Company registration No. 07644381 Charity registration No. 1143662
CROWN CHRISTIAN HERITAGE TRUST
A company limited by guarantee
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CROWN CHRISTIAN HERITAGE TRUST Charity registration No. 1143662
Contents:
| Page | 1 | - | 2 | Directors' report |
|---|---|---|---|---|
| Page | 3 | Independent Examiner's report | ||
| Page | 4 | Statement of financial activities | ||
| Page | 5 | Balance sheet | ||
| Page | 6 | Statement of Cash Flows | ||
| Page | 7 | - | 10 | Notes to the financial statements |
CROWN CHRISTIAN HERITAGE TRUST
Page 1
TRUSTEES' ANNUAL REPORT INCLUDING DIRECTORS' REPORT FOR
THE YEAR ENDED 31 MARCH 2024
The directors (who are also the charity trustees) have pleasure in presenting their report and the financial statements of the company for the year ended 31 March 2024.
This report has been prepared in accordance with the provisions of the Companies Act 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 charity is : Crown Hall, Kidderminster Road, Hampton Lovett, Droitwich, Worcestershire, WR9 0LX. The directors (who are also the charity trustees) are as follows :-
Mr Z W Gillit
Mr L M Mullins (appointed 29 October 2021) Mr D T Morlan (appointed 29 October 2021)
Structure, governance and management
The charity is a company limited by guarantee, registration no. 07644381, and
it is 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.
Objectives 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.
Achievements 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.
Public Benefit
In carrying out its activities 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 activities mentioned above have all been for the public benefit.
Financial review
The results for the year are set out in the Statement of Financial Activities on page 4. The company made a surplus for the year is £536,790 (2023: £603,831.81), of which £4,790 (2023: £474) related to unrestricted fund activities. As can be seen from the statement of Cash Flows on page 6, £713,030 (2023: £697,277)
The directors consider that the state of affairs of the company is satisfactory.
The company has insufficient monies available for 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 2024
(CONT.)
Financial review (cont.)
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 necessary.
Reserves policy
The company holds no long term reserves. Its policy is to build up sufficient liquid reserves to cover six months outgoings.
By Order of the Board
Z W Gillit, Director
Date:
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CROWN CHRISTIAN HERITAGE TRUST
Page 3
I report on the accounts of the Company for the year ended 31 March 2024. which are set out on pages 4 to 10.
Respective responsibilites of trustees and examiner.
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144 (2) of the chatities Act 2011 (the Act) and that an independent examination is needed.
It is my responsibility to :
examine the accounts(under section 145 of the Act);
to follow the procedure laid down in the General Directions given by the Charity Commissioners (under section 145 (5)(b) of the Act); and to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity 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 Examiner's Statement, report and opinion
In connection with my examination, I can confirm that _
1) In accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008, the accounts of this incorporated charity are not required to be audited under Part 16 of the Companies Act 2006;
2) 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;
3) 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 accounting records in accordance with section 386 of the Companies Act 2006; to prepare financial statements which accord with the accounting 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 principles set out in the Statement of Recommended Practice - Accounting and Reporting by Charities.
have not been met; or to which, in my opinion, attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached.
