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2024-03-31-accounts

REGISTERED COMPANY NUMBER: 07436799 (England and Wales) REGISTERED CHARITY NUMBER: 1140637

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE CHARIS TRUST

Goldwyns Limited Statutory Auditors and Chartered Accountants Rutland House 90-92 Baxter Avenue Southend on Sea Essex SS2 6HZ

THE CHARIS TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 23

THE CHARIS TRUST (REGISTERED NUMBER: 07436799)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are specifically restricted to the following:

The charity meets these objectives by the making of grants to other charities and individuals as the trustees consider appropriate. The charity awards grants to educational establishments and individuals to support Christian Ministry training, in the United Kingdom and overseas. It provides financial contributions towards Church building and planting, supporting Christian Ministry in a variety of ways and for projects worldwide. The trustees are mindful of the needs of the poor, needy, sick, aged and disadvantaged in our community and seek to provide relief by awarding grants to individuals and supporting other charities and projects working in this area.

Significant activities

The trustees consider that its grant making activities and the management of the charity's property portfolio are its significant activities.

Public benefit

When planning activities for the year, the trustees have considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. Whilst some of the activities directly benefit the advancement of the Christian faith the charity is outward looking seeking to alleviate suffering for anyone disadvantaged by illness, disfigurement, financial and emotional challenges in our society.

Grantmaking

The trustees continue to be mindful and to consider prayerfully the many requests for assistance that fall within the objectives and aims of the charity, whilst seeking to be wise in the stewardship of the resources they have been given. The majority of the grant funding made by the charity is to support other charitable institutions and their projects. It is also mindful of the needs of the poor and needy in society and directly supports the needs of those disadvantaged by illness, poverty or bereavement by contributing to education, medical expenses and to support them wherever needed. It also provides support to individuals training for Christian Ministry or involved in Christian outreach projects.

Further details of the grants made during this period are given in the notes to the accounts

Volunteers

Whilst some administration and maintenance functions are outsourced, the charity's day to day operations are reliant on the support of unpaid volunteers, who provide help to the trustees and to individuals being assisted by the charity. The varied nature of this support and time given make it impossible to quantify the time spent or number of people involved.

In addition the charity's trustees all serve on a voluntary basis.

Page 1

THE CHARIS TRUST (REGISTERED NUMBER: 07436799)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STRATEGIC REPORT Achievement and performance

Charitable activities

During the year the trustees have made grants totalling £1,854,329 of which over 95% were to other charitable institutions, whose aims satisfy its charitable objectives. Grants of £1,609,524 were made towards religious education including support of Christian Ministry in both the United Kingdom and overseas. Grants of £81,760 were made towards towards social welfare which include grants made to charities supporting those with special educational needs, mental health difficulties, for the relief and education of orphaned, deprived or abandoned children both in the United Kingdom and overseas. Finally, grants of £163,045 were made to charities and individuals to relieve mental and physical illness including disfigurement, cancer, and disease and for terminally ill children.

The trustees endeavour to ensure that the benefits arising from the grants made are beneficial for all regardless of age, race, gender, class or religion.

A comprehensive summary of those given grant funding by the charity is provided in the notes to the financial statements.

The charity owns a number of properties which it uses to provide accommodation for those employed in Christian Ministry, training for Ministry, widows, retired ministers, the aged and disadvantaged in the community. The accommodation these properties provide enable many to live in the vicinity of their Church and benefit from Christian support, both physically and spiritually. In addition, these properties enable Church Ministers and their families to live close to the Church and be involved in the wider community. The trustees believe that their presence means that all areas of that community benefit from the Christian values that underpin our society.

The retirement complex at Quinlan Court continues to be in demand, providing both owned and rented accommodation for those who qualify in accordance with the objectives of the charity.

The two Woodpecker bungalows were occupied by a Christian Ministry trainee and a disabled Christian lady.

In the year, all of the Mill Lane houses were let to Danbury Mission for the occupation of Church Ministers and trainees.

Fund- raising standards

Though the charity welcomes funds from the public, no such donations were received this year. The major donations this year were from A C Green and Mrs J M Green, who are trustees of the charity.

Investment performance

At the balance sheet date listed fixed asset investments held by the charity are reported at a market value of £850,431. This figure is £132,091 lower than original cost.

