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← Christians Against Poverty

2024-03-31-accounts

Emerging stronger

Annual report and accounts January 2023 to March 2024

Contents

Contents

Belief in action, on every page

‘At my first meeting my local Debt Coach told me, “You are not alone”. For the first time, someone understood how I felt. CAP was like a hand extended towards me.’

Hear from Roger Hattam, Chair of the Board of Trustees

Hear from Stewart McCulloch, Chief Executive Officer

What you need to know about CAP

Our People Executive team Board of Trustee Directors

12

Support in action

Strategic report

Executive updates Mission Debt Operations Fundraising People, Place and Wellbeing External Affairs Agility Global Growth

18

20

22

24

26

28

30

Financial review

32

Trustees’ report

Auditor’s report

Financial statements

49 Notes to the financial statements

2 Christians Against Poverty | Company no: 4655175 | For the year ended 31 December 2022

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 3

Hear from Roger Hattam, Chair of the Board of Trustees

Hear from Roger Hattam, Chair of the Board of Trustees

Change hope

It’s been an important period of transition for CAP over the 15 months up to 31 March 2024.

During late 2022, the economy took a rapid downturn and things became much tougher for our clients and partner churches. This downturn, coupled with inflation and rising interest rates, fuelled a cost of living crisis that created a rapid spike in the needs of our clients.

At the same time, it put pressure on CAP’s own finances just as we embarked on a much-needed multi-year investment to transform our core debt help service. Sadly, we had to reduce our staff team by around 9% in the early part of 2023. I recognise this was painful for many colleagues, and I want to thank and pay tribute to the service of those who moved on from CAP during this time.

Despite the economic headwinds, we saw a 19% increase in clients becoming debt free in 2023. We embarked on an entire re-platforming of our core debt help service to make the process of going debt free more efficient. The integration of the Turn2us benefits calculator on our website has identified more than £130m of potential extra income for people. And CAP’s campaigning was pivotal in the UK Government’s recent announcement to remove fees for clients needing Debt Relief Orders.

There’s been an important leadership transition too. Paula Stringer chose to leave in June 2023 to rejoin the BBC. Paula navigated many challenges with strength and grace, and I want to personally thank her – and Lisa Pearce, our deputy chair who stepped in as interim CEO for six months – for their significant contributions.

We were delighted to welcome Stewart McCulloch as our new CEO in January 2024. Stewart brings a great deal of experience, as well as passion for our mission,

and we are already benefitting from his energy and determination to see increased impact.

This period has not been an easy one for CAP. But we emerge more determined than ever, and ready to face the challenges and opportunities ahead, supported by hundreds of UK churches and thousands of individuals. We are excited by what God is doing.

Today, we have a new leadership team in place, our service levels are improved, our finances are being managed and we are delivering our new core debt help system. More importantly, our impact is growing again – with daily stories of people freed from debt and finding new life in Jesus.

In a year of political change, we are campaigning hard to get the voices of those we serve heard. Our hearts break at the quiet desperation of people pushed under or pushed out by income levels that do not meet their basic needs.

But we believe the message of the gospel means there is always hope.

So, together with church partners, we continue to walk with people, support them and share our faith. We continue to put belief into action. Thank you for walking with us and being part of a movement of change.

Roger Hattam

Chair of the Board of Trustees

4 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 5

Hear from Stewart McCulloch – Chief Executive Officer

Hear from Stewart McCulloch – Chief Executive Officer

Wilderness strength

To really see what our incredible movement does, you must sit in meetings in our clients’ homes. You must share fellowship in our partner churches. You must listen to our advisors take calls.

Since I joined CAP as CEO in January 2024, I’ve done this. I’ve witnessed our Lord’s love, grace, mercy and healing in action. Every call, every email answered, every visit, every prayer, every donation brings hope into a home full of anxiety – and creates a special opportunity for a moment of faith. A moment which can become a prayer, a visit to a welcoming church, and an invitation to life with Jesus. I cannot overstate how remarkable those we serve are. People come to us isolated, anxious and vulnerable.

Many are contemplating suicide. Yet they find the courage to reach out for help, and the determination to free themselves from debt and poverty.

Our teams in churches across the UK bring their special calling into these moments, bringing order to chaos, and hope in place of fear. They can do so because CAP supports them with incredible work from our experts, who navigate the technical complexity of regulated debt advice and creditor negotiations.

Meanwhile, our loyal supporters give sacrificially to bring love to their neighbours by funding calls and visits. I thank God for all these amazing warriors for Christ as they bring hope and light into a dark world.

The last two years stretched every sinew at CAP. I’m reminded that the ‘wilderness’ is a powerful concept in the Bible. Spells in the wilderness always bring us closer to God. Jesus himself was tested in the wilderness and then immediately started his ministry quoting the words of Isaiah 61 which are so special to us at CAP.

We too are emerging stronger from a challenging period. We’ve reduced the average time it takes from the moment paperwork is submitted to the point of becoming debt free from 150 days to just under 50 days.

Those we serve are being equipped long-term through money coaching, life skills and job clubs. Our amazing partner churches deliver outstanding debt help services and do even more to support those struggling in their communities.

I am humbled to lead CAP at this historic moment. I truly believe that over the next two years we can complete a set of changes that will dramatically increase the rate at which we can free people from debt. We can increase our wider impact in transforming lives, helping churches thrive and, in an election year, campaign for specific practical measures that can help end UK poverty.

If you are not yet part of our movement, please join us. The truth is, we are transformed by this work as much as those we serve are.

Blessings.

Stewart McCulloch Chief Executive Officer

“The Spirit of the Lord is on me, because he has anointed me to proclaim good news to the poor.” Luke 4:18 (Jesus quoting Isaiah 61)

6 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 7

About Christians Against Poverty

About Christians Against Poverty

a lane aoe «fl . ere Ae re What you ;. a - : aa p 41 MerBoe", » came need to know - 4 —_ “ ed i r about CAP Right now, people across the UK are experiencing a CAP exists to:

Right now, people across the UK are experiencing a poverty crisis. They feel trapped, desolate and abandoned.

The Trustees have given due consideration to the Charity Commission’s guidance and believe CAP meets the public benefit requirements.

We can’t accept that. We won’t tolerate a society where poverty exists.

So we take action.

We work with a thriving church and our broader network to transform people’s lives. We influence policy to help create change. Through our accredited debt advice service and specialist tools, we equip, train and inspire church teams in the UK’s four nations.

Our faith gives us hope. And our expertise, together with determined, passionate people in the CAP community, drives holistic change for those in desperate need.

So we walk alongside people who are struggling. Listen to their needs. Help them gather their bills. Fill their fridges. Awaken their confidence. And if anyone wants to explore a deeper relationship with the Christian faith, we actively encourage it.

We do all this because, together, we can turn our belief into action – and end poverty for all.

Everything we do is framed by four charitable aims and objectives:

Relieve poverty in the UK

Advance personal finance education

Advance the Christian faith

Raise awareness of debt, poverty and its causes

8 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 9

Our people

Our people

Meet the team

Executive team

Stewart McCulloch Chief Executive Officer

Stewart joined CAP in January 2024 following five years as CEO at Stewardship, an organisation that releases financial support to Christian ministries. During Stewart’s time at Stewardship, annual giving increased by 40%. By background, Stewart is a Chartered Accountant and previous roles have included management consultancy, insurance leadership roles in the City of London and Global Insurance Director at VisionFund, the microfinance operation of World Vision.

Jake Hutton Director of Debt Operations

Jake joined CAP in 2008 bringing valuable experience from the commercial insurance sector of the finance industry. He began as a Debt Advisor, then took on various management roles within CAP. He spent six months working on a project to strengthen our Debt Operations teams before stepping into the role of Director of Debt Operations.

Lyn Weston Chief Mission Officer (previously Director of Church Engagement and Network)

Lyn was in the financial services sector, leading strategic transformation with companies such as the Bank of America, before following her vocational calling in 2016. She joined the Diocese of Chester as Director of Mission and was ordained as a Church of England priest a year later. Lyn worked at the London Institute for Contemporary Christianity (LICC) before joining CAP.

Tim Moger Chief Agility Officer (previously Director of Technology and Transformation)

Tim has spent most of his working life leading technology teams in retail, working with companies like Selfridges and ASOS. In 2019 he started mentoring with CAP, and when a role became available Tim was delighted to align his faith and work in one place. Tim is passionate about building teams and enabling technology.

Justine Barnes Director of People, Place and Wellbeing

Justine joined CAP in 2012, bringing experience from charities and the finance world. She began as a Debt Advisor, helping to lift the weight of debt from people, before joining the HR team in 2015. Justine became Head of People and Culture a few years later and now leads the team responsible for caring for CAP staff.

Alex Jones Director of Fundraising

Prior to joining CAP in 2017, Alex spent 13 years at international development charity Christian Aid. He firmly believes in the power of individuals to create change by volunteering, taking action, praying and giving together. Since being with CAP, Alex has positively shaped our fundraising and income strategies.

Angie Rusbridge Financial Director Left CAP in January 2024.

Hilda Kaponda Chief Financial Officer

Started at CAP in April 2024.

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Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 11

Our people

Our people

Board of Trustee Directors

Roger Hattam Trustee Director, Chair of the Board of Trustees

Roger joined the CAP Board of Trustees in 2016, and brings management experience from boardlevel positions in the financial services and energy sectors. He is Director of Retail Banking at Triodos Bank.

Lisa Pearce Trustee Director, Vice Chair

Lisa has been on the Board of Trustees for nine years, and stood in as interim CEO for CAP between July and December 2023. Lisa was previously on the international leadership team at Open Doors, which supports persecuted Christians, overseeing work on prayer and advocacy.

Matthew Frost Trustee Director

Matthew served as CEO at international development charity Tearfund for almost a decade, and specialises in strategy and organisational leadership. He has also served with humanitarian organisation, Medair, setting up an aid programme in Afghanistan.

Kate Nicholas Trustee Director

Robin Willison Trustee Director

Kate is a strategy, brand and Robin brings strategic, operational, communications consultant with financial and risk management extensive experience within Christian expertise from more than 40 years organisations. Formerly Chief in financial services. He is currently Communications Officer for World Senior Independent Director on the Vision International, and a national boards of two mutual insurance journalist and editor, Kate is also companies. Robin is an active member an authorised Church of England of his local community and church. preacher.

Roger Mawle Trustee Director

Roger is Chief Digital Officer at Alpha International, and has more than 20 years’ experience leading operational teams and technology-enabled business change programmes. He first encountered CAP through his local church, and has served as a CAP Debt Coach.

