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2023-12-31-accounts

THE KERUSSO TRUST

Charity Number: 1145560 Charity Number: SC044848 Company Number: SC413002

(A company limited by guarantee)

Report of the Trustees and Financial Statements

for the year ended 31 December 2023

THE KERUSSO TRUST Company Limited by Guarantee

Contents Page
Report of the Trustees 3 to 9
Independent Examiners Report to the members 10
Statement of Financial Activities 11
Balance Sheet 12 to 13
Notes to the Financial Statements 14 to 19
Detailed Statement of Income and Expenditure 20 to 21

2

THE KERUSSO TRUST Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 December 2023

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 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice (FRS 102) second edition (October 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT Governance

The Kerusso Trust is a charitable company limited by guarantee, incorporated on 12th December 2011. The company was established under a Memorandum of Association and is governed under its Articles of Association, which set out the objectives and powers of the charitable company. The Kerusso Trust was registered as a charity by the Charity Commission for England and Wales on 20th January 2012 and by the Office of the Scottish Charity Regulator (OSCR) on 7th May 2014.

Recruitment and appointment of new trustees

The directors of the company are the members and trustees of the charity for the purposes of charity law and are known as the trustees. Under the requirements of the Memorandum and Articles of Association, all trustees except Jonathan Groves are elected to serve for a period of three years after which they must retire and, being eligible, may offer themselves for re-appointment. Appointment is made by a majority vote of the trustees. All trustees are required to subscribe to the Statement of Beliefs set out in the Schedule attached to the Articles of Association. The removal of a trustee, should it be necessary, is effected by a majority vote of the trustees.

Potential new trustees are generally already familiar with the work of the charity, having been involved in some way already. New trustees are nominated by an existing trustee and appointed by a majority vote of the trustees. Once appointed, new trustees are instructed in their obligations, issued with copies of the governing documents, and documents from the Charity Commission and OSCR outlining the responsibilities of trustees and guidelines for charities working internationally. They are also familiarised with current issues, the financial position and future strategic plans of the organisation.

At the trustees meeting on 26[th] June 2023, Rev Andy Hayes was appointed as a trustee, Nigel Bowker was reappointed as a trustee, and Carl Counsell was reappointed as Chairman of the Board. Nigel Bowker resigned as a trustee on 1[st] November 2023. During the year, all trustees gave of their time voluntarily and received no benefit from the charity. Costs reclaimed from the charity by trustees are set out in the notes to the accounts.

Organisational Structure and Decision Making

The Board of Trustees formally met seven times during the year. Between meetings they communicated by email, telephone, video conferencing and/or face-to-face discussion. The trustees collectively set vision, strategy, budgets, and approve the initiation, continuation and termination of significant charitable initiatives.

The Board of Trustees give guidance and support to Jonathan Groves in his role as Mission Director. The Mission Director is the CEO to whom the Board of Trustees have delegated powers for the day-to-day decision-making and operational management of the charity. His responsibilities include strategic leadership, sharing vision, operations, finance, managing expenditure of resources, prayer, publicity and external partner relationships in the UK and Malawi. Ruth Groves also serves in an executive capacity, with responsibilities that include administration, safeguarding, coordination of prayer guides, press and volunteer relations and policy development. Both Jonathan and Ruth also provide consultancy and training for and with our partners in Malawi. The Mission Director and other staff/volunteers are all ultimately accountable to the Board of Trustees. The trustees seek informal advice whenever necessary from external volunteer advisors and other specialists, for whose contribution they express their thanks.

During the year, Ruth Groves attended a training day on ‘Working with Cultural Differences and Racism in Counselling’ (Aberdeen Counselling Forum) and an online training workshop on ‘Safeguarding in Practice’ (SIDA).

3

THE KERUSSO TRUST Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 December 2023 continued

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed, which includes the additional risks for an organisation working internationally. They seek to ensure appropriate controls are in place to provide reasonable assurance against fraud and error, and insurance is in place to protect assets and staff/volunteers. We believe that these safeguards, together with maintaining our cash reserves at the levels indicated in the Financial Review section, will provide sufficient resources in the event of adverse conditions occurring.

