Financial Statements For Ihe year eThJed 31 Decemb6r 2024 THE KESWICK CONVENTION TRUST Company No. 03913741 Charty No: 1083584
CONTENTS PAGE Infomiation Report of the Directors 4-15 Report of the Independent Auditor 16-19 ststement of Financial Activities 20 Balance Sheet 21 Statement of Cash Flows 22 Notes to the Financial Statements 23-38
Reference information ADDRESS: RanSkY Centre Main Street KesK Cumbria CA12 SNP REGISTERED CHARITY NUMBER.. 1083584 COMPANY REGISTRATION NO.. 03913741 WORKING NAME.. KeswKk Ministries GOVERNING DOCUMENT: menrandrn and Articles of AsscKiat TRUSTEES.. Mr S AAlam, TaSurer MrMJByatt Mr D Gascowjne (Resigned 6th August 2024} Mr S Hale Mrs C HeatVthe Dr J McQuoKJ, Chaimian Mrs A Putt Mr M saer Rev Dr M Sleeman {Retired P May 2024) Mr J Tayk Mrs M Baldw7n IApp(Mnted 41h June 20241 Mrs J Whftehouse (Apwnted 19th Marth 2024) Rev A M•eay (Apwinted 20th June 20241 Rev Mark Ell CHIEF EXECUTIVE.. DIRECTOR OF BUSINESS OPERATIONS Mr Mike Causey (Took up fulllime role on 1V Juty 2024) COMPANY SECRETARY.. Mr S OvererMI AUDITOR.. Fcrfvis Mazars LLP. 5Lh Fkr, 3 well1100 Pl. Leeds. LS1 4AP ACCOUNTANTS: rc4y.nson + Co, Oxford Chambers. New Oxf(Kd Stet. Workinglon. CA14 2LR SOLICITORS.. AnlW Comins Solicitors LLP 134 Edmund Street EIIis-Ferrr*N & Negus Limited 2 Devonshire Avenue Bimiingham B3 2ES Beeston. Nottingham NG9 1DS CHARITY OBJECTS.. The Trust exists to promote Bible Teaching at an annual Convention in Keswick aThJ on other rK¢a%(Ms with the aim of enc£MJraging holy and Biblical lifeslyles. BANKERS: HSBC plc. 1 Market Square. Pennlh CA11 7SN
REPORT OF THE DIRECTORS The Directors present their Annual Report and Financial Statements the year ended 31 December 2024. DIRECTORS AND OFFICERS The following directors held office for the whole of the year to 31 December 2024 and to the date of this report unless otherwise slated: Mr S Adam, Treasurer MrMJ8yatt Mr D Ga$cone (Reswned 6th August 2024) Mr S Hale Mrs C HeattFWhyts Dr J McQuoid. Chairrnan Mr5 A Putt IAr M Saller Rev Dr M Sleeman (Retired P May 20241 Mr J Taybr Mrs M Baklwn IAppcMnted 4m June 20241 Mr5 J WhrtetM)use IApFKxnted 19m Marth 20241 Rev A MacLeay (Appointed June 2024) KESWICK MINISTRIES VISION Keswick Minisin'es exists to inspire a1 equip Christians to love and live for Christ in His world. God's wrpose is to bring his blessing to all nations (Gen12..3). All God's people are called to pa'cIpate in this missionary purpose wherever we may be. Keswick Ministries helps Christians to fulfil that calling, so that. directed and guided by Gtyj's word. they will grow in the power of his Spirit. Keswick Ministries has a long history ol sending out Christians into the World lo lead olhers by teaching the truths contained in the Bible and semng in all walks of life, induding some of the poorest and mosl disadvantsged areas of this country and around the worfd. We achieve these aims through Bible teaching at our summer Conventi(, through the resources that Ilow from this. in our programme of Teaching and Training courses and the publication of books.. the provision of on-line resources, and podcasts that SUP[ discbpleship. Underlwng this is encouragement and support for mission. In rent years, we have been able to extend our activities into an all-year-round ministry, through the Derwent Project. As we look to address the spintual need of the nation for in-depth Bible teaching and for the equipping of leaders to open the gospel to others. the DeThvent Project creates a facility which vrfill help inspire and equip many more Christians of all ages and backgrounds with a variety of callings, so they can retum to their homes, places of work and ministries to help further God's mission in whichever capacity they serve. The Derwent Project centres on the site of Keswick's fomier Pencil Factory which adjoins the Rawnsley site where Keswick Ministnes already has offices. The combination of the Iwo sites allows the Convention to be brought together in one place and prowdes facilities for year-round training courses and conferences. Over the last few years. the old Pencil Factory building has been gutted and completely refurbished to provide m¢)Jern. light and airy meeting spaces. In 2021 we had use of the ground floor and by Ihe lime of the 2022 Convention. had use of all the spaces auoss all three floors. The facilitses have also been used by other local and visits'ng groups year-round. with lots of expressions of interest In using the facilities.
The Dement Project represents a significant inveslment in a local facility and has involved a separate fundraising programme. We are thankful for the prayers and donats'ons of thousands of supporters and a number of Christian trusts vthich have helped provide the funds needed to deliver the DeNent Project. Since its launch at the 2015 Convention £8m has been raised from supporters who have given generously and sacrificially., a further £1.45m has been loaned on favourable temis. The t)erwent fundraising project closed at the end of 2023. THE KESWICK CONVENTION - LMNG WITH COVID; PLANNING FOR GRowfH 2024 marked the Keswick Convention's 149th year. The 2020 -in-person- Convention had to be cancelled due to the global Covid pandemic. 2021 saw a convention compliant with Govemment Covid guidelines: a slimmed down Kids and Youth programme. and with registration intr¢xlu¢ed for the first time. In 2022 we were pleased to have been able to deliver a "nearer Mial. three•week Convention, based on the Pencil Factory and Rawnsley sites. sin the pandemic we have seen a growth in numbers year on year. We have seen a generally younger demographic, with many people. induding families. attending for the first time, and loving the experience. 2024 saw record numbers of kids and youth. with around 4.5iJ) t*ople on te in Week 3. There is a real sense that we are on the cusp of a period of grovAh. There is a need and hunger for sound Biblical teaching. We have the brand reputats'on, reach across -evangelicalism-. and now the physical infrastructure to grow the year-round ministry we offer. The Convention relies on 750 volunteers who enable us to deliver the event safely and effectively: this is a very popular way to serve. Keswick Ministries provides accommodation, meals and offers travel expenses: many volunteers retum year after year to help. We are hugely indebted to these vdunteers. without whom the Convention could not take place. Volunteers undertake a wide variety of practical tasks during the Convention {kids. youth and young adults work, welcome team, catering, cafè. gift prSSing and reception teams). We provide appropriate training. including safeguarding and counter terrorism awareness, and cary oul the necessary DBS safeguarding checks. RESOURCES Keswick Ministries continues to publish literature and on-line resour$ that build on and support the leaching of the Convention. In 2024 we published for the Joumey, a 36&day .devotional by numerous speakers and Life after Life - our Convents'on theme bcM)k - by Mark Meynell. We have also produced downloadable Dive Deeper study guides to aid individual and group study of Convention tslks. In 2025 we will publish 'Keswick Ministries.. 150 years of Lives Transfomied in Christ. a txx)k which celebrates God's faithfulness to the ministry and the faithfulness of his people. For the first lime we will produce a bCk for young people, 'Who s God?. by Andy Acheson, vtho leads the Kids Team in Week 1 of Convention. We will also continue to make Dive Deeper study guides available online for groups and individuals. Our regular podcasts - The Keswick Podcast and Kes Talks - continue to be popular, with record numbers accessed; they can be accessed via all podcasting apps. THE DERWENT PROJECT The Derwent Project has been an enormous opwrtunity, that has enabled Keswick Minislries to extend our work into year-round ministry. There is no doubt that our nation and the world have an important need for straighfforward Bible-based teaching. This extends both to existing Chrisknans and to those who want to consider more deeply the promises and blessings that flow from Christian faith. We also believe that Christs'ans who serve provide a significant example to others and an encouragement to find out more of biblical values and truths.
