
CHRISTEL HOUSE EUROPE TRUSTEES REPORT (INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees present their annual report and financial statements for the year ended 31 Decernber 2025. The account5 have been prepared in accordance with the accounting policie5 Set out in note I to the account5 and cornply with the charity's Memorandum of Association, the Companies Act 2006 and "Accounting and Reporting by Charitie5'. St3ternent of Recommended Pr8Ctice applicable to charities preparing their accounts in accordance with the Financial Reporting Stand8rd applicable in the UK and R&public of Ireland IFRS 1021 l&ffective l January 20151" Objertives and actlvltles The charity's objectives are set out in the Charity's trust deed and are 5urnmari5ed below. Christel House 15 an international non-profit orBani53tion dedicated to fostering a world where poverty does not limit potential. We operate a network of nine no-fee schools lacros5 India. South Africa, Mexico, Jarnaica and the United States) that transform the lives of students experiencing poverty through career-focused education and holistlc 5UPPOrt. Our rnission is to ensure our Bradu3tes 3chieve upw3rd economic mobility, demonstrat& good citizenship. and become empower&d to identify and re31ise their goals, dreams, and human potenti21. We address the root causes of poverty through a proven 18-year, holistic human development model that combines rigorous academics Wlth cotnprehen5ive wrap-around services including healthcare, nutrition, mental health 5UPPOrt, parent and czregiver training, and college and career programrning for five year5 after high school graduation. It 15 a deep commitment that helps Students demonstr3te that they have limitle55 Potential. Public benefit The trustees have paid due regard to guidance issued by the Charity Cornrni5sion in deciding what activitie5 the charity should undertake. Achievements and performance Significant uctivitie5 (tnd achievement5 agoin5t objectives Over the past 26 years, Christel House h3s impacted the lives of more than 25,000 unders&rved students. We currently enrol over 10,000 students annually across five countries, with plans to expand into two additional countries to significantly increase our Impacr. Today, 96% of our graduate5 are in p05t-5econdary education, training and employment, with 71% Securing high-quality, early- career employment ljobs with benefits). Comp3red to their peers. Christel House graduates have a forrnal employment rate three tirnes that of their peers. Christel House alumni pursue a wide range of successful c8reers, becoming doctors, engineers. educat0, and business professionals- empowering them and their f3milies to bècome upwardly mobile 3nd bre3k the cycle of poverty. Financial review The surplus for the year 8mounted to £144,25112024 Surplus.. £13,940). During the year the charity made grants of £56,622 to Christel House South Africa, £64.891 to Christel House India, and £4.786 to Christel House Mexico. Grants tnade during the year were up on previou5 year5. Christel House International Inc has undertaken to donate sufficient funds to the company to cover its 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 3dministr3tive costs incurred. Investment policy The trustee5 have considered the most appropriate policy for investing fund5 and believe that, with the current level of funds. it IS appropriate to hold the money in bank accounts, However as funds grow. alternative inv&stments will be consider&d to ensure the best return is obtained whilst maintaining risk at a low level.
CHRISTEL HOUSE EUROPE TRUSTEES REPORT (INCLUDING DIREcfoRS' REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Major risks The trustees have assessed the major risks to which the charit¥ is eyposed, and are satisfied that systems are in place to tnitigate exposure to the major risks. Strurturei governance and management The organisation is 3 charitable company limited by guarantee, incorpoted on 28 January 2000. and registered as 3 charitv 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 rnember5hip. A, and 'B' member5. The sole 'A' rnember is Chri5tel House International Inc. The directors of the company who are also the charitable trustees for the purpose of charity law 3re 'B' member5. In the event of th& company being wound up. each member's liability is limited to £1. The truste&s, who are also the directors for the purpose of comp8ny18w, and who served during th& year and up to the date of signature of th& fin3ncial ststements were.. Lord Anthony St John Diana Aitchison Paul Baker Dimitris Manikis Elizabeth Taylor Caron Chung Adrian $3ntos Ruiz Charle5 Niehau5 Tarun Ghulati Justine Gevisser Nina Amin (Resigned 3 July 20251 (Appointed 11 May 20251 (Appointed 11 May 20251 (Appointed l April 20251 (Appointed 14 May 20251 (Appointed l April 20251 (Appointed 28 May 20251 (Appointed l April 20251 (Appointed 16 May 20251 Laura Fergu50n Carlos Zabala Recruitment rjnd oppointment of trustees None of the trustees has any beneficial Inte$t in the company. All of the trustees a 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. Diana Aitchi50n Trustee 18 June 2026