The trustees continually develop and review the policies and general risk register of the company and apply appropriate mitigations. Managing risks in Safeguarding has remained a priority, mindful that our ongoing funding of the Community Children’s Bible Clubs, Youth Learn2Serve programme and bursary sponsorships at Bethel Girls’ Academy in Malawi potentially exposes us to such risks indirectly. We have sought to manage these risks through active engagement with our partners in Malawi, including working closely with senior management of J- Life Ministries to help them develop their own contextual Safeguarding Policy and practices.

Fundraising

The Kerusso Trust does not employ professional fundraisers. We have not sought to register with the Fundraising Regulator but comply with all the relevant sections of the Fundraising Regulator’s Code of Fundraising Practice.

OBJECTS AND ACTIVITIES

Objects

The charity's purposes are set out in the company's Memorandum of Association:

The Charity's objects ("Objects") which are for the public benefit are for the advancement of the Christian faith in accordance with the Statement of Beliefs appearing in the Schedule hereto in such parts of the United Kingdom or the world as the trustees may from time to time think fit and to fulfil such other purposes, and as ancillary thereto prevention and relief of poverty, advancement of education and prevention and relief of sickness, which are exclusively charitable according to the law of England and Wales and are connected with the work of the Charity.

Activities

The Kerusso Trust is a non-denominational Christian mission charity that seeks practically to advance the Christian faith, primarily through support of training and education activities in Malawi and by engaging directly with churches and individuals in the UK. In Malawi, we work as an enabling charity, through partnerships with Malawian Christian organisations whose leaders the trustees know personally. A key goal of the charity working in Malawi is to bring transformation to the material and spiritual lives of individuals and communities in rural areas.

In Malawi:

The core charitable work of The Kerusso Trust is enabling the training and equipping of church leaders, village chiefs and young people to become disciples of Jesus Christ and servant leaders within their local church and community. Our main focus is providing basic contextual Bible and ministry training programmes to equip 1000s of church leaders who have had no opportunity to attend any Bible College due to poverty. We do this in partnership with J-Life Ministries in Malawi.

Our Chichewa language training programme for church leaders is called ‘Learn2Serve’ and is delivered both through in-person workshops in the community, and via weekly Chichewa language radio broadcasts on Transworld Radio Malawi. We also offer a Bible-based training programme to community leaders (village chiefs) for their influential role in society, discipleship training to young people to help build up the future generation of church leaders, and youth-led community Bible clubs for primary age children in some remote rural areas.

We have developed a residential Training and Resource Centre near Blantyre, which has a theological library that is available for pastors and church leaders to use. To multiply the benefits of training, occasionally we run a fourweek intensive residential training programme called ‘Entrust’ (2 Timothy 2:2) and mentoring programme aiming to equip selected church pastors to become trainers of others in their home localities.

4

THE KERUSSO TRUST Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 December 2023 continued

The Kerusso Trust seeks to encourage local income-generation by our Malawian partners to promote their organisational resilience and reduce dependency on external funding. We are doing this by:

In the UK:

The Kerusso Trust seeks to proclaim the Gospel and advance the Christian faith in the UK through preaching and teaching from the Bible and sharing about the work in Malawi. We aim to encourage Christian discipleship and mutual learning by building relationships between Christian churches and individual supporters in the UK and our partners in Malawi. We share news and information about the work in Malawi and provide opportunities for UK Christians to express their care and concern for the Church and people of Malawi by praying, giving financially to the work, and serving practically. We run regular online meetings over Zoom where supporters from across the UK can hear news directly from Malawi and join together in times of prayer for all aspects of our charitable work.

Public Benefit

In exercising their powers and duties, the trustees have had due regard for the public benefit guidance of the Charity Commission and OSCR. All the activities of the Trust are undertaken to further its charitable purposes for the public benefit. The trustees regularly review the activities of the charity. These reviews look at the successes and challenges experienced and the outcomes for the beneficiaries we are seeking to assist. These reviews also help us ensure our planned future activities bring charitable benefit and contribute positively to the aims and objectives set.