We know this approach is wamly received by supporters vtho attend the Convention in the summer and is also welcomed throughout the year. The purchase of the fonrw PerKal Factory sste. which adjoins our Rawnsley sile, provided the opwrtunity to launch the Derwent Project back in 2015 and we have been grateful for the enthusiasts'c prayers and financial support both from CMventioners and other Christians and Christs'an groups around the country. and indeed from overseas. It has allowed us to build a beacon of refreshment and sending out where Christians come to deepen their knowledge and faith in the Lord. We want to see youth aders equipped to speak to children and teenagers.. ministers, lay4eaders and every Christian inspxred to serve. A true place of restoration, refleth'on. and grov4th for all Christians. The combined sites mean we can both hold the Convention on one IcTrtion and have the space and facilities to run Teaching and Training courses and conferences throughout the year. Having rebased our offices to the Rawnsley site we have been able lo let the frnr Skiddaw Street office space and an adjoining room to a local chanty. The fomer amenity block and -bunk room" at Skiddaw Street have been converted into accommjain which are being used by stsff and volunteers; and could be made available on longer term let, as needs dlctste. The Derwent Project has required a CsIderable amount of management and staff time, and we have been hugely encouraged by the significant progress we have made. As at 31 Sl December 2023 we had raised the £8m fundraising target from supporters. and have full use of all Ihe repUr[Sed space in the Pencil Factory and neighbouring Admin Blod< and Packing Hall.. the Boundary Stores provide invaluable storage. As at the 2024 year*nd funds are still required to repay interest free loans fr1 generous supporters. In summary the principal goals of the Derwent Project have been.. to secure the future of the three-week summer Keswick Convention an integrated site. to provide a facility for Christian teaching and training all year round. to sepie churches and other Christian organisations in the UK and beyond, particularly serving Cumlyia. the north of England and Southem Scotland. We are also committed to ensuring that the local town of Keswick benefits from our activities. This is achieved by attracting businesses to hold conferences within the Pencil Factory building and using local facilities bvhile here. It has been pleasing to see the facilibes being used by a number of local groups, as well as being used as a base for ultra-marathons and triathlons. Keswick Tourism Assocaation. Cumberfand Council, Cumbria Tourism, and a number of nationally know companies and organisats'ons have held events attracting several hundred people, with lots of enthusiasm for retuming in the future. The NHS ¢tinue to be regular users and the North West Air Ambulance servi retumed for a third fundraiser. TEACHING AND TRAINING EVENTS As part of the extension of the ministry. our Teaching and Training courses and workshops go from strength lo strength. These have run in each of the last eight academic years. With the change of Ministry Director I Chief Executive in the autumn of 2023. IghtlY fewer course We planned and delivered for the 2023124 academic year. November 2024 saw the launch of our new Keswick Emerging Young Leaders programme. This is a wonderful opportunity for 1 18 year-olds to leam now to understand and teach the Bible through two training weekends, fdlowed by an opportunity to be -on-tearn- at the Convention. The focus of the Teaching and Training events is on biblical teaching that helps refresh. inspire and equip Christians. both church members and those in leadership positions. The courses are developed by the Chief Executive and often in collaboration with other Christian organisations l individuals. The ever-popular Pastoral Refreshment cferenCe is run in conjuncxion with Living Leadership. In February 2024 we again ran tr0 PRC'S back-ltrback to increase capacity, and were able to accommodate over 100 people. demonstrating the need for those in church leadership land their spouses) to be refreshed for service in the local church. The February 2025 PRC attracted a similar number of people. with two run back-tovback as in the previous two years.
We launched a Churches Weekend Away in 2023. lo allow smaller fellowships who might not be able to organise an evenl of their own to share with others. Keswick Ministries provided Bible Teaching and worship. The first event held in Spring 2023 attracted more than 200 people from 4 churches. A second Churches Weekend Away was hekl Mard12025 and attended by 100 adults and children. As Vrd spreads the courses and workshops are attracting increasing numbers of delegates. many of whom have had no previous connection with us. Some courses are starting to "sell out-. Feedback from delegates is ovehelMlnglY positi"ve. with many people retuming when courses are run again and recommending them to others. We held a second Identity Workshop. following the first in 2023. This gave those in Christian Leadership an opportunity to hear from, and discuss with a number of leaders in their field on this very topical area that the chLJrch needs to be able to speak into with truth and compassion. We believe Ihis type of event is something that we are uniquely placed to be able to offer and would like to do more. Our Chief ExecLAtive and iruslees are reviewing vthat we offer with a view to mainlaining high quality. addressing key topics. developing the new programme of training for kids and youth worf<. and not stretching the team too thinly. THE KESWICK FELLOWSHIP Mini 'Keswick' evenls are held all over the country as part of the Keswick Fellowship. Across the UK the are nearty 40 locations where Bible Weeks or local 'Keswick' events are laking place. Some identify themselves by Ihe name Keswick. and others are in fellowship with the wider work but use other titles (whether Ble Weeks, Conventions, or other designations). They have a family-likeness but have no fomial or legal association. A number of these events have been running for many years, whilst others are just stsrting up. They are sometimes local events based in a town, and sometimes they are more regional in nature. The connection belween the UK local I regional events and Keswick Ministries is infom1 and occasional, shaped by a mutually agreed memorandum of understanding. and has often been very fruithjl - especjally in exchanging prayer news, sharing speakers. helping one another with best practice ideas, and so on. The Keswick Fellowship operates throughout the UK as a national nehvork to encourage the leaders of Bible Conventions and local Keg*ick events through prayer. practical support and fellthyship. There is also an 1ntematical Keswick Fellowship which is a looser assoaation still. and which embraces events in parts of Europe, Asia, North America. Australia. Afiica and the Caribbean. A small consultation of intemational Keswicks t(x>k pla in August 2016. which also affim)ed the value of such infomial networking and prayerful support. A similar two4ay event was held in September 2019 for those who a part of the Keswick Fellowship in the UK and those planning to set up a new one. We facilitate informal meetings of those leading Fellowships at the ConventK)n. We are hosting a gathering of UK and International Keswicks at the 2025 Convention. our 150th anniversary. GIVING AND INCOME Uniquely there continues to be no charge lo attend the Convention. We want to be open to all people just as thurches across the land are open to everyone. We encourage giving at the event and throughout the year. During the Convention. and Ihrough pnnted and on4ine resources, we explain the finan$ of the event and until the end of 2023. the funding needs of the Derwent project. We are hugely grateful to have been greauy blessed by generous and sacrificial giving from our supporters. This has continued though the remarkable raising of £8m from supporters to fund the Derwent Project. and the sustained giving lo the General Fund for our year-round operatsons. through Covid and the ensuing cost of living crisis.
The flat standing areas at the Rawnsley Centre and the fonner Pencil Factory Site are used to provide car parking spaces for visitors to the town. This has bacon an important source of income for us. Keswick Ministries owns the entire Sha capital of Keswick Convention Projects (Rawnsleyl Limited. a trading company that operates these car paIng facilities. During 2019 we also applied for planning permission to operate the flat standing at the Skiddaw Street site as a private pemiitted car park. and this was brought into use in Spring 2021. Spaces are available to Guest House owners and others for periods ranging from three days lo one year. We have also provided four electric vehide charging points at Skiddaw Street. When Keswick Ministrbes acquired the Pencil Factory site this induded a building that houses the Keswick Pencil Museum whose holding company now leases thal building from us. The directors permit a t)ookshop to operate during the Convention selling Christian Itterature that align with our values and beliefs. This provides a source of income,. nominal royalties are received from Ihe sale of recordings and books. The company owns the entire share capital of Keswbd( Cmvention Project Limited. a company that operates a low-cost campsite nearby during the Convention. The camp was fully booked in 2024 and covered ils costs. notwithstanding the need to tanker off waste-waler due to a new planning restrictiCK. ACHIEVEMENTS, PERFORMANCE AND FUTURE PLANS KEY PERFORMANCE INDICATORS: Financial.. Ordinarily we aim to cover annual running Costs each year: this was achieved in 2022 despite all the challenges of Covid, and the state of the economy following Russia's Invasic of Ukraine and soaring inflation. For 2023 we planned and budgeted for a rK)minal deficit which was covered by reserves. In 2024 we budgeted for a nominal surplus and through the generosity of our supporters and with good stewardship achieved a six-figure surplus (before the charge for depreciation). For 2025 we have budgeted for a small surplus- in spile of some significant increases in costs- with a number of facilitses related -special projects- covered by the 2024 surplus. For the Derwent Project we have how raised the £8m fundraising target from supporters. with a further £1.45m of loans. of which £400k was repaid during 2024. Some further w$ have been undertaken in 2024 to optimise the usefulness and letting potential of the Pencil Factory. Further works a underway in 2025. including the repurposing of the -Admin Block- on the Pencil Factory srte. to allow the staff team to move their operations to our new centre of activity. Non-Financial'. The Convention continues to be our main actity and tt ceIVeS very positive feedback in temis of the quality of the ministry and the impact it has had on peoples, lives, including new commitments to Christ and offers to serve in Ihe mission field. The excellent programme of year-round teaching and training events is also being well attended and roceiving very positive feedback. GocJ relations with the local Christian, and wider (x)mmunity. have been built on. with senior members of the staff team engaging widely. We have also conb'nued our engagement with the local community. including our quarterly Town Liaison Forum with members of the I1 community, tovm councillors, businesses and statutory agencies. Use of the excellent facilities in the Pencil Factory has also been a great means by which we have built on and strengthened kal latishIps. Keswick Ministrtes partners with different Christian organisations to help take fopward its objectives. Significant site and building VANks have been urKlertaken on the Pencil Factory site, and refurbishment of the fomier Pencil Factory tTrIding is essentially cx)mplele. In 2025 the planned works in the -Admin Block" will provide a new home of the KM staff team. and enhan the facilities available at Convention, and fi year-round hirers of the Packing Hall.