RR.ACCOUNTANTS
Date:
Page 4
CROWN CHRISTIAN HERITAGE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
(incorporating the company's income & expenditure account)
| Unrestricted | Restricted | Unrestricted | Restricted | ||||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Total | Funds | Funds | Total | ||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | ||
| Note | £ | £ | £ | £ | £ | £ | |
| Income from: | |||||||
| Donations and legacies | 178,551 | 178,551 | 206,336 | 28,358 | 234,694 | ||
| Rent received | - | - | - | 3,547 | - | 3,547 | |
| From charitable activities | Students fee | - | - | - | - | - | - |
| Event fees charged | - | - | - | - | - | - | |
| Assets - Donated | 532,000 | 532,000 | - | 575,000 | 575,000 | ||
| Total income | 178,551 | 532,000 | 710,551 | 209,883 | 603,358 | 813,241 | |
| Resources expended | |||||||
| Fundraising & Publicity | 14,259 | - | 14,259 | 13,971 | - | 13,971 | |
| Charitable Activities | 2 | 159,502 | - | 159,502 | 195,439 | - | 195,439 |
| Total Resources Expended | 173,761 | - | 173,761 | 209,409 | - | 209,409 | |
| Net Movement of Resources | 4,790 | 532,000 | 536,790 | 474 | 603,358 | 603,832 | |
| Transfer between Funds | - | - | - | - | |||
| 4,790 | 532,000 | 536,790 | 474 | 603,358 | 603,832 | ||
| Funds brought forward | 1,411,625 | 640,424 | 2,052,049 | 1,411,151 | 37,066 | 1,448,217 | |
| Funds carried forward | 1,416,415 | 1,172,424 | 2,588,839 | 1,411,625 | 640,424 | 2,052,049 |
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 2024
| Note FIXED ASSETS Tangible Assets 4 CURRENT ASSETS Debtors 5 Cash at Bank & in hand CREDITORS: Due within one year 6 Net Current Assets CREDITORS: Due over one year 7 NET ASSETS Financed by: RESERVES Accumulated Income Fund |
Unrestricted Restricted Unrestricted Restricted Funds Funds Total Funds Funds Total 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ 3,021,450 - 3,021,450 2,484,252 - 2,484,252 |
|---|---|
| 595 - 595 595 - 595 107,071 - 107,071 (535,446) 640,424 104,978 |
|
| 107,666 - 107,666 (534,851) 640,424 105,573 |
|
| 2,500 - 2,500 - - - 105,166 - 105,166 (534,851) 640,424 105,573 |
|
| 3,126,616 - 3,126,616 1,949,401 640,424 2,589,825 |
|
| 537,777 - 537,777 537,777 - 537,777 |
|
| 2,588,839 - 2,588,839 1,411,625 640,424 2,052,049 |
|
| 2,588,839 - 2,588,839 1,411,625 640,424 2,052,049 |
|
| - |
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 provisions in Part 15 of the Companies Act applicable to companies subject to the small companies regime.
Approved on behalf of the Board:
Z W Gillit, Director
Date:
CROWN CHRISTIAN HERITAGE TRUST
Page 6
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
| Cash flows from operating activities Net income/(expenditure) Adjustments for: Depreciation and loss on disposal Dividend, interest and rents (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by/ (used in) operating activities Cash flows from investing activities: Dividends, interest and rents Purchase of property, plant & equipment Sale of fixed assets Change in cash & cash equivalents in the year Cash and cash equivalents at the start of the year Cash and cash equivalents at the end of the year |
Unrestricted Restricted Unrestricted Restricted Funds Funds Total Funds Funds Total 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ 4,790 - 4,790 474 603,358 603,832 10,963 - 10,963 8,355 - 8,355 - - - 3,547 - 3,547 - - - - - - - - - - - - - - - - |
|---|---|
| 15,753 - 15,753 12,376 603,358 615,734 |
|
| - - - - - - - - - - - - - - - |
|
| - - - - - - |
|
| 15,753 - 15,753 12,376 603,358 615,734 56,853 640,424 697,277 44,477 37,066 81,543 |
|
| 72,606 640,424 713,030 56,853 640,424 697,277 |
CROWN CHRISTIAN HERITAGE TRUST
Page 7
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting Policies
The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Company's Financial Statements.
(a) Accounting Convention.
The Financial Statements are prepared under the Historical Cost Convention, in accordance with the Financial Reporting Standard 102 and the related Charities SORP effective from 2015.
(b) Income.
Voluntary income represents cash received during the year, including tax repayments receivable. Donations in kind, where material, are included at valuation.
Fees charged to participants comprises the fees charged to those attending conferences
and other events organised by the Company.
(c) Resources Expended
The Company is not VAT registered and therefore unable to reclaim VAT on expenditure. All amounts of VAT are recorded with the sums to which they are charged. Expenditure is charged to the accounts on the accruals basis.
(d) Depreciation.
All fixed assets are written off on a straight line basis over their expected useful lives, at the following annual rates:
| at the following annual rates: | |
|---|---|
| Office equipment | 25% |
| Pland and Machinery | 20% |
| Motor vehicles | 20% |
| Furniture, fixtures & fittings | 10% |
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.