Memberships

The Kerusso Trust was a member of the following organisations in 2023:

ACHIEVEMENT AND PERFORMANCE

Achievements and Performance throughout the year

We are delighted that our core mission of ‘training 1000s to reach 100,000s for Christ in Malawi’ by working with church leaders, village chiefs, youth and children has continued in 2022. We give thanks to God for all the resources we have received over the year, and all these have made it possible for us to achieve, as set out below:

Achievements with J-Life Ministries in Malawi

5

THE KERUSSO TRUST Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 December 2023 continued

Achievements in the UK

FINANCIAL REVIEW

Principal funding sources

The Kerusso Trust generates income from two main sources: donations from personal and corporate supporters (£83,649 in 2023), and investment income (£26,911 in 2023) from leasing a residential property that was gifted to the charity when it was founded, and other investments. A small amount of additional income was generated through trading activities (£2,760 in 2023). The investment income funds all UK operational ministry and administrative costs, governance and some of the charitable expenditure in Malawi. All donations were used 100% to finance our charitable activities in Malawi.

Investment policy and objectives

The General Fund holds only a working current account balance. The Investment Policy applies to the Expendable Endowment Fund and is:

Reserves policy

The trustees have examined the Charity's requirements for reserves in the light of the main risks. The trustees aim to carry sufficient general unrestricted reserves in cash to meet the committed charitable activities for three months and to conduct normal levels of maintenance on its rental property. The trustees aim to retain sufficient nonproperty capital assets in the Expendable Endowment Fund to fund exceptional levels of maintenance on its rental property, and to underpin future operational growth and potential staffing needs as the charity continues to develop. The General Fund may temporarily borrow or permanently expend cash from the Endowment Fund to meet commitments. In practice the trustees aim to maintain a working cash reserve of about £25,000 in the General Fund.

6

THE KERUSSO TRUST Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 December 2023 continued

Financial Position

The Kerusso Trust reported total income in 2023 of £113,320 (£109,374 in 2022). Total expenditure for the year was £121,946 (£101,453 in 2022) of which total charitable expenditure was £117,842 (£96,186 in 2022). Charitable expenditure in 2023 was higher than the previous year mainly due to the delivery of primary school construction projects at Imbwa for which the income had been received in 2022 and 2023.

The balance of cash at the end of 2023 was £93,414 of which £25,870 related to Restricted Funds, £25,544 related to the General Fund and £42,000 related to the Expendable Endowment Fund. (2022 - £71,014, £30,506 Restricted Funds, £28,508 General Fund, £12,000 Expendable Endowment Fund). These represent a healthy level of reserves to meet ongoing regular commitments to charitable activities. The total value of the Expendable Endowment Fund increased by £4,301 in 2023, and £30,000 of investments were moved into cash funds within the Expendable Endowment Fund.

Charitable Expenditure

The largest charitable beneficiary in 2023 was J-Life Ministries in Malawi. The trustees make the grant payments to J-Life at approximately quarterly intervals and seek to maintain a working balance in Malawi equivalent to around £10,000 (in local currency). At the end of the year, there was a balance at J-Life equivalent to £7,869 (in local currency), of which £1,103 related to Restricted Funds and £6,766 related to the General Fund. Over the year, The Kerusso Trust made grant payments to J-Life Ministries of £95,218 (£83,217 in 2022) and direct service provision costs in providing consultancy, oversight and training in Malawi by Jonathan and Ruth Groves of £8,256 (£4,381 in 2022) and by other volunteers of £1,554 (nil in 2022). Our Educational Bursary Fund supported eleven students to attend Christian secondary schools £4,204). Other charitable expenditure included the costs of our UK ministry in churches (£3,274), and UK governance, depreciation and office costs (£4,832).