RISK MANAGEMENT The Trustees regularty review the risks to which the charity is exposed, so that reasonable measures are taken to reduce and manage them and to obtain Insuran cover where this is financially sensible. A risk review procedure is in place to identify Ihe most significant risks and the Trustees check that appropriate remedial action has been taken. A Risk Management framework was wt in place adopting best practice from the April 2017 Mazars Charity Conference and guidan from the Chanty Commission. Some changes were made to the way we score and record risks during 2024 adopting best practice. With the appointment of Mike Causey to the role of Director of Business Operalions, some further changes to the way the register is compiled, reported and managed are being worked through, with helpful input from our insurers, Ecclesiastical Enterprise Risk Management Team. We are advised on Health and Safety issues by an extemal contractor. The Risk Register is an agenda item at all trustee meetings. with a category of risk or two reviewed at each meeting, such that everything is covered each year. Keswick Ministries take safeguarding seriously. We are committed to the safeguarding of children and adults with care and support needs and to ensuring their wellbeing. We have a truslee-lead on safeguarding. with two members of the staff team appointed as Safeguarding COrdInatOrS. We undertook a review of our Safeguarding Policy and prccedures in the autumn of 2024. E-leaming modules have been developed for staff, Kids and YoLJth team. and other key roles. Safeguarding is an agenda item at all trustee meetings. Trustee Safeguarding training was undertaken in June 2025 and it repealed on a three-year cycle. Trustees, staff and volunteers are instructed in the risk management policies that are appropriate to the work that they undertake. Monthly calls have continued with members of the Finance and General Pufposes Committee and slaff team, to review our management accounts,. KPI'S.. agree expenditure plans linked to cash flow, and to manage the Risk Register. Local public relations issues are taken seriously. and regular consultative meetings are held with representative bodies across the town. Through our Town Liaison Forum, we meet with businesses, Keswick Town Councillors and official agencies representatives on a quartedy basis. We continue to review of our key policies and share them with the siaff team via our nnthlY full moming team meetings. The following have been identsfied as the main areas of risk: Flnanclal: Fundraising.. The risk of raising insufficient funds to Cyer the increasing annual running Costs. which is mitigated by a very broad support base. non-dcmor income streams. adequate reserves. tight management of expenditure and the provision and review of monthly management accounts. The Derwent Project fundraising was Closed at the end of 2023 having raised the £8m fundraising target from supporters. At the end of the year we had £1.05m of interest free loans to repay, with £300k due to be repaid in December 2025 and £75Ok due lo be repaid by June 2027. We have also explored commercial borrowng options. induding vta Kingjom Bank. Organisational Resourcing, Skills and Knowledge: The ministry relies on a broad range of skills and abilities to deliver its a¢tivits'es and. in particular. the annual Convenlion. The ministry is well seNed by its small staff team; by its Trustees who brin9 a broad mix of theological and business knowledge and experience; and by hundreds of volunteers. Policies. processes, and procedures are maintained and reviewed. A number of changes in the core team present challenges and opportunit*s that are being worked through with a view to ensuring that we have the right team in place to deliver the ministry the Lord has so dearer led and used over so many years. The challenges and opportunities of running significant -events spaces- are being closely managed as we seek to ensure we have the manpower to deliver on bwkings. Recruitment continues to be a challenge linked to the costs of moving to the area. The Leadership Team are seeking to recruit temporary assislance I project managers l ujnsutsnts. lo enable us to move forward positively whilsl still seeking to build the staff team we need.
The current thinking is that unique portfolio of sites is something to be grateful for and to optimise in support of the growing ministry. Over time this will need investrrent and management and rna1ntenan. STRUCTURE, GOVERNANCE AND MANAGEMENT The Keswick Convention Trust is both a company limited by guarantee, not having a share capital. and a regISted charity; it was incorp)rated as a company on 1 September 2001 when the assets and liabilities of the fomier tnjst were transferred to the company. Under the Trust Deed directors are known as Trustees. The Council of Management consists of the Trustees who meet three times a year. nomially induding an ovemighl meets'ng, to manage the Trust. Trustees serve for a term of three years.. are reolectable for a maximum of a further three tern (or if deemed necessary for a further three-year teml: and may remain in office unts'l age 75 years. New Trustees are appointed in accordan with the Charity's Memorandum and Artides of Association. The Council regularly reviews the skills mix required to manage the Charity and plans sucwssion based on the known retirement dates of Trustees. In January 2025 recruttrnent consultants Camelian facilitated a -iM)ard effectiveness- discussion to assist the board l trustees ref ect on their wiortiies. New Trustees are required to follow an induction process which consists of being introduced to the operations of the Trust, normally attending one Council meeting before being formally appointed. and are offered appropriate fomial training in their responsibilities. A new PrtrS on "induction- and "buddying" at Convention has been introduced for newly appointed trustees. Trustees undertook a Safeguarding for Trustees course with Christian Safeguarding Senrfices. in June 2024. A pro(xdure for Trustee appraisal is in place and takes place during the final year of their three-year term of appointment. Mark Ellis joined the team as the new Ministry Diredor I CEO on 1Si September 2023. A Christian recruitment agency has been used to recnjit for the new role of Director of Business Operations. Mike Causey took up this new role. part-time from 1* June and fulltime from 13 July 2024. (Simon Overend, the Company Secretary reports to Mike.) The staff team meet daily for devotions and have a monthly half4ay staff meetsng which indudes a time of 8ible teaching and prayer. as well as breakfast. With the completion of the building element of the Oerwent Project. the trustees and Chief Executive have sought to reshape the staff team to meet the ministry OPF()rtunib'es and related supwrt needs before us. The Chief Executive and Director of Business Operations will conts'nue to operate as the executive. supported by three "heads of. who together make up the leadership team. Towards the end of 2024 the executive have identified a number of new posts required to support our growing site and event delivery needs. Sarah Bennington joined the team in February 2025 in the new post of Head of Development: Sarah will oversee communications and fundraising. and be a member of the Leadership Team. The Keswick Ministries vision is articulated through a Vision t)ocument prepared by the then Ministry Director, James Robson. It had a five-year horizon running lo 2022 including planning, resourcing. and delivery. The pandemic has meant that the end point has been delayed somewhat. The Chief Execulive and trustees have started the pr(eSS of looking at the nexi phase of Ihe vision. The Trustees {dire¢torsl have unanimously supported this document. In January and April 2024 Marf( Ellis (Chief Execulive) shared his initial reflections and thoughts on the future shape of the ministry and its year-round teaching and training programme. In January 2025 Mark shared his Vision 2030 paper with the trustees with a view to developing a fiv&year road map to optimise KM'S unique position and opportunities within the refomied evangelical church - under the Lord's leading and guiding. There are two main committees which support the Cncil.. the Ministry Committee. thaired by the chainnan of the charity, which is resnsIble for the spirrtual development of the ministry. arKI the Finance and General Purposes Committee. chaired by the Hon Treasurer, which is responsible for the business and practical development. 10
The trustees are grateful to Jeremy McQuoid who has served as chaimian for the last five years. Jeremy has accepted an invitation to take up the role of Lead Pastor at Grandview Baptist Church. Kitchener, Ontario. Jeremy, and Elizabeth. who has served on the staff team as our Commissioning Editor, plan to move in the autumn. We wish Jeremy and the family well in this next chapter of their Servi of the Lord. Martin Salter. who has served as a twstee since 2017. will lake up the role of chairman after the 2025 Convention. LrKal Engagement We are committed to the benefits of the Convention and the Depwent Project also flowng through to the town of Keswick. We want Ke$VCk Ministries and its operation to be a Sour of pride and benefit locally. This is supp(yted by our Tovm Liaison Fowm. a local sourcing policy, and the promotion of local businesses via our Enjoy Keswick website. We have attended occasional Keswick Town Council. and Keswick Tourism AsKKiation meetings by invitstion. and promote an open dialogue with local stakeholders. Independence of Tnjstees: The breath and independence of the ministry is a key strength and is maintained by a process of regular review of the needs and open discussion of those who might serve and complement the team. During 2023 Mattew Byatt was appointed as a trustee, and Alisdair Paine tired having (Mpleted twelve years of service. Matthew Sleeman completed his 12 years of service in May 2024. Jrxli Whitehouse rejoined the board in March 2024, Maura Baldwin and Angus MacLeay joined in June 2024. The trustees are actively Iix)king at who might be invited to jcrfn them, infomied by a skills audit and mindful of pending retirements over the next few years as some long-standing trustees complete their term of service. In January 2024, with a go(xJ stsff team in place. the trustees detennined that their minimum number should dce from 10 10 8. As mentioned previously, in January 2025 ¢ruitMent consultants Camelian facilitaled a "board effectiveness- discussion to assist the board I trusiees reflect on their priorities. Reputstion: Areas of reputational risks include - ministry. m(walty. health and safety, safeguarding. company and charity compliani*. We are well served by the Finan and General Purtx)ses Committee. where we have finan. aCCnng, and legal expertise. and by our professional advisors. We also subscribe to relevant publications. and to Companies House and Charity Commisson email UlateS. 