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: Ra￿nSkY Centre Main Street Kes*K Cumbria CA12 SNP REGISTERED CHARITY NUMBER.. 1083584 COMPANY REGISTRATION NO.. 03913741 WORKING NAME.. KeswKk Ministries GOVERNING DOCUMENT: men￿rand￿rn and Articles of AsscKiat TRUSTEES.. Mr S AAlam, T￿aSurer MrMJByatt Mr D Gascowjne (Resigned 6th August 2024} Mr S Hale Mrs C Heat￿Vth￿e Dr J McQuoKJ, Chaimian Mrs A Putt Mr M sa￿er 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 Fk￿r, 3 well1￿100 Pl￿. Leeds. LS1 4AP ACCOUNTANTS: rc4y.nson + Co, Oxford Chambers. New Oxf(Kd St￿et. 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$co￿ne (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 a￿1 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 re￿nt 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 pr￿SSing 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 bC￿k 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 accomm￿jai￿n 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 C￿sIderable 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 fr￿1 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 c￿ferenCe is run in conjuncxion with Living Leadership. In February 2024 we again ran tr￿0 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 V￿rd 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 ove￿helMlnglY 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 Bl￿e 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 infom￿1 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 1ntematic￿al 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 pa￿Ing 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. Goc*J 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 I￿1 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 k￿al ￿lati￿shIps. 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 t￿TrIding 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 CO￿rdInatOrS. 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 n￿nthlY full moming team meetings. The following have been identsfied as the main areas of risk: Flnanclal: Fundraising.. The risk of raising insufficient funds to Cy￿er 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 regISte￿d 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 Prtr￿S 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 C￿ncil.. the Ministry Committee. thaired by the chainnan of the charity, which is res￿nsIble 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$V￿Ck 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 ￿d￿ce 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￿. aCC￿n￿ng, and legal expertise. and by our professional advisors. We also subscribe to relevant publications. and to Companies House and Charity Commisson email U￿lateS. 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 cOnferen￿S 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 p￿pared 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 fUnd￿lsing tsking pla￿. We are grateful that many of those who have given generously in support of the Project are C￿tinuIng 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￿tsti PrepaynEnts aThJ &cru&d I￿On AnTr￿nts ov*d try uThJertak1￿JS 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 ￿￿K￿s) 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 D￿mber 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￿$1. repayable on demand and is unsecured. Deferred ino)me relates to deposits for faciliti'es t)0￿ingS and course fees falling in the next financial year. Deferred income has been recognised as foll(AYs.' 2023 Deferred incorre txcwht fcTherd Released lo inc￿￿ during the year ReC&￿d duriThJ Ihe year Deferred incorre carried lcrf￿rd 13. Creditors: amounts falling due aftor one year 43.457 (43,457) 41.712 41.712 40,474 (40,474) 43.457 43,457 2024 2023 Concessionary loans Due tsetb￿n 1 aThJ 2 years Due befvEen 2 WKI 5 yews Due after 5 years 7￿).(K￿l 750.(MJO The £750.OlJJ loan is concessionary.. from a supp(xtive Christian Trust; al zero interest: repayable by 16 June 2027 and secured by a first charge on the Skiddaw Street Convention Centre. 14. Financial instruments 2024 2023 Financial assets ffeasured at anKxtised cost Cash and cash ￿Ul%￿lents Financial h'abilties rwsured at ar￿￿t1$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 ac￿MMOdatIOn 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 De￿￿t 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 p￿StriCted 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 non￿lStribUtab1e 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￿.1￿￿1) 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￿¥.[M￿l 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 De￿mber 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 dis￿SaI of fI￿d assets Loss on disposal of in¥eStr￿ts Interest receiNed Rental incon IlncreasellDecrease in debtors Increasel(Decrease) in creditors 193.087 193,433 (33.010) (260,561) 9,1￿7 598,317 140,3511 (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 In￿Str￿1￿ 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: Rai￿ng 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 RE￿aluation of in￿tn￿nt prcwty Transfers tEIMeen funds Net nx+verront in fvnds 384,519 384,519 261,455 35 136 Reconciliation of funds: Total funds brwght fcffV￿rd Total funds carried forward 12.877,719 12 971400 745,065 12,132,654 38