CAP Representatives

Jane Pleace Ema Ojiako Joy Blundell Trustee Director Trustee Director Trustee Director

Jane has extensive experience Ema is a senior HR professional developing fundraising, working in the NHS. She also works communications and marketing with HM Courts and Tribunals Service, strategies in the charity sector. She participating in public hearings to is Executive Vice President of Global resolve employment disputes and Advancement at Whole Word deliver workplace justice. Ema is Institute, and previously led teams at passionate about empowering people Tearfund, World Vision, Oxfam and to be their best. United Bible Societies.

Joy has a heart for the restoration and transformation of cities through the local church. She is pastor of Alive Church, Lincoln, and oversees aspects of the wider work of Alive Church. Joy is the Founding Director of a charity that works to alleviate poverty in Lincoln.

Kiri Adams Staff Representative

Kiri joined CAP in 2016 as an intern. Since then, she’s worked in many roles, including Relationship Manager within the External Affairs team, Internal Communications Lead and Social Policy Manager, leading CAP’s advocacy and policy work.

Mat Radbourne John Hunter Staff Representative Frontline Representative

Mat first joined CAP as a Debt Advisor John is CAP’s Ayr Debt Centre in 2012. He worked in regional teams, Manager, working with three local then began supporting clients with churches to provide debt help to repaying their debt, and now focuses South Ayrshire. Before launching on our most vulnerable clients as an the Debt Centre in 2021, John Enhanced Support Lead. Mat is also was an Operations Director in the Senior Safeguarding Coordinator. pharmaceutical industry.

12 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 13

Generous support, life-changing work

Strategic report: achievements and performance

Support in action Money in 2022 _ Individuals £12.7m (66%) £9.6m (65%) Churches £2.5m (13%) £2.1m (14%) Total income: £19.2m Government grants £0.6m (3%) _£1.4m (9%) (2022: £15.0m) Charitable Trusts £1.5m (8%) £0.6m (4%) Fairshare & resources £0.3m (2%) £0.4m (3%) Companies £1.3m (7%) £0.6m (4%) Legacies £0.2m (1%) £0.2m (1%) Q ~~O~~ Trading activities £0.1m (0%) £0.1m (0%) Money out Charitable activities £15.7m (78%) £12.8m (74%) Support costs to make our work possible Total £2.7m (13%) £2.8m (16%) expenditure: £20.0m (2022: £17.2m) _ Raising funds £1.6m (8%) £1.5m (9%) Other £0m (1%) £0m (1%) ~~©~~ _ The 2022 figure covers a 12-month reporting period rather than the 15-month period reported in this report. **For more detail about expenditure, please read notes on page 50. 14 Christians Against Poverty | Company no: 4655175 | For the year ended 31 December 2023

Strategic report

How did CAP meet its charitable aims between 1 January 2023 and 31 March 2024? Here’s a snapshot of what we did: Aim 1 Relieving poverty in the UK aa 10,057 4,909 3,021 19% individuals were households received people became more people debt free in supported on their debt advice options debt free 2023 compared to 2022 journey out of debt 70% 2m 979 920 zl 2,573 quicker to become attended a job club attended instances of CAP debt free through life skills providing emergency a Debt Relief Order, support (this represents due to greater 1,584 households) efficiency Support was delivered through… Approximately Almost 2,000 161 19 25,000 frontline Debt Coaches, staff delivering our new Debt Advisors and people have become befrienders and trainers centralised debt help Case Officers trained to debt free with CAP function better serve our clients since 2010 "

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 15

Strategic report: achievements and performance

Strategic report: achievements and performance

Aim 2 Providing financial education ~~2~~ (] - ~~O~~ - Around Redeveloped 1,245 and launched our financial education money coaches 750 trained in our churches are product as ‘money new approach delivering money coaching’

churches are delivering money coaching in their community (active at the end of the period)

Aim 3 Advancing the Christian faith ee moO QU 103 27 384 81 people responded CAP clients were people were people joined a to Jesus for the first baptised interested in Bible study or time learning more church small group about Christianity for the first time

Aim 4 Raising awareness of poverty el 2) [ae] One report 23 1,468 launched in consultations supporters actively Westminster: responded urged political ‘Pushed under, to in each of parties to ‘put pushed out’ the devolved poverty on the administrations agenda’

Aim 5 Collaborating with others

More than +) fe) es 14 1,330 2,219 6,300 local churches 28,250 regular monthly regularly prayed partnering with people donated givers generously for CAP using our CAP (as at the end monthly as Life increased their gift prayer resources of the period) Changers

120 772 249 217 (Data collected Nov 2023-Mar 2024 people attended people accepted people experienced CAP clients from 64% of debt Alpha or another prayer (when answered prayer attended a church centres, 20% of job ‘explorers’ course offered) for the first Sunday or midweek clubs and 14% of for the first time time service for the first life skills groups.) time =

16 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 17

Executive update – Mission

Executive update – Mission

Mission

Bea’s story: Rediscovering hope

Lyn Weston, Chief Mission Officer

We partner with a diverse and vibrant movement of ordinary people doing extraordinary things. It’s incredible that more than 1,300 people have a role in the CAP movement – and that’s before we count all the befrienders, volunteers, prayer teams, church leaders and others who make our services what they are.

Putting Jesus at the heart

Product innovation

In 2023 we developed the rationale and language for our Christ-centred work, and produced communications, training and resources for roll-out during 2024. With this foundation, we can confidently galvanise sharper engagement towards the fulfilment of our mission.

We made great strides in 2023 to improve our debt help service and money education product, and develop a new church and community transformation approach.

We want to provide our expert, accredited debt help service to more churches to run in their local communities, so we’re totally reimagining our product. This will ensure we can scale up to meet the vast demand among people seeking to become debt free.

We are passionate about prayer and over the last 15 months, we stood in the gap to intercede for those whose voices go unheard, taking the hands of the broken and helping them reach towards the hand of God.

We launched a fully updated and refreshed money education product in June 2023: money coaching. People’s habits and methods of using money in daily life have changed dramatically in the last decade, especially since the pandemic. Our new resources help people manage their money well in an increasingly cashless society. We now provide a budgeting tool designed for mobile devices, alongside engaging video modules and practical activities.

We launched ‘Moments of faith’ in November 2023. This new impact measurement tool will help our frontline teams record someone becoming a follower of Jesus and the significant moments on people’s journeys along the way.

Meanwhile, our 2023 United conferences were a time of celebration for frontline staff. We gave thanks, worshipped, prayed, learned and reflected as we gathered in eight locations across England, Scotland, Northern Ireland and Wales.

Partnership models

We also looked at how we can best partner with diverse denominations, networks and movements within the Church. We adapted our partnership models to make it even easier for churches to partner with CAP. Our aim is to set up sustainable agreements with individual churches, multi-church partnerships and Charitable Incorporated Organisations.

A church and community transformation pilot project started in September 2023. This approach has been designed especially for the UK Church. We want to enable churches to tackle poverty in their communities, equipping people to transform their own situations using resources in a sustainable, holistic way.

In June 2023, Bea and her husband were made redundant.

The couple were already falling behind on payments. With no job, things got worse. The shock of redundancy led to Bea suffering severe anxiety and suicidal thoughts. She visited her GP, and on the way home, she saw a sign which read: ‘HOPE’.

‘Maybe I need some of that,’ thought Bea. She plucked up the courage to step into the Hope Centre in Handforth. There she met CAP…

From the first day, Bea had total trust in CAP. The couple were helped with a Debt Relief Order, Bea attended the job club, then Keith went along to the next one. They found over £200 a week extra income using the benefits calculator on our website. Today, Bea and her husband are debt free.

Bea is now a CAP befriender and has a renewed sense of faith in God. ‘I’m excited about being a CAP befriender,’ said Bea. ‘I’ve learned to grow again. To say to myself, you know what Bea, you’re alright girl! You can do this!’

‘I’d lost all hope. CAP and Hope 7 nt q Central were % ane like the sun SCAN TO WATCH coming out after BEA’S STORY the rain.’

18 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 19

Executive update – Debt Operations

Executive update – Debt Operations

Debt Operations

Chris’ story:

Ready for a bright future

Jake Hutton, Director of Debt Operations

The 15 months from January 2023 to March 2024 were a mix of pain, progress and significant preparation for the future. It was a time of transition, with a goal to maintain an excellent service while reducing operational resources.

What did we achieve?

How did we help so many more people become debt free in 2023/24?

We provided debt advice options to 4,909 households, delivered by our truly dedicated and compassionate partner debt centres.

Significant strides were made in our service provision to churches and clients, with improvements to many of the major service standards. Our staff team put in incredible effort and the progress was much deserved.

More than 10,000 people were supported on their journey out of debt, and an amazing 3,021 people became debt free. In a year-on-year comparison between 2022 and 2023, that’s 19% more people freed from the struggle of debt and given hope for the future.

In July 2023, we adopted the FCA’s Consumer Duty regulation with a clear focus on striving for good client outcomes. This will help us serve churches and our clients with excellence for many years to come.

Chris fell into financial difficulty due to the injustice of a zero-hour contract. Enforcement agents were knocking at his door to collect the debt. But Chris reached out to CAP and his local church.

With support, Chris went debt free through a Debt Relief Order. He now has a part-time job, which allows him to study, and he’s working towards a new career.

‘If it wasn’t for CAP, I’d still be in a cycle of debt,’ says Chris. ‘I’d still be on a zero-hours contract, not knowing where my money was coming from and relying on credit. Instead, I’m studying at uni, I’m debt free and I have a plan.’

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We adapted the provision of our most frequently-chosen debt solution, the Debt Relief Order (DRO). Our new streamlined system means clients can access this up to 70% faster. Additionally, a new referral route was created through a Money and Pensions Service-funded DRO hub to increase capacity at key points in the year.

Every person supported requires a huge investment of energy from our partner churches and CAP staff. It is our intention that, as we continue to adapt and transform our service, the effort required will be reduced, leading to greater capacity and so greater impact for communities across the UK.

After 17 years as a supporter and 16 years as a staff member, I never get tired of hearing about people who have overcome adversity, found hope and are thriving within a church community.

‘I now have a plan for my life - I’m going to get this degree. I’m making it happen!’

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Executive update – Fundraising

Executive update – Fundraising

Fundraising

Daphne’s story: Paying it forward

Alex Jones, Director of Fundraising

Entering 2023, the fundraising landscape appeared challenging, prompting adjustments in our plans and team structures. Consolidating three fundraising teams brought better collaboration and helped ensure financial stability.

Our incredible supporters were feeling the financial strain too. Despite this, more than 28,000 Life Changers continued to give each month, often sacrificially. It is no understatement to say this steadfast support has been the lifeblood of our cause. We are so grateful for every person who stands with CAP financially.