2025 is our 150th anniversary and we antiapale record numbers at Convention notN4ithstanding the Challenge of most schools in England not breaking up until Week 2. As mentioned above we are publishing 'Keswick Ministries.. 150 years of Lives Transfomied in Christ. a bwk which celebrates God's faithfulness to the ministry and the faithfulness of his people. The Council and staff remain committed to sustsining the dear focus of the organisation around its primary charitable objectives. whilst also seeking to put in place the foundations for the future development of the ministry under the Lord's ading. Our values use the mnemonic CHRIST - Commitmenl. Humility. Respect. Integnty. Stewardship and Teamwork. with the overrKling call to Chrisllikeness. Keswick Ministries partners with different Christian ¢yganisatK)ns to help take forward its objectives, induding the recording, broadcasting and wblishing of the teaching given at the Keswick Convention,. the provision of a Convention programme for adults with leaming difficulties and the provision of a Convention bookshop. In February 2024 two Pastoral Refreshment cOnferenS were held back to back to increase capacity; this model was repeated in February 2025. Other Teaching and Training events are also delivered in partnership with other organisations and appropriately gifted trainers. Two significant Teaching and Training evenls in 2023 were our first Churches Weekend Away and the Identity Workshop. The Churches Weekend Away, held in Spring 2023, gave opp(xtunity for smaller fellowships to come away and benefit for firsl dass Bible teaching from and worship. Over 2(Ki people from four fellowships attended. The Identty Workshop. held in autumn 2023. was attended by 1 CJ) people, induding leaders in their field who were able to speak into this complex area and share G(yJly wisdom. As mentioned above a second Identity Workshop was delivered November 2024, with fewer people attending. A second Churches Weekend Away was held in March 2025. The Missionary Hospttslity Fund supports the cost of attendance of missionaries at the annual Convenkn'on and also the costs of those attending other Keswick Ministn'es mission related activities.
Consolidated financial statements have nol been ppared on the grounds that Ihe SuIts of the subsidiary undertakings would not be material to the group finanaal statements. FINANCIAL REVIEW General The Trustees. financial obj'ectives are iwofold: To raise sufficient funds lo rneet the cost of the Trust's rrent activities and to develop new activilies. To raise sufficient additional money to complete the refurtx'shment of the Pencil Factory building to provide further accommodation for Convention activities. and Conferen facilities. not just to hosl ministry activities in pursuit of our objedives at other times of the year. but also to be available for extemal hire. This objective has now been achieved, with no further fUndlsing tsking pla. We are grateful that many of those who have given generously in support of the Project are CtinuIng to support the General Fund. The income of Keswid( Ministries comes mainly from voluntary donations made by those who support and attend the Convention, and its financial viability is dependent on this. Once again, we are grateful to God for the financial provision in the year under review. and to the many thousands who have caught the vision for the work of the ministry and have given so generously towards it. Summary of Financial Positfjon The financial results are set out in the Statement of Finanaal Activities on page 20 and Can best be described under two headings.. The Genepl Fund (unrestncted) and Derwent & Mission Hospitality Fund (restnctedl. The General Fund had inccthe for the year of £2,480,987 compared with £1.859.686 in 2023, an increase of 33%. Expenditure, at £2.505.650 was some 17.kn higher than in 2023 (£2,150,524). Taken together, 2024 produced a net deficrt of £24.663 on the General Fund compared with a net defficit of £290,838 in the previous year. The defect includes a depreciation charge of £193,087, which is a n<a$h item and is substantially higher in 2024 due lo the amortisation of the refurbished Penal Factory. We are very thankful that giving to the General Fund has held up w811 in what has been another year of great uncertainty. Costs. particularly in the areas of technical support and volunleer accommodation, have risen quite substsntially. With regards to the Dep4vent Project and Mission Hospitalty Fund (Restricted Funds) the financial results in 2024 reflect our closing of Defwent Project fundraising. Income was £162.343 Compared with £753,065 in the previous year. when we were still ackn'vely fundraising for the Derwent Prqect. Expenditure was £80,628 (2023 £107,091). The DeThvent Project, whith is now in rts lenth year. accounts for most of the restricted income and expenditure. The project was largely c(npleted in 2023. with the fundrais1r tsrget of £8.Om now reached. The Mission Hospitslity Fund included in these numbers. has not had an appeal or special offering for the last nine years because of the focus on D8p•ient. Inc(xne for this fund was £30.239 in the year compared with £13,513 in 2023.. the balance on this Fund is now £22.912 (see note 15). This fvnd enables missionaries to attend. and benefit from. the Convention who otherwise wouldn't be able to do so. The Restricted Funds balance at the year-end, of (£409.2271 (2023 - (£483.610)). relates almost entirely to the Derwent Project. Total income (restricted and unrestricted) amounted to £2.643.330 compared to a pVIouS year's total of £2.612,751. After deducting expenditure. the net surplus for the year was £57.052 (2023 - £355.136). on again. the Trustees are thankful for the ntinUIng high numbers suppxts'ng the ministry, and for their generosity in both prayer and giving. 12
DONATIONS AND LEGACIES The activities of the charty are financed almost entirely by voluntary gifts throughout the year, offerings taken during Convenkn'on and legacies. Legaaes of £32.116 (2023 - £5.185) were reCJniSed during the year. We gratefully acknowledge the many unrecorded gifts of time and expertise given by so many during the course of the year, without vthich our operating costs would be substants'ally greater. FUNDRAISING Keswick Ministries is fortunate in having a large and loyal supporter base who have supported the charity for many years, and bvho give generously in support of our financial needs. When the Derwent Project was launched in the summer of 2015. the financial needs of the project were laid before our supporters. with supporting material. and they responded magnificently. Normally we update our supporters on plans and progress at Ihe annual Convention. and by means of regular newsletters. The Derwent Project was substantially completed during 2023 and active lundraising ceased at the end of that year. We have worked with design agencies to Produ quality campaign material, and are registered with the Fundraising Regulator complying with their standards. In addition. we have Trustees. and a minisler-at-large, who is a former trustee with fund-raising experience. These areas are overseen by our Head of Development, Hon Treasurer and the Finance & General Purposes Committee of the Council. We hav8 not used extemal agencies or third parties to specifically fundraise on behalf and have taken responsible approach to seeking funds for the proteth'on of all our supporters. induding those who may be d88med vulnerable. We have not had any complaints about our fundraisiThJ. but were any to be received, they would be taken seriously and handled al a senior level. RESERVES POLICY In addition to the Designated Reserves set out in Note 16. the directors have agreed a General Reserves policy designed to meet the required level of working capital given the cydical nature of cash flow,. General Reserves of £400,CN)O to £600.000 are considered appropriate. As such the General Resetves of £495,282 {2023 - £332.922) are )nSIdered to be adequate. The Designated Fixed Assets represent the net bcrf)k value thereof, less a loan from a supportive Charity. on favourable terms. REMUNERATION POLICY The pay of the senior staff is set so as to be fair in the light of prevailing rates in other Christian charities. and the locality, and lo ensure that the right calibre of people can be recruited to key roles. A bench-marking exercise has been undertaken. results.ng in the establishment of four salary bands. The Trustees review salaries annually and usually make a cost of living increase to all staff. Total pay and benefits in the year was £521.78612023 - £481,312), an increase of 8% (see note 7). TANGIBLE FIXED ASSETS The assets and relaled depreciation, induding rates of depreciation are set out in Notes 1 and 8. 13