Page 2

THE CHARIS TRUST (REGISTERED NUMBER: 07436799)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STRATEGIC REPORT Financial review

Reserves policy

Free reserves available for use exclude restricted funds and tangible fixed assets. The trustees review the level of the reserves required each year to be held in investments and cash. The trustees also consider the risk of exposure to any significant loss of income or unforeseen costs. There were one-off, significant donations this year though donations are unlikely to resume to historic levels due to the retirement of the main donor.

The financial ability of the charity to provide both capital and operational grants to projects which meet its objectives in the longer term has been considered by the trustees. The trustees have concluded that the unrestricted reserves of £9,940,458 which include fixed assets of £3,551,272 are sufficient to meet that need. Unrestricted free reserves of £6,389,186 (2023 - £6,382,959) were held at the balance sheet date. The trustees are considering future capital expenditures and therefore intend to retain the current level of free reserves until a decision is taken over that expenditure.

Other than the amounts disclosed in the notes to the financial statements, there were no material amounts designated or otherwise committed at the end of the reporting period.

The trustees are mindful of the restricted funds of £139,557 and the conditions attached. The trustees will continue to critically review outgoings that may satisfy these restrictions so as to utilise these funds.

Future plans

The board of trustees will continue to consider requests for assistance that fall within the objectives and aims of the charity and to manage the charity's property portfolio.

The trustees will continue to support other charities and individuals where their needs are assessed to be in accordance with the charitable objectives. The charity's free financial reserves enable its current level of activity to continue thus it will continue to support these organisations enabling them to maintain the services and support they in turn provide.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Organisational structure

The size of the charity means that both day to day issues and key decisions can be dealt with by the Board of Trustees. The Board meets regularly to decide the strategic direction the charity should take and set the financial targets going forward.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

07436799 (England and Wales)

Registered Charity number

1140637

Registered office

Woodham View Little Baddow Road Woodham Walter Maldon Essex CM9 6RP

Page 3

THE CHARIS TRUST (REGISTERED NUMBER: 07436799)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Trustees

A C Green Mrs J M Green A J Barker J P B Harris FCA R J Green J J M Bird M J Fitzsimmonds-Taylor (appointed 14.4.24)

Auditors

Goldwyns Limited Statutory Auditors and Chartered Accountants Rutland House 90-92 Baxter Avenue Southend on Sea Essex SS2 6HZ

Bankers

CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Charis Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Goldwyns Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 4

THE CHARIS TRUST (REGISTERED NUMBER: 07436799)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 9 December 2024 and signed on the board's behalf by:

A C Green - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CHARIS TRUST

Opinion

We have audited the financial statements of The Charis Trust (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 Auditors' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

The prior period financial statements were not audited.

Opinions on other matters prescribed by the Companies Act 2006

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

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CHARIS TRUST

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 Report of the Trustees.

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, 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.

Our 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 a Report of the Independent Auditors 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.

In order to address the risks of misstatements in respect of irregularities, including fraud, we have:

We therefore consider our audit approach has been sufficient to detect material irregularities, including fraud.

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 Report of the Independent Auditors.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE CHARIS TRUST

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 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 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.

Robert Howe BEng FCA (Senior Statutory Auditor) for and on behalf of Goldwyns Limited Statutory Auditors and Chartered Accountants Rutland House 90-92 Baxter Avenue Southend on Sea Essex SS2 6HZ

11 December 2024

Page 8

THE CHARIS TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
General charitable work
Investment income
3
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
General charitable work
Religious education
Social welfare
Medical welfare
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Restricted
fund
fund
£
£
1,500,000
-
51,048
-
155,541
-
1,706,589
-
964
-
(4,328)
-
1,609,524
-
81,760
-
163,045
-
1,850,965
-
(202,599)
-
(346,975)
-
10,287,433
139,557
9,940,458
139,557		 2024
Total
funds
£
1,500,000
51,048
155,541
1,706,589
964
(4,328)
1,609,524
81,760
163,045
1,850,965
(202,599)
(346,975)
10,426,990
10,080,015		 2023
Total
funds
£
-
64,041
124,061
188,102
5,050
52,282
1,289,672
60,171
121,632
1,528,807
(464,418)
(1,805,123)
12,232,113
10,426,990

The notes form part of these financial statements

Page 9

THE CHARIS TRUST (REGISTERED NUMBER: 07436799)