We also sponsored the UK leg of The Blessing Tour , with Kari Jobe, Cody Carnes and Martin Smith. Spokenword artist Storm Cecile performed, highlighting the reality of UK poverty and urging attendees to become Life Changers. We were at conferences and festivals including Spring Harvest, New Wine, Creation Fest and Greenbelt, where we invited people to ‘put poverty on the agenda’ of major political parties.

In March, we launched a bold and compelling message in our Easter Appeal thanks to the refreshed brand delivered by our Communications team. The invitation to supporters and churches to ‘ face it, fight it and end UK poverty together ’ was the start of a more courageous voice for CAP. Throughout 2023/24 our wonderful supporters responded generously to appeals, particularly at Easter and Christmas.

We are grateful to hundreds of supporters who have considered the deeply personal and generous gesture of leaving a gift in their will to CAP. During 2023, we increased awareness about legacy giving, and we’ve been moved by our supporters’ response. Offering free will-writing services has been invaluable. In 2023/24, we received more enquiries and pledges of legacy gifts than in any previous year.

Over the course of 2023/24, we were joined by supporters at dinners in London, York and Glasgow, at which Stewart McCulloch introduced himself and set out our vision. It was a joy to see people generously invest in our movement at these important moments.

Giving generously is only one part of the power our supporters bring to our shared mission. People also prayed for our clients and an end to UK poverty, advocated for change and gave their time fundraising and volunteering across the UK. We are grateful to every single person — this life-changing work could not happen without you.

Inspiring others to join us is a key part of fundraising. We did this through speaking in churches, advertising on social media and running events.

Over the last year, we were Premier Christian Radio’s Charity of the Year. In October and February, Premier Radio gave over their programming for several days to tell powerful stories and invite listeners to support CAP. Over 850 people responded, many of them starting a new Life Changer gift.

Daphne faced immense financial strain while caring for her partner who has Parkinson’s disease. They struggled to make ends meet, maxing out credit cards and taking out high-interest loans to cover essentials. When Daphne’s partner moved into a care home, finances became even tighter.

‘I want to give back because of how safe, supportive, kind, compassionate and life-changing CAP has been for me,’ said Daphne.

‘When I felt alone with the weight of debt, CAP was there. Because of CAP, I never gave up and I hope my gift will keep others going too.’

‘I couldn’t believe so many awful things could happen all at once,’ said Daphne. She reached out to CAP – and there, met support and compassion that changed everything.

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Daphne received help to apply for unclaimed benefits and take back control of her finances. Her dignity and hope was restored. Now debt free, Daphne is determined to help others by donating to CAP as a Life Changer.

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‘Because of
CAP, I never
gave up...’
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HEAR MORE
FROM DAPHNE
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Executive update – People, Place and Wellbeing

Executive update – People, Place and Wellbeing

People, Place and Wellbeing

Justine Barnes, Director of People, Place and Wellbeing

Like many of our peer charities we faced a tough external situation at the start of 2023. We therefore took decisive action by introducing a redundancy programme. Our aim was to ‘right size’ CAP, ensuring it could continue to thrive in this challenging cost of living crisis. Initially, we estimated we’d need to reduce our workforce by 70 roles (15%). In the event, we sadly parted company with 40 staff (9%). 29 chose voluntary redundancy, and we only carried out 11 compulsory redundancies. A further 13 people found alternative roles within CAP.

Reviewing and improving

Serving our people

Redundancies heavily impacted our workforce and culture, so we ran a review to gather valuable feedback. Recommendations spurred changes. This has led to a more positive workforce in 2024, and new leadership and organisational success has renewed enthusiasm.

Within our People department, we have implemented a new system to enhance our recruitment processes. 43 new employees have been welcomed since January 2023, including six people into newly-created roles.

Staff wellbeing is a priority. We survey our staff every two weeks, and we have delivered targeted staff care through carefully-written policies, provision of an Employee Assistance Programme (EAP), a staff benevolent fund, Wellness Action Plans and Mental Health First Aiders.

In February 2024, we began a consultative process of reviewing our values to lay a strong foundation for our future. We are seeking values that honour our past and reflect our aspirations. We have been inspired by our teams’ commitment to CAP’s Christ-centred ministry and this process is revealing the strong values we all share to help those we serve.

Our new building continues to offer a safe, accessible and uplifting work environment for our staff. There is a real sense of excitement as we continue forward, not to forget what has passed but to rebuild and take CAP into the future.

Vital training

In the past 15 months, we’ve served frontline teams with eight United conferences across the UK, attended by 1,730 people. We helped run training for more than 400 people, including specialised training for Debt Coaches on understanding clients’ risk of suicide, and training on the effects of gambling.

In Safeguarding and Welfare, we trained 1,400 staff and frontline members. Twelve staff received special training in domestic abuse and coercive control. In response, we developed our own coercive control training and rolled it out to all debt help service and frontline debt workers. Our safeguarding logging system, now used by around 650 staff, recorded 2,334 incidents, each receiving personalised attention and response.

Joanna’s story:

A position with purpose

‘When I heard about a position I could apply for at CAP it felt like perfect timing. I wanted a job that gave purpose. I felt so welcomed when I joined. The patience and encouragement from everyone I’ve met has been healing and restorative.

‘To have the opportunity to pray and worship with your colleagues, and have that underpinning your work is a massive blessing.’

‘To have prayer and worship underpinning your work is a massive blessing.’

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Executive update – External Affairs

Executive update – External Affairs

External Affairs

Melinda’s story: Speaking truth to power

Gareth McNab, Head of External Affairs

Media reports will tell you the cost of living crisis reached its peak in 2023 and is now fading away. But we’re working hard to ensure the issues of debt and poverty are not forgotten. We continue to do all we can to enable people to live better, to live life to the full.

In 2023, we worked to secure and improve our own income, developing a new funding model that could bring a fairer contribution from financial services creditors who benefit from our efforts for our clients. The income we receive from the industry has increased from £614k in 2022 to £732k in 2023. We also secured our first significant funding from the energy sector since 2020.

The report joins our catalogue of research publications, and strengthens our voice as we call our politicians and leaders to ensure all can afford food, shelter, warmth and the basics of life. Alongside this, we resourced MPs and Bishops in the House of Lords to ask questions of the Government. We lodged publications with the House of Lords Library, and gave evidence to the Treasury Select Committee on the impact of the cost of living crisis.

Alongside our friends at Turn2us, we promoted a new benefits calculator (launched at the end of 2022). This tool identified a staggering £133m of annual unclaimed benefits during the reporting period, which people are entitled to but are not currently claiming. Working out at an average of £575 a month per household, it’s a life-changing amount. We explored the links between debt, poverty and inadequate living standards in a groundbreaking report, ‘Pushed under, pushed out’. We worked with the Centre for Research in Social Policy at Loughborough University to conduct a review of ONS data to explore these connections for the first time.

We collaborated with the wider debt advice sector

in advancing calls for effective enforcement agent regulation, and called for fairer debt collection practices, especially from the Government. We also added our voice to demands for better cost of living support for people in low-income households. The period ended with a significant win: The Chancellor announced in his Budget in March 2024 that the £90 fee for Debt Relief Orders (DROs) would be abolished from the start of April. DROs are the most common debt solution for our clients, and paying the fee is the most frequent barrier to progressing.

Pushed Under, Pushed Out was launched in March 2024, at a roundtable event in Westminster hosted by Sir Stephen Timms MP.

This change, and others, is something we’ve called for since early 2021 with our ‘Simplify the Solution’ report. It shows the vital importance of our campaign work , and will mean more people can become debt free more quickly. Working together, we can make sure things change.

‘My mental health meant I had to give up work, but I only received assistance two years later when a healthcare worker helped me with the forms. The system shouldn’t be so complicated. No one wants to be on benefits or unemployed, but some circumstances are beyond your control, and there should be help when you need it.

‘I read a think-tank report that suggested people should save £1,000 as a cushion against poverty. If people haven’t got money to pay their bills, how are they going to save £1,000?

‘I recommended that the Government makes sure getting support like benefits is as easy as getting credit. And I support a minimum income so people can cover their expenses and save for the future.’

Impact of the benefits calculator:

212K £575 £133m 2x uses of the benefits Average monthly total annual income calculator in the missing income per identified through the reporting period household revealed by benefits calculator

more people visiting capuk.org in 2023 than 2022, strongly driven by the benefits calculator

Average monthly missing income per household revealed by the benefits calculator

‘The system shouldn’t be so complicated.’

HEAR MORE FROM MELINDA

26 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 27

Executive update – Agility

Executive update – Agility

Agility

Jim’s story: The chance to start again

Tim Moger, Chief Agility Officer

When I joined CAP in July 2022, it was at the beginning of our programme to transform our debt help service. We needed to re-think our service, to make it more customer-focused, efficient, effective and secure. We needed to bring teams together who were working in silos. And we needed to prove to ourselves that we could deliver change.

2023 has seen great strides forward.

It was a delight to see how quickly and nimbly the teams came together. Through a detailed design process, we got the scope down to define a basic version of the product we could begin to trial, which we launched as a pilot in July 2024.

We brought together our Church Engagement, Debt Operations and Technology teams to launch our Debt Help Innovation project as an agile, customer-led service. We put appropriate levels of governance in place and created a cross CAP leadership team to provide teamwork, drive and oversight.

We’re excited to get the system into the hands of our churches and team members, to gather feedback and refine everything before our planned roll-out in 2025. This new platform and technology can grow CAP’s impact – and see more people freed from debt and poverty.

In June we moved to the ‘proof of concept’ stage of our replatform project, where we sought evidence that the idea was feasible. Again, teams from across the organisation worked together. Managers kept us to plan, technology experts reviewed the systems, fundraising gave us a compelling message to reach potential donors. We started to believe we could do this.

Through this we will change the way we deliver our debt help service, nearly doubling capacity. But just as importantly, we will have changed the way we‘do’ change.

In August we selected our platform (Salesforce) and implementation partner, and in September ran workshops to kick off the design and discovery phase. That was completed by December, and we then needed to refine our scope.

We are becoming more agile, responsive and focused on the ever-changing needs of those we serve.

‘I had a successful IT career but, in 2017, I had back problems. I ended up unable to work, got into debt and everything fell apart. I lost our home, and the family fractured.

‘I became homeless and applied for Universal Credit, but I was already really deep in debt. Everything about the situation was distressing. My fear was so palpable. Stuff came through the letterbox and I froze because I knew it was threatening letters. I didn’t want to discuss it with anyone. I felt stigmatised and, frankly, I was a wreck.

