Charity number: 1118654
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2025
LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent Auditors' Report | 7 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 24 |
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2025
| Trustees | Peter William Jamieson |
|---|---|
| Willy Schaper-Kotter | |
| Carine Martinez | |
| Angelo De Lubio Feril | |
| John Kapend Tshiyamb | |
| Charity registered number 1118654 Principal office Suite 7 2-4 Station Street Blaxland NSW Australia 2774 Chief executive officer Peter William Jamieson Independent auditors Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB Bankers Westpac Banking Corporation 275 Kent Street Sydney New South Wales 2000 |
Page 1
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report together with the financial statements of the Anglo Australian Christian and Charitable Fund (the Charity) for the year from 1 April 2024 to 31 March 2025. The Trustees confirm that the Annual Report and the financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective January 2019).
Reference and administrative details
Reference and administrative details are shown in the schedule of members of the board and professional advisors on page 1 of the financial statements.
The Trustees
The Trustees who served the charity during the year were as follows:
Peter William Jamieson Willy Schaper-Kotter Carine Martinez Angelo De Lubio Feril John Kapend Tshiyamb
Structure, governance and management
The Anglo Australian Christian and Charitable Fund is an unincorporated charity, constituted by a Trust Deed, dated 14 November 2006.
The Charity is run by a Board of Trustees, detailed above. The Trustees meet regularly to review performance of the Charity, consider risks and issues affecting the Charity, and to review the future plans of the Charity.
Appointment of new Trustees is governed by the Trust Deed of the Charity. The members of the Board of Trustees are authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing Trustee. The new Trustees are briefed about their duties by the current Trustees.
Remuneration of key management personnel is set and reviewed by the Trustees.
The Trustees actively review the major risks the Charity faces on a regular basis. The Trustees have also examined other operational and business risks faced by the Charity and have established systems to mitigate these risks.
The Governance and Policy Manual sets the framework for overall systems and governance practice.
Objectives and activities
The objectives of the Charity are to make payments for the charitable purposes of advancing the Christian religion and religious education.
The short and long term objectives of the Charity during the year were to use donations received to make charitable distributions in furtherance of the charity’s objectives. The donations are made to individuals and organisations, including educational establishments, who promote the Christian religion. This is the strategy that the Charity has been using to further its aims, with the Trustees deciding which individuals and organisations to pay money to.
In establishing the objectives and activities of the Charity, the Trustees have given careful consideration to the Charity commission’s guidance on public benefit.
Page 2
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The two main criteria which the Charity uses to measure success (ie. Its key performance indicators) are the volume of donations received and donations paid to further the Charity’s objectives.
Achievements and Performance
During the year the Charity received total donations of £156,828 (2024: £nil), and made payments of £1,939,865 (2024: £922,077) for advancement of Christian Education and Christian mission and other related purposes including scholarships.
The Charity held investments at the balance sheet date of £22,750,596 (2024: £29,600,535) and received income from these investments of £309,653 (2024: £576,474). In relation to the investments held, the charity aims to benefit from the maximum possible capital gains as well as investment income received. It is expected that the value of the investments as well as income received from them will fluctuate year on year. The Trustees regularly monitor the investment performance of the Charity.
Income has been at levels below expectations based on previous years, with two of the three companies in the Trust’s share portfolio return nil dividends for the year. The other company saw an increase in dividend payments, up 6% on the previous year.
The Charity continues to place priority on the development of the two schools it supports, The Kings College Lubumbashi, the Democratic Republic of the Congo and to a lesser degree The International Chinese School, St Leonards, Sydney, Australia. Progress of both schools over the reporting period, as well as other charitable projects, are summarised below:
Kings College
King's College had a successful 2024/25 school year, with significant enrolment growth and excellent academic results.
King’s College is a relatively new player in the independent school sector in the Democratic Republic of Congo and is only in its fifth year of operation. Kings College is the top performing school in the province of Haut Katanga1 and more precisely in Lubumbashi
Over 1,000 students were enrolled for the academic year, spread across the Maternity, Primary and Secondary Schools.
An additional four parcels of land were purchased during 2024/25 to allow for the continued expansion of the College, particularly to fulfill the vision of a University attached to King’s. Planning was completed and work also commenced on the College gymnasium which will not only support physical education and sport sessions, but will accommodate the whole school for assembly’s, chapels and the like.