Finally, the trustees wish to thank all churches and individuals who have supported the work of The Kerusso Trust through their interest, prayers and giving throughout the year. Special thanks are due to our volunteers in the UK who have made cards for fundraising, distributed materials and hosted Kerusso Trust meetings. We are grateful to the Langham Partnership for their ongoing annual library grant, and to other supporters who have donated theological books for the Kerusso Resource Centre and distribution to Malawian pastors. The trustees thank Ruth Groves for compiling the monthly prayer guide, and Dave and Sue Hall for postal distribution and social media uploads.

FUTURE PLANS

The Kerusso Trust’s key charitable objective is to promote the Christian faith, primarily by support of training and education activities in Malawi. We achieve this by working with trusted partners in Malawi, and by engaging directly with churches and individuals in the UK.

The Kerusso Trust in Malawi (2024):

Core Training Ministries

7

THE KERUSSO TRUST Company Limited by Guarantee

Report of the Trustees for the Year Ended 31 December 2023 continued

Staff Support

Other Projects

The Kerusso Trust in the UK (2024):

UK Ministry

UK Staff Support

8

THE KERUSSO TRUST Company iAmited by Guarantr Independent Examiners, Report to the Trnslees of The Ker￿￿0 Trnyl I report on the financial statements of The Ken￿$0 Tn￿ for the year ended 31 Decem￿r 2023 which are set out on pages I I to 19. Respective responsibilities of tn￿leeS 2nd examiner The charity's trustees (who are also th¢ direthlrs for the purp)ses of company law) are r¢sponsible for the preparation of the accounts. The charity's truslees consider that an audit is not required for this year (under Seotion 144{2) of the ChArities Act 2011 (the 2011 Act) or under Regulation l (X I Xa) to (c) of 11)e Charities Accounts (Scotland) Regulations 2006 (the 2006 A￿oUnts Regulations) and that an independent examination is requireil. Having satisfied myself that the charity is not subject to audit und¢r wmpany law and is ¢li8ible for independent ¢xamination, it is my responsibility to.. examine the accounts under Section 145 ofthe 2011 A¢t and Sections 44(1 M¢) ofthe Charities and Trus￿eS Inv¢s1rnent (Scotland) Act 2005 (the 2005 Act): follow the procedures laid down in th¢ General Directions given by the Charity Commission (under Section 145(5Xb) of the 2011 Art)- and stste whether particular matters have rAbm¢ to my attention. Basis of indeptDdenl examiners, report My examination was carried out in accordanc¢ with the Genernl Directions given by the Charity Commission and is in accordance with Regulation I l ol thc Chariti¢s Accounts {Scotland) Regulations 2006. An examiiiation includes a review of th¢ accounting records kept by the charity and a compari%on of th¢ a¢¢ounts presented with thosc rewrd5. It also includes considcrntion of any unusual items or di￿10$ureS in the accoun15 and seeking explanations from you &s trustees concen)ing any such matters. The procedures undertaken do not provide all ihe evidence that would be rcquired in an audii. and consequenily no opinion is given &s to whether the accounts pr¥sent a'true and fair view, and the report is limited to those matters s¢t out in the ststements below. Independent examiners, statement In connection with my ¢xaminallo￿ no matter has comc to my attention.. (l ) which gives me reasonable cause to believe that in any material respect the requir¢ments'. to ke¢p accounting records in accordance with S¢¢tion 386 and 387 of the Companies Act 2006 and Section 44(1 Xa) of the 2005 Act" and to prepare Accounts which a¢ei)rd with the accounting records and compty with the accounting requirements of the Companies Aci 2006, Section 44(1 Xb) of th¢ 2005 Act and Regulation 8 of the 2(K)6 Accounts Regulations have not been met. or (2) to which, in my opinion. attention should ￿ drawn in Order to enable a prOF￿r understanding of the financial statemenls to be reached. Brian Miller C.A. 94 Blenheim Place Aberdeen AL125 2DY 21 August 2024 10