PUBLIC BENEFIT The Trustees have considered the public benefit guidan issued by the Charrty Commission together with Ihe supplemental guidance the application of the public benefit test to charits'es whose aims indude advancing religion. The Tnjstees are aware of their legal duty to have regard to the public benefit guidance and to report on this charity's Complian with the putrAic benefit obli9atM)n. The physical and spiritual refreshment gained by those who attend the Convention prowdes a direct public benefit by the deepening of the spintual life of the individuals and, through the irKlividuals, their church communities and. through those church communtties. Ihe wider communities in which the churches are set. In 2024. as with previous years, much of this benefit was achieved through having the Convention available - line. as well as through the physical event; the on4ine material being accessed by many thousands of people from all over the wodd. These benefits a directly related to the aims of the chanty and the Trustees a consCiS of the need. so far as they are able. to balance the delivery of the benefits against any possible detriment or hami. Since the main Convention event is open to the public and no charge is made for attendance at the overwhelming majority of the programme. there is the widest possible reaL* from the charity's activities. Because there is no fee. those in povety are not exduded from the opportunity to benefit as they can attend the meetings at no charge. The Truslees are consci5 of the need lo ensure thal any pnvate benefits are only incidental. The work of the charity through the year in offering assistance and guidance to similar Conventions and meetings elsewhere has the effect of spreading the publbc benefit even wider. INVESTMENT POLICY The directors have powers to invest surplus fijnds in investments. securities and properties as they think fft. subject to the provisions of any relevant legislatj'on. prOrtY investment may be for the dual purpose of active use by the charity and appropriate letting for peri¢xls not required for direct charitsble purposes. During the year the Twstees have considered the investment poliaes, especially in the light of the low interest rates being paid. Given the active consideration that is being given to the timing of some of the major costs noted in this report, surplus funds are invested in a mix of Term and Instant AC$$ bank deposts. Social, environmenlal and ethical consideralims are considered in selecting the banks at an appropriate level of risk. Liquid funds are invested with a view to maintaining their value. pending planned expenditure in the short to medium term. The trustees consider the perfonnance of these investments to be satssfactory. 14
DIRECTORS, RESPONSIBILITIES Company law requires the directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of Ihe company for that year. In preparing those accounts, the directors are required to.. select suitable accounting policies and then apply them consistently: make judgements and ests'mates that are reasonable and prudent.. state whether applicable accounting standards have been followed. subject to any material departures disdosed and explained in the financial statements- prepare the financial statements on the going concem basis. unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping proper accounting records which disdose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregulartties. The directors also confimi that as far as they are aware there is no relevant audit information of which the chanty's auditors are unaware and they have taken all steps that they ought to have taken as directors in order to make themselves aware of any relevant audit infomiation and to establish that the company's auditors are aware of that inf0mtIOn. In preparing this report the trustees have taken advantage of the small company exemptions provided by section 415A of the Companies Act 2006. By order of the Direct(xs Steve Adam (Treasurer) Date: 15
Independent auditor's report to the members of Keswick Convention Trust Opinion We have audited the financial statements of Keswick Convention Trust (the 'charity') for Ihe year ended 31 December 2024 which comprise Statement of Financial Activities. Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 -The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements: give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its income and expenditure for the year then ended,. have been properly prepared in accordance with United KIn10M Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audil of the financial statements in the UK, including the FRC'S Elhical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements. we have concluded that the trustees. use of the going concem basis of accounling in Ihe preparation of the financial stalements is appropnate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charity's ability lo continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this pOrt. 16
Other information The other information comprises the infomiation included in the annual report, other than the financial statements and our auditor's reFXlrt thereon. The trustees are responsible for the other infomiation contained within the annual report. Our Opini the financial statements does not cover the other information and, except to the extent otherwise explicity stated in our report. we (Jo not express any form of assuran condus1 thereon. Our responsibility is to ad the other informab'on and. in doing so. o)nsKler whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otheThvise appears to be materially misstated. 11 we identify such material inconsistencies or apparent material misstatements. we are required to deternine whether this gives rise to a material misstatement in the finanaal slatements themselves. If. based on the work we have perfom)ed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to rert in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work uThJertaken in the course of the audrt: the information given in the trustees. report which includes the directors. report for the financial year for which the financial statements are prepared is consistent wth the financial statements.. and the directors, report including in the trustees. report has been prepared in accordance With applicable legal quireMents. Matters on which we are required to report by exception In light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit. we have not identified material mk8Statements in the strategic report or the directors, report. We have nothing to report in respeci of the following matters in relation to vthich the Companies Act 2006 requires us to report to you if. in our oFMnion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not wsited by us: or the financial statements are not in agreement with the accounting records and retums., or certain disclosures of trustees. remuneration specified by law a not made., or we have not received all the informaticm and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemption in preparing the Report of the Trustees and from the requirement to prepare a Strategic Report. 17
Responsibilities of Trustees As explained more fully in the trustees. responsibililies ststement set out on page 15. the trustees are sponsible for the preparation of the financial statements and for being sakn'sfied that Ihey give a true and fair view. and for such intemal control as the trustees determine is necessary to enable the preparats'on of financial statements that are free from material misslatement. whether due to fraud or error. In preparing the finanaal ststeffents. the trustees are responsible for assessing Ihe chanty's ability to continue as a going concem, disclosing. as apF4icable. matters related to going conom and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative bul to do so. Auditor's responsibllitles for the audit of the financlal statements 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 auditor's report that indudes our opinion. Reasonable assuran is a high level of aSSUnCe but is not a guarantee thal an audit conducted in accordan with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered matenal if, individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of the financial statements. The extent to which our procedures are capable of detecting irregularities, induding fraud is detailed below. Irregularities, including fraud. are inslances of non-complian wth laws and regulations. We despn pr(dureS in line with our responsibilities. tlined above, lo detect material misstatements in respect of irregularities, including fraud. Based on understanding of the charity arKI its industry, we considered that non-compliance with the followng laws and regulalions might have a Material effect on the financial statements: Charities Act 2011. UK tax legislati, anti-bribery. corruption and fraud and money laundering. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstslement in respect to norFcompliance. our procedures included. but were not limited to.. Inquiring of management and. where appropriate, those charged with govemancA, as to whether the charity is in compliance with laws and regulats'ons, and discussing their policies and procedures regarding compliance with laws and gulatiOns. Inspecting correspondence. if any. with relevant licensing or regulat(xy authorities: Communicating identified laws and regulations to the engagement team and mainIng alert to any indications of non-compliance throUght our audtt,. and Considering the risk of acts by the charity which were contrary lo applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect the preparation of the financial statements, such as the Companies Act 2006 and the Charilies Statement of Recommended Practice. 18
David Hoose (Jul 24, 2025 17:13:09 GMT+1)
24/07/2025
Statement of Financial Activities (including income and expenditure account) For the year ended 31 December 2024 UreSted Restricted FuThls Totsl FurJs 2023 Total funds Note FufKts (note 231 Incon and endOThents froffL Donations and legacies Charitable aCtiWtS Other trading aclmties knvestmenls Rents and licence inccthe Other Total 1.769.923 124.774 134.e118 293,571 152,195 5.916 2.480.987 162,343 1.932.266 124.774 134,fA)8 293,571 152,195 5,916 2,643,330 1,979,198 143.498 65,632 296,349 124,711 3,363 2,612,751 162.343 Expenditure on: Raisir¥J funds Charitable 152.YO 2.3&3.110 2,505.6Y) 10,(9 162.609 183.680 70,559 2.423.669 2,073,935 Total 80,628 2,586.278 2,257,615 Nel Incon {24.663) 81.715 S7,052 355.136 ReValuatn of investment Transfers fv4een funds Net infunds 16 7.332 117.331) 17,332) 74.383 355.136 Reconciliation of funds: Total funds brougm forward Totsl funds carried forward 12.971.4(K) 12,954,069 1483,610) {409.227) 12.487.7 12.544.842 12,132,654 12,487,790 The Statement of Financial Activitses indudes all gains and bsses recognised in the year. All income and expenditure derives from conts'nuing acttvities.