In the final exams, King's College achieved notable success, with all sixteen senior students passing their final exams. King's College were proud of these results and the dedication of students and staff.
The King's College community continues to praise God for his continued hand of blessing upon the School.
Page 3
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
International Chinese School
While no financial grants were required during the 2024/25 reporting period, the Charity continued to support the International Chinese School (ICS)—a Christian school with an Anglican foundation located on the Lower North Shore of Sydney, NSW, Australia—through the provision of educational consultancy and strategic guidance as needed.
The School experienced significant growth over the 12-month period, with enrolments reaching 114 students from Kindergarten to Year 6. While the majority of students come from families of Chinese heritage, there has been a notable increase in enrolments from other cultural backgrounds. Many students enter the School with no prior exposure to the Chinese language, yet the 50/50 Mandarin-English bilingual immersion program has resulted in remarkable gains in Mandarin proficiency.
In the national standardised testing for literacy and numeracy (Years 3 and 5), ICS outperformed neighbouring public schools and performed comparably with independent schools of similar socio-economic standing. These outcomes support existing research indicating that second language acquisition enhances cognitive development and improves overall academic performance.
Student achievement in Chinese literacy was further evidenced by outstanding performances in the Hello Mandarin Chinese Public Speaking Competition, with one student selected to represent Australia at the international finals in China.
Parental engagement remains a strong feature of the School community. The Mid-Autumn Festival, organised by the Parents and Friends Association, was once again a highlight of the school year, drawing over 250 attendees and celebrating the diverse and vibrant school culture.
The School is deeply grateful for the ongoing support of the AACCF, particularly the consultancy and guidance it continues to provide.
Philippines
Support for pastoral work in the Philippines has contributed to significant growth in local churches. Church planting efforts, particularly through Metro Church Dumaguete, continue to expand. Additional funding has been allocated to meet the increasing pastoral care needs, including support for community food programs and giftgiving initiatives for children. Assistance with living expenses has enabled local pastors and their families to devote more time to ministry. Notably, several scholarship recipients have graduated from university with distinction, receiving achievement awards in recognition of their academic success.
Kenya
Support has been provided to the Church Commissioners of Kenya to strengthen Christian ministry efforts around the nation's capital, Nairobi. In particular, the charity has assisted the outreach ministry of St. Philip’s Anglican Church as they seek to serve impoverished families living on the outskirts of the city.
South Pacific
Over the past year, Philippe Pinero and his team from Wycliffe Associates have been actively engaged in Bible translation, church ministry, and educational outreach across the Pacific region. Translation projects into the mother tongues of various indigenous groups are currently underway or in the planning phase in Vanuatu, the Torres Strait Islands, Fiji, Solomon Islands, Papua New Guinea (PNG), and New Caledonia. The New Samoan Translation has been completed, with printed copies formally presented to local leaders. An additional sixteen accelerated translation projects are progressing, ranging from 60% completion to the final printing stage.
The Charity has actively supported the growth and development of Christian education across the Pacific region. Its Educational and Business Consultant has worked alongside the Australian charity PasifikAid, engaging closely with churches and government leaders in Vanuatu. He has provided strategic advice to the Protestant schools' network and played a key role in the rebuilding of Tasmalum School on Espiritu Santo, which had remained in ruins for five years following a major cyclone. He continues to collaborate with the Minister for Education to strengthen schools and improve educational outcomes throughout Vanuatu.
Page 4
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
General
Other general support projects have included:
-
Ambassadors for Christ International with their worldwide gospel centred program, ‘Evangelism Shift’.
-
Chaplaincy to the emergency services, Toledo USA.
-
European Mission, with their ministry and Church planting work in Germany.
-
Sports ministry Chaplain in England
-
Power to Change in support of its Chaplaincy work in secondary schools in socially disadvantaged areas of Sydney, Australia.
-
Financial support for returned missionaries who through their service have limited means as they transition back into Western Society.
Financial review
During the year the Charity incurred a deficit of £8,473,975 (2024: surplus of £1,048,327) which arose due to a fall in the value of the investments, foreign currency losses, and an increase in donations payable. As at 31 March 2025 the Charity had unrestricted funds of £22,355,786 (2024: £30,829,761).