CHRISTEL HOUSE EUROPE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHRisfEL HOUSE EUROPE I report to the tru5t&es on my examination of the financial statements of Chri5tel House Europe Ithe charity) for the year ended 31 December 2025. Responsibilitles and basls of 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 58tisfied rnyself that the financial st3ternents of the charity are not required to be audited under Part 16 of the Cornpanies Act 2006 and are eligible for independent examination, I report in resp&ct of my examination of the charity's financial st3tementS C3rried out under section 145 of the Charities Act 2011. In carrying out my @xamination I hav& followed thÈ Directions given by the Charity Commission under sÈction 14515llbl of thÈ Ch2rities Act 2011. Independent examinerfs statement Since the charity's gr05s incorne exceeded £250,000, the independent examiner must be a member of a body Ilsted in section 145 of the Charitie5 Act 2011. 1 confirm that l atn qualified to undertake the examination because l am a mernber of IENTER IN DATABASE cy10151, which 15 one of the listed bodie5. 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 rnaterial respect.. accounting records were not kept in resp&ct of the charity as required by section 386 of the Comp2nies Act 2006. the financial statement5 do not accord with those records., or the financial statement5 do not cornply with the accounting requirement5 of section 396 of the Cornpanies Art 2006 other than any requirernent that the financial statement5 give a true and fair view, which is not a matter considered as part of an independent examination., or the financial staternent5 have not been prepared in accordance with the methods and principles of the Staternent of Recommended Practice for accounting and reporting by charities applicable to charitie5 preparing their financial statements in accordance with the Financial Reporting Standard applic8ble 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 thi5 report in order to enable a proper understanding of the financial 5tatetnents to be reached. Maylield & Co. 2 Merus Court Meridian Business Park Leicester LE19 IRJ 18 June 2026
CHRISTEL HOUSE EUROPE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricted funds 2025 Restricted fund5 2025 Total Unrestricted funds 2024 Restricted funds 2024 Totsl 2025 2024 Notes Income from.. Donations and legaci&s Other trading activitie5 160,201 27,252 178,341 338,542 27,252 85,077 22,216 123,926 2,750 209,003 24,966 T¢)tsl Income 187,453 178,341 365,794 107,293 126,676 233,969 Expenditure on: Raising funds Charitable activities Management and adrnini5tration Grants expense 83,234 83,234 44,465 44,465 12,010 12,010 126,299 10,545 29,171 10,545 165,019 126,299 135,848 Totsl charitable expenditure 12,010 126,299 138,309 39,716 135,848 175,564 Totsl expenditure 95,244 126,299 221,543 84,181 135,848 220,029 Net income and movement in funds 92,209 52,042 144,251 23,112 19,1721 13,940 Recon¢iliation of funds: Fund balances at l January 2025 56,930 26,266 83,196 33,818 35,438 69,256 Fund balances at 31 December 2025 149,139 78,308 227,447 56,930 26,266 83,196 The 5taternent of financial activitie5 include5 all gains and 105se5 recognised in the year. All income and expenditure derive from continuing 8Ctivities.
CHRISTEL HOUSE EUROPE BALANCE SHEET AS AT31 DECEMBER 2025 2025 2024 Note5 Current assets Debtor5 Cash at bank and in hand 12 42,337 187,690 14.019 71.637 230,027 12.5801 85,6S6 12.4601 Creditors: amounts falling due within one year 13 Net current assets 227,447 83,196 The funds of the Charity Restricred income funds Unrestricted funds 15 16 78,308 149,139 26,266 56,930 227,447 83,196 The company is entitled to the exemption from the audit quirement contained in section 477 of the Companies Att 2006, for the year ended 31 December 2025. The directors acknowledge their responsibilitie5 for complying with the requirements of the Companies Act 2006 with respect to accounting records and the prep8ration of financial statements. 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 5m311 companies regirne. The financial statements were approved by the trustees on 18 June 2026 Dian3 Aitchison Trustee
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies Charliy Informailon Christel House Europe is a private comp3ny limited by guarantee incorpor3ted in Eng13nd and W31es. The registered office is Office 6, Harborough Innovation Cent, Airfield Business Park, Market Harborough, Leicestershire, LE16 7W8. 1.1 Basi5 of preparation The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2(K)6, FR5 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities SORP "Accountlng and ReportinE by Charities.. Statement of Recommended Practice applicable to charitie5 preparing thelr 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 a5 defined by FRS 102. Th& ch3rity has tsken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows. Th& financial statements are prepared in sterling, which is the functional currency of the ch8rity. Monet8ry amounts in these fin3ncial statements are rounded to th& nearest £. Th& principal accounting policies adopted are set out below. 