THE KERUSSO TRUST Company Limited by Guarantee

Charity Number: 1145560/SC044848 Company Number: SC413002

Statement of Financial Activities for the year ended 31 December 2023

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
Other trading activities
Investment income
3
Total Income
Expenditure on:
Raising funds
4
Charitable activities
Direct service provision
Grant funding of partners
Support costs
Total Expenditure
Net gains/(losses) on investments
Net Income/(Expenditure)
Transfers between funds
Net Movement in Funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2023
2022
Restricted
funds
Unrestricted
funds
Endowment
funds
TotalRestricted
funds
Unrestricted
funds
Endowment
funds
Total
£
£
£
£
£
£
£
£
32,892
50,757
-
83,649
31,425
51,162
-
82,587
-
18
-
18
-
8
-
8
-
2,742
-
2,742
-
1,688
-
1,688
-
24,196
2,715
26,911
-
22,780
2,311
25,091
32,892
77,713
2,715
113,320
31,425
75,638
2,311
109,374
-
4,104
-
4,104
-
5,267
-
5,267
-
11,310
-
11,310
-
5,017
-
5,017
37,528
62,123
-
99,651
11,147
74,567
-
85,714
-
6,881
-
6,881
-
5,455
-
5,455
37,528
84,418
-
121,946
11,147
90,306
-
101,453
-
-
1,586
1,586
-
-
(6,907)
(6,907)
(4,636)
(6,705)
4,301
(7,040)
20,278
(14,668)
(4,596)
1,014
-
-
-
-
(4,636)
(6,705)
4,301
(7,040)
20.278
(14,668)
(4,596)
1,014
30,506
32,000
847,763
910,269
10,228
46,668
852,359
909,255
25,870
25,295
852,064
903,229
30,506
32,000
847,763
910,269

Continuing Operations: All income and expenditure has arisen from continuing activities.

11

THE KERUSSO TRUST Company Limited by Guarantee

Charity Number: 1145560/SC044848 Company Number: SC413002

Balance Sheet as at 31 December 2023

Restricted Unrestricted Endowment 2023 2022
Note funds funds funds
£ £ £ £ £
Fixed assets
Tangible assets
7		 - 1,376
775,000		 776,376 775,999
Current assets
Stock
 - -
-		 - -
Debtors
8		 - 1,100
-		 1,100 4,053
Investments
9		 - -
35,064		 35,064 60,763
Cash at bank and in hand
 25,870 25,544
42,000		 93,414 71,014
25,870 26,644
77,064		 129,578 135,830
Creditors - amounts falling 10 - (2,725) - (2,725) (1,560)
due within one year
Net current assets
 25,870 23,919
77,064		 126,853 134,270
Net assets
 25,870 25,295
852,064		 903,229 910,269

Funds
12,13
Restricted funds
 25,870 30,506
Unrestricted funds
 25,295 32,000
Endowment funds
 852,064 847,763
Total funds
 903,229 910,269

The directors’ statements required by Sections 475 (2) and (3) are shown on the following page, which forms part of this Balance Sheet.

The notes on pages 14 to 18 form an integral part of these financial statements.

12

THE KERUSSO TRUST Company Limited by Guarantee

Notes to the financial statements for the year ended 31 December 2023

1. Basis of preparation and principal accounting policies

The Kerusso Trust is a charitable company, limited by guarantee, registered in Scotland. It is also registered as a charity by the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator (OSCR). The registered numbers and address of the registered office can be found in the Report of the Trustees.

The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", the Charities SORP (FRS 102) second edition – October 2019, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended).

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

1.2 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.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

1.3 Expenditure

Tangible 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.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

1.4 Support Costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include governance costs. They are incurred directly in support of expenditure on the objects of the charity.

1.5 Tangible Fixed Assets

Depreciation is provided at a rate of 33% on cost to write off each asset over its estimated useful life.

14

THE KERUSSO TRUST Company Limited by Guarantee

Notes to the financial statements for the year ended 31 December 2023 continued

1.6 Investment Property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

1.7 Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

1.8 Debtors and Creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

1.9 Taxation

The charity is exempt from corporation tax on its charitable activities. Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities.

1.10 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.