‘At my first meeting my local Debt Coach told me, “You are not alone”. For the first time, someone understood how I felt. CAP was like a hand extended towards me.

‘Six months later, my Debt Relief Order was approved and I was debt free! I couldn’t believe I had a chance to start again. For the first time, I wanted to come back to church. I feel I am not alone anymore, I feel like I have a testimony to tell, and I think maybe God was preparing me for this.’

‘For the first time, someone understood how I felt.’

HEAR MORE FROM JIM

28 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 29

Executive update – International

Executive update – International

Global growth

CAP in the UK continued to support and collaborate with CAP teams in America, Australia, Canada, Ireland and New Zealand*. This includes regular gatherings between the CEOs, Board Chairs, Communications and Technology teams.

In October 2023, CAP Australia hosted a week-long gathering for representatives from the CAP international teams. At the top of the agenda was a key question: how can we maximise the benefits of our global affiliation and resource new CAP countries?

Other international highlights include:

*The affiliate charities are separate organisations. They use the CAP brand and model but do not form part of a group.

Roy’s story: From homeless to whole

Roy was living homeless for 12 years. But with the help of CAP and the local church, Roy has found his groove.

Roy was weighed down by debt, following a workplace injury.

‘I was pretty lonely… Yeah, I was living in my car.

‘I came to the Ashburton Baptist church for lunch … I made some enquiries and met a lovely lady, Nicola Dodd [CAP Debt Coach], who guided and coached me.

‘With CAP, I was learning to save money and not put myself back in that depressing circle of debt. It made me realise, “Hey, I’m not by myself. Someone is there who actually cares and understands what I’m going through”.’

Now, freed from unmanageable debt, doors have opened to Roy to start strengthening his relationships with money, self, others, and God.

Roy has joined the local church, and plays bass guitar in the worship team. ‘I just love it. Music’s my thing!’

‘Someone is there who actually cares.’

30 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 31

Financial review

Financial review

Financial review

How we managed the money you gave us

Overview

Our overall financial objective is to achieve a healthy balance between our fundraising, our financial reserves and the resources required to run our services effectively and fulfil our charitable objectives.

In this report we are reporting a 15-month period from January 2023 to March 2024 as we moved our financial year from a ‘January to December’ reporting period to an ‘April to March’ reporting period. This report is therefore a report on an extended financial year of 15 months. All comparison figures in 2022 relate to a 12-month period.

The year ended 31 December 2022 was a year of planned deficit in which we invested significantly in technology and digital capabilities along with new strategic priorities, such as Debt Service Transformation and the CAP money coaching refresh.

Following this, our focus was on reducing our fixed costs to operate within the changing fundraising environment, allowing us to be agile as an organisation, and to reduce the requirements of our reserves, whilst still committing to invest in key areas such as our debt help service and tech capabilities.

As a result in the 15-month period ending 31 March 2024, our income totalled £19.2m (2022: £15.0m) and expenditure totalled £20.0m (2022: £17.2m), which resulted in a deficit of £0.9m (2022: £2.3m deficit).

Income

In the 15-month period ending 31 March 2024, our income totalled £19.2m (2022: £15.0m). Our main sources of income continue to be donations from individuals and churches, which together totalled £15.4m (2022: £11.9m) or 81% (2022: 79%) of our total income. Regular income, most of which was received on a monthly basis, was £11.5m (2022: £9.4m), which represents 60% (2022: 63%) of total income received. Life Changer giving from individuals is our most important source of regular income, and provides financial stability for the charity. In the 15-month period, our Life Changers generously gave £9.0m (2022: £7.0m) including associated Gift Aid. At the end of March 2024, there were 28,256 Life Changers, each giving an average of £17.93 per month excluding Gift Aid. Our one-off income was £7.6m (2022: £5.6m). We received more income from trusts in the 15-month period than we did in 2022, which helped to offset the conclusion of the grant from the Money and Pensions Service to support debt advice capacity, in March 2023.

During the 15-month period, we received funding of £141k (2022: £855k) from the UK Government through the Money and Pensions Service (MaPS). This was the conclusion of a grant to support the rising need for debt advice capacity in England. We also received additional funding for the successful submission of Debt Relief Orders (DROs) which totalled £134k (2022: £260k). Funding from the Scottish Government has strengthened our delivery of debt advice across the country. We received funding of £339k (2022: £246k) from the Housing and Social Justice Directorate to support the provision of debt advice in Scotland. In the 15-month period, we received £0.3m (2022: £0.4m) in donations from creditors as Fair Share contributions, where a percentage of monies disbursed to our clients’ creditors through a Debt Management Plan is paid back to the charity. 100% of payments made by clients through their Debt Management Plan go towards paying off their debts. Some creditors moved to a new model to help fund debt advice during the period (£925k). This has been an invaluable source of funding for our debt advice.

Expenditure

In the 15-month period ending 31 March 2024, our expenditure totalled £20.0m (2022: £17.2m). We mitigated the income challenges that we, and the whole charity sector, were starting to see towards the end of 2022, by undertaking a detailed review into all of our pay and non-pay expenditure across the organisation. We implemented a number of actions that had an immediate impact in 2023, along with increased continued savings into 2024 and beyond.

To achieve a better balance between income and headcount in a changing fundraising environment, we reduced staff numbers by 9% (40 people). We also achieved significant savings within the year, along with ongoing benefits, through reviewing non-pay items such as our outsourcing partners, increasing the use of our in-house skills and utilising the wonderful head office building we have. As part of our strategy for identifying short and long-term expenditure reductions we focused on 3 key priorities:

1. Protect our debt help service

2. Protect income generation

3. Continue to invest in improving our products, services and technology

Expenditure on charitable activities increased to £15.7m (2022: £12.8m). In 2021, we began our Debt Service Transformation project to redesign our debt help service and in the 15-month period ending 31 March 2024, we invested an additional £803k into the project, delivering a blueprint for a service that enables us to more effectively put clients and church partners at the centre. We invested an additional £111k into a review and redesign of our money coaching product, which was finalised and released to churches during 2023. We spent an additional £50k on supporting the work of our international CAP affiliate charities and £132k was invested into the early phases of developing a Church and Communities Transformation (CCT) programme, creating training and tools to support and equip churches.

Fundraising

We would not be able to conduct our charitable activities without fundraising, and during the 15-month period we were able to return fully to our in-person fundraising events. Expenditure for raising funds for the period totalled £1.6m (2022: £1.5m) and represents 7% (2022: 9%) of total costs.

Cash flow and investments

Reserves policy and management

Each year, the Trustees review our reserves policy and the level of required general free reserves to ensure that an appropriate level is held. We aim to maximise the funds we can spend to support our charitable aims. This is balanced against managing short-term financial risk and our obligations as a debt management company under FCA rules (CONC 10.2.5) to hold sufficient free reserves to meet our minimum prudential resources requirement of £47k.

The Trustees have set a target level of reserves at three months of one-off income based on the following year’s budget, which for 2024/25 is £1.8m. The reserves on 31 March 2024 were £5.0m (2022: £5.8m), of which £0.3m (2022: £0.2m) is restricted in nature and £4.4m (2022: £4.7m) is only realisable by disposing of fixed assets and associated mortgages. Free (unrestricted) reserves at the end of 31 March 2024 were £0.6m (2022: £1.1m), which is £1.2m (2022: £0.4m) under the minimum reserves set out in our reserves policy.

Total reserves reduced by £0.9m in the 15-month period due to the deficit for the year. The Trustees have taken the decision to fall below our target reserves temporarily in order to allow time to transform the organisation. A break-even budget for 2024/5 and plans to target small surpluses are in place to restore reserves over the next three years. A further two properties are being sold that will aid an increase in reserves. A full, risk-based assessment has been prepared. The covenant on one of the charity’s bank loans states that Net Assets must not fall below £2.5m. At the end of March 2024, Net Assets were £5.0m.

32 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 33

Financial review

Financial review

These donations were made as part of commitments made before the reporting period and we have no plans to continue this until our reserves are restored to target, at which point we will review our activities of this nature.

We have supported other organisations that share our goals and values since 2014 from an annual ‘giving pot’.

The criteria for selecting which organisations to support are:

Investment powers and policy

The charity’s investment policy is reviewed annually by the Finance, Audit and Risk committee. In the 15-month period ending 31 March 2024, the policy has been maintained to continue to invest any surplus liquid funds in fixed-term deposits with the charity’s bankers.

During the year we made donations of:

Principal risks and uncertainties

Overview

Finance, Audit and Risk Committee. The Committee also receives reports from our external auditors and reviews progress against any recommendations.

The Board of Trustees holds responsibility for ensuring the charity has robust systems of internal control and risk management in place. All directorates perform regular risk assessments that consider both existing and emerging risks. The charity maintains a register of all key risks as part of the risk management strategy, which is regularly reviewed for effectiveness by the Board and the

This strategy has identified the following important potential risks and how they will be mitigated. They are not set out in any priority order.

Strategic Risk Management and Mitigation Cyber and data Security We regularly test for external attacks and we keep adapting our cyber security arrangements. We renewed our Cyber Essentials certification in March 2024 and use We struggle to recover Two factor authentication. We are are currently further strengthening our risk mitigation from a cyber security through a Cyber Security Maturity assessment. We have increased staff awareness of incident, leading to the loss IT security measures, data security and carry out reviews and testing of our business of critical data or significant continuity plan. operational disruption.

Safeguarding of Safeguarding and whistleblowing policies are regularly reviewed, with refresher training vulnerable adults regularly conducted for all staff. Training is in place for partner churches to ensure good safeguarding practice. Increase in safeguarding incidents involving We commission an external safeguarding audit every three years from an organisation frontline staff driven by that specialises in safeguarding in the faith sector. We have a dedicated Safeguarding case complexity, broken Lead to ensure a continued focus in this area. budgets, and clients facing heightened challenges due to the cost-of-living crisis.