Balance Sheet As at 31 December 2024 Company number: 03913741 Total FuThJs furKI$ 2024 2023 Flxed assets Tangible assets Investments Dep)srts Tot81 fixed assets 9,671.287 2,9)7.505 5,652 12,584,444 9.850,978 2.7,505 5,619 12.764,102 Current assets Debtors 10 175.823 184.830 1.306.183 1.491.013 Cash at trffjnk aTrJ wi haTrJ Total Currenf assets 11 1.129,406 Llabllltlo• Credrtors.. due within one year Not ¢Uff8nt ass4ts Total assets less current Ilabllltles 12 419.(X)8 1,017,325 710.398 13.294.842 473,688 13.237.790 L(x)g Tem Loans 13 750.(XXI 7.Cl} Total net assets w liabilit$ 12.$44.842 12.487.790 The funds of the charty. Restricted income fvrKIs Unre51ri¢led furts - DesNJnaled UnTrstri¢led fvrds - General 15. 16, 17 16. 17 16. 17 1409.2271 12,458.787 495.282 1483.610) 12,638.478 332.922 Tot•1 ¢h•rlty funds 12,544.842 12,487,790 These financial statements have been prepared in accordan with the special provisions of the Companies Act 2006 relating to small o)mpanies. and signed on their behalf by Steve Adam (Treasurer) 21
Statemènt of Cash Flows For the year ended 31 December 2024 2024 2023 Cash provldèd by operatlng actlvlths 21 (632.742) 132.564 Cash flows from Investlng xtlvttl•s: knterest 33.010 2eii,561 40,351 255.998 Rents frcrfn investments Sale of tsngible fixed assets Sale of investments Purchase of tarrfjible fixed assets Cash (used in) I provided ty investing activities {13.) 280,175 411,1931 1114.844) (Decrease) l increase in cash cash equrvalents in y Cash and cash equwalents al the beg'nrwng ol th& year Totsl cash and cash equlvalfrnts at the end of (352.5671 17,720 1.311.802 1.294.082 959,235 1,311.802
Notes to the Financial Statements For the year ended 31 December 2024 Accounting policies a. Accounling convention The charity is a public benefit entity and the accounts are prepared under Ihe historical cost convention in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland. the Companies Act 2006 and Statement of Recommended Practice. Accounting and Reporting by Charities ISORP 102). The Keswick cventIon Trust is a private c(xnpany limited by guarantee and is non-profit making. The Keswick Convention Trust is incorporated in the United Kingdom and registered in England and Wales. b. Consolidation The charity's two subsidiaries are not consolidated on the grounds of immateriality. c. Going concern The companvs business aciivities. its perftjrnnce and position are set out in the Direclors. Report on pages 4 to 15. The company's forecasts and projections sh(M that the company should be able to operate within the working caFMtal facilities available to tt. The Trustees have a reasonable expectation that the Company has adequate resources to continue in operats'onal existence for the foreseeable future. They therefore contsnue to adopt the going concem basis of accounting in preparing the annual financial statements. There are no material uncertainties about the entiws atylity to continue to operate. d. Income Donations and legacies consist of gifts. offerings. legacies and related Gift Aid claims. Income which is reiVed for a spectfic purtx)se is accnted for wthin a restricted fijnd. Income is recognised in the year in which the (x)mpany is entitled to receipt and the amount can be measured reliably. It is allocated to actNities on an actual basis. In ac01rdan with this policy. legacies are induded when it is probable that they will be received. Donations in kind are reported at fair value. in accordance with accnting standards. e. Expenditure Indudes all expendilLJre directly relating lo the objects of the charity. induded on an accruals basis. inclusive of any VAT which cannot be recovered. and on the following basis.. Wherever possible. costs are allocated to ath'vities on an actual basis. Costs shared between aclivities are apportioned between these activities. Support costs which a not attributable to specific acts'vity have been apportioned between the activities being supwrted. Wages and salaries have been split between funds on the basis of estimated time spent by staff members on the Derwent project. 23
Notes to the Financial Statements For the year ended 31 December 2024 Continued f. Financial instruments The Irust only has financial assets and liabililies of a kind that qualify as basic financial instruments. g. Debtors Includes amounts invoiced t)ut not yet paid, together with payments in advance, less provisions for any doubtful debts. h. Cash at bank and in hand Equates to less than 100 days access bank balances and cash floats. Creditors and provisi(ms for liabilities Includes purchases invoiced but not yet paid. Concessionary loans are measured at amortised cost. j. Fixed assets Fixed assets are shown at original cost . if donated. at their value on Ihe date of th& gift. less accumulated depreciation. Depreciation is calculated to wrile off the cost less estimate¢J residual value of fixed assets over their estimated useful life. Land is not depreciated and buildings are depreciated at a rate of 2°A on a straight4ine basis; equipment and fumiture are depreciated on a reducing balan bass at a rate of 30%; The minimum capilalisation level is £1.OCQ. k. Fund accounting The directors have relained the designated sums foming part of the charity's unrestricted funds to be used for particular WTposes in the future as outlined in Note 16. Investments in subsidiaries a recognised by the charity at cost less and provision for impaimient. l. Investments Investments held as fixed assets are stated at cost less provision for any pemianent diminution in value or at fair value as determined by the Trustees as shown in Note 9. Investments in subsidiary undertakings are recognised at cost less any provisi for impairment. m. Public benefit concessionary loans Public benefit c(x)cessionary loans are initially measured at cost with the carying amount adjusted in subsequent years to reflect repayments and any impaim)enl as determined necessary by the Trustees. n. Operats'ng leases Rentals paid under operating leases are reco3nised in expenditure a straight-line basis over the period of the lease. 24
Notes lo the Financial Statemenls For the year ènded 31 December 2024 Continued Judgements in applying accounting policies and key sources of estimation uncertainty Investment properties The Rawnsley site has been valued on the basis of the net income derived from car parking. An informed view has been taken as to an appropriate rate of retum. with income forecast into perpetuity. infom)ed by histonc trends, known plans and any other pertinent extemal factors. The Pencil Museum has been valued on the basis of the net income defived from rental income. An informed view has been taken as to an appropriate rate of retum. with income forecast into perpetuity, infomed by historic trends, known plans and any olher pertinent extemal factors. Discount rates in the range 7.5Qh to 8.0% are considered appropriate and have been used for these cabculaiions. Denvent Project Site development costs in respect of the DeThvent Project fall within the VAT Capital GooJs Scheme and as such an estimate of the VAT partially recoverable thereon is included at the balance sheet date. The amount of VAT partially recovered is linked to the current and projected activities of the charity. Income Donations arKJ acies'. 2024 2023 Legacies Lhrestricted donations Restricted donab'ons 32,116 1,737,807 162,343 1 932 266 5.185 1.220,948 753,065 1 979 198 In4estrrEnts.' 2024 2023 Interest reCd Pntsl in¢cKr 33.010 260,561 40.351 255.938 25