It is the policy of the Trustees to continue to build reserves and use the funds to make donations for charitable purposes. The level of donations made by the charity fluctuates year on year depending on availability of funds and need. In addition, fixed costs are kept to a minimal level and are usually funded by investment income raised in the year. As such, the funds currently held are in line with the Charity's cash reserve policy.
The Charity's cash reserve policy states a minimum 5% of grant funding for the subsequent 12 month period be held as Cash at hand. This allows for monies to be available for variations in capital project costs, unexpected expenses incurred by the charity (eg. legal) and additional grants throughout the year as applications arrive and are accessed.
Given the Charity's support of the further development of Kings College, Lubumbashi, DR Congo, on occasion cash reserves may greatly exceed this 5%. These excess funds are held in reserve for future capital works projects that may be required by the College.
The principal risks which affect the Charity's future financial position are an adverse movement in the value of investments held. Further, adverse movement in the exchange rate between the Australian dollar and the British Pound presents a further potential principal risk. These risks are monitored by the Trustees.
Plans for future periods
The Trustees remain committed to advancing the Christian faith and religious education and will continue to use donations received to make charitable distributions that support this mission. The Charity partners with a number of individuals and organisations that share these objectives and intends to maintain and expand this support in the future. Drawing on their experience working with these partners, the Trustees are confident in their capacity to continue funding initiatives that promote the Christian faith.
The major focus of the AACCF moving forward is to support the continued growth of King’s College, Lubumbashi, in the Democratic Republic of Congo. The AACCF envisions King’s College becoming the leading educational institution in the region—delivering quality education grounded in a Christian worldview and values. The goal is to equip moral and godly leaders to shape the future of their nation.
Key objectives for the King's College include:
-
Establishing a full Prep to Secondary school serving 1,500 students.
-
Advancing the college building program to provide quality educational facilities.
-
Developing sporting grounds on newly acquired land.
-
Maintaining affordable fees to ensure broad accessibility for local families.
-
Employing qualified and capable Christian teachers.
-
Establishing The King's University Lubumbashi - a Christian university with a strong emphasis on teacher training.
Page 5
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The values of the shares held by the Trust have fluctuated during the reporting period. The share portfolio peaked at £31,955,205 in early February 2025 but had dropped 29% by the balance sheet date. The share market is currently showing signs of volatility, and the Trustees actively monitor and discuss its impact during Board meetings. They acknowledge that market fluctuations are expected, and their investment strategy remains focused on achieving long-term outcomes.
The Anglo Australian Christian and Charitable Fund remains committed to its core objectives, particularly in supporting the establishment and development of Christian schools worldwide. Subject to the availability of funds, the Charity will also consider supporting other causes in the future as it continues to pursue its global mission.
Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on and signed on their behalf by:
Peter William Jamieson Trustee/Chair Date: 18 December 2025
Page 6
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
FOR THE YEAR ENDED 31 MARCH 2025
Opinion
We have audited the financial statements of Anglo Australian Christian & Charitable Fund (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 1.1 to the financial statements, 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 charity'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 auditors' 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.
Page 7
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
-
Enquiries of management, including obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
-
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance
-
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
-
the internal controls established to mitigate risks related to fraud or non-compliance of laws and regulations; and
Page 8
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes audit partners and staff who have extensive experience of working with charities in similar sectors and this experience was relevant to the discussion about where fraud risks might arise.
We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Charities Act, Charities SORP and FRS 102.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or to avoid a material penalty.