(e) Going 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.
| 2. Charitable Activities Expenses of running events Venue hire Catering costs Equipment expenses/hire Motor expenses Trophies & prizes Speakers fees |
Unrestricted Restricted Unrestricted Restricted Funds Funds Total Funds Funds Total 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ 36,857 - 36,857 22,959 22,959 38,999 - 38,999 - - - - 16,016 16,016 6,206 - 6,206 51,931 51,931 9,431 - 9,431 25,845 25,845 - - - - 1,980 - 1,980 - - - |
|---|---|
| 93,472 - 93,472 116,751 - 116,751 |
CROWN CHRISTIAN HERITAGE TRUST
Page 8
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024
| Support costs Postage & stationery Telephone Insurance Repairs & renewals Light & heat Rent & council tax Bank and financial charges Loan interest Depreciation IT COST Donations Entertainment Subscriptions Sundry expenses Governance Costs Independent examination Legal & professional fees Annual return fee Total Charitable Activities Fundraising & publicity Total resources expended |
Unrestricted Restricted Unrestricted Restricted Funds Funds Total Funds Funds Total 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ 1,734 - 1,734 1,225 - 1,225 - - - 166 - 166 10,633 - 10,633 5,497 - 5,497 5,177 - 5,177 42,302 - 42,302 - - - 70 - 70 2,453 - 2,453 3,161 - 3,161 39 - 39 2,818 - 2,818 - - - - - - 11,502 - 11,502 8,355 - 8,355 3,361 - 3,361 1,991 - 1,991 4,785 - 4,785 - - - 2,920 - 2,920 - - - - - - - - - 2,082 - 2,082 715 - 715 |
|---|---|
| 44,685 - 44,685 66,300 - 66,300 |
|
| 2,500 - 2,500 2,320 - 2,320 18,845 - 18,845 10,068 - 10,068 - - - - - - |
|
| 21,345 - 21,345 12,388 - 12,388 |
|
| 159,502 - 159,502 195,439 - 195,439 |
|
| 14,259 - 14,259 13,971 13,971 |
|
| 173,761 - 173,761 209,409 - 209,409 |
| 3. Net Movement of Resources This is stated after charging:- Depreciation Independent Examiner's Remuneration (Profit)/ Loss on disposal Debtors Written off Director's Remuneration |
Unrestricted Restricted Unrestricted Restricted Funds Funds Total Funds Funds Total 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ 10,963 - 10,963 8,355 - 8,355 2,500 - 2,500 2,320 - 2,320 - - - - - - - - - - - - - |
|---|---|
| 13,463 - 13,463 10,675 - 10,675 |
CROWN CHRISTIAN HERITAGE TRUST
Page 9
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (Cont.)
| 4. Tangible Fixed Assets Cost or Valuation Additions- Donated Asset Disposals Depreciation Acc Dep b/f Disposals Charge for the Year At 31 March 2024 Net Book Value 31 March 2024 Net Book Value 31 March 2023 |
Freehold Plant & Office Motor Furniture & Land&Building Machinery Equipment Vehicles Fittings 2,469,868 - 17,631 29,863 31,831 500,000 32,000 16,700 - - - - - 2,969,868 32,000 17,631 46,563 31,831 - - 15,475 29,863 19,603 - - - - - 6,400 539 3,340 1,223 - 6,400 16,014 33,203 20,826 2,969,868 25,600 1,617 13,360 11,005 2,469,868 - 2,156 - 12,228 |
Total 2,549,193 548,700 - |
|---|---|---|
| 3,097,893 | ||
| 49,466 - 10,963 |
||
| 56,586 | ||
| 3,021,450 | ||
| 2,484,252 |
| 5. Debtors Gift Aid debtors Other debtors and prepayments |
Unrestricted Restricted Unrestricted Restricted Funds Funds Total Funds Funds Total 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ - - - - - - 595 - 595 - 595 |
|---|---|
| 595 - - 595 - 595 |
CROWN CHRISTIAN HERITAGE TRUST
Page 10
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (Cont.)
| 6. Creditors: Amounts due Within One Year Trade creditors & accruals Other Creditors Loan - Oxford House |
Unrestricted Restricted Unrestricted Restricted Funds Funds Total Funds Funds Total 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ 2,500 - 2,500 - - - - - - - - - - - - - - - |
|---|---|
| 2,500 - 2,500 - - - |
7. Creditors: Amounts due Over
| 7. Creditors: Amounts due Over | |
|---|---|
| One Year Other Creditors Loan - Crown College |
3702 - 3,702 3,702 - 3,702 534,075 - 534,075 534,075 - 534,075 |
| 537,777 - 537,777 537,777 - 537,777 |
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. Directors
None of the directors (or any persons connected with them) received any remuneration during the year, nor were any of the Committee reimbursed for travel expenses during the year (2021: nil).
9. Contingent Liabilities
There were no contingent liabilities at 31 March 2024 (2023: nil)
10. Capital commitments
There were no capital commitments at 31 March 2024 (2023: nil)
11. Restricted Funds
Restricted funds mostly comprise the specific projects for which contributions are sought during the year.