Notes to the Financial Statoments For the year ended 31 December 2024 Continued Analysis of expenditure on charitable activities Activities undertaken directy Suprx)rt Totsl Restricted funds 'ssionary Pk)slat1ty Fund Derwt Prqecl 15.140 55,419 15.140 55.419 Lknrestricled funds charitab actsmb'es 1,343,439 76,328 1490 326 583.238 350.105 1,926,677 426,433 Total Charitable activits'es costs include the year round costs of the Skiddaw Street Convention Centre and staff offices, and of the Rawnsley building. 2023 comparative Actimties undertaken dIrty SupF( costs Totsl £tivity Restricted fuThJs 'ssionary Fk)spitality Fund Dep11 Project 10.635 10.635 Lknrestrict&J funds Charitable acbbib'es 1,173.159 53,132 1246 780 498,412 328,743 827 155 1,671,571 &81,875 2 073 935 Total Charitable activities costs include the year round (x)sts of the Skiddaw Street Convention Centre and staff offices, and of the Rawnsley building. 26
Notes to the Flnanclal Slataments For the year ended 31 December 2024 Continued Analysis of cosls - 2024 Unr•atrlctsd Fund• R••trlct•d Fund• Total Fund• R•l¥nq fvndl Chalabl• Other Total nr•l¢l•d Charltabl• advltl•B Totsl R•rl¢t•d R¥lng lundJ othor Totsl Support ¢3Mmance 5,450 2,625 3.081 23.Xw] 469 11,673 10.037 8.473 438.286 S8.491 56.277 583.237 6.998 9.600 3.851 so.000 1,876 277,781 350,106 24.121 22.262 15.405 511.786 24,121 22.262 15.405 521.786 FInae knl)m)alion TeChOgY man RosourGe816alarig$ ponsion ¢onlribLrtic4%1 10.C#)) 10.000 Othr I11lIng depr8cialion and in8urancel 117,415 152.540 451.473 1,085.883 69 69 451.542 1.095,952 10.069 10,069 Dbr•cl co• Oltsr Chaniabl• 1.343,439 76,328 1,419.787 70,559 70.559 1.49J,328 1,343,439 76,328 1,419,767 70.S50 70,559 1.490.326 Totsl 152.540 1.926,676 426,434 2,505,650 10,069 70,559 80,628 2,581,271 Analysls of costs . 2023 Unr•rlct•d Fund• R••trlct•d Funds Charitabl• advltl•• Tg1¥l Fund• Raldng fvnd• Charltabl• 4ctlvlll•a Oth•r Total unr••trict•d R•ln9 fvnd• Oth•r To1 R•rlct•d Totsl Support ¢0 2,709 2.291 3,148 24, 13,037 12,190 11,544 360,984 51,209 49,449 498.413 7,530 11,235 4,198 48,131 2,133 255,514 23.276 25.716 18.8g 3.810 sn 3.810 573 2.099 48,131 1.600 30.389 86,602 27.086 26.289 20.989 481,312 56.542 398.616 Financ8 Inymation Technd09y trmaN Rgsour¢o$ (salaries and nsiOn eon1ribu1n$I 433.181 54,942 368,227 924,232 48.131 Ollw lirKludirp deprgciation and insuranc81 30,389 86.e02 97,078 328.741 1,010.834 Dlr•¢t ¢0• Ollw CharilatrA$ 1.173,159 53,133 1.226,292 20,489 20,48g 1.246.781 1.173,159 53,133 1,226,292 20,489 20,489 1,246,781 Tol•l 97,078 1.671,572 381,874 2,150,524 86,602 20,489 107,091 2,257,61S 27
Notes to the Financlal Statements For the year ended 31 December 2024 Continued Auditorfs remuneration The company incurred the following charges from the auditor. 2024 2023 AJIt fee - 2023 Audit fee - 2024 Tax admce and consutsncy 750 19,5tK) 4,030 18.000 Staff costs. related partles and volunteers 2024 2023 Wages and salaries sla1 Security costs Pension contributions Erry)knynEnt selknEnt 427.800 35,793 58.193 397. 32.267 51.381 521.786 481,312 The Trust operates a defined contribution pension scheme. No employee eamed £60,01)O per annum or rTre (2023 - no employee earned £60.000 per annum or more). The average number of full time equtvalent employees was 12 (2023 - 11.71 and the average headcount was 14 (2023 - 13). Trustees, and Chief Exocutive Remuneration 2024 2023 Trustees Chief Ut1*E arKI Director of Business Qwatic¥ The above remuneration is considered to be the remuneration of the key management personnel. Mark Ellis Chief Executive who led the organisation. assisted by the Director of Business Operalions. Mike Causey (Appointed 1 June 20241. Expenses of £5,048 (2023 - £4,856) were reimbursed to 10 (2023 - 10) directors for travel and meeting expenses in the year. The spouse of a trustee, received remuneration of £12.691 (2023 - £13,963). A contribution of £1.015 (2023 - £828) was also made to the charity defined contribution pension scheme. 28
Notes to the Financial Slatements For the year ended 31 December 2024 Continued Staff costs, related parties and volunteers Icontinued) No trustee director received any remuneration in respect of their seNices as a Trustee of the charity. The charity is extremely grateful to over 750 volunteers who assist during the three weeks of the Convention and at other times throughout the year. The Convention volunteers undertake a wide variety of practical tasks in the areas of children. youth. and young adult's ministry. stewarding, catering. gift processing, and reception. With the cVentiOn now on the new site, it was wonderful to see everyone working together in the Servi of our Lord. We are also indebted to the volunteers who have helped year-round with administrative tasks. and wilh practical work across our sites. The trustees wish lo record their appreciation for all the assistsnce that has been, and continues lo be given in support of the ministry. Fixed assets Freehokl land FfeelM)kl land & buikltngs & buildings Skiddaw Rawnsley Pencil Factory Equipment & Site Furniture Total COST At 1 January 2024 jjditiS Dist#Jsals 31 Decerr*Jer 2024 DEPRECIAM( Al 1 January 2024 Charge for Ihe year DisKx)sab At 31 Decents 2024 1,108,854 9.(6.852 7.332 183.376 11.029.017 13.396 1,108,854 .935 9.074.184 189.440 11.042.413 580,072 22,185 223.242 13.397 209.720 150.444 165.c5 1.178.039 193.087 602,257 236,639 172,C67 1.371,126 T B(KA< VALLE At 31 Decents 2024 ,597 433.2 8.714,020 17.373 9.671.287 At 31 Decerrthr 2023 528.782 446.693 8.857, 132 18.371 9.850.978 The Convention cent at Skiddaw Street. with a net book value of £506.597 secures a loan on favourable terms from a supportive charitable trust. 29
Notes to the Financial Statements For the year ended 31 December 2024 Continued The trust owns a number of buildings for different purposes and each of these has been listed below with a description of the usage and the accounting treatment. Pencil Factory site The site of the annual Convention and the majority of the year-round Teaching and Training Events. whid) is valued at cost less depreciation. Rawnsley- Buildings Neighbounng the Pencil Factory site. Houses the staff OffiS. Used during Convention for team catering. and as "gateway. to main sile which is valued at cost less depreciation. Rawnsley- Car Park Car Park neighbouring the Pencil Factory site. Which is valued on the present value of cash flows from the car park income in lieu of a professional valuation. Skiddaw Street Used to accommodate volunleers during Convention. Also used as T&T event accommodation. Unused space let to local charity. accommcyjation used by church and other groups throughout the year which is valued at cost less depreciation. Pencil Museum Site AdIant lo the Pencil Factor site, which is valued on the present value of cash flows from the rental income in lieu of a professional valuation. Investments Investment Prowty Far Value Quoted Unquoted Investments InvestnntS Valuation Cost Basis of valuation Total Cost or valuation at 1 January 2024 DisposaLs at cost or dIUatiOn Gains on revaluation Transfer to current assets Cost or Valuation at 31 December 2024 2.7,5{1 2,7,15 2.)7.9)5 The fair value of the investment property has been calculated using the cash flows of rentsl in(x)me as a yield on the investment. No fomal valuation has been obtained from a qualified independent valuer. There are no restncts'ons on the ability to realise proceeds on disposal of the properts'es or on the rern1ttan of income.