As a result of these procedures, we considered the particular areas that were susceptible to misstatement due to irregularities, including fraud were in respect of income recognition and classification, unrecorded grant commitments, validity of grant expenditure, transactions with related parties and noncompliance with Charity Commission guidelines. Our procedures to respond to risks identified included the following:
-
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-
Enquiring of management concerning actual and potential litigation and claims;
-
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-
Reading minutes of meetings of those charged with governance, and in particular reviewing for any unrecognised grant commitments;
-
Performing completeness testing to verify income recognition;
-
Verifying income to supporting documentation on a sample basis to confirm classification;
-
Performing an after date review to assess the need to recognise additional grant commitments;
-
Reviewing supporting documentation for a sample of expenditure, ensuring the purpose of grant is in line with charity objects;
-
Obtaining a full list of related parties and verifying completeness of this list based on our knowledge. Comparing the list to transactions during the year to verify that all related party disclosures have been appropriately made in the financial statements and that the transactions with related parties are in line with the Charity’s governing document;
-
Awareness throughout the audit for noncompliance with Charity Commission guidelines including reviewing any correspondence with the Charity Commission.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Page 9
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Lubbock Fine LLP
Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB Date: 19 December 2025
Lubbock Fine LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 10
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
| Note Income from: Donations 2 Investments 3 Total income Expenditure on: Charitable activities: 4 Grants paid Support costs Foreign currency losses Total expenditure Net movement in funds before other recognised losses Other recognised gains/(losses): (Losses)/Gains on revaluation of investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ - 343,187 343,187 1,783,037 122,259 1,631,486 3,536,782 (3,193,595) (5,280,380) (8,473,975) 30,829,761 (8,473,975) 22,355,786 |
Restricted funds 2025 £ 156,828 - 156,828 156,828 - - 156,828 - - - - - - |
Total funds 2025 £ 156,828 343,187 500,015 1,939,865 122,259 1,631,486 3,693,610 (3,193,595) (5,280,380) (8,473,975) 30,829,761 (8,473,975) 22,355,786 |
Total funds 2024 £ - 576,474 576,474 922,077 93,645 1,526,043 2,541,765 (1,965,291) 3,013,618 1,048,327 29,781,434 1,048,327 30,829,761 |
|---|---|---|---|---|
The notes on pages 14 to 24 form part of these financial statements.
Page 11
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
BALANCE SHEET
AS AT 31 MARCH 2025
| 2025 | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Fixed assets | ||||||
| Investments | 10 | 22,750,596 | 29,600,535 | |||
| 22,750,596 | 29,600,535 | |||||
| Current assets | ||||||
| Debtors | 12 | 209,731 | 198,917 | |||
| Investments | 13 | 483,759 | - | |||
| Cash at bank and in hand | 202,514 | 1,756,274 | ||||
| 896,004 | 1,955,191 | |||||
| Current liabilities | ||||||
| Creditors: amounts falling due within one | ||||||
| year | 14 | (866,431) | (725,965) | |||
| Net current assets | 29,573 | 1,229,226 | ||||
| Creditors: amounts falling due after more | ||||||
| than one year | 15 | (424,383) | - | |||
| Total net assets | 22,355,786 | 30,829,761 | ||||
| Charity funds | ||||||
| Unrestricted funds | 16 | 22,355,786 | 30,829,761 | |||
| Total funds | 22,355,786 | 30,829,761 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Peter William Jamieson (Trustee) Date: 18 December 2025
The notes on pages 14 to 24 form part of these financial statements.
Page 12
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
| Note Cash flows from operating activities Net cash (used in)/provided by operating activities 18 Cash flows from investing activities Dividends and interest from investments Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 19 The notes on pages 14 to 24 form part of these financial statements |
2025 £ (1,408,763) 338,762 338,762 (1,070,001) 1,756,274 686,273 |
2024 £ (111,092) 523,233 523,233 412,141 1,344,133 1,756,274 |
|---|---|---|
Page 13
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Anglo Australian Christian & Charitable Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The audit has been undertaken in accordance with the requirements of the FRC's Ethical Standard, including the Provisions Available for the Audit of Small Entities. The Charity uses the auditor, Lubbock Fine Chartered Accountants, to assist with the preparation of the financial statements from books and records.
1.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised as income when pledged or if no pledge has been made then on receipt. Where a donor specifies a time period in which the donation can be used, donation income is recognised in that period. Donations received with imposed restrictions are classified as restricted funds.
Donated investments are recognised as income at their market value on the date they were gifted.
Dividend income is recognised on the date dividends are declared.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. All support costs are allocated to the one grant making activity of the charity.
Page 14
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1. Accounting policies (continued)
1.3 Expenditure (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
The charity was not VAT registered in the UK during the year and therefore all expenses are inclusive of any VAT which cannot be fully recovered. However the Charity does claim Goods Sales Tax on purchases in Australia.
1.4 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
1.5 Investments
Fixed and current asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of Financial Activities.
1.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 Cash at bank and in hand
Cash at bank and in hand 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.