1.2 Golng con¢em At the time of approving the financial statements, the trustee5 have a rea50nzble 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 preparinB the financi31 st3tem&nts. 1.3 Charltable funds Unrestrict&d funds are avail3ble for use at the discretion of the trustees in furtherance of th&ir charitable objectives. Restricted funds are subject to Specific condition5 by donor5 or grantors a5 to how they may be used. The purpose5 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 15 legally entitled to it after any performance conditions have been met, the amounts can be measured reli3bly, and it is probable that income will be received. Cash donations are recognised on receipt. Other donatlons are recognI5ed once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tsx recoverable in relation to donations received under Gift Aid or deeds of covenant 15 recognised at the tirne 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 expected. 11 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 2025 A¢¢ounting policies (Continued) 1.5 Expenditure Expenditure 15 recogni5ed once there 15 J legal or constructive obligation to transfer econornic benefit to a third party, it Is probable that a transfer of economic benefit5 will be required in 5ettlernent, and the amount of the obligation can be rneasured reliablv. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and sh3red costs. including support costs involved in undertaking each activity. Direct costs 3ttributable to a single activity 3re 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 activities on a basis consistent with the use ol resources. Central staff cost5 are allocated on the ba515 of time spent, and depreciation charges are allocated on the portion of the a5set'S Use. Costs of generating funds are those costs associated with the golf event which takes plac& annually to raise donations for the charitv. Grant5 payable are recogni5ed in the period in which they are incurred. Expenditure 15 recognised in the year in which it is incurred 3nd includes attributable VAT which c3nnot be recovered. 1.6 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposlts held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts 8re shown within borrowings in 1.7 Flnan¢lal Instruments The charity h85 elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to 811 of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Basl¢flnt¥nclulassets Basic financial a55et5, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are Subsequently carried at arnortised cost using the effective interest method unless the arrang&ment constitut&S 8 financing tr3ns3ction, where the transaction is m&asured at the pres&nt value of the future receipts discounted at a market r3te of interest. Financi31 assets classified as receiv3ble within one year are not amortised. Busicfinunciullffobilities Basic financi31 liabilities, including creditors and bank loans are initially COgnised at transacrion price unless the arrangetnent constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment5 discounted at a rnarket rate of interest. Financial liabilities cla55ified as payable within one year are not arnort15ed. Debt instruments are subsequently carried 3t amortis&d cost. using th& effective interest rate method. Trade creditors are obligations to pay for Eoods or services that have been acquired in the ordinary course of operations from suppliers. Amount5 payable are cla$5ified a5 current liabilitie5 if payrnent 15 due within one year or less. If not, thev are presented a5 non-current liabilitie5. Trade creditor5 are reco8ni5ed initially at transaction price and subsequently measured at amortised cost using the effective interest method.
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 A¢¢ounting policies (Continued) Derecognltion offiftun¢iul Ilobilltles Financial liabilitie5 are derecogni5ed when the charity's contractual 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 recogni5ed immediately a5 an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termin3tion benefits. 1.9 Retirement benefits Payments to defined contribution retirement benefit schemes are charged a5 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 frorn other sources. The estitnates and a550Clated a5SUmPtIOn5 are based on historical experience other factors that are considered to be relevant. Actual re5uIt5 may differ frorn these e5titnate5. Th& estimates and underlying assumptions 3re reviewed on an ongoing basis. Revisions to 8ccounting estimates are recognised in the period in which the &stimat& is revised where the r&vision affects only that p&riod, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donation5 and legacie5 Unrestrirted funds 2025 Restrirted funds 2025 Total Unrestrl¢ted funds 2024 Restrl¢ted funds 2024 Totsl Z025 2024 Donations and gifts 160,201 178,341 338,542 85,077 123,926 209,003 Donations and gifts Christel House International Inc General donations 113,537 46,664 113,537 46,664 105,193 59,698 84,544 533 84,544 533 32,653 89,273 1,000 1,000 105,193 59,698 32,653 89,273 1,000 1,000 South Africa Jamaica Mexico 13,450 13,450 160,201 178,341 338,542 85,077 123,926 209,003