==> picture [501 x 586] intentionally omitted <==

----- Start of picture text -----
Strategic Risk Management and Mitigation
Reputation and church Recent negative media coverage of the charity sector has led to greater interest and
community focus. Ongoing mitigation against reputational risk comes from continuing to build our
brand and reputation publicly, including developing and maintaining key relationships
We can’t actively manage within the media, credit industry, Government and Christian sectors. We have ensured
our reputation leading to our key people have undertaken crisis public relations training and have contracted with
serious adverse publicity Jersey Road (specialists) to support during difficult periods. Crisis communication plans
that leads to a breakdown are in place.
in strategic relationships
and/or regulatory sanction
and failure to maintain
effective relationships.
Impact We continually measure outcomes for our clients and publish them regularly, including
through our annual client report. We conduct regular client surveys to measure the
Monitoring and evaluating ongoing impact of our services over time. We have a strategic dashboard used by the
the impact of our services Executive Team and Board to track key performance indicators and our impact.
sufficiently The new ‘moments of faith’ measures quantify the faith impact of our work. We have
developed an Integrated Theory of Change.
Compliance We have dedicated professionals working in central functions as well as within our
divisions to ensure that we understand our legal and regulatory obligations and are
Failure to meet the compliant across all our activities. Our policies and procedures are applied to guide
compliance expectations decision-making and relevant training is provided to ensure all staff are aware of
set by our regulators and their responsibilities. Compliance is monitored and reported regularly to the Finance,
donors would affect our Audit and Risk Committee of the Board.We hold the Advice Quality Standard which is
ability to fundraise and achieved by an external audit of our advice processes and demonstrates our commitment
operate. to best practice and delivering quality advice to our clients.
We have implemented the new Consumer Duty rules and guidance ensuring the delivery
of good financial outcomes for our Debt Service clients remains a key element of our
strategy and plans.
Financial sustainability We are enhancing our digital presence and trialling new fundraising channels to attract
new supporters. We monitor our forecast and actual financial performance continuously
Our net income is and reports are provided quarterly to both the Finance, Audit and Assurance Committee
insufficient to cover rising of the Board and the Board of Trustees so that we can take appropriate measures in
core costs or we face a good time. In 2024/25, we will increase fundraising investment to drive income growth,
significant financial shock while maintaining a strong level of general reserves. We’re strengthening our major
and can’t maintain a viable donor fundraising, with a focus on establishing strong foundations and a clear pipeline
budget. for growing major donor income. Management and Trustees are exploring ways to start
building up reserves.
Safety, security and Our people are our biggest asset. We seek feedback regularly to stay alert to how staff
wellbeing of staff are feeling, and we continue to provide a programme of wellbeing support and flexible
and volunteers ways of working. We continue to monitor the safety and wellbeing of our staff and
volunteers. Wellbeing remains a focus with the CAP Pathway to Care being introduced
We can’t recruit, retain or including a full benefits review and the creation of a Neurodiversity Advisory Board.
motivate the calibre of staff A salary review will be conducted in 2024/25
and volunteers we need to
do our work well.
----- End of picture text -----

34 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 35

Trustees’ report

Trustees’ report

Trustees’ report

Structure, governance and management

The Board of Trustees

The Trustees, who are also Directors of Christians Against Poverty for the purposes of company law, meet several times a year (six times in the 15-month period ended 31 March 2024) to review strategy and operational or financial performance, in conjunction with the charity’s Chief Executive Officer and other members of the senior management team. These meetings are also attended by two Staff Representatives and a Frontline Representative, so their views can be taken into consideration through the decision-making process.

The Trustees have the authority to appoint as Trustee any person who, by virtue of personal or professional qualification, is able to make a contribution to the pursuit of the charity’s objectives or management. When recruiting new Trustees, the existing Trustees will not only look at the person’s qualifications but also at their passion and support for the charity’s vision and aims, to ensure they can play a full part in managing the charity’s growth. Prospective Trustees are interviewed by the Chair and Chief Executive Officer of the charity and will usually attend a board meeting with other Trustees and the Executive team prior to their official appointment. In this way, we can ensure that they are a good fit for the charity and that they are fully aware of their responsibilities as a Trustee.

Although our governing document does not require retirement by rotation, it is the board’s practice to appoint a Trustee with the expectation that they shall serve for an initial period of three years, after which time their role is reviewed to ensure that they are still a good fit for the charity. They then have the opportunity to serve for two further terms of three years (nine years in total) or retire.

Trustee term of duty

A Trustee is expected to serve for a maximum of three terms of three years each, after which time up to two Trustees at any given time may serve as ‘history carriers’: Trustees who can pass on their experience of the culture and ethos of the charity to newer board members. Further Trustee training is carried out on an ongoing basis, making use of the Charity Commission website and other charity publications.

Indemnity

The charity purchased and maintained Trustee Liability Insurance throughout the financial year in respect of itself and its Trustees.

Structure and management

The charity is constituted as a company limited by guarantee (Company number 4655175), formed on 3 February 2003, and is therefore governed by its Memorandum and Articles of Association dated 5 February 2007. The company took over the operations of Christians Against Poverty as constituted under a Declaration of Trust dated 29 August 1996, on 1 June 2003. The day-to-day implementation of the strategic plan, together with the development of strategy, is led by the Chief Executive Officer and senior management team, which consists of members of each area of the charity. The Trustees meet regularly where, in full consultation with the senior management team, the main strategic and directional decisions are taken. Day-to-day operations are delegated to the Chief Executive Officer and senior management team which has, within certain limits, delegated authority. Suitable benchmarks and milestones are agreed to provide a basis on which to measure achievements, with the senior management team reporting progress to the Trustees through various committees. Monthly management accounts are also used to ensure financial targets are being met. If any significant matters of policy or key decision-making arise during

these meetings, these will be referred to the Trustees for approval.

Finance, Audit and Risk Committee

The Finance, Audit and Risk Committee is responsible for monitoring the integrity of the charity’s financial reporting, compliance with the requirements set by the Financial Conduct Authority, and internal controls. This includes reviewing the annual report and accounts, and the effectiveness of external audit services. The committee also reviews the charity’s risk management process, top strategic and operational risks, and adequacy of internal controls and mitigations.

Our fundraising practices

Every person who supports our work is important to us and we believe that giving to CAP should be a positive experience. We strive to maintain the highest standards in supporter care, ensuring that each person is treated as an individual, with fairness and respect. For this reason, CAP voluntarily subscribes to the Fundraising Regulator, which assumed responsibility for regulating all fundraising from July 2016. The regulator investigates and takes action, where appropriate, on issues of public concern.

In previous annual reports, we’ve only reported on complaints regarding our fundraising practices that were escalated to the Fundraising Regulator. In the interest of openness and transparency, we’ve chosen to include instances of feedback that we classified internally as complaints. In the 15-month period ended 31 March 2024, we received no complaints that were dealt with by our in-house customer service team in line with our complaints policy, and none that required escalation to the Fundraising Regulator.

The majority of our fundraising work is carried out by centrally employed staff including an in-house supporter phone team and a dedicated major donor team. Volunteer speakers also attend church services around the UK to

inform congregations about the work CAP does, along with fundraising activities.

Although CAP has an in-house creative team that prepares supporter materials and appeals, we often work with freelance copywriters and agencies; however, all fundraising appeals are signed off by us.

During the 15-month period ended 31 March 2024, we attended several exhibitions and festivals and hosted several fundraising dinners. As usual, these activities were carried out by Christians Against Poverty’s staff and volunteers.

In-house fundraising training is provided to all volunteers based on the FR Code of Fundraising Practice. We train volunteers for our dinners, exhibitions, and church talks on how to ask for support, including scripts where appropriate. As part of our training, we cover how to interact with supporters and potential supporters face-toface in a reasonable and fair manner, allowing individuals to make their own informed decisions about whether or not to donate.

We regularly review the financial asks given by CAP Speakers and provide feedback to the speaker when necessary. After every CAP talk, church leaders receive feedback on how the speaker interacted with the congregation. A member of the CAP Fundraising / Events team supervises all volunteers at exhibitions and fundraising dinners.

Additionally, we collect feedback from our fundraising dinner attendees and supporters after every fundraising call. Our feedback is collated via Delighted (experience management platform).

We have a vulnerable supporter policy, and all supporter-facing CAP staff and volunteers receive training in how to interact with vulnerable supporters. If a fundraiser suspects a person they are talking to may have vulnerabilities, they must end the conversation immediately.

36 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 37

Trustees’ report

Trustees’ report

They should do this politely, without:

We know that it may be difficult in some situations for fundraisers to decide whether or not someone is in a vulnerable circumstance or lacks capacity. We provide guidelines for fundraisers but our approach is always to err on the side of caution. All CAP staff are also trained in line with our safeguarding policy, to ensure members of the public who are at risk are appropriately protected.

We comply with the United Kingdom General Data Protection Regulation (UK-GDPR), which took effect in 2020.

Salary policy and pay for senior staff

In the 15-month period ended 31 March 2024 the Chief Executive’s basic annual salary was set at £90,000 on 1 January 2024, an increase from £87,779 set on 1 April 2022.

The basic annual salaries for the Chief Operating Officer and Chief People and Culture Officer roles remained at £75,422, although both roles were removed from our structure part-way through 2023. For other Directors in the senior management team, basic annual salaries were set between £51,841 and £61,363. In the previous year, Directors received between £41,473 and £61,214.

We’re committed to fairness for all and so an element of compression continues to be applied to the most senior salaries to achieve the agreed ratio of 1:5 between the lowest and highest paid roles across the charity. We also became accredited as a Real Living Wage employer.

The Trustees consider that they and the senior management team comprise the key management personnel of the charity who are in charge of directing, controlling, running and operating the charity on a dayto-day basis. All Trustees give their time freely and no Trustee received remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed in notes 22 and 23 of the accounts.

Employees

The work of CAP relies on the commitment and hard work of its valued staff, both those directly employed at head office and those employed by our partner churches in our centre network.

Full training is given to each member of staff in their specific roles. We are committed to equality in recruiting, training, promotion and career development and continually seek to promote from within alongside seeking external candidates.

The health and wellbeing of our staff is paramount and we are committed to offering flexible working arrangements and a range of benefits.

Diversity and inclusion

The charity is committed to supporting the employment of disabled people and helping existing staff, as well as anyone with additional support needs, as part of the recruitment process. In addition, we are committed to the retention of employees that become disabled while in our employment. We do this through training, career development, general awareness and support. We’re keen to create a culture that reflects and embraces diversity in all areas and levels of the organisation.

A Diversity, Equity and Inclusion Board was set up in 2021, and is tasked with reviewing and improving our approach in this area. This relates to protected characteristics, education, church engagement, theology, client engagement, communication, supporter engagement, employment and policy.

Directors’ engagement with employees

Regular communication with staff through monthly staff meetings and team meetings ensures employees are kept informed of any decisions taken by the senior management team. Staff also receive a quarterly update on the charity’s financial position alongside information on how any current economic factors are affecting the performance of the organisation. Both Staff Representatives and a Frontline Representative attend the quarterly Trustee Board meetings so their views can be taken into consideration through the strategic and operational decision-making process.

Volunteers

CAP values the work of its volunteers at head office in Bradford and across the UK. The welfare of those giving up their free time is important to us and we continue to ensure all policies and procedures are reviewed regularly. This provides the charity with clear boundaries and marks out for volunteers the extent of their remit. There is a dedicated staff member who oversees their work and ensures the wellbeing of all our volunteers.