Page 15
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1. Accounting policies (continued)
1.9 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
1.10 Liabilities
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.11 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2. Income from donations
| Restricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Donations | 156,828 | 156,828 | - |
Page 16
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3. Investment income
| Unrestricted funds 2025 £ Bank interest receivable 33,534 Investment income 309,653 343,187 Total 2024 576,474 |
Total funds 2025 £ 33,534 309,653 343,187 576,474 |
Total funds 2024 £ - 576,474 |
|---|---|---|
| 576,474 | ||
4. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2025 £ Grant making activities 3,536,782 Total 2024 2,541,765 |
Restricted funds 2025 £ 156,828 - |
Total 2025 £ 3,693,610 2,541,765 |
Total 2024 £ 2,541,765 |
|---|---|---|---|
5. Analysis of expenditure by activities
| Grant making activities Total 2024 |
Grant funding of activities 2025 £ 1,939,865 922,077 |
Support costs including foreign currency losses 2025 £ 1,753,745 1,619,688 |
Total funds 2025 £ 3,693,610 2,541,765 |
Total funds 2024 £ 2,541,765 |
|---|---|---|---|---|
Page 17
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Auditor's remuneration (governance) Professional fees Bank charges Foreign exchange loss Other support costs Travel expenses Total 2024 |
Grant making activities 2025 £ 14,445 94,244 320 1,631,486 2,707 10,543 1,753,745 1,619,688 |
Total funds 2025 £ 14,445 94,244 320 1,631,486 2,707 10,543 1,753,745 1,619,688 |
Total funds 2024 £ 13,980 75,435 211 1,526,042 1,281 2,739 |
|---|---|---|---|
| 1,619,688 | |||
The presentational currency is different from the functional currency. The charity operates in various jurisdictions around the world and transacts predominantly in Australian dollars, US dollars and Sterling.
The Trustees have taken the decision to prepare the accounts in Sterling however will review the position on a regular basis should circumstances change.
Page 18
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
6. Analysis of grants
| Grants Total 2024 |
Grants to Institutions 2025 £ 1,933,661 840,050 |
Grants to Individuals 2025 £ 6,205 82,027 |
Total funds 2025 £ 1,939,866 922,077 |
Total funds 2024 £ 922,077 |
|---|---|---|---|---|
The Charity has made the following material grants to institutions during the year:
| Name of institution The King's College An Anglican School, Democratic Republic of Congo Other grants to institutions |
2025 £ 1,911,845 21,816 1,933,661 |
2024 £ 783,929 56,121 |
|---|---|---|
| 840,050 |
All grants were paid to institutions to advance the charitable objectives of the Charity.
7. Auditors' remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual | ||
| accounts | 14,445 | 13,980 |
| All non-audit services not included above | 4,470 | 4,165 |
8. Staff costs
The average number of persons employed by the Charity during the year was nil (2024 - nil).
No employee received remuneration amounting to more than £60,000 in either year.
Page 19
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
| 9. | Trustees' remuneration and expenses | ||||
|---|---|---|---|---|---|
| During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). | |||||
| During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). | |||||
| 10. | Fixed asset investments | ||||
| Listed | |||||
| investments | |||||
| £ | |||||
| Cost or valuation | |||||
| At 1 April 2024 | 29,600,536 | ||||
| Revaluations | (5,280,380) | ||||
| Foreign exchange movement | (1,569,560) | ||||
| At 31 March 2025 | 22,750,596 | ||||
| Net book value | |||||
| At 31 March 2025 | 22,750,596 | ||||
| At 31 March 2024 | 29,600,536 | ||||
| 11. | Net (Losses)/Gains on Investments | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Unrealised (losses)/gains on investments | (5,280,380) | 3,013,618 | |||
| (5,280,380) | 3,013,618 | ||||
| 12. | Debtors | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Due within one year | |||||
| Other debtors | 10,971 | 4,582 | |||
| Prepayments and accrued income | 198,760 | 194,335 | |||
| 209,731 | 198,917 |
Page 20
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13. Current asset investments
| Fixed term deposit 14. Creditors: Amounts falling due within one year Trade creditors Grant commitment Accruals and deferred income |
2025 £ 483,759 2025 £ 8,028 844,228 14,175 866,431 |
2024 £ - |
|---|---|---|
| 2024 £ 6,582 705,883 13,500 |
||
| 725,965 |
15. Creditors: Amounts falling due after more than one year
| Grant commitment Statement of funds Statement of funds - current year Balance at 1 April 2024 £ Unrestricted funds General Funds 30,829,761 Restricted funds The King's College - Total of funds 30,829,761 |
Income £ 343,187 156,828 500,015 |
Expenditure £ (3,536,782) (156,828) (3,693,610) |
2025 £ 424,383 Gains/ (Losses) £ (5,280,380) - (5,280,380) |
2024 £ - |
|---|---|---|---|---|
| Balance at 31 March 2025 £ 22,355,786 |
||||
| Unrestricted funds General Funds Restricted funds The King's College Total of funds |
||||
| - | ||||
| 22,355,786 |
16. Statement of funds Statement of funds - current year
Restricted funds relate to facilitation of the purchase of additional land for Kings College An Anglican School, Democratic Republic of Congo.
