Cornpany registration No. 07644381 Charity registration No. 1143662 CROWN CHRISTIAN HERITAGE TRUST A company Ilmlted by guarantee FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
CROWN CHRISTIAN HERITAGE TRUST Charity registration No. 1143662 Contents: Page 1- 2 Dirertor5' report Page 3 Independent Examiner's report Pa8e 4 Statement of financial attivities Pa8e 5 Balance sheet Pa8e 6 Statement of Cash Flows Pa8e 7- 10 Notes to the financial statement5
CROWN CHRISTIAN HERITAGE TRUST Page I TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The directors (who are also the charity trustee51 have pleasure in presenting their report and the financial 5taternents of the company for the year ended 31 March 2023. This report has been prepared in accordance with the provisions of the Companies Att 2006 relating to Small companies. Reference and administrative details. The company is a registered charity no. 1143662. The principal office and registered office of the harity is Crown Hall, Kiddermin5ter Road, Hampton Lovett, Droitwiih, Worce5ter5hire, WR9 OLX, The directors (who are also the charity trustees) are as follows MrZWGillit Mr L M Mullins (appointed 29 October 20211 Mr D T Morlan (appointed 29 October 20211 Structure. Bovemance and management The charity is a company limited by guarantee, re8lStration no. 07644381, and it 15 therefore governed by its Memorandum and Articles of Association. New trustee directors are appointed from time to time as required, by the vote of the existing trustees. Oblectlves and performance The objectives of the Charity are to advance the Christian faith, in the provision of retreats and camps for young people, staging conferences on various matters relating to Christian service, and other similar activities. Ach5evements and performance During the year under review, the Charity continued to operate various conferences and other events such as children's camps. The Charity also continued to provide training for Christian service to students in residence at its Crown Hall premises. Publlc Beneflt In carrylng out its actlvities in the year under review, the trustees have had regard to the public benefit guidance issued by the Charity Commission, and are satisfied that the actlvities mentioned above have all been for the public benefit. Flnanclal revlew The results for the year are set out in the Statement of Flrianci31 Actlvlties on page 4. The company made a surplus for the year of just over £51.00012020.. £229,000), of which £49,00012020.. £347.0001 related to unrestricted fund activities. As ean be seen from the statement of Cash Flows on page 6, £1,90012020.. £433.0001 was Utilised in paying for new capital a55et5 and improvements to the property by the company. The directors etsnsider that the state of affairs of the company is satlsfactorv. The company has insufficient monies available ftsr investment purposes to warrant a formal investment policy at the present time.
CROWN CHRISTIAN HERITAGE TRUST Page 2 TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2023 ICONT.I Financial review lcont.) The major risks to which the company is exposed, as identified by the directors, are regularly reviewed Systems are in place to mitigate those risks and further systems are established as nece55ary. Reserves policy The company holds no long term reserves. Its policy is to build up sufficient liquid reserves to cover six months outgoing5. By Order of the Board Z W Gllllt, Dlrector Date..
INDEPENDENT EXAMINER'S REPORT TOTHETRUSTEESOF CROWN CHRISTIAN HERITAGE TRUST Page 3 I report on the accounts of the Company for the year ended 31 March 2023, which are Set out on pages 4 to 10. Respertive responsibilite5 Qf trustees and examiner. The charity'5 trustees are responsible for the preparation of the account5. The charity's trustees consider that an audit is not required for this year (under section 144121 of the chatities Act 2011 Ithe Actl and that an independent examination is needed. It15 my Tesponslbillty to exarnine the accountslunder Section 145 of the Act)., to follow the procedure laid down in the General Directions given by the Charity Commissioners (under Section 14515llbl of the Actl,. and to State whether particular matters have come to mv attention. Bas15 of Independent examlner's report My examination was carried out in accordance with the General Directions given by the Charitv Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent Exam5ner's Statement, report and oplnlon In connection with my examination, I can confirm that 11 In accordance with Regulation 31 of the Charities (Accounts and Reportsl Regulations 2008, the accounts of this incorporated charity are not required to be audited under Part 16 of the Companies Act 2006,. 21 this is a report in respect of an examination carried out under section 145 of the Charities Act 2011 and in accordance with any directions given by the Commission under that section which are applicable,. 31 and that no matter has come to my attention in connection with my examination which gives the reasonable cause to believe that in any material respect the requirements to keep accountirig records in accordance with section 386 of the Companies Act 2006,. to prepare firiancial statements which accord with the accouritirig records and comply with the accounting requirements of section 396 of the Companies Act 2006 and., that the financial statements be prepared in accordance with the methods and pririeiples set out In the Statemerit of Reetsmmended Practice- Aecountirig and Reporting by Charitles. have not been met., or to which, in my opinion, attention shtsuld be drawn in my report in order tts enable a proper understanding of the acetsunts to be reached. RR.ACCOUNTANTS D8te'.