The number of volunteers within our centre network is difficult to quantify, but we acknowledge that, without their invaluable contribution, our clients would not receive the help and support that they do. The Trustees, therefore, wish to acknowledge the enormous contribution made by employees and volunteers, both at head office and within the centre network.

Work in Scotland

The Office of the Scottish Charity Regulator requires us to report separately on our work in Scotland. While we do not report our income and expenditure separately for our Scottish activities, the statistics during the period ended 31 March 2024 were as follows:

In the 15-month period ended 31 March 2024, the Scottish Government provided a grant of £229k to CAP, which has been used to resource our Scotland Debt Operations team.

Work in Northern Ireland

Regulatory

Debt counselling and debt management are regulated activities under the Financial Services and Markets Act 2000. The charity is authorised and regulated by the Financial Conduct Authority (FCA) to provide debt counselling and debt management services.

In addition to the above we also hold the Advice Quality Standard mark (AQS). Organisations that hold the standard have demonstrated that they are easily accessible, effectively managed, and employ staff with the skills and knowledge to meet the needs of their clients. As part of achieving the standard, we also satisfied the requirements of the Money and Pensions Service (MaPS) Debt Advice Quality Framework.

38 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 39

Trustees’ report

Trustees’ report

Directors, senior staff and advisors

Principal and registered office

Directors (Trustees)

Jubilee House 1 Filey Street Bradford West Yorkshire BD1 5LQ

Auditor

RSM UK Audit LLP 5th Floor Central Square 29 Wellington Street Leeds LS1 4DL

Secretary

• Stephen Bonfield

Solicitors

Leadership team

Hempsons The Exchange Station Parade Harrogate HG1 1TS

Bankers

Lloyds Bank PLC Hustlergate Bradford West Yorkshire BD1 1NT

Charity no. UK 1097217 Charity no. Scotland SC038776 Company no. 4655175

Trustees’ responsibilities in relation to the financial statements

The charity Trustees (who are also the Directors of Christians Against Poverty for the purposes of company law) are responsible for preparing a Trustees’ annual report, strategic report and financial statements in accordance with applicable law and United Kingdom Accounting standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Statement as disclosure to our auditor

In so far as the Trustees are aware at the time of approving our Trustees’ annual report:

Company law requires the charity Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charity for that period. In preparing the financial statements the Trustees are required to:

Auditor

A proposal to re-appoint RSM UK Audit LLP as auditor of the charity will be put to the Annual General Meeting.

Strategic report

In accordance with section 414C (11) of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, the company has prepared a Strategic Report, which includes information that would have previously been included in the Trustees’ report. The Trustees and Directors’ report contains all information required in a Directors’ report by the Companies Act 2006. The Trustees authorise both the Strategic Report and the Trustees’ report below.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approval

This report was approved by the board of Trustees on Tuesday 5 November 2024 and signed on its behalf.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

40 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 41

Auditor’s Report

Auditor’s Report

Auditor’s Report Independent auditor’s report to the members of Christians Against Poverty

Opinion

We have audited the financial statements of Christians Against Poverty (the ‘charitable company’) for the period ended 31 March 2024 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical 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 concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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 charitable company’s ability to continue as a going concern 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 report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is

materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 41, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

42 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 43

Auditor’s Report

Auditor’s Report

Auditor’s responsibilities for the audit of the financial 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 includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

• inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any

known actual, suspected or alleged instances of fraud;

• discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the charitable company’s governing document. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

The most significant laws and regulations that have an indirect impact on the financial statements are the rules and principals set by the Financial Conduct Authority (FCA) as regulator for the financial services industry in the UK and GDPR. We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these law and regulations. In relation to FCA, we inspected compliance documentation including by not limited to, internal procedures manuals, report from external compliance advisors, risk and breaches registers, regulatory returns and correspondence with the FCA as well as considering compliance with the conditions for authorisation. Including with any restrictions or requirements placed on the firm and other regulatory obligations.

The audit engagement team identified the risk of management override of controls, and revenue recognition around the period end as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed in relation to management override of controls included but was not limited to testing journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, and challenging judgments and estimates. Audit procedures performed in relation to revenue recognition around the period end included but was not limited testing revenue transactions around the period end to assess if they were recognised in the correct period and confirming income is recognised in accordance with the SORP criteria and any corresponding accrued or deferred amounts have been correctly recorded.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

LUCY ROBSON (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants 1 St James Gate Newcastle upon Tyne NE1 4AD

Date

44 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 45

Financial statements

Financial statements

Financial statements

Statement of Financial Activities for the year ended 31 March 2024

Balance sheet as at 31 March 2024

(incorporating an income and expenditure account)

Unrestricted
funds
Restricted
funds
Total
Unrestricted
funds
Restricted
funds
Total
15-month period ending
12 month period ending
Note 2024
£’000
2024
£’000
2024
£’000
2022
£’000
2022
£’000
2022
£’000
Income from
Donations and legacies
2		 17,266
902
18,168
12,279
825
13,104
Other trading activities
3		 67
-
67
56
-
56
Investments 6
-
6
1
-
1
Charitable activities
4		 301
-
301
431
-
431
Other income
5		 3
617
620
-
1,365
1,365
Total income 17,643
1,519
19,162
12,767
2,190
14,957
Expenditure on
Raising funds 1,620
19
1,639
1,779
30
1,809
Charitable activities 16,783
1,450
18,233
13,096
2,204
15,300
Other 144
-
144
128
-
128
Total expenditure
6		 18,547
1,469
20,016
15,003
2,234
17,237
Net income/(expenditure) (904)
50
(854)
(2,236)
(44)
(2,280)
Net movement in funds (904)
50
(854)
(2,236)
(44)
(2,280)
Reconciliation of funds
Total funds brought forward 5,637
210
5,847
7,873
254
8,127
Total funds carried forward 4,733
260
4,993
5,637
210
5,847
Unrestricted
funds
Restricted
funds
Total
Unrestricted
funds
Restricted
funds
Total
March 2024
March 2024
March 2024
December 2022
December 2022
December 2022
Note £’000
£’000
£’000
£’000
£’000
£’000
Fixed assets
Intangible fixed assets
10		 262
-
262
328
-
328
Tangible fixed assets
11		 5,530
-
5,530
5,699
3
5,702
Total 5,792
-
5,792
6,027
3
6,030
Current assets
Debtors
12		 938
-
938
786
299
1,085
Cash and cash equivalents 683
260
943
1,039
(89)
950
Total 1,621
260
1,881
1,825
210
2,035
Creditors: amounts falling
due within one year
13		 (984)
-
(984)
(904)
(3)
(907)
Net current assets 637
260
897
921
207
1,128
Total assets less
current liabilities		 6,429
260
6,689
6,948
210
7,158
Creditors: amounts falling
due after one year
14		 (1,696)
-
(1,696)
(1,311)
-
(1,311)
Net assets 4,733
260
4,993
5,637
210
5,847
Funds
Restricted funds 260
210
Unrestricted funds 4,733
5,637
Total funds
19		 4,993
5,847

Approved by the Board of Directors and Trustees and authorised for issue on 5th November 2024 and signed on its behalf.

Roger Hattam Chair of the Board of Trustees

The notes on page 49 to 64 form part of these financial statements.

The notes on page 49 to 64 form part of these financial statements.

46 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 47

Financial statements

Financial statements

Statement of cash flows as at 31 March 2024

==> picture [501 x 528] intentionally omitted <==

----- Start of picture text -----
Total Total
2024 2022
£’000 £’000
Cash flows from operating activities
Net incoming resources (854) (2,280)
Depreciation on tangible fixed assets 280 150
Impairment of tangible fixed assets 20 70
Amortisation of intangible assets 66 52
Profit/(loss) on sale of assets (7) (279)
Less interest received (6) (1)
Add interest paid 124 58
Decrease/(increase) in debtors 147 103
(Decrease)/increase in creditors 108 164
Net cash flow provided by operating activities (122) (1,963)
Cash flows from investment activities
Proceeds on sale of assets - 2,043
Purchase of tangible fixed assets (128) (3,047)
Purchase of intangible fixed assets - (12)
Current asset investment 7 -
Interest received 6 1
Net cash flow used in investing activities (115) (1,015)
Cash flows from financing activities
Cash inflows from new borrowing 503 -
Interest paid (124) (58)
Repayment of bank loans (149) (408)
Net cash flow used in financing activities (230) 466
Change in cash and cash equivalents in the period (7) (3,444)
Year end cash & cash equivalents 943 950
Prior year carried forward cash & cash equivalents 950 4,394
----- End of picture text -----

Notes to the financial statements for the year ended 31 March 2024

1. Statement of accounting policies

provided by section 405(2) of the Companies Act 2006 not to prepare consolidated financial statements. The Trustees consider that the charity’s subsidiary should be excluded from consolidation on the basis that it is immaterial for the purpose of giving a true and fair view.

Charity information

Christians Against Poverty is a company limited by guarantee domiciled and incorporated in England and Wales. The registered office is Jubilee House, 1 Filey Street, Bradford, BD1 5LQ.

Christians Against Poverty meets the definition of a public benefit entity under FRS 102. The charity exists for the benefit of the public through the provision of services to members of the public suffering from problem debt, unemployment and low income, which are detailed in the charity’s principal activities.

Preparation of the accounts on a going concern basis

The Trustees (who are directors of Christians Against Poverty for the purposes of company law and the Trustees of Christians Against Poverty for the purposes of charity law) have reviewed the charity’s financial position, taking into account the levels of reserves and cash, the annual plan and the five-year financial plan, and its systems of financial and risk management.

Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the Charities Statement of Recommended Practice, Accounting and Reporting by Charities (“SORP”) FRS 102 and the requirements of the Companies Act 2006.

As a result of their review, the Trustees believe that the charity is well-placed to manage operational and financial risks successfully given that the charity took action during 2023 to rebalance expenditure and significantly reduce annual salary expenditure by (c.£2m-£2.5m).

The financial statements have been prepared under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £’000, except where otherwise indicated.

Accordingly, the Trustees have a reasonable expectation that there are no material uncertainties about the charity’s ability to continue in operational existence for the foreseeable future. The Trustees, therefore, continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Funds held by the charity

The charity’s principal activities are described in detail on pages 8 to 9 along with the nature of the charity’s operations. The charitable company has adopted the following principal accounting policies, which should be read in conjunction with the financial statements set out on pages 46 to 48.

Unrestricted funds represent funds received that are available to the Trustees to apply for the general purposes of the charity as set out in the governing document.