Page 21
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
16. Statement of funds (continued)
Statement of funds - prior year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at | Gains/ | 31 March | |||
| 1 April 2023 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 29,781,434 | 576,474 | (2,541,765) | 3,013,618 | 30,829,761 |
17. Analysis of net assets between funds Analysis of net assets between funds - current year
| Unrestricted funds 2025 £ Fixed asset investments 22,750,596 Current assets 896,004 Creditors due within one year (866,431) Creditors due in more than one year (424,383) Total 22,355,786 Analysis of net assets between funds - prior year Unrestricted funds 2024 £ Fixed asset investments 29,600,535 Current assets 1,955,191 Creditors due within one year (725,965) Total 30,829,761 |
Total funds 2025 £ 22,750,596 896,004 (866,431) (424,383) |
|---|---|
| 22,355,786 | |
| Total funds 2024 £ 29,600,535 1,955,191 (725,965) |
|
| 30,829,761 |
Page 22
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
| 18. Reconciliation of net movement in funds to net cash flow from operating activities 2025 £ Net expenditure for the year (as per Statement of Financial Activities) (3,193,595) Adjustments for: Dividends from investments (309,653) Foreign currency non cash movement on investments 1,569,560 (Increase)/Decrease in debtors (6,389) Increase/(Decrease) in creditors 564,850 Bank interest (33,536) Net cash (used in)/provided by operating activities (1,408,763) 19. Analysis of cash and cash equivalents 2025 £ Cash in hand 686,273 Total cash and cash equivalents 686,273 20. Analysis of changes in net debt At 1 April 2024 Cash flows £ £ Cash at bank and in hand 1,756,274 (1,553,760) Fixed term deposit - 483,759 1,756,274 (1,070,001) |
2024 £ (1,965,291) (576,474) 1,401,435 1,139,094 (109,856) - (111,092) 2024 £ 1,756,274 1,756,274 At 31 March 2025 £ 202,514 483,759 686,273 |
|---|---|
Page 23
ANGLO AUSTRALIAN CHRISTIAN & CHARITABLE FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
21. Related party transactions
During the year donations of £1,237,120 (2024 - £898,849) were paid to The King's College An Anglican School, a school in which John Kapend Tshiyamb, a trustee, is the headmaster. £590,497 (2024 - £704,860) of these donations were accrued in the prior year. An amount of £1,237,120 (2024 - £591,674) was committed to be paid as at 31 March 2025. The total amount included within grants to institutions in respect of The King's College was £1,911,844 (2024 - £783,929).
During the year fees for education consultancy totalling £65,512 (2024 - £61,625) were paid to Jamieson Consulting and Services, a family partnership registered in Australia in which Peter Jamieson is a partner.
During the year, the Charity received a restricted donation of £156,828 from Anglo Australian Christian and Charitable Trust (The Trust), an entity in which Peter Jamieson is the Chairman. The donation was made to fund the purchase of land for The King’s College An Anglican School.
22. Financial instruments
| Financial assets Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost |
2025 £ 209,731 2025 £ 1,290,814 |
2024 £ 198,917 |
|---|---|---|
| 2024 £ 725,965 |
Financial assets measured at amortised cost comprise accrued income and other debtors.
Financial liabilities measured at amortised cost comprise accruals and trade creditors.
Page 24