CROWN CHRISTIAN HERITAGE TRUST Page 4 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 (incorporating the cornpany's income & expenditure account) Unrestrirted Restricted Funds Funds 2023 2023 Unrestrirted Restrirted Funds Funds 2022 2022 Total 2023 Total 2022 Note Income from.. Donations and legacies Wayleave Rent received From charitable activities Students fe( Event fees charged Assets Oonated 206,336 28,358 234,694 149,854 149,854 3,547 3,547 575,000 575,000 Total Income Resources expended 209,883 603,358 813.241 149,854 149,854 Fundraising & Publicitv Charitable Activities 13,971 195,439 13,971 195,439 363 136,187 363 136,187 Total Resources Expended 209,409 209,409 136,SSO 136,5SO Net Movement of Resources Transfer between Funds 474 603,358 603,832 13,304 13,304 474 1411 151 1,411,625 603 358 603 832 37 066 1448 217 640,424 2,052,049 Funds brought forward Funds carried forward 1411151 1,424,455 37 066 1448 217 37,066 1,461,521 The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
CROWN CHRISTIAN HERITAGE TRUST Page 5 Balance Sheet As at 31 March 2023 Unrestrlded Restricted Funds Funds 2023 2023 Unrestrlded Restricted Funds Funds 2022 2022 Total 2023 Total 2022 Note FIXED ASSETS Tangible Assets 2,484,252 2,484,252 1,917,607 1,917,607 CURRENT ASSETS Debtors Cash at Bank & in hand 595 1535,4461 1534,8511 595 104,978 105,573 595 26,484 27,079 595 63,550 64,145 640,424 640.424 37,066 37.066 CREDITORS.. Due within one year 29,550 29,550 Net Current Assets 534851 1,949,401 640 424 105 573 640.424 2,S89,825 1,915,136 37.066 1,952,202 CREDITORS: Due over one year NET ASSETS 537,777 141162S 537,777 503,985 24 2 052 049 1411151 503,985 37 066 1448 217 Flnanced by: RESERVES Accumulated Income Fund 1,411,62S 640,424 2 052,049 1411,151 37,066 1448,217 The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that members have not required the company to obtain an audit in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. The accounts have been prepared in accordance with the provlsions in Part IS of the Companies Act applicable to companies subject to the small companies regime. Approved on behalf of the 8oard.. Z W Gllll( Dlrèctor Date..
CROWN CHRISTIAN HERITAGE TRUST Page 6 STATEMENT OF CASH FLOWS FOR ThE YEAR ENDED 31 MARCH 2023 Unrestrirted Restricted Fund5 Fund5 2023 2023 Unrestricted Restrirted Funds Funds 2022 2022 Total 2023 Total 2022 Cash flows from operating activities Net incomellexpenditurel 474 28,358 28,832 13,304 51,076 Adjustments for.. Depreciation and10ss on disposal Dividend, interest and rents Ilncreasel/decrea5e in debtors Increaselldecreasel in creditors Net cash provided byl Iu5ed inl operating activities 8,355 3,547 8,355 3,547 9,513 9,093 112,1441 1,869 147,6661 12,376 28.358 40,734 22,817 2,228 Cash flows from investing activities.. Dividends, interest and rents Purchase of property, plant & equipment Sale of fixed assets 9,990 9,990 9,990 9,990 Change in cash & cash equivalents in the year Cash and cash equivalents at the start of the year 12,376 28,358 40,734 32,807 12,455 11,670 37,066 48,736 11,670 37,066 36,281 Cash and cash equivalents at the end of the year 65,424 89,470 44,477 37,066
CROWN CHRISTIAN HERITAGE TRUST Page 7 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 l. Accounting Policies The following accounting policie5 have been used consistently in dealing with items which are considered material in relation to the Company'5 Financial Staternents. (al Accounting Convention. The Financial Statements are prepared under the Historical Cost Convention, in accordance with the Financial Reportin8 Standard 102 and the related Charities SORP effective from 2015. Ibl Income. Voluntary income represents cash received during the year, including tax repayments receivable. Donation5 in kind, where rnaterial, are included at valuation. Fees charged to participants comprises the fees charged to those attending conferences and other events organised by the Company. cl Resources Expended The Company is not VAT registered and therefore unable to reclaim VAT on expenditure. All amounts of VAT ari recorded with the sums to which they are charged. Expenditure is charged to the accounts on the accruals basis dl Depreclatlon. All fixed assets are written off on a straight line basis over their expected useful lives, at the following annual rates.. 