Restricted funds represent funds received for a specific purpose as defined by the donor or funder.

Reporting period

Incoming resources

The reporting period is longer than one year and runs from 1 January 2023 to 31 March 2024 and hence the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. The accounting period was changed to a ‘April to March’ from a ‘January to December’ reporting period.

All incoming resources are included in the statement of financial activities when the charity is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. The following specific policies apply to the categories of income:

Legacies

The notes on page 49 to 64 form part of these financial statements.

Basis of consolidation

The financial statements show information about the charity as an individual entity and not about its group, as the charity has taken advantage of the exemption

Legacy income is recognised when the charity has been notified of entitlement, where receipt is probable and the amount of the legacy is quantifiable.

48 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 49

Financial statements

Financial statements

1. Statement of accounting policies (continued)

Government grants

Depreciation is calculated to write down the cost or valuation, less estimated residual values of all fixed assets over their expected useful lives. It is calculated at the following rates:

Grant income is recognised when the charity has been notified of entitlement, where receipt is probable and the grant is quantifiable, provided that the terms of the grant do not impose future performance-related conditions. If entitlement is conditional on performance, such as a particular level of service to be delivered, the grant is not recognised until these conditions have been met. Any grants that are received before the revenue recognition criteria are met are recognised in the entity’s financial statements as a liability.

==> picture [244 x 120] intentionally omitted <==

----- Start of picture text -----
Freehold buildings 2% on cost
Freehold land Not depreciated
Computer equipment 33 1/3% on cost
Furniture and fittings 25% on written down value
Office equipment 20% on cost
Plant and equipment 10% on cost
----- End of picture text -----

Resources expended

All expenditure of the charity is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is attached to the specific expense incurred.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited to the statement of financial activities.

Fixed asset investments

Costs of generating voluntary income consist of the direct costs of fundraising staff together with quantifiable direct costs. Other support costs are allocated on the basis of headcount.

The investment in the subsidiary is measured at cost less any accumulated impairment losses.

Impairment of fixed assets

Charitable activities consist of the direct costs of staff involved in the delivery of activities and services to the charity’s beneficiaries. Direct costs are included where quantifiable and all other support costs are allocated on the basis of headcount.

At each reporting period end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible fixed assets other than goodwill

Intangible assets acquired and developed separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis:

Software development 10 years on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited/ charged to the statement of financial activities.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of financial activities.

Tangible fixed assets

Fixed assets are measured at cost, net of depreciation and any impairment losses. All fixed assets with an individual value in excess of £500 are capitalised.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

1. Statement of accounting policies (continued)

value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Cash and equivalents

Cash and cash equivalents includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Derecognition of financial assets

Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Classification of financial liabilities

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s contractual obligations are discharged, cancelled, or they expire.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Taxation

The charity is exempt from tax on income and gains falling within sections 472-489 of the Corporation Tax Act 2011 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present

50 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 51

Financial statements

Financial statements

1. Statement of accounting policies (continued)

Pensions

are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The charity operates a defined contribution pension scheme, Christians Against Poverty Stakeholder Pension Plan, and the pension charge represents the amounts payable by the charity to the fund in respect of the period.

The annual depreciation and amortisation charges for tangible and intangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Impairment on tangible fixed assets is evaluated when an asset is held for sale. The estimations are assessed annually and are amended when necessary to reflect the current market value of the asset. See note 10 for the carrying amount of the intangible fixed assets and note 11 for the carrying amount of the tangible fixed assets.

Termination benefits

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Operating leases

Rentals payable under operating leases are charged against income on a straight-line basis over the lease term.

Judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

Where accounting estimates concerning legacy income recognised in prior years have been revised, the current year accounts have been adjusted to reflect the revised values expected. Accounting estimates have also been used concerning new legacy income to which the charity has become entitled.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

2. Donations and legacies

==> picture [503 x 230] intentionally omitted <==

----- Start of picture text -----
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2022 2022 2022
£’000 £’000 £’000 £’000 £’000 £’000
Regular supporters 7,494 15 7,509 5,872 7 5,879
Individual gifts 2,917 443 3,360 1,930 390 2,320
Churches 2,539 7 2,546 2,054 1 2,055
Companies 1,272 22 1,294 553 92 645
Charitable Trusts 1,047 411 1,458 320 285 605
Legacies 152 4 156 101 50 151
Total 15,421 902 16,323 10,830 825 11,655
Gift Aid 1,845 - 1,845 1,449 - 1,449
Total donations 17,266 902 18,168 12,279 825 13,104
----- End of picture text -----

3. Other trading activities

==> picture [501 x 92] intentionally omitted <==

----- Start of picture text -----
2024 2022
£’000 £’000
Fundraising events 67 38
Rents received - 18
Total 67 56
----- End of picture text -----

The amounts above are all unrestricted income.

4. Charitable activities

==> picture [501 x 109] intentionally omitted <==

----- Start of picture text -----
2024 2022
£’000 £’000
Service Companies 263 418
CAP Money coaching resources 35 11
Services resources 3 2
Total 301 431
----- End of picture text -----

The amounts above are all unrestricted income.

5. Other income

==> picture [499 x 104] intentionally omitted <==

----- Start of picture text -----
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2022 2022 2022
£’000 £’000 £’000 £’000 £’000
Government grants 3 617 620 - 1,365 1,365
Total 3 617 620 - 1,365 1,365
----- End of picture text -----

The charity received funding from Government departments for the following projects:

==> picture [500 x 128] intentionally omitted <==

----- Start of picture text -----
2024 2022
Government department Project £’000 £’000
The Money and Pensions Service Covid 19: Maintaining Debt Advice Capacity 141 855
The Money and Pensions Service Administration of Debt Relief Orders 134 260
Housing and Social Justice Directorate (Scotland) Debt Advice Provision Project 331 246
Housing and Social Justice Directorate (Scotland) Social Isolation and Loneliness Winter Funding Package 8 -
Department of Work and Pensions Access to Work 3 -
----- End of picture text -----

52 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 53

Financial statements

Financial statements

6. Total expenditure

==> picture [490 x 376] intentionally omitted <==

----- Start of picture text -----
Direct Support Total Direct Support Total
costs costs costs costs costs costs
2024 2024 2024 2022 2022 2022
£’000 £’000 £’000 £’000 £’000 £’000
Expenditure on raising funds
Expenditure on raising donations 1,486 153 1,639 1,512 297 1,809
and legacies
Total 1,486 153 1,639 1,512 297 1,809
Expenditure on charitable activities
CAP Debt Centres 12,117 1,907 14,024 9,797 1,931 11,728
CAP Job Clubs 566 118 684 413 73 486
CAP Life Skills 1,088 281 1,369 826 276 1,102
CAP Kick Start - - - 4 - 4
Client welfare 219 38 257 218 19 237
Money coaching
452 10 462 167 10 177
(formerly CAP Money)
International 92 10 102 268 10 278
Raising awareness 1,177 158 1,335 1,100 188 1,288
Total 15,711 2,522 18,233 12,793 2,507 15,300
Other costs 124 - 124 58 - 58
Impairment on fixed assets 20 - 20 70 - 70
Total resources expended 17,341 2,675 20,016 14,433 2,804 17,237
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Support costs and the basis of their allocation are as follows:

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Principal basis of 2024 2022
allocation of activities
£’000 £’000
General management and support Headcount 420 944
Financial management Headcount 633 597
Human resources Headcount 527 580
Supporter relations Headcount 814 472
IT Headcount 198 145
Governance Headcount 83 66
Total 2,675 2,804
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7. Analysis of grants given

Included within expenditure on charitable activities are the following amounts in relation to grants given:

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Grants to Grants to Total Grants to Grants to Total
individuals churches individuals churches
2024 2024 2024 2022 2022 2022
£’000 £’000 £’000 £’000 £’000 £’000
Insolvency fee bursary 65 - 65 87 - 87
Increasing debt advice capacity in - 62 62 - 103 103
Scotland
Church debt centre bursary - 34 34 - 44 44
Mustard seed bursary - 12 12 - 15 15
Total 65 108 173 87 162 249
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During the year CAP was the recipient of some funding from the Scottish Government to increase debt advice capacity in Scotland. Some of this funding was awarded specifically to be given in grants to existing and new Debt Centre church partners to enable them to continue operating.

8. Employee emoluments

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2024 2022
£’000 £’000
Wages and salaries 12,803 10,765
Social security costs 1,165 1,036
Pension costs 1,030 883
Total 14,998 12,684
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During the year there were £205,736 (2022: £6,720) in redundancy payments.

The number of employees whose emoluments (salaries, wages and benefits in kind) fell within the following bands:

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2024 2022
£’000 £’000
£60,000 - £69,999 3 3
£70,000 - £79,999 3 2
£80,000 – £89,999 - 1
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The total employee benefits of the key management personnel (members of the Executive team) were £796,536 for the 15-month period ending 31 March 24 (2022: £612,696).

54 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 55

Financial statements

Financial statements

8. Employee emoluments (continued)

The average monthly headcount was 376 staff (2022: 410) and the average number of full-time equivalent employees (including casual and part-time staff) during the year was:

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2024 2022
Full-time equivalent employees 339 372
Total 339 372
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9. Net income for the year

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2024 2022
Is stated after charging £’000 £’000
Auditor's remuneration
External audit fees 36 35
Advisory services 25 17
Depreciation 280 150
Amortisation 66 52
Operating lease rentals 81 77
Impairment of fixed assets 20 70
Interest payable 124 58
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10. Intangible fixed assets

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Software Total
development
Cost £’000 £’000
At 1 January 2023 528 528
Additions - -
- -
Disposals
At 31 March 2024 528 528
Accumulated amortisation
At 1 January 2023 200 200
Charge for the year 66 66
- -
Disposals
At 31 March 2024 266 266
Net book values
At 31 March 2024 262 262
At 31 December 2022 328 328
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11. Tangible fixed assets

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Freehold land Computer Furniture and Total
and buildings equipment equipment
£’000 £’000 £’000 £’000
Cost
At 1 January 2023 5,545 827 232 6,604
Additions - 78 50 128
- -
Disposals (46) (46)
At 31 March 2024 5,545 859 282 6,686
Accumulated depreciation
At 1 January 2023 114 704 14 832
Charge for the year 122 91 67 280
- -
Eliminated on disposal (46) (46)
At 31 March 2024 236 749 81 1,066
Accumulated impairment
At 1 January 2023 70 - - 70
Charge for the year 20 - - 20
- - - -
Eliminated on disposal
At 31 March 2024 90 - - 90
Net book values
At 31 March 2024 5,219 110 201 5,530
At 31 December 2022 5,361 123 218 5,702
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During the 15-month period ended 31 March 2024 the market value of land held in freehold land and buildings, and intended for disposal, was assessed as being lower than its net book value. Therefore an impairment charge of £20,000 (2022: £70,089) was recognised in the statement of financial activities for the period ended 31 March 2024.