Notes to the Financial Statements For the year ended 31 December 2024 Continued Subsidia Com ni 2024 2023 Whc4y 0d sltsidiary". Kesv•ick Cn¢t1 Pr(4ect Ltd Kesb•ick Prgects (RavMSy) Ltd Keswick Convention Proieci Limited, a company ervjaged in carying oul prqects in COnnlI0n with the Keswick Convention. and Keswick conventic Prqects (Rawnsleyl Limited. a company engaged in carying out trading activities in support of the Keswick Convention. are both wholly owned trading subsidiaries. and incorporated in England. All shares held are ordinary £1 shares. The year end for both subsidiaries is 31 t)ecember 2024. The aggregate share capital and reserves of Keswick Convention Projects (Rawnsleyl Limited was £2 and its tumover for ihe year was £312,018 resulting in a £nil profit. Keswick Convention Project Limited aggate Sha capitsl and serveS at 31 December 2024 was £4.809 and its lumover forthe year was £46.994 resulting in a net profit before tax of £nil and donations to the parent company of £3,546. Consolidated financial ststements have not been prepared on the grounds that the results of the subsidiary undertakings would not be material to group financial statements. 10. Debtors 2024 2023 Trade debtS Payrrents in adwtt- &ccrn)>tsti PrepaynEnts aThJ &cru&d IOn AnTrnts ovd try uThJertak1JS Cther debtrKs 8.739 84.457 22,3 67,1))) 76,e4J1 18.639 11. Cash and cash equivalents 2024 2023 Cash in harKJ Ice detJ)gts {S Ihan three Ks) Current asset 243,S88 709.995 293,496 1,012,687 1 306 183 2024 2023 Longer terrn dewsits n-current as% 5.652 5.619 Total cash 959 235 1311802 31
Notes to the Financial Statements For the year ended 31 Dmber 2024 Conlinued 12. Crodltors: amounts falllng due within one year 2024 2023 Trade creditLYs Cxher creditors 17,(5 17.642 144.531 21.279 7.(M) 108.058 43,457 1017 325 Accruals Deferrgj incoffe 42,649 41,712 The £300,000 loan is con¢essionary'. from SUPFQrtive individuals: at zero inte$1. repayable on demand and is unsecured. Deferred ino)me relates to deposits for faciliti'es t)0ingS and course fees falling in the next financial year. Deferred income has been recognised as foll(AYs.' 2023 Deferred incorre txcwht fcTherd Released lo inc during the year ReC&d duriThJ Ihe year Deferred incorre carried lcrfrd 13. Creditors: amounts falling due aftor one year 43.457 (43,457) 41.712 41.712 40,474 (40,474) 43.457 43,457 2024 2023 Concessionary loans Due tsetbn 1 aThJ 2 years Due befvEen 2 WKI 5 yews Due after 5 years 7).(Kl 750.(MJO The £750.OlJJ loan is concessionary.. from a supp(xtive Christian Trust; al zero interest: repayable by 16 June 2027 and secured by a first charge on the Skiddaw Street Convention Centre. 14. Financial instruments 2024 2023 Financial assets ffeasured at anKxtised cost Cash and cash Ul%lents Financial h'abilties rwsured at art1$ed cost 31.802 959.235 1.067.fX15 41.029 1.311.802 1.594.531 Financial assets measured at amortised cost comprise trade and other debtors. Financial liabilities measured at amc*b'sed cost comprise trade and other creditors and loans. 32
Notes to the Financial Statements For the year endod 31 Docember 2024 Continued 15. Restricted funds Balanco k)vemènt Expenditure and Transfers 31 Decenknr 2024 2024 Balance Incom? 1 January 2024 2024 'ssionary Pk)SPtslity Fund Derv•ent Project Fund 7.813 491,423 30.239 132.104 15.140 72.820 22,912 432,139 The Missionary Hospxtslty Fund was estsblished to receive gifts in order that acMMOdatIOn can be provided and grants can be given enabling missionaries to attend the Convention and other Keswick Ministries mission related acttvitses, tC*3ether with associated administration costs. The Derwent Project will secure the future of the Convention and allow for the growih of the ministry at other times of the year. Further information in respect of the Depwent Project can be found in the directors, report. The deficit arising on the Derwent Project fund is covered by the Oerwent Project Designated fund together with funds received after the year end. Restricted funds are held in liquid assets. 33
Notes to th• Flnanclal Statements For the year ended 31 DeGembor 2024 Continued 16. Summary of fund movements Balance Gain on om8 Expenditure revaluation of Transfers Balance 31 1 January 2024 FurKI 2024 Fi>8d Asset Det Prciecl FurKI General Funds 12,1Th.478 193,087 13,396 11.828.787 332.922 2,480,987 2.312.563 {6.C64) 495.282 iknrestricted Fur¥Js 12,971,4CK) 2,480.987 2.505,650 7.332 12.954,(E9 PÉstricted Funds ¢)nary Fknspitality Fund Der4wt Propct FuThJ pStriCted FuThJs 7,813 30.239 15,140 22.912 (491.423) 132.104 (7,332) (432,1391 483,610 162.343 80.628 7,332 409.227 Tctsl Funds 12.487,7 2.643,330 2.586,278 12,544,842 Desi nated Fun The Fixed Asset Fund represents the toial amounts invested, from general funds and special appeals in the past. in tangible fixed assets and investment properties less depreciation and borrowings secured thereon. Included within the Fixed Asset Fund is £2.139,918 (2023: £2.139.918) of nonlStribUtab1e reserves. arising from revaluati. The Derwent Project Designated Fund represents amounts set asKle in relation to the Derwent Project. The Trustees expect the amount to be used within the year folk)wing. Transfers of £7,332 from the Derwent Project Restricted Fund to the Fixed Assets Designated Fund relates lo the capitalisation of fixed assets purchased in respect of the Detwent Project. Transfers of £6,064 from the General Fund to the Fixed Assel Designaled Fund relate to the capitalisation of fixed assets purchased in respect of the general fund.
Notes to the Financial Statements For the year ended 31 December 2024 Continued 17. Analysis of net assets between funds Long Term 2024 Tangible knvestThEnts Net Current & Deposits Assetsl(liabilities Total Loan Unrestricted - designated Lhrestricted - g8wal Total unrestricted 9,671,287 (750.(KK)) 12,458.787 5.657 2.913,157 489.625 1.119.625 495,282 12.954.069 9.671.287 {7s).IX) Missionary Fbspitality Fund Derwenl Prcyect FurThJ Total restricted 22,912 22,912 432,139 (409.227) 432,139 {409,2271 Total funds 9.671,287 2.913.157 710,398 750,IXKI 12,544,842 2023 Tangible knvestn*nts Net Current & Deposits Assetsl (liabilities) Long Term Concessionary Total Unrestricted- designated Lfvrestricted - general Total unrestricted 9,850,978 2,7,5x1 {79).IXKI) 12,638,478 5.624 2.913.124 327.298 957.298 332.922 12,971,400 9,850.978 I7.11) Issionary Ftyj'tskty Fund Derwent Propct FurKI Total restricted 7.813 7.813 491,423 1483,6101 491,423 1483,610) Total fvnds 9,8&1.978 2.913.124 473,688 7¥.[Ml 12,487.7 35
Notes to the Financial Statements For the year ended 31 December 2024 Continued 18. Related party transactions Keswick Convention Projects (Rawnsley) Limited is a wholly owned subsidiary of Keswick Convention Trust. For the year ended 31 December 2024 Keswick Convention Projects (Rawnsleyl Limited was charged rent of £263.692 (2023 - £248.947) by Keswick Convention Trust, of which £23.06212023 - £15,532) remained outstanding as at the year end. Keswick Convention Project Limited is a wholly owned subsidiary of Keswid( Convention Trust. Keswick Convents'on Trust incurred no expenses on behalf of Ihe subsidiary. At the year-end a provision has been made for the payment of a charitable donation in Keswick Convention Project Limited's accounts to Keswick Convention Trust for the sum of £3,546 (2023 £11,886). During the year the Trustees made donations to the Charity of £14.548 (2023 - £15,404). Of this £nil (2023 - £3.835) was in relation to the Derwent Project. The project has the fvll support of the Trustees. Mr S Hale, a trustee direclor, is a director of Ellis-Femior & Negus Ltd, a Solicitors firm. which received payments totalling £nil12023 £700) in respect of legal services. At the year end the amount owing lo Ellis-Femior & Negus Ltd was £nil (2023 - £nil). 19. Financial commitments At 31 Dember 2024 the charity had capital commitments totalling £41,826 (2023: £55.000). 20. Pension commitments The charity operates a defined contribution pension scheme compliant with auto enrolment. The assets of the scheme are held separately from Ihose of Ihe charity in an independently administered fund. The pension cost charge represents contributj'ons payable by the chanty to the fund and amounted to £58,193 {2023: £51,381). Contributions totalling £4.116 (2023: £3931 were payable to the fund at the balan sheet date. The pension commitments are a lialylity of the unrestricted funds. in line with the expense. 36
Notes to the Financial Statements For the year ended 31 December 2024 Continued 21. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 t Incon for Ihe rewrling wicmj 57.052 355.136 AdjuslnEnts in respect of: Depreciaton charges Loss on disSaI of fId assets Loss on disposal of in¥eStrts Interest receiNed Rental incon IlncreasellDecrease in debtors Increasel(Decrease) in creditors 193.087 193,433 (33.010) (260,561) 9,17 598,317 140,3511 (255,9981 (31,7681 87,888 22. Analysis of changes in net funds At 1 January 2024 At31 Decenknr 2024 Cash flows Transfers Cash and cash equiN?lents Debt due less than one year Debt due after one year 1,311,802 (7(MJ,(JXJ) 750,(KX) (352,7) 959,235 (300,CrfJ)) 750,000 37
Notes to the Financial Statements For the year ended 31 December 2024 Continued 23. 2023 SOFA comparatives iknrestrct Furnys Furmts Funds Incon% and endowrnnts from: Donati(ns and Wacies Charitsble act'¥ities Cxher tradirg acbvities InStr1 Rents and licence incc Cjher Total 1,226,133 143,498 65,632 2%.349 124.711 753,QY)S 1,979,198 143.498 65,632 2%,349 124,711 3,363 2 612 751 1,859,686 753,065 Expenditure on: Raing furKIs Charitable actimtses Total 97.078 2,053,446 2,1&),524 183,680 2,073,935 2 257 615 20,489 107,091 Net inco REaluation of intnnt prcwty Transfers tEIMeen funds Net nx+verront in fvnds 384,519 384,519 261,455 35 136 Reconciliation of funds: Total funds brwght fcffVrd Total funds carried forward 12.877,719 12 971400 745,065 12,132,654 38