1.11 Ultimate Controlling Party

The entity is controlled by the trustees.

2 Donations and legacies


Donations receivable
Tax recoverable		 Unrestricted
Restricted
2023
2022
Funds
Funds
Total
Total
£
£
£
£
46,490
30,242
76,732
75,947
4,267
2,650
6,917
6,640
50,757
32,892
83,649
82,587

3 Investment Income

ment Income

Rent received
Income from investments held
Deposit account interest		 Unrestricted
Funds
Endowment
Funds
2023
Total
2022
Total
£
£
£
£
23,600
-
23,600
22,500
-
2,715
2,715
2,311
596
-
596
280
24,196
2,715
26,911
25,091

15

THE KERUSSO TRUST Company Limited by Guarantee

Notes to the financial statements for the year ended 31 December 2023 continued

4 Raising Funds


Raising donations
Trading activities
Rent collection
Property maint. & insurance		 Unrestricted
Funds
Endowment
Funds
2023
Total
2022
Total
£
£
£
£
42
-
42
80
176
-
176
440
1,699
-
1,699
1,620
2,187
-
2,187
3,127
4,104
-
4,104
5,267

5 Net Income/(Expenditure)

Net income/(expenditure) is stated after charging/(crediting):

Unrestricted
Funds		 Endowment
Funds		 2023
Total		 2022
Total
£ £ £ £
Depreciation on assets 938 - 938 871

6 Trustees’ Remuneration and Benefits

There were no trustees’ remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

There were no expenses paid to trustees in their capacity as charity trustees for the year ended 31 December 2023 nor for the year ended 31 December 2022.

7 Tangible Fixed Assets

Land and
Buildings		 Plant and
Machinery		 Totals
£ £ £
Cost
At 1 January 2023 775,000 5,660 780,660
Additions - 1,315 1,315
Disposals - - -
As at 31 December 2023 775,000 6,975 781,975
Depreciation
At 1 January 2023 - 4,661 4,661
Disposals - - -
Charge - 938 938
As at 31 December 2023 - 5,599 5,599
Net book value
At 31 December 2023 775,000 1,376 776,376
At 31 December 2022 775,000 999 775,999

16

THE KERUSSO TRUST Company Limited by Guarantee

Notes to the financial statements for the year ended 31 December 2023 continued

If the property had not been revalued it would have been included at historic cost of £439,051.

The property was valued on an open market basis on 31 December 2021 by Harpers Estate Agents who buy and sell property in the locality of the investment property.

Valuation in 2021
Valuation in 2019
Valuation in 2017
Valuation in 2016
Valuation in 2015
Valuation in 2014
Valuation in 2013
Valuation in 2012
Cost		 £
80,000
45,000
50,000
25,000
50,000
50,000
25,000
10,949
439,051
775,000

The next property valuation will be conducted in 2024 following the completion of enhancement work being conducted during the year.

8 Debtors and Prepaid Expenses

Other debtors
Prepayments
9
Current Asset Investments
Market value at 1stJanuary
Add: cost of purchases
Less: market value of disposals
Unrealised gain/loss on investments
Market value at 31stDecember
Investments at cost		 2023
2022
£
£
1,100
1,833
-
2,219
1,100
4,052
2023
2022
£
£
60,763
65,359
33,561
2,311
(60,846)
-
1,586
(6,907)
35,064
60,763
33,561
46,563

Investments are stated at current market value.

17

THE KERUSSO TRUST Company Limited by Guarantee

Notes to the financial statements for the year ended 31 December 2023 continued

10 Creditors

Accrued expenses
Other creditors		 2023
2022
£
£
2,725
1,560
-
-
2,725
1,560

11 Related Party Disclosures

Costs totalling £1,734 (2022: £898) spent in connection with the activities of the charity were reimbursed to trustee Dr J Groves during the period. Costs totalling £95 (2022: £61) spent in connection with the activities of the charity were reimbursed to trustee Mrs A R Groves during the period.

The charity paid travel and subsistence costs of £8,255 (2022: £5,017) in connection with work done for the charity by Jonathan & Ruth Groves in providing consultancy, training, ministry and oversight services.