Included in the net carrying amount of freehold land and buildings is £2,006,500 (2022: £2,382,950) pledged as security against the charity’s bank loans.

56 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 57

Financial statements

Financial statements

12. Debtors

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Unrestricted Restricted Total Total
funds funds
March 2024 March 2024 March 2024 December 2022
£’000 £’000 £’000 £’000
Income tax recoverable 259 - 259 276
Trade debtors 38 - 38 74
Accrued income 226 - 226 521
Prepayments 414 - 414 212
Other debtors 1 - 1 2
Total 938 - 938 1,085
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13. Creditors – amounts falling due within one year

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Unrestricted Restricted Total Total
funds funds
March 2024 March 2024 March 2024 December 2022
£’000 £’000 £’000 £’000
Building fund loans 2 - 2 2
Bank loans 91 - 91 122
Other tax and social security 200 - 200 256
Accruals and deferred income 346 - 346 325
Trade creditors 313 - 313 160
Other creditors 32 - 32 42
Total 984 - 984 907
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14. Creditors – amounts falling due after more than one year

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Total Total
March 2024 December 2022
£’000 £’000
Bank loans 1,696 1,311
Total 1,696 1,311
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Loans outstanding at the year end amounted to £1,787,806 (2022: £1,434,490) and these are repayable as follows:

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Total Total
March 2024 December 2022
£’000 £’000
Within one year 91 123
Between two and five years 434 332
After more than five years 1,261 979
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In July 2021 a loan was taken out for £1,495,000 with Stewardship Services (UKET) Limited for the purchase of a freehold property at 1 Filey Stret, Bradford. The loan is repayable over a period of 15 years and interest is variable for its duration. The interest rate on this loan increased in 2023 from 4.5% to 7% in line with the Stewardship Standard Lending Rate.

In July 2023 an additional loan was taken out for £503,000 with Stewardship Services (UKET) Limited. The loan is repayable over a period of 15 years and interest is variable for its duration. The interest rate on this loan increased from 6.5% to 7.5% in line with the Stewardship Standard Lending Rate.

The balance of the Stewardship Services loans at 31 March 2024 was £1,786,306 (2022: £1,384,221), which represents 89% of the balance sheet value of the property. The loan is fully secured against the property.

Deferred income

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Mar-24 Dec-22
Opening Balance 1 Jan 2,751.45 6,419.71
Amount released in the period (2,751.45) (3,668.26)
Amount deferred in the period - -
Closing Balance - 2,751.45
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58 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 59

Financial statements

Financial statements

15. Other financial commitments

Operating lease payments represent rentals payable by the charity for certain items of computer equipment and for office space in Belfast.

At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

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31 Mar 2024 31 Dec 2022
Operating leases which expire: £’000 £’000
Within one year 56 67
Between two and five years 60 87
- -
After more than five years
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16. Financial instruments

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31 Mar 2024 31 Dec 2022
Carrying amount of financial assets £’000 £’000
Debt instruments measured at amortised cost 266 596
Carrying amount of financial liabilities
Measured at amortised cost 2,480 1,960
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17. Movement of funds

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Balance Incoming Resources Balance Balance Incoming Resources Balance
1 Jan resources expended 31 Mar 1 Jan resources expended 31 Dec
2023 2024 2022 2022
Description of fund £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
General unrestricted funds 5,637 17,643 (18,547) 4,722 7,873 12,767 (15,003) 5,637
Restricted funds
Individual centres - 1 (1) - - - - -
Wales region - 0 (0) - - - - -
Scotland region - 3 (3) - - 39 (39) -
Northern Ireland expansion 58 6 (46) 18 - 106 (48) 58
Republic of Ireland establishment - - - - - 10 (10) -
Debt Operations - 164 (164) - - 348 (348) -
Social policy - - - - 15 69 (84) -
Client emergency aid - 64 (64) - 55 57 (112) -
Insolvency bursary fund 49 85 (65) 69 23 108 (82) 49
Church bursary fund 13 21 (33) 1 12 13 (12) 13
CAP Job Clubs - 1 (1) - - 1 (1) -
CAP Money refresh project 19 - (19) - - 30 (11) 19
CAP Life Skills - 3 (3) - - - - -
Staff benevolent fund - 1 (1) - - 1 (1) -
Opportunity fund - - - - 100 - (100) -
Debt Service Transformation - 425 (425) - - 250 (250) -
Church transformation - 238 (76) 162 - - - -
Increasing debt advice capacity - 144 (144) - - 858 (858) -
Increasing debt advice - 339 (339) - 1 246 (247) -
capacity (Scotland)
Scotland Funding Manager role 19 - (19) - 44 - (25) 19
Scotland Promotion & - - - - 4 - (4) -
Engagement Manager
Warm Welcome initiative - - - - - 1 (1) -
York region 49 4 (53) - - 50 (1) 49
Call to prayer event 3 10 (13) - - 3 - 3
International - 10 - 10 - - - -
Total restricted funds 210 1,519 (1,469) 260 254 2,190 (2,234) 210
Total funds 5,847 19,162 (20,016) 4,993 8,127 14,957 (17,237) 5,847
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60 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 61

Financial statements

Financial statements

17. Movement of funds (continued)

The restricted funds for debt operations are made up of a number of donations towards the salary costs of our Debt Advisors.

Client emergency aid represents money given towards clients who are facing an imminent lack of essential items, such as food.

The insolvency bursary fund represents donations received towards CAP’s insolvency bursary. This fund pays towards bankruptcy and Debt Relief Order fees for clients who have insufficient savings to fund the entire fee themselves.

The CAP Money refresh project is to update the materials and content of our CAP Money course, now money coaching.

The opportunity fund was created to enable donors to give into a fund that would be available for CAP to use in the event that any unexpected opportunities arose that would require funds.

The restricted donation for increasing debt capacity in Scotland was a grant received to help new and existing debt centres in the Scotland region.

19. Analysis of net assets between funds

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Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2022 2022 2022
£’000 £’000 £’000 £’000 £’000 £’000
Intangible fixed assets 262 - 262 328 - 328
Tangible fixed assets 5,530 - 5,530 5,699 3 5,702
Cash at bank and in hand 683 260 943 1,039 (89) 950
Other net current assets (46) - (46) (118) 296 178
Creditors of more than one year (1,696) - (1,696) (1,311) - (1,311)
Total 4,733 260 4,993 5,637 210 5,847
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The restricted donation for increasing debt capacity was a grant received to fund a cohort of new Debt Advisors who were recruited in 2020.

The Scotland Funding Manager role restricted funds is a donation made towards the costs of this particular role.

During the period we received some restricted donations to fund our Church Transformation and the Debt Service Transformation projects.

During the year 2022 we received a legacy payment that came with the restriction of being used to support the services in the York area.

18. Capital commitments

20. Reconciliation of net debt

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Balance Cash flows Balance
1 Jan 2023 31 Mar 2024
£’000 £’000 £’000
Cash at bank and in hand 950 (7) 943
Bank loans (1,433) (354) (1,787)
Total (483) (361) (844)
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The charity had no capital commitments at 31 March 2024 (2022: £nil).

21. Budgeting and debt management services

Monies paid in by clients to enable their utility and debt repayments to be made are held in a separate bank account from the charity’s own funds and cannot be used by the charity to fund its operations. The balance in these separate accounts as at 31 March 2024 were £1,272,616 (2022: £1,446,958).

22. Transactions with Trustees

During the 15-month period ended 31 March 24 no remuneration was paid to any of the Trustees (2022: £nil) and the Trustees received travel expense reimbursements of £714 (2022: £0) from the charity. The charity paid a sum of £1,200 for Charity Trustee Insurance within its main insurance policy (2022: £1,383).

62 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024 63

Financial statements

23. Related party transactions

On 23 May 2022, the Directors issued a new ‘Letter of Comfort’ to CAP Australia, undertaking to financially support CAP Australia to the full extent of any liabilities incurred by them that are unable to be satisfied by the assets of CAP Australia, not exceeding (AUD) $300,000, until 22 May 2024. At 31 March 2024 CAP Australia had net assets of (AUD) $535,674 (2022: $748,404).

At the end of the year there were debtor balances outstanding with our international affiliates as follows:

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|||| |---|---|---| |Total|Total| |2024|2022| |£|£| |CAP Canada|(3,023)|2,621| |CAP New Zealand|12,683|14,980| |CAP Australia|2,657|7,070| |CAP America|147|1,719| |With the following amounts included in the sales day book during the year:| |2024|2022| |£|£| |CAP Canada|1,818|7,972| |CAP New Zealand|68,279|56,127| |CAP Australia|11,257|25,438| |CAP America|1,029|2,199|

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With the following amounts included in the sales day book during the year:

During the year Lisa Pierce stepped down as a Trustee to take on the role of Interim CEO during the period between 8 July 2023 and 31 December 2023. During this period she received total remuneration and benefits of £50,592 in relation for performance of the Interim CEO role.

During the year, a member of the Key Management personnel, Angie Rusbridge, resigned from CAP and joined Stewardship Services (UKET) Limited as a Trustee. Additionally, Stewart McCulloch left the position of CEO at Stewardship Services (UKET) Limited to join CAP as CEO. As a result transactions with Stewardship Services (UKET) Limited have been considered to be related party transactions. During the year CAP obtained a loan facility from Stewardship Services (UKET) Limited of £500k in addition to a previous loan balance outstanding of £1.38m. Interest was charged on these loan balances of £124k and at year end the total balance owed to Stewardship Services (UKET) Limited was £1,787k.

24. Pension commitments

The charity operates a defined contribution pension scheme, Christians Against Poverty Group Stakeholder Pension Plan, for all employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by Christians Against Poverty to the fund and in the 15-month period to 31 March 24 amounted to £1,030,030 (2022: £883,529). All contributions due have been fully paid and the balance outstanding at the end was included in unrestricted liabilities.

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3 ”
Christians Against Poverty | Company no: 4655175 | For the year ended 31 December 2022 65
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64 Christians Against Poverty | Company no: 4655175 | For the year ended 31 March 2024

capuk.org

©2024

Charity Registered No: 1097217 (England & Wales) SC038776 (Scotland) Company Limited by Guarantee, Registered in England & Wales No: 4655175. CAP is authorised and regulated by the Financial Conduct Authority.

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