BALANCE SHEET 31 MARCH 2024

Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
15
Cash at bank
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
Restricted
fund
fund
£
£
3,551,272
-
850,431
-
4,401,703
-
516,694
-
5,032,490
139,557
5,549,184
139,557
(10,429)
-
5,538,755
139,557
9,940,458
139,557
9,940,458
139,557		 2024
Total
funds
£
3,551,272
850,431
4,401,703
516,694
5,172,047
5,688,741
(10,429)
5,678,312
10,080,015
10,080,015
9,940,458
139,557
10,080,015		 2023
Total
funds
£
3,904,474
593,966
4,498,440
360,337
5,574,659
5,934,996
(6,446)
5,928,550
10,426,990
10,426,990
10,287,433
139,557
10,426,990

The financial statements were approved by the Board of Trustees and authorised for issue on 9 December 2024 and were signed on its behalf by:

A C Green - Trustee

The notes form part of these financial statements

Page 10

THE CHARIS TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of tangible fixed assets
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2024
£
(606,947)
(606,947)
(409,349)
(382,022)
840,165
-
138,307
17,234
204,335
(402,612)
5,574,659
5,172,047		 2023
£
(1,302,352)
(1,302,352)
(410,899)
(737,370)
398,881
3,675,371
36,277
87,784
3,050,044
1,747,692
3,826,967
5,574,659

The notes form part of these financial statements

Page 11

THE CHARIS TRUST

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
Net expenditure for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation charges
Losses on investments
Profit on disposal of fixed assets
Interest received
Dividends received
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash used in operations		 2024
£
(346,975)
10,355
124,547
(87,969)
(138,307)
(17,234)
(155,347)
3,983
(606,947)		 2023
£
(1,805,123)
10,924
464,418
(2,642)
(36,277)
(87,784)
154,299
(167)
(1,302,352)

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 1.4.23
£
5,574,659
5,574,659
5,574,659		 Cash flow
£
(402,612)
(402,612)
(402,612)		 At 31.3.24
£
5,172,047
5,172,047
5,172,047

The notes form part of these financial statements

Page 12

THE CHARIS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Resources expended are allocated to the particular activity where the cost relates to that activity. Where applicable, resources expended include VAT that cannot be recovered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

No depreciation has been charged on freehold properties because, in the opinion of the trustees, the estimated residual value of the freehold properties is in excess of the carrying amounts in the financial statements.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Investments

Listed investments, or those whose fair value can otherwise be measured reliably, are initially recognised at transaction price and subsequently measured at fair value, with changes recognised in the Statement of Financial Activities.

Page 13

continued...

THE CHARIS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES - continued

Investments

Unlisted investments, except those whose fair value can be measured reliably, are initially recognised at transaction price and are subsequently measured at cost less impairment.

2. DONATIONS AND LEGACIES DONATIONS AND LEGACIES
2024 2023
£ £
Donations 1,500,000 -
3. INVESTMENT INCOME
2024 2023
£ £
Dividends received 17,234 87,784
Deposit account interest 138,307 36,277
155,541 124,061
4. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £ £
Rent receivable General charitable work 51,048 64,041
5. RAISING FUNDS
Investment management costs
2024 2023
£ £
Support costs 964 5,050
6. CHARITABLE ACTIVITIES COSTS
Grant
funding of
Direct activities Support
Costs (see (see note costs (see
note 7) 8) note 9) Totals
£ £ £ £
General charitable work (54,902) - 50,574 (4,328)
Religious education - 1,609,524 - 1,609,524
Social welfare - 81,760 - 81,760
Medical welfare - 163,045 - 163,045
(54,902) 1,854,329 50,574 1,850,001

Page 14

continued...

THE CHARIS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

7. DIRECT COSTS OF CHARITABLE ACTIVITIES

Rates and water
Insurance
Light and heat
Property maintenance
Profit on sale of assets
8.
GRANTS PAYABLE
Religious education
Social welfare
Medical welfare		 2024
£
1,044
2,902
1,189
27,932
(87,969)
(54,902)
2024
£
1,609,524
81,760
163,045
1,854,329		 2023
£
179
2,618
118
12,330
(2,642)
12,603
2023
£
1,289,672
60,171
121,632
1,471,475

Page 15

continued...

THE CHARIS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

8. GRANTS PAYABLE - continued

The total grants paid to institutions during the year was as follows:

GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
2024 2023
£ £
Family in Trust - to assist with the cost of repairs to property used for
charitable purposes and a grant to enable employment of a support
worker 154,020 123,164
Danbury Mission Evangelical Church - support of Christian Ministry 1,014,152 140,772
Bringing Good News - supporting the spread of the gospel, relieving
poverty and suffering while encouranging self sufficiency 5,000 5,000
Wycliffe Bible Translators – donations to support bible translation work
across Sub-Sahara and Southern Africa 6,000 6,000
George Whitefield College South Africa - support of a Theological
College in South Africa training Ministers 102,000 102,000
Stand By Me - towards work for children worldwide 180 5,180
The Areopagus Trust - support of Christian Ministry in completion of a
conference centre to train Christian workers for universities and
colleges 2,000 2,000
Bridgend Business Centre - support of Christian Ministry in Romania 2,400 2,400
Agape Ministries - support of Christian Ministry - 6,100
ST Ebbe's PCC - support of Christian Minister in developing
international gospel opportunities 10,000 10,000
Oak Hill College - financial support of Theological College 950 -
Proclamation Trust - support of training for Gospel Ministry 10,000 36,000
Operation Christmas Card (Samaritans Purse) - providing Christmas
presents to deprived children 485 -
Katie Piper Foundation - donation to charity helping those with facial
disfigurements 20,000 -
Stewardship - donation to charity to help fund the provision of services
to religious educational establishments 14,393 20,370
Eurasian Ministry - support of Christian Ministry in Russia 10,000 -
Starlight Childrens Foundation - donation to fund help for seriously ill
children - 1,000
Happy Days Children's Charity - donation to charity providing assitance
to children with special needs 2,000 -
Alzheimer's Society - donation to support fundraising for Alzheimer's
research 100,000 100,000
Africa Inland Mission International - support of Christian Ministry 3,000 10,000
Chelmsford Chess - donation to relieve homelessness and hardship - 10,000
Rock Foundation - support of Christian Ministry 10,000 -
Crosslinks - support student Christian Ministry 500 -
Friends of Johannesburg Bible College - Christian Ministry - 10,000
The Word One To One,The Rock Foundation – To provide extra staff
at Christian Charity supporting young and old disadvantaged people 50,004 50,004
SKE Foundation – to support a Christian Minister's son to attend
school 6,700 7,618
Cornhill - college training in biblical expository ministry 49,630 44,000
Westminster @ One - support of Christian Ministry in the City of
London - 5,000
Healthy Living Project Limited - provision of holistic care within the
London Borough of Redbridge - 1,500
Different Strokes - support of stroke victims 1,000 -
Great Ormond Street Hospital- fundraising sponsorship - 1,500
The George Muller Charitable Trust - to support orphans of the world
today 3,528 3,600
Cleft - Improving the lives of those born with cleft lip and palate - 150
Dolphin School Trust - Common nurturing children ages 2-11,
grounded in Christian values 3,140 5,000
Eclisa Trinity Church - makes the connection between donors with a
heart for South Africa 13,650 25,000

Page 16

continued...

THE CHARIS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

8. GRANTS PAYABLE - continued
Fair Havens Hospice - to assist with funding for hospice 5,000 -
Poole-Wau Partnership Charitable Trust - support of Christian Ministry 9,003 3,575
International Presbyterian Church - support of Christian Ministry 20,000 12,000
The Cruden Trust - support of Christian Ministry 20,004 20,004
Christian Books Worldwide - UK based charity dedicated to advancing
the knowledge of God by providing theological literature - 12,000
AMiE - A fellowship of Anglican churches committed to gospel mission - 10,000
Shift.ms - Social network for people with multiple sclerosis, supporting
people with MS across the world 1,000 -
George Whitefield College - Ark Endowment Fund to establish a fund
to support the future training of Christian Ministers - 500,000
George Whitefield College – Support of training for Christian Ministry 10,650 14,969
Age Well East - work with the elderly to maintain their independence
and provide crucial support - 3,000
Beyond The Street - support and empowerment for women - 1,000
Challenge Ministries Swaziland UK - food and water security in
Eswatini for vulnerable and orphaned children - 5,000
Eastside Community Trust - supporting vulnerable and disadvantaged
children and young people - 500
Greenstead Evangelical Free Church - support for church in Colchester 7,200 5,824
The Grammar School at Leeds - nurturing children ages 3-18 3,000 3,000
Word Alive - to assist with equipping and resourcing the church for
their mission to the world - 22,937
Home for Good - supporting vulnerable children in care - 3,000
Rainbow Trust Children's Charity - provide emotional support to help
families 2,000 2,000
Redeemer Church Thanet - Christian church under the umbrella of
Anglican Mission in England (AMiE) 10,000 -
Prostrate Cancer UK - support towards prostate cancer research and
awareness - 500
St Peter's Hospital - health facility in Maldon - 213
Just Giving - Help for Ukraine - 1,000
Operation Mobilisation- support for new mission in Kosovo 5,000 -
The Royal Marsden Cancer Charity- Support life saving cancer
research and pioneering new treatments 1,000 -
The Candellighters Trust- charity that helps to fight children's cancer 3,000 -
Strongbones Children's Charitable Trust- supporting families with
disabled children 2,000 -
Hope City Church- fundraising for video project 1,000 -
Moldova Mission- bibles for Ukraine 5,000 -
Independent Age - charity supporting older people facing financial
hardship 1,000 -
Castle Point Social Car Scheme - provides transport for the elderly 1,000 -
Save the Children - international charity 3,000 -
Support Dogs - for autism, for epilepsy and for disability 1,000 -
Loughborough Junction Action Group- works to improve the lives of
people who live there 1,000 -
Addenbrooke's Charitable Trust - Cambridge cancer research hospital 2,000 -
London City Mission- support of Christian Ministry 1,100 -
Lighthouse Family Trust- The trust provides counselling for those who
are pregnant and worried 10,000 -
The Church of England Evangelical Council- Bringing evangelicals
together 20,000 -
St James Church- furtherance of religious education 10,000 -
Cystic Fibrosis Trust - working to improve and transform the lives of
people with cystic fibrosis 510 -
Cancer Research UK - helps fund new research 500 -
St Helena Hospice- charity which provides specialist palliative and end
of life care 2,000 -

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THE CHARIS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

8. GRANTS PAYABLE - continued

GRANTS PAYABLE - continued
Open Doors UK - charity that raises awareness of global persecution
Christianity Explored - support for Christian Ministry		 5,000
1,000
1,758,699		 -
-
1,353,880

The total grants paid to individuals during the year was as follows:

2024
£
Religious education
20,680
Medical welfare
20,815
Social welfare
54,135
95,630
9.
SUPPORT COSTS
Governance
Management
costs
£
£
Investment management costs
964
-
General charitable work
43,974
6,600
44,938
6,600
10.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2024
£
Auditors' remuneration
6,600
Depreciation - owned assets
10,355
Surplus on disposal of fixed assets
(87,969)		 2023
£
75,155
2,769
39,671		 2023
£
75,155
2,769
39,671
117,595
Totals
£
964
50,574
51,538
2023
£
4,690
10,925
(2,642)

The comparative for auditors' remuneration refers to an independent examination.

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

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THE CHARIS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
fund
fund
£
£
INCOME AND ENDOWMENTS FROM
Charitable activities
General charitable work
64,041
-
Investment income
124,061
-
Total
188,102
-
EXPENDITURE ON
Raising funds
5,050
-
Charitable activities
General charitable work
52,282
-
Religious education
1,289,672
-
Social welfare
60,171
-
Medical welfare
121,632
-
Total
1,528,807
-
Net gains/(losses) on investments
(464,418)
-
NET INCOME/(EXPENDITURE)
(1,805,123)
-
RECONCILIATION OF FUNDS
Total funds brought forward
12,092,556
139,557
TOTAL FUNDS CARRIED FORWARD
10,287,433
139,557		 Total
funds
£
64,041
124,061
188,102
5,050
52,282
1,289,672
60,171
121,632
1,528,807
(464,418)
(1,805,123)
12,232,113
10,426,990

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THE CHARIS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