12 Movement in Funds

Restricted funds
COVID-19 response
Storm Ana response
Sports ministry
School bursary
Imbwa “Light for Life”
Radio ministry
Community Fundraiser
Salaries - Anthony
Pastor hardship fund
Cyclone Freddy resp.
Booklet publishing
Unrestricted funds
General fund
Endowment funds
Building
Other
Total Funds		 At 01.01.23
Incoming
Resources
Outgoing
Resources
Gains &
Losses/
Transfers
At 31.12.23
£
£
£
£
£
63
-
-
(63)
-
233
-
-
(233)
-
482
3,687
(3,509)
-
660
3,970
4,897
(4,204)
-
4,663
1,017
472
(1,489)
-
-
8,884
1,500
(2,158)
-
8,226
8,787
6,933
(15,789)
-
(69)
6,250
3,912
(3,924)
-
6,238
820
38
-
-
858
-
6,405
(6,389)
296
312
-
5,048
(66)
4,982
30,506
32,892
(37,528)
-
25,870
32,000
77,713
(84,418)
-
25,295
775,000
-
-
-
775,000
72,763
2,715
-
1,586
77,064
847,763
2,715
-
1,586
852,064
910,269
113,320
(121,946)
1,586
903,229

18

THE KERUSSO TRUST Company Limited by Guarantee

Notes to the financial statements for the year ended 31 December 2023 continued

13 Analysis of Net Assets Between Funds

Restricted Unrestricted Endowment Total
Funds
Funds		 Funds 2023
2023 2023 2023
£ £ £ £
Tangible Fixed Assets - 1,376 775,000 776,376
Current Assets 25,870 26,644 77,064 129,578
Current Liabilities - (2,725) - (2,725)
Net Assets At 31 Dec 25,870 25,295 852,064 903,229
Restricted Unrestricted Endowment Total
Funds Funds Funds 2022
2022 2022 2022
£ £ £ £
Tangible Fixed Assets - 999 775,000 775,999
Current Assets 30,506 32,561 72,763 135,830
Current Liabilities - (1,560) - (1,560)
Net Assets At 31 Dec 30,506 32,000 847,763 910,269

19

THE KERUSSO TRUST Company Limited by Guarantee

Detailed Statement of Financial Activities for the Year Ended 31 December 2023

Income and Endowments
Donations and legacies
Donations
Gift aid
Other trading activities
Fundraising events
Trading payments received
Investment income
Rents received
Other investment income received
Deposit account interest
Charitable activities
Primary purpose trading
Total incoming resources
Expenditure
Raising donations and legacies
Primary purpose trading costs
Raising donations costs
Other trading activities
Trading costs
Investment management costs
Rent collection
Property maintenance
Property insurance
2023
2022
£
£
76,732
75,947
6,917
6,640
83,649
82,587
-
-
2,742
1,688
2,742
1,688
23,600
22,500
2,715
2,311
596
280
26,911
25,091
18
8
113,320
**109,374 **
3
4
42
80
45
84
173
436
1,699
1,620
1,728
2,730
459
397
3,886
4,747

20

THE KERUSSO TRUST Company Limited by Guarantee

This page is for information only and does not form part of the accounts.

Detailed Statement of Financial Activities for the Year Ended 31 December 2023 (continued)

Charitable activities
J-Life Ministries

Secondary School Bursaries for Girls
Academic Scholarships
Gifts to Individuals in Malawi
Gifts to other Organisations in Malawi
UK Ministry
UK Office Costs
Equipment - Depreciation
Governance costs
Independent examiners fee
Other
Total charitable resources expended
Total resources expended
Net income/(expenditure)		 2023
2022
£
£
105,383
87,598
4,204
1,997
-
507
140
18
9
49
3,274
674
3,273
3,859
938
871
117,221
95,573
600
600
21
13
621
613
117,842
96,186
121,946
101,453
(8,626)
7,921

This page is for information only and does not form part of the accounts.

21