25% 20% io% Office equipment Motor vehicles Furniture, fixtures & fittings It is the Company's policy to maintain it's properties to a high standard. Because of this, the property have an estimated life of more than 50 years and accordingly no provision for depreciation is made. The properties are subject to regular review to consider whether any impairment in their value has occurred. lel Golng concern At the time of approving the accounts, the director's have a reasonable expectation that the Company has adequate resources to continue in operational existance for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts. Unrestricted Restricted Funds Funds 2023 2023 Unrestricted Restricted Funds Funds 2022 2022 Total 2023 Total 2022 2. Charltsble Actlvltles Expenses of running events Venue hire Catering costs Equipment expenses/hire Motor expenses Trophie5 & prizes Sundry event Costs Speakers fee5 22,959 22,959 24,030 10,639 27,903 1,520 24,030 10,639 27,903 1,520 16,016 51,931 25,845 16,016 51,931 25,845 1.961 1,985 68,038 1,961 1,985 68,038 116,751 116,751
CROWN CHRISTIAN HERITAGE TRUST Page 8 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 Unrestrirted Restricted Funds Funds 2023 2023 Unrestrirted Restrirted Funds Funds 2022 2022 Total 2023 Total 2022 Support Costs Postage & stationery Telephone Insurance Repair5 & renewals Light & heat Rent & council tax Bank and financial charge5 Loan interest Depreciation IT COST Donations Fee Charg Subscriptions Loss on disposal Sundry expenses 1,225 166 5,497 42,302 70 3,161 2,818 1,225 166 5,497 42,302 70 3,161 2,818 6,577 62 3,714 27,822 2,079 3,022 29 6,577 62 3,714 27,822 2,079 3,022 29 8,355 1,991 8,355 1,991 9,513 926 2,801 794 544 9,513 926 2,801 794 544 715 66,300 715 66,300 89 S7,972 89 57,972 Governance C05t5 Independent examination Legal & professional fees Annual return fee 2,320 10,068 2,320 10,068 865 9,312 865 9,312 12,388 12,388 10,177 10,177 Total Charitable Activities 195,439 195,439 136,187 136,187 Fundraising & publicity Total resources expended 13,971 209,409 13,971 209,409 363 136,550 363 136.550 Unrestricted Restricted Funds Funds 2023 2023 Unrestricted Restricted Funds Funds 2022 2022 Total 2023 Total 2022 3. Net Movement of Resources This is Stated after charging'.- Depreciation Independent Examiner's Remuneratlon IProfitll Loss on disposal Debtors Written off Director's Remuneration 8,355 2,320 9,513 9,513 865 9,513 865 10,378
CROWN CHRISTIAN HERITAGE TRUST Page 9 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Icont.) 4. Tangible Fixed Asset5 Freehold Oflice Motor Land&Building Equipment Vehicles Furniture & Fitting5 Total Cost or Valuation Addition5- Donated Asset Disposals 1,894,868 575,000 17,631 29,863 31,831 1,974,193 575,000 2,469,868 17.631 29,863 31,831 2,549,193 Depreciation Acc Dep blf Disposals Charge for the Year At 31 March 2023 15,118 25,003 16,465 56,586 357 15,475 4,860 29,863 3,138 19,603 8,355 56,586 Net Book Value 31 March 2023 2 469 868 2 484 252 Net Book Value 31 March 2022 1,894,868 2.513 4,860 15,366 1,917,607 Unrestrlcted Restrlcted Funds Funds 2023 2023 Unrestrlcted Restrlcted Funds Funds 2022 2022 Total 2023 Total 2022 S. Debtors Gift Aid debtors Other debtors and prepayments 595 595 59S 595 595 595
CROWN CHRISTIAN HERITAGE TRUST Page 10 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 Icont.) Unrestricted Restricted Funds Funds 2023 2023 Unrestricted Restricted Funds FLJnd5 2022 2022 Total 2023 Total 2022 6. Creditors.. Amounts due Within One Year Trade creditors & accrua15 Loan Crown College Loan - Oxford House 3,702 25,848 3,702 25,848 29,550 29,550 7. Creditors.. Amounts due Over One year Other Creditors Loan Crown College 3702 534.075 537.777 534,075 534,075 503,985 503,985 503,985 503,985 The company was loaned the sum of £607,522 in October 2014 by Crown College of the Bible, Tennessee, USA to facilitate the purchase of the company's property. The loan is for a term of 30 years, and the interest is currently being charged at a rate of 3.25%pa. Crown College of the Bible holds a legal charge over the property in respect of the loan. Due to the Covid-19 pandemic. Crown College of the Bible, Tennessee, USA, deferred the interest due for the current year. This interest will be charged at the end of the loan term. 8. Dlrector5 None of the directors lor any persons connected with them) received any remuneration during the year, nor were any of the Committee reimbursed for travel expenses during the year12021.. nill. 9. Contlngent Llabllltles There were no contingent liabilities at 31 March 202312022.. nill 10. Cap5tal commltments There were no capital commitments at 31 March 202312022.. nill 11. Restrlrted Funds Restricted funds mostly comprise the speciflc projects for whlch contrlbutlons are sought during the year.