13. TANGIBLE FIXED ASSETS

13. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£ £ £
COST
At 1 April 2023 3,894,239 37,561 3,931,800
Additions 401,239 8,110 409,349
Disposals (752,196) (16,555) (768,751)
At 31 March 2024 3,543,282 29,116 3,572,398
DEPRECIATION
At 1 April 2023 - 27,326 27,326
Charge for year - 10,355 10,355
Eliminated on disposal - (16,555) (16,555)
At 31 March 2024 - 21,126 21,126
NET BOOK VALUE
At 31 March 2024 3,543,282 7,990 3,551,272
At 31 March 2023 3,894,239 10,235 3,904,474
14. FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 April 2023 593,966
Additions 382,022
Unrealised gains/(losses) (125,557)
At 31 March 2024 850,431
NET BOOK VALUE
At 31 March 2024 850,431
At 31 March 2023 593,966
Listed investments:
£
North American equities 850,431
850,431
Investments that are material in the context of the market value of the portfolio are listed below:
2024
£
North American equities:
Newmont Mining Corp 850,431

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THE CHARIS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

14. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 March 2024 is represented by:

Valuation in 2024
Cost
15.
DEBTORS
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
Amounts falling due after more than one year:
Other debtors
Aggregate amounts		 Listed
investments
£
(132,091)
982,522
850,431
2024
2023
£
£
412,308
256,747
4,386
3,590
416,694
260,337
100,000
100,000
516,694
360,337

Included within other debtors are interest free and low interest loans of £512,308 that have been made in accordance with the charity's charitable objects. Of these loans, £100,000 are due after more than one year.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

VAT
Accrued expenses
17.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Restricted funds
TOTAL FUNDS		 At 1.4.23
£
10,287,433
139,557
10,426,990		 2024
£
17
10,412
10,429
Net
movement
in funds
£
(346,975)
-
(346,975)		 2023
£
99
6,347
6,446
At
31.3.24
£
9,940,458
139,557		 2023
£
99
6,347
6,446
10,080,015

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THE CHARIS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
1,706,589
1,706,589		 Resources
expended
£
(1,850,965)
(1,850,965)		 Gains and
losses
£
(202,599)
(202,599)		 Movement
in funds
£
(346,975)
(346,975)

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Restricted funds
TOTAL FUNDS		 At 1.4.22
£
12,092,556
139,557
12,232,113		 Net
movement
in funds
£
(1,805,123)
-
(1,805,123)		 At
31.3.23
£
10,287,433
139,557
10,426,990

Comparative net movement in funds, included in the above are as follows:

Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
188,102
(1,528,807)
(464,418)
TOTAL FUNDS
188,102
(1,528,807)
(464,418)
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1.4.22
in funds
£
£
Unrestricted funds
General fund
12,092,556
(2,152,098)
Restricted funds
Restricted funds
139,557
-
TOTAL FUNDS
12,232,113
(2,152,098)		 Movement
in funds
£
(1,805,123)
(1,805,123)
At
31.3.24
£
9,940,458
139,557
10,080,015

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THE CHARIS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
1,894,691
1,894,691		 Resources
expended
£
(3,379,772)
(3,379,772)		 Gains and
losses
£
(667,017)
(667,017)		 Movement
in funds
£
(2,152,098)
(2,152,098)

General fund - this fund represents the unrestricted accumulated surplus from funds available for general objectives of the charity.

Restricted fund - this comprises monies transferred from the Trust of the Gay Bowers Mission Room a charity which has been wound up. The monies are to be used for the benefit of the widows resident in the Parish of Danbury who are in necessitous circumstances.

18. OTHER FINANCIAL COMMITMENTS

As at the balance sheet date, the charity has verbally agreed to a pattern of recurring support totalling £732,836 to a number of charitable institutions over the next few years.

A further verbal commitment has been made to provide a loan of up to £1,000,000 to enable a property in central Essex to be converted to a place of Christian worship.

All such support will be funded from the charity's unrestricted funds.

19. RELATED PARTY DISCLOSURES

During the year the charity received gifts, that included Gift Aid recovered, of £1,500,000 (2023 - £nil) from A C Green and Mrs J M Green who are trustees of the charity.

The charity made the following grants to related parties:

Family in Trust £154,020 (2023 - £123,164) - related by virtue of the fact that A Barker and A C Green are trustees of both charities.

20. PRIOR PERIOD FINANCIAL STATEMENTS

The comparative financial statements and corresponding figures were not audited.

Page 23