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Income from othertrading activities Unrestrltted funds Restrlcred funds Toial Unrestrlcted funds Restrlcted funds Total 2025 2025 2025 2024 2024 2024 Fundraising event5 27,252 27,252 22,216 2,750 24,966 Expendwture on raising funds Unrestrlcted funds 2025 Unrestrl¢ted funds 2024 Fundraising and publicity Staging fundraising events Othèr fundraising costs Staff costs 18,211 39,960 25,063 4,796 28,055 11,614 83,234 44,465 Grants payable Grants expense 2025 Grants expense 2024 Grants to institutions.. Donations to India Donations to South Africa Donations to Jamaic3 56,622 64,891 53,600 109,419 1.000 1,000 Donations to Mexico 4,786 126,299 165,019 Support costs allocated to adlvltles 2025 2024 Governance costs 2,460 2,340 Analysed between.. Man3gement and administtIOn 2,460 2.340
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Net movement in funds 2025 2024 The net movement in funds is stated after charEinE/lcreditinEI'. Fee5 payable for the independent exarnination of the charity'5 financial statements 2.460 2,340 Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from the charitv during the year. io Employee5 The average monthly numk>er of employees during the year was.. 2025 Number 2024 Number Employment costs 2025 2024 Wages and salaries Other pension costs 23,901 8,698 17,887 1,035 32,599 18,922 There were no employees whose annual remuneration was more than £60,000. Remuneration of key management persc*nnel The rernuneration of key rnanagem&nt personnel was as follows.. None of the key management peonnel received an remuner8tion during th& year12024.. £Nill. li Taxatlon The charity is exempt from tayation on its activities because all its incorne is applied for Charitable purposes. 10-
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 12 Debtors 2025 2024 Amounts falllng due wlthln one year: Other debtor5 Prepayments and accrued income 42.337 13,809 210 42,337 14.019 13 Credltors.. amounts falllng due wlthln one year 2025 2024 Accruals and deferred in¢ome 2,580 2,460 14 Ret1ment benefit schemes 2025 2024 Defined contribution schemes Charge to profit or loss in spect of defined contribution schemes 1,877 1,035 The charity operates a defined contribution pension scheme for all qualifying employees. The a55ets of the scheme are held separately from those of the charity in an independently administered fund. 15 Restrlcled funds The restricted funds of the charity COtnpri5e the unexpended balance5 of donations and grants held on trust subject to specific conditions by donor5 a5 to how they may be used. At l January 2025 Incoming resour(e5 Resources At 31 Decernber expended 2025 South Africa 23,017 3,249 59,697 105,193 13,450 164,8911 156,6221 14,7861 17,823 51,820 8,664 Mexico 26,266 178,341 1126,2991 78,308
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 15 Restrirted funds (Continued) Previou5 year: At l Jznuzry 2024 Incoming resources Resources At 31 December expended 2024 South Afric3 22,825 12.613 92,023 32,653 1,000 1,000 191,8311 142.0171 (1.0001 11,O(K)I 23.017 3,249 Jamaic Mexico 35,438 126,676 1135.8481 26,266 16 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to speciflc 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 2025 Incomin8 reSoue$ Resourtes At 31 December expended 2025 General funds 56,930 187,453 195.2441 149,139 Previou5 year: At l Jznuary 2024 Incoming resources Resources At 31 December expended 2024 General funds 33,818 107,293 184,1811 56,930 17 Analysi5 of net assets between fund5 Unrestritted fvnds 202S Restricted funds 2025 Total 2025 At 31 De¢ember 20Z5.. 149,139 78.308 227,447 149,139 78,308 227,447 12-
CHRISTEL HOUSE EUROPE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 17 Analysis of net assets between funds (Continued) Unrestricted funds Z024 Restricted funds 2024 Totsl 2024 At 31 December 20Z4.. 56,930 26.266 83,196 56,930 26,266 83,196 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 £113,53712024- £84,544) was received during the year. Grant5 of £64,89112024- £109.4191 have been incurred by Christel House Europe during the year in relation to Christel House South Africa. Grants of £56.62212024- £53,600) have been incurred by Christel House Europe in relation to Christel House Indi3. Grants of Enil12024- £1,000) have been incurred by Christel House Europe in relation to Christel House Jamaica. Grant5 of £4,78612024- £1,000) have been incurred by Christel House Europe in relation to Chri5tel House Mexico.
REF. NUMBERJCQ5W-7CIQS-DLB5A-F8MWIDOCUMENT COMPLETED BY ALL PARTIES ON 25 JUN 2026 11:54:35UTCSIGNER TIMESTAMP SIGNATURE |
REF. NUMBERJCQ5W-7CIQS-DLB5A-F8MWIDOCUMENT COMPLETED BY ALL PARTIES ON 25 JUN 2026 11:54:35UTCSIGNER TIMESTAMP SIGNATURE |
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DIANA AITCHISONDAITCHISON@UK.CHRISTELHOUSE.ORGSENT 18 JUN 2026 14:53:28VIEWED 25 JUN 2026 11:52:13 |
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SIGNED25 JUN 2026 11:54:35IP ADDRESS 95.127.169.173RECIPIENT VERIFICATION EMAIL VERIFIED 25 JUN 2026